N-Q 1 c92305_nq.htm

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)

Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2018

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments September 30, 2018 (unaudited)

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 96.5%
Auto Components \| 3.0%
Aptiv PLC		566,070	$	47,493,273
Beverages \| 14.3%
Molson Coors Brewing Co., Class B		914,367		56,233,571
The Coca-Cola Co.		3,639,890		168,126,519
				224,360,090
Building Products \| 4.0%
Armstrong World Industries, Inc. (*)		902,560		62,818,176
Chemicals \| 2.2%
Sensient Technologies Corp.		449,325		34,377,856
Communications Equipment \| 15.1%
Cisco Systems, Inc.		3,251,825		158,201,286
Motorola Solutions, Inc.		592,616		77,123,046
				235,324,332
Construction Materials \| 4.7%
Vulcan Materials Co.		661,079		73,511,985
Health Care Equipment & Supplies \| 9.7%
Medtronic PLC		1,533,935		150,893,186
Interactive Media & Services \| 6.2%
Alphabet, Inc., Class A (*)		80,545		97,224,259
Internet & Direct Marketing Retail \| 4.2%
eBay, Inc. (*)		2,004,465		66,187,434
IT Services \| 3.0%
DXC Technology Co.		503,925		47,127,066
Machinery \| 5.3%
Kennametal, Inc.		929,090		40,471,160
Wabtec Corp.		404,150		42,387,252
				82,858,412
Metals & Mining \| 2.9%
Steel Dynamics, Inc.		986,001		44,557,385
Semiconductors & Semiconductor Equipment \| 14.2%
Analog Devices, Inc.		1,740,180		160,897,043
Skyworks Solutions, Inc.		679,461		61,633,907
				222,530,950
Specialty Retail \| 7.7%
AutoZone, Inc. (*)		61,242		47,505,420
Lowe’s Cos., Inc.		631,905		72,555,332
				120,060,752
Total Common Stocks (Cost $1,345,160,565)				1,509,325,156

Description	Shares		Fair Value
Short-Term Investments \| 3.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $55,098,506)		55,098,506	$	55,098,506
Total Investments \| 100.0% (Cost $1,400,259,071)			$	1,564,423,662
Cash and Other Assets in Excess of Liabilities \| 0.0%				444,851
Net Assets \| 100.0%			$	1,564,868,513

Description	Shares		Fair Value
Lazard US Equity Select Portfolio
Common Stocks \| 96.9%
Aerospace & Defense \| 4.2%
Raytheon Co.		6,550	$	1,353,623
United Technologies Corp.		16,075		2,247,446
				3,601,069
Auto Components \| 0.6%
Aptiv PLC		6,120		513,468
Banks \| 12.1%
Bank of America Corp.		63,100		1,858,926
Citizens Financial Group, Inc.		43,000		1,658,510
Comerica, Inc.		11,200		1,010,240
Commerce Bancshares, Inc.		17,900		1,181,758
Sterling Bancorp		35,250		775,500
SunTrust Banks, Inc.		33,200		2,217,428
Wells Fargo & Co.		33,500		1,760,760
				10,463,122
Beverages \| 3.2%
The Coca-Cola Co.		60,150		2,778,328
Biotechnology \| 0.6%
Biogen, Inc. (*)		1,515		535,265
Capital Markets \| 2.7%
Intercontinental Exchange, Inc.		30,450		2,280,400
Communications Equipment \| 4.5%
Cisco Systems, Inc.		49,825		2,423,986
Motorola Solutions, Inc.		6,935		902,521
Palo Alto Networks, Inc. (*)		2,550		574,413
				3,900,920
Construction Materials \| 0.5%
Vulcan Materials Co.		3,835		426,452
Electrical Equipment \| 3.1%
Eaton Corp. PLC		20,885		1,811,356
Rockwell Automation, Inc.		4,700		881,344
				2,692,700
Energy Equipment & Services \| 2.0%
Halliburton Co.		13,700		555,261
Schlumberger, Ltd.		18,600		1,133,112
				1,688,373
Entertainment \| 0.6%
Electronic Arts, Inc. (*)		4,465		537,988
Equity Real Estate Investment Trusts (REITs) \| 1.4%
Prologis, Inc.		17,875		1,211,746
Health Care Equipment & Supplies \| 4.9%
Danaher Corp.		11,725		1,274,039

Description	Shares		Fair Value
Medtronic PLC		30,250	$	2,975,692
				4,249,731
Health Care Providers & Services \| 2.4%
CVS Health Corp.		12,265		965,501
Humana, Inc.		3,115		1,054,490
				2,019,991
Hotels, Restaurants & Leisure \| 3.6%
McDonald’s Corp.		10,840		1,813,423
Starbucks Corp.		23,270		1,322,667
				3,136,090
Household Products \| 2.3%
The Procter & Gamble Co.		23,945		1,992,942
Industrial Conglomerates \| 2.1%
Honeywell International, Inc.		10,823		1,800,947
Insurance \| 1.6%
Aon PLC		8,905		1,369,411
Interactive Media & Services \| 5.5%
Alphabet, Inc., Class A (*)		3,571		4,310,482
Alphabet, Inc., Class C (*)		340		405,780
				4,716,262
Internet & Direct Marketing Retail \| 1.5%
eBay, Inc. (*)		38,945		1,285,964
IT Services \| 4.1%
DXC Technology Co.		11,950		1,117,564
Visa, Inc., Class A		10,645		1,597,708
Worldpay, Inc., Class A (*)		7,725		782,311
				3,497,583
Life Sciences Tools & Services \| 0.6%
Thermo Fisher Scientific, Inc.		2,075		506,466
Machinery \| 1.7%
Deere & Co.		3,320		499,096
Gates Industrial Corp. PLC		23,200		452,400
Wabtec Corp.		5,100		534,888
				1,486,384
Multiline Retail \| 0.7%
Dollar Tree, Inc. (*)		7,105		579,413
Oil, Gas & Consumable Fuels \| 7.1%
Chevron Corp.		14,300		1,748,604
ConocoPhillips		24,245		1,876,563
EOG Resources, Inc.		13,855		1,767,482
Pioneer Natural Resources Co.		4,125		718,534
				6,111,183
Pharmaceuticals \| 7.7%
Johnson & Johnson		22,480		3,106,062

