Lazard Funds N-CSR Certified annual shareholder report (management investment company)

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: 12/31/20

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Annual Report

December 31, 2020

Alternatives Funds

Lazard Enhanced Opportunities Portfolio

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Investment Overview (unaudited)
6	Performance Overview (unaudited)
8	Information About the Portfolio’s Expenses (unaudited)
10	Portfolio Holdings Presented by Asset Class/Sector
11	Portfolio of Investments
27	Notes to Portfolio of Investments
29	Statement of Assets and Liabilities
30	Statement of Operations
31	Statement of Changes in Net Assets
33	Financial Highlights
35	Notes to Financial Statements
61	Report of Independent Registered Public Accounting Firm
63	Board of Directors and Officers Information (unaudited)
67	Tax and Other Information (unaudited)

Please consider the Portfolio’s investment objectives, 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 ww.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 objectives, 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,

As 2020 began, the outbreak of a novel coronavirus (“COVID-19”) turned into a fast-spreading pandemic, rattling global markets. Worldwide lockdowns led to a severe equity market sell-off in February and March, as well as a sharp decline in oil markets. By the conclusion of the year, COVID-19 continued to wreak havoc across much of the world, but many global equity markets closed 2020 near all-time highs. Markets rose generally steadily after the sell-off on the back of unprecedented support from global central banks and government treasuries and the introduction of several promising vaccines.

In the United States, Democrats won control of the White House and Congress in November elections. The US equity market closed 2020 near an all-time peak, and nominal yields in various US fixed income market segments closed at or near all-time lows, fueled by trillions of dollars in monetary and fiscal stimulus.

COVID-19 also severely debilitated economic activity in the emerging markets, but the recovery in emerging markets equities that began in late March picked up steam in the fourth quarter thanks to vaccine breakthroughs and the US election outcome. As a result, the MSCI Emerging Markets^® Index outperformed global developed markets equities in 2020.

In Europe, interest rates have never been as low, and central bank balance sheets have never been as inflated, as they were at year-end. With an agreement now in place for the exit of the United Kingdom from the European Union, the years-long “Brexit” saga may be one less uncertainty the market has to grapple with in the year ahead.

As we write, many countries are facing record levels of new COVID-19 infections, spurring renewed economic lockdowns and increasing the risk that many companies, particularly small businesses, might not make it to the other side of this pandemic. Were that to happen, it could send a negative signal to markets equal and opposite to the positive news of the vaccines toward the end

2  Annual Report

of the last year. Investors face a timing conundrum, but it could well be darkest before the dawn.

Despite these challenges, we are optimistic for 2021 and believe that as the world does eventually return to something like the pre-pandemic days, fundamental analysis and stock selection will be crucial drivers for performance. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance pursued by the various investment strategies employed.

Sincerely,

Lazard Asset Management LLC

Annual Report  3

The Lazard Funds, Inc. Investment Overview (unaudited)

Market Overview

The year was defined by the rapid spread of COVID-19, leading to government-mandated lockdowns, halts in economic activity, and widespread social distancing. Equity markets sold-off dramatically in March before reaching numerous all-time highs throughout the year, thereby creating significant opportunities for value extraction in the hedged convertibles space.

A by-product of the March sell-off was a surge in primary convertible issuances, as many non-traditional convertible issuers (e.g., cruise lines, airlines, etc.) sought liquidity, with nearly $160 billion of new paper coming to market in 2020, a calendar year record. Interest rates declined dramatically (the yield on the benchmark 10-Year US Treasury note reached an all-time low of 51 basis points), causing the cost of leverage to decline by more than 70%. Elevated equity volatility, a positive factor for hedged convertibles, also added to the multi-year cheapness within the hedged convertibles space. The CBOE Volatility^® Index (VIX) reached a peak in March and generally trended downward, with periodic spikes, for the rest of the year. Although the VIX has been trending downward since March 2020, equity volatility remains elevated relative to previous years.

Government stimulus, low interest rates, and positive news regarding COVID-19 vaccines supported equity markets (with notable sell-offs in September and October), with the NASDAQ Composite Index, the S&P 500^® Index and the Dow Jones Industrial Average reaching all-time highs throughout the year.

Lazard Enhanced Opportunities Portfolio

For the year ended December 31, 2020, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of 9.87%, while Open Shares posted a total return of 9.59%, as compared with the 52.05% return for the ICE BofAML US Convertible ex Mandatory^® Index and the 6.61% return for the HFRX Global Hedge Fund^® Index.

The Portfolio provided downside risk-mitigation when markets sold-off dramatically in March (and generated positive absolute

4  Annual Report

returns from April through December). While the S&P 500 Index and the Russell 2000^® Index declined 12% and 22%, respectively, for the month, the Portfolio’s return in March avoided such a dramatic declines. The Portfolio’s performance in March was impacted as long-only investors, who represent approximately two-thirds of the convertible securities marketplace, made sales into the accelerated risk-off environment. These sales resulted in unrealized, marked-to-market losses for the affected securities held in the Portfolio. Post-March, the Portfolio benefited from improvement in COVID-19-impacted names, specifically in the travel and leisure space, elevated equity volatility, and negotiated transactions with issuers.

The Portfolio uses derivatives such as options, both opportunistically and for hedging purposes. Additionally, the Portfolio implements currency forwards to hedge the currency exposure of non-US dollar-denominated securities. For the year, the use of derivatives contributed positively to performance.

Annual Report  5

The Lazard Funds, Inc. Performance Overview (unaudited)

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^® Index and the HFRX Global Hedge Fund^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares	9.87%	5.07%	3.80%
Open Shares	9.59%	4.81%	3.54%
ICE BofAML U.S. Convertible ex Mandatory Index	52.05%	19.42%	15.40%
HFRX Global Hedge Fund Index	6.61%	3.25%	2.07%

† The inception date for the Portfolio was December 31, 2014.

Notes to Performance Overviews:

*	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 DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursing agent (“DST”); 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 may differ from amounts reported in the financial highlights. For Institutional Shares and Open Shares, a one-time voluntary reimbursement by State Street increased the total return ratio by 0.49% for year ended December 31, 2017.
	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 the 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 graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.

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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 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.

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 performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Annual Report  7

The Lazard Funds, Inc.

Information About the Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in the 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 the 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, 2020 through December 31, 2020 and held for the entire period.

Actual Expenses

For each share class of the Portfolio, 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 Portfolio, 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.

8  Annual Report

Portfolio	Beginning Account Value 7/1/20	Ending Account Value 12/31/20	Expenses Paid During Period* 7/1/20 - 12/31/20	Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Enhanced Opportunities†
Institutional Shares
Actual	$1,000.00	$1,129.40	$11.88	2.22%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,013.98	$11.24	2.22%
Open Shares
Actual	$1,000.00	$1,129.20	$10.28	1.92%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.48	$9.73	1.92%

*	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 184/366 (to reflect one-half year period).
†	The expense ratios include dividend and borrowing expenses on securities sold short.

Annual Report  9

The Lazard Funds, Inc. Portfolio Holdings Presented by
Asset Class/Sector December 31, 2020

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector	Long		*	Short		†
Convertible Corporate Bonds
Communication Services		11.0	%		—	%
Consumer Discretionary		8.3			—
Consumer Staples		2.1			—
Energy		1.6			—
Financials		11.6			—
Health Care		20.9			—
Industrials		7.9			—
Information Technology		26.4			—
Materials		0.4			—
Real Estate		2.0			—
Utilities		0.5			—
Equity
Communication Services		—			–13.4
Consumer Discretionary		—			–10.3
Consumer Staples		—			–1.8
Energy		—			–1.1
Financials		0.1			–5.2
Health Care		0.0	#		–21.1
Industrials		—			–7.8
Information Technology		0.0	#		–31.3
Materials		—			–0.2
Real Estate		—			–4.9
Utilities		—			–0.3
Exchange Traded Funds		—			–2.6
Short-Term Investments		7.2			—
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%.

10  Annual Report

The Lazard Funds, Inc. Portfolio of Investments
December 31, 2020

Description		Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  0.1%
United States  |  0.1%
Alder Biopharmaceuticals, Inc. (*), (‡)			3,247	$	2,857
Hope Bancorp, Inc. (±)			2,100		22,911
Silicon Laboratories, Inc. (*), (±)			17		2,165
					27,933
Total Common Stocks (Cost $24,990)					27,933
Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds  |  173.5%
Brazil  |  0.6%
GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±)	USD		134	$	116,258
Canada  |  10.4%
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		323		341,371
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		424		316,940
Canadian Solar, Inc., 2.500%, 10/01/25 (#), (±)	USD		119		186,429
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD		362		293,988
Colliers International Group, Inc., 4.000%, 06/01/25 (#), (±)	USD		155		266,988
Element Fleet Management Corp., 4.250%, 06/30/24 (±)	CAD		153		154,436
Pretium Resources, Inc.,  2.250%, 03/15/22 (±)	USD		152		162,640
Shopify, Inc., 0.125%, 11/01/25 (±)	USD		128		150,720

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

Annual Report  11

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Tricon Residential, Inc., 5.750%, 03/31/22 (±)	USD		174	$	179,220
					2,052,732
Chile  |  0.5%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		100		95,023
Hong Kong  |  0.5%
Seaspan Corp., 3.750%, 12/15/25 (±)	USD		99		106,225
Israel  |  0.5%
Fiverr International, Ltd., 0.000%, 11/01/25 (±)	USD		79		95,345
Netherlands  |  0.6%
Pharming Group NV, 3.000%, 01/21/25 (±)	EUR		100		109,136
Norway  |  1.4%
SFL Corp., Ltd., 5.750%, 10/15/21 (±)	USD		282		276,332
Panama  |  1.7%
Copa Holdings SA, 4.500%, 04/15/25 (±)	USD		201		338,924
United States  |  157.3%
1Life Healthcare, Inc., 3.000%, 06/15/25 (±)	USD		179		224,452
8x8, Inc., 0.500%, 02/01/24 (±)	USD		299		433,931
Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±)	USD		66		60,518
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		213		252,812

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

12  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Alteryx, Inc.,  0.500%, 08/01/24 (±)	USD		202	$	208,965
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD		235		294,588
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±)	USD		157		263,403
Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±)	USD		295		295,268
Arch Resources, Inc., 5.250%, 11/15/25 (±)	USD		91		127,974
Atlas Air Worldwide Holdings, Inc.:
2.250%, 06/01/22 (±)	USD		224		232,455
1.875%, 06/01/24 (±)	USD		203		230,312
Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±)	USD		187		186,305
Avaya Holdings Corp., 2.250%, 06/15/23 (±)	USD		200		208,333
Bloomin’ Brands, Inc., 5.000%, 05/01/25 (±)	USD		169		310,333
Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±)	USD		157		289,404
Cardlytics, Inc., 1.000%, 09/15/25 (±)	USD		110		200,940
Cinemark Holdings, Inc., 4.500%, 08/15/25 (±)	USD		256		373,628
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		153		176,211
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		146		144,430
CONMED Corp., 2.625%, 02/01/24 (±)	USD		179		250,219
Coupa Software, Inc., 0.375%, 06/15/26 (±)	USD		134		180,199
CryoPort, Inc., 3.000%, 06/01/25 (±)	USD		108		213,712
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		325		342,063

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

Annual Report  13

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
CyberArk Software, Ltd., 0.000%, 11/15/24 (±)	USD		90	$	109,182
DISH Network Corp., 0.000%, 12/15/25 (±)	USD		276		277,305
Encore Capital Group, Inc.:
2.875%, 03/15/21 (±)	USD		281		279,747
3.250%, 03/15/22 (±)	USD		348		377,107
3.250%, 10/01/25 (±)	USD		214		250,290
Envestnet, Inc., 1.750%, 06/01/23 (±)	USD		171		225,867
Envista Holdings Corp., 2.375%, 06/01/25 (±)	USD		188		326,699
Everbridge, Inc., 0.125%, 12/15/24 (±)	USD		179		265,746
EZCORP, Inc., 2.875%, 07/01/24 (±)	USD		99		89,894
FireEye, Inc., 0.875%, 06/01/24 (±)	USD		99		120,267
Five9, Inc., 0.500%, 06/01/25 (±)	USD		43		62,464
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±)	USD		273		240,923
Fortive Corp., 0.875%, 02/15/22 (±)	USD		192		197,507
FTI Consulting, Inc., 2.000%, 08/15/23 (±)	USD		155		193,673
Gossamer Bio, Inc., 5.000%, 06/01/27 (±)	USD		97		87,380
Guardant Health, Inc., 0.000%, 11/15/27 (±)	USD		223		260,916
Guess?, Inc., 2.000%, 04/15/24 (±)	USD		213		236,839
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 0.000%, 08/15/23 (±)	USD		173		232,909
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD		171		270,242

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

14  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±)	USD		194	$	201,489
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		384		409,043
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		238		221,419
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		174		178,956
II-VI, Inc., 0.250%, 09/01/22 (±)	USD		179		298,881
IIP Operating Partnership LP, 3.750%, 02/21/24 (±)	USD		210		586,933
Impinj, Inc., 2.000%, 12/15/26 (#), (±)	USD		136		184,928
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		385		382,930
Insmed, Inc., 1.750%, 01/15/25 (±)	USD		170		190,776
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±)	USD		134		147,456
Intercept Pharmaceuticals, Inc., 2.000%, 05/15/26 (±)	USD		163		97,048
Ironwood Pharmaceuticals, Inc.:
2.250%, 06/15/22 (±)	USD		128		137,887
1.500%, 06/15/26 (±)	USD		128		143,479
j2 Global, Inc.:
1.750%, 11/01/26 (±)	USD		139		144,051
3.250%, 06/15/29 (±)	USD		341		499,188
Jazz Investments I, Ltd., 2.000%, 06/15/26 (±)	USD		174		226,436
JPMorgan Chase Financial Co. LLC, 0.250%, 05/01/23 (±)	USD		341		365,723
Kaman Corp., 3.250%, 05/01/24 (±)	USD		256		294,847
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		173		215,282

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

Annual Report  15

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
KBR, Inc., 2.500%, 11/01/23 (±)	USD		268	$	366,665
Knowles Corp., 3.250%, 11/01/21 (±)	USD		157		177,701
LendingTree, Inc., 0.500%, 07/15/25 (±)	USD		192		186,745
Liberty Broadband Corp., 1.250%, 09/30/50 (±)	USD		256		258,435
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		251		192,159
3.750%, 02/15/30 (±)	USD		42		32,418
Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±)	USD		172		219,170
Liberty Media Corp.:
2.125%, 03/31/48 (±)	USD		261		271,579
2.250%, 12/01/48 (±)	USD		214		261,050
2.750%, 12/01/49 (±)	USD		256		264,064
0.500%, 12/01/50 (±)	USD		122		129,396
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)	USD		188		176,905
LivaNova USA, Inc., 3.000%, 12/15/25 (±)	USD		58		75,835
Live Nation Entertainment, Inc.:
2.500%, 03/15/23 (±)	USD		258		333,026
2.000%, 02/15/25 (±)	USD		85		89,950
LivePerson, Inc., 0.750%, 03/01/24 (±)	USD		155		273,499
Lyft, Inc., 1.500%, 05/15/25 (±)	USD		134		198,516
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		345		390,532
Mesa Laboratories, Inc., 1.375%, 08/15/25 (±)	USD		78		93,109
MicroStrategy, Inc., 0.750%, 12/15/25 (±)	USD		82		105,778
MongoDB, Inc., 0.250%, 01/15/26 (±)	USD		192		345,642

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

16  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
National Vision Holdings, Inc., 2.500%, 05/15/25 (±)	USD		201	$	324,113
Nevro Corp., 2.750%, 04/01/25 (±)	USD		129		233,893
NextEra Energy Partners L.P., 0.000%, 11/15/25 (±)	USD		170		169,629
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		165		307,094
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		256		258,377
NuVasive, Inc.:
2.250%, 03/15/21 (±)	USD		256		257,903
1.000%, 06/01/23 (±)	USD		248		254,186
0.375%, 03/15/25 (±)	USD		112		108,625
Okta, Inc., 0.375%, 06/15/26 (±)	USD		167		214,056
Omeros Corp., 5.250%, 02/15/26 (±)	USD		128		135,117
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		203		216,572
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		341		360,039
PennyMac Corp., 5.500%, 11/01/24 (±)	USD		286		280,995
Perficient, Inc., 1.250%, 08/01/25 (±)	USD		233		265,970
PetIQ, Inc., 4.000%, 06/01/26 (±)	USD		163		247,436
PRA Group, Inc., 3.500%, 06/01/23 (±)	USD		254		275,533
PROS Holdings, Inc.:
1.000%, 05/15/24 (±)	USD		169		178,998
2.250%, 09/15/27 (±)	USD		89		125,529
Pure Storage, Inc., 0.125%, 04/15/23 (±)	USD		295		324,387
Q2 Holdings, Inc., 0.125%, 11/15/25 (±)	USD		134		149,094

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

Annual Report  17

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Radius Health, Inc., 3.000%, 09/01/24 (±)	USD		119	$	106,367
Rambus, Inc., 1.375%, 02/01/23 (±)	USD		179		201,163
Redfin Corp., 0.000%, 10/15/25 (±)	USD		235		280,860
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD		389		366,808
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		175		196,263
RH, 0.000%, 09/15/24 (±)	USD		165		360,377
Royal Caribbean Cruises, Ltd., 2.875%, 11/15/23 (±)	USD		215		256,925
Sailpoint Technologies Holdings, Inc., 0.125%, 09/15/24 (±)	USD		196		381,683
Shift4 Payments, Inc., 0.000%, 12/15/25 (±)	USD		107		130,570
Slack Technologies, Inc., 0.500%, 04/15/25 (±)	USD		78		114,408
SMART Global Holdings, Inc., 2.250%, 02/15/26 (±)	USD		194		220,011
Snap, Inc., 0.250%, 05/01/25 (±)	USD		134		315,555
SolarEdge Technologies, Inc., 0.000%, 09/15/25 (±)	USD		99		136,083
Splunk, Inc., 1.125%, 06/15/27 (±)	USD		268		278,547
Stride, Inc., 1.125%, 09/01/27 (±)	USD		184		149,306
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD		179		246,820
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		155		147,281
TechTarget, Inc., 0.125%, 12/15/25 (±)	USD		201		218,054

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

18  Annual Report

Description	Security Currency	Principal Amount (000)			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±)	USD		43	$	41,351
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±)	USD		187		188,958
The Marcus Corp., 5.000%, 09/15/25 (±)	USD		107		153,461
The Middleby Corp., 1.000%, 09/01/25 (±)	USD		134		163,648
Turning Point Brands, Inc., 2.500%, 07/15/24 (±)	USD		283		318,187
Uber Technologies, Inc., 0.000%, 12/15/25 (±)	USD		212		216,884
Under Armour, Inc., 1.500%, 06/01/24 (±)	USD		112		184,614
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD		102		107,430
Verint Systems, Inc. 1.500%, 06/01/21 (±)	USD		235		257,691
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		256		266,649
Wayfair, Inc., 0.625%, 10/01/25 (±)	USD		201		189,670
Winnebago Industries, Inc., 1.500%, 04/01/25 (±)	USD		175		207,250
Workiva, Inc., 1.125%, 08/15/26 (±)	USD		100		133,676
Zillow Group, Inc., 1.500%, 07/01/23 (±)	USD		222		377,439
Zogenix, Inc., 2.750%, 10/01/27 (±)	USD		139		153,189
Zscaler, Inc., 0.125%, 07/01/25 (±)	USD		179		266,087
					30,995,149
Total Convertible Corporate Bonds (Cost $29,658,161)					34,185,124

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

Annual Report  19

Description	Counterparty	Number of Contracts		Exercise Price		Notional Amount		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options  |  0.0%
Call
Cinemark Holdings, Inc. Expires 02/19/21	MSC		8	$	20	$	800	$	1,096
II-VI, Inc. Expires 01/15/21	MSC		1		75		100		345
Marcus Corp. Expires 02/19/21	MSC		8		18		800		400
On Semiconductor Corp Expires 01/29/21	MSC		4		35		400		280
Sabre Corp. Expires 02/19/21	MSC		8		15		800		296
Put
American Airlines Group, Inc. Expires 01/15/21	MSC		8		12		800		48
American Airlines Group, Inc. Expires 01/15/21	MSC		8		13		800		88
Ishares 7-10 year Treasury Bond Expires 02/19/21	MSC		49		117		4,900		1,029
Marcus Corp. Expires 01/15/21	MSC		9		10		900		90
Total Purchased Options (Cost $4,647)									3,672

Description	Shares		Fair Value
Short-Term Investments  |  13.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,658,914)		2,658,914		2,658,914

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

20  Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Total Investments excluding Securities Sold Short  |  187.1% (Cost $32,346,712)				$	36,875,643
Securities Sold Short  |  (90.9)%
Common Stocks  |  (88.5)%
Brazil  |  (0.2)%
Gol Linhas Aereas Inteligentes SA ADR		(3,352	)		(32,917	)
Canada  |  (3.9)%
Aphria, Inc.		(21,309	)		(147,458	)
Atlas Corp.		(2,589	)		(28,065	)
Canadian Solar, Inc.		(2,694	)		(138,040	)
Canopy Growth Corp.		(4,212	)		(103,637	)
Colliers International Group, Inc.		(2,330	)		(207,673	)
Element Fleet Management Corp.		(7,926	)		(83,314	)
Pretium Resources, Inc.		(2,664	)		(30,583	)
Shopify, Inc., Class A		(33	)		(37,354	)
					(776,124	)
Chile  |  (0.1)%
Liberty Latin America, Ltd., Class C		(2,140	)		(23,733	)
Israel  |  (0.3)%
Fiverr International, Ltd.		(273	)		(53,262	)
Netherlands  |  (0.1)%
Pharming Group NV		(12,500	)		(19,475	)
Norway  |  (0.0%)
SFL Corp., Ltd.		(1,467	)		(9,213	)
Panama  |  (1.4)%
Copa Holdings SA, Class A		(3,518	)		(271,695	)

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

Annual Report  21

Description		Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
United States  |  (82.5)%
1Life Healthcare, Inc.			(3,063	)	$	(133,700	)
8x8, Inc.			(9,778	)		(337,048	)
Aerie Pharmaceuticals, Inc.			(1,348	)		(18,211	)
Air Transport Services Group, Inc.			(4,669	)		(146,326	)
Alteryx, Inc., Class A			(22	)		(2,679	)
American Airlines Group, Inc.			(13,056	)		(205,893	)
Apellis Pharmaceuticals, Inc.			(3,258	)		(186,358	)
Arbor Realty Trust, Inc. REIT			(4,216	)		(59,783	)
Arch Resources, Inc.			(2,127	)		(93,099	)
Atlas Air Worldwide Holdings, Inc.			(3,216	)		(175,401	)
Avadel Pharmaceuticals PLC ADR	��		(7,643	)		(51,055	)
Avaya Holdings Corp.			(3,143	)		(60,188	)
Bloomin’ Brands, Inc.			(13,007	)		(252,596	)
Bridgebio Pharma, Inc.			(3,265	)		(232,174	)
Cardlytics, Inc.			(1,125	)		(160,616	)
Charter Communications, Inc., Class A			(15	)		(9,923	)
Cinemark Holdings, Inc.			(16,746	)		(291,548	)
Coherus Biosciences, Inc.			(6,444	)		(111,997	)
Collegium Pharmaceutical, Inc.			(3,649	)		(73,089	)
CONMED Corp.			(1,542	)		(172,704	)
Coupa Software, Inc.			(339	)		(114,890	)
CryoPort, Inc.			(4,038	)		(177,187	)
CSG Systems International, Inc.			(1,148	)		(51,740	)
CyberArk Software, Ltd.			(334	)		(53,971	)
DISH Network Corp., Class A			(4,384	)		(141,779	)
Encore Capital Group, Inc.			(8,828	)		(343,851	)
Envestnet, Inc.			(1,792	)		(147,464	)
Envista Holdings Corp.			(7,795	)		(262,925	)
Everbridge, Inc.			(1,290	)		(192,300	)
EZCORP, Inc. Class A			(4,146	)		(19,859	)
FireEye, Inc.			(2,917	)		(67,266	)
Five9, Inc.			(249	)		(43,426	)
Flexion Therapeutics, Inc.			(4,456	)		(51,422	)
FTI Consulting, Inc.			(1,035	)		(115,630	)
Gossamer Bio, Inc.			(5,106	)		(49,375	)

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

22  Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Guardant Health, Inc.		(1,292	)	$	(166,513	)
Guess?, Inc.		(5,770	)		(130,517	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(2,684	)		(170,246	)
Health Catalyst, Inc.		(4,928	)		(214,516	)
Helix Energy Solutions Group, Inc.		(20,600	)		(86,520	)
Herbalife Nutrition, Ltd.		(3,305	)		(158,805	)
I3 Verticals, Inc., Class A		(3,158	)		(104,846	)
II-VI, Inc.		(3,471	)		(263,657	)
Impinj, Inc.		(3,553	)		(148,764	)
Innovative Industrial Properties, Inc. REIT		(2,957	)		(541,515	)
Innoviva, Inc.		(3,604	)		(44,654	)
Insmed, Inc.		(2,830	)		(94,211	)
Integra LifeSciences Holdings Corp.		(903	)		(58,623	)
Intercept Pharmaceuticals, Inc.		(1,051	)		(25,960	)
Ironwood Pharmaceuticals, Inc.		(10,499	)		(119,584	)
j2 Global, Inc.		(5,408	)		(528,308	)
Jazz Pharmaceuticals PLC		(730	)		(120,486	)
Kaman Corp.		(1,937	)		(110,661	)
Karyopharm Therapeutics, Inc.		(8,081	)		(125,094	)
KBR, Inc.		(8,231	)		(254,585	)
Knowles Corp.		(2,897	)		(53,392	)
Liberty Media Corp-Liberty Formula One, Class C		(3,491	)		(148,717	)
Liberty Media Corp.-Liberty SiriusXM, Class A		(5,681	)		(245,362	)
Ligand Pharmaceuticals, Inc.		(155	)		(15,415	)
LivaNova PLC		(727	)		(48,135	)
Live Nation Entertainment, Inc.		(5,810	)		(426,919	)
LivePerson, Inc.		(3,482	)		(216,685	)
Lyft, Inc., Class A		(2,809	)		(138,006	)
Marriott Vacations Worldwide Corp.		(1,334	)		(183,051	)
Mesa Laboratories, Inc.		(218	)		(62,487	)
MicroStrategy, Inc., Class A		(158	)		(61,391	)
MongoDB, Inc.		(783	)		(281,128	)
National Vision Holdings, Inc.		(5,763	)		(261,006	)
Nevro Corp.		(1,079	)		(186,775	)
NextEra Energy Partners L.P.		(781	)		(52,366	)

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

Annual Report  23

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Nuance Communications, Inc.		(6,277	)	$	(276,753	)
Nutanix, Inc., Class A		(1,246	)		(39,710	)
NuVasive, Inc.		(1,632	)		(91,931	)
Okta, Inc.		(536	)		(136,283	)
Omeros Corp.		(5,874	)		(83,910	)
OSI Systems, Inc.		(850	)		(79,237	)
Patrick Industries, Inc.		(1,942	)		(132,736	)
PennyMac Mortgage Investment Trust REIT		(2,736	)		(48,126	)
Perficient, Inc.		(3,283	)		(156,435	)
PetIQ, Inc.		(4,677	)		(179,831	)
PRA Group, Inc.		(2,694	)		(106,844	)
PROS Holdings, Inc.		(3,482	)		(176,781	)
Pure Storage, Inc., Class A		(5,498	)		(124,310	)
Q2 Holdings, Inc.		(357	)		(45,171	)
Radius Health, Inc.		(1,356	)		(24,218	)
Rambus, Inc.		(5,346	)		(93,341	)
Redfin Corp.		(1,886	)		(129,436	)
Redwood Trust, Inc. REIT		(1,870	)		(16,419	)
Revance Therapeutics, Inc.		(4,452	)		(126,170	)
RH		(728	)		(325,795	)
Royal Caribbean Cruises, Ltd.		(1,925	)		(143,778	)
SailPoint Technologies Holding, Inc.		(6,250	)		(332,750	)
Shift4 Payments, Inc., Class A		(648	)		(48,859	)
Sirius XM Holdings, Inc.		(25,657	)		(163,435	)
Slack Technologies, Inc., Class A		(1,469	)		(62,051	)
SMART Global Holdings, Inc.		(3,925	)		(147,698	)
Snap, Inc., Class A		(5,772	)		(289,004	)
SolarEdge Technologies, Inc.		(271	)		(86,482	)
Splunk, Inc.		(341	)		(57,932	)
Stride, Inc.		(1,704	)		(36,176	)
Synaptics, Inc.		(1,634	)		(157,518	)
Tabula Rasa HealthCare, Inc.		(1,330	)		(56,977	)
TechTarget, Inc.		(1,051	)		(62,125	)
The Greenbrier Cos., Inc.		(943	)		(34,306	)
The Marcus Corp.		(8,261	)		(111,358	)
The Middleby Corp.		(605	)		(77,997	)

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

24  Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Turning Point Brands, Inc.		(3,505	)	$	(156,183	)
Uber Technologies, Inc.		(1,021	)		(52,071	)
Under Armour, Inc., Class C		(9,666	)		(143,830	)
Varex Imaging Corp.		(3,708	)		(61,849	)
Verint Systems, Inc.		(2,005	)		(134,696	)
Vishay Intertechnology, Inc.		(1,011	)		(20,938	)
Voya Financial, Inc.		(1,513	)		(88,980	)
Wayfair, Inc., Class A		(288	)		(65,033	)
Winnebago Industries, Inc.		(2,022	)		(121,199	)
Workiva, Inc.		(1,012	)		(92,719	)
Zillow Group, Inc. Class C		(2,496	)		(323,981	)
Zogenix, Inc.		(4,502	)		(89,995	)
Zscaler, Inc.		(932	)		(186,130	)
					(16,255,860	)
Total Common Stocks (Proceeds $14,167,637)					(17,442,279	)
Exchange-Traded Fund  |  (2.4)%
United States  |  (2.4)%
iShares 7-10 Year Treasury Bond ETF		(3,936	)		(472,123	)
Total Exchange-Traded Funds (Proceeds $471,363)					(472,123	)
Total Securities Sold Short (Proceeds $14,639,000)					(17,914,402	)
Total Investments  |  96.2% (Cost and short proceeds $17,707,712) (»)				$	18,961,241
Cash and Other Assets in Excess of Liabilities  |  3.8%					743,758
Net Assets  |  100.0%				$	19,704,999

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

Annual Report  25

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation
EUR	201,000	USD	245,132	SSB	03/25/21		$	863
USD	208,250	CAD	265,000	SSB	03/25/21			18
USD	342,901	EUR	279,000	SSB	03/25/21			1,446
Total gross unrealized appreciation on Forward Currency Contracts							$	2,327

Written Options open at December 31, 2020:

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date	Notional Amount		Premiums			Fair Value
Put
Cinemark Holdings, Inc.	MSC		8	$	15.00	02/19/21	$	800		$	802	$	(840	)
Synaptic, Inc.	MSC		6		70.00	02/19/21		600			728		(600	)
Verint Systems, Inc.	MSC		2		55.00	02/19/21		200			142		(100	)
Verint Systems, Inc.	MSC		3		60.00	02/19/21		300			507		(330	)
Total Written Options			19							$	2,179	$	(1,870	)

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

26  Annual Report

The Lazard Funds, Inc. Notes to Portfolio of Investments
December 31, 2020

(*)	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.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2020, these securities amounted to 5.3% of net assets.
(»)	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
ETF	—	Exchange-Traded Fund
REIT	—	Real Estate Investment Trust

Currency Abbreviations:

EUR	—	Euro	CAD	—	Canadian Dollar
USD	—	United States Dollar

Counterparty Abbreviations:

MSC	—	Morgan Stanley & Co. Inc.
SSB	—	State Street Bank and Trust Co.

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

Industry†	Long			Short
Common Stocks and Convertible Corporate Bonds
Aerospace & Defense		1.5	%		–0.6	%
Air Freight & Logistics		3.6			–1.6
Airlines		3.8			–2.6
Auto Components		1.8			–0.7
Automobiles		1.1			–0.6
Banks		1.2			—
Biotechnology		11.3			–5.4
Capital Markets		1.9			—
Consumer Finance		7.4			–2.4
Diversified Consumer Services		0.8			–0.2
Diversified Financial Services		1.7			–0.9
Diversified Telecommunication Services		0.5			–0.1
Electronic Equipment, Instruments & Components		4.9			–2.1
Energy Equipment & Services		1.0			–0.4
Entertainment		4.8			–5.0
Equity Real Estate Investment Trusts (REITs)		3.0			–2.7
Food & Staples Retailing		0.2			—

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

Annual Report  27

Industry†	Long			Short
Common Stocks and Convertible Corporate Bonds (continued)
Health Care Equipment & Supplies		10.5	%		–5.7	%
Health Care Providers & Services		3.7			–2.4
Health Care Technology		2.1			–1.4
Hotels, Restaurants & Leisure		4.9			–2.9
Independent Power & Renewable Electricity Producers		0.9			–0.3
Interactive Media & Services		4.0			–3.1
Internet & Direct Marketing Retail		1.0			–0.6
IT Services		10.1			–5.4
Machinery		2.8			–0.6
Marine		—			–0.1
Media		11.8			–4.0
Metals & Mining		0.8			–0.2
Mortgage Real Estate Investment Trusts (REITs)		6.0			–1.5
Oil, Gas & Consumable Fuels		2.6			–0.5
Personal Products		2.1			–0.8
Pharmaceuticals		11.4			–4.4
Professional Services		1.0			–0.6
Real Estate Management & Development		3.7			–1.7
Road & Rail		2.1			–1.0
Semiconductors & Semiconductor Equipment		6.0			–3.9
Software		26.8			–16.4
Specialty Retail		4.7			–3.6
Technology Hardware, Storage & Peripherals		1.6			–0.6
Textiles, Apparel & Luxury Goods		0.9			–0.7
Tobacco		1.6			–0.8
Subtotal		173.6			–88.5
Exchange Traded Funds		—			–2.4
Short-Term Investments		13.5			—
Total Investments		187.1	%		–90.9	%

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

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

28  Annual Report

The Lazard Funds, Inc. Statement of Assets and Liabilities

December 31, 2020	Lazard Enhanced Opportunities Portfolio
ASSETS
Investments in securities, at fair value		$	36,875,643
Cash			3,998
Receivables for:
Investments sold			1,720,697
Dividends and interest			155,935
Capital stock sold			15,000
Cash collateral due from broker on options			83,000
Amount due from Investment Manager (Note 3)			13,664
Gross unrealized appreciation on forward currency contracts			2,327
Total assets			38,870,264
LIABILITIES
Securities sold short, at fair value			17,914,402
Foreign currency due to custodian			2,602
Payables for:
Accrued custodian fees			52,457
Accrued professional services			32,285
Accrued directors’ fees			64
Investments purchased			1,142,230
Dividends on securities sold short			8,471
Written options, at fair value			1,870
Other accrued expenses and payables			10,884
Total liabilities			19,165,265
Net assets		$	19,704,999
NET ASSETS
Paid in capital		$	19,716,851
Distributable earnings (Accumulated loss)			(11,852	)
Net assets		$	19,704,999
Institutional Shares
Net assets		$	19,537,447
Shares of capital stock outstanding*			2,140,850
Net asset value, offering and redemption price per share		$	9.13
Open Shares
Net assets		$	167,552
Shares of capital stock outstanding*			18,359
Net asset value, offering and redemption price per share		$	9.13
Cost of investments in securities		$	32,346,712
Proceeds received from securities sold short		$	14,639,000
Proceeds received from written options		$	2,179
*  $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.

Annual Report  29

The Lazard Funds, Inc. Statement of Operations

For the Year Ended December 31, 2020	Lazard Enhanced Opportunities Portfolio
Investment Income (Loss)
Income
Interest		$	576,257
Dividends			4,440
Total investment income*			580,697
Expenses
Management fees (Note 3)			124,144
Custodian fees			91,331
Professional services			49,567
Registration fees			36,146
Administration fees			25,865
Shareholders’ reports			24,837
Shareholders’ services			9,259
Directors’ fees and expenses			5,541
Distribution fees (Open Shares)			1,012
Other			6,535
Total gross expenses before expenses on securities sold short			374,237
Broker expense on securities sold short			89,524
Dividend expense on securities sold short			38,129
Total gross expenses			501,890
Management fees waived and expenses reimbursed			(209,374	)
Total net expenses			292,516
Net investment income (loss)			288,181
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			2,271,862
Securities sold short			(2,077,543	)
Foreign currency transactions			(3,978	)
Forward currency contracts			(8,786	)
Futures contracts			35,174
Written options			20,920
Total net realized gain (loss)			237,649
Net change in unrealized appreciation (depreciation) on:
Investments			4,277,873
Securities sold short			(2,910,199	)
Foreign currency translations			71
Forward currency contracts			4,141
Written options			530
Total net change in unrealized appreciation (depreciation)			1,372,416
Net realized and unrealized gain (loss)			1,610,065
Net increase (decrease) in net assets resulting from operations		$	1,898,246
*  Net of foreign withholding taxes of		$	11

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

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The Lazard Funds, Inc. Statement of Changes in Net Assets

	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2020				Year Ended December 31, 2019
Increase in Net Assets
Operations
Net investment income (loss)		$	288,181			$	123,402
Net realized gain (loss)			237,649				205,536
Net change in unrealized appreciation (depreciation)			1,372,416				473,630
Net increase (decrease) in net assets resulting from operations			1,898,246				802,568
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(1,185,411	)			(90,507	)
Open Shares			(9,395	)			(1,247	)
Net decrease in net assets resulting from distributions			(1,194,806	)			(91,754	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			11,095,505				1,320,608
Open Shares			3,369,722				42,717
Net proceeds from reinvestment of distributions
Institutional Shares			1,185,411				90,507
Open Shares			9,395				1,247
Cost of shares redeemed
Institutional Shares			(2,567,231	)			(9,075,438	)
Open Shares			(3,436,893	)			(33,358	)
Net increase (decrease) in net assets from capital stock transactions			9,655,909				(7,653,717	)
Total increase (decrease) in net assets			10,359,349				(6,942,903	)
Net assets at beginning of period			9,345,650				16,288,553
Net assets at end of period		$	19,704,999			$	9,345,650

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

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	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		1,043,282			1,948,553
Shares sold		1,253,802			155,988
Shares issued to shareholders from reinvestment of distributions		130,284			10,308
Shares redeemed		(286,518	)		(1,071,567	)
Net increase (decrease)		1,097,568			(905,271	)
Shares outstanding at end of period		2,140,850			1,043,282
Open Shares
Shares outstanding at beginning of period		13,910			12,624
Shares sold		402,978			4,922
Shares issued to shareholders from reinvestment of distributions		1,035			142
Shares redeemed		(399,564	)		(3,778	)
Net increase (decrease)		4,449			1,286
Shares outstanding at end of period		18,359			13,910

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

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The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
Institutional Shares
Net asset value, beginning of period		$	8.84			$	8.31			$	8.67			$	9.16			$	8.89
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.20				0.10				0.06				0.11	^			0.05
Net realized and unrealized gain (loss)			0.69				0.52				(0.20	)			0.40				0.35
Total from investment operations			0.89				0.62				(0.14	)			0.51				0.40
Less distributions from:
Net investment income			(0.22	)			—				(0.10	)			(0.17	)			(0.08	)
Net realized gains			(0.38	)			(0.09	)			(0.12	)			(0.83	)			(0.05	)
Total distributions			(0.60	)			(0.09	)			(0.22	)			(1.00	)			(0.13	)
Net asset value, end of period		$	9.13			$	8.84			$	8.31			$	8.67			$	9.16
Total Return (b)			10.11	%			7.44	%			–1.66	%			5.56	%^			4.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	19,537			$	9,223			$	16,184			$	15,206			$	14,077
Ratios to average net assets:
Net expenses			2.23	%			2.71	%			2.36	%			2.78	%^			1.79	%
Gross expenses			3.79	%			5.52	%			3.80	%			5.02	%^			3.60	%
Gross expenses, excluding expenses on securities sold short			2.82	%			4.06	%			2.71	%			3.45	%			3.51	%
Net investment income (loss)			2.22	%			1.19	%			0.73	%			1.20	%			0.57	%
Portfolio turnover rate:
Excluding securities sold short			167	%			272	%			312	%			210	%			247	%
Including securities sold short			241	%			354	%			409	%			310	%			340	%

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

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Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
Open Shares
Net asset value, beginning of period		$	8.82			$	8.30			$	8.65			$	9.15			$	8.89
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16				0.10				0.04				0.10	^			0.04
Net realized and unrealized gain (loss)			0.70				0.51				(0.19	)			0.37				0.33
Total from investment operations			0.86				0.61				(0.15	)			0.47				0.37
Less distributions from:
Net investment income			(0.17	)			—				(0.08	)			(0.14	)			(0.06	)
Net realized gains			(0.38	)			(0.09	)			(0.12	)			(0.83	)			(0.05	)
Total distributions			(0.55	)			(0.09	)			(0.20	)			(0.97	)			(0.11	)
Net asset value, end of period		$	9.13			$	8.82			$	8.30			$	8.65			$	9.15
Total Return (b)			9.83	%			7.33	%			–1.80	%			5.16	%^			4.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	168			$	123			$	105			$	117			$	112
Ratios to average net assets:
Net expenses			2.45	%			2.83	%			2.60	%			3.01	%^			2.07	%
Gross expenses			4.94	%			13.76	%			14.49	%			16.40	%^			15.58	%
Gross expenses, excluding expenses on securities sold short			3.99	%			12.30	%			13.40	%			14.85	%			15.46	%
Net investment income (loss)			1.75	%			1.10	%			0.48	%			1.06	%			0.45	%
Portfolio turnover rate:
Excluding securities sold short			167	%			272	%			312	%			210	%			247	%
Including securities sold short			241	%			354	%			409	%			310	%			340	%

^	A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.04 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.49%, decreased the gross expense and net expense ratios by 0.44% and increased the net investment income (loss) ratio by 0.44%.
(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 DST; 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.

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The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2020

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, 2020, 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 financial statements of the other twenty-nine Portfolios are presented separately.

The Portfolio is operated as a “non-diversified” fund, as defined in the 1940 Act.

The Portfolio currently offers Institutional Shares and Open 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).

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, 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 National Market System (“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

Annual Report  35

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 the 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 trading in a particular non-US country or countries, may not take place on all business days in New York and on which the NAV of the 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 the 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 as determined by, or 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

36  Annual Report

relevant American Depositary Receipts (“ADRs”) or futures contracts. Certain non-US securities may trade on days when the 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 Valuation Committee of the Investment Manager, which is subject to the oversight of the Board, 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.

The effect of using fair value pricing is that the NAV of the Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

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

The 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). If applicable, the Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains

Annual Report  37

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 Portfolio does 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 Portfolio’s 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, 2020, the Portfolio traded in forward currency contracts.

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(d) Futures Contracts—For hedging and investment purposes, the Portfolio may enter into futures contracts in US domestic markets, or exchanges located outside the United States.

Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits the Portfolio might realize in trading could be eliminated by adverse changes in the currency exchange rate, or the Portfolio could incur losses as a result of those changes. Transactions on foreign exchanges may include both commodities which are traded on domestic exchanges and those which are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the Commodity Futures Trading Commission.

Engaging in these transactions involves risk of loss to the Portfolio which could adversely affect the value of the Portfolio’s net assets.

Although the Portfolio intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio to substantial losses.

During the year ended December 31, 2020, the Portfolio traded in futures contracts.

(e) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities and other

Annual Report  39

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 the 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.

During the year ended December 31, 2020, the Portfolio traded in options.

(f) Short Sales—A short sale is a transaction in which the 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. The Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). 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, 2020, pursuant to short sale arrangements, the 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, including the collateral value of the Securities Loan Collateral, as that term is defined in the Securities Lending and Services Agreement between the Fund and State Street. At December 31, 2020, the Portfolio had pledged $34,210,199 of long securities as collateral under such arrangements.

40  Annual Report

For the year ended December 31, 2020, proceeds from securities sold short and purchases to cover short positions for the Portfolio were $36,779,628 and $26,209,556, respectively.

(g) Federal Income Taxes—The Fund’s policy is for the 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, 2020, the Portfolio had no unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains.

During the year ended December 31, 2020, the Portfolio had utilized realized capital loss carryovers from previous year amounting to $105,582.

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, 2020, the Portfolio had no such losses to defer.

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Enhanced Opportunities		$19,317,664		$3,204,598		$3,558,851		$(354,253)

Management has analyzed the Portfolio’s 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

Annual Report  41

limitations. The 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—Dividends from net investment income, if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolio, if not distributed. The Portfolio intends to declare and distribute these amounts, at least annually, to shareholders, but such amounts may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

The Portfolio intends, on its 2020 tax return, 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 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 resulted in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, passive foreign investment company gains and losses, 305(c) deemed dividends, wash sales, equalization, certain expenses and straddles. The

42  Annual Report

book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

Portfolio	Paid in Capital		Total Distributable Earnings (Accumulated Loss)
Enhanced Opportunities		$35,289		$(35,289)

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income				Long-Term Capital Gain
Portfolio		2020		2019		2020	2019
Enhanced Opportunities	$	1,194,806	$	91,754		$—	$—

At December 31, 2020, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)	Undistributed Long-Term Capital Gain (Deferred Capital Losses)	Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Enhanced Opportunities	$385,995	$—	$(397,847)

(i) 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 Portfolio accrues distribution and service (12b-1) fees in the Open Share class. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each

Annual Report  43

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

(j) 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.

(k) Net Asset Value—The NAV per share for each class of the 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 Portfolio, 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 the Portfolio and the assets of the Portfolio including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolio with administrative, operational and compliance assistance services. For its services provided to the Portfolio, the Investment Manager earns a management fee, accrued daily as a percentage of the Portfolio’s average daily net assets and payable by the Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Enhanced Opportunities	0.95	%

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolio until May 1, 2021 if the aggregate direct expenses of the 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 the percentages of the value of the Portfolio’s average daily net assets set forth 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.

Portfolio	Institutional Shares			Open Shares
Enhanced Opportunities		1.25	%		1.50	%

During the year ended December 31, 2020, the Investment Manager waived its management fees and reimbursed the Portfolio for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
Enhanced Opportunities		$120,050		$78,569		$4,094		$6,661

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 the Portfolio. The Distributor bears, among other things, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

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Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, the 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.

DST is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the year ended December 31, 2020, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $237,000, (2) an additional annual retainer of $33,700 to the lead Independent Director, and (3) an additional annual retainer of $23,500 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. The compensation policy (i.e., retainer amounts and any additional fees as described above) for Independent Directors for the Lazard Fund Complex will remain the same in 2021. Independent Directors’ compensation and expenses are allocated among the funds 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 Statement of Operations shows the Independent Directors’ compensation and expenses paid by the Portfolio.

46  Annual Report

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, 2020 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities		$52,047,680		$32,810,522

For the year ended December 31, 2020, the Portfolio 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.

At December 31, 2020, the Investment Manager owned 31.77% of the outstanding shares of the Portfolio.

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, 2020, the Portfolio had no borrowings under the Agreement.

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. The 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 applicable to an investment in the Portfolio are described below. Please see the Portfolio’s current summary prospectus or a current Portfolio prospectus for further information regarding the Portfolio’s investment strategy and related risks.

(a) Market Risk—The 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, the 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 the 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 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 the Portfolio and its investments.

(b) Convertible Securities Risk—The market value of convertible securities may perform like that of non-convertible fixed income

48  Annual Report

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 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’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 the 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

Annual Report  49

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, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Adjustable rate securities provide the Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the 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.

· 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.

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· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.

· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.

· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, 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.

(e) Short Position Risk—Short positions may involve substantial risks. If a short position appreciates in value during the period of the 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, the 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, the Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of

Annual Report  51

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.

(f) Derivatives and Hedging Risk—Derivatives 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 (including options on ETFs), indexes and currencies; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of, and default by, the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of, or default, by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the 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 the 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 the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

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(g) Non-US Securities Risk—The 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.

(h) 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. The Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

(i) Non-Diversification Risk—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.

(j) ETF Risk—Shares of 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. The Portfolio’s investments in ETFs are subject to the risks of such ETF’s investments, as well as to the general risks of investing in ETFs. Portfolio shares 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. The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs unless another ETF has received an exemptive order from the SEC on which the Portfolio may rely or an exemption is available.

(k) Cybersecurity Risk—The Portfolio and its service providers are susceptible to operational and information security and related risks

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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 the Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with the 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 the Portfolio invests; counterparties with which the Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. The Fund’s maximum exposure under these arrangements is unknown. Management has reviewed the Portfolio’s existing contracts and expects the risk of loss to be remote.

9. Fair Value Measurements

Fair value is defined as the price that the 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

54  Annual Report

upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

· Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

Annual Report  55

The following table summarizes the valuation of the Portfolio’s assets and liabilities by each fair value hierarchy level as of December 31, 2020:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Enhanced Opportunities Portfolio
Assets:
Common Stocks*		$	25,076		$	2,857		$	—	$	27,933
Convertible Corporate Bonds*			—			34,185,124			—		34,185,124
Purchased Options			3,672			—			—		3,672
Short-Term Investments			2,658,914			—			—		2,658,914
Other Financial Instruments†
Forward Currency Contracts			—			2,327			—		2,327
Total		$	2,687,662		$	34,190,308		$	—	$	36,877,970
Liabilities:
Securities Sold Short
Common Stocks*		$	(17,422,804	)	$	(19,475	)	$	—	$	(17,442,279	)
Exchange-Traded Fund			(472,123	)		—			—		(472,123	)
Other Financial Instruments†
Written Options			(1,870	)		—			—		(1,870	)
Total		$	(17,896,797	)	$	(19,475	)	$	—	$	(17,916,272	)

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

10. Derivative Instruments

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

The 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.

The Portfolio may enter into futures transactions to hedge against changes in interest rates, securities prices, and/or currency

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exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.

During the year ended December 31, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$100,000#
Average amounts sold	$200,000

# Represents average monthly notional exposure for the two months the derivative instrument was open during the period.

Futures contracts:
Average notional value of contracts – long	$300,000*

* Represents average daily notional exposure for the six days the derivative instrument was open during the period.

The Portfolio purchased options having an average monthly notional exposure of less than $50,000. The Portfolio also wrote options having an average monthly notional exposure of less than $50,000.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	2,327
Purchased options	Investment in securities, at fair value		3,672
Total		$	5,999
Liabilities – Derivative Financial Instruments		Total
Written options	Written options, at fair value	$	1,870

Annual Report  57

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020 was:

Net Realized Gain (Loss) from:	Equity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts	$	––		$	(8,786	)	$	(8,786	)
Futures contracts		35,174			—			35,174
Purchased options		(15,414	)		—			(15,414	)
Written options		20,920			—			20,920
Total	$	40,680		$	(8,786	)	$	31,894
Net Change in Unrealized Appreciation (Depreciation) on:	Equity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts	$	—		$	4,141		$	4,141
Purchased options		418			—			418
Written options		530			—			530
Total	$	948		$	4,141		$	5,089

As of December 31, 2020, the Portfolio held derivative instruments that are eligible for offset in the 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 Portfolio is presented in the below table, as of December 31, 2020:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	2,327		$	—		$	2,327

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received			Net Amounts of Derivative Assets
State Street Bank and Trust Co.		$	2,327		$	—		$	—		$	2,327

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11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08, Receivables – Nonre-fundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU No. 2017-08”). ASU No. 2017-08 shortened the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Management has implemented the applicable changes, and they did not have a material impact on the Portfolio’s financial statements. In October 2020, ASU No. 2017-08 was amended by the Financial Accounting Standards Board’s issuance of Accounting Standards Update No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs (“ASU No. 2020-08”). This amendment requires that entities re-evaluate whether callable debt securities fall within the scope of ASU No. 2017-08 for each reporting period. ASU No. 2020-08 also amends ASU No. 2017-08 to require that premiums be amortized to the “next call date” rather than the “earliest call date” and further clarifies the definition of “next call date.” ASU No. 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU No. 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU No. 2020-08.

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 based reference rates as of the end of 2021. ASU No. 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU No. 2020-04.

Annual Report  59

12. Subsequent Events

Management has evaluated subsequent events potentially affecting the Portfolio through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

60  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 Enhanced Opportunities Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Lazard Enhanced Opportunities Portfolio (the “Portfolio”), one of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statement 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. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio, as of December 31, 2020, and the results of its operations for the year then ended, the changes in its 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 Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s 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 Portfolio 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 Portfolio is not

Annual Report  61

required to have, nor were we engaged to perform, an audit of its 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 Portfolio’s 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, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York
February 24, 2021

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

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The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – present)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (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 (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)
		Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present)

Annual Report  63

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (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(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
		Investment Manager, General Counsel (2002 – April 2017)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex, comprised of, as of January 31, 2021, 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.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

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.

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director (since February 2017), General Counsel (since April 2017) and Chief Compliance Officer of the Investment Manager
Nargis Hilal (1984)	Chief Compliance Officer (July 2020)	Senior Vice President and Counsel of the Investment Manager (since August 2017)
		Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017)
		Deputy Chief Compliance Office KLS Diversified Asset Management LP (January 2015 – March 2016)
Christopher Snively (1984)	Chief Financial Officer (March 2016) and Treasurer (September 2019)	Senior Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance) of the Investment Manager
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Christina Kennedy (1990)	Assistant Treasurer (May 2020)	Vice President of the Investment Manager (since July 2019)
		Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
		Assurance Senior Associate at PricewaterhouseCoopers LLP (August 2013 – July 2016)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	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.
(3)	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.

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The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2020

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2020:

Of the dividends paid by the Portfolio, the percentage shown below is qualified dividend income.

Portfolio	Percentage
Enhanced Opportunities	0.26	%

Of the dividends paid by the Portfolio, no dividends qualify for the dividends received deduction available to corporate shareholders.

Portfolio	Percentage
Enhanced Opportunities	0.28	%

Pursuant to Section 871 of the Code, the Portfolio has no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to US nonresident shareholders.

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.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 the 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  67

NOTES

NOTES

NOTES

NOTES

NOTES

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com

Investment Manager

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300

Custodian

State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
30 Rockefeller Plaza

New York, New York 10112-0015

Legal Counsel

Proskauer Rose LLP
Eleven Times Square
New York, New York 10036-8299
www.proskauer.com

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS031

Lazard Funds

Annual Report

December 31, 2020

Equity Funds

Lazard Developing Markets Equity Portfolio	Lazard International Equity Portfolio
Lazard Emerging Markets Core Equity Portfolio	Lazard International Equity Select Portfolio
Lazard Emerging Markets Equity Advantage Portfolio	Lazard International Equity Value Portfolio
Lazard Emerging Markets Equity Blend Portfolio	Lazard International Quality Growth Portfolio
Lazard Emerging Markets Equity Portfolio	Lazard International Small Cap Equity Portfolio
Lazard Equity Franchise Portfolio	Lazard International Strategic Equity Portfolio
Lazard Global Equity Select Portfolio	Lazard Managed Equity Volatility Portfolio
Lazard Global Listed Infrastructure Portfolio	Lazard US Equity Concentrated Portfolio
Lazard Global Strategic Equity Portfolio	Lazard US Equity Focus Portfolio
Lazard International Equity Advantage Portfolio	Lazard US Small-Mid Cap Equity Portfolio
Lazard International Equity Concentrated Portfolio	Lazard US Sustainable Equity Portfolio

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Investment Overviews (unaudited)
34	Performance Overviews (unaudited)
53	Information About Your Portfolio’s Expenses (unaudited)
61	Portfolio Holdings Presented by Asset Class/Sector
64	Portfolios of Investments
64	Lazard Developing Markets Equity Portfolio
68	Lazard Emerging Markets Core Equity Portfolio
72	Lazard Emerging Markets Equity Advantage Portfolio
80	Lazard Emerging Markets Equity Blend Portfolio
86	Lazard Emerging Markets Equity Portfolio
90	Lazard Equity Franchise Portfolio
92	Lazard Global Equity Select Portfolio
96	Lazard Global Listed Infrastructure Portfolio
99	Lazard Global Strategic Equity Portfolio
103	Lazard International Equity Advantage Portfolio
110	Lazard International Equity Concentrated Portfolio
113	Lazard International Equity Portfolio
117	Lazard International Equity Select Portfolio
121	Lazard International Equity Value Portfolio
124	Lazard International Quality Growth Portfolio
127	Lazard International Small Cap Equity Portfolio
132	Lazard International Strategic Equity Portfolio
136	Lazard Managed Equity Volatility Portfolio
144	Lazard US Equity Concentrated Portfolio
147	Lazard US Equity Focus Portfolio
150	Lazard US Small-Mid Cap Equity Portfolio
155	Lazard US Sustainable Equity Portfolio
159	Notes to Portfolios of Investments
170	Statements of Assets and Liabilities
178	Statements of Operations
186	Statements of Changes in Net Assets
213	Financial Highlights
264	Notes to Financial Statements
312	Report of Independent Registered Public Accounting Firm
315	Board of Directors and Officers Information (unaudited)
318	Tax and Other Information (unaudited)

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,

As 2020 began, the outbreak of a novel coronavirus (“COVID-19”) turned into a fast-spreading pandemic, rattling global markets. Worldwide lockdowns led to a severe equity market sell-off in February and March, as well as a sharp decline in oil markets. By the conclusion of the year, COVID-19 continued to wreak havoc across much of the world, but many global equity markets closed 2020 near all-time highs. Markets generally rose steadily after the sell-off on the back of unprecedented support from global central banks and government treasuries and the introduction of several promising vaccines.

In the United States, Democrats won control of the White House and Congress in November elections. The US equity market closed 2020 near an all-time peak, and nominal yields in various US fixed income market segments closed at or near all-time lows, fueled by trillions of dollars in monetary and fiscal stimulus.

COVID-19 also severely debilitated economic activity in the emerging markets, but the recovery in emerging markets equities that began in late March picked up steam in the fourth quarter thanks to vaccine breakthroughs and the US election outcome. As a result, the MSCI Emerging Markets^® Index outperformed global developed markets equities in 2020.

In Europe, interest rates have never been as low, and central bank balance sheets have never been as inflated, as they were at year-end. With an agreement now in place for the exit of the United Kingdom from the European Union, the years-long “Brexit” saga may be one less uncertainty the market has to grapple with in the year ahead.

As we write, many countries are facing record levels of new COVID-19 infections, spurring renewed economic lockdowns and increasing the risk that many companies, particularly small businesses, might not make it to the other side of this pandemic. Were that to happen, it could send a negative signal to markets equal and opposite to the positive news of the vaccines toward the end

2  Annual Report

of the last year. Investors face a timing conundrum, but it could well be darkest before the dawn.

Despite these challenges, we are optimistic for 2021 and believe that as the world does eventually return to something like the pre-pandemic days, fundamental analysis and stock selection will be crucial drivers for performance. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance pursued by the various investment strategies employed.

Sincerely,

Lazard Asset Management LLC

Annual Report  3

Lazard Funds, Inc. Investment Overviews (unaudited)

Emerging Markets Equities

Despite a once in a hundred years global pandemic, which severely debilitated world economic activity, the MSCI Emerging Markets Index finished 2020 up over 18% on unprecedented monetary easing and fiscal stimulus. This result disproportionately impacted by Asian stocks, which rose by more than 28%, while markets collapsed in Latin America by almost 14% and by about 12% in Eastern Europe.

Latin American markets were ill prepared and hard hit by the COVID-19 pandemic. High infection rates and conflicting health and economic policies in some countries, resulted in worsening market conditions and negative sentiment. Despite a powerful stock market recovery in the fourth quarter, in large part due to announcements of efficacious vaccines, all Latin American markets finished the year lower.

Similarly, markets in Eastern Europe were unprepared for the pandemic and finished the year lower. Economically sensitive economies such as Russia were harmed by a crude oil price war and plummeting demand. Turkish equities fell sharply on lira weakness as currency reserves were used, but rebounded late in the year on interest rate increases. In South Africa, stocks finished only modestly lower as economic growth estimates improved marginally.

The three best performing markets were all in north Asia and, ironically, included China, where the virus originated. Its market rose by approximately 30% in 2020. The other two countries, Taiwan and South Korea, each of whose markets rose by more than 40%, both benefited from large technology sector exposures as well as the stricter health care and isolation controls which resulted in relatively lower infection rates. The Association of Southeast Asian Nations country markets, such as in Indonesia, the Philippines, and Thailand fared significantly worse, exhibiting more economic sensitivity and fewer lockdown controls. Although Indian stocks underperformed the MSCI Emerging Markets Index, they finished significantly higher on relatively resilient economic results.

4  Annual Report

From a sector perspective, information technology, health care, consumer discretionary, and communications services all performed very strongly. Energy, real estate, utilities, and financials all finished 2020 lower.

International Equities

For the year ended December 31, 2020, international equity markets gained despite seesawing risk sentiment amid mixed news flow and formidable macro challenges.

Risk assets began 2020 positively, thanks to the truce in the US-China trade war, greater clarity on Brexit, and a global monetary easing cycle. However, market optimism gave way to panic selling in mid-February through the latter part of March, as the coronavirus epidemic that began in China metastasized into a full-scale pandemic and investors worried about the threat it posed to the global economy.

With the US Federal Reserve (the “Fed”) taking the lead, central banks worldwide and government fiscal policymakers initiated aggressive stimulus measures to contain the economic fallout from the intensifying viral outbreak. Despite stiffening headwinds, which included severe economic downturns in several countries and regions of the world, these actions buoyed market confidence that central banks and governments would continue to act when necessary to support risk assets and backstop the world economy.

Investor confidence wavered in the latter part of the year amid growing anxiety about the spike in cases across the United States, Europe, and elsewhere, as well as the emergence of a new, more infectious strain of the virus. However, investors enthusiastically greeted news of the development of coronavirus vaccines, anticipating that their successful, widespread deployment would provide a pathway for the world economy to normalize in 2021. Stock markets worldwide received an additional boost in November when Democratic Party nominee Joe Biden was declared the winner in the US presidential election, with investors hopeful that the new administration would, among other things, enact more stable global trade policies than its predecessor.

Annual Report  5

Against this backdrop, stock market performance in 2020 was mostly positive in the developed world and emerging Asia, while uniformly negative in the rest of the developing world. In Europe, the combination of encouraging vaccine news, stimulus initiatives by the European Central Bank and European Union (“EU”) policymakers, and news that the United Kingdom (“UK”) and the EU had agreed upon a free trade deal that resolved the last sticking point in the Brexit saga led to a surge in Europe’s equity markets. In Japan, positive momentum on coronavirus vaccine development, an ultra-low interest rate environment, and attractive valuations lifted the country’s stock market to its highest level in 31 years. Meanwhile, South Korea’s stock market was among the best performing in the developing world, as investors were bullish on the country’s economic outlook and confident that its chipmakers were well positioned to benefit from an expected near-term semiconductor upcycle.

Technology was the best performing international equity sector in 2020, as traders bid up shares of companies with resilient business models and reliable earnings. Energy was the worst performing sector, as shares of oil producers came under pressure from weakened demand for oil amid heightened global economic uncertainty caused by the coronavirus pandemic.

US Equities

For the year ended December 31, 2020, the US equity market rose despite seesawing risk sentiment amid mixed news flow and formidable macro challenges.

The US stock market entered 2020 on an upswing, thanks to encouraging domestic economic data, progress in the US-China trade war, and a new trade deal with Canada and Mexico. However, market optimism gave way to indiscriminate selling in mid-February through the latter part of March, as the coronavirus epidemic that began in China became a full-scale pandemic, and investors worried about the threat it posed to the global economy. As the US became a hub for the viral outbreak, at least one-fourth of the US economy was taken offline in an effort to contain the public health emergency.

6  Annual Report

In response, the Fed and fiscal policymakers initiated aggressive stimulus measures to mitigate the economic fallout from the intensifying viral outbreak. Despite stiffening headwinds, which included a severe economic downturn in the first quarter and mass unemployment, the Fed’s actions buoyed investor confidence that the Fed would continue to act when necessary to support risk assets and backstop the US economy. This support, along with solid quarterly corporate results, led to a sharp rally in the US stock market.

Investor optimism dimmed in the latter part of the year amid growing anxiety about the spike in cases across the US, as well as the emergence of a new, more infectious strain of the virus, which led to fears of another round of economically punishing lockdowns. However, news of the development of coronavirus vaccines was greeted enthusiastically by investors, who bet that its successful, widespread deployment would provide a pathway for the US economy to normalize in 2021. The US stock market received an additional boost from a market-friendly result from the country’s November elections and the signing of another fiscal relief bill.

Against this backdrop, the S&P 500^® Index—the bellwether of the US equity market—climbed 18.4% for the year. Technology was the best performing S&P sector in 2020, particularly among large US companies with resilient business models and reliable earnings. Energy was the worst performing sector, as shares of oil producers came under pressure from weakened demand for oil amid heightened global economic uncertainty caused by the coronavirus pandemic.

Global Equities

For the year ended December 31, 2020, global equity markets rose sharply despite seesawing risk sentiment amid mixed news flow and formidable macro challenges.

Equities began the year positively, thanks to the truce in the US-China trade war, greater clarity on Brexit, and a global monetary easing cycle. However, market optimism gave way to indiscriminate selling in mid-February through the latter part of March, as the

Annual Report  7

coronavirus epidemic that began in China became a full-scale pandemic and investors worried about the threat it posed to the global economy.

With the US Federal Reserve taking the lead, central banks worldwide and government fiscal policymakers initiated aggressive stimulus measures to contain the economic fallout from the intensifying viral outbreak. Despite stiffening headwinds, which included severe economic downturns in several countries and regions of the world, these actions buoyed market confidence that central banks and governments would continue to act when necessary to backstop the world economy.

Investor confidence wavered in the latter part of the year amid growing anxiety about the spike in cases across the US, Europe, and elsewhere, as well as the emergence of a new, more infectious strain of the virus. However, news of the discovery of coronavirus vaccines was greeted enthusiastically by investors, who bet that their successful, widespread deployment would provide a pathway for the world economy to normalize in 2021.

Against this backdrop, stock market performance in 2020 was mostly positive in the developed world and emerging Asia, while uniformly negative in the rest of the developing world. In the US, positive momentum on coronavirus vaccine development, a market-friendly result from the country’s November elections, and monetary and fiscal relief initiatives drove stocks higher. Across the Atlantic, the combination of encouraging vaccine news, stimulus initiatives by the European Central Bank, and news that the UK and the European Union had agreed on a free trade deal that resolved the last sticking point in the Brexit saga led to a surge in Europe’s equity markets. Meanwhile, South Korean and Taiwanese equities were among the best performing in the developing world, as investors were bullish on the economic outlook and confident that its chipmakers were positioned to benefit from strong semiconductor demand.

8  Annual Report

Technology was the best performing sector in global markets in 2020, particularly among large US companies with resilient business models and reliable earnings. Energy was the worst performing sector, as shares of oil producers came under pressure from weakened demand for oil amid heightened global economic uncertainty caused by the coronavirus pandemic.

Global Infrastructure

In the year ended December 31, 2020, global equity markets were severely impacted by the worldwide spread of COVID-19. Infrastructure assets, especially those dependent on patronage, suffered as a result of restrictions on travel and self-isolation measures, brought about by the pandemic, which adversely impacted airports and toll roads. Meanwhile, railroads suffered due to the expected sharp drop in the movement of goods.

After the sharp sell-off in February and March, the combination of coordinated monetary stimulus measures initiated by global central banks and fiscal relief measures put in place by governments to contain the economic fallout of the viral outbreak helped calm investor fears. The process of easing COVID-19-related restrictions also added to investor optimism that global growth could be restored to pre-pandemic levels. However, investor confidence wavered in September, as a second wave of COVID-19 infections descended upon Europe, forcing a return to earlier pandemic protocols.

The introduction of two vaccines in the final months of the year provided increasing hope that the end of the global pandemic was in sight, despite subsequent challenges in administering widespread distribution amid a sharp increase in worldwide cases. Risk sentiment was further bolstered by a market-friendly result in the US elections and news that the UK and the EU had agreed to a free trade agreement, resolving the last sticking point in the Brexit saga.

Annual Report  9

Positive vaccine news boosted patronage infrastructure assets, and, as a result, airports, toll roads, and railroads all performed strongly in the last quarter of the year, although utility assets lagged the broader global equity market and infrastructure indices. For the full year, however, in local currency terms, global infrastructure indices ended a tumultuous 2020 down modestly, with utility assets performing well and airports down materially.

Lazard Developing Markets Equity Portfolio

For the year ended December 31, 2020, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of 19.33%, while Open Shares posted a total return of 18.97%, as compared with the 18.31% return for the MSCI Emerging Markets Index.

Stock selection in the communication services, consumer staples, energy, and industrials sectors, as well as in Russia, China, and South Korea, helped performance. Higher-than-index exposure to the communication services, financials, and information technology sectors contributed. Lower-than-index exposure to the consumer staples and real estate sectors, as well as to Mexico, Poland, Saudi Arabia, Malaysia, and Thailand, also benefited. Chinese gaming and social media company,Tencent, continued to do well on high user engagement, a rebound in advertising, and a strong mobile games offering. South Korean technology company, Samsung Electronics, moved higher on a more favorable outlook for memory and a rebounding smartphone market. Taiwanese semiconductor foundry,Taiwan Semiconductor Manufacturing Company, rose on strong demand for its advanced node processing. Wuliangye, a Chinese premium spirits manufacturer, outperformed as management executed on its strategy to deliver growth by developing the group/corporate purchase channel. Chinese e-commerce company, Alibaba, performed well on increased online demand for goods and services driven by the COVID-19 pandemic.

Conversely, stock selection in the consumer discretionary, financials, and materials sectors undercut performance. Stock selection in South Africa, India, and Philippines also detracted value. Lower-than-index exposure to China and higher-than-index exposure to

10  Annual Report

the industrials sector as well as to Colombia, Peru, India, and Philippines, hurt performance. Chinese energy company, CNOOC, was weak on concerns that it would be included in a list of companies with ties to the Chinese military banned from investment by US investors. Bancolombia, the largest bank in Colombia, fell as a result of weak oil prices. China-based social networking platform MOMO underperformed on the announcement of a restructuring of its core business and ongoing weakness in engagement levels for its dating app. BDO Unibank, the largest bank in the Philippines, underperformed after it posted results that were shy of market expectations. South Africa-based, Standard Bank, underperformed on the back of the country’s credit downgrade and the weak South Africa rand.

Lazard Emerging Markets Core Equity Portfolio

For the year ended December 31, 2020, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of 11.98%, while Open Shares posted a total return of 11.66% and R6 Shares posted a total return of 11.97%, as compared with the 18.31% return for the MSCI Emerging Markets Index.

Stock selection in the consumer discretionary, financials, materials, and energy sectors, as well as in Brazil, China, the Philippines, Russia, and India detracted from performance in the period. Additionally, an underweight to the health care sector further detracted from returns. Brazil was one of the worst performing markets over the period due to its relatively large exposure to financials and energy securities, sectors that were particularly impacted by global growth concerns. The Portfolio’s holdings of Banco do Brasil, a bank, and IRB Brasil Resseguros, a reinsurance business, underperformed. Additionally, IRB experienced share price weakness following the publication of a short report by a local investor. The share price of Lukoil, a Russian oil and gas company, moved lower along with the price of oil and commodity prices on global growth concerns. Industrial and Commercial Bank of China, a leading Chinese bank, reported weaker net profit for the first half of 2020 due to an increase in impairment losses amid the COVID-19 pandemic. BDO Unibank, the largest bank in the Philippines, underperformed on rising provisions during the first half of the year.

Annual Report  11

In contrast, the impact of stock selection in the communication services, consumer staples, and health care sectors, as well as within Taiwan and Poland, was positive. An overweight to information technology further helped over the period. Taiwan Semiconductor Manufacturing Company, a Taiwanese semiconductor foundry, jumped higher on expectations that it could receive new orders from Intel. Techtronic Industries, a Chinese manufacturer of power equipment and floor care products, including brands such as Milwaukee, Ryobi, Hoover, and Dirt Devil, reported stronger earnings for the first half of 2020, aided by new product development and successful distribution through e-commerce channels. Wuliangye Yibin, a premium maker of alcoholic beverage baijiu in China, outperformed due to strong demand recovery and price increases by year-end. Wuxi Biologics, a Chinese health care company, engaged in the development of biologics services, was a top performer on strong earnings growth, driven by numerous COVID-19 projects and contracts. Supported by strong sales from its lineage mobile series and a strong pipeline of content, NCSoft Corporation, a South Korean gaming company, rebounded over the period.

Lazard Emerging Markets Equity Advantage Portfolio

For the year ended December 31, 2020, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of 17.40%, while Open Shares posted a total return of 17.10%, as compared with the 18.31% return for the MSCI Emerging Markets Index.

The Portfolio finished the year with returns near that of its benchmark in spite of a difficult fourth quarter. Favorable sector positioning accounted for the year’s attractive return offset, partially by residual cash and weakness in stock selection. Overweight exposure to information technology and underweight exposure to financials consistently benefited the Portfolio throughout the year. The underweight exposure to consumer discretionary partially offset this benefit. Stock selection was strong in information technology and industrials, but this was more than offset by weakness in materials and financials. Stock selection was strong in Taiwan and Thailand for the year, but China proved challenging, especially in the last quarter of the year.

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Stocks that aided return in the year included Taiwan Semiconductor Manufacturing Company, the world largest semiconductor manufacturer. The steady increase for chips for smart phones, gaming devices, and home appliances drove a steady increase in revenue, and margins reached peak levels. Production issues with the company’s major competitor also aided the stock. Delta Electronics soared throughout the year. The company benefited from the demand for video conferencing, and its entry as a supplier to electric vehicles has propelled the stock. The Portfolio steadily took profit in the stock. Great Wall Motor has seen a pick-up in sales despite the pandemic, and the introduction of a new fleet has attracted investor interest. A weaker rupee has also improved the company’s price competitiveness.

In contrast, positions that detracted from the year’s performance included the lack of exposure to NIO, the Chinese electric vehicle manufacturer, which rose 1,100% in the year. China Minsheng Banking detracted from performance as it struggled throughout most of the year and underperformed the sector. Despite management efforts to tighten underwriting, the company’s loan portfolio has seen an escalation in non-performing loans and top line revenue growth has been weak. IRB Brasil Resseguros detracted from performance as it was accused of accounting deception by a hedge fund that was short the stock. Berkshire Hathway detracted on allegations of corporate malfeasance that resulted in the dismissal of the company’s president. While the allegation was not substantiated, the Portfolio management team exited the position.

Lazard Emerging Markets Equity Blend Portfolio

For the year ended December 31, 2020, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of 14.74%, while Open Shares posted a total return of 14.39%, as compared with the 18.31% return for the MSCI Emerging Markets Index.

Annual Report  13

Performance was hurt by the Portfolio’s allocation to value and small cap stocks. Other detractors included stock selection in banks and technology hardware companies, as well as higher-than-index exposure to banks and an underweight to retailing industries. By country, stock selection in China, South Korea, and Brazil, as well as higher-than-index exposure to Indonesia and an underweight to Taiwan, hurt performance.

In contrast, the Portfolio benefited from exposure to growth stocks. There were positive stock selection contributions from the food & beverage, media & entertainment, and materials industries. Higher-than-index exposure to the media & entertainment and software & services industries, and a below index weight to real estate sector, also contributed. Performance was also helped by stock selection in Russia, and India, as well as overweight exposure to South Korea and underweight exposures to South Africa and Thailand.

Lazard Emerging Markets Equity Portfolio

For the year ended December 31, 2020, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares recorded a total return of -0.04%, while Open Shares posted a total return of -0.29% and R6 Shares posted a total return of -0.01%, as compared with the 18.31% return for the MSCI Emerging Markets Index.

A lower-than-benchmark exposure to the consumer discretionary sector and to China and Taiwan hurt relative performance. Higher-than-benchmark exposure to the financials sector, and to Russia and Indonesia, also detracted. Shares of Banco do Brasil, a Brazilian bank, were hurt by declining lending rates, falling net interest margins, and the expectation for deteriorating credit trends in Brazil. Shares of IRB Brasil, a Brazilian reinsurance company, were weaker after the regulator announced its intention to carry out a special inspection regarding the coverage of technical provisions due to the recent weakness in the real. CNOOC, a Chinese energy company, declined on lower oil prices due to the COVID-19 crisis and concerns that they would be on a list of companies with ties to the Chinese military banned from investment by US investors. CCR, a Brazilian toll-road operator, underperformed on expectations that the COVID-19 pandemic would lead to declines in traffic

14  Annual Report

volumes. Tupras, a Turkish oil refining company, was negatively affected by the COVID-19 pandemic and experienced meaningful declines in demand for its products, which also resulted in lower refining margins. Security selection within the communication services, information technology, financials, energy, industrials, consumer discretionary, health care, and materials sectors hurt relative performance. Security selection within China, Korea, and Brazil also detracted from returns.

In contrast, a lower-than-benchmark exposure to the communication services and real estate sectors, and a higher-than-benchmark exposure to the information technology sector and to Korea, helped relative performance. Korean chipmakers Samsung Electronics and SK Hynix, a manufacturer of electronic products and a semiconductor company, respectively, benefited from rising memory prices. Taiwan Semiconductor Manufacturing Company rose on strong foundry demand during the year and expectations that 2021 demand will remain robust. Infosys, an Indian provider of information technology services, benefited from growing confidence that the strong information technology service demand experienced in the second half of the year would continue. Shares of Baidu, a Chinese online search engine, rose as the Chinese advertising market continued to recover and after the company announced it would increase focus on its autonomous driving software. Security selection within the utilities sector and within Taiwan, Mexico, and Russia added value.

Lazard Equity Franchise Portfolio

For the year ended December 31, 2020, the Lazard Equity Franchise Portfolio’s Institutional Shares posted a total return of 1.15%, while Open Shares posted a total return of 0.90%, as compared with the 15.90% return for the MSCI World^® Index.

H&R Block (HRB) detracted from performance in 2020. The US-based tax preparation firm reported losses compared to a year ago due to a smaller income-tax benefit compared with a year earlier. Italian infrastructure giant Atlantia’s share price suffered over the period from the resurgence of regulatory risk linked to the news that the Italian government may potentially remove the country’s

Annual Report  15

motorway concessions. Atlantia’s shares were also hurt when movement was restricted in Italy and throughout Europe due to the pandemic, heavily affecting on the company’s motorway network and its airports, including the closure of one of its two airports in Rome. Given the heavy impact on traffic and a more aggressive financial structure following the acquisition of Abertis, we decreased Atlantia’s position in the Portfolio.

In contrast, US-based freight rail network Norfolk Southern performed strongly over the year. Its share price fell sharply at the start of the pandemic but by June 30, 2020 had recovered most of the decline. Rail volumes were lower than previous years and we believe they will be negatively affected for as long as the economic impact of the pandemic continues. However, the company displayed strong cost management in its first-quarter earnings results, showing it had reduced headcount and other costs to such an extent that it was able to report higher the first quarter operating margins. The volume contraction appears to be assisting with the speed of the Precision Scheduled Railroading programs, which improves operating metrics, by lowering costs, and capital requirements. Longer term, our view remains positive on the company’s ability to generate returns on invested capital. US-based luxury goods retailer Tapestry continued to contribute to positive performance for the Portfolio during 2020, thanks to market confidence that the company will emerge from the COVID-19 crisis stronger in terms of brand positioning and value chain, as well as operational management.

Lazard Global Equity Select Portfolio

For the year ended December 31, 2020, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 15.97%, while Open Shares posted a total return of 15.67%, as compared with the 16.26% return for the MSCI ACWI.

Stock selection in the consumer discretionary sector detracted from performance. UK-based caterer Compass Group saw its stock price falter due to changes in behavior due to the COVID-19 pandemic (e.g., work from home, sporting events without spectators, etc.), which materially affected the company’s business and

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improvement is taking longer than anticipated. We exited our position in order to invest in what we believe were more attractive opportunities. Stock selection and an overweight to the consumer staples sector also detracted from performance. Shares of Tesco, the UK food retailer, lagged as the market recovered from March lows on concerns about margin pressure from supply chain difficulties, product mix, and costs associated with social measures.

Stock selection in the financials sector contributed to performance. The performance was helped by a position in brokerage firm Charles Schwab, which saw its shares rise after reporting strong third-quarter results, including solid new flows and large increases in cash balances. Lack of exposure to the energy sector also contributed to performance.

Lazard Global Listed Infrastructure Portfolio

For the year ended December 31, 2020, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares recorded a total return of -4.48%, while Open Shares posted a total return of -4.68%, as compared with the -2.72% return for the MSCI World Core Infrastructure^® (Hedged) Index and 15.90% return for the MSCI World Index.

Atlantia’s share price suffered from the resurgence of regulatory risk linked to the news that the Italian government may potentially remove its Italian motorway concessions. Fraport, owner of Frankfurt airport, detracted from performance as the company clarified its longer-term outlook in the face of COVID-19-related falls in air traffic. It is now expecting an 80% decrease in traffic over the winter season and longer-term (until 2023) for traffic to be 15% lower than pre-pandemic levels due to fleet reductions from Lufthansa and systematically lower corporate travel. The company is looking to reduce staffing by around 4,000 and has pushed back the Terminal 3 capital expenditure program but has not yet abandoned it. Early in the year, leading satellite operator SES reported calendar year 2019 results in-line with market expectations. However, the share price fell on a notable decline in its announced proposed dividend, as well as lowering its fiscal year guidance due to the next phase of its previously announced transformation. In our view, the

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decision to reduce the dividend was prudent in light of a large capital expenditure program planned for 2021 totaling € 1.3 billion. We believe the reduction in dividend would allow SES to be able to fund the entire program without needing to access capital markets.

In contrast, US freight rail networks Norfolk Southern and CSX performed strongly over the year. The share prices of these freight rail companies fell sharply at the start of the COVID-19 pandemic, but by June 30, 2020 they had recovered most of the decline. Rail volumes for both railroads continue to be lower than previous years and we believe they will be negatively affected for as long as the economic impact of the pandemic continues. Both companies displayed strong cost management at their first quarter profit results, showing they had reduced headcount and other costs to such an extent that they were able to report higher first quarter operating margins.

Lazard Global Strategic Equity Portfolio

For the year ended December 31, 2020, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of 21.48%, while Open Shares posted a total return of 20.96%, as compared with the 16.26% return for the MSCI ACWI.

