Lazard US Small-Mid Cap Equity Portfolio 3Q 2014 Holdings as of September 30, 2014 Sector Allocation (as a % of the Portfolio) Consumer Discretionary Advance Auto Parts, Inc. Bloomin’ Brands, Inc. Carter’s, Inc. Chico’s FAS, Inc. Houghton Mifflin Harcourt Co. Hyatt Hotels Corp., Class A Iconix Brand Group, Inc. LifeLock, Inc. Markit, Ltd. MDC Partners, Inc., Class A Modine Manufacturing Co. Orbitz Worldwide, Inc. ServiceMaster Global Holdings, Inc. Steven Madden, Ltd. Taylor Morrison Home Corp., Class A Tenneco, Inc. Energy Athlon Energy, Inc. Diamond Offshore Drilling, Inc. EP Energy Corp., Class A Memorial Resource Development Corp. Financials Arch Capital Group, Ltd. Artisan Partners Asset Management, Inc. CBOE Holdings, Inc. Cohen & Steers, Inc. DCT Industrial Trust, Inc. East West Bancorp, Inc. Extra Space Storage, Inc. REIT Jones Lang LaSalle, Inc. Kilroy Realty Corp. REIT LaSalle Hotel Properties REIT PacWest Bancorp Signature Bank Springleaf Holdings, Inc. United Bankshares, Inc. Wintrust Financial Corp. Health Care Aratana Therapeutics, Inc. Brookdale Senior Living, Inc. CareFusion Corp. Magellan Health Services, Inc. Phibro Animal Health Corp., Class A Quintiles Transnational Holdings, Inc. Sirona Dental Systems, Inc. United Therapeutics Corp. 17.17 1.53 0.73 1.32 1.02 1.06 1.50 0.89 0.64 0.81 1.21 1.23 0.76 1.45 1.19 0.97 0.87 4.78 1.44 0.69 1.36 1.28 21.20 1.53 1.02 1.10 1.14 1.17 1.34 1.71 1.28 1.49 1.55 1.91 1.53 1.42 1.50 1.54 9.75 0.46 1.45 1.57 0.92 1.56 1.91 0.82 1.06 Industrials ACCO Brands Corp. Actuant Corp., Class A Advanced Drainage Systems, Inc. Air Lease Corp. Alaska Air Group, Inc. Altra Industrial Motion Corp. Applied Industrial Technologies, Inc. B/E Aerospace, Inc. CIRCOR International, Inc. Echo Global Logistics, Inc. EMCOR Group, Inc. Joy Global, Inc. Kennametal, Inc. Matthews International Corp., Class A On Assignment, Inc. Polypore International, Inc. Quanta Services, Inc. TAL International Group, Inc. The Toro Co. TriMas Corp. Woodward, Inc. 19.53 1.19 1.21 1.19 0.94 1.12 1.05 0.99 1.02 0.38 0.78 1.17 0.78 0.69 0.20 0.98 0.67 1.19 0.50 1.03 0.98 1.45 Information Technology Blackhawk Network Holdings, Inc. BroadSoft, Inc. Convergys Corp. FLIR Systems, Inc. Informatica Corp. InterDigital, Inc. j2 Global, Inc. Littelfuse, Inc. Microsemi Corp. Red Hat, Inc. Rovi Corp. Synaptics, Inc. TIBCO Software, Inc. Vantiv, Inc., Class A Web.com Group, Inc. 14.95 1.80 0.97 0.31 1.05 1.35 0.77 1.62 1.11 1.10 1.20 0.64 0.63 1.11 0.73 0.57 Materials Better Place, Inc., Series B KapStone Paper and Packaging Corp. Koppers Holdings, Inc. Owens-Illinois, Inc. Schweitzer-Mauduit International, Inc. Taminco Corp. Tronox, Ltd., Class A 7.16 0.00 0.74 1.07 0.90 1.56 1.76 1.13 See other side for more holdings and prospectus information Lazard US Small-Mid Cap Equity Portfolio 3Q 2014 Holdings as of September 30, 2014 Sector Allocation (as a % of the Portfolio) – Continued Utilities Pattern Energy Group, Inc. 1.03 1.03 Cash & Equivalents 4.43 TOTAL 100.00 Published on October 15, 2014. Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. The Portfolio invests in stocks believed by Lazard to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. Not a deposit. May lose value. Not guaranteed by any bank. Not FDIC insured. Not insured by any government agency. Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.LazardNet.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC. Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardnet.com MF12392