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:	9/30/2012

Item 1.          Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments September 30, 2012
(unaudited)

Description	Shares		Value
Lazard U.S. Equity Concentrated Portfolio
Common Stocks | 88.3%
Alcohol & Tobacco | 3.0%
Molson Coors Brewing Co., Class B		73,430	$	3,308,021
Automotive | 2.3%
Lear Corp.		69,530		2,627,539
Cable Television | 4.7%
Comcast Corp., Class A		150,225		5,227,830
Commercial Services | 3.5%
Corrections Corp. of America		116,945		3,911,810
Consumer Products | 2.1%
Newell Rubbermaid, Inc.		124,130		2,369,642
Energy Integrated | 3.2%
ConocoPhillips		62,065		3,548,877
Financial Services | 2.8%
Janus Capital Group, Inc.		332,195		3,135,921
Food & Beverages | 3.6%
Sysco Corp.		128,885		4,030,234
Health Services | 3.1%
Quest Diagnostics, Inc.		54,420		3,451,861
Leisure & Entertainment | 6.0%
Viacom, Inc., Class B		124,430		6,668,204
Medical Products | 8.7%
Baxter International, Inc.		55,910		3,369,136
CareFusion Corp. (a)		223,205		6,336,790
				9,705,926
Metals & Mining | 3.5%
Silver Wheaton Corp.		99,510		3,951,542
Pharmaceutical & Biotechnology | 12.8%
Gilead Sciences, Inc. (a)		49,565		3,287,646
Pfizer, Inc.		443,294		11,015,856
				14,303,502
Retail | 18.3%
American Eagle Outfitters, Inc.		180,125		3,797,035
AutoZone, Inc. (a)		5,505		2,035,033
Big Lots, Inc. (a)		74,240		2,196,019
CVS Caremark Corp.		118,240		5,725,181
Wal-Mart Stores, Inc.		91,510		6,753,438
				20,506,706
Technology Hardware | 10.7%
Cisco Systems, Inc.		525,870		10,038,858
Description	Shares		Value
Lexmark International, Inc., Class A		86,580	$	1,926,405
				11,965,263
Total Common Stocks (Identified cost $92,718,768)				98,712,878
Short-Term Investment | 11.3%
State Street Institutional Treasury Money Market Fund (Identified cost $12,645,732)		12,645,732		12,645,732
Total Investments | 99.6% (Identified cost $105,364,500) (b)			$	111,358,610
Cash and Other Assets in Excess of Liabilities | 0.4%				471,018
Net Assets | 100.0%			$	111,829,628

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks | 98.7%
Aerospace & Defense | 3.3%
Raytheon Co.		19,700	$	1,126,052
Rockwell Collins, Inc.		7,900		423,756
The Boeing Co.		16,500		1,148,730
				2,698,538
Agriculture | 1.2%
The Mosaic Co.		17,500		1,008,175
Alcohol & Tobacco | 2.2%
Molson Coors Brewing Co., Class B		40,150		1,808,757
Automotive | 1.4%
Lear Corp.		31,150		1,177,159
Banking | 2.2%
Bank of America Corp.		60,600		535,098
Wells Fargo & Co.		36,250		1,251,713
				1,786,811
Cable Television | 4.2%
Comcast Corp., Class A		100,250		3,488,700
Chemicals | 1.3%
E.l. du Pont de Nemours & Co.		21,150		1,063,211
Commercial Services | 1.0%
Corrections Corp. of America		24,200		809,490
Computer Software | 2.6%
BMC Software, Inc. (a)		21,150		877,513
Oracle Corp.		39,600		1,247,004
				2,124,517
Consumer Products | 1.1%
Newell Rubbermaid, Inc.		46,700		891,503
Energy Exploration & Production | 2.0%
Devon Energy Corp.		27,500		1,663,750
Energy Integrated | 6.2%
Chevron Corp.		19,600		2,284,576
ConocoPhillips		28,600		1,635,348
Consol Energy, Inc.		40,750		1,224,537
				5,144,461
Energy Services | 1.2%
Halliburton Co.		28,300		953,427
Financial Services | 7.1%
American Express Co.		19,500		1,108,770
Ameriprise Financial, Inc.		21,750		1,233,008
Capital One Financial Corp.		16,000		912,160
Citigroup, Inc.		55,300		1,809,416
Janus Capital Group, Inc.		80,985		764,498
				5,827,852
Description	Shares		Value
Food & Beverages | 2.8%
Ralcorp Holdings, Inc. (a)		8,500	$	620,500
Sysco Corp.		54,500		1,704,215
				2,324,715
Health Services | 1.9%
Quest Diagnostics, Inc.		13,750		872,163
UnitedHealth Group, Inc.		12,800		709,248
				1,581,411
Insurance | 2.5%
Prudential Financial, Inc.		19,000		1,035,690
The Travelers Cos., Inc.		15,400		1,051,204
				2,086,894
Leisure & Entertainment | 2.7%
Viacom, Inc., Class B		42,350		2,269,536
Manufacturing | 4.8%
Caterpillar, Inc.		8,000		688,320
Honeywell International, Inc.		19,493		1,164,707
Parker Hannifin Corp.		13,550		1,132,509
Tyco International, Ltd.		17,100		962,046
				3,947,582
Medical Products | 6.5%
Baxter International, Inc.		27,300		1,645,098
CareFusion Corp. (a)		67,100		1,904,969
McKesson Corp.		21,300		1,832,439
				5,382,506
Metals & Mining | 0.4%
Walter Energy, Inc.		10,900		353,814
Pharmaceutical & Biotechnology | 9.4%
Amgen, Inc.		9,100		767,312
Gilead Sciences, Inc. (a)		19,850		1,316,651
Johnson & Johnson		14,910		1,027,448
Merck & Co., Inc.		21,050		949,355
Pfizer, Inc.		149,150		3,706,377
				7,767,143
Retail | 12.8%
American Eagle Outfitters, Inc.		53,045		1,118,189
AutoZone, Inc. (a)		2,536		937,483
Big Lots, Inc. (a)		3,400		100,380
CVS Caremark Corp.		61,300		2,968,146
Lowe’s Cos., Inc.		33,150		1,002,456
Macy’s, Inc.		25,800		970,596
Wal-Mart Stores, Inc.		47,155		3,480,039
				10,577,289
Semiconductors & Components | 2.1%
Intel Corp.		35,050		794,934

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Texas Instruments, Inc.		35,400	$	975,270
				1,770,204
Technology | 3.1%
eBay, Inc. (a)		17,450		844,754
Google, Inc., Class A (a)		2,250		1,697,625
				2,542,379
Technology Hardware | 12.7%
Apple, Inc.		3,029		2,021,131
Cisco Systems, Inc.		199,405		3,806,642
EMC Corp. (a)		53,600		1,461,672
International Business Machines Corp.		8,090		1,678,270
Lexmark International, Inc., Class A		21,850		486,163
Qualcomm, Inc.		16,000		999,840
				10,453,718
Total Common Stocks (Identified cost $70,717,384)				81,503,542
Preferred Stock | 0.7%
Automotive | 0.7%
Better Place, Inc., Series B (Identified cost $453,501) (a), (c)		181,401		593,181
Short-Term Investment | 3.2%
State Street Institutional Treasury Money Market Fund (Identified cost $2,666,183)		2,666,183		2,666,183
Total Investments | 102.6% (Identified cost $73,837,068) (b)			$	84,762,906
Liabilities in Excess of Cash and Other Assets | (2.6)%				(2,175,983	)
Net Assets | 100.0%			$	82,586,923

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks | 95.8%
Aerospace & Defense | 1.1%
Rockwell Collins, Inc.		19,300	$	1,035,252
Alcohol & Tobacco | 1.7%
Molson Coors Brewing Co., Class B		35,600		1,603,780
Automotive | 1.0%
Lear Corp.		24,500		925,855
Banking | 3.8%
East West Bancorp, Inc.		69,100		1,459,392
Regions Financial Corp.		107,100		772,191
Signature Bank (a)		20,400		1,368,432
				3,600,015
Chemicals | 2.7%
Eastman Chemical Co.		44,000		2,508,440
Commercial Services | 2.7%
Corrections Corp. of America		14,000		468,300
The Interpublic Group of Cos., Inc.		127,900		1,422,248
Vantiv, Inc., Class A		32,000		689,600
				2,580,148
Computer Software | 8.0%
Autodesk, Inc. (a)		45,300		1,511,661
BMC Software, Inc. (a)		70,200		2,912,598
Intuit, Inc.		37,700		2,219,776
Symantec Corp. (a)		48,600		874,800
				7,518,835
Consumer Products | 2.4%
Hasbro, Inc.		25,900		988,603
Newell Rubbermaid, Inc.		65,000		1,240,850
				2,229,453
Diversified | 1.0%
SPX Corp.		14,900		974,609
Energy Exploration & Production | 3.1%
EQT Corp.		17,900		1,056,100
Noble Energy, Inc.		13,100		1,214,501
Rosetta Resources, Inc. (a)		13,000		622,700
				2,893,301
Energy Services | 3.4%
Cameron International Corp. (a)		25,200		1,412,964
Rowan Cos. PLC, Class A (a)		52,800		1,783,056
				3,196,020
Financial Services | 2.3%
Ameriprise Financial, Inc.		18,400		1,043,096
Invesco, Ltd.		44,000		1,099,560
				2,142,656
Description	Shares		Value
Food & Beverages | 5.9%
H.J. Heinz Co.		31,500	$	1,762,425
Ralcorp Holdings, Inc. (a)		20,800		1,518,400
Sysco Corp.		73,500		2,298,345
				5,579,170
Health Services | 6.2%
Aetna, Inc.		30,400		1,203,840
Agilent Technologies, Inc.		29,900		1,149,655
AmerisourceBergen Corp.		74,600		2,887,766
Humana, Inc.		8,300		582,245
				5,823,506
Insurance | 2.1%
PartnerRe, Ltd.		13,100		973,068
Willis Group Holdings PLC		26,900		993,148
				1,966,216
Leisure & Entertainment | 2.7%
Darden Restaurants, Inc.		15,900		886,425
Marriott International, Inc., Class A		43,400		1,696,940
				2,583,365
Manufacturing | 7.4%
B/E Aerospace, Inc. (a)		22,100		930,410
Dover Corp.		37,100		2,207,079
Joy Global, Inc.		9,100		510,146
Parker Hannifin Corp.		25,600		2,139,648
WESCO International, Inc. (a)		21,400		1,224,080
				7,011,363
Medical Products | 5.8%
CareFusion Corp. (a)		58,300		1,655,137
Henry Schein, Inc. (a)		15,200		1,204,904
Zimmer Holdings, Inc.		38,300		2,589,846
				5,449,887
Metal & Glass Containers | 1.7%
Ball Corp.		38,100		1,612,011
Metals & Mining | 0.9%
Cliffs Natural Resources, Inc.		12,300		481,299
Walter Energy, Inc.		10,400		337,584
				818,883
Pharmaceutical & Biotechnology | 2.5%
Medicis Pharmaceutical Corp., Class A		26,300		1,138,001
Vertex Pharmaceuticals, Inc. (a)		22,300		1,247,685
				2,385,686
Real Estate | 5.5%
CBRE Group, Inc., Class A (a)		48,500		892,885
Duke Realty Corp. REIT		46,700		686,490
Kilroy Realty Corp. REIT		33,200		1,486,696
PS Business Parks, Inc. REIT		10,700		714,974

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
The Macerich Co. REIT		25,400	$	1,453,642
				5,234,687
Retail | 8.1%
American Eagle Outfitters, Inc.		23,300		491,164
AutoZone, Inc. (a)		5,215		1,927,829
Big Lots, Inc. (a)		19,600		579,768
Macy’s, Inc.		84,800		3,190,176
Ross Stores, Inc.		21,900		1,414,740
				7,603,677
Semiconductors & Components | 5.6%
Avago Technologies, Ltd.		19,700		686,841
Marvell Technology Group, Ltd.		150,600		1,377,990
Microsemi Corp. (a)		41,800		838,926
TE Connectivity, Ltd.		27,400		931,874
Xilinx, Inc.		44,200		1,476,722
				5,312,353
Technology | 3.9%
Amdocs, Ltd.		31,000		1,022,690
Fidelity National Information Services, Inc.		67,800		2,116,716
Gartner, Inc. (a)		12,100		557,689
				3,697,095
Technology Hardware | 3.4%
F5 Networks, Inc. (a)		14,000		1,465,800
NetApp, Inc. (a)		53,100		1,745,928
				3,211,728
Transportation | 0.9%
Landstar System, Inc.		18,000		851,040
Total Common Stocks (Identified cost $89,227,395)				90,349,031
Preferred Stock | 1.8%
Automotive | 1.8%
Better Place, Inc., Series B (Identified cost $1,307,499) (a), (c)		523,000		1,710,210
Short-Term Investment | 2.6%
State Street Institutional Treasury Money Market Fund (Identified cost $2,460,973)		2,460,973		2,460,973
Total Investments | 100.2% (Identified cost $92,995,867) (b)			$	94,520,214
Liabilities in Excess of Cash and Other Assets | (0.2)%				(157,301	)
Net Assets | 100.0%			$	94,362,913

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 95.8%
Automotive | 1.8%
Modine Manufacturing Co. (a)		328,400	$	2,423,592
Tenneco, Inc. (a)		91,050		2,549,400
				4,972,992
Banking | 8.1%
Associated Banc-Corp		342,600		4,512,042
East West Bancorp, Inc.		171,600		3,624,192
PacWest Bancorp		196,501		4,592,228
Signature Bank (a)		64,700		4,340,076
Wintrust Financial Corp.		152,893		5,744,190
				22,812,728
Chemicals | 2.8%
Cytec Industries, Inc.		40,900		2,679,768
Innophos Holdings, Inc.		45,000		2,182,050
Rockwood Holdings, Inc.		63,300		2,949,780
				7,811,598
Commercial Services | 1.2%
American Reprographics Co. (a)		272,873		1,165,168
Team, Inc. (a)		66,900		2,130,765
				3,295,933
Computer Software | 6.8%
Autodesk, Inc. (a)		127,815		4,265,187
BMC Software, Inc. (a)		100,100		4,153,149
Compuware Corp. (a)		363,700		3,604,267
j2 Global, Inc.		110,060		3,612,169
Red Hat, Inc. (a)		61,950		3,527,433
				19,162,205
Construction & Engineering | 2.5%
MasTec, Inc. (a)		200,900		3,957,730
Quanta Services, Inc. (a)		119,200		2,944,240
				6,901,970
Consumer Products | 3.3%
Central Garden & Pet Co., Class A (a)		326,200		3,940,496
Matthews International Corp., Class A		100,450		2,995,419
The Middleby Corp. (a)		19,750		2,283,890
				9,219,805
Diversified | 1.2%
SPX Corp.		51,100		3,342,451
Energy Exploration & Production | 2.5%
Bill Barrett Corp. (a)		157,300		3,896,321
Plains Exploration & Production Co. (a)		34,855		1,306,017
Rosetta Resources, Inc. (a)		35,400		1,695,660
				6,897,998

Description	Shares		Value
Energy Integrated | 0.6%
Targa Resources Corp.		36,100	$	1,817,274
Energy Services | 1.8%
Key Energy Services, Inc. (a)		182,500		1,277,500
Rowan Cos. PLC, Class A (a)		110,300		3,724,831
				5,002,331
Financial Services | 2.5%
Raymond James Financial, Inc.		98,800		3,621,020
Waddell & Reed Financial, Inc., Class A		102,200		3,349,094
				6,970,114
Food & Beverages | 1.2%
Ralcorp Holdings, Inc. (a)		45,600		3,328,800
Forest & Paper Products | 2.8%
Rock-Tenn Co., Class A		51,200		3,695,616
Schweitzer-Mauduit International, Inc.		126,800		4,183,132
				7,878,748
Gas Utilities | 1.6%
New Jersey Resources Corp.		95,850		4,382,262
Health Services | 1.8%
VCA Antech, Inc. (a)		251,700		4,966,041
Insurance | 3.5%
Arch Capital Group, Ltd. (a)		124,100		5,172,488
Validus Holdings, Ltd.		140,300		4,757,573
				9,930,061
Leisure & Entertainment | 2.3%
Bally Technologies, Inc. (a)		73,240		3,617,324
Texas Roadhouse, Inc.		160,100		2,737,710
				6,355,034
Manufacturing | 8.8%
B/E Aerospace, Inc. (a)		99,100		4,172,110
Carpenter Technology Corp.		66,700		3,489,744
FLIR Systems, Inc.		221,400		4,422,465
Harsco Corp.		133,500		2,740,755
Littelfuse, Inc.		34,030		1,924,056
Regal-Beloit Corp.		45,235		3,188,163
TriMas Corp. (a)		201,700		4,862,987
				24,800,280
Medical Products | 5.1%
CareFusion Corp. (a)		186,600		5,297,574
Haemonetics Corp. (a)		72,900		5,846,580
Henry Schein, Inc. (a)		40,900		3,242,143
				14,386,297
Metals & Mining | 1.8%
US Silica Holdings, Inc.		280,600		3,804,936

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Walter Energy, Inc.		38,400	$	1,246,464
				5,051,400
Pharmaceutical & Biotechnology | 1.9%
Medicis Pharmaceutical Corp., Class A		46,300		2,003,401
Vertex Pharmaceuticals, Inc. (a)		58,435		3,269,438
				5,272,839
Real Estate | 9.4%
CBRE Group, Inc., Class A (a)		235,000		4,326,350
Essex Property Trust, Inc. REIT		18,700		2,772,088
Extra Space Storage, Inc. REIT		138,300		4,598,475
Kilroy Realty Corp. REIT		67,050		3,002,499
Mid-America Apartment Communities, Inc. REIT		51,100		3,337,341
PS Business Parks, Inc. REIT		68,100		4,550,442
The Macerich Co. REIT		68,377		3,913,216
				26,500,411
Retail | 7.4%
Aeropostale, Inc. (a)		235,000		3,179,550
American Eagle Outfitters, Inc.		170,650		3,597,302
ANN, Inc. (a)		81,700		3,082,541
Brown Shoe Co., Inc.		180,336		2,890,786
Iconix Brand Group, Inc. (a)		212,200		3,870,528
Vera Bradley, Inc. (a)		175,700		4,190,445
				20,811,152
Semiconductors & Components | 5.1%
II-VI, Inc. (a)		86,710		1,649,224
Microsemi Corp. (a)		209,400		4,202,658
ON Semiconductor Corp. (a)		606,400		3,741,488
Xilinx, Inc.		145,200		4,851,132
				14,444,502
Technology | 3.7%
NetScout Systems, Inc. (a)		177,300		4,522,923
Responsys, Inc. (a)		219,300		2,243,439
SS&C Technologies Holdings, Inc. (a)		147,139		3,709,374
				10,475,736
Transportation | 3.5%
Alaska Air Group, Inc. (a)		114,400		4,010,864
Echo Global Logistics, Inc. (a)		150,976		2,589,239
Hub Group, Inc., Class A (a)		113,700		3,374,616
				9,974,719
Water | 0.8%
California Water Service Group		117,100		2,183,915
Total Common Stocks
(Identified cost $258,253,681)				268,949,596

Description	Shares		Value
Preferred Stock | 0.2%
Automotive | 0.2%
Better Place, Inc., Series B (Identified cost $452,901) (a), (c)		181,161	$	592,396

Description		Principal Amount (000)	Value
Repurchase Agreement | 4.1%
State Street Bank and Trust Co., 0.01%, 10/01/12 (Dated 09/28/12, collateralized by $11,860,000 United States Treasury Note, 0.375%, 04/15/15, with a value of $11,904,262) Proceeds of $11,669,010 (Identified cost $11,669,000)	$	11,669	$	11,669,000
Total Investments | 100.1% (Identified cost $270,375,582) (b)			$	281,210,992
Liabilities in Excess of Cash and Other Assets | (0.1)%				(416,255	)
Net Assets | 100.0%			$	280,794,737

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 101.4%
Australia | 15.9%
DUET Group		2,637,009	$	5,580,155
Macquarie Atlas Roads Group (a)		2,376,815		3,599,588
SP AusNet		1,166,307		1,264,252
Spark Infrastructure Group		3,147,559		5,321,891
Transurban Group		801,676		4,989,472
				20,755,358
Austria | 2.4%
Flughafen Wien AG		66,570		3,085,636
France | 4.2%
Aeroports de Paris		68,295		5,446,539
Germany | 6.5%
Fraport AG		146,869		8,493,972
Italy | 23.6%
Atlantia SpA		622,064		9,656,549
Autostrada Torino-Milano SpA		481,241		4,359,851
Hera SpA		1,985,378		3,201,893
Snam SpA		646,747		2,867,302
Societa Iniziative Autostradali e Servizi SpA		825,606		6,625,600
Terna SpA		1,084,050		4,039,869
				30,751,064
Japan | 13.0%
Osaka Gas Co., Ltd.		1,490,300		6,569,236
Toho Gas Co., Ltd.		587,350		3,906,134
Tokyo Gas Co., Ltd.		1,166,700		6,428,511
				16,903,881
Luxembourg | 1.3%
SES SA		61,343		1,668,412
Mexico | 2.5%
Grupo Aeroportuario del Centro Norte SAB de CV		1,134,147		2,555,229
Grupo Aeroportuario del Pacifico SAB de CV, B Shares		156,700		658,610
				3,213,839
South Korea | 3.1%
Macquarie Korea Infrastructure Fund		678,517		3,968,203
Spain | 12.3%
Abertis Infraestructuras SA		418,938		6,164,178
Enagas SA		228,200		4,501,362
Red Electrica Corporacion SA		113,817		5,396,282
				16,061,822
Switzerland | 3.6%
Flughafen Zuerich AG		11,455		4,701,361

Description	Shares		Value
United States | 13.0%
California Water Service Group		148,034	$	2,760,834
CSX Corp.		293,300		6,085,975
Norfolk Southern Corp.		55,137		3,508,367
PG&E Corp.		48,079		2,051,531
SJW Corp.		25,600		649,216
Union Pacific Corp.		15,306		1,816,822
				16,872,745
Total Common Stocks (Identified cost $128,991,615)				131,922,832
Short-Term Investment | 0.3%
State Street Institutional Treasury Money Market Fund (Identified cost $453,905)		453,905		453,905
Total Investments | 101.7% (Identified cost $129,445,520) (b)			$	132,376,737
Liabilities in Excess of Cash and Other Assets | (1.7)%				(2,215,903	)
Net Assets | 100.0%			$	130,160,834

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contract
AUD	HSB	11/16/12	2,273,501	$	2,363,361	$	2,349,228	$	—	$	14,133
Forward Currency Sale Contracts
AUD	HSB	11/16/12	1,161,188	$	1,211,781	$	1,199,865	$	11,916	$	—
AUD	HSB	11/16/12	1,176,499		1,209,205		1,215,686		—		6,481
AUD	HSB	11/16/12	20,559,041		21,503,934		21,243,832		260,102		—
AUD	SSB	10/02/12	12,239		12,673		12,695		—		22
AUD	SSB	10/02/12	38,796		40,173		40,243		—		70
AUD	SSB	10/04/12	40,463		42,092		41,969		123		—
CHF	CSF	11/16/12	403,182		426,857		429,036		—		2,179
CHF	CSF	11/16/12	3,989,852		4,081,732		4,245,699		—		163,967
EUR	BRC	11/16/12	28,836,402		35,515,576		37,072,926		—		1,557,350
EUR	CAN	11/16/12	2,690,962		3,441,175		3,459,580		—		18,405
EUR	CAN	11/16/12	4,139,579		5,346,680		5,321,964		24,716		—
EUR	CAN	11/16/12	16,406,591		20,210,377		21,092,795		—		882,418
JPY	HSB	11/16/12	867,116,247		11,093,550		11,115,233		—		21,683
JPY	MEL	11/16/12	488,218,657		6,245,202		6,258,289		—		13,087
KRW	MEL	12/12/12	426,862,712		375,099		382,750		—		7,651
KRW	MEL	12/12/12	4,024,205,900		3,530,625		3,608,342		—		77,717
MXN	SSB	11/16/12	40,537,311		3,065,908		3,135,322		—		69,414
Total Forward Currency Sale Contracts				$	117,352,639	$	119,876,226		296,857		2,820,444
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	296,857	$	2,834,577

