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: 6/30/24
ITEM 1. REPORTS TO STOCKHOLDERS.
Lazard Enhanced Opportunities Portfolio
LEOIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $201 | 3.93% |
Total Return Based on $10,000 Investment
| Institutional Shares | US Universal Index | HFRX Global Hedge Fund Index | The ICE BofAML U.S. Convertible ex Mandatory Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 2015 | $9,800 | $10,190 | $9,971 | $9,892 |
| 2015 | $10,040 | $10,131 | $10,172 | $10,319 |
| 2015 | $10,040 | $10,173 | $10,206 | $10,297 |
| 2015 | $10,300 | $10,161 | $10,227 | $10,380 |
| 2015 | $10,310 | $10,143 | $10,254 | $10,610 |
| 2015 | $10,090 | $10,030 | $10,127 | $10,372 |
| 2015 | $10,130 | $10,088 | $10,124 | $10,299 |
| 2015 | $10,010 | $10,059 | $9,900 | $9,929 |
| 2015 | $9,930 | $10,098 | $9,695 | $9,625 |
| 2015 | $9,970 | $10,130 | $9,837 | $9,979 |
| 2015 | $9,880 | $10,093 | $9,766 | $9,936 |
| 2015 | $9,768 | $10,043 | $9,652 | $9,725 |
| 2016 | $9,746 | $10,154 | $9,385 | $9,062 |
| 2016 | $9,790 | $10,226 | $9,355 | $9,064 |
| 2016 | $9,801 | $10,351 | $9,471 | $9,476 |
| 2016 | $9,910 | $10,422 | $9,510 | $9,630 |
| 2016 | $9,877 | $10,430 | $9,554 | $9,826 |
| 2016 | $9,921 | $10,614 | $9,573 | $9,858 |
| 2016 | $10,042 | $10,701 | $9,712 | $10,332 |
| 2016 | $10,130 | $10,713 | $9,727 | $10,423 |
| 2016 | $10,152 | $10,715 | $9,781 | $10,588 |
| 2016 | $10,086 | $10,644 | $9,725 | $10,429 |
| 2016 | $10,119 | $10,405 | $9,810 | $10,727 |
| 2016 | $10,185 | $10,436 | $9,895 | $10,865 |
| 2017 | $10,274 | $10,472 | $9,944 | $11,171 |
| 2017 | $10,319 | $10,553 | $10,056 | $11,377 |
| 2017 | $10,374 | $10,550 | $10,059 | $11,475 |
| 2017 | $10,441 | $10,637 | $10,102 | $11,603 |
| 2017 | $10,452 | $10,719 | $10,126 | $11,732 |
| 2017 | $10,553 | $10,710 | $10,148 | $11,817 |
| 2017 | $10,664 | $10,764 | $10,242 | $12,051 |
| 2017 | $10,646 | $10,856 | $10,272 | $12,109 |
| 2017 | $10,657 | $10,818 | $10,334 | $12,344 |
| 2017 | $10,680 | $10,831 | $10,405 | $12,583 |
| 2017 | $10,714 | $10,815 | $10,412 | $12,569 |
| 2017 | $10,750 | $10,863 | $10,488 | $12,570 |
| 2018 | $10,762 | $10,758 | $10,744 | $12,940 |
| 2018 | $10,825 | $10,656 | $10,484 | $12,855 |
| 2018 | $10,837 | $10,710 | $10,381 | $12,923 |
| 2018 | $10,837 | $10,638 | $10,391 | $12,877 |
| 2018 | $10,837 | $10,696 | $10,418 | $13,384 |
| 2018 | $10,837 | $10,681 | $10,399 | $13,400 |
| 2018 | $10,837 | $10,703 | $10,383 | $13,464 |
| 2018 | $10,866 | $10,756 | $10,430 | $13,976 |
| 2018 | $10,891 | $10,710 | $10,358 | $13,938 |
| 2018 | $10,779 | $10,620 | $10,036 | $13,092 |
| 2018 | $10,791 | $10,668 | $9,974 | $13,237 |
| 2018 | $10,596 | $10,835 | $9,751 | $12,651 |
| 2019 | $10,737 | $10,984 | $9,959 | $13,525 |
| 2019 | $10,800 | $10,996 | $10,022 | $13,946 |
| 2019 | $10,992 | $11,195 | $10,005 | $13,913 |
| 2019 | $11,081 | $11,210 | $10,070 | $14,315 |
| 2019 | $11,132 | $11,382 | $10,001 | $13,825 |
| 2019 | $11,221 | $11,543 | $10,162 | $14,459 |
| 2019 | $11,310 | $11,578 | $10,241 | $14,742 |
| 2019 | $11,308 | $11,840 | $10,280 | $14,524 |
| 2019 | $11,320 | $11,788 | $10,326 | $14,456 |
| 2019 | $11,282 | $11,826 | $10,358 | $14,701 |
| 2019 | $11,308 | $11,824 | $10,465 | $15,182 |
| 2019 | $11,385 | $11,842 | $10,597 | $15,534 |
| 2020 | $11,449 | $12,054 | $10,641 | $16,003 |
| 2020 | $11,436 | $12,235 | $10,488 | $15,720 |
| 2020 | $10,574 | $11,996 | $9,871 | $13,527 |
| 2020 | $10,767 | $12,236 | $10,155 | $15,071 |
| 2020 | $10,870 | $12,350 | $10,301 | $16,148 |
| 2020 | $11,076 | $12,453 | $10,482 | $17,035 |
| 2020 | $11,385 | $12,672 | $10,624 | $18,270 |
| 2020 | $11,711 | $12,599 | $10,787 | $20,004 |
| 2020 | $11,737 | $12,576 | $10,769 | $19,523 |
| 2020 | $11,841 | $12,531 | $10,745 | $19,289 |
| 2020 | $12,217 | $12,695 | $11,048 | $21,923 |
| 2020 | $12,509 | $12,739 | $11,298 | $23,624 |
| 2021 | $12,742 | $12,659 | $11,279 | $24,388 |
| 2021 | $13,072 | $12,495 | $11,450 | $25,286 |
| 2021 | $12,934 | $12,350 | $11,444 | $24,295 |
| 2021 | $12,975 | $12,454 | $11,630 | $24,884 |
| 2021 | $12,989 | $12,501 | $11,675 | $24,408 |
| 2021 | $13,030 | $12,592 | $11,719 | $25,212 |
| 2021 | $13,181 | $12,719 | $11,667 | $24,902 |
| 2021 | $13,257 | $12,710 | $11,747 | $25,363 |
| 2021 | $13,368 | $12,602 | $11,702 | $25,013 |
| 2021 | $13,396 | $12,591 | $11,807 | $25,848 |
| 2021 | $13,341 | $12,607 | $11,655 | $24,840 |
| 2021 | $13,390 | $12,598 | $11,710 | $24,597 |
| 2022 | $13,361 | $12,322 | $11,538 | $23,005 |
| 2022 | $13,318 | $12,154 | $11,496 | $23,074 |
| 2022 | $13,261 | $11,828 | $11,551 | $23,256 |
| 2022 | $13,132 | $11,387 | $11,447 | $21,631 |
| 2022 | $12,703 | $11,449 | $11,323 | $20,737 |
| 2022 | $12,360 | $11,221 | $11,119 | $19,479 |
| 2022 | $12,388 | $11,503 | $11,179 | $20,538 |
| 2022 | $12,676 | $11,204 | $11,285 | $20,828 |
| 2022 | $12,250 | $10,721 | $11,176 | $19,607 |
| 2022 | $12,235 | $10,603 | $11,185 | $20,198 |
| 2022 | $12,220 | $10,999 | $11,201 | $20,438 |
| 2022 | $12,400 | $10,961 | $11,195 | $19,780 |
| 2023 | $12,834 | $11,301 | $11,382 | $21,004 |
| 2023 | $12,930 | $11,024 | $11,328 | $20,762 |
| 2023 | $12,689 | $11,282 | $11,194 | $20,606 |
| 2023 | $12,770 | $11,351 | $11,232 | $20,287 |
| 2023 | $12,898 | $11,233 | $11,180 | $20,553 |
| 2023 | $13,027 | $11,216 | $11,265 | $21,632 |
| 2023 | $13,187 | $11,227 | $11,323 | $22,225 |
| 2023 | $13,235 | $11,160 | $11,361 | $21,649 |
| 2023 | $13,284 | $10,893 | $11,349 | $21,104 |
| 2023 | $12,930 | $10,730 | $11,256 | $20,181 |
| 2023 | $13,043 | $11,213 | $11,384 | $21,211 |
| 2023 | $13,271 | $11,638 | $11,542 | $22,526 |
| 2024 | $13,353 | $11,610 | $11,579 | $22,274 |
| 2024 | $13,565 | $11,471 | $11,685 | $22,533 |
| 2024 | $13,712 | $11,584 | $11,832 | $23,041 |
| 2024 | $13,728 | $11,313 | $11,768 | $22,243 |
| 2024 | $13,891 | $11,500 | $11,839 | $22,755 |
| 2024 | $13,989 | $11,606 | $11,909 | $23,004 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 12/31/14 |
|---|
| Institutional Shares | 7.39% | 4.51% | 3.60% |
| US Universal Index | 3.47% | 0.11% | 1.58% |
| HFRX Global Hedge Fund Index | 5.42% | 3.19% | 1.86% |
| The ICE BofAML U.S. Convertible ex Mandatory Index | 6.37% | 9.73% | 9.17% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US Convertible ex Mandatory Index (USD Hedged) as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $39,477,092 |
| # of Portfolio Holdings | 164 |
| Portfolio Turnover Rate | 192% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $100,291 |
Top 10 Holdings (% of Net Assets)
| U.S. Treasury Bills 0.000% due 10/22/24 | 15.2% |
| U.S. Treasury Bills 0.000% due 10/15/24 | 12.8% |
| U.S. Treasury Bills 0.000% due 09/24/24 | 5.7% |
| Eagle Bulk Shipping, Inc. 5.000% due 08/01/24 | 5.6% |
| U.S. Treasury Bills 0.000% due 10/01/24 | 5.2% |
| U.S. Treasury Bills 0.000% due 08/27/24 | 3.9% |
| Pegasystems, Inc. 0.750% due 03/01/25 | 3.5% |
| Guidewire Software, Inc. 1.250% due 03/15/25 | 3.3% |
| Natera, Inc. 2.250% due 05/01/27 | 3.3% |
| Transocean, Inc. 4.625% due 09/30/29 | 2.9% |
Top 10 Sectors (% of Net Assets)
| U.S. Treasury Securities | 45.2% |
| Information Technology | 33.7% |
| Health Care | 26.1% |
| Industrials | 14.5% |
| Consumer Discretionary | 14.3% |
| Financials | 12.1% |
| Communication Services | 11.4% |
| Cash, Cash Equivalents and Repurchase Agreements | 7.6% |
| Energy | 4.7% |
| Materials | 3.7% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Enhanced Opportunities Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $214 | 4.19% |
Total Return Based on $10,000 Investment
| Open Shares | US Universal Index | HFRX Global Hedge Fund Index | The ICE BofAML U.S. Convertible ex Mandatory Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 2015 | $9,800 | $10,190 | $9,971 | $9,892 |
| 2015 | $10,040 | $10,131 | $10,172 | $10,319 |
| 2015 | $10,040 | $10,173 | $10,206 | $10,297 |
| 2015 | $10,290 | $10,161 | $10,227 | $10,380 |
| 2015 | $10,300 | $10,143 | $10,254 | $10,610 |
| 2015 | $10,080 | $10,030 | $10,127 | $10,372 |
| 2015 | $10,110 | $10,088 | $10,124 | $10,299 |
| 2015 | $10,000 | $10,059 | $9,900 | $9,929 |
| 2015 | $9,910 | $10,098 | $9,695 | $9,625 |
| 2015 | $9,950 | $10,130 | $9,837 | $9,979 |
| 2015 | $9,870 | $10,093 | $9,766 | $9,936 |
| 2015 | $9,743 | $10,043 | $9,652 | $9,725 |
| 2016 | $9,710 | $10,154 | $9,385 | $9,062 |
| 2016 | $9,754 | $10,226 | $9,355 | $9,064 |
| 2016 | $9,764 | $10,351 | $9,471 | $9,476 |
| 2016 | $9,874 | $10,422 | $9,510 | $9,630 |
| 2016 | $9,841 | $10,430 | $9,554 | $9,826 |
| 2016 | $9,885 | $10,614 | $9,573 | $9,858 |
| 2016 | $9,995 | $10,701 | $9,712 | $10,332 |
| 2016 | $10,082 | $10,713 | $9,727 | $10,423 |
| 2016 | $10,104 | $10,715 | $9,781 | $10,588 |
| 2016 | $10,038 | $10,644 | $9,725 | $10,429 |
| 2016 | $10,071 | $10,405 | $9,810 | $10,727 |
| 2016 | $10,134 | $10,436 | $9,895 | $10,865 |
| 2017 | $10,223 | $10,472 | $9,944 | $11,171 |
| 2017 | $10,267 | $10,553 | $10,056 | $11,377 |
| 2017 | $10,312 | $10,550 | $10,059 | $11,475 |
| 2017 | $10,367 | $10,637 | $10,102 | $11,603 |
| 2017 | $10,378 | $10,719 | $10,126 | $11,732 |
| 2017 | $10,478 | $10,710 | $10,148 | $11,817 |
| 2017 | $10,589 | $10,764 | $10,242 | $12,051 |
| 2017 | $10,570 | $10,856 | $10,272 | $12,109 |
| 2017 | $10,582 | $10,818 | $10,334 | $12,344 |
| 2017 | $10,604 | $10,831 | $10,405 | $12,583 |
| 2017 | $10,638 | $10,815 | $10,412 | $12,569 |
| 2017 | $10,669 | $10,863 | $10,488 | $12,570 |
| 2018 | $10,669 | $10,758 | $10,744 | $12,940 |
| 2018 | $10,730 | $10,656 | $10,484 | $12,855 |
| 2018 | $10,743 | $10,710 | $10,381 | $12,923 |
| 2018 | $10,730 | $10,638 | $10,391 | $12,877 |
| 2018 | $10,730 | $10,696 | $10,418 | $13,384 |
| 2018 | $10,743 | $10,681 | $10,399 | $13,400 |
| 2018 | $10,743 | $10,703 | $10,383 | $13,464 |
| 2018 | $10,759 | $10,756 | $10,430 | $13,976 |
| 2018 | $10,784 | $10,710 | $10,358 | $13,938 |
| 2018 | $10,672 | $10,620 | $10,036 | $13,092 |
| 2018 | $10,685 | $10,668 | $9,974 | $13,237 |
| 2018 | $10,489 | $10,835 | $9,751 | $12,651 |
| 2019 | $10,616 | $10,984 | $9,959 | $13,525 |
| 2019 | $10,691 | $10,996 | $10,022 | $13,946 |
| 2019 | $10,855 | $11,195 | $10,005 | $13,913 |
| 2019 | $10,956 | $11,210 | $10,070 | $14,315 |
| 2019 | $11,007 | $11,382 | $10,001 | $13,825 |
| 2019 | $11,095 | $11,543 | $10,162 | $14,459 |
| 2019 | $11,171 | $11,578 | $10,241 | $14,742 |
| 2019 | $11,168 | $11,840 | $10,280 | $14,524 |
| 2019 | $11,168 | $11,788 | $10,326 | $14,456 |
| 2019 | $11,143 | $11,826 | $10,358 | $14,701 |
| 2019 | $11,155 | $11,824 | $10,465 | $15,182 |
| 2019 | $11,245 | $11,842 | $10,597 | $15,534 |
| 2020 | $11,308 | $12,054 | $10,641 | $16,003 |
| 2020 | $11,296 | $12,235 | $10,488 | $15,720 |
| 2020 | $10,441 | $11,996 | $9,871 | $13,527 |
| 2020 | $10,633 | $12,236 | $10,155 | $15,071 |
| 2020 | $10,722 | $12,350 | $10,301 | $16,148 |
| 2020 | $10,913 | $12,453 | $10,482 | $17,035 |
| 2020 | $11,194 | $12,672 | $10,624 | $18,270 |
| 2020 | $11,500 | $12,599 | $10,787 | $20,004 |
| 2020 | $11,526 | $12,576 | $10,769 | $19,523 |
| 2020 | $11,628 | $12,531 | $10,745 | $19,289 |
| 2020 | $12,000 | $12,695 | $11,048 | $21,923 |
| 2020 | $12,323 | $12,739 | $11,298 | $23,624 |
| 2021 | $12,553 | $12,659 | $11,279 | $24,388 |
| 2021 | $12,864 | $12,495 | $11,450 | $25,286 |
| 2021 | $12,743 | $12,350 | $11,444 | $24,295 |
| 2021 | $12,783 | $12,454 | $11,630 | $24,884 |
| 2021 | $12,783 | $12,501 | $11,675 | $24,408 |
| 2021 | $12,824 | $12,592 | $11,719 | $25,212 |
| 2021 | $12,959 | $12,719 | $11,667 | $24,902 |
| 2021 | $13,033 | $12,710 | $11,747 | $25,363 |
| 2021 | $13,143 | $12,602 | $11,702 | $25,013 |
| 2021 | $13,171 | $12,591 | $11,807 | $25,848 |
| 2021 | $13,129 | $12,607 | $11,655 | $24,840 |
| 2021 | $13,159 | $12,598 | $11,710 | $24,597 |
| 2022 | $13,131 | $12,322 | $11,538 | $23,005 |
| 2022 | $13,089 | $12,154 | $11,496 | $23,074 |
| 2022 | $13,019 | $11,828 | $11,551 | $23,256 |
| 2022 | $12,907 | $11,387 | $11,447 | $21,631 |
| 2022 | $12,485 | $11,449 | $11,323 | $20,737 |
| 2022 | $12,134 | $11,221 | $11,119 | $19,479 |
| 2022 | $12,176 | $11,503 | $11,179 | $20,538 |
| 2022 | $12,445 | $11,204 | $11,285 | $20,828 |
| 2022 | $12,027 | $10,721 | $11,176 | $19,607 |
| 2022 | $12,012 | $10,603 | $11,185 | $20,198 |
| 2022 | $11,997 | $10,999 | $11,201 | $20,438 |
| 2022 | $12,179 | $10,961 | $11,195 | $19,780 |
| 2023 | $12,588 | $11,301 | $11,382 | $21,004 |
| 2023 | $12,682 | $11,024 | $11,328 | $20,762 |
| 2023 | $12,447 | $11,282 | $11,194 | $20,606 |
| 2023 | $12,525 | $11,351 | $11,232 | $20,287 |
| 2023 | $12,651 | $11,233 | $11,180 | $20,553 |
| 2023 | $12,777 | $11,216 | $11,265 | $21,632 |
| 2023 | $12,918 | $11,227 | $11,323 | $22,225 |
| 2023 | $12,965 | $11,160 | $11,361 | $21,649 |
| 2023 | $13,012 | $10,893 | $11,349 | $21,104 |
| 2023 | $12,667 | $10,730 | $11,256 | $20,181 |
| 2023 | $12,777 | $11,213 | $11,384 | $21,211 |
| 2023 | $12,987 | $11,638 | $11,542 | $22,526 |
| 2024 | $13,083 | $11,610 | $11,579 | $22,274 |
| 2024 | $13,274 | $11,471 | $11,685 | $22,533 |
| 2024 | $13,417 | $11,584 | $11,832 | $23,041 |
| 2024 | $13,433 | $11,313 | $11,768 | $22,243 |
| 2024 | $13,577 | $11,500 | $11,839 | $22,755 |
| 2024 | $13,688 | $11,606 | $11,909 | $23,004 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 12/31/14 |
|---|
| Open Shares | 7.14% | 4.29% | 3.36% |
| US Universal Index | 3.47% | 0.11% | 1.58% |
| HFRX Global Hedge Fund Index | 5.42% | 3.19% | 1.86% |
| The ICE BofAML U.S. Convertible ex Mandatory Index | 6.37% | 9.73% | 9.17% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US Convertible ex Mandatory Index (USD Hedged) as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $39,477,092 |
| # of Portfolio Holdings | 164 |
| Portfolio Turnover Rate | 192% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $100,291 |
Top 10 Holdings (% of Net Assets)
| U.S. Treasury Bills 0.000% due 10/22/24 | 15.2% |
| U.S. Treasury Bills 0.000% due 10/15/24 | 12.8% |
| U.S. Treasury Bills 0.000% due 09/24/24 | 5.7% |
| Eagle Bulk Shipping, Inc. 5.000% due 08/01/24 | 5.6% |
| U.S. Treasury Bills 0.000% due 10/01/24 | 5.2% |
| U.S. Treasury Bills 0.000% due 08/27/24 | 3.9% |
| Pegasystems, Inc. 0.750% due 03/01/25 | 3.5% |
| Guidewire Software, Inc. 1.250% due 03/15/25 | 3.3% |
| Natera, Inc. 2.250% due 05/01/27 | 3.3% |
| Transocean, Inc. 4.625% due 09/30/29 | 2.9% |
Top 10 Sectors (% of Net Assets)
| U.S. Treasury Securities | 45.2% |
| Information Technology | 33.7% |
| Health Care | 26.1% |
| Industrials | 14.5% |
| Consumer Discretionary | 14.3% |
| Financials | 12.1% |
| Communication Services | 11.4% |
| Cash, Cash Equivalents and Repurchase Agreements | 7.6% |
| Energy | 4.7% |
| Materials | 3.7% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Global Listed Infrastructure Portfolio
GLIFX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $48 | 0.96% |
Total Return Based on $10,000 Investment
| Institutional Shares | MSCI World Index | MSCI World Core Infrastructure (USD) Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,865 | $9,840 | $9,911 |
| 2014 | $10,049 | $10,056 | $10,119 |
| 2014 | $9,941 | $9,784 | $10,026 |
| 2014 | $10,180 | $9,848 | $10,346 |
| 2014 | $10,350 | $10,044 | $10,587 |
| 2014 | $10,346 | $9,883 | $10,645 |
| 2015 | $10,821 | $9,704 | $11,097 |
| 2015 | $11,100 | $10,273 | $11,169 |
| 2015 | $11,198 | $10,111 | $11,115 |
| 2015 | $11,296 | $10,349 | $11,223 |
| 2015 | $11,281 | $10,384 | $11,226 |
| 2015 | $10,695 | $10,142 | $10,674 |
| 2015 | $11,092 | $10,324 | $11,112 |
| 2015 | $10,729 | $9,640 | $10,634 |
| 2015 | $10,965 | $9,285 | $10,565 |
| 2015 | $11,377 | $10,020 | $11,010 |
| 2015 | $11,511 | $9,970 | $10,746 |
| 2015 | $11,309 | $9,794 | $10,580 |
| 2016 | $11,275 | $9,209 | $10,667 |
| 2016 | $11,325 | $9,140 | $10,727 |
| 2016 | $11,882 | $9,761 | $11,301 |
| 2016 | $11,992 | $9,915 | $11,331 |
| 2016 | $11,721 | $9,971 | $11,448 |
| 2016 | $11,690 | $9,859 | $11,873 |
| 2016 | $12,031 | $10,275 | $12,100 |
| 2016 | $11,979 | $10,283 | $11,771 |
| 2016 | $12,039 | $10,338 | $11,956 |
| 2016 | $11,825 | $10,137 | $11,790 |
| 2016 | $11,860 | $10,283 | $11,447 |
| 2016 | $12,360 | $10,529 | $11,832 |
| 2017 | $12,352 | $10,783 | $11,855 |
| 2017 | $12,971 | $11,082 | $12,315 |
| 2017 | $13,661 | $11,200 | $12,622 |
| 2017 | $14,028 | $11,366 | $12,856 |
| 2017 | $14,744 | $11,607 | $13,296 |
| 2017 | $14,342 | $11,651 | $13,081 |
| 2017 | $14,456 | $11,929 | $13,206 |
| 2017 | $14,907 | $11,946 | $13,499 |
| 2017 | $14,907 | $12,214 | $13,233 |
| 2017 | $14,978 | $12,445 | $13,544 |
| 2017 | $15,166 | $12,715 | $13,800 |
| 2017 | $14,932 | $12,886 | $13,480 |
| 2018 | $14,614 | $13,567 | $13,274 |
| 2018 | $13,868 | $13,005 | $12,673 |
| 2018 | $14,083 | $12,721 | $12,828 |
| 2018 | $14,840 | $12,868 | $13,188 |
| 2018 | $14,616 | $12,949 | $13,224 |
| 2018 | $14,990 | $12,942 | $13,597 |
| 2018 | $15,347 | $13,346 | $13,859 |
| 2018 | $15,008 | $13,512 | $13,734 |
| 2018 | $14,987 | $13,587 | $13,716 |
| 2018 | $14,939 | $12,590 | $13,426 |
| 2018 | $14,880 | $12,734 | $13,926 |
| 2018 | $14,374 | $11,766 | $13,337 |
| 2019 | $15,204 | $12,681 | $14,410 |
| 2019 | $15,587 | $13,063 | $14,882 |
| 2019 | $15,736 | $13,234 | $15,457 |
| 2019 | $16,153 | $13,704 | $15,610 |
| 2019 | $15,896 | $12,913 | $15,589 |
| 2019 | $16,440 | $13,764 | $15,962 |
| 2019 | $16,548 | $13,833 | $16,040 |
| 2019 | $16,542 | $13,549 | $16,282 |
| 2019 | $16,938 | $13,838 | $16,528 |
| 2019 | $17,236 | $14,189 | $16,510 |
| 2019 | $17,070 | $14,585 | $16,457 |
| 2019 | $17,573 | $15,023 | $16,955 |
| 2020 | $18,152 | $14,931 | $17,502 |
| 2020 | $17,072 | $13,670 | $16,238 |
| 2020 | $14,749 | $11,861 | $14,160 |
| 2020 | $15,754 | $13,156 | $15,162 |
| 2020 | $16,319 | $13,792 | $15,908 |
| 2020 | $16,248 | $14,157 | $15,570 |
| 2020 | $16,031 | $14,834 | $15,762 |
| 2020 | $16,053 | $15,825 | $15,867 |
| 2020 | $15,985 | $15,279 | $15,790 |
| 2020 | $15,652 | $14,810 | $15,445 |
| 2020 | $16,924 | $16,704 | $16,579 |
| 2020 | $16,787 | $17,412 | $16,495 |
| 2021 | $16,214 | $17,240 | $16,336 |
| 2021 | $16,306 | $17,681 | $16,183 |
| 2021 | $17,383 | $18,270 | $17,435 |
| 2021 | $17,876 | $19,120 | $17,982 |
| 2021 | $18,186 | $19,395 | $18,036 |
| 2021 | $18,225 | $19,684 | $18,078 |
| 2021 | $18,754 | $20,036 | $18,417 |
| 2021 | $18,823 | $20,535 | $18,736 |
| 2021 | $18,318 | $19,683 | $18,045 |
| 2021 | $19,031 | $20,797 | $18,925 |
| 2021 | $18,855 | $20,341 | $18,443 |
| 2021 | $20,123 | $21,210 | $19,743 |
| 2022 | $19,635 | $20,088 | $19,163 |
| 2022 | $19,574 | $19,580 | $19,047 |
| 2022 | $20,448 | $20,116 | $20,362 |
| 2022 | $20,658 | $18,445 | $19,912 |
| 2022 | $20,744 | $18,459 | $20,249 |
| 2022 | $20,040 | $16,861 | $19,216 |
| 2022 | $20,775 | $18,200 | $20,343 |
| 2022 | $20,270 | $17,439 | $19,891 |
| 2022 | $18,111 | $15,817 | $17,784 |
| 2022 | $19,204 | $16,953 | $18,411 |
| 2022 | $20,791 | $18,131 | $19,614 |
| 2022 | $19,862 | $17,360 | $18,928 |
| 2023 | $20,785 | $18,589 | $19,477 |
| 2023 | $20,394 | $18,143 | $18,706 |
| 2023 | $20,759 | $18,704 | $19,039 |
| 2023 | $21,252 | $19,031 | $19,424 |
| 2023 | $20,928 | $18,841 | $18,479 |
| 2023 | $21,169 | $19,981 | $19,004 |
| 2023 | $21,510 | $20,652 | $19,201 |
| 2023 | $20,616 | $20,159 | $18,491 |
| 2023 | $19,949 | $19,290 | $17,639 |
| 2023 | $20,077 | $18,730 | $17,715 |
| 2023 | $21,412 | $20,487 | $19,239 |
| 2023 | $22,025 | $21,493 | $19,745 |
| 2024 | $22,040 | $21,751 | $19,296 |
| 2024 | $22,213 | $22,673 | $19,428 |
| 2024 | $22,761 | $23,401 | $20,021 |
| 2024 | $22,078 | $22,533 | $19,397 |
| 2024 | $22,485 | $23,540 | $20,231 |
| 2024 | $21,837 | $24,021 | $19,458 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 3.15% | 5.84% | 8.12% |
| MSCI World Index | 20.19% | 11.78% | 9.16% |
| MSCI World Core Infrastructure (USD) Index | 4.82% | 4.53% | 6.88% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $8,375,700,563 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $39,107,640 |
Top 10 Holdings (% of Net Assets)
| National Grid PLC | 9.2% |
| Ferrovial SE | 8.6% |
| Snam SpA | 5.0% |
| Exelon Corp. | 4.9% |
| CSX Corp. | 4.9% |
| Norfolk Southern Corp. | 4.8% |
| American Electric Power Co., Inc. | 4.8% |
| Terna - Rete Elettrica Nazionale | 4.7% |
| Vinci SA | 4.7% |
| Severn Trent PLC | 4.6% |
Top Sectors (% of Net Assets)
| Utilities | 55.4% |
| Industrials | 32.8% |
| Cash, Cash Equivalents and Repurchase Agreements | 9.3% |
| Communication Services | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Global Listed Infrastructure Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $60 | 1.21% |
Total Return Based on $10,000 Investment
| Open Shares | MSCI World Index | MSCI World Core Infrastructure (USD) Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,865 | $9,840 | $9,911 |
| 2014 | $10,049 | $10,056 | $10,119 |
| 2014 | $9,934 | $9,784 | $10,026 |
| 2014 | $10,173 | $9,848 | $10,346 |
| 2014 | $10,336 | $10,044 | $10,587 |
| 2014 | $10,332 | $9,883 | $10,645 |
| 2015 | $10,806 | $9,704 | $11,097 |
| 2015 | $11,076 | $10,273 | $11,169 |
| 2015 | $11,181 | $10,111 | $11,115 |
| 2015 | $11,271 | $10,349 | $11,223 |
| 2015 | $11,256 | $10,384 | $11,226 |
| 2015 | $10,664 | $10,142 | $10,674 |
| 2015 | $11,067 | $10,324 | $11,112 |
| 2015 | $10,698 | $9,640 | $10,634 |
| 2015 | $10,934 | $9,285 | $10,565 |
| 2015 | $11,343 | $10,020 | $11,010 |
| 2015 | $11,469 | $9,970 | $10,746 |
| 2015 | $11,268 | $9,794 | $10,580 |
| 2016 | $11,234 | $9,209 | $10,667 |
| 2016 | $11,276 | $9,140 | $10,727 |
| 2016 | $11,822 | $9,761 | $11,301 |
| 2016 | $11,931 | $9,915 | $11,331 |
| 2016 | $11,662 | $9,971 | $11,448 |
| 2016 | $11,624 | $9,859 | $11,873 |
| 2016 | $11,970 | $10,275 | $12,100 |
| 2016 | $11,919 | $10,283 | $11,771 |
| 2016 | $11,971 | $10,338 | $11,956 |
| 2016 | $11,751 | $10,137 | $11,790 |
| 2016 | $11,785 | $10,283 | $11,447 |
| 2016 | $12,283 | $10,529 | $11,832 |
| 2017 | $12,274 | $10,783 | $11,855 |
| 2017 | $12,879 | $11,082 | $12,315 |
| 2017 | $13,564 | $11,200 | $12,622 |
| 2017 | $13,928 | $11,366 | $12,856 |
| 2017 | $14,638 | $11,607 | $13,296 |
| 2017 | $14,231 | $11,651 | $13,081 |
| 2017 | $14,344 | $11,929 | $13,206 |
| 2017 | $14,782 | $11,946 | $13,499 |
| 2017 | $14,791 | $12,214 | $13,233 |
| 2017 | $14,853 | $12,445 | $13,544 |
| 2017 | $15,039 | $12,715 | $13,800 |
| 2017 | $14,797 | $12,886 | $13,480 |
| 2018 | $14,483 | $13,567 | $13,274 |
| 2018 | $13,743 | $13,005 | $12,673 |
| 2018 | $13,947 | $12,721 | $12,828 |
| 2018 | $14,697 | $12,868 | $13,188 |
| 2018 | $14,475 | $12,949 | $13,224 |
| 2018 | $14,846 | $12,942 | $13,597 |
| 2018 | $15,189 | $13,346 | $13,859 |
| 2018 | $14,844 | $13,512 | $13,734 |
| 2018 | $14,824 | $13,587 | $13,716 |
| 2018 | $14,776 | $12,590 | $13,426 |
| 2018 | $14,709 | $12,734 | $13,926 |
| 2018 | $14,208 | $11,766 | $13,337 |
| 2019 | $15,028 | $12,681 | $14,410 |
| 2019 | $15,406 | $13,063 | $14,882 |
| 2019 | $15,544 | $13,234 | $15,457 |
| 2019 | $15,956 | $13,704 | $15,610 |
| 2019 | $15,692 | $12,913 | $15,589 |
| 2019 | $16,240 | $13,764 | $15,962 |
| 2019 | $16,336 | $13,833 | $16,040 |
| 2019 | $16,330 | $13,549 | $16,282 |
| 2019 | $16,710 | $13,838 | $16,528 |
| 2019 | $17,004 | $14,189 | $16,510 |
| 2019 | $16,841 | $14,585 | $16,457 |
| 2019 | $17,326 | $15,023 | $16,955 |
| 2020 | $17,896 | $14,931 | $17,502 |
| 2020 | $16,821 | $13,670 | $16,238 |
| 2020 | $14,531 | $11,861 | $14,160 |
| 2020 | $15,521 | $13,156 | $15,162 |
| 2020 | $16,076 | $13,792 | $15,908 |
| 2020 | $15,996 | $14,157 | $15,570 |
| 2020 | $15,793 | $14,834 | $15,762 |
| 2020 | $15,804 | $15,825 | $15,867 |
| 2020 | $15,727 | $15,279 | $15,790 |
| 2020 | $15,400 | $14,810 | $15,445 |
| 2020 | $16,650 | $16,704 | $16,579 |
| 2020 | $16,515 | $17,412 | $16,495 |
| 2021 | $15,941 | $17,240 | $16,336 |
| 2021 | $16,031 | $17,681 | $16,183 |
| 2021 | $17,091 | $18,270 | $17,435 |
| 2021 | $17,564 | $19,120 | $17,982 |
| 2021 | $17,868 | $19,395 | $18,036 |
| 2021 | $17,908 | $19,684 | $18,078 |
| 2021 | $18,415 | $20,036 | $18,417 |
| 2021 | $18,483 | $20,535 | $18,736 |
| 2021 | $17,977 | $19,683 | $18,045 |
| 2021 | $18,676 | $20,797 | $18,925 |
| 2021 | $18,504 | $20,341 | $18,443 |
| 2021 | $19,746 | $21,210 | $19,743 |
| 2022 | $19,267 | $20,088 | $19,163 |
| 2022 | $19,208 | $19,580 | $19,047 |
| 2022 | $20,052 | $20,116 | $20,362 |
| 2022 | $20,246 | $18,445 | $19,912 |
| 2022 | $20,330 | $18,459 | $20,249 |
| 2022 | $19,640 | $16,861 | $19,216 |
| 2022 | $20,359 | $18,200 | $20,343 |
| 2022 | $19,853 | $17,439 | $19,891 |
| 2022 | $17,726 | $15,817 | $17,784 |
| 2022 | $18,808 | $16,953 | $18,411 |
| 2022 | $20,349 | $18,131 | $19,614 |
| 2022 | $19,439 | $17,360 | $18,928 |
| 2023 | $20,342 | $18,589 | $19,477 |
| 2023 | $19,959 | $18,143 | $18,706 |
| 2023 | $20,303 | $18,704 | $19,039 |
| 2023 | $20,785 | $19,031 | $19,424 |
| 2023 | $20,455 | $18,841 | $18,479 |
| 2023 | $20,691 | $19,981 | $19,004 |
| 2023 | $21,024 | $20,652 | $19,201 |
| 2023 | $20,137 | $20,159 | $18,491 |
| 2023 | $19,486 | $19,290 | $17,639 |
| 2023 | $19,611 | $18,730 | $17,715 |
| 2023 | $20,915 | $20,487 | $19,239 |
| 2023 | $21,499 | $21,493 | $19,745 |
| 2024 | $21,513 | $21,751 | $19,296 |
| 2024 | $21,668 | $22,673 | $19,428 |
| 2024 | $22,203 | $23,401 | $20,021 |
| 2024 | $21,523 | $22,533 | $19,397 |
| 2024 | $21,934 | $23,540 | $20,231 |
| 2024 | $21,288 | $24,021 | $19,458 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 2.89% | 5.56% | 7.85% |
| MSCI World Index | 20.19% | 11.78% | 9.16% |
| MSCI World Core Infrastructure (USD) Index | 4.82% | 4.53% | 6.88% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $8,375,700,563 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $39,107,640 |
Top 10 Holdings (% of Net Assets)
| National Grid PLC | 9.2% |
| Ferrovial SE | 8.6% |
| Snam SpA | 5.0% |
| Exelon Corp. | 4.9% |
| CSX Corp. | 4.9% |
| Norfolk Southern Corp. | 4.8% |
| American Electric Power Co., Inc. | 4.8% |
| Terna - Rete Elettrica Nazionale | 4.7% |
| Vinci SA | 4.7% |
| Severn Trent PLC | 4.6% |
Top Sectors (% of Net Assets)
| Utilities | 55.4% |
| Industrials | 32.8% |
| Cash, Cash Equivalents and Repurchase Agreements | 9.3% |
| Communication Services | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Opportunistic Strategies Portfolio
LCAIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $53 | 1.02% |
| Institutional Shares | MSCI World Index | Global Asset Allocation Blended Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,934 | $9,840 | $9,894 |
| 2014 | $10,114 | $10,056 | $10,068 |
| 2014 | $9,962 | $9,784 | $9,877 |
| 2014 | $10,085 | $9,848 | $9,954 |
| 2014 | $10,247 | $10,044 | $10,102 |
| 2014 | $10,152 | $9,883 | $10,008 |
| 2015 | $9,960 | $9,704 | $9,983 |
| 2015 | $10,355 | $10,273 | $10,291 |
| 2015 | $10,243 | $10,111 | $10,211 |
| 2015 | $10,294 | $10,349 | $10,340 |
| 2015 | $10,284 | $10,384 | $10,352 |
| 2015 | $10,091 | $10,142 | $10,161 |
| 2015 | $10,142 | $10,324 | $10,298 |
| 2015 | $9,752 | $9,640 | $9,882 |
| 2015 | $9,517 | $9,285 | $9,696 |
| 2015 | $10,008 | $10,020 | $10,158 |
| 2015 | $9,988 | $9,970 | $10,116 |
| 2015 | $9,766 | $9,794 | $9,994 |
| 2016 | $9,359 | $9,209 | $9,690 |
| 2016 | $9,244 | $9,140 | $9,676 |
| 2016 | $9,641 | $9,761 | $10,094 |
| 2016 | $9,808 | $9,915 | $10,205 |
| 2016 | $9,787 | $9,971 | $10,240 |
| 2016 | $9,839 | $9,859 | $10,243 |
| 2016 | $10,194 | $10,275 | $10,529 |
| 2016 | $10,277 | $10,283 | $10,530 |
| 2016 | $10,319 | $10,338 | $10,561 |
| 2016 | $10,152 | $10,137 | $10,406 |
| 2016 | $10,194 | $10,283 | $10,396 |
| 2016 | $10,289 | $10,529 | $10,553 |
| 2017 | $10,544 | $10,783 | $10,714 |
| 2017 | $10,734 | $11,082 | $10,922 |
| 2017 | $10,756 | $11,200 | $10,991 |
| 2017 | $10,872 | $11,366 | $11,123 |
| 2017 | $10,978 | $11,607 | $11,299 |
| 2017 | $11,169 | $11,651 | $11,320 |
| 2017 | $11,403 | $11,929 | $11,503 |
| 2017 | $11,360 | $11,946 | $11,553 |
| 2017 | $11,710 | $12,214 | $11,687 |
| 2017 | $11,880 | $12,445 | $11,822 |
| 2017 | $11,954 | $12,715 | $11,971 |
| 2017 | $12,114 | $12,886 | $12,091 |
| 2018 | $12,628 | $13,567 | $12,419 |
| 2018 | $12,103 | $13,005 | $12,057 |
| 2018 | $11,840 | $12,721 | $11,928 |
| 2018 | $11,920 | $12,868 | $11,974 |
| 2018 | $11,908 | $12,949 | $12,054 |
| 2018 | $11,806 | $12,942 | $12,044 |
| 2018 | $12,068 | $13,346 | $12,271 |
| 2018 | $12,191 | $13,512 | $12,393 |
| 2018 | $12,121 | $13,587 | $12,405 |
| 2018 | $11,249 | $12,590 | $11,819 |
| 2018 | $11,365 | $12,734 | $11,927 |
| 2018 | $10,573 | $11,766 | $11,488 |
| 2019 | $11,226 | $12,681 | $12,073 |
| 2019 | $11,468 | $13,063 | $12,294 |
| 2019 | $11,541 | $13,234 | $12,483 |
| 2019 | $11,783 | $13,704 | $12,750 |
| 2019 | $11,432 | $12,913 | $12,391 |
| 2019 | $11,747 | $13,764 | $12,937 |
| 2019 | $11,867 | $13,833 | $12,987 |
| 2019 | $11,722 | $13,549 | $12,962 |
| 2019 | $11,783 | $13,838 | $13,097 |
| 2019 | $11,880 | $14,189 | $13,313 |
| 2019 | $12,025 | $14,585 | $13,536 |
| 2019 | $12,175 | $15,023 | $13,781 |
| 2020 | $12,188 | $14,931 | $13,836 |
| 2020 | $11,707 | $13,670 | $13,243 |
| 2020 | $10,720 | $11,861 | $12,214 |
| 2020 | $11,546 | $13,156 | $13,101 |
| 2020 | $12,003 | $13,792 | $13,516 |
| 2020 | $12,175 | $14,157 | $13,773 |
| 2020 | $12,496 | $14,834 | $14,251 |
| 2020 | $12,755 | $15,825 | $14,784 |
| 2020 | $12,582 | $15,279 | $14,462 |
| 2020 | $12,323 | $14,810 | $14,170 |
| 2020 | $13,089 | $16,704 | $15,302 |
| 2020 | $13,329 | $17,412 | $15,713 |
| 2021 | $13,241 | $17,240 | $15,574 |
| 2021 | $13,467 | $17,681 | $15,723 |
| 2021 | $13,833 | $18,270 | $15,965 |
| 2021 | $14,198 | $19,120 | $16,461 |
| 2021 | $14,374 | $19,395 | $16,626 |
| 2021 | $14,400 | $19,684 | $16,823 |
| 2021 | $14,526 | $20,036 | $17,079 |
| 2021 | $14,853 | $20,535 | $17,321 |
| 2021 | $14,274 | $19,683 | $16,826 |
| 2021 | $14,878 | $20,797 | $17,396 |
| 2021 | $14,513 | $20,341 | $17,182 |
| 2021 | $15,056 | $21,210 | $17,610 |
| 2022 | $14,306 | $20,088 | $16,899 |
| 2022 | $14,069 | $19,580 | $16,569 |
| 2022 | $14,201 | $20,116 | $16,647 |
| 2022 | $13,504 | $18,445 | $15,565 |
| 2022 | $13,425 | $18,459 | $15,613 |
| 2022 | $12,728 | $16,861 | $14,718 |
| 2022 | $13,228 | $18,200 | $15,563 |
| 2022 | $12,957 | $17,439 | $14,995 |
| 2022 | $12,270 | $15,817 | $13,892 |
| 2022 | $12,768 | $16,953 | $14,419 |
| 2022 | $13,145 | $18,131 | $15,242 |
| 2022 | $12,807 | $17,360 | $14,811 |
| 2023 | $13,202 | $18,589 | $15,622 |
| 2023 | $12,835 | $18,143 | $15,236 |
| 2023 | $13,107 | $18,704 | $15,674 |
| 2023 | $13,243 | $19,031 | $15,876 |
| 2023 | $12,916 | $18,841 | $15,712 |
| 2023 | $13,338 | $19,981 | $16,262 |
| 2023 | $13,733 | $20,652 | $16,585 |
| 2023 | $13,352 | $20,159 | $16,303 |
| 2023 | $12,848 | $19,290 | $15,715 |
| 2023 | $12,535 | $18,730 | $15,342 |
| 2023 | $13,434 | $20,487 | $16,481 |
| 2023 | $14,125 | $21,493 | $17,219 |
| 2024 | $14,195 | $21,751 | $17,324 |
| 2024 | $14,658 | $22,673 | $17,671 |
| 2024 | $15,023 | $23,401 | $18,083 |
| 2024 | $14,307 | $22,533 | $17,498 |
| 2024 | $14,840 | $23,540 | $18,084 |
| 2024 | $15,177 | $24,021 | $18,373 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 13.79% | 5.26% | 4.26% |
| MSCI World Index | 20.19% | 11.78% | 9.16% |
| Global Asset Allocation Blended Index | 12.98% | 7.27% | 6.27% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $35,316,607 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $70,298 |
Top 10 Holdings (% of Net Assets)
| Vanguard S&P 500 ETF | 12.5% |
| Vanguard S&P 500 Growth ETF | 10.8% |
| iShares Currency Hedged MSCI Japan ETF | 10.4% |
| Vanguard Long-Term Treasury ETF | 10.2% |
| Vanguard S&P 500 Value ETF | 9.8% |
| SPDR EURO STOXX 50 ETF | 9.1% |
| Invesco QQQ Trust | 6.6% |
| Vanguard Mega Cap ETF | 5.7% |
| iShares Expanded Tech-Software Sector ETF | 5.5% |
| iShares Russell 2000 ETF | 5.5% |
Top Sectors (% of Net Assets)
| Equity Funds | 70.1% |
| Fixed-Income Funds | 22.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 5.4% |
| Commodity | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Opportunistic Strategies Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $65 | 1.27% |
| Open Shares | MSCI World Index | Global Asset Allocation Blended Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,933 | $9,840 | $9,894 |
| 2014 | $10,105 | $10,056 | $10,068 |
| 2014 | $9,952 | $9,784 | $9,877 |
| 2014 | $10,076 | $9,848 | $9,954 |
| 2014 | $10,238 | $10,044 | $10,102 |
| 2014 | $10,142 | $9,883 | $10,008 |
| 2015 | $9,950 | $9,704 | $9,983 |
| 2015 | $10,335 | $10,273 | $10,291 |
| 2015 | $10,223 | $10,111 | $10,211 |
| 2015 | $10,264 | $10,349 | $10,340 |
| 2015 | $10,254 | $10,384 | $10,352 |
| 2015 | $10,062 | $10,142 | $10,161 |
| 2015 | $10,112 | $10,324 | $10,298 |
| 2015 | $9,723 | $9,640 | $9,882 |
| 2015 | $9,487 | $9,285 | $9,696 |
| 2015 | $9,979 | $10,020 | $10,158 |
| 2015 | $9,907 | $9,970 | $10,116 |
| 2015 | $9,675 | $9,794 | $9,994 |
| 2016 | $9,280 | $9,209 | $9,690 |
| 2016 | $9,155 | $9,140 | $9,676 |
| 2016 | $9,550 | $9,761 | $10,094 |
| 2016 | $9,716 | $9,915 | $10,205 |
| 2016 | $9,696 | $9,971 | $10,240 |
| 2016 | $9,748 | $9,859 | $10,243 |
| 2016 | $10,091 | $10,275 | $10,529 |
| 2016 | $10,163 | $10,283 | $10,530 |
| 2016 | $10,215 | $10,338 | $10,561 |
| 2016 | $10,039 | $10,137 | $10,406 |
| 2016 | $10,080 | $10,283 | $10,396 |
| 2016 | $10,166 | $10,529 | $10,553 |
| 2017 | $10,419 | $10,783 | $10,714 |
| 2017 | $10,609 | $11,082 | $10,922 |
| 2017 | $10,620 | $11,200 | $10,991 |
| 2017 | $10,735 | $11,366 | $11,123 |
| 2017 | $10,841 | $11,607 | $11,299 |
| 2017 | $11,020 | $11,651 | $11,320 |
| 2017 | $11,252 | $11,929 | $11,503 |
| 2017 | $11,209 | $11,946 | $11,553 |
| 2017 | $11,547 | $12,214 | $11,687 |
| 2017 | $11,715 | $12,445 | $11,822 |
| 2017 | $11,789 | $12,715 | $11,971 |
| 2017 | $11,943 | $12,886 | $12,091 |
| 2018 | $12,441 | $13,567 | $12,419 |
| 2018 | $11,921 | $13,005 | $12,057 |
| 2018 | $11,660 | $12,721 | $11,928 |
| 2018 | $11,739 | $12,868 | $11,974 |
| 2018 | $11,717 | $12,949 | $12,054 |
| 2018 | $11,615 | $12,942 | $12,044 |
| 2018 | $11,875 | $13,346 | $12,271 |
| 2018 | $11,985 | $13,512 | $12,393 |
| 2018 | $11,928 | $13,587 | $12,405 |
| 2018 | $11,052 | $12,590 | $11,819 |
| 2018 | $11,167 | $12,734 | $11,927 |
| 2018 | $10,385 | $11,766 | $11,488 |
| 2019 | $11,030 | $12,681 | $12,073 |
| 2019 | $11,270 | $13,063 | $12,294 |
| 2019 | $11,329 | $13,234 | $12,483 |
| 2019 | $11,568 | $13,704 | $12,750 |
| 2019 | $11,210 | $12,913 | $12,391 |
| 2019 | $11,532 | $13,764 | $12,937 |
| 2019 | $11,640 | $13,833 | $12,987 |
| 2019 | $11,485 | $13,549 | $12,962 |
| 2019 | $11,556 | $13,838 | $13,097 |
| 2019 | $11,640 | $14,189 | $13,313 |
| 2019 | $11,783 | $14,585 | $13,536 |
| 2019 | $11,933 | $15,023 | $13,781 |
| 2020 | $11,946 | $14,931 | $13,836 |
| 2020 | $11,459 | $13,670 | $13,243 |
| 2020 | $10,487 | $11,861 | $12,214 |
| 2020 | $11,301 | $13,156 | $13,101 |
| 2020 | $11,739 | $13,792 | $13,516 |
| 2020 | $11,909 | $14,157 | $13,773 |
| 2020 | $12,225 | $14,834 | $14,251 |
| 2020 | $12,468 | $15,825 | $14,784 |
| 2020 | $12,298 | $15,279 | $14,462 |
| 2020 | $12,042 | $14,810 | $14,170 |
| 2020 | $12,796 | $16,704 | $15,302 |
| 2020 | $13,037 | $17,412 | $15,713 |
| 2021 | $12,938 | $17,240 | $15,574 |
| 2021 | $13,148 | $17,681 | $15,723 |
| 2021 | $13,507 | $18,270 | $15,965 |
| 2021 | $13,866 | $19,120 | $16,461 |
| 2021 | $14,040 | $19,395 | $16,626 |
| 2021 | $14,065 | $19,684 | $16,823 |
| 2021 | $14,176 | $20,036 | $17,079 |
| 2021 | $14,486 | $20,535 | $17,321 |
| 2021 | $13,928 | $19,683 | $16,826 |
| 2021 | $14,510 | $20,797 | $17,396 |
| 2021 | $14,151 | $20,341 | $17,182 |
| 2021 | $14,673 | $21,210 | $17,610 |
| 2022 | $13,951 | $20,088 | $16,899 |
| 2022 | $13,718 | $19,580 | $16,569 |
| 2022 | $13,834 | $20,116 | $16,647 |
| 2022 | $13,151 | $18,445 | $15,565 |
| 2022 | $13,074 | $18,459 | $15,613 |
| 2022 | $12,390 | $16,861 | $14,718 |
| 2022 | $12,880 | $18,200 | $15,563 |
| 2022 | $12,615 | $17,439 | $14,995 |
| 2022 | $11,941 | $15,817 | $13,892 |
| 2022 | $12,416 | $16,953 | $14,419 |
| 2022 | $12,786 | $18,131 | $15,242 |
| 2022 | $12,463 | $17,360 | $14,811 |
| 2023 | $12,836 | $18,589 | $15,622 |
| 2023 | $12,477 | $18,143 | $15,236 |
| 2023 | $12,730 | $18,704 | $15,674 |
| 2023 | $12,863 | $19,031 | $15,876 |
| 2023 | $12,543 | $18,841 | $15,712 |
| 2023 | $12,956 | $19,981 | $16,262 |
| 2023 | $13,342 | $20,652 | $16,585 |
| 2023 | $12,956 | $20,159 | $16,303 |
| 2023 | $12,463 | $19,290 | $15,715 |
| 2023 | $12,157 | $18,730 | $15,342 |
| 2023 | $13,036 | $20,487 | $16,481 |
| 2023 | $13,691 | $21,493 | $17,219 |
| 2024 | $13,760 | $21,751 | $17,324 |
| 2024 | $14,225 | $22,673 | $17,671 |
| 2024 | $14,567 | $23,401 | $18,083 |
| 2024 | $13,855 | $22,533 | $17,498 |
| 2024 | $14,376 | $23,540 | $18,084 |
| 2024 | $14,704 | $24,021 | $18,373 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 13.49% | 4.98% | 3.93% |
| MSCI World Index | 20.19% | 11.78% | 9.16% |
| Global Asset Allocation Blended Index | 12.98% | 7.27% | 6.27% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $35,316,607 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $70,298 |
Top 10 Holdings (% of Net Assets)
| Vanguard S&P 500 ETF | 12.5% |
| Vanguard S&P 500 Growth ETF | 10.8% |
| iShares Currency Hedged MSCI Japan ETF | 10.4% |
| Vanguard Long-Term Treasury ETF | 10.2% |
| Vanguard S&P 500 Value ETF | 9.8% |
| SPDR EURO STOXX 50 ETF | 9.1% |
| Invesco QQQ Trust | 6.6% |
| Vanguard Mega Cap ETF | 5.7% |
| iShares Expanded Tech-Software Sector ETF | 5.5% |
| iShares Russell 2000 ETF | 5.5% |
Top Sectors (% of Net Assets)
| Equity Funds | 70.1% |
| Fixed-Income Funds | 22.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 5.4% |
| Commodity | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Convertibles Portfolio
CONIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $37 | 0.75% |
| Institutional Shares | US Universal Index | ICE BofA US Convertible Index |
|---|
| 2022 | $10,000 | $10,000 | $10,000 |
| 2022 | $10,000 | $10,000 | $10,000 |
| 2023 | $10,630 | $10,310 | $10,580 |
| 2023 | $10,370 | $10,057 | $10,444 |
| 2023 | $10,433 | $10,293 | $10,375 |
| 2023 | $10,282 | $10,356 | $10,230 |
| 2023 | $10,373 | $10,248 | $10,320 |
| 2023 | $10,909 | $10,232 | $10,855 |
| 2023 | $11,151 | $10,243 | $11,151 |
| 2023 | $10,778 | $10,181 | $10,863 |
| 2023 | $10,466 | $9,938 | $10,580 |
| 2023 | $9,970 | $9,789 | $10,115 |
| 2023 | $10,516 | $10,229 | $10,642 |
| 2023 | $11,062 | $10,617 | $11,298 |
| 2024 | $10,927 | $10,592 | $11,167 |
| 2024 | $10,938 | $10,465 | $11,301 |
| 2024 | $11,116 | $10,568 | $11,563 |
| 2024 | $10,740 | $10,321 | $11,161 |
| 2024 | $10,886 | $10,492 | $11,433 |
| 2024 | $11,077 | $10,588 | $11,527 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 12/30/22 |
|---|
| Institutional Shares | 1.54% | 7.05% |
| US Universal Index | 3.47% | 3.88% |
| ICE BofA US Convertible Index | 6.19% | 9.94% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US Convertible Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $12,372,110 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Palo Alto Networks, Inc. 0.375% due 06/01/25 | 3.1% |
| Bank of America Corp., Series L | 2.8% |
| Uber Technologies, Inc. 0.000% due 12/15/25 | 2.6% |
| Royal Caribbean Cruises Ltd. 6.000% due 08/15/25 | 2.4% |
| Live Nation Entertainment, Inc. 2.000% due 02/15/25 | 2.2% |
| Halozyme Therapeutics, Inc. 0.250% due 03/01/27 | 2.2% |
| Dexcom, Inc. 0.250% due 11/15/25 | 2.1% |
| ON Semiconductor Corp. 0.500% due 03/01/29 | 2.1% |
| Cloudflare, Inc. 0.000% due 08/15/26 | 2.0% |
| Ford Motor Co. 0.000% due 03/15/26 | 1.9% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 28.7% |
| Health Care | 14.8% |
| Consumer Discretionary | 13.2% |
| Communication Services | 12.0% |
| Financials | 9.0% |
| Industrials | 7.9% |
| Utilities | 6.9% |
| Cash, Cash Equivalents and Repurchase Agreements | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.0% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Convertibles Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $50 | 1.00% |
| Open Shares | US Universal Index | ICE BofA US Convertible Index |
|---|
| 2022 | $10,000 | $10,000 | $10,000 |
| 2022 | $10,000 | $10,000 | $10,000 |
| 2023 | $10,630 | $10,310 | $10,580 |
| 2023 | $10,360 | $10,057 | $10,444 |
| 2023 | $10,427 | $10,293 | $10,375 |
| 2023 | $10,276 | $10,356 | $10,230 |
| 2023 | $10,367 | $10,248 | $10,320 |
| 2023 | $10,906 | $10,232 | $10,855 |
| 2023 | $11,138 | $10,243 | $11,151 |
| 2023 | $10,765 | $10,181 | $10,863 |
| 2023 | $10,447 | $9,938 | $10,580 |
| 2023 | $9,952 | $9,789 | $10,115 |
| 2023 | $10,487 | $10,229 | $10,642 |
| 2023 | $11,035 | $10,617 | $11,298 |
| 2024 | $10,900 | $10,592 | $11,167 |
| 2024 | $10,910 | $10,465 | $11,301 |
| 2024 | $11,081 | $10,568 | $11,563 |
| 2024 | $10,706 | $10,321 | $11,161 |
| 2024 | $10,852 | $10,492 | $11,433 |
| 2024 | $11,035 | $10,588 | $11,527 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 12/30/22 |
|---|
| Open Shares | 1.18% | 6.78% |
| US Universal Index | 3.47% | 3.88% |
| ICE BofA US Convertible Index | 6.19% | 9.94% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US Convertible Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $12,372,110 |
| # of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Palo Alto Networks, Inc. 0.375% due 06/01/25 | 3.1% |
| Bank of America Corp., Series L | 2.8% |
| Uber Technologies, Inc. 0.000% due 12/15/25 | 2.6% |
| Royal Caribbean Cruises Ltd. 6.000% due 08/15/25 | 2.4% |
| Live Nation Entertainment, Inc. 2.000% due 02/15/25 | 2.2% |
| Halozyme Therapeutics, Inc. 0.250% due 03/01/27 | 2.2% |
| Dexcom, Inc. 0.250% due 11/15/25 | 2.1% |
| ON Semiconductor Corp. 0.500% due 03/01/29 | 2.1% |
| Cloudflare, Inc. 0.000% due 08/15/26 | 2.0% |
| Ford Motor Co. 0.000% due 03/15/26 | 1.9% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 28.7% |
| Health Care | 14.8% |
| Consumer Discretionary | 13.2% |
| Communication Services | 12.0% |
| Financials | 9.0% |
| Industrials | 7.9% |
| Utilities | 6.9% |
| Cash, Cash Equivalents and Repurchase Agreements | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.0% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Concentrated Portfolio
LEVIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $47 | 0.94% |
| Institutional Shares | S&P 500 Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,745 | $9,862 |
| 2014 | $10,146 | $10,256 |
| 2014 | $10,033 | $10,113 |
| 2014 | $10,379 | $10,360 |
| 2014 | $10,778 | $10,638 |
| 2014 | $10,901 | $10,611 |
| 2015 | $10,682 | $10,292 |
| 2015 | $11,275 | $10,884 |
| 2015 | $11,251 | $10,712 |
| 2015 | $11,153 | $10,815 |
| 2015 | $11,478 | $10,955 |
| 2015 | $11,316 | $10,742 |
| 2015 | $11,633 | $10,968 |
| 2015 | $10,942 | $10,306 |
| 2015 | $10,909 | $10,052 |
| 2015 | $11,690 | $10,900 |
| 2015 | $11,543 | $10,933 |
| 2015 | $11,665 | $10,760 |
| 2016 | $11,024 | $10,226 |
| 2016 | $11,158 | $10,213 |
| 2016 | $11,808 | $10,905 |
| 2016 | $11,715 | $10,948 |
| 2016 | $11,968 | $11,145 |
| 2016 | $11,943 | $11,174 |
| 2016 | $12,753 | $11,586 |
| 2016 | $12,775 | $11,603 |
| 2016 | $12,843 | $11,605 |
| 2016 | $12,284 | $11,394 |
| 2016 | $12,403 | $11,815 |
| 2016 | $12,525 | $12,049 |
| 2017 | $12,816 | $12,278 |
| 2017 | $13,179 | $12,766 |
| 2017 | $13,285 | $12,781 |
| 2017 | $13,524 | $12,913 |
| 2017 | $13,621 | $13,095 |
| 2017 | $13,489 | $13,176 |
| 2017 | $13,577 | $13,447 |
| 2017 | $13,639 | $13,488 |
| 2017 | $13,701 | $13,766 |
| 2017 | $14,055 | $14,087 |
| 2017 | $14,311 | $14,520 |
| 2017 | $14,465 | $14,681 |
| 2018 | $15,212 | $15,522 |
| 2018 | $14,824 | $14,949 |
| 2018 | $14,522 | $14,570 |
| 2018 | $14,305 | $14,625 |
| 2018 | $14,720 | $14,978 |
| 2018 | $14,843 | $15,070 |
| 2018 | $15,155 | $15,630 |
| 2018 | $15,562 | $16,140 |
| 2018 | $15,572 | $16,232 |
| 2018 | $14,366 | $15,122 |
| 2018 | $14,868 | $15,430 |
| 2018 | $13,587 | $14,037 |
| 2019 | $14,652 | $15,162 |
| 2019 | $15,316 | $15,649 |
| 2019 | $15,717 | $15,953 |
| 2019 | $16,191 | $16,599 |
| 2019 | $15,327 | $15,544 |
| 2019 | $16,528 | $16,639 |
| 2019 | $17,098 | $16,879 |
| 2019 | $16,929 | $16,612 |
| 2019 | $17,087 | $16,923 |
| 2019 | $17,024 | $17,290 |
| 2019 | $17,340 | $17,918 |
| 2019 | $17,897 | $18,459 |
| 2020 | $18,227 | $18,452 |
| 2020 | $16,611 | $16,933 |
| 2020 | $14,252 | $14,841 |
| 2020 | $15,814 | $16,744 |
| 2020 | $16,654 | $17,541 |
| 2020 | $16,580 | $17,890 |
| 2020 | $17,090 | $18,899 |
| 2020 | $17,951 | $20,258 |
| 2020 | $17,706 | $19,488 |
| 2020 | $17,387 | $18,970 |
| 2020 | $19,109 | $21,047 |
| 2020 | $19,505 | $21,855 |
| 2021 | $19,191 | $21,635 |
| 2021 | $20,272 | $22,231 |
| 2021 | $21,245 | $23,205 |
| 2021 | $22,606 | $24,443 |
| 2021 | $22,325 | $24,614 |
| 2021 | $22,595 | $25,188 |
| 2021 | $23,179 | $25,787 |
| 2021 | $23,615 | $26,571 |
| 2021 | $22,643 | $25,335 |
| 2021 | $23,747 | $27,111 |
| 2021 | $23,255 | $26,924 |
| 2021 | $24,581 | $28,130 |
| 2022 | $23,146 | $26,676 |
| 2022 | $22,459 | $25,877 |
| 2022 | $23,146 | $26,838 |
| 2022 | $21,898 | $24,498 |
| 2022 | $21,561 | $24,543 |
| 2022 | $19,902 | $22,518 |
| 2022 | $21,773 | $24,594 |
| 2022 | $20,467 | $23,591 |
| 2022 | $18,534 | $21,419 |
| 2022 | $19,602 | $23,153 |
| 2022 | $20,671 | $24,447 |
| 2022 | $19,692 | $23,039 |
| 2023 | $21,372 | $24,485 |
| 2023 | $20,658 | $23,888 |
| 2023 | $21,425 | $24,765 |
| 2023 | $21,465 | $25,151 |
| 2023 | $21,147 | $25,259 |
| 2023 | $22,484 | $26,929 |
| 2023 | $22,550 | $27,794 |
| 2023 | $21,718 | $27,351 |
| 2023 | $20,619 | $26,047 |
| 2023 | $19,757 | $25,500 |
| 2023 | $21,718 | $27,828 |
| 2023 | $22,902 | $29,091 |
| 2024 | $22,527 | $29,580 |
| 2024 | $23,036 | $31,159 |
| 2024 | $23,707 | $32,163 |
| 2024 | $22,285 | $30,851 |
| 2024 | $22,688 | $32,381 |
| 2024 | $23,599 | $33,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 4.96% | 7.38% | 8.97% |
| S&P 500 Index | 24.56% | 15.05% | 12.86% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $94,783,316 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $434,879 |
Top 10 Holdings (% of Net Assets)
| Marvell Technology, Inc. | 11.8% |
| Amazon.com, Inc. | 8.6% |
| Broadcom, Inc. | 6.2% |
| Crown Castle, Inc. | 6.2% |
| Oracle Corp. | 5.6% |
| UnitedHealth Group, Inc. | 5.0% |
| Intercontinental Exchange, Inc. | 4.7% |
| S&P Global, Inc. | 4.7% |
| Lululemon Athletica, Inc. | 4.7% |
| Waste Management, Inc. | 4.6% |
Top Sectors (% of Net Assets)
| Information Technology | 26.5% |
| Financials | 18.2% |
| Consumer Discretionary | 17.3% |
| Industrials | 11.5% |
| Real Estate | 10.3% |
| Health Care | 9.5% |
| Communication Services | 4.2% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Concentrated Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $60 | 1.19% |
| Open Shares | S&P 500 Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,739 | $9,862 |
| 2014 | $10,137 | $10,256 |
| 2014 | $10,025 | $10,113 |
| 2014 | $10,362 | $10,360 |
| 2014 | $10,752 | $10,638 |
| 2014 | $10,876 | $10,611 |
| 2015 | $10,651 | $10,292 |
| 2015 | $11,239 | $10,884 |
| 2015 | $11,207 | $10,712 |
| 2015 | $11,118 | $10,815 |
| 2015 | $11,432 | $10,955 |
| 2015 | $11,263 | $10,742 |
| 2015 | $11,585 | $10,968 |
| 2015 | $10,892 | $10,306 |
| 2015 | $10,860 | $10,052 |
| 2015 | $11,634 | $10,900 |
| 2015 | $11,481 | $10,933 |
| 2015 | $11,602 | $10,760 |
| 2016 | $10,961 | $10,226 |
| 2016 | $11,094 | $10,213 |
| 2016 | $11,736 | $10,905 |
| 2016 | $11,644 | $10,948 |
| 2016 | $11,894 | $11,145 |
| 2016 | $11,861 | $11,174 |
| 2016 | $12,661 | $11,586 |
| 2016 | $12,683 | $11,603 |
| 2016 | $12,742 | $11,605 |
| 2016 | $12,198 | $11,394 |
| 2016 | $12,307 | $11,815 |
| 2016 | $12,421 | $12,049 |
| 2017 | $12,709 | $12,278 |
| 2017 | $13,066 | $12,766 |
| 2017 | $13,162 | $12,781 |
| 2017 | $13,406 | $12,913 |
| 2017 | $13,494 | $13,095 |
| 2017 | $13,363 | $13,176 |
| 2017 | $13,450 | $13,447 |
| 2017 | $13,511 | $13,488 |
| 2017 | $13,563 | $13,766 |
| 2017 | $13,903 | $14,087 |
| 2017 | $14,156 | $14,520 |
| 2017 | $14,311 | $14,681 |
| 2018 | $15,035 | $15,522 |
| 2018 | $14,664 | $14,949 |
| 2018 | $14,349 | $14,570 |
| 2018 | $14,135 | $14,625 |
| 2018 | $14,543 | $14,978 |
| 2018 | $14,664 | $15,070 |
| 2018 | $14,970 | $15,630 |
| 2018 | $15,361 | $16,140 |
| 2018 | $15,380 | $16,232 |
| 2018 | $14,177 | $15,122 |
| 2018 | $14,669 | $15,430 |
| 2018 | $13,402 | $14,037 |
| 2019 | $14,454 | $15,162 |
| 2019 | $15,094 | $15,649 |
| 2019 | $15,496 | $15,953 |
| 2019 | $15,961 | $16,599 |
| 2019 | $15,094 | $15,544 |
| 2019 | $16,280 | $16,639 |
| 2019 | $16,838 | $16,879 |
| 2019 | $16,672 | $16,612 |
| 2019 | $16,827 | $16,923 |
| 2019 | $16,745 | $17,290 |
| 2019 | $17,065 | $17,918 |
| 2019 | $17,613 | $18,459 |
| 2020 | $17,924 | $18,452 |
| 2020 | $16,337 | $16,933 |
| 2020 | $14,014 | $14,841 |
| 2020 | $15,538 | $16,744 |
| 2020 | $16,358 | $17,541 |
| 2020 | $16,285 | $17,890 |
| 2020 | $16,783 | $18,899 |
| 2020 | $17,623 | $20,258 |
| 2020 | $17,385 | $19,488 |
| 2020 | $17,063 | $18,970 |
| 2020 | $18,754 | $21,047 |
| 2020 | $19,132 | $21,855 |
| 2021 | $18,827 | $21,635 |
| 2021 | $19,879 | $22,231 |
| 2021 | $20,836 | $23,205 |
| 2021 | $22,161 | $24,443 |
| 2021 | $21,877 | $24,614 |
| 2021 | $22,130 | $25,188 |
| 2021 | $22,708 | $25,787 |
| 2021 | $23,123 | $26,571 |
| 2021 | $22,176 | $25,335 |
| 2021 | $23,250 | $27,111 |
| 2021 | $22,761 | $26,924 |
| 2021 | $24,053 | $28,130 |
| 2022 | $22,637 | $26,676 |
| 2022 | $21,972 | $25,877 |
| 2022 | $22,625 | $26,838 |
| 2022 | $21,415 | $24,498 |
| 2022 | $21,077 | $24,543 |
| 2022 | $19,443 | $22,518 |
| 2022 | $21,270 | $24,594 |
| 2022 | $19,992 | $23,591 |
| 2022 | $18,093 | $21,419 |
| 2022 | $19,141 | $23,153 |
| 2022 | $20,177 | $24,447 |
| 2022 | $19,224 | $23,039 |
| 2023 | $20,849 | $24,485 |
| 2023 | $20,158 | $23,888 |
| 2023 | $20,900 | $24,765 |
| 2023 | $20,926 | $25,151 |
| 2023 | $20,606 | $25,259 |
| 2023 | $21,911 | $26,929 |
| 2023 | $21,974 | $27,794 |
| 2023 | $21,158 | $27,351 |
| 2023 | $20,082 | $26,047 |
| 2023 | $19,250 | $25,500 |
| 2023 | $21,143 | $27,828 |
| 2023 | $22,304 | $29,091 |
| 2024 | $21,920 | $29,580 |
| 2024 | $22,432 | $31,159 |
| 2024 | $23,072 | $32,163 |
| 2024 | $21,689 | $30,851 |
| 2024 | $22,073 | $32,381 |
| 2024 | $22,944 | $33,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 4.72% | 7.10% | 8.66% |
| S&P 500 Index | 24.56% | 15.05% | 12.86% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $94,783,316 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $434,879 |
Top 10 Holdings (% of Net Assets)
| Marvell Technology, Inc. | 11.8% |
| Amazon.com, Inc. | 8.6% |
| Broadcom, Inc. | 6.2% |
| Crown Castle, Inc. | 6.2% |
| Oracle Corp. | 5.6% |
| UnitedHealth Group, Inc. | 5.0% |
| Intercontinental Exchange, Inc. | 4.7% |
| S&P Global, Inc. | 4.7% |
| Lululemon Athletica, Inc. | 4.7% |
| Waste Management, Inc. | 4.6% |
Top Sectors (% of Net Assets)
| Information Technology | 26.5% |
| Financials | 18.2% |
| Consumer Discretionary | 17.3% |
| Industrials | 11.5% |
| Real Estate | 10.3% |
| Health Care | 9.5% |
| Communication Services | 4.2% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Concentrated Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $46 | 0.91% |
| R6 Shares | S&P 500 Index |
|---|
| 2016 | $1,000,000 | $1,000,000 |
| 2016 | $992,552 | $1,010,050 |
| 2016 | $1,001,730 | $1,030,049 |
| 2017 | $1,025,042 | $1,049,620 |
| 2017 | $1,054,713 | $1,091,290 |
| 2017 | $1,062,484 | $1,092,599 |
| 2017 | $1,082,264 | $1,103,853 |
| 2017 | $1,089,328 | $1,119,417 |
| 2017 | $1,079,438 | $1,126,358 |
| 2017 | $1,086,502 | $1,149,561 |
| 2017 | $1,091,457 | $1,153,080 |
| 2017 | $1,096,402 | $1,176,833 |
| 2017 | $1,123,953 | $1,204,295 |
| 2017 | $1,144,440 | $1,241,230 |
| 2017 | $1,157,203 | $1,255,032 |
| 2018 | $1,216,798 | $1,326,887 |
| 2018 | $1,185,869 | $1,277,982 |
| 2018 | $1,161,729 | $1,245,505 |
| 2018 | $1,144,378 | $1,250,284 |
| 2018 | $1,177,570 | $1,280,393 |
| 2018 | $1,187,377 | $1,288,274 |
| 2018 | $1,212,271 | $1,336,198 |
| 2018 | $1,244,808 | $1,379,758 |
| 2018 | $1,246,349 | $1,387,622 |
| 2018 | $1,149,290 | $1,292,709 |
| 2018 | $1,189,346 | $1,319,080 |
| 2018 | $1,086,833 | $1,199,967 |
| 2019 | $1,172,635 | $1,296,128 |
| 2019 | $1,224,790 | $1,337,744 |
| 2019 | $1,257,596 | $1,363,739 |
| 2019 | $1,295,451 | $1,418,957 |
| 2019 | $1,225,631 | $1,328,785 |
| 2019 | $1,322,369 | $1,422,432 |
| 2019 | $1,367,794 | $1,442,916 |
| 2019 | $1,354,335 | $1,420,117 |
| 2019 | $1,366,953 | $1,446,674 |
| 2019 | $1,361,064 | $1,478,066 |
| 2019 | $1,387,142 | $1,531,720 |
| 2019 | $1,432,332 | $1,577,978 |
| 2020 | $1,458,621 | $1,577,363 |
| 2020 | $1,328,872 | $1,447,514 |
| 2020 | $1,139,760 | $1,268,732 |
| 2020 | $1,265,269 | $1,431,371 |
| 2020 | $1,331,416 | $1,499,547 |
| 2020 | $1,326,328 | $1,529,388 |
| 2020 | $1,367,033 | $1,615,645 |
| 2020 | $1,435,726 | $1,731,810 |
| 2020 | $1,416,221 | $1,666,001 |
| 2020 | $1,390,780 | $1,621,686 |
| 2020 | $1,528,162 | $1,799,260 |
| 2020 | $1,559,742 | $1,868,352 |
| 2021 | $1,535,600 | $1,849,489 |
| 2021 | $1,620,959 | $1,900,479 |
| 2021 | $1,699,421 | $1,983,713 |
| 2021 | $1,808,059 | $2,089,581 |
| 2021 | $1,785,642 | $2,104,176 |
| 2021 | $1,807,197 | $2,153,203 |
| 2021 | $1,853,757 | $2,204,449 |
| 2021 | $1,888,587 | $2,271,465 |
| 2021 | $1,811,858 | $2,165,842 |
| 2021 | $1,899,922 | $2,317,667 |
| 2021 | $1,859,814 | $2,301,675 |
| 2021 | $1,966,253 | $2,404,790 |
| 2022 | $1,850,826 | $2,280,463 |
| 2022 | $1,797,092 | $2,212,182 |
| 2022 | $1,850,826 | $2,294,320 |
| 2022 | $1,752,314 | $2,094,251 |
| 2022 | $1,724,452 | $2,098,093 |
| 2022 | $1,592,108 | $1,925,000 |
| 2022 | $1,741,368 | $2,102,485 |
| 2022 | $1,637,244 | $2,016,742 |
| 2022 | $1,482,040 | $1,831,003 |
| 2022 | $1,568,264 | $1,979,243 |
| 2022 | $1,653,474 | $2,089,883 |
| 2022 | $1,575,212 | $1,969,506 |
| 2023 | $1,709,206 | $2,093,191 |
| 2023 | $1,652,232 | $2,042,117 |
| 2023 | $1,719,756 | $2,117,062 |
| 2023 | $1,722,922 | $2,150,089 |
| 2023 | $1,696,545 | $2,159,334 |
| 2023 | $1,804,162 | $2,302,066 |
| 2023 | $1,809,437 | $2,376,020 |
| 2023 | $1,743,124 | $2,338,190 |
| 2023 | $1,655,554 | $2,226,710 |
| 2023 | $1,585,734 | $2,179,890 |
| 2023 | $1,743,124 | $2,378,914 |
| 2023 | $1,838,806 | $2,486,916 |
| 2024 | $1,806,919 | $2,528,697 |
| 2024 | $1,849,435 | $2,663,729 |
| 2024 | $1,902,580 | $2,749,501 |
| 2024 | $1,815,423 | $2,637,321 |
| 2024 | $1,849,435 | $2,768,133 |
| 2024 | $1,923,838 | $2,865,286 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 11/15/16 |
|---|
| R6 Shares | 6.63% | 7.79% | 8.96% |
| S&P 500 Index | 24.56% | 15.05% | 14.81% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $94,783,316 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $434,879 |
Top 10 Holdings (% of Net Assets)
| Marvell Technology, Inc. | 11.8% |
| Amazon.com, Inc. | 8.6% |
| Broadcom, Inc. | 6.2% |
| Crown Castle, Inc. | 6.2% |
| Oracle Corp. | 5.6% |
| UnitedHealth Group, Inc. | 5.0% |
| Intercontinental Exchange, Inc. | 4.7% |
| S&P Global, Inc. | 4.7% |
| Lululemon Athletica, Inc. | 4.7% |
| Waste Management, Inc. | 4.6% |
Top Sectors (% of Net Assets)
| Information Technology | 26.5% |
| Financials | 18.2% |
| Consumer Discretionary | 17.3% |
| Industrials | 11.5% |
| Real Estate | 10.3% |
| Health Care | 9.5% |
| Communication Services | 4.2% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Focus Portfolio
LZUSX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $36 | 0.70% |
| Institutional Shares | S&P 500 Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,784 | $9,862 |
| 2014 | $10,215 | $10,256 |
| 2014 | $9,996 | $10,113 |
| 2014 | $10,238 | $10,360 |
| 2014 | $10,669 | $10,638 |
| 2014 | $10,691 | $10,611 |
| 2015 | $10,209 | $10,292 |
| 2015 | $10,794 | $10,884 |
| 2015 | $10,665 | $10,712 |
| 2015 | $10,699 | $10,815 |
| 2015 | $10,854 | $10,955 |
| 2015 | $10,673 | $10,742 |
| 2015 | $10,785 | $10,968 |
| 2015 | $10,111 | $10,306 |
| 2015 | $9,844 | $10,052 |
| 2015 | $10,524 | $10,900 |
| 2015 | $10,395 | $10,933 |
| 2015 | $10,183 | $10,760 |
| 2016 | $9,589 | $10,226 |
| 2016 | $9,543 | $10,213 |
| 2016 | $10,220 | $10,905 |
| 2016 | $10,155 | $10,948 |
| 2016 | $10,387 | $11,145 |
| 2016 | $10,239 | $11,174 |
| 2016 | $10,740 | $11,586 |
| 2016 | $10,853 | $11,603 |
| 2016 | $10,910 | $11,605 |
| 2016 | $10,596 | $11,394 |
| 2016 | $10,968 | $11,815 |
| 2016 | $11,171 | $12,049 |
| 2017 | $11,401 | $12,278 |
| 2017 | $11,766 | $12,766 |
| 2017 | $11,824 | $12,781 |
| 2017 | $11,968 | $12,913 |
| 2017 | $12,035 | $13,095 |
| 2017 | $12,055 | $13,176 |
| 2017 | $12,256 | $13,447 |
| 2017 | $12,256 | $13,488 |
| 2017 | $12,552 | $13,766 |
| 2017 | $12,739 | $14,087 |
| 2017 | $13,045 | $14,520 |
| 2017 | $13,201 | $14,681 |
| 2018 | $13,965 | $15,522 |
| 2018 | $13,530 | $14,949 |
| 2018 | $13,243 | $14,570 |
| 2018 | $13,254 | $14,625 |
| 2018 | $13,562 | $14,978 |
| 2018 | $13,583 | $15,070 |
| 2018 | $14,146 | $15,630 |
| 2018 | $14,595 | $16,140 |
| 2018 | $14,704 | $16,232 |
| 2018 | $13,748 | $15,122 |
| 2018 | $14,030 | $15,430 |
| 2018 | $12,789 | $14,037 |
| 2019 | $13,676 | $15,162 |
| 2019 | $14,251 | $15,649 |
| 2019 | $14,477 | $15,953 |
| 2019 | $15,027 | $16,599 |
| 2019 | $14,214 | $15,544 |
| 2019 | $15,164 | $16,639 |
| 2019 | $15,477 | $16,879 |
| 2019 | $15,302 | $16,612 |
| 2019 | $15,552 | $16,923 |
| 2019 | $15,789 | $17,290 |
| 2019 | $16,327 | $17,918 |
| 2019 | $16,839 | $18,459 |
| 2020 | $17,105 | $18,452 |
| 2020 | $15,649 | $16,933 |
| 2020 | $13,466 | $14,841 |
| 2020 | $15,229 | $16,744 |
| 2020 | $15,971 | $17,541 |
| 2020 | $16,069 | $17,890 |
| 2020 | $16,853 | $18,899 |
| 2020 | $18,049 | $20,258 |
| 2020 | $17,538 | $19,488 |
| 2020 | $17,126 | $18,970 |
| 2020 | $18,972 | $21,047 |
| 2020 | $19,750 | $21,855 |
| 2021 | $19,381 | $21,635 |
| 2021 | $20,194 | $22,231 |
| 2021 | $21,242 | $23,205 |
| 2021 | $22,601 | $24,443 |
| 2021 | $22,749 | $24,614 |
| 2021 | $23,059 | $25,188 |
| 2021 | $23,783 | $25,787 |
| 2021 | $24,303 | $26,571 |
| 2021 | $23,382 | $25,335 |
| 2021 | $24,953 | $27,111 |
| 2021 | $24,137 | $26,924 |
| 2021 | $25,153 | $28,130 |
| 2022 | $23,745 | $26,676 |
| 2022 | $23,353 | $25,877 |
| 2022 | $24,011 | $26,838 |
| 2022 | $22,273 | $24,498 |
| 2022 | $21,976 | $24,543 |
| 2022 | $20,598 | $22,518 |
| 2022 | $22,383 | $24,594 |
| 2022 | $21,356 | $23,591 |
| 2022 | $19,440 | $21,419 |
| 2022 | $20,901 | $23,153 |
| 2022 | $22,125 | $24,447 |
| 2022 | $20,891 | $23,039 |
| 2023 | $22,049 | $24,485 |
| 2023 | $21,213 | $23,888 |
| 2023 | $21,856 | $24,765 |
| 2023 | $22,178 | $25,151 |
| 2023 | $22,162 | $25,259 |
| 2023 | $23,288 | $26,929 |
| 2023 | $23,883 | $27,794 |
| 2023 | $23,400 | $27,351 |
| 2023 | $22,387 | $26,047 |
| 2023 | $21,969 | $25,500 |
| 2023 | $23,963 | $27,828 |
| 2023 | $25,022 | $29,091 |
| 2024 | $25,266 | $29,580 |
| 2024 | $26,355 | $31,159 |
| 2024 | $26,875 | $32,163 |
| 2024 | $25,916 | $30,851 |
| 2024 | $26,697 | $32,381 |
| 2024 | $27,379 | $33,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 17.57% | 12.54% | 10.60% |
| S&P 500 Index | 24.56% | 15.05% | 12.86% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $91,408,990 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $215,143 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 10.9% |
| Amazon.com, Inc. | 7.3% |
| Alphabet, Inc., Class A | 6.7% |
| Apple, Inc. | 4.9% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 4.0% |
| UnitedHealth Group, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.9% |
| Goldman Sachs Group, Inc. | 3.8% |
| Marsh & McLennan Cos., Inc. | 3.6% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 27.1% |
| Financials | 22.3% |
| Health Care | 14.0% |
| Consumer Discretionary | 10.0% |
| Industrials | 9.0% |
| Communication Services | 6.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 3.8% |
| Energy | 3.0% |
| Consumer Staples | 2.8% |
| Real Estate | 2.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Focus Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $49 | 0.95% |
| Open Shares | S&P 500 Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,777 | $9,862 |
| 2014 | $10,207 | $10,256 |
| 2014 | $9,981 | $10,113 |
| 2014 | $10,222 | $10,360 |
| 2014 | $10,652 | $10,638 |
| 2014 | $10,676 | $10,611 |
| 2015 | $10,188 | $10,292 |
| 2015 | $10,770 | $10,884 |
| 2015 | $10,633 | $10,712 |
| 2015 | $10,667 | $10,815 |
| 2015 | $10,821 | $10,955 |
| 2015 | $10,642 | $10,742 |
| 2015 | $10,744 | $10,968 |
| 2015 | $10,065 | $10,306 |
| 2015 | $9,809 | $10,052 |
| 2015 | $10,476 | $10,900 |
| 2015 | $10,348 | $10,933 |
| 2015 | $10,131 | $10,760 |
| 2016 | $9,542 | $10,226 |
| 2016 | $9,496 | $10,213 |
| 2016 | $10,158 | $10,905 |
| 2016 | $10,094 | $10,948 |
| 2016 | $10,324 | $11,145 |
| 2016 | $10,177 | $11,174 |
| 2016 | $10,664 | $11,586 |
| 2016 | $10,777 | $11,603 |
| 2016 | $10,833 | $11,605 |
| 2016 | $10,512 | $11,394 |
| 2016 | $10,880 | $11,815 |
| 2016 | $11,089 | $12,049 |
| 2017 | $11,307 | $12,278 |
| 2017 | $11,668 | $12,766 |
| 2017 | $11,715 | $12,781 |
| 2017 | $11,858 | $12,913 |
| 2017 | $11,924 | $13,095 |
| 2017 | $11,943 | $13,176 |
| 2017 | $12,133 | $13,447 |
| 2017 | $12,133 | $13,488 |
| 2017 | $12,425 | $13,766 |
| 2017 | $12,610 | $14,087 |
| 2017 | $12,903 | $14,520 |
| 2017 | $13,057 | $14,681 |
| 2018 | $13,810 | $15,522 |
| 2018 | $13,371 | $14,949 |
| 2018 | $13,088 | $14,570 |
| 2018 | $13,099 | $14,625 |
| 2018 | $13,392 | $14,978 |
| 2018 | $13,423 | $15,070 |
| 2018 | $13,967 | $15,630 |
| 2018 | $14,399 | $16,140 |
| 2018 | $14,517 | $16,232 |
| 2018 | $13,564 | $15,122 |
| 2018 | $13,842 | $15,430 |
| 2018 | $12,613 | $14,037 |
| 2019 | $13,484 | $15,162 |
| 2019 | $14,048 | $15,649 |
| 2019 | $14,269 | $15,953 |
| 2019 | $14,797 | $16,599 |
| 2019 | $13,999 | $15,544 |
| 2019 | $14,932 | $16,639 |
| 2019 | $15,238 | $16,879 |
| 2019 | $15,054 | $16,612 |
| 2019 | $15,300 | $16,923 |
| 2019 | $15,521 | $17,290 |
| 2019 | $16,061 | $17,918 |
| 2019 | $16,554 | $18,459 |
| 2020 | $16,814 | $18,452 |
| 2020 | $15,377 | $16,933 |
| 2020 | $13,227 | $14,841 |
| 2020 | $14,952 | $16,744 |
| 2020 | $15,678 | $17,541 |
| 2020 | $15,787 | $17,890 |
| 2020 | $16,540 | $18,899 |
| 2020 | $17,710 | $20,258 |
| 2020 | $17,210 | $19,488 |
| 2020 | $16,808 | $18,970 |
| 2020 | $18,613 | $21,047 |
| 2020 | $19,382 | $21,855 |
| 2021 | $19,007 | $21,635 |
| 2021 | $19,800 | $22,231 |
| 2021 | $20,809 | $23,205 |
| 2021 | $22,149 | $24,443 |
| 2021 | $22,293 | $24,614 |
| 2021 | $22,596 | $25,188 |
| 2021 | $23,287 | $25,787 |
| 2021 | $23,794 | $26,571 |
| 2021 | $22,881 | $25,335 |
| 2021 | $24,428 | $27,111 |
| 2021 | $23,618 | $26,924 |
| 2021 | $24,607 | $28,130 |
| 2022 | $23,221 | $26,676 |
| 2022 | $22,826 | $25,877 |
| 2022 | $23,480 | $26,838 |
| 2022 | $21,775 | $24,498 |
| 2022 | $21,486 | $24,543 |
| 2022 | $20,115 | $22,518 |
| 2022 | $21,866 | $24,594 |
| 2022 | $20,852 | $23,591 |
| 2022 | $18,988 | $21,419 |
| 2022 | $20,394 | $23,153 |
| 2022 | $21,585 | $24,447 |
| 2022 | $20,379 | $23,039 |
| 2023 | $21,518 | $24,485 |
| 2023 | $20,691 | $23,888 |
| 2023 | $21,315 | $24,765 |
| 2023 | $21,627 | $25,151 |
| 2023 | $21,596 | $25,259 |
| 2023 | $22,688 | $26,929 |
| 2023 | $23,266 | $27,794 |
| 2023 | $22,798 | $27,351 |
| 2023 | $21,799 | $26,047 |
| 2023 | $21,393 | $25,500 |
| 2023 | $23,328 | $27,828 |
| 2023 | $24,358 | $29,091 |
| 2024 | $24,594 | $29,580 |
| 2024 | $25,633 | $31,159 |
| 2024 | $26,136 | $32,163 |
| 2024 | $25,192 | $30,851 |
| 2024 | $25,963 | $32,381 |
| 2024 | $26,624 | $33,521 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 17.35% | 12.26% | 10.29% |
| S&P 500 Index | 24.56% | 15.05% | 12.86% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $91,408,990 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $215,143 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 10.9% |
| Amazon.com, Inc. | 7.3% |
| Alphabet, Inc., Class A | 6.7% |
| Apple, Inc. | 4.9% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 4.0% |
| UnitedHealth Group, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.9% |
| Goldman Sachs Group, Inc. | 3.8% |
| Marsh & McLennan Cos., Inc. | 3.6% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 27.1% |
| Financials | 22.3% |
| Health Care | 14.0% |
| Consumer Discretionary | 10.0% |
| Industrials | 9.0% |
| Communication Services | 6.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 3.8% |
| Energy | 3.0% |
| Consumer Staples | 2.8% |
| Real Estate | 2.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Equity Focus Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $36 | 0.70% |
| R6 Shares | S&P 500 Index |
|---|
| 2014 | $1,000,000 | $1,000,000 |
| 2014 | $978,423 | $986,200 |
| 2014 | $1,020,768 | $1,025,648 |
| 2014 | $999,596 | $1,011,289 |
| 2014 | $1,023,792 | $1,035,964 |
| 2014 | $1,066,891 | $1,063,832 |
| 2014 | $1,069,649 | $1,061,066 |
| 2015 | $1,021,459 | $1,029,234 |
| 2015 | $1,079,976 | $1,088,415 |
| 2015 | $1,067,067 | $1,071,218 |
| 2015 | $1,070,510 | $1,081,502 |
| 2015 | $1,085,999 | $1,095,453 |
| 2015 | $1,067,928 | $1,074,201 |
| 2015 | $1,079,115 | $1,096,759 |
| 2015 | $1,011,673 | $1,030,625 |
| 2015 | $984,982 | $1,005,168 |
| 2015 | $1,053,001 | $1,090,005 |
| 2015 | $1,040,086 | $1,093,275 |
| 2015 | $1,018,546 | $1,076,001 |
| 2016 | $959,998 | $1,022,631 |
| 2016 | $955,351 | $1,021,302 |
| 2016 | $1,022,263 | $1,090,546 |
| 2016 | $1,019,475 | $1,094,799 |
| 2016 | $1,039,920 | $1,114,506 |
| 2016 | $1,025,051 | $1,117,403 |
| 2016 | $1,075,235 | $1,158,635 |
| 2016 | $1,086,567 | $1,160,258 |
| 2016 | $1,092,291 | $1,160,490 |
| 2016 | $1,060,810 | $1,139,369 |
| 2016 | $1,098,015 | $1,181,525 |
| 2016 | $1,118,476 | $1,204,920 |
| 2017 | $1,141,557 | $1,227,813 |
| 2017 | $1,179,064 | $1,276,557 |
| 2017 | $1,183,873 | $1,278,089 |
| 2017 | $1,198,299 | $1,291,253 |
| 2017 | $1,205,992 | $1,309,460 |
| 2017 | $1,206,954 | $1,317,579 |
| 2017 | $1,227,150 | $1,344,721 |
| 2017 | $1,227,110 | $1,348,837 |
| 2017 | $1,256,727 | $1,376,623 |
| 2017 | $1,275,484 | $1,408,747 |
| 2017 | $1,306,087 | $1,451,953 |
| 2017 | $1,321,636 | $1,468,097 |
| 2018 | $1,398,191 | $1,552,152 |
| 2018 | $1,354,597 | $1,494,944 |
| 2018 | $1,325,889 | $1,456,953 |
| 2018 | $1,328,015 | $1,462,543 |
| 2018 | $1,357,787 | $1,497,764 |
| 2018 | $1,360,977 | $1,506,983 |
| 2018 | $1,417,330 | $1,563,043 |
| 2018 | $1,461,278 | $1,613,998 |
| 2018 | $1,473,247 | $1,623,198 |
| 2018 | $1,376,409 | $1,512,171 |
| 2018 | $1,404,698 | $1,543,019 |
| 2018 | $1,280,229 | $1,403,685 |
| 2019 | $1,369,081 | $1,516,171 |
| 2019 | $1,427,899 | $1,564,852 |
| 2019 | $1,450,425 | $1,595,260 |
| 2019 | $1,504,237 | $1,659,852 |
| 2019 | $1,424,145 | $1,554,372 |
| 2019 | $1,519,255 | $1,663,918 |
| 2019 | $1,550,541 | $1,687,878 |
| 2019 | $1,531,769 | $1,661,210 |
| 2019 | $1,558,050 | $1,692,274 |
| 2019 | $1,580,576 | $1,728,997 |
| 2019 | $1,634,388 | $1,791,759 |
| 2019 | $1,686,892 | $1,845,870 |
| 2020 | $1,713,512 | $1,845,150 |
| 2020 | $1,566,400 | $1,693,258 |
| 2020 | $1,347,832 | $1,484,123 |
| 2020 | $1,524,367 | $1,674,373 |
| 2020 | $1,598,624 | $1,754,123 |
| 2020 | $1,609,833 | $1,789,031 |
| 2020 | $1,686,892 | $1,889,932 |
| 2020 | $1,806,591 | $2,025,818 |
| 2020 | $1,755,420 | $1,948,837 |
| 2020 | $1,715,621 | $1,896,998 |
| 2020 | $1,900,403 | $2,104,719 |
| 2020 | $1,978,358 | $2,185,540 |
| 2021 | $1,941,393 | $2,163,475 |
| 2021 | $2,022,716 | $2,223,122 |
| 2021 | $2,126,217 | $2,320,486 |
| 2021 | $2,262,248 | $2,444,328 |
| 2021 | $2,278,512 | $2,461,400 |
| 2021 | $2,309,563 | $2,518,751 |
| 2021 | $2,382,014 | $2,578,697 |
| 2021 | $2,434,048 | $2,657,089 |
| 2021 | $2,341,827 | $2,533,535 |
| 2021 | $2,499,057 | $2,711,135 |
| 2021 | $2,415,907 | $2,692,429 |
| 2021 | $2,519,153 | $2,813,049 |
| 2022 | $2,378,155 | $2,667,615 |
| 2022 | $2,337,423 | $2,587,743 |
| 2022 | $2,404,788 | $2,683,824 |
| 2022 | $2,230,891 | $2,449,790 |
| 2022 | $2,201,125 | $2,454,284 |
| 2022 | $2,061,694 | $2,251,806 |
| 2022 | $2,241,858 | $2,459,422 |
| 2022 | $2,139,076 | $2,359,122 |
| 2022 | $1,947,329 | $2,141,850 |
| 2022 | $2,091,925 | $2,315,258 |
| 2022 | $2,216,089 | $2,444,680 |
| 2022 | $2,090,949 | $2,303,867 |
| 2023 | $2,208,455 | $2,448,550 |
| 2023 | $2,124,752 | $2,388,805 |
| 2023 | $2,189,139 | $2,476,474 |
| 2023 | $2,221,332 | $2,515,107 |
| 2023 | $2,218,113 | $2,525,922 |
| 2023 | $2,330,789 | $2,692,886 |
| 2023 | $2,390,346 | $2,779,394 |
| 2023 | $2,342,056 | $2,735,142 |
| 2023 | $2,242,257 | $2,604,736 |
| 2023 | $2,200,406 | $2,549,968 |
| 2023 | $2,400,004 | $2,782,780 |
| 2023 | $2,504,371 | $2,909,118 |
| 2024 | $2,530,407 | $2,957,991 |
| 2024 | $2,639,434 | $3,115,948 |
| 2024 | $2,689,880 | $3,216,282 |
| 2024 | $2,593,871 | $3,085,057 |
| 2024 | $2,673,607 | $3,238,076 |
| 2024 | $2,741,953 | $3,352,100 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| R6 Shares | 17.64% | 12.53% | 10.61% |
| S&P 500 Index | 24.56% | 15.05% | 12.86% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $91,408,990 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $215,143 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 10.9% |
| Amazon.com, Inc. | 7.3% |
| Alphabet, Inc., Class A | 6.7% |
| Apple, Inc. | 4.9% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 4.0% |
| UnitedHealth Group, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.9% |
| Goldman Sachs Group, Inc. | 3.8% |
| Marsh & McLennan Cos., Inc. | 3.6% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 27.1% |
| Financials | 22.3% |
| Health Care | 14.0% |
| Consumer Discretionary | 10.0% |
| Industrials | 9.0% |
| Communication Services | 6.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 3.8% |
| Energy | 3.0% |
| Consumer Staples | 2.8% |
| Real Estate | 2.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US High Yield Portfolio
LZHYX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $28 | 0.55% |
| Institutional Shares | US Universal Index | ICE BofA US High Yield Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,865 | $9,969 | $9,868 |
| 2014 | $10,026 | $10,077 | $10,018 |
| 2014 | $9,831 | $9,997 | $9,808 |
| 2014 | $10,014 | $10,095 | $9,919 |
| 2014 | $9,997 | $10,149 | $9,848 |
| 2014 | $9,938 | $10,131 | $9,703 |
| 2015 | $10,021 | $10,324 | $9,770 |
| 2015 | $10,226 | $10,264 | $10,003 |
| 2015 | $10,186 | $10,306 | $9,950 |
| 2015 | $10,268 | $10,294 | $10,069 |
| 2015 | $10,310 | $10,276 | $10,099 |
| 2015 | $10,186 | $10,161 | $9,945 |
| 2015 | $10,206 | $10,221 | $9,884 |
| 2015 | $10,081 | $10,190 | $9,710 |
| 2015 | $9,872 | $10,230 | $9,458 |
| 2015 | $10,186 | $10,263 | $9,716 |
| 2015 | $10,038 | $10,226 | $9,498 |
| 2015 | $9,868 | $10,175 | $9,253 |
| 2016 | $9,845 | $10,287 | $9,106 |
| 2016 | $9,929 | $10,360 | $9,149 |
| 2016 | $10,163 | $10,487 | $9,553 |
| 2016 | $10,355 | $10,558 | $9,935 |
| 2016 | $10,353 | $10,567 | $10,006 |
| 2016 | $10,438 | $10,753 | $10,115 |
| 2016 | $10,611 | $10,841 | $10,370 |
| 2016 | $10,761 | $10,853 | $10,601 |
| 2016 | $10,781 | $10,856 | $10,670 |
| 2016 | $10,779 | $10,783 | $10,703 |
| 2016 | $10,732 | $10,541 | $10,661 |
| 2016 | $10,864 | $10,572 | $10,871 |
| 2017 | $10,928 | $10,610 | $11,017 |
| 2017 | $11,039 | $10,692 | $11,189 |
| 2017 | $11,014 | $10,688 | $11,165 |
| 2017 | $11,147 | $10,777 | $11,292 |
| 2017 | $11,213 | $10,860 | $11,393 |
| 2017 | $11,209 | $10,851 | $11,405 |
| 2017 | $11,297 | $10,905 | $11,536 |
| 2017 | $11,316 | $10,999 | $11,533 |
| 2017 | $11,382 | $10,960 | $11,637 |
| 2017 | $11,401 | $10,973 | $11,682 |
| 2017 | $11,397 | $10,957 | $11,650 |
| 2017 | $11,416 | $11,005 | $11,684 |
| 2018 | $11,412 | $10,899 | $11,759 |
| 2018 | $11,292 | $10,796 | $11,650 |
| 2018 | $11,240 | $10,850 | $11,578 |
| 2018 | $11,260 | $10,778 | $11,655 |
| 2018 | $11,232 | $10,836 | $11,653 |
| 2018 | $11,252 | $10,821 | $11,693 |
| 2018 | $11,344 | $10,843 | $11,824 |
| 2018 | $11,436 | $10,897 | $11,909 |
| 2018 | $11,480 | $10,850 | $11,979 |
| 2018 | $11,307 | $10,759 | $11,782 |
| 2018 | $11,278 | $10,808 | $11,676 |
| 2018 | $11,104 | $10,977 | $11,420 |
| 2019 | $11,590 | $11,128 | $11,944 |
| 2019 | $11,759 | $11,140 | $12,146 |
| 2019 | $11,879 | $11,341 | $12,265 |
| 2019 | $11,999 | $11,357 | $12,436 |
| 2019 | $11,870 | $11,531 | $12,278 |
| 2019 | $12,165 | $11,694 | $12,579 |
| 2019 | $12,211 | $11,729 | $12,644 |
| 2019 | $12,306 | $11,995 | $12,693 |
| 2019 | $12,351 | $11,943 | $12,733 |
| 2019 | $12,396 | $11,981 | $12,763 |
| 2019 | $12,465 | $11,979 | $12,798 |
| 2019 | $12,586 | $11,997 | $13,065 |
| 2020 | $12,604 | $12,212 | $13,066 |
| 2020 | $12,417 | $12,395 | $12,863 |
| 2020 | $11,353 | $12,153 | $11,351 |
| 2020 | $11,786 | $12,396 | $11,782 |
| 2020 | $12,246 | $12,512 | $12,321 |
| 2020 | $12,238 | $12,616 | $12,441 |
| 2020 | $12,726 | $12,838 | $13,035 |
| 2020 | $12,823 | $12,764 | $13,164 |
| 2020 | $12,682 | $12,741 | $13,026 |
| 2020 | $12,726 | $12,695 | $13,087 |
| 2020 | $13,081 | $12,861 | $13,611 |
| 2020 | $13,210 | $12,906 | $13,871 |
| 2021 | $13,212 | $12,824 | $13,924 |
| 2021 | $13,201 | $12,659 | $13,972 |
| 2021 | $13,217 | $12,512 | $13,996 |
| 2021 | $13,306 | $12,617 | $14,150 |
| 2021 | $13,334 | $12,665 | $14,191 |
| 2021 | $13,456 | $12,757 | $14,385 |
| 2021 | $13,516 | $12,885 | $14,436 |
| 2021 | $13,577 | $12,877 | $14,514 |
| 2021 | $13,548 | $12,767 | $14,519 |
| 2021 | $13,477 | $12,756 | $14,493 |
| 2021 | $13,353 | $12,772 | $14,345 |
| 2021 | $13,587 | $12,763 | $14,615 |
| 2022 | $13,192 | $12,483 | $14,213 |
| 2022 | $13,101 | $12,313 | $14,085 |
| 2022 | $12,947 | $11,983 | $13,955 |
| 2022 | $12,485 | $11,536 | $13,448 |
| 2022 | $12,660 | $11,599 | $13,481 |
| 2022 | $11,915 | $11,368 | $12,564 |
| 2022 | $12,647 | $11,653 | $13,320 |
| 2022 | $12,211 | $11,350 | $13,001 |
| 2022 | $11,738 | $10,861 | $12,478 |
| 2022 | $12,075 | $10,742 | $12,834 |
| 2022 | $12,291 | $11,143 | $13,074 |
| 2022 | $12,213 | $11,105 | $12,975 |
| 2023 | $12,575 | $11,449 | $13,483 |
| 2023 | $12,353 | $11,168 | $13,308 |
| 2023 | $12,623 | $11,430 | $13,458 |
| 2023 | $12,698 | $11,500 | $13,588 |
| 2023 | $12,560 | $11,381 | $13,459 |
| 2023 | $12,665 | $11,363 | $13,678 |
| 2023 | $12,786 | $11,374 | $13,873 |
| 2023 | $12,759 | $11,306 | $13,912 |
| 2023 | $12,555 | $11,036 | $13,750 |
| 2023 | $12,507 | $10,870 | $13,580 |
| 2023 | $13,088 | $11,359 | $14,198 |
| 2023 | $13,514 | $11,790 | $14,722 |
| 2024 | $13,504 | $11,762 | $14,724 |
| 2024 | $13,443 | $11,621 | $14,768 |
| 2024 | $13,598 | $11,735 | $14,944 |
| 2024 | $13,454 | $11,461 | $14,794 |
| 2024 | $13,577 | $11,651 | $14,962 |
| 2024 | $13,743 | $11,758 | $15,107 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 8.51% | 2.47% | 3.23% |
| US Universal Index | 3.47% | 0.11% | 1.63% |
| ICE BofA US High Yield Index | 10.45% | 3.73% | 4.21% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US High Yield Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $168,123,026 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $308,393 |
Top 10 Holdings (% of Net Assets)
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.5% |
| Bombardier, Inc., 8.750% due 11/15/30 | 1.4% |
| Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000% due 08/15/27 | 1.3% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.3% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.3% |
| Herc Holdings, Inc. 5.500% due 07/15/27 | 1.2% |
| 1011778 BC ULC/New Red Finance, Inc. 3.875% due 01/15/28 | 1.2% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.750% due 07/15/27 | 1.2% |
| Seagate HDD Cayman 4.091% due 06/01/29 | 1.1% |
| Terex Corp. 5.000% due 05/15/29 | 1.1% |
Top 10 Sectors (% of Net Assets)
| Communication Services | 14.5% |
| Consumer Discretionary | 14.3% |
| Energy | 13.8% |
| Industrials | 13.5% |
| Materials | 7.7% |
| Consumer Staples | 6.9% |
| Health Care | 5.7% |
| Information Technology | 4.9% |
| Exchange-Traded Funds | 4.5% |
| Utilities | 4.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US High Yield Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $40 | 0.80% |
| Open Shares | US Universal Index | ICE BofA US High Yield Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,844 | $9,969 | $9,868 |
| 2014 | $10,002 | $10,077 | $10,018 |
| 2014 | $9,825 | $9,997 | $9,808 |
| 2014 | $10,005 | $10,095 | $9,919 |
| 2014 | $9,966 | $10,149 | $9,848 |
| 2014 | $9,905 | $10,131 | $9,703 |
| 2015 | $10,005 | $10,324 | $9,770 |
| 2015 | $10,186 | $10,264 | $10,003 |
| 2015 | $10,144 | $10,306 | $9,950 |
| 2015 | $10,224 | $10,294 | $10,069 |
| 2015 | $10,262 | $10,276 | $10,099 |
| 2015 | $10,137 | $10,161 | $9,945 |
| 2015 | $10,155 | $10,221 | $9,884 |
| 2015 | $10,049 | $10,190 | $9,710 |
| 2015 | $9,839 | $10,230 | $9,458 |
| 2015 | $10,127 | $10,263 | $9,716 |
| 2015 | $9,978 | $10,226 | $9,498 |
| 2015 | $9,808 | $10,175 | $9,253 |
| 2016 | $9,783 | $10,287 | $9,106 |
| 2016 | $9,886 | $10,360 | $9,149 |
| 2016 | $10,093 | $10,487 | $9,553 |
| 2016 | $10,302 | $10,558 | $9,935 |
| 2016 | $10,298 | $10,567 | $10,006 |
| 2016 | $10,357 | $10,753 | $10,115 |
| 2016 | $10,526 | $10,841 | $10,370 |
| 2016 | $10,672 | $10,853 | $10,601 |
| 2016 | $10,711 | $10,856 | $10,670 |
| 2016 | $10,684 | $10,783 | $10,703 |
| 2016 | $10,636 | $10,541 | $10,661 |
| 2016 | $10,764 | $10,572 | $10,871 |
| 2017 | $10,825 | $10,610 | $11,017 |
| 2017 | $10,932 | $10,692 | $11,189 |
| 2017 | $10,927 | $10,688 | $11,165 |
| 2017 | $11,034 | $10,777 | $11,292 |
| 2017 | $11,095 | $10,860 | $11,393 |
| 2017 | $11,112 | $10,851 | $11,405 |
| 2017 | $11,173 | $10,905 | $11,536 |
| 2017 | $11,189 | $10,999 | $11,533 |
| 2017 | $11,251 | $10,960 | $11,637 |
| 2017 | $11,290 | $10,973 | $11,682 |
| 2017 | $11,261 | $10,957 | $11,650 |
| 2017 | $11,277 | $11,005 | $11,684 |
| 2018 | $11,271 | $10,899 | $11,759 |
| 2018 | $11,150 | $10,796 | $11,650 |
| 2018 | $11,097 | $10,850 | $11,578 |
| 2018 | $11,113 | $10,778 | $11,655 |
| 2018 | $11,084 | $10,836 | $11,653 |
| 2018 | $11,101 | $10,821 | $11,693 |
| 2018 | $11,188 | $10,843 | $11,824 |
| 2018 | $11,276 | $10,897 | $11,909 |
| 2018 | $11,317 | $10,850 | $11,979 |
| 2018 | $11,144 | $10,759 | $11,782 |
| 2018 | $11,113 | $10,808 | $11,676 |
| 2018 | $10,964 | $10,977 | $11,420 |
| 2019 | $11,414 | $11,128 | $11,944 |
| 2019 | $11,577 | $11,140 | $12,146 |
| 2019 | $11,691 | $11,341 | $12,265 |
| 2019 | $11,806 | $11,357 | $12,436 |
| 2019 | $11,702 | $11,531 | $12,278 |
| 2019 | $11,964 | $11,694 | $12,579 |
| 2019 | $12,006 | $11,729 | $12,644 |
| 2019 | $12,096 | $11,995 | $12,693 |
| 2019 | $12,163 | $11,943 | $12,733 |
| 2019 | $12,204 | $11,981 | $12,763 |
| 2019 | $12,245 | $11,979 | $12,798 |
| 2019 | $12,361 | $11,997 | $13,065 |
| 2020 | $12,382 | $12,212 | $13,066 |
| 2020 | $12,216 | $12,395 | $12,863 |
| 2020 | $11,148 | $12,153 | $11,351 |
| 2020 | $11,569 | $12,396 | $11,782 |
| 2020 | $12,016 | $12,512 | $12,321 |
| 2020 | $12,007 | $12,616 | $12,441 |
| 2020 | $12,481 | $12,838 | $13,035 |
| 2020 | $12,573 | $12,764 | $13,164 |
| 2020 | $12,459 | $12,741 | $13,026 |
| 2020 | $12,499 | $12,695 | $13,087 |
| 2020 | $12,824 | $12,861 | $13,611 |
| 2020 | $12,953 | $12,906 | $13,871 |
| 2021 | $12,947 | $12,824 | $13,924 |
| 2021 | $12,934 | $12,659 | $13,972 |
| 2021 | $12,946 | $12,512 | $13,996 |
| 2021 | $13,037 | $12,617 | $14,150 |
| 2021 | $13,062 | $12,665 | $14,191 |
| 2021 | $13,179 | $12,757 | $14,385 |
| 2021 | $13,228 | $12,885 | $14,436 |
| 2021 | $13,285 | $12,877 | $14,514 |
| 2021 | $13,254 | $12,767 | $14,519 |
| 2021 | $13,182 | $12,756 | $14,493 |
| 2021 | $13,058 | $12,772 | $14,345 |
| 2021 | $13,284 | $12,763 | $14,615 |
| 2022 | $12,897 | $12,483 | $14,213 |
| 2022 | $12,806 | $12,313 | $14,085 |
| 2022 | $12,654 | $11,983 | $13,955 |
| 2022 | $12,202 | $11,536 | $13,448 |
| 2022 | $12,363 | $11,599 | $13,481 |
| 2022 | $11,637 | $11,368 | $12,564 |
| 2022 | $12,346 | $11,653 | $13,320 |
| 2022 | $11,920 | $11,350 | $13,001 |
| 2022 | $11,450 | $10,861 | $12,478 |
| 2022 | $11,783 | $10,742 | $12,834 |
| 2022 | $11,990 | $11,143 | $13,074 |
| 2022 | $11,912 | $11,105 | $12,975 |
| 2023 | $12,261 | $11,449 | $13,483 |
| 2023 | $12,036 | $11,168 | $13,308 |
| 2023 | $12,303 | $11,430 | $13,458 |
| 2023 | $12,373 | $11,500 | $13,588 |
| 2023 | $12,238 | $11,381 | $13,459 |
| 2023 | $12,337 | $11,363 | $13,678 |
| 2023 | $12,451 | $11,374 | $13,873 |
| 2023 | $12,417 | $11,306 | $13,912 |
| 2023 | $12,224 | $11,036 | $13,750 |
| 2023 | $12,174 | $10,870 | $13,580 |
| 2023 | $12,735 | $11,359 | $14,198 |
| 2023 | $13,145 | $11,790 | $14,722 |
| 2024 | $13,133 | $11,762 | $14,724 |
| 2024 | $13,071 | $11,621 | $14,768 |
| 2024 | $13,226 | $11,735 | $14,944 |
| 2024 | $13,077 | $11,461 | $14,794 |
| 2024 | $13,193 | $11,651 | $14,962 |
| 2024 | $13,352 | $11,758 | $15,107 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 8.22% | 2.22% | 2.93% |
| US Universal Index | 3.47% | 0.11% | 1.63% |
| ICE BofA US High Yield Index | 10.45% | 3.73% | 4.21% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US High Yield Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $168,123,026 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $308,393 |
Top 10 Holdings (% of Net Assets)
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.5% |
| Bombardier, Inc., 8.750% due 11/15/30 | 1.4% |
| Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000% due 08/15/27 | 1.3% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.3% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.3% |
| Herc Holdings, Inc. 5.500% due 07/15/27 | 1.2% |
| 1011778 BC ULC/New Red Finance, Inc. 3.875% due 01/15/28 | 1.2% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.750% due 07/15/27 | 1.2% |
| Seagate HDD Cayman 4.091% due 06/01/29 | 1.1% |
| Terex Corp. 5.000% due 05/15/29 | 1.1% |
Top 10 Sectors (% of Net Assets)
| Communication Services | 14.5% |
| Consumer Discretionary | 14.3% |
| Energy | 13.8% |
| Industrials | 13.5% |
| Materials | 7.7% |
| Consumer Staples | 6.9% |
| Health Care | 5.7% |
| Information Technology | 4.9% |
| Exchange-Traded Funds | 4.5% |
| Utilities | 4.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US High Yield Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $28 | 0.55% |
| R6 Shares | US Universal Index | ICE BofA US High Yield Index |
|---|
| 2016 | $1,000,000 | $1,000,000 | $1,000,000 |
| 2016 | $1,001,443 | $977,100 | $1,066,106 |
| 2016 | $1,013,701 | $980,003 | $1,087,076 |
| 2017 | $1,021,846 | $983,460 | $1,101,673 |
| 2017 | $1,030,080 | $991,048 | $1,118,865 |
| 2017 | $1,029,885 | $990,716 | $1,116,518 |
| 2017 | $1,042,310 | $998,936 | $1,129,169 |
| 2017 | $1,046,276 | $1,006,644 | $1,139,255 |
| 2017 | $1,048,065 | $1,005,790 | $1,140,458 |
| 2017 | $1,056,266 | $1,010,800 | $1,153,612 |
| 2017 | $1,058,071 | $1,019,521 | $1,153,313 |
| 2017 | $1,064,202 | $1,015,933 | $1,163,674 |
| 2017 | $1,065,986 | $1,017,152 | $1,168,165 |
| 2017 | $1,065,603 | $1,015,613 | $1,165,031 |
| 2017 | $1,065,253 | $1,020,091 | $1,168,427 |
| 2018 | $1,064,884 | $1,010,274 | $1,175,919 |
| 2018 | $1,055,832 | $1,000,695 | $1,164,956 |
| 2018 | $1,051,002 | $1,005,742 | $1,157,764 |
| 2018 | $1,047,542 | $999,031 | $1,165,466 |
| 2018 | $1,025,661 | $1,004,479 | $1,165,290 |
| 2018 | $1,028,082 | $1,003,023 | $1,169,314 |
| 2018 | $1,034,920 | $1,005,122 | $1,182,380 |
| 2018 | $1,043,995 | $1,010,074 | $1,190,942 |
| 2018 | $1,046,397 | $1,005,745 | $1,197,862 |
| 2018 | $1,031,141 | $997,332 | $1,178,246 |
| 2018 | $1,028,805 | $1,001,817 | $1,167,554 |
| 2018 | $1,039,367 | $1,017,491 | $1,141,962 |
| 2019 | $1,056,950 | $1,031,521 | $1,194,413 |
| 2019 | $1,072,332 | $1,032,645 | $1,214,580 |
| 2019 | $1,083,201 | $1,051,292 | $1,226,481 |
| 2019 | $1,094,175 | $1,052,764 | $1,243,639 |
| 2019 | $1,084,720 | $1,068,890 | $1,227,832 |
| 2019 | $1,109,344 | $1,084,009 | $1,257,939 |
| 2019 | $1,115,710 | $1,087,236 | $1,264,380 |
| 2019 | $1,124,502 | $1,111,837 | $1,269,313 |
| 2019 | $1,128,632 | $1,107,020 | $1,273,337 |
| 2019 | $1,132,731 | $1,110,597 | $1,276,291 |
| 2019 | $1,136,790 | $1,110,375 | $1,279,777 |
| 2019 | $1,150,219 | $1,112,029 | $1,306,529 |
| 2020 | $1,149,561 | $1,131,988 | $1,306,582 |
| 2020 | $1,134,859 | $1,148,937 | $1,286,330 |
| 2020 | $1,035,720 | $1,126,495 | $1,135,070 |
| 2020 | $1,075,137 | $1,149,060 | $1,178,203 |
| 2020 | $1,117,023 | $1,159,792 | $1,232,094 |
| 2020 | $1,118,601 | $1,169,469 | $1,244,103 |
| 2020 | $1,162,650 | $1,190,012 | $1,303,546 |
| 2020 | $1,169,077 | $1,183,150 | $1,316,373 |
| 2020 | $1,158,592 | $1,181,018 | $1,302,650 |
| 2020 | $1,162,661 | $1,176,796 | $1,308,746 |
| 2020 | $1,194,230 | $1,192,153 | $1,361,131 |
| 2020 | $1,206,409 | $1,196,270 | $1,387,092 |
| 2021 | $1,205,981 | $1,188,751 | $1,392,401 |
| 2021 | $1,205,518 | $1,173,412 | $1,397,246 |
| 2021 | $1,206,894 | $1,159,757 | $1,399,626 |
| 2021 | $1,214,902 | $1,169,509 | $1,414,978 |
| 2021 | $1,217,442 | $1,173,970 | $1,419,062 |
| 2021 | $1,228,748 | $1,182,528 | $1,438,451 |
| 2021 | $1,233,564 | $1,194,402 | $1,443,571 |
| 2021 | $1,239,144 | $1,193,605 | $1,451,444 |
| 2021 | $1,236,542 | $1,183,412 | $1,451,931 |
| 2021 | $1,230,219 | $1,182,445 | $1,449,348 |
| 2021 | $1,218,850 | $1,183,873 | $1,434,496 |
| 2021 | $1,240,185 | $1,183,075 | $1,461,483 |
| 2022 | $1,204,424 | $1,157,137 | $1,421,308 |
| 2022 | $1,196,276 | $1,141,361 | $1,408,546 |
| 2022 | $1,182,474 | $1,110,739 | $1,395,514 |
| 2022 | $1,140,465 | $1,069,312 | $1,344,750 |
| 2022 | $1,156,530 | $1,075,195 | $1,348,117 |
| 2022 | $1,088,116 | $1,053,710 | $1,256,355 |
| 2022 | $1,155,474 | $1,080,202 | $1,332,024 |
| 2022 | $1,115,262 | $1,052,121 | $1,300,126 |
| 2022 | $1,072,229 | $1,006,792 | $1,247,837 |
| 2022 | $1,103,702 | $995,745 | $1,283,359 |
| 2022 | $1,122,754 | $1,032,873 | $1,307,382 |
| 2022 | $1,116,388 | $1,029,365 | $1,297,536 |
| 2023 | $1,149,420 | $1,061,296 | $1,348,264 |
| 2023 | $1,128,530 | $1,035,218 | $1,330,816 |
| 2023 | $1,153,847 | $1,059,504 | $1,345,797 |
| 2023 | $1,160,675 | $1,065,976 | $1,358,786 |
| 2023 | $1,147,507 | $1,054,924 | $1,345,885 |
| 2023 | $1,157,847 | $1,053,285 | $1,367,793 |
| 2023 | $1,168,825 | $1,054,332 | $1,387,270 |
| 2023 | $1,165,777 | $1,047,983 | $1,391,228 |
| 2023 | $1,147,195 | $1,022,993 | $1,375,048 |
| 2023 | $1,142,767 | $1,007,609 | $1,358,029 |
| 2023 | $1,195,759 | $1,052,957 | $1,419,796 |
| 2023 | $1,235,288 | $1,092,910 | $1,472,155 |
| 2024 | $1,234,356 | $1,090,295 | $1,472,428 |
| 2024 | $1,228,159 | $1,077,223 | $1,476,788 |
| 2024 | $1,242,930 | $1,087,799 | $1,494,380 |
| 2024 | $1,229,849 | $1,062,379 | $1,479,435 |
| 2024 | $1,241,070 | $1,079,990 | $1,496,222 |
| 2024 | $1,256,073 | $1,089,902 | $1,510,666 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 11/3/16 |
|---|
| R6 Shares | 8.48% | 2.52% | 3.02% |
| US Universal Index | 3.47% | 0.11% | 1.13% |
| ICE BofA US High Yield Index | 10.45% | 3.73% | 4.70% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US High Yield Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $168,123,026 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $308,393 |
Top 10 Holdings (% of Net Assets)
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.5% |
| Bombardier, Inc., 8.750% due 11/15/30 | 1.4% |
| Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000% due 08/15/27 | 1.3% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.3% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.3% |
| Herc Holdings, Inc. 5.500% due 07/15/27 | 1.2% |
| 1011778 BC ULC/New Red Finance, Inc. 3.875% due 01/15/28 | 1.2% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.750% due 07/15/27 | 1.2% |
| Seagate HDD Cayman 4.091% due 06/01/29 | 1.1% |
| Terex Corp. 5.000% due 05/15/29 | 1.1% |
Top 10 Sectors (% of Net Assets)
| Communication Services | 14.5% |
| Consumer Discretionary | 14.3% |
| Energy | 13.8% |
| Industrials | 13.5% |
| Materials | 7.7% |
| Consumer Staples | 6.9% |
| Health Care | 5.7% |
| Information Technology | 4.9% |
| Exchange-Traded Funds | 4.5% |
| Utilities | 4.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Short Duration Fixed Income Portfolio
UMNIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $20 | 0.40% |
| Institutional Shares | US Universal Index | ICE BofA 1-3 Year US Treasury Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $10,005 | $9,969 | $9,992 |
| 2014 | $10,011 | $10,077 | $10,009 |
| 2014 | $10,009 | $9,997 | $10,003 |
| 2014 | $10,016 | $10,095 | $10,030 |
| 2014 | $10,024 | $10,149 | $10,044 |
| 2014 | $10,011 | $10,131 | $10,020 |
| 2015 | $10,028 | $10,324 | $10,070 |
| 2015 | $10,026 | $10,264 | $10,048 |
| 2015 | $10,035 | $10,306 | $10,071 |
| 2015 | $10,043 | $10,294 | $10,076 |
| 2015 | $10,041 | $10,276 | $10,083 |
| 2015 | $10,039 | $10,161 | $10,086 |
| 2015 | $10,038 | $10,221 | $10,091 |
| 2015 | $10,036 | $10,190 | $10,087 |
| 2015 | $10,036 | $10,230 | $10,117 |
| 2015 | $10,035 | $10,263 | $10,107 |
| 2015 | $10,036 | $10,226 | $10,082 |
| 2015 | $10,016 | $10,175 | $10,073 |
| 2016 | $10,016 | $10,287 | $10,134 |
| 2016 | $10,018 | $10,360 | $10,147 |
| 2016 | $10,059 | $10,487 | $10,164 |
| 2016 | $10,069 | $10,558 | $10,167 |
| 2016 | $10,070 | $10,567 | $10,157 |
| 2016 | $10,111 | $10,753 | $10,218 |
| 2016 | $10,122 | $10,841 | $10,210 |
| 2016 | $10,112 | $10,853 | $10,193 |
| 2016 | $10,123 | $10,856 | $10,206 |
| 2016 | $10,134 | $10,783 | $10,199 |
| 2016 | $10,105 | $10,541 | $10,158 |
| 2016 | $10,116 | $10,572 | $10,161 |
| 2017 | $10,127 | $10,610 | $10,174 |
| 2017 | $10,140 | $10,692 | $10,184 |
| 2017 | $10,142 | $10,688 | $10,187 |
| 2017 | $10,153 | $10,777 | $10,202 |
| 2017 | $10,164 | $10,860 | $10,214 |
| 2017 | $10,166 | $10,851 | $10,206 |
| 2017 | $10,178 | $10,905 | $10,227 |
| 2017 | $10,201 | $10,999 | $10,246 |
| 2017 | $10,192 | $10,960 | $10,230 |
| 2017 | $10,194 | $10,973 | $10,224 |
| 2017 | $10,176 | $10,957 | $10,203 |
| 2017 | $10,189 | $11,005 | $10,204 |
| 2018 | $10,161 | $10,899 | $10,175 |
| 2018 | $10,155 | $10,796 | $10,171 |
| 2018 | $10,159 | $10,850 | $10,191 |
| 2018 | $10,164 | $10,778 | $10,175 |
| 2018 | $10,181 | $10,836 | $10,212 |
| 2018 | $10,188 | $10,821 | $10,213 |
| 2018 | $10,205 | $10,843 | $10,213 |
| 2018 | $10,234 | $10,897 | $10,246 |
| 2018 | $10,241 | $10,850 | $10,233 |
| 2018 | $10,250 | $10,759 | $10,249 |
| 2018 | $10,269 | $10,808 | $10,285 |
| 2018 | $10,299 | $10,977 | $10,366 |
| 2019 | $10,340 | $11,128 | $10,394 |
| 2019 | $10,350 | $11,140 | $10,404 |
| 2019 | $10,392 | $11,341 | $10,467 |
| 2019 | $10,412 | $11,357 | $10,490 |
| 2019 | $10,453 | $11,531 | $10,564 |
| 2019 | $10,494 | $11,694 | $10,618 |
| 2019 | $10,493 | $11,729 | $10,606 |
| 2019 | $10,534 | $11,995 | $10,691 |
| 2019 | $10,553 | $11,943 | $10,679 |
| 2019 | $10,581 | $11,981 | $10,715 |
| 2019 | $10,586 | $11,979 | $10,710 |
| 2019 | $10,600 | $11,997 | $10,733 |
| 2020 | $10,648 | $12,212 | $10,791 |
| 2020 | $10,705 | $12,395 | $10,885 |
| 2020 | $10,784 | $12,153 | $11,034 |
| 2020 | $10,830 | $12,396 | $11,039 |
| 2020 | $10,855 | $12,512 | $11,046 |
| 2020 | $10,867 | $12,616 | $11,049 |
| 2020 | $10,866 | $12,838 | $11,060 |
| 2020 | $10,864 | $12,764 | $11,058 |
| 2020 | $10,862 | $12,741 | $11,061 |
| 2020 | $10,858 | $12,695 | $11,056 |
| 2020 | $10,865 | $12,861 | $11,061 |
| 2020 | $10,861 | $12,906 | $11,067 |
| 2021 | $10,867 | $12,824 | $11,068 |
| 2021 | $10,862 | $12,659 | $11,060 |
| 2021 | $10,866 | $12,512 | $11,062 |
| 2021 | $10,858 | $12,617 | $11,068 |
| 2021 | $10,861 | $12,665 | $11,077 |
| 2021 | $10,862 | $12,757 | $11,060 |
| 2021 | $10,863 | $12,885 | $11,078 |
| 2021 | $10,852 | $12,877 | $11,077 |
| 2021 | $10,852 | $12,767 | $11,066 |
| 2021 | $10,841 | $12,756 | $11,031 |
| 2021 | $10,841 | $12,772 | $11,035 |
| 2021 | $10,819 | $12,763 | $11,007 |
| 2022 | $10,786 | $12,483 | $10,936 |
| 2022 | $10,757 | $12,313 | $10,895 |
| 2022 | $10,643 | $11,983 | $10,750 |
| 2022 | $10,588 | $11,536 | $10,699 |
| 2022 | $10,645 | $11,599 | $10,759 |
| 2022 | $10,580 | $11,368 | $10,696 |
| 2022 | $10,605 | $11,653 | $10,731 |
| 2022 | $10,552 | $11,350 | $10,655 |
| 2022 | $10,466 | $10,861 | $10,530 |
| 2022 | $10,458 | $10,742 | $10,519 |
| 2022 | $10,509 | $11,143 | $10,585 |
| 2022 | $10,528 | $11,105 | $10,607 |
| 2023 | $10,572 | $11,449 | $10,680 |
| 2023 | $10,548 | $11,168 | $10,603 |
| 2023 | $10,663 | $11,430 | $10,772 |
| 2023 | $10,693 | $11,500 | $10,799 |
| 2023 | $10,677 | $11,381 | $10,764 |
| 2023 | $10,636 | $11,363 | $10,712 |
| 2023 | $10,668 | $11,374 | $10,751 |
| 2023 | $10,702 | $11,306 | $10,793 |
| 2023 | $10,701 | $11,036 | $10,792 |
| 2023 | $10,728 | $10,870 | $10,828 |
| 2023 | $10,857 | $11,359 | $10,938 |
| 2023 | $10,977 | $11,790 | $11,060 |
| 2024 | $11,025 | $11,762 | $11,102 |
| 2024 | $10,978 | $11,621 | $11,057 |
| 2024 | $11,014 | $11,735 | $11,092 |
| 2024 | $10,979 | $11,461 | $11,056 |
| 2024 | $11,051 | $11,651 | $11,133 |
| 2024 | $11,122 | $11,758 | $11,195 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 4.57% | 1.17% | 1.07% |
| US Universal Index | 3.47% | 0.11% | 1.63% |
| ICE BofA 1-3 Year US Treasury Index | 4.53% | 1.06% | 1.14% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA 1-3 Year US Treasury Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $32,517,459 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 139% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| U.S. Treasury Notes 4.625% due 06/15/27 | 33.1% |
| U.S. Treasury Notes 4.500% due 04/15/27 | 14.8% |
| U.S. Treasury Notes 4.500% due 05/15/27 | 9.9% |
| Citigroup, Inc. 2.014% (SOFR + 0.694%) due 01/25/26 | 3.2% |
| Bank of America Corp. 4.000% due 01/22/25 | 3.2% |
| American Express Co. 2.500% due 07/30/24 | 3.1% |
| JPMorgan Chase & Co. 2.301% (SOFR + 1.160%) due 10/15/25 | 3.0% |
| Goldman Sachs Group, Inc. 3.500% due 04/01/25 | 2.7% |
| American Honda Finance Corp. 5.250% due 07/07/26 | 2.5% |
| Progress Residential Trust, Class A 1.294% due 10/17/27 | 2.2% |
Top 10 Sectors (% of Net Assets)
| U.S. Treasury Securities | 57.8% |
| Financials | 22.0% |
| Real Estate | 4.3% |
| Consumer Discretionary | 2.5% |
| Industrials | 2.2% |
| Energy | 2.1% |
| Communication Services | 2.1% |
| Information Technology | 2.1% |
| Health Care | 2.1% |
| Sovereign Debt | 2.0% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Short Duration Fixed Income Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $33 | 0.65% |
| Open Shares | US Universal Index | ICE BofA 1-3 Year US Treasury Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $10,003 | $9,969 | $9,992 |
| 2014 | $9,996 | $10,077 | $10,009 |
| 2014 | $10,001 | $9,997 | $10,003 |
| 2014 | $10,006 | $10,095 | $10,030 |
| 2014 | $10,001 | $10,149 | $10,044 |
| 2014 | $9,996 | $10,131 | $10,020 |
| 2015 | $10,000 | $10,324 | $10,070 |
| 2015 | $9,996 | $10,264 | $10,048 |
| 2015 | $10,002 | $10,306 | $10,071 |
| 2015 | $10,008 | $10,294 | $10,076 |
| 2015 | $10,013 | $10,276 | $10,083 |
| 2015 | $9,999 | $10,161 | $10,086 |
| 2015 | $10,005 | $10,221 | $10,091 |
| 2015 | $10,001 | $10,190 | $10,087 |
| 2015 | $9,998 | $10,230 | $10,117 |
| 2015 | $10,043 | $10,263 | $10,107 |
| 2015 | $10,095 | $10,226 | $10,082 |
| 2015 | $10,072 | $10,175 | $10,073 |
| 2016 | $10,080 | $10,287 | $10,134 |
| 2016 | $10,069 | $10,360 | $10,147 |
| 2016 | $10,108 | $10,487 | $10,164 |
| 2016 | $10,116 | $10,558 | $10,167 |
| 2016 | $10,124 | $10,567 | $10,157 |
| 2016 | $10,163 | $10,753 | $10,218 |
| 2016 | $10,161 | $10,841 | $10,210 |
| 2016 | $10,159 | $10,853 | $10,193 |
| 2016 | $10,168 | $10,856 | $10,206 |
| 2016 | $10,166 | $10,783 | $10,199 |
| 2016 | $10,134 | $10,541 | $10,158 |
| 2016 | $10,142 | $10,572 | $10,161 |
| 2017 | $10,151 | $10,610 | $10,174 |
| 2017 | $10,172 | $10,692 | $10,184 |
| 2017 | $10,171 | $10,688 | $10,187 |
| 2017 | $10,169 | $10,777 | $10,202 |
| 2017 | $10,178 | $10,860 | $10,214 |
| 2017 | $10,178 | $10,851 | $10,206 |
| 2017 | $10,197 | $10,905 | $10,227 |
| 2017 | $10,217 | $10,999 | $10,246 |
| 2017 | $10,196 | $10,960 | $10,230 |
| 2017 | $10,195 | $10,973 | $10,224 |
| 2017 | $10,174 | $10,957 | $10,203 |
| 2017 | $10,175 | $11,005 | $10,204 |
| 2018 | $10,154 | $10,899 | $10,175 |
| 2018 | $10,146 | $10,796 | $10,171 |
| 2018 | $10,147 | $10,850 | $10,191 |
| 2018 | $10,150 | $10,778 | $10,175 |
| 2018 | $10,164 | $10,836 | $10,212 |
| 2018 | $10,168 | $10,821 | $10,213 |
| 2018 | $10,183 | $10,843 | $10,213 |
| 2018 | $10,198 | $10,897 | $10,246 |
| 2018 | $10,203 | $10,850 | $10,233 |
| 2018 | $10,220 | $10,759 | $10,249 |
| 2018 | $10,226 | $10,808 | $10,285 |
| 2018 | $10,264 | $10,977 | $10,366 |
| 2019 | $10,291 | $11,128 | $10,394 |
| 2019 | $10,309 | $11,140 | $10,404 |
| 2019 | $10,348 | $11,341 | $10,467 |
| 2019 | $10,366 | $11,357 | $10,490 |
| 2019 | $10,404 | $11,531 | $10,564 |
| 2019 | $10,432 | $11,694 | $10,618 |
| 2019 | $10,439 | $11,729 | $10,606 |
| 2019 | $10,477 | $11,995 | $10,691 |
| 2019 | $10,493 | $11,943 | $10,679 |
| 2019 | $10,519 | $11,981 | $10,715 |
| 2019 | $10,522 | $11,979 | $10,710 |
| 2019 | $10,534 | $11,997 | $10,733 |
| 2020 | $10,568 | $12,212 | $10,791 |
| 2020 | $10,633 | $12,395 | $10,885 |
| 2020 | $10,710 | $12,153 | $11,034 |
| 2020 | $10,754 | $12,396 | $11,039 |
| 2020 | $10,765 | $12,512 | $11,046 |
| 2020 | $10,775 | $12,616 | $11,049 |
| 2020 | $10,783 | $12,838 | $11,060 |
| 2020 | $10,779 | $12,764 | $11,058 |
| 2020 | $10,774 | $12,741 | $11,061 |
| 2020 | $10,768 | $12,695 | $11,056 |
| 2020 | $10,773 | $12,861 | $11,061 |
| 2020 | $10,766 | $12,906 | $11,067 |
| 2021 | $10,770 | $12,824 | $11,068 |
| 2021 | $10,763 | $12,659 | $11,060 |
| 2021 | $10,754 | $12,512 | $11,062 |
| 2021 | $10,755 | $12,617 | $11,068 |
| 2021 | $10,755 | $12,665 | $11,077 |
| 2021 | $10,744 | $12,757 | $11,060 |
| 2021 | $10,744 | $12,885 | $11,078 |
| 2021 | $10,744 | $12,877 | $11,077 |
| 2021 | $10,734 | $12,767 | $11,066 |
| 2021 | $10,723 | $12,756 | $11,031 |
| 2021 | $10,723 | $12,772 | $11,035 |
| 2021 | $10,712 | $12,763 | $11,007 |
| 2022 | $10,669 | $12,483 | $10,936 |
| 2022 | $10,649 | $12,313 | $10,895 |
| 2022 | $10,535 | $11,983 | $10,750 |
| 2022 | $10,478 | $11,536 | $10,699 |
| 2022 | $10,533 | $11,599 | $10,759 |
| 2022 | $10,467 | $11,368 | $10,696 |
| 2022 | $10,488 | $11,653 | $10,731 |
| 2022 | $10,434 | $11,350 | $10,655 |
| 2022 | $10,347 | $10,861 | $10,530 |
| 2022 | $10,337 | $10,742 | $10,519 |
| 2022 | $10,385 | $11,143 | $10,585 |
| 2022 | $10,402 | $11,105 | $10,607 |
| 2023 | $10,443 | $11,449 | $10,680 |
| 2023 | $10,418 | $11,168 | $10,603 |
| 2023 | $10,529 | $11,430 | $10,772 |
| 2023 | $10,557 | $11,500 | $10,799 |
| 2023 | $10,528 | $11,381 | $10,764 |
| 2023 | $10,496 | $11,363 | $10,712 |
| 2023 | $10,525 | $11,374 | $10,751 |
| 2023 | $10,557 | $11,306 | $10,793 |
| 2023 | $10,554 | $11,036 | $10,792 |
| 2023 | $10,578 | $10,870 | $10,828 |
| 2023 | $10,703 | $11,359 | $10,938 |
| 2023 | $10,817 | $11,790 | $11,060 |
| 2024 | $10,862 | $11,762 | $11,102 |
| 2024 | $10,814 | $11,621 | $11,057 |
| 2024 | $10,846 | $11,735 | $11,092 |
| 2024 | $10,810 | $11,461 | $11,056 |
| 2024 | $10,889 | $11,651 | $11,133 |
| 2024 | $10,946 | $11,758 | $11,195 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 4.29% | 0.97% | 0.91% |
| US Universal Index | 3.47% | 0.11% | 1.63% |
| ICE BofA 1-3 Year US Treasury Index | 4.53% | 1.06% | 1.14% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA 1-3 Year US Treasury Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $32,517,459 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 139% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| U.S. Treasury Notes 4.625% due 06/15/27 | 33.1% |
| U.S. Treasury Notes 4.500% due 04/15/27 | 14.8% |
| U.S. Treasury Notes 4.500% due 05/15/27 | 9.9% |
| Citigroup, Inc. 2.014% (SOFR + 0.694%) due 01/25/26 | 3.2% |
| Bank of America Corp. 4.000% due 01/22/25 | 3.2% |
| American Express Co. 2.500% due 07/30/24 | 3.1% |
| JPMorgan Chase & Co. 2.301% (SOFR + 1.160%) due 10/15/25 | 3.0% |
| Goldman Sachs Group, Inc. 3.500% due 04/01/25 | 2.7% |
| American Honda Finance Corp. 5.250% due 07/07/26 | 2.5% |
| Progress Residential Trust, Class A 1.294% due 10/17/27 | 2.2% |
Top 10 Sectors (% of Net Assets)
| U.S. Treasury Securities | 57.8% |
| Financials | 22.0% |
| Real Estate | 4.3% |
| Consumer Discretionary | 2.5% |
| Industrials | 2.2% |
| Energy | 2.1% |
| Communication Services | 2.1% |
| Information Technology | 2.1% |
| Health Care | 2.1% |
| Sovereign Debt | 2.0% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Small Cap Equity Select Portfolio
LZSCX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $51 | 1.00% |
| Institutional Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,487 | $9,803 | $9,395 |
| 2014 | $9,964 | $10,214 | $9,861 |
| 2014 | $9,438 | $10,001 | $9,264 |
| 2014 | $10,024 | $10,276 | $9,875 |
| 2014 | $10,102 | $10,525 | $9,884 |
| 2014 | $10,259 | $10,525 | $10,166 |
| 2015 | $9,959 | $10,232 | $9,838 |
| 2015 | $10,726 | $10,825 | $10,423 |
| 2015 | $10,887 | $10,715 | $10,604 |
| 2015 | $10,726 | $10,763 | $10,334 |
| 2015 | $10,909 | $10,912 | $10,569 |
| 2015 | $10,901 | $10,729 | $10,648 |
| 2015 | $10,733 | $10,909 | $10,525 |
| 2015 | $10,102 | $10,250 | $9,864 |
| 2015 | $9,730 | $9,952 | $9,380 |
| 2015 | $10,161 | $10,738 | $9,908 |
| 2015 | $10,503 | $10,797 | $10,230 |
| 2015 | $10,040 | $10,576 | $9,716 |
| 2016 | $9,243 | $9,979 | $8,862 |
| 2016 | $9,368 | $9,976 | $8,862 |
| 2016 | $10,047 | $10,678 | $9,569 |
| 2016 | $10,063 | $10,744 | $9,720 |
| 2016 | $10,188 | $10,936 | $9,938 |
| 2016 | $10,040 | $10,959 | $9,932 |
| 2016 | $10,547 | $11,394 | $10,525 |
| 2016 | $10,670 | $11,423 | $10,711 |
| 2016 | $10,622 | $11,441 | $10,830 |
| 2016 | $10,415 | $11,193 | $10,316 |
| 2016 | $11,314 | $11,694 | $11,466 |
| 2016 | $11,666 | $11,922 | $11,787 |
| 2017 | $11,634 | $12,147 | $11,833 |
| 2017 | $11,884 | $12,599 | $12,062 |
| 2017 | $11,819 | $12,607 | $12,077 |
| 2017 | $11,795 | $12,741 | $12,210 |
| 2017 | $11,948 | $12,871 | $11,962 |
| 2017 | $12,182 | $12,987 | $12,376 |
| 2017 | $12,206 | $13,232 | $12,468 |
| 2017 | $12,103 | $13,258 | $12,309 |
| 2017 | $12,704 | $13,581 | $13,077 |
| 2017 | $12,893 | $13,877 | $13,189 |
| 2017 | $13,255 | $14,299 | $13,568 |
| 2017 | $13,323 | $14,442 | $13,514 |
| 2018 | $13,623 | $15,203 | $13,867 |
| 2018 | $13,050 | $14,642 | $13,330 |
| 2018 | $13,159 | $14,349 | $13,502 |
| 2018 | $13,387 | $14,403 | $13,618 |
| 2018 | $13,769 | $14,810 | $14,445 |
| 2018 | $13,878 | $14,907 | $14,549 |
| 2018 | $14,224 | $15,401 | $14,802 |
| 2018 | $14,582 | $15,942 | $15,440 |
| 2018 | $14,332 | $15,968 | $15,068 |
| 2018 | $12,668 | $14,793 | $13,432 |
| 2018 | $13,047 | $15,089 | $13,645 |
| 2018 | $11,556 | $13,685 | $12,024 |
| 2019 | $12,740 | $14,859 | $13,377 |
| 2019 | $13,295 | $15,382 | $14,072 |
| 2019 | $13,220 | $15,606 | $13,778 |
| 2019 | $13,882 | $16,230 | $14,247 |
| 2019 | $13,049 | $15,179 | $13,138 |
| 2019 | $14,042 | $16,245 | $14,067 |
| 2019 | $14,170 | $16,487 | $14,149 |
| 2019 | $13,775 | $16,151 | $13,450 |
| 2019 | $14,287 | $16,434 | $13,730 |
| 2019 | $14,586 | $16,788 | $14,091 |
| 2019 | $14,735 | $17,426 | $14,671 |
| 2019 | $15,022 | $17,929 | $15,094 |
| 2020 | $14,725 | $9,919 | $14,609 |
| 2020 | $13,546 | $9,106 | $13,379 |
| 2020 | $10,342 | $7,854 | $10,472 |
| 2020 | $11,773 | $8,894 | $11,911 |
| 2020 | $12,522 | $9,370 | $12,686 |
| 2020 | $12,489 | $9,584 | $13,134 |
| 2020 | $13,062 | $10,128 | $13,498 |
| 2020 | $13,428 | $10,862 | $14,258 |
| 2020 | $12,929 | $10,467 | $13,781 |
| 2020 | $13,206 | $10,241 | $14,070 |
| 2020 | $15,069 | $11,487 | $16,663 |
| 2020 | $15,989 | $12,003 | $18,104 |
| 2021 | $16,189 | $11,950 | $19,014 |
| 2021 | $17,375 | $12,324 | $20,199 |
| 2021 | $17,941 | $12,765 | $20,401 |
| 2021 | $18,817 | $13,423 | $20,829 |
| 2021 | $18,850 | $13,485 | $20,873 |
| 2021 | $18,706 | $13,817 | $21,278 |
| 2021 | $18,384 | $14,051 | $20,510 |
| 2021 | $18,666 | $14,451 | $20,969 |
| 2021 | $18,144 | $13,803 | $20,351 |
| 2021 | $18,966 | $14,736 | $21,216 |
| 2021 | $18,133 | $14,512 | $20,331 |
| 2021 | $19,173 | $15,084 | $20,784 |
| 2022 | $18,161 | $14,196 | $18,783 |
| 2022 | $18,302 | $13,839 | $18,984 |
| 2022 | $18,238 | $14,287 | $19,219 |
| 2022 | $17,175 | $13,005 | $17,315 |
| 2022 | $17,136 | $12,988 | $17,341 |
| 2022 | $15,471 | $11,901 | $15,915 |
| 2022 | $17,034 | $13,018 | $17,577 |
| 2022 | $16,333 | $12,532 | $17,216 |
| 2022 | $14,922 | $11,370 | $15,567 |
| 2022 | $16,439 | $12,302 | $17,281 |
| 2022 | $17,225 | $12,944 | $17,685 |
| 2022 | $16,253 | $12,187 | $16,538 |
| 2023 | $17,545 | $13,026 | $18,150 |
| 2023 | $17,132 | $12,721 | $17,843 |
| 2023 | $16,546 | $13,062 | $16,990 |
| 2023 | $16,187 | $13,201 | $16,685 |
| 2023 | $15,668 | $13,252 | $16,531 |
| 2023 | $16,826 | $14,157 | $17,875 |
| 2023 | $17,651 | $14,664 | $18,969 |
| 2023 | $16,966 | $14,381 | $18,021 |
| 2023 | $16,221 | $13,696 | $16,959 |
| 2023 | $15,367 | $13,333 | $15,803 |
| 2023 | $16,465 | $14,577 | $17,233 |
| 2023 | $17,889 | $15,350 | $19,339 |
| 2024 | $17,515 | $15,520 | $18,586 |
| 2024 | $18,408 | $16,360 | $19,637 |
| 2024 | $19,128 | $16,888 | $20,340 |
| 2024 | $17,990 | $16,145 | $18,909 |
| 2024 | $18,811 | $16,907 | $19,858 |
| 2024 | $18,451 | $17,431 | $19,677 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 9.66% | 5.61% | 6.32% |
| Russell 3000 Index | 23.13% | 14.14% | 12.15% |
| Russell 2000 Index | 10.06% | 6.94% | 7.00% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $38,706,388 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $92,767 |
Top 10 Holdings (% of Net Assets)
| StepStone Group, Inc., Class A | 2.2% |
| Stifel Financial Corp. | 2.1% |
| Wintrust Financial Corp. | 2.0% |
| Reinsurance Group of America, Inc. | 1.9% |
| Brixmor Property Group, Inc. | 1.8% |
| Enovis Corp. | 1.7% |
| United Therapeutics Corp. | 1.7% |
| Graphic Packaging Holding Co. | 1.7% |
| DigitalOcean Holdings, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
Top 10 Sectors (% of Net Assets)
| Financials | 17.3% |
| Information Technology | 15.3% |
| Health Care | 14.8% |
| Industrials | 14.4% |
| Consumer Discretionary | 12.2% |
| Energy | 6.4% |
| Consumer Staples | 5.4% |
| Real Estate | 4.5% |
| Materials | 3.9% |