The Portfolio defended during the market weakness in the first quarter, advancing slightly ahead of the subsequent recovery, then outperformed again in the fourth quarter as COVID-19 vaccines were announced and value stocks rallied. Relative performance was driven by stock selection, underscoring the flexibility and opportunistic approach of the strategy. The Portfolio outperformed despite significant relative performance headwinds from not owning Apple, Amazon, and Tesla. Contributors included Siemens Gamesa Renewable Energy, a provider of onshore and offshore wind power, which benefited from the improved economics of renewables. Both China and the US are placing a greater focus on the energy transition to a net zero carbon economy, and the incoming Biden Administration is set to rejoin the Paris Climate Agreement. The company also reported strong backlog growth in its higher margin offshore and services segments. Genmab, the Danish biotech firm, advanced, as its multiple myeloma drug

18  Annual Report

Darzalex was approved for home injection, potentially expanding its applications. QIAGEN, the Dutch molecular diagnostic company, posted favorable results as it began to ship evaluation samples of its coronavirus test kits.

In contrast, Suncor Energy, the Canadian oil producer, saw its stock price fall on lower oil prices as the global economy was hit by the pandemic. Informa, the global business-to-business event organizer, was caught in the “eye of the storm” as the pandemic limited travel. The company moved quickly with a rights issue that should provide the balance sheet resilience to operate through a recovery phase. It began to recover towards the end of the year with the prospect of a vaccine and the normalization of business travel and the international conference schedule. Tesco, the UK food retailer, appreciated slightly over the year but lagged the market recovery. Sales had outpaced its low-cost rival Aldi, but a remuneration committee proposal to change the executive compensation comparative peer group caused investor consternation.

Lazard International Equity Advantage Portfolio

For the year ended December 31, 2020, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of 5.41%, while Open Shares posted a total return of 5.14%, as compared with the 7.82% return for the MSCI EAFE Index.

The year proved a difficult one for the Portfolio, as the market was driven primarily by the single macro theme of COVID-19. Performance was concentrated into a narrow group of stocks with increasingly expensive multiples. The three sharp rotations—COVID onset in February, sharp rebound in April, and vaccine announcement—prompted market leadership shifts, which were difficult to assimilate into our investment process. The rotation of stocks in response to these events tended to place more importance on individual company financial characteristics than on industry and sector exposure. This was illustrated by the Portfolio’s exposure to the transportation industry during the year. The Portfolio had a modest overweight to the airlines (i.e., Air France and Japan Airlines) as we entered the year. As the pandemic spread, these companies sold off massively, and we subsequently eliminated airline

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exposure across the Portfolio. To control risk relative to the benchmark, we rotated into railroads as their cargo freight was expected to provide a stable form of income. These stocks held up through October but underperformed with the positive news on vaccines. Airline and shipping companies rallied over 40% in the last quarter.

The Portfolio had the greatest excess returns relative to the benchmark in the materials, communication services, and energy sectors. Holdings in materials were helped by holdings in hard metals companies (i.e., gold and iron ore) and underweight exposure to several major chemical concerns. The communication services sector was dominated by the global rollout of 5G, with several of the European telecom companies suffering losses as they announced capital expenditures to upgrade their infrastructure. The Portfolio benefited from the decision by NTT to buy its remaining interest in NTT DoCoMo. Energy stocks were the worst performing sector, as an oversupply, weakening demand due in part to the pandemic, and shift to alternative energy sources all weighed on the sector. The Portfolio’s lack of exposure to the largest integrated oil producers in the sector helped as they suffered losses averaging close to 40%.

The industrials sector was challenging for all of 2020. The Portfolio’s positions in many airline and related stocks at the beginning of the year (i.e., Quantas, Japan Airlines Fly Leasing, MTU Aero) hurt after the COVID-19 pandemic effectively curtailed all air travel. The Portfolio’s exposure was conservatively positioned throughout most of the final three quarters of the year, missing the fourth-quarter sharp rally in more cyclical names such as Airbus, Rolls Royce, and Siemens. Consumer discretionary also saw significant rotation where we sold homebuilders and more economically sensitive stocks in March and rotated into lower risk names. These stocks outperformed in the relief rally, thereby adversely impacting results.

Lazard International Equity Concentrated Portfolio

For the year ended December 31, 2020, the Lazard International Equity Concentrated Portfolio’s Institutional Shares posted a total

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return of 0.47%, while Open Shares posted a total return of 0.33%, as compared with the 10.65% return for the MSCI ACWI ex-US.

Most of the negative performance attribution came from the consumer discretionary sector, which cost the Portfolio 6.9% of performance relative to the benchmark. Samsonite, the maker of travel luggage, was hit very hard by COVID-19, with its business coming to a near standstill. We believe that management has done a solid job in managing through the pandemic, but the stock still fell by 58% in the year. Samsonite is (normally) an incredibly stable business model, with moderate financial leverage, but during this exceptional downturn the market became concerned about the financial leverage of the company. We were also concerned and sold the position. Also within the sector, Compass Group a UK-based caterer was hit hard by the pandemic. The stock suffered after the market slowly began to realize that lockdowns would become common and frequent in the company’s key markets, with a significant level of disruption caused to offices, factories, sporting events, and universities. The ongoing threat of a more sustained working-from-home environment as the “new normal”, even after widespread vaccination, meant that expectations of the long-term earnings power of the business were materially reduced.

In the consumer staples space, Arca Continental performed very poorly, costing the Portfolio 1.8% in relative performance. This leading Mexican Coca-Cola bottler was hit by small earnings downgrades from a lower “out of home” business, but was also hit hard by the very acute depreciation in the Mexican peso. It was a large position, warranted by what we believed to be a very stable business model, hence the outsized effect. In the information technology space, Hitachi performed poorly, which was disappointing in the context of the strong Japanese market. Management guided very conservatively in terms of future results for the company’s fiscal year and in March 2021. There was also a technical but large effect from acquisition accounting for ABB, which resulted in depressed accounting profit by a non-cash item.

The Portfolio’s best performing sectors were industrials and real estate. Siemens Gamesa added 1.9% to relative returns, as the

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stock was highlighted as a champion of environmental, social, and governance (ESG), with its dominant offshore wind exposure being seen as a key area of future investment by governments globally. In real estate, Germany-based Vonovia was strong, as the resilience of the business model become apparent. In Germany, the government offers generous financial support to backstop rental payments during times of unemployment. Persistently low interest rates meant that the strong yield and price appreciation of the assets were appreciated by the market.

Lazard International Equity Portfolio

For the year ended December 31, 2020, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 8.76%, while Open Shares posted a total return of 8.43%, and R6 Shares posted a total return of 8.79%, as compared with the 7.82% return for the MSCI EAFE Index.

Stock selection was positive in Europe and Japan, while positioning in emerging markets was also beneficial. Japan-based video game manufacturer Nintendo was a top contributor, with shares rising more than 60% in 2020, thanks in part to strong third-quarter results that saw a significant rise in both gross and operating margins and bullish sentiment about upcoming game releases. Global power tool manufacturer Makita saw its stock price rise more than 40% in 2020, with sales and operating profit significantly outpacing consensus expectations. Shares of Vestas Wind Systems boosted performance, gaining more than 130% in the year. The Denmark-based turbine maker’s most recent quarterly report saw revenue exceed expectations. Shares of Spain-based lender Banco Santander S.A. advanced as part of a larger rally in bank stocks, fueled mostly by positive coronavirus vaccine news in the fourth quarter.

In contrast, stock selection in the consumer discretionary, health care, and information technology sectors detracted from relative returns, as did the Portfolio’s lower-than-benchmark exposure to Japan. With oil prices under pressure due to weakened demand from the coronavirus pandemic, shares of Canadian oil company Suncor faltered, ending the year down nearly 50%, as part of a

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larger decline in oil producer stocks. Shares of Compass Group saw its stock price fall on fears about the UK-based catering company’s earnings outlook after a significant portion of its business was shut due to the coronavirus pandemic. We sold the stock in the third quarter. UK-based supermarket operator Tesco saw its stock price end the year flat despite rising nearly 20% in the fourth quarter. Shares were weighed down on fears about margin pressure after the supermarket operator warned that it expected to spend £925 million to cover the costs of additional staff and operating expenditures to deal with the impact of the coronavirus outbreak.

Lazard International Equity Select Portfolio

For the year ended December 31, 2020, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 8.33%, while Open Shares posted a total return of 8.02%, as compared with the 10.65% return for the MSCI ACWI ex-US Index.

Underperformance in the year was driven by poor stock selection in the consumer discretionary and information technology sectors. From a regional perspective, stock selection hurt in emerging markets and North America. In contrast, stock selection in the communication services and industrials sectors was strong, as well as in Europe and Japan. Compass Group saw its stock price falter after the UK-based caterer announced that it would issue £2 billion in equity to reinforce the balance sheet and remove any liquidity questions from the investment. We sold the stock in the third quarter on concerns about the company’s near-term outlook. Shares of Brazilian insurer IRB Brasil fell, after a short-seller claimed that the company was overvalued and was reporting one-off gains within net income, which management indicated were more recurring in nature. After multiple missteps from management and the subsequent exit of the CEO/CFO, we viewed our investment thesis as broken and exited the position. After suffering greatly from the combined effect of supply and demand shocks early in 2020, the energy sector led the market after the announcement of successful vaccine trials in the fourth quarter. Suncor shares rose nearly 40% in the fourth quarter, but ended the year down nearly 50%.

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In contrast, Nintendo saw its share price rise more than 60% after the Japanese video game manufacturer reported strong growth in both gross margins and operating margins. Investors were also bullish on the potential sales of new release games. Shares of global power tool manufacturer Makita gained more than 40%, with sales and operating profit significantly outpacing consensus expectations. Denmark-based wind turbine maker Vestas Wind Systems A/S, develops, manufactures, and markets wind turbines. The stock advanced significantly this year, thanks largely to strong revenue growth, as the company’s most recent report saw revenue beat estimates by 21% in original equipment and 2% in service. Services margins hit 28.6% driving group EBIT 13% and net income 8% ahead of expectations.

Lazard International Equity Value Portfolio

For the year ended December 31, 2020, the Lazard International Equity Value Portfolio’s Institutional Shares posted a total return of -3.81%, while Open Shares recorded a total return of -4.06%, as compared with the 7.82% return for the MSCI EAFE Index.

Value stocks faced stiff headwinds in 2020, resulting in the Portfolio underperforming its benchmark, the MSCI EAFE Index. Almost all of the Portfolio’s negative attribution in the year occurred during the first quarter when the COVID-19 pandemic forced an unprecedented suspension of operations among several companies owned in the Portfolio. Since the end of the first quarter, however, the Portfolio strongly outperformed its benchmark, as well as the MSCI EAFE Value Index. Shares of Spanish lender Banco Santander retreated due to falling interest rates, margin pressure, and worries regarding the company’s balance sheet and capital generation. Shares came under further pressure after the bank reported mixed results during the year. While cost control was good, higher loan loss provisions, particularly in the UK and Brazil, larger-than-expected write-downs of goodwill and deferred tax assets, and the announcement of a scrip dividend, in place of cash, disappointed some investors.

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Shares of Kion Group were a top contributor after the Germany-based industrial equipment manufacturer released better-than-expected results that highlighted the company’s upside potential, with forklift demand better than expected and warehouse automation orders growing sharply.

Lazard International Quality Growth Portfolio

For the year ended December 31, 2020, the Lazard International Quality Growth Portfolio’s Institutional Shares posted a total return of 23.95%, while Open Shares posted a total return of 23.63%, as compared with the 10.65% return for the MSCI ACWI ex-US Index.

Stock selection in the financials sector contributed to performance. A position in Swedish online retail broker Avanza Bank contributed to performance. Shares rose sharply as the company reported record profits due to strong brokerage income and new customer growth amid the high market volatility this year. We subsequently sold our position in the stock. Stock selection in the health care sector also contributed to performance. Shares of Genmab, a specialized antibody company with a focus on cancer treatments, rose on strong sales of its multiple myeloma drug, Darzalex, and investors appreciated its robust emerging pipeline.

In contrast, stock selection in the consumer discretionary sector detracted from performance. A position in UK-based caterer Compass Group detracted from performance. The company has a very strong competitive position in our view, and it has historically generated robust return on capital. However, changes in behavior due to COVID-19 (individuals working from home, sporting events without spectators, etc.) have materially affected their business, and improvement is taking longer than anticipated. As a result, we exited the Portfolio’s position in order to invest in what we believe were more attractive opportunities. An underweight to the materials sector also detracted, as shares of mining companies rose, along with commodity prices such as iron ore and copper, in the second half of the year.

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Lazard International Small Cap Equity Portfolio

For the year ended December 31, 2020, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 13.44%, while Open Shares posted a total return of 13.15%, as compared with the 12.34% return for the MSCI EAFE Small Cap^® Index.

On a sector basis, stock selection drove positive overall attribution in spite of moderate headwinds from allocation effects. Stocks within the real estate, industrials, and financials sectors contributed the most to relative returns while those in the consumer discretionary, utilities, and healthcare sectors detracted the most.

Germany-based online brokerage and financial services company flatexDEGIRO, contributed to relative performance. The company benefited from increased volatility in markets, which provided a favorable backdrop for market share gains versus its peers. fla-texDEGIRO also delivered better-than-expected results from a recently completed transformative acquisition. The Portfolio continues to hold the shares.

Belgium-listed movie theater operator Kinepolis detracted after the company’s business was negatively impacted by falling demand because of the COVID-19 pandemic. In addition, concern increased among some investors that the virus accelerated a secular shift in consumer behavior towards watching movies at home rather than in the theater. The Portfolio no longer holds the shares.

Lazard International Strategic Equity Portfolio

For the year ended December 31, 2020, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 10.58%, while Open Shares posted a total return of 10.34%, and R6 Shares posted a total return of 10.64%, as compared with the 7.82% return for the MSCI EAFE Index.

Stock selection drove the Portfolio’s outperformance in the year. Some of the best-performing stocks were net beneficiaries of the global pandemic crisis. Power tools company Makita benefited from households prioritizing spending on their homes, while

26  Annual Report

video game stocks Nexon and Ninetendo saw a jump in sales. ESR reported strong demand for space in its e-commerce and third party logistics properties, while Accenture saw resilient demand for digital transformation projects. Industrials sector company ABB began to realize benefits from its restructuring, while Genmab reported encouraging sales and partnerships for some of its key drugs. Low-cost airline Ryanair is considered to have strengthened its competitive position in a difficult period for the aviation industry and that helped the stock outperform for the year. The stock that added the most value to the Portfolio was Siemens Gamesa, the leading global maker of offshore wind turbines, which combined an acceleration in the outlook for energy transition with progress on its own internal restructuring under new management. Owning very few mainstream banks also helped relative performance.

On the negative side, the Portfolio was hurt by holding a number of companies that would normally be considered resilient in a crisis, but suffered from the very unusual circumstances of the pandemic. These included consumer staples companies such as Coca-Cola’s European and Mexican distributors, which sell much of their product to bars and restaurants. In addition, aerospace companies such as pilot training firm CAE and supplier Safran suffered, and the utilities sector company Engie, which normally conducts a range of facility management services for clients, underperformed. Another underperforming company, Informa, makes the majority of its profits in a normal year from exhibitions, and these were severely curtailed due to the pandemic. On a relative basis, the Portfolio’s performance was also hurt by not owning some of the stocks that performed well during the crisis, such as e-commerce and luxury companies.

Lazard Managed Equity Volatility Portfolio

For the year ended December 31, 2020, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of -5.18%, while Open Shares posted a total return of -5.34%, as compared with the 15.90% return for the MSCI World Index.

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Unfavorable stock selection and sector allocations accounted for the performance shortfall during the year. Stock selection was favorable in only one of eleven sectors, materials. Holdings in industrials and consumer discretionary detracted the most. The underweights to energy and financials provided the greatest value in terms of sector positioning; however, this was more than offset by the underweight to information technology and overweight to consumer staples. Regionally, stock selection was strongest in Asia ex-Japan and weakest in the United States and Europe.

Detractors for the year included Simon Property Group, the biggest US mall owner, which furloughed about 30% of its workforce, as the company had to cope with all of its properties being temporarily shut because of the coronavirus pandemic. The furloughs affected full and part-time workers at its Indianapolis headquarters and at its malls and outlet centers across the United States. We sold our position as we looked to reduce the Portfolio’s exposure to real estate investment trusts (REITs). The COVID-19 environment heavily affected National Retail Properties, in line with the majority of retail-heavy REITS. Restaurant chain operator Darden Restaurants, was severely impacted by lockdown restrictions brought about by the pandemic. We sold the Portfolio’s position in Darden Restaurants as well.

Stocks that contributed to the Portfolio’s 2020 return included Fortescue Metals, which finished the year up strongly as iron ore prices soared late in the year due to ongoing supply issues in Brazil where miner Vale trimmed its forecast for their 2020 output, pushing up prices that had already gained more than 80% last year. Target Corporation continued to outperform throughout the year. The company reported an online sales spike, the largest in its 58-year-history. NTT DoCoMo bought out and took private its mobile unit as it restructured for the 5G era. NTT Corp bought back the remaining 34% minority stake of NTT DoCoMo for $38 billion with a 40% premium.

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Lazard US Equity Concentrated Portfolio

For the year ended December 31, 2020, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 8.98%, while Open Shares posted a total return of 8.63% and R6 Shares posted a total return of 8.90%, as compared with the 18.40% return for the S&P 500 Index.

A position in construction materials maker Armstrong detracted from returns, as shares remained under pressure amid COVID-19 and secular headwinds facing construction. A position in payment processor Fiserv detracted from performance, as shares fell amid concerns that a recovery may be slow due to exposure to small businesses that have been especially impacted by the crisis and typically have higher fees. A position in dental products maker Envista also hurt returns, as shares fell amid demand headwinds during the pandemic. We sold our position in March, as our thesis was no longer valid.

In contrast, a position in home improvement retailer Lowe’s contributed to performance, as shares rose amid a surge in demand for home repair products during the pandemic. The Portfolio also benefited from its position in logistics technology provider Zebra, as shares rose after the company reported broadly strong quarterly results after the third quarter. Management also issued encouraging guidance for the fourth quarter, as demand from large customers began to recover following a pandemic-induced slowdown in corporate digital and e-commerce investment. A position in chipmaker Skyworks also contributed to performance, as shares rose after the company reported strong fourth quarter results with stable margins despite a difficult demand environment. The company has visibility on improving trends in China, and expected content increases in 5G.

Lazard US Equity Focus Portfolio

For the year ended December 31, 2020, the Lazard US Equity Focus Portfolio’s Institutional Shares posted a total return of 17.29%, while Open Shares posted a total return of 17.08% and R6 Shares posted a total return of 17.28%, as compared with the 18.40% return for the S&P 500 Index.

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Stock selection in the information technology sector detracted from returns. In January 2020, shares of networking equipment maker Cisco fell after the company reported lackluster fourth-quarter results for 2019 and cautious guidance, citing continued macroeconomic uncertainty. Stock selection in the industrials sector also hurt performance. Shares of aerospace manufacturer Boeing fell amid a halt in demand driven by the pandemic. We sold our position in March, as our thesis was no longer valid.

In contrast, stock selection in the financials sector contributed to performance. Shares of diversified wealth manager Charles Schwab rose, as the company saw strong investor inflows throughout the year, while investors anticipated synergies and scale advantages from its $22 billion acquisition of TD Ameritrade, which closed in October. An underweight position in the energy sector also helped returns, as the sector was the worst performer in the index during the period.

Lazard US Small-Mid Cap Equity Portfolio

For the year ended December 31, 2020, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 6.44%, while Open Shares posted a total return of 6.10% and R6 posted a since inception total return of 6.59%, as compared with the 19.99% return for the Russell 2500^® Index.

Stock selection in the information technology sector detracted from performance. Shares of travel technology company Sabre fell, as a rapid decline in global travel hurt the company’s business and left its outlook unclear. We sold the Portfolio’s position in March, as our thesis was broken. Stock selection and an underweight position in the health care sector also hurt returns. Shares of dental products maker Envista fell, as the pandemic led to a significant decrease in demand for dental equipment. We also sold this position in March, as our thesis was broken.

In contrast, stock selection in the financials sector contributed positively to performance. Shares of financial data and ratings provider Morningstar rose after the company reported generally stronger-than-expected earnings, driven by its recently acquired

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bond ratings business. A less-than-benchmark position in the energy sector also helped returns, as the sector was the worst performer in the index during the period.

The Portfolio’s relative value philosophy is implemented by assessing the relationship between valuation and financial productivity for an individual security. We believe that financial productivity (the return a company generates) measures how effectively a company is putting its shareholders’ capital to work, and ultimately this drives valuation. The Portfolio’s 2020 performance was disappointing and did not meet our standards. However, much of our underperformance can be attributed to the recent market environment, which has benefited companies with negative earnings and expensive valuations (as measured by price/earnings), and which has been narrowly concentrated in two sectors: health care and information technology. We have also seen certain stocks rally in response to their perceived “pandemic-winner” status, regardless of their underlying fundamentals.

At year end, companies with negative earnings for the year ended December 31, 2020 (“non-earners”) made up 25% of weight of the Russell 2500 Index, and greatly outperformed companies with positive earnings (“positive earners”) (during the second quarter—the height of the pandemic—non-earners outperformed positive earners by 1,900 basis points (“bps”).This was a difficult environment for the Portfolio, as we focus on financially productive companies, and non-earners typically do not align with our investment philosophy.

We have also seen the pandemic drive valuations in certain industries to extremes not seen since the dot-com bubble in the late 1990s. Three quarters into the year, performance had been driven primarily by the health care (+20.5%) and information technology (+13.4%) sectors, with all other sectors flat or negative, including some deep in the red (energy lost 58% and financials were down 27%). While some losers gained ground in the fourth quarter, all sectors were nonetheless eclipsed by gains in the information technology (+53%) and health care (+48%) sectors for the year. The Portfolio had been underweight the health care and information

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technology sectors, as we believe that in many cases valuations in these sectors have recently expanded beyond reasonable levels. Given their positive contribution to the return of the benchmark, this positioning significantly hurt our relative performance in the past year.

The health care and information technology sectors combined detracted over 600 bps from the Portfolio’s performance over the year. Of the index names not held in the Portfolio, the five largest detractors from relative performance, all either health care or information technology stocks, detracted over 200 bps in the aggregate. Of these names, four of the five were negative earners. Because of their lack of fundamental underpinnings, the negative earners are not names that we would have considered owning, and thus we do not attribute the associated underperformance relative to the benchmark to be missed opportunities or stock selection mistakes, but rather a disconnect between the market’s preference for growth at any price and our preference for strong fundamentals that we believe define long-term winners. Despite exceptional moves and changes to the underlying forces of the market this year, we have not wavered from our conviction in our investment process.

Lazard US Sustainable Equity Portfolio

Since inception on June 30, 2020 through December 31, 2020, the Lazard US Sustainable Equity Portfolio’s Institutional Shares posted a total return of 22.69%, while Open Shares posted a total return of 22.48%, as compared with the 22.16% return for the S&P 500 Index for the period.

Stock selection in the information technology sector detracted from returns. Shares of Cisco fell after the networking equipment maker reported lackluster results in the fourth quarter of 2019 and cautious guidance, citing continued macroeconomic uncertainty. Stock selection in the consumer discretionary sector also hurt performance. Shares of Home Depot lagged following strong outperformance earlier in the year, and after the home improvement retailer announced the acquisition of HD Supply for $8 billion, a 23% premium to its stock prior to the announcement.

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In contrast, stock selection in the health care sector contributed to performance. Shares of Medtronic rose on investor hopes that pent-up demand for elective surgeries postponed during the pandemic would help the medical device maker recover from earlier headwinds. A lack of exposure to the energy sector also helped returns, as the sector was among the worst performers in the index during the period.

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The Lazard Funds, Inc. Performance Overviews (unaudited)

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^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One year	Five year	Ten year
Institutional Shares**	19.33%	14.51%	2.50%
Open Shares**	18.97%	14.10%	2.17%
MSCI Emerging Markets Index	18.31%	12.81%	3.63%

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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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Since Inception	†
Institutional Shares	11.98%	10.11%	4.90%
Open Shares	11.66%	9.73%	4.52%
R6 Shares	11.97%	N/A	4.35%
MSCI Emerging Markets Index	18.31%	12.81%	5.59%
			(Institutional and Open Shares)
			6.53%
			(R6 Shares)

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

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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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Since Inception	†
Institutional Shares**	17.40%	13.14%	7.78%
Open Shares**	17.10%	12.82%	7.47%
MSCI Emerging Markets Index	18.31%	12.81%	7.15%

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

Lazard Emerging Markets Equity Blend Portfolio

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

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	14.74%	11.60%	2.52%
Open Shares**	14.39%	11.26%	2.23%
MSCI Emerging Markets Index	18.31%	12.81%	3.63%

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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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	–0.04%	8.32%	1.31%	6.38%
Open Shares**	–0.29%	8.04%	1.04%	6.08%
R6 Shares**	0.01%	8.32%	N/A	2.90%
MSCI Emerging Markets Index	18.31%	12.81%	3.63%	6.08%
				(Institutional Shares)
				6.65%
				(Open Shares)
				7.66%
				(R6 Shares)

† 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.

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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^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Since
	Year	Inception	†
Institutional Shares**	1.15%	6.24%
Open Shares**	0.90%	5.97%
MSCI World Index	15.90%	11.52%

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

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^®*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	15.97%	12.21%	9.23%
Open Shares**	15.67%	11.88%	8.92%
MSCI ACWI	16.26%	12.26%	8.87%

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

38  Annual Report

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 (Hedged) Index and the MSCI World Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–4.48%	8.22%	10.90%
Open Shares**	–4.68%	7.95%	10.59%
MSCI World Index	15.90%	12.19%	9.87%
MSCI World Core Infrastructure (Hedged) Index	–2.72%	9.93%	9.95%

Annual Report  39

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	21.48%	12.07%	9.02%
Open Shares**	20.96%	11.73%	8.69%
MSCI ACWI	16.26%	12.26%	8.65%

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

40  Annual Report

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^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	5.41%	5.06%	3.24%
Open Shares**	5.14%	4.76%	2.94%
MSCI EAFE Index	7.82%	7.45%	4.93%

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

Lazard International Equity Concentrated Portfolio

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

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	0.47%	6.42%	2.16%
Open Shares**	0.33%	6.14%	1.91%
MSCI ACWI ex-US	10.65%	8.93%	4.52%

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

Annual Report  41

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	8.76%	6.03%	6.02%	6.04%
Open Shares**	8.43%	5.74%	5.73%	4.97%
R6 Shares**	8.79%	6.03%	N/A	4.46%
MSCI EAFE Index	7.82%	7.45%	5.51%	5.49%
				(Institutional Shares)
				5.14%
				(Open Shares)
				5.39%
				(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.

42  Annual Report

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	8.33%	7.18%	5.41%
Open Shares**	8.02%	6.83%	5.06%
MSCI ACWI ex-US	10.65%	8.93%	4.92%
MSCI EAFE/ACWI ex-US Linked Index	10.65%	8.93%	4.92%

Lazard International Equity Value Portfolio

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

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Since
	Year	Inception	†
Institutional Shares**	–3.81%	0.22%
Open Shares**	–4.06%	–0.04%
MSCI EAFE Index	7.82%	10.85%

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

Annual Report  43

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Since
	Year	Inception	†
Institutional Shares**	23.95%	26.97%
Open Shares**	23.63%	26.61%
MSCI ACWI ex-US	10.65%	15.95%

† 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^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	13.44%	6.93%	7.39%
Open Shares**	13.15%	6.65%	7.09%
MSCI EAFE Small Cap Index	12.34%	9.40%	7.85%

44  Annual Report

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	10.58%	7.88%	7.16%	6.75%
Open Shares**	10.34%	7.60%	6.89%	5.57%
R6 Shares**	10.64%	7.88%	N/A	6.27%
MSCI EAFE Index	7.82%	7.45%	5.51%	4.91%
				(Institutional Shares)
				4.09%
				(Open Shares)
				6.40%
				(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.

Annual Report  45

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–5.18%	6.56%	5.38%
Open Shares**	–5.34%	6.26%	5.08%
MSCI World Index	15.90%	12.19%	9.70%

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

46  Annual Report

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	8.98%	10.83%	12.24%	8.80%
Open Shares**	8.63%	10.52%	11.90%	8.48%
R6 Shares**	8.90%	N/A	N/A	11.37%
S&P 500 Index	18.40%	15.22%	13.88%	9.86%
				(Institutional and Open Shares)
				16.33%
				(R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	18.40%	15.22%	13.48%	9.19%
				(Institutional and Open Shares)
				N/A
				(R6 Shares)

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

Annual Report  47

Lazard US Equity Focus Portfolio

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

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	17.29%	14.17%	12.25%	8.48%
Open Shares**	17.08%	13.86%	11.93%	8.17%
R6 Shares**	17.28%	14.20%	N/A	11.57%
S&P 500 Index	18.40%	15.22%	13.88%	9.55%
				(Institutional and Open Shares)
				13.22%
				(R6 Shares)

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

48  Annual Report

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception†
Institutional Shares**	6.44%	9.75%	9.39%	10.60%
Open Shares**	6.10%	9.42%	9.05%	8.24%
R6 Shares**	N/A	N/A	N/A	6.59%
Russell 2500 Index	19.99%	13.64%	11.97%	11.15%
				(Institutional Shares)
				9.89%
				(Open Shares)
				20.09%
				(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.

Annual Report  49

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	Since
	Inception	†
Institutional Shares**	22.69%
Open Shares**	22.48%
S&P 500 Index	22.16%

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

Notes to Performance Overviews:

*	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 DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursement agent (“DST”); 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 reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements) for Lazard International Small Cap Equity and Lazard US Small-Mid Cap Equity Portfolios and settlement proceeds received from class action lawsuits by the Lazard International Equity and Lazard International Small Cap Equity Portfolios, as well as by the Lazard Developing Markets Equity Portfolio. 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 the 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

50  Annual Report

	periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	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 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 the Portfolio.
	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 26 emerging markets country indices.
	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 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 50 country indices comprising 23 developed and 27 emerging markets country indices.
	The MSCI World Core Infrastructure (Hedged) 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. Note that Lazard Global Listed Infrastructure Portfolio invests in a range of companies globally, not specifically developed markets countries.
	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 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 48 country indices comprising 22 developed and 26 emerging markets country indices.
	The MSCI EAFE/ACWI ex-US Linked Index is an unmanaged index created by the Investment Manager which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when Lazard International Equity Select Portfolio’s benchmark index changed) and the MSCI ACWI ex-US for all periods thereafter.
	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 S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy.

Annual Report  51

The Russell 1000 Value/S&P 500 Linked Index is an unmanaged index created by the Investment Manager which links the performance of the Russell 1000^® Value Index for all periods through May 30, 2012 (when Lazard US Equity Concentrated Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.

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.

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^® 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.

52  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, 2020 through December 31, 2020 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  53

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,343.90		$	6.78		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36		$	5.84		1.15	%
Open Shares
Actual	$	1,000.00	$	1,342.40		$	8.24		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.10		$	7.10		1.40	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	1,314.90		$	6.87		1.18	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.20		$	5.99		1.18	%
Open Shares
Actual	$	1,000.00	$	1,313.10		$	8.72		1.50	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.60		$	7.61		1.50	%
R6 Shares
Actual	$	1,000.00	$	1,314.60		$	6.98		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.10		$	6.09		1.20	%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	1,306.30		$	6.38		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.61		$	5.58		1.10	%
Open Shares
Actual	$	1,000.00	$	1,304.20		$	7.82		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35		$	6.85		1.35	%
Emerging Markets Equity Blend
Institutional Shares
Actual	$	1,000.00	$	1,304.90		$	6.95		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.10		$	6.09		1.20	%

54  Annual Report

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Open Shares
Actual	$	1,000.00	$	1,302.60		$	8.39		1.45	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85		$	7.35		1.45	%
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,271.30		$	6.17		1.08	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71		$	5.48		1.08	%
Open Shares
Actual	$	1,000.00	$	1,270.10		$	7.59		1.33	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45		$	6.75		1.33	%
R6 Shares
Actual	$	1,000.00	$	1,271.30		$	5.94		1.04	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91		$	5.28		1.04	%
Equity Franchise
Institutional Shares
Actual	$	1,000.00	$	1,279.40		$	5.44		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.36		$	4.82		0.95	%
Open Shares
Actual	$	1,000.00	$	1,277.90		$	6.87		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.10		$	6.09		1.20	%
Global Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,225.40		$	5.03		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.61		$	4.57		0.90	%
Open Shares
Actual	$	1,000.00	$	1,223.90		$	6.43		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36		$	5.84		1.15	%

Annual Report  55

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	1,033.20		$	4.96		0.97	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.26		$	4.93		0.97	%
Open Shares
Actual	$	1,000.00	$	1,032.50		$	6.23		1.22	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.00		$	6.19		1.22	%
Global Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,251.30		$	5.38		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.36		$	4.82		0.95	%
Open Shares
Actual	$	1,000.00	$	1,252.40		$	6.79		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.10		$	6.09		1.20	%
International Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	1,198.00		$	4.97		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.61		$	4.57		0.90	%
Open Shares
Actual	$	1,000.00	$	1,196.30		$	6.35		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36		$	5.84		1.15	%
International Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	1,227.60		$	5.15		0.92	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.51		$	4.67		0.92	%
Open Shares
Actual	$	1,000.00	$	1,226.80		$	4.81		0.86	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.81		$	4.37		0.86	%

56  Annual Report

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
International Equity
Institutional Shares
Actual	$	1,000.00	$	1,237.10		$	4.61		0.82	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.01		$	4.17		0.82	%
Open Shares
Actual	$	1,000.00	$	1,235.10		$	6.01		1.07	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.76		$	5.43		1.07	%
R6 Shares
Actual	$	1,000.00	$	1,237.00		$	4.50		0.80	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.11		$	4.06		0.80	%
International Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,232.40		$	5.05		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.61		$	4.57		0.90	%
Open Shares
Actual	$	1,000.00	$	1,230.70		$	6.45		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36		$	5.84		1.15	%
International Equity Value
Institutional Shares
Actual	$	1,000.00	$	1,249.50		$	5.37		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.36		$	4.82		0.95	%
Open Shares
Actual	$	1,000.00	$	1,247.80		$	6.55		1.16	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.30		$	5.89		1.16	%
International Quality Growth
Institutional Shares
Actual	$	1,000.00	$	1,281.90		$	4.88		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.86		$	4.32		0.85	%

Annual Report  57

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Open Shares
Actual	$	1,000.00	$	1,280.90		$	6.31		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.61		$	5.58		1.10	%
International Small Cap Equity
Institutional Shares								��
Actual	$	1,000.00	$	1,254.80		$	6.52		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36		$	5.84		1.15	%
Open Shares
Actual	$	1,000.00	$	1,253.90		$	7.93		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.10		$	7.10		1.40	%
International Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,250.60		$	4.58		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.06		$	4.12		0.81	%
Open Shares
Actual	$	1,000.00	$	1,249.00		$	5.99		1.06	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.81		$	5.38		1.06	%
R6 Shares
Actual	$	1,000.00	$	1,250.20		$	4.58		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.06		$	4.12		0.81	%
Managed Equity Volatility
Institutional Shares
Actual	$	1,000.00	$	1,091.30		$	3.94		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.37		$	3.81		0.75	%
Open Shares
Actual	$	1,000.00	$	1,090.60		$	5.26		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.11		$	5.08		1.00	%

58  Annual Report

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
US Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	1,176.40		$	4.21		0.77	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27		$	3.91		0.77	%
Open Shares
Actual	$	1,000.00	$	1,174.80		$	5.63		1.03	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.96		$	5.23		1.03	%
R6 Shares
Actual	$	1,000.00	$	1,176.00		$	4.21		0.77	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27		$	3.91		0.77	%
US Equity Focus
Institutional Shares
Actual	$	1,000.00	$	1,229.10		$	3.92		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.62		$	3.56		0.70	%
Open Shares
Actual	$	1,000.00	$	1,227.70		$	5.32		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.36		$	4.82		0.95	%
R6 Shares
Actual	$	1,000.00	$	1,228.90		$	3.92		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.62		$	3.56		0.70	%

Annual Report  59

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20			Annualized Expense Ratio During Period 7/1/20 - 12/31/20
US Small-Mid Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,280.20		$	5.73		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.11		$	5.08		1.00	%
Open Shares
Actual	$	1,000.00	$	1,278.50		$	7.56		1.32	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50		$	6.70		1.32	%
R6 Shares
Actual	$	1,000.00	$	1,281.40		$	5.10		0.89	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.66		$	4.52		0.89	%
US Sustainable Equity
Institutional Shares
Actual	$	1,000.00	$	1,226.90		$	4.20		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.37		$	3.81		0.75	%
Open Shares
Actual	$	1,000.00	$	1,224.80		$	5.59		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.11		$	5.08		1.00	%

* 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 184/366 (to reflect one-half year period).

60  Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Asset Class/Sector December 31, 2020

Asset Class/Sector*	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio				Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Equity
Communication Services		14.7	%		13.3	%			11.5	%		13.3	%
Consumer Discretionary		13.8			17.1				18.2			7.8
Consumer Staples		0.8			6.1				4.6			4.4
Energy		3.8			4.2				5.0			4.5
Financials		25.1			17.6				17.4			27.5
Health Care		0.7			1.3				4.4			1.9
Industrials		8.8			4.7				4.6			5.5
Information Technology		23.8			26.6				23.6			24.2
Materials		5.6			7.5				7.8			5.8
Real Estate		—			—				0.9			1.0
Utilities		1.8			0.8				1.5			0.8
Short-Term Investments		1.1			0.8				0.5			3.3
Total Investments		100.0	%		100.0	%			100.0	%		100.0	%
Asset Class/Sector*	Lazard Emerging Markets Equity Portfolio†			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio				Lazard Global Listed Infrastructure Portfolio
Equity
Communication Services		9.4	%		9.3	%			7.5	%		4.3	%
Consumer Discretionary		5.7			18.1				12.4			—
Consumer Staples		6.5			1.9				14.2			—
Energy		7.1			—				—			—
Financials		28.3			—				12.6			—
Health Care		1.9			22.7				13.5			—
Industrials		3.0			18.1				13.8			33.4
Information Technology		23.4			16.5				19.3			—
Materials		9.8			—				3.0			—
Real Estate		0.8			—				—			—
Utilities		2.3			7.3				1.7			47.3
Short-Term Investments		1.8			6.1				2.0			15.0
Total Investments		100.0	%		100.0	%			100.0	%		100.0	%

*	Represents percentage of total investments.
†	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds held by the Portfolio.

Annual Report  61

Asset Class/Sector*	Lazard Global Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio
Equity
Communication Services		12.5	%		6.1	%		6.9	%		9.5	%
Consumer Discretionary		11.6			12.0			7.7			6.8
Consumer Staples		3.3			11.4			10.5			8.7
Energy		—			2.5			3.6			2.4
Financials		16.9			17.0			11.4			14.4
Health Care		14.3			13.5			7.3			10.6
Industrials		12.1			14.1			16.5			20.7
Information Technology		20.3			8.3			16.8			7.6
Materials		3.6			8.4			3.5			7.3
Real Estate		—			2.2			6.5			3.8
Utilities		3.5			3.7			9.3			7.1
Short-Term Investments		1.9			0.8			—			1.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Asset Class/Sector*	Lazard International Equity Select Portfolio			Lazard International Equity Value Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio
Equity
Communication Services		9.5	%		5.0	%		9.4	%		7.1	%
Consumer Discretionary		10.4			24.3			11.6			8.9
Consumer Staples		9.7			13.2			7.5			6.0
Energy		1.8			2.4			—			0.7
Financials		16.0			19.4			18.4			11.9
Health Care		8.4			3.3			7.9			7.2
Industrials		20.3			12.1			22.6			20.3
Information Technology		7.6			7.9			14.2			15.0
Materials		5.7			6.7			1.9			5.8
Real Estate		1.9			—			—			12.0
Utilities		6.5			3.5			—			3.5
Short-Term Investments		2.2			2.2			6.5			1.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

62  Annual Report

Asset Class/Sector*	Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio
Equity
Communication Services		10.1	%		10.1	%		8.9	%		8.3	%
Consumer Discretionary		13.2			10.1			17.9			15.9
Consumer Staples		11.4			18.7			1.5			5.7
Energy		1.0			—			—			—
Financials		18.2			8.1			9.3			17.9
Health Care		7.2			17.7			14.2			17.8
Industrials		20.3			10.6			8.2			11.7
Information Technology		4.4			8.3			24.5			21.5
Materials		4.0			3.9			3.8			—
Real Estate		3.2			3.5			9.2			—
Utilities		5.5			8.4			—			—
Short-Term Investments		1.5			0.6			2.5			1.2
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Asset Class/Sector*	Lazard US Small-Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio
Equity
Communication Services		3.1	%		2.0	%
Consumer Discretionary		12.3			11.5
Consumer Staples		2.4			3.7
Energy		2.0			—
Financials		12.2			10.8
Health Care		14.5			24.5
Industrials		17.4			12.3
Information Technology		17.9			27.1
Materials		8.4			4.3
Real Estate		8.2			2.2
Utilities		1.6			—
Short-Term Investments		—			1.6
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

Annual Report  63

The Lazard Funds, Inc. Portfolios of Investments
December 31, 2020

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  96.8%
Brazil  |  5.6%
Duratex SA		568,141	$	2,103,492
Lojas Americanas SA		207,562		1,055,420
Pagseguro Digital, Ltd., Class A (*)		27,754		1,578,648
Petroleo Brasileiro SA		911,560		5,037,086
Rumo SA (*)		407,044		1,512,841
				11,287,487
Canada  |  2.1%
First Quantum Minerals, Ltd.		236,393		4,243,523
China  |  28.2%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		30,859		7,181,815
Anhui Conch Cement Co., Ltd., Class H		134,000		839,475
Beijing Enterprises Water Group, Ltd.		3,814,000		1,532,133
Beijing Thunisoft Corp., Ltd., Class A		561,365		2,051,217
Chow Tai Seng Jewellery Co., Ltd., Class A		416,800		1,701,094
Minth Group, Ltd.		772,000		4,090,296
NetEase, Inc. ADR		24,845		2,379,406
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		7,475		1,388,930
Ping An Insurance (Group) Co. of China, Ltd., Class H		320,000		3,930,572
Shenzhen Sunway Communication Co., Ltd., Class A		184,300		1,015,076
Tencent Holdings, Ltd.		187,200		13,678,185
Tencent Music Entertainment Group ADR (*)		167,604		3,224,701
Trip.com Group, Ltd. ADR (*)		94,578		3,190,116
Weibo Corp. Sponsored ADR (*)		88,959		3,646,429
Wuliangye Yibin Co., Ltd. Class A		37,200		1,664,282
Xiabuxiabu Catering Management China Holdings Co., Ltd.		1,271,500		2,909,130
Zhongsheng Group Holdings, Ltd.		293,000		2,088,958
				56,511,815
Colombia  |  2.1%
Bancolombia SA Sponsored ADR		104,827		4,211,949

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

64  Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
Hong Kong  |  2.2%
China Gas Holdings, Ltd.		537,000	$	2,141,135
Techtronic Industries Co., Ltd.		156,502		2,240,823
				4,381,958
India  |  9.0%
HDFC Bank, Ltd. ADR (*)		57,560		4,159,286
ICICI Bank, Ltd. Sponsored ADR (*)		404,746		6,014,525
Motherson Sumi Systems, Ltd.		783,251		1,776,461
Mphasis, Ltd.		68,552		1,448,514
Reliance Industries, Ltd.		46,208		1,258,750
Shriram Transport Finance Co., Ltd.		106,771		1,535,958
UPL, Ltd.		309,362		1,977,502
				18,170,996
Indonesia  |  3.0%
PT Bank Central Asia Tbk		1,107,300		2,667,974
PT Bank Rakyat Indonesia (Persero) Tbk		11,257,200		3,341,522
				6,009,496
Macau  |  1.2%
SJM Holdings, Ltd.		2,210,000		2,475,927
Mexico  |  2.2%
Grupo Financiero Banorte SAB de CV, Class O (*)		802,557		4,433,533
Peru  |  1.3%
Credicorp, Ltd.		15,454		2,534,765
Philippines  |  1.8%
BDO Unibank, Inc.		1,018,055		2,266,423
International Container Terminal Services, Inc.		566,809		1,458,060
				3,724,483
Russia  |  4.2%
Mail.Ru Group, Ltd. GDR (*)		86,799		2,274,091
Novatek PJSC Sponsored GDR		7,807		1,266,631
Sberbank of Russia PJSC (‡)		959,121		3,515,139
Yandex NV Class A (*)		18,831		1,310,261
				8,366,122

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

Annual Report  65

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
South Africa  |  3.5%
Capitec Bank Holdings, Ltd. (*)		40,040	$	3,901,809
Standard Bank Group, Ltd.		364,979		3,164,417
				7,066,226
South Korea  |  14.9%
CJ Logistics Corp. (*)		12,152		1,852,118
NCSoft Corp.		3,571		3,065,602
Samsung Biologics Co., Ltd. (*)		1,745		1,324,342
Samsung Electronics Co., Ltd.		180,041		13,455,802
SK Hynix, Inc.		54,360		5,946,851
WONIK IPS Co., Ltd. (*)		103,258		4,221,017
				29,865,732
Taiwan  |  14.4%
Airtac International Group		109,000		3,492,835
ASE Technology Holding Co., Ltd.		799,289		2,312,920
Bizlink Holding, Inc.		293,000		2,548,485
Chroma ATE, Inc.		471,000		2,820,458
Hiwin Technologies Corp.		332,742		4,555,036
Largan Precision Co., Ltd.		15,860		1,796,827
MediaTek, Inc.		53,000		1,415,409
RichWave Technology Corp.		128,000		1,805,768
Silicon Motion Technology Corp. ADR		36,777		1,770,813
Taiwan Semiconductor Manufacturing Co., Ltd.		340,000		6,385,704
				28,904,255
United Kingdom  |  1.1%
KAZ Minerals PLC		235,655		2,127,367
Total Common Stocks (Cost $134,665,440)				194,315,634
Preferred Stocks  |  2.5%
Brazil  |  2.5%
Banco Bradesco SA ADR (Cost $4,231,494)		941,955		4,954,683

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

66  Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,209,385)		2,209,385	$	2,209,385
Total Investments  |  100.4% (Cost $141,106,319)				201,479,702
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(876,326	)
Net Assets  |  100.0%			$	200,603,376

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

Annual Report  67

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks  |  98.5%
Argentina  |  1.1%
MercadoLibre, Inc. (*)		1,385	$	2,320,180
Brazil  |  6.3%
Azul SA ADR (*)		45,970		1,049,035
Banco BTG Pactual SA		126,995		2,311,096
Banco do Brasil SA		322,800		2,433,757
C&A Modas Ltda		411,100		1,026,425
CCR SA		319,330		832,371
Lojas Renner SA		84,000		708,282
Pet Center Comercio e Participacoes SA		560,081		2,066,186
Rumo SA (*)		435,058		1,616,959
Telefonica Brasil SA ADR		146,448		1,296,065
				13,340,176
Canada  |  0.7%
Parex Resources, Inc. (*)		105,998		1,458,940
China  |  35.7%
21Vianet Group, Inc. ADR (*)		101,066		3,505,980
Alibaba Group Holding, Ltd. (*)		44,900		1,311,871
Alibaba Group Holding, Ltd. Sponsored ADR (*)		46,264		10,767,021
Bilibili, Inc. Sponsored ADR (*)		20,183		1,730,087
Budweiser Brewing Co. APAC, Ltd.		581,800		1,923,307
China National Building Material Co., Ltd., Class H		2,484,000		2,995,912
Industrial & Commercial Bank of China, Ltd., Class H		8,869,633		5,770,948
JD.com, Inc. ADR (*)		24,955		2,193,544
Kingsoft Cloud Holdings, Ltd. ADR (*)		39,961		1,740,302
Midea Group Co., Ltd., Class A		108,100		1,629,941
NetEase, Inc.		50,800		972,033
NetEase, Inc. ADR		22,229		2,128,871
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		18,503		3,438,042
PICC Property & Casualty Co., Ltd., Class H		1,595,770		1,209,084
Ping An Insurance (Group) Co. of China, Ltd., Class H		419,000		5,146,592

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

68  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Prosus NV		9,686	$	1,041,955
Shenzhen Sunway Communication Co., Ltd., Class A		182,700		1,006,264
Shenzhou International Group Holdings, Ltd.		162,591		3,189,009
Tencent Holdings, Ltd.		221,800		16,206,311
Wuliangye Yibin Co., Ltd. Class A		76,300		3,413,567
Wuxi Biologics Cayman, Inc. (*)		209,000		2,783,893
Wuxi Lead Intelligent Equipment Co., Ltd.		137,000		1,764,874
				75,869,408
Hong Kong  |  2.5%
China Gas Holdings, Ltd.		405,000		1,614,822
Techtronic Industries Co., Ltd.		258,000		3,694,089
				5,308,911
India  |  9.9%
HDFC Bank, Ltd. ADR (*)		100,022		7,227,590
Hindalco Industries, Ltd.		728,554		2,407,308
Infosys, Ltd. Sponsored ADR		189,350		3,209,482
Maruti Suzuki India, Ltd.		17,740		1,861,440
Motherson Sumi Systems, Ltd.		514,785		1,167,564
Reliance Industries, Ltd.		110,717		3,016,036
UPL, Ltd.		336,826		2,153,057
				21,042,477
Indonesia  |  1.4%
PT Bank Mandiri (Persero) Tbk		4,004,400		1,807,066
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		49,683		1,168,544
				2,975,610
Luxembourg  |  1.3%
Ternium SA Sponsored ADR (*)		93,449		2,717,497
Mexico  |  2.7%
Arca Continental SAB de CV		257,345		1,237,356
Gruma SAB de CV, Class B		126,398		1,504,936
Grupo Aeroportuario del Pacifico SAB de CV ADR (*)		14,386		1,601,018
Grupo Financiero Banorte SAB de CV, Class O (*)		268,500		1,483,264
				5,826,574

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

Annual Report  69

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Philippines  |  0.9%
BDO Unibank, Inc.		875,401	$	1,948,843
Poland  |  2.0%
CD Projekt SA (*)		15,039		1,105,496
KGHM Polska Miedz SA (*)		63,509		3,113,193
				4,218,689
Russia  |  3.9%
LUKOIL PJSC Sponsored ADR		65,723		4,481,318
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		778,389
Sberbank of Russia PJSC Sponsored ADR (London)		204,405		2,946,680
				8,206,387
South Africa  |  2.7%
Mondi PLC		111,702		2,636,372
Naspers, Ltd., N Shares		9,203		1,883,594
The Bidvest Group, Ltd.		107,450		1,154,527
				5,674,493
South Korea  |  12.1%
DB Insurance Co., Ltd.		25,145		1,013,233
NCSoft Corp.		4,305		3,695,720
Orion Corp.		14,046		1,600,262
Samsung Electronics Co., Ltd.		197,890		14,789,790
SK Hynix, Inc.		42,730		4,674,557
				25,773,562
Taiwan  |  12.2%
Accton Technology Corp.		143,000		1,614,719
Largan Precision Co., Ltd.		14,000		1,586,102
Micro-Star International Co., Ltd.		367,000		1,731,366
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		192,038		20,939,823
				25,872,010
Turkey  |  0.8%
Turkiye Garanti Bankasi AS (*)		1,254,973		1,758,148
United Kingdom  |  1.5%
Unilever PLC Sponsored ADR		54,530		3,291,431

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

70  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
United States  |  0.8%
Yum China Holdings, Inc.		30,416	$	1,736,449
Total Common Stocks (Cost $139,253,527)				209,339,785
Preferred Stocks  |  0.8%
Brazil  |  0.8%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,876,251)		276,311		1,682,734
Short-Term Investments  |  0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,681,375)		1,681,375		1,681,375
Total Investments  |  100.1% (Cost $142,811,153)			$	212,703,894
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(113,039	)
Net Assets  |  100.0%			$	212,590,855

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

Annual Report  71

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  98.0%
Argentina  |  0.2%
Globant SA (*)		288	$	62,672
Brazil  |  3.8%
Ambev SA		43,300		130,843
BRF SA (*)		18,300		76,457
Cia Paranaense de Energia		3,800		54,227
Pagseguro Digital, Ltd., Class A (*)		1,308		74,399
Petroleo Brasileiro SA		31,439		173,725
Totvs SA		12,900		71,414
Vale SA		20,709		345,958
WEG SA		10,600		155,551
				1,082,574
China  |  38.1%
Agricultural Bank of China, Ltd., Class H		481,000		176,291
Alibaba Group Holding, Ltd. Sponsored ADR (*)		7,687		1,788,995
Anhui Conch Cement Co., Ltd., Class H		12,500		78,309
Anhui Guangxin Agrochemical Co., Ltd., Class A (*)		36,000		132,153
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd., Class A		54,700		52,728
Autohome, Inc. ADR		522		52,002
Baidu, Inc. Sponsored ADR (*)		1,463		316,359
Bank of China, Ltd., Class H		403,000		137,828
Bank of Communications Co., Ltd., Class H		543,000		287,245
Bank of Jiangsu Co., Ltd., Class A		90,500		75,570
Baoshan Iron & Steel Co., Ltd., Class A		48,800		44,431
Brilliance China Automotive Holdings, Ltd.		48,000		43,796
China CITIC Bank Corp., Ltd., Class H		153,000		64,969
China Construction Bank Corp., Class H		391,000		297,550
China Everbright Bank Co., Ltd., Class H		229,000		87,349
China Feihe, Ltd.		44,000		103,479
China Lesso Group Holdings, Ltd.		41,000		64,367
China Life Insurance Co., Ltd., Class H		22,000		48,667

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

72  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
China Medical System Holdings, Ltd.		55,000	$	61,638
China Meidong Auto Holdings, Ltd.		14,000		56,920
China Merchants Bank Co., Ltd., Class H		22,500		142,893
China Minsheng Banking Corp., Ltd., Class H		505,000		287,995
China Pacific Insurance Group Co., Ltd., Class A		10,000		58,828
China Petroleum & Chemical Corp., Class H		120,000		53,336
China Resources Cement Holdings, Ltd.		62,000		69,296
China Resources Land, Ltd.		10,000		41,435
China Resources Power Holdings Co., Ltd.		34,000		36,729
China Shenhua Energy Co., Ltd., Class H		112,500		211,983
China Vanke Co., Ltd., Class H		21,300		73,649
China Yuhua Education Corp., Ltd.		94,000		82,004
COSCO SHIPPING Holdings Co., Ltd. (*)		62,500		75,031
CSC Financial Co., Ltd., Class H		57,000		75,796
CSPC Pharmaceutical Group, Ltd.		105,840		108,232
ENN Energy Holdings, Ltd.		4,700		68,986
Great Wall Motor Co., Ltd., Class H		53,500		184,224
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		46,000		51,406
Guangdong Tapai Group Co., Ltd., Class A		17,000		33,173
Industrial & Commercial Bank of China, Ltd., Class H		208,000		135,333
JD.com, Inc. ADR (*)		4,184		367,774
Jiangsu Hengrui Medicine Co., Ltd., Class A		3,760		64,231
Kunlun Energy Co., Ltd.		66,000		57,078
Li Ning Co., Ltd.		30,500		210,115
Meituan, Class B (*)		12,500		478,079
NetEase, Inc. ADR		1,586		151,891
New China Life Insurance Co., Ltd., Class H		11,900		46,592
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		469		87,145
PetroChina Co., Ltd., Class H		166,000		50,973
Pharmaron Beijing Co., Ltd., Class H		7,600		128,807
Pinduoduo, Inc. ADR (*)		1,268		225,286
Ping An Insurance (Group) Co. of China, Ltd., Class H		33,500		411,482
Sany Heavy Industry Co., Ltd., Class A		19,300		103,278
Shandong Nanshan Aluminum Co., Ltd., Class A		106,600		51,608

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

Annual Report  73

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Shanghai Liangxin Electrical Co., Ltd.		25,400	$	119,199
Shenzhen Inovance Technology Co., Ltd., Class A		3,900		55,762
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		900		58,475
Shenzhou International Group Holdings, Ltd.		6,800		133,373
Sinotruk Hong Kong, Ltd.		23,500		60,184
Tencent Holdings, Ltd.		22,400		1,636,706
Tencent Music Entertainment Group ADR (*)		6,664		128,215
Tian Di Science & Technology Co., Ltd., Class A		299,500		141,271
Vipshop Holdings, Ltd. ADR (*)		4,779		134,338
Xiaomi Corp., Class B (*)		26,800		115,580
Yuexiu Property Co., Ltd.		282,000		56,862
Zhejiang Weixing New Building Materials Co., Ltd., Class A		17,900		51,207
Zhongsheng Group Holdings, Ltd.		9,500		67,731
				10,954,217
Greece  |  0.6%
Hellenic Telecommunications Organization SA		10,450		168,528
Hong Kong  |  0.2%
Shimao Group Holdings, Ltd.		14,500		46,358
Hungary  |  0.8%
MOL Hungarian Oil & Gas PLC (*)		10,483		76,275
Richter Gedeon Nyrt.		6,475		162,496
				238,771
India  |  7.3%
Axis Bank, Ltd. GDR (*)		813		34,607
Dr Reddy’s Laboratories, Ltd. ADR		3,865		275,536
GAIL India, Ltd. GDR		4,656		45,975
HDFC Bank, Ltd. ADR (*)		5,556		401,477
ICICI Bank, Ltd. Sponsored ADR (*)		13,435		199,644
Infosys, Ltd. Sponsored ADR		28,453		482,278
Reliance Industries, Ltd. Sponsored GDR (#)		3,571		195,391
State Bank of India GDR (*)		2,443		91,568
Tata Motors, Ltd. Sponsored ADR (*)		5,027		63,340

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

74  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Wipro, Ltd. ADR		32,001	$	180,806
WNS Holdings, Ltd. ADR (*)		1,774		127,817
				2,098,439
Indonesia  |  1.5%
Kalbe Farma Tbk PT		484,000		50,986
PT Bank Central Asia Tbk		72,800		175,407
PT Bank Mandiri (Persero) Tbk		210,200		94,857
PT Bank Rakyat Indonesia (Persero) Tbk		156,300		46,395
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		3,134		73,712
				441,357
Malaysia  |  1.8%
Frontken Corp. Bhd		53,800		47,704
Hartalega Holdings Berhad		33,700		101,891
Hong Leong Financial Group Bhd		14,800		66,576
Inari Amertron Berhad		155,900		107,021
Kossan Rubber Industries		41,700		46,765
Petronas Chemicals Group Bhd		46,600		86,271
VS Industry Berhad		79,800		51,430
				507,658
Mexico  |  2.7%
America Movil SAB de CV, Class L Sponsored ADR		8,720		126,789
Arca Continental SAB de CV		28,400		136,552
Gruma SAB de CV, Class B		3,790		45,125
Grupo Mexico SAB de CV, Series B		17,900		75,668
Kimberly-Clark de Mexico SAB de CV, Series A		27,300		46,631
Qualitas Controladora SAB de CV		28,000		150,753
Wal-Mart de Mexico SAB de CV		70,300		197,763
				779,281
Philippines  |  0.5%
International Container Terminal Services, Inc.		26,100		67,140
Metropolitan Bank & Trust Co.		72,700		74,282
				141,422
Poland  |  1.6%
Dino Polska SA (*)		660		51,107
KGHM Polska Miedz SA (*)		2,055		100,736

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

Annual Report  75

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Orange Polska SA (*)		38,115	$	67,213
Polskie Gornictwo Naftowe i Gazownictwo SA		114,145		169,242
Powszechna Kasa Oszczednosci Bank Polski SA (*)		8,958		69,051
				457,349
Russia  |  3.5%
Gazprom PJSC Sponsored ADR		9,205		51,172
LUKOIL PJSC Sponsored ADR		3,197		217,987
MMC Norilsk Nickel PJSC ADR		2,967		92,663
PhosAgro PJSC GDR		2,592		35,347
Polyus PJSC GDR		1,070		107,810
RusHydro PJSC ADR		41,344		44,375
Sberbank of Russia PJSC Sponsored ADR (London)		21,970		316,717
Tatneft PJSC Sponsored ADR		2,128		86,800
Yandex NV Class A (*)		738		51,350
				1,004,221
South Africa  |  2.4%
African Rainbow Minerals, Ltd.		3,084		55,003
Clicks Group, Ltd.		2,691		46,302
Impala Platinum Holdings, Ltd.		4,498		61,857
Kumba Iron Ore, Ltd.		1,098		46,648
Naspers, Ltd., N Shares		1,099		224,934
Ninety One, Ltd.		12,339		36,977
Northam Platinum, Ltd. (*)		3,416		48,801
Sibanye Stillwater, Ltd.		22,273		89,692
Tiger Brands, Ltd.		5,468		77,060
				687,274
South Korea  |  15.1%
BNK Financial Group, Inc.		9,145		47,853
Celltrion, Inc. (*)		385		126,881
Coway Co., Ltd. (*)		1,063		71,151
DongKook Pharmaceutical Co., Ltd.		2,146		57,926
DoubleUGames Co., Ltd.		822		45,654
Hana Financial Group, Inc.		10,518		334,447
Hankook Tire & Technology Co., Ltd.		1,502		54,574

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

76  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hansol Chemical Co., Ltd.		372	$	67,517
Hanwha Chemical Corp.		2,006		88,236
Hyundai Mobis Co., Ltd.		467		110,166
JYP Entertainment Corp.		1,447		51,223
KB Financial Group, Inc. ADR		4,991		197,644
KEPCO Plant Service & Engineering Co., Ltd.		2,967		81,222
Kia Motors Corp.		3,815		219,715
Korea Electric Power Corp. (*)		2,198		55,547
Korea Zinc Co., Ltd.		284		104,844
KT&G Corp.		741		56,755
LG Electronics, Inc.		1,020		126,866
LG Household & Health Care, Ltd.		120		178,963
LOTTE Fine Chemical Co., Ltd.		2,687		136,296
Mirae Asset Daewoo Co., Ltd.		11,477		100,047
NAVER Corp.		194		52,384
NCSoft Corp.		118		101,300
Orion Corp.		355		40,445
POSCO		347		86,953
Samsung Electro-Mechanics Co., Ltd.		300		49,303
Samsung Electronics Co., Ltd. GDR		888		1,613,998
SK Telecom Co., Ltd.		323		70,879
				4,328,789
Taiwan  |  14.8%
Asia Cement Corp.		36,000		55,467
Delta Electronics, Inc.		31,000		289,172
Elan Microelectronics Corp.		26,000		123,986
Evergreen Marine Corp. Taiwan, Ltd. (*)		82,000		118,845
Feng TAY Enterprise Co., Ltd.		7,000		49,832
Gigabyte Technology Co., Ltd.		28,000		77,782
International Games System Co., Ltd.		4,000		108,270
Kenda Rubber Industrial Co., Ltd.		40,000		49,768
Kindom Development Co., Ltd.		39,000		46,613
Lotes Co., Ltd.		4,000		67,595
Makalot Industrial Co., Ltd.		11,000		74,984
MediaTek, Inc.		3,000		80,117
Micro-Star International Co., Ltd.		32,000		150,964

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

Annual Report  77

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Nantex Industry Co., Ltd.		38,000	$	82,805
Nien Made Enterprise Co., Ltd.		7,000		81,305
Novatek Microelectronics Corp.		6,000		78,483
Parade Technologies, Ltd.		2,000		79,434
Taiwan Cement Corp.		30,600		47,126
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		19,498		2,126,062
United Microelectronics Corp.		149,000		249,768
Wan Hai Lines, Ltd.		92,000		172,377
Yuanta Financial Holding Co., Ltd.		80,000		58,522
				4,269,277
Thailand  |  2.0%
Com7 Public Co., Ltd. NVDR		39,000		50,770
Delta Electronics Thailand Public Co., Ltd. NVDR		22,300		361,781
Hana Microelectronics Public Co., Ltd. NVDR		71,000		94,134
PTT Exploration & Production Public Co., Ltd. (‡)		24,800		81,329
				588,014
Turkey  |  0.8%
BIM Birlesik Magazalar AS		12,480		126,790
Turk Telekomunikasyon AS		38,894		44,724
Turkcell Iletisim Hizmetleri AS		31,002		67,359
				238,873
United States  |  0.3%
Yum China Holdings, Inc.		1,500		85,635
Total Common Stocks (Cost $22,181,621)				28,180,709
Preferred Stocks  |  0.4%
Brazil  |  0.4%
Banco Bradesco SA ADR		11,778		61,952
Itau Unibanco Holding SA Sponsored ADR		10,109		61,564
Total Preferred Stocks (Cost $108,321)				123,516

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

78  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Short-Term Investments  |  0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $124,214)		124,214	$	124,214
Total Investments  |  98.8% (Cost $22,414,156)			$	28,428,439
Cash and Other Assets in Excess of Liabilities  |  1.2%				345,137
Net Assets  |  100.0%			$	28,773,576

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

Annual Report  79

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks  |  95.7%
Brazil  |  4.9%
Banco do Brasil SA		95,957	$	723,470
Banco Pan SA (Preference Shares)		109,200		201,403
CCR SA		173,430		452,065
Cia de Saneamento do Parana		41,500		208,422
Construtora Tenda SA		34,700		201,839
Log-in Logistica Intermodal SA (*)		57,800		181,150
Lojas Quero Quero S/A		62,942		197,770
Pagseguro Digital, Ltd., Class A (*)		18,294		1,040,563
Petroleo Brasileiro SA (Preference Shares)		120,100		663,647
				3,870,329
Canada  |  2.3%
First Quantum Minerals, Ltd.		99,515		1,786,407
Chile  |  0.4%
Geopark, Ltd.		24,523		318,554
China  |  21.9%
21Vianet Group, Inc. ADR (*)		6,883		238,771
360 DigiTech, Inc. ADR (*)		13,757		162,195
Alibaba Group Holding, Ltd. Sponsored ADR (*)		7,050		1,640,746
Anhui Conch Cement Co., Ltd., Class H		101,500		635,871
Ausnutria Dairy Corp., Ltd.		883		1,483
Baidu, Inc. Sponsored ADR (*)		6,495		1,404,479
China Aoyuan Group, Ltd.		187,000		181,991
China Construction Bank Corp., Class H		1,528,281		1,163,019
China Meidong Auto Holdings, Ltd.		52,000		211,416
China Merchants Bank Co., Ltd., Class H		173,000		1,098,691
China Mobile, Ltd. Sponsored ADR		10,244		292,364
China Shenhua Energy Co., Ltd., Class H		377,500		711,320
CNOOC, Ltd.		239,917		220,535
Hengan International Group Co., Ltd.		51,000		361,067
Huami Corp. ADR (*)		13,730		162,701
JNBY Design, Ltd.		190,000		220,657

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

80  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Kaisa Prosperity Holdings, Ltd.		55,750	$	137,723
Maoyan Entertainment (*)		118,400		187,077
NetEase, Inc. ADR		9,974		955,210
Ping An Insurance (Group) Co. of China, Ltd., Class H		221,500		2,720,693
Precision Tsugami China Corp., Ltd.		236,000		227,124
Sinopharm Group Co., Ltd., Class H		208,400		507,994
Tencent Holdings, Ltd.		35,692		2,607,915
Tianyun International Holdings, Ltd.		1,236,000		240,722
West China Cement, Ltd.		1,032,000		153,141
Wuliangye Yibin Co., Ltd. Class A		16,600		742,663
				17,187,568
Colombia  |  1.6%
Bancolombia SA Sponsored ADR		30,208		1,213,757
Czech Republic  |  0.3%
Moneta Money Bank AS (*)		72,302		228,889
Egypt  |  1.0%
Commercial International Bank Egypt SAE GDR		108,150		405,700
Credit Agricole Egypt SAE		97,291		179,498
Six of October Development & Investment		237,220		223,798
				808,996
Estonia  |  0.2%
Tallinna Sadam AS		87,102		191,549
Georgia  |  0.5%
Bank of Georgia Group PLC (*)		12,034		200,894
TBC Bank Group PLC (*)		12,688		217,104
				417,998
Greece  |  0.3%
OPAP SA		19,969		267,407
Hong Kong  |  2.4%
China Water Affairs Group, Ltd.		216,000		168,872
Techtronic Industries Co., Ltd.		112,782		1,614,832
TK Group Holdings, Ltd.		308,000		99,509
				1,883,213

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

Annual Report  81

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Hungary  |  1.3%
OTP Bank Nyrt. (*)		21,838	$	982,643
India  |  10.2%
Axis Bank, Ltd. (*)		153,562		1,307,239
Bajaj Auto, Ltd.		14,934		704,572
Gujarat State Petronet, Ltd.		72,990		221,701
HCL Technologies, Ltd.		41,864		543,315
ICICI Bank, Ltd. Sponsored ADR (*)		135,062		2,007,021
Infosys, Ltd. Sponsored ADR		44,695		757,580
Jubilant Life Sciences, Ltd.		21,333		247,003
Kiri Industries, Ltd.		22,258		164,332
Petronet LNG, Ltd.		78,634		267,168
Reliance Industries, Ltd.		20,559		560,047
Tata Consultancy Services, Ltd.		14,946		586,532
The South Indian Bank, Ltd. (*)		748,459		92,464
Uflex, Ltd.		47,212		243,234
UPL, Ltd.		42,042		268,741
				7,970,949
Indonesia  |  4.3%
PT Bank Mandiri (Persero) Tbk		1,649,600		744,415
PT Bank Pembangunan Daerah Jawa Timur Tbk		4,641,000		224,636
PT Bank Rakyat Indonesia (Persero) Tbk		4,359,759		1,294,126
PT Bekasi Fajar Industrial Estate Tbk (*)		9,411,600		120,586
PT Erajaya Swasembada Tbk (*)		835,900		130,903
PT Media Nusantara Citra Tbk (*)		3,632,900		295,354
PT Telkom Indonesia (Persero) Tbk Sponsored ADR		25,439		598,325
				3,408,345
Kenya  |  0.2%
KCB Group, Ltd.		442,400		154,692
Kuwait  |  0.3%
Human Soft Holding Co. KSC (*)		17,550		219,325

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

82  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Mexico  |  5.6%
America Movil SAB de CV, Class L Sponsored ADR		52,122	$	757,854
Credito Real SAB de CV (*)		164,400		102,608
Genomma Lab Internacional SAB de CV, B Shares (*)		178,300		168,807
Grupo Cementos de Chihuahua SAB de CV		34,400		207,477
Grupo Financiero Banorte SAB de CV, Class O (*)		287,164		1,586,368
Grupo Mexico SAB de CV, Series B		258,799		1,094,006
Kimberly-Clark de Mexico SAB de CV, Series A		261,700		447,005
				4,364,125
Oman  |  0.2%
Ooredoo		160,160		163,020
Pakistan  |  0.2%
Bank Alfalah, Ltd.		875,631		194,054
Poland  |  0.3%
Eurocash SA (*)		24,650		92,666
Warsaw Stock Exchange		11,461		140,176
				232,842
Russia  |  5.6%
Detsky Mir PJSC		134,590		246,952
LSR Group PJSC GDR		61,038		139,060
LUKOIL PJSC Sponsored ADR		11,831		808,767
Mobile TeleSystems PJSC Sponsored ADR		71,104		636,381
Sberbank of Russia PJSC (‡)		267,371		979,904
Sberbank of Russia PJSC Sponsored ADR (United States)		77,865		1,129,043
Yandex NV Class A (*)		6,621		460,689
				4,400,796
South Africa  |  0.8%
Standard Bank Group, Ltd.		68,252		591,754
South Korea  |  20.4%
AfreecaTV Co., Ltd.		3,358		187,292
BGF retail Co., Ltd.		1,718		214,538
HS Industries Co., Ltd.		38,450		253,011
Hyundai Mobis Co., Ltd.		3,491		823,531

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

Annual Report  83

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
KT&G Corp.		4,680	$	358,454
MegaStudyEdu Co., Ltd.		7,929		284,120
NCSoft Corp.		2,479		2,128,151
Nice Information & Telecommunication, Inc.		8,438		221,079
NICE Information Service Co., Ltd.		9,003		206,005
Ray Co., Ltd. (*)		4,534		222,848
Samjin Pharmaceutical Co., Ltd.		4,746		119,155
Samsung Electronics Co., Ltd.		79,539		5,944,541
SFA Engineering Corp.		4,954		176,521
Shinhan Financial Group Co., Ltd.		21,590		638,672
SK Hynix, Inc.		31,917		3,491,641
Tokai Carbon Korea Co., Ltd.		1,424		164,672
WONIK IPS Co., Ltd. (*)		5,393		220,457
Zinus, Inc.		3,441		326,278
				15,980,966
Taiwan | 9.0%
Airtac International Group		32,000		1,025,420
Bizlink Holding, Inc.		21,000		182,656
Hon Hai Precision Industry Co., Ltd.		166,136		542,492
Largan Precision Co., Ltd.		4,614		522,734
Lotes Co., Ltd.		9,000		152,088
Lotus Pharmaceutical Co., Ltd. (*)		67,000		191,250
MediaTek, Inc.		18,000		480,705
Powertech Technology, Inc.		53,000		179,544
Poya International Co., Ltd.		8,000		163,741
Sercomm Corp.		70,000		194,095
Silicon Motion Technology Corp. ADR		17,867		860,296
Simplo Technology Co., Ltd.		16,000		199,264
Sitronix Technology Corp.		39,000		226,326
Taiwan Semiconductor Manufacturing Co., Ltd.		89,387		1,678,820
Tripod Technology Corp.		40,000		168,763
TSC Auto ID Technology Co., Ltd.		18,700		130,009
Wiwynn Corp.		7,000		175,338
				7,073,541

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

84  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Thailand  |  0.2%
PTG Energy Public Co., Ltd (‡)		315,900	$	167,651
Ukraine  |  0.3%
Kernel Holding SA		15,235		200,575
United Kingdom  |  1.0%
Unilever PLC		12,901		781,170
Total Common Stocks (Cost $58,753,875)				75,061,115
Preferred Stocks  |  1.2%
Brazil  |  1.2%
Banco Bradesco SA ADR (Cost $814,639)		170,738		898,082
Short-Term Investments  |  3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,612,365)		2,612,365		2,612,365
Total Investments  |  100.2% (Cost $62,180,879)			$	78,571,562
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(146,687	)
Net Assets  |  100.0%			$	78,424,875

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

Annual Report  85

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  92.9%
Brazil  |  5.3%
Banco do Brasil SA		11,825,926	$	89,161,797
BB Seguridade Participacoes SA		9,869,700		56,520,286
CCR SA		15,723,545		40,985,257
Engie Brasil Energia SA		3,497,976		29,670,590
Petrobras Distribuidora SA		3,618,516		15,482,949
				231,820,879
China  |  18.1%
AAC Technologies Holdings, Inc.		5,344,665		30,075,534
Anhui Conch Cement Co., Ltd., Class H		9,497,451		59,499,068
Baidu, Inc. Sponsored ADR (*)		412,852		89,275,116
China Construction Bank Corp., Class H		153,401,224		116,738,045
China Merchants Bank Co., Ltd., Class H		13,156,494		83,554,445
China Mobile, Ltd. Sponsored ADR		1,050,829		29,990,660
China Shenhua Energy Co., Ltd., Class H		31,071,110		58,547,002
China Vanke Co., Ltd., Class H		9,880,400		34,163,416
CNOOC, Ltd.		33,362,532		30,667,321
ENN Energy Holdings, Ltd.		2,253,800		33,081,171
Hengan International Group Co., Ltd.		7,813,500		55,317,615
Ping An Insurance (Group) Co. of China, Ltd., Class H		6,735,000		82,726,254
Sinopharm Group Co., Ltd., Class H		20,324,814		49,543,541
Weichai Power Co., Ltd., Class H		19,152,288		38,526,344
				791,705,532
Egypt  |  0.8%
Commercial International Bank Egypt SAE GDR		9,174,975		34,417,818
Hong Kong  |  1.2%
ASM Pacific Technology, Ltd.		3,927,700		51,847,292
Hungary  |  2.6%
OTP Bank Nyrt. (*)		2,510,433		112,961,769

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

86  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
India  |  11.1%
Axis Bank, Ltd. (*)		7,714,690	$	65,673,435
Bajaj Auto, Ltd.		791,899		37,361,018
Bharat Petroleum Corp., Ltd.		5,511,333		28,825,224
Coal India, Ltd.		10,916,712		20,255,175
HCL Technologies, Ltd.		3,791,748		49,209,665
Hero MotoCorp, Ltd.		783,528		33,394,691
Indus Towers, Ltd.		10,577,398		33,380,062
Infosys, Ltd. Sponsored ADR		3,892,784		65,982,689
Oil and Natural Gas Corp., Ltd.		30,019,654		38,292,507
Power Grid Corp. of India, Ltd.		12,214,856		31,848,156
Tata Consultancy Services, Ltd.		931,343		36,549,091
UPL, Ltd.		6,863,984		43,875,919
				484,647,632
Indonesia  |  4.1%
PT Astra International Tbk		93,241,900		40,047,572
PT Bank Mandiri (Persero) Tbk		175,731,842		79,302,520
PT Telkom Indonesia (Persero) Tbk Sponsored ADR		2,632,637		61,919,622
				181,269,714
Luxembourg  |  0.9%
Ternium SA Sponsored ADR (*)		1,310,917		38,121,466
Mexico  |  5.5%
America Movil SAB de CV, Class L Sponsored ADR		6,125,627		89,066,617
Grupo Financiero Banorte SAB de CV, Class O (*)		7,248,616		40,043,235
Grupo Mexico SAB de CV, Series B		19,239,942		81,331,889
Kimberly-Clark de Mexico SAB de CV, Series A		16,581,795		28,323,084
				238,764,825
Portugal  |  0.8%
Galp Energia SGPS SA		3,388,958		36,252,041
Russia  |  8.2%
ALROSA PAO (*), (‡)		43,645,460		58,303,133
LUKOIL PJSC Sponsored ADR		1,140,470		77,762,864
Magnit PJSC Sponsored GDR		1,934,618		34,078,592
Mobile TeleSystems PJSC Sponsored ADR		6,158,690		55,120,275

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

Annual Report  87

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Novolipetskiy Metallurgicheskiy Kombinat PAO		495,153	$	13,743,662
Sberbank of Russia PJSC (‡)		32,982,390		120,879,107
				359,887,633
South Africa  |  6.4%
Life Healthcare Group Holdings, Ltd. (*)		26,892,290		30,819,918
Mondi PLC		1,243,663		29,352,730
Nedbank Group, Ltd.		4,632,808		40,862,826
Sanlam, Ltd.		8,568,917		34,292,159
Shoprite Holdings, Ltd.		3,863,438		36,596,446
Standard Bank Group, Ltd.		4,267,216		36,997,332
The Bidvest Group, Ltd.		4,004,382		43,026,220
Vodacom Group, Ltd.		3,557,787		30,008,053
				281,955,684
South Korea  |  16.2%
Coway Co., Ltd. (*)		719,169		48,136,756
Hyundai Mobis Co., Ltd.		265,403		62,608,917
KB Financial Group, Inc.		1,768,515		70,239,144
KT&G Corp.		406,378		31,125,580
Samsung Electronics Co., Ltd.		3,251,967		243,043,661
Shinhan Financial Group Co., Ltd.		2,171,397		64,233,894
SK Hynix, Inc.		1,713,529		187,455,868
				706,843,820
Taiwan  |  6.9%
Catcher Technology Co., Ltd.		4,282,000		31,494,621
Globalwafers Co., Ltd.		2,694,000		68,174,835
Hon Hai Precision Industry Co., Ltd.		19,424,425		63,427,516
Novatek Microelectronics Corp.		4,995,000		65,336,886
Taiwan Semiconductor Manufacturing Co., Ltd.		3,974,913		74,654,754
				303,088,612
Thailand  |  1.7%
Kasikornbank Public Co. Ltd.		11,153,054		42,574,416
The Siam Cement Public Co., Ltd. (‡)		2,473,800		31,211,495
				73,785,911

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

88  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
United Kingdom  |  3.1%
Anglo American PLC		1,450,522	$	48,312,978
Unilever PLC		1,415,742		85,724,716
				134,037,694
Total Common Stocks (Cost $3,247,084,404)				4,061,408,322
Exchange-Traded Funds  |  5.0%
iShares Core MSCI Emerging Markets ETF		1,750,278		108,587,247
Vanguard FTSE Emerging Markets ETF		2,152,350		107,854,259
Total Exchange-Traded Funds (Cost $176,623,829)				216,441,506
Short-Term Investments  |  1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $78,259,363)		78,259,363		78,259,363
Total Investments  |  99.7% (Cost $3,501,967,596)			$	4,356,109,191
Cash and Other Assets in Excess of Liabilities  |  0.3%				13,389,074
Net Assets  |  100.0%			$	4,369,498,265

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

Annual Report  89

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks  |  93.9%
Belgium  |  1.9%
Anheuser-Busch InBev SA/NV		24,895	$	1,739,725
France  |  7.1%
Bureau Veritas SA (*)		134,131		3,567,755
EssilorLuxottica SA		18,923		2,951,157
				6,518,912
Germany  |  3.9%
Fresenius Medical Care AG & Co. KGaA		43,448		3,623,951
Italy  |  4.8%
Atlantia SpA (*)		100,008		1,795,465
Snam SpA		458,172		2,572,908
				4,368,373
Luxembourg  |  3.9%
SES SA		380,969		3,603,607
Spain  |  3.0%
Ferrovial SA		100,069		2,765,141
United Kingdom  |  4.5%
National Grid PLC		199,535		2,376,578
United Utilities Group PLC		138,900		1,708,427
				4,085,005
United States  |  64.8%
Cisco Systems, Inc.		107,687		4,818,993
Cognizant Technology Solutions Corp., Class A		33,408		2,737,786
CVS Health Corp.		77,946		5,323,712
H&R Block, Inc.		340,594		5,401,821
Henry Schein, Inc. (*)		24,521		1,639,474
Intel Corp.		92,804		4,623,495
International Game Technology PLC		225,552		3,820,851
McKesson Corp.		25,421		4,421,220
MEDNAX, Inc. (*)		136,236		3,343,231

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

90  Annual Report

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio (concluded)
Medtronic PLC		20,959	$	2,455,137
Nielsen Holdings PLC		277,699		5,795,578
Omnicom Group, Inc.		79,810		4,977,750
Oracle Corp.		46,453		3,005,045
Stericycle, Inc. (*)		39,077		2,709,208
Tapestry, Inc.		142,961		4,443,228
				59,516,529
Total Common Stocks (Cost $72,919,376)				86,221,243
Short-Term Investments  |  6.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $5,598,898)		5,598,898		5,598,898
Total Investments  |  100.0% (Cost $78,518,274)			$	91,820,141
Cash and Other Assets in Excess of Liabilities  |  0.0%				29,304
Net Assets  |  100.0%			$	91,849,445