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 96.3%
Australia | 3.6%
James Hardie Industries SE		201,070	$	1,814,559
Orica, Ltd.		54,831		1,414,512
QBE Insurance Group, Ltd.		69,064		927,739
				4,156,810
Belgium | 3.6%
Anheuser-Busch InBev NV		48,745		4,144,872
Brazil | 1.7%
Banco do Brasil SA		90,365		1,105,464
Cielo SA		36,526		911,506
				2,016,970
Canada | 2.7%
Potash Corp. of Saskatchewan, Inc.		35,730		1,552,989
Rogers Communications, Inc., Class B		40,200		1,627,464
				3,180,453
Denmark | 1.1%
AP Moeller-Maersk A/S Class B		175		1,252,435
Finland | 1.3%
Sampo Oyj, A Shares		48,961		1,523,228
France | 11.2%
BNP Paribas SA		41,190		1,957,396
Cie Generale de Geophysique-Veritas (a)		36,818		1,159,167
Rexel SA		67,790		1,364,198
Sanofi SA		41,435		3,532,874
Technip SA		10,490		1,166,170
Total SA		40,073		1,987,738
Valeo SA		39,851		1,843,579
				13,011,122
Germany | 9.1%
Bayer AG		29,869		2,565,146
Bayerische Motoren Werke AG		12,425		908,667
Merck KGaA		20,042		2,472,477
RWE AG		37,961		1,698,338
SAP AG		28,080		1,988,600
ThyssenKrupp AG		46,181		981,564
				10,614,792
Indonesia | 0.8%
PT Bank Mandiri (Persero) Tbk ADR		116,300		976,920
Ireland | 0.8%
Ryanair Holdings PLC Sponsored ADR		28,300		912,675
Italy | 1.2%
Atlantia SpA		86,405		1,341,299
Description	Shares		Value
Japan | 15.9%
Asics Corp.		88,590	$	1,195,352
Canon, Inc.		36,100		1,154,145
Daito Trust Construction Co., Ltd.		20,800		2,092,261
Don Quijote Co., Ltd.		49,700		1,913,743
Fanuc Corp.		5,600		902,717
Komatsu, Ltd.		60,900		1,199,427
LIXIL Group Corp.		86,400		2,061,466
Mitsubishi Corp.		54,400		989,154
Seven & I Holdings Co., Ltd.		47,500		1,458,963
Softbank Corp.		52,100		2,109,636
Sumitomo Mitsui Financial Group, Inc.		70,400		2,201,128
Yahoo Japan Corp.		3,206		1,221,353
				18,499,345
Mexico | 0.9%
Genomma Lab Internacional SAB de CV, Series B (a)		531,900		1,029,357
Netherlands | 1.8%
ING Groep NV (a)		257,161		2,032,027
New Zealand | 0.8%
Telecom Corp. of New Zealand, Ltd.		454,906		897,322
Russia | 1.5%
Sberbank of Russia (d)		593,093		1,731,653
South Africa | 0.5%
Mediclinic International, Ltd.		113,068		556,985
South Korea | 2.9%
Duksan Hi-Metal Co., Ltd. (a)		23,601		431,068
Hyundai Mobis		5,500		1,536,541
Samsung Electronics Co., Ltd. GDR		2,311		1,391,222
				3,358,831
Spain | 3.2%
Amadeus IT Holding SA, A Shares		48,919		1,139,713
Mediaset Espana Comunicacion SA		232,840		1,262,670
Red Electrica Corporacion SA		28,550		1,353,610
				3,755,993
Sweden | 4.1%
Assa Abloy AB, Class B		51,761		1,679,979
Sandvik AB		114,203		1,549,933
Swedbank AB, A Shares		77,968		1,464,689
				4,694,601
Switzerland | 3.6%
Novartis AG		68,107		4,167,526
Turkey | 1.5%
Koc Holding AS		147,721		590,144
Turkcell Iletisim Hizmetleri AS (a)		195,775		1,192,787
				1,782,931

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
United Kingdom | 22.5%
BG Group PLC		61,039	$	1,232,072
BHP Billiton PLC		82,993		2,579,828
British American Tobacco PLC		47,669		2,447,448
GlaxoSmithKline PLC		64,449		1,485,631
Informa PLC		346,536		2,253,453
Petrofac, Ltd.		40,501		1,043,146
Prudential PLC		171,202		2,215,802
Rexam PLC		385,157		2,704,866
Royal Dutch Shell PLC, A Shares		95,440		3,301,174
Standard Chartered PLC		85,119		1,924,301
Unilever PLC		98,249		3,572,852
Wm Morrison Supermarkets PLC		292,202		1,345,709
				26,106,282
Total Common Stocks (Identified cost $99,549,163)				111,744,429
Rights | 0.1%
France | 0.1%
Cie Generale de Geophysique-Veritas Expires 10/12/12		36,818		59,425
South Africa | 0.0%
Mediclinic International, Ltd., Expires 10/05/12		30,271		44,554
Total Rights (Identified cost $49,394)				103,979
Description	Principal Amount (000)		Value
Repurchase Agreement | 3.3%
State Street Bank and Trust Co., 0.01%, 10/01/12 (Dated 09/28/12, collateralized by $3,838,000 United States Treasury Note, 0.375%, 04/15/15, with a value of $3,919,573) Proceeds of $3,838,003 (Identified cost $3,838,000)	$	3,838	$	3,838,000
Total Investments | 99.7% (Identified cost $103,436,557) (b)			$	115,686,408
Cash and Other Assets in Excess of Liabilities | 0.3%				406,202
Net Assets | 100.0%			$	116,092,610

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 97.5%
Australia | 2.9%
BHP Billiton, Ltd.		3,428	$	117,486
Orica, Ltd.		3,120		80,489
				197,975
Belgium | 3.7%
Anheuser-Busch InBev NV		2,955		251,269
Brazil | 3.9%
Banco do Brasil SA		8,811		107,788
Cielo SA		3,182		79,407
Vale SA Sponsored ADR		4,330		77,507
				264,702
Canada | 1.2%
Potash Corp. of Saskatchewan, Inc.		1,854		80,583
China | 1.4%
China Construction Bank Corp., Class H		136,000		94,361
Finland | 1.2%
Sampo Oyj, A Shares		2,678		83,315
France | 9.1%
BNP Paribas SA		1,849		87,867
LVMH Moet Hennessy Louis Vuitton SA		390		58,637
Sanofi SA		2,612		222,707
Technip SA		649		72,149
Total SA		1,666		82,638
Valeo SA		2,153		99,602
				623,600
Germany | 7.4%
Bayer AG		1,166		100,136
Bayerische Motoren Werke AG		809		59,164
Merck KGaA		1,037		127,929
SAP AG		3,101		219,610
				506,839
Hong Kong | 1.8%
China Mobile, Ltd. Sponsored ADR		2,262		125,224
Indonesia | 2.7%
PT Bank Mandiri (Persero) Tbk		93,000		79,687
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		2,669		103,904
				183,591
Ireland | 1.0%
Ryanair Holdings PLC Sponsored ADR		2,220		71,595
Italy | 1.0%
Atlantia SpA		4,469		69,374
Description	Shares		Value
Japan | 11.5%
Canon, Inc.		2,192	$	70,080
Daito Trust Construction Co., Ltd.		1,065		107,128
Fanuc Corp.		386		62,223
Komatsu, Ltd.		3,400		66,963
LIXIL Group Corp.		4,600		109,754
Seven & I Holdings Co., Ltd.		2,417		74,238
Softbank Corp.		2,500		101,230
Sumitomo Mitsui Financial Group, Inc.		3,776		118,061
Yahoo Japan Corp.		210		80,001
				789,678
Mexico | 0.9%
Genomma Lab Internacional SAB de CV, Series B (a)		31,700		61,347
Netherlands | 1.1%
ING Groep NV (a)		9,254		73,123
Norway | 0.8%
Petroleum Geo-Services ASA		3,556		58,782
Russia | 3.4%
Mobile TeleSystems OJSC Sponsored ADR		4,711		82,537
Sberbank of Russia (d)		51,489		150,332
				232,869
South Africa | 2.1%
Mediclinic International, Ltd.		6,621		32,616
Mr Price Group, Ltd.		3,748		56,736
Standard Bank Group, Ltd.		4,266		54,141
				143,493
South Korea | 4.1%
Hyundai Mobis		427		119,291
KT&G Corp.		948		72,246
Samsung Electronics Co., Ltd.		72		87,196
				278,733
Spain | 0.8%
Red Electrica Corporacion SA		1,100		52,153
Sweden | 3.8%
Assa Abloy AB, Class B		4,025		130,637
Sandvik AB		4,805		65,212
Swedbank AB, A Shares		3,403		63,928
				259,777
Switzerland | 3.2%
Novartis AG		3,651		223,408
Taiwan | 2.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		50,341		154,216

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Thailand | 1.6%
Kasikornbank Public Co. Ltd.		18,900	$	112,061
Turkey | 2.3%
Koc Holding AS		17,130		68,434
Turkcell Iletisim Hizmetleri AS (a)		14,467		88,143
				156,577
United Kingdom | 22.4%
BG Group PLC		4,282		86,432
British American Tobacco PLC		3,635		186,630
British Sky Broadcasting Group PLC		5,719		68,663
GlaxoSmithKline PLC		3,408		78,559
Informa PLC		15,561		101,190
Petrofac, Ltd.		3,790		97,615
Prudential PLC		10,154		131,419
Rexam PLC		16,782		117,856
Royal Dutch Shell PLC, A Shares		3,932		135,921
Standard Chartered PLC		2,724		61,582
Tullow Oil PLC		3,391		75,018
Unilever PLC		5,975		217,283
Wm Morrison Supermarkets PLC		20,519		94,498
Wolseley PLC		2,048		87,373
				1,540,039
Total Common Stocks (Identified cost $6,114,384)				6,688,684
Right | 0.0%
South Africa | 0.0%
Mediclinic International, Ltd., Expires 10/05/12 (Identified cost $0)		1,747		2,572
Short-Term Investment | 2.7%
State Street Institutional Treasury Money Market Fund (Identified cost $184,610)		184,610		184,610
Total Investments | 100.2% (Identified cost $6,298,994) (b)			$	6,875,866
Liabilities in Excess of Cash and Other Assets | (0.2)%				(15,449	)
Net Assets | 100.0%			$	6,860,417

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.9%
Australia | 8.4%
Amcor, Ltd.		2,096,461	$	16,875,358
Ansell, Ltd.		1,499,024		24,956,755
Caltex Australia, Ltd.		817,503		14,017,376
James Hardie Industries SE		1,712,446		15,453,990
Orica, Ltd.		540,358		13,939,971
				85,243,450
Belgium | 2.4%
Anheuser-Busch InBev NV		290,147		24,671,705
Bermuda | 0.9%
Signet Jewelers, Ltd.		189,877		9,195,331
Brazil | 1.2%
Estacio Participacoes SA		359,800		6,034,382
LPS Brasil Consultoria de Imoveis SA		340,300		6,125,316
				12,159,698
Canada | 2.5%
Home Capital Group, Inc.		146,460		7,663,414
Potash Corp. of Saskatchewan, Inc.		403,540		17,539,685
				25,203,099
Egypt | 0.2%
Eastern Tobacco SAE		142,787		2,105,475
Finland | 3.2%
Sampo Oyj, A Shares		1,036,873		32,258,212
France | 10.6%
BNP Paribas SA		299,750		14,244,461
Christian Dior SA		89,580		12,017,980
Cie Generale de Geophysique-Veritas (a)		644,933		20,304,889
Sanofi SA		414,527		35,343,836
Technip SA		94,579		10,514,315
Valeo SA		326,515		15,105,169
				107,530,650
Germany | 5.5%
Merck KGaA		146,714		18,099,340
Sky Deutschland AG (a)		4,022,831		16,128,958
Symrise AG		624,443		21,144,302
				55,372,600
Indonesia | 3.5%
PT Bank Mandiri (Persero) Tbk		16,464,500		14,107,513
PT Media Nusantara Citra Tbk		78,854,500		21,423,375
				35,530,888
Ireland | 3.5%
Kerry Group PLC Class A		407,794		20,859,811
Ryanair Holdings PLC Sponsored ADR		462,970		14,930,782
				35,790,593
Description	Shares		Value
Japan | 10.6%
Asics Corp.		1,582,350	$	21,350,776
Daito Trust Construction Co., Ltd.		137,900		13,871,284
Don Quijote Co., Ltd.		770,500		29,668,792
LIXIL Group Corp.		768,100		18,326,527
Nabtesco Corp.		348,800		6,404,798
Softbank Corp.		444,900		18,014,915
				107,637,092
Netherlands | 2.1%
ING Groep NV (a)		2,668,735		21,087,732
Philippines | 1.2%
GT Capital Holdings, Inc.		600,920		7,850,926
Security Bank Corp.		999,850		3,930,850
				11,781,776
Russia | 2.2%
Sberbank of Russia (d)		7,585,911		22,148,577
South Africa | 3.8%
Aspen Pharmacare Holdings, Ltd.		768,820		13,209,331
Life Healthcare Group Holdings Pte, Ltd.		2,220,154		8,469,289
Mediclinic International, Ltd.		1,312,525		6,465,640
Nampak, Ltd.		2,999,670		10,307,649
				38,451,909
South Korea | 1.2%
Hyundai Mobis		42,606		11,902,884
Spain | 0.8%
Mediaset Espana Comunicacion SA		1,586,050		8,601,006
Sweden | 4.0%
Assa Abloy AB, Class B		484,332		15,719,702
Autoliv, Inc.		244,339		15,053,586
Sandvik AB		756,634		10,268,835
				41,042,123
Switzerland | 3.4%
Novartis AG		450,631		27,574,496
Swatch Group AG		18,516		7,386,713
				34,961,209
Thailand | 1.8%
Kasikornbank Public Co. Ltd.		3,054,700		18,111,850
United Kingdom | 23.9%
AMEC PLC		917,874		16,985,809
Associated British Foods PLC		1,337,148		27,832,419
BBA Aviation PLC		2,880,520		9,186,637
BG Group PLC		580,017		11,707,638
British American Tobacco PLC		595,752		30,587,423
IG Group Holdings PLC		1,759,867		12,674,571
Informa PLC		4,791,799		31,160,095
Prudential PLC		2,159,307		27,947,083

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Rexam PLC		4,130,767	$	29,009,394
Rockhopper Exploration PLC (a)		1,774,337		4,985,445
Tullow Oil PLC		909,326		20,116,792
Unilever PLC		561,023		20,401,759
				242,595,065
Total Common Stocks (Identified cost $870,615,818)				983,382,924
Rights | 0.2%
France | 0.1%
Cie Generale de Geophysique-Veritas, Expires 10/12/12		635,010		1,024,920
South Africa | 0.1%
Mediclinic International, Ltd., Expires 10/05/12		345,991		509,238
Total Rights (Identified cost $722,557)				1,534,158
Short-Term Investment | 2.5%
State Street Institutional Treasury Money Market Fund (Identified cost $25,861,946)		25,861,946		25,861,946
Total Investments | 99.6% (Identified cost $897,200,321) (b)			$	1,010,779,028
Cash and Other Assets in Excess of Liabilities | 0.4%				3,595,646
Net Assets | 100.0%			$	1,014,374,674

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 97.2%
Australia | 6.9%
Ansell, Ltd.		39,486	$	657,389
Aristocrat Leisure, Ltd.		236,035		658,617
Cabcharge Australia, Ltd.		131,554		746,442
Echo Entertainment Group, Ltd.		122,323		485,972
James Hardie Industries SE		99,558		898,463
Macquarie Atlas Roads Group (a)		516,294		781,906
				4,228,789
Austria | 2.5%
Andritz AG		16,006		906,454
Kapsch TrafficCom AG		10,107		645,244
				1,551,698
Belgium | 5.8%
Arseus NV		56,488		1,046,746
EVS Broadcast Equipment SA		11,229		620,050
Kinepolis Group NV		8,562		848,850
Telenet Group Holding NV		22,782		1,020,269
				3,535,915
China | 2.8%
AAC Technologies Holdings, Inc.		345,500		1,245,378
Prince Frog International Holdings, Ltd.		1,515,000		488,455
				1,733,833
France | 3.3%
Cie Generale de Geophysique-Veritas (a)		19,367		609,745
Ingenico		11,905		611,941
Valeo SA		17,650		816,520
				2,038,206
Germany | 8.8%
CompuGroup Medical AG		70,871		1,303,251
CTS Eventim AG		23,669		703,670
Deutsche Wohnen AG		36,058		633,417
Dialog Semiconductor PLC (a)		25,667		500,028
NORMA Group		24,377		657,839
STRATEC Biomedical AG		14,589		669,758
Wirecard AG		40,798		936,879
				5,404,842
Ireland | 0.8%
Kenmare Resources PLC (a)		783,213		496,913
Italy | 1.4%
Azimut Holding SpA		72,661		838,023
Japan | 24.8%
Ain Pharmaciez, Inc.		21,500		1,534,534
Asahi Co., Ltd.		37,400		637,870
Benesse Holdings, Inc.		15,300		741,082
Description	Shares		Value
Daiseki Co., Ltd.		34,800	$	540,907
Don Quijote Co., Ltd.		32,700		1,259,143
Dr. Ci:Labo Co., Ltd.		173		583,243
JAFCO Co., Ltd.		34,800		676,468
JSR Corp.		35,900		588,826
Konami Corp.		23,950		544,123
Kurita Water Industries, Ltd.		21,900		485,201
Misumi Group, Inc.		35,900		889,680
OSG Corp.		53,600		744,521
Rinnai Corp.		10,100		753,229
Santen Pharmaceutical Co., Ltd.		18,690		859,778
Suruga Bank, Ltd.		97,300		1,103,415
Sysmex Corp.		19,500		938,269
Tamron Co., Ltd.		20,300		621,694
USS Co., Ltd.		10,740		1,135,379
Valor Co., Ltd.		34,300		569,616
				15,206,978
Netherlands | 4.7%
Aalberts Industries NV		39,505		709,200
ASM International NV		19,527		656,688
Gemalto NV		10,915		960,101
Royal Imtech NV		21,559		569,048
				2,895,037
Norway | 5.2%
Atea ASA		66,050		648,521
Kongsberg Gruppen ASA		49,805		943,260
Petroleum Geo-Services ASA		39,540		653,605
TGS Nopec Geophysical Co. ASA		27,816		907,471
				3,152,857
Singapore | 2.1%
Ezra Holdings, Ltd. (a)		734,000		729,694
XP Power, Ltd.		34,337		555,582
				1,285,276
Sweden | 6.7%
Elekta AB, B Shares		85,324		1,126,820
Getinge AB, B Shares		26,896		811,532
Indutrade AB		18,141		538,530
Intrum Justitia AB		54,589		797,793
Loomis AB, B Shares		56,662		804,368
				4,079,043
Switzerland | 1.7%
Dufry AG (a)		8,637		1,034,971
United Kingdom | 19.7%
Abcam PLC		93,929		609,360
Aberdeen Asset Management PLC		144,561		726,222
APR Energy PLC		42,577		574,434
Ashtead Group PLC		153,322		801,678

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Dignity PLC		57,659	$	849,608
Elementis PLC		156,382		585,859
Hansteen Holdings PLC REIT		513,579		649,363
IG Group Holdings PLC		153,628		1,106,430
Intertek Group PLC		18,285		809,029
John Wood Group PLC		41,352		536,538
Morgan Crucible Co. PLC		143,584		612,340
Provident Financial PLC		38,083		844,346
Rightmove PLC		29,920		757,576
RPC Group PLC		98,600		678,433
Spectris PLC		26,925		750,004
Synergy Health PLC		43,727		649,615
Yule Catto & Co. PLC		184,550		494,699
				12,035,534
Total Common Stocks (Identified cost $47,353,509)				59,517,915
Right | 0.1%
France | 0.1%
Cie Generale de Geophysique-Veritas, Expires 10/12/12 (Identified cost $25,319)		19,367		31,259
Short-Term Investment | 2.5%
State Street Institutional Treasury Money Market Fund (Identified cost $1,556,479)		1,556,479		1,556,479
Total Investments | 99.8% (Identified cost $48,935,307) (b)			$	61,105,653
Cash and Other Assets in Excess of Liabilities | 0.2%				121,453
Net Assets | 100.0%			$	61,227,106

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 96.4%
Argentina | 0.5%
YPF Sociedad Anonima Sponsored ADR		5,516,097	$	71,709,261
Brazil | 12.5%
Banco do Brasil SA		42,062,210		514,560,517
CCR SA		23,511,000		212,813,836
CEMIG SA Sponsored ADR		2,728,170		33,065,420
Cielo SA		14,779,259		368,816,235
Companhia Siderurgica Nacional SA Sponsored ADR		14,011,366		78,883,991
Natura Cosmeticos SA		7,772,900		211,840,042
Souza Cruz SA		12,367,425		167,766,278
Vale SA Sponsored ADR		19,008,000		340,243,200
				1,927,989,519
Canada | 0.6%
First Quantum Minerals, Ltd.		4,720,300		100,590,260
China | 5.5%
China Construction Bank Corp., Class H		704,125,220		488,543,881
CNOOC, Ltd.		74,725,000		153,033,963
NetEase, Inc. Sponsored ADR (a)		2,313,456		129,877,420
Weichai Power Co., Ltd., Class H		27,338,000		83,910,266
				855,365,530
Colombia | 0.8%
Pacific Rubiales Energy Corp.		5,169,000		123,507,080
Egypt | 2.3%
Commercial International Bank Egypt SAE		21,752,431		123,448,413
Eastern Tobacco SAE		2,414,259		35,599,604
Orascom Construction Industries		4,174,312		196,612,201
				355,660,218
France | 0.8%
CFAO SA		2,504,451		119,947,684
Hong Kong | 2.8%
China Mobile, Ltd. Sponsored ADR		5,759,304		318,835,069
Huabao International Holdings, Ltd.		208,695,000		118,423,018
				437,258,087
Hungary | 1.3%
OTP Bank PLC		11,333,969		198,960,392
India | 5.4%
Bank of India		15,658,457		92,326,858
Bharat Heavy Electricals, Ltd.		32,336,760		151,184,852
Infosys, Ltd. Sponsored ADR		1,632,408		79,237,084
Jindal Steel & Power, Ltd.		16,030,984		129,582,141
Punjab National Bank, Ltd.		13,684,493		217,675,412
Tata Consultancy Services, Ltd.		6,573,511		161,212,725
				831,219,072
Description	Shares		Value
Indonesia | 6.1%
PT Bank Mandiri (Persero) Tbk		275,257,430	$	235,852,762
PT Semen Gresik (Persero) Tbk		82,762,800		124,965,774
PT Tambang Batubara Bukit Asam (Persero) Tbk		32,359,200		54,777,329
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		9,197,349		358,052,797
PT United Tractors Tbk		81,448,094		176,172,993
				949,821,655
Malaysia | 0.8%
British American Tobacco Malaysia Berhad		6,263,300		123,770,103
Mexico | 4.7%
America Movil SAB de CV Series L, ADR		8,268,970		210,362,597
Grupo Mexico SAB de CV, Series B		71,651,750		236,802,723
Grupo Televisa SAB Sponsored ADR		6,537,600		153,698,976
Kimberly-Clark de Mexico SAB de CV, Series A		50,314,295		120,159,374
				721,023,670
Pakistan | 1.4%
Oil & Gas Development Co., Ltd.		50,805,349		95,350,729
Pakistan Petroleum, Ltd.		63,087,585		117,032,042
				212,382,771
Philippines | 2.1%
Philippine Long Distance Telephone Co. Sponsored ADR		5,045,750		333,069,958
Russia | 9.6%
Gazprom OAO Sponsored ADR		19,300,542		193,584,436
Lukoil OAO Sponsored ADR		1,932,550		118,929,127
Magnit OJSC Sponsored GDR (d), (e)		3,639,565		123,708,814
Mobile TeleSystems OJSC Sponsored ADR		15,273,743		267,595,978
Oriflame Cosmetics SA SDR		2,513,529		86,057,221
Sberbank of Russia (d)		161,503,092		471,540,416
TNK-BP Holding (d)		38,361,894		103,765,893
Uralkali OJSC Sponsored GDR		2,809,789		116,240,971
				1,481,422,856
South Africa | 11.3%
Bidvest Group, Ltd.		9,680,815		239,606,859
Massmart Holdings, Ltd.		663,374		13,303,347
Murray & Roberts Holdings, Ltd. (a)		35,297,522		93,767,657
Nedbank Group, Ltd.		7,081,646		155,697,513
Pretoria Portland Cement Co., Ltd.		30,227,733		105,323,112
Sanlam, Ltd.		30,106,467		135,900,513
Shoprite Holdings, Ltd.		16,597,086		335,690,671
Standard Bank Group, Ltd.		9,170,248		116,382,710
Tiger Brands, Ltd.		4,474,408		146,828,104
Truworths International, Ltd.		17,463,681		197,234,893
Vodacom Group, Ltd.		9,447,937		115,899,840