| Communication Services | 2.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Small Cap Equity Select Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $63 | 1.25% |
| Open Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,485 | $9,803 | $9,395 |
| 2014 | $9,956 | $10,214 | $9,861 |
| 2014 | $9,434 | $10,001 | $9,264 |
| 2014 | $10,006 | $10,276 | $9,875 |
| 2014 | $10,088 | $10,525 | $9,884 |
| 2014 | $10,244 | $10,525 | $10,166 |
| 2015 | $9,937 | $10,232 | $9,838 |
| 2015 | $10,695 | $10,825 | $10,423 |
| 2015 | $10,864 | $10,715 | $10,604 |
| 2015 | $10,695 | $10,763 | $10,334 |
| 2015 | $10,871 | $10,912 | $10,569 |
| 2015 | $10,864 | $10,729 | $10,648 |
| 2015 | $10,695 | $10,909 | $10,525 |
| 2015 | $10,063 | $10,250 | $9,864 |
| 2015 | $9,689 | $9,952 | $9,380 |
| 2015 | $10,118 | $10,738 | $9,908 |
| 2015 | $10,454 | $10,797 | $10,230 |
| 2015 | $9,991 | $10,576 | $9,716 |
| 2016 | $9,202 | $9,979 | $8,862 |
| 2016 | $9,317 | $9,976 | $8,862 |
| 2016 | $9,991 | $10,678 | $9,569 |
| 2016 | $9,999 | $10,744 | $9,720 |
| 2016 | $10,122 | $10,936 | $9,938 |
| 2016 | $9,974 | $10,959 | $9,932 |
| 2016 | $10,475 | $11,394 | $10,525 |
| 2016 | $10,596 | $11,423 | $10,711 |
| 2016 | $10,554 | $11,441 | $10,830 |
| 2016 | $10,345 | $11,193 | $10,316 |
| 2016 | $11,225 | $11,694 | $11,466 |
| 2016 | $11,581 | $11,922 | $11,787 |
| 2017 | $11,548 | $12,147 | $11,833 |
| 2017 | $11,785 | $12,599 | $12,062 |
| 2017 | $11,725 | $12,607 | $12,077 |
| 2017 | $11,692 | $12,741 | $12,210 |
| 2017 | $11,844 | $12,871 | $11,962 |
| 2017 | $12,072 | $12,987 | $12,376 |
| 2017 | $12,089 | $13,232 | $12,468 |
| 2017 | $11,990 | $13,258 | $12,309 |
| 2017 | $12,579 | $13,581 | $13,077 |
| 2017 | $12,761 | $13,877 | $13,189 |
| 2017 | $13,125 | $14,299 | $13,568 |
| 2017 | $13,182 | $14,442 | $13,514 |
| 2018 | $13,471 | $15,203 | $13,867 |
| 2018 | $12,904 | $14,642 | $13,330 |
| 2018 | $13,009 | $14,349 | $13,502 |
| 2018 | $13,240 | $14,403 | $13,618 |
| 2018 | $13,605 | $14,810 | $14,445 |
| 2018 | $13,711 | $14,907 | $14,549 |
| 2018 | $14,047 | $15,401 | $14,802 |
| 2018 | $14,397 | $15,942 | $15,440 |
| 2018 | $14,143 | $15,968 | $15,068 |
| 2018 | $12,499 | $14,793 | $13,432 |
| 2018 | $12,871 | $15,089 | $13,645 |
| 2018 | $11,404 | $13,685 | $12,024 |
| 2019 | $12,563 | $14,859 | $13,377 |
| 2019 | $13,109 | $15,382 | $14,072 |
| 2019 | $13,029 | $15,606 | $13,778 |
| 2019 | $13,677 | $16,230 | $14,247 |
| 2019 | $12,859 | $15,179 | $13,138 |
| 2019 | $13,837 | $16,245 | $14,067 |
| 2019 | $13,950 | $16,487 | $14,149 |
| 2019 | $13,564 | $16,151 | $13,450 |
| 2019 | $14,064 | $16,434 | $13,730 |
| 2019 | $14,360 | $16,788 | $14,091 |
| 2019 | $14,496 | $17,426 | $14,671 |
| 2019 | $14,769 | $17,929 | $15,094 |
| 2020 | $14,475 | $9,919 | $14,609 |
| 2020 | $13,313 | $9,106 | $13,379 |
| 2020 | $10,167 | $7,854 | $10,472 |
| 2020 | $11,564 | $8,894 | $11,911 |
| 2020 | $12,292 | $9,370 | $12,686 |
| 2020 | $12,256 | $9,584 | $13,134 |
| 2020 | $12,820 | $10,128 | $13,498 |
| 2020 | $13,175 | $10,862 | $14,258 |
| 2020 | $12,678 | $10,467 | $13,781 |
| 2020 | $12,950 | $10,241 | $14,070 |
| 2020 | $14,771 | $11,487 | $16,663 |
| 2020 | $15,670 | $12,003 | $18,104 |
| 2021 | $15,859 | $11,950 | $19,014 |
| 2021 | $17,018 | $12,324 | $20,199 |
| 2021 | $17,574 | $12,765 | $20,401 |
| 2021 | $18,426 | $13,423 | $20,829 |
| 2021 | $18,449 | $13,485 | $20,873 |
| 2021 | $18,308 | $13,817 | $21,278 |
| 2021 | $17,976 | $14,051 | $20,510 |
| 2021 | $18,260 | $14,451 | $20,969 |
| 2021 | $17,740 | $13,803 | $20,351 |
| 2021 | $18,544 | $14,736 | $21,216 |
| 2021 | $17,716 | $14,512 | $20,331 |
| 2021 | $18,739 | $15,084 | $20,784 |
| 2022 | $17,744 | $14,196 | $18,783 |
| 2022 | $17,869 | $13,839 | $18,984 |
| 2022 | $17,814 | $14,287 | $19,219 |
| 2022 | $16,763 | $13,005 | $17,315 |
| 2022 | $16,722 | $12,988 | $17,341 |
| 2022 | $15,091 | $11,901 | $15,915 |
| 2022 | $16,625 | $13,018 | $17,577 |
| 2022 | $15,938 | $12,532 | $17,216 |
| 2022 | $14,553 | $11,370 | $15,567 |
| 2022 | $16,024 | $12,302 | $17,281 |
| 2022 | $16,789 | $12,944 | $17,685 |
| 2022 | $15,837 | $12,187 | $16,538 |
| 2023 | $17,092 | $13,026 | $18,150 |
| 2023 | $16,688 | $12,721 | $17,843 |
| 2023 | $16,111 | $13,062 | $16,990 |
| 2023 | $15,765 | $13,201 | $16,685 |
| 2023 | $15,260 | $13,252 | $16,531 |
| 2023 | $16,371 | $14,157 | $17,875 |
| 2023 | $17,179 | $14,664 | $18,969 |
| 2023 | $16,509 | $14,381 | $18,021 |
| 2023 | $15,773 | $13,696 | $16,959 |
| 2023 | $14,949 | $13,333 | $15,803 |
| 2023 | $16,008 | $14,577 | $17,233 |
| 2023 | $17,393 | $15,350 | $19,339 |
| 2024 | $17,015 | $15,520 | $18,586 |
| 2024 | $17,898 | $16,360 | $19,637 |
| 2024 | $18,591 | $16,888 | $20,340 |
| 2024 | $17,488 | $16,145 | $18,909 |
| 2024 | $18,260 | $16,907 | $19,858 |
| 2024 | $17,913 | $17,431 | $19,677 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 9.42% | 5.30% | 6.00% |
| Russell 3000 Index | 23.13% | 14.14% | 12.15% |
| Russell 2000 Index | 10.06% | 6.94% | 7.00% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $38,706,388 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $92,767 |
Top 10 Holdings (% of Net Assets)
| StepStone Group, Inc., Class A | 2.2% |
| Stifel Financial Corp. | 2.1% |
| Wintrust Financial Corp. | 2.0% |
| Reinsurance Group of America, Inc. | 1.9% |
| Brixmor Property Group, Inc. | 1.8% |
| Enovis Corp. | 1.7% |
| United Therapeutics Corp. | 1.7% |
| Graphic Packaging Holding Co. | 1.7% |
| DigitalOcean Holdings, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
Top 10 Sectors (% of Net Assets)
| Financials | 17.3% |
| Information Technology | 15.3% |
| Health Care | 14.8% |
| Industrials | 14.4% |
| Consumer Discretionary | 12.2% |
| Energy | 6.4% |
| Consumer Staples | 5.4% |
| Real Estate | 4.5% |
| Materials | 3.9% |
| Communication Services | 2.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Small Cap Equity Select Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $47 | 0.94% |
| R6 Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2020 | $1,000,000 | $1,000,000 | $1,000,000 |
| 2020 | $981,645 | $991,850 | $970,450 |
| 2020 | $903,084 | $910,647 | $888,738 |
| 2020 | $689,427 | $785,415 | $695,615 |
| 2020 | $784,875 | $889,435 | $791,193 |
| 2020 | $834,068 | $937,002 | $842,700 |
| 2020 | $831,865 | $958,424 | $872,447 |
| 2020 | $870,044 | $1,012,843 | $896,614 |
| 2020 | $894,438 | $1,086,218 | $947,093 |
| 2020 | $861,913 | $1,046,667 | $915,460 |
| 2020 | $880,393 | $1,024,080 | $934,593 |
| 2020 | $1,004,579 | $1,148,663 | $1,106,839 |
| 2020 | $1,065,934 | $1,200,339 | $1,202,580 |
| 2021 | $1,079,240 | $1,195,000 | $1,263,070 |
| 2021 | $1,158,335 | $1,232,355 | $1,341,759 |
| 2021 | $1,196,034 | $1,276,527 | $1,355,177 |
| 2021 | $1,254,431 | $1,342,330 | $1,383,636 |
| 2021 | $1,256,649 | $1,348,458 | $1,386,541 |
| 2021 | $1,247,039 | $1,381,710 | $1,413,440 |
| 2021 | $1,224,863 | $1,405,075 | $1,362,415 |
| 2021 | $1,244,871 | $1,445,145 | $1,392,933 |
| 2021 | $1,209,324 | $1,380,304 | $1,351,841 |
| 2021 | $1,264,125 | $1,473,647 | $1,409,295 |
| 2021 | $1,208,584 | $1,451,216 | $1,350,527 |
| 2021 | $1,278,638 | $1,508,363 | $1,380,644 |
| 2022 | $1,210,353 | $1,419,617 | $1,247,688 |
| 2022 | $1,220,596 | $1,383,857 | $1,261,038 |
| 2022 | $1,216,328 | $1,428,745 | $1,276,675 |
| 2022 | $1,146,336 | $1,300,526 | $1,150,157 |
| 2022 | $1,143,775 | $1,298,782 | $1,151,882 |
| 2022 | $1,034,519 | $1,190,128 | $1,057,197 |
| 2022 | $1,137,800 | $1,301,783 | $1,167,568 |
| 2022 | $1,092,011 | $1,253,201 | $1,143,633 |
| 2022 | $999,753 | $1,136,993 | $1,034,073 |
| 2022 | $1,098,220 | $1,230,233 | $1,147,925 |
| 2022 | $1,150,559 | $1,294,447 | $1,174,786 |
| 2022 | $1,086,718 | $1,218,653 | $1,098,543 |
| 2023 | $1,170,994 | $1,302,585 | $1,205,650 |
| 2023 | $1,143,493 | $1,272,140 | $1,185,275 |
| 2023 | $1,104,460 | $1,306,156 | $1,128,619 |
| 2023 | $1,080,508 | $1,320,072 | $1,108,304 |
| 2023 | $1,045,910 | $1,325,208 | $1,098,107 |
| 2023 | $1,123,977 | $1,415,700 | $1,187,383 |
| 2023 | $1,178,978 | $1,466,449 | $1,260,051 |
| 2023 | $1,133,346 | $1,438,141 | $1,197,049 |
| 2023 | $1,083,677 | $1,369,636 | $1,126,543 |
| 2023 | $1,026,784 | $1,333,329 | $1,049,712 |
| 2023 | $1,099,933 | $1,457,659 | $1,144,711 |
| 2023 | $1,194,855 | $1,534,976 | $1,284,595 |
| 2024 | $1,169,902 | $1,551,988 | $1,234,633 |
| 2024 | $1,230,365 | $1,635,998 | $1,304,441 |
| 2024 | $1,278,351 | $1,688,771 | $1,351,138 |
| 2024 | $1,202,533 | $1,614,462 | $1,256,042 |
| 2024 | $1,257,237 | $1,690,741 | $1,319,095 |
| 2024 | $1,233,244 | $1,743,091 | $1,307,207 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 1/8/20 |
|---|
| R6 Shares | 9.72% | 4.79% |
| Russell 3000 Index | 23.13% | 13.21% |
| Russell 2000 Index | 10.06% | 6.16% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $38,706,388 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $92,767 |
Top 10 Holdings (% of Net Assets)
| StepStone Group, Inc., Class A | 2.2% |
| Stifel Financial Corp. | 2.1% |
| Wintrust Financial Corp. | 2.0% |
| Reinsurance Group of America, Inc. | 1.9% |
| Brixmor Property Group, Inc. | 1.8% |
| Enovis Corp. | 1.7% |
| United Therapeutics Corp. | 1.7% |
| Graphic Packaging Holding Co. | 1.7% |
| DigitalOcean Holdings, Inc. | 1.7% |
| Casella Waste Systems, Inc., Class A | 1.7% |
Top 10 Sectors (% of Net Assets)
| Financials | 17.3% |
| Information Technology | 15.3% |
| Health Care | 14.8% |
| Industrials | 14.4% |
| Consumer Discretionary | 12.2% |
| Energy | 6.4% |
| Consumer Staples | 5.4% |
| Real Estate | 4.5% |
| Materials | 3.9% |
| Communication Services | 2.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Sustainable Equity Portfolio
SUSTX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Sustainable Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $38 | 0.75% |
| Institutional Shares | S&P 500 Index |
|---|
| 2020 | $10,000 | $10,000 |
| 2020 | $10,480 | $10,564 |
| 2020 | $11,130 | $11,324 |
| 2020 | $10,960 | $10,893 |
| 2020 | $10,840 | $10,603 |
| 2020 | $11,900 | $11,765 |
| 2020 | $12,269 | $12,216 |
| 2021 | $12,118 | $12,093 |
| 2021 | $12,500 | $12,427 |
| 2021 | $13,043 | $12,971 |
| 2021 | $13,777 | $13,664 |
| 2021 | $13,817 | $13,759 |
| 2021 | $14,069 | $14,080 |
| 2021 | $14,511 | $14,415 |
| 2021 | $14,933 | $14,853 |
| 2021 | $14,277 | $14,163 |
| 2021 | $15,326 | $15,155 |
| 2021 | $15,084 | $15,051 |
| 2021 | $15,828 | $15,725 |
| 2022 | $14,647 | $14,912 |
| 2022 | $14,092 | $14,466 |
| 2022 | $14,452 | $15,003 |
| 2022 | $13,455 | $13,695 |
| 2022 | $13,178 | $13,719 |
| 2022 | $12,428 | $12,587 |
| 2022 | $13,538 | $13,748 |
| 2022 | $12,842 | $13,187 |
| 2022 | $11,820 | $11,973 |
| 2022 | $12,728 | $12,942 |
| 2022 | $13,544 | $13,666 |
| 2022 | $12,968 | $12,879 |
| 2023 | $13,545 | $13,687 |
| 2023 | $13,188 | $13,353 |
| 2023 | $13,419 | $13,844 |
| 2023 | $13,408 | $14,059 |
| 2023 | $13,167 | $14,120 |
| 2023 | $14,017 | $15,053 |
| 2023 | $14,405 | $15,536 |
| 2023 | $14,080 | $15,289 |
| 2023 | $13,330 | $14,560 |
| 2023 | $12,961 | $14,254 |
| 2023 | $14,270 | $15,556 |
| 2023 | $15,027 | $16,262 |
| 2024 | $14,984 | $16,535 |
| 2024 | $15,699 | $17,418 |
| 2024 | $15,785 | $17,979 |
| 2024 | $15,048 | $17,246 |
| 2024 | $15,401 | $18,101 |
| 2024 | $15,742 | $18,747 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 6/30/20 |
|---|
| Institutional Shares | 12.31% | 12.01% |
| S&P 500 Index | 24.56% | 17.01% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $12,806,545 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 11.0% |
| Apple, Inc. | 4.5% |
| UnitedHealth Group, Inc. | 3.9% |
| Visa, Inc. A Shares | 3.7% |
| Analog Devices, Inc. | 3.6% |
| Accenture PLC, Class A | 3.0% |
| Home Depot, Inc. | 2.9% |
| Charles Schwab Corp. | 2.8% |
| Danaher Corp. | 2.8% |
| Intercontinental Exchange, Inc. | 2.7% |
Top Sectors (% of Net Assets)
| Information Technology | 34.3% |
| Health Care | 20.0% |
| Industrials | 14.8% |
| Financials | 13.1% |
| Consumer Staples | 4.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 4.3% |
| Consumer Discretionary | 3.6% |
| Materials | 3.2% |
| Real Estate | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Sustainable Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Sustainable Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $51 | 1.00% |
| Open Shares | S&P 500 Index |
|---|
| 2020 | $10,000 | $10,000 |
| 2020 | $10,000 | $10,000 |
| 2020 | $10,470 | $10,564 |
| 2020 | $11,120 | $11,324 |
| 2020 | $10,950 | $10,893 |
| 2020 | $10,830 | $10,603 |
| 2020 | $11,890 | $11,765 |
| 2020 | $12,248 | $12,216 |
| 2021 | $12,098 | $12,093 |
| 2021 | $12,479 | $12,427 |
| 2021 | $13,021 | $12,971 |
| 2021 | $13,753 | $13,664 |
| 2021 | $13,773 | $13,759 |
| 2021 | $14,034 | $14,080 |
| 2021 | $14,465 | $14,415 |
| 2021 | $14,885 | $14,853 |
| 2021 | $14,231 | $14,163 |
| 2021 | $15,268 | $15,155 |
| 2021 | $15,026 | $15,051 |
| 2021 | $15,770 | $15,725 |
| 2022 | $14,584 | $14,912 |
| 2022 | $14,032 | $14,466 |
| 2022 | $14,380 | $15,003 |
| 2022 | $13,399 | $13,695 |
| 2022 | $13,113 | $13,719 |
| 2022 | $12,356 | $12,587 |
| 2022 | $13,460 | $13,748 |
| 2022 | $12,768 | $13,187 |
| 2022 | $11,751 | $11,973 |
| 2022 | $12,644 | $12,942 |
| 2022 | $13,466 | $13,666 |
| 2022 | $12,881 | $12,879 |
| 2023 | $13,454 | $13,687 |
| 2023 | $13,100 | $13,353 |
| 2023 | $13,318 | $13,844 |
| 2023 | $13,308 | $14,059 |
| 2023 | $13,068 | $14,120 |
| 2023 | $13,901 | $15,053 |
| 2023 | $14,297 | $15,536 |
| 2023 | $13,964 | $15,289 |
| 2023 | $13,220 | $14,560 |
| 2023 | $12,853 | $14,254 |
| 2023 | $14,142 | $15,556 |
| 2023 | $14,888 | $16,262 |
| 2024 | $14,846 | $16,535 |
| 2024 | $15,554 | $17,418 |
| 2024 | $15,628 | $17,979 |
| 2024 | $14,899 | $17,246 |
| 2024 | $15,247 | $18,101 |
| 2024 | $15,585 | $18,747 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 6/30/20 |
|---|
| Open Shares | 12.11% | 11.72% |
| S&P 500 Index | 24.56% | 17.01% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $12,806,545 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 11.0% |
| Apple, Inc. | 4.5% |
| UnitedHealth Group, Inc. | 3.9% |
| Visa, Inc. A Shares | 3.7% |
| Analog Devices, Inc. | 3.6% |
| Accenture PLC, Class A | 3.0% |
| Home Depot, Inc. | 2.9% |
| Charles Schwab Corp. | 2.8% |
| Danaher Corp. | 2.8% |
| Intercontinental Exchange, Inc. | 2.7% |
Top Sectors (% of Net Assets)
| Information Technology | 34.3% |
| Health Care | 20.0% |
| Industrials | 14.8% |
| Financials | 13.1% |
| Consumer Staples | 4.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 4.3% |
| Consumer Discretionary | 3.6% |
| Materials | 3.2% |
| Real Estate | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Systematic Small Cap Equity Portfolio
LUSIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $46 | 0.91% |
| Institutional Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2021 | $10,000 | $10,000 | $10,000 |
| 2021 | $10,000 | $10,000 | $10,000 |
| 2021 | $9,800 | $9,848 | $9,583 |
| 2021 | $10,283 | $10,236 | $9,797 |
| 2022 | $9,371 | $9,633 | $8,854 |
| 2022 | $9,421 | $9,391 | $8,948 |
| 2022 | $9,471 | $9,695 | $9,059 |
| 2022 | $8,719 | $8,825 | $8,162 |
| 2022 | $8,860 | $8,813 | $8,174 |
| 2022 | $8,158 | $8,076 | $7,502 |
| 2022 | $9,090 | $8,834 | $8,285 |
| 2022 | $8,763 | $8,504 | $8,116 |
| 2022 | $7,951 | $7,716 | $7,338 |
| 2022 | $8,753 | $8,348 | $8,146 |
| 2022 | $9,114 | $8,784 | $8,336 |
| 2022 | $8,603 | $8,270 | $7,795 |
| 2023 | $9,371 | $8,839 | $8,555 |
| 2023 | $9,240 | $8,633 | $8,410 |
| 2023 | $9,017 | $8,863 | $8,009 |
| 2023 | $8,765 | $8,958 | $7,865 |
| 2023 | $8,846 | $8,993 | $7,792 |
| 2023 | $9,613 | $9,607 | $8,426 |
| 2023 | $10,078 | $9,951 | $8,941 |
| 2023 | $9,704 | $9,759 | $8,493 |
| 2023 | $9,219 | $9,294 | $7,993 |
| 2023 | $8,624 | $9,048 | $7,448 |
| 2023 | $9,351 | $9,892 | $8,122 |
| 2023 | $10,307 | $10,416 | $9,115 |
| 2024 | $10,104 | $10,532 | $8,760 |
| 2024 | $10,631 | $11,102 | $9,256 |
| 2024 | $10,935 | $11,460 | $9,587 |
| 2024 | $10,266 | $10,956 | $8,912 |
| 2024 | $10,732 | $11,473 | $9,360 |
| 2024 | $10,611 | $11,828 | $9,273 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 10/29/21 |
|---|
| Institutional Shares | 10.38% | 2.25% |
| Russell 3000 Index | 23.13% | 6.50% |
| Russell 2000 Index | 10.06% | (2.79%) |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $41,847,653 |
| # of Portfolio Holdings | 442 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75,952 |
Top 10 Holdings (% of Net Assets)
| ADMA Biologics, Inc. | 1.0% |
| Celestica, Inc. | 1.0% |
| Medpace Holdings, Inc. | 0.9% |
| IES Holdings, Inc. | 0.7% |
| Builders FirstSource, Inc. | 0.7% |
| Axcelis Technologies, Inc. | 0.7% |
| Allison Transmission Holdings, Inc. | 0.6% |
| Limbach Holdings, Inc. | 0.6% |
| CommVault Systems, Inc. | 0.6% |
| Mueller Industries, Inc. | 0.5% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.0% |
| Industrials | 21.8% |
| Consumer Discretionary | 17.2% |
| Health Care | 11.9% |
| Financials | 7.8% |
| Real Estate | 5.1% |
| Communication Services | 3.7% |
| Materials | 3.0% |
| Consumer Staples | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Systematic Small Cap Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $58 | 1.16% |
| Open Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2021 | $10,000 | $10,000 | $10,000 |
| 2021 | $10,000 | $10,000 | $10,000 |
| 2021 | $9,800 | $9,848 | $9,583 |
| 2021 | $10,280 | $10,236 | $9,797 |
| 2022 | $9,360 | $9,633 | $8,854 |
| 2022 | $9,410 | $9,391 | $8,948 |
| 2022 | $9,460 | $9,695 | $9,059 |
| 2022 | $8,700 | $8,825 | $8,162 |
| 2022 | $8,850 | $8,813 | $8,174 |
| 2022 | $8,150 | $8,076 | $7,502 |
| 2022 | $9,080 | $8,834 | $8,285 |
| 2022 | $8,743 | $8,504 | $8,116 |
| 2022 | $7,943 | $7,716 | $7,338 |
| 2022 | $8,733 | $8,348 | $8,146 |
| 2022 | $9,094 | $8,784 | $8,336 |
| 2022 | $8,582 | $8,270 | $7,795 |
| 2023 | $9,346 | $8,839 | $8,555 |
| 2023 | $9,216 | $8,633 | $8,410 |
| 2023 | $8,984 | $8,863 | $8,009 |
| 2023 | $8,733 | $8,958 | $7,865 |
| 2023 | $8,814 | $8,993 | $7,792 |
| 2023 | $9,577 | $9,607 | $8,426 |
| 2023 | $10,040 | $9,951 | $8,941 |
| 2023 | $9,668 | $9,759 | $8,493 |
| 2023 | $9,175 | $9,294 | $7,993 |
| 2023 | $8,582 | $9,048 | $7,448 |
| 2023 | $9,306 | $9,892 | $8,122 |
| 2023 | $10,263 | $10,416 | $9,115 |
| 2024 | $10,051 | $10,532 | $8,760 |
| 2024 | $10,574 | $11,102 | $9,256 |
| 2024 | $10,876 | $11,460 | $9,587 |
| 2024 | $10,212 | $10,956 | $8,912 |
| 2024 | $10,665 | $11,473 | $9,360 |
| 2024 | $10,544 | $11,828 | $9,273 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 10/29/21 |
|---|
| Open Shares | 10.10% | 2.01% |
| Russell 3000 Index | 23.13% | 6.50% |
| Russell 2000 Index | 10.06% | (2.79%) |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $41,847,653 |
| # of Portfolio Holdings | 442 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75,952 |
Top 10 Holdings (% of Net Assets)
| ADMA Biologics, Inc. | 1.0% |
| Celestica, Inc. | 1.0% |
| Medpace Holdings, Inc. | 0.9% |
| IES Holdings, Inc. | 0.7% |
| Builders FirstSource, Inc. | 0.7% |
| Axcelis Technologies, Inc. | 0.7% |
| Allison Transmission Holdings, Inc. | 0.6% |
| Limbach Holdings, Inc. | 0.6% |
| CommVault Systems, Inc. | 0.6% |
| Mueller Industries, Inc. | 0.5% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.0% |
| Industrials | 21.8% |
| Consumer Discretionary | 17.2% |
| Health Care | 11.9% |
| Financials | 7.8% |
| Real Estate | 5.1% |
| Communication Services | 3.7% |
| Materials | 3.0% |
| Consumer Staples | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard US Systematic Small Cap Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $43 | 0.86% |
| R6 Shares | Russell 3000 Index | Russell 2000 Index |
|---|
| 2023 | $1,000,000 | - | $1,000,000 |
| 2023 | $998,908 | - | $1,001,600 |
| 2023 | $973,799 | - | $953,744 |
| 2023 | $947,598 | - | $936,597 |
| 2023 | $956,332 | - | $927,945 |
| 2023 | $1,039,301 | - | $1,003,387 |
| 2023 | $1,089,520 | - | $1,064,748 |
| 2023 | $1,049,127 | - | $1,011,480 |
| 2023 | $996,725 | - | $951,932 |
| 2023 | $932,314 | - | $887,012 |
| 2023 | $1,010,917 | - | $967,286 |
| 2023 | $1,114,836 | - | $1,085,489 |
| 2024 | $1,091,816 | - | $1,043,270 |
| 2024 | $1,149,915 | - | $1,102,258 |
| 2024 | $1,182,801 | - | $1,141,718 |
| 2024 | $1,110,451 | - | $1,061,361 |
| 2024 | $1,160,877 | - | $1,114,641 |
| 2024 | $1,147,722 | - | $1,104,308 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 2/22/23 |
|---|
| R6 Shares | 10.43% | 10.74% |
| Russell 3000 Index | 23.13% | 25.76% |
| Russell 2000 Index | 10.06% | 7.61% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $41,847,653 |
| # of Portfolio Holdings | 442 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75,952 |
Top 10 Holdings (% of Net Assets)
| ADMA Biologics, Inc. | 1.0% |
| Celestica, Inc. | 1.0% |
| Medpace Holdings, Inc. | 0.9% |
| IES Holdings, Inc. | 0.7% |
| Builders FirstSource, Inc. | 0.7% |
| Axcelis Technologies, Inc. | 0.7% |
| Allison Transmission Holdings, Inc. | 0.6% |
| Limbach Holdings, Inc. | 0.6% |
| CommVault Systems, Inc. | 0.6% |
| Mueller Industries, Inc. | 0.5% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.0% |
| Industrials | 21.8% |
| Consumer Discretionary | 17.2% |
| Health Care | 11.9% |
| Financials | 7.8% |
| Real Estate | 5.1% |
| Communication Services | 3.7% |
| Materials | 3.0% |
| Consumer Staples | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.1% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Developing Markets Equity Portfolio
LDMIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $56 | 1.10% |
| Institutional Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,813 | $10,193 |
| 2014 | $10,024 | $10,422 |
| 2014 | $9,165 | $9,650 |
| 2014 | $9,319 | $9,764 |
| 2014 | $9,124 | $9,660 |
| 2014 | $8,594 | $9,215 |
| 2015 | $8,298 | $9,270 |
| 2015 | $8,405 | $9,558 |
| 2015 | $8,281 | $9,422 |
| 2015 | $9,196 | $10,147 |
| 2015 | $8,850 | $9,740 |
| 2015 | $8,751 | $9,486 |
| 2015 | $8,108 | $8,829 |
| 2015 | $7,433 | $8,030 |
| 2015 | $7,259 | $7,788 |
| 2015 | $7,944 | $8,344 |
| 2015 | $7,705 | $8,018 |
| 2015 | $7,491 | $7,839 |
| 2016 | $7,002 | $7,331 |
| 2016 | $6,953 | $7,319 |
| 2016 | $7,905 | $8,287 |
| 2016 | $8,196 | $8,332 |
| 2016 | $7,914 | $8,021 |
| 2016 | $8,237 | $8,342 |
| 2016 | $8,527 | $8,762 |
| 2016 | $8,752 | $8,980 |
| 2016 | $9,042 | $9,096 |
| 2016 | $8,976 | $9,117 |
| 2016 | $8,669 | $8,698 |
| 2016 | $8,600 | $8,717 |
| 2017 | $9,153 | $9,194 |
| 2017 | $9,303 | $9,475 |
| 2017 | $9,755 | $9,714 |
| 2017 | $10,065 | $9,927 |
| 2017 | $10,232 | $10,221 |
| 2017 | $10,265 | $10,324 |
| 2017 | $10,876 | $10,939 |
| 2017 | $11,278 | $11,183 |
| 2017 | $11,395 | $11,138 |
| 2017 | $11,688 | $11,529 |
| 2017 | $11,755 | $11,552 |
| 2017 | $12,139 | $11,967 |
| 2018 | $12,844 | $12,964 |
| 2018 | $12,366 | $12,366 |
| 2018 | $12,215 | $12,136 |
| 2018 | $11,947 | $12,083 |
| 2018 | $11,628 | $11,655 |
| 2018 | $11,041 | $11,172 |
| 2018 | $11,318 | $11,417 |
| 2018 | $10,688 | $11,109 |
| 2018 | $10,570 | $11,050 |
| 2018 | $9,709 | $10,088 |
| 2018 | $10,089 | $10,503 |
| 2018 | $9,641 | $10,224 |
| 2019 | $10,654 | $11,120 |
| 2019 | $10,849 | $11,144 |
| 2019 | $11,085 | $11,238 |
| 2019 | $11,321 | $11,475 |
| 2019 | $10,460 | $10,642 |
| 2019 | $11,262 | $11,306 |
| 2019 | $11,034 | $11,168 |
| 2019 | $10,589 | $10,623 |
| 2019 | $10,911 | $10,826 |
| 2019 | $11,461 | $11,283 |
| 2019 | $11,521 | $11,267 |
| 2019 | $12,357 | $12,107 |
| 2020 | $11,712 | $11,543 |
| 2020 | $11,100 | $10,935 |
| 2020 | $8,816 | $9,251 |
| 2020 | $9,843 | $10,098 |
| 2020 | $10,090 | $10,176 |
| 2020 | $10,973 | $10,924 |
| 2020 | $11,873 | $11,900 |
| 2020 | $12,250 | $12,163 |
| 2020 | $12,105 | $11,969 |
| 2020 | $12,395 | $12,215 |
| 2020 | $13,664 | $13,345 |
| 2020 | $14,746 | $14,326 |
| 2021 | $15,053 | $14,766 |
| 2021 | $15,504 | $14,878 |
| 2021 | $15,104 | $14,654 |
| 2021 | $15,189 | $15,018 |
| 2021 | $15,309 | $15,367 |
| 2021 | $15,138 | $15,393 |
| 2021 | $14,056 | $14,357 |
| 2021 | $14,184 | $14,733 |
| 2021 | $13,381 | $14,148 |
| 2021 | $13,637 | $14,288 |
| 2021 | $12,988 | $13,705 |
| 2021 | $13,251 | $13,963 |
| 2022 | $13,096 | $13,699 |
| 2022 | $12,390 | $13,290 |
| 2022 | $12,072 | $12,989 |
| 2022 | $11,280 | $12,267 |
| 2022 | $11,599 | $12,321 |
| 2022 | $10,764 | $11,502 |
| 2022 | $10,712 | $11,473 |
| 2022 | $10,549 | $11,521 |
| 2022 | $9,275 | $10,171 |
| 2022 | $8,914 | $9,856 |
| 2022 | $10,428 | $11,317 |
| 2022 | $10,255 | $11,158 |
| 2023 | $11,287 | $12,039 |
| 2023 | $10,541 | $11,259 |
| 2023 | $10,957 | $11,600 |
| 2023 | $10,688 | $11,469 |
| 2023 | $10,411 | $11,276 |
| 2023 | $10,940 | $11,705 |
| 2023 | $11,634 | $12,434 |
| 2023 | $10,810 | $11,668 |
| 2023 | $10,471 | $11,362 |
| 2023 | $9,951 | $10,920 |
| 2023 | $10,740 | $11,794 |
| 2023 | $11,243 | $12,255 |
| 2024 | $10,649 | $11,686 |
| 2024 | $11,217 | $12,243 |
| 2024 | $11,722 | $12,546 |
| 2024 | $11,412 | $12,603 |
| 2024 | $11,527 | $12,673 |
| 2024 | $11,864 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 8.45% | 1.05% | 1.72% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $90,952,794 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $382,762 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.4% |
| Samsung Electronics Co. Ltd. | 5.9% |
| ICICI Bank Ltd., ADR | 3.7% |
| Tencent Holdings Ltd. | 3.7% |
| SK Hynix, Inc. | 3.5% |
| Reliance Industries Ltd. | 2.8% |
| HDFC Bank Ltd., ADR | 2.8% |
| Trip.com Group Ltd., ADR | 2.5% |
| Capitec Bank Holdings Ltd. | 2.5% |
| MediaTek, Inc. | 2.4% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 34.4% |
| Financials | 24.9% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.1% |
| Communication Services | 5.2% |
| Energy | 4.5% |
| Consumer Staples | 2.6% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.3% |
| Materials | 1.3% |
| Health Care | 1.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Developing Markets Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $69 | 1.35% |
| Open Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,813 | $10,193 |
| 2014 | $10,024 | $10,422 |
| 2014 | $9,155 | $9,650 |
| 2014 | $9,310 | $9,764 |
| 2014 | $9,115 | $9,660 |
| 2014 | $8,580 | $9,215 |
| 2015 | $8,284 | $9,270 |
| 2015 | $8,383 | $9,558 |
| 2015 | $8,259 | $9,422 |
| 2015 | $9,172 | $10,147 |
| 2015 | $8,827 | $9,740 |
| 2015 | $8,720 | $9,486 |
| 2015 | $8,078 | $8,829 |
| 2015 | $7,404 | $8,030 |
| 2015 | $7,223 | $7,788 |
| 2015 | $7,906 | $8,344 |
| 2015 | $7,667 | $8,018 |
| 2015 | $7,456 | $7,839 |
| 2016 | $6,961 | $7,331 |
| 2016 | $6,912 | $7,319 |
| 2016 | $7,859 | $8,287 |
| 2016 | $8,148 | $8,332 |
| 2016 | $7,867 | $8,021 |
| 2016 | $8,180 | $8,342 |
| 2016 | $8,469 | $8,762 |
| 2016 | $8,693 | $8,980 |
| 2016 | $8,973 | $9,096 |
| 2016 | $8,907 | $9,117 |
| 2016 | $8,602 | $8,698 |
| 2016 | $8,522 | $8,717 |
| 2017 | $9,069 | $9,194 |
| 2017 | $9,210 | $9,475 |
| 2017 | $9,658 | $9,714 |
| 2017 | $9,956 | $9,927 |
| 2017 | $10,122 | $10,221 |
| 2017 | $10,147 | $10,324 |
| 2017 | $10,752 | $10,939 |
| 2017 | $11,150 | $11,183 |
| 2017 | $11,258 | $11,138 |
| 2017 | $11,540 | $11,529 |
| 2017 | $11,606 | $11,552 |
| 2017 | $11,979 | $11,967 |
| 2018 | $12,675 | $12,964 |
| 2018 | $12,203 | $12,366 |
| 2018 | $12,045 | $12,136 |
| 2018 | $11,772 | $12,083 |
| 2018 | $11,457 | $11,655 |
| 2018 | $10,876 | $11,172 |
| 2018 | $11,150 | $11,417 |
| 2018 | $10,519 | $11,109 |
| 2018 | $10,402 | $11,050 |
| 2018 | $9,551 | $10,088 |
| 2018 | $9,926 | $10,503 |
| 2018 | $9,484 | $10,224 |
| 2019 | $10,469 | $11,120 |
| 2019 | $10,669 | $11,144 |
| 2019 | $10,895 | $11,238 |
| 2019 | $11,129 | $11,475 |
| 2019 | $10,277 | $10,642 |
| 2019 | $11,053 | $11,306 |
| 2019 | $10,828 | $11,168 |
| 2019 | $10,391 | $10,623 |
| 2019 | $10,708 | $10,826 |
| 2019 | $11,243 | $11,283 |
| 2019 | $11,301 | $11,267 |
| 2019 | $12,120 | $12,107 |
| 2020 | $11,485 | $11,543 |
| 2020 | $10,875 | $10,935 |
| 2020 | $8,637 | $9,251 |
| 2020 | $9,639 | $10,098 |
| 2020 | $9,881 | $10,176 |
| 2020 | $10,742 | $10,924 |
| 2020 | $11,619 | $11,900 |
| 2020 | $11,989 | $12,163 |
| 2020 | $11,847 | $11,969 |
| 2020 | $12,123 | $12,215 |
| 2020 | $13,363 | $13,345 |
| 2020 | $14,419 | $14,326 |
| 2021 | $14,712 | $14,766 |
| 2021 | $15,157 | $14,878 |
| 2021 | $14,763 | $14,654 |
| 2021 | $14,847 | $15,018 |
| 2021 | $14,955 | $15,367 |
| 2021 | $14,788 | $15,393 |
| 2021 | $13,724 | $14,357 |
| 2021 | $13,841 | $14,733 |
| 2021 | $13,060 | $14,148 |
| 2021 | $13,312 | $14,288 |
| 2021 | $12,673 | $13,705 |
| 2021 | $12,924 | $13,963 |
| 2022 | $12,772 | $13,699 |
| 2022 | $12,080 | $13,290 |
| 2022 | $11,768 | $12,989 |
| 2022 | $10,991 | $12,267 |
| 2022 | $11,295 | $12,321 |
| 2022 | $10,485 | $11,502 |
| 2022 | $10,434 | $11,473 |
| 2022 | $10,274 | $11,521 |
| 2022 | $9,024 | $10,171 |
| 2022 | $8,678 | $9,856 |
| 2022 | $10,147 | $11,317 |
| 2022 | $9,977 | $11,158 |
| 2023 | $10,979 | $12,039 |
| 2023 | $10,248 | $11,259 |
| 2023 | $10,647 | $11,600 |
| 2023 | $10,393 | $11,469 |
| 2023 | $10,121 | $11,276 |
| 2023 | $10,630 | $11,705 |
| 2023 | $11,310 | $12,434 |
| 2023 | $10,503 | $11,668 |
| 2023 | $10,172 | $11,362 |
| 2023 | $9,663 | $10,920 |
| 2023 | $10,427 | $11,794 |
| 2023 | $10,908 | $12,255 |
| 2024 | $10,328 | $11,686 |
| 2024 | $10,882 | $12,243 |
| 2024 | $11,368 | $12,546 |
| 2024 | $11,064 | $12,603 |
| 2024 | $11,177 | $12,673 |
| 2024 | $11,498 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 8.16% | 0.79% | 1.41% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $90,952,794 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $382,762 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.4% |
| Samsung Electronics Co. Ltd. | 5.9% |
| ICICI Bank Ltd., ADR | 3.7% |
| Tencent Holdings Ltd. | 3.7% |
| SK Hynix, Inc. | 3.5% |
| Reliance Industries Ltd. | 2.8% |
| HDFC Bank Ltd., ADR | 2.8% |
| Trip.com Group Ltd., ADR | 2.5% |
| Capitec Bank Holdings Ltd. | 2.5% |
| MediaTek, Inc. | 2.4% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 34.4% |
| Financials | 24.9% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.1% |
| Communication Services | 5.2% |
| Energy | 4.5% |
| Consumer Staples | 2.6% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.3% |
| Materials | 1.3% |
| Health Care | 1.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Core Equity Portfolio
ECEIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $57 | 1.10% |
| Institutional Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,952 | $10,193 |
| 2014 | $10,267 | $10,422 |
| 2014 | $9,609 | $9,650 |
| 2014 | $9,809 | $9,764 |
| 2014 | $9,724 | $9,660 |
| 2014 | $9,254 | $9,215 |
| 2015 | $9,292 | $9,270 |
| 2015 | $9,552 | $9,558 |
| 2015 | $9,523 | $9,422 |
| 2015 | $10,033 | $10,147 |
| 2015 | $10,043 | $9,740 |
| 2015 | $9,725 | $9,486 |
| 2015 | $9,177 | $8,829 |
| 2015 | $8,378 | $8,030 |
| 2015 | $8,225 | $7,788 |
| 2015 | $8,811 | $8,344 |
| 2015 | $8,552 | $8,018 |
| 2015 | $8,295 | $7,839 |
| 2016 | $7,803 | $7,331 |
| 2016 | $7,591 | $7,319 |
| 2016 | $8,276 | $8,287 |
| 2016 | $8,237 | $8,332 |
| 2016 | $8,131 | $8,021 |
| 2016 | $8,459 | $8,342 |
| 2016 | $8,720 | $8,762 |
| 2016 | $8,942 | $8,980 |
| 2016 | $9,106 | $9,096 |
| 2016 | $8,961 | $9,117 |
| 2016 | $8,517 | $8,698 |
| 2016 | $8,583 | $8,717 |
| 2017 | $9,137 | $9,194 |
| 2017 | $9,283 | $9,475 |
| 2017 | $9,623 | $9,714 |
| 2017 | $9,895 | $9,927 |
| 2017 | $10,148 | $10,221 |
| 2017 | $10,303 | $10,324 |
| 2017 | $10,964 | $10,939 |
| 2017 | $11,258 | $11,183 |
| 2017 | $11,384 | $11,138 |
| 2017 | $11,666 | $11,529 |
| 2017 | $11,715 | $11,552 |
| 2017 | $12,046 | $11,967 |
| 2018 | $12,947 | $12,964 |
| 2018 | $12,310 | $12,366 |
| 2018 | $12,144 | $12,136 |
| 2018 | $11,830 | $12,083 |
| 2018 | $11,370 | $11,655 |
| 2018 | $11,037 | $11,172 |
| 2018 | $11,311 | $11,417 |
| 2018 | $10,833 | $11,109 |
| 2018 | $10,706 | $11,050 |
| 2018 | $9,854 | $10,088 |
| 2018 | $10,246 | $10,503 |
| 2018 | $9,863 | $10,224 |
| 2019 | $10,850 | $11,120 |
| 2019 | $10,811 | $11,144 |
| 2019 | $10,930 | $11,238 |
| 2019 | $11,180 | $11,475 |
| 2019 | $10,402 | $10,642 |
| 2019 | $11,080 | $11,306 |
| 2019 | $10,920 | $11,168 |
| 2019 | $10,382 | $10,623 |
| 2019 | $10,681 | $10,826 |
| 2019 | $11,070 | $11,283 |
| 2019 | $11,120 | $11,267 |
| 2019 | $11,993 | $12,107 |
| 2020 | $11,321 | $11,543 |
| 2020 | $10,762 | $10,935 |
| 2020 | $8,677 | $9,251 |
| 2020 | $9,368 | $10,098 |
| 2020 | $9,582 | $10,176 |
| 2020 | $10,213 | $10,924 |
| 2020 | $11,159 | $11,900 |
| 2020 | $11,369 | $12,163 |
| 2020 | $11,176 | $11,969 |
| 2020 | $11,379 | $12,215 |
| 2020 | $12,489 | $13,345 |
| 2020 | $13,429 | $14,326 |
| 2021 | $13,767 | $14,766 |
| 2021 | $13,992 | $14,878 |
| 2021 | $13,685 | $14,654 |
| 2021 | $13,767 | $15,018 |
| 2021 | $13,930 | $15,367 |
| 2021 | $13,900 | $15,393 |
| 2021 | $12,989 | $14,357 |
| 2021 | $12,971 | $14,733 |
| 2021 | $12,326 | $14,148 |
| 2021 | $12,520 | $14,288 |
| 2021 | $11,844 | $13,705 |
| 2021 | $11,923 | $13,963 |
| 2022 | $11,800 | $13,699 |
| 2022 | $11,026 | $13,290 |
| 2022 | $10,758 | $12,989 |
| 2022 | $10,026 | $12,267 |
| 2022 | $10,149 | $12,321 |
| 2022 | $9,345 | $11,502 |
| 2022 | $9,541 | $11,473 |
| 2022 | $9,481 | $11,521 |
| 2022 | $8,388 | $10,171 |
| 2022 | $8,449 | $9,856 |
| 2022 | $9,687 | $11,317 |
| 2022 | $9,345 | $11,158 |
| 2023 | $10,324 | $12,039 |
| 2023 | $9,671 | $11,259 |
| 2023 | $10,082 | $11,600 |
| 2023 | $9,956 | $11,469 |
| 2023 | $9,787 | $11,276 |
| 2023 | $10,209 | $11,705 |
| 2023 | $10,735 | $12,434 |
| 2023 | $9,997 | $11,668 |
| 2023 | $9,701 | $11,362 |
| 2023 | $9,459 | $10,920 |
| 2023 | $10,112 | $11,794 |
| 2023 | $10,493 | $12,255 |
| 2024 | $10,129 | $11,686 |
| 2024 | $10,600 | $12,243 |
| 2024 | $10,889 | $12,546 |
| 2024 | $10,867 | $12,603 |
| 2024 | $11,060 | $12,673 |
| 2024 | $11,434 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 12.00% | 0.63% | 1.35% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $116,299,150 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $478,900 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.3% |
| SK Hynix, Inc. | 3.0% |
| Reliance Industries Ltd. | 2.9% |
| Alibaba Group Holding Ltd., ADR | 2.8% |
| HDFC Bank Ltd., ADR | 2.6% |
| ADNOC Drilling Co. PJSC | 2.5% |
| MediaTek, Inc. | 2.2% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.2% |
| Financials | 22.7% |
| Consumer Discretionary | 13.0% |
| Energy | 8.2% |
| Industrials | 7.6% |
| Consumer Staples | 7.2% |
| Communication Services | 6.7% |
| Materials | 5.3% |
| Health Care | 2.6% |
| Real Estate | 2.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Core Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $70 | 1.35% |
| Open Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,952 | $10,193 |
| 2014 | $10,258 | $10,422 |
| 2014 | $9,599 | $9,650 |
| 2014 | $9,799 | $9,764 |
| 2014 | $9,713 | $9,660 |
| 2014 | $9,242 | $9,215 |
| 2015 | $9,271 | $9,270 |
| 2015 | $9,521 | $9,558 |
| 2015 | $9,492 | $9,422 |
| 2015 | $10,001 | $10,147 |
| 2015 | $10,001 | $9,740 |
| 2015 | $9,675 | $9,486 |
| 2015 | $9,137 | $8,829 |
| 2015 | $8,339 | $8,030 |
| 2015 | $8,186 | $7,788 |
| 2015 | $8,762 | $8,344 |
| 2015 | $8,503 | $8,018 |
| 2015 | $8,243 | $7,839 |
| 2016 | $7,753 | $7,331 |
| 2016 | $7,542 | $7,319 |
| 2016 | $8,224 | $8,287 |
| 2016 | $8,186 | $8,332 |
| 2016 | $8,070 | $8,021 |
| 2016 | $8,397 | $8,342 |
| 2016 | $8,656 | $8,762 |
| 2016 | $8,868 | $8,980 |
| 2016 | $9,031 | $9,096 |
| 2016 | $8,887 | $9,117 |
| 2016 | $8,445 | $8,698 |
| 2016 | $8,504 | $8,717 |
| 2017 | $9,045 | $9,194 |
| 2017 | $9,199 | $9,475 |
| 2017 | $9,527 | $9,714 |
| 2017 | $9,798 | $9,927 |
| 2017 | $10,049 | $10,221 |
| 2017 | $10,194 | $10,324 |
| 2017 | $10,840 | $10,939 |
| 2017 | $11,122 | $11,183 |
| 2017 | $11,248 | $11,138 |
| 2017 | $11,527 | $11,529 |
| 2017 | $11,576 | $11,552 |
| 2017 | $11,889 | $11,967 |
| 2018 | $12,781 | $12,964 |
| 2018 | $12,141 | $12,366 |
| 2018 | $11,976 | $12,136 |
| 2018 | $11,657 | $12,083 |
| 2018 | $11,201 | $11,655 |
| 2018 | $10,872 | $11,172 |
| 2018 | $11,133 | $11,417 |
| 2018 | $10,661 | $11,109 |
| 2018 | $10,535 | $11,050 |
| 2018 | $9,691 | $10,088 |
| 2018 | $10,069 | $10,503 |
| 2018 | $9,698 | $10,224 |
| 2019 | $10,670 | $11,120 |
| 2019 | $10,621 | $11,144 |
| 2019 | $10,739 | $11,238 |
| 2019 | $10,975 | $11,475 |
| 2019 | $10,209 | $10,642 |
| 2019 | $10,867 | $11,306 |
| 2019 | $10,710 | $11,168 |
| 2019 | $10,179 | $10,623 |
| 2019 | $10,464 | $10,826 |
| 2019 | $10,847 | $11,283 |
| 2019 | $10,897 | $11,267 |
| 2019 | $11,742 | $12,107 |
| 2020 | $11,083 | $11,543 |
| 2020 | $10,534 | $10,935 |
| 2020 | $8,487 | $9,251 |
| 2020 | $9,166 | $10,098 |
| 2020 | $9,376 | $10,176 |
| 2020 | $9,985 | $10,924 |
| 2020 | $10,903 | $11,900 |
| 2020 | $11,110 | $12,163 |
| 2020 | $10,930 | $11,969 |
| 2020 | $11,110 | $12,215 |
| 2020 | $12,199 | $13,345 |
| 2020 | $13,112 | $14,326 |
| 2021 | $13,442 | $14,766 |
| 2021 | $13,662 | $14,878 |
| 2021 | $13,352 | $14,654 |
| 2021 | $13,432 | $15,018 |
| 2021 | $13,582 | $15,367 |
| 2021 | $13,552 | $15,393 |
| 2021 | $12,661 | $14,357 |
| 2021 | $12,644 | $14,733 |
| 2021 | $12,002 | $14,148 |
| 2021 | $12,192 | $14,288 |
| 2021 | $11,541 | $13,705 |
| 2021 | $11,600 | $13,963 |
| 2022 | $11,479 | $13,699 |
| 2022 | $10,725 | $13,290 |
| 2022 | $10,463 | $12,989 |
| 2022 | $9,749 | $12,267 |
| 2022 | $9,870 | $12,321 |
| 2022 | $9,085 | $11,502 |
| 2022 | $9,276 | $11,473 |
| 2022 | $9,218 | $11,521 |
| 2022 | $8,141 | $10,171 |
| 2022 | $8,212 | $9,856 |
| 2022 | $9,409 | $11,317 |
| 2022 | $9,071 | $11,158 |
| 2023 | $10,024 | $12,039 |
| 2023 | $9,379 | $11,259 |
| 2023 | $9,778 | $11,600 |
| 2023 | $9,655 | $11,469 |
| 2023 | $9,491 | $11,276 |
| 2023 | $9,901 | $11,705 |
| 2023 | $10,404 | $12,434 |
| 2023 | $9,695 | $11,668 |
| 2023 | $9,408 | $11,362 |
| 2023 | $9,162 | $10,920 |
| 2023 | $9,787 | $11,794 |
| 2023 | $10,164 | $12,255 |
| 2024 | $9,811 | $11,686 |
| 2024 | $10,257 | $12,243 |
| 2024 | $10,548 | $12,546 |
| 2024 | $10,517 | $12,603 |
| 2024 | $10,693 | $12,673 |
| 2024 | $11,067 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 11.77% | 0.37% | 1.02% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $116,299,150 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $478,900 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.3% |
| SK Hynix, Inc. | 3.0% |
| Reliance Industries Ltd. | 2.9% |
| Alibaba Group Holding Ltd., ADR | 2.8% |
| HDFC Bank Ltd., ADR | 2.6% |
| ADNOC Drilling Co. PJSC | 2.5% |
| MediaTek, Inc. | 2.2% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.2% |
| Financials | 22.7% |
| Consumer Discretionary | 13.0% |
| Energy | 8.2% |
| Industrials | 7.6% |
| Consumer Staples | 7.2% |
| Communication Services | 6.7% |
| Materials | 5.3% |
| Health Care | 2.6% |
| Real Estate | 2.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Core Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $55 | 1.05% |
| R6 Shares | MSCI Emerging Markets Index |
|---|
| 2018 | $1,000,000 | $1,000,000 |
| 2018 | $989,353 | $1,002,800 |
| 2018 | $951,679 | $967,301 |
| 2018 | $923,014 | $927,158 |
| 2018 | $945,946 | $947,555 |
| 2018 | $905,970 | $921,971 |
| 2018 | $896,140 | $917,085 |
| 2018 | $824,056 | $837,207 |
| 2018 | $856,821 | $871,700 |
| 2018 | $824,819 | $848,513 |
| 2019 | $908,219 | $922,842 |
| 2019 | $904,049 | $924,872 |
| 2019 | $914,891 | $932,641 |
| 2019 | $934,907 | $952,320 |
| 2019 | $869,855 | $883,182 |
| 2019 | $927,401 | $938,292 |
| 2019 | $914,057 | $926,845 |
| 2019 | $869,036 | $881,615 |
| 2019 | $893,222 | $898,454 |
| 2019 | $926,583 | $936,369 |
| 2019 | $930,753 | $935,058 |
| 2019 | $1,003,738 | $1,004,813 |
| 2020 | $947,597 | $957,989 |
| 2020 | $900,812 | $907,503 |
| 2020 | $726,434 | $767,747 |
| 2020 | $784,276 | $838,073 |
| 2020 | $802,140 | $844,526 |
| 2020 | $854,878 | $906,599 |
| 2020 | $933,136 | $987,649 |
| 2020 | $951,605 | $1,009,476 |
| 2020 | $935,432 | $993,324 |
| 2020 | $952,456 | $1,013,787 |
| 2020 | $1,045,233 | $1,107,562 |
| 2020 | $1,123,856 | $1,188,968 |
| 2021 | $1,152,102 | $1,225,469 |
| 2021 | $1,170,933 | $1,234,783 |
| 2021 | $1,145,254 | $1,216,137 |
| 2021 | $1,152,102 | $1,246,419 |
| 2021 | $1,165,797 | $1,275,336 |
| 2021 | $1,164,085 | $1,277,504 |
| 2021 | $1,087,050 | $1,191,528 |
| 2021 | $1,085,574 | $1,222,746 |
| 2021 | $1,031,596 | $1,174,203 |
| 2021 | $1,047,875 | $1,185,828 |
| 2021 | $992,183 | $1,137,446 |
| 2021 | $998,062 | $1,158,830 |
| 2022 | $987,711 | $1,136,928 |
| 2022 | $923,014 | $1,102,934 |
| 2022 | $900,585 | $1,078,008 |
| 2022 | $839,339 | $1,018,070 |
| 2022 | $849,690 | $1,022,550 |
| 2022 | $782,405 | $954,550 |
| 2022 | $799,658 | $952,164 |
| 2022 | $793,809 | $956,163 |
| 2022 | $702,348 | $844,101 |
| 2022 | $708,388 | $817,934 |
| 2022 | $811,065 | $939,233 |
| 2022 | $782,714 | $925,990 |
| 2023 | $864,687 | $999,143 |
| 2023 | $810,038 | $934,399 |
| 2023 | $844,414 | $962,711 |
| 2023 | $833,837 | $951,832 |
| 2023 | $819,734 | $935,842 |
| 2023 | $854,991 | $971,404 |
| 2023 | $899,063 | $1,031,922 |
| 2023 | $838,128 | $968,356 |
| 2023 | $813,425 | $942,985 |
| 2023 | $792,251 | $906,303 |
| 2023 | $846,950 | $978,807 |
| 2023 | $879,112 | $1,017,078 |
| 2024 | $849,570 | $969,886 |
| 2024 | $888,960 | $1,016,052 |
| 2024 | $913,131 | $1,041,250 |
| 2024 | $911,341 | $1,045,936 |
| 2024 | $927,455 | $1,051,793 |
| 2024 | $958,788 | $1,092,965 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 4/6/18 |
|---|
| R6 Shares | 12.14% | 0.67% | (0.67%) |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 1.44% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $116,299,150 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $478,900 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.8% |
| Tencent Holdings Ltd. | 5.1% |
| Samsung Electronics Co. Ltd. | 4.3% |
| SK Hynix, Inc. | 3.0% |
| Reliance Industries Ltd. | 2.9% |
| Alibaba Group Holding Ltd., ADR | 2.8% |
| HDFC Bank Ltd., ADR | 2.6% |
| ADNOC Drilling Co. PJSC | 2.5% |
| MediaTek, Inc. | 2.2% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 24.2% |
| Financials | 22.7% |
| Consumer Discretionary | 13.0% |
| Energy | 8.2% |
| Industrials | 7.6% |
| Consumer Staples | 7.2% |
| Communication Services | 6.7% |
| Materials | 5.3% |
| Health Care | 2.6% |
| Real Estate | 2.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Advantage Portfolio
LEAIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $48 | 0.92% |
| Institutional Shares | MSCI Emerging Markets Index |
|---|
| 2015 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 |
| 2015 | $9,710 | $9,740 |
| 2015 | $9,070 | $9,065 |
| 2015 | $8,360 | $8,245 |
| 2015 | $8,220 | $7,996 |
| 2015 | $8,740 | $8,567 |
| 2015 | $8,430 | $8,233 |
| 2015 | $8,203 | $8,049 |
| 2016 | $7,795 | $7,527 |
| 2016 | $7,714 | $7,515 |
| 2016 | $8,671 | $8,509 |
| 2016 | $8,660 | $8,555 |
| 2016 | $8,426 | $8,236 |
| 2016 | $8,793 | $8,565 |
| 2016 | $9,149 | $8,996 |
| 2016 | $9,392 | $9,220 |
| 2016 | $9,545 | $9,339 |
| 2016 | $9,535 | $9,361 |
| 2016 | $9,056 | $8,931 |
| 2016 | $9,009 | $8,950 |
| 2017 | $9,599 | $9,440 |
| 2017 | $9,847 | $9,729 |
| 2017 | $10,157 | $9,974 |
| 2017 | $10,426 | $10,192 |
| 2017 | $10,778 | $10,494 |
| 2017 | $11,016 | $10,600 |
| 2017 | $11,698 | $11,232 |
| 2017 | $12,029 | $11,482 |
| 2017 | $12,060 | $11,436 |
| 2017 | $12,371 | $11,838 |
| 2017 | $12,453 | $11,861 |
| 2017 | $12,840 | $12,287 |
| 2018 | $13,897 | $13,311 |
| 2018 | $13,216 | $12,697 |
| 2018 | $13,143 | $12,461 |
| 2018 | $12,871 | $12,406 |
| 2018 | $12,599 | $11,967 |
| 2018 | $12,023 | $11,470 |
| 2018 | $12,212 | $11,723 |
| 2018 | $11,950 | $11,406 |
| 2018 | $11,908 | $11,346 |
| 2018 | $10,810 | $10,357 |
| 2018 | $11,207 | $10,784 |
| 2018 | $10,756 | $10,497 |
| 2019 | $11,850 | $11,417 |
| 2019 | $11,786 | $11,442 |
| 2019 | $11,957 | $11,538 |
| 2019 | $12,161 | $11,781 |
| 2019 | $11,303 | $10,926 |
| 2019 | $12,032 | $11,608 |
| 2019 | $11,818 | $11,466 |
| 2019 | $11,399 | $10,907 |
| 2019 | $11,635 | $11,115 |
| 2019 | $12,075 | $11,584 |
| 2019 | $12,054 | $11,568 |
| 2019 | $12,954 | $12,431 |
| 2020 | $12,266 | $11,852 |
| 2020 | $11,795 | $11,227 |
| 2020 | $9,893 | $9,498 |
| 2020 | $10,702 | $10,368 |
| 2020 | $10,997 | $10,448 |
| 2020 | $11,642 | $11,216 |
| 2020 | $12,845 | $12,219 |
| 2020 | $13,126 | $12,489 |
| 2020 | $12,896 | $12,289 |
| 2020 | $13,169 | $12,542 |
| 2020 | $14,154 | $13,702 |
| 2020 | $15,208 | $14,709 |
| 2021 | $15,771 | $15,161 |
| 2021 | $15,991 | $15,276 |
| 2021 | $16,002 | $15,045 |
| 2021 | $16,399 | $15,420 |
| 2021 | $16,554 | $15,778 |
| 2021 | $16,874 | $15,804 |
| 2021 | $15,826 | $14,741 |
| 2021 | $15,942 | $15,127 |
| 2021 | $15,252 | $14,526 |
| 2021 | $15,508 | $14,670 |
| 2021 | $14,817 | $14,072 |
| 2021 | $15,354 | $14,336 |
| 2022 | $15,187 | $14,065 |
| 2022 | $14,543 | $13,645 |
| 2022 | $14,185 | $13,336 |
| 2022 | $13,339 | $12,595 |
| 2022 | $13,613 | $12,650 |
| 2022 | $12,660 | $11,809 |
| 2022 | $12,612 | $11,780 |
| 2022 | $12,458 | $11,829 |
| 2022 | $11,082 | $10,443 |
| 2022 | $10,783 | $10,119 |
| 2022 | $12,518 | $11,620 |
| 2022 | $12,128 | $11,456 |
| 2023 | $13,250 | $12,361 |
| 2023 | $12,461 | $11,560 |
| 2023 | $12,929 | $11,910 |
| 2023 | $12,794 | $11,775 |
| 2023 | $12,584 | $11,578 |
| 2023 | $13,090 | $12,018 |
| 2023 | $13,817 | $12,766 |
| 2023 | $13,062 | $11,980 |
| 2023 | $12,803 | $11,666 |
| 2023 | $12,359 | $11,212 |
| 2023 | $13,198 | $12,109 |
| 2023 | $13,661 | $12,583 |
| 2024 | $13,335 | $11,999 |
| 2024 | $14,164 | $12,570 |
| 2024 | $14,428 | $12,882 |
| 2024 | $14,441 | $12,940 |
| 2024 | $14,755 | $13,012 |
| 2024 | $15,195 | $13,520 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Institutional Shares | 16.08% | 4.78% | 4.71% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 3.38% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $134,306,321 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $409,251 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.6% |
| Tencent Holdings Ltd. | 4.1% |
| Samsung Electronics Co. Ltd., GDR | 3.9% |
| Alibaba Group Holding Ltd. | 2.0% |
| MediaTek, Inc. | 1.9% |
| Kia Corp. | 1.6% |
| China Construction Bank Corp., Class H | 1.4% |
| PDD Holdings, Inc., ADR | 1.3% |
| State Bank of India, GDR | 1.3% |
| Delta Electronics, Inc. | 1.3% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 25.6% |
| Financials | 21.2% |
| Consumer Discretionary | 11.9% |
| Communication Services | 8.7% |
| Industrials | 7.8% |
| Materials | 6.3% |
| Energy | 4.8% |
| Health Care | 4.5% |
| Consumer Staples | 4.3% |
| Utilities | 2.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Advantage Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $61 | 1.17% |
| Open Shares | MSCI Emerging Markets Index |
|---|
| 2015 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 |
| 2015 | $9,710 | $9,740 |
| 2015 | $9,060 | $9,065 |
| 2015 | $8,360 | $8,245 |
| 2015 | $8,210 | $7,996 |
| 2015 | $8,730 | $8,567 |
| 2015 | $8,420 | $8,233 |
| 2015 | $8,187 | $8,049 |
| 2016 | $7,781 | $7,527 |
| 2016 | $7,699 | $7,515 |
| 2016 | $8,654 | $8,509 |
| 2016 | $8,634 | $8,555 |
| 2016 | $8,400 | $8,236 |
| 2016 | $8,766 | $8,565 |
| 2016 | $9,111 | $8,996 |
| 2016 | $9,354 | $9,220 |
| 2016 | $9,507 | $9,339 |
| 2016 | $9,496 | $9,361 |
| 2016 | $9,018 | $8,931 |
| 2016 | $8,965 | $8,950 |
| 2017 | $9,552 | $9,440 |
| 2017 | $9,799 | $9,729 |
| 2017 | $10,098 | $9,974 |
| 2017 | $10,365 | $10,192 |
| 2017 | $10,715 | $10,494 |
| 2017 | $10,942 | $10,600 |
| 2017 | $11,621 | $11,232 |
| 2017 | $11,950 | $11,482 |
| 2017 | $11,981 | $11,436 |
| 2017 | $12,280 | $11,838 |
| 2017 | $12,362 | $11,861 |
| 2017 | $12,739 | $12,287 |
| 2018 | $13,788 | $13,311 |
| 2018 | $13,103 | $12,697 |
| 2018 | $13,030 | $12,461 |
| 2018 | $12,760 | $12,406 |
| 2018 | $12,490 | $11,967 |
| 2018 | $11,919 | $11,470 |
| 2018 | $12,106 | $11,723 |
| 2018 | $11,836 | $11,406 |
| 2018 | $11,794 | $11,346 |
| 2018 | $10,704 | $10,357 |
| 2018 | $11,099 | $10,784 |
| 2018 | $10,650 | $10,497 |
| 2019 | $11,722 | $11,417 |
| 2019 | $11,658 | $11,442 |
| 2019 | $11,828 | $11,538 |
| 2019 | $12,019 | $11,781 |
| 2019 | $11,170 | $10,926 |
| 2019 | $11,891 | $11,608 |
| 2019 | $11,679 | $11,466 |
| 2019 | $11,255 | $10,907 |
| 2019 | $11,488 | $11,115 |
| 2019 | $11,913 | $11,584 |
| 2019 | $11,902 | $11,568 |
| 2019 | $12,777 | $12,431 |
| 2020 | $12,098 | $11,852 |
| 2020 | $11,634 | $11,227 |
| 2020 | $9,747 | $9,498 |
| 2020 | $10,556 | $10,368 |
| 2020 | $10,836 | $10,448 |
| 2020 | $11,472 | $11,216 |
| 2020 | $12,658 | $12,219 |
| 2020 | $12,924 | $12,489 |
| 2020 | $12,698 | $12,289 |
| 2020 | $12,968 | $12,542 |
| 2020 | $13,928 | $13,702 |
| 2020 | $14,962 | $14,709 |
| 2021 | $15,516 | $15,161 |
| 2021 | $15,722 | $15,276 |
| 2021 | $15,733 | $15,045 |
| 2021 | $16,123 | $15,420 |
| 2021 | $16,264 | $15,778 |
| 2021 | $16,579 | $15,804 |
| 2021 | $15,548 | $14,741 |
| 2021 | $15,663 | $15,127 |
| 2021 | $14,972 | $14,526 |
| 2021 | $15,224 | $14,670 |
| 2021 | $14,545 | $14,072 |
| 2021 | $15,056 | $14,336 |
| 2022 | $14,893 | $14,065 |
| 2022 | $14,250 | $13,645 |
| 2022 | $13,911 | $13,336 |
| 2022 | $13,069 | $12,595 |
| 2022 | $13,338 | $12,650 |
| 2022 | $12,391 | $11,809 |
| 2022 | $12,344 | $11,780 |
| 2022 | $12,194 | $11,829 |
| 2022 | $10,856 | $10,443 |
| 2022 | $10,551 | $10,119 |
| 2022 | $12,253 | $11,620 |
| 2022 | $11,863 | $11,456 |
| 2023 | $12,961 | $12,361 |
| 2023 | $12,189 | $11,560 |
| 2023 | $12,635 | $11,910 |
| 2023 | $12,514 | $11,775 |
| 2023 | $12,297 | $11,578 |
| 2023 | $12,792 | $12,018 |
| 2023 | $13,503 | $12,766 |
| 2023 | $12,753 | $11,980 |
| 2023 | $12,499 | $11,666 |
| 2023 | $12,065 | $11,212 |
| 2023 | $12,885 | $12,109 |
| 2023 | $13,330 | $12,583 |
| 2024 | $12,999 | $11,999 |
| 2024 | $13,808 | $12,570 |
| 2024 | $14,066 | $12,882 |
| 2024 | $14,066 | $12,940 |
| 2024 | $14,373 | $13,012 |
| 2024 | $14,802 | $13,520 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Open Shares | 15.71% | 4.48% | 4.41% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 3.38% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $134,306,321 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $409,251 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.6% |
| Tencent Holdings Ltd. | 4.1% |
| Samsung Electronics Co. Ltd., GDR | 3.9% |
| Alibaba Group Holding Ltd. | 2.0% |
| MediaTek, Inc. | 1.9% |
| Kia Corp. | 1.6% |
| China Construction Bank Corp., Class H | 1.4% |
| PDD Holdings, Inc., ADR | 1.3% |
| State Bank of India, GDR | 1.3% |
| Delta Electronics, Inc. | 1.3% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 25.6% |
| Financials | 21.2% |
| Consumer Discretionary | 11.9% |
| Communication Services | 8.7% |
| Industrials | 7.8% |
| Materials | 6.3% |
| Energy | 4.8% |
| Health Care | 4.5% |
| Consumer Staples | 4.3% |
| Utilities | 2.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Advantage Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $46 | 0.87% |
| R6 Shares | MSCI Emerging Markets Index |
|---|
| 2023 | $1,000,000 | $1,000,000 |
| 2023 | $984,421 | $982,200 |
| 2023 | $1,021,422 | $1,011,961 |
| 2023 | $1,011,685 | $1,000,526 |
| 2023 | $995,131 | $983,717 |
| 2023 | $1,034,080 | $1,021,098 |
| 2023 | $1,092,502 | $1,084,712 |
| 2023 | $1,032,863 | $1,017,894 |
| 2023 | $1,012,401 | $991,225 |
| 2023 | $977,323 | $952,667 |
| 2023 | $1,043,582 | $1,028,880 |
| 2023 | $1,079,789 | $1,069,109 |
| 2024 | $1,053,962 | $1,019,502 |
| 2024 | $1,120,517 | $1,068,031 |
| 2024 | $1,141,378 | $1,094,518 |
| 2024 | $1,141,378 | $1,099,443 |
| 2024 | $1,166,212 | $1,105,600 |
| 2024 | $1,201,973 | $1,148,687 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 2/22/23 |
|---|
| R6 Shares | 16.24% | 14.56% |
| MSCI Emerging Markets Index | 12.55% | 10.78% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $134,306,321 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $409,251 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.6% |
| Tencent Holdings Ltd. | 4.1% |
| Samsung Electronics Co. Ltd., GDR | 3.9% |
| Alibaba Group Holding Ltd. | 2.0% |
| MediaTek, Inc. | 1.9% |
| Kia Corp. | 1.6% |
| China Construction Bank Corp., Class H | 1.4% |
| PDD Holdings, Inc., ADR | 1.3% |
| State Bank of India, GDR | 1.3% |
| Delta Electronics, Inc. | 1.3% |
Top 10 Sectors (% of Net Assets)
| Information Technology | 25.6% |
| Financials | 21.2% |
| Consumer Discretionary | 11.9% |
| Communication Services | 8.7% |
| Industrials | 7.8% |
| Materials | 6.3% |
| Energy | 4.8% |
| Health Care | 4.5% |
| Consumer Staples | 4.3% |
| Utilities | 2.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Portfolio
LZEMX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $56 | 1.08% |
| Institutional Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $10,113 | $10,193 |
| 2014 | $10,320 | $10,422 |
| 2014 | $9,410 | $9,650 |
| 2014 | $9,647 | $9,764 |
| 2014 | $9,499 | $9,660 |
| 2014 | $8,779 | $9,215 |
| 2015 | $8,728 | $9,270 |
| 2015 | $8,928 | $9,558 |
| 2015 | $8,611 | $9,422 |
| 2015 | $9,208 | $10,147 |
| 2015 | $8,866 | $9,740 |
| 2015 | $8,688 | $9,486 |
| 2015 | $8,228 | $8,829 |
| 2015 | $7,415 | $8,030 |
| 2015 | $7,031 | $7,788 |
| 2015 | $7,528 | $8,344 |
| 2015 | $7,338 | $8,018 |
| 2015 | $7,010 | $7,839 |
| 2016 | $6,817 | $7,331 |
| 2016 | $6,686 | $7,319 |
| 2016 | $7,620 | $8,287 |
| 2016 | $7,850 | $8,332 |
| 2016 | $7,552 | $8,021 |
| 2016 | $7,985 | $8,342 |
| 2016 | $8,361 | $8,762 |
| 2016 | $8,482 | $8,980 |
| 2016 | $8,692 | $9,096 |
| 2016 | $8,744 | $9,117 |
| 2016 | $8,256 | $8,698 |
| 2016 | $8,448 | $8,717 |
| 2017 | $8,866 | $9,194 |
| 2017 | $9,110 | $9,475 |
| 2017 | $9,327 | $9,714 |
| 2017 | $9,496 | $9,927 |
| 2017 | $9,575 | $10,221 |
| 2017 | $9,528 | $10,324 |
| 2017 | $10,047 | $10,939 |
| 2017 | $10,257 | $11,183 |
| 2017 | $10,177 | $11,138 |
| 2017 | $10,416 | $11,529 |
| 2017 | $10,390 | $11,552 |
| 2017 | $10,815 | $11,967 |
| 2018 | $11,701 | $12,964 |
| 2018 | $11,182 | $12,366 |
| 2018 | $11,036 | $12,136 |
| 2018 | $10,707 | $12,083 |
| 2018 | $9,988 | $11,655 |
| 2018 | $9,535 | $11,172 |
| 2018 | $9,821 | $11,417 |
| 2018 | $9,298 | $11,109 |
| 2018 | $9,379 | $11,050 |
| 2018 | $8,891 | $10,088 |
| 2018 | $9,184 | $10,503 |
| 2018 | $8,858 | $10,224 |
| 2019 | $9,884 | $11,120 |
| 2019 | $9,581 | $11,144 |
| 2019 | $9,526 | $11,238 |
| 2019 | $9,741 | $11,475 |
| 2019 | $9,305 | $10,642 |
| 2019 | $9,780 | $11,306 |
| 2019 | $9,576 | $11,168 |
| 2019 | $9,074 | $10,623 |
| 2019 | $9,408 | $10,826 |
| 2019 | $9,759 | $11,283 |
| 2019 | $9,753 | $11,267 |
| 2019 | $10,457 | $12,107 |
| 2020 | $9,812 | $11,543 |
| 2020 | $9,144 | $10,935 |
| 2020 | $7,311 | $9,251 |
| 2020 | $7,831 | $10,098 |
| 2020 | $7,984 | $10,176 |
| 2020 | $8,222 | $10,924 |
| 2020 | $8,657 | $11,900 |
| 2020 | $8,569 | $12,163 |
| 2020 | $8,431 | $11,969 |
| 2020 | $8,426 | $12,215 |
| 2020 | $9,625 | $13,345 |
| 2020 | $10,452 | $14,326 |
| 2021 | $10,487 | $14,766 |
| 2021 | $10,690 | $14,878 |
| 2021 | $10,974 | $14,654 |
| 2021 | $11,095 | $15,018 |
| 2021 | $11,652 | $15,367 |
| 2021 | $11,582 | $15,393 |
| 2021 | $11,095 | $14,357 |
| 2021 | $11,388 | $14,733 |
| 2021 | $11,051 | $14,148 |
| 2021 | $11,075 | $14,288 |
| 2021 | $10,591 | $13,705 |
| 2021 | $11,015 | $13,963 |
| 2022 | $11,240 | $13,699 |
| 2022 | $10,747 | $13,290 |
| 2022 | $10,571 | $12,989 |
| 2022 | $10,030 | $12,267 |
| 2022 | $10,358 | $12,321 |
| 2022 | $9,355 | $11,502 |
| 2022 | $9,453 | $11,473 |
| 2022 | $9,325 | $11,521 |
| 2022 | $8,346 | $10,171 |
| 2022 | $8,444 | $9,856 |
| 2022 | $9,635 | $11,317 |
| 2022 | $9,378 | $11,158 |
| 2023 | $10,214 | $12,039 |
| 2023 | $9,854 | $11,259 |
| 2023 | $10,118 | $11,600 |
| 2023 | $10,208 | $11,469 |
| 2023 | $9,989 | $11,276 |
| 2023 | $10,620 | $11,705 |
| 2023 | $11,064 | $12,434 |
| 2023 | $10,581 | $11,668 |
| 2023 | $10,485 | $11,362 |
| 2023 | $10,279 | $10,920 |
| 2023 | $11,006 | $11,794 |
| 2023 | $11,477 | $12,255 |
| 2024 | $11,083 | $11,686 |
| 2024 | $11,571 | $12,243 |
| 2024 | $11,758 | $12,546 |
| 2024 | $11,831 | $12,603 |
| 2024 | $12,119 | $12,673 |
| 2024 | $12,426 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 17.01% | 4.91% | 2.20% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $2,866,820,729 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $13,500,385 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| China Construction Bank Corp., Class H | 3.1% |
| ASE Technology Holding Co. Ltd. | 2.8% |
| Lenovo Group Ltd. | 2.7% |
| Indus Towers Ltd. | 2.4% |
| MediaTek, Inc. | 2.2% |
| OTP Bank Nyrt | 2.1% |
| SK Hynix, Inc. | 2.0% |
| BB Seguridade Participacoes SA | 2.0% |
| Banco do Brasil SA | 1.9% |
Top 10 Sectors (% of Net Assets)
| Financials | 25.7% |
| Information Technology | 21.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 9.0% |
| Industrials | 7.2% |
| Consumer Staples | 6.8% |
| Energy | 5.9% |
| Materials | 4.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 4.0% |
| Health Care | 3.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $69 | 1.33% |
| Open Shares | MSCI Emerging Markets Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $10,105 | $10,193 |
| 2014 | $10,317 | $10,422 |
| 2014 | $9,400 | $9,650 |
| 2014 | $9,637 | $9,764 |
| 2014 | $9,487 | $9,660 |
| 2014 | $8,764 | $9,215 |
| 2015 | $8,714 | $9,270 |
| 2015 | $8,908 | $9,558 |
| 2015 | $8,590 | $9,422 |
| 2015 | $9,186 | $10,147 |
| 2015 | $8,838 | $9,740 |
| 2015 | $8,660 | $9,486 |
| 2015 | $8,198 | $8,829 |
| 2015 | $7,388 | $8,030 |
| 2015 | $7,004 | $7,788 |
| 2015 | $7,503 | $8,344 |
| 2015 | $7,308 | $8,018 |
| 2015 | $6,982 | $7,839 |
| 2016 | $6,785 | $7,331 |
| 2016 | $6,654 | $7,319 |
| 2016 | $7,583 | $8,287 |
| 2016 | $7,811 | $8,332 |
| 2016 | $7,513 | $8,021 |
| 2016 | $7,942 | $8,342 |
| 2016 | $8,316 | $8,762 |
| 2016 | $8,428 | $8,980 |
| 2016 | $8,636 | $9,096 |
| 2016 | $8,687 | $9,117 |
| 2016 | $8,199 | $8,698 |
| 2016 | $8,390 | $8,717 |
| 2017 | $8,799 | $9,194 |
| 2017 | $9,045 | $9,475 |
| 2017 | $9,260 | $9,714 |
| 2017 | $9,423 | $9,927 |
| 2017 | $9,500 | $10,221 |
| 2017 | $9,449 | $10,324 |
| 2017 | $9,965 | $10,939 |
| 2017 | $10,168 | $11,183 |
| 2017 | $10,091 | $11,138 |
| 2017 | $10,327 | $11,529 |
| 2017 | $10,296 | $11,552 |
| 2017 | $10,717 | $11,967 |
| 2018 | $11,591 | $12,964 |
| 2018 | $11,076 | $12,366 |
| 2018 | $10,925 | $12,136 |
| 2018 | $10,597 | $12,083 |
| 2018 | $9,885 | $11,655 |
| 2018 | $9,432 | $11,172 |
| 2018 | $9,713 | $11,417 |
| 2018 | $9,194 | $11,109 |
| 2018 | $9,272 | $11,050 |
| 2018 | $8,786 | $10,088 |
| 2018 | $9,074 | $10,503 |
| 2018 | $8,754 | $10,224 |
| 2019 | $9,766 | $11,120 |
| 2019 | $9,464 | $11,144 |
| 2019 | $9,406 | $11,238 |
| 2019 | $9,617 | $11,475 |
| 2019 | $9,188 | $10,642 |
| 2019 | $9,654 | $11,306 |
| 2019 | $9,448 | $11,168 |
| 2019 | $8,950 | $10,623 |
| 2019 | $9,276 | $10,826 |
| 2019 | $9,624 | $11,283 |
| 2019 | $9,618 | $11,267 |
| 2019 | $10,306 | $12,107 |
| 2020 | $9,672 | $11,543 |
| 2020 | $9,012 | $10,935 |
| 2020 | $7,197 | $9,251 |
| 2020 | $7,712 | $10,098 |
| 2020 | $7,858 | $10,176 |
| 2020 | $8,091 | $10,924 |
| 2020 | $8,519 | $11,900 |
| 2020 | $8,429 | $12,163 |
| 2020 | $8,292 | $11,969 |
| 2020 | $8,292 | $12,215 |
| 2020 | $9,467 | $13,345 |
| 2020 | $10,277 | $14,326 |
| 2021 | $10,304 | $14,766 |
| 2021 | $10,503 | $14,878 |
| 2021 | $10,785 | $14,654 |
| 2021 | $10,896 | $15,018 |
| 2021 | $11,443 | $15,367 |
| 2021 | $11,371 | $15,393 |
| 2021 | $10,890 | $14,357 |
| 2021 | $11,174 | $14,733 |
| 2021 | $10,848 | $14,148 |
| 2021 | $10,865 | $14,288 |
| 2021 | $10,387 | $13,705 |
| 2021 | $10,804 | $13,963 |
| 2022 | $11,018 | $13,699 |
| 2022 | $10,533 | $13,290 |
| 2022 | $10,359 | $12,989 |
| 2022 | $9,828 | $12,267 |
| 2022 | $10,151 | $12,321 |
| 2022 | $9,163 | $11,502 |
| 2022 | $9,261 | $11,473 |
| 2022 | $9,134 | $11,521 |
| 2022 | $8,169 | $10,171 |
| 2022 | $8,268 | $9,856 |
| 2022 | $9,429 | $11,317 |
| 2022 | $9,173 | $11,158 |
| 2023 | $9,990 | $12,039 |
| 2023 | $9,630 | $11,259 |
| 2023 | $9,892 | $11,600 |
| 2023 | $9,977 | $11,469 |
| 2023 | $9,758 | $11,276 |
| 2023 | $10,379 | $11,705 |
| 2023 | $10,806 | $12,434 |
| 2023 | $10,337 | $11,668 |
| 2023 | $10,239 | $11,362 |
| 2023 | $10,032 | $10,920 |
| 2023 | $10,745 | $11,794 |
| 2023 | $11,194 | $12,255 |
| 2024 | $10,809 | $11,686 |
| 2024 | $11,288 | $12,243 |
| 2024 | $11,465 | $12,546 |
| 2024 | $11,534 | $12,603 |
| 2024 | $11,812 | $12,673 |
| 2024 | $12,108 | $13,170 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 16.65% | 4.63% | 1.93% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 2.79% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $2,866,820,729 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $13,500,385 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| China Construction Bank Corp., Class H | 3.1% |
| ASE Technology Holding Co. Ltd. | 2.8% |
| Lenovo Group Ltd. | 2.7% |
| Indus Towers Ltd. | 2.4% |
| MediaTek, Inc. | 2.2% |
| OTP Bank Nyrt | 2.1% |
| SK Hynix, Inc. | 2.0% |
| BB Seguridade Participacoes SA | 2.0% |
| Banco do Brasil SA | 1.9% |
Top 10 Sectors (% of Net Assets)
| Financials | 25.7% |
| Information Technology | 21.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 9.0% |
| Industrials | 7.2% |
| Consumer Staples | 6.8% |
| Energy | 5.9% |
| Materials | 4.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 4.0% |
| Health Care | 3.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Emerging Markets Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $56 | 1.08% |
| R6 Shares | MSCI Emerging Markets Index |
|---|
| 2015 | $1,000,000 | $1,000,000 |
| 2015 | $990,151 | $1,004,450 |
| 2015 | $1,012,167 | $1,035,588 |
| 2015 | $976,825 | $1,020,883 |
| 2015 | $1,044,612 | $1,099,388 |
| 2015 | $1,005,214 | $1,055,303 |
| 2015 | $984,936 | $1,027,865 |
| 2015 | $932,793 | $956,634 |
| 2015 | $840,615 | $870,059 |
| 2015 | $796,985 | $843,870 |
| 2015 | $853,995 | $904,038 |
| 2015 | $832,471 | $868,780 |
| 2015 | $795,011 | $849,407 |
| 2016 | $772,533 | $794,280 |
| 2016 | $757,745 | $793,009 |
| 2016 | $864,220 | $897,924 |
| 2016 | $890,247 | $902,773 |
| 2016 | $855,939 | $869,100 |
| 2016 | $905,627 | $903,864 |
| 2016 | $948,217 | $949,328 |
| 2016 | $961,345 | $972,966 |
| 2016 | $985,735 | $985,518 |
| 2016 | $991,684 | $987,883 |
| 2016 | $935,765 | $942,440 |
| 2016 | $958,113 | $944,514 |
| 2017 | $1,004,938 | $996,178 |
| 2017 | $1,032,552 | $1,026,662 |
| 2017 | $1,057,766 | $1,052,533 |
| 2017 | $1,076,976 | $1,075,584 |
| 2017 | $1,085,981 | $1,107,421 |
| 2017 | $1,080,578 | $1,118,606 |
| 2017 | $1,139,410 | $1,185,275 |
| 2017 | $1,162,634 | $1,211,707 |
| 2017 | $1,154,188 | $1,206,860 |
| 2017 | $1,181,338 | $1,249,221 |
| 2017 | $1,178,321 | $1,251,719 |
| 2017 | $1,226,549 | $1,296,656 |
| 2018 | $1,327,026 | $1,404,667 |
| 2018 | $1,268,210 | $1,339,912 |
| 2018 | $1,251,668 | $1,314,990 |
| 2018 | $1,214,296 | $1,309,204 |
| 2018 | $1,132,812 | $1,262,858 |
| 2018 | $1,081,348 | $1,210,449 |
| 2018 | $1,113,819 | $1,237,079 |
| 2018 | $1,054,492 | $1,203,678 |
| 2018 | $1,063,715 | $1,197,299 |
| 2018 | $1,008,377 | $1,093,014 |
| 2018 | $1,040,965 | $1,138,046 |
| 2018 | $1,004,679 | $1,107,774 |
| 2019 | $1,121,037 | $1,204,815 |
| 2019 | $1,086,004 | $1,207,466 |
| 2019 | $1,080,374 | $1,217,608 |
| 2019 | $1,104,772 | $1,243,300 |
| 2019 | $1,055,351 | $1,153,036 |
| 2019 | $1,109,151 | $1,224,986 |
| 2019 | $1,086,004 | $1,210,041 |
| 2019 | $1,029,113 | $1,150,991 |
| 2019 | $1,066,995 | $1,172,975 |
| 2019 | $1,106,770 | $1,222,474 |
| 2019 | $1,106,139 | $1,220,763 |
| 2019 | $1,185,314 | $1,311,832 |
| 2020 | $1,112,796 | $1,250,700 |
| 2020 | $1,037,069 | $1,184,789 |
| 2020 | $829,142 | $1,002,331 |
| 2020 | $888,183 | $1,094,145 |
| 2020 | $904,868 | $1,102,570 |
| 2020 | $932,464 | $1,183,608 |
| 2020 | $981,879 | $1,289,423 |
| 2020 | $971,879 | $1,317,919 |
| 2020 | $956,256 | $1,296,833 |
| 2020 | $955,605 | $1,323,547 |
| 2020 | $1,091,655 | $1,445,975 |
| 2020 | $1,185,424 | $1,552,255 |
| 2021 | $1,189,366 | $1,599,909 |
| 2021 | $1,212,365 | $1,612,068 |
| 2021 | $1,245,221 | $1,587,726 |
| 2021 | $1,258,363 | $1,627,260 |
| 2021 | $1,321,445 | $1,665,013 |
| 2021 | $1,313,560 | $1,667,843 |
| 2021 | $1,258,363 | $1,555,597 |
| 2021 | $1,291,484 | $1,596,354 |
| 2021 | $1,254,011 | $1,532,979 |
| 2021 | $1,256,019 | $1,548,155 |
| 2021 | $1,201,147 | $1,484,991 |
| 2021 | $1,249,892 | $1,512,908 |
| 2022 | $1,275,400 | $1,484,314 |
| 2022 | $1,219,558 | $1,439,933 |
| 2022 | $1,199,566 | $1,407,391 |
| 2022 | $1,138,208 | $1,329,140 |
| 2022 | $1,175,436 | $1,334,988 |
| 2022 | $1,061,684 | $1,246,211 |
| 2022 | $1,072,715 | $1,243,096 |
| 2022 | $1,058,237 | $1,248,317 |
| 2022 | $947,243 | $1,102,014 |
| 2022 | $958,274 | $1,067,852 |
| 2022 | $1,093,397 | $1,226,214 |
| 2022 | $1,064,209 | $1,208,925 |
| 2023 | $1,159,098 | $1,304,430 |
| 2023 | $1,118,223 | $1,219,903 |
| 2023 | $1,148,149 | $1,256,866 |
| 2023 | $1,158,368 | $1,242,663 |
| 2023 | $1,133,551 | $1,221,786 |
| 2023 | $1,205,082 | $1,268,214 |
| 2023 | $1,255,446 | $1,347,224 |
| 2023 | $1,200,702 | $1,264,235 |
| 2023 | $1,189,754 | $1,231,112 |
| 2023 | $1,166,397 | $1,183,222 |
| 2023 | $1,248,876 | $1,277,879 |
| 2023 | $1,302,289 | $1,327,845 |
| 2024 | $1,257,565 | $1,266,233 |
| 2024 | $1,313,659 | $1,326,505 |
| 2024 | $1,334,126 | $1,359,403 |
| 2024 | $1,342,464 | $1,365,520 |
| 2024 | $1,375,059 | $1,373,167 |
| 2024 | $1,409,928 | $1,427,001 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 1/19/15 |
|---|
| R6 Shares | 17.00% | 4.92% | 3.70% |
| MSCI Emerging Markets Index | 12.55% | 3.10% | 3.83% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $2,866,820,729 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $13,500,385 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| China Construction Bank Corp., Class H | 3.1% |
| ASE Technology Holding Co. Ltd. | 2.8% |
| Lenovo Group Ltd. | 2.7% |
| Indus Towers Ltd. | 2.4% |
| MediaTek, Inc. | 2.2% |
| OTP Bank Nyrt | 2.1% |
| SK Hynix, Inc. | 2.0% |
| BB Seguridade Participacoes SA | 2.0% |
| Banco do Brasil SA | 1.9% |
Top 10 Sectors (% of Net Assets)
| Financials | 25.7% |
| Information Technology | 21.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 9.0% |
| Industrials | 7.2% |
| Consumer Staples | 6.8% |
| Energy | 5.9% |
| Materials | 4.7% |
| Cash, Cash Equivalents and Repurchase Agreements | 4.0% |
| Health Care | 3.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Equity Franchise Portfolio
LZFIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $45 | 0.93% |
| Institutional Shares | MSCI World Index |
|---|
| 2017 | $10,000 | $10,000 |
| 2017 | $10,000 | $10,000 |
| 2017 | $9,950 | $10,189 |
| 2017 | $10,390 | $10,410 |
| 2017 | $10,425 | $10,551 |
| 2018 | $11,038 | $11,108 |
| 2018 | $10,475 | $10,648 |
| 2018 | $10,284 | $10,416 |
| 2018 | $10,706 | $10,535 |
| 2018 | $10,626 | $10,602 |
| 2018 | $10,576 | $10,596 |
| 2018 | $10,786 | $10,927 |
| 2018 | $10,880 | $11,063 |
| 2018 | $11,001 | $11,125 |
| 2018 | $10,668 | $10,308 |
| 2018 | $10,940 | $10,425 |
| 2018 | $9,893 | $9,633 |
| 2019 | $10,699 | $10,383 |
| 2019 | $10,945 | $10,695 |
| 2019 | $10,609 | $10,835 |
| 2019 | $11,437 | $11,220 |
| 2019 | $10,497 | $10,573 |
| 2019 | $11,169 | $11,269 |
| 2019 | $11,169 | $11,326 |
| 2019 | $10,650 | $11,093 |
| 2019 | $11,323 | $11,330 |
| 2019 | $11,547 | $11,617 |
| 2019 | $11,794 | $11,942 |
| 2019 | $12,040 | $12,300 |
| 2020 | $11,590 | $12,225 |
| 2020 | $10,323 | $11,192 |
| 2020 | $8,027 | $9,711 |
| 2020 | $9,104 | $10,772 |
| 2020 | $9,495 | $11,292 |
| 2020 | $9,518 | $11,591 |
| 2020 | $9,944 | $12,145 |
| 2020 | $10,148 | $12,956 |
| 2020 | $9,982 | $12,509 |
| 2020 | $9,888 | $12,125 |
| 2020 | $11,676 | $13,676 |
| 2020 | $12,178 | $14,256 |
| 2021 | $12,142 | $14,115 |
| 2021 | $12,381 | $14,476 |
| 2021 | $13,172 | $14,958 |
| 2021 | $13,771 | $15,654 |
| 2021 | $14,561 | $15,879 |
| 2021 | $14,238 | $16,116 |
| 2021 | $14,202 | $16,404 |
| 2021 | $14,334 | $16,813 |
| 2021 | $14,046 | $16,115 |
| 2021 | $14,286 | $17,027 |
| 2021 | $13,902 | $16,654 |
| 2021 | $14,949 | $17,366 |
| 2022 | $14,728 | $16,447 |
| 2022 | $15,019 | $16,031 |
| 2022 | $15,684 | $16,470 |
| 2022 | $14,963 | $15,101 |
| 2022 | $15,310 | $15,113 |
| 2022 | $13,868 | $13,805 |
| 2022 | $14,395 | $14,901 |
| 2022 | $13,925 | $14,278 |
| 2022 | $12,511 | $12,950 |
| 2022 | $13,657 | $13,880 |
| 2022 | $14,689 | $14,845 |
| 2022 | $14,171 | $14,214 |
| 2023 | $15,547 | $15,220 |
| 2023 | $15,219 | $14,855 |
| 2023 | $15,313 | $15,314 |
| 2023 | $15,797 | $15,582 |
| 2023 | $15,140 | $15,426 |
| 2023 | $16,095 | $16,359 |
| 2023 | $16,454 | $16,909 |
| 2023 | $16,063 | $16,505 |
| 2023 | $15,313 | $15,793 |
| 2023 | $14,515 | $15,335 |
| 2023 | $15,844 | $16,774 |
| 2023 | $16,821 | $17,597 |
| 2024 | $16,515 | $17,809 |
| 2024 | $16,838 | $18,564 |
| 2024 | $17,008 | $19,159 |
| 2024 | $16,089 | $18,449 |
| 2024 | $16,379 | $19,273 |
| 2024 | $16,072 | $19,658 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 9/29/17 |
|---|
| Institutional Shares | (0.14%) | 7.55% | 7.28% |
| MSCI World Index | 20.19% | 11.78% | 10.53% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $174,281,778 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $656,350 |
Top 10 Holdings (% of Net Assets)
| National Grid PLC | 6.8% |
| CVS Health Corp. | 6.4% |
| International Game Technology PLC | 6.4% |
| Nexi SpA | 6.3% |
| Omnicom Group, Inc. | 6.0% |
| Dentsply Sirona, Inc. | 5.0% |
| Snam SpA | 4.9% |
| H&R Block, Inc. | 4.6% |
| Cognizant Technology Solutions Corp., Class A | 4.2% |
| Cisco Systems, Inc. | 4.2% |
Top Sectors (% of Net Assets)
| Utilities | 23.5% |
| Health Care | 16.9% |
| Consumer Discretionary | 14.1% |
| Financials | 11.4% |
| Industrials | 9.6% |
| Communication Services | 8.8% |
| Information Technology | 8.4% |
| Consumer Staples | 6.0% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.6% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Equity Franchise Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $58 | 1.20% |
| Open Shares | MSCI World Index |
|---|
| 2017 | $10,000 | $10,000 |
| 2017 | $10,000 | $10,000 |
| 2017 | $9,940 | $10,189 |
| 2017 | $10,380 | $10,410 |
| 2017 | $10,418 | $10,551 |
| 2018 | $11,031 | $11,108 |
| 2018 | $10,459 | $10,648 |
| 2018 | $10,268 | $10,416 |
| 2018 | $10,689 | $10,535 |
| 2018 | $10,599 | $10,602 |
| 2018 | $10,549 | $10,596 |
| 2018 | $10,760 | $10,927 |
| 2018 | $10,853 | $11,063 |
| 2018 | $10,964 | $11,125 |
| 2018 | $10,641 | $10,308 |
| 2018 | $10,914 | $10,425 |
| 2018 | $9,862 | $9,633 |
| 2019 | $10,665 | $10,383 |
| 2019 | $10,910 | $10,695 |
| 2019 | $10,564 | $10,835 |
| 2019 | $11,379 | $11,220 |
| 2019 | $10,453 | $10,573 |
| 2019 | $11,111 | $11,269 |
| 2019 | $11,122 | $11,326 |
| 2019 | $10,594 | $11,093 |
| 2019 | $11,253 | $11,330 |
| 2019 | $11,488 | $11,617 |
| 2019 | $11,723 | $11,942 |
| 2019 | $11,972 | $12,300 |
| 2020 | $11,513 | $12,225 |
| 2020 | $10,253 | $11,192 |
| 2020 | $7,981 | $9,711 |
| 2020 | $9,041 | $10,772 |
| 2020 | $9,441 | $11,292 |
| 2020 | $9,453 | $11,591 |
| 2020 | $9,876 | $12,145 |
| 2020 | $10,079 | $12,956 |
| 2020 | $9,914 | $12,509 |
| 2020 | $9,808 | $12,125 |
| 2020 | $11,574 | $13,676 |
| 2020 | $12,079 | $14,256 |
| 2021 | $12,032 | $14,115 |
| 2021 | $12,269 | $14,476 |
| 2021 | $13,053 | $14,958 |
| 2021 | $13,647 | $15,654 |
| 2021 | $14,419 | $15,879 |
| 2021 | $14,110 | $16,116 |
| 2021 | $14,063 | $16,404 |
| 2021 | $14,182 | $16,813 |
| 2021 | $13,896 | $16,115 |
| 2021 | $14,135 | $17,027 |
| 2021 | $13,741 | $16,654 |
| 2021 | $14,780 | $17,366 |
| 2022 | $14,560 | $16,447 |
| 2022 | $14,848 | $16,031 |
| 2022 | $15,507 | $16,470 |
| 2022 | $14,793 | $15,101 |
| 2022 | $15,123 | $15,113 |
| 2022 | $13,709 | $13,805 |
| 2022 | $14,231 | $14,901 |
| 2022 | $13,752 | $14,278 |
| 2022 | $12,353 | $12,950 |
| 2022 | $13,486 | $13,880 |
| 2022 | $14,494 | $14,845 |
| 2022 | $13,974 | $14,214 |
| 2023 | $15,348 | $15,220 |
| 2023 | $15,008 | $14,855 |
| 2023 | $15,101 | $15,314 |
| 2023 | $15,564 | $15,582 |
| 2023 | $14,931 | $15,426 |
| 2023 | $15,858 | $16,359 |
| 2023 | $16,213 | $16,909 |
| 2023 | $15,827 | $16,505 |
| 2023 | $15,086 | $15,793 |
| 2023 | $14,298 | $15,335 |
| 2023 | $15,611 | $16,774 |
| 2023 | $16,548 | $17,597 |
| 2024 | $16,263 | $17,809 |
| 2024 | $16,565 | $18,564 |
| 2024 | $16,732 | $19,159 |
| 2024 | $15,828 | $18,449 |
| 2024 | $16,096 | $19,273 |
| 2024 | $15,811 | $19,658 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 9/29/17 |
|---|
| Open Shares | (0.30%) | 7.31% | 7.02% |
| MSCI World Index | 20.19% | 11.78% | 10.53% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $174,281,778 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $656,350 |
Top 10 Holdings (% of Net Assets)
| National Grid PLC | 6.8% |
| CVS Health Corp. | 6.4% |
| International Game Technology PLC | 6.4% |
| Nexi SpA | 6.3% |
| Omnicom Group, Inc. | 6.0% |
| Dentsply Sirona, Inc. | 5.0% |
| Snam SpA | 4.9% |
| H&R Block, Inc. | 4.6% |
| Cognizant Technology Solutions Corp., Class A | 4.2% |
| Cisco Systems, Inc. | 4.2% |
Top Sectors (% of Net Assets)
| Utilities | 23.5% |
| Health Care | 16.9% |
| Consumer Discretionary | 14.1% |
| Financials | 11.4% |
| Industrials | 9.6% |
| Communication Services | 8.8% |
| Information Technology | 8.4% |
| Consumer Staples | 6.0% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.6% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Global Equity Select Portfolio
GESIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Global Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $44 | 0.86% |
| Institutional Shares | MSCI ACWI |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,749 | $9,879 |
| 2014 | $10,000 | $10,097 |
| 2014 | $9,769 | $9,770 |
| 2014 | $9,990 | $9,839 |
| 2014 | $10,241 | $10,003 |
| 2014 | $10,014 | $9,810 |
| 2015 | $9,742 | $9,657 |
| 2015 | $10,373 | $10,195 |
| 2015 | $10,237 | $10,037 |
| 2015 | $10,392 | $10,328 |
| 2015 | $10,470 | $10,314 |
| 2015 | $10,246 | $10,072 |
| 2015 | $10,489 | $10,160 |
| 2015 | $9,849 | $9,463 |
| 2015 | $9,567 | $9,120 |
| 2015 | $10,256 | $9,836 |
| 2015 | $10,295 | $9,754 |
| 2015 | $10,059 | $9,579 |
| 2016 | $9,602 | $9,001 |
| 2016 | $9,378 | $8,939 |
| 2016 | $10,011 | $9,602 |
| 2016 | $10,059 | $9,743 |
| 2016 | $10,273 | $9,756 |
| 2016 | $10,137 | $9,697 |
| 2016 | $10,556 | $10,115 |
| 2016 | $10,429 | $10,149 |
| 2016 | $10,605 | $10,211 |
| 2016 | $10,176 | $10,038 |
| 2016 | $10,225 | $10,114 |
| 2016 | $10,326 | $10,333 |
| 2017 | $10,640 | $10,615 |
| 2017 | $10,993 | $10,913 |
| 2017 | $11,170 | $11,046 |
| 2017 | $11,454 | $11,219 |
| 2017 | $11,797 | $11,467 |
| 2017 | $11,817 | $11,518 |
| 2017 | $12,101 | $11,840 |
| 2017 | $12,219 | $11,884 |
| 2017 | $12,464 | $12,114 |
| 2017 | $12,758 | $12,365 |
| 2017 | $13,053 | $12,605 |
| 2017 | $13,271 | $12,808 |
| 2018 | $13,953 | $13,531 |
| 2018 | $13,465 | $12,962 |
| 2018 | $13,343 | $12,685 |
| 2018 | $13,302 | $12,806 |
| 2018 | $13,455 | $12,822 |
| 2018 | $13,434 | $12,753 |
| 2018 | $13,923 | $13,138 |
| 2018 | $13,969 | $13,241 |
| 2018 | $14,000 | $13,300 |
| 2018 | $12,907 | $12,304 |
| 2018 | $13,203 | $12,483 |
| 2018 | $12,326 | $11,603 |
| 2019 | $13,147 | $12,519 |
| 2019 | $13,630 | $12,854 |
| 2019 | $13,967 | $13,016 |
| 2019 | $14,388 | $13,455 |
| 2019 | $13,778 | $12,657 |
| 2019 | $14,629 | $13,486 |
| 2019 | $14,640 | $13,525 |
| 2019 | $14,556 | $13,205 |
| 2019 | $14,608 | $13,482 |
| 2019 | $14,661 | $13,851 |
| 2019 | $14,976 | $14,189 |
| 2019 | $15,433 | $14,689 |
| 2020 | $15,497 | $14,526 |
| 2020 | $14,405 | $13,353 |
| 2020 | $12,635 | $11,550 |
| 2020 | $13,864 | $12,788 |
| 2020 | $14,373 | $13,344 |
| 2020 | $14,606 | $13,771 |
| 2020 | $15,422 | $14,499 |
| 2020 | $16,292 | $15,387 |
| 2020 | $16,005 | $14,891 |
| 2020 | $15,709 | $14,530 |
| 2020 | $17,192 | $16,321 |
| 2020 | $17,898 | $17,078 |
| 2021 | $17,689 | $17,001 |
| 2021 | $18,029 | $17,394 |
| 2021 | $18,731 | $17,859 |
| 2021 | $19,598 | $18,640 |
| 2021 | $19,938 | $18,930 |
| 2021 | $20,091 | $19,180 |
| 2021 | $20,552 | $19,312 |
| 2021 | $20,926 | $19,795 |
| 2021 | $20,031 | $18,977 |
| 2021 | $21,059 | $19,945 |
| 2021 | $20,429 | $19,465 |
| 2021 | $21,433 | $20,243 |
| 2022 | $20,097 | $19,249 |
| 2022 | $19,275 | $18,752 |
| 2022 | $19,515 | $19,158 |
| 2022 | $18,247 | $17,624 |
| 2022 | $18,167 | $17,645 |
| 2022 | $17,060 | $16,158 |
| 2022 | $18,578 | $17,286 |
| 2022 | $17,562 | $16,650 |
| 2022 | $16,112 | $15,056 |
| 2022 | $17,048 | $15,964 |
| 2022 | $18,453 | $17,203 |
| 2022 | $17,729 | $16,525 |
| 2023 | $18,894 | $17,710 |
| 2023 | $18,271 | $17,202 |
| 2023 | $18,836 | $17,732 |
| 2023 | $19,055 | $17,987 |
| 2023 | $18,640 | $17,795 |
| 2023 | $19,724 | $18,828 |
| 2023 | $20,116 | $19,518 |
| 2023 | $19,527 | $18,972 |
| 2023 | $18,520 | $18,188 |
| 2023 | $18,091 | $17,641 |
| 2023 | $19,724 | $19,269 |
| 2023 | $20,751 | $20,194 |
| 2024 | $20,634 | $20,313 |
| 2024 | $21,551 | $21,185 |
| 2024 | $21,927 | $21,850 |
| 2024 | $21,351 | $21,129 |
| 2024 | $22,080 | $21,987 |
| 2024 | $22,386 | $22,474 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 13.49% | 8.88% | 8.39% |
| MSCI ACWI | 19.38% | 10.76% | 8.43% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $101,832,341 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $327,432 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 5.2% |
| Alphabet, Inc., Class A | 4.9% |
| Amazon.com, Inc. | 4.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Accenture PLC, Class A | 2.7% |
| Salesforce, Inc.. | 2.2% |
| ABB Ltd. | 2.1% |
| RELX PLC | 2.1% |
| Wolters Kluwer NV | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.0% |
Top Sectors (% of Net Assets)
| Information Technology | 26.0% |
| Industrials | 16.4% |
| Financials | 14.4% |
| Consumer Discretionary | 12.1% |
| Health Care | 11.4% |
| Consumer Staples | 9.7% |
| Communication Services | 8.0% |
| Materials | 0.9% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Global Equity Select Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Global Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $59 | 1.15% |
| Open Shares | MSCI ACWI |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,740 | $9,879 |
| 2014 | $9,990 | $10,097 |
| 2014 | $9,749 | $9,770 |
| 2014 | $9,971 | $9,839 |
| 2014 | $10,222 | $10,003 |
| 2014 | $9,985 | $9,810 |
| 2015 | $9,714 | $9,657 |
| 2015 | $10,343 | $10,195 |
| 2015 | $10,207 | $10,037 |
| 2015 | $10,362 | $10,328 |
| 2015 | $10,430 | $10,314 |
| 2015 | $10,207 | $10,072 |
| 2015 | $10,449 | $10,160 |
| 2015 | $9,801 | $9,463 |
| 2015 | $9,520 | $9,120 |
| 2015 | $10,207 | $9,836 |
| 2015 | $10,246 | $9,754 |
| 2015 | $10,009 | $9,579 |
| 2016 | $9,554 | $9,001 |
| 2016 | $9,322 | $8,939 |
| 2016 | $9,951 | $9,602 |
| 2016 | $9,999 | $9,743 |
| 2016 | $10,203 | $9,756 |
| 2016 | $10,067 | $9,697 |
| 2016 | $10,483 | $10,115 |
| 2016 | $10,348 | $10,149 |
| 2016 | $10,522 | $10,211 |
| 2016 | $10,096 | $10,038 |
| 2016 | $10,144 | $10,114 |
| 2016 | $10,244 | $10,333 |
| 2017 | $10,546 | $10,615 |
| 2017 | $10,896 | $10,913 |
| 2017 | $11,070 | $11,046 |
| 2017 | $11,343 | $11,219 |
| 2017 | $11,683 | $11,467 |
| 2017 | $11,702 | $11,518 |
| 2017 | $11,974 | $11,840 |
| 2017 | $12,091 | $11,884 |
| 2017 | $12,324 | $12,114 |
| 2017 | $12,616 | $12,365 |
| 2017 | $12,898 | $12,605 |
| 2017 | $13,114 | $12,808 |
| 2018 | $13,798 | $13,531 |
| 2018 | $13,305 | $12,962 |
| 2018 | $13,184 | $12,685 |
| 2018 | $13,134 | $12,806 |
| 2018 | $13,285 | $12,822 |
| 2018 | $13,254 | $12,753 |
| 2018 | $13,737 | $13,138 |
| 2018 | $13,783 | $13,241 |
| 2018 | $13,803 | $13,300 |
| 2018 | $12,724 | $12,304 |
| 2018 | $13,016 | $12,483 |
| 2018 | $12,153 | $11,603 |
| 2019 | $12,950 | $12,519 |
| 2019 | $13,427 | $12,854 |
| 2019 | $13,758 | $13,016 |
| 2019 | $14,163 | $13,455 |
| 2019 | $13,562 | $12,657 |
| 2019 | $14,401 | $13,486 |
| 2019 | $14,401 | $13,525 |
| 2019 | $14,308 | $13,205 |
| 2019 | $14,359 | $13,482 |
| 2019 | $14,411 | $13,851 |
| 2019 | $14,722 | $14,189 |
| 2019 | $15,169 | $14,689 |
| 2020 | $15,232 | $14,526 |
| 2020 | $14,149 | $13,353 |
| 2020 | $12,410 | $11,550 |
| 2020 | $13,608 | $12,788 |
| 2020 | $14,118 | $13,344 |
| 2020 | $14,336 | $13,771 |
| 2020 | $15,128 | $14,499 |
| 2020 | $15,981 | $15,387 |
| 2020 | $15,700 | $14,891 |
| 2020 | $15,398 | $14,530 |
| 2020 | $16,856 | $16,321 |
| 2020 | $17,547 | $17,078 |
| 2021 | $17,342 | $17,001 |
| 2021 | $17,665 | $17,394 |
| 2021 | $18,352 | $17,859 |
| 2021 | $19,191 | $18,640 |
| 2021 | $19,524 | $18,930 |
| 2021 | $19,663 | $19,180 |
| 2021 | $20,115 | $19,312 |
| 2021 | $20,471 | $19,795 |
| 2021 | $19,594 | $18,977 |
| 2021 | $20,590 | $19,945 |
| 2021 | $19,973 | $19,465 |
| 2021 | $20,946 | $20,243 |
| 2022 | $19,641 | $19,249 |
| 2022 | $18,827 | $18,752 |
| 2022 | $19,061 | $19,158 |
| 2022 | $17,812 | $17,624 |
| 2022 | $17,734 | $17,645 |
| 2022 | $16,641 | $16,158 |
| 2022 | $18,135 | $17,286 |
| 2022 | $17,131 | $16,650 |
| 2022 | $15,715 | $15,056 |
| 2022 | $16,629 | $15,964 |
| 2022 | $17,990 | $17,203 |
| 2022 | $17,280 | $16,525 |
| 2023 | $18,415 | $17,710 |
| 2023 | $17,797 | $17,202 |
| 2023 | $18,348 | $17,732 |
| 2023 | $18,550 | $17,987 |
| 2023 | $18,146 | $17,795 |
| 2023 | $19,191 | $18,828 |
| 2023 | $19,573 | $19,518 |
| 2023 | $18,988 | $18,972 |
| 2023 | $18,017 | $18,188 |
| 2023 | $17,589 | $17,641 |
| 2023 | $19,179 | $19,269 |
| 2023 | $20,171 | $20,194 |
| 2024 | $20,045 | $20,313 |
| 2024 | $20,936 | $21,185 |
| 2024 | $21,290 | $21,850 |
| 2024 | $20,731 | $21,129 |
| 2024 | $21,427 | $21,987 |
| 2024 | $21,724 | $22,474 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 13.20% | 8.57% | 8.07% |
| MSCI ACWI | 19.38% | 10.76% | 8.43% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $101,832,341 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $327,432 |
Top 10 Holdings (% of Net Assets)
| Microsoft Corp. | 5.2% |
| Alphabet, Inc., Class A | 4.9% |
| Amazon.com, Inc. | 4.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
| Accenture PLC, Class A | 2.7% |
| Salesforce, Inc.. | 2.2% |
| ABB Ltd. | 2.1% |
| RELX PLC | 2.1% |
| Wolters Kluwer NV | 2.1% |
| Thermo Fisher Scientific, Inc. | 2.0% |
Top Sectors (% of Net Assets)
| Information Technology | 26.0% |
| Industrials | 16.4% |
| Financials | 14.4% |
| Consumer Discretionary | 12.1% |
| Health Care | 11.4% |
| Consumer Staples | 9.7% |
| Communication Services | 8.0% |
| Materials | 0.9% |
| Cash, Cash Equivalents and Repurchase Agreements | 0.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Advantage Portfolio
IEAIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Advantage Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $42 | 0.80% |
| Institutional Shares | MSCI ACWI ex-USA Index | MSCI EAFE Index |
|---|
| 2015 | $10,000 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 | $10,000 |
| 2015 | $9,770 | $9,717 | $9,717 |
| 2015 | $9,890 | $9,919 | $9,919 |
| 2015 | $9,190 | $9,189 | $9,189 |
| 2015 | $8,870 | $8,722 | $8,722 |
| 2015 | $9,500 | $9,404 | $9,404 |
| 2015 | $9,440 | $9,258 | $9,258 |
| 2015 | $9,337 | $9,133 | $9,133 |
| 2016 | $8,739 | $8,472 | $8,472 |
| 2016 | $8,445 | $8,317 | $8,317 |
| 2016 | $8,982 | $8,858 | $8,858 |
| 2016 | $9,084 | $9,115 | $9,115 |
| 2016 | $9,195 | $9,032 | $9,032 |
| 2016 | $8,759 | $8,729 | $8,729 |
| 2016 | $9,205 | $9,171 | $9,171 |
| 2016 | $9,150 | $9,178 | $9,178 |
| 2016 | $9,292 | $9,290 | $9,290 |
| 2016 | $9,129 | $9,100 | $9,100 |
| 2016 | $8,956 | $8,919 | $8,919 |
| 2016 | $9,232 | $9,224 | $9,224 |
| 2017 | $9,574 | $9,491 | $9,491 |
| 2017 | $9,667 | $9,627 | $9,627 |
| 2017 | $9,999 | $9,892 | $9,892 |
| 2017 | $10,289 | $10,143 | $10,143 |
| 2017 | $10,558 | $10,515 | $10,515 |
| 2017 | $10,579 | $10,497 | $10,497 |
| 2017 | $10,859 | $10,799 | $10,799 |
| 2017 | $10,910 | $10,795 | $10,795 |
| 2017 | $11,180 | $11,064 | $11,064 |
| 2017 | $11,387 | $11,232 | $11,232 |
| 2017 | $11,429 | $11,349 | $11,349 |
| 2017 | $11,538 | $11,532 | $11,532 |
| 2018 | $12,151 | $12,110 | $12,110 |
| 2018 | $11,495 | $11,563 | $11,563 |
| 2018 | $11,390 | $11,355 | $11,355 |
| 2018 | $11,548 | $11,614 | $11,614 |
| 2018 | $11,284 | $11,353 | $11,353 |
| 2018 | $11,073 | $11,214 | $11,214 |
| 2018 | $11,379 | $11,490 | $11,490 |
| 2018 | $11,074 | $11,269 | $11,269 |
| 2018 | $11,137 | $11,367 | $11,367 |
| 2018 | $10,265 | $10,462 | $10,462 |
| 2018 | $10,169 | $10,448 | $10,448 |
| 2018 | $9,661 | $9,941 | $9,941 |
| 2019 | $10,394 | $10,595 | $10,595 |
| 2019 | $10,572 | $10,865 | $10,865 |
| 2019 | $10,661 | $10,933 | $10,933 |
| 2019 | $10,860 | $11,241 | $11,241 |
| 2019 | $10,228 | $10,701 | $10,701 |
| 2019 | $10,772 | $11,336 | $11,336 |
| 2019 | $10,461 | $11,192 | $11,192 |
| 2019 | $10,183 | $10,902 | $10,902 |
| 2019 | $10,472 | $11,215 | $11,215 |
| 2019 | $10,816 | $11,617 | $11,617 |
| 2019 | $10,938 | $11,749 | $11,749 |
| 2019 | $11,339 | $12,131 | $12,131 |
| 2020 | $11,112 | $11,877 | $11,877 |
| 2020 | $10,238 | $10,803 | $10,803 |
| 2020 | $8,831 | $9,361 | $9,361 |
| 2020 | $9,341 | $9,966 | $9,966 |
| 2020 | $9,727 | $10,399 | $10,399 |
| 2020 | $9,977 | $10,753 | $10,753 |
| 2020 | $10,136 | $11,003 | $11,003 |
| 2020 | $10,580 | $11,569 | $11,569 |
| 2020 | $10,364 | $11,268 | $11,268 |
| 2020 | $9,990 | $10,819 | $10,819 |
| 2020 | $11,318 | $12,495 | $12,495 |
| 2020 | $11,952 | $13,077 | $13,077 |
| 2021 | $11,825 | $12,937 | $12,937 |
| 2021 | $12,196 | $13,226 | $13,226 |
| 2021 | $12,624 | $13,531 | $13,531 |
| 2021 | $13,018 | $13,938 | $13,938 |
| 2021 | $13,551 | $14,392 | $14,392 |
| 2021 | $13,377 | $14,230 | $14,230 |
| 2021 | $13,562 | $14,336 | $14,336 |
| 2021 | $13,761 | $14,589 | $14,589 |
| 2021 | $13,136 | $14,166 | $14,166 |
| 2021 | $13,530 | $14,514 | $14,514 |
| 2021 | $12,927 | $13,839 | $13,839 |
| 2021 | $13,619 | $14,548 | $14,548 |
| 2022 | $13,278 | $13,845 | $13,845 |
| 2022 | $12,767 | $13,600 | $13,600 |
| 2022 | $12,718 | $13,687 | $13,687 |
| 2022 | $11,866 | $12,801 | $12,801 |
| 2022 | $12,256 | $12,897 | $12,897 |
| 2022 | $11,136 | $11,701 | $11,701 |
| 2022 | $11,671 | $12,283 | $12,283 |
| 2022 | $10,997 | $11,700 | $11,700 |
| 2022 | $9,955 | $10,606 | $10,606 |
| 2022 | $10,567 | $11,176 | $11,176 |
| 2022 | $11,965 | $12,435 | $12,435 |
| 2022 | $11,786 | $12,445 | $12,445 |
| 2023 | $12,783 | $13,453 | $13,453 |
| 2023 | $12,518 | $13,172 | $13,172 |
| 2023 | $12,808 | $13,498 | $13,498 |
| 2023 | $13,061 | $13,879 | $13,879 |
| 2023 | $12,543 | $13,374 | $13,292 |
| 2023 | $13,200 | $13,974 | $13,897 |
| 2023 | $13,679 | $14,543 | $14,347 |
| 2023 | $13,153 | $13,886 | $13,798 |
| 2023 | $12,837 | $13,447 | $13,326 |
| 2023 | $12,459 | $12,892 | $12,786 |
| 2023 | $13,519 | $14,053 | $13,973 |
| 2023 | $14,122 | $14,758 | $14,714 |
| 2024 | $14,071 | $14,611 | $14,800 |
| 2024 | $14,681 | $14,981 | $15,071 |
| 2024 | $15,176 | $15,450 | $15,566 |
| 2024 | $14,884 | $15,172 | $15,168 |
| 2024 | $15,710 | $15,612 | $15,755 |
| 2024 | $15,646 | $15,606 | $15,506 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Institutional Shares | 18.53% | 7.75% | 5.05% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 4.53% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.95% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $21,201,334 |
| # of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Novo Nordisk AS, Class B | 3.4% |
| ASML Holding NV | 2.8% |
| Japan Post Holdings Co. Ltd. | 2.2% |
| ABB Ltd. | 2.0% |
| GSK PLC | 1.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Constellation Software, Inc. | 1.8% |
| State Bank of India, GDR | 1.6% |
| Dr Reddy's Laboratories Ltd., ADR | 1.5% |
| Dollarama, Inc. | 1.5% |
Top 10 Sectors (% of Net Assets)
| Financials | 20.7% |
| Information Technology | 17.3% |
| Industrials | 15.3% |
| Consumer Discretionary | 13.9% |
| Health Care | 12.0% |
| Materials | 5.4% |
| Communication Services | 4.4% |
| Consumer Staples | 4.1% |
| Energy | 2.7% |
| Real Estate | 1.5% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Advantage Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Advantage Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $55 | 1.05% |
| Open Shares | MSCI ACWI ex-USA Index | MSCI EAFE Index |
|---|
| 2015 | $10,000 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 | $10,000 |
| 2015 | $9,770 | $9,717 | $9,717 |
| 2015 | $9,880 | $9,919 | $9,919 |
| 2015 | $9,180 | $9,189 | $9,189 |
| 2015 | $8,860 | $8,722 | $8,722 |
| 2015 | $9,490 | $9,404 | $9,404 |
| 2015 | $9,430 | $9,258 | $9,258 |
| 2015 | $9,320 | $9,133 | $9,133 |
| 2016 | $8,723 | $8,472 | $8,472 |
| 2016 | $8,430 | $8,317 | $8,317 |
| 2016 | $8,956 | $8,858 | $8,858 |
| 2016 | $9,057 | $9,115 | $9,115 |
| 2016 | $9,168 | $9,032 | $9,032 |
| 2016 | $8,733 | $8,729 | $8,729 |
| 2016 | $9,168 | $9,171 | $9,171 |
| 2016 | $9,123 | $9,178 | $9,178 |
| 2016 | $9,255 | $9,290 | $9,290 |
| 2016 | $9,092 | $9,100 | $9,100 |
| 2016 | $8,920 | $8,919 | $8,919 |
| 2016 | $9,188 | $9,224 | $9,224 |
| 2017 | $9,529 | $9,491 | $9,491 |
| 2017 | $9,621 | $9,627 | $9,627 |
| 2017 | $9,941 | $9,892 | $9,892 |
| 2017 | $10,230 | $10,143 | $10,143 |
| 2017 | $10,498 | $10,515 | $10,515 |
| 2017 | $10,519 | $10,497 | $10,497 |
| 2017 | $10,787 | $10,799 | $10,799 |
| 2017 | $10,838 | $10,795 | $10,795 |
| 2017 | $11,096 | $11,064 | $11,064 |
| 2017 | $11,302 | $11,232 | $11,232 |
| 2017 | $11,343 | $11,349 | $11,349 |
| 2017 | $11,449 | $11,532 | $11,532 |
| 2018 | $12,057 | $12,110 | $12,110 |
| 2018 | $11,407 | $11,563 | $11,563 |
| 2018 | $11,292 | $11,355 | $11,355 |
| 2018 | $11,449 | $11,614 | $11,614 |
| 2018 | $11,187 | $11,353 | $11,353 |
| 2018 | $10,967 | $11,214 | $11,214 |
| 2018 | $11,271 | $11,490 | $11,490 |
| 2018 | $10,967 | $11,269 | $11,269 |
| 2018 | $11,031 | $11,367 | $11,367 |
| 2018 | $10,165 | $10,462 | $10,462 |
| 2018 | $10,059 | $10,448 | $10,448 |
| 2018 | $9,557 | $9,941 | $9,941 |
| 2019 | $10,282 | $10,595 | $10,595 |
| 2019 | $10,458 | $10,865 | $10,865 |
| 2019 | $10,535 | $10,933 | $10,933 |
| 2019 | $10,733 | $11,241 | $11,241 |
| 2019 | $10,107 | $10,701 | $10,701 |
| 2019 | $10,645 | $11,336 | $11,336 |
| 2019 | $10,326 | $11,192 | $11,192 |
| 2019 | $10,052 | $10,902 | $10,902 |
| 2019 | $10,337 | $11,215 | $11,215 |
| 2019 | $10,678 | $11,617 | $11,617 |
| 2019 | $10,799 | $11,749 | $11,749 |
| 2019 | $11,185 | $12,131 | $12,131 |
| 2020 | $10,961 | $11,877 | $11,877 |
| 2020 | $10,087 | $10,803 | $10,803 |
| 2020 | $8,699 | $9,361 | $9,361 |
| 2020 | $9,214 | $9,966 | $9,966 |
| 2020 | $9,595 | $10,399 | $10,399 |
| 2020 | $9,830 | $10,753 | $10,753 |
| 2020 | $9,987 | $11,003 | $11,003 |
| 2020 | $10,424 | $11,569 | $11,569 |
| 2020 | $10,201 | $11,268 | $11,268 |
| 2020 | $9,831 | $10,819 | $10,819 |
| 2020 | $11,141 | $12,495 | $12,495 |
| 2020 | $11,760 | $13,077 | $13,077 |
| 2021 | $11,634 | $12,937 | $12,937 |
| 2021 | $11,999 | $13,226 | $13,226 |
| 2021 | $12,409 | $13,531 | $13,531 |
| 2021 | $12,808 | $13,938 | $13,938 |
| 2021 | $13,321 | $14,392 | $14,392 |
| 2021 | $13,150 | $14,230 | $14,230 |
| 2021 | $13,321 | $14,336 | $14,336 |
| 2021 | $13,517 | $14,589 | $14,589 |
| 2021 | $12,901 | $14,166 | $14,166 |
| 2021 | $13,289 | $14,514 | $14,514 |
| 2021 | $12,696 | $13,839 | $13,839 |
| 2021 | $13,377 | $14,548 | $14,548 |
| 2022 | $13,031 | $13,845 | $13,845 |
| 2022 | $12,517 | $13,600 | $13,600 |
| 2022 | $12,470 | $13,687 | $13,687 |
| 2022 | $11,633 | $12,801 | $12,801 |
| 2022 | $12,016 | $12,897 | $12,897 |
| 2022 | $10,917 | $11,701 | $11,701 |
| 2022 | $11,442 | $12,283 | $12,283 |
| 2022 | $10,780 | $11,700 | $11,700 |
| 2022 | $9,757 | $10,606 | $10,606 |
| 2022 | $10,347 | $11,176 | $11,176 |
| 2022 | $11,719 | $12,435 | $12,435 |
| 2022 | $11,538 | $12,445 | $12,445 |
| 2023 | $12,514 | $13,453 | $13,453 |
| 2023 | $12,254 | $13,172 | $13,172 |
| 2023 | $12,526 | $13,498 | $13,498 |
| 2023 | $12,785 | $13,879 | $13,879 |
| 2023 | $12,267 | $13,374 | $13,292 |
| 2023 | $12,909 | $13,974 | $13,897 |
| 2023 | $13,366 | $14,543 | $14,347 |
| 2023 | $12,863 | $13,886 | $13,798 |
| 2023 | $12,542 | $13,447 | $13,326 |
| 2023 | $12,171 | $12,892 | $12,786 |
| 2023 | $13,209 | $14,053 | $13,973 |
| 2023 | $13,790 | $14,758 | $14,714 |
| 2024 | $13,740 | $14,611 | $14,800 |
| 2024 | $14,336 | $14,981 | $15,071 |
| 2024 | $14,819 | $15,450 | $15,566 |
| 2024 | $14,534 | $15,172 | $15,168 |
| 2024 | $15,328 | $15,612 | $15,755 |
| 2024 | $15,278 | $15,606 | $15,506 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Open Shares | 18.35% | 7.49% | 4.77% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 4.53% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.95% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $21,201,334 |
| # of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Novo Nordisk AS, Class B | 3.4% |
| ASML Holding NV | 2.8% |
| Japan Post Holdings Co. Ltd. | 2.2% |
| ABB Ltd. | 2.0% |
| GSK PLC | 1.9% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| Constellation Software, Inc. | 1.8% |
| State Bank of India, GDR | 1.6% |
| Dr Reddy's Laboratories Ltd., ADR | 1.5% |
| Dollarama, Inc. | 1.5% |
Top 10 Sectors (% of Net Assets)
| Financials | 20.7% |
| Information Technology | 17.3% |
| Industrials | 15.3% |
| Consumer Discretionary | 13.9% |
| Health Care | 12.0% |
| Materials | 5.4% |
| Communication Services | 4.4% |
| Consumer Staples | 4.1% |
| Energy | 2.7% |
| Real Estate | 1.5% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Portfolio
LZIEX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $43 | 0.85% |
| Institutional Shares | MSCI EAFE Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,642 | $9,803 |
| 2014 | $9,670 | $9,788 |
| 2014 | $9,405 | $9,412 |
| 2014 | $9,389 | $9,276 |
| 2014 | $9,481 | $9,402 |
| 2014 | $9,141 | $9,077 |
| 2015 | $9,141 | $9,121 |
| 2015 | $9,762 | $9,667 |
| 2015 | $9,659 | $9,520 |
| 2015 | $9,999 | $9,908 |
| 2015 | $10,037 | $9,858 |
| 2015 | $9,870 | $9,579 |
| 2015 | $10,080 | $9,778 |
| 2015 | $9,414 | $9,058 |
| 2015 | $9,039 | $8,598 |
| 2015 | $9,550 | $9,270 |
| 2015 | $9,517 | $9,126 |
| 2015 | $9,289 | $9,003 |
| 2016 | $8,837 | $8,352 |
| 2016 | $8,614 | $8,199 |
| 2016 | $9,207 | $8,732 |
| 2016 | $9,316 | $8,985 |
| 2016 | $9,321 | $8,903 |
| 2016 | $9,071 | $8,604 |
| 2016 | $9,283 | $9,040 |
| 2016 | $9,200 | $9,047 |
| 2016 | $9,337 | $9,158 |
| 2016 | $8,916 | $8,971 |
| 2016 | $8,746 | $8,792 |
| 2016 | $8,901 | $9,093 |
| 2017 | $9,033 | $9,356 |
| 2017 | $9,132 | $9,490 |
| 2017 | $9,390 | $9,751 |
| 2017 | $9,670 | $9,999 |
| 2017 | $10,044 | $10,366 |
| 2017 | $9,983 | $10,347 |
| 2017 | $10,307 | $10,645 |
| 2017 | $10,268 | $10,641 |
| 2017 | $10,461 | $10,906 |
| 2017 | $10,626 | $11,072 |
| 2017 | $10,797 | $11,188 |
| 2017 | $10,931 | $11,367 |
| 2018 | $11,488 | $11,938 |
| 2018 | $10,881 | $11,399 |
| 2018 | $10,909 | $11,193 |
| 2018 | $10,931 | $11,449 |
| 2018 | $10,780 | $11,192 |
| 2018 | $10,635 | $11,055 |
| 2018 | $10,803 | $11,327 |
| 2018 | $10,602 | $11,108 |
| 2018 | $10,714 | $11,205 |
| 2018 | $9,930 | $10,313 |
| 2018 | $9,919 | $10,299 |
| 2018 | $9,443 | $9,800 |
| 2019 | $9,961 | $10,444 |
| 2019 | $10,299 | $10,710 |
| 2019 | $10,383 | $10,778 |
| 2019 | $10,678 | $11,081 |
| 2019 | $10,329 | $10,549 |
| 2019 | $10,913 | $11,174 |
| 2019 | $10,696 | $11,032 |
| 2019 | $10,473 | $10,747 |
| 2019 | $10,745 | $11,055 |
| 2019 | $10,969 | $11,452 |
| 2019 | $11,048 | $11,581 |
| 2019 | $11,445 | $11,958 |
| 2020 | $11,236 | $11,708 |
| 2020 | $10,418 | $10,650 |
| 2020 | $8,807 | $9,228 |
| 2020 | $9,317 | $9,824 |
| 2020 | $9,809 | $10,251 |
| 2020 | $10,061 | $10,600 |
| 2020 | $10,479 | $10,847 |
| 2020 | $11,032 | $11,404 |
| 2020 | $10,791 | $11,108 |
| 2020 | $10,316 | $10,665 |
| 2020 | $11,847 | $12,318 |
| 2020 | $12,447 | $12,890 |
| 2021 | $12,167 | $12,752 |
| 2021 | $12,341 | $13,038 |
| 2021 | $12,658 | $13,338 |
| 2021 | $13,062 | $13,739 |
| 2021 | $13,373 | $14,187 |
| 2021 | $13,125 | $14,027 |
| 2021 | $13,205 | $14,132 |
| 2021 | $13,538 | $14,381 |
| 2021 | $13,143 | $13,964 |
| 2021 | $13,475 | $14,307 |
| 2021 | $12,724 | $13,642 |
| 2021 | $13,193 | $14,341 |
| 2022 | $12,694 | $13,648 |
| 2022 | $12,467 | $13,406 |
| 2022 | $12,284 | $13,492 |
| 2022 | $11,535 | $12,619 |
| 2022 | $11,865 | $12,714 |
| 2022 | $10,904 | $11,534 |
| 2022 | $11,330 | $12,108 |
| 2022 | $10,671 | $11,533 |
| 2022 | $9,712 | $10,455 |
| 2022 | $10,180 | $11,017 |
| 2022 | $11,392 | $12,258 |
| 2022 | $11,237 | $12,268 |
| 2023 | $12,243 | $13,261 |
| 2023 | $11,869 | $12,984 |
| 2023 | $12,220 | $13,306 |
| 2023 | $12,391 | $13,682 |
| 2023 | $11,939 | $13,103 |
| 2023 | $12,719 | $13,699 |
| 2023 | $12,953 | $14,143 |
| 2023 | $12,503 | $13,601 |
| 2023 | $12,011 | $13,136 |
| 2023 | $11,637 | $12,604 |
| 2023 | $12,667 | $13,774 |
| 2023 | $13,084 | $14,505 |
| 2024 | $12,978 | $14,589 |
| 2024 | $13,440 | $14,856 |
| 2024 | $13,901 | $15,345 |
| 2024 | $13,416 | $14,952 |
| 2024 | $14,096 | $15,531 |
| 2024 | $13,788 | $15,285 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 8.41% | 4.79% | 3.26% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.33% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $1,028,520,536 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $4,196,218 |
Top 10 Holdings (% of Net Assets)
| RELX PLC | 3.6% |
| Unilever PLC | 2.7% |
| Roche Holding AG | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.3% |
| ICON PLC | 2.1% |
| ABB Ltd. | 1.9% |
| Hitachi Ltd. | 1.8% |
| Suncor Energy, Inc. | 1.7% |
| Renesas Electronics Corp. | 1.7% |
| Compass Group PLC | 1.7% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.7% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Information Technology | 12.0% |
| Health Care | 9.7% |
| Consumer Staples | 9.7% |
| Materials | 5.4% |
| Communication Services | 3.7% |
| Energy | 2.9% |
| Utilities | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $57 | 1.11% |
| Open Shares | MSCI EAFE Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,644 | $9,803 |
| 2014 | $9,662 | $9,788 |
| 2014 | $9,394 | $9,412 |
| 2014 | $9,378 | $9,276 |
| 2014 | $9,469 | $9,402 |
| 2014 | $9,127 | $9,077 |
| 2015 | $9,122 | $9,121 |
| 2015 | $9,742 | $9,667 |
| 2015 | $9,640 | $9,520 |
| 2015 | $9,972 | $9,908 |
| 2015 | $10,009 | $9,858 |
| 2015 | $9,838 | $9,579 |
| 2015 | $10,047 | $9,778 |
| 2015 | $9,386 | $9,058 |
| 2015 | $9,010 | $8,598 |
| 2015 | $9,514 | $9,270 |
| 2015 | $9,477 | $9,126 |
| 2015 | $9,251 | $9,003 |
| 2016 | $8,800 | $8,352 |
| 2016 | $8,575 | $8,199 |
| 2016 | $9,160 | $8,732 |
| 2016 | $9,267 | $8,985 |
| 2016 | $9,273 | $8,903 |
| 2016 | $9,020 | $8,604 |
| 2016 | $9,230 | $9,040 |
| 2016 | $9,146 | $9,047 |
| 2016 | $9,280 | $9,158 |
| 2016 | $8,860 | $8,971 |
| 2016 | $8,693 | $8,792 |
| 2016 | $8,839 | $9,093 |
| 2017 | $8,968 | $9,356 |
| 2017 | $9,065 | $9,490 |
| 2017 | $9,319 | $9,751 |
| 2017 | $9,600 | $9,999 |
| 2017 | $9,961 | $10,366 |
| 2017 | $9,902 | $10,347 |
| 2017 | $10,220 | $10,645 |
| 2017 | $10,181 | $10,641 |
| 2017 | $10,365 | $10,906 |
| 2017 | $10,528 | $11,072 |
| 2017 | $10,696 | $11,188 |
| 2017 | $10,828 | $11,367 |
| 2018 | $11,379 | $11,938 |
| 2018 | $10,773 | $11,399 |
| 2018 | $10,800 | $11,193 |
| 2018 | $10,817 | $11,449 |
| 2018 | $10,664 | $11,192 |
| 2018 | $10,522 | $11,055 |
| 2018 | $10,686 | $11,327 |
| 2018 | $10,483 | $11,108 |
| 2018 | $10,593 | $11,205 |
| 2018 | $9,814 | $10,313 |
| 2018 | $9,803 | $10,299 |
| 2018 | $9,330 | $9,800 |
| 2019 | $9,842 | $10,444 |
| 2019 | $10,171 | $10,710 |
| 2019 | $10,253 | $10,778 |
| 2019 | $10,547 | $11,081 |
| 2019 | $10,194 | $10,549 |
| 2019 | $10,765 | $11,174 |
| 2019 | $10,553 | $11,032 |
| 2019 | $10,329 | $10,747 |
| 2019 | $10,595 | $11,055 |
| 2019 | $10,813 | $11,452 |
| 2019 | $10,890 | $11,581 |
| 2019 | $11,280 | $11,958 |
| 2020 | $11,070 | $11,708 |
| 2020 | $10,262 | $10,650 |
| 2020 | $8,669 | $9,228 |
| 2020 | $9,172 | $9,824 |
| 2020 | $9,657 | $10,251 |
| 2020 | $9,903 | $10,600 |
| 2020 | $10,316 | $10,847 |
| 2020 | $10,854 | $11,404 |
| 2020 | $10,613 | $11,108 |
| 2020 | $10,145 | $10,665 |
| 2020 | $11,647 | $12,318 |
| 2020 | $12,231 | $12,890 |
| 2021 | $11,953 | $12,752 |
| 2021 | $12,122 | $13,038 |
| 2021 | $12,430 | $13,338 |
| 2021 | $12,828 | $13,739 |
| 2021 | $13,130 | $14,187 |
| 2021 | $12,883 | $14,027 |
| 2021 | $12,961 | $14,132 |
| 2021 | $13,277 | $14,381 |
| 2021 | $12,889 | $13,964 |
| 2021 | $13,217 | $14,307 |
| 2021 | $12,475 | $13,642 |
| 2021 | $12,935 | $14,341 |
| 2022 | $12,439 | $13,648 |
| 2022 | $12,219 | $13,406 |
| 2022 | $12,035 | $13,492 |
| 2022 | $11,297 | $12,619 |
| 2022 | $11,623 | $12,714 |
| 2022 | $10,680 | $11,534 |
| 2022 | $11,092 | $12,108 |
| 2022 | $10,440 | $11,533 |
| 2022 | $9,499 | $10,455 |
| 2022 | $9,959 | $11,017 |
| 2022 | $11,137 | $12,258 |
| 2022 | $10,989 | $12,268 |
| 2023 | $11,965 | $13,261 |
| 2023 | $11,605 | $12,984 |
| 2023 | $11,943 | $13,306 |
| 2023 | $12,108 | $13,682 |
| 2023 | $11,665 | $13,103 |
| 2023 | $12,423 | $13,699 |
| 2023 | $12,649 | $14,143 |
| 2023 | $12,208 | $13,601 |
| 2023 | $11,727 | $13,136 |
| 2023 | $11,358 | $12,604 |
| 2023 | $12,358 | $13,774 |
| 2023 | $12,758 | $14,505 |
| 2024 | $12,650 | $14,589 |
| 2024 | $13,108 | $14,856 |
| 2024 | $13,552 | $15,345 |
| 2024 | $13,069 | $14,952 |
| 2024 | $13,730 | $15,531 |
| 2024 | $13,435 | $15,285 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 8.14% | 4.53% | 3.00% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.33% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $1,028,520,536 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $4,196,218 |
Top 10 Holdings (% of Net Assets)
| RELX PLC | 3.6% |
| Unilever PLC | 2.7% |
| Roche Holding AG | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.3% |
| ICON PLC | 2.1% |
| ABB Ltd. | 1.9% |
| Hitachi Ltd. | 1.8% |
| Suncor Energy, Inc. | 1.7% |
| Renesas Electronics Corp. | 1.7% |
| Compass Group PLC | 1.7% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.7% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Information Technology | 12.0% |
| Health Care | 9.7% |
| Consumer Staples | 9.7% |
| Materials | 5.4% |
| Communication Services | 3.7% |
| Energy | 2.9% |
| Utilities | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $42 | 0.82% |
| R6 Shares | MSCI EAFE Index |
|---|
| 2015 | $1,000,000 | $1,000,000 |
| 2015 | $1,031,773 | $1,040,800 |
| 2015 | $1,036,232 | $1,035,492 |
| 2015 | $1,018,395 | $1,006,187 |
| 2015 | $1,040,134 | $1,027,116 |
| 2015 | $971,872 | $951,520 |
| 2015 | $933,110 | $903,183 |
| 2015 | $985,917 | $973,812 |
| 2015 | $982,546 | $958,621 |
| 2015 | $958,951 | $945,679 |
| 2016 | $912,324 | $877,293 |
| 2016 | $889,291 | $861,221 |
| 2016 | $950,525 | $917,258 |
| 2016 | $961,760 | $943,813 |
| 2016 | $962,322 | $935,240 |
| 2016 | $936,480 | $903,845 |
| 2016 | $958,390 | $949,653 |
| 2016 | $950,185 | $950,327 |
| 2016 | $964,316 | $962,001 |
| 2016 | $920,792 | $942,324 |
| 2016 | $903,269 | $923,556 |
| 2016 | $918,936 | $955,136 |
| 2017 | $932,567 | $982,835 |
| 2017 | $942,790 | $996,890 |
| 2017 | $969,483 | $1,024,304 |
| 2017 | $999,016 | $1,050,322 |
| 2017 | $1,037,069 | $1,088,868 |
| 2017 | $1,030,821 | $1,086,908 |
| 2017 | $1,064,330 | $1,118,211 |
| 2017 | $1,060,219 | $1,117,790 |
| 2017 | $1,080,169 | $1,145,623 |
| 2017 | $1,097,269 | $1,163,019 |
| 2017 | $1,114,940 | $1,175,218 |
| 2017 | $1,128,905 | $1,194,082 |
| 2018 | $1,186,531 | $1,253,976 |
| 2018 | $1,123,718 | $1,197,376 |
| 2018 | $1,126,600 | $1,175,795 |
| 2018 | $1,128,328 | $1,202,642 |
| 2018 | $1,113,346 | $1,175,609 |
| 2018 | $1,098,363 | $1,161,246 |
| 2018 | $1,115,074 | $1,189,813 |
| 2018 | $1,094,287 | $1,166,849 |
| 2018 | $1,105,861 | $1,177,001 |
| 2018 | $1,025,424 | $1,083,312 |
| 2018 | $1,024,267 | $1,081,903 |
| 2018 | $975,171 | $1,029,431 |
| 2019 | $1,028,725 | $1,097,085 |
| 2019 | $1,063,597 | $1,125,051 |
| 2019 | $1,072,315 | $1,132,146 |
| 2019 | $1,102,828 | $1,163,970 |
| 2019 | $1,066,711 | $1,108,069 |
| 2019 | $1,126,491 | $1,173,806 |
| 2019 | $1,104,696 | $1,158,898 |
| 2019 | $1,081,624 | $1,128,883 |
| 2019 | $1,109,134 | $1,161,282 |
| 2019 | $1,132,267 | $1,202,972 |
| 2019 | $1,141,020 | $1,216,565 |
| 2019 | $1,181,598 | $1,256,104 |
| 2020 | $1,159,975 | $1,229,851 |
| 2020 | $1,076,030 | $1,118,673 |
| 2020 | $909,410 | $969,330 |
| 2020 | $962,194 | $1,031,949 |
| 2020 | $1,012,435 | $1,076,838 |
| 2020 | $1,039,145 | $1,113,451 |
| 2020 | $1,082,389 | $1,139,394 |
| 2020 | $1,138,917 | $1,197,959 |
| 2020 | $1,114,658 | $1,166,812 |
| 2020 | $1,065,500 | $1,120,256 |
| 2020 | $1,223,187 | $1,293,896 |
| 2020 | $1,285,405 | $1,354,062 |
| 2021 | $1,256,469 | $1,339,574 |
| 2021 | $1,274,473 | $1,369,580 |
| 2021 | $1,307,267 | $1,401,081 |
| 2021 | $1,349,064 | $1,443,253 |
| 2021 | $1,381,215 | $1,490,303 |
| 2021 | $1,355,494 | $1,473,463 |
| 2021 | $1,363,854 | $1,484,514 |
| 2021 | $1,398,202 | $1,510,641 |
| 2021 | $1,357,421 | $1,466,833 |
| 2021 | $1,391,729 | $1,502,917 |
| 2021 | $1,314,051 | $1,433,031 |
| 2021 | $1,362,875 | $1,506,402 |
| 2022 | $1,311,245 | $1,433,643 |
| 2022 | $1,287,708 | $1,408,268 |
| 2022 | $1,269,485 | $1,417,280 |
| 2022 | $1,191,282 | $1,325,582 |
| 2022 | $1,226,208 | $1,335,524 |
| 2022 | $1,126,744 | $1,211,588 |
| 2022 | $1,170,781 | $1,271,925 |
| 2022 | $1,102,603 | $1,211,508 |
| 2022 | $1,003,377 | $1,098,232 |
| 2022 | $1,051,799 | $1,157,317 |
| 2022 | $1,176,427 | $1,287,631 |
| 2022 | $1,160,895 | $1,288,661 |
| 2023 | $1,265,037 | $1,393,043 |
| 2023 | $1,226,286 | $1,363,928 |
| 2023 | $1,262,615 | $1,397,754 |
| 2023 | $1,280,375 | $1,437,170 |
| 2023 | $1,233,552 | $1,376,378 |
| 2023 | $1,314,282 | $1,439,003 |
| 2023 | $1,338,501 | $1,485,627 |
| 2023 | $1,291,931 | $1,428,727 |
| 2023 | $1,241,029 | $1,379,865 |
| 2023 | $1,203,055 | $1,323,980 |
| 2023 | $1,308,898 | $1,446,846 |
| 2023 | $1,352,480 | $1,523,673 |
| 2024 | $1,340,742 | $1,532,510 |
| 2024 | $1,389,374 | $1,560,555 |
| 2024 | $1,436,329 | $1,611,898 |
| 2024 | $1,386,020 | $1,570,633 |
| 2024 | $1,457,291 | $1,631,417 |
| 2024 | $1,425,429 | $1,605,583 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 4/1/15 |
|---|
| R6 Shares | 8.46% | 4.82% | 3.91% |