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

Annual Report  91

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks  |  98.0%
Canada  |  5.1%
CAE, Inc.		55,295	$	1,532,135
Canadian National Railway Co.		9,031		992,849
Dollarama, Inc.		26,029		1,060,872
National Bank of Canada		21,427		1,205,932
				4,791,788
China  |  4.4%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		8,589		1,998,918
Tencent Holdings, Ltd.		29,423		2,149,857
				4,148,775
Denmark  |  1.1%
Vestas Wind Systems A/S		4,464		1,056,512
France  |  2.3%
LVMH Moet Hennessy Louis Vuitton SE		1,819		1,136,567
Pernod Ricard SA		5,309		1,017,673
				2,154,240
Germany  |  2.9%
Merck KGaA		5,086		871,809
Symrise AG		7,052		932,717
Teamviewer AG (*)		17,543		939,521
				2,744,047
Hong Kong  |  4.6%
AIA Group, Ltd.		137,783		1,697,165
China Gas Holdings, Ltd.		388,800		1,550,230
Sands China, Ltd.		245,600		1,079,563
				4,326,958
Japan  |  3.6%
Kansai Paint Co., Ltd.		29,467		907,948
Nintendo Co., Ltd.		2,300		1,467,835
Shimano, Inc.		4,200		980,858
				3,356,641

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

92  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
Netherlands  |  3.8%
NXP Semiconductors NV		7,232	$	1,149,960
Wolters Kluwer NV		28,174		2,377,971
				3,527,931
South Korea  |  1.4%
LG Household & Health Care, Ltd.		853		1,272,125
Spain  |  1.0%
Industria de Diseno Textil SA		28,054		893,293
Sweden  |  4.0%
Assa Abloy AB, Class B		26,111		642,237
Epiroc AB, Class A		88,115		1,601,725
Hexagon AB, B Shares		15,903		1,448,183
				3,692,145
Switzerland  |  2.6%
ABB, Ltd.		43,011		1,203,075
Partners Group Holding AG		1,040		1,214,816
				2,417,891
Taiwan  |  2.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		19,040		2,076,122
United Kingdom  |  10.6%
Coca-Cola European Partners PLC		20,650		1,028,990
Diageo PLC		42,620		1,684,389
Prudential PLC		54,984		1,014,908
RELX PLC		62,719		1,541,859
Rio Tinto PLC		12,400		927,817
Tesco PLC		509,360		1,608,129
Unilever PLC		35,774		2,153,501
				9,959,593

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

Annual Report  93

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
United States  |  48.4%
Accenture PLC, Class A		8,187	$	2,138,526
Alphabet, Inc., Class A (*)		1,539		2,697,313
AmerisourceBergen Corp.		12,410		1,213,202
Aon PLC, Class A		10,318		2,179,884
Boston Scientific Corp. (*)		28,265		1,016,127
Dollar General Corp.		7,918		1,665,155
Honeywell International, Inc.		4,129		878,238
Intercontinental Exchange, Inc.		16,568		1,910,125
IQVIA Holdings, Inc. (*)		13,067		2,341,214
Johnson & Johnson		12,532		1,972,286
Kimberly-Clark Corp.		7,630		1,028,753
Lowe’s Cos., Inc.		8,638		1,386,485
McDonald’s Corp.		6,622		1,420,949
Microsoft Corp.		13,239		2,944,618
Motorola Solutions, Inc.		8,979		1,526,969
Palo Alto Networks, Inc. (*)		2,932		1,042,003
PTC, Inc. (*)		11,299		1,351,473
Rockwell Automation, Inc.		4,402		1,104,066
S&P Global, Inc.		4,389		1,442,796
Texas Instruments, Inc.		9,364		1,536,913
The Charles Schwab Corp.		21,912		1,162,212
The Coca-Cola Co.		36,728		2,014,164
The Procter & Gamble Co.		10,789		1,501,181
Thermo Fisher Scientific, Inc.		6,461		3,009,405
Visa, Inc., Class A		8,813		1,927,668
Warner Music Group Corp., Class A		17,313		657,721
Zoetis, Inc.		13,103		2,168,547
				45,237,993
Total Common Stocks (Cost $65,481,651)				91,656,054

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

94  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Short-Term Investments  |  2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,891,314)		1,891,314	$	1,891,314
Total Investments  |  100.0% (Cost $67,372,965)			$	93,547,368
Cash and Other Assets in Excess of Liabilities  |  0.0%				28,461
Net Assets  |  100.0%			$	93,575,829

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

Annual Report  95

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  85.2%
Australia  |  8.0%
Atlas Arteria, Ltd. (^)		48,907,421	$	245,363,263
Spark Infrastructure Group		83,493,195		135,927,924
Transurban Group		21,680,116		228,531,295
				609,822,482
Canada  |  0.7%
Atco, Ltd., Class I		1,898,489		54,423,650
France  |  6.4%
Eutelsat Communications SA		11,456,887		129,664,643
Vinci SA		3,546,463		352,878,001
				482,542,644
Hong Kong  |  3.3%
CK Infrastructure Holdings, Ltd.		11,085,000		59,577,215
Power Assets Holdings, Ltd.		34,797,965		188,755,560
				248,332,775
Italy  |  21.5%
ASTM SpA (*)		3,990,113		100,327,585
Atlantia SpA (*)		21,551,848		386,924,870
Hera SpA		48,018,401		175,747,529
Italgas SpA		34,322,945		219,025,645
Snam SpA		66,358,224		372,640,950
Terna Rete Elettrica Nazionale SpA		50,053,401		381,893,205
				1,636,559,784
Luxembourg  |  2.6%
SES SA (^)		20,569,089		194,564,135
Portugal  |  0.8%
Redes Energeticas Nacionais SGPS SA		21,468,951		62,151,022
Spain  |  8.4%
Ferrovial SA		23,060,842		637,225,157

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

96  Annual Report

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio (continued)
United Kingdom  |  20.4%
National Grid PLC		52,478,267	$	625,046,767
Pennon Group PLC (^)		21,423,608		279,091,668
Severn Trent PLC		9,720,937		304,457,586
United Utilities Group PLC		28,035,266		344,825,096
				1,553,421,117
United States  |  13.1%
Consolidated Edison, Inc.		3,220,600		232,752,762
CSX Corp.		3,970,311		360,305,723
Norfolk Southern Corp.		983,190		233,615,776
Southwest Gas Holdings, Inc.		2,761,944		167,788,098
				994,462,359
Total Common Stocks (Cost $6,110,414,614)				6,473,505,125
Short-Term Investments  |  15.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,142,375,288)		1,142,375,288		1,142,375,288
Total Investments  |  100.2% (Cost $7,252,789,902) (»)			$	7,615,880,413
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(18,443,408	)
Net Assets  |  100.0%			$	7,597,437,005

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

Annual Report  97

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		87,651,361	USD		66,057,747	BNP	03/25/21		$	1,560,894	$	—
EUR		124,198,638	USD		151,934,678	RBC	03/25/21			66,283		—
USD		147,413,536	AUD		195,300,158	BNP	03/25/21			—		3,250,767
USD		127,030,219	AUD		168,234,120	CIT	03/25/21			—		2,753,989
USD		132,062,970	AUD		174,975,780	HSB	03/25/21			—		2,922,092
USD		125,821,938	AUD		166,616,264	SCB	03/25/21			—		2,714,176
USD		138,684,728	AUD		183,700,548	SSB	03/25/21			—		3,031,055
USD		6,226,061	CAD		7,936,858	BNP	03/25/21			—		10,563
USD		16,103,822	CAD		20,528,991	HSB	03/25/21			—		27,447
USD		13,014,984	CAD		16,590,656	RBC	03/25/21			—		21,620
USD		19,833,940	CAD		25,288,670	SCB	03/25/21			—		37,390
USD		378,873,911	EUR		311,045,214	BNP	03/25/21			—		1,799,922
USD		492,460,852	EUR		404,418,865	CAN	03/25/21			—		2,488,667
USD		436,244,933	EUR		357,965,120	CIT	03/25/21			—		1,852,000
USD		423,624,193	EUR		347,834,528	HSB	03/25/21			—		2,074,376
USD		417,989,025	EUR		343,204,717	MEL	03/25/21			—		2,043,334
USD		465,748,573	EUR		382,428,808	RBC	03/25/21			—		2,288,335
USD		515,288,075	EUR		423,050,397	SSB	03/25/21			—		2,463,713
USD		407,326,193	GBP		302,563,560	CAN	03/25/21			—		6,634,322
USD		384,008,616	GBP		285,808,948	HSB	03/25/21			—		7,028,624
USD		367,916,872	GBP		273,732,397	RBC	03/25/21			—		6,597,508
USD		460,980,105	GBP		342,556,582	SSB	03/25/21			—		7,697,944
USD		77,270,299	HKD		599,014,809	BNP	03/25/21			—		10,044
USD		19,123,532	HKD		148,244,089	HSB	03/25/21			—		1,795
USD		68,671,063	HKD		532,336,017	HSB	03/25/21			—		6,889
USD		78,428,692	HKD		608,002,748	SSB	03/25/21			—		11,207
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	1,627,177	$	57,767,779

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

98  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  97.3%
Brazil  |  1.0%
Lojas Renner SA		5,151	$	43,433
Canada  |  3.7%
CAE, Inc.		2,126		58,908
TMX Group, Ltd.		426		42,550
Toromont Industries, Ltd.		803		56,271
				157,729
China  |  3.5%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		358		83,317
Tencent Holdings, Ltd.		900		65,761
				149,078
Denmark  |  1.9%
Genmab A/S (*)		198		80,087
France  |  2.8%
Safran SA (*)		315		44,673
Vivendi SA		2,368		76,365
				121,038
Germany  |  2.9%
Infineon Technologies AG		1,453		55,761
Merck KGaA		389		66,680
				122,441
Greece  |  0.9%
Public Power Corp. SA (*)		4,448		40,726
Hong Kong  |  1.7%
AIA Group, Ltd.		5,800		71,443
India  |  1.4%
HDFC Bank, Ltd. ADR (*)		808		58,386
Israel  |  1.3%
CyberArk Software, Ltd. (*)		344		55,587

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

Annual Report  99

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Italy  |  1.4%
Enel SpA		5,869	$	59,267
Japan  |  4.2%
Digital Garage, Inc.		900		37,191
Nintendo Co., Ltd.		100		63,819
TechnoPro Holdings, Inc.		500		41,503
Z Holdings Corp.		6,200		37,604
				180,117
Netherlands  |  1.5%
Koninklijke DSM NV		367		63,222
Portugal  |  1.2%
Energias de Portugal SA		8,168		51,470
South Korea  |  1.3%
SK Hynix, Inc.		493		53,933
Spain  |  2.4%
Siemens Gamesa Renewable Energy SA		2,493		101,206
Sweden  |  1.3%
Nordnet AB publ (*)		3,500		54,919
Switzerland  |  3.4%
ABB, Ltd.		1,959		54,796
Idorsia, Ltd. (*)		816		23,508
Partners Group Holding AG		56		65,413
				143,717
United Kingdom  |  13.0%
Clarivate PLC (*)		1,860		55,261
Coca-Cola European Partners PLC		878		42,393
Dechra Pharmaceuticals PLC		945		44,605
Informa PLC (*)		6,536		49,115
ITV PLC (*)		46,268		67,636
Linde PLC		200		51,941

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

100  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
RELX PLC		4,319	$	106,176
Rio Tinto PLC		491		36,738
Tesco PLC		12,718		40,153
THG Holdings PLC (*)		5,530		59,049
				553,067
United States  |  46.5%
Accenture PLC, Class A		234		61,123
Adobe, Inc. (*)		129		64,515
Alphabet, Inc., Class A (*)		83		145,469
American Express Co.		609		73,634
Analog Devices, Inc.		364		53,774
Aon PLC, Class A		399		84,297
Applied Materials, Inc.		609		52,557
Bank of America Corp.		1,770		53,649
Danaher Corp.		358		79,526
Dollar General Corp.		219		46,056
Dollar Tree, Inc. (*)		802		86,648
Electronic Arts, Inc.		662		95,063
Fidelity National Information Services, Inc.		310		43,853
Intercontinental Exchange, Inc.		1,068		123,130
IQVIA Holdings, Inc. (*)		555		99,439
Medtronic PLC		558		65,364
Microsoft Corp.		843		187,500
Palo Alto Networks, Inc. (*)		226		80,318
S&P Global, Inc.		297		97,633
Starbucks Corp.		532		56,913
Synopsys, Inc. (*)		222		57,551
The Coca-Cola Co.		1,032		56,595
Thermo Fisher Scientific, Inc.		193		89,896
UnitedHealth Group, Inc.		178		62,421
Visa, Inc., Class A		302		66,056
				1,982,980
Total Common Stocks (Cost $2,880,805)				4,143,846

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

Annual Report  101

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Preferred Stocks  |  1.3%
Germany  |  1.3%
Volkswagen AG (Cost $49,606)		296	$	55,148
Short-Term Investments  |  1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $80,664)		80,664		80,664
Total Investments  |  100.5% (Cost $3,011,075)			$	4,279,658
Liabilities in Excess of Cash and Other Assets  |  (0.5)%				(19,350	)
Net Assets  |  100.0%			$	4,260,308

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

102  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  100.4%
Australia  |  7.4%
AGL Energy, Ltd.		656	$	6,049
Aristocrat Leisure, Ltd.		199		4,762
BHP Group, Ltd.		370		12,054
Breville Group, Ltd.		231		4,575
Charter Hall Group REIT		642		7,287
CSL, Ltd.		45		9,833
Data#3, Ltd.		650		2,809
Fortescue Metals Group, Ltd.		3,971		71,797
Goodman Group REIT		427		6,229
IGO, Ltd.		642		3,161
Inghams Group, Ltd.		1,245		2,996
Netwealth Group, Ltd.		465		5,757
REA Group, Ltd.		36		4,135
Regis Resources, Ltd.		2,955		8,451
Santos, Ltd.		5,737		27,745
Stockland REIT		4,642		14,974
				192,614
Austria  |  0.2%
OMV AG		52		2,100
Raiffeisen Bank International AG (*)		103		2,080
				4,180
China  |  0.3%	��
S-Enjoy Service Group Co., Ltd.		2,000		4,592
SITC International Holdings Co., Ltd.		1,000		2,165
				6,757
Denmark  |  3.3%
Coloplast A/S, Class B		120		18,332
Novo Nordisk A/S, Class B		965		67,497
				85,829
Finland  |  1.2%
Neles Oyj		200		2,651
Neste Oyj		103		7,441
UPM-Kymmene Oyj		55		2,046

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

Annual Report  103

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Valmet Oyj		712	$	20,355
				32,493
France  |  9.3%
Air Liquide SA		71		11,653
Cie de Saint-Gobain (*)		892		40,901
Cie Generale des Etablissements Michelin SCA		240		30,801
Electricite de France SA (*)		392		6,209
Elis SA (*)		125		2,094
Gaztransport Et Technigaz SA		40		3,871
Hermes International		6	$	6,452
L’Oreal SA		86		32,676
Orange SA		983		11,699
Peugeot SA (*)		463		12,671
Sartorius Stedim Biotech		7		2,495
Schneider Electric SE		471		68,128
Societe Generale SA (*)		550		11,458
				241,108
Germany  |  8.6%
Allianz SE		270		66,062
Continental AG		28		4,149
Daimler AG		451		31,846
Deutsche Bank AG (*)		2,078		22,623
Deutsche Post AG		903		44,687
DWS Group GmbH & Co. KGaA		145		6,166
Henkel AG & Co. KGaA (Preference Shares)		263		29,636
Muenchener Rueckversicherungs AG		46		13,623
Siltronic AG		24		3,756
				222,548
Hong Kong  |  2.2%
CK Hutchison Holdings, Ltd.		2,000		13,967
Man Wah Holdings, Ltd.		7,200		15,681
Sun Hung Kai Properties, Ltd.		1,000		12,910
WH Group, Ltd.		18,000		15,093
				57,651
Ireland  |  0.2%
Kingspan Group PLC (*)		85		5,967

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

104  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Israel  |  0.3%
Plus500, Ltd.		370	$	7,339
Italy  |  1.4%
Banca Generali SpA (*)		78		2,593
Banco BPM SpA (*)		2,289		5,025
Buzzi Unicem SpA		489		11,680
De’ Longhi SpA		71		2,234
Intesa Sanpaolo SpA (*)		3,459		8,070
Reply SpA		60		7,004
				36,606
Japan  |  25.8%
AGC, Inc.		200		6,985
Amada Co., Ltd.		2,100		23,195
Chugai Pharmaceutical Co., Ltd.		100		5,339
Credit Saison Co., Ltd.		200		2,323
Dai Nippon Printing Co., Ltd.		500		9,019
Dai-ichi Life Holdings, Inc.		2,500		37,975
Daikin Industries, Ltd.		100		22,272
Daito Trust Construction Co., Ltd. Sponsored ADR		145		3,405
DCM Holdings Co., Ltd.		500		5,699
East Japan Railway Co. ADR		1,388		15,434
EDION Corp.		600		6,095
Electric Power Development Co., Ltd.		700		9,707
Japan Post Bank Co., Ltd.		900		7,435
Japan Tobacco, Inc.		900		18,341
Kao Corp.		100		7,731
KDDI Corp.		400		11,879
Kureha Corp.		100		7,057
McDonald’s Holdings Co. Japan, Ltd.		200		9,685
MEIJI Holdings Co., Ltd.		100		7,032
MS&AD Insurance Group Holdings, Inc.		300		9,148
Murata Manufacturing Co., Ltd.		600		54,037
Nikkiso Co., Ltd.		200		1,949
Nintendo Co., Ltd. ADR		691		55,639
Nishi-Nippon Financial Holdings, Inc.		500		3,223

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

Annual Report  105

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Nitori Holdings Co., Ltd. ADR		621	$	13,153
Nitto Denko Corp.		200		17,959
Nitto Denko Corp. ADR		230		10,299
Obayashi Corp.		600		5,198
Ono Pharmaceutical Co., Ltd.		500		15,068
Open House Co., Ltd.		100		3,678
ORIX Corp.		1,000		15,519
Osaka Gas Co., Ltd.		400		8,194
Sekisui Chemical Co., Ltd.		600		11,382
Sekisui House, Ltd.		1,100		22,411
Seven & I Holdings Co., Ltd.		700		24,858
Shin-Etsu Chemical Co., Ltd.		233		40,790
Softbank Corp.		3,300		41,371
T&D Holdings, Inc.		1,400		16,569
Taiheiyo Cement Corp.		200		5,032
The 77 Bank, Ltd.		200		2,743
The Gunma Bank, Ltd.		1,000		3,102
The Okinawa Electric Power Co., Inc.		100		1,349
The Shizuoka Bank, Ltd.		300		2,210
Tohoku Electric Power Co., Inc.		200		1,657
Tokyo Electron, Ltd.		100		37,299
Trend Micro, Inc.		400		23,028
Trend Micro, Inc. Sponsored ADR		84		4,821
				668,294
Luxembourg  |  0.1%
ArcelorMittal SA (*)		130		2,983
Netherlands  |  4.9%
ASM International NV		109		23,830
ASML Holding NV		48		23,197
Koninklijke Ahold Delhaize NV		1,196		33,775
NN Group NV		380		16,624
Randstad NV (*)		95		6,184
Royal Dutch Shell PLC, A Shares		1,177		20,896
Signify NV (*)		80		3,389
				127,895

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

106  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
New Zealand  |  0.6%
Fisher & Paykel Healthcare Corp., Ltd.		669	$	15,887
Norway  |  1.6%
DNB ASA (*)		573		11,282
Orkla ASA		1,926		19,541
Yara International ASA		284		11,790
				42,613
Singapore  |  1.5%
AEM Holdings, Ltd.		3,200		8,387
DBS Group Holdings, Ltd.		400		7,566
Genting Singapore, Ltd.		5,400		3,467
Oversea-Chinese Banking Corp., Ltd.		2,100		15,966
UOL Group, Ltd.		400		2,339
				37,725
South Africa  |  0.1%
Investec PLC		673		1,740
Spain  |  2.7%
Amadeus IT Group SA		127		9,195
Iberdrola SA		1,747		24,985
Industria de Diseno Textil SA		1,111		35,376
				69,556
Sweden  |  4.7%
Assa Abloy AB, Class B		526		12,938
Axfood AB		143		3,333
Essity AB, Class B		407		13,080
Evolution Gaming Group AB		241		24,434
Husqvarna AB, B Shares		1,389		17,969
Kinnevik AB, Class B		106		5,350
Lundin Energy AB		116		3,132
Sandvik AB (*)		179		4,376
Skandinaviska Enskilda Banken AB, Class A (*)		820		8,418
Swedish Match AB		258		20,042
Thule Group AB (*)		96		3,588

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

Annual Report  107

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Volvo AB, Class B (*)		198	$	4,659
				121,319
Switzerland  |  9.7%
Credit Suisse Group AG		1,141		14,678
Geberit AG		4		2,503
Logitech International SA		138		13,384
Nestle SA		77		9,065
Novartis AG		829		78,300
Partners Group Holding AG		9		10,513
Roche Holding AG		247		86,180
Sonova Holding AG (*)		86		22,140
UBS Group AG		1,062		14,854
				251,617
United Kingdom  |  13.9%
3i Group PLC		303		4,841
Associated British Foods PLC (*)		454		14,066
AstraZeneca PLC		54		5,395
Barclays PLC (*)		20,248		40,638
British American Tobacco PLC		370		13,762
BT Group PLC		6,585		11,919
Computacenter PLC		78		2,614
Fiat Chrysler Automobiles NV (*)		1,005		17,972
GlaxoSmithKline PLC		1,015		18,598
Howden Joinery Group PLC (*)		172		1,624
IMI PLC		645		10,328
Imperial Brands PLC		380		7,984
ITV PLC (*)		2,391		3,495
National Grid PLC		3,341		39,793
Persimmon PLC		497		18,826
RELX PLC		1,459		35,887
Rio Tinto PLC		50		3,741
Natwest Group PLC (*)		7,924		18,327
Segro PLC REIT		614		7,960
Spirent Communications PLC		1,016		3,661
Standard Chartered PLC (*)		3,931		25,207

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

108  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Tate & Lyle PLC		1,666	$	15,379
Unilever PLC		176		10,657
Vodafone Group PLC		16,371		26,941
				359,615
United States  |  0.4%
ICON PLC (*)		51		9,944
Total Common Stocks (Cost $2,185,778)				2,602,280
Preferred Stocks  |  0.2%
Germany  |  0.2%
Volkswagen AG (Cost $5,237)		27		5,031
Rights  |  0.0%
Australia  |  0.0%
IGO NL Expires 01/15/21 (Cost $0)		75		0
Short-Term Investments  |  0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $20,453)		20,453		20,453
Total Investments  |  101.4% (Cost $2,211,468)			$	2,627,764
Liabilities in Excess of Cash and Other Assets  |  (1.4)%				(36,674	)
Net Assets  |  100.0%			$	2,591,090

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

Annual Report  109

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks  |  98.6%
Brazil  |  2.6%
Lojas Renner SA		43,200	$	364,259
Canada  |  2.2%
Toromont Industries, Ltd.		4,474		313,521
China  |  12.0%
Autohome, Inc. ADR		2,478		246,858
Ping An Insurance (Group) Co. of China, Ltd., Class H		56,000		687,850
Tencent Holdings, Ltd.		10,218		746,601
				1,681,309
France  |  15.0%
Engie SA (*)		56,413		863,753
Safran SA (*)		3,763		533,670
Sanofi		7,359		711,031
				2,108,454
Germany  |  8.1%
Beiersdorf AG		5,961		687,261
Vonovia SE		6,262		456,638
				1,143,899
Hong Kong  |  6.7%
China Gas Holdings, Ltd.		116,600		464,909
ESR Cayman, Ltd. (*)		131,400		472,258
				937,167
India  |  3.6%
Reliance Industries, Ltd. Sponsored GDR (#)		9,340		510,898
Japan  |  12.8%
Digital Garage, Inc.		14,900		615,719
Hitachi, Ltd.		22,600		891,783
Ryohin Keikaku Co., Ltd.		14,200		290,097
				1,797,599

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

110  Annual Report

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio (continued)
Luxembourg  |  3.6%
ArcelorMittal SA (*)		22,093	$	507,002
Mexico  |  5.9%
Arca Continental SAB de CV		171,296		823,619
South Korea  |  6.3%
Samsung Electronics Co., Ltd.		11,922		891,020
Spain  |  3.7%
Siemens Gamesa Renewable Energy SA		12,956		525,963
United Kingdom  |  11.1%
Prudential PLC		31,401		579,607
RELX PLC		18,275		449,509
The Weir Group PLC (*)		19,672		535,834
				1,564,950
United States  |  5.0%
Aon PLC, Class A		1,691		357,258
Medtronic PLC		2,910		340,877
				698,135
Total Common Stocks (Cost $11,705,814)				13,867,795
Preferred Stocks  |  3.2%
Germany  |  3.2%
Volkswagen AG (Cost $376,431)		2,374		442,301

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

Annual Report  111

Description	Fair Value
Lazard International Equity Concentrated Portfolio (concluded)
Total Investments  |  101.8% (Cost $12,082,245)	$	14,310,096
Liabilities in Excess of Cash and Other Assets  |  (1.8)%		(249,247	)
Net Assets  |  100.0%	$	14,060,849

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

112  Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks  |  97.0%
Australia  |  1.3%
BHP Group PLC		1,571,981	$	41,427,705
Canada  |  3.3%
Canadian National Railway Co.		333,019		36,611,422
Suncor Energy, Inc.		1,999,274		33,533,270
TMX Group, Ltd.		306,565		30,620,374
				100,765,066
China  |  3.4%
Autohome, Inc. ADR		304,577		30,341,961
ENN Energy Holdings, Ltd.		1,875,000		27,521,162
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,882,000		47,682,750
				105,545,873
Denmark  |  3.7%
Carlsberg AS, Class B		292,515		46,895,463
Vestas Wind Systems A/S		284,181		67,258,183
				114,153,646
Finland  |  2.2%
Nordea Bank Abp (*)		4,107,287		33,538,533
Sampo Oyj, A Shares		828,852		35,151,114
				68,689,647
France  |  15.9%
Air Liquide SA		333,806		54,787,148
Alstom SA (*)		956,777		54,257,775
BNP Paribas SA (*)		496,234		26,173,474
Engie SA (*)		5,441,356		83,313,913
Pernod Ricard SA		211,460		40,534,397
Safran SA (*)		439,759		62,366,818
Sanofi		786,196		75,962,684
Vinci SA		299,794		29,829,920
Vivendi SA		1,846,719		59,554,088
				486,780,217

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

Annual Report  113

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Germany  |  6.9%
Continental AG		241,943	$	35,850,870
Fresenius Medical Care AG & Co. KGaA		377,275		31,468,105
Infineon Technologies AG		943,943		36,225,382
Merck KGaA		251,862		43,172,546
ProSiebenSat.1 Media SE (*)		1,665,575		27,993,665
Vonovia SE		491,815		35,864,132
				210,574,700
Hong Kong  |  1.1%
ESR Cayman, Ltd. (*)		9,267,800		33,308,898
Ireland  |  1.1%
Ryanair Holdings PLC Sponsored ADR (*)		312,652		34,385,467
Israel  |  1.0%
Bank Leumi Le-Israel BM		5,309,391		31,338,537
Italy  |  2.3%
Enel SpA		6,953,966		70,223,686
Japan  |  15.9%
Daiwa House Industry Co., Ltd.		1,564,981		46,714,151
Fujitsu, Ltd.		259,478		37,562,865
Hitachi, Ltd.		1,822,100		71,899,002
Kao Corp.		263,480		20,370,931
Makita Corp.		937,200		47,045,794
Nexon Co., Ltd.		1,699,782		52,349,785
Nintendo Co., Ltd.		93,500		59,670,690
Ryohin Keikaku Co., Ltd.		1,266,200		25,867,676
Sumitomo Mitsui Financial Group, Inc.		1,201,000		37,162,660
Suzuki Motor Corp.		742,000		34,448,705
Yamaha Corp.		526,700		31,047,285
Z Holdings Corp.		3,552,769		21,548,052
				485,687,596
Luxembourg  |  1.2%
ArcelorMittal SA (*)		1,570,842		36,048,550

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

114  Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Mexico  |  0.7%
Arca Continental SAB de CV		4,414,012	$	21,223,280
Netherlands  |  4.9%
Akzo Nobel NV		264,905		28,455,907
JDE Peet’s NV (*)		511,091		23,039,372
Koninklijke DSM NV		364,424		62,777,865
Wolters Kluwer NV		432,355		36,492,063
				150,765,207
Norway  |  2.3%
Equinor ASA		1,815,011		30,115,792
Telenor ASA		2,317,409		39,246,901
				69,362,693
Portugal  |  1.5%
Energias de Portugal SA		5,884,930		37,083,690
Galp Energia SGPS SA		857,083		9,168,307
				46,251,997
Singapore  |  1.1%
DBS Group Holdings, Ltd.		1,737,920		32,872,550
South Korea  |  2.0%
Samsung Electronics Co., Ltd.		825,939		61,728,560
Spain  |  1.3%
Banco Santander SA (*)		12,748,342		39,582,055
Sweden  |  2.2%
Hexagon AB, B Shares		288,475		26,269,538
Sandvik AB (*)		1,643,975		40,185,758
				66,455,296
Switzerland  |  5.8%
ABB, Ltd.		2,464,370		68,931,730
Flughafen Zuerich AG (*)		136,710		24,181,386
Novartis AG		892,378		84,285,815
				177,398,931

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

Annual Report  115

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
United Kingdom  |  9.6%
3i Group PLC		1,552,490	$	24,803,309
Informa PLC (*)		3,540,914		26,608,253
Prudential PLC		2,468,934		45,572,166
RELX PLC		3,401,526		83,667,066
Tesco PLC		18,535,401		58,519,151
Unilever PLC		917,540		55,233,515
				294,403,460
United States  |  6.3%
Aon PLC, Class A		261,335		55,212,246
Ferguson PLC		387,643		47,141,648
Medtronic PLC		773,521		90,610,250
				192,964,144
Total Common Stocks (Cost $2,322,971,104)				2,971,937,761
Preferred Stocks  |  1.7%
Germany  |  1.7%
Volkswagen AG (Cost $47,421,165)		280,089		52,183,445
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $33,605,219)		33,605,219		33,605,219
Total Investments  |  99.8% (Cost $2,403,997,488)			$	3,057,726,425
Cash and Other Assets in Excess of Liabilities  |  0.2%				4,923,688
Net Assets  |  100.0%			$	3,062,650,113

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

116  Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks  |  95.6%
Australia  |  1.4%
BHP Group, Ltd.		39,417	$	1,284,162
Brazil  |  2.4%
BB Seguridade Participacoes SA		117,800		674,599
Cia de Saneamento Basico do Estado de Sao Paulo		76,600		657,942
Lojas Renner SA		113,100		953,651
				2,286,192
Canada  |  2.0%
Canadian National Railway Co.		9,258		1,017,805
Suncor Energy, Inc.		53,631		899,538
				1,917,343
China  |  8.7%
Alibaba Group Holding, Ltd. (*)		26,900		785,955
Autohome, Inc. ADR		11,642		1,159,776
ENN Energy Holdings, Ltd.		99,600		1,461,924
Ping An Insurance (Group) Co. of China, Ltd., Class H		180,500		2,217,088
Tencent Holdings, Ltd.		35,700		2,608,500
				8,233,243
Denmark  |  2.9%
Carlsberg AS, Class B		7,515		1,204,791
Vestas Wind Systems A/S		6,753		1,598,258
				2,803,049
Finland  |  2.1%
Nordea Bank Abp (*)		104,375		852,287
Sampo Oyj, A Shares		26,911		1,141,279
				1,993,566
France  |  14.3%
Air Liquide SA		7,291		1,196,663
Alstom SA (*)		25,248		1,431,786
BNP Paribas SA (*)		19,702		1,039,167
Engie SA (*)		143,930		2,203,747
Pernod Ricard SA		5,218		1,000,229
Safran SA (*)		15,901		2,255,087

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

Annual Report  117

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Sanofi		21,644	$	2,091,255
Vinci SA		8,265		822,379
Vivendi SA		48,953		1,578,665
				13,618,978
Germany  |  4.2%
Beiersdorf AG		10,930		1,260,151
Continental AG		4,245		629,020
Knorr-Bremse AG		7,864		1,071,280
Merck KGaA		6,217		1,065,678
	��			4,026,129
Hong Kong  |  1.9%
ESR Cayman, Ltd. (*)		235,600		846,757
Sands China, Ltd.		226,800		996,926
				1,843,683
India  |  2.1%
Hero MotoCorp, Ltd.		11,521		491,036
ICICI Bank, Ltd. Sponsored ADR (*)		103,910		1,544,102
				2,035,138
Indonesia  |  1.1%
PT Bank Mandiri (Persero) Tbk		837,000		377,713
PT Telkom Indonesia (Persero) Tbk Sponsored ADR		26,885		632,335
				1,010,048
Ireland  |  1.4%
Ryanair Holdings PLC Sponsored ADR (*)		11,879		1,306,452
Italy  |  1.9%
Enel SpA		182,264		1,840,568
Japan  |  12.7%
Daiwa House Industry Co., Ltd.		31,100		928,325
Hitachi, Ltd.		37,800		1,491,566
Kao Corp.		10,900		842,733
Makita Corp.		28,600		1,435,670
Nintendo Co., Ltd.		3,100		1,978,387
Ryohin Keikaku Co., Ltd.		44,400		907,064
Shimano, Inc.		4,500		1,050,919

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

118  Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Shin-Etsu Chemical Co., Ltd.		8,500	$	1,488,040
Sumitomo Mitsui Financial Group, Inc.		34,176		1,057,511
Suzuki Motor Corp.		18,200		844,968
				12,025,183
Mexico  |  1.6%
Grupo Financiero Banorte SAB de CV, Class O (*)		268,600		1,483,816
Netherlands  |  3.4%
JDE Peet’s NV (*)		16,735		754,394
Koninklijke DSM NV		8,106		1,396,388
Wolters Kluwer NV		12,432		1,049,298
				3,200,080
Norway  |  2.0%
Equinor ASA		47,025		780,268
Telenor ASA		63,860		1,081,513
				1,861,781
Singapore  |  1.0%
DBS Group Holdings, Ltd.		48,700		921,155
South Africa  |  0.9%
Mr Price Group, Ltd.		72,486		843,004
South Korea  |  4.5%
LG Household & Health Care, Ltd.		724		1,079,741
Samsung Electronics Co., Ltd.		43,147		3,224,696
				4,304,437
Spain  |  0.5%
Industria de Diseno Textil SA		15,022		478,329
Sweden  |  2.4%
Hexagon AB, B Shares		11,804		1,074,914
Sandvik AB (*)		49,795		1,217,202
				2,292,116
Switzerland  |  5.8%
ABB, Ltd.		74,378		2,080,452
Flughafen Zuerich AG (*)		3,048		539,133

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

Annual Report  119

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Lonza Group AG		1,464	$	940,276
Novartis AG		20,833		1,967,694
				5,527,555
United Kingdom  |  7.7%
London Stock Exchange Group PLC		7,210		888,740
Prudential PLC		64,801		1,196,112
RELX PLC		89,834		2,209,640
Tesco PLC		482,347		1,522,845
Unilever PLC		25,306		1,523,355
				7,340,692
United States  |  6.7%
Accenture PLC, Class A		5,686		1,485,240
Aon PLC, Class A		8,542		1,804,669
Ferguson PLC		9,930		1,207,597
Medtronic PLC		16,030		1,877,754
				6,375,260
Total Common Stocks (Cost $74,457,997)				90,851,959
Preferred Stocks  |  2.0%
Germany  |  2.0%
Volkswagen AG (Cost $1,732,597)		10,067		1,875,585
Short-Term Investments  |  2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,104,351)		2,104,351		2,104,351
Total Investments  |  99.8% (Cost $78,294,945)			$	94,831,895
Cash and Other Assets in Excess of Liabilities  |  0.2%				156,943
Net Assets  |  100.0%			$	94,988,838

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

120  Annual Report

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks  |  98.1%
Austria  |  2.0%
BAWAG Group AG (*)		1,159	$	54,376
France  |  22.6%
Bollore SA		21,163		87,515
Carrefour SA		5,734		98,319
Credit Agricole SA (*)		9,818		123,975
Engie SA (*)		6,373		97,579
Peugeot SA (*)		2,693		73,700
Sanofi		932		90,050
Thales SA		563		51,572
				622,710
Germany  |  10.0%
Allianz SE		340		83,188
KION Group AG		996		86,594
Siemens AG		741		106,057
				275,839
Italy  |  2.1%
Pirelli & C SpA (*)		10,534		56,989
Japan  |  20.1%
Hitachi, Ltd.		2,900		114,432
Nexon Co., Ltd.		1,654		50,940
Shin-Etsu Chemical Co., Ltd.		491		85,956
Sony Corp. Sponsored ADR		838		84,722
Suzuki Motor Corp.		1,368		63,512
Toyota Industries Corp.		1,086		86,320
Universal Entertainment Corp. (*)		2,885		66,679
				552,561
Macau  |  2.9%
SJM Holdings, Ltd.		72,306		81,006

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

Annual Report  121

Description	Shares		Fair Value
Lazard International Equity Value Portfolio (continued)
Mexico  |  5.2%
Arca Continental SAB de CV		15,037	$	72,300
Fomento Economico Mexicano SAB de CV Sponsored ADR		919		69,633
				141,933
Netherlands  |  3.5%
Akzo Nobel NV		910		97,752
South Korea  |  7.0%
Kangwon Land, Inc.		4,143		89,604
SK Hynix, Inc.		943		103,162
				192,766
Spain  |  2.5%
Banco Santander SA (*)		21,980		68,245
Sweden  |  3.3%
Sandvik AB (*)		3,688		90,150
Switzerland  |  11.2%
Coca-Cola HBC AG		3,820		124,243
Credit Suisse Group AG		8,874		114,160
The Swatch Group AG		257		70,045
				308,448
United Kingdom  |  5.7%
BP PLC		18,883		65,047
Prudential PLC		4,918		90,778
				155,825
Total Common Stocks (Cost $2,313,850)				2,698,600

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

122  Annual Report

Description	Shares		Fair Value
Lazard International Equity Value Portfolio (concluded)
Short-Term Investments  |  2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $60,990)		60,990	$	60,990
Total Investments  |  100.3% (Cost $2,374,840)			$	2,759,590
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(8,693	)
Net Assets  |  100.0%			$	2,750,897

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

Annual Report  123

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks  |  95.3%
Canada  |  9.0%
CAE, Inc.		10,390	$	287,890
Dollarama, Inc.		4,728		192,701
National Bank of Canada		3,241		182,406
Toromont Industries, Ltd.		4,379		306,864
				969,861
China  |  6.7%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		1,352		314,651
Tencent Holdings, Ltd.		5,500		401,870
				716,521
Denmark  |  6.5%
Coloplast A/S, Class B		1,068		163,150
Demant A/S (*)		5,299		209,180
Genmab A/S (*)		818		330,866
				703,196
France  |  4.7%
Legrand SA		2,254		201,176
LVMH Moet Hennessy Louis Vuitton SE		480		299,919
				501,095
Germany  |  8.7%
Rational AG		260		241,920
SAP SE		1,612		211,831
Scout24 AG		3,325		272,387
Symrise AG		1,610		212,943
				939,081
Hong Kong  |  2.3%
AIA Group, Ltd.		20,000		246,353
India  |  3.5%
HDFC Bank, Ltd. ADR (*)		5,277		381,316
Israel  |  1.7%
Check Point Software Technologies, Ltd. (*)		1,344		178,631

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

124   Annual Report

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (continued)
Japan  |  11.2%
Pigeon Corp.		3,400	$	140,529
Shimano, Inc.		700		163,477
SMS Co., Ltd.		9,800		375,494
Toei Animation Co., Ltd.		4,600		360,835
Workman Co., Ltd.		2,000		170,695
				1,211,030
Netherlands  |  5.1%
ASML Holding NV		769		371,628
Wolters Kluwer NV		2,146		181,129
				552,757
Norway  |  1.5%
Gjensidige Forsikring ASA		7,253		161,895
South Africa  |  2.1%
Clicks Group, Ltd.		12,915		222,221
South Korea  |  2.1%
LG Household & Health Care, Ltd.		150		223,703
Spain  |  1.2%
Industria de Diseno Textil SA		3,993		127,145
Sweden  |  4.6%
Assa Abloy AB, Class B		10,021		246,481
Hexagon AB, B Shares		2,739		249,423
				495,904
Switzerland  |  5.1%
Geberit AG		337		210,852
Partners Group Holding AG		290		338,747
				549,599
Taiwan  |  5.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,025		547,926

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

Annual Report   125

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (concluded)
United Kingdom  |  11.6%
Dechra Pharmaceuticals PLC		3,569	$	168,462
Diageo PLC		6,101		241,118
Intertek Group PLC		2,305		178,124
London Stock Exchange Group PLC		2,248		277,100
Prudential PLC		7,669		141,556
RELX PLC		9,939		244,336
				1,250,696
United States  |  2.6%
Aon PLC, Class A		1,345		284,158
Total Common Stocks (Cost $7,824,500)				10,263,088
Short-Term Investments  |  6.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $710,467)		710,467		710,467
Total Investments  |  101.9% (Cost $8,534,967)			$	10,973,555
Liabilities in Excess of Cash and Other Assets  |  (1.9)%				(209,304	)
Net Assets  |  100.0%			$	10,764,251

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

126   Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  98.1%
Australia  |  2.4%
AUB Group, Ltd.		30,426	$	379,963
Bravura Solutions, Ltd.		151,435		376,318
carsales.com, Ltd.		16,201		250,101
				1,006,382
Austria  |  1.3%
BAWAG Group AG (*)		11,631		545,679
Belgium  |  2.9%
Barco NV		14,027		305,675
Fagron		18,442		428,319
Shurgard Self Storage SA		10,966		475,707
				1,209,701
Canada  |  3.3%
Stelco Holdings, Inc.		38,797		692,793
The Descartes Systems Group, Inc. (*)		4,888		285,892
WPT Industrial Real Estate Investment Trust		29,767		430,133
				1,408,818
Denmark  |  1.4%
Royal Unibrew A/S		5,224		605,666
Finland  |  3.4%
Altia Oyj		40,590		492,861
Kemira Oyj		30,515		478,103
Kojamo Oyj		20,002		441,364
				1,412,328
France  |  1.5%
Gaztransport Et Technigaz SA		3,211		310,725
Kaufman & Broad SA		7,040		315,008
				625,733
Germany  |  13.1%
Aroundtown SA		80,180		599,584
CompuGroup Medical SE & Co. KgaA		3,623		347,931
Covestro AG		8,645		533,247

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

Annual Report  127

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Dermapharm Holding SE		11,881	$	826,837
Flatex AG (*)		14,452		1,121,195
JOST Werke AG (*)		11,258		592,860
LEG Immobilien AG		3,091		479,224
PATRIZIA AG		15,191		487,218
Teamviewer AG (*)		9,885		529,394
				5,517,490
Greece  |  1.4%
JUMBO SA		14,914		259,700
Terna Energy SA		20,886		336,169
				595,869
Hong Kong  |  1.0%
ESR Cayman, Ltd. (*)		112,400		403,971
India  |  0.7%
Jubilant Life Sciences, Ltd.		25,361		293,641
Ireland  |  1.2%
Dalata Hotel Group PLC (*)		106,699		493,382
Italy  |  3.5%
Banca Generali SpA (*)		13,509		449,071
Italgas SpA		84,969		542,214
Tinexta Spa (*)		18,618		477,253
				1,468,538
Japan  |  24.5%
Ariake Japan Co., Ltd.		6,500		467,626
ARTERIA Networks Corp.		31,100		450,309
Bell System24 Holdings, Inc.		24,700		387,630
Broadleaf Co., Ltd.		58,300		384,641
Daiseki Co., Ltd.		15,200		446,153
Digital Garage, Inc.		11,200		462,823
DTS Corp.		20,600		424,729
GMO internet, Inc.		14,900		428,090
Industrial & Infrastructure Fund Investment Corp. REIT		278		513,258
JAFCO Group Co., ltd.		11,900		594,607

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

128   Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Japan Lifeline Co., Ltd.		29,900	$	472,065
Nippon Shinyaku Co., Ltd.		3,900		256,135
Open House Co., Ltd.		12,600		463,450
Relo Group, Inc.		17,300		419,596
Roland Corp.		14,500		442,352
Sanwa Holdings Corp.		36,500		424,999
Seria Co., Ltd.		11,000		403,159
TechnoPro Holdings, Inc.		6,845		568,171
Trend Micro, Inc.		7,300		420,272
Trusco Nakayama Corp.		16,000		450,507
Tsuruha Holdings, Inc.		3,700		527,512
USS Co., Ltd.		23,300		471,341
Zenkoku Hosho Co., Ltd.		8,342		383,665
				10,263,090
Jersey  |  1.5%
JTC PLC		84,123		640,423
Luxembourg  |  1.1%
Stabilus SA		6,311		444,884
Netherlands  |  6.4%
Aalberts NV		11,844		524,948
Arcadis NV (*)		19,248		636,360
ASM International NV		3,923		857,656
Meltwater Holding BV (*)		23,801		139,349
Van Lanschot Kempen NV (*)		19,990		513,079
				2,671,392
New Zealand  |  1.1%
Freightways, Ltd.		64,161		464,775
Norway  |  0.9%
Crayon Group Holding ASA (*)		25,459		373,432
Singapore  |  1.0%
XP Power, Ltd.		6,556		421,756

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

Annual Report  129

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Spain  |  1.7%
Bankinter SA		73,820	$	399,458
Merlin Properties Socimi SA REIT		31,951		303,849
				703,307
Sweden  |  5.8%
Getinge AB, B Shares		15,402		359,501
Karnov Group AB		112,856		813,958
Lindab International AB		23,571		487,987
Nordnet AB publ (*)		13,582		213,116
Stillfront Group AB (*)		45,230		549,360
				2,423,922
Switzerland  |  0.9%
Swissquote Group Holding SA		4,068		395,273
United Kingdom  |  15.1%
Ascential PLC (*)		61,448		323,925
Auto Trader Group PLC (*)		69,505		566,855
Bellway PLC		11,743		475,240
Britvic PLC		37,611		417,847
Bytes Technology Group PLC (*)		52,697		241,412
Dechra Pharmaceuticals PLC		6,732		317,760
Electrocomponents PLC		43,744		521,207
GB Group PLC		22,081		283,289
JD Sports Fashion PLC (*)		37,602		442,999
Pennon Group PLC		45,673		594,996
Polypipe Group PLC (*)		71,806		590,192
Smart Metering Systems PLC		43,478		422,876
Synthomer PLC		117,089		720,418
The Weir Group PLC (*)		15,619		425,437
				6,344,453
United States  |  1.0%
Nexteer Automotive Group, Ltd.		396,000		426,629
Total Common Stocks (Cost $31,692,603)				41,160,534

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

130   Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Short-Term Investments  |  1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $689,364)		689,364	$	689,364
Total Investments  |  99.7% (Cost $32,381,967)			$	41,849,898
Cash and Other Assets in Excess of Liabilities  |  0.3%				105,290
Net Assets  |  100.0%			$	41,955,188

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

Annual Report   131

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  95.6%
Brazil  |  0.8%
Lojas Renner SA		5,855,300	$	49,371,448
Canada  |  6.7%
CAE, Inc.		6,031,256		167,116,348
National Bank of Canada		1,935,191		108,914,355
Suncor Energy, Inc.		3,655,971		61,320,591
TMX Group, Ltd.		582,771		58,208,426
				395,559,720
China  |  5.1%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		280,550		65,292,401
Autohome, Inc. ADR		441,521		43,984,322
Kingsoft Cloud Holdings, Ltd. ADR (*)		767,304		33,416,089
Ping An Bank Co., Ltd., Class A		25,603,382		75,867,874
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,717,248		57,942,132
Tencent Holdings, Ltd.		356,140		26,022,162
				302,524,980
Denmark  |  3.0%
Carlsberg AS, Class B		639,559		102,532,914
Genmab A/S (*)		192,989		78,060,494
				180,593,408
Finland  |  1.6%
Sampo Oyj, A Shares		2,268,132		96,190,110
France  |  12.2%
Alstom SA (*)		1,430,418		81,117,437
Engie SA (*)		8,725,871		133,603,914
Pernod Ricard SA		583,191		111,790,860
Safran SA (*)		690,981		97,995,235
Sanofi		1,768,661		170,888,984
Vivendi SA		3,939,079		127,029,753
				722,426,183

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

132   Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Germany  |  4.8%
Beiersdorf AG		636,510	$	73,385,090
Infineon Technologies AG		1,740,699		66,802,219
Rational AG		46,504		43,270,179
Vonovia SE		1,408,787		102,731,562
				286,189,050
Hong Kong  |  2.5%
ESR Cayman, Ltd. (*)		24,445,800		87,859,327
Sands China, Ltd.		13,832,800		60,803,684
				148,663,011
India  |  1.2%
Housing Development Finance Corp., Ltd.		2,084,950		73,515,802
Ireland  |  1.7%
Ryanair Holdings PLC Sponsored ADR (*)		901,661		99,164,677
Israel  |  1.6%
Bank Leumi Le-Israel BM		15,700,932		92,674,328
Italy  |  2.3%
Enel SpA		13,734,272		138,693,689
Japan  |  12.3%
Daikin Industries, Ltd.		279,000		62,137,983
FANUC Corp.		338,900		83,443,058
Makita Corp.		2,837,891		142,457,145
Nexon Co., Ltd.		3,541,835		109,081,223
Nintendo Co., Ltd.		266,150		169,854,053
Suzuki Motor Corp.		1,869,272		86,784,367
Yamaha Corp.		1,318,072		77,696,140
				731,453,969
Mexico  |  1.0%
Arca Continental SAB de CV		11,931,200		57,367,131
Netherlands  |  1.2%
JDE Peet’s NV (*)		1,522,927		68,651,729

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

Annual Report   133

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Portugal  |  0.9%
Energias de Portugal SA		8,470,218	$	53,374,796
Spain  |  5.7%
Bankinter SA		12,127,123		65,622,748
Industria de Diseno Textil SA		3,816,497		121,524,610
Siemens Gamesa Renewable Energy SA		3,738,528		151,769,594
				338,916,952
Sweden  |  1.0%
Hexagon AB, B Shares		668,510		60,876,848
Switzerland  |  5.7%
ABB, Ltd.		4,757,260		133,066,935
Idorsia, Ltd. (*)		920,279		26,511,738
Julius Baer Group, Ltd.		1,685,365		97,623,811
Partners Group Holding AG		66,975		78,232,937
				335,435,421
United Kingdom  |  17.4%
Coca-Cola European Partners PLC		3,015,552		145,602,845
Compass Group PLC		3,180,612		59,351,537
Informa PLC (*)		15,932,299		119,723,505
InterContinental Hotels Group PLC (*)		1,028,364		66,805,094
Linde PLC		238,833		62,025,836
Prudential PLC		6,473,838		119,495,629
RELX PLC		5,649,006		138,948,154
Rio Tinto PLC		2,308,818		172,754,792
Tesco PLC		36,859,712		116,371,858
THG Holdings, PLC (*)		2,548,090		27,208,244
				1,028,287,494
United States  |  6.9%
Accenture PLC, Class A		391,296		102,210,428
Aon PLC, Class A		734,494		155,176,548
Medtronic PLC		1,290,844		151,209,466
				408,596,442
Total Common Stocks (Cost $4,162,460,832)				5,668,527,188

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

134   Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Preferred Stocks  |  2.8%
Germany  |  2.8%
Volkswagen AG (Cost $159,366,195)		886,088	$	165,087,256
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $86,117,830)		86,117,830		86,117,830
Total Investments  |  99.9% (Cost $4,407,944,857)			$	5,919,732,274
Cash and Other Assets in Excess of Liabilities  |  0.1%				4,842,513
Net Assets  |  100.0%			$	5,924,574,787

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

Annual Report   135

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  99.3%
Australia  |  1.4%
AGL Energy, Ltd.		15,827	$	145,933
Ansell, Ltd.		2,302		61,840
CSL, Ltd.		316		69,048
Fortescue Metals Group, Ltd.		5,088		91,993
				368,814
Belgium  |  0.5%
Etablissements Franz Colruyt NV		1,284		76,077
Telenet Group Holding NV		1,521		65,243
				141,320
Canada  |  2.5%
Constellation Software, Inc.		53		68,823
Empire Co., Ltd., Class A		4,904		134,033
George Weston, Ltd.		617		46,087
Quebecor, Inc., Class B		7,985		205,506
Rogers Communications, Inc., Class B		4,265		198,558
Topicus.com, Inc. (*)		98		370
				653,377
Denmark  |  2.0%
Coloplast A/S, Class B		1,053		160,858
Novo Nordisk A/S, Class B		5,063		354,134
				514,992
Finland  |  0.5%
Elisa Oyj		1,202		65,616
Valmet Oyj		2,178		62,266
				127,882
France  |  1.3%
Carrefour SA		983		16,855
Cie Generale des Etablissements Michelin SCA		468		60,062
Orange SA		12,199		145,188
Schneider Electric SE		816		118,031
				340,136

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

136  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Hong Kong  |  2.5%
CK Hutchison Holdings, Ltd.		24,000	$	167,597
CLP Holdings, Ltd.		10,500		97,202
Hysan Development Co., Ltd.		18,000		66,202
Jardine Matheson Holdings, Ltd.		1,300		72,810
Sun Hung Kai Properties, Ltd.		19,000		245,295
				649,106
Israel  |  0.4%
Bezeq The Israeli Telecommunication Corp., Ltd. (*)		33,716		33,861
Plus500, Ltd.		3,047		60,442
				94,303
Japan  |  15.6%
AGC, Inc.		2,100		73,340
Ajinomoto Co., Inc.		6,900		156,365
Chubu Electric Power Co., Inc.		8,600		103,549
Daito Trust Construction Co., Ltd.		700		65,470
Daiwa Securities Group, Inc.		29,800		135,915
DCM Holdings Co., Ltd.		12,800		145,906
East Japan Railway Co.		3,300		220,900
Electric Power Development Co., Ltd.		8,800		122,038
Fuji Media Holdings, Inc.		4,700		50,169
FUJIFILM Holdings Corp.		1,100		58,014
ITOCHU Corp.		4,000		115,205
Japan Logistics Fund, Inc. REIT		39		115,016
Japan Post Bank Co., Ltd.		28,700		237,093
Japan Post Holdings Co., Ltd.		13,400		104,395
K’s Holdings Corp.		4,900		68,154
KDDI Corp.		5,200		154,426
Kyudenko Corp.		2,200		71,048
McDonald’s Holdings Co. Japan, Ltd.		5,200		251,823
Mizuho Financial Group, Inc.		10,960		139,708
MS&AD Insurance Group Holdings, Inc.		4,600		140,263
NEC Corp.		1,100		58,897
Nintendo Co., Ltd.		200		127,638
Nitori Holdings Co., Ltd.		300		62,894
Obayashi Corp.		7,500		64,971

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

Annual Report   137

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Osaka Gas Co., Ltd.		7,600	$	155,685
Rengo Co., Ltd.		6,600		55,285
Sankyo Co., Ltd.		2,400		64,933
Secom Co., Ltd.		1,100		101,561
Seven & I Holdings Co., Ltd.		3,900		138,495
Sumitomo Mitsui Trust Holdings, Inc.		1,600		49,612
Sumitomo Osaka Cement Co., Ltd.		1,600		46,964
Teijin, Ltd.		4,400		82,966
The Hachijuni Bank, Ltd.		20,800		69,630
The Kansai Electric Power Co., Inc.		11,500		109,353
The Shizuoka Bank, Ltd.		9,200		67,769
Tohoku Electric Power Co., Inc.		19,200		159,122
Trend Micro, Inc.		1,300		74,843
				4,019,415
Netherlands  |  1.9%
Flow Traders		2,663		88,030
Koninklijke Ahold Delhaize NV		8,188		231,231
Koninklijke KPN NV		25,569		77,520
NN Group NV		2,127		93,051
				489,832
New Zealand  |  0.6%
Fisher & Paykel Healthcare Corp., Ltd. Class C		6,494		154,214
Norway  |  1.9%
Orkla ASA		35,381		358,964
Telenor ASA		4,496		76,143
Yara International ASA		1,457		60,488
				495,595
Singapore  |  0.6%
Singapore Exchange, Ltd.		20,400		143,579
Spain  |  0.7%
Corporacion Financiera Alba SA		500		23,801
Iberdrola SA		10,732		153,484
				177,285

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

138  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Sweden  |  1.1%
Axfood AB		5,930	$	138,221
Husqvarna AB, B Shares		5,385		69,663
Swedish Match AB		1,052		81,721
				289,605
Switzerland  |  3.9%
Credit Suisse Group AG		5,444		70,035
Novartis AG		1,447		136,670
Roche Holding AG		1,254		437,531
Swisscom AG		345		185,847
Tecan Group AG		251		123,250
UBS Group AG		4,139		57,890
				1,011,223
United Kingdom  |  3.1%
GlaxoSmithKline PLC		4,278		78,386
J Sainsbury PLC		86,629		267,247
National Grid PLC		10,433		124,263
Rio Tinto, Ltd.		1,625		142,731
Standard Chartered PLC (*)		12,255		78,583
Vodafone Group PLC		61,384		101,016
				792,226
United States  |  58.8%
AbbVie, Inc.		1,563		167,475
Accenture PLC, Class A		449		117,283
Activision Blizzard, Inc.		682		63,324
AGCO Corp.		666		68,658
Agilent Technologies, Inc.		613		72,634
Altria Group, Inc.		1,883		77,203
Amdocs, Ltd.		1,333		94,550
American Tower Corp. REIT		228		51,177
American Water Works Co., Inc.		390		59,853
AmerisourceBergen Corp.		1,182		115,552
Apple, Inc.		814		108,010
AptarGroup, Inc.		1,491		204,103
AT&T, Inc.		3,765		108,281
Atmos Energy Corp.		613		58,499

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

Annual Report   139

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
AutoZone, Inc. (*)		53	$	62,828
Best Buy Co., Inc.		667		66,560
Booz Allen Hamilton Holding Corp.		2,871		250,294
Bristol-Myers Squibb Co.		829		51,423
Broadridge Financial Solutions, Inc.		412		63,118
Cadence Design Systems, Inc. (*)		1,335		182,134
California Water Service Group		1,180		63,755
Campbell Soup Co.		1,978		95,636
Cboe Global Markets, Inc.		675		62,856
Charter Communications, Inc., Class A (*)		305		201,773
Cisco Systems, Inc.		3,902		174,615
CMS Energy Corp.		940		57,349
Colgate-Palmolive Co.		3,350		286,458
Comcast Corp., Class A		2,588		135,611
Costco Wholesale Corp.		383		144,307
Cummins, Inc.		564		128,084
CVS Health Corp.		2,715		185,435
DaVita, Inc. (*)		1,015		119,161
Dolby Laboratories, Inc., Class A		549		53,324
Dollar General Corp.		1,392		292,738
Domino’s Pizza, Inc.		464		177,925
DTE Energy Co.		480		58,277
Easterly Government Properties, Inc. REIT		4,999		113,227
Electronic Arts, Inc.		904		129,814
Eli Lilly & Co.		1,561		263,559
Entergy Corp.		885		88,358
Equity Lifestyle Properties, Inc. REIT		999		63,297
Evergy, Inc.		1,216		67,500
Exlservice Holdings, Inc. (*)		744		63,337
Flowers Foods, Inc.		2,298		52,004
General Mills, Inc.		2,077		122,128
Gilead Sciences, Inc.		1,654		96,362
Graco, Inc.		1,621		117,279
Hormel Foods Corp.		3,289		153,300
Humana, Inc.		166		68,105
Huntington Ingalls Industries, Inc.		346		58,986

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

140  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
IDEXX Laboratories, Inc. (*)		200	$	99,974
Intuit, Inc.		183		69,513
Jack Henry & Associates, Inc.		875		141,741
JB Hunt Transport Services, Inc.JB Hunt Transport Services, Inc.		610		83,357
Johnson & Johnson		2,440		384,007
Kellogg Co.		2,961		184,263
Kimberly-Clark Corp.		2,375		320,221
La-Z-Boy, Inc.		1,563		62,270
Laboratory Corp. of America Holdings (*)		300		61,065
Lennox International, Inc.		407		111,506
Lockheed Martin Corp.		921		326,937
McDonald’s Corp.		518		111,152
McKesson Corp.		433		75,307
MDU Resources Group, Inc.		2,551		67,193
Merck & Co., Inc.		3,699		302,578
Mettler-Toledo International, Inc. (*)		63		71,800
Microsoft Corp.		769		171,041
Mid-America Apartment Communities, Inc. REIT		436		55,237
Moody’s Corp.		223		64,724
National Fuel Gas Co.		1,467		60,338
Newmont Mining Corp.		1,627		97,441
Northrop Grumman Corp.		634		193,192
O’Reilly Automotive, Inc. (*)		247		111,785
Old Republic International Corp.		4,612		90,903
PennyMac Financial Services, Inc.		1,091		71,591
PepsiCo, Inc.		1,728		256,262
Pfizer, Inc.		1,956		72,000
Philip Morris International, Inc.		846		70,040
Pool Corp.		281		104,673
QUALCOMM, Inc.		894		136,192
Quest Diagnostics, Inc.		734		87,471
Regeneron Pharmaceuticals, Inc. (*)		96		46,379
Republic Services, Inc.		3,499		336,954
S&P Global, Inc.		189		62,130
SBA Communications Corp. REIT		418		117,930

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

Annual Report  141

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Sempra Energy		509	$	64,852
Service Corp. International		4,134		202,979
Silgan Holdings, Inc.		4,120		152,770
Sirius XM Holdings, Inc.		11,199		71,338
Southwest Gas Holdings, Inc.		3,206		194,765
Stepan Co.		503		60,018
STERIS PLC		326		61,790
Sturm Ruger & Co., Inc.		962		62,597
Synopsys, Inc. (*)		1,012		262,351
Target Corp.		2,018		356,238
Terminix Global Holdings, Inc. (*)		1,282		65,395
The Bank of New York Mellon Corp.		2,272		96,424
The Clorox Co.		1,560		314,995
The Hanover Insurance Group, Inc.		784		91,665
The Hershey Co.		1,161		176,855
The Home Depot, Inc.		296		78,624
The J.M. Smucker Co.		566		65,430
The Kroger Co.		3,551		112,780
The New York Times Co.		1,312		67,922
The Procter & Gamble Co.		2,519		350,494
Thermo Fisher Scientific, Inc.		439		204,477
Tractor Supply Co.		882		123,992
UnitedHealth Group, Inc.		206		72,240
Verizon Communications, Inc.		5,801		340,809
Vertex Pharmaceuticals, Inc. (*)		204		48,213
Viatris, Inc. (*)		2,852		53,446
Walmart, Inc.		2,388		344,230
Waste Management, Inc.		1,187		139,983
WEC Energy Group, Inc.		1,091		100,405
Weis Markets, Inc.		949		45,372
Werner Enterprises, Inc.		1,232		48,319
West Pharmaceutical Services, Inc.		361		102,275
WW Grainger, Inc.		124		50,634
Xcel Energy, Inc.		1,029		68,603
Zoetis, Inc.		629		104,100
				15,174,066

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

142  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Total Common Stocks (Cost $23,943,315)			$	25,636,970
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $160,040)		160,040		160,040
Total Investments  |  99.9% (Cost $24,103,355)			$	25,797,010
Cash and Other Assets in Excess of Liabilities  |  0.1%				16,702
Net Assets  |  100.0%			$	25,813,712

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

Annual Report  143

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  97.4%
Building Products  |  2.8%
Armstrong World Industries, Inc.		742,162	$	55,209,431
Capital Markets  |  9.3%
Intercontinental Exchange, Inc.		886,001		102,147,055
S&P Global, Inc.		245,239		80,617,417
				182,764,472
Commercial Services & Supplies  |  3.6%
Waste Management, Inc.		597,466		70,459,165
Construction Materials  |  3.8%
Vulcan Materials Co.		509,424		75,552,674
Distributors  |  1.6%
LKQ Corp. (*)		913,885		32,205,308
Electronic Equipment, Instruments & Components  |  3.4%
CDW Corp.		156,835		20,669,285
Zebra Technologies Corp., Class A (*)		122,001		46,888,644
				67,557,929
Entertainment  |  1.0%
Electronic Arts, Inc.		136,239		19,563,920
Equity Real Estate Investment Trusts (REITs)  |  9.2%
Crown Castle International Corp., REIT		473,809		75,425,655
Public Storage REIT		456,065		105,319,090
				180,744,745
Food & Staples Retailing  |  1.6%
Sysco Corp.		414,052		30,747,502
Health Care Equipment & Supplies  |  12.9%
Baxter International, Inc.		1,053,608		84,541,506
Medtronic PLC		1,457,709		170,756,032
				255,297,538

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

144  Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (continued)
Hotels, Restaurants & Leisure  |  6.7%
McDonald’s Corp.		390,218	$	83,732,979
Starbucks Corp.		459,085		49,112,913
				132,845,892
Interactive Media & Services  |  7.9%
Alphabet, Inc., Class A (*)		88,727		155,506,489
IT Services  |  9.7%
Fiserv, Inc. (*)		1,315,879		149,825,983
Visa, Inc., Class A		195,158		42,686,909
				192,512,892
Leisure Products  |  2.1%
Brunswick Corp.		536,254		40,884,005
Life Sciences Tools & Services  |  1.2%
Sotera Health Co. (*)		874,938		24,008,299
Multiline Retail  |  3.8%
Dollar Tree, Inc. (*)		687,952		74,326,334
Road & Rail  |  1.8%
Norfolk Southern Corp.		152,279		36,183,013
Semiconductors & Semiconductor Equipment  |  11.3%
Analog Devices, Inc.		902,051		133,259,994
Skyworks Solutions, Inc.		593,957		90,804,146
				224,064,140
Specialty Retail  |  3.7%
Lowe’s Cos., Inc.		450,638		72,331,905
Total Common Stocks (Cost $1,355,070,121)				1,922,765,653

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

Annual Report  145

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
Short-Term Investments  |  2.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $48,536,284)		48,536,284	$	48,536,284
Total Investments  |  99.9% (Cost $1,403,606,405)			$	1,971,301,937
Cash and Other Assets in Excess of Liabilities  |  0.1%				1,600,322
Net Assets  |  100.0%			$	1,972,902,259

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

146  Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks  |  98.9%
Auto Components  |  1.1%
Aptiv PLC		4,551	$	592,950
Banks  |  5.4%
Bank of America Corp.		71,738		2,174,379
Commerce Bancshares, Inc.		10,437		685,711
				2,860,090
Beverages  |  3.4%
The Coca-Cola Co.		32,935		1,806,155
Capital Markets  |  6.2%
Intercontinental Exchange, Inc.		22,156		2,554,365
The Charles Schwab Corp.		13,533		717,791
				3,272,156
Commercial Services & Supplies  |  3.0%
Waste Management, Inc.		13,548		1,597,716
Communications Equipment  |  2.7%
Cisco Systems, Inc.		32,096		1,436,296
Consumer Finance  |  3.3%
American Express Co.		14,606		1,766,011
Entertainment  |  1.3%
Electronic Arts, Inc.		4,910		705,076
Food & Staples Retailing  |  2.3%
Sysco Corp.		16,243		1,206,205
Health Care Equipment & Supplies  |  9.9%
Danaher Corp.		9,222		2,048,575
Medtronic PLC		27,306		3,198,625
				5,247,200

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

Annual Report  147

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (continued)
Hotels, Restaurants & Leisure  |  6.4%
McDonald’s Corp.		9,821	$	2,107,390
Starbucks Corp.		12,096		1,294,030
				3,401,420
Industrial Conglomerates  |  4.5%
Honeywell International, Inc.		11,138		2,369,053
Insurance  |  3.0%
Marsh & McLennan Cos., Inc.		13,653		1,597,401
Interactive Media & Services  |  7.1%
Alphabet, Inc., Class A (*)		2,156		3,778,692
IT Services  |  5.9%
Visa, Inc., Class A		14,392		3,147,962
Life Sciences Tools & Services  |  2.2%
IQVIA Holdings, Inc. (*)		6,467		1,158,692
Multiline Retail  |  2.1%
Dollar Tree, Inc. (*)		10,539		1,138,634
Pharmaceuticals  |  5.8%
Johnson & Johnson		19,402		3,053,487
Road & Rail  |  4.2%
Norfolk Southern Corp.		9,461		2,248,028
Semiconductors & Semiconductor Equipment  |  5.4%
Analog Devices, Inc.		19,282		2,848,530
Software  |  7.5%
Microsoft Corp.		17,833		3,966,416

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

148  Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Specialty Retail  |  6.2%
Lowe’s Cos., Inc.		15,462	$	2,481,805
Ross Stores, Inc.		6,707		823,687
				3,305,492
Total Common Stocks (Cost $36,118,304)				52,503,662
Short-Term Investments  |  1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $635,125)		635,125		635,125
Total Investments  |  100.1% (Cost $36,753,429)			$	53,138,787
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(31,036	)
Net Assets  |  100.0%			$	53,107,751

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

Annual Report  149

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  98.6%
Aerospace & Defense  |  2.4%
Curtiss-Wright Corp.		14,721	$	1,712,788
HEICO Corp.		6,166		816,379
				2,529,167
Air Freight & Logistics  |  0.9%
Echo Global Logistics, Inc. (*)		32,845		880,903
Airlines  |  0.8%
Alaska Air Group, Inc.		15,755		819,260
Auto Components  |  0.8%
Gentherm, Inc. (*)		13,313		868,274
Banks  |  6.2%
Citizens Financial Group, Inc.		52,331		1,871,357
Comerica, Inc.		21,680		1,211,045
Commerce Bancshares, Inc.		24,186		1,589,020
Home BancShares, Inc.		91,863		1,789,491
				6,460,913
Biotechnology  |  4.1%
Emergent Biosolutions, Inc. (*)		13,683		1,225,997
Exelixis, Inc. (*)		66,002		1,324,660
United Therapeutics Corp. (*)		11,351		1,722,968
				4,273,625
Building Products  |  2.6%
Armstrong World Industries, Inc.		16,162		1,202,291
PGT Innovations, Inc. (*)		75,071		1,526,944
				2,729,235
Capital Markets  |  1.6%
Morningstar, Inc.		7,164		1,658,967

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

150  Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Chemicals  |  2.9%
Ingevity Corp. (*)		20,156	$	1,526,414
Innospec, Inc.		16,071		1,458,122
				2,984,536
Communications Equipment  |  2.6%
Ciena Corp. (*)		18,228		963,350
F5 Networks, Inc. (*)		9,894		1,740,750
				2,704,100
Construction & Engineering  |  1.8%
Valmont Industries, Inc.		10,920		1,910,236
Construction Materials  |  1.4%
Eagle Materials, Inc.		14,347		1,454,068
Containers & Packaging  |  2.4%
Avery Dennison Corp.		7,242		1,123,307
Graphic Packaging Holding Co.		81,547		1,381,406
				2,504,713
Electrical Equipment  |  2.2%
Atkore International Group, Inc. (*)		25,659		1,054,842
EnerSys		14,272		1,185,432
				2,240,274
Electronic Equipment, Instruments & Components  |  1.0%
Zebra Technologies Corp., Class A (*)		2,770		1,064,594
Energy Equipment & Services  |  1.6%
Cactus, Inc., Class A		62,241		1,622,623
Entertainment  |  1.2%
Take-Two Interactive Software, Inc. (*)		5,901		1,226,169
Equity Real Estate Investment Trusts (REITs)  |  8.0%
Alexandria Real Estate Equities, Inc.		9,657		1,721,070
Brixmor Property Group, Inc.		63,166		1,045,397
Camden Property Trust		11,780		1,177,058
Hudson Pacific Properties, Inc.		48,933		1,175,371

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

Annual Report  151

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Invitation Homes, Inc.		17,050	$	506,385
PS Business Parks, Inc.		12,784		1,698,610
Summit Hotel Properties, Inc.		110,390		994,614
				8,318,505
Food & Staples Retailing  |  1.3%
Casey’s General Stores, Inc.		7,633		1,363,406
Food Products  |  1.1%
Flowers Foods, Inc.		48,121		1,088,978
Gas Utilities  |  1.6%
New Jersey Resources Corp.		46,695		1,660,007
Health Care Equipment & Supplies  |  1.3%
STERIS PLC		7,175		1,359,950
Health Care Providers & Services  |  1.4%
Henry Schein, Inc. (*)		21,136		1,413,153
Health Care Technology  |  1.1%
HMS Holdings Corp. (*)		31,555		1,159,646
Hotels, Restaurants & Leisure  |  1.6%
Wyndham Hotels & Resorts, Inc.		27,855		1,655,701
Household Durables  |  1.9%
Helen of Troy, Ltd. (*)		3,415		758,779
Leggett & Platt, Inc.		27,363		1,212,181
				1,970,960
Industrial Conglomerates  |  1.5%
Carlisle Cos., Inc.		9,995		1,561,019

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

152  Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Insurance  |  4.2%
Arch Capital Group, Ltd. (*)		45,054	$	1,625,098
Brown & Brown, Inc.		34,304		1,626,352
Reinsurance Group of America, Inc.		9,801		1,135,936
				4,387,386
Interactive Media & Services  |  1.9%
Cars.com, Inc. (*)		119,536		1,350,757
MediaAlpha, Inc., Class A		15,402		601,756
				1,952,513
IT Services  |  4.4%
Amdocs, Ltd.		22,682		1,608,834
Leidos Holdings, Inc.		15,180		1,595,722
NIC, Inc.		53,827		1,390,351
				4,594,907
Leisure Products  |  2.6%
Brunswick Corp.		15,353		1,170,513
Hasbro, Inc.		16,402		1,534,243
				2,704,756
Life Sciences Tools & Services  |  5.0%
Adaptive Biotechnologies Corp. (*)		23,695		1,401,085
Charles River Laboratories International, Inc. (*)		5,683		1,419,955
ICON PLC (*)		6,393		1,246,507
Maravai LifeSciences Holdings, Inc., Class A		38,674		1,084,806
				5,152,353
Machinery  |  3.6%
Altra Industrial Motion Corp.		22,952		1,272,229
Columbus McKinnon Corp.		13,255		509,522
Ingersoll Rand, Inc. (*)		15,564		709,096
Kennametal, Inc.		33,453		1,212,337
				3,703,184
Oil, Gas & Consumable Fuels  |  0.4%
Magnolia Oil & Gas Corp., Class A (*)		64,066		452,306
Paper & Forest Products  |  1.6%
Neenah, Inc.		29,004		1,604,501

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

Annual Report  153

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Pharmaceuticals  |  1.4%
Catalent, Inc. (*)		14,152	$	1,472,799
Semiconductors & Semiconductor Equipment  |  2.8%
CMC Materials, Inc.		6,722		1,017,039
MKS Instruments, Inc.		12,622		1,898,980
				2,916,019
Software  |  6.8%
Datto Holding Corp.		38,692		1,044,684
j2 Global, Inc. (*)		16,683		1,629,762
PTC, Inc. (*)		10,974		1,312,600
RealPage, Inc. (*)		13,369		1,166,312
SolarWinds Corp. (*)		67,957		1,015,957
Vertex, Inc., Class A		24,988		870,832
				7,040,147
Specialty Retail  |  2.3%
Designer Brands, Inc., Class A		115,098		880,500
Floor & Decor Holdings, Inc., Class A (*)		7,311		678,826
Leslie’s, Inc.		27,705		768,814
				2,328,140
Textiles, Apparel & Luxury Goods  |  3.0%
Carter’s, Inc.		15,684		1,475,394
Tapestry, Inc.		51,253		1,592,943
				3,068,337
Trading Companies & Distributors  |  1.3%
Air Lease Corp.		30,467		1,353,344
Total Common Stocks (Cost $76,969,454)				102,213,674
Total Investments  |  98.6% (Cost $76,969,454)			$	102,213,674
Cash and Other Assets in Excess of Liabilities  |  1.4%				1,418,739
Net Assets  |  100.0%			$	103,632,413

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

154  Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks  |  98.0%
Auto Components  |  1.0%
Aptiv PLC		923	$	120,258
Banks  |  6.2%
Commerce Bancshares, Inc.		4,549		298,869
The PNC Financial Services Group, Inc.		2,850		424,650
				723,519
Capital Markets  |  4.5%
Intercontinental Exchange, Inc.		3,009		346,907
The Charles Schwab Corp.		3,319		176,040
				522,947
Chemicals  |  2.1%
Ecolab, Inc.		1,106		239,294
Commercial Services & Supplies  |  3.2%
MSA Safety, Inc.		554		82,762
Waste Management, Inc.		2,439		287,631
				370,393
Communications Equipment  |  2.1%
Cisco Systems, Inc.		4,124		184,549
Motorola Solutions, Inc.		334		56,800
				241,349
Containers & Packaging  |  2.2%
Ball Corp.		2,764		257,549
Electrical Equipment  |  2.9%
Rockwell Automation, Inc.		1,353		339,346
Entertainment  |  2.0%
The Walt Disney Co. (*)		1,276		231,186
Equity Real Estate Investment Trusts (REITs)  |  2.2%
Prologis, Inc., REIT		2,564		255,528

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

Annual Report  155

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Food & Staples Retailing  |  1.0%
Sysco Corp.		1,533	$	113,841
Food Products  |  0.2%
Vital Farms, Inc. (*)		936		23,690
Health Care Equipment & Supplies  |  8.4%
Boston Scientific Corp. (*)		4,553		163,680
Danaher Corp.		1,477		328,101
Medtronic PLC		4,077		477,580
				969,361
Health Care Providers & Services  |  4.6%
Humana, Inc.		375		153,851
Laboratory Corp. of America Holdings (*)		1,071		218,002
UnitedHealth Group, Inc.		471		165,171
				537,024
Hotels, Restaurants & Leisure  |  2.5%
Starbucks Corp.		2,719		290,879
Household Products  |  2.5%
The Procter & Gamble Co.		2,062		286,907
IT Services  |  7.0%
Accenture PLC, Class A		1,504		392,860
Visa, Inc., Class A		1,933		422,805
				815,665
Life Sciences Tools & Services  |  5.2%
Agilent Technologies, Inc.		1,365		161,739
IQVIA Holdings, Inc. (*)		955		171,107
Maravai LifeSciences Holdings, Inc., Class A		1,337		37,503
Thermo Fisher Scientific, Inc.		488		227,301
				597,650

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

156  Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Machinery  |  3.4%
Deere & Co.		848	$	228,155
Watts Water Technologies, Inc., Class A		656		79,835
Xylem, Inc.		851		86,623
				394,613
Multiline Retail  |  2.6%
Dollar General Corp.		1,415		297,574
Pharmaceuticals  |  6.3%
Johnson & Johnson		2,061		324,360
Pfizer, Inc.		4,844		178,308
Zoetis, Inc.		1,400		231,700
				734,368
Road & Rail  |  2.7%
Norfolk Southern Corp.		1,336		317,447
Semiconductors & Semiconductor Equipment  |  6.1%
Analog Devices, Inc.		2,126		314,074
Applied Materials, Inc.		1,918		165,523
Texas Instruments, Inc.		1,397		229,290
				708,887
Software  |  11.8%
Intuit, Inc.		468		177,770
Microsoft Corp.		3,873		861,432
Palo Alto Networks, Inc. (*)		284		100,931
salesforce.com, Inc. (*)		1,053		234,324
				1,374,457
Specialty Retail  |  5.3%
Ross Stores, Inc.		1,447		177,706
The Home Depot, Inc.		1,651		438,539
				616,245
Total Common Stocks (Cost $9,660,642)				11,379,977

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

Annual Report  157

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (concluded)
Short-Term Investments  |  1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $188,816)		188,816	$	188,816
Total Investments  |  99.6% (Cost $9,849,458)			$	11,568,793
Cash and Other Assets in Excess of Liabilities  |  0.4%				49,186
Net Assets  |  100.0%			$	11,617,979

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

158  Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments

December 31, 2020

(*)	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, 2020, these securities accounted for 0.6% of the net assets for the Lazard Emerging Markets Equity Advantage Portfolio and 3.6% of the net assets of Lazard International Equity Concentrated Portfolio.
(^)	Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non-Voting Depositary Receipt
PJSC	—	Public Joint Stock Company
REIT	—	Real Estate Investment Trust

Currency Abbreviations:

AUD	—	Australian Dollar	GBP	—	British Pound Sterling
CAD	—	Canadian Dollar	HKD	—	Hong- Kong Dollar
EUR	—	Euro	USD	—	United State Dollar

Counterparty Abbreviations:

BNP	—	BNP Paribas SA	MEL	—	The Bank of New York Mellon Corp.
CAN	—	Canadian Imperial Bank of Commerce	RBC	—	Royal Bank of Canada
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
HSB	—	HSBC Bank USA NA	SSB	—	State Street Bank and Trust Co.