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Woolworths Holdings, Ltd.		13,208,427	$	96,472,459
				1,752,107,678
South Korea | 14.3%
Hite Jinro Co., Ltd.		1,330,298		29,205,094
Hyundai Mobis		998,056		278,827,980
KB Financial Group, Inc.		7,324,500		261,630,474
Korea Life Insurance Co., Ltd.		30,747,143		213,570,816
KT&G Corp.		3,412,941		260,095,016
NHN Corp.		962,821		251,658,457
Samsung Electronics Co., Ltd.		366,196		443,484,550
Shinhan Financial Group Co., Ltd.		9,871,994		337,082,729
Woongjin Coway Co., Ltd.		4,735,084		131,006,440
				2,206,561,556
Taiwan | 5.1%
Hon Hai Precision Industry Co., Ltd.		47,812,118		150,057,648
HTC Corp.		12,236,935		118,555,940
MediaTek, Inc.		11,281,421		119,112,347
Taiwan Semiconductor Manufacturing Co., Ltd.		128,993,284		395,162,533
				782,888,468
Thailand | 2.3%
CP All Public Co. Ltd. (d)		92,396,300		106,564,933
PTT Exploration & Production Public Co. Ltd. (d)		18,257,850		96,390,534
The Siam Cement Public Co. Ltd.		12,295,500		158,986,647
				361,942,114
Turkey | 6.2%
Akbank TAS		40,202,807		158,820,381
Koc Holding AS		39,950,823		159,603,232
Turkcell Iletisim Hizmetleri AS (a)		50,035,959		304,851,162
Turkiye Is Bankasi AS, C Shares		109,183,308		342,631,163
				965,905,938
Total Common Stocks (Identified cost $14,116,785,851)				14,913,103,870
Preferred Stocks | 1.2%
Brazil | 1.2%
Companhia de Bebidas das Americas SA Sponsored ADR (Identified cost $144,976,221)		5,023,548		192,251,182
Short-Term Investment | 2.9%
State Street Institutional Treasury Money Market Fund (Identified cost $444,363,407)		444,363,407		444,363,407
Description			Value
Total Investments | 100.5% (Identified cost $14,706,125,479) (b)			$	15,549,718,459
Liabilities in Excess of Cash and Other Assets | (0.5)%				(71,742,656	)
Net Assets | 100.0%			$	15,477,975,803

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 89.1%
Brazil | 9.2%
Cia Hering		168,911	$	3,818,567
Cyrela Brazil Realty SA Empreendimentos e Participacoes		705,560		6,055,861
Localiza Rent a Car SA		178,681		3,137,770
MRV Engenharia e Participacoes SA		984,295		5,889,505
Petroleo Brasileiro SA Sponsored ADR		352,700		7,784,089
Totvs SA		201,663		4,188,940
Vale SA Sponsored ADR		227,415		4,070,728
				34,945,460
China | 22.0%
AAC Technologies Holdings, Inc.		2,578,200		9,293,297
Agricultural Bank of China, Ltd., Class H		19,253,500		7,523,566
China Construction Bank Corp., Class H		3,672,184		2,547,875
China Merchants Bank Co., Ltd., Class H		4,247,211		7,142,542
China National Materials Co., Ltd., Class H		15,744,890		4,426,572
China State Construction International Holdings, Ltd.		5,930,040		6,997,616
Daphne International Holdings, Ltd.		6,637,000		6,616,415
First Tractor Co., Ltd., Class H (a)		3,960,000		3,048,884
Hengdeli Holdings, Ltd.		16,076,000		4,644,056
Hidili Industry International Development, Ltd.		9,947,900		2,399,078
NetEase, Inc. Sponsored ADR (a)		70,285		3,945,800
Ping An Insurance (Group) Co. of China, Ltd., Class H		916,000		6,928,431
Sands China, Ltd.		1,974,600		7,359,501
Vinda International Holdings, Ltd.		2,680,000		3,691,284
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		6,302,600		7,152,763
				83,717,680
Colombia | 2.1%
Pacific Rubiales Energy Corp.		328,429		7,847,419
India | 7.5%
Cairn India, Ltd.		1,001,468		6,284,689
HDFC Bank, Ltd. Sponsored ADR		103,600		3,893,288
ICICI Bank, Ltd. Sponsored ADR		283,130		11,364,838
Shriram Transport Finance Co., Ltd.		612,561		7,200,451
				28,743,266
Indonesia | 3.0%
PT Bank Rakyat Indonesia (Persero) Tbk		9,501,800		7,396,908
PT XL Axiata Tbk		5,829,000		4,050,455
				11,447,363
Mexico | 5.5%
Corporacion Geo SAB de CV, Series B (a)		6,072,706		7,454,212
Genomma Lab Internacional SAB de CV, Series B (a)		3,569,900		6,908,634

Description	Shares		Value
Grupo Financiero Banorte SAB de CV, Class O		1,180,157	$	6,670,144
				21,032,990
Peru | 2.3%
Credicorp, Ltd.		69,100		8,656,848
Philippines | 1.0%
SM Investments Corp.		213,501		3,736,203
Qatar | 0.8%
Qatar Electricity & Water Co.		83,710		3,046,257
Russia | 18.0%
Alliance Oil Co., Ltd. SDR (a)		419,002		3,310,529
Eurasia Drilling Co., Ltd. GDR		232,298		7,665,834
Globaltrans Investment PLC Sponsored GDR		591,791		12,297,417
Novatek OAO Sponsored GDR		45,297		5,358,635
Rosneft Oil Co. OJSC GDR		722,332		4,854,071
Sberbank of Russia (d)		3,747,842		10,942,571
TMK OAO GDR		346,812		5,275,011
Uralkali OJSC Sponsored GDR		129,032		5,338,054
VTB Bank OJSC GDR		1,685,568		5,612,941
X5 Retail Group NV GDR (a)		313,269		6,581,782
Yandex NV Class A (a)		59,800		1,429,645
				68,666,490
South Africa | 4.3%
Barloworld, Ltd.		540,488		4,669,120
Exxaro Resources, Ltd.		377,853		7,306,460
Standard Bank Group, Ltd.		359,350		4,560,632
				16,536,212
South Korea | 5.7%
Kia Motors Corp.		143,120		8,936,751
Mando Corp.		35,516		4,921,127
Samsung Electronics Co., Ltd.		6,640		8,041,424
				21,899,302
Taiwan | 3.4%
Catcher Technology Co., Ltd.		1,218,000		5,734,013
Synnex Technology International Corp.		1,886,989		4,274,347
Yuanta Financial Holding Co., Ltd.		5,567,159		2,924,736
				12,933,096
Turkey | 1.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,363,789		4,932,329
United States | 3.0%
First Cash Financial Services, Inc. (a)		127,000		5,843,270
Freeport-McMoRan Copper & Gold, Inc.		144,700		5,727,226
				11,570,496
Total Common Stocks (Identified cost $359,226,020)				339,711,411

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Preferred Stocks | 6.1%
Brazil | 4.6%
Banco Bradesco SA Sponsored ADR		411,808	$	6,617,755
Gerdau SA Sponsored ADR		533,050		5,069,306
Marcopolo SA		983,100		5,746,570
				17,433,631
Colombia | 1.5%
Bancolombia SA Sponsored ADR		92,500		5,523,175
Total Preferred Stocks (Identified cost $22,171,931)				22,956,806
Short-Term Investment | 6.4%
State Street Institutional Treasury Money Market Fund (Identified cost $24,570,548)		24,570,548		24,570,548
Total Investments | 101.6% (Identified cost $405,968,499) (b)			$	387,238,765
Liabilities in Excess of Cash and Other Assets | (1.6)%				(5,985,457	)
Net Assets | 100.0%			$	381,253,308

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 90.7%
Argentina | 0.2%
YPF Sociedad Anonima Sponsored ADR		28,375	$	368,875
Brazil | 8.6%
Banco do Brasil SA		180,207		2,204,530
Brasil Brokers Participacoes SA		121,500		427,925
Brasil Insurance Participacoes e Administracao SA		48,400		454,813
CEMIG SA Sponsored ADR		40,333		488,836
Cia Hering		48,227		1,090,267
Cielo SA Sponsored ADR		76,347		1,930,052
Companhia de Locacao das Americas		77,300		322,203
Companhia Siderurgica Nacional SA Sponsored ADR		70,145		394,916
MRV Engenharia e Participacoes SA		380,700		2,277,909
Natura Cosmeticos SA		39,050		1,064,256
Petroleo Brasileiro SA Sponsored ADR		131,500		2,902,205
Souza Cruz SA		100,295		1,360,519
T4F Entretenimento SA		65,650		456,611
UNICASA Industria de Moveis SA		35,800		195,136
				15,570,178
Cambodia | 0.2%
NagaCorp, Ltd.		670,000		375,004
Canada | 0.5%
First Quantum Minerals, Ltd.		46,405		988,897
China | 14.7%
AAC Technologies Holdings, Inc.		772,140		2,783,231
Agricultural Bank of China, Ltd., Class H		8,264,000		3,229,270
Biostime International Holdings, Ltd.		164,500		424,295
China Construction Bank Corp., Class H		3,535,461		2,453,012
China Outfitters Holdings, Ltd.		2,026,000		365,796
China State Construction International Holdings, Ltd.		3,172,504		3,743,645
CNOOC, Ltd.		834,000		1,708,000
Daphne International Holdings, Ltd.		2,122,000		2,115,418
Hengdeli Holdings, Ltd.		1,440,000		415,989
Ping An Insurance (Group) Co. of China, Ltd., Class H		384,500		2,908,277
Prince Frog International Holdings, Ltd.		1,858,000		599,042
Sands China, Ltd.		666,400		2,483,729
Shenguan Holdings Group, Ltd.		830,000		457,064
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		2,343,440		2,659,549
				26,346,317
Colombia | 2.4%
Pacific Rubiales Energy Corp.		179,100		4,279,380

Description	Shares		Value
Egypt | 1.3%
Commercial International Bank Egypt SAE		185,108	$	1,050,516
Orascom Construction Industries		27,282		1,284,996
				2,335,512
Hong Kong | 1.8%
China Metal Recycling Holdings, Ltd.		384,600		356,127
China Mobile, Ltd. Sponsored ADR		25,500		1,411,680
REXLot Holdings, Ltd.		7,575,000		566,607
Sitoy Group Holdings, Ltd.		944,000		505,233
Stella International Holdings, Ltd.		142,500		349,540
				3,189,187
Hungary | 0.8%
OTP Bank PLC		78,115		1,371,258
India | 2.2%
ICICI Bank, Ltd. Sponsored ADR		97,590		3,917,263
Indonesia | 4.5%
PT AKR Corporindo Tbk		755,000		335,293
PT Bank Mandiri (Persero) Tbk		1,554,500		1,342,582
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		3,895,500		447,759
PT Bank Rakyat Indonesia (Persero) Tbk		3,572,618		2,781,192
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		47,050		1,831,656
PT United Tractors Tbk		613,515		1,327,039
				8,065,521
Mexico | 7.8%
America Movil SAB de CV Series L, ADR		52,708		1,340,892
Corporacion Geo SAB de CV, Series B (a)		1,140,800		1,400,325
Genomma Lab Internacional SAB de CV, B Shares (a)		1,648,900		3,191,027
Grupo Financiero Banorte SAB de CV, Class O		643,800		3,638,701
Grupo Mexico SAB de CV, Series B		389,801		1,288,258
Grupo Televisa SAB Sponsored ADR		68,173		1,602,747
Kimberly-Clark de Mexico SAB de CV, Series A		614,100		1,466,579
				13,928,529
Nigeria | 0.2%
Guaranty Trust Bank PLC		2,932,130		357,190
Pakistan | 0.2%
Fauji Fertilizer Co., Ltd.		330,700		390,043
Philippines | 1.0%
Philippine Long Distance Telephone Co. Sponsored ADR		28,492		1,880,757
Qatar | 0.2%
Qatar Electricity & Water Co.		8,246		300,077

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Russia | 15.7%
Alliance Oil Co., Ltd. SDR (a)		201,928	$	1,595,430
CTC Media, Inc.		34,000		309,740
Dixy Group OJSC (a)		28,538		228,304
Eurasia Drilling Co., Ltd. GDR		104,365		3,444,045
Gazprom OAO Sponsored ADR		148,639		1,490,849
Globaltrans Investment PLC Sponsored GDR		203,233		4,223,182
Lukoil OAO Sponsored ADR		20,568		1,265,755
Mobile TeleSystems OJSC Sponsored ADR		96,020		1,682,270
Oriflame Cosmetics SA SDR		32,425		1,110,154
Sberbank of Russia (d)		958,425		2,798,313
Sberbank of Russia Sponsored ADR		193,997		2,260,065
TMK OAO GDR		163,000		2,479,230
Uralkali OJSC Sponsored GDR		82,509		3,413,397
X5 Retail Group NV GDR (a)		91,469		1,921,764
				28,222,498
South Africa | 6.7%
Barloworld, Ltd.		274,224		2,368,942
Exxaro Resources, Ltd.		141,235		2,731,030
Lewis Group, Ltd.		49,262		423,252
Standard Bank Group, Ltd.		309,772		3,931,421
Tiger Brands, Ltd.		36,965		1,213,010
Truworths International, Ltd.		115,284		1,302,018
				11,969,673
South Korea | 10.9%
BS Financial Group, Inc.		25,810		278,669
Hy-Lok Corp.		15,885		326,583
Hyundai Marine & Fire Insurance Co., Ltd.		16,550		515,221
Hyundai Mobis		6,424		1,794,680
Kia Motors Corp.		42,912		2,679,527
Korea Life Insurance Co., Ltd.		194,202		1,348,934
KT&G Corp.		20,078		1,530,114
Mando Corp.		16,846		2,334,196
NHN Corp.		6,809		1,779,710
Samsung Electronics Co., Ltd.		4,320		5,231,770
Shinhan Financial Group Co., Ltd.		53,460		1,825,411
				19,644,815
Taiwan | 5.2%
Catcher Technology Co., Ltd.		467,000		2,198,509
Hon Hai Precision Industry Co., Ltd.		387,709		1,216,819
HTC Corp. GDR		19,527		756,964
Lumax International Corp., Ltd.		137,000		283,221
Makalot Industrial Co., Ltd.		117,000		337,268
Synnex Technology International Corp.		1,025,190		2,322,228
Taiwan Semiconductor Manufacturing Co., Ltd.		706,000		2,162,785
				9,277,794

Description	Shares		Value
Thailand | 0.7%
Banpu Public Co. Ltd.		60,930	$	775,977
Thai Tap Water Supply Co., Ltd.		1,980,900		489,111
				1,265,088
Turkey | 3.3%
Koc Holding AS ADR		79,912		1,588,051
TAV Havalimanlari Holding AS		65,809		325,887
Tofas Turk Otomobil Fabrikasi AS		65,053		328,658
Turkcell Iletisim Hizmetleri AS ADR (a)		98,855		1,496,665
Turkiye Is Bankasi AS, C Shares		589,608		1,850,265
Turkiye Sinai Kalkinma Bankasi AS		307,770		342,490
				5,932,016
United Kingdom | 0.2%
Bank of Georgia Holdings PLC		21,619		444,060
United States | 1.4%
Freeport-McMoRan Copper & Gold, Inc.		65,400		2,588,532
Total Common Stocks (Identified cost $159,120,235)				163,008,464
Preferred Stocks | 5.4%
Brazil | 4.0%
Banco ABC Brasil SA		76,180		454,694
Banco Bradesco SA Sponsored ADR		121,500		1,952,505
Marcopolo SA		394,900		2,308,332
Randon Participacoes SA		79,800		463,310
Vale SA Sponsored ADR		114,300		1,984,248
				7,163,089
Colombia | 1.4%
Bancolombia SA Sponsored ADR		41,320		2,467,217
Total Preferred Stocks (Identified cost $9,525,541)				9,630,306
Short-Term Investment | 5.9%
State Street Institutional Treasury Money Market Fund (Identified cost $10,611,392)		10,611,392		10,611,392
Total Investments | 102.0% (Identified cost $179,257,168) (b)			$	183,250,162
Liabilities in Excess of Cash and Other Assets | (2.0)%				(3,633,621	)
Net Assets | 100.0%			$	179,616,541

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 51.5%
Argentina | 0.1%
YPF Sociedad Anonima Sponsored ADR		9,087	$	118,131
Brazil | 4.9%
Banco do Brasil SA		43,390		530,804
Banco do Brasil SA Sponsored ADR		14,160		176,150
Brasil Brokers Participacoes SA		37,800		133,132
Brasil Insurance Participacoes e Administracao SA		15,100		141,894
CEMIG SA Sponsored ADR (f)		7,723		93,603
Cia Hering		15,690		354,704
Cielo SA Sponsored ADR		10,600		267,968
Cielo SA Sponsored ADR (f)		13,798		348,813
Companhia de Locacao das Americas		24,000		100,037
Companhia Siderurgica Nacional SA Sponsored ADR		20,640		116,203
MRV Engenharia e Participacoes SA		123,770		740,575
Natura Cosmeticos SA		12,240		333,585
Petroleo Brasileiro SA Sponsored ADR		1,600		35,312
Petroleo Brasileiro SA Sponsored ADR (f)		41,100		907,077
Souza Cruz SA		31,540		427,846
T4F Entretenimento SA		20,360		141,609
UNICASA Industria de Moveis SA		11,100		60,503
				4,909,815
Cambodia | 0.1%
NagaCorp, Ltd.		210,000		117,539
Canada | 0.3%
First Quantum Minerals, Ltd.		13,620		290,244
China | 8.4%
AAC Technologies Holdings, Inc.		249,500		899,340
Agricultural Bank of China, Ltd., Class H		2,672,000		1,044,120
Biostime International Holdings, Ltd.		51,500		132,834
China Construction Bank Corp., Class H		1,115,000		773,622
China Outfitters Holdings, Ltd.		630,000		113,747
China State Construction International Holdings, Ltd.		1,025,600		1,210,237
CNOOC, Ltd.		262,000		536,566
Daphne International Holdings, Ltd.		686,000		683,872
Hengdeli Holdings, Ltd.		448,000		129,419
Ping An Insurance (Group) Co. of China, Ltd., Class H		124,500		941,692
Prince Frog International Holdings, Ltd.		578,000		186,354
Sands China, Ltd.		215,600		803,559
Shenguan Holdings Group, Ltd.		258,000		142,075
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		757,580		859,771
				8,457,208

Description	Shares		Value
Colombia | 1.4%
Pacific Rubiales Energy Corp.		57,750	$	1,379,867
Egypt | 0.7%
Commercial International Bank Egypt SAE		50,799		288,292
Commercial International Bank Egypt SAE GDR		8,645		47,721
Orascom Construction Industries		8,777		413,401
				749,414
Hong Kong | 1.0%
China Metal Recycling Holdings, Ltd.		120,024		111,138
China Mobile, Ltd. Sponsored ADR		7,960		440,666
REXLot Holdings, Ltd.		2,350,000		175,779
Sitoy Group Holdings, Ltd.		294,000		157,350
Stella International Holdings, Ltd.		44,500		109,154
				994,087
Hungary | 0.4%
OTP Bank PLC		24,744		434,365
India | 1.3%
ICICI Bank, Ltd. Sponsored ADR		1,200		48,168
ICICI Bank, Ltd. Sponsored ADR (f)		30,500		1,224,270
				1,272,438
Indonesia | 2.6%
PT AKR Corporindo Tbk		234,000		103,918
PT Bank Mandiri (Persero) Tbk		506,500		437,451
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		1,212,500		139,368
PT Bank Rakyat Indonesia (Persero) Tbk		1,155,000		899,138
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR (f)		14,860		578,500
PT United Tractors Tbk		193,515		418,575
				2,576,950
Mexico | 4.4%
America Movil SAB de CV Series L, ADR		16,610		422,558
Corporacion Geo SAB de CV, Series B (a)		370,900		455,278
Genomma Lab Internacional SAB de CV, Series B (a)		532,700		1,030,906
Grupo Financiero Banorte SAB de CV, Class O		209,300		1,182,945
Grupo Mexico SAB de CV, Series B		120,009		396,619
Grupo Televisa SAB Sponsored ADR (f)		21,492		505,277
Kimberly-Clark de Mexico SAB de CV, Series A		193,335		461,718
				4,455,301
Nigeria | 0.1%
Guaranty Trust Bank PLC		914,882		111,450
Pakistan | 0.1%
Fauji Fertilizer Co., Ltd.		102,867		121,326

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Philippines | 0.6%
Philippine Long Distance Telephone Co. Sponsored ADR (f)		8,953	$	590,987
Qatar | 0.1%
Qatar Electricity & Water Co.		2,557		93,051
Russia | 9.0%
Alliance Oil Co., Ltd. SDR (a)		65,281		515,784
CTC Media, Inc.		10,630		96,839
Dixy Group OJSC (a)		8,850		70,800
Eurasia Drilling Co., Ltd. GDR (f)		33,740		1,113,420
Gazprom OAO Sponsored ADR (f)		46,937		470,778
Globaltrans Investment PLC Sponsored GDR (f)		65,456		1,360,176
Lukoil OAO Sponsored ADR		6,485		399,087
Mobile TeleSystems OJSC Sponsored ADR (f)		30,210		529,279
Oriflame Cosmetics SA SDR		10,270		351,620
Sberbank of Russia (d), (f)		309,847		904,660
Sberbank of Russia Sponsored ADR (f)		61,212		713,120
TMK OAO GDR (f)		52,712		801,750
Uralkali OJSC Sponsored GDR (f)		26,425		1,093,202
X5 Retail Group NV GDR (a)		29,571		621,287
				9,041,802
South Africa | 3.8%
Barloworld, Ltd.		88,653		765,848
Exxaro Resources, Ltd.		45,660		882,917
Lewis Group, Ltd.		15,294		131,404
Standard Bank Group, Ltd.		99,276		1,259,945
Tiger Brands, Ltd.		11,608		380,918
Truworths International, Ltd.		36,351		410,548
				3,831,580
South Korea | 6.2%
BS Financial Group, Inc.		8,030		86,700
Hy-Lok Corp.		4,950		101,768
Hyundai Marine & Fire Insurance Co., Ltd.		5,140		160,014
Hyundai Mobis		2,038		569,358
Kia Motors Corp.		13,873		866,263
Korea Life Insurance Co., Ltd.		61,350		426,139
KT&G Corp.		5,928		451,764
KT&G Corp. GDR (e)		874		33,288
Mando Corp.		5,446		754,603
NHN Corp.		2,187		571,630
Samsung Electronics Co., Ltd.		1,110		1,344,274
Samsung Electronics Co., Ltd. GDR		110		66,220
Samsung Electronics Co., Ltd. GDR (f)		443		266,686
Shinhan Financial Group Co., Ltd.		9,410		321,308

Description	Shares		Value
Shinhan Financial Group Co., Ltd. ADR		3,416	$	229,350
				6,249,365
Taiwan | 2.9%
Catcher Technology Co., Ltd.		151,000		710,867
Hon Hai Precision Industry Co., Ltd. GDR		61,754		386,889
HTC Corp. GDR		6,296		244,064
Lumax International Corp., Ltd.		43,000		88,894
Makalot Industrial Co., Ltd.		36,000		103,775
Synnex Technology International Corp.		331,000		749,771
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (f)		43,376		686,208
				2,970,468
Thailand | 0.4%
Banpu Public Co. Ltd.		19,500		248,343
Thai Tap Water Supply Co., Ltd.		616,400		152,198
				400,541
Turkey | 1.8%
Koc Holding AS ADR (f)		25,204		500,866
TAV Havalimanlari Holding AS		20,447		101,254
Tofas Turk Otomobil Fabrikasi AS		20,216		102,134
Turkcell Iletisim Hizmetleri AS ADR (a), (f)		31,150		471,611
Turkiye Is Bankasi AS, C Shares		185,843		583,199
Turkiye Sinai Kalkinma Bankasi AS		95,599		106,384
				1,865,448
United Kingdom | 0.1%
Bank of Georgia Holdings PLC		6,704		137,702
United States | 0.8%
Freeport-McMoRan Copper & Gold, Inc.		21,300		843,054
Total Common Stocks (Identified cost $50,407,873)				52,012,133
Preferred Stocks | 3.1%
Brazil | 2.3%
Banco ABC Brasil SA		23,627		141,022
Banco Bradesco SA Sponsored ADR		39,500		634,765
Marcopolo SA		127,000		742,360
Randon Participacoes SA		24,800		143,986
Vale SA Sponsored ADR (f)		36,090		626,522
				2,288,655
Colombia | 0.8%
Bancolombia SA Sponsored ADR		500		29,855
Bancolombia SA Sponsored ADR (f)		12,980		775,036
				804,891
Total Preferred Stocks (Identified cost $3,102,526)				3,093,546