Description	Shares		Fair Value
Lazard US Equity Select Portfolio (concluded)
Pfizer, Inc.		55,389	$	2,440,993
Zoetis, Inc.		11,554		1,057,884
				6,604,939
Road & Rail \| 1.2%
Norfolk Southern Corp.		5,675		1,024,338
Semiconductors & Semiconductor Equipment \| 1.6%
Analog Devices, Inc.		14,913		1,378,856
Software \| 5.3%
Microsoft Corp.		40,000		4,574,800
Specialty Retail \| 2.3%
Lowe’s Cos., Inc.		17,325		1,989,256
Technology Hardware, Storage & Peripherals \| 5.2%
Apple, Inc.		19,992		4,512,994
Total Common Stocks (Cost $68,346,303)				83,467,381
Short-Term Investments \| 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,602,011)		2,602,011		2,602,011
Total Investments \| 99.9% (Cost $70,948,314)			$	86,069,392
Cash and Other Assets in Excess of Liabilities \| 0.1%				88,120
Net Assets \| 100.0%			$	86,157,512

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 96.2%
Air Freight & Logistics \| 0.8%
Echo Global Logistics, Inc. (*)		47,283	$	1,463,409
Airlines \| 1.4%
Alaska Air Group, Inc.		36,270		2,497,552
Auto Components \| 1.0%
Modine Manufacturing Co. (*)		121,280		1,807,072
Banks \| 11.5%
Cadence BanCorp		96,320		2,515,878
Comerica, Inc.		35,795		3,228,709
Commerce Bancshares, Inc.		53,467		3,529,891
PacWest Bancorp		50,021		2,383,501
Sterling Bancorp		139,800		3,075,600
Texas Capital Bancshares, Inc. (*)		34,975		2,890,684
Wintrust Financial Corp.		39,395		3,346,211
				20,970,474
Biotechnology \| 1.2%
Cellectis SA ADR (*)		40,720		1,149,119
Exelixis, Inc. (*)		63,895		1,132,219
				2,281,338
Building Products \| 1.6%
Armstrong World Industries, Inc. (*)		26,550		1,847,880
PGT Innovations, Inc. (*)		53,435		1,154,196
				3,002,076
Capital Markets \| 0.9%
Morningstar, Inc.		13,635		1,716,647
Chemicals \| 5.7%
Ingevity Corp. (*)		26,195		2,668,747
Innospec, Inc.		41,310		3,170,542
Sensient Technologies Corp.		26,925		2,060,032
Valvoline, Inc.		112,200		2,413,422
				10,312,743
Communications Equipment \| 1.1%
Ciena Corp. (*)		66,545		2,078,866
Construction & Engineering \| 1.0%
Dycom Industries, Inc. (*)		22,495		1,903,077
Construction Materials \| 1.4%
Eagle Materials, Inc.		29,230		2,491,565
Containers & Packaging \| 1.6%
Graphic Packaging Holding Co.		214,810		3,009,488
Electric Utilities \| 2.9%
OGE Energy Corp.		68,800		2,498,816

Description	Shares		Fair Value
PNM Resources, Inc.		70,560	$	2,783,592
				5,282,408
Electrical Equipment \| 5.1%
Atkore International Group, Inc. (*)		107,140		2,842,424
EnerSys		26,095		2,273,657
Generac Holdings, Inc. (*)		20,270		1,143,431
Regal Beloit Corp.		36,150		2,980,568
				9,240,080
Electronic Equipment, Instruments & Components \| 1.9%
Belden, Inc.		17,930		1,280,381
FLIR Systems, Inc.		35,355		2,173,272
				3,453,653
Energy Equipment & Services \| 3.3%
NCS Multistage Holdings, Inc. (*)		105,105		1,735,284
Oceaneering International, Inc. (*)		67,825		1,871,970
Oil States International, Inc. (*)		74,425		2,470,910
				6,078,164
Equity Real Estate Investment Trusts (REITs) \| 9.7%
Alexandria Real Estate Equities, Inc.		24,530		3,085,629
Brandywine Realty Trust		170,470		2,679,788
Camden Property Trust		34,035		3,184,655
Hudson Pacific Properties, Inc.		82,290		2,692,529
Invitation Homes, Inc.		139,325		3,191,936
Kilroy Realty Corp.		38,350		2,749,311
				17,583,848
Food & Staples Retailing \| 1.0%
Sprouts Farmers Market, Inc. (*)		67,450		1,848,805
Food Products \| 1.6%
The Simply Good Foods Co. (*)		148,740		2,892,993
Health Care Equipment & Supplies \| 4.0%
AngioDynamics, Inc. (*)		78,990		1,717,243
Avanos Medical, Inc. (*)		24,405		1,671,742
Lantheus Holdings, Inc. (*)		72,770		1,087,912
STERIS PLC		24,470		2,799,368
				7,276,265
Health Care Technology \| 1.1%
Evolent Health, Inc., Class A (*)		68,430		1,943,412
Hotels, Restaurants & Leisure \| 2.0%
Penn National Gaming, Inc. (*)		55,280		1,819,817
The Cheesecake Factory, Inc.		35,120		1,880,325
				3,700,142
Household Durables \| 2.6%
Leggett & Platt, Inc.		74,330		3,254,911