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

Annual Report  159

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

Industry†	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		—	%		—	%		—	%
Airlines		—			0.5			—			—
Auto Components		2.9			0.6			0.8			1.1
Automobiles		—			0.9			1.8			0.9
Banks		22.5			13.1			13.8			23.5
Beverages		0.8			3.1			0.9			0.9
Biotechnology		—			—			0.4			—
Building Products		—			—			0.4			—
Capital Markets		—			1.1			0.7			0.2
Chemicals		1.0			1.0			2.2			0.6
Commercial Services & Suppliers		—			—			0.5			—
Communications Equipment		0.5			1.2			—			0.2
Construction & Engineering		—			—			—			—
Construction Materials		0.4			1.4			1.0			1.3
Consumer Finance		0.8			—			—			0.3
Containers & Packaging		—			—			—			0.3
Diversified Consumer Services		0.7			1.6			0.6			0.6
Diversified Financial Services		—			—			0.2			—
Diversified Telecommunication Services		—			1.2			1.2			0.8
Electric Utilities		—			—			0.5			—
Electrical Equipment		1.3			—			1.0			0.2
Electronic Equipment, Instruments & Components		2.3			1.6			3.6			2.4
Entertainment		4.3			4.5			1.9			3.9
Food & Staples Retailing		—			—			1.5			0.4
Food Products		—			1.5			1.2			0.6
Gas Utilities		1.1			0.8			0.6			0.3
Health Care Equipment & Supplies		—			—			0.7			0.3
Health Care Providers & Services		—			—			—			0.6
Hotels, Restaurants & Leisure		2.7			0.8			0.5			0.3
Household Durables		—			0.8			1.0			0.7
Household Products		—			—			0.2			0.6
Independent Power & Renewable Electricity Producers		—			—			0.3			—
Industrial Conglomerates		—			0.5			—			—
Insurance		2.0			3.5			2.5			3.5
Interactive Media & Services		10.4			7.6			7.3			5.9
Internet & Direct Marketing Retail		5.2			9.2			11.2			2.3
IT Services		1.5			4.0			3.2			4.3
Leisure Products		—			—			—			—

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

160  Annual Report

Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	—	%		—	%		1.6	%		—	%		2.4	%
	—			—			—			—			—
	1.4			—			—			—			—
	2.5			—			—			—			1.3
	22.8			—			1.3			—			2.6
	—			1.9			6.3			—			2.3
	—			—			—			—			2.4
	—			—			0.7			—			—
	—			—			6.1			—			7.7
	1.0			—			2.0			—			2.7
	—			2.9			—			—			—
	—			5.2			1.6			—			—
	—			3.0			—			13.0			—
	2.1			—			—			—			—
	—			—			—			—			1.7
	—			—			—			—			—
	—			5.9			—			—			—
	—			—			—			—			1.3
	2.2			—			—			—			—
	0.7			—			—			10.1			3.7
	—			—			3.6			—			3.7
	2.1			—			1.5			—			—
	—			—			2.3			—			5.5
	1.6			—			1.7			—			1.0
	—			—			—			—			—
	0.8			2.8			1.7			10.0			—
	—			2.7			1.1			—			3.4
	1.8			20.0			1.3			—			1.5
	—			4.2			2.7			—			1.3
	1.1			—			—			—			—
	0.6			—			2.7			—			—
	0.7			—			—			—			—
	1.0			—			0.9			—			—
	4.0			—			5.2			—			3.7
	2.0			—			5.2			—			5.8
	—			—			2.1			—			3.3
	3.5			3.0			4.3			—			4.9
	—			—			1.0			—			—

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

Annual Report  161

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

Industry†	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Life Sciences Tools & Services		0.7	%		1.3	%		0.4	%		—	%
Machinery		5.1			1.7			1.3			4.0
Marine		—			—			1.3			0.2
Media		—			—			—			0.4
Metals & Mining		3.2			3.9			4.6			3.7
Multiline Retail		0.5			0.3			—			0.2
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		3.8			4.2			4.9			4.5
Paper & Forest Products		1.0			1.2			—			—
Personal Products		—			1.5			0.6			1.5
Pharmaceuticals		—			—			2.7			0.9
Professional Services		—			—			—			0.3
Real Estate Management & Development		—			—			0.9			1.0
Road & Rail		1.7			0.8			—			—
Semiconductors & Semiconductor Equipment		11.9			12.0			9.5			9.3
Software		1.0			—			0.2			—
Specialty Retail		1.0			1.5			0.6			1.1
Technology Hardware, Storage & Peripherals		6.7			7.8			6.8			8.0
Textiles, Apparel & Luxury Goods		0.8			1.5			1.6			0.6
Tobacco		—			—			0.2			0.5
Trading Companies & Distributors		—			—			—			—
Transportation Infrastructure		0.7			1.1			0.2			0.8
Water Utilities		0.8			—			—			0.5
Wireless Telecommunication Services		—			—			0.9			2.4
Subtotal		99.3			99.3			98.4			96.9
Exchange Traded Fund		—			—			—			—
Short-Term Investments		1.1			0.8			0.4			3.3
Total Investments		100.4	%		100.1	%		98.8	%		100.2	%

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

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

162  Annual Report

Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	—	%		—	%		5.7	%		—	%		4.4	%
	0.9			—			1.7			—			—
	—			—			—			—			—
	—			9.3			—			4.3			2.7
	5.5			—			1.0			—			0.9
	—			—			2.9			—			4.1
	—			2.6			—			15.1			—
	6.7			—			—			—			—
	0.7			—			—			—			—
	3.2			—			3.7			—			—
	—			—			5.4			—			2.6
	—			10.2			4.2			—			4.8
	0.8			—			—			—			—
	—			—			1.1			7.8			—
	10.2			5.0			5.1			—			5.1
	—			3.3			6.7			—			10.5
	0.4			—			2.4			—			—
	6.3			—			—			—			—
	—			8.0			1.2			—			—
	0.7			—			—			—			—
	—			—			—			—			1.3
	0.9			2.0			—			12.7			—
	—			1.9			—			12.2			—
	4.7			—			—			—			—
	92.9			93.9			98.0			85.2			98.6
	5.0			—			—			—			—
	1.8			6.1			2.0			15.0			1.9
	99.7	%		100.0	%		100.0	%		100.2	%		100.5	%

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 (continued):

Industry†	Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		3.8	%		2.0	%		2.4	%
Air Freight & Logistics		1.7			—			—			—
Airlines		—			—			1.1			1.4
Auto Components		1.4			—			1.2			0.6
Automobiles		2.6			3.2			2.8			3.4
Banks		6.7			—			6.6			7.7
Beverages		—			5.9			3.6			2.3
Biotechnology		0.4			—			—			—
Building Products		3.5			—			—			—
Capital Markets		3.2			—			1.8			0.9
Chemicals		3.8			—			4.8			4.3
Commercial Services & Suppliers		0.6			—			—			—
Communications Equipment		0.1			—			—			—
Construction & Engineering		0.2			—			1.0			0.9
Construction Materials		0.6			—			—			—
Consumer Finance		0.1			—			—			—
Containers & Packaging		—			—			—			—
Distributors		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified Financial Services		1.1			—			—			—
Diversified Telecommunication Services		0.9			—			1.3			1.8
Electric Utilities		1.3			—			3.5			1.9
Electrical Equipment		2.8			3.7			4.4			3.9
Electronic Equipment, Instruments & Components		2.1			6.3			3.2			2.7
Entertainment		2.1			—			5.6			3.7
Equity Real Estate Investment Trusts (REITs)		1.4			—			—			—
Food & Staples Retailing		2.4			—			1.9			1.6
Food Products		3.2			—			0.8			0.8
Gas Utilities		0.3			3.3			0.9			1.5
Health Care Equipment & Supplies		2.2			2.4			3.0			2.0
Health Care Providers & Services		—			—			1.0			—
Health Care Technology		—			—			—			—
Hotels, Restaurants & Leisure		1.6			—			—			1.0
Household Durables		3.6			—			—			—
Household Products		1.7			—			—			—
Independent Power & Renewable Electricity Producers		0.4			—			—			—
Industrial Conglomerates		0.5			—			—			—

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

164  Annual Report

Lazard International Equity Value Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	1.8	%		2.7	%		—	%		4.5	%		2.2	%
	—			—			1.1			—			—
	—			—			—			1.7			—
	5.2			—			1.0			—			0.2
	5.0			—			—			4.3			—
	9.0			5.2			3.5			5.8			2.5
	9.7			2.2			3.6			7.0			1.0
	—			3.1			—			1.8			1.7
	—			4.2			3.6			1.0			0.7
	4.1			5.7			6.1			4.0			3.0
	6.7			2.0			4.1			1.0			0.8
	—			—			3.0			—			2.2
	—			—			—			—			0.7
	—			—			1.5			—			0.5
	—			—			—			—			0.2
	—			—			—			—			—
	—			—			—			—			1.6
	—			—			—			—			0.4
	—			—			—			—			1.0
	—			—			1.4			—			0.3
	—			—			1.1			—			4.0
	—			—			—			3.2			3.3
	—			1.9			1.0			4.8			0.5
	4.2			2.3			0.7			1.0			0.2
	5.0			3.4			1.3			6.9			1.2
	—			—			3.2			—			2.0
	3.6			2.1			1.3			2.0			6.6
	—			—			1.1			1.2			5.3
	—			—			1.3			—			1.8
	—			3.4			2.0			2.6			2.5
	—			—			1.0			—			3.0
	—			—			0.8			—			—
	6.2			—			2.2			3.2			2.1
	3.1			—			1.9			—			0.5
	—			1.3			—			—			4.9
	—			—			0.8			—			0.5
	3.9			—			—			—			0.9

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):

Industry†	Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
Insurance		6.2	%		11.6	%		6.0	%		7.4	%
Interactive Media & Services		0.2			7.1			1.7			4.0
Internet & Direct Marketing Retail		—			—			—			0.8
IT Services		0.8			4.4			1.2			1.6
Leisure Products		0.1			—			1.0			1.1
Life Sciences Tools & Services		0.5			—			—			1.0
Machinery		2.6			3.8			4.6			5.4
Marine		0.1			—			—			—
Media		0.1			—			1.8			—
Metals & Mining		3.9			3.6			2.5			1.3
Multiline Retail		—			4.7			0.8			2.0
Multi-Utilities		1.8			6.1			2.7			2.3
Oil, Gas & Consumable Fuels		2.5			3.6			2.4			1.8
Paper & Forest Products		0.1			—			—			—
Personal Products		2.0			4.9			2.5			4.9
Pharmaceuticals		10.7			5.1			6.6			5.4
Professional Services		1.6			3.2			3.9			3.4
Real Estate Management & Development		0.9			6.6			3.8			1.9
Road & Rail		0.6			—			1.2			1.1
Semiconductors & Semiconductor Equipment		3.7			—			1.2			—
Software		1.1			—			—			—
Specialty Retail		2.3			—			—			1.4
Technology Hardware, Storage & Peripherals		0.5			6.3			2.0			3.4
Textiles, Apparel & Luxury Goods		0.3			—			—			—
Thrifts & Mortgage Finance		—			—			—			—
Tobacco		2.3			—			—			—
Trading Companies & Distributors		0.1			2.2			1.5			1.3
Transportation Infrastructure		—			—			0.8			0.6
Water Utilities		—			—			—			0.7
Wireless Telecommunication Services		3.1			—			—			—
Subtotal		100.6			101.8			98.7			97.6
Short-Term Investments		0.8			—			1.1			2.2
Total Investments		101.4	%		101.8	%		99.8	%		99.8	%

† 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 International Equity Value Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	6.3	%		7.7	%		0.9	%		7.2	%		2.0	%
	—			6.3			3.9			1.2			—
	—			2.9			—			1.6			—
	—			—			3.1			2.3			3.1
	2.4			1.5			—			1.3			0.5
	—			—			—			—			1.8
	6.4			2.2			4.7			5.9			1.5
	—			—			—			—			—
	—			—			0.8			2.0			3.1
	—			—			1.7			2.9			1.3
	—			1.8			1.0			0.8			2.5
	3.5			—			—			2.3			2.4
	2.4			—			0.7			1.0			—
	—			—			—			—			—
	—			2.1			—			1.2			—
	3.3			1.6			4.0			2.9			8.7
	—			9.1			4.0			2.3			—
	—			—			9.0			3.2			1.5
	—			—			—			—			1.4
	3.8			8.5			2.0			1.1			0.5
	—			3.6			7.2			—			3.2
	—			2.8			2.8			2.1			2.8
	—			—			—			—			0.6
	2.5			2.8			—			—			—
	—			—			—			1.2			0.3
	—			—			—			—			0.9
	—			2.9			2.3			—			0.6
	—			—			—			—			—
	—			—			1.4			—			0.5
	—			—			—			—			1.8
	98.1			95.3			98.1			98.5			99.3
	2.2			6.6			1.6			1.5			0.6
	100.3	%		101.9	%		99.7	%		100.0	%		99.9	%

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 (concluded):

Industry†	Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small Mid Cap Equity -Portfolio			Lazard US Sustainable Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		—	%		2.4	%		—	%
Air Freight & Logistics		—			—			0.9			—
Airlines		—			—			0.8			—
Auto Components		—			1.2			0.8			1.0
Banks		—			5.4			6.2			6.2
Beverages		—			3.4			—			—
Biotechnology		—			—			4.1			—
Building Products		2.8			—			2.6			—
Capital Markets		9.3			6.2			1.6			4.5
Chemicals		—			—			2.9			2.1
Commercial Services & Suppliers		3.6			3.0			—			3.2
Communications Equipment		—			2.7			2.6			2.3
Construction & Engineering		—			—			1.8			—
Construction Materials		3.8			—			1.4			—
Consumer Finance		—			3.3			—			—
Containers & Packaging		—			—			2.4			2.2
Distributors		1.6			—			—			—
Electrical Equipment		—			—			2.2			2.9
Electronic Equipment, Instruments & Components		3.4			—			1.0			—
Energy Equipment & Services		—			—			1.6			—
Entertainment		1.0			1.3			1.2			2.0
Equity Real Estate Investment Trusts (REITs)		9.2			—			8.0			2.2
Food & Staples Retailing		1.6			2.3			1.3			1.0
Food Products		—			—			1.1			0.2
Gas Utilities		—			—			1.6			—
Health Care Equipment & Supplies		12.9			9.9			1.3			8.3
Health Care Providers & Services		—			—			1.4			4.6
Health Care Technology		—			—			1.1			—
Hotels, Restaurants & Leisure		6.7			6.4			1.6			2.5
Household Durables		—			—			1.9			—
Household Products		—			—			—			2.5
Industrial Conglomerates		—			4.5			1.5			—
Insurance		—			3.0			4.2			—
Interactive Media & Services		7.9			7.1			1.9			—
IT Services		9.7			5.9			4.4			7.0
Leisure Products		2.1			—			2.6			—
Life Sciences Tools & Services		1.2			2.2			5.0			5.1
Machinery		—			—			3.6			3.4
Multiline Retail		3.8			2.1			—			2.6

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

168  Annual Report

Industry†	Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small Mid Cap Equity -Portfolio			Lazard US Sustainable Equity Portfolio
Oil, Gas & Consumable Fuels		—	%		—	%		0.4	%		—	%
Paper & Forest Products		—			—			1.6			—
Pharmaceuticals		—			5.7			1.4			6.3
Professional Services		—			—			—			—
Road & Rail		1.8			4.2			—			2.7
Semiconductors & Semiconductor Equipment		11.3			5.4			2.8			6.1
Software		—			7.5			6.8			11.8
Specialty Retail		3.7			6.2			2.3			5.3
Textiles, Apparel & Luxury Goods		—			—			3.0			—
Trading Companies & Distributors		—			—			1.3			—
Subtotal		97.4			98.9			98.6			98.0
Short-Term Investments		2.5			1.2			—			1.6
Total Investments		99.9	%		100.1	%		98.6	%		99.6	%

† 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  169

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2020	Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
ASSETS
Investments in securities, at fair value		$	201,479,702			$	212,703,894
Foreign currency, at fair value			4,674				10,926
Receivables for:
Investments sold			113,427				30,580
Dividends			202,070				212,126
Capital stock sold			142,624				150,388
Prepaid expenses			—				1,127
Total assets			201,942,497				213,109,041
LIABILITIES
Payables for:
Foreign capital gains taxes			61,111				129,557
Management fees			159,222				175,862
Accrued custodian fees			45,941				36,350
Accrued shareholders’ reports			12,728				11,666
Accrued professional services			45,973				32,540
Accrued distribution fees			2,137				490
Accrued directors’ fees			881				1,029
Accrued registration fees			6,812				20,024
Investments purchased			515,170				31
Capital stock redeemed			483,237				104,520
Other accrued expenses and payables			5,909				6,117
Total liabilities			1,339,121				518,186
Net assets		$	200,603,376			$	212,590,855
NET ASSETS
Paid in capital		$	255,643,436			$	169,793,199
Distributable earnings (Accumulated loss)			(55,040,060	)			42,797,656
Net assets		$	200,603,376			$	212,590,855
Institutional Shares
Net assets		$	190,689,018			$	209,502,638
Shares of capital stock outstanding*			11,013,865				15,971,095
Net asset value, offering and redemption price per share		$	17.31			$	13.12
Open Shares
Net assets		$	9,914,358			$	2,543,976
Shares of capital stock outstanding*			575,985				194,354
Net asset value, offering and redemption price per share		$	17.21			$	13.09
R6 Shares
Net assets			—			$	544,241
Shares of capital stock outstanding*			—				41,454
Net asset value, offering and redemption price per share			—			$	13.13
Cost of investments in securities		$	141,106,319			$	142,811,153
Cost of foreign currency		$	4,670			$	10,920

* $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.

170  Annual Report

Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio				Lazard Emerging Markets Equity Portfolio				Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio
	$	28,428,439		$	78,571,562			$	4,356,109,191			$	91,820,141		$	93,547,368
		3,711			2,030				254,772				19			39
		411,927			113,415				38,287,560				—			—
		17,483			162,295				4,666,946				248,672			73,231
		14,099			19,900				1,920,573				46			74,853
		—			—				—				—			—
		28,875,659			78,869,202				4,401,239,042				92,068,878			93,695,491
		—			114,882				4,274,918				—			—
		6,234			46,935				3,646,577				48,457			47,276
		20,006			47,335				732,587				14,216			21,954
		3,245			73,134				430,216				2,969			1,973
		46,649			51,882				193,997				24,017			26,276
		202			899				99,916				22			237
		187			1,331				29,806				28			75
		1,224			6,233				27,579				1,996			10,203
		—			31,116				15,462,888				112,433			—
		21,315			64,885				6,618,644				11,681			7,149
		3,021			5,695				223,649				3,614			4,519
		102,083			444,327				31,740,777				219,433			119,662
	$	28,773,576		$	78,424,875			$	4,369,498,265			$	91,849,445		$	93,575,829
	$	22,209,938		$	117,667,376			$	4,943,187,758			$	80,900,880		$	66,912,171
		6,563,638			(39,242,501	)			(573,689,493	)			10,948,565			26,663,658
	$	28,773,576		$	78,424,875			$	4,369,498,265			$	91,849,445		$	93,575,829
	$	27,897,734		$	74,406,215			$	3,923,877,626			$	91,720,205		$	92,418,059
		2,022,986			5,390,573				217,598,338				9,016,463			5,662,503
	$	13.79		$	13.80			$	18.03			$	10.17		$	16.32
	$	875,842		$	4,018,660			$	421,989,760			$	129,240		$	1,157,770
		63,491			290,075				22,707,741				12,708			70,899
	$	13.79		$	13.85			$	18.58			$	10.17		$	16.33
		—			—			$	23,630,879				—			—
		—			—				1,310,139				—			—
		—			—			$	18.04				—			—
	$	22,414,156		$	62,180,879			$	3,501,967,596			$	78,518,274		$	67,372,965
	$	3,710		$	2,029			$	254,597			$	18		$	39

Annual Report  171

December 31, 2020	Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	6,896,861,347		$	4,279,658
Non-controlled affiliated issuers, at fair value (Note 5)			719,019,066			—
Cash			3,731			—
Foreign currency, at fair value			551,768			36
Receivables for:
Dividends			30,424,445			5,556
Capital stock sold			19,276,747			—
Investments sold			2,979,092			—
Amount due from Investment Manager (Note 3)			—			23,449
Gross unrealized appreciation on forward currency contracts			1,627,177			—
Prepaid expenses			—			—
Total assets			7,670,743,373			4,308,699
LIABILITIES
Payables for:
Management fees			5,824,404			—
Accrued custodian fees			373,170			13,720
Accrued professional services			78,975			26,054
Accrued distribution fees			68,286			37
Accrued registration fees			42,874			5,250
Accrued shareholders’ reports			24,122			1,962
Accrued directors’ fees			1,128			467
Capital stock redeemed			8,399,280			—
Investments purchased			521,660			—
Gross unrealized depreciation on forward currency contracts			57,767,779			—
Line of credit outstanding			—			—
Other accrued expenses and payables			204,690			901
Total liabilities			73,306,368			48,391
Net assets		$	7,597,437,005		$	4,260,308
NET ASSETS
Paid in capital		$	7,522,413,726		$	2,951,142
Distributable earnings (Accumulated loss)			75,023,279			1,309,166
Net assets		$	7,597,437,005		$	4,260,308
Institutional Shares
Net assets		$	7,289,679,801		$	4,075,837
Shares of capital stock outstanding*			497,500,386			336,354
Net asset value, offering and redemption price per share		$	14.65		$	12.12
Open Shares
Net assets		$	307,757,204		$	184,471
Shares of capital stock outstanding*			20,993,761			15,347
Net asset value, offering and redemption price per share		$	14.66		$	12.02
R6 Shares
Net assets		$	—		$	—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share		$	—		$	—
Cost of investments in securities		$	6,409,521,676		$	3,011,075
Cost of non-controlled affiliated issuers		$	843,268,226		$	—
Cost of foreign currency		$	550,254		$	35

* $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.

172  Annual Report

Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio				Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Value Portfolio
	$	2,627,764		$	14,310,096			$	3,057,726,425		$	94,831,895		$	2,759,590
		—			—				—			—			—
		—			1,421				—			—			—
		342			1				79			387			—
		7,654			70,955				7,116,334			177,132			12,384
		—			—				3,371,346			154,891			2,000
		—			163,124				—			—			19,581
		17,016			8,200				—			—			16,465
		—			—				—			—			—
		—			—				50,969			—			—
		2,652,776			14,553,797				3,068,265,153			95,164,305			2,810,020
		—			—				1,916,535			47,024			—
		19,495			19,469				183,561			22,479			12,969
		34,196			27,412				62,185			41,619			26,905
		24			89				50,631			551			13
		1,593			4,974				3,163			21,286			14,057
		3,567			3,663				101,080			5,170			3,837
		53			459				456			34			210
		—			—				3,117,763			34,005			—
		—			—				—			—			—
		—			—				—			—			—
		—			435,000				—			—			—
		2,758			1,882				179,666			3,299			1,132
		61,686			492,948				5,615,040			175,467			59,123
	$	2,591,090		$	14,060,849			$	3,062,650,113		$	94,988,838		$	2,750,897
	$	2,458,287		$	24,049,320			$	2,466,096,465		$	82,290,992		$	3,321,726
		132,803			(9,988,471	)			596,553,648			12,697,846			(570,829	)
	$	2,591,090		$	14,060,849			$	3,062,650,113		$	94,988,838		$	2,750,897
	$	2,472,170		$	13,648,283			$	2,812,450,496		$	92,120,963		$	2,710,628
		239,526			1,364,089				140,490,643			7,993,045			289,650
	$	10.32		$	10.01			$	20.02		$	11.53		$	9.36
	$	118,920		$	412,566			$	120,781,017		$	2,867,875		$	40,269
		11,520			41,089				5,960,372			247,615			4,300
	$	10.32		$	10.04			$	20.26		$	11.58		$	9.36
	$	—		$	—			$	129,418,600		$	—		$	—
		—			—				6,473,822			—			—
	$	—		$	—			$	19.99		$	—		$	—
	$	2,211,468		$	12,082,245			$	2,403,997,488		$	78,294,945		$	2,374,840
	$	—		$	—			$	—		$	—		$	—
	$	339		$	1			$	79		$	385		$	—

Annual Report  173

December 31, 2020	Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio
ASSETS
Investments in securities, at fair value		$	10,973,555		$	41,849,898
Cash			—			—
Foreign currency, at fair value			—			63
Receivables for:
Dividends			8,764			148,320
Capital stock sold			145,729			50,780
Investments sold			—			449
Amount due from Investment Manager (Note 3)			11,286			—
Prepaid expenses			—			59,856
Total assets			11,139,334			42,109,366
LIABILITIES
Payables for:
Management fees			—			15,548
Foreign capital gains taxes			—			8,994
Accrued custodian fees			10,688			23,391
Accrued shareholders’ reports			7,131			7,009
Accrued distribution fees			59			2,774
Accrued professional services			25,129			49,587
Accrued directors’ fees			36			154
Capital stock redeemed			—			33,633
Investments purchased			327,659			—
Other accrued expenses and payables			4,381			13,088
Total liabilities			375,083			154,178
Net assets		$	10,764,251		$	41,955,188
NET ASSETS
Paid in capital		$	8,382,032		$	33,967,563
Distributable earnings (Accumulated loss)			2,382,219			7,987,625
Net assets		$	10,764,251		$	41,955,188
Institutional Shares
Net assets		$	10,473,094		$	29,373,738
Shares of capital stock outstanding*			671,884			2,175,223
Net asset value, offering and redemption price per share		$	15.59		$	13.50
Open Shares
Net assets		$	291,157		$	12,581,450
Shares of capital stock outstanding*			18,777			931,724
Net asset value, offering and redemption price per share		$	15.51		$	13.50
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	8,534,967		$	32,381,967
Cost of foreign currency		$	—		$	63

* $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 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
	$	5,919,732,274		$	25,797,010		$	1,971,301,937		$	53,138,787		$	102,213,674
		—			—			—			—			2,080,779
		53,644			45			—			—			—
		11,956,166			53,222			1,104,601			16,666			95,042
		3,984,784			19,357			2,775,140			42,344			5,805
		—			—			—			—			—
		—			3,291			—			1,415			—
		258,472			—			—			—			—
		5,935,985,340			25,872,925			1,975,181,678			53,199,212			104,395,300
		3,704,519			—			1,149,753			—			67,145
		1,997,334			—			—			—			—
		305,441			21,478			70,455			14,199			19,332
		144,705			3,092			3,784			2,778			7,941
		120,237			22			7,903			267			2,528
		59,947			28,988			39,221			51,230			29,457
		697			660			481			1,872			523
		4,857,333			—			972,078			15,001			627,452
		—			—			—			—			—
		220,340			4,973			35,744			6,114			8,509
		11,410,553			59,213			2,279,419			91,461			762,887
	$	5,924,574,787		$	25,813,712		$	1,972,902,259		$	53,107,751		$	103,632,413
	$	4,507,544,142		$	25,284,784		$	1,385,702,554		$	35,131,898		$	83,356,311
		1,417,030,645			528,928			587,199,705			17,975,853			20,276,102
	$	5,924,574,787		$	25,813,712		$	1,972,902,259		$	53,107,751		$	103,632,413
	$	5,270,610,960		$	25,737,309		$	1,936,366,991		$	31,075,300		$	91,983,986
		313,114,237			2,184,318			107,284,843			2,323,580			6,377,893
	$	16.83		$	11.78		$	18.05		$	13.37		$	14.42
	$	535,285,408		$	76,403		$	34,358,484		$	1,285,343		$	10,964,641
		31,509,845			6,488			1,888,783			95,597			827,420
	$	16.99		$	11.78		$	18.19		$	13.45		$	13.25
	$	118,678,419			—		$	2,176,784		$	20,747,108		$	683,786
		7,044,138			—			120,303			1,550,718			47,409
	$	16.85			—		$	18.09		$	13.38		$	14.42
	$	4,407,944,857		$	24,103,355		$	1,403,606,405		$	36,753,429		$	76,969,454
	$	54,032		$	44		$	—		$	—		$	—

Annual Report  175

December 31, 2020	Lazard US Sustainable Equity Portfolio
ASSETS
Investments in securities, at fair value		$	11,568,793
Receivables for:
Capital stock sold			105,000
Amount due from Investment Manager (Note 3)			23,863
Dividends			4,387
Deferred offering costs (Note 2(f))			65,721
Total assets			11,767,764
LIABILITIES
Payables for:
Offering costs (Note 2(f))			113,422
Accrued professional services			14,366
Accrued custodian fees			9,489
Accrued distribution fees			25
Accrued directors’ fees			14
Other accrued expenses and payables			12,469
Total liabilities			149,785
Net assets		$	11,617,979
NET ASSETS
Paid in capital		$	9,869,936
Distributable earnings (Accumulated loss)			1,748,043
Net assets		$	11,617,979
Institutional Shares
Net assets		$	11,489,830
Shares of capital stock outstanding*			942,026
Net asset value, offering and redemption price per share		$	12.20
Open Shares
Net assets		$	128,149
Shares of capital stock outstanding*			10,495
Net asset value, offering and redemption price per share		$	12.21
Cost of investments in securities		$	9,849,458

* $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

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Annual Report  177

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2020		Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	2,730,752			$	3,406,067
Expenses
Management fees (Note 3)				1,827,386				1,797,609
Custodian fees				152,182				116,416
Distribution fees (Open Shares)				20,212				4,929
Shareholders’ reports				29,247				25,161
Administration fees				42,263				44,539
Professional services				69,327				58,184
Directors’ fees and expenses				15,474				14,806
Shareholders’ services				23,808				16,690
Registration fees				42,265				67,034
Other^				9,332				15,020
Total gross expenses				2,231,496				2,160,388
Management fees waived and expenses reimbursed				(75,915	)			(5,291	)
Total net expenses				2,155,581				2,155,097
Net investment income (loss)				575,171				1,250,970
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				1,142,588				(15,213,418	)
Foreign currency transactions				(212,122	)			(50,411	)
Total net realized gain (loss)				930,466				(15,263,829	)
Net change in unrealized appreciation (depreciation) on:
Investments†				19,622,987				36,378,070
Foreign currency translations				39,612				2,223
Total net change in unrealized appreciation (depreciation)				19,662,599				36,380,293
Net realized and unrealized gain (loss)				20,593,065				21,116,464
Net increase (decrease) in net assets resulting from operations			$	21,168,236			$	22,367,434
*	Net of foreign withholding taxes of		$	315,471			$	511,556
**	Net of foreign capital gains taxes of		$	(74,087	)		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	18,265			$	7,324
^	Includes interest on line of credit of		$	496			$	1,304

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

178  Annual Report

Lazard Emerging Markets Equity Advantage Portfolio				Lazard Emerging Markets Equity Blend Portfolio				Lazard Emerging Markets Equity Portfolio				Lazard Equity Franchise Portfolio				Lazard Global Equity Select Portfolio
	$	363,694			$	1,863,664			$	176,839,140			$	1,155,506			$	944,396
		156,399				775,430				51,292,796				451,276				449,689
		72,743				133,881				2,089,502				44,170				64,347
		2,197				9,975				1,284,097				454				2,489
		6,276				59,274				715,618				5,127				8,586
		23,405				30,392				516,342				27,525				29,115
		48,753				68,288				461,734				43,535				43,408
		5,707				11,485				345,252				6,823				7,979
		9,926				17,482				298,404				9,954				12,796
		36,678				36,410				18,926				33,619				33,404
		6,572				7,174				235,217				9,753				9,957
		368,656				1,149,791				57,257,888				632,236				661,770
		(163,845	)			(189,894	)			(5,235	)			(93,658	)			(35,058	)
		204,811				959,897				57,252,653				538,578				626,712
		158,883				903,767				119,586,487				616,928				317,684
		883,099				(2,249,451	)			(419,542,443	)			(1,409,184	)			9,748,110
		(21,992	)			(59,146	)			(7,269,687	)			(2,954	)			(17,711	)
		861,107				(2,308,597	)			(426,812,130	)			(1,412,138	)			9,730,399
		4,662,594				7,729,362				(347,964,757	)			12,203,586				8,083,708
		1,310				1,360				27,675				656				2,672
		4,663,904				7,730,722				(347,937,082	)			12,204,242				8,086,380
		5,525,011				5,422,125				(774,749,212	)			10,792,104				17,816,779
	$	5,683,894			$	6,325,892			$	(655,162,725	)		$	11,409,032			$	18,134,463
	$	52,817			$	243,079			$	23,393,996			$	35,872			$	46,080
	$	—			$	(7,704	)		$	5,627,164			$	—			$	—
	$	—			$	(44,117	)		$	6,784,698			$	—			$	—
	$	50			$	504			$	376			$	1,193			$	939

Annual Report  179

For the Year Ended December 31, 2020		Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends
Unaffiliated issuers			$	170,193,652			$	41,318
Non-controlled affiliated issuers (a)				22,800,822				—
Non-cash dividends				15,419,827				—
Total investment income*				208,414,301				41,318
Expenses
Management fees (Note 3)				66,219,755				25,734
Custodian fees				1,142,522				42,128
Distribution fees (Open Shares)				900,234				368
Administration fees				691,619				21,798
Professional services				643,818				45,452
Shareholders’ reports				559,332				6,480
Shareholders’ services				490,742				8,579
Directors’ fees and expenses				365,835				5,616
Registration fees				276,294				43,925
Other^				291,370				1,348
Total gross expenses				71,581,521				201,428
Management fees waived and expenses reimbursed				—				(167,730	)
Total net expenses				71,581,521				33,698
Net investment income (loss)				136,832,780				7,620
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments				111,160,782				175,088
Non-controlled affiliated issuers (a)				(12,355,921	)			—
Foreign currency transactions				1,733,930				(442	)
Forward currency contracts				(342,450,293	)			—
Total net realized gain (loss)				(241,911,502	)			174,646
Net change in unrealized appreciation (depreciation) on:
Investments				(245,851,794	)			562,514
Non-controlled affiliated issuers (a)				(77,970,187	)			—
Foreign currency translations				108,452				351
Forward currency contracts				3,106,193				—
Total net change in unrealized appreciation (depreciation)				(320,607,336	)			562,865
Net realized and unrealized gain (loss)				(562,518,838	)			737,511
Net increase from payments by affiliates (a)				—				—
Net increase (decrease) in net assets resulting from operations			$	(425,686,058	)		$	745,131
*	Net of foreign withholding taxes of		$	14,242,011			$	2,878
^	Includes interest on line of credit of		$	—			$	—

(a) See Note 5 for information on affiliated issuers.

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

180  Annual Report

Lazard International Equity Advantage Portfolio				Lazard International Equity Concentrated Portfolio				Lazard International Equity Portfolio				Lazard International Equity Select Portfolio				Lazard International Equity Value Portfolio
	$	65,936			$	1,039,008			$	54,700,603			$	1,715,650			$	61,220
		—				—				—				—				—
		5,598				—				—				—				12,718
		71,534				1,039,008				54,700,603				1,715,650				73,938
		14,782				439,611				20,170,669				557,382				21,897
		63,534				64,194				549,992				74,141				30,779
		258				938				576,879				5,930				128
		21,671				28,112				314,898				31,176				21,736
		39,785				43,470				385,445				52,818				42,708
		5,308				7,089				301,935				15,951				5,075
		8,168				10,580				108,801				12,736				8,428
		5,161				9,213				132,549				9,310				5,546
		39,362				39,575				95,564				56,090				47,996
		1,005				7,023				103,241				8,292				311
		199,034				649,805				22,739,973				823,826				184,604
		(178,287	)			(133,625	)			(22,312	)			(45,318	)			(158,438	)
		20,747				516,180				22,717,661				778,508				26,166
		50,787				522,828				31,982,942				937,142				47,772
		(134,393	)			(9,954,036	)			(22,036,061	)			(1,758,547	)			1,801
		—				—				—				—				—
		149				(5,710	)			(332,308	)			(21,864	)			8,460
		—				—				—				—				—
		(134,244	)			(9,959,746	)			(22,368,369	)			(1,780,411	)			10,261
		210,769				(7,025,060	)			259,070,629				7,049,360				(297,370	)
		—				—				—				—				—
		338				5,387				500,059				13,621				511
		—				—				—				—				—
		211,107				(7,019,673	)			259,570,688				7,062,981				(296,859	)
		76,863				(16,979,419	)			237,202,319				5,282,570				(286,598	)
		—				—				—				—				88,959
	$	127,650			$	(16,456,591	)		$	269,185,261			$	6,219,712			$	(149,867	)
	$	8,449			$	106,196			$	6,642,434			$	204,446			$	8,771
	$	—			$	1,106			$	—			$	—			$	262

Annual Report  181

For the Year Ended December 31, 2020		Lazard International Quality Growth Portfolio				Lazard International Small Cap Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	62,013			$	759,104
Expenses
Management fees (Note 3)				42,575				330,827
Distribution fees (Open Shares)				173				34,764
Custodian fees				30,503				70,858
Professional services				42,145				67,334
Administration fees				22,026				26,509
Shareholders’ reports				11,794				9,569
Directors’ fees and expenses				5,194				7,477
Shareholders’ services				8,366				16,107
Registration fees				40,041				37,504
Shareholders’ meeting				—				—
Other^				4,802				5,999
Total gross expenses				207,619				606,948
Management fees waived and expenses reimbursed				(159,113	)			(64,234	)
Shareholders’ services fees waived				—				—
Total net expenses				48,506				542,714
Net investment income (loss)				13,507				216,390
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				92,211				562,801
Foreign currency transactions				(3,149	)			(15,472	)
Total net realized gain (loss)				89,062				547,329
Net change in unrealized appreciation (depreciation) on:
Investments†				1,554,746				2,265,974
Foreign currency translations				283				4,989
Total net change in unrealized appreciation (depreciation)				1,555,029				2,270,963
Net realized and unrealized gain (loss)				1,644,091				2,818,292
Net increase (decrease) in net assets resulting from operations			$	1,657,598			$	3,034,682
*	Net of foreign withholding taxes of		$	9,578			$	14,751
**	Net of foreign capital gains taxes of		$	—			$	(55	)
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	—			$	(8,994	)
^	Includes interest on line of credit of		$	—			$	363

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

182  Annual Report

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
	$	105,916,365			$	784,643			$	24,503,526			$	675,690			$	1,386,135
		39,977,480				182,045				11,593,825				230,830				806,229
		1,332,947				364				92,132				2,790				28,021
		1,039,962				66,136				197,168				40,299				50,711
		538,014				40,502				139,552				133,496				51,403
		532,426				24,932				211,605				28,875				36,553
		314,955				5,881				137,473				7,671				13,868
		285,960				7,096				75,416				9,244				10,947
		158,672				9,624				72,397				12,789				20,987
		73,481				35,268				94,086				40,624				58,164
		—				—				—				21,974				—
		198,596				6,913				66,130				7,187				10,330
		44,452,493				378,761				12,679,784				535,779				1,087,213
		(7,162	)			(150,233	)			(3,142	)			(238,819	)			(3,325	)
		—				—				—				—				(534	)
		44,445,331				228,528				12,676,642				296,960				1,083,354
		61,471,034				556,115				11,826,884				378,730				302,781
		(38,214,138	)			(1,494,073	)			44,140,640				3,423,426				(4,631,410	)
		(2,509,376	)			7,096				—				—				—
		(40,723,514	)			(1,486,977	)			44,140,640				3,423,426				(4,631,410	)
		412,260,632				(962,542	)			276,752,935				4,304,928				9,989,695
		799,513				1,933				—				—				—
		413,060,145				(960,609	)			276,752,935				4,304,928				9,989,695
		372,336,631				(2,447,586	)			320,893,575				7,728,354				5,358,285
	$	433,807,665			$	(1,891,471	)		$	332,720,459			$	8,107,084			$	5,661,066
	$	11,024,752			$	47,221			$	—			$	—			$	—
	$	53,277			$	—			$	—			$	—			$	—
	$	(682,690	)		$	—			$	—			$	—			$	—
	$	7,570			$	310			$	2,718			$	—			$	—

Annual Report  183

For the Year Ended December 31, 2020	Lazard US Sustainable Equity Portfolio (a)
Investment Income (Loss)
Income
Dividends		$	64,795
Expenses
Amortization of offering costs (Note 2(f))			59,822
Professional services			31,125
Management fees (Note 3)			27,673
Custodian fees			15,000
Administration fees			9,576
Registration fees			6,980
Organization expenses (Note 2(f))			3,949
Shareholders’ services			3,025
Shareholders’ reports			2,999
Directors’ fees and expenses			2,611
Distribution fees (Open Shares)			140
Other			649
Total gross expenses			163,549
Management fees waived and expenses reimbursed			(127,324	)
Shareholders’ services fees waived			(1,493	)
Total net expenses			34,732
Net investment income (loss)			30,063
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on Investments			61,946
Total net realized gain (loss)			61,946
Net change in unrealized appreciation (depreciation) on Investments			1,719,335
Total net change in unrealized appreciation (depreciation)			1,719,335
Net realized and unrealized gain (loss)			1,781,281
Net increase (decrease) in net assets resulting from operations		$	1,811,344

(a) From the Portfolio’s commencement of operations on June 30, 2020

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

184  Annual Report

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Annual Report  185

The Lazard Funds, Inc. Statements of Changes in Net Assets

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	575,171		$	1,472,917
Net realized gain (loss)		930,466			10,699,901
Net change in unrealized appreciation (depreciation)		19,662,599			46,727,992
Net increase (decrease) in net assets resulting from operations		21,168,236			58,900,810
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(500,286	)		(1,268,157	)
Open Shares		(23,947	)		(3,920	)
R6 Shares		—			—
Return of capital
Institutional Shares		—			—
Open Shares		—			—
Net decrease in net assets resulting from distributions		(524,233	)		(1,272,077	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		33,579,728			60,661,677
Open Shares		3,336,260			4,243,002
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		389,550			871,419
Open Shares		21,686			3,642
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(88,565,915	)		(106,223,710	)
Open Shares		(4,209,453	)		(4,159,882	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(55,448,144	)		(44,603,852	)
Total increase (decrease) in net assets		(34,804,141	)		13,024,881
Net assets at beginning of period		235,407,517			222,382,636
Net assets at end of period	$	200,603,376		$	235,407,517

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

186  Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	1,250,970		$	4,000,423		$	158,883		$	189,925
	(15,263,829	)		(7,673,952	)		861,107			(136,829	)
	36,380,293			42,879,231			4,663,904			1,227,385
	22,367,434			39,205,702			5,683,894			1,280,481
	(1,248,908	)		(3,951,746	)		(250,704	)		(180,292	)
	(6,940	)		(38,801	)		(6,176	)		(18,695	)
	(3,206	)		(11,560	)		—			—
	—			—			—			—
	—			—			—			—
	(1,259,054	)		(4,002,107	)		(256,880	)		(198,987	)
	53,105,750			52,118,039			17,937,030			5,720,662
	1,691,273			1,564,146			608,209			702,687
	62,330			29,966			—			—
	1,200,626			3,771,010			250,704			180,292
	6,902			37,924			6,176			18,695
	3,206			11,560			—			—
	(62,957,718	)		(101,386,896	)		(4,770,498	)		(784,072	)
	(1,705,658	)		(1,384,619	)		(1,037,074	)		(149,975	)
	(158,910	)		(32,195	)		—			—
	(8,752,199	)		(45,271,065	)		12,994,547			5,688,289
	12,356,181			(10,067,470	)		18,421,561			6,769,783
	200,234,674			210,302,144			10,352,015			3,582,232
$	212,590,855		$	200,234,674		$	28,773,576		$	10,352,015

Annual Report  187

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		15,534,848			18,836,550
Shares sold		2,536,944			4,748,515
Shares issued to shareholders from reinvestment of distributions		27,818			65,429
Shares redeemed		(7,085,745	)		(8,115,646	)
Net increase (decrease)		(4,520,983	)		(3,301,702	)
Shares outstanding at end of period		11,013,865			15,534,848
Open Shares
Shares outstanding at beginning of period		643,853			639,563
Shares sold		242,484			327,824
Shares issued to shareholders from reinvestment of distributions		1,556			293
Shares redeemed		(311,908	)		(323,827	)
Net increase (decrease)		(67,868	)		4,290
Shares outstanding at end of period		575,985			643,853
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 Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	16,728,969			21,031,193			775,852			309,610
	5,299,853			4,828,636			1,609,818			519,700
	95,867			322,340			19,017			15,331
	(6,153,594	)		(9,453,200	)		(381,701	)		(68,789	)
	(757,874	)		(4,302,224	)		1,247,134			466,242
	15,971,095			16,728,969			2,022,986			775,852
	206,183			187,835			98,083			47,382
	152,220			143,185			58,240			63,649
	559			3,247			469			1,588
	(164,608	)		(128,084	)		(93,301	)		(14,536	)
	(11,829	)		18,348			(34,592	)		50,701
	194,354			206,183			63,491			98,083
	50,582			49,941			—			—
	5,652			2,722			—			—
	255			987			—			—
	(15,035	)		(3,068	)		—			—
	(9,128	)		641			—			—
	41,454			50,582			—			—

Annual Report  189

	Lazard Emerging Markets Equity Blend Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	903,767		$	2,249,542
Net realized gain (loss)		(2,308,597	)		3,912,605
Net change in unrealized appreciation (depreciation)		7,730,722			35,773,294
Net increase (decrease) in net assets resulting from operations		6,325,892			41,935,441
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(902,733	)		(2,027,625	)
Open Shares		(38,967	)		(109,850	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		(941,700	)		(2,137,475	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		13,037,212			18,596,727
Open Shares		447,062			671,088
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		889,530			1,963,352
Open Shares		38,190			108,503
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(41,254,117	)		(254,171,213	)
Open Shares		(2,493,332	)		(2,194,573	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(29,335,455	)		(235,026,116	)
Total increase (decrease) in net assets		(23,951,263	)		(195,228,150	)
Net assets at beginning of period		102,376,138			297,604,288
Net assets at end of period	$	78,424,875		$	102,376,138

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

190  Annual Report

Lazard Emerging Markets Equity Portfolio						Lazard Equity Franchise Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	119,586,487		$	202,889,114		$	616,928		$	553,844
	(426,812,130	)		(249,752,788	)		(1,412,138	)		1,129,637
	(347,937,082	)		1,440,971,114			12,204,242			2,184,201
	(655,162,725	)		1,394,107,440			11,409,032			3,867,682
	(92,081,985	)		(169,041,662	)		(1,012,397	)		(2,185,328	)
	(8,363,930	)		(21,287,659	)		(1,121	)		(16,362	)
	(1,004,977	)		(4,559,729	)		—			—
	(101,450,892	)		(194,889,050	)		(1,013,518	)		(2,201,690	)
	846,924,581			1,241,319,671			66,915,810			32,121,208
	40,640,285			184,190,310			33,698			81,131
	14,719,078			23,433,026			—			—
	88,030,506			158,855,659			1,012,397			2,185,328
	8,264,600			21,088,746			1,121			16,362
	847,221			4,399,954			—			—
	(3,083,569,274	)		(3,359,204,875	)		(26,514,732	)		(4,408,143	)
	(453,247,114	)		(381,266,772	)		(183,641	)		(3,489	)
	(135,610,119	)		(103,858,799	)		—			—
	(2,673,000,236	)		(2,211,043,080	)		41,264,653			29,992,397
	(3,429,613,853	)		(1,011,824,690	)		51,660,167			31,658,389
	7,799,112,118			8,810,936,808			40,189,278			8,530,889
$	4,369,498,265		$	7,799,112,118		$	91,849,445		$	40,189,278

Annual Report  191

	Lazard Emerging Markets Equity Blend Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		7,913,478			29,084,201
Shares sold		1,164,850			1,644,397
Shares issued to shareholders from reinvestment of distributions		67,134			162,664
Shares redeemed		(3,754,889	)		(22,977,784	)
Net increase (decrease)		(2,522,905	)		(21,170,723	)
Shares outstanding at end of period		5,390,573			7,913,478
Open Shares
Shares outstanding at beginning of period		488,799			617,871
Shares sold		37,429			59,566
Shares issued to shareholders from reinvestment of distributions		2,871			8,960
Shares redeemed		(239,024	)		(197,598	)
Net increase (decrease)		(198,724	)		(129,072	)
Shares outstanding at end of period		290,075			488,799
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.

192  Annual Report

Lazard Emerging Markets Equity Portfolio						Lazard Equity Franchise Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	359,649,575			471,588,782			3,919,193			943,047
	55,904,093			72,409,703			8,314,466			3,186,958
	5,536,608			9,054,452			102,163			214,812
	(203,491,938	)		(193,403,362	)		(3,319,359	)		(425,624	)
	(142,051,237	)		(111,939,207	)		5,097,270			2,976,146
	217,598,338			359,649,575			9,016,463			3,919,193
	50,941,578			60,776,573			30,624			21,455
	2,571,349			10,411,216			4,284			7,904
	509,353			1,171,555			113			1,608
	(31,314,539	)		(21,417,766	)		(22,313	)		(343	)
	(28,233,837	)		(9,834,995	)		(17,916	)		9,169
	22,707,741			50,941,578			12,708			30,624
	9,977,898			14,479,168			—			—
	1,007,773			1,342,114			—			—
	54,837			250,131			—			—
	(9,730,369	)		(6,093,515	)		—			—
	(8,667,759	)		(4,501,270	)		—			—
	1,310,139			9,977,898			—			—

Annual Report  193

	Lazard Global Equity Select Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	317,684		$	625,877
Net realized gain (loss)		9,730,399			582,620
Net change in unrealized appreciation (depreciation)		8,086,380			15,260,079
Net increase (decrease) in net assets resulting from operations		18,134,463			16,468,576
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(3,043,294	)		(591,542	)
Open Shares		(35,091	)		(4,254	)
Return of capital
Institutional Shares		—			(41,874	)
Open Shares		—			(301	)
Net decrease in net assets resulting from distributions		(3,078,385	)		(637,971	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		57,343,908			23,902,011
Open Shares		414,176			300,952
Net proceeds from reinvestment of distributions
Institutional Shares		3,031,617			632,600
Open Shares		35,091			4,555
Cost of shares redeemed
Institutional Shares		(64,939,018	)		(23,506,223	)
Open Shares		(355,466	)		(319,957	)
Net increase (decrease) in net assets from capital stock transactions		(4,469,692	)		1,013,938
Total increase (decrease) in net assets		10,586,386			16,844,543
Net assets at beginning of period		82,989,443			66,144,900
Net assets at end of period	$	93,575,829		$	82,989,443

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

194  Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	136,832,780		$	174,078,680		$	7,620		$	30,113
	(241,911,502	)		166,388,366			174,646			70,692
	(320,607,336	)		946,115,341			562,865			666,188
	(425,686,058	)		1,286,582,387			745,131			766,993
	(146,650,767	)		(297,455,372	)		(123,283	)		(86,901	)
	(7,331,111	)		(20,318,540	)		(5,397	)		(3,549	)
	(34,264,854	)		—			—			—
	(1,712,909	)		—			—			—
	(189,959,641	)		(317,773,912	)		(128,680	)		(90,450	)
	2,811,013,767			2,399,951,864			253,851			10,597
	97,410,328			148,379,347			23,248			3,345
	137,048,805			231,028,647			123,283			86,901
	8,929,119			20,099,034			5,397			3,549
	(2,357,774,296	)		(1,175,735,705	)		(77,247	)		(62,241	)
	(209,443,477	)		(217,741,894	)		(13,133	)		(26,927	)
	487,184,246			1,405,981,293			315,399			15,224
	(128,461,453	)		2,374,789,768			931,850			691,767
	7,725,898,458			5,351,108,690			3,328,458			2,636,691
$	7,597,437,005		$	7,725,898,458		$	4,260,308		$	3,328,458

Annual Report  195

	Lazard Global Equity Select Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		5,634,353			5,577,806
Shares sold		4,228,592			1,750,065
Shares issued to shareholders from reinvestment of distributions		188,886			43,567
Shares redeemed		(4,389,328	)		(1,737,085	)
Net increase (decrease)		28,150			56,547
Shares outstanding at end of period		5,662,503			5,634,353
Open Shares
Shares outstanding at beginning of period		64,021			65,049
Shares sold		28,090			22,134
Shares issued to shareholders from reinvestment of distributions		2,185			314
Shares redeemed		(23,397	)		(23,476	)
Net increase (decrease)		6,878			(1,028	)
Shares outstanding at end of period		70,899			64,021

* Shares and shares transactions were adjusted to reflect 1:5 reverse stock split effective November 17, 2020.

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

196  Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	461,276,357			364,507,349			309,023	*		306,168	*
	194,182,619			160,154,321			24,511	*		1,248	*
	10,363,887			15,108,909			10,552	*		8,564	*
	(168,322,477	)		(78,494,222	)		(7,732	)*		(6,957	)*
	36,224,029			96,769,008			27,331	*		2,855	*
	497,500,386			461,276,357			336,354	*		309,023	*
	28,396,647			31,560,099			14,046	*		16,156	*
	6,691,684			9,940,665			2,123	*		345	*
	677,742			1,315,681			466	*		354	*
	(14,772,312	)		(14,419,798	)		(1,288	)*		(2,809	)*
	(7,402,886	)		(3,163,452	)		1,301	*		(2,110	)*
	20,993,761			28,396,647			15,347			14,046	*

Annual Report  197

	Lazard International Equity Advantage Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	50,787		$	53,796
Net realized gain (loss)		(134,244	)		(114,244	)
Net change in unrealized appreciation (depreciation)		211,107			433,593
Net increase (decrease) in net assets resulting from operations		127,650			373,145
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(48,006	)		(51,885	)
Open Shares		(2,025	)		(2,117	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		(50,031	)		(54,002	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		—			—
Open Shares		—			—
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		48,006			51,885
Open Shares		2,025			2,117
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(57,767	)		—
Open Shares		—			—
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(7,736	)		54,002
Total increase (decrease) in net assets		69,883			373,145
Net assets at beginning of period		2,521,207			2,148,062
Net assets at end of period	$	2,591,090		$	2,521,207

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

198  Annual Report

Lazard International Equity Concentrated Portfolio						Lazard International Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	522,828		$	1,615,102		$	31,982,942		$	57,722,385
	(9,959,746	)		409,364			(22,368,369	)		11,065,023
	(7,019,673	)		14,997,265			259,570,688			444,077,959
	(16,456,591	)		17,021,731			269,185,261			512,865,367
	(502,330	)		(1,603,404	)		(28,031,055	)		(51,130,885	)
	(12,425	)		(5,862	)		(2,010,258	)		(4,599,789	)
	—			—			(1,244,237	)		(2,207,785	)
	(514,755	)		(1,609,266	)		(31,285,550	)		(57,938,459	)
	21,575,394			39,506,689			829,447,085			624,890,241
	2,660			650			52,835,440			59,304,312
	—			—			55,056,018			39,351,180
	502,184			1,554,391			25,025,241			45,137,028
	12,425			5,862			1,799,295			4,082,937
	—			—			1,241,734			2,202,815
	(89,284,855	)		(7,673,168	)		(749,116,212	)		(673,719,289	)
	(21,492	)		(65,223	)		(206,597,466	)		(74,619,091	)
	—			—			(44,843,974	)		(58,387,031	)
	(67,213,684	)		33,329,201			(35,152,839	)		(31,756,898	)
	(84,185,030	)		48,741,666			202,746,872			423,170,010
	98,245,879			49,504,213			2,859,903,241			2,436,733,231
$	14,060,849		$	98,245,879		$	3,062,650,113		$	2,859,903,241

Annual Report  199

	Lazard International Equity Advantage Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		241,125			235,905
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		4,784			5,220
Shares redeemed		(6,383	)		—
Net increase (decrease)		(1,599	)		5,220
Shares outstanding at end of period		239,526			241,125
Open Shares
Shares outstanding at beginning of period		11,318			11,106
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		202			212
Shares redeemed		—			—
Net increase (decrease)		202			212
Shares outstanding at end of period		11,520			11,318
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.

200   Annual Report

Lazard International Equity Concentrated Portfolio						Lazard International Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	9,493,019			5,888,251			134,082,503			134,128,473
	2,373,255			4,243,583			50,874,540			35,978,227
	51,745			151,058			1,327,534			2,468,167
	(10,553,930	)		(789,873	)		(45,793,934	)		(38,492,364	)
	(8,128,930	)		3,604,768			6,408,140			(45,970	)
	1,364,089			9,493,019			140,490,643			134,082,503
	41,695			47,769			13,658,790			14,336,300
	272			67			3,165,143			3,324,184
	1,277			569			95,416			221,021
	(2,155	)		(6,710	)		(10,958,977	)		(4,222,715	)
	(606	)		(6,074	)		(7,698,418	)		(677,510	)
	41,089			41,695			5,960,372			13,658,790
	—			—			5,788,801			6,803,382
	—			—			3,191,487			2,243,161
	—			—			65,933			120,673
	—			—			(2,572,399	)		(3,378,415	)
	—			—			685,021			(1,014,581	)
	—			—			6,473,822			5,788,801

Annual Report   201

	Lazard International Equity Select Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	937,142		$	2,026,601
Net realized gain (loss)		(1,780,411	)		(1,249,040	)
Net change in unrealized appreciation (depreciation)		7,062,981			15,192,386
Net increase from payments by affiliates		—			—
Net increase (decrease) in net assets resulting from operations		6,219,712			15,969,947
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(898,108	)		(1,961,509	)
Open Shares		(20,139	)		(45,672	)
Net decrease in net assets resulting from distributions		(918,247	)		(2,007,181	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		23,196,482			27,372,157
Open Shares		1,529,531			2,220,101
Net proceeds from reinvestment of distributions
Institutional Shares		874,186			1,894,543
Open Shares		19,885			45,594
Cost of shares redeemed
Institutional Shares		(30,557,726	)		(23,919,475	)
Open Shares		(1,462,806	)		(1,572,183	)
Net increase (decrease) in net assets from capital stock transactions		(6,400,448	)		6,040,737
Total increase (decrease) in net assets		(1,098,983	)		20,003,503
Net assets at beginning of period		96,087,821			76,084,318
Net assets at end of period	$	94,988,838		$	96,087,821
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		8,707,246			8,172,571
Shares sold		2,451,854			2,702,352
Shares issued to shareholders from reinvestment of distributions		77,913			177,060
Shares redeemed		(3,243,968	)		(2,344,737	)
Net increase (decrease)		(714,201	)		534,675
Shares outstanding at end of period		7,993,045			8,707,246
Open Shares
Shares outstanding at beginning of period		231,629			163,761
Shares sold		156,101			216,058
Shares issued to shareholders from reinvestment of distributions		1,763			4,241
Shares redeemed		(141,878	)		(152,431	)
Net increase (decrease)		15,986			67,868
Shares outstanding at end of period		247,615			231,629

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

202   Annual Report

Lazard International Equity Value Portfolio						Lazard International Quality Growth Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	47,772		$	620,073		$	13,507		$	22,481
	10,261			(332,938	)		89,062			908
	(296,859	)		2,145,026			1,555,029			884,213
	88,959			—			—			—
	(149,867	)		2,432,161			1,657,598			907,602
	(58,054	)		(632,861	)		(84,866	)		(95,391	)
	(741	)		(6,391	)		(2,354	)		(236	)
	(58,795	)		(639,252	)		(87,220	)		(95,627	)
	2,686,850			386,965			5,094,900			2,920,464
	9,981			111,790			265,673			18,500
	58,054			632,861			84,866			95,391
	680			6,262			2,354			236
	(12,992,331	)		(12,619,880	)		(208,991	)		(17,321	)
	(77,178	)		(21,311	)		(12,636	)		(11,243	)
	(10,313,944	)		(11,503,313	)		5,226,166			3,006,027
	(10,522,606	)		(9,710,404	)		6,796,544			3,818,002
	13,273,503			22,983,907			3,967,707			149,705
$	2,750,897		$	13,273,503		$	10,764,251		$	3,967,707
	1,319,964			2,509,997			311,939			14,900
	273,087			39,472			370,047			290,807
	6,508			63,925			5,572			7,589
	(1,309,909	)		(1,293,430	)		(15,674	)		(1,357	)
	(1,030,314	)		(1,190,033	)		359,945			297,039
	289,650			1,319,964			671,884			311,939
	14,189			4,211			771			100
	1,262			11,500			18,836			1,613
	76			633			155			19
	(11,227	)		(2,155	)		(985	)		(961	)
	(9,889	)		9,978			18,006			671
	4,300			14,189			18,777			771

Annual Report 203

	Lazard International Small Cap Equity Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	216,390		$	597,260
Net realized gain (loss)		547,329			(1,233,823	)
Net change in unrealized appreciation (depreciation)		2,270,963			13,644,978
Net increase (decrease) in net assets resulting from operations		3,034,682			13,008,415
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(729,812	)		(993,572	)
Open Shares		(274,269	)		(532,378	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		(1,004,081	)		(1,525,950	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		6,686,012			5,735,020
Open Shares		1,357,370			2,821,054
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		728,414			985,401
Open Shares		269,502			525,950
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(17,662,848	)		(11,597,241	)
Open Shares		(8,911,562	)		(7,881,149	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(17,533,112	)		(9,410,965	)
Total increase (decrease) in net assets		(15,502,511	)		2,071,500
Net assets at beginning of period		57,457,699			55,386,199
Net assets at end of period	$	41,955,188		$	57,457,699

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

204   Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	61,471,034		$	101,146,547		$	556,115		$	444,759
	(40,723,514	)		(31,395,597	)		(1,486,977	)		716,348
	413,060,145			1,109,551,562			(960,609	)		3,732,305
	433,807,665			1,179,302,512			(1,891,471	)		4,893,412
	(53,074,159	)		(100,719,323	)		(562,392	)		(480,167	)
	(4,116,579	)		(11,005,478	)		(1,918	)		(2,562	)
	(1,190,335	)		(2,219,743	)		—			—
	(58,381,073	)		(113,944,544	)		(564,310	)		(482,729	)
	867,984,229			792,681,193			3,728,503			9,905,800
	109,837,899			124,036,050			7,770			9,000
	6,884,808			21,028,905			—			—
	49,928,530			94,513,926			527,907			439,293
	3,877,654			10,047,508			1,918			2,562
	1,163,760			2,174,455			—			—
	(1,489,992,288	)		(911,120,127	)		(10,447,520	)		(1,072,923	)
	(288,996,541	)		(431,740,280	)		(134,993	)		(574	)
	(18,963,448	)		(19,831,488	)		—			—
	(758,275,397	)		(318,209,858	)		(6,316,415	)		9,283,158
	(382,848,805	)		747,148,110			(8,772,196	)		13,693,841
	6,307,423,592			5,560,275,482			34,585,908			20,892,067
$	5,924,574,787		$	6,307,423,592		$	25,813,712		$	34,585,908

Annual Report  205

	Lazard International Small Cap Equity Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,090,617			3,529,666
Shares sold		589,232			514,178
Shares issued to shareholders from reinvestment of distributions		63,230			92,962
Shares redeemed		(1,567,856	)		(1,046,189	)
Net increase (decrease)		(915,394	)		(439,049	)
Shares outstanding at end of period		2,175,223			3,090,617
Open Shares
Shares outstanding at beginning of period		1,622,591			2,031,598
Shares sold		121,575			254,632
Shares issued to shareholders from reinvestment of distributions		23,374			49,571
Shares redeemed		(835,816	)		(713,210	)
Net increase (decrease)		(690,867	)		(409,007	)
Shares outstanding at end of period		931,724			1,622,591
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.

206   Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	357,911,733			359,227,186			2,714,105			1,963,386
	63,824,929			55,219,621			339,588			804,074
	3,094,195			6,217,811			45,732			34,782
	(111,716,620	)		(62,752,885	)		(915,107	)		(88,137	)
	(44,797,496	)		(1,315,453	)		(529,787	)		750,719
	313,114,237			357,911,733			2,184,318			2,714,105
	43,939,513			64,009,753			18,298			17,404
	8,170,528			8,545,569			693			736
	239,698			656,801			167			203
	(20,839,894	)		(29,272,610	)		(12,670	)		(45	)
	(12,429,668	)		(20,070,240	)		(11,810	)		894
	31,509,845			43,939,513			6,488			18,298
	7,802,421			7,549,275			—			—
	482,711			1,459,355			—			—
	72,070			142,878			—			—
	(1,313,064	)		(1,349,087	)		—			—
	(758,283	)		253,146			—			—
	7,044,138			7,802,421			—			—

Annual Report   207

	Lazard US Equity Concentrated Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase in Net Assets
Operations
Net investment income (loss)	$	11,826,884		$	10,746,418
Net realized gain (loss)		44,140,640			16,675,749
Net change in unrealized appreciation (depreciation)		276,752,935			316,438,020
Net increase (decrease) in net assets resulting from operations		332,720,459			343,860,187
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(31,466,690	)		(10,474,453	)
Open Shares		(474,468	)		(251,259	)
R6 Shares		(35,269	)		(16,815	)
Net decrease in net assets resulting from distributions		(31,976,427	)		(10,742,527	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		832,814,325			239,444,709
Open Shares		7,487,780			10,485,661
R6 Shares		39,699			52,111
Net proceeds from reinvestment of distributions
Institutional Shares		29,424,137			9,489,994
Open Shares		465,481			245,698
R6 Shares		35,269			16,815
Cost of shares redeemed
Institutional Shares		(496,523,782	)		(337,781,398	)
Open Shares		(21,891,108	)		(27,918,973	)
R6 Shares		(133,537	)		(444,560	)
Net increase (decrease) in net assets from capital stock transactions		351,718,264			(106,409,943	)
Total increase (decrease) in net assets		652,462,296			226,707,717
Net assets at beginning of period		1,320,439,963			1,093,732,246
Net assets at end of period	$	1,972,902,259		$	1,320,439,963

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

208  Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small-Mid Cap Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
$	378,730		$	775,182		$	302,781		$	528,891
	3,423,426			9,274,046			(4,631,410	)		9,996,563
	4,304,928			8,829,523			9,989,695			24,785,901
	8,107,084			18,878,751			5,661,066			35,311,355
	(1,576,592	)		(3,507,462	)		(689,524	)		(3,405,960	)
	(62,169	)		(115,921	)		(79,756	)		(467,265	)
	(978,148	)		(1,131,458	)		(4,077	)		—
	(2,616,909	)		(4,754,841	)		(773,357	)		(3,873,225	)
	1,198,572			2,432,592			41,076,855			43,497,892
	49,836			24,674			1,508,700			1,907,057
	11,195,761			5,577,813			710,287			—
	1,575,875			3,507,279			684,306			3,376,123
	61,322			115,887			73,301			439,046
	978,148			1,131,458			4,077			—
	(7,184,723	)		(46,017,010	)		(62,404,831	)		(80,591,007	)
	(68,642	)		(61,182	)		(5,586,777	)		(4,715,661	)
	(4,575,266	)		(8,015,687	)		(75,526	)		—
	3,230,883			(41,304,176	)		(24,009,608	)		(36,086,550	)
	8,721,058			(27,180,266	)		(19,121,899	)		(4,648,420	)
	44,386,693			71,566,959			122,754,312			127,402,732
$	53,107,751		$	44,386,693		$	103,632,413		$	122,754,312

Annual Report  209

	Lazard US Equity Concentrated Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		75,485,283			80,772,130
Shares sold		61,909,549			16,233,590
Shares issued to shareholders from reinvestment of distributions		1,653,980			564,545
Shares redeemed		(31,763,969	)		(22,084,982	)
Net increase (decrease)		31,799,560			(5,286,847	)
Shares outstanding at end of period		107,284,843			75,485,283
Open Shares
Shares outstanding at beginning of period		2,759,073			3,925,727
Shares sold		471,205			683,831
Shares issued to shareholders from reinvestment of distributions		25,961			14,504
Shares redeemed		(1,367,456	)		(1,864,989	)
Net increase (decrease)		(870,290	)		(1,166,654	)
Shares outstanding at end of period		1,888,783			2,759,073
R6 Shares†
Shares outstanding at beginning of period		123,837			147,098
Shares sold		2,646			3,494
Shares issued to shareholders from reinvestment of distributions		1,978			998
Shares redeemed		(8,158	)		(27,753	)
Net increase (decrease)		(3,534	)		(23,261	)
Shares outstanding at end of period		120,303			123,837

† The inception date for the US Small-Mid Cap Equity R6 Shares was January 8, 2020.

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

210  Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small-Mid Cap Equity Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	2,714,562			5,927,072			7,925,745			10,493,688
	100,582			202,537			3,732,653			3,337,117
	122,119			292,273			56,694			247,154
	(613,683	)		(3,707,320	)		(5,337,199	)		(6,152,214	)
	(390,982	)		(3,212,510	)		(1,547,852	)		(2,567,943	)
	2,323,580			2,714,562			6,377,893			7,925,745
	92,372			85,762			1,164,098			1,368,812
	4,311			2,053			138,148			159,368
	4,733			9,609			6,598			34,845
	(5,819	)		(5,052	)		(481,424	)		(398,927	)
	3,225			6,610			(336,678	)		(204,714	)
	95,597			92,372			827,420			1,164,098
	881,361			982,747			—			—
	1,003,398			474,198			53,236			—
	75,523			94,367			338			—
	(409,564	)		(669,951	)		(6,165	)		—
	669,357			(101,386	)		47,409			—
	1,550,718			881,361			47,409			—

Annual Report  211

Year Ended December 31, 2020 (a)	Lazard US Sustainable Equity Portfolio
Increase in Net Assets
Operations
Net investment income (loss)	$	30,063
Net realized gain (loss)		61,946
Net change in unrealized appreciation (depreciation)		1,719,335
Net increase (decrease) in net assets resulting from operations		1,811,344
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(62,973	)
Open Shares		(393	)
Net decrease in net assets resulting from distributions		(63,366	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		9,704,139
Open Shares		105,500
Net proceeds from reinvestment of distributions
Institutional Shares		62,973
Open Shares		393
Cost of shares redeemed
Institutional Shares		(3,004	)
Net increase (decrease) in net assets from capital stock transactions		9,870,001
Total increase (decrease) in net assets		11,617,979
Net assets at beginning of period		—
Net assets at end of period	$	11,617,979
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		—
Shares sold		937,041
Shares issued to shareholders from reinvestment of distributions		5,235
Shares redeemed		(250	)
Net increase (decrease)		942,026
Shares outstanding at end of period		942,026
Open Shares
Shares outstanding at beginning of period		—
Shares sold		10,462
Shares issued to shareholders from reinvestment of distributions		33
Net increase (decrease)		10,495
Shares outstanding at end of period		10,495

(a) The Portfolio commenced operations on June 30, 2020

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

212  Annual Report

The Lazard Funds, Inc. Financial Highlights

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	14.55		$	11.42		$	14.48		$	10.28		$	9.04
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.08			0.11			0.03			0.05	^
Net realized and unrealized gain (loss)		2.76			3.13			(3.08	)		4.20			1.29
Total from investment operations		2.80			3.21			(2.97	)		4.23			1.34
Less distributions from:
Net investment income		(0.04	)		(0.08	)		(0.09	)		(0.03	)		(0.10	)
Total distributions		(0.04	)		(0.08	)		(0.09	)		(0.03	)		(0.10	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	17.31		$	14.55		$	11.42		$	14.48		$	10.28
Total Return (c)		19.33	%		28.17	%		–20.58	%		41.15	%		14.81	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	190,689		$	226,067		$	215,120		$	268,730		$	189,035
Ratios to average net assets:
Net expenses		1.17	%		1.16	%		1.14	%		1.18	%		1.21	%^
Gross expenses		1.21	%		1.16	%		1.14	%		1.18	%		1.23	%
Net investment income (loss)		0.33	%		0.63	%		0.83	%		0.24	%		0.48	%^
Portfolio turnover rate		57	%		55	%		63	%		46	%		56	%

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

Annual Report  213

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	14.51		$	11.36		$	14.45		$	10.28		$	9.05
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.05			0.06			(0.02	)		0.01	^
Net realized and unrealized gain (loss)		2.73			3.11			(3.06	)		4.19			1.28
Total from investment operations		2.74			3.16			(3.00	)		4.17			1.29
Less distributions from:
Net investment income		(0.04	)		(0.01	)		(0.09	)		—			(0.06	)
Total distributions		(0.04	)		(0.01	)		(0.09	)		—			(0.06	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	17.21		$	14.51		$	11.36		$	14.45		$	10.28
Total Return (c)		18.97	%		27.79	%	–20.83		%#		40.56	%		14.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,914		$	9,341		$	7,263		$	12,569		$	7,272
Ratios to average net assets:
Net expenses		1.44	%		1.46	%		1.51	%		1.58	%		1.60	%^
Gross expenses		1.53	%		1.55	%		1.51	%		1.58	%		1.65	%
Net investment income (loss)		0.04	%		0.36	%		0.42	%		–0.17	%		0.06	%^
Portfolio turnover rate		57	%		55	%		63	%		46	%		56	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. For Institutional Shares, the impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%. For Open Shares, the net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to the period custodian fees was offset against the period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
#	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)	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 DST; 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.

214  Annual Report

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	11.79		$	9.89		$	12.30		$	8.83		$	8.60
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.20			0.16			0.11			0.08
Net realized and unrealized gain (loss)		1.33			1.93			(2.39	)		3.45			0.22
Total from investment operations		1.41			2.13			(2.23	)		3.56			0.30
Less distributions from:
Net investment income		(0.08	)		(0.23	)		(0.18	)		(0.09	)		(0.07	)
Total distributions		(0.08	)		(0.23	)		(0.18	)		(0.09	)		(0.07	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	13.12		$	11.79		$	9.89		$	12.30		$	8.83
Total Return (c)		11.98	%		21.59	%		–18.12	%		40.35	%		3.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	209,503		$	197,213		$	207,955		$	230,343		$	122,995
Ratios to average net assets:
Net expenses		1.20	%		1.18	%		1.18	%		1.20	%		1.30	%
Gross expenses		1.20	%		1.18	%		1.18	%		1.20	%		1.31	%
Net investment income (loss)		0.70	%		1.83	%		1.44	%		0.98	%		0.89	%
Portfolio turnover rate		23	%		19	%		30	%		15	%		62	%

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

Annual Report  215

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	11.76		$	9.87		$	12.27		$	8.81		$	8.58
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.16			0.11			0.06			0.07
Net realized and unrealized gain (loss)		1.33			1.92			(2.37	)		3.45			0.20
Total from investment operations		1.37			2.08			(2.26	)		3.51			0.27
Less distributions from:
Net investment income		(0.04	)		(0.19	)		(0.14	)		(0.05	)		(0.04	)
Total distributions		(0.04	)		(0.19	)		(0.14	)		(0.05	)		(0.04	)
Net asset value, end of period	$	13.09		$	11.76		$	9.87		$	12.27		$	8.81
Total Return (c)		11.66	%		21.08	%		–18.43	%		39.80	%		3.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,544		$	2,425		$	1,853		$	1,828		$	729
Ratios to average net assets:
Net expenses		1.50	%		1.55	%		1.58	%		1.60	%		1.60	%
Gross expenses		1.62	%		1.90	%		2.00	%		2.45	%		2.14	%
Net investment income (loss)		0.35	%		1.48	%		1.00	%		0.56	%		0.85	%
Portfolio turnover rate		23	%		19	%		30	%		15	%		62	%

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

216  Annual Report

Selected data for a share of capital stock outstanding	Year Ended						For the Period 4/6/18* to
throughout each period	12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	11.80		$	9.89		$	12.21
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.20			0.14
Net realized and unrealized gain (loss)		1.34			1.94			(2.28	)
Total from investment operations		1.41			2.14			(2.14	)
Less distributions from:
Net investment income		(0.08	)		(0.23	)		(0.18	)
Total distributions		(0.08	)		(0.23	)		(0.18	)
Net asset value, end of period	$	13.13		$	11.80		$	9.89
Total Return (c)		11.97	%		21.69	%		–17.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	544		$	597		$	494
Ratios to average net assets (d):
Net expenses		1.20	%		1.18	%		1.16	%
Gross expenses		1.87	%		3.23	%		7.68	%
Net investment income (loss)		0.63	%		1.80	%		1.71	%
Portfolio turnover rate		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)	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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.

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

Annual Report  217

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	11.84		$	10.03		$	12.27		$	8.71		$	8.06
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.24			0.19			0.12			0.12
Net realized and unrealized gain (loss)		1.97			1.80			(2.19	)		3.58			0.67
Total from investment operations		2.07			2.04			(2.00	)		3.70			0.79
Less distributions from:
Net investment income		(0.10	)		(0.23	)		(0.22	)		(0.13	)		(0.13	)
Net realized gains		(0.02	)		—			—	(b)		—			—
Return of capital		—			—			(0.02	)		(0.01	)		(0.01	)
Total distributions		(0.12	)		(0.23	)		(0.24	)		(0.14	)		(0.14	)
Net asset value, end of period	$	13.79		$	11.84		$	10.03		$	12.27		$	8.71
Total Return (c)		17.50	%		20.34	%	–16.23		%		42.52	%		9.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	27,898		$	9,190		$	3,107		$	4,191		$	2,896
Ratios to average net assets:
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses		1.97	%		3.19	%		5.60	%		6.29	%		9.57	%
Net investment income (loss)		0.87	%		2.15	%		1.59	%		1.15	%		1.41	%
Portfolio turnover rate		91	%		59	%		61	%		52	%		57	%

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

218  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	11.85		$	10.04		$	12.27		$	8.71		$	8.06
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.21			0.16			0.08			0.09
Net realized and unrealized gain (loss)		1.93			1.79			(2.18	)		3.58			0.68
Total from investment operations		2.02			2.00			(2.02	)		3.66			0.77
Less distributions from:
Net investment income		(0.06	)		(0.19	)		(0.19	)		(0.09	)		(0.11	)
Net realized gains		(0.02	)		—			—	(b)		—			—
Return of capital		—			—			(0.02	)		(0.01	)		(0.01	)
Total distributions		(0.08	)		(0.19	)		(0.21	)		(0.10	)		(0.12	)
Net asset value, end of period	$	13.79		$	11.85		$	10.04		$	12.27		$	8.71
Total Return (c)		17.10	%		19.97	%	–16.40		%		42.09	%		9.51	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	876		$	1,162		$	476		$	356		$	120
Ratios to average net assets:
Net expenses		1.35	%		1.38	%		1.40	%		1.40	%		1.40	%
Gross expenses		2.68	%		4.32	%		8.09	%		12.17	%		20.02	%
Net investment income (loss)		0.76	%		1.87	%		1.35	%		0.72	%		1.06	%
Portfolio turnover rate		91	%		59	%		61	%		52	%		57	%

(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 DST; 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  219

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	12.18		$	10.02		$	12.93		$	9.60		$	8.53
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.13			0.17			0.10			0.08	^
Net realized and unrealized gain (loss)		1.66			2.29			(2.89	)		3.35			1.04
Total from investment operations		1.79			2.42			(2.72	)		3.45			1.12
Less distributions from:
Net investment income		(0.17	)		(0.26	)		(0.19	)		(0.12	)		(0.05	)
Total distributions		(0.17	)		(0.26	)		(0.19	)		(0.12	)		(0.05	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	13.80		$	12.18		$	10.02		$	12.93		$	9.60
Total Return (c)		14.74	%		24.21	%		–21.05	%		35.98	%		13.12	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	74,406		$	96,399		$	291,404		$	385,492		$	282,473
Ratios to average net assets:
Net expenses		1.22	%		1.26	%		1.15	%		1.21	%		1.25	%^
Gross expenses		1.46	%		1.26	%		1.15	%		1.21	%		1.26	%
Net investment income (loss)		1.18	%		1.16	%		1.39	%		0.90	%		0.88	%^
Portfolio turnover rate		53	%		56	%		61	%		57	%		47	%

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

220  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	12.23		$	10.03		$	12.95		$	9.62		$	8.55
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.14			0.12			0.06			0.05	^
Net realized and unrealized gain (loss)		1.65			2.29			(2.89	)		3.34			1.04
Total from investment operations		1.75			2.43			(2.77	)		3.40			1.09
Less distributions from:
Net investment income		(0.13	)		(0.23	)		(0.15	)		(0.07	)		(0.02	)
Return of capital		—			—			—			—			—	(b)
Total distributions		(0.13	)		(0.23	)		(0.15	)		(0.07	)		(0.02	)
Redemption fees		—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	13.85		$	12.23		$	10.03		$	12.95		$	9.62
Total Return (c)		14.39	%		24.21	%	–21.39		%		35.38	%		12.74	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,019		$	5,977		$	6,200		$	9,728		$	6,804
Ratios to average net assets:
Net expenses		1.48	%		1.52	%		1.53	%		1.60	%		1.60	%^
Gross expenses		1.83	%		1.77	%		1.53	%		1.61	%		1.89	%
Net investment income (loss)		0.88	%		1.27	%		1.01	%		0.50	%		0.54	%^
Portfolio turnover rate		53	%		56	%		61	%		57	%		47	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
(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 DST; 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  221

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	18.48		$	16.06		$	20.02		$	15.96		$	13.44
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.37			0.42			0.39			0.33			0.24	^
Net realized and unrealized gain (loss)		(0.44	)		2.45			(4.01	)		4.13			2.52
Total from investment operations		(0.07	)		2.87			(3.62	)		4.46			2.76
Less distributions from:
Net investment income		(0.38	)		(0.45	)		(0.34	)		(0.40	)		(0.24	)
Total distributions		(0.38	)		(0.45	)		(0.34	)		(0.40	)		(0.24	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	18.03		$	18.48		$	16.06		$	20.02		$	15.96
Total Return (c)		–0.10	%		18.04	%		–18.09	%		28.02	%		20.52	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,923,878		$	6,645,429		$	7,573,861		$	11,285,358		$	9,311,693
Ratios to average net assets:
Net expenses		1.09	%		1.08	%		1.07	%		1.08	%		1.09	%^
Gross expenses		1.09	%		1.08	%		1.07	%		1.08	%		1.09	%
Net investment income (loss)		2.36	%		2.42	%		2.12	%		1.82	%		1.59	%^
Portfolio turnover rate		39	%		20	%		16	%		14	%		12	%

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

222  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	19.03		$	16.53		$	20.60		$	16.41		$	13.82
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.34			0.39			0.35			0.29			0.21	^
Net realized and unrealized gain (loss)		(0.45	)		2.52			(4.12	)		4.25			2.58
Total from investment operations		(0.11	)		2.91			(3.77	)		4.54			2.79
Less distributions from:
Net investment income		(0.34	)		(0.41	)		(0.30	)		(0.35	)		(0.20	)
Total distributions		(0.34	)		(0.41	)		(0.30	)		(0.35	)		(0.20	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	18.58		$	19.03		$	16.53		$	20.60		$	16.41
Total Return (c)		–0.34	%		17.73	%		–18.32	%		27.73	%		20.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	421,990		$	969,347		$	1,004,569		$	1,515,715		$	1,287,552
Ratios to average net assets:
Net expenses		1.34	%		1.34	%		1.32	%		1.34	%		1.35	%^
Gross expenses		1.34	%		1.34	%		1.32	%		1.34	%		1.35	%
Net investment income (loss)		2.08	%		2.19	%		1.85	%		1.55	%		1.35	%^
Portfolio turnover rate		39	%		20	%		16	%		14	%		12	%

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

Annual Report  223

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period	$	18.47		$	16.06		$	20.02		$	15.96		$	13.44
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.40			0.40			0.40			0.35			0.23	^
Net realized and unrealized gain (loss)		(0.45	)		2.46			(4.02	)		4.11			2.53
Total from investment operations		(0.05	)		2.86			(3.62	)		4.46			2.76
Less distributions from:
Net investment income		(0.38	)		(0.45	)		(0.34	)		(0.40	)		(0.24	)
Total distributions		(0.38	)		(0.45	)		(0.34	)		(0.40	)		(0.24	)
Net asset value, end of period	$	18.04		$	18.47		$	16.06		$	20.02		$	15.96
Total Return (c)		0.01	%		17.98	%		–18.09	%		28.02	%		20.52	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	23,631		$	184,337		$	232,507		$	372,568		$	197,959
Ratios to average net assets:
Net expenses		1.08	%		1.08	%		1.07	%		1.08	%		1.09	%^
Gross expenses		1.09	%		1.08	%		1.07	%		1.08	%		1.10	%
Net investment income (loss)		2.52	%		2.30	%		2.15	%		1.91	%		1.54	%^
Portfolio turnover rate		39	%		20	%		16	%		14	%		12	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
(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 DST; 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.