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Corporate Bonds | 4.5%
Brazil | 0.6%
Arcos Dorados Holdings, Inc., 10.250%, 07/13/16		BRL		250	$	131,336
Banco do Brasil SA, 9.250%, 04/15/23		USD		200		238,000
Odebrecht Finance, Ltd., 7.125%, 06/26/42 (e)		USD		200		222,300
						591,636
Colombia | 0.5%
Colombia Telecomunicaciones SA ESP, 5.375%, 09/27/22 (e)		USD		200		203,000
Pacific Rubiales Energy Corp., 7.250%, 12/12/21 (e)		USD		215		252,625
						455,625
Indonesia | 0.4%
Export-Import Bank of Korea:
8.300%, 03/15/14		IDR		430,000		45,831
8.400%, 07/06/16		IDR		850,000		93,501
GT 2005 Bonds BV, 8.000%, 07/21/14 (g)		USD		100		99,250
PT Adaro Indonesia, 7.625%, 10/22/19		USD		100		110,000
						348,582
Kazakhstan | 0.1%
Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17		USD		125		129,844
Mexico | 0.8%
Bio Pappel SAB de CV, 7.000%, 08/27/16 (g)		USD		150		132,000
Cemex SAB de CV, 9.500%, 06/15/18 (e)		USD		250		255,937
Mexichem SAB de CV, 6.750%, 09/19/42 (e)		USD		200		207,540
TV Azteca SAB de CV, 7.500%, 05/25/18		USD		200		207,500
						802,977
Peru | 0.1%
Corp. Azucarera del Peru SA, 6.375%, 08/02/22 (e)		USD		100		105,500
Russia | 1.5%
Alfa-Bank, 7.875%, 09/25/17		USD		100		107,775
Evraz Group SA, 6.750%, 04/27/18		USD		200		198,500
Gazprom OAO Via Gaz Capital SA, 8.625%, 04/28/34		USD		125		175,000

Description	Security Currency		Principal Amount (000)		Value
Lukoil International Finance BV, 6.125%, 11/09/20		USD		200	$	225,800
MTS International Funding, Ltd., 8.625%, 06/22/20		USD		125		152,025
OJSC Novolipetsk Steel via Steel Funding, Ltd., 4.950%, 09/26/19 (e)		USD		200		198,260
Russian Standard Bank, 7.730%, 12/16/15		USD		100		96,250
Severstal OAO Via Steel Capital SA, 6.250%, 07/26/16		USD		200		209,050
TNK-BP Finance SA, 6.625%, 03/20/17		USD		150		170,812
						1,533,472
Ukraine | 0.1%
DTEK Finance BV, 9.500%, 04/28/15		USD		125		125,000
United Kingdom | 0.4%
Afren PLC, 11.500%, 02/01/16		USD		200		227,944
Bank of Georgia JSC, 7.750%, 07/05/17		USD		200		204,500
						432,444
Total Corporate Bonds (Identified cost $4,372,874)						4,525,080
Foreign Government Obligations |11.2%
Argentina | 0.5%
Republic of Argentina:
8.280%, 12/31/33		USD		392		307,452
2.500%, 12/31/38 (g)		USD		500		184,250
						491,702
Dominican Republic | 0.3%
Dominican Republic:
16.000%, 02/07/14		DOP		1,000		27,209
11.700%, 06/06/14		DOP		2,500		64,867
9.040%, 01/23/18		USD		93		103,819
7.500%, 05/06/21		USD		125		140,938
						336,833
Ghana | 0.1%
Ghana Government Bonds:
26.000%, 06/05/17		GHS		105		70,978
23.000%, 08/21/17		GHS		90		56,646
						127,624
Guatemala | 0.6%
Republic of Guatemala, 5.750%, 06/06/22 (e)		USD		550		610,500
Hungary | 0.5%
Hungary Government Bonds:
7.750%, 08/24/15		HUF		21,870		100,764
5.500%, 02/12/16		HUF		18,000		78,236

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Hungary Treasury Bills:
0.000%, 10/03/12		HUF		35,000	$	157,741
0.000%, 12/19/12		HUF		25,000		111,043
0.000%, 04/17/13		HUF		17,400		75,727
						523,511
Iraq | 0.5%
Republic of Iraq, 5.800%, 01/15/28		USD		500		458,750
Ivory Coast | 1.0%
Ivory Coast, 3.750%, 12/31/32 (g)		USD		1,150		989,000
Malaysia | 1.2%
Bank Negara Monetary Notes:
0.000%, 10/09/12		MYR		915		299,211
0.000%, 10/11/12		MYR		470		153,643
0.000%, 11/01/12		MYR		60		19,584
0.000%, 11/06/12		MYR		200		65,242
0.000%, 11/22/12		MYR		600		195,497
0.000%, 12/04/12		MYR		140		45,570
0.000%, 12/13/12		MYR		210		68,298
0.000%, 12/20/12		MYR		500		162,532
0.000%, 01/22/13		MYR		740		239,906
						1,249,483
Mexico | 2.9%
Mexican Bonos, 9.000%, 12/20/12		MXN		8,230		645,534
Mexican Cetes:
0.000%, 10/18/12		MXN		52,000		403,032
0.000%, 11/01/12		MXN		33,000		255,347
0.000%, 11/08/12		MXN		40,000		309,142
0.000%, 12/06/12		MXN		44,000		338,986
0.000%, 02/21/13		MXN		93,100		710,552
0.000%, 03/21/13		MXN		37,000		281,214
						2,943,807
Namibia | 0.2%
Republic of Namibia, 5.500%, 11/03/21 (e)		USD		200		223,500
Nigeria | 0.2%
Nigeria Treasury Bills:
0.000%, 11/08/12		NGN		7,000		43,836
0.000%, 03/07/13		NGN		8,000		48,017
0.000%, 05/09/13		NGN		7,000		41,316
0.000%, 06/06/13		NGN		8,000		46,597
Nigeria Treasury Bond, 16.390%, 01/27/22		NGN		8,000		60,519
						240,285
Poland | 0.3%
Poland Government Bond, 3.000%, 08/24/16		PLN		888		289,291

Description	Security Currency		Principal Amount (000)		Value
Romania | 0.3%
Romania Government Bond, 6.750%, 02/07/22		USD		240	$	270,000
South Africa | 0.2%
Republic of South Africa, 5.500%, 12/07/23		ZAR		892		154,180
Turkey | 1.3%
Turkey Government Bonds:
0.000%, 03/20/13		TRY		373		201,012
0.000%, 07/17/13		TRY		875		460,477
10.000%, 12/04/13		TRY		120		68,705
3.000%, 07/21/21		TRY		611		357,062
3.000%, 02/23/22		TRY		323		189,944
						1,277,200
Ukraine | 0.2%
Ukraine Government:
6.580%, 11/21/16		USD		125		119,375
7.750%, 09/23/20		USD		125		123,589
						242,964
Uruguay | 0.3%
Uruguay Monetary Regulation Bills:
0.000%, 12/07/12		UYU		727		34,071
0.000%, 12/13/12		UYU		1,500		68,490
0.000%, 01/23/13		UYU		1,600		74,204
0.000%, 01/31/13		UYU		100		4,629
0.000%, 09/09/13		UYU		3,110		136,627
						318,021
Zambia | 0.6%
Republic of Zambia, 5.375%, 09/20/22 (e)		USD		600		602,250
Total Foreign Government Obligations (Identified cost $10,748,696)						11,348,901
Quasi Government Bonds | 1.8%
Angola | 1.2%
Republic of Angola Via Northern Lights III BV, 7.000%, 08/16/19		USD		1,100		1,207,250
Azerbaijan | 0.2%
State Oil Co. of the Azerbaijan Republic, 5.450%, 02/09/17		USD		200		213,956
Colombia | 0.1%
Empresas Publicas de Medellin ESP, 8.375%, 02/01/21		COP		100,000		62,235
Russia | 0.3%
Russian Agricultural Bank OJSC, 8.625%, 02/17/17 (e)		RUB		11,500		380,630
Total Quasi Government Bonds (Identified cost $1,830,819)						1,864,071

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Supranationals | 0.1%
Brazil | 0.1%
Inter-American Development Bank, 0.000%, 08/20/15		IDR		900,000	$	78,791
Indonesia | 0.0%
European Bank for Reconstruction & Development, 7.200%, 06/08/16		IDR		560,000		61,763
Total Supranationals (Identified cost $152,567)						140,554

Description	Shares		Value
Short-Term Investment | 27.5%
State Street Institutional Treasury Money Market Fund (Identified cost $27,820,351)		27,820,351	$	27,820,351
Total Investments | 99.7% (Identified cost $98,435,706) (b)				100,804,636

Description	Number of Contracts		Value
Purchased Options | 0.1%
JPY vs KRW October 12 14.25 Put, Expires 10/09/12		2,000,000	$	14,864
MXN vs JPY November 12 6.00 Call, Expires 11/09/12		80,000		12,182
USD vs INR October 12 55.65 Put, Expires 10/11/12		1,140		5,780
USD vs INR October 12 55.71 Put, Expires 10/15/12		5,700		29,412
USD vs RUB October 12 31.00 Put, Expires 10/19/12		9,000		6,480
Total Purchased Options (Identified cost $39,158)				68,718
Total Investments and Purchased Options | 99.8% (Identified cost $98,474,864)			$	100,873,354
Cash and Other Assets in Excess of Liabilities | 0.2%				166,887
Net Assets | 100.0%			$	101,040,241

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2012:

Forward Currency Contracts		Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
	BRL	BRC	10/02/12	51,213	$	25,000	$	25,262	$	262	$	—
	BRL	BRC	10/02/12	153,413		75,000		75,675		675		—
	BRL	BRC	10/02/12	157,985		76,755		77,931		1,176		—
	BRL	BRC	10/02/12	245,100		120,000		120,903		903		—
	BRL	BRC	10/02/12	406,100		200,000		200,321		321		—
	BRL	BRC	10/02/12	445,720		220,000		219,864		—		136
	BRL	BRC	10/02/12	724,055		358,000		357,161		—		839
	BRL	BRC	10/02/12	1,776,760		861,000		876,438		15,438		—
	BRL	BRC	11/05/12	300,430		147,544		147,544		—		—
	BRL	BRC	11/05/12	300,430		146,988		147,544		556		—
	BRL	BRC	11/05/12	2,626,219		1,285,000		1,289,765		4,765		—
	BRL	HSB	10/02/12	135,007		66,073		66,596		523		—
	BRL	HSB	10/02/12	153,150		75,000		75,546		546		—
	BRL	HSB	10/02/12	157,985		76,736		77,930		1,194		—
	BRL	HSB	10/02/12	168,043		81,404		82,892		1,488		—
	BRL	HSB	11/05/12	300,430		147,479		147,544		65		—
	BRL	HSB	11/05/12	300,430		146,881		147,545		664		—
	BRL	SSB	11/05/12	300,430		147,024		147,544		520		—
	BRL	UBS	10/02/12	125,884		61,994		62,096		102		—
	BRL	UBS	10/02/12	135,007		65,944		66,596		652		—
	BRL	UBS	10/02/12	153,375		75,000		75,657		657		—
	BRL	UBS	10/02/12	157,985		76,718		77,931		1,213		—
	BRL	UBS	10/02/12	168,043		81,461		82,892		1,431		—
	BRL	UBS	10/02/12	218,066		107,000		107,567		567		—
	BRL	UBS	10/02/12	243,360		120,000		120,044		44		—
	BRL	UBS	11/05/12	300,430		147,457		147,544		87		—
	BRL	UBS	11/05/12	901,289		442,883		442,633		—		250
	CLP	UBS	10/11/12	81,321,100		161,000		171,198		10,198		—
	CNY	BRC	10/15/12	952,725		150,000		151,524		1,524		—
	CNY	JPM	11/26/12	3,262,358		514,000		516,948		2,948		—
	CNY	RBC	10/11/12	2,987,789		471,208		475,351		4,143		—
	COP	BNP	10/22/12	478,986,200		266,000		265,328		—		672
	COP	CIT	10/09/12	340,612,500		186,000		189,051		3,051		—
	CRC	CIT	03/27/13	27,523,000		50,000		52,934		2,934		—
	CZK	JPM	10/02/12	548,515		27,681		28,040		359		—
	CZK	JPM	10/02/12	3,870,288		188,180		197,849		9,669		—
	EUR	BNP	10/12/12	365,547		471,251		469,792		—		1,459
	EUR	CIT	10/29/12	238,091		293,108		306,039		12,931		—
	EUR	ING	11/20/12	23,216		29,229		29,848		619		—
	EUR	JPM	10/02/12	177,355		222,226		227,910		5,684		—
	EUR	JPM	11/26/12	138,112		172,095		177,579		5,484		—
	EUR	JPM	11/26/12	797,327		1,050,000		1,025,175		—		24,825
	EUR	UBS	12/03/12	70,775		91,407		91,006		—		401
	HUF	CIT	10/12/12	21,163,223		95,132		95,250		118		—
	HUF	CIT	12/10/12	29,298,000		129,648		130,875		1,227		—
	HUF	JPM	10/09/12	22,695,000		100,000		102,186		2,186		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2012 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
HUF	JPM	10/09/12		24,276,940	$	108,983	$	109,308	$	325	$	—
HUF	UBS	11/05/12		45,552,095		199,000		204,345		5,345		—
IDR	BRC	10/03/12		712,500,000		75,000		74,442		—		558
IDR	BRC	10/18/12		957,500,000		100,000		99,856		—		144
IDR	BRC	10/29/12		1,857,625,000		193,000		193,467		467		—
IDR	JPM	10/03/12		856,350,000		90,000		89,472		—		528
IDR	JPM	10/24/12		1,713,030,000		179,000		178,517		—		483
IDR	JPM	11/05/12		1,032,611,500		107,029		107,441		412		—
IDR	JPM	01/03/13		1,568,850,000		161,737		161,913		176		—
ILS	BNP	10/12/12		895,433		225,000		228,451		3,451		—
ILS	CIT	10/10/12		569,122		142,000		145,213		3,213		—
ILS	CIT	10/24/12		1,084,129		277,000		276,444		—		556
ILS	CIT	11/13/12		660,578		165,000		168,285		3,285		—
INR	BNP	11/09/12		8,775,000		155,999		165,146		9,147		—
INR	BRC	11/15/12		11,479,620		222,000		215,806		—		6,194
INR	JPM	10/04/12		22,443,000		401,126		425,415		24,289		—
INR	JPM	10/15/12		6,528,600		117,000		123,479		6,479		—
INR	JPM	10/25/12		2,169,200		40,000		40,945		945		—
INR	JPM	11/05/12		18,361,500		345,791		345,824		33		—
INR	RBC	10/05/12		11,504,600		205,641		218,029		12,388		—
INR	SCB	03/18/13		8,044,600		145,000		148,097		3,097		—
KRW	BRC	10/11/12		338,925,000		300,000		304,838		4,838		—
KRW	BRC	10/17/12		157,976,000		140,000		142,045		2,045		—
KRW	JPM	10/11/12		30,450,600		27,000		27,388		388		—
KRW	JPM	10/15/12		84,675,000		75,000		76,144		1,144		—
KRW	JPM	10/17/12		157,990,000		140,000		142,057		2,057		—
KRW	JPM	10/17/12		332,556,000		296,000		299,019		3,019		—
KRW	JPM	11/13/12		583,854,000		516,000		524,263		8,263		—
KRW	RBC	10/24/12		41,045,040		36,000		36,893		893		—
MXN	HSB	10/11/12		4,103,999		319,000		318,553		—		447
MXN	JPM	10/24/12		90,395		7,000		7,007		7		—
MXN	JPM	10/24/12		2,700,000		208,841		209,305		464		—
MXN	UBS	10/24/12		900,000		69,418		69,768		350		—
MYR	BRC	10/04/12		875,427		279,993		286,372		6,379		—
MYR	BRC	10/18/12		1,114,154		361,000		364,083		3,083		—
MYR	CIT	10/09/12		1,778,863		572,000		581,688		9,688		—
NGN	BRC	10/03/12		19,515,500		115,000		124,144		9,144		—
NGN	HSB	01/03/13		19,515,500		119,874		119,874		—		—
NGN	JPM	10/05/12		11,154,000		66,000		70,982		4,982		—
PEN	CIT	10/26/12		560,032		215,000		215,262		262		—
PLN	BRC	10/25/12		148,172		46,789		46,120		—		669
PLN	BRC	11/30/12		156,012		47,133		48,357		1,224		—
PLN	JPM	11/13/12		866,025		270,000		268,954		—		1,046
RON	JPM	11/13/12		889,126		248,152		250,259		2,107		—
RUB	BRC	10/04/12		3,091,300		95,000		99,064		4,064		—
RUB	BRC	10/09/12		7,760,928		239,000		248,510		9,510		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2012 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RUB	BRC	10/15/12		9,117,803	$	290,000	$	291,679	$	1,679	$	—
RUB	BRC	10/22/12		3,220,000		103,424		102,893		—		531
RUB	HSB	10/05/12		1,947,000		60,000		62,384		2,384		—
RUB	HSB	10/09/12		1,621,375		49,999		51,917		1,918		—
RUB	JPM	10/04/12		6,493,000		200,000		208,076		8,076		—
RUB	JPM	10/05/12		3,569,500		110,000		114,371		4,371		—
RUB	JPM	10/05/12		4,637,825		145,000		148,601		3,601		—
RUB	JPM	10/05/12		4,915,080		148,390		157,484		9,094		—
RUB	JPM	10/09/12		2,593,600		80,000		83,049		3,049		—
RUB	JPM	10/09/12		3,852,300		120,000		123,353		3,353		—
RUB	JPM	10/12/12		1,263,720		40,000		40,446		446		—
RUB	JPM	10/12/12		1,896,000		60,000		60,682		682		—
RUB	JPM	10/17/12		9,762,600		318,000		312,207		—		5,793
RUB	JPM	10/26/12		882,900		28,407		28,195		—		212
RUB	UBS	11/13/12		5,225,067		162,000		166,364		4,364		—
RUB	UBS	12/04/12		6,799,950		207,000		215,740		8,740		—
RUB	UBS	06/25/13		4,853,160		135,601		148,970		13,369		—
RUB	UBS	07/01/13		5,138,483		143,573		157,575		14,002		—
SGD	HSB	10/24/12		416,500		340,000		339,381		—		619
THB	HSB	10/29/12		8,847,004		281,000		286,863		5,863		—
THB	SCB	11/27/12		5,461,280		176,000		176,713		713		—
THB	SCB	12/17/12		8,995,800		290,000		290,693		693		—
TRY	JPM	10/12/12		394,515		218,000		219,180		1,180		—
TRY	JPM	10/12/12		864,853		482,000		480,485		—		1,515
TRY	JPM	12/19/12		704,283		384,539		387,728		3,189		—
ZAR	BRC	10/03/12		2,009,427		244,758		241,397		—		3,361
ZAR	BRC	11/26/12		282,635		34,000		33,703		—		297
ZAR	CIT	10/29/12		1,166,506		140,882		139,635		—		1,247
ZAR	CIT	10/29/12		1,510,808		182,741		180,850		—		1,891
ZAR	CIT	10/29/12		2,496,043		301,000		298,785		—		2,215
ZAR	CIT	11/08/12		112,955		13,643		13,503		—		140
ZAR	CIT	11/08/12		936,777		112,885		111,982		—		903
ZAR	JPM	10/29/12		756,469		91,582		90,552		—		1,030
ZAR	JPM	10/29/12		1,396,668		168,000		167,186		—		814
ZAR	JPM	10/29/12		1,688,300		201,000		202,096		1,096		—
ZAR	JPM	10/29/12		3,076,225		357,140		368,235		11,095		—
ZAR	SSB	10/01/12		63,406		7,693		7,619		—		74
ZAR	SSB	10/01/12		80,144		9,723		9,629		—		94
ZAR	SSB	10/01/12		97,388		11,815		11,701		—		114
ZAR	SSB	10/01/12		891,711		108,011		107,138		—		873
ZAR	SSB	10/01/12		892,336		108,260		107,214		—		1,046
ZAR	SSB	10/01/12		912,084		110,655		109,586		—		1,069
ZAR	SSB	10/05/12		247,693		29,997		29,748		—		249
ZMK	BRC	09/17/13		434,343,200		79,999		78,459		—		1,540
Total Forward Currency Purchase Contracts					$	25,453,729	$	25,735,739	$	346,844	$	64,834

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2012 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
BRL	BRC	10/02/12		300,430	$	148,141	$	148,196	$	—	$	55
BRL	BRC	10/02/12		300,430		147,668		148,196		—		528
BRL	BRC	10/02/12		324,640		160,000		160,138		—		138
BRL	BRC	10/02/12		2,621,895		1,288,717		1,293,326		—		4,609
BRL	HSB	10/02/12		13,325		6,562		6,573		—		11
BRL	HSB	10/02/12		300,430		148,068		148,196		—		128
BRL	HSB	10/02/12		300,430		147,559		148,196		—		637
BRL	SSB	10/02/12		300,430		147,704		148,196		—		492
BRL	UBS	10/02/12		300,430		148,046		148,196		—		150
BRL	UBS	10/02/12		901,289		444,752		444,587		165		—
CLP	BNP	10/11/12		81,321,100		162,285		171,198		—		8,913
CNY	BRC	10/15/12		386,984		61,000		61,547		—		547
CRC	CIT	03/27/13		27,523,000		51,218		52,934		—		1,716
CZK	BRC	10/10/12		2,613,862		133,266		133,618		—		352
CZK	JPM	10/02/12		4,418,803		222,226		225,889		—		3,663
CZK	UBS	10/10/12		510,000		26,885		26,071		814		—
EUR	BNP	10/12/12		53,182		68,000		68,348		—		348
EUR	BRC	10/25/12		35,506		46,789		45,637		1,152		—
EUR	CIT	10/12/12		74,000		95,131		95,103		28		—
EUR	CIT	10/29/12		117,905		143,235		151,553		—		8,318
EUR	CIT	12/10/12		100,000		129,649		128,598		1,051		—
EUR	HSB	12/04/12		408,334		512,051		525,067		—		13,016
EUR	ING	11/20/12		46,010		57,273		59,155		—		1,882
EUR	ING	11/20/12		355,469		437,089		457,020		—		19,931
EUR	JPM	10/02/12		22,000		27,681		28,271		—		590
EUR	JPM	10/02/12		153,000		188,180		196,613		—		8,433
EUR	JPM	10/09/12		86,000		108,983		110,522		—		1,539
EUR	JPM	11/26/12		84,931		109,000		109,201		—		201
EUR	JPM	11/26/12		85,000		109,302		109,290		12		—
EUR	JPM	11/26/12		194,988		245,821		250,708		—		4,887
EUR	JPM	11/26/12		280,987		352,164		361,283		—		9,119
EUR	UBS	10/29/12		107,537		139,215		138,227		988		—
EUR	UBS	12/03/12		164,008		207,000		210,892		—		3,892
HUF	CIT	12/10/12		18,734,100		84,000		83,686		314		—
HUF	JPM	10/09/12		9,906,750		45,000		44,606		394		—
HUF	JPM	10/09/12		20,461,100		89,000		92,127		—		3,127
IDR	JPM	10/03/12		1,568,850,000		163,592		163,914		—		322
ILS	BNP	10/24/12		690,537		171,524		176,082		—		4,558
INR	JPM	10/04/12		4,081,500		75,000		77,366		—		2,366
INR	JPM	10/04/12		18,361,500		347,098		348,048		—		950
JPY	HSB	11/05/12		14,546,446		184,834		186,449		—		1,615
JPY	SCB	11/26/12		37,024,993		474,000		474,647		—		647
KRW	BRC	10/11/12		113,925,000		101,637		102,467		—		830
KRW	BRC	10/11/12		225,000,000		200,731		202,371		—		1,640
KRW	BRC	10/17/12		157,976,000		141,315		142,045		—		730
KRW	JPM	10/11/12		30,450,600		27,259		27,388		—		129