| MSCI EAFE Index | 11.54% | 6.46% | 5.23% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $1,028,520,536 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $4,196,218 |
Top 10 Holdings (% of Net Assets)
| RELX PLC | 3.6% |
| Unilever PLC | 2.7% |
| Roche Holding AG | 2.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.3% |
| ICON PLC | 2.1% |
| ABB Ltd. | 1.9% |
| Hitachi Ltd. | 1.8% |
| Suncor Energy, Inc. | 1.7% |
| Renesas Electronics Corp. | 1.7% |
| Compass Group PLC | 1.7% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.7% |
| Financials | 14.8% |
| Consumer Discretionary | 12.5% |
| Information Technology | 12.0% |
| Health Care | 9.7% |
| Consumer Staples | 9.7% |
| Materials | 5.4% |
| Communication Services | 3.7% |
| Energy | 2.9% |
| Utilities | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Select Portfolio
LZSIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $49 | 0.96% |
| Institutional Shares | MSCI ACWI ex-USA Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,702 | $9,901 |
| 2014 | $9,731 | $9,955 |
| 2014 | $9,342 | $9,474 |
| 2014 | $9,420 | $9,380 |
| 2014 | $9,459 | $9,447 |
| 2014 | $8,982 | $9,106 |
| 2015 | $8,963 | $9,093 |
| 2015 | $9,439 | $9,579 |
| 2015 | $9,313 | $9,424 |
| 2015 | $9,634 | $9,900 |
| 2015 | $9,556 | $9,745 |
| 2015 | $9,381 | $9,473 |
| 2015 | $9,430 | $9,447 |
| 2015 | $8,824 | $8,725 |
| 2015 | $8,420 | $8,321 |
| 2015 | $8,952 | $8,941 |
| 2015 | $8,883 | $8,756 |
| 2015 | $8,656 | $8,591 |
| 2016 | $8,243 | $8,007 |
| 2016 | $8,106 | $7,916 |
| 2016 | $8,745 | $8,560 |
| 2016 | $8,873 | $8,785 |
| 2016 | $8,843 | $8,636 |
| 2016 | $8,814 | $8,504 |
| 2016 | $9,060 | $8,925 |
| 2016 | $8,940 | $8,981 |
| 2016 | $9,069 | $9,092 |
| 2016 | $8,721 | $8,961 |
| 2016 | $8,462 | $8,754 |
| 2016 | $8,602 | $8,978 |
| 2017 | $8,880 | $9,296 |
| 2017 | $8,999 | $9,444 |
| 2017 | $9,248 | $9,683 |
| 2017 | $9,566 | $9,891 |
| 2017 | $9,934 | $10,211 |
| 2017 | $9,894 | $10,243 |
| 2017 | $10,292 | $10,621 |
| 2017 | $10,316 | $10,676 |
| 2017 | $10,506 | $10,875 |
| 2017 | $10,666 | $11,079 |
| 2017 | $10,836 | $11,169 |
| 2017 | $11,037 | $11,419 |
| 2018 | $11,607 | $12,055 |
| 2018 | $11,057 | $11,487 |
| 2018 | $11,027 | $11,284 |
| 2018 | $10,967 | $11,464 |
| 2018 | $10,776 | $11,195 |
| 2018 | $10,616 | $10,985 |
| 2018 | $10,806 | $11,247 |
| 2018 | $10,612 | $11,012 |
| 2018 | $10,702 | $11,063 |
| 2018 | $9,805 | $10,164 |
| 2018 | $9,875 | $10,260 |
| 2018 | $9,393 | $9,795 |
| 2019 | $10,010 | $10,535 |
| 2019 | $10,205 | $10,741 |
| 2019 | $10,319 | $10,805 |
| 2019 | $10,668 | $11,091 |
| 2019 | $10,216 | $10,496 |
| 2019 | $10,812 | $11,128 |
| 2019 | $10,586 | $10,993 |
| 2019 | $10,329 | $10,653 |
| 2019 | $10,565 | $10,927 |
| 2019 | $10,802 | $11,308 |
| 2019 | $10,864 | $11,408 |
| 2019 | $11,301 | $11,902 |
| 2020 | $11,049 | $11,582 |
| 2020 | $10,208 | $10,667 |
| 2020 | $8,599 | $9,122 |
| 2020 | $9,167 | $9,814 |
| 2020 | $9,598 | $10,134 |
| 2020 | $9,934 | $10,593 |
| 2020 | $10,376 | $11,065 |
| 2020 | $10,849 | $11,539 |
| 2020 | $10,649 | $11,255 |
| 2020 | $10,323 | $11,013 |
| 2020 | $11,648 | $12,494 |
| 2020 | $12,243 | $13,170 |
| 2021 | $11,977 | $13,199 |
| 2021 | $12,073 | $13,460 |
| 2021 | $12,349 | $13,630 |
| 2021 | $12,625 | $14,031 |
| 2021 | $13,029 | $14,470 |
| 2021 | $12,827 | $14,376 |
| 2021 | $12,699 | $14,139 |
| 2021 | $12,891 | $14,408 |
| 2021 | $12,413 | $13,946 |
| 2021 | $12,795 | $14,280 |
| 2021 | $12,179 | $13,637 |
| 2021 | $12,640 | $14,200 |
| 2022 | $12,322 | $13,677 |
| 2022 | $11,959 | $13,406 |
| 2022 | $11,915 | $13,427 |
| 2022 | $11,212 | $12,584 |
| 2022 | $11,476 | $12,675 |
| 2022 | $10,488 | $11,585 |
| 2022 | $10,894 | $11,981 |
| 2022 | $10,396 | $11,595 |
| 2022 | $9,459 | $10,437 |
| 2022 | $9,911 | $10,749 |
| 2022 | $10,914 | $12,017 |
| 2022 | $10,675 | $11,927 |
| 2023 | $11,562 | $12,895 |
| 2023 | $11,146 | $12,442 |
| 2023 | $11,472 | $12,746 |
| 2023 | $11,573 | $12,968 |
| 2023 | $11,157 | $12,496 |
| 2023 | $11,764 | $13,057 |
| 2023 | $11,977 | $13,588 |
| 2023 | $11,472 | $12,974 |
| 2023 | $10,967 | $12,565 |
| 2023 | $10,675 | $12,046 |
| 2023 | $11,517 | $13,130 |
| 2023 | $11,962 | $13,790 |
| 2024 | $11,905 | $13,653 |
| 2024 | $12,372 | $13,998 |
| 2024 | $12,760 | $14,436 |
| 2024 | $12,293 | $14,177 |
| 2024 | $12,748 | $14,588 |
| 2024 | $12,543 | $14,579 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 6.63% | 3.01% | 2.29% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 3.84% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $53,971,860 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $140,538 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| BP PLC | 3.1% |
| RELX PLC | 3.1% |
| Novo Nordisk AS, Class B | 3.0% |
| Unilever PLC | 2.9% |
| Tencent Holdings Ltd. | 2.5% |
| Compass Group PLC | 2.3% |
| Roche Holding AG | 2.0% |
| ABB Ltd. | 1.9% |
| Aon PLC, Class A | 1.9% |
Top 10 Sectors (% of Net Assets)
| Industrials | 22.2% |
| Financials | 18.2% |
| Information Technology | 14.4% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.2% |
| Consumer Staples | 7.0% |
| Communication Services | 5.0% |
| Energy | 4.7% |
| Materials | 4.0% |
| Utilities | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Equity Select Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $62 | 1.21% |
| Open Shares | MSCI ACWI ex-USA Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,692 | $9,901 |
| 2014 | $9,731 | $9,955 |
| 2014 | $9,334 | $9,474 |
| 2014 | $9,401 | $9,380 |
| 2014 | $9,450 | $9,447 |
| 2014 | $8,965 | $9,106 |
| 2015 | $8,946 | $9,093 |
| 2015 | $9,421 | $9,579 |
| 2015 | $9,295 | $9,424 |
| 2015 | $9,605 | $9,900 |
| 2015 | $9,527 | $9,745 |
| 2015 | $9,353 | $9,473 |
| 2015 | $9,392 | $9,447 |
| 2015 | $8,796 | $8,725 |
| 2015 | $8,386 | $8,321 |
| 2015 | $8,914 | $8,941 |
| 2015 | $8,845 | $8,756 |
| 2015 | $8,620 | $8,591 |
| 2016 | $8,200 | $8,007 |
| 2016 | $8,063 | $7,916 |
| 2016 | $8,699 | $8,560 |
| 2016 | $8,826 | $8,785 |
| 2016 | $8,786 | $8,636 |
| 2016 | $8,757 | $8,504 |
| 2016 | $9,002 | $8,925 |
| 2016 | $8,877 | $8,981 |
| 2016 | $9,005 | $9,092 |
| 2016 | $8,660 | $8,961 |
| 2016 | $8,394 | $8,754 |
| 2016 | $8,532 | $8,978 |
| 2017 | $8,808 | $9,296 |
| 2017 | $8,926 | $9,444 |
| 2017 | $9,172 | $9,683 |
| 2017 | $9,487 | $9,891 |
| 2017 | $9,842 | $10,211 |
| 2017 | $9,793 | $10,243 |
| 2017 | $10,187 | $10,621 |
| 2017 | $10,209 | $10,676 |
| 2017 | $10,397 | $10,875 |
| 2017 | $10,555 | $11,079 |
| 2017 | $10,723 | $11,169 |
| 2017 | $10,911 | $11,419 |
| 2018 | $11,485 | $12,055 |
| 2018 | $10,931 | $11,487 |
| 2018 | $10,891 | $11,284 |
| 2018 | $10,832 | $11,464 |
| 2018 | $10,644 | $11,195 |
| 2018 | $10,486 | $10,985 |
| 2018 | $10,664 | $11,247 |
| 2018 | $10,476 | $11,012 |
| 2018 | $10,566 | $11,063 |
| 2018 | $9,672 | $10,164 |
| 2018 | $9,732 | $10,260 |
| 2018 | $9,257 | $9,795 |
| 2019 | $9,873 | $10,535 |
| 2019 | $10,064 | $10,741 |
| 2019 | $10,165 | $10,805 |
| 2019 | $10,509 | $11,091 |
| 2019 | $10,054 | $10,496 |
| 2019 | $10,640 | $11,128 |
| 2019 | $10,418 | $10,993 |
| 2019 | $10,165 | $10,653 |
| 2019 | $10,387 | $10,927 |
| 2019 | $10,620 | $11,308 |
| 2019 | $10,680 | $11,408 |
| 2019 | $11,105 | $11,902 |
| 2020 | $10,859 | $11,582 |
| 2020 | $10,026 | $10,667 |
| 2020 | $8,442 | $9,122 |
| 2020 | $9,008 | $9,814 |
| 2020 | $9,419 | $10,134 |
| 2020 | $9,748 | $10,593 |
| 2020 | $10,180 | $11,065 |
| 2020 | $10,643 | $11,539 |
| 2020 | $10,457 | $11,255 |
| 2020 | $10,118 | $11,013 |
| 2020 | $11,424 | $12,494 |
| 2020 | $11,996 | $13,170 |
| 2021 | $11,737 | $13,199 |
| 2021 | $11,841 | $13,460 |
| 2021 | $12,100 | $13,630 |
| 2021 | $12,369 | $14,031 |
| 2021 | $12,763 | $14,470 |
| 2021 | $12,556 | $14,376 |
| 2021 | $12,432 | $14,139 |
| 2021 | $12,608 | $14,408 |
| 2021 | $12,141 | $13,946 |
| 2021 | $12,514 | $14,280 |
| 2021 | $11,903 | $13,637 |
| 2021 | $12,360 | $14,200 |
| 2022 | $12,040 | $13,677 |
| 2022 | $11,687 | $13,406 |
| 2022 | $11,644 | $13,427 |
| 2022 | $10,950 | $12,584 |
| 2022 | $11,206 | $12,675 |
| 2022 | $10,245 | $11,585 |
| 2022 | $10,640 | $11,981 |
| 2022 | $10,156 | $11,595 |
| 2022 | $9,233 | $10,437 |
| 2022 | $9,662 | $10,749 |
| 2022 | $10,649 | $12,017 |
| 2022 | $10,411 | $11,927 |
| 2023 | $11,272 | $12,895 |
| 2023 | $10,869 | $12,442 |
| 2023 | $11,185 | $12,746 |
| 2023 | $11,283 | $12,968 |
| 2023 | $10,880 | $12,496 |
| 2023 | $11,457 | $13,057 |
| 2023 | $11,664 | $13,588 |
| 2023 | $11,174 | $12,974 |
| 2023 | $10,673 | $12,565 |
| 2023 | $10,401 | $12,046 |
| 2023 | $11,206 | $13,130 |
| 2023 | $11,643 | $13,790 |
| 2024 | $11,588 | $13,653 |
| 2024 | $12,029 | $13,998 |
| 2024 | $12,404 | $14,436 |
| 2024 | $11,952 | $14,177 |
| 2024 | $12,382 | $14,588 |
| 2024 | $12,183 | $14,579 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 6.34% | 2.75% | 1.99% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 3.84% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $53,971,860 |
| # of Portfolio Holdings | 72 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $140,538 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.1% |
| BP PLC | 3.1% |
| RELX PLC | 3.1% |
| Novo Nordisk AS, Class B | 3.0% |
| Unilever PLC | 2.9% |
| Tencent Holdings Ltd. | 2.5% |
| Compass Group PLC | 2.3% |
| Roche Holding AG | 2.0% |
| ABB Ltd. | 1.9% |
| Aon PLC, Class A | 1.9% |
Top 10 Sectors (% of Net Assets)
| Industrials | 22.2% |
| Financials | 18.2% |
| Information Technology | 14.4% |
| Health Care | 10.4% |
| Consumer Discretionary | 8.2% |
| Consumer Staples | 7.0% |
| Communication Services | 5.0% |
| Energy | 4.7% |
| Materials | 4.0% |
| Utilities | 2.4% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Quality Growth Portfolio
ICMPX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $43 | 0.85% |
| Institutional Shares | MSCI ACWI ex-USA Index | MSCI ACWI ex-USA Growth Index |
|---|
| 2018 | $10,000 | $10,000 | $10,000 |
| 2019 | $10,610 | $10,756 | $10,761 |
| 2019 | $10,990 | $10,966 | $11,051 |
| 2019 | $11,300 | $11,031 | $11,231 |
| 2019 | $11,700 | $11,322 | $11,585 |
| 2019 | $11,320 | $10,715 | $10,991 |
| 2019 | $12,030 | $11,360 | $11,720 |
| 2019 | $11,910 | $11,223 | $11,696 |
| 2019 | $11,680 | $10,876 | $11,484 |
| 2019 | $11,850 | $11,155 | $11,621 |
| 2019 | $12,190 | $11,545 | $12,043 |
| 2019 | $12,610 | $11,646 | $12,227 |
| 2019 | $13,006 | $12,150 | $12,734 |
| 2020 | $12,740 | $11,824 | $12,612 |
| 2020 | $12,002 | $10,889 | $11,691 |
| 2020 | $10,628 | $9,313 | $10,411 |
| 2020 | $11,428 | $10,018 | $11,309 |
| 2020 | $12,145 | $10,346 | $11,801 |
| 2020 | $12,576 | $10,814 | $12,400 |
| 2020 | $13,498 | $11,296 | $13,240 |
| 2020 | $14,246 | $11,780 | $13,780 |
| 2020 | $14,205 | $11,490 | $13,660 |
| 2020 | $13,939 | $11,243 | $13,420 |
| 2020 | $15,302 | $12,755 | $14,784 |
| 2020 | $16,121 | $13,445 | $15,561 |
| 2021 | $16,255 | $13,474 | $15,655 |
| 2021 | $16,214 | $13,741 | $15,599 |
| 2021 | $16,524 | $13,915 | $15,549 |
| 2021 | $17,269 | $14,325 | $16,123 |
| 2021 | $17,775 | $14,773 | $16,512 |
| 2021 | $17,796 | $14,677 | $16,576 |
| 2021 | $18,179 | $14,434 | $16,324 |
| 2021 | $18,571 | $14,709 | $16,693 |
| 2021 | $17,682 | $14,238 | $15,975 |
| 2021 | $18,189 | $14,578 | $16,470 |
| 2021 | $17,289 | $13,922 | $15,875 |
| 2021 | $17,731 | $14,497 | $16,354 |
| 2022 | $16,486 | $13,963 | $15,035 |
| 2022 | $15,905 | $13,687 | $14,615 |
| 2022 | $16,106 | $13,708 | $14,592 |
| 2022 | $14,871 | $12,848 | $13,506 |
| 2022 | $14,882 | $12,940 | $13,390 |
| 2022 | $13,636 | $11,827 | $12,299 |
| 2022 | $14,650 | $12,232 | $12,976 |
| 2022 | $13,721 | $11,839 | $12,470 |
| 2022 | $12,475 | $10,656 | $11,147 |
| 2022 | $13,161 | $10,974 | $11,366 |
| 2022 | $14,787 | $12,269 | $12,779 |
| 2022 | $14,167 | $12,177 | $12,584 |
| 2023 | $15,223 | $13,165 | $13,648 |
| 2023 | $14,754 | $12,703 | $13,064 |
| 2023 | $15,341 | $13,013 | $13,665 |
| 2023 | $15,575 | $13,239 | $13,803 |
| 2023 | $15,191 | $12,758 | $13,420 |
| 2023 | $15,949 | $13,331 | $13,930 |
| 2023 | $16,194 | $13,873 | $14,364 |
| 2023 | $15,426 | $13,247 | $13,632 |
| 2023 | $14,743 | $12,828 | $12,912 |
| 2023 | $14,338 | $12,299 | $12,410 |
| 2023 | $15,757 | $13,406 | $13,694 |
| 2023 | $16,693 | $14,079 | $14,349 |
| 2024 | $16,575 | $13,939 | $14,240 |
| 2024 | $17,197 | $14,292 | $14,784 |
| 2024 | $17,584 | $14,739 | $15,198 |
| 2024 | $16,532 | $14,474 | $14,777 |
| 2024 | $17,122 | $14,894 | $15,167 |
| 2024 | $17,380 | $14,880 | $15,309 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 12/31/18 |
|---|
| Institutional Shares | 8.97% | 7.64% | 10.58% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 7.49% |
| MSCI ACWI ex-USA Growth Index | 9.88% | 5.49% | 8.05% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $272,402,344 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $983,578 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5% |
| Halma PLC | 3.5% |
| Aon PLC, Class A | 3.3% |
| Partners Group Holding AG | 3.1% |
| RELX PLC | 3.1% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.1% |
| SAP SE | 3.0% |
| London Stock Exchange Group PLC | 3.0% |
| ASML Holding NV | 3.0% |
| HDFC Bank Ltd., ADR | 2.9% |
Top Sectors (% of Net Assets)
| Information Technology | 24.6% |
| Industrials | 22.6% |
| Financials | 17.4% |
| Consumer Discretionary | 10.6% |
| Consumer Staples | 8.8% |
| Communication Services | 7.2% |
| Health Care | 6.4% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Quality Growth Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $56 | 1.10% |
| Open Shares | MSCI ACWI ex-USA Index | MSCI ACWI ex-USA Growth Index |
|---|
| 2018 | $10,000 | $10,000 | $10,000 |
| 2019 | $10,610 | $10,756 | $10,761 |
| 2019 | $10,980 | $10,966 | $11,051 |
| 2019 | $11,290 | $11,031 | $11,231 |
| 2019 | $11,690 | $11,322 | $11,585 |
| 2019 | $11,310 | $10,715 | $10,991 |
| 2019 | $12,000 | $11,360 | $11,720 |
| 2019 | $11,880 | $11,223 | $11,696 |
| 2019 | $11,650 | $10,876 | $11,484 |
| 2019 | $11,820 | $11,155 | $11,621 |
| 2019 | $12,150 | $11,545 | $12,043 |
| 2019 | $12,580 | $11,646 | $12,227 |
| 2019 | $12,966 | $12,150 | $12,734 |
| 2020 | $12,700 | $11,824 | $12,612 |
| 2020 | $11,962 | $10,889 | $11,691 |
| 2020 | $10,588 | $9,313 | $10,411 |
| 2020 | $11,377 | $10,018 | $11,309 |
| 2020 | $12,095 | $10,346 | $11,801 |
| 2020 | $12,515 | $10,814 | $12,400 |
| 2020 | $13,427 | $11,296 | $13,240 |
| 2020 | $14,176 | $11,780 | $13,780 |
| 2020 | $14,135 | $11,490 | $13,660 |
| 2020 | $13,858 | $11,243 | $13,420 |
| 2020 | $15,211 | $12,755 | $14,784 |
| 2020 | $16,030 | $13,445 | $15,561 |
| 2021 | $16,154 | $13,474 | $15,655 |
| 2021 | $16,113 | $13,741 | $15,599 |
| 2021 | $16,423 | $13,915 | $15,549 |
| 2021 | $17,157 | $14,325 | $16,123 |
| 2021 | $17,653 | $14,773 | $16,512 |
| 2021 | $17,674 | $14,677 | $16,576 |
| 2021 | $18,046 | $14,434 | $16,324 |
| 2021 | $18,428 | $14,709 | $16,693 |
| 2021 | $17,550 | $14,238 | $15,975 |
| 2021 | $18,056 | $14,578 | $16,470 |
| 2021 | $17,147 | $13,922 | $15,875 |
| 2021 | $17,584 | $14,497 | $16,354 |
| 2022 | $16,342 | $13,963 | $15,035 |
| 2022 | $15,763 | $13,687 | $14,615 |
| 2022 | $15,963 | $13,708 | $14,592 |
| 2022 | $14,731 | $12,848 | $13,506 |
| 2022 | $14,741 | $12,940 | $13,390 |
| 2022 | $13,509 | $11,827 | $12,299 |
| 2022 | $14,510 | $12,232 | $12,976 |
| 2022 | $13,583 | $11,839 | $12,470 |
| 2022 | $12,340 | $10,656 | $11,147 |
| 2022 | $13,025 | $10,974 | $11,366 |
| 2022 | $14,625 | $12,269 | $12,779 |
| 2022 | $14,014 | $12,177 | $12,584 |
| 2023 | $15,054 | $13,165 | $13,648 |
| 2023 | $14,587 | $12,703 | $13,064 |
| 2023 | $15,171 | $13,013 | $13,665 |
| 2023 | $15,394 | $13,239 | $13,803 |
| 2023 | $15,011 | $12,758 | $13,420 |
| 2023 | $15,755 | $13,331 | $13,930 |
| 2023 | $15,999 | $13,873 | $14,364 |
| 2023 | $15,245 | $13,247 | $13,632 |
| 2023 | $14,555 | $12,828 | $12,912 |
| 2023 | $14,152 | $12,299 | $12,410 |
| 2023 | $15,553 | $13,406 | $13,694 |
| 2023 | $16,475 | $14,079 | $14,349 |
| 2024 | $16,348 | $13,939 | $14,240 |
| 2024 | $16,966 | $14,292 | $14,784 |
| 2024 | $17,339 | $14,739 | $15,198 |
| 2024 | $16,294 | $14,474 | $14,777 |
| 2024 | $16,880 | $14,894 | $15,167 |
| 2024 | $17,126 | $14,880 | $15,309 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 12/31/18 |
|---|
| Open Shares | 8.70% | 7.37% | 10.28% |
| MSCI ACWI ex-USA Index | 11.62% | 5.55% | 7.49% |
| MSCI ACWI ex-USA Growth Index | 9.88% | 5.49% | 8.05% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $272,402,344 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $983,578 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5% |
| Halma PLC | 3.5% |
| Aon PLC, Class A | 3.3% |
| Partners Group Holding AG | 3.1% |
| RELX PLC | 3.1% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.1% |
| SAP SE | 3.0% |
| London Stock Exchange Group PLC | 3.0% |
| ASML Holding NV | 3.0% |
| HDFC Bank Ltd., ADR | 2.9% |
Top Sectors (% of Net Assets)
| Information Technology | 24.6% |
| Industrials | 22.6% |
| Financials | 17.4% |
| Consumer Discretionary | 10.6% |
| Consumer Staples | 8.8% |
| Communication Services | 7.2% |
| Health Care | 6.4% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Quality Growth Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $41 | 0.80% |
| R6 Shares | MSCI ACWI ex-USA Index | MSCI ACWI ex-USA Growth Index |
|---|
| 2023 | $1,000,000 | $1,000,000 | $1,000,000 |
| 2023 | $988,563 | $990,250 | $988,000 |
| 2023 | $1,027,877 | $1,014,457 | $1,033,448 |
| 2023 | $1,043,603 | $1,032,081 | $1,043,886 |
| 2023 | $1,017,870 | $994,557 | $1,014,970 |
| 2023 | $1,068,620 | $1,039,212 | $1,053,539 |
| 2023 | $1,085,061 | $1,081,508 | $1,086,365 |
| 2023 | $1,034,310 | $1,032,661 | $1,030,965 |
| 2023 | $987,848 | $1,000,046 | $976,530 |
| 2023 | $960,686 | $958,785 | $938,543 |
| 2023 | $1,055,754 | $1,045,075 | $1,035,682 |
| 2023 | $1,119,034 | $1,097,538 | $1,085,187 |
| 2024 | $1,111,118 | $1,086,636 | $1,076,940 |
| 2024 | $1,152,856 | $1,114,147 | $1,118,079 |
| 2024 | $1,178,763 | $1,148,975 | $1,149,385 |
| 2024 | $1,108,239 | $1,128,343 | $1,117,547 |
| 2024 | $1,148,539 | $1,161,065 | $1,147,051 |
| 2024 | $1,165,090 | $1,159,992 | $1,157,811 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 2/22/23 |
|---|
| R6 Shares | 9.03% | 11.95% |
| MSCI ACWI ex-USA Index | 11.62% | 11.59% |
| MSCI ACWI ex-USA Growth Index | 9.88% | 11.43% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $272,402,344 |
| # of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $983,578 |
Top 10 Holdings (% of Net Assets)
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.5% |
| Halma PLC | 3.5% |
| Aon PLC, Class A | 3.3% |
| Partners Group Holding AG | 3.1% |
| RELX PLC | 3.1% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.1% |
| SAP SE | 3.0% |
| London Stock Exchange Group PLC | 3.0% |
| ASML Holding NV | 3.0% |
| HDFC Bank Ltd., ADR | 2.9% |
Top Sectors (% of Net Assets)
| Information Technology | 24.6% |
| Industrials | 22.6% |
| Financials | 17.4% |
| Consumer Discretionary | 10.6% |
| Consumer Staples | 8.8% |
| Communication Services | 7.2% |
| Health Care | 6.4% |
| Cash, Cash Equivalents and Repurchase Agreements | 1.9% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Small Cap Equity Portfolio
LZISX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Small Cap Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $51 | 1.03% |
| Institutional Shares | MSCI EAFE IMI | MSCI EAFE Small Cap Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,758 | $9,799 | $9,765 |
| 2014 | $9,779 | $9,783 | $9,747 |
| 2014 | $9,256 | $9,388 | $9,218 |
| 2014 | $9,284 | $9,245 | $9,036 |
| 2014 | $9,229 | $9,359 | $9,058 |
| 2014 | $9,183 | $9,068 | $9,009 |
| 2015 | $9,128 | $9,109 | $9,024 |
| 2015 | $9,770 | $9,659 | $9,609 |
| 2015 | $9,678 | $9,518 | $9,510 |
| 2015 | $10,073 | $9,913 | $9,947 |
| 2015 | $10,220 | $9,882 | $10,051 |
| 2015 | $10,201 | $9,622 | $9,924 |
| 2015 | $10,247 | $9,806 | $10,008 |
| 2015 | $9,659 | $9,123 | $9,569 |
| 2015 | $9,382 | $8,680 | $9,246 |
| 2015 | $9,807 | $9,337 | $9,800 |
| 2015 | $10,010 | $9,211 | $9,803 |
| 2015 | $10,075 | $9,113 | $9,875 |
| 2016 | $9,483 | $8,446 | $9,098 |
| 2016 | $9,326 | $8,311 | $9,087 |
| 2016 | $10,112 | $8,869 | $9,816 |
| 2016 | $10,056 | $9,118 | $10,041 |
| 2016 | $10,167 | $9,053 | $10,093 |
| 2016 | $9,770 | $8,725 | $9,561 |
| 2016 | $10,140 | $9,180 | $10,147 |
| 2016 | $9,953 | $9,178 | $10,087 |
| 2016 | $10,262 | $9,313 | $10,387 |
| 2016 | $9,784 | $9,112 | $10,093 |
| 2016 | $9,540 | $8,920 | $9,809 |
| 2016 | $9,598 | $9,218 | $10,090 |
| 2017 | $9,902 | $9,493 | $10,447 |
| 2017 | $9,997 | $9,640 | $10,681 |
| 2017 | $10,264 | $9,895 | $10,894 |
| 2017 | $10,844 | $10,171 | $11,360 |
| 2017 | $11,205 | $10,544 | $11,778 |
| 2017 | $11,215 | $10,528 | $11,755 |
| 2017 | $11,710 | $10,843 | $12,182 |
| 2017 | $11,814 | $10,853 | $12,281 |
| 2017 | $12,223 | $11,129 | $12,632 |
| 2017 | $12,499 | $11,300 | $12,845 |
| 2017 | $12,765 | $11,428 | $13,048 |
| 2017 | $13,117 | $11,629 | $13,396 |
| 2018 | $13,717 | $12,214 | $14,081 |
| 2018 | $13,108 | $11,680 | $13,581 |
| 2018 | $13,212 | $11,481 | $13,428 |
| 2018 | $13,051 | $11,728 | $13,610 |
| 2018 | $12,937 | $11,487 | $13,480 |
| 2018 | $12,746 | $11,334 | $13,217 |
| 2018 | $12,851 | $11,582 | $13,303 |
| 2018 | $12,563 | $11,377 | $13,197 |
| 2018 | $12,369 | $11,449 | $13,102 |
| 2018 | $10,843 | $10,510 | $11,841 |
| 2018 | $10,707 | $10,487 | $11,757 |
| 2018 | $9,853 | $9,954 | $10,999 |
| 2019 | $10,814 | $10,629 | $11,886 |
| 2019 | $11,051 | $10,896 | $12,152 |
| 2019 | $10,893 | $10,957 | $12,171 |
| 2019 | $11,279 | $11,268 | $12,539 |
| 2019 | $10,834 | $10,719 | $11,875 |
| 2019 | $11,259 | $11,329 | $12,379 |
| 2019 | $11,002 | $11,194 | $12,291 |
| 2019 | $10,787 | $10,906 | $11,988 |
| 2019 | $11,052 | $11,218 | $12,324 |
| 2019 | $11,510 | $11,636 | $12,884 |
| 2019 | $11,877 | $11,785 | $13,169 |
| 2019 | $12,416 | $12,187 | $13,744 |
| 2020 | $12,080 | $11,918 | $13,346 |
| 2020 | $11,052 | $10,828 | $12,036 |
| 2020 | $9,137 | $9,322 | $9,961 |
| 2020 | $10,094 | $9,975 | $10,996 |
| 2020 | $10,827 | $10,448 | $11,781 |
| 2020 | $11,225 | $10,774 | $11,942 |
| 2020 | $11,581 | $11,041 | $12,343 |
| 2020 | $12,144 | $11,644 | $13,264 |
| 2020 | $12,040 | $11,373 | $13,165 |
| 2020 | $11,716 | $10,927 | $12,709 |
| 2020 | $13,167 | $12,593 | $14,454 |
| 2020 | $14,085 | $13,219 | $15,441 |
| 2021 | $14,074 | $13,092 | $15,384 |
| 2021 | $14,387 | $13,394 | $15,791 |
| 2021 | $14,565 | $13,699 | $16,137 |
| 2021 | $15,504 | $14,132 | $16,786 |
| 2021 | $15,890 | $14,566 | $17,121 |
| 2021 | $15,764 | $14,390 | $16,837 |
| 2021 | $16,004 | $14,520 | $17,123 |
| 2021 | $16,645 | $14,802 | $17,617 |
| 2021 | $16,032 | $14,356 | $16,988 |
| 2021 | $16,286 | $14,689 | $17,254 |
| 2021 | $15,367 | $13,984 | $16,290 |
| 2021 | $15,751 | $14,684 | $17,000 |
| 2022 | $14,676 | $13,917 | $15,756 |
| 2022 | $14,102 | $13,682 | $15,556 |
| 2022 | $13,959 | $13,756 | $15,549 |
| 2022 | $13,071 | $12,858 | $14,483 |
| 2022 | $12,999 | $12,925 | $14,378 |
| 2022 | $11,322 | $11,693 | $12,800 |
| 2022 | $12,082 | $12,304 | $13,646 |
| 2022 | $11,149 | $11,725 | $13,041 |
| 2022 | $10,025 | $10,590 | $11,542 |
| 2022 | $10,520 | $11,142 | $12,030 |
| 2022 | $11,854 | $12,375 | $13,223 |
| 2022 | $11,605 | $12,403 | $13,365 |
| 2023 | $12,616 | $13,396 | $14,363 |
| 2023 | $12,329 | $13,115 | $14,051 |
| 2023 | $12,450 | $13,389 | $14,022 |
| 2023 | $12,601 | $13,752 | $14,304 |
| 2023 | $12,193 | $13,171 | $13,706 |
| 2023 | $12,329 | $13,740 | $14,102 |
| 2023 | $12,616 | $14,207 | $14,726 |
| 2023 | $12,276 | $13,673 | $14,236 |
| 2023 | $11,566 | $13,187 | $13,605 |
| 2023 | $10,961 | $12,619 | $12,807 |
| 2023 | $12,080 | $13,803 | $14,095 |
| 2023 | $12,946 | $14,574 | $15,123 |
| 2024 | $12,576 | $14,613 | $14,873 |
| 2024 | $12,468 | $14,852 | $14,930 |
| 2024 | $12,776 | $15,349 | $15,485 |
| 2024 | $12,298 | $14,947 | $15,025 |
| 2024 | $12,776 | $15,535 | $15,676 |
| 2024 | $12,591 | $15,254 | $15,228 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 2.13% | 2.26% | 2.33% |
| MSCI EAFE IMI | 11.02% | 6.13% | 4.31% |
| MSCI EAFE Small Cap Index | 7.78% | 4.19% | 4.29% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the MSCI EAFE IMI replaced the MSCI EAFE Small Cap Index as the Portfolio’s broad-based securities market index. The MSCI EAFE IMI was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $10,670,050 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Zealand Pharma AS | 2.0% |
| JTC PLC | 1.8% |
| Britvic PLC | 1.8% |
| SBI Sumishin Net Bank Ltd. | 1.8% |
| Arca Continental SAB de CV | 1.8% |
| Jumbo SA | 1.7% |
| USS Co. Ltd. | 1.6% |
| AUB Group Ltd. | 1.6% |
| CTP NV | 1.5% |
| Kemira OYJ | 1.5% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.3% |
| Financials | 14.6% |
| Consumer Discretionary | 13.6% |
| Real Estate | 8.9% |
| Information Technology | 8.6% |
| Consumer Staples | 8.2% |
| Health Care | 8.1% |
| Materials | 5.7% |
| Utilities | 2.6% |
| Energy | 2.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Small Cap Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Small Cap Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $63 | 1.28% |
| Open Shares | MSCI EAFE IMI | MSCI EAFE Small Cap Index |
|---|
| 2014 | $10,000 | $10,000 | $10,000 |
| 2014 | $9,758 | $9,799 | $9,765 |
| 2014 | $9,769 | $9,783 | $9,747 |
| 2014 | $9,248 | $9,388 | $9,218 |
| 2014 | $9,276 | $9,245 | $9,036 |
| 2014 | $9,221 | $9,359 | $9,058 |
| 2014 | $9,166 | $9,068 | $9,009 |
| 2015 | $9,111 | $9,109 | $9,024 |
| 2015 | $9,751 | $9,659 | $9,609 |
| 2015 | $9,659 | $9,518 | $9,510 |
| 2015 | $10,052 | $9,913 | $9,947 |
| 2015 | $10,189 | $9,882 | $10,051 |
| 2015 | $10,171 | $9,622 | $9,924 |
| 2015 | $10,217 | $9,806 | $10,008 |
| 2015 | $9,632 | $9,123 | $9,569 |
| 2015 | $9,347 | $8,680 | $9,246 |
| 2015 | $9,769 | $9,337 | $9,800 |
| 2015 | $9,962 | $9,211 | $9,803 |
| 2015 | $10,036 | $9,113 | $9,875 |
| 2016 | $9,439 | $8,446 | $9,098 |
| 2016 | $9,283 | $8,311 | $9,087 |
| 2016 | $10,063 | $8,869 | $9,816 |
| 2016 | $10,008 | $9,118 | $10,041 |
| 2016 | $10,109 | $9,053 | $10,093 |
| 2016 | $9,714 | $8,725 | $9,561 |
| 2016 | $10,081 | $9,180 | $10,147 |
| 2016 | $9,890 | $9,178 | $10,087 |
| 2016 | $10,197 | $9,313 | $10,387 |
| 2016 | $9,732 | $9,112 | $10,093 |
| 2016 | $9,481 | $8,920 | $9,809 |
| 2016 | $9,533 | $9,218 | $10,090 |
| 2017 | $9,834 | $9,493 | $10,447 |
| 2017 | $9,928 | $9,640 | $10,681 |
| 2017 | $10,191 | $9,895 | $10,894 |
| 2017 | $10,764 | $10,171 | $11,360 |
| 2017 | $11,122 | $10,544 | $11,778 |
| 2017 | $11,131 | $10,528 | $11,755 |
| 2017 | $11,620 | $10,843 | $12,182 |
| 2017 | $11,723 | $10,853 | $12,281 |
| 2017 | $12,118 | $11,129 | $12,632 |
| 2017 | $12,391 | $11,300 | $12,845 |
| 2017 | $12,654 | $11,428 | $13,048 |
| 2017 | $12,992 | $11,629 | $13,396 |
| 2018 | $13,585 | $12,214 | $14,081 |
| 2018 | $12,983 | $11,680 | $13,581 |
| 2018 | $13,077 | $11,481 | $13,428 |
| 2018 | $12,927 | $11,728 | $13,610 |
| 2018 | $12,804 | $11,487 | $13,480 |
| 2018 | $12,616 | $11,334 | $13,217 |
| 2018 | $12,720 | $11,582 | $13,303 |
| 2018 | $12,423 | $11,377 | $13,197 |
| 2018 | $12,231 | $11,449 | $13,102 |
| 2018 | $10,718 | $10,510 | $11,841 |
| 2018 | $10,593 | $10,487 | $11,757 |
| 2018 | $9,732 | $9,954 | $10,999 |
| 2019 | $10,679 | $10,629 | $11,886 |
| 2019 | $10,913 | $10,896 | $12,152 |
| 2019 | $10,757 | $10,957 | $12,171 |
| 2019 | $11,138 | $11,268 | $12,539 |
| 2019 | $10,689 | $10,719 | $11,875 |
| 2019 | $11,109 | $11,329 | $12,379 |
| 2019 | $10,855 | $11,194 | $12,291 |
| 2019 | $10,643 | $10,906 | $11,988 |
| 2019 | $10,894 | $11,218 | $12,324 |
| 2019 | $11,355 | $11,636 | $12,884 |
| 2019 | $11,707 | $11,785 | $13,169 |
| 2019 | $12,239 | $12,187 | $13,744 |
| 2020 | $11,908 | $11,918 | $13,346 |
| 2020 | $10,894 | $10,828 | $12,036 |
| 2020 | $8,996 | $9,322 | $9,961 |
| 2020 | $9,940 | $9,975 | $10,996 |
| 2020 | $10,663 | $10,448 | $11,781 |
| 2020 | $11,044 | $10,774 | $11,942 |
| 2020 | $11,396 | $11,041 | $12,343 |
| 2020 | $11,951 | $11,644 | $13,264 |
| 2020 | $11,848 | $11,373 | $13,165 |
| 2020 | $11,530 | $10,927 | $12,709 |
| 2020 | $12,946 | $12,593 | $14,454 |
| 2020 | $13,849 | $13,219 | $15,441 |
| 2021 | $13,828 | $13,092 | $15,384 |
| 2021 | $14,136 | $13,394 | $15,791 |
| 2021 | $14,310 | $13,699 | $16,137 |
| 2021 | $15,234 | $14,132 | $16,786 |
| 2021 | $15,603 | $14,566 | $17,121 |
| 2021 | $15,480 | $14,390 | $16,837 |
| 2021 | $15,716 | $14,520 | $17,123 |
| 2021 | $16,345 | $14,802 | $17,617 |
| 2021 | $15,744 | $14,356 | $16,988 |
| 2021 | $15,983 | $14,689 | $17,254 |
| 2021 | $15,082 | $13,984 | $16,290 |
| 2021 | $15,456 | $14,684 | $17,000 |
| 2022 | $14,391 | $13,917 | $15,756 |
| 2022 | $13,830 | $13,682 | $15,556 |
| 2022 | $13,676 | $13,756 | $15,549 |
| 2022 | $12,808 | $12,858 | $14,483 |
| 2022 | $12,737 | $12,925 | $14,378 |
| 2022 | $11,098 | $11,693 | $12,800 |
| 2022 | $11,827 | $12,304 | $13,646 |
| 2022 | $10,915 | $11,725 | $13,041 |
| 2022 | $9,816 | $10,590 | $11,542 |
| 2022 | $10,300 | $11,142 | $12,030 |
| 2022 | $11,604 | $12,375 | $13,223 |
| 2022 | $11,361 | $12,403 | $13,365 |
| 2023 | $12,347 | $13,396 | $14,363 |
| 2023 | $12,053 | $13,115 | $14,051 |
| 2023 | $12,171 | $13,389 | $14,022 |
| 2023 | $12,318 | $13,752 | $14,304 |
| 2023 | $11,920 | $13,171 | $13,706 |
| 2023 | $12,053 | $13,740 | $14,102 |
| 2023 | $12,332 | $14,207 | $14,726 |
| 2023 | $12,001 | $13,673 | $14,236 |
| 2023 | $11,294 | $13,187 | $13,605 |
| 2023 | $10,704 | $12,619 | $12,807 |
| 2023 | $11,780 | $13,803 | $14,095 |
| 2023 | $12,638 | $14,574 | $15,123 |
| 2024 | $12,263 | $14,613 | $14,873 |
| 2024 | $12,173 | $14,852 | $14,930 |
| 2024 | $12,458 | $15,349 | $15,485 |
| 2024 | $11,993 | $14,947 | $15,025 |
| 2024 | $12,458 | $15,535 | $15,676 |
| 2024 | $12,278 | $15,254 | $15,228 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 1.87% | 2.02% | 2.07% |
| MSCI EAFE IMI | 11.02% | 6.13% | 4.31% |
| MSCI EAFE Small Cap Index | 7.78% | 4.19% | 4.29% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the MSCI EAFE IMI replaced the MSCI EAFE Small Cap Index as the Portfolio’s broad-based securities market index. The MSCI EAFE IMI was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
| Total Net Assets | $10,670,050 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Zealand Pharma AS | 2.0% |
| JTC PLC | 1.8% |
| Britvic PLC | 1.8% |
| SBI Sumishin Net Bank Ltd. | 1.8% |
| Arca Continental SAB de CV | 1.8% |
| Jumbo SA | 1.7% |
| USS Co. Ltd. | 1.6% |
| AUB Group Ltd. | 1.6% |
| CTP NV | 1.5% |
| Kemira OYJ | 1.5% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.3% |
| Financials | 14.6% |
| Consumer Discretionary | 13.6% |
| Real Estate | 8.9% |
| Information Technology | 8.6% |
| Consumer Staples | 8.2% |
| Health Care | 8.1% |
| Materials | 5.7% |
| Utilities | 2.6% |
| Energy | 2.2% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Strategic Equity Portfolio
LISIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $41 | 0.82% |
| Institutional Shares | MSCI EAFE Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,629 | $9,803 |
| 2014 | $9,743 | $9,788 |
| 2014 | $9,428 | $9,412 |
| 2014 | $9,632 | $9,276 |
| 2014 | $9,691 | $9,402 |
| 2014 | $9,274 | $9,077 |
| 2015 | $9,261 | $9,121 |
| 2015 | $9,795 | $9,667 |
| 2015 | $9,727 | $9,520 |
| 2015 | $9,937 | $9,908 |
| 2015 | $9,991 | $9,858 |
| 2015 | $9,849 | $9,579 |
| 2015 | $9,896 | $9,778 |
| 2015 | $9,207 | $9,058 |
| 2015 | $8,794 | $8,598 |
| 2015 | $9,376 | $9,270 |
| 2015 | $9,308 | $9,126 |
| 2015 | $9,116 | $9,003 |
| 2016 | $8,651 | $8,352 |
| 2016 | $8,535 | $8,199 |
| 2016 | $9,089 | $8,732 |
| 2016 | $9,150 | $8,985 |
| 2016 | $9,164 | $8,903 |
| 2016 | $8,973 | $8,604 |
| 2016 | $9,192 | $9,040 |
| 2016 | $9,082 | $9,047 |
| 2016 | $9,171 | $9,158 |
| 2016 | $8,822 | $8,971 |
| 2016 | $8,528 | $8,792 |
| 2016 | $8,645 | $9,093 |
| 2017 | $8,853 | $9,356 |
| 2017 | $8,916 | $9,490 |
| 2017 | $9,138 | $9,751 |
| 2017 | $9,465 | $9,999 |
| 2017 | $9,875 | $10,366 |
| 2017 | $9,854 | $10,347 |
| 2017 | $10,236 | $10,645 |
| 2017 | $10,222 | $10,641 |
| 2017 | $10,417 | $10,906 |
| 2017 | $10,598 | $11,072 |
| 2017 | $10,799 | $11,188 |
| 2017 | $11,053 | $11,367 |
| 2018 | $11,764 | $11,938 |
| 2018 | $11,278 | $11,399 |
| 2018 | $11,306 | $11,193 |
| 2018 | $11,299 | $11,449 |
| 2018 | $11,278 | $11,192 |
| 2018 | $11,074 | $11,055 |
| 2018 | $11,222 | $11,327 |
| 2018 | $11,104 | $11,108 |
| 2018 | $11,210 | $11,205 |
| 2018 | $10,266 | $10,313 |
| 2018 | $10,407 | $10,299 |
| 2018 | $9,909 | $9,800 |
| 2019 | $10,585 | $10,444 |
| 2019 | $10,931 | $10,710 |
| 2019 | $11,046 | $10,778 |
| 2019 | $11,377 | $11,081 |
| 2019 | $10,847 | $10,549 |
| 2019 | $11,438 | $11,174 |
| 2019 | $11,223 | $11,032 |
| 2019 | $11,042 | $10,747 |
| 2019 | $11,265 | $11,055 |
| 2019 | $11,473 | $11,452 |
| 2019 | $11,635 | $11,581 |
| 2019 | $12,044 | $11,958 |
| 2020 | $11,872 | $11,708 |
| 2020 | $10,964 | $10,650 |
| 2020 | $9,178 | $9,228 |
| 2020 | $9,820 | $9,824 |
| 2020 | $10,314 | $10,251 |
| 2020 | $10,650 | $10,600 |
| 2020 | $11,065 | $10,847 |
| 2020 | $11,726 | $11,404 |
| 2020 | $11,365 | $11,108 |
| 2020 | $10,981 | $10,665 |
| 2020 | $12,691 | $12,318 |
| 2020 | $13,319 | $12,890 |
| 2021 | $12,963 | $12,752 |
| 2021 | $13,303 | $13,038 |
| 2021 | $13,691 | $13,338 |
| 2021 | $14,292 | $13,739 |
| 2021 | $14,688 | $14,187 |
| 2021 | $14,316 | $14,027 |
| 2021 | $14,427 | $14,132 |
| 2021 | $14,794 | $14,381 |
| 2021 | $14,232 | $13,964 |
| 2021 | $14,541 | $14,307 |
| 2021 | $13,621 | $13,642 |
| 2021 | $14,117 | $14,341 |
| 2022 | $13,591 | $13,648 |
| 2022 | $13,212 | $13,406 |
| 2022 | $12,927 | $13,492 |
| 2022 | $12,168 | $12,619 |
| 2022 | $12,435 | $12,714 |
| 2022 | $11,418 | $11,534 |
| 2022 | $12,004 | $12,108 |
| 2022 | $11,271 | $11,533 |
| 2022 | $10,254 | $10,455 |
| 2022 | $10,961 | $11,017 |
| 2022 | $12,090 | $12,258 |
| 2022 | $11,735 | $12,268 |
| 2023 | $12,609 | $13,261 |
| 2023 | $12,224 | $12,984 |
| 2023 | $12,653 | $13,306 |
| 2023 | $12,705 | $13,682 |
| 2023 | $12,565 | $13,103 |
| 2023 | $13,142 | $13,699 |
| 2023 | $13,274 | $14,143 |
| 2023 | $12,831 | $13,601 |
| 2023 | $12,280 | $13,136 |
| 2023 | $11,825 | $12,604 |
| 2023 | $13,024 | $13,774 |
| 2023 | $13,736 | $14,505 |
| 2024 | $13,630 | $14,589 |
| 2024 | $14,242 | $14,856 |
| 2024 | $14,526 | $15,345 |
| 2024 | $13,825 | $14,952 |
| 2024 | $14,366 | $15,531 |
| 2024 | $14,064 | $15,285 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional Shares | 7.02% | 4.22% | 3.47% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.33% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $3,712,248,136 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15,180,194 |
Top 10 Holdings (% of Net Assets)
| Novo Nordisk AS, Class B | 5.5% |
| ASML Holding NV | 4.3% |
| RELX PLC | 3.3% |
| ICON PLC | 2.8% |
| Siemens AG | 2.4% |
| Aon PLC, Class A | 2.4% |
| Coca-Cola Europacific Partners PLC | 2.3% |
| ABB Ltd. | 2.2% |
| Accenture PLC, Class A | 2.2% |
| Airbus SE | 2.1% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.8% |
| Information Technology | 19.6% |
| Financials | 17.7% |
| Health Care | 14.0% |
| Consumer Staples | 8.0% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.5% |
| Communication Services | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.2% |
| Energy | 1.5% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Strategic Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $54 | 1.08% |
| Open Shares | MSCI EAFE Index |
|---|
| 2014 | $10,000 | $10,000 |
| 2014 | $9,625 | $9,803 |
| 2014 | $9,738 | $9,788 |
| 2014 | $9,419 | $9,412 |
| 2014 | $9,627 | $9,276 |
| 2014 | $9,680 | $9,402 |
| 2014 | $9,256 | $9,077 |
| 2015 | $9,250 | $9,121 |
| 2015 | $9,779 | $9,667 |
| 2015 | $9,705 | $9,520 |
| 2015 | $9,913 | $9,908 |
| 2015 | $9,966 | $9,858 |
| 2015 | $9,826 | $9,579 |
| 2015 | $9,866 | $9,778 |
| 2015 | $9,183 | $9,058 |
| 2015 | $8,761 | $8,598 |
| 2015 | $9,343 | $9,270 |
| 2015 | $9,270 | $9,126 |
| 2015 | $9,082 | $9,003 |
| 2016 | $8,615 | $8,352 |
| 2016 | $8,500 | $8,199 |
| 2016 | $9,048 | $8,732 |
| 2016 | $9,109 | $8,985 |
| 2016 | $9,115 | $8,903 |
| 2016 | $8,926 | $8,604 |
| 2016 | $9,142 | $9,040 |
| 2016 | $9,027 | $9,047 |
| 2016 | $9,115 | $9,158 |
| 2016 | $8,764 | $8,971 |
| 2016 | $8,473 | $8,792 |
| 2016 | $8,594 | $9,093 |
| 2017 | $8,792 | $9,356 |
| 2017 | $8,854 | $9,490 |
| 2017 | $9,073 | $9,751 |
| 2017 | $9,395 | $9,999 |
| 2017 | $9,799 | $10,366 |
| 2017 | $9,778 | $10,347 |
| 2017 | $10,155 | $10,645 |
| 2017 | $10,141 | $10,641 |
| 2017 | $10,326 | $10,906 |
| 2017 | $10,511 | $11,072 |
| 2017 | $10,703 | $11,188 |
| 2017 | $10,952 | $11,367 |
| 2018 | $11,657 | $11,938 |
| 2018 | $11,173 | $11,399 |
| 2018 | $11,194 | $11,193 |
| 2018 | $11,187 | $11,449 |
| 2018 | $11,166 | $11,192 |
| 2018 | $10,959 | $11,055 |
| 2018 | $11,104 | $11,327 |
| 2018 | $10,988 | $11,108 |
| 2018 | $11,085 | $11,205 |
| 2018 | $10,151 | $10,313 |
| 2018 | $10,283 | $10,299 |
| 2018 | $9,796 | $9,800 |
| 2019 | $10,459 | $10,444 |
| 2019 | $10,805 | $10,710 |
| 2019 | $10,910 | $10,778 |
| 2019 | $11,234 | $11,081 |
| 2019 | $10,707 | $10,549 |
| 2019 | $11,294 | $11,174 |
| 2019 | $11,076 | $11,032 |
| 2019 | $10,898 | $10,747 |
| 2019 | $11,117 | $11,055 |
| 2019 | $11,313 | $11,452 |
| 2019 | $11,471 | $11,581 |
| 2019 | $11,873 | $11,958 |
| 2020 | $11,697 | $11,708 |
| 2020 | $10,802 | $10,650 |
| 2020 | $9,043 | $9,228 |
| 2020 | $9,678 | $9,824 |
| 2020 | $10,160 | $10,251 |
| 2020 | $10,489 | $10,600 |
| 2020 | $10,894 | $10,847 |
| 2020 | $11,540 | $11,404 |
| 2020 | $11,179 | $11,108 |
| 2020 | $10,804 | $10,665 |
| 2020 | $12,482 | $12,318 |
| 2020 | $13,101 | $12,890 |
| 2021 | $12,746 | $12,752 |
| 2021 | $13,078 | $13,038 |
| 2021 | $13,448 | $13,338 |
| 2021 | $14,042 | $13,739 |
| 2021 | $14,427 | $14,187 |
| 2021 | $14,057 | $14,027 |
| 2021 | $14,165 | $14,132 |
| 2021 | $14,523 | $14,381 |
| 2021 | $13,967 | $13,964 |
| 2021 | $14,268 | $14,307 |
| 2021 | $13,365 | $13,642 |
| 2021 | $13,844 | $14,341 |
| 2022 | $13,333 | $13,648 |
| 2022 | $12,948 | $13,406 |
| 2022 | $12,672 | $13,492 |
| 2022 | $11,926 | $12,619 |
| 2022 | $12,186 | $12,714 |
| 2022 | $11,189 | $11,534 |
| 2022 | $11,759 | $12,108 |
| 2022 | $11,039 | $11,533 |
| 2022 | $10,042 | $10,455 |
| 2022 | $10,729 | $11,017 |
| 2022 | $11,826 | $12,258 |
| 2022 | $11,485 | $12,268 |
| 2023 | $12,332 | $13,261 |
| 2023 | $11,959 | $12,984 |
| 2023 | $12,366 | $13,306 |
| 2023 | $12,417 | $13,682 |
| 2023 | $12,281 | $13,103 |
| 2023 | $12,840 | $13,699 |
| 2023 | $12,967 | $14,143 |
| 2023 | $12,539 | $13,601 |
| 2023 | $11,996 | $13,136 |
| 2023 | $11,547 | $12,604 |
| 2023 | $12,708 | $13,774 |
| 2023 | $13,398 | $14,505 |
| 2024 | $13,304 | $14,589 |
| 2024 | $13,895 | $14,856 |
| 2024 | $14,161 | $15,345 |
| 2024 | $13,475 | $14,952 |
| 2024 | $14,006 | $15,531 |
| 2024 | $13,706 | $15,285 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Open Shares | 6.75% | 3.95% | 3.20% |
| MSCI EAFE Index | 11.54% | 6.46% | 4.33% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $3,712,248,136 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15,180,194 |
Top 10 Holdings (% of Net Assets)
| Novo Nordisk AS, Class B | 5.5% |
| ASML Holding NV | 4.3% |
| RELX PLC | 3.3% |
| ICON PLC | 2.8% |
| Siemens AG | 2.4% |
| Aon PLC, Class A | 2.4% |
| Coca-Cola Europacific Partners PLC | 2.3% |
| ABB Ltd. | 2.2% |
| Accenture PLC, Class A | 2.2% |
| Airbus SE | 2.1% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.8% |
| Information Technology | 19.6% |
| Financials | 17.7% |
| Health Care | 14.0% |
| Consumer Staples | 8.0% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.5% |
| Communication Services | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.2% |
| Energy | 1.5% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard International Strategic Equity Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $41 | 0.82% |
| R6 Shares | MSCI EAFE Index |
|---|
| 2015 | $1,000,000 | - |
| 2015 | $1,000,730 | $1,023,850 |
| 2015 | $1,057,664 | $1,085,076 |
| 2015 | $1,049,635 | $1,068,583 |
| 2015 | $1,072,993 | $1,112,181 |
| 2015 | $1,078,102 | $1,106,509 |
| 2015 | $1,062,774 | $1,075,195 |
| 2015 | $1,067,883 | $1,097,559 |
| 2015 | $993,431 | $1,016,779 |
| 2015 | $948,175 | $965,126 |
| 2015 | $1,010,949 | $1,040,599 |
| 2015 | $1,003,650 | $1,024,366 |
| 2015 | $982,721 | $1,010,537 |
| 2016 | $932,627 | $937,461 |
| 2016 | $920,104 | $920,286 |
| 2016 | $979,774 | $980,166 |
| 2016 | $986,404 | $1,008,543 |
| 2016 | $987,878 | $999,381 |
| 2016 | $967,251 | $965,834 |
| 2016 | $990,824 | $1,014,783 |
| 2016 | $979,038 | $1,015,504 |
| 2016 | $988,614 | $1,027,978 |
| 2016 | $951,044 | $1,006,951 |
| 2016 | $919,367 | $986,897 |
| 2016 | $931,938 | $1,020,642 |
| 2017 | $954,394 | $1,050,241 |
| 2017 | $961,131 | $1,065,260 |
| 2017 | $985,084 | $1,094,554 |
| 2017 | $1,020,266 | $1,122,356 |
| 2017 | $1,064,430 | $1,163,546 |
| 2017 | $1,062,184 | $1,161,452 |
| 2017 | $1,103,354 | $1,194,902 |
| 2017 | $1,101,857 | $1,194,452 |
| 2017 | $1,122,816 | $1,224,193 |
| 2017 | $1,143,027 | $1,242,783 |
| 2017 | $1,163,986 | $1,255,818 |
| 2017 | $1,191,192 | $1,275,975 |
| 2018 | $1,267,774 | $1,339,977 |
| 2018 | $1,215,456 | $1,279,496 |
| 2018 | $1,218,489 | $1,256,434 |
| 2018 | $1,217,730 | $1,285,122 |
| 2018 | $1,215,456 | $1,256,235 |
| 2018 | $1,193,467 | $1,240,888 |
| 2018 | $1,209,390 | $1,271,414 |
| 2018 | $1,197,471 | $1,246,876 |
| 2018 | $1,208,089 | $1,257,723 |
| 2018 | $1,107,225 | $1,157,609 |
| 2018 | $1,121,634 | $1,156,104 |
| 2018 | $1,067,953 | $1,100,033 |
| 2019 | $1,140,806 | $1,172,327 |
| 2019 | $1,178,060 | $1,202,211 |
| 2019 | $1,191,306 | $1,209,792 |
| 2019 | $1,226,076 | $1,243,799 |
| 2019 | $1,168,953 | $1,184,064 |
| 2019 | $1,233,527 | $1,254,309 |
| 2019 | $1,209,519 | $1,238,379 |
| 2019 | $1,189,973 | $1,206,305 |
| 2019 | $1,214,021 | $1,240,926 |
| 2019 | $1,236,411 | $1,285,475 |
| 2019 | $1,253,825 | $1,300,001 |
| 2019 | $1,297,948 | $1,342,251 |
| 2020 | $1,279,394 | $1,314,198 |
| 2020 | $1,181,563 | $1,195,395 |
| 2020 | $989,274 | $1,035,810 |
| 2020 | $1,058,431 | $1,102,723 |
| 2020 | $1,111,563 | $1,150,691 |
| 2020 | $1,148,671 | $1,189,815 |
| 2020 | $1,192,527 | $1,217,537 |
| 2020 | $1,264,511 | $1,280,119 |
| 2020 | $1,224,810 | $1,246,836 |
| 2020 | $1,183,420 | $1,197,087 |
| 2020 | $1,368,409 | $1,382,636 |
| 2020 | $1,436,056 | $1,446,928 |
| 2021 | $1,397,705 | $1,431,446 |
| 2021 | $1,433,500 | $1,463,510 |
| 2021 | $1,475,260 | $1,497,171 |
| 2021 | $1,540,884 | $1,542,236 |
| 2021 | $1,583,497 | $1,592,513 |
| 2021 | $1,543,441 | $1,574,517 |
| 2021 | $1,555,373 | $1,586,326 |
| 2021 | $1,594,929 | $1,614,246 |
| 2021 | $1,533,487 | $1,567,432 |
| 2021 | $1,566,769 | $1,605,991 |
| 2021 | $1,468,632 | $1,531,313 |
| 2021 | $1,521,151 | $1,609,716 |
| 2022 | $1,465,431 | $1,531,967 |
| 2022 | $1,423,642 | $1,504,851 |
| 2022 | $1,392,996 | $1,514,482 |
| 2022 | $1,311,273 | $1,416,495 |
| 2022 | $1,340,062 | $1,427,119 |
| 2022 | $1,230,480 | $1,294,682 |
| 2022 | $1,294,557 | $1,359,157 |
| 2022 | $1,214,692 | $1,294,597 |
| 2022 | $1,105,110 | $1,173,552 |
| 2022 | $1,181,260 | $1,236,690 |
| 2022 | $1,302,915 | $1,375,941 |
| 2022 | $1,264,589 | $1,377,041 |
| 2023 | $1,359,693 | $1,488,582 |
| 2023 | $1,318,262 | $1,457,470 |
| 2023 | $1,363,459 | $1,493,616 |
| 2023 | $1,369,109 | $1,535,736 |
| 2023 | $1,354,043 | $1,470,774 |
| 2023 | $1,416,190 | $1,537,694 |
| 2023 | $1,431,255 | $1,587,516 |
| 2023 | $1,383,600 | $1,526,714 |
| 2023 | $1,324,222 | $1,474,500 |
| 2023 | $1,274,270 | $1,414,783 |
| 2023 | $1,403,393 | $1,546,075 |
| 2023 | $1,480,105 | $1,628,171 |
| 2024 | $1,469,594 | $1,637,615 |
| 2024 | $1,535,525 | $1,667,583 |
| 2024 | $1,565,146 | $1,722,447 |
| 2024 | $1,490,616 | $1,678,352 |
| 2024 | $1,548,902 | $1,743,304 |
| 2024 | $1,515,459 | $1,715,669 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 1/20/15 |
|---|
| R6 Shares | 7.01% | 4.20% | 4.50% |
| MSCI EAFE Index | 11.54% | 6.46% | 5.88% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $3,712,248,136 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15,180,194 |
Top 10 Holdings (% of Net Assets)
| Novo Nordisk AS, Class B | 5.5% |
| ASML Holding NV | 4.3% |
| RELX PLC | 3.3% |
| ICON PLC | 2.8% |
| Siemens AG | 2.4% |
| Aon PLC, Class A | 2.4% |
| Coca-Cola Europacific Partners PLC | 2.3% |
| ABB Ltd. | 2.2% |
| Accenture PLC, Class A | 2.2% |
| Airbus SE | 2.1% |
Top 10 Sectors (% of Net Assets)
| Industrials | 23.8% |
| Information Technology | 19.6% |
| Financials | 17.7% |
| Health Care | 14.0% |
| Consumer Staples | 8.0% |
| Consumer Discretionary | 5.7% |
| Utilities | 3.5% |
| Communication Services | 2.5% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.2% |
| Energy | 1.5% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Managed Equity Volatility Portfolio
MEVIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Managed Equity Volatility Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $39 | 0.76% |
| Institutional Shares | MSCI World Index |
|---|
| 2015 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 |
| 2015 | $9,850 | $9,767 |
| 2015 | $9,980 | $9,942 |
| 2015 | $9,340 | $9,284 |
| 2015 | $9,260 | $8,941 |
| 2015 | $9,840 | $9,649 |
| 2015 | $9,780 | $9,601 |
| 2015 | $9,758 | $9,432 |
| 2016 | $9,452 | $8,868 |
| 2016 | $9,483 | $8,802 |
| 2016 | $10,103 | $9,400 |
| 2016 | $10,124 | $9,548 |
| 2016 | $10,114 | $9,602 |
| 2016 | $10,276 | $9,494 |
| 2016 | $10,582 | $9,895 |
| 2016 | $10,408 | $9,903 |
| 2016 | $10,418 | $9,955 |
| 2016 | $10,133 | $9,762 |
| 2016 | $10,184 | $9,903 |
| 2016 | $10,387 | $10,140 |
| 2017 | $10,626 | $10,384 |
| 2017 | $10,938 | $10,672 |
| 2017 | $11,083 | $10,786 |
| 2017 | $11,260 | $10,945 |
| 2017 | $11,468 | $11,177 |
| 2017 | $11,468 | $11,220 |
| 2017 | $11,655 | $11,488 |
| 2017 | $11,738 | $11,504 |
| 2017 | $11,842 | $11,762 |
| 2017 | $12,040 | $11,984 |
| 2017 | $12,383 | $12,244 |
| 2017 | $12,523 | $12,409 |
| 2018 | $12,924 | $13,065 |
| 2018 | $12,404 | $12,524 |
| 2018 | $12,296 | $12,251 |
| 2018 | $12,318 | $12,392 |
| 2018 | $12,372 | $12,470 |
| 2018 | $12,318 | $12,464 |
| 2018 | $12,675 | $12,853 |
| 2018 | $12,819 | $13,012 |
| 2018 | $12,895 | $13,085 |
| 2018 | $12,169 | $12,124 |
| 2018 | $12,397 | $12,263 |
| 2018 | $11,621 | $11,331 |
| 2019 | $12,447 | $12,212 |
| 2019 | $12,833 | $12,580 |
| 2019 | $13,009 | $12,745 |
| 2019 | $13,108 | $13,197 |
| 2019 | $12,711 | $12,436 |
| 2019 | $13,361 | $13,255 |
| 2019 | $13,361 | $13,321 |
| 2019 | $13,299 | $13,048 |
| 2019 | $13,486 | $13,326 |
| 2019 | $13,630 | $13,665 |
| 2019 | $13,872 | $14,046 |
| 2019 | $14,142 | $14,467 |
| 2020 | $13,997 | $14,379 |
| 2020 | $12,824 | $13,164 |
| 2020 | $11,260 | $11,422 |
| 2020 | $11,941 | $12,670 |
| 2020 | $12,355 | $13,282 |
| 2020 | $12,288 | $13,634 |
| 2020 | $12,600 | $14,285 |
| 2020 | $13,095 | $15,240 |
| 2020 | $12,824 | $14,714 |
| 2020 | $12,315 | $14,262 |
| 2020 | $13,095 | $16,086 |
| 2020 | $13,409 | $16,768 |
| 2021 | $13,250 | $16,602 |
| 2021 | $13,193 | $17,027 |
| 2021 | $14,047 | $17,594 |
| 2021 | $14,388 | $18,413 |
| 2021 | $14,616 | $18,678 |
| 2021 | $14,741 | $18,956 |
| 2021 | $15,185 | $19,295 |
| 2021 | $15,474 | $19,776 |
| 2021 | $14,806 | $18,955 |
| 2021 | $15,290 | $20,028 |
| 2021 | $15,002 | $19,589 |
| 2021 | $15,957 | $20,426 |
| 2022 | $15,242 | $19,345 |
| 2022 | $15,072 | $18,856 |
| 2022 | $15,581 | $19,372 |
| 2022 | $14,927 | $17,763 |
| 2022 | $14,927 | $17,777 |
| 2022 | $14,333 | $16,237 |
| 2022 | $14,891 | $17,527 |
| 2022 | $14,299 | $16,794 |
| 2022 | $13,305 | $15,232 |
| 2022 | $14,152 | $16,326 |
| 2022 | $15,096 | $17,460 |
| 2022 | $14,884 | $16,718 |
| 2023 | $15,158 | $17,902 |
| 2023 | $14,747 | $17,472 |
| 2023 | $15,158 | $18,012 |
| 2023 | $15,558 | $18,327 |
| 2023 | $14,896 | $18,144 |
| 2023 | $15,458 | $19,242 |
| 2023 | $15,595 | $19,888 |
| 2023 | $15,364 | $19,413 |
| 2023 | $15,039 | $18,576 |
| 2023 | $14,863 | $18,038 |
| 2023 | $15,539 | $19,730 |
| 2023 | $16,022 | $20,698 |
| 2024 | $16,334 | $20,947 |
| 2024 | $16,658 | $21,835 |
| 2024 | $17,191 | $22,536 |
| 2024 | $16,464 | $21,700 |
| 2024 | $16,905 | $22,670 |
| 2024 | $16,801 | $23,132 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Institutional Shares | 8.69% | 4.69% | 5.87% |
| MSCI World Index | 20.19% | 11.78% | 9.67% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $15,372,878 |
| # of Portfolio Holdings | 189 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Roche Holding AG | 1.8% |
| Colgate-Palmolive Co. | 1.7% |
| Japan Post Holdings Co. Ltd. | 1.6% |
| Kimberly-Clark Corp. | 1.6% |
| Procter & Gamble Co. | 1.5% |
| Xcel Energy, Inc. | 1.5% |
| PepsiCo, Inc. | 1.5% |
| Walmart, Inc. | 1.5% |
| Gilead Sciences, Inc. | 1.4% |
| Osaka Gas Co. Ltd. | 1.2% |
Top 10 Sectors (% of Net Assets)
| Health Care | 19.5% |
| Consumer Staples | 18.8% |
| Financials | 13.1% |
| Industrials | 10.1% |
| Utilities | 9.4% |
| Communication Services | 8.9% |
| Information Technology | 7.7% |
| Real Estate | 4.8% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.9% |
| Materials | 2.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Managed Equity Volatility Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Managed Equity Volatility Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $51 | 1.01% |
| Open Shares | MSCI World Index |
|---|
| 2015 | $10,000 | $10,000 |
| 2015 | $10,000 | $10,000 |
| 2015 | $9,850 | $9,767 |
| 2015 | $9,970 | $9,942 |
| 2015 | $9,330 | $9,284 |
| 2015 | $9,250 | $8,941 |
| 2015 | $9,830 | $9,649 |
| 2015 | $9,760 | $9,601 |
| 2015 | $9,740 | $9,432 |
| 2016 | $9,436 | $8,868 |
| 2016 | $9,466 | $8,802 |
| 2016 | $10,075 | $9,400 |
| 2016 | $10,096 | $9,548 |
| 2016 | $10,075 | $9,602 |
| 2016 | $10,238 | $9,494 |
| 2016 | $10,543 | $9,895 |
| 2016 | $10,369 | $9,903 |
| 2016 | $10,380 | $9,955 |
| 2016 | $10,094 | $9,762 |
| 2016 | $10,135 | $9,903 |
| 2016 | $10,338 | $10,140 |
| 2017 | $10,566 | $10,384 |
| 2017 | $10,876 | $10,672 |
| 2017 | $11,021 | $10,786 |
| 2017 | $11,197 | $10,945 |
| 2017 | $11,404 | $11,177 |
| 2017 | $11,394 | $11,220 |
| 2017 | $11,580 | $11,488 |
| 2017 | $11,653 | $11,504 |
| 2017 | $11,756 | $11,762 |
| 2017 | $11,953 | $11,984 |
| 2017 | $12,294 | $12,244 |
| 2017 | $12,417 | $12,409 |
| 2018 | $12,826 | $13,065 |
| 2018 | $12,299 | $12,524 |
| 2018 | $12,192 | $12,251 |
| 2018 | $12,203 | $12,392 |
| 2018 | $12,267 | $12,470 |
| 2018 | $12,203 | $12,464 |
| 2018 | $12,546 | $12,853 |
| 2018 | $12,690 | $13,012 |
| 2018 | $12,765 | $13,085 |
| 2018 | $12,044 | $12,124 |
| 2018 | $12,259 | $12,263 |
| 2018 | $11,487 | $11,331 |
| 2019 | $12,304 | $12,212 |
| 2019 | $12,685 | $12,580 |
| 2019 | $12,849 | $12,745 |
| 2019 | $12,947 | $13,197 |
| 2019 | $12,544 | $12,436 |
| 2019 | $13,198 | $13,255 |
| 2019 | $13,187 | $13,321 |
| 2019 | $13,114 | $13,048 |
| 2019 | $13,300 | $13,326 |
| 2019 | $13,441 | $13,665 |
| 2019 | $13,681 | $14,046 |
| 2019 | $13,941 | $14,467 |
| 2020 | $13,797 | $14,379 |
| 2020 | $12,640 | $13,164 |
| 2020 | $11,086 | $11,422 |
| 2020 | $11,770 | $12,670 |
| 2020 | $12,166 | $13,282 |
| 2020 | $12,100 | $13,634 |
| 2020 | $12,409 | $14,285 |
| 2020 | $12,897 | $15,240 |
| 2020 | $12,618 | $14,714 |
| 2020 | $12,116 | $14,262 |
| 2020 | $12,885 | $16,086 |
| 2020 | $13,196 | $16,768 |
| 2021 | $13,028 | $16,602 |
| 2021 | $12,961 | $17,027 |
| 2021 | $13,812 | $17,594 |
| 2021 | $14,148 | $18,413 |
| 2021 | $14,361 | $18,678 |
| 2021 | $14,473 | $18,956 |
| 2021 | $14,910 | $19,295 |
| 2021 | $15,195 | $19,776 |
| 2021 | $14,537 | $18,955 |
| 2021 | $15,002 | $20,028 |
| 2021 | $14,718 | $19,589 |
| 2021 | $15,653 | $20,426 |
| 2022 | $14,951 | $19,345 |
| 2022 | $14,785 | $18,856 |
| 2022 | $15,272 | $19,372 |
| 2022 | $14,630 | $17,763 |
| 2022 | $14,630 | $17,777 |
| 2022 | $14,047 | $16,237 |
| 2022 | $14,594 | $17,527 |
| 2022 | $14,002 | $16,794 |
| 2022 | $13,026 | $15,232 |
| 2022 | $13,857 | $16,326 |
| 2022 | $14,772 | $17,460 |
| 2022 | $14,563 | $16,718 |
| 2023 | $14,832 | $17,902 |
| 2023 | $14,417 | $17,472 |
| 2023 | $14,832 | $18,012 |
| 2023 | $15,211 | $18,327 |
| 2023 | $14,563 | $18,144 |
| 2023 | $15,113 | $19,242 |
| 2023 | $15,247 | $19,888 |
| 2023 | $15,021 | $19,413 |
| 2023 | $14,690 | $18,576 |
| 2023 | $14,519 | $18,038 |
| 2023 | $15,180 | $19,730 |
| 2023 | $15,639 | $20,698 |
| 2024 | $15,944 | $20,947 |
| 2024 | $16,261 | $21,835 |
| 2024 | $16,768 | $22,536 |
| 2024 | $16,070 | $21,700 |
| 2024 | $16,489 | $22,670 |
| 2024 | $16,375 | $23,132 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 5/29/15 |
|---|
| Open Shares | 8.35% | 4.41% | 5.57% |
| MSCI World Index | 20.19% | 11.78% | 9.67% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $15,372,878 |
| # of Portfolio Holdings | 189 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| Roche Holding AG | 1.8% |
| Colgate-Palmolive Co. | 1.7% |
| Japan Post Holdings Co. Ltd. | 1.6% |
| Kimberly-Clark Corp. | 1.6% |
| Procter & Gamble Co. | 1.5% |
| Xcel Energy, Inc. | 1.5% |
| PepsiCo, Inc. | 1.5% |
| Walmart, Inc. | 1.5% |
| Gilead Sciences, Inc. | 1.4% |
| Osaka Gas Co. Ltd. | 1.2% |
Top 10 Sectors (% of Net Assets)
| Health Care | 19.5% |
| Consumer Staples | 18.8% |
| Financials | 13.1% |
| Industrials | 10.1% |
| Utilities | 9.4% |
| Communication Services | 8.9% |
| Information Technology | 7.7% |
| Real Estate | 4.8% |
| Cash, Cash Equivalents and Repurchase Agreements | 2.9% |
| Materials | 2.8% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Real Assets Portfolio
RALIX: Institutional Shares
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $40 | 0.80% |
| Institutional Shares | MSCI World Index | Real Assets Blend Index |
|---|
| 2016 | $10,000 | $10,000 | $10,000 |
| 2016 | $10,000 | $10,000 | $10,000 |
| 2017 | $10,070 | $10,241 | $10,101 |
| 2017 | $10,280 | $10,525 | $10,312 |
| 2017 | $10,305 | $10,638 | $10,272 |
| 2017 | $10,396 | $10,795 | $10,318 |
| 2017 | $10,516 | $11,023 | $10,481 |
| 2017 | $10,451 | $11,066 | $10,483 |
| 2017 | $10,561 | $11,330 | $10,717 |
| 2017 | $10,621 | $11,346 | $10,832 |
| 2017 | $10,621 | $11,600 | $10,781 |
| 2017 | $10,752 | $11,820 | $10,905 |
| 2017 | $10,913 | $12,076 | $11,064 |
| 2017 | $10,990 | $12,239 | $11,201 |
| 2018 | $11,092 | $12,885 | $11,330 |
| 2018 | $10,693 | $12,352 | $10,793 |
| 2018 | $10,723 | $12,083 | $10,924 |
| 2018 | $10,888 | $12,222 | $11,140 |
| 2018 | $10,908 | $12,299 | $11,247 |
| 2018 | $10,888 | $12,293 | $11,215 |
| 2018 | $10,981 | $12,676 | $11,244 |
| 2018 | $10,952 | $12,833 | $11,157 |
| 2018 | $10,952 | $12,905 | $11,129 |
| 2018 | $10,558 | $11,958 | $10,778 |
| 2018 | $10,641 | $12,094 | $11,048 |
| 2018 | $10,160 | $11,175 | $10,452 |
| 2019 | $10,742 | $12,045 | $11,325 |
| 2019 | $10,937 | $12,407 | $11,453 |
| 2019 | $11,044 | $12,570 | $11,728 |
| 2019 | $11,152 | $13,016 | $11,692 |
| 2019 | $10,958 | $12,265 | $11,520 |
| 2019 | $11,271 | $13,073 | $11,838 |
| 2019 | $11,293 | $13,139 | $11,806 |
| 2019 | $11,305 | $12,869 | $11,804 |
| 2019 | $11,446 | $13,143 | $11,997 |
| 2019 | $11,576 | $13,477 | $12,206 |
| 2019 | $11,544 | $13,853 | $12,023 |
| 2019 | $11,793 | $14,269 | $12,454 |
| 2020 | $11,782 | $14,182 | $12,227 |
| 2020 | $11,230 | $12,983 | $11,397 |
| 2020 | $9,931 | $11,266 | $9,575 |
| 2020 | $10,363 | $12,496 | $10,005 |
| 2020 | $10,617 | $13,099 | $10,314 |
| 2020 | $10,723 | $13,447 | $10,433 |
| 2020 | $10,989 | $14,089 | $10,839 |
| 2020 | $11,260 | $15,030 | $11,230 |
| 2020 | $10,993 | $14,512 | $10,934 |
| 2020 | $10,881 | $14,066 | $10,789 |
| 2020 | $11,628 | $15,865 | $11,665 |
| 2020 | $11,865 | $16,538 | $12,008 |
| 2021 | $11,716 | $16,374 | $12,027 |
| 2021 | $12,049 | $16,794 | $12,396 |
| 2021 | $12,324 | $17,353 | $12,715 |
| 2021 | $13,083 | $18,160 | $13,464 |
| 2021 | $13,348 | $18,421 | $13,707 |
| 2021 | $13,463 | $18,696 | $13,783 |
| 2021 | $13,727 | $19,030 | $14,060 |
| 2021 | $13,785 | $19,504 | $14,202 |
| 2021 | $13,707 | $18,695 | $14,002 |
| 2021 | $14,285 | $19,753 | $14,605 |
| 2021 | $13,973 | $19,320 | $13,955 |
| 2021 | $14,428 | $20,145 | $14,748 |
| 2022 | $14,428 | $19,080 | $14,767 |
| 2022 | $14,505 | $18,597 | $14,937 |
| 2022 | $15,407 | $19,107 | $15,915 |
| 2022 | $15,368 | $17,519 | $15,645 |
| 2022 | $15,342 | $17,533 | $15,607 |
| 2022 | $13,876 | $16,014 | $14,280 |
| 2022 | $14,731 | $17,286 | $15,073 |
| 2022 | $14,333 | $16,563 | $14,631 |
| 2022 | $12,810 | $15,023 | $13,031 |
| 2022 | $13,215 | $16,102 | $13,362 |
| 2022 | $13,790 | $17,221 | $14,201 |
| 2022 | $13,209 | $16,489 | $13,827 |
| 2023 | $13,790 | $17,656 | $14,376 |
| 2023 | $13,236 | $17,233 | $13,682 |
| 2023 | $13,231 | $17,765 | $13,644 |
| 2023 | $13,342 | $18,076 | $13,790 |
| 2023 | $12,785 | $17,895 | $13,056 |
| 2023 | $13,180 | $18,978 | $13,539 |
| 2023 | $13,601 | $19,615 | $14,077 |
| 2023 | $13,278 | $19,147 | $13,661 |
| 2023 | $12,817 | $18,321 | $13,131 |
| 2023 | $12,634 | $17,790 | $12,925 |
| 2023 | $13,365 | $19,459 | $13,706 |
| 2023 | $13,795 | $20,414 | $14,166 |
| 2024 | $13,495 | $20,659 | $13,855 |
| 2024 | $13,524 | $21,535 | $13,806 |
| 2024 | $13,913 | $22,226 | $14,243 |
| 2024 | $13,597 | $21,402 | $13,943 |
| 2024 | $14,043 | $22,359 | $14,393 |
| 2024 | $14,012 | $22,806 | $14,248 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 12/30/16 |
|---|
| Institutional Shares | 6.31% | 4.45% | 4.60% |
| MSCI World Index | 20.19% | 11.78% | 11.62% |
| Real Assets Blend Index | 5.25% | 3.77% | 4.83% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $24,607,893 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| iShares Gold Trust | 3.8% |
| iShares Silver Trust | 2.0% |
| Prologis, Inc. | 1.8% |
| Targa Resources Corp. | 1.8% |
| SBA Communications Corp. | 1.5% |
| Equinix, Inc. | 1.5% |
| American Tower Corp. | 1.4% |
| Crown Castle, Inc. | 1.4% |
| AvalonBay Communities, Inc. | 1.4% |
| Ventas, Inc. | 1.3% |
Top Sectors (% of Net Assets)
| Real Estate | 39.1% |
| Cash, Cash Equivalents and Repurchase Agreements | 20.4% |
| Utilities | 15.4% |
| Industrials | 6.3% |
| Energy | 6.2% |
| Exchange-Traded Funds | 5.9% |
| Communication Services | 1.3% |
| Materials | 1.2% |
| Consumer Discretionary | 0.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Real Assets Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Open Shares | $53 | 1.05% |
| Open Shares | MSCI World Index | Real Assets Blend Index |
|---|
| 2017 | $10,000 | $10,000 | $10,000 |
| 2017 | $10,030 | $10,091 | $10,074 |
| 2017 | $10,239 | $10,371 | $10,285 |
| 2017 | $10,259 | $10,481 | $10,244 |
| 2017 | $10,349 | $10,637 | $10,291 |
| 2017 | $10,469 | $10,862 | $10,453 |
| 2017 | $10,407 | $10,903 | $10,455 |
| 2017 | $10,507 | $11,164 | $10,688 |
| 2017 | $10,567 | $11,180 | $10,803 |
| 2017 | $10,567 | $11,430 | $10,752 |
| 2017 | $10,698 | $11,646 | $10,876 |
| 2017 | $10,848 | $11,899 | $11,034 |
| 2017 | $10,928 | $12,059 | $11,171 |
| 2018 | $11,030 | $12,696 | $11,300 |
| 2018 | $10,621 | $12,171 | $10,764 |
| 2018 | $10,656 | $11,905 | $10,894 |
| 2018 | $10,819 | $12,042 | $11,110 |
| 2018 | $10,840 | $12,118 | $11,217 |
| 2018 | $10,813 | $12,112 | $11,185 |
| 2018 | $10,905 | $12,490 | $11,214 |
| 2018 | $10,867 | $12,645 | $11,127 |
| 2018 | $10,860 | $12,716 | $11,099 |
| 2018 | $10,469 | $11,782 | $10,749 |
| 2018 | $10,551 | $11,917 | $11,018 |
| 2018 | $10,077 | $11,011 | $10,424 |
| 2019 | $10,655 | $11,868 | $11,295 |
| 2019 | $10,837 | $12,225 | $11,422 |
| 2019 | $10,948 | $12,385 | $11,697 |
| 2019 | $11,045 | $12,825 | $11,660 |
| 2019 | $10,852 | $12,085 | $11,489 |
| 2019 | $11,156 | $12,881 | $11,806 |
| 2019 | $11,177 | $12,946 | $11,774 |
| 2019 | $11,189 | $12,680 | $11,773 |
| 2019 | $11,322 | $12,950 | $11,965 |
| 2019 | $11,452 | $13,279 | $12,173 |
| 2019 | $11,419 | $13,650 | $11,990 |
| 2019 | $11,669 | $14,059 | $12,421 |
| 2020 | $11,658 | $13,974 | $12,195 |
| 2020 | $11,101 | $12,793 | $11,367 |
| 2020 | $9,829 | $11,100 | $9,549 |
| 2020 | $10,234 | $12,312 | $9,978 |
| 2020 | $10,486 | $12,907 | $10,286 |
| 2020 | $10,594 | $13,249 | $10,406 |
| 2020 | $10,858 | $13,882 | $10,810 |
| 2020 | $11,115 | $14,810 | $11,200 |
| 2020 | $10,855 | $14,299 | $10,905 |
| 2020 | $10,745 | $13,860 | $10,760 |
| 2020 | $11,472 | $15,633 | $11,634 |
| 2020 | $11,707 | $16,295 | $11,976 |
| 2021 | $11,549 | $16,134 | $11,995 |
| 2021 | $11,877 | $16,547 | $12,363 |
| 2021 | $12,153 | $17,098 | $12,681 |
| 2021 | $12,901 | $17,893 | $13,428 |
| 2021 | $13,150 | $18,151 | $13,671 |
| 2021 | $13,278 | $18,421 | $13,746 |
| 2021 | $13,516 | $18,751 | $14,022 |
| 2021 | $13,584 | $19,218 | $14,164 |
| 2021 | $13,499 | $18,420 | $13,964 |
| 2021 | $14,057 | $19,463 | $14,566 |
| 2021 | $13,761 | $19,037 | $13,918 |
| 2021 | $14,198 | $19,850 | $14,708 |
| 2022 | $14,198 | $18,800 | $14,728 |
| 2022 | $14,274 | $18,324 | $14,897 |
| 2022 | $15,165 | $18,826 | $15,873 |
| 2022 | $15,114 | $17,262 | $15,603 |
| 2022 | $15,076 | $17,275 | $15,565 |
| 2022 | $13,639 | $15,779 | $14,242 |
| 2022 | $14,466 | $17,032 | $15,033 |
| 2022 | $14,088 | $16,320 | $14,592 |
| 2022 | $12,584 | $14,802 | $12,996 |
| 2022 | $12,981 | $15,865 | $13,326 |
| 2022 | $13,545 | $16,968 | $14,163 |
| 2022 | $12,966 | $16,247 | $13,790 |
| 2023 | $13,522 | $17,397 | $14,338 |
| 2023 | $12,993 | $16,980 | $13,645 |
| 2023 | $12,979 | $17,504 | $13,607 |
| 2023 | $13,075 | $17,811 | $13,753 |
| 2023 | $12,542 | $17,632 | $13,021 |
| 2023 | $12,935 | $18,699 | $13,503 |
| 2023 | $13,334 | $19,327 | $14,039 |
| 2023 | $13,018 | $18,866 | $13,625 |
| 2023 | $12,557 | $18,052 | $13,096 |
| 2023 | $12,379 | $17,529 | $12,891 |
| 2023 | $13,080 | $19,173 | $13,669 |
| 2023 | $13,506 | $20,115 | $14,128 |
| 2024 | $13,199 | $20,356 | $13,818 |
| 2024 | $13,227 | $21,219 | $13,769 |
| 2024 | $13,613 | $21,900 | $14,205 |
| 2024 | $13,304 | $21,088 | $13,905 |
| 2024 | $13,739 | $22,030 | $14,354 |
| 2024 | $13,686 | $22,471 | $14,210 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception 1/9/17 |
|---|
| Open Shares | 5.81% | 4.17% | 4.29% |
| MSCI World Index | 20.19% | 11.78% | 11.67% |
| Real Assets Blend Index | 5.25% | 3.77% | 4.85% |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $24,607,893 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| iShares Gold Trust | 3.8% |
| iShares Silver Trust | 2.0% |
| Prologis, Inc. | 1.8% |
| Targa Resources Corp. | 1.8% |
| SBA Communications Corp. | 1.5% |
| Equinix, Inc. | 1.5% |
| American Tower Corp. | 1.4% |
| Crown Castle, Inc. | 1.4% |
| AvalonBay Communities, Inc. | 1.4% |
| Ventas, Inc. | 1.3% |
Top Sectors (% of Net Assets)
| Real Estate | 39.1% |
| Cash, Cash Equivalents and Repurchase Agreements | 20.4% |
| Utilities | 15.4% |
| Industrials | 6.3% |
| Energy | 6.2% |
| Exchange-Traded Funds | 5.9% |
| Communication Services | 1.3% |
| Materials | 1.2% |
| Consumer Discretionary | 0.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
Lazard Real Assets Portfolio
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#TSR. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.
What were the Portfolio costs for the last six months?
(based on a $10,000 investment and annualized for periods of less than one year)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 Shares | $38 | 0.75% |
| R6 Shares | MSCI World Index | Real Assets Blend Index |
|---|
| 2022 | $1,000,000 | $1,000,000 | $1,000,000 |
| 2022 | $1,047,970 | $1,036,700 | $1,043,500 |
| 2022 | $1,020,582 | $993,366 | $1,012,925 |
| 2022 | $912,281 | $900,983 | $902,111 |
| 2022 | $941,109 | $965,673 | $925,025 |
| 2022 | $982,027 | $1,032,788 | $983,117 |
| 2022 | $940,774 | $988,894 | $957,261 |
| 2023 | $981,206 | $1,058,908 | $995,264 |
| 2023 | $942,746 | $1,033,494 | $947,193 |
| 2023 | $942,468 | $1,065,429 | $944,541 |
| 2023 | $950,413 | $1,084,074 | $954,647 |
| 2023 | $910,688 | $1,073,233 | $903,860 |
| 2023 | $938,982 | $1,138,164 | $937,303 |
| 2023 | $968,981 | $1,176,406 | $974,514 |
| 2023 | $945,981 | $1,148,290 | $945,765 |
| 2023 | $913,186 | $1,098,799 | $909,070 |
| 2023 | $900,169 | $1,066,934 | $894,797 |
| 2023 | $951,235 | $1,167,012 | $948,843 |
| 2023 | $982,016 | $1,224,313 | $980,724 |
| 2024 | $960,668 | $1,239,004 | $959,153 |
| 2024 | $963,718 | $1,291,538 | $955,752 |
| 2024 | $991,581 | $1,332,996 | $986,019 |
| 2024 | $969,045 | $1,283,542 | $965,239 |
| 2024 | $1,000,801 | $1,340,917 | $996,416 |
| 2024 | $998,720 | $1,367,497 | $986,398 |
Average Annual Total Returns (%)
| 1 Year | Since Inception 7/22/22 |
|---|
| R6 Shares | 6.36% | (0.07%) |
| MSCI World Index | 20.19% | 17.50% |
| Real Assets Blend Index | 5.25% | (0.70%) |
The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
| Total Net Assets | $24,607,893 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |
Top 10 Holdings (% of Net Assets)
| iShares Gold Trust | 3.8% |
| iShares Silver Trust | 2.0% |
| Prologis, Inc. | 1.8% |
| Targa Resources Corp. | 1.8% |
| SBA Communications Corp. | 1.5% |
| Equinix, Inc. | 1.5% |
| American Tower Corp. | 1.4% |
| Crown Castle, Inc. | 1.4% |
| AvalonBay Communities, Inc. | 1.4% |
| Ventas, Inc. | 1.3% |
Top Sectors (% of Net Assets)
| Real Estate | 39.1% |
| Cash, Cash Equivalents and Repurchase Agreements | 20.4% |
| Utilities | 15.4% |
| Industrials | 6.3% |
| Energy | 6.2% |
| Exchange-Traded Funds | 5.9% |
| Communication Services | 1.3% |
| Materials | 1.2% |
| Consumer Discretionary | 0.3% |
If you wish to view additional information about the Portfolio including, but not limited to, the
prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
The Registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Lazard Funds
Semi-Annual
Financial Statements
June 30, 2024
Equity Funds
Lazard Developing Markets Equity Portfolio
Lazard Emerging Markets Core Equity Portfolio
Lazard Emerging Markets Equity Advantage Portfolio
Lazard Emerging Markets Equity Portfolio
Lazard Equity Franchise Portfolio
Lazard Global Equity Select Portfolio
Lazard Global Listed Infrastructure Portfolio
Lazard International Equity Advantage Portfolio
Lazard International Equity Portfolio
Lazard International Equity Select Portfolio
Lazard International Quality Growth Portfolio
Lazard International Small Cap Equity Portfolio
Lazard International Strategic Equity Portfolio
Lazard Managed Equity Volatility Portfolio
Lazard US Equity Concentrated Portfolio
Lazard US Equity Focus Portfolio
Lazard US Small Cap Equity Select Portfolio
Lazard US Sustainable Equity Portfolio
Lazard US Systematic Small Cap Equity Portfolio
The Lazard Funds, Inc. Table of Contents
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.
Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.
Distributed by Lazard Asset Management Securities LLC.
Semi-Annual Financial Statements 1
The Lazard Funds, Inc. A Message from Lazard (unaudited)
Dear Shareholder:
With the outlook for global interest rates remaining uncertain during the first six months of 2024, the market pendulum swung from optimism that interest rates would be cut to pessimism that rates would remain “higher for longer,” and back to optimism that rate reductions were likely in the near future. These swings in investor sentiment occurred amid signs that inflationary pressure remained persistent during the period.
Despite enduring nearly 4,000 basis points (“bps”) of interest rate hikes from late 2021 to the end of 2023, concerns about inflation continued to hang over the markets during the period, putting the focus squarely on the interest rate policy paths of key central banks. All eyes were on the US, where the initial optimism about a potential rate-cutting cycle by the Federal Reserve (the “Fed”) fizzled amid worse-than-expected inflation data for the first three month of 2024. The discouraging numbers stoked fears that the Fed’s progress in slowing price growth had stalled, opening the door for no rate cuts in 2024 or perhaps additional rate hikes. As expected, the Fed held interest rates steady throughout the first half of 2024, leaving rates at their highest level in nearly 23 years. With inflation data in April and May 2024 turning positive again, investors were relieved when the Fed stated that an interest rate hike was unlikely, though it did acknowledge that progress in driving domestic inflation down towards its 2% target had slowed. In a further acknowledgment that domestic inflation has been stickier than anticipated, the Fed predicted in June that it will likely lower borrowing costs just once in 2024—down from the three rate cuts it had projected late last year—and reiterated its warning that it would not move until it saw more data indicating that inflation was slowing sustainably. By the end of June, traders in futures markets were betting that the Fed would lower interest rates by 25 bps in September 2024.
While persistent inflationary pressure forced the Fed to maintain a restrictive monetary policy stance during the period, the interest rate outlook in Europe was brighter. In the eurozone, the European Central Bank (the “ECB”) lowered interest rates for the first time in nearly five years with a decrease of 25 bps in June 2024. While the ECB cited a marked improvement in the eurozone’s inflation outlook as the reason behind its pivot to a less restrictive monetary policy stance, it also warned that price pressure remained strong and that it was not committed to a particular rate path. The ECB, the Swiss National Bank, the Riksbank (the central bank of Sweden) and the Bank of Canada were the first major central banks to cut interest rates in 2024.
In contrast to this global trend of reducing interest rates, a completely different dynamic was playing out in Japan where the Bank of Japan (the “BOJ”) announced in March that it was raising
2 Semi-Annual Financial Statements
interest rates for the first time in 17 years. In doing so, it ended eight years of negative rates and scrapped its policy of buying Japanese government bonds to limit how high market rates can climb. The BOJ’s more hawkish stance came as the yen weakened significantly in the period, depreciating 12.3% against the US dollar.
Against this backdrop, global equity markets rose sharply in the first six months of the year, with the MSCI All Country World Index climbing 11.3%. Investors’ appetites for stocks were driven largely by a frenzy over artificial intelligence (AI), with US-based AI chip designer NVIDIA at the forefront. NVIDIA’s blockbuster quarterly earnings reverberated across global stock markets, sparking a strong, broad-based rally that was especially beneficial to shares of technology companies linked to AI and raising hopes that the resultant enthusiasm would support economic growth worldwide. Notably, the S&P 500—the bellwether of the US stock market—outperformed the broader global market index, surging 15.3%. Shares of NVIDIA gained an impressive 150% in the period, accounting for 30% of the S&P 500’s overall appreciation.
Meanwhile, yields in global bond markets rose again, leading in the Bloomberg Global Aggregate Index to fall 3.2% in the period. Persistent core inflation and solid growth pushed back expectations for the start of, and the magnitude of, the incoming central bank rate-cutting cycles. Hawkish sentiment also kept yield curves inverted. Coupon income provided a performance ballast during the first half of the year, but most indices still lost ground. The solid economic fundamentals and attractive absolute yield levels led to a moderate tightening in credit spreads. With tighter spreads and a favorable carry profile, high yield bonds delivered solid performance over the reporting period. Emerging markets debt recorded low single-digit gains in hard currency, while local bonds underperformed and delivered a negative performance contribution in the first half of 2024. The more hawkish Fed led to a stronger US dollar versus a basket of US trade partners’ currencies, despite the low volatility regime in risk assets.
The complex market conditions in the first half of 2024 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.
Sincerely,
Lazard Asset Management LLC
Semi-Annual Financial Statements 3
The Lazard Funds, Inc. Portfolio Holdings Presented by Sector
June 30, 2024 (N-CSR Item 7) (unaudited)
| Asset Class/Sector* | | Lazard
Developing
Markets
Equity
Portfolio | | Lazard
Emerging
Markets Core
Equity
Portfolio | | Lazard
Emerging
Markets
Equity
Advantage
Portfolio | | Lazard
Emerging
Markets
Equity
Portfolio |
| | | | | | | | | | | | | | | | | |
| Equity | | | | | | | | | | | | | | | | |
| Communication Services | | | 5.1 | % | | | 6.7 | % | | | 8.8 | % | | | 9.1 | % |
| Consumer Discretionary | | | 12.5 | | | | 13.0 | | | | 12.0 | | | | 10.0 | |
| Consumer Staples | | | 2.6 | | | | 7.2 | | | | 4.3 | | | | 6.8 | |
| Energy | | | 4.4 | | | | 8.3 | | | | 4.8 | | | | 5.8 | |
| Financials | | | 24.6 | | | | 22.8 | | | | 21.4 | | | | 25.8 | |
| Health Care | | | 1.3 | | | | 2.6 | | | | 4.5 | | | | 3.2 | |
| Industrials | | | 12.0 | | | | 7.6 | | | | 7.9 | | | | 7.2 | |
| Information Technology | | | 33.9 | | | | 24.3 | | | | 25.9 | | | | 21.7 | |
| Materials | | | 1.3 | | | | 5.3 | | | | 6.3 | | | | 4.7 | |
| Real Estate | | | — | | | | 2.2 | | | | 1.3 | | | | — | |
| Utilities | | | — | | | | — | | | | 2.3 | | | | 1.8 | |
| Repurchase Agreements | | | 2.2 | | | | — | | | | 0.5 | | | | 3.7 | |
| Short-Term Investments | | | 0.1 | | | | 0.0 | | | | 0.0 | | | | 0.2 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| Asset Class/Sector* | | Lazard
Equity
Franchise
Portfolio | | Lazard
Global
Equity Select
Portfolio | | Lazard
Global Listed
Infrastructure
Portfolio | | Lazard
International
Equity
Advantage
Portfolio |
| | | | | | | | | | | | | | | | | |
| Equity | | | | | | | | | | | | | | | | |
| Communication Services | | | 8.9 | % | | | 8.0 | % | | | 2.0 | % | | | 4.4 | % |
| Consumer Discretionary | | | 14.1 | | | | 12.1 | | | | — | | | | 14.0 | |
| Consumer Staples | | | 6.1 | | | | 9.7 | | | | — | | | | 4.1 | |
| Energy | | | — | | | | — | | | | — | | | | 2.7 | |
| Financials | | | 11.5 | | | | 14.5 | | | | — | | | | 20.7 | |
| Health Care | | | 17.0 | | | | 11.5 | | | | — | | | | 12.0 | |
| Industrials | | | 9.7 | | | | 16.5 | | | | 33.0 | | | | 15.4 | |
| Information Technology | | | 8.5 | | | | 26.1 | | | | — | | | | 17.3 | |
| Materials | | | — | | | | 0.9 | | | | — | | | | 5.4 | |
| Real Estate | | | — | | | | — | | | | — | | | | 1.5 | |
| Utilities | | | 23.7 | | | | — | | | | 55.7 | | | | 1.5 | |
| Repurchase Agreements | | | 0.5 | | | | 0.7 | | | | 8.8 | | | | 0.9 | |
| Short-Term Investments | | | 0.0 | | | | 0.0 | | | | 0.5 | | | | 0.1 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| * | Represents percentage of total investments. |
4 Semi-Annual Financial Statements
| Asset Class/Sector* | | Lazard
International
Equity
Portfolio | | Lazard
International
Equity Select
Portfolio | | Lazard
International
Quality
Growth
Portfolio | | Lazard
International
Small Cap
Equity
Portfolio |
| | | | | | | | | | | | | | | | | |
| Equity | | | | | | | | | | | | | | | | |
| Communication Services | | | 3.7 | % | | | 5.0 | % | | | 7.2 | % | | | 2.1 | % |
| Consumer Discretionary | | | 12.8 | | | | 8.3 | | | | 10.6 | | | | 13.9 | |
| Consumer Staples | | | 9.9 | | | | 7.1 | | | | 8.8 | | | | 8.3 | |
| Energy | | | 3.0 | | | | 4.8 | | | | — | | | | 2.2 | |
| Financials | | | 15.0 | | | | 18.4 | | | | 17.4 | | | | 14.9 | |
| Health Care | | | 9.9 | | | | 10.5 | | | | 6.4 | | | | 8.2 | |
| Industrials | | | 24.2 | | | | 22.5 | | | | 22.8 | | | | 23.8 | |
| Information Technology | | | 12.3 | | | | 14.6 | | | | 24.8 | | | | 8.7 | |
| Materials | | | 5.5 | | | | 4.0 | | | | — | | | | 5.9 | |
| Real Estate | | | 0.5 | | | | 0.5 | | | | — | | | | 9.0 | |
| Utilities | | | 2.5 | | | | 2.4 | | | | — | | | | 2.7 | |
| Repurchase Agreements | | | 0.7 | | | | 1.8 | | | | 1.9 | | | | 0.3 | |
| Short-Term Investments | | | 0.0 | | | | 0.1 | | | | 0.1 | | | | 0.0 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| 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 | | | 2.5 | % | | | 8.8 | % | | | 4.3 | % | | | 6.6 | % |
| Consumer Discretionary | | | 5.7 | | | | 2.2 | | | | 17.7 | | | | 10.0 | |
| Consumer Staples | | | 8.0 | | | | 18.6 | | | | — | | | | 2.7 | |
| Energy | | | 1.5 | | | | 1.0 | | | | — | | | | 3.0 | |
| Financials | | | 17.7 | | | | 12.9 | | | | 18.6 | | | | 22.2 | |
| Health Care | | | 14.0 | | | | 19.2 | | | | 9.8 | | | | 13.9 | |
| Industrials | | | 23.8 | | | | 9.9 | | | | 11.7 | | | | 8.9 | |
| Information Technology | | | 19.6 | | | | 7.6 | | | | 27.1 | | | | 26.8 | |
| Materials | | | 1.5 | | | | 2.8 | | | | — | | | | — | |
| Real Estate | | | — | | | | 4.8 | | | | 10.6 | | | | 2.1 | |
| Utilities | | | 3.6 | | | | 9.3 | | | | — | | | | — | |
| Repurchase Agreements | | | 2.0 | | | | 2.7 | | | | 0.2 | | | | 3.6 | |
| Short-Term Investments | | | 0.1 | | | | 0.2 | | | | 0.0 | | | | 0.2 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| * | Represents percentage of total investments. |
Semi-Annual Financial Statements 5
| Asset Class/Sector* | | Lazard US
Small Cap
Equity Select
Portfolio | | Lazard US
Sustainable
Equity
Portfolio | | Lazard US
Systematic
Small Cap
Equity
Portfolio |
| | | | | | | | | | | | | |
| Equity | | | | | | | | | | | | |
| Communication Services | | | 2.8 | % | | | — | % | | | 3.6 | % |
| Consumer Discretionary | | | 12.6 | | | | 3.6 | | | | 17.2 | |
| Consumer Staples | | | 5.6 | | | | 4.5 | | | | 2.5 | |
| Energy | | | 6.5 | | | | — | | | | 0.9 | |
| Financials | | | 17.9 | | | | 13.1 | | | | 7.8 | |
| Health Care | | | 15.3 | | | | 19.9 | | | | 11.9 | |
| Industrials | | | 14.9 | | | | 14.8 | | | | 21.8 | |
| Information Technology | | | 15.8 | | | | 34.2 | | | | 24.0 | |
| Investment Companies | | | — | | | | — | | | | 0.5 | |
| Materials | | | 4.0 | | | | 3.2 | | | | 3.0 | |
| Real Estate | | | 4.6 | | | | 2.4 | | | | 5.1 | |
| Utilities | | | — | | | | — | | | | 0.6 | |
| Repurchase Agreements | | | — | | | | 4.0 | | | | 1.0 | |
| Short-Term Investments | | | 0.0 | | | | 0.3 | | | | 0.1 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| * | Represents percentage of total investments. |
6 Semi-Annual Financial Statements
The Lazard Funds, Inc. Portfolios of Investments
June 30, 2024 (N-CSR Item 7) (unaudited)
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Developing Markets Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 99.1% | | | | | | | | |
| | | | | | | | | |
| Brazil | 7.2% | | | | | | | | |
| Dexco SA | | | 391,608 | | | $ | 459,553 | |
| MercadoLibre, Inc. (*) | | | 443 | | | | 728,026 | |
| Pagseguro Digital Ltd., Class A (*) | | | 145,456 | | | | 1,700,381 | |
| PRIO SA | | | 124,000 | | | | 970,688 | |
| Rumo SA | | | 130,444 | | | | 483,498 | |
| TOTVS SA | | | 344,700 | | | | 1,876,392 | |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | | 260,052 | | | | 352,157 | |
| | | | | | | | 6,570,695 | |
| | | | | | | | | |
| China | 22.3% | | | | | | | | |
| Airtac International Group | | | 24,765 | | | | 750,936 | |
| Alibaba Group Holding Ltd. | | | 182,800 | | | | 1,643,388 | |
| Autohome, Inc. ADR | | | 21,222 | | | | 582,544 | |
| Baidu, Inc., Class A (*) | | | 45,200 | | | | 489,137 | |
| China Tourism Group Duty Free Corp. Ltd., Class A | | | 77,700 | | | | 667,010 | |
| Chow Tai Seng Jewellery Co. Ltd., Class A | | | 434,950 | | | | 781,163 | |
| Foxconn Industrial Internet Co. Ltd., Class A | | | 272,400 | | | | 1,012,398 | |
| JD.com, Inc., Class A | | | 40,259 | | | | 520,125 | |
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | | | 66,700 | | | | 424,264 | |
| Nexteer Automotive Group Ltd. | | | 886,000 | | | | 398,725 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 216,000 | | | | 982,169 | |
| Shenzhen Inovance Technology Co. Ltd., Class A | | | 159,690 | | | | 1,127,244 | |
| Sungrow Power Supply Co. Ltd., Class A | | | 71,088 | | | | 605,261 | |
| Tencent Holdings Ltd. | | | 71,700 | | | | 3,402,952 | |
| Topsports International Holdings Ltd. | | | 807,000 | | | | 428,604 | |
| Trip.com Group Ltd. ADR (*) | | | 49,134 | | | | 2,309,298 | |
| Weibo Corp. ADR | | | 31,456 | | | | 241,582 | |
| Wuliangye Yibin Co. Ltd., Class A | | | 68,300 | | | | 1,202,604 | |
| Xiaomi Corp., Class B (*) | | | 404,600 | | | | 851,512 | |
| Yadea Group Holdings Ltd. | | | 766,000 | | | | 965,542 | |
| ZTO Express Cayman, Inc. ADR | | | 44,209 | | | | 917,337 | |
| | | | | | | | 20,303,795 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 7
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Developing Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Hong Kong | 1.1% | | | | | | | | |
| Techtronic Industries Co. Ltd. | | | 90,502 | | | $ | 1,033,422 | |
| | | | | | | | | |
| Hungary | 1.3% | | | | | | | | |
| Richter Gedeon Nyrt. | | | 44,847 | | | | 1,163,640 | |
| | | | | | | | | |
| India | 12.7% | | | | | | | | |
| Bajaj Finance Ltd. | | | 12,408 | | | | 1,056,373 | |
| HDFC Bank Ltd. ADR | | | 39,082 | | | | 2,514,145 | |
| ICICI Bank Ltd. ADR | | | 118,341 | | | | 3,409,404 | |
| Jio Financial Services Ltd. (*) | | | 59,536 | | | | 254,881 | |
| Mphasis Ltd. | | | 34,457 | | | | 1,014,263 | |
| Reliance Industries Ltd. | | | 68,279 | | | | 2,556,009 | |
| UPL Ltd. | | | 108,801 | | | | 743,400 | |
| | | | | | | | 11,548,475 | |
| | | | | | | | | |
| Indonesia | 4.2% | | | | | | | | |
| Bank Central Asia Tbk PT | | | 3,176,900 | | | | 1,916,526 | |
| Bank Rakyat Indonesia Persero Tbk PT | | | 6,906,349 | | | | 1,926,723 | |
| | | | | | | | 3,843,249 | |
| | | | | | | | | |
| Macau | 1.2% | | | | | | | | |
| Sands China Ltd. (*) | | | 536,000 | | | | 1,116,678 | |
| | | | | | | | | |
| Mexico | 2.8% | | | | | | | | |
| Arca Continental SAB de CV | | | 78,300 | | | | 767,849 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 224,357 | | | | 1,748,256 | |
| | | | | | | | 2,516,105 | |
| | | | | | | | | |
| Peru | 1.7% | | | | | | | | |
| Credicorp Ltd. | | | 9,265 | | | | 1,494,722 | |
| | | | | | | | | |
| Philippines | 3.5% | | | | | | | | |
| BDO Unibank, Inc. | | | 852,722 | | | | 1,866,872 | |
| International Container Terminal Services, Inc. | | | 222,759 | | | | 1,330,511 | |
| | | | | | | | 3,197,383 | |
The accompanying notes are an integral part of these financial statements.
8 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Developing Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Poland | 1.9% | | | | | | | | |
| InPost SA (*) | | | 98,619 | | | $ | 1,730,468 | |
| | | | | | | | | |
| South Africa | 5.2% | | | | | | | | |
| Capitec Bank Holdings Ltd. | | | 15,757 | | | | 2,275,992 | |
| Foschini Group Ltd. | | | 131,788 | | | | 919,443 | |
| Standard Bank Group Ltd. | | | 131,687 | | | | 1,524,910 | |
| | | | | | | | 4,720,345 | |
| | | | | | | | | |
| South Korea | 9.9% | | | | | | | | |
| CJ Logistics Corp. | | | 6,538 | | | | 452,687 | |
| Samsung Electronics Co. Ltd. | | | 90,655 | | | | 5,327,413 | |
| SK Hynix, Inc. | | | 18,837 | | | | 3,194,567 | |
| | | | | | | | 8,974,667 | |
| | | | | | | | | |
| Taiwan | 21.7% | | | | | | | | |
| ASE Technology Holding Co. Ltd. | | | 341,289 | | | | 1,761,076 | |
| Bizlink Holding, Inc. | | | 141,078 | | | | 1,620,338 | |
| Chroma ATE, Inc. | | | 99,000 | | | | 964,863 | |
| Hiwin Technologies Corp. | | | 95,714 | | | | 626,298 | |
| Lotes Co. Ltd. | | | 30,687 | | | | 1,528,218 | |
| MediaTek, Inc. | | | 51,000 | | | | 2,180,265 | |
| RichWave Technology Corp. (*) | | | 107,000 | | | | 752,887 | |
| Sercomm Corp. | | | 252,000 | | | | 913,798 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 317,000 | | | | 9,428,058 | |
| | | | | | | | 19,775,801 | |
| | | | | | | | | |
| United States | 2.4% | | | | | | | | |
| EPAM Systems, Inc. (*) | | | 2,618 | | | | 492,472 | |
| SharkNinja, Inc. | | | 14,384 | | | | 1,080,958 | |
| Tenaris SA ADR | | | 18,800 | | | | 573,776 | |
| | | | | | | | 2,147,206 | |
| | | | | | | | | |
Total Common Stocks
(Cost $66,369,229) | | | | | | | 90,136,651 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 9
| | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Developing Markets Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 2.2% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $2,183,200 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $2,050,382) Proceeds of $2,010,886
(Cost $2,010,000) | | | $2,010 | | | $ | 2,010,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $111,159) | | | 111,159 | | | $ | 111,159 | |
| | | | | | | | | |
Total Investments | 101.4%
(Cost $68,490,388) | | | | | | $ | 92,257,810 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | (1.4)% | | | | | | | (1,305,016 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 90,952,794 | |
The accompanying notes are an integral part of these financial statements.
10 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Core Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 99.7% | | | | | | | | |
| | | | | | | | | |
| Brazil | 3.9% | | | | | | | | |
| Banco BTG Pactual SA | | | 276,996 | | | $ | 1,531,627 | |
| MercadoLibre, Inc. (*) | | | 1,005 | | | | 1,651,617 | |
| NU Holdings Ltd., Class A (*) | | | 102,698 | | | | 1,323,777 | |
| | | | | | | | 4,507,021 | |
| | | | | | | | | |
| Canada | 0.7% | | | | | | | | |
| Parex Resources, Inc. | | | 51,372 | | | | 823,124 | |
| | | | | | | | | |
| China | 20.0% | | | | | | | | |
| Alibaba Group Holding Ltd. ADR | | | 44,448 | | | | 3,200,256 | |
| China Merchants Bank Co. Ltd., Class H | | | 503,500 | | | | 2,286,788 | |
| CSPC Pharmaceutical Group Ltd. | | | 1,162,000 | | | | 920,390 | |
| Innovent Biologics, Inc. (*) | | | 237,500 | | | | 1,120,077 | |
| JD.com, Inc. ADR | | | 29,694 | | | | 767,293 | |
| Li Ning Co. Ltd. | | | 215,000 | | | | 454,663 | |
| Midea Group Co. Ltd., Class A | | | 186,200 | | | | 1,653,414 | |
| NetEase, Inc. ADR | | | 11,691 | | | | 1,117,426 | |
| Shenzhen Inovance Technology Co. Ltd., Class A | | | 124,599 | | | | 879,539 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 25,200 | | | | 1,010,152 | |
| Tencent Holdings Ltd. | | | 125,992 | | | | 5,979,703 | |
| Trip.com Group Ltd. ADR (*) | | | 29,351 | | | | 1,379,497 | |
| Weichai Power Co. Ltd., Class H | | | 721,000 | | | | 1,374,386 | |
| Yum China Holdings, Inc. | | | 35,926 | | | | 1,107,958 | |
| | | | | | | | 23,251,542 | |
| | | | | | | | | |
| France | 1.0% | | | | | | | | |
| Pernod Ricard SA ADR | | | 43,040 | | | | 1,166,384 | |
| | | | | | | | | |
| Ghana | 0.7% | | | | | | | | |
| Kosmos Energy Ltd. (*) | | | 142,826 | | | | 791,256 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 11
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Core Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Greece | 1.9% | | | | | | | | |
| National Bank of Greece SA (*) | | | 177,565 | | | $ | 1,480,953 | |
| OPAP SA | | | 48,791 | | | | 764,171 | |
| | | | | | | | 2,245,124 | |
| | | | | | | | | |
| Hong Kong | 0.9% | | | | | | | | |
| AIA Group Ltd. | | | 161,200 | | | | 1,093,089 | |
| | | | | | | | | |
| India | 16.1% | | | | | | | | |
| HDFC Bank Ltd. ADR | | | 47,664 | | | | 3,066,225 | |
| Hindalco Industries Ltd. | | | 151,681 | | | | 1,258,443 | |
| ICICI Bank Ltd. ADR | | | 66,004 | | | | 1,901,575 | |
| InterGlobe Aviation Ltd. (*) | | | 24,780 | | | | 1,253,667 | |
| ITC Ltd. | | | 185,939 | | | | 943,512 | |
| Larsen & Toubro Ltd. | | | 43,277 | | | | 1,833,591 | |
| Macrotech Developers Ltd. | | | 96,649 | | | | 1,740,722 | |
| Reliance Industries Ltd. | | | 90,696 | | | | 3,395,185 | |
| Supreme Industries Ltd. | | | 22,112 | | | | 1,573,285 | |
| Tata Consultancy Services Ltd. | | | 38,513 | | | | 1,797,639 | |
| | | | | | | | 18,763,844 | |
| | | | | | | | | |
| Indonesia | 2.9% | | | | | | | | |
| Bank Central Asia Tbk PT | | | 2,504,800 | | | | 1,511,068 | |
| Bank Mandiri Persero Tbk PT | | | 3,010,000 | | | | 1,124,049 | |
| Telkom Indonesia Persero Tbk PT ADR | | | 38,148 | | | | 713,368 | |
| | | | | | | | 3,348,485 | |
| | | | | | | | | |
| Macau | 0.7% | | | | | | | | |
| Galaxy Entertainment Group Ltd. | | | 162,000 | | | | 754,595 | |
| | | | | | | | | |
| Mexico | 4.0% | | | | | | | | |
| Arca Continental SAB de CV | | | 98,045 | | | | 961,479 | |
| Corp. Inmobiliaria Vesta SAB de CV ADR | | | 27,456 | | | | 823,405 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 188,477 | | | | 1,468,668 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | | | 333,674 | | | | 577,250 | |
| Regional SAB de CV | | | 115,400 | | | | 861,132 | |
| | | | | | | | 4,691,934 | |
The accompanying notes are an integral part of these financial statements.
12 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Core Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Peru | 0.7% | | | | | | | | |
| Credicorp Ltd. | | | 5,191 | | | $ | 837,464 | |
| | | | | | | | | |
| Philippines | 2.2% | | | | | | | | |
| BDO Unibank, Inc. | | | 401,469 | | | | 878,939 | |
| International Container Terminal Services, Inc. | | | 281,460 | | | | 1,681,125 | |
| | | | | | | | 2,560,064 | |
| | | | | | | | | |
| Russia | 0.0% | | | | | | | | |
| Mobile TeleSystems PJSC ADR (*), (¢) | | | 45,259 | | | | 0 | |
| Sberbank of Russia PJSC (¢) | | | 213,889 | | | | 0 | |
| | | | | | | | 0 | |
| | | | | | | | | |
| Saudi Arabia | 3.4% | | | | | | | | |
| Nahdi Medical Co. | | | 17,177 | | | | 603,255 | |
| Saudi Arabian Oil Co. | | | 227,470 | | | | 1,679,419 | |
| Saudi National Bank | | | 165,279 | | | | 1,625,656 | |
| | | | | | | | 3,908,330 | |
| | | | | | | | | |
| South Africa | 4.3% | | | | | | | | |
| Anglo American PLC | | | 37,078 | | | | 1,166,268 | |
| Bidvest Group Ltd. | | | 61,863 | | | | 966,552 | |
| Capitec Bank Holdings Ltd. | | | 9,917 | | | | 1,432,444 | |
| Shoprite Holdings Ltd. | | | 92,729 | | | | 1,440,784 | |
| | | | | | | | 5,006,048 | |
| | | | | | | | | |
| South Korea | 10.9% | | | | | | | | |
| Kia Corp. | | | 15,385 | | | | 1,439,703 | |
| LG Chem Ltd. | | | 3,398 | | | | 849,516 | |
| Samsung Electronics Co. Ltd. | | | 85,227 | | | | 5,008,432 | |
| Shinhan Financial Group Co. Ltd. | | | 54,431 | | | | 1,891,085 | |
| SK Hynix, Inc. | | | 20,828 | | | | 3,532,220 | |
| | | | | | | | 12,720,956 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 13
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Core Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Taiwan | 18.0% | | | | | | | | |
| ASE Technology Holding Co. Ltd. | | | 307,000 | | | $ | 1,584,143 | |
| Chailease Holding Co. Ltd. | | | 261,240 | | | | 1,234,462 | |
| Eclat Textile Co. Ltd. | | | 48,789 | | | | 793,499 | |
| MediaTek, Inc. | | | 61,000 | | | | 2,607,768 | |
| Nien Made Enterprise Co. Ltd. | | | 92,000 | | | | 1,107,279 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 228,000 | | | | 6,781,064 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 39,196 | | | | 6,812,657 | |
| | | | | | | | 20,920,872 | |
| | | | | | | | | |
| Turkey | 1.7% | | | | | | | | |
| Akbank TAS | | | 463,174 | | | | 908,956 | |
| BIM Birlesik Magazalar AS | | | 66,579 | | | | 1,110,677 | |
| | | | | | | | 2,019,633 | |
| | | | | | | | | |
| United Arab Emirates | 3.2% | | | | | | | | |
| Abu Dhabi Ports Co. PJSC (*) | | | 580,698 | | | | 805,922 | |
| ADNOC Drilling Co. PJSC | | | 2,595,031 | | | | 2,897,280 | |
| | | | | | | | 3,703,202 | |
| | | | | | | | | |
| United Kingdom | 1.4% | | | | | | | | |
| Unilever PLC | | | 909 | | | | 49,917 | |
| Unilever PLC ADR | | | 27,983 | | | | 1,538,785 | |
| | | | | | | | 1,588,702 | |
| | | | | | | | | |
| United States | 1.1% | | | | | | | | |
| Freeport-McMoRan, Inc. | | | 26,133 | | | | 1,270,064 | |
| | | | | | | | | |
Total Common Stocks
(Cost $93,001,018) | | | | | | | 115,971,733 | |
The accompanying notes are an integral part of these financial statements.
14 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Core Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $23,308) | | | 23,308 | | | $ | 23,308 | |
| | | | | | | | | |
Total Investments | 99.7%
(Cost $93,024,326) | | | | | | $ | 115,995,041 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.3% | | | | | | | 304,109 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 116,299,150 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 15
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.6% | | | | | | | | |
| | | | | | | | | |
| Brazil | 2.0% | | | | | | | | |
| Banco do Brasil SA | | | 169,700 | | | $ | 810,842 | |
| BB Seguridade Participacoes SA | | | 73,800 | | | | 434,739 | |
| Cia De Sanena Do Parana | | | 114,600 | | | | 564,995 | |
| Energisa SA | | | 17,700 | | | | 144,447 | |
| Klabin SA | | | 35,310 | | | | 135,426 | |
| PRIO SA | | | 31,200 | | | | 244,237 | |
| Telefonica Brasil SA | | | 42,700 | | | | 346,330 | |
| | | | | | | | 2,681,016 | |
| | | | | | | | | |
| Chile | 0.2% | | | | | | | | |
| Enel Chile SA ADR | | | 68,443 | | | | 191,640 | |
| | | | | | | | | |
| China | 25.0% | | | | | | | | |
| Alibaba Group Holding Ltd. | | | 293,700 | | | | 2,640,389 | |
| Anker Innovations Technology Co. Ltd., Class A | | | 15,080 | | | | 147,645 | |
| ANTA Sports Products Ltd. | | | 11,800 | | | | 112,403 | |
| Atour Lifestyle Holdings Ltd. ADR | | | 6,415 | | | | 117,715 | |
| Baidu, Inc. ADR (*) | | | 4,231 | | | | 365,897 | |
| Bank of China Ltd., Class H | | | 994,000 | | | | 487,841 | |
| Baoshan Iron & Steel Co. Ltd., Class A | | | 593,300 | | | | 543,103 | |
| Beijing New Building Materials PLC, Class A | | | 43,500 | | | | 177,424 | |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | | | 52,800 | | | | 89,682 | |
| Bosideng International Holdings Ltd. | | | 234,000 | | | | 145,755 | |
| BYD Co. Ltd., Class H | | | 26,000 | | | | 771,619 | |
| BYD Electronic International Co. Ltd. | | | 45,500 | | | | 227,050 | |
| China CITIC Bank Corp. Ltd., Class H | | | 698,000 | | | | 447,173 | |
| China Construction Bank Corp., Class H | | | 2,542,000 | | | | 1,877,419 | |
| China Hongqiao Group Ltd. | | | 180,000 | | | | 272,369 | |
| China International Capital Corp. Ltd., Class H | | | 188,800 | | | | 209,913 | |
| China Longyuan Power Group Corp. Ltd., Class H | | | 516,000 | | | | 463,347 | |
| China Merchants Bank Co. Ltd., Class H | | | 133,000 | | | | 604,057 | |
| China Nonferrous Mining Corp. Ltd. | | | 147,000 | | | | 127,618 | |
The accompanying notes are an integral part of these financial statements.
16 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| China Pacific Insurance Group Co. Ltd., Class H | | | 78,800 | | | $ | 192,169 | |
| China Resources Land Ltd. | | | 33,500 | | | | 113,786 | |
| China Resources Power Holdings Co. Ltd. | | | 98,000 | | | | 300,675 | |
| China Tower Corp. Ltd., Class H | | | 2,356,000 | | | | 304,644 | |
| China United Network Communications Ltd., Class A | | | 256,300 | | | | 165,848 | |
| Chongqing Changan Automobile Co. Ltd., Class A | | | 62,900 | | | | 116,304 | |
| Chow Tai Fook Jewellery Group Ltd. | | | 80,400 | | | | 86,940 | |
| Contemporary Amperex Technology Co. Ltd., Class A | | | 5,980 | | | | 147,721 | |
| CSPC Pharmaceutical Group Ltd. | | | 401,840 | | | | 318,287 | |
| ENN Natural Gas Co. Ltd., Class A | | | 74,097 | | | | 212,179 | |
| Guangdong TCL Smart Home Appliances Co. Ltd. (*) | | | 87,100 | | | | 108,680 | |
| H World Group Ltd., ADR | | | 5,986 | | | | 199,453 | |
| Haidilao International Holding Ltd. | | | 230,000 | | | | 413,109 | |
| Huaibei Mining Holdings Co. Ltd., Class A | | | 78,600 | | | | 181,027 | |
| HUTCHMED China Ltd. (*) | | | 33,000 | | | | 115,854 | |
| Industrial & Commercial Bank of China Ltd., Class H | | | 373,000 | | | | 221,557 | |
| Innovent Biologics, Inc. (*) | | | 25,500 | | | | 120,261 | |
| JD Logistics, Inc. (*) | | | 327,700 | | | | 351,369 | |
| JD.com, Inc., Class A | | | 61,354 | | | | 792,662 | |
| Jinan Acetate Chemical Co. Ltd. | | | 6,102 | | | | 166,980 | |
| Kanzhun, Ltd. ADR | | | 22,934 | | | | 431,389 | |
| KE Holdings, Inc. ADR | | | 23,485 | | | | 332,313 | |
| Kingdee International Software Group Co. Ltd. (*) | | | 114,000 | | | | 106,753 | |
| Kingnet Network Co. Ltd., Class A | | | 106,300 | | | | 139,386 | |
| Kuaishou Technology (*) | | | 112,700 | | | | 665,427 | |
| Kunlun Energy Co. Ltd. | | | 352,000 | | | | 364,128 | |
| Li Auto, Inc. ADR (*) | | | 21,486 | | | | 384,170 | |
| Meihua Holdings Group Co. Ltd., Class A | | | 121,800 | | | | 167,848 | |
| Meituan, Class B (*) | | | 82,170 | | | | 1,164,175 | |
| Midea Group Co. Ltd., Class A | | | 57,300 | | | | 508,811 | |
| MINISO Group Holding Ltd. ADR | | | 4,983 | | | | 95,026 | |
| NetEase, Inc. | | | 51,800 | | | | 988,976 | |
| New Oriental Education & Technology Group, Inc. ADR (*) | | | 835 | | | | 64,905 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 17
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Ningbo Boway Alloy Material Co. Ltd., Class A | | | 52,100 | | | $ | 108,958 | |
| Nongfu Spring Co. Ltd., Class H | | | 46,800 | | | | 221,951 | |
| PDD Holdings, Inc., ADR (*) | | | 13,513 | | | | 1,796,553 | |
| People’s Insurance Co. Group of China Ltd., Class H | | | 517,000 | | | | 177,351 | |
| PetroChina Co. Ltd., Class H | | | 494,000 | | | | 499,657 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 27,000 | | | | 122,771 | |
| Pop Mart International Group Ltd. | | | 27,800 | | | | 135,819 | |
| Qifu Technology, Inc. ADR | | | 13,018 | | | | 256,845 | |
| Satellite Chemical Co. Ltd., Class A | | | 106,500 | | | | 263,426 | |
| Shanghai Aiko Solar Energy Co. Ltd., Class A | | | 61,200 | | | | 76,256 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 6,400 | | | | 256,547 | |
| Shenzhen Sinexcel Electric Co. Ltd., Class A | | | 37,100 | | | | 106,947 | |
| Sungrow Power Supply Co. Ltd., Class A | | | 26,180 | | | | 222,903 | |
| Suzhou Secote Precision Electronic Co. Ltd., Class A (*) | | | 33,600 | | | | 350,305 | |
| Tencent Holdings Ltd. | | | 117,100 | | | | 5,557,680 | |
| Tencent Music Entertainment Group ADR | | | 5,827 | | | | 81,869 | |
| Tian Di Science & Technology Co. Ltd., Class A | | | 306,500 | | | | 290,606 | |
| Tongcheng Travel Holdings Ltd. | | | 216,000 | | | | 429,748 | |
| Trip.com Group Ltd. ADR (*) | | | 10,062 | | | | 472,914 | |
| Vipshop Holdings Ltd. ADR | | | 30,080 | | | | 391,642 | |
| Weichai Power Co. Ltd., Class H | | | 113,000 | | | | 215,403 | |
| Xiaomi Corp., Class B (*) | | | 417,400 | | | | 878,450 | |
| Yankershop Food Co. Ltd., Class A | | | 17,360 | | | | 102,294 | |
| Yihai International Holding Ltd. | | | 144,000 | | | | 240,688 | |
| Yum China Holdings, Inc. | | | 4,884 | | | | 150,623 | |
| Yutong Bus Co. Ltd., Class A | | | 55,900 | | | | 198,671 | |
| ZBOM Home Collection Co. Ltd., Class A | | | 77,840 | | | | 140,089 | |
| | | | | | | | 33,618,197 | |
| | | | | | | | | |
| Colombia | 0.4% | | | | | | | | |
| Bancolombia SA ADR | | | 15,916 | | | | 519,657 | |
| | | | | | | | | |
| Egypt | 0.3% | | | | | | | | |
| Commercial International Bank - Egypt (CIB) GDR | | | 302,231 | | | | 449,115 | |
The accompanying notes are an integral part of these financial statements.
18 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Greece | 0.8% | | | | | | | | |
| Danaos Corp. | | | 2,280 | | | $ | 210,581 | |
| National Bank of Greece SA (*) | | | 45,573 | | | | 380,094 | |
| Piraeus Financial Holdings SA (*) | | | 45,481 | | | | 165,979 | |
| Tsakos Energy Navigation Ltd. | | | 8,845 | | | | 258,982 | |
| | | | | | | | 1,015,636 | |
| | | | | | | | | |
| Hungary | 0.7% | | | | | | | | |
| OTP Bank Nyrt | | | 16,554 | | | | 820,755 | |
| Richter Gedeon Nyrt. | | | 5,459 | | | | 141,644 | |
| | | | | | | | 962,399 | |
| | | | | | | | | |
| India | 18.3% | | | | | | | | |
| ABB India Ltd. | | | 2,270 | | | | 230,362 | |
| Adani Ports & Special Economic Zone Ltd. | | | 24,862 | | | | 437,914 | |
| Adani Power Ltd. (*) | | | 35,549 | | | | 303,607 | |
| Angel One Ltd. | | | 5,689 | | | | 176,149 | |
| Aster DM Healthcare Ltd. | | | 44,747 | | | | 186,083 | |
| Axis Bank Ltd. GDR | | | 3,190 | | | | 242,324 | |
| Bajaj Finance Ltd. | | | 1,752 | | | | 149,159 | |
| Bank of Baroda | | | 143,629 | | | | 473,757 | |
| Bharti Airtel Ltd. | | | 8,331 | | | | 143,853 | |
| Britannia Industries Ltd. (*) | | | 5,613 | | | | 368,658 | |
| Canara Bank | | | 399,817 | | | | 571,473 | |
| Ceat Ltd. | | | 2,335 | | | | 79,054 | |
| Chennai Petroleum Corp. Ltd. | | | 10,391 | | | | 121,837 | |
| Cipla Ltd. | | | 48,398 | | | | 857,323 | |
| Coforge Ltd. | | | 2,959 | | | | 193,923 | |
| Dr Reddy’s Laboratories Ltd. ADR | | | 17,855 | | | | 1,360,372 | |
| EIH Ltd. | | | 21,859 | | | | 111,611 | |
| Force Motors Ltd. | | | 1,222 | | | | 130,623 | |
| Godawari Power & Ispat Ltd. | | | 17,184 | | | | 217,864 | |
| HCL Technologies Ltd. | | | 45,851 | | | | 799,955 | |
| HDFC Bank Ltd. ADR | | | 2,142 | | | | 137,795 | |
| Hindustan Aeronautics Ltd. | | | 14,704 | | | | 923,238 | |
| Hindustan Unilever Ltd. | | | 8,486 | | | | 251,199 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 19
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| ICICI Bank Ltd. ADR | | | 30,556 | | | $ | 880,318 | |
| Indian Bank | | | 21,160 | | | | 137,980 | |
| Jindal Stainless Ltd. | | | 33,735 | | | | 331,496 | |
| Jio Financial Services Ltd. (*) | | | 22,782 | | | | 97,533 | |
| Jupiter Wagons Ltd. | | | 12,726 | | | | 104,161 | |
| Karur Vysya Bank Ltd. | | | 105,950 | | | | 261,885 | |
| KPIT Technologies Ltd. | | | 8,747 | | | | 170,906 | |
| Larsen & Toubro Ltd. GDR | | | 11,066 | | | | 470,648 | |
| LIC Housing Finance Ltd. | | | 87,492 | | | | 834,092 | |
| Life Insurance Corp. of India | | | 61,743 | | | | 727,370 | |
| Manappuram Finance Ltd. | | | 119,596 | | | | 297,695 | |
| Motilal Oswal Financial Services Ltd. | | | 55,930 | | | | 409,654 | |
| Narayana Hrudayalaya Ltd. | | | 9,118 | | | | 131,642 | |
| Nestle India Ltd. | | | 15,856 | | | | 483,765 | |
| NMDC Steel Ltd. (*) | | | 142,930 | | | | 96,504 | |
| Oil & Natural Gas Corp. Ltd. | | | 74,884 | | | | 245,117 | |
| Piramal Enterprises Ltd. | | | 16,608 | | | | 184,119 | |
| Reliance Industries Ltd. GDR (#) | | | 18,105 | | | | 1,350,928 | |
| Shriram Finance Ltd. | | | 10,864 | | | | 378,714 | |
| State Bank of India GDR | | | 17,660 | | | | 1,783,957 | |
| Sun Pharmaceutical Industries Ltd. | | | 57,967 | | | | 1,055,108 | |
| Supreme Industries Ltd. | | | 6,926 | | | | 492,790 | |
| Tata Consultancy Services Ltd. | | | 35,154 | | | | 1,640,853 | |
| Tata Motors Ltd. | | | 69,969 | | | | 827,291 | |
| Torrent Pharmaceuticals Ltd. | | | 5,297 | | | | 176,855 | |
| Trent Ltd. | | | 2,317 | | | | 151,517 | |
| Union Bank of India Ltd. | | | 291,663 | | | | 475,602 | |
| Varun Beverages Ltd. | | | 10,174 | | | | 197,951 | |
| Vedanta Ltd. | | | 202,844 | | | | 1,100,494 | |
| WNS Holdings Ltd. (*) | | | 10,330 | | | | 542,325 | |
| | | | | | | | 24,507,403 | |
The accompanying notes are an integral part of these financial statements.
20 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Indonesia | 1.9% | | | | | | | | |
| Bank Mandiri Persero Tbk PT | | | 3,501,800 | | | $ | 1,307,706 | |
| Bank Rakyat Indonesia Persero Tbk PT | | | 3,518,200 | | | | 981,502 | |
| Sumber Alfaria Trijaya Tbk PT | | | 736,900 | | | | 123,325 | |
| Telkom Indonesia Persero Tbk PT ADR | | | 6,411 | | | | 119,886 | |
| | | | | | | | 2,532,419 | |
| | | | | | | | | |
| Malaysia | 1.6% | | | | | | | | |
| CIMB Group Holdings Bhd. | | | 854,300 | | | | 1,229,220 | |
| IJM Corp. Bhd. | | | 252,500 | | | | 163,135 | |
| MISC Bhd. | | | 230,300 | | | | 415,126 | |
| My EG Services Bhd | | | 989,100 | | | | 214,053 | |
| Scientex Bhd. | | | 73,500 | | | | 67,149 | |
| SP Setia Bhd. Group | | | 400,600 | | | | 116,886 | |
| | | | | | | | 2,205,569 | |
| | | | | | | | | |
| Mexico | 2.3% | | | | | | | | |
| Arca Continental SAB de CV | | | 90,600 | | | | 888,469 | |
| Cemex SAB de CV | | | 648,700 | | | | 414,856 | |
| Coca-Cola Femsa SAB de CV ADR | | | 12,333 | | | | 1,058,665 | |
| Gentera SAB de CV | | | 81,900 | | | | 101,530 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | | | 243,500 | | | | 421,250 | |
| Southern Copper Corp. | | | 1,197 | | | | 128,965 | |
| | | | | | | | 3,013,735 | |
| | | | | | | | | |
| Peru | 0.6% | | | | | | | | |
| Credicorp Ltd. | | | 5,164 | | | | 833,108 | |
| | | | | | | | | |
| Philippines | 0.9% | | | | | | | | |
| International Container Terminal Services, Inc. | | | 156,150 | | | | 932,664 | |
| Metropolitan Bank & Trust Co. | | | 201,380 | | | | 232,097 | |
| SM Investments Corp. | | | 6,960 | | | | 98,437 | |
| | | | | | | | 1,263,198 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 21
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Poland | 1.7% | | | | | | | | |
| Bank Polska Kasa Opieki SA | | | 3,309 | | | $ | 137,994 | |
| Benefit Systems SA | | | 214 | | | | 154,012 | |
| Budimex SA | | | 969 | | | | 167,255 | |
| KGHM Polska Miedz SA | | | 21,638 | | | | 802,658 | |
| Orange Polska SA | | | 118,437 | | | | 228,981 | |
| ORLEN SA | | | 39,279 | | | | 657,521 | |
| Powszechna Kasa Oszczednosci Bank Polski SA | | | 8,398 | | | | 131,016 | |
| | | | | | | | 2,279,437 | |
| | | | | | | | | |
| Qatar | 0.2% | | | | | | | | |
| Ooredoo QPSC | | | 106,827 | | | | 299,476 | |
| | | | | | | | | |
| Russia | 0.0% | | | | | | | | |
| PhosAgro PJSC (*), (¢) | | | 42 | | | | 0 | |
| Severstal PAO GDR (*), (¢) | | | 9,589 | | | | 0 | |
| | | | | | | | 0 | |
| | | | | | | | | |
| Saudi Arabia | 3.0% | | | | | | | | |
| ACWA Power Co. | | | 5,093 | | | | 480,952 | |
| Alinma Bank | | | 24,416 | | | | 203,000 | |
| Almarai Co. JSC | | | 6,778 | | | | 102,479 | |
| Astra Industrial Group | | | 6,208 | | | | 258,462 | |
| Banque Saudi Fransi | | | 22,487 | | | | 213,726 | |
| Elm Co. | | | 259 | | | | 59,169 | |
| Etihad Etisalat Co. | | | 39,772 | | | | 569,207 | |
| Leejam Sports Co. JSC | | | 6,240 | | | | 377,232 | |
| National Agriculture Development Co. (*) | | | 28,277 | | | | 239,977 | |
| National Medical Care Co. | | | 5,975 | | | | 345,678 | |
| Riyadh Cables Group Co. | | | 11,188 | | | | 300,506 | |
| Saudi Arabian Mining Co. (*) | | | 8,680 | | | | 99,571 | |
| Saudi Arabian Oil Co. | | | 48,953 | | | | 361,422 | |
| Saudi Awwal Bank | | | 24,054 | | | | 247,630 | |
| Saudi Basic Industries Corp. | | | 6,009 | | | | 117,714 | |
| | | | | | | | 3,976,725 | |
The accompanying notes are an integral part of these financial statements.