224  Annual Report

LAZARD EQUITY FRANCHISE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended									For the Period 9/29/17* to
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period	$	10.17		$	8.84		$	10.38			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.19			0.20				0.03
Net realized and unrealized gain (loss)		0.02			1.73			(0.75	)			0.40
Total from investment operations		0.12			1.92			(0.55	)			0.43
Less distributions from:
Net investment income		(0.07	)		(0.15	)		(0.21	)			(0.03	)
Net realized gains		(0.05	)		(0.44	)		(0.78	)			(0.02	)
Total distributions		(0.12	)		(0.59	)		(0.99	)			(0.05	)
Net asset value, end of period	$	10.17		$	10.17		$	8.84			$	10.38
Total Return (b)		1.15	%		21.70	%		–5.10	%			4.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	91,720		$	39,878		$	8,341			$	5,566
Ratios to average net assets (c):
Net expenses		0.95	%		0.95	%		0.95	%			0.95	%
Gross expenses		1.11	%		1.36	%		3.42	%			3.21	%
Net investment income (loss)		1.09	%		1.95	%		1.94	%			1.26	%
Portfolio turnover rate		79	%		95	%		97	%			10	%

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

Annual Report  225

Selected data for a share of capital stock outstanding	Year Ended									For the Period 9/29/17* to
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period	$	10.17			$ 8.84			$10.38			$10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.16			0.19			0.03
Net realized and unrealized gain (loss)		—	(d)		1.73			(0.77	)		0.39
Total from investment operations		0.09			1.89			(0.58	)		0.42
Less distributions from:
Net investment income		(0.04	)		(0.12	)		(0.18	)		(0.02	)
Net realized gains		(0.05	)		(0.44	)		(0.78	)		(0.02	)
Total distributions		(0.09	)		(0.56	)		(0.96	)		(0.04	)
Net asset value, end of period	$	10.17			$10.17			$ 8.84			$10.38
Total Return (b)		0.90	%		21.40	%		–5.34	%		4.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$  129			$  312			$  190			$  111
Ratios to average net assets (c):
Net expenses		1.20	%		1.18	%		1.20	%		1.20	%
Gross expenses		3.64	%		5.78	%		10.19	%		23.62	%
Net investment income (loss)		1.00	%		1.64	%		1.75	%		1.14	%
Portfolio turnover rate		79	%		95	%		97	%		10	%

*	The Portfolio commenced operations on September 29, 2017.
(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 DST; 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.

226  Annual Report

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	14.56		$	11.72		$	13.04		$	10.53		$	10.33
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.11			0.09			0.07			0.09
Net realized and unrealized gain (loss)		2.24			2.84			(1.02	)		2.93			0.18
Total from investment operations		2.31			2.95			(0.93	)		3.00			0.27
Less distributions from:
Net investment income		(0.05	)		(0.10	)		(0.06	)		(0.10	)		(0.07	)
Net realized gains		(0.50	)		—			(0.32	)		(0.39	)		—
Return of capital		—			(0.01	)		(0.01	)		—			—
Total distributions		(0.55	)		(0.11	)		(0.39	)		(0.49	)		(0.07	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	16.32		$	14.56		$	11.72		$	13.04		$	10.53
Total Return (c)		15.97	%		25.20	%		–7.12	%		28.52	%		2.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	92,418		$	82,057		$	65,382		$	58,201		$	31,197
Ratios to average net assets:
Net expenses		0.90	%		1.01	%		1.05	%		1.05	%		1.07	%
Gross expenses		0.95	%		1.08	%		1.08	%		1.30	%		1.75	%
Net investment income (loss)		0.46	%		0.85	%		0.70	%		0.60	%		0.86	%
Portfolio turnover rate		90	%		25	%		34	%		34	%		40	%

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

Annual Report  227

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	14.57		$	11.73		$	13.04		$	10.54		$	10.34
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.08			0.05			0.04			0.06
Net realized and unrealized gain (loss)		2.22			2.83			(1.01	)		2.91			0.18
Total from investment operations		2.27			2.91			(0.96	)		2.95			0.24
Less distributions from:
Net investment income		(0.01	)		(0.07	)		(0.02	)		(0.06	)		(0.04	)
Net realized gains		(0.50	)		—			(0.32	)		(0.39	)		—
Return of capital		—			—	(b)		(0.01	)		—			—
Total distributions		(0.51	)		(0.07	)		(0.35	)		(0.45	)		(0.04	)
Net asset value, end of period	$	16.33		$	14.57		$	11.73		$	13.04		$	10.54
Total Return (c)		15.67	%		24.82	%		–7.33	%		28.01	%		2.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,158		$	933		$	763		$	711		$	515
Ratios to average net assets:
Net expenses		1.15	%		1.30	%		1.35	%		1.35	%		1.37	%
Gross expenses		1.74	%		2.36	%		2.80	%		3.70	%		5.38	%
Net investment income (loss)		0.35	%		0.56	%		0.41	%		0.32	%		0.56	%
Portfolio turnover rate		90	%		25	%		34	%		34	%		40	%

(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 DST; 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.

228  Annual Report

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	15.78		$	13.51		$	15.99		$	14.17		$	13.42
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			0.40			0.41			0.39			0.31	^
Net realized and unrealized gain (loss)		(1.02	)		2.57			(0.96	)		2.54			0.92
Total from investment operations		(0.75	)		2.97			(0.55	)		2.93			1.23
Less distributions from:
Net investment income		(0.04	)		(0.70	)		(0.72	)		(0.29	)		(0.34	)
Net realized gains		(0.27	)		—			(1.21	)		(0.82	)		(0.14	)
Return of capital		(0.07	)		—			—			—			—
Total distributions		(0.38	)		(0.70	)		(1.93	)		(1.11	)		(0.48	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	14.65		$	15.78		$	13.51		$	15.99		$	14.17
Total Return (c)		–4.48	%		22.26	%		–3.68	%		20.73	%		9.30	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,289,680		$	7,277,512		$	4,924,359		$	4,778,042		$	2,931,161
Ratios to average net assets:
Net expenses		0.96	%		0.95	%		0.95	%		0.95	%		0.96	%^
Gross expenses		0.96	%		0.95	%		0.95	%		0.95	%		0.96	%
Net investment income (loss)		1.87	%		2.63	%		2.65	%		2.44	%		2.29	%^
Portfolio turnover rate		42	%		33	%		49	%		33	%		35	%

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

Annual Report  229

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	15.79		$	13.52		$	16.01		$	14.20		$	13.45
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.23			0.36			0.37			0.35			0.29	^
Net realized and unrealized gain (loss)		(1.01	)		2.57			(0.97	)		2.55			0.91
Total from investment operations		(0.78	)		2.93			(0.60	)		2.90			1.20
Less distributions from:
Net investment income		(0.03	)		(0.66	)		(0.68	)		(0.27	)		(0.31	)
Net realized gains		(0.25	)		—			(1.21	)		(0.82	)		(0.14	)
Return of capital		(0.07	)		—			—			—			—
Total distributions		(0.35	)		(0.66	)		(1.89	)		(1.09	)		(0.45	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	14.66		$	15.79		$	13.52		$	16.01		$	14.20
Total Return (c)		–4.68	%		21.94	%		–3.98	%		20.47	%		9.01	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	307,757		$	448,387		$	426,749		$	633,243		$	462,613
Ratios to average net assets:
Net expenses		1.21	%		1.20	%		1.20	%		1.21	%		1.22	%^
Gross expenses		1.21	%		1.20	%		1.20	%		1.21	%		1.22	%
Net investment income (loss)		1.57	%		2.39	%		2.36	%		2.16	%		2.09	%^
Portfolio turnover rate		42	%		33	%		49	%		33	%		35	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
(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.

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

230  Annual Report

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20*			12/31/19*			12/31/18*			12/31/17*			12/31/16*
Institutional Shares
Net asset value, beginning of period	$	10.30		$	8.20		$	11.55		$	47.95		$	48.35
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.02			0.10			0.05			0.40			0.35
Net realized and unrealized gain (loss)		2.17			2.30			(0.90	)		11.20			(0.40	)
Total from investment operations		2.19			2.40			(0.85	)		11.60			(0.05	)
Less distributions from:
Net investment income		(0.01	)		(0.10	)		(0.05	)		(1.00	)		(0.35	)
Net realized gains		(0.36	)		(0.20	)		(2.45	)		(47.00	)		—
Total distributions		(0.37	)		(0.30	)		(2.50	)		(48.00	)		(0.35	)
Net asset value, end of period	$	12.12		$	10.30		$	8.20		$	11.55		$	47.95
Total Return (b)		21.48	%		29.19	%		–9.16	%		24.20	%		–0.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,076		$	3,185		$	2,505		$	2,750		$	19,816
Ratios to average net assets:
Net expenses		0.97	%		1.00	%		1.05	%		1.10	%		1.10	%
Gross expenses		5.74	%		6.07	%		6.41	%		2.06	%		2.03	%
Net investment income (loss)		0.23	%		1.01	%		0.60	%		0.76	%		0.76	%
Portfolio turnover rate		59	%		49	%		46	%		65	%		67	%

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

Annual Report  231

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20*			12/31/19*			12/31/18*			12/31/17*			12/31/16*
Open Shares
Net asset value, beginning of period	$	10.25		$	8.15		$	11.50		$	47.95		$	48.35
Income (Loss) from investment operations:
Net investment income (loss) (a)		—	(c)		0.05			0.05			0.15			0.20
Net realized and unrealized gain (loss)		2.13			2.30			(0.95	)		11.25			(0.40	)
Total from investment operations		2.13			2.35			(0.90	)		11.40			(0.20	)
Less distributions from:
Net investment income		—	(c)		(0.05	)		—	(c)		(0.85	)		(0.20	)
Net realized gains		(0.36	)		(0.20	)		(2.45	)		(47.00	)		—
Total distributions		(0.36	)		(0.25	)		(2.45	)		(47.85	)		(0.20	)
Net asset value, end of period	$	12.02		$	10.25		$	8.15		$	11.50		$	47.95
Total Return (b)		20.96	%		29.01	%		–9.39	%		23.72	%		–0.45	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	184		$	144		$	131		$	149		$	114
Ratios to average net assets:
Net expenses		1.22	%		1.29	%		1.35	%		1.41	%		1.40	%
Gross expenses		8.76	%		13.26	%		14.05	%		12.33	%		13.31	%
Net investment income (loss)		–0.01	%		0.72	%		0.29	%		0.34	%		0.39	%
Portfolio turnover rate		59	%		49	%		46	%		65	%		67	%

*	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 DST; 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.

232  Annual Report

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	9.99		$	8.70		$	10.92		$	8.91		$	9.21
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.20			0.22			0.24			0.19			0.18
Net realized and unrealized gain (loss)		0.33			1.29			(2.01	)		2.03			(0.28	)
Total from investment operations		0.53			1.51			(1.77	)		2.22			(0.10	)
Less distributions from:
Net investment income		(0.20	)		(0.22	)		(0.33	)		(0.21	)		(0.20	)
Net realized gains		—			—			(0.12	)		—			—
Total distributions		(0.20	)		(0.22	)		(0.45	)		(0.21	)		(0.20	)
Net asset value, end of period	$	10.32		$	9.99		$	8.70		$	10.92		$	8.91
Total Return (b)		5.41	%		17.37	%		–16.26	%		24.98	%		–1.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,472		$	2,408		$	2,051		$	2,508		$	1,969
Ratios to average net assets:
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		8.57	%		8.40	%		7.60	%		8.91	%		13.12	%
Net investment income (loss)		2.24	%		2.30	%		2.29	%		1.89	%		2.08	%
Portfolio turnover rate		109	%		66	%		72	%		88	%		92	%

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

Annual Report  233

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	9.99		$	8.70		$	10.92		$	8.91		$	9.21
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.19			0.21			0.16			0.15
Net realized and unrealized gain (loss)		0.33			1.29			(2.01	)		2.03			(0.28	)
Total from investment operations		0.51			1.48			(1.80	)		2.19			(0.13	)
Less distributions from:
Net investment income		(0.18	)		(0.19	)		(0.30	)		(0.18	)		(0.17	)
Net realized gains		—			—			(0.12	)		—			—
Total distributions		(0.18	)		(0.19	)		(0.42	)		(0.18	)		(0.17	)
Net asset value, end of period	$	10.32		$	9.99		$	8.70		$	10.92		$	8.91
Total Return (b)		5.14	%		17.03	%		–16.52	%		24.60	%		–1.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	119		$	113		$	97		$	116		$	93
Ratios to average net assets:
Net expenses		1.15	%		1.18	%		1.20	%		1.20	%		1.20	%
Gross expenses		12.55	%		17.72	%		17.67	%		20.85	%		25.85	%
Net investment income (loss)		1.99	%		2.02	%		1.99	%		1.58	%		1.74	%
Portfolio turnover rate		109	%		66	%		72	%		88	%		92	%

(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 DST; 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.

234  Annual Report

LAZARD INTERNATIONAL EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	10.30		$	8.34		$	10.43		$	8.54		$	8.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.19			0.14			0.13			0.14
Net realized and unrealized gain (loss)		(0.05	)		1.94			(1.84	)		1.86			0.25
Total from investment operations		0.04			2.13			(1.70	)		1.99			0.39
Less distributions from:
Net investment income		(0.33	)		(0.17	)		(0.17	)		(0.10	)		(0.12	)
Net realized gains		—			—			(0.22	)		—			—
Total distributions		(0.33	)		(0.17	)		(0.39	)		(0.10	)		(0.12	)
Net asset value, end of period	$	10.01		$	10.30		$	8.34		$	10.43		$	8.54
Total Return (b)		0.47	%		25.56	%		–16.20	%		23.29	%		4.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	13,648		$	97,815		$	49,105		$	69,440		$	15,473
Ratios to average net assets:
Net expenses		0.94	%		0.95	%		1.00	%		1.05	%		1.05	%
Gross expenses		1.17	%		1.05	%		1.13	%		1.34	%		2.29	%
Net investment income (loss)		0.95	%		2.00	%		1.45	%		1.35	%		1.64	%
Portfolio turnover rate		93	%		72	%		76	%		81	%		92	%

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

Annual Report  235

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	10.32		$	8.35		$	10.45		$	8.56		$	8.29
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.18			0.09			0.10			0.11
Net realized and unrealized gain (loss)		(0.05	)		1.93			(1.82	)		1.86			0.26
Total from investment operations		0.02			2.11			(1.73	)		1.96			0.37
Less distributions from:
Net investment income		(0.30	)		(0.14	)		(0.15	)		(0.07	)		(0.10	)
Net realized gains		—			—			(0.22	)		—			—
Total distributions		(0.30	)		(0.14	)		(0.37	)		(0.07	)		(0.10	)
Net asset value, end of period	$	10.04		$	10.32		$	8.35		$	10.45		$	8.56
Total Return (b)		0.33	%		25.28	%		–16.47	%		22.87	%		4.41	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	413		$	430		$	399		$	220		$	114
Ratios to average net assets:
Net expenses		1.02	%		1.24	%		1.29	%		1.35	%		1.35	%
Gross expenses		2.54	%		3.67	%		5.24	%		8.15	%		11.98	%
Net investment income (loss)		0.76	%		1.87	%		0.96	%		1.04	%		1.32	%
Portfolio turnover rate		93	%		72	%		76	%		81	%		92	%

(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 DST; 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.

236  Annual Report

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	18.61		$	15.68		$	19.61		$	16.20		$	17.08
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.37			0.37			0.26			0.27	^
Net realized and unrealized gain (loss)		1.41			2.95			(3.06	)		3.43			(0.98	)
Total from investment operations		1.62			3.32			(2.69	)		3.69			(0.71	)
Less distributions from:
Net investment income		(0.21	)		(0.39	)		(0.42	)		(0.28	)		(0.17	)
Net realized gains		—			—			(0.82	)		—			—
Total distributions		(0.21	)		(0.39	)		(1.24	)		(0.28	)		(0.17	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	20.02		$	18.61		$	15.68		$	19.61		$	16.20
Total Return (c)		8.76	%		21.19	%		–13.61	%#		22.81	%		–4.18	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,812,450		$	2,495,021		$	2,102,735		$	2,835,262		$	1,511,516
Ratios to average net assets:
Net expenses		0.82	%		0.82	%		0.81	%		0.81	%		0.82	%^
Gross expenses		0.82	%		0.82	%		0.81	%		0.81	%		0.84	%
Net investment income (loss)		1.21	%		2.13	%		1.94	%		1.44	%		1.62	%^
Portfolio turnover rate		38	%		37	%		36	%		31	%		25	%

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

Annual Report  237

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	18.84		$	15.87		$	19.83		$	16.38		$	17.23
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.33			0.32			0.30			0.13	^
Net realized and unrealized gain (loss)		1.41			2.98			(3.08	)		3.38			(0.90	)
Total from investment operations		1.58			3.31			(2.76	)		3.68			(0.77	)
Less distributions from:
Net investment income		(0.16	)		(0.34	)		(0.38	)		(0.23	)		(0.08	)
Net realized gains		—			—			(0.82	)		—			—
Total distributions		(0.16	)		(0.34	)		(1.20	)		(0.23	)		(0.08	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	20.26		$	18.84		$	15.87		$	19.83		$	16.38
Total Return (c)		8.43	%		20.89	%		–13.83	%#		22.50	%		–4.46	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	120,781		$	257,308		$	227,483		$	275,014		$	1,073,486
Ratios to average net assets:
Net expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.07	%^
Gross expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.10	%
Net investment income (loss)		0.97	%		1.84	%		1.67	%		1.69	%		0.80	%^
Portfolio turnover rate		38	%		37	%		36	%		31	%		25	%

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

238  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period	$	18.58		$	15.66		$	19.59		$	16.18		$	17.07
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.38			0.36			0.31			0.31	^
Net realized and unrealized gain (loss)		1.41			2.93			(3.05	)		3.38			(1.02	)
Total from investment operations		1.62			3.31			(2.69	)		3.69			(0.71	)
Less distributions from:
Net investment income		(0.21	)		(0.39	)		(0.42	)		(0.28	)		(0.18	)
Net realized gains		—			—			(0.82	)		—			—
Total distributions		(0.21	)		(0.39	)		(1.24	)		(0.28	)		(0.18	)
Net asset value, end of period	$	19.99		$	18.58		$	15.66		$	19.59		$	16.18
Total Return (c)		8.79	%		21.17	%		–13.62	%#		22.85	%		–4.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	129,419		$	107,574		$	106,516		$	693,744		$	79,119
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.80	%^
Gross expenses		0.83	%		0.82	%		0.81	%		0.81	%		0.86	%
Net investment income (loss)		1.21	%		2.19	%		1.84	%		1.68	%		1.88	%^
Portfolio turnover rate		38	%		37	%		36	%		31	%		25	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. There was a 0.02%, 0.03% and 0.02% impact on the net expenses and net investment income (loss) ratios of the Portfolio’s Institutional, Open and R6 Shares, respectively.
#	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.
(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 DST; 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  239

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	10.75		$	9.13		$	11.02		$	8.65		$	8.80
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.23			0.18			0.13			0.12
Net realized and unrealized gain (loss)		0.78			1.62			(1.82	)		2.31			(0.17	)
Total from investment operations		0.89			1.85			(1.64	)		2.44			(0.05	)
Less distributions from:
Net investment income		(0.11	)		(0.23	)		(0.25	)		(0.07	)		(0.10	)
Total distributions		(0.11	)		(0.23	)		(0.25	)		(0.07	)		(0.10	)
Net asset value, end of period	$	11.53		$	10.75		$	9.13		$	11.02		$	8.65
Total Return (b)		8.33	%		20.32	%		–14.90	%		28.31	%		–0.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	92,121		$	93,586		$	74,582		$	53,929		$	28,299
Ratios to average net assets:
Net expenses		0.90	%		0.97	%		1.05	%		1.05	%		1.05	%
Gross expenses		0.95	%		0.99	%		1.05	%		1.31	%		1.79	%
Net investment income (loss)		1.10	%		2.29	%		1.73	%		1.27	%		1.36	%
Portfolio turnover rate		34	%		42	%		32	%		30	%		42	%

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

240  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	10.80		$	9.17		$	11.03		$	8.66		$	8.82
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.19			0.15			0.10			0.10
Net realized and unrealized gain (loss)		0.78			1.64			(1.82	)		2.31			(0.19	)
Total from investment operations		0.86			1.83			(1.67	)		2.41			(0.09	)
Less distributions from:
Net investment income		(0.08	)		(0.20	)		(0.19	)		(0.04	)		(0.07	)
Total distributions		(0.08	)		(0.20	)		(0.19	)		(0.04	)		(0.07	)
Net asset value, end of period	$	11.58		$	10.80		$	9.17		$	11.03		$	8.66
Total Return (b)		8.02	%		19.97	%		–15.16	%		27.89	%		–1.03	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,868		$	2,502		$	1,502		$	2,831		$	2,092
Ratios to average net assets:
Net expenses		1.15	%		1.28	%		1.35	%		1.35	%		1.35	%
Gross expenses		1.38	%		1.74	%		1.83	%		2.07	%		2.59	%
Net investment income (loss)		0.80	%		1.87	%		1.42	%		1.01	%		1.13	%
Portfolio turnover rate		34	%		42	%		32	%		30	%		42	%

(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 DST; 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  241

LAZARD INTERNATIONAL EQUITY VALUE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended						For the Period 10/31/18*
throughout each period	12/31/20			12/31/19			to 12/31/18
Institutional Shares
Net asset value, beginning of period	$	9.95		$	9.14		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.28			0.01
Net realized and unrealized gain (loss)		(0.54	)		1.01			(0.86	)
Total from investment operations		(0.39	)		1.29			(0.85	)
Less distributions from:
Net investment income		(0.20	)		(0.48	)		(0.01	)
Total distributions		(0.20	)		(0.48	)		(0.01	)
Net asset value, end of period	$	9.36		$	9.95		$	9.14
Total Return (b)(c)		–3.81	%		14.14	%		–8.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,711		$	13,132		$	22,945
Ratios to average net assets (d):
Net expenses		0.95	%		0.95	%		0.95	%
Gross expenses		6.59	%		2.01	%		1.34	%
Net investment income (loss)		1.75	%		2.87	%		0.72	%
Portfolio turnover rate		86	%		104	%		37	%

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

242  Annual Report

Selected data for a share of capital stock outstanding	Year Ended						For the Period 10/31/18*
throughout each period	12/31/20			12/31/19			to 12/31/18
Open Shares
Net asset value, beginning of period	$	9.95		$	9.13		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.21			—	(e)
Net realized and unrealized gain (loss)		(0.56	)		1.06			(0.86	)
Total from investment operations		(0.41	)		1.27			(0.86	)
Less distributions from:
Net investment income		(0.18	)		(0.45	)		(0.01	)
Total distributions		(0.18	)		(0.45	)		(0.01	)
Net asset value, end of period	$	9.36		$	9.95		$	9.13
Total Return (b)(c)		–4.06	%		13.98	%		–8.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	40		$	141		$	38
Ratios to average net assets (d):
Net expenses		1.21	%		1.13	%		1.20	%
Gross expenses		14.84	%		15.82	%		7.91	%
Net investment income (loss)		1.71	%		2.15	%		0.03	%
Portfolio turnover rate		86	%		104	%		37	%

*	The Portfolio commenced operations on October 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 DST; 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)	In 2020, the Portfolio’s total return includes a payment by an affiliate of 2.83% for Institutional Shares and 2.71% for Open Shares. Excluding this voluntary reimbursement payment, total return would have been –6.64% for Institutional Shares and –6.77% for Open Shares.
(d)	Annualized for a period of less than one year except for non-recurring expenses.
(e)	Amount is less than $0.01 per share.

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

Annual Report  243

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended						For the Period 12/31/18*
throughout each period	12/31/20			12/31/19			to 12/31/18
Institutional Shares
Net asset value, beginning of period	$	12.69		$	9.98		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.08			—
Net realized and unrealized gain (loss)		3.01			2.95			(0.02	)
Total from investment operations		3.04			3.03			(0.02	)
Less distributions from:
Net investment income		(0.01	)		(0.27	)		—
Net realized gains		(0.13	)		(0.05	)		—
Total distributions		(0.14	)		(0.32	)		—
Net asset value, end of period	$	15.59		$	12.69		$	9.98
Total Return (b)		23.95	%		30.32	%		–0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,473		$	3,958		$	149
Ratios to average net assets (c):
Net expenses		0.85	%		0.85	%		0.00	%
Gross expenses		3.58	%		8.16	%		8.45	%
Net investment income (loss)		0.24	%		0.65	%		0.00	%
Portfolio turnover rate		12	%		20	%		0	%

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

244   Annual Report

Selected data for a share of capital stock outstanding	Year Ended						For the Period 12/31/18*
throughout each period	12/31/20			12/31/19			to 12/31/18
Open Shares
Net asset value, beginning of period	$	12.65		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		(0.02	)		0.07			—
Net realized and unrealized gain (loss)		3.01			2.90			—	(d)
Total from investment operations		2.99			2.97			—	(d)
Less distributions from:
Net investment income		—			(0.27	)		—
Net realized gains		(0.13	)		(0.05	)		—
Total distributions		(0.13	)		(0.32	)		—
Net asset value, end of period	$	15.51		$	12.65		$	10.00
Total Return (b)		23.63	%		29.66	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	291		$	10		$	1
Ratios to average net assets (c):
Net expenses		1.10	%		1.10	%		0.00	%
Gross expenses		9.57	%		142.50	%		0.40	%
Net investment income (loss)		(0.15	)%		0.60	%		0.00	%
Portfolio turnover rate		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 DST; 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   245

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	12.19		$	9.95		$	13.79		$	10.10		$	10.90
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.13			0.12			0.10			0.12	^
Net realized and unrealized gain (loss)		1.53			2.42			(3.51	)		3.59			(0.62	)
Total from investment operations		1.59			2.55			(3.39	)		3.69			(0.50	)
Less distributions from:
Net investment income		(0.28	)		(0.05	)		(0.27	)		—			(0.30	)
Net realized gains		—			(0.26	)		(0.18	)		—			—
Total distributions		(0.28	)		(0.31	)		(0.45	)		—			(0.30	)
Redemption fees		—			—			—			—			—
Net asset value, end of period	$	13.50		$	12.19		$	9.95		$	13.79		$	10.10
Total Return (b)		13.44	%		26.01	%		–24.88	%#		36.53	%		–4.64	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	29,374		$	37,677		$	35,121		$	41,267		$	37,049
Ratios to average net assets:
Net expenses		1.15	%		1.14	%		1.08	%		1.09	%		0.96	%^
Gross expenses		1.29	%		1.15	%		1.08	%		1.09	%		1.06	%
Net investment income (loss)		0.57	%		1.14	%		0.96	%		0.85	%		1.14	%^
Portfolio turnover rate		50	%		37	%		59	%		35	%		63	%

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

246   Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	12.19		$	9.97		$	13.82		$	10.15		$	10.93
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.10			0.11			0.07			0.10	^
Net realized and unrealized gain (loss)		1.52			2.43			(3.54	)		3.60			(0.63	)
Total from investment operations		1.56			2.53			(3.43	)		3.67			(0.53	)
Less distributions from:
Net investment income		(0.25	)		(0.05	)		(0.24	)		—			(0.25	)
Net realized gains		—			(0.26	)		(0.18	)		—			—
Total distributions		(0.25	)		(0.31	)		(0.42	)		—			(0.25	)
Redemption fees		—			—			—			—			—	(c)
Net asset value, end of period	$	13.50		$	12.19		$	9.97		$	13.82		$	10.15
Total Return (b)		13.15	%		25.76	%		–25.09	%#		36.16	%		–4.92	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,581		$	19,780		$	20,265		$	42,362		$	44,523
Ratios to average net assets:
Net expenses		1.40	%		1.39	%		1.34	%		1.34	%		1.21	%^
Gross expenses		1.56	%		1.43	%		1.34	%		1.34	%		1.30	%
Net investment income (loss)		0.33	%		0.86	%		0.83	%		0.61	%		0.91	%^
Portfolio turnover rate		50	%		37	%		59	%		35	%		63	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The impact on the net investment income per share amount was $0.01 per share. There was a 0.10% and 0.09% impact on the total return of the Institutional and Open Shares classes, respectively, of the Portfolio. There was a 0.10% and 0.09% impact on the net expenses and net investment income (loss) ratios of the Portfolio’s Institutional and Open Shares, respectively.
#	The Portfolio received settlement proceeds from a foreign exchange trading classaction 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.
(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 DST; 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   247

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	15.38		$	12.89		$	15.70		$	12.44		$	13.33
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.24			0.21			0.17			0.20	^
Net realized and unrealized gain (loss)		1.45			2.53			(1.85	)		3.29			(0.89	)
Total from investment operations		1.62			2.77			(1.64	)		3.46			(0.69	)
Less distributions from:
Net investment income		(0.17	)		(0.28	)		(0.21	)		(0.20	)		(0.20	)
Net realized gains		—			—			(0.96	)		—			—
Total distributions		(0.17	)		(0.28	)		(1.17	)		(0.20	)		(0.20	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	16.83		$	15.38		$	12.89		$	15.70		$	12.44
Total Return (c)		10.58	%		21.55	%		–10.35	%		27.85	%		–5.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,270,611		$	5,505,271		$	4,630,334		$	5,911,184		$	5,114,357
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%^
Gross expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%
Net investment income (loss)		1.18	%		1.66	%		1.36	%		1.20	%		1.56	%^
Portfolio turnover rate		37	%		36	%		40	%		44	%		47	%

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

248   Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	15.52		$	13.01		$	15.83		$	12.55		$	13.44
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.21			0.17			0.14			0.18	^
Net realized and unrealized gain (loss)		1.46			2.55			(1.86	)		3.30			(0.90	)
Total from investment operations		1.60			2.76			(1.69	)		3.44			(0.72	)
Less distributions from:
Net investment income		(0.13	)		(0.25	)		(0.17	)		(0.16	)		(0.17	)
Net realized gains		—			—			(0.96	)		—			—
Total distributions		(0.13	)		(0.25	)		(1.13	)		(0.16	)		(0.17	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	16.99		$	15.52		$	13.01		$	15.83		$	12.55
Total Return (c)		10.34	%		21.21	%		–10.55	%		27.44	%		–5.37	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	535,285		$	682,035		$	832,548		$	1,216,861		$	1,591,016
Ratios to average net assets:
Net expenses		1.06	%		1.06	%		1.05	%		1.06	%		1.06	%^
Gross expenses		1.06	%		1.06	%		1.05	%		1.06	%		1.06	%
Net investment income (loss)		0.94	%		1.47	%		1.10	%		0.97	%		1.34	%^
Portfolio turnover rate		37	%		36	%		40	%		44	%		47	%

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

Annual Report   249

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period	$	15.39		$	12.90		$	15.71		$	12.45		$	13.34
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.23			0.21			0.16			0.19	^
Net realized and unrealized gain (loss)		1.46			2.54			(1.85	)		3.30			(0.88	)
Total from investment operations		1.63			2.77			(1.64	)		3.46			(0.69	)
Less distributions from:
Net investment income		(0.17	)		(0.28	)		(0.21	)		(0.20	)		(0.20	)
Net realized gains		—			—			(0.96	)		—			—
Total distributions		(0.17	)		(0.28	)		(1.17	)		(0.20	)		(0.20	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	16.85		$	15.39		$	12.90		$	15.71		$	12.45
Total Return (c)		10.64	%		21.54	%		–10.35	%		27.82	%		–5.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	118,678		$	120,118		$	97,394		$	110,383		$	96,284
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%^
Gross expenses		0.82	%		0.81	%		0.81	%		0.82	%		0.82	%
Net investment income (loss)		1.16	%		1.61	%		1.34	%		1.15	%		1.46	%^
Portfolio turnover rate		37	%		36	%		40	%		44	%		47	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
(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 DST; 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 MANAGED EQUITY VOLATILITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	12.66		$	10.55		$	11.57		$	9.99		$	9.59
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.21			0.19			0.19			0.18
Net realized and unrealized gain (loss)		(0.87	)		2.08			(1.03	)		1.87			0.44
Total from investment operations		(0.66	)		2.29			(0.84	)		2.06			0.62
Less distributions from:
Net investment income		(0.09	)		(0.18	)		(0.16	)		(0.17	)		(0.22	)
Net realized gains		(0.13	)		—	(b)		(0.02	)		(0.31	)		—
Total distributions		(0.22	)		(0.18	)		(0.18	)		(0.48	)		(0.22	)
Net asset value, end of period	$	11.78		$	12.66		$	10.55		$	11.57		$	9.99
Total Return (c)		–5.18	%		21.69	%		–7.21	%		20.57	%		6.45	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,737		$	34,354		$	20,709		$	4,180		$	2,431
Ratios to average net assets:
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.23	%		1.36	%		1.64	%		6.51	%		10.42	%
Net investment income (loss)		1.83	%		1.72	%		1.66	%		1.71	%		1.82	%
Portfolio turnover rate		138	%		103	%		122	%		87	%		91	%

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

Annual Report  251

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	12.65		$	10.54		$	11.56		$	9.99		$	9.59
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.17			0.15			0.16			0.15
Net realized and unrealized gain (loss)		(0.87	)		2.08			(1.02	)		1.85			0.44
Total from investment operations		(0.68	)		2.25			(0.87	)		2.01			0.59
Less distributions from:
Net investment income		(0.06	)		(0.14	)		(0.13	)		(0.13	)		(0.19	)
Net realized gains		(0.13	)		—	(b)		(0.02	)		(0.31	)		—
Total distributions		(0.19	)		(0.14	)		(0.15	)		(0.44	)		(0.19	)
Net asset value, end of period	$	11.78		$	12.65		$	10.54		$	11.56		$	9.99
Total Return (c)		–5.34	%		21.36	%		–7.50	%		20.11	%		6.14	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	76		$	231		$	183		$	315		$	172
Ratios to average net assets:
Net expenses		1.00	%		1.03	%		1.05	%		1.05	%		1.05	%
Gross expenses		4.39	%		5.81	%		5.86	%		12.07	%		17.27	%
Net investment income (loss)		1.63	%		1.46	%		1.28	%		1.42	%		1.52	%
Portfolio turnover rate		138	%		103	%		122	%		87	%		91	%

(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 DST; 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.

252  Annual Report

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	16.84		$	12.89		$	15.31		$	14.16		$	13.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.13			0.18			0.14			0.06	^
Net realized and unrealized gain (loss)		1.39			3.96			(1.11	)		2.05			0.97
Total from investment operations		1.51			4.09			(0.93	)		2.19			1.03
Less distributions from:
Net investment income		(0.11	)		(0.14	)		(0.20	)		(0.14	)		(0.05	)
Net realized gains		(0.19	)		—			(1.29	)		(0.90	)		(0.65	)
Total distributions		(0.30	)		(0.14	)		(1.49	)		(1.04	)		(0.70	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	18.05		$	16.84		$	12.89		$	15.31		$	14.16
Total Return (c)		8.98	%		31.72	%		–6.07	%		15.49	%		7.37	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,936,367		$	1,271,509		$	1,040,851		$	1,508,581		$	1,230,377
Ratios to average net assets:
Net expenses		0.76	%		0.76	%		0.75	%		0.75	%		0.77	%^
Gross expenses		0.76	%		0.76	%		0.75	%		0.75	%		0.77	%
Net investment income (loss)		0.72	%		0.85	%		1.14	%		0.90	%		0.39	%^
Portfolio turnover rate		43	%		33	%		69	%		86	%		84	%

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

Annual Report  253

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	16.98		$	12.99		$	15.42		$	14.25		$	13.92
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.09			0.13			0.10			0.02	^
Net realized and unrealized gain (loss)		1.38			3.99			(1.11	)		2.07			0.97
Total from investment operations		1.46			4.08			(0.98	)		2.17			0.99
Less distributions from:
Net investment income		(0.06	)		(0.09	)		(0.16	)		(0.10	)		(0.01	)
Net realized gains		(0.19	)		—			(1.29	)		(0.90	)		(0.65	)
Total distributions		(0.25	)		(0.09	)		(1.45	)		(1.00	)		(0.66	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	18.19		$	16.98		$	12.99		$	15.42		$	14.25
Total Return (c)		8.63	%		31.42	%		–6.35	%		15.22	%		7.06	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	34,358		$	46,840		$	50,981		$	87,603		$	105,619
Ratios to average net assets:
Net expenses		1.02	%		1.04	%		1.03	%		1.03	%		1.03	%^
Gross expenses		1.02	%		1.04	%		1.03	%		1.03	%		1.03	%
Net investment income (loss)		0.47	%		0.55	%		0.85	%		0.62	%		0.17	%^
Portfolio turnover rate		43	%		33	%		69	%		86	%		84	%

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

254  Annual Report

Selected data for a share of capital stock outstanding	Year Ended												For the Period 11/15/16*
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			to 12/31/16
R6 Shares
Net asset value, beginning of period	$	16.89		$	12.92		$	15.34		$	14.18		$	14.77
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.13			0.17			0.14			—	^(b)
Net realized and unrealized gain (loss)		1.38			3.98			(1.10	)		2.06			0.03
Total from investment operations		1.50			4.11			(0.93	)		2.20			0.03
Less distributions from:
Net investment income		(0.11	)		(0.14	)		(0.20	)		(0.14	)		(0.03	)
Net realized gains		(0.19	)		—			(1.29	)		(0.90	)		(0.59	)
Total distributions		(0.30	)		(0.14	)		(1.49	)		(1.04	)		(0.62	)
Net asset value, end of period	$	18.09		$	16.89		$	12.92		$	15.34		$	14.18
Total Return (c)		8.90	%		31.79	%		–6.08	%		15.52	%		0.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,177		$	2,091		$	1,900		$	361		$	140
Ratios to average net assets (d):
Net expenses		0.76	%		0.76	%		0.75	%		0.75	%		0.77	%^
Gross expenses		0.92	%		1.20	%		2.16	%		8.34	%		15.38	%
Net investment income (loss)		0.73	%		0.83	%		1.15	%		0.91	%		0.19	%^
Portfolio turnover rate		43	%		33	%		69	%		86	%		84	%

*	The inception date for the R6 Shares was November 15, 2016.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.

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

Annual Report  255

LAZARD US EQUITY FOCUS PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	12.03		$	10.23		$	12.43		$	11.63		$	10.97
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.13			0.14			0.14			0.12
Net realized and unrealized gain (loss)		1.94			3.11			(0.55	)		1.94			0.94
Total from investment operations		2.05			3.24			(0.41	)		2.08			1.06
Less distributions from:
Net investment income		(0.10	)		(0.23	)		(0.29	)		(0.21	)		(0.10	)
Net realized gains		(0.61	)		(1.21	)		(1.50	)		(1.07	)		(0.30	)
Total distributions		(0.71	)		(1.44	)		(1.79	)		(1.28	)		(0.40	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	13.37		$	12.03		$	10.23		$	12.43		$	11.63
Total Return (c)		17.29	%		31.67	%		–3.12	%		18.17	%		9.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	31,075		$	32,661		$	60,629		$	72,958		$	72,151
Ratios to average net assets:
Net expenses		0.70	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.26	%		0.92	%		0.92	%		0.95	%		0.94	%
Net investment income (loss)		0.91	%		1.07	%		1.10	%		1.10	%		1.08	%
Portfolio turnover rate		54	%		45	%		62	%		74	%		68	%

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

256  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	12.09		$	10.28		$	12.48		$	11.68		$	11.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.10			0.10			0.10			0.09
Net realized and unrealized gain (loss)		1.96			3.11			(0.54	)		1.94			0.94
Total from investment operations		2.04			3.21			(0.44	)		2.04			1.03
Less distributions from:
Net investment income		(0.07	)		(0.19	)		(0.26	)		(0.17	)		(0.06	)
Net realized gains		(0.61	)		(1.21	)		(1.50	)		(1.07	)		(0.30	)
Total distributions		(0.68	)		(1.40	)		(1.76	)		(1.24	)		(0.36	)
Net asset value, end of period	$	13.45		$	12.09		$	10.28		$	12.48		$	11.68
Total Return (c)		17.08	%		31.25	%		–3.40	%		17.75	%		9.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,285		$	1,117		$	881		$	1,013		$	1,376
Ratios to average net assets:
Net expenses		0.95	%		1.03	%		1.05	%		1.05	%		1.05	%
Gross expenses		1.79	%		2.14	%		2.33	%		2.30	%		2.13	%
Net investment income (loss)		0.67	%		0.79	%		0.80	%		0.79	%		0.80	%
Portfolio turnover rate		54	%		45	%		62	%		74	%		68	%

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

Annual Report  257

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period	$	12.04		$	10.23		$	12.43		$	11.63		$	10.96
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.13			0.14			0.14			0.14
Net realized and unrealized gain (loss)		1.94			3.12			(0.55	)		1.94			0.93
Total from investment operations		2.05			3.25			(0.41	)		2.08			1.07
Less distributions from:
Net investment income		(0.10	)		(0.23	)		(0.29	)		(0.21	)		(0.10	)
Net realized gains		(0.61	)		(1.21	)		(1.50	)		(1.07	)		(0.30	)
Total distributions		(0.71	)		(1.44	)		(1.79	)		(1.28	)		(0.40	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	13.38		$	12.04		$	10.23		$	12.43		$	11.63
Total Return (c)		17.28	%		31.76	%		–3.13	%		18.16	%		9.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	20,747		$	10,609		$	10,056		$	11,394		$	13,297
Ratios to average net assets:
Net expenses		0.70	%		0.74	%		0.75	%		0.75	%		0.74	%
Gross expenses		1.27	%		1.00	%		1.01	%		1.05	%		1.02	%
Net investment income (loss)		0.91	%		1.09	%		1.10	%		1.12	%		1.27	%
Portfolio turnover rate		54	%		45	%		62	%		74	%		68	%

(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 DST; 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.

258  Annual Report

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	13.64		$	10.83		$	14.65		$	14.50		$	12.86
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.06			0.05			0.06			0.11	^
Net realized and unrealized gain (loss)		0.82			3.19			(2.00	)		1.95			1.96
Total from investment operations		0.86			3.25			(1.95	)		2.01			2.07
Less distributions from:
Net investment income		(0.02	)		(0.03	)		(0.04	)		(0.09	)		(0.09	)
Net realized gains		(0.06	)		(0.41	)		(1.83	)		(1.77	)		(0.34	)
Total distributions		(0.08	)		(0.44	)		(1.87	)		(1.86	)		(0.43	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	14.42		$	13.64		$	10.83		$	14.65		$	14.50
Total Return (c)		6.44	%		30.00	%		–13.27	%		14.12	%		16.28	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	91,984		$	108,112		$	113,677		$	176,975		$	189,593
Ratios to average net assets:
Net expenses		0.98	%		0.92	%		0.87	%		0.87	%		0.86	%^
Gross expenses		0.98	%		0.92	%		0.87	%		0.87	%		0.90	%
Net investment income (loss)		0.31	%		0.46	%		0.35	%		0.39	%		0.84	%^
Portfolio turnover rate		80	%		90	%		81	%		79	%		91	%

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

Annual Report  259

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	12.58		$	10.03		$	13.72		$	13.68		$	12.16
Income (Loss) from investment operations:
Net investment income (loss) (a)		—	(b)		0.01			0.01			0.01			0.06	^
Net realized and unrealized gain (loss)		0.75			2.95			(1.87	)		1.84			1.85
Total from investment operations		0.75			2.96			(1.86	)		1.85			1.91
Less distributions from:
Net investment income		(0.02	)		—			—	(b)		(0.04	)		(0.05	)
Net realized gains		(0.06	)		(0.41	)		(1.83	)		(1.77	)		(0.34	)
Total distributions		(0.08	)		(0.41	)		(1.83	)		(1.81	)		(0.39	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	13.25		$	12.58		$	10.03		$	13.72		$	13.68
Total Return (c)		6.10	%		29.51	%		–13.49	%		13.82	%		15.92	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,965		$	14,643		$	13,726		$	25,973		$	30,332
Ratios to average net assets:
Net expenses		1.28	%		1.25	%		1.18	%		1.17	%		1.16	%^
Gross expenses		1.28	%		1.25	%		1.18	%		1.17	%		1.20	%
Net investment income (loss)		—	%(e)		0.11	%		0.04	%		0.09	%		0.51	%^
Portfolio turnover rate		80	%		90	%		81	%		79	%		91	%

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

260  Annual Report

Selected data for a share of capital stock outstanding throughout each period	For the Period 1/8/20* to 12/31/20
R6 Shares
Net asset value, beginning of period		$	13.62
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04
Net realized and unrealized gain (loss)			0.84
Total from investment operations			0.88
Less distributions from:
Net investment income			(0.02	)
Net realized gains			(0.06	)
Total distributions			(0.08	)
Net asset value, end of period		$	14.42
Total Return (c)			6.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	684
Ratios to average net assets (d):
Net expenses			0.96	%
Gross expenses			1.65	%
Net investment income (loss)			0.34	%
Portfolio turnover rate			80	%

*	The inception date for the R6 shares was January 8, 2020.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The impact on the net investment income per share amount was $0.01 per share. There was a 0.08% impact on the total return of the Institutional Shares class of the Portfolio. There was a 0.04% impact on the net expenses and net investment income (loss) ratios of the Portfolio.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.
(e)	Amount is less than 0.005%

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

Annual Report  261

LAZARD US SUSTAINABLE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	For the Period 6/30/20* to 12/31/20
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04
Net realized and unrealized gain (loss)			2.23
Total from investment operations			2.27
Less distributions from:
Net investment income			(0.04	)
Net realized gains			(0.03	)
Total distributions			(0.07	)
Net asset value, end of period		$	12.20
Total Return (b)			22.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	11,490
Ratios to average net assets (c):
Net expenses			0.75	%
Gross expenses			2.49	%
Net investment income (loss)			0.65	%
Portfolio turnover rate			5	%

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

262  Annual Report

Selected data for a share	For the Period
of capital stock outstanding	6/30/20*
throughout each period	to 12/31/20
Open Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.02
Net realized and unrealized gain (loss)			2.23
Total from investment operations			2.25
Less distributions from:
Net investment income			(0.01	)
Net realized gains			(0.03	)
Total distributions			(0.04	)
Net asset value, end of period		$	12.21
Total Return (b)			22.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	128
Ratios to average net assets (c):
Net expenses			1.00	%
Gross expenses			5.31	%
Net investment income (loss)			0.43	%
Portfolio turnover rate			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, State Street or DST; 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, 2020

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, 2020, 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 Blend Portfolio (“Emerging Markets Equity Blend”), Lazard Emerging Markets Equity Portfolio (“Emerging Markets Equity”), Lazard Equity Franchise Portfolio (“Equity Franchise”), Lazard Global Equity Select Portfolio (“Global Equity Select”), Lazard Global Listed Infrastructure Portfolio (“Global Listed Infrastructure”), Lazard Global Strategic Equity Portfolio (“Global Strategic Equity”), Lazard International Equity Advantage Portfolio (“International Equity Advantage”), Lazard International Equity Concentrated Portfolio (“International Equity Concentrated”), Lazard International Equity Portfolio (“International Equity”), Lazard International Equity Select Portfolio (“International Equity Select”), Lazard International Equity Value Portfolio (“International Equity Value”), Lazard International Small Cap Equity Portfolio (“International Small Cap Equity”), Lazard International Strategic Equity Portfolio (“International Strategic Equity”), Lazard International Quality Growth Portfolio (“International Quality Growth”), Lazard Managed Equity Volatility Portfolio (“Managed Equity Volatility”), Lazard US Equity Concentrated Porfolio (“US Equity Concentrated”), Lazard US Equity Focus Portfolio (“US Equity Focus”), Lazard US Small-Mid Cap Equity Portfolio (“US Small-Mid Cap Equity”), and Lazard US Sustainable Equity Portfolio (“US Sustainable Equity” which commenced operations on June 30, 2020).The financial statements of the other eight Portfolios are presented separately.

The Portfolios, other than Equity Franchise, International Equity Concentrated, International Equity Value, US Equity Concentrated and US Equity Focus, are operated as “diversified” funds, as defined in the 1940 Act.

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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).

On November 17, 2020, the Lazard Global Strategic Equity Portfolio had a 1-for-5 reverse share split, effective after the market close on November 17, 2020. After the reverse share split, shareholders in the Portfolio held one share for every five Portfolio shares previously held.The reverse share split had no impact on the overall value of a shareholder’s investment.

2. Significant Accounting Policies

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

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, 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 National Market System (“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

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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 trading in a particular non-US country or countries, may not take place 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 as determined by, or 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 Valuation Committee of the Investment Manager, which is subject to the oversight of the Board, 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.

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology

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to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

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

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

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries.These filings are subject to various administrative 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. 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.

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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, 2020, 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, 2020, 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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Portfolio	Short-Term		Long-Term
Developing Markets Equity	$	52,510,008	$	61,511,199
Emerging Markets Core Equity		6,634,677		19,272,369
Emerging Markets Equity Blend		11,817,368		42,655,514
Emerging Markets Equity		213,155,187		1,246,135,039
International Equity Advantage		142,059		132,843
International Equity Concentrated		9,174,498		2,079,978
International Equity		59,029,777		3,993,533
International Equity Select		1,599,031		1,956,530
International Equity Value		900,479		—
International Small Cap Equity		1,090,853		—
International Strategic Equity		68,654,545		—
Managed Equity Volatility		1,476,490		—
US Small-Mid Cap Equity		4,135,115		—

During the year ended December 31, 2020, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Portfolio	Amounts
Emerging Markets Equity Advantage	$	184,175
Global Equity Select		1,427,271
Global Listed Infrastructure		9,760,289
International Equity Value Portfolio		3,029
International Small Cap Equity Portfolio		431,493
US Equity Concentrated Portfolio		1,193,025

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, 2020, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Global Listed Infrastructure	$	—	$	186,822,571
International Equity Advantage		—		602
International Quality Growth		—		105

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized

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depreciation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Developing Markets Equity	$	142,867,141	$	62,077,804	$	3,465,243	$	58,612,561
Emerging Markets Core Equity		144,000,035		75,000,837		6,296,978		68,703,859
Emerging Markets Equity Advantage		22,541,260		6,167,432		280,170		5,887,262
Emerging Markets Equity Blend		63,248,470		17,846,946		2,523,861		15,323,085
Emerging Markets Equity		3,536,637,743		1,058,316,458		238,850,986		819,465,472
Equity Franchise		81,204,844		11,385,512		770,215		10,615,297
Global Equity Select		67,735,556		25,891,417		79,605		25,811,812
Global Listed Infrastructure		7,354,628,643		731,913,694		470,691,859		261,221,835
Global Strategic Equity		3,012,633		1,268,268		1,243		1,267,025
International Equity Advantage		2,220,292		444,774		37,302		407,472
International Equity Concentrated		13,021,176		1,350,281		61,361		1,288,920
International Equity		2,413,313,528		695,515,550		51,051,684		644,463,866
International Equity Select		78,591,087		18,977,061		2,736,253		16,240,808
International Equity Value		2,410,429		381,224		31,937		349,287
International Quality Growth		8,534,859		2,447,552		8,856		2,438,696
International Small Cap Equity		33,103,661		9,193,821		447,584		8,746,237
International Strategic Equity		4,441,658,579		1,513,303,679		35,229,983		1,478,073,696
Managed Equity Volatility		24,172,032		2,314,413		689,435		1,624,978
US Equity Concentrated		1,405,721,508		565,580,429		—		565,580,429
US Equity Focus		36,849,058		16,289,729		—		16,289,729
US Small-Mid Cap Equity		78,035,060		25,041,409		862,795		24,178,614
US Sustainable Equity		9,857,859		1,725,938		15,004		1,710,934

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

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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 US Equity Focus, US Equity Concentrated, Global Equity Select, and Equity Franchise Portfolio, intend, on their 2020 tax returns, to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders’ portion of the Portfolios’ undistributed investment company taxable income and net capital gain.This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolios would otherwise be required to distribute as dividends to shareholders in order for the Portfolios to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable income by such shareholders. However, since the amount of any undistributed income will be reflected in the value of the Portfolios’ shares, the total return on a shareholder’s investment is not affected by the Portfolios’ use of equalization.

REIT distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT

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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 transactions, wash sales, passive foreign investment companies, expiring capital loss carryovers, certain expenses, foreign capital gains taxes, distributions in excess of current earnings, equalization, non-REIT non-taxable dividend adjustment to income, distributions redesignations, adjustments in relation to merger, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Equity Franchise	$	18,210		$	(18,210	)
Global Equity Select		4,945,142			(4,945,142	)
Global Listed Infrastructure		(35,977,763	)		35,977,763
International Equity Select		(3,840	)		3,840
International Quality Growth		(79	)		79
International Strategic Equity		(10,649	)		10,649
US Equity Concentrated		1,164,595			(1,164,595	)
US Equity Focus		132,115			(132,115	)
US Small-Mid Cap Equity		(12,877	)		12,877
US Sustainable Equity		(65	)		65

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The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income				Long-Term Capital Gain
Portfolio	2020		2019		2020		2019
Developing Markets Equity	$	524,233	$	1,272,077	$	—	$	—
Emerging Markets Core Equity		1,259,054		4,002,107		—		—
Emerging Markets Equity Advantage		191,129		198,987		65,751		—
Emerging Markets Equity Blend		941,700		2,137,475		—		—
Emerging Markets Equity		101,450,892		194,889,049		—		—
Equity Franchise		1,013,518		2,037,956		���		163,734
Global Equity Select*		898,618		595,796		2,179,767		—
Global Listed Infrastructure*		20,285,474		317,773,912		133,696,404		—
Global Strategic Equity		24,300		27,142		104,380		63,308
International Equity Advantage		50,031		54,002		—		—
International Equity Concentrated		514,755		1,609,266		—		—
International Equity		31,285,550		57,938,459		—		—
International Equity Select		918,247		2,007,181		—		—
International Equity Value		58,795		639,252		—		—
International Quality Growth		5,697		95,627		81,523		—
International Small Cap Equity		1,004,081		234,028		—		1,291,922
International Strategic Equity		58,381,073		113,944,544		—		—
Managed Equity Volatility		190,666		480,591		373,644		2,138
US Equity Concentrated		11,158,479		10,742,527		20,817,948		—
US Equity Focus		450,250		1,621,108		2,166,659		3,133,733
US Small-Mid Cap Equity		170,438		225,556		602,919		3,647,669
US Sustainable Equity		63,342		—		24		—

* Global Equity Select and Global Listed Infrastructure Portfolios had return of capital distributions of $0 and $35,977,763 in 2020 and $42,175 and $0 in 2019, respectively.

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At December 31, 2020, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)			Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Developing Markets Equity	$	435,490		$	(114,021,207	)	$	58,545,657
Emerging Markets Core Equity		178,564			(25,907,046	)		68,526,138
Emerging Markets Equity Advantage		—			675,318			5,888,320
Emerging Markets Equity Blend		33,253			(54,472,882	)		15,197,128
Emerging Markets Equity		70,354,003			(1,459,290,226	)		815,246,730
Equity Franchise		333,949			16,574			10,598,042
Global Equity Select		498,000			359,183			25,806,475
Global Listed Infrastructure		(186,822,571	)		—			261,845,850
Global Strategic Equity		33,162			35,277			1,240,727
International Equity Advantage		(170	)		(274,902	)		407,875
International Equity Concentrated		3,089			(11,254,476	)		1,262,916
International Equity		14,630,285			(63,023,310	)		644,946,673
International Equity Select		—			(3,555,561	)		16,253,407
International Equity Value		28,309			(900,479	)		301,341
International Quality Growth		(105	)		—			2,382,324
International Small Cap Equity		336,607			(1,090,853	)		8,741,871
International Strategic Equity		8,487,423			(68,654,545	)		1,477,197,767
Managed Equity Volatility		378,376			(1,476,490	)		1,627,042
US Equity Concentrated		—			21,619,277			565,580,428
US Equity Focus		1,866			1,684,259			16,289,728
US Small-Mid Cap Equity		232,603			(4,135,115	)		24,178,614
US Sustainable Equity		36,877			232			1,710,934

(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. 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

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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.The Portfolios’ 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) Redemption Fee—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired.The fees were retained by the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

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

(j) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time).The Fund will not treat an intraday unscheduled 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.

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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 the Fund and the assets of the Fund including the purchase, retention and disposition thereof, in accordance with the Fund’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:

Portfolio	Annual Rate
Developing Markets Equity		1.00	%
Emerging Markets Core Equity		1.00
Emerging Markets Equity Advantage		0.85
Emerging Markets Equity Blend		1.00
Emerging Markets 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 Concentrated		0.80
International Equity		0.75
International Equity Select		0.65
International Equity Value		0.80
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

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2021 (or such other date as indicated below) the aggregate direct expenses of the Portfolio(s), exclusive of taxes, brokerage, interest on

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borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims and extraordinary expenses, exceed the applicable percentage(s) 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.

Portfolio	Institutional Shares			Open Shares			R6 Shares
Developing Markets Equity		1.15	%		1.40	%		N/A	%	(a)
Emerging Markets Core Equity		1.25			1.50			1.20
Emerging Markets Equity Advantage		1.10			1.35			N/A
Emerging Markets Equity Blend		1.20			1.45			N/A	(a)
Emerging Markets Equity		1.20			1.45			1.15
Equity Franchise		0.95			1.20			N/A
Global Equity Select		0.90			1.15			N/A
Global Listed Infrastructure		1.20			1.45			N/A	(b)
Global Strategic Equity		0.95			1.20			N/A	(c)
International Equity Advantage		0.90			1.15			N/A
International Equity Concentrated		0.90			1.15			N/A	(d)
International Equity		0.85			1.10			0.80
International Equity Select		0.90			1.15			N/A	(e)
International Equity Value		0.95			1.20			N/A
International Quality Growth		0.85			1.10	(b)		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		0.90			1.15			0.85	(f)
US Equity Focus		0.70			0.95			0.70
US Small-Mid Cap Equity		1.15			1.40			1.10
US Sustainable Equity		0.75			1.00			N/A	(g)

(a)	From January 1, 2020 to June 15, 2020, annual rates were 1.25% and 1.50%, respectively.
(b)	This agreement will continue in effect until May 1, 2030.
(c)	From January 1, 2020 to June 15, 2020, annual rates were 1.00% and 1.25%, respectively.
(d)	From January 1, 2020 to June 15, 2020, annual rates were 0.95% and 1.20%, respectively.
(e)	This agreement will continue in effect until May 1, 2021 and from May 1, 2021 to May 1, 2030 at levels of 1.15%, 1.40% and 1.10% respectively.
(f)	This agreement will continue in effect until May 1, 2021 and from May 1, 2021 to May 1, 2030 at levels of 1.10%, 1.35% and 1.05% respectively.
(g)	This agreement will continue in effect until June 30, 2022.

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In addition, until May 1, 2021, 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, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Developing Markets Equity	$	68,889	$	—	$	7,026	$	—
Emerging Markets Core Equity		—		—		2,319		—
Emerging Markets Equity Advantage		148,929		3,257		7,470		4,189
Emerging Markets Equity Blend		175,992		—		13,902		—
Equity Franchise		89,222		—		1,454		2,982
Global Equity Select		29,225		—		5,833		—
Global Strategic Equity		24,630		132,014		1,104		9,982
International Equity Advantage		14,112		152,432		670		11,073
International Equity Concentrated		127,924		—		3,001		2,700
International Equity Select		39,771		—		5,547		—
International Equity Value		21,487		129,969		410		6,572
International Quality Growth		42,057		111,213		518		5,325
International Small Cap Equity		42,052		—		22,182		—
Managed Equity Volatility		145,305		—		874		4,054
US Equity Focus		151,546		2,742		6,139		3,276
US Sustainable Equity		27,336		97,681		337		1,970

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	2,972	$	—
Emerging Markets Equity		5,235		—
International Equity		22,312		—
International Strategic Equity		7,162		—
US Equity Concentrated		3,142		—
US Equity Focus		73,145		1,971
US Small-Mid Cap Equity		3,325		—

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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.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, certain Portfolios experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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 things, 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 such as financial institutions, securities dealers and other industry professionals in respect of these services.

DST is the Fund’s transfer agent and dividend disbursing agent. During the year ended December 31, 2020, DST waived $534 and $1,493 of its fees for the US Small-Mid Cap Equity Portfolio and US Sustainable Equity Portfolio respectively.

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4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the year ended December 31, 2020, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $237,000, (2) an additional annual fee of $33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 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 Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The compensation policy (i.e., retainer amounts and any additional fees as described above) for Independent Directors for the Lazard Fund Complex will remain the same in 2021. Independent Directors’ fees are allocated among the active Portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined 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, 2020 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	101,877,255	$	154,585,252
Emerging Markets Core Equity		41,317,703		52,359,654
Emerging Markets Equity Advantage		28,454,197		16,170,467
Emerging Markets Equity Blend		39,491,384		65,261,717
Emerging Markets Equity		1,959,711,338		4,476,296,943
Equity Franchise		78,319,848		42,735,248
Global Equity Select		60,722,252		67,460,794
Global Listed Infrastructure		2,685,868,769		3,207,635,341
Global Strategic Equity		2,149,499		1,997,541
International Equity Advantage		2,517,771		2,488,071

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Portfolio	Purchases		Sales
International Equity Concentrated	$	48,415,298	$	111,267,230
International Equity		983,955,819		988,216,631
International Equity Select		28,150,631		33,308,268
International Equity Value		2,765,544		12,782,751
International Quality Growth		5,441,777		683,313
International Small Cap Equity		21,643,840		40,244,413
International Strategic Equity		1,944,955,570		2,692,591,169
Managed Equity Volatility		40,798,118		46,987,463
US Equity Concentrated		1,037,827,468		704,813,928
US Equity Focus		24,676,489		22,372,552
US Small-Mid Cap Equity		83,582,411		107,445,525
US Sustainable Equity		10,074,230		475,533

For the year ended December 31, 2020, 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.

At December 31, 2020, the Investment Manager owned 89.87%, 92.18%, 87.37%, 42.89% and 52.80% of the outstanding shares of the Global Strategic Equity, International Equity Advantage, International Equity Value, International Quality Growth and US Sustainable Equity Portfolios, 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, 2020 were as follows:

Issue	Value at December 31, 2019		Purchase cost		Sales proceeds			Realized gain (loss)
Global Listed Infrastructure
Atlas Arteria, Ltd.	$	178,635,535	$	71,231,023	$	—		$	—
Pennon Group PLC		248,515,390		42,000,457		—			—
SES SA		255,862,642		20,542,754		(7,442,627	)		(12,355,921	)
Total Securities	$	683,013,567	$	133,774,234	$	(7,442,627	)	$	(12,355,921	)

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Issue	Change in unrealized appreciation (depreciation)			Dividend income		Shares at December 31, 2020		Values at December 31, 2020
Global Listed Infrastructure
Atlas Arteria, Ltd.	$	(4,503,295	)	$	3,772,596		48,907,421	$	245,363,263
Pennon Group PLC		(11,424,179	)		11,458,588		21,423,608		279,091,668
SES SA		(62,042,713	)		7,569,638		20,569,089		194,564,135
Total Securities	$	(77,970,187	)	$	22,800,822		90,900,118	$	719,019,066

During the year ended December 31, 2020, the Investment Manager initiated a voluntary reimbursement payment to the International Equity Value Portfolio $88,959 for realized investment losses incurred.

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, 2020, the following Portfolios had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Developing Markets Equity	$	747,692	$	1,750,000		1.84	%		13
Emerging Markets Core Equity		771,548		3,400,000		1.60			42
Emerging Markets Equity Advantage		65,091		255,000		1.83			11
Emerging Markets Equity Blend		708,250		3,425,000		1.28			20
Emerging Markets Equity		3,858,333		6,255,000		1.17			3
Equity Franchise		7,131,000		11,375,000		1.20			5
Global Equity Select		2,983,333		6,490,000		1.89			6
International Equity Concentrated		1,239,608		13,037,770		1.19			29

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Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate		Number of Days Borrowings were Outstanding
International Equity Value	$	586,667	$	3,320,000		2.68		6
International Small Cap Equity		352,714		3,705,000		1.37		35
International Strategic Equity		46,760,000		90,405,000		1.17		5
Managed Equity Volatility		2,108,000		3,600,000		1.16		10
US Equity Concentrated		8,725,000		11,860,000		1.87		6

* For days borrowings were outstanding.

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

7. Investment Risks

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region

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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 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) 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.

(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. 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.

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(d) Foreign Currency Risk— Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

(e) 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 contacts 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

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purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(f) Country Risk—Implementation of certain Portfolios’ investment strategy 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.

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

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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 strategy 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 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—An investment strategy focused on (a) the financial sustainability of a company as a business—a company whose financial productivity is likely to be supported or enhanced in the future as a result of the move toward a more sustainable world (such as by considering the nature of the products and/or services that the company provides, from the perspective of environmental and social factors that impact

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financial productivity)—and (b) how the company counters potential risks arising as a result of environmental and social concerns that may be material to the particular companies or the industries or sectors in which they operate (collectively, “Sustainable Companies”) may cause the Investment Manager to forgo investments that the Investment Manager otherwise believes may be attractive but that are not considered to be Sustainable Companies.

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

(l) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

(m) REIT Risk—REITs are subject to similar risks as an investment in a realty-related company. 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

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are less than those of other types of stocks traded on national exchanges, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in REITs 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, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.

(n) ETF Risk—Shares of 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 such 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. A Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the SEC on which the Portfolio may rely or an exemption is available.

(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) 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

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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.

(q) Other Risk—On November 12, 2020, the President of the United States issued an Executive Order (the “Order”) to prohibit, beginning January 11, 2021, US persons (which includes the Fund) from transacting in certain securities and derivatives of publicly traded securities of any company designated as a “Communist Chinese military company” (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, “CCMC Securities”) by the US Department of Defense or the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), unless such transactions are for purposes of divestment and occur through November 11, 2021. In addition, US persons also are prohibited from transacting in CCMC Securities designated as such 60 days after such designation.

OFAC subsequently published, on several occasions, guidance regarding compliance with the Order, including several “Frequently Asked Questions” (FAQs)-style publications addressing the scope of, and interpretive matters regarding, compliance with the Order, as

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well as the Order’s application to US funds that hold CCMC Securities (i.e., including mutual funds that hold CCMC Securities regardless of the size of the position relative to a fund’s total assets). Certain interpretive issues related to compliance with the Order remain open, including to what extent a US person could be held liable for failing to identify an unlisted entity whose name “closely matches the name” of an entity designated as a Communist Chinese military company.

A Portfolio’s holdings in CCMC Securities may adversely impact the Portfolio’s performance. The extent of any impact will depend on future developments, including the Portfolio’s ability to sell the CCMC Securities, valuation of the CCMC Securities, modifications to the Order, the issuance of additional or different interpretive guidance regarding compliance with the Order, and the duration of the Order, all of which are highly uncertain. Fund management will continue to monitor developments relating to the Order.

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

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own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

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

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

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

Changes in valuation methodology or input 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.

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2020:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Developing Markets Equity Portfolio
Common Stocks*
Brazil		$	1,578,648	$	9,708,839	$	—	$	11,287,487
Canada			4,243,523		—		—		4,243,523
China			21,011,397		35,500,418		—		56,511,815
Colombia			4,211,949		—		—		4,211,949
Hong Kong			—		4,381,958		—		4,381,958
India			10,173,811		7,997,185		—		18,170,996
Indonesia			—		6,009,496		—		6,009,496
Macau			—		2,475,927		—		2,475,927
Mexico			4,433,533		—		—		4,433,533
Peru			2,534,765		—		—		2,534,765
Philippines			—		3,724,483		—		3,724,483
Russia			1,310,261		7,055,861		—		8,366,122
South Africa			—		7,066,226		—		7,066,226
South Korea			—		29,865,732		—		29,865,732
Taiwan			1,770,813		27,133,442		—		28,904,255
United Kingdom			—		2,127,367		—		2,127,367
Preferred Stocks*
Brazil			4,954,683		—		—		4,954,683
Short-Term Investments			2,209,385		—		—		2,209,385
Total		$	58,432,768	$	143,046,934	$	—	$	201,479,702

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Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Emerging Markets Core Equity Portfolio
Common Stocks*
Argentina		$	2,320,180	$	—	$	—	$	2,320,180
Brazil			2,345,100		10,995,076		—		13,340,176
Canada			1,458,940		—		—		1,458,940
China			25,503,847		50,365,561		—		75,869,408
Hong Kong			—		5,308,911		—		5,308,911
India			10,437,072		10,605,405		—		21,042,477
Indonesia			1,168,544		1,807,066		—		2,975,610
Luxembourg			2,717,497		—		—		2,717,497
Mexico			5,826,574		—		—		5,826,574
Philippines			—		1,948,843		—		1,948,843
Poland			—		4,218,689		—		4,218,689
Russia			778,389		7,427,998		—		8,206,387
South Africa			—		5,674,493		—		5,674,493
South Korea			—		25,773,562		—		25,773,562
Taiwan			20,939,823		4,932,187		—		25,872,010
Turkey			—		1,758,148		—		1,758,148
United Kingdom			3,291,431		—		—		3,291,431
United States			1,736,449		—		—		1,736,449
Preferred Stocks*
Brazil			1,682,734		—		—		1,682,734
Short-Term Investments			1,681,375		—		—		1,681,375
Total		$	81,887,955	$	130,815,939	$	—	$	212,703,894

294  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Argentina		$	62,672	$	—	$	—	$	62,672
Brazil			74,399		1,008,175		—		1,082,574
China			3,252,005		7,702,212		—		10,954,217
Greece			—		168,528		—		168,528
Hong Kong			—		46,358		—		46,358
Hungary			—		238,771		—		238,771
India			1,730,898		367,541		—		2,098,439
Indonesia			73,712		367,645		—		441,357
Malaysia			—		507,658		—		507,658
Mexico			779,281		—		—		779,281
Philippines			—		141,422		—		141,422
Poland			—		457,349		—		457,349
Russia			51,350		952,871		—		1,004,221
South Africa			—		687,274		—		687,274
South Korea			197,644		4,131,145		—		4,328,789
Taiwan			2,126,062		2,143,215		—		4,269,277
Thailand			—		588,014		—		588,014
Turkey			—		238,873		—		238,873
United States			85,635		—		—		85,635
Preferred Stocks*
Brazil			123,516		—		—		123,516
Short-Term Investments			124,214		—		—		124,214
Total		$	8,681,388	$	19,747,051	$	—	$	28,428,439

Annual Report  295

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Emerging Markets Equity Blend
Common Stocks*
Brazil		$	1,040,563	$	2,829,766	$	—	$	3,870,329
Canada			1,786,407		—		—		1,786,407
Chile			318,554		—		—		318,554
China			4,856,466		12,331,102		—		17,187,568
Colombia			1,213,757		—		—		1,213,757
Czech Republic			—		228,889		—		228,889
Egypt			—		808,996		—		808,996
Estonia			—		191,549		—		191,549
Georgia			—		417,998		—		417,998
Greece			—		267,407		—		267,407
Hong Kong			—		1,883,213		—		1,883,213
Hungary			—		982,643		—		982,643
India			2,764,601		5,206,348		—		7,970,949
Indonesia			598,325		2,810,020		—		3,408,345
Kenya			—		154,692		—		154,692
Kuwait			—		219,325		—		219,325
Mexico			4,364,125		—		—		4,364,125
Oman			—		163,020		—		163,020
Pakistan			—		194,054		—		194,054
Poland			—		232,842		—		232,842
Russia			3,281,832		1,118,964		—		4,400,796
South Africa			—		591,754		—		591,754
South Korea			—		15,980,966		—		15,980,966
Taiwan			860,296		6,213,245		—		7,073,541
Thailand			—		167,651		—		167,651
Ukraine			—		200,575		—		200,575
United Kingdom			781,170		—		—		781,170
Preferred Stocks*
Brazil			898,082		—		—		898,082
Short-Term Investments			2,612,365		—		—		2,612,365
Total		$	25,376,543	$	53,195,019	$	—	$	78,571,562

296  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Emerging Markets Equity Portfolio
Common Stocks*
Brazil		$	—	$	231,820,879	$	—	$	231,820,879
China			119,265,776		672,439,756		—		791,705,532
Egypt			—		34,417,818		—		34,417,818
Hong Kong			—		51,847,292		—		51,847,292
Hungary			—		112,961,769		—		112,961,769
India			65,982,689		418,664,943		—		484,647,632
Indonesia			61,919,622		119,350,092		—		181,269,714
Luxembourg			38,121,466		—		—		38,121,466
Mexico			238,764,825		—		—		238,764,825
Portugal			—		36,252,041		—		36,252,041
Russia			55,120,275		304,767,358		—		359,887,633
South Africa			—		281,955,684		—		281,955,684
South Korea			—		706,843,820		—		706,843,820
Taiwan			—		303,088,612		—		303,088,612
Thailand			—		73,785,911		—		73,785,911
United Kingdom			85,724,716		48,312,978		—		134,037,694
Exchange-Traded Funds			216,441,506		—		—		216,441,506
Short-Term Investments			78,259,363		—		—		78,259,363
Total		$	959,600,238	$	3,396,508,953	$	—	$	4,356,109,191
Equity Franchise Portfolio
Common Stocks*
Belgium		$	—	$	1,739,725	$	—	$	1,739,725
France			—		6,518,912		—		6,518,912
Germany			—		3,623,951		—		3,623,951
Italy			—		4,368,373		—		4,368,373
Luxembourg			—		3,603,607		—		3,603,607
Spain			—		2,765,141		—		2,765,141
United Kingdom			—		4,085,005		—		4,085,005
United States			59,516,529		—		—		59,516,529
Short-Term Investments			5,598,898		—		—		5,598,898
Total		$	65,115,427	$	26,704,714	$	—	$	91,820,141

Annual Report  297

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Global Equity Select Portfolio
Common Stocks*
Canada		$	4,791,788	$	—		$	—	$	4,791,788
China			1,998,918		2,149,857			—		4,148,775
Denmark			—		1,056,512			—		1,056,512
France			—		2,154,240			—		2,154,240
Germany			—		2,744,047			—		2,744,047
Hong Kong			—		4,326,958			—		4,326,958
Japan			—		3,356,641			—		3,356,641
Netherlands			1,149,960		2,377,971			—		3,527,931
South Korea			—		1,272,125			—		1,272,125
Spain			—		893,293			—		893,293
Sweden			—		3,692,145			—		3,692,145
Switzerland			—		2,417,891			—		2,417,891
Taiwan			2,076,122		—			—		2,076,122
United Kingdom			1,028,990		8,930,603			—		9,959,593
United States			45,237,993		—			—		45,237,993
Short-Term Investments			1,891,314		—			—		1,891,314
Total		$	58,175,085	$	35,372,283		$	—	$	93,547,368
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—	$	609,822,482		$	—	$	609,822,482
Canada			54,423,650		—			—		54,423,650
France			—		482,542,644			—		482,542,644
Hong Kong			—		248,332,775			—		248,332,775
Italy			—		1,636,559,784			—		1,636,559,784
Luxembourg			—		194,564,135			—		194,564,135
Portugal			—		62,151,022			—		62,151,022
Spain			—		637,225,157			—		637,225,157
United Kingdom			—		1,553,421,117			—		1,553,421,117
United States			994,462,359		—			—		994,462,359
Short-Term Investments			1,142,375,288		—			—		1,142,375,288
Other Financial Instruments†
Forward Currency Contracts			—		1,627,177			—		1,627,177
Total		$	2,191,261,297	$	5,426,246,293		$	—	$	7,617,507,590
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(57,767,779	)	$	—	$	(57,767,779	)

298  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Global Strategic Equity Portfolio
Common Stocks*
Brazil		$	—	$	43,433	$	—	$	43,433
Canada			157,729		—		—		157,729
China			83,317		65,761		—		149,078
Denmark			—		80,087		—		80,087
France			—		121,038		—		121,038
Germany			—		122,441		—		122,441
Greece			—		40,726		—		40,726
Hong Kong			—		71,443		—		71,443
India			58,386		—		—		58,386
Israel			55,587		—		—		55,587
Italy			—		59,267		—		59,267
Japan			—		180,117		—		180,117
Netherlands			—		63,222		—		63,222
Portugal			—		51,470		—		51,470
South Korea			—		53,933		—		53,933
Spain			—		101,206		—		101,206
Sweden			54,919		—		—		54,919
Switzerland			—		143,717		—		143,717
United Kingdom			55,261		497,806		—		553,067
United States			1,982,980		—		—		1,982,980
Preferred Stocks*
Germany			—		55,148		—		55,148
Short-Term Investments			80,664		—		—		80,664
Total		$	2,528,843	$	1,750,815	$	—	$	4,279,658

Annual Report  299

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—	$	192,614	$	—	$	192,614
Austria			—		4,180		—		4,180
China			—		6,757		—		6,757
Denmark			—		85,829		—		85,829
Finland			—		32,493		—		32,493
France			—		241,108		—		241,108
Germany			—		222,548		—		222,548
Hong Kong			—		57,651		—		57,651
Ireland			—		5,967		—		5,967
Israel			—		7,339		—		7,339
Italy			—		36,606		—		36,606
Japan			102,751		565,543		—		668,294
Luxembourg			—		2,983		—		2,983
Netherlands			—		127,895		—		127,895
New Zealand			—		15,887		—		15,887
Norway			—		42,613		—		42,613
Singapore			—		37,725		—		37,725
South Africa			—		1,740		—		1,740
Spain			—		69,556		—		69,556
Sweden			—		121,319		—		121,319
Switzerland			—		251,617		—		251,617
United Kingdom			10,657		348,958		—		359,615
United States			9,944		—		—		9,944
Preferred Stocks*
Germany			—		5,031		—		5,031
Rights*			—		—		—		—
Short-Term Investments			20,453		—		—		20,453
Total		$	143,805	$	2,483,959	$	—	$	2,627,764

300  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Equity Concentrated Portfolio
Common Stocks*
Brazil		$	—	$	364,259	$	—	$	364,259
Canada			313,521		—		—		313,521
China			246,858		1,434,451		—		1,681,309
France			—		2,108,454		—		2,108,454
Germany			—		1,143,899		—		1,143,899
Hong Kong			—		937,167		—		937,167
India			510,898		—		—		510,898
Japan			—		1,797,599		—		1,797,599
Luxembourg			—		507,002		—		507,002
Mexico			823,619		—		—		823,619
South Korea			—		891,020		—		891,020
Spain			—		525,963		—		525,963
United Kingdom			—		1,564,950		—		1,564,950
United States			698,135		—		—		698,135
Preferred Stocks*
Germany			—		442,301		—		442,301
Total		$	2,593,031	$	11,717,065	$	—	$	14,310,096

Annual Report  301

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Equity Portfolio
Common Stocks*
Australia		$	—	$	41,427,705	$	—	$	41,427,705
Canada			100,765,066		—		—		100,765,066
China			30,341,961		75,203,912		—		105,545,873
Denmark			—		114,153,646		—		114,153,646
Finland			—		68,689,647		—		68,689,647
France			—		486,780,217		—		486,780,217
Germany			—		210,574,700		—		210,574,700
Hong Kong			—		33,308,898		—		33,308,898
Ireland			34,385,467		—		—		34,385,467
Israel			—		31,338,537		—		31,338,537
Italy			—		70,223,686		—		70,223,686
Japan			—		485,687,596		—		485,687,596
Luxembourg			—		36,048,550		—		36,048,550
Mexico			21,223,280		—		—		21,223,280
Netherlands			—		150,765,207		—		150,765,207
Norway			—		69,362,693		—		69,362,693
Portugal			—		46,251,997		—		46,251,997
Singapore			—		32,872,550		—		32,872,550
South Korea			—		61,728,560		—		61,728,560
Spain			—		39,582,055		—		39,582,055
Sweden			—		66,455,296		—		66,455,296
Switzerland			—		177,398,931		—		177,398,931
United Kingdom			—		294,403,460		—		294,403,460
United States			145,822,496		47,141,648		—		192,964,144
Preferred Stocks*
Germany			—		52,183,445		—		52,183,445
Short-Term Investments			33,605,219		—		—		33,605,219
Total		$	366,143,489	$	2,691,582,936	$	—	$	3,057,726,425

302  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Equity Select Portfolio
Common Stocks*
Australia		$	—	$	1,284,162	$	—	$	1,284,162
Brazil			—		2,286,192		—		2,286,192
Canada			1,917,343		—		—		1,917,343
China			1,159,776		7,073,467		—		8,233,243
Denmark			—		2,803,049		—		2,803,049
Finland			—		1,993,566		—		1,993,566
France			—		13,618,978		—		13,618,978
Germany			—		4,026,129		—		4,026,129
Hong Kong			—		1,843,683		—		1,843,683
India			1,544,102		491,036		—		2,035,138
Indonesia			632,335		377,713		—		1,010,048
Ireland			1,306,452		—		—		1,306,452
Italy			—		1,840,568		—		1,840,568
Japan			—		12,025,183		—		12,025,183
Mexico			1,483,816		—		—		1,483,816
Netherlands			—		3,200,080		—		3,200,080
Norway			—		1,861,781		—		1,861,781
Singapore			—		921,155		—		921,155
South Africa			—		843,004		—		843,004
South Korea			—		4,304,437		—		4,304,437
Spain			—		478,329		—		478,329
Sweden			—		2,292,116		—		2,292,116
Switzerland			—		5,527,555		—		5,527,555
United Kingdom			—		7,340,692		—		7,340,692
United States			5,167,663		1,207,597		—		6,375,260
Preferred Stocks*
Germany			—		1,875,585		—		1,875,585
Short-Term Investments			2,104,351		—		—		2,104,351
Total		$	15,315,838	$	79,516,057	$	—	$	94,831,895

Annual Report  303

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Equity Value Portfolio
Common Stocks*
Austria		$	—	$	54,376	$	—	$	54,376
France			—		622,710		—		622,710
Germany			—		275,839		—		275,839
Italy			—		56,989		—		56,989
Japan			84,722		467,839		—		552,561
Macau			—		81,006		—		81,006
Mexico			141,933		—		—		141,933
Netherlands			—		97,752		—		97,752
South Korea			—		192,766		—		192,766
Spain			—		68,245		—		68,245
Sweden			—		90,150		—		90,150
Switzerland			—		308,448		—		308,448
United Kingdom			—		155,825		—		155,825
Short-Term Investments			60,990		—		—		60,990
Total		$	287,645	$	2,471,945	$	—	$	2,759,590
International Quality Growth Portfolio
Common Stocks*
Canada		$	969,861	$	—	$	—	$	969,861
China			314,651		401,870		—		716,521
Denmark			—		703,196		—		703,196
France			—		501,095		—		501,095
Germany			—		939,081		—		939,081
Hong Kong			—		246,353		—		246,353
India			381,316		—		—		381,316
Israel			178,631		—		—		178,631
Japan			—		1,211,030		—		1,211,030
Netherlands			—		552,757		—		552,757
Norway			—		161,895		—		161,895
South Africa			—		222,221		—		222,221
South Korea			—		223,703		—		223,703
Spain			—		127,145		—		127,145
Sweden			—		495,904		—		495,904
Switzerland			—		549,599		—		549,599
Taiwan			547,926		—		—		547,926
United Kingdom			—		1,250,696		—		1,250,696
United States			284,158		—		—		284,158
Short-Term Investments			710,467		—		—		710,467
Total		$	3,387,010	$	7,586,545	$	—	$	10,973,555

304  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—	$	1,006,382	$	—	$	1,006,382
Austria			—		545,679		—		545,679
Belgium			—		1,209,701		—		1,209,701
Canada			1,408,818		—		—		1,408,818
Denmark			—		605,666		—		605,666
Finland			—		1,412,328		—		1,412,328
France			—		625,733		—		625,733
Germany			—		5,517,490		—		5,517,490
Greece			—		595,869		—		595,869
Hong Kong			—		403,971		—		403,971
India			—		293,641		—		293,641
Ireland			—		493,382		—		493,382
Italy			—		1,468,538		—		1,468,538
Japan			442,352		9,820,738		—		10,263,090
Jersey			—		640,423		—		640,423
Luxembourg			—		444,884		—		444,884
Netherlands			139,349		2,532,043		—		2,671,392
New Zealand			—		464,775		—		464,775
Norway			—		373,432		—		373,432
Singapore			—		421,756		—		421,756
Spain			—		703,307		—		703,307
Sweden			213,116		2,210,806		—		2,423,922
Switzerland			—		395,273		—		395,273
United Kingdom			241,412		6,103,041		—		6,344,453
United States			—		426,629		—		426,629
Short-Term Investments			689,364		—		—		689,364
Total		$	3,134,411	$	38,715,487	$	—	$	41,849,898

Annual Report  305

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
International Strategic Equity Portfolio
Common Stocks*
Brazil		$	—	$	49,371,448	$	—	$	49,371,448
Canada			395,559,720		—		—		395,559,720
China			142,692,812		159,832,168		—		302,524,980
Denmark			—		180,593,408		—		180,593,408
Finland			—		96,190,110		—		96,190,110
France			—		722,426,183		—		722,426,183
Germany			—		286,189,050		—		286,189,050
Hong Kong			—		148,663,011		—		148,663,011
India			—		73,515,802		—		73,515,802
Ireland			99,164,677		—		—		99,164,677
Israel			—		92,674,328		—		92,674,328
Italy			—		138,693,689		—		138,693,689
Japan			—		731,453,969		—		731,453,969
Mexico			57,367,131		—		—		57,367,131
Netherlands			—		68,651,729		—		68,651,729
Portugal			—		53,374,796		—		53,374,796
Spain			—		338,916,952		—		338,916,952
Sweden			—		60,876,848		—		60,876,848
Switzerland			—		335,435,421		—		335,435,421
United Kingdom			—		1,028,287,494		—		1,028,287,494
United States			408,596,442		—		—		408,596,442
Preferred Stocks*
Germany			—		165,087,256		—		165,087,256
Short-Term Investments			86,117,830		—		—		86,117,830
Total		$	1,189,498,612	$	4,730,233,662	$	—	$	5,919,732,274

306  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—	$	368,814	$	—	$	368,814
Belgium			—		141,320		—		141,320
Canada			653,377		—		—		653,377
Denmark			—		514,992		—		514,992
Finland			—		127,882		—		127,882
France			—		340,136		—		340,136
Hong Kong			—		649,106		—		649,106
Israel			—		94,303		—		94,303
Japan			—		4,019,415		—		4,019,415
Netherlands			—		489,832		—		489,832
New Zealand			—		154,214		—		154,214
Norway			—		495,595		—		495,595
Singapore			—		143,579		—		143,579
Spain			—		177,285		—		177,285
Sweden			—		289,605		—		289,605
Switzerland			—		1,011,223		—		1,011,223
United Kingdom			—		792,226		—		792,226
United States			15,174,066		—		—		15,174,066
Short-Term Investments			160,040		—		—		160,040
Total		$	15,987,483	$	9,809,527	$	—	$	25,797,010
US Equity Concentrated Portfolio
Common Stocks*		$	1,922,765,653	$	—	$	—	$	1,922,765,653
Short-Term Investments			48,536,284		—		—		48,536,284
Total		$	1,971,301,937	$	—	$	—	$	1,971,301,937
US Equity Focus Portfolio
Common Stocks*		$	52,503,662	$	—	$	—	$	52,503,662
Short-Term Investments			635,125		—		—		635,125
Total		$	53,138,787	$	—	$	—	$	53,138,787
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	102,213,674	$	—	$	—	$	102,213,674
US Sustainable Equity Portfolio
Common Stocks*		$	11,379,977	$	—	$	—	$	11,379,977
Short-Term Investments			188,816		—		—		188,816
Total		$	11,568,793	$	—	$	—	$	11,568,793

*	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).