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at September 30, 2012 (concluded):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
KRW	JPM	10/15/12		84,675,000		75,779		76,144		—		365
KRW	JPM	10/17/12		114,607,200		102,000		103,050		—		1,050
KRW	JPM	10/17/12		157,990,000		141,378		142,057		—		679
MXN	HSB	10/11/12		1,491,550		115,000		115,774		—		774
MXN	HSB	10/11/12		2,468,284		182,000		191,589		—		9,589
MXN	JPM	10/31/12		1,998,151		149,851		154,790		—		4,939
MYR	BRC	10/04/12		464,476		151,000		151,941		—		941
NGN	BRC	10/03/12		19,515,500		124,105		124,144		—		39
PLN	CIT	12/27/12		230,809		71,000		71,347		—		347
RON	ING	10/10/12		104,697		29,356		29,603		—		247
RUB	BRC	10/05/12		3,055,235		94,000		97,893		—		3,893
RUB	BRC	10/05/12		4,988,625		159,000		159,841		—		841
RUB	BRC	10/05/12		13,725,023		441,000		439,765		1,235		—
TRY	CIT	07/10/13		177,318		91,166		94,728		—		3,562
TRY	JPM	12/19/12		704,283		346,000		387,728		—		41,728
TRY	JPM	02/28/13		369,533		197,000		201,379		—		4,379
TRY	JPM	12/04/13		704,283		365,084		367,860		—		2,776
ZAR	BRC	10/03/12		2,029,200		246,023		243,772		2,251		—
ZAR	CIT	10/29/12		1,054,724		128,382		126,254		2,128		—
ZAR	CIT	10/29/12		1,287,919		153,461		154,169		—		708
ZAR	CIT	10/29/12		4,126,683		479,317		493,979		—		14,662
ZAR	CIT	11/08/12		1,049,732		127,199		125,485		1,714		—
Total Forward Currency Sale Contracts					$	12,494,751	$	12,685,033		12,246		202,528
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	359,090	$	267,362

Written Option opens at September 30, 2012:

Description	Number of Contracts		Strike Price		Expiration Date	Premium		Value
MXN vs JPY 6.20 Call		80,000		6.20	11/09/12	$	4,219	$	3,978

Credit Default Swap Agreements open at September 30, 2012:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate	Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Federative Republic of Brazil	JPM	1,000,000	12/20/16	(1.00%)	$	(3,699	)	$	27,128		$	(30,827	)
People’s Republic of China	JPM	1,000,000	12/20/16	1.00%		14,542			(22,555	)		37,097
Republic of Poland	BRC	1,100,000	09/20/17	(1.00%)		7,780			68,581			(60,801	)
Republic of Poland	JPM	225,000	09/20/17	(1.00%)		1,591			12,242			(10,651	)
								$	85,396		$	(65,182	)

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Interest Rate Swap Agreements open at September 30, 2012:

Currency	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate	Variable Rate	Unrealized Appreciation (Depreciation)
BRL	BRC	347,001	01/02/17	8.80%	Brazil Cetip Interbank Deposit Rate	$	(1,514	)
BRL	JPM	692,001	01/02/17	8.90%	Brazil Cetip Interbank Deposit Rate		(1,749	)
HUF	JPM	90,000,000	11/03/21	(7.36%)	6 Month Budapest Interbank Offered Rate		(33,804	)
ILS	BRC	900,000	08/13/17	2.81%	Tel Aviv Interbank Offered Rate		176
ILS	JPM	1,000,000	09/03/17	2.87%	Tel Aviv Interbank Offered Rate		745
MYR	BRC	1,500,000	08/16/17	(3.26%)	Klibor Interbank Offered Rate Fixing 3 Month		1,356
PLN	BRC	700,000	08/13/17	(4.36%)	Warsaw Interbank Offered Rate		(1,207	)
ZAR	JPM	5,000,000	09/11/17	5.68%	South Africa Johannesburg Interbank Agreed Rate 3 Month		(1,942	)
ZAR	BRC	2,000,000	09/12/17	5.81%	South Africa Johannesburg Interbank Agreed Rate 3 Month		546
						$	(37,393	)

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 8.3%
Brazil | 1.7%
Arcos Dorados Holdings, Inc.:
10.250%, 07/13/16		BRL		250	$	131,336
10.250%, 07/13/16 (e)		BRL		1,250		656,678
Banco do Brasil SA, 9.250%, 04/15/23		USD		925		1,100,750
Companhia Energetica de Sao Paulo, 9.750%, 01/15/15		BRL		539		386,328
Odebrecht Finance, Ltd.:
7.125%, 06/26/42 (e)		USD		750		833,625
7.125%, 06/26/42		USD		375		416,812
Vale SA, 5.625%, 09/11/42		USD		350		356,062
						3,881,591
China | 0.2%
MIE Holdings Corp., 9.750%, 05/12/16		USD		325		335,563
Colombia | 0.5%
Pacific Rubiales Energy Corp., 7.250%, 12/12/21 (e)		USD		1,031		1,211,425
Indonesia | 1.7%
Export-Import Bank of Korea, 6.600%, 11/04/13		IDR		6,700,000		676,320
GT 2005 Bonds BV, 8.000%, 07/21/14 (g)		USD		350		347,375
PT Adaro Indonesia, 7.625%, 10/22/19		USD		425		467,500
PT Berau Coal Energy Tbk, 7.250%, 03/13/17		USD		450		423,000
PT Pertamina (Persero) Tbk:
5.250%, 05/23/21		USD		700		772,625
6.500%, 05/27/41		USD		1,050		1,202,250
						3,889,070
Kazakhstan | 0.3%
Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17		USD		550		571,312
Mexico | 1.3%
Bio Pappel SAB de CV, 7.000%, 08/27/16 (g)		USD		525		462,000
Cemex SAB de CV, 9.500%, 06/15/18 (e)		USD		875		895,781
Mexichem SAB de CV, 6.750%, 09/19/42 (e)		USD		900		933,930
TV Azteca SAB de CV, 7.500%, 05/25/18		USD		750		778,125
						3,069,836

Description	Security Currency		Principal Amount (000)		Value
Peru | 0.2%
Corp. Azucarera del Peru SA, 6.375%, 08/02/22 (e)		USD		525	$	553,875
Russia | 2.0%
Alfa-Bank, 7.875%, 09/25/17		USD		325		350,269
Evraz Group SA, 6.750%, 04/27/18		USD		675		669,937
Gazprom OAO Via Gaz Capital SA, 8.625%, 04/28/34		USD		475		665,000
Metalloinvest Finance, Ltd., 6.500%, 07/21/16		USD		450		457,875
MTS International Funding, Ltd., 8.625%, 06/22/20		USD		775		942,555
Russian Standard Bank, 7.730%, 12/16/15		USD		350		336,875
RZD Capital, Ltd., 8.300%, 04/02/19		RUB		6,000		198,830
Severstal OAO Via Steel Capital SA, 6.250%, 07/26/16		USD		875		914,594
						4,535,935
Ukraine | 0.2%
DTEK Finance BV, 9.500%, 04/28/15		USD		450		450,000
United Kingdom | 0.2%
Afren PLC, 10.250%, 04/08/19		USD		500		567,500
Total Corporate Bonds (Identified cost $18,738,142)						19,066,107
Foreign Government Obligations | 73.5%
Argentina | 1.9%
Republic of Argentina:
8.750%, 06/02/17		USD		455		443,625
8.280%, 12/31/33 (f)		USD		2,816		2,210,478
2.500%, 12/31/38 (g)		USD		4,620		1,702,470
						4,356,573
Belarus | 0.3%
Republic of Belarus:
8.750%, 08/03/15		USD		250		247,188
8.950%, 01/26/18		USD		425		416,925
						664,113
Colombia | 0.1%
Republic of Colombia:
7.750%, 04/14/21		COP		85,000		58,143
9.850%, 06/28/27		COP		160,000		134,719
						192,862
Dominican Republic | 0.3%
Dominican Republic:
16.000%, 02/07/14		DOP		6,000		163,256

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
11.700%, 06/06/14		DOP		24,500	$	635,696
						798,952
Georgia | 0.4%
Republic of Georgia, 6.875%, 04/12/21		USD		925		1,059,125
Ghana | 0.5%
Ghana Government Bonds:
26.000%, 06/05/17		GHS		875		591,479
23.000%, 08/21/17		GHS		850		534,991
						1,126,470
Guatemala | 0.7%
Republic of Guatemala, 5.750%, 06/06/22 (e)		USD		1,485		1,648,350
Hungary | 3.5%
Hungary Government Bonds:
6.000%, 10/24/12		HUF		37,500		168,654
5.500%, 02/12/14		HUF		295,000		1,313,313
6.750%, 08/22/14		HUF		24,000		108,693
7.750%, 08/24/15		HUF		203,000		935,301
6.750%, 02/24/17		HUF		489,000		2,196,046
6.500%, 06/24/19		HUF		134,000		586,440
7.000%, 06/24/22		HUF		60,000		265,195
6.750%, 10/22/28		HUF		205,000		862,473
Republic of Hungary:
4.750%, 02/03/15		USD		425		425,446
6.250%, 01/29/20		USD		250		271,220
6.375%, 03/29/21		USD		500		544,400
7.625%, 03/29/41		USD		364		411,320
						8,088,501
Indonesia | 4.4%
Indonesia Government:
7.000%, 05/15/22		IDR		16,740,000		1,875,762
5.625%, 05/15/23		IDR		2,200,000		222,053
8.375%, 09/15/26		IDR		6,405,000		793,488
7.000%, 05/15/27		IDR		15,570,000		1,720,927
6.125%, 05/15/28		IDR		8,030,000		812,302
8.250%, 06/15/32		IDR		11,500,000		1,396,929
Republic of Indonesia:
6.875%, 01/17/18		USD		1,425		1,745,625
6.625%, 02/17/37		USD		700		927,500
5.250%, 01/17/42		USD		575		654,781
						10,149,367
Iraq | 1.9%
Republic of Iraq, 5.800%, 01/15/28 (f)		USD		4,800		4,404,000
Ivory Coast | 3.9%
Ivory Coast, 3.750%, 12/31/32 (f), (g)		USD		10,450		8,987,000

Description	Security Currency		Principal Amount (000)		Value
Lebanon | 0.2%
Lebanese Republic, 6.100%, 10/04/22		USD		600	$	607,500
Lithuania | 1.5%
Republic of Lithuania:
5.125%, 09/14/17		USD		550		613,250
6.125%, 03/09/21		USD		200		238,500
6.625%, 02/01/22 (e), (f)		USD		1,800		2,232,000
7.375%, 02/11/20		USD		300		381,000
						3,464,750
Malaysia | 6.8%
Bank Negara Monetary Notes:
0.000%, 10/09/12		MYR		1,550		506,860
0.000%, 11/01/12		MYR		1,000		326,402
0.000%, 11/06/12		MYR		1,700		554555
0.000%, 11/22/12		MYR		520		169,431
0.000%, 12/20/12		MYR		2,000		650,204
0.000%, 12/27/12		MYR		1,000		324,914
0.000%, 01/22/13		MYR		6,080		1,971,120
Malaysian Government:
3.702%, 02/25/13		MYR		300		98,419
3.434%, 08/15/14		MYR		760		250,232
3.741%, 02/27/15		MYR		2,070		686,502
3.835%, 08/12/15		MYR		6,500		2,163,068
4.262%, 09/15/16		MYR		8,000		2,715,409
3.580%, 09/28/18		MYR		6,700		2,212,440
4.378%, 11/29/19		MYR		4,040		1,397,525
4.160%, 07/15/21		MYR		1,660		565,437
3.418%, 08/15/22		MYR		1,470		475,534
4.392%, 04/15/26		MYR		2,325		815,357
						15,883,409
Mexico | 7.2%
Mexican Bonos:
9.000%, 12/20/12		MXN		46,387		3,638,441
7.750%, 12/14/17		MXN		11,500		1,005,433
8.500%, 12/13/18		MXN		6,000		549,899
7.500%, 06/03/27		MXN		9,500		852,804
8.500%, 05/31/29		MXN		5,800		564,854
7.750%, 05/29/31		MXN		7,500		675,584
10.000%, 11/20/36		MXN		7,620		846,346
8.500%, 11/18/38		MXN		14,000		1,359,238
Mexican Cetes:
0.000%, 10/18/12		MXN		160,000		1,240,099
0.000%, 01/10/13		MXN		400,000		3,069,202
Mexican Udibonos, 2.500%, 12/10/20		MXN		21,048		1,804,475
United Mexican States:
3.625%, 03/15/22		USD		490		534,345
6.750%, 09/27/34		USD		425		605,200
						16,745,920

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Namibia | 0.1%
Republic of Namibia, 5.500%, 11/03/21 (e)		USD		200	$	223,500
Nigeria | 1.8%
Nigeria Treasury Bills:
0.000%, 10/11/12		NGN		130,000		824,053
0.000%, 11/08/12		NGN		79,000		494,717
0.000%, 02/07/13		NGN		124,000		753,418
0.000%, 03/07/13		NGN		37,000		222,080
0.000%, 03/28/13		NGN		52,000		310,948
0.000%, 05/09/13		NGN		37,000		218,385
0.000%, 09/05/13		NGN		90,000		510,481
Nigeria Treasury Bonds:
15.100%, 04/27/17		NGN		36,000		242,267
16.390%, 01/27/22		NGN		70,000		529,542
Republic of Nigeria, 6.750%, 01/28/21		USD		200		226,000
						4,331,891
Peru | 1.9%
Republic of Peru:
7.125%, 03/30/19		USD		315		417,375
7.840%, 08/12/20		PEN		3,045		1,451,870
8.200%, 08/12/26		PEN		830		430,546
6.950%, 08/12/31 (e)		PEN		1,077		495,565
6.550%, 03/14/37		USD		1,050		1,546,125
						4,341,481
Philippines | 3.3%
Republic of Philippines:
4.000%, 01/15/21		USD		650		726,375
7.500%, 09/25/24 (f)		USD		1,650		2,343,000
6.375%, 01/15/32 (f)		USD		1,925		2,603,562
6.250%, 01/14/36		PHP		30,000		799,173
5.000%, 01/13/37		USD		975		1,157,813
						7,629,923
Poland | 4.0%
Poland Government Bonds:
0.000%, 10/25/12		PLN		1,950		607,037
0.000%, 01/25/14		PLN		7,250		2,146,497
5.500%, 04/25/15		PLN		400		129,040
5.250%, 10/25/17		PLN		4,125		1,347,467
5.500%, 10/25/19		PLN		10,727		3,560,990
2.750%, 08/25/23		PLN		5,184		1,642,313
						9,433,344
Romania | 0.9%
Romania Government Bonds:
6.750%, 02/07/22 (e)		USD		760		855,000
6.750%, 02/07/22		USD		1,070		1,203,750
						2,058,750
Russia | 4.4%
Russia Foreign Bonds:
7.850%, 03/10/18 (e)		RUB		5,000		171,902
7.850%, 03/10/18		RUB		100,000		3,438,051

Description	Security Currency		Principal Amount (000)		Value
5.000%, 04/29/20		USD		500	$	573,750
7.500%, 03/31/30 (f)		USD		2,524		3,186,140
Russian Federation:
3.250%, 04/04/17 (e)		USD		1,800		1,888,020
5.625%, 04/04/42		USD		200		240,020
5.625%, 04/04/42 (e)		USD		600		720,060
						10,217,943
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21		USD		200		242,000
South Africa | 5.2%
Eskom Holdings, Ltd., 7.850%, 04/02/26		ZAR		9,000		1,069,131
Republic of South Africa:
13.500%, 09/15/15		ZAR		11,450		1,676,023
8.250%, 09/15/17		ZAR		26,440		3,499,814
8.000%, 12/21/18		ZAR		6,500		854,379
7.250%, 01/15/20		ZAR		14,400		1,809,559
6.750%, 03/31/21		ZAR		8,050		978,419
10.500%, 12/21/26		ZAR		5,985		909,291
7.000%, 02/28/31		ZAR		11,400		1,250,966
						12,047,582
Thailand | 4.6%
Bank of Thailand:
2.350%, 10/21/12		THB		11,700		379,982
0.000%, 10/25/12		THB		19,100		619,317
0.000%, 12/13/12		THB		30,000		968,684
0.000%, 12/20/12		THB		2,000		64,540
0.000%, 12/20/12		THB		35,000		1,129,763
3.050%, 02/17/13		THB		54,000		1,754,374
3.420%, 08/18/13		THB		13,400		436,759
Thailand Government:
4.250%, 03/13/13		THB		4,000		130,635
3.625%, 05/22/15		THB		26,400		865,919
3.125%, 12/11/15		THB		40,000		1,293,290
3.250%, 06/16/17		THB		30,000		968,739
1.200%, 07/14/21		THB		60,500		1,990,551
3.580%, 12/17/27		THB		3,200		101,025
						10,703,578
Turkey | 8.5%
Republic of Turkey:
7.000%, 09/26/16		USD		1,225		1,417,937
7.500%, 07/14/17		USD		1,000		1,200,000
5.125%, 03/25/22		USD		1,325		1,459,156
6.875%, 03/17/36		USD		1,700		2,156,875
Turkey Government Bonds:
0.000%, 05/15/13		TRY		1,400		745,745
0.000%, 07/17/13		TRY		5,040		2,652,348
9.000%, 03/05/14		TRY		860		487,840
4.500%, 02/11/15		TRY		2,534		1,524,125
4.000%, 04/29/15		TRY		925		553,709
9.000%, 01/27/16		TRY		8,566		4,961,584
4.000%, 04/01/20		TRY		1,814		1,123,200
3.000%, 07/21/21		TRY		2,551		1,490,891
						19,773,410

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Ukraine | 2.0%
Ukraine Government:
6.875%, 09/23/15		USD		700	$	691,250
6.580%, 11/21/16		USD		1,375		1,322,750
9.250%, 07/24/17 (e)		USD		1,325		1,391,859
7.750%, 09/23/20		USD		850		840,403
7.950%, 02/23/21		USD		350		348,660
						4,594,922
Uruguay | 1.2%
Uruguay Monetary Regulation Bills:
0.000%, 11/05/12		UYU		12,800		604,328
0.000%, 01/23/13		UYU		7,500		347,914
0.000%, 01/23/13		UYU		7,800		361,482
0.000%, 01/31/13		UYU		7,500		347,165
0.000%, 09/09/13		UYU		11,000		483,336
0.000%, 09/09/13		UYU		11,800		518,399
0.000%, 09/09/13		UYU		4,450		195,324
						2,857,948
Venezuela | 0.8%
Republic of Venezuela:
7.000%, 12/01/18		USD		225		192,375
9.000%, 05/07/23		USD		730		642,400
8.250%, 10/13/24		USD		760		630,800
9.250%, 05/07/28		USD		214		188,408
7.000%, 03/31/38		USD		280		205,100
						1,859,083
Zambia | 1.1%
Republic of Zambia, 5.375%, 09/20/22 (e)		USD		2,500		2,509,375
Total Foreign Government Obligations (Identified cost $161,249,637)						171,001,622
Quasi Government Bonds | 7.5%
Angola | 3.9%
Republic of Angola Via Northern Lights III BV, 7.000%, 08/16/19 (f)		USD		8,300		9,109,250
Azerbaijan | 0.1%
State Oil Co. of the Azerbaijan Republic, 5.450%, 02/09/17		USD		200		213,956
Colombia | 0.7%
Emgesa SA ESP:
8.750%, 01/25/21		COP		1,000,000		627,912
8.750%, 01/25/21 (e)		COP		150,000		94,187
Empresas Publicas de Medellin ESP:
8.375%, 02/01/21 (e)		COP		150,000		93,353
8.375%, 02/01/21		COP		1,260,000		784,168
						1,599,620
Mexico | 1.0%
Petroleos Mexicanos:
5.500%, 01/21/21		USD		850		996,625
4.875%, 01/24/22		USD		1,225		1,384,250
						2,380,875

Description	Security Currency		Principal Amount (000)		Value
Russia | 1.2%
Russian Agricultural Bank OJSC:
7.500%, 03/25/13		RUB		44,500	$	1,433,643
8.700%, 03/17/16		RUB		15,000		497,027
8.625%, 02/17/17		RUB		14,000		463,375
8.625%, 02/17/17 (e)		RUB		11,600		383,940
						2,777,985
South Africa | 0.2%
Transnet, Ltd., 10.500%, 09/17/20		ZAR		3,000		422,344
Turkey | 0.2%
Export Credit Bank of Turkey, 5.875%, 04/24/19		USD		425		467,713
Venezuela | 0.2%
Petroleos de Venezuela SA, 5.250%, 04/12/17		USD		625		493,750
Total Quasi Government Bonds (Identified cost $17,117,613)						17,465,493
Supranationals | 0.6%
Brazil | 0.3%
Inter-American Development Bank, 0.000%, 08/20/15		IDR		7,000,000		612,824
Indonesia | 0.3%
European Bank for Reconstruction & Development:
6.750%, 02/19/13		IDR		5,100,000		534,583
7.200%, 06/08/16		IDR		1,500,000		165,436
						700,019
Total Supranationals (Identified cost $1,432,426)						1,312,843
Description			Shares		Value
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund (Identified cost $5,412,795)				5,412,795	$	5,412,795
Total Investments | 92.2% (Identified cost $203,950,613) (b)						214,258,860
Description			Number of Contracts		Value
Purchased Options | 0.0%
JPY vs KRW October 12 14.25 Put, Expires 10/09/12				9,000,000	$	66,889
USD vs RUB October 12 31.00 Put, Expires 10/19/12				50,000		36,000
Total Purchased Options (Identified cost $99,995)						102,889

Description		Value
Lazard Emerging Markets Debt Portfolio (continued)
Total Investments and Purchased Options | 92.2% (Identified cost $204,050,608)	$	214,361,749
Cash and Other Assets in Excess of Liabilities | 7.8%		18,118,414
Net Assets | 100.0%	$	232,480,163

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at September 30, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount	U.S. $ Cost on Origination Date			U.S. $ Current Value	Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	10/02/12	3,984,535	$	1,935,838	$	1,965,488	$	29,650	$	—
BRL	BRC	11/05/12	3,348,958		1,644,710		1,644,710		—		—
BRL	BRC	11/05/12	3,348,958		1,638,514		1,644,710		6,196		—
BRL	HSB	10/02/12	3,405,002		1,666,423		1,679,616		13,193		—
BRL	HSB	10/02/12	3,984,535		1,935,368		1,965,488		30,120		—
BRL	HSB	10/02/12	4,238,203		2,053,095		2,090,617		37,522		—
BRL	HSB	11/05/12	3,348,958		1,643,983		1,644,710		727		—
BRL	HSB	11/05/12	3,348,958		1,637,312		1,644,710		7,398		—
BRL	SSB	11/05/12	3,348,958		1,638,915		1,644,710		5,795		—
BRL	UBS	10/02/12	1,010,848		496,000		498,630		2,630		—
BRL	UBS	10/02/12	1,889,760		930,000		932,179		2,179		—
BRL	UBS	10/02/12	3,405,002		1,663,167		1,679,616		16,449		—
BRL	UBS	10/02/12	3,984,535		1,934,898		1,965,488		30,590		—
BRL	UBS	10/02/12	4,238,203		2,054,538		2,090,617		36,079		—
BRL	UBS	11/05/12	3,348,958		1,643,741		1,644,710		969		—
BRL	UBS	11/05/12	10,046,874		4,936,918		4,934,130		—		2,788
COP	HSB	12/11/12	3,510,670,000		1,930,000		1,932,803		2,803		—
COP	UBS	10/29/12	1,629,145,000		890,000		901,486		11,486		—
CRC	CIT	03/27/13	264,220,800		480,000		508,171		28,171		—
INR	JPM	10/25/12	19,522,800		360,000		368,505		8,505		—
MXN	JPM	10/24/12	774,810		60,000		60,064		64		—
MXN	JPM	10/24/12	11,859,260		919,999		919,334		—		665
MXN	JPM	10/24/12	11,874,118		920,000		920,486		486		—
MXN	JPM	10/24/12	14,500,000		1,121,553		1,124,046		2,493		—
MXN	UBS	10/24/12	3,043,590		234,850		235,940		1,090		—
MXN	UBS	10/24/12	18,000,000		1,388,375		1,395,367		6,992		—
MYR	BRC	10/04/12	626,200		200,000		204,844		4,844		—
PLN	JPM	11/30/12	1,290,900		390,000		400,125		10,125		—
PLN	JPM	11/30/12	2,743,535		809,999		850,380		40,381		—
PLN	JPM	11/30/12	9,212,029		2,782,250		2,855,342		73,092		—
PLN	UBS	10/22/12	6,405,510		1,993,623		1,994,513		890		—
RUB	BRC	10/04/12	51,040,700		1,570,000		1,635,660		65,660		—
RUB	BRC	10/15/12	22,008,490		700,000		704,053		4,053		—
RUB	BRC	10/15/12	22,572,000		720,000		722,080		2,080		—
RUB	BRC	10/22/12	32,200,000		1,034,239		1,028,933		—		5,306
RUB	HSB	10/05/12	6,490,000		200,000		207,947		7,947		—
RUB	HSB	10/09/12	13,295,275		410,000		425,723		15,723		—
RUB	JPM	10/05/12	12,655,500		390,000		405,496		15,496		—
RUB	JPM	10/09/12	23,018,200		710,000		737,058		27,058		—
RUB	JPM	10/09/12	36,275,825		1,130,000		1,161,576		31,576		—
RUB	JPM	10/22/12	46,586,250		1,500,000		1,488,638		—		11,362
RUB	JPM	10/26/12	55,900,200		1,798,532		1,785,124		—		13,408
ZMK	BRC	09/17/13	3,637,624,300		670,000		657,098		—		12,902
Total Forward Currency Purchase Contracts				$	54,766,840	$	55,300,921	$	580,512	$	46,431

