N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)

Nathan A. Paul, 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:	9/30/2011

Item 1.          Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments September 30, 2011
(unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks | 99.0%
Aerospace & Defense | 1.8%
General Dynamics Corp.		2,320	$	131,985
The Boeing Co.		1,100		66,561
				198,546
Alcohol & Tobacco | 1.4%
Altria Group, Inc.		2,915		78,151
Molson Coors Brewing Co., Class B		1,925		76,249
				154,400
Automotive | 1.2%
Ford Motor Co. (a)		8,375		80,986
Lear Corp.		1,200		51,480
				132,466
Banking | 11.4%
Bank of America Corp.		25,470		155,876
BB&T Corp.		2,240		47,779
Fifth Third Bancorp		9,000		90,900
JPMorgan Chase & Co.		13,416		404,090
PNC Financial Services Group, Inc.		2,735		131,800
Wells Fargo & Co.		16,875		407,025
				1,237,470
Cable Television | 1.1%
Comcast Corp., Class A		5,995		124,037
Chemicals | 1.4%
Air Products & Chemicals, Inc.		730		55,750
The Dow Chemical Co.		4,205		94,444
				150,194
Computer Software | 3.0%
Microsoft Corp.		8,680		216,045
Oracle Corp.		3,710		106,626
				322,671

Description	Shares		Value
Consumer Products | 4.7%
Energizer Holdings, Inc. (a)		1,260	$	83,714
Newell Rubbermaid, Inc.		12,265		145,586
The Procter & Gamble Co.		4,395		277,676
				506,976
Electric | 2.7%
American Electric Power Co., Inc.		2,500		95,050
Entergy Corp.		940		62,313
PG&E Corp.		1,420		60,080
PPL Corp.		2,605		74,347
				291,790
Energy Exploration & Production | 3.5%
Anadarko Petroleum Corp.		835		52,647
Devon Energy Corp.		1,985		110,048
EXCO Resources, Inc.		5,450		58,424
Occidental Petroleum Corp.		2,195		156,943
				378,062
Energy Integrated | 7.5%
Alpha Natural Resources, Inc. (a)		2,200		38,918
Chevron Corp.		4,751		439,563
ConocoPhillips		3,000		189,960
Hess Corp.		1,650		86,559
QEP Resources, Inc.		1,900		51,433
				806,433
Energy Services | 1.2%
Halliburton Co.		2,115		64,550
National Oilwell Varco, Inc.		1,375		70,427
				134,977
Financial Services | 4.4%
American Express Co.		1,475		66,228
Ameriprise Financial, Inc.		2,575		101,352
Citigroup, Inc.		3,983		102,044
Invesco, Ltd.		6,655		103,219

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
The Goldman Sachs Group, Inc.		1,050	$	99,278
				472,121
Food & Beverages | 1.5%
General Mills, Inc.		1,690		65,014
Ralcorp Holdings, Inc. (a)		1,225		93,970
				158,984
Forest & Paper Products | 0.6%
Rock-Tenn Co., Class A		1,325		64,501
Health Services | 3.4%
Aetna, Inc.		2,625		95,419
Express Scripts, Inc. (a)		1,900		70,433
WellPoint, Inc.		3,100		202,368
				368,220
Insurance | 4.2%
Aflac, Inc.		2,450		85,628
Everest Re Group, Ltd.		1,260		100,019
MetLife, Inc.		4,350		121,843
Prudential Financial, Inc.		3,165		148,312
				455,802
Leisure & Entertainment | 3.5%
International Game Technology		4,100		59,573
The Walt Disney Co.		2,930		88,369
Time Warner, Inc.		4,200		125,874
Viacom, Inc., Class B		2,605		100,917
				374,733
Manufacturing | 5.3%
Corning, Inc.		7,855		97,088
Dover Corp.		1,975		92,035
General Electric Co.		20,265		308,839
Honeywell International, Inc.		1,705		74,866
				572,828

Description	Shares		Value
Medical Products | 1.2%
Covidien PLC		1,540	$	67,914
Medtronic, Inc.		1,735		57,671
				125,585
Metal & Glass Containers | 0.8%
Owens-Illinois, Inc. (a)		5,495		83,084
Metals & Mining | 1.6%
Freeport-McMoRan Copper & Gold, Inc.		2,480		75,516
Newmont Mining Corp.		1,640		103,156
				178,672
Pharmaceutical & Biotechnology | 12.6%
Amgen, Inc.		3,055		167,872
Gilead Sciences, Inc. (a)		2,885		111,938
Johnson & Johnson		4,188		266,817
Merck & Co., Inc.		6,400		209,344
Pfizer, Inc.		29,114		514,736
Warner Chilcott PLC, Class A (a)		6,330		90,519
				1,361,226
Retail | 4.5%
CVS Caremark Corp.		3,465		116,355
Lowe’s Cos., Inc.		4,050		78,327
The TJX Cos., Inc.		1,210		67,119
Wal-Mart Stores, Inc.		4,395		228,100
				489,901
Semiconductor & Components | 5.6%
Intel Corp.		17,270		368,369
Marvell Technology Group, Ltd. (a)		4,225		61,389
TE Connectivity, Ltd.		2,950		83,013
Texas Instruments, Inc.		3,415		91,010
				603,781
Technology Hardware | 4.1%
Apple, Inc. (a)		175		66,707
Cisco Systems, Inc.		16,780		259,922

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Hewlett-Packard Co.		2,365	$	53,094
International Business Machines Corp.		340		59,510
				439,233
Telecommunications | 4.2%
AT&T, Inc.		15,775		449,903
Transportation | 0.6%
Union Pacific Corp.		750		61,253
Total Common Stocks (Identified cost $11,773,105)				10,697,849
Short-Term Investment | 1.6%
State Street Institutional Treasury Money Market Fund (Identified cost $177,694)		177,694		177,694
Total Investments | 100.6% (Identified cost $11,950,799) (b)			$	10,875,543
Liabilities in Excess of Cash and Other Assets | (0.6)%				(69,853	)
Net Assets | 100.0%			$	10,805,690

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks | 97.4%
Aerospace & Defense | 3.3%
Raytheon Co.		29,800	$	1,217,926
The Boeing Co.		16,800		1,016,568
				2,234,494
Agriculture | 1.1%
Monsanto Co.		11,700		702,468
Alcohol & Tobacco | 2.2%
Molson Coors Brewing Co., Class B		36,800		1,457,648
Automotive | 1.5%
Lear Corp.		23,900		1,025,310
Banking | 4.6%
BB&T Corp.		19,500		415,935
JPMorgan Chase & Co.		42,791		1,288,865
Wells Fargo & Co.		57,400		1,384,488
				3,089,288
Cable Television | 3.9%
Comcast Corp., Class A		125,100		2,588,319
Commercial Services | 3.3%
Apollo Group, Inc., Class A (a)		14,600		578,306
Corrections Corp. of America (a)		55,200		1,252,488
Republic Services, Inc.		13,100		367,586
				2,198,380
Computer Software | 4.9%
Microsoft Corp.		52,035		1,295,151
Oracle Corp.		68,650		1,973,001
				3,268,152
Consumer Products | 2.3%
Energizer Holdings, Inc. (a)		15,900		1,056,396
Newell Rubbermaid, Inc.		39,200		465,304
				1,521,700
Description	Shares		Value
Energy Exploration & Production | 2.3%
Devon Energy Corp.		17,300	$	959,112
EQT Corp.		11,300		602,968
				1,562,080
Energy Integrated | 9.2%
Chevron Corp.		12,900		1,193,508
ConocoPhillips		50,900		3,222,988
CONSOL Energy, Inc.		28,500		967,005
Marathon Petroleum Corp.		28,400		768,504
				6,152,005
Energy Services | 0.6%
Halliburton Co.		14,000		427,280
Financial Services | 3.8%
American Express Co.		15,100		677,990
Ameriprise Financial, Inc.		23,800		936,768
Janus Capital Group, Inc.		55,600		333,600
State Street Corp.		17,200		553,152
				2,501,510
Food & Beverages | 3.9%
General Mills, Inc.		21,700		834,799
Ralcorp Holdings, Inc. (a)		12,215		937,013
Sysco Corp.		31,600		818,440
				2,590,252
Forest & Paper Products | 0.5%
Bemis Co., Inc.		11,400		334,134
Health Services | 0.7%
Quest Diagnostics, Inc.		10,000		493,600
Insurance | 2.6%
Prudential Financial, Inc.		19,400		909,084
The Travelers Cos., Inc.		16,900		823,537
				1,732,621
Leisure & Entertainment | 1.2%
International Game Technology		22,900		332,737

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (continued)
Viacom, Inc., Class B		11,300	$	437,762
				770,499
Manufacturing | 4.0%
Dover Corp.		11,900		554,540
Honeywell International, Inc.		22,393		983,277
Illinois Tool Works, Inc.		18,300		761,280
Northrop Grumman Corp.		7,600		396,416
				2,695,513
Medical Products | 2.3%
Baxter International, Inc.		14,800		830,872
Medtronic, Inc.		22,000		731,280
				1,562,152
Metal & Glass Containers | 1.5%
Ball Corp.		31,330		971,856
Metals & Mining | 2.1%
Freeport-McMoRan Copper & Gold, Inc.		7,700		234,465
Newmont Mining Corp.		18,900		1,188,810
				1,423,275
Pharmaceutical & Biotechnology | 10.3%
Amgen, Inc.		16,800		923,160
Gilead Sciences, Inc. (a)		23,500		911,800
Johnson & Johnson		12,260		781,084
Merck & Co., Inc.		23,300		762,143
Pfizer, Inc.		196,600		3,475,888
				6,854,075
Retail | 9.2%
AutoZone, Inc. (a)		3,100		989,489
CVS Caremark Corp.		19,500		654,810
Lowe’s Cos., Inc.		45,600		881,904
Wal-Mart Stores, Inc.		57,100		2,963,490
Walgreen Co.		20,000		657,800
				6,147,493
Description	Shares		Value
Semiconductor & Components | 4.7%
Intel Corp.		101,000	$	2,154,330
Texas Instruments, Inc.		36,400		970,060
				3,124,390
Technology | 2.8%
eBay, Inc. (a)		23,000		678,270
Google, Inc., Class A (a)		2,250		1,157,355
				1,835,625
Technology Hardware | 7.3%
Apple, Inc. (a)		940		358,309
Cisco Systems, Inc.		81,955		1,269,483
EMC Corp. (a)		36,900		774,531
International Business Machines Corp.		11,490		2,011,095
Lexmark International, Inc., Class A (a)		15,800		427,074
				4,840,492
Transportation | 1.3%
Norfolk Southern Corp.		14,200		866,484
Total Common Stocks
(Identified cost $63,971,440)				64,971,095
Preferred Stock | 1.0%
Automotive | 1.0%
Better Place, Inc., Series B (a) (Identified cost $453,501)		151,167		688,868
Short-Term Investment | 1.6%
State Street Institutional Treasury Money Market Fund (Identified cost $1,049,456)		1,049,456		1,049,456

Description	Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Total Investments | 100.0% (Identified cost $65,474,397) (b)	$	66,709,419
Liabilities in Excess of Cash and Other Assets | 0.0%		(31,470	)
Net Assets | 100.0%	$	66,677,949

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks | 96.2%
Aerospace & Defense | 2.0%
Rockwell Collins, Inc.		50,900	$	2,685,484
Alcohol & Tobacco | 2.3%
Molson Coors Brewing Co., Class B		77,600		3,073,736
Automotive | 1.6%
Lear Corp.		49,000		2,102,100
Banking | 3.1%
City National Corp.		27,600		1,042,176
Fifth Third Bancorp		200,800		2,028,080
Signature Bank (a)		22,100		1,054,833
				4,125,089
Chemicals | 0.8%
Eastman Chemical Co.		15,600		1,069,068
Commercial Services | 5.2%
Corrections Corp. of America (a)		134,300		3,047,267
Equifax, Inc.		95,700		2,941,818
The Interpublic Group of Cos., Inc.		131,800		948,960
				6,938,045
Computer Software | 6.2%
BMC Software, Inc. (a)		65,600		2,529,536
Intuit, Inc.		45,100		2,139,544
Quest Software, Inc. (a)		86,400		1,372,032
Symantec Corp. (a)		137,400		2,239,620
				8,280,732
Construction & Engineering | 0.7%
Foster Wheeler AG (a)		53,900		958,881
Consumer Products | 5.5%
Avon Products, Inc.		49,100		962,360
Energizer Holdings, Inc. (a)		49,400		3,282,136
Mattel, Inc.		77,200		1,998,708

Description	Shares		Value
Newell Rubbermaid, Inc.	98,000	$	1,163,260
			7,406,464
Education | 1.2%
DeVry, Inc.	43,300		1,600,368
Electric | 4.7%
CMS Energy Corp.	186,300		3,686,877
Wisconsin Energy Corp.	81,300		2,543,877
			6,230,754
Energy Exploration & Production | 3.4%
Energen Corp.	45,000		1,840,050
EQT Corp.	23,500		1,253,960
Noble Energy, Inc.	20,300		1,437,240
			4,531,250
Energy Integrated | 2.4%
CONSOL Energy, Inc.	21,500		729,495
Marathon Petroleum Corp.	42,700		1,155,462
QEP Resources, Inc.	48,900		1,323,723
			3,208,680
Energy Services | 3.0%
Rowan Cos., Inc. (a)	72,700		2,194,813
Tidewater, Inc.	42,000		1,766,100
			3,960,913
Financial Services | 4.3%
Ameriprise Financial, Inc.	65,600		2,582,016
Invesco, Ltd.	134,300		2,082,993
Principal Financial Group, Inc.	49,200		1,115,364
			5,780,373
Food & Beverages | 3.8%
Campbell Soup Co.	69,800		2,259,426
Ralcorp Holdings, Inc. (a)	36,000		2,761,560
			5,020,986
Forest & Paper Products | 0.8%
Bemis Co., Inc.	35,800		1,049,298

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (continued)
Health Services | 3.4%
HealthSouth Corp. (a)	58,800	$	877,884
Laboratory Corp. of America
Holdings (a)	30,100		2,379,405
Quest Diagnostics, Inc.	25,200		1,243,872
			4,501,161
Insurance | 1.0%
PartnerRe, Ltd.	25,700		1,343,339
Leisure & Entertainment | 3.2%
Darden Restaurants, Inc.	39,700		1,697,175
International Game Technology	176,400		2,563,092
			4,260,267
Manufacturing | 4.3%
Dover Corp.	57,800		2,693,480
Thomas & Betts Corp. (a)	53,100		2,119,221
The Timken Co.	29,600		971,472
			5,784,173
Medical Products | 2.5%
DENTSPLY International, Inc.	42,800		1,313,532
Zimmer Holdings, Inc. (a)	36,700		1,963,450
			3,276,982
Metal & Glass Containers | 1.2%
Ball Corp.	51,400		1,594,428
Metals & Mining | 2.4%
Cliffs Natural Resources, Inc.	18,300		936,411
Compass Minerals International, Inc.	30,800		2,056,824
Stillwater Mining Co. (a)	24,600		209,100
			3,202,335
Pharmaceutical & Biotechnology | 4.5%
Medicis Pharmaceutical Corp., Class A	52,200		1,904,256
Warner Chilcott PLC, Class A (a)	135,900		1,943,370

Description	Shares		Value
Waters Corp. (a)	27,900	$	2,106,171
			5,953,797
Real Estate | 6.4%
Duke Realty Corp. REIT	153,200		1,608,600
Kilroy Realty Corp. REIT	41,900		1,311,470
LaSalle Hotel Properties REIT	91,100		1,749,120
Tanger Factory Outlet Centers, Inc. REIT	70,800		1,841,508
The Macerich Co. REIT	46,800		1,995,084
			8,505,782
Retail | 6.6%
ANN, Inc. (a)	54,500		1,244,780
AutoZone, Inc. (a)	3,200		1,021,408
Big Lots, Inc. (a)	51,300		1,786,779
Ross Stores, Inc.	44,000		3,462,360
The TJX Cos., Inc.	24,300		1,347,921
			8,863,248
Semiconductor & Components | 2.9%
SanDisk Corp. (a)	43,700		1,763,295
Xilinx, Inc.	76,600		2,101,904
			3,865,199
Technology | 3.1%
Amdocs, Ltd. (a)	93,900		2,546,568
Teradata Corp. (a)	29,100		1,557,723
			4,104,291
Technology Hardware | 3.7%
Ingram Micro, Inc., Class A (a)	75,600		1,219,428
Lexmark International, Inc., Class A (a)	58,500		1,581,255
NCR Corp. (a)	128,000		2,161,920
			4,962,603
Total Common Stocks
(Identified cost $145,772,738)			128,239,826

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Preferred Stock | 1.5%
Automotive | 1.5%
Better Place, Inc., Series B (a) (Identified cost $1,307,499)		435,833	$	1,986,091
Short-Term Investment | 1.8%
State Street Institutional Treasury Money Market Fund (Identified cost $2,388,782)		2,388,782		2,388,782
Total Investments | 99.5% (Identified cost $149,469,019) (b)			$	132,614,699
Cash and Other Assets in Excess of Liabilities | 0.5%				667,795
Net Assets | 100.0%			$	133,282,494

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 96.4%
Automotive | 1.7%
Modine Manufacturing Co. (a)		134,200	$	1,215,852
Tenneco, Inc. (a)		51,350		1,315,074
				2,530,926
Banking | 6.0%
City National Corp.		31,100		1,174,336
East West Bancorp, Inc.		98,900		1,474,599
PacWest Bancorp		168,701		2,351,692
Signature Bank (a)		40,800		1,947,384
Wintrust Financial Corp.		71,693		1,850,396
				8,798,407
Chemicals | 1.9%
Rockwood Holdings, Inc. (a)		40,800		1,374,552
Solutia, Inc. (a)		111,800		1,436,630
				2,811,182
Coal | 0.6%
James River Coal Co. (a)		133,130		848,038
Commercial Services | 3.7%
American Reprographics Co. (a)		237,843		799,152
Equifax, Inc.		81,800		2,514,532
Team, Inc. (a)		99,200		2,081,216
				5,394,900
Computer Software | 5.6%
BMC Software, Inc. (a)		61,100		2,356,016
j2 Global Communications, Inc.		63,730		1,714,337
Quest Software, Inc. (a)		127,500		2,024,700
Red Hat, Inc. (a)		48,150		2,034,819
				8,129,872
Construction & Engineering | 2.1%
Quanta Services, Inc. (a)		162,900		3,060,891

Description	Shares		Value
Consumer Products | 7.9%
Central Garden & Pet Co., Class A (a)		313,200	$	2,217,456
Energizer Holdings, Inc. (a)		47,200		3,135,968
Matthews International Corp., Class A		60,050		1,847,138
Newell Rubbermaid, Inc.		129,800		1,540,726
Tempur-Pedic International, Inc. (a)		21,200		1,115,332
The Middleby Corp. (a)		24,350		1,715,701
				11,572,321
Energy Exploration & Production | 2.5%
Cimarex Energy Co.		34,900		1,943,930
Energen Corp.		42,200		1,725,558
				3,669,488
Energy Services | 3.2%
Gulfmark Offshore, Inc. Class A (a)		40,100		1,457,234
Helmerich & Payne, Inc.		39,600		1,607,760
Key Energy Services, Inc. (a)		166,200		1,577,238
				4,642,232
Financial Services | 2.2%
Stifel Financial Corp. (a)		51,800		1,375,808
Waddell & Reed Financial, Inc., Class A		72,800		1,820,728
				3,196,536
Food & Beverages | 1.3%
Ralcorp Holdings, Inc. (a)		25,500		1,956,105
Forest & Paper Products | 4.6%
Bemis Co., Inc.		65,700		1,925,667
Rock-Tenn Co., Class A		32,900		1,601,572
Schweitzer-Mauduit International, Inc.		58,200		3,251,634
				6,778,873
Gas Utilities | 3.1%
AGL Resources, Inc.		65,600		2,672,544
New Jersey Resources Corp.		41,800		1,779,426
				4,451,970

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Health Services | 1.8%
HealthSouth Corp. (a)		74,900	$	1,118,257
VCA Antech, Inc. (a)		93,900		1,500,522
				2,618,779
Housing | 0.9%
Owens Corning, Inc. (a)		59,800		1,296,464
Insurance | 1.6%
Arch Capital Group, Ltd. (a)		73,000		2,385,275
Leisure & Entertainment | 4.9%
Bally Technologies, Inc. (a)		86,105		2,323,113
Darden Restaurants, Inc.		31,000		1,325,250
Texas Roadhouse, Inc.		139,300		1,841,546
WMS Industries, Inc. (a)		96,100		1,690,399
				7,180,308
Manufacturing | 7.0%
BE Aerospace, Inc. (a)		76,800		2,542,848
FLIR Systems, Inc.		47,300		1,184,865
Harsco Corp.		98,100		1,902,159
Regal-Beloit Corp.		33,050		1,499,809
The Timken Co.		43,700		1,434,234
TriMas Corp. (a)		110,400		1,639,440
				10,203,355
Medical Products | 1.7%
Haemonetics Corp. (a)		43,300		2,532,184
Metals & Mining | 2.3%
Compass Minerals International, Inc.		28,000		1,869,840
Horsehead Holding Corp. (a)		196,140		1,455,359
				3,325,199
Pharmaceutical & Biotechnology | 4.8%
Medicis Pharmaceutical Corp., Class A		73,600		2,684,928
Warner Chilcott PLC, Class A (a)		142,300		2,034,890