22 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| South Africa | 1.8% | | | | | | | | |
| African Rainbow Minerals Ltd. | | | 21,861 | | | $ | 271,267 | |
| AVI Ltd. | | | 47,098 | | | | 244,124 | |
| FirstRand Ltd. | | | 33,996 | | | | 143,229 | |
| Gold Fields Ltd. ADR | | | 9,792 | | | | 145,901 | |
| Harmony Gold Mining Co. Ltd. ADR | | | 66,011 | | | | 605,321 | |
| Naspers Ltd., N Shares | | | 1,365 | | | | 266,054 | |
| Sappi Ltd. | | | 194,512 | | | | 516,119 | |
| Standard Bank Group Ltd. | | | 24,309 | | | | 281,494 | |
| | | | | | | | 2,473,509 | |
| | | | | | | | | |
| South Korea | 12.7% | | | | | | | | |
| BNK Financial Group, Inc. | | | 22,501 | | | | 138,191 | |
| Chong Kun Dang Pharmaceutical Corp. | | | 2,459 | | | | 174,736 | |
| CJ CheilJedang Corp. | | | 698 | | | | 194,804 | |
| DB Insurance Co. Ltd. | | | 6,777 | | | | 563,273 | |
| Doosan Bobcat, Inc. | | | 12,884 | | | | 476,746 | |
| Hana Financial Group, Inc. | | | 19,543 | | | | 856,742 | |
| Hanmi Pharm Co. Ltd. | | | 488 | | | | 95,651 | |
| Hanwha Aerospace Co. Ltd. | | | 1,140 | | | | 206,168 | |
| HD Hyundai Electric Co. Ltd. | | | 1,856 | | | | 419,664 | |
| Hyundai Marine & Fire Insurance Co. Ltd. | | | 7,349 | | | | 184,483 | |
| Hyundai Rotem Co. Ltd. | | | 12,010 | | | | 355,953 | |
| JB Financial Group Co. Ltd. | | | 11,610 | | | | 123,209 | |
| KB Financial Group, Inc. | | | 22,893 | | | | 1,298,144 | |
| Kia Corp. | | | 23,663 | | | | 2,214,344 | |
| KIWOOM Securities Co. Ltd. | | | 1,290 | | | | 118,338 | |
| LG Chem Ltd. | | | 1,989 | | | | 497,259 | |
| LG Electronics, Inc. | | | 2,440 | | | | 196,130 | |
| Mirae Asset Securities Co. Ltd. | | | 43,020 | | | | 228,275 | |
| Orion Corp. | | | 2,070 | | | | 138,455 | |
| Poongsan Corp. | | | 3,317 | | | | 152,039 | |
| POSCO Holdings, Inc. | | | 1,134 | | | | 297,665 | |
| Samsung Electronics Co. Ltd. GDR | | | 3,594 | | | | 5,282,990 | |
| Samsung Fire & Marine Insurance Co. Ltd. | | | 1,053 | | | | 297,036 | |
| Samsung Life Insurance Co. Ltd. | | | 2,357 | | | | 150,614 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 23
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| SK Hynix, Inc. | | | 7,574 | | | $ | 1,284,475 | |
| SK Telecom Co. Ltd. | | | 6,516 | | | | 243,434 | |
| Woori Financial Group, Inc. | | | 82,892 | | | | 882,268 | |
| | | | | | | | 17,071,086 | |
| | | | | | | | | |
| Taiwan | 19.6% | | | | | | | | |
| Accton Technology Corp. | | | 42,000 | | | | 713,437 | |
| Advancetek Enterprise Co. Ltd. | | | 65,000 | | | | 123,918 | |
| Airoha Technology Corp. | | | 11,000 | | | | 248,962 | |
| Asia Vital Components Co. Ltd. | | | 20,000 | | | | 475,253 | |
| ASMedia Technology, Inc. | | | 2,000 | | | | 136,912 | |
| Asustek Computer, Inc. | | | 19,000 | | | | 290,498 | |
| Chicony Electronics Co. Ltd. | | | 93,000 | | | | 488,359 | |
| Chicony Power Technology Co. Ltd. | | | 23,000 | | | | 96,647 | |
| Delta Electronics, Inc. | | | 144,000 | | | | 1,710,638 | |
| Depo Auto Parts Ind Co. Ltd. | | | 20,000 | | | | 146,658 | |
| Elan Microelectronics Corp. | | | 72,000 | | | | 342,405 | |
| Eva Airways Corp. | | | 232,000 | | | | 272,145 | |
| Global Unichip Corp. | | | 3,000 | | | | 147,274 | |
| Hon Hai Precision Industry Co. Ltd. | | | 246,000 | | | | 1,612,575 | |
| International Games System Co. Ltd. | | | 26,000 | | | | 1,080,101 | |
| ITE Technology, Inc. | | | 55,000 | | | | 287,976 | |
| Lotes Co. Ltd. | | | 5,000 | | | | 249,001 | |
| MediaTek, Inc. | | | 60,000 | | | | 2,565,017 | |
| Novatek Microelectronics Corp. | | | 34,000 | | | | 633,048 | |
| Powertech Technology, Inc. | | | 24,000 | | | | 138,396 | |
| President Chain Store Corp. | | | 15,000 | | | | 126,328 | |
| Quanta Computer, Inc. | | | 28,000 | | | | 267,170 | |
| Realtek Semiconductor Corp. | | | 56,000 | | | | 937,111 | |
| Run Long Construction Co. Ltd. | | | 106,000 | | | | 367,385 | |
| Sunonwealth Electric Machine Industry Co. Ltd. | | | 33,000 | | | | 116,320 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 390,000 | | | | 11,599,188 | |
| Tong Yang Industry Co. Ltd. | | | 143,000 | | | | 475,356 | |
| Wistron Corp. | | | 50,000 | | | | 162,256 | |
| Wiwynn Corp. | | | 7,000 | | | | 565,304 | |
| | | | | | | | 26,375,638 | |
The accompanying notes are an integral part of these financial statements.
24 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Thailand | 1.7% | | | | | | | | |
| Bangkok Dusit Medical Services PCL NVDR | | | 533,600 | | | $ | 389,069 | |
| Bumrungrad Hospital PCL | | | 39,300 | | | | 264,517 | |
| Krung Thai Bank PCL NVDR | | | 949,100 | | | | 441,993 | |
| PTT Exploration & Production PCL | | | 214,700 | | | | 889,281 | |
| PTT PCL NVDR | | | 297,300 | | | | 263,342 | |
| | | | | | | | 2,248,202 | |
| | | | | | | | | |
| Turkey | 0.7% | | | | | | | | |
| BIM Birlesik Magazalar AS | | | 20,901 | | | | 348,673 | |
| Turk Hava Yollari AO (*) | | | 25,146 | | | | 237,772 | |
| Turkiye Garanti Bankasi AS | | | 108,164 | | | | 372,429 | |
| | | | | | | | 958,874 | |
| | | | | | | | | |
| United Arab Emirates | 1.2% | | | | | | | | |
| Abu Dhabi Islamic Bank PJSC | | | 103,396 | | | | 325,933 | |
| ADNOC Logistics & Services | | | 189,391 | | | | 215,806 | |
| Aldar Properties PJSC | | | 161,690 | | | | 275,575 | |
| Emaar Development PJSC | | | 87,595 | | | | 190,848 | |
| Emaar Properties PJSC | | | 255,090 | | | | 569,523 | |
| | | | | | | | 1,577,685 | |
| | | | | | | | | |
Total Common Stocks
(Cost $114,395,827) | | | | | | | 131,053,724 | |
| | | | | | | | | |
| Preferred Stocks | 1.0% | | | | | | | | |
| | | | | | | | | |
| Brazil | 1.0% | | | | | | | | |
Petroleo Brasileiro SA
(Cost $1,044,499) | | | 189,239 | | | | 1,288,089 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 25
| | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 0.5% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $690,500 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $693,681) Proceeds of $680,300
(Cost $680,000) | | | $680 | | | $ | 680,000 | |
| | | | | | | | | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $42,724) | | | 42,724 | | | $ | 42,724 | |
| | | | | | | | | |
Total Investments | 99.1%
(Cost $116,163,050) | | | | | | $ | 133,064,537 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.9% | | | | | | | 1,241,784 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 134,306,321 | |
The accompanying notes are an integral part of these financial statements.
26 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Emerging Markets Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 95.8% | | | | | | | | |
| | | | | | | | | |
| Brazil | 9.4% | | | | | | | | |
| Banco do Brasil SA | | | 11,484,252 | | | $ | 54,872,788 | |
| BB Seguridade Participacoes SA | | | 9,566,817 | | | | 56,355,930 | |
| CCR SA | | | 11,099,417 | | | | 23,111,789 | |
| Engie Brasil Energia SA | | | 2,491,300 | | | | 19,738,408 | |
| Petroleo Brasileiro SA ADR | | | 3,377,778 | | | | 48,944,003 | |
| PRIO SA | | | 1,955,800 | | | | 15,310,246 | |
| Vale SA ADR | | | 2,494,703 | | | | 27,865,833 | |
| Vibra Energia SA | | | 6,530,500 | | | | 24,415,923 | |
| | | | | | | | 270,614,920 | |
| | | | | | | | | |
| Chile | 0.6% | | | | | | | | |
| Sociedad Quimica y Minera de Chile SA ADR | | | 437,007 | | | | 17,808,035 | |
| | | | | | | | | |
| China | 26.0% | | | | | | | | |
| Alibaba Group Holding Ltd. ADR | | | 553,272 | | | | 39,835,584 | |
| Anhui Conch Cement Co. Ltd., Class H | | | 12,953,451 | | | | 30,841,908 | |
| China Construction Bank Corp., Class H | | | 118,715,224 | | | | 87,678,271 | |
| China Medical System Holdings Ltd. | | | 21,845,000 | | | | 18,522,903 | |
| China Merchants Bank Co. Ltd., Class H | | | 9,057,994 | | | | 41,139,450 | |
| ENN Natural Gas Co. Ltd., Class A | | | 10,898,633 | | | | 31,208,531 | |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | | | 7,263,276 | | | | 39,214,082 | |
| Hengan International Group Co. Ltd. | | | 10,087,000 | | | | 30,727,672 | |
| Huayu Automotive Systems Co. Ltd., Class A | | | 10,580,148 | | | | 23,832,503 | |
| JD.com, Inc. ADR | | | 1,289,484 | | | | 33,320,267 | |
| Lenovo Group Ltd. | | | 54,940,000 | | | | 77,486,826 | |
| Midea Group Co. Ltd., Class A | | | 3,816,999 | | | | 33,894,097 | |
| NetEase, Inc. ADR | | | 339,071 | | | | 32,408,406 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 7,520,000 | | | | 34,194,026 | |
| Sinopharm Group Co. Ltd., Class H | | | 17,930,814 | | | | 47,529,409 | |
| Tencent Holdings Ltd. | | | 729,000 | | | | 34,599,052 | |
| Tingyi Cayman Islands Holding Corp. | | | 35,948,000 | | | | 43,449,285 | |
| Want Want China Holdings Ltd. | | | 36,221,000 | | | | 21,896,732 | |
| Weichai Power Co. Ltd., Class H | | | 22,522,288 | | | | 42,932,478 | |
| | | | | | | | 744,711,482 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 27
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Emerging Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Egypt | 0.6% | | | | | | | | |
| Commercial International Bank - Egypt (CIB) GDR | | | 11,941,523 | | | $ | 17,770,885 | |
| | | | | | | | | |
| Greece | 2.5% | | | | | | | | |
| Metlen Energy & Metals SA | | | 562,701 | | | | 20,964,753 | |
| National Bank of Greece SA (*) | | | 3,660,314 | | | | 30,528,285 | |
| OPAP SA | | | 1,185,205 | | | | 18,562,830 | |
| | | | | | | | 70,055,868 | |
| | | | | | | | | |
| Hong Kong | 0.7% | | | | | | | | |
| ASMPT Ltd. | | | 1,479,300 | | | | 20,617,630 | |
| | | | | | | | | |
| Hungary | 3.3% | | | | | | | | |
| MOL Hungarian Oil & Gas PLC | | | 4,179,401 | | | | 32,602,800 | |
| OTP Bank Nyrt | | | 1,220,586 | | | | 60,517,205 | |
| | | | | | | | 93,120,005 | |
| | | | | | | | | |
| India | 6.2% | | | | | | | | |
| Axis Bank Ltd. | | | 1,897,093 | | | | 28,745,878 | |
| Indus Towers Ltd. (*) | | | 15,322,024 | | | | 68,984,269 | |
| Infosys Ltd. ADR | | | 1,484,967 | | | | 27,650,086 | |
| Tata Consultancy Services Ltd. | | | 463,803 | | | | 21,648,537 | |
| UPL Ltd. | | | 4,628,366 | | | | 31,624,025 | |
| | | | | | | | 178,652,795 | |
| | | | | | | | | |
| Indonesia | 3.7% | | | | | | | | |
| Astra International Tbk PT | | | 107,527,200 | | | | 29,221,810 | |
| Bank Mandiri Persero Tbk PT | | | 86,877,684 | | | | 32,443,441 | |
| Telkom Indonesia Persero Tbk PT ADR | | | 1,435,275 | | | | 26,839,643 | |
| United Tractors Tbk PT | | | 13,974,000 | | | | 18,753,626 | |
| | | | | | | | 107,258,520 | |
The accompanying notes are an integral part of these financial statements.
28 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Emerging Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Mexico | 5.0% | | | | | | | | |
| America Movil SAB de CV ADR | | | 1,794,482 | | | $ | 30,506,194 | |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | | | 128,543 | | | | 20,023,143 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 3,148,437 | | | | 24,533,544 | |
| Grupo Mexico SAB de CV, Series B | | | 3,599,085 | | | | 19,359,713 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | | | 13,914,695 | | | | 24,072,156 | |
| Ternium SA ADR | | | 693,591 | | | | 26,044,342 | |
| | | | | | | | 144,539,092 | |
| | | | | | | | | |
| Peru | 0.7% | | | | | | | | |
| Credicorp Ltd. | | | 122,603 | | | | 19,779,542 | |
| | | | | | | | | |
| Portugal | 1.0% | | | | | | | | |
| Galp Energia SGPS SA | | | 1,361,570 | | | | 28,766,089 | |
| | | | | | | | | |
| Russia | 0.0% | | | | | | | | |
| Mobile TeleSystems PJSC ADR (*), (¢) | | | 4,695,624 | | | | 5 | |
| Sberbank of Russia PJSC (¢) | | | 13,596,421 | | | | 13 | |
| | | | | | | | 18 | |
| | | | | | | | | |
| South Africa | 8.0% | | | | | | | | |
| Bidvest Group Ltd. | | | 2,674,965 | | | | 41,793,854 | |
| Life Healthcare Group Holdings Ltd. | | | 35,659,204 | | | | 25,093,106 | |
| Nedbank Group Ltd. | | | 3,435,738 | | | | 48,412,708 | |
| Sanlam Ltd. | | | 8,762,419 | | | | 38,952,180 | |
| Standard Bank Group Ltd. | | | 3,644,679 | | | | 42,204,685 | |
| Vodacom Group Ltd. | | | 6,015,717 | | | | 32,145,514 | |
| | | | | | | | 228,602,047 | |
| | | | | | | | | |
| South Korea | 11.1% | | | | | | | | |
| Coway Co. Ltd. | | | 526,982 | | | | 24,500,862 | |
| Doosan Bobcat, Inc. | | | 250,007 | | | | 9,250,993 | |
| Hyundai Mobis Co. Ltd. | | | 148,674 | | | | 27,080,663 | |
| KB Financial Group, Inc. | | | 912,906 | | | | 51,766,179 | |
| Kia Corp. | | | 214,685 | | | | 20,089,868 | |
| KT Corp. | | | 1,230,012 | | | | 33,331,907 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 29
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Emerging Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| KT&G Corp. | | | 298,867 | | | $ | 19,110,102 | |
| Samsung Electronics Co. Ltd. | | | 482,287 | | | | 28,341,978 | |
| Shinhan Financial Group Co. Ltd. | | | 1,322,263 | | | | 45,939,102 | |
| SK Hynix, Inc. | | | 343,000 | | | | 58,169,370 | |
| | | | | | | | 317,581,024 | |
| | | | | | | | | |
| Taiwan | 13.5% | | | | | | | | |
| ASE Technology Holding Co. Ltd. | | | 15,459,000 | | | | 79,769,582 | |
| Globalwafers Co. Ltd. | | | 1,485,000 | | | | 24,558,108 | |
| MediaTek, Inc. | | | 1,462,000 | | | | 62,500,918 | |
| Novatek Microelectronics Corp. | | | 1,909,000 | | | | 35,543,766 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 4,855,913 | | | | 144,422,179 | |
| Yageo Corp. | | | 1,749,000 | | | | 39,190,461 | |
| | | | | | | | 385,985,014 | |
| | | | | | | | | |
| Thailand | 1.6% | | | | | | | | |
| Kasikornbank PCL | | | 6,279,054 | | | | 21,482,473 | |
| PTT Exploration & Production PCL | | | 5,680,400 | | | | 23,528,055 | |
| | | | | | | | 45,010,528 | |
| | | | | | | | | |
| Turkey | 0.5% | | | | | | | | |
| BIM Birlesik Magazalar AS | | | 887,688 | | | | 14,808,501 | |
| | | | | | | | | |
| United Kingdom | 1.4% | | | | | | | | |
| Unilever PLC | | | 727,439 | | | | 39,946,187 | |
| | | | | | | | | |
Total Common Stocks
(Cost $2,368,011,579) | | | | | | | 2,745,628,182 | |
The accompanying notes are an integral part of these financial statements.
30 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Emerging Markets Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 3.7% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $117,083,900 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $109,956,119) Proceeds of $107,847,522
(Cost $107,800,000) | | | $107,800 | | | $ | 107,800,000 | |
| | | | | | | | | |
| Description | | | Shares | | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.2% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $5,735,741) | | | 5,735,741 | | | $ | 5,735,741 | |
| | | | | | | | | |
Total Investments | 99.7%
(Cost $2,481,547,320) | | | | | | $ | 2,859,163,923 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.3% | | | | | | | 7,656,806 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 2,866,820,729 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 31
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Equity Franchise Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 98.9% | | | | | | | | |
| | | | | | | | | |
| France | 1.0% | | | | | | | | |
| Vinci SA | | | 16,209 | | | $ | 1,705,102 | |
| | | | | | | | | |
| Germany | 2.7% | | | | | | | | |
| Fresenius Medical Care AG | | | 77,341 | | | | 2,957,734 | |
| Knorr-Bremse AG | | | 23,386 | | | | 1,785,885 | |
| | | | | | | | 4,743,619 | |
| | | | | | | | | |
| Ireland | 4.0% | | | | | | | | |
| Kerry Group PLC, Class A | | | 86,703 | | | | 7,016,901 | |
| | | | | | | | | |
| Italy | 13.1% | | | | | | | | |
| Nexi SpA (*) | | | 1,803,513 | | | | 10,991,560 | |
| Snam SpA | | | 1,921,837 | | | | 8,486,365 | |
| Terna - Rete Elettrica Nazionale | | | 433,085 | | | | 3,347,149 | |
| | | | | | | | 22,825,074 | |
| | | | | | | | | |
| Luxembourg | 2.8% | | | | | | | | |
| SES SA | | | 951,128 | | | | 4,861,096 | |
| | | | | | | | | |
| United Kingdom | 17.8% | | | | | | | | |
| National Grid PLC | | | 1,056,371 | | | | 11,780,117 | |
| Rentokil Initial PLC | | | 909,265 | | | | 5,301,738 | |
| Severn Trent PLC | | | 231,477 | | | | 6,962,849 | |
| United Utilities Group PLC | | | 555,635 | | | | 6,900,150 | |
| | | | | | | | 30,944,854 | |
| | | | | | | | | |
| United States | 57.5% | | | | | | | | |
| Cisco Systems, Inc. | | | 153,548 | | | | 7,295,065 | |
| Cognizant Technology Solutions Corp., Class A | | | 108,338 | | | | 7,366,984 | |
| CVS Health Corp. | | | 188,877 | | | | 11,155,076 | |
| DENTSPLY SIRONA, Inc. | | | 347,462 | | | | 8,655,278 | |
| eBay, Inc. | | | 97,897 | | | | 5,259,027 | |
| Exelon Corp. | | | 101,701 | | | | 3,519,872 | |
| Ferrovial SE | | | 179,606 | | | | 6,957,408 | |
| Fiserv, Inc. (*) | | | 48,740 | | | | 7,264,210 | |
The accompanying notes are an integral part of these financial statements.
32 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Equity Franchise Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| H&R Block, Inc. | | | 149,363 | | | $ | 8,099,955 | |
| Henry Schein, Inc. (*) | | | 105,428 | | | | 6,757,935 | |
| International Game Technology PLC | | | 544,500 | | | | 11,140,470 | |
| Kraft Heinz Co. | | | 109,241 | | | | 3,519,745 | |
| Norfolk Southern Corp. | | | 4,771 | | | | 1,024,286 | |
| Omnicom Group, Inc. | | | 117,293 | | | | 10,521,182 | |
| Visa, Inc., A Shares | | | 6,237 | | | | 1,637,025 | |
| | | | | | | | 100,173,518 | |
| | | | | | | | | |
Total Common Stocks
(Cost $181,863,345) | | | | | | | 172,270,164 | |
| | | | | | | | | |
| Description | | | Principal
Amount
(000) | | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 0.5% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $1,031,900 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $969,160) Proceeds of $950,419
(Cost $950,000) | | | $950 | | | $ | 950,000 | |
| | | | | | | | | |
| Description | | | Shares | | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $50,183) | | | 50,183 | | | $ | 50,183 | |
| | | | | | | | | |
Total Investments | 99.4%
(Cost $182,863,528) | | | | | | $ | 173,270,347 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.6% | | | | | | | 1,011,431 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 174,281,778 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 33
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Equity Select Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 98.8% | | | | | | | | |
| | | | | | | | | |
| Australia | 0.9% | | | | | | | | |
| Computershare Ltd. | | | 49,639 | | | $ | 871,985 | |
| | | | | | | | | |
| Canada | 2.8% | | | | | | | | |
| Dollarama, Inc. | | | 17,444 | | | | 1,592,727 | |
| Toromont Industries Ltd. | | | 14,660 | | | | 1,298,027 | |
| | | | | | | | 2,890,754 | |
| | | | | | | | | |
| China | 2.7% | | | | | | | | |
| NXP Semiconductors NV | | | 6,376 | | | | 1,715,718 | |
| Tencent Holdings Ltd. | | | 21,023 | | | | 997,772 | |
| | | | | | | | 2,713,490 | |
| | | | | | | | | |
| Denmark | 1.6% | | | | | | | | |
| Carlsberg AS, Class B | | | 5,488 | | | | 656,779 | |
| Zealand Pharma AS (*) | | | 7,789 | | | | 991,482 | |
| | | | | | | | 1,648,261 | |
| | | | | | | | | |
| Finland | 0.8% | | | | | | | | |
| Kone OYJ, Class B | | | 17,306 | | | | 855,118 | |
| | | | | | | | | |
| France | 2.6% | | | | | | | | |
| Legrand SA | | | 7,855 | | | | 782,776 | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 1,620 | | | | 1,244,081 | |
| Pernod Ricard SA | | | 4,732 | | | | 643,965 | |
| | | | | | | | 2,670,822 | |
| | | | | | | | | |
| Germany | 0.7% | | | | | | | | |
| Merck KGaA | | | 4,539 | | | | 752,134 | |
| | | | | | | | | |
| Hong Kong | 1.5% | | | | | | | | |
| AIA Group Ltd. | | | 95,383 | | | | 646,788 | |
| Techtronic Industries Co. Ltd. | | | 78,000 | | | | 890,664 | |
| | | | | | | | 1,537,452 | |
The accompanying notes are an integral part of these financial statements.
34 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| India | 1.2% | | | | | | | | |
| HDFC Bank Ltd. ADR | | | 18,620 | | | $ | 1,197,825 | |
| | | | | | | | | |
| Japan | 3.1% | | | | | | | | |
| FANUC Corp. | | | 31,800 | | | | 872,801 | |
| Kadokawa Corp. | | | 34,800 | | | | 559,985 | |
| Nintendo Co. Ltd. | | | 20,900 | | | | 1,116,707 | |
| Shimano, Inc. | | | 3,700 | | | | 573,306 | |
| | | | | | | | 3,122,799 | |
| | | | | | | | | |
| Netherlands | 3.6% | | | | | | | | |
| ASM International NV | | | 2,014 | | | | 1,534,062 | |
| Wolters Kluwer NV | | | 12,651 | | | | 2,091,351 | |
| | | | | | | | 3,625,413 | |
| | | | | | | | | |
| Spain | 1.2% | | | | | | | | |
| Industria de Diseno Textil SA | | | 24,902 | | | | 1,230,597 | |
| | | | | | | | | |
| Sweden | 2.8% | | | | | | | | |
| Assa Abloy AB, Class B | | | 23,640 | | | | 669,960 | |
| Epiroc AB, Class A | | | 52,683 | | | | 1,050,556 | |
| Hexagon AB, B Shares | | | 100,253 | | | | 1,125,365 | |
| | | | | | | | 2,845,881 | |
| | | | | | | | | |
| Switzerland | 3.2% | | | | | | | | |
| ABB Ltd. | | | 38,256 | | | | 2,117,778 | |
| Partners Group Holding AG | | | 929 | | | | 1,194,702 | |
| | | | | | | | 3,312,480 | |
| | | | | | | | | |
| Taiwan | 2.9% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 16,868 | | | | 2,931,827 | |
| | | | | | | | | |
| United Kingdom | 7.7% | | | | | | | | |
| AstraZeneca PLC | | | 10,973 | | | | 1,710,647 | |
| Coca-Cola Europacific Partners PLC | | | 18,355 | | | | 1,337,529 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 35
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Diageo PLC | | | 29,252 | | | $ | 920,279 | |
| RELX PLC | | | 45,842 | | | | 2,101,545 | |
| Unilever PLC | | | 31,936 | | | | 1,758,321 | |
| | | | | | | | 7,828,321 | |
| | | | | | | | | |
| United States | 59.5% | | | | | | | | |
| Accenture PLC, Class A | | | 8,927 | | | | 2,708,541 | |
| Adobe, Inc. (*) | | | 3,147 | | | | 1,748,284 | |
| Alphabet, Inc., Class A | | | 27,363 | | | | 4,984,170 | |
| Amazon.com, Inc. (*) | | | 21,266 | | | | 4,109,654 | |
| Amphenol Corp., Class A | | | 26,061 | | | | 1,755,730 | |
| Aon PLC, Class A | | | 5,977 | | | | 1,754,728 | |
| Avery Dennison Corp. | | | 3,997 | | | | 873,944 | |
| Bank of America Corp. | | | 30,702 | | | | 1,221,018 | |
| Booz Allen Hamilton Holding Corp. | | | 13,232 | | | | 2,036,405 | |
| BRP, Inc. | | | 9,524 | | | | 610,196 | |
| Charles Schwab Corp. | | | 19,599 | | | | 1,444,250 | |
| Coca-Cola Co. | | | 25,803 | | | | 1,642,361 | |
| Danaher Corp. | | | 7,406 | | | | 1,850,389 | |
| Estee Lauder Cos., Inc., Class A | | | 5,852 | | | | 622,653 | |
| Intercontinental Exchange, Inc. | | | 14,750 | | | | 2,019,127 | |
| IQVIA Holdings, Inc. (*) | | | 8,279 | | | | 1,750,512 | |
| Marvell Technology, Inc. | | | 9,647 | | | | 674,325 | |
| McDonald’s Corp. | | | 4,433 | | | | 1,129,706 | |
| Microsoft Corp. | | | 11,789 | | | | 5,269,094 | |
| Motorola Solutions, Inc. | | | 4,105 | | | | 1,584,735 | |
| NIKE, Inc., Class B | | | 9,018 | | | | 679,687 | |
| Procter & Gamble Co. | | | 9,616 | | | | 1,585,871 | |
| PTC, Inc. (*) | | | 8,271 | | | | 1,502,593 | |
| Rockwell Automation, Inc. | | | 3,925 | | | | 1,080,474 | |
| S&P Global, Inc. | | | 3,897 | | | | 1,738,062 | |
| Salesforce, Inc. | | | 8,850 | | | | 2,275,335 | |
| Sysco Corp. | | | 9,306 | | | | 664,355 | |
| Texas Instruments, Inc. | | | 8,308 | | | | 1,616,155 | |
| Thermo Fisher Scientific, Inc. | | | 3,772 | | | | 2,085,916 | |
| TopBuild Corp. (*) | | | 2,914 | | | | 1,122,677 | |
The accompanying notes are an integral part of these financial statements.
36 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Equity Select Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| UnitedHealth Group, Inc. | | | 2,485 | | | $ | 1,265,511 | |
| Visa, Inc., A Shares | | | 7,827 | | | | 2,054,353 | |
| Warner Music Group Corp., Class A | | | 15,338 | | | | 470,110 | |
| Wells Fargo & Co. | | | 24,151 | | | | 1,434,328 | |
| Zoetis, Inc. | | | 7,065 | | | | 1,224,788 | |
| | | | | | | | 60,590,037 | |
| | | | | | | | | |
Total Common Stocks
(Cost $63,998,010) | | | | | | | 100,625,196 | |
| | | | | | | | | |
| Description | | | Principal
Amount
(000) | | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 0.8% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $771,700 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $775,220) Proceeds of $760,335
(Cost $760,000) | | | $760 | | | $ | 760,000 | |
| | | | | | | | | |
| Description | | | Shares | | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $43,280) | | | 43,280 | | | $ | 43,280 | |
| | | | | | | | | |
Total Investments | 99.6%
(Cost $64,801,290) | | | | | | $ | 101,428,476 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.4% | | | | | | | 403,865 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 101,832,341 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 37
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Listed Infrastructure Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 90.1% | | | | | | | | |
| | | | | | | | | |
| Australia | 7.7% | | | | | | | | |
| Atlas Arteria Ltd. (^) | | | 83,962,746 | | | $ | 286,122,768 | |
| Transurban Group | | | 43,739,760 | | | | 361,694,288 | |
| | | | | | | | 647,817,056 | |
| | | | | | | | | |
| Canada | 2.5% | | | | | | | | |
| Algonquin Power & Utilities Corp. (^) | | | 35,381,018 | | | | 207,933,471 | |
| | | | | | | | | |
| France | 5.3% | | | | | | | | |
| Eutelsat Communications SACA (*) | | | 13,575,587 | | | | 54,583,688 | |
| Vinci SA | | | 3,713,224 | | | | 390,611,842 | |
| | | | | | | | 445,195,530 | |
| | | | | | | | | |
| Hong Kong | 4.5% | | | | | | | | |
| CK Infrastructure Holdings Ltd. | | | 27,708,772 | | | | 156,437,012 | |
| Power Assets Holdings Ltd. | | | 41,022,930 | | | | 220,837,379 | |
| | | | | | | | 377,274,391 | |
| | | | | | | | | |
| Italy | 15.1% | | | | | | | | |
| Hera SpA | | | 71,933,603 | | | | 246,598,483 | |
| Italgas SpA (^) | | | 41,420,708 | | | | 204,109,228 | |
| Snam SpA | | | 94,985,466 | | | | 419,432,726 | |
| Terna - Rete Elettrica Nazionale | | | 50,860,920 | | | | 393,084,728 | |
| | | | | | | | 1,263,225,165 | |
| | | | | | | | | |
| Luxembourg | 1.3% | | | | | | | | |
| SES SA (^) | | | 21,121,589 | | | | 107,949,789 | |
| | | | | | | | | |
| Portugal | 0.9% | | | | | | | | |
| REN - Redes Energeticas Nacionais SGPS SA | | | 29,065,003 | | | | 71,276,508 | |
| | | | | | | | | |
| Spain | 1.5% | | | | | | | | |
| Atlantica Sustainable Infrastructure PLC | | | 5,667,783 | | | | 124,407,837 | |
The accompanying notes are an integral part of these financial statements.
38 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Listed Infrastructure Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Switzerland | 2.0% | | | | | | | | |
| Flughafen Zurich AG | | | 776,766 | | | $ | 171,363,868 | |
| | | | | | | | | |
| United Kingdom | 19.7% | | | | | | | | |
| National Grid PLC | | | 69,249,904 | | | | 772,240,027 | |
| Pennon Group PLC (^) | | | 15,739,198 | | | | 114,099,054 | |
| Severn Trent PLC | | | 12,825,772 | | | | 385,800,386 | |
| United Utilities Group PLC | | | 30,442,418 | | | | 378,048,986 | |
| | | | | | | | 1,650,188,453 | |
| | | | | | | | | |
| United States | 29.6% | | | | | | | | |
| American Electric Power Co., Inc. | | | 4,588,450 | | | | 402,590,603 | |
| CSX Corp. | | | 12,328,361 | | | | 412,383,675 | |
| Exelon Corp. | | | 11,929,370 | | | | 412,875,496 | |
| Ferrovial SE | | | 18,500,635 | | | | 716,660,153 | |
| Norfolk Southern Corp. | | | 1,882,703 | | | | 404,197,507 | |
| Pinnacle West Capital Corp. | | | 1,687,670 | | | | 128,904,235 | |
| | | | | | | | 2,477,611,669 | |
| | | | | | | | | |
Total Common Stocks
(Cost $7,382,277,556) | | | | | | | 7,544,243,737 | |
| | | | | | | | | |
| Description | | | Principal
Amount
(000) | | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 8.8% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $661,598,200 United States Treasury Notes, 0.625% to 4.250%, 03/15/27 to 03/31/27, with a fair value of $643,633,828, $105,860,300 United States Treasury Inflation Index Notes, 0.125%, 04/15/27, with a fair value of $110,493,134) Proceeds of $739,665,926
(Cost $739,340,000) | | | $739,340 | | | $ | 739,340,000 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 39
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Global Listed Infrastructure Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Short-Term Investments | 0.5% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $38,914,900) | | | 38,914,900 | | | $ | 38,914,900 | |
| | | | | | | | | |
Total Investments | 99.4%
(Cost $8,160,532,456) (») | | | | | | $ | 8,322,498,637 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.6% | | | | | | | 53,201,926 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 8,375,700,563 | |
The accompanying notes are an integral part of these financial statements.
40 Semi-Annual Financial Statements
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at June 30, 2024:
Currency
Purchased | | Quantity | | | Currency
Sold | | Quantity | | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | | 5,782,943 | | | CAD | | | 7,936,858 | | | BNP | | 09/26/24 | | $ | — | | | $ | 30,440 | |
| USD | | | 38,190,145 | | | CHF | | | 33,628,905 | | | BNP | | 09/26/24 | | | 373,928 | | | | — | |
| USD | | | 62,036,064 | | | AUD | | | 93,788,696 | | | BNP | | 09/26/24 | | | — | | | | 667,206 | |
| USD | | | 89,761,560 | | | HKD | | | 699,287,435 | | | BNP | | 09/26/24 | | | 3,553 | | | | — | |
| USD | | | 335,773,309 | | | EUR | | | 311,045,214 | | | BNP | | 09/26/24 | | | 1,286,897 | | | | — | |
| USD | | | 180,096,366 | | | GBP | | | 141,628,060 | | | CAN | | 09/26/24 | | | 951,717 | | | | — | |
| USD | | | 434,561,006 | | | EUR | | | 402,598,695 | | | CAN | | 09/26/24 | | | 1,621,398 | | | | — | |
| USD | | | 62,257,207 | | | CAD | | | 85,457,915 | | | CIT | | 09/26/24 | | | — | | | | 336,780 | |
| USD | | | 111,196,024 | | | AUD | | | 168,234,120 | | | CIT | | 09/26/24 | | | — | | | | 1,278,399 | |
| USD | | | 410,048,214 | | | EUR | | | 379,821,981 | | | CIT | | 09/26/24 | | | 1,601,835 | | | | — | |
| USD | | | 28,171,818 | | | CAD | | | 38,660,326 | | | HSB | | 09/26/24 | | | — | | | | 145,091 | |
| USD | | | 41,404,050 | | | HKD | | | 322,496,144 | | | HSB | | 09/26/24 | | | 9,610 | | | | — | |
| USD | | | 179,065,244 | | | AUD | | | 270,855,445 | | | HSB | | 09/26/24 | | | — | | | | 2,017,582 | |
| USD | | | 377,241,066 | | | EUR | | | 349,403,399 | | | HSB | | 09/26/24 | | | 1,505,695 | | | | — | |
| USD | | | 585,278,848 | | | GBP | | | 459,866,747 | | | HSB | | 09/26/24 | | | 3,595,623 | | | | — | |
| USD | | | 370,319,949 | | | EUR | | | 343,204,717 | | | MEL | | 09/26/24 | | | 1,250,408 | | | | — | |
| USD | | | 57,040,671 | | | CAD | | | 78,269,669 | | | MSC | | 09/26/24 | | | — | | | | 288,257 | |
| USD | | | 101,783,437 | | | HKD | | | 792,781,015 | | | MSC | | 09/26/24 | | | 24,932 | | | | — | |
| USD | | | 170,177,872 | | | AUD | | | 257,241,133 | | | MSC | | 09/26/24 | | | — | | | | 1,802,984 | |
| USD | | | 224,981,023 | | | GBP | | | 176,771,258 | | | MSC | | 09/26/24 | | | 1,383,913 | | | | — | |
| USD | | | 347,172,937 | | | EUR | | | 321,547,230 | | | RBC | | 09/26/24 | | | 1,393,049 | | | | — | |
| USD | | | 463,891,734 | | | GBP | | | 364,315,264 | | | RBC | | 09/26/24 | | | 3,071,118 | | | | — | |
| USD | | | 31,225,804 | | | HKD | | | 243,192,810 | | | SCB | | 09/26/24 | | | 10,454 | | | | — | |
| USD | | | 34,979,546 | | | CAD | | | 48,004,530 | | | SCB | | 09/26/24 | | | — | | | | 181,561 | |
| USD | | | 77,278,191 | | | CHF | | | 68,043,447 | | | SCB | | 09/26/24 | | | 762,297 | | | | — | |
| USD | | | 52,996,552 | | | CHF | | | 46,661,874 | | | SSB | | 09/26/24 | | | 524,563 | | | | — | |
| USD | | | 120,647,372 | | | AUD | | | 182,563,928 | | | SSB | | 09/26/24 | | | — | | | | 1,407,372 | |
| USD | | | 134,838,515 | | | HKD | | | 1,050,223,487 | | | SSB | | 09/26/24 | | | 35,625 | | | | — | |
| USD | | | 282,802,478 | | | GBP | | | 222,226,789 | | | SSB | | 09/26/24 | | | 1,708,888 | | | | — | |
| USD | | | 409,269,528 | | | EUR | | | 379,251,752 | | | SSB | | 09/26/24 | | | 1,436,352 | | | | — | |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | $ | 22,551,855 | | | $ | 8,155,672 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 41
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.4% | | | | | | | | |
| | | | | | | | | |
| Australia | 4.4% | | | | | | | | |
| Aristocrat Leisure Ltd. | | | 6,240 | | | $ | 206,321 | |
| BlueScope Steel Ltd. | | | 1,039 | | | | 14,150 | |
| Brambles Ltd. | | | 21,490 | | | | 208,775 | |
| Cochlear Ltd. | | | 379 | | | | 83,695 | |
| Fortescue Ltd. | | | 5,903 | | | | 84,330 | |
| Northern Star Resources Ltd. | | | 5,084 | | | | 43,688 | |
| Perseus Mining Ltd. | | | 56,289 | | | | 87,347 | |
| Qantas Airways Ltd. (*) | | | 17,606 | | | | 68,505 | |
| Ramelius Resources Ltd. | | | 22,504 | | | | 28,538 | |
| Westgold Resources Ltd. | | | 62,410 | | | | 99,821 | |
| | | | | | | | 925,170 | |
| | | | | | | | | |
| Belgium | 0.3% | | | | | | | | |
| Colruyt Group NV | | | 1,336 | | | | 63,791 | |
| | | | | | | | | |
| Brazil | 0.2% | | | | | | | | |
| Cia De Sanena Do Parana | | | 4,100 | | | | 20,214 | |
| Vale SA | | | 1,400 | | | | 15,582 | |
| | | | | | | | 35,796 | |
| | | | | | | | | |
| Burkina Faso | 0.1% | | | | | | | | |
| IAMGOLD Corp. (*) | | | 5,608 | | | | 21,070 | |
| | | | | | | | | |
| Canada | 7.1% | | | | | | | | |
| Air Canada (*) | | | 4,170 | | | | 54,562 | |
| Brookfield Corp. | | | 1,864 | | | | 77,528 | |
| Centerra Gold, Inc. | | | 7,345 | | | | 49,394 | |
| CGI, Inc. (*) | | | 631 | | | | 62,982 | |
| Constellation Software, Inc. | | | 133 | | | | 383,224 | |
| Dollarama, Inc. | | | 3,370 | | | | 307,698 | |
| Fairfax Financial Holdings Ltd. | | | 159 | | | | 180,883 | |
| Kinross Gold Corp. | | | 3,513 | | | | 29,248 | |
| Loblaw Cos. Ltd. | | | 183 | | | | 21,229 | |
The accompanying notes are an integral part of these financial statements.
42 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Manulife Financial Corp. | | | 7,415 | | | $ | 197,455 | |
| Shopify, Inc. Class A (*) | | | 829 | | | | 54,786 | |
| Torex Gold Resources, Inc. (*) | | | 4,481 | | | | 69,440 | |
| Vermilion Energy, Inc. | | | 1,249 | | | | 13,750 | |
| | | | | | | | 1,502,179 | |
| | | | | | | | | |
| Chile | 0.2% | | | | | | | | |
| Cia Sud Americana de Vapores SA | | | 676,345 | | | | 42,950 | |
| | | | | | | | | |
| China | 8.8% | | | | | | | | |
| Alibaba Group Holding Ltd. | | | 17,600 | | | | 158,226 | |
| Alibaba Group Holding Ltd. ADR | | | 590 | | | | 42,480 | |
| Baidu, Inc. ADR (*) | | | 338 | | | | 29,230 | |
| Bank of China Ltd., Class H | | | 190,000 | | | | 93,249 | |
| Beijing Enterprises Holdings Ltd. | | | 5,000 | | | | 16,781 | |
| BYD Co. Ltd., Class H | | | 2,000 | | | | 59,355 | |
| BYD Electronic International Co. Ltd. | | | 4,000 | | | | 19,961 | |
| China Construction Bank Corp., Class H | | | 65,000 | | | | 48,006 | |
| China Longyuan Power Group Corp. Ltd., Class H | | | 191,000 | | | | 171,510 | |
| China Merchants Bank Co. Ltd., Class H | | | 3,500 | | | | 15,896 | |
| China Overseas Property Holdings Ltd. | | | 20,000 | | | | 11,940 | |
| Haidilao International Holding Ltd. | | | 25,000 | | | | 44,903 | |
| Hisense Home Appliances Group Co. Ltd., Class H | | | 7,000 | | | | 23,035 | |
| JD.com, Inc., Class A | | | 7,050 | | | | 91,082 | |
| KE Holdings, Inc. ADR | | | 1,220 | | | | 17,263 | |
| Kuaishou Technology (*) | | | 8,200 | | | | 48,416 | |
| Kunlun Energy Co. Ltd. | | | 22,000 | | | | 22,758 | |
| Meitu, Inc. | | | 36,000 | | | | 12,162 | |
| Meituan, Class B (*) | | | 2,700 | | | | 38,253 | |
| NetEase, Inc. | | | 7,900 | | | | 150,829 | |
| PDD Holdings, Inc., ADR (*) | | | 510 | | | | 67,805 | |
| PetroChina Co. Ltd., Class H | | | 92,000 | | | | 93,054 | |
| PICC Property & Casualty Co. Ltd., Class H | | | 16,000 | | | | 19,852 | |
| Sinopharm Group Co. Ltd., Class H | | | 5,200 | | | | 13,784 | |
| Sunny Optical Technology Group Co. Ltd. | | | 2,000 | | | | 12,349 | |
| Tencent Holdings Ltd. | | | 5,400 | | | | 256,289 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 43
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Tencent Music Entertainment Group ADR | | | 4,878 | | | $ | 68,536 | |
| Vipshop Holdings Ltd. ADR | | | 2,892 | | | | 37,654 | |
| Xiaomi Corp., Class B (*) | | | 46,800 | | | | 98,494 | |
| Yangzijiang Shipbuilding Holdings Ltd. | | | 47,500 | | | | 86,006 | |
| | | | | | | | 1,869,158 | |
| | | | | | | | | |
| Colombia | 0.1% | | | | | | | | |
| Bancolombia SA ADR | | | 488 | | | | 15,933 | |
| | | | | | | | | |
| Denmark | 3.8% | | | | | | | | |
| AP Moller - Maersk AS, Class B | | | 8 | | | | 13,887 | |
| Novo Nordisk AS, Class B | | | 5,067 | | | | 723,852 | |
| Pandora AS | | | 429 | | | | 64,449 | |
| | | | | | | | 802,188 | |
| | | | | | | | | |
| Egypt | 0.1% | | | | | | | | |
| Commercial International Bank - Egypt (CIB) GDR | | | 13,281 | | | | 19,736 | |
| | | | | | | | | |
| Finland | 0.5% | | | | | | | | |
| Nordea Bank Abp | | | 9,865 | | | | 117,101 | |
| | | | | | | | | |
| France | 5.4% | | | | | | | | |
| BNP Paribas SA | | | 2,861 | | | | 183,333 | |
| Capgemini SE | | | 426 | | | | 84,379 | |
| Cie de Saint-Gobain SA | | | 618 | | | | 47,859 | |
| Eurazeo SE | | | 1,373 | | | | 109,879 | |
| La Francaise des Jeux SAEM | | | 2,629 | | | | 89,250 | |
| Societe Generale SA | | | 2,582 | | | | 60,286 | |
| Teleperformance SE | | | 687 | | | | 72,060 | |
| TotalEnergies SE | | | 1,207 | | | | 80,445 | |
| Unibail-Rodamco-Westfield REIT | | | 271 | | | | 21,394 | |
| Verallia SA | | | 1,736 | | | | 63,164 | |
| Vinci SA | | | 2,807 | | | | 295,282 | |
| Worldline SA (*) | | | 3,812 | | | | 41,290 | |
| | | | | | | | 1,148,621 | |
The accompanying notes are an integral part of these financial statements.
44 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Germany | 4.1% | | | | | | | | |
| BASF SE | | | 1,255 | | | $ | 60,642 | |
| CTS Eventim AG & Co. KGaA | | | 247 | | | | 20,616 | |
| Deutsche Bank AG | | | 11,245 | | | | 179,382 | |
| Infineon Technologies AG | | | 6,701 | | | | 246,176 | |
| Knorr-Bremse AG | | | 2,497 | | | | 190,685 | |
| Rational AG | | | 17 | | | | 14,171 | |
| SAP SE | | | 326 | | | | 66,189 | |
| Siemens Energy AG (*) | | | 1,719 | | | | 44,745 | |
| Traton SE | | | 592 | | | | 19,359 | |
| TUI AG (*) | | | 3,919 | | | | 27,626 | |
| | | | | | | | 869,591 | |
| | | | | | | | | |
| Greece | 0.3% | | | | | | | | |
| National Bank of Greece SA (*) | | | 5,925 | | | | 49,416 | |
| Piraeus Financial Holdings SA (*) | | | 7,252 | | | | 26,466 | |
| | | | | | | | 75,882 | |
| | | | | | | | | |
| Hong Kong | 0.8% | | | | | | | | |
| Henderson Land Development Co. Ltd. | | | 20,000 | | | | 53,486 | |
| Swire Pacific Ltd., Class A | | | 9,500 | | | | 83,970 | |
| Techtronic Industries Co. Ltd. | | | 1,500 | | | | 17,128 | |
| United Energy Group Ltd. | | | 184,000 | | | | 7,190 | |
| | | | | | | | 161,774 | |
| | | | | | | | | |
| India | 3.9% | | | | | | | | |
| Dr Reddy’s Laboratories Ltd. ADR | | | 4,263 | | | | 324,798 | |
| GAIL India Ltd. GDR | | | 2,413 | | | | 37,884 | |
| Larsen & Toubro Ltd. GDR | | | 647 | | | | 27,562 | |
| Mahindra & Mahindra Ltd. GDR | | | 1,064 | | | | 36,389 | |
| Reliance Industries Ltd. GDR (#) | | | 602 | | | | 44,909 | |
| State Bank of India GDR | | | 3,443 | | | | 347,743 | |
| | | | | | | | 819,285 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 45
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Indonesia | 0.3% | | | | | | | | |
| Bank Mandiri Persero Tbk. PT ADR | | | 2,362 | | | $ | 35,170 | |
| Bank Rakyat Indonesia Persero Tbk. PT ADR | | | 1,138 | | | | 16,069 | |
| First Resources Ltd. | | | 12,500 | | | | 12,721 | |
| | | | | | | | 63,960 | |
| | | | | | | | | |
| Ireland | 0.6% | | | | | | | | |
| AerCap Holdings NV | | | 1,139 | | | | 106,155 | |
| AIB Group PLC | | | 3,974 | | | | 20,937 | |
| | | | | | | | 127,092 | |
| | | | | | | | | |
| Israel | 1.0% | | | | | | | | |
| Check Point Software Technologies Ltd. (*) | | | 141 | | | | 23,265 | |
| Nice Ltd. ADR (*) | | | 707 | | | | 121,583 | |
| Wix.com Ltd. (*) | | | 470 | | | | 74,763 | |
| | | | | | | | 219,611 | |
| | | | | | | | | |
| Italy | 2.5% | | | | | | | | |
| Buzzi SpA | | | 636 | | | | 25,665 | |
| Ferrari NV | | | 548 | | | | 224,054 | |
| Telecom Italia SpA (*) | | | 119,503 | | | | 28,669 | |
| UniCredit SpA | | | 6,950 | | | | 258,960 | |
| | | | | | | | 537,348 | |
| | | | | | | | | |
| Japan | 14.0% | | | | | | | | |
| Central Japan Railway Co. | | | 900 | | | | 19,428 | |
| Chugai Pharmaceutical Co. Ltd. | | | 2,800 | | | | 99,951 | |
| Daiwa Securities Group, Inc. | | | 16,000 | | | | 122,727 | |
| Denso Corp. | | | 15,700 | | | | 245,031 | |
| East Japan Railway Co. | | | 900 | | | | 14,926 | |
| Hachijuni Bank Ltd. | | | 3,100 | | | | 20,233 | |
| Honda Motor Co. Ltd. | | | 15,800 | | | | 169,972 | |
| Hyakugo Bank Ltd. | | | 5,200 | | | | 22,383 | |
| Japan Post Bank Co. Ltd. | | | 3,600 | | | | 34,080 | |
| Japan Post Holdings Co. Ltd. | | | 47,600 | | | | 473,101 | |
| Japan Tobacco, Inc. | | | 10,400 | | | | 281,548 | |
The accompanying notes are an integral part of these financial statements.
46 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Kirin Holdings Co. Ltd. | | | 1,700 | | | $ | 21,929 | |
| Kyoto Financial Group, Inc. | | | 5,600 | | | | 99,460 | |
| Leopalace21 Corp. | | | 6,400 | | | | 20,504 | |
| Mitsui & Co. Ltd. | | | 800 | | | | 18,249 | |
| Mizuho Financial Group, Inc. | | | 2,800 | | | | 58,633 | |
| NGK Insulators Ltd. | | | 6,700 | | | | 85,690 | |
| NSK Ltd. | | | 3,200 | | | | 15,592 | |
| Ono Pharmaceutical Co. Ltd. | | | 5,600 | | | | 76,465 | |
| ORIX Corp. | | | 4,200 | | | | 93,178 | |
| Panasonic Holdings Corp. | | | 35,300 | | | | 290,023 | |
| Sega Sammy Holdings, Inc. | | | 1,200 | | | | 17,819 | |
| Shin-Etsu Chemical Co. Ltd. | | | 765 | | | | 29,756 | |
| SoftBank Corp. | | | 5,400 | | | | 66,075 | |
| Subaru Corp. | | | 2,700 | | | | 57,510 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 1,900 | | | | 127,090 | |
| Takara Holdings, Inc. | | | 2,100 | | | | 14,220 | |
| Tokyo Electron Ltd. ADR | | | 840 | | | | 91,980 | |
| Tokyo Kiraboshi Financial Group, Inc. | | | 800 | | | | 23,787 | |
| Tokyu Fudosan Holdings Corp. | | | 4,500 | | | | 30,187 | |
| Toyota Motor Corp. | | | 7,200 | | | | 148,236 | |
| Yakult Honsha Co. Ltd. | | | 4,200 | | | | 75,102 | |
| | | | | | | | 2,964,865 | |
| | | | | | | | | |
| Malaysia | 0.4% | | | | | | | | |
| IJM Corp. Bhd. | | | 44,200 | | | | 28,557 | |
| MISC Bhd. | | | 31,200 | | | | 56,239 | |
| | | | | | | | 84,796 | |
| | | | | | | | | |
| Mexico | 0.4% | | | | | | | | |
| Arca Continental SAB de CV | | | 2,900 | | | | 28,439 | |
| Coca-Cola Femsa SAB de CV ADR | | | 662 | | | | 56,826 | |
| | | | | | | | 85,265 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 47
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Netherlands | 4.4% | | | | | | | | |
| ASML Holding NV | | | 578 | | | $ | 596,321 | |
| EXOR NV | | | 194 | | | | 20,219 | |
| NN Group NV | | | 311 | | | | 14,466 | |
| Wolters Kluwer NV | | | 1,818 | | | | 300,536 | |
| | | | | | | | 931,542 | |
| | | | | | | | | |
| Philippines | 0.3% | | | | | | | | |
| International Container Terminal Services, Inc. | | | 9,710 | | | | 57,997 | |
| | | | | | | | | |
| Poland | 0.4% | | | | | | | | |
| KGHM Polska Miedz SA | | | 582 | | | | 21,589 | |
| ORLEN SA | | | 3,584 | | | | 59,996 | |
| | | | | | | | 81,585 | |
| | | | | | | | | |
| Portugal | 0.1% | | | | | | | | |
| Jeronimo Martins SGPS SA | | | 770 | | | | 15,036 | |
| | | | | | | | | |
| Saudi Arabia | 0.6% | | | | | | | | |
| Elm Co. | | | 80 | | | | 18,276 | |
| Etihad Etisalat Co. | | | 3,172 | | | | 45,397 | |
| Riyadh Cables Group Co. | | | 768 | | | | 20,628 | |
| Saudi Chemical Co. Holding | | | 16,275 | | | | 48,899 | |
| | | | | | | | 133,200 | |
| | | | | | | | | |
| Singapore | 0.5% | | | | | | | | |
| Singapore Airlines Ltd. | | | 20,700 | | | | 105,086 | |
| | | | | | | | | |
| South Africa | 0.8% | | | | | | | | |
| Gold Fields Ltd. ADR | | | 1,066 | | | | 15,883 | |
| Harmony Gold Mining Co. Ltd. ADR | | | 11,189 | | | | 102,603 | |
| Momentum Metropolitan Holdings | | | 15,564 | | | | 19,532 | |
| Sappi Ltd. | | | 8,562 | | | | 22,719 | |
| | | | | | | | 160,737 | |
The accompanying notes are an integral part of these financial statements.
48 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| South Korea | 3.8% | | | | | | | | |
| DB Insurance Co. Ltd. | | | 639 | | | $ | 53,111 | |
| Doosan Bobcat, Inc. | | | 2,207 | | | | 81,666 | |
| Hanmi Pharm Co. Ltd. | | | 80 | | | | 15,680 | |
| Hyundai Rotem Co. Ltd. | | | 648 | | | | 19,205 | |
| KB Financial Group, Inc. | | | 521 | | | | 29,543 | |
| Kia Corp. | | | 2,825 | | | | 264,359 | |
| LG H&H Co. Ltd. | | | 66 | | | | 16,498 | |
| Samsung Electronics Co. Ltd. | | | 4,992 | | | | 293,359 | |
| Samsung Life Insurance Co. Ltd. | | | 256 | | | | 16,359 | |
| SK Hynix, Inc. | | | 146 | | | | 24,760 | |
| | | | | | | | 814,540 | |
| | | | | | | | | |
| Spain | 1.2% | | | | | | | | |
| Banco Bilbao Vizcaya Argentaria SA | | | 10,046 | | | | 100,222 | |
| Banco Santander SA | | | 34,243 | | | | 158,711 | |
| | | | | | | | 258,933 | |
| | | | | | | | | |
| Sweden | 1.0% | | | | | | | | |
| Betsson AB | | | 4,910 | | | | 57,124 | |
| Boliden AB | | | 1,030 | | | | 32,810 | |
| Hemnet Group AB | | | 639 | | | | 19,279 | |
| SKF AB, B Shares | | | 1,775 | | | | 35,418 | |
| Volvo AB, B Shares | | | 2,024 | | | | 51,923 | |
| Volvo Car AB, Class B (*) | | | 7,029 | | | | 21,808 | |
| | | | | | | | 218,362 | |
| | | | | | | | | |
| Switzerland | 5.4% | | | | | | | | |
| ABB Ltd. | | | 7,503 | | | | 415,351 | |
| Givaudan SA | | | 49 | | | | 232,438 | |
| Logitech International SA | | | 1,576 | | | | 151,656 | |
| Novartis AG | | | 2,824 | | | | 302,542 | |
| UBS Group AG | | | 1,498 | | | | 43,849 | |
| | | | | | | | 1,145,836 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 49
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Taiwan | 6.4% | | | | | | | | |
| Accton Technology Corp. | | | 4,000 | | | $ | 67,947 | |
| Asia Vital Components Co. Ltd. | | | 2,000 | | | | 47,526 | |
| Chicony Electronics Co. Ltd. | | | 6,000 | | | | 31,507 | |
| Delta Electronics, Inc. | | | 17,000 | | | | 201,950 | |
| FIT Hon Teng Ltd. (*) | | | 77,000 | | | | 34,101 | |
| Fortune Electric Co. Ltd. | | | 1,000 | | | | 28,999 | |
| Grape King Bio Ltd. | | | 6,000 | | | | 28,371 | |
| Hon Hai Precision Industry Co. Ltd. | | | 17,000 | | | | 111,438 | |
| International Games System Co. Ltd. | | | 3,000 | | | | 124,627 | |
| MediaTek, Inc. | | | 7,000 | | | | 299,252 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 13,000 | | | | 386,640 | |
| | | | | | | | 1,362,358 | |
| | | | | | | | | |
| Thailand | 0.4% | | | | | | | | |
| Bangkok Dusit Medical Services PCL NVDR | | | 94,600 | | | | 68,976 | |
| PTT Exploration & Production PCL | | | 4,400 | | | | 18,225 | |
| | | | | | | | 87,201 | |
| | | | | | | | | |
| Turkey | 0.4% | | | | | | | | |
| BIM Birlesik Magazalar AS | | | 1,621 | | | | 27,042 | |
| Turk Hava Yollari AO (*) | | | 3,191 | | | | 30,173 | |
| Turkiye Garanti Bankasi AS | | | 8,793 | | | | 30,276 | |
| | | | | | | | 87,491 | |
| | | | | | | | | |
| United Arab Emirates | 0.5% | | | | | | | | |
| Emaar Properties PJSC | | | 36,493 | | | | 81,476 | |
| National Marine Dredging Co. | | | 3,268 | | | | 21,445 | |
| | | | | | | | 102,921 | |
| | | | | | | | | |
| United Kingdom | 7.3% | | | | | | | | |
| 3i Group PLC | | | 2,338 | | | | 90,162 | |
| AstraZeneca PLC ADR | | | 1,481 | | | | 115,503 | |
| BAE Systems PLC | | | 3,378 | | | | 56,404 | |
| Barclays PLC | | | 63,730 | | | | 168,141 | |
| Britvic PLC | | | 1,136 | | | | 16,968 | |
The accompanying notes are an integral part of these financial statements.
50 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| BT Group PLC | | | 15,665 | | | $ | 27,809 | |
| Darktrace PLC (*) | | | 4,353 | | | | 31,758 | |
| Global Ship Lease, Inc., Class A | | | 996 | | | | 28,675 | |
| HSBC Holdings PLC | | | 6,246 | | | | 54,053 | |
| Imperial Brands PLC | | | 5,553 | | | | 142,178 | |
| International Consolidated Airlines Group SA (*) | | | 50,637 | | | | 103,354 | |
| Investec PLC | | | 4,192 | | | | 30,419 | |
| J Sainsbury PLC | | | 5,389 | | | | 17,386 | |
| Johnson Service Group PLC | | | 23,955 | | | | 47,812 | |
| Marks & Spencer Group PLC | | | 3,474 | | | | 12,511 | |
| NatWest Group PLC | | | 48,940 | | | | 191,968 | |
| RELX PLC | | | 1,302 | | | | 59,685 | |
| Rolls-Royce Holdings PLC (*) | | | 24,372 | | | | 140,880 | |
| Standard Chartered PLC | | | 19,293 | | | | 173,835 | |
| Vodafone Group PLC | | | 33,630 | | | | 29,629 | |
| | | | | | | | 1,539,130 | |
| | | | | | | | | |
| United States | 4.6% | | | | | | | | |
| Experian PLC | | | 1,942 | | | | 90,058 | |
| GSK PLC | | | 20,700 | | | | 398,949 | |
| Monday.com Ltd. (*) | | | 86 | | | | 20,705 | |
| Nestle SA | | | 203 | | | | 20,722 | |
| Roche Holding AG | | | 977 | | | | 271,132 | |
| Shell PLC | | | 2,931 | | | | 105,333 | |
| Stellantis NV | | | 3,131 | | | | 61,619 | |
| | | | | | | | 968,518 | |
| | | | | | | | | |
Total Common Stocks
(Cost $18,713,734) | | | | | | | 20,643,635 | |
| | | | | | | | | |
| Preferred Stocks | 1.4% | | | | | | | | |
| | | | | | | | | |
| Brazil | 0.9% | | | | | | | | |
| Azul SA | | | 7,000 | | | | 9,191 | |
| Cia Energetica de Minas Gerais | | | 22,400 | | | | 39,630 | |
| Petroleo Brasileiro SA | | | 22,400 | | | | 152,470 | |
| | | | | | | | 201,291 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 51
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Germany | 0.5% | | | | | | | | |
| Bayerische Motoren Werke AG | | | 1,163 | | | $ | 102,597 | |
| | | | | | | | | |
Total Preferred Stocks
(Cost $344,592) | | | | | | | 303,888 | |
| | | | | | | | | |
| Warrants | 0.0% | | | | | | | | |
| | | | | | | | | |
| Canada | 0.0% | | | | | | | | |
| Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0) | | | 26 | | | | 0 | |
| | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 0.8% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $182,800 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $183,663) Proceeds of $180,079
(Cost $180,000) | | $ | 180 | | | $ | 180,000 | |
The accompanying notes are an integral part of these financial statements.
52 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Advantage Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $20,091) | | | 20,091 | | | $ | 20,091 | |
| | | | | | | | | |
Total Investments | 99.7%
(Cost $19,258,417) | | | | | | $ | 21,147,614 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.3% | | | | | | | 53,720 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 21,201,334 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 53
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard International Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 94.8% | | | | | | | | |
| | | | | | | | | |
| Australia | 1.4% | | | | | | | | |
| Rio Tinto PLC | | | 219,047 | | | $ | 14,418,921 | |
| | | | | | | | | |
| Belgium | 1.1% | | | | | | | | |
| KBC Group NV | | | 165,891 | | | | 11,701,704 | |
| | | | | | | | | |
| Canada | 3.4% | | | | | | | | |
| Gildan Activewear, Inc. | | | 449,675 | | | | 17,056,128 | |
| Suncor Energy, Inc. | | | 463,335 | | | | 17,662,308 | |
| | | | | | | | 34,718,436 | |
| | | | | | | | | |
| China | 3.6% | | | | | | | | |
| Autohome, Inc. ADR | | | 230,435 | | | | 6,325,441 | |
| ESR Group Ltd. | | | 3,712,000 | | | | 4,869,251 | |
| Li Ning Co. Ltd. | | | 3,766,000 | | | | 7,964,010 | |
| Sungrow Power Supply Co. Ltd., Class A | | | 618,540 | | | | 5,266,402 | |
| Tencent Holdings Ltd. | | | 274,600 | | | | 13,032,784 | |
| | | | | | | | 37,457,888 | |
| | | | | | | | | |
| Denmark | 0.8% | | | | | | | | |
| Carlsberg AS, Class B | | | 66,661 | | | | 7,977,681 | |
| | | | | | | | | |
| Finland | 2.2% | | | | | | | | |
| Fortum OYJ | | | 739,653 | | | | 10,791,892 | |
| Nordea Bank Abp | | | 1,008,616 | | | | 12,020,556 | |
| | | | | | | | 22,812,448 | |
| | | | | | | | | |
| France | 9.0% | | | | | | | | |
| Air Liquide SA | | | 96,792 | | | | 16,663,910 | |
| Bureau Veritas SA | | | 517,752 | | | | 14,291,034 | |
| Capgemini SE | | | 66,040 | | | | 13,080,638 | |
| Engie SA | | | 991,638 | | | | 14,123,865 | |
| Orange SA | | | 964,693 | | | | 9,660,033 | |
| Pernod Ricard SA | | | 76,622 | | | | 10,427,279 | |
| Thales SA | | | 90,321 | | | | 14,513,165 | |
| | | | | | | | 92,759,924 | |
The accompanying notes are an integral part of these financial statements.
54 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Germany | 8.7% | | | | | | | | |
| Brenntag SE | | | 106,695 | | | $ | 7,189,876 | |
| Continental AG | | | 198,472 | | | | 11,241,222 | |
| Merck KGaA | | | 103,524 | | | | 17,154,433 | |
| MTU Aero Engines AG | | | 43,936 | | | | 11,233,413 | |
| Rheinmetall AG | | | 17,168 | | | | 8,733,418 | |
| SAP SE | | | 62,032 | | | | 12,594,663 | |
| Siemens AG | | | 40,440 | | | | 7,521,401 | |
| Siemens Healthineers AG | | | 247,753 | | | | 14,271,878 | |
| | | | | | | | 89,940,304 | |
| | | | | | | | | |
| Greece | 1.2% | | | | | | | | |
| National Bank of Greece SA (*) | | | 1,508,218 | | | | 12,579,060 | |
| | | | | | | | | |
| Hong Kong | 1.8% | | | | | | | | |
| AIA Group Ltd. | | | 1,183,200 | | | | 8,023,220 | |
| Techtronic Industries Co. Ltd. | | | 875,000 | | | | 9,991,425 | |
| | | | | | | | 18,014,645 | |
| | | | | | | | | |
| Israel | 0.9% | | | | | | | | |
| Wix.com Ltd. (*) | | | 57,599 | | | | 9,162,273 | |
| | | | | | | | | |
| Italy | 3.1% | | | | | | | | |
| Ryanair Holdings PLC ADR | | | 145,015 | | | | 16,885,547 | |
| UniCredit SpA | | | 401,468 | | | | 14,958,874 | |
| | | | | | | | 31,844,421 | |
| | | | | | | | | |
| Japan | 17.8% | | | | | | | | |
| Asics Corp. | | | 881,200 | | | | 13,559,882 | |
| Bandai Namco Holdings, Inc. | | | 395,900 | | | | 7,765,423 | |
| FANUC Corp. | | | 496,800 | | | | 13,635,454 | |
| Hitachi Ltd. | | | 814,000 | | | | 18,348,755 | |
| Kokusai Electric Corp. | | | 375,600 | | | | 11,070,831 | |
| MatsukiyoCocokara & Co. | | | 1,021,000 | | | | 14,700,382 | |
| Mitsubishi Electric Corp. | | | 596,000 | | | | 9,527,572 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 55
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| NEC Corp. | | | 93,400 | | | $ | 7,637,359 | |
| Nippon Sanso Holdings Corp. | | | 442,400 | | | | 13,162,214 | |
| Nitori Holdings Co. Ltd. | | | 89,800 | | | | 9,499,304 | |
| Otsuka Holdings Co. Ltd. | | | 246,500 | | | | 10,394,542 | |
| Recruit Holdings Co. Ltd. | | | 230,000 | | | | 12,378,315 | |
| Renesas Electronics Corp. | | | 924,903 | | | | 17,463,122 | |
| Shimadzu Corp. | | | 332,600 | | | | 8,351,180 | |
| Suzuki Motor Corp. | | | 1,300,400 | | | | 15,049,815 | |
| | | | | | | | 182,544,150 | |
| | | | | | | | | |
| Mexico | 1.0% | | | | | | | | |
| Arca Continental SAB de CV | | | 1,050,912 | | | | 10,305,773 | |
| | | | | | | | | |
| Netherlands | 1.7% | | | | | | | | |
| ING Groep NV | | | 1,008,627 | | | | 17,282,504 | |
| | | | | | | | | |
| Singapore | 1.9% | | | | | | | | |
| DBS Group Holdings Ltd. | | | 466,512 | | | | 12,292,907 | |
| STMicroelectronics NV | | | 197,489 | | | | 7,695,931 | |
| | | | | | | | 19,988,838 | |
| | | | | | | | | |
| South Korea | 1.3% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 220,024 | | | | 12,929,885 | |
| | | | | | | | | |
| Spain | 1.0% | | | | | | | | |
| Industria de Diseno Textil SA | | | 206,885 | | | | 10,223,760 | |
| | | | | | | | | |
| Sweden | 1.5% | | | | | | | | |
| Sandvik AB | | | 767,072 | | | | 15,419,427 | |
| | | | | | | | | |
| Switzerland | 3.1% | | | | | | | | |
| ABB Ltd. | | | 345,871 | | | | 19,146,746 | |
| Cie Financiere Richemont SA, Class A | | | 78,393 | | | | 12,234,699 | |
| | | | | | | | 31,381,445 | |
The accompanying notes are an integral part of these financial statements.
56 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Taiwan | 2.3% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 137,569 | | | $ | 23,910,868 | |
| | | | | | | | | |
| United Kingdom | 15.8% | | | | | | | | |
| 3i Group PLC | | | 429,876 | | | | 16,577,657 | |
| AstraZeneca PLC | | | 80,629 | | | | 12,569,738 | |
| Coca-Cola Europacific Partners PLC | | | 162,475 | | | | 11,874,766 | |
| Compass Group PLC | | | 640,427 | | | | 17,436,278 | |
| JD Sports Fashion PLC | | | 4,599,716 | | | | 6,884,488 | |
| London Stock Exchange Group PLC | | | 106,214 | | | | 12,590,272 | |
| RELX PLC | | | 818,751 | | | | 37,532,404 | |
| Rentokil Initial PLC | | | 1,780,664 | | | | 10,382,687 | |
| Unilever PLC | | | 500,580 | | | | 27,560,761 | |
| WPP PLC | | | 948,426 | | | | 8,694,401 | |
| | | | | | | | 162,103,452 | |
| | | | | | | | | |
| United States | 10.2% | | | | | | | | |
| Aon PLC, Class A | | | 45,500 | | | | 13,357,890 | |
| BP PLC | | | 2,051,638 | | | | 12,362,110 | |
| Chubb Ltd. | | | 42,588 | | | | 10,863,347 | |
| CRH PLC | | | 144,835 | | | | 10,859,728 | |
| Experian PLC | | | 262,352 | | | | 12,166,259 | |
| ICON PLC (*) | | | 68,585 | | | | 21,499,340 | |
| Roche Holding AG | | | 86,668 | | | | 24,051,620 | |
| | | | | | | | 105,160,294 | |
| | | | | | | | | |
Total Common Stocks
(Cost $790,646,991) | | | | | | | 974,638,101 | |
| | | | | | | | | |
| Preferred Stocks | 2.6% | | | | | | | | |
| | | | | | | | | |
| Brazil | 1.0% | | | | | | | | |
| Itau Unibanco Holding SA | | | 1,762,900 | | | | 10,220,852 | |
| | | | | | | | | |
| Germany | 1.6% | | | | | | | | |
| Henkel AG & Co. KGaA | | | 187,108 | | | | 16,673,939 | |
| | | | | | | | | |
Total Preferred Stocks
(Cost $23,561,110) | | | | | | | 26,894,791 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 57
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 0.7% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $7,310,800 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $7,344,103) Proceeds of $7,203,174
(Cost $7,200,000) | | | $7,200 | | | $ | 7,200,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $380,198) | | | 380,198 | | | $ | 380,198 | |
| | | | | | | | | |
Total Investments | 98.1%
(Cost $821,788,299) | | | | | | $ | 1,009,113,090 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 1.9% | | | | | | | 19,407,446 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 1,028,520,536 | |
The accompanying notes are an integral part of these financial statements.
58 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Select Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 94.7% | | | | | | | | |
| | | | | | | | | |
| Belgium | 1.3% | | | | | | | | |
| KBC Group NV | | | 10,053 | | | $ | 709,124 | |
| | | | | | | | | |
| Canada | 1.6% | | | | | | | | |
| Suncor Energy, Inc. | | | 22,622 | | | | 862,350 | |
| | | | | | | | | |
| China | 7.4% | | | | | | | | |
| Alibaba Group Holding Ltd. | | | 59,500 | | | | 534,910 | |
| Autohome, Inc. ADR | | | 10,704 | | | | 293,825 | |
| ENN Energy Holdings Ltd. | | | 71,500 | | | | 588,717 | |
| ESR Group Ltd. | | | 184,800 | | | | 242,413 | |
| Li Ning Co. Ltd. | | | 205,000 | | | | 433,516 | |
| Sungrow Power Supply Co. Ltd., Class A | | | 65,100 | | | | 554,278 | |
| Tencent Holdings Ltd. | | | 28,500 | | | | 1,352,638 | |
| | | | | | | | 4,000,297 | |
| | | | | | | | | |
| Denmark | 3.9% | | | | | | | | |
| Carlsberg AS, Class B | | | 4,264 | | | | 510,296 | |
| Novo Nordisk AS, Class B | | | 11,309 | | | | 1,615,560 | |
| | | | | | | | 2,125,856 | |
| | | | | | | | | |
| Finland | 1.2% | | | | | | | | |
| Sampo OYJ, A Shares | | | 14,892 | | | | 639,331 | |
| | | | | | | | | |
| France | 8.2% | | | | | | | | |
| Air Liquide SA | | | 5,491 | | | | 945,342 | |
| Bureau Veritas SA | | | 33,214 | | | | 916,775 | |
| Capgemini SE | | | 3,317 | | | | 657,003 | |
| Engie SA | | | 49,479 | | | | 704,728 | |
| Pernod Ricard SA | | | 3,779 | | | | 514,274 | |
| Thales SA | | | 4,155 | | | | 667,643 | |
| | | | | | | | 4,405,765 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 59
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Germany | 6.4% | | | | | | | | |
| Continental AG | | | 9,095 | | | $ | 515,130 | |
| Merck KGaA | | | 3,687 | | | | 610,954 | |
| MTU Aero Engines AG | | | 2,288 | | | | 584,988 | |
| SAP SE | | | 2,921 | | | | 593,065 | |
| Siemens AG | | | 2,346 | | | | 436,331 | |
| Siemens Healthineers AG | | | 12,199 | | | | 702,727 | |
| | | | | | | | 3,443,195 | |
| | | | | | | | | |
| Greece | 1.2% | | | | | | | | |
| Piraeus Financial Holdings SA (*) | | | 172,288 | | | | 628,752 | |
| | | | | | | | | |
| Hong Kong | 1.9% | | | | | | | | |
| AIA Group Ltd. | | | 77,400 | | | | 524,845 | |
| Techtronic Industries Co. Ltd. | | | 42,500 | | | | 485,298 | |
| | | | | | | | 1,010,143 | |
| | | | | | | | | |
| India | 1.7% | | | | | | | | |
| ICICI Bank Ltd. ADR | | | 32,138 | | | | 925,896 | |
| | | | | | | | | |
| Indonesia | 2.2% | | | | | | | | |
| Bank Mandiri Persero Tbk PT | | | 2,077,400 | | | | 775,780 | |
| Telkom Indonesia Persero Tbk PT ADR | | | 21,972 | | | | 410,877 | |
| | | | | | | | 1,186,657 | |
| | | | | | | | | |
| Italy | 1.7% | | | | | | | | |
| Ryanair Holdings PLC ADR | | | 7,987 | | | | 930,006 | |
| | | | | | | | | |
| Japan | 11.6% | | | | | | | | |
| Daikin Industries Ltd. | | | 3,900 | | | | 538,756 | |
| FANUC Corp. | | | 27,600 | | | | 757,525 | |
| Hoya Corp. | | | 6,000 | | | | 702,046 | |
| Nitori Holdings Co. Ltd. | | | 2,500 | | | | 264,457 | |
| Nomura Research Institute Ltd. | | | 30,800 | | | | 869,499 | |
| Recruit Holdings Co. Ltd. | | | 12,700 | | | | 683,498 | |
The accompanying notes are an integral part of these financial statements.
60 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Renesas Electronics Corp. | | | 38,600 | | | $ | 728,808 | |
| Shin-Etsu Chemical Co. Ltd. | | | 14,700 | | | | 571,774 | |
| Suzuki Motor Corp. | | | 40,800 | | | | 472,188 | |
| Tokyo Electron Ltd. | | | 3,000 | | | | 658,791 | |
| | | | | | | | 6,247,342 | |
| | | | | | | | | |
| Mexico | 1.5% | | | | | | | | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 105,700 | | | | 823,645 | |
| | | | | | | | | |
| Netherlands | 4.6% | | | | | | | | |
| ASM International NV | | | 666 | | | | 507,291 | |
| IMCD NV | | | 3,704 | | | | 512,761 | |
| ING Groep NV | | | 49,131 | | | | 841,844 | |
| Universal Music Group NV | | | 20,839 | | | | 617,737 | |
| | | | | | | | 2,479,633 | |
| | | | | | | | | |
| Singapore | 1.9% | | | | | | | | |
| DBS Group Holdings Ltd. | | | 23,140 | | | | 609,755 | |
| STMicroelectronics NV | | | 11,235 | | | | 437,815 | |
| | | | | | | | 1,047,570 | |
| | | | | | | | | |
| South Korea | 1.0% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 9,286 | | | | 545,699 | |
| | | | | | | | | |
| Sweden | 1.1% | | | | | | | | |
| Epiroc AB, Class A | | | 29,591 | | | | 590,077 | |
| | | | | | | | | |
| Switzerland | 4.3% | | | | | | | | |
| ABB Ltd. | | | 18,499 | | | | 1,024,069 | |
| Cie Financiere Richemont SA, Class A | | | 6,176 | | | | 963,881 | |
| VAT Group AG | | | 557 | | | | 313,510 | |
| | | | | | | | 2,301,460 | |
| | | | | | | | | |
| Taiwan | 5.1% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 93,000 | | | | 2,765,960 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 61
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| United Kingdom | 12.5% | | | | | | | | |
| 3i Group PLC | | | 9,705 | | | $ | 374,262 | |
| Coca-Cola Europacific Partners PLC | | | 8,884 | | | | 649,302 | |
| Compass Group PLC | | | 45,251 | | | | 1,232,005 | |
| London Stock Exchange Group PLC | | | 5,270 | | | | 624,689 | |
| RELX PLC | | | 36,574 | | | | 1,676,590 | |
| Rentokil Initial PLC | | | 105,064 | | | | 612,607 | |
| Unilever PLC | | | 28,375 | | | | 1,562,261 | |
| | | | | | | | 6,731,716 | |
| | | | | | | | | |
| United States | 12.4% | | | | | | | | |
| Aon PLC, Class A | | | 3,485 | | | | 1,023,126 | |
| BP PLC | | | 278,983 | | | | 1,681,007 | |
| Chubb Ltd. | | | 2,793 | | | | 712,439 | |
| CRH PLC | | | 8,271 | | | | 620,160 | |
| Experian PLC | | | 14,456 | | | | 670,380 | |
| ICON PLC (*) | | | 2,888 | | | | 905,301 | |
| Roche Holding AG | | | 3,801 | | | | 1,054,832 | |
| | | | | | | | 6,667,245 | |
| | | | | | | | | |
Total Common Stocks
(Cost $43,629,681) | | | | | | | 51,067,719 | |
| | | | | | | | | |
| Preferred Stocks | 2.1% | | | | | | | | |
| | | | | | | | | |
| Brazil | 1.1% | | | | | | | | |
| Itau Unibanco Holding SA | | | 101,900 | | | | 590,791 | |
| | | | | | | | | |
| Germany | 1.0% | | | | | | | | |
| Henkel AG & Co. KGaA | | | 6,159 | | | | 548,853 | |
| | | | | | | | | |
Total Preferred Stocks
(Cost $937,229) | | | | | | | 1,139,644 | |
The accompanying notes are an integral part of these financial statements.
62 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Equity Select Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 1.8% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $1,064,400 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $999,603) Proceeds of $980,432
(Cost $980,000) | | | $980 | | | $ | 980,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $61,152) | | | 61,152 | | | $ | 61,152 | |
| | | | | | | | | |
Total Investments | 98.7%
(Cost $45,608,062) | | | | | | $ | 53,248,515 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 1.3% | | | | | | | 723,345 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 53,971,860 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 63
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Quality Growth Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 96.3% | | | | | | | | |
| | | | | | | | | |
| Australia | 1.6% | | | | | | | | |
| Computershare Ltd. | | | 247,000 | | | $ | 4,338,932 | |
| | | | | | | | | |
| Brazil | 1.5% | | | | | | | | |
| TOTVS SA ADR | | | 386,558 | | | | 4,213,482 | |
| | | | | | | | | |
| Canada | 4.5% | | | | | | | | |
| Dollarama, Inc. | | | 75,251 | | | | 6,870,803 | |
| Toromont Industries Ltd. | | | 62,265 | | | | 5,513,073 | |
| | | | | | | | 12,383,876 | |
| | | | | | | | | |
| China | 2.2% | | | | | | | | |
| Tencent Holdings Ltd. | | | 126,100 | | | | 5,984,829 | |
| | | | | | | | | |
| Denmark | 1.8% | | | | | | | | |
| Coloplast AS, Class B | | | 40,993 | | | | 4,923,100 | |
| | | | | | | | | |
| France | 6.6% | | | | | | | | |
| Legrand SA | | | 52,126 | | | | 5,194,525 | |
| LVMH Moet Hennessy Louis Vuitton SE | | | 10,844 | | | | 8,327,664 | |
| Pernod Ricard SA | | | 32,130 | | | | 4,372,484 | |
| | | | | | | | 17,894,673 | |
| | | | | | | | | |
| Germany | 4.9% | | | | | | | | |
| SAP SE | | | 40,503 | | | | 8,223,524 | |
| Scout24 SE | | | 65,929 | | | | 5,026,975 | |
| | | | | | | | 13,250,499 | |
| | | | | | | | | |
| Hong Kong | 3.1% | | | | | | | | |
| AIA Group Ltd. | | | 466,000 | | | | 3,159,923 | |
| Hong Kong Exchanges & Clearing Ltd. | | | 162,000 | | | | 5,161,622 | |
| | | | | | | | 8,321,545 | |
| | | | | | | | | |
| India | 2.9% | | | | | | | | |
| HDFC Bank Ltd. ADR | | | 121,087 | | | | 7,789,527 | |
The accompanying notes are an integral part of these financial statements.
64 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Quality Growth Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Israel | 2.5% | | | | | | | | |
| Check Point Software Technologies Ltd. (*) | | | 41,819 | | | $ | 6,900,135 | |
| | | | | | | | | |
| Japan | 8.8% | | | | | | | | |
| Hoya Corp. | | | 43,800 | | | | 5,124,937 | |
| Keyence Corp. | | | 12,200 | | | | 5,382,340 | |
| M3, Inc. | | | 398,500 | | | | 3,826,584 | |
| Pigeon Corp. | | | 86,400 | | | | 780,957 | |
| Shimano, Inc. | | | 15,200 | | | | 2,355,204 | |
| SMS Co. Ltd. | | | 303,100 | | | | 3,832,874 | |
| Toei Animation Co. Ltd. | | | 179,200 | | | | 2,778,634 | |
| | | | | | | | 24,081,530 | |
| | | | | | | | | |
| Netherlands | 8.8% | | | | | | | | |
| ASML Holding NV | | | 7,904 | | | | 8,154,538 | |
| IMCD NV | | | 31,658 | | | | 4,382,557 | |
| Universal Music Group NV | | | 194,890 | | | | 5,777,184 | |
| Wolters Kluwer NV | | | 34,690 | | | | 5,734,644 | |
| | | | | | | | 24,048,923 | |
| | | | | | | | | |
| Norway | 2.1% | | | | | | | | |
| AutoStore Holdings Ltd. (*) | | | 938,056 | | | | 1,094,700 | |
| Gjensidige Forsikring ASA | | | 253,897 | | | | 4,536,874 | |
| | | | | | | | 5,631,574 | |
| | | | | | | | | |
| South Africa | 2.7% | | | | | | | | |
| Clicks Group Ltd. | | | 395,991 | | | | 7,495,387 | |
| | | | | | | | | |
| Spain | 2.8% | | | | | | | | |
| Industria de Diseno Textil SA | | | 154,698 | | | | 7,644,804 | |
| | | | | | | | | |
| Sweden | 4.2% | | | | | | | | |
| Assa Abloy AB, Class B | | | 230,077 | | | | 6,520,402 | |
| Hexagon AB, B Shares | | | 439,764 | | | | 4,936,463 | |
| | | | | | | | 11,456,865 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 65
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Quality Growth Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Switzerland | 5.3% | | | | | | | | |
| Partners Group Holding AG | | | 6,530 | | | $ | 8,397,639 | |
| VAT Group AG | | | 10,725 | | | | 6,036,627 | |
| | | | | | | | 14,434,266 | |
| | | | | | | | | |
| Taiwan | 4.6% | | | | | | | | |
| Lotes Co. Ltd. | | | 59,000 | | | | 2,938,210 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 54,960 | | | | 9,552,598 | |
| | | | | | | | 12,490,808 | |
| | | | | | | | | |
| United Kingdom | 15.7% | | | | | | | | |
| Allfunds Group PLC | | | 207,827 | | | | 1,162,789 | |
| Diageo PLC | | | 140,012 | | | | 4,404,830 | |
| Diploma PLC | | | 79,994 | | | | 4,173,887 | |
| Halma PLC | | | 280,215 | | | | 9,539,874 | |
| London Stock Exchange Group PLC | | | 68,939 | | | | 8,171,811 | |
| RELX PLC | | | 181,717 | | | | 8,330,494 | |
| Unilever PLC | | | 125,605 | | | | 6,897,404 | |
| | | | | | | | 42,681,089 | |
| | | | | | | | | |
| United States | 9.7% | | | | | | | | |
| Accenture PLC, Class A | | | 23,934 | | | | 7,261,815 | |
| Aon PLC, Class A | | | 30,330 | | | | 8,904,281 | |
| BRP, Inc. | | | 56,721 | | | | 3,634,075 | |
| Experian PLC | | | 140,974 | | | | 6,537,500 | |
| | | | | | | | 26,337,671 | |
| | | | | | | | | |
Total Common Stocks
(Cost $242,475,651) | | | | | | | 262,303,515 | |
| | | | | | | | | |
| Preferred Stocks | 1.3% | | | | | | | | |
| | | | | | | | | |
| Germany | 1.3% | | | | | | | | |
Sartorius AG
(Cost $5,552,471) | | | 14,680 | | | | 3,440,551 | |
The accompanying notes are an integral part of these financial statements.
66 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Quality Growth Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 1.8% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $5,463,200 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $5,130,622) Proceeds of $5,032,217
(Cost $5,030,000) | | | $5,030 | | | $ | 5,030,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $274,450) | | | 274,450 | | | $ | 274,450 | |
| | | | | | | | | |
Total Investments | 99.5%
(Cost $253,332,572) | | | | | | $ | 271,048,516 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.5% | | | | | | | 1,353,828 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 272,402,344 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 67
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Small Cap Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.8% | | | | | | | | |
| | | | | | | | | |
| Australia | 5.6% | | | | | | | | |
| ALS Ltd. | | | 11,485 | | | $ | 106,873 | |
| Amotiv Ltd. | | | 17,622 | | | | 122,783 | |
| AUB Group Ltd. | | | 8,044 | | | | 170,504 | |
| National Storage REIT | | | 51,930 | | | | 79,684 | |
| SmartGroup Corp. Ltd. | | | 20,818 | | | | 116,863 | |
| | | | | | | | 596,707 | |
| | | | | | | | | |
| Austria | 1.5% | | | | | | | | |
| BAWAG Group AG | | | 2,468 | | | | 155,749 | |
| | | | | | | | | |
| Belgium | 0.7% | | | | | | | | |
| Azelis Group NV | | | 4,313 | | | | 76,939 | |
| | | | | | | | | |
| Canada | 5.4% | | | | | | | | |
| Descartes Systems Group, Inc. (*) | | | 913 | | | | 88,461 | |
| Dream Industrial REIT | | | 14,005 | | | | 129,705 | |
| Spin Master Corp. | | | 5,235 | | | | 107,872 | |
| Stelco Holdings, Inc. | | | 2,342 | | | | 63,632 | |
| Toromont Industries Ltd. | | | 792 | | | | 70,125 | |
| Trisura Group Ltd. (*) | | | 4,003 | | | | 121,081 | |
| | | | | | | | 580,876 | |
| | | | | | | | | |
| Denmark | 2.0% | | | | | | | | |
| Zealand Pharma AS (*) | | | 1,703 | | | | 216,779 | |
| | | | | | | | | |
| Finland | 1.5% | | | | | | | | |
| Kemira OYJ | | | 6,473 | | | | 157,710 | |
| | | | | | | | | |
| France | 7.1% | | | | | | | | |
| Exosens SAS | | | 5,049 | | | | 114,687 | |
| Gaztransport Et Technigaz SA | | | 1,051 | | | | 136,978 | |
| Planisware SA | | | 4,700 | | | | 132,419 | |
| Remy Cointreau SA | | | 1,300 | | | | 108,896 | |
The accompanying notes are an integral part of these financial statements.
68 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| SEB SA | | | 965 | | | $ | 98,392 | |
| SOITEC (*) | | | 625 | | | | 69,162 | |
| Technip Energies NV | | | 4,259 | | | | 95,179 | |
| | | | | | | | 755,713 | |
| | | | | | | | | |
| Germany | 6.6% | | | | | | | | |
| Covestro AG (*) | | | 2,013 | | | | 117,996 | |
| CTS Eventim AG & Co. KGaA | | | 938 | | | | 78,289 | |
| Gerresheimer AG | | | 1,006 | | | | 108,043 | |
| Hensoldt AG | | | 2,769 | | | | 101,799 | |
| JOST Werke SE | | | 2,130 | | | | 98,074 | |
| Sirius Real Estate Ltd. REIT | | | 131,497 | | | | 155,853 | |
| Stabilus SE | | | 847 | | | | 38,754 | |
| | | | | | | | 698,808 | |
| | | | | | | | | |
| Greece | 3.1% | | | | | | | | |
| Jumbo SA | | | 6,355 | | | | 182,342 | |
| National Bank of Greece SA (*) | | | 17,598 | | | | 146,773 | |
| | | | | | | | 329,115 | |
| | | | | | | | | |
| Italy | 7.2% | | | | | | | | |
| BFF Bank SpA | | | 16,359 | | | | 155,831 | |
| Italgas SpA | | | 26,803 | | | | 132,078 | |
| Sanlorenzo SpA | | | 3,459 | | | | 143,458 | |
| Sesa SpA | | | 1,125 | | | | 139,162 | |
| SOL SpA | | | 3,348 | | | | 118,394 | |
| Tinexta SpA | | | 4,808 | | | | 83,301 | |
| | | | | | | | 772,224 | |
| | | | | | | | | |
| Japan | 27.2% | | | | | | | | |
| Ai Holdings Corp. | | | 7,900 | | | | 116,985 | |
| BayCurrent Consulting, Inc. | | | 4,500 | | | | 90,686 | |
| Bell System24 Holdings, Inc. | | | 15,500 | | | | 154,321 | |
| Hulic Co. Ltd. | | | 13,500 | | | | 119,827 | |
| Jeol Ltd. | | | 2,800 | | | | 127,763 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 69
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Koito Manufacturing Co. Ltd. | | | 6,100 | | | $ | 84,227 | |
| MatsukiyoCocokara & Co. | | | 8,200 | | | | 118,064 | |
| MINEBEA MITSUMI, Inc. | | | 6,900 | | | | 142,299 | |
| Money Forward, Inc. (*) | | | 4,600 | | | | 155,195 | |
| Nihon Kohden Corp. | | | 9,300 | | | | 134,476 | |
| Nippon Gas Co. Ltd. | | | 9,700 | | | | 145,456 | |
| Nippon Sanso Holdings Corp. | | | 5,200 | | | | 154,710 | |
| Open Up Group, Inc. | | | 10,800 | | | | 133,468 | |
| SBI Sumishin Net Bank Ltd. | | | 10,000 | | | | 190,244 | |
| Shimadzu Corp. | | | 4,700 | | | | 118,011 | |
| Sumitomo Forestry Co. Ltd. | | | 4,100 | | | | 131,128 | |
| TechnoPro Holdings, Inc. | | | 6,835 | | | | 112,082 | |
| Tokyo Century Corp. | | | 13,600 | | | | 127,703 | |
| Toyo Suisan Kaisha Ltd. | | | 2,200 | | | | 130,639 | |
| USS Co. Ltd. | | | 20,700 | | | | 174,213 | |
| Zenkoku Hosho Co. Ltd. | | | 2,842 | | | | 104,827 | |
| ZOZO, Inc. | | | 5,500 | | | | 137,980 | |
| | | | | | | | 2,904,304 | |
| | | | | | | | | |
| Jersey | 1.8% | | | | | | | | |
| JTC PLC | | | 16,189 | | | | 196,870 | |
| | | | | | | | | |
| Mexico | 1.8% | | | | | | | | |
| Arca Continental SAB de CV | | | 19,100 | | | | 187,304 | |
| | | | | | | | | |
| Netherlands | 3.9% | | | | | | | | |
| Aalberts NV | | | 2,417 | | | | 97,959 | |
| Arcadis NV | | | 2,467 | | | | 156,070 | |
| CTP NV | | | 9,278 | | | | 157,770 | |
| | | | | | | | 411,799 | |
| | | | | | | | | |
| Spain | 1.0% | | | | | | | | |
| CIE Automotive SA | | | 3,838 | | | | 106,440 | |
The accompanying notes are an integral part of these financial statements.
70 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Sweden | 3.1% | | | | | | | | |
| Catena AB | | | 3,145 | | | $ | 156,613 | |
| Munters Group AB | | | 5,219 | | | | 97,782 | |
| Swedish Orphan Biovitrum AB (*) | | | 3,034 | | | | 81,017 | |
| | | | | | | | 335,412 | |
| | | | | | | | | |
| Switzerland | 1.7% | | | | | | | | |
| Swissquote Group Holding SA | | | 373 | | | | 117,202 | |
| Tecan Group AG | | | 200 | | | | 67,023 | |
| | | | | | | | 184,225 | |
| | | | | | | | | |
| Turkey | 1.2% | | | | | | | | |
| BIM Birlesik Magazalar AS | | | 7,712 | | | | 128,652 | |
| | | | | | | | | |
| United Kingdom | 14.6% | | | | | | | | |
| Allfunds Group PLC | | | 13,346 | | | | 74,671 | |
| Alphawave IP Group PLC (*) | | | 52,746 | | | | 95,586 | |
| Auto Trader Group PLC | | | 13,786 | | | | 138,959 | |
| Britvic PLC | | | 13,149 | | | | 196,400 | |
| ConvaTec Group PLC | | | 43,240 | | | | 128,388 | |
| Diploma PLC | | | 2,036 | | | | 106,233 | |
| Dowlais Group PLC | | | 86,367 | | | | 79,365 | |
| Genuit Group. PLC | | | 24,679 | | | | 134,533 | |
| GlobalData PLC | | | 55,180 | | | | 152,185 | |
| Marlowe PLC | | | 10,748 | | | | 58,457 | |
| Urban Logistics REIT PLC | | | 98,519 | | | | 146,539 | |
| Volution Group PLC | | | 21,330 | | | | 121,322 | |
| Weir Group PLC | | | 4,905 | | | | 122,358 | |
| | | | | | | | 1,554,996 | |
| | | | | | | | | |
| United States | 0.8% | | | | | | | | |
| Samsonite International SA | | | 28,500 | | | | 85,023 | |
| | | | | | | | | |
Total Common Stocks
(Cost $10,231,536) | | | | | | | 10,435,645 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 71
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard International Small Cap Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 0.3% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $32,600 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $30,631) Proceeds of $30,013
(Cost $30,000) | | | $30 | | | $ | 30,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $2,972) | | | 2,972 | | | $ | 2,972 | |
| | | | | | | | | |
Total Investments | 98.1%
(Cost $10,264,508) | | | | | | $ | 10,468,617 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 1.9% | | | | | | | 201,433 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 10,670,050 | |
The accompanying notes are an integral part of these financial statements.
72 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard International Strategic Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.8% | | | | | | | | |
| | | | | | | | | |
| Belgium | 1.3% | | | | | | | | |
| KBC Group NV | | | 656,949 | | | $ | 46,340,205 | |
| | | | | | | | | |
| Canada | 3.3% | | | | | | | | |
| Canadian Pacific Kansas City Ltd. | | | 869,530 | | | | 68,479,341 | |
| Suncor Energy, Inc. | | | 1,459,420 | | | | 55,633,020 | |
| | | | | | | | 124,112,361 | |
| | | | | | | | | |
| Denmark | 7.4% | | | | | | | | |
| Carlsberg AS, Class B | | | 596,836 | | | | 71,426,576 | |
| Novo Nordisk AS, Class B | | | 1,423,290 | | | | 203,325,753 | |
| | | | | | | | 274,752,329 | |
| | | | | | | | | |
| Finland | 1.9% | | | | | | | | |
| Sampo OYJ, A Shares | | | 1,683,278 | | | | 72,265,070 | |
| | | | | | | | | |
| France | 4.7% | | | | | | | | |
| Airbus SE | | | 569,256 | | | | 78,492,232 | |
| Engie SA | | | 3,326,270 | | | | 47,375,945 | |
| Pernod Ricard SA | | | 352,959 | | | | 48,033,225 | |
| | | | | | | | 173,901,402 | |
| | | | | | | | | |
| Germany | 11.3% | | | | | | | | |
| Continental AG | | | 742,166 | | | | 42,035,416 | |
| Douglas AG | | | 1,625,342 | | | | 29,692,757 | |
| Gerresheimer AG | | | 355,185 | | | | 38,146,451 | |
| Infineon Technologies AG | | | 1,467,244 | | | | 53,902,531 | |
| Merck KGaA | | | 471,333 | | | | 78,102,183 | |
| MTU Aero Engines AG | | | 229,626 | | | | 58,710,026 | |
| Schott Pharma AG & Co. KGaA | | | 833,050 | | | | 27,306,067 | |
| Siemens AG | | | 488,067 | | | | 90,775,163 | |
| | | | | | | | 418,670,594 | |
| | | | | | | | | |
| Greece | 1.4% | | | | | | | | |
| Piraeus Financial Holdings SA (*) | | | 14,197,723 | | | | 51,813,486 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 73
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard International Strategic Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| India | 1.1% | | | | | | | | |
| HDFC Bank Ltd. | | | 2,038,147 | | | $ | 41,171,694 | |
| | | | | | | | | |
| Israel | 3.1% | | | | | | | | |
| Bank Leumi Le-Israel BM | | | 8,815,206 | | | | 71,796,210 | |
| Wix.com Ltd. (*) | | | 279,569 | | | | 44,471,041 | |
| | | | | | | | 116,267,251 | |
| | | | | | | | | |
| Italy | 5.0% | | | | | | | | |
| BFF Bank SpA | | | 3,929,141 | | | | 37,427,708 | |
| Ryanair Holdings PLC ADR | | | 617,907 | | | | 71,949,091 | |
| UniCredit SpA | | | 2,079,691 | | | | 77,490,202 | |
| | | | | | | | 186,867,001 | |
| | | | | | | | | |
| Japan | 14.1% | | | | | | | | |
| Advantest Corp. | | | 816,700 | | | | 33,056,180 | |
| BayCurrent Consulting, Inc. | | | 1,474,600 | | | | 29,716,761 | |
| Daikin Industries Ltd. | | | 282,500 | | | | 39,025,237 | |
| FANUC Corp. | | | 1,918,900 | | | | 52,667,216 | |
| Hoya Corp. | | | 588,900 | | | | 68,905,827 | |
| Kobe Bussan Co. Ltd. | | | 1,255,000 | | | | 27,926,523 | |
| Koito Manufacturing Co. Ltd. | | | 2,039,400 | | | | 28,159,422 | |
| Mitsubishi Electric Corp. | | | 3,020,400 | | | | 48,283,689 | |
| Renesas Electronics Corp. | | | 3,284,700 | | | | 62,018,522 | |
| Shimadzu Corp. | | | 1,561,500 | | | | 39,207,360 | |
| Suzuki Motor Corp. | | | 3,423,688 | | | | 39,623,093 | |
| Ulvac, Inc. | | | 838,800 | | | | 55,254,536 | |
| | | | | | | | 523,844,366 | |
| | | | | | | | | |
| Mexico | 1.7% | | | | | | | | |
| Arca Continental SAB de CV | | | 6,538,300 | | | | 64,117,868 | |
| | | | | | | | | |
| Netherlands | 4.3% | | | | | | | | |
| ASML Holding NV | | | 156,067 | | | | 161,013,951 | |
| | | | | | | | | |
| Portugal | 1.1% | | | | | | | | |
| EDP - Energias de Portugal SA | | | 10,685,923 | | | | 40,035,951 | |
The accompanying notes are an integral part of these financial statements.
74 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard International Strategic Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Singapore | 1.3% | | | | | | | | |
| STMicroelectronics NV | | | 1,196,144 | | | $ | 46,612,424 | |
| | | | | | | | | |
| South Korea | 1.4% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 914,460 | | | | 53,738,967 | |
| | | | | | | | | |
| Sweden | 1.7% | | | | | | | | |
| Hexagon AB, B Shares | | | 5,477,471 | | | | 61,486,015 | |
| | | | | | | | | |
| Switzerland | 2.2% | | | | | | | | |
| ABB Ltd. | | | 1,483,397 | | | | 82,117,972 | |
| | | | | | | | | |
| Taiwan | 1.0% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 1,253,000 | | | | 37,266,110 | |
| | | | | | | | | |
| United Kingdom | 16.1% | | | | | | | | |
| Allfunds Group PLC | | | 4,372,642 | | | | 24,464,861 | |
| Ashtead Group PLC | | | 654,765 | | | | 43,626,281 | |
| Coca-Cola Europacific Partners PLC | | | 1,182,199 | | | | 86,403,057 | |
| Compass Group PLC | | | 2,654,080 | | | | 72,260,034 | |
| Informa PLC | | | 5,200,435 | | | | 56,301,174 | |
| London Stock Exchange Group PLC | | | 592,922 | | | | 70,283,100 | |
| National Grid PLC | | | 3,929,345 | | | | 43,818,075 | |
| RELX PLC | | | 2,679,065 | | | | 122,811,148 | |
| Weir Group PLC | | | 1,574,162 | | | | 39,268,425 | |
| WPP PLC | | | 4,049,461 | | | | 37,122,178 | |
| | | | | | | | 596,358,333 | |
| | | | | | | | | |
| United States | 12.4% | | | | | | | | |
| Accenture PLC, Class A | | | 265,656 | | | | 80,602,687 | |
| Aon PLC, Class A | | | 299,038 | | | | 87,791,576 | |
| Chubb Ltd. | | | 292,223 | | | | 74,540,243 | |
| CRH PLC | | | 726,365 | | | | 54,462,848 | |
| Experian PLC | | | 1,215,975 | | | | 56,389,380 | |
| ICON PLC (*) | | | 334,059 | | | | 104,717,475 | |
| | | | | | | | 458,504,209 | |
| | | | | | | | | |
Total Common Stocks
(Cost $2,927,652,054) | | | | | | | 3,631,257,559 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 75
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard International Strategic Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 2.0% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $80,286,100 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $75,398,476) Proceeds of $73,952,586
(Cost $73,920,000) | | | $73,920 | | | $ | 73,920,000 | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $3,896,765) | | | 3,896,765 | | | $ | 3,896,765 | |
| | | | | | | | | |
Total Investments | 99.9%
(Cost $3,005,468,819) | | | | | | $ | 3,709,074,324 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.1% | | | | | | | 3,173,812 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 3,712,248,136 | |
The accompanying notes are an integral part of these financial statements.
76 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 98.2% | | | | | | | | |
| | | | | | | | | |
| Australia | 0.8% | | | | | | | | |
| Telstra Group Ltd. | | | 51,177 | | | $ | 123,329 | |
| | | | | | | | | |
| Bermuda | 0.2% | | | | | | | | |
| RenaissanceRe Holdings Ltd. | | | 163 | | | | 36,432 | |
| | | | | | | | | |
| Canada | 4.9% | | | | | | | | |
| CGI, Inc. (*) | | | 1,086 | | | | 108,398 | |
| Dollarama, Inc. | | | 1,273 | | | | 116,231 | |
| Fairfax Financial Holdings Ltd. | | | 66 | | | | 75,083 | |
| Fortis, Inc. | | | 1,431 | | | | 55,617 | |
| Hydro One Ltd. | | | 1,668 | | | | 48,587 | |
| Loblaw Cos. Ltd. | | | 1,286 | | | | 149,182 | |
| Metro, Inc. | | | 2,954 | | | | 163,652 | |
| Teekay Tankers Ltd., Class A | | | 638 | | | | 43,901 | |
| | | | | | | | 760,651 | |
| | | | | | | | | |
| China | 1.0% | | | | | | | | |
| BOC Hong Kong Holdings Ltd. | | | 12,500 | | | | 38,585 | |
| NXP Semiconductors NV | | | 232 | | | | 62,429 | |
| Yangzijiang Shipbuilding Holdings Ltd. | | | 29,600 | | | | 53,595 | |
| | | | | | | | 154,609 | |
| | | | | | | | | |
| Denmark | 0.9% | | | | | | | | |
| Jyske Bank AS | | | 444 | | | | 35,287 | |
| Novo Nordisk AS, Class B | | | 757 | | | | 108,142 | |
| | | | | | | | 143,429 | |
| | | | | | | | | |
| France | 1.2% | | | | | | | | |
| Cie Generale des Etablissements Michelin SCA | | | 986 | | | | 38,045 | |
| Orange SA | | | 14,705 | | | | 147,250 | |
| | | | | | | | 185,295 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 77
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Hong Kong | 1.1% | | | | | | | | |
| Hang Lung Properties Ltd. | | | 33,000 | | | $ | 28,146 | |
| Henderson Land Development Co. Ltd. | | | 16,000 | | | | 42,789 | |
| Swire Pacific Ltd., Class A | | | 4,000 | | | | 35,356 | |
| WH Group Ltd. | | | 83,500 | | | | 54,935 | |
| | | | | | | | 161,226 | |
| | | | | | | | | |
| Israel | 0.3% | | | | | | | | |
| Bezeq The Israeli Telecommunication Corp. Ltd. | | | 44,189 | | | | 49,565 | |
| | | | | | | | | |
| Italy | 0.3% | | | | | | | | |
| Banco BPM SpA | | | 6,409 | | | | 41,459 | |
| | | | | | | | | |
| Japan | 13.5% | | | | | | | | |
| Central Japan Railway Co. | | | 3,000 | | | | 64,759 | |
| Chugoku Electric Power Co., Inc. | | | 4,900 | | | | 32,025 | |
| East Japan Railway Co. | | | 7,400 | | | | 122,724 | |
| Ezaki Glico Co. Ltd. | | | 1,100 | | | | 28,601 | |
| Hachijuni Bank Ltd. | | | 6,700 | | | | 43,730 | |
| Japan Post Bank Co. Ltd. | | | 20,000 | | | | 189,333 | |
| Japan Post Holdings Co. Ltd. | | | 24,200 | | | | 240,526 | |
| Japan Real Estate Investment Corp. REIT | | | 38 | | | | 119,984 | |
| KDDI Corp. | | | 2,600 | | | | 68,901 | |
| Kirin Holdings Co. Ltd. | | | 4,900 | | | | 63,206 | |
| Kuraray Co. Ltd. | | | 7,600 | | | | 87,611 | |
| Kyushu Railway Co. | | | 2,000 | | | | 43,344 | |
| MEIJI Holdings Co. Ltd. | | | 5,500 | | | | 118,588 | |
| Morinaga Milk Industry Co. Ltd. | | | 2,600 | | | | 54,429 | |
| Nagoya Railroad Co. Ltd. | | | 4,900 | | | | 53,427 | |
| NGK Insulators Ltd. | | | 5,200 | | | | 66,506 | |
| Nippon Telegraph & Telephone Corp. | | | 160,900 | | | | 152,074 | |
| Nomura Real Estate Master Fund, Inc. REIT | | | 36 | | | | 31,953 | |
| Ono Pharmaceutical Co. Ltd. | | | 5,100 | | | | 69,638 | |
| Oracle Corp. | | | 500 | | | | 34,592 | |
| Osaka Gas Co. Ltd. | | | 8,700 | | | | 192,075 | |
| Sankyo Co. Ltd. | | | 3,200 | | | | 34,773 | |
The accompanying notes are an integral part of these financial statements.
78 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| SoftBank Corp. | | | 2,800 | | | $ | 34,261 | |
| Tokyo Gas Co. Ltd. | | | 3,400 | | | | 72,540 | |
| Yakult Honsha Co. Ltd. | | | 2,700 | | | | 48,280 | |
| | | | | | | | 2,067,880 | |
| | | | | | | | | |
| Netherlands | 1.7% | | | | | | | | |
| EXOR NV | | | 478 | | | | 49,818 | |
| Koninklijke Ahold Delhaize NV | | | 1,153 | | | | 34,031 | |
| Koninklijke KPN NV | | | 13,393 | | | | 51,325 | |
| Wolters Kluwer NV | | | 733 | | | | 121,173 | |
| | | | | | | | 256,347 | |
| | | | | | | | | |
| Singapore | 0.8% | | | | | | | | |
| City Developments Ltd. | | | 15,800 | | | | 59,967 | |
| Jardine Cycle & Carriage Ltd. | | | 3,100 | | | | 60,621 | |
| | | | | | | | 120,588 | |
| | | | | | | | | |
| Switzerland | 1.9% | | | | | | | | |
| Givaudan SA | | | 17 | | | | 80,642 | |
| Logitech International SA | | | 483 | | | | 46,478 | |
| Novartis AG | | | 1,212 | | | | 129,845 | |
| PSP Swiss Property AG | | | 320 | | | | 41,080 | |
| | | | | | | | 298,045 | |
| | | | | | | | | |
| United Kingdom | 5.0% | | | | | | | | |
| AstraZeneca PLC | | | 759 | | | | 118,325 | |
| BAE Systems PLC | | | 6,606 | | | | 110,303 | |
| Fidelis Insurance Holdings Ltd. | | | 2,895 | | | | 47,218 | |
| HSBC Holdings PLC | | | 6,353 | | | | 54,979 | |
| RELX PLC | | | 2,359 | | | | 108,139 | |
| Serco Group PLC | | | 17,821 | | | | 40,512 | |
| Standard Chartered PLC | | | 7,139 | | | | 64,324 | |
| Unilever PLC | | | 2,637 | | | | 145,187 | |
| Vodafone Group PLC | | | 51,164 | | | | 45,077 | |
| Yellow Cake PLC (*) | | | 4,373 | | | | 32,205 | |
| | | | | | | | 766,269 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 79
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| United States | 64.6% | | | | | | | | |
| Agree Realty Corp. REIT | | | 1,319 | | | $ | 81,699 | |
| Alkermes PLC (*) | | | 1,284 | | | | 30,944 | |
| Allison Transmission Holdings, Inc. | | | 1,096 | | | | 83,186 | |
| Allstate Corp. | | | 223 | | | | 35,604 | |
| Alphabet, Inc., Class C | | | 862 | | | | 158,108 | |
| Altria Group, Inc. | | | 2,974 | | | | 135,466 | |
| Amdocs Ltd. | | | 385 | | | | 30,384 | |
| Ameren Corp. | | | 1,325 | | | | 94,221 | |
| American Electric Power Co., Inc. | | | 1,117 | | | | 98,006 | |
| American Tower Corp. REIT | | | 660 | | | | 128,291 | |
| Aon PLC, Class A | | | 336 | | | | 98,643 | |
| AptarGroup, Inc. | | | 235 | | | | 33,090 | |
| Assurant, Inc. | | | 371 | | | | 61,679 | |
| AT&T, Inc. | | | 3,049 | | | | 58,266 | |
| Atlassian Corp., Class A (*) | | | 253 | | | | 44,751 | |
| Atmos Energy Corp. | | | 971 | | | | 113,267 | |
| Automatic Data Processing, Inc. | | | 372 | | | | 88,793 | |
| Axis Capital Holdings Ltd. | | | 758 | | | | 53,553 | |
| Becton Dickinson & Co. | | | 158 | | | | 36,926 | |
| Biogen, Inc. (*) | | | 219 | | | | 50,769 | |
| Boston Scientific Corp. (*) | | | 675 | | | | 51,982 | |
| Brady Corp., Class A | | | 612 | | | | 40,404 | |
| Bristol-Myers Squibb Co. | | | 4,517 | | | | 187,591 | |
| Cal-Maine Foods, Inc. | | | 1,702 | | | | 104,009 | |
| Cardinal Health, Inc. | | | 586 | | | | 57,616 | |
| Cboe Global Markets, Inc. | | | 697 | | | | 118,532 | |
| CDW Corp. | | | 260 | | | | 58,198 | |
| Cencora, Inc. | | | 832 | | | | 187,450 | |
| Centene Corp. (*) | | | 726 | | | | 48,134 | |
| Central Garden & Pet Co., Class A (*) | | | 1,411 | | | | 46,605 | |
| Chemed Corp. | | | 122 | | | | 66,195 | |
| Chubb Ltd. | | | 123 | | | | 31,375 | |
| Cigna Group | | | 368 | | | | 121,650 | |
| Cirrus Logic, Inc. (*) | | | 296 | | | | 37,787 | |
| Cisco Systems, Inc. | | | 2,290 | | | | 108,798 | |
The accompanying notes are an integral part of these financial statements.
80 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Clearwater Paper Corp. (*) | | | 924 | | | $ | 44,786 | |
| CMS Energy Corp. | | | 631 | | | | 37,563 | |
| Coca-Cola Co. | | | 958 | | | | 60,977 | |
| Cognizant Technology Solutions Corp., Class A | | | 757 | | | | 51,476 | |
| Colgate-Palmolive Co. | | | 2,649 | | | | 257,059 | |
| Comcast Corp., Class A | | | 3,253 | | | | 127,387 | |
| CommVault Systems, Inc. (*) | | | 498 | | | | 60,542 | |
| Consolidated Edison, Inc. | | | 903 | | | | 80,746 | |
| Constellation Brands, Inc., Class A | | | 142 | | | | 36,534 | |
| Corebridge Financial, Inc. | | | 1,486 | | | | 43,272 | |
| Coterra Energy, Inc. | | | 1,183 | | | | 31,551 | |
| CSG Systems International, Inc. | | | 1,000 | | | | 41,170 | |
| CVS Health Corp. | | | 1,479 | | | | 87,350 | |
| DaVita, Inc. (*) | | | 351 | | | | 48,638 | |
| Deckers Outdoor Corp. (*) | | | 55 | | | | 53,237 | |
| Dell Technologies, Inc., Class C | | | 219 | | | | 30,202 | |
| Dominion Energy, Inc. | | | 1,004 | | | | 49,196 | |
| Dropbox, Inc., Class A (*) | | | 1,874 | | | | 42,109 | |
| Electronic Arts, Inc. | | | 1,092 | | | | 152,148 | |
| Eli Lilly & Co. | | | 38 | | | | 34,404 | |
| Enact Holdings, Inc. | | | 1,260 | | | | 38,632 | |
| Entergy Corp. | | | 724 | | | | 77,468 | |
| Everest Group Ltd. | | | 142 | | | | 54,105 | |
| Fiserv, Inc. (*) | | | 899 | | | | 133,987 | |
| Fulton Financial Corp. | | | 2,207 | | | | 37,475 | |
| General Mills, Inc. | | | 1,947 | | | | 123,167 | |
| Gilead Sciences, Inc. | | | 3,128 | | | | 214,612 | |
| GSK PLC | | | 6,760 | | | | 130,285 | |
| Hartford Financial Services Group, Inc. | | | 453 | | | | 45,545 | |
| Horace Mann Educators Corp. | | | 1,300 | | | | 42,406 | |
| Ingredion, Inc. | | | 570 | | | | 65,379 | |
| International Business Machines Corp. | | | 542 | | | | 93,739 | |
| International Seaways, Inc. | | | 674 | | | | 39,854 | |
| Johnson & Johnson | | | 820 | | | | 119,851 | |
| Kellanova | | | 1,094 | | | | 63,102 | |
| Kimberly-Clark Corp. | | | 1,732 | | | | 239,362 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 81
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Kroger Co. | | | 1,630 | | | $ | 81,386 | |
| Lockheed Martin Corp. | | | 400 | | | | 186,840 | |
| M&T Bank Corp. | | | 300 | | | | 45,408 | |
| MasterCard, Inc., Class A | | | 143 | | | | 63,086 | |
| McKesson Corp. | | | 126 | | | | 73,589 | |
| Merck & Co., Inc. | | | 1,533 | | | | 189,785 | |
| Meta Platforms, Inc., Class A | | | 149 | | | | 75,129 | |
| Molina Healthcare, Inc. (*) | | | 105 | | | | 31,217 | |
| National Fuel Gas Co. | | | 1,033 | | | | 55,978 | |
| National HealthCare Corp. | | | 728 | | | | 78,915 | |
| Neurocrine Biosciences, Inc. (*) | | | 437 | | | | 60,162 | |
| NewMarket Corp. | | | 371 | | | | 191,276 | |
| NiSource, Inc. | | | 1,058 | | | | 30,481 | |
| Northrop Grumman Corp. | | | 114 | | | | 49,698 | |
| PACCAR, Inc. | | | 376 | | | | 38,705 | |
| PepsiCo, Inc. | | | 1,384 | | | | 228,263 | |
| Philip Morris International, Inc. | | | 365 | | | | 36,985 | |
| Procter & Gamble Co. | | | 1,400 | | | | 230,888 | |
| QUALCOMM, Inc. | | | 455 | | | | 90,627 | |
| Qualys, Inc. (*) | | | 332 | | | | 47,343 | |
| Regeneron Pharmaceuticals, Inc. (*) | | | 144 | | | | 151,348 | |
| RingCentral, Inc., Class A (*) | | | 924 | | | | 26,057 | |
| Roche Holding AG | | | 989 | | | | 274,462 | |
| SBA Communications Corp. REIT | | | 869 | | | | 170,585 | |
| Sempra | | | 811 | | | | 61,685 | |
| Shell PLC | | | 972 | | | | 34,931 | |
| Southwest Gas Holdings, Inc. | | | 733 | | | | 51,589 | |
| Spire, Inc. | | | 581 | | | | 35,284 | |
| Squarespace, Inc., Class A (*) | | | 1,091 | | | | 47,600 | |
| Super Micro Computer, Inc. (*) | | | 137 | | | | 112,251 | |
| TJX Cos., Inc. | | | 909 | | | | 100,081 | |
| Tradeweb Markets, Inc., Class A | | | 394 | | | | 41,764 | |
| Travelers Cos., Inc. | | | 153 | | | | 31,111 | |
| United Therapeutics Corp. (*) | | | 174 | | | | 55,428 | |
| UnitedHealth Group, Inc. | | | 218 | | | | 111,019 | |
| Unum Group | | | 758 | | | | 38,741 | |
The accompanying notes are an integral part of these financial statements.
82 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Verizon Communications, Inc. | | | 3,134 | | | $ | 129,246 | |
| Vertex Pharmaceuticals, Inc. (*) | | | 142 | | | | 66,558 | |
| W.R. Berkley Corp. | | | 485 | | | | 38,111 | |
| Walmart, Inc. | | | 3,352 | | | | 226,964 | |
| Waste Management, Inc. | | | 674 | | | | 143,791 | |
| WD-40 Co. | | | 286 | | | | 62,817 | |
| WEC Energy Group, Inc. | | | 431 | | | | 33,816 | |
| Western Union Co. | | | 3,489 | | | | 42,636 | |
| Xcel Energy, Inc. | | | 4,309 | | | | 230,144 | |
| Zoom Video Communications, Inc. Class A (*) | | | 945 | | | | 55,935 | |
| | | | | | | | 9,931,003 | |
| | | | | | | | | |
Total Common Stocks
(Cost $14,202,231) | | | | | | | 15,096,127 | |
| | | | | | | | | |
| Preferred Stocks | 0.3% | | | | | | | | |
| | | | | | | | | |
| Germany | 0.3% | | | | | | | | |
Henkel AG & Co. KGaA
(Cost $35,785) | | | 408 | | | | 36,359 | |
| | | | | | | | | |
| Warrants | 0.0% | | | | | | | | |
| | | | | | | | | |
| Canada | 0.0% | | | | | | | | |
Constellation Software, Inc. Expires 03/31/40 (*), (¢)
(Cost $0) | | | 22 | | | | 0 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 83
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard Managed Equity Volatility Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 2.7% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $410,500 United States Treasury Inflation Indexed Note, 0.125%, 04/15/27, with a fair value of $428,530) Proceeds of $420,185
(Cost $420,000) | | | $420 | | | $ | 420,000 | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Short-Term Investments | 0.2% | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $32,550) | | | 32,550 | | | $ | 32,550 | |
| | | | | | | | | |
Total Investments | 101.4%
(Cost $14,690,566) | | | | | | $ | 15,585,036 | |
| | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets | (1.4)% | | | | | | | (212,158 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 15,372,878 | |
The accompanying notes are an integral part of these financial statements.
84 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Concentrated Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.5% | | | | | | | | |
| | | | | | | | | |
| Broadline Retail | 8.6% | | | | | | | | |
| Amazon.com, Inc. (*) | | | 42,088 | | | $ | 8,133,506 | |
| | | | | | | | | |
| Capital Markets | 9.5% | | | | | | | | |
| Intercontinental Exchange, Inc. | | | 32,809 | | | | 4,491,224 | |
| S&P Global, Inc. | | | 10,054 | | | | 4,484,084 | |
| | | | | | | | 8,975,308 | |
| | | | | | | | | |
| Commercial Services & Supplies | 4.6% | | | | | | | | |
| Waste Management, Inc. | | | 20,653 | | | | 4,406,111 | |
| | | | | | | | | |
| Electrical Equipment | 4.4% | | | | | | | | |
| Rockwell Automation, Inc. | | | 15,146 | | | | 4,169,391 | |
| | | | | | | | | |
| Financial Services | 8.7% | | | | | | | | |
| Corpay, Inc. (*) | | | 14,808 | | | | 3,944,999 | |
| Visa, Inc., A Shares | | | 16,551 | | | | 4,344,141 | |
| | | | | | | | 8,289,140 | |
| | | | | | | | | |
| Ground Transportation | 2.4% | | | | | | | | |
| Old Dominion Freight Line, Inc. | | | 12,968 | | | | 2,290,149 | |
| | | | | | | | | |
| Health Care Providers & Services | 5.0% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 9,257 | | | | 4,714,220 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 4.0% | | | | | | | | |
| McDonald’s Corp. | | | 14,952 | | | | 3,810,368 | |
| | | | | | | | | |
| Interactive Media & Services | 4.2% | | | | | | | | |
| Alphabet, Inc., Class A | | | 21,653 | | | | 3,944,094 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 85
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Concentrated Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| IT Services | 2.9% | | | | | | | | |
| DigitalOcean Holdings, Inc. (*) | | | 78,082 | | | $ | 2,713,349 | |
| | | | | | | | | |
| Pharmaceuticals | 4.6% | | | | | | | | |
| Zoetis, Inc. | | | 25,008 | | | | 4,335,387 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 18.0% | | | | | | | | |
| Broadcom, Inc. | | | 3,672 | | | | 5,895,506 | |
| Marvell Technology, Inc. | | | 160,210 | | | | 11,198,679 | |
| | | | | | | | 17,094,185 | |
| | | | | | | | | |
| Software | 5.6% | | | | | | | | |
| Oracle Corp. | | | 37,615 | | | | 5,311,238 | |
| | | | | | | | | |
| Specialized REITs | 10.3% | | | | | | | | |
| Crown Castle, Inc. | | | 59,915 | | | | 5,853,696 | |
| Public Storage | | | 13,571 | | | | 3,903,698 | |
| | | | | | | | 9,757,394 | |
| | | | | | | | | |
| Textiles, Apparel & Luxury Goods | 4.7% | | | | | | | | |
| Lululemon Athletica, Inc. (*) | | | 14,873 | | | | 4,442,565 | |
| | | | | | | | | |
Total Common Stocks
(Cost $77,857,364) | | | | | | | 92,386,405 | |
The accompanying notes are an integral part of these financial statements.
86 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Concentrated Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 0.2% | | | | | | | | |
Fixed Income Clearing Corp.
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $213,300 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $214,340) Proceeds of $210,093
(Cost $210,000) | | | $210 | | | $ | 210,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $18,594) | | | 18,594 | | | $ | 18,594 | |
| | | | | | | | | |
Total Investments | 97.7%
(Cost $78,085,958) | | | | | | $ | 92,614,999 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 2.3% | | | | | | | 2,168,317 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 94,783,316 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 87
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Focus Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.0% | | | | | | | | |
| | | | | | | | | |
| Banks | 3.2% | | | | | | | | |
| Bank of America Corp. | | | 74,596 | | | $ | 2,966,683 | |
| | | | | | | | | |
| Broadline Retail | 7.3% | | | | | | | | |
| Amazon.com, Inc. (*) | | | 34,326 | | | | 6,633,500 | |
| | | | | | | | | |
| Capital Markets | 9.4% | | | | | | | | |
| Blackstone, Inc. | | | 11,054 | | | | 1,368,485 | |
| Goldman Sachs Group, Inc. | | | 7,727 | | | | 3,495,077 | |
| Intercontinental Exchange, Inc. | | | 27,491 | | | | 3,763,243 | |
| | | | | | | | 8,626,805 | |
| | | | | | | | | |
| Commercial Services & Supplies | 3.2% | | | | | | | | |
| Waste Management, Inc. | | | 13,522 | | | | 2,884,783 | |
| | | | | | | | | |
| Consumer Finance | 2.1% | | | | | | | | |
| American Express Co. | | | 8,441 | | | | 1,954,514 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 1.7% | | | | | | | | |
| Sysco Corp. | | | 21,249 | | | | 1,516,966 | |
| | | | | | | | | |
| Electrical Equipment | 1.1% | | | | | | | | |
| Rockwell Automation, Inc. | | | 3,664 | | | | 1,008,626 | |
| | | | | | | | | |
| Financial Services | 3.9% | | | | | | | | |
| Visa, Inc., A Shares | | | 13,522 | | | | 3,549,119 | |
| | | | | | | | | |
| Ground Transportation | 2.8% | | | | | | | | |
| Norfolk Southern Corp. | | | 11,739 | | | | 2,520,246 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 1.7% | | | | | | | | |
| Medtronic PLC | | | 20,209 | | | | 1,590,650 | |
| | | | | | | | | |
| Health Care Providers & Services | 3.9% | | | | | | | | |
| UnitedHealth Group, Inc. | | | 7,036 | | | | 3,583,153 | |
The accompanying notes are an integral part of these financial statements.
88 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Focus Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 2.8% | | | | | | | | |
| McDonald’s Corp. | | | 9,983 | | | $ | 2,544,068 | |
| | | | | | | | | |
| Industrial REITs | 2.1% | | | | | | | | |
| Prologis, Inc. | | | 17,012 | | | | 1,910,618 | |
| | | | | | | | | |
| Insurance | 3.6% | | | | | | | | |
| Marsh & McLennan Cos., Inc. | | | 15,751 | | | | 3,319,051 | |
| | | | | | | | | |
| Interactive Media & Services | 6.7% | | | | | | | | |
| Alphabet, Inc., Class A | | | 33,612 | | | | 6,122,426 | |
| | | | | | | | | |
| IT Services | 2.6% | | | | | | | | |
| Accenture PLC, Class A | | | 7,797 | | | | 2,365,688 | |
| | | | | | | | | |
| Life Sciences Tools & Services | 5.9% | | | | | | | | |
| Danaher Corp. | | | 14,711 | | | | 3,675,543 | |
| IQVIA Holdings, Inc. (*) | | | 8,024 | | | | 1,696,595 | |
| | | | | | | | 5,372,138 | |
| | | | | | | | | |
| Machinery | 2.0% | | | | | | | | |
| Nordson Corp. | | | 7,817 | | | | 1,813,075 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 3.0% | | | | | | | | |
| ConocoPhillips | | | 24,073 | | | | 2,753,470 | |
| | | | | | | | | |
| Personal Care Products | 1.1% | | | | | | | | |
| Estee Lauder Cos., Inc., Class A | | | 9,510 | | | | 1,011,864 | |
| | | | | | | | | |
| Pharmaceuticals | 2.4% | | | | | | | | |
| Johnson & Johnson | | | 15,157 | | | | 2,215,347 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 8.7% | | | | | | | | |
| Analog Devices, Inc. | | | 13,820 | | | | 3,154,553 | |
| Applied Materials, Inc. | | | 12,631 | | | | 2,980,790 | |
| Broadcom, Inc. | | | 1,156 | | | | 1,855,993 | |
| | | | | | | | 7,991,336 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 89
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Equity Focus Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Software | 10.9% | | | | | | | | |
| Microsoft Corp. | | | 22,290 | | | $ | 9,962,515 | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals | 4.9% | | | | | | | | |
| Apple, Inc. | | | 21,091 | | | | 4,442,186 | |
| | | | | | | | | |
Total Common Stocks
(Cost $57,120,853) | | | | | | | 88,658,827 | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 3.6% | | | | | | | | |
Fixed Income Clearing Corp.
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $3,551,700 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $3,335,559) Proceeds of $3,271,442
(Cost $3,270,000) | | | $3,270 | | | $ | 3,270,000 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.2% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $173,056) | | | 173,056 | | | | 173,056 | |
| | | | | | | | | |
Total Investments | 100.8%
(Cost $60,563,909) | | | | | | $ | 92,101,883 | |
| | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets | (0.8)% | | | | | | | (692,893 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 91,408,990 | |
The accompanying notes are an integral part of these financial statements.
90 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.0% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense | 1.0% | | | | | | | | |
| Curtiss-Wright Corp. | | | 1,422 | | | $ | 385,334 | |
| | | | | | | | | |
| Automobile Components | 1.2% | | | | | | | | |
| Gentherm, Inc. (*) | | | 9,557 | | | | 471,351 | |
| | | | | | | | | |
| Banks | 6.7% | | | | | | | | |
| Comerica, Inc. | | | 10,489 | | | | 535,359 | |
| Commerce Bancshares, Inc. | | | 11,732 | | | | 654,411 | |
| Home BancShares, Inc. | | | 26,827 | | | | 642,775 | |
| Wintrust Financial Corp. | | | 7,859 | | | | 774,583 | |
| | | | | | | | 2,607,128 | |
| | | | | | | | | |
| Biotechnology | 4.4% | | | | | | | | |
| Arcutis Biotherapeutics, Inc. (*) | | | 42,781 | | | | 397,863 | |
| Halozyme Therapeutics, Inc. (*) | | | 12,452 | | | | 651,987 | |
| United Therapeutics Corp. (*) | | | 2,068 | | | | 658,761 | |
| | | | | | | | 1,708,611 | |
| | | | | | | | | |
| Building Products | 0.8% | | | | | | | | |
| Hayward Holdings, Inc. (*) | | | 25,190 | | | | 309,837 | |
| | | | | | | | | |
| Capital Markets | 5.7% | | | | | | | | |
| Evercore, Inc., Class A | | | 2,582 | | | | 538,166 | |
| StepStone Group, Inc., Class A | | | 18,822 | | | | 863,742 | |
| Stifel Financial Corp. | | | 9,747 | | | | 820,210 | |
| | | | | | | | 2,222,118 | |
| | | | | | | | | |
| Chemicals | 1.1% | | | | | | | �� | |
| Ingevity Corp. (*) | | | 9,608 | | | | 419,966 | |
| | | | | | | | | |
| Commercial Services & Supplies | 1.7% | | | | | | | | |
| Casella Waste Systems, Inc., Class A (*) | | | 6,615 | | | | 656,340 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 91
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Communications Equipment | 1.2% | | | | | | | | |
| Ciena Corp. (*) | | | 9,825 | | | $ | 473,369 | |
| | | | | | | | | |
| Construction Materials | 1.1% | | | | | | | | |
| Eagle Materials, Inc. | | | 1,924 | | | | 418,393 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 4.2% | | | | | | | | |
| BJ’s Wholesale Club Holdings, Inc. (*) | | | 5,844 | | | | 513,337 | |
| Chefs’ Warehouse Inc. (*) | | | 16,763 | | | | 655,601 | |
| U.S. Foods Holding Corp. (*) | | | 8,323 | | | | 440,952 | |
| | | | | | | | 1,609,890 | |
| | | | | | | | | |
| Containers & Packaging | 1.7% | | | | | | | | |
| Graphic Packaging Holding Co. | | | 25,130 | | | | 658,657 | |
| | | | | | | | | |
| Electrical Equipment | 2.5% | | | | | | | | |
| EnerSys | | | 4,979 | | | | 515,426 | |
| Generac Holdings, Inc. (*) | | | 3,363 | | | | 444,656 | |
| | | | | | | | 960,082 | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components | 2.9% | | | | | | | | |
| Cognex Corp. | | | 13,876 | | | | 648,842 | |
| Mirion Technologies, Inc. (*) | | | 43,082 | | | | 462,700 | |
| | | | | | | | 1,111,542 | |
| | | | | | | | | |
| Energy Equipment & Services | 3.2% | | | | | | | | |
| Atlas Energy Solutions, Inc. | | | 22,817 | | | | 454,743 | |
| Cactus, Inc., Class A | | | 10,025 | | | | 528,718 | |
| Liberty Energy, Inc. | | | 12,720 | | | | 265,721 | |
| | | | | | | | 1,249,182 | |
| | | | | | | | | |
| Financial Services | 1.1% | | | | | | | | |
| AvidXchange Holdings, Inc. (*) | | | 35,799 | | | | 431,736 | |
| | | | | | | | | |
| Food Products | 1.3% | | | | | | | | |
| Lamb Weston Holdings, Inc. | | | 5,862 | | | | 492,877 | |
The accompanying notes are an integral part of these financial statements.
92 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Ground Transportation | 0.7% | | | | | | | | |
| Landstar System, Inc. | | | 1,491 | | | $ | 275,060 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 4.9% | | | | | | | | |
| Enovis Corp. (*) | | | 14,662 | | | | 662,723 | |
| Inspire Medical Systems, Inc. (*) | | | 4,545 | | | | 608,257 | |
| Lantheus Holdings, Inc. (*) | | | 7,546 | | | | 605,868 | |
| | | | | | | | 1,876,848 | |
| | | | | | | | | |
| Health Care Providers & Services | 1.9% | | | | | | | | |
| Hims & Hers Health, Inc. (*) | | | 17,468 | | | | 352,679 | |
| PetIQ, Inc. (*) | | | 17,415 | | | | 384,175 | |
| | | | | | | | 736,854 | |
| | | | | | | | | |
| Health Care Technology | 1.4% | | | | | | | | |
| Evolent Health, Inc., Class A (*) | | | 15,358 | | | | 293,645 | |
| Schrodinger, Inc. (*) | | | 13,690 | | | | 264,765 | |
| | | | | | | | 558,410 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 3.9% | | | | | | | | |
| Dave & Buster’s Entertainment, Inc. (*) | | | 11,388 | | | | 453,356 | |
| Kura Sushi USA, Inc., Class A (*) | | | 8,601 | | | | 542,637 | |
| Wyndham Hotels & Resorts, Inc. | | | 6,725 | | | | 497,650 | |
| | | | | | | | 1,493,643 | |
| | | | | | | | | |
| Household Durables | 0.9% | | | | | | | | |
| Helen of Troy Ltd. (*) | | | 3,717 | | | | 344,715 | |
| | | | | | | | | |
| Insurance | 3.8% | | | | | | | | |
| Abacus Life, Inc. (*) | | | 38,985 | | | | 337,220 | |
| Hanover Insurance Group, Inc. | | | 3,115 | | | | 390,746 | |
| Reinsurance Group of America, Inc. | | | 3,530 | | | | 724,603 | |
| | | | | | | | 1,452,569 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 93
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Interactive Media & Services | 2.8% | | | | | | | | |
| Cars.com, Inc. (*) | | | 28,385 | | | $ | 559,185 | |
| Ziff Davis, Inc. (*) | | | 9,223 | | | | 507,726 | |
| | | | | | | | 1,066,911 | |
| | | | | | | | | |
| IT Services | 1.7% | | | | | | | | |
| DigitalOcean Holdings, Inc. (*) | | | 18,906 | | | | 656,984 | |
| | | | | | | | | |
| Leisure Products | 0.9% | | | | | | | | |
| Brunswick Corp. | | | 5,024 | | | | 365,596 | |
| | | | | | | | | |
| Life Sciences Tools & Services | 2.2% | | | | | | | | |
| Charles River Laboratories International, Inc. (*) | | | 2,299 | | | | 474,927 | |
| Maravai LifeSciences Holdings, Inc., Class A (*) | | | 53,335 | | | | 381,879 | |
| | | | | | | | 856,806 | |
| | | | | | | | | |
| Machinery | 5.2% | | | | | | | | |
| Columbus McKinnon Corp. | | | 11,848 | | | | 409,230 | |
| Gates Industrial Corp. PLC (*) | | | 30,782 | | | | 486,663 | |
| Middleby Corp. (*) | | | 4,608 | | | | 564,987 | |
| Nordson Corp. | | | 1,051 | | | | 243,769 | |
| REV Group, Inc. | | | 12,211 | | | | 303,932 | |
| | | | | | | | 2,008,581 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 3.1% | | | | | | | | |
| Antero Resources Corp. (*) | | | 17,241 | | | | 562,574 | |
| Magnolia Oil & Gas Corp., Class A | | | 25,516 | | | | 646,575 | |
| | | | | | | | 1,209,149 | |
| | | | | | | | | |
| Professional Services | 1.6% | | | | | | | | |
| Verra Mobility Corp. (*) | | | 23,299 | | | | 633,733 | |
| | | | | | | | | |
| Real Estate Management & Development | 1.4% | | | | | | | | |
| DigitalBridge Group, Inc. | | | 39,119 | | | | 535,930 | |
The accompanying notes are an integral part of these financial statements.
94 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Retail REITs | 1.8% | | | | | | | | |
| Brixmor Property Group, Inc. | | | 29,765 | | | $ | 687,274 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 4.8% | | | | | | | | |
| Allegro MicroSystems, Inc. (*) | | | 13,766 | | | | 388,752 | |
| Credo Technology Group Holding Ltd. (*) | | | 15,164 | | | | 484,338 | |
| MKS Instruments, Inc. | | | 3,945 | | | | 515,138 | |
| Onto Innovation, Inc. (*) | | | 2,216 | | | | 486,545 | |
| | | | | | | | 1,874,773 | |
| | | | | | | | | |
| Software | 4.7% | | | | | | | | |
| CyberArk Software Ltd. (*) | | | 1,249 | | | | 341,502 | |
| Dolby Laboratories, Inc., Class A | | | 3,897 | | | | 308,759 | |
| DoubleVerify Holdings, Inc. (*) | | | 20,890 | | | | 406,728 | |
| Dynatrace, Inc. (*) | | | 10,322 | | | | 461,806 | |
| Zeta Global Holdings Corp., Class A (*) | | | 16,806 | | | | 296,626 | |
| | | | | | | | 1,815,421 | |
| | | | | | | | | |
| Specialized REITs | 1.3% | | | | | | | | |
| CubeSmart | | | 11,201 | | | | 505,949 | |
| | | | | | | | | |
| Specialty Retail | 5.3% | | | | | | | | |
| Boot Barn Holdings, Inc. (*) | | | 4,068 | | | | 524,487 | |
| Chewy, Inc., Class A (*) | | | 13,747 | | | | 374,468 | |
| Five Below, Inc. (*) | | | 2,402 | | | | 261,746 | |
| RH (*) | | | 1,633 | | | | 399,171 | |
| Warby Parker, Inc., Class A (*) | | | 30,003 | | | | 481,848 | |
| | | | | | | | 2,041,720 | |
| | | | | | | | | |
| Trading Companies & Distributors | 0.9% | | | | | | | | |
| Hudson Technologies, Inc. (*) | | | 41,084 | | | | 361,128 | |
| | | | | | | | | |
Total Common Stocks
(Cost $31,656,567) | | | | | | | 37,544,467 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 95
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Small Cap Equity Select Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
Total Investments | 97.0%
(Cost $31,656,567) | | | | | | $ | 37,544,467 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 3.0% | | | | | | | 1,161,921 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 38,706,388 | |
The accompanying notes are an integral part of these financial statements.
96 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Sustainable Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 95.9% | | | | | | | | |
| | | | | | | | | |
| Banks | 2.4% | | | | | | | | |
| Commerce Bancshares, Inc. | | | 5,543 | | | $ | 309,189 | |
| | | | | | | | | |
| Building Products | 2.4% | | | | | | | | |
| Carlisle Cos., Inc. | | | 227 | | | | 91,983 | |
| Trane Technologies PLC | | | 637 | | | | 209,528 | |
| | | | | | | | 301,511 | |
| | | | | | | | | |
| Capital Markets | 5.5% | | | | | | | | |
| Charles Schwab Corp. | | | 4,866 | | | | 358,575 | |
| Intercontinental Exchange, Inc. | | | 2,566 | | | | 351,260 | |
| | | | | | | | 709,835 | |
| | | | | | | | | |
| Chemicals | 2.1% | | | | | | | | |
| Arcadium Lithium PLC (*) | | | 4,881 | | | | 16,400 | |
| Linde PLC | | | 291 | | | | 127,694 | |
| Sherwin-Williams Co. | | | 411 | | | | 122,655 | |
| | | | | | | | 266,749 | |
| | | | | | | | | |
| Commercial Services & Supplies | 3.0% | | | | | | | | |
| MSA Safety, Inc. | | | 493 | | | | 92,531 | |
| Waste Management, Inc. | | | 1,376 | | | | 293,556 | |
| | | | | | | | 386,087 | |
| | | | | | | | | |
| Consumer Finance | 1.5% | | | | | | | | |
| American Express Co. | | | 839 | | | | 194,270 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 1.0% | | | | | | | | |
| Sysco Corp. | | | 1,888 | | | | 134,784 | |
| | | | | | | | | |
| Containers & Packaging | 1.1% | | | | | | | | |
| Avery Dennison Corp. | | | 675 | | | | 147,589 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 97
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Sustainable Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Electrical Equipment | 2.6% | | | | | | | | |
| Rockwell Automation, Inc. | | | 1,130 | | | $ | 311,066 | |
| Shoals Technologies Group, Inc., Class A (*) | | | 3,074 | | | | 19,182 | |
| | | | | | | | 330,248 | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components | 1.5% | | | | | | | | |
| Amphenol Corp., Class A | | | 2,873 | | | | 193,554 | |
| | | | | | | | | |
| Financial Services | 3.7% | | | | | | | | |
| Visa, Inc., A Shares | | | 1,787 | | | | 469,034 | |
| | | | | | | | | |
| Ground Transportation | 1.9% | | | | | | | | |
| Norfolk Southern Corp. | | | 1,130 | | | | 242,600 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 3.3% | | | | | | | | |
| Boston Scientific Corp. (*) | | | 3,900 | | | | 300,339 | |
| Medtronic PLC | | | 1,642 | | | | 129,242 | |
| | | | | | | | 429,581 | |
| | | | | | | | | |
| Health Care Providers & Services | 5.0% | | | | | | | | |
| Humana, Inc. | | | 370 | | | | 138,251 | |
| UnitedHealth Group, Inc. | | | 986 | | | | 502,130 | |
| | | | | | | | 640,381 | |
| | | | | | | | | |
| Household Products | 2.7% | | | | | | | | |
| Procter & Gamble Co. | | | 2,074 | | | | 342,044 | |
| | | | | | | | | |
| Industrial REITs | 2.4% | | | | | | | | |
| Prologis, Inc. | | | 2,772 | | | | 311,323 | |
| | | | | | | | | |
| IT Services | 3.0% | | | | | | | | |
| Accenture PLC, Class A | | | 1,273 | | | | 386,241 | |
| | | | | | | | | |
| Life Sciences Tools & Services | 8.4% | | | | | | | | |
| Agilent Technologies, Inc. | | | 1,498 | | | | 194,186 | |
| Danaher Corp. | | | 1,417 | | | | 354,038 | |
The accompanying notes are an integral part of these financial statements.