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at September 30, 2012 (concluded):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency Amount	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
BRL	BRC	10/02/12	3,348,958	$	1,651,360	$	1,651,971	$	—	$	611
BRL	BRC	10/02/12	3,348,958		1,646,084		1,651,971		—		5,887
BRL	HSB	10/02/12	3,348,958		1,650,546		1,651,971		—		1,425
BRL	HSB	10/02/12	3,348,958		1,644,871		1,651,971		—		7,100
BRL	HSB	10/02/12	4,929,824		2,427,767		2,431,779		—		4,012
BRL	SSB	10/02/12	3,348,958		1,646,489		1,651,971		—		5,482
BRL	UBS	10/02/12	1,132,516		557,724		558,646		—		922
BRL	UBS	10/02/12	3,348,958		1,650,302		1,651,971		—		1,669
BRL	UBS	10/02/12	10,046,874		4,957,747		4,955,913		1,834		—
CRC	CIT	03/27/13	264,220,800		491,693		508,171		—		16,478
HUF	UBS	10/24/12	88,008,741		402,786		395,452		7,334		—
PEN	JPM	10/15/12	3,846,125		1,450,000		1,479,528		—		29,528
PLN	BRC	10/22/12	6,405,510		2,008,044		1,994,513		13,531		—
PLN	BRC	11/30/12	511,360		158,684		158,500		184		—
PLN	BRC	11/30/12	643,340		198,457		199,408		—		951
PLN	UBS	11/30/12	6,405,510		1,984,728		1,985,439		—		711
TRY	BRC	10/18/12	4,127,350		2,300,000		2,291,147		8,853		—
ZAR	BRC	10/03/12	5,193,975		634,871		623,965		10,906		—
ZAR	JPM	10/03/12	16,867,896		2,042,613		2,026,382		16,231		—
Total Forward Currency Sale Contracts				$	29,504,766	$	29,520,669		58,873		74,776
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	639,385	$	121,207

Interest Rate Swap Agreements open at September 30, 2012:

Currency	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate		Variable Rate	Unrealized Appreciation (Depreciation)
BRL	BRC	2,047,641	01/02/17	(1.00	%)	Brazil Cetip Interbank Deposit Rate	$	(2,184	)
BRL	JPM	2,203,000	01/02/17	7.83	%	Brazil Cetip Interbank Deposit Rate		(1,150	)
BRL	JPM	1,189,001	01/04/21	7.83	%	Brazil Cetip Interbank Deposit Rate		(8,719	)
BRL	BRC	951,237	01/04/21	9.24	%	Brazil Cetip Interbank Deposit Rate		(15,596	)
MYR	BRC	7,000,000	08/16/17	(3.26	%)	Klibor Interbank Offered Rate Fixing 3 Month		6,328
RUB	BRC	60,000,000	01/17/17	8.23	%	MosPrime 3 Months Rate		3,035
							$	(18,286	)

Description	Shares		Value
Lazard U.S. Realty Income Portfolio
Closed-End Management Investment Company | 0.3%
Ares Capital Corp. (Identified cost $217,884)		14,800	$	253,672
Common Stock | 3.9%
Real Estate | 3.9%
Colony Financial, Inc. (Identified cost $2,442,525)		153,300		2,986,284
Preferred Stocks | 30.3%
Real Estate | 30.3%
Apollo Commercial Real Estate Finance, Inc., Series A, 8.625%		60,000		1,536,000
Ashford Hospitality Trust, Inc., Series A, 8.550%		35,163		895,602
Ashford Hospitality Trust, Inc., Series D, 8.450%		61,782		1,565,556
CapLease, Inc., Series A, 8.125%		34,755		868,875
CBL & Associates Properties, Inc., Series E, 6.625%		60,000		1,500,000
Cedar Realty Trust, Inc., Series A, 8.875%		46,664		1,185,266
DuPont Fabros Technology, Inc., Series B, 7.625%		13,060		351,836
First Industrial Realty Trust, Inc., Series K, 7.250%		58,630		1,477,476
First Potomac Realty Trust, Series A, 7.750%		8,710		224,979
Glimcher Realty Trust, Series G, 8.125%		72,826		1,830,846
Hersha Hospitality Trust, Series A, 8.000%		37,471		954,761
Hersha Hospitality Trust, Series B, 8.000%		43,018		1,113,736
Kite Realty Group Trust, Series A, 8.250%		40,530		1,051,348
NorthStar Realty Finance Corp., Series A, 8.750%		72,886		1,809,759
Parkway Properties, Inc., Series D, 8.000%		32,606		816,780
Pennsylvania Real Estate Investment Trust, Series A, 8.250%		60,000		1,582,200
STAG Industrial, Inc., Series A, 9.000%		3,800		103,626
Sunstone Hotel Investors, Inc., Series A, 8.000%		91,406		2,294,291
Vornado Realty Trust, Series K, 5.700%		21,864		547,693
Description	Shares		Value
Winthrop Realty Trust, Series D, 9.250%		20,000	$	534,200
Winthrop Realty Trust, 7.750%		25,000		641,500
Total Preferred Stocks (Identified cost $21,854,373)				22,886,330
Real Estate Investment Trusts | 62.2%
Agree Realty Corp.		53,911		1,374,191
Apollo Commercial Real Estate Finance, Inc.		151,730		2,630,998
Associated Estates Realty Corp.		199,339		3,021,979
Campus Crest Communities, Inc.		326,400		3,525,120
Cedar Realty Trust, Inc.		53,480		282,374
CommonWealth REIT		137,552		2,002,757
Digital Realty Trust, Inc.		21,300		1,487,805
Dynex Capital, Inc.		174,906		1,880,240
Entertainment Properties Trust		77,530		3,444,658
First Potomac Realty Trust		105,410		1,357,681
Health Care REIT, Inc.		48,600		2,806,650
Hersha Hospitality Trust		214,600		1,051,540
Highwoods Properties, Inc.		67,000		2,185,540
Kite Realty Group Trust		154,289		786,874
LTC Properties, Inc.		40,200		1,280,370
Medical Properties Trust, Inc.		285,141		2,979,723
Mission West Properties, Inc.		64,500		561,150
Plum Creek Timber Co., Inc.		31,300		1,372,192
Ramco-Gershenson Properties Trust		40,079		502,190
Realty Income Corp.		17,700		723,753
Sabra Health Care REIT, Inc.		65,469		1,310,035
Select Income REIT		24,500		603,190
Spirit Realty Capital, Inc. (a)		60,000		930,000
STAG Industrial, Inc.		131,980		2,145,995
Starwood Property Trust, Inc.		135,936		3,163,231
Sun Communities, Inc.		55,857		2,464,411
Whitestone REIT		83,996		1,108,747
Total Real Estate Investment Trusts (Identified cost $44,913,717)				46,983,394
Short-Term Investment | 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $3,314,135)		3,314,135		3,314,135
Total Investments | 101.1% (Identified cost $72,742,634) (b)			$	76,423,815
Liabilities in Excess of Cash and Other Assets | (1.1)%				(842,995	)
Net Assets | 100.0%			$	75,580,820

Description	Shares		Value
Lazard U.S. Realty Equity Portfolio
Common Stocks | 8.6%
Leisure & Entertainment | 4.3%
Marriott International, Inc., Class A		13,258	$	518,388
Starwood Hotels & Resorts Worldwide, Inc.		34,686		2,010,400
				2,528,788
Real Estate | 4.3%
Colony Financial, Inc.		87,512		1,704,734
Jones Lang LaSalle, Inc.		11,200		855,120
				2,559,854
Total Common Stocks (Identified cost $4,659,247)				5,088,642
Real Estate Investment Trusts | 89.0%
American Assets Trust, Inc.		31,723		849,859
American Tower Corp.		63,696		4,547,257
Apartment Investment & Management Co., Class A		65,044		1,690,494
Associated Estates Realty Corp.		107,996		1,637,219
AvalonBay Communities, Inc.		10,707		1,456,045
Boston Properties, Inc.		20,744		2,294,494
Cedar Realty Trust, Inc.		164,247		867,224
CubeSmart		83,293		1,071,981
DDR Corp.		62,438		959,048
Digital Realty Trust, Inc.		29,850		2,085,023
Douglas Emmett, Inc.		17,101		394,520
Equity Lifestyle Properties, Inc.		33,455		2,278,955
Equity Residential		42,508		2,445,485
Essex Property Trust, Inc.		15,305		2,268,813
Federal Realty Investment Trust		7,394		778,588
First Potomac Realty Trust		69,175		890,974
General Growth Properties, Inc.		114,738		2,235,096
Health Care REIT, Inc.		29,900		1,726,725
Pebblebrook Hotel Trust		59,279		1,386,536
Plum Creek Timber Co., Inc.		20,000		876,800
Prologis, Inc.		37,292		1,306,339
PS Business Parks, Inc.		7,562		505,293
Public Storage		16,149		2,247,456
Rayonier, Inc.		14,200		695,942
Retail Opportunity Investments Corp.		152,284		1,959,895
Simon Property Group, Inc.		40,007		6,073,463
SL Green Realty Corp.		16,728		1,339,411
Sunstone Hotel Investors, Inc. (a)		47,319		520,509
Tanger Factory Outlet Centers, Inc.		16,233		524,813
Ventas, Inc.		39,624		2,466,594
Weyerhaeuser Co.		71,200		1,861,168
Total Real Estate Investment Trusts (Identified cost $51,335,907)				52,242,019
Description	Shares		Value
Short-Term Investment | 4.2%
State Street Institutional Treasury Money Market Fund (Identified cost $2,438,599)		2,438,599	$	2,438,599
Total Investments | 101.8% (Identified cost $58,433,753) (b)				59,769,260
Description	Number of Contracts		Value
Purchased Options | 0.6%
iShares Dow Jones U.S. Real Estate December 12 65.00 PUT, Expires 12/22/12		425	$	110,075
iShares Dow Jones U.S. Real Estate January 13 66.00 PUT, Expires 01/19/13		650		224,250
Total Purchased Options (Identified cost $332,269)				334,325
Total Investments and Purchased Options | 102.4% (Identified cost $58,766,022)			$	60,103,585
Liabilities in Excess of Cash and Other Assets | (2.4)%				(1,418,778	)
Net Assets | 100.0%			$	58,684,807

Description	Shares		Value
Lazard International Realty Equity Portfolio
Common Stocks | 62.6%
Australia | 2.0%
Goodman Group		21,137	$	86,825
Brazil | 10.2%
Aliansce Shopping Centers SA		13,500		146,371
BR Properties SA		6,900		90,026
Gafisa SA		20,400		44,880
Multiplan Empreendimentos Imobiliarios SA		3,300		97,165
PDG Realty SA Empreendimentos e Participacoes		25,500		48,050
Rossi Residencial SA		9,300		23,075
				449,567
China | 8.2%
China Overseas Land & Investment, Ltd.		56,000		142,852
Longfor Properties Co., Ltd.		70,500		109,104
Shimao Property Holdings, Ltd.		24,000		41,227
Shui On Land, Ltd.		67,500		25,419
Soho China, Ltd.		65,000		39,986
				358,588
Hong Kong | 14.9%
Cheung Kong Holdings, Ltd.		8,000		117,203
Great Eagle Holdings, Ltd.		23,373		71,137
Sun Hung Kai Properties, Ltd.		14,000		205,106
The Wharf Holdings, Ltd.		38,000		262,431
				655,877
Japan | 15.7%
Daito Trust Construction Co., Ltd.		400		40,236
Mitsubishi Estate Co., Ltd.		13,000		248,872
Mitsui Fudosan Co., Ltd.		12,000		240,338
Sumitomo Realty & Development Co., Ltd.		6,000		159,303
				688,749
Luxembourg | 2.7%
GAGFAH SA (a)		11,533		117,526
Norway | 2.3%
Norwegian Property ASA		66,100		100,958
Singapore | 2.3%
CapitaLand, Ltd.		40,000		103,651
United States | 2.0%
Starwood Hotels & Resorts Worldwide, Inc.		1,480		85,781
Total Common Stocks (Identified cost $2,291,378)				2,647,522
Description	Shares		Value
Real Estate Investment Trusts | 35.3%
Australia | 12.3%
CFS Retail Property Trust		53,470	$	107,046
Investa Office Fund		26,503		79,451
Westfield Group REIT		26,160		275,700
Westfield Retail Trust		26,580		79,681
				541,878
Brazil | 0.7%
Cyrela Commercial Properties SA Empreendimentos e Participacoes		2,400		29,348
Canada | 3.2%
Boardwalk Real Estate Investment Trust		600		39,664
Brookfield Office Properties, Inc.		6,200		103,049
				142,713
France | 6.7%
Fonciere des Regions		1,351		101,562
Unibail-Rodamco SE		978		194,926
				296,488
Italy | 2.9%
Beni Stabili SpA		239,182		126,018
Japan | 2.6%
Japan Logistics Fund, Inc.		5		46,258
Japan Retail Fund Investment Corp.		20		35,751
Nippon Building Fund, Inc.		3		32,330
				114,339
Singapore | 3.2%
CDL Hospitality Trusts		25,000		41,354
Frasers Centrepoint Trust		68,000		100,294
				141,648
United Kingdom | 6.0%
British Land Co. PLC		6,724		56,678
Derwent London PLC		2,621		82,786
Hammerson PLC		5,837		42,510
SEGRO PLC		21,875		80,114
				262,088
Total Real Estate Investment Trusts (Identified cost $1,495,332)				1,654,520
Short-Term Investment | 3.1%
State Street Institutional Treasury Money Market Fund (Identified cost $134,338)		134,338		134,338
Total Investments | 101.0% (Identified cost $3,921,048) (b)			$	4,436,380
Liabilities in Excess of Cash and Other Assets | (1.0)%				(45,949	)
Net Assets | 100.0%			$	4,390,431

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds | 94.4%
Aerospace & Defense | 1.8%
Bombardier, Inc., 7.750%, 03/15/20 (e)	$	1,600	$	1,836,000
Huntington Ingalls Industries, Inc., 6.875%, 03/15/18		1,500		1,625,625
				3,461,625
Apparel & Textiles | 1.6%
Jones Group, 6.875%, 03/15/19		1,500		1,548,750
Levi Strauss & Co., 7.625%, 05/15/20		1,300		1,404,000
				2,952,750
Automotive | 5.1%
Chrysler Group LLC, 8.250%, 06/15/21		1,400		1,491,000
Dana Holding Corp., 6.500%, 02/15/19		1,500		1,597,500
Meritor, Inc., 8.125%, 09/15/15		215		225,750
Navistar International Corp., 8.250%, 11/01/21		1,693		1,606,234
Schaeffler Finance BV:
7.750%, 02/15/17 (e)		250		276,250
8.500%, 02/15/19 (e)		250		280,000
The Goodyear Tire & Rubber Co., 8.250%, 08/15/20		1,775		1,965,812
Tomkins LLC, 9.000%, 10/01/18		1,037		1,156,255
TRW Automotive, Inc., 8.875%, 12/01/17 (e)		1,000		1,102,500
				9,701,301
Building Materials | 5.1%
Griffon Corp., 7.125%, 04/01/18		1,705		1,805,169
HD Supply, Inc., 8.125%, 04/15/19 (e)		1,400		1,519,000
Legrand France SA, 8.500%, 02/15/25		925		1,192,204
Masco Corp., 6.125%, 10/03/16		1,500		1,650,961
Owens Corning, Inc., 9.000%, 06/15/19		725		912,452
USG Corp., 9.750%, 01/15/18		675		729,000
Vulcan Materials Co., 6.500%, 12/01/16		1,600		1,756,000
				9,564,786
Description	Principal Amount (000)		Value
Cable Television | 4.4%
Cablevision Systems Corp., 7.750%, 04/15/18	$	1,500	$	1,661,250
CCO Holdings LLC, 7.875%, 04/30/18		1,500		1,623,750
DISH DBS Corp., 7.125%, 02/01/16		775		856,375
Mediacom LLC, 9.125%, 08/15/19		175		193,375
Nara Cable Funding, Ltd., 8.875%, 12/01/18 (e)		1,075		980,937
Unitymedia Hessen GmbH & Co. KG:
8.125%, 12/01/17 (e)		1,325		1,424,375
7.500%, 03/15/19 (e)		1,400		1,536,500
				8,276,562
Chemicals | 2.0%
Ineos Finance PLC, 7.500%, 05/01/20 (e)		1,400		1,421,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		991,286
Tronox Finance LLC, 6.375%, 08/15/20 (e)		1,400		1,414,000
				3,826,286
Computer Services | 1.7%
First Data Corp.:
8.875%, 08/15/20 (e)		850		926,500
6.750%, 11/01/20 (e)		400		397,500
iGATE Corp., 9.000%, 05/01/16		1,200		1,317,000
SunGard Data Systems, Inc., 10.250%, 08/15/15		564		578,100
				3,219,100
Diversified | 0.9%
Amsted Industries, Inc., 8.125%, 03/15/18 (e)		1,100		1,188,000
General Cable Corp., 7.125%, 04/01/17		489		505,504
				1,693,504
Electric Generation | 2.3%
AES Corp., 8.000%, 10/15/17		1,472		1,700,160
Calpine Corp., 7.875%, 07/31/20 (e)		1,150		1,256,375
GenOn Energy, Inc.:
9.500%, 10/15/18		225		255,375
9.875%, 10/15/20		475		527,250
NRG Energy, Inc., 8.250%, 09/01/20		525		572,250
				4,311,410

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Electronics | 1.3%
Amkor Technology, Inc., 6.625%, 06/01/21	$	1,400	$	1,421,000
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		50		50,750
9.250%, 04/15/18 (e)		900		978,750
				2,450,500
Energy Exploration & Production | 2.6%
Chesapeake Energy Corp., 9.500%, 02/15/15		1,400		1,541,750
Denbury Resources, Inc., 9.750%, 03/01/16		590		634,250
Linn Energy LLC, 6.500%, 05/15/19 (e)		1,750		1,750,000
Samson Investment Co., 9.750%, 02/15/20 (e)		1,000		1,030,000
				4,956,000
Energy Services | 3.6%
Cie Generale de Geophysique-Veritas, 7.750%, 05/15/17		1,765		1,835,600
Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		1,250		1,437,500
Expro Finance Luxembourg SCA, 8.500%, 12/15/16 (e)		429		441,870
Frac Tech Services, Inc., 8.125%, 11/15/18 (e)		1,000		1,065,000
Offshore Group Investments, Ltd., 11.500%, 08/01/15		1,000		1,105,000
PBF Holding Co., LLC, 8.250%, 02/15/20 (e)		900		945,000
				6,829,970
Financial Services | 1.8%
Icahn Enterprises LP:
7.750%, 01/15/16		500		521,250
8.000%, 01/15/18		1,100		1,179,750
International Lease Finance Corp.:
8.625%, 09/15/15		500		569,375
5.750%, 05/15/16		500		530,121
8.750%, 03/15/17		500		585,000
				3,385,496
Food & Beverages | 2.3%
Constellation Brands, Inc., 7.250%, 05/15/17		950		1,109,125
Del Monte Corp., 7.625%, 02/15/19		1,500		1,543,125
Post Holdings, Inc., 7.375%, 02/15/22 (e)		1,650		1,753,125
				4,405,375
Description	Principal Amount (000)		Value
Forest & Paper Products | 0.8%
Resolute Forest Products, 10.250%, 10/15/18	$	690	$	784,875
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		763,125
				1,548,000
Gaming | 5.0%
Boyd Gaming Corp., 9.125%, 12/01/18		1,350		1,417,500
Marina District Finance Co., Inc.:
9.500%, 10/15/15		500		504,375
9.875%, 08/15/18		500		501,250
MGM Resorts International:
10.375%, 05/15/14		900		1,012,500
7.625%, 01/15/17		750		795,000
Peninsula Gaming LLC, 10.750%, 08/15/17		225		254,250
Penn National Gaming, Inc., 8.750%, 08/15/19		825		924,000
Pinnacle Entertainment, Inc., 8.625%, 08/01/17		800		874,000
Scientific Games Corp., 8.125%, 09/15/18		350		382,375
Scientific Games International, Inc.:
9.250%, 06/15/19		250		277,500
6.250%, 09/01/20 (e)		850		854,250
Wynn Las Vegas LLC:
7.875%, 11/01/17		500		545,000
7.750%, 08/15/20		1,050		1,168,125
				9,510,125
Gas Distribution | 5.3%
Copano Energy LLC, 7.750%, 06/01/18		1,600		1,680,000
El Paso Corp., 7.000%, 06/15/17		650		745,879
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,418,750
Ferrellgas Partners LP:
8.625%, 06/15/20		520		503,100
6.500%, 05/01/21		500		483,750
NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		1,430		1,519,375
Niska Gas Storage US LLC, 8.875%, 03/15/18		750		774,375
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (e)		1,450		1,482,625
Suburban Propane Partners LP, 7.500%, 10/01/18 (e)		1,329		1,422,030
				10,029,884

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Health Services | 5.8%
Apria Healthcare Group, Inc., 11.250%, 11/01/14	$	550	$	563,750
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,536,500
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (e)		525		605,062
Grifols, Inc., 8.250%, 02/01/18		1,525		1,685,125
HCA, Inc., 8.000%, 10/01/18		1,600		1,848,000
Health Management Associates, Inc., 6.125%, 04/15/16		1,000		1,090,000
Service Corp. International, 6.750%, 04/01/16		750		838,125
Tenet Healthcare Corp., 8.875%, 07/01/19		1,000		1,130,000
Vanguard Health Holding Co., LLC, 8.000%, 02/01/18		1,500		1,601,250
				10,897,812
Leisure & Entertainment | 2.2%
AMC Entertainment, Inc., 8.750%, 06/01/19		950		1,047,375
Carlson Wagonlit BV, 6.875%, 06/15/19 (e)		1,300		1,365,000
Cedar Fair LP, 9.125%, 08/01/18		225		255,656
Live Nation Entertainment, Inc., 8.125%, 05/15/18 (e)		135		145,125
Royal Caribbean Cruises, Ltd., 7.250%, 06/15/16		330		368,775
Speedway Motorsports, Inc., 8.750%, 06/01/16		826		893,113
				4,075,044
Machinery | 1.4%
Case New Holland, Inc., 7.750%, 09/01/13		200		209,250
Terex Corp., 6.500%, 04/01/20		1,200		1,248,000
The Manitowoc Co., Inc., 8.500%, 11/01/20		1,000		1,118,750
				2,576,000
Media | 2.8%
Clear Channel Worldwide Holdings, Inc., 9.250%, 12/15/17		1,475		1,589,313
Lamar Media Corp., 7.875%, 04/15/18		1,000		1,105,000
Description	Principal Amount (000)		Value
LIN Television Corp., 8.375%, 04/15/18	$	1,400	$	1,484,000
WMG Acquisition Corp., 9.500%, 06/15/16		945		1,031,231
				5,209,544
Metals & Mining | 4.6%
Aleris International, Inc., 7.625%, 02/15/18		1,175		1,248,437
ArcelorMittal, 5.750%, 03/01/21		1,400		1,333,822
Arch Coal, Inc., 7.000%, 06/15/19		1,651		1,386,840
Calcipar SA, 6.875%, 05/01/18 (e)		1,350		1,339,875
FMG Resources (August 2006) Property, Ltd., 7.000%, 11/01/15 (e)		1,800		1,791,000
Inmet Mining Corp., 8.750%, 06/01/20 (e)		1,500		1,552,500
				8,652,474
Packaging | 2.6%
Ardagh Packaging Finance PLC, 7.375%, 10/15/17 (e)		1,350		1,446,188
Reynolds Group Issuer, Inc., 5.750%, 10/15/20 (e)		1,500		1,500,000
Sealed Air Corp., 8.125%, 09/15/19 (e)		1,775		1,974,687
				4,920,875
Pharmaceutical & Biotechnology | 3.3%
Biomet, Inc., 6.500%, 08/01/20 (e)		1,750		1,813,437
Mylan, Inc.:
7.625%, 07/15/17 (e)		400		443,000
7.875%, 07/15/20 (e)		650		729,625
Valeant Pharmaceuticals International, Inc., 6.500%, 07/15/16 (e)		1,500		1,573,125
Warner Chilcott Co., LLC, 7.750%, 09/15/18		1,575		1,681,313
				6,240,500
Printing & Publishing | 3.1%
Deluxe Corp., 7.375%, 06/01/15		1,005		1,022,588
Gannett Co., Inc., 7.125%, 09/01/18		1,676		1,843,600
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,600		1,588,000
The McClatchy Co., 11.500%, 02/15/17		1,200		1,290,000
				5,744,188