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Whirlpool Corp.		11,815	$	1,403,031
				4,657,942
Insurance \| 5.2%
Arch Capital Group, Ltd. (*)		112,810		3,362,866
Brown & Brown, Inc.		95,350		2,819,499
Reinsurance Group of America, Inc.		22,960		3,319,098
				9,501,463
IT Services \| 3.5%
CoreLogic, Inc. (*)		55,030		2,719,032
Leidos Holdings, Inc.		52,525		3,632,629
				6,351,661
Life Sciences Tools & Services \| 1.7%
Cambrex Corp. (*)		45,415		3,106,386
Machinery \| 6.2%
Altra Industrial Motion Corp.		47,700		1,970,010
Gates Industrial Corp. PLC		143,905		2,806,147
Kennametal, Inc.		59,659		2,598,746
TriMas Corp. (*)		60,645		1,843,608
Wabtec Corp.		19,360		2,030,477
				11,248,988
Media \| 2.9%
Emerald Expositions Events, Inc.		102,585		1,690,601
Scholastic Corp.		75,432		3,521,920
				5,212,521
Pharmaceuticals \| 1.8%
Catalent, Inc. (*)		71,790		3,270,034
Professional Services \| 0.8%
FTI Consulting, Inc. (*)		19,105		1,398,295
Semiconductors & Semiconductor Equipment \| 3.5%
Cypress Semiconductor Corp.		118,370		1,715,181
MKS Instruments, Inc.		26,275		2,105,941
Versum Materials, Inc.		70,345		2,533,124
				6,354,246
Software \| 3.7%
Bottomline Technologies de, Inc. (*)		32,835		2,387,433
CyberArk Software, Ltd. (*)		27,860		2,224,342
j2 Global, Inc.		25,265		2,093,205
				6,704,980
Textiles, Apparel & Luxury Goods \| 1.5%
Fossil Group, Inc. (*)		60,100		1,399,128
Steven Madden, Ltd.		24,955		1,320,120
				2,719,248

Description	Shares		Fair Value
Trading Companies & Distributors \| 1.0%
DXP Enterprises, Inc. (*)		45,090	$	1,806,756
Total Common Stocks (Cost $155,458,039)				175,166,597
Total Investments \| 96.2% (Cost $155,458,039)			$	175,166,597
Cash and Other Assets in Excess of Liabilities \| 3.8%				6,867,429
Net Assets \| 100.0%			$	182,034,026

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 94.1%
Australia \| 1.7%
BHP Billiton PLC		2,474,756	$	53,779,940
Belgium \| 1.4%
Anheuser-Busch InBev SA/NV		489,928		42,878,059
Brazil \| 0.7%
Cielo SA		7,347,200		22,286,018
Canada \| 5.9%
Canadian National Railway Co.		382,510		34,322,695
National Bank of Canada		1,013,100		50,598,135
Rogers Communications, Inc., Class B		699,918		35,997,021
Suncor Energy, Inc.		1,687,610		65,301,551
				186,219,402
Denmark \| 1.3%
Carlsberg A/S, Class B		349,377		41,892,775
Finland \| 1.4%
Sampo Oyj, A Shares		845,591		43,749,586
France \| 9.7%
Air Liquide SA		235,824		30,975,039
Capgemini SE		378,933		47,690,031
Cie de Saint-Gobain		680,687		29,353,584
Cie Generale des Etablissements Michelin SCA		233,248		27,848,021
Safran SA		466,304		65,261,217
Societe Generale SA		706,350		30,290,468
Valeo SA		581,803		25,262,106
Vinci SA		498,256		47,399,301
				304,079,767
Germany \| 4.2%
Fresenius SE & Co. KGaA		552,838		40,591,833
SAP SE		751,489		92,486,766
				133,078,599
Hong Kong \| 0.5%
Techtronic Industries Co., Ltd.		2,464,500		15,746,122
India \| 1.0%
ICICI Bank, Ltd. Sponsored ADR		3,521,330		29,896,092
Ireland \| 2.8%
Ryanair Holdings PLC Sponsored ADR (*)		405,139		38,909,550
Shire PLC		810,203		48,881,472
				87,791,022
Israel \| 0.6%
Bank Leumi Le-Israel BM		2,865,179		18,871,481
Japan \| 16.4%
Daiwa House Industry Co., Ltd.		2,187,178		64,848,380

Description	Shares		Fair Value
Don Quijote Holdings Co., Ltd.		1,688,500	$	85,448,439
Isuzu Motors, Ltd.		1,417,600		22,344,544
Kao Corp.		519,480		41,951,624
KDDI Corp.		1,452,800		40,141,421
Makita Corp.		979,900		49,086,899
Nexon Co., Ltd. (*)		2,801,400		36,626,160
Shin-Etsu Chemical Co., Ltd.		388,100		34,378,197
Sony Corp.		682,300		41,843,858
Sumitomo Mitsui Financial Group, Inc.		1,279,000		51,622,077
Yamaha Corp.		891,100		47,212,107
				515,503,706
Luxembourg \| 0.9%
Tenaris SA		1,699,734		28,513,324
Netherlands \| 6.2%
ABN AMRO Group NV		1,268,277		34,525,871
Royal Dutch Shell PLC, A Shares		3,016,578		103,553,394
Wolters Kluwer NV		935,243		58,282,552
				196,361,817
Norway \| 2.8%
Equinor ASA		1,437,095		40,510,333
Telenor ASA		2,446,954		47,831,926
				88,342,259
Singapore \| 2.1%
DBS Group Holdings, Ltd.		2,282,720		43,446,571
NetLink NBN Trust		37,331,300		21,293,601
				64,740,172
Spain \| 1.4%
Red Electrica Corporacion SA		2,104,193		43,976,319
Sweden \| 4.4%
Assa Abloy AB, Class B		2,838,534		57,057,285
Epiroc AB, Class A (*)		3,009,498		33,622,427
Nordea Bank AB		4,306,882		46,893,723
				137,573,435
Switzerland \| 7.1%
Ferguson PLC		947,076		80,340,698
Julius Baer Group, Ltd.		662,549		33,114,105
Novartis AG		1,286,732		110,862,813
				224,317,616
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		806,200		35,601,792
United Kingdom \| 15.6%
British American Tobacco PLC		1,350,095		63,030,847
Compass Group PLC		2,932,458		65,202,704
Diageo PLC		895,742		31,722,132

