Lazard International Equity Portfolio 3Q 2014 Holdings as of September 30, 2014 Country Allocation (as a % of the Portfolio) Austria 0.72 Belgium 2.72 Denmark 0.83 Finland 1.88 France 8.99 Germany 6.06 Ireland 1.15 Italy 2.90 Netherlands 1.02 Norway Spain Sweden Switzerland Continental Europe 0.38 2.02 3.77 6.18 38.61 United Kingdom United Kingdom Israel Middle East Japan Japan Australia Asia-Pacific ex-Japan Canada North America 26.15 26.15 2.80 2.80 18.16 18.16 2.67 2.67 2.46 2.46 Brazil Greece Philippines Thailand Turkey Emerging Markets Cash & Equivalents TOTAL 0.77 0.81 1.68 0.87 0.47 4.60 4.54 100.00 Sector Allocation (as a % of the Portfolio) Consumer Discretionary Asics Corp. Bayerische Motoren Werke AG Don Quijote Holdings Co., Ltd. Estacio Participacoes SA Informa PLC Mediaset Espana Comunicacion SA Reed Elsevier PLC RTL Group SA Swatch Group AG Taylor Wimpey PLC United Arrows, Ltd. Valeo SA Volkswagen AG William Hill PLC 16.54 1.01 0.87 1.75 0.77 1.44 1.01 1.79 0.55 1.03 1.45 0.96 1.32 1.71 0.88 Consumer Staples Anheuser-Busch InBev NV British American Tobacco PLC Carlsberg A/S, Class B Japan Tobacco, Inc. Seven & I Holdings Co., Ltd. Unilever PLC 11.07 2.72 2.26 0.83 2.01 1.55 1.71 Energy Caltex Australia, Ltd. Eni SpA Petroleum Geo-Services ASA Royal Dutch Shell PLC, A Shares Financials AEON Financial Service Co., Ltd. BNP Paribas SA Daiwa House Industry Co., Ltd. Direct Line Insurance Group PLC GAM Holding AG Krung Thai Bank Public Co. Ltd. Lloyds Banking Group PLC Piraeus Bank SA Prudential PLC Sampo Oyj, A Shares Sumitomo Mitsui Financial Group, Inc. Swedbank AB, A Shares UNIQA Insurance Group AG 20.29 0.57 1.67 1.88 1.66 0.59 0.87 2.54 0.81 2.70 1.88 2.30 2.09 0.72 Health Care Ansell, Ltd. Bayer AG Novartis AG Sanofi SA Teva Pharmaceutical Industries, Ltd., Sponsored ADR 14.12 0.82 2.93 4.56 3.01 2.80 6.34 1.06 1.39 0.38 3.52 See other side for more holdings and prospectus information Lazard International Equity Portfolio 3Q 2014 Holdings as of September 30, 2014 Sector Allocation (as a % of the Portfolio) – Continued Industrials Airbus Group NV Alliance Global Group, Inc. Assa Abloy AB, Class B Atlantia SpA Daikin Industries, Ltd. International Consolidated Airlines Group SA Koc Holding AS LIXIL Group Corp. MacDonald Dettwiler & Associates, Ltd. Makita Corp. Rolls-Royce Holdings PLC Ryanair Holdings PLC Sponsored ADR 15.07 1.44 1.68 1.68 1.50 2.00 1.49 0.47 0.84 1.09 0.88 0.85 1.15 Information Technology Cap Gemini SA NXP Semiconductor NV Materials Glencore Xstrata PLC James Hardie Industries PLC Rexam PLC 2.57 1.55 1.02 4.67 1.76 0.80 2.11 Telecom Services KDDI Corp. Rogers Communications, Inc., Class B 3.79 2.41 1.38 Utilities Red Electrica Corporacion SA 1.01 1.01 Cash & Equivalents 4.54 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. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. 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. Emerging market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging market countries. 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 MF12384