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Real Estate | 2.0%
CB Richard Ellis Services, Inc., 11.625%, 06/15/17	$	975	$	1,092,000
CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		1,600		1,516,000
DuPont Fabros Technology LP, 8.500%, 12/15/17		1,000		1,102,500
Forest City Enterprises, Inc., 7.625%, 06/01/15		142		141,911
				3,852,411
Retail | 3.7%
Ingles Markets, Inc., 8.875%, 05/15/17		1,238		1,333,945
JC Penney Corp., Inc., 5.650%, 06/01/20		1,325		1,195,812
Mead Products LLC, 6.750%, 04/30/20 (e)		1,750		1,824,375
QVC, Inc., 7.500%, 10/01/19 (e)		1,000		1,106,506
Sears Holdings Corp., 6.625%, 10/15/18		675		629,438
SuperValu, Inc., 8.000%, 05/01/16		1,025		914,812
				7,004,888
Steel-Producers | 2.4%
AK Steel Corp., 7.625%, 05/15/20		1,400		1,225,000
Steel Dynamics, Inc., 6.125%, 08/15/19 (e)		1,800		1,872,000
United States Steel Corp., 6.050%, 06/01/17		1,475		1,463,938
				4,560,938
Support Services | 3.2%
Avis Budget Car Rental LLC:
7.750%, 05/15/16		355		365,210
9.625%, 03/15/18		835		926,850
Hertz Corp., 7.500%, 10/15/18		1,000		1,080,000
Iron Mountain, Inc., 8.000%, 06/15/20		1,600		1,702,000
UR Merger Sub Corp.:
9.250%, 12/15/19		1,000		1,127,500
7.375%, 05/15/20 (e)		750		806,250
				6,007,810
Technology Hardware | 0.7%
Seagate HDD Cayman, 7.750%, 12/15/18		1,175		1,298,375
Description	Principal Amount (000)		Value
Telecommunications | 6.3%
Cincinnati Bell, Inc., 8.250%, 10/15/17	$	1,350	$	1,441,125
Cricket Communications, Inc., 7.750%, 05/15/16		750		791,250
Equinix, Inc., 8.125%, 03/01/18		1,182		1,312,020
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,687,500
GCI, Inc., 8.625%, 11/15/19		1,000		1,080,000
Intelsat Jackson Holdings, Ltd.:
11.250%, 06/15/16		203		211,881
7.250%, 04/01/19		1,300		1,404,000
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,530,313
Wind Acquisition Finance SA, 11.750%, 07/15/17 (e)		800		754,000
Windstream Corp., 8.125%, 09/01/18		1,575		1,701,000
				11,913,089
Transportation | 2.7%
Florida East Coast Railway Corp., 8.125%, 02/01/17		1,200		1,263,000
Hapag-Lloyd AG, 9.750%, 10/15/17 (e)		1,075		1,053,500
Overseas Shipholding Group, Inc., 8.125%, 03/30/18		1,300		864,500
Teekay Corp., 8.500%, 01/15/20		1,725		1,811,250
				4,992,250
Total Corporate Bonds (Identified cost $169,860,795)				178,068,872
Description	Shares		Value
Short-Term Investment | 4.6%
State Street Institutional Treasury Money Market Fund (Identified cost $8,752,677)		8,752,677	$	8,752,677
Total Investments | 99.0% (Identified cost $178,613,472) (b)			$	186,821,549
Cash and Other Assets in Excess of Liabilities | 1.0%				1,794,694
Net Assets | 100.0%			$	188,616,243

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio
Municipal Bonds | 96.7%
Arizona | 2.8%
Scottsdale Arizona Municipal Property Corp. Excise Tax Revenue, 5.000%, 07/01/19	$	500	$	619,080
California | 3.0%
California State, 5.000%, 02/01/22		500		611,325
California State Department of Water Resources Center Valley Project Water System Series Y Pre- refunded, 5.250%, 12/01/12 (Escrowed to Maturity) (h)		5		5,041
Val Verde California Unified School District School Construction, 5.000%, 01/01/22 (Pre-refunded to 01/01/15 @ $100) (h)		50		55,075
				671,441
Colorado | 2.7%
Colorado State Water Resources & Power Development Authority Wastewater Revenue Revolving Fund Series A, 5.250%, 09/01/14		500		547,025
Denver Colorado City & County Airport Revenue Series B, 5.500%, 11/15/33 (Pre-refunded to 11/15/13 @ $100) (h)		50		52,937
				599,962
Connecticut | 0.2%
Connecticut State Health & Educational Facilities Authority Revenue Connecticut State University System Series E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12 @ $100) (h)		50		50,187
Delaware | 2.4%
Delaware State Series 2009C, 5.000%, 10/01/18		435		540,862
Florida | 7.4%
Collier County Florida Industrial Development Authority NCH Healthcare System Project, 3.000%, 10/01/12		500		500,000
Florida State Board of Education Public Education Capital Outlay 2011 Series A, 5.000%, 06/01/14		535		575,981
Orlando Florida Utilities Commission Utility System Revenue, 5.000%, 10/01/19		500		582,395
				1,658,376

Description	Principal Amount (000)		Value
Georgia | 4.5%
Georgia State Series I, 5.000%, 07/01/18	$	575	$	711,775
Valdosta & Lowndes County Georgia Hospital Authority South Medical Center Project Series B, 5.000%, 10/01/21		250		300,065
				1,011,840
Illinois | 12.0%
Illinois State Toll Highway Authority Senior Priority Series A, 5.000%, 01/01/16		600		671,400
Illinois State Unemployment Insurance Fund Building Receipts Revenue Series B, 5.000%, 06/15/17		600		710,424
Railsplitter Illinois Tobacco Settlement Authority:
4.000%, 06/01/13		350		357,767
4.125%, 06/01/16		500		546,015
Will County Illinois Community Unit School District No. 209-U Wilmington, 9.000%, 01/01/24 (Pre-refunded to 01/01/16 @ $100) (h)		320		406,470
				2,692,076
Maine | 2.1%
Maine State Turnpike Authority Series B, 5.000%, 07/01/22		385		481,373
Maryland | 0.5%
Carroll County Maryland Construction Public Improvement, 5.000%, 11/01/17		100		121,916
Massachusetts | 3.9%
Lowell Massachusetts State Qualified, 5.000%, 10/15/15		300		312,273
Massachusetts Bay Transportation Authority Revenue Assessment Series A, 5.000%, 07/01/21 (Pre-refunded to 07/01/15 @ $100) (h)		300		338,067
Massachusetts State:
Construction Loan Series E, 5.000%, 11/01/24 (Pre-refunded to 11/01/16 @ $100) (h)		50		59,071
Series A, 5.000%, 09/01/14		150		163,303
				872,714
Michigan | 5.1%
Imlay City Michigan Community Schools District, 5.000%, 05/01/18		500		563,530
Michigan State Hospital Finance Authority Trinity Health Series A, 5.250%, 12/01/15		500		568,805
				1,132,335

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Minnesota | 2.1%
Minnesota State, 5.000%, 11/01/16	$	400	$	472,032
New Jersey | 3.5%
Essex County New Jersey Improvement Authority Guaranteed Lease County Correctional Series A, 5.000%, 10/01/28 (Pre-refunded to 10/01/13 @ $100) (h)		50		52,368
New Jersey State Educational Facilities Authority Revenue:
Princeton University Series E, 5.000%, 07/01/20 (Pre-refunded to 07/01/13 @ $100) (h)		50		51,792
Rowan University Series C, 5.125%, 07/01/28 (Pre-refunded to 07/01/14 @ $100) (h)		50		54,166
New Jersey State Transportation Trust Funding Authority Transportation System:
Series A, 5.625%, 06/15/14 (Escrowed to Maturity) (h)		75		81,793
Series C, 5.250%, 06/15/14 (Escrowed to Maturity) (h)		50		54,211
5.500%, 06/15/24 (Pre-refunded to 06/15/13 @ $100) (h)		50		51,860
Series D, 5.000%, 06/15/16 (Pre-refunded to 06/15/15 @ $100) (h)		25		28,121
New Jersey State Turnpike Authority Series A:
Pre-refunded, 6.000%, 01/01/14 (Escrowed to Maturity) (h)		50		53,531
Refunded, 6.000%, 01/01/14 (Escrowed to Maturity) (h)		50		53,531
New Jersey Tobacco Settlement Financing Corp.:
5.000%, 06/01/13 (Escrowed to Maturity) (h)		25		25,796
6.250%, 06/01/43 (Pre-refunded to 06/01/13 @ $100) (h)		250		260,020
Newark New Jersey Housing and Port Authority Newark Marine Terminal Rental Revenue, 5.000%, 01/01/37 (Pre-refunded to 01/01/14 @ $100) (h)		25		26,455
				793,644
New York | 17.3%
Metropolitan Transportation Authority New York Dedicated Tax Funding Series A, 4.750%, 04/01/28 (Pre-refunded to 10/01/15 @ $100) (h)		50		56,515
Metropolitan Transportation Authority New York Transportation Revenue Series C,
5.000%, 11/15/13		685		719,044
New York State Dormitory Authority Revenues: Columbia University Series B, 5.000%, 07/01/16		170		199,034

Description	Principal Amount (000)		Value
Court Facilities Lease Westchester Series A, 5.000%, 08/01/15	$	565	$	631,721
Insured Student Housing Corp., 5.000%, 07/01/23 (Pre-refunded to 07/01/14 @ $100) (h)		50		54,086
Non State Supported Debt:
Brooklyn Law School Project Series A, 5.000%, 07/01/20		500		594,080
New York University Hospital Center Series A, 5.000%, 07/01/17		585		678,998
State Personal Income Tax Revenue Education Series A, 5.000%, 03/15/17		100		114,853
State Personal Income Tax Revenue General Purpose Bonds Series A, 5.000%, 12/15/21		500		637,030
New York State Thruway Authority 2nd General Highway & Bridge Trust Fund Series A, 5.000%, 04/01/15		175		194,497
				3,879,858
North Carolina | 3.0%
North Carolina State Eastern Municipal Power Agency Power System Revenue Series A, 5.250%, 01/01/20		595		675,926
Pennsylvania | 2.0%
Pennsylvania State Higher Educational Facilties Authority Revenue Temple University, 5.000%, 04/01/15		400		442,880
South Carolina | 2.9%
Charleston County South Carolina Sales Tax, 5.000%, 11/01/21		500		644,565
Tennessee | 4.4%
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Vanderbilt University Series B, 5.000%, 10/01/18		315		387,926
Tennessee State Series C, 5.000%, 05/01/17		500		599,695
				987,621
Texas | 10.0%
Decatur Texas Independent School District School Building,
5.250%, 08/15/25		100		115,093
North Texas Tollway Authority Revenue System First Tier Series A MBIA-IBC, 6.000%, 01/01/23		340		402,727
Plano Texas Independent School District School Building, 5.000%, 02/15/14 (Pre-refunded to 02/15/13 @ $100) (h)		20		20,355

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (concluded)
San Antonio Texas General Improvement, 5.000%, 02/01/19	$	545	$	622,722
Texas State Transportation Commission Revenue First Tier:
5.000%, 04/01/19		200		238,670
5.000%, 04/01/20		200		237,018
University of Texas Financing System Series C, 5.000%, 08/15/17		500		602,160
				2,238,745
Washington | 3.6%
Energy Northwest Washington Electric Revenue Project No. 3 Series A,
5.500%, 07/01/17 (Pre-refunded to 07/01/13 @ $100) (h)		350		363,709
Washington State Various Purposes Series R-A, 5.000%, 01/01/15		400		440,976
				804,685
Wisconsin | 1.3%
Wisconsin State Health & Educational Facilities Authority Revenue Gundersen Lutheran Series A, 5.000%, 10/15/17		250		289,897
Total Municipal Bonds (Identified cost $21,205,447)				21,682,015

Description	Shares		Value
Short-Term Investment | 2.2%
State Street Institutional Treasury Money Market Fund (Identified cost $490,029)	490,029	$	490,029
Total Investments | 98.9% (Identified cost $21,695,476) (b)		$	22,172,044
Cash and Other Assets in Excess of Liabilities | 1.1%			239,480
Net Assets | 100.0%		$	22,411,524

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds | 32.8%
Australia | 2.1%
Commonwealth Bank of Australia:
6.500%, 08/13/13		AUD		10	$	10,605
5.750%, 09/23/13		AUD		23		24,320
Telstra Corp., Ltd., 6.250%, 04/15/15		AUD		40		43,932
Westpac Banking Corp., 6.375%, 12/10/13		AUD		25		26,670
						105,527
Brazil | 1.9%
Petrobras International Finance Co., 6.125%, 10/06/16 (f)		USD		85		96,294
Canada | 2.7%
Shaw Communications, Inc., 5.650%, 10/01/19		CAD		45		51,498
Suncor Energy, Inc., 6.100%, 06/01/18		USD		25		30,833
Wells Fargo Financial Canada Corp., 2.774%, 02/09/17		CAD		50		51,714
						134,045
Chile | 2.2%
Codelco, Inc., 3.750%, 11/04/20 (f)		USD		100		108,056
France | 1.5%
Electricite de France SA, 5.000%, 02/05/18		EUR		50		75,474
Germany | 0.5%
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17		NOK		130		23,130
Netherlands | 1.9%
BMW Finance NV, 3.375%, 12/14/18		GBP		25		42,937
RWE Finance BV, 5.000%, 02/10/15		EUR		35		49,241
						92,178
Norway | 2.4%
Statoil ASA, 6.875%, 03/11/31 (f)		GBP		50		117,369
Singapore | 3.4%
Temasek Financial I, Ltd., 4.500%, 09/21/15 (f)		USD		150		165,819
Sweden | 2.1%
Kommuninvest I Sverige AB, 2.750%, 08/12/15		SEK		670		105,524

Description	Security Currency		Principal Amount (000)		Value
United Kingdom | 5.6%
BG Energy Capital PLC, 5.125%, 12/01/25 (f)		GBP		50		96,608
GKN Holdings PLC, 6.750%, 10/28/19		GBP		10		18,335
Network Rail Infrastructure Finance PLC, 4.400%, 03/06/16 (f)		CAD		150		163,569
						278,512
United States | 6.5%
AES Corp., 7.750%, 10/15/15 (f)		USD		20		22,600
Anheuser-Busch InBev Worldwide, Inc., 9.750%, 11/17/15		BRL		100		55,987
Credit Suisse USA, Inc., 4.875%, 01/15/15		USD		25		27,028
DISH DBS Corp., 7.125%, 02/01/16 (f)		USD		20		22,100
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (f)		USD		10		11,525
General Electric Capital Corp., 5.500%, 02/01/17		NZD		45		39,047
Goldman Sachs Group, Inc., 6.250%, 09/01/17		USD		25		29,304
JPMorgan Chase & Co., 3.875%, 09/23/20		EUR		50		71,632
Masco Corp., 6.125%, 10/03/16		USD		15		16,510
Starbucks Corp., 6.250%, 08/15/17		USD		20		24,494
						320,227
Total Corporate Bonds (Identified cost $1,589,852)						1,622,155
Foreign Government Obligations | 46.3%
Australia | 3.0%
New South Wales Treasury Corp., 5.000%, 02/25/39 (f)		GBP		50		99,585
Queensland Treasury Corp., 6.250%, 02/21/20		AUD		40		47,756
						147,341
Austria | 1.1%
Republic of Austria, 3.900%, 07/15/20		EUR		35		52,374
Bahamas | 1.7%
Commonwealth of the Bahamas, 6.950%, 11/20/29 (f)		USD		70		83,125

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
Belgium | 2.0%
Belgium Kingdom, 5.500%, 03/28/28		EUR		60	$	100,821
Bermuda | 2.4%
Government of Bermuda, 5.603%, 07/20/20 (f)		USD		100		116,000
Brazil | 1.1%
Federal Republic of Brazil, 11.000%, 06/26/17		EUR		30		54,165
Canada | 5.5%
Province of British Columbia, 3.700%, 12/18/20		CAD		45		50,431
Province of Ontario, 6.250%, 06/16/15		NZD		75		66,577
Province of Quebec, 8.500%, 04/01/26		CAD		35		55,962
Province of Saskatchewan, 8.500%, 07/15/22		USD		65		98,752
						271,722
China | 1.6%
China Government Bond, 2.560%, 06/29/17		CNY		500		77,722
Colombia | 0.9%
Republic of Colombia, 12.000%, 10/22/15		COP		66,000		45,157
Czech Republic | 1.5%
Czech Republic, 5.000%, 06/11/18		EUR		50		75,351
France | 2.1%
Government of France, 4.250%, 10/25/23		EUR		70		106,127
Mexico | 3.6%
Mexican Bonos, 9.500%, 12/18/14		MXN		900		76,920
United Mexican States:
4.250%, 06/16/15		EUR		15		20,924
6.750%, 02/06/24		GBP		40		77,756
						175,600
Netherlands | 3.1%
Netherlands Government Bonds:
3.750%, 01/15/23		EUR		65		98,787
2.500%, 01/15/33		EUR		40		52,354
						151,141
New Zealand | 1.7%
Auckland Council, 4.620%, 03/29/16		NZD		100		84,836

Description	Security Currency		Principal Amount (000)		Value
Peru | 2.8%
Peru Bono Soberano, 7.840%, 08/12/20		PEN		210	$	100,129
Republic of Peru, 7.500%, 10/14/14		EUR		26		37,680
						137,809
Poland | 6.4%
Poland Government Bonds:
5.750%, 04/25/14		PLN		455		145,605
5.250%, 10/25/17		PLN		155		50,632
5.750%, 09/23/22		PLN		145		49,040
Republic of Poland:
3.000%, 09/23/14		CHF		30		33,349
6.375%, 07/15/19 (f)		USD		32		39,520
						318,146
Qatar | 2.4%
State of Qatar, 5.250%, 01/20/20 (f)		USD		100		118,250
South Africa | 2.2%
Republic of South Africa:
4.500%, 04/05/16		EUR		50		70,196
8.250%, 09/15/17		ZAR		305		40,372
						110,568
Sweden | 1.2%
Svensk Exportkredit AB, 7.625%, 06/30/14		NZD		65		57,473
Total Foreign Government Obligations (Identified cost $2,224,034)						2,283,728
Quasi Government Bonds | 4.1%
Canada | 1.0%
Ontario Electricity Financial Corp., 10.125%, 10/15/21		CAD		30		48,900
Germany | 3.1%
KfW:
2.875%, 10/12/16		NOK		560		100,878
3.375%, 01/18/21		EUR		35		51,299
						152,177
Total Quasi Government Bonds (Identified cost $195,299)						201,077
Supranationals | 8.9%
Brazil | 0.2%
Inter-American Development Bank, 6.000%, 12/15/17		NZD		10		9,235
Philippines | 2.5%
Asian Development Bank:
3.375%, 05/20/14		NOK		250		44,983
2.850%, 10/21/20		CNY		500		78,033
						123,016

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
United States | 4.2%
International Bank for Reconstruction & Development:
3.250%, 01/24/13		CLP		37,000	$	77,276
2.300%, 02/26/13		KRW		100,000		89,776
7.250%, 10/04/13		TRY		70		39,569
						206,621
Venezuela | 2.0%
Corporacion Andina de Fomento,
3.750%, 01/15/16 (f)		USD		72		75,487
3.750%, 01/15/16		USD		25		26,210
						101,697
Total Supranationals (Identified cost $440,645)						440,569
U.S. Municipal Bonds | 3.6%
Alaska | 1.9%
Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27 (f)		USD		75		92,387
Texas | 1.7%
University of Texas Build America Bonds Series B, 6.276%, 08/15/41		USD		70		82,822
Total U.S. Municipal Bonds (Identified cost $177,962)						175,209

Description	Shares		Value
Short-Term Investment | 8.9%
State Street Institutional Treasury Money Market Fund (Identified cost $440,108)		440,108	$	440,108
Total Investments | 104.6% (Identified cost $5,067,900) (b)			$	5,162,846
Liabilities in Excess of Cash and Other Assets | (4.6)%				(229,371	)
Net Assets | 100.0%			$	4,933,475

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2012:

Forward Currency Contracts	Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD		CIT		11/16/12		9,728	$	10,000	$	10,052	$	52	$	—
CAD		HSB		11/16/12		19,594		20,000		19,911		—		89
CAD		HSB		11/16/12		35,619		36,488		36,196		—		292
CHF		HSB		11/16/12		33,995		36,000		36,175		175		—
CHF		HSB		11/16/12		156,686		161,161		166,733		5,572		—
DKK		CSF		11/16/12		174,674		30,000		30,134		134		—
DKK		CSF		11/16/12		934,491		154,530		161,216		6,686		—
EUR		HSB		11/16/12		5,576		6,858		7,168		310		—
EUR		HSB		11/16/12		11,992		15,498		15,417		—		81
EUR		HSB		11/16/12		22,266		27,542		28,625		1,083		—
EUR		HSB		11/16/12		28,780		37,168		37,000		—		168
EUR		HSB		11/16/12		82,088		105,000		105,534		534		—
EUR		HSB		11/16/12		117,665		150,000		151,273		1,273		—
GBP		HSB		11/16/12		23,959		38,000		38,683		683		—
GBP		HSB		11/16/12		37,574		60,000		60,665		665		—
GBP		HSB		11/16/12		54,951		86,129		88,722		2,593		—
HKD		CIT		11/16/12		100,812		13,000		13,001		1		—
HKD		CIT		11/16/12		529,869		68,329		68,335		6		—
JPY		HSB		11/16/12		2,430,664		31,000		31,158		158		—
JPY		HSB		11/16/12		3,832,633		49,000		49,129		129		—
JPY		HSB		11/16/12		11,183,315		143,000		143,355		355		—
JPY		HSB		11/16/12		56,146,359		718,329		719,719		1,390		—
MXN		HSB		11/16/12		78,901		5,979		6,102		123		—
MYR		SCB		12/12/12		85,663		27,417		27,884		467		—
NOK		HSB		11/16/12		46,310		8,000		8,070		70		—
NOK		HSB		11/16/12		238,639		41,000		41,586		586		—
PLN		HSB		11/16/12		12,999		4,000		4,036		36		—
SEK		CAN		11/16/12		33,245		5,000		5,054		54		—
SEK		CAN		11/16/12		154,808		23,564		23,536		—		28
SGD		SSB		11/16/12		11,126		9,000		9,065		65		—
SGD		SSB		11/16/12		52,034		41,759		42,398		639		—
ZAR		HSB		11/16/12		317,165		38,309		37,872		—		437
Total Forward Currency Purchase Contracts							$	2,201,060	$	2,223,804	$	23,839	$	1,095
Forward Currency Sale Contracts
AUD		CAN		11/16/12		3,061	$	3,158	$	3,163	$	—	$	5
AUD		CAN		11/16/12		10,313		10,664		10,657		7		—
AUD		CAN		11/16/12		21,853		22,670		22,581		89		—
AUD		CAN		11/16/12		34,867		36,354		36,029		325		—
AUD		CIT		11/16/12		28,195		29,388		29,134		254		—
BRL		CAN		10/17/12		383,669		188,999		188,887		112		—
CAD		HSB		11/16/12		22,895		23,370		23,265		105		—
CAD		HSB		11/16/12		40,189		40,390		40,839		—		449
CAD		HSB		11/16/12		40,350		41,329		41,003		326		—
CAD		HSB		11/16/12		196,889		197,994		200,076		—		2,082
CLP		CAN		10/12/12		7,095,738		14,840		14,936		—		96

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at September 30, 2012 (concluded):