98 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Sustainable Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| IQVIA Holdings, Inc. (*) | | | 944 | | | $ | 199,599 | |
| Thermo Fisher Scientific, Inc. | | | 595 | | | | 329,035 | |
| | | | | | | | 1,076,858 | |
| | | | | | | | | |
| Machinery | 5.0% | | | | | | | | |
| Deere & Co. | | | 514 | | | | 192,046 | |
| Nordson Corp. | | | 839 | | | | 194,597 | |
| Watts Water Technologies, Inc., Class A | | | 575 | | | | 105,438 | |
| Xylem, Inc. | | | 1,067 | | | | 144,717 | |
| | | | | | | | 636,798 | |
| | | | | | | | | |
| Personal Care Products | 0.8% | | | | | | | | |
| Estee Lauder Cos., Inc., Class A | | | 924 | | | | 98,314 | |
| | | | | | | | | |
| Pharmaceuticals | 3.2% | | | | | | | | |
| Johnson & Johnson | | | 1,109 | | | | 162,092 | |
| Zoetis, Inc. | | | 1,437 | | | | 249,118 | |
| | | | | | | | 411,210 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 8.2% | | | | | | | | |
| Analog Devices, Inc. | | | 1,992 | | | | 454,694 | |
| Applied Materials, Inc. | | | 1,211 | | | | 285,784 | |
| Broadcom, Inc. | | | 144 | | | | 231,196 | |
| Marvell Technology, Inc. | | | 1,051 | | | | 73,465 | |
| | | | | | | | 1,045,139 | |
| | | | | | | | | |
| Software | 17.1% | | | | | | | | |
| Adobe, Inc. (*) | | | 411 | | | | 228,327 | |
| CyberArk Software Ltd. (*) | | | 370 | | | | 101,166 | |
| Intuit, Inc. | | | 349 | | | | 229,366 | |
| Microsoft Corp. | | | 3,158 | | | | 1,411,468 | |
| Salesforce, Inc | | | 842 | | | | 216,478 | |
| | | | | | | | 2,186,805 | |
| | | | | | | | | |
| Specialty Retail | 2.9% | | | | | | | | |
| Home Depot, Inc. | | | 1,067 | | | | 367,304 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 99
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Sustainable Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals | 4.5% | | | | | | | | |
| Apple, Inc. | | | 2,762 | | | $ | 581,732 | |
| | | | | | | | | |
| Textiles, Apparel & Luxury Goods | 0.7% | | | | | | | | |
| NIKE, Inc., Class B | | | 1,231 | | | | 92,780 | |
| | | | | | | | | |
Total Common Stocks
(Cost $8,771,698) | | | | | | | 12,291,960 | |
| | | | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Repurchase Agreements | 4.0% | | | | | | | | |
Fixed Income Clearing Corp.
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $517,900 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $520,311) Proceeds of $510,225
(Cost $510,000) | | | $510 | | | $ | 510,000 | |
| | | | | | | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Short-Term Investments | 0.3% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,5.23% (7 day yield) (Cost $34,898) | | | 34,898 | | | $ | 34,898 | |
| | | | | | | | | |
Total Investments | 100.2%
(Cost $9,316,596) | | | | | | $ | 12,836,858 | |
| | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets | (0.2)% | | | | | | | (30,314 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 12,806,544 | |
The accompanying notes are an integral part of these financial statements.
100 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Closed-End Management Investment Companies | 0.5% | | | | | | | | |
| BlackRock Credit Allocation Income Trust | | | 7,938 | | | $ | 85,016 | |
| Kayne Anderson Energy Infrastructure Fund | | | 10,346 | | | | 106,874 | |
| (Cost $178,655) | | | | | | | 191,890 | |
| | | | | | | | | |
| Common Stocks | 98.2% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense | 0.1% | | | | | | | | |
| AAR Corp. (*) | | | 694 | | | | 50,454 | |
| | | | | | | | | |
| Automobile Components | 1.8% | | | | | | | | |
| Adient PLC (*) | | | 2,633 | | | | 65,061 | |
| Autoliv, Inc. | | | 709 | | | | 75,856 | |
| BorgWarner, Inc. | | | 2,350 | | | | 75,764 | |
| Gentex Corp. | | | 3,897 | | | | 131,368 | |
| LCI Industries | | | 841 | | | | 86,943 | |
| Lear Corp. | | | 1,193 | | | | 136,252 | |
| Phinia, Inc. | | | 171 | | | | 6,730 | |
| Standard Motor Products, Inc. | | | 2,746 | | | | 76,147 | |
| Visteon Corp. (*) | | | 820 | | | | 87,494 | |
| | | | | | | | 741,615 | |
| | | | | | | | | |
| Automobiles | 0.3% | | | | | | | | |
| Harley-Davidson, Inc. | | | 4,167 | | | | 139,761 | |
| | | | | | | | | |
| Banks | 1.3% | | | | | | | | |
| Amalgamated Financial Corp. | | | 5,280 | | | | 144,672 | |
| Cadence Bank | | | 2,942 | | | | 83,200 | |
| Capital City Bank Group, Inc. | | | 556 | | | | 15,813 | |
| Financial Institutions, Inc. | | | 3,186 | | | | 61,553 | |
| OFG Bancorp | | | 2,104 | | | | 78,795 | |
| Orange County Bancorp, Inc. | | | 1,158 | | | | 61,235 | |
| UMB Financial Corp. | | | 1,067 | | | | 89,009 | |
| | | | | | | | 534,277 | |
| | | | | | | | | |
| Beverages | 0.3% | | | | | | | | |
| Coca-Cola Consolidated, Inc. | | | 119 | | | | 129,115 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 101
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Biotechnology | 4.0% | | | | | | | | |
| ACADIA Pharmaceuticals, Inc. (*) | | | 3,790 | | | $ | 61,587 | |
| ADMA Biologics, Inc. (*) | | | 38,795 | | | | 433,728 | |
| Alkermes PLC (*) | | | 5,836 | | | | 140,648 | |
| Apellis Pharmaceuticals, Inc. (*) | | | 1,397 | | | | 53,589 | |
| Biohaven Ltd. (*) | | | 275 | | | | 9,545 | |
| Blueprint Medicines Corp. (*) | | | 997 | | | | 107,457 | |
| Catalyst Pharmaceuticals, Inc. (*) | | | 920 | | | | 14,251 | |
| Emergent BioSolutions, Inc. (*) | | | 4,977 | | | | 33,943 | |
| Exelixis, Inc. (*) | | | 2,234 | | | | 50,198 | |
| Halozyme Therapeutics, Inc. (*) | | | 3,913 | | | | 204,885 | |
| Myriad Genetics, Inc. (*) | | | 4,434 | | | | 108,456 | |
| Neurocrine Biosciences, Inc. (*) | | | 579 | | | | 79,711 | |
| Puma Biotechnology, Inc. (*) | | | 25,816 | | | | 84,160 | |
| Relay Therapeutics, Inc. (*) | | | 13,617 | | | | 88,783 | |
| United Therapeutics Corp. (*) | | | 648 | | | | 206,420 | |
| Vanda Pharmaceuticals, Inc. (*) | | | 1,353 | | | | 7,644 | |
| | | | | | | | 1,685,005 | |
| | | | | | | | | |
| Broadline Retail | 0.5% | | | | | | | | |
| Dillard’s, Inc., Class A | | | 252 | | | | 110,978 | |
| Ollie’s Bargain Outlet Holdings, Inc. (*) | | | 1,260 | | | | 123,694 | |
| | | | | | | | 234,672 | |
| | | | | | | | | |
| Building Products | 2.3% | | | | | | | | |
| American Woodmark Corp. (*) | | | 809 | | | | 63,587 | |
| Armstrong World Industries, Inc. | | | 808 | | | | 91,498 | |
| AZEK Co., Inc. (*) | | | 2,382 | | | | 100,354 | |
| Builders FirstSource, Inc. (*) | | | 2,063 | | | | 285,540 | |
| Gibraltar Industries, Inc. (*) | | | 1,233 | | | | 84,522 | |
| Owens Corning | | | 194 | | | | 33,702 | |
| Resideo Technologies, Inc. (*) | | | 4,265 | | | | 83,423 | |
| Simpson Manufacturing Co., Inc. | | | 284 | | | | 47,862 | |
| Tecnoglass, Inc. | | | 87 | | | | 4,366 | |
| UFP Industries, Inc. | | | 1,474 | | | | 165,088 | |
| | | | | | | | 959,942 | |
The accompanying notes are an integral part of these financial statements.
102 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Capital Markets | 2.5% | | | | | | | | |
| Affiliated Managers Group, Inc. | | | 514 | | | $ | 80,302 | |
| Bain Capital Specialty Finance, Inc. | | | 8,146 | | | | 132,861 | |
| Barings BDC, Inc. | | | 8,996 | | | | 87,531 | |
| Carlyle Secured Lending, Inc. | | | 8,904 | | | | 157,957 | |
| CION Investment Corp. | | | 7,867 | | | | 95,348 | |
| Donnelley Financial Solutions, Inc. (*) | | | 1,328 | | | | 79,175 | |
| Federated Hermes, Inc. | | | 2,246 | | | | 73,849 | |
| Golub Capital BDC, Inc. | | | 5,407 | | | | 84,944 | |
| Houlihan Lokey, Inc. | | | 642 | | | | 86,580 | |
| PennantPark Investment Corp. | | | 10,574 | | | | 79,834 | |
| SEI Investments Co. | | | 1,200 | | | | 77,628 | |
| | | | | | | | 1,036,009 | |
| | | | | | | | | |
| Chemicals | 1.3% | | | | | | | | |
| Avient Corp. | | | 2,856 | | | | 124,664 | |
| Balchem Corp. | | | 309 | | | | 47,571 | |
| Bioceres Crop Solutions Corp. (*) | | | 5,965 | | | | 66,868 | |
| Cabot Corp. | | | 1,129 | | | | 103,744 | |
| Ingevity Corp. (*) | | | 765 | | | | 33,438 | |
| Minerals Technologies, Inc. | | | 2,250 | | | | 187,110 | |
| | | | | | | | 563,395 | |
| | | | | | | | | |
| Commercial Services & Supplies | 4.0% | | | | | | | | |
| ABM Industries, Inc. | | | 2,065 | | | | 104,427 | |
| Aris Water Solutions, Inc., Class A | | | 7,727 | | | | 121,082 | |
| Brady Corp., Class A | | | 2,255 | | | | 148,875 | |
| BrightView Holdings, Inc. (*) | | | 16,378 | | | | 217,827 | |
| Civeo Corp. | | | 3,893 | | | | 97,014 | |
| Ennis, Inc. | | | 1,000 | | | | 21,890 | |
| Enviri Corp. (*) | | | 12,772 | | | | 110,222 | |
| Healthcare Services Group, Inc. (*) | | | 8,236 | | | | 87,137 | |
| HNI Corp. | | | 2,331 | | | | 104,942 | |
| Liquidity Services, Inc. (*) | | | 6,531 | | | | 130,489 | |
| NL Industries, Inc. | | | 3,873 | | | | 23,354 | |
| OPENLANE, Inc. (*) | | | 7,475 | | | | 124,010 | |
| Pitney Bowes, Inc. | | | 17,594 | | | | 89,378 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 103
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Steelcase, Inc., Class A | | | 14,317 | | | $ | 185,548 | |
| Virco Mfg. Corp. | | | 7,475 | | | | 104,202 | |
| | | | | | | | 1,670,397 | |
| | | | | | | | | |
| Communications Equipment | 1.6% | | | | | | | | |
| Aviat Networks, Inc. (*) | | | 3,164 | | | | 90,775 | |
| Calix, Inc. (*) | | | 2,593 | | | | 91,870 | |
| Ceragon Networks Ltd. (*) | | | 51,908 | | | | 129,770 | |
| Extreme Networks, Inc. (*) | | | 3,149 | | | | 42,354 | |
| Gilat Satellite Networks Ltd. (*) | | | 13,799 | | | | 61,681 | |
| Ituran Location & Control Ltd. | | | 3,761 | | | | 92,671 | |
| NETGEAR, Inc. (*) | | | 9,419 | | | | 144,111 | |
| | | | | | | | 653,232 | |
| | | | | | | | | |
| Construction & Engineering | 1.7% | | | | | | | | |
| Argan, Inc. | | | 738 | | | | 53,992 | |
| IES Holdings, Inc. (*) | | | 2,170 | | | | 302,346 | |
| Limbach Holdings, Inc. (*) | | | 4,531 | | | | 257,950 | |
| Stantec, Inc. | | | 1,221 | | | | 102,015 | |
| | | | | | | | 716,303 | |
| | | | | | | | | |
| Construction Materials | 0.4% | | | | | | | | |
| U.S. Lime & Minerals, Inc. | | | 465 | | | | 169,344 | |
| | | | | | | | | |
| Consumer Finance | 0.5% | | | | | | | | |
| Enova International, Inc. (*) | | | 1,952 | | | | 121,512 | |
| FirstCash Holdings, Inc. | | | 682 | | | | 71,528 | |
| | | | | | | | 193,040 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 0.5% | | | | | | | | |
| Andersons, Inc. | | | 1,842 | | | | 91,363 | |
| PriceSmart, Inc. | | | 1,395 | | | | 113,274 | |
| | | | | | | | 204,637 | |
| | | | | | | | | |
| Containers & Packaging | 0.7% | | | | | | | | |
| Ardagh Metal Packaging SA | | | 22,445 | | | | 76,313 | |
| Graphic Packaging Holding Co. | | | 1,747 | | | | 45,789 | |
The accompanying notes are an integral part of these financial statements.
104 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Greif, Inc., Class A | | | 2,292 | | | $ | 131,721 | |
| Pactiv Evergreen, Inc. | | | 3,735 | | | | 42,280 | |
| | | | | | | | 296,103 | |
| | | | | | | | | |
| Distributors | 0.2% | | | | | | | | |
| Weyco Group, Inc. | | | 2,560 | | | | 77,619 | |
| | | | | | | | | |
| Diversified Consumer Services | 3.3% | | | | | | | | |
| Adtalem Global Education, Inc. (*) | | | 2,490 | | | | 169,843 | |
| Afya Ltd., Class A (*) | | | 10,356 | | | | 182,783 | |
| American Public Education, Inc. (*) | | | 7,870 | | | | 138,355 | |
| Frontdoor, Inc. (*) | | | 3,500 | | | | 118,265 | |
| Graham Holdings Co., Class B | | | 127 | | | | 88,843 | |
| Grand Canyon Education, Inc. (*) | | | 1,168 | | | | 163,415 | |
| Laureate Education, Inc. | | | 2,910 | | | | 43,475 | |
| Lincoln Educational Services Corp. (*) | | | 8,572 | | | | 101,664 | |
| OneSpaWorld Holdings Ltd. (*) | | | 6,340 | | | | 97,446 | |
| Perdoceo Education Corp. | | | 5,345 | | | | 114,490 | |
| Strategic Education, Inc. | | | 1,444 | | | | 159,793 | |
| | | | | | | | 1,378,372 | |
| | | | | | | | | |
| Diversified REITs | 0.2% | | | | | | | | |
| Essential Properties Realty Trust, Inc. | | | 3,064 | | | | 84,903 | |
| | | | | | | | | |
| Diversified Telecommunication Services | 0.3% | | | | | | | | |
| Liberty Latin America Ltd., Class C (*) | | | 14,592 | | | | 140,375 | |
| | | | | | | | | |
| Electrical Equipment | 1.7% | | | | | | | | |
| Acuity Brands, Inc. | | | 766 | | | | 184,943 | |
| Allient, Inc. | | | 4,130 | | | | 104,365 | |
| EnerSys | | | 443 | | | | 45,859 | |
| nVent Electric PLC | | | 2,900 | | | | 222,169 | |
| Powell Industries, Inc. | | | 422 | | | | 60,515 | |
| Regal Rexnord Corp. | | | 259 | | | | 35,022 | |
| Thermon Group Holdings, Inc. (*) | | | 1,547 | | | | 47,586 | |
| | | | | | | | 700,459 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 105
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components | 5.8% | | | | | | | | |
| Advanced Energy Industries, Inc. | | | 426 | | | $ | 46,332 | |
| Bel Fuse, Inc. Class B | | | 702 | | | | 45,798 | |
| Benchmark Electronics, Inc. | | | 3,110 | | | | 122,721 | |
| Celestica, Inc. (*) | | | 7,342 | | | | 420,917 | |
| Cognex Corp. | | | 2,108 | | | | 98,570 | |
| Coherent Corp. (*) | | | 1,399 | | | | 101,371 | |
| Daktronics, Inc. (*) | | | 14,655 | | | | 204,437 | |
| ePlus, Inc. (*) | | | 1,641 | | | | 120,909 | |
| Fabrinet (*) | | | 447 | | | | 109,421 | |
| FARO Technologies, Inc. (*) | | | 5,167 | | | | 82,672 | |
| Itron, Inc. (*) | | | 1,856 | | | | 183,670 | |
| Jabil, Inc. | | | 1,349 | | | | 146,758 | |
| Knowles Corp. (*) | | | 10,041 | | | | 173,308 | |
| Novanta, Inc. (*) | | | 266 | | | | 43,387 | |
| OSI Systems, Inc. (*) | | | 930 | | | | 127,893 | |
| PC Connection, Inc. | | | 2,045 | | | | 131,289 | |
| ScanSource, Inc. (*) | | | 1,461 | | | | 64,737 | |
| TTM Technologies, Inc. (*) | | | 5,418 | | | | 105,272 | |
| Vontier Corp. | | | 2,338 | | | | 89,312 | |
| | | | | | | | 2,418,774 | |
| | | | | | | | | |
| Energy Equipment & Services | 0.3% | | | | | | | | |
| North American Construction Group Ltd. | | | 2,047 | | | | 39,466 | |
| NOV, Inc. | | | 5,219 | | | | 99,213 | |
| | | | | | | | 138,679 | |
| | | | | | | | | |
| Entertainment | 0.2% | | | | | | | | |
| Cinemark Holdings, Inc. (*) | | | 4,563 | | | | 98,652 | |
| | | | | | | | | |
| Financial Services | 1.4% | | | | | | | | |
| Cass Information Systems, Inc. | | | 1,526 | | | | 61,147 | |
| Euronet Worldwide, Inc. (*) | | | 785 | | | | 81,247 | |
| Merchants Bancorp | | | 1,793 | | | | 72,688 | |
| MGIC Investment Corp. | | | 4,042 | | | | 87,105 | |
| NMI Holdings, Inc., Class A (*) | | | 4,965 | | | | 169,009 | |
The accompanying notes are an integral part of these financial statements.
106 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Paysign, Inc. (*) | | | 8,400 | | | $ | 36,204 | |
| WEX, Inc. (*) | | | 392 | | | | 69,439 | |
| | | | | | | | 576,839 | |
| | | | | | | | | |
| Food Products | 0.7% | | | | | | | | |
| Dole PLC | | | 9,501 | | | | 116,292 | |
| Lifeway Foods, Inc. (*) | | | 6,123 | | | | 78,191 | |
| Mama’s Creations, Inc. (*) | | | 15,098 | | | | 101,760 | |
| | | | | | | | 296,243 | |
| | | | | | | | | |
| Ground Transportation | 0.2% | | | | | | | | |
| Knight-Swift Transportation Holdings, Inc. | | | 729 | | | | 36,391 | |
| XPO, Inc. (*) | | | 465 | | | | 49,360 | |
| | | | | | | | 85,751 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 3.5% | | | | | | | | |
| Artivion, Inc. (*) | | | 1,363 | | | | 34,961 | |
| Cerus Corp. (*) | | | 53,464 | | | | 94,097 | |
| CONMED Corp. | | | 1,043 | | | | 72,301 | |
| DENTSPLY SIRONA, Inc. | | | 1,296 | | | | 32,283 | |
| Glaukos Corp. (*) | | | 468 | | | | 55,388 | |
| Haemonetics Corp. (*) | | | 1,642 | | | | 135,843 | |
| ICU Medical, Inc. (*) | | | 281 | | | | 33,369 | |
| iRadimed Corp. | | | 3,695 | | | | 162,358 | |
| Lantheus Holdings, Inc. (*) | | | 445 | | | | 35,729 | |
| Neogen Corp. (*) | | | 4,963 | | | | 77,572 | |
| Nevro Corp. (*) | | | 8,942 | | | | 75,292 | |
| Omnicell, Inc. (*) | | | 3,064 | | | | 82,942 | |
| OraSure Technologies, Inc. (*) | | | 13,988 | | | | 59,589 | |
| Penumbra, Inc. (*) | | | 281 | | | | 50,571 | |
| QuidelOrtho Corp. (*) | | | 1,080 | | | | 35,878 | |
| RxSight, Inc. (*) | | | 2,878 | | | | 173,169 | |
| Sanara Medtech, Inc. (*) | | | 1,345 | | | | 37,956 | |
| Semler Scientific, Inc. (*) | | | 120 | | | | 4,128 | |
| Surmodics, Inc. (*) | | | 2,633 | | | | 110,691 | |
| UFP Technologies, Inc. (*) | | | 115 | | | | 30,345 | |
| Utah Medical Products, Inc. | | | 868 | | | | 57,991 | |
| | | | | | | | 1,452,453 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 107
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Health Care Providers & Services | 2.5% | | | | | | | | |
| Addus HomeCare Corp. (*) | | | 1,744 | | | $ | 202,496 | |
| Chemed Corp. | | | 152 | | | | 82,472 | |
| DocGo, Inc. (*) | | | 22,014 | | | | 68,023 | |
| Encompass Health Corp. | | | 599 | | | | 51,388 | |
| ModivCare, Inc. (*) | | | 1,763 | | | | 46,261 | |
| NeoGenomics, Inc. (*) | | | 2,403 | | | | 33,330 | |
| Option Care Health, Inc. (*) | | | 2,539 | | | | 70,330 | |
| Owens & Minor, Inc. (*) | | | 4,777 | | | | 64,490 | |
| PetIQ, Inc. (*) | | | 5,575 | | | | 122,985 | |
| Premier, Inc., Class A | | | 7,284 | | | | 135,992 | |
| RadNet, Inc. (*) | | | 1,207 | | | | 71,116 | |
| Talkspace, Inc. (*) | | | 28,721 | | | | 66,058 | |
| Viemed Healthcare, Inc. (*) | | | 3,699 | | | | 24,229 | |
| | | | | | | | 1,039,170 | |
| | | | | | | | | |
| Health Care REITs | 0.6% | | | | | | | | |
| LTC Properties, Inc. | | | 2,128 | | | | 73,416 | |
| Omega Healthcare Investors, Inc. | | | 2,657 | | | | 91,002 | |
| Sabra Health Care REIT, Inc. | | | 5,872 | | | | 90,429 | |
| | | | | | | | 254,847 | |
| | | | | | | | | |
| Health Care Technology | 0.2% | | | | | | | | |
| HealthStream, Inc. | | | 2,633 | | | | 73,461 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 1.0% | | | | | | | | |
| Accel Entertainment, Inc. (*) | | | 13,481 | | | | 138,315 | |
| Arcos Dorados Holdings, Inc., Class A | | | 3,604 | | | | 32,436 | |
| Boyd Gaming Corp. | | | 1,635 | | | | 90,089 | |
| Denny’s Corp. (*) | | | 3,944 | | | | 28,002 | |
| Despegar.com Corp. (*) | | | 8,864 | | | | 117,271 | |
| Krispy Kreme, Inc. | | | 3,137 | | | | 33,754 | |
| | | | | | | | 439,867 | |
| | | | | | | | | |
| Household Durables | 2.0% | | | | | | | | |
| Beazer Homes USA, Inc. (*) | | | 3,556 | | | | 97,719 | |
| Cavco Industries, Inc. (*) | | | 274 | | | | 94,851 | |
The accompanying notes are an integral part of these financial statements.
108 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Cricut, Inc., Class A | | | 22,492 | | | $ | 134,727 | |
| Dream Finders Homes, Inc., Class A (*) | | | 1,188 | | | | 30,674 | |
| Hamilton Beach Brands Holding Co., Class A | | | 3,811 | | | | 65,511 | |
| Helen of Troy Ltd. (*) | | | 356 | | | | 33,015 | |
| Hovnanian Enterprises, Inc., Class A (*) | | | 1,048 | | | | 148,732 | |
| KB Home | | | 378 | | | | 26,528 | |
| M/I Homes, Inc. (*) | | | 622 | | | | 75,971 | |
| Meritage Homes Corp. | | | 279 | | | | 45,156 | |
| Tri Pointe Homes, Inc. (*) | | | 2,510 | | | | 93,498 | |
| | | | | | | | 846,382 | |
| | | | | | | | | |
| Household Products | 0.2% | | | | | | | | |
| Oil-Dri Corp. of America | | | 1,176 | | | | 75,370 | |
| | | | | | | | | |
| Independent Power & Renewable Electricity Producers | 0.5% | | | | | | | | |
| Atlantica Sustainable Infrastructure PLC | | | 5,069 | | | | 111,264 | |
| Brookfield Renewable Corp., Class A | | | 3,102 | | | | 88,035 | |
| | | | | | | | 199,299 | |
| | | | | | | | | |
| Industrial REITs | 0.8% | | | | | | | | |
| Americold Realty Trust, Inc. | | | 2,162 | | | | 55,217 | |
| EastGroup Properties, Inc. | | | 252 | | | | 42,865 | |
| First Industrial Realty Trust, Inc. | | | 1,299 | | | | 61,716 | |
| Plymouth Industrial, Inc. | | | 4,139 | | | | 88,492 | |
| STAG Industrial, Inc. | | | 1,951 | | | | 70,353 | |
| | | | | | | | 318,643 | |
| | | | | | | | | |
| Insurance | 1.8% | | | | | | | | |
| Assurant, Inc. | | | 426 | | | | 70,823 | |
| International General Insurance Holdings Ltd. | | | 3,435 | | | | 48,090 | |
| Lincoln National Corp. | | | 2,923 | | | | 90,905 | |
| Palomar Holdings, Inc. (*) | | | 1,329 | | | | 107,849 | |
| Primerica, Inc. | | | 391 | | | | 92,503 | |
| Reinsurance Group of America, Inc. | | | 519 | | | | 106,535 | |
| RLI Corp. | | | 570 | | | | 80,193 | |
| Unum Group | | | 1,593 | | | | 81,418 | |
| White Mountains Insurance Group Ltd. | | | 45 | | | | 81,785 | |
| | | | | | | | 760,101 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 109
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Interactive Media & Services | 1.7% | | | | | | | | |
| Cargurus, Inc. (*) | | | 3,940 | | | $ | 103,228 | |
| Grindr, Inc. (*) | | | 9,537 | | | | 116,733 | |
| IAC, Inc. (*) | | | 594 | | | | 27,829 | |
| Match Group, Inc. (*) | | | 2,490 | | | | 75,646 | |
| MediaAlpha, Inc., Class A (*) | | | 4,521 | | | | 59,542 | |
| Yelp, Inc. (*) | | | 3,114 | | | | 115,062 | |
| Ziff Davis, Inc. (*) | | | 964 | | | | 53,068 | |
| ZipRecruiter, Inc., Class A (*) | | | 7,524 | | | | 68,393 | |
| ZoomInfo Technologies, Inc. (*) | | | 7,414 | | | | 94,677 | |
| | | | | | | | 714,178 | |
| | | | | | | | | |
| IT Services | 1.7% | | | | | | | | |
| Amdocs Ltd. | | | 903 | | | | 71,265 | |
| Backblaze, Inc., Class A (*) | | | 4,501 | | | | 27,726 | |
| BigBear.ai Holdings, Inc. (*) | | | 24,411 | | | | 36,861 | |
| Couchbase, Inc. (*) | | | 5,262 | | | | 96,084 | |
| DXC Technology Co. (*) | | | 5,853 | | | | 111,734 | |
| Hackett Group, Inc. | | | 5,657 | | | | 122,870 | |
| Okta, Inc. (*) | | | 1,141 | | | | 106,809 | |
| Rackspace Technology, Inc. (*) | | | 16,088 | | | | 47,942 | |
| Squarespace, Inc., Class A (*) | | | 2,579 | | | | 112,522 | |
| | | | | | | | 733,813 | |
| | | | | | | | | |
| Leisure Products | 1.6% | | | | | | | | |
| BRP, Inc. | | | 1,853 | | | | 118,648 | |
| Brunswick Corp. | | | 1,296 | | | | 94,310 | |
| Hasbro, Inc. | | | 1,499 | | | | 87,691 | |
| JAKKS Pacific, Inc. (*) | | | 680 | | | | 12,179 | |
| Marine Products Corp. | | | 4,525 | | | | 45,702 | |
| MasterCraft Boat Holdings, Inc. (*) | | | 4,553 | | | | 85,961 | |
| Vista Outdoor, Inc. (*) | | | 3,358 | | | | 126,429 | |
| YETI Holdings, Inc. (*) | | | 2,227 | | | | 84,960 | |
| | | | | | | | 655,880 | |
| | | | | | | | | |
| Life Sciences Tools & Services | 1.6% | | | | | | | | |
| Azenta, Inc. (*) | | | 1,403 | | | | 73,826 | |
| Bruker Corp. | | | 1,991 | | | | 127,046 | |
The accompanying notes are an integral part of these financial statements.
110 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Medpace Holdings, Inc. (*) | | | 958 | | | $ | 394,552 | |
| Mesa Laboratories, Inc. | | | 980 | | | | 85,034 | |
| | | | | | | | 680,458 | |
| | | | | | | | | |
| Machinery | 2.8% | | | | | | | | |
| Alamo Group, Inc. | | | 663 | | | | 114,699 | |
| Allison Transmission Holdings, Inc. | | | 3,471 | | | | 263,449 | |
| Blue Bird Corp. (*) | | | 1,451 | | | | 78,136 | |
| Hyster-Yale, Inc. | | | 733 | | | | 51,112 | |
| Kennametal, Inc. | | | 3,680 | | | | 86,627 | |
| Mueller Industries, Inc. | | | 3,942 | | | | 224,458 | |
| REV Group, Inc. | | | 1,549 | | | | 38,555 | |
| Tennant Co. | | | 1,437 | | | | 141,458 | |
| Terex Corp. | | | 1,778 | | | | 97,506 | |
| Watts Water Technologies, Inc., Class A | | | 438 | | | | 80,316 | |
| | | | | | | | 1,176,316 | |
| | | | | | | | | |
| Marine Transportation | 2.4% | | | | | | | | |
| Danaos Corp. | | | 2,319 | | | | 214,183 | |
| Euroseas Ltd. | | | 4,277 | | | | 149,310 | |
| Global Ship Lease, Inc., Class A | | | 2,620 | | | | 75,430 | |
| Golden Ocean Group Ltd. | | | 10,475 | | | | 144,555 | |
| Grindrod Shipping Holdings Ltd. | | | 5,159 | | | | 71,091 | |
| Safe Bulkers, Inc. | | | 27,638 | | | | 160,853 | |
| Seanergy Maritime Holdings Corp. | | | 9,732 | | | | 96,055 | |
| Star Bulk Carriers Corp. | | | 3,535 | | | | 86,183 | |
| | | | | | | | 997,660 | |
| | | | | | | | | |
| Media | 1.1% | | | | | | | | |
| Gambling.com Group Ltd. (*) | | | 5,914 | | | | 48,613 | |
| Gannett Co., Inc. (*) | | | 30,387 | | | | 140,084 | |
| Liberty Media Corp.-Liberty SiriusXM, Class C (*) | | | 3,225 | | | | 71,466 | |
| Paramount Global, Class B | | | 7,853 | | | | 81,593 | |
| Scholastic Corp. | | | 2,512 | | | | 89,101 | |
| Sinclair, Inc. | | | 2,550 | | | | 33,991 | |
| | | | | | | | 464,848 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 111
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Mortgage Real Estate Investment Trusts (REITs) | 0.4% | | | | | | | | |
| Franklin BSP Realty Trust, Inc. | | | 5,736 | | | $ | 72,274 | |
| PennyMac Mortgage Investment Trust | | | 6,298 | | | | 86,597 | |
| | | | | | | | 158,871 | |
| | | | | | | | | |
| Office REITs | 0.5% | | | | | | | | |
| COPT Defense Properties | | | 2,492 | | | | 62,375 | |
| Equity Commonwealth (*) | | | 4,432 | | | | 85,981 | |
| Postal Realty Trust, Inc., Class A | | | 3,965 | | | | 52,853 | |
| | | | | | | | 201,209 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 0.5% | | | | | | | | |
| BW LPG Ltd. | | | 5,433 | | | | 103,662 | |
| Hafnia Ltd. | | | 6,986 | | | | 58,612 | |
| Sabine Royalty Trust | | | 843 | | | | 54,534 | |
| | | | | | | | 216,808 | |
| | | | | | | | | |
| Paper & Forest Products | 0.5% | | | | | | | | |
| Clearwater Paper Corp. (*) | | | 3,225 | | | | 156,316 | |
| Mercer International, Inc. | | | 6,679 | | | | 57,038 | |
| | | | | | | | 213,354 | |
| | | | | | | | | |
| Passenger Airlines | 0.1% | | | | | | | | |
| SkyWest, Inc. (*) | | | 494 | | | | 40,543 | |
| | | | | | | | | |
| Personal Care Products | 0.8% | | | | | | | | |
| Edgewell Personal Care Co. | | | 2,250 | | | | 90,427 | |
| elf Beauty, Inc. (*) | | | 620 | | | | 130,646 | |
| Herbalife Ltd. (*) | | | 5,220 | | | | 54,236 | |
| Nature’s Sunshine Products, Inc. (*) | | | 2,438 | | | | 36,741 | |
| Nu Skin Enterprises, Inc., Class A | | | 2,403 | | | | 25,328 | |
| | | | | | | | 337,378 | |
| | | | | | | | | |
| Pharmaceuticals | 0.1% | | | | | | | | |
| Tilray Brands, Inc. (*) | | | 22,265 | | | | 36,960 | |
The accompanying notes are an integral part of these financial statements.
112 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Professional Services | 4.8% | | | | | | | | |
| Barrett Business Services, Inc. | | | 5,380 | | | $ | 176,303 | |
| CACI International, Inc., Class A (*) | | | 227 | | | | 97,640 | |
| Conduent, Inc. (*) | | | 12,445 | | | | 40,571 | |
| CRA International, Inc. | | | 1,295 | | | | 223,025 | |
| CSG Systems International, Inc. | | | 2,312 | | | | 95,185 | |
| Franklin Covey Co. (*) | | | 3,152 | | | | 119,776 | |
| FTI Consulting, Inc. (*) | | | 467 | | | | 100,653 | |
| Genpact Ltd. | | | 4,432 | | | | 142,666 | |
| Heidrick & Struggles International, Inc. | | | 5,228 | | | | 165,100 | |
| ICF International, Inc. | | | 327 | | | | 48,546 | |
| Legalzoom.com, Inc. (*) | | | 13,142 | | | | 110,261 | |
| Maximus, Inc. | | | 1,682 | | | | 144,147 | |
| Paycom Software, Inc. | | | 988 | | | | 141,324 | |
| Science Applications International Corp. | | | 659 | | | | 77,465 | |
| TELUS International CDA, Inc. (*) | | | 8,469 | | | | 48,951 | |
| Willdan Group, Inc. (*) | | | 3,883 | | | | 112,025 | |
| WNS Holdings Ltd. (*) | | | 3,291 | | | | 172,777 | |
| | | | | | | | 2,016,415 | |
| | | | | | | | | |
| Real Estate Management & Development | 0.4% | | | | | | | | |
| FirstService Corp. | | | 473 | | | | 72,071 | |
| FRP Holdings, Inc. (*) | | | 1,388 | | | | 39,586 | |
| RMR Group, Inc., Class A | | | 1,813 | | | | 40,974 | |
| | | | | | | | 152,631 | |
| | | | | | | | | |
| Residential REITs | 0.2% | | | | | | | | |
| Camden Property Trust | | | 752 | | | | 82,051 | |
| | | | | | | | | |
| Retail REITs | 2.2% | | | | | | | | |
| Acadia Realty Trust | | | 4,730 | | | | 84,762 | |
| Agree Realty Corp. | | | 1,188 | | | | 73,585 | |
| Alexander’s, Inc. | | | 366 | | | | 82,299 | |
| Brixmor Property Group, Inc. | | | 3,573 | | | | 82,501 | |
| Federal Realty Investment Trust | | | 624 | | | | 63,005 | |
| InvenTrust Properties Corp. | | | 3,481 | | | | 86,189 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 113
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Kite Realty Group Trust | | | 3,124 | | | $ | 69,915 | |
| NNN REIT, Inc. | | | 2,033 | | | | 86,606 | |
| Phillips Edison & Co., Inc. | | | 2,024 | | | | 66,205 | |
| Retail Opportunity Investments Corp. | | | 6,485 | | | | 80,608 | |
| SITE Centers Corp. | | | 5,940 | | | | 86,130 | |
| Tanger, Inc. | | | 3,081 | | | | 83,526 | |
| | | | | | | | 945,331 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 2.5% | | | | | | | | |
| Allegro MicroSystems, Inc. (*) | | | 3,485 | | | | 98,416 | |
| Axcelis Technologies, Inc. (*) | | | 1,995 | | | | 283,669 | |
| Cirrus Logic, Inc. (*) | | | 1,695 | | | | 216,384 | |
| Photronics, Inc. (*) | | | 6,094 | | | | 150,339 | |
| Rambus, Inc. (*) | | | 1,697 | | | | 99,716 | |
| Silicon Laboratories, Inc. (*) | | | 655 | | | | 72,463 | |
| Universal Display Corp. | | | 530 | | | | 111,432 | |
| | | | | | | | 1,032,419 | |
| | | | | | | | | |
| Software | 12.3% | | | | | | | | |
| A10 Networks, Inc. | | | 9,162 | | | | 126,894 | |
| Agilysys, Inc. (*) | | | 1,007 | | | | 104,869 | |
| Alarm.com Holdings, Inc. (*) | | | 607 | | | | 38,569 | |
| Alkami Technology, Inc. (*) | | | 5,147 | | | | 146,587 | |
| Appfolio, Inc., Class A (*) | | | 579 | | | | 141,606 | |
| BILL Holdings, Inc. (*) | | | 690 | | | | 36,308 | |
| Blackline, Inc. (*) | | | 1,929 | | | | 93,460 | |
| Box, Inc., Class A (*) | | | 3,137 | | | | 82,942 | |
| Braze, Inc., Class A (*) | | | 2,467 | | | | 95,818 | |
| Clear Secure, Inc., Class A | | | 2,301 | | | | 43,052 | |
| Clearwater Analytics Holdings, Inc., Class A (*) | | | 4,791 | | | | 88,729 | |
| CommVault Systems, Inc. (*) | | | 1,932 | | | | 234,873 | |
| Confluent, Inc., Class A (*) | | | 3,212 | | | | 94,850 | |
| Daily Journal Corp. (*) | | | 252 | | | | 99,409 | |
| Docebo, Inc. (*) | | | 2,151 | | | | 83,093 | |
| DocuSign, Inc. (*) | | | 1,857 | | | | 99,349 | |
| Dolby Laboratories, Inc., Class A | | | 1,727 | | | | 136,830 | |
| E2open Parent Holdings, Inc. (*) | | | 12,084 | | | | 54,257 | |
The accompanying notes are an integral part of these financial statements.
114 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Elastic NV (*) | | | 1,550 | | | $ | 176,560 | |
| Freshworks, Inc., Class A (*) | | | 5,495 | | | | 69,732 | |
| Gitlab, Inc., Class A (*) | | | 1,134 | | | | 56,382 | |
| Hut 8 Corp. (*) | | | 4,990 | | | | 74,800 | |
| InterDigital, Inc. | | | 1,342 | | | | 156,423 | |
| JFrog Ltd. (*) | | | 2,734 | | | | 102,662 | |
| Karooooo Ltd. | | | 1,091 | | | | 31,312 | |
| Magic Software Enterprises Ltd. | | | 1,690 | | | | 16,275 | |
| Manhattan Associates, Inc. (*) | | | 409 | | | | 100,892 | |
| Mitek Systems, Inc. (*) | | | 5,943 | | | | 66,443 | |
| Monday.com Ltd. (*) | | | 676 | | | | 162,754 | |
| nCino, Inc. (*) | | | 2,695 | | | | 84,758 | |
| NCR Voyix Corp. (*) | | | 7,219 | | | | 89,155 | |
| OneSpan, Inc. (*) | | | 7,468 | | | | 95,740 | |
| Open Text Corp. | | | 2,948 | | | | 88,558 | |
| Pagaya Technologies Ltd., Class A (*) | | | 7,794 | | | | 99,451 | |
| Pegasystems, Inc. | | | 2,581 | | | | 156,228 | |
| Procore Technologies, Inc. (*) | | | 1,211 | | | | 80,301 | |
| Progress Software Corp. | | | 2,455 | | | | 133,208 | |
| Qualys, Inc. (*) | | | 705 | | | | 100,533 | |
| Radware Ltd. (*) | | | 4,887 | | | | 89,139 | |
| Red Violet, Inc. (*) | | | 684 | | | | 17,374 | |
| RingCentral, Inc., Class A (*) | | | 2,778 | | | | 78,340 | |
| Sapiens International Corp. NV | | | 3,021 | | | | 102,502 | |
| SEMrush Holdings, Inc., Class A (*) | | | 3,516 | | | | 47,079 | |
| SentinelOne, Inc. Class A (*) | | | 4,920 | | | | 103,566 | |
| Smartsheet, Inc., Class A (*) | | | 1,903 | | | | 83,884 | |
| Sprinklr, Inc., Class A (*) | | | 9,777 | | | | 94,055 | |
| Sprout Social, Inc., Class A (*) | | | 5,006 | | | | 178,614 | |
| SPS Commerce, Inc. (*) | | | 267 | | | | 50,239 | |
| Tenable Holdings, Inc. (*) | | | 2,165 | | | | 94,351 | |
| UiPath, Inc., Class A (*) | | | 8,164 | | | | 103,519 | |
| Verint Systems, Inc. (*) | | | 4,148 | | | | 133,566 | |
| Vertex, Inc., Class A (*) | | | 2,747 | | | | 99,029 | |
| Weave Communications, Inc. (*) | | | 7,332 | | | | 66,135 | |
| Workiva, Inc. (*) | | | 832 | | | | 60,728 | |
| | | | | | | | 5,145,782 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 115
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Specialized REITs | 0.2% | | | | | | | | |
| Four Corners Property Trust, Inc. | | | 3,547 | | | $ | 87,505 | |
| | | | | | | | | |
| Specialty Retail | 3.2% | | | | | | | | |
| Abercrombie & Fitch Co., Class A (*) | | | 740 | | | | 131,602 | |
| American Eagle Outfitters, Inc. | | | 3,915 | | | | 78,143 | |
| Asbury Automotive Group, Inc. (*) | | | 317 | | | | 72,235 | |
| AutoNation, Inc. (*) | | | 681 | | | | 108,538 | |
| Betterware de Mexico SAPI de CV | | | 8,323 | | | | 121,599 | |
| Boot Barn Holdings, Inc. (*) | | | 600 | | | | 77,358 | |
| Build-A-Bear Workshop, Inc. | | | 4,341 | | | | 109,697 | |
| Group 1 Automotive, Inc. | | | 366 | | | | 108,804 | |
| J Jill, Inc. | | | 2,716 | | | | 94,979 | |
| Lithia Motors, Inc. | | | 131 | | | | 33,071 | |
| Signet Jewelers Ltd. | | | 1,210 | | | | 108,392 | |
| Upbound Group, Inc. | | | 3,499 | | | | 107,419 | |
| Urban Outfitters, Inc. (*) | | | 3,367 | | | | 138,215 | |
| Winmark Corp. | | | 108 | | | | 38,084 | |
| | | | | | | | 1,328,136 | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals | 0.1% | | | | | | | | |
| Immersion Corp. | | | 5,665 | | | | 53,308 | |
| | | | | | | | | |
| Textiles, Apparel & Luxury Goods | 3.2% | | | | | | | | |
| Crocs, Inc. (*) | | | 643 | | | | 93,839 | |
| Ermenegildo Zegna NV | | | 7,575 | | | | 89,688 | |
| Figs, Inc., Class A (*) | | | 8,568 | | | | 45,668 | |
| G-III Apparel Group Ltd. (*) | | | 2,710 | | | | 73,360 | |
| Gildan Activewear, Inc. | | | 4,120 | | | | 156,230 | |
| Kontoor Brands, Inc. | | | 1,753 | | | | 115,961 | |
| Movado Group, Inc. | | | 2,752 | | | | 68,415 | |
| Oxford Industries, Inc. | | | 1,382 | | | | 138,407 | |
| PVH Corp. | | | 1,168 | | | | 123,656 | |
| Rocky Brands, Inc. | | | 715 | | | | 26,426 | |
| Steven Madden Ltd. | | | 2,859 | | | | 120,936 | |
| Superior Group of Cos., Inc. | | | 5,576 | | | | 105,442 | |
| Tapestry, Inc. | | | 2,698 | | | | 115,448 | |
The accompanying notes are an integral part of these financial statements.
116 Semi-Annual Financial Statements
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Vera Bradley, Inc. (*) | | | 6,495 | | | $ | 40,659 | |
| Wolverine World Wide, Inc. | | | 3,420 | | | | 46,238 | |
| | | | | | | | 1,360,373 | |
| | | | | | | | | |
| Trading Companies & Distributors | 1.7% | | | | | | | | |
| Boise Cascade Co. | | | 1,619 | | | | 193,017 | |
| DNOW, Inc. (*) | | | 9,948 | | | | 136,586 | |
| Karat Packaging, Inc. | | | 3,423 | | | | 101,252 | |
| McGrath RentCorp | | | 864 | | | | 92,059 | |
| MRC Global, Inc. (*) | | | 8,192 | | | | 105,759 | |
| Titan Machinery, Inc. (*) | | | 3,906 | | | | 62,106 | |
| Willis Lease Finance Corp. | | | 210 | | | | 14,553 | |
| | | | | | | | 705,332 | |
| | | | | | | | | |
| Water Utilities | 0.1% | | | | | | | | |
| Consolidated Water Co. Ltd. | | | 1,369 | | | | 36,333 | |
| | | | | | | | | |
| Wireless Telecommunication Services | 0.3% | | | | | | | | |
| Millicom International Cellular SA (*) | | | 2,374 | | | | 58,282 | |
| Spok Holdings, Inc. | | | 3,467 | | | | 51,346 | |
| | | | | | | | 109,628 | |
| | | | | | | | | |
Total Common Stocks
(Cost $36,103,697) | | | | | | | 41,117,080 | |
| | | | | | | | | |
| Rights | 0.0% | | | | | | | | |
| | | | | | | | | |
| Biotechnology | 0.0% | | | | | | | | |
| Adamas Pharmaceuticals, Inc. CVR | | | | | | | | |
| Expires 2024 (*), (¢) | | | 1,139 | | | | 0 | |
| Expires 2025 (*), (¢) | | | 1,139 | | | | 0 | |
| Epizyme, Inc. CVR Expires 2499 (*), (¢) | | | 41,136 | | | | 823 | |
| Radius Health, Inc. CVR Expires 2499 (*), (¢) | | | 7,231 | | | | 578 | |
| | | | | | | | 1,401 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 117
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Paper & Forest Products | 0.0% | | | | | | | | |
Resolute Forest Products, Inc.
CVR Expires 2499 | | | 10,077 | | | $ | 0 | |
| | | | | | | | | |
Total Rights
(Cost $15,847) | | | | | | | 1,401 | |
| | | | | | | | | |
| | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Repurchase Agreements | 1.0% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $456,200 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $428,455) Proceeds of $428,455
(Cost $420,000) | | | $420 | | | $ | 420,000 | |
| | | | | | | | | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (Cost $25,859) | | | 25,859 | | | $ | 25,859 | |
| | | | | | | | | |
Total Investments | 99.8%
(Cost $36,744,058) | | | | | | $ | 41,756,230 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.2% | | | | | | | 91,423 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 41,847,653 | |
The accompanying notes are an integral part of these financial statements.
118 Semi-Annual Financial Statements
The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2024 (N-CSR Item 7) (unaudited)
| (*) | Non-income producing security. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, as amended, these securities may only be traded among “qualified institutional buyers.” At June 30, 2024, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | | Percentage of
Net Assets |
| | | | | |
| Emerging Markets Equity Advantage Portfolio | | | 1.0 | % |
| International Equity Advantage Portfolio | | | 0.2 | % |
| (^) | Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
Security Abbreviations:
| ADR | — | American Depositary Receipt |
| CVR | — | Contingent Value Rights |
| GDR | — | Global Depositary Receipt |
| JSC | — | Joint Stock Company |
| NVDR | — | Non-Voting Depositary Receipt |
| PJSC | — | Public Joint Stock Company |
| QPSC | — | Qatari Public Shareholding Company |
| REIT | — | Real Estate Investment Trust |
Currency Abbreviations:
| AUD | — | Australian Dollar | GBP | — | British Pound Sterling |
| CAD | — | Canadian Dollar | HKD | — | Hong-Kong Dollar |
| CHF | — | Swiss Franc | USD | — | United States Dollar |
| EUR | — | Euro | | | |
Counterparty Abbreviations:
| BNP | — | BNP Paribas SA | MEL | — | Bank of New York Mellon Corp. |
| CAN | — | Canadian Imperial Bank of Commerce | MSC | — | Morgan Stanley & Co. |
| CIT | — | Citibank N.A. | RBC | — | Royal Bank of Canada |
| HSB | — | HSBC Bank USA N.A. | SCB | — | Standard Chartered Bank |
| | | SSB | — | State Street Bank & Trust Co. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 119
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
Portfolio | |
| Common & Preferred Stocks | | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | | — | % | | | — | % | | | 0.8 | % | | | — | % | |
| Air Freight & Logistics | | | 3.4 | | | | — | | | | 0.3 | | | | — | | |
| Automobile Components | | | 0.4 | | | | — | | | | 0.5 | | | | 1.8 | | |
| Automobiles | | | 1.1 | | | | 1.2 | | | | 3.2 | | | | 0.7 | | |
| Banks | | | 20.5 | | | | 19.4 | | | | 16.4 | | | | 21.2 | | |
| Beverages | | | 2.6 | | | | 1.8 | | | | 1.8 | | | | — | | |
| Biotechnology | | | — | | | | 1.0 | | | | 0.1 | | | | — | | |
| Broadline Retail | | | 3.2 | | | | 4.8 | | | | 4.4 | | | | 2.6 | | |
| Building Products | | | — | | | | — | | | | 0.2 | | | | — | | |
| Capital Markets | | | — | | | | 1.4 | | | | 0.8 | | | | — | | |
| Chemicals | | | 0.8 | | | | 2.1 | | | | 1.3 | | | | 1.1 | | |
| Commercial Services & Suppliers | | | — | | | | — | | | | — | | | | — | | |
| Communications Equipment | | | 1.0 | | | | — | | | | 0.7 | | | | — | | |
| Construction & Engineering | | | — | | | | 1.6 | | | | 0.9 | | | | — | | |
| Construction Materials | | | — | | | | — | | | | 0.4 | | | | 1.1 | | |
| Consumer Finance | | | 1.2 | | | | — | | | | 0.9 | | | | — | | |
| Consumer Staples Distributions & Retails | | | — | | | | 2.7 | | | | 0.4 | | | | 0.5 | | |
| Containers & Packaging | | | — | | | | — | | | | 0.1 | | | | — | | |
| Diversified Consumer Services | | | — | | | | — | | | | — | | | | — | | |
| Diversified Telecommunication Services | | | — | | | | 0.6 | | | | 1.0 | | | | 4.5 | | |
| Electric Utilities | | | — | | | | — | | | | 0.2 | | | | — | | |
| Electrical Equipment | | | 2.4 | | | | — | | | | 1.1 | | | | 0.6 | | |
| Electronic Equipment, Instruments & Components | | | 3.9 | | | | — | | | | 2.7 | | | | 1.4 | | |
| Energy Equipment & Services | | | 0.6 | | | | 2.5 | | | | — | | | | — | | |
| Entertainment | | | — | | | | 1.0 | | | | 1.7 | | | | 1.1 | | |
| Financial Services | | | 2.1 | | | | 1.1 | | | | 0.9 | | | | — | | |
| Food Products | | | — | | | | — | | | | 1.6 | | | | 2.3 | | |
| Gas Utilities | | | — | | | | — | | | | 0.4 | | | | 1.1 | | |
| Ground Transportation | | | 0.9 | | | | — | | | | — | | | | — | | |
| Health Care Equipment & Supplies | | | — | | | | 0.9 | | | | 0.2 | | | | — | | |
| Health Care Providers & Services | | | — | | | | — | | | | 1.0 | | | | 2.5 | | |
| Hotels, Restaurants & Leisure | | | 3.7 | | | | 3.4 | | | | 2.6 | | | | 0.6 | | |
| Household Durables | | | 1.2 | | | | 2.4 | | | | 0.6 | | | | 3.4 | | |
| Household Products | | | — | | | | 0.5 | | | | 0.3 | | | | 0.8 | | |
| Independent Power & Renewable Electricity Producers | | | — | | | | — | | | | 1.2 | | | | 0.7 | | |
| Industrial Conglomerates | | | — | | | | 0.8 | | | | 0.3 | | | | 3.2 | | |
| Insurance | | | 1.1 | | | | 0.9 | | | | 2.1 | | | | 4.5 | | |
The accompanying notes are an integral part of these financial statements.
120 Semi-Annual Financial Statements
| | Lazard
Equity
Franchise
Portfolio | | Lazard
Global
Equity Select
Portfolio | | Lazard
Global
Listed
Infrastructure
Portfolio | | Lazard
International
Equity
Advantage
Portfolio | | Lazard
International
Equity
Portfolio | |
| | | — | % | | | — | % | | | — | % | | | 0.9 | % | | | 3.4 | % | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | 1.2 | | | | 1.1 | | |
| | | — | | | | — | | | | — | | | | 5.4 | | | | 1.5 | | |
| | | — | | | | 3.8 | | | | — | | | | 12.3 | | | | 8.9 | | |
| | | — | | | | 5.0 | | | | — | | | | 0.6 | | | | 3.9 | | |
| | | — | | | | 1.0 | | | | — | | | | — | | | | — | | |
| | | 3.0 | | | | 5.6 | | | | — | | | | 3.3 | | | | — | | |
| | | — | | | | 0.7 | | | | — | | | | 0.2 | | | | — | | |
| | | — | | | | 6.3 | | | | — | | | | 2.5 | | | | 2.8 | | |
| | | — | | | | — | | | | — | | | | 1.5 | | | | 2.9 | | |
| | | 3.0 | | | | — | | | | — | | | | 1.2 | | | | 1.0 | | |
| | | 4.2 | | | | 1.6 | | | | — | | | | 0.4 | | | | — | | |
| | | 5.0 | | | | — | | | | 13.2 | | | | 1.8 | | | | — | | |
| | | — | | | | — | | | | — | | | | 0.1 | | | | 1.1 | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | 0.7 | | | | — | | | | 0.7 | | | | 1.4 | | |
| | | — | | | | 0.9 | | | | — | | | | 0.3 | | | | — | | |
| | | 4.7 | | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 0.3 | | | | 0.9 | | |
| | | 3.9 | | | | — | | | | 20.5 | | | | 0.2 | | | | 1.0 | | |
| | | — | | | | 3.9 | | | | — | | | | 2.4 | | | | 3.3 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | 2.7 | | | | — | | | | 1.7 | | | | 0.8 | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | 1.6 | | | | — | | | | 1.7 | | | | — | | |
| | | 11.4 | | | | 2.0 | | | | — | | | | 1.2 | | | | — | | |
| | | 6.0 | | | | — | | | | — | | | | 0.5 | | | | — | | |
| | | 4.9 | | | | — | | | | 7.4 | | | | 0.4 | | | | — | | |
| | | 0.6 | | | | — | | | | 9.8 | | | | 0.2 | | | | — | | |
| | | 5.0 | | | | — | | | | — | | | | 0.4 | | | | 1.4 | | |
| | | 12.0 | | | | 1.2 | | | | — | | | | 0.6 | | | | 1.7 | | |
| | | 6.4 | | | | 1.1 | | | | — | | | | 2.2 | | | | — | | |
| | | — | | | | 1.1 | | | | — | | | | 1.5 | | | | 1.6 | | |
| | | — | | | | 1.5 | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | 1.5 | | | | 0.8 | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | | | 2.5 | | |
| | | — | | | | 2.4 | | | | — | | | | 4.6 | | | | 3.1 | | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 121
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
Portfolio | |
| Interactive Media & Services | | | 5.2 | % | | | 5.1 | % | | | 5.2 | % | | | 1.2 | % | |
| IT Services | | | 1.7 | | | | 1.5 | | | | 2.0 | | | | 1.7 | | |
| Leisure Products | | | — | | | | — | | | | — | | | | — | | |
| Life Sciences Tools & Services | | | — | | | | — | | | | — | | | | — | | |
| Machinery | | | 3.9 | | | | 1.9 | | | | 1.7 | | | | 1.8 | | |
| Marine Transportation | | | — | | | | — | | | | 0.5 | | | | — | | |
| Media | | | — | | | | — | | | | — | | | | — | | |
| Metals & Mining | | | — | | | | 3.2 | | | | 4.1 | | | | 2.6 | | |
| Multi-Utilities | | | — | | | | — | | | | — | | | | — | | |
| Oil, Gas & Consumable Fuels | | | 3.9 | | | | 5.8 | | | | 4.8 | | | | 5.9 | | |
| Paper & Forest Products | | | 0.5 | | | | — | | | | 0.4 | | | | — | | |
| Passanger Airlines | | | — | | | | 1.1 | | | | 0.4 | | | | — | | |
| Personal Care Products | | | — | | | | 1.4 | | | | 0.2 | | | | 2.5 | | |
| Pharmaceuticals | | | 1.3 | | | | 0.8 | | | | 3.2 | | | | 0.6 | | |
| Professional Services | | | — | | | | — | | | | 0.7 | | | | — | | |
| Real Estate Management & Development | | | — | | | | 2.2 | | | | 1.3 | | | | — | | |
| Retail REITs | | | — | | | | — | | | | — | | | | — | | |
| Semiconductors & Semiconductor Equipment | | | 19.0 | | | | 18.3 | | | | 13.7 | | | | 14.8 | | |
| Software | | | 2.1 | | | | — | | | | 0.2 | | | | — | | |
| Specialty Retail | | | 2.2 | | | | — | | | | 0.3 | | | | 0.9 | | |
| Technology Hardware, Storage & Peripherals | | | 6.8 | | | | 4.3 | | | | 6.4 | | | | 3.7 | | |
| Textiles, Apparel & Luxury Goods | | | 0.9 | | | | 1.1 | | | | 0.2 | | | | — | | |
| Tobacco | | | — | | | | 0.8 | | | | — | | | | 0.6 | | |
| Trading Companies & Distributors | | | — | | | | — | | | | — | | | | — | | |
| Transportation Infrastructure | | | 1.5 | | | | 2.1 | | | | 1.0 | | | | 1.5 | | |
| Water Utilities | | | — | | | | — | | | | 0.4 | | | | — | | |
| Wireless Telecommunication Services | | | — | | | | — | | | | 0.8 | | | | 2.2 | | |
| Subtotal | | | 99.1 | | | | 99.7 | | | | 98.6 | | | | 95.7 | | |
| Warrants | | | — | | | | — | | | | — | | | | — | | |
| Repurchase Agreements | | | 2.2 | | | | — | | | | 0.5 | | | | 3.8 | | |
| Short-Term Investments | | | 0.1 | | | | 0.0 | | | | 0.0 | | | | 0.2 | | |
| Total Investments | | | 101.4 | % | | | 99.7 | % | | | 99.1 | % | | | 99.7 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
122 Semi-Annual Financial Statements
| | Lazard
Equity
Franchise
Portfolio | | Lazard
Global
Equity Select
Portfolio | | Lazard
Global
Listed
Infrastructure
Portfolio | | Lazard
International
Equity
Advantage
Portfolio | | Lazard
International
Equity
Portfolio | |
| | | — | % | | | 5.9 | % | | | — | % | | | 1.7 | % | | | 1.9 | % | |
| | | 4.2 | | | | 2.7 | | | | — | | | | 1.4 | | | | 2.9 | | |
| | | — | | | | 1.2 | | | | — | | | | 0.1 | | | | 0.8 | | |
| | | — | | | | 5.6 | | | | — | | | | — | | | | 2.1 | | |
| | | 1.0 | | | | 3.6 | | | | — | | | | 2.9 | | | | 3.8 | | |
| | | — | | | | — | | | | — | | | | 0.7 | | | | — | | |
| | | 8.8 | | | | 0.5 | | | | 1.9 | | | | — | | | | 0.8 | | |
| | | — | | | | — | | | | — | | | | 3.4 | | | | 1.4 | | |
| | | 6.8 | | | | — | | | | 15.5 | | | | — | | | | 1.4 | | |
| | | — | | | | — | | | | — | | | | 2.7 | | | | 3.0 | | |
| | | — | | | | — | | | | — | | | | 0.1 | | | | — | | |
| | | — | | | | — | | | | — | | | | 1.7 | | | | 1.6 | | |
| | | — | | | | 2.3 | | | | — | | | | 0.2 | | | | 2.7 | | |
| | | — | | | | 3.6 | | | | — | | | | 11.0 | | | | 6.2 | | |
| | | — | | | | 7.0 | | | | — | | | | 2.5 | | | | 7.4 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 1.4 | | | | 0.5 | | |
| | | — | | | | — | | | | — | | | | 0.1 | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | 8.3 | | | | — | | | | 7.8 | | | | 5.9 | | |
| | | — | | | | 10.6 | | | | — | | | | 3.1 | | | | 1.2 | | |
| | | — | | | | 1.2 | | | | — | | | | — | | | | 2.6 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 2.9 | | | | 1.3 | | |
| | | — | | | | 1.9 | | | | — | | | | 0.3 | | | | 4.9 | | |
| | | — | | | | — | | | | — | | | | 2.0 | | | | — | | |
| | | — | | | | 1.3 | | | | — | | | | 0.6 | | | | 0.7 | | |
| | | — | | | | — | | | | 9.8 | | | | 0.3 | | | | — | | |
| | | 8.0 | | | | — | | | | 10.5 | | | | 0.1 | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 0.7 | | | | — | | |
| | | 98.9 | | | | 98.8 | | | | 90.1 | | | | 98.8 | | | | 97.4 | | |
| | | — | | | | — | | | | — | | | | 0.0 | | | | — | | |
| | | 0.5 | | | | 0.8 | | | | 8.8 | | | | 0.8 | | | | 0.7 | | |
| | | 0.0 | | | | 0.0 | | | | 0.5 | | | | 0.1 | | | | 0.0 | | |
| | | 99.4 | % | | | 99.6 | % | | | 99.4 | % | | | 99.7 | % | | | 98.1 | % | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 123
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Industry† | | Lazard
International
Equity Select
Portfolio | | Lazard
International
Quality
Growth
Portfolio | | Lazard
International
Small Cap
Equity
Portfolio | | Lazard
International
Strategic
Equity
Portfolio | |
| Common & Preferred Stocks | | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | | 2.3 | % | | | — | % | | | 2.1 | % | | | 3.7 | % | |
| Automobile Components | | | 1.0 | | | | — | | | | 3.7 | | | | 1.9 | | |
| Automobiles | | | 0.9 | | | | — | | | | — | | | | 1.1 | | |
| Banks | | | 10.9 | | | | 2.9 | | | | 4.6 | | | | 7.8 | | |
| Beverages | | | 3.1 | | | | 3.2 | | | | 4.6 | | | | 7.3 | | |
| Biotechnology | | | — | | | | — | | | | 2.8 | | | | — | | |
| Broadline Retail | | | 1.0 | | | | 2.5 | | | | — | | | | — | | |
| Building Products | | | 1.0 | | | | 2.4 | | | | 3.3 | | | | 1.1 | | |
| Capital Markets | | | 1.9 | | | | 8.4 | | | | 3.6 | | | | 2.6 | | |
| Chemicals | | | 2.8 | | | | — | | | | 5.1 | | | | — | | |
| Commercial Services & Suppliers | | | 1.1 | | | | — | | | | — | | | | — | | |
| Communications Equipment | | | — | | | | — | | | | — | | | | — | | |
| Construction Materials | | | 1.1 | | | | — | | | | — | | | | 1.5 | | |
| Consumer Finance | | | — | | | | — | | | | — | | | | — | | |
| Consumer Staples Distributions & Retails | | | — | | | | 2.8 | | | | 2.4 | | | | 0.8 | | |
| Containers & Packaging | | | — | | | | — | | | | — | | | | — | | |
| Diversified REITs | | | — | | | | — | | | | — | | | | — | | |
| Diversified Telecommunication Services | | | 0.8 | | | | — | | | | — | | | | — | | |
| Electric Utilities | | | — | | | | — | | | | — | | | | 1.1 | | |
| Electrical Equipment | | | 2.9 | | | | 1.9 | | | | — | | | | 3.5 | | |
| Electronic Equipment, Instruments & Components | | | — | | | | 8.4 | | | | 3.5 | | | | 2.7 | | |
| Energy Equipment & Services | | | — | | | | — | | | | 0.9 | | | | — | | |
| Entertainment | | | 1.1 | | | | 3.1 | | | | 0.7 | | | | — | | |
| Financial Services | | | — | | | | — | | | | 3.6 | | | | 1.0 | | |
| Food Products | | | — | | | | — | | | | 1.2 | | | | — | | |
| Gas Utilities | | | 1.1 | | | | — | | | | 2.6 | | | | — | | |
| Ground Transportation | | | — | | | | — | | | | — | | | | 1.8 | | |
| Health Care Equipment & Supplies | | | 2.6 | | | | 3.7 | | | | 3.7 | | | | 1.9 | | |
| Health Care Providers & Services | | | — | | | | — | | | | — | | | | — | | |
| Health Care Technology | | | — | | | | 1.4 | | | | — | | | | — | | |
| Hotels, Restaurants & Leisure | | | 2.3 | | | | — | | | | — | | | | 1.9 | | |
| Household Durables | | | — | | | | — | | | | 2.2 | | | | — | | |
| Household Products | | | 1.0 | | | | 0.3 | | | | — | | | | — | | |
| Industrial Conglomerates | | | 0.8 | | | | — | | | | — | | | | 2.4 | | |
| Industrial REITs | | | — | | | | — | | | | 2.6 | | | | — | | |
| Insurance | | | 5.4 | | | | 6.1 | | | | 2.7 | | | | 6.3 | | |
| Interactive Media & Services | | | 3.1 | | | | 4.0 | | | | 1.3 | | | | — | | |
| IT Services | | | 2.9 | | | | 2.6 | | | | — | | | | 3.4 | | |
The accompanying notes are an integral part of these financial statements.
124 Semi-Annual Financial Statements
| | Lazard
Managed
Equity
Volatility
Portfolio | | Lazard US
Equity
Concentrated
Portfolio | | Lazard US
Equity Focus
Portfolio | | Lazard US
Small Cap
Equity Select
Portfolio | | Lazard US
Sustainable
Equity
Portfolio |
| | | 2.3 | % | | | — | % | | | — | % | | | 1.0 | % | | | — | % | |
| | | 0.2 | | | | — | | | | — | | | | 1.2 | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | 3.6 | | | | — | | | | 3.2 | | | | 6.7 | | | | 2.4 | | |
| | | 2.5 | | | | — | | | | — | | | | — | | | | — | | |
| | | 4.1 | | | | — | | | | — | | | | 4.4 | | | | — | | |
| | | 0.8 | | | | 8.6 | | | | 7.3 | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | 0.8 | | | | 2.4 | | |
| | | 1.0 | | | | 9.5 | | | | 9.4 | | | | 5.7 | | | | 5.5 | | |
| | | 2.3 | | | | — | | | | — | | | | 1.1 | | | | 2.1 | | |
| | | 1.5 | | | | 4.6 | | | | 3.2 | | | | 1.7 | | | | 3.0 | | |
| | | 0.8 | | | | — | | | | — | | | | 1.2 | | | | — | | |
| | | — | | | | — | | | | — | | | | 1.1 | | | | — | | |
| | | — | | | | — | | | | 2.1 | | | | — | | | | 1.5 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 4.3 | | | | — | | | | 1.7 | | | | 4.2 | | | | 1.0 | | |
| | | 0.2 | | | | — | | | | — | | | | 1.7 | | | | 1.1 | | |
| | | 0.2 | | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 4.6 | | | | — | | | | — | | | | — | | | | — | | |
| | | 3.5 | | | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | 4.4 | | | | 1.1 | | | | 2.5 | | | | 2.6 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 0.4 | | | | — | | | | — | | | | 2.9 | | | | 1.5 | | |
| | | — | | | | — | | | | — | | | | 3.2 | | | | — | | |
| | | 1.0 | | | | — | | | | — | | | | — | | | | — | | |
| | | 2.4 | | | | 8.7 | | | | 3.9 | | | | 1.1 | | | | 3.7 | | |
| | | 4.3 | | | | — | | | | — | | | | 1.3 | | | | — | | |
| | | 3.4 | | | | — | | | | — | | | | — | | | | — | | |
| | | 1.9 | | | | 2.4 | | | | 2.8 | | | | 0.7 | | | | 1.9 | | |
| | | 0.6 | | | | — | | | | 1.7 | | | | 4.9 | | | | 3.3 | | |
| | | 5.9 | | | | 5.0 | | | | 3.9 | | | | 1.9 | | | | 5.0 | | |
| | | — | | | | — | | | | — | | | | 1.4 | | | | — | | |
| | | — | | | | 4.0 | | | | 2.8 | | | | 3.9 | | | | — | | |
| | | — | | | | — | | | | — | | | | 0.9 | | | | — | | |
| | | 5.7 | | | | — | | | | — | | | | — | | | | 2.7 | | |
| | | 0.4 | | | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | 2.1 | | | | — | | | | 2.4 | | |
| | | 6.1 | | | | — | | | | 3.6 | | | | 3.8 | | | | — | | |
| | | 1.5 | | | | 4.2 | | | | 6.7 | | | | 2.8 | | | | — | | |
| | | 2.2 | | | | 2.9 | | | | 2.6 | | | | 1.7 | | | | 3.0 | | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 125
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Industry† | | Lazard
International
Equity Select
Portfolio | | Lazard
International
Quality
Growth
Portfolio | | Lazard
International
Small Cap
Equity
Portfolio | | Lazard
International
Strategic
Equity
Portfolio | |
| Leisure Products | | | — | % | | | 2.2 | % | | | 2.4 | % | | | — | % | |
| Life Sciences Tools & Services | | | 1.7 | | | | 1.3 | | | | 1.6 | | | | 4.5 | | |
| Machinery | | | 4.0 | | | | 2.6 | | | | 4.7 | | | | 2.5 | | |
| Media | | | — | | | | — | | | | — | | | | 2.5 | | |
| Metals & Mining | | | — | | | | — | | | | 0.6 | | | | — | | |
| Multi-Utilities | | | 1.3 | | | | — | | | | — | | | | 2.5 | | |
| Office REITs | | | — | | | | — | | | | — | | | | — | | |
| Oil, Gas & Consumable Fuels | | | 4.7 | | | | — | | | | 1.3 | | | | 1.5 | | |
| Passanger Airlines | | | 1.7 | | | | — | | | | — | | | | 1.9 | | |
| Paper & Forest Products | | | — | | | | — | | | | — | | | | — | | |
| Personal Care Products | | | 2.9 | | | | 2.5 | | | | — | | | | — | | |
| Pharmaceuticals | | | 6.1 | | | | — | | | | — | | | | 7.6 | | |
| Professional Services | | | 7.3 | | | | 10.6 | | | | 10.9 | | | | 5.6 | | |
| Real Estate Management & Development | | | 0.4 | | | | — | | | | 5.5 | | | | — | | |
| Retail REITs | | | — | | | | — | | | | — | | | | — | | |
| Semiconductors & Semiconductor Equipment | | | 9.4 | | | | 6.5 | | | | 1.6 | | | | 12.1 | | |
| Software | | | 1.1 | | | | 7.1 | | | | 3.5 | | | | — | | |
| Specialized REITs | | | — | | | | — | | | | 0.7 | | | | — | | |
| Specialty Retail | | | 0.5 | | | | 2.8 | | | | 4.6 | | | | 0.7 | | |
| Technology Hardware, Storage & Peripherals | | | 1.0 | | | | — | | | | 0.8 | | | | 1.4 | | |
| Textiles, Apparel & Luxury Goods | | | 2.6 | | | | 3.1 | | | | — | | | | — | | |
| Tobacco | | | — | | | | — | | | | — | | | | — | | |
| Trading Companies & Distributors | | | 1.0 | | | | 5.2 | | | | 2.4 | | | | 1.2 | | |
| Wireless Telecommunication Services | | | — | | | | — | | | | — | | | | — | | |
| Subtotal | | | 96.8 | | | | 97.6 | | | | 97.8 | | | | 97.8 | | |
| Warrants | | | — | | | | — | | | | — | | | | — | | |
| Repurchase Agreements | | | 1.8 | | | | 1.8 | | | | 0.3 | | | | 2.0 | | |
| Short-Term Investments | | | 0.1 | | | | 0.1 | | | | 0.0 | | | | 0.1 | | |
| Total Investments | | | 98.7 | % | | | 99.5 | % | | | 98.1 | % | | | 99.9 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
126 Semi-Annual Financial Statements
| | Lazard
Managed
Equity
Volatility
Portfolio | | Lazard US
Equity
Concentrated
Portfolio | | Lazard US
Equity Focus
Portfolio | | Lazard US
Small Cap
Equity Select
Portfolio | | Lazard US
Sustainable
Equity
Portfolio | |
| | | 0.2 | % | | | — | % | | | — | % | | | 0.9 | % | | | — | % | |
| | | — | | | | — | | | | 5.9 | | | | 2.2 | | | | 8.4 | | |
| | | 1.6 | | | | — | | | | 2.0 | | | | 5.2 | | | | 5.0 | | |
| | | 0.8 | | | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | 2.5 | | | | — | | | | — | | | | — | | | | — | | |
| | | 0.8 | | | | — | | | | — | | | | — | | | | — | | |
| | | 1.0 | | | | — | | | | 3.0 | | | | 3.1 | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | 0.3 | | | | — | | | | — | | | | — | | | | — | | |
| | | 0.9 | | | | — | | | | 1.1 | | | | — | | | | 0.8 | | |
| | | 8.9 | | | | 4.6 | | | | 2.4 | | | | — | | | | 3.2 | | |
| | | 2.3 | | | | — | | | | — | | | | 1.6 | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 1.3 | | | | — | | | | — | | | | 1.4 | | | | — | | |
| | | 0.5 | | | | — | | | | — | | | | 1.8 | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 1.2 | | | | 18.0 | | | | 8.7 | | | | 4.8 | | | | 8.2 | | |
| | | 2.0 | | | | 5.6 | | | | 10.9 | | | | 4.7 | | | | 17.1 | | |
| | | 1.9 | | | | 10.3 | | | | — | | | | 1.3 | | | | — | | |
| | | 0.7 | | | | — | | | | — | | | | 5.3 | | | | 2.9 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 1.3 | | | | — | | | | 4.9 | | | | — | | | | 4.5 | | |
| | | 0.3 | | | | 4.7 | | | | — | | | | — | | | | 0.7 | | |
| | | 1.1 | | | | — | | | | — | | | | — | | | | — | | |
| | | 0.2 | | | | — | | | | — | | | | 0.9 | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 1.0 | | | | — | | | | — | | | | — | | | | — | | |
| | | 98.5 | | | | 97.5 | | | | 97.0 | | | | 97.0 | | | | 95.9 | | |
| | | — | | | | — | | | | — | | | | — | | | | — | | |
| | | 2.7 | | | | 0.2 | | | | 3.6 | | | | — | | | | 4.0 | | |
| | | 0.2 | | | | 0.0 | | | | 0.2 | | | | — | | | | 0.3 | | |
| | | 101.4 | % | | | 97.7 | % | | | 100.8 | % | | | 97.0 | % | | | 100.2 | % | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 127
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (concluded):
| Industry† | | Lazard US
Systematic
Small Cap
Equity
Portfolio |
| Common & Preferred Stocks and Closed-End Management Investment Companies | | | | |
| Aerospace & Defense | | | 0.1 | % |
| Automobile Components | | | 1.8 | |
| Automobiles | | | 0.3 | |
| Banks | | | 1.3 | |
| Beverages | | | 0.3 | |
| Biotechnology | | | 4.0 | |
| Broadline Retail | | | 0.5 | |
| Building Products | | | 2.3 | |
| Capital Markets | | | 2.5 | |
| Chemicals | | | 1.3 | |
| Commercial Services & Suppliers | | | 4.0 | |
| Communications Equipment | | | 1.6 | |
| Construction & Engineering | | | 1.7 | |
| Construction Materials | | | 0.4 | |
| Consumer Finance | | | 0.5 | |
| Consumer Staples Distribution & Retail | | | 0.5 | |
| Containers & Packaging | | | 0.7 | |
| Distributors | | | 0.2 | |
| Diversified Consumer Services | | | 3.3 | |
| Diversified REITs | | | 0.2 | |
| Diversified Telecommunication Services | | | 0.3 | |
| Electrical Equipment | | | 1.7 | |
| Electronic Equipment, Instruments & Components | | | 5.8 | |
| Energy Equipment & Services | | | 0.3 | |
| Entertainment | | | 0.2 | |
| Financial Services | | | 1.4 | |
| Food Products | | | 0.7 | |
| Ground Transportation | | | 0.2 | |
| Health Care Equipment & Supplies | | | 3.5 | |
| Health Care Providers & Services | | | 2.5 | |
| Health Care REITs | | | 0.6 | |
| Health Care Technology | | | 0.2 | |
| Hotels, Restaurants & Leisure | | | 1.0 | |
| Household Durables | | | 2.0 | |
| Household Products | | | 0.2 | |
| Independent Power & Renewable Electricity Producers | | | 0.5 | |
| Industrial REITs | | | 0.8 | |
| Insurance | | | 1.8 | |
| Interactive Media & Services | | | 1.7 | |
| Investment Companies | | | 0.5 | |
| IT Services | | | 1.7 | |
The accompanying notes are an integral part of these financial statements.
128 Semi-Annual Financial Statements
| Industry† | | Lazard US
Systematic
Small Cap
Equity
Portfolio |
| Leisure Products | | | 1.6 | % |
| Life Sciences Tools & Services | | | 1.6 | |
| Machinery | | | 2.8 | |
| Marine Transportation | | | 2.4 | |
| Media | | | 1.1 | |
| Mortgage Real Estate Investment Trusts (REITs) | | | 0.4 | |
| Office REITs | | | 0.5 | |
| Oil, Gas & Consumable Fuels | | | 0.5 | |
| Paper & Forest Products | | | 0.5 | |
| Passenger Airlines | | | 0.1 | |
| Personal Care Products | | | 0.8 | |
| Pharmaceuticals | | | 0.1 | |
| Professional Services | | | 4.8 | |
| Real Estate Management & Development | | | 0.4 | |
| Residential REITs | | | 0.2 | |
| Retail REITs | | | 2.2 | |
| Semiconductors & Semiconductor Equipment | | | 2.5 | |
| Software | | | 12.3 | |
| Specialized REITs | | | 0.2 | |
| Specialty Retail | | | 3.2 | |
| Technology Hardware, Storage & Peripherals | | | 0.1 | |
| Textiles, Apparel & Luxury Goods | | | 3.2 | |
| Trading Companies & Distributors | | | 1.7 | |
| Water Utilities | | | 0.1 | |
| Wireless Telecommunication Services | | | 0.3 | |
| Subtotal | | | 98.7 | |
| Rights | | | 0.0 | |
| Repurchase Agreements | | | 1.0 | |
| Short-Term Investments | | | 0.1 | |
| Total Investments | | | 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.
Semi-Annual Financial Statements 129
The Lazard Funds, Inc. Statements of Assets and Liabilities (N-CSR Item 7) (unaudited)
| June 30, 2024 | | Lazard
Developing Markets
Equity Portfolio | | Lazard Emerging
Markets Core
Equity Portfolio | |
| ASSETS | | | | | | | | | | |
| Investments in securities, at fair value | | | $ | 92,257,810 | | | $ | 115,995,041 | | |
| Non-controlled affiliated issuers, at fair value (Note 5) | | | | — | | | | — | | |
| Foreign currency, at fair value | | | | 441,869 | | | | 126,103 | | |
| Receivables for: | | | | | | | | | | |
| Dividends | | | | 208,151 | | | | 177,097 | | |
| Capital stock sold | | | | 32,511 | | | | 79,521 | | |
| Investments sold | | | | — | | | | 689,771 | | |
| Gross unrealized appreciation on forward currency contracts | | | | — | | | | — | | |
| Total assets | | | | 92,940,341 | | | | 117,067,533 | | |
| LIABILITIES | | | | | | | | | | |
| Due to custodian | | | | — | | | | — | | |
| Payables for: | | | | | | | | | | |
| Management fees | | | | 63,481 | | | | 75,066 | | |
| Accrued custodian fees | | | | 18,023 | | | | 27,404 | | |
| Accrued professional services | | | | 32,226 | | | | 17,514 | | |
| Accrued directors’ fees | | | | 2,996 | | | | 3,105 | | |
| Accrued distribution fees | | | | 924 | | | | 595 | | |
| Foreign capital gains taxes | | | | 153,671 | | | | 475,009 | | |
| Investments purchased | | | | 1,651,759 | | | | — | | |
| Capital stock redeemed | | | | 42,162 | | | | 46,686 | | |
| Distributions to shareholders | | | | — | | | | — | | |
| Gross unrealized depreciation on forward currency contracts | | | | — | | | | — | | |
| Line of credit outstanding | | | | — | | | | 90,497 | | |
| Other accrued expenses and payables | | | | 22,305 | | | | 32,507 | | |
| Total liabilities | | | | 1,987,547 | | | | 768,383 | | |
| Net assets | | | $ | 90,952,794 | | | $ | 116,299,150 | | |
| NET ASSETS | | | | | | | | | | |
| Paid in capital | | | $ | 191,515,161 | | | $ | 164,202,807 | | |
| Distributable earnings (Accumulated loss) | | | | (100,562,367 | ) | | | (47,903,657 | ) | |
| Net assets | | | $ | 90,952,794 | | | $ | 116,299,150 | | |
| Institutional Shares | | | | | | | | | | |
| Net assets | | | $ | 85,207,102 | | | $ | 113,123,123 | | |
| Shares of capital stock outstanding* | | | | 6,373,159 | | | | 10,578,411 | | |
| Net asset value, offering and redemption price per share | | | $ | 13.37 | | | $ | 10.69 | | |
| Open Shares | | | | | | | | | | |
| Net assets | | | $ | 5,745,692 | | | $ | 2,373,779 | | |
| Shares of capital stock outstanding* | | | | 432,896 | | | | 222,761 | | |
| Net asset value, offering and redemption price per share | | | $ | 13.27 | | | $ | 10.66 | | |
| R6 Shares | | | | | | | | | | |
| Net assets | | | | — | | | $ | 802,248 | | |
| Shares of capital stock outstanding* | | | | — | | | | 74,874 | | |
| Net asset value, offering and redemption price per share | | | | — | | | $ | 10.71 | | |
The accompanying notes are an integral part of these financial statements.
130 Semi-Annual Financial Statements
| | Lazard
Emerging Markets
Equity Advantage
Portfolio | | Lazard
Emerging Markets
Equity Portfolio | | Lazard
Equity Franchise
Portfolio | | Lazard
Global Equity
Select Portfolio | | Lazard
Global Listed
Infrastructure
Portfolio |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 133,064,537 | | | $ | 2,859,163,923 | | | $ | 173,270,347 | | | $ | 101,428,476 | | | $ | 7,402,284,327 | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | | 920,214,310 | |
| | | 172,961 | | | | 2,607,045 | | | | 310 | | | | 24,612 | | | | 23,901 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 453,206 | | | | 16,038,665 | | | | 1,202,950 | | | | 155,785 | | | | 63,582,580 | |
| | | 1,768,923 | | | | 2,258,045 | | | | 233 | | | | 18,899 | | | | 14,698,104 | |
| | | 338,671 | | | | 928 | | | | — | | | | 414,690 | | | | 9,658,883 | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | | 22,551,855 | |
| | | 135,798,298 | | | | 2,880,068,606 | | | | 174,473,840 | | | | 102,042,462 | | | | 8,433,013,960 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 60,269 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | 59,756 | | | | 2,321,140 | | | | 117,338 | | | | 54,857 | | | | 6,306,206 | |
| | | 33,519 | | | | 194,889 | | | | 16,896 | | | | 16,537 | | | | 529,379 | |
| | | 21,581 | | | | 77,858 | | | | 26,155 | | | | 24,630 | | | | 165,487 | |
| | | 2,933 | | | | 41,921 | | | | 4,321 | | | | 2,591 | | | | 133,879 | |
| | | 151 | | | | 72,700 | | | | 28 | | | | 141 | | | | 58,302 | |
| | | 511,165 | | | | 6,476,200 | | | | — | | | | — | | | | — | |
| | | 751,566 | | | | 2,617,721 | | | | — | | | | — | | | | 22,763,896 | |
| | | 27,686 | | | | 1,230,783 | | | | 7,459 | | | | 91,874 | | | | 18,697,741 | |
| | | — | | | | — | | | | — | | | | — | | | | 21 | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | | 8,155,672 | |
| | | — | | | | — | | | | — | | | | — | | | | — | |
| | | 23,351 | | | | 214,665 | | | | 19,865 | | | | 19,491 | | | | 502,814 | |
| | | 1,491,977 | | | | 13,247,877 | | | | 192,062 | | | | 210,121 | | | | 57,313,397 | |
| | $ | 134,306,321 | | | $ | 2,866,820,729 | | | $ | 174,281,778 | | | $ | 101,832,341 | | | $ | 8,375,700,563 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 128,846,474 | | | $ | 3,397,999,276 | | | $ | 170,555,342 | | | $ | 61,256,822 | | | $ | 8,160,944,331 | |
| | | 5,459,847 | | | | (531,178,547 | ) | | | 3,726,436 | | | | 40,575,519 | | | | 214,756,232 | |
| | $ | 134,306,321 | | | $ | 2,866,820,729 | | | $ | 174,281,778 | | | $ | 101,832,341 | | | $ | 8,375,700,563 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 133,642,288 | | | $ | 2,548,980,240 | | | $ | 174,130,699 | | | $ | 101,178,892 | | | $ | 8,108,512,522 | |
| | | 11,050,154 | | | | 137,109,713 | | | | 18,425,718 | | | | 5,314,189 | | | | 541,311,674 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 12.09 | | | $ | 18.59 | | | $ | 9.45 | | | $ | 19.04 | | | $ | 14.98 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 274,194 | | | $ | 287,139,510 | | | $ | 151,079 | | | $ | 653,449 | | | $ | 267,188,041 | |
| | | 22,711 | | | | 14,944,957 | | | | 16,011 | | | | 34,360 | | | | 17,823,084 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 12.07 | | | $ | 19.21 | | | $ | 9.44 | | | $ | 19.02 | | | $ | 14.99 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 389,839 | | | $ | 30,700,979 | | | | — | | | | — | | | | — | |
| | | 32,217 | | | | 1,650,307 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 12.10 | | | $ | 18.60 | | | | — | | | | — | | | | — | |
Semi-Annual Financial Statements 131
| June 30, 2024 | | Lazard
Developing Markets
Equity Portfolio | | Lazard Emerging
Markets Core
Equity Portfolio | |
| Cost of investments in securities | | | $ | 68,490,388 | | | $ | 93,024,326 | | |
| Cost of non-controlled affiliated issuers | | | | — | | | | — | | |
| Cost of foreign currency | | | $ | 441,866 | | | $ | 126,101 | | |
| | |
| * | $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.
132 Semi-Annual Financial Statements
| | Lazard
Emerging Markets
Equity Advantage
Portfolio | | Lazard
Emerging Markets
Equity Portfolio | | Lazard
Equity Franchise
Portfolio | | Lazard
Global Equity
Select Portfolio | | Lazard
Global Listed
Infrastructure
Portfolio |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 116,163,050 | | | $ | 2,481,547,320 | | | $ | 182,863,528 | | | $ | 64,801,290 | | | $ | 6,827,753,656 | |
| | | — | | | | — | | | | — | | | | — | | | $ | 1,332,778,800 | |
| | $ | 173,018 | | | $ | 2,609,171 | | | $ | 311 | | | $ | 24,624 | | | $ | 23,883 | |
Semi-Annual Financial Statements 133
| June 30, 2024 | | Lazard
International
Equity
Advantage Portfolio | | Lazard
International
Equity
Portfolio | |
| ASSETS | | | | | | | | | | |
| Investments in securities, at fair value | | | $ | 21,147,614 | | | $ | 1,009,113,090 | | |
| Foreign currency, at fair value | | | | 4,753 | | | | 793,431 | | |
| Receivables for: | | | | | | | | | | |
| Dividends | | | | 64,039 | | | | 6,825,523 | | |
| Investments sold | | | | — | | | | 12,212,976 | | |
| Capital stock sold | | | | 32,299 | | | | 1,083,412 | | |
| Amount due from Investment Manager (Note 3) | | | | 15,808 | | | | — | | |
| Total assets | | | | 21,264,513 | | | | 1,030,028,432 | | |
| | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | |
| Due to custodian | | | | 69 | | | | — | | |
| Payables for: | | | | | | | | | | |
| Management fees | | | | — | | | | 642,966 | | |
| Foreign capital gains taxes | | | | — | | | | — | | |
| Accrued custodian fees | | | | 16,398 | | | | 86,615 | | |
| Accrued professional services | | | | 23,925 | | | | 50,324 | | |
| Accrued directors’ fees | | | | 990 | | | | 18,275 | | |
| Accrued administration fees | | | | 3,184 | | | | 27,493 | | |
| Accrued distribution fees | | | | 3,333 | | | | 14,294 | | |
| Capital stock redeemed | | | | 251 | | | | 597,834 | | |
| Investments purchased | | | | 9,778 | | | | 587 | | |
| Other accrued expenses and payables | | | | 5,251 | | | | 69,508 | | |
| Total liabilities | | | | 63,179 | | | | 1,507,896 | | |
| Net assets | | | $ | 21,201,334 | | | $ | 1,028,520,536 | | |
| | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | |
| Paid in capital | | | $ | 18,559,140 | | | $ | 798,170,213 | | |
| Distributable earnings (Accumulated loss) | | | | 2,642,194 | | | | 230,350,323 | | |
| Net assets | | | $ | 21,201,334 | | | $ | 1,028,520,536 | | |
| | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Net assets | | | $ | 3,803,307 | | | $ | 897,004,588 | | |
| Shares of capital stock outstanding* | | | | 308,587 | | | | 52,658,532 | | |
| Net asset value, offering and redemption price per share | | | $ | 12.32 | | | $ | 17.03 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Net assets | | | $ | 17,398,027 | | | $ | 59,161,940 | | |
| Shares of capital stock outstanding* | | | | 1,412,573 | | | | 3,423,904 | | |
| Net asset value, offering and redemption price per share | | | $ | 12.32 | | | $ | 17.28 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Net assets | | | | — | | | $ | 72,354,008 | | |
| Shares of capital stock outstanding* | | | | — | | | | 4,255,481 | | |
| Net asset value, offering and redemption price per share | | | | — | | | $ | 17.00 | | |
| | | | | | | | | | | |
| Cost of investments in securities | | | $ | 19,258,417 | | | $ | 821,788,299 | | |
| Cost of foreign currency | | | $ | 4,754 | | | $ | 793,428 | | |
| | |
| * | $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.
134 Semi-Annual Financial Statements
| | Lazard
International
Equity
Select Portfolio | | Lazard
International Quality
Growth
Portfolio | | Lazard
International
Small Cap
Equity Portfolio | | Lazard
International
Strategic
Equity Portfolio | | Lazard
Managed
Equity Volatility
Portfolio |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 53,248,515 | | | $ | 271,048,516 | | | $ | 10,468,617 | | | $ | 3,709,074,324 | | | $ | 15,585,036 | |
| | | 97,581 | | | | 3,725 | | | | 8,258 | | | | 1,792,800 | | | | 7,299 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 229,549 | | | | 432,839 | | | | 136,913 | | | | 14,998,932 | | | | 47,950 | |
| | | 724,230 | | | | 1,152,601 | | | | 120,097 | | | | 3,263,323 | | | | — | |
| | | 24,386 | | | | 196,646 | | | | 771 | | | | 1,932,249 | | | | — | |
| | | — | | | | — | | | | 4,644 | | | | — | | | | 19,452 | |
| | | 54,324,261 | | | | 272,834,327 | | | | 10,739,300 | | | | 3,731,061,628 | | | | 15,659,737 | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | | 243 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 12,489 | | | | 163,459 | | | | — | | | | 2,355,266 | | | | — | |
| | | — | | | | — | | | | — | | | | 1,361,715 | | | | — | |
| | | 14,503 | | | | 26,891 | | | | 11,929 | | | | 287,192 | | | | 15,440 | |
| | | 23,134 | | | | 24,372 | | | | 23,592 | | | | 114,722 | | | | 24,355 | |
| | | 2,051 | | | | 3,116 | | | | 1,455 | | | | 78,700 | | | | 1,733 | |
| | | 4,046 | | | | 8,432 | | | | 3,059 | | | | 73,421 | | | | 3,120 | |
| | | 520 | | | | 353 | | | | 1,418 | | | | 59,622 | | | | — | |
| | | 65,496 | | | | 116,691 | | | | 19,335 | | | | 13,432,914 | | | | 20,089 | |
| | | 221,485 | | | | 75,261 | | | | — | | | | 887,548 | | | | 215,917 | |
| | | 8,677 | | | | 13,408 | | | | 8,462 | | | | 162,392 | | | | 5,962 | |
| | | 352,401 | | | | 431,983 | | | | 69,250 | | | | 18,813,492 | | | | 286,859 | |
| | $ | 53,971,860 | | | $ | 272,402,344 | | | $ | 10,670,050 | | | $ | 3,712,248,136 | | | $ | 15,372,878 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 47,186,309 | | | $ | 249,769,783 | | | $ | 12,792,948 | | | $ | 2,755,017,292 | | | $ | 13,365,344 | |
| | | 6,785,551 | | | | 22,632,561 | | | | (2,122,898 | ) | | | 957,230,844 | | | | 2,007,534 | |
| | $ | 53,971,860 | | | $ | 272,402,344 | | | $ | 10,670,050 | | | $ | 3,712,248,136 | | | $ | 15,372,878 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 51,244,835 | | | $ | 268,829,235 | | | $ | 4,014,166 | | | $ | 3,419,338,314 | | | $ | 15,366,187 | |
| | | 4,655,727 | | | | 16,606,702 | | | | 491,053 | | | | 215,761,388 | | | | 1,187,897 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 11.01 | | | $ | 16.19 | | | $ | 8.17 | | | $ | 15.85 | | | $ | 12.94 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 2,727,025 | | | $ | 1,901,595 | | | $ | 6,655,884 | | | $ | 229,083,087 | | | $ | 6,691 | |
| | | 246,755 | | | | 118,306 | | | | 812,591 | | | | 14,328,595 | | | | 518 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 11.05 | | | $ | 16.07 | | | $ | 8.19 | | | $ | 15.99 | | | $ | 12.91 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | $ | 1,671,514 | | | | — | | | $ | 63,826,735 | | | | — | |
| | | — | | | | 103,216 | | | | — | | | | 4,023,135 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | — | | | $ | 16.19 | | | | — | | | $ | 15.86 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 45,608,062 | | | $ | 253,332,572 | | | $ | 10,264,508 | | | $ | 3,005,468,819 | | | $ | 14,690,566 | |
| | $ | 97,580 | | | $ | 3,724 | | | $ | 8,313 | | | $ | 1,793,367 | | | $ | 7,299 | |
Semi-Annual Financial Statements 135
| June 30, 2024 | | Lazard
US Equity
Concentrated
Portfolio | | Lazard
US Equity
Focus
Portfolio | |
| ASSETS | | | | | | | | | | |
| Investments in securities, at fair value | | | $ | 92,614,999 | | | $ | 92,101,883 | | |
| Cash | | | | 1,604,322 | | | | — | | |
| Receivables for: | | | | | | | | | | |
| Investments sold | | | | 1,018,589 | | | | 861,662 | | |
| Dividends | | | | 6,984 | | | | 22,576 | | |
| Capital stock sold | | | | 36 | | | | 14,882 | | |
| Amount due from Investment Manager (Note 3) | | | | — | | | | — | | |
| Total assets | | | | 95,244,930 | | | | 93,001,003 | | |
| | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | |
| Payables for: | | | | | | | | | | |
| Management fees | | | | 90,201 | | | | 35,455 | | |
| Accrued shareholders’ reports | | | | 58,731 | | | | 3,236 | | |
| Accrued custodian fees | | | | 38,753 | | | | 17,598 | | |
| Accrued professional services | | | | 38,610 | | | | 24,039 | | |
| Accrued directors’ fees | | | | 13,869 | | | | 2,464 | | |
| Accrued administration fees | | | | 8,630 | | | | 6,552 | | |
| Accrued registration fees | | | | 7,018 | | | | 3,240 | | |
| Accrued distribution fees | | | | 4,019 | | | | 235 | | |
| Capital stock redeemed | | | | 176,937 | | | | 515,347 | | |
| Investments purchased | | | | — | | | | 979,215 | | |
| Other accrued expenses and payables | | | | 24,846 | | | | 4,632 | | |
| Total liabilities | | | | 461,614 | | | | 1,592,013 | | |
| Net assets | | | $ | 94,783,316 | | | $ | 91,408,990 | | |
| | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | |
| Paid in capital | | | $ | 26,912,220 | | | $ | 55,650,420 | | |
| Distributable earnings (Accumulated loss) | | | | 67,871,096 | | | | 35,758,570 | | |
| Net assets | | | $ | 94,783,316 | | | $ | 91,408,990 | | |
| | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Net assets | | | $ | 76,857,238 | | | $ | 46,903,949 | | |
| Shares of capital stock outstanding* | | | | 8,744,919 | | | | 2,784,908 | | |
| Net asset value, offering and redemption price per share | | | $ | 8.79 | | | $ | 16.84 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Net assets | | | $ | 17,925,394 | | | $ | 1,170,257 | | |
| Shares of capital stock outstanding* | | | | 2,002,927 | | | | 69,171 | | |
| Net asset value, offering and redemption price per share | | | $ | 8.95 | | | $ | 16.92 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Net assets | | | $ | 684 | | | $ | 43,334,784 | | |
| Shares of capital stock outstanding* | | | | 76 | # | | | 2,571,651 | | |
| Net asset value, offering and redemption price per share | | | $ | 9.04 | | | $ | 16.85 | | |
| | | | | | | | | | | |
| Cost of investments in securities | | | $ | 78,085,958 | | | $ | 60,563,909 | | |
| | |
| * | $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total. |
| # | Shares value is rounded for presentation purposes. |
The accompanying notes are an integral part of these financial statements.
136 Semi-Annual Financial Statements
| | Lazard
US Small Cap
Equity Select
Portfolio | | Lazard
US Sustainable
Equity
Portfolio | | Lazard
US Systematic
Small Cap Equity
Portfolio |
| | | | | | | | | | | | |
| | $ | 37,544,467 | | | $ | 12,836,858 | | | $ | 41,756,230 | |
| | | 1,216,685 | | | | — | | | | 936 | |
| | | | | | | | | | | | |
| | | — | | | | 19,108 | | | | 90,692 | |
| | | 13,150 | | | | 4,450 | | | | 41,202 | |
| | | 1,454 | | | | — | | | | 43,541 | |
| | | — | | | | 20,576 | | | | — | |
| | | 38,775,756 | | | | 12,880,992 | | | | 41,932,601 | |
| | | | | | | | | | | | |
| | | 12,675 | | | | — | | | | 12,302 | |
| | | 3,246 | | | | 2,449 | | | | 1,707 | |
| | | 16,216 | | | | 11,427 | | | | 25,890 | |
| | | 23,976 | | | | 22,416 | | | | 23,427 | |
| | | 1,883 | | | | 1,494 | | | | 1,453 | |
| | | 3,863 | | | | 6,584 | | | | 7,264 | |
| | | 2,476 | | | | 966 | | | | 6,276 | |
| | | 1,532 | | | | 120 | | | | 27 | |
| | | 146 | | | | — | | | | — | |
| | | — | | | | 26,204 | | | | 4,748 | |
| | | 3,355 | | | | 2,787 | | | | 1,854 | |
| | | 69,368 | | | | 74,447 | | | | 84,948 | |
| | $ | 38,706,388 | | | $ | 12,806,545 | | | $ | 41,847,653 | |
| | | | | | | | | | | | |
| | $ | 29,483,633 | | | $ | 8,713,451 | | | $ | 36,016,587 | |
| | | 9,222,755 | | | | 4,093,094 | | | | 5,831,066 | |
| | $ | 38,706,388 | | | $ | 12,806,545 | | | $ | 41,847,653 | |
| | | | | | | | | | | | |
| | $ | 31,352,756 | | | $ | 12,161,878 | | | $ | 41,589,228 | |
| | | 2,448,011 | | | | 824,309 | | | | 3,972,927 | |
| | | | | | | | | | | | |
| | $ | 12.81 | | | $ | 14.75 | | | $ | 10.47 | |
| | | | | | | | | | | | |
| | $ | 7,158,162 | | | $ | 644,667 | | | $ | 143,694 | |
| | | 629,547 | | | | 43,717 | | | | 13,713 | |
| | | | | | | | | | | | |
| | $ | 11.37 | | | $ | 14.75 | | | $ | 10.48 | |
| | | | | | | | | | | | |
| | $ | 195,470 | | | | — | | | $ | 114,731 | |
| | | 15,213 | | | | — | | | | 10,962 | |
| | | | | | | | | | | | |
| | $ | 12.85 | | | | — | | | $ | 10.47 | |
| | | | | | | | | | | | |
| | $ | 31,656,567 | | | $ | 9,316,596 | | | $ | 36,744,058 | |
Semi-Annual Financial Statements 137
The Lazard Funds, Inc. Statements of Operations (N-CSR Item 7) (unaudited)
| For the Six Months Ended June 30, 2024 | Lazard
Developing Markets
Equity Portfolio | | Lazard
Emerging
Markets Core
Equity Portfolio | |
| Investment Income (Loss) Income | | | | | | | | | | |
| Dividends# | | | | | | | | | | |
| Unaffiliated issuers | | $ | 1,078,249 | | | | $ | 1,570,168 | | |
| Non-controlled affiliated issuers (Note 5)(a) | | | — | | | | | — | | |
| Total investment income* | | | 1,078,249 | | | | | 1,570,168 | | |
| Expenses | | | | | | | | | | |
| Management fees (Note 3) | | | 452,310 | | | | | 576,919 | | |
| Custodian fees | | | 26,435 | | | | | 37,067 | | |
| Administration fees | | | 14,273 | | | | | 15,831 | | |
| Shareholders’ services | | | 10,575 | | | | | 9,328 | | |
| Distribution fees (Open Shares) | | | 6,888 | | | | | 2,870 | | |
| Professional services | | | 27,962 | | | | | 38,951 | | |
| Directors’ fees and expenses | | | 5,885 | | | | | 6,478 | | |
| Shareholders’ reports | | | 7,321 | | | | | 17,641 | | |
| Registration fees | | | 18,116 | | | | | 23,646 | | |
| Other^ | | | 5,010 | | | | | 8,380 | | |
| Total gross expenses | | | 574,775 | | | | | 737,111 | | |
| Management fees waived and expenses reimbursed | | | (69,548 | ) | | | | (98,019 | ) | |
| Total net expenses | | | 505,227 | | | | | 639,092 | | |
| Net investment income (loss) | | | 573,022 | | | | | 931,076 | | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | |
| Investments** | | | 31,966 | | | | | 5,171,677 | | |
| Non-controlled affiliated issuers(a) | | | — | | | | | — | | |
| Foreign currency transactions | | | (16,452 | ) | | | | (48,317 | ) | |
| Forward currency contracts | | | — | | | | | — | | |
| Total net realized gain (loss) | | | 15,514 | | | | | 5,123,360 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | |
| Investments† | | | 4,442,297 | | | | | 3,919,955 | | |
| Non-controlled affiliated issuers(a) | | | — | | | | | — | | |
| Foreign currency translations | | | (3,014 | ) | | | | (587 | ) | |
| Forward currency contracts | | | — | | | | | — | | |
| Total net change in unrealized appreciation (depreciation) | | | 4,439,283 | | | | | 3,919,368 | | |
| Net realized and unrealized gain (loss) | | | 4,454,797 | | | | | 9,042,728 | | |
| Net increase (decrease) in net assets resulting from operations | | $ | 5,027,819 | | | | $ | 9,973,804 | | |
| | | | | | | | | | | | |
| * | Net of foreign withholding taxes of | | $ | 135,457 | | | | $ | 179,827 | | |
| ** | Net of foreign capital gains taxes of | | $ | 21,886 | | | | $ | 31,404 | | |
| † | Includes net change in foreign capital gains taxes of | | $ | (7,847 | ) | | | $ | (173,613 | ) | |
| ^ | Includes interest on line of credit of | | $ | 292 | | | | $ | 1,077 | | |
| (a) | See Note 5 for information on affiliated issuers |
The accompanying notes are an integral part of these financial statements.
138 Semi-Annual Financial Statements
| | Lazard
Emerging Markets
Equity Advantage
Portfolio | | Lazard
Emerging
Markets Equity
Portfolio | | Lazard
Equity Franchise
Portfolio | | Lazard
Global Equity
Select
Portfolio | | Lazard
Global Listed
Infrastructure
Portfolio |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 2,073,093 | | | | $ | 74,426,409 | | | | $ | 3,558,686 | | | | $ | 864,142 | | | | $ | 198,287,324 | |
| | | | — | | | | | — | | | | | — | | | | | — | | | | | 42,844,215 | |
| | | | 2,073,093 | | | | | 74,426,409 | | | | | 3,558,686 | | | | | 864,142 | | | | | 241,131,539 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 464,381 | | | | | 13,501,396 | | | | | 658,141 | | | | | 330,020 | | | | | 39,107,640 | |
| | | | 45,408 | | | | | 300,082 | | | | | 24,048 | | | | | 24,906 | | | | | 782,386 | |
| | | | 16,359 | | | | | 156,065 | | | | | 18,903 | | | | | 14,966 | | | | | 400,522 | |
| | | | 9,757 | | | | | 149,775 | | | | | 8,041 | | | | | 8,361 | | | | | 358,031 | |
| | | | 410 | | | | | 345,118 | | | | | 210 | | | | | 971 | | | | | 347,435 | |
| | | | 25,752 | | | | | 136,832 | | | | | 24,560 | | | | | 23,837 | | | | | 315,777 | |
| | | | 6,191 | | | | | 91,193 | | | | | 7,794 | | | | | 5,661 | | | | | 295,656 | |
| | | | 4,306 | | | | | 83,638 | | | | | 3,792 | | | | | 4,960 | | | | | 198,421 | |
| | | | 35,536 | | | | | 52,798 | | | | | 17,031 | | | | | 22,765 | | | | | 142,302 | |
| | | | 16,525 | | | | | 62,870 | | | | | 5,966 | | | | | 4,668 | | | | | 202,099 | |
| | | | 624,625 | | | | | 14,879,767 | | | | | 768,486 | | | | | 441,115 | | | | | 42,150,269 | |
| | | | (55,130 | ) | | | | (1,011 | ) | | | | (1,791 | ) | | | | (2,588 | ) | | | | — | |
| | | | 569,495 | | | | | 14,878,756 | | | | | 766,695 | | | | | 438,527 | | | | | 42,150,269 | |
| | | | 1,503,598 | | | | | 59,547,653 | | | | | 2,791,991 | | | | | 425,615 | | | | | 198,981,270 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 5,156,723 | | | | | 70,803,998 | | | | | 12,154,208 | | | | | 3,356,594 | | | | | 208,115,655 | |
| | | | — | | | | | — | | | | | — | | | | | — | | | | | (2,114,590 | ) |
| | | | (120,301 | ) | | | | (837,836 | ) | | | | 5,216 | | | | | (5,020 | ) | | | | (107,067 | ) |
| | | | — | | | | | — | | | | | — | | | | | — | | | | | 108,548,025 | |
| | | | 5,036,422 | | | | | 69,966,162 | | | | | 12,159,424 | | | | | 3,351,574 | | | | | 314,442,023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 6,642,695 | | | | | 88,394,659 | | | | | (21,976,572 | ) | | | | 4,021,232 | | | | | (472,712,630 | ) |
| | | | — | | | | | — | | | | | — | | | | | — | | | | | (149,249,897 | ) |
| | | | (3,036 | ) | | | | (131,380 | ) | | | | (12,139 | ) | | | | (4,761 | ) | | | | (742,153 | ) |
| | | | — | | | | | — | | | | | — | | | | | — | | | | | 42,455,976 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 6,639,659 | | | | | 88,263,279 | | | | | (21,988,711 | ) | | | | 4,016,471 | | | | | (580,248,704 | ) |
| | | | 11,676,081 | | | | | 158,229,441 | | | | | (9,829,287 | ) | | | | 7,368,045 | | | | | (265,806,681 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 13,179,679 | | | | $ | 217,777,094 | | | | $ | (7,037,296 | ) | | | $ | 7,793,660 | | | | $ | (66,825,411 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 260,365 | | | | $ | 7,565,274 | | | | $ | 229,230 | | | | $ | 43,523 | | | | $ | 16,839,278 | |
| | | $ | 277,681 | | | | $ | 1,147,350 | | | | $ | — | | | | $ | — | | | | $ | — | |
| | | $ | (77,364 | ) | | | $ | (3,170,691 | ) | | | $ | — | | | | $ | — | | | | $ | — | |
| | | $ | 11,186 | | | | $ | — | | | | $ | 574 | | | | $ | — | | | | $ | — | |
| # | Dividend income for Lazard Global Equity Select Portfolio includes $15,368 of refund received as a result of European Union dividend withholding tax reclaim filings. The amounts of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $58,891. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
Semi-Annual Financial Statements 139
| For the Six Months Ended June 30, 2024 | Lazard
International
Equity
Advantage
Portfolio | | Lazard
International
Equity
Portfolio | |
| Investment Income (Loss) | | | | | | | | | | |
| Income | | | | | | | | | | |
| Dividends# | | $ | 361,979 | | | | $ | 18,081,663 | | |
| Total investment income* | | | 361,979 | | | | | 18,081,663 | | |
| Expenses | | | | | | | | | | |
| Management fees (Note 3) | | | 65,800 | | | | | 4,210,013 | | |
| Custodian fees | | | 24,832 | | | | | 126,117 | | |
| Distribution fees (Open Shares) | | | 21,029 | | | | | 73,818 | | |
| Professional services | | | 21,621 | | | | | 132,570 | | |
| Administration fees | | | 9,885 | | | | | 77,185 | | |
| Directors’ fees and expenses | | | 2,597 | | | | | 40,738 | | |
| Shareholders’ services | | | 5,494 | | | | | 55,935 | | |
| Shareholders’ reports | | | 2,559 | | | | | 34,918 | | |
| Registration fees | | | 31,676 | | | | | 62,545 | | |
| Other^ | | | 2,708 | | | | | 38,567 | | |
| Total gross expenses | | | 188,201 | | | | | 4,852,406 | | |
| Management fees waived and expenses reimbursed | | | (86,047 | ) | | | | (13,795 | ) | |
| Total net expenses | | | 102,154 | | | | | 4,838,611 | | |
| Net investment income (loss) | | | 259,825 | | | | | 13,243,052 | | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | |
| Investments** | | | 528,935 | | | | | 36,248,550 | | |
| Foreign currency transactions | | | (4,908 | ) | | | | (251,357 | ) | |
| Total net realized gain (loss) | | | 524,027 | | | | | 35,997,193 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | |
| Investments† | | | 1,288,815 | | | | | 14,392,085 | | |
| Foreign currency translations | | | (762 | ) | | | | (232,944 | ) | |
| Total net change in unrealized appreciation (depreciation) | | | 1,288,053 | | | | | 14,159,141 | | |
| Net realized and unrealized gain (loss) | | | 1,812,080 | | | | | 50,156,334 | | |
| Net increase (decrease) in net assets resulting from operations | | $ | 2,071,905 | | | | $ | 63,399,386 | | |
| *# | Net of foreign withholding taxes of | | $ | 43,339 | | | | $ | 1,736,975 | | |
| ** | Net of foreign capital gains taxes of | | $ | — | | | | $ | — | | |
| † | Includes net change in foreign capital gains taxes of | | $ | — | | | | $ | — | | |
| ^ | Includes interest on line of credit of | | $ | 76 | | | | $ | 9,754 | | |
The accompanying notes are an integral part of these financial statements.
140 Semi-Annual Financial Statements
| | Lazard
International
Equity Select
Portfolio | | Lazard
International
Quality
Growth
Portfolio | | Lazard
International
Small Cap
Equity
Portfolio | | Lazard
International
Strategic
Equity
Portfolio | | Lazard
Managed
Equity
Volatility
Portfolio |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 879,764 | | | | $ | 2,675,272 | | | | $ | 192,849 | | | | $ | 54,711,099 | | | | $ | 239,013 | |
| | | | 879,764 | | | | | 2,675,272 | | | | | 192,849 | | | | | 54,711,099 | | | | | 239,013 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 178,386 | | | | | 1,002,369 | | | | | 42,476 | | | | | 15,183,391 | | | | | 51,530 | |
| | | | 21,315 | | | | | 44,085 | | | | | 17,358 | | | | | 405,795 | | | | | 22,942 | |
| | | | 3,626 | | | | | 2,269 | | | | | 8,571 | | | | | 335,521 | | | | | 87 | |
| | | | 41,568 | | | | | 27,139 | | | | | 23,039 | | | | | 270,353 | | | | | 21,710 | |
| | | | 12,050 | | | | | 25,326 | | | | | 9,328 | | | | | 212,843 | | | | | 9,693 | |
| | | | 4,286 | | | | | 8,648 | | | | | 2,912 | | | | | 157,308 | | | | | 3,278 | |
| | | | 7,546 | | | | | 12,667 | | | | | 6,684 | | | | | 147,947 | | | | | 5,738 | |
| | | | 4,294 | | | | | 7,486 | | | | | 3,833 | | | | | 106,314 | | | | | 2,765 | |
| | | | 29,419 | | | | | 20,768 | | | | | 16,916 | | | | | 59,823 | | | | | 31,932 | |
| | | | 3,737 | | | | | 7,563 | | | | | 3,165 | | | | | 141,029 | | | | | 3,776 | |
| | | | 306,227 | | | | | 1,158,320 | | | | | 134,282 | | | | | 17,020,324 | | | | | 153,451 | |
| | | | (37,848 | ) | | | | (18,791 | ) | | | | (67,204 | ) | | | | (3,197 | ) | | | | (88,063 | ) |
| | | | 268,379 | | | | | 1,139,529 | | | | | 67,078 | | | | | 17,017,127 | | | | | 65,388 | |
| | | | 611,385 | | | | | 1,535,743 | | | | | 125,771 | | | | | 37,693,972 | | | | | 173,625 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 989,635 | | | | | 11,130,771 | | | | | (320,322 | ) | | | | 355,169,841 | | | | | 908,946 | |
| | | | (1,238 | ) | | | | (49,727 | ) | | | | (4,193 | ) | | | | (248,778 | ) | | | | (4,199 | ) |
| | | | 988,397 | | | | | 11,081,044 | | | | | (324,515 | ) | | | | 354,921,063 | | | | | 904,747 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 964,614 | | | | | (1,784,228 | ) | | | | (137,722 | ) | | | | (282,130,959 | ) | | | | (245,994 | ) |
| | | | (7,383 | ) | | | | (6,330 | ) | | | | (2,172 | ) | | | | (336,217 | ) | | | | (1,479 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 957,231 | | | | | (1,790,558 | ) | | | | (139,894 | ) | | | | (282,467,176 | ) | | | | (247,473 | ) |
| | | | 1,945,628 | | | | | 9,290,486 | | | | | (464,409 | ) | | | | 72,453,887 | | | | | 657,274 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 2,557,013 | | | | $ | 10,826,229 | | | | $ | (338,638 | ) | | | $ | 110,147,859 | | | | $ | 830,899 | |
| | | $ | 89,631 | | | | $ | 325,454 | | | | $ | 11,536 | | | | $ | 4,910,028 | | | | $ | 12,687 | |
| | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 373,856 | | | | $ | — | |
| | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 462,354 | | | | $ | — | |
| | | $ | 49 | | | | $ | 256 | | | | $ | 109 | | | | $ | 37,767 | | | | $ | 790 | |
| # | Dividend income for Lazard International Equity Select Portfolio and Lazard International Small Cap Equity Portfolio includes $4,630 and $3,661 respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $94,261 and $15,197 respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
Semi-Annual Financial Statements 141
| For the Six Months Ended June 30, 2024 | | Lazard
US Equity
Concentrated
Portfolio | | Lazard
US Equity
Focus
Portfolio | |
| Investment Income (Loss) | | | | | | | | | | |
| Income | | | | | | | | | | |
| Dividends | | $ | 1,018,317 | | | | $ | 697,730 | | |
| Non-cash income | | | — | | | | | — | | |
| Total investment income* | | | 1,018,317 | | | | | 697,730 | | |
| Expenses | | | | | | | | | | |
| Management fees (Note 3) | | | 486,795 | | | | | 250,315 | | |
| Custodian fees | | | 42,091 | | | | | 26,652 | | |
| Professional services | | | 26,299 | | | | | 22,892 | | |
| Shareholders’ services | | | 25,822 | | | | | 8,795 | | |
| Shareholders’ reports | | | 24,647 | | | | | 3,643 | | |
| Distribution fees (Open Shares) | | | 24,397 | | | | | 1,495 | | |
| Registration fees | | | 23,091 | | | | | 17,586 | | |
| Administration fees | | | 17,319 | | | | | 14,309 | | |
| Directors’ fees and expenses | | | 15,839 | | | | | 5,262 | | |
| Other^ | | | 46,090 | | | | | 4,775 | | |
| Total gross expenses | | | 732,390 | | | | | 355,724 | | |
| Management fees waived and expenses reimbursed | | | (51,916 | ) | | | | (35,172 | ) | |
| Total net expenses | | | 680,474 | | | | | 320,552 | | |
| Net investment income (loss) | | | 337,843 | | | | | 377,178 | | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | |
| Investments | | | 53,471,013 | | | | | 4,259,208 | | |
| Total net realized gain (loss) | | | 53,471,013 | | | | | 4,259,208 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | |
| Investments | | | (51,771,454 | ) | | | | 3,763,256 | | |
| Total net change in unrealized appreciation (depreciation) | | | (51,771,454 | ) | | | | 3,763,256 | | |
| Net realized and unrealized gain (loss) | | | 1,699,559 | | | | | 8,022,464 | | |
| Net increase (decrease) in net assets resulting from operations | | $ | 2,037,402 | | | | $ | 8,399,642 | | |
| * Net of foreign withholding taxes of | | $ | — | | | | $ | — | | |
| ^ Includes interest on line of credit of | | $ | 28,797 | | | | $ | — | | |
The accompanying notes are an integral part of these financial statements.
142 Semi-Annual Financial Statements
| | Lazard
US Small Cap
Equity Select
Portfolio | | Lazard
US Sustainable
Equity
Portfolio | | Lazard
US Systematic
Small Cap Equity
Portfolio |
| | | | | | | | | | | | |
| | $ | 171,987 | | | $ | 86,162 | | | $ | 295,863 | |
| | | — | | | | — | | | | 29,825 | |
| | | 171,987 | | | | 86,162 | | | | 325,688 | |
| | | | | | | | | | | | |
| | | 147,120 | | | | 36,947 | | | | 140,265 | |
| | | 24,455 | | | | 14,918 | | | | 40,194 | |
| | | 21,556 | | | | 21,256 | | | | 21,354 | |
| | | 7,878 | | | | 5,310 | | | | 6,036 | |
| | | 5,692 | | | | 3,040 | | | | 2,520 | |
| | | 9,035 | | | | 784 | | | | 176 | |
| | | 25,074 | | | | 35,814 | | | | 16,867 | |
| | | 11,072 | | | | 9,389 | | | | 11,124 | |
| | | 3,841 | | | | 2,965 | | | | 3,427 | |
| | | 3,843 | | | | 212 | | | | 3,941 | |
| | | 259,566 | | | | 130,635 | | | | 245,904 | |
| | | (54,353 | ) | | | (83,444 | ) | | | (64,313 | ) |
| | | 205,213 | | | | 47,191 | | | | 181,591 | |
| | | (33,226 | ) | | | 38,971 | | | | 144,097 | |
| | | | | | | | | | | | |
| | | 2,194,137 | | | | 180,816 | | | | 2,554,663 | |
| | | 2,194,137 | | | | 180,816 | | | | 2,554,663 | |
| | | | | | | | | | | | |
| | | (948,661 | ) | | | 343,432 | | | | (1,597,649 | ) |
| | | | | | | | | | | | |
| | | (948,661 | ) | | | 343,432 | | | | (1,597,649 | ) |
| | | 1,245,476 | | | | 524,248 | | | | 957,014 | |
| | | | | | | | | | | | |
| | $ | 1,212,250 | | | $ | 563,219 | | | $ | 1,101,111 | |
| | $ | — | | | $ | — | | | $ | 3,331 | |
| | $ | — | | | $ | 136 | | | $ | 904 | |
Semi-Annual Financial Statements 143
The Lazard Funds, Inc. Statements of Changes in Net Assets (N-CSR Item 7) (unaudited)
| | | Lazard
Developing Markets Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| Increase (Decrease) in Net Assets | | | | | | | | | |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 573,022 | | | $ | 2,160,467 | |
| Net realized gain (loss) | | | | 15,514 | | | | (5,549,218 | ) |
| Net change in unrealized appreciation (depreciation) | | | | 4,439,283 | | | | 11,775,330 | |
| Net increase (decrease) in net assets resulting from operations | | | | 5,027,819 | | | | 8,386,579 | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Institutional Shares | | | | — | | | | (1,908,309 | ) |
| Open Shares | | | | — | | | | (112,978 | ) |
| R6 Shares | | | | — | | | | — | |
| Net decrease in net assets resulting from distributions | | | | — | | | | (2,021,287 | ) |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Institutional Shares | | | | 5,906,769 | | | | 15,288,853 | |
| Open Shares | | | | 639,372 | | | | 1,200,836 | |
| R6 Shares | | | | — | | | | — | |
| Issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio | | | | | | | | | |
| Institutional Shares | | | | — | | | | — | |
| Open Shares | | | | — | | | | — | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Institutional Shares | | | | — | | | | 1,637,186 | |
| Open Shares | | | | — | | | | 102,420 | |
| R6 Shares | | | | — | | | | — | |
| Cost of shares redeemed | | | | | | | | | |
| Institutional Shares | | | | (12,124,952 | ) | | | (28,128,807 | ) |
| Open Shares | | | | (898,405 | ) | | | (1,461,157 | ) |
| R6 Shares | | | | — | | | | — | |
| Net increase (decrease) in net assets from capital stock transactions | | | | (6,477,216 | ) | | | (11,360,669 | ) |
| Total increase (decrease) in net assets | | | | (1,449,397 | ) | | | (4,995,377 | ) |
| Net assets at beginning of period | | | | 92,402,191 | | | | 97,397,568 | |
| Net assets at end of period | | | $ | 90,952,794 | | | $ | 92,402,191 | |
| Shares issued and redeemed Institutional Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 6,846,091 | | | | 7,777,673 | |
| Shares sold | | | | 464,731 | | | | 1,226,526 | |
| Shares issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio | | | | — | | | | — | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 131,819 | |
| Shares redeemed | | | | (937,663 | ) | | | (2,289,927 | ) |
| Net increase (decrease) | | | | (472,932 | ) | | | (931,582 | ) |
| Shares outstanding at end of period | | | | 6,373,159 | | | | 6,846,091 | |
The accompanying notes are an integral part of these financial statements.
144 Semi-Annual Financial Statements
| | Lazard Emerging
Markets Core Equity Portfolio | | Lazard Emerging
Markets Equity Advantage Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | |
| | $ | 931,076 | | | $ | 2,031,347 | | | $ | 1,503,598 | | | $ | 2,665,011 | | |
| | | 5,123,360 | | | | (5,549,591 | ) | | | 5,036,422 | | | | (2,105,805 | ) | |
| | | 3,919,368 | | | | 14,714,214 | | | | 6,639,659 | | | | 11,530,947 | | |
| | | | | | | | | | | | | | | | | |
| | | 9,973,804 | | | | 11,195,970 | | | | 13,179,679 | | | | 12,090,153 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,747,412 | ) | | | — | | | | (2,475,435 | ) | |
| | | — | | | | (29,424 | ) | | | — | | | | (4,336 | ) | |
| | | — | | | | (2,429 | ) | | | — | | | | (2,937 | ) | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,779,265 | ) | | | — | | | | (2,482,708 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 8,223,616 | | | | 17,889,582 | | | | 22,363,407 | | | | 73,099,826 | | |
| | | 713,038 | | | | 724,536 | | | | 1,688,931 | | | | 3,221,041 | | |
| | | 597,564 | | | | 67,262 | | | | 389,438 | | | | 142,557 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 42,695,854 | | | | — | | | | — | | |
| | | — | | | | 2,423,804 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 1,705,354 | | | | — | | | | 2,461,896 | | |
| | | — | | | | 27,976 | | | | — | | | | 4,336 | | |
| | | — | | | | 2,429 | | | | — | | | | 2,937 | | |
| | | | | | | | | | | | | | | | | |
| | | (20,463,435 | ) | | | (48,631,628 | ) | | | (33,687,140 | ) | | | (33,764,842 | ) | |
| | | (819,669 | ) | | | (2,464,925 | ) | | | (1,717,275 | ) | | | (3,108,971 | ) | |
| | | (643 | ) | | | (286,110 | ) | | | (176,333 | ) | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (11,749,529 | ) | | | 14,154,134 | | | | (11,138,972 | ) | | | 42,058,780 | | |
| | | (1,775,725 | ) | | | 23,570,839 | | | | 2,040,707 | | | | 51,666,225 | | |
| | | 118,074,875 | | | | 94,504,036 | | | | 132,265,614 | | | | 80,599,389 | | |
| | $ | 116,299,150 | | | $ | 118,074,875 | | | $ | 134,306,321 | | | $ | 132,265,614 | | |
| | | | | | | | | | | | | | | | | |
| | | 11,787,085 | | | | 10,455,241 | | | | 12,128,657 | | | | 8,186,529 | | |
| | | 824,552 | | | | 1,881,992 | | | | 1,949,108 | | | | 6,915,914 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 4,364,112 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 176,893 | | | | — | | | | 231,119 | | |
| | | (2,033,226 | ) | | | (5,091,153 | ) | | | (3,027,611 | ) | | | (3,204,905 | ) | |
| | | (1,208,674 | ) | | | 1,331,844 | | | | (1,078,503 | ) | | | 3,942,128 | | |
| | | 10,578,411 | | | | 11,787,085 | | | | 11,050,154 | | | | 12,128,657 | | |
Semi-Annual Financial Statements 145
| | | Lazard
Developing Markets Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31, 2023 | |
| Open Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 453,059 | | | | 467,111 | |
| Shares sold | | | | 50,031 | | | | 96,455 | |
| Shares issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio | | | | — | | | | — | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 8,293 | |
| Shares redeemed | | | | (70,194 | ) | | | (118,800 | ) |
| Net increase (decrease) | | | | (20,163 | ) | | | (14,052 | ) |
| Shares outstanding at end of period | | | | 432,896 | | | | 453,059 | |
| | | | | | | | | | |
| 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 inception date for the Lazard Emerging Markets Equity Advantage Portfolio R6 Shares was February 22, 2023. |
The accompanying notes are an integral part of these financial statements.
146 Semi-Annual Financial Statements
| | Lazard Emerging
Markets Core Equity Portfolio | | Lazard Emerging
Markets Equity Advantage Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | | 233,032 | | | | 161,234 | | | | 23,716 | | | | 9,443 | | |
| | | 71,455 | | | | 76,445 | | | | 146,097 | | | | 310,575 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 248,585 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 2,909 | | | | — | | | | 407 | | |
| | | (81,726 | ) | | | (256,141 | ) | | | (147,102 | ) | | | (296,709 | ) | |
| | | (10,271 | ) | | | 71,798 | | | | (1,005 | ) | | | 14,273 | | |
| | | 222,761 | | | | 233,032 | | | | 22,711 | | | | 23,716 | | |
| | | | | | | | | | | | | | | | | |
| | | 16,343 | | | | 39,040 | | | | 13,936 | | | | — | | |
| | | 58,595 | | | | 6,943 | | | | 33,682 | | | | 13,660 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 252 | | | | — | | | | 276 | | |
| | | (64 | ) | | | (29,892 | ) | | | (15,401 | ) | | | — | | |
| | | 58,531 | | | | (22,697 | ) | | | 18,281 | | | | 13,936 | | |
| | | 74,874 | | | | 16,343 | | | | 32,217 | | | | 13,936 | | |
Semi-Annual Financial Statements 147
| | | Lazard
Emerging Markets Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | |
| Increase in Net Assets | | | | | | | | | | |
| Operations | | | | | | | | | | |
| Net investment income (loss) | | $ | 59,547,653 | | | | $ | 107,523,113 | | |
| Net realized gain (loss) | | | 69,966,162 | | | | | 102,179,056 | | |
| Net change in unrealized appreciation (depreciation) | | | 88,263,279 | | | | | 320,953,965 | | |
| Net increase (decrease) in net assets resulting from operations | | | 217,777,094 | | | | | 530,656,134 | | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | | |
| Institutional Shares | | | — | | | | | (86,836,785 | ) | |
| Open Shares | | | — | | | | | (9,235,492 | ) | |
| R6 Shares | | | — | | | | | (1,001,599 | ) | |
| Net decrease in net assets resulting from distributions | | | — | | | | | (97,073,876 | ) | |
| Capital stock transactions | | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | | |
| Institutional Shares | | | 221,456,779 | | | | | 591,291,086 | | |
| Open Shares | | | 11,939,382 | | | | | 24,905,149 | | |
| R6 Shares | | | 3,393,722 | | | | | 18,877,987 | | |
| Net proceeds from reinvestment of distributions | | | | | | | | | | |
| Institutional Shares | | | — | | | | | 82,471,722 | | |
| Open Shares | | | — | | | | | 9,105,594 | | |
| R6 Shares | | | — | | | | | 261,291 | | |
| Cost of shares redeemed | | | | | | | | | | |
| Institutional Shares | | | (259,297,155 | ) | | | | (949,812,499 | ) | |
| Open Shares | | | (22,622,077 | ) | | | | (53,071,749 | ) | |
| R6 Shares | | | (2,278,352 | ) | | | | (1,587,355 | ) | |
| Net increase (decrease) in net assets from capital stock transactions | | | (47,407,701 | ) | | | | (277,558,774 | ) | |
| Total increase (decrease) in net assets | | | 170,369,393 | | | | | 156,023,484 | | |
| Net assets at beginning of period | | | 2,696,451,336 | | | | | 2,540,427,852 | | |
| Net assets at end of period | | $ | 2,866,820,729 | | | | $ | 2,696,451,336 | | |
The accompanying notes are an integral part of these financial statements.
148 Semi-Annual Financial Statements
| | | Lazard
Equity Franchise Portfolio | | Lazard
Global Equity Select Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | | |
| | | $ | 2,791,991 | | | $ | 2,703,153 | | | $ | 425,615 | | | $ | 741,460 | | |
| | | | 12,159,424 | | | | 10,532,318 | | | | 3,351,574 | | | | 1,146,565 | | |
| | | | (21,988,711 | ) | | | 14,299,060 | | | | 4,016,471 | | | | 12,968,538 | | |
| | | | | | | | | | | | | | | | | | |
| | | | (7,037,296 | ) | | | 27,534,531 | | | | 7,793,660 | | | | 14,856,563 | | |
| | | | | | | | | | | | | | | | | | |
| | | | — | | | | (9,472,152 | ) | | | — | | | | (1,808,406 | ) | |
| | | | — | | | | (14,250 | ) | | | — | | | | (19,152 | ) | |
| | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | |
| | | | — | | | | (9,486,402 | ) | | | — | | | | (1,827,558 | ) | |
| | | | | | | | | | | | | | | | | | |
| | | | 81,510,186 | | | | 17,269,375 | | | | 5,862,974 | | | | 5,356,966 | | |
| | | | 6,032 | | | | 175,590 | | | | 136,880 | | | | 639,010 | | |
| | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | |
| | | | — | | | | 9,472,152 | | | | — | | | | 1,764,122 | | |
| | | | — | | | | 14,250 | | | | — | | | | 18,841 | | |
| | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | |
| | | | (19,025,385 | ) | | | (85,956,915 | ) | | | (9,136,549 | ) | | | (14,561,651 | ) | |
| | | | (24,023 | ) | | | (224,473 | ) | | | (722,744 | ) | | | (905,741 | ) | |
| | | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | | |
| | | | 62,466,810 | | | | (59,250,021 | ) | | | (3,859,439 | ) | | | (7,688,453 | ) | |
| | | | 55,429,514 | | | | (41,201,892 | ) | | | 3,934,221 | | | | 5,340,552 | | |
| | | | 118,852,264 | | | | 160,054,156 | | | | 97,898,120 | | | | 92,557,568 | | |
| | | $ | 174,281,778 | | | $ | 118,852,264 | | | $ | 101,832,341 | | | $ | 97,898,120 | | |
Semi-Annual Financial Statements 149
| | | Lazard
Emerging Markets Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| Shares issued and redeemed | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 139,428,415 | | | | 156,565,118 | | |
| Shares sold | | | | 12,754,922 | | | | 36,823,067 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 4,920,747 | | |
| Shares redeemed | | | | (15,073,624 | ) | | | (58,880,517 | ) | |
| Net increase (decrease) | | | | (2,318,702 | ) | | | (17,136,703 | ) | |
| Shares outstanding at end of period | | | | 137,109,713 | | | | 139,428,415 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 15,528,827 | | | | 16,682,124 | | |
| Shares sold | | | | 661,867 | | | | 1,484,896 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 524,818 | | |
| Shares redeemed | | | | (1,245,737 | ) | | | (3,163,011 | ) | |
| Net increase (decrease) | | | | (583,870 | ) | | | (1,153,297 | ) | |
| Shares outstanding at end of period | | | | 14,944,957 | | | | 15,528,827 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 1,587,936 | | | | 548,994 | | |
| Shares sold | | | | 190,893 | | | | 1,121,981 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 15,581 | | |
| Shares redeemed | | | | (128,522 | ) | | | (98,620 | ) | |
| Net increase (decrease) | | | | 62,371 | | | | 1,038,942 | | |
| Shares outstanding at end of period | | | | 1,650,307 | | | | 1,587,936 | | |
The accompanying notes are an integral part of these financial statements.
150 Semi-Annual Financial Statements
| | Lazard
Equity Franchise Portfolio | | Lazard
Global Equity Select Portfolio | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | |
| | | | | | | | | | | | | | | | | | |
| | | 12,002,692 | | | | 17,653,491 | | | | 5,480,351 | | | | 5,938,494 | | | |
| | | 8,358,721 | | | | 1,782,584 | | | | 324,947 | | | | 327,199 | | | |
| | | | | | | | | | | | | | | | | | |
| | | — | | | | 964,578 | | | | — | | | | 101,916 | | | |
| | | (1,935,695 | ) | | | (8,397,961 | ) | | | (491,109 | ) | | | (887,258 | ) | | |
| | | 6,423,026 | | | | (5,650,799 | ) | | | (166,162 | ) | | | (458,143 | ) | | |
| | | 18,425,718 | | | | 12,002,692 | | | | 5,314,189 | | | | 5,480,351 | | | |
| | | | | | | | | | | | | | | | | | |
| | | 17,882 | | | | 21,010 | | | | 66,984 | | | | 81,524 | | | |
| | | 614 | | | | 17,758 | | | | 7,661 | | | | 39,169 | | | |
| | | | | | | | | | | | | | | | | | |
| | | — | | | | 1,451 | | | | — | | | | 1,091 | | | |
| | | (2,485 | ) | | | (22,337 | ) | | | (40,285 | ) | | | (54,800 | ) | | |
| | | (1,871 | ) | | | (3,128 | ) | | | (32,624 | ) | | | (14,540 | ) | | |
| | | 16,011 | | | | 17,882 | | | | 34,360 | | | | 66,984 | | | |
| | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | |
| | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | | |
| | | — | | | | — | | | | — | | | | — | | | |
| | | — | | | | — | | | | — | | | | — | | | |
| | | — | | | | — | | | | — | | | | — | | | |
Semi-Annual Financial Statements 151
| | | | Lazard
Global Listed Infrastructure Portfolio | |
| | | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | |
| Increase (Decrease) in Net Assets | | | | | | | | | | |
| Operations | | | | | | | | | | |
| Net investment income (loss) | | | $ | 198,981,270 | | | $ | 253,607,144 | | |
| Net realized gain (loss) | | | | 314,442,023 | | | | 59,814,576 | | |
| Net change in unrealized appreciation (depreciation) | | | | (580,248,704 | ) | | | 549,353,390 | | |
| Net increase (decrease) in net assets resulting from operations | | | | (66,825,411 | ) | | | 862,775,110 | | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | | |
| Institutional Shares | | | | (95,545,900 | ) | | | (248,027,505 | ) | |
| Open Shares | | | | (2,791,508 | ) | | | (8,009,207 | ) | |
| R6 Shares | | | | — | | | | — | | |
| Net decrease in net assets resulting from distributions | | | | (98,337,408 | ) | | | (256,036,712 | ) | |
| Capital stock transactions | | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | | |
| Institutional Shares | | | | 961,795,577 | | | | 2,182,513,951 | | |
| Open Shares | | | | 28,267,701 | | | | 64,066,364 | | |
| R6 Shares | | | | — | | | | — | | |
| Net proceeds from reinvestment of distributions | | | | | | | | | | |
| Institutional Shares | | | | 82,997,109 | | | | 211,785,959 | | |
| Open Shares | | | | 2,731,429 | | | | 7,849,761 | | |
| R6 Shares | | | | — | | | | — | | |
| Cost of shares redeemed | | | | | | | | | | |
| Institutional Shares | | | | (1,166,972,894 | ) | | | (2,376,975,688 | ) | |
| Open Shares | | | | (42,912,566 | ) | | | (146,443,340 | ) | |
| R6 Shares | | | | — | | | | — | | |
| Net increase (decrease) in net assets from capital stock transactions | | | | (134,093,644 | ) | | | (57,202,993 | ) | |
| Total increase (decrease) in net assets | | | | (299,256,463 | ) | | | 549,535,405 | | |
| Net assets at beginning of period | | | | 8,674,957,026 | | | | 8,125,421,621 | | |
| Net assets at end of period | | | $ | 8,375,700,563 | | | $ | 8,674,957,026 | | |
The accompanying notes are an integral part of these financial statements.
152 Semi-Annual Financial Statements
| | Lazard
International Equity Advantage Portfolio | | Lazard
International Equity Portfolio | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | |
| | | | | | | | | | | | | | | | | |
| | $ | 259,825 | | | $ | 82,991 | | | $ | 13,243,052 | | | $ | 23,453,786 | | |
| | | 524,027 | | | | 187,992 | | | | 35,997,193 | | | | 39,855,828 | | |
| | | 1,288,053 | | | | 520,663 | | | | 14,159,141 | | | | 99,118,333 | | |
| | | | | | | | | | | | | | | | | |
| | | 2,071,905 | | | | 791,646 | | | | 63,399,386 | | | | 162,427,947 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (19,149 | ) | | | — | | | | (37,659,905 | ) | |
| | | — | | | | (58,030 | ) | | | — | | | | (1,945,816 | ) | |
| | | — | | | | — | | | | — | | | | (2,733,396 | ) | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (77,179 | ) | | | — | | | | (42,339,117 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 444,792 | | | | 128,704 | | | | 101,139,571 | | | | 260,202,030 | | |
| | | 787,606 | | | | 16,058,495 | | | | 4,273,263 | | | | 9,246,783 | | |
| | | — | | | | — | | | | 3,154,673 | | | | 28,652,330 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 19,149 | | | | — | | | | 33,034,781 | | |
| | | — | | | | 58,030 | | | | — | | | | 1,833,815 | | |
| | | — | | | | — | | | | — | | | | 2,573,712 | | |
| | | | | | | | | | | | | | | | | |
| | | (63,513 | ) | | | — | | | | (275,111,794 | ) | | | (254,189,967 | ) | |
| | | (1,460,192 | ) | | | (118,775 | ) | | | (4,990,966 | ) | | | (15,383,156 | ) | |
| | | — | | | | — | | | | (8,149,877 | ) | | | (28,481,260 | ) | |
| | | | | | | | | | | | | | | | | |
| | | (291,307 | ) | | | 16,145,603 | | | | (179,685,130 | ) | | | 37,489,068 | | |
| | | 1,780,598 | | | | 16,860,070 | | | | (116,285,744 | ) | | | 157,577,898 | | |
| | | 19,420,736 | | | | 2,560,666 | | | | 1,144,806,280 | | | | 987,228,382 | | |
| | $ | 21,201,334 | | | $ | 19,420,736 | | | $ | 1,028,520,536 | | | $ | 1,144,806,280 | | |
Semi-Annual Financial Statements 153
| | | | Lazard
Global Listed Infrastructure Portfolio | |
| | | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| Shares issued and redeemed | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 549,085,089 | | | | 548,675,033 | | |
| Shares sold | | | | 62,564,135 | | | | 147,779,765 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | 5,376,640 | | | | 14,244,720 | | |
| Shares redeemed | | | | (75,714,190 | ) | | | (161,614,429 | ) | |
| Net increase (decrease) | | | | (7,773,415 | ) | | | 410,056 | | |
| Shares outstanding at end of period | | | | 541,311,674 | | | | 549,085,089 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 18,601,702 | | | | 23,667,566 | | |
| Shares sold | | | | 1,833,991 | | | | 4,327,005 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | 176,655 | | | | 527,750 | | |
| Shares redeemed | | | | (2,789,264 | ) | | | (9,920,619 | ) | |
| Net increase (decrease) | | | | (778,618 | ) | | | (5,065,864 | ) | |
| Shares outstanding at end of period | | | | 17,823,084 | | | | 18,601,702 | | |
| | | | | | | | | | | |
| 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.
154 Semi-Annual Financial Statements
| | Lazard
International Equity Advantage Portfolio | | Lazard
International Equity Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | | 276,750 | | | | 261,804 | | | | 62,778,851 | | | | 60,292,364 | | |
| | | 37,246 | | | | 13,193 | | | | 6,125,489 | | | | 16,573,255 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 1,753 | | | | — | | | | 2,064,288 | | |
| | | (5,409 | ) | | | — | | | | (16,245,808 | ) | | | (16,151,056 | ) | |
| | | 31,837 | | | | 14,946 | | | | (10,120,319 | ) | | | 2,486,487 | | |
| | | 308,587 | | | | 276,750 | | | | 52,658,532 | | | | 62,778,851 | | |
| | | | | | | | | | | | | | | | | |
| | | 1,469,615 | | | | 12,488 | | | | 3,461,398 | | | | 3,743,668 | | |
| | | 66,688 | | | | 1,462,656 | | | | 255,086 | | | | 580,947 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 5,290 | | | | — | | | | 112,843 | | |
| | | (123,730 | ) | | | (10,819 | ) | | | (292,580 | ) | | | (976,060 | ) | |
| | | (57,042 | ) | | | 1,457,127 | | | | (37,494 | ) | | | (282,270 | ) | |
| | | 1,412,573 | | | | 1,469,615 | | | | 3,423,904 | | | | 3,461,398 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | 4,560,047 | | | | 4,410,047 | | |
| | | — | | | | — | | | | 189,640 | | | | 1,839,166 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 161,240 | | |
| | | — | | | | — | | | | (494,206 | ) | | | (1,850,406 | ) | |
| | | — | | | | — | | | | (304,566 | ) | | | 150,000 | | |
| | | — | | | | — | | | | 4,255,481 | | | | 4,560,047 | | |
Semi-Annual Financial Statements 155
| | | Lazard
International Equity Select Portfolio |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 |
| Increase in Net Assets | | | | | | | | | |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 611,385 | | | $ | 867,534 | |
| Net realized gain (loss) | | | | 988,397 | | | | 1,172,572 | |
| Net change in unrealized appreciation (depreciation) | | | | 957,231 | | | | 4,190,695 | |
| Net increase (decrease) in net assets resulting from operations | | | | 2,557,013 | | | | 6,230,801 | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Institutional Shares | | | | — | | | | (742,947 | ) |
| Open Shares | | | | — | | | | (35,111 | ) |
| R6 Shares | | | | — | | | | — | |
| Net decrease in net assets resulting from distributions | | | | — | | | | (778,058 | ) |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Institutional Shares | | | | 3,734,323 | | | | 6,870,927 | |
| Open Shares | | | | 226,072 | | | | 635,307 | |
| R6 Shares | | | | — | | | | — | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Institutional Shares | | | | — | | | | 676,941 | |
| Open Shares | | | | — | | | | 34,436 | |
| R6 Shares | | | | — | | | | — | |
| Cost of shares redeemed | | | | | | | | | |
| Institutional Shares | | | | (5,487,509 | ) | | | (13,779,012 | ) |
| Open Shares | | | | (501,990 | ) | | | (1,000,063 | ) |
| R6 Shares | | | | — | | | | — | |
| Net increase (decrease) in net assets from capital stock transactions | | | | (2,029,104 | ) | | | (6,561,464 | ) |
| Total increase (decrease) in net assets | | | | 527,909 | | | | (1,108,721 | ) |
| Net assets at beginning of period | | | | 53,443,951 | | | | 54,552,672 | |
| Net assets at end of period | | | $ | 53,971,860 | | | $ | 53,443,951 | |
The accompanying notes are an integral part of these financial statements.