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Howden Joinery Group PLC		4,006,345	$	24,484,248
Informa PLC		3,768,729		37,404,070
Melrose Industries PLC		12,117,062		31,522,912
Prudential PLC		4,436,567		101,735,378
RELX PLC		2,039,562		42,914,038
RSA Insurance Group PLC		3,982,347		29,818,328
Unilever PLC		1,123,438		61,700,364
				489,535,021
United States \| 4.9%
Aon PLC		493,175		75,840,451
Medtronic PLC		795,310		78,234,645
				154,075,096
Total Common Stocks (Cost $2,667,013,654)				2,958,809,420
Preferred Stocks \| 0.8%
Germany \| 0.8%
Volkswagen AG (Cost $30,357,266)		141,824		24,896,535
Short-Term Investments \| 4.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $153,419,812)		153,419,812		153,419,812
Total Investments \| 99.8% (Cost $2,850,790,732)			$	3,137,125,767
Cash and Other Assets in Excess of Liabilities \| 0.2%				6,886,335
Net Assets \| 100.0%			$	3,144,012,102

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 97.5%
Australia \| 2.2%
BHP Billiton, Ltd.		69,752	$	1,736,309
Belgium \| 1.4%
Anheuser-Busch InBev SA/NV		12,928		1,131,447
Brazil \| 2.0%
BB Seguridade Participacoes SA		108,300		646,279
Cia de Saneamento Basico do Estado de Sao Paulo		62,600		365,659
Cielo SA		188,740		572,499
				1,584,437
Canada \| 5.0%
Canadian National Railway Co.		10,500		942,167
National Bank of Canada		13,800		689,225
Rogers Communications, Inc., Class B		18,100		930,889
Suncor Energy, Inc.		35,700		1,381,401
				3,943,682
China \| 5.5%
58.com, Inc. ADR (*)		11,125		818,800
Ping An Insurance Group Co. of China, Ltd., Class H		135,500		1,376,976
Tencent Holdings, Ltd.		52,600		2,173,548
				4,369,324
Denmark \| 1.9%
Carlsberg A/S, Class B		8,862		1,062,616
Genmab A/S (*)		2,578		405,202
				1,467,818
Finland \| 2.1%
Sampo Oyj, A Shares		31,639		1,636,953
France \| 8.5%
Cie Generale des Etablissements Michelin SCA		7,507		896,278
Safran SA		11,345		1,587,781
Ubisoft Entertainment SA (*)		10,200		1,103,829
Valeo SA		21,804		946,738
Vinci SA		11,673		1,110,457
Vivendi SA		42,500		1,092,694
				6,737,777
Germany \| 4.1%
Fresenius SE & Co. KGaA		10,476		769,195
SAP SE		20,281		2,496,010
				3,265,205
India \| 1.6%
ICICI Bank, Ltd. Sponsored ADR		145,865		1,238,394

Description	Shares		Fair Value
Indonesia \| 0.8%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		25,358	$	620,764
Ireland \| 3.1%
Ryanair Holdings PLC Sponsored ADR (*)		9,682		929,859
Shire PLC		25,700		1,550,542
				2,480,401
Japan \| 11.2%
Daiwa House Industry Co., Ltd.		53,200		1,577,345
Kao Corp.		10,600		856,024
KDDI Corp.		30,400		839,963
Komatsu, Ltd.		28,600		870,289
Makita Corp.		36,400		1,823,414
Ryohin Keikaku Co., Ltd.		5,400		1,604,369
Sumitomo Mitsui Financial Group, Inc.		31,876		1,286,556
				8,857,960
Netherlands \| 6.2%
ABN AMRO Group NV (a)		34,418		936,949
Royal Dutch Shell PLC, A Shares		56,561		1,934,221
Wolters Kluwer NV		33,183		2,067,901
				4,939,071
Norway \| 2.8%
Equinor ASA		43,011		1,212,439
Telenor ASA		49,651		970,555
				2,182,994
Russia \| 1.2%
Yandex NV Class A (*)		27,955		919,440
Singapore \| 1.9%
DBS Group Holdings, Ltd.		78,000		1,484,559
South Africa \| 1.8%
Mr. Price Group, Ltd.		30,491		491,379
Sanlam, Ltd.		168,356		940,104
				1,431,483
Spain \| 1.7%
Red Electrica Corporacion SA		62,980		1,316,243
Sweden \| 3.6%
Assa Abloy AB, Class B		83,081		1,670,009
Nordea Bank AB		111,687		1,216,058
				2,886,067
Switzerland \| 6.5%
ABB, Ltd.		35,250		834,107
Cie Financiere Richemont SA		7,327		596,512
Ferguson PLC		15,526		1,317,074
Novartis AG		22,581		1,945,544

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Sonova Holding AG		2,376	$	472,737
				5,165,974
Taiwan \| 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		245,341		2,094,832
Thailand \| 0.8%
Kasikornbank Public Co. Ltd.		91,700		618,139
Turkey \| 0.6%
Turkcell Iletisim Hizmetleri AS		228,606		437,059
United Kingdom \| 10.9%
Ashtead Group PLC		25,335		804,078
British American Tobacco PLC		30,851		1,440,317
Compass Group PLC		74,239		1,650,691
Prudential PLC		101,056		2,317,326
RELX PLC		50,956		1,072,156
Unilever PLC		24,092		1,323,157
				8,607,725
United States \| 7.5%
Accenture PLC, Class A		12,900		2,195,580
Aon PLC		10,360		1,593,161
Medtronic PLC		21,725		2,137,088
				5,925,829
Total Common Stocks (Cost $74,699,338)				77,079,886
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $1,855,370)		1,855,370		1,855,370
Total Investments \| 99.8% (Cost $76,554,708)			$	78,935,256
Cash and Other Assets in Excess of Liabilities \| 0.2%				181,711
Net Assets \| 100.0%			$	79,116,967