Description	Shares		Value
Waters Corp. (a)		29,500	$	2,226,955
				6,946,773
Real Estate | 8.2%
Duke Realty Corp. REIT		203,000		2,131,500
Kilroy Realty Corp. REIT		81,550		2,552,515
LaSalle Hotel Properties REIT		128,500		2,467,200
Tanger Factory Outlet Centers, Inc. REIT		87,900		2,286,279
The Macerich Co. REIT		60,877		2,595,187
				12,032,681
Retail | 5.5%
American Eagle Outfitters, Inc.		170,550		1,998,846
ANN, Inc. (a)		79,100		1,806,644
Brown Shoe Co., Inc.		224,736		1,600,120
Iconix Brand Group, Inc. (a)		102,600		1,621,080
Williams-Sonoma, Inc.		34,000		1,046,860
				8,073,550
Semiconductor & Components | 3.0%
ON Semiconductor Corp. (a)		249,500		1,788,915
Xilinx, Inc.		93,900		2,576,616
				4,365,531
Technology | 0.9%
SS&C Technologies Holdings, Inc. (a)		95,739		1,368,110
Technology Hardware | 4.0%
Lexmark International, Inc., Class A (a)		67,100		1,813,713
NCR Corp. (a)		113,300		1,913,637
Polycom, Inc. (a)		113,900		2,092,343
				5,819,693
Transportation | 2.2%
Echo Global Logistics, Inc. (a)		161,276		2,144,971
UTi Worldwide, Inc.		87,050		1,135,132
				3,280,103

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Water | 1.2%
California Water Service Group		95,600	$	1,693,076
Total Common Stocks (Identified cost $169,578,147)				140,962,822
Preferred Stock | 0.5%
Automotive | 0.5%
Better Place, Inc., Series B (a) (Identified cost $452,901)		150,967		687,957

Description	Principal Amount (000)		Value
Repurchase Agreement | 3.6%
State Street Bank and Trust Co., 0.01%, 10/03/11 (Dated 09/30/11, collateralized by $4,765,000 United States Treasury Note, 3.125%, 05/15/21, with a value of $5,330,844) Proceeds of $5,225,004 (Identified cost $5,225,000)	$	5,225	$	5,225,000
Total Investments | 100.5% (Identified cost $175,256,048) (b)			$	146,875,779
Liabilities in Excess of Cash and Other Assets | (0.5)%				(738,666	)
Net Assets | 100.0%			$	146,137,113

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 95.9%
Australia | 21.4%
ConnectEast Group		15,722,481	$	8,267,517
DUET Group		7,816,025		12,142,734
Hastings Diversified Utilities Fund		674,799		993,848
Macquarie Atlas Roads Group (a)		3,938,644		4,954,564
MAp Group		680,294		2,107,525
SP AusNet		2,303,857		2,067,032
Spark Infrastructure Group (c)		7,617,759		9,120,312
Transurban Group		1,641,576		8,533,837
				48,187,369
Austria | 2.1%
Flughafen Wien AG		109,961		4,702,925
Canada | 1.5%
Canadian National Railway Co.		16,967		1,133,886
Canadian Pacific Railway, Ltd.		46,600		2,246,619
				3,380,505
France | 2.2%
Aeroports de Paris		66,078		4,963,239
Germany | 4.5%
Fraport AG		174,668		10,192,937
Italy | 16.6%
Atlantia SpA		973,268		13,958,483
Autostrada Torino-Milano SpA		686,833		6,512,612
Digital Multimedia Technologies SpA (a)		30,224		633,003
Hera SpA		2,199,329		3,329,782
Snam Rete Gas SpA		235,047		1,085,007
Societa Iniziative Autostradali e Servizi SpA		1,102,275		8,489,856
Terna Rete Elettrica Nazionale SpA		937,175		3,476,368
				37,485,111

Description	Shares		Value
Japan | 14.6%
Osaka Gas Co., Ltd.		3,270,300	$	13,593,715
Toho Gas Co., Ltd.		881,350		5,786,088
Tokyo Gas Co., Ltd.		2,897,700		13,497,595
				32,877,398
Mexico | 4.2%
Grupo Aeroportuario del Centro Norte SAB de CV		2,620,047		4,220,504
Grupo Aeroportuario del Pacifico SAB de CV, B Shares		282,800		947,190
Grupo Aeroportuario del Sureste SAB de CV, B Shares		856,700		4,253,710
				9,421,404
South Korea | 2.9%
Macquarie Korea Infrastructure Fund		1,542,984		6,521,923
Spain | 8.0%
Abertis Infraestructuras SA		357,437		5,492,464
Enagas SA		121,500		2,237,495
Red Electrica Corporacion SA		224,767		10,257,104
				17,987,063
Switzerland | 2.7%
Flughafen Zuerich AG		16,314		6,136,399
United States | 15.2%
American States Water Co.		133,900		4,543,227
California Water Service Group		321,400		5,691,994
CSX Corp.		405,600		7,572,552
Norfolk Southern Corp.		72,200		4,405,644
PG&E Corp.		105,400		4,459,474
SJW Corp.		48,900		1,064,553
Union Pacific Corp.		53,306		4,353,501
Wisconsin Energy Corp.		73,200		2,290,428
				34,381,373
Total Common Stocks
(Identified cost $237,514,725)				216,237,646

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (continued)
Short-Term Investment | 3.2%
State Street Institutional Treasury Money Market Fund (Identified cost $7,303,096)		7,303,096	$	7,303,096
Total Investments | 99.1% (Identified cost $244,817,821) (b)			$	223,540,742
Cash and Other Assets in Excess of Liabilities | 0.9%				2,085,194
Net Assets | 100.0%			$	225,625,936

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2011:

Forward Currency Contracts	Counterparty		Expiration Date		Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD		HSB		12/14/11		2,680,313	$	2,622,124	$	2,571,803	$	—	$	50,321
AUD		HSB		12/14/11		3,074,058		2,991,673		2,949,606		—		42,067
CAD		CAN		12/14/11		121,466		117,737		115,732		—		2,005
JPY		MEL		12/14/11		168,937,462		2,203,896		2,192,554		—		11,342
Total Forward Currency Purchase Contracts							$	7,935,430	$	7,829,695	$	—	$	105,735
Forward Currency Sale Contracts
AUD		HSB		12/14/11		56,298,114	$	54,018,915	$	56,880,237	$	2,861,322	$	—
CAD		CAN		12/14/11		874,165		832,902		849,364		16,462		—
CAD		CAN		12/14/11		2,596,727		2,474,154		2,613,124		138,970		—
CHF		CIT		12/14/11		833,466		920,865		950,794		29,929		—
CHF		CIT		12/14/11		4,817,360		5,322,520		5,482,558		160,038		—
EUR		BRC		12/14/11		5,092,861		6,820,919		6,938,326		117,407		—
EUR		BRC		12/14/11		50,876,555		68,139,471		69,610,117		1,470,646		—
JPY		HSB		12/14/11		940,195,499		12,202,325		12,272,170		69,845		—
JPY		MEL		12/14/11		1,682,364,764		21,834,567		21,966,427		131,860		—
KRW		MEL		12/21/11		7,028,029,497		5,941,266		6,019,725		78,459		—
MXN		SSB		12/14/11		119,435,685		8,554,515		9,202,935		648,420		—
Total Forward Currency Sale Contracts							$	187,062,419	$	192,785,777		5,723,358		—
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	5,723,358	$	105,735

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 93.8%
Australia | 3.9%
James Hardie Industries SE (a)	179,640	$	979,846
QBE Insurance Group, Ltd.	54,000		662,557
Telstra Corp., Ltd.	770,700		2,297,013
			3,939,416
Belgium | 2.8%
Anheuser-Busch InBev NV	53,180		2,820,316
Brazil | 2.9%
Banco do Brasil SA	93,565		1,236,088
Cielo SA	41,340		921,232
MRV Engenharia e Participacoes SA	147,200		753,908
			2,911,228
Canada | 1.8%
Potash Corp. of Saskatchewan, Inc.	20,100		872,745
Rogers Communications, Inc., Class B	26,900		920,797
			1,793,542
China | 0.8%
Weichai Power Co., Ltd., Class H	186,000		845,975
Finland | 1.3%
Sampo Oyj, A Shares	50,560		1,266,314
France | 9.3%
BNP Paribas SA	29,318		1,160,475
Danone SA	14,680		903,425
Sanofi SA	42,727		2,805,415
Technip SA	15,330		1,226,828
Total SA	41,446		1,827,382
Valeo SA	35,160		1,476,460
			9,399,985
Germany | 6.4%
Bayerische Motoren Werke AG	26,030		1,724,755

Description	Shares		Value
GEA Group AG	16,900	$	394,876
Merck KGaA	15,912		1,302,008
SAP AG	28,980		1,477,262
Siemens AG	17,458		1,577,194
			6,476,095
Ireland | 0.8%
Ryanair Holdings PLC Sponsored ADR (a)	31,200		803,400
Italy | 1.1%
Atlantia SpA	74,530		1,068,900
Japan | 18.8%
Asics Corp.	51,690		700,983
Canon, Inc.	47,800		2,164,004
Daito Trust Construction Co., Ltd.	35,100		3,218,488
Don Quijote Co., Ltd.	51,200		1,829,950
eAccess, Ltd.	1,282		323,983
Fanuc Corp.	10,300		1,418,091
JS Group Corp.	82,500		2,310,866
Mitsubishi Corp.	43,700		889,937
Mitsubishi Estate Co., Ltd.	78,000		1,262,365
Sumitomo Mitsui Financial Group, Inc.	46,300		1,306,683
Yahoo Japan Corp.	5,266		1,636,045
Yamada Denki Co., Ltd.	26,920		1,879,489
			18,940,884
Netherlands | 1.3%
ING Groep NV (a)	189,250		1,331,944
New Zealand | 1.5%
Telecom Corp. of New Zealand, Ltd.	779,300		1,541,032
Norway | 0.6%
Aker Solutions ASA	65,230		625,886
Russia | 1.1%
Sberbank of Russia	519,300		1,137,657

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
South Africa | 0.7%
Mr Price Group, Ltd. ADR (a)	40,600	$	655,690
South Korea | 2.4%
Hyundai Mobis	3,600		1,022,411
Samsung Electronics Co., Ltd. GDR (c)	4,089		1,437,370
			2,459,781
Spain | 1.3%
Amadeus IT Holding SA, A Shares	74,720		1,199,463
Mediaset Espana Comunicacion SA	21,554		122,382
			1,321,845
Sweden | 2.1%
Assa Abloy AB, Class B	53,600		1,103,452
Swedbank AB, A Shares	93,200		1,027,007
			2,130,459
Switzerland | 5.3%
Julius Baer Group, Ltd.	41,680		1,388,968
Novartis AG	70,180		3,916,714
			5,305,682
Turkey | 1.3%
Koc Holding AS	146,700		544,357
Turkiye Garanti Bankasi AS ADR	192,600		753,066
			1,297,423
United Kingdom | 26.3%
BG Group PLC	63,110		1,201,760
BHP Billiton PLC	73,400		1,944,951
British American Tobacco PLC	49,149		2,083,178
GlaxoSmithKline PLC	145,150		2,996,836
Informa PLC	288,391		1,466,456
International Power PLC	209,230		991,160
Prudential PLC	206,680		1,769,012

Description	Shares		Value
Rexam PLC	273,874	$	1,313,409
Royal Dutch Shell PLC, A Shares	75,650		2,346,309
Standard Chartered PLC	87,633		1,749,101
Tullow Oil PLC	46,630		946,062
Unilever PLC	92,950		2,911,730
Vodafone Group PLC	459,008		1,185,317
Wm Morrison Supermarkets PLC	241,490		1,088,929
WPP PLC	122,640		1,131,004
Xstrata PLC	113,770		1,426,839
			26,552,053
Total Common Stocks
(Identified cost $97,707,234)			94,625,507

Description		Principal Amount (000)		Value
Repurchase Agreement | 6.3%
State Street Bank and Trust Co., 0.01%, 10/03/11 (Dated 09/30/11, collateralized by $5,830,000 United States Treasury Note, 3.125%, 05/15/21, with a value of $6,522,313) Proceeds of $6,393,005 (Identified cost $6,393,000)	$	6,393	$	6,393,000
Total Investments | 100.1%
(Identified cost $104,100,234) (b)			$	101,018,507
Liabilities in Excess of Cash and Other Assets | (0.1)%				(52,250	)
Net Assets | 100.0%			$	100,966,257

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 97.5%
Australia | 5.2%
BHP Billiton, Ltd.		4,202	$	139,612
Telstra Corp., Ltd.		54,744		163,160
				302,772
Belgium | 3.2%
Anheuser-Busch InBev NV		3,510		186,147
Brazil | 6.7%
Banco do Brasil SA		9,333		123,298
Cielo SA		4,830		107,633
MRV Engenharia e Participacoes SA		11,000		56,338
Vale SA Sponsored ADR		4,508		102,783
				390,052
Canada | 1.0%
Rogers Communications, Inc., Class B		1,749		59,869
China | 1.2%
Weichai Power Co., Ltd., Class H		14,957		68,028
Finland | 1.6%
Sampo Oyj, A Shares		3,633		90,991
France | 10.2%
BNP Paribas SA		1,038		41,087
Danone SA		924		56,864
LVMH Moet Hennessy Louis Vuitton SA		617		81,818
Sanofi SA		2,347		154,102
Technip SA		971		77,707
Total SA		2,761		121,734
Valeo SA		1,414		59,378
				592,690
Germany | 6.0%
Bayerische Motoren Werke AG		1,437		95,216
GEA Group AG		1,065		24,884
Description	Shares		Value
Merck KGaA		742	$	60,715
SAP AG		3,263		166,332
				347,147
Indonesia | 1.6%
PT Telekomunikasi Indonesia Tbk Sponsored ADR		2,881		95,275
Ireland | 1.1%
Ryanair Holdings PLC Sponsored ADR (a)		2,500		64,375
Italy | 1.4%
Atlantia SpA		5,620		80,601
Japan | 15.1%
Canon, Inc.		2,292		103,763
Daito Trust Construction Co., Ltd.		1,465		134,333
Fanuc Corp.		886		121,983
Honda Motor Co., Ltd.		25		733
JS Group Corp.		4,000		112,042
Mitsubishi Estate Co., Ltd.		4,990		80,759
Sumitomo Mitsui Financial Group, Inc.		3,276		92,456
Yahoo Japan Corp.		353		109,670
Yamada Denki Co., Ltd.		1,680		117,294
				873,033
Netherlands | 1.0%
ING Groep NV (a)		7,846		55,220
Russia | 2.0%
Mobile TeleSystems OJSC
Sponsored ADR		3,134		38,548
Sberbank of Russia		35,697		78,203
				116,751
South Africa | 1.7%
Mr Price Group, Ltd.		5,927		49,192
Standard Bank Group, Ltd.		4,440		50,883
				100,075

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
South Korea | 3.5%
Hyundai Mobis		260	$	73,841
KT&G Corp.		2,060		128,493
				202,334
Sweden | 2.9%
Assa Abloy AB, Class B		5,274		108,575
Swedbank AB, A Shares		5,580		61,488
				170,063
Switzerland | 4.4%
Novartis AG		3,851		214,923
UBS AG (a)		3,684		41,936
				256,859
Taiwan | 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		52,341		118,592
Turkey | 2.6%
Koc Holding AS		17,501		64,940
Turkcell Iletisim Hizmetleri AS (a)		8,524		38,659
Turkiye Garanti Bankasi AS		11,448		44,386
				147,985
United Kingdom | 23.0%
BG Group PLC		4,465		85,024
British American Tobacco PLC		4,102		173,863
GlaxoSmithKline PLC		8,122		167,691
Informa PLC		16,367		83,225
Petrofac, Ltd.		3,965		73,357
Prudential PLC		10,723		91,780
Rexam PLC		15,163		72,717
Royal Dutch Shell PLC, A Shares		2,965		92,059
Standard Chartered PLC		5,604		111,852
Tullow Oil PLC		3,558		72,187
Unilever PLC		5,182		162,330
Description	Shares		Value
Wm Morrison Supermarkets PLC		14,983	$	67,562
Xstrata PLC		6,640		83,275
				1,336,922
Total Common Stocks (Identified cost $6,082,892)				5,655,781
Short-Term Investment | 4.0%
State Street Institutional Treasury Money Market Fund (Identified cost $231,513)		231,513		231,513
Total Investments | 101.5% (Identified cost $6,314,405) (b)			$	5,887,294
Liabilities in Excess of Cash and Other Assets | (1.5)%				(84,167	)
Net Assets | 100.0%			$	5,803,127

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 93.2%
Australia | 2.7%
James Hardie Industries SE (a)		1,064,000	$	5,803,586
Toll Holdings, Ltd.		1,260,950		5,287,629
				11,091,215
Belgium | 2.9%
Anheuser-Busch InBev NV		165,330		8,768,013
Umicore NV		88,150		3,195,608
				11,963,621
Brazil | 0.7%
Duratex SA		623,080		2,853,194
China | 2.9%
CITIC Securities Co., Ltd. (a), (c)		1,612,000		2,753,114
Weichai Power Co., Ltd., Class H		846,000		3,847,821
Yingde Gases Group Co.		5,571,000		5,055,844
				11,656,779
Egypt | 1.6%
Commercial International Bank Egypt SAE		890,525		3,428,524
Eastern Co. SAE		197,220		2,942,472
				6,370,996
Finland | 2.7%
Sampo Oyj, A Shares		429,600		10,759,660
France | 8.6%
BNP Paribas SA		119,333		4,723,481
Christian Dior SA		67,440		7,544,573
Sanofi SA		182,600		11,989,344
Technip SA		51,880		4,151,849
Valeo SA		148,110		6,219,525
				34,628,772
Germany | 5.4%
Bayerische Motoren Werke AG		95,110		6,302,016
Description	Shares		Value
GEA Group AG		282,467	$	6,599,962
Merck KGaA		49,570		4,056,091
Sky Deutschland AG (a)		541,760		1,397,418
Symrise AG		153,813		3,573,855
				21,929,342
India | 0.9%
United Phosphorus, Ltd.		1,379,551		3,829,046
Indonesia | 1.3%
Media Nusantara Citra Tbk PT		46,267,500		5,299,381
Ireland | 2.4%
Kerry Group PLC		200,560		7,037,973
Ryanair Holdings PLC Sponsored ADR (a)		97,544		2,511,758
				9,549,731
Italy | 1.1%
Prysmian SpA		346,601		4,546,144
Japan | 14.7%
Asics Corp.		574,750		7,794,346
Daito Trust Construction Co., Ltd.		108,100		9,912,208
Don Quijote Co., Ltd.		399,400		14,275,042
JS Group Corp.		373,500		10,461,921
Yahoo Japan Corp.		27,283		8,476,303
Yamada Denki Co., Ltd.		123,560		8,626,661
				59,546,481
Netherlands | 2.3%
ASM International NV		183,875		4,571,177
ING Groep NV (a)		658,550		4,634,882
				9,206,059
Norway | 0.6%
Aker Solutions ASA		250,510		2,403,659
Poland | 0.7%
Powszechna Kasa Oszczednosci Bank Polski SA		278,000		2,723,658

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Russia | 1.1%
Sberbank of Russia		2,008,094	$	4,399,234
South Africa | 1.1%
Aspen Pharmacare Holdings, Ltd. (a)		415,530		4,687,174
South Korea | 2.1%
Hyundai Mobis		16,966		4,818,398
Paradise Co., Ltd.		524,780		3,673,118
				8,491,516
Spain | 1.8%
Amadeus IT Holding SA, A Shares		451,720		7,251,354
Switzerland | 4.7%
Julius Baer Group, Ltd.		166,602		5,551,940
Novartis AG		191,410		10,682,506
UBS AG (a)		248,180		2,825,100
				19,059,546
United Kingdom | 30.9%
AMEC PLC		344,518		4,333,266
Associated British Foods PLC		652,710		11,194,630
BBA Aviation PLC		1,939,278		5,033,839
BG Group PLC		410,940		7,825,243
British American Tobacco PLC		367,158		15,561,973
British Sky Broadcasting Group PLC		275,450		2,827,962
Cairn Energy PLC (a)		850,070		3,684,105
GlaxoSmithKline PLC		455,820		9,411,078
IG Group Holdings PLC		817,200		5,646,807
Imperial Tobacco Group PLC		126,390		4,268,255
Informa PLC		2,282,601		11,606,930
Prudential PLC		1,173,750		10,046,342
Rexam PLC		1,931,030		9,260,580
TalkTalk Telecom Group PLC		2,470,643		4,854,661
Tullow Oil PLC		244,020		4,950,846
Unilever PLC		291,004		9,115,922
Description	Shares		Value
Xstrata PLC		416,180	$	5,219,493
				124,841,932
Total Common Stocks (Identified cost $399,984,151)				377,088,494
Preferred Stock | 1.3%
Brazil | 1.3%
Banco Bradesco SA (Identified cost $6,140,381)		355,072		5,232,839
Short-Term Investment | 7.3%
State Street Institutional Treasury Money Market Fund (Identified cost $29,629,827)		29,629,827		29,629,827
Total Investments | 101.8% (Identified cost $435,754,359) (b)			$	411,951,160
Liabilities in Excess of Cash and Other Assets | (1.8)%				(7,402,305	)
Net Assets | 100.0%			$	404,548,855