156 Semi-Annual Financial Statements
| | Lazard
International Quality Growth Portfolio | | Lazard
International Small Cap Equity Portfolio | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | |
| | | | | | | | | | | | | | | | | |
| | $ | 1,535,743 | | | $ | 1,684,623 | | | $ | 125,771 | | | $ | 237,918 | | |
| | | 11,081,044 | | | | (817,423 | ) | | | (324,515 | ) | | | (222,900 | ) | |
| | | (1,790,558 | ) | | | 29,689,073 | | | | (139,894 | ) | | | 1,438,711 | | |
| | | | | | | | | | | | | | | | | |
| | | 10,826,229 | | | | 30,556,273 | | | | (338,638 | ) | | | 1,453,729 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,575,320 | ) | | | — | | | | (99,912 | ) | |
| | | — | | | | (6,587 | ) | | | — | | | | (132,326 | ) | |
| | | — | | | | (3,470 | ) | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,585,377 | ) | | | — | | | | (232,238 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 37,643,872 | | | | 145,309,254 | | | | 320,763 | | | | 561,590 | | |
| | | 123,679 | | | | 1,984,516 | | | | 41,273 | | | | 160,359 | | |
| | | 1,146,000 | | | | 510,000 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 1,549,820 | | | | — | | | | 93,978 | | |
| | | — | | | | 6,587 | | | | — | | | | 130,340 | | |
| | | — | | | | 75 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (35,218,324 | ) | | | (30,694,205 | ) | | | (983,854 | ) | | | (3,361,348 | ) | |
| | | (46,765 | ) | | | (804,356 | ) | | | (421,427 | ) | | | (1,386,790 | ) | |
| | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | 3,648,462 | | | | 117,861,691 | | | | (1,043,245 | ) | | | (3,801,871 | ) | |
| | | 14,474,691 | | | | 146,832,587 | | | | (1,381,883 | ) | | | (2,580,380 | ) | |
| | | 257,927,653 | | | | 111,095,066 | | | | 12,051,933 | | | | 14,632,313 | | |
| | $ | 272,402,344 | | | $ | 257,927,653 | | | $ | 10,670,050 | | | $ | 12,051,933 | | |
Semi-Annual Financial Statements 157
| | | Lazard
International Equity Select Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 4,815,470 | | | | 5,427,143 | | |
| Shares sold | | | | 343,003 | | | | 677,833 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 65,091 | | |
| Shares redeemed | | | | (502,746 | ) | | | (1,354,597 | ) | |
| Net increase (decrease) | | | | (159,743 | ) | | | (611,673 | ) | |
| Shares outstanding at end of period | | | | 4,655,727 | | | | 4,815,470 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 272,190 | | | | 304,184 | | |
| Shares sold | | | | 20,528 | | | | 63,064 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 3,292 | | |
| Shares redeemed | | | | (45,963 | ) | | | (98,350 | ) | |
| Net increase (decrease) | | | | (25,435 | ) | | | (31,994 | ) | |
| Shares outstanding at end of period | | | | 246,755 | | | | 272,190 | | |
| | | | | | | | | | | |
| R6 Shares(a) | | | | | | | | | | |
| 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 | | | | — | | | | — | | |
| (a) | The inception date for the Lazard International Quality Growth Portfolio R6 Shares was February 22, 2023. |
The accompanying notes are an integral part of these financial statements.
158 Semi-Annual Financial Statements
| | Lazard
International Quality Growth Portfolio | | Lazard
International Small Cap Equity Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | | 16,441,822 | | | | 8,337,316 | | | | 572,771 | | | | 902,119 | | |
| | | 2,368,103 | | | | 10,153,993 | | | | 38,964 | | | | 68,767 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 100,507 | | | | — | | | | 11,419 | | |
| | | (2,203,223 | ) | | | (2,149,994 | ) | | | (120,682 | ) | | | (409,534 | ) | |
| | | 164,880 | | | | 8,104,506 | | | | (81,718 | ) | | | (329,348 | ) | |
| | | 16,606,702 | | | | 16,441,822 | | | | 491,053 | | | | 572,771 | | |
| | | | | | | | | | | | | | | | | |
| | | 113,448 | | | | 28,191 | | | | 859,225 | | | | 996,438 | | |
| | | 7,832 | | | | 140,256 | | | | 5,050 | | | | 19,698 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 430 | | | | — | | | | 15,791 | | |
| | | (2,974 | ) | | | (55,429 | ) | | | (51,684 | ) | | | (172,702 | ) | |
| | | 4,858 | | | | 85,257 | | | | (46,634 | ) | | | (137,213 | ) | |
| | | 118,306 | | | | 113,448 | | | | 812,591 | | | | 859,225 | | |
| | | | | | | | | | | | | | | | | |
| | | 33,251 | | | | — | | | | — | | | | — | | |
| | | 69,965 | | | | 33,246 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 5 | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | 69,965 | | | | 33,251 | | | | — | | | | — | | |
| | | 103,216 | | | | 33,251 | | | | �� | | | | — | | |
Semi-Annual Financial Statements 159
| | | Lazard
International Strategic Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | |
| Increase (Decrease) in Net Assets | | | | | | | | | | |
| Operations | | | | | | | | | | |
| Net investment income (loss) | | | $ | 37,693,972 | | | $ | 64,097,506 | | |
| Net realized gain (loss) | | | | 354,921,063 | | | | 99,579,684 | | |
| Net change in unrealized appreciation (depreciation) | | | | (282,467,176 | ) | | | 531,860,320 | | |
| Net increase (decrease) in net assets resulting from operations | | | | 110,147,859 | | | | 695,537,510 | | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | | |
| Institutional Shares | | | | — | | | | (57,582,065 | ) | |
| Open Shares | | | | — | | | | (3,686,018 | ) | |
| R6 Shares | | | | — | | | | (1,178,086 | ) | |
| Net decrease in net assets resulting from distributions | | | | — | | | | (62,446,169 | ) | |
| Capital stock transactions | | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | | |
| Institutional Shares | | | | 159,030,652 | | | | 368,552,510 | | |
| Open Shares | | | | 14,131,102 | | | | 36,677,838 | | |
| R6 Shares | | | | 4,946,121 | | | | 13,812,019 | | |
| Net proceeds from reinvestment of distributions Institutional Shares | | | | — | | | | 54,605,767 | | |
| Open Shares | | | | — | | | | 3,464,545 | | |
| R6 Shares | | | | — | | | | 1,100,618 | | |
| Cost of shares redeemed | | | | | | | | | | |
| Institutional Shares | | | | (790,003,280 | ) | | | (1,230,081,524 | ) | |
| Open Shares | | | | (104,331,818 | ) | | | (81,113,168 | ) | |
| R6 Shares | | | | (19,640,870 | ) | | | (47,529,882 | ) | |
| Net increase (decrease) in net assets from capital stock transactions | | | | (735,868,093 | ) | | | (880,511,277 | ) | |
| Total increase (decrease) in net assets | | | | (625,720,234 | ) | | | (247,419,936 | ) | |
| Net assets at beginning of period | | | | 4,337,968,370 | | | | 4,585,388,306 | | |
| Net assets at end of period | | | $ | 3,712,248,136 | | | $ | 4,337,968,370 | | |
The accompanying notes are an integral part of these financial statements.
160 Semi-Annual Financial Statements
| | Lazard
Managed Equity Volatility Portfolio | | Lazard
US Equity Concentrated Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | $ | 173,625 | | | $ | 447,073 | | | $ | 337,843 | | | $ | 3,743,836 | | |
| | | 904,747 | | | | 1,246,266 | | | | 53,471,013 | | | | 268,247,181 | | |
| | | (247,473 | ) | | | (163,494 | ) | | | (51,771,454 | ) | | | (159,593,563 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 830,899 | | | | 1,529,845 | | | | 2,037,402 | | | | 112,397,454 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (708,488 | ) | | | — | | | | (144,352,473 | ) | |
| | | — | | | | (3,164 | ) | | | — | | | | (12,995,366 | ) | |
| | | — | | | | — | | | | — | | | | (13,895 | ) | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (711,652 | ) | | | — | | | | (157,361,734 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 2,039,373 | | | | 4,483,027 | | | | 5,003,726 | | | | 126,919,089 | | |
| | | 719 | | | | — | | | | 611,261 | | | | 3,545,869 | | |
| | | — | | | | — | | | | — | | | | 32,620 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 500,959 | | | | — | | | | 129,805,118 | | |
| | | — | | | | 3,164 | | | | — | | | | 12,585,093 | | |
| | | — | | | | — | | | | — | | | | 13,540 | | |
| | | | | | | | | | | | | | | | | |
| | | (5,392,817 | ) | | | (16,617,576 | ) | | | (111,363,412 | ) | | | (1,232,949,054 | ) | |
| | | (86,610 | ) | | | — | | | | (4,403,983 | ) | | | (9,708,284 | ) | |
| | | — | | | | — | | | | (24,090 | ) | | | (2,303,659 | ) | |
| | | | | | | | | | | | | | | | | |
| | | (3,439,335 | ) | | | (11,630,426 | ) | | | (110,176,498 | ) | | | (972,059,668 | ) | |
| | | (2,608,436 | ) | | | (10,812,233 | ) | | | (108,139,096 | ) | | | (1,017,023,948 | ) | |
| | | 17,981,314 | | | | 28,793,547 | | | | 202,922,412 | | | | 1,219,946,360 | | |
| | $ | 15,372,878 | | | $ | 17,981,314 | | | $ | 94,783,316 | | | $ | 202,922,412 | | |
Semi-Annual Financial Statements 161
| | | Lazard
International Strategic Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 255,236,019 | | | | 311,507,437 | | |
| Shares sold | | | | 10,049,425 | | | | 25,390,697 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 3,579,404 | | |
| Shares redeemed | | | | (49,524,056 | ) | | | (85,241,519 | ) | |
| Net increase (decrease) | | | | (39,474,631 | ) | | | (56,271,418 | ) | |
| Shares outstanding at end of period | | | | 215,761,388 | | | | 255,236,019 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 19,879,784 | | | | 22,739,287 | | |
| Shares sold | | | | 882,451 | | | | 2,517,537 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 225,004 | | |
| Shares redeemed | | | | (6,433,640 | ) | | | (5,602,044 | ) | |
| Net increase (decrease) | | | | (5,551,189 | ) | | | (2,859,503 | ) | |
| Shares outstanding at end of period | | | | 14,328,595 | | | | 19,879,784 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 4,967,707 | | | | 7,185,282 | | |
| Shares sold | | | | 308,891 | | | | 972,386 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 72,151 | | |
| Shares redeemed | | | | (1,253,463 | ) | | | (3,262,112 | ) | |
| Net increase (decrease) | | | | (944,572 | ) | | | (2,217,575 | ) | |
| Shares outstanding at end of period | | | | 4,023,135 | | | | 4,967,707 | | |
The accompanying notes are an integral part of these financial statements.
162 Semi-Annual Financial Statements
| | Lazard
Managed Equity Volatility Portfolio | | Lazard
US Equity Concentrated Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | | 1,450,305 | | | | 2,406,396 | | | | 21,265,847 | | | | 80,188,463 | | |
| | | 157,597 | | | | 365,130 | | | | 585,558 | | | | 8,743,474 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 41,116 | | | | — | | | | 13,704,015 | | |
| | | (420,005 | ) | | | (1,362,337 | ) | | | (13,106,486 | ) | | | (81,370,105 | ) | |
| | | (262,408 | ) | | | (956,091 | ) | | | (12,520,928 | ) | | | (58,922,616 | ) | |
| | | 1,187,897 | | | | 1,450,305 | | | | 8,744,919 | | | | 21,265,847 | | |
| | | | | | | | | | | | | | | | | |
| | | 7,070 | | | | 6,810 | | | | 2,437,790 | | | | 1,614,946 | | |
| | | 54 | | | | — | | | | 70,099 | | | | 234,781 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 260 | | | | — | | | | 1,337,622 | | |
| | | (6,606 | ) | | | — | | | | (504,962 | ) | | | (749,559 | ) | |
| | | (6,552 | ) | | | 260 | | | | (434,863 | ) | | | 822,844 | | |
| | | 518 | | | | 7,070 | | | | 2,002,927 | | | | 2,437,790 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | 2,801 | | | | 146,418 | | |
| | | — | | | | — | | | | — | | | | 2,035 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | 1,427 | | |
| | | — | | | | — | | | | (2,725 | ) | | | (147,079 | ) | |
| | | — | | | | — | | | | (2,725 | ) | | | (143,617 | ) | |
| | | — | | | | — | | | | 76 | | | | 2,801 | | |
Semi-Annual Financial Statements 163
| | | Lazard
US Equity Focus Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | |
| Increase (Decrease) in Net Assets | | | | | | | | | | |
| Operations | | | | | | | | | | |
| Net investment income (loss) | | | $ | 377,178 | | | $ | 779,595 | | |
| Net realized gain (loss) | | | | 4,259,208 | | | | 694,662 | | |
| Net change in unrealized appreciation (depreciation) | | | | 3,763,256 | | | | 14,121,034 | | |
| Net increase (decrease) in net assets resulting from operations | | | | 8,399,642 | | | | 15,595,291 | | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | | |
| Institutional Shares | | | | — | | | | (470,014 | ) | |
| Open Shares | | | | — | | | | (9,677 | ) | |
| R6 Shares | | | | — | | | | (505,449 | ) | |
| Net decrease in net assets resulting from distributions | | | | — | | | | (985,140 | ) | |
| Capital stock transactions | | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | | |
| Institutional Shares | | | | 1,771,873 | | | | 2,250,837 | | |
| Open Shares | | | | 6,653 | | | | 650 | | |
| R6 Shares | | | | 2,754,392 | | | | 17,658,966 | | |
| Net proceeds from reinvestment of distributions | | | | | | | | | | |
| Institutional Shares | | | | — | | | | 465,514 | | |
| Open Shares | | | | — | | | | 9,676 | | |
| R6 Shares | | | | — | | | | 504,884 | | |
| Cost of shares redeemed | | | | | | | | | | |
| Institutional Shares | | | | (2,728,012 | ) | | | (3,948,749 | ) | |
| Open Shares | | | | (112,118 | ) | | | (190,555 | ) | |
| R6 Shares | | | | (10,537,084 | ) | | | (12,949,353 | ) | |
| Net increase (decrease) in net assets from capital stock transactions | | | | (8,844,296 | ) | | | 3,801,870 | | |
| Total increase (decrease) in net assets | | | | (444,654 | ) | | | 18,412,021 | | |
| Net assets at beginning of period | | | | 91,853,644 | | | | 73,441,623 | | |
| Net assets at end of period | | | $ | 91,408,990 | | | $ | 91,853,644 | | |
The accompanying notes are an integral part of these financial statements.
164 Semi-Annual Financial Statements
| | Lazard
US Small Cap Equity Select Portfolio | | Lazard
US Sustainable Equity Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | $ | (33,226 | ) | | $ | 2,665 | | | $ | 38,971 | | | $ | 113,944 | | |
| | | 2,194,137 | | | | 4,362,487 | | | | 180,816 | | | | 415,321 | | |
| | | (948,661 | ) | | | (581,717 | ) | | | 343,432 | | | | 1,434,058 | | |
| | | | | | | | | | | | | | | | | |
| | | 1,212,250 | | | | 3,783,435 | | | | 563,219 | | | | 1,963,323 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (2,463,873 | ) | | | — | | | | (213,930 | ) | |
| | | — | | | | (629,143 | ) | | | — | | | | (8,229 | ) | |
| | | — | | | | (2,872 | ) | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (3,095,888 | ) | | | — | | | | (222,159 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 549,131 | | | | 1,187,900 | | | | 931,014 | | | | 2,849,036 | | |
| | | 167,507 | | | | 174,656 | | | | 36,946 | | | | 8,325 | | |
| | | 157,946 | | | | 12,293 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 2,424,303 | | | | — | | | | 213,930 | | |
| | | — | | | | 612,357 | | | | — | | | | 8,229 | | |
| | | — | | | | 2,872 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (2,193,809 | ) | | | (7,116,628 | ) | | | (542,680 | ) | | | (5,713,026 | ) | |
| | | (600,425 | ) | | | (1,227,580 | ) | | | (11,558 | ) | | | (36,604 | ) | |
| | | (78 | ) | | | (162 | ) | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (1,919,728 | ) | | | (3,929,989 | ) | | | 413,722 | | | | (2,670,110 | ) | |
| | | (707,478 | ) | | | (3,242,442 | ) | | | 976,941 | | | | (928,946 | ) | |
| | | 39,413,866 | | | | 42,656,308 | | | | 11,829,604 | | | | 12,758,550 | | |
| | $ | 38,706,388 | | | $ | 39,413,866 | | | $ | 12,806,545 | | | $ | 11,829,604 | | |
Semi-Annual Financial Statements 165
| | | Lazard
US Equity Focus Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 2,838,393 | | | | 2,928,944 | | |
| Shares sold | | | | 112,679 | | | | 158,205 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 30,466 | | |
| Shares redeemed | | | | (166,164 | ) | | | (279,222 | ) | |
| Net increase (decrease) | | | | (53,485 | ) | | | (90,551 | ) | |
| Shares outstanding at end of period | | | | 2,784,908 | | | | 2,838,393 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 75,579 | | | | 88,816 | | |
| Shares sold | | | | 395 | | | | 46 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 630 | | |
| Shares redeemed | | | | (6,803 | ) | | | (13,913 | ) | |
| Net increase (decrease) | | | | (6,408 | ) | | | (13,237 | ) | |
| Shares outstanding at end of period | | | | 69,171 | | | | 75,579 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 3,053,800 | | | | 2,635,291 | | |
| Shares sold | | | | 166,012 | | | | 1,324,448 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 33,021 | | |
| Shares redeemed | | | | (648,161 | ) | | | (938,960 | ) | |
| Net increase (decrease) | | | | (482,149 | ) | | | 418,509 | | |
| Shares outstanding at end of period | | | | 2,571,651 | | | | 3,053,800 | | |
The accompanying notes are an integral part of these financial statements.
166 Semi-Annual Financial Statements
| | Lazard
US Small Cap Equity Select Portfolio | | Lazard
US Sustainable Equity Portfolio | |
| | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| | | 2,577,164 | | | | 2,857,788 | | | | 798,449 | | | | 989,077 | | |
| | | 43,518 | | | | 95,109 | | | | 63,320 | | | | 227,992 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 197,364 | | | | — | | | | 15,779 | | |
| | | (172,671 | ) | | | (573,097 | ) | | | (37,460 | ) | | | (434,399 | ) | |
| | | (129,153 | ) | | | (280,624 | ) | | | 25,860 | | | | (190,628 | ) | |
| | | 2,448,011 | | | | 2,577,164 | | | | 824,309 | | | | 798,449 | | |
| | | | | | | | | | | | | | | | | |
| | | 667,798 | | | | 705,847 | | | | 41,891 | | | | 43,416 | | |
| | | 15,123 | | | | 15,957 | | | | 2,647 | | | | 638 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 55,981 | | | | — | | | | 605 | | |
| | | (53,374 | ) | | | (109,987 | ) | | | (821 | ) | | | (2,768 | ) | |
| | | (38,251 | ) | | | (38,049 | ) | | | 1,826 | | | | (1,525 | ) | |
| | | 629,547 | | | | 667,798 | | | | 43,717 | | | | 41,891 | | |
| | | | | | | | | | | | | | | | | |
| | | 3,122 | | | | 1,936 | | | | — | | | | — | | |
| | | 12,097 | | | | 967 | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 233 | | | | — | | | | — | | |
| | | (6 | ) | | | (14 | ) | | | — | | | | — | | |
| | | 12,091 | | | | 1,186 | | | | — | | | | — | | |
| | | 15,213 | | | | 3,122 | | | | — | | | | — | | |
Semi-Annual Financial Statements 167
| | | Lazard
US Systematic Small Cap Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| Increase (Decrease) in Net Assets | | | | | | | | | |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 144,097 | | | $ | 153,826 | |
| Net realized gain (loss) | | | | 2,554,663 | | | | (1,034,076 | ) |
| Net change in unrealized appreciation (depreciation) | | | | (1,597,649 | ) | | | 6,868,729 | |
| Net increase (decrease) in net assets resulting from operations | | | | 1,101,111 | | | | 5,988,479 | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Institutional Shares | | | | — | | | | (143,061 | ) |
| Open Shares | | | | — | | | | (161 | ) |
| R6 Shares | | | | — | | | | (457 | ) |
| Net decrease in net assets resulting from distributions | | | | — | | | | (143,679 | ) |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Institutional Shares | | | | 3,632,778 | | | | 10,288,266 | |
| Open Shares | | | | — | | | | 19,058 | |
| R6 Shares | | | | — | | | | 100,000 | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Institutional Shares | | | | — | | | | 143,061 | |
| Open Shares | | | | — | | | | 161 | |
| R6 Shares | | | | — | | | | 457 | |
| Cost of shares redeemed | | | | | | | | | |
| Institutional Shares | | | | (2,916,448 | ) | | | (1,250,487 | ) |
| Open Shares | | | | — | | | | (3,127 | ) |
| R6 Shares | | | | — | | | | — | |
| Net increase (decrease) in net assets from capital stock transactions | | | | 716,330 | | | | 9,297,389 | |
| Total increase (decrease) in net assets | | | | 1,817,441 | | | | 15,142,189 | |
| Net assets at beginning of period | | | | 40,030,212 | | | | 24,888,023 | |
| Net assets at end of period | | | $ | 41,847,653 | | | $ | 40,030,212 | |
The accompanying notes are an integral part of these financial statements.
168 Semi-Annual Financial Statements
| | | Lazard
US Systematic Small Cap Equity Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | Year Ended
December 31,
2023 | |
| Shares issued and redeemed | | | | | | | | | |
| Institutional Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 3,909,490 | | | | 2,910,165 | |
| Shares sold | | | | 349,638 | | | | 1,120,932 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 14,095 | |
| Shares redeemed | | | | (286,201 | ) | | | (135,702 | ) |
| Net increase (decrease) | | | | 63,437 | | | | 999,325 | |
| Shares outstanding at end of period | | | | 3,972,927 | | | | 3,909,490 | |
| | | | | | | | | | |
| Open Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 13,713 | | | | 11,923 | |
| Shares sold | | | | — | | | | 2,102 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 16 | |
| Shares redeemed | | | | — | | | | (328 | ) |
| Net increase (decrease) | | | | — | | | | 1,790 | |
| Shares outstanding at end of period | | | | 13,713 | | | | 13,713 | |
| | | | | | | | | | |
| R6 Shares† | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 10,962 | | | | — | |
| Shares sold | | | | — | | | | 10,917 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 45 | |
| Shares redeemed | | | | — | | | | — | |
| Net increase (decrease) | | | | — | | | | 10,962 | |
| Shares outstanding at end of period | | | | 10,962 | | | | 10,962 | |
| † | The inception date for the Lazard US Systematic Small Cap Equity Portfolio R6 Shares was February 22, 2023. |
Semi-Annual Financial Statements 169
The Lazard Funds, Inc. Financial Highlights (N-CSR Item 7) (unaudited)
LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.66 | | | $ | 11.82 | | | $ | 15.40 | | | $ | 17.31 | | | $ | 14.55 | | | $ | 11.42 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.08 | | | | 0.27 | | | | 0.13 | | | | 0.05 | | | | 0.04 | | | | 0.08 | |
| Net realized and unrealized gain (loss) | | | | 0.63 | | | | 0.85 | | | | (3.61 | ) | | | (1.81 | ) | | | 2.76 | | | | 3.13 | |
| Total from investment operations | | | | 0.71 | | | | 1.12 | | | | (3.48 | ) | | | (1.76 | ) | | | 2.80 | | | | 3.21 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.28 | ) | | | (0.09 | ) | | | (0.15 | ) | | | (0.04 | ) | | | (0.08 | ) |
| Return of capital | | | | — | | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | | — | | | | (0.28 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.04 | ) | | | (0.08 | ) |
| Net asset value, end of period | | | $ | 13.37 | | | $ | 12.66 | | | $ | 11.82 | | | $ | 15.40 | | | $ | 17.31 | | | $ | 14.55 | |
| Total Return (b) | | | | 5.61 | % | | | 9.55 | % | | | –22.61 | % | | | –10.14 | % | | | 19.33 | % | | | 28.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 85,207 | | | $ | 86,699 | | | $ | 91,910 | | | $ | 148,419 | | | $ | 190,689 | | | $ | 226,067 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.10 | % | | | 1.13 | % | | | 1.15 | % | | | 1.15 | % | | | 1.17 | % | | | 1.16 | % |
| Gross expenses | | | | 1.25 | % | | | 1.24 | % | | | 1.23 | % | | | 1.15 | % | | | 1.21 | % | | | 1.16 | % |
| Net investment income (loss) | | | | 1.27 | % | | | 2.17 | % | | | 1.02 | % | | | 0.28 | % | | | 0.33 | % | | | 0.63 | % |
| Portfolio turnover rate | | | | 12 | % | | | 24 | % | | | 30 | % | | | 39 | % | | | 57 | % | | | 55 | % |
The accompanying notes are an integral part of these financial statements.
170 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.59 | | | $ | 11.75 | | | $ | 15.31 | | | $ | 17.21 | | | $ | 14.51 | | | $ | 11.36 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.08 | | | | 0.23 | | | | 0.10 | | | | — | (d) | | | 0.01 | | | | 0.05 | |
| Net realized and unrealized gain (loss) | | | | 0.60 | | | | 0.86 | | | | (3.59 | ) | | | (1.78 | ) | | | 2.73 | | | | 3.11 | |
| Total from investment operations | | | | 0.68 | | | | 1.09 | | | | (3.49 | ) | | | (1.78 | ) | | | 2.74 | | | | 3.16 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.25 | ) | | | (0.07 | ) | | | (0.12 | ) | | | (0.04 | ) | | | (0.01 | ) |
| Total distributions | | | | — | | | | (0.25 | ) | | | (0.07 | ) | | | (0.12 | ) | | | (0.04 | ) | | | (0.01 | ) |
| Net asset value, end of period | | | $ | 13.27 | | | $ | 12.59 | | | $ | 11.75 | | | $ | 15.31 | | | $ | 17.21 | | | $ | 14.51 | |
| Total Return (b) | | | | 5.40 | % | | | 9.34 | % | | | –22.81 | % | | | –10.37 | % | | | 18.97 | % | | | 27.79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 5,746 | | | $ | 5,703 | | | $ | 5,487 | | | $ | 9,193 | | | $ | 9,914 | | | $ | 9,341 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.35 | % | | | 1.38 | % | | | 1.40 | % | | | 1.40 | % | | | 1.44 | % | | | 1.46 | % |
| Gross expenses | | | | 1.60 | % | | | 1.59 | % | | | 1.56 | % | | | 1.45 | % | | | 1.53 | % | | | 1.55 | % |
| Net investment income (loss) | | | | 1.27 | % | | | 1.89 | % | | | 0.76 | % | | | — | %(e) | | | 0.04 | % | | | 0.36 | % |
| Portfolio turnover rate | | | | 12 | % | | | 24 | % | | | 30 | % | | | 39 | % | | | 57 | % | | | 55 | % |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period less than one year. |
| (d) | Amount is less than $0.01 per share. |
| (e) | Amount is less than 0.005%. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 171
LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.81 | | | $ | 8.87 | | | $ | 11.56 | | | $ | 13.12 | | | $ | 11.79 | | | $ | 9.89 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.08 | | | | 0.17 | | | | 0.17 | | | | 0.08 | | | | 0.08 | | | | 0.20 | |
| Net realized and unrealized gain (loss) | | | | 0.80 | | | | 0.92 | | | | (2.67 | ) | | | (1.55 | ) | | | 1.33 | | | | 1.93 | |
| Total from investment operations | | | | 0.88 | | | | 1.09 | | | | (2.50 | ) | | | (1.47 | ) | | | 1.41 | | | | 2.13 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.15 | ) | | | (0.19 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.23 | ) |
| Total distributions | | | | — | | | | (0.15 | ) | | | (0.19 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.23 | ) |
| Net asset value, end of period | | | $ | 10.69 | | | $ | 9.81 | | | $ | 8.87 | | | $ | 11.56 | | | $ | 13.12 | | | $ | 11.79 | |
| Total Return (b) | | | | 8.97 | % | | | 12.29 | % | | | –21.63 | % | | | –11.21 | % | | | 11.98 | % | | | 21.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 113,123 | | | $ | 115,633 | | | $ | 92,730 | | | $ | 156,284 | | | $ | 209,503 | | | $ | 197,213 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.10 | % | | | 1.15 | % | | | 1.22 | % | | | 1.16 | % | | | 1.20 | % | | | 1.18 | % |
| Gross expenses | | | | 1.27 | % | | | 1.27 | % | | | 1.23 | % | | | 1.16 | % | | | 1.20 | % | | | 1.18 | % |
| Net investment income (loss) | | | | 1.62 | % | | | 1.82 | % | | | 1.75 | % | | | 0.64 | % | | | 0.70 | % | | | 1.83 | % |
| Portfolio turnover rate | | | | 19 | % | | | 74 | % | | | 28 | % | | | 31 | % | | | 23 | % | | | 19 | % |
The accompanying notes are an integral part of these financial statements.
172 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.79 | | | $ | 8.85 | | | $ | 11.53 | | | $ | 13.09 | | | $ | 11.76 | | | $ | 9.87 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.07 | | | | 0.15 | | | | 0.14 | | | | 0.04 | | | | 0.04 | | | | 0.16 | |
| Net realized and unrealized gain (loss) | | | | 0.80 | | | | 0.91 | | | | (2.65 | ) | | | (1.55 | ) | | | 1.33 | | | | 1.92 | |
| Total from investment operations | | | | 0.87 | | | | 1.06 | | | | (2.51 | ) | | | (1.51 | ) | | | 1.37 | | | | 2.08 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.12 | ) | | | (0.17 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.19 | ) |
| Total distributions | | | | — | | | | (0.12 | ) | | | (0.17 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.19 | ) |
| Net asset value, end of period | | | $ | 10.66 | | | $ | 9.79 | | | $ | 8.85 | | | $ | 11.53 | | | $ | 13.09 | | | $ | 11.76 | |
| Total Return (b) | | | | 8.89 | % | | | 12.05 | % | | | –21.80 | % | | | –11.53 | % | | | 11.66 | % | | | 21.08 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 2,374 | | | $ | 2,281 | | | $ | 1,427 | | | $ | 2,113 | | | $ | 2,544 | | | $ | 2,425 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.35 | % | | | 1.41 | % | | | 1.48 | % | | | 1.50 | % | | | 1.50 | % | | | 1.55 | % |
| Gross expenses | | | | 1.68 | % | | | 1.76 | % | | | 1.69 | % | | | 1.55 | % | | | 1.62 | % | | | 1.90 | % |
| Net investment income (loss) | | | | 1.38 | % | | | 1.57 | % | | | 1.46 | % | | | 0.34 | % | | | 0.35 | % | | | 1.48 | % |
| Portfolio turnover rate | | | | 19 | % | | | 74 | % | | | 28 | % | | | 31 | % | | | 23 | % | | | 19 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 173
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.82 | | | $ | 8.88 | | | $ | 11.57 | | | $ | 13.13 | | | $ | 11.80 | | | $ | 9.89 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.11 | | | | 0.19 | | | | 0.18 | | | | 0.09 | | | | 0.07 | | | | 0.20 | |
| Net realized and unrealized gain (loss) | | | | 0.78 | | | | 0.90 | | | | (2.68 | ) | | | (1.56 | ) | | | 1.34 | | | | 1.94 | |
| Total from investment operations | | | | 0.89 | | | | 1.09 | | | | (2.50 | ) | | | (1.47 | ) | | | 1.41 | | | | 2.14 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.15 | ) | | | (0.19 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.23 | ) |
| Total distributions | | | | — | | | | (0.15 | ) | | | (0.19 | ) | | | (0.09 | ) | | | (0.08 | ) | | | (0.23 | ) |
| Net asset value, end of period | | | $ | 10.71 | | | $ | 9.82 | | | $ | 8.88 | | | $ | 11.57 | | | $ | 13.13 | | | $ | 11.80 | |
| Total Return (b) | | | | 9.06 | % | | | 12.32 | % | | | –21.58 | % | | | –11.19 | % | | | 11.97 | % | | | 21.69 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 802 | | | $ | 161 | | | $ | 347 | | | $ | 311 | | | $ | 544 | | | $ | 597 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.05 | % | | | 1.11 | % | | | 1.18 | % | | | 1.16 | % | | | 1.20 | % | | | 1.18 | % |
| Gross expenses | | | | 2.00 | % | | | 3.09 | % | | | 2.11 | % | | | 1.91 | % | | | 1.87 | % | | | 3.23 | % |
| Net investment income (loss) | | | | 2.13 | % | | | 1.94 | % | | | 1.87 | % | | | 0.66 | % | | | 0.63 | % | | | 1.80 | % |
| Portfolio turnover rate | | | | 19 | % | | | 74 | % | | | 28 | % | | | 31 | % | | | 23 | % | | | 19 | % |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
174 Semi-Annual Financial Statements
LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.87 | | | $ | 9.83 | | | $ | 12.88 | | | $ | 13.79 | | | $ | 11.84 | | | $ | 10.03 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.14 | | | | 0.24 | | | | 0.29 | | | | 0.27 | | | | 0.10 | | | | 0.24 | |
| Net realized and unrealized gain (loss) | | | | 1.08 | | | | 1.01 | | | | (3.01 | ) | | | (0.15 | ) | | | 1.97 | | | | 1.80 | |
| Total from investment operations | | | | 1.22 | | | | 1.25 | | | | (2.72 | ) | | | 0.12 | | | | 2.07 | | | | 2.04 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.21 | ) | | | (0.29 | ) | | | (0.22 | ) | | | (0.10 | ) | | | (0.23 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.04 | ) | | | (0.81 | ) | | | (0.02 | ) | | | — | |
| Total distributions | | | | — | | | | (0.21 | ) | | | (0.33 | ) | | | (1.03 | ) | | | (0.12 | ) | | | (0.23 | ) |
| Net asset value, end of period | | | $ | 12.09 | | | $ | 10.87 | | | $ | 9.83 | | | $ | 12.88 | | | $ | 13.79 | | | $ | 11.84 | |
| Total Return (b) | | | | 11.22 | % | | | 12.76 | % | | | –21.09 | % | | | 0.96 | % | | | 17.50 | % | | | 20.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 133,642 | | | $ | 131,856 | | | $ | 80,506 | | | $ | 68,538 | | | $ | 27,898 | | | $ | 9,190 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.92 | % | | | 0.90 | % | | | 0.91 | % | | | 0.93 | % | | | 1.10 | % | | | 1.10 | % |
| Gross expenses | | | | 1.00 | % | | | 0.98 | % | | | 1.11 | % | | | 1.21 | % | | | 1.97 | % | | | 3.19 | % |
| Net investment income (loss) | | | | 2.43 | % | | | 2.33 | % | | | 2.73 | % | | | 1.90 | % | | | 0.87 | % | | | 2.15 | % |
| Portfolio turnover rate | | | | 45 | % | | | 61 | % | | | 122 | % | | | 88 | % | | | 91 | % | | | 59 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 175
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.87 | | | $ | 9.84 | | | $ | 12.88 | | | $ | 13.79 | | | $ | 11.85 | | | $ | 10.04 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.13 | | | | 0.26 | | | | 0.25 | | | | 0.12 | | | | 0.09 | | | | 0.21 | |
| Net realized and unrealized gain (loss) | | | | 1.07 | | | | 0.95 | | | | (2.98 | ) | | | (0.04 | ) | | | 1.93 | | | | 1.79 | |
| Total from investment operations | | | | 1.20 | | | | 1.21 | | | | (2.73 | ) | | | 0.08 | | | | 2.02 | | | | 2.00 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.18 | ) | | | (0.27 | ) | | | (0.18 | ) | | | (0.06 | ) | | | (0.19 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.04 | ) | | | (0.81 | ) | | | (0.02 | ) | | | — | |
| Total distributions | | | | — | | | | (0.18 | ) | | | (0.31 | ) | | | (0.99 | ) | | | (0.08 | ) | | | (0.19 | ) |
| Net asset value, end of period | | | $ | 12.07 | | | $ | 10.87 | | | $ | 9.84 | | | $ | 12.88 | | | $ | 13.79 | | | $ | 11.85 | |
| Total Return (b) | | | | 11.04 | % | | | 12.36 | % | | | –21.21 | % | | | 0.63 | % | | | 17.10 | % | | | 19.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 274 | | | $ | 258 | | | $ | 93 | | | $ | 979 | | | $ | 876 | | | $ | 1,162 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.17 | % | | | 1.15 | % | | | 1.16 | % | | | 1.25 | % | | | 1.35 | % | | | 1.38 | % |
| Gross expenses | | | | 2.36 | % | | | 2.93 | % | | | 3.20 | % | | | 1.75 | % | | | 2.68 | % | | | 4.32 | % |
| Net investment income (loss) | | | | 2.26 | % | | | 2.60 | % | | | 2.11 | % | | | 0.80 | % | | | 0.76 | % | | | 1.87 | % |
| Portfolio turnover rate | | | | 45 | % | | | 61 | % | | | 122 | % | | | 88 | % | | | 91 | % | | | 59 | % |
The accompanying notes are an integral part of these financial statements.
176 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | For the Period
2/22/23* to | |
| throughout each period | | 6/30/24† | | 12/31/23 | |
| R6 Shares | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.87 | | | $ | 10.27 | | |
| Income (Loss) from investment operations: | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.16 | | | | 0.20 | | |
| Net realized and unrealized gain (loss) | | | | 1.07 | | | | 0.61 | | |
| Total from investment operations | | | | 1.23 | | | | 0.81 | | |
| Less distributions from: | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.21 | ) | |
| Total distributions | | | | — | | | | (0.21 | ) | |
| Net asset value, end of period | | | $ | 12.10 | | | $ | 10.87 | | |
| Total Return (b) | | | | 11.32 | % | | | 7.98 | % | |
| | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 390 | | | $ | 152 | | |
| Ratios to average net assets (c): | | | | | | | | | | |
| Net expenses | | | | 0.87 | % | | | 0.85 | % | |
| Gross expenses | | | | 2.19 | % | | | 6.22 | % | |
| Net investment income (loss) | | | | 2.76 | % | | | 2.25 | % | |
| Portfolio turnover rate | | | | 45 | % | | | 61 | % | |
| † | Unaudited |
| * | The inception date for the R6 Shares was February 22, 2023 |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 177
LAZARD EMERGING MARKETS EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.17 | | | $ | 14.57 | | | $ | 18.12 | | | $ | 18.03 | | | $ | 18.48 | | | $ | 16.06 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.39 | | | | 0.67 | | | | 0.80 | | | | 0.56 | | | | 0.37 | | | | 0.42 | |
| Net realized and unrealized gain (loss) | | | | 1.03 | | | | 2.58 | | | | (3.49 | ) | | | 0.42 | | | | (0.44 | ) | | | 2.45 | |
| Total from investment operations | | | | 1.42 | | | | 3.25 | | | | (2.69 | ) | | | 0.98 | | | | (0.07 | ) | | | 2.87 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.65 | ) | | | (0.86 | ) | | | (0.89 | ) | | | (0.38 | ) | | | (0.45 | ) |
| Total distributions | | | | — | | | | (0.65 | ) | | | (0.86 | ) | | | (0.89 | ) | | | (0.38 | ) | | | (0.45 | ) |
| Net asset value, end of period | | | $ | 18.59 | | | $ | 17.17 | | | $ | 14.57 | | | $ | 18.12 | | | $ | 18.03 | | | $ | 18.48 | |
| Total Return (b) | | | | 8.27 | % | | | 22.39 | % | | | –14.86 | % | | | 5.44 | % | | | –0.10 | % | | | 18.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 2,548,980 | | | $ | 2,393,341 | | | $ | 2,281,187 | | | $ | 3,271,175 | | | $ | 3,923,878 | | | $ | 6,645,429 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.08 | % | | | 1.08 | % | | | 1.06 | % | | | 1.07 | % | | | 1.09 | % | | | 1.08 | % |
| Gross expenses | | | | 1.08 | % | | | 1.08 | % | | | 1.06 | % | | | 1.07 | % | | | 1.09 | % | | | 1.08 | % |
| Net investment income (loss) | | | | 4.44 | % | | | 4.12 | % | | | 4.92 | % | | | 2.93 | % | | | 2.36 | % | | | 2.42 | % |
| Portfolio turnover rate | | | | 11 | % | | | 26 | % | | | 23 | % | | | 34 | % | | | 39 | % | | | 20 | % |
The accompanying notes are an integral part of these financial statements.
178 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.76 | | | $ | 15.06 | | | $ | 18.70 | | | $ | 18.58 | | | $ | 19.03 | | | $ | 16.53 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.38 | | | | 0.64 | | | | 0.78 | | | | 0.53 | | | | 0.34 | | | | 0.39 | |
| Net realized and unrealized gain (loss) | | | | 1.07 | | | | 2.66 | | | | (3.60 | ) | | | 0.43 | | | | (0.45 | ) | | | 2.52 | |
| Total from investment operations | | | | 1.45 | | | | 3.30 | | | | (2.82 | ) | | | 0.96 | | | | (0.11 | ) | | | 2.91 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.60 | ) | | | (0.82 | ) | | | (0.84 | ) | | | (0.34 | ) | | | (0.41 | ) |
| Total distributions | | | | — | | | | (0.60 | ) | | | (0.82 | ) | | | (0.84 | ) | | | (0.34 | ) | | | (0.41 | ) |
| Net asset value, end of period | | | $ | 19.21 | | | $ | 17.76 | | | $ | 15.06 | | | $ | 18.70 | | | $ | 18.58 | | | $ | 19.03 | |
| Total Return (b) | | | | 8.16 | % | | | 22.03 | % | | | –15.09 | % | | | 5.19 | % | | | –0.34 | % | | | 17.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 287,140 | | | $ | 275,834 | | | $ | 251,237 | | | $ | 371,863 | | | $ | 421,990 | | | $ | 969,347 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.33 | % | | | 1.34 | % | | | 1.32 | % | | | 1.32 | % | | | 1.34 | % | | | 1.34 | % |
| Gross expenses | | | | 1.33 | % | | | 1.34 | % | | | 1.32 | % | | | 1.32 | % | | | 1.34 | % | | | 1.34 | % |
| Net investment income (loss) | | | | 4.15 | % | | | 3.86 | % | | | 4.71 | % | | | 2.68 | % | | | 2.08 | % | | | 2.19 | % |
| Portfolio turnover rate | | | | 11 | % | | | 26 | % | | | 23 | % | | | 34 | % | | | 39 | % | | | 20 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 179
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout the period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.18 | | | $ | 14.58 | | | $ | 18.13 | | | $ | 18.04 | | | $ | 18.47 | | | $ | 16.06 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.39 | | | | 0.60 | | | | 0.78 | | | | 0.54 | | | | 0.40 | | | | 0.40 | |
| Net realized and unrealized gain (loss) | | | | 1.03 | | | | 2.65 | | | | (3.47 | ) | | | 0.44 | | | | (0.45 | ) | | | 2.46 | |
| Total from investment operations | | | | 1.42 | | | | 3.25 | | | | (2.69 | ) | | | 0.98 | | | | (0.05 | ) | | | 2.86 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.65 | ) | | | (0.86 | ) | | | (0.89 | ) | | | (0.38 | ) | | | (0.45 | ) |
| Total distributions | | | | — | | | | (0.65 | ) | | | (0.86 | ) | | | (0.89 | ) | | | (0.38 | ) | | | (0.45 | ) |
| Net asset value, end of period | | | $ | 18.60 | | | $ | 17.18 | | | $ | 14.58 | | | $ | 18.13 | | | $ | 18.04 | | | $ | 18.47 | |
| Total Return (b) | | | | 8.27 | % | | | 22.37 | % | | | –14.86 | % | | | 5.44 | % | | | 0.01 | % | | | 17.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 30,701 | | | $ | 27,276 | | | $ | 8,004 | | | $ | 9,880 | | | $ | 23,631 | | | $ | 184,337 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.08 | % | | | 1.08 | % | | | 1.06 | % | | | 1.06 | % | | | 1.08 | % | | | 1.08 | % |
| Gross expenses | | | | 1.08 | % | | | 1.12 | % | | | 1.10 | % | | | 1.08 | % | | | 1.09 | % | | | 1.08 | % |
| Net investment income (loss) | | | | 4.47 | % | | | 3.68 | % | | | 4.83 | % | | | 2.83 | % | | | 2.52 | % | | | 2.30 | % |
| Portfolio turnover rate | | | | 11 | % | | | 26 | % | | | 23 | % | | | 34 | % | | | 39 | % | | | 20 | % |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
180 Semi-Annual Financial Statements
LAZARD EQUITY FRANCHISE PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.89 | | | $ | 9.06 | | | $ | 10.78 | | | $ | 10.17 | | | $ | 10.17 | | | $ | 8.84 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.16 | | | | 0.18 | | | | 0.14 | | | | 0.15 | | | | 0.10 | | | | 0.19 | |
| Net realized and unrealized gain (loss) | | | | (0.60 | ) | | | 1.51 | | | | (0.70 | ) | | | 2.14 | | | | 0.02 | | | | 1.73 | |
| Total from investment operations | | | | (0.44 | ) | | | 1.69 | | | | (0.56 | ) | | | 2.29 | | | | 0.12 | | | | 1.92 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.24 | ) | | | (0.10 | ) | | | (0.15 | ) | | | (0.07 | ) | | | (0.15 | ) |
| Net realized gains | | | | — | | | | (0.62 | ) | | | (1.06 | ) | | | (1.53 | ) | | | (0.05 | ) | | | (0.44 | ) |
| Total distributions | | | | — | | | | (0.86 | ) | | | (1.16 | ) | | | (1.68 | ) | | | (0.12 | ) | | | (0.59 | ) |
| Net asset value, end of period | | | $ | 9.45 | | | $ | 9.89 | | | $ | 9.06 | | | $ | 10.78 | | | $ | 10.17 | | | $ | 10.17 | |
| Total Return (b) | | | | –4.45 | % | | | 18.70 | % | | | –5.21 | % | | | 22.76 | % | | | 1.15 | % | | | 21.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 174,131 | | | $ | 118,676 | | | $ | 159,864 | | | $ | 105,429 | | | $ | 91,720 | | | $ | 39,878 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.93 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
| Gross expenses | | | | 0.93 | % | | | 0.96 | % | | | 0.98 | % | | | 0.98 | % | | | 1.11 | % | | | 1.36 | % |
| Net investment income (loss) | | | | 3.39 | % | | | 1.80 | % | | | 1.35 | % | | | 1.29 | % | | | 1.09 | % | | | 1.95 | % |
| Portfolio turnover rate | | | | 50 | % | | | 81 | % | | | 115 | % | | | 73 | % | | | 79 | % | | | 95 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 181
Selected data for a
share of capital stock
outstanding | | Six Months Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.88 | | | $ | 9.05 | | | $ | 10.77 | | | $ | 10.17 | | | $ | 10.17 | | | $ | 8.84 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.13 | | | | 0.16 | | | | 0.12 | | | | 0.12 | | | | 0.09 | | | | 0.16 | |
| Net realized and unrealized gain (loss) | | | | (0.57 | ) | | | 1.51 | | | | (0.70 | ) | | | 2.13 | | | | — | (d) | | | 1.73 | |
| Total from investment operations | | | | (0.44 | ) | | | 1.67 | | | | (0.58 | ) | | | 2.25 | | | | 0.09 | | | | 1.89 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.22 | ) | | | (0.08 | ) | | | (0.12 | ) | | | (0.04 | ) | | | (0.12 | ) |
| Net realized gains | | | | — | | | | (0.62 | ) | | | (1.06 | ) | | | (1.53 | ) | | | (0.05 | ) | | | (0.44 | ) |
| Total distributions | | | | — | | | | (0.84 | ) | | | (1.14 | ) | | | (1.65 | ) | | | (0.09 | ) | | | (0.56 | ) |
| Net asset value, end of period | | | $ | 9.44 | | | $ | 9.88 | | | $ | 9.05 | | | $ | 10.77 | | | $ | 10.17 | | | $ | 10.17 | |
| Total Return (b) | | | | –4.45 | % | | | 18.42 | % | | | –5.45 | % | | | 22.36 | % | | | 0.90 | % | | | 21.40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 151 | | | $ | 177 | | | $ | 190 | | | $ | 93 | | | $ | 129 | | | $ | 312 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % | | | 1.20 | % | | | 1.18 | % |
| Gross expenses | | | | 3.34 | % | | | 2.72 | % | | | 4.13 | % | | | 4.45 | % | | | 3.64 | % | | | 5.78 | % |
| Net investment income (loss) | | | | 2.73 | % | | | 1.60 | % | | | 1.17 | % | | | 1.05 | % | | | 1.00 | % | | | 1.64 | % |
| Portfolio turnover rate | | | | 50 | % | | | 81 | % | | | 115 | % | | | 73 | % | | | 79 | % | | | 95 | % |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
| (d) | Amount is less than $0.01 per share. |
The accompanying notes are an integral part of these financial statements.
182 Semi-Annual Financial Statements
LAZARD GLOBAL EQUITY SELECT PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.65 | | | $ | 15.37 | | | $ | 18.77 | | | $ | 16.32 | | | $ | 14.56 | | | $ | 11.72 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.08 | * | | | 0.13 | * | | | 0.09 | | | | 0.09 | | | | 0.07 | | | | 0.11 | |
| Net realized and unrealized gain (loss) | | | | 1.31 | | | | 2.49 | | | | (3.33 | ) | | | 3.11 | | | | 2.24 | | | | 2.84 | |
| Total from investment operations | | | | 1.39 | | | | 2.62 | | | | (3.24 | ) | | | 3.20 | | | | 2.31 | | | | 2.95 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.14 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.05 | ) | | | (0.10 | ) |
| Net realized gains | | | | — | | | | (0.20 | ) | | | (0.07 | ) | | | (0.66 | ) | | | (0.50 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) |
| Total distributions | | | | — | | | | (0.34 | ) | | | (0.16 | ) | | | (0.75 | ) | | | (0.55 | ) | | | (0.11 | ) |
| Net asset value, end of period | | | $ | 19.04 | | | $ | 17.65 | | | $ | 15.37 | | | $ | 18.77 | | | $ | 16.32 | | | $ | 14.56 | |
| Total Return (b) | | | | 7.88 | %* | | | 17.05 | %* | | | –17.28 | % | | | 19.75 | % | | | 15.97 | % | | | 25.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 101,179 | | | $ | 96,716 | | | $ | 91,303 | | | $ | 109,943 | | | $ | 92,418 | | | $ | 82,057 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.86 | % | | | 0.88 | % | | | 0.88 | % | | | 0.84 | % | | | 0.90 | % | | | 1.01 | % |
| Gross expenses | | | | 0.86 | % | | | 0.88 | % | | | 0.88 | % | | | 0.84 | % | | | 0.95 | % | | | 1.08 | % |
| Net investment income (loss) | | | | 0.84 | %* | | | 0.79 | %* | | | 0.58 | % | | | 0.50 | % | | | 0.46 | % | | | 0.85 | % |
| Portfolio turnover rate | | | | 12 | % | | | 5 | % | | | 19 | % | | | 22 | % | | | 90 | % | | | 25 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 183
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.66 | | | $ | 15.38 | | | $ | 18.78 | | | $ | 16.33 | | | $ | 14.57 | | | $ | 11.73 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.05 | * | | | 0.09 | * | | | 0.05 | | | | 0.03 | | | | 0.05 | | | | 0.08 | |
| Net realized and unrealized gain (loss) | | | | 1.31 | | | | 2.48 | | | | (3.33 | ) | | | 3.11 | | | | 2.22 | | | | 2.83 | |
| Total from investment operations | | | | 1.36 | | | | 2.57 | | | | (3.28 | ) | | | 3.14 | | | | 2.27 | | | | 2.91 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.09 | ) | | | (0.05 | ) | | | (0.03 | ) | | | (0.01 | ) | | | (0.07 | ) |
| Net realized gains | | | | — | | | | (0.20 | ) | | | (0.07 | ) | | | (0.66 | ) | | | (0.50 | ) | | | — | |
| Total distributions | | | | — | | | | (0.29 | ) | | | (0.12 | ) | | | (0.69 | ) | | | (0.51 | ) | | | (0.07 | ) |
| Net asset value, end of period | | | $ | 19.02 | | | $ | 17.66 | | | $ | 15.38 | | | $ | 18.78 | | | $ | 16.33 | | | $ | 14.57 | |
| Total Return (b) | | | | 7.70 | %* | | | 16.73 | %* | | | –17.50 | % | | | 19.37 | % | | | 15.67 | % | | | 24.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 653 | | | $ | 1,183 | | | $ | 1,254 | | | $ | 1,543 | | | $ | 1,158 | | | $ | 933 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.30 | % |
| Gross expenses | | | | 1.82 | % | | | 1.57 | % | | | 1.49 | % | | | 1.40 | % | | | 1.74 | % | | | 2.36 | % |
| Net investment income (loss) | | | | 0.50 | %* | | | 0.52 | %* | | | 0.30 | % | | | 0.18 | % | | | 0.35 | % | | | 0.56 | % |
| Portfolio turnover rate | | | | 12 | % | | | 5 | % | | | 19 | % | | | 22 | % | | | 90 | % | | | 25 | % |
| † | Unaudited |
| * | There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2024 and year ended December 31, 2023 respectively. There was a 0.02% and 0.03% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2024 and year ended December 31, 2023 respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
184 Semi-Annual Financial Statements
LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.28 | | | $ | 14.20 | | | $ | 16.50 | | | $ | 14.65 | | | $ | 15.78 | | | $ | 13.51 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.35 | | | | 0.44 | * | | | 0.41 | * | | | 0.61 | * | | | 0.27 | | | | 0.40 | |
| Net realized and unrealized gain (loss) | | | | (0.48 | ) | | | 1.09 | | | | (0.60 | ) | | | 2.27 | | | | (1.02 | ) | | | 2.57 | |
| Total from investment operations | | | | (0.13 | ) | | | 1.53 | | | | (0.19 | ) | | | 2.88 | | | | (0.75 | ) | | | 2.97 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.17 | ) | | | (0.45 | ) | | | (0.84 | ) | | | (0.72 | ) | | | (0.04 | ) | | | (0.70 | ) |
| Net realized gains | | | | — | | | | — | | | | (1.27 | ) | | | (0.31 | ) | | | (0.27 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | — | | | | (0.07 | ) | | | — | |
| Total distributions | | | | (0.17 | ) | | | (0.45 | ) | | | (2.11 | ) | | | (1.03 | ) | | | (0.38 | ) | | | (0.70 | ) |
| Net asset value, end of period | | | $ | 14.98 | | | $ | 15.28 | | | $ | 14.20 | | | $ | 16.50 | | | $ | 14.65 | | | $ | 15.78 | |
| Total Return (b) | | | | –0.85 | % | | | 10.89 | %* | | | –1.30 | %* | | | 19.87 | %* | | | –4.48 | % | | | 22.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 8,108,513 | | | $ | 8,390,489 | | | $ | 7,789,195 | | | $ | 7,308,516 | | | $ | 7,289,680 | | | $ | 7,277,512 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.95 | % |
| Gross expenses | | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.95 | % |
| Net investment income (loss) | | | | 4.59 | % | | | 2.98 | %* | | | 2.54 | %* | | | 3.86 | %* | | | 1.87 | % | | | 2.63 | % |
| Portfolio turnover rate | | | | 21 | % | | | 25 | % | | | 39 | % | | | 28 | % | | | 42 | % | | | 33 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 185
Selected data for a
share of capital stock
outstanding | | Six Months Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.29 | | | $ | 14.21 | | | $ | 16.51 | | | $ | 14.66 | | | $ | 15.79 | | | $ | 13.52 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.33 | | | | 0.40 | * | | | 0.37 | * | | | 0.55 | * | | | 0.23 | | | | 0.36 | |
| Net realized and unrealized gain (loss) | | | | (0.48 | ) | | | 1.09 | | | | (0.61 | ) | | | 2.29 | | | | (1.01 | ) | | | 2.57 | |
| Total from investment operations | | | | (0.15 | ) | | | 1.49 | | | | (0.24 | ) | | | 2.84 | | | | (0.78 | ) | | | 2.93 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.15 | ) | | | (0.41 | ) | | | (0.79 | ) | | | (0.68 | ) | | | (0.03 | ) | | | (0.66 | ) |
| Net realized gains | | | | — | | | | — | | | | (1.27 | ) | | | (0.31 | ) | | | (0.25 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | — | | | | (0.07 | ) | | | — | |
| Total distributions | | | | (0.15 | ) | | | (0.41 | ) | | | (2.06 | ) | | | (0.99 | ) | | | (0.35 | ) | | | (0.66 | ) |
| Net asset value, end of period | | | $ | 14.99 | | | $ | 15.29 | | | $ | 14.21 | | | $ | 16.51 | | | $ | 14.66 | | | $ | 15.79 | |
| Total Return (b) | | | | –0.98 | % | | | 10.60 | %* | | | –1.55 | %* | | | 19.56 | %* | | | –4.68 | % | | | 21.94 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 267,188 | | | $ | 284,468 | | | $ | 336,227 | | | $ | 300,372 | | | $ | 307,757 | | | $ | 448,387 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.21 | % | | | 1.22 | % | | | 1.21 | % | | | 1.21 | % | | | 1.21 | % | | | 1.20 | % |
| Gross expenses | | | | 1.21 | % | | | 1.22 | % | | | 1.21 | % | | | 1.21 | % | | | 1.21 | % | | | 1.20 | % |
| Net investment income (loss) | | | | 4.32 | % | | | 2.73 | %* | | | 2.31 | %* | | | 3.50 | %* | | | 1.57 | % | | | 2.39 | % |
| Portfolio turnover rate | | | | 21 | % | | | 25 | % | | | 39 | % | | | 28 | % | | | 42 | % | | | 33 | % |
| † | Unaudited |
| * | Includes $0.00, $0.00 and $0.04 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.00%, 0.00% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.01%, 0.03% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Return for a period of less than one year is not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
186 Semi-Annual Financial Statements
LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 11.12 | | | $ | 9.34 | | | $ | 11.19 | | | $ | 10.32 | | | $ | 9.99 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.17 | | | | 0.26 | | | | 0.29 | | | | 0.29 | | | | 0.20 | |
| Net realized and unrealized gain (loss) | | | | 1.03 | | | | 1.59 | | | | (1.79 | ) | | | 1.15 | | | | 0.33 | |
| Total from investment operations | | | | 1.20 | | | | 1.85 | | | | (1.50 | ) | | | 1.44 | | | | 0.53 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.07 | ) | | | (0.30 | ) | | | (0.29 | ) | | | (0.20 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.05 | ) | | | (0.28 | ) | | | — | |
| Total distributions | | | | — | | | | (0.07 | ) | | | (0.35 | ) | | | (0.57 | ) | | | (0.20 | ) |
| Net asset value, end of period | | | $ | 12.32 | | | $ | 11.12 | | | $ | 9.34 | | | $ | 11.19 | | | $ | 10.32 | |
| Total Return (b) | | | | 10.79 | % | | | 19.82 | % | | | –13.45 | % | | | 13.94 | % | | | 5.41 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 3,803 | | | $ | 3,076 | | | $ | 2,444 | | | $ | 2,855 | | | $ | 2,472 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.80 | % | | | 0.80 | % | | | 0.85 | % | | | 0.90 | % | | | 0.90 | % |
| Gross expenses | | | | 1.75 | % | | | 5.66 | % | | | 7.06 | % | | | 5.81 | % | | | 8.57 | % |
| Net investment income (loss) | | | | 2.85 | % | | | 2.50 | % | | | 3.01 | % | | | 2.54 | % | | | 2.24 | % |
| Portfolio turnover rate | | | | 44 | % | | | 88 | % | | | 85 | % | | | 99 | % | | | 109 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 187
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 11.12 | | | $ | 9.34 | | | $ | 11.20 | | | $ | 10.32 | | | $ | 9.99 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.15 | | | | 0.22 | | | | 0.27 | | | | 0.26 | | | | 0.18 | |
| Net realized and unrealized gain (loss) | | | | 1.05 | | | | 1.60 | | | | (1.81 | ) | | | 1.16 | | | | 0.33 | |
| Total from investment operations | | | | 1.20 | | | | 1.82 | | | | (1.54 | ) | | | 1.42 | | | | 0.51 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.04 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.18 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.05 | ) | | | (0.28 | ) | | | — | |
| Total distributions | | | | — | | | | (0.04 | ) | | | (0.32 | ) | | | (0.54 | ) | | | (0.18 | ) |
| Net asset value, end of period | | | $ | 12.32 | | | $ | 11.12 | | | $ | 9.34 | | | $ | 11.20 | | | $ | 10.32 | |
| Total Return (b) | | | | 10.79 | % | | | 19.52 | % | | | –13.75 | % | | | 13.75 | % | | | 5.14 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 17,398 | | | $ | 16,345 | | | $ | 117 | | | $ | 135 | | | $ | 119 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.05 | % | | | 1.05 | % | | | 1.10 | % | | | 1.15 | % | | | 1.15 | % |
| Gross expenses | | | | 1.88 | % | | | 5.73 | % | | | 10.77 | % | | | 9.38 | % | | | 12.55 | % |
| Net investment income (loss) | | | | 2.51 | % | | | 2.19 | % | | | 2.76 | % | | | 2.29 | % | | | 1.99 | % |
| Portfolio turnover rate | | | | 44 | % | | | 88 | % | | | 85 | % | | | 99 | % | | | 109 | % |
| | |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
188 Semi-Annual Financial Statements
LAZARD INTERNATIONAL EQUITY PORTFOLIO
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 16.16 | | | $ | 14.41 | | | $ | 17.98 | | | $ | 20.02 | | | $ | 18.61 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.20 | | | | 0.33 | * | | | 0.29 | * | | | 0.67 | * | | | 0.21 | |
| Net realized and unrealized gain (loss) | | | | 0.67 | | | | 2.03 | | | | (2.96 | ) | | | 0.49 | | | | 1.41 | |
| Total from investment operations | | | | 0.87 | | | | 2.36 | | | | (2.67 | ) | | | 1.16 | | | | 1.62 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.44 | ) | | | (0.26 | ) | | | (1.07 | ) | | | (0.21 | ) |
| Net realized gains | | | | — | | | | (0.17 | ) | | | (0.64 | ) | | | (2.13 | ) | | | — | |
| Total distributions | | | | — | | | | (0.61 | ) | | | (0.90 | ) | | | (3.20 | ) | | | (0.21 | ) |
| Net asset value, end of period | | | $ | 17.03 | | | $ | 16.16 | | | $ | 14.41 | | | $ | 17.98 | | | $ | 20.02 | |
| Total Return (b) | | | | 5.38 | % | | | 16.43 | %* | | | –14.83 | %* | | | 6.00 | %* | | | 8.76 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 897,005 | | | $ | 1,014,462 | | | $ | 869,014 | | | $ | 1,567,011 | | | $ | 2,812,450 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.85 | % | | | 0.84 | % | | | 0.83 | % | | | 0.82 | % | | | 0.82 | % |
| Gross expenses | | | | 0.85 | % | | | 0.84 | % | | | 0.83 | % | | | 0.82 | % | | | 0.82 | % |
| Net investment income (loss) | | | | 2.36 | % | | | 2.08 | %* | | | 1.89 | %* | | | 3.21 | %* | | | 1.21 | % |
| Portfolio turnover rate | | | | 23 | % | | | 48 | % | | | 31 | % | | | 34 | % | | | 38 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 189
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 16.41 | | | $ | 14.63 | | | $ | 18.24 | | | $ | 20.26 | | | $ | 18.84 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.18 | | | | 0.29 | * | | | 0.27 | * | | | 0.63 | * | | | 0.17 | |
| Net realized and unrealized gain (loss) | | | | 0.69 | | | | 2.06 | | | | (3.01 | ) | | | 0.50 | | | | 1.41 | |
| Total from investment operations | | | | 0.87 | | | | 2.35 | | | | (2.74 | ) | | | 1.13 | | | | 1.58 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.40 | ) | | | (0.23 | ) | | | (1.02 | ) | | | (0.16 | ) |
| Net realized gains | | | | — | | | | (0.17 | ) | | | (0.64 | ) | | | (2.13 | ) | | | — | |
| Total distributions | | | | — | | | | (0.57 | ) | | | (0.87 | ) | | | (3.15 | ) | | | (0.16 | ) |
| Net asset value, end of period | | | $ | 17.28 | | | $ | 16.41 | | | $ | 14.63 | | | $ | 18.24 | | | $ | 20.26 | |
| Total Return (b) | | | | 5.30 | % | | | 16.11 | %* | | | –15.05 | %* | | | 5.76 | %* | | | 8.43 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 59,162 | | | $ | 56,809 | | | $ | 54,781 | | | $ | 93,296 | | | $ | 120,781 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.11 | % | | | 1.10 | % | | | 1.09 | % | | | 1.07 | % | | | 1.08 | % |
| Gross expenses | | | | 1.11 | % | | | 1.10 | % | | | 1.09 | % | | | 1.07 | % | | | 1.08 | % |
| Net investment income (loss) | | | | 2.17 | % | | | 1.80 | %* | | | 1.70 | %* | | | 2.98 | %* | | | 0.97 | % |
| Portfolio turnover rate | | | | 23 | % | | | 48 | % | | | 31 | % | | | 34 | % | | | 38 | % |
The accompanying notes are an integral part of these financial statements.
190 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding
throughout the period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 16.13 | | | $ | 14.38 | | | $ | 17.95 | | | $ | 19.99 | | | $ | 18.58 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.20 | | | | 0.34 | * | | | 0.31 | * | | | 0.67 | * | | | 0.21 | |
| Net realized and unrealized gain (loss) | | | | 0.67 | | | | 2.03 | | | | (2.97 | ) | | | 0.50 | | | | 1.41 | |
| Total from investment operations | | | | 0.87 | | | | 2.37 | | | | (2.66 | ) | | | 1.17 | | | | 1.62 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.45 | ) | | | (0.27 | ) | | | (1.08 | ) | | | (0.21 | ) |
| Net realized gains | | | | — | | | | (0.17 | ) | | | (0.64 | ) | | | (2.13 | ) | | | — | |
| Total distributions | | | | — | | | | (0.62 | ) | | | (0.91 | ) | | | (3.21 | ) | | | (0.21 | ) |
| Net asset value, end of period | | | $ | 17.00 | | | $ | 16.13 | | | $ | 14.38 | | | $ | 17.95 | | | $ | 19.99 | |
| Total Return (b) | | | | 5.39 | % | | | 16.50 | %* | | | –14.82 | %* | | | 6.03 | %* | | | 8.79 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 72,354 | | | $ | 73,535 | | | $ | 63,434 | | | $ | 116,187 | | | $ | 129,419 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.82 | % | | | 0.81 | % | | | 0.80 | % | | | 0.80 | % | | | 0.81 | % |
| Gross expenses | | | | 0.85 | % | | | 0.85 | % | | | 0.83 | % | | | 0.82 | % | | | 0.83 | % |
| Net investment income (loss) | | | | 2.44 | % | | | 2.15 | %* | | | 2.02 | %* | | | 3.20 | %* | | | 1.21 | % |
| Portfolio turnover rate | | | | 23 | % | | | 48 | % | | | 31 | % | | | 34 | % | | | 38 | % |
| | |
| † | Unaudited |
| * | Includes $0.02, $0.02 and $0.07 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.14%, 0.12% and 0.42% impact to the Institutional and R6 Share Class and a 0.15%, 0.12% and 0.40% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.12%, 0.15% and 0.31% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 191
LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.50 | | | $ | 9.52 | | | $ | 11.51 | | | $ | 11.53 | | | $ | 10.75 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.12 | * | | | 0.17 | * | | | 0.16 | * | | | 0.31 | | | | 0.11 | |
| Net realized and unrealized gain (loss) | | | | 0.39 | | | | 0.97 | | | | (1.94 | ) | | | 0.06 | | | | 0.78 | |
| Total from investment operations | | | | 0.51 | | | | 1.14 | | | | (1.78 | ) | | | 0.37 | | | | 0.89 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.16 | ) | | | (0.17 | ) | | | (0.32 | ) | | | (0.11 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) | | | — | |
| Total distributions | | | | — | | | | (0.16 | ) | | | (0.21 | ) | | | (0.39 | ) | | | (0.11 | ) |
| Net asset value, end of period | | | $ | 11.01 | | | $ | 10.50 | | | $ | 9.52 | | | $ | 11.51 | | | $ | 11.53 | |
| Total Return (b) | | | | 4.86 | %* | | | 11.94 | %* | | | –15.46 | %* | | | 3.24 | % | | | 8.33 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 51,245 | | | $ | 50,570 | | | $ | 51,643 | | | $ | 78,782 | | | $ | 92,121 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.96 | % | | | 0.90 | % | | | 0.90 | % | | | 0.87 | % | | | 0.90 | % |
| Gross expenses | | | | 1.09 | % | | | 1.01 | % | | | 0.96 | % | | | 0.87 | % | | | 0.95 | % |
| Net investment income (loss) | | | | 2.24 | %* | | | 1.64 | %* | | | 1.56 | %* | | | 2.60 | % | | | 1.10 | % |
| Portfolio turnover rate | | | | 19 | % | | | 32 | % | | | 41 | % | | | 35 | % | | | 34 | % |
The accompanying notes are an integral part of these financial statements.
192 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | Year Ended | |
| | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.56 | | | $ | 9.57 | | | $ | 11.57 | | | $ | 11.58 | | | $ | 10.80 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.11 | * | | | 0.14 | * | | | 0.13 | * | | | 0.24 | | | | 0.08 | |
| Net realized and unrealized gain (loss) | | | | 0.38 | | | | 0.98 | | | | (1.94 | ) | | | 0.11 | | | | 0.78 | |
| Total from investment operations | | | | 0.49 | | | | 1.12 | | | | (1.81 | ) | | | 0.35 | | | | 0.86 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.13 | ) | | | (0.15 | ) | | | (0.29 | ) | | | (0.08 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.04 | ) | | | (0.07 | ) | | | — | |
| Total distributions | | | | — | | | | (0.13 | ) | | | (0.19 | ) | | | (0.36 | ) | | | (0.08 | ) |
| Net asset value, end of period | | | $ | 11.05 | | | $ | 10.56 | | | $ | 9.57 | | | $ | 11.57 | | | $ | 11.58 | |
| Total Return (b) | | | | 4.64 | %* | | | 11.71 | %* | | | –15.68 | %* | | | 3.03 | % | | | 8.02 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 2,727 | | | $ | 2,874 | | | $ | 2,910 | | | $ | 4,166 | | | $ | 2,868 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.21 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % |
| Gross expenses | | | | 1.52 | % | | | 1.44 | % | | | 1.35 | % | | | 1.26 | % | | | 1.38 | % |
| Net investment income (loss) | | | | 1.99 | %* | | | 1.39 | %* | | | 1.30 | %* | | | 2.03 | % | | | 0.80 | % |
| Portfolio turnover rate | | | | 19 | % | | | 32 | % | | | 41 | % | | | 35 | % | | | 34 | % |
| | |
| † | Unaudited |
| * | There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2024 and year ended December 31, 2023 and December 31, 2022, respectively. There was a 0.01%, 0.04% and 0.02% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2024 and year ended December 31, 2023 and December 31, 2022, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 193
LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.55 | | | $ | 13.28 | | | $ | 16.80 | | | $ | 15.59 | | | $ | 12.69 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.09 | | | | 0.13 | * | | | 0.10 | | | | 0.07 | | | | 0.03 | |
| Net realized and unrealized gain (loss) | | | | 0.55 | | | | 2.24 | | | | (3.47 | ) | | | 1.48 | | | | 3.01 | |
| Total from investment operations | | | | 0.64 | | | | 2.37 | | | | (3.37 | ) | | | 1.55 | | | | 3.04 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.10 | ) | | | (0.09 | ) | | | (0.03 | ) | | | (0.01 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.06 | ) | | | (0.31 | ) | | | (0.13 | ) |
| Total distributions | | | | — | | | | (0.10 | ) | | | (0.15 | ) | | | (0.34 | ) | | | (0.14 | ) |
| Net asset value, end of period | | | $ | 16.19 | | | $ | 15.55 | | | $ | 13.28 | | | $ | 16.80 | | | $ | 15.59 | |
| Total Return (b) | | | | 4.12 | % | | | 17.83 | %* | | | –20.10 | % | | | 9.99 | % | | | 23.95 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 268,829 | | | $ | 255,657 | | | $ | 110,723 | | | $ | 62,468 | | | $ | 10,473 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.85 | % | | | 0.86 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
| Gross expenses | | | | 0.86 | % | | | 0.90 | % | | | 1.05 | % | | | 1.24 | % | | | 3.58 | % |
| Net investment income (loss) | | | | 1.15 | % | | | 0.87 | %* | | | 0.70 | % | | | 0.44 | % | | | 0.24 | % |
| Portfolio turnover rate | | | | 21 | % | | | 10 | % | | | 43 | % | | | 7 | % | | | 12 | % |
The accompanying notes are an integral part of these financial statements.
194 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.46 | | | $ | 13.20 | | | $ | 16.70 | | | $ | 15.51 | | | $ | 12.65 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.07 | | | | 0.10 | * | | | 0.06 | | | | 0.03 | | | | (0.02 | ) |
| Net realized and unrealized gain (loss) | | | | 0.54 | | | | 2.22 | | | | (3.45 | ) | | | 1.47 | | | | 3.01 | |
| Total from investment operations | | | | 0.61 | | | | 2.32 | | | | (3.39 | ) | | | 1.50 | | | | 2.99 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.06 | ) | | | (0.05 | ) | | | — | | | | — | |
| Net realized gains | | | | — | | | | — | | | | (0.06 | ) | | | (0.31 | ) | | | (0.13 | ) |
| Total distributions | | | | — | | | | (0.06 | ) | | | (0.11 | ) | | | (0.31 | ) | | | (0.13 | ) |
| Net asset value, end of period | | | $ | 16.07 | | | $ | 15.46 | | | $ | 13.20 | | | $ | 16.70 | | | $ | 15.51 | |
| Total Return (b) | | | | 3.95 | % | | | 17.57 | %* | | | –20.31 | % | | | 9.69 | % | | | 23.63 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 1,902 | | | $ | 1,754 | | | $ | 372 | | | $ | 333 | | | $ | 291 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.10 | % | | | 1.11 | % | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % |
| Gross expenses | | | | 1.30 | % | | | 1.43 | % | | | 2.81 | % | | | 2.76 | % | | | 9.57 | % |
| Net investment income (loss) | | | | 0.91 | % | | | 0.70 | %* | | | 0.42 | % | | | 0.18 | % | | | –0.15 | % |
| Portfolio turnover rate | | | | 21 | % | | | 10 | % | | | 43 | % | | | 7 | % | | | 12 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 195
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | For the Period
2/22/23# to
12/31/23 | |
| R6 Shares | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.55 | | | $ | 13.99 | | | |
| Income (Loss) from investment operations: | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.12 | | | | 0.07 | * | | |
| Net realized and unrealized gain (loss) | | | | 0.52 | | | | 1.59 | | | |
| Total from investment operations | | | | 0.64 | | | | 1.66 | | | |
| Less distributions from: | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.10 | ) | | |
| Total distributions | | | | — | | | | (0.10 | ) | | |
| Net asset value, end of period | | | $ | 16.19 | | | $ | 15.55 | | | |
| Total Return (b) | | | | 4.12 | % | | | 11.90 | %* | | |
| | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 1,672 | | | $ | 517 | | | |
| Ratios to average net assets (c): | | | | | | | | | | | |
| Net expenses | | | | 0.80 | % | | | 0.81 | % | | |
| Gross expenses | | | | 1.16 | % | | | 16.17 | % | | |
| Net investment income (loss) | | | | 1.56 | % | | | 0.54 | %* | | |
| Portfolio turnover rate | | | | 21 | % | | | 10 | % | | |
| † | Unaudited |
| * | There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023. There was less than 0.005% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| # | The inception date for the R6 Shares was February 22, 2023. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
196 Semi-Annual Financial Statements
LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.40 | | | $ | 7.69 | | | $ | 10.99 | | | $ | 13.50 | | | $ | 12.19 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.10 | * | | | 0.16 | * | | | 0.14 | | | | 0.20 | * | | | 0.06 | |
| Net realized and unrealized gain (loss) | | | | (0.33 | ) | | | 0.72 | | | | (3.02 | ) | | | 1.33 | | | | 1.53 | |
| Total from investment operations | | | | (0.23 | ) | | | 0.88 | | | | (2.88 | ) | | | 1.53 | | | | 1.59 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.17 | ) | | | (0.05 | ) | | | (0.56 | ) | | | (0.28 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.37 | ) | | | (3.48 | ) | | | — | |
| Total distributions | | | | — | | | | (0.17 | ) | | | (0.42 | ) | | | (4.04 | ) | | | (0.28 | ) |
| Net asset value, end of period | | | $ | 8.17 | | | $ | 8.40 | | | $ | 7.69 | | | $ | 10.99 | | | $ | 13.50 | |
| Total Return (b) | | | | –2.74 | %* | | | 11.55 | %* | | | –26.32 | % | | | 11.83 | %* | | | 13.44 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 4,014 | | | $ | 4,811 | | | $ | 6,940 | | | $ | 14,542 | | | $ | 29,374 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.03 | % | | | 1.09 | % | | | 1.14 | % | | | 1.12 | % | | | 1.15 | % |
| Gross expenses | | | | 2.26 | % | | | 2.14 | % | | | 1.72 | % | | | 1.24 | % | | | 1.29 | % |
| Net investment income (loss) | | | | 2.36 | %* | | | 1.96 | %* | | | 1.65 | % | | | 1.34 | %* | | | 0.57 | % |
| Portfolio turnover rate | | | | 43 | % | | | 45 | % | | | 44 | % | | | 47 | % | | | 50 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 197
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.43 | | | $ | 7.72 | | | $ | 11.03 | | | $ | 13.50 | | | $ | 12.19 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.09 | * | | | 0.14 | * | | | 0.14 | | | | 0.15 | * | | | 0.04 | |
| Net realized and unrealized gain (loss) | | | | (0.33 | ) | | | 0.72 | | | | (3.05 | ) | | | 1.35 | | | | 1.52 | |
| Total from investment operations | | | | (0.24 | ) | | | 0.86 | | | | (2.91 | ) | | | 1.50 | | | | 1.56 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.15 | ) | | | (0.03 | ) | | | (0.49 | ) | | | (0.25 | ) |
| Net realized gains | | | | — | | | | — | | | | (0.37 | ) | | | (3.48 | ) | | | — | |
| Total distributions | | | | — | | | | (0.15 | ) | | | (0.40 | ) | | | (3.97 | ) | | | (0.25 | ) |
| Net asset value, end of period | | | $ | 8.19 | | | $ | 8.43 | | | $ | 7.72 | | | $ | 11.03 | | | $ | 13.50 | |
| Total Return (b) | | | | –2.85 | %* | | | 11.24 | %* | | | –26.49 | % | | | 11.61 | %* | | | 13.15 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 6,656 | | | $ | 7,241 | | | $ | 7,692 | | | $ | 11,969 | | | $ | 12,581 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.28 | % | | | 1.33 | % | | | 1.39 | % | | | 1.37 | % | | | 1.40 | % |
| Gross expenses | | | | 2.44 | % | | | 2.35 | % | | | 1.97 | % | | | 1.51 | % | | | 1.56 | % |
| Net investment income (loss) | | | | 2.13 | %* | | | 1.78 | %* | | | 1.58 | % | | | 1.05 | %* | | | 0.33 | % |
| Portfolio turnover rate | | | | 43 | % | | | 45 | % | | | 44 | % | | | 47 | % | | | 50 | % |
| † | Unaudited |
| * | Includes $0.00, $0.03 and $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2024 and year ended December 31, 2023 and December 31, 2021, respectively. There was a 0.00% impact to both the Institutional and Open class, 0.39% impact to the Institutional and 0.40% impact to the Open class and 0.31% impact to both the Institutional and Open class on the total return of the Portfolio for the period ended June 30, 2024 and year ended December 31, 2023 and December 31, 2021, respectively. There was a 0.03%, 0.34% and 0.17% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2024 and year ended December 31, 2023 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
198 Semi-Annual Financial Statements
LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.48 | | | $ | 13.42 | | | $ | 16.37 | | | $ | 16.83 | | | $ | 15.38 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.15 | | | | 0.21 | * | | | 0.22 | * | | | 0.56 | * | | | 0.17 | |
| Net realized and unrealized gain (loss) | | | | 0.22 | | | | 2.08 | | | | (2.98 | ) | | | 0.42 | | | | 1.45 | |
| Total from investment operations | | | | 0.37 | | | | 2.29 | | | | (2.76 | ) | | | 0.98 | | | | 1.62 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.23 | ) | | | (0.19 | ) | | | (0.62 | ) | | | (0.17 | ) |
| Net realized gains | | | | — | | | | — | | | | — | | | | (0.51 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | (0.31 | ) | | | — | |
| Total distributions | | | | — | | | | (0.23 | ) | | | (0.19 | ) | | | (1.44 | ) | | | (0.17 | ) |
| Net asset value, end of period | | | $ | 15.85 | | | $ | 15.48 | | | $ | 13.42 | | | $ | 16.37 | | | $ | 16.83 | |
| Total Return (b) | | | | 2.39 | % | | | 17.06 | %* | | | –16.88 | %* | | | 5.99 | %* | | | 10.58 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 3,419,338 | | | $ | 3,950,193 | | | $ | 4,180,622 | | | $ | 5,713,405 | | | $ | 5,270,611 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.80 | % | | | 0.81 | % |
| Gross expenses | | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.80 | % | | | 0.81 | % |
| Net investment income (loss) | | | | 1.89 | % | | | 1.45 | %* | | | 1.56 | %* | | | 3.15 | % | | | 1.18 | % |
| Portfolio turnover rate | | | | 30 | % | | | 43 | % | | | 33 | % | | | 31 | % | | | 37 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 199
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.63 | | | $ | 13.56 | | | $ | 16.53 | | | $ | 16.99 | | | $ | 15.52 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.12 | | | | 0.17 | * | | | 0.18 | * | | | 0.52 | * | | | 0.14 | |
| Net realized and unrealized gain (loss) | | | | 0.24 | | | | 2.09 | | | | (3.00 | ) | | | 0.42 | | | | 1.46 | |
| Total from investment operations | | | | 0.36 | | | | 2.26 | | | | (2.82 | ) | | | 0.94 | | | | 1.60 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.19 | ) | | | (0.15 | ) | | | (0.60 | ) | | | (0.13 | ) |
| Net realized gains | | | | — | | | | — | | | | — | | | | (0.51 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | (0.29 | ) | | | — | |
| Total distributions | | | | — | | | | (0.19 | ) | | | (0.15 | ) | | | (1.40 | ) | | | (0.13 | ) |
| Net asset value, end of period | | | $ | 15.99 | | | $ | 15.63 | | | $ | 13.56 | | | $ | 16.53 | | | $ | 16.99 | |
| Total Return (b) | | | | 2.30 | % | | | 16.66 | %* | | | –17.04 | %* | | | 5.67 | %* | | | 10.34 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 229,083 | | | $ | 310,809 | | | $ | 308,243 | | | $ | 460,862 | | | $ | 535,285 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.08 | % | | | 1.08 | % | | | 1.07 | % | | | 1.06 | % | | | 1.06 | % |
| Gross expenses | | | | 1.08 | % | | | 1.08 | % | | | 1.07 | % | | | 1.06 | % | | | 1.06 | % |
| Net investment income (loss) | | | | 1.50 | % | | | 1.19 | %* | | | 1.27 | %* | | | 2.88 | %* | | | 0.94 | % |
| Portfolio turnover rate | | | | 30 | % | | | 43 | % | | | 33 | % | | | 31 | % | | | 37 | % |
The accompanying notes are an integral part of these financial statements.
200 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout the period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.49 | | | $ | 13.43 | | | $ | 16.38 | | | $ | 16.85 | | | $ | 15.39 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.15 | | | | 0.21 | * | | | 0.22 | * | | | 0.56 | * | | | 0.17 | |
| Net realized and unrealized gain (loss) | | | | 0.22 | | | | 2.08 | | | | (2.98 | ) | | | 0.41 | | | | 1.46 | |
| Total from investment operations | | | | 0.37 | | | | 2.29 | | | | (2.76 | ) | | | 0.97 | | | | 1.63 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.23 | ) | | | (0.19 | ) | | | (0.62 | ) | | | (0.17 | ) |
| Net realized gains | | | | — | | | | — | | | | — | | | | (0.51 | ) | | | — | |
| Return of capital | | | | — | | | | — | | | | — | | | | (0.31 | ) | | | — | |
| Total distributions | | | | — | | | | (0.23 | ) | | | (0.19 | ) | | | (1.44 | ) | | | (0.17 | ) |
| Net asset value, end of period | | | $ | 15.86 | | | $ | 15.49 | | | $ | 13.43 | | | $ | 16.38 | | | $ | 16.85 | |
| Total Return (b) | | | | 2.39 | % | | | 17.04 | %* | | | –16.87 | %* | | | 5.93 | %* | | | 10.64 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 63,827 | | | $ | 76,966 | | | $ | 96,524 | | | $ | 124,625 | | | $ | 118,678 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.80 | % | | | 0.81 | % |
| Gross expenses | | | | 0.83 | % | | | 0.83 | % | | | 0.82 | % | | | 0.81 | % | | | 0.82 | % |
| Net investment income (loss) | | | | 1.90 | % | | | 1.47 | %* | | | 1.54 | %* | | | 3.16 | %* | | | 1.16 | % |
| Portfolio turnover rate | | | | 30 | % | | | 43 | % | | | 33 | % | | | 31 | % | | | 37 | % |
| † | Unaudited |
| * | Includes $0.01, $0.01 and $0.06 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.08%, 0.06% and 0.39% impact to the Institutional and R6 Share Class and a 0.08%, 0.06% and 0.38% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.06%, 0.10% and 0.33% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 201
LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.34 | | | $ | 11.93 | | | $ | 13.17 | | | $ | 11.78 | | | $ | 12.66 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.13 | | | | 0.24 | * | | | 0.22 | | | | 0.21 | | | | 0.21 | |
| Net realized and unrealized gain (loss) | | | | 0.47 | | | | 0.66 | | | | (1.10 | ) | | | 2.01 | | | | (0.87 | ) |
| Total from investment operations | | | | 0.60 | | | | 0.90 | | | | (0.88 | ) | | | 2.22 | | | | (0.66 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.35 | ) | | | (0.21 | ) | | | (0.39 | ) | | | (0.09 | ) |
| Net realized gains | | | | — | | | | (0.14 | ) | | | (0.15 | ) | | | (0.44 | ) | | | (0.13 | ) |
| Total distributions | | | | — | | | | (0.49 | ) | | | (0.36 | ) | | | (0.83 | ) | | | (0.22 | ) |
| Net asset value, end of period | | | $ | 12.94 | | | $ | 12.34 | | | $ | 11.93 | | | $ | 13.17 | | | $ | 11.78 | |
| Total Return (b) | | | | 4.86 | % | | | 7.65 | %* | | | –6.72 | % | | | 19.00 | % | | | –5.18 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 15,366 | | | $ | 17,894 | | | $ | 28,712 | | | $ | 31,040 | | | $ | 25,737 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.76 | % | | | 0.76 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
| Gross expenses | | | | 1.76 | % | | | 1.37 | % | | | 1.25 | % | | | 1.20 | % | | | 1.23 | % |
| Net investment income (loss) | | | | 2.02 | % | | | 1.96 | %* | | | 1.79 | % | | | 1.62 | % | | | 1.83 | % |
| Portfolio turnover rate | | | | 57 | % | | | 83 | % | | | 97 | % | | | 110 | % | | | 138 | % |
The accompanying notes are an integral part of these financial statements.
202 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.33 | | | $ | 11.92 | | | $ | 13.16 | | | $ | 11.78 | | | $ | 12.65 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.12 | | | | 0.20 | * | | | 0.19 | | | | 0.18 | | | | 0.19 | |
| Net realized and unrealized gain (loss) | | | | 0.46 | | | | 0.67 | | | | (1.10 | ) | | | 2.00 | | | | (0.87 | ) |
| Total from investment operations | | | | 0.58 | | | | 0.87 | | | | (0.91 | ) | | | 2.18 | | | | (0.68 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.32 | ) | | | (0.18 | ) | | | (0.36 | ) | | | (0.06 | ) |
| Net realized gains | | | | — | | | | (0.14 | ) | | | (0.15 | ) | | | (0.44 | ) | | | (0.13 | ) |
| Total distributions | | | | — | | | | (0.46 | ) | | | (0.33 | ) | | | (0.80 | ) | | | (0.19 | ) |
| Net asset value, end of period | | | $ | 12.91 | | | $ | 12.33 | | | $ | 11.92 | | | $ | 13.16 | | | $ | 11.78 | |
| Total Return (b) | | | | 4.70 | % | | | 7.39 | %* | | | –6.96 | % | | | 18.62 | % | | | –5.34 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 7 | | | $ | 87 | | | $ | 81 | | | $ | 87 | | | $ | 76 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.01 | % | | | 1.01 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % |
| Gross expenses | | | | 9.40 | % | | | 7.84 | % | | | 6.80 | % | | | 6.85 | % | | | 4.39 | % |
| Net investment income (loss) | | | | 1.81 | % | | | 1.67 | %* | | | 1.55 | % | | | 1.39 | % | | | 1.63 | % |
| Portfolio turnover rate | | | | 57 | % | | | 83 | % | | | 97 | % | | | 110 | % | | | 138 | % |
| † | Unaudited |
| * | There was less than $0.01 impact on the Net investment income per share, net investment income (loss) ratio & no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 203
LAZARD US EQUITY CONCENTRATED PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.54 | | | | $ | 14.88 | | | $ | 19.70 | | | $ | 18.05 | | | $ | 16.84 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.02 | | | | | 0.09 | | | | 0.10 | | | | 0.08 | | | | 0.12 | |
| Net realized and unrealized gain (loss) | | | | 0.23 | | | | | 2.16 | | | | (3.98 | ) | | | 4.55 | | | | 1.39 | |
| Total from investment operations | | | | 0.25 | | | | | 2.25 | | | | (3.88 | ) | | | 4.63 | | | | 1.51 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.19 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.11 | ) |
| Net realized gains | | | | — | | | | | (8.40 | ) | | | (0.84 | ) | | | (2.90 | ) | | | (0.19 | ) |
| Total distributions | | | | — | | | | | (8.59 | ) | | | (0.94 | ) | | | (2.98 | ) | | | (0.30 | ) |
| Net asset value, end of period | | | $ | 8.79 | | | | $ | 8.54 | | | $ | 14.88 | | | $ | 19.70 | | | $ | 18.05 | |
| Total Return (b) | | | | 2.93 | % | | | | 16.30 | % | | | –19.89 | % | | | 26.02 | % | | | 8.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 76,857 | | | | $ | 181,667 | | | $ | 1,193,492 | | | $ | 1,943,232 | | | $ | 1,936,367 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.94 | % | | | | 0.81 | % | | | 0.78 | % | | | 0.76 | % | | | 0.76 | % |
| Gross expenses | | | | 1.02 | % | | | | 0.81 | % | | | 0.78 | % | | | 0.76 | % | | | 0.76 | % |
| Net investment income (loss) | | | | 0.51 | % | | | | 0.55 | % | | | 0.58 | % | | | 0.38 | % | | | 0.72 | % |
| Portfolio turnover rate | | | | 67 | % | | | | 81 | % | | | 69 | % | | | 32 | % | | | 43 | % |
The accompanying notes are an integral part of these financial statements.
204 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.71 | | | | $ | 15.03 | | | $ | 19.88 | | | $ | 18.19 | | | $ | 16.98 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.02 | | | | | 0.08 | | | | 0.05 | | | | 0.03 | | | | 0.08 | |
| Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 2.14 | | | | (4.01 | ) | | | 4.58 | | | | 1.38 | |
| Total from investment operations | | | | 0.24 | | | | | 2.22 | | | | (3.96 | ) | | | 4.61 | | | | 1.46 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.14 | ) | | | (0.05 | ) | | | (0.02 | ) | | | (0.06 | ) |
| Net realized gains | | | | — | | | | | (8.40 | ) | | | (0.84 | ) | | | (2.90 | ) | | | (0.19 | ) |
| Total distributions | | | | — | | | | | (8.54 | ) | | | (0.89 | ) | | | (2.92 | ) | | | (0.25 | ) |
| Net asset value, end of period | | | $ | 8.95 | | | | $ | 8.71 | | | $ | 15.03 | | | $ | 19.88 | | | $ | 18.19 | |
| Total Return (b) | | | | 2.76 | % | | | | 16.02 | % | | | –20.07 | % | | | 25.72 | % | | | 8.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 17,925 | | | | $ | 21,231 | | | $ | 24,268 | | | $ | 35,649 | | | $ | 34,358 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.19 | % | | | | 1.08 | % | | | 1.04 | % | | | 1.02 | % | | | 1.02 | % |
| Gross expenses | | | | 1.27 | % | | | | 1.08 | % | | | 1.04 | % | | | 1.02 | % | | | 1.02 | % |
| Net investment income (loss) | | | | 0.36 | % | | | | 0.51 | % | | | 0.31 | % | | | 0.13 | % | | | 0.47 | % |
| Portfolio turnover rate | | | | 67 | % | | | | 81 | % | | | 69 | % | | | 32 | % | | | 43 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 205
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.65 | | | | $ | 14.93 | | | $ | 19.76 | | | $ | 18.09 | | | $ | 16.89 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.03 | | | | | 0.04 | | | | 0.10 | | | | 0.08 | | | | 0.12 | |
| Net realized and unrealized gain (loss) | | | | 0.36 | | | | | 2.27 | | | | (3.99 | ) | | | 4.56 | | | | 1.38 | |
| Total from investment operations | | | | 0.39 | | | | | 2.31 | | | | (3.89 | ) | | | 4.64 | | | | 1.50 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.19 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.11 | ) |
| Net realized gains | | | | — | | | | | (8.40 | ) | | | (0.84 | ) | | | (2.90 | ) | | | (0.19 | ) |
| Total distributions | | | | — | | | | | (8.59 | ) | | | (0.94 | ) | | | (2.97 | ) | | | (0.30 | ) |
| Net asset value, end of period | | | $ | 9.04 | | | | $ | 8.65 | | | $ | 14.93 | | | $ | 19.76 | | | $ | 18.09 | |
| Total Return (b) | | | | 4.51 | % | | | | 16.73 | % | | | –19.89 | % | | | 26.06 | % | | | 8.90 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 1 | | | | $ | 24 | | | $ | 2,186 | | | $ | 2,720 | | | $ | 2,177 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.91 | % | | | | 0.79 | % | | | 0.78 | % | | | 0.76 | % | | | 0.76 | % |
| Gross expenses | | | | 0.98 | % | | | | 1.02 | % | | | 0.94 | % | | | 0.87 | % | | | 0.92 | % |
| Net investment income (loss) | | | | 0.68 | % | | | | 0.25 | % | | | 0.59 | % | | | 0.40 | % | | | 0.73 | % |
| Portfolio turnover rate | | | | 67 | % | | | | 81 | % | | | 69 | % | | | 32 | % | | | 43 | % |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
206 Semi-Annual Financial Statements
LAZARD US EQUITY FOCUS PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.39 | | | | $ | 12.99 | | | $ | 16.07 | | | $ | 13.37 | | | $ | 12.03 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.07 | | | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.11 | |
| Net realized and unrealized gain (loss) | | | | 1.38 | | | | | 2.43 | | | | (2.82 | ) | | | 3.54 | | | | 1.94 | |
| Total from investment operations | | | | 1.45 | | | | | 2.56 | | | | (2.72 | ) | | | 3.62 | | | | 2.05 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.13 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.10 | ) |
| Net realized gains | | | | — | | | | | (0.03 | ) | | | (0.26 | ) | | | (0.87 | ) | | | (0.61 | ) |
| Total distributions | | | | — | | | | | (0.16 | ) | | | (0.36 | ) | | | (0.92 | ) | | | (0.71 | ) |
| Net asset value, end of period | | | $ | 16.84 | | | | $ | 15.39 | | | $ | 12.99 | | | $ | 16.07 | | | $ | 13.37 | |
| Total Return (b) | | | | 9.42 | % | | | | 19.77 | % | | | –16.94 | % | | | 27.36 | % | | | 17.29 | % |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 46,904 | | | | $ | 43,673 | | | $ | 38,037 | | | $ | 42,755 | | | $ | 31,075 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.70 | % | | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % |
| Gross expenses | | | | 0.77 | % | | | | 0.80 | % | | | 0.81 | % | | | 0.76 | % | | | 1.26 | % |
| Net investment income (loss) | | | | 0.83 | % | | | | 0.93 | % | | | 0.72 | % | | | 0.54 | % | | | 0.91 | % |
| Portfolio turnover rate | | | | 13 | % | | | | 38 | % | | | 29 | % | | | 27 | % | | | 54 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 207
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.48 | | | | $ | 13.06 | | | $ | 16.16 | | | $ | 13.45 | | | $ | 12.09 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.05 | | | | | 0.10 | | | | 0.07 | | | | 0.04 | | | | 0.08 | |
| Net realized and unrealized gain (loss) | | | | 1.39 | | | | | 2.44 | | | | (2.84 | ) | | | 3.55 | | | | 1.96 | |
| Total from investment operations | | | | 1.44 | | | | | 2.54 | | | | (2.77 | ) | | | 3.59 | | | | 2.04 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.09 | ) | | | (0.07 | ) | | | (0.01 | ) | | | (0.07 | ) |
| Net realized gains | | | | — | | | | | (0.03 | ) | | | (0.26 | ) | | | (0.87 | ) | | | (0.61 | ) |
| Total distributions | | | | — | | | | | (0.12 | ) | | | (0.33 | ) | | | (0.88 | ) | | | (0.68 | ) |
| Net asset value, end of period | | | $ | 16.92 | | | | $ | 15.48 | | | $ | 13.06 | | | $ | 16.16 | | | $ | 13.45 | |
| Total Return (b) | | | | 9.30 | % | | | | 19.53 | % | | | –17.18 | % | | | 26.96 | % | | | 17.08 | % |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 1,170 | | | | $ | 1,170 | | | $ | 1,160 | | | $ | 1,569 | | | $ | 1,285 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.95 | % | | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
| Gross expenses | | | | 1.33 | % | | | | 1.38 | % | | | 1.31 | % | | | 1.22 | % | | | 1.79 | % |
| Net investment income (loss) | | | | 0.58 | % | | | | 0.68 | % | | | 0.46 | % | | | 0.29 | % | | | 0.67 | % |
| Portfolio turnover rate | | | | 13 | % | | | | 38 | % | | | 29 | % | | | 27 | % | | | 54 | % |
The accompanying notes are an integral part of these financial statements.
208 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 15.39 | | | | $ | 12.99 | | | $ | 16.08 | | | $ | 13.38 | | | $ | 12.04 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | 0.07 | | | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.11 | |
| Net realized and unrealized gain (loss) | | | | 1.39 | | | | | 2.43 | | | | (2.83 | ) | | | 3.54 | | | | 1.94 | |
| Total from investment operations | | | | 1.46 | | | | | 2.56 | | | | (2.73 | ) | | | 3.62 | | | | 2.05 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.13 | ) | | | (0.10 | ) | | | (0.05 | ) | | | (0.10 | ) |
| Net realized gains | | | | — | | | | | (0.03 | ) | | | (0.26 | ) | | | (0.87 | ) | | | (0.61 | ) |
| Total distributions | | | | — | | | | | (0.16 | ) | | | (0.36 | ) | | | (0.92 | ) | | | (0.71 | ) |
| Net asset value, end of period | | | $ | 16.85 | | | | $ | 15.39 | | | $ | 12.99 | | | $ | 16.08 | | | $ | 13.38 | |
| Total Return (b) | | | | 9.49 | % | | | | 19.77 | % | | | –17.00 | % | | | 27.34 | % | | | 17.28 | % |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 43,335 | | | | $ | 47,011 | | | $ | 34,244 | | | $ | 36,066 | | | $ | 20,747 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.70 | % | | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % |
| Gross expenses | | | | 0.77 | % | | | | 0.80 | % | | | 0.81 | % | | | 0.76 | % | | | 1.27 | % |
| Net investment income (loss) | | | | 0.83 | % | | | | 0.93 | % | | | 0.72 | % | | | 0.52 | % | | | 0.91 | % |
| Portfolio turnover rate | | | | 13 | % | | | | 38 | % | | | 29 | % | | | 27 | % | | | 54 | % |
| | |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 209
LAZARD US SMALL CAP EQUITY SELECT PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.42 | | | | $ | 12.21 | | | $ | 14.97 | | | $ | 14.42 | | | $ | 13.64 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | (0.01 | ) | | | | 0.01 | | | | — | (b) | | | 0.01 | | | | 0.04 | |
| Net realized and unrealized gain (loss) | | | | 0.40 | | | | | 1.19 | | | | (2.24 | ) | | | 2.81 | | | | 0.82 | |
| Total from investment operations | | | | 0.39 | | | | | 1.20 | | | | (2.24 | ) | | | 2.82 | | | | 0.86 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | — | | | | — | | | | (0.03 | ) | | | (0.02 | ) |
| Net realized gains | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.24 | ) | | | (0.06 | ) |
| Total distributions | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.27 | ) | | | (0.08 | ) |
| Net asset value, end of period | | | $ | 12.81 | | | | $ | 12.42 | | | $ | 12.21 | | | $ | 14.97 | | | $ | 14.42 | |
| Total Return (c) | | | | 3.14 | % | | | | 10.07 | % | | | –15.23 | % | | | 19.91 | % | | | 6.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 31,353 | | | | $ | 32,004 | | | $ | 34,882 | | | $ | 94,517 | | | $ | 91,984 | |
| Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.00 | % | | | | 1.03 | % | | | 1.03 | % | | | 0.94 | % | | | 0.98 | % |
| Gross expenses | | | | 1.26 | % | | | | 1.25 | % | | | 1.05 | % | | | 0.94 | % | | | 0.98 | % |
| Net investment income (loss) | | | | –0.12 | % | | | | 0.05 | % | | | –0.03 | % | | | 0.05 | % | | | 0.31 | % |
| Portfolio turnover rate | | | | 49 | % | | | | 53 | % | | | 35 | % | | | 66 | % | | | 80 | % |
The accompanying notes are an integral part of these financial statements.
210 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 11.04 | | | | $ | 10.98 | | | $ | 13.56 | | | $ | 13.25 | | | $ | 12.58 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | (0.02 | ) | | | | (0.02 | ) | | | (0.03 | ) | | | (0.04 | ) | | | — | (b) |
| Net realized and unrealized gain (loss) | | | | 0.35 | | | | | 1.07 | | | | (2.03 | ) | | | 2.59 | | | | 0.75 | |
| Total from investment operations | | | | 0.33 | | | | | 1.05 | | | | (2.06 | ) | | | 2.55 | | | | 0.75 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | — | | | | — | | | | — | (b) | | | (0.02 | ) |
| Net realized gains | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.24 | ) | | | (0.06 | ) |
| Total distributions | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.24 | ) | | | (0.08 | ) |
| Net asset value, end of period | | | $ | 11.37 | | | | $ | 11.04 | | | $ | 10.98 | | | $ | 13.56 | | | $ | 13.25 | |
| Total Return (c) | | | | 2.99 | % | | | | 9.83 | % | | | –15.49 | % | | | 19.59 | % | | | 6.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 7,158 | | | | $ | 7,371 | | | $ | 7,750 | | | $ | 10,798 | | | $ | 10,965 | |
| Ratios to average net assets: | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.25 | % | | | | 1.28 | % | | | 1.31 | % | | | 1.22 | % | | | 1.28 | % |
| Gross expenses | | | | 1.59 | % | | | | 1.57 | % | | | 1.36 | % | | | 1.22 | % | | | 1.28 | % |
| Net investment income (loss) | | | | –0.38 | % | | | | –0.20 | % | | | –0.27 | % | | | –0.24 | % | | | — | %(e) |
| Portfolio turnover rate | | | | 49 | % | | | | 53 | % | | | 35 | % | | | 66 | % | | | 80 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 211
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | | For the Period
1/8/20* to | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 12.45 | | | | $ | 12.25 | | | $ | 14.98 | | | $ | 14.42 | | | | $ | 13.62 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | — | (b) | | | | 0.02 | | | | (0.04 | ) | | | 0.01 | | | | | 0.04 | | |
| Net realized and unrealized gain (loss) | | | | 0.40 | | | | | 1.17 | | | | (2.17 | ) | | | 2.82 | | | | | 0.84 | | |
| Total from investment operations | | | | 0.40 | | | | | 1.19 | | | | (2.21 | ) | | | 2.83 | | | | | 0.88 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | — | | | | — | | | | (0.03 | ) | | | | (0.02 | ) | |
| Net realized gains | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.24 | ) | | | | (0.06 | ) | |
| Total distributions | | | | — | | | | | (0.99 | ) | | | (0.52 | ) | | | (2.27 | ) | | | | (0.08 | ) | |
| Net asset value, end of period | | | $ | 12.85 | | | | $ | 12.45 | | | $ | 12.25 | | | $ | 14.98 | | | | $ | 14.42 | | |
| Total Return (c) | | | | 3.21 | % | | | | 9.95 | % | | | –15.01 | % | | | 19.95 | % | | | | 6.59 | % | |
| | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 195 | | | | $ | 39 | | | $ | 24 | | | $ | 718 | | | | $ | 684 | | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.94 | % | | | | 0.97 | % | | | 1.03 | % | | | 0.93 | % | | | | 0.96 | % | |
| Gross expenses | | | | 1.15 | % | | | | 1.23 | % | | | 1.51 | % | | | 2.53 | % | | | | 1.65 | % | |
| Net investment income (loss) | | | | –0.06 | % | | | | 0.13 | % | | | –0.31 | % | | | 0.05 | % | | | | 0.34 | % | |
| Portfolio turnover rate | | | | 49 | % | | | | 53 | % | | | 35 | % | | | 66 | % | | | | 80 | % | |
| | |
| † | Unaudited |
| * | The inception date for the R6 shares was January 8, 2020. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Amount is less than $0.01 per share. |
| (c) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (d) | 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.
212 Semi-Annual Financial Statements
LAZARD US SUSTAINABLE EQUITY PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | | For the Period
6/30/20* to | |
| throughout each period | | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | | 12/31/20 | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 14.08 | | | | $ | 12.36 | | | $ | 15.41 | | | $ | 12.20 | | | | $ | 10.00 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.05 | | | | | 0.10 | | | | 0.08 | | | | 0.06 | | | | | 0.04 | | |
| Net realized and unrealized gain (loss) | | | | 0.62 | | | | | 1.86 | | | | (2.86 | ) | | | 3.47 | | | | | 2.23 | | |
| Total from investment operations | | | | 0.67 | | | | | 1.96 | | | | (2.78 | ) | | | 3.53 | | | | | 2.27 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.14 | ) | | | (0.08 | ) | | | (0.08 | ) | | | | (0.04 | ) | |
| Net realized gains | | | | — | | | | | (0.10 | ) | | | (0.19 | ) | | | (0.24 | ) | | | | (0.03 | ) | |
| Total distributions | | | | — | | | | | (0.24 | ) | | | (0.27 | ) | | | (0.32 | ) | | | | (0.07 | ) | |
| Net asset value, end of period | | | $ | 14.75 | | | | $ | 14.08 | | | $ | 12.36 | | | $ | 15.41 | | | | $ | 12.20 | | |
| Total Return (b) | | | | 4.76 | % | | | | 15.88 | % | | | –18.07 | % | | | 29.01 | % | | | | 22.69 | % | |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 12,162 | | | | $ | 11,239 | | | $ | 12,222 | | | $ | 14,687 | | | | $ | 11,490 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.75 | % | | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | | 0.75 | % | |
| Gross expenses | | | | 2.07 | % | | | | 1.66 | % | | | 1.84 | % | | | 2.08 | % | | | | 2.49 | % | |
| Net investment income (loss) | | | | 0.65 | % | | | | 0.79 | % | | | 0.64 | % | | | 0.43 | % | | | | 0.65 | % | |
| Portfolio turnover rate | | | | 13 | % | | | | 34 | % | | | 23 | % | | | 8 | % | | | | 5 | % | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 213
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | Year Ended | | For the Period
6/30/20* to | |
| throughout each period | | 6/30/24† | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 14.09 | | | | $ | 12.37 | | | $ | 15.43 | | | $ | 12.21 | | | | $ | 10.00 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.03 | | | | | 0.07 | | | | 0.05 | | | | 0.02 | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | 0.63 | | | | | 1.85 | | | | (2.87 | ) | | | 3.48 | | | | | 2.23 | | |
| Total from investment operations | | | | 0.66 | | | | | 1.92 | | | | (2.82 | ) | | | 3.50 | | | | | 2.25 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.10 | ) | | | (0.05 | ) | | | (0.04 | ) | | | | (0.01 | ) | |
| Net realized gains | | | | — | | | | | (0.10 | ) | | | (0.19 | ) | | | (0.24 | ) | | | | (0.03 | ) | |
| Total distributions | | | | — | | | | | (0.20 | ) | | | (0.24 | ) | | | (0.28 | ) | | | | (0.04 | ) | |
| Net asset value, end of period | | | $ | 14.75 | | | | $ | 14.09 | | | $ | 12.37 | | | $ | 15.43 | | | | $ | 12.21 | | |
| Total Return (b) | | | | 4.68 | % | | | | 15.58 | % | | | –18.32 | % | | | 28.75 | % | | | | 22.48 | % | |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 645 | | | | $ | 590 | | | $ | 537 | | | $ | 655 | | | | $ | 128 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.00 | % | | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | | 1.00 | % | |
| Gross expenses | | | | 3.07 | % | | | | 2.80 | % | | | 2.88 | % | | | 3.15 | % | | | | 5.31 | % | |
| Net investment income (loss) | | | | 0.40 | % | | | | 0.56 | % | | | 0.39 | % | | | 0.17 | % | | | | 0.43 | % | |
| Portfolio turnover rate | | | | 13 | % | | | | 34 | % | | | 23 | % | | | 8 | % | | | | 5 | % | |
| | |
| † | Unaudited |
| * | The Portfolio commenced operations on June 30, 2020. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
214 Semi-Annual Financial Statements
LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | | For the Period
10/29/21* to | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.17 | | | | $ | 8.52 | | | $ | 10.26 | | | | $ | 10.00 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.04 | | | | | 0.05 | | | | 0.09 | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | 0.26 | | | | | 1.64 | | | | (1.77 | ) | | | | 0.26 | | |
| Total from investment operations | | | | 0.30 | | | | | 1.69 | | | | (1.68 | ) | | | | 0.28 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.04 | ) | | | (0.06 | ) | | | | (0.02 | ) | |
| Total distributions | | | | — | | | | | (0.04 | ) | | | (0.06 | ) | | | | (0.02 | ) | |
| Net asset value, end of period | | | $ | 10.47 | | | | $ | 10.17 | | | $ | 8.52 | | | | $ | 10.26 | | |
| Total Return (b) | | | | 2.95 | % | | | | 19.80 | % | | | –16.33 | % | | | | 2.83 | % | |
| | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 41,589 | | | | $ | 39,779 | | | $ | 24,786 | | | | $ | 3,983 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.91 | % | | | | 0.90 | % | | | 0.90 | % | | | | 0.90 | % | |
| Gross expenses | | | | 1.21 | % | | | | 1.37 | % | | | 2.67 | % | | | | 5.13 | % | |
| Net investment income (loss) | | | | 0.72 | % | | | | 0.53 | % | | | 1.00 | % | | | | 1.39 | % | |
| Portfolio turnover rate | | | | 59 | % | | | | 110 | % | | | 74 | % | | | | 22 | % | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 215
Selected data for a share
of capital stock outstanding | | Six Months
Ended | | | Year Ended | | For the Period
10/29/21* to | |
| throughout each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.20 | | | | $ | 8.54 | | | $ | 10.28 | | | | $ | 10.00 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.02 | | | | | 0.02 | | | | 0.06 | | | | | 0.02 | | |
| Net realized and unrealized gain (loss) | | | | 0.26 | | | | | 1.65 | | | | (1.76 | ) | | | | 0.26 | | |
| Total from investment operations | | | | 0.28 | | | | | 1.67 | | | | (1.70 | ) | | | | 0.28 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.01 | ) | | | (0.04 | ) | | | | — | | |
| Total distributions | | | | — | | | | | (0.01 | ) | | | (0.04 | ) | | | | — | | |
| Net asset value, end of period | | | $ | 10.48 | | | | $ | 10.20 | | | $ | 8.54 | | | | $ | 10.28 | | |
| Total Return (b) | | | | 2.75 | % | | | | 19.58 | % | | | –16.51 | % | | | | 2.80 | % | |
| |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 144 | | | | $ | 140 | | | $ | 102 | | | | $ | 120 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.16 | % | | | | 1.15 | % | | | 1.15 | % | | | | 1.15 | % | |
| Gross expenses | | | | 3.78 | % | | | | 4.59 | % | | | 5.52 | % | | | | 13.16 | % | |
| Net investment income (loss) | | | | 0.47 | % | | | | 0.25 | % | | | 0.66 | % | | | | 1.14 | % | |
| Portfolio turnover rate | | | | 59 | % | | | | 110 | % | | | 74 | % | | | | 22 | % | |
The accompanying notes are an integral part of these financial statements.
216 Semi-Annual Financial Statements
Selected data for a share
of capital stock outstanding
throughout each period | | Six Months
Ended
6/30/24† | | | For the Period
2/22/23** to
12/31/23 | |
| R6 Shares | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.17 | | | | | $ | 9.16 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | |
| Net investment income (loss) | | | | 0.04 | | | | | | 0.05 | | |
| Net realized and unrealized gain (loss) | | | | 0.26 | | | | | | 1.00 | | |
| Total from investment operations | | | | 0.30 | | | | | | 1.05 | | |
| Less distributions from: | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | | (0.04 | ) | |
| Total distributions | | | | — | | | | | | (0.04 | ) | |
| Net asset value, end of period | | | $ | 10.47 | | | | | $ | 10.17 | | |
| Total Return | | | | 2.95 | % | | | | | 11.48 | % | |
| | |
| Ratios and Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 115 | | | | | $ | 111 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | |
| Net expenses | | | | 0.86 | % | | | | | 0.85 | % | |
| Gross expenses | | | | 4.10 | % | | | | | 7.11 | % | |
| Net investment income (loss) | | | | 0.77 | % | | | | | 0.63 | % | |
| Portfolio turnover rate | | | | 59 | % | | | | | 110 | % | |
| | |
| † | Unaudited |
| * | The Portfolio commenced operations on October 29, 2021. |
| ** | The inception date for the R6 Shares was February 22, 2023. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 217
The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2024 (N-CSR Item 7) (unaudited)
1. Organization
The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2024, the Fund was comprised of twenty-five no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Developing Markets Equity Portfolio (“Developing Markets Equity”), Lazard Emerging Markets Core Equity Portfolio (“Emerging Markets Core Equity”), Lazard Emerging Markets Equity Advantage Portfolio (“Emerging Markets Equity Advantage”), Lazard Emerging Markets Equity Portfolio (“Emerging Markets Equity”), Lazard Equity Franchise Portfolio (“Equity Franchise”), Lazard Global Equity Select Portfolio (“Global Equity Select”), Lazard Global Listed Infrastructure Portfolio (“Global Listed Infrastructure”), Lazard International Equity Advantage Portfolio (“International Equity Advantage”), Lazard International Equity Portfolio (“International Equity”), Lazard International Equity Select Portfolio (“International Equity Select”), Lazard International Quality Growth Portfolio (“International Quality Growth”), Lazard International Small Cap Equity Portfolio (“International Small Cap Equity”), Lazard International Strategic Equity Portfolio (“International Strategic Equity”), Lazard Managed Equity Volatility Portfolio (“Managed Equity Volatility”), Lazard US Equity Concentrated Portfolio (“US Equity Concentrated”), Lazard US Equity Focus Portfolio (“US Equity Focus”), Lazard US Small Cap Equity Select Portfolio (“US Small Cap Equity Select”, which was formerly the Lazard US Small-Mid Cap Equity Portfolio), Lazard US Sustainable Equity Portfolio (“US Sustainable Equity”), and Lazard US Systematic Small Cap Equity Portfolio (“US Systematic Small Cap Equity”). The financial statements of the other six Portfolios are presented separately.
The Portfolios, other than Equity Franchise, US Equity Concentrated and US Equity Focus, are operated as “diversified” funds, as defined in the 1940 Act.
218 Semi-Annual Financial Statements
Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Portfolios’ prospectus).
2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:
(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.
Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.
Semi-Annual Financial Statements 219
Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.
The Board of Directors (the “Board”) has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.
(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. 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.
220 Semi-Annual Financial Statements
As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statements of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio’s NAV per share.
(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in 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 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,
Semi-Annual Financial Statements 221
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 period ended June 30, 2024, 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, 2023, 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 | |
| | | | | | | |
| Developing Markets Equity | | $ | (68,578,029 | ) | | $ | (54,943,989 | ) |
| Emerging Markets Core Equity* | | | (23,616,840 | ) | | | (51,909,049 | ) |
| Emerging Markets Equity Advantage | | | (5,666,782 | ) | | | (4,984,133 | ) |
| Emerging Markets Equity | | | (215,667,495 | ) | | | (792,171,106 | ) |
| Global Listed Infrastructure | | | (169,781,834 | ) | | | (166,378,697 | ) |
| International Equity Advantage | | | (36,034 | ) | | | — | |
| International Equity Select | | | (2,151,617 | ) | | | — | |
| International Quality Growth | | | — | | | | (3,118,404 | ) |
| International Small Cap Equity | | | (1,519,692 | ) | | | (490,523 | ) |
| International Strategic Equity | | | (117,501,638 | ) | | | — | |
| US Systematic Small Cap Equity | | | (1,761,827 | ) | | | — | |
| * | At December 31, 2023, $10,554,900 of the unused short-term realized capital loss carryovers and $38,811,325 of the unused long-term realized capital loss carryovers, which were acquired from Lazard Emerging Markets Strategic Equity Portfolio on June 22, 2023, are subject to annual limitations on their use to offset realized capital gains. |
222 Semi-Annual Financial Statements
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, 2023, the Portfolios had no such losses to defer.
For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:
| Portfolio | | Aggregate
Cost | | Aggregate
Gross
Unrealized
Appreciation | | Aggregate
Gross
Unrealized
Depreciation | | Net
Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| Developing Markets Equity | | $ | 68,490,388 | | | $ | 32,312,943 | | | $ | 8,545,521 | | | $ | 23,767,422 | |
| Emerging Markets Core Equity | | | 93,024,326 | | | | 32,212,872 | | | | 9,242,157 | | | | 22,970,715 | |
| Emerging Markets Equity Advantage | | | 116,163,050 | | | | 21,965,979 | | | | 5,064,492 | | | | 16,901,487 | |
| Emerging Markets Equity | | | 2,481,547,320 | | | | 657,828,330 | | | | 280,211,727 | | | | 377,616,603 | |
| Equity Franchise | | | 182,863,528 | | | | 5,310,029 | | | | 14,903,210 | | | | (9,593,181 | ) |
| Global Equity Select | | | 64,801,290 | | | | 39,491,538 | | | | 2,864,352 | | | | 36,627,186 | |
| Global Listed Infrastructure | | | 8,160,532,456 | | | | 899,503,169 | | | | 723,140,805 | | | | 176,362,364 | |
| International Equity Advantage | | | 19,258,417 | | | | 2,444,082 | | | | 554,885 | | | | 1,889,197 | |
| International Equity | | | 821,788,299 | | | | 235,378,323 | | | | 48,053,532 | | | | 187,324,791 | |
| International Equity Select | | | 45,608,062 | | | | 10,997,760 | | | | 3,357,307 | | | | 7,640,453 | |
| International Quality Growth | | | 253,332,572 | | | | 36,175,084 | | | | 18,459,140 | | | | 17,715,944 | |
| International Small Cap Equity | | | 10,264,508 | | | | 1,044,331 | | | | 840,222 | | | | 204,109 | |
| International Strategic Equity | | | 3,005,468,819 | | | | 862,470,764 | | | | 158,865,259 | | | | 703,605,505 | |
| Managed Equity Volatility | | | 14,690,566 | | | | 1,453,562 | | | | 559,092 | | | | 894,470 | |
| US Equity Concentrated | | | 78,085,958 | | | | 15,354,575 | | | | 825,534 | | | | 14,529,041 | |
| US Equity Focus | | | 60,563,909 | | | | 32,359,915 | | | | 821,941 | | | | 31,537,974 | |
Semi-Annual Financial Statements 223
| Portfolio | | Aggregate
Cost | | Aggregate
Gross
Unrealized
Appreciation | | Aggregate
Gross
Unrealized
Depreciation | | Net
Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| US Small Cap Equity Select | | $ | 31,656,567 | | | $ | 7,905,671 | | | $ | 2,017,771 | | | $ | 5,887,900 | |
| US Sustainable Equity | | | 9,316,596 | | | | 3,768,276 | | | | 248,014 | | | | 3,520,262 | |
| US Systematic Small Cap Equity | | | 36,744,058 | | | | 6,740,404 | | | | 1,728,232 | | | | 5,012,172 | |
Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
(e) Dividends and Distributions—For each Portfolio, income dividends are declared and paid annually, 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 Emerging Markets Core Equity, Emerging Markets Equity Advantage, Emerging Markets Equity, Equity Franchise, International Equity, International Small Cap Equity, US Equity Concentrated and US Small Cap Equity Select Portfolios, intend, on their 2023 tax returns, to elect to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders
224 Semi-Annual Financial Statements
that represents the redeeming shareholders’ portion of the Portfolios’ undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolios would otherwise be required to distribute as dividends to shareholders in order for the Portfolios to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable income by such shareholders. However, since the amount of any undistributed income will be reflected in the value of the Portfolios’ shares, the total return on a shareholder’s investment is not affected by the Portfolios’ use of equalization.
Real estate investment trust (“REIT”) distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.
Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency gains and losses, wash sales, merger activity, passive foreign investment companies, expiring capital loss carryovers, forward currency mark to market, net operating loss, certain expenses, foreign capital gains taxes, non-deductible organization expenses, REIT basis adjustments, distribution in excess of current earnings, equalization accounting (as described above), non-REIT non-taxable dividend adjustment to income, distributions redesignations, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts.
Semi-Annual Financial Statements 225
(f) Offering and Organizational Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class of a Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period. Organizational costs are expensed as incurred.
(g) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.
(h) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.
(i) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects
226 Semi-Annual Financial Statements
only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.
3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements
The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:
| Portfolio | | Annual Rate | |
| | | | |
| Developing Markets Equity | | | 1.00 | % |
| Emerging Markets Core Equity | | | 1.00 | |
| Emerging Markets Equity Advantage | | | 0.75 | |
| Emerging Markets Equity | | | 1.00 | |
| Equity Franchise | | | 0.80 | |
| Global Equity Select | | | 0.65 | |
| Global Listed Infrastructure | | | 0.90 | |
| International Equity Advantage | | | 0.65 | |
| International Equity | | | 0.75 | |
| International Equity Select | | | 0.65 | |
| International Quality Growth | | | 0.75 | |
| International Small Cap Equity | | | 0.75 | |
| International Strategic Equity | | | 0.75 | |
| Managed Equity Volatility | | | 0.60 | |
| US Equity Concentrated (a) | | | 0.65 | |
| US Equity Focus | | | 0.55 | |
| US Small Cap Equity Select | | | 0.75 | |
| US Sustainable Equity | | | 0.60 | |
| US Systematic Small Cap Equity | | | 0.70 | |
| a) | From January 1, 2024 to June 27, 2024, annual rate was 0.70%. |
Semi-Annual Financial Statements 227
The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2025 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.
| Portfolio | | Institutional
Shares | | Open
Shares | | R6
Shares |
| | | | | | | |
| Developing Markets Equity | | | 1.10 | % | | | 1.35 | % | | | N/A | % |
| Emerging Markets Core Equity | | | 1.10 | | | | 1.35 | | | | 1.05 | |
| Emerging Markets Equity Advantage | | | 0.90 | | | | 1.15 | | | | 0.85 | |
| Emerging Markets Equity (a) | | | 1.15 | | | | 1.40 | | | | 1.10 | |
| Equity Franchise | | | 0.95 | | | | 1.20 | | | | N/A | |
| Global Equity Select | | | 0.90 | | | | 1.15 | | | | N/A | |
| Global Listed Infrastructure (b) | | | 1.20 | | | | 1.45 | | | | N/A | |
| International Equity Advantage | | | 0.80 | | | | 1.05 | | | | N/A | |
| International Equity | | | 0.85 | | | | 1.10 | | | | 0.80 | |
| International Equity Select (c) | | | 0.90 | | | | 1.15 | | | | N/A | |
| International Quality Growth (d) | | | 0.85 | | | | 1.10 | | | | 0.80 | |
| International Small Cap Equity | | | 1.03 | | | | 1.28 | | | | N/A | |
| International Strategic Equity (e) | | | 1.00 | | | | 1.25 | | | | 0.95 | |
| Managed Equity Volatility | | | 0.75 | | | | 1.00 | | | | N/A | |
| US Equity Concentrated (f) | | | 0.85 | | | | 1.10 | | | | 0.80 | |
| US Equity Focus | | | 0.70 | | | | 0.95 | | | | 0.70 | |
| US Small Cap Equity Select (g) | | | 0.95 | | | | 1.20 | | | | 0.90 | |
| US Sustainable Equity | | | 0.75 | | | | 1.00 | | | | N/A | |
| US Systematic Small Cap Equity | | | 0.90 | | | | 1.15 | | | | 0.85 | |
| (a) | From January 1, 2024 to June 27, 2024, annual rates were 1.20%, 1.45% and 1.15. |
| (b) | This agreement will continue in effect until May 1, 2034. |
| (c) | This agreement will continue in effect until May 1, 2025, and from May 1, 2025 until May 1, 2034 at levels of 1.15%, 1.40% and 1.10%, respectively. |
| (d) | This agreement will continue in effect until May 1, 2034 for Open Shares. |
| (e) | From January 1, 2024 to June 27, 2024, annual rates were 1.05%, 1.30% and 1.00%. |
| (f) | This agreement will continue in effect until May 1, 2025, and from May 1, 2025 until May 1, 2034, at levels of 1.10%, 1.35% and 1.05%, respectively. |
| (g) | From January 1, 2024 to June 27, 2024, annual rates were 1.00%, 1.25% and 0.95%. |
In addition, until May 1, 2025, 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
228 Semi-Annual Financial Statements
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 period ended June 30, 2024, 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 | | $ | 62,572 | | | $ | — | | | $ | 6,976 | | | $ | — | | |
| Emerging Markets Core Equity | | | 92,069 | | | | — | | | | 3,794 | | | | — | | |
| Emerging Markets Equity Advantage | | | 51,362 | | | | — | | | | 1,229 | | | | 721 | | |
| Equity Franchise | | | — | | | | — | | | | 671 | | | | 1,120 | | |
| Global Equity Select | | | — | | | | — | | | | 2,525 | | | | 63 | | |
| International Equity Advantage | | | 11,126 | | | | 5,103 | | | | 54,674 | | | | 15,144 | | |
| International Equity Select | | | 33,407 | | | | — | | | | 4,441 | | | | — | | |
| International Quality Growth | | | 15,023 | | | | — | | | | 1,848 | | | | — | | |
| International Small Cap Equity | | | 16,763 | | | | 10,622 | | | | 25,713 | | | | 14,106 | | |
| Managed Equity Volatility | | | 51,322 | | | | 33,829 | | | | 208 | | | | 2,704 | | |
| US Equity Concentrated | | | 44,207 | | | | — | | | | 7,704 | | | | — | | |
| US Equity Focus | | | 16,691 | | | | — | | | | 2,265 | | | | — | | |
| US Small Cap Equity Select | | | 41,990 | | | | — | | | | 12,231 | | | | — | | |
| US Sustainable Equity | | | 35,066 | | | | 41,884 | | | | 1,881 | | | | 4,613 | | |
| US Systematic Small Cap Equity | | | 60,632 | | | | — | | | | 494 | | | | 1,360 | | |
| | | R6 Shares | |
| Portfolio | | Management
Fees Waived | | Expenses
Reimbursed | |
| | | | | | |
| Emerging Markets Core Equity | | $ | 2,156 | | | $ | — | | |
| Emerging Markets Equity Advantage | | | 1,029 | | | | 789 | | |
| Emerging Markets Equity | | | 1,011 | | | | — | | |
| International Equity | | | 13,795 | | | | — | | |
| International Quality Growth | | | 1,920 | | | | — | | |
| International Strategic Equity | | | 3,197 | | | | — | | |
| US Equity Concentrated | | | 5 | | | | — | | |
| US Equity Focus | | | 16,216 | | | | — | | |
| US Small Cap Equity Select | | | 132 | | | | —- | | |
| US Systematic Small Cap Equity | | | 394 | | | | 1,433 | | |
Semi-Annual Financial Statements 229
The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.
State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.
The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.
Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Open Shares, for certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.
SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.
4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $252,500, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are also reimbursed for travel and other out-of-pocket expenses for attending Board and Committee meetings. The Directors do not receive benefits from the Fund
230 Semi-Annual Financial Statements
pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active Portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.
5. Securities Transactions and Transactions with Affiliates
Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2024 were as follows:
| Portfolio | | Purchases | | | Sales | |
| | | | | | | |
| Developing Markets Equity | | $ | 10,973,342 | | | $ | 16,396,043 | |
| Emerging Markets Core Equity | | | 21,595,072 | | | | 32,315,369 | |
| Emerging Markets Equity Advantage | | | 55,658,967 | | | | 66,257,272 | |
| Emerging Markets Equity | | | 282,025,136 | | | | 312,905,164 | |
| Equity Franchise | | | 143,887,667 | | | | 78,533,440 | |
| Global Equity Select | | | 12,318,623 | | | | 15,480,301 | |
| Global Listed Infrastructure | | | 1,703,448,502 | | | | 2,136,820,926 | |
| International Equity Advantage | | | 8,895,631 | | | | 9,153,445 | |
| International Equity | | | 245,437,938 | | | | 395,084,892 | |
| International Equity Select | | | 10,041,316 | | | | 11,365,760 | |
| International Quality Growth | | | 61,127,359 | | | | 55,435,563 | |
| International Small Cap Equity | | | 4,816,096 | | | | 5,764,134 | |
| International Strategic Equity | | | 1,202,770,713 | | | | 1,918,267,643 | |
| Managed Equity Volatility | | | 9,608,359 | | | | 12,998,674 | |
| US Equity Concentrated | | | 91,476,074 | | | | 196,404,231 | |
| US Equity Focus | | | 11,206,455 | | | | 17,994,468 | |
| US Small Cap Equity Select | | | 18,856,990 | | | | 20,977,340 | |
| US Sustainable Equity | | | 1,814,090 | | | | 1,519,055 | |
| US Systematic Small Cap Equity | | | 24,241,163 | | | | 23,606,393 | |
For the period ended June 30, 2024, 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 June 30, 2024, the Investment Manager owned 14.74%, 61.45% and 68.67% of the outstanding shares of the Lazard International Equity Advantage, Lazard US Sustainable Equity and Lazard US Systematic Small Cap Equity, respectively.
Semi-Annual Financial Statements 231
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 period ended June 30, 2024 were as follows:
| Issue | | Value at
December 31, 2023 | | Purchase
cost | | | Sales
proceeds | | | Realized
gain (loss) | |
| | | | | | | | | | | | |
| Global Listed Infrastructure | | | | | | | | | | | | | | | | | |
| Algonquin Power & Utilities Corp. | | | $ | 80,527,516 | | | $ | 151,943,250 | | | $ | (18,541,781 | ) | | $ | (2,114,590 | ) |
| Atlas Arteria, Ltd. | | | | 329,900,648 | | | | — | | | | — | | | | — | |
| Italgas SpA | | | | 219,221,761 | | | | 17,448,830 | | | | — | | | | — | |
| Pennon Group PLC | | | | 138,457,838 | | | | 13,029,431 | | | | — | | | | — | |
| SES SA | | | | 139,222,404 | | | | 368,900 | | | | — | | | | — | |
| Total Securities | | | $ | 907,330,167 | | | $ | 182,790,411 | | | $ | (18,541,781 | ) | | $ | (2,114,590 | ) |
| | | | | | | | | | | | | | | | | | |
| Issue | | Change in unrealized
appreciation
(depreciation) | | Dividend
income | | | Shares at
June 30,
2024 | | | Values at
June 30,
2024 | |
| | | | | | | | | | | | |
| Algonquin Power & Utilities Corp. | | | $ | (3,880,924 | ) | | $ | 6,069,005 | | | $ | 35,381,018 | | | $ | 207,933,471 | |
| Atlas Arteria, Ltd. | | | | (43,777,880 | ) | | | 10,976,448 | | | | 83,962,746 | | | | 286,122,768 | |
| Italgas SpA | | | | (32,561,363 | ) | | | 13,459,499 | | | | 41,420,708 | | | | 204,109,228 | |
| Pennon Group PLC | | | | (37,388,215 | ) | | | 2,799,301 | | | | 15,739,198 | | | | 114,099,054 | |
| SES SA | | | | (31,641,515 | ) | | | 9,539,962 | | | | 21,121,589 | | | | 107,949,789 | |
| Total Securities | | | $ | (149,249,897 | ) | | $ | 42,844,215 | | | $ | 197,625,259 | | | $ | 920,214,310 | |
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
232 Semi-Annual Financial Statements
agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2024, 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 | | $ | 1,053,795 | | | $ | 1,053,795 | | | | 6.43 | % | | | 1 | |
| Emerging Markets Core Equity | | | 289,896 | | | | 870,526 | | | | 6.43 | | | | 25 | |
| Emerging Markets Equity Advantage | | | 2,982,236 | | | | 9,051,613 | | | | 6.43 | | | | 21 | |
| Equity Franchise | | | 2,077,115 | | | | 3,214,624 | | | | 6.43 | | | | 2 | |
| International Equity Advantage | | | 85,476 | | | | 87,515 | | | | 6.43 | | | | 5 | |
| International Equity | | | 10,921,693 | | | | 13,711,910 | | | | 6.43 | | | | 5 | |
| International Equity Select | | | 69,068 | | | | 271,568 | | | | 6.43 | | | | 4 | |
| International Quality Growth | | | 1,431,020 | | | | 1,431,020 | | | | 6.43 | | | | 1 | |
| International Small Cap Equity | | | 150,314 | | | | 153,047 | | | | 6.43 | | | | 5 | |
| International Strategic Equity | | | 23,032,105 | | | | 62,332,170 | | | | 6.43 | | | | 9 | |
| Managed Equity Volatility | | | 228,556 | | | | 778,698 | | | | 6.43 | | | | 23 | |
| US Equity Concentrated | | | 1,714,925 | | | | 14,324,569 | | | | 6.43 | | | | 11 | |
| US Sustainable Equity | | | 253,048 | | | | 253,048 | | | | 6.43 | | | | 3 | |
| US Systematic Small Cap Equity | | | 1,265,717 | | | | 1,282,157 | | | | 6.43 | | | | 4 | |
| * | 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.
Semi-Annual Financial Statements 233
(a) Market Risk—Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.
(b) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments,
234 Semi-Annual Financial Statements
which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.
(c) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.
(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as 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. Except as specifically stated for a Portfolio, the Investment Manager generally does not intend to actively hedge a Portfolio’s foreign currency exposure.
Semi-Annual Financial Statements 235
(e) Forward Currency Contracts and Currency Hedging Risk—Forward currency contracts, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio’s performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.
(f) Country Risk—Implementation of certain Portfolios’ investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular country, such as China or Japan, and a Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.
Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. It is unclear whether further
236 Semi-Annual Financial Statements
tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could negatively affect the Portfolio. Other 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, limitations on repatriation and differing legal standards. Certain Portfolios may invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Portfolio’s ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance). Stock Connect is also subject to trading, clearance, settlement and operational risks.
Certain Portfolios may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications for failure to meet the requirements of the SEC, the Public Company Accounting Oversight Board or other United States regulators. If these risks materialize, the value of investments in VIEs could be adversely affected and the Portfolios could incur significant losses with no recourse available.
Semi-Annual Financial Statements 237
Over the last few decades, Japan’s economic growth rate had remained relatively low compared to that of its Asian neighbors and other major developed economies mainly due to deflation. Japan has few natural resources and limited land area and is reliant on imports for its commodity needs. Fluctuations or shortages in relevant commodity markets could have a negative impact on Japan’s economy. The Japanese economy also can be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries could have an adverse effect on Japan’s economy. The Japanese yen has fluctuated widely at times, and any increase in the yen’s value may cause a decline in Japan’s exports.
(g) Sector Risk—Implementation of certain Portfolios’ investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular market sector, and a Portfolio would be expected to be affected by developments in that sector.
(h) Franchise Companies Risk—Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact a Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.
(i) Infrastructure Companies Risk—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus
238 Semi-Annual Financial Statements
capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation and service interruption due to environmental, operational or other mishaps.
(j) Sustainable Investing Risk—A Portfolio’s performance is dependent upon, among other things, the success of its investment strategy as implemented by the Investment Manager (i.e., the performance of the investments purchased pursuant to the investment strategy). A Portfolio’s investment strategy which focuses on investing in companies that satisfy the criteria for being considered a Sustainable Company (as described in the prospectus), which may cause the Investment Manager to forgo investments for the Portfolio that the Investment Manager otherwise believes may be attractive but that are not considered to be Sustainable Companies.
(k) Other Equity Securities Risk—Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.
(l) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct 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.
Semi-Annual Financial Statements 239
(m) REIT Risk—REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.
(n) ETF Risk—Shares of exchange-traded funds (“ETFs”) may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in ETFs are subject to the risks of the ETF’s investments, as well as to the general risks of investing in ETFs. A Portfolio investing in ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs. Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12, subject to certain limitations and conditions.
240 Semi-Annual Financial Statements
(o) Non-Diversification Risk—The net asset value of a Portfolio that is classified as “non-diversified” may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
(p) Quantitative Model Risk—The success of certain Portfolios’ investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager for certain Portfolios requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.
(q) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio’s investment 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.
Semi-Annual Financial Statements 241
Similar adverse consequences would increase dividend income, resulting 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 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
242 Semi-Annual Financial Statements
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.