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 89.5%
Australia \| 2.3%
Amcor, Ltd.		173,638	$	1,713,217
Belgium \| 3.3%
Anheuser-Busch InBev SA/NV		27,950		2,446,159
Canada \| 11.2%
National Bank of Canada		74,574		3,724,514
Rogers Communications, Inc., Class B		11,600		596,592
Suncor Energy, Inc.		105,322		4,075,403
				8,396,509
China \| 6.1%
58.com, Inc. ADR (*)		24,816		1,826,458
Tencent Holdings, Ltd.		67,718		2,798,257
				4,624,715
France \| 10.5%
Safran SA		39,196		5,485,646
Valeo SA		55,095		2,392,246
				7,877,892
Germany \| 5.5%
SAP SE		33,538		4,127,567
Hong Kong \| 2.4%
Techtronic Industries Co., Ltd.		286,000		1,827,304
Japan \| 10.5%
Bridgestone Corp.		69,900		2,641,577
Digital Garage, Inc.		45,100		1,468,572
Nexon Co., Ltd. (*)		159,400		2,084,033
Yamaha Corp.		31,900		1,690,120
				7,884,302
Netherlands \| 9.5%
ABN AMRO Group NV		126,022		3,430,654
Wolters Kluwer NV		60,175		3,749,990
				7,180,644
Taiwan \| 4.7%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		79,715		3,520,214
United Kingdom \| 15.0%
British American Tobacco PLC		53,803		2,511,859
Compass Group PLC		144,448		3,211,776
Prudential PLC		145,672		3,340,420
Rio Tinto PLC		43,996		2,219,692
				11,283,747
United States \| 8.5%
Aon PLC		15,555		2,392,048

Description	Shares		Fair Value
Medtronic PLC		40,910	$	4,024,317
				6,416,365
Total Common Stocks (Cost $64,695,588)				67,298,635
Preferred Stocks \| 4.1%
Germany \| 4.1%
Volkswagen AG (Cost $ 3,410,979)		17,227		3,024,119
Short-Term Investments \| 4.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,268,384)		3,268,384		3,268,384
Total Investments \| 97.9% (Cost $71,374,951)			$	73,591,138
Cash and Other Assets in Excess of Liabilities \| 2.1%				1,597,929
Net Assets \| 100.0%			$	75,189,067

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 95.4%
Canada \| 8.6%
Bombardier, Inc., Class B (*)		19,381,000	$	69,022,258
CAE, Inc.		7,688,070		156,064,875
National Bank of Canada		2,419,220		120,825,210
Rogers Communications, Inc., Class B		1,565,570		80,517,799
Suncor Energy, Inc.		3,513,128		135,939,409
				562,369,551
China \| 4.8%
58.com, Inc. ADR (*)		796,490		58,621,664
Alibaba Group Holding, Ltd. Sponsored ADR (*)		421,100		69,380,436
Ctrip.com International, Ltd. ADR (*)		642,900		23,896,593
Ping An Bank Co., Ltd., Class A		24,221,292		38,918,374
Ping An Insurance (Group) Co. of China, Ltd., Class H		6,298,000		64,001,413
Tencent Holdings, Ltd.		1,419,000		58,636,219
				313,454,699
Denmark \| 2.4%
Carlsberg A/S, Class B		888,832		106,577,247
Genmab A/S (*)		307,324		48,304,178
				154,881,425
Finland \| 2.9%
Sampo Oyj, A Shares		3,702,369		191,554,916
France \| 8.5%
Cie de Saint-Gobain		1,823,425		78,632,408
Faurecia SA		814,557		48,913,168
Safran SA		1,246,660		174,475,339
Ubisoft Entertainment SA (*)		856,741		92,715,198
Vivendi SA		6,250,440		160,701,620
				555,437,733
Germany \| 1.1%
Fresenius SE & Co. KGaA		927,227		68,081,145
India \| 1.4%
Housing Development Finance Corp., Ltd.		2,396,635		57,990,616
ICICI Bank, Ltd. Sponsored ADR		3,725,700		31,631,193
				89,621,809
Indonesia \| 0.0%
PT Media Nusantara Citra Tbk		20,336,700		1,098,184
Ireland \| 3.9%
Bank of Ireland Group PLC		8,931,593		68,381,929
Kerry Group PLC, Class A		594,864		65,755,651
Shire PLC		1,996,874		120,476,153
				254,613,733

Description	Shares		Fair Value
Japan \| 14.6%
AEON Financial Service Co., Ltd.		4,616,100	$	95,591,321
Daiwa House Industry Co., Ltd.		4,747,200		140,751,338
Don Quijote Holdings Co., Ltd.		3,757,600		190,157,570
FANUC Corp.		349,300		65,870,891
Kao Corp.		1,423,900		114,989,831
Makita Corp.		3,037,900		152,179,908
Nexon Co., Ltd. (*)		8,282,900		108,292,575
Yamaha Corp.		1,631,900		86,461,045
				954,294,479
Luxembourg \| 1.0%
ArcelorMittal		2,104,250		65,247,389
Netherlands \| 3.9%
ABN AMRO Group NV		4,134,028		112,539,231
Wolters Kluwer NV		2,259,893		140,832,201
				253,371,432
New Zealand \| 0.8%
Z Energy, Ltd.		10,774,387		51,007,965
Norway \| 2.1%
Equinor ASA		4,844,342		136,557,366
Philippines \| 0.6%
GT Capital Holdings, Inc.		2,416,637		36,685,580
Singapore \| 1.8%
DBS Group Holdings, Ltd.		6,306,800		120,036,113
Spain \| 1.6%
Bankia SA		15,057,545		58,638,112
Red Electrica Corporacion SA		2,299,932		48,067,142
				106,705,254
Sweden \| 2.9%
Assa Abloy AB, Class B		5,006,833		100,642,197
Hexagon AB, B Shares		1,537,968		90,057,371
				190,699,568
Switzerland \| 3.3%
Julius Baer Group, Ltd.		2,559,486		127,922,748
Partners Group Holding AG		106,248		84,214,535
				212,137,283
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,327,000		71,099,675
United Kingdom \| 21.4%
Ashtead Group PLC		3,173,891		100,732,475
British American Tobacco PLC		2,461,071		114,898,129
Bunzl PLC		2,300,070		72,297,006
CNH Industrial NV		7,501,723		89,974,705
Coca-Cola European Partners PLC		3,921,158		177,555,607