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 98.1%
Australia | 4.9%
Cabcharge Australia, Ltd.		139,378	$	579,442
Fairfax Media, Ltd.		376,353		296,028
Industrea, Ltd.		364,503		420,828
James Hardie Industries SE (a)		147,374		803,851
Macquarie Atlas Roads Group (a)		532,568		669,937
				2,770,086
Austria | 2.8%
Andritz AG		10,596		868,806
Kapsch TrafficCom AG		10,708		706,120
				1,574,926
Belgium | 5.5%
Arseus NV		69,843		965,023
EVS Broadcast Equipment SA		11,898		618,023
Kinepolis Group NV		9,069		671,272
Telenet Group Holding NV		24,138		884,357
				3,138,675
Finland | 1.0%
Vacon Oyj		11,917		554,428
France | 4.6%
Ingenico SA		19,932		748,702
Valeo SA		18,699		785,220
Virbac SA		6,757		1,095,199
				2,629,121
Germany | 7.2%
Asian Bamboo AG		18,998		299,473
CompuGroup Medical AG		75,087		895,566
CTS Eventim AG		38,869		1,157,423
Fielmann AG		1		100
NORMA Group		25,165		413,469
Pfeiffer Vacuum Technology AG		7,921		689,932
Description	Shares		Value
Wirecard AG		43,223	$	663,294
				4,119,257
Hong Kong | 2.5%
AAC Technologies Holdings, Inc.		368,000		790,088
EVA Precision Industrial Holdings, Ltd.		1,338,000		332,460
Man Wah Holdings, Ltd.		773,600		301,121
				1,423,669
Ireland | 2.5%
C&C Group PLC		144,438		544,559
DCC PLC		35,320		886,466
				1,431,025
Italy | 2.3%
DiaSorin SpA		16,021		591,082
MARR SpA		67,447		697,635
				1,288,717
Japan | 29.0%
Ain Pharmaciez, Inc.		25,300		1,118,842
Asahi Holdings, Inc.		45,801		970,143
Benesse Holdings, Inc.		16,100		709,279
Daiseki Co., Ltd.		36,900		728,834
Don Quijote Co., Ltd.		34,600		1,236,646
Dr. Ci:Labo Co., Ltd.		184		1,186,283
eAccess, Ltd.		1,702		430,124
JAFCO Co., Ltd.		22,500		417,290
JSR Corp.		38,000		653,199
Konami Corp.		39,550		1,327,905
Kurita Water Industries, Ltd.		23,300		651,724
Misumi Group, Inc.		38,000		843,265
Nomura Research Institute, Ltd.		24,700		561,451
OSG Corp.		42,800		514,903
Rinnai Corp.		10,700		894,349
Santen Pharmaceutical Co., Ltd.		19,790		827,069
Shinko Plantech Co., Ltd.		77,800		727,683
Suruga Bank, Ltd.		103,300		1,004,422

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Sysmex Corp.		20,600	$	739,951
USS Co., Ltd.		11,370		967,135
				16,510,497
Netherlands | 4.2%
Aalberts Industries NV		40,754		607,833
Imtech NV		22,141		622,351
InterXion Holding NV		47,800		564,518
Unit 4 NV		24,489		598,245
				2,392,947
New Zealand | 1.0%
Telecom Corp. of New Zealand, Ltd.		290,502		574,455
Norway | 4.1%
BW Offshore, Ltd.		332,539		579,111
Kongsberg Gruppen ASA		52,767		913,636
TGS Nopec Geophysical Co. ASA		47,120		875,884
				2,368,631
Singapore | 0.7%
Ezra Holdings, Ltd.		659,000		420,249
South Africa | 0.6%
Aquarius Platinum, Ltd.		117,482		322,129
Sweden | 6.6%
Duni AB		42,778		322,029
Elekta AB, B Shares		22,600		847,283
Getinge AB, B Shares		39,410		859,087
Indutrade AB		19,220		457,491
Intrum Justitia AB		47,400		580,005
Loomis AB, B Shares		60,033		702,462
				3,768,357
Switzerland | 2.3%
Dufry AG (a)		9,151		798,162

Description	Shares		Value
Swissquote Group Holding SA		12,949	$	532,603
				1,330,765
United Kingdom | 16.3%
Abcam PLC		76,587		431,261
APR Energy PLC (a)		31,741		558,326
Chemring Group PLC		97,131		796,028
Dignity PLC		67,059		886,861
Diploma PLC		124,088		615,151
GlobeOp Financial Services SA		138,447		622,921
IG Group Holdings PLC		155,917		1,077,378
Intertek Group PLC		22,215		636,937
Jupiter Fund Management PLC		191,830		582,137
Melrose PLC		135,521		611,419
Premier Oil PLC (a)		119,519		642,464
Rightmove PLC		41,801		776,704
TalkTalk Telecom Group PLC		304,196		597,726
XP Power, Ltd.		29,399		485,300
				9,320,613
Total Common Stocks (Identified cost $52,525,647)				55,938,547
Preferred Stock | 1.0%
Germany | 1.0%
Fuchs Petrolub AG (Identified cost $361,509)		14,589		601,592
Short-Term Investment | 0.5%
State Street Institutional Treasury Money Market Fund (Identified cost $258,684)		258,684		258,684
Total Investments | 99.6% (Identified cost $53,145,840) (b)			$	56,798,823
Cash and Other Assets in Excess of Liabilities | 0.4%				200,134
Net Assets | 100.0%			$	56,998,957

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 95.4%
Argentina | 1.5%
YPF Sociedad Anonima Sponsored ADR		5,921,697	$	202,581,254
Brazil | 18.1%
Banco do Brasil SA		38,006,110		502,099,068
CCR SA		4,958,600		129,091,062
Cielo SA		22,607,720		503,796,553
Companhia Siderurgica Nacional SA Sponsored ADR		20,477,424		162,590,747
Natura Cosmeticos SA		10,427,600		177,467,464
Redecard SA		35,673,820		485,706,577
Souza Cruz SA		16,484,825		165,878,415
Vale SA Sponsored ADR		16,753,700		381,984,360
				2,508,614,246
Canada | 1.1%
First Quantum Minerals, Ltd.		11,339,200		150,951,274
China | 2.2%
China Construction Bank Corp., Class H		188,660,220		112,575,017
NetEase.com, Inc. Sponsored ADR (a)		2,173,256		82,931,449
Weichai Power Co., Ltd., Class H		25,154,500		114,408,993
				309,915,459
Egypt | 2.7%
Commercial International Bank Egypt SAE		29,075,818		111,941,994
Eastern Co. SAE		3,555,807		53,051,728
Egyptian Co. for Mobile Services		2,350,675		37,238,806
Orascom Construction Industries		4,547,912		165,363,229
				367,595,757
France | 0.7%
CFAO SA		2,649,151		94,998,388

Description	Shares		Value
Hong Kong | 1.4%
Huabao International Holdings, Ltd.		242,856,000	$	197,969,086
Hungary | 1.0%
OTP Bank PLC		9,593,589		141,283,387
India | 6.3%
Bank of India		16,966,957		107,865,715
Bharat Heavy Electricals, Ltd.		7,071,092		233,481,244
Infosys, Ltd. Sponsored ADR		1,761,408		89,955,107
Jindal Steel & Power, Ltd.		15,903,785		160,961,774
Punjab National Bank, Ltd.		14,600,569		282,382,201
				874,646,041
Indonesia | 6.2%
PT Bank Mandiri Tbk		139,960,930		97,741,462
PT Perusahaan Gas Negara (Persero) Tbk		271,342,500		80,734,349
PT Semen Gresik (Persero) Tbk		144,075,800		134,787,494
PT Tambang Batubara Bukit Asam Tbk		54,804,500		102,584,372
PT Telekomunikasi Indonesia Tbk Sponsored ADR		9,862,749		326,161,110
PT United Tractors Tbk		46,932,984		114,358,148
				856,366,935
Malaysia | 0.6%
British American Tobacco Malaysia Berhad		6,352,600		88,691,754
Mexico | 4.9%
America Movil SAB de CV ADR, Series L		8,896,770		196,440,682
Desarrolladora Homex SAB de CV ADR (a)		2,944,968		39,757,068
Grupo Mexico SAB de CV, Series B		91,630,593		216,713,724
Grupo Televisa SA Sponsored ADR		6,968,000		128,141,520
Kimberly-Clark de Mexico SAB de CV, Series A		18,479,165		94,271,597
				675,324,591

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (continued)
Pakistan | 1.4%
Oil & Gas Development Co., Ltd.		54,371,349	$	82,403,565
Pakistan Petroleum, Ltd.		53,843,868		116,544,117
				198,947,682
Philippines | 2.1%
Philippine Long Distance Telephone Co. Sponsored ADR		6,014,850		297,915,520
Russia | 7.6%
Gazprom OAO Sponsored ADR		17,787,931		169,889,731
Lukoil OAO Sponsored ADR		2,125,650		106,686,373
Magnit OJSC Sponsored GDR (c)		4,379,165		75,135,086
Mobile TeleSystems OJSC Sponsored ADR		16,385,343		201,539,719
Oriflame Cosmetics SA SDR		2,773,429		100,093,740
Sberbank of Russia		82,535,404		180,814,519
TNK-BP Holding		41,518,694		99,644,866
Uralkali OJSC Sponsored GDR (c)		3,691,389		125,692,493
				1,059,496,527
South Africa | 10.8%
Bidvest Group, Ltd.		10,403,615		191,733,793
Kumba Iron Ore, Ltd.		2,916,449		153,638,349
Massmart Holdings, Ltd.		3,305,851		56,573,306
Murray & Roberts Holdings, Ltd.		29,475,355		94,451,011
Nedbank Group, Ltd.		7,799,146		131,822,556
Pretoria Portland Cement Co., Ltd.		33,715,933		96,399,963
Sanlam, Ltd.		32,212,567		107,403,253
Shoprite Holdings, Ltd.		16,895,526		236,561,452
Standard Bank Group, Ltd.		9,937,329		113,883,548
Tiger Brands, Ltd.		5,849,508		151,620,312
Truworths International, Ltd.		18,721,781		162,688,952
				1,496,776,495

Description	Shares		Value
South Korea | 12.6%
Hite Jinro Co., Ltd.		2,325,188	$	49,493,213
Hyundai Mobis		503,727		143,060,067
KB Financial Group, Inc.		3,955,770		129,193,633
Korea Life Insurance Co., Ltd.		33,131,343		151,299,127
KT&G Corp.		4,804,170		299,661,090
NHN Corp. (a)		1,034,221		194,979,043
Samsung Electronics Co., Ltd.		376,929		264,043,722
Shinhan Financial Group Co., Ltd.		10,138,414		354,543,999
Woongjin Coway Co., Ltd.		5,191,984		164,271,139
				1,750,545,033
Taiwan | 4.8%
Delta Electronics, Inc.		16,182,000		37,874,507
Hon Hai Precision Industry Co., Ltd.		46,436,199		103,660,794
HTC Corp.		7,642,935		167,907,989
MediaTek, Inc.		12,113,421		131,982,543
Taiwan Semiconductor Manufacturing Co., Ltd.		98,249,284		222,609,343
				664,035,176
Thailand | 3.3%
Banpu Public Co. Ltd.		8,962,600		151,259,759
CP All Public Co. Ltd.		71,934,300		111,077,574
Kasikornbank Public Co. Ltd.		21,592,100		81,096,403
PTT Exploration & Production Public Co. Ltd.		3,930,850		17,640,456
The Siam Cement Public Co. Ltd.		9,975,400		98,192,471
				459,266,663
Turkey | 6.1%
Akbank TAS		36,127,806		142,007,395
Koc Holding AS		41,254,618		153,082,781
Turkcell Iletisim Hizmetleri AS (a)		54,238,159		245,985,986
Turkiye Is Bankasi AS, C Shares		117,836,308		303,450,876
				844,527,038
Total Common Stocks (Identified cost $14,222,225,314)				13,240,448,306

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Preferred Stocks | 2.8%
Brazil | 2.8%
Companhia de Bebidas das Americas SA Sponsored ADR		5,831,618	$	178,739,092
Companhia Energetica de Minas Gerais SA Sponsored ADR		11,910,554		176,752,621
Usinas Siderurgicas de Minas Gerais SA, A Shares		5,232,401		29,275,287
Total Preferred Stocks (Identified cost $411,255,746)				384,767,000
Short-Term Investment | 1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $208,792,768)		208,792,768		208,792,768
Total Investments | 99.7% (Identified cost $14,842,273,828) (b)			$	13,834,008,074
Cash and Other Assets in Excess of Liabilities | 0.3%				46,634,665
Net Assets | 100.0%			$	13,880,642,739

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 88.0%
Brazil | 10.4%
Cia Hering		186,034	$	3,107,740
Cyrela Brazil Realty SA Empreendimentos e Participacoes		578,260		3,601,343
Diagnosticos da America SA		230,700		1,961,916
Localiza Rent a Car SA		178,400		2,362,537
MRV Engenharia e Participacoes SA		904,395		4,632,003
Totvs SA		185,300		3,153,623
Vale SA Sponsored ADR		109,115		2,487,822
				21,306,984
China | 14.2%
Agricultural Bank of China, Ltd., Class H		11,610,500		3,731,395
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Class H		3,069,600		3,388,410
China Construction Bank Corp., Class H		5,685,849		3,392,790
China Merchants Bank Co., Ltd., Class H		1,894,906		2,869,641
China National Materials Co., Ltd., Class H		9,450,890		3,326,278
China Petroleum & Chemical Corp. ADR		30,535		2,925,253
Hidili Industry International Development, Ltd.		7,124,900		2,031,113
NetEase.com, Inc. Sponsored ADR (a)		46,085		1,758,604
Ping An Insurance (Group) Co. of China, Ltd., Class H		585,500		3,257,861
Sands China, Ltd. (a)		1,079,600		2,483,063
				29,164,408
Colombia | 1.7%
Pacific Rubiales Energy Corp.		168,735		3,574,689
Hong Kong | 4.9%
AAC Technologies Holdings, Inc.		1,873,700		4,022,793

Description	Shares		Value
China State Construction International Holdings, Ltd.		7,348,940	$	3,771,661
Geely Automobile Holdings, Ltd.		8,266,700		1,781,199
Man Wah Holdings, Ltd.		1,420,400		552,885
				10,128,538
India | 6.3%
Cairn India, Ltd. (a)		479,167		2,618,533
HDFC Bank, Ltd. Sponsored ADR		67,700		1,973,455
ICICI Bank, Ltd. Sponsored ADR		125,130		4,344,514
Shriram Transport Finance Co., Ltd.		331,766		4,095,591
				13,032,093
Indonesia | 1.0%
PT Bank Rakyat Indonesia (Persero) Tbk		3,179,600		2,086,196
Kazakhstan | 3.9%
Halyk Savings Bank of Kazakhstan JSC GDR (a), (c)		768,570		4,806,787
KazMunaiGas Exploration Production GDR (c)		93,591		1,368,262
Zhaikmunai LP GDR (a), (c)		248,798		1,832,020
				8,007,069
Malaysia | 0.7%
Genting Berhad		524,900		1,485,673
Mexico | 3.3%
Corporacion GEO SAB de CV, Series B (a)		2,811,506		3,634,891
Grupo Financiero Banorte SAB de CV, Class O		1,070,957		3,165,352
				6,800,243
Peru | 0.8%
Credicorp, Ltd.		18,600		1,714,920
Philippines | 1.3%
SM Investments Corp.		225,697		2,679,624

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Qatar | 1.4%
Qatar Electricity & Water Co.		74,635	$	2,811,910
Russia | 18.0%
Alliance Oil Co., Ltd. SDR (a)		442,778		4,700,925
Eurasia Drilling Co., Ltd. GDR (c)		175,299		3,199,207
Gazprom OAO Sponsored ADR		338,730		3,234,872
Globaltrans Investment PLC Sponsored GDR (c)		325,107		4,470,221
Rosneft Oil Co. OJSC GDR (c)		327,326		1,913,985
Sberbank of Russia		2,117,473		4,638,856
TMK OAO GDR (c)		291,010		2,638,213
Uralkali OJSC Sponsored GDR (c)		124,132		4,226,718
VTB Bank OJSC GDR (c)		973,581		4,002,573
X5 Retail Group NV GDR (a), (c)		139,835		3,861,203
				36,886,773
South Africa | 6.1%
Exxaro Resources, Ltd. Sponsored ADR		209,080		4,394,862
Mr Price Group, Ltd.		183,669		1,524,365
MTN Group, Ltd.		184,170		3,013,184
Standard Bank Group, Ltd.		305,782		3,504,316
				12,436,727
South Korea | 3.9%
Hyundai Mobis		5,328		1,513,169
Samsung Electronics Co., Ltd.		5,276		3,695,907
Samsung Engineering Co., Ltd.		14,329		2,776,698
				7,985,774
Taiwan | 5.1%
Synnex Technology International Corp.		1,405,989		3,038,987
Tripod Technology Corp.		1,112,140		2,885,489
Wistron Corp.		1,929,328		2,160,493

Description	Shares		Value
Yuanta Financial Holding Co., Ltd. (a)	4,705,159	$	2,358,097
			10,443,066
Thailand | 0.8%
PTT Exploration & Production Public Co. Ltd.	366,349		1,644,063
Turkey | 2.7%
Tofas Turk Otomobil Fabrikasi AS	885,434		3,136,548
Turkiye Garanti Bankasi AS ADR	587,040		2,295,326
			5,431,874
United States | 1.5%
NII Holdings, Inc. (a)	115,577		3,114,800
Total Common Stocks (Identified cost $254,372,009)			180,735,424
Preferred Stocks | 6.3%
Brazil | 5.0%
Banco Bradesco SA Sponsored ADR	214,333		3,169,985
Gerdau SA Sponsored ADR	326,950		2,331,153
Marcopolo SA	1,312,700		4,817,248
			10,318,386
Colombia | 1.3%
Bancolombia SA Sponsored ADR	47,300		2,634,610
Total Preferred Stocks (Identified cost $16,080,653)			12,952,996
Short-Term Investment | 3.1%
State Street Institutional Treasury Money Market Fund (Identified cost $6,412,489)	6,412,489		6,412,489
Total Investments | 97.4% (Identified cost $276,865,151) (b)		$	200,100,909
Cash and Other Assets in Excess of Liabilities | 2.6%			5,442,841
Net Assets | 100.0%		$	205,543,750

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 88.5%
Argentina | 1.5%
YPF Sociedad Anonima Sponsored ADR		40,815	$	1,396,281
Brazil | 13.1%
Banco do Brasil SA		108,537		1,433,883
Cia Hering		76,927		1,285,083
Cielo SA Sponsored ADR		69,280		1,538,016
Companhia Siderurgica Nacional SA Sponsored ADR		99,785		792,293
Localiza Rent a Car SA		77,000		1,019,705
MRV Engenharia e Participacoes SA		207,500		1,062,744
Natura Cosmeticos SA		52,320		890,435
Redecard SA		126,810		1,726,545
Souza Cruz SA		89,075		896,316
Totvs SA		54,675		930,515
Vale SA Sponsored ADR		45,200		1,030,560
				12,606,095
Canada | 0.8%
First Quantum Minerals, Ltd.		57,095		760,068
China | 5.1%
Agricultural Bank of China, Ltd., Class H		3,394,000		1,090,767
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Class H		826,240		912,054
China Construction Bank Corp., Class H		1,277,461		762,271
China National Materials Co., Ltd., Class H		2,241,000		788,729
Hidili Industry International Development, Ltd.		1,625,360		463,345
Ping An Insurance (Group) Co. of China, Ltd., Class H		161,500		898,624
				4,915,790