The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2024:
| 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
June 30, 2024 |
| Developing Markets Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | $ | 6,570,695 | | | | $ | — | | | | $ | — | | | | $ | 6,570,695 | |
| China | | | | 4,050,761 | | | | | 16,253,034 | | | | | — | | | | | 20,303,795 | |
| Hong Kong | | | | — | | | | | 1,033,422 | | | | | — | | | | | 1,033,422 | |
| Hungary | | | | — | | | | | 1,163,640 | | | | | — | | | | | 1,163,640 | |
| India | | | | 5,923,549 | | | | | 5,624,926 | | | | | — | | | | | 11,548,475 | |
| Indonesia | | | | — | | | | | 3,843,249 | | | | | — | | | | | 3,843,249 | |
| Macau | | | | — | | | | | 1,116,678 | | | | | — | | | | | 1,116,678 | |
| Mexico | | | | 2,516,105 | | | | | — | | | | | — | | | | | 2,516,105 | |
| Peru | | | | 1,494,722 | | | | | — | | | | | — | | | | | 1,494,722 | |
| Philippines | | | | — | | | | | 3,197,383 | | | | | — | | | | | 3,197,383 | |
| Poland | | | | — | | | | | 1,730,468 | | | | | — | | | | | 1,730,468 | |
| South Africa | | | | — | | | | | 4,720,345 | | | | | — | | | | | 4,720,345 | |
| South Korea | | | | — | | | | | 8,974,667 | | | | | — | | | | | 8,974,667 | |
| Taiwan | | | | — | | | | | 19,775,801 | | | | | — | | | | | 19,775,801 | |
| United States | | | | 2,147,206 | | | | | — | | | | | — | | | | | 2,147,206 | |
| Repurchase Agreements | | | | — | | | | | 2,010,000 | | | | | — | | | | | 2,010,000 | |
| Short-Term Investments | | | | 111,159 | | | | | — | | | | | — | | | | | 111,159 | |
| Total | | | $ | 22,814,197 | | | | $ | 69,443,613 | | | | $ | — | | | | $ | 92,257,810 | |
Semi-Annual Financial Statements 243
| 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
June 30, 2024 |
| Emerging Markets Core Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | $ | 4,507,021 | | | | $ | — | | | | $ | — | | | | $ | 4,507,021 | |
| Canada | | | | 823,124 | | | | | — | | | | | — | | | | | 823,124 | |
| China | | | | 7,572,430 | | | | | 15,679,112 | | | | | — | | | | | 23,251,542 | |
| France | | | | 1,166,384 | | | | | — | | | | | — | | | | | 1,166,384 | |
| Ghana | | | | 791,256 | | | | | — | | | | | — | | | | | 791,256 | |
| Greece | | | | — | | | | | 2,245,124 | | | | | — | | | | | 2,245,124 | |
| Hong Kong | | | | — | | | | | 1,093,089 | | | | | — | | | | | 1,093,089 | |
| India | | | | 4,967,800 | | | | | 13,796,044 | | | | | — | | | | | 18,763,844 | |
| Indonesia | | | | 713,368 | | | | | 2,635,117 | | | | | — | | | | | 3,348,485 | |
| Macau | | | | — | | | | | 754,595 | | | | | — | | | | | 754,595 | |
| Mexico | | | | 4,691,934 | | | | | — | | | | | — | | | | | 4,691,934 | |
| Peru | | | | 837,464 | | | | | — | | | | | — | | | | | 837,464 | |
| Philippines | | | | — | | | | | 2,560,064 | | | | | — | | | | | 2,560,064 | |
| Russia | | | | — | | | | | — | | | | | — | | | | | — | |
| Saudi Arabia | | | | — | | | | | 3,908,330 | | | | | — | | | | | 3,908,330 | |
| South Africa | | | | — | | | | | 5,006,048 | | | | | — | | | | | 5,006,048 | |
| South Korea | | | | — | | | | | 12,720,956 | | | | | — | | | | | 12,720,956 | |
| Taiwan | | | | 6,812,657 | | | | | 14,108,215 | | | | | — | | | | | 20,920,872 | |
| Turkey | | | | — | | | | | 2,019,633 | | | | | — | | | | | 2,019,633 | |
| United Arab Emirates | | | | — | | | | | 3,703,202 | | | | | — | | | | | 3,703,202 | |
| United Kingdom | | | | 1,538,785 | | | | | 49,917 | | | | | — | | | | | 1,588,702 | |
| United States | | | | 1,270,064 | | | | | — | | | | | — | | | | | 1,270,064 | |
| Short-Term Investments | | | | 23,308 | | | | | — | | | | | — | | | | | 23,308 | |
| Total | | | $ | 35,715,595 | | | | $ | 80,279,446 | | | | $ | — | | | | $ | 115,995,041 | |
244 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| Emerging Markets Equity Advantage Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | $ | 2,681,016 | | | | $ | — | | | | $ | — | | | | $ | 2,681,016 | |
| Chile | | | | 191,640 | | | | | — | | | | | — | | | | | 191,640 | |
| China | | | | 5,141,314 | | | | | 28,476,883 | | | | | — | | | | | 33,618,197 | |
| Colombia | | | | 519,657 | | | | | — | | | | | — | | | | | 519,657 | |
| Egypt | | | | 449,115 | | | | | — | | | | | — | | | | | 449,115 | |
| Greece | | | | 469,563 | | | | | 546,073 | | | | | — | | | | | 1,015,636 | |
| Hungary | | | | — | | | | | 962,399 | | | | | — | | | | | 962,399 | |
| India | | | | 5,155,798 | | | | | 19,351,605 | | | | | — | | | | | 24,507,403 | |
| Indonesia | | | | 119,886 | | | | | 2,412,533 | | | | | — | | | | | 2,532,419 | |
| Malaysia | | | | — | | | | | 2,205,569 | | | | | — | | | | | 2,205,569 | |
| Mexico | | | | 3,013,735 | | | | | — | | | | | — | | | | | 3,013,735 | |
| Peru | | | | 833,108 | | | | | — | | | | | — | | | | | 833,108 | |
| Philippines | | | | — | | | | | 1,263,198 | | | | | — | | | | | 1,263,198 | |
| Poland | | | | — | | | | | 2,279,437 | | | | | — | | | | | 2,279,437 | |
| Qatar | | | | — | | | | | 299,476 | | | | | — | | | | | 299,476 | |
| Russia | | | | — | | | | | — | | | | | — | | | | | — | |
| Saudi Arabia | | | | — | | | | | 3,976,725 | | | | | — | | | | | 3,976,725 | |
| South Africa | | | | 751,222 | | | | | 1,722,287 | | | | | — | | | | | 2,473,509 | |
| South Korea | | | | 2,968,880 | | | | | 14,102,206 | | | | | — | | | | | 17,071,086 | |
| Taiwan | | | | — | | | | | 26,375,638 | | | | | — | | | | | 26,375,638 | |
| Thailand | | | | 1,153,798 | | | | | 1,094,404 | | | | | — | | | | | 2,248,202 | |
| Turkey | | | | — | | | | | 958,874 | | | | | — | | | | | 958,874 | |
| United Arab Emirates | | | | — | | | | | 1,577,685 | | | | | — | | | | | 1,577,685 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | | 1,288,089 | | | | | — | | | | | — | | | | | 1,288,089 | |
| Repurchase Agreements | | | | — | | | | | 680,000 | | | | | — | | | | | 680,000 | |
| Short-Term Investments | | | | 42,724 | | | | | — | | | | | — | | | | | 42,724 | |
| Total | | | $ | 24,779,545 | | | | $ | 108,284,992 | | | | $ | — | | | | $ | 133,064,537 | |
Semi-Annual Financial Statements 245
| 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
June 30, 2024 |
| Emerging Markets Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | $ | 270,614,920 | | | | $ | — | | | | $ | — | | | | $ | 270,614,920 | |
| Chile | | | | 17,808,035 | | | | | — | | | | | — | | | | | 17,808,035 | |
| China | | | | 105,564,257 | | | | | 639,147,225 | | | | | — | | | | | 744,711,482 | |
| Egypt | | | | — | | | | | 17,770,885 | | | | | — | | | | | 17,770,885 | |
| Greece | | | | — | | | | | 70,055,868 | | | | | — | | | | | 70,055,868 | |
| Hong Kong | | | | — | | | | | 20,617,630 | | | | | — | | | | | 20,617,630 | |
| Hungary | | | | — | | | | | 93,120,005 | | | | | — | | | | | 93,120,005 | |
| India | | | | 27,650,086 | | | | | 151,002,709 | | | | | — | | | | | 178,652,795 | |
| Indonesia | | | | 26,839,643 | | | | | 80,418,877 | | | | | — | | | | | 107,258,520 | |
| Mexico | | | | 144,539,092 | | | | | — | | | | | — | | | | | 144,539,092 | |
| Peru | | | | 19,779,542 | | | | | — | | | | | — | | | | | 19,779,542 | |
| Portugal | | | | — | | | | | 28,766,089 | | | | | — | | | | | 28,766,089 | |
| Russia | | | | — | | | | | — | | | | | 18 | | | | | 18 | |
| South Africa | | | | — | | | | | 228,602,047 | | | | | — | | | | | 228,602,047 | |
| South Korea | | | | — | | | | | 317,581,024 | | | | | — | | | | | 317,581,024 | |
| Taiwan | | | | — | | | | | 385,985,014 | | | | | — | | | | | 385,985,014 | |
| Thailand | | | | 23,528,055 | | | | | 21,482,473 | | | | | — | | | | | 45,010,528 | |
| Turkey | | | | — | | | | | 14,808,501 | | | | | — | | | | | 14,808,501 | |
| United Kingdom | | | | — | | | | | 39,946,187 | | | | | — | | | | | 39,946,187 | |
| Repurchase Agreements | | | | — | | | | | 107,800,000 | | | | | — | | | | | 107,800,000 | |
| Short-Term Investments | | | | 5,735,741 | | | | | — | | | | | — | | | | | 5,735,741 | |
| Total | | | $ | 642,059,371 | | | | $ | 2,217,104,534 | | | | $ | 18 | | | | $ | 2,859,163,923 | |
246 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| Equity Franchise Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| France | | | $ | — | | | | $ | 1,705,102 | | | | $ | — | | | | $ | 1,705,102 | |
| Germany | | | | — | | | | | 4,743,619 | | | | | — | | | | | 4,743,619 | |
| Ireland | | | | — | | | | | 7,016,901 | | | | | — | | | | | 7,016,901 | |
| Italy | | | | — | | | | | 22,825,074 | | | | | — | | | | | 22,825,074 | |
| Luxembourg | | | | — | | | | | 4,861,096 | | | | | — | | | | | 4,861,096 | |
| United Kingdom | | | | — | | | | | 30,944,854 | | | | | — | | | | | 30,944,854 | |
| United States | | | | 93,216,110 | | | | | 6,957,408 | | | | | — | | | | | 100,173,518 | |
| Repurchase Agreements | | | | — | | | | | 950,000 | | | | | — | | | | | 950,000 | |
| Short-Term Investments | | | | 50,183 | | | | | — | | | | | — | | | | | 50,183 | |
| Total | | | $ | 93,266,293 | | | | $ | 80,004,054 | | | | $ | — | | | | $ | 173,270,347 | |
| | | | | | | | | | | | | | | | | | | | | |
| Global Equity Select Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 871,985 | | | | $ | — | | | | $ | 871,985 | |
| Canada | | | | 2,890,754 | | | | | — | | | | | — | | | | | 2,890,754 | |
| China | | | | 1,715,718 | | | | | 997,772 | | | | | — | | | | | 2,713,490 | |
| Denmark | | | | — | | | | | 1,648,261 | | | | | — | | | | | 1,648,261 | |
| Finland | | | | — | | | | | 855,118 | | | | | — | | | | | 855,118 | |
| France | | | | — | | | | | 2,670,822 | | | | | — | | | | | 2,670,822 | |
| Germany | | | | — | | | | | 752,134 | | | | | — | | | | | 752,134 | |
| Hong Kong | | | | — | | | | | 1,537,452 | | | | | — | | | | | 1,537,452 | |
| India | | | | 1,197,825 | | | | | — | | | | | — | | | | | 1,197,825 | |
| Japan | | | | — | | | | | 3,122,799 | | | | | — | | | | | 3,122,799 | |
| Netherlands | | | | — | | | | | 3,625,413 | | | | | — | | | | | 3,625,413 | |
| Spain | | | | — | | | | | 1,230,597 | | | | | — | | | | | 1,230,597 | |
| Sweden | | | | — | | | | | 2,845,881 | | | | | — | | | | | 2,845,881 | |
| Switzerland | | | | — | | | | | 3,312,480 | | | | | — | | | | | 3,312,480 | |
| Taiwan | | | | 2,931,827 | | | | | — | | | | | — | | | | | 2,931,827 | |
| United Kingdom | | | | 1,337,529 | | | | | 6,490,792 | | | | | — | | | | | 7,828,321 | |
| United States | | | | 60,590,037 | | | | | — | | | | | — | | | | | 60,590,037 | |
| Repurchase Agreements | | | | — | | | | | 760,000 | | | | | — | | | | | 760,000 | |
| Short-Term Investments | | | | 43,280 | | | | | — | | | | | — | | | | | 43,280 | |
| Total | | | $ | 70,706,970 | | | | $ | 30,721,506 | | | | $ | — | | | | $ | 101,428,476 | |
Semi-Annual Financial Statements 247
| 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
June 30, 2024 |
| Global Listed Infrastructure Portfolio | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 647,817,056 | | | | $ | — | | | | $ | 647,817,056 | |
| Canada | | | | 207,933,471 | | | | | — | | | | | — | | | | | 207,933,471 | |
| France | | | | — | | | | | 445,195,530 | | | | | — | | | | | 445,195,530 | |
| Hong Kong | | | | — | | | | | 377,274,391 | | | | | — | | | | | 377,274,391 | |
| Italy | | | | — | | | | | 1,263,225,165 | | | | | — | | | | | 1,263,225,165 | |
| Luxembourg | | | | — | | | | | 107,949,789 | | | | | — | | | | | 107,949,789 | |
| Portugal | | | | — | | | | | 71,276,508 | | | | | — | | | | | 71,276,508 | |
| Spain | | | | 124,407,837 | | | | | — | | | | | — | | | | | 124,407,837 | |
| Switzerland | | | | — | | | | | 171,363,868 | | | | | — | | | | | 171,363,868 | |
| United Kingdom | | | | — | | | | | 1,650,188,453 | | | | | — | | | | | 1,650,188,453 | |
| United States | | | | 1,760,951,516 | | | | | 716,660,153 | | | | | — | | | | | 2,477,611,669 | |
| Repurchase Agreements | | | | — | | | | | 739,340,000 | | | | | — | | | | | 739,340,000 | |
| Short-Term Investments | | | | 38,914,900 | | | | | — | | | | | — | | | | | 38,914,900 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | | — | | | | | 22,551,855 | | | | | — | | | | | 22,551,855 | |
| Total | | | $ | 2,132,207,724 | | | | $ | 6,212,842,768 | | | | $ | — | | | | $ | 8,345,050,492 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | $ | — | | | | $ | (8,155,672 | ) | | | $ | — | | | | $ | (8,155,672 | ) |
248 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| International Equity Advantage Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 925,170 | | | | $ | — | | | | $ | 925,170 | |
| Belgium | | | | — | | | | | 63,791 | | | | | — | | | | | 63,791 | |
| Brazil | | | | 35,796 | | | | | — | | | | | — | | | | | 35,796 | |
| Burkina Faso | | | | 21,070 | | | | | — | | | | | — | | | | | 21,070 | |
| Canada | | | | 1,502,179 | | | | | — | | | | | — | | | | | 1,502,179 | |
| Chile | | | | 42,950 | | | | | — | | | | | — | | | | | 42,950 | |
| China | | | | 262,968 | | | | | 1,606,190 | | | | | — | | | | | 1,869,158 | |
| Colombia | | | | 15,933 | | | | | — | | | | | — | | | | | 15,933 | |
| Denmark | | | | — | | | | | 802,188 | | | | | — | | | | | 802,188 | |
| Egypt | | | | 19,736 | | | | | — | | | | | — | | | | | 19,736 | |
| Finland | | | | — | | | | | 117,101 | | | | | — | | | | | 117,101 | |
| France | | | | — | | | | | 1,148,621 | | | | | — | | | | | 1,148,621 | |
| Germany | | | | — | | | | | 869,591 | | | | | — | | | | | 869,591 | |
| Greece | | | | — | | | | | 75,882 | | | | | — | | | | | 75,882 | |
| Hong Kong | | | | — | | | | | 161,774 | | | | | — | | | | | 161,774 | |
| India | | | | 819,285 | | | | | — | | | | | — | | | | | 819,285 | |
| Indonesia | | | | 51,239 | | | | | 12,721 | | | | | — | | | | | 63,960 | |
| Ireland | | | | 106,155 | | | | | 20,937 | | | | | — | | | | | 127,092 | |
| Israel | | | | 219,611 | | | | | — | | | | | — | | | | | 219,611 | |
| Italy | | | | — | | | | | 537,348 | | | | | — | | | | | 537,348 | |
| Japan | | | | 91,980 | | | | | 2,872,885 | | | | | — | | | | | 2,964,865 | |
| Malaysia | | | | — | | | | | 84,796 | | | | | — | | | | | 84,796 | |
| Mexico | | | | 85,265 | | | | | — | | | | | — | | | | | 85,265 | |
| Netherlands | | | | — | | | | | 931,542 | | | | | — | | | | | 931,542 | |
| Philippines | | | | — | | | | | 57,997 | | | | | — | | | | | 57,997 | |
| Poland | | | | — | | | | | 81,585 | | | | | — | | | | | 81,585 | |
| Portugal | | | | — | | | | | 15,036 | | | | | — | | | | | 15,036 | |
| Saudi Arabia | | | | — | | | | | 133,200 | | | | | — | | | | | 133,200 | |
| Singapore | | | | — | | | | | 105,086 | | | | | — | | | | | 105,086 | |
| South Africa | | | | 118,486 | | | | | 42,251 | | | | | — | | | | | 160,737 | |
| South Korea | | | | — | | | | | 814,540 | | | | | — | | | | | 814,540 | |
| Spain | | | | — | | | | | 258,933 | | | | | — | | | | | 258,933 | |
| Sweden | | | | — | | | | | 218,362 | | | | | — | | | | | 218,362 | |
| Switzerland | | | | — | | | | | 1,145,836 | | | | | — | | | | | 1,145,836 | |
| Taiwan | | | | — | | | | | 1,362,358 | | | | | — | | | | | 1,362,358 | |
| Thailand | | | | 18,225 | | | | | 68,976 | | | | | — | | | | | 87,201 | |
| Turkey | | | | — | | | | | 87,491 | | | | | — | | | | | 87,491 | |
| United Arab Emirates | | | | — | | | | | 102,921 | | | | | — | | | | | 102,921 | |
| United Kingdom | | | | 144,178 | | | | | 1,394,952 | | | | | — | | | | | 1,539,130 | |
| United States | | | | 20,705 | | | | | 947,813 | | | | | — | | | | | 968,518 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | | 201,291 | | | | | — | | | | | — | | | | | 201,291 | |
| Germany | | | | — | | | | | 102,597 | | | | | — | | | | | 102,597 | |
| Warrants* | | | | — | | | | | — | | | | | — | | | | | — | |
| Repurchase Agreements | | | | — | | | | | 180,000 | | | | | — | | | | | 180,000 | |
| Short-Term Investments | | | | 20,091 | | | | | — | | | | | — | | | | | 20,091 | |
| Total | | | $ | 3,797,143 | | | | $ | 17,350,471 | | | | $ | — | | | | $ | 21,147,614 | |
Semi-Annual Financial Statements 249
| 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
June 30, 2024 |
| International Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 14,418,921 | | | | $ | — | | | | $ | 14,418,921 | |
| Belgium | | | | — | | | | | 11,701,704 | | | | | — | | | | | 11,701,704 | |
| Canada | | | | 34,718,436 | | | | | — | | | | | — | | | | | 34,718,436 | |
| China | | | | 6,325,441 | | | | | 31,132,447 | | | | | — | | | | | 37,457,888 | |
| Denmark | | | | — | | | | | 7,977,681 | | | | | — | | | | | 7,977,681 | |
| Finland | | | | — | | | | | 22,812,448 | | | | | — | | | | | 22,812,448 | |
| France | | | | — | | | | | 92,759,924 | | | | | — | | | | | 92,759,924 | |
| Germany | | | | — | | | | | 89,940,304 | | | | | — | | | | | 89,940,304 | |
| Greece | | | | — | | | | | 12,579,060 | | | | | — | | | | | 12,579,060 | |
| Hong Kong | | | | — | | | | | 18,014,645 | | | | | — | | | | | 18,014,645 | |
| Israel | | | | 9,162,273 | | | | | — | | | | | — | | | | | 9,162,273 | |
| Italy | | | | 16,885,547 | | | | | 14,958,874 | | | | | — | | | | | 31,844,421 | |
| Japan | | | | — | | | | | 182,544,150 | | | | | — | | | | | 182,544,150 | |
| Mexico | | | | 10,305,773 | | | | | — | | | | | — | | | | | 10,305,773 | |
| Netherlands | | | | — | | | | | 17,282,504 | | | | | — | | | | | 17,282,504 | |
| Singapore | | | | — | | | | | 19,988,838 | | | | | — | | | | | 19,988,838 | |
| South Korea | | | | — | | | | | 12,929,885 | | | | | — | | | | | 12,929,885 | |
| Spain | | | | — | | | | | 10,223,760 | | | | | — | | | | | 10,223,760 | |
| Sweden | | | | — | | | | | 15,419,427 | | | | | — | | | | | 15,419,427 | |
| Switzerland | | | | — | | | | | 31,381,445 | | | | | — | | | | | 31,381,445 | |
| Taiwan | | | | 23,910,868 | | | | | — | | | | | — | | | | | 23,910,868 | |
| United Kingdom | | | | — | | | | | 162,103,452 | | | | | — | | | | | 162,103,452 | |
| United States | | | | 56,580,305 | | | | | 48,579,989 | | | | | — | | | | | 105,160,294 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | | 10,220,852 | | | | | — | | | | | — | | | | | 10,220,852 | |
| Germany | | | | — | | | | | 16,673,939 | | | | | — | | | | | 16,673,939 | |
| Repurchase Agreements | | | | — | | | | | 7,200,000 | | | | | — | | | | | 7,200,000 | |
| Short-Term Investments | | | | 380,198 | | | | | — | | | | | — | | | | | 380,198 | |
| Total | | | $ | 168,489,693 | | | | $ | 840,623,397 | | | | $ | — | | | | $ | 1,009,113,090 | |
250 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| International Equity Select Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Belgium | | | $ | — | | | | $ | 709,124 | | | | $ | — | | | | $ | 709,124 | |
| Canada | | | | 862,350 | | | | | — | | | | | — | | | | | 862,350 | |
| China | | | | 293,825 | | | | | 3,706,472 | | | | | — | | | | | 4,000,297 | |
| Denmark | | | | — | | | | | 2,125,856 | | | | | — | | | | | 2,125,856 | |
| Finland | | | | — | | | | | 639,331 | | | | | — | | | | | 639,331 | |
| France | | | | — | | | | | 4,405,765 | | | | | — | | | | | 4,405,765 | |
| Germany | | | | — | | | | | 3,443,195 | | | | | — | | | | | 3,443,195 | |
| Greece | | | | — | | | | | 628,752 | | | | | — | | | | | 628,752 | |
| Hong Kong | | | | — | | | | | 1,010,143 | | | | | — | | | | | 1,010,143 | |
| India | | | | 925,896 | | | | | — | | | | | — | | | | | 925,896 | |
| Indonesia | | | | 410,877 | | | | | 775,780 | | | | | — | | | | | 1,186,657 | |
| Italy | | | | 930,006 | | | | | — | | | | | — | | | | | 930,006 | |
| Japan | | | | — | | | | | 6,247,342 | | | | | — | | | | | 6,247,342 | |
| Mexico | | | | 823,645 | | | | | — | | | | | — | | | | | 823,645 | |
| Netherlands | | | | — | | | | | 2,479,633 | | | | | — | | | | | 2,479,633 | |
| Singapore | | | | — | | | | | 1,047,570 | | | | | — | | | | | 1,047,570 | |
| South Korea | | | | — | | | | | 545,699 | | | | | — | | | | | 545,699 | |
| Sweden | | | | — | | | | | 590,077 | | | | | — | | | | | 590,077 | |
| Switzerland | | | | — | | | | | 2,301,460 | | | | | — | | | | | 2,301,460 | |
| Taiwan | | | | — | | | | | 2,765,960 | | | | | — | | | | | 2,765,960 | |
| United Kingdom | | | | — | | | | | 6,731,716 | | | | | — | | | | | 6,731,716 | |
| United States | | | | 3,261,026 | | | | | 3,406,219 | | | | | — | | | | | 6,667,245 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Brazil | | | | 590,791 | | | | | — | | | | | — | | | | | 590,791 | |
| Germany | | | | — | | | | | 548,853 | | | | | — | | | | | 548,853 | |
| Repurchase Agreements | | | | — | | | | | 980,000 | | | | | — | | | | | 980,000 | |
| Short-Term Investments | | | | 61,152 | | | | | — | | | | | — | | | | | 61,152 | |
| Total | | | $ | 8,159,568 | | | | $ | 45,088,947 | | | | $ | — | | | | $ | 53,248,515 | |
Semi-Annual Financial Statements 251
| 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
June 30, 2024 |
| International Quality Growth Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 4,338,932 | | | | $ | — | | | | $ | 4,338,932 | |
| Brazil | | | | 4,213,482 | | | | | — | | | | | — | | | | | 4,213,482 | |
| Canada | | | | 12,383,876 | | | | | — | | | | | — | | | | | 12,383,876 | |
| China | | | | — | | | | | 5,984,829 | | | | | — | | | | | 5,984,829 | |
| Denmark | | | | — | | | | | 4,923,100 | | | | | — | | | | | 4,923,100 | |
| France | | | | — | | | | | 17,894,673 | | | | | — | | | | | 17,894,673 | |
| Germany | | | | — | | | | | 13,250,499 | | | | | — | | | | | 13,250,499 | |
| Hong Kong | | | | — | | | | | 8,321,545 | | | | | — | | | | | 8,321,545 | |
| India | | | | 7,789,527 | | | | | — | | | | | — | | | | | 7,789,527 | |
| Israel | | | | 6,900,135 | | | | | — | | | | | — | | | | | 6,900,135 | |
| Japan | | | | — | | | | | 24,081,530 | | | | | — | | | | | 24,081,530 | |
| Netherlands | | | | — | | | | | 24,048,923 | | | | | — | | | | | 24,048,923 | |
| Norway | | | | — | | | | | 5,631,574 | | | | | — | | | | | 5,631,574 | |
| South Africa | | | | — | | | | | 7,495,387 | | | | | — | | | | | 7,495,387 | |
| Spain | | | | — | | | | | 7,644,804 | | | | | — | | | | | 7,644,804 | |
| Sweden | | | | — | | | | | 11,456,865 | | | | | — | | | | | 11,456,865 | |
| Switzerland | | | | — | | | | | 14,434,266 | | | | | — | | | | | 14,434,266 | |
| Taiwan | | | | 9,552,598 | | | | | 2,938,210 | | | | | — | | | | | 12,490,808 | |
| United Kingdom | | | | — | | | | | 42,681,089 | | | | | — | | | | | 42,681,089 | |
| United States | | | | 19,800,171 | | | | | 6,537,500 | | | | | — | | | | | 26,337,671 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | — | | | | | 3,440,551 | | | | | — | | | | | 3,440,551 | |
| Repurchase Agreements | | | | — | | | | | 5,030,000 | | | | | — | | | | | 5,030,000 | |
| Short-Term Investments | | | | 274,450 | | | | | — | | | | | — | | | | | 274,450 | |
| Total | | | $ | 60,914,239 | | | | $ | 210,134,277 | | | | $ | — | | | | $ | 271,048,516 | |
252 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| International Small Cap Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 596,707 | | | | $ | — | | | | $ | 596,707 | |
| Austria | | | | — | | | | | 155,749 | | | | | — | | | | | 155,749 | |
| Belgium | | | | — | | | | | 76,939 | | | | | — | | | | | 76,939 | |
| Canada | | | | 580,876 | | | | | — | | | | | — | | | | | 580,876 | |
| Denmark | | | | — | | | | | 216,779 | | | | | — | | | | | 216,779 | |
| Finland | | | | — | | | | | 157,710 | | | | | — | | | | | 157,710 | |
| France | | | | 114,687 | | | | | 641,026 | | | | | — | | | | | 755,713 | |
| Germany | | | | — | | | | | 698,808 | | | | | — | | | | | 698,808 | |
| Greece | | | | — | | | | | 329,115 | | | | | — | | | | | 329,115 | |
| Italy | | | | — | | | | | 772,224 | | | | | — | | | | | 772,224 | |
| Japan | | | | — | | | | | 2,904,304 | | | | | — | | | | | 2,904,304 | |
| Jersey | | | | — | | | | | 196,870 | | | | | — | | | | | 196,870 | |
| Mexico | | | | 187,304 | | | | | — | | | | | — | | | | | 187,304 | |
| Netherlands | | | | — | | | | | 411,799 | | | | | — | | | | | 411,799 | |
| Spain | | | | — | | | | | 106,440 | | | | | — | | | | | 106,440 | |
| Sweden | | | | — | | | | | 335,412 | | | | | — | | | | | 335,412 | |
| Switzerland | | | | — | | | | | 184,225 | | | | | — | | | | | 184,225 | |
| Turkey | | | | — | | | | | 128,652 | | | | | — | | | | | 128,652 | |
| United Kingdom | | | | — | | | | | 1,554,996 | | | | | — | | | | | 1,554,996 | |
| United States | | | | — | | | | | 85,023 | | | | | — | | | | | 85,023 | |
| Repurchase Agreements | | | | — | | | | | 30,000 | | | | | — | | | | | 30,000 | |
| Short-Term Investments | | | | 2,972 | | | | | — | | | | | — | | | | | 2,972 | |
| Total | | | $ | 885,839 | | | | $ | 9,582,778 | | | | $ | — | | | | $ | 10,468,617 | |
Semi-Annual Financial Statements 253
| 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
June 30, 2024 |
| International Strategic Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Belgium | | | $ | — | | | | $ | 46,340,205 | | | | $ | — | | | | $ | 46,340,205 | |
| Canada | | | | 124,112,361 | | | | | — | | | | | — | | | | | 124,112,361 | |
| Denmark | | | | — | | | | | 274,752,329 | | | | | — | | | | | 274,752,329 | |
| Finland | | | | — | | | | | 72,265,070 | | | | | — | | | | | 72,265,070 | |
| France | | | | — | | | | | 173,901,402 | | | | | — | | | | | 173,901,402 | |
| Germany | | | | — | | | | | 418,670,594 | | | | | — | | | | | 418,670,594 | |
| Greece | | | | — | | | | | 51,813,486 | | | | | — | | | | | 51,813,486 | |
| India | | | | — | | | | | 41,171,694 | | | | | — | | | | | 41,171,694 | |
| Israel | | | | 44,471,041 | | | | | 71,796,210 | | | | | — | | | | | 116,267,251 | |
| Italy | | | | 71,949,091 | | | | | 114,917,910 | | | | | — | | | | | 186,867,001 | |
| Japan | | | | — | | | | | 523,844,366 | | | | | — | | | | | 523,844,366 | |
| Mexico | | | | 64,117,868 | | | | | — | | | | | — | | | | | 64,117,868 | |
| Netherlands | | | | — | | | | | 161,013,951 | | | | | — | | | | | 161,013,951 | |
| Portugal | | | | — | | | | | 40,035,951 | | | | | — | | | | | 40,035,951 | |
| Singapore | | | | — | | | | | 46,612,424 | | | | | — | | | | | 46,612,424 | |
| South Korea | | | | — | | | | | 53,738,967 | | | | | — | | | | | 53,738,967 | |
| Sweden | | | | — | | | | | 61,486,015 | | | | | — | | | | | 61,486,015 | |
| Switzerland | | | | — | | | | | 82,117,972 | | | | | — | | | | | 82,117,972 | |
| Taiwan | | | | — | | | | | 37,266,110 | | | | | — | | | | | 37,266,110 | |
| United Kingdom | | | | — | | | | | 596,358,333 | | | | | — | | | | | 596,358,333 | |
| United States | | | | 402,114,829 | | | | | 56,389,380 | | | | | — | | | | | 458,504,209 | |
| Repurchase Agreements | | | | — | | | | | 73,920,000 | | | | | — | | | | | 73,920,000 | |
| Short-Term Investments | | | | 3,896,765 | | | | | — | | | | | — | | | | | 3,896,765 | |
| Total | | | $ | 710,661,955 | | | | $ | 2,998,412,369 | | | | $ | — | | | | $ | 3,709,074,324 | |
254 Semi-Annual Financial Statements
| 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
June 30, 2024 |
| Managed Equity Volatility Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 123,329 | | | | $ | — | | | | $ | 123,329 | |
| Bermuda | | | | 36,432 | | | | | — | | | | | — | | | | | 36,432 | |
| Canada | | | | 760,651 | | | | | — | | | | | — | | | | | 760,651 | |
| China | | | | 62,429 | | | | | 92,180 | | | | | — | | | | | 154,609 | |
| Denmark | | | | — | | | | | 143,429 | | | | | — | | | | | 143,429 | |
| France | | | | — | | | | | 185,295 | | | | | — | | | | | 185,295 | |
| Hong Kong | | | | — | | | | | 161,226 | | | | | — | | | | | 161,226 | |
| Israel | | | | — | | | | | 49,565 | | | | | — | | | | | 49,565 | |
| Italy | | | | — | | | | | 41,459 | | | | | — | | | | | 41,459 | |
| Japan | | | | — | | | | | 2,067,880 | | | | | — | | | | | 2,067,880 | |
| Netherlands | | | | — | | | | | 256,347 | | | | | — | | | | | 256,347 | |
| Singapore | | | | — | | | | | 120,588 | | | | | — | | | | | 120,588 | |
| Switzerland | | | | — | | | | | 298,045 | | | | | — | | | | | 298,045 | |
| United Kingdom | | | | 47,218 | | | | | 719,051 | | | | | — | | | | | 766,269 | |
| United States | | | | 9,491,325 | | | | | 439,678 | | | | | — | | | | | 9,931,003 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | | | | | |
| Germany | | | | — | | | | | 36,359 | | | | | — | | | | | 36,359 | |
| Warrants* | | | | — | | | | | — | | | | | — | | | | | — | |
| Repurchase Agreements | | | | — | | | | | 420,000 | | | | | — | | | | | 420,000 | |
| Short-Term Investments | | | | 32,550 | | | | | — | | | | | — | | | | | 32,550 | |
| Total | | | $ | 10,430,605 | | | | $ | 5,154,431 | | | | $ | — | | | | $ | 15,585,036 | |
| US Equity Concentrated Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | $ | 92,386,405 | | | | $ | — | | | | $ | — | | | | $ | 92,386,405 | |
| Repurchase Agreements | | | | — | | | | | 210,000 | | | | | — | | | | | 210,000 | |
| Short-Term Investments | | | | 18,594 | | | | | — | | | | | — | | | | | 18,594 | |
| Total | | | $ | 92,404,999 | | | | $ | 210,000 | | | | $ | — | | | | $ | 92,614,999 | |
| US Equity Focus Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | $ | 88,658,827 | | | | $ | — | | | | $ | — | | | | $ | 88,658,827 | |
| Repurchase Agreements | | | | — | | | | | 3,270,000 | | | | | — | | | | | 3,270,000 | |
| Short-Term Investments | | | | 173,056 | | | | | — | | | | | — | | | | | 173,056 | |
| Total | | | $ | 88,831,883 | | | | $ | 3,270,000 | | | | $ | — | | | | $ | 92,101,883 | |
| US Small Cap Equity Select Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | $ | 37,544,467 | | | | $ | — | | | | $ | — | | | | $ | 37,544,467 | |
| Total | | | $ | 37,544,467 | | | | $ | — | | | | $ | — | | | | $ | 37,544,467 | |
| US Sustainable Equity Portfolio | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | $ | 12,291,960 | | | | $ | — | | | | $ | — | | | | $ | 12,291,960 | |
| Repurchase Agreements | | | | — | | | | | 510,000 | | | | | — | | | | | 510,000 | |
| Short-Term Investments | | | | 34,898 | | | | | — | | | | | — | | | | | 34,898 | |
| Total | | | $ | 12,326,858 | | | | $ | 510,000 | | | | $ | — | | | | $ | 12,836,858 | |
Semi-Annual Financial Statements 255
| 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
June 30, 2024 |
| US Systematic Small Cap Equity Portfolio | | | | | | | | | | | | |
| Closed-End Management Investment Companies | | | $ | 191,890 | | | | $ | — | | | | $ | — | | | | $ | 191,890 | |
| Common Stocks* | | | | 41,117,080 | | | | | — | | | | | — | | | | | 41,117,080 | |
| Rights | | | | — | | | | | — | | | | | 1,401 | | | | | 1,401 | |
| Repurchase Agreements | | | | — | | | | | 420,000 | | | | | — | | | | | 420,000 | |
| Short-Term Investments | | | | 25,859 | | | | | — | | | | | — | | | | | 25,859 | |
| Total | | | $ | 41,334,829 | | | | $ | 420,000 | | | | $ | 1,401 | | | | $ | 41,756,230 | |
| * | Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry. |
| † | Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation). |
Certain equity securities to which footnote (†) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets. An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities. When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.
256 Semi-Annual Financial Statements
10. Derivative Instruments
The Global Listed Infrastructure Portfolio uses forward currency contracts primarily for hedging purposes.
During the period ended June 30, 2024, the approximate average monthly notional exposure for derivative instruments was as follows:
| Forward currency contracts: | | | |
| Average foreign currency purchased | | $ | 178,300,000 | * |
| Average foreign currency sold | | $ | 5,806,100,000 | |
| * | Represents average monthly notional exposure for the four months the derivative instrument was open during the period. |
The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2024:
| Assets – Derivative Financial Instruments | | | | Total | |
| Forward currency contracts | | Unrealized appreciation on forward currency contracts | | $ | 22,551,855 | |
| | | | | | | |
| Liabilities – Derivative Financial Instruments | | | | | | |
| Forward currency contracts | | Unrealized depreciation on forward currency contracts | | $ | 8,155,672 | |
The effect of derivative instruments on the Statements of Operations for the Period ended June 30, 2024 was:
| Net Realized Gain (Loss) from: | | Total | |
| Forward currency contracts | | $ | 108,548,025 | |
| | | | | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | Total | |
| Forward currency contracts | | $ | 42,455,976 | |
Semi-Annual Financial Statements 257
None of the other presented portfolios traded in derivative instruments during the period ended June 30, 2024.
As of June 30, 2024, the Global Listed Infrastructure Portfolio held derivative instruments that are eligible for offset in its 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 Portfolio is presented in the below table, as of June 30, 2024:
| 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 | | | $ | 22,551,855 | | | | $ | — | | | | $ | 22,551,855 | | | |
| | | | | 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 New York Mellon Corp. | | | $ | 1,250,408 | | | $ | — | | | $ | — | | | | $ 1,250,408 | | |
| BNP Paribas SA | | | | 1,664,378 | | | | (697,646 | ) | | | — | | | | 966,732 | | |
| Canadian Imperial Bank of Commerce | | | | 2,573,115 | | | | — | | | | — | | | | 2,573,115 | | |
| Citibank N.A. | | | | 1,601,835 | | | | (1,601,835 | ) | | | — | | | | — | | |
| HSBC Bank USA N.A. | | | | 5,110,928 | | | | (2,162,673 | ) | | | — | | | | 2,948,255 | | |
| Morgan Stanley & Co. | | | | 1,408,845 | | | | (1,408,845 | ) | | | — | | | | — | | |
| Royal Bank of Canada | | | | 4,464,167 | | | | — | | | | — | | | | 4,464,167 | | |
| Standard Chartered Bank | | | | 772,751 | | | | (181,561 | ) | | | — | | | | 591,190 | | |
| State Street Bank & Trust Co. | | | | 3,705,428 | | | | (1,407,372 | ) | | | — | | | | 2,298,056 | | |
| Total | | | $ | 22,551,855 | | | $ | (7,459,932 | ) | | $ | — | | | | $ 15,091,923 | | |
258 Semi-Annual Financial Statements
| 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 | | | $ | 8,155,672 | | | | $ | — | | | | $ | 8,155,672 | | | |
| | | | | 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 | | | $ | 697,646 | | | $ | (697,646 | ) | | $ | — | | | | $ — | | |
| Citibank N.A. | | | | 1,615,179 | | | | (1,601,835 | ) | | | — | | | | 13,344 | | |
| HSBC Bank USA N.A. | | | | 2,162,673 | | | | (2,162,673 | ) | | | — | | | | — | | |
| Morgan Stanley & Co. | | | | 2,091,241 | | | | (1,408,845 | ) | | | — | | | | 682,396 | | |
| Standard Chartered Bank | | | | 181,561 | | | | (181,561 | ) | | | — | | | | — | | |
| State Street Bank & Trust Co. | | | | 1,407,372 | | | | (1,407,372 | ) | | | — | | | | — | | |
| Total | | | $ | 8,155,672 | | | $ | (7,459,932 | ) | | $ | — | | | | $695,740 | | |
11. Reorganization
At a meeting held on February 24, 2023 the Board approved the reorganization of Emerging Markets Strategic Equity Portfolio into the Emerging Markets Core Equity Portfolio in a tax-free reorganization (the “Reorganization”). The Reorganization was completed on June 22, 2023. The Reorganization was effectuated in order to permit the Lazard Emerging Markets Strategic Portfolio shareholders to continue to invest in equity securities of companies that are economically tied to emerging market countries in a larger combined fund that is anticipated to benefit from certain cost and operational efficiencies.
Semi-Annual Financial Statements 259
The chart below shows a summary of net assets, shares outstanding, net unrealized appreciation/(depreciation), undistributed net investment income and accumulated net realized gains/(losses), before and after the Reorganization.
| | | Before Reorganization | | After Reorganization | |
| | | Emerging
Markets
Strategic Equity
Portfolio | | Emerging
Markets
Core Equity
Portfolio | | Emerging
Markets
Core Equity
Portfolio | |
| Net Assets | | | | | | | | | | | | | | | | |
| Institutional Shares | | | $ | 42,695,854 | | | | $ | 96,288,737 | | | | $ | 138,984,591 | | |
| Open Shares | | | | 2,423,804 | | | | | 1,320,769 | | | | | 3,744,573 | | |
| R6 Shares | | | | — | | | | | 174,005 | | | | | 174,005 | | |
| Total | | | $ | 45,119,658 | | | | $ | 97,783,511 | | | | $ | 142,903,169 | | |
| Shares Outstanding* | | | | | | | | | | | | | | | | |
| Institutional Shares | | | | 3,944,969 | | | | | 9,842,075 | | | | | 14,206,187 | | |
| Open Shares | | | | 223,363 | | | | | 135,458 | | | | | 384,043 | | |
| R6 Shares | | | | — | | | | | 17,761 | | | | | 17,761 | | |
| Net unrealized appreciation (depreciation) | | | | (3,194,090 | ) | | | | 15,320,491 | | | | | 12,126,401 | | |
| * | A tax-free exchange of 3,944,969 Institutional Shares and 223,363 Open Shares of the Emerging Markets Strategic Equity Portfolio converted to 4,364,112 Institutional Shares and 248,585 Open Shares, respectively, of the Emerging Markets Core Equity Portfolio on June 22, 2023. |
Assuming the acquisition of Emerging Markets Strategic Equity Portfolio had been completed on January 1, 2023, the beginning of the annual reporting period, Emerging Markets Core Equity Portfolio’s pro forma results of operations for the year ended December 31, 2023 were as follows:
| Net investment income | | | $ 2,556,974 | |
| Net realized gain/loss and change in unrealized gain/(loss) on investments | | | $11,780,494 | |
| Net increase/(decrease) in net assets resulting from operations | | | $14,337,468 | |
Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Emerging Markets Strategic Equity Portfolio that have been included in Emerging Markets Core Equity Portfolio’s Statement of Operations since June 22, 2023.
260 Semi-Annual Financial Statements
For financial reporting purposes, assets received and shares issued by Emerging Markets Core Equity Portfolio were recorded at fair value; however, the cost basis of the investments received from Emerging Markets Strategic Equity Portfolio in the amount of $47,710,543, was carried forward to align ongoing reporting of Emerging Markets Core Equity Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Emerging Markets Core Equity Portfolio acquired capital loss carryovers of $50,091,502, of which, $10,709,405 are short-term and $39,382,097 are long-term. These losses are not subject to expiration, but they may be subject to future annual limitations.
12. Subsequent Events
On June 5, 2024, the Board approved the liquidation of Lazard Managed Equity Volatility Portfolio. The liquidation did not require the approval of shareholders of the Portfolio, and proceeds were distributed to investors on August 5, 2024.
Semi-Annual Financial Statements 261
The Lazard Funds, Inc. Other Information (N-CSR Item 7) (unaudited)
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.
262 Semi-Annual Financial Statements
The Lazard Funds, Inc. Additional Information
(N-CSR Items 8-11) (unaudited)
Changes in Disagreement with Accountants (N-CSR Item 8)
This information is not applicable for the reporting period.
Proxy Disclosures (N-CSR Item 9)
This information is not applicable for the reporting period.
Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)
This information can be found in N-CSR Item 7, Note 4.
Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)
At meetings of the Board held on June 5, 2024 and June 26, 2024, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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 in response to detailed questions from the Independent Directors and their counsel, including, at the June 26, 2024 meeting, additional information requested by the Independent Directors at the June 5, 2024 meeting.
In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager’s services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds and other clients of the Investment Manager, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential
Semi-Annual Financial Statements 263
economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.
Services Provided
The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2024, the Lazard Funds complex of 30 active funds comprised approximately $19.3 billion of the approximately $250.4 billion of total assets under the management of the Investment Manager and its global affiliates.
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 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 resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition.
264 Semi-Annual Financial Statements
The Board considered the position 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 $19.3 billion fund complex not managed by a large, global firm such as the Investment Manager.
Comparative Fee, Expense Ratio and Performance Information
ISS Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. (“ISS”), 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):
| ● | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense comparison purposes, based on ISS’s methodology (the “Expense Peer Group”); 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 provides comparative fund information (“Morningstar”), with certain exclusions as specified by ISS (the “Expense Category”). |
Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board. For the Emerging Markets Equity, International Strategic Equity, US Equity Concentrated and US Small Cap Equity Select Portfolios, the Investment Manager proposed to lower the current expense limitation by 0.05%, and, for the US Equity Concentrated Portfolio, the Investment Manager proposed to lower the management fee by 0.05%. After giving effect to the management fee and/or proposed expense limitation reductions, the results of the ISS comparisons showed that the advisory fees and net expense ratios of most of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer Group.
Semi-Annual Financial Statements 265
The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted 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 certain expenses for most Portfolios. The Board also received a description of ISS’s methodology for its construction of the Expense Peer Groups and a summary of how the methodology was applied.
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.
ISS Performance Comparisons. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio’s performance for the one-, three-, five- and ten-year periods ended March 31, 2024, as applicable, compared to performance for the same time periods to that of:
| ● | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for performance comparison purposes, based on ISS’s methodology (the “Performance Peer Group”); |
266 Semi-Annual Financial Statements
| ● | 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. |
The Board also received a description of ISS’s methodology for its construction of the Performance Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.
When evaluating the performance of each Portfolio, the Board considered ISS’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 in certain periods and 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, Economies of Scale and Other Benefits
The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager’s estimated profitability percentage resulting from its, and its affiliates’, relationship with the Portfolio for the calendar year ended December 31, 2023 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 reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocations, commission payments and soft dollar commissions and benefits. 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 other than, in connection with the management of certain Portfolios,
Semi-Annual Financial Statements 267
the benefit of soft dollar commissions. 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 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.
The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager’s estimated profitability percentage with respect to each Portfolio as part of the 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 percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may 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. The Board further considered that, as the assets of most of the Portfolios had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio’s assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale with respect to these Portfolios was reduced.
Conclusions and Determinations
At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the June 5, 2024 and June 26, 2024 meetings and
268 Semi-Annual Financial Statements
throughout the year 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 infrastructure associated with an approximately $250.4 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 considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance. |
| | |
| ● | The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors. |
| | |
| ● | At the June 5, 2024 meeting, the Board approved the liquidation of the Managed Equity Volatility Portfolio on or about August 5, 2024. It was noted that the Management Agreement was renewed with respect to that Portfolio in order for it to continue the process of winding down and distributing assets to its shareholders. |
Semi-Annual Financial Statements 269
| ● | In evaluating the Management Agreement, the Board relied on the information described above, in addition to other 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. |
Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; 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 as well as other relevant factors and determined to approve the Management Agreement 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.
270 Semi-Annual Financial Statements
The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com
Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Custodian
State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641
Transfer Agent and Dividend Disbursing Agent
SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015
Legal Counsel
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797
| 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
Semi-Annual
Financial Statements
June 30, 2024
Fixed Income Funds
Lazard US Convertibles Portfolio
Lazard US High Yield Portfolio
Lazard US Short Duration Fixed Income Portfolio
The Lazard Funds, Inc. Table of Contents
Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. (the “Fund”), you may obtain a prospectus or a Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and the Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report. Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.
Distributed by Lazard Asset Management Securities LLC.
Semi-Annual Financial Statements 1
The Lazard Funds, Inc. A Message from Lazard (unaudited)
Dear Shareholder:
With the outlook for global interest rates remaining uncertain during the first six months of 2024, the market pendulum swung from optimism that interest rates would be cut to pessimism that rates would remain “higher for longer,” and back to optimism that rate reductions were likely in the near future. These swings in investor sentiment occurred amid signs that inflationary pressure remained persistent during the period.
Despite enduring nearly 4,000 basis points (“bps”) of interest rate hikes from late 2021 to the end of 2023, concerns about inflation continued to hang over the markets during the period, putting the focus squarely on the interest rate policy paths of key central banks. All eyes were on the US, where the initial optimism about a potential rate-cutting cycle by the Federal Reserve (the “Fed”) fizzled amid worse-than-expected inflation data for the first three month of 2024. The discouraging numbers stoked fears that the Fed’s progress in slowing price growth had stalled, opening the door for no rate cuts in 2024 or perhaps additional rate hikes. As expected, the Fed held interest rates steady throughout the first half of 2024, leaving rates at their highest level in nearly 23 years. With inflation data in April and May 2024 turning positive again, investors were relieved when the Fed stated that an interest rate hike was unlikely, though it did acknowledge that progress in driving domestic inflation down towards its 2% target had slowed. In a further acknowledgment that domestic inflation has been stickier than anticipated, the Fed predicted in June that it will likely lower borrowing costs just once in 2024—down from the three rate cuts it had projected late last year—and reiterated its warning that it would not move until it saw more data indicating that inflation was slowing sustainably. By the end of June, traders in futures markets were betting that the Fed would lower interest rates by 25 bps in September 2024.
While persistent inflationary pressure forced the Fed to maintain a restrictive monetary policy stance during the period, the interest rate outlook in Europe was brighter. In the eurozone, the European Central Bank (the “ECB”) lowered interest rates for the first time in
2 Semi-Annual Financial Statements
nearly five years with a decrease of 25 bps in June 2024. While the ECB cited a marked improvement in the eurozone’s inflation outlook as the reason behind its pivot to a less restrictive monetary policy stance, it also warned that price pressure remained strong and that it was not committed to a particular rate path. The ECB, the Swiss National Bank, the Riksbank (the central bank of Sweden) and the Bank of Canada were the first major central banks to cut interest rates in 2024.
In contrast to this global trend of reducing interest rates, a completely different dynamic was playing out in Japan where the Bank of Japan (the “BOJ”) announced in March that it was raising interest rates for the first time in 17 years. In doing so, it ended eight years of negative rates and scrapped its policy of buying Japanese government bonds to limit how high market rates can climb. The BOJ’s more hawkish stance came as the yen weakened significantly in the period, depreciating 12.3% against the US dollar.
Against this backdrop, global equity markets rose sharply in the first six months of the year, with the MSCI All Country World Index climbing 11.3%. Investors’ appetites for stocks were driven largely by a frenzy over artificial intelligence (AI), with US-based AI chip designer NVIDIA at the forefront. NVIDIA’s blockbuster quarterly earnings reverberated across global stock markets, sparking a strong, broad-based rally that was especially beneficial to shares of technology companies linked to AI and raising hopes that the resultant enthusiasm would support economic growth worldwide. Notably, the S&P 500—the bellwether of the US stock market—outperformed the broader global market index, surging 15.3%. Shares of NVIDIA gained an impressive 150% in the period, accounting for 30% of the S&P 500’s overall appreciation.
Meanwhile, yields in global bond markets rose again, leading in the Bloomberg Global Aggregate Index to fall 3.2% in the period. Persistent core inflation and solid growth pushed back expectations for the start of, and the magnitude of, the incoming central bank rate-cutting cycles. Hawkish sentiment also kept yield curves inverted. Coupon income provided a performance ballast during the first half of the year, but most indices still lost ground. The solid
Semi-Annual Financial Statements 3
economic fundamentals and attractive absolute yield levels led to a moderate tightening in credit spreads. With tighter spreads and a favorable carry profile, high yield bonds delivered solid performance over the reporting period. Emerging markets debt recorded low single-digit gains in hard currency, while local bonds underperformed and delivered a negative performance contribution in the first half of 2024. The more hawkish Fed led to a stronger US dollar versus a basket of US trade partners’ currencies, despite the low volatility regime in risk assets.
The complex market conditions in the first half of 2024 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.
Sincerely,
Lazard Asset Management LLC
4 Semi-Annual Financial Statements
The Lazard Funds, Inc. Portfolio Holdings Presented by
Asset Class/Credit Rating June 30, 2024 (N-CSR Item 7) (unaudited)
| | | | | | | | | | | |
| | | | | | | | | Lazard US | | |
| | | Lazard US | | | Lazard US | | | Short Duration | | |
| | | Convertibles | | | High Yield | | | Fixed Income | | |
| Asset Class/Credit Rating#† | | Portfolio | | | Portfolio | | | Portfolio | | |
| | | | | | | | | | | | | | |
| Fixed Income | | | | | | | | | | | | | |
| Aaa | | | — | % | | | — | % | | | 66.6 | % | |
| A+ | | | — | | | | — | | | | 1.4 | | |
| A | | | — | | | | — | | | | 2.6 | | |
| A- | | | 1.6 | | | | — | | | | 5.5 | | |
| AA+ | | | — | | | | — | | | | 2.0 | | |
| BBB+ | | | 5.4 | | | | — | | | | 16.5 | | |
| BBB | | | 2.5 | | | | — | | | | 4.2 | | |
| BBB- | | | 5.9 | | | | — | | | | 1.0 | | |
| BB+ | | | 2.7 | | | | 8.1 | | | | — | | |
| BB+*+ | | | — | | | | 2.2 | | | | — | | |
| BB*+ | | | — | | | | 2.1 | | | | — | | |
| BB+*- | | | 1.6 | | | | — | | | | — | | |
| BB | | | — | | | | 23.1 | | | | — | | |
| BB- | | | 1.0 | | | | 18.6 | | | | — | | |
| B*+ | | | — | | | | 0.9 | | | | — | | |
| B+ | | | — | | | | 15.1 | | | | — | | |
| B | | | — | | | | 11.9 | | | | — | | |
| B- | | | — | | | | 5.7 | | | | — | | |
| B1 | | | — | | | | 0.9 | | | | — | | |
| Ba2 | | | — | | | | 1.0 | | | | — | | |
| Baa2 | | | 1.8 | | | | — | | | | — | | |
| CCC+ | | | — | | | | 2.9 | | | | — | | |
| CCC | | | — | | | | 0.8 | | | | — | | |
| CCC- | | | — | | | | 0.6 | | | | — | | |
| Not Applicable | | | 74.0 | | | | 4.5 | | | | — | | |
| Repurchase Agreements | | | 3.3 | | | | 1.5 | | | | 0.2 | | |
| Short-Term Investments | | | 0.2 | | | | 0.1 | | | | 0.0 | | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100 | % | |
| | |
| # | Represents percentage of total investments. |
| † | All credit ratings are S&P credit ratings unless an S&P rating is not available, in which case, Moody’s and Fitch credit ratings were used. |
Semi-Annual Financial Statements 5
The Lazard Funds, Inc. Portfolios of Investments
June 30, 2024 (N-CSR Item 7) (unaudited)
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio | | | | | | | | |
| | | | | | | | | |
| Convertible Corporate Bonds | 88.0% | | | | | | | | |
| | | | | | | | | |
| Automobiles | 3.2% | | | | | | | | |
Ford Motor Co.,
0.000%, 03/15/26 | | $ | 238 | | | $ | 241,213 | |
Rivian Automotive, Inc.,
4.625%, 03/15/29 | | | 164 | | | | 159,654 | |
| | | | | | | | 400,867 | |
| | | | | | | | | |
| Biotechnology | 8.6% | | | | | | | | |
Alnylam Pharmaceuticals, Inc.,
1.000%, 09/15/27 | | | 186 | | | | 200,880 | |
Bridgebio Pharma, Inc.,
2.500%, 03/15/27 | | | 76 | | | | 77,148 | |
Cytokinetics, Inc.,
3.500%, 07/01/27 | | | 27 | | | | 35,288 | |
Exact Sciences Corp.,
0.375%, 03/01/28 | | | 227 | | | | 186,377 | |
Halozyme Therapeutics, Inc.,
0.250%, 03/01/27 | | | 280 | | | | 268,327 | |
Insmed, Inc.,
0.750%, 06/01/28 | | | 47 | | | | 99,231 | |
Ionis Pharmaceuticals, Inc.,
0.000%, 04/01/26 | | | 100 | | | | 103,363 | |
Sarepta Therapeutics, Inc.,
1.250%, 09/15/27 | | | 73 | | | | 94,097 | |
| | | | | | | | 1,064,711 | |
| | | | | | | | | |
| Broadline Retail | 1.1% | | | | | | | | |
Etsy, Inc.,
0.125%, 10/01/26 | | | 143 | | | | 141,928 | |
| | | | | | | | | |
| Capital Markets | 0.4% | | | | | | | | |
Coinbase Global, Inc.,
0.500%, 06/01/26 | | | 43 | | | | 44,376 | |
The accompanying notes are an integral part of these financial statements.
6 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Communications Equipment | 0.8% | | | | | | | | |
Lumentum Holdings, Inc.,
0.500%, 06/15/28 | | $ | 123 | | | $ | 97,393 | |
| | | | | | | | | |
| Construction & Engineering | 1.2% | | | | | | | | |
Fluor Corp.,
1.125%, 08/15/29 | | | 135 | | | | 154,474 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 1.0% | | | | | | | | |
Chefs’ Warehouse, Inc.,
2.375%, 12/15/28 | | | 107 | | | | 119,237 | |
| | | | | | | | | |
| Diversified REITs | 1.6% | | | | | | | | |
Welltower OP LLC,
2.750%, 05/15/28 | | | 166 | | | | 197,624 | |
| | | | | | | | | |
| Electric Utilities | 3.2% | | | | | | | | |
Alliant Energy Corp.,
3.875%, 03/15/26 | | | 84 | | | | 83,118 | |
PG&E Corp.,
4.250%, 12/01/27 | | | 176 | | | | 177,716 | |
Southern Co.,
3.875%, 12/15/25 | | | 128 | | | | 130,906 | |
| | | | | | | | 391,740 | |
| | | | | | | | | |
| Electrical Equipment | 0.4% | | | | | | | | |
Bloom Energy Corp.,
3.000%, 06/01/28 | | | 50 | | | | 48,612 | |
| | | | | | | | | |
| Entertainment | 2.5% | | | | | | | | |
Cinemark Holdings, Inc.,
4.500%, 08/15/25 | | | 21 | | | | 33,299 | |
Live Nation Entertainment, Inc.,
2.000%, 02/15/25 | | | 268 | | | | 275,105 | |
| | | | | | | | 308,404 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 7
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Financial Services | 2.8% | | | | | | | | |
Block, Inc.,
0.125%, 03/01/25 | | $ | 171 | | | $ | 165,406 | |
Global Payments, Inc.,
1.500%, 03/01/31 | | | 152 | | | | 139,916 | |
Shift4 Payments, Inc.,
0.000%, 12/15/25 | | | 35 | | | | 40,417 | |
| | | | | | | | 345,739 | |
| | | | | | | | | |
| Ground Transportation | 2.6% | | | | | | | | |
Uber Technologies, Inc.,
0.000%, 12/15/25 | | | 301 | | | | 323,424 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 5.0% | | | | | | | | |
Dexcom, Inc.,
0.250%, 11/15/25 | | | 260 | | | | 260,975 | |
Enovis Corp.,
3.875%, 10/15/28 | | | 80 | | | | 84,320 | |
Insulet Corp.,
0.375%, 09/01/26 | | | 85 | | | | 93,011 | |
Natera, Inc.,
2.250%, 05/01/27 | | | 26 | | | | 73,889 | |
TransMedics Group, Inc.,
1.500%, 06/01/28 | | | 57 | | | | 100,171 | |
| | | | | | | | 612,366 | |
| | | | | | | | | |
| Health Care Technology | 1.3% | | | | | | | | |
Teladoc Health, Inc.,
1.250%, 06/01/27 | | | 188 | | | | 156,265 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 7.1% | | | | | | | | |
Airbnb, Inc.,
0.000%, 03/15/26 | | | 192 | | | | 175,665 | |
Booking Holdings, Inc.,
0.750%, 05/01/25 | | | 94 | | | | 198,045 | |
Carnival Corp.,
5.750%, 10/01/24 | | | 45 | | | | 84,600 | |
The accompanying notes are an integral part of these financial statements.
8 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
Marriott Vacations Worldwide Corp.,
0.000%, 01/15/26 | | $ | 103 | | | $ | 95,369 | |
NCL Corp. Ltd.,
5.375%, 08/01/25 | | | 120 | | | | 146,190 | |
Pebblebrook Hotel Trust,
1.750%, 12/15/26 | | | 90 | | | | 79,875 | |
Vail Resorts, Inc.,
0.000%, 01/01/26 | | | 103 | | | | 94,116 | |
| | | | | | | | 873,860 | |
| | | | | | | | | |
| Interactive Media & Services | 4.4% | | | | | | | | |
Match Group Financeco 3, Inc.,
2.000%, 01/15/30 | | | 250 | | | | 206,266 | |
Snap, Inc.,
0.750%, 08/01/26 | | | 213 | | | | 228,815 | |
Ziff Davis, Inc.,
1.750%, 11/01/26 | | | 120 | | | | 112,048 | |
| | | | | | | | 547,129 | |
| | | | | | | | | |
| IT Services | 4.4% | | | | | | | | |
Akamai Technologies, Inc.,
0.375%, 09/01/27 | | | 209 | | | | 202,983 | |
Cloudflare, Inc.,
0.000%, 08/15/26 | | | 274 | | | | 249,683 | |
MongoDB, Inc.,
0.250%, 01/15/26 | | | 73 | | | | 96,386 | |
| | | | | | | | 549,052 | |
| | | | | | | | | |
| Leisure Products | 2.4% | | | | | | | | |
Royal Caribbean Cruises Ltd.,
6.000%, 08/15/25 | | | 93 | | | | 300,378 | |
| | | | | | | | | |
| Machinery | 0.6% | | | | | | | | |
Middleby Corp.,
1.000%, 09/01/25 | | | 66 | | | | 70,444 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 9
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Media | 4.2% | | | | | | | | |
Cable One, Inc.,
1.125%, 03/15/28 | | $ | 117 | | | $ | 87,432 | |
Liberty Broadband Corp.,
3.125%, 03/31/53 | | | 225 | | | | 216,371 | |
Liberty Media Corp.,
3.750%, 03/15/28 | | | 139 | | | | 145,255 | |
Liberty Media Corp.-Liberty Formula One,
2.250%, 08/15/27 | | | 67 | | | | 71,399 | |
| | | | | | | | 520,457 | |
| | | | | | | | | |
| Multi-Utilities | 2.5% | | | | | | | | |
CMS Energy Corp.,
3.375%, 05/01/28 | | | 224 | | | | 220,304 | |
NextEra Energy Capital Holdings, Inc.,
3.000%, 03/01/27 | | | 77 | | | | 88,127 | |
| | | | | | | | 308,431 | |
| | | | | | | | | |
| Passenger Airlines | 2.3% | | | | | | | | |
American Airlines Group, Inc.,
6.500%, 07/01/25 | | | 120 | | | | 124,404 | |
Southwest Airlines Co.,
1.250%, 05/01/25 | | | 164 | | | | 164,779 | |
| | | | | | | | 289,183 | |
| | | | | | | | | |
| Professional Services | 1.0% | | | | | | | | |
Parsons Corp.,
2.625%, 03/01/29 | | | 114 | | | | 122,265 | |
| | | | | | | | | |
| Real Estate Management & Development | 1.4% | | | | | | | | |
Zillow Group, Inc.,
1.375%, 09/01/26 | | | 144 | | | | 175,048 | |
The accompanying notes are an integral part of these financial statements.
10 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 6.4% | | | | | | | | |
Enphase Energy, Inc.,
0.000%, 03/01/26 | | $ | 151 | | | $ | 137,597 | |
Microchip Technology, Inc.,
0.125%, 11/15/24 | | | 132 | | | | 139,936 | |
MKS Instruments, Inc.,
1.250%, 06/01/30 | | | 157 | | | | 167,941 | |
ON Semiconductor Corp.,
0.500%, 03/01/29 | | | 265 | | | | 254,864 | |
Wolfspeed, Inc.,
0.250%, 02/15/28 | | | 161 | | | | 95,715 | |
| | | | | | | | 796,053 | |
| | | | | | | | | |
| Software | 9.9% | | | | | | | | |
HubSpot, Inc.,
0.375%, 06/01/25 | | | 49 | | | | 102,140 | |
MicroStrategy, Inc.,
0.625%, 03/15/30 | | | 135 | | | | 151,639 | |
Nutanix, Inc.,
0.250%, 10/01/27 | | | 139 | | | | 162,769 | |
Palo Alto Networks, Inc.,
0.375%, 06/01/25 | | | 114 | | | | 388,991 | |
Tyler Technologies, Inc.,
0.250%, 03/15/26 | | | 141 | | | | 155,100 | |
Workiva, Inc.,
1.250%, 08/15/28 | | | 172 | | | | 152,908 | |
Zscaler, Inc.,
0.125%, 07/01/25 | | | 80 | | | | 107,796 | |
| | | | | | | | 1,221,343 | |
| | | | | | | | | |
| Specialty Retail | 0.9% | | | | | | | | |
Wayfair, Inc.,
3.250%, 09/15/27 | | | 96 | | | | 110,515 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 11
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals | 4.8% | | | | | | | | |
Seagate HDD Cayman,
3.500%, 06/01/28 | | $ | 153 | | | $ | 210,735 | |
Super Micro Computer, Inc.,
0.000%, 03/01/29 | | | 185 | | | | 185,767 | |
Western Digital Corp.,
3.000%, 11/15/28 | | | 125 | | | | 199,313 | |
| | | | | | | | 595,815 | |
| | | | | | | | | |
Total Convertible Corporate Bonds
(Cost $10,486,844) | | | | | | | 10,887,133 | |
| | | | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Preferred Stocks | 8.6% | | | | | | | | |
| | | | | | | | | |
| Banks | 4.2% | | | | | | | | |
| Bank of America Corp., Series L | | | 293 | | | $ | 350,475 | |
| Wells Fargo & Co., Series L | | | 145 | | | | 172,400 | |
| | | | | | | | 522,875 | |
| | | | | | | | | |
| Chemicals | 1.0% | | | | | | | | |
| Albemarle Corp. | | | 2,636 | | | | 122,996 | |
| | | | | | | | | |
| Electric Utilities | 1.2% | | | | | | | | |
| NextEra Energy, Inc. | | | 3,602 | | | | 149,447 | |
| | | | | | | | | |
| Financial Services | 1.4% | | | | | | | | |
| Apollo Global Management, Inc. | | | 2,652 | | | | 173,998 | |
| | | | | | | | | |
| Machinery | 0.8% | | | | | | | | |
| Chart Industries, Inc., Series B | | | 1,698 | | | | 96,514 | |
| | | | | | | | | |
Total Preferred Stocks
(Cost $1,092,584) | | | | | | | 1,065,830 | |
The accompanying notes are an integral part of these financial statements.
12 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US Convertibles Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Repurchase Agreements | 3.3% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $416,400 United States Treasury Note, 4.250%, 03/15/27, with a fair value of $418,388) Proceeds of $410,181
(Cost 410,000) | | $ | 410 | | | $ | 410,000 | |
| | | | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.2% | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class,
5.23% (7 day yield)
(Cost $27,588) | | | 27,588 | | | $ | 27,588 | |
| | | | | | | | | |
Total Investments | 100.1%
(Cost $12,017,016) | | | | | | $ | 12,390,551 | |
| | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets | (0.1)% | | | | | | | (18,441 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 12,372,110 | |
Futures Contracts open at June 30, 2024:
Financial
Futures | | Number of
Contracts | | Notional
Amount | | Expiration
Date | | Notional
Cost | | Fair
Value | | Unrealized
Appreciation | |
| CME E-Mini Standard & Poor’s 500 Index Futures | | 1 | | $50 | | 09/20/2024 | | $272,453 | | $276,075 | | $3,623 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 13
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US High Yield Portfolio | | | | | | | | |
| | | | | | | | | |
| Corporate Bonds | 92.5% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense | 2.3% | | | | | | | | |
Bombardier, Inc.,
8.750%, 11/15/30 (#) | | $ | 2,250 | | | $ | 2,431,762 | |
| TransDigm, Inc.: | | | | | | | | |
| 6.750%, 08/15/28 (#) | | | 1,000 | | | | 1,012,224 | |
| 4.625%, 01/15/29 | | | 500 | | | | 466,519 | |
| | | | | | | | 3,910,505 | |
| | | | | | | | | |
| Automobile Components | 2.6% | | | | | | | | |
American Axle & Manufacturing, Inc.,
5.000%, 10/01/29 | | | 1,500 | | | | 1,375,611 | |
| Goodyear Tire & Rubber Co.: | | | | | | | | |
| 5.000%, 05/31/26 | | | 250 | | | | 245,790 | |
| 5.250%, 07/15/31 | | | 1,500 | | | | 1,366,045 | |
Tenneco, Inc.,
8.000%, 11/17/28 (#) | | | 1,500 | | | | 1,365,517 | |
| | | | | | | | 4,352,963 | |
| | | | | | | | | |
| Automobiles | 0.6% | | | | | | | | |
Jaguar Land Rover Automotive PLC,
4.500%, 10/01/27 (#) | | | 1,000 | | | | 948,677 | |
| | | | | | | | | |
| Building Products | 1.0% | | | | | | | | |
Griffon Corp.,
5.750%, 03/01/28 | | | 1,750 | | | | 1,688,083 | |
| | | | | | | | | |
| Chemicals | 2.5% | | | | | | | | |
Methanex Corp.,
5.125%, 10/15/27 | | | 1,750 | | | | 1,688,010 | |
NOVA Chemicals Corp.,
4.250%, 05/15/29 (#) | | | 1,750 | | | | 1,542,497 | |
WR Grace Holdings LLC,
4.875%, 06/15/27 (#) | | | 1,000 | | | | 964,332 | |
| | | | | | | | 4,194,839 | |
The accompanying notes are an integral part of these financial statements.
14 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Commercial Services & Supplies | 2.5% | | | | | | | | |
ADT Security Corp.,
4.125%, 08/01/29 (#) | | $ | 250 | | | $ | 230,556 | |
Prime Security Services Borrower LLC/Prime Finance, Inc.,
3.375%, 08/31/27 (#) | | | 1,500 | | | | 1,387,906 | |
Sabre GLBL, Inc.,
8.625%, 06/01/27 (#) | | | 1,500 | | | | 1,381,898 | |
Valvoline, Inc.,
3.625%, 06/15/31 (#) | | | 1,500 | | | | 1,292,133 | |
| | | | | | | | 4,292,493 | |
| | | | | | | | | |
| Communications Equipment | 0.3% | | | | | | | | |
Frontier Communications Holdings LLC,
6.750%, 05/01/29 (#) | | | 500 | | | | 458,629 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 2.9% | | | | | | | | |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,
3.500%, 03/15/29 (#) | | | 2,000 | | | | 1,799,084 | |
Performance Food Group, Inc.,
4.250%, 08/01/29 (#) | | | 1,800 | | | | 1,638,735 | |
U.S. Foods, Inc.,
4.625%, 06/01/30 (#) | | | 1,500 | | | | 1,393,594 | |
| | | | | | | | 4,831,413 | |
| | | | | | | | | |
| Containers & Packaging | 3.8% | | | | | | | | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
4.000%, 09/01/29 (#) | | | 1,200 | | | | 1,015,506 | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
4.125%, 08/15/26 (#) | | | 1,200 | | | | 1,041,560 | |
Graphic Packaging International LLC,
3.500%, 03/15/28 (#) | | | 1,600 | | | | 1,475,277 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 15
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
Sealed Air Corp./Sealed Air Corp. U.S.,
6.125%, 02/01/28 (#) | | $ | 1,000 | | | $ | 997,589 | |
Silgan Holdings, Inc.,
4.125%, 02/01/28 | | | 1,996 | | | | 1,886,094 | |
| | | | | | | | 6,416,026 | |
| | | | | | | | | |
| Diversified REITs | 3.6% | | | | | | | | |
| Iron Mountain, Inc.: | | | | | | | | |
| 4.875%, 09/15/29 (#) | | | 500 | | | | 471,169 | |
| 4.500%, 02/15/31 (#) | | | 1,250 | | | | 1,128,346 | |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
4.875%, 05/15/29 (#) | | | 1,500 | | | | 1,406,575 | |
RHP Hotel Properties LP/RHP Finance Corp.,
4.500%, 02/15/29 (#) | | | 1,750 | | | | 1,641,166 | |
SBA Communications Corp.,
3.125%, 02/01/29 | | | 1,500 | | | | 1,337,321 | |
| | | | | | | | 5,984,577 | |
| | | | | | | | | |
| Diversified Telecommunication Services | 1.8% | | | | | | | | |
Connect Finco Sarl/Connect U.S. Finco LLC,
6.750%, 10/01/26 (#) | | | 1,500 | | | | 1,440,000 | |
Frontier Communications Holdings LLC,
8.750%, 05/15/30 (#) | | | 1,500 | | | | 1,545,664 | |
| | | | | | | | 2,985,664 | |
| | | | | | | | | |
| Electric Utilities | 0.8% | | | | | | | | |
NRG Energy, Inc.,
3.625%, 02/15/31 (#) | | | 1,500 | | | | 1,286,395 | |
| | | | | | | | | |
| Electrical Equipment | 1.6% | | | | | | | | |
| Sensata Technologies, Inc.: | | | | | | | | |
| 4.375%, 02/15/30 (#) | | | 1,100 | | | | 1,010,242 | |
| 3.750%, 02/15/31 (#) | | | 250 | | | | 217,900 | |
Vistra Operations Co. LLC,
4.375%, 05/01/29 (#) | | | 1,500 | | | | 1,396,698 | |
| | | | | | | | 2,624,840 | |
The accompanying notes are an integral part of these financial statements.
16 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Entertainment | 1.1% | | | | | | | | |
Cinemark USA, Inc.,
5.250%, 07/15/28 (#) | | $ | 1,500 | | | $ | 1,433,879 | |
Live Nation Entertainment, Inc.,
3.750%, 01/15/28 (#) | | | 500 | | | | 464,441 | |
| | | | | | | | 1,898,320 | |
| | | | | | | | | |
| Financial Services | 0.9% | | | | | | | | |
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
5.000%, 06/01/31 (#) | | | 1,750 | | | | 1,575,944 | |
| | | | | | | | | |
| Food Products | 3.1% | | | | | | | | |
Lamb Weston Holdings, Inc.,
4.125%, 01/31/30 (#) | | | 2,000 | | | | 1,816,204 | |
Post Holdings, Inc.,
4.500%, 09/15/31 (#) | | | 2,000 | | | | 1,792,694 | |
TreeHouse Foods, Inc.,
4.000%, 09/01/28 | | | 1,750 | | | | 1,571,667 | |
| | | | | | | | 5,180,565 | |
| | | | | | | | | |
| Gas Utilities | 0.9% | | | | | | | | |
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.375%, 06/01/28 (#) | | | 1,500 | | | | 1,539,681 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 2.8% | | | | | | | | |
Avantor Funding, Inc.,
3.875%, 11/01/29 (#) | | | 1,500 | | | | 1,364,044 | |
Bausch & Lomb Corp.,
8.375%, 10/01/28 (#) | | | 1,500 | | | | 1,535,625 | |
Medline Borrower LP,
3.875%, 04/01/29 (#) | | | 2,000 | | | | 1,841,819 | |
| | | | | | | | 4,741,488 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 17
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Health Care Providers & Services | 2.9% | | | | | | | | |
Encompass Health Corp.,
4.625%, 04/01/31 | | $ | 1,849 | | | $ | 1,696,865 | |
Legacy LifePoint Health LLC,
4.375%, 02/15/27 (#) | | | 1,250 | | | | 1,194,066 | |
LifePoint Health, Inc.,
5.375%, 01/15/29 (#) | | | 700 | | | | 615,101 | |
Tenet Healthcare Corp.,
4.375%, 01/15/30 | | | 1,500 | | | | 1,390,434 | |
| | | | | | | | 4,896,466 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 6.9% | | | | | | | | |
1011778 BC ULC/New Red Finance, Inc.,
3.875%, 01/15/28 (#) | | | 2,100 | | | | 1,966,849 | |
| Boyd Gaming Corp.: | | | | | | | | |
| 4.750%, 12/01/27 | | | 850 | | | | 818,100 | |
| 4.750%, 06/15/31 (#) | | | 1,250 | | | | 1,132,882 | |
Carnival Corp.,
7.625%, 03/01/26 (#) | | | 1,500 | | | | 1,514,828 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,
5.375%, 04/15/27 | | | 1,550 | | | | 1,536,164 | |
Hilton Domestic Operating Co., Inc.,
3.625%, 02/15/32 (#) | | | 2,000 | | | | 1,730,764 | |
Station Casinos LLC,
4.625%, 12/01/31 (#) | | | 1,750 | | | | 1,559,780 | |
Travel & Leisure Co.,
4.500%, 12/01/29 (#) | | | 1,500 | | | | 1,381,963 | |
| | | | | | | | 11,641,330 | |
| | | | | | | | | |
| Household Durables | 0.9% | | | | | | | | |
Tempur Sealy International, Inc.,
4.000%, 04/15/29 (#) | | | 1,750 | | | | 1,578,178 | |
The accompanying notes are an integral part of these financial statements.
18 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Household Products | 0.9% | | | | | | | | |
Energizer Holdings, Inc.,
4.750%, 06/15/28 (#) | | $ | 1,700 | | | $ | 1,591,437 | |
| | | | | | | | | |
| Independent Power & Renewable Electricity Producers | 1.0% | | | | | | | | |
NextEra Energy Operating Partners LP,
4.500%, 09/15/27 (#) | | | 1,750 | | | | 1,656,079 | |
| | | | | | | | | |
| Interactive Media & Services | 0.8% | | | | | | | | |
Ziff Davis, Inc.,
4.625%, 10/15/30 (#) | | | 1,500 | | | | 1,356,218 | |
| | | | | | | | | |
| Machinery | 5.2% | | | | | | | | |
Allison Transmission, Inc.,
4.750%, 10/01/27 (#) | | | 1,795 | | | | 1,733,808 | |
| Amsted Industries, Inc.: | | | | | | | | |
| 5.625%, 07/01/27 (#) | | | 750 | | | | 737,581 | |
| 4.625%, 05/15/30 (#) | | | 1,000 | | | | 917,505 | |
Mueller Water Products, Inc.,
4.000%, 06/15/29 (#) | | | 2,000 | | | | 1,831,155 | |
Terex Corp.,
5.000%, 05/15/29 (#) | | | 2,000 | | | | 1,897,789 | |
Vertiv Group Corp.,
4.125%, 11/15/28 (#) | | | 1,750 | | | | 1,634,276 | |
| | | | | | | | 8,752,114 | |
| | | | | | | | | |
| Media | 11.6% | | | | | | | | |
| CCO Holdings LLC/CCO Holdings Capital Corp.: | | | | | | | | |
| 5.125%, 05/01/27 (#) | | | 500 | | | | 480,073 | |
| 4.750%, 03/01/30 (#) | | | 1,500 | | | | 1,299,190 | |
Clear Channel Outdoor Holdings, Inc.,
7.750%, 04/15/28 (#) | | | 1,500 | | | | 1,312,506 | |
Gray Television, Inc.,
7.000%, 05/15/27 (#) | | | 1,500 | | | | 1,381,055 | |
Lamar Media Corp.,
3.625%, 01/15/31 | | | 1,500 | | | | 1,319,280 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 19
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
Nexstar Media, Inc.,
5.625%, 07/15/27 (#) | | $ | 1,500 | | | $ | 1,425,011 | |
Outfront Media Capital LLC/Outfront Media Capital Corp.,
5.000%, 08/15/27 (#) | | | 2,300 | | | | 2,226,443 | |
Scripps Escrow II, Inc.,
3.875%, 01/15/29 (#) | | | 1,500 | | | | 1,044,719 | |
Sinclair Television Group, Inc.,
5.125%, 02/15/27 (#) | | | 1,750 | | | | 1,543,273 | |
| Sirius XM Radio, Inc.: | | | | | | | | |
| 5.000%, 08/01/27 (#) | | | 1,750 | | | | 1,675,137 | |
| 3.875%, 09/01/31 (#) | | | 1,000 | | | | 816,334 | |
TEGNA, Inc.,
5.000%, 09/15/29 | | | 1,750 | | | | 1,545,282 | |
Univision Communications, Inc.,
6.625%, 06/01/27 (#) | | | 1,750 | | | | 1,675,348 | |
Virgin Media Secured Finance PLC,
4.500%, 08/15/30 (#) | | | 2,000 | | | | 1,695,872 | |
| | | | | | | | 19,439,523 | |
| | | | | | | | | |
| Metals & Mining | 0.8% | | | | | | | | |
Novelis Corp.,
4.750%, 01/30/30 (#) | | | 1,500 | | | | 1,391,557 | |
| | | | | | | | | |
| Mortgage Real Estate Investment Trusts (REITs) | 1.0% | | | | | | | | |
Starwood Property Trust, Inc.,
3.625%, 07/15/26 (#) | | | 1,743 | | | | 1,639,594 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 13.8% | | | | | | | | |
Borr IHC Ltd./Borr Finance LLC,
10.375%, 11/15/30 (#) | | | 1,705 | | | | 1,783,791 | |
Buckeye Partners LP,
4.500%, 03/01/28 (#) | | | 1,500 | | | | 1,409,109 | |
Civitas Resources, Inc.,
8.750%, 07/01/31 (#) | | | 2,000 | | | | 2,141,900 | |
The accompanying notes are an integral part of these financial statements.
20 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
Comstock Resources, Inc.,
6.750%, 03/01/29 (#) | | $ | 1,500 | | | $ | 1,453,679 | |
CVR Energy, Inc.,
8.500%, 01/15/29 (#) | | | 1,500 | | | | 1,506,177 | |
Genesis Energy LP/Genesis Energy Finance Corp.,
8.000%, 01/15/27 | | | 1,500 | | | | 1,533,688 | |
Hess Midstream Operations LP,
4.250%, 02/15/30 (#) | | | 1,850 | | | | 1,698,133 | |
Kodiak Gas Services LLC,
7.250%, 02/15/29 (#) | | | 1,750 | | | | 1,793,883 | |
Nabors Industries, Inc.,
9.125%, 01/31/30 (#) | | | 1,500 | | | | 1,553,902 | |
Range Resources Corp.,
4.750%, 02/15/30 (#) | | | 1,750 | | | | 1,642,112 | |
Sunoco LP/Sunoco Finance Corp.,
4.500%, 04/30/30 | | | 2,000 | | | | 1,850,059 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
5.500%, 01/15/28 (#) | | | 1,250 | | | | 1,195,923 | |
Transocean, Inc.,
8.750%, 02/15/30 (#) | | | 2,070 | | | | 2,173,247 | |
Vital Energy, Inc.,
7.875%, 04/15/32 (#) | | | 1,500 | | | | 1,524,885 | |
| | | | | | | | 23,260,488 | |
| | | | | | | | | |
| Software | 2.8% | | | | | | | | |
Clarivate Science Holdings Corp.,
3.875%, 07/01/28 (#) | | | 1,200 | | | | 1,114,532 | |
| Cloud Software Group, Inc.: | | | | | | | | |
| 6.500%, 03/31/29 (#) | | | 1,000 | | | | 960,315 | |
| 9.000%, 09/30/29 (#) | | | 1,000 | | | | 970,220 | |
NCR Voyix Corp.,
5.125%, 04/15/29 (#) | | | 1,750 | | | | 1,648,074 | |
| | | | | | | | 4,693,141 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 21
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Specialty Retail | 3.4% | | | | | | | | |
| Asbury Automotive Group, Inc.: | | | | | | | | |
| 4.500%, 03/01/28 | | $ | 987 | | | $ | 935,150 | |
| 5.000%, 02/15/32 (#) | | | 750 | | | | 679,506 | |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.: | | | | | | | | |
| 4.625%, 01/15/29 (#) | | | 500 | | | | 455,330 | |
| 6.750%, 01/15/30 (#) | | | 1,250 | | | | 1,097,696 | |
Group 1 Automotive, Inc.,
4.000%, 08/15/28 (#) | | | 1,000 | | | | 923,742 | |
Penske Automotive Group, Inc.,
3.750%, 06/15/29 | | | 1,750 | | | | 1,579,383 | |
| | | | | | | | 5,670,807 | |
| | | | | | | | | |
| Technology Hardware, Storage & Peripherals | 2.1% | | | | | | | | |
NCR Atleos Corp.,
9.500%, 04/01/29 (#) | | | 1,500 | | | | 1,621,112 | |
Seagate HDD Cayman,
4.091%, 06/01/29 | | | 2,083 | | | | 1,921,567 | |
| | | | | | | | 3,542,679 | |
| | | | | | | | | |
| Trading Companies & Distributors | 3.3% | | | | | | | | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
5.750%, 07/15/27 (#) | | | 2,000 | | | | 1,939,097 | |
Herc Holdings, Inc.,
5.500%, 07/15/27 (#) | | | 2,000 | | | | 1,968,702 | |
Standard Industries, Inc.,
3.375%, 01/15/31 (#) | | | 2,000 | | | | 1,685,060 | |
| | | | | | | | 5,592,859 | |
| | | | | | | | | |
Total Corporate Bonds
(Cost $164,902,424) | | | | | | | 155,613,572 | |
The accompanying notes are an integral part of these financial statements.
22 Semi-Annual Financial Statements
| Description | | Shares | | |
Fair
Value | |
| | | | | | | | | |
| Lazard US High Yield Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Exchange-Traded Funds | 4.5% | | | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF
(Cost $7,525,941) | | | 97,724 | | | $ | 7,538,429 | |
| | | | | | | | | |
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 1.5% | | | | | | | | |
Fixed Income Clearing Corp.
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $2,682,800 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $2,519,553) Proceeds of $2,471,089
(Cost $2,470,000) | | $ | 2,470 | | | $ | 2,470,000 | |
| | | | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.1% | | | | | | | | |
State Street Institutional Treasury
Plus Money Market Fund, Premier Class,
5.23% (7 day yield)
(Cost $130,286) | | | 130,286 | | | $ | 130,286 | |
| | | | | | | | | |
Total Investments | 98.6%
(Cost $175,028,651) | | | | | | $ | 165,752,287 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 1.4% | | | | | | | 2,370,739 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 168,123,026 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 23
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Short Duration Fixed Income Portfolio | | | | | | | | |
| | | | | | | | | |
| Asset-Backed Securities | 12.2% | | | | | | | | |
| | | | | | | | | |
| Financial Services | 4.7% | | | | | | | | |
AMSR Trust, Series 2020-SFR4, Class A,
1.355%, 11/17/37 (#) | | $ | 706 | | | $ | 668,969 | |
CF Hippolyta Issuer LLC, Series 2021-1A, Class A1,
1.530%, 03/15/61 (#) | | | 471 | | | | 431,618 | |
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1,
1.910%, 10/20/61 (#) | | | 500 | | | | 445,489 | |
| | | | | | | | 1,546,076 | |
| | | | | | | | | |
| Ground Transportation | 1.2% | | | | | | | | |
TRP LLC, Series 2021-1, Class A,
2.070%, 06/19/51 (#) | | | 431 | | | | 389,570 | |
| | | | | | | | | |
| Real Estate Management & Development | 4.3% | | | | | | | | |
Progress Residential Trust, Series 2020-SFR3, Class A,
1.294%, 10/17/27 (#) | | | 742 | | | | 706,151 | |
Tricon Residential Trust, Series 2021-SFR1, Class A,
1.943%, 07/17/38 | | | 748 | | | | 694,108 | |
| | | | | | | | 1,400,259 | |
| | | | | | | | | |
| Specialty Retail | 2.0% | | | | | | | | |
CARS-DB4 LP, Series 2020-1A, Class A1,
2.690%, 02/15/50 (#) | | | 665 | | | | 650,303 | |
| | | | | | | | | |
Total Asset-Backed Securities
(Cost $3,896,716) | | | | | | | 3,986,208 | |
| | | | | | | | | |
| Corporate Bonds | 27.2% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense | 1.0% | | | | | | | | |
Boeing Co.,
2.196%, 02/04/26 | | | 350 | | | | 328,956 | |
The accompanying notes are an integral part of these financial statements.
24 Semi-Annual Financial Statements
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Short Duration Fixed Income Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Automobiles | 2.5% | | | | | | | | |
American Honda Finance Corp.,
5.250%, 07/07/26 | | $ | 800 | | | $ | 801,438 | |
| | | | | | | | | |
| Banks | 12.2% | | | | | | | | |
Bank of America Corp.,
4.000%, 01/22/25 | | | 1,050 | | | | 1,040,007 | |
Citigroup, Inc.,
2.014% (SOFR + 0.694%), 01/25/26 (§) | | | 1,075 | | | | 1,051,928 | |
Goldman Sachs Group, Inc.,
3.500%, 04/01/25 | | | 900 | | | | 886,236 | |
JPMorgan Chase & Co.,
2.301% (SOFR + 1.160%), 10/15/25 (§) | | | 1,000 | | | | 989,950 | |
| | | | | | | | 3,968,121 | |
| | | | | | | | | |
| Biotechnology | 2.1% | | | | | | | | |
Amgen, Inc.,
5.250%, 03/02/25 | | | 675 | | | | 673,634 | |
| | | | | | | | | |
| Consumer Finance | 3.1% | | | | | | | | |
American Express Co.,
2.500%, 07/30/24 | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | | |
| Diversified Telecommunication Services | 2.1% | | | | | | | | |
T-Mobile USA, Inc.,
2.625%, 04/15/26 | | | 725 | | | | 689,515 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 2.1% | | | | | | | | |
Phillips 66 Co.,
3.605%, 02/15/25 | | | 700 | | | | 690,184 | |
| | | | | | | | | |
| Software | 2.1% | | | | | | | | |
Oracle Corp.,
2.500%, 04/01/25 | | | 700 | | | | 683,784 | |
| | | | | | | | | |
Total Corporate Bonds
(Cost $8,819,308) | | | | | | | 8,835,632 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 25
| Description | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard US Short Duration Fixed Income Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Mortgage-Backed Securities | 2.0% | | | | | | | | |
Federal Home Loan Mortgage Corp.:
4.250%, 08/14/26
(Cost $642,146) | | $ | 650 | | | $ | 641,538 | |
| | | | | | | | | |
| U.S. Treasury Securities | 57.8% | | | | | | | | |
| U.S. Treasury Notes: | | | | | | | | |
| 4.500%, 04/15/27 | | | 4,825 | | | | 4,817,838 | |
| 4.500%, 05/15/27 | | | 3,220 | | | | 3,215,723 | |
| 4.625%, 06/15/27 | | | 10,725 | | | | 10,756,002 | |
| (Cost $18,754,869) | | | | | | | 18,789,563 | |
| | | | | | | | | |
| Repurchase Agreements | 0.2% | | | | | | | | |
Fixed Income Clearing Corp.,
5.29%, 07/01/24
(Dated 06/28/24, collateralized by $76,100 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $71,534)
Proceeds of $70,031
(Cost $70,000) | | | 70 | | | | 70,000 | |
| | | | | | | | | |
| Description | | | Shares | | | | Fair
Value | |
| | | | | | | | | |
| Short-Term Investments | 0.0% | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class,
5.23% (7 day yield)
(Cost $10,872) | | | 10,872 | | | $ | 10,872 | |
| | | | | | | | | |
Total Investments | 99.4%
(Cost $32,193,911) | | | | | | $ | 32,333,813 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.6% | | | | | | | 183,646 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 32,517,459 | |
The accompanying notes are an integral part of these financial statements.
26 Semi-Annual Financial Statements
The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2024 (N-CSR Item 7) (unaudited)
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2024, these securities amounted to the percentage of net assets for each Portfolio as follows: |
| Portfolio | | Percentage of
Net Assets | |
| | | | | |
| US High Yield | | | 76.1% | |
| US Short Duration Fixed Income | | | 10.1% | |
| (§) | 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 June 30, 2024. |
Security Abbreviations:
| REITs | — Real Estate Investment Trusts |
| SOFR | — Secured Overnight Financing Rate |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 27
The Lazard Funds, Inc. Statements of Assets and Liabilities
(N-CSR Item 7) (unaudited)
| June 30, 2024 | | Lazard
US Convertibles
Portfolio | | | Lazard
US High Yield
Portfolio | | |
| | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | |
| Investments in securities, at fair value | | | $ | 12,390,551 | | | | $ | 165,752,287 | | |
| Receivables for: | | | | | | | | | | | |
| Dividends and interest | | | | 40,277 | | | | | 2,565,894 | | |
| Capital stock sold | | | | — | | | | | 1,072 | | |
| Cash collateral pledged for futures contracts | | | | 11,800 | | | | | — | | |
| Amount due from Investment Manager (Note 3) | | | | — | | | | | — | | |
| Total assets | | | | 12,442,628 | | | | | 168,319,253 | | |
| | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | |
| Payables for: | | | | | | | | | | | |
| Management fees | | | | 11,308 | | | | | 50,995 | | |
| Accrued professional services | | | | 31,587 | | | | | 30,566 | | |
| Accrued custodian fees | | | | 12,179 | | | | | 29,406 | | |
| Accrued shareholders’ reports | | | | 2,498 | | | | | 11,120 | | |
| Accrued administration fees | | | | 8,996 | | | | | 6,407 | | |
| Accrued directors’ fees | | | | 1,164 | | | | | 5,380 | | |
| Accrued distribution fees | | | | 30 | | | | | 452 | | |
| Capital stock redeemed | | | | — | | | | | 50,866 | | |
| Distributions to shareholders | | | | — | | | | | 2,866 | | |
| Variation margin on open futures contracts | | | | 1,252 | | | | | — | | |
| Other accrued expenses and payables | | | | 1,504 | | | | | 8,169 | | |
| Total liabilities | | | | 70,518 | | | | | 196,227 | | |
| Net assets | | | $ | 12,372,110 | | | | $ | 168,123,026 | | |
| | | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | | |
| Paid in capital | | | $ | 12,001,720 | | | | $ | 203,038,473 | | |
| Distributable earnings (Accumulated loss) | | | | 370,390 | | | | | (34,915,447 | ) | |
| Net assets | | | $ | 12,372,110 | | | | $ | 168,123,026 | | |
The accompanying notes are an integral part of these financial statements.
28 Semi-Annual Financial Statements
| | Lazard US
Short Duration
Fixed Income
Portfolio | |
| | | | | |
| | | $ | 32,333,813 | |
| | | | | |
| | | | 205,353 | |
| | | | — | |
| | | | — | |
| | | | 52,385 | |
| | | | 32,591,551 | |
| | | | | |
| | | | — | |
| | | | 25,931 | |
| | | | 10,037 | |
| | | | 5,480 | |
| | | | 3,567 | |
| | | | 2,257 | |
| | | | — | |
| | | | 22,841 | |
| | | | — | |
| | | | — | |
| | | | 3,979 | |
| | | | 74,092 | |
| | | $ | 32,517,459 | |
| | | | | |
| | | $ | 35,680,628 | |
| | | | (3,163,169 | ) |
| | | $ | 32,517,459 | |
Semi-Annual Financial Statements 29
| June 30, 2024 | | Lazard
US Convertibles
Portfolio | | | Lazard
US High Yield
Portfolio | | |
| | | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | | |
| Net assets | | | $ | 12,227,985 | | | | $ | 165,132,694 | | |
| Shares of capital stock outstanding* | | | | 1,160,505 | | | | | 9,282,458 | | |
| Net asset value, offering and redemption price per share | | | $ | 10.54 | | | | $ | 17.79 | | |
| | | | | | | | | | | | |
| Open Shares | | | | | | | | | | | |
| Net assets | | | $ | 144,125 | | | | $ | 2,979,060 | | |
| Shares of capital stock outstanding* | | | | 13,678 | | | | | 166,696 | | |
| Net asset value, offering and redemption price per share | | | $ | 10.54 | | | | $ | 17.87 | | |
| | | | | | | | | | | | |
| R6 Shares | | | | | | | | | | | |
| Net assets | | | | — | | | | $ | 11,272 | | |
| Shares of capital stock outstanding* | | | | — | | | | | 632 | † | |
| Net asset value, offering and redemption price per share* | | | | — | | | | $ | 17.85 | | |
| | | | | | | | | | | | |
| Cost of investments in securities | | | $ | 12,017,016 | | | | $ | 175,028,651 | | |
| * | $0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total. |
| † | Shares value is rounded for presentation purposes. |
The accompanying notes are an integral part of these financial statements.
30 Semi-Annual Financial Statements
| | Lazard US
Short Duration
Fixed Income
Portfolio | |
| | | | | |
| | | $ | 32,499,535 | |
| | | | 3,438,786 | |
| | | | | |
| | | $ | 9.45 | |
| | | | | |
| | | $ | 17,924 | |
| | | | 1,894 | |
| | | | | |
| | | $ | 9.46 | |
| | | | | |
| | | | — | |
| | | | — | |
| | | | | |
| | | | — | |
| | | $ | 32,193,911 | |
Semi-Annual Financial Statements 31
The Lazard Funds, Inc. Statements of Operations
(N-CSR Item 7) (unaudited)
| For the Six Months Ended June 30, 2024 | | Lazard US
Convertibles
Portfolio | | | Lazard
US High Yield
Portfolio | | |
| | | | | | | | | | | | |
| Investment Income (Loss) | | | | | | | | | | | |
| Income | | | | | | | | | | | |
| Interest | | | $ | 127,689 | | | | $ | 4,352,053 | | |
| Dividends | | | | 20,293 | | | | | 148,176 | | |
| Total investment income | | | | 147,982 | | | | | 4,500,229 | | |
| Expenses | | | | | | | | | | | |
| Management fees (Note 3) | | | | 32,307 | | | | | 463,224 | | |
| Custodian fees | | | | 18,634 | | | | | 46,165 | | |
| Professional services | | | | 8,461 | | | | | 29,331 | | |
| Registration fees | | | | 13,790 | | | | | 19,439 | | |
| Administration fees | | | | 13,434 | | | | | 19,147 | | |
| Shareholders’ reports | | | | 2,976 | | | | | 14,048 | | |
| Shareholders’ services | | | | 4,037 | | | | | 10,933 | | |
| Directors’ fees and expenses | | | | 2,584 | | | | | 9,670 | | |
| Distribution fees (Open Shares) | | | | 222 | | | | | 3,708 | | |
| Other^ | | | | 1,912 | | | | | 7,236 | | |
| Total gross expenses | | | | 98,357 | | | | | 622,901 | | |
| Management fees waived and expenses reimbursed | | | | (57,701 | ) | | | | (154,831 | ) | |
| Total net expenses | | | | 40,656 | | | | | 468,070 | | |
| Net investment income (loss) | | | | 107,326 | | | | | 4,032,159 | | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | |
| Investments | | | | 36,789 | | | | | (2,103,394 | ) | |
| Futures contracts | | | | 28,266 | | | | | — | | |
| Total net realized gain (loss) | | | | 65,055 | | | | | (2,103,394 | ) | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | |
| Investments | | | | (148,086 | ) | | | | 838,568 | | |
| Futures contracts | | | | (7,184 | ) | | | | — | | |
| Total net change in unrealized appreciation (depreciation) | | | | (155,270 | ) | | | | 838,568 | | |
| Net realized and unrealized gain (loss) | | | | (90,215 | ) | | | | (1,264,826 | ) | |
| Net increase (decrease) in net assets resulting from operations | | | $ | 17,111 | | | | $ | 2,767,333 | | |
| | | | | | | | | | | | |
| ^ Includes interest on line of credit of | | | $ | — | | | | $ | 161 | | |
The accompanying notes are an integral part of these financial statements.
32 Semi-Annual Financial Statements
| | Lazard US
Short Duration
Fixed Income
Portfolio | |
| | | | | |
| | | $ | 713,060 | |
| | | | — | |
| | | | 713,060 | |
| | | | | |
| | | | 41,424 | |
| | | | 15,262 | |
| | | | 23,317 | |
| | | | 35,129 | |
| | | | 10,691 | |
| | | | 5,180 | |
| | | | 6,146 | |
| | | | 4,039 | |
| | | | 22 | |
| | | | 3,444 | |
| | | | 144,654 | |
| | | | (78,178 | ) |
| | | | 66,476 | |
| | | | 646,584 | |
| | | | | |
| | | | (158,304 | ) |
| | | | — | |
| | | | (158,304 | ) |
| | | | | |
| | | | (59,146 | ) |
| | | | — | |
| | | | (59,146 | ) |
| | | | (217,450 | ) |
| | | | | |
| | | $ | 429,134 | |
| | | | | |
| | | $ | — | |
Semi-Annual Financial Statements 33
The Lazard Funds, Inc. Statements of Changes in Net Assets
(N-CSR Item 7) (unaudited)
| | | Lazard
US Convertibles Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | |
| | | | | | | | |
| Increase (Decrease) in Net Assets | | | | | | | |
| |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 107,326 | | | $ | 206,116 | |
| Net realized gain (loss) | | | | 65,055 | | | | 82,703 | |
| Net change in unrealized appreciation (depreciation) | | | | (155,270 | ) | | | 512,231 | |
| Net increase (decrease) in net assets resulting from operations | | | | 17,111 | | | | 801,050 | |
| |
| Distributions to shareholders (Note 2(h)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Institutional Shares | | | | (123,293 | ) | | | (336,860 | ) |
| Open Shares | | | | (1,709 | ) | | | (6,106 | ) |
| R6 Shares | | | | — | | | | — | |
| Net decrease in net assets resulting from distributions | | | | (125,002 | ) | | | (342,966 | ) |
| |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Institutional Shares | | | | 3,156,539 | | | | 3,461,876 | |
| Open Shares | | | | 8,629 | | | | 66,678 | |
| R6 Shares | | | | — | | | | — | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Institutional Shares | | | | 123,293 | | | | 336,860 | |
| Open Shares | | | | 1,709 | | | | 6,106 | |
| R6 Shares | | | | — | | | | — | |
| Cost of shares redeemed | | | | | | | | | |
| Institutional Shares | | | | (54,236 | ) | | | (60,050 | ) |
| Open Shares | | | | (42,113 | ) | | | (3,364 | ) |
| Net increase (decrease) in net assets from capital stock transactions | | | | 3,193,821 | | | | 3,808,106 | |
| Total increase (decrease) in net assets | | | | 3,085,930 | | | | 4,266,190 | |
| Net assets at beginning of period | | | | 9,286,180 | | | | 5,019,990 | |
| Net assets at end of period | | | $ | 12,372,110 | | | $ | 9,286,180 | |
The accompanying notes are an integral part of these financial statements.
34 Semi-Annual Financial Statements
| | Lazard
US High Yield Portfolio | | | Lazard
US Short Duration Fixed Income Portfolio | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | | |
| | | | |
| | $ | 4,032,159 | | | $ | 9,244,366 | | | $ | 646,584 | | | $ | 1,414,577 | | |
| | | (2,103,394 | ) | | | (9,406,959 | ) | | | (158,304 | ) | | | (1,260,686 | ) | |
| | | 838,568 | | | | 18,383,423 | | | | (59,146 | ) | | | 1,463,926 | | |
| | | |
| | | 2,767,333 | | | | 18,220,830 | | | | 429,134 | | | | 1,617,817 | | |
| | | |
| | | (4,003,937 | ) | | | (9,199,641 | ) | | | (646,385 | ) | | | (1,411,919 | ) | |
| | | (68,073 | ) | | | (125,017 | ) | | | (322 | ) | | | (577 | ) | |
| | | (265 | ) | | | (398 | ) | | | — | | | | — | | |
| | | (4,072,275 | ) | | | (9,325,056 | ) | | | (646,707 | ) | | | (1,412,496 | ) | |
| | | |
| | | 6,016,899 | | | | 26,230,303 | | | | 6,555,000 | | | | 656,347 | | |
| | | 9,656 | | | | 980,467 | | | | 1,001 | | | | 3,353 | | |
| | | — | | | | 9,000 | | | | — | | | | — | | |
| | | |
| | | 3,955,565 | | | | 9,100,919 | | | | 641,443 | | | | 1,377,893 | | |
| | | 64,307 | | | | 107,031 | | | | 322 | | | | 577 | | |
| | | 265 | | | | 398 | | | | — | | | | — | | |
| | | |
| | | (13,847,543 | ) | | | (96,653,345 | ) | | | (4,841,385 | ) | | | (30,451,361 | ) | |
| | | (109,980 | ) | | | (1,151,214 | ) | | | (3,193 | ) | | | (789 | ) | |
| | | |
| | | (3,910,831 | ) | | | (61,376,441 | ) | | | 2,353,188 | | | | (28,413,980 | ) | |
| | | (5,215,773 | ) | | | (52,480,667 | ) | | | 2,135,615 | | | | (28,208,659 | ) | |
| | | 173,338,799 | | | | 225,819,466 | | | | 30,381,844 | | | | 58,590,503 | | |
| | $ | 168,123,026 | | | $ | 173,338,799 | | | $ | 32,517,459 | | | $ | 30,381,844 | | |
Semi-Annual Financial Statements 35
| | | Lazard
US Convertibles Portfolio | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | |
| | | | | | | | |
| Shares issued and redeemed | | | | | | | |
| |
| Institutional Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 855,258 | | | | 490,000 | |
| Shares sold | | | | 298,633 | | | | 339,175 | |
| Shares issued to shareholders from reinvestment of distributions | | | | 11,755 | | | | 31,885 | |
| Shares redeemed | | | | (5,141 | ) | | | (5,802 | ) |
| Net increase (decrease) | | | | 305,247 | | | | 365,258 | |
| Shares outstanding at end of period | | | | 1,160,505 | | | | 855,258 | |
| |
| Open Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 16,707 | | | | 10,000 | |
| Shares sold | | | | 813 | | | | 6,445 | |
| Shares issued to shareholders from reinvestment of distributions | | | | 163 | | | | 577 | |
| Shares redeemed | | | | (4,005 | ) | | | (315 | ) |
| Net increase (decrease) | | | | (3,029 | ) | | | 6,707 | |
| Shares outstanding at end of period | | | | 13,678 | | | | 16,707 | |
| |
| R6 Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | — | | | | — | |
| Shares sold | | | | — | | | | — | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | — | |
| Net increase (decrease) | | | | — | | | | — | |
| Shares outstanding at end of period | | | | — | | | | — | |
The accompanying notes are an integral part of these financial statements.
36 Semi-Annual Financial Statements
| | Lazard
US High Yield Portfolio | | | Lazard
US Short Duration Fixed Income Portfolio | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31,
2023 | | |
| | | | |
| | | 9,501,245 | | | | 13,164,575 | | | | 3,192,502 | | | | 6,203,400 | | |
| | | 337,959 | | | | 1,527,640 | | | | 690,501 | | | | 69,565 | | |
| | | |
| | | 223,168 | | | | 528,878 | | | | 67,912 | | | | 145,976 | | |
| | | (779,914 | ) | | | (5,719,848 | ) | | | (512,129 | ) | | | (3,226,439 | ) | |
| | | (218,787 | ) | | | (3,663,330 | ) | | | 246,284 | | | | (3,010,898 | ) | |
| | | 9,282,458 | | | | 9,501,245 | | | | 3,438,786 | | | | 3,192,502 | | |
| | | |
| | | 168,715 | | | | 172,536 | | | | 2,091 | | | | 1,757 | | |
| | | 541 | | | | 56,835 | | | | 105 | | | | 356 | | |
| | | |
| | | 3,612 | | | | 6,187 | | | | 34 | | | | 61 | | |
| | | (6,172 | ) | | | (66,843 | ) | | | (336 | ) | | | (83 | ) | |
| | | (2,019 | ) | | | (3,821 | ) | | | (197 | ) | | | 334 | | |
| | | 166,696 | | | | 168,715 | | | | 1,894 | | | | 2,091 | | |
| | | |
| | | 617 | | | | 66 | | | | — | | | | — | | |
| | | — | | | | 528 | | | | — | | | | — | | |
| | | |
| | | 15 | | | | 23 | | | | — | | | | — | | |
| | | 15 | | | | 551 | | | | — | | | | — | | |
| | | 632 | | | | 617 | | | | — | | | | — | | |
Semi-Annual Financial Statements 37
The Lazard Funds, Inc. Financial Highlights
(N-CSR Item 7) (unaudited)
LAZARD US CONVERTIBLES PORTFOLIO
Selected data for a
share of capital stock
outstanding throughout
each period | Six Months
Ended
6/30/24† | | | Year Ended
12/31/23 | | | For the period
12/30/22*
to 12/31/22 | |
| | | | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 10.65 | | | $ | 10.04 | | | $ | 10.00 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.10 | | | | 0.27 | | | | — | (b) |
| Net realized and unrealized gain (loss) | | | (0.09 | ) | | | 0.74 | | | | 0.04 | |
| Total from investment operations | | | 0.01 | | | | 1.01 | | | | 0.04 | |
| Less distributions from: | | | | | | | | | | | | |
| Net investment income | | | (0.12 | ) | | | (0.26 | ) | | | — | |
| Net realized gains | | | — | | | | (0.14 | ) | | | — | |
| Total distributions | | | (0.12 | ) | | | (0.40 | ) | | | — | |
| Net asset value, end of period | | $ | 10.54 | | | $ | 10.65 | | | $ | 10.04 | |
| Total Return (c) | | | 0.13 | % | | | 10.18 | % | | | 0.40 | % |
| | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 12,228 | | | $ | 9,108 | | | $ | 4,920 | |
| Ratios to average net assets (d): | | | | | | | | | | | | |
| Net expenses | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
| Gross expenses | | | 1.79 | % | | | 4.59 | % | | | 3.08 | % |
| Net investment income (loss) | | | 2.00 | % | | | 2.55 | % | | | -0.75 | % |
| Portfolio turnover rate | | | 18 | % | | | 22 | % | | | 0 | % |
| | | | | | | | | | | | | |
| Open Shares | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 10.65 | | | $ | 10.04 | | | $ | 10.00 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.09 | | | | 0.24 | | | | — | (b) |
| Net realized and unrealized gain (loss) | | | (0.09 | ) | | | 0.75 | | | | 0.04 | |
| Total from investment operations | | | — | | | | 0.99 | | | | 0.04 | |
| Less distributions from: | | | | | | | | | | | | |
| Net investment income | | | (0.11 | ) | | | (0.24 | ) | | | — | |
| Net realized gains | | | — | | | | (0.14 | ) | | | — | |
| Total distributions | | | (0.11 | ) | | | (0.38 | ) | | | — | |
| Net asset value, end of period | | $ | 10.54 | | | $ | 10.65 | | | $ | 10.04 | |
| Total Return (c) | | | 0.00 | % | | | 9.91 | % | | | 0.40 | % |
| | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 144 | | | $ | 178 | | | $ | 100 | |
| Ratios to average net assets (d): | | | | | | | | | | | | |
| Net expenses | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % |
| Gross expenses | | | 4.14 | % | | | 6.63 | % | | | 18.24 | % |
| Net investment income (loss) | | | 1.73 | % | | | 2.32 | % | | | -1.00 | % |
| Portfolio turnover rate | | | 18 | % | | | 22 | % | | | 0 | % |
| | |
| † | Unaudited |
| * | The Portfolio commenced operations on December 30, 2022. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Amount is less than $0.01 per share. |
| (c) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (d) | Annualized for a period of less than one year except for non-recurring expenses. |
The accompanying notes are an integral part of these financial statements.
38 Semi-Annual Financial Statements
LAZARD US HIGH YIELD PORTFOLIO
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | * | | 12/31/19 | * | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.92 | | | $ | 16.93 | | | $ | 19.63 | | | $ | 19.80 | | | $ | 19.68 | | | $ | 18.16 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.42 | | | | 0.76 | | | | 0.72 | | | | 0.72 | | | | 0.80 | | | | 0.88 | | |
| Net realized and unrealized gain (loss) | | | | (0.12 | ) | | | 1.00 | | | | (2.69 | ) | | | (0.17 | ) | | | 0.13 | | | | 1.52 | | |
| Total from investment operations | | | | 0.30 | | | | 1.76 | | | | (1.97 | ) | | | 0.55 | | | | 0.93 | | | | 2.40 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.43 | ) | | | (0.77 | ) | | | (0.73 | ) | | | (0.72 | ) | | | (0.81 | ) | | | (0.88 | ) | |
| Total distributions | | | | (0.43 | ) | | | (0.77 | ) | | | (0.73 | ) | | | (0.72 | ) | | | (0.81 | ) | | | (0.88 | ) | |
| Net asset value, end of period | | | $ | 17.79 | | | $ | 17.92 | | | $ | 16.93 | | | $ | 19.63 | | | $ | 19.80 | | | $ | 19.68 | | |
| Total Return (b) | | | | 1.69 | % | | | 10.65 | % | | | -10.11 | % | | | 2.86 | % | | | 4.96 | % | | | 13.34 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 165,133 | | | $ | 170,290 | | | $ | 222,884 | | | $ | 299,518 | | | $ | 298,636 | | | $ | 297,219 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | |
| Gross expenses | | | | 0.73 | % | | | 0.70 | % | | | 0.70 | % | | | 0.66 | % | | | 0.67 | % | | | 0.67 | % | |
| Net investment income (loss) | | | | 4.79 | % | | | 4.40 | % | | | 4.06 | % | | | 3.64 | % | | | 4.17 | % | | | 4.47 | % | |
| Portfolio turnover rate | | | | 33 | % | | | 26 | % | | | 7 | % | | | 30 | % | | | 26 | % | | | 21 | % | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 39
Selected data for a
share of capital stock
outstanding throughout | | Six Months Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | * | | 12/31/19 | * | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 18.00 | | | $ | 17.01 | | | $ | 19.72 | | | $ | 19.90 | | | $ | 19.76 | | | $ | 18.28 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.40 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.75 | | | | 0.80 | | |
| Net realized and unrealized gain (loss) | | | | (0.12 | ) | | | 1.00 | | | | (2.70 | ) | | | (0.17 | ) | | | 0.15 | | | | 1.48 | | |
| Total from investment operations | | | | 0.28 | | | | 1.72 | | | | (2.02 | ) | | | 0.50 | | | | 0.90 | | | | 2.28 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.41 | ) | | | (0.73 | ) | | | (0.69 | ) | | | (0.68 | ) | | | (0.76 | ) | | | (0.80 | ) | |
| Total distributions | | | | (0.41 | ) | | | (0.73 | ) | | | (0.69 | ) | | | (0.68 | ) | | | (0.76 | ) | | | (0.80 | ) | |
| Net asset value, end of period | | | $ | 17.87 | | | $ | 18.00 | | | $ | 17.01 | | | $ | 19.72 | | | $ | 19.90 | | | $ | 19.76 | | |
| Total Return (b) | | | | 1.57 | % | | | 10.35 | % | | | -10.32 | % | | | 2.55 | % | | | 4.80 | % | | | 12.74 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 2,979 | | | $ | 3,038 | | | $ | 2,935 | | | $ | 3,423 | | | $ | 3,733 | | | $ | 4,170 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.83 | % | |
| Gross expenses | | | | 1.11 | % | | | 1.08 | % | | | 1.06 | % | | | 1.00 | % | | | 1.03 | % | | | 1.19 | % | |
| Net investment income (loss) | | | | 4.54 | % | | | 4.16 | % | | | 3.81 | % | | | 3.39 | % | | | 3.94 | % | | | 4.18 | % | |
| Portfolio turnover rate | | | | 33 | % | | | 26 | % | | | 7 | % | | | 30 | % | | | 26 | % | | | 21 | % | |
The accompanying notes are an integral part of these financial statements.
40 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | * | | 12/31/19 | * | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 17.98 | | | $ | 16.99 | | | $ | 19.69 | | | $ | 19.88 | | | $ | 19.76 | | | $ | 18.68 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.42 | | | | 0.77 | | | | 0.77 | | | | 0.73 | | | | 0.81 | | | | 0.92 | | |
| Net realized and unrealized gain (loss) | | | | (0.12 | ) | | | 0.99 | | | | (2.72 | ) | | | (0.18 | ) | | | 0.11 | | | | 1.04 | | |
| Total from investment operations | | | | 0.30 | | | | 1.76 | | | | (1.95 | ) | | | 0.55 | | | | 0.92 | | | | 1.96 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.43 | ) | | | (0.77 | ) | | | (0.75 | ) | | | (0.74 | ) | | | (0.80 | ) | | | (0.88 | ) | |
| Total distributions | | | | (0.43 | ) | | | (0.77 | ) | | | (0.75 | ) | | | (0.74 | ) | | | (0.80 | ) | | | (0.88 | ) | |
| Net asset value, end of period | | | $ | 17.85 | | | $ | 17.98 | | | $ | 16.99 | | | $ | 19.69 | | | $ | 19.88 | | | $ | 19.76 | | |
| Total Return (b) | | | | 1.68 | % | | | 10.65 | % | | | -9.98 | % | | | 2.80 | % | | | 4.89 | % | | | 10.67 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 11 | | | $ | 11 | | | $ | 1 | | | $ | 1 | | | $ | 1 | | | $ | 1 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55 | % | |
| Gross expenses | | | | 30.61 | % | | | 38.30 | % | | | 241.56 | % | | | 231.95 | % | | | 256.05 | % | | | 858.55 | % | |
| Net investment income (loss) | | | | 4.79 | % | | | 4.47 | % | | | 4.30 | % | | | 3.66 | % | | | 4.22 | % | | | 4.55 | % | |
| Portfolio turnover rate | | | | 33 | % | | | 26 | % | | | 7 | % | | | 30 | % | | | 26 | % | | | 21 | % | |
| | |
| † | Unaudited |
| * | On November 17, 2020, the Portfolio effected a 1:4 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 41
LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.51 | | | $ | 9.44 | | | $ | 9.83 | | | $ | 9.89 | | | $ | 9.77 | | | $ | 9.70 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.18 | | | | 0.31 | | | | 0.12 | | | | 0.02 | | | | 0.12 | | | | 0.21 | | |
| Net realized and unrealized gain (loss) | | | | (0.06 | ) | | | 0.08 | | | | (0.38 | ) | | | (0.06 | ) | | | 0.12 | | | | 0.07 | | |
| Total from investment operations | | | | 0.12 | | | | 0.39 | | | | (0.26 | ) | | | (0.04 | ) | | | 0.24 | | | | 0.28 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.18 | ) | | | (0.32 | ) | | | (0.13 | ) | | | (0.02 | ) | | | (0.12 | ) | | | (0.20 | ) | |
| Return of capital | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | |
| Total distributions | | | | (0.18 | ) | | | (0.32 | ) | | | (0.13 | ) | | | (0.02 | ) | | | (0.12 | ) | | | (0.21 | ) | |
| Net asset value, end of period | | | $ | 9.45 | | | $ | 9.51 | | | $ | 9.44 | | | $ | 9.83 | | | $ | 9.89 | | | $ | 9.77 | | |
| Total Return (b) | | | | 1.32 | % | | | 4.26 | % | | | -2.68 | % | | | -0.39 | % | | | 2.46 | % | | | 2.93 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 32,500 | | | $ | 30,362 | | | $ | 58,574 | | | $ | 79,247 | | | $ | 87,746 | | | $ | 96,096 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.36 | % | | | 0.40 | % | | | 0.40 | % | |
| Gross expenses | | | | 0.86 | % | | | 0.66 | % | | | 0.51 | % | | | 0.48 | % | | | 0.47 | % | | | 0.45 | % | |
| Net investment income (loss) | | | | 3.90 | % | | | 3.28 | % | | | 1.28 | % | | | 0.22 | % | | | 1.21 | % | | | 2.18 | % | |
| Portfolio turnover rate | | | | 139 | % | | | 259 | % | | | 135 | % | | | 100 | % | | | 97 | % | | | 175 | % | |
The accompanying notes are an integral part of these financial statements.
42 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding throughout | | Six Months Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | † | | 12/31/22 | † | | 12/31/21 | † | | 12/31/20 | † | | 12/31/19 | † | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.52 | | | $ | 9.45 | | | $ | 9.84 | | | $ | 9.90 | | | $ | 9.78 | | | $ | 9.71 | | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.17 | | | | 0.31 | | | | 0.10 | | | | 0.01 | | | | 0.09 | | | | 0.19 | | |
| Net realized and unrealized gain (loss) | | | | (0.06 | ) | | | 0.06 | | | | (0.38 | ) | | | (0.06 | ) | | | 0.12 | | | | 0.06 | | |
| Total from investment operations | | | | 0.11 | | | | 0.37 | | | | (0.28 | ) | | | (0.05 | ) | | | 0.21 | | | | 0.25 | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.17 | ) | | | (0.30 | ) | | | (0.11 | ) | | | (0.01 | ) | | | (0.09 | ) | | | (0.17 | ) | |
| Return of capital | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | |
| Total distributions | | | | (0.17 | ) | | | (0.30 | ) | | | (0.11 | ) | | | (0.01 | ) | | | (0.09 | ) | | | (0.18 | ) | |
| Net asset value, end of period | | | $ | 9.46 | | | $ | 9.52 | | | $ | 9.45 | | | $ | 9.84 | | | $ | 9.90 | | | $ | 9.78 | | |
| Total Return (b) | | | | 1.20 | % | | | 3.98 | % | | | -2.89 | % | | | -0.50 | % | | | 2.20 | % | | | 2.64 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 18 | | | $ | 20 | | | $ | 17 | | | $ | 22 | | | $ | 29 | | | $ | 16 | | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.65 | % | | | 0.65 | % | | | 0.62 | % | | | 0.48 | % | | | 0.65 | % | | | 0.69 | % | |
| Gross expenses | | | | 30.48 | % | | | 29.63 | % | | | 28.11 | % | | | 18.10 | % | | | 14.74 | % | | | 51.53 | % | |
| Net investment income (loss) | | | | 3.64 | % | | | 3.24 | % | | | 1.06 | % | | | 0.12 | % | | | 0.96 | % | | | 1.91 | % | |
| Portfolio turnover rate | | | | 139 | % | | | 259 | % | | | 135 | % | | | 100 | % | | | 97 | % | | | 175 | % | |
| | |
| † | Unaudited |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 43
The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2024 (N-CSR Item 7) (unaudited)
1. Organization
The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2024, the Fund was comprised of twenty-five no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard US Convertibles Portfolio (“US Convertibles”), the Lazard US High Yield (formerly the Lazard US Corporate Income Portfolio, “US High Yield”), and the Lazard US Short Duration Fixed Income Portfolio (“US Short Duration Fixed Income”). The financial statements of the other twenty-two 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, and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Fund’s prospectus).
2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:
(a) Valuation of Investments—Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities. Equity securities traded on a securities exchange or market, including exchange-traded option contracts, futures contracts, rights and warrants, and exchange-traded funds, are
44 Semi-Annual Financial Statements
valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. Over the counter swap agreements are valued by an independent pricing service and centrally cleared swaps are valued at the last reported sale on the clearing exchange. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.
Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.
Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.
The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered.
Semi-Annual Financial Statements 45
Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.
(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Interest income is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method and mortgage-backed securities using the level yield method.
A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.
(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.
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
46 Semi-Annual Financial Statements
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 period ended June 30, 2024, none of the Portfolios traded in forward currency contracts.
(d) Futures Contracts—Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.
Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash collateral pledged for futures contracts in the Statements of Assets and Liabilities.
Semi-Annual Financial Statements 47
Securities may be deposited as initial margin. If applicable, any cash deposited and held on margin is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as receivables (or payables) for variation margin on open futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
During the period ended June 30, 2024, the US Convertibles traded in futures contracts.
(e) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. When a Portfolio writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash collateral in the Statements of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.
48 Semi-Annual Financial Statements
During the period ended June 30, 2024, none of the Portfolios traded in options transactions.
(f) Swap Agreements—Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. The change in value, if any, on swap agreements is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.
Upon entering into a centrally cleared swap, the Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash collateral for swaps in the Statements of Assets and Liabilities. On these transactions,
Semi-Annual Financial Statements 49
the Portfolio agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.
During the period ended June 30, 2024, none of the Portfolios traded in swap agreements.
(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, 2023, 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 | |
| | | | | | | | | |
| US High Yield | | $ | (5,106,888 | ) | | $ | (18,255,751 | ) |
| US Short Duration Fixed Income | | | (2,503,915 | ) | | | (632,745 | ) |
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, 2023, the following Portfolios elected to defer such losses as follows:
| Portfolio | | Post October
Capital Loss Deferral | | | Late Year Ordinary
Loss Deferral | |
| | | | | | | | | |
| US Convertibles | | $ | 26,460 | | | $ | — | |
50 Semi-Annual Financial Statements
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) | |
| | | | | | | | | | | | | | | | | |
| US Convertibles | | $ | 12,017,016 | | | $ | 784,045 | | | $ | 406,887 | | | $ | 377,158 | |
| US High Yield | | | 175,028,651 | | | | 541,167 | | | | 9,817,531 | | | | (9,276,364 | ) |
| US Short Duration Fixed Income | | | 32,193,911 | | | | 162,319 | | | | 22,417 | | | | 139,902 | |
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 US High Yield and US Short Duration Fixed Income, income dividends are normally declared each business day and paid monthly. For US Convertibles, income dividends are declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently in connection with income distributions. Differences in per share distributions, by class, are generally due to differences in class specific expenses.
Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency and fixed-income transactions, distribution redesignations, certain fixed-income securities and
Semi-Annual Financial Statements 51
expenses, derivatives, wash sales, return of capital distributions, capital loss carryforwards, deemed dividends outstanding, currency straddles and paydown gain/loss. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts.
(i) Offering and Organizational Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class of a Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period. Organizational costs are expensed as incurred.
(j) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.
(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates 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
52 Semi-Annual Financial Statements
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 an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolios’ 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 | | |
| | | | | | |
| US Convertibles | | | 0.60 | % | |
| US High Yield | | | 0.55 | | |
| US Short Duration Fixed Income | | | 0.25 | | |
The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2025 (or such other date as indicated below) if the aggregate direct expenses of each Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of an “Acquired Fund” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The
Semi-Annual Financial Statements 53
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 | |
| | | | | | | | | | | | | |
| US Convertibles | | | 0.75 | % | | | 1.00 | % | | | N/A | % |
| US High Yield (a) | | | 0.55 | | | | 0.80 | | | | 0.55 | |
| US Short Duration Fixed Income (b) | | | 0.40 | | | | 0.65 | | | | N/A | |
| (a) | This agreement will continue in effect until May 1, 2034 for R6 Shares. |
| (b) | This agreement will continue in effect until May 1, 2034 for Open Shares. |
In addition, until May 1, 2025, to the extent the “Total Annual Fund Operating Expenses” (as used in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio’s assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess. Further, the Investment Manager will bear the daily expenses incurred in excess of any income produced for US Short Duration Fixed Income.
During the period ended June 30, 2024, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses:
| | | Institutional Shares | | | Open Shares | | |
| Portfolio | | Management
Fees Waived | | | Expenses
Reimbursed | | | Management
Fees Waived | | | Expenses
Reimbursed | | |
| | | | | | | | | | | | | | | | | | |
| US Convertibles | | $ | 31,774 | | | $ | 23,139 | | | $ | 533 | | | $ | 2,255 | | |
| US High Yield | | | 148,556 | | | | — | | | | 4,620 | | | | — | | |
| US Short Duration Fixed Income | | | 41,402 | | | | 34,147 | | | | 22 | | | | 2,607 | | |
| | R6 Shares | | |
| Portfolio | | Management
Fees Waived | | | Expenses
Reimbursed | | |
| | | | | | | | | | |
| US High Yield | | $ | 30 | | | $ | 1,625 | | |
The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.
54 Semi-Annual Financial Statements
State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.
The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.
Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Open Shares, for certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.
SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.
4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $252,500, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The
Semi-Annual Financial Statements 55
Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.
5. Securities Transactions and Transactions with Affiliates
Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2024 were as follows:
| Portfolio | | Purchases | | | Sales | |
| | | | | | | |
| US Convertibles | | $ | 4,758,535 | | | $ | 1,890,733 | |
| US High Yield | | | 55,282,099 | | | | 53,927,467 | |
| US Short Duration Fixed Income | | | 4,095,242 | | | | 49,447 | |
| | | US Government and Treasury Securities | |
| Portfolio | | Purchases | | | Sales | |
| | | | | | | |
| US Short Duration Fixed Income | | | $40,164,884 | | | | $43,761,856 | |
At June 30, 2024, the Investment Manager owned 44.76% of the outstanding shares of US Convertibles.
For the period ended June 30, 2024, 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
56 Semi-Annual Financial Statements
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 period ended June 30, 2024, 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 | |
| | | | | | | | | | | | | |
| US High Yield | | | $450,961 | | | | $454,365 | | | | 6.43% | | | | 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
Semi-Annual Financial Statements 57
may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting international and domestic travel, and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.
(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 may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.
58 Semi-Annual Financial Statements
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).
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.
Semi-Annual Financial Statements 59
(c) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, 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. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.
(d) Foreign Currency Risk—Investments denominated in currencies other than 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) Derivatives and Hedging Risk—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements and other over-the-counter
60 Semi-Annual Financial Statements
derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.
(f) Structured Products Risk—Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives
Semi-Annual Financial Statements 61
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 a Portfolio had not engaged in such transactions.
(g) Mortgage-Related and Asset-Backed Securities Risk—Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.
The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide a Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.
(h) Preferred Securities Risk—There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.
| • | 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 |
62 Semi-Annual Financial Statements
| | 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 or at prices approximating the value at which the Portfolio is carrying the securities on its books. |
(i) Government Securities Risk—Not all obligations of the 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
Semi-Annual Financial Statements 63
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.
(j) 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.
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.
64 Semi-Annual Financial Statements
9. Fair Value Measurements
Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:
| • | Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities |
| | |
| • | Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.) |
| | |
| • | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities) |
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.
Semi-Annual Financial Statements 65
The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2024:
| 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
June 30, 2024 | |
| | | | | | | | | | | | | | | | | | | | | |
| US Convertibles | | | | | | | | | | | | | | | | | | | | |
| Convertible Corporate Bonds | | | $ | — | | | | $ | 10,887,133 | | | | $ | — | | | | $ | 10,887,133 | |
| Preferred Stocks* | | | | 1,065,830 | | | | | — | | | | | — | | | | | 1,065,830 | |
| Repurchase Agreements | | | | — | | | | | 410,000 | | | | | — | | | | | 410,000 | |
| Short-Term Investments | | | | 27,588 | | | | | — | | | | | — | | | | | 27,588 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Futures | | | | 3,623 | | | | | — | | | | | — | | | | | 3,623 | |
| Total | | | $ | 1,097,041 | | | | $ | 11,297,133 | | | | $ | — | | | | $ | 12,394,174 | |
| US High Yield | | | | | | | | | | | | | | | | | | | | |
| Corporate Bonds* | | | $ | — | | | | $ | 155,613,572 | | | | $ | — | | | | $ | 155,613,572 | |
| Exchange-Traded Funds | | | | 7,538,429 | | | | | — | | | | | — | | | | | 7,538,429 | |
| Repurchase Agreements | | | | — | | | | | 2,470,000 | | | | | — | | | | | 2,470,000 | |
| Short-Term Investments | | | | 130,286 | | | | | — | | | | | — | | | | | 130,286 | |
| Total | | | $ | 7,668,715 | | | | $ | 158,083,572 | | | | $ | — | | | | $ | 165,752,287 | |
| US Short Duration Fixed Income | | | | | | | | | | | | | | | | | | | | |
| Asset-Backed Securities | | | $ | — | | | | $ | 3,986,208 | | | | $ | — | | | | $ | 3,986,208 | |
| Corporate Bonds* | | | | — | | | | | 8,835,632 | | | | | — | | | | | 8,835,632 | |
| Mortgage-Backed Securities | | | | — | | | | | 641,538 | | | | | — | | | | | 641,538 | |
| U.S. Treasury Securities | | | | — | | | | | 18,789,563 | | | | | — | | | | | 18,789,563 | |
| Repurchase Agreements | | | | — | | | | | 70,000 | | | | | — | | | | | 70,000 | |
| Short-Term Investments | | | | 10,872 | | | | | — | | | | | — | | | | | 10,872 | |
| Total | | | $ | 10,872 | | | | $ | 32,322,941 | | | | $ | — | | | | $ | 32,333,813 | |
| * | Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by industry. |
| † | Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation). |
Certain Level 2 securities were valued based on reference to similar securities that were trading on active markets.
An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing
66 Semi-Annual Financial Statements
source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities. When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.
10. Derivative Instruments
US Convertibles used derivative instruments, including futures contracts.
US Convertibles used futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.
During the period ended June 30, 2024, the approximate average monthly notional exposure for derivative instruments was as follows:
| Futures contracts: | |
| Average notional value of contracts – long | $300,000 |
Semi-Annual Financial Statements 67
The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2024:
| Assets – Derivative Financial Instruments | | Total | |
| | | | | |
Future contracts-Equity contract
Unrealized appreciation (a) | | $ | 3,623 | |
| (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). |
The effect of derivative instruments on the Statements of Operations for the period ended June 30, 2024 was:
| Net Realized Gain (Loss) from: | | Equity
contract | | | Interest rate
contract | | | Total | |
| | | | | | | | | | | | | |
| Futures contracts | | | $24,680 | | | | $3,586 | | | | $28,266 | |
| | | | | | | | | | | | | |
Net Change in Unrealized
Appreciation (Depreciation) on: | | | Equity
contract | | | | Interest rate
contract | | | | Total | |
| | | | | | | | | | | | | |
| Futures contracts | | | $3,623 | | | | $(10,807 | ) | | | $(7,184 | ) |
As of June 30, 2024, none of the Portfolios held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.
11. 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.
68 Semi-Annual Financial Statements
The Lazard Funds, Inc. Other Information
(N-CSR Item 7) (unaudited)
Proxy Voting
A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.
The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.
Schedule of Portfolio Holdings
The Fund files the complete schedule of each portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.
Semi-Annual Financial Statements 69
The Lazard Funds, Inc. Additional Information
(N-CSR Items 8-11) (unaudited)
Changes in Disagreement with Accountants (N-CSR Item 8)
This information is not applicable for the reporting period.
Proxy Disclosures (N-CSR Item 9)
This information is not applicable for the reporting period.
Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)
This information can be found in N-CSR Item 7, Note 4.
Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)
At meetings of the Board held on June 5, 2024 and June 26, 2024, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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 in response to detailed questions from the Independent Directors and their counsel, including, at the June 26, 2024 meeting, additional information requested by the Independent Directors at the June 5, 2024 meeting.
In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager’s services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds and other clients of the Investment Manager, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential
70 Semi-Annual Financial Statements
economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.
Services Provided
The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2024, the Lazard Funds complex of 30 active funds comprised approximately $19.3 billion of the approximately $250.4 billion of total assets under the management of the Investment Manager and its global affiliates.
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 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 resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition.
Semi-Annual Financial Statements 71
The Board considered the position 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 $19.3 billion fund complex not managed by a large, global firm such as the Investment Manager.
Comparative Fee, Expense Ratio and Performance Information
ISS Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. (“ISS”), 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) compared to those of:
| • | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense comparison purposes, based on ISS’s methodology (the “Expense Peer Group”); 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 provides comparative fund information (“Morningstar”), with certain exclusions as specified by ISS (the “Expense Category”). |
Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board, which showed that the Portfolios’ advisory fees and most Portfolios’ net expense ratios were generally competitive within each Portfolio’s respective Expense Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted 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 all or a portion of each Portfolio’s advisory fees
72 Semi-Annual Financial Statements
and/or reimbursing certain expenses for each Portfolio. The Board also received a description of ISS’s methodology for its construction of the Expense Peer Groups and a summary of how the methodology was applied.
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.
ISS Performance Comparisons. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio’s performance for the one-, three-, five- and ten-year periods ended March 31, 2024, as applicable, compared to performance for the same time periods to that of:
| • | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for performance comparison purposes, based on ISS’s methodology (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. |
Semi-Annual Financial Statements 73
The Board also received a description of ISS’s methodology for its construction of the Performance Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.
When evaluating the performance of each Portfolio, the Board considered ISS’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 in certain periods and 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, Economies of Scale and Other Benefits
The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager’s estimated profitability percentage resulting from its, and its affiliates’, relationship with the Portfolio for the calendar year ended December 31, 2023 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 other 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 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.
74 Semi-Annual Financial Statements
The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager’s estimated profitability percentage with respect to each Portfolio as part of the 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 percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may 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. The Board further considered that, as the assets of each Portfolio had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio’s assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared 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 in connection with the June 5, 2024 and June 26, 2024 meetings and throughout the year 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 infrastructure associated with an approximately $250.4 billion global asset management business. |
Semi-Annual Financial Statements 75
| • | 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 considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance. |
| | |
| • | The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors. |
| | |
| • | In evaluating the Management Agreement, the Board relied on the information described above, in addition to other 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. |
Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; 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 as well as other relevant factors and determined to approve the Management Agreement 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.
76 Semi-Annual Financial Statements
The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com
Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Custodian
State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641
Transfer Agent and Dividend Disbursing Agent
SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015
Legal Counsel
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797
| 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
Semi-Annual
Financial Statements
June 30, 2024
Multi-Asset Funds
Lazard Enhanced Opportunities Portfolio
Lazard Opportunistic Strategies Portfolio
Lazard Real Assets Portfolio
The Lazard Funds, Inc. Table of Contents
Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. (the “Fund”), you may obtain a prospectus or the Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.
Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.
Distributed by Lazard Asset Management Securities LLC.
Semi-Annual Financial Statements 1
The Lazard Funds, Inc. A Message from Lazard (unaudited)
Dear Shareholder:
With the outlook for global interest rates remaining uncertain during the first six months of 2024, the market pendulum swung from optimism that interest rates would be cut to pessimism that rates would remain “higher for longer,” and back to optimism that rate reductions were likely in the near future. These swings in investor sentiment occurred amid signs that inflationary pressure remained persistent during the period.
Despite enduring nearly 4,000 basis points (“bps”) of interest rate hikes from late 2021 to the end of 2023, concerns about inflation continued to hang over the markets during the period, putting the focus squarely on the interest rate policy paths of key central banks. All eyes were on the US, where the initial optimism about a potential rate-cutting cycle by the Federal Reserve (the “Fed”) fizzled amid worse-than-expected inflation data for the first three month of 2024. The discouraging numbers stoked fears that the Fed’s progress in slowing price growth had stalled, opening the door for no rate cuts in 2024 or perhaps additional rate hikes. As expected, the Fed held interest rates steady throughout the first half of 2024, leaving rates at their highest level in nearly 23 years. With inflation data in April and May 2024 turning positive again, investors were relieved when the Fed stated that an interest rate hike was unlikely, though it did acknowledge that progress in driving domestic inflation down towards its 2% target had slowed. In a further acknowledgment that domestic inflation has been stickier than anticipated, the Fed predicted in June that it will likely lower borrowing costs just once in 2024—down from the three rate cuts it had projected late last year—and reiterated its warning that it would not move until it saw more data indicating that inflation was slowing sustainably. By the end of June, traders in futures markets were betting that the Fed would lower interest rates by 25 bps in September 2024.
While persistent inflationary pressure forced the Fed to maintain a restrictive monetary policy stance during the period, the interest rate outlook in Europe was brighter. In the eurozone, the European Central Bank (the “ECB”) lowered interest rates for the first time in
2 Semi-Annual Financial Statements
nearly five years with a decrease of 25 bps in June 2024. While the ECB cited a marked improvement in the eurozone’s inflation outlook as the reason behind its pivot to a less restrictive monetary policy stance, it also warned that price pressure remained strong and that it was not committed to a particular rate path. The ECB, the Swiss National Bank, the Riksbank (the central bank of Sweden) and the Bank of Canada were the first major central banks to cut interest rates in 2024.
In contrast to this global trend of reducing interest rates, a completely different dynamic was playing out in Japan where the Bank of Japan (the “BOJ”) announced in March that it was raising interest rates for the first time in 17 years. In doing so, it ended eight years of negative rates and scrapped its policy of buying Japanese government bonds to limit how high market rates can climb. The BOJ’s more hawkish stance came as the yen weakened significantly in the period, depreciating 12.3% against the US dollar.
Against this backdrop, global equity markets rose sharply in the first six months of the year, with the MSCI All Country World Index climbing 11.3%. Investors’ appetites for stocks were driven largely by a frenzy over artificial intelligence (AI), with US-based AI chip designer NVIDIA at the forefront. NVIDIA’s blockbuster quarterly earnings reverberated across global stock markets, sparking a strong, broad-based rally that was especially beneficial to shares of technology companies linked to AI and raising hopes that the resultant enthusiasm would support economic growth worldwide. Notably, the S&P 500—the bellwether of the US stock market—outperformed the broader global market index, surging 15.3%. Shares of NVIDIA gained an impressive 150% in the period, accounting for 30% of the S&P 500’s overall appreciation.
Meanwhile, yields in global bond markets rose again, leading in the Bloomberg Global Aggregate Index to fall 3.2% in the period. Persistent core inflation and solid growth pushed back expectations for the start of, and the magnitude of, the incoming central bank rate-cutting cycles. Hawkish sentiment also kept yield curves inverted. Coupon income provided a performance ballast during the first half of the year, but most indices still lost ground.
Semi-Annual Financial Statements 3
The solid economic fundamentals and attractive absolute yield levels led to a moderate tightening in credit spreads. With tighter spreads and a favorable carry profile, high yield bonds delivered solid performance over the reporting period. Emerging markets debt recorded low single-digit gains in hard currency, while local bonds underperformed and delivered a negative performance contribution in the first half of 2024. The more hawkish Fed led to a stronger US dollar versus a basket of US trade partners’ currencies, despite the low volatility regime in risk assets.
The complex market conditions in the first half of 2024 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.
Sincerely,
Lazard Asset Management LLC
4 Semi-Annual Financial Statements
The Lazard Funds, Inc. (N-CSR Item 7)
Portfolio Holdings Presented by Asset Class/Sector June 30, 2024 (unaudited)
| | | Lazard Enhanced
Opportunities Portfolio | | |
| Asset Class/Sector | | Long | ^ | | Short | † | |
| | | | | | | | | |
| Convertible Corporate Bonds | | | | | | | | |
| Communication Services | | | 6.4 | % | | | — | % |
| Consumer Discretionary | | | 8.0 | | | | –0.6 | |
| Consumer Staples | | | 0.6 | | | | — | |
| Energy | | | 2.6 | | | | — | |
| Financials | | | 6.8 | | | | — | |
| Health Care | | | 14.8 | | | | — | |
| Industrials | | | 8.0 | | | | –0.3 | |
| Information Technology | | | 19.0 | | | | — | |
| Materials | | | 1.6 | | | | — | |
| Real Estate | | | 1.0 | | | | — | |
| Utilities | | | 0.1 | | | | — | |
| Equity | | | | | | | | |
| Communication Services | | | — | | | | –4.2 | |
| Consumer Discretionary | | | 0.1 | | | | –5.7 | |
| Consumer Staples | | | — | | | | –0.8 | |
| Energy | | | — | | | | –3.1 | |
| Financials | | | — | | | | –4.4 | |
| Health Care | | | 0.0 | # | | | –11.0 | |
| Industrials | | | 0.2 | | | | –17.4 | |
| Information Technology | | | 0.0 | # | | | –13.4 | |
| Materials | | | 0.5 | | | | –3.0 | |
| Real Estate | | | — | | | | –0.5 | |
| Utilities | | | — | | | | –0.1 | |
| Purchase Options | | | 0.5 | | | | — | |
| U.S. Treasury Securities | | | 25.5 | | | | –35.5 | |
| Warrants | | | 0.0 | | | | 0.0 | |
| Short-Term Investments | | | 4.3 | | | | — | |
| 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%. |
Semi-Annual Financial Statements 5
| Asset Class/Sector | | Lazard
Opportunistic
Strategies
Portfolio | ** | | Lazard
Real Assets
Portfolio | |
| | | | | | | |
| Equity* | | | | | | |
| Communication Services | | | 5.5 | % | | | 1.3 | % |
| Consumer Discretionary | | | 8.0 | | | | 0.3 | |
| Consumer Staples | | | 3.8 | | | | — | |
| Energy | | | 2.3 | | | | 6.5 | |
| Financials | | | 8.5 | | | | — | |
| Health Care | | | 6.7 | | | | — | |
| Industrials | | | 7.6 | | | | 6.7 | |
| Information Technology | | | 23.3 | | | | — | |
| Materials | | | 1.8 | | | | 1.2 | |
| Real Estate | | | 1.3 | | | | 40.7 | |
| Utilities | | | 1.4 | | | | 16.0 | |
| Commodity | | | 1.9 | | | | — | |
| Exchange-Traded Funds | | | — | | | | 6.1 | |
| Fixed Income | | | 22.5 | | | | — | |
| Repurchase Agreement | | | 5.1 | | | | — | |
| Short-Term Investments | | | 0.3 | | | | 21.2 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % |
| * | Represents percentage of total investments. |
| ** | The sector breakdown includes the underlying holdings of exchange-traded funds held by the Portfolio. |
6 Semi-Annual Financial Statements
The Lazard Funds, Inc. Portfolios of Investments (N-CSR Item 7)
June 30, 2024 (unaudited)
| | | | | | | |
| | | | | | Fair | |
| Description | | Shares | | | Value | |
| | | | | | | |
| Lazard Enhanced Opportunities Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 1.5% | | | | | | | | |
| | | | | | | | | |
| Canada | 1.0% | | | | | | | | |
| Ivanhoe Mines Ltd., Class A (*) | | | 28,851 | | | $ | 371,312 | |
| | | | | | | | | |
| China | 0.2% | | | | | | | | |
| Alibaba Group Holding Ltd. ADR (±) | | | 1,148 | | | | 82,656 | |
| | | | | | | | | |
| United States | 0.3% | | | | | | | | |
| Coherus Biosciences, Inc. (*), (±) | | | 3,493 | | | | 6,043 | |
| Evolent Health, Inc., Class A (*) | | | 695 | | | | 13,289 | |
| Granite Construction, Inc. (±) | | | 1,688 | | | | 104,605 | |
| JetBlue Airways Corp. (*), (±) | | | 223 | | | | 1,358 | |
| Mitek Systems, Inc. (*) | | | 52 | | | | 581 | |
| | | | | | | | 125,876 | |
| | | | | | | | | |
Total Common Stocks
(Cost $465,153) | | | | | | | 579,844 | |
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Convertible Corporate Bonds | 121.9% | | | | | | | | | | |
| | | | | | | | | | | |
| Austria | 0.8% | | | | | | | | | | |
ams-OSRAM AG,
2.125%, 11/03/27 (±) | | EUR | | | 400 | | | $ | 339,491 | |
| | | | | | | | | | | |
| Brazil | 0.2% | | | | | | | | | | |
GOL Equity Finance SA,
3.750%, 07/15/24 (#), («), (±) | | USD | | | 616 | | | | 86,240 | |
| | | | | | | | | | | |
| Canada | 2.8% | | | | | | | | | | |
Fortuna Silver Mines, Inc.,
3.750%, 06/30/29 (#), (±) | | USD | | | 184 | | | | 192,464 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 7
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
Shopify, Inc.,
0.125%, 11/01/25 (±) | | USD | | | 825 | | | $ | 772,200 | |
SSR Mining, Inc.,
2.500%, 04/01/39 (±) | | USD | | | 52 | | | | 47,198 | |
StorageVault Canada, Inc.,
5.000%, 03/31/28 (±) | | CAD | | | 121 | | | | 81,973 | |
| | | | | | | | | | 1,093,835 | |
| | | | | | | | | | | |
| China | 0.5% | | | | | | | | | | |
JD.com, Inc.,
0.250%, 06/01/29 (#), (±) | | USD | | | 22 | | | | 20,824 | |
Trip.com Group Ltd.,
0.750%, 06/15/29 (±) | | USD | | | 165 | | | | 161,758 | |
| | | | | | | | | | 182,582 | |
| | | | | | | | | | | |
| Hong Kong | 2.7% | | | | | | | | | | |
Cathay Pacific Finance III Ltd.,
2.750%, 02/05/26 (±) | | HKD | | | 8,000 | | | | 1,067,531 | |
| | | | | | | | | | | |
| Singapore | 1.6% | | | | | | | | | | |
| Sea Ltd.: | | | | | | | | | | |
| 0.250%, 09/15/26 (±) | | USD | | | 67 | | | | 58,525 | |
| 2.375%, 12/01/25 (±) | | USD | | | 558 | | | | 597,618 | |
| | | | | | | | | | 656,143 | |
| | | | | | | | | | | |
| United Kingdom | 0.5% | | | | | | | | | | |
Just Eat Takeaway.com NV,
1.250%, 04/30/26 (±) | | EUR | | | 200 | | | | 196,896 | |
| | | | | | | | | | | |
| United States | 112.8% | | | | | | | | | | |
Airbnb, Inc.,
0.000%, 03/15/26 (±) | | USD | | | 440 | | | | 402,565 | |
Alarm.com Holdings, Inc.,
2.250%, 06/01/29 (±) | | USD | | | 11 | | | | 10,814 | |
American Airlines Group, Inc.,
6.500%, 07/01/25 (±) | | USD | | | 65 | | | | 67,386 | |
The accompanying notes are an integral part of these financial statements.
8 Semi-Annual Financial Statements
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | |
Amyris, Inc.,
1.500%, 11/15/26 | | USD | | | 938 | | | $ | 32,830 | |
Apellis Pharmaceuticals, Inc.,
3.500%, 09/15/26 (±) | | USD | | | 323 | | | | 414,927 | |
| Bill Holdings, Inc.: | | | | | | | | | | |
| 0.000%, 12/01/25 (±) | | USD | | | 234 | | | | 216,801 | |
| 0.000%, 04/01/27 (±) | | USD | | | 328 | | | | 280,276 | |
BioMarin Pharmaceutical, Inc.,
0.599%, 08/01/24 (±) | | USD | | | 834 | | | | 829,245 | |
Block, Inc.,
0.000%, 05/01/26 (±) | | USD | | | 145 | | | | 130,326 | |
| Bloom Energy Corp.: | | | | | | | | | | |
| 2.500%, 08/15/25 (±) | | USD | | | 708 | | | | 757,135 | |
| 3.000%, 06/01/29 (±) | | USD | | | 22 | | | | 19,481 | |
Bread Financial Holdings, Inc.,
4.250%, 06/15/28 (±) | | USD | | | 463 | | | | 620,803 | |
Cardlytics, Inc.,
4.250%, 04/01/29 (±) | | USD | | | 133 | | | | 108,196 | |
Carnival Corp.,
5.750%, 10/01/24 (±) | | USD | | | 455 | | | | 855,400 | |
Century Aluminum Co.,
2.750%, 05/01/28 (±) | | USD | | | 219 | | | | 241,119 | |
Chart Industries, Inc.,
1.000%, 11/15/24 (±) | | USD | | | 466 | | | | 1,150,165 | |
Cheesecake Factory, Inc.,
0.375%, 06/15/26 (±) | | USD | | | 480 | | | | 435,488 | |
Chefs’ Warehouse, Inc.,
2.375%, 12/15/28 (±) | | USD | | | 358 | | | | 398,941 | |
Chegg, Inc.,
0.125%, 03/15/25 (±) | | USD | | | 459 | | | | 426,870 | |
Cloudflare, Inc.,
0.000%, 08/15/26 (±) | | USD | | | 96 | | | | 87,480 | |
Coherus Biosciences, Inc.,
1.500%, 04/15/26 (±) | | USD | | | 346 | | | | 254,311 | |
Coinbase Global, Inc.,
0.500%, 06/01/26 (±) | | USD | | | 462 | | | | 476,784 | |
| | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 9
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
Collegium Pharmaceutical, Inc.,
2.875%, 02/15/29 (±) | | USD | | | 58 | | | $ | 64,206 | |
Confluent, Inc.,
0.000%, 01/15/27 (±) | | USD | | | 318 | | | | 275,388 | |
CONMED Corp.,
2.250%, 06/15/27 (±) | | USD | | | 438 | | | | 392,235 | |
Cracker Barrel Old Country Store, Inc.,
0.625%, 06/15/26 (±) | | USD | | | 553 | | | | 491,344 | |
CSG Systems International, Inc.,
3.875%, 09/15/28 (±) | | USD | | | 307 | | | | 285,970 | |
Danimer Scientific, Inc.,
3.250%, 12/15/26 (±) | | USD | | | 146 | | | | 22,353 | |
Datadog, Inc.,
0.125%, 06/15/25 (±) | | USD | | | 24 | | | | 34,860 | |
Dayforce, Inc.,
0.250%, 03/15/26 (±) | | USD | | | 221 | | | | 202,436 | |
Desktop Metal, Inc.,
6.000%, 05/15/27 (±) | | USD | | | 211 | | | | 124,849 | |
DraftKings Holdings, Inc.,
0.000%, 03/15/28 (±) | | USD | | | 221 | | | | 184,204 | |
| Dropbox, Inc.: | | | | | | | | | | |
| 0.000%, 03/01/26 (±) | | USD | | | 265 | | | | 248,040 | |
| 0.000%, 03/01/28 (±) | | USD | | | 111 | | | | 101,496 | |
Eagle Bulk Shipping, Inc.,
5.000%, 08/01/24 (±) | | USD | | | 1,041 | | | | 2,197,655 | |
Encore Capital Group, Inc.,
4.000%, 03/15/29 (±) | | USD | | | 616 | | | | 571,032 | |
Enphase Energy, Inc.,
0.000%, 03/01/26 (±) | | USD | | | 545 | | | | 496,627 | |
| Envestnet, Inc.: | | | | | | | | | | |
| 0.750%, 08/15/25 (±) | | USD | | | 550 | | | | 533,225 | |
| 2.625%, 12/01/27 (±) | | USD | | | 222 | | | | 238,983 | |
| Evolent Health, Inc.: | | | | | | | | | | |
| 1.500%, 10/15/25 (±) | | USD | | | 593 | | | | 574,469 | |
| 3.500%, 12/01/29 (±) | | USD | | | 83 | | | | 75,094 | |
The accompanying notes are an integral part of these financial statements.