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Compass Group PLC		4,650,551	$	103,404,210
Diageo PLC		3,924,952		138,999,674
Informa PLC		18,177,037		180,404,363
Prudential PLC		9,335,682		214,077,491
RELX PLC		4,687,675		98,632,483
Rio Tinto PLC		2,026,393		102,235,835
				1,393,211,978
United States \| 6.7%
Accenture PLC, Class A		1,055,380		179,625,676
Aon PLC		918,320		141,219,249
Medtronic PLC		1,172,640		115,352,597
				436,197,522
Total Common Stocks (Cost $5,380,252,934)				6,218,364,799
Preferred Stocks \| 1.1%
Germany \| 1.1%
Volkswagen AG (Cost $86,853,410)		411,631		72,259,884
Short-Term Investments \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $206,068,844)		206,068,844		206,068,844
Total Investments \| 99.7% (Cost $5,673,175,188)			$	6,496,693,527
Cash and Other Assets in Excess of Liabilities \| 0.3%				21,068,797
Net Assets \| 100.0%			$	6,517,762,324

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 98.9%
Australia \| 6.2%
APN Outdoor Group, Ltd.		1,147	$	5,510
Aristocrat Leisure, Ltd.		1,130		23,102
BlueScope Steel, Ltd.		843		10,316
CIMIC Group, Ltd.		291		10,769
Coca-Cola Amatil, Ltd.		409		2,886
Cochlear, Ltd.		60		8,751
CSL, Ltd.		372		53,789
Inghams Group, Ltd.		952		2,670
Link Administration Holdings, Ltd.		1,865		10,464
Qantas Airways, Ltd.		2,618		11,116
Saracen Mineral Holdings, Ltd. (*)		5,580		7,513
SmartGroup Corp., Ltd.		311		2,673
South32, Ltd.		919		2,593
Wesfarmers, Ltd.		157		5,656
				157,808
Austria \| 0.5%
Erste Group Bank AG		108		4,480
Raiffeisen Bank International AG		98		2,818
Voestalpine AG		87		3,975
				11,273
Belgium \| 0.3%
UCB SA		69		6,193
China \| 0.2%
Yangzijiang Shipbuilding Holdings, Ltd.		4,800		4,338
Denmark \| 1.5%
Danske Bank A/S		215		5,641
Dfds A/S		95		4,700
H. Lundbeck A/S		59		3,639
Novo Nordisk A/S, Class B		504		23,725
				37,705
Finland \| 0.2%
Fortum Oyj		202		5,063
France \| 9.8%
Air France-KLM (*)		248		2,579
AXA SA		906		24,324
BNP Paribas SA		208		12,712
Credit Agricole SA		326		4,684
Eiffage SA		71		7,922
Electricite de France SA		545		9,562
Faurecia SA		238		14,292
Hermes International		12		7,941
Ipsen SA		131		22,006
L’Oreal SA		87		20,948

Description	Shares		Fair Value
Nexity SA		77	$	4,252
Peugeot SA		1,274		34,271
Safran SA		40		5,598
Schneider Electric SE		43		3,459
Societe Generale SA		47		2,016
Total SA		1,108		71,537
				248,103
Germany \| 9.3%
Allianz SE		253		56,360
BASF SE		188		16,708
Continental AG		154		26,808
Covestro AG		459		37,209
Deutsche Lufthansa AG		845		20,761
Deutsche Telekom AG		511		8,235
HUGO BOSS AG		161		12,397
Infineon Technologies AG		213		4,839
MTU Aero Engines AG		45		10,136
Rheinmetall AG		74		7,736
SAP SE		181		22,276
Schaeffler AG (Preference Shares)		418		5,329
Siltronic AG		65		7,958
				236,752
Hong Kong \| 3.8%
CK Asset Holdings, Ltd.		2,000		14,924
CK Hutchison Holdings, Ltd.		500		5,733
Hang Seng Bank, Ltd.		500		13,506
Jardine Matheson Holdings, Ltd.		247		15,498
Kerry Properties, Ltd.		1,500		5,089
Lifestyle International Holdings, Ltd.		2,000		3,925
Link Real Estate Investment Trust		1,000		9,839
Sands China, Ltd.		800		3,582
Techtronic Industries Co., Ltd.		500		3,195
The Wharf Holdings, Ltd.		4,814		13,035
WH Group, Ltd.		3,989		2,809
Wheelock & Co., Ltd.		1,000		5,999
				97,134
Italy \| 3.3%
Enel SpA		7,619		38,933
Intesa Sanpaolo SpA		10,511		26,752
Poste Italiane SpA		531		4,243
UniCredit SpA		950		14,243
				84,171
Japan \| 24.2%
AGC, Inc.		300		12,453
Canon, Inc.		1,200		37,983
Capcom Co., Ltd.		300		7,599