Description	Shares		Value
Colombia | 1.3%
Pacific Rubiales Energy Corp.		57,000	$	1,207,558
Egypt | 2.6%
Commercial International Bank Egypt SAE		374,770		1,442,866
Orascom Construction Industries		30,315		1,102,261
				2,545,127
Hong Kong | 2.0%
AAC Technologies Holdings, Inc.		473,640		1,016,895
China State Construction International Holdings, Ltd.		1,756,504		901,482
				1,918,377
Hungary | 1.0%
OTP Bank PLC		63,098		929,235
India | 1.4%
ICICI Bank, Ltd. Sponsored ADR		38,290		1,329,429
Indonesia | 4.1%
PT Bank Rakyat Indonesia (Persero) Tbk		1,428,618		937,344
PT Telekomunikasi Indonesia Tbk Sponsored ADR		51,740		1,711,042
PT United Tractors Tbk		514,015		1,252,462
				3,900,848
Kazakhstan | 1.4%
Halyk Savings Bank of Kazakhstan JSC GDR (a), (c)		213,775		1,357,471
Malaysia | 1.0%
Genting Berhad		330,020		934,086
Mexico | 6.1%
America Movil SAB de CV ADR, Series L		51,148		1,129,348
Corporacion GEO SAB de CV, Series B (a)		528,800		683,666
Grupo Financiero Banorte SAB de CV, Class O		274,000		809,842

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Grupo Mexico SAB de CV, Series B		479,790	$	1,134,742
Grupo Televisa SA Sponsored ADR		54,693		1,005,804
Kimberly-Clark de Mexico SAB de CV, Series A		223,250		1,138,912
				5,902,314
Philippines | 2.8%
Philippine Long Distance Telephone
Co. Sponsored ADR		36,165		1,791,252
SM Investments Corp.		77,928		925,213
				2,716,465
Russia | 14.1%
Alliance Oil Co., Ltd. SDR (a)		116,803		1,240,085
Eurasia Drilling Co., Ltd. GDR (c)		37,543		685,160
Gazprom OAO Sponsored ADR		220,890		2,109,499
Globaltrans Investment PLC Sponsored GDR (c)		88,251		1,213,451
Lukoil OAO Sponsored ADR		22,328		1,120,642
Mobile TeleSystems OJSC Sponsored ADR		105,090		1,292,607
Oriflame Cosmetics SA SDR		28,796		1,039,255
Sberbank of Russia		481,424		1,054,680
Sberbank of Russia ADR (a)		139,602		1,200,577
TMK OAO GDR (c)		78,600		718,713
Uralkali OJSC Sponsored GDR (c)		55,833		1,926,239
				13,600,908
South Africa | 7.1%
Exxaro Resources, Ltd.		68,312		1,432,805
Kumba Iron Ore, Ltd.		4,660		245,488
Standard Bank Group, Ltd.		179,328		2,055,131
Tiger Brands, Ltd.		59,950		1,553,915
Truworths International, Ltd.		179,553		1,560,284
				6,847,623
South Korea | 11.8%
Hyundai Mobis		5,396		1,532,481
Korea Life Insurance Co., Ltd.		193,372		883,062

Description	Shares		Value
KT&G Corp.		28,299	$	1,765,156
NHN Corp. (a)		10,826		2,040,998
Samsung Electronics Co., Ltd.		3,378		2,366,334
Samsung Engineering Co., Ltd.		5,007		970,265
Shinhan Financial Group Co., Ltd.		51,440		1,798,875
				11,357,171
Taiwan | 4.7%
Hon Hai Precision Industry Co., Ltd.		389,281		869,003
MediaTek, Inc.		50,000		544,778
Synnex Technology International Corp.		490,190		1,059,525
Taiwan Semiconductor
Manufacturing Co., Ltd.		497,000		1,126,083
Tripod Technology Corp.		359,146		931,818
				4,531,207
Thailand | 1.2%
Banpu Public Co. Ltd.		67,530		1,139,688
Turkey | 5.4%
Koc Holding AS ADR		83,128		1,534,543
Tofas Turk Otomobil Fabrikasi AS		230,117		815,163
Turkcell Iletisim Hizmetleri AS ADR (a)		108,275		1,221,342
Turkiye Is Bankasi AS, C Shares		644,793		1,660,464
				5,231,512
Total Common Stocks
(Identified cost $110,563,024)				85,127,253
Preferred Stocks | 5.3%
Brazil | 4.0%
Companhia Energetica de Minas Gerais SA Sponsored ADR		84,935		1,260,435
Marcopolo SA		258,400		948,257
Vale SA Sponsored ADR		77,540		1,628,340
				3,837,032

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (cocluded)
Colombia | 1.3%
Bancolombia SA Sponsored ADR		23,320	$	1,298,924
Total Preferred Stocks
(Identified cost $6,304,377)				5,135,956
Short-Term Investment | 5.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,245,448)		5,245,448		5,245,448
Total Investments | 99.3%
(Identified cost $122,112,849) (b)			$	95,508,657
Cash and Other Assets in Excess of Liabilities | 0.7%				642,438
Net Assets | 100.0%			$	96,151,095

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 39.0%
Argentina | 0.6%
YPF Sociedad Anonima Sponsored ADR (i)		6,797	$	232,525
Brazil | 5.7%
Banco do Brasil SA ADR (i)		17,160		222,565
Cia Hering		13,000		217,168
Cielo SA Sponsored ADR (i)		11,170		247,974
Companhia Siderurgica Nacional SA Sponsored ADR		15,870		126,008
Localiza Rent a Car SA		13,100		173,482
MRV Engenharia e Participacoes SA		35,200		180,282
Natura Cosmeticos SA		8,520		145,002
Redecard SA GDR (c), (i)		9,963		271,691
Souza Cruz SA		15,280		153,755
Totvs SA		9,500		161,681
Vale SA Sponsored ADR (i)		7,900		180,120
				2,079,728
Canada | 0.3%
First Quantum Minerals, Ltd.		9,210		122,606
China | 2.3%
Agricultural Bank of China, Ltd., Class H		576,000		185,116
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Class H		142,580		157,388
China Construction Bank Corp., Class H		222,000		132,469
China National Materials Co., Ltd., Class H		390,000		137,262
Hidili Industry International Development, Ltd.		264,000		75,259
Ping An Insurance (Group) Co. of China, Ltd., Class H		27,500		153,017
				840,511
Description	Shares		Value
Colombia | 0.6%
Pacific Rubiales Energy Corp.		9,700	$	205,497
Egypt | 1.2%
Commercial International Bank Egypt SAE		63,369		243,971
Orascom Construction Industries		4,872		177,147
				421,118
Hong Kong | 0.9%
AAC Technologies Holdings, Inc.		80,000		171,758
China State Construction International Holdings, Ltd.		297,600		152,736
				324,494
Hungary | 0.4%
OTP Bank PLC		10,226		150,597
India | 0.6%
ICICI Bank, Ltd. Sponsored ADR (i)		6,500		225,680
Indonesia | 1.8%
PT Bank Rakyat Indonesia (Persero) Tbk		249,000		163,373
PT Telekomunikasi Indonesia Tbk Sponsored ADR (i)		8,340		275,804
PT United Tractors Tbk		86,515		210,805
				649,982
Kazakhstan | 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR (a), (c), (i)		36,997		234,931
Malaysia | 0.5%
Genting Berhad		57,600		163,031
Mexico | 2.7%
America Movil SAB de CV ADR, Series L		8,760		193,421
Corporacion GEO SAB de CV, Series B (a)		85,400		110,410
Grupo Financiero Banorte SAB de CV, Class O		46,500		137,437

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Grupo Mexico SAB de CV, Series B		77,648	$	183,644
Grupo Televisa SA Sponsored ADR		9,512		174,926
Kimberly-Clark de Mexico SAB de CV, Series A		35,945		183,373
				983,211
Philippines | 1.3%
Philippine Long Distance Telephone Co. Sponsored ADR (i)		5,997		297,031
SM Investments Corp.		14,140		167,880
				464,911
Russia | 6.2%
Alliance Oil Co., Ltd. SDR (a)		19,813		210,352
Eurasia Drilling Co., Ltd. GDR (c)		6,076		110,887
Gazprom OAO Sponsored ADR (i)		36,372		347,353
Globaltrans Investment PLC Sponsored GDR (c)		14,970		205,837
LukoilL OAO Sponsored ADR		3,625		181,939
Mobile TeleSystems OJSC Sponsored ADR (i)		16,920		208,116
Oriflame Cosmetics SA SDR		4,660		168,181
Sberbank of Russia (i)		81,661		178,899
Sberbank of Russia ADR (a)		22,222		191,109
TMK OAO GDR (c)		12,711		116,134
Uralkali OJSC Sponsored GDR (c), (i)		10,330		356,385
				2,275,192
South Africa | 3.2%
Exxaro Resources, Ltd.		11,587		243,031
Kumba Iron Ore, Ltd.		1,402		73,857
Standard Bank Group, Ltd.		30,356		347,885
Tiger Brands, Ltd.		9,754		252,826
Truworths International, Ltd.		29,093		252,813
				1,170,412
South Korea | 5.1%
Hyundai Mobis (i)		873		247,935
Korea Life Insurance Co., Ltd.		33,450		152,754
Description	Shares		Value
KT&G Corp. GDR (c), (i)		9,033	$	281,790
NHN Corp. (a)		1,761		331,997
Samsung Electronics Co., Ltd. (i)		296		207,352
Samsung Electronics Co., Ltd. GDR (c)		541		192,001
Samsung Engineering Co., Ltd.		849		164,520
Shinhan Financial Group Co., Ltd. ADR		4,046		276,908
				1,855,257
Taiwan | 2.1%
Hon Hai Precision Industry Co., Ltd. GDR (c), (i)		31,244		141,534
MediaTek, Inc.		9,000		98,060
Synnex Technology International Corp.		83,000		179,401
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		15,556		177,805
Tripod Technology Corp.		61,060		158,422
				755,222
Thailand | 0.5%
Banpu Public Co. Ltd.		11,600		195,771
Turkey | 2.4%
Koc Holding AS ADR		14,355		264,993
Tofas Turk Otomobil Fabrikasi AS		40,034		141,816
Turkcell Iletisim Hizmetleri AS ADR (a)		18,750		211,500
Turkiye Is Bankasi AS, C Shares		102,781		264,681
				882,990
Total Common Stocks (Identified cost $18,516,149)				14,233,666
Preferred Stocks | 2.3%
Brazil | 1.7%
Companhia Energetica de Minas Gerais SA Sponsored ADR (i)		14,281		211,930
Marcopolo SA		41,800		153,394

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Vale SA Sponsored ADR (i)		12,580	$	264,180
				629,504
Colombia | 0.6%
Bancolombia SA Sponsored ADR (i)		3,980		221,686
Total Preferred Stocks (Identified cost $1,052,000)				851,190
Description	Principal Amount (000) (d)		Value
Corporate Bonds | 6.8%
Argentina | 0.4%
Aeropuertos Argentina 2000 SA, 10.750%, 12/01/20 (c)	$	97	$	98,940
Pan American Energy LLC, 7.875%, 05/07/21 (c)		70		70,084
				169,024
China | 0.2%
China Resources Corp., 12.000%, 10/27/14 (c)		100		85,326
Colombia | 0.3%
Pacific Rubiales Energy Corp., 8.750%, 11/10/16 (c)		100		107,250
Indonesia | 1.3%
Altus Capital Pte., Ltd., 12.875%, 02/10/15 (c)		100		96,070
Bumi Investment Pte., Ltd., 10.750%, 10/06/17 (c)		100		91,000
GT 2005 Bonds BV, 6.000%, 07/21/14 (f)		113		86,914
PT Pertamina (Persero) Tbk, 6.500%, 05/27/41 (c)		200		190,000
				463,984
Mexico | 0.5%
TV Azteca SAB de CV, 7.500%, 05/25/18 (c)		200		191,186
Description	Principal Amount (000) (d)		Value
Russia | 2.6%
Alfa-Bank, 7.875%, 09/25/17 (c)	$	100	$	90,000
Evraz Group SA, 8.250%, 11/10/15 (c)		100		96,250
Metalloinvest Finance, Ltd., 6.500%, 07/21/16 (c)		200		170,000
MTS International Funding, Ltd., 8.625%, 06/22/20 (c)		125		123,750
VimpelCom Holdings BV, 7.504%, 03/01/22 (c)		200		161,000
Vnesheconombank, 6.800%, 11/22/25 (c)		300		282,060
				923,060
South Korea | 0.5%
Hynix Semiconductor, Inc., 7.875%, 06/27/17 (c)		200		178,000
Ukraine | 1.0%
DTEK Finance BV, 9.500%, 04/28/15 (c)		100		90,000
Ferrexpo Finance PLC, 7.875%, 04/07/16 (c)		200		173,000
Metinvest BV, 10.250%, 05/20/15 (c)		125		116,250
				379,250
Total Corporate Bonds (Identified cost $2,793,553)				2,497,080
Foreign Government Obligations | 19.1%
Argentina | 0.3%
Republic of Argentina, 8.280%, 12/31/33		145		99,257
Belize | 0.1%
Government of Belize, 6.000%, 02/20/29 (c)		65		39,325

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Dominican Republic | 1.0%
Dominican Republic:
14.000%, 02/10/12 (c), (e)	$	2,000	$	52,884
9.040%, 01/23/18 (c)		71		77,082
7.500%, 05/06/21 (c)		225		219,375
				349,341
Gambia | 0.3%
Gabonese Republic, 8.200%, 12/12/17 (c)		100		109,000
Indonesia | 0.6%
Indonesia Government, 7.375%, 09/15/16 (e)		1,800,000		213,623
Iraq |  0.6%
Republic of Iraq, 5.800%, 01/15/28 (c)		250		200,000
Israel | 1.0%
Israel Fixed Bonds:
4.000%, 03/30/12 (e)		693		189,610
5.000%, 03/31/13 (e)		545		153,305
Israel Government Bond - Shahar, 10.000%, 05/31/12 (e)		82		23,620
				366,535
Ivory Coast | 0.3%
Ivory Coast, 2.500%, 12/31/32 (c), (f), (g)		250		125,000
Malaysia | 1.5%
Bank Negara Monetary Notes:
0.000%, 10/04/11 (e)		1,000		313,234
0.000%, 11/17/11 (e)		330		103,006
0.000%, 02/21/12 (e)		450		139,459
				555,699
Mexico | 4.4%
Mexican Bonos:
Description	Principal Amount (000) (d)		Value
7.500%, 06/21/12 (e)	$	800	$	58,902
9.000%, 06/20/13 (e)		2,750		212,209
9.500%, 12/18/14 (e)		1,300		106,096
8.000%, 12/17/15 (e)		700		55,779
7.250%, 12/15/16 (e)		3,500		273,010
8.500%, 12/13/18 (e)		1,300		107,541
Mexican Cetes:
0.000%, 11/17/11 (e)		36,600		262,391
0.000%, 12/15/11 (e)		75,200		537,336
				1,613,264
Peru | 0.8%
Republic of Peru:
7.350%, 07/21/25		150		186,750
6.550%, 03/14/37		100		116,000
				302,750
Poland | 0.8%
Poland Government Bonds:
0.000%, 01/25/12 (e)		231		68,778
0.000%, 10/25/12 (e)		725		208,999
3.000%, 08/24/16 (e)		97		29,791
				307,568
Romania | 1.2%
Romania Treasury Bills:
0.000%, 12/28/11 (e)		580		175,557
0.000%, 02/08/12 (e)		260		78,084
0.000%, 04/04/12 (e)		210		62,397
0.000%, 06/06/12 (e)		360		105,706
				421,744
Russia | 0.4%
Russia Eurobond, 7.850%, 03/10/18 (c), (e)		5,000		152,450
Serbia | 0.3%
Republic of Serbia, 6.750%, 11/01/24 (c)		135		126,225

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
South Africa | 0.9%
Republic of South Africa:
13.500%, 09/15/15 (e)	$	752	$	113,622
8.250%, 09/15/17 (e)		1,561		197,114
				310,736
Sri Lanka | 0.3%
Republic of Sri Lanka, 6.250%, 10/04/20 (c)		100		96,500
Thailand | 0.4%
Bank of Thailand:
2.050%, 01/29/12 (e)		900		28,813
0.000%, 02/02/12 (e)		750		23,840
2.350%, 10/21/12 (e)		3,000		95,281
				147,934
Turkey | 2.0%
Turkey Government Bonds:
0.000%, 11/16/11 (e)		292		155,745
0.000%, 11/07/12 (e)		537		264,565
0.000%, 02/20/13 (e)		222		106,758
9.000%, 05/21/14 (e)		43		26,769
4.500%, 02/11/15 (e)		138		78,954
4.000%, 04/29/15 (e)		178		101,387
				734,178
Ukraine | 0.7%
Ukraine Government:
6.250%, 06/17/16 (c)		200		179,000
7.750%, 09/23/20 (c)		100		90,250
				269,250
Uruguay | 0.1%
Uruguay Treasury Bill, 0.000%, 10/21/11 (e)		940		47,137
Description	Principal Amount (000 ) (d)		Value
Venezuela | 1.1%
Republic of Venezuela:
7.750%, 10/13/19 (c)	$	275	$	174,625
12.750%, 08/23/22 (c)		125		99,063
7.000%, 03/31/38 (c)		225		118,687
				392,375
Total Foreign Government Obligations (Identified cost $7,677,218)				6,979,891
Quasi Bonds | 1.5%
Colombia | 0.2%
Empresas Publicas de Medellin, 8.375%, 02/01/21 (c), (e)		100,000		51,368
Russia | 0.5%
Gaz Capital SA, 6.510%, 03/07/22 (c)		100		98,000
Russian Standard Bank, 7.730%, 12/16/15		100		84,471
				182,471
Venezuela | 0.8%
Petroleos de Venezuela SA:
4.900%, 10/28/14		45		30,656
5.250%, 04/12/17		50		28,125
8.500%, 11/02/17 (c)		225		147,938
12.750%, 02/17/22 (c)		120		87,600
				294,319
Total Quasi Bonds (Identified cost $589,744)				528,158
Supranationals | 0.5%
Indonesia | 0.5%
European Bank for Reconstruction & Development, 7.200%, 06/08/16 (e)		560,000		59,982

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Export-Import Bank of Korea:
8.300%, 03/15/14 (c), (e)	$	430,000	$	48,481
8.400%, 07/06/16 (c), (e)		850,000		85,986
Total Supranationals (Identified cost $217,247)				194,449
Description	Shares		Value
Short-Term Investment | 30.3%
State Street Institutional Treasury Money Market Fund (Identified cost $11,044,760)		11,044,760	$	11,044,760
Total Investments | 99.5% (Identified cost $41,890,671) (b)				36,329,194
Description	Number of Contracts		Value
Purchased Options | 0.1%
EUR vs USD October 11 1.42 Put, Expires 10/13/11		4,500	$	36,776
USD vs CNY November 11 6.361 Put, Expires 11/28/11		6,000		2,760
USD vs KRW October 11 1085 Put, Expires 10/07/11		3,850		77
USD vs KRW October 11 1085 Put, Expires 10/13/11		3,000		180
Total Purchased Options (Identified cost $33,380)				39,793
Total Investments and Purchased Options | 99.6% (Identified cost $41,924,051)			$	36,368,987
Cash and Other Assets in Excess of Liabilities | 0.4%				130,055
Net Assets | 100.0%			$	36,499,042

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2011:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	10/04/11	21,684	$	13,000	$	11,533	$	—	$	1,467
BRL	BRC	10/04/11	198,400		124,000		105,518		—		18,482
BRL	HSB	10/04/11	781,879		487,000		415,838		—		71,162
BRL	UBS	10/04/11	1,001,963		540,316		532,888		—		7,428
BRL	UBS	10/19/11	96,320		56,000		51,035		—		4,965
BRL	HSB	11/03/11	149,792		80,000		79,072		—		928
BRL	UBS	12/02/11	761,346		414,000		399,759		—		14,241
CLP	BNP	10/28/11	158,222,400		336,000		303,448		—		32,552
CLP	BNP	02/13/12	11,563,200		24,000		21,928		—		2,072
CNY	JPM	06/13/12	1,188,540		186,000		187,041		1,041		—
CNY	BRC	08/13/12	1,080,924		169,000		170,382		1,382		—
CNY	JPM	09/24/12	1,350,420		213,000		213,190		190		—
CZK	CIT	10/11/11	2,122,609		122,052		115,210		—		6,842
CZK	ING	10/11/11	1,383,390		81,705		75,087		—		6,618
CZK	CIT	10/19/11	1,152,473		64,024		62,556		—		1,468
CZK	CIT	10/19/11	2,001,415		118,315		108,638		—		9,677
CZK	BNP	11/09/11	951,444		54,440		51,654		—		2,786
EUR	CIT	10/11/11	85,303		116,618		114,279		—		2,339
EUR	ING	10/11/11	56,538		81,205		75,742		—		5,463
EUR	CIT	10/12/11	30,000		40,193		40,191		—		2
EUR	CIT	10/17/11	28,000		39,484		37,509		—		1,975
EUR	CIT	10/17/11	126,379		175,000		169,300		—		5,700
EUR	JPM	10/17/11	8,341		11,220		11,173		—		47
EUR	JPM	10/17/11	225,000		312,413		301,415		—		10,998
EUR	CIT	10/19/11	164,926		222,246		220,935		—		1,311
EUR	BRC	10/27/11	20,000		28,651		26,791		—		1,860
EUR	BRC	10/27/11	90,803		124,407		121,633		—		2,774
EUR	BRC	10/27/11	124,952		178,000		167,375		—		10,625
EUR	JPM	11/07/11	45,667		65,000		61,167		—		3,833
EUR	CIT	11/09/11	82,585		112,839		110,615		—		2,224
GHS	BRC	11/01/11	76,875		50,000		47,616		—		2,384
HUF	CIT	11/09/11	23,537,350		118,693		107,201		—		11,492
IDR	RBC	10/12/11	1,256,115,000		147,000		142,800		—		4,200