10 Semi-Annual Financial Statements
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | |
| EZCORP, Inc.: | | | | | | | | | | |
| 2.875%, 07/01/24 | | USD | | | 637 | | | $ | 690,821 | |
| 3.750%, 12/15/29 (±) | | USD | | | 332 | | | | 382,774 | |
Fisker, Inc.,
2.500%, 09/15/26 («), (±) | | USD | | | 772 | | | | 3,937 | |
Granite Construction, Inc.,
3.250%, 06/15/30 (±) | | USD | | | 87 | | | | 90,045 | |
Green Plains, Inc.,
2.250%, 03/15/27 (±) | | USD | | | 267 | | | | 237,808 | |
Greenbrier Cos., Inc.,
2.875%, 04/15/28 (±) | | USD | | | 708 | | | | 761,631 | |
Guardant Health, Inc.,
0.000%, 11/15/27 (±) | | USD | | | 22 | | | | 17,068 | |
Guidewire Software, Inc.,
1.250%, 03/15/25 (±) | | USD | | | 1,038 | | | | 1,302,690 | |
| Haemonetics Corp.: | | | | | | | | | | |
| 0.000%, 03/01/26 (±) | | USD | | | 223 | | | | 201,035 | |
| 2.500%, 06/01/29 (±) | | USD | | | 22 | | | | 21,659 | |
Halozyme Therapeutics, Inc.,
0.250%, 03/01/27 (±) | | USD | | | 263 | | | | 252,035 | |
Health Catalyst, Inc.,
2.500%, 04/15/25 (±) | | USD | | | 42 | | | | 40,924 | |
INOTIV, Inc.,
3.250%, 10/15/27 (±) | | USD | | | 420 | | | | 164,723 | |
Insulet Corp.,
0.375%, 09/01/26 (±) | | USD | | | 678 | | | | 741,901 | |
Integra LifeSciences Holdings Corp.,
0.500%, 08/15/25 (±) | | USD | | | 907 | | | | 857,338 | |
iRhythm Technologies, Inc.,
1.500%, 09/01/29 (±) | | USD | | | 11 | | | | 11,061 | |
Ironwood Pharmaceuticals, Inc.,
1.500%, 06/15/26 (±) | | USD | | | 22 | | | | 20,752 | |
Itron, Inc.,
1.375%, 07/15/30 (±) | | USD | | | 76 | | | | 75,392 | |
Jamf Holding Corp.,
0.125%, 09/01/26 (±) | | USD | | | 412 | | | | 365,297 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 11
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
Jazz Investments I Ltd.,
1.500%, 08/15/24 (±) | | USD | | | 1,053 | | | $ | 1,047,735 | |
Lantheus Holdings, Inc.,
2.625%, 12/15/27 (±) | | USD | | | 214 | | | | 266,939 | |
| Liberty Broadband Corp.: | | | | | | | | | | |
| 3.125%, 03/31/53 (±) | | USD | | | 55 | | | | 52,891 | |
| 3.125%, 06/30/54 | | USD | | | 654 | | | | 660,342 | |
| Liberty Interactive LLC: | | | | | | | | | | |
| 4.000%, 11/15/29 (±) | | USD | | | 346 | | | | 119,491 | |
| 3.750%, 02/15/30 (±) | | USD | | | 1,035 | | | | 362,250 | |
Liberty Media Corp.,
2.375%, 09/30/53 (±) | | USD | | | 654 | | | | 702,723 | |
Live Nation Entertainment, Inc.,
3.125%, 01/15/29 (±) | | USD | | | 22 | | | | 24,374 | |
Livent Corp.,
4.125%, 07/15/25 (±) | | USD | | | 478 | | | | 554,719 | |
Marcus Corp.,
5.000%, 09/15/25 (±) | | USD | | | 221 | | | | 260,227 | |
Maxeon Solar Technologies Ltd., Series A
9.500%, 01/15/28 | | USD | | | 372 | | | | 243,463 | |
Maxeon Solar Technologies Ltd., Series B
9.500%, 01/15/28 | | USD | | | 174 | | | | 78,329 | |
Mesa Laboratories, Inc.,
1.375%, 08/15/25 (±) | | USD | | | 282 | | | | 266,371 | |
Microchip Technology, Inc.,
0.750%, 06/01/30 (±) | | USD | | | 22 | | | | 22,268 | |
| MicroStrategy, Inc.: | | | | | | | | | | |
| 0.000%, 02/15/27 (±) | | USD | | | 22 | | | | 26,428 | |
| 0.875%, 03/15/31 (±) | | USD | | | 20 | | | | 17,500 | |
| 2.250%, 06/15/32 (±) | | USD | | | 660 | | | | 627,673 | |
Mirum Pharmaceuticals, Inc.,
4.000%, 05/01/29 (±) | | USD | | | 18 | | | | 24,199 | |
Natera, Inc.,
2.250%, 05/01/27 (±) | | USD | | | 457 | | | | 1,298,737 | |
National Vision Holdings, Inc.,
2.500%, 05/15/25 (±) | | USD | | | 289 | | | | 279,607 | |
The accompanying notes are an integral part of these financial statements.
12 Semi-Annual Financial Statements
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| NCL Corp. Ltd.: | | | | | | | | | | |
| 5.375%, 08/01/25 (±) | | USD | | | 428 | | | $ | 521,411 | |
| 1.125%, 02/15/27 (±) | | USD | | | 577 | | | | 538,665 | |
| 2.500%, 02/15/27 (±) | | USD | | | 123 | | | | 117,327 | |
NeoGenomics, Inc.,
1.250%, 05/01/25 (±) | | USD | | | 642 | | | | 626,351 | |
| Okta, Inc.: | | | | | | | | | | |
| 0.125%, 09/01/25 (±) | | USD | | | 598 | | | | 566,293 | |
| 0.375%, 06/15/26 (±) | | USD | | | 699 | | | | 641,832 | |
OPKO Health, Inc.,
3.750%, 01/15/29 (±) | | USD | | | 346 | | | | 397,259 | |
| Pacira BioSciences, Inc.: | | | | | | | | | | |
| 0.750%, 08/01/25 (±) | | USD | | | 394 | | | | 370,557 | |
| 2.125%, 05/15/29 (±) | | USD | | | 55 | | | | 54,808 | |
PAR Technology Corp.,
2.875%, 04/15/26 (±) | | USD | | | 277 | | | | 354,006 | |
Parsons Corp.,
0.250%, 08/15/25 (±) | | USD | | | 310 | | | | 563,076 | |
Pegasystems, Inc.,
0.750%, 03/01/25 (±) | | USD | | | 1,448 | | | | 1,398,768 | |
PetIQ, Inc.,
4.000%, 06/01/26 (±) | | USD | | | 31 | | | | 33,084 | |
Plug Power, Inc.,
7.000%, 06/01/26 (±) | | USD | | | 19 | | | | 17,375 | |
Porch Group, Inc.,
0.750%, 09/15/26 (±) | | USD | | | 614 | | | | 326,771 | |
| Q2 Holdings, Inc.: | | | | | | | | | | |
| 0.125%, 11/15/25 (±) | | USD | | | 36 | | | | 33,828 | |
| 0.750%, 06/01/26 (±) | | USD | | | 700 | | | | 698,417 | |
| Rapid7, Inc.: | | | | | | | | | | |
| 0.250%, 03/15/27 (±) | | USD | | | 22 | | | | 19,770 | |
| 1.250%, 03/15/29 (±) | | USD | | | 10 | | | | 9,479 | |
Redfin Corp.,
0.500%, 04/01/27 (±) | | USD | | | 270 | | | | 150,234 | |
Repay Holdings Corp.,
0.000%, 02/01/26 (±) | | USD | | | 51 | | | | 46,859 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 13
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
RingCentral, Inc.,
0.000%, 03/15/26 (±) | | USD | | | 241 | | | $ | 219,382 | |
Rocket Lab USA, Inc.,
4.250%, 02/01/29 (±) | | USD | | | 20 | | | | 23,413 | |
Seagate HDD Cayman,
3.500%, 06/01/28 (±) | | USD | | | 22 | | | | 30,302 | |
Shift Technologies, Inc.,
4.750%, 05/15/26 («), (±) | | USD | | | 850 | | | | 3,188 | |
| Shift4 Payments, Inc.: | | | | | | | | | | |
| 0.000%, 12/15/25 (±) | | USD | | | 111 | | | | 128,180 | |
| 0.500%, 08/01/27 (±) | | USD | | | 68 | | | | 64,566 | |
SMART Global Holdings, Inc.,
2.000%, 02/01/29 (±) | | USD | | | 270 | | | | 336,150 | |
| Snap, Inc.: | | | | | | | | | | |
| 0.750%, 08/01/26 (±) | | USD | | | 219 | | | | 235,261 | |
| 0.000%, 05/01/27 (±) | | USD | | | 111 | | | | 92,485 | |
| 0.500%, 05/01/30 (±) | | USD | | | 22 | | | | 22,770 | |
| SoFi Technologies, Inc., | | | | | | | | | | |
| 0.000%, 10/15/26 (±) | | USD | | | 35 | | | | 30,415 | |
| 1.250%, 03/15/29 (±) | | USD | | | 361 | | | | 337,174 | |
SolarEdge Technologies, Inc.,
2.250%, 07/01/29 (±) | | USD | | | 143 | | | | 138,424 | |
Sphere Entertainment Co.,
3.500%, 12/01/28 (±) | | USD | | | 39 | | | | 47,641 | |
Spotify USA, Inc.,
0.000%, 03/15/26 (±) | | USD | | | 204 | | | | 194,616 | |
Summit Hotel Properties, Inc.,
1.500%, 02/15/26 (±) | | USD | | | 434 | | | | 392,770 | |
Super Micro Computer, Inc.,
0.000%, 03/01/29 (±) | | USD | | | 220 | | | | 220,913 | |
Tandem Diabetes Care, Inc.,
1.500%, 03/15/29 (±) | | USD | | | 657 | | | | 906,988 | |
Transocean, Inc.,
4.625%, 09/30/29 (±) | | USD | | | 646 | | | | 1,153,110 | |
The accompanying notes are an integral part of these financial statements.
14 Semi-Annual Financial Statements
| | | | | Principal | | | | |
| | | Security | | Amount | | | Fair | |
| Description | | Currency | | (000) | | | Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Uber Technologies, Inc.: | | | | | | | | | | |
| 0.000%, 12/15/25 (±) | | USD | | | 22 | | | $ | 23,639 | |
| 0.875%, 12/01/28 (±) | | USD | | | 10 | | | | 11,915 | |
UGI Corp.,
5.000%, 06/01/28 (±) | | USD | | | 55 | | | | 54,973 | |
Unity Software, Inc.,
0.000%, 11/15/26 (±) | | USD | | | 349 | | | | 302,408 | |
Varex Imaging Corp.,
4.000%, 06/01/25 (±) | | USD | | | 709 | | | | 715,647 | |
| Veeco Instruments, Inc.: | | | | | | | | | | |
| 3.500%, 01/15/25 (±) | | USD | | | 63 | | | | 123,465 | |
| 3.750%, 06/01/27 (±) | | USD | | | 130 | | | | 435,561 | |
Verint Systems, Inc.,
0.250%, 04/15/26 (±) | | USD | | | 319 | | | | 295,713 | |
Viavi Solutions, Inc.,
1.625%, 03/15/26 (±) | | USD | | | 530 | | | | 505,487 | |
Vishay Intertechnology, Inc.,
2.250%, 09/15/30 (±) | | USD | | | 48 | | | | 45,576 | |
Wayfair, Inc.,
0.625%, 10/01/25 (±) | | USD | | | 1,157 | | | | 1,078,917 | |
Western Digital Corp.,
3.000%, 11/15/28 (±) | | USD | | | 20 | | | | 31,890 | |
Winnebago Industries, Inc.,
3.250%, 01/15/30 (±) | | USD | | | 12 | | | | 11,205 | |
WisdomTree, Inc.,
5.750%, 08/15/28 (±) | | USD | | | 119 | | | | 146,248 | |
Zillow Group, Inc.,
1.375%, 09/01/26 (±) | | USD | | | 88 | | | | 106,974 | |
| | | | | | | | | | | |
Zscaler, Inc.,
0.125%, 07/01/25 (±) | | USD | | | 44 | | | | 59,288 | |
| | | | | | | | | | 44,519,790 | |
| | | | | | | | | | | |
Total Convertible Corporate Bonds
(Cost $49,355,860) | | | | | | | | | 48,142,508 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 15
| | | | | | | | | | | | | | | | |
| | | | | | Number of | | | Exercise | | | Notional | | | Fair | |
| Description | | Counterparty | | | Contracts | | | Price | | | Amount | | | Value | |
| | | | | | | | | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Purchased Options | 1.0% | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Call | | | | | | | | | | | | | | | | | | | | |
Apellis Pharmaceuticals, Inc.,
Expires 07/19/24 | | | MSC | | | | 11 | | | $ | 50 | | | $ | 1,100 | | | $ | 55 | |
Arcadium Lithium PLC,
Expires 07/19/24 | | | MSC | | | | 44 | | | | 9 | | | | 4,400 | | | | 154 | |
Coherus Biosciences, Inc.,
Expires 11/15/24 | | | MSC | | | | 43 | | | | 3 | | | | 4,300 | | | | 860 | |
Enphase Energy, Inc.,
Expires 07/19/24 | | | MSC | | | | 5 | | | | 130 | | | | 500 | | | | 140 | |
Enphase Energy, Inc.,
Expires 07/26/24 | | | MSC | | | | 6 | | | | 125 | | | | 600 | | | | 822 | |
Evolent Health, Inc.,
Expires 07/19/24 | | | MSC | | | | 11 | | | | 25 | | | | 1,100 | | | | 275 | |
Expedia Group, Inc.,
Expires 07/19/24 | | | MSC | | | | 4 | | | | 150 | | | | 400 | | | | 20 | |
Ironwood Pharmaceuticals, Inc.,
Expires 08/16/24 | | | MSC | | | | 11 | | | | 8 | | | | 1,100 | | | | 330 | |
Lyft, Inc.,
Expires 07/19/24 | | | MSC | | | | 22 | | | | 16 | | | | 2,200 | | | | 286 | |
Marriott Vacations Worldwide Corp.,
Expires 07/19/24 | | | MSC | | | | 11 | | | | 95 | | | | 1,100 | | | | 286 | |
Match Group, Inc.,
Expires 07/19/24 | | | MSC | | | | 11 | | | | 32 | | | | 1,100 | | | | 363 | |
Maxeon Solar Technologies, Ltd.,
Expires 07/19/24 | | | MSC | | | | 434 | | | | 2 | | | | 43,400 | | | | 2,170 | |
Norwegian Cruise Line Holdings Ltd.,
Expires 07/19/24 | | | MSC | | | | 21 | | | | 24 | | | | 2,100 | | | | 21 | |
Shift4 Payments, Inc.,
Expires 07/19/24 | | | MSC | | | | 14 | | | | 78 | | | | 1,400 | | | | 1,750 | |
| | | | | | | | | | | | | | | | | | | | | |
| Put | | | | | | | | | | | | | | | | | | | | |
Maxeon Solar Technologies, Ltd.,
Expires 07/19/24 | | | MSC | | | | 2,609 | | | | 10 | | | | 260,900 | | | | 375,530 | |
| | | | | | | | | | | | | | | | | | | | | |
Total Purchased Options
(Cost $367,207) | | | | | | | | | | | | | | | | | | | 383,062 | |
The accompanying notes are an integral part of these financial statements.
16 Semi-Annual Financial Statements
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| U.S. Treasury Securities | 45.2% | | | | | | | | | | |
| U.S. Treasury Bills: | | | | | | | | | | |
| 0.000%, 07/16/24 (±) | | USD | | | 65 | | | $ | 64,858 | |
| 0.000%, 08/27/24 (±) | | USD | | | 1,547 | | | | 1,534,153 | |
| 0.000%, 09/17/24 (±) | | USD | | | 895 | | | | 884,886 | |
| 0.000%, 09/24/24 (±) | | USD | | | 2,290 | | | | 2,261,819 | |
| 0.000%, 10/01/24 (±) | | USD | | | 2,085 | | | | 2,057,239 | |
| 0.000%, 10/15/24 (±) | | USD | | | 5,110 | | | | 5,031,700 | |
| 0.000%, 10/22/24 (±) | | USD | | | 6,100 | | | | 6,000,243 | |
| | | | | | | | | | | |
Total U.S. Treasury Securities
(Cost $17,834,438) | | | | | | | | | 17,834,898 | |
| Description | | | | Shares | | | Fair
Value | |
| | | | | | | | | | | |
| Warrants | 0.0% | | | | | | | | | | |
| | | | | | | | | | | |
| Singapore | 0.0% | | | | | | | | | | |
Maxeon Solar Technologies Ltd. Expires 01/15/28 (*), (¢)
(Cost 0) | | | | | 26,550 | | | $ | 0 | |
| | | | | | | | | | | |
| Short-Term Investments | 7.6% | | | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield)
(Cost $3,003,147) | | | | | 3,003,147 | | | $ | 3,003,147 | |
| | | | | | | | | | | |
Total Investments excluding Securities Sold Short | 177.2% (Cost $71,025,805) | | | | | | | | $ | 69,943,459 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 17
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Securities Sold Short | (78.3)% | | | | | | | | |
| | | | | | | | | |
| Common Stocks | (49.7)% | | | | | | | | |
| | | | | | | | | |
| Canada | (1.3)% | | | | | | | | |
| Fortuna Silver Mines, Inc. | | | (20,719 | ) | | $ | (101,316 | ) |
| Ivanhoe Mines Ltd., Class A | | | (28,851 | ) | | | (372,223 | ) |
| Shopify, Inc., Class A | | | (649 | ) | | | (42,866 | ) |
| SSR Mining, Inc. | | | (574 | ) | | | (2,589 | ) |
| StorageVault Canada, Inc. | | | (5,153 | ) | | | (17,553 | ) |
| | | | | | | | (536,547 | ) |
| China | (0.2)% | | | | | | | | |
| JD.com, Inc. ADR | | | (210 | ) | | | (5,426 | ) |
| Trip.com Group, Ltd. ADR | | | (1,284 | ) | | | (60,348 | ) |
| | | | | | | | (65,774 | ) |
| | | | | | | | | |
| Ghana | 0.0% | | | | | | | | |
| Kosmos Energy, Ltd. | | | (445 | ) | | | (2,465 | ) |
| | | | | | | | | |
| Greece | (5.5)% | | | | | | | | |
| Star Bulk Carriers Corp. | | | (89,425 | ) | | | (2,180,181 | ) |
| | | | | | | | | |
| Hong Kong | (1.6)% | | | | | | | | |
| Cathay Pacific Airways Ltd. | | | (612,000 | ) | | | (625,966 | ) |
| | | | | | | | | |
| Jersey | (0.7)% | | | | | | | | |
| Arcadium Lithium PLC | | | (80,521 | ) | | | (270,551 | ) |
| | | | | | | | | |
| Singapore | (0.6)% | | | | | | | | |
| Sea Ltd. ADR | | | (3,568 | ) | | | (254,827 | ) |
| | | | | | | | | |
| United States | (39.8)% | | | | | | | | |
| Airbnb, Inc., Class A | | | (210 | ) | | | (31,842 | ) |
| Alarm.com Holdings, Inc. | | | (79 | ) | | | (5,020 | ) |
| American Airlines Group, Inc. | | | (1,012 | ) | | | (11,466 | ) |
The accompanying notes are an integral part of these financial statements.
18 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Apellis Pharmaceuticals, Inc. | | | (5,136 | ) | | $ | (197,017 | ) |
| ATI, Inc. | | | (80 | ) | | | (4,436 | ) |
| Block, Inc. | | | (160 | ) | | | (10,318 | ) |
| Bloom Energy Corp., Class A | | | (21,397 | ) | | | (261,899 | ) |
| Bread Financial Holdings, Inc. | | | (9,711 | ) | | | (432,722 | ) |
| Cardlytics, Inc. | | | (6,145 | ) | | | (50,450 | ) |
| Carnival Corp. | | | (45,198 | ) | | | (846,107 | ) |
| Century Aluminum Co. | | | (10,907 | ) | | | (182,692 | ) |
| Chart Industries, Inc. | | | (7,906 | ) | | | (1,141,152 | ) |
| Charter Communications, Inc., Class A | | | (1,026 | ) | | | (306,733 | ) |
| Cheesecake Factory, Inc. | | | (1,114 | ) | | | (43,769 | ) |
| Chefs’ Warehouse, Inc. | | | (5,948 | ) | | | (232,626 | ) |
| Cloudflare, Inc., Class A | | | (425 | ) | | | (35,203 | ) |
| Coinbase Global, Inc. Class A | | | (571 | ) | | | (126,893 | ) |
| Collegium Pharmaceutical, Inc. | | | (873 | ) | | | (28,111 | ) |
| Confluent, Inc. Class A | | | (597 | ) | | | (17,629 | ) |
| CONMED Corp. | | | (799 | ) | | | (55,387 | ) |
| CSG Systems International, Inc. | | | (1,712 | ) | | | (70,483 | ) |
| Cytokinetics, Inc. | | | (166 | ) | | | (8,994 | ) |
| Danimer Scientific, Inc. | | | (13,592 | ) | | | (8,199 | ) |
| Datadog, Inc., Class A | | | (3,260 | ) | | | (422,789 | ) |
| Desktop Metal, Inc. | | | (7,465 | ) | | | (30,830 | ) |
| DraftKings, Inc. Class A | | | (866 | ) | | | (33,055 | ) |
| Dropbox, Inc., Class A Class A | | | (1,400 | ) | | | (31,458 | ) |
| Dynavax Technologies Corp. | | | (982 | ) | | | (11,028 | ) |
| Encore Capital Group, Inc. | | | (5,070 | ) | | | (211,571 | ) |
| Enphase Energy, Inc. | | | (238 | ) | | | (23,731 | ) |
| Envestnet, Inc. | | | (1,619 | ) | | | (101,333 | ) |
| Expedia Group, Inc. | | | (105 | ) | | | (13,229 | ) |
| EZCORP, Inc. Class A | | | (25,421 | ) | | | (266,158 | ) |
| Green Plains, Inc. | | | (3,546 | ) | | | (56,240 | ) |
| Greenbrier Cos., Inc. | | | (8,747 | ) | | | (433,414 | ) |
| Guardant Health, Inc. | | | (40 | ) | | | (1,155 | ) |
| Guidewire Software, Inc. | | | (7,657 | ) | | | (1,055,824 | ) |
| Haemonetics Corp. | | | (191 | ) | | | (15,801 | ) |
| Halozyme Therapeutics, Inc. | | | (1,649 | ) | | | (86,342 | ) |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 19
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| HubSpot, Inc. | | | (103 | ) | | $ | (60,748 | ) |
| Innoviva, Inc. | | | (877 | ) | | | (14,383 | ) |
| Inotiv, Inc. | | | (5,083 | ) | | | (8,438 | ) |
| Insulet Corp. | | | (1,896 | ) | | | (382,613 | ) |
| iRhythm Technologies, Inc. | | | (51 | ) | | | (5,490 | ) |
| Ironwood Pharmaceuticals, Inc. | | | (558 | ) | | | (3,638 | ) |
| Itron, Inc. | | | (372 | ) | | | (36,813 | ) |
| Lantheus Holdings, Inc. | | | (1,967 | ) | | | (157,930 | ) |
| LCI Industries | | | (97 | ) | | | (10,028 | ) |
| Live Nation Entertainment, Inc. | | | (4,476 | ) | | | (419,580 | ) |
| Lyft, Inc., Class A | | | (96 | ) | | | (1,354 | ) |
| MannKind Corp. | | | (12,994 | ) | | | (67,829 | ) |
| Marcus Corp. | | | (8,588 | ) | | | (97,646 | ) |
| Marriott Vacations Worldwide Corp. | | | (76 | ) | | | (6,636 | ) |
| Microchip Technology, Inc. | | | (82 | ) | | | (7,503 | ) |
| MicroStrategy, Inc., Class A | | | (296 | ) | | | (407,734 | ) |
| Mirum Pharmaceuticals, Inc. | | | (464 | ) | | | (15,864 | ) |
| MongoDB, Inc. | | | (809 | ) | | | (202,218 | ) |
| Natera, Inc. | | | (11,361 | ) | | | (1,230,283 | ) |
| Norwegian Cruise Line Holdings Ltd. | | | (36,398 | ) | | | (683,918 | ) |
| Okta, Inc. | | | (85 | ) | | | (7,957 | ) |
| OPKO Health, Inc. | | | (243,202 | ) | | | (304,003 | ) |
| Pacira BioSciences, Inc. | | | (509 | ) | | | (14,563 | ) |
| PAR Technology Corp. | | | (4,554 | ) | | | (214,448 | ) |
| Parsons Corp. | | | (6,912 | ) | | | (565,471 | ) |
| Penn Entertainment, Inc. | | | (94 | ) | | | (1,819 | ) |
| PetIQ, Inc. | | | (2,527 | ) | | | (55,746 | ) |
| Plug Power, Inc. | | | (3,420 | ) | | | (7,969 | ) |
| Porch Group, Inc. | | | (15,885 | ) | | | (23,986 | ) |
| Q2 Holdings, Inc. | | | (2,718 | ) | | | (163,977 | ) |
| Rapid7, Inc. | | | (134 | ) | | | (5,793 | ) |
| Redfin Corp. | | | (1,328 | ) | | | (7,981 | ) |
| Rocket Lab USA, Inc. | | | (3,265 | ) | | | (15,672 | ) |
| Seagate Technology Holdings PLC | | | (209 | ) | | | (21,583 | ) |
| Shift4 Payments, Inc., Class A | | | (648 | ) | | | (47,531 | ) |
| SMART Global Holdings, Inc. | | | (10,315 | ) | | | (235,904 | ) |
The accompanying notes are an integral part of these financial statements.
20 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Snap, Inc., Class A | | | (7,370 | ) | | $ | (122,416 | ) |
| SoFi Technologies, Inc. | | | (24,581 | ) | | | (162,480 | ) |
| SolarEdge Technologies, Inc. | | | (3,275 | ) | | | (82,727 | ) |
| Sphere Entertainment Co. | | | (922 | ) | | | (32,325 | ) |
| Spotify Technology SA | | | (96 | ) | | | (30,124 | ) |
| Summit Hotel Properties, Inc. REIT | | | (9,457 | ) | | | (56,647 | ) |
| Super Micro Computer, Inc. | | | (115 | ) | | | (94,225 | ) |
| Tandem Diabetes Care, Inc. | | | (16,161 | ) | | | (651,127 | ) |
| Topgolf Callaway Brands Corp. | | | (1,250 | ) | | | (19,125 | ) |
| Transocean Ltd. | | | (166,516 | ) | | | (890,861 | ) |
| Uber Technologies, Inc. | | | (253 | ) | | | (18,388 | ) |
| UGI Corp. | | | (1,021 | ) | | | (23,381 | ) |
| Varex Imaging Corp. | | | (5,978 | ) | | | (88,056 | ) |
| Veeco Instruments, Inc. | | | (11,662 | ) | | | (544,732 | ) |
| Verint Systems, Inc. | | | (1,161 | ) | | | (37,384 | ) |
| Viavi Solutions, Inc. | | | (6,059 | ) | | | (41,625 | ) |
| Vishay Intertechnology, Inc. | | | (948 | ) | | | (21,140 | ) |
| Western Digital Corp. | | | (341 | ) | | | (25,838 | ) |
| Winnebago Industries, Inc. | | | (71 | ) | | | (3,848 | ) |
| WisdomTree, Inc. | | | (9,407 | ) | | | (93,223 | ) |
| Zillow Group, Inc. Class C | | | (1,279 | ) | | | (59,333 | ) |
| Zscaler, Inc. | | | (933 | ) | | | (179,313 | ) |
| | | | | | | | (15,696,473 | ) |
| | | | | | | | | |
Total Common Stocks
(Proceeds $18,427,101) | | | | | | | (19,632,784 | ) |
| Description | | | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | |
| Convertible Corporate Bonds | (0.8)% | | | | | | | | | | |
| | | | | | | | | | | |
| China | (0.5)% | | | | | | | | | | |
| Alibaba Group Holding Ltd., 0.500%, 06/01/31 (#) | | USD | | | (198 | ) | | $ | (189,732 | ) |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 21
| Description | | | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | |
| Lazard Enhanced Opportunities Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| United States | (0.3)% | | | | | | | | | | |
JetBlue Airways Corp.,
0.500%, 04/01/26 | | USD | | | (116 | ) | | $ | (102,329 | ) |
| | | | | | | | | | | |
Total Convertible Corporate Bonds
(Proceeds $294,607) | | | | | | | | | (292,061 | ) |
| | | | | | | | | | | |
| U.S. Treasury Securities | (27.8)% | | | | | | | | | | |
| | | | | | | | | | | |
| United States | (27.8)% | | | | | | | | | | |
U.S. Treasury Bills, 0.000%, 07/09/24
(Proceeds $10,987,120) | | USD | | | (11,000 | ) | | $ | (10,987,234 | ) |
| Description | | | | Shares | | | Fair
Value | |
| | | | | | | | | | | |
| Warrants | 0.0% | | | | | | | | | | |
| | | | | | | | | | | |
| Singapore | 0.0% | | | | | | | | | | |
Danimer Scientific, Inc. Expires 05/03/29 (*), (¢)
(Cost $0) | | | | | (4,531 | ) | | $ | 0 | |
| | | | | | | | | | | |
Total Securities Sold Short
(Proceeds $29,708,828) | | | | | | | | | (30,912,079 | ) |
| | | | | | | | | | | |
Total Investments | 98.9%
(Cost and short proceeds $41,316,977) (») | | | | | | | | | 39,031,380 | |
| | | | | | | | | | | |
Cash and Other Assets in Excess of Liabilities | 1.1% | | | | | | | | | 445,712 | |
| | | | | | | | | | | |
| Net Assets | 100.0% | | | | | | | | $ | 39,477,092 | |
The accompanying notes are an integral part of these financial statements.
22 Semi-Annual Financial Statements
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at June 30, 2024:
Currency
Purchased | | | Quantity | | | Currency
Sold | | Quantity | | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | Unrealized
Depreciation | |
| USD | | | 60,001 | | | CAD | | | 82,000 | | | SSB | | | 09/26/24 | | | $ | — | | | | $ | 60 | | |
| USD | | | 498,317 | | | EUR | | | 464,000 | | | SSB | | | 09/26/24 | | | | — | | | | | 651 | | |
| USD | | | 325,854 | | | HKD | | | 2,537,000 | | | SSB | | | 09/26/24 | | | | 214 | | | | | — | | |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | | | | | $ | 214 | | | | $ | 711 | | |
Written Options open at June 30, 2024:
| Description | | Counterparty | | | Number of
Contracts | | Strike
Price | | | Expiration
Date | | Notional
Amount | | | Premiums | | | Fair
Value | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Put | | | | | | | | | | | | | | | | | | | | | | | | |
| Coherus Biosciences, Inc. | | MSC | | | 37 | | | | $ 2 | | | 11/15/24 | | | $3,700 | | | $ | 1,241 | | | $ | (5,920 | ) |
| Shift4 Payments, Inc. | | MSC | | | 14 | | | | 65 | | | 07/19/24 | | | 1,400 | | | | 1,543 | | | | (616 | ) |
| Total Written Options | | | | | 51 | | | | | | | | | | | | | $ | 2,784 | | | $ | (6,536 | ) |
Total Return Swap Agreements open at June 30, 2024:
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Reference Entity^ | | Rate | | | Unrealized
Appreciation | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Long Position Contract | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | $ | 843,121 | | | 11/30/27 | | ATI, Inc.,
3.500%, 06/15/25 | | | 5.32 | % | | $ | 346,601 | | | $ | — | |
| USD | | BNP | | | 6,634 | | | 10/17/24 | | Beauty Health Co.,
1.250%, 10/01/26 | | | 5.32 | | | | 1,779 | | | | — | |
| USD | | BNP | | | 1,318,546 | | | 10/17/24 | | Block, Inc.,
0.125%, 03/01/25 | | | 5.32 | | | | 4,703 | | | | — | |
| USD | | BNP | | | 359,093 | | | 10/17/24 | | Cheesecake Factory Inc.,
0.375%, 06/15/26 | | | 5.32 | | | | 14,701 | | | | — | |
| USD | | NIP | | | 946,217 | | | 11/30/27 | | Cloudflare, Inc.,
0.000%, 08/15/26 | | | 5.32 | | | | — | | | | 11,275 | |
| USD | | BNP | | | 283,878 | | | 10/17/24 | | Collegium Pharmaceutical, Inc.,
2.875%, 02/15/29 | | | 5.32 | | | | 51,543 | | | | — | |
| USD | | NIP | | | 422,063 | | | 11/30/27 | | Cytokinetics, Inc.,
3.500%, 07/01/27 | | | 5.32 | | | | 14,462 | | | | — | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 23
Lazard Enhanced Opportunities Portfolio (continued)
| | | | | | | | | | | | | | | | | | | |
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Reference Entity^ | | Rate | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | $ | 1,222,745 | | | 11/30/27 | | Datadog, Inc.,
0.125%, 06/15/25 | | | 5.32 | % | | $ | 177,465 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 987,121 | | | 10/17/24 | | DigitalOcean Holdings, Inc.,
0.000%, 12/01/26 | | | 5.32 | | | | 5,301 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 1,177,115 | | | 11/30/27 | | Dynavax Technologies Corp.,
2.500%, 05/15/26 | | | 5.32 | | | | — | | | | 149,627 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 401,825 | | | 10/17/24 | | Encore Capital Group, Inc.,
3.250%, 10/01/25 | | | 5.32 | | | | — | | | | 25,565 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 17,577 | | | 10/17/24 | | Enphase Energy, Inc.,
0.000%, 03/01/28 | | | 5.32 | | | | — | | | | 143 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 288,747 | | | 10/17/24 | | Etsy, Inc.,
0.125%, 10/01/26 | | | 5.32 | | | | — | | | | 11,840 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 700,790 | | | 10/17/24 | | Expedia Group, Inc.,
0.000%, 02/15/26 | | | 5.32 | | | | — | | | | 1,156 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 721,402 | | | 11/30/27 | | Five9, Inc.,
0.500%, 06/01/25 | | | 5.32 | | | | 7,006 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 42,787 | | | 10/17/24 | | Granite Construction, Inc.,
3.750%, 05/15/28 | | | 5.32 | | | | 5,212 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 540,689 | | | 11/30/27 | | Health Catalyst, Inc. | | | 5.32 | | | | 20,551 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 1,214,825 | | | 11/30/27 | | HubSpot, Inc.,
0.375%, 06/01/25 | | | 5.32 | | | | 140,100 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 566,371 | | | 10/17/24 | | Innoviva, Inc.,
2.125%, 03/15/28 | | | 5.32 | | | | 48,232 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 240,597 | | | 11/30/27 | | Kosmos Energy Ltd.,
3.125%, 03/15/30 | | | 5.32 | | | | — | | | | 10,920 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 769,492 | | | 11/30/27 | | LCI Industries
1.125%, 05/15/26 | | | 5.32 | | | | — | | | | 6,269 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 713,781 | | | 11/30/27 | | Liberty Media Corp.,
2.750%, 12/01/49 | | | 5.32 | | | | 6,219 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 326,605 | | | 10/17/24 | | Lyft, Inc.,
1.500%, 05/15/25 | | | 5.32 | | | | — | | | | 6,384 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 931,830 | | | 11/30/27 | | MannKind Corp.,
2.500%, 03/01/26 | | | 5.32 | | | | 53,881 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 867,462 | | | 10/17/24 | | Marriott Vacations Worldwide Corp.,
0.000%, 01/15/26 | | | 5.32 | | | | 7,529 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 49,687 | | | 10/17/24 | | Marriott Vacations Worldwide Corp.,
3.250%, 12/01/27 | | | 5.32 | | | | 638 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 1,253,738 | | | 10/17/24 | | Match Group Financeco 2, Inc.,
0.875%, 06/15/26 | | | 5.32 | | | | 2,986 | | | | — | |
The accompanying notes are an integral part of these financial statements.
24 Semi-Annual Financial Statements
Lazard Enhanced Opportunities Portfolio (continued)
| | | | | | | | | | | | | | | | | | | |
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Reference Entity^ | | Rate | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | $ | 154,487 | | | 10/17/24 | | MicroStrategy, Inc.,
0.625%, 03/15/30 | | | 5.32 | % | | $ | — | | | $ | 7,341 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 389,910 | | | 10/17/24 | | Mitek Systems, Inc.,
0.750%, 02/01/26 | | | 5.32 | | | | 30,501 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BOA | | | 2,456,606 | | | 02/12/25- 06/26/25 | | MongoDB, Inc.,
0.250%, 01/15/26 | | | 5.32 | | | | — | | | | 713,728 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 424,565 | | | 10/17/24 | | NCL Corp., Ltd.,
5.375%, 08/01/25 | | | 5.32 | | | | 45,680 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 265,210 | | | 10/17/24 | | NCL Corp., Ltd.,
1.125%, 02/15/27 | | | 5.32 | | | | 30,729 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 239,120 | | | 10/17/24 | | NCL Corp., Ltd.,
2.500%, 02/15/27 | | | 5.32 | | | | 302 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 874,164 | | | 10/17/24 | | Pebblebrook Hotel Trust
1.750%, 12/15/26 | | | 5.32 | | | | 14,223 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 851,241 | | | 11/30/27 | | Penn Entertainment, Inc.,
2.750%, 05/15/26 | | | 5.32 | | | | — | | | | 63,876 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 397,230 | | | 10/17/24 | | PetIQ, Inc.,
4.000%, 06/01/26 | | | 5.32 | | | | 38,195 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 324,154 | | | 10/17/24 | | Q2 Holdings, Inc.,
0.125%, 11/15/25 | | | 5.32 | | | | 3,790 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 899,311 | | | 10/17/24 | | Repay Holdings Corp.,
0.000%, 02/01/26 | | | 5.32 | | | | 12,139 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 24,705 | | | 11/30/27 | | Repligen Corp.,
1.000%, 12/15/28 | | | 5.32 | | | | — | | | | 4,860 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 725,422 | | | 10/17/24 | | Sea, Ltd.,
2.375%, 12/01/25 | | | 5.32 | | | | 25,349 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 513,078 | | | 10/17/24 | | Shift4 Payments, Inc.,
0.500%, 12/15/25 | | | 5.32 | | | | — | | | | 356 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 63,904 | | | 10/17/24 | | Shift4 Payments, Inc.,
0.000%, 08/01/27 | | | 5.32 | | | | 1,611 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 599,485 | | | 11/30/27 | | Snap, Inc., 0.125%,
03/01/28 | | | 5.32 | | | | 57,335 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 165,134 | | | 10/17/24 | | SoFi Technologies, Inc.,
0.000%, 10/15/26 | | | 5.32 | | | | 14,749 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 117,148 | | | 10/17/24 | | Spotify USA, Inc.,
0.000%, 03/15/26 | | | 5.32 | | | | 2,102 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 785,376 | | | 11/30/27 | | Topgolf Callaway
Brands Corp.,
2.750%, 05/01/26 | | | 5.32 | | | | ��� | | | | 75,447 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 540,461 | | | 11/30/27 | | Travere Therapeutics, Inc.,
2.250%, 03/01/29 | | | 5.32 | | | | — | | | | 110,636 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 25
Lazard Enhanced Opportunities Portfolio (continued)
| | | | | | | | | | | | | | | | | | | |
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Reference Entity^ | | Rate | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | $ | 10,718 | | | 11/30/27 | | Veeco Instruments, Inc.,
2.875%, 06/01/29 | | | 5.32 | % | | $ | 4,824 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 647,989 | | | 10/17/24 | | Wayfair, Inc.,
1.000%, 08/15/26 | | | 5.32 | | | | 701 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 613,530 | | | 11/30/27 | | Zscaler, Inc.,
0.125%, 07/01/25 | | | 5.32 | | | | 115,440 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Short Position Contract | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 812,259 | | | 11/30/27 | | ATI, Inc. | | | 5.32 | | | | — | | | | 367,495 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 27,546 | | | 10/17/24 | | Block Inc., | | | 5.32 | | | | — | | | | 1,153 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 30,903 | | | 10/17/24 | | Cheesecake Factory Inc. | | | 5.32 | | | | — | | | | 2,140 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 99,162 | | | 11/30/27 | | Cloudflare, Inc. | | | 5.32 | | | | 5,564 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 47,579 | | | 10/17/24 | | Coherus Biosciences, Inc. | | | 5.32 | | | | 25,975 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 165,244 | | | 10/17/24 | | Collegium Pharmaceutical, Inc. 5.32 | | | | | | | — | | | | 51,301 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 233,441 | | | 11/30/27 | | Cytokinetics, Inc. | | | 5.32 | | | | — | | | | 23,264 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 659,689 | | | 11/30/27 | | Datadog, Inc. | | | 5.32 | | | | — | | | | 124,028 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 11,051 | | | 10/17/24 | | DigitalOcean Holdings, Inc. | | | 5.32 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 694,128 | | | 11/30/27 | | Dynavax Technologies Corp. | | | 5.32 | | | | 53,614 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 304,534 | | | 10/17/24 | | Encore Capital Group, Inc. | | | 5.32 | | | | 27,530 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 3,470 | | | 10/17/24 | | Enphase Energy, Inc. | | | 5.32 | | | | 279 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 100,446 | | | 10/17/24 | | Etsy, Inc. | | | 5.32 | | | | 9,381 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 162,317 | | | 10/17/24 | | Evolent Health, Inc. | | | 5.32 | | | | 67,615 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 27,282 | | | 10/17/24 | | Expedia Group, Inc. | | | 5.32 | | | | 1,958 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BOA | | | 146,006 | | | 07/12/24- 06/25/25 | | Granite Construction, Inc. | | | 5.32 | | | | — | | | | 5,208 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 33,034 | | | 10/17/24 | | Granite Construction, Inc. | | | 5.32 | | | | — | | | | 4,971 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 1,105,640 | | | 11/30/27 | | HubSpot, Inc. | | | 5.32 | | | | — | | | | 158,869 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 162,055 | | | 10/17/24 | | Innoviva, Inc. | | | 5.32 | | | | — | | | | 30,744 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 139,742 | | | 11/30/27 | | Kosmos Energy, Ltd. | | | 5.32 | | | | 10,073 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 139,732 | | | 11/30/27 | | LCI Industries | | | 5.32 | | | | 12,989 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 7,699 | | | 10/17/24 | | Lyft, Inc. | | | 5.32 | | | | 1,608 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 400,510 | | | 11/30/27 | | MannKind Corp. | | | 5.32 | | | | — | | | | 51,892 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 71,816 | | | 10/17/24 | | Marriott Vacations Worldwide Corp. | | | 5.32 | | | | 4,842 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 20,645 | | | 10/17/24 | | Match Group, Inc. | | | 5.32 | | | | 108 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BOA | | | 13,714 | | | 04/29/25- 05/02/25 | |
Maxeon Solar Technologies, Ltd. | | | 5.32 | | | | 7,391 | | | | — | |
The accompanying notes are an integral part of these financial statements.
26 Semi-Annual Financial Statements
Lazard Enhanced Opportunities Portfolio (concluded)
| | | | | | | | | | | | | | | | | | | |
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Reference Entity^ | | Rate | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | $ | 749,301 | | | 10/17/24 | | Maxeon Solar Technologies, Ltd. | | | 5.32 | % | | $ | 725,509 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 108,728 | | | 10/17/24 | | MicroStrategy, Inc. | | | 5.32 | | | | 6,795 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 61,294 | | | 10/17/24 | | Mitek Systems, Inc. | | | 5.32 | | | | 117 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BOA | | | 1,417,185 | | | 12/02/24- 06/27/25 | | MongoDB, Inc. | | | 5.32 | | | | 487,334 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 124,857 | | | 10/17/24 | | Norwegian Cruise Line Holdings, Ltd. | | | 5.32 | | | | — | | | | 9,266 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 14,199 | | | 10/17/24 | | Pacira BioSciences, Inc. | | | 5.32 | | | | 1,668 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 179,400 | | | 10/17/24 | | Pebblebrook Hotel Trust | | | 5.32 | | | | 6,066 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 322,862 | | | 11/30/27 | | Penn Entertainment, Inc. | | | 5.32 | | | | 40,956 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 87,226 | | | 10/17/24 | | PetIQ, Inc. | | | 5.32 | | | | — | | | | 24,751 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 37,763 | | | 10/17/24 | | Q2 Holdings, Inc. | | | 5.32 | | | | — | | | | 14,784 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 420 | | | 10/17/24 | | Redfin Corp. | | | 5.32 | | | | 125 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 21,523 | | | 10/17/24 | | Repay Holdings Corp. | | | 5.32 | | | | 361 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 11,851 | | | 11/30/27 | | Repligen Corp. | | | 5.32 | | | | 4,161 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 179,625 | | | 10/17/24 | | Sea, Ltd. | | | 5.32 | | | | — | | | | 42,634 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 289,909 | | | 10/17/24 | | Shift4 Payments, Inc. | | | 5.32 | | | | 4,357 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 48,973 | | | 11/30/27 | | Snap, Inc. | | | 5.32 | | | | — | | | | 11,986 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| SD | | BNP | | | 34,107 | | | 10/17/24 | | SoFi Technologies, Inc. | | | 5.32 | | | | 2,650 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 21,255 | | | 10/17/24 | | Spotify Technology SA | | | 5.32 | | | | — | | | | 1,338 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 375,355 | | | 11/30/27 | | Topgolf Callaway Brands Corp. | | | 5.32 | | | | 56,610 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 97,899 | | | 11/30/27 | | Travere Therapeutics, Inc. | | | 5.32 | | | | 21,297 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 7,018 | | | 11/30/27 | | Veeco Instruments, Inc. | | | 5.32 | | | | — | | | | 4,706 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | BNP | | | 69,596 | | | 10/17/24 | | Wayfair, Inc. | | | 5.32 | | | | — | | | | 693 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| USD | | NIP | | | 303,348 | | | 11/30/27 | | Zscaler, Inc. | | | 5.32 | | | | — | | | | 105,056 | |
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | | | | | | $ | 2,893,512 | | | $ | 2,235,702 | |
| ^ | For long position contracts, the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. For short position contracts, the Portfolio pays appreciation and dividends/interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 27
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Lazard Opportunistic Strategies Portfolio | | | | | | | | |
| | | | | | | | | |
| Exchange-Traded Funds | 94.5% | | | | | | | | |
| | | | | | | | | |
| Commodity | 1.9% | | | | | | | | |
| U.S. Copper Index Fund | | | 24,999 | | | $ | 680,223 | |
| | | | | | | | | |
| Equity Funds | 70.1% | | | | | | | | |
| Invesco QQQ Trust Series 1 | | | 4,835 | | | | 2,316,497 | |
| iShares Currency Hedged MSCI Japan ETF | | | 84,277 | | | | 3,677,848 | |
| iShares Expanded Tech-Software Sector ETF | | | 22,309 | | | | 1,938,652 | |
| iShares Russell 2000 ETF | | | 9,487 | | | | 1,924,817 | |
| SPDR EURO STOXX 50 ETF | | | 64,311 | | | | 3,217,479 | |
| Vanguard S&P 500 ETF | | | 8,828 | | | | 4,415,148 | |
| Vanguard S&P 500 Growth ETF | | | 11,450 | | | | 3,818,003 | |
| Vanguard S&P 500 Value ETF | | | 19,614 | | | | 3,447,749 | |
| | | | | | | | 24,756,193 | |
| | | | | | | | | |
| Fixed-Income Funds | 22.5% | | | | | | | | |
| iShares iBoxx $ High Yield Corporate Bond ETF | | | 13,738 | | | | 1,059,749 | |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | | | 11,692 | | | | 1,252,447 | |
| Vanguard Long-Term Treasury ETF | | | 62,619 | | | | 3,611,864 | |
| Vanguard Mega Cap ETF | | | 10,189 | | | | 2,010,188 | |
| | | | | | | | 7,934,248 | |
| | | | | | | | | |
Total Exchange-Traded Funds
(Cost $27,702,636) | | | | | | | 33,370,664 | |
| | | | | | | | | |
| Description | | | Principal
Amount
(000) | | | | Fair
Value | |
| | | | | | | | | |
| Repurchase Agreements | 5.1% | | | | | | | | |
Fixed Income Clearing Corp. 5.29%, 07/01/24 (Dated 06/28/24, collateralized by $1,965,900 United States Treasury Note, 1.875%, 02/28/27, with a fair value of $1,846,240) Proceeds of $1,810,798
(Cost $1,810,000) | | $ | 1,810 | | | $ | 1,810,000 | |
The accompanying notes are an integral part of these financial statements.
28 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Opportunistic Strategies Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Short-Term Investments | 0.3% | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield)
(Cost $99,695) | | | 99,695 | | | $ | 99,695 | |
| | | | | | | | | |
Total Investments | 99.9%
(Cost $29,612,331) | | | | | | $ | 35,280,359 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.1% | | | | | | | 36,248 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 35,316,607 | |
Total Return Swap Agreements open at June 30, 2024:
| Currency | | Counterparty | | Notional
Amount | | | Expiration
Date | | Receive | | Pay | | Rate | | Payment Frequency | | Unrealized
Appreciation | |
| | | | | | | | | | | | | | | | | | | | | |
| USD | | GSC | | | $1,708,228 | | | 05/12/25 | | Net appreciation and dividends paid, on Securities in a custom momentum basket | | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | | SOFR+0.60bps | | Upon Maturity(a) | | | $40,332* | |
| | |
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
| * | Include accrued dividends and financing charges of $14,606. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 29
Lazard Opportunistic Strategies Portfolio (concluded)
The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of June 30, 2024:
Securities within
GSCBLZGB
(SOFR+0.60bps) | | Shares | | | Fair
Value | |
| | | | | | | |
| Alphabet Inc., Class A | | | 513 | | | $ | 93,443 | |
| Amazon.Com Inc. | | | 471 | | | | 91,021 | |
| Aon PLC, Class A | | | 303 | | | | 88,955 | |
| Ase Technology Holding Co. Ltd. | | | 18,891 | | | | 3,183,134 | |
| Exelon Corp. | | | 2,261 | | | | 78,253 | |
| Ferrovial SE | | | 2,350 | | | | 85,211 | |
| ICON PLC | | | 280 | | | | 87,772 | |
| Inspire Medical Systems Inc. | | | 350 | | | | 46,841 | |
| Lantheus Holdings Inc. | | | 1,268 | | | | 101,808 | |
| Lotes Co Ltd. | | | 1,902 | | | | 3,100,260 | |
| Microsoft Corp. | | | 212 | | | | 94,753 | |
| Middleby Corp. | | | 600 | | | | 73,566 | |
| Mitsubishi Ufj Financial Group | | | 8,607 | | | | 14,881,503 | |
| Partners Group Holding AG | | | 65 | | | | 75,010 | |
| QBE Insurance Group Ltd. | | | 7,334 | | | | 127,538 | |
| RELX PLC | | | 2,064 | | | | 75,109 | |
| Rio Tinto Ltd. | | | 993 | | | | 118,167 | |
| Stepstone Group Inc., Class A | | | 1,771 | | | | 81,271 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 1,521 | | | | 16,312,725 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 3,493 | | | | 3,374,238 | |
| Total Fair Value | | | | | | $ | 42,170,578 | |
The accompanying notes are an integral part of these financial statements.
30 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) | | | | | | |
| |
| Common Stocks | 64.0% | | | | | | |
| |
| Australia | 1.2% | | | | | | | | |
| Atlas Arteria Ltd. | | | 7,021 | | | $ | 23,926 | |
| Aurizon Holdings Ltd. | | | 41,529 | | | | 100,819 | |
| Dexus REIT | | | 15,763 | | | | 68,151 | |
| Goodman Group REIT | | | 3,182 | | | | 73,334 | |
| Transurban Group | | | 3,265 | | | | 26,999 | |
| | | | | | | | 293,229 | |
| |
| Brazil | 0.8% | | | | | | | | |
| Allos SA | | | 12,600 | | | | 47,604 | |
| Energisa SA | | | 11,000 | | | | 89,769 | |
| Multiplan Empreendimentos Imobiliarios SA | | | 18,100 | | | | 72,982 | |
| | | | | | | | 210,355 | |
| |
| Canada | 3.1% | | | | | | | | |
| Agnico Eagle Mines Ltd. | | | 1,086 | | | | 71,024 | |
| Algonquin Power & Utilities Corp. | | | 3,069 | | | | 18,037 | |
| Atco Ltd., Class I | | | 4,446 | | | | 126,648 | |
| Barrick Gold Corp. | | | 2,227 | | | | 37,146 | |
| Boardwalk Real Estate Investment Trust REIT | | | 1,703 | | | | 87,736 | |
| Canadian National Railway Co. | | | 1,034 | | | | 122,186 | |
| Centerra Gold, Inc. | | | 5,897 | | | | 39,657 | |
| Hydro One Ltd. | | | 6,644 | | | | 193,533 | |
| West Fraser Timber Co. Ltd. | | | 843 | | | | 64,745 | |
| | | | | | | | 760,712 | |
| |
| China | 1.6% | | | | | | | | |
| C&D International Investment Group Ltd. | | | 46,000 | | | | 85,340 | |
| China Overseas Land & Investment Ltd. | | | 45,000 | | | | 77,949 | |
| China Resources Land Ltd. | | | 18,000 | | | | 61,138 | |
| Hopson Development Holdings Ltd. (*) | | | 72,468 | | | | 33,203 | |
| Midea Real Estate Holding Ltd. | | | 41,600 | | | | 35,465 | |
| Seazen Group Ltd. (*) | | | 152,000 | | | | 26,444 | |
| Yuexiu Property Co. Ltd. | | | 100,000 | | | | 65,163 | |
| | | | | | | | 384,702 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 31
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| France | 1.9% | | | | | | | | |
| Aeroports de Paris SA | | | 543 | | | $ | 66,350 | |
| Eutelsat Communications SACA (*) | | | 1,508 | | | | 6,063 | |
| Unibail-Rodamco-Westfield REIT | | | 914 | | | | 72,157 | |
| Vinci SA | | | 2,991 | | | | 314,638 | |
| | | | | | | | 459,208 | |
| |
| Hong Kong | 1.0% | | | | | | | | |
| CK Infrastructure Holdings Ltd. | | | 2,353 | | | | 13,284 | |
| Link REIT | | | 38,500 | | | | 149,567 | |
| Power Assets Holdings Ltd. | | | 3,443 | | | | 18,535 | |
| Swire Properties Ltd. | | | 27,400 | | | | 43,629 | |
| Wharf Real Estate Investment Co. Ltd. | | | 13,000 | | | | 34,357 | |
| | | | | | | | 259,372 | |
| |
| Italy | 1.7% | | | | | | | | |
| Enel SpA | | | 9,252 | | | | 64,537 | |
| Hera SpA | | | 6,016 | | | | 20,624 | |
| Italgas SpA | | | 3,464 | | | | 17,070 | |
| Snam SpA | | | 8,191 | | | | 36,169 | |
| Terna - Rete Elettrica Nazionale | | | 38,064 | | | | 294,182 | |
| | | | | | | | 432,582 | |
| |
| Japan | 3.3% | | | | | | | | |
| Aeon Mall Co. Ltd. | | | 9,200 | | | | 108,479 | |
| Chubu Electric Power Co., Inc. | | | 5,000 | | | | 59,258 | |
| East Japan Railway Co. | | | 5,700 | | | | 94,530 | |
| Hankyu Hanshin Holdings, Inc. | | | 3,400 | | | | 90,292 | |
| Hoshino Resorts REIT, Inc. | | | 8 | | | | 25,915 | |
| Industrial & Infrastructure Fund Investment Corp. REIT | | | 102 | | | | 80,328 | |
| Japan Prime Realty Investment Corp. REIT | | | 25 | | | | 50,383 | |
| Japan Real Estate Investment Corp. REIT | | | 16 | | | | 50,520 | |
| Katitas Co. Ltd. | | | 2,600 | | | | 28,078 | |
| Osaka Gas Co. Ltd. | | | 3,500 | | | | 77,272 | |
| Tokyo Gas Co. Ltd. | | | 6,600 | | | | 140,812 | |
| | | | | | | | 805,867 | |
The accompanying notes are an integral part of these financial statements.
32 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| Luxembourg | 0.0% | | | | | | | | |
| SES SA | | | 1,766 | | | $ | 9,026 | |
| |
| Mexico | 0.2% | | | | | | | | |
| Grupo Aeroportuario del Centro Norte SAB de CV | | | 5,500 | | | | 46,646 | |
| |
| Singapore | 0.3% | | | | | | | | |
| Parkway Life REIT | | | 25,400 | | | | 65,514 | |
| |
| South Africa | 0.5% | | | | | | | | |
| Growthpoint Properties Ltd. REIT | | | 121,722 | | | | 81,447 | |
| Northam Platinum Holdings Ltd. | | | 6,130 | | | | 42,624 | |
| | | | | | | | 124,071 | |
| |
| Spain | 1.9% | | | | | | | | |
| Acciona SA | | | 1,049 | | | | 124,432 | |
| Aena SME SA | | | 585 | | | | 117,993 | |
| Atlantica Sustainable Infrastructure PLC | | | 478 | | | | 10,492 | |
| Iberdrola SA | | | 16,252 | | | | 210,829 | |
| | | | | | | | 463,746 | |
| |
| Switzerland | 0.1% | | | | | | | | |
| Flughafen Zurich AG | | | 66 | | | | 14,561 | |
| |
| Taiwan | 0.4% | | | | | | | | |
| Highwealth Construction Corp. | | | 64,000 | | | | 102,631 | |
| |
| United Kingdom | 4.0% | | | | | | | | |
| LondonMetric Property PLC REIT | | | 60,789 | | | | 148,732 | |
| National Grid PLC | | | 27,666 | | | | 308,517 | |
| Pennon Group PLC | | | 1,316 | | | | 9,540 | |
| Segro PLC REIT | | | 7,929 | | | | 90,104 | |
| Severn Trent PLC | | | 1,153 | | | | 34,683 | |
| SSE PLC | | | 12,519 | | | | 282,358 | |
| Tritax Big Box REIT PLC | | | 45,524 | | | | 89,225 | |
| United Utilities Group PLC | | | 2,667 | | | | 33,120 | |
| | | | | | | | 996,279 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 33
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| United States | 41.9% | | | | | | | | |
| Agree Realty Corp. REIT | | | 1,631 | | | $ | 101,024 | |
| Alexandria Real Estate Equities, Inc. REIT | | | 1,870 | | | | 218,734 | |
| Ameren Corp. | | | 2,029 | | | | 144,282 | |
| American Electric Power Co., Inc. | | | 1,002 | | | | 87,915 | |
| American Homes 4 Rent, Class A REIT | | | 6,424 | | | | 238,716 | |
| American Tower Corp. REIT | | | 1,834 | | | | 356,493 | |
| American Water Works Co., Inc. | | | 435 | | | | 56,185 | |
| Apple Hospitality REIT, Inc. | | | 6,449 | | | | 93,768 | |
| AvalonBay Communities, Inc. REIT | | | 1,628 | | | | 336,817 | |
| Brixmor Property Group, Inc. | | | 10,479 | | | | 241,960 | |
| CareTrust REIT, Inc. | | | 4,765 | | | | 119,602 | |
| CF Industries Holdings, Inc. | | | 445 | | | | 32,983 | |
| Cheniere Energy, Inc. | | | 988 | | | | 172,732 | |
| Chesapeake Energy Corp. | | | 807 | | | | 66,327 | |
| Consolidated Edison, Inc. | | | 1,161 | | | | 103,817 | |
| Crown Castle, Inc. | | | 3,558 | | | | 347,617 | |
| CSX Corp. | | | 1,056 | | | | 35,323 | |
| CubeSmart | | | 2,215 | | | | 100,052 | |
| Digital Realty Trust, Inc. REIT | | | 1,983 | | | | 301,515 | |
| Duke Energy Corp. | | | 813 | | | | 81,487 | |
| EastGroup Properties, Inc. REIT | | | 1,129 | | | | 192,043 | |
| Edison International | | | 1,046 | | | | 75,113 | |
| Energy Transfer LP | | | 17,641 | | | | 286,137 | |
| Entergy Corp. | | | 743 | | | | 79,501 | |
| Enterprise Products Partners LP | | | 7,984 | | | | 231,376 | |
| Equinix, Inc. REIT | | | 481 | | | | 363,925 | |
| Equity Lifestyle Properties, Inc. REIT | | | 1,101 | | | | 71,708 | |
| Equity Residential REIT | | | 1,365 | | | | 94,649 | |
| Essex Property Trust, Inc. REIT | | | 455 | | | | 123,851 | |
| Exelon Corp. | | | 999 | | | | 34,575 | |
| Extra Space Storage, Inc. REIT | | | 708 | | | | 110,030 | |
| Ferrovial SE | | | 5,391 | | | | 208,832 | |
| Four Corners Property Trust, Inc. REIT | | | 2,580 | | | | 63,649 | |
| Hilton Worldwide Holdings, Inc. | | | 378 | | | | 82,480 | |
| Host Hotels & Resorts, Inc. REIT | | | 8,838 | | | | 158,907 | |
The accompanying notes are an integral part of these financial statements.
34 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| Invitation Homes, Inc. REIT | | | 7,032 | | | $ | 252,379 | |
| Iron Mountain, Inc. REIT | | | 1,323 | | | | 118,567 | |
| Kilroy Realty Corp. REIT | | | 2,344 | | | | 73,062 | |
| Mid-America Apartment Communities, Inc. REIT | | | 1,806 | | | | 257,554 | |
| National Storage Affiliates Trust REIT | | | 1,746 | | | | 71,970 | |
| NextEra Energy, Inc. | | | 1,430 | | | | 101,258 | |
| NiSource, Inc. | | | 4,116 | | | | 118,582 | |
| NNN REIT, Inc. | | | 2,510 | | | | 106,926 | |
| Norfolk Southern Corp. | | | 165 | | | | 35,424 | |
| ONEOK, Inc. | | | 570 | | | | 46,484 | |
| Pinnacle West Capital Corp. | | | 140 | | | | 10,693 | |
| Prologis, Inc. | | | 3,920 | | | | 440,255 | |
| Public Storage | | | 711 | | | | 204,519 | |
| Realty Income Corp. REIT | | | 3,388 | | | | 178,954 | |
| Regency Centers Corp. REIT | | | 2,633 | | | | 163,773 | |
| Ryman Hospitality Properties, Inc. REIT | | | 616 | | | | 61,514 | |
| SBA Communications Corp. REIT | | | 1,917 | | | | 376,307 | |
| Simon Property Group, Inc. REIT | | | 1,977 | | | | 300,109 | |
| SL Green Realty Corp. REIT | | | 4,891 | | | | 277,026 | |
| STAG Industrial, Inc. REIT | | | 3,660 | | | | 131,980 | |
| Sun Communities, Inc. REIT | | | 574 | | | | 69,075 | |
| Sunstone Hotel Investors, Inc. REIT | | | 8,283 | | | | 86,640 | |
| Targa Resources Corp. | | | 3,369 | | | | 433,860 | |
| Union Pacific Corp. | | | 1,164 | | | | 263,367 | |
| Ventas, Inc. REIT | | | 6,182 | | | | 316,889 | |
| Welltower, Inc. REIT | | | 2,341 | | | | 244,049 | |
| Xcel Energy, Inc. | | | 3,113 | | | | 166,265 | |
| | | | | | | | 10,321,606 | |
| | | | | | | | | |
Total Common Stocks
(Cost $15,021,527) | | | | | | | 15,750,107 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 35
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| Corporate Bonds | 5.8% | | | | | | | | |
| |
| Canada | 1.2% | | | | | | | | | | |
Canadian Pacific Railway Co.,
1.350%, 12/02/24 | | USD | | | 300 | | | $ | 294,554 | |
| |
| United States | 4.6% | | | | | | | | | | |
Kimco Realty OP LLC,
3.300%, 02/01/25 | | USD | | | 300 | | | | 295,454 | |
ONEOK, Inc.,
2.750%, 09/01/24 | | USD | | | 300 | | | | 298,217 | |
Southern Co.,
4.475%, 08/01/24 (ø) | | USD | | | 275 | | | | 274,608 | |
Tampa Electric Co.,
3.875%, 07/12/24 | | USD | | | 275 | | | | 274,826 | |
| | | | | | | | | | 1,143,105 | |
| | | | | | | | | | | |
Total Corporate Bonds
(Cost $1,438,105) | | | | | | | | | 1,437,659 | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| |
| Exchange-Traded Funds | 5.9% | | | | | | | | |
| iShares Gold Trust (†) | | | 21,565 | | | $ | 947,350 | |
| iShares Silver Trust (†) | | | 18,559 | | | | 493,113 | |
| | | | | | | | | |
Total Exchange-Traded Funds
(Cost $1,140,808) | | | | | | | 1,440,463 | |
The accompanying notes are an integral part of these financial statements.
36 Semi-Annual Financial Statements
| Description | | Shares | | | Fair
Value | |
| |
| Lazard Real Assets Portfolio (•) (continued) | | | | | | |
| |
| Short-Term Investments | 20.4% | | | | | | | | |
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.23% (7 day yield) (†)
(Cost $5,012,570) | | | 5,012,570 | | | $ | 5,012,570 | |
| | | | | | | | | |
Total Investments | 96.1%
(Cost $22,613,010) (») | | | | | | $ | 23,640,799 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 3.9% | | | | | | | 967,094 | |
| |
| Net Assets | 100.0% | | | | | | $ | 24,607,893 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 37
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at June 30, 2024:
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | | | | |
| USD | | 1,054 | | CAD | | 1,446 | | HSB | | 09/26/24 | | | $ | — | | | | $ | 6 | | |
| USD | | 9,046 | | HKD | | 70,460 | | HSB | | 09/26/24 | | | | 2 | | | | | — | | |
| USD | | 20,269 | | GBP | | 15,926 | | HSB | | 09/26/24 | | | | 124 | | | | | — | | |
| USD | | 29,060 | | AUD | | 43,956 | | HSB | | 09/26/24 | | | | — | | | | | 327 | | |
| USD | | 4,596 | | CAD | | 6,309 | | JPM | | 09/26/24 | | | | — | | | | | 25 | | |
| USD | | 14,745 | | GBP | | 11,586 | | JPM | | 09/26/24 | | | | 90 | | | | | — | | |
| USD | | 48,546 | | EUR | | 44,979 | | JPM | | 09/26/24 | | | | 178 | | | | | — | | |
| USD | | 10,244 | | CAD | | 14,059 | | SSB | | 09/26/24 | | | | — | | | | | 54 | | |
| USD | | 14,315 | | CHF | | 12,604 | | SSB | | 09/26/24 | | | | 142 | | | | | — | | |
| USD | | 20,747 | | AUD | | 31,395 | | SSB | | 09/26/24 | | | | — | | | | | 242 | | |
| USD | | 23,234 | | HKD | | 180,963 | | SSB | | 09/26/24 | | | | 6 | | | | | — | | |
| USD | | 113,417 | | GBP | | 89,123 | | SSB | | 09/26/24 | | | | 685 | | | | | — | | |
| USD | | 193,921 | | EUR | | 179,698 | | SSB | | 09/26/24 | | | | 681 | | | | | — | | |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | | $ | 1,908 | | | | $ | 654 | | |
Futures Contracts open at June 30, 2024 (†):
| | | | | | | | | | | | | | | | |
| Type | | Number of
Contracts | | Notional
Amount | | Expiration
Date | | Notional
Cost | | Fair
Value | | Unrealized
Appreciation | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | | | | |
| Natural Gas | | 16 | | $160,000 | | 08/28/24 | | $459,008 | | $415,680 | | | $ | — | | | | $ | 43,328 | | |
| Low Sulphur Gasoil | | 3 | | 300 | | 09/12/24 | | 230,928 | | 235,200 | | | | 4,272 | | | | | — | | |
| Sugar 11 | | 6 | | 672,000 | | 09/30/24 | | 125,335 | | 136,416 | | | | 11,081 | | | | | — | | |
| Soybean Oil | | 6 | | 360,000 | | 12/13/24 | | 169,638 | | 157,644 | | | | — | | | | | 11,994 | | |
| Total gross unrealized appreciation/depreciation on Futures Contracts | | | $ | 15,353 | | | | $ | 55,322 | | |
The accompanying notes are an integral part of these financial statements.
38 Semi-Annual Financial Statements
Lazard Real Assets Portfolio (•) (concluded)
Total Return Swap Agreements open at June 30, 2024 (†):
| | | | | | | | | | | | | | | | | | | |
| Currency | | Counterparty | | Notional
Amount | | Expiration
Date | | Receive | | Pay | | | Payable | | Payment
Frequency | | Unrealized
Depreciation | |
| | | | | | | | | | | | | | | | | | | |
| USD | | GSC | | $4,267,037 | | 10/18/24 | | Appreciation, and dividends paid, on commodities in a custom momentum basket | | | 0.00 | % | | Depreciation and dividend expense (if applicable), on commodities in a custom momentum basket | | Upon Maturity(a) | | | | $89,120 | |
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
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 June 30, 2024:
| | | | | | |
| Commodity | | Commodity Index
Ticker Symbol | | Commodity Exposure Expressed as
a Percentage of Notional Amount | |
| | | | | | |
| Aluminum | | BCOMAL | | | | 9.14 | % |
| Brent Crude | | BCOMCO | | | | 12.39 | |
| Coffee | | BCOMKC | | | | 6.06 | |
| Copper | | BCOMHG | | | | 12.36 | |
| Corn | | BCOMCN | | | | 6.11 | |
| Cotton | | BCOMCT | | | | 0.14 | |
| Crude Oil | | BCOMCL | | | | 12.06 | |
| Gasoline (RBOB) | | BCOMRB | | | | 2.69 | |
| Gold | | BCOMGC | | | | 0.11 | |
| Heating Oil | | BCOMHO | | | | 4.74 | |
| Kansas Wheat | | BCOMKW | | | | 2.00 | |
| Lean Hogs | | BCOMLH | | | | 0.14 | |
| Live Cattle | | BCOMLC | | | | 8.24 | |
| Natural Gas | | BCOMNG | | | | 0.07 | |
| Nickel | | BCOMNI | | | | 2.68 | |
| Silver | | BCOMSI | | | | 0.01 | |
| Soy Meal | | BCOMSM | | | | 4.55 | |
| Soybeans | | BCOMSY | | | | 7.14 | |
| Sugar | | BCOMSB | | | | 0.79 | |
| Wheat | | BCOMWH | | | | 2.68 | |
| Zinc | | BCOMZS | | | | 5.90 | |
| Total | | | | | | 100.00 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 39
The Lazard Funds, Inc. Notes to Portfolios of Investments
(N-CSR Item 7)
June 30, 2024 (unaudited)
| (*) | Non-income producing security. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short and/or derivative contracts. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, as amended, these securities may only be traded among “qualified institutional buyers.” At June 30, 2024, these securities amounted to 0.3% of net assets of Lazard Enhanced Opportunities Portfolio. |
| («) | Issue in default. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (•) | Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (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 June 30, 2024 which may step up at a future date. |
| (†) | The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio. |
| Security Abbreviations: | | | | | | |
| ADR | | — | | American Depositary Receipt | | REIT | | — | | Real Estate Investment Trust |
| ETF | | — | | Exchange-Traded Fund | | SOFR | | — | | Secured Overnight Financing Rate |
| | | | | | | |
| Currency Abbreviations: | | | | | | |
| AUD | | — | | Australian Dollar | | GBP | | — | | British Pound Sterling |
| CAD | | — | | Canadian Dollar | | HKD | | — | | Hong Kong Dollar |
| CHF | | — | | Swiss Franc | | USD | | — | | United States Dollar |
| EUR | | — | | Euro | | | | | | |
| | | | | | | |
| Counterparty Abbreviations: | | | | | | |
| BNP | | — | | BNP Paribas SA | | JPM | | — | | JPMorgan Chase Bank N.A. |
| BOA | | — | | Bank of America N.A. | | MSC | | — | | Morgan Stanley & Co. |
| GSC | | — | | Goldman Sachs International | | NIP | | — | | Nomura International Plc |
| HSB | | — | | HSBC Bank USA N.A. | | SSB | | — | | State Street Bank & Trust Co. |
The accompanying notes are an integral part of these financial statements.
40 Semi-Annual Financial Statements
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country:
| | | Lazard Enhanced
Opportunities Portfolio | |
| Industry† | | Long | | | Short | | |
| | | | | | | | |
| Common Stocks and Convertible Corporate Bonds | | | | | | | | | |
| Aerospace & Defense | | | 0.1 | % | | | — | % | |
| Banks | | | 2.7 | | | | — | | |
| Biotechnology | | | 4.5 | | | | –4.1 | | |
| Broadline Retail | | | 0.3 | | | | –0.5 | | |
| Capital Markets | | | 1.6 | | | | 0.6 | | |
| Chemicals | | | 1.5 | | | | –0.8 | | |
| Communication Equipment | | | 1.3 | | | | –0.1 | | |
| Construction & Engineering | | | 0.5 | | | | — | | |
| Consumer Finance | | | 6.7 | | | | –2.7 | | |
| Consumer Staples Distribution & Retail | | | 1.0 | | | | –0.6 | | |
| Diversified Consumer Services | | | 1.1 | | | | — | | |
| Electrical Equipment | | | 2.0 | | | | –0.7 | | |
| Electronic Equipment, Instruments & Components | | | 1.2 | | | | –0.7 | | |
| Energy Equipment & Services | | | 1.2 | | | | –2.3 | | |
| Entertainment | | | 2.5 | | | | –2.1 | | |
| Financial Services | | | 0.8 | | | | –0.1 | | |
| Gas Utilities | | | 0.1 | | | | –0.1 | | |
| Ground Transportation | | | 0.1 | | | | –0.1 | | |
| Health Care Equipment & Supplies | | | 16.3 | | | | –3.4 | | |
| Health Care Providers & Services | | | — | | | | –0.9 | | |
| Health Care Technology | | | 0.1 | | | | — | | |
| Hotel & Resort REITs Total | | | 1.0 | | | | –0.1 | | |
| Hotels, Restaurants & Leisure | | | 7.7 | | | | –4.4 | | |
| Interactive Media & Services | | | 1.8 | | | | –0.3 | | |
| IT Services | | | 5.9 | | | | –0.7 | | |
| Life Sciences Tools & Services | | | 1.1 | | | | — | | |
| Machinery | | | 5.2 | | | | –4.1 | | |
| Marine Transportation | | | 5.6 | | | | –5.5 | | |
| Media | | | 5.1 | | | | –0.9 | | |
| Metals & Mining | | | 2.2 | | | | –1.7 | | |
| Oil, Gas & Consumable Fuels | | | 3.5 | | | | –0.1 | | |
| Passenger Airlines | | | 0.4 | | | | –1.9 | | |
| Pharmaceuticals | | | 4.1 | | | | –0.1 | | |
| Professional Services | | | 0.7 | | | | –1.6 | | |
| Real Estate Management & Development | | | 0.9 | | | | –0.2 | | |
| Semiconductors & Semiconductor Equipment | | | 4.4 | | | | –2.3 | | |
| Software | | | 22.9 | | | | –6.4 | | |
| Specialty Retail | | | 4.6 | | | | — | | |
| Technology Hardware, Storage & Peripherals | | | 0.7 | | | | –0.4 | | |
| Subtotal | | | 123.4 | | | | –50.5 | | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 41
| | | Lazard Enhanced
Opportunities Portfolio | |
| Industry† | | Long | | | Short | | |
| | | | | | | | | | |
| Purchased Options | | | 1.0 | % | | | — | % | |
| U.S. Treasury Securities | | | 45.2 | | | | –27.8 | | |
| Warrants | | | 0.0 | | | | 0.0 | | |
| Short-Term Investments | | | 7.6 | | | | — | | |
| Total Investments | | | 177.2 | % | | | –78.3 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
42 Semi-Annual Financial Statements
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country:
| Industry† | | Lazard Real
Assets Portfolio | |
| | | | | |
| Common Stocks and Corporate Bonds | | | | | |
| Chemicals | | | 0.1 | % | |
| Construction & Engineering | | | 2.1 | | |
| Diversified REITs | | | 0.9 | | |
| Electric Utilities | | | 10.3 | | |
| Gas Utilities | | | 1.1 | | |
| Ground Transportation | | | 3.1 | | |
| Health Care REITs | | | 3.9 | | |
| Hotel & Resort REITs | | | 1.7 | | |
| Hotels, Restaurants & Leisure | | | 0.3 | | |
| Industrial REITs | | | 4.5 | | |
| Marine Transportation | | | 1.2 | | |
| Media | | | 0.1 | | |
| Metals & Mining | | | 0.8 | | |
| Multi-Utilities | | | 3.4 | | |
| Office REITs | | | 2.1 | | |
| Oil, Gas & Consumable Fuels | | | 6.2 | | |
| Paper & Forest Products | | | 0.3 | | |
| Real Estate Management & Development | | | 3.3 | | |
| Residential REITs | | | 6.3 | | |
| Retail REITs | | | 6.5 | | |
| Specialized REITs | | | 9.9 | | |
| Transportation Infrastructure | | | 1.2 | | |
| Water Utilities | | | 0.5 | | |
| Subtotal | | | 69.8 | | |
| Exchange-Traded Funds | | | 5.9 | | |
| Short-Term Investments | | | 20.4 | | |
| Total Investments | | | 96.1 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 43
The Lazard Funds, Inc. Statements of Assets and Liabilities (N-CSR Item 7)
(unaudited)
| June 30, 2024 | | Lazard
Enhanced
Opportunities
Portfolio | | | Lazard
Opportunistic
Strategies
Portfolio | | |
| ASSETS | | | | | | | | | |
| Investments in securities, at fair value | | $ | 69,943,459 | | | $ | 35,280,359 | | |
| Foreign currency, at fair value | | | 2,045 | | | | — | | |
| Receivables for: | | | | | | | | | |
| Investments sold | | | 729,371 | | | | — | | |
| Dividends and interest | | | 242,277 | | | | 53,156 | | |
| Capital stock sold | | | 237,788 | | | | — | | |
| Cash collateral pledged for derivative contracts | | | 319,686 | | | | — | | |
| Terminated swap | | | 7,263 | | | | — | | |
| Amount due from Investment Manager (Note 3) | | | — | | | | 1,500 | | |
| Gross unrealized appreciation on: | | | | | | | | | |
| Forward currency contracts | | | 214 | | | | — | | |
| Swap agreements | | | 2,893,512 | | | | 40,332 | | |
| Other assets | | | — | | | | — | | |
| Total assets | | | 74,375,615 | | | | 35,375,347 | | |
| | | | | | | | | | |
| LIABILITIES | | | | | | | | | |
| Securities sold short, at fair value | | | 30,912,079 | | | | — | | |
| Due to custodian | | | 39,502 | | | | — | | |
| Payables for: | | | | | | | | | |
| Accrued custodian fees | | | 43,516 | | | | 10,508 | | |
| Accrued professional services | | | 33,574 | | | | 26,652 | | |
| Management fees | | | 17,433 | | | | — | | |
| Accrued shareholders’ reports | | | 10,528 | | | | 8,480 | | |
| Accrued administration fees | | | 5,505 | | | | 5,659 | | |
| Accrued directors’ fees | | | 1,886 | | | | 2,171 | | |
| Accrued distribution fees | | | 63 | | | | — | | |
| Investments purchased | | | 1,502,697 | | | | — | | |
| Dividends on securities sold short | | | 2,045 | | | | — | | |
| Variation margin on open futures contracts | | | — | | | | — | | |
| Gross unrealized depreciation on: | | | | | | | | | |
| Forward currency contracts | | | 711 | | | | — | | |
| Swap agreements | | | 2,235,702 | | | | — | | |
| Written options, at fair value | | | 6,536 | | | | — | | |
| Other accrued expenses and payables | | | 86,746 | | | | 5,270 | | |
| Total liabilities | | | 34,898,523 | | | | 58,740 | | |
| Net assets | | $ | 39,477,092 | | | $ | 35,316,607 | | |
The accompanying notes are an integral part of these financial statements.
44 Semi-Annual Financial Statements
| | Lazard
Real Assets
Portfolio (a) | | |
| | | | | |
| | $ | 23,640,799 | | |
| | | 4,857 | | |
| | | | | |
| | | 204,998 | | |
| | | 119,512 | | |
| | | 50,065 | | |
| | | 741,790 | | |
| | | — | | |
| | | 7,372 | | |
| | | | | |
| | | 1,908 | | |
| | | — | | |
| | | 9,054 | | |
| | | 24,780,355 | | |
| | | | | |
| | | | | |
| | | — | | |
| | | — | | |
| | | | | |
| | | 21,818 | | |
| | | 25,806 | | |
| | | — | | |
| | | 5,454 | | |
| | | 5,434 | | |
| | | 1,899 | | |
| | | 34 | | |
| | | 5,574 | | |
| | | — | | |
| | | 11,961 | | |
| | | | | |
| | | 654 | | |
| | | 89,120 | | |
| | | — | | |
| | | 4,708 | | |
| | | 172,462 | | |
| | $ | 24,607,893 | | |
Semi-Annual Financial Statements 45
| June 30, 2024 | | Lazard
Enhanced
Opportunities
Portfolio | | | Lazard
Opportunistic
Strategies
Portfolio | | |
| NET ASSETS | | | | | | | | | |
| Paid in capital | | $ | 46,961,964 | | | $ | 26,723,683 | | |
| Distributable earnings (Accumulated loss) | | | (7,484,872 | ) | | | 8,592,924 | | |
| Net assets | | $ | 39,477,092 | | | $ | 35,316,607 | | |
| | | | | | | | | | |
| Institutional Shares | | | | | | | | | |
| Net assets | | $ | 38,932,273 | | | $ | 35,197,174 | | |
| Shares of capital stock outstanding* | | | 4,545,050 | | | | 3,253,522 | | |
| Net asset value, offering and redemption price per share | | $ | 8.57 | | | $ | 10.82 | | |
| | | | | | | | | | |
| Open Shares | | | | | | | | | |
| Net assets | | $ | 544,819 | | | $ | 119,433 | | |
| Shares of capital stock outstanding* | | | 63,498 | | | | 11,122 | | |
| Net asset value, offering and redemption price per share | | $ | 8.58 | | | $ | 10.74 | | |
| | | | | | | | | | |
| R6 Shares | | | | | | | | | |
| Net assets | | | — | | | | — | | |
| Shares of capital stock outstanding | | | — | | | | — | | |
| Net asset value, offering and redemption price per share | | | — | | | | — | | |
| | | | | | | | | | |
| Cost of investments in securities | | $ | 71,025,805 | | | $ | 29,612,331 | | |
| Proceeds received from securities sold short | | $ | 29,708,828 | | | $ | — | | |
| Proceeds received from written options | | $ | 2,784 | | | $ | — | | |
| Cost of foreign currency | | $ | 2,042 | | | $ | — | | |
| * | $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.
46 Semi-Annual Financial Statements
| | Lazard
Real Assets
Portfolio (a) | | |
| | | | | |
| | $ | 30,160,892 | | |
| | | (5,552,999 | ) | |
| | $ | 24,607,893 | | |
| | | | | |
| | $ | 24,128,659 | | |
| | | 2,496,213 | | |
| | | | | |
| | $ | 9.67 | | |
| | | | | |
| | $ | 238,953 | | |
| | | 24,700 | | |
| | | | | |
| | $ | 9.67 | | |
| | | | | |
| | $ | 240,281 | | |
| | | 24,857 | | |
| | | | | |
| | $ | 9.67 | | |
| | | | | |
| | $ | 22,613,010 | | |
| | $ | — | | |
| | $ | — | | |
| | $ | 4,917 | | |
Semi-Annual Financial Statements 47
The Lazard Funds, Inc. Statements of Operations (N-CSR Item 7)
(unaudited)
| For the Six Months Ended June 30, 2024 | | Lazard
Enhanced
Opportunities
Portfolio | | | Lazard
Opportunistic
Strategies
Portfolio | | |
| Investment Income (Loss) | | | | | | | | | |
| Income | | | | | | | | | |
| Interest | | $ | 1,207,018 | | | $ | 23,130 | | |
| Dividends | | | 2,278 | | | | 287,582 | | |
| Total investment income* | | | 1,209,296 | | | | 310,712 | | |
| Expenses | | | | | | | | | |
| Management fees (Note 3) | | | 181,018 | | | | 177,242 | | |
| Custodian fees | | | 47,637 | | | | 15,530 | | |
| Professional services | | | 33,712 | | | | 24,065 | | |
| Registration fees | | | 18,384 | | | | 33,405 | | |
| Administration fees | | | 15,473 | | | | 15,307 | | |
| Shareholders’ reports | | | 8,623 | | | | 8,479 | | |
| Shareholders’ services | | | 6,333 | | | | 6,370 | | |
| Directors’ fees and expenses | | | 3,768 | | | | 4,044 | | |
| Distribution fees (Open Shares) | | | 659 | | | | 160 | | |
| Other^ | | | 4,495 | | | | 3,776 | | |
| Total gross expenses before expenses on securities sold short | | | 320,102 | | | | 288,378 | | |
| Broker expense on securities sold short | | | 362,260 | | | | — | | |
| Dividend expense on securities sold short | | | 148,515 | | | | — | | |
| Total gross expenses | | | 830,877 | | | | 288,378 | | |
| Management fees waived and expenses reimbursed | | | (80,727 | ) | | | (106,944 | ) | |
| Total net expenses | | | 750,150 | | | | 181,434 | | |
| Net investment income | | | 459,146 | | | | 129,278 | | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | |
| Investments | | | (552,264 | ) | | | 1,752,693 | | |
| Securities sold short | | | 933,239 | | | | — | | |
| Foreign currency transactions | | | (4,953 | ) | | | — | | |
| Forward currency contracts | | | 55,297 | | | | — | | |
| Futures contracts | | | — | | | | — | | |
| Written options | | | 13,763 | | | | — | | |
| Swap agreements | | | 601,087 | | | | 673 | | |
| Total net realized gain (loss) | | | 1,046,169 | | | | 1,753,366 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | |
| Investments | | | 468,053 | | | | 622,432 | | |
| Securities sold short | | | (328,577 | ) | | | — | | |
| Foreign currency translations | | | (565 | ) | | | — | | |
| Forward currency contracts | | | 8,941 | | | | — | | |
| Futures contracts | | | — | | | | — | | |
| Written options | | | (4,390 | ) | | | — | | |
| Swap agreements | | | 351,781 | | | | 40,332 | | |
| Total net change in unrealized appreciation (depreciation) | | | 495,243 | | | | 662,764 | | |
| Net realized and unrealized gain (loss) | | | 1,541,412 | | | | 2,416,130 | | |
| Net increase (decrease) in net assets resulting from operations | | $ | 2,000,558 | | | $ | 2,545,408 | | |
| * Net of foreign withholding taxes of | | $ | 697 | | | $ | — | | |
| ^ Includes interest on line of credit of | | $ | 322 | | | $ | 280 | | |
| (a) | Consolidated Statement of Operations. |
The accompanying notes are an integral part of these financial statements.
48 Semi-Annual Financial Statements
| | Lazard
Real Assets
Portfolio (a) | | |
| | | | | |
| | | | | |
| | $ | 201,568 | | |
| | | 319,438 | | |
| | | 521,006 | | |
| | | | | |
| | | 77,929 | | |
| | | 35,065 | | |
| | | 29,171 | | |
| | | 19,362 | | |
| | | 14,590 | | |
| | | 6,365 | | |
| | | 5,930 | | |
| | | 8,573 | | |
| | | 298 | | |
| | | 5,764 | | |
| | | 203,047 | | |
| | | — | | |
| | | — | | |
| | | 203,047 | | |
| | | (106,696 | ) | |
| | | 96,351 | | |
| | | 424,655 | | |
| | | | | |
| | | | | |
| | | 63,072 | | |
| | | — | | |
| | | (142 | ) | |
| | | 7,695 | | |
| | | (98,596 | ) | |
| | | — | | |
| | | — | | |
| | | (27,971 | ) | |
| | | | | |
| | | (271,785 | ) | |
| | | — | | |
| | | (857 | ) | |
| | | 4,449 | | |
| | | 62,967 | | |
| | | — | | |
| | | 181,567 | | |
| | | (23,659 | ) | |
| | | (51,630 | ) | |
| | $ | 373,025 | | |
| | $ | 11,892 | | |
| | $ | — | | |
Semi-Annual Financial Statements 49
The Lazard Funds, Inc. Statements of Changes in Net Assets (N-CSR Item 7)
(unaudited)
| | | Lazard
Enhanced Opportunities Portfolio | | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | |
| | | | | | | | | | | |
| Increase (Decrease) in Net Assets | | | | | | | | | | |
| | | | | | | | | | | |
| Operations | | | | | | | | | | |
| Net investment income (loss) | | | $ | 459,146 | | | $ | 523,790 | | |
| Net realized gain (loss) | | | | 1,046,169 | | | | 109,894 | | |
| Net change in unrealized appreciation (depreciation) | | | | 495,243 | | | | 1,947,425 | | |
| Net increase (decrease) in net assets resulting from operations | | | | 2,000,558 | | | | 2,581,109 | | |
| | | | | | | | | | | |
| Distributions to shareholders (Note 2(i)) | | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | | |
| Institutional Shares | | | | — | | | | (600,179 | ) | |
| Open Shares | | | | — | | | | (7,265 | ) | |
| R6 Shares | | | | — | | | | — | | |
| Net decrease in net assets resulting from distributions | | | | — | | | | (607,444 | ) | |
| | | | | | | | | | | |
| Capital stock transactions | | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | | |
| Institutional Shares | | | | 5,228,800 | | | | 10,810,000 | | |
| Open Shares | | | | 20,645 | | | | 104,060 | | |
| R6 Shares | | | | — | | | | — | | |
| Net proceeds from reinvestment of distributions | | | | | | | | | | |
| Institutional Shares | | | | — | | | | 600,179 | | |
| Open Shares | | | | — | | | | 7,265 | | |
| R6 Shares | | | | — | | | | — | | |
| Cost of shares redeemed | | | | | | | | | | |
| Institutional Shares | | | | (5,096,836 | ) | | | (15,673,930 | ) | |
| Open Shares | | | | (9,136 | ) | | | (61,118 | ) | |
| R6 Shares | | | | — | | | | — | | |
| Net increase (decrease) in net assets from capital stock transactions | | | | 143,473 | | | | (4,213,544 | ) | |
| Total increase (decrease) in net assets | | | | 2,144,031 | | | | (2,239,879 | ) | |
| Net assets at beginning of period | | | | 37,333,061 | | | | 39,572,940 | | |
| Net assets at end of period | | | $ | 39,477,092 | | | $ | 37,333,061 | | |
The accompanying notes are an integral part of these financial statements.
50 Semi-Annual Financial Statements
| | Lazard
Opportunistic Strategies Portfolio | | | Lazard
Real Assets Portfolio (a) | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | $ | 129,278 | | | $ | 608,902 | | | $ | 424,655 | | | $ | 1,097,558 | | |
| | | 1,753,366 | | | | 2,451,602 | | | | (27,971 | ) | | | (135,032 | ) | |
| | | 662,764 | | | | 968,370 | | | | (23,659 | ) | | | 479,334 | | |
| | | | | | | | | | | | | | | | | |
| | | 2,545,408 | | | | 4,028,874 | | | | 373,025 | | | | 1,441,860 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,109,144 | ) | | | (371,960 | ) | | | (982,186 | ) | |
| | | — | | | | (3,421 | ) | | | (3,342 | ) | | | (11,657 | ) | |
| | | — | | | | — | | | | (2,264 | ) | | | (780 | ) | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (1,112,565 | ) | | | (377,566 | ) | | | (994,623 | ) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | 131,042 | | | | 274,113 | | | | 563,815 | | | | 2,147,217 | | |
| | | 5,972 | | | | 9,484 | | | | 15,514 | | | | 18,711 | | |
| | | — | | | | — | | | | 197,453 | | | | 37,374 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 1,024,786 | | | | 368,599 | | | | 973,887 | | |
| | | — | | | | 3,124 | | | | 3,342 | | | | 11,657 | | |
| | | — | | | | — | | | | 2,264 | | | | 780 | | |
| | | | | | | | | | | | | | | | | |
| | | (4,042,879 | ) | | | (23,045,496 | ) | | | (554,218 | ) | | | (13,710,507 | ) | |
| | | (20,263 | ) | | | (4,172 | ) | | | (42,492 | ) | | | (623,450 | ) | |
| | | — | | | | — | | | | (1 | ) | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (3,926,128 | ) | | | (21,738,161 | ) | | | 554,276 | | | | (11,144,331 | ) | |
| | | (1,380,720 | ) | | | (18,821,852 | ) | | | 549,735 | | | | (10,697,094 | ) | |
| | | 36,697,327 | | | | 55,519,179 | | | | 24,058,158 | | | | 34,755,252 | | |
| | $ | 35,316,607 | | | $ | 36,697,327 | | | $ | 24,607,893 | | | $ | 24,058,158 | | |
Semi-Annual Financial Statements 51
| | | Lazard
Enhanced Opportunities Portfolio | | |
| | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | |
| | | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | | |
| | | | | | | | | | | |
| Institutional Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 4,529,566 | | | | 5,067,123 | | |
| Shares sold | | | | 625,649 | | | | 1,336,263 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 73,914 | | |
| Shares redeemed | | | | (610,165 | ) | | | (1,947,734 | ) | |
| Net increase (decrease) | | | | 15,484 | | | | (537,557 | ) | |
| Shares outstanding at end of period | | | | 4,545,050 | | | | 4,529,566 | | |
| | | | | | | | | | | |
| Open Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 62,090 | | | | 55,974 | | |
| Shares sold | | | | 2,487 | | | | 12,827 | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 891 | | |
| Shares redeemed | | | | (1,079 | ) | | | (7,602 | ) | |
| Net increase (decrease) | | | | 1,408 | | | | 6,116 | | |
| Shares outstanding at end of period | | | | 63,498 | | | | 62,090 | | |
| | | | | | | | | | | |
| R6 Shares | | | | | | | | | | |
| Shares outstanding at beginning of period | | | | — | | | | — | | |
| Shares sold | | | | — | | | | — | | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | — | | |
| Net increase | | | | — | | | | — | | |
| Shares outstanding at end of period | | | | — | | | | — | | |
| (a) | Consolidated Statements of Changes in Net Assets. |
The accompanying notes are an integral part of these financial statements.
52 Semi-Annual Financial Statements
| | Lazard
Opportunistic Strategies Portfolio | | | Lazard
Real Assets Portfolio (a) | | |
| | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | | Six Months Ended
June 30, 2024
(unaudited) | | | Year Ended
December 31, 2023 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | 3,633,121 | | | | 5,885,634 | | | | 2,456,917 | | | | 3,552,832 | | |
| | | 12,259 | | | | 28,033 | | | | 58,762 | | | | 227,470 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 102,376 | | | | 38,255 | | | | 103,204 | | |
| | | (391,858 | ) | | | (2,382,922 | ) | | | (57,721 | ) | | | (1,426,589 | ) | |
| | | (379,599 | ) | | | (2,252,513 | ) | | | 39,296 | | | | (1,095,915 | ) | |
| | | 3,253,522 | | | | 3,633,121 | | | | 2,496,213 | | | | 2,456,917 | | |
| | | | | | | | | | | | | | | | | |
| | | 12,446 | | | | 11,545 | | | | 27,219 | | | | 90,697 | | |
| | | 583 | | | | 1,015 | | | | 1,619 | | | | 1,986 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 314 | | | | 347 | | | | 1,245 | | |
| | | (1,907 | ) | | | (428 | ) | | | (4,485 | ) | | | (66,709 | ) | |
| | | (1,324 | ) | | | 901 | | | | (2,519 | ) | | | (63,478 | ) | |
| | | 11,122 | | | | 12,446 | | | | 24,700 | | | | 27,219 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | 4,121 | | | | 99 | | |
| | | — | | | | — | | | | 20,501 | | | | 3,940 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | 235 | | | | 82 | | |
| | | — | | | | — | | | | 20,736 | | | | 4,022 | | |
| | | — | | | | — | | | | 24,857 | | | | 4,121 | | |
Semi-Annual Financial Statements 53
The Lazard Funds, Inc. Financial Highlights (N-CSR Item 7) (unaudited)
LAZARD ENHANCED OPPORTUNITIES PORTFOLIO
| Selected data for a | | | | | | | | | | | | | | | | | | |
| share of capital stock | | Six Months | | | | | | | | | | | | | | | | |
| outstanding throughout | | Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.13 | | | $ | 7.72 | | | $ | 9.36 | | | $ | 9.13 | | | $ | 8.84 | | | $ | 8.31 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.10 | | | | 0.11 | | | | 0.18 | | | | 0.14 | # | | | 0.20 | | | | 0.10 | |
| Net realized and unrealized gain (loss) | | | | 0.34 | | | | 0.43 | | | | (0.86 | ) | | | 0.48 | | | | 0.69 | | | | 0.52 | |
| Total from investment operations | | | | 0.44 | | | | 0.54 | | | | (0.68 | ) | | | 0.62 | | | | 0.89 | | | | 0.62 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.13 | ) | | | (0.40 | ) | | | (0.05 | ) | | | (0.22 | ) | | | — | |
| Net realized gains | | | | — | | | | — | | | | (0.49 | ) | | | (0.34 | ) | | | (0.38 | ) | | | (0.09 | ) |
| Return of capital | | | | — | | | | — | | | | (0.07 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | | — | | | | (0.13 | ) | | | (0.96 | ) | | | (0.39 | ) | | | (0.60 | ) | | | (0.09 | ) |
| Net asset value, end of period | | | $ | 8.57 | | | $ | 8.13 | | | $ | 7.72 | | | $ | 9.36 | | | $ | 9.13 | | | $ | 8.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (b) | | | | 5.41 | % | | | 7.02 | % | | | –7.39 | % | | | 6.81 | %# | | | 10.11 | % | | | 7.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 38,932 | | | $ | 36,827 | | | $ | 39,139 | | | $ | 145,836 | | | $ | 19,537 | | | $ | 9,223 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 3.93 | % | | | 3.77 | % | | | 2.41 | % | | | 1.70 | %# | | | 2.23 | % | | | 2.71 | % |
| Gross expenses | | | | 4.34 | % | | | 4.23 | % | | | 2.51 | % | | | 2.05 | % | | | 3.79 | % | | | 5.52 | % |
| Gross expenses, excluding expenses on securities sold short | | | | 1.66 | % | | | 1.71 | % | | | 1.35 | % | | | 1.54 | % | | | 2.82 | % | | | 4.06 | % |
| Net investment income (loss) | | | | 2.41 | % | | | 1.35 | % | | | 2.03 | % | | | 1.47 | %# | | | 2.22 | % | | | 1.19 | % |
| Portfolio turnover rate: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Excluding securities sold short | | | | 161 | % | | | 187 | % | | | 178 | % | | | 168 | % | | | 167 | % | | | 272 | % |
| Including securities sold short | | | | 192 | % | | | 270 | % | | | 233 | % | | | 341 | % | | | 241 | % | | | 354 | % |
The accompanying notes are an integral part of these financial statements.
54 Semi-Annual Financial Statements
| Selected data for a | | | | | | | | | | | | | | | | | | |
| share of capital stock | | Six Months | | | | | | | | | | | | | | | | |
| outstanding throughout | | Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23† | | | 12/31/22† | | | 12/31/21† | | | 12/31/20† | | | 12/31/19† | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 8.15 | | | $ | 7.75 | | | $ | 9.37 | | | $ | 9.13 | | | $ | 8.82 | | | $ | 8.30 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.09 | | | | 0.09 | | | | 0.15 | | | | 0.13 | # | | | 0.16 | | | | 0.10 | |
| Net realized and unrealized gain (loss) | | | | 0.34 | | | | 0.42 | | | | (0.84 | ) | | | 0.47 | | | | 0.70 | | | | 0.51 | |
| Total from investment operations | | | | 0.43 | | | | 0.51 | | | | (0.69 | ) | | | 0.60 | | | | 0.86 | | | | 0.61 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | (0.11 | ) | | | (0.32 | ) | | | (0.02 | ) | | | (0.17 | ) | | | — | |
| Net realized gains | | | | — | | | | — | | | | (0.49 | ) | | | (0.34 | ) | | | (0.38 | ) | | | (0.09 | ) |
| Return of capital | | | | — | | | | — | | | | (0.12 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | | — | | | | (0.11 | ) | | | (0.93 | ) | | | (0.36 | ) | | | (0.55 | ) | | | (0.09 | ) |
| Net asset value, end of period | | | $ | 8.58 | | | $ | 8.15 | | | $ | 7.75 | | | $ | 9.37 | | | $ | 9.13 | | | $ | 8.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (b) | | | | 5.28 | % | | | 6.63 | % | | | –7.45 | % | | | 6.55 | %# | | | 9.83 | % | | | 7.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 545 | | | $ | 506 | | | $ | 434 | | | $ | 775 | | | $ | 168 | | | $ | 123 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 4.19 | % | | | 4.02 | % | | | 2.89 | % | | | 1.92 | %# | | | 2.45 | % | | | 2.83 | % |
| Gross expenses | | | | 5.56 | % | | | 5.54 | % | | | 4.34 | % | | | 2.99 | % | | | 4.94 | % | | | 13.76 | % |
| Gross expenses, excluding expenses on securities sold short | | | | 2.88 | % | | | 3.02 | % | | | 2.95 | % | | | 2.52 | % | | | 3.99 | % | | | 12.30 | % |
| Net investment income (loss) | | | | 2.16 | % | | | 1.13 | % | | | 1.67 | % | | | 1.42 | %# | | | 1.75 | % | | | 1.10 | % |
| Portfolio turnover rate: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Excluding securities sold short | | | | 161 | % | | | 187 | % | | | 178 | % | | | 168 | % | | | 167 | % | | | 272 | % |
| Including securities sold short | | | | 192 | % | | | 270 | % | | | 233 | % | | | 341 | % | | | 241 | % | | | 354 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 55
| † | Unaudited |
| # | A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.01 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.11%, decreased the net expense ratios by 0.07% and 0.06% respectively and increased the net investment income (loss) ratio by 0.06%. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. |
| (c) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
56 Semi-Annual Financial Statements
LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.07 | | | | $ | 9.41 | | | | $ | 11.45 | | | | $ | 10.58 | | | | $ | 9.87 | | | | $ | 8.74 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.04 | | | | | 0.13 | | | | | 0.10 | | | | | 0.05 | | | | | 0.05 | | | | | 0.10 | |
| Net realized and unrealized gain (loss) | | | | 0.71 | | | | | 0.83 | | | | | (1.80 | ) | | | | 1.32 | | | | | 0.88 | | | | | 1.23 | |
| Total from investment operations | | | | 0.75 | | | | | 0.96 | | | | | (1.70 | ) | | | | 1.37 | | | | | 0.93 | | | | | 1.33 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.15 | ) | | | | (0.10 | ) | | | | (0.04 | ) | | | | (0.05 | ) | | | | (0.12 | ) |
| Net realized gains | | | | — | | | | | (0.15 | ) | | | | (0.24 | ) | | | | (0.46 | ) | | | | (0.17 | ) | | | | (0.08 | ) |
| Return of capital | | | | — | | | | | — | | | | | — | (b) | | | | — | | | | | — | | | | | — | |
| Total distributions | | | | — | | | | | (0.30 | ) | | | | (0.34 | ) | | | | (0.50 | ) | | | | (0.22 | ) | | | | (0.20 | ) |
| Net asset value, end of period | | | $ | 10.82 | | | | $ | 10.07 | | | | $ | 9.41 | | | | $ | 11.45 | | | | $ | 10.58 | | | | $ | 9.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (c) | | | | 7.45 | % | | | | 10.29 | % | | | | –14.93 | % | | | | 12.96 | % | | | | 9.47 | % | | | | 15.16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 35,197 | | | | $ | 36,573 | | | | $ | 55,411 | | | | $ | 78,647 | | | | $ | 78,116 | | | | $ | 83,509 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.02 | % | | | | 1.02 | % | | | | 1.03 | % | | | | 1.11 | % | | | | 1.04 | % | | | | 1.22 | % |
| Gross expenses | | | | 1.61 | % | | | | 1.41 | % | | | | 1.32 | % | | | | 1.28 | % | | | | 1.30 | % | | | | 1.43 | % |
| Gross expenses, excluding expenses on securities sold short | | | | 1.61 | %* | | | | 1.41 | %* | | | | 1.32 | % | | | | 1.19 | % | | | | 1.29 | % | | | | 1.23 | % |
| Net investment income (loss) | | | | 0.73 | % | | | | 1.35 | % | | | | 1.03 | % | | | | 0.40 | % | | | | 0.55 | % | | | | 1.08 | % |
| Portfolio Turnover Rate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Excluding securities sold short | | | | 36 | % | | | | 109 | % | | | | 128 | % | | | | 65 | % | | | | 88 | % | | | | 82 | % |
| Including securities sold short | | | | NA | %* | | | | NA | %* | | | | 134 | % | | | | 65 | % | | | | 94 | % | | | | 99 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 57
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 10.00 | | | | $ | 9.36 | | | | $ | 11.38 | | | | $ | 10.52 | | | | $ | 9.82 | | | | $ | 8.69 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.02 | | | | | 0.12 | | | | | 0.07 | | | | | 0.02 | | | | | 0.03 | | | | | 0.07 | |
| Net realized and unrealized gain (loss) | | | | 0.72 | | | | | 0.80 | | | | | (1.77 | ) | | | | 1.31 | | | | | 0.86 | | | | | 1.23 | |
| Total from investment operations | | | | 0.74 | | | | | 0.92 | | | | | (1.70 | ) | | | | 1.33 | | | | | 0.89 | | | | | 1.30 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | — | | | | | (0.13 | ) | | | | (0.08 | ) | | | | (0.01 | ) | | | | (0.02 | ) | | | | (0.09 | ) |
| Net realized gains | | | | — | | | | | (0.15 | ) | | | | (0.24 | ) | | | | (0.46 | ) | | | | (0.17 | ) | | | | (0.08 | ) |
| Return of capital | | | | — | | | | | — | | | | | — | (b) | | | | — | | | | | — | | | | | — | |
| Total distributions | | | | — | | | | | (0.28 | ) | | | | (0.32 | ) | | | | (0.47 | ) | | | | (0.19 | ) | | | | (0.17 | ) |
| Net asset value, end of period | | | $ | 10.74 | | | | $ | 10.00 | | | | $ | 9.36 | | | | $ | 11.38 | | | | $ | 10.52 | | | | $ | 9.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (c) | | | | 7.40 | % | | | | 9.85 | % | | | | –15.06 | % | | | | 12.65 | % | | | | 9.14 | % | | | | 14.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 119 | | | | $ | 125 | | | | $ | 108 | | | | $ | 157 | | | | $ | 154 | | | | $ | 208 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.27 | % | | | | 1.27 | % | | | | 1.28 | % | | | | 1.36 | % | | | | 1.28 | % | | | | 1.51 | % |
| Gross expenses | | | | 5.92 | % | | | | 6.18 | % | | | | 5.14 | % | | | | 4.06 | % | | | | 7.75 | % | | | | 3.78 | % |
| Gross expenses, excluding expenses on securities sold short | | | | 5.92 | %* | | | | 6.18 | %* | | | | 5.13 | % | | | | 3.97 | % | | | | 7.74 | % | | | | 3.58 | % |
| Net investment income (loss) | | | | 0.45 | % | | | | 1.25 | % | | | | 0.71 | % | | | | 0.15 | % | | | | 0.31 | % | | | | 0.76 | % |
| Portfolio Turnover Rate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Excluding securities sold short | | | | 36 | % | | | | 109 | % | | | | 128 | % | | | | 65 | % | | | | 88 | % | | | | 82 | % |
| Including securities sold short | | | | NA | %* | | | | NA | %* | | | | 134 | % | | | | 65 | % | | | | 94 | % | | | | 99 | % |
The accompanying notes are an integral part of these financial statements.
58 Semi-Annual Financial Statements
| † | Unaudited |
| * | No securities sold short during the year. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Amount is less than $0.01 per share. |
| (c) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. |
| (d) | Annualized for a period of less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 59
LAZARD REAL ASSETS PORTFOLIO^
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.67 | | | | $ | 9.54 | | | | $ | 11.21 | | | | $ | 10.33 | | | | $ | 10.69 | | | | $ | 9.42 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.17 | | | | | 0.31 | | | | | 0.18 | | | | | 0.17 | | | | | 0.17 | | | | | 0.16 | |
| Net realized and unrealized gain (loss) | | | | (0.02 | ) | | | | 0.10 | | | | | (1.12 | ) | | | | 2.04 | | | | | (0.12 | ) | | | | 1.35 | |
| Total from investment operations | | | | 0.15 | | | | | 0.41 | | | | | (0.94 | ) | | | | 2.21 | | | | | 0.05 | | | | | 1.51 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.15 | ) | | | | (0.28 | ) | | | | (0.72 | ) | | | | (1.26 | ) | | | | (0.20 | ) | | | | (0.24 | ) |
| Net realized gains | | | | — | | | | | — | | | | | (0.01 | ) | | | | (0.07 | ) | | | | (0.21 | ) | | | | — | (b) |
| Total distributions | | | | (0.15 | ) | | | | (0.28 | ) | | | | (0.73 | ) | | | | (1.33 | ) | | | | (0.41 | ) | | | | (0.24 | ) |
| Net asset value, end of period | | | $ | 9.67 | | | | $ | 9.67 | | | | $ | 9.54 | | | | $ | 11.21 | | | | $ | 10.33 | | | | $ | 10.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (c) | | | | 1.57 | % | | | | 4.44 | % | | | | –8.45 | % | | | | 21.60 | % | | | | 0.61 | % | | | | 16.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 24,129 | | | | $ | 23,755 | | | | $ | 33,888 | | | | $ | 36,027 | | | | $ | 23,959 | | | | $ | 17,515 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.80 | % | | | | 0.80 | % | | | | 0.80 | % | | | | 0.80 | % | | | | 0.86 | % | | | | 0.90 | % |
| Gross expenses | | | | 1.66 | % | | | | 1.32 | % | | | | 1.34 | % | | | | 1.29 | % | | | | 2.13 | % | | | | 2.20 | % |
| Net investment income (loss) | | | | 3.54 | % | | | | 3.31 | % | | | | 1.61 | % | | | | 1.49 | % | | | | 1.73 | % | | | | 1.59 | % |
| Portfolio turnover rate | | | | 8 | % | | | | 68 | % | | | | 182 | % | | | | 35 | % | | | | 109 | % | | | | 44 | % |
The accompanying notes are an integral part of these financial statements.
60 Semi-Annual Financial Statements
Selected data for a
share of capital stock
outstanding throughout | | Six Months
Ended | | | Year Ended | |
| each period | | 6/30/24† | | | 12/31/23 | | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | |
| Open Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.68 | | | | $ | 9.55 | | | | $ | 11.22 | | | | $ | 10.34 | | | | $ | 10.67 | | | | $ | 9.41 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.16 | | | | | 0.28 | | | | | 0.18 | | | | | 0.13 | | | | | 0.17 | | | | | 0.14 | |
| Net realized and unrealized gain (loss) | | | | (0.03 | ) | | | | 0.11 | | | | | (1.15 | ) | | | | 2.05 | | | | | (0.14 | ) | | | | 1.33 | |
| Total from investment operations | | | | 0.13 | | | | | 0.39 | | | | | (0.97 | ) | | | | 2.18 | | | | | 0.03 | | | | | 1.47 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.14 | ) | | | | (0.26 | ) | | | | (0.69 | ) | | | | (1.23 | ) | | | | (0.15 | ) | | | | (0.21 | ) |
| Net realized gains | | | | — | | | | | — | | | | | (0.01 | ) | | | | (0.07 | ) | | | | (0.21 | ) | | | | — | (b) |
| Total distributions | | | | (0.14 | ) | | | | (0.26 | ) | | | | (0.70 | ) | | | | (1.30 | ) | | | | (0.36 | ) | | | | (0.21 | ) |
| Net asset value, end of period | | | $ | 9.67 | | | | $ | 9.68 | | | | $ | 9.55 | | | | $ | 11.22 | | | | $ | 10.34 | | | | $ | 10.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return (c) | | | | 1.34 | % | | | | 4.16 | % | | | | –8.68 | % | | | | 21.28 | % | | | | 0.42 | % | | | | 15.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 239 | | | | $ | 263 | | | | $ | 866 | | | | $ | 144 | | | | $ | 116 | | | | $ | 65 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | | 1.05 | % | | | | 1.05 | % | | | | 1.05 | % | | | | 1.05 | % | | | | 1.13 | % | | | | 1.10 | % |
| Gross expenses | | | | 3.40 | % | | | | 2.24 | % | | | | 2.15 | % | | | | 5.90 | % | | | | 4.64 | % | | | | 23.75 | % |
| Net investment income (loss) | | | | 3.26 | % | | | | 2.93 | % | | | | 1.68 | % | | | | 1.16 | % | | | | 1.77 | % | | | | 1.39 | % |
| Portfolio turnover rate | | | | 8 | % | | | | 68 | % | | | | 182 | % | | | | 35 | % | | | | 109 | % | | | | 44 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements 61
Selected data for a
share of capital stock
outstanding throughout
each period | | Six Months
Ended
6/30/24† | | Year Ended
12/31/23 | | For the Period
7/22/22* to
12/31/22 |
| R6 Shares | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $ | 9.66 | | | | $ | 9.54 | | | | $ | 10.84 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | | 0.19 | | | | | 0.34 | | | | | 0.11 | |
| Net realized and unrealized gain (loss) | | | | (0.03 | ) | | | | 0.07 | | | | | (0.75 | ) |
| Total from investment operations | | | | 0.16 | | | | | 0.41 | | | | | (0.64 | ) |
| Less distributions from: | | | | | | | | | | | | | | | |
| Net investment income | | | | (0.15 | ) | | | | (0.29 | ) | | | | (0.65 | ) |
| Net realized gains | | | | — | | | | | — | | | | | (0.01 | ) |
| Total distributions | | | | (0.15 | ) | | | | (0.29 | ) | | | | (0.66 | ) |
| Net asset value, end of period | | | $ | 9.67 | | | | $ | 9.66 | | | | $ | 9.54 | |
| | | | | | | | | | | | | | | | |
| Total Return (c) | | | | 1.70 | % | | | | 4.38 | % | | | | –5.92 | % |
| | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | | $ | 240 | | | | $ | 40 | | | | $ | 1 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | |
| Net expenses | | | | 0.75 | % | | | | 0.75 | % | | | | 0.75 | % |
| Gross expenses | | | | 3.93 | % | | | | 32.62 | % | | | | 595.55 | % |
| Net investment income (loss) | | | | 4.14 | % | | | | 3.69 | % | | | | 2.34 | % |
| Portfolio turnover rate | | | | 8 | % | | | | 68 | % | | | | 182 | % |
| | |
| † | Unaudited |
| ^ | Consolidated Financial Highlights. |
| * | The inception date for the R6 Shares was July 22, 2022. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Amount is less than $0.01 per share. |
| (c) | Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized. |
| (d) | 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.
62 Semi-Annual Financial Statements
The Lazard Funds, Inc. Notes to Financial Statements
(N-CSR Item 7)
June 30, 2024 (unaudited)
1. Organization
The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of June 30, 2024, the Fund was comprised of twenty-five no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Enhanced Opportunities Portfolio (“Enhanced Opportunities”), the Lazard Opportunistic Strategies Portfolio (“Opportunistic Strategies”) and Lazard Real Assets Portfolio (“Real Assets”). The financial statements of the other twenty-two Portfolios are presented separately.
The Opportunistic Strategies and Real Assets Portfolios are operated as “diversified” funds, as defined in the 1940 Act. The Lazard Enhanced Opportunities Portfolio is operated as a “non-diversified” fund, as defined in the 1940 Act.
The Fund currently offers Institutional Shares and Open Shares and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Fund’s prospectus).
Lazard Real Assets Portfolio has a wholly-owned subsidiary, Lazard Real Assets Portfolio, Ltd. (the “Subsidiary”), organized under the laws of the Cayman Islands. The Subsidiary acts as an investment vehicle for the Portfolio in order to effect certain investments on behalf of the Portfolio, consistent with its investment objective and policies as described in its prospectus. In addition to investing directly in commodity-linked instruments, the Portfolio may gain exposure to the commodities markets by investing up to 25% of its total assets in the Subsidiary. The financial statements of the Portfolio have been consolidated and include the accounts of both the Portfolio and the Subsidiary. All inter-company balances and transactions have been eliminated in consolidation. As of June 30, 2024, net assets of the Portfolio were $24,607,893 of which $3,105,086, or 12.62%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.
Semi-Annual Financial Statements 63
2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:
(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Futures contracts are valued at the settlement price on the exchange on which the contract is principally traded. Over the counter swap agreements are valued by an independent pricing service and centrally cleared swaps are valued at the last reported sale on the clearing exchange. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.
Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.
Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.
64 Semi-Annual Financial Statements
Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.
The Board of Directors (“The Board”) has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.
(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. 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
Semi-Annual Financial Statements 65
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 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 period ended June 30, 2024, the Enhanced Opportunities and Real Assets Portfolios traded in forward currency contracts.
66 Semi-Annual Financial Statements
(d) Futures Contracts—Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.
Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash collateral pledged for futures contracts in the Statements of Assets and Liabilities.
Securities may be deposited as initial margin. If applicable, any cash deposited and held on margin is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as receivables (or payables) for variation margin on open futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
During the period ended June 30, 2024, the Real Assets Portfolio traded in futures contracts.
(e) Swap Agreements—Swap agreements on equity securities involve commitments to pay interest in exchange for a market linked return based on a notional amount. Fixed income swaps
Semi-Annual Financial Statements 67
involve commitments to pay interest in return for exposure to a specific corporation or market. The counterparty pays out the total return of the security or basket of securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the security or basket of securities underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.
Commodity-linked swap agreements involve commitments to pay interest in exchange for a commodity-linked return based on a notional amount. To the extent the return of the reference commodity or commodity index or basket of reference commodities or commodity indices underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.
Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statements of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statements of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.
During the period ended June 30, 2024, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios traded in swap agreements.
(f) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. When a Portfolio writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option
68 Semi-Annual Financial Statements
counterparty. When the Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash collateral in the Statements of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.
During the period ended June 30, 2024, the Enhanced Opportunities Portfolio traded in options.
(g) Short Sales—A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to 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 June 30, 2024, 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
Semi-Annual Financial Statements 69
any obligations owed by the lender to the Portfolio under any agreement or collateral document. At June 30, 2024, the Enhanced Opportunities Portfolio had pledged $59,531,762 of securities held long as collateral under such arrangements.
For the period ended June 30, 2024, the following Portfolios received proceeds from securities sold short and purchases to cover short positions as follows:
| Portfolio | | Proceeds from
Securities
Sold Short | | | Purchased to
Cover Short
Positions | |
| Enhanced Opportunities | | | $52,451,590 | | | | $49,827,323 | |
(h) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders.Therefore, no federal income tax provision is required.
At December 31, 2023, 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 | |
| | | | | | | |
| Enhanced Opportunities | | | $(2,925,427 | ) | | | $(3,637,914 | ) |
| Opportunistic Strategies | | | (102,628 | ) | | | (207,067 | ) |
| Real Assets | | | (1,400,857 | ) | | | — | |
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, 2023, the following Portfolios elected to defer such losses as follows:
| Portfolio | | Post-October
Capital Loss
Deferral | | | Late-Year
Ordinary Loss
Deferral | |
| Real Assets | | $ | — | | | | $11,901 | |
70 Semi-Annual Financial Statements
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 | | | $41,316,977 | | | | $6,382,952 | | | | $8,014,988 | | | | $(1,632,036 | ) |
| Opportunistic Strategies | | | 29,612,331 | | | | 5,757,406 | | | | 49,046 | | | | 5,708,360 | |
| Real Assets | | | 22,613,010 | | | | 1,991,861 | | | | 1,091,907 | | | | 899,954 | |
Management has analyzed the Portfolios, tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
(i) Dividends and Distributions—For each Portfolio, income dividends are declared 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.
Semi-Annual Financial Statements 71
Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP.These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, net operating losses, distributions redesignations,Treasury Inflation-Protected Securities, currency straddles, capital loss carryforwards, foreign bond bifurcation, organizational expenses, passive foreign investment company gains and losses, deemed dividends on convertible debt, equalization accounting (as described above), straddles, certain fixed-income securities, expenses, derivatives, return of capital distributions, and distributions from real estate investment trusts (“REITs”).
The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.
(j) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets.The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.
(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.
72 Semi-Annual Financial Statements
(l) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time).The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE.The Fund values securities and other assets for which market quotations are readily available at market value. Securities and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures approved by the Board.
3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements
The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:
| Portfolio | | Annual Rate | |
| | | | |
| Enhanced Opportunities | | | 0.95 | % |
| Opportunistic Strategies | | | 1.00 | |
| Real Assets | | | 0.65 | |
The Investment Manager provides investment management and other services to the Subsidiary.The Investment Manager does not receive separate compensation from the Subsidiary for providing such services. However, the Real Assets Portfolio pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.
Semi-Annual Financial Statements 73
The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2025 (or such other date as indicated below) if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below.The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.
| Portfolio | | Institutional
Shares | | | Open
Shares | | | R6
Shares | |
| | | | | | | | | | | | | |
| Enhanced Opportunities | | | 1.25 | % | | | 1.50 | % | | | N/A | % |
| Opportunistic Strategies | | | 1.02 | | | | 1.27 | | | | N/A | |
| Real Assets (a) | | | 0.80 | | | | 1.05 | | | | 0.75 | |
| (a) | This agreement will continue in effect until May 1, 2034 for the R6 Shares. |
During the period ended June 30, 2024, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses:
| | | Institutional Shares | | | Open Shares | |
| Portfolio | | Management
Fees Waived | | | Expenses
Reimbursed | | | Management
Fees Waived | | | Expenses
Reimbursed | |
| | | | | | | | | | | | | |
| Enhanced Opportunities | | | $ 77,099 | | | $ | — | | | | $2,504 | | | | $1,124 | |
| Opportunistic Strategies | | | 103,970 | | | | — | | | | 640 | | | | 2,334 | |
| Real Assets | | | 76,683 | | | | 24,908 | | | | 774 | | | | 2,024 | |
| | | | | | | | | | | | | | | | | |
| | | R6 Shares | |
| Portfolio | | Management
Fees Waived | | | Expenses
Reimbursed | |
| | | | | | | | | |
| Real Assets | | | $472 | | | | $1,835 | |
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.
74 Semi-Annual Financial Statements
The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.
Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Open Shares, for certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.
SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.
4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $252,500, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active
Semi-Annual Financial Statements 75
portfolios on the basis of relative net assets. The Statements of Operations shows 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 and short sales) for the period ended June 30, 2024 were as follows:
| Portfolio | | Purchases | | | Sales | |
| | | | | | | |
| Enhanced Opportunities | | | $84,752,599 | | | | $72,080,110 | |
| Opportunistic Strategies | | | 12,493,340 | | | | 17,726,656 | |
| Real Assets | | | 2,437,213 | | | | 1,415,075 | |
| | | | | | | | | |
| | | | US Treasury Securities | |
| Portfolio | | Purchases | | | | Sales | |
| | | | | | | | | |
| Enhanced Opportunities | | $ | — | | | | $642,239 | |
For the period ended June 30, 2024, 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
76 Semi-Annual Financial Statements
amount. During the period ended June 30, 2024, 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 | |
| | | | | | | | | | | | | | | | | |
| Enhanced Opportunities | | | $2,010,647 | | | | $3,313,603 | | | | 6.43 | % | | | 4 | |
| Opportunistic Strategies | | | 117,042 | | | | 158,284 | | | | 6.43 | | | | 8 | |
| | | |
| * | 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
Semi-Annual Financial Statements 77
impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting international and domestic travel, and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.
(b) Convertible Securities Risk—The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (i.e., as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.
(c) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.
78 Semi-Annual Financial Statements
Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices. A Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.
A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering a Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.
Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).
Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.
Semi-Annual Financial Statements 79
Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.
(d) Preferred Securities Risk—There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.
| • | Credit risk is the risk that a security held by a Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status. |
| • | Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. |
| • | Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. |
| • | Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate |
80 Semi-Annual Financial Statements
assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.
| • | During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, a Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates). |
| • | Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by a Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books. |
(e) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, 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.
(f) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets
Semi-Annual Financial Statements 81
may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.
(g) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments 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. Except as specifically stated for a Portfolio, the Investment Manager generally does not intend to actively hedge a Portfolio’s foreign currency exposure.
(h) Short Position Risk—Short positions may involve substantial risks. If a short position appreciates in value during the period of a Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, a Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security. In addition, a Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.
82 Semi-Annual Financial Statements
(i) Derivatives and Hedging Risk—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.
Semi-Annual Financial Statements 83
(j) Natural Resources Risk—Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.
(k) Real Estate Investments Risk—A Portfolio’s investments in Real Estate Investments (as defined in the prospectus) could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of Real Estate Investments may be determined to a great extent by the current status of the real estate industry in general, or by other factors that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets. The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.
84 Semi-Annual Financial Statements
Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.
(l) Infrastructure Companies Risk—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation and service interruption due to environmental, operational or other mishaps.
(m) Commodities-Related Investments Risk—Exposure to the commodities markets may subject a Portfolio to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements
Semi-Annual Financial Statements 85
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.
(n) Subsidiary and Tax Status Risk—The Real Assets Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments.
Income and gains from commodities or certain commodity-linked derivative instruments do not constitute “qualifying income” to the Real Assets Portfolio for purposes of qualification as a “regulated investment company” for federal income tax purposes. Without such qualification, the Portfolio could fail to qualify as a RIC and be subject to tax. The tax treatment of the Portfolio’s investments in the Subsidiary and commodity-linked derivative instruments could affect whether income derived from such investment is “qualifying income” under the Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.
(o) Closed-End Funds and ETFs Risk—Shares of closed-end funds and ETFs in which a Portfolio may invest may trade at prices that vary from their net asset values, sometimes significantly. The shares of closed-end funds and ETFs may trade at prices at, below or above their net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset
86 Semi-Annual Financial Statements
value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in closed-end funds and ETFs are subject to the risks of the closed-end funds’ and ETFs’ investments, as well as to the general risks of investing in closed-end funds and ETFs, respectively. A Portfolio investing in closed-end funds or ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the closed-end funds and/or ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more closed-end funds and/or ETFs, Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions.
(p) Government Securities Risk—Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by a Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.
(q) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial
Semi-Annual Financial Statements 87
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.
(r) Non-Diversification Risk—For a Portfolio that is classified as “non-diversified” under the 1940 Act, the Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
8. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
9. Fair Value Measurements
Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring
88 Semi-Annual Financial Statements
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. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.
Semi-Annual Financial Statements 89
The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2024:
| 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
June 30, 2024 | |
| Enhanced Opportunities Portfolio | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Canada | | | $ | 371,312 | | | | $ | — | | | | $ | — | | | | $ | 371,312 | |
| China | | | | 82,656 | | | | | — | | | | | — | | | | | 82,656 | |
| United States | | | | 125,876 | | | | | — | | | | | — | | | | | 125,876 | |
| Convertible Corporate Bonds* | | | | — | | | | | 48,142,508 | | | | | — | | | | | 48,142,508 | |
| Purchased Options | | | | 383,062 | | | | | — | | | | | — | | | | | 383,062 | |
| U.S. Treasury Securities | | | | — | | | | | 17,834,898 | | | | | — | | | | | 17,834,898 | |
| Warrants* | | | | — | | | | | — | | | | | — | | | | | — | |
| Short-Term Investments | | | | 3,003,147 | | | | | — | | | | | — | | | | | 3,003,147 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | | — | | | | | 214 | | | | | — | | | | | 214 | |
| Total Return Swap Agreements | | | | — | | | | | 2,893,512 | | | | | — | | | | | 2,893,512 | |
| Total | | | $ | 3,966,053 | | | | $ | 68,871,132 | | | | $ | — | | | | $ | 72,837,185 | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Securities Sold Short | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Canada | | | $ | (536,547 | ) | | | $ | — | | | | $ | — | | | | $ | (536,547 | ) |
| China | | | | (65,774 | ) | | | | — | | | | | — | | | | | (65,774 | ) |
| Ghana | | | | (2,465 | ) | | | | — | | | | | — | | | | | (2,465 | ) |
| Greece | | | | (2,180,181 | ) | | | | — | | | | | — | | | | | (2,180,181 | ) |
| Hong Kong | | | | — | | | | | (625,966 | ) | | | | — | | | | | (625,966 | ) |
| Jersey | | | | (270,551 | ) | | | | — | | | | | — | | | | | (270,551 | ) |
| Singapore | | | | (254,827 | ) | | | | — | | | | | — | | | | | (254,827 | ) |
| United States | | | | (15,696,473 | ) | | | | — | | | | | — | | | | | (15,696,473 | ) |
| Convertible Corporate Bonds* | | | | — | | | | | (292,061 | ) | | | | — | | | | | (292,061 | ) |
| U.S. Treasury Securities | | | | — | | | | | (10,987,234 | ) | | | | — | | | | | (10,987,234 | ) |
| Warrants* | | | | — | | | | | — | | | | | — | | | | | — | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | | — | | | | | (711 | ) | | | | — | | | | | (711 | ) |
| Total Return Swap Agreements | | | | — | | | | | (2,235,702 | ) | | | | — | | | | | (2,235,702 | ) |
| Written Options | | | | (6,536 | ) | | | | — | | | | | — | | | | | (6,536 | ) |
| Total | | | $ | (19,013,354 | ) | | | $ | (14,141,674 | ) | | | $ | — | | | | $ | (33,155,028 | ) |
90 Semi-Annual Financial Statements
| 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
June 30, 2024 | |
| Opportunistic Strategies Portfolio | | | | | | | | | | | | | | | | | | | | |
| Exchange-Traded Funds | | | $ | 33,370,664 | | | | $ | — | | | | $ | — | | | | $ | 33,370,664 | |
| Repurchase Agreements | | | | — | | | | | 1,810,000 | | | | | — | | | | | 1,810,000 | |
| Short-Term Investments | | | | 99,695 | | | | | — | | | | | — | | | | | 99,695 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Total Return Swap Agreements | | | | — | | | | | 40,332 | | | | | — | | | | | 40,332 | |
| Total | | | $ | 33,470,359 | | | | $ | 1,850,332 | | | | $ | — | | | | $ | 35,320,691 | |
| | | | | | | | | | | | | | | | | | | | | |
| Real Assets Portfolio | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | | | | | |
| Australia | | | $ | — | | | | $ | 293,229 | | | | $ | — | | | | $ | 293,229 | |
| Brazil | | | | 210,355 | | | | | — | | | | | — | | | | | 210,355 | |
| Canada | | | | 760,712 | | | | | — | | | | | — | | | | | 760,712 | |
| China | | | | — | | | | | 384,702 | | | | | — | | | | | 384,702 | |
| France | | | | — | | | | | 459,208 | | | | | — | | | | | 459,208 | |
| Hong Kong | | | | — | | | | | 259,372 | | | | | — | | | | | 259,372 | |
| Italy | | | | — | | | | | 432,582 | | | | | — | | | | | 432,582 | |
| Japan | | | | — | | | | | 805,867 | | | | | — | | | | | 805,867 | |
| Luxembourg | | | | — | | | | | 9,026 | | | | | — | | | | | 9,026 | |
| Mexico | | | | 46,646 | | | | | — | | | | | — | | | | | 46,646 | |
| Singapore | | | | — | | | | | 65,514 | | | | | — | | | | | 65,514 | |
| South Africa | | | | — | | | | | 124,071 | | | | | — | | | | | 124,071 | |
| Spain | | | | 10,492 | | | | | 453,254 | | | | | — | | | | | 463,746 | |
| Switzerland | | | | — | | | | | 14,560 | | | | | — | | | | | 14,560 | |
| Taiwan | | | | — | | | | | 102,631 | | | | | — | | | | | 102,631 | |
| United Kingdom | | | | — | | | | | 996,279 | | | | | — | | | | | 996,279 | |
| United States | | | | 10,112,774 | | | | | 208,832 | | | | | — | | | | | 10,321,606 | |
| Corporate Bonds* | | | | — | | | | | 1,437,659 | | | | | — | | | | | 1,437,659 | |
| Exchange-Traded Funds | | | | 1,440,463 | | | | | — | | | | | — | | | | | 1,440,463 | |
| Short-Term Investments | | | | 5,012,570 | | | | | — | | | | | — | | | | | 5,012,570 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | | — | | | | | 1,908 | | | | | — | | | | | 1,908 | |
| Futures Contracts | | | | 15,353 | | | | | — | | | | | — | | | | | 15,353 | |
| Total | | | $ | 17,609,365 | | | | $ | 6,048,694 | | | | $ | — | | | | $ | 23,658,059 | |
Semi-Annual Financial Statements 91
| 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
June 30, 2024 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | $ | — | | | | $ | (654 | ) | | | $ | — | | | | $ | (654 | ) |
| Futures Contracts | | | | (55,322 | ) | | | | — | | | | | — | | | | | (55,322 | ) |
| Total Return Swap Agreements | | | | — | | | | | (89,120 | ) | | | | — | | | | | (89,120 | ) |
| Total | | | $ | (55,322 | ) | | | $ | (89,774 | ) | | | $ | — | | | | $ | (145,096 | ) |
| * | Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry. |
| | |
| † | Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation). |
Certain equity securities to which footnote (†) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.
An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.
When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.
92 Semi-Annual Financial Statements
10. Derivative Instruments
Certain Portfolios may use derivative instruments, including forward currency contracts, options contracts, futures contracts or swap agreements.
Forward currency contracts may be used for hedging purposes or to seek to increase returns.
A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or changes in market value, a greater return than would be realized on the underlying securities alone, or to seek to protect the Portfolio from losses.
A Portfolio may enter into futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.
A Portfolio enters into swap agreements in an attempt to obtain a particular exposure when it is considered desirable to do so, possibly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.
During the period ended June 30, 2024, the approximate average monthly notional exposure for derivative instruments was as follows:
| Derivative Instruments | | Enhanced
Opportunities
Portfolio | | | Opportunistic
Strategic
Portfolio | | | Real Assets
Portfolio | |
| Forward currency contracts: | | | | | | | | | |
| Average amounts purchased | | $ | 800,000 | * | | $ | — | | | $ | 200,000 | * |
| Average amounts sold | | | 1,900,000 | | | | — | | | | 600,000 | |
| | | | | | | | | | | | | |
| Futures contracts: | | | | | | | | | | | | |
| Average notional value of contracts – long | | | — | | | | — | | | | 900,000 | |
| | | | | | | | | | | | | |
| Total return swap agreements: | | | | | | | | | | | | |
| Average notional value | | | 32,700,000 | | | | 1,700,000 | ** | | | 3,900,000 | |
| | | | | | | | | | | | | |
| Options: | | | | | | | | | | | | |
| Average value of purchased options | | | 100,000 | | | | — | | | | — | |
| * | Represents average monthly notional exposure for three months the derivative instrument was open during the period. |
| | |
| ** | Represents average monthly notional exposure for two months the derivative instrument was open during the period. |
Semi-Annual Financial Statements 93
The Enhanced Opportunities 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 Statements of Assets and Liabilities as of June 30, 2024:
Enhanced Opportunities Portfolio
| Assets – Derivative Financial Instruments | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| Forward currency contracts | | | | | | | | | | | | |
| Unrealized appreciation on forward currency contracts | | $ | — | | | $ | 214 | | | $ | 214 | |
| Purchased options | | | | | | | | | | | | |
| Investment in securities, at fair value | | | 383,062 | | | | — | | | | 383,062 | |
| Swap agreements | | | | | | | | | | | | |
| Unrealized appreciation on swap agreements | | | 2,893,512 | | | | — | | | | 2,893,512 | |
| Total | | $ | 3,276,574 | | | $ | 214 | | | $ | 3,276,788 | |
| Liabilities – Derivative Financial Instruments | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| Forward currency contracts | | | | | | | | | | | | |
| Unrealized depreciation on forward currency contracts | | $ | — | | | $ | 711 | | | $ | 711 | |
| Swap agreements | | | | | | | | | | | | |
| Unrealized depreciation on swap agreements | | | 2,235,702 | | | | — | | | | 2,235,702 | |
| Written options | | | | | | | | | | | | |
| Written options, at fair value | | | 6,536 | | | | — | | | | 6,536 | |
| Total | | $ | 2,242,238 | | | $ | 711 | | | $ | 2,242,949 | |
Opportunistic Strategies Portfolio
| Assets – Derivative Financial Instruments | | | | Total | |
| Swap agreements | | Unrealized appreciation on swap agreements | | $ | 40,332 | |
94 Semi-Annual Financial Statements
Real Assets Portfolio
| Assets – Derivative Financial Instruments | | Commodity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | | | | | |
| Forward currency contracts | | | | | | | | | | | | | |
| Unrealized appreciation on forward currency contracts | | | $ | — | | | | $1,908 | | | $ | 1,908 | |
| Future Contracts | | | | | | | | | | | | | |
| Unrealized appreciation (a) | | | | 15,353 | | | | — | | | | 15,353 | |
| Total | | | $ | 15,353 | | | | $1,908 | | | $ | 17,261 | |
| Liabilities – Derivative Financial Instruments | | Commodity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | | | | | |
| Forward currency contracts | | | | | | | | | | | | | |
| Unrealized depreciation on forward currency contracts | | | $ | — | | | | $654 | | | $ | 654 | |
| Future Contracts | | | | | | | | | | | | | |
| Unrealized depreciation (a) | | | | 55,322 | | | | — | | | | 55,322 | |
| Swap agreements | | | | | | | | | | | | | |
| Unrealized depreciation on swap agreements | | | | 89,120 | | | | — | | | | 89,120 | |
| Total | | | $ | 144,442 | | | | $654 | | | $ | 145,096 | |
| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts if any, is reported in the Portfolios of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported and the net cumulative unrealized appreciation (depreciation) is included in distributable earnings (accumulated loss). |
The effect of derivative instruments on the Statements of Operations for the period ended June 30, 2024 was:
Enhanced Opportunities Portfolio
| Net Realized Gain (Loss) from: | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | |
| Forward currency contracts | | | $ | — | | | | $55,297 | | | $ | 55,297 | |
| Purchased options* | | | | (152,730 | ) | | | — | | | | (152,730 | ) |
| Swap agreements | | | | 601,087 | | | | — | | | | 601,087 | |
| Written options | | | | 13,763 | | | | — | | | | 13,763 | |
| Total | | | $ | 462,120 | | | | $55,297 | | | $ | 517,417 | |
| * | Purchased options are included under realized gain/loss on investments on Statements of Operations. |
Semi-Annual Financial Statements 95
| Net Change in Unrealized Appreciation (Depreciation) on: | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | | | | | |
| Forward currency contracts | | | $ | — | | | | $8,941 | | | $ | 8,941 | |
| Purchased options* | | | | 9,137 | | | | — | | | | 9,137 | |
| Swap agreements | | | | 351,781 | | | | — | | | | 351,781 | |
| Written options | | | | (4,390 | ) | | | — | | | | (4,390 | ) |
| Total | | | $ | 356,528 | | | | $8,941 | | | $ | 365,469 | |
| * | Purchased options are included under unrealized gain/loss on investments on Statements of Operations. |
Opportunistic Strategies Portfolio
| Net Realized Gain (Loss) from: | | Total | |
| Swap Agreements | | $ | 673 | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | Total | |
| Swap Agreements | | $ | 40,332 | |
Real Assets Portfolio
| Net Realized Gain (Loss) from: | | Commodity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | |
| Forward currency contracts | | | $ | — | | | | $7,695 | | | $ | 7,695 | |
| Futures Contracts | | | | (98,596 | ) | | | — | | | | (98,596 | ) |
| Total | | | $ | (98,596 | ) | | | $7,695 | | | $ | (90,901 | ) |
| Net Change in Unrealized Appreciation (Depreciation) on: | | Commodity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Total | |
| | | | | | | | | | |
| Forward currency contracts | | | $ | — | | | | $4,449 | | | $ | 4,449 | |
| Futures Contracts | | | | 62,967 | | | | — | | | | 62,967 | |
| Swap agreements | | | | 181,567 | | | | — | | | | 181,567 | |
| Total | | | $ | 244,534 | | | | $4,449 | | | $ | 248,983 | |
As of June 30, 2024, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any
96 Semi-Annual Financial Statements
cash collateral, through a single payment in the event of default on, or termination of, any one contract.
The required information for the affected Portfolios is presented in the below table, as of June 30, 2024:
Enhanced Opportunities 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 | | | $ | 214 | | | $ | — | | | $ | 214 | | | |
| Total Return Swap Agreements | | | | 2,893,512 | | | | — | | | | 2,893,512 | | | |
| Total | | | $ | 2,893,726 | | | $ | — | | | $ | 2,893,726 | | | |
| | | | | 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 N.A. | | | $ | 494,725 | | | | $ | (494,725 | ) | | | $ | — | | | | $ | — | | | |
| BNP Paribas SA | | | | 1,249,639 | | | | | (236,560 | ) | | | | — | | | | | 1,013,079 | | | |
| Nomura International Plc | | | | 1,149,148 | | | | | (1,149,148 | ) | | | | — | | | | | — | | | |
| State Street Bank & Trust Co. | | | | 214 | | | | | (214 | ) | | | | — | | | | | — | | | |
| Total | | | $ | 2,893,726 | | | | $ | (1,880,647 | ) | | | $ | — | | | | $ | 1,013,079 | | | |
| 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 | | | $ | 711 | | | $ | — | | | $ | 711 | | | |
| Total Return Swap Agreements | | | | 2,235,702 | | | | — | | | | 2,235,702 | | | |
| Total | | | $ | 2,236,413 | | | $ | — | | | $ | 2,236,413 | | | |
| | | | | 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 (a) | | Net Amounts of
Derivative Liabilities | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Bank of America N.A. | | | $ | 718,936 | | | | $ | (494,725 | ) | | | $ | (221,286 | ) | | | $ | 2,925 | | | |
| BNP Paribas SA | | | | 236,560 | | | | | (236,560 | ) | | | | — | | | | | — | | | |
| Nomura International Plc | | | | 1,280,206 | | | | | (1,149,148 | ) | | | | — | | | | | 131,058 | | | |
| State Street Bank & Trust Co. | | | | 711 | | | | | (214 | ) | | | | — | | | | | 497 | | | |
| Total | | | $ | 2,236,413 | | | | $ | (1,880,647 | ) | | | $ | (221,286 | ) | | | $ | 134,480 | | | |
Semi-Annual Financial Statements 97
Opportunistic Strategies 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 | |
| | | | | | | | | | | | | | | | |
| Total Return Swap Agreements | | | $ | 40,332 | | | $ | — | | | | $40,332 | | | |
| | | | | 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 | | | $ | 40,332 | | | | $ | — | | | | $ | — | | | | | $40,332 | | | |
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 | | | $ | 1,908 | | | $ | — | | | | $1,908 | | | |
| | | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| HSBC Bank USA N.A. | | | $ | 126 | | | | | $(126 | ) | | | $ | — | | | | $ | — | | | |
| JPMorgan Chase Bank N.A. | | | | 268 | | | | | (25 | ) | | | | — | | | | | 243 | | | |
| State Street Bank & Trust Co. | | | | 1,514 | | | | | (296 | ) | | | | — | | | | | 1,218 | | | |
| Total | | | $ | 1,908 | | | | | $(447 | ) | | | $ | — | | | | $ | 1,461 | | | |
| 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 | | | $ | 654 | | | $ | — | | | | $ | 654 | | | |
| Total Return Swap Agreements | | | | 89,120 | | | | | | | | | 89,120 | | | |
| Total | | | $ | 89,774 | | | $ | — | | | | $ | 89,774 | | | |
98 Semi-Annual Financial Statements
| | | | | 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 (a) | | Net Amounts of
Derivative Liabilities | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Goldman Sachs International | | | $ | 89,120 | | | | $ | — | | | | $ | (89,120 | ) | | | $ | — | | | |
| HSBC Bank USA N.A. | | | | 333 | | | | | (126 | ) | | | | — | | | | | 207 | | | |
| JPMorgan Chase Bank N.A. | | | | 25 | | | | | (25 | ) | | | | — | | | | | — | | | |
| State Street Bank & Trust Co. | | | | 296 | | | | | (296 | ) | | | | — | | | | | — | | | |
| Total | | | $ | 89,774 | | | | $ | (447 | ) | | | $ | (89,120 | ) | | | $ | 207 | | | |
| (a) | Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein. |
11. 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.
Semi-Annual Financial Statements 99
The Lazard Funds, Inc. Other Information (N-CSR Item 7) (unaudited)
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.
100 Semi-Annual Financial Statements
The Lazard Funds, Inc. Additional Information (unaudited)
Changes in and Disagreements with Accountants (N-CSR Item 8)
This information is not applicable for the reporting period.
Proxy Disclosures (N-CSR Item 9)
This information is not applicable for the reporting period.
Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)
This information can be found in N-CSR Item 7, Note 4.
Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)
At meetings of the Board held on June 5, 2024 and June 26, 2024, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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 in response to detailed questions from the Independent Directors and their counsel, including, at the June 26, 2024 meeting, additional information requested by the Independent Directors at the June 5, 2024 meeting.
In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager’s services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds and other clients of the Investment Manager, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.
Semi-Annual Financial Statements 101
Services Provided
The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2024, the Lazard Funds complex of 30 active funds comprised approximately $19.3 billion of the approximately $250.4 billion of total assets under the management of the Investment Manager and its global affiliates.
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 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 resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition.
The Board considered the position 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 $19.3 billion fund complex not managed by a large, global firm such as the Investment Manager.
Comparative Fee, Expense Ratio and Performance Information
ISS Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by
102 Semi-Annual Financial Statements
Institutional Shareholder Services, Inc. (“ISS”), 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) compared to those of:
| • | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense comparison purposes, based on ISS’s methodology (the “Expense Peer Group”); 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 provides comparative fund information (“Morningstar”), with certain exclusions as specified by ISS (the “Expense Category”). |
Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fees of each of the Portfolios and the net expense ratios of most of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted 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 a portion of each Portfolio’s advisory fees and/or reimbursing certain expenses for each Portfolio. The Board also received a description of ISS’s methodology for its construction of the Expense Peer Groups and a summary of how the methodology was applied.
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
Semi-Annual Financial Statements 103
differences in services provided, to evaluate the advisory fees of the relevant Portfolios.
ISS Performance Comparisons. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio’s performance for the one-, three-, five-and ten-year periods ended March 31, 2024, as applicable, compared to performance for the same time periods to that of:
| • | a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for performance comparison purposes, based on ISS’s methodology (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. |
The Board also received a description of ISS’s methodology for its construction of the Performance Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.
When evaluating the performance of each Portfolio, the Board considered ISS’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 in certain periods and 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, Economies of Scale and Other Benefits
The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager’s estimated profitability percentage resulting from its, and its affiliates’, relationship with the Portfolio for the calendar year ended December 31, 2023 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 reviewed with the Board information
104 Semi-Annual Financial Statements
provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocations, commission payments and soft dollar commissions and benefits. 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 other than, in connection with the management of certain Portfolios, the benefit of soft dollar commissions. 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 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.
The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager’s estimated profitability percentage with respect to each Portfolio as part of the 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 percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may 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. The Board further considered that, as the assets of each Portfolio had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio’s assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale was reduced.
Semi-Annual Financial Statements 105
Conclusions and Determinations
At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the June 5, 2024 and June 26, 2024 meetings and throughout the year 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 infrastructure associated with an approximately $250.4 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 considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance. |
| • | The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors. |
| • | In evaluating the Management Agreement, the Board relied on the information described above, in addition to other 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. |
Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for
106 Semi-Annual Financial Statements
the Portfolios in different market conditions; 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 as well as other relevant factors and determined to approve the Management Agreement 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.
The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com
Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Custodian
State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641
Transfer Agent and Dividend Disbursing Agent
SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015
Legal Counsel
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797
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 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
The Registrant’s remuneration paid to directors, officers and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors during the period covered by this report.
ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing
date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) The Code of Ethics is not applicable to this semi-annual report.
(a)(2) Not applicable.
(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
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: September 4, 2024
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: September 4, 2024
By /s/ Christina Kennedy
Christina Kennedy
Treasurer
Date: September 4, 2024
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