Annual Report  307

10. Derivative Instruments

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

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

During the year ended December 31, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$	177,000,000	#
Average amounts sold	$	5,232,700,000

# Represents average monthly notional exposure for the ten months the derivative instrument was open during the period.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020:

Assets – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	1,627,177
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	57,767,779

The effect of derivative instruments on the Statement of Operations for the period ended December 31, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(342,450,293	)
Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	3,106,193

None of the other Portfolios presented traded in derivative instruments during the year ended December 31, 2020.

308  Annual Report

As of December 31, 2020, the Global Listed Infrastructure Portfolio held derivative instruments that are eligible for offset in the 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, 2020:

Global Listed Infrastructure Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	1,627,177		$	—		$	1,627,177

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Received		Net Amounts of Derivative Assets
BNP Paribas SA		$	1,560,894		$	(1,560,894	)	$	—		$	—
Royal Bank of Canada			66,283			(66,283	)		—			—
Total		$	1,627,177		$	(1,627,177	)	$	—		$	—

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	57,767,779		$	—		$	57,767,779

Annual Report  309

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged		Net Amounts of Derivative Liabilities
BNP Paribas SA		$	5,071,296		$	(1,560,894	)	$	—		$	3,510,402
Canadian Imperial Bank of Commerce			9,122,989			—			—			9,122,989
Citibank NA			4,605,989			—			—			4,605,989
HSBC Bank USA NA			12,061,223			—			—			12,061,223
Royal Bank of Canada			8,907,463			(66,283	)		—			8,841,180
Standard Chartered Bank			2,751,566			—			—			2,751,566
State Street Bank and Trust Co.			13,203,919			—			—			13,203,919
The Bank of New York Mellon Corp.			2,043,334			—			—			2,043,334
Total		$	57,767,779		$	(1,627,177	)	$	—		$	56,140,602

11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU No. 2017-08”). ASU No. 2017-08 shortened the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Management has implemented the applicable changes, and they did not have a material impact on the Portfolios’ financial statements. In October 2020, ASU No. 2017-08 was amended by the Financial Accounting Standards Board’s issuance of Accounting Standards Update (No. 2020-08), Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (“ASU No. 2020-08”).This amendment requires that entities re-evaluate whether callable debt securities fall within the scope of ASU No. 2017-08 for each reporting period. ASU No. 2020-08 also amends ASU No. 2017-08 to require premiums be amortized to the “next call date” rather than the “earliest call date” and further clarifies the definition of “next call date.” ASU No. 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU No. 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU No. 2020-08.

310  Annual Report

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 based reference rates as of the end of 2021. ASU No. 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU No. 2020-04.

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 other than the following.

On March 2, 2021 the Lazard Emerging Markets Equity Blend Portfolio will change its name to the Lazard Emerging Markets Strategic Equity Portfolio.The name change will be accompanied by a change to the Portfolio’s investment strategy to invest primarily in equity securities of non-US companies whose principal activities are located in emerging market countries which the Investment Manager believes are undervalued based on their earnings, cash flow, or asset values. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in countries represented by the MSCI Emerging Markets Index.

Annual Report  311

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 Blend Portfolio, Lazard Emerging Markets 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 Concentrated Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Value 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 and Lazard US Sustainable 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 Blend Portfolio, Lazard Emerging Markets 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 Concentrated Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Equity Value 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

312  Annual Report

Equity Portfolio and Lazard US Sustainable Equity Portfolio (collectively the “Portfolios”), twenty-two of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2020, 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 Growth Portfolio, Lazard International Equity Value Portfolio, Lazard Equity Franchise Portfolio, and Lazard US Sustainable 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, 2020, 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	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Lazard International Quality Growth Portfolio	For the year ended December 31, 2020	For the years ended December 31, 2020 and 2019	For the years ended December 31, 2020 and 2019 and for the period from December 31, 2018 (commencement of operations) through December 31, 2018
Lazard International Equity Value Portfolio	For the year ended December 31, 2020	For the years ended December 31, 2020 and 2019	For the years ended December 31, 2020 and 2019 and for the period from October 31, 2018 (commencement of operations) through December 31, 2018
Lazard Equity Franchise Portfolio	For the year ended December 31, 2020	For the years ended December 31, 2020 and 2019	For the years ended December 31, 2020, 2019, and 2018 and for the period from September 29, 2017 (commencement of operations) through December 31, 2017
Lazard US Sustainable Equity Portfolio	For the period from June 30, 2020 (commencement of operations) through December 31, 2020

Annual Report  313

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

February 24, 2021

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

314  Annual Report

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – present)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (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 (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)
		Osprey Technology Acquisition Corp., a special purpose acquisition company, Director (2019 – present)

Annual Report  315

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (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(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
		Investment Manager, General Counsel (2002 – April 2017)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2021, 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.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.
	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.

316  Annual Report

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director (since February 2017), General Counsel (since April 2017) and Chief Compliance Officer of the Investment Manager
Nargis Hilal ( 1984)	Chief Compliance Officer (July 2020)	Senior Vice President and Counsel of the Investment Manager (since August 2017)
		Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017)
		Deputy Chief Compliance Office KLS Diversified Asset Management LP (January 2015 – March 2016)
Christopher Snively (1984)	Chief Financial Officer (March 2016) and Treasurer (September 2019)	Senior Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance) of the Investment Manager
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Christina Kennedy (1990)	Assistant Treasurer (May 2020)	Vice President of the Investment Manager (since July 2019)
		Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
		Assurance Senior Associate at PricewaterhouseCoopers LLP (August 2013 – July 2016)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	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.
(3)	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  317

The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2020

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2020:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Portfolio	Percentage
Developing Markets Equity		100.00	%
Emerging Markets Core Equity		100.00
Emerging Markets Equity Advantage		100.00
Emerging Markets Equity Blend		100.00
Emerging Markets Equity		100.00
Equity Franchise		100.00
Global Equity Select		100.00
Global Listed Infrastructure		—
Global Strategic Equity		100.00
International Equity Advantage		100.00
International Equity Concentrated		100.00
International Equity		100.00
International Equity Select		100.00
International Equity Value		100.00
International Quality Growth		100.00
International Small Cap Equity		100.00
International Strategic Equity		100.00
Managed Equity Volatility		100.00
US Equity Concentrated		100.00
US Equity Focus		83.70
US Small-Mid Cap Equity		100.00
US Sustainable Equity		100.00

318  Annual Report

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.

Portfolio	Percentage
Developing Markets Equity		—	%
Emerging Markets Core Equity		0.19
Emerging Markets Equity Advantage		0.13
Emerging Markets Equity Blend		—
Emerging Markets Equity		—
Equity Franchise		50.04
Global Equity Select		26.05
Global Listed Infrastructure		9.43
Global Strategic Equity		23.21
International Equity Advantage		—
International Equity Concentrated		—
International Equity		—
International Equity Select		—
International Equity Value		—
International Quality Growth		—
International Small Cap Equity		—
International Strategic Equity		—
Managed Equity Volatility		58.73
US Equity Concentrated		100.00
US Equity Focus		94.55
US Small-Mid Cap Equity		100.00
US Sustainable Equity		55.56

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to US nonresident shareholders.

Annual Report  319

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.

Portfolio	Foreign Source Income		Foreign Tax Paid/Credit
Developing Markets Equity	$	3,027,358	$	395,903
Emerging Markets Core Equity		3,905,756		511,556
Emerging Markets Equity Advantage		415,616		52,548
Emerging Markets Equity Blend		2,091,425		235,375
Emerging Markets Equity		193,621,417		29,046,492
Equity Franchise		—		—
Global Equity Select		606,714		46,020
Global Listed Infrastructure		191,921,095		14,242,009
Global Strategic Equity Portfolio		30,030		2,878
International Equity Advantage Portfolio		79,807		8,446
International Equity Concentrated Portfolio		1,130,816		106,196
International Equity Portfolio		61,033,493		6,693,402
International Equity Select Portfolio		1,910,274		204,446
International Equity Value Portfolio		82,408		8,771
International Quality Growth Portfolio		71,237		9,578
International Small Cap Equity Portfolio		768,885		73,230
International Strategic Equity Portfolio		116,376,892		11,331,503
Managed Equity Volatility Portfolio		—		—-
US Equity Concentrated Portfolio		—		—
US Equity Focus Portfolio		—		—
US Small-Mid Cap Equity Portfolio		—		—
US Sustainable Equity		—		—

320  Annual Report

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Developing Markets Equity	$	—
Emerging Markets Core Equity		—
Emerging Markets Equity Advantage		65,751
Emerging Markets Equity Blend		—
Emerging Markets Equity		—
Equity Franchise		18,209
Global Equity Select		7,134,923
Global Listed Infrastructure		133,696,404
Global Strategic Equity Portfolio		104,380
International Equity Advantage Portfolio		—
International Equity Concentrated Portfolio		—
International Equity Portfolio		—
International Equity Select Portfolio		—
International Equity Value Portfolio		—
International Quality Growth Portfolio		81,523
International Small Cap Equity Portfolio		—
International Strategic Equity Portfolio		—
Managed Equity Volatility Portfolio		373,644
US Equity Concentrated Portfolio		21,982,543
US Equity Focus Portfolio		2,312,928
US Small-Mid Cap Equity Portfolio		602,919
US Sustainable Equity		24

Annual Report  321

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.

322  Annual Report

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Custodian

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169-0953

Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

Legal Counsel

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

www.proskauer.com

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS020

Lazard Funds

Annual Report

December 31, 2020

Fixed Income Funds

Lazard Emerging Markets Debt Portfolio
Lazard Global Fixed Income 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)
4	Investment Overviews (unaudited)
12	Performance Overviews (unaudited)
17	Information About Your Portfolio’s Expenses (unaudited)
20	Portfolio Holdings Presented by Asset Class/Credit Rating and Region
21	Portfolios of Investments
21	Lazard Emerging Markets Debt Portfolio
38	Lazard Global Fixed Income Portfolio
49	Lazard US Corporate Income Portfolio
62	Lazard US Short Duration Fixed Income Portfolio
65	Notes to Portfolios of Investments
68	Statements of Assets and Liabilities
72	Statements of Operations
74	Statements of Changes in Net Assets
80	Financial Highlights
90	Notes to Financial Statements
121	Report of Independent Registered Public Accounting Firm
123	Board of Directors and Officers Information (unaudited)
126	Tax and Other Information (unaudited)

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,

As 2020 began, the outbreak of a novel coronavirus (“COVID-19”) turned into a fast-spreading pandemic, rattling global markets. Worldwide lockdowns led to a severe equity market sell-off in February and March, as well as a sharp decline in oil markets. By the conclusion of the year, COVID-19 continued to wreak havoc across much of the world, but many global equity markets closed 2020 near all-time highs. Markets generally rose steadily after the selloff on the back of unprecedented support from global central banks and government treasuries and the introduction of several promising vaccines.

In the United States, Democrats won control of the White House and Congress in November elections. The US equity market closed 2020 near an all-time peak, and nominal yields in various US fixed income market segments closed at or near all-time lows, fueled by trillions of dollars in monetary and fiscal stimulus.

COVID-19 also severely debilitated economic activity in the emerging markets, but the recovery in emerging markets equities that began in late March picked up steam in the fourth quarter thanks to vaccine breakthroughs and the US election outcome. As a result, the MSCI Emerging Markets^® Index outperformed global developed markets equities in 2020.

In Europe, interest rates have never been as low, and central bank balance sheets have never been as inflated, as they were at year-end. With an agreement now in place for the exit of the United Kingdom from the European Union, the years-long “Brexit” saga may be one less uncertainty the market has to grapple with in the year ahead.

As we write, many countries are facing record levels of new COVID-19 infections, spurring renewed economic lockdowns and increasing the risk that many companies, particularly small businesses, might not make it to the other side of this pandemic. Were that to happen, it could send a negative signal to markets

2   Annual Report

equal and opposite to the positive news of the vaccines toward the end of the last year. Investors face a timing conundrum, but it could well be darkest before the dawn.

Despite these challenges, we are optimistic for 2021 and believe that as the world does eventually return to something like the pre-pandemic days, fundamental analysis and stock selection will be crucial drivers for performance. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance pursued by the various investment strategies employed.

Sincerely,

Lazard Asset Management LLC

Annual Report   3

The Lazard Funds, Inc. Investment Overviews (unaudited)

Emerging Markets Debt

For the year ended December 31, 2020, emerging markets debt climbed 4.02% (measured in US dollar terms), as hard currency debt advanced 5.26%, while local currency debt gained 2.69%. Sovereign credit spreads peaked in 2020 at over 700 basis points (bps) in March but ended only 60 bps wider than where they began the year. Despite outperforming investment grade bonds by nearly 15% over the eight months ended December 31, 2020, high yield lagged investment grade by 8% on the year because of investment grade’s resilience during the first quarter sell-off. In local debt, emerging markets currencies absorbed much of the first quarter shock—falling 15%—and have been slower to rebound than other parts of the asset class. This does not come as a surprise as currencies are highly cyclical and therefore tend to be the last part of the asset class to rebound following periods of dislocation. Meanwhile, local yields, which are measured as a weighted average of each country’s yield in local currency terms (i.e. unhedged), dropped precipitously in the year, matching the 100 bps rally in the yield of the benchmark 10-year US Treasury note to end the year at an all-time low of 4.22%. After briefly spiking above 6% in mid-March, local currency emerging markets debt yields came down sharply as nearly all central banks in the local currency investment universe cut rates and a number announced quantitative easing programs.

Global Fixed Income

For the year ended December 31, 2020, global bond markets rose sharply despite seesawing risk sentiment amid mixed news flow and formidable macro challenges.

Risk assets began the year positively, thanks to the truce in the US-China trade war, greater clarity on Brexit, and a global monetary easing cycle. However, market optimism gave way to panic selling in mid-February thru the latter part of March, as the coronavirus epidemic that began in China metastasized into a full-scale pandemic and investors worried about the threat it posed to the global economy.

4   Annual Report

With the US Federal Reserve (the “Fed”) taking the lead, central banks worldwide and government fiscal policymakers initiated aggressive stimulus measures to contain the economic fallout from the intensifying viral outbreak. Despite stiffening headwinds, which included severe economic downturns in several countries and regions of the world, these actions buoyed market confidence that central banks and governments would continue to act when necessary to support risk assets and backstop the world economy.

Investor confidence wavered in the latter part of the year amid growing anxiety about the spike in cases across the US, Europe, and elsewhere, as well as the emergence of a new, more infectious strain of the virus. However, news of the development of coronavirus vaccines was greeted enthusiastically by investors, who believed that their successful, widespread deployment would provide a pathway for the world economy to normalize in 2021.

Against this backdrop, most global interest rate markets performed positively in local currency terms across both developed and emerging markets. In addition, global credit indices spanning both investment grade and high yield performed positively for the year, as credit spreads narrowed post the pandemic fueled sell off. Moreover, the new issue market remained strong and issuers took advantage of low yields to repair balance sheets and extend the maturity profile of their debt. Importantly, issuance was met with firm demand from investors with many issues oversubscribed. Currency markets were active but showed wide dispersion. Versus the US dollar in 2020, the Swedish krona was the best performing currency, gaining 13.8%, while the Argentine peso was the worst, losing 28.9% for the year. Major currencies such as the euro and Japanese yen appreciated 8.9% and 5.2%, respectively, for the year. As 2020 came to a close, the US dollar weakened and the US yield curve steepened on the prospect that the new US administration would provide additional fiscal stimulus and the coronavirus vaccines would pave the way for economic growth. In Europe, optimism on a recovery from the pandemic coupled with a resolution on Brexit and weakening of the US dollar provided firmness to the euro.

Annual Report   5

US Corporate Income

Financial markets continued to perform remarkably well in the wake of pandemic-induced volatility experienced earlier in the year. In 2020, the S&P 500 Index was up about 18%, real yields (i.e., interest rates adjusted to remove the effect of inflation) on US investment grade credit were approaching zero and nominal yields (i.e., interest rates before taking inflation into account) on various US high yield indices were at or near all-time lows. The primary market has been similarly robust and record setting- a record $449.9 billion in U.S. high yield issues came to market in 2020. Importantly, this record- breaking supply has been met with healthy demand. In fact, spreads for a large contingent of issuers have retraced most or all of the pandemic- induced widening.

Broad US high yield indices performed well over the year, rebounding from the markdowns suffered earlier in the year. The ICE BofA US Cash Pay High Yield Index finished the year up 6.20%. The option-adjusted spread (OAS) continued to tighten and finished 2020 at 379 bps. After seeing higher quality credits perform well at in the first half of the year, lower quality credits outperformed in the second half. However, for the year ended December 31, 2020, higher quality did lead the performance tables with the BB index’s gain of 8.73% outpacing both the B Index (+3.59%) and the CCC Index (+2.78%), per ICE.

High yield issuance for 2020 was record breaking with the second quarter ($145.5 billion) and third quarter ($131.9 billion) the top two quarters for issuance on record. Inflows in 2020 totals were $449.9 billion (gross), a 57% increase over 2019’s $286.6 billion, and eclipsing the previous yearly record of $398.5 billion in 2013. For the year, refinancing (66%) was the leading use of proceeds, followed by general corporate purposes (25%), and acquisition financing (9%).

Fund flows were marked by strong outflows experienced during the initial days of the pandemic but reversed strongly the balance

6   Annual Report

of the year. Year-to-date inflows totaled $44 billion, which outpaced 2019’s yearly total of $18.8 billion.

Defaults increased in the year. At the end of December, the US high yield par-weighted default rate, including distressed exchanges, was 6.67%, a 3.90% increase year over year. However, most of the defaults were in energy sector and, excluding energy, the US high yield par-weighted default rate, including distressed exchanges was 4.46%.

US Short Duration Fixed Income

The Fed was swift in lowering benchmark rates, providing backstop facilities and engaging in quantitative easing in the wake of the pandemic-induced fall in asset prices and tightening of liquidity. This caused interest rates to fall across the curve, risk assets to recover, and primary markets to be robust with activity. Importantly, the Fed has indicated that interest rate policy is likely to remain zero bound until it is clear employment and growth have recovered. In fact, they have indicated they are willing to let inflation run higher than their 2% target. Moreover, the accommodative monetary policy and the prospect for increased fiscal stimulus should continue to lead to a steepening of the yield curve and an increase in inflation expectations, which may encourage risk taking as investors look for yield.

Effective monetary and fiscal programs enabled a wide variety of assets to performed positively for the year, including equities, investment grade credit, high yield credit, and US Treasuries securities of all durations. This positive performance occurred despite remaining uncertainties that certain areas of the economy will recover and not be scarred by the pandemic.

Annual Report   7

Lazard Emerging Markets Debt Portfolio

For the year ended December 31, 2020, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of 3.19%, while Open Shares posted a total return of 3.11% and R6 Shares posted a total return of 3.30%, as compared with the 4.02% return for the Global Diversified Index.

Relative performance for the year was driven almost entirely by bottom-up decisions. Local interest rate and local currency selection both contributed positively to performance but were partially offset by negative attribution in hard currency sovereign debt. We were relatively conservatively positioned coming into the year with a local duration overweight and very little active exposure to high yield currencies, which helped during the first quarter sell-off. Following the market sell-off, we repositioned the Portfolio and added currency risk in Asian and European currencies on the view that these regions would lead the rebound in global growth and later began rotating into the higher yielding currencies that we favor currently. The underperformance in hard currency debt occurred mainly during the first quarter sell-off, though we maintained conviction in our bottom-up picks and recouped a portion of these losses throughout the remainder of the year. We began the year with limited exposure to high yield credits and a focus on short-dated debt in B-rated countries on an improving structural reform trajectory (e.g., Ukraine) and countries trading at distressed levels where we saw significant upside potential in restructuring (e.g., Argentina, Lebanon, and Venezuela). The distressed countries were the main detractors from performance as they sold-off more than the broader market of emerging markets debt. Our decision to increase high yield exposure following the sell-off proved beneficial, as a number of BB and B rated credits such as Mexican state-owned oil company PEMEX and Angola’s sovereign debt boosted returns.

The Portfolio management team uses currency forwards and interest rates swaps, both opportunistically, for direct currency and interest rates exposure, and defensively, for hedging purposes. For the year, the use of derivatives contributed positively to the Portfolio’s relative performance.

8   Annual Report

Lazard Global Fixed Income Portfolio

For the year ended December 31, 2020, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of 9.51%, while Open Shares posted a total return of 9.23%, as compared with the 9.20% return for the Bloomberg Barclays Global Aggregate^® Index.

The Portfolio’s performance was helped by country allocations, with its diversified market value and duration overweight exposures to the United States, Australia, New Zealand, Canada, Eastern Europe, Norway, and Peru, as well as its underweight interest rate exposure to Japan. Conversely, the portfolio’s underweight exposure to core Europe detracted from returns. The Portfolio’s euro proxy hedges (underweight to the euro and overweight to a diversified basket of correlated European currencies) detracted from returns; however, this was partially offset by the enhanced yield/carry from that positioning. Modest exposure to the Mexican peso earlier in the year also detracted from performance. Security selection contributed positively in many global regions, including the United States, Canada, Australia, and Norway. However, in the euro zone, it detracted from performance given the underweight exposure to debt from peripheral countries in the bloc and spread product in that region.

The Portfolio management team utilizes forward currency contracts, both opportunistically and defensively, for hedging purposes. In aggregate, currency positioning (defined as the net currency exposure of underlying bonds plus currency hedges) produced a modestly negative contribution to the relative performance during the year.

Lazard US Corporate Income Portfolio

For the year ended December 31, 2020, the Lazard US Corporate Income Portfolio’s Institutional Shares posted a total return of 4.96%, while Open Shares posted a total return of 4.80%, and R6 Shares posted a total return of 4.89%, as compared with the 6.19% return for the ICE BofAML BB-B US Cash Pay Non-Distressed High Yield^® Index (the “Cash Pay Index”).

Annual Report   9

Relative underperformance versus the benchmark index was driven by the Portfolio’s higher credit quality and shorter duration. Most industry sectors continued their recovery from the lows and posted positive returns for the year. On a relative basis, overweights to the capital goods and technology sectors, and an underweight to the energy sector, contributed to performance. Conversely, overweights to the automotive and consumer goods sectors detracted from relative performance. At a security level, the Delphi 5% due 2025 advanced after the gear maker was purchased by its rival, BorgWarner, which has an investment grade rating. Southwestern Energy (SWN) 4.95% due 2025 performed well, as energy prices continued their recovery and stabilization from the pandemic lows. Among the securities that had a negative absolute return to the Portfolio, the position in Hertz 5.5% due 2024 was negatively affected by the pandemic’s impact on travel and the car rental company’s airport focused business model. Also, the position in PBF Energy (PBFENE) 6% due 2028 was marginally lower due to a drop in fuel demand, especially from the aviation industry.

The Portfolio maintains an overweight to BBB credits, and an underweight to BB and B credits versus the index. The Portfolio’s OAS of 281 bps; continues to be lower than the Cash Pay Index’s 318 bp OAS. Yields continued to move lower, with the Portfolio now yielding 3.25% versus 3.59% for the index. The Portfolio’s effective duration as of December 31, 2020 of 2.89 years remains below the index’s 3.85.

Lazard US Short Duration Fixed Income Portfolio

For the year ended December 31, 2020, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of 2.46%, while Open Shares posted a total return of 2.20%, as compared with the 3.10% return for the ICE BofAML 1-3 Year US Treasury^® Index.

An underweight allocation to securities with a 2 to 3 year duration hurt relative performance as the Fed cut interest rates and rates across the curve moved lower. However, the Portfolio was overweight in spread products, such as corporate credit and consumer asset-backed securities (“ABS”), which helped relative performance.

10  Annual Report

The Portfolio continues to maintain a shorter duration than its relative index, by continuing to be underweight in securities with 2 to 3 year durations. It is also underweight in US treasury securities relative to the index. Additionally, the Portfolio maintains an overweight position in US corporate bonds and consumer ABS relative to the index. We continue to favor the financial and consumer discretionary sectors and convexity of the Portfolio remains positive.

Annual Report  11

The Lazard Funds, Inc. Performance Overviews (unaudited)

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^® Index, the JPMorgan GBI-EM Global Diversified^® Index and the Global Diversified Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Since Inception†
Institutional Shares**	3.19%	6.11%	3.11%
Open Shares**	3.11%	5.85%	2.85%
R6 Shares**	3.30%	N/A	4.34%
JPMorgan EMBI Global Diversified Index	5.26%	7.08%	6.36%
			(Institutional and Open Shares) 5.26% (R6 Shares)
JPMorgan GBI-EM Global Diversified Index	2.69%	6.72%	1.52%
			(Institutional and Open Shares) 4.57% (R6 Shares)
Global Diversified Index	4.02%	6.97%	3.99%
			(Institutional and Open Shares) 4.97% (R6 Shares)

† The inception date for the Institutional and Open Shares was February 28, 2011 and for the R6 Shares was July 28, 2016.

12  Annual Report

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 Barclays Global Aggregate^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Since Inception†
Institutional Shares**	9.51%	4.46%	1.94%
Open Shares**	9.23%	4.17%	1.65%
Bloomberg Barclays Global Aggregate Index	9.20%	4.79%	2.49%

† The inception date for the Portfolio was March 30, 2012.

Annual Report  13

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*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Ten Years	Since Inception†
Institutional Shares**	4.96%	6.01%	5.56%	4.46%
Open Shares**	4.80%	5.72%	5.26%	3.98%
R6 Shares**	4.89%	N/A	N/A	4.61%
Cash Pay Index	6.19%	7.68%	6.68%	6.51%
				(Institutional Shares) 6.46% (Open Shares) 6.66% (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.

14  Annual Report

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^® Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One Year	Five Years	Since Inception	†
Institutional Shares**	2.46%	1.63%	1.44%
Open Shares**	2.20%	1.34%	1.27%
ICE BofAML 1-3 Year US Treasury Index	3.10%	1.90%	1.31%

† The inception date for the Portfolio was February 28, 2011.

Notes to Performance Overviews:

*	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 DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursing agent (“DST”); 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 reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements) for The Emerging Markets Debt Portfolio and settlement proceeds received from a class action lawsuit by The US Corporate Income Portfolio 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 the 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 graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.

Annual Report  15

	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 JPMorgan Emerging Markets Bond index (“EMBI”) Global Diversified Index is an unmanaged index of debt instruments of 31 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.
	The Global Diversified Index is an unmanaged index created by the Investment Manager and is a 50/50 blend of the JPMorgan EMBI Global Diversified Index and the JPMorgan GBI-EM Global Diversified Index.
	The government-related debt, corporate debt, and securitized debt provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt and securitized debt.
	The Cash Pay Index is The ICE Bank of America Merrill Lynch High Yield (“BofAML”) BB-B US Cash Pay Non-Distressed High Yield® 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® 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 performance of Institutional Shares, Open Shares and R6 Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

16  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, 2020 through December 31, 2020 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  17

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20		Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Emerging Markets Debt
Institutional Shares
Actual	$	1,000.00	$	1,106.10	$	4.55		0.86%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86%
Open Shares
Actual	$	1,000.00	$	1,105.10	$	4.55		0.86%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.81	$	4.37		0.86%
R6 Shares
Actual	$	1,000.00	$	1,105.40	$	4.34		0.82%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.01	$	4.17		0.82%
Global Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,063.40	$	3.63		0.70%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70%
Open Shares
Actual	$	1,000.00	$	1,061.90	$	4.92		0.95%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95%
US Corporate Income
Institutional Shares
Actual	$	1,000.00	$	1,079.40	$	2.87		0.55%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.37	$	2.80		0.55%
Open Shares
Actual	$	1,000.00	$	1,078.80	$	4.18		0.80%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80%
R6 Shares
Actual	$	1,000.00	$	1,078.50	$	2.87		0.55%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.37	$	2.80		0.55%

18  Annual Report

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20		Annualized Expense Ratio During Period 7/1/20 - 12/31/20
US Short Duration Fixed Income
Institutional Shares
Actual	$	1,000.00	$	999.50	$	2.01		0.40%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.13	$	2.03		0.40%
Open Shares
Actual	$	1,000.00	$	999.20	$	3.27		0.65%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.87	$	3.30		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 184/366 (to reflect one-half year period).

Annual Report  19

The Lazard Funds, Inc. Portfolio Holdings Presented by

Asset Class/Credit Rating and Region December 31, 2020

Asset Class/S&P Credit Rating*	Lazard Global Fixed Income Portfolio			Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
Fixed Income
AAA		23.7	%		—	%		76.4	%
AA+		6.6			—			—
AA-		6.7			—			—
A+		7.6			—			—
A		6.1			—			—
A-		7.0			—			3.2
BBB+		13.0			—			17.5
BBB		4.1			1.4			1.8
BBB-		5.7			7.8			—
BB+		0.5			12.2			—
BB		0.5			17.3			—
BB-		1.8			20.5			—
B+		—			8.8			—
B		—			9.0			—
B-		—			4.6			—
CCC+		—			1.1			—
CCC-		—			0.2			—
CC		—			1.7			—
Not Applicable		12.0			9.6			0.9
No Rating		0.8			—			—
Short-Term Investments		3.9			5.8			0.2
Total Investments		100.0	%		100.0	%		100.0	%
Asset Class/Region*	Lazard Emerging Markets Debt Portfolio
Fixed Income
Africa		12.8	%
Asia		29.0
Europe		19.0
North America		12.8
South America		14.9
Short-Term Investments		11.5
Total Investments		100.0	%

* Represents percentage of total investments.

20  Annual Report

The Lazard Funds, Inc. Portfolios of Investments

December 31, 2020

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 6.5%
Brazil | 0.9%
MV24 Capital BV, 6.748%, 06/01/34	USD		189	$	207,483
India | 1.0%
Adani Ports & Special Economic Zone, Ltd., 4.200%, 08/04/27	USD		200		214,562
Kuwait | 0.9%
NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶)	USD		200		203,687
Mexico | 2.0%
Petroleos Mexicanos:
6.875%, 10/16/25 (#)	USD		60		65,619
5.350%, 02/12/28	USD		130		128,375
6.500%, 01/23/29	USD		85		87,709
7.690%, 01/23/50	USD		35		35,289
6.950%, 01/28/60	USD		135		126,779
					443,771
Peru | 1.7%
Banco de Credito del Peru, 3.125% (CMT 5 Year + 3.000%), 07/01/30 (#), (§)	USD		100		102,750
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		180		56,903
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28	USD		200		217,750
					377,403
Total Corporate Bonds (Cost $1,398,536)					1,446,906

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

Annual Report  21

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Foreign Government Obligations | 79.6%
Angola | 1.5%
Republic of Angola, 8.000%, 11/26/29	USD		360	$	338,512
Argentina | 0.9%
Republic of Argentina:
1.000%, 07/09/29	USD		33		14,518
0.125%, 07/09/30 (Ø)	USD		109		44,421
0.125%, 07/09/35 (Ø)	USD		286		104,632
0.125%, 01/09/38 (Ø)	USD		64		26,271
					189,842
Azerbaijan | 1.0%
Republic of Azerbaijan, 3.500%, 09/01/32	USD		200		211,125
Bahamas | 0.5%
Commonwealth of Bahamas, 8.950%, 10/15/32	USD		100		108,875
Bahrain | 1.2%
Bahrain Government International Bond, 6.750%, 09/20/29	USD		230		263,781
Barbados | 0.0%
Barbados Government International Bonds, 6.500%, 10/01/29 (#)	USD		10		10,106
Belarus | 0.9%
Republic of Belarus, 5.875%, 02/24/26	USD		200		205,000
Belize | 0.0%
Republic of Belize, 4.938%, 02/20/34	USD		16		7,090

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

22  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Brazil | 4.2%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/24	BRL		2,800	$	461,157
Brazil NTN-F, 10.000%, 01/01/25	BRL		690		153,570
Federal Republic of Brazil:
2.875%, 06/06/25	USD		25		26,050
4.500%, 05/30/29	USD		115		127,794
3.875%, 06/12/30	USD		100		105,500
5.625%, 02/21/47	USD		25		29,805
4.750%, 01/14/50	USD		30		32,006
					935,882
Chile | 0.7%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		40,000		64,549
2.300%, 10/01/28	CLP		25,000		35,020
2.800%, 10/01/33	CLP		25,000		33,785
6.000%, 01/01/43	CLP		10,000		19,041
					152,395
China | 6.0%
China Development Bank:
1.860%, 04/09/23	CNY		2,890		429,349
3.500%, 08/13/26	CNY		3,050		468,539
3.450%, 09/20/29	CNY		390		58,561
China Government Bonds:
2.360%, 07/02/23	CNY		700		105,748
3.120%, 12/05/26	CNY		1,340		204,789
2.680%, 05/21/30	CNY		460		67,401
					1,334,387
Colombia | 4.4%
Colombia Government International Bond:
3.000%, 01/30/30	USD		60		63,037
5.200%, 05/15/49	USD		40		50,563
Colombian Titulos De Tesoreria:
6.250%, 11/26/25	COP		768,300		246,234
7.500%, 08/26/26	COP		757,000		255,421

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

Annual Report  23

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.000%, 04/28/28	COP		289,800	$	90,559
7.000%, 06/30/32	COP		224,000		72,138
Republic of Colombia:
4.500%, 01/28/26	USD		65		73,714
3.875%, 04/25/27	USD		65		72,247
4.500%, 03/15/29	USD		30		34,650
3.125%, 04/15/31	USD		30		31,845
					990,408
Costa Rica | 0.4%
Republic of Costa Rica:
4.250%, 01/26/23	USD		25		24,000
4.375%, 04/30/25	USD		25		23,266
7.158%, 03/12/45	USD		40		36,987
					84,253
Czech Republic | 1.3%
Czech Republic:
2.500%, 08/25/28	CZK		1,120		57,650
1.200%, 03/13/31	CZK		1,890		87,165
4.200%, 12/04/36	CZK		2,080		135,202
					280,017
Dominican Republic | 1.3%
Dominican Republic:
5.500%, 01/27/25	USD		40		45,112
5.950%, 01/25/27	USD		55		64,161
4.500%, 01/30/30	USD		35		37,877
7.450%, 04/30/44	USD		15		19,341
6.400%, 06/05/49	USD		70		82,184
5.875%, 01/30/60	USD		40		43,850
					292,525
Ecuador | 0.5%
Republic of Ecuador:
0.000%, 07/31/30 (#)	USD		13		6,038
0.500%, 07/31/30 (#), (Ø)	USD		54		34,631
0.500%, 07/31/35 (#), (Ø)	USD		73		39,762
0.500%, 07/31/40 (#), (Ø)	USD		47		23,754
					104,185

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

24  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Egypt | 1.0%
Arab Republic of Egypt, 5.577%, 02/21/23	USD		200	$	211,250
El Salvador | 0.5%
Republic of El Salvador:
5.875%, 01/30/25	USD		25		23,547
7.650%, 06/15/35	USD		20		18,825
7.125%, 01/20/50	USD		75		66,797
					109,169
Ghana | 1.1%
Republic of Ghana, 7.625%, 05/16/29	USD		225		238,570
Guatemala | 0.6%
Guatemala Government Bonds, 5.375%, 04/24/32	USD		10		12,163
Republic of Guatemala:
4.875%, 02/13/28	USD		25		28,625
5.375%, 04/24/32 (#)	USD		50		60,812
6.125%, 06/01/50 (#)	USD		30		39,563
					141,163
Honduras | 0.2%
Republic of Honduras, 6.250%, 01/19/27	USD		35		40,447
Hungary | 1.3%
Hungary Government Bonds:
2.500%, 10/24/24	HUF		46,110		164,124
3.000%, 10/27/27	HUF		34,330		126,557
					290,681
Indonesia | 5.4%
Indonesia Government Bonds:
8.375%, 09/15/26	IDR		1,711,000		138,524
7.000%, 05/15/27	IDR		1,184,000		89,790
9.000%, 03/15/29	IDR		1,275,000		107,354

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

Annual Report  25

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
8.250%, 05/15/29	IDR		1,545,000	$	125,524
7.000%, 09/15/30	IDR		1,032,000		78,594
6.500%, 02/15/31	IDR		497,000		36,771
8.750%, 05/15/31	IDR		1,150,000		96,584
8.375%, 03/15/34	IDR		1,165,000		96,185
8.250%, 05/15/36	IDR		622,000		51,132
8.375%, 04/15/39	IDR		920,000		76,612
Republic of Indonesia:
5.875%, 01/15/24	USD		60		69,000
4.125%, 01/15/25	USD		75		83,930
4.750%, 01/08/26	USD		55		64,230
4.350%, 01/11/48	USD		20		23,837
3.700%, 10/30/49	USD		10		10,938
3.500%, 02/14/50	USD		40		43,337
					1,192,342
Iraq | 1.0%
Republic of Iraq, 5.800%, 01/15/28	USD		234		217,676
Ivory Coast | 1.0%
Ivory Coast, 6.125%, 06/15/33	USD		200		225,313
Jamaica | 0.4%
Government of Jamaica:
6.750%, 04/28/28	USD		25		30,414
8.000%, 03/15/39	USD		15		21,829
7.875%, 07/28/45	USD		20		28,594
					80,837
Kenya | 1.3%
Republic of Kenya, 8.000%, 05/22/32	USD		250		291,328

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

26  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Lebanon | 0.8%
Lebanese Republic:
6.375%, 03/09/20 («)	USD		107	$	13,375
8.250%, 04/12/21 («)	USD		211		25,320
6.100%, 10/04/22 («)	USD		227		27,240
6.000%, 01/27/23 («)	USD		191		22,920
6.650%, 04/22/24 («)	USD		87		10,440
6.250%, 11/04/24 («)	USD		116		13,920
6.200%, 02/26/25 («)	USD		37		4,440
6.600%, 11/27/26 («)	USD		104		12,480
6.850%, 03/23/27 («)	USD		124		14,880
6.750%, 11/29/27 («)	USD		52		6,240
6.650%, 02/26/30 («)	USD		109		13,080
7.000%, 03/23/32 («)	USD		59		7,080
7.050%, 11/02/35 («)	USD		60		7,200
7.250%, 03/23/37 («)	USD		55		6,600
					185,215
Malaysia | 4.1%
Malaysia Government Bonds:
3.441%, 02/15/21	MYR		120		29,890
4.160%, 07/15/21	MYR		70		17,609
3.882%, 03/10/22	MYR		706		179,637
3.800%, 08/17/23	MYR		760		197,853
3.478%, 06/14/24	MYR		91		23,697
3.955%, 09/15/25	MYR		610		163,873
3.899%, 11/16/27	MYR		240		65,127
3.844%, 04/15/33	MYR		590		155,339
4.893%, 06/08/38	MYR		310		90,573
					923,598
Mexico | 5.9%
Mexican Bonos:
10.000%, 12/05/24	MXN		361		21,684
5.750%, 03/05/26	MXN		7,660		402,738
8.500%, 05/31/29	MXN		7,598		464,983
10.000%, 11/20/36	MXN		1,600		112,616
7.750%, 11/13/42	MXN		670		38,741

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

Annual Report  27

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Mexico Government International Bonds, 2.659%, 05/24/31	USD		25	$	25,712
United Mexican States:
4.125%, 01/21/26	USD		80		92,000
4.500%, 04/22/29	USD		45		52,762
4.500%, 01/31/50	USD		15		17,541
5.000%, 04/27/51	USD		60		74,805
					1,303,582
Mongolia | 0.3%
Mongolia International Bonds:
10.875%, 04/06/21	USD		25		25,625
5.125%, 12/05/22	USD		35		36,323
					61,948
Mozambique | 0.8%
Republic of Mozambique, 5.000%, 09/15/31 (Ø)	USD		200		181,438
Oman | 2.0%
Oman Government International Bonds:
4.750%, 06/15/26	USD		245		244,464
5.625%, 01/17/28	USD		200		203,790
					448,254
Panama | 0.2%
Republic of Panama, 3.750%, 03/16/25	USD		40		44,175
Paraguay | 0.5%
Republic of Paraguay:
4.950%, 04/28/31 (#)	USD		45		54,337
5.400%, 03/30/50	USD		40		50,488
					104,825
Peru | 1.3%
Peruvian Government International Bonds:
5.940%, 02/12/29	PEN		140		48,174
3.230%, 07/28/21	USD		25		24,937

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

28  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Republic of Peru:
6.950%, 08/12/31	PEN		415	$	148,728
6.900%, 08/12/37	PEN		170		57,836
5.350%, 08/12/40	PEN		55		15,753
					295,428
Philippines | 0.6%
Republic of Philippines:
3.625%, 09/09/25	PHP		2,865		62,307
3.700%, 03/01/41	USD		60		69,356
					131,663
Qatar | 1.3%
Qatar Government International Bonds, 5.750%, 01/20/42	USD		200		298,813
Romania | 2.6%
Romanian Government Bonds:
4.250%, 06/28/23	RON		710		185,317
4.750%, 02/24/25	RON		320		86,427
4.850%, 04/22/26	RON		320		88,498
5.800%, 07/26/27	RON		160		47,239
Romanian Government Bonds:
4.375%, 08/22/23	USD		48		52,395
3.000%, 02/14/31	USD		46		49,234
4.000%, 02/14/51 (#)	USD		62		67,425
					576,535
Russia | 3.2%
Russia Government Bonds - OFZ:
7.100%, 10/16/24	RUB		190		2,739
7.950%, 10/07/26	RUB		20,830		314,753
7.050%, 01/19/28	RUB		7,443		108,474
6.900%, 05/23/29	RUB		6,980		101,295
7.650%, 04/10/30	RUB		5,550		84,441
8.500%, 09/17/31	RUB		6,800		110,120
					721,822

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

Annual Report  29

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
South Africa | 5.9%
Republic of South Africa:
10.500%, 12/21/26	ZAR		4,790	$	386,365
4.850%, 09/30/29	USD		10		10,594
8.000%, 01/31/30	ZAR		2,370		153,781
5.875%, 06/22/30	USD		85		96,077
8.250%, 03/31/32	ZAR		1,360		83,431
8.500%, 01/31/37	ZAR		3,720		210,121
8.750%, 02/28/48	ZAR		1,445		80,548
6.300%, 06/22/48	USD		150		159,750
Republic of South Africa Government Bonds, 8.875%, 02/28/35	ZAR		1,050		62,939
Republic of South Africa Government International Bonds, 4.850%, 09/27/27	USD		60		64,800
					1,308,406
Sri Lanka | 1.4%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		60		46,331
5.750%, 04/18/23	USD		45		28,561
6.850%, 03/14/24	USD		65		39,345
6.350%, 06/28/24	USD		40		24,137
6.125%, 06/03/25	USD		10		5,913
6.850%, 11/03/25	USD		100		59,094
6.825%, 07/18/26	USD		5		2,839
6.200%, 05/11/27	USD		70		39,572
6.750%, 04/18/28	USD		35		19,863
7.550%, 03/28/30	USD		90		51,075
					316,730
Suriname | 0.0%
Republic of Suriname, 9.250%, 10/26/26	USD		10		6,400

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

30  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Thailand | 2.6%
Thailand Government Bonds:
3.650%, 06/20/31	THB		3,630	$	147,990
3.775%, 06/25/32	THB		4,700		195,711
3.400%, 06/17/36	THB		3,390		140,584
3.300%, 06/17/38	THB		2,190		90,277
					574,562
Turkey | 3.2%
Republic of Turkey:
7.375%, 02/05/25	USD		95		105,925
4.875%, 10/09/26	USD		55		55,584
6.625%, 02/17/45	USD		20		20,900
5.750%, 05/11/47	USD		130		123,500
Turkey Government Bonds:
10.700%, 08/17/22	TRY		820		104,030
8.000%, 03/12/25	TRY		600		68,048
10.500%, 08/11/27	TRY		410		50,416
Turkey Government International Bonds:
6.375%, 10/14/25	USD		125		134,961
5.250%, 03/13/30	USD		45		45,155
					708,519
Ukraine | 1.4%
Ukraine Government Bonds, 9.750%, 11/01/28	USD		260		319,800
United Arab Emirates | 1.6%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		310		362,119
Venezuela | 0.4%
Republic of Venezuela:
8.250%, 10/13/24 («)	USD		1,038		93,420
7.000%, 03/31/38 («)	USD		58		5,220
					98,640

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

Annual Report  31

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Zambia | 0.9%
Republic of Zambia:
5.375%, 09/20/22	USD		200	$	103,125
8.970%, 07/30/27	USD		200		103,063
					206,188
Total Foreign Government Obligations (Cost $17,139,110)					17,725,819
Quasi Government Bonds | 1.1%
Mexico | 0.6%
Petroleos Mexicanos, 6.750%, 09/21/47	USD		140		131,250
Turkey | 0.4%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		105		105,197
Venezuela | 0.1%
Petroleos de Venezuela SA:
12.750%, 02/17/22 («)	USD		273		8,736
6.000%, 11/15/26 («)	USD		124		4,030
5.500%, 04/12/37 («)	USD		100		3,200
					15,966
Total Quasi Government Bonds (Cost $447,869)					252,413
Supranational Bonds | 0.1%
International Finance Corp., 8.000%, 10/09/23 (Cost $14,330)	IDR		200,000		15,481

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

32  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Short-Term Investments | 11.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,516,617)		2,516,617	$	2,516,617
Total Investments | 98.6% (Cost $21,516,462) (»)			$	21,957,236
Cash and Other Assets in Excess of Liabilities | 1.4%				321,418
Net Assets | 100.0%			$	22,278,654

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

Annual Report  33

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
BRL		58,145	USD		10,954	BOA	02/02/21		$	237		$	—
BRL		75,589	USD		14,246	BOA	02/02/21			302			—
BRL		34,817	USD		6,559	CIT	02/02/21			142			—
BRL		2,164,471	USD		401,400	SSB	02/02/21			15,174			—
CLP		56,035,371	USD		75,736	BRC	02/11/21			3,123			—
CLP		56,035,371	USD		75,723	SCB	02/11/21			3,135			—
CNH		39,909	USD		6,091	BRC	01/19/21			41			—
CNH		131,890	USD		20,000	BRC	01/19/21			263			—
COP		28,116,794	USD		7,698	BOA	01/25/21			535			—
COP		34,220,000	USD		10,000	BOA	01/25/21			19			—
COP		26,710,954	USD		7,310	SCB	01/25/21			511			—
CZK		1,658,820	USD		73,799	BRC	01/19/21			3,439			—
CZK		3,411,077	USD		152,261	BRC	01/19/21			6,566			—
CZK		2,173,726	USD		97,016	UBS	01/19/21			4,196			—
HUF		6,003,524	USD		20,000	BRC	01/25/21			224			—
HUF		15,996,668	USD		52,700	BRC	01/25/21			1,189			—
HUF		22,192,450	USD		72,862	BRC	01/25/21			1,899			—
HUF		15,237,000	USD		50,000	CIT	01/25/21			1,330			—
HUF		16,386,831	USD		54,007	UBS	01/25/21			1,196			—
IDR		390,766,960	USD		27,610	JPM	01/19/21			166			—
IDR		152,770,100	USD		10,764	SCB	01/19/21			95			—
IDR		2,409,060,800	USD		170,095	SCB	01/19/21			1,145			—
INR		4,486,200	USD		60,161	CIT	01/27/21			1,084			—
INR		9,230,824	USD		123,213	HSB	01/27/21			2,805			—
INR		1,890,651	USD		25,213	SCB	01/27/21			598			—
MXN		1,034,100	USD		50,000	CIT	01/19/21			1,881			—
MXN		3,012,415	USD		150,886	HSB	01/19/21			249			—
MXN		1,411,533	USD		68,727	UBS	01/19/21			2,090			—
MYR		246,630	USD		60,000	BOA	01/25/21			1,263			—
PEN		11,530	USD		3,210	BOA	02/22/21			—			24
PEN		11,530	USD		3,215	BRC	02/22/21			—			29
PLN		825,640	USD		216,499	BOA	01/19/21			4,539			—
PLN		454,406	USD		120,000	CIT	01/19/21			1,653			—
PLN		802,050	USD		210,313	CIT	01/19/21			4,410			—
PLN		463,945	USD		121,531	HSB	01/19/21			2,675			—
PLN		802,050	USD		210,089	HSB	01/19/21			4,634			—
PLN		37,252	USD		10,000	SCB	01/19/21			—			27

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

34  Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
PLN		408,890	USD		107,230	UBS	01/19/21		$	2,237		$	—
RUB		576,983	USD		7,538	BRC	01/22/21			256			—
RUB		10,665,858	USD		139,935	BRC	01/22/21			4,138			—
RUB		6,772,558	USD		90,828	HSB	01/22/21			656			—
THB		4,240,121	USD		140,529	CIT	02/22/21			1,008			—
THB		6,814,481	USD		225,213	CIT	02/22/21			2,259			—
THB		299,210	USD		10,000	SCB	02/22/21			—			12
THB		2,725,792	USD		90,055	SCB	02/22/21			933			—
TRY		158,802	USD		20,000	BRC	01/14/21			1,300			—
TRY		826,980	USD		107,468	BRC	01/14/21			3,455			—
TRY		864,570	USD		112,396	SCB	01/14/21			3,569			—
TRY		411,880	USD		53,460	UBS	01/14/21			1,786			—
USD		40,000	BRL		203,920	BRC	02/02/21			754			—
USD		50,000	BRL		253,325	BRC	02/02/21			1,245			—
USD		50,736	CNH		330,250	HSB	01/19/21			—			2
USD		109,284	CNH		726,752	SCB	01/19/21			—			2,371
USD		110,000	CNH		720,984	SCB	01/19/21			—			769
USD		10,000	COP		35,940,000	BOA	01/25/21			—			523
USD		60,000	COP		208,350,000	SCB	01/25/21			—			1,004
USD		50,000	CZK		1,083,750	BOA	01/19/21			—			461
USD		21,529	CZK		471,275	BRC	01/19/21			—			414
USD		110,000	CZK		2,384,800	BRC	01/19/21			—			1,041
USD		50,000	HUF		14,645,000	BOA	01/25/21			664			—
USD		60,000	HUF		17,574,000	BOA	01/25/21			797			—
USD		120,504	IDR		1,707,421,534	JPM	01/19/21			—			863
USD		105,000	INR		7,777,875	BRC	01/27/21			—			1,183
USD		105,000	INR		7,776,300	CIT	01/27/21			—			1,162
USD		30,000	MXN		607,814	BRC	01/19/21			—			494
USD		110,000	MXN		2,205,082	BRC	01/19/21			—			630
USD		110,000	MXN		2,205,797	UBS	01/19/21			—			666
USD		210,000	MYR		854,490	BOA	01/25/21			—			2,257
USD		10,000	MYR		40,770	SCB	01/25/21			—			127
USD		10,371	MYR		42,308	SCB	01/25/21			—			138
USD		20,715	PEN		74,437	CIT	02/22/21			147			—
USD		43,080	PHP		2,074,576	SCB	02/11/21			—			83
USD		50,000	PLN		182,484	CIT	01/19/21			1,146			—
USD		70,000	PLN		255,309	CIT	01/19/21			1,649			—

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

Annual Report  35

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		36,435	RON		150,509	CIT	01/19/21		$	—		$	1,315
USD		36,394	RON		150,509	UBS	01/19/21			—			1,357
USD		90,000	RUB		6,602,400	BOA	01/22/21			815			—
USD		60,000	RUB		4,412,490	BRC	01/22/21			396			—
USD		90,000	THB		2,705,400	SCB	02/22/21			—			308
USD		212,415	TRY		1,685,936	BOA	01/14/21			—			13,720
USD		80,000	TRY		641,776	BRC	01/14/21			—			6,082
USD		85,339	ZAR		1,347,310	BOA	01/19/21			—			6,149
USD		30,000	ZAR		467,452	BRC	01/19/21			—			1,742
USD		85,444	ZAR		1,347,310	BRC	01/19/21			—			6,044
USD		170,778	ZAR		2,694,620	CIT	01/19/21			—			12,198
USD		50,000	ZAR		754,840	SCB	01/19/21			—			1,257
USD		85,498	ZAR		1,347,310	SCB	01/19/21			—			5,990
USD		110,000	ZAR		1,659,273	SCB	01/19/21			—			2,671
ZAR		2,119,140	USD		144,320	BRC	01/19/21			—			422
ZAR		1,405,773	USD		90,000	CIT	01/19/21			5,458			—
ZAR		1,639,577	USD		105,869	CIT	01/19/21			5,465			—
ZAR		2,196,759	USD		145,265	HSB	01/19/21			3,904			—
Total gross unrealized appreciation/depreciation on  Forward Currency Contracts									$	116,845		$	73,535

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

36  Annual Report

Lazard Emerging Markets Debt Portfolio (concluded)

Centrally Cleared Interest Rate Swap Agreements open at December 31, 2020:

Currency	Notional Amount	Expiration Date	Receive/ (Pay) Rate			Payment Frequency Paid/Received	Variable Rate	Unrealized Appreciation
BRL	838,319	01/02/24		5.84	%	Maturity	1 month Brazilian Interbank Deposit Average		$	4,610
BRL	680,190	01/02/24		4.84		Maturity	1 month Brazilian Interbank Deposit Average			1,126
Total gross unrealized appreciation on Centrally Cleared Interest Rate Swap Agreements									$	5,736

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

Annual Report  37

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  36.6%
Australia  |  1.2%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		140	$	114,528
Canada  |  2.5%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		135		136,838
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		120		104,515
					241,353
France  |  1.2%
Schneider Electric SE, 2.950%, 09/27/22	USD		110		114,760
Germany  |  1.8%
BMW Finance NV, 0.875%, 08/16/22	GBP		35		48,378
Daimler AG, 0.000% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		100		121,909
					170,287
Switzerland  |  0.1%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		7		9,232
United Kingdom  |  2.7%
Tesco Corporate Treasury Services PLC MTN, 2.750%, 04/27/30	GBP		100		151,430
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		108,578
					260,008

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

38  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
United States  |  27.1%
Adobe, Inc., 2.300%, 02/01/30	USD		90	$	97,362
Alphabet, Inc., 1.100%, 08/15/30	USD		95		93,591
Amazon.com, Inc., 3.150%, 08/22/27	USD		85		96,839
American Express Co., 3.000%, 10/30/24	USD		100		109,199
Apple, Inc., 3.000%, 06/20/27	USD		80		89,582
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		100		101,184
1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		50		51,166
Citigroup, Inc., 1.579% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		175		135,460
Constellation Brands, Inc., 4.250%, 05/01/23	USD		70		76,298
Dell International LLC, 5.300%, 10/01/29	USD		60		73,480
HCA, Inc., 5.000%, 03/15/24	USD		40		44,992
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		110		91,790
Johnson & Johnson, 3.625%, 03/03/37	USD		75		91,583
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		100		114,256
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		45		51,841
McDonald’s Corp., 3.125%, 03/04/25	CAD		125		106,462

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

Annual Report  39

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Microsoft Corp., 3.500%, 11/15/42	USD		75	$	92,286
Morgan Stanley, 3.625%, 01/20/27	USD		80		91,790
PepsiCo, Inc., 2.875%, 10/15/49	USD		85		95,025
Pfizer, Inc., 2.625%, 04/01/30	USD		65		72,505
Prologis LP, 1.250%, 10/15/30	USD		70		69,274
Sealed Air Corp., 4.875%, 12/01/22	USD		45		47,194
Service Corp. International, 4.625%, 12/15/27	USD		50		53,250
Starbucks Corp., 4.450%, 08/15/49	USD		90		118,520
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		100		106,708
The Home Depot, Inc., 5.875%, 12/16/36	USD		65		98,439
The Procter & Gamble Co., 1.200%, 10/29/30	USD		50		50,036
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		90		96,636
United Rentals North America, Inc., 4.875%, 01/15/28	USD		50		53,250
Verizon Communications, Inc., 3.875%, 02/08/29	USD		100		117,656
					2,587,654
Total Corporate Bonds (Cost $3,278,390)					3,497,822

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

40  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Foreign Government Obligations  |  43.7%
Australia  |  2.5%
New South Wales Treasury Corp.:
1.250%, 11/20/30	AUD		125	$	96,771
2.000%, 03/08/33	AUD		60		48,943
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		125		96,575
					242,289
Bahamas  |  1.3%
Bahamas Government International Bonds, 6.950%, 11/20/29	USD		5		4,961
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118		117,078
					122,039
Bermuda  |  2.3%
Government of Bermuda, 3.717%, 01/25/27	USD		200		223,750
Canada  |  4.9%
City of Vancouver, 2.900%, 11/20/25	CAD		90		77,567
Province of British Columbia, 4.700%, 06/18/37	CAD		125		139,658
Province of Quebec:
2.500%, 04/20/26	USD		100		109,799
1.850%, 02/13/27	CAD		170		141,436
					468,460
Chile  |  3.5%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		65,000		104,891
2.300%, 10/01/28	CLP		75,000		105,060
Republic of Chile, 0.830%, 07/02/31	EUR		100		127,586
					337,537

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

Annual Report  41

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Colombia  |  0.6%
Republic of Colombia, 9.850%, 06/28/27	COP		148,000	$	56,115
Czech Republic  |  2.9%
Czech Republic, 2.000%, 10/13/33	CZK		5,590		279,803
Hungary  |  3.7%
Hungary Government Bonds:
2.500%, 10/24/24	HUF		27,890		99,271
2.750%, 12/22/26	HUF		25,790		93,387
3.000%, 10/27/27	HUF		30,670		113,065
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		35		47,482
					353,205
Italy  |  1.8%
Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36	EUR		75		98,377
Italy Government International Bonds, 6.875%, 09/27/23	USD		65		75,471
					173,848
Mexico  |  1.6%
Mexican Bonos, 7.500%, 06/03/27	MXN		1,640		93,772
United Mexican States, 6.750%, 02/06/24	GBP		35		56,178
					149,950
Morocco  |  1.2%
Morocco Government International Bonds, 1.500%, 11/27/31	EUR		100		118,882
Netherlands  |  2.1%
Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#)	USD		200		199,986

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

42  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
New Zealand  |  2.2%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		235	$	206,134
Norway  |  2.6%
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		121,515
2.350%, 09/04/24	NOK		1,000		122,356
					243,871
Peru  |  1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		270		90,752
Poland  |  2.0%
Poland Government Bonds:
2.500%, 07/25/27	PLN		325		96,545
2.750%, 10/25/29	PLN		310		94,391
					190,936
Romania  |  3.7%
Romanian Government Bonds:
4.000%, 10/27/21	RON		400		101,221
4.750%, 02/24/25	RON		545		147,196
Romanian Government International Bonds, 2.375%, 04/19/27	EUR		77		102,680
					351,097
Singapore  |  1.0%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		100		96,548
Spain  |  1.1%
Spain Government Bonds, 1.200%, 10/31/40	EUR		75		101,446

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

Annual Report  43

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
United Kingdom  |  1.7%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		72	$	116,811
1.500%, 07/22/47	GBP		27		43,684
					160,495
Total Foreign Government Obligations (Cost $3,894,206)					4,167,143
Quasi Government Bonds  |  1.0%
Canada  |  1.0%
Export Development Canada, 1.800%, 09/01/22 (Cost $87,866)	CAD		120		96,707
Supranational Bonds  |  10.4%
African Development Bank, 0.750%, 04/03/23	USD		120		121,419
Asian Development Bank, 2.125%, 03/19/25	USD		107		114,618
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		55		57,653
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		90		71,067
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,160,000		88,598
International Bank for Reconstruction & Development:
2.500%, 08/03/23	CAD		210		174,176
1.900%, 01/16/25	CAD		70		57,988
2.900%, 11/26/25	AUD		110		94,437
International Finance Corp.:
2.700%, 03/15/23	AUD		130		105,629
2.125%, 04/07/26	USD		100		108,502
Total Supranational Bonds (Cost $924,496)					994,087

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

44  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
US Municipal Bonds  |  1.5%
California  |  1.5%
State of California:
7.500%, 04/01/34	USD		20	$	33,333
4.500%, 04/01/33	USD		45		54,393
7.550%, 04/01/39	USD		30		52,674
					140,400
Total US Municipal Bonds (Cost $124,805)					140,400
US Treasury Securities  |  3.0%
US Treasury Notes:
2.125%, 05/15/25	USD		85		91,727
2.875%, 08/15/28	USD		171		198,540
Total US Treasury Securities (Cost $280,721)					290,267
Description		Shares		Fair Value
Short-Term Investments  |  3.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $368,885)			368,885	$	368,885
Total Investments  |  100.1% (Cost $8,959,369) (»)				$	9,555,311
Liabilities in Excess of Cash and Other Assets  |  (0.1)%					(9,148	)
Net Assets  |  100.0%				$	9,546,163

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

Annual Report  45

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		8,193	USD		6,000	JPM	01/20/21		$	317		$	—
AUD		9,473	USD		7,212	JPM	01/20/21			93			—
CAD		18,294	USD		14,000	HSB	01/20/21			373			—
CAD		96,090	USD		74,460	JPM	01/20/21			1,035			—
CAD		135,489	USD		103,813	JPM	01/20/21			2,636			—
CAD		158,753	USD		118,517	JPM	01/20/21			6,210			—
CHF		24,165	USD		26,715	HSB	01/20/21			594			—
CHF		46,212	USD		52,000	JPM	01/20/21			224			—
CHF		52,247	USD		57,300	JPM	01/20/21			1,745			—
CHF		86,443	USD		95,565	JPM	01/20/21			2,124			—
CNH		803,760	USD		118,200	HSB	01/20/21			5,279			—
CNH		1,361,959	USD		199,821	HSB	01/20/21			9,412			—
CNH		198,820	USD		30,000	HSB	03/04/21			456			—
CNH		228,863	USD		34,300	HSB	03/04/21			758			—
CNH		1,361,959	USD		199,096	HSB	03/04/21			9,532			—
COP		68,074,800	USD		18,800	CIT	02/16/21			1,123			—
EUR		64,671	RON		317,527	HSB	01/22/21			—			590
EUR		71,274	USD		84,379	CIT	01/20/21			2,726			—
EUR		16,651	USD		19,900	HSB	01/20/21			450			—
EUR		75,900	USD		90,000	HSB	01/20/21			2,759			—
EUR		78,323	USD		94,700	HSB	01/20/21			1,020			—
EUR		119,864	USD		142,930	HSB	01/20/21			3,558			—
EUR		881,145	USD		1,042,641	HSB	01/20/21			34,224			—
EUR		16,349	USD		19,200	JPM	01/20/21			781			—
EUR		64,774	USD		76,600	JPM	01/20/21			2,561			—
GBP		17,420	USD		23,000	JPM	01/20/21			825			—
GBP		30,394	USD		40,490	JPM	01/20/21			1,080			—
GBP		37,590	USD		48,865	JPM	01/20/21			2,547			—
GBP		82,116	USD		104,536	JPM	01/20/21			7,772			—
IDR		475,168,000	USD		31,880	JPM	01/15/21			1,909			—
INR		3,498,117	USD		47,100	JPM	01/29/21			646			—
JPY		44,497,629	USD		424,624	CIT	01/20/21			6,407			—
JPY		85,119,655	USD		812,513	HSB	01/20/21			12,008			—
JPY		1,104,572	USD		10,500	JPM	01/20/21			200			—
JPY		6,894,604	USD		66,000	JPM	01/20/21			785			—

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

46  Annual Report

Lazard Global Fixed Income Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
JPY		12,991,927	USD		123,995	JPM	01/20/21		$	1,853		$	—
KRW		118,308,720	USD		105,928	JPM	02/25/21			3,019			—
MXN		535,448	USD		24,513	JPM	01/20/21			2,348			—
NOK		349,488	USD		37,499	HSB	01/22/21			3,261			—
PHP		2,245,608	USD		45,819	HSB	01/15/21			934			—
PLN		42,779	USD		11,375	HSB	01/20/21			77			—
PLN		357,739	USD		97,236	HSB	01/20/21			—			1,463
RON		16,500	USD		4,000	HSB	01/22/21			138			—
RUB		781,013	USD		10,300	JPM	01/20/21			252			—
RUB		1,118,958	USD		14,475	JPM	01/20/21			643			—
SEK		250,376	USD		28,347	JPM	01/20/21			2,090			—
SGD		138,385	USD		102,013	JPM	01/20/21			2,699			—
THB		885,374	USD		28,275	HSB	01/20/21			1,277			—
USD		9,830	AUD		13,442	CIT	01/20/21			—			535
USD		11,735	AUD		16,037	CIT	01/20/21			—			630
USD		70,584	AUD		96,649	CIT	01/20/21			—			3,941
USD		37,849	AUD		50,063	HSB	01/20/21			—			754
USD		40,594	AUD		56,493	HSB	01/20/21			—			2,967
USD		91,657	AUD		125,455	HSB	01/20/21			—			5,080
USD		41,278	AUD		58,034	JPM	01/20/21			—			3,472
USD		238,095	AUD		325,906	JPM	01/20/21			—			13,208
USD		16,056	CAD		20,975	CIT	01/20/21			—			424
USD		38,048	CAD		49,845	CIT	01/20/21			—			1,114
USD		153,741	CAD		202,899	CIT	01/20/21			—			5,671
USD		64,100	CAD		85,219	HSB	01/20/21			—			2,854
USD		310,506	CAD		409,656	HSB	01/20/21			—			11,348
USD		38,008	CAD		50,716	JPM	01/20/21			—			1,838
USD		339,430	CAD		447,786	JPM	01/20/21			—			12,381
USD		44,085	CAD		58,468	MSC	01/20/21			—			1,851
USD		58,448	CAD		77,121	MSC	01/20/21			—			2,144
USD		135,000	CHF		122,905	JPM	01/20/21			—			3,894
USD		82,481	CLP		65,729,298	CIT	02/16/21			—			10,021
USD		97,126	CLP		74,010,000	CIT	02/16/21			—			7,030
USD		51,832	COP		194,179,641	CIT	02/16/21			—			4,996
USD		13,240	CZK		294,847	JPM	01/22/21			—			489

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

Annual Report  47

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		203,208	CZK		4,693,955	JPM	01/22/21		$	—		$	15,350
USD		32,829	EUR		27,731	CIT	01/20/21			—			1,061
USD		28,933	EUR		24,299	HSB	01/20/21			—			764
USD		269,891	EUR		228,087	HSB	01/20/21			—			8,859
USD		2,049	EUR		1,720	JPM	01/20/21			—			53
USD		44,139	EUR		37,238	JPM	01/20/21			—			1,371
USD		6,712	GBP		5,057	JPM	01/20/21			—			204
USD		10,709	GBP		8,069	JPM	01/20/21			—			326
USD		152,966	GBP		112,999	JPM	01/20/21			—			1,580
USD		14,564	HUF		4,431,201	JPM	01/20/21			—			364
USD		232,727	HUF		72,163,989	JPM	01/22/21			—			10,378
USD		129,700	JPY		13,590,238	JPM	01/20/21			—			1,943
USD		47,359	MXN		952,619	HSB	01/20/21			—			430
USD		43,400	NOK		392,807	JPM	01/22/21			—			2,412
USD		215,346	NOK		2,006,974	JPM	01/22/21			—			18,724
USD		78,052	NZD		116,322	CIT	01/20/21			—			5,650
USD		73,270	NZD		109,222	HSB	01/20/21			—			5,323
USD		8,538	NZD		12,393	JPM	01/20/21			—			379
USD		25,340	NZD		37,764	JPM	01/20/21			—			1,834
USD		82,920	PEN		298,306	JPM	02/16/21			492			—
USD		3,502	PLN		13,642	HSB	01/20/21			—			151
USD		14,280	PLN		53,963	HSB	01/20/21			—			167
USD		43,200	PLN		165,538	HSB	01/20/21			—			1,118
USD		44,000	PLN		171,267	HSB	01/20/21			—			1,851
USD		128,293	PLN		482,469	HSB	01/20/21			—			873
USD		11,718	RON		48,175	HSB	01/20/21			—			364
USD		62,029	RON		266,022	HSB	01/22/21			—			4,684
USD		48,118	SGD		64,337	JPM	01/20/21			—			564
USD		48,119	SGD		64,279	JPM	01/20/21			—			519
USD		82,400	SGD		112,871	JPM	01/20/21			—			3,006
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	143,252		$	188,997

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

48  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  85.5%
Aerospace & Defense  |  0.7%
The Boeing Co., 4.875%, 05/01/25	$	1,500	$	1,709,542
Triumph Group, Inc., 6.250%, 09/15/24 (#)		500		495,000
				2,204,542
Airlines  |  0.4%
Continental Airlines Pass Through Trust, 4.150%, 04/11/24		1,262		1,269,788
Auto Components  |  2.6%
BorgWarner, Inc., 5.000%, 10/01/25 (#)		1,925		2,263,001
Dana, Inc., 5.500%, 12/15/24		1,800		1,836,000
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,932,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,551,937
5.000%, 05/31/26		250		255,625
				7,838,563
Automobiles  |  1.0%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,145,000
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		930,000
				3,075,000
Building Products  |  0.6%
Griffon Corp., 5.750%, 03/01/28		1,750		1,851,395
Capital Markets  |  0.7%
Icahn Enterprises LP, 6.250%, 05/15/26		1,500		1,588,350

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

Annual Report  49

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
MPT Operating Partnership LP, 3.500%, 03/15/31	$	500	$	516,250
				2,104,600
Chemicals  |  2.7%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,798,313
Methanex Corp., 5.125%, 10/15/27		1,000		1,086,880
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		994,981
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,557,750
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,549,155
WR Grace & Co-Conn, 4.875%, 06/15/27 (#)		1,000		1,060,520
				8,047,599
Commercial Services & Supplies  |  4.0%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,849,500
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		2,060,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		2,006,875
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		2,086,620
GFL Environmental, Inc., 3.500%, 09/01/28 (#)		250		255,052
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,852,254
Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#)		1,500		1,488,750
The ADT Security Corp., 4.125%, 06/15/23		500		533,075
				12,132,126

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

50  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Communications Equipment  |  0.6%
Plantronics, Inc., 5.500%, 05/31/23 (#)	$	1,750	$	1,754,375
Construction Materials  |  0.6%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,865,600
Consumer Finance  |  0.4%
Ford Motor Credit Co. LLC, 4.125%, 08/17/27		1,000		1,047,500
Containers & Packaging  |  3.4%
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,254,000
Ball Corp., 4.000%, 11/15/23		2,100		2,236,500
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,635,451
4.250%, 09/30/26		500		551,075
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,658,000
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,782,875
Silgan Holdings, Inc., 4.125%, 02/01/28		100		103,875
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		929,063
				10,150,839
Diversified Consumer Services  |  0.7%
Service Corp. International, 4.625%, 12/15/27		2,000		2,130,000
Diversified Financial Services  |  1.2%
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,723,460

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

Annual Report  51

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Level 3 Financing, Inc.:
4.250%, 07/01/28 (#)	$	1,000	$	1,027,500
3.625%, 01/15/29 (#)		1,000		997,500
				3,748,460
Diversified Telecommunication Services  |  2.7%
CenturyLink, Inc., 4.000%, 02/15/27 (#)		1,100		1,135,750
Connect Finco Sarl, 6.750%, 10/01/26 (#)		1,500		1,615,530
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,307,941
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,051,460
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		1,000		1,002,500
				8,113,181
Electric Utilities  |  0.2%
NRG Energy, Inc., 3.625%, 02/15/31 (#)		500		514,400
Electrical Equipment  |  0.5%
Sensata Tech, Inc., 4.375%, 02/15/30 (#)		1,100		1,183,875
Sensata Technologies, Inc., 3.750%, 02/15/31 (#)		250		259,145
				1,443,020
Energy Equipment & Services  |  0.3%
Precision Drilling Corp., 5.250%, 11/15/24		1,000		865,000
Entertainment  |  1.4%
Live Nation Entertainment, Inc.:
4.875%, 11/01/24 (#)		1,550		1,569,375
3.750%, 01/15/28 (#)		500		505,200

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

52  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Netflix, Inc.:
5.375%, 02/01/21	$	1,550	$	1,555,813
4.375%, 11/15/26		500		554,375
				4,184,763
Equity Real Estate Investment Trusts (REITs)  |  4.3%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,397,910
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		2,050,000
Iron Mountain, Inc.:
4.875%, 09/15/29 (#)		500		527,500
4.500%, 02/15/31 (#)		1,250		1,309,375
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,936,620
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,528,812
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,734,000
VICI Properties LP, 4.250%, 12/01/26 (#)		1,500		1,555,725
				13,039,942
Food & Staples Retailing  |  1.3%
Albertsons Cos, Inc., 3.500%, 03/15/29 (#)		1,500		1,515,000
Ingles Markets, Inc., 5.750%, 06/15/23		633		639,330
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,814,025
				3,968,355
Food Products  |  2.0%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,548,750
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,085,000
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,858,500

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

Annual Report  53

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
TreeHouse Foods, Inc., 4.000%, 09/01/28	$	500	$	517,187
				6,009,437
Gas Utilities  |  1.2%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,670,125
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,838,250
				3,508,375
Health Care Equipment & Supplies  |  1.3%
Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#)		1,800		1,901,601
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		2,122,500
				4,024,101
Health Care Providers & Services  |  4.2%
Centene Corp.:
4.750%, 01/15/25		500		513,115
3.375%, 02/15/30		1,500		1,578,135
DaVita, Inc., 4.625%, 06/01/30 (#)		2,000		2,120,000
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,553,265
HCA, Inc., 3.500%, 09/01/30		2,000		2,124,042
Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#)		1,250		1,268,750
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,799,875
Tenet Healthcare Corp.:
4.625%, 07/15/24		750		768,765
4.875%, 01/01/26 (#)		1,000		1,046,110
				12,772,057
Hotels, Restaurants & Leisure  |  8.1%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		2,133,117

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

54  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Boyd Gaming Corp.:
6.375%, 04/01/26	$	750	$	779,108
4.750%, 12/01/27		850		882,938
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		2,085,000
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,584,875
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,472,500
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,539,855
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,610,354
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,497,111
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,490,000
MGM Resorts International, 4.625%, 09/01/26		800		846,560
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,805,807
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,855,346
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,719,635
Wyndham Destinations, Inc., 6.625%, 07/31/26 (#)		100		114,500
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		2,090,840
				24,507,546
Household Durables  |  0.3%
Tempur Sealy International, Inc., 5.625%, 10/15/23		972		987,795

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

Annual Report  55

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Household Products  |  1.0%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)	$	1,200	$	1,263,000
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,858,680
				3,121,680
Independent Power & Renewable Electricity Producers  |  1.2%
Calpine Corp., 4.500%, 02/15/28 (#)		1,500		1,560,000
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,958,723
				3,518,723
Interactive Media & Services  |  0.4%
Twitter, Inc., 3.875%, 12/15/27 (#)		1,250		1,331,250
IT Services  |  0.5%
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,563,563
Machinery  |  2.7%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,880,262
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		796,875
4.625%, 05/15/30 (#)		1,000		1,047,500
Meritor, Inc., 6.250%, 02/15/24		661		674,564
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,813,437
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,843,924
				8,056,562
Media  |  10.4%
AMC Networks, Inc., 4.750%, 12/15/22		1,000		1,001,250

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

56  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
CCO Holdings LLC:
5.125%, 05/01/27 (#)	$	500	$	530,595
4.750%, 03/01/30 (#)		1,500		1,618,500
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		2,020,000
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,040,000
7.500%, 04/01/28 (#)		1,690		1,900,540
Diamond Sports Group LLC, 5.375%, 08/15/26 (#)		1,500		1,218,750
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,496,250
GCI LLC, 4.750%, 10/15/28 (#)		250		266,638
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,779,938
Meredith Corp., 6.875%, 02/01/26		1,950		1,901,250
Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#)		1,500		1,606,875
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,340,250
Sinclair Television Group, Inc.:
5.125%, 02/15/27 (#)		1,750		1,780,625
4.125%, 12/01/30 (#)		1,000		1,024,130
Sirius XM Radio, Inc., 5.000%, 08/01/27 (#)		1,750		1,859,392
TEGNA, Inc., 5.000%, 09/15/29		250		264,104
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,837,323
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		2,015,000
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,637,863
5.125%, 04/15/27 (#)		500		530,625

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

Annual Report  57

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#)	$	1,750	$	1,817,813
				31,487,711
Metals & Mining  |  3.8%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,874,790
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,908,282
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,944,232
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,403,500
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,616,048
Steel Dynamics, Inc., 5.000%, 12/15/26		1,550		1,652,985
				11,399,837
Oil, Gas & Consumable Fuels  |  6.2%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,545,000
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,282,812
Energy Transfer Operating LP, 5.875%, 01/15/24		750		842,827
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		500		503,750
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,526,550
Occidental Petroleum Corp., 3.400%, 04/15/26		1,750		1,668,459
Ovintiv Exploration, Inc., 5.625%, 07/01/24		1,600		1,717,184
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,860,650
Range Resources Corp., 5.000%, 08/15/22		950		940,500

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

58  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Southwestern Energy Co., 6.450%, 01/23/25	$	1,800	$	1,867,500
Sunoco LP, 5.500%, 02/15/26		1,700		1,742,500
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,276,563
WPX Energy, Inc.:
6.000%, 01/15/22		900		913,509
5.750%, 06/01/26		1,000		1,051,250
5.250%, 10/15/27		100		105,962
				18,845,016
Pharmaceuticals  |  0.5%
Bausch Health Cos., Inc.:
5.000%, 02/15/29 (#)		1,500		1,542,300
5.250%, 02/15/31 (#)		100		104,472
				1,646,772
Professional Services  |  1.5%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,603,840
Nielsen Finance LLC:
5.000%, 04/15/22 (#)		556		557,462
5.625%, 10/01/28 (#)		1,000		1,086,550
5.875%, 10/01/30 (#)		1,000		1,131,250
				4,379,102
Software  |  1.1%
J2 Global, Inc., 4.625%, 10/15/30 (#)		1,500		1,582,500
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,587,180
				3,169,680
Specialty Retail  |  1.7%
Asbury Automotive Group, Inc., 4.500%, 03/01/28		987		1,028,947
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		1,030,780

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

Annual Report  59

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Penske Automotive Group, Inc., 5.500%, 05/15/26	$	1,800	$	1,869,750
QVC, Inc., 4.750%, 02/15/27		1,250		1,340,625
				5,270,102
Technology Hardware, Storage & Peripherals  |  2.3%
Dell International LLC, 7.125%, 06/15/24 (#)		1,525		1,581,615
NCR Corp., 5.750%, 09/01/27 (#)		1,000		1,062,500
Seagate HDD Cayman, 4.091%, 06/01/29 (#)		2,083		2,224,915
Western Digital Corp., 4.750%, 02/15/26		2,000		2,210,000
				7,079,030
Textiles, Apparel & Luxury Goods  |  0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,833,125
Trading Companies & Distributors  |  3.3%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		1,138,500
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,515,000
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,590,000
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		2,010,000
United Rentals North America, Inc.:
5.500%, 05/15/27		1,000		1,071,250
3.875%, 11/15/27		1,100		1,152,250
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,600,960
				10,077,960

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

60  Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Wireless Telecommunication Services  |  0.9%
Sprint Corp., 7.125%, 06/15/24	$	500	$	584,695
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,070,000
				2,654,695
Total Corporate Bonds (Cost $249,846,663)				258,593,167

Description	Shares		Fair Value
Exchange-Traded Funds  |  7.8%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937)		1,222,805	$	23,771,329
Short-Term Investments  |  5.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $17,406,307)		17,406,307		17,406,307
Total Investments  |  99.1% (Cost $290,295,907)			$	299,770,803
Cash and Other Assets in Excess of Liabilities  |  0.9%				2,598,788
Net Assets  |  100.0%			$	302,369,591

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

Annual Report  61

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  6.4%
Automobiles  |  4.8%
World Omni Automobile Lease Securitization Trust, 3.190%, 12/15/21	$	633	$	634,825
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21		1,009		1,013,393
Nissan Auto Lease Trust, 2.270%, 07/15/22		2,550		2,571,260
				4,219,478
Specialty Retail  |  1.6%
Daimler Trucks Retail Trust, 1.220%, 09/15/23		1,400		1,413,050
Total Asset-Backed Securities (Cost $5,591,724)				5,632,528
Corporate Bonds  |  22.4%
Banks  |  7.4%
Bank of America Corp., 3.300%, 01/11/23		2,650		2,809,410
Wells Fargo & Co., 2.625%, 07/22/22		3,575		3,700,433
				6,509,843
Biotechnology  |  2.9%
AbbVie, Inc., 2.300%, 05/14/21		2,497		2,510,815
Capital Markets  |  8.4%
Morgan Stanley:
5.500%, 07/28/21		2,875		2,959,520
2.750%, 05/19/22		800		826,156
The Goldman Sachs Group, Inc., 5.250%, 07/27/21		3,488		3,585,922
				7,371,598

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

62  Annual Report

Description	Principal Amount (000)			Fair Value
Lazard US Short Duration Fixed Income Portfolio (continued)
Food & Staples Retailing   |  1.8%
The Kroger Co., 3.300%, 01/15/21	$	1,584		$	1,585,260
Internet & Direct Marketing Retail  |  1.9%
eBay, Inc., 2.750%, 01/30/23		1,545			1,617,996
Total Corporate Bonds (Cost $19,347,404)					19,595,512
US Government Securities  |  0.9%
Mortgage-Backed Securities  |  0.9%
Federal National Mortgage Association:
Pool# AE0315, 4.500%, 02/01/21		—	(‡‡)		1
Pool# FM1033, 4.500%, 01/01/27		733			775,628
Total US Government Securities (Cost $760,044)					775,629
US Treasury Securities  |  69.6%
U.S. Treasury Notes:
1.125%, 09/30/21		7,775			7,833,616
2.000%, 10/31/21		17,810			18,086,194
1.500%, 01/31/22		9,725			9,869,355
1.875%, 01/31/22		12,515			12,751,612
1.875%, 10/31/22		12,160			12,548,075
Total US Treasury Securities (Cost $60,768,567)					61,088,852

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

Annual Report  63

Description	Shares		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $204,322)		204,322	$	204,322
Total Investments  |  99.5% (Cost $86,672,061)			$	87,296,843
Cash and Other Assets in Excess of Liabilities  |  0.5%				478,065
Net Assets   |  100.0%			$	87,774,908

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

64  Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
December 31, 2020

(§)	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, 2020.
(¶)	Date shown is the next perpetual call date.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2020, the percentage of net assets for each Portfolio was as follows:.