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2011 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
IDR	SCB	10/19/11	496,160,000	$	56,000	$	56,370	$	370	$	—
IDR	JPM	11/18/11	763,752,000		87,286		86,490		—		796
ILS	CIT	10/06/11	255,956		69,000		68,317		—		683
INR	BRC	10/12/11	10,311,520		223,000		210,297		—		12,703
INR	SCB	10/13/11	910,400		20,000		18,564		—		1,436
INR	BRC	11/14/11	5,100,450		111,000		103,520		—		7,480
INR	BRC	11/14/11	13,653,420		302,000		277,113		—		24,887
INR	JPM	11/25/11	1,062,140		23,000		21,524		—		1,476
INR	JPM	11/25/11	1,475,520		32,000		29,901		—		2,099
INR	JPM	05/25/12	1,908,000		40,000		38,174		—		1,826
INR	UBS	05/25/12	4,263,990		89,000		85,311		—		3,689
KRW	SCB	11/10/11	395,521,200		362,000		334,977		—		27,023
KRW	JPM	11/23/11	132,614,000		122,000		112,235		—		9,765
MXN	HSB	10/11/11	3,630,070		302,000		261,569		—		40,431
MXN	JPM	11/07/11	518,112		42,000		37,234		—		4,766
MYR	BRC	10/31/11	1,111,914		354,000		347,900		—		6,100
NGN	CIT	11/01/11	7,725,000		50,000		47,977		—		2,023
PLN	ING	10/31/11	382,556		118,606		115,173		—		3,433
PLN	CIT	11/02/11	404,762		140,833		121,832		—		19,001
PLN	JPM	11/02/11	722,666		223,359		217,520		—		5,839
RON	BRC	10/12/11	225,388		74,942		69,250		—		5,692
RON	BRC	10/12/11	390,000		124,638		119,826		—		4,812
RUB	CSF	10/11/11	2,868,775		97,000		89,000		—		8,000
RUB	HSB	10/11/11	3,831,100		130,000		118,855		—		11,145
RUB	CSF	10/12/11	3,806,190		127,000		118,064		—		8,936
RUB	HSB	10/17/11	3,551,920		116,000		110,093		—		5,907
THB	SCB	10/25/11	12,060,000		402,000		387,409		—		14,591
THB	HSB	11/14/11	3,507,840		116,000		112,545		—		3,455
THB	HSB	12/06/11	2,404,400		80,000		77,049		—		2,951
ZAR	BRC	10/03/11	801,672		101,929		99,284		—		2,645
ZAR	BNP	10/19/11	849,482		119,000		104,974		—		14,026
ZAR	BNP	10/24/11	873,528		120,000		107,866		—		12,134
Total Forward Currency Purchase Contracts				$	9,281,414	$	8,766,732	$	2,983	$	517,665

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2011 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
BRL	BRC	10/04/11	220,084	$	117,050	$	118,682	$	1,632	$	—
BRL	HSB	10/04/11	781,879		415,838		421,635		5,797		—
BRL	UBS	10/04/11	281,266		149,589		157,000		7,411		—
BRL	UBS	10/04/11	720,697		383,299		396,860		13,561		—
BRL	HSB	11/03/11	149,792		79,072		80,404		1,332		—
CZK	JPM	10/06/11	4,294,750		233,101		254,221		21,120		—
CZK	CIT	10/11/11	2,122,609		115,210		116,618		1,408		—
CZK	ING	10/11/11	1,383,390		75,087		81,205		6,118		—
CZK	CIT	10/19/11	4,105,332		222,840		222,246		—		594
EUR	CIT	10/11/11	87,000		116,552		122,052		5,500		—
EUR	ING	10/11/11	57,000		76,362		81,705		5,343		—
EUR	BRC	10/12/11	53,000		71,003		74,942		3,939		—
EUR	BRC	10/12/11	90,599		121,372		124,638		3,266		—
EUR	BRC	10/17/11	233,341		312,588		312,412		—		176
EUR	CIT	10/17/11	55,987		75,001		78,524		3,523		—
EUR	CIT	10/17/11	59,661		79,923		85,594		5,671		—
EUR	CIT	10/17/11	191,000		255,867		262,856		6,989		—
EUR	HSB	10/17/11	37,693		50,494		52,000		1,506		—
EUR	HSB	10/17/11	83,263		111,540		112,000		460		—
EUR	HSB	10/17/11	173,329		232,196		250,000		17,804		—
EUR	CIT	10/19/11	47,000		62,961		64,024		1,063		—
EUR	CIT	10/19/11	82,000		109,847		118,315		8,468		—
EUR	CSF	10/26/11	104,829		140,421		141,000		579		—
EUR	ING	10/31/11	87,000		116,535		118,606		2,071		—
EUR	CIT	11/02/11	97,000		129,928		140,834		10,906		—
EUR	JPM	11/02/11	164,000		219,671		223,358		3,687		—
EUR	BNP	11/09/11	39,000		52,237		54,439		2,202		—
EUR	CIT	11/09/11	85,000		113,851		118,694		4,843		—
EUR	CSF	11/09/11	31,311		41,939		44,000		2,061		—
EUR	HSB	11/22/11	46,000		61,611		65,833		4,222		—
EUR	ING	11/28/11	355,469		476,093		479,527		3,434		—
EUR	HSB	12/06/11	224,000		300,005		318,080		18,075		—

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Forward Currency Contracts open at September 30, 2011 (concluded):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
HUF	CIT	11/09/11	23,537,350	$	107,201	$	112,839	$	5,638	$	—
INR	BRC	10/12/11	4,639,680		94,624		96,001		1,377		—
JPY	JPM	10/31/11	19,130,250		248,117		250,000		1,883		—
JPY	SCB	12/21/11	14,505,750		188,286		189,000		714		—
KRW	CIT	11/10/11	189,342,000		160,358		157,000		—		3,358
MXN	HSB	10/11/11	2,345,746		169,026		177,000		7,974		—
MXN	RBC	10/11/11	3,630,070		261,569		291,041		29,472		—
MXN	UBS	10/31/11	1,510,018		108,592		112,861		4,269		—
MXN	JPM	11/07/11	1,509,475		108,479		112,834		4,355		—
MXN	JPM	11/07/11	1,609,335		115,656		135,000		19,344		—
NGN	CIT	11/01/11	7,725,000		47,977		49,282		1,305		—
RON	CIT	10/12/11	130,770		40,179		40,193		14		—
SGD	BRC	10/03/11	97,583		74,610		75,857		1,247		—
THB	SCB	10/25/11	3,647,000		117,154		117,835		681		—
THB	JPM	11/07/11	3,479,280		111,671		114,000		2,329		—
TRY	BRC	10/06/11	205,920		110,753		110,000		—		753
TRY	BRC	03/29/12	36,660		19,225		19,349		124		—
TRY	CIT	09/28/12	177,318		90,690		91,552		862		—
TRY	JPM	09/28/12	150,099		76,770		77,319		549		—
TRY	JPM	09/28/12	163,608		83,679		84,295		616		—
ZAR	BRC	10/03/11	1,724,672		213,596		220,344		6,748		—
ZAR	BRC	10/05/11	801,700		99,273		101,898		2,625		—
ZAR	CIT	06/29/12	927,500		110,981		114,551		3,570		—
Total Forward Currency Sale Contracts				$	7,877,549	$	8,142,355		269,687		4,881
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	272,670	$	522,546

Written Options open at September 30, 2011:

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Value
USD vs KRW October 11 Call	1,300		1,074.30	10/07/11	$	1,768	$	12,532
USD vs KRW October 11 Put	3,850		1,065.00	10/07/11		4,847		—
USD vs KRW October 11 Put	3,000		1,060.00	10/13/11		3,612		150
Total Written Options					$	10,227	$	12,682

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 7.1%
Argentina | 0.4%
Aeropuertos Argentina 2000 SA, 10.750%, 12/01/20 (c)	$	198	$	201,838
Pan American Energy LLC, 7.875%, 05/07/21 (c)		160		160,192
				362,030
Brazil | 0.8%
Arcos Dorados Holdings, Inc., 10.250%, 07/13/16 (c), (e)		1,500		785,133
China | 0.1%
China Resources Corp., 12.000%, 10/27/14 (c)		100		85,326
Colombia | 0.2%
Pacific Rubiales Energy Corp., 8.750%, 11/10/16 (c)		200		214,500
India | 0.1%
Vedanta Resources PLC, 9.500%, 07/18/18 (c)		150		135,000
Indonesia | 1.1%
Altus Capital Pte., Ltd., 12.875%, 02/10/15 (c)		125		120,087
Bumi Investment Pte., Ltd., 10.750%, 10/06/17 (c)		145		131,950
GT 2005 Bonds BV, 6.000%, 07/21/14 (f)		122		94,229
PT Pertamina (Persero) Tbk:
5.250%, 05/23/21 (c)		200		192,000
6.500%, 05/27/41 (c)		500		475,000
				1,013,266
Mexico | 0.4%
TV Azteca SAB de CV, 7.500%, 05/25/18 (c)		400		382,372

Description	Principal Amount (000) (d)		Value
Russia | 2.6%
Alfa-Bank, 7.875%, 09/25/17 (c)	$	300	$	270,000
ALROSA Finance SA, 7.750%, 11/03/20 (c)		225		212,063
Evraz Group SA, 8.250%, 11/10/15 (c)		275		264,687
Metalloinvest Finance, Ltd., 6.500%, 07/21/16 (c)		400		340,000
MTS International Funding, Ltd., 8.625%, 06/22/20 (c), (i)		275		272,250
Russian Agricultural Bank OJSC, 7.500%, 03/25/13 (e)		6,500		196,419
VimpelCom Holdings BV, 7.504%, 03/01/22 (c)		475		382,375
Vnesheconombank:
6.902%, 07/09/20 (c)		100		98,000
6.800%, 11/22/25 (c)		325		305,565
				2,341,359
South Korea | 0.4%
Hynix Semiconductor, Inc., 7.875%, 06/27/17 (c)		425		378,250
Ukraine | 1.0%
DTEK Finance BV, 9.500%, 04/28/15 (c)		300		270,000
Ferrexpo Finance PLC, 7.875%, 04/07/16 (c)		400		351,520
Metinvest BV, 10.250%, 05/20/15 (c)		300		279,000
				900,520
Total Corporate Bonds (Identified cost $7,701,578)				6,597,756
Foreign Government Obligations l 43.7%
Argentina | 0.4%
Republic of Argentina:
8.280%, 12/31/33		514		351,911
2.500%, 12/31/38 (f), (i)		225		75,937
				427,848

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Belize | 0.1%
Government of Belize, 6.000%, 02/20/29 (c), (f)	$	135	$	81,675
Columbia | 1.4%
Republic of Colombia:
12.000%, 10/22/15 (e), (i)		1,850,000		1,162,241
7.750%, 04/14/21 (e)		85,000		47,345
9.850%, 06/28/27 (e)		160,000		104,041
				1,313,627
Dominican Republic | 0.6%
Dominican Republic:
14.000%, 02/10/12 (c), (e)		3,500		92,547
9.040%, 01/23/18 (c)		219		237,176
7.500%, 05/06/21 (c)		225		219,375
				549,098
Gambia | 0.3%
Gabonese Republic, 8.200%, 12/12/17 (c)		225		245,250
Hungary | 0.5%
Hungary Government:
6.000%, 10/24/12 (e)		37,500		170,785
5.500%, 02/12/14 (e)		35,000		154,236
6.750%, 08/22/14 (e)		24,000		108,376
Republic of Hungary, 7.625%, 03/29/41		64		62,400
				495,797
Indonesia | 3.6%
Indonesia Government:
8.375%, 09/15/26 (e)		6,405,000		810,326
7.000%, 05/15/27 (e), (i)		10,000,000		1,114,607
Republic of Indonesia:
6.875%, 01/17/18 (c), (i)		500		561,250

Description	Principal Amount (000) (d)		Value
6.625%, 02/17/37 (c)	$	750	$	840,000
				3,326,183
Iraq | 1.1%
Republic of Iraq, 5.800%, 01/15/28 (c), (i)		1,275		1,020,000
Ivory Coast | 0.4%
Ivory Coast, 2.500%, 12/31/32 (c), (f), (g), (i)		850		425,000
Malaysia | 3.8%
Bank Negara Monetary Notes:
0.000%, 10/04/11 (e)		1,600		501,057
0.000%, 12/06/11 (e)		3,000		934,919
0.000%, 01/03/12 (e), (i)		5,000		1,554,636
Malaysia Government:
3.702%, 02/25/13 (e)		300		94,829
3.434%, 08/15/14 (e)		760		239,036
4.378%, 11/29/19 (e)		600		196,468
				3,520,945
Mexico | 6.1%
Mexican Bonos:
9.000%, 06/20/13 (e)		6,800		524,735
8.000%, 12/19/13 (e)		1,000		76,904
8.000%, 12/17/15 (e)		4,100		326,708
7.250%, 12/15/16 (e)		7,400		577,220
8.500%, 12/13/18 (e)		12,000		992,689
8.000%, 06/11/20 (e)		10,710		855,114
6.500%, 06/10/21 (e)		1,000		72,097
7.500%, 06/03/27 (e)		640		47,473
8.500%, 05/31/29 (e)		900		71,449
7.750%, 05/29/31 (e)		9,400		687,842
10.000%, 11/20/36 (e)		6,020		540,797
United Mexican States, 5.950%, 03/19/19 (i)		850		964,750
				5,737,778

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Pakistan | 0.1%
Republic of Pakistan, 6.875%, 06/01/17 (c)	$	100	$	76,000
Peru | 3.9%
Republic of Peru:
9.910%, 05/05/15 (c), (e)		230		97,896
7.125%, 03/30/19		135		163,012
7.840%, 08/12/20 (c), (e)		1,290		526,512
7.350%, 07/21/25 (i)		850		1,058,250
8.200%, 08/12/26 (c), (e)		270		113,218
6.550%, 03/14/37 (i)		1,300		1,508,000
5.625%, 11/18/50		195		195,000
				3,661,888
Philippines | 0.1%
Republic of Philippines, 4.950%, 01/15/21 (e)		5,000		109,491
Poland | 1.0%
Poland Government Bonds:
4.750%, 04/25/12 (e)		15		4,533
0.000%, 10/25/12 (e)		1,950		562,135
5.500%, 04/25/15 (e)		400		122,640
5.250%, 10/25/17 (e)		475		141,215
5.500%, 10/25/19 (e)		277		81,972
				912,495
Russia | 2.6%
Russia Eurobonds:
7.850%, 03/10/18 (c), (e), (i)		35,000		1,067,153
7.850%, 03/10/18 (c), (e)		5,000		152,450
7.500%, 03/31/30 (c), (f), (i)		1,065		1,196,298
				2,415,901
Serbia | 0.2%
Republic of Serbia, 6.750%, 11/01/24 (c), (i)		225		210,375

Description	Principal Amount (000) (d)		Value
South Africa | 5.1%
Republic of South Africa:
13.500%, 09/15/15 (e)	$	7,850	$	1,186,080
8.250%, 09/15/17 (e)		14,840		1,873,907
5.875%, 05/30/22		500		556,250
10.500%, 12/21/26 (e)		4,685		670,423
7.000%, 02/28/31 (e)		4,400		443,515
				4,730,175
Sri Lanka | 0.3%
Republic of Sri Lanka, 6.250%, 10/04/20 (c)		250		241,250
Thailand | 4.1%
Bank of Thailand:
0.000%, 11/03/11 (e)		3,000		96,250
0.000%, 12/01/11 (e)		3,100		99,148
0.000%, 01/26/12 (e)		4,300		136,762
0.000%, 02/09/12 (e)		25,000		793,976
0.000%, 03/22/12 (e)		30,000		948,843
0.000%, 05/03/12 (e)		30,000		945,070
1.650%, 05/21/12 (e)		3,000		95,370
2.350%, 10/21/12 (e)		11,700		371,597
Thailand Government:
4.250%, 03/13/13 (e)		4,000		129,807
1.200%, 07/14/21 (e)		6,030		199,096
				3,815,919
Turkey | 5.2%
Turkey Government Bonds:
0.000%, 01/25/12 (e)		150		78,702
0.000%, 04/25/12 (e)		400		206,034
0.000%, 08/08/12 (e)		1,300		653,309
0.000%, 11/07/12 (e)		570		280,823
0.000%, 02/20/13 (e), (i)		3,245		1,560,338
4.500%, 02/11/15 (e)		1,648		939,922
Republic of Turkey:
5.625%, 03/30/21		425		434,563

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
6.875%, 03/17/36	$	655	$	697,575
				4,851,266
Ukraine | 0.7%
Ukraine Government:
6.250%, 06/17/16 (c)		200		179,000
6.580%, 11/21/16 (c)		350		315,000
7.750%, 09/23/20 (c)		190		171,475
				665,475
Uruguay | 0.0%
Uruguay Treasury Bill, 0.000%, 10/21/11 (e)		530		26,577
Venezuela | 2.1%
Republic of Venezuela:
7.750%, 10/13/19 (c), (i)		615		390,525
12.750%, 08/23/22 (c)		55		43,588
9.000%, 05/07/23 (c)		30		18,600
8.250%, 10/13/24 (c)		635		374,650
7.650%, 04/21/25		1,500		847,500
7.000%, 03/31/38 (c)		505		266,387
				1,941,250
Total Foreign Government Obligations (Identified cost $42,438,148)				40,801,263
Quasi Bonds | 2.2%
Colombia | 0.3%
Emgesa SA, 8.750%, 01/25/21 (c), (e)		150,000		79,290
Empresas Publicas de Medellin, 8.375%, 02/01/21 (c), (e)		310,000		159,240
				238,530
Russia | 0.3%
Gaz Capital SA:
9.250%, 04/23/19 (c)		100		116,000
6.510%, 03/07/22 (c)		100		98,000

Description	Principal Amount (000) (d)		Value
Russian Standard Bank, 7.730%, 12/16/15	$	125	$	105,589
				319,589
South Africa | 0.4%
Transnet, Ltd., 10.500%, 09/17/20 (e)		3,000		396,456
Venezuela | 1.2%
Petroleos de Venezuela SA:
4.900%, 10/28/14		170		115,813
5.250%, 04/12/17		90		50,625
8.500%, 11/02/17 (c), (i)		810		532,575
12.750%, 02/17/22 (c)		65		47,450
5.375%, 04/12/27		775		354,562
5.500%, 04/12/37 (c)		55		24,475
				1,125,500
Total Quasi Bonds (Identified cost $1,808,856)				2,080,075
Supranationals | 0.3%
Indonesia | 0.3%
European Bank for Reconstruction & Development, 7.200%, 06/08/16 (e)		1,500,000		160,666
Export-Import Bank of Korea, 6.600%, 11/04/13 (c), (e)		700,000		74,507
				235,173
Total Supranationals (Identified cost $253,971)				235,173

Description	Shares		Value
Short-Term Investment | 50.3%
State Street Institutional Treasury Money Market Fund (Identified cost $46,890,278)		46,890,278	$	46,890,278
Total Investments | 103.6% (Identified cost $99,092,831) (b)				96,604,545

Description	Number of Contracts		Value
Lazard Emerging Markets Debt Portfolio (continued)
Purchased Options | 0.1%
EUR vs USD October 11 1.42 Put, Expires 10/13/11		8,000	$	65,380
USD vs CNY November 11 6.361 Put, Expires 11/28/11		10,000		4,600
USD vs KRW October 11 1085 Put, Expires 10/07/11		6,000		120
USD vs KRW October 11 1085 Put, Expires 10/13/11		5,000		300
Total Purchased Options (Identified cost $56,217)				70,400
Total Investments and Purchased Options | 103.7% (Identified cost $99,149,048)			$	96,674,945
Liabilities in Excess of Cash and Other Assets | (3.7)%				(3,406,353	)
Net Assets | 100.0%			$	93,268,592

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at September 30, 2011:

Forward Currency Contracts		Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
	BRL	BRC	10/04/11	161,100	$	100,000	$	85,680	$	—	$	14,320
	BRL	BRC	10/04/11	831,600		450,000		442,282		—		7,718
	BRL	BRC	10/04/11	1,014,735		631,879		539,681		—		92,198
	BRL	HSB	10/04/11	273,020		170,000		145,204		—		24,796
	BRL	HSB	10/04/11	461,250		250,000		245,313		—		4,687
	BRL	HSB	10/04/11	894,250		500,000		475,602		—		24,398
	BRL	HSB	11/03/11	2,621,360		1,400,000		1,383,757		—		16,243
	EUR	JPM	10/17/11	800,000		1,110,800		1,071,696		—		39,104
	GHS	BRC	11/01/11	153,750		100,000		95,232		—		4,768
	IDR	BRC	10/04/11	12,740,000,000		1,400,000		1,449,374		49,374		—
	IDR	HSB	10/20/11	8,850,000,000		1,000,000		1,005,380		5,380		—
	IDR	HSB	10/26/11	9,480,000,000		1,000,000		1,076,369		76,369		—
	IDR	HSB	10/28/11	7,456,000,000		800,000		846,410		46,410		—
	INR	HSB	10/31/11	49,540,000		1,000,000		1,007,505		7,505		—
	KRW	JPM	10/20/11	554,500,000		500,000		470,239		—		29,761
	KRW	JPM	10/26/11	606,500,000		500,000		514,139		14,139		—
	MXN	JPM	10/12/11	4,774,986		343,534		344,034		500		—
	MYR	BRC	10/27/11	1,596,000		500,000		499,446		—		554
	MYR	HSB	10/27/11	1,597,500		500,000		499,915		—		85
	MYR	HSB	10/28/11	2,544,800		800,000		796,326		—		3,674
	NGN	CIT	11/01/11	15,450,000		100,000		95,955		—		4,045
	RUB	BRC	10/20/11	25,120,000		800,000		778,249		—		21,751
	RUB	JPM	10/26/11	54,672,000		1,700,000		1,692,262		—		7,738
	RUB	JPM	10/28/11	14,602,500		450,000		451,854		1,854		—
Total Forward Currency Purchase Contracts					$	16,106,213	$	16,011,904	$	201,531	$	295,840
Forward Currency Sale Contracts
	IDR	BRC	10/04/11	12,740,000,000	$	1,449,374	$	1,434,038	$	—	$	15,336
	NGN	CIT	11/01/11	15,450,000		95,955		98,565		2,610		—
Total Forward Currency Sale Contracts					$	1,545,329	$	1,532,603		2,610		15,336
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	204,141	$	311,176

Lazard Emerging Markets Debt Portfolio (concluded)

Written Options open at September 30, 2011:

Description	Number of Contracts		Strike Price		Expiration Date		Premium		Value
USD vs KRW October 11 Put		6,000		1,065.00		10/07/11	$	7,554	$	—
USD vs KRW October 11 Put		5,000		1,060.00		10/13/11		6,020		250
Total Written Options							$	13,574	$	250

Credit Default Swap Agreement opens at September 30, 2011:

Referenced Obligation	Counterparty	Notional Amount		Expiration Date		Receive (Pay) Rate			Value		Upfront Premiums Paid (Received)		Unrealized Depreciation
Markit CDX Emerging Markets Index	JPM		2,000,000		12/20/16		(5.00	)%	$	119,188	$	147,000	$	27,812

Description	Shares		Value
Lazard U.S. Realty Income Portfolio
Common Stocks | 6.6%
Real Estate | 6.6%
CBRE Group, Inc. (a)		10,000	$	134,600
Starwood Hotels & Resorts Worldwide, Inc.		3,400		131,988
Total Common Stocks (Identified cost $303,415)				266,588
Preferred Stocks | 41.3%
Real Estate | 41.3%
Ashford Hospitality Trust, Inc. Series A, 8.55%		8,345		201,866
Ashford Hospitality Trust, Inc. Series D, 8.45%		8,610		200,182
CBL & Associates Properties, Inc. Series C, 7.75%		2,000		48,380
Cedar Shopping Centers, Inc. Series A, 8.375%		8,530		201,734
Cogdell Spencer, Inc. Series A, 8.50%		7,700		180,950
Glimcher Realty Trust Series F, 8.75%		3,480		85,364
Glimcher Realty Trust Series G, 8.125%		3,630		85,668
Hersha Hospitality Trust Series A, 8.50%		5,503		126,349
Kite Realty Group Trust Series A, 8.25%		6,700		150,750
NorthStar Realty Finance Corp. Series A, 8.75%		10,600		217,512
Sunstone Hotel Investors, Inc. Series A, 8.00% (a)		7,997		181,852
Total Preferred Stocks (Identified cost $1,734,333)				1,680,607
Real Estate Investment Trusts | 39.3%
Agree Realty Corp.		4,000		87,120
Apollo Commercial Real Estate Finance, Inc.		12,700		167,259
Brandywine Realty Trust		4,700		37,647

Description	Shares		Value
Colony Financial, Inc.		14,400	$	186,048
CommonWealth REIT		10,990		208,480
Corporate Office Properties Trust		3,500		76,230
Dynex Capital, Inc.		20,700		166,842
Entertainment Properties Trust		1,000		38,980
Hersha Hospitality Trust		59,600		206,216
Ramco-Gershenson Properties Trust		9,300		76,260
Starwood Property Trust, Inc.		10,090		173,145
Whitestone REIT		15,800		176,012
Total Real Estate Investment Trusts (Identified cost $1,907,021)				1,600,239
Total Investments | 87.2% (Identified cost $3,944,769) (b)				3,547,434
Description	Number of Contracts		Value
Purchased Option | 1.0%
Call - iShares Dow Jones U.S. Real Estate Investment Trust, Expires 03/17/12 (Identified cost $51,120)		120	$	39,600
Total Investments and Purchased Option | 88.2% (Identified cost $3,995,889)			$	3,587,034
Cash and Other Assets in Excess of Liabilities | 11.8%				480,347
Net Assets | 100.0%			$	4,067,381

Description	Shares		Value
Lazard U.S. Realty Equity Portfolio
Common Stocks | 12.8%
Real Estate | 12.8%
CBRE Group, Inc. (a)		6,870	$	92,470
Jones Lang LaSalle, Inc.		900		46,629
Marriott International, Inc.		3,060		83,354
Starwood Hotels & Resorts Worldwide, Inc.		2,420		93,945
Total Common Stocks (Identified cost $416,846)				316,398
Real Estate Investment Trusts | 84.9%
Apartment Investment & Management Co.		4,790		105,955
Ashford Hospitality Trust, Inc.		2,460		17,269
AvalonBay Communities, Inc.		640		72,992
Camden Property Trust		990		54,707
Cogdell Spencer, Inc.		18,620		70,197
Colony Financial, Inc.		2,660		34,367
CubeSmart		7,580		64,657
DDR Corp.		7,550		82,295
Digital Realty Trust, Inc.		770		42,473
Douglas Emmett, Inc.		4,100		70,110
DuPont Fabros Technology, Inc.		2,010		39,577
Equity Residential		2,130		110,483
Essex Property Trust, Inc.		740		88,830
First Industrial Realty Trust, Inc. (a)		9,410		75,280
General Growth Properties, Inc.		12,471		150,899
Glimcher Realty Trust		7,240		51,259
Hersha Hospitality Trust		27,420		94,873
MPG Office Trust, Inc. (a)		21,250		44,838
Prologis, Inc.		3,590		87,058
PS Business Parks, Inc.		540		26,752
Public Storage		1,410		157,003
Simon Property Group, Inc.		2,623		288,478
SL Green Realty Corp.		480		27,912
Sunstone Hotel Investors, Inc. (a)		12,530		71,296
Description	Shares		Value
Ventas, Inc.		1,320	$	65,208
Vornado Realty Trust		1,505		112,303
Total Real Estate Investment Trusts (Identified cost $2,335,549)				2,107,071
Total Investments | 97.7% (Identified cost $2,752,395) (b)				2,423,469
Description	Number of Contracts		Value
Purchased Option | 0.2%
Call - iShares Dow Jones U.S. Real Estate Investment Trust, Expires 01/21/12 (Identified cost $9,520)		20	$	5,800
Total Investments and Purchased Option | 97.9% (Identified cost $2,761,915)			$	2,429,269
Cash and Other Assets in Excess of Liabilities | 2.1%				51,619
Net Assets | 100.0%			$	2,480,888

Description	Shares		Value
Lazard International Realty Equity Portfolio
Common Stocks | 79.1%
Australia | 2.0%
Lend Lease Group		3,700	$	24,790
Brazil | 7.1%
Aliansce Shopping Centers SA		3,900		26,093
BR Properties SA		1,400		12,718
Cyrela Commercial Properties SA Empreendimentos e Participacoes		1,000		8,456
Gafisa SA		5,800		16,565
Multiplan Empreendimentos Imobiliarios SA		700		12,974
PDG Realty SA Empreendimentos e Participacoes		3,200		10,433
				87,239
Canada | 5.0%
Brookfield Office Properties, Inc.		2,700		37,335
Genesis Land & Development Corp. (a)		4,200		12,906
Melcor Developments, Ltd.		1,050		11,272
				61,513
China | 3.9%
Renhe Commercial Holdings Co., Ltd.		172,000		17,644
Shimao Property Holdings, Ltd.		15,500		11,278
Shui On Land, Ltd.		78,000		18,563
				47,485
Guernsey | 1.8%
Raven Russia, Ltd.		26,301		22,304
Hong Kong | 18.2%
Cheung Kong Holdings, Ltd.		5,000		53,526
Great Eagle Holdings, Ltd.		13,373		28,315
Hang Lung Properties, Ltd.		4,000		11,825
Shun Tak Holdings, Ltd.		68,000		24,045
Description	Shares		Value
Soho China, Ltd.		25,000	$	15,534
Sun Hung Kai Properties, Ltd.		7,000		79,310
The Wharf Holdings, Ltd.		2,000		9,747
				222,302
Japan | 23.1%
Daito Trust Construction Co., Ltd.		400		36,678
Mitsubishi Estate Co., Ltd.		7,000		113,289
Mitsui Fudosan Co., Ltd.		6,000		94,963
Sumitomo Realty & Development Co., Ltd.		2,000		38,432
				283,362
Luxembourg | 3.6%
GAGFAH SA		7,200		43,777
Norway | 3.1%
Norwegian Property ASA		28,600		38,114
Singapore | 7.6%
CapitaLand, Ltd.		23,000		42,876
Singapore Land, Ltd.		6,000		26,558
Wing Tai Holdings, Ltd.		25,000		23,103
				92,537
United Kingdom | 0.9%
Unite Group PLC		4,400		11,297
United States | 2.8%
Marriott International, Inc.		550		14,982
Starwood Hotels & Resorts Worldwide, Inc.		500		19,410
				34,392
Total Common Stocks (Identified cost $1,220,020)				969,112
Real Estate Investment Trusts | 19.5%
Australia | 6.1%
Dexus Property Group		27,000		21,297
Westfield Group		4,800		35,538

Description	Shares		Value
Lazard International Realty Equity Portfolio (concluded)
Westfield Retail Trust		7,700	$	17,862
				74,697
Canada | 1.1%
Boardwalk Real Estate Investment Trust		300		13,793
France | 3.9%
Unibail-Rodamco SE		265		47,229
Japan | 3.0%
Japan Hotel and Resort, Inc.		17		36,342
Netherlands | 1.1%
Eurocommercial Properties NV		360		13,820
Singapore | 2.6%
CDL Hospitality Trusts		28,000		32,170
United Kingdom | 1.7%
British Land Co. PLC		2,900		21,416
Total Real Estate Investment Trusts (Identified cost $252,335)				239,467
Total Investments | 98.6% (Identified cost $1,472,355) (b)			$	1,208,579
Cash and Other Assets in Excess of Liabilities | 1.4%				17,691
Net Assets | 100.0%			$	1,226,270

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds | 93.8%
Aerospace & Defense | 1.4%
BE Aerospace, Inc., 8.500%, 07/01/18	$	525	$	561,750
Huntington Ingalls Industries, Inc., 6.875%, 03/15/18 (c)		1,500		1,395,000
				1,956,750
Apparel & Textiles | 1.8%
Jones Group, 6.875%, 03/15/19		1,500		1,357,500
Levi Strauss & Co., 7.625%, 05/15/20		1,300		1,209,000
				2,566,500
Automotive | 4.1%
ArvinMeritor, Inc., 8.125%, 09/15/15		215		190,275
Dana Holding Corp., 6.500%, 02/15/19		1,500		1,425,000
GMAC LLC, 6.750%, 12/01/14		165		157,781
Navistar International Corp., 8.250%, 11/01/21		825		846,656
Pinafore LLC, 9.000%, 10/01/18 (c)		1,305		1,337,625
The Goodyear Tire & Rubber Co., 10.500%, 05/15/16		618		668,985
TRW Automotive, Inc., 8.875%, 12/01/17 (c)		1,000		1,065,000
				5,691,322
Building & Materials | 4.2%
Legrand France SA, 8.500%, 02/15/25		925		1,142,343
Masco Corp., 6.125%, 10/03/16		1,500		1,462,774
Owens Corning, Inc., 9.000%, 06/15/19		725		855,997
Description	Principal Amount (000)		Value
USG Corp.:
9.750%, 08/01/14 (c)	$	450	$	427,500
9.750%, 01/15/18		675		542,531
Vulcan Materials Co., 6.500%, 12/01/16		1,600		1,474,826
				5,905,971
Cable Television | 4.9%
Cablevision Systems Corp., 7.750%, 04/15/18		1,000		1,010,000
Cequel Communications Holdings I, LLC, 8.625%, 11/15/17 (c)		1,550		1,534,500
EchoStar DBS Corp., 7.125%, 02/01/16		775		784,687
Insight Communications Co., Inc., 9.375%, 07/15/18 (c)		1,100		1,232,000
Mediacom Broadband LLC, 8.500%, 10/15/15		875		870,625
Mediacom LLC, 9.125%, 08/15/19		175		174,125
Unitymedia Hessen GmbH & Co. KG, 8.125%, 12/01/17 (c)		1,325		1,325,000
				6,930,937
Chemicals | 1.3%
Lyondell Chemical Co., 8.000%, 11/01/17 (c)		808		870,620
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		981,886
				1,852,506
Computer Services | 2.3%
First Data Corp., 8.875%, 08/15/20 (c)		850		799,000
iGATE Corp., 9.000%, 05/01/16 (c)		1,200		1,116,000
SunGard Data Systems, Inc.:
10.250%, 08/15/15		564		569,640
7.375%, 11/15/18		750		697,500
				3,182,140

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Diversified | 1.6%
Amsted Industries, Inc., 8.125%, 03/15/18 (c)	$	1,100	$	1,138,500
General Cable Corp., 7.125%, 04/01/17		489		489,000
SPX Corp., 7.625%, 12/15/14		535		572,450
				2,199,950
Electric Generation | 2.9%
Calpine Corp., 7.875%, 07/31/20 (c)		1,150		1,109,750
Edison Mission Energy, 7.750%, 06/15/16		1,175		787,250
GenOn Energy, Inc.:
9.500%, 10/15/18		650		611,000
9.875%, 10/15/20		475		444,125
NRG Energy, Inc.:
7.375%, 01/15/17		600		618,750
8.250%, 09/01/20		525		496,125
				4,067,000
Electronics | 1.5%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		75		76,125
9.250%, 04/15/18 (c)		900		924,750
MEMC Electronic Materials, Inc., 7.750%, 04/01/19		1,250		1,068,750
				2,069,625
Energy Exploration & Production | 1.1%
ATP Oil & Gas Corp., 11.875%, 05/01/15		1,225		852,906
Denbury Resources, Inc., 9.750%, 03/01/16		590		637,200
				1,490,106
Description	Principal Amount (000)		Value
Energy Services | 4.4%
Citgo Petroleum Corp., 11.500%, 07/01/17 (c)	$	1,250	$	1,412,500
Compagnie Generale de Geophysique-Veritas, 7.750%, 05/15/17		815		802,775
Expro Finance Luxembourg SCA, 8.500%, 12/15/16 (c)		700		609,000
Frac Tech Services LLC, 7.125%, 11/15/18 (c)		1,000		1,015,000
Offshore Group Investments, Ltd.:
11.500%, 08/01/15		825		849,750
11.500%, 08/01/15 (c)		175		182,957
Tesoro Corp., 6.500%, 06/01/17		1,300		1,293,500
				6,165,482
Financial Services | 2.2%
Finance One PLC, 0.000%, 01/03/12 (a), (h)		20,000		0
Icahn Enterprises LP:
7.750%, 01/15/16		500		499,375
8.000%, 01/15/18		1,100		1,095,875
International Lease Finance Corp.:
8.625%, 09/15/15		500		496,250
5.750%, 05/15/16		500		444,407
8.750%, 03/15/17		500		502,500
Morgan Guarantee Trust, 0.000%, 07/31/14 (a), (h)		10,569		0
				3,038,407
Food & Beverages | 2.0%
Blue Merger Sub Inc., 7.625%, 02/15/19 (c)		1,500		1,267,500
Constellation Brands, Inc., 7.250%, 05/15/17		700		735,000
Dean Foods Co., 7.000%, 06/01/16		800		754,000
				2,756,500

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Forest & Paper Products | 1.4%
ABI Escrow Corp., 10.250%, 10/15/18 (c)	$	790	$	825,550
Georgia-Pacific Corp., 9.500%, 12/01/11		500		505,586
Smurfit Kappa Treasury Funding, Ltd. 7.500%, 11/20/25		750		682,500
				2,013,636
Gaming | 5.0%
Marina District Finance Co., Inc.:
9.500%, 10/15/15		500		451,250
9.875%, 08/15/18		500		417,500
MGM Resorts International, 10.375%, 05/15/14		900		982,125
Peninsula Gaming LLC:
8.375%, 08/15/15		625		621,875
10.750%, 08/15/17		225		217,125
Penn National Gaming, Inc., 8.750%, 08/15/19		825		874,500
Pinnacle Entertainment, Inc., 8.625%, 08/01/17		800		806,000
Scientific Games Corp., 8.125%, 09/15/18		350		343,875
Scientific Games International, Inc.:
7.875%, 06/15/16 (c)		525		526,312
9.250%, 06/15/19		250		251,875
Wynn Las Vegas LLC:
7.875%, 11/01/17		500		523,750
7.750%, 08/15/20		1,000		1,050,000
				7,066,187
Gas Distribution | 4.6%
Copano Energy LLC, 7.750%, 06/01/18		1,200		1,227,000
El Paso Corp., 7.000%, 06/15/17		650		728,109
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,284,375
Description	Principal Amount (000)		Value
Ferrellgas Partners LP,
8.625%, 06/15/20	$	520	$	504,400
6.500%, 05/01/21		500		425,000
Inergy LP, 7.000%, 10/01/18		1,575		1,480,500
Niska Gas Storage Partners LLC, 8.875%, 03/15/18		750		742,500
				6,391,884
Health Services | 5.5%
Apria Healthcare Group, Inc., 11.250%, 11/01/14		550		528,000
Biomet, Inc., 10.000%, 10/15/17		925		952,750
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (c)		525		580,125
Giant Funding Corp., 8.250%, 02/01/18 (c)		1,525		1,525,000
Health Management Associates, Inc., 6.125%, 04/15/16		1,000		982,500
Lantheus Medical Imaging, Inc., 9.750%, 05/15/17		375		346,875
Service Corp. International, 6.750%, 04/01/16		750		768,750
Tenet Healthcare Corp., 8.875%, 07/01/19		1,000		1,057,500
Vanguard Health Holding Co. LLC, 8.000%, 02/01/18		1,000		917,500
				7,659,000
Leisure & Entertainment | 2.2%
AMC Entertainment, Inc.:
8.000%, 03/01/14		497		479,605
8.750%, 06/01/19		200		196,500
Cedar Fair LP, 9.125%, 08/01/18		225		232,312

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Live Nation Entertainment, Inc., 8.125%, 05/15/18 (c)	$	135	$	129,600
Royal Caribbean Cruises, Ltd., 7.250%, 06/15/16		330		334,125
Speedway Motorsports, Inc., 8.750%, 06/01/16		826		861,105
Ticketmaster Entertainment LLC, 10.750%, 08/01/16		850		892,500
				3,125,747
Machinery | 1.2%
Case New Holland, Inc., 7.750%, 09/01/13		200		208,500
Terex Corp., 10.875%, 06/01/16		550		583,000
The Manitowoc Co., Inc., 8.500%, 11/01/20		1,000		905,000
				1,696,500
Media | 3.5%
Clear Channel Worldwide Holdings, Inc., 9.250%, 12/15/17		1,475		1,508,187
Lamar Media Corp., 7.875%, 04/15/18		1,000		1,000,000
LIN Television Corp., 8.375%, 04/15/18		1,400		1,414,000
WMG Acquisition Corp., 9.500%, 06/15/16		945		956,813
				4,879,000
Metals & Mining | 1.5%
Aleris International, Inc., 7.625%, 02/15/18 (c)		1,175		1,054,563
FMG Resources (August 2006) Property, Ltd., 7.000%, 11/01/15 (c)		1,050		976,500
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17		100		107,250
				2,138,313
Description	Principal Amount (000)		Value
Packaging | 1.1%
Reynolds Group Issuer, Inc., 8.750%, 10/15/16 (c)	$	1,500	$	1,503,750
Pharmaceutical & Biotechnology | 2.8%
Mylan, Inc.:
7.625%, 07/15/17 (c)		400		416,000
7.875%, 07/15/20 (c)		650		679,250
Valeant Pharmaceuticals International, Inc., 6.500%, 07/15/16 (c)		1,500		1,395,000
Warner Chilcott PLC, 7.750%, 09/15/18		1,575		1,504,125
				3,994,375
Printing & Publishing | 3.4%
Deluxe Corp., 7.375%, 06/01/15		1,005		994,950
Gannett Co., Inc., 7.125%, 09/01/18		1,676		1,585,915
RR Donnelley & Sons Co., 7.250%, 05/15/18		1,600		1,446,000
The McClatchy Co., 11.500%, 02/15/17		900		780,750
				4,807,615
Real Estate | 3.3%
CB Richard Ellis Services, Inc., 11.625%, 06/15/17		975		1,099,313
CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		1,600		1,376,000
DuPont Fabros Technology LP, 8.500%, 12/15/17		1,000		1,035,000
Forest City Enterprises, Inc., 7.625%, 06/01/15		475		456,000
Ventas Realty LP, 6.500%, 06/01/16		650		668,959
				4,635,272