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Daicel Corp.		1,400	$	16,269
Daiwa House Industry Co., Ltd.		1,000		29,649
Denso Corp.		100		5,280
DMG Mori Co., Ltd.		600		10,027
East Japan Railway Co. ADR		1,954		30,082
FUJIFILM Holdings Corp.		300		13,508
Haseko Corp.		400		5,172
Hitachi Capital Corp.		100		2,785
Hitachi, Ltd.		400		13,593
Honda Motor Co., Ltd.		400		12,110
Japan Post Holdings Co., Ltd.		1,500		17,848
Kakaku.com, Inc.		300		5,868
KDDI Corp.		400		11,052
Kose Corp.		100		19,054
Maeda Corp.		200		2,641
Mitsubishi Electric Corp.		500		6,849
Mitsubishi Heavy Industries, Ltd.		100		3,862
Mitsubishi UFJ Financial Group, Inc.		3,800		23,654
MS&AD Insurance Group Holdings, Inc.		900		29,966
Nippon Light Metal Holdings Co., Ltd.		900		2,008
Nippon Steel & Sumitomo Metal Corp.		100		2,115
Nishimatsu Construction Co., Ltd.		400		10,125
Nissan Chemical Corp.		100		5,282
Nitto Denko Corp.		200		14,994
Nomura Holdings, Inc.		1,700		8,071
NTT DOCOMO, Inc.		2,300		61,849
ORIX Corp.		1,900		30,801
Raysum Co., Ltd.		400		5,627
Seven & I Holdings Co., Ltd.		400		17,816
Shionogi & Co., Ltd.		200		13,062
Sompo Holdings, Inc.		500		21,294
Sumitomo Mitsui Construction Co., Ltd.		900		6,043
Sumitomo Mitsui Trust Holdings, Inc.		400		16,461
Suzuken Co., Ltd.		100		4,744
Taisei Corp.		300		13,679
The Chiba Bank, Ltd.		400		2,732
The Dai-ichi Life Insurance Co., Ltd.		200		4,164
The Shizuoka Bank, Ltd.		300		2,693
Tokyo Electron, Ltd.		200		27,452
Tokyo Gas Co., Ltd.		400		9,832
Toyo Construction Co., Ltd.		500		2,037
Toyo Seikan Group Holdings, Ltd.		300		6,224
UT Group Co., Ltd. (*)		200		7,137
				613,546

Description	Shares		Fair Value
Macau \| 0.1%
Wynn Macau, Ltd.		1,200	$	2,721
Netherlands \| 5.0%
Aegon NV		1,499		9,724
ING Groep NV		1,258		16,309
Koninklijke Ahold Delhaize NV		712		16,326
Royal Dutch Shell PLC, A Shares		1,639		56,264
Wolters Kluwer NV		445		27,731
				126,354
New Zealand \| 0.1%
a2 Milk Co., Ltd. (*)		417		3,110
Norway \| 3.5%
Aker BP ASA		226		9,591
DNO ASA		1,569		3,243
Equinor ASA		2,489		70,162
Salmar ASA		98		4,892
				87,888
Russia \| 0.7%
Evraz PLC		2,498		18,413
Singapore \| 0.9%
Oversea-Chinese Banking Corp., Ltd.		1,800		15,052
Singapore Technologies Engineering, Ltd.		1,100		2,864
UOL Group, Ltd.		900		4,533
				22,449
South Africa \| 0.1%
Mondi PLC		104		2,848
Spain \| 2.5%
Amadeus IT Group SA		339		31,458
Banco Bilbao Vizcaya Argentaria SA		2,902		18,348
Industria de Diseno Textil SA		457		13,819
				63,625
Sweden \| 1.8%
Atlas Copco AB, Class A		133		3,829
Electrolux AB, Series B		442		9,723
Epiroc AB, Class A (*)		287		3,206
Granges AB		308		3,667
Mycronic AB		250		2,617
Sandvik AB		216		3,834
Volvo AB, Class B		1,092		19,285
				46,161
Switzerland \| 8.0%
Barry Callebaut AG		1		1,893
Georg Fischer AG		7		7,908
Nestle SA		397		33,073

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Novartis AG		668	$	57,554
Partners Group Holding AG		23		18,230
Roche Holding AG		312		75,498
The Swatch Group AG		99		7,708
				201,864
United Kingdom \| 16.6%
Anglo American PLC		246		5,510
Ashtead Group PLC		619		19,646
Associated British Foods PLC		1,054		31,452
Cineworld Group PLC		3,123		12,835
Diageo PLC		79		2,798
Fiat Chrysler Automobiles NV (*)		481		8,435
Games Workshop Group PLC		158		7,788
Hargreaves Lansdown PLC		1,148		33,405
Howden Joinery Group PLC		3,805		23,254
Imperial Brands PLC		1,382		48,064
International Consolidated Airlines Group SA		3,137		26,847
KAZ Minerals PLC		416		2,970
Lloyds Banking Group PLC		21,503		16,594
Pearson PLC		499		5,778
Persimmon PLC		130		4,004
Royal Bank of Scotland Group PLC		13,778		44,543
Sophos Group PLC		748		4,757
SSE PLC		575		8,584
SSP Group PLC		249		2,349
Tate & Lyle PLC		2,220		19,748
Taylor Wimpey PLC		4,026		8,998
Unilever NV		1,138		63,368
Vodafone Group PLC		2,904		6,226
WH Smith PLC		509		13,673
				421,626
United States \| 0.3%
ICON PLC (*)		48		7,380
Total Common Stocks (Cost $2,434,188)				2,506,525
Short-Term Investments \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $27,697)		27,697		27,697
Total Investments \| 100.0% (Cost $2,461,885)			$	2,534,222
Liabilities in Excess of Cash and Other Assets \| 0.0%				(195)
Net Assets \| 100.0%			$	2,534,027

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 98.1%
Australia \| 4.3%
carsales.com, Ltd.		67,973	$	708,061
Hansen Technologies, Ltd.		325,394		873,270
MYOB Group, Ltd.		282,134		615,499
SpeedCast International, Ltd.		328,019		947,932
				3,144,762
Belgium \| 2.8%
Barco NV		7,284		974,709
Kinepolis Group NV		17,599		1,051,778
				2,026,487
Canada \| 5.2%
Altus Group, Ltd.		42,865		1,015,831
Stelco Holdings, Inc.		22,800		380,221
StorageVault Canada, Inc.		368,100		755,208
The Descartes Systems Group, Inc. (*)		20,800		705,491
Toromont Industries, Ltd.		18,200		940,823
				3,797,574
China \| 1.3%
Consun Pharmaceutical Group, Ltd.		584,000		464,256
JNBY Design, Ltd.		271,000		477,710
				941,966
Denmark \| 1.5%
Royal Unibrew A/S		13,484		1,109,998
Finland \| 1.0%
Altia Oyj		79,027		724,743
France \| 2.4%
Chargeurs SA		35,846		881,242
Kaufman & Broad SA		18,497		867,599
				1,748,841
Germany \| 10.2%
Aroundtown SA		164,539		1,462,371
AURELIUS Equity Opportunities SE & Co. KGaA		11,878		628,592
CompuGroup Medical SE		18,110		1,046,285
Corestate Capital Holding SA		16,369		759,631
FinTech Group AG (*)		25,503		887,658
JOST Werke AG		25,774		967,948
Norma Group SE		16,021		1,023,448
PATRIZIA Immobilien AG		38,517		739,431
				7,515,364
Hong Kong \| 2.3%
China Water Affairs Group, Ltd.		458,000		513,194
Tongda Group Holdings, Ltd.		2,340,000		340,092