Portfolio	Percentage of Net Assets
Emerging Markets Debt		2.3	%
Global Fixed Income		3.8	%
US Corporate Income		50.3	%

(Ø)	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, 2020 which may step up at a future date.
(«)	Issue in default.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(‡‡)	Amount is less than $1,000.

Security Abbreviations:

BBSW	—	Bank Bill Swap Reference Rate
EURIBOR	—	Euro Interbank Offered Rate
LIBOR	—	London Interbank Offered Rate
NTN-F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
SOFR	—	Secured Overnight Financing Rate

Currency Abbreviations:

AUD	—	Australian Dollar	MXN	—	Mexican New Peso
BRL	—	Brazilian Real	MYR	—	Malaysian Ringgit
CAD	—	Canadian Dollar	NGN	—	Nigerian Naira
CHF	—	Swiss Franc	NOK	—	Norwegian Krone
CLP	—	Chilean Peso	NZD	—	New Zealand Dollar
CMT	—	Constant Maturity Treasury	PEN	—	Peruvian Nuevo Sol
CNH	—	Chinese Yuan Renminbi	PHP	—	Philippine Peso
CNY	—	Chinese Yuan	PLN	—	Polish Zloty
COP	—	Colombian Peso	RON	—	New Romanian Leu
CZK	—	Czech Koruna	RSD	—	Serbian Dinar
DOP	—	Dominican Republic Peso	RUB	—	Russian Ruble
EUR	—	Euro	SEK	—	Swedish Krona
GBP	—	British Pound Sterling	SGD	—	Singapore Dollar
GHS	—	Ghanaian Cedi	THB	—	Thai Baht
HUF	—	Hungarian Forint	TRY	—	New Turkish Lira
IDR	—	Indonesian Rupiah	UAH	—	Ukrainian Hryvnia
INR	—	Indian Rupee	USD	—	United States Dollar
JPY	—	Japanese Yen	UYU	—	Uruguayan Peso
KES	—	Kenyan Shilling	ZAR	—	South African Rand
KRW	—	South Korean Won

Counterparty Abbreviations:

BOA	—	Bank of America NA	JPM	—	JPMorgan Chase Bank NA
BRC	—	Barclays Bank PLC	MSC	—	Morgan Stanley & Co.
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
HSB	—	HSBC Bank USA NA	UBS	—	UBS AG

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

Annual Report  65

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

Industry†	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio
Corporate & Quasi Government Bonds
Automobiles		—	%		2.8	%
Banks		1.8			5.6
Beverages		—			1.8
Capital Markets		—			2.1
Construction & Engineering		—			0.1
Consumer Finance		—			1.1
Containers & Packaging		—			0.5
Diversified Consumer Services		—			0.6
Diversified Financial Services		0.3			1.0
Diversified Telecommunication Services		—			2.4
Electrical Equipment		—			1.2
Equity Real Estate Investment Trusts (REITs)		—			0.7
Food & Staples Retailing		—			1.6
Health Care Providers & Services		—			0.5
Hotels, Restaurants & Leisure		—			2.4
Household Products		—			1.1
Interactive Media & Services		—			1.0
Internet & Direct Marketing Retail		—			1.0
Machinery		—			1.0
Oil, Gas & Consumable Fuels		4.5			—
Personal Products		—			1.1
Pharmaceuticals		—			1.7
Software		—			2.0
Specialty Retail		—			1.0
Technology Hardware, Storage & Peripherals		—			1.7
Trading Companies & Distributors		—			0.5
Transportation & Infrastructure		1.0			—
Wireless Telecommunication Services		—			1.1
Subtotal		7.6			37.6
Foreign Government Obligations		79.6			43.7
Supranational Bonds		0.1			10.4
US Municipal Bonds		—			1.5
US Treasury Securities		—			3.0
Short-Term Investments		11.3			3.9
Total Investments		98.6	%		100.1	%

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

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

66  Annual Report

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The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2020	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	21,957,236			$	9,555,311
Cash			27,488				—
Foreign currency, at fair value			280,739				9
Receivables for:
Dividends and interest			290,277				80,693
Capital stock sold			230				4
Investments sold			6				—
Amount due from Investment Manager (Note 3)			12,753				15,391
Cash collateral due from broker on swaps			14,362				—
Gross unrealized appreciation on forward currency contracts			116,845				143,252
Total assets			22,699,936				9,794,660
LIABILITIES
Payables for:
Management fees			—				—
Accrued custodian fees			58,032				20,477
Accrued professional services			52,057				31,805
Accrued directors’ fees			3,367				15
Accrued registration fees			974				1,450
Accrued distribution fees			94				10
Investments purchased			199,917				—
Capital stock redeemed			—				59
Dividends			—				—
Capital gains distributions			—				393
Variation margin on centrally cleared swap			281				—
Gross unrealized depreciation on forward currency contracts			73,535				188,997
Other accrued expenses and payables			33,025				5,291
Total liabilities			421,282				248,497
Net assets		$	22,278,654			$	9,546,163
NET ASSETS
Paid in capital		$	61,634,146			$	8,893,202
Distributable earnings (Accumulated loss)			(39,355,492	)			652,961
Net assets		$	22,278,654			$	9,546,163

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

68  Annual Report

Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
	$	299,770,803		$	87,296,843
		—			—
		—			—
		3,334,849			570,290
		18,630			—
		—			—
		—			—
		—			—
		—			—
		303,124,282			87,867,133
		89,665			7,301
		35,736			14,428
		30,632			27,056
		2,071			877
		1,974			4,739
		800			7
		500,000			—
		57,853			25,773
		25,855			4,587
		—			—
		—			—
		—			—
		10,105			7,457
		754,691			92,225
	$	302,369,591		$	87,774,908
	$	302,067,153		$	87,577,305
		302,438			197,603
	$	302,369,591		$	87,774,908

Annual Report  69

December 31, 2020	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Institutional Shares
Net assets		$	21,880,017			$	9,497,865
Shares of capital stock outstanding*			1,364,341				989,793
Net asset value, offering and redemption price per share		$	16.04			$	9.60
Open Shares
Net assets		$	397,412			$	48,298
Shares of capital stock outstanding*			24,524				5,032
Net asset value, offering and redemption price per share		$	16.21			$	9.60
R6 Shares
Net assets		$	1,225				—
Shares of capital stock outstanding*			71	†			—
Net asset value, offering and redemption price per share*		$	17.19				—
Cost of investments in securities		$	21,516,462			$	8,959,369
Cost of foreign currency		$	276,470			$	9
*  $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.

70  Annual Report

Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	298,635,591			$	87,745,563
		15,080,446				8,867,736
	$	19.80			$	9.89
	$	3,732,793			$	29,345
		187,617				2,964
	$	19.90			$	9.90
	$	1,207				—
		61	†			—
	$	19.88				—
	$	290,295,907			$	86,672,061
	$	—			$	—

Annual Report  71

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2020	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Investment Income (Loss)
Income
Interest		$	2,097,425			$	184,549
Dividends			—				—
Total investment income*			2,097,425				184,549
Expenses
Management fees (Note 3)			297,656				41,378
Custodian fees			151,552				52,610
Professional services			70,962				48,359
Administration fees			32,051				25,362
Registration fees			39,818				34,246
Shareholders’ services			12,234				9,426
Directors’ fees and expenses			11,033				5,352
Shareholders’ reports			13,302				6,709
Distribution fees (Open Shares)			1,079				143
Other^			13,987				6,476
Total gross expenses			643,674				230,061
Management fees waived and expenses reimbursed			(268,067	)			(171,880	)
Total net expenses			375,607				58,181
Net investment income (loss)			1,721,818				126,368
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**			(2,844,914	)			241,207
Foreign currency transactions			(87,879	)			15,727
Forward currency contracts			(360,484	)			66,683
Swap agreements			(201,935	)			—
Total net realized gain (loss)			(3,495,212	)			323,617
Net change in unrealized appreciation (depreciation) on:
Investments†			(1,112,377	)			471,082
Foreign currency translations			(2,657	)			1,592
Forward currency contracts			(259,956	)			(42,062	)
Swap agreements			(22,986	)			—
Total net change in unrealized appreciation (depreciation)			(1,397,976	)			430,612
Net realized and unrealized gain (loss)			(4,893,188	)			754,229
Net increase (decrease) in net assets resulting from operations		$	(3,171,370	)		$	880,597
*   Net of foreign withholding taxes of		$	47,587			$	499
**  Net of foreign capital gains taxes of		$	64,447			$	—
†   Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	33,226			$	—
^   Includes interest on line of credit of		$	2,657			$	32

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

72  Annual Report

Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	13,190,299			$	1,536,858
		495,728				—
		13,686,027				1,536,858
		1,593,022				238,801
		100,412				39,257
		76,823				48,669
		60,287				35,456
		37,596				43,653
		21,772				12,255
		20,718				10,413
		13,566				15,272
		9,442				74
		16,765				8,024
		1,950,403				451,874
		(345,334	)			(68,881	)
		1,605,069				382,993
		12,080,958				1,153,865
		(1,161,985	)			720,754
		—				—
		—				—
		—				—
		(1,161,985	)			720,754
		2,196,558				455,774
		—				—
		—				—
		—				—
		2,196,558				455,774
		1,034,573				1,176,528
	$	13,115,531			$	2,330,393
	$	—			$	—
	$	—			$	—
	$	—			$	—
	$	—			$	—

Annual Report  73

The Lazard Funds, Inc. Statements of Changes in Net Assets

	Lazard Emerging Markets Debt Portfolio
	Year Ended December 31, 2020				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,721,818			$	7,816,357
Net realized gain (loss)			(3,495,212	)			(1,235,720	)
Net change in unrealized appreciation (depreciation)			(1,397,976	)			19,422,686
Net increase (decrease) in net assets resulting from operations			(3,171,370	)			26,003,323
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—				(2,820,563	)
Open Shares			—				(15,060	)
R6 Shares			—				(1,054,209	)
Return of capital
Institutional Shares			(1,538,228	)			(2,828,484	)
Open Shares			(14,630	)			(15,103	)
R6 Shares			(41	)			(1,057,170	)
Net decrease in net assets resulting from distributions			(1,552,899	)			(7,790,589	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,071,916				5,519,820
Open Shares			138,222				25,565
R6 Shares			—				3,000,000
Net proceeds from reinvestment of distributions
Institutional Shares			1,412,389				5,597,352
Open Shares			12,838				27,508
R6 Shares			41				1,895,822
Cost of shares redeemed
Institutional Shares			(71,755,710	)			(74,178,361	)
Open Shares			(268,240	)			(249,403	)
R6 Shares			—				(112,096,412	)
Net increase (decrease) in net assets from capital stock transactions			(64,388,544	)			(170,458,109	)
Total increase (decrease) in net assets			(69,112,813	)			(152,245,375	)
Net assets at beginning of period			91,391,467				243,636,842
Net assets at end of period		$	22,278,654			$	91,391,467

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

74  Annual Report

Lazard Global Fixed Income Portfolio							Lazard US Corporate Income Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019				Year Ended December 31, 2020				Year Ended December 31, 2019
$	126,368			$	129,365			$	12,080,958			$	13,384,169
	323,617				(26,320	)			(1,161,985	)			(1,270,563	)
	430,612				311,848				2,196,558				25,490,941
	880,597				414,893				13,115,531				37,604,547
	(309,020	)			(41,983	)			(12,087,050	)			(13,329,897	)
	(1,683	)			(258	)			(150,720	)			(164,448	)
	—				—				(47	)			(50	)
	—				(86,802	)			—				—
	—				(534	)			—				—
	—				—				—				—
	(310,703	)			(129,577	)			(12,237,817	)			(13,494,395	)
	5,232,553				1,731,974				45,657,501				43,405,036
	6,239				28,292				1,472,978				793,277
	—				—				—				—
	308,584				128,783				11,769,610				12,992,902
	1,683				792				115,990				123,455
	—				—				47				50
	(3,065,810	)			(1,183,895	)			(56,900,578	)			(91,253,438	)
	(21,740	)			(4,575	)			(2,013,457	)			(1,381,443	)
	—				—				—				—
	2,461,509				701,371				102,091				(35,320,161	)
	3,031,403				986,687				979,805				(11,210,009	)
	6,514,760				5,528,073				301,389,786				312,599,795
$	9,546,163			$	6,514,760			$	302,369,591			$	301,389,786

Annual Report  75

	Lazard Emerging Markets Debt Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		5,641,531	*		9,714,050	*
Shares sold		427,424	*		354,428	*
Shares issued to shareholders from reinvestment of distributions		94,410	*		358,899	*
Shares redeemed		(4,799,024	)*		(4,785,846	)*
Net increase (decrease)		(4,277,190	)*		(4,072,519	)*
Shares outstanding at end of period		1,364,341			5,641,531	*
Open Shares
Shares outstanding at beginning of period		32,702	*		45,074	*
Shares sold		9,412	*		1,632	*
Shares issued to shareholders from reinvestment of distributions		859	*		1,747	*
Shares redeemed		(18,449	)*		(15,751	)*
Net increase (decrease)		(8,178	)*		(12,372	)*
Shares outstanding at end of period		24,524			32,702	*
R6 Shares
Shares outstanding at beginning of period		69	*		6,341,794	*
Shares sold		—	*		190,114	*
Shares issued to shareholders from reinvestment of distributions		2	*		114,318	*
Shares redeemed		—	*		(6,646,157	)*
Net increase (decrease)		2	*		(6,341,725	)*
Shares outstanding at end of period		71			69	*

* Shares and share transactions of Lazard Emerging Markets Debt Portfolio were adjusted to reflect a 1:2 reverse share split and of Lazard US Corporate Income were adjusted to reflect a 1:4 reverse share split, effective November 17, 2020.

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

76  Annual Report

Lazard Global Fixed Income Portfolio						Lazard US Corporate Income Portfolio
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
	710,971			635,449			15,103,284	*		16,959,746	*
	577,637			194,459			2,383,359	*		2,259,754	*
	32,641			14,404			617,982	*		671,838	*
	(331,456	)		(133,341	)		(3,024,179	)*		(4,788,054	)*
	278,822			75,522			(22,838	)*		(1,856,462	)*
	989,793			710,971			15,080,446			15,103,284	*
	6,518			3,789			210,905	*		236,187	*
	684			3,164			75,398	*		40,753	*
	178			88			6,070	*		6,349	*
	(2,348	)		(523	)		(104,756	)*		(72,384	)*
	(1,486	)		2,729			(23,288	)*		(25,282	)*
	5,032			6,518			187,617			210,905	*
	—			—			58	*		55	*
	—			—			—	*		—	*
	—			—			3	*		3	*–
	—			—			—	*		—	*
	—			—			3	*		3	*
	—			—			61			58	*

Annual Report  77

	Lazard US Short Duration Fixed Income Portfolio
	Year Ended December 31, 2020				Year Ended December 31, 2019
Increase in Net Assets
Operations
Net investment income (loss)		$	1,153,865			$	2,236,971
Net realized gain (loss)			720,754				357,354
Net change in unrealized appreciation (depreciation)			455,774				397,651
Net increase (decrease) in net assets resulting from operations			2,330,393				2,991,976
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(1,153,515	)			(2,093,618	)
Open Shares			(282	)			(356	)
Return of capital
Institutional Shares			—				(144,024	)
Open Shares			—				(25	)
Net decrease in net assets resulting from distributions			(1,153,797	)			(2,238,023	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			25,806,667				10,221,674
Open Shares			56,978				71
Net proceeds from reinvestment of distributions
Institutional Shares			1,072,523				2,113,226
Open Shares			273				381
Cost of shares redeemed
Institutional Shares			(36,405,739	)			(33,268,726	)
Open Shares			(43,603	)			(21,871	)
Net increase (decrease) in net assets from capital stock transactions			(9,512,901	)			(20,955,245	)
Total increase (decrease) in net assets			(8,336,305	)			(20,201,292	)
Net assets at beginning of period			96,111,213				116,312,505
Net assets at end of period		$	87,774,908			$	96,111,213

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

78  Annual Report

	Lazard US Short Duration Fixed Income Portfolio
	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		9,832,361			11,984,211
Shares sold		2,607,117			1,048,374
Shares issued to shareholders from reinvestment of distributions		108,370			216,771
Shares redeemed		(3,680,112	)		(3,416,995	)
Net increase (decrease)		(964,625	)		(2,151,850	)
Shares outstanding at end of period		8,867,736			9,832,361
Open Shares
Shares outstanding at beginning of period		1,587			3,789
Shares sold		5,762			7
Shares issued to shareholders from reinvestment of distributions		28			39
Shares redeemed		(4,413	)		(2,248	)
Net increase (decrease)		1,377			(2,202	)
Shares outstanding at end of period		2,964			1,587

Annual Report  79

The Lazard Funds, Inc. Financial Highlights

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*	12/31/16		*
Institutional Shares
Net asset value, beginning of period	$	16.10		$	14.72		$	16.86		$	15.80		$	15.42
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.64			0.80			0.92			0.92			0.96	^
Net realized and unrealized gain (loss)		(0.18	)		1.36			(2.14	)		1.06			0.38
Total from investment operations		0.46			2.16			(1.22	)		1.98			1.34
Less distributions from:
Net investment income		—			(0.38	)		(0.44	)		(0.86	)		(0.38	)
Return of capital		(0.52	)		(0.40	)		(0.48	)		(0.06	)		(0.58	)
Total distributions		(0.52	)		(0.78	)		(0.92	)		(0.92	)		(0.96	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	16.04		$	16.10		$	14.72		$	16.86		$	15.80
Total Return (c)		3.19	%		15.03	%		–7.45	%		12.69	%		8.64	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	21,880		$	90,858		$	143,015		$	280,808		$	240,833
Ratios to average net assets:
Net expenses		0.92	%		0.98	%		0.93	%		0.93	%		0.96	%^
Gross expenses		1.57	%		1.08	%		0.93	%		0.93	%		0.96	%
Net investment income (loss)		4.24	%		5.15	%		5.78	%		5.52	%		5.90	%^
Portfolio turnover rate		133	%		106	%		97	%		88	%		118	%

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

80  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*	12/31/16		*
Open Shares
Net asset value, beginning of period	$	16.26		$	14.86		$	17.00		$	15.96		$	15.58
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.61			0.78			0.94			0.88			0.92	^
Net realized and unrealized gain (loss)		(0.15	)		1.38			(2.20	)		1.02			0.38
Total from investment operations		0.46			2.16			(1.26	)		1.90			1.30
Less distributions from:
Net investment income		—			(0.38	)		(0.40	)		(0.80	)		(0.36	)
Return of capital		(0.51	)		(0.38	)		(0.48	)		(0.06	)		(0.56	)
Total distributions		(0.51	)		(0.76	)		(0.88	)		(0.86	)		(0.92	)
Redemption fees		—			—			—			—			—
Net asset value, end of period	$	16.21		$	16.26		$	14.86		$	17.00		$	15.96
Total Return (c)		3.11	%		14.85	%		–7.59	%		12.16	%		8.27	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	397		$	532		$	670		$	6,520		$	6,801
Ratios to average net assets:
Net expenses		1.02	%		1.18	%		1.20	%		1.22	%		1.28	%^
Gross expenses		2.59	%		2.91	%		1.62	%		1.36	%		1.40	%
Net investment income (loss)		4.05	%		4.91	%		5.49	%		5.21	%		5.59	%^
Portfolio turnover rate		133	%		106	%		97	%		88	%		118	%

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

Annual Report  81

Selected data for a share of capital stock outstanding throughout	Year Ended												For the Period 7/28/16# to
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*		12/31/16
R6 Shares
Net asset value, beginning of period	$	17.28		$	15.76		$	17.76		$	15.80			$	16.68
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.41			0.86			0.96			0.90				0.40	^
Net realized and unrealized gain (loss)		0.09			1.50			(2.24	)		1.08				(0.88	)
Total from investment operations		0.50			2.36			(1.28	)		1.98				(0.48	)
Less distributions from:
Net investment income		—			(0.40	)		(0.22	)		(0.02	)			(0.16	)
Return of capital		(0.59	)		(0.44	)		(0.50	)		—	(b)			(0.24	)
Total distributions		(0.59	)		(0.84	)		(0.72	)		(0.02	)			(0.40	)
Net asset value, end of period	$	17.19		$	17.28		$	15.76		$	17.76			$	15.80
Total Return (c)		3.30	%		15.22	%		–7.24	%		12.61	%			–2.93	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1		$	1		$	99,952		$	1			$	1,145
Ratios to average net assets (d):
Net expenses		0.86	%		0.93	%		0.90	%		0.90	%			0.90	%^
Gross expenses		265.72	%		1.09	%		0.94	%		43.88	%			2.21	%
Net investment income (loss)		2.60	%		5.18	%		5.97	%		5.71	%			5.73	%^
Portfolio turnover rate		133	%		106	%		97	%		88	%			118	%

*	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.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. For Institutional Shares, there was a 0.14% impact on the total return and the impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%. For Open and R6 Shares, there was no impact on the total return and the net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to the period custodian fees was offset against the period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
#	The inception date for the R6 Shares was July 28, 2016.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.

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

82  Annual Report

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	9.08		$	8.65		$	9.04		$	8.57		$	8.74
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.19			0.20			0.20			0.20
Net realized and unrealized gain (loss)		0.72			0.43			(0.38	)		0.47			(0.17	)
Total from investment operations		0.86			0.62			(0.18	)		0.67			0.03
Less distributions from:
Net investment income		(0.15	)		(0.06	)		(0.10	)		—			(0.12	)
Net realized gains		(0.19	)		—			—			—			—
Return of capital		—			(0.13	)		(0.11	)		(0.20	)		(0.08	)
Total distributions		(0.34	)		(0.19	)		(0.21	)		(0.20	)		(0.20	)
Net asset value, end of period	$	9.60		$	9.08		$	8.65		$	9.04		$	8.57
Total Return (b)		9.51	%		7.25	%		–2.06	%		7.87	%		0.22	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,498		$	6,456		$	5,495		$	4,705		$	4,266
Ratios to average net assets:
Net expenses		0.70	%		0.70	%		0.70	%		0.72	%		0.75	%
Gross expenses		2.73	%		3.51	%		3.61	%		4.39	%		4.70	%
Net investment income (loss)		1.53	%		2.14	%		2.33	%		2.23	%		2.18	%
Portfolio turnover rate		65	%		65	%		60	%		42	%		47	%

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

Annual Report  83

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	9.08		$	8.65		$	9.04		$	8.57		$	8.74
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.17			0.18			0.17			0.17
Net realized and unrealized gain (loss)		0.71			0.43			(0.39	)		0.47			(0.17	)
Total from investment operations		0.83			0.60			(0.21	)		0.64			—	(c)
Less distributions from:
Net investment income		(0.12	)		(0.06	)		(0.08	)		—			(0.10	)
Net realized gains		(0.19	)		—			—			—			—
Return of capital		—			(0.11	)		(0.10	)		(0.17	)		(0.07	)
Total distributions		(0.31	)		(0.17	)		(0.18	)		(0.17	)		(0.17	)
Net asset value, end of period	$	9.60		$	9.08		$	8.65		$	9.04		$	8.57
Total Return (b)		9.23	%		6.98	%		–2.31	%		7.55	%		–0.07	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	48		$	59		$	33		$	34		$	34
Ratios to average net assets:
Net expenses		0.95	%		0.95	%		0.98	%		1.02	%		1.05	%
Gross expenses		10.32	%		27.52	%		38.42	%		42.88	%		27.52	%
Net investment income (loss)		1.31	%		1.88	%		2.08	%		1.95	%		1.88	%
Portfolio turnover rate		65	%		65	%		60	%		42	%		47	%
Portfolio turnover rate:

(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 DST; 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.

84  Annual Report

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*	12/31/16		*
Institutional Shares
Net asset value, beginning of period	$	19.68		$	18.16		$	19.56		$	19.48		$	18.56
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.80			0.88			0.88			0.88			0.92
Net realized and unrealized gain (loss)		0.13			1.52			(1.40	)		0.08			0.92
Total from investment operations		0.93			2.40			(0.52	)		0.96			1.84
Less distributions from:
Net investment income		(0.81	)		(0.88	)		(0.88	)		(0.88	)		(0.92	)
Total distributions		(0.81	)		(0.88	)		(0.88	)		(0.88	)		(0.92	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	19.80		$	19.68		$	18.16		$	19.56		$	19.48
Total Return (c)		4.96	%		13.34	%		–2.73	%		5.09	%		10.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	298,636		$	297,219		$	308,285		$	344,508		$	302,997
Ratios to average net assets:
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.67	%		0.67	%		0.64	%		0.67	%		0.69	%
Net investment income (loss)		4.17	%		4.47	%		4.65	%		4.57	%		4.78	%
Portfolio turnover rate		26	%		21	%		16	%		21	%		14	%

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

Annual Report   85

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*	12/31/16		*
Open Shares
Net asset value, beginning of period	$	19.76		$	18.28		$	19.64		$	19.56		$	18.64
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.75			0.80			0.84			0.84			0.84
Net realized and unrealized gain (loss)		0.15			1.48			(1.36	)		0.08			0.96
Total from investment operations		0.90			2.28			(0.52	)		0.92			1.80
Less distributions from:
Net investment income		(0.76	)		(0.80	)		(0.84	)		(0.84	)		(0.88	)
Total distributions		(0.76	)		(0.80	)		(0.84	)		(0.84	)		(0.88	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	19.90		$	19.76		$	18.28		$	19.64		$	19.56
Total Return (c)		4.80	%		12.74	%		–2.78	%		4.77	%		9.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,733		$	4,170		$	4,314		$	5,708		$	7,618
Ratios to average net assets:
Net expenses		0.80	%		0.83	%		0.85	%		0.85	%		0.85	%
Gross expenses		1.03	%		1.19	%		1.11	%		1.13	%		1.18	%
Net investment income (loss)		3.94	%		4.18	%		4.34	%		4.28	%		4.44	%
Portfolio turnover rate		26	%		21	%		16	%		21	%		14	%

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

86  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended												For the Period 11/13/16# to
each period	12/31/20		*	12/31/19		*	12/31/18		*	12/31/17		*		12/31/16
R6 Shares
Net asset value, beginning of period	$	19.76		$	18.68		$	19.56		$	19.48			$	19.36
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.81			0.92			0.92			0.88				0.16
Net realized and unrealized gain (loss)		0.11			1.04			(1.40	)		0.08				0.12
Total from investment operations		0.92			1.96			(0.48	)		0.96				0.28
Less distributions from:
Net investment income		(0.80	)		(0.88	)		(0.40	)		(0.88	)			(0.16	)
Total distributions		(0.80	)		(0.88	)		(0.40	)		(0.88	)			(0.16	)
Net asset value, end of period	$	19.88		$	19.76		$	18.68		$	19.56			$	19.48
Total Return (c)		4.89	%		10.67	%		–2.43	%(d)		5.09	%			1.37	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1,783			$	1,697
Ratios to average net assets(e):
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%			0.55	%
Gross expenses		256.05	%		858.55	%		4.62	%		1.69	%			1.73	%
Net investment income (loss)		4.22	%		4.55	%		4.61	%		4.58	%			4.71	%
Portfolio turnover rate		26	%		21	%		16	%		21	%			14	%

*	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.
#	The inception date for the R6 Shares was November 3, 2016.
(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 DST; 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 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.
(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.

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LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	9.77		$	9.70		$	9.79		$	9.86		$	9.89
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.21			0.19			0.14			0.13
Net realized and unrealized gain (loss)		0.12			0.07			(0.09	)		(0.07	)		(0.03	)
Total from investment operations		0.24			0.28			0.10			0.07			0.10
Less distributions from:
Net investment income		(0.12	)		(0.20	)		(0.17	)		(0.11	)		(0.09	)
Return of capital		—			(0.01	)		(0.02	)		(0.03	)		(0.04	)
Total distributions		(0.12	)		(0.21	)		(0.19	)		(0.14	)		(0.13	)
Net asset value, end of period	$	9.89		$	9.77		$	9.70		$	9.79		$	9.86
Total Return (b)		2.46	%		2.93	%		1.08	%		0.72	%		1.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	87,746		$	96,096		$	116,276		$	100,390		$	103,175
Ratios to average net assets:
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%		0.45	%		0.43	%		0.43	%		0.50	%
Net investment income (loss)		1.21	%		2.18	%		2.00	%		1.43	%		1.30	%
Portfolio turnover rate		97	%		175	%		170	%		108	%		157	%

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

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Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	9.78		$	9.71		$	9.79		$	9.87		$	9.90
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.19			0.16			0.11			0.10
Net realized and unrealized gain (loss)		0.12			0.06			(0.08	)		(0.08	)		(0.03	)
Total from investment operations		0.21			0.25			0.08			0.03			0.07
Less distributions from:
Net investment income		(0.09	)		(0.17	)		(0.14	)		(0.09	)		(0.07	)
Return of capital		—			(0.01	)		(0.02	)		(0.02	)		(0.03	)
Total distributions		(0.09	)		(0.18	)		(0.16	)		(0.11	)		(0.10	)
Net asset value, end of period	$	9.90		$	9.78		$	9.71		$	9.79		$	9.87
Total Return (b)		2.20	%		2.64	%		0.88	%		0.32	%		0.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	29		$	16		$	37		$	25		$	44
Ratios to average net assets:
Net expenses		0.65	%		0.69	%		0.70	%		0.70	%		0.70	%
Gross expenses		14.74	%		51.53	%		38.00	%		33.88	%		31.22	%
Net investment income (loss)		0.96	%		1.91	%		1.68	%		1.13	%		1.00	%
Portfolio turnover rate		97	%		175	%		170	%		108	%		157	%

(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 DST; 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.

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The Lazard Funds, Inc. Notes to Financial Statements
December 31, 2020

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, 2020, 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 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-six 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).

On November 17, 2020, the Emerging Markets Debt Portfolio and the US Corporate Income Portfolio had a 1-for-2 reverse share split and a 1-for-4 reverse share split, respectively, effective after the market close on November 17, 2020. After the reverse share split, shareholders in the Emerging Markets Debt Portfolio held one share for every two Portfolio shares previously held, and shareholders in the US Corporate Income Portfolio held one share for every four Portfolio shares previously held. The reverse share splits had no impact on the overall value of a shareholder’s investment.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a

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summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities. 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, may ordinarily 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 trading in a particular non-US country or countries, may not take place 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 as determined by, or in accordance with procedures approved by, the Board of Directors (“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.

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The Valuation Committee of the Investment Manager, which is subject to the oversight of the Board of Directors, 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.

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. 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

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US dollars at the prevailing exchange rates on the respective transaction dates.

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

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of 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, 2020, the Emerging Markets Debt and Global Fixed Income Portfolios traded in forward currency contracts.

(d) Swap Agreements—Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a pre-

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mium, 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 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, 2020, the Emerging Markets Debt Portfolio traded in swap agreements.

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(e) Federal Income Taxes—The Fund’s policy is for the 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, 2020, 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:

Portfolio	Short-Term		Long-Term
Emerging Markets Debt	$	18,881,060	$	19,327,250
US Corporate Income		4,145,042		4,820,238
US Short Duration Fixed Income		57,364		343,499

During the year ended December 31, 2020, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Portfolio	Amount
US Short Duration Fixed Income	$	734,766

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, 2020, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
US Short Duration Fixed Income	$	—	$	2,182

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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:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Debt	$	23,087,438	$	1,152,292	$	2,281,990	$	(1,129,698	)
Global Fixed Income		8,964,959		397,901		25,897		372,004
US Corporate Income		290,512,652		10,359,562		1,101,411		9,258,151
US Short Duration Fixed Income		86,673,987		622,856		–		622,856

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.

(f) 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 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

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of capital distributions, currency straddles and paydown gain/loss. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Emerging Markets Debt	$	(5,375,179	)	$	5,375,179
US Short Duration Fixed Income		(19,358	)		19,358

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income				Long-Term Capital Gain
Portfolio	2020		2019		2020		2019
Emerging Markets Debt*	$	—	$	3,889,832	$	—	$	—
Global Fixed Income*		227,749		29,864		82,954		12,377
US Corporate Income		12,265,481		13,494,395		—		—
US Short Duration Fixed Income*		1,153,797		2,093,974		—		—

* Emerging Markets Debt, Global Fixed Income and US Short Duration Fixed Income Portfolios had return of capital distributions of $1,552,899, $0 and $0 in 2020, and $3,900,757, $87,336 and $144,049 in 2019, respectively.

At December 31, 2020, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)			Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Emerging Markets Debt	$	—		$	(38,208,310	)	$	(1,147,182	)
Global Fixed Income		233,100			52,952			366,909
US Corporate Income		9,567			(8,965,280	)		9,258,151
US Short Duration Fixed Income		(2,182	)		(400,863	)		600,648

(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

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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 in the Open Share class. The Portfolios’ 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) Redemption Fee—Until August 15, 2016, the Portfolios, other than the US Short Duration Fixed Income Portfolio, imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were retained by the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

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

(j) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled 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.

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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 the Portfolio and the assets of the 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:

Portfolio	Annual Rate
Emerging Markets Debt		0.70	%(a)
Global Fixed Income		0.50
US Corporate Income		0.55
US Short Duration Fixed Income		0.25

(a) From January 1, 2020 to June 15, 2020, the annual rate was 0.75%.

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolio until May 1, 2021 (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 “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims, and extraordinary expenses, on behalf of the Portfolio, exceed the percentages 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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Portfolio	Institutional Shares			Open Shares			R6 Shares
Emerging Markets Debt		0.85	%		1.05	%		0.80	%(a)
Global Fixed Income		0.70			0.95			N/A
US Corporate Income		0.55			0.80			0.55	(b)
US Short Duration Fixed Income		0.40			0.65	(c)		N/A

(a)	From January 1, 2020 to June 15, 2020, annual rates were 0.95%, 1.15% and 0.90%, respectively. From May 1, 2021 to May 30, 2030, the annual rates are 1.10%, 1.35%, and 1.05%, respectively.
(b)	This agreement will continue in effect through May 1, 2030 for the R6 Shares.
(c)	This agreement will continue in effect until May 1, 2030 for Open Shares.

In addition, until May 1, 2021, 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, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt	$	258,276	$	—	$	3,161	$	3,645
Global Fixed Income		41,092		125,425		286		5,077
US Corporate Income		333,779		—		8,652		—
US Short Duration Fixed Income		64,730		—		74		4,077

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt		$8		$2,977
US Corporate Income		$6		$2,897

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

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State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, the US Short Duration Fixed Income Portfolio experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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 Portfolios. The Distributor bears, amongst other things, 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 such as financial institutions, securities dealers and other industry professionals in respect of these services.

DST is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the year ended December 31, 2020, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $237,000, (2) an additional

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annual retainer of $33,700 to the lead Independent Director, and (3) an additional annual retainer of $23,500 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 aggregate retainers for Independent Directors for the Lazard Fund Complex will remain the same in 2021. 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 are allocated among the funds 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, 2020 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Debt	$	49,462,140	$	111,547,888
Global Fixed Income		6,621,201		3,795,873
US Corporate Income		72,696,723		71,629,057
US Short Duration Fixed Income		18,941,466		29,600,600

	US Government and Treasury Securities
Portfolio	Purchases		Sales
Global Fixed Income		1,020,935		1,368,826
US Short Duration Fixed Income		69,538,024		64,429,563

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For the year ended December 31, 2020, 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, 2020, the following Portfolios had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance		*	Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Emerging Markets Debt		$3,343,929			$5,440,000		1.27	%		14
Global Fixed Income		175,000			340,000		2.20			3

* 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

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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 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

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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, a Portfolio may have to liquidate portfolio securities at disadvantageous prices.

A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its 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).

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Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(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.

(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 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.

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(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 could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

(f) Derivatives and Hedging Risk—Derivatives 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 transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause

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a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(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 transactions may cause a Portfolio to experience losses greater than if the 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

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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.

• 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.

• 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

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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 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

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damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Fair Value Measurements

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly 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

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available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2020:

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Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*		$	—	$	1,446,906		$	—		$	1,446,906
Foreign Government Obligations*			—		17,725,819			—			17,725,819
Quasi Government Bonds*			—		252,413			—			252,413
Supranational Bonds			—		15,481			—			15,481
Short-Term Investments			2,516,617		—			—			2,516,617
Other Financial Instruments†
Forward Currency Contracts			—		116,845			—			116,845
Interest Rate Swaps					5,736						5,736
Total		$	2,516,617	$	19,563,200		$	—		$	22,079,817
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(73,535	)	$	—		$	(73,535	)
Global Fixed Income Portfolio
Assets:
Corporate Bonds*		$	—	$	3,497,822		$	—		$	3,497,822
Foreign Government Obligations*			—		4,167,143			—			4,167,143
Quasi Government Bonds*			—		96,707			—			96,707
Supranational Bonds			—		994,087			—			994,087
US Municipal Bonds			—		140,400			—			140,400
US Treasury Securities			—		290,267			—			290,267
Short-Term Investments			368,885		—			—			368,885
Other Financial Instruments†
Forward Currency Contracts			—		143,252			—			143,252
Total		$	368,885	$	9,329,678		$	—		$	9,698,563
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(188,997	)	$	—		$	(188,997	)

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Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
US Corporate Income Portfolio
Corporate Bonds*		$	—	$	258,593,167	$	—		$	258,593,167
Exchange-Traded Funds			23,771,329		—		—			23,771,329
Short-Term Investments			17,406,307		—		—			17,406,307
Total		$	41,177,636	$	258,593,167	$	—		$	299,770,803
US Short Duration Fixed Income Portfolio
Asset-Backed Securities		$	—	$	5,632,528	$	—		$	5,632,528
Corporate Bonds*			—		19,595,512		—			19,595,512
US Government Securities			—		775,629		—			775,629
US Treasury Securities			—		61,088,852		—			61,088,852
Short-Term Investments			204,322		—		—			204,322
Total		$	204,322	$	87,092,521	$	—		$	87,296,843

*	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).

10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts or swap agreements.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

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.

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During the year ended December 31, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Emerging Markets Debt Portfolio			Global Fixed Income Portfolio
Forward currency contracts:
Average amounts purchased	$	12,900,000		$	3,600,000
Average amounts sold	$	9,400,000		$	3,000,000
Interest rate swap agreements:
Average notional value – receives fixed rate on centrally cleared	$	500,000			—
Average notional value – receives fixed rate on OTC	$	300,000	*		—

* Represents average monthly notional exposure for the seven months the derivative instrument was open during the period.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020:

Emerging Markets Debt Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	116,845

	Foreign			Interest
	Currency			Rate
Liabilities – Derivative Financial Instruments	Contracts			Contracts			Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	73,535	$	—	$	73,535
Swaps
Variation margin payable on centrally cleared swaps (a)			—	$	281	$	281
Total		$	73,535	$	281	$	73,816

(a) Net cumulative unrealized appreciation (depreciation) on centrally cleared swap agreements, if any, are reported in the Schedule of Investments. In the Statements 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 accumulated earnings (loss).

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Global Fixed Income Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	143,252
Liabilities – Derivative Financial Instruments
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	188,997

Emerging Markets Debt Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020 was:

	Foreign			Interest
	Currency			Rate
Net Realized Gain (Loss) from:	Contracts			Contracts			Total
Forward currency contracts	$	(360,484	)	$	—		$	(360,484	)
Swap agreements		—			(201,935	)		(201,935	)
Total	$	(360,484	)	$	(201,935	)	$	(562,419	)

	Foreign			Interest
Net Change in Unrealized Appreciation	Currency			Rate
(Depreciation) on:	Contracts			Contracts			Total
Forward currency contracts	$	(259,956	)	$	—		$	(259,956	)
Swap agreements		—			(22,986	)		(22,986	)
Total	$	(259,956	)	$	(22,986	)	$	(282,942	)

Global Fixed Income Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2019 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	66,683
Net Change in Unrealized Appreciation (Depreciation) on:
Forward currency contracts	$	(42,062	)

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As of December 31, 2020, the Emerging Markets Debt and Global Fixed Income Portfolios held derivative instruments that are eligible for offset in the 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 are presented in the below table, as of December 31, 2020:

Emerging Markets Debt Portfolio

							Net Amounts of
				Gross Amounts Offset			Assets Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Assets			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	116,845		$	—		$	116,845

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Received			Net Amounts of Derivative Assets
Bank of America NA		$	9,171		$	(9,171	)		$	—		$	—
Barclays Bank PLC			28,288			(18,081	)			—			10,207
Citibank NA			27,632			(14,675	)			—			12,957
HSBC Bank USA NA			14,923			(2	)			—			14,921
JPMorgan Chase Bank NA			166			(166	)			—			—
Standard Chartered Bank			9,986			(9,986	)			—			—
State Street Bank and Trust Co.			15,174			—				—			15,174
UBS AG			11,505			(2,023	)			—			9,482
Total		$	116,845		$	(54,104	)		$	—		$	62,741

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	73,535		$	—		$	73,535

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				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged			Net Amounts of Derivative Liabilities
Bank of America NA		$	23,134		$	(9,171	)		$	—		$	13,963
Barclays Bank PLC			18,081			(18,081	)			—			—
Citibank NA			14,675			(14,675	)			—			—
HSBC Bank USA NA			2			(2	)			—			—
JPMorgan Chase Bank NA			863			(166	)			—			697
Standard Chartered Bank			14,757			(9,986	)			—			4,771
UBS AG			2,023			(2,023	)			—			—
Total		$	73,535		$	(54,104	)		$	—		$	19,431

Global Fixed Income Portfolio

							Net Amounts of
				Gross Amounts Offset			Assets Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Assets			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	143,252		$	—		$	143,252

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Received			Net Amounts of Derivative Assets
Citibank NA		$	10,256		$	(10,256	)		$	—		$	—
HSBC Bank USA NA			86,110			(49,640	)			—			36,470
JPMorgan Chase Bank NA			46,886			(46,886	)			—			—
Total		$	143,252		$	(106,782	)		$	—		$	36,470

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	188,997		$	—		$	188,997

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				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged			Net Amounts of Derivative Liabilities
Citibank NA		$	41,073		$	(10,256	)		$	—		$	30,817
HSBC Bank USA NA			49,640			(49,640	)			—			—
JPMorgan Chase Bank NA			94,289			(46,886	)			—			47,403
Morgan Stanley Capital Services LLC.			3,995			—				—			3,995
Total		$	188,997		$	(106,782	)		$	—		$	82,215

11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU No. 2017-08”). ASU No. 2017-08 shortened the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Management has implemented the applicable changes, and they did not have a material impact on the Portfolio’s financial statements. In October 2020, ASU No. 2017-08 was amended by the Financial Accounting Standards Board’s issuance of Accounting Standards Update No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Non-refundable Fees and Other Costs (“ASU No. 2020-08”). This amendment requires that entities re-evaluate whether callable debt securities fall within the scope of ASU No. 2017-08 for each reporting period. ASU No. 2020-08 also amends ASU No. 2017-08 to require premiums be amortized to the “next call date” rather than the “earliest call date” and further clarifies the definition of “next call date.” ASU No. 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU No. 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU No. 2020-08.

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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 based reference rates as of the end of 2021. ASU No. 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU No. 2020-04.

12. Subsequent Events

Management has evaluated subsequent events affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

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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 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 Corporate Income Portfolio and Lazard US Short Duration Fixed Income Portfolio (collectively the “Portfolios”), four of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2020, 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. 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, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent 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  121

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, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP
New York, New York
February 24, 2021

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

122  Annual Report

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – present)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (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 (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)
		Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present)

Annual Report  123

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (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(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
		Investment Manager, General Counsel (2002 – April 2017)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2021, 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.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.
	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.

124  Annual Report

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director (since February 2017), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager
Nargis Hilal ( 1984)	Chief Compliance Officer (July 2020)	Senior Vice President and Counsel of the Investment Manager (since August 2017)
		Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017)
		Deputy Chief Compliance Office KLS Diversified Asset Management LP (January 2015 – March 2016)
Christopher Snively (1984)	Chief Financial Officer (March 2016) and Treasurer (September 2019)	Senior Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance) of the Investment Manager
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Christina Kennedy (1990)	Assistant Treasurer (May 2020)	Vice President of the Investment Manager (since July 2019)
		Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
		Assurance Senior Associate at PricewaterhouseCoopers LLP (August 2013 – July 2016)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	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.
(3)	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.

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The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2020

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2020:

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.

Of the dividends paid by the Portfolios, the corresponding percentage represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Emerging Markets Debt		$        —
Global Fixed Income		82,954
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.

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.

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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  127

Board Consideration of Management Agreements

At meetings of the Board held on June 2, 2020 and June 16, 2020, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that the Fund

2 The Strategic Insight materials outlined the process for constructing the Expense Peer Groups, as well the Expense Categories, Performance Peer Groups and Performance Categories (all as defined herein). Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Expense Peer Groups, Expense Categories, Performance Peer Groups and Performance Categories, including how the methodologies could affect the results of the comparisons.

128  Annual Report

and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its personnel, resources, financial condition and experience; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, each Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) 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 Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”²); and

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio compar-

Annual Report  129

isons with the Board. For the Emerging Markets Debt Portfolio, the Investment Manager proposed to lower the fee in the Management Agreement by 0.05%, with no diminution in services thereunder, and to lower the current expense limitation by 0.10%. After giving effect to the proposed advisory fee and expense limitation reductions, the results of the Strategic Insight comparisons showed that the advisory fees and net expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager was currently waiving advisory fees and/or reimbursing expenses.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the advisory fees of the relevant Portfolios.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, each Portfolio’s performance for the one-, three-, five- and ten-year periods ended March 31, 2020, as applicable, compared to performance for the same time periods of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance

130  Annual Report

	comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);
•	the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and
•	the Portfolio’s benchmark index.

When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance or Portfolios which otherwise are not performing in accordance with expectations, as well as any other Portfolios for which the Board requested additional information.

Investment Manager Profitability and Economies of Scale
The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2019 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1

Annual Report  131

fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. The Board (1) considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of the Portfolio’s fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. As the assets of each Portfolio were either generally stable or decreasing over the past calendar year, or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and

132  Annual Report

	infrastructure associated with an approximately $193 billion global asset management business.
•	The Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.
•	The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board accepted that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.
•	The Board recognized that economies of scale may be realized, particularly as the assets of the Portfolios increase and determined that it would continue to consider potential material economies of scale.

In evaluating the Management Agreement, the Board relied on the information described above, in addition to information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement (as proposed to be revised, as applicable) for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Annual Report  133

Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities required by the LRMP to a Liquidity Committee comprised of

134  Annual Report

various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

Annual Report  135

NOTES

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Custodian

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169-0953

Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

Legal Counsel

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

www.proskauer.com

 

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS026

Lazard Funds

Annual Report

December 31, 2020

Multi-Asset Funds

Lazard Global Dynamic Multi-Asset Portfolio
Lazard Opportunistic Strategies Portfolio
Lazard Real Assets Portfolio

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Investment Overviews (unaudited)
9	Performance Overviews (unaudited)
13	Information About Your Portfolio’s Expenses (unaudited)
15	Portfolio Holdings Presented by Asset Class/Sector
16	Portfolios of Investments
16	Lazard Global Dynamic Multi-Asset Portfolio
41	Lazard Opportunistic Strategies Portfolio
43	Lazard Real Assets Portfolio
54	Notes to Portfolios of Investments
58	Statements of Assets and Liabilities
60	Statements of Operations
62	Statements of Changes in Net Assets
66	Financial Highlights
73	Notes to Financial Statements
106	Report of Independent Registered Public Accounting Firm
109	Board of Directors and Officers Information (unaudited)
112	Tax and Other Information (unaudited)

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,

As 2020 began, the outbreak of a novel coronavirus (“COVID-19”) turned into a fast-spreading pandemic, rattling global markets. Worldwide lockdowns led to a severe equity market sell-off in February and March, as well as a sharp decline in oil markets. By the conclusion of the year, COVID-19 continued to wreak havoc across much of the world, but many global equity markets closed 2020 near all-time highs. Markets generally rose steadily after the selloff on the back of unprecedented support from global central banks and government treasuries and the introduction of several promising vaccines.

In the United States, Democrats won control of the White House and Congress in November elections. The US equity market closed 2020 near an all-time peak, and nominal yields in various US fixed income market segments closed at or near all-time lows, fueled by trillions of dollars in monetary and fiscal stimulus.

COVID-19 also severely debilitated economic activity in the emerging markets, but the recovery in emerging markets equities that began in late March picked up steam in the fourth quarter thanks to vaccine breakthroughs and the US election outcome. As a result, the MSCI Emerging Markets^® Index outperformed global developed markets equities in 2020.

In Europe, interest rates have never been as low, and central bank balance sheets have never been as inflated, as they were at year-end. With an agreement now in place for the exit of the United Kingdom from the European Union, the years-long “Brexit” saga may be one less uncertainty the market has to grapple with in the year ahead.

As we write, many countries are facing record levels of new COVID-19 infections, spurring renewed economic lockdowns and increasing the risk that many companies, particularly small businesses, might not make it to the other side of this pandemic. Were that to happen, it could send a negative signal to markets

2   Annual Report

equal and opposite to the positive news of the vaccines toward the end of the last year. Investors face a timing conundrum, but it could well be darkest before the dawn.

Despite these challenges, we are optimistic for 2021 and believe that as the world does eventually return to something like the pre-pandemic days, fundamental analysis and stock selection will be crucial drivers for performance. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance pursued by the various investment strategies employed.

Sincerely,

Lazard Asset Management LLC

Annual Report   3

Lazard Retirement Series, Inc. Investment Overviews (unaudited)

Multi-Asset

As 2020 began, our concern for the developing global health emergency was the new uncertainty it generated, causing immediate, substantial declines in economic activity in China and across Asia. This would potentially wreak havoc among many companies’ supply and distribution chains. We added to defensive positioning across strategies as the World Health Organization declared COVID-19 a pandemic in March, coincident as it was with the spat between Russia and Saudi Arabia that sent oil and the commodity complex severely negative. Prospects for a recession increased dramatically, and the spike in volatility forced many multi-asset strategies into very defensive configurations, including the deployment into cash in some instances.

We began to view markets in the context of three points of a risk-reward triangle: the behavior of the virus; monetary actions to provide liquidity and support for certain market segments; and fiscal actions to support household and business sectors. After peak market volatility in March, portfolios unwound extreme defensive positions to lessen tracking error in a potential recovery. This came faster than expected for risk markets in April, driven largely by US retail investor buying of equities and specifically technology and other companies that were perceived as being “COVID beneficiaries.” Credit spreads also tightened after the Fed took the unprecedented step of extending its quantitative easing buying program to non-investment grade corporate bonds.

Differentiation in regional performance became a feature in the second quarter, as Asia (in particular China,Taiwan and South Korea) appeared to have had a more effective policy response to the virus than other countries, thus avoiding prolonged lockdowns. China was also assisted by an explosion of exports of locally manufactured personal protective equipment to all countries. More value-added electronics exports from North Asia also grew on the back of new equipment sales as workforces isolated and worked from home.

Equity markets suffered volatility in September as volatility increased and retail investors were disappointed that Tesla was not

4   Annual Report

included in the S&P 500 Index. Nervousness ahead of the US election then turned into optimism when a Democratic president was elected and the Democrats effectively took control of the Senate. The announcement of the first successful vaccine a week after the election prompted a seismic factor rotation from momentum to deep value investments as previously out-of-favor industries like transport and hospitality rallied from distressed levels. Multi-asset portfolios layered-in more equity beta and commodities exposure in September and around the US presidential election, due to the increased probability of a rally in cyclical markets and stocks. High yield and emerging markets debt spreads also tightened dramatically. Industrial metals and agricultural commodities rose on China demand and El-Nino-driven supply constraints, respectively, to also finish the year with strong rallies.

Lazard Global Dynamic Multi-Asset Portfolio

For the year ended December 31, 2020, the Lazard Global Dynamic Multi-Asset Portfolio’s Institutional Shares posted a total return of 1.00%, while Open Shares posted a total return of 0.84%, as compared with the 15.90% return for the MSCI World Index and 13.21% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and Bloomberg Barclays Global Aggregate^® Index (the “GDMA Index”).

In terms of asset allocation, the Portfolio’s average overweight in fixed income as opposed to equities, when compared with the GDMA Index, detracted from performance for the year.

Specifically, as a targeted volatility strategy, the sustained high market volatility environment throughout the second quarter forced the strategy to maintain a 60% weighting to fixed income. In addition, a 20% cash allocation that had protected capital well in March was only gradually unwound in April for the same reason, providing a drag on performance as equity markets rallied strongly that month. Quantitative and managed volatility equity strategies also generally underperformed equity benchmarks over the year, in particular during the strong momentum rallies of April and August, and also in the deep value rally of November. The investment

Annual Report   5

process of these diversified strategies is not designed to take positions in stocks with these characteristics.

Stock selection in the materials and health care sectors added value, as did an overweight exposure to the healthcare sector and underweight exposure to energy and financials. By country, stock selection in Australia, Sweden, Switzerland, and Denmark helped performance, as did underweight exposure to France. In contrast, stock selection in the consumer discretionary, communication services, information technology, and real estate sectors hurt performance. Underweight exposure to the information technology and consumer discretionary sectors and overweight exposure to consumer staples also detracted. Country detractors were driven by stock selection in the United States, Japan, Netherlands, Israel, and Canada, as well as by overweight exposure to Canada.

Within fixed income, overweight duration contributions in Australia, Canada, Norway, New Zealand, Chile, and the United States and underweight duration contribution in China and Japan helped. Also contributing were overweight exposures to Canadian Provincials, Australian and New Zealand semi-governments, Norwegian government related bonds and the Portfolio’s addition of US dollar-denominated investment grade corporate bonds during the second and third quarter. An overweight exposure to the information technology sector, open exposures in Australian dollars and Japanese yen and an underweight to the Russian ruble also boosted performance. In contrast, underweight duration contributions in the eurozone and overweight to the Czech Republic and Hungary detracted from performance, as did the Portfolio’s underweight positioning to the euro and overweight to Swiss franc, Czech koruna, Hungarian forint, and Polish zloty.

Lazard Opportunistic Strategies Portfolio

For the year ended December 31, 2020, the Lazard Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of 9.47%, while Open Shares posted a total return of 9.25%, as compared with the 15.90% return for the MSCI World Index and

[1] The Global Asset Allocation Blended Index is a blended index constructed by the Portfolio’s Investment Manager, composed 60% MSCI World Index and 40% Barclays Capital US Aggregate Bond^® Index, rebalanced quarterly.

6   Annual Report

14.02% return for the Global Asset Allocation Blended Index.^[1] The Portfolio’s investments generally are categorized by the Investment Manager as falling within the following three categories: trending, diversifying assets, and contrarian assets.

Trending investments, which represented 44% of the Portfolio at year end, outperformed both the Global Asset Allocation Blended Index and the MSCI World Index. Positions in US large cap companies, and investments in the technology and healthcare sectors were the largest contributors, while exposures to the emerging markets and industrials sectors detracted during the period.

Diversifying investments, which represented 41% of the Portfolio at the end of the year, underperformed US fixed income, as represented by the Bloomberg Barclays US Aggregate Bond Index and underperformed the Global Asset Allocation Blended Index. Exposure to intermediate-term Treasuries and US consumer staples were most additive to performance, while exposures to intermediate-term corporate bonds detracted.

Contrarian investments, which represented 15% of the Portfolio at year end, underperformed both the Global Asset Allocation Blended Index and the MSCI World Index. Exposure to US large cap value and European equities contributed, while exposure to small and mid-cap value detracted from performance.

Lazard Real Assets Portfolio

For the year ended December 31, 2020, the Lazard Real Assets Portfolio’s Institutional Shares posted a total return of 0.61%, while Open Shares posted a total return of 0.33%, as compared with the -4.19% return for the Real Assets Index and 15.90% return for the MSCI World Index.

Stocks in the ‘Pricing Power Equity’ asset class, which are companies that we believe can pass through input costs directly to customers, detracted from performance. Favorable contributions from consumer staples and healthcare sectors were offset by weaker performances from the industrial, consumer discretionary, and financial sectors.

Annual Report   7

Listed infrastructure stocks contributed positively to the Portfolio. US freight railroads CSX and Norfolk Southern were among the top contributors. By contrast, Italian toll road and airport operator Atlantia, along with German airport operator Fraport, hurt performance as the pandemic impacted travel and transportation.

Real estate equities had a slightly negative impact in the aggregate. Retail and hotel REITs were negatively impacted by the pandemic, while warehouse and storage REITs were beneficiaries.

Global inflation-linked bonds contributed positively to performance. Overweight exposure to bonds in New Zealand and Canada added value, as did currency exposure to the Australian and New Zealand dollar and the euro. In contrast, duration underweight on the USD curve and underweight country exposure to Germany and the UK hurt performance.

Commodities exposure slightly added value during the period. Exposure to gold, silver, and soybeans contributed positively. On the other hand, exposure to crude oil held back returns. Commodity-related equities hurt performance in aggregate. Canadian minerTeck Resources and US oil refiner Marathon Petroleum were among the largest detractors, while US-based agribusiness Bunge was among the top contributors within commodity-related equities.

The Portfolio uses forward currency contracts opportunistically and for hedging purposes. The impact of these instruments was negative during the period. Within commodities, the Portfolio uses futures and total return swaps to gain exposure to these assets. The combined impact of these instruments was slightly negative during the period.

8   Annual Report

The Lazard Funds, Inc. Performance Overviews (unaudited)

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^® World Index and the GDMA Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One			Since
	Year			Inception			†
Institutional Shares**		1.00	%		6.77	%
Open Shares**		0.84	%		6.49	%
MSCI World Index		15.90	%		12.88	%
GDMA Index		13.21	%		8.61	%

† The inception date for the Portfolio was May 27, 2016.

Lazard Opportunistic Strategies Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Opportunistic Strategies Portfolio, the MSCI World Index and the Global Asset Allocation Blended Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One			Five			Ten
	Year			Years			Years
Institutional Shares**		9.47	%		6.42	%		4.97	%
Open Shares**		9.25	%		6.15	%		4.61	%
MSCI World Index		15.90	%		12.19	%		9.87	%
Global Asset Allocation Blended Index		14.02	%		9.47	%		7.78	%

Annual Report   9

Lazard Real Assets Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Real Assets Portfolio, the MSCI World Index, the Real Assets Index*, the Real Assets Custom Index* and the Real Assets Linked Custom Index*

Average Annual Total Returns*

Periods Ended December 31, 2020

	One			Since
	Year			Inception		†
Institutional Shares**		0.61	%		4.36%
Open Shares**		0.33	%		4.04%
MSCI World Index		15.90	%		13.40%
					(Institutional
					Shares)
					13.05%
					(Open Shares)
Real Assets Index		–4.19	%		4.52%
Real Assets Custom Index		2.25	%		6.35%
					(Institutional
					Shares)
					6.27%
					(Open Shares)
Real Assets Linked Custom Index		1.92	%		6.26%
					(Institutional
					Shares)
					6.18%
					(Open Shares)

† The inception date for the Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.

Notes to Performance Overviews:

* 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 DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursing agent (“DST”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

10   Annual Report

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.

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 the 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 graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.

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 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 GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Barclays Global Aggregate^® Index and is rebalanced monthly. The Bloomberg Barclays 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 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 Barclays US Aggregate Index and is rebalanced quarterly. The Bloomberg Barclays US Aggregate Index covers the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including 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 Real Assets Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure USD Hedged Index, 33.3% MSCI ACWI IMI Core Real Estate Index, and 33.3% Bloomberg Barclays 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 Real Assets Index will replace the Real Assets Custom Index, which was created by the Investment Manager for comparison to the Portfolio’s performance pursuant to its investment strategy prior to September 1, 2020.

The Real Assets Custom Index is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World Index, 20% MSCI World Core Infrastructure USD Hedged Index (the “Infrastructure Index”), 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1–10 Year USD Hedged Index. The Infrastructure Index captures large and mid-cap securities across the 23 developed

Annual Report   11

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 26 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. The Bloomberg Barclays World Government Inflation-Linked Bond 1–10 Year Index measures the performance of investment grade, government inflation-linked debt from 12 different developed market countries.

The Real Assets Linked Custom Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Real Assets Custom Index for periods through August 31, 2020 (after which the Portfolio’s investment strategy changed) and the Real Assets Index for periods thereafter.

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

12   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, 2020 through December 31, 2020 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   13

Portfolio	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During Period* 7/1/20 - 12/31/20		Annualized Expense Ratio During Period 7/1/20 - 12/31/20
Global Dynamic Multi-Asset
Institutional Shares
Actual	$	1,000.00	$	1,123.60	$	4.80		0.90%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.61	$	4.57		0.90%
Open Shares
Actual	$	1,000.00	$	1,123.00	$	6.14		1.15%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36	$	5.84		1.15%
Opportunistic Strategies†
Institutional Shares
Actual	$	1,000.00	$	1,094.70	$	5.42		1.03%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.96	$	5.23		1.03%
Open Shares
Actual	$	1,000.00	$	1,094.70	$	6.74		1.28%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70	$	6.50		1.28%
Real Assets
Institutional Shares
Actual	$	1,000.00	$	1,106.50	$	4.39		0.83%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83%
Open Shares
Actual	$	1,000.00	$	1,105.00	$	5.71		1.08%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08%

*	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 184/366 (to reflect one-half year period).
†	The expense ratios include broker expense and dividend expense on securities sold short.

14  Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Asset Class/Sector December 31, 2020

Asset Class/Sector*	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets Portfolio
Equity
Communication Services		6.6	%		1.5	%
Consumer Discretionary		10.8			1.0
Consumer Staples		8.0			0.4
Energy		0.9			—
Financials		10.5			—
Health Care		9.0			—
Industrials		8.2			15.4
Information Technology		12.2			—
Materials		2.0			1.4
Real Estate		1.3			31.8
Utilities		1.2			17.7
Exchange Traded Funds		—			5.9
Sovereign Debt		27.5			—
US Municipal Bonds		0.7			—
US Treasury Securities		0.5			—
Short-Term Investments		0.6			24.9
Total Investments		100.0	%		100.0	%

Asset Class/Sector*	Lazard Opportunistic Strategies Portfolio
Equity†
Communication Services		3.8	%
Consumer Discretionary		4.9
Consumer Staples		7.4
Energy		1.0
Financials		5.3
Health Care		11.5
Industrials		10.3
Information Technology		15.2
Materials		1.7
Real Estate		1.1
Utilities		1.5
Fixed Income		30.1
Short-Term Investments		6.2
Total Investments		100.0	%

*	Represents percentage of total investments.
†	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds held by the Portfolio.

Annual Report  15

The Lazard Funds, Inc. Portfolios of Investments

December 31, 2020

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks  |  48.2%
Australia  |  0.9%
AGL Energy, Ltd.		2,587	$	23,853
Ansell, Ltd.		367		9,859
Charter Hall Group REIT		3,088		35,049
CSL, Ltd.		52		11,362
Fortescue Metals Group, Ltd.		11,590		209,551
Goodman Group REIT		2,026		29,554
Nine Entertainment Co. Holdings, Ltd.		28,647		51,281
Santos, Ltd.		7,102		34,347
Stockland REIT		26,988		87,055
				491,911
Belgium  |  0.0%
Etablissements Franz Colruyt NV		210		12,442
Telenet Group Holding NV		249		10,681
				23,123
Canada  |  1.7%
CAE, Inc.		9,188		254,875
Canadian National Railway Co.		1,701		186,855
Constellation Software, Inc.		9		11,687
Dollarama, Inc.		796		32,443
Empire Co., Ltd., Class A		782		21,373
George Weston, Ltd.		108		8,067
Linamar Corp.		1,537		81,408
Magna International, Inc.		909		64,349
Quebecor, Inc., Class B		1,242		31,965
Rogers Communications, Inc., Class B		663		30,866
TFI International, Inc.		1,783		91,790
The Toronto-Dominion Bank		3,006		169,599
Topicus.com, Inc. (*)		16		60
				985,337
Denmark  |  0.4%
Coloplast A/S, Class B		247		37,732
Novo Nordisk A/S, Class B		809		56,586
Vestas Wind Systems AS ADR		1,993		155,913
				250,231

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

16  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Finland  |  0.2%
Elisa Oyj		196	$	10,699
Neste Oyj		233		16,832
Valmet Oyj		2,396		68,499
				96,030
France  |  1.2%
Carrefour SA		157		2,692
Cie de Saint-Gobain (*)		1,176		53,923
Cie Generale des Etablissements Michelin SCA		561		$71,998
LVMH Moet Hennessy Louis Vuitton SA ADR		1,156		144,188
Orange SA		1,947		23,172
Pernod Ricard SA ADR		3,574		137,063
Peugeot SA (*)		890		24,357
Schneider Electric SE		1,046		151,299
Societe Generale SA (*)		2,864		59,664
Veolia Environnement SA		1,234		30,190
				698,546
Germany  |  0.9%
Daimler AG		174		12,286
Deutsche Bank AG (*)		5,791		63,047
Merck KGaA Sponsored ADR		3,982		136,861
Symrise AG ADR		4,202		139,780
TeamViewer AG ADR (*)		5,503		152,708
				504,682
Hong Kong  |  0.6%
AIA Group, Ltd. Sponsored ADR		5,245		257,687
CK Hutchison Holdings, Ltd.		4,000		27,933
CLP Holdings, Ltd.		1,500		13,886
Hysan Development Co., Ltd.		3,000		11,034
Jardine Matheson Holdings, Ltd.		200		11,201
Sun Hung Kai Properties, Ltd.		3,000		38,731
				360,472
Israel  |  0.0%
Bezeq The Israeli Telecommunication Corp., Ltd. (*)		6,013		6,039
Plus500, Ltd.		486		9,640
				15,679

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

Annual Report  17

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Japan  |  3.9%				��
AGC, Inc.		300	$	10,477
Ajinomoto Co., Inc.		1,100		24,928
Chubu Electric Power Co., Inc.		1,400		16,857
Credit Saison Co., Ltd.		4,300		49,936
Dai-ichi Life Holdings, Inc.		4,400		66,836
Daito Trust Construction Co., Ltd.		155		14,497
Daiwa Securities Group, Inc.		4,900		22,348
DCM Holdings Co., Ltd.		2,100		23,938
Dip Corp.		800		21,409
East Japan Railway Co.		500		33,470
Electric Power Development Co., Ltd.		4,500		62,406
ENEOS Holdings, Inc.		6,900		24,806
Fuji Media Holdings, Inc.		700		7,472
FUJIFILM Holdings Corp.		200		10,548
Hokkaido Electric Power Co., Inc.		9,700		35,285
Hokuriku Electric Power Co.		4,200		27,571
Inpex Corp.		8,500		45,934
ITOCHU Corp.		600		17,281
Japan Logistics Fund, Inc. REIT		6		17,695
Japan Petroleum Exploration Co., Ltd.		1,400		25,454
Japan Post Bank Co., Ltd.		4,600		38,001
Japan Post Holdings Co., Ltd.		2,200		17,139
K’s Holdings Corp.		800		11,127
KDDI Corp.		1,400		41,576
Kureha Corp.		300		21,171
Kyudenko Corp.		300		9,688
McDonald’s Holdings Co. Japan, Ltd.		800		38,742
Mizuho Financial Group, Inc.		15,980		203,699
MS&AD Insurance Group Holdings, Inc.		700		21,344
NEC Corp.		200		10,709
Nintendo Co., Ltd. ADR		3,028		243,815
Nippon Yusen KK		1,900		44,327
Nishi-Nippon Financial Holdings, Inc.		3,700		23,854
Nitto Denko Corp.		500		44,897
Nomura Real Estate Holdings, Inc.		3,800		84,526

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

18  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Obayashi Corp.		1,200	$	10,395
Ono Pharmaceutical Co., Ltd.		1,100		33,151
Osaka Gas Co., Ltd.		1,200		24,582
Rengo Co., Ltd.		1,200		10,052
Sankyo Co., Ltd.		400		10,822
Secom Co., Ltd.		200		18,466
Sekisui House, Ltd.		1,300		26,486
Seven & I Holdings Co., Ltd.		4,400		156,251
Shikoku Electric Power Co., Inc.		4,600		30,116
Shimano, Inc. ADR		6,413		150,897
Softbank Corp.		2,100		26,327
Sumitomo Mitsui Trust Holdings, Inc.		300		9,302
Sumitomo Osaka Cement Co., Ltd.		900		26,417
Sumitomo Realty & Development Co., Ltd.		900		27,809
Taiheiyo Cement Corp.		2,200		55,349
Teijin, Ltd.		700		13,199
The Chiba Bank, Ltd.		2,100		11,581
The Gunma Bank, Ltd.		10,100		31,329
The Hachijuni Bank, Ltd.		3,300		11,047
The Kansai Electric Power Co., Inc.		4,700		44,692
The Shizuoka Bank, Ltd.		1,500		11,049
Tohoku Electric Power Co., Inc.		8,500		70,445
Trend Micro, Inc. (*)		200		11,514
Yamaha Motor Co., Ltd.		1,200		24,538
				2,259,579
Macau  |  0.3%
Sands China, Ltd. ADR		3,713		161,998
Netherlands  |  1.1%
Flow Traders		435		14,380
Koninklijke Ahold Delhaize NV		1,307		36,910
Koninklijke KPN NV		4,177		12,664
NN Group NV		916		40,073
NXP Semiconductors NV		1,110		176,501
Wolters Kluwer NV Sponsored ADR		4,276		358,927
				639,455

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

Annual Report  19

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
New Zealand  |  0.0%
Fisher & Paykel Healthcare Corp., Ltd. Class C		1,061	$	25,196
Norway  |  0.1%
Orkla ASA		5,657		57,394
Telenor ASA		735		12,448
Yara International ASA		238		9,880
				79,722
Singapore  |  0.1%
AEM Holdings, Ltd.		15,400		40,364
Singapore Exchange, Ltd.		3,300		23,226
				63,590
Spain  |  0.3%
Corporacion Financiera Alba SA		66		3,142
Iberdrola SA		1,752		25,056
Industria de Diseno Textil SA ADR		8,288		132,940
				161,138
Sweden  |  1.1%
Assa Abloy AB ADR		9,660		118,818
Axfood AB		969		22,586
Epiroc AB ADR		13,588		247,030
Hexagon AB ADR		2,501		226,716
Husqvarna AB, B Shares		879		11,371
Lundin Energy AB		904		24,411
Swedish Match AB		172		13,361
				664,293
Switzerland  |  0.8%
ABB, Ltd. Sponsored ADR		6,527		182,495
Credit Suisse Group AG		7,969		102,518
Novartis AG		231		21,818
Roche Holding AG		200		69,782
Swisscom AG		55		29,628
Tecan Group AG		41		20,132
UBS Group AG		660		9,231
				435,604

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

20  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
United Kingdom  |  3.5%
Barclays PLC (*)		31,156	$	62,530
Coca-Cola European Partners PLC		3,123		155,619
Diageo PLC Sponsored ADR		2,053		326,037
GlaxoSmithKline PLC		699		12,808
J Sainsbury PLC		13,513		41,687
John Wood Group PLC (*)		5,635		23,924
National Grid PLC		1,703		20,284
Prudential PLC ADR		6,039		223,020
RELX PLC Sponsored ADR		9,650		237,969
Rio Tinto PLC Sponsored ADR		1,832		137,803
Rio Tinto, Ltd.		266		23,364
Standard Chartered PLC (*)		24,425		156,621
Tesco PLC Sponsored ADR		27,395		264,907
Unilever PLC Sponsored ADR		5,295		319,606
Vodafone Group PLC		10,031		16,508
				2,022,687
United States  |  31.1%
3M Co.		72		12,585
AbbVie, Inc.		1,199		128,473
Accenture PLC, Class A		1,422		371,441
Activision Blizzard, Inc.		118		10,956
Adobe, Inc. (*)		192		96,023
Advanced Micro Devices, Inc. (*)		423		38,793
AGCO Corp.		532		54,844
Agilent Technologies, Inc.		100		11,849
Align Technology, Inc. (*)		52		27,788
Allegion PLC		214		24,905
Ally Financial, Inc.		1,026		36,587
Alphabet, Inc., Class A (*)		225		394,344
Alphabet, Inc., Class C (*)		80		140,150
Altria Group, Inc.		308		12,628
Amazon.com, Inc. (*)		167		543,907
Amdocs, Ltd.		218		15,463
American Tower Corp. REIT		38		8,529
American Water Works Co., Inc.		64		9,822

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

Annual Report  21

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
AmerisourceBergen Corp.		2,596	$	253,785
Anthem, Inc.		41		13,165
Aon PLC, Class A		1,561		329,792
Apache Corp.		2,170		30,792
Apple, Inc.		6,890		914,234
Applied Materials, Inc.		1,102		95,103
AptarGroup, Inc.		232		31,758
AT&T, Inc.		615		17,687
Atmos Energy Corp.		95		$9,066
AutoZone, Inc. (*)		8		9,484
Bank of America Corp.		2,479		75,139
Best Buy Co., Inc.		394		39,317
Booz Allen Hamilton Holding Corp.		448		39,057
Boston Scientific Corp. (*)		4,460		160,337
Bristol-Myers Squibb Co.		144		8,932
Broadridge Financial Solutions, Inc.		67		10,264
Cabot Oil & Gas Corp.		1,130		18,396
Cadence Design Systems, Inc. (*)		499		68,079
California Water Service Group		188		10,158
Campbell Soup Co.		323		15,617
Cardinal Health, Inc.		1,324		70,913
Cboe Global Markets, Inc.		108		10,057
CBRE Group, Inc., Class A (*)		785		49,235
CDW Corp.		178		23,459
Charter Communications, Inc., Class A (*)		47		31,093
Cisco Systems, Inc.		637		28,506
Citizens Financial Group, Inc.		399		14,268
CMS Energy Corp.		153		9,335
Cognizant Technology Solutions Corp., Class A		654		53,595
Colgate-Palmolive Co.		535		45,748
Comcast Corp., Class A		2,354		123,350
ConocoPhillips		1,161		46,428
Costco Wholesale Corp.		63		23,737
Cummins, Inc.		819		185,995
CVS Health Corp.		1,736		118,569
D.R. Horton, Inc.		343		23,640

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

22  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Darden Restaurants, Inc.		359	$	42,764
DaVita, Inc. (*)		166		19,488
Deere & Co.		214		57,577
Devon Energy Corp.		3,974		62,829
Dolby Laboratories, Inc., Class A		88		8,547
Dollar General Corp.		1,401		294,630
Domino’s Pizza, Inc.		72		27,609
Dover Corp.		195		24,619
DTE Energy Co.		77		9,349
Easterly Government Properties, Inc. REIT		817		18,505
Eastman Chemical Co.		455		45,627
Eaton Corp. PLC		256		30,756
Electronic Arts, Inc.		144		20,678
Eli Lilly & Co.		997		168,334
Entergy Corp.		141		14,077
Equity Lifestyle Properties, Inc. REIT		159		10,074
Evergy, Inc.		194		10,769
Exlservice Holdings, Inc. (*)		119		10,130
Facebook, Inc., Class A (*)		1,363		372,317
Fifth Third Bancorp		1,664		45,876
Flowers Foods, Inc.		400		9,052
FOX Corp., Class B (*)		1,196		34,540
Gaming and Leisure Properties, Inc. REIT		661		28,026
General Mills, Inc.		331		19,463
Gilead Sciences, Inc.		270		15,730
Graco, Inc.		265		19,173
HCA Healthcare, Inc.		350		57,561
Honeywell International, Inc.		873		185,687
Hormel Foods Corp.		525		24,470
Humana, Inc.		249		102,157
Huntington Ingalls Industries, Inc.		55		9,376
IDEXX Laboratories, Inc. (*)		102		50,987
Intel Corp.		492		24,511
Intercontinental Exchange, Inc.		2,812		324,196
Intuit, Inc.		436		165,615
IQVIA Holdings, Inc. (*)		1,985		355,652

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

Annual Report  23

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Jack Henry & Associates, Inc.		143	$	23,165
J.B. Hunt Transport Services, Inc.		97		13,255
Johnson & Johnson		2,762		434,684
Kellogg Co.		460		28,626
Kimberly-Clark Corp.		2,132		287,458
La-Z-Boy, Inc.		249		9,920
Laboratory Corp. of America Holdings (*)		49		9,974
Lennox International, Inc.		66		18,082
LHC Group, Inc. (*)		68		14,506
Lockheed Martin Corp.		387		137,377
Lowe’s Cos., Inc.		1,629		261,471
Lululemon Athletica, Inc. (*)		38		13,225
MasterCard, Inc., Class A		86		30,697
McDonald’s Corp.		1,279		274,448
McKesson Corp.		709		123,309
MDU Resources Group, Inc.		1,486		39,141
Medtronic PLC		721		84,458
Merck & Co., Inc.		3,070		251,126
MetLife, Inc.		666		31,269
Mettler-Toledo International, Inc. (*)		83		94,593
Microsoft Corp.		3,982		885,676
Mid-America Apartment Communities, Inc. REIT		76		9,628
Moody’s Corp.		571		165,727
Motorola Solutions, Inc.		1,650		280,599
National Fuel Gas Co.		239		9,830
Newmont Corp.		265		15,871
Northrop Grumman Corp.		203		61,858
NVIDIA Corp.		246		128,461
O’Reilly Automotive, Inc. (*)		39		17,650
Old Dominion Freight Line, Inc.		349		68,118
Old Republic International Corp.		736		14,507
Palo Alto Networks, Inc. (*)		437		155,305
Paycom Software, Inc. (*)		55		24,874
PayPal Holdings, Inc. (*)		59		13,818
PennyMac Financial Services, Inc.		178		11,680
PepsiCo, Inc.		1,129		167,431