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Restaurants | 1.4%
Landry’s Restaurants, Inc., 11.625%, 12/01/15	$	1,075	$	1,080,375
Wendy’s/Arby’s Restaurants LLC, 10.000%, 07/15/16		825		868,313
				1,948,688
Retail | 4.0%
Ingles Markets, Inc., 8.875%, 05/15/17		1,238		1,296,805
QVC, Inc., 7.500%, 10/01/19 (c)		1,000		1,065,000
Saks, Inc., 9.875%, 10/01/11		585		585,000
Sears Holdings Corp., 6.625%, 10/15/18		1,525		1,258,125
SuperValu, Inc., 8.000%, 05/01/16		1,450		1,370,250
				5,575,180
Steel-Producers | 1.4%
AK Steel Corp., 7.625%, 05/15/20		1,400		1,226,750
Steel Dynamics, Inc., 7.750%, 04/15/16		264		260,040
United States Steel Corp., 6.050%, 06/01/17		475		432,250
				1,919,040
Support Services | 5.1%
Avis Budget Car Rental LLC:
7.625%, 05/15/14		341		339,295
7.750%, 05/15/16		410		395,650
Expedia, Inc., 8.500%, 07/01/16		375		410,625
Hertz Corp.:
8.875%, 01/01/14		60		60,000
7.500%, 10/15/18		1,000		955,000
Iron Mountain, Inc., 8.000%, 06/15/20		1,600		1,608,000
Description	Principal Amount (000)		Value
The GEO Group, Inc., 7.750%, 10/15/17	$	1,375	$	1,419,687
United Rentals North America, Inc., 9.250%, 12/15/19		1,000		1,037,500
West Corp., 11.000%, 10/15/16		850		875,500
				7,101,257
Technology Hardware | 0.8%
Seagate HDD Cayman, 7.750%, 12/15/18 (c)		1,175		1,151,500
Telecommunications | 7.7%
Cincinnati Bell, Inc., 8.250%, 10/15/17		850		824,500
Cricket Communications, Inc., 7.750%, 05/15/16		750		752,813
Equinix, Inc., 8.125%, 03/01/18		1,182		1,244,055
Frontier Communications Corp., 8.125%, 10/01/18		1,400		1,372,000
GCI, Inc., 8.625%, 11/15/19		1,000		1,042,500
Intelsat Jackson Holdings, Ltd.:
11.250%, 06/15/16		350		357,000
7.250%, 04/01/19 (c)		1,300		1,205,750
Level 3 Financing, Inc., 9.250%, 11/01/14		420		414,750
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,268,500
Wind Acquisition Finance SA, 11.750%, 07/15/17 (c)		800		680,000
Windstream Corp., 8.125%, 09/01/18		1,575		1,586,812
				10,748,680

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Transportation | 2.2%
Hapag-Lloyd AG, 9.750%, 10/15/17 (c)	$	1,000	$	690,000
Kansas City Southern Railway, Co., 13.000%, 12/15/13		325		372,125
Overseas Shipholding Group, Inc., 8.125%, 03/30/18		1,300		1,079,000
Teekay Corp., 8.500%, 01/15/20		1,000		957,500
				3,098,625
Total Corporate Bonds (Identified cost $135,960,066)				131,327,445
Description	Shares		Value
Short-Term Investment | 3.9%
State Street Institutional Treasury Money Market Fund (Identified cost $5,485,069)		5,485,069	$	5,485,069
Total Investments | 97.7% (Identified cost $141,445,135) (b)			$	136,812,514
Cash and Other Assets in Excess of Liabilities | 2.3%				3,190,917
Net Assets | 100.0%			$	140,003,431

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio
Municipal Bonds | 98.5%
California | 4.4%
California State, 5.000%, 03/01/18	$	250	$	287,255
California State Department of Water Resources Revenue Water System Series Y Pre-refunded, 5.250%, 12/01/12 (Escrowed to Maturity) (j)		5		5,289
Los Angeles California Unified School District Election of 1997 Series E, 5.125%, 07/01/21 (Pre-Refunded to 07/01/12 @ $100) (j)		50		51,802
Tulare California Joint Union High School District Election of 2004 Series A, 5.000%, 08/01/13		50		52,910
University of California Revenue Series C, 4.750%, 05/15/14 (Pre-Refunded to 05/15/13 @ $101) (j)		50		54,113
Val Verde California Unified School District School Construction, 5.000%, 01/01/22 (Pre-Refunded to 01/01/15 @ $100) (j)		50		56,942
				508,311
Colorado | 0.5%
Denver Colorado City & County Airport Revenue Series B, 5.500%, 11/15/33 (Pre-Refunded to 11/15/13 @ $100) (j)		50		55,434
Connecticut | 3.6%
Connecticut State:
Series C, 5.000%, 06/01/14		25		27,900
Series D, 5.000%, 12/01/13		25		27,426
Connecticut State Clean Water Funding Revenue, 5.050%, 10/01/21 (Pre-Refunded to 10/01/11 @ $100) (j)		25		25,000

Description	Principal Amount (000)		Value
Connecticut State Health & Educational Facility Authority Revenue Connecticut State University System Series E, 5.000%, 11/01/15 (Pre-Refunded to 11/01/12 @ $100) (j)	$	50	$	52,519
Connecticut State Refunded Revolving Funding Series B, 5.000%, 10/01/13		25		27,266
Connecticut State Special Tax Obligation Revenue 2nd Lien Transportation Information Series 1, 5.000%, 02/01/15		50		56,853
Glastonbury Connecticut, 5.000%, 08/01/14		25		28,133
Greenwich Connecticut, 5.000%, 06/01/17		50		60,025
Hartford County Connecticut Metropolitan District, 5.000%, 05/01/13		25		26,813
Stamford Connecticut, 5.000%, 08/15/18 (Pre-Refunded to 08/15/12 @ $100) (j)		25		26,034
University of Connecticut Series A:
5.375%, 04/01/14 (Pre-Refunded to 04/01/12 @ $100) (j)		25		25,633
5.000%, 02/15/15		25		28,547
				412,149
Florida | 4.7%
Collier County Florida Industrial Development Authority Health Care Facilities Revenue NCH Healthcare System Project, 3.000%, 10/01/12		500		508,075
JEA Florida Electric Systems Revenue Series G, 5.000%, 10/01/19		25		28,951
				537,026
Georgia | 2.6%
Georgia State Series I, 5.000%, 07/01/18		200		244,272

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Georgia State Road & Tollway Authority Revenue Federal Highway Grant Anticipation Bonds Series A, 5.000%, 06/01/19	$	50	$	61,393
				305,665
Illinois | 8.1%
Illinois State, 5.375%, 07/01/18		75		76,672
Illinois State Toll Highway Authority Revenue Senior Priority Series A, 5.000%, 01/01/16		400		449,156
Will County Illinois Community Unit School District No. 209-U Wilmington, 9.000%, 01/01/24		320		408,038
				933,866
Indiana | 2.1%
Brownsburg Indiana 1999 School Building Corp. Refunded & Improvement, 5.375%, 02/01/23 (Pre-Refunded to 02/01/12 @ $100) (j)		50		50,835
Decatur Township Marion County Multi- School Building Corp., 5.000%, 07/15/17 (Pre-Refunded to 07/15/13 @ $100) (j)		100		108,271
Indianapolis Indiana Local Public Improvement Board Series A-1, 5.000%, 01/15/20		25		29,360
Purdue University Indiana University Revenue Student Fee Series U, 5.000%, 07/01/15		50		57,619
				246,085
Maryland | 5.5%
Baltimore County Maryland Construction Public Improvement, 5.000%, 02/01/12		50		50,779
Carroll County Maryland, 5.000%, 11/01/17		100		121,340
Maryland State & Local Facilities Loan Series C, 5.000%, 03/01/16		350		410,683

Description	Principal Amount (000)		Value
Maryland State Department of Transportation, 5.000%, 03/01/15	$	50	$	57,204
				640,006
Massachusetts | 11.4%
Lowell Massachusetts, 5.000%, 10/15/15		300		321,828
Massachusetts Bay Transportation Authority Revenue Assessment Series A, 5.000%, 07/01/21		300		334,785
Massachusetts State:
Series A, 5.000%, 09/01/14		150		168,703
Series E,
5.000%, 11/01/24 (Pre-Refunded to 11/01/16 @ $100) (j)		50		59,758
Southampton Massachusetts, 5.500%, 05/01/12		435		436,514
				1,321,588
Michigan | 2.2%
Michigan State Building Authority Revenue Facilities Program Series I, 5.500%, 10/15/15 (Pre-Refunded to 10/15/11 @ $100) (j)		250		250,373
Minnesota | 4.1%
Minnesota State, 5.000%, 11/01/16		400		476,100
Missouri | 0.2%
St. Louis Missouri Parking Facilities Revenue Downtown Parking Facilities Series A, 6.000%, 02/01/28 (Pre-Refunded to 02/01/12 @ $100) (j)		25		25,459
New Jersey | 8.4%
Berkeley Township New Jersey Board of Education, 4.500%, 10/01/19		50		59,634

Description	Principal Amount (000)			Value
Lazard U.S. Municipal Portfolio (continued)
Burlington County New Jersey Bridge Commission Pooled Loan Revenue County Guarenteed Governmental Loan Program, 5.000%, 08/15/15	$	25	$	28,635
Essex County New Jersey Improvement Authority:
Guarenteed Lease County Correctional Series A, 5.000%, 10/01/28 (Pre-Refunded to 10/01/13 @ $100) (j)		50		54,625
Project Revenue Series 2006, 5.250%, 12/15/19		25		29,177
Jackson Township New Jersey School District, 5.000%, 06/15/14		25		27,638
Middlesex County New Jersey, 5.000%, 01/15/14		50		54,837
New Jersey Economic Development Authority Revenue School Facilities Construction Series C, 5.000%, 06/15/18 (Pre-Refunded to 06/15/12 @ $100) (j)		25		25,825
New Jersey Environmental Infrastructure Trust:
Series A, 5.000%, 09/01/17		25		30,289
Series C, 5.000%, 09/01/14		25		27,979
New Jersey State, 5.000%, 08/01/22 (Pre-Refunded to 08/01/12 @ $100) (j)		50		51,954
New Jersey State Educational Facilities Authority Revenue:
Princeton University Series E, 5.000%, 07/01/20 (Pre-Refunded to 07/01/13 @ $100) (j)		50		54,091
Rowan University Series C, 5.125%, 07/01/28 (Pre-Refunded to 07/01/14 @ $100) (j)		50		56,297

Description		Principal Amount (000)		Value
New Jersey State Transportation Trust Funding Authority Transportation System:
Series A, 5.625%, 06/15/14 (Escrowed to Maturity) (j)	$	75	$	85,296
Series C, 5.250%, 06/15/14 (Escrowed to Maturity) (j)		50		56,362
5.500%, 06/15/24 (Pre-Refunded to 06/15/13 @ $100) (j)		50		54,364
Series D,
5.000%, 06/15/16 (Pre-Refunded to 06/15/15 @ $100) (j)		25		28,944
New Jersey State Turnpike Authority Revenue Series A:
Pre-refunded, 6.000%, 01/01/14 (Escrowed to Maturity) (j)		50		56,162
Refunded, 6.000%, 01/01/14 (Escrowed to Maturity) (j)		50		56,162
Newark New Jersey Housing Authority/Port Authority Newark Marine Terminal, 5.000%, 01/01/37 (Pre-Refunded to 01/01/14 @ $100) (j)		25		27,525
Tobacco Settlement Financing Corp. New Jersey:
5.000%, 06/01/13 (Escrowed to Maturity) (j)		25		26,926
6.250%, 06/01/43 (Pre-Refunded to 06/01/13 @ $100) (j)		50		54,883
Watchung Hills New Jersey Regional High School District, 4.250%, 01/15/13		25		26,252
				973,857
New Mexico | 2.1%
New Mexico Finance Authority State Transportation Revenue Sub Lien Series A-2, 5.000%, 12/15/17		200		239,684
New York | 10.8%
Long Island Power Authority New York Electric Systems Revenue Series A, 5.000%, 04/01/15		25		28,100

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Metropolitan Transportation Authority New York:
Dedicated Tax Funding:
Series A, 5.000%, 11/15/13	$	75	$	81,415
4.750%, 04/01/28 (Pre-Refunded to 10/01/15 @ $100) (j)		50		58,123
Series F, 5.000%, 11/15/13		80		86,843
New York City New York Series A, 5.000%, 08/01/14		25		28,021
New York State Dormitory Authority Revenue:
Columbia University Series B, 5.000%, 07/01/16		145		172,147
Insured Student Housing Corp., 5.000%, 07/01/23 (Pre-Refunded to     07/01/14 @ $100) (j)		50		56,200
Lease Revenue State University     Dormitory Facilities MBIA-IBC, 5.000%, 07/01/32 (Pre-Refunded to     07/01/12 @ $100) (j)		50		51,756
State Personal Income Tax     Revenue Education Series A, 5.000%, 03/15/17		100		115,272
New York State Environmental Facilities Corp. State Income Tax Revenue Series A, 5.000%, 12/15/14		25		28,407
New York State Local Government Assistance Corp. Series C, 5.000%, 04/01/16		50		58,446
New York State Thruway Authority Highway & Bridge Trust Fund:
Series A, 5.000%, 04/01/15		135		154,470
Series B, 5.000%, 04/01/16		50		57,738
New York State Urban Development Corp. Revenue State Income Tax Series B-1, 5.000%, 03/15/12		25		25,530

Description	Principal Amount (000)		Value
Onondaga County New York Public Improvement Series C, 5.000%, 05/01/12	$	25	$	25,683
Triborough Bridge & Tunnel Authority New York Revenue General Purpose Series A, 5.000%, 01/01/32 (Pre-Refunded to 01/01/12 @ $100) (j)		50		50,574
TSASC Inc. New York Tobacco Settlement Asset-Backed Series 1, 5.750%, 07/15/32 (Pre-Refunded to 07/15/12 @ $100) (j)		50		52,119
Valley Stream New York Central High School District, 5.000%, 02/15/14		50		54,594
West Islip New York Union Free School District, 5.000%, 10/01/15		50		57,231
				1,242,669
North Carolina | 2.3%
North Carolina State Series C, 5.000%, 05/01/21		25		30,988
Wake County North Carolina Public Improvement, 5.000%, 04/01/17		200		239,784
				270,772
Pennsylvania | 4.8%
Pennsylvania State Higher Educational Facilties Authority Revenue Temple University, 5.000%, 04/01/15		400		447,268
Pennsylvania State Public School Building Authority School Revenue Lease Philadelphia School District Project, 5.000%, 06/01/33 (Pre-Refunded to 06/01/13 @ $100) (j)		100		107,704
				554,972

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (concluded)
Tennessee | 3.3%
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Vanderbilt University Series B, 5.000%, 10/01/18	$	315	$	378,854
Texas | 6.9%
Dallas Texas Refunded & Improvement Series A, 5.000%, 02/15/20		325		393,867
Decatur Texas Independent School District School Building, 5.250%, 08/15/25		100		112,469
Plano Texas Independent School District School Building:
5.000%, 02/15/14 (Pre-Refunded to 02/15/13 @ $100) (j)		20		21,290
Unrefunded, 5.000%, 02/15/14		30		31,787
Texas State Transportation Commission Revenue, 5.000%, 04/01/20		200		233,296
				792,709
Utah | 0.9%
Clearfield Utah Sales Tax Revenue, 5.000%, 07/01/20 (Pre-Refunded to 07/01/13 @ $100) (j)		100		108,090
Washington | 7.2%
Energy Northwest Washington Electric Revenue Project No.3 Series A, 5.500%, 07/01/17		350		377,583
Washington State Series R-A, 5.000%, 01/01/15		400		454,292
				831,875

Description	Principal Amount (000)		Value
Wisconsin | 2.4%
Wisconsin State Health & Educational Facilities Authority Revenue Gundersen Lutheran Series A, 5.000%, 10/15/17	$	250	$	278,403
Total Municipal Bonds
(Identified cost $11,118,103)				11,383,947

Description	Shares		Value
Short-Term Investment | 0.3%
State Street Institutional Treasury Money Market Fund (Identified cost $36,341)		36,341	$	36,341
Total Investments | 98.8%
(Identified cost $11,154,444) (b)			$	11,420,288
Cash and Other Assets in Excess of Liabilities | 1.2%				141,641
Net Assets | 100.0%			$	11,561,929

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 78.4%
Consumer Discretionary Select Sector SPDR Fund		193,400	$	6,753,528
Consumer Staples Select Sector SPDR Fund		383,200		11,381,040
Energy Select Sector SPDR Fund		94,800		5,554,332
Health Care Select Sector SPDR Fund		408,000		12,941,760
Industrial Select Sector SPDR Fund		168,200		4,913,122
iShares FTSE China 25 Index Fund		198,200		6,110,506
iShares MSCI Japan Index Fund		1,477,000		13,972,420
iShares MSCI Taiwan Index Fund		139,100		1,642,771
Market Vectors Agribusiness ETF		72,600		3,138,498
Materials Select Sector SPDR Fund		148,000		4,339,360
SPDR Barclays Capital High Yield Bond ETF		921,400		33,345,466
SPDR Gold Trust (a)		53,250		8,417,760
SPDR Russell/Nomura Small Cap Japan ETF		273,000		11,744,460
Vanguard Information Technology Index ETF		195,900		11,125,161
Vanguard Short-Term Corporate Bond ETF		317,700		24,663,051
Vanguard Utilities ETF		158,900		11,354,994
Total Exchange-Traded Funds (Identified cost $184,617,401)				171,398,229
Closed-End Management Investment Companies | 4.1%
China Fund, Inc.		199,500		4,588,500
Tri-Continental Corp.		344,500		4,382,040
Total Closed-End Management Investment Companies (Identified cost $10,723,129)				8,970,540
Short-Term Investment | 14.4%
State Street Institutional Treasury Money Market Fund (Identified cost $31,467,412)		31,467,412		31,467,412
Total Investments | 96.9% (Identified cost $226,807,942) (b)				211,836,181

Description	Number of Contracts		Value
Purchased Option | 0.1%
Put - iShares Barclays 20+ Year Treasury Bond Fund, Expires 01/21/12 (Identified cost $4,317,455)		7,084	$	191,268
Total Investments and Purchased
Option | 97.0% (Identified cost $231,125,397)			$	212,027,449
Cash and Other Assets in Excess of Liabilities | 3.0%				6,529,710
Net Assets | 100.0%			$	218,557,159

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Contracts open at September 30, 2011:

Forward Currency Sale Contract	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
JPY	SSB	12/06/11		1,279,680,600	$	16,606,027	$	16,692,067	$	86,040

Written Options open at September 30, 2011:

Description	Number of Contracts	Strike Price	Expiration Date	Premium		Value
SPDR Gold Shares Call	400	190.00	10/22/11	$	58,299	$	5,600
SPDR Gold Shares Put	400	150.00	10/22/11		21,100		89,200
Total Written Options				$	79,399	$	94,800

Total Return Swap Agreements open at September 30, 2011:

Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive		Net Unrealized Appreciation/ Depreciation
USD	GSC	(9,130,925)	07/06/12	1 Month USD LIBOR plus 0.40%	Appreciation, and dividends paid, on securities in the Equity Basket	$	(672,125)
USD	GSC	(9,687,808)	06/13/12	1 Month USD LIBOR plus 0.40%	Appreciation, and dividends paid, on securities in the Equity Basket		(776,048)
USD	GSC	4,524,940	07/09/12	Appreciation, and dividends paid, on securities in the Equity Basket	1 Month USD LIBOR minus 1.25%		145,740
USD	GSC	4,154,080	07/23/12	Appreciation, and dividends paid, on securities in the Equity Basket	1 Month USD LIBOR plus 0.40%		(225,120)
USD	GSC	(5,107,537)	07/30/12	1 Month USD LIBOR plus 0.40%	Appreciation, and dividends paid, on securities in the Equity Basket		(318,237)
Total net unrealized depreciation on Total Return Swap Agreements						$	(1,845,790)