Forward Currency Contracts	Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
CLP		CAN		10/12/12		30,025,287	$	62,908	$	63,200	$	—	$	292
COP		JPM		10/16/12		17,586,631		9,733		9,751		—		18
COP		JPM		10/16/12		68,844,436		37,847		38,170		—		323
EUR		HSB		11/16/12		5,638		7,324		7,248		76		—
EUR		HSB		11/16/12		41,123		53,146		52,869		277		—
EUR		HSB		11/16/12		55,079		68,004		70,811		—		2,807
EUR		HSB		11/16/12		90,537		116,437		116,397		40		—
EUR		HSB		11/16/12		266,477		329,011		342,591		—		13,580
GBP		HSB		11/16/12		5,438		8,781		8,781		—		—
GBP		HSB		11/16/12		11,634		18,241		18,784		—		543
GBP		HSB		11/16/12		12,502		20,083		20,185		—		102
GBP		HSB		11/16/12		25,881		42,000		41,788		212		—
GBP		HSB		11/16/12		130,451		204,540		210,624		—		6,084
KRW		SCB		12/12/12		59,909,960		52,553		53,719		—		1,166
MXN		HSB		11/16/12		449,684		34,195		34,780		—		585
MXN		HSB		11/16/12		522,002		39,559		40,373		—		814
MYR		SCB		12/12/12		85,663		28,059		27,884		175		—
NOK		HSB		11/16/12		966,504		162,394		168,425		—		6,031
NZD		JPM		11/16/12		49,013		39,262		40,502		—		1,240
NZD		JPM		11/16/12		259,861		208,165		214,740		—		6,575
PEN		SCB		10/17/12		74,132		28,365		28,513		—		148
PEN		SCB		10/17/12		82,150		31,000		31,597		—		597
PLN		CAN		11/16/12		141,331		42,163		43,877		—		1,714
PLN		HSB		11/16/12		144,934		45,883		44,996		887		—
PLN		HSB		11/16/12		472,640		140,913		146,733		—		5,820
SEK		CAN		11/16/12		82,630		12,233		12,563		—		330
SEK		CAN		11/16/12		235,045		35,177		35,734		—		557
SEK		CAN		11/16/12		382,961		58,162		58,223		—		61
SGD		SSB		11/16/12		52,462		43,000		42,747		253		—
ZAR		BRC		11/16/12		278,857		33,000		33,298		—		298
ZAR		BRC		11/16/12		384,980		46,896		45,970		926		—
Total Forward Currency Sale Contracts							$	2,668,190	$	2,716,443		4,064		52,317
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	27,903	$	53,412

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 89.5%
Energy Select Sector SPDR Fund		207,000	$	15,210,360
Financial Select Sector SPDR Fund		915,800		14,286,480
Industrial Select Sector SPDR Fund		348,300		12,726,882
iShares MSCI Italy Index Fund		373,300		4,490,799
iShares MSCI South Korea Index Fund		118,410		7,001,583
iShares S&P North American Technology Sector Index Fund		334,070		23,134,347
iShares Silver Trust (a)		143,600		4,807,728
Market Vectors Agribusiness ETF		268,700		13,915,973
PowerShares DB Oil Fund (a)		263,100		6,869,541
PowerShares Financial Preferred Portfolio		284,100		5,244,486
PowerShares S&P 500 High Beta Portfolio		283,400		5,860,712
PowerShares Senior Loan Portfolio		222,300		5,546,385
SPDR Barclays High Yield Bond ETF		576,800		23,198,896
SPDR Gold Trust (a)		152,500		26,233,050
Vanguard REIT ETF		52,135		3,387,211
Vanguard Short-Term Corporate Bond ETF		420,900		33,810,897
Total Exchange-Traded Funds (Identified cost $198,101,406)				205,725,330
Closed-End Management Investment Companies | 4.7%
JPMorgan European Smaller Companies Trust PLC		277,910		2,986,557
Tri-Continental Corp.		486,400		7,889,408
Total Closed-End Management Investment Companies (Identified cost $9,848,605)				10,875,965
Short-Term Investment | 5.9%
State Street Institutional Treasury Money Market Fund (Identified cost $13,677,014)		13,677,014		13,677,014
Total Investments | 100.1% (Identified cost $221,627,025) (b)			$	230,278,309
Liabilities in Excess of Cash and Other Assets | (0.1)%				(311,037	)
Net Assets | 100.0%			$	229,967,272

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Contract opens at September 30, 2012:

Forward Currency Sale Contract	Counterparty		Expiration Date		Foreign Currency Amount		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
GBP		SSB		12/18/12		1,431,880	$	2,300,000	$	2,311,697	$	11,697

Total Return Swap Agreement opens at September 30, 2012:

Currency

Counterparty

Notional Amount

Expiration Date

Pay

Receive

Net Unrealized Depreciation

USD

GSC

12,854,369

09/25/13

1 Month USD LIBOR plus 0.40%

Appreciation, and dividends paid, on securities in the Equity Basket

$

206,669

(a)	Non-income producing security.
(b)	For federal 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 Concentrated Portfolio	$	105,364,500	$	6,333,784	$	339,674	$	5,994,110
U.S. Strategic Equity Portfolio		73,837,068		12,986,635		2,060,797		10,925,838
U.S. Mid Cap Equity Portfolio		92,995,867		5,843,202		4,318,855		1,524,347
U.S. Small-Mid Cap Equity Portfolio		270,375,582		19,551,519		8,716,109		10,835,410
Global Listed Infrastructure Portfolio		129,445,520		8,344,316		5,413,099		2,931,217
International Equity Portfolio		103,436,557		14,975,975		2,726,124		12,249,851
International Equity Select Portfolio		6,298,994		822,214		245,342		576,872
International Strategic Equity Portfolio		897,200,321		122,290,583		8,711,876		113,578,707
International Small Cap Equity Portfolio		48,935,307		14,403,467		2,233,121		12,170,346
Emerging Markets Equity Portfolio		14,706,125,479		2,373,125,344		1,529,532,364		843,592,980
Developing Markets Equity Portfolio		405,968,499		21,995,438		40,725,172		(18,729,734	)
Emerging Markets Equity Blend Portfolio		179,257,168		12,697,735		8,704,741		3,992,994
Emerging Markets Multi-Strategy Portfolio		98,435,706		4,313,213		1,944,283		2,368,930
Emerging Markets Debt Portfolio		203,950,613		11,181,219		872,972		10,308,247
U.S. Realty Income Portfolio		72,742,634		4,571,878		890,697		3,681,181
U.S. Realty Equity Portfolio		58,433,753		1,937,328		601,821		1,335,507
International Realty Equity Portfolio		3,921,048		597,956		82,624		515,332
U.S. High Yield Portfolio		178,613,472		9,849,019		1,640,942		8,208,077
U.S. Municipal Portfolio		21,695,476		483,379		6,811		476,568
Global Fixed Income Portfolio		5,067,900		107,390		12,444		94,946
Capital Allocator Opportunistic Strategies Portfolio		221,627,025		9,194,649		543,365		8,651,284

(c)	Private placements.
(d)	Security valued using Level 2 inputs under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy.
	Security was valued based on reference to a similar security from the same issuer which was trading on an active market.
(e)	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, 2012. The percentage of net assets are as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity Portfolio		0.8	%
Emerging Markets Multi-Strategy Portfolio		3.3
Emerging Markets Debt Portfolio		7.7
U.S. High Yield Portfolio		28.6

(f) Segregated security for forward currency contracts.

(g)	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, 2012, which may step up at a future date.
(h)	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

COP — Colombian Peso

CRC — Costa Rican Colon

CZK — Czech Koruna

DKK — Danish Krone

DOP — Dominican Republic Peso

EUR — Euro

GBP —British Pound Sterling

GHS —Ghanaian Cedi

HKD — Hong Kong Dollar

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

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

RON — New Romanian Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

USD — United States Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

ZMK — Zambian Kwacha

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
Agriculture	—	%	1.3	%	1.2	%	1.7	%	—	%	0.7	%
Airport Development & Maintenance	19.2		—		—		—		—		—
Alcohol & Tobacco	—		5.7		7.4		5.7		—		5.2
Automotive	—		2.4		2.3		3.0		1.3		—
Banking	—		9.8		13.6		7.9		1.8		21.8
Building Materials	—		—		—		—		—		0.7
Cable Television	1.3		—		1.0		1.6		—		—
Chemicals	—		1.2		1.2		3.5		4.7		—
Commercial Services	—		3.8		2.4		1.5		13.3		3.2
Computer Software	—		1.7		3.2		—		—		2.5
Construction & Engineering	—		—		—		—		0.9		1.9
Consumer Products	—		—		—		1.9		3.9		3.5
Diversified	—		0.5		1.0		—		—		2.6
Electric	20.6		2.6		0.8		—		—		0.2
Energy Exploration & Production	—		—		1.1		2.5		—		3.8
Energy Integrated	—		5.6		4.4		2.5		—		3.5
Energy Services	5.7		3.0		3.3		4.8		6.6		—
Financial Services	—		1.8		1.1		3.3		8.2		3.1
Food & Beverages	—		3.1		3.2		6.8		—		0.9
Forest & Paper Products	—		2.3		1.7		5.6		1.1		0.8
Gas Utilities	13.0		—		—		—		—		—
Health Services	—		0.5		0.5		1.5		4.6		—
Housing	—		5.2		3.2		4.7		1.5		1.8
Insurance	—		4.0		3.1		5.9		—		1.4
Leisure & Entertainment	—		3.0		1.5		6.6		4.5		1.0
Manufacturing	—		6.8		6.5		7.6		12.3		4.5
Medical Products	—		—		—		1.3		6.4		—
Metals & Mining	—		2.2		2.8		—		0.8		5.7
Pharmaceutical & Biotechnology	—		13.1		11.9		8.0		3.5		—
Real Estate	—		—		—		—		2.1		—
Retail	—		5.1		4.1		5.9		8.2		5.6
Semiconductors & Components	—		2.6		4.5		—		3.4		6.2
Technology	—		2.9		2.6		1.8		1.1		1.6
Technology Hardware	—		—		—		—		3.1		1.7
Telecommunications	—		3.2		5.8		—		1.7		12.3
Transportation	39.0		3.0		2.1		1.5		2.3		1.4
Water	2.6		—		—		—		—		—
Subtotal	101.4		96.4		97.5		97.1		97.3		97.6
Short-Term Investments	0.3		—		2.7		2.5		2.5		2.9
Repurchase Agreement	—		3.3		—		—		—		—
Total Investments	101.7	%	99.7	%	100.2	%	99.6	%	99.8	%	100.5	%

Industry	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		Lazard Global Fixed Income Portfolio
Agriculture	1.4	%	2.1	%	1.3	%	0.2	%	—	%	—	%
Alcohol & Tobacco	—		1.6		0.9		—		—		1.1
Apparel & Textiles	1.0		0.6		0.4		—		—		—
Automotive	4.5		3.0		1.7		—		—		1.2
Banking	23.2		21.9		13.8		2.7		—		4.8
Building Materials	—		—		0.3		0.4		—		0.3
Cable Television	—		—		—		—		—		1.5
Chemicals	—		0.2		0.3		0.4		—		—
Coal Producer & Power Generator	—		—		0.1		0.2		—		—
Commercial Services	—		1.1		0.6		—		—		—
Computer Software	2.1		1.0		0.6		—		—		—
Construction & Engineering	1.8		2.8		1.8		0.6		—		—
Consumer Products	—		1.6		0.9		—		—		—
Diversified	—		0.9		0.5		0.2		—		—
Electric	0.8		0.4		0.2		0.9		—		3.5
Electric Generation	—		—		—		—		—		0.5
Energy	—		—		1.6		4.3		—		2.0
Energy Exploration & Production	4.6		4.2		2.5		2.4		—		—
Energy Integrated	4.7		3.8		3.0		1.0		—		2.4
Energy Services	3.4		3.3		1.9		—		—		2.6
Financial Services	4.2		1.7		0.9		—		—		9.9
Food & Beverages	—		1.2		0.7		—		—		0.5
Forest & Paper Products	1.0		0.8		0.6		0.2		—		—
Health Services	—		—		—		—		—		0.2
Housing	—		—		—		—		1.4		—
Insurance	1.8		2.9		1.7		—		—		—
Leisure & Entertainment	1.9		2.9		1.9		0.3		1.9		—
Manufacturing	9.4		7.5		4.3		—		—		—
Metals & Mining	6.4		5.7		3.6		0.5		—		2.2
Pharmaceutical & Biotechnology	1.8		1.8		1.0		—		—		—
Real Estate	5.1		2.3		1.3		—		94.6		—
Restaurants	—		—		0.1		0.3		—		—
Retail	5.7		4.4		2.5		—		—		—
Semiconductors & Components	2.1		4.1		2.3		—		—		—
Special Purpose Entity	—		—		0.1		0.2		—		—
Steel-Producers	—		—		0.2		0.3		—		—
Technology	0.4		—		—		—		—		—
Technology Hardware	3.6		4.1		2.3		—		—		—
Telecommunications	1.1		5.4		3.4		0.4		—		0.9
Transportation	3.2		2.5		1.4		0.3		—		3.3
Water	—		0.3		0.2		—		—		—
Subtotal	95.2		96.1		60.9		15.8		97.9		36.9
Foreign Government Obligations	—		—		11.2		73.5		—		46.3
Supranationals	—		—		0.1		0.6		—		8.9
U.S. Municipal Bonds	—		—		—		—		—		3.6
Short-Term Investments	6.4		5.9		27.5		2.3		3.1		8.9
Total Investments	101.6	%	102.0	%	99.7	%	92.2	%	101.0	%	104.6	%

Valuation of Investments:
Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally 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 most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Exchange-traded options are valued at the last sales prices at the close of business on the exchanges on which they trade (which is normally 4:10 p.m. Eastern time). Swap agreements, such as credit default and interest rate swap agreements and swap agreements with respect to equity securities, are valued by an independent pricing service. Forward currency contracts are valued using quotations from an independent pricing service. 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 independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 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”).

The Valuation Committee of 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.

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 certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of foreign securities may be determined with the assistance of an independent pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices or relevant ADRs or future 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 portfolio’s 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 GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. 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 as of September 30, 2012:

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, 2012
U.S. Equity Concentrated Portfolio
Common Stocks	$	98,712,878	$	—		$	—	$	98,712,878
Short-Term Investment		—		12,645,732			—		12,645,732
Total	$	98,712,878	$	12,645,732		$	—	$	111,358,610
U.S. Strategic Equity Portfolio
Common Stocks	$	81,503,542	$	—		$	—	$	81,503,542
Preferred Stock		—		—			593,181		593,181
Short-Term Investment		—		2,666,183			—		2,666,183
Total	$	81,503,542	$	2,666,183		$	593,181	$	84,762,906
U.S. Mid Cap Equity Portfolio
Common Stocks	$	90,349,031	$	—		$	—	$	90,349,031
Preferred Stock		—		—			1,710,210		1,710,210
Short-Term Investment		—		2,460,973			—		2,460,973
Total	$	90,349,031	$	2,460,973		$	1,710,210	$	94,520,214
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	268,949,596	$	—		$	—	$	268,949,596
Preferred Stock		—		—			592,396		592,396
Repurchase Agreement		—		11,669,000			—		11,669,000
Total	$	268,949,596	$	11,669,000		$	592,396	$	281,210,992
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	131,922,832	$	—		$	—	$	131,922,832
Short-Term Investment		—		453,905			—		453,905
Other Financial Instruments*
Forward Currency Contracts		—		296,857			—		296,857
Total	$	131,922,832	$	750,762		$	—	$	132,673,594
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$		$	(2,834,577	)	$		$	(2,834,577	)

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, 2012
International Equity Portfolio
Common Stocks:
Russia	$	—	$	1,731,653	$	—	$	1,731,653
Other		110,012,776		—		—		110,012,776
Right		103,979		—		—		103,979
Repurchase Agreement		—		3,838,000		—		3,838,000
Total	$	110,116,755	$	5,569,653	$	—	$	115,686,408
International Equity Select Portfolio
Common Stocks:
Russia	$	82,537	$	150,332	$	—	$	232,869
Other		6,455,815		—		—		6,455,815
Right		2,572		—		—		2,572
Short-Term Investment		—		184,610		—		184,610
Total	$	6,540,924	$	334,942	$	—	$	6,875,866
International Strategic Equity Portfolio
Common Stocks:
Russia	$	—	$	22,148,577	$	—	$	22,148,577
Other		961,234,347		—		—		961,234,347
Rights		1,534,158		—		—		1,534,158
Short-Term Investment		—		25,861,946		—		25,861,946
Total	$	962,768,505	$	48,010,523	$	—	$	1,010,779,028
International Small Cap Equity Portfolio
Common Stocks	$	59,517,915	$	—	$	—	$	59,517,915
Right		31,259		—		—		31,259
Short-Term Investment		—		1,556,479		—		1,556,479
Total	$	59,549,174	$	1,556,479	$	—	$	61,105,653
Emerging Markets Equity Portfolio
Common Stocks:
Russia	$	782,407,733	$	699,015,123	$	—	$	1,481,422,856
Thailand		158,986,647		202,955,467		—		361,942,114
Other		13,069,738,900		—		—		13,069,738,900
Preferred Stocks		192,251,182		—		—		192,251,182
Short-Term Investment		—		444,363,407		—		444,363,407
Total	$	14,203,384,462	$	1,346,333,997	$	—	$	15,549,718,459
Developing Markets Equity Portfolio
Common Stocks:
Russia	$	57,723,919	$	10,942,571	$	—	$	68,666,490
Other		271,044,921		—		—		271,044,921
Preferred Stocks		22,956,806		—		—		22,956,806
Short-Term Investment		—		24,570,548		—		24,570,548
Total	$	351,725,646	$	35,513,119	$	—	$	387,238,765
Emerging Markets Equity Blend Portfolio
Common Stocks:
Russia	$	25,424,185	$	2,798,313	$	—	$	28,222,498
Thailand		775,977		489,111		—		1,265,088
Other		133,520,878		—		—		133,520,878
Preferred Stocks		9,630,306		—		—		9,630,306
Short-Term Investment		—		10,611,392		—		10,611,392
Total	$	169,351,346	$	13,898,816	$	—	$	183,250,162

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, 2012
Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks:
Russia	$	8,137,142	$	904,660		$	—	$	9,041,802
Thailand		248,343		152,198			—		400,541
Other		42,569,790		—			—		42,569,790
Preferred Stocks		3,093,546		—			—		3,093,546
Corporate Bonds		—		4,525,080			—		4,525,080
Foreign Government Obligations		—		11,348,901			—		11,348,901
Quasi Government Bonds		—		1,864,071			—		1,864,071
Supranationals		—		140,554			—		140,554
Short-Term Investment		—		27,820,351			—		27,820,351
Other Financial Instruments*
Credit Default Swap Agreements		—		37,097			—		37,097
Forward Currency Contracts		—		359,090			—		359,090
Interest Rate Swap Agreements		—		2,823			—		2,823
Purchased Options		—		68,718			—		68,718
Total	$	54,048,821	$	47,223,543		$	—	$	101,272,364
Liabilities:
Other Financial Instruments*
Credit Default Swap Agreements	$	—	$	(102,279	)	$	—	$	(102,279	)
Interest Rate Swap Agreements		—		(40,216	)		—		(40,216	)
Forward Currency Contracts		—		(267,362	)		—		(267,362	)
Written Option		—		(3,978	)		—		(3,978	)
Total	$	—	$	(413,835	)	$	—	$	(413,835	)
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds	$	—	$	19,066,107		$	—	$	19,066,107
Foreign Government Obligations		—		171,001,622			—		171,001,622
Quasi Government Bonds		—		17,465,493			—		17,465,493
Supranationals		—		1,312,843			—		1,312,843
Short-Term Investment		—		5,412,795			—		5,412,795
Other Financial Instruments*
Forward Currency Contracts		—		639,385			—		639,385
Interest Rate Swap Agreements		—		9,363			—		9,363
Purchased Options		—		102,889			—		102,889
Total	$	—	$	215,010,497		$	—	$	215,010,497
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(121,207	)	$	—	$	(121,207	)
Interest Rate Swap Agreements		—		(27,649	)		—		(27,649	)
Total	$	—	$	(148,856	)	$	—	$	(148,856	)
U.S. Realty Income Portfolio
Closed-End Management Investment Company	$	253,672	$	—		$	—	$	253,672
Common Stocks		2,986,284		—			—		2,986,284
Preferred Stocks		22,886,330		—			—		22,886,330
Real Estate Investment Trusts		46,983,394		—			—		46,983,394
Short-Term Investment				3,314,135			—		3,314,135
Total	$	73,109,680	$	3,314,135		$	—	$	76,423,815
U.S. Realty Equity Portfolio
Common Stocks	$	5,088,642	$	—		$	—	$	5,088,642
Real Estate Investment Trusts		52,242,019		—			—		52,242,019
Short-Term Investment		—		2,438,599			—		2,438,599
Other Financial Instruments*
Purchased Options		334,325		—			—		334,325
Total	$	57,664,986	$	2,438,599		$	—	$	60,103,585

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, 2012
International Realty Equity Portfolio
Common Stocks	$	2,647,522	$	—		$	—	$	2,647,522
Real Estate Investment Trusts		1,654,520		—			—		1,654,520
Short-Term Investment		—		134,338			—		134,338
Total	$	4,302,042	$	134,338		$	—	$	4,436,380
U.S. High Yield Portfolio
Corporate Bonds	$	—	$	178,068,872		$	—	$	178,068,872
Short-Term Investment		—		8,752,677			—		8,752,677
Total	$	—	$	186,821,549		$	—	$	186,821,549
U.S. Municipal Portfolio
Municipal Bonds	$	—	$	21,682,015		$	—	$	21,682,015
Short-Term Investment		—		490,029			—		490,029
Total	$	—	$	22,172,044		$	—	$	22,172,044
Global Fixed Income Portfolio
Corporate Bonds	$	—	$	1,622,155		$	—	$	1,622,155
Foreign Government Obligations		—		2,283,728			—		2,283,728
Quasi Government Bonds		—		201,077			—		201,077
Supranationals		—		440,569			—		440,569
U.S. Municipal Bonds		—		175,209			—		175,209
Short-Term Investment		—		440,108			—		440,108
Other Financial Instruments*
Forward Currency Contracts		—		27,903			—		27,903
Total	$	—	$	5,190,749		$	—	$	5,190,749
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(53,412	)	$	—	$	(53,412	)
Capital Allocator Opportunistic Strategies
Portfolio
Assets:
Exchange-Traded Funds	$	205,725,330	$	—		$	—	$	205,725,330
Closed-End Management Investment Companies		10,875,965		—			—		10,875,965
Short-Term Investment		—		13,677,014			—		13,677,014
Total	$	216,601,295	$	13,677,014		$	—	$	230,278,309
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(11,697	)	$	—	$	(11,697	)
Total Return Swap Agreement		—		(206,669	)		—		(206,669	)
Total	$	—	$	(218,366	)	$	—	$	(218,366	)

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

Certain common stocks (see footnote (d)) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The fixed-income securities included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service. The options included in Level 2 were valued at the last sales prices at the close of business of the exchanges on which they trade. The swap agreements included in Level 2 were valued by an independent pricing service. The short term investment included in Level 2 (a pooled investment fund) 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.

The fair value measurement process for the Level 3 preferred stock of Better Place, Inc., a company that is working to build the infrastructure to deliver a range of services relating to the use of electric vehicles, including battery charging and swap stations, includes consideration of the price paid in previous transactions in the stock and other significant unobservable inputs, including the continued monitoring of the implementation of the company’s business plan, the application and timeliness of financing activities, the number and timing of scheduled openings of charging stations, and the production and availability of vehicles that would make use of the company’s services. Significant increases (decreases) in any of these inputs, in isolation or in combination, could result in a significantly higher (lower) fair value measurement.

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 (other than those securities described in footnote (d)). There were no significant transfers into or out of Levels 1, 2, or 3 during the period ended September 30, 2012.

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, 2012:

Description	Balance as of December 31, 2011		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2012		Net Change in Unrealized Depreciation from Investments Still Held at September 30, 2012
U.S. Strategic Equity
Preferred Stock	$	823,560	$	—	$	—		$	(230,379	)	$	—	$	—	$	—	$	—	$	593,181	$	(230,379	)
U.S. Mid Cap Equity
Preferred Stock	$	2,374,420	$	—	$	—		$	(664,210	)	$	—	$	—	$	—	$	—	$	1,710,210	$	(664,210	)
U.S. Small-Mid Cap Equity
Preferred Stock	$	822,471	$	—	$	—		$	(230,075	)	$	—	$	—	$	—	$	—	$	592,396	$	(230,075	)
U.S. High Yield*
Corporate Bonds	$	—	$	—	$	(780,270	)	$	780,270		$	—	$	—	$	—	$	—	$	—	$	—

* The realized loss shown for the Portfolio reflects the write-off of securities that had previously been reported in the Portfolio of Investments at zero 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 29, 2012

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 29, 2012
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 29, 2012

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 29, 2012

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 29, 2012