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

24  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Pfizer, Inc.		312	$	11,485
Philip Morris International, Inc.		138		11,425
Phillips 66		312		21,821
Pioneer Natural Resources Co.		117		13,325
Pool Corp.		45		16,763
ProPetro Holding Corp. (*)		3,172		23,441
PTC, Inc. (*)		1,684		201,423
PulteGroup, Inc.		538		23,199
PVH Corp.		259		24,318
QUALCOMM, Inc.		840		127,966
Quest Diagnostics, Inc.		120		14,300
Regeneron Pharmaceuticals, Inc. (*)		17		8,213
Regions Financial Corp.		6,865		110,664
Republic Services, Inc.		559		53,832
Rockwell Automation, Inc.		682		171,052
Ross Stores, Inc.		393		48,264
RPM International, Inc.		257		23,330
S&P Global, Inc.		793		260,683
SBA Communications Corp. REIT		67		18,903
Sempra Energy		79		10,065
Service Corp. International		660		32,406
ServiceNow, Inc. (*)		148		81,464
Silgan Holdings, Inc.		657		24,362
Sirius XM Holdings, Inc.		13,917		88,651
Southwest Gas Holdings, Inc.		512		31,104
Square, Inc., Class A (*)		189		41,134
Starbucks Corp.		1,221		130,623
Stepan Co.		80		9,546
STERIS PLC		52		9,856
Sturm Ruger & Co., Inc.		153		9,956
Synopsys, Inc. (*)		1,000		259,240
Synovus Financial Corp.		768		24,860
Targa Resources Corp.		1,101		29,044
Target Corp.		826		145,814
Teradyne, Inc.		586		70,256
Terminix Global Holdings, Inc. (*)		209		10,661

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

Annual Report  25

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Tesla, Inc. (*)		321	$	226,520
Texas Instruments, Inc.		1,423		233,557
Texas Roadhouse, Inc.		498		38,924
The Bank of New York Mellon Corp.		363		15,406
The Charles Schwab Corp.		2,963		157,158
The Clorox Co.		249		50,278
The Coca-Cola Co.		6,660		365,234
The Hanover Insurance Group, Inc.		125		14,615
The Hershey Co.		180		27,419
The Home Depot, Inc.		599		159,106
The J.M. Smucker Co.		93		10,751
The Kroger Co.		580		18,421
The New York Times Co.		214		11,079
The Procter & Gamble Co.		2,564		356,755
The Sherwin-Williams Co.		82		60,263
Thermo Fisher Scientific, Inc.		953		443,888
Tractor Supply Co.		144		20,244
Union Pacific Corp.		160		33,315
United Parcel Service, Inc., Class B		781		131,520
UnitedHealth Group, Inc.		632		221,630
Universal Health Services, Inc., Class B		174		23,925
Verizon Communications, Inc.		6,330		371,888
Vertex Pharmaceuticals, Inc. (*)		36		8,508
Viatris, Inc. (*)		455		8,527
Visa, Inc., Class A		1,345		294,192
Vistra Corp.		1,739		34,189
Walmart, Inc.		951		137,087
Warner Music Group Corp., Class A		2,650		100,674
Waste Management, Inc.		189		22,289
WEC Energy Group, Inc.		178		16,381
Weis Markets, Inc.		157		7,506
Werner Enterprises, Inc.		215		8,432
West Pharmaceutical Services, Inc.		59		16,715
WW Grainger, Inc.		101		41,242
Xcel Energy, Inc.		168		11,201
Zoetis, Inc.		1,884		311,802
				18,083,835
Total Common Stocks (Cost $23,117,132)			$	28,023,108

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

26  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Corporate Bonds  |  17.1%
Australia  |  0.5%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		360	$	294,500
Canada  |  1.4%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		415		420,650
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		425		370,156
					790,806
France  |  0.5%
Schneider Electric SE, 2.950%, 09/27/22	USD		285		297,334
Germany  |  0.9%
BMW Finance NV, 0.875%, 08/16/22	GBP		95		131,310
Daimler AG, 0.000% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		300		365,728
					497,038
Switzerland  |  0.0%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		17		22,420
United Kingdom  |  0.8%
Tesco Corporate Treasury Services PLC MTN, 2.750%, 04/27/30	GBP		135		204,431
Unilever Capital Corp., 3.250%, 03/07/24	USD		220		238,872
					443,303

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

Annual Report  27

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
United States  |  13.0%
Adobe, Inc., 2.300%, 02/01/30	USD		240	$	259,633
Alphabet, Inc., 1.100%, 08/15/30	USD		265		261,071
Amazon.com, Inc., 3.150%, 08/22/27	USD		285		324,697
American Express Co., 3.000%, 10/30/24	USD		295		322,138
Apple, Inc., 3.000%, 06/20/27	USD		230		257,547
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		329		332,896
1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		125		127,916
Citigroup, Inc., 1.579% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		328		253,891
Dell International LLC, 5.300%, 10/01/29	USD		180		220,441
HCA, Inc., 5.000%, 03/15/24	USD		120		134,977
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		300		250,337
Johnson & Johnson, 3.625%, 03/03/37	USD		263		321,150
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		285		325,630
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		188		216,581
McDonald’s Corp., 3.125%, 03/04/25	CAD		555		472,690
Microsoft Corp., 3.500%, 11/15/42	USD		220		270,705

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

28  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Morgan Stanley, 3.625%, 01/20/27	USD		285	$	327,000
PepsiCo, Inc., 2.875%, 10/15/49	USD		235		262,715
Pfizer, Inc., 2.625%, 04/01/30	USD		230		256,555
Prologis LP, 1.250%, 10/15/30	USD		210		207,822
Sealed Air Corp., 4.875%, 12/01/22	USD		130		136,337
Service Corp. International, 4.625%, 12/15/27	USD		125		133,125
Starbucks Corp., 4.450%, 08/15/49	USD		250		329,221
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		293		312,653
The Home Depot, Inc., 5.875%, 12/16/36	USD		230		348,322
The Procter & Gamble Co., 1.200%, 10/29/30	USD		135		135,098
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		285		306,014
United Rentals North America, Inc., 4.875%, 01/15/28	USD		125		133,125
Verizon Communications, Inc., 3.875%, 02/08/29	USD		289		340,026
					7,580,313
Total Corporate Bonds (Cost $9,303,736)					9,925,714
Description		Shares (000)		Fair Value
Exchange-Traded Funds  |  5.3%
iShares MSCI World ETF (Cost $2,339,474)			27,760	$	3,120,502

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

Annual Report  29

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Foreign Government Obligations  |  23.2%
Australia  |  0.9%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		350	$	270,959
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		350		270,410
					541,369
Bahamas  |  0.7%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		435		431,602
Bermuda  |  1.3%
Government of Bermuda:
3.717%, 01/25/27	USD		200		223,750
2.375%, 08/20/30 (#)	USD		500		524,500
					748,250
Canada  |  2.2%
City of Vancouver, 2.900%, 11/20/25	CAD		188		162,028
Province of British Columbia, 4.700%, 06/18/37	CAD		389		434,617
Province of Quebec:
2.500%, 04/20/26	USD		230		252,538
1.850%, 02/13/27	CAD		485		403,507
					1,252,690
Chile  |  1.4%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		130,000		209,782
2.300%, 10/01/28	CLP		220,000		308,174
Republic of Chile, 0.830%, 07/02/31	EUR		250		318,965
					836,921
Colombia  |  0.4%
Republic of Colombia, 9.850%, 06/28/27	COP		615,000		233,183

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

30  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Croatia  |  0.5%
Croatia, 5.500%, 04/04/23	USD		260	$	286,487
Czech Republic  |  1.5%
Czech Republic, 2.000%, 10/13/33	CZK		16,860		843,915
Hungary  |  1.8%
Hungary Government Bonds:
2.500%, 10/24/24	HUF		83,620		297,636
2.750%, 12/22/26	HUF		83,020		300,621
3.000%, 10/27/27	HUF		86,120		317,481
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		100		135,662
					1,051,400
Italy  |  0.9%
Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36	EUR		205		268,897
Italy Government International Bonds, 6.875%, 09/27/23	USD		235		272,857
					541,754
Japan  |  0.7%
Japan Bank for International Cooperation, 0.625%, 05/22/23	USD		200		201,301
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		214,798
					416,099
Mexico  |  0.5%
Mexican Bonos, 7.500%, 06/03/27	MXN		4,660		266,449
United Mexican States, 6.750%, 02/06/24	GBP		30		48,153
					314,602

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

Annual Report  31

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Morocco  |  0.5%
Morocco Government International Bonds, 1.500%, 11/27/31	EUR		260	$	309,093
Netherlands  |  0.7%
Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#)	USD		400		399,971
New Zealand  |  1.0%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		640		561,386
Norway  |  0.8%
Oslo Kommune:
2.350%, 09/04/24	NOK		2,000		244,713
0.910% (NIBOR 3 Month + 0.460%), 05/06/26 (§)	NOK		2,000		234,540
					479,253
Panama  |  0.8%
Republic of Panama, 4.000%, 09/22/24	USD		400		441,875
Peru  |  0.7%
Peru Government Bonds, 6.150%, 08/12/32	PEN		1,275		428,553
Philippines  |  0.7%
Republic of Philippines, 3.900%, 11/26/22	PHP		20,000		423,434
Poland  |  1.0%
Poland Government Bonds:
2.500%, 07/25/27	PLN		980		291,119
2.750%, 10/25/29	PLN		945		287,740
					578,859

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

32  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Romania  | 1.9%
Romanian Government Bonds:
4.000%, 10/27/21	RON		1,130	$	285,949
4.750%, 02/24/25	RON		2,080		561,775
Romanian Government International Bonds, 2.375%, 04/19/27	EUR		215		286,704
					1,134,428
Singapore  |  0.5%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		280		270,333
Spain  |  0.5%
Spain Government Bonds, 1.200%, 10/31/40	EUR		199		269,171
United Kingdom  |  0.8%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		175		283,915
1.500%, 07/22/47	GBP		95		153,705
					437,620
Vietnam  |  0.5%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD		255		285,998
Total Foreign Government Obligations (Cost $12,660,891)					13,518,246
Quasi Government Bonds  |  0.5%
Canada  |  0.5%
Export Development Canada, 1.800%, 09/01/22 (Cost $261,627)	CAD		360		290,121
Supranational Bonds  |  3.7%
African Development Bank, 0.750%, 04/03/23	USD		190		192,246

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

Annual Report  33

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Asian Development Bank, 2.125%, 03/19/25	USD		303	$	324,572
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		140		146,754
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		130		102,653
Inter-American Development Bank, 7.875%, 03/14/23	IDR		3,830,000		292,525
International Bank for Reconstruction & Development:
2.500%, 08/03/23	CAD		290		240,530
1.900%, 01/16/25	CAD		185		153,254
2.900%, 11/26/25	AUD		330		283,312
International Finance Corp.:
2.700%, 03/15/23	AUD		322		261,634
2.125%, 04/07/26	USD		125		135,627
Total Supranational Bonds (Cost $1,985,269)					2,133,107
US Municipal Bonds  |  0.7%
California  |  0.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		35		58,333
State of California:
4.500%, 04/01/33	USD		100		120,872
7.550%, 04/01/39	USD		105		184,359
					363,564
New York  |  0.1%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		40		45,951
Total US Municipal Bonds (Cost $371,485)					409,515

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

34  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
US Treasury Securities  |  0.5%
US Treasury Note, 2.875%, 08/15/28 (Cost $273,239)	USD		235	$	272,848
Description			Shares		Fair Value
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $375,514)			375,514	$	375,514
Total Investments  |  99.8% (Cost $50,688,367) (»)				$	58,068,675
Cash and Other Assets in Excess of Liabilities  |  0.2%					92,360
Net Assets  |  100.0%				$	58,161,035

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

Annual Report  35

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	125,413	USD	91,807	HSB	01/20/21	$	4,898	$	—
AUD	6,521	USD	4,964	JPM	01/20/21		64		—
AUD	586,161	USD	413,545	JPM	01/20/21		38,440		—
AUD	23,322	USD	17,964	SSB	03/25/21		28		—
CAD	187,441	USD	141,368	HSB	01/20/21		5,899		—
CAD	222,373	USD	170,277	HSB	01/20/21		4,434		—
CAD	33,477	USD	25,941	JPM	01/20/21		361		—
CAD	600,693	USD	448,446	JPM	01/20/21		23,499		—
CAD	2,278,804	USD	1,713,431	MSC	01/20/21		76,951		—
CAD	31,891	USD	24,961	SSB	03/25/21		98		—
CHF	117,159	USD	129,522	HSB	01/20/21		2,879		—
CHF	111,975	USD	126,000	JPM	01/20/21		543		—
CHF	151,454	USD	166,100	JPM	01/20/21		5,057		—
CHF	287,406	USD	317,736	JPM	01/20/21		7,061		—
CHF	29,187	USD	33,058	SSB	03/25/21		—		12
CNH	2,613,240	USD	384,300	HSB	01/20/21		17,162		—
CNH	4,557,766	USD	668,696	HSB	01/20/21		31,497		—
CNH	1,126,298	USD	168,800	HSB	03/04/21		3,729		—
CNH	4,557,766	USD	666,272	HSB	03/04/21		31,900		—
COP	194,085,600	USD	53,600	CIT	02/16/21		3,201		—
CZK	1,077,913	USD	48,868	HSB	01/22/21		1,322		—
EUR	703,541	USD	832,901	CIT	01/20/21		26,910		—
EUR	27,688	USD	33,259	HSB	01/20/21		579		—
EUR	59,753	USD	71,204	HSB	01/20/21		1,821		—
EUR	110,999	USD	134,700	HSB	01/20/21		955		—
EUR	222,812	USD	269,400	HSB	01/20/21		2,903		—
EUR	233,069	USD	277,920	HSB	01/20/21		6,919		—
EUR	2,647,892	USD	3,133,198	HSB	01/20/21		102,844		—
EUR	1,607	USD	1,915	JPM	01/20/21		49		—
EUR	33,379	USD	39,200	JPM	01/20/21		1,594		—
EUR	144,302	USD	169,368	JPM	01/20/21		6,987		—
EUR	175,689	USD	209,000	JPM	01/20/21		5,713		—
EUR	206,921	USD	244,700	JPM	01/20/21		8,182		—
EUR	511,946	USD	605,840	JPM	01/20/21		19,820		—
EUR	163,263	USD	200,337	SSB	03/25/21		—		527
GBP	27,492	USD	36,827	HSB	01/20/21		773		—

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

36  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
GBP		44,101	USD		58,000	HSB	01/20/21	$	2,317	$	—
GBP		47,169	USD		60,879	HSB	01/20/21		3,633		—
GBP		56,777	USD		73,829	HSB	01/20/21		3,824		—
GBP		121,578	USD		161,962	JPM	01/20/21		4,318		—
GBP		128,306	USD		163,338	JPM	01/20/21		12,144		—
GBP		264,355	USD		343,646	JPM	01/20/21		17,908		—
GBP		45,075	USD		60,933	SSB	03/25/21		738		—
HUF		32,493,300	USD		107,174	HSB	01/20/21		2,290		—
IDR		1,376,400,000	USD		92,500	JPM	01/15/21		6,358		—
INR		9,952,180	USD		134,000	JPM	01/29/21		1,943		—
JPY		41,588,686	USD		396,865	CIT	01/20/21		5,988		—
JPY		401,259,085	USD		3,830,233	HSB	01/20/21		56,606		—
JPY		5,901,569	USD		56,100	JPM	01/20/21		1,066		—
JPY		15,136,506	USD		145,000	JPM	01/20/21		1,621		—
JPY		34,800,832	USD		332,140	JPM	01/20/21		4,962		—
KRW		354,314,288	USD		317,236	JPM	02/25/21		8,416		—
MXN		574,902	USD		26,324	HSB	01/20/21		2,516		—
MXN		852,102	USD		39,009	JPM	01/20/21		3,737		—
NOK		441,148	USD		47,335	JPM	01/22/21		4,116		—
NZD		49,587	USD		34,494	HSB	01/20/21		1,187		—
NZD		207,567	USD		138,101	JPM	01/20/21		11,258		—
PEN		89,102	USD		24,871	CIT	02/16/21		—		251
PLN		352,105	USD		93,701	HSB	01/20/21		564		—
PLN		1,073,218	USD		291,708	HSB	01/20/21		—		4,388
PLN		418,565	USD		107,395	JPM	01/20/21		4,663		—
RON		200,168	USD		48,737	HSB	01/20/21		1,466		—
RON		1,297,624	USD		309,400	HSB	01/22/21		16,017		—
RUB		5,285,107	USD		69,700	JPM	01/20/21		1,693		—
SEK		485,220	USD		54,942	HSB	01/20/21		4,045		—
SEK		306,575	USD		34,710	JPM	01/20/21		2,559		—
SGD		524,963	USD		386,987	JPM	01/20/21		10,237		—
SGD		13,162	USD		9,911	SSB	03/25/21		49		—
THB		3,235,757	USD		103,336	HSB	01/20/21		4,666		—
USD		102,179	AUD		139,911	CIT	01/20/21		—		5,705
USD		83,753	AUD		110,780	HSB	01/20/21		—		1,668
USD		125,842	AUD		175,128	HSB	01/20/21		—		9,198

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

Annual Report  37

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		290,179	AUD		397,179	HSB	01/20/21	$	—	$	16,083
USD		18,100	AUD		25,734	JPM	01/20/21		—		1,743
USD		928,864	AUD		1,271,433	JPM	01/20/21		—		51,529
USD		20,000	AUD		27,368	MSC	01/20/21		—		1,103
USD		150,303	AUD		205,737	MSC	01/20/21		—		8,339
USD		17,767	AUD		23,322	SSB	03/25/21		—		224
USD		478,698	CAD		631,761	CIT	01/20/21		—		17,656
USD		140,218	CAD		186,416	HSB	01/20/21		—		6,243
USD		937,446	CAD		1,236,791	HSB	01/20/21		—		34,261
USD		37,600	CAD		50,294	JPM	01/20/21		—		1,915
USD		119,454	CAD		159,392	JPM	01/20/21		—		5,775
USD		1,248,549	CAD		1,647,121	JPM	01/20/21		—		45,541
USD		534	CAD		705	MSC	01/20/21		—		20
USD		42,000	CAD		54,979	MSC	01/20/21		—		1,195
USD		1,577,440	CAD		2,081,414	MSC	01/20/21		—		57,860
USD		20,900	CHF		19,343	JPM	01/20/21		—		960
USD		443,500	CHF		403,765	JPM	01/20/21		—		12,794
USD		74,136	CHF		65,333	SSB	03/25/21		166		—
USD		171,697	CLP		136,825,112	CIT	02/16/21		—		20,861
USD		284,903	CLP		217,096,000	CIT	02/16/21		—		20,621
USD		62,800	CNH		432,255	HSB	01/20/21		—		3,606
USD		83,000	CNH		540,272	HSB	01/20/21		—		—
USD		102,000	CNH		671,062	HSB	01/20/21		—		1,093
USD		212,697	COP		817,658,247	CIT	02/16/21		—		26,599
USD		688,842	CZK		15,918,658	HSB	01/22/21		—		52,354
USD		3,284	CZK		75,852	JPM	01/22/21		—		248
USD		66,467	DKK		403,051	SSB	03/25/21		194		—
USD		101,800	EUR		83,201	HSB	01/20/21		119		—
USD		118,300	EUR		101,532	HSB	01/20/21		—		5,784
USD		134,583	EUR		110,638	HSB	01/20/21		—		630
USD		167,000	EUR		139,737	HSB	01/20/21		—		3,776
USD		284,407	EUR		240,355	HSB	01/20/21		—		9,335
USD		313,000	EUR		263,497	HSB	01/20/21		—		9,025
USD		582,152	EUR		497,326	HSB	01/20/21		—		25,640
USD		147,663	EUR		124,577	JPM	01/20/21		—		4,585

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

38  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		266,600	EUR		228,642	JPM	01/20/21	$	—	$	12,828
USD		303,600	EUR		259,676	JPM	01/20/21		—		13,755
USD		50,900	GBP		37,312	HSB	01/20/21		—		131
USD		67,000	GBP		52,544	JPM	01/20/21		—		4,864
USD		79,000	GBP		59,436	JPM	01/20/21		—		2,289
USD		206,504	GBP		152,548	JPM	01/20/21		—		2,134
USD		55,661	HKD		431,445	SSB	03/25/21		—		1
USD		7,000	HUF		2,129,218	HSB	01/22/21		—		173
USD		397,261	HUF		123,163,455	HSB	01/22/21		—		17,651
USD		443,316	HUF		137,463,470	JPM	01/22/21		—		19,770
USD		187,600	JPY		19,371,763	HSB	01/20/21		—		47
USD		229,000	JPY		23,750,506	HSB	01/20/21		—		1,062
USD		216,300	JPY		22,806,196	JPM	01/20/21		—		4,615
USD		434,700	JPY		45,548,779	JPM	01/20/21		—		6,513
USD		325,107	JPY		33,531,010	SSB	03/25/21		64		—
USD		134,568	MXN		2,706,833	HSB	01/20/21		—		1,221
USD		16,700	NOK		159,909	JPM	01/20/21		—		1,950
USD		9,000	NOK		81,056	JPM	01/22/21		—		453
USD		128,400	NOK		1,162,129	JPM	01/22/21		—		7,137
USD		308,022	NOK		2,870,693	JPM	01/22/21		—		26,781
USD		75,581	NOK		650,210	SSB	03/25/21		—		230
USD		180,219	NZD		268,582	CIT	01/20/21		—		13,045
USD		138,582	NZD		206,581	HSB	01/20/21		—		10,067
USD		347,211	NZD		517,452	JPM	01/20/21		—		25,133
USD		417,299	PEN		1,509,787	CIT	02/16/21		113		—
USD		283,832	PHP		13,774,368	HSB	01/15/21		—		2,724
USD		15,300	PLN		59,845	HSB	01/20/21		—		722
USD		137,000	PLN		533,262	HSB	01/20/21		—		5,764
USD		178,000	PLN		682,078	HSB	01/20/21		—		4,605
USD		485,351	PLN		1,825,245	HSB	01/20/21		—		3,301
USD		11,000	PLN		41,487	JPM	01/20/21		—		107
USD		40,960	PLN		154,040	JPM	01/20/21		—		280
USD		17,000	RON		70,087	HSB	01/22/21		—		576
USD		40,200	RON		160,284	HSB	01/22/21		4		—
USD		866,425	RON		3,632,088	HSB	01/22/21		—		44,428
USD		17,652	SGD		23,945	JPM	01/20/21		—		467

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

Annual Report  39

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	134,731	SGD	180,143	JPM	01/20/21		$	—		$	1,578
USD	134,733	SGD	179,980	JPM	01/20/21			—			1,452
USD	303,600	SGD	415,871	JPM	01/20/21			—			11,077
USD	9,958	SGD	13,162	SSB	03/25/21			—			2
Total gross unrealized appreciation/depreciation on
Forward Currency Contracts							$	648,637		$	718,080

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

40  Annual Report

			Fair
Description	Shares		Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  93.9%
Equity Funds  |  63.7%
First Trust NASDAQ Cybersecurity ETF		51,985	$	2,307,094
Franklin FTSE Japan ETF		77,950		2,321,351
Health Care Select Sector SPDR Fund		39,455		4,475,775
iShares Core Dividend Growth ETF		51,900		2,326,158
iShares Core MSCI EAFE ETF		27,760		1,917,938
iShares Core MSCI Europe ETF		36,925		1,893,514
iShares Expanded Tech Sector ETF		7,932		2,774,852
iShares Expanded Tech-Software Sector ETF		6,424		2,274,739
iShares MSCI Eurozone ETF		44,995		1,983,380
iShares Russell 2000 ETF		20,588		4,036,483
Vanguard Consumer Staples ETF		19,900		3,461,008
Vanguard Industrials ETF		24,931		4,238,021
Vanguard S&P 500 ETF		35,993		12,370,434
Vanguard S&P 500 Value ETF		28,419		3,515,146
				49,895,893
Fixed-Income Funds  |  30.2%
Goldman Sachs Access Treasury 0-1 Year ETF		25,980		2,601,117
iShares 1-3 Year Treasury Bond ETF		89,400		7,722,372
Vanguard Intermediate-Term Corporate Bond ETF		40,215		3,906,485
Vanguard Intermediate-Term Treasury ETF		135,300		9,392,526
				23,622,500
Total Exchange-Traded Funds (Cost $62,810,628)				73,518,393
Short-Term Investments  |  6.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $4,860,004)		4,860,004		4,860,004

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

Annual Report  41

		Fair
Description	Shares	Value
Lazard Opportunistic Strategies Portfolio (concluded)
Total Investments  |  100.1% (Cost $67,670,632)		$	78,378,397
Liabilities in Excess of Cash and Other Assets  |  (0.1)%			(108,516	)
Net Assets  |  100.0%		$	78,269,881

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

42  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•)
Common Stocks  |  65.9%
Australia  |  5.2%
Abacus Property Group REIT		7,619	$	16,871
Atlas Arteria, Ltd.		54,839		275,121
Aventus Group REIT		11,687		24,698
BWP Trust REIT		6,656		22,692
Charter Hall Group REIT		9,003		102,186
Charter Hall Long Wale REIT		7,978		28,620
Dexus		4,029		29,354
Goodman Group REIT		7,536		109,930
Growthpoint Properties Australia, Ltd. REIT		6,558		17,657
Ingenia Communities Group REIT		10,501		39,853
Scentre Group REIT		35,408		75,994
Stockland REIT		9,088		29,315
Transurban Group		45,078		475,170
				1,247,461
Belgium  |  0.2%
Shurgard Self Storage SA		409		17,743
Warehouses De Pauw CVA REIT		934		32,323
				50,066
Brazil  |  0.1%
JHSF Participacoes SA		12,100		18,321
Canada  |  1.0%
Agnico Eagle Mines, Ltd.		1,148		80,945
Altus Group, Ltd.		809		31,231
Atco, Ltd., Class I		1,493		42,800
Granite Real Estate Investment Trust		809		49,510
True North Commercial Real Estate Investment Trust		5,440		26,967
				231,453
China  |  2.2%
Agile Group Holdings, Ltd.		22,000		29,352
Central China Real Estate, Ltd.		38,000		17,655
China Resources Land, Ltd.		8,000		33,148
CIFI Holdings Group Co., Ltd.		46,000		39,006

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

Annual Report  43

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Country Garden Holdings Co., Ltd.		19,000	$	26,290
Gemdale Properties & Investment Corp., Ltd.		128,000		18,331
Gree Real Estate Co., Ltd., Class A (*)		18,100		17,889
KWG Group Holdings, Ltd.		26,000		35,635
Logan Group Co., Ltd.		39,000		63,915
Longfor Group Holdings, Ltd.		12,000		70,476
Powerlong Commercial Management Holdings, Ltd.		7,500		24,031
Powerlong Real Estate Holdings, Ltd.		81,000		56,006
Shanghai Wanye Enterprises Co., Ltd., Class A (*)		5,300		16,401
Sichuan Languang Justbon Services Group Co., Ltd., Class H		2,600		11,798
Sunac China Holdings, Ltd.		6,000		22,188
Sunac Services Holdings, Ltd.		193		427
Times China Holdings, Ltd.		11,000		15,306
Yuexiu Property Co., Ltd.		104,000		20,970
Zhongliang Holdings Group Co., Ltd.		24,000		16,019
				534,843
Finland  |  0.1%
Citycon Oyj		2,339		22,695
France  |  3.6%
Eutelsat Communications SA		12,123		137,203
Gecina SA REIT		164		25,325
Klepierre SA REIT		758		17,054
Unibail-Rodamco-Westfield REIT		317		25,015
Vinci SA		6,736		670,241
				874,838
Germany  |  1.3%
Aroundtown SA		3,080		23,032
Deutsche EuroShop AG (*)		1,230		27,729
Deutsche Wohnen SE		1,516		80,928
Sirius Real Estate, Ltd.		19,688		25,054
TAG Immobilien AG		1,092		34,521
Vonovia SE		1,785		130,166
				321,430

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

44  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Hong Kong  |  2.7%
CK Infrastructure Holdings, Ltd.		11,500	$	61,808
ESR Cayman, Ltd. (*)		7,000		25,158
Fortune Real Estate Investment Trust		17,000		16,197
Hang Lung Properties, Ltd.		13,000		34,407
Henderson Land Development Co., Ltd.		11,000		42,945
Hopson Development Holdings, Ltd.		14,000		35,681
Link Real Estate Investment Trust		3,600		32,801
Power Assets Holdings, Ltd.		39,500		214,261
Shimao Group Holdings, Ltd.		10,500		33,569
Shoucheng Holdings, Ltd.		58,000		16,474
Sun Hung Kai Properties, Ltd.		8,000		103,282
Wharf Real Estate Investment Co., Ltd.		8,000		41,713
				658,296
Israel  |  0.1%
Adgar Investment and Development, Ltd.		5,837		10,752
Property & Building Corp., Ltd.		122		12,034
				22,786
Italy  |  9.3%
ASTM SpA (*)		3,512		88,306
Atlantia SpA (*)		30,575		548,919
Hera SpA		50,648		185,372
Italgas SpA		32,162		205,236
Snam SpA		122,004		685,125
Terna Rete Elettrica Nazionale SpA		69,773		532,348
				2,245,306
Japan  |  3.1%
Daito Trust Construction Co., Ltd.		400		37,411
Daiwa House Industry Co., Ltd.		1,700		50,744
Daiwa House REIT Investment Corp.		10		24,735
GLP J-Reit		37		58,343
Industrial & Infrastructure Fund Investment Corp. REIT		13		24,001
Japan Logistics Fund, Inc. REIT		8		23,593
Japan Real Estate Investment Corp.		6		34,650
Katitas Co., Ltd.		1,000		32,268
Keihanshin Building Co., Ltd.		1,900		34,358

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

Annual Report  45

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Kenedix, Inc.		3,900	$	28,326
LaSalle Logiport REIT		23		37,061
MCUBS MidCity Investment Corp. REIT		47		42,793
Mitsubishi Estate Co., Ltd.		5,000		80,747
Mitsui Fudosan Co., Ltd.		1,700		35,832
Nippon Accommodations Fund, Inc. REIT		2		11,239
Nippon Building Fund, Inc. REIT		5		28,959
NIPPON REIT Investment Corp.		10		35,917
Open House Co., Ltd.		600		22,069
Orix JREIT, Inc.		15		24,800
SRE Holdings Corp. (*)		1,800		72,258
				740,104
Luxembourg  |  0.8%
SES SA		21,299		201,468
Mexico  |  0.3%
Corp Inmobiliaria Vesta SAB de CV		19,000		37,036
Fibra Uno Administracion SA de CV REIT		19,100		21,606
				58,642
Netherlands  |  0.1%
Eurocommercial Properties NV (*)		1,775		33,379
Norway  |  0.1%
Entra ASA		1,342		30,437
Singapore  |  0.8%
Keppel DC REIT		19,800		42,148
Manulife US Real Estate Investment Trust		49,600		36,984
Mapletree Commercial Trust REIT		10,500		16,901
Mapletree Industrial Trust REIT		29,200		63,894
Sasseur Real Estate Investment Trust		30,900		19,170
				179,097
Spain  |  3.0%
Ferrovial SA		25,786		712,528

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

46  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Sweden  |  0.7%
Castellum AB		2,109	$	53,474
Catena AB		561		26,264
Fabege AB		1,359		21,354
Fastighets AB Balder, B Shares (*)		401		20,951
Nyfosa AB (*)		3,638		36,223
Sagax AB, Class D		3,205		12,483
				170,749
Switzerland  |  0.1%
Allreal Holding AG		75		17,236
United Arab Emirates  |  0.2%
Aldar Properties PJSC		65,549		56,264
United Kingdom  |  7.8%
Anglo American PLC		1,800		59,953
Big Yellow Group PLC REIT		1,183		17,753
Civitas Social Housing PLC REIT		26,383		37,825
Great Portland Estates PLC REIT		2,576		23,552
Linde PLC		180		47,432
National Grid PLC		57,341		682,965
Pennon Group PLC		18,176		236,784
Segro PLC REIT		11,971		155,197
Severn Trent PLC		10,504		328,983
United Utilities Group PLC		23,606		290,346
				1,880,790
United States  |  23.1%
Agree Realty Corp. REIT		377		25,101
Alexandria Real Estate Equities, Inc., REIT		446		79,486
American Tower Corp. REIT		1,661		372,828
Americold Realty Trust REIT		1,252		46,737
Apple Hospitality REIT, Inc.		2,148		27,731
AvalonBay Communities, Inc. REIT		224		35,936
Boston Properties, Inc. REIT		554		52,370
Brandywine Realty Trust REIT		2,266		26,988
Brixmor Property Group, Inc. REIT		1,908		31,577

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

Annual Report  47

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Brookfield Property REIT, Inc., Class A		1,570	$	23,456
Bunge, Ltd.		1,014		66,498
Camden Property Trust REIT		561		56,055
CareTrust REIT, Inc. REIT		900		19,962
CBRE Group, Inc., Class A (*)		1,041		65,292
Community Healthcare Trust, Inc. REIT		561		26,429
Consolidated Edison, Inc.		5,840		422,057
CoreSite Realty Corp. REIT		446		$55,875
Crown Castle International Corp., REIT		1,598		254,386
CSX Corp.		5,655		513,191
Digital Realty Trust, Inc. REIT		782		109,097
Easterly Government Properties, Inc. REIT		2,146		48,607
Equinix, Inc. REIT		269		192,114
Equity Lifestyle Properties, Inc. REIT		1,167		73,941
Equity Residential REIT		1,022		60,584
Essex Property Trust, Inc. REIT		152		36,088
Extra Space Storage, Inc. REIT		411		47,618
Gaming and Leisure Properties, Inc. REIT		1,550		65,720
Getty Realty Corp. REIT		920		25,337
Healthcare Trust of America, Inc., Class A REIT		1,228		33,819
Healthpeak Properties, Inc. REIT		1,815		54,867
Highwoods Properties, Inc. REIT		809		32,061
Hilton Worldwide Holdings, Inc.		1,971		219,293
Host Hotels & Resorts, Inc. REIT		2,015		29,479
Innovative Industrial Properties, Inc. REIT		162		29,667
Invitation Homes, Inc., REIT		1,343		39,887
Iron Mountain, Inc. REIT		1,122		33,077
Lamar Advertising Co., Class A REIT		371		30,875
Life Storage, Inc. REIT		282		33,668
Medical Properties Trust, Inc. REIT		3,088		67,288
Mid-America Apartment Communities, Inc. REIT		738		93,497
National Retail Properties, Inc. REIT		942		38,547
Newmont Corp.		1,542		92,350
Norfolk Southern Corp.		1,055		250,679
Omega Healthcare Investors, Inc. REIT		874		31,744
Pennsylvania Real Estate Investment Trust		3,930		3,930

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

48  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
PotlatchDeltic Corp. REIT		971	$	48,569
Prologis, Inc., REIT		2,693		268,384
PS Business Parks, Inc., REIT		282		37,469
Public Storage REIT		567		130,937
Rayonier, Inc., REIT		1,119		32,876
Realty Income Corp. REIT		1,403		87,225
Redfin Corp. (*)		486		33,354
Regency Centers Corp. REIT		520		23,707
Retail Value, Inc. REIT		561		$8,342
Sabra Health Care REIT, Inc.		1,709		29,685
SBA Communications Corp. REIT		282		79,561
Simon Property Group, Inc. REIT		1,127		96,111
Southwest Gas Holdings, Inc.		2,900		176,175
STORE Capital Corp. REIT		876		29,766
Sun Communities, Inc. REIT		224		34,037
Sunstone Hotel Investors, Inc. REIT		2,912		32,993
Tyson Foods, Inc., Class A		428		27,580
Uniti Group, Inc. REIT		1,599		18,756
Ventas, Inc. REIT		1,035		50,756
VEREIT, Inc. REIT		982		37,110
VICI Properties, Inc. REIT		1,220		31,110
Vulcan Materials Co.		338		50,129
Welltower, Inc. REIT		1,246		80,517
Weyerhaeuser Co. REIT		1,585		53,145
WP Carey, Inc. REIT		926		65,357
Xenia Hotels & Resorts, Inc. REIT		1,648		25,050
				5,564,490
Total Common Stocks (Cost $14,376,700)				15,872,679
Exchange-Traded Funds  |  5.6%
Aberdeen Standard Physical Silver Shares ETF (Δ)		5,500		140,525
SPDR Gold Shares (Δ)		6,808		1,214,275
Total Exchange-Traded Funds (Cost $1,244,718)				1,354,800

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

Annual Report  49

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Short-Term Investments  |  23.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Δ) (Cost $5,725,684)		5,725,684	$	5,725,684
Total Investments  |  95.3% (Cost $21,347,102) (»)			$	22,953,163
Cash and Other Assets in Excess of Liabilities  |  4.7%				1,121,093
Net Assets  |  100.0%			$	24,074,256

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

50  Annual Report

Lazard Real Assets Portfolio (•) (continued)

Forward Currency Contracts open at December 31, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		54,067	USD		40,924	JPM	03/25/21		$	786		$	—
CAD		3,970	USD		3,083	SSB	03/25/21			37			—
EUR		112,510	USD		138,079	JPM	03/25/21			—			384
USD		215,828	AUD		285,834	CIT	03/25/21			—			4,679
USD		30,475	AUD		40,377	HSB	03/25/21			—			674
USD		321,414	AUD		425,772	JPM	03/25/21			—			7,048
USD		210,326	AUD		278,596	SSB	03/25/21			—			4,597
USD		31,470	CAD		40,118	CIT	03/25/21			—			54
USD		14,434	CAD		18,406	JPM	03/25/21			—			29
USD		922,090	EUR		756,630	CIT	03/25/21			—			3,915
USD		1,834,793	EUR		1,506,534	HSB	03/25/21			—			8,985
USD		1,308,212	EUR		1,074,039	SSB	03/25/21			—			6,255
USD		866,892	GBP		645,208	HSB	03/25/21			—			15,867
USD		507,313	GBP		377,415	JPM	03/25/21			—			9,058
USD		133,042	GBP		98,864	SSB	03/25/21			—			2,222
USD		158,526	HKD		1,228,910	CIT	03/25/21			—			18
USD		18,648	HKD		144,543	SSB	03/25/21			—			—
USD		94,107	HKD		729,547	SSB	03/25/21			—			13
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	823		$	63,798

Futures Contracts open at December 31, 2020 (Δ):

Type	Number of Contracts	Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation			Unrealized Depreciation
Natural Gas	10	$	100,000	02/24/2021	$	256,600	$	252,600		$	—		$	4,000
Sugar 11	2		224,000	02/26/2021		28,963		34,698			5,734			—
Cotton No. 2	1		50,000	03/09/2021		35,161		39,060			3,899			—
Low Sulphur Gasoil	1		100	03/11/2021		42,775		42,500			—			275
Soybean Oil	1		60,000	03/12/2021		24,342		25,440			1,098			—
Total gross unrealized appreciation/depreciation on Futures Contracts										$	10,731		$	4,275

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

Annual Report  51

Lazard Real Assets Portfolio (•) (continued)

Total Return Swap Agreements open at December 31, 2020 (Δ):

Currency

Counterparty

Notional Amount

Expiration Date

Receive

Pay

Payable

Payment Frequency

Unrealized Appreciation

USD

GSC

$

5,594,481

10/22/21

Appreciation,

0.00

%

Depreciation,

Upon

$

407,293

and dividends paid, on commodities in a custom momentum basket

and dividend expense (if applicable), on commodities in a custom momentum basket

Maturity(a)

(a) For swap agreements, the net settlement will occur on the expiration date.

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

52  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, 2020:

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL		4.86	%
Bean Oil	BCOMBO		3.61
Brent Crude	BCOMCO		3.18
Coffee	BCOMKC		2.25
Copper	BCOMHG		11.29
Corn	BCOMCN		8.49
Cotton	BCOMCT		0.32
Crude Oil	BCOMCL		3.23
Gasoline (RBOB)	BCOMRB		0.29
Gold	BCOMGC		1.69
Heating Oil	BCOMHO		2.96
Kansas Wheat	BCOMKW		3.13
Lean Hogs	BCOMLH		2.95
Live Cattle	BCOMLC		3.75
Natural Gas	BCOMNG		8.18
Nickel	BCOMNI		3.10
Silver	BCOMSI		5.11
Soy Meal	BCOMSM		7.99
Soybeans	BCOMSY		11.87
Sugar	BCOMSB		2.64
Wheat	BCOMWH		5.14
Zinc	BCOMZS		3.97
Total			100.00	%

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

Annual Report  53

The Lazard Funds, Inc. Notes to Portfolios of Investments
December 31, 2020

(*)	Non-income producing security.
(§)	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, 2020.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2020, these securities amounted to 1.8% of net assets of Lazard Global Dynamic Multi-Asset Portfolio.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(•)	Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(Δ)	The security is owned by Lazard Real Assets Portfolio, Ltd., a wholly-owned subsidiary of the Lazard Real Assets Portfolio. See Note 1 in the Notes to the Financial Statements.

Security Abbreviations:

ADR	—	American Depositary Receipt
BBSW	—	Bank Bill Swap Reference Rate
ETF	—	Exchange-Traded Fund
EURIBOR	—	Euro Interbank Offered Rate
LIBOR	—	London Interbank Offered Rate
NIBOR	—	Norway Interbank Offered Rate
PJSC	—	Public Joint Stock Company
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate

Currency Abbreviations:

AUD	—	Australian Dollar	JPY	—	Japanese Yen
CAD	—	Canadian Dollar	KRW	—	South Korean Won
CHF	—	Swiss Franc	MXN	—	Mexican New Peso
CLP	—	Chilean Peso	NOK	—	Norwegian Krone
CNH	—	Chinese Yuan Renminbi	NZD	—	New Zealand Dollar
CZK	—	Czech Koruna	PEN	—	Peruvian Sol
COP	—	Colombian Peso	PHP	—	Philippine Peso
DKK	—	Danish Krone	PLN	—	Polish Zloty
EUR	—	Euro	RON	—	New Romanian Leu
GBP	—	British Pound Sterling	RUB	—	Russian Ruble
HKD	—	Hong Kong Dollar	SEK	—	Swedish Krona
HUF	—	Hungarian Forint	SGD	—	Singapore Dollar
IDR	—	Indonesian Rupiah	THB	—	Thai Baht
INR	—	Indian Rupee	USD	—	United States Dollar

Counterparty Abbreviations:

CIT	—	Citibank NA
GSC	—	Goldman Sachs International
HSB	—	HSBC Bank USA NA
JPM	—	JPMorgan Chase Bank NA
MSC	—	Morgan Stanley & Co.
SSB	—	State Street Bank and Trust Co.

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

54  Annual Report

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

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		0.8	%		—	%
Air Freight & Logistics		0.2			—
Auto Components		0.4			—
Automobiles		1.9			—
Banks		4.3			—
Beverages		2.4			—
Biotechnology		0.3			—
Building Products		0.4			—
Capital Markets		3.1			—
Chemicals		0.6			0.2
Commercial Services & Suppliers		0.2			—
Communications Equipment		0.5			—
Construction & Engineering		0.1			5.7
Construction Materials		0.1			0.2
Consumer Finance		0.7			—
Containers & Packaging		0.4			—
Distributors		—			—
Diversified Consumer Services		0.3			—
Diversified Financial Services		0.5			—
Diversified Telecommunication Services		1.9			—
Electric Utilities		0.5			3.4
Electrical Equipment		1.7			—
Electronic Equipment, Instruments & Components		0.4			—
Energy Equipment & Services		0.1			—
Entertainment		0.7			—
Equity Real Estate Investment Trusts (REITs)		0.8			21.5
Food & Staples Retailing		1.7			—
Food Products		0.4			0.4
Gas Utilities		0.1			4.4
Health Care Equipment & Supplies		0.7			—
Health Care Providers & Services		2.0			—
Hotels, Restaurants & Leisure		2.6			0.9
Household Durables		0.2			—
Household Products		1.9			—
Independent Power & Renewable Electricity Producers		0.2			—
Industrial Conglomerates		0.4			—
Insurance		1.8			—

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

Annual Report  55

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets Portfolio
Interactive Media & Services		2.0	%		—	%
Internet & Direct Marketing Retail		1.5			—
IT Services		1.6			—
Leisure Products		0.3			—
Life Sciences Tools & Services		1.6			—
Machinery		1.6			—
Marine		0.1			—
Media		0.7			1.4
Metals & Mining		0.7			1.0
Multiline Retail		0.8			—
MultiUtilities		0.3			5.5
Oil, Gas & Consumable Fuels		0.7			—
Personal Products		1.0			—
Pharmaceuticals		3.6			—
Professional Services		1.0			—
Real Estate Management & Development		0.4			8.7
Road & Rail		0.8			3.2
Semiconductors & Semiconductor Equipment		1.6			—
Software		4.5			—
Specialty Retail		1.8			—
Technology Hardware, Storage & Peripherals		2.4			—
Textiles, Apparel & Luxury Goods		0.3			—
Thrifts & Mortgage Finance		—			—
Tobacco		0.1			—
Trading Companies & Distributors		0.3			—
Transportation Infrastructure		—			5.8
Water Utilities		—			3.6
Wireless Telecommunication Services		0.8			—
Subtotal		65.8			65.9
Exchange Traded Funds		5.3			5.6
Foreign Government Obligations		23.2			—
Supranationals		3.7			—
US Municipal Bonds		0.7			—
US Treasury Securities		0.5			—
Short-Term Investments		0.6			23.8
Total Investments		99.8	%		95.3	%

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

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

56  Annual Report

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The Lazard Funds, Inc. Statements of Assets and Liabilities

		Lazard		Lazard
	Global Dynamic			Opportunistic
		Multi-Asset		Strategies
December 31, 2020		Portfolio		Portfolio
ASSETS
Investments in securities, at fair value		$	58,068,675	$	78,378,397
Cash			200,249		1,404
Foreign currency, at fair value			26		—
Receivables for:
Dividends and interest			274,972		18,750
Capital stock sold			234		6
Amount due from Investment Manager (Note 3)			—		—
Cash collateral due from broker on futures contracts and swap agreements			—		—
Receivable for variation margin on open futures contracts			—		—
Gross unrealized appreciation on:
Swap agreements			—		—
Forward currency contracts			648,637		—
Total assets			59,192,793		78,398,557
LIABILITIES
Payables for:
Management fees			22,101		43,369
Accrued professional services			35,702		29,576
Accrued shareholders’ reports			1,062		18,991
Accrued registration fees			1,530		16,314
Accrued custodian fees			51,428		12,332
Accrued directors’ fees			25		124
Accrued distribution fees			52		37
Capital stock redeemed			—		1,696
Investments purchased			200,249		—
Gross unrealized depreciation on forward currency contracts			718,080		—
Other accrued expenses and payables			1,529		6,237
Total liabilities			1,031,758		128,676
Net assets		$	58,161,035	$	78,269,881
NET ASSETS
Paid in capital		$	52,231,443	$	67,882,718
Distributable earnings (Accumulated loss)			5,929,592		10,387,163
Net assets		$	58,161,035	$	78,269,881
Institutional Shares
Net assets		$	57,925,017	$	78,116,079
Shares of capital stock outstanding*			5,427,381		7,380,473
Net asset value, offering and redemption price per share		$	10.67	$	10.58
Open Shares
Net assets		$	236,018	$	153,802
Shares of capital stock outstanding*			22,108		14,614
Net asset value, offering and redemption price per share		$	10.68	$	10.52
Cost of investments in securities		$	50,688,367	$	67,670,632
Cost of foreign currency		$	26	$	—

*	$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.

58  Annual Report

Lazard
Real Assets
Portfolio (a)
	$	22,953,163
		—
		1,756
		58,912
		10
		20,305
		774,604
		13,636
		407,293
		823
		24,230,502
		—
		42,836
		659
		3,841
		41,624
		8
		16
		—
		1
		63,798
		3,463
		156,246
	$	24,074,256
	$	22,697,742
		1,376,514
	$	24,074,256
	$	23,958,588
		2,319,287
	$	10.33
	$	115,668
		11,188
	$	10.34
	$	21,347,102
	$	1,740

Annual Report  59

The Lazard Funds, Inc. Statements of Operations

		Lazard			Lazard
	Global Dynamic				Opportunistic
		Multi-Asset			Strategies
For the Period Ended December 31, 2020		Portfolio			Portfolio
Investment Income (Loss)
Income
Dividends		$	453,531		$	1,169,100
Interest			442,083			45,617
Total investment income*			895,614			1,214,717
Expenses
Management fees (Note 3)			412,167			766,045
Registration fees			36,752			51,563
Professional services			43,143			49,035
Shareholders’ reports			7,564			35,773
Custodian fees			132,980			32,501
Administration fees			27,264			30,189
Shareholders’ services			9,689			17,011
Directors’ fees and expenses			7,394			9,004
Distribution fees (Open Shares)			665			396
Other^			6,301			10,335
Total gross expenses before broker expense on securities sold short			683,919			1,001,852
Broker expense on securities sold short			—			7,179
Total gross expenses			683,919			1,009,031
Management fees waived and expenses reimbursed			(218,962	)		(215,717	)
Total net expenses			464,957			793,314
Net investment income (loss)			430,657			421,403
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**			(538,842	)		986,691
Securities sold short			—			(146,392	)
Foreign currency transactions			(38,475	)		—
Forward currency contracts			409,494			—
Futures contracts			—			—
Swap agreements			—			—
Total net realized gain (loss)			(167,823	)		840,299
Net change in unrealized appreciation (depreciation) on:
Investments			1,909,974			4,899,229
Securities sold short			—			473,033
Foreign currency translations			6,562			—
Forward currency contracts			(66,272	)		—
Futures contracts			—			—
Swap agreements			—			—
Total net change in unrealized appreciation (depreciation)			1,850,264			5,372,262
Net realized and unrealized gain (loss)			1,682,441			6,212,561
Net increase (decrease) in net assets resulting from operations		$	2,113,098		$	6,633,964
* Net of foreign withholding taxes of		$	19,346		$	—
** Net of foreign capital gains taxes of		$	—		$	—
^ Includes interest on line of credit of		$	34		$	72

(a) Consolidated Statement of Operations.

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

60  Annual Report

Lazard
Real Assets
Portfolio (a)
$	383,823
	133,070
	516,893
	135,709
	37,858
	75,615
	5,886
	114,596
	23,662
	8,828
	15,868
	457
	10,886
	429,365
—
	429,365
	(256,903	)
	172,462
	344,431
	490,154
—
	(1,233	)
	(413,715	)
	(117,932	)
	2,963
	(39,763	)
	136,077
—
	802
	(1,263	)
	8,784
	393,892
	538,292
	498,529
$	842,960
$	21,495
$	86
$	58

Annual Report  61

The Lazard Funds, Inc. Statements of Changes in Net Assets

	Lazard
	Global Dynamic Multi-Asset Portfolio
	Year Ended			Year Ended
	December 31,			December 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	430,657		$	647,125
Net realized gain (loss)		(167,823	)		(34,410	)
Net change in unrealized appreciation (depreciation)		1,850,264			6,947,863
Net increase (decrease) in net assets resulting from operations		2,113,098			7,560,578
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares		(1,164,138	)		(607,408	)
Open Shares		(4,081	)		(2,851	)
Net decrease in net assets resulting from distributions		(1,168,219	)		(610,259	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		13,573,016			3,315,020
Open Shares		38,391			101,513
Net proceeds from reinvestment of distributions
Institutional Shares		1,164,138			607,408
Open Shares		4,081			2,851
Cost of shares redeemed
Institutional Shares		(5,246,998	)		(5,930,367	)
Open Shares		(90,981	)		(74,979	)
Net increase (decrease) in net assets from capital stock transactions		9,441,647			(1,978,554	)
Total increase (decrease) in net assets		10,386,526			4,971,765
Net assets at beginning of period		47,774,509			42,802,744
Net assets at end of period	$	58,161,035		$	47,774,509

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

62  Annual Report

Lazard						Lazard
Opportunistic Strategies Portfolio						Real Assets Portfolio (a)
Year Ended			Year Ended			Year Ended			Year Ended
December 31,			December 31,			December 31,			December 31,
2020			2019			2020			2019
$	421,403		$	996,030		$	344,431		$	274,713
	840,299			3,928,159			(39,763	)		(29,648	)
	5,372,262			9,164,208			538,292			2,305,670
	6,633,964			14,088,397			842,960			2,550,735
	(1,635,417	)		(1,640,929	)		(890,908	)		(392,070	)
	(2,819	)		(3,453	)		(3,741	)		(1,189	)
	(1,638,236	)		(1,644,382	)		(894,649	)		(393,259	)
	4,433,096			7,393,394			6,113,393			246,555
	1,947			6,169			1,056,495			15,632
	1,561,574			1,534,238			890,908			392,070
	2,617			3,285			3,741			1,189
	(16,379,299	)		(40,611,931	)		(451,652	)		(1,438,693	)
	(62,305	)		(121,466	)		(1,066,899	)		(653	)
	(10,442,370	)		(31,796,311	)		6,545,986			(783,900	)
	(5,446,642	)		(19,352,296	)		6,494,297			1,373,576
	83,716,523			103,068,819			17,579,959			16,206,383
$	78,269,881		$	83,716,523		$	24,074,256		$	17,579,959

Annual Report  63

	Lazard
	Global Dynamic Multi-Asset Portfolio
	Year Ended			Year Ended
	December 31,			December 31,
	2020			2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		4,403,915			4,593,006
Shares sold		1,431,989			324,728
Shares issued to shareholders from reinvestment of distributions		110,450			56,451
Shares redeemed		(518,973	)		(570,270	)
Net increase (decrease)		1,023,466			(189,091	)
Shares outstanding at end of period		5,427,381			4,403,915
Open Shares
Shares outstanding at beginning of period		27,210			24,305
Shares sold		3,726			9,879
Shares issued to shareholders from reinvestment of distributions		387			265
Shares redeemed		(9,215	)		(7,239	)
Net increase (decrease)		(5,102	)		2,905
Shares outstanding at end of period		22,108			27,210

(a) Consolidated Statements of Changes in Net Assets.

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

64  Annual Report

Lazard						Lazard
Opportunistic Strategies Portfolio						Real Assets Portfolio (a)
Year Ended			Year Ended			Year Ended			Year Ended
December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
	8,460,555			11,766,647			1,639,120			1,715,687
	460,110			781,937			636,605			23,075
	148,761			155,602			89,265			37,072
	(1,688,953	)		(4,243,631	)		(45,703	)		(136,714	)
	(1,080,082	)		(3,306,092	)		680,167			(76,567	)
	7,380,473			8,460,555			2,319,287			1,639,120
	21,180			32,902			6,050			4,528
	205			648			119,887			1,474
	251			335			373			112
	(7,022	)		(12,705	)		(115,122	)		(64	)
	(6,566	)		(11,722	)		5,138			1,522
	14,614			21,180			11,188			6,050

Annual Report  65

The Lazard Funds, Inc. Financial Highlights

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share													For the Period
of capital stock outstanding	Year Ended												5/27/16* to
throughout the period	12/31/20			12/31/19			12/31/18			12/31/17				12/31/16
Institutional Shares
Net asset value, beginning of period	$	10.78		$	9.27		$	11.49		$	10.00			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.14			0.16			0.15				0.06
Net realized and unrealized gain (loss)		0.02			1.51			(0.92	)		1.92				(0.01	)
Total from investment operations		0.10			1.65			(0.76	)		2.07				0.05
Less distributions from:
Net investment income		(0.21	)		(0.14	)		(0.20	)		(0.14	)			(0.05	)
Net realized gains		—			—			(1.26	)		(0.44	)			—	(b)
Total distributions		(0.21	)		(0.14	)		(1.46	)		(0.58	)			(0.05	)
Net asset value, end of period	$	10.67		$	10.78		$	9.27		$	11.49			$	10.00
Total Return (c)		1.00	%		17.80	%		–6.35	%		20.69	%			0.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	57,925		$	47,481		$	42,577		$	68,761			$	48,544
Ratios to average net assets (d):
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%			0.90	%
Gross expenses		1.32	%		1.45	%		1.34	%		1.42	%			2.14	%
Net investment income (loss)		0.84	%		1.36	%		1.36	%		1.40	%			0.95	%
Portfolio turnover rate		173	%		125	%		120	%		102	%			67	%

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

66  Annual Report

Selected data for a share													For the Period
of capital stock outstanding	Year Ended												5/27/16* to
throughout the period	12/31/20			12/31/19			12/31/18			12/31/17				12/31/16
Open Shares
Net asset value, beginning of period	$	10.78		$	9.27		$	11.49		$	10.00			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.11			0.12			0.12				0.04
Net realized and unrealized gain (loss)		0.03			1.51			(0.91	)		1.91				(0.01	)
Total from investment operations		0.09			1.62			(0.79	)		2.03				0.03
Less distributions from:
Net investment income		(0.19	)		(0.11	)		(0.17	)		(0.10	)			(0.03	)
Net realized gains		—			—			(1.26	)		(0.44	)			—	(b)
Total distributions		(0.19	)		(0.11	)		(1.43	)		(0.54	)			(0.03	)
Net asset value, end of period	$	10.68		$	10.78		$	9.27		$	11.49			$	10.00
Total Return (c)		0.84	%		17.46	%		–6.64	%		20.33	%			0.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	236		$	293		$	225		$	414			$	210
Ratios to average net assets (d):
Net expenses		1.15	%		1.18	%		1.20	%		1.20	%			1.20	%
Gross expenses		3.09	%		5.45	%		4.20	%		5.79	%			9.43	%
Net investment income (loss)		0.61	%		1.10	%		1.07	%		1.09	%			0.72	%
Portfolio turnover rate		173	%		125	%		120	%		102	%			67	%

*	The Portfolio commenced operations on May 27, 2016.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Return for a period of less than one year is not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.

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

Annual Report  67

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period	$	9.87		$	8.74		$	10.60		$	9.70		$	9.36
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.10			0.14			0.10			0.16	^
Net realized and unrealized gain (loss)		0.88			1.23			(1.48	)		1.62			0.34
Total from investment operations		0.93			1.33			(1.34	)		1.72			0.50
Less distributions from:
Net investment income		(0.05	)		(0.12	)		(0.02	)		(0.14	)		(0.14	)
Net realized gains		(0.17	)		(0.08	)		(0.48	)		(0.68	)		—
Return of capital		—			—			(0.02	)		—			(0.02	)
Total distributions		(0.22	)		(0.20	)		(0.52	)		(0.82	)		(0.16	)
Redemption fees		—			—			—			—			—	(b)
Net asset value, end of period	$	10.58		$	9.87		$	8.74		$	10.60		$	9.70
Total Return (c)		9.47	%		15.16	%		–12.72	%		17.74	%		5.36	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	78,116		$	83,509		$	102,783		$	151,767		$	141,494
Ratios to average net assets:
Net expenses		1.04	%		1.22	%		1.02	%		1.05	%		1.02	%^
Gross expenses		1.30	%		1.43	%		1.15	%		1.18	%		1.19	%
Gross expenses, excluding expenses on securities sold short		1.29	%		1.23	%		1.15	%†		1.15	%		1.19	%
Net investment income (loss)		0.55	%		1.08	%		1.32	%		0.99	%		1.72	%^
Portfolio turnover rate:
Excluding securities sold short		88	%		82	%		227	%		142	%		238	%
Including securities sold short		94	%		99	%		N/A	%†		153	%		N/A	%†

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

68  Annual Report

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period	$	9.82		$	8.69		$	10.55		$	9.65		$	9.32
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.07			0.10			0.05			0.13	^
Net realized and unrealized gain (loss)		0.86			1.23			(1.46	)		1.64			0.33
Total from investment operations		0.89			1.30			(1.36	)		1.69			0.46
Less distributions from:
Net investment income		(0.02	)		(0.09	)		—			(0.11	)		(0.11	)
Net realized gains		(0.17	)		(0.08	)		(0.48	)		(0.68	)		—
Return of capital		—			—			(0.02	)		—			(0.02	)
Total distributions		(0.19	)		(0.17	)		(0.50	)		(0.79	)		(0.13	)
Net asset value, end of period	$	10.52		$	9.82		$	8.69		$	10.55		$	9.65
Total Return (c)		9.14	%		14.91	%		–13.05	%		17.48	%		4.97	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	154		$	208		$	286		$	428		$	823
Ratios to average net assets:
Net expenses		1.28	%		1.51	%		1.32	%		1.34	%		1.32	%^
Gross expenses		7.75	%		3.78	%		4.22	%		3.87	%		3.31	%
Gross expenses, excluding expenses on securities sold short		7.74	%		3.58	%		4.22	%†		3.85	%		3.31	%†
Net investment income (loss)		0.31	%		0.76	%		1.00	%		0.53	%		1.43	%^
Portfolio turnover rate:
Excluding securities sold short		88	%		82	%		227	%		142	%		238	%
Including securities sold short		94	%		99	%		N/A	%†		153	%		N/A	%†

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

Annual Report  69

†	No securities sold short during the year.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
(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 DST; 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.

70  Annual Report

LAZARD REAL ASSETS PORTFOLIO^

Selected data for a share													For the Period
of capital stock outstanding	Year Ended												12/31/16* to
throughout each period	12/31/20			12/31/19			12/31/18			12/31/17				12/31/16
Institutional Shares
Net asset value, beginning of period	$	10.69		$	9.42		$	10.71		$	10.00			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.16			0.16			0.19				—
Net realized and unrealized gain (loss)		(0.12	)		1.35			(0.96	)		0.78				—	(b)
Total from investment operations		0.05			1.51			(0.80	)		0.97				—	(b)
Less distributions from:
Net investment income		(0.20	)		(0.24	)		(0.25	)		(0.13	)			—
Net realized gains		(0.21	)		—	(b)		(0.24	)		(0.13	)			—
Total distributions		(0.41	)		(0.24	)		(0.49	)		(0.26	)			—
Net asset value, end of period	$	10.33		$	10.69		$	9.42		$	10.71			$	10.00
Total Return (c)		0.61	%		16.07	%		–7.47	%		9.80	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	23,959		$	17,515		$	16,164		$	17,812			$	13,090
Ratios to average net assets (d):
Net expenses		0.86	%		0.90	%		0.90	%		0.90	%			0.00	%
Gross expenses		2.13	%		2.20	%		2.04	%		3.13	%			3.49	%
Net investment income (loss)		1.73	%		1.59	%		1.53	%		1.79	%			0.00	%
Portfolio turnover rate		109	%		44	%		72	%		76	%			0	%

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

Annual Report  71

Selected data for a share										For the Period
of capital stock outstanding	Year Ended									1/9/17* to
throughout each period	12/31/20			12/31/19			12/31/18				12/31/17
Open Shares
Net asset value, beginning of period	$	10.67		$	9.41		$	10.70			$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.14			0.14				0.18
Net realized and unrealized gain (loss)		(0.14	)		1.33			(0.96	)			0.74
Total from investment operations		0.03			1.47			(0.82	)			0.92
Less distributions from:
Net investment income		(0.15	)		(0.21	)		(0.23	)			(0.12	)
Net realized gains		(0.21	)		—	(b)		(0.24	)			(0.13	)
Total distributions		(0.36	)		(0.21	)		(0.47	)			(0.25	)
Net asset value, end of period	$	10.34		$	10.67		$	9.41			$	10.70
Total Return (c)		0.42	%		15.70	%		–7.70	%			9.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	116		$	65		$	43			$	135
Ratios to average net assets (d):
Net expenses		1.13	%		1.10	%		1.15	%			1.15	%
Gross expenses		4.64	%		23.75	%		13.72	%			20.65	%
Net investment income (loss)		1.77	%		1.39	%		1.29	%			1.69	%
Portfolio turnover rate		109	%		44	%		72	%			76	%

^	Consolidated Financial Highlights.
*	The inception date for the Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year except for non-recurring expenses.

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

72  Annual Report

The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2020

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, 2020, 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 Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset”), the Lazard Opportunistic Strategies Portfolio (“Opportunistic Strategies”), and the Lazard Real Assets Porfolio (“Real Assets”, which was formerly the Lazard Real Assets and Pricing Portfolio). The financial statements of the other twenty-seven Portfolios are presented separately.

The Portfolios are operated as “diversified” funds, as defined in the 1940 Act.

Each Portfolio currently offers Institutional Shares and Open Shares. 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 commenced investment operations and issued Institutional Shares on December 30, 2016. Lazard Real Assets Portfolio, Ltd. (formerly Lazard Real Assets and Pricing Opportunities Portfolio, Ltd.) (the “Subsidiary”), organized under the laws of the Cayman Islands, was incorporated on October 7, 2016 and commenced operations on December 30, 2016. 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, 2020, net assets of the Portfolio were $ 24,074,256, of which $ 4,877,940, or 20.26%, represented the

Annual Report  73

Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

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, 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 National Market System (“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

74  Annual Report

in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, 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 trading in a particular non-US country or countries, may not take place 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 as determined by, or 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 Valuation Committee of the Investment Manager, which is subject to the oversight of the Board, 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.

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most

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recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

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

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent 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 contracts. When the contract is closed, the

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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, 2020, the Global Dynamic Multi-Asset and Real Assets Portfolios traded in forward currency contracts.

(d) Futures Contracts—For hedging and investment purposes, certain Portfolios may enter into futures contracts in US domestic markets, or exchanges located outside the United States.

Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits a Portfolio might realize in trading could be eliminated by adverse changes in the currency exchange rate, or the Portfolio could incur losses as a result of those changes. Transactions on foreign exchanges may include both commodities which are traded on domestic exchanges and those which are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the Commodity Futures Trading Commission.

Engaging in these transactions involves risk of loss to the Portfolio which could adversely affect the value of the Portfolio’s net assets.

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Although each of these Portfolios intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio to substantial losses.

During the year ended December 31, 2020, 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. The counterparty pays out the total return of the equity security or basket of equity 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.

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

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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, 2020, the Real Assets Portfolios traded in swap agreements.

(f) Short Sales—A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts are an expense of the Portfolio. The Portfolio designates collateral consisting of cash, US government securities or other liquid assets sufficient to collateralize the market value of short positions.

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, 2020, 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, including the collateral value of the Securities Loan Collateral, as that term is defined in the Securities Lending and Services Agreement between the Fund and State Street.

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For the year ended December 31, 2020, proceeds from securities sold short and purchases to cover short positions for the Opportunistic Strategies Portfolio were $0 and $4,647,604, respectively.

(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, 2020, the Global Dynamic Multi-Asset Portfolio had $896,176 unused short-term realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains.

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, 2020, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral	Late-Year Ordinary Loss Deferral
Opportunistic Strategies	$314,145	$            —
Real Assets	15,048	281,359

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:

Portfolio	Aggregate Cost	Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Global Dynamic Multi-Asset	$50,786,541	$ 6,847,245	$228,588	$6,618,657
Opportunistic Strategies	67,670,632	10,772,519	64,754	10,707,765
Real Assets	22,804,964	852,204	290,289	561,915

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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 annually. except that the Real Assets Portfolio’s dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders; but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Real Assets Portfolio’s ordinary income and/or capital gains for that year, or any future tax year.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, distributions redesignations, Treasury Inflation-Protected Securities, currency straddles, passive foreign investment companies, certain fixed-income securities, expenses, derivatives and distributions from real estate investment trusts. The book/tax differences relating to shareholder distri-

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butions may result in reclassifications among certain capital accounts.

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Global Dynamic Multi-Asset	$	(17,637	)		$17,637
Opportunistic Strategies		(12,678	)		12,678
Real Assets		(30,135	)		30,135

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income				Long-Term Capital Gain
Portfolio	2020		2019		2020		2019
Global Dynamic Multi-Asset	$	1,168,219	$	486,191	$	—	$	124,068
Opportunistic Strategies		378,002		998,829		1,260,234		645,553
Real Assets		427,792		388,282		466,857		4,977

At December 31, 2020, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)		Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Global Dynamic Multi-Asset	$	239,799	$	(896,176	)	$	6,585,969
Opportunistic Strategies		—		(314,145	)		10,701,308
Real Assets		—		(296,407	)		1,672,921

(i) 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 on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees in the Open Share class. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and

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losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

(j) Redemption Fee—Until August 15, 2016, the Global Dynamic Multi-Asset and Opportunistic Strategies Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were retained by the Portfolios and are included as paid in capital on the Statements of Assets and Liabilities. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

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

(l) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The 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

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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:

Portfolio	Annual Rate
Global Dynamic Multi-Asset		0.80	%
Opportunistic Strategies		1.00
Real Assets		0.65	(a)

(a) From January 1, 2020 until September 1, 2020, the annual rate was 0.70%.

The Investment Manager provides investment management and other services to the Subsidiary. The Investment Manager does not receive separate compensation from the Subsidiary for providing such services. However, the Real Assets Portfolio pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2021 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, on behalf of the Portfolio, exceed the percentages 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.

Portfolio	Institutional Shares			Open Shares
Global Dynamic Multi-Asset		0.90	%		1.15	%
Opportunistic Strategies		1.02			1.27
Real Assets		0.80	(a)		1.05	(a)

(a) From January 1, 2020 until September 1, 2020, annual rates were 0.90% and 1.15%, respectively.

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During the year ended December 31, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Global Dynamic Multi-Asset	$	213,788	$	—	$	2,129	$	3,045
Opportunistic Strategies		205,492		—		1,582		8,643
Real Assets		134,465		116,040		1,244		5,154

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.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, the Lazard Opportunistic Strategies Portfolio experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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 things, 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 Distrib-

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utor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

DST is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2020, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the Portfolios in the Lazard Fund Complex: (1) an annual retainer of $237,000, (2) an additional annual retainer of $33,700 to the lead Independent Director, and (3) an additional annual retainer of $23,500 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 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. The compensation policy (i.e., retainer amounts and any additional fees as described above) for Independent Directors for the Lazard Fund Complex will remain the same in 2021. Independent Directors’ compensation 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 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, 2020 were as follows:

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Portfolio	Purchases		Sales
Global Dynamic Multi-Asset	$	84,924,395	$	74,566,193
Opportunistic Strategies		59,802,621		66,028,079
Real Assets		18,374,112		14,049,486

	US Treasury Securities
Portfolio	Purchases		Sales
Global Dynamic Multi-Asset	$	8,490,628	$	9,013,776
Real Assets	$	770,477	$	3,217,683

At December 31, 2020, the Investment Manager owned 8.98% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

For the year ended December 31, 2020, 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, 2020, the following Portfolios had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Global Dynamic Multi-Asset	$	259,000	$	790,000		1.19	%		4

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Opportunistic Strategies	317,500	430,000	1.36	6
Real Assets	755,000	755,000	1.39	2

* For days borrowings were outstanding.

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

7. Investment Risks

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, 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

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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 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 perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices.

A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its 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

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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.

(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.

(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 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.

(e) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US

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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.

(f) 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.ⁿ 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.

(g) Derivatives and Hedging Risk—Derivatives 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 (including options on ETFs), 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 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,

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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. The same risks, as applicable, apply to derivatives transactions by the Subsidiary.

(h) Natural Resources Risk—Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.

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(i) 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 investments made by a Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) 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 other types of stocks traded on national exchanges, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in REITs 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, and the Portfolio generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.

(j) Infrastructure Companies Risk—Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries.

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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.

(k) 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.

(l) 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,

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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.

(m) 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 most recent 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. A Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in one or more closed-end funds and/or ETFs in the absence of an applicable exemptive order from the SEC on which the Portfolio may rely or an exemption is available.

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(n) Government Securities Risk—Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the USTreasury. 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 USTreasury 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.

(o) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

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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 measure-ment. 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:

• 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.

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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, 2020:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia		$	—	$	491,911	$	—	$	491,911
Belgium			—		23,123		—		23,123
Canada			985,337		—		—		985,337
Denmark			155,913		94,318		—		250,231
Finland			—		96,030		—		96,030
France			281,251		417,295		—		698,546
Germany			429,349		75,333		—		504,682
Hong Kong			257,687		102,785		—		360,472
Israel			—		15,679		—		15,679
Japan			394,712		1,864,867		—		2,259,579
Macau			161,998		—		—		161,998
Netherlands			535,428		104,027		—		639,455
New Zealand			—		25,196		—		25,196
Norway			—		79,722		—		79,722
Singapore			—		63,590		—		63,590
Spain			132,940		28,198		—		161,138
Sweden			592,564		71,729		—		664,293
Switzerland			182,495		253,109		—		435,604
United Kingdom			1,664,961		357,726		—		2,022,687
United States			18,083,835		—		—		18,083,835
Corporate Bonds*			—		9,925,714		—		9,925,714
Foreign Government
Obligations*			—		13,518,246		—		13,518,246
Quasi Government Bonds*			—		290,121		—		290,121
Supranational Bonds			—		2,133,107		—		2,133,107
US Municipal Bonds			—		409,515		—		409,515
US Treasury Securities			—		272,848		—		272,848
Exchange-Traded Funds			3,120,502		—		—		3,120,502
Short-Term Investments			375,514		—		—		375,514
Other Financial Instruments†
Forward Currency Contracts			—		648,637		—		648,637
Total		$	27,354,486	$	31,362,826	$	—	$	58,717,312
Liabilities:

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Other Financial Instruments†
Forward Currency Contracts	$	—	$	(718,080	)	$	—	$	(718,080	)

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Opportunistic Strategies Portfolio
Exchange-Traded Funds		$	73,518,393		$	—		$	—	$	73,518,393
Short-Term Investments			4,860,004			—			—		4,860,004
Total		$	78,378,397		$	—		$	—	$	78,378,397
Real Assets Portfolio
Assets:
Common Stocks*
Australia		$	—		$	1,247,461		$	—	$	1,247,461
Belgium			—			50,066			—		50,066
Brazil			—			18,321			—		18,321
Canada			231,453			—			—		231,453
China			427			534,416			—		534,843
Finland			—			22,695			—		22,695
France			16,883			857,955			—		874,838
Germany			—			321,430			—		321,430
Hong Kong			—			658,296			—		658,296
Israel			—			22,786			—		22,786
Italy			—			2,245,306			—		2,245,306
Japan			—			740,104			—		740,104
Luxembourg			—			201,468			—		201,468
Mexico			58,642			—			—		58,642
Netherlands			—			33,379			—		33,379
Norway			—			30,437			—		30,437
Singapore			—			179,097			—		179,097
Spain			—			712,528			��		712,528
Sweden			—			170,749			—		170,749
Switzerland			—			17,236			—		17,236
United Arab Emirates			—			56,264			—		56,264
United Kingdom			47,432			1,833,358			—		1,880,790
United States			5,564,490			—			—		5,564,490
Exchange-Traded Funds			1,354,800			—			—		1,354,800
Short-Term Investments			5,725,684			—			—		5,725,684
Other Financial Instruments†
Forward Currency Contracts			—			823			—		823
Futures Contracts			10,731			—			—		10,731
Total Return Swap Agreements			—			407,293			—		407,293
Total		$	13,010,542		$	10,361,468		$	—	$	23,372,010
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(63,798	)	$	—	$	(63,798	)
Futures Contracts			(4,275	)		—			—		(4,275	)
Total		$	(4,275	)	$	(63,798	)	$	—	$	(68,073	)

Annual Report 99

*	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).

10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts, 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.

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 period ended December 31, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Global Dynamic Multi-Asset Portfolio		Real Assets Portfolio
Forward currency contracts:
Average amounts purchased	$	14,600,000	$	200,000
Average amounts sold		11,600,000		5,200,000
Futures contracts:
Average notional value of contracts – long				300,000
Total return swap agreements:
Average notional value				3,100,000

Global Dynamic Multi-Asset Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	648,637

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Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	718,080

Real Assets Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2020:

Assets – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts		$	—	$	823	$	823
Future Contracts
Variation margin on open futures contracts (a)			13,636		—		13,636
Swap agreements
Unrealized appreciation on swap agreements			407,293				407,293
Total		$	420,929	$	823	$	421,752
Liabilities – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—	$	63,798	$	63,798

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts if any, are reported in the Schedule of Investments. In the Statements 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 accumulated earnings (loss).

Global Dynamic Multi-Asset Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	409,494
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	(66,272	)

Annual Report  101

Real Assets Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2020 was

Net Realized Gain (Loss) from:	Commodity Contracts				Foreign Currency Exchange Contracts			Total
Forward currency contracts		$	—		$	(413,715	)	$	(413,715	)
Futures Contracts			(117,932	)		—			(117,932	)
Swap agreements			2,963			—			2,963
Total		$	(114,969	)	$	(413,715	)	$	(528,684	)
Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts				Foreign Currency Exchange Contracts			Total
Forward currency contracts		$	—		$	(1,263	)	$	(1,263	)
Futures Contracts			8,784			—			8,784
Swap agreements			393,892			—			393,892
Total		$	402,676		$	(1,263	)	$	401,413

As of December 31, 2020, the Global Dynamic Multi-Asset, Opportunistic Strategies and Real Assets Portfolios held derivative instruments that are eligible for offset in the 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 are presented in the below table, as of December 31, 2020:

Global Dynamic Multi-Asset Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	648,637	$	—	$	648,637

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				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts of Derivative Assets
Citibank NA		$	36,212	$	(36,212	)	$	—	$	—
HSBC Bank USA NA			319,768		(275,556	)		—		44,212
JPMorgan Chase Bank NA			214,369		(214,369	)		—		—
Morgan Stanley Capital Services LLC.			76,951		(68,517	)		—		8,434
State Street Bank and Trust Co.			1,337		(996	)		—		341
Total		$	648,637	$	(595,650	)	$	—	$	52,987

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	718,080	$	—	$	718,080

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged		Net Amounts of Derivative Liabilities
Citibank NA		$	104,738	$	(36,212	)	$	—	$	68,526
HSBC Bank USA NA			275,556		(275,556	)		—		—
JPMorgan Chase Bank NA 268,273					(214,369	)		—		53,904
Morgan Stanley Capital Services LLC.			68,517		(68,517	)		—		—
State Street Bank and Trust Co.			996		(996	)		—		—
Total		$	718,080	$	(595,650	)	$	—	$	122,430

Real Assets Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	823	$	—	$	823
Total Return Swap Agreements			407,293		—		407,293
Total		$	408,116	$	—	$	408,116

Annual Report  103

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts of Derivative Assets
Goldman Sachs International		$	407,293	$	—		$	—	$	407,293
JPMorgan Chase Bank NA			786		(786	)		—		—
State Street Bank and Trust Co.			37		(37	)		—		—
Total		$	408,116	$	(823	)	$	—	$	407,293

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	63,798	$	—	$	63,798

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged		Net Amounts of Derivative Liabilities
Citibank NA		$	8,666	$	—		$	—	$	8,666
HSBC Bank USA NA			25,526		—			—		25,526
JPMorgan Chase Bank NA			16,519		(786	)		—		15,733
State Street Bank and Trust Co.			13,087		(37	)		—		13,050
Total		$	63,798	$	(823	)	$	—	$	62,975

11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017—08, Receivables - Nonre-fundable Fees and Other Costs (Subtopic 310—20): Premium Amortization on Purchased Callable Debt Securities. (“ASU No. 2017-08”) ASU No. 2017—08 shortened the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. Management has implemented the applicable changes, and they did not have a material impact on the Portfolios’ financial statements.

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In October 2020, ASU No. 2017—08 was amended by the Financial Accounting Standards Board’s issuance of Accounting Standards Update No. 2020—08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (“ASU No. 2020-08”) This amendment requires that entities re-evaluate whether callable debt securities fall within the scope of ASU No. 2017—08 for each reporting period. ASU No. 2020—08 also amends ASU No. 2017—08 to require that premiums be amortized to the “next call date” rather than the “earliest call date” and further clarifies the definition of “next call date.” Early adoption of ASU No. 2020-08 is not permitted. ASU No. 2020—08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU No. 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU No. 2020-08.

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 based reference rates as of the end of 2021. ASU No. 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU No. 2020-04.

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 other subsequent events that required adjustment or disclosure.

Annual Report  105

The Lazard Funds, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors ofThe Lazard Funds, Inc. and Shareholders of 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 Global Dynamic Multi-Asset Portfolio and Lazard Opportunistic Strategies Portfolio, two of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2020, 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 Lazard Opportunistic Strategies Portfolio and for the periods indicated in the table below for Lazard Global Dynamic Multi-Asset Portfolio, and the related notes. We have also audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Lazard Real Assets Portfolio (formerly Lazard Real Assets and Pricing Opportunities Portfolio) (collectively, with the portfolios mentioned above, the “Portfolios”), one of the portfolios constituting the Fund, as of December 31, 2020, 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 the periods indicated 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 Lazard Global Dynamic Multi-Asset Portfolio and Lazard Opportunistic Strategies Portfolio, as of December 31, 2020, 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 (or for the periods listed in the table below), and the consolidated financial position of Lazard Real Assets Portfolio, as of December 31, 2020, and the consolidated results of its operations for the year then ended, the

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consolidated changes in its net assets for each of the two years in the period then ended, and the consolidated financial highlights for periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Portfolio Name	Financial Highlights
Lazard Global Dynamic Multi-Asset Portfolio	For the years ended December 31, 2020, 2019, 2018 and 2017 and for the period from May 27, 2016 (commencement of operations) through December 31, 2016
Lazard Real Assets Portfolio	For the years ended December 31, 2020, 2019, 2018 and 2017 and for the period from December 30, 2016 (commencement of operations) through December 31, 2016

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing

Annual Report  107

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, 2020, 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
NewYork, NewYork
February 24, 2021

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

108   Annual Report

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – present)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (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 (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)
		Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present)

Annual Report  109

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (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(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present) Investment Manager, General Counsel (2002 – April 2017)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2021, 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.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.
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.

110  Annual Report

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director (since February 2017), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager
Nargis Hilal ( 1984)	Chief Compliance Officer (July 2020)	Senior Vice President and Counsel of the Investment Manager (since August 2017)
		Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017)
		Deputy Chief Compliance Office KLS Diversified Asset Management LP (January 2015 – March 2016)
Christopher Snively (1984)	Chief Financial Officer (March 2016) and Treasurer (September 2019)	Senior Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance) of the Investment Manager
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018) Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Christina Kennedy (1990)	Assistant Treasurer (May 2020)	Vice President of the Investment Manager (since July 2019) Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
		Assurance Senior Associate at PricewaterhouseCoopers LLP (August 2013 – July 2016)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	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.
(3)	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  111

The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2020

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2020:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Portfolio	Percentage
Global Dynamic Multi-Asset	54.24	%
Opportunistic Strategies	100.00
Real Assets	55.60

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.

Portfolio	Percentage
Global Dynamic Multi-Asset	13.52	%
Opportunistic Strategies	68.36
Real Assets	11.85

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.

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Opportunistic Strategies	$1,260,234
Real Assets	466,857

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

112  Annual Report

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  113

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC

30 Rockefeller Plaza
New York, New York 10112-6300

Custodian

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169-0953

Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte &Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

Legal Counsel

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

www.proskauer.com

Annual Report  121

 

 

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com

Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.
LZDPS030  

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.

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 $1,079,470 in 2019 and $ 876,877 in 2020 (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 $267,330 in 2019 and $267,330 in 2020.

(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 $325,581 in 2019 and $401,953 in 2020. 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 $90,000 in 2019 and $168,217 in 2020.

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 2019 and $0 in 2020.

(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 $1,128,439 in 2019 and $964,547 in 2020.

(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) Code of Ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) 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.

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 26, 2021

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 26, 2021

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date February 26, 2021