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Equity Value Portfolio	$	11,950,799	$	394,580	$	1,469,836	$	(1,075,256	)
U.S. Strategic Equity Portfolio		65,474,397		5,757,679		4,522,657		1,235,022
U.S. Mid Cap Equity Portfolio		149,469,019		3,478,028		20,332,348		(16,854,320	)
U.S. Small-Mid Cap Equity Portfolio		175,256,048		2,051,658		30,431,927		(28,380,269	)
Global Listed Infrastructure Portfolio		244,817,821		5,776,503		27,053,582		(21,277,079	)
International Equity Portfolio		104,100,234		6,951,813		10,033,540		(3,081,727	)
International Equity Select Portfolio		6,314,405		273,548		700,659		(427,111	)
International Strategic Equity Portfolio		435,754,359		23,119,157		46,922,356		(23,803,199	)
International Small Cap Equity Portfolio		53,145,840		9,606,072		5,953,089		3,652,983
Emerging Markets Equity Portfolio		14,842,273,828		961,585,646		1,969,851,400		(1,008,265,754	)
Developing Markets Equity Portfolio		276,865,151		213,248		76,977,490		(76,764,242	)
Emerging Markets Equity Blend Portfolio		122,112,849		446,798		27,050,990		(26,604,192	)
Emerging Markets Multi-Strategy Portfolio		41,890,671		65,263		5,626,740		(5,561,477	)
Emerging Markets Debt Portfolio		99,092,831		153,170		2,641,456		(2,488,286	)
U.S. Realty Income Portfolio		3,944,769		17,074		414,409		(397,335	)
U.S. Realty Equity Portfolio		2,752,395		69,154		398,080		(328,926	)
International Realty Equity Portfolio		1,472,355		19,500		283,276		(263,776	)
U.S. High Yield Portfolio		141,445,135		2,884,240		7,516,861		(4,632,621	)
U.S. Municipal Portfolio		11,154,444		299,577		33,733		265,844
Capital Allocator Opportunistic Strategies Portfolio		226,807,942		1,048,337		16,020,098		(14,971,761	)

(c) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers,” and are considered to be liquid at September 30, 2011. The percentage of net assets are as follows:

Portfolio	Percentage of Net Assets
Global Listed Infrastructure Portfolio		4.0	%
International Equity Portfolio		1.4
International Strategic Equity Portfolio		0.7
Emerging Markets Equity Portfolio		1.4
Developing Markets Equity Portfolio		15.7
Emerging Markets Equity Blend Portfolio		6.1
Emerging Markets Multi-Strategy Portfolio		18.4
Emerging Markets Debt Portfolio		17.8
U.S. High Yield Portfolio		23.7

(d)	Principal amount denominated in USD unless otherwise specified.
(e)	Principal amount denominated in respective country’s currency.
(f)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2011, which may step up at a future date.
(g)	Issue in default.
(h)	Bankrupt issuer; security valued at zero; principal amount denominated in respective country’s currency.
(i)	Segregated security for forward currency contracts.
(j)	Security collateralized by an amount sufficient to pay principal and interest.

Security Abbreviations:

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

Currency Abbreviations:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNY — Chinese Renminbi

CZK — Czech Koruna

EUR — Euro

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican New Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PLN — Polish Zloty

RON — New Romanian Leu

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

USD — United States Dollar

ZAR — South African Rand

Counterparty Abbreviations:

BNP — BNP Paribas SA

BRC — Barclays Bank PLC

CAN — Canadian Imperial Bank of Commerce

CIT — Citibank NA

CSF — Credit Suisse Group AG

GSC — Goldman Sachs Group, Inc.

HSB — HSBC Bank USA

ING — ING Bank NV

JPM — JPMorgan Chase Bank

MEL — Mellon Bank NA

RBC — Royal Bank of Canada

SCB — Standard Chartered Bank

SSB — State Street Bank and Trust Co.

UBS — UBS AG

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

Industry	Lazard Global Listed Infrastructure Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio		Lazard International Strategic Equity Portfolio		Lazard International Small Cap Equity Portfolio		Lazard Emerging Markets Equity Portfolio		Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Equity Blend Portfolio		Lazard Emerging Markets Multi- Strategy Portfolio		Lazard Emerging Markets Debt Portfolio		Lazard International Realty Equity Portfolio
Agriculture	—	%	0.9	%	—	%	1.0	%	—	%	0.9	%	2.1	%	2.0	%	1.0	%	—	%	—	%
Airport Development & Maintenance	16.6		—		—		—		—		—		—		—		—		—		—
Alcohol & Tobacco	—		4.9		8.4		7.8		1.0		6.0		—		2.8		1.2		—		—
Apparel & Textiles	—		—		—		—		—		—		1.5		1.3		0.6		—		—
Automotive	—		3.2		2.7		3.1		1.4		—		3.5		1.9		0.9		—		—
Banking	—		9.7		10.4		6.4		1.8		17.6		23.5		18.1		9.2		1.0		—
Building Materials	—		—		—		—		—		0.7		—		—		—		—		—
Cable Television	—		—		—		1.1		—		—		—		—		—		—		—
Chemicals	—		—		—		2.1		1.1		—		—		—		0.2		0.1		—
Coal Producer & Power Generator	—		—		—		—		—		—		—		—		0.2		0.3		—
Commercial Services	—		4.1		1.9		3.0		18.4		4.7		—		1.6		0.7		—		—
Computer Software	—		1.5		2.9		—		1.0		2.0		2.4		3.1		1.4		—		—
Construction & Engineering	—		—		—		—		2.4		1.9		3.2		3.1		1.4		—		—
Consumer Products	—		—		—		1.9		6.5		4.6		0.3		2.0		0.9		—		—
Diamonds & Precious Stones	—		—		—		—		—		—		—		—		—		0.2		—
Diversified	—		0.5		1.1		—		—		2.5		—		1.6		1.2		0.4		—
Electric	20.9		1.0		—		—		—		1.3		1.4		1.3		0.7		0.3		—
Energy Exploration & Production	—		0.9		1.2		2.1		1.1		1.6		5.9		1.3		1.3		0.9		—
Energy Integrated	—		5.3		5.2		1.9		1.0		6.0		6.7		7.7		4.8		1.7		—
Energy Services	1.9		1.8		2.6		2.7		4.3		—		2.8		1.4		0.6		—		—
Financial Services	—		1.3		1.7		3.9		3.6		6.8		3.1		3.7		1.5		—		—
Food & Beverages	—		3.8		3.8		6.8		1.2		1.1		—		1.6		0.7		—		—
Forest & Paper Products	—		1.3		1.3		2.3		1.1		0.7		—		1.2		0.5		—		—
Gas Utilities	14.6		—		—		—		—		0.6		—		—		0.3		0.1		—
Health Services	—		—		—		—		3.1		—		1.0		—		—		—		—
Housing	—		6.4		4.2		7.2		1.4		2.0		—		—		—		—		3.0
Insurance	—		3.7		3.2		5.1		—		1.1		1.6		1.9		0.8		—		—
Leisure & Entertainment	—		1.6		1.4		5.1		2.9		0.9		1.9		2.0		1.4		0.4		—
Manufacturing	—		6.3		6.8		4.9		14.1		4.4		6.3		5.6		2.5		—		—
Medical Products	—		—		—		1.2		7.0		—		—		—		—		—		—
Metals & Mining	—		3.3		5.6		2.1		0.6		9.0		4.5		7.3		4.6		1.3		—
Pharmaceutical & Biotechnology	—		10.9		10.3		8.9		4.1		—		—		—		—		—		—
Real Estate	—		2.0		2.4		—		—		—		5.8		1.8		0.8		—		95.6
Restaurants	—		—		—		—		—		—		—		—		—		0.8		—
Retail	—		6.1		5.4		7.6		5.5		4.2		3.9		2.6		1.1		—		—
Semiconductors & Components	—		3.6		3.8		—		5.8		4.7		5.2		6.2		3.2		0.4		—
Special Purpose Entity	—		—		—		—		—		—		—		—		0.2		0.1		—
Technology	—		1.6		1.9		2.1		2.0		0.6		—		—		—		—		—
Technology Hardware	0.3		—		—		1.1		1.1		2.0		2.5		2.0		0.9		—		—
Telecommunications	—		6.2		6.8		1.2		4.4		9.4		3.0		7.4		4.0		0.7		—
Transportation	36.6		1.9		2.5		1.9		1.2		0.9		2.2		1.3		0.8		0.6		—
Water	5.0		—		—		—		—		—		—		—		—		—		—
Subtotal	95.9		93.8		97.5		94.5		99.1		98.2		94.3		93.8		49.6		9.3		98.6
Foreign Government Obligations	—		—		—		—		—		—		—		—		19.1		43.7		—
Supranationals	—		—		—		—		—		—		—		—		0.5		0.3		—
Short-Term Investments	3.2		—		4.0		7.3		0.5		1.5		3.1		5.5		30.3		50.3		—
Repurchase Agreement	—		6.3		—		—		—		—		—		—		—		—		—
Total Investments	99.1	%	100.1	%	101.5	%	101.8	%	99.6	%	99.7	%	97.4	%	99.3	%	99.5	%	103.6	%	98.6	%

Valuation of Investments:
Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the closing bid price. The Lazard Funds, Inc. (the “Fund”) values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Except as described below, securities listed on foreign exchanges are valued at the last reported sales price; securities listed on foreign exchanges not traded on the valuation date are valued at the last quoted bid price. Options on stock and stock indices traded on national securities exchanges are valued as of the close of options trading on such exchanges (which is normally 4:10 p.m. Eastern time). Swap agreements on equity assets are valued at the equity basket price as of the close of regular trading on the NYSE on each valuation date. Forward currency contracts are valued at the current cost of offsetting the contracts. Investments in money market funds are valued at the fund’s net asset value. Repurchase agreements are valued at the principal amounts plus accrued interest.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations. Debt securities maturing in sixty days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as derivative instruments), such securities will be valued at their fair values as determined by, or in accordance with procedures approved by, the Board. The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”) 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 analysts also will be considered. The fair value of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board, or its designee, instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values. Foreign securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

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 accounting principles generally accepted in the United States of America 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. Each investment’s fair value measurement level within the fair value hierarchy 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 investments

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following tables summarize the valuation of the Portfolios’ investments by each fair value hierarchy level for the period of September 30, 2011:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2011
U.S. Equity Value Portfolio
Common Stocks	$	10,697,849	$	—		$	—	$	10,697,849
Short-Term Investment		—		177,694			—		177,694
Total	$	10,697,849	$	177,694		$	—	$	10,875,543
U.S. Strategic Equity Portfolio
Common Stocks	$	64,971,095	$	—		$	—	$	64,971,095
Preferred Stock		—		—			688,868		688,868
Short-Term Investment		—		1,049,456			—		1,049,456
Total	$	64,971,095	$	1,049,456		$	688,868	$	66,709,419
U.S. Mid Cap Equity Portfolio
Common Stocks	$	128,239,826	$	—		$	—	$	128,239,826
Preferred Stock		—		—			1,986,091		1,986,091
Short-Term Investment		—		2,388,782			—		2,388,782
Total	$	128,239,826	$	2,388,782		$	1,986,091	$	132,614,699
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	140,962,822	$	—		$	—	$	140,962,822
Preferred Stock		—		—			687,957		687,957
Repurchase Agreement		—		5,225,000			—		5,225,000
Total	$	140,962,822	$	5,225,000		$	687,957	$	146,875,779
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	47,183,282	$	169,054,364		$	—	$	216,237,646
Short-Term Investment		—		7,303,096			—		7,303,096
Other Financial Instruments*
Forward Currency Contracts		—		5,723,358			—		5,723,358
Total	$	47,183,282	$	182,080,818		$	—	$	229,264,100
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(105,735	)		—	$	(105,735	)
International Equity Portfolio
Common Stocks	$	8,354,296	$	86,271,211		$	—	$	94,625,507
Repurchase Agreement		—		6,393,000			—		6,393,000
Total	$	8,354,296	$	92,664,211		$	—	$	101,018,507
International Equity Select Portfolio
Common Stocks	$	740,178	$	4,915,603		$	—	$	5,655,781
Short-Term Investment		—		231,513			—		231,513
Total	$	740,178	$	5,147,116		$	—	$	5,887,294
International Strategic Equity Portfolio
Common Stocks	$	8,118,066	$	368,970,428		$	—	$	377,088,494
Preferred Stock		5,232,839		—			—		5,232,839
Short-Term Investment		—		29,629,827			—		29,629,827
Total	$	13,350,905	$	398,600,255		$	—	$	411,951,160

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2011
International Small Cap Equity Portfolio
Common Stocks	$	1,122,844	$	54,815,703		$	—	$	55,938,547
Preferred Stock		—		601,592			—		601,592
Short-Term Investment		—		258,684			—		258,684
Total	$	1,122,844	$	55,675,979		$	—	$	56,798,823
Emerging Markets Equity Portfolio
Common Stocks	$	4,902,916,596	$	8,337,531,710		$	—	$	13,240,448,306
Preferred Stocks		384,767,000		—			—		384,767,000
Short-Term Investment		—		208,792,768			—		208,792,768
Total	$	5,287,683,596	$	8,546,324,478		$	—	$	13,834,008,074
Developing Markets Equity Portfolio
Common Stocks	$	70,887,908	$	109,847,516		$	—	$	180,735,424
Preferred Stock		12,952,996		—			—		12,952,996
Short-Term Investment		—		6,412,489			—		6,412,489
Total	$	83,840,904	$	116,260,005		$	—	$	200,100,909
Emerging Markets Equity Blend Portfolio
Common Stocks	$	40,865,880	$	44,261,373		$	—	$	85,127,253
Preferred Stock		5,135,956		—			—		5,135,956
Short-Term Investment		—		5,245,448			—		5,245,448
Total	$	46,001,836	$	49,506,821		$	—	$	95,508,657
Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks	$	7,878,712	$	6,354,954		$	—	$	14,233,666
Preferred Stocks		851,190		—			—		851,190
Corporate Bonds		—		2,497,080			—		2,497,080
Foreign Government Obligations		—		6,979,891			—		6,979,891
Quasi Bonds		—		528,158			—		528,158
Supranationals		—		194,449			—		194,449
Short-Term Investment		—		11,044,760			—		11,044,760
Other Financial Instruments*
Purchased Options		—		39,793			—		39,793
Forward Currency Contracts		—		272,670			—		272,670
Total	$	8,729,902	$	27,911,755		$	—	$	36,641,657
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(12,682	)	$	—	$	(12,682	)
Forward Currency Contracts		—		(522,546	)		—		(522,546	)
Total	$	—	$	(535,228	)	$	—	$	(535,228	)
Emerging Markets Debt Portfolio
Assets:
Coporate Bonds	$	—	$	6,597,756		$	—	$	6,597,756

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2011
Foreign Government Obligations		—		40,801,263			—		40,801,263
Quasi Bonds		—		2,080,075			—		2,080,075
Supranationals		—		235,173			—		235,173
Short-Term Investments		—		46,890,278			—		46,890,278
Other Financial Instruments*
Purchased Options		—		70,400			—		70,400
Forward Currency Contracts		—		204,141			—		204,141
Total	$	—	$	96,879,086		$	—	$	96,879,086
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(250	)	$	—	$	(250	)
Swap Agreement		—		(27,812	)		—		(27,812	)
Forward Currency Contracts		—		(311,176	)		—		(311,176	)
Total	$	—	$	(339,238	)	$	—	$	(339,238	)
U.S. Realty Income Portfolio
Common Stocks	$	266,588	$	—		$	—	$	266,588
Preferred Stocks		1,680,607		—			—		1,680,607
Real Estate Investment Trusts		1,600,239		—			—		1,600,239
Other Financial Instruments*
Purchased Option		39,600		—			—		39,600
Total	$	3,587,034	$	—		$	—	$	3,587,034
U.S. Realty Equity Portfolio
Common Stocks	$	316,398	$	—		$	—	$	316,398
Real Estate Investment Trusts		2,107,071		—			—		2,107,071
Other Financial Instruments*
Purchased Option		5,800		—			—		5,800
Total	$	2,429,269	$	—		$	—	$	2,429,269
International Realty Equity Portfolio
Common Stocks	$	183,144	$	785,968		$	—	$	969,112
Real Estate Investment Trusts		13,793		225,674			—		239,467
Total	$	196,937	$	1,011,642		$	—	$	1,208,579
U.S. High Yield Portfolio
Corporate Bonds	$	—	$	131,327,445		$	—	$	131,327,445
Short-Term Investment		—		5,485,069			—		5,485,069
Total	$	—	$	136,812,514		$	—	$	136,812,514
U.S. Municipal Portfolio
Municipal Bonds	$	—	$	11,383,947		$	—	$	11,383,947
Short-Term Investment		—		36,341			—		36,341
Total	$	—	$	11,420,288		$	—	$	11,420,288
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	171,398,229	$	—		$	—	$	171,398,229

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2011
Closed-End Management Investment Companies		8,970,540			—			—		8,970,540
Short-Term Investment		—			31,467,412			—		31,467,412
Other Financial Instruments*
Purchased Option		191,268			—			—		191,268
Swap Agreement		—			145,740			—		145,740
Forward Currency Contract		—			86,040			—		86,040
Total	$	180,560,037		$	31,613,152		$	—	$	212,173,189
Liabilities:
Other Financial Instruments*
Written Options	$	(94,800	)	$	—		$	—	$	(94,800	)
Swap Agreements		—			(1,991,530	)		—		(1,991,530	)
Total	$	(94,800	)	$	(1,991,530	)	$	—	$	(2,086,330	)

* Other financial instruments are derivative instruments which are valued at the unrealized appreciation/depreciation.

One common stock included in Level 2 in Emerging Markets Equity Portfolio was valued based on reference to a similar security from the same issuer which was trading on an active market. The fixed income securities included in Level 2 were valued based on the last bid price for those securities. The forward currency contracts included in Level 2 were valued based on forward exchange rates as provided by quotation services. The options included in Level 2 were valued based on values provided by an independent pricing vendor model, designed to produce prices that very closely reflect those quoted by global interbank brokers. The swap agreements included in Level 2 were valued based on the value of the underlying assets in the equity basket adjusted for any accrued interest income or expense. The preferred stock included in Level 3 was valued by reference to comparable entities and evaluation of fundamental data relating to the issuer. The short-term investment included in Level 2 was valued at the fund’s net asset value. The repurchase agreements included in Level 2 were valued at the principal amounts plus accrued interest.

In connection with the periodic implementation of fair value pricing procedures with respect to foreign securities, certain securities in the Global Listed Infrastructure, International Equity, International Equity Select, International Strategic Equity, International Small Cap Equity, Emerging Market Equity, Developing Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi-Strategy and International Realty Equity Portfolios are transferred from Level 1 to Level 2 and revert to Level 1 when the fair value pricing procedure triggers are no longer met. Since the fair value pricing procedure triggers were met at September 30, 2011, any securities which had been valued under these procedures were transferred to Level 2. There were no significant transfers into and out of Level 3 as of September 30, 2011.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended September 30, 2011:

Description	Balance as of December 31, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation		Purchases		Sales			Net Transfers Into Level 3		Net Transfers Out of Level 3		Balance as of September 30, 2011		Net Change in Unrealized Appreciation from Investments Still Held at September 30, 2011
U.S. Strategic Equity
Preferred Stock	$	453,501	$	—	$	—	$	235,367	$	—	$	—		$	—	$	—	$	688,868	$	235,367
U.S. Mid Cap Equity
Preferred Stock	$	1,307,499	$	—	$	—	$	678,592	$	—	$	—		$	—	$	—	$	1,986,091	$	678,592
U.S. Small-Mid Cap Equity
Preferred Stock	$	452,901	$	—	$	—	$	235,056	$	—	$	—		$	—	$	—	$	687,957	$	235,056
U.S. High Yield*
Warrant	$	5	$	—	$	—	$	34,342	$	—	$	(34,347	)	$	—	$	—	$	—	$	—

* U.S. High Yield Portfolio held two other level 3 securities as of September 30, 2011 that have been excluded from this table as they have no market value.

Item 2. 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-Q 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-Q 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 Registrant’s most recent fiscal quarter of 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 3. Exhibits.

          Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

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/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	November 28, 2011

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/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	November 28, 2011

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2011

EX-99.CERT

[EX-99.CERT]
Exhibit

Rule 30a-2(a) CERTIFICATIONS

I, Charles L. Carroll, certify that:

1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
	(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
	(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
	(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	November 28, 2011

Rule 30a-2(a) CERTIFICATIONS

I, Stephen St. Clair, certify that:

1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
	(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
	(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
	(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2011