Description	Shares		Fair Value
VTech Holdings, Ltd.		70,900	$	818,899
				1,672,185
Ireland \| 3.5%
Dalata Hotel Group PLC		140,537		1,115,318
Glenveagh Properties PLC		600,038		675,788
Total Produce PLC		300,244		753,141
				2,544,247
Israel \| 0.9%
Taptica international, Ltd.		135,511		662,419
Italy \| 3.3%
Banca Generali SpA		29,288		756,634
Carel Industries SpA		57,561		658,727
Cerved Group SpA		91,454		984,717
				2,400,078
Japan \| 21.1%
Ai Holdings Corp.		33,060		765,807
Ariake Japan Co., Ltd.		5,483		546,865
Create SD Holdings Co., Ltd.		30,800		801,815
DaikyoNishikawa Corp.		63,700		736,079
Dip Corp.		35,800		866,757
Financial Products Group Co., Ltd.		84,937		811,590
GMO internet, Inc.		41,400		722,430
Iriso Electronics Co., Ltd.		16,082		843,788
Jafco Co., Ltd.		22,500		875,240
Japan Lifeline Co., Ltd.		38,600		816,843
Macromill, Inc.		28,300		599,079
Nissei ASB Machine Co., Ltd.		23,200		970,797
Open House Co., Ltd.		18,400		906,148
Persol Holdings Co., Ltd.		29,000		680,058
Sanwa Holdings Corp.		87,800		1,045,745
TechnoPro Holdings, Inc.		16,545		1,026,860
Tokai Carbon Co., Ltd.		42,100		827,026
USS Co., Ltd.		39,900		740,739
Zenkoku Hosho Co., Ltd.		23,642		945,697
				15,529,363
Jersey \| 1.4%
JTC PLC		208,504		1,066,014
Luxembourg \| 2.2%
Orion Engineered Carbons SA		20,400		654,840
Stabilus SA		11,414		942,621
				1,597,461
Netherlands \| 2.4%
Aalberts Industries NV		20,050		853,698
Van Lanschot Kempen NV		33,831		893,501
				1,747,199

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
New Zealand \| 0.8%
Z Energy, Ltd.		129,054	$	610,966
Singapore \| 1.9%
BOC Aviation, Ltd.		84,900		658,485
XP Power, Ltd.		18,826		726,285
				1,384,770
Sweden \| 5.9%
Dometic Group AB		88,068		770,666
Granges AB		67,007		797,847
Indutrade AB		31,351		848,231
Lifco AB, B Shares		24,176		1,081,117
Loomis AB, B Shares		27,070		871,682
				4,369,543
Switzerland \| 1.5%
Kardex AG		6,546		1,111,145
Taiwan \| 0.3%
Sunny Friend Environmental Technology Co., Ltd.		27,000		196,816
United Kingdom \| 19.9%
Arrow Global Group PLC		208,988		629,227
Ascential PLC		145,220		789,284
Auto Trader Group PLC		162,353		945,031
Burford Capital, Ltd.		36,020		912,641
Clinigen Healthcare, Ltd. (*)		89,366		984,783
Electrocomponents PLC		58,181		544,243
Equiniti Group PLC		270,987		939,547
Hunting PLC (*)		82,954		842,956
Huntsworth PLC		548,187		821,400
Polypipe Group PLC		210,675		977,365
Quilter PLC		306,732		536,535
Rentokil Initial PLC		186,204		771,747
Rightmove PLC		167,752		1,029,803
RPC Group PLC		68,562		709,770
Savills PLC		84,880		864,003
Senior PLC		177,583		722,060
Smart Metering Systems PLC		121,116		972,384
Victoria PLC (*)		72,038		658,975
				14,651,754
United States \| 2.0%
Core Laboratories NV		6,560		759,845
Samsonite International SA		191,700		710,535
				1,470,380
Total Common Stocks (Cost $64,242,937)				72,024,075

Description	Shares		Fair Value
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $1,113,133)		1,113,133	$	1,113,133
Total Investments \| 99.6% (Cost $65,356,070)			$	73,137,208
Cash and Other Assets in Excess of Liabilities \| 0.4%				275,766
Net Assets \| 100.0%			$	73,412,974

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 97.6%
Australia \| 1.9%
Transurban Group		22,065	$	178,377
Belgium \| 2.9%
Anheuser-Busch InBev SA/NV		3,051		267,021
France \| 4.8%
Societe BIC SA		4,818		441,076
Italy \| 7.3%
Atlantia SpA		14,761		305,658
Terna SpA		68,429		364,710
				670,368
Luxembourg \| 5.6%
SES SA		23,307		511,235
United Kingdom \| 7.6%
National Grid PLC		26,547		273,736
United Utilities Group PLC		46,349		425,011
				698,747
United States \| 67.5%
Alphabet, Inc., Class C (*)		71		84,736
Cisco Systems, Inc.		4,246		206,568
CVS Health Corp.		4,080		321,178
Dollar Tree, Inc. (*)		2,166		176,637
Edison International		3,958		267,877
Express Scripts Holding Co. (*)		3,361		319,329
H&R Block, Inc.		17,369		447,252
International Game Technology PLC		23,824		470,524
McKesson Corp.		3,269		433,633
Medtronic PLC		3,909		384,528
Microsoft Corp.		1,672		191,227
Nielsen Holdings PLC		20,592		569,575
Omnicom Group, Inc.		5,293		360,030
Oracle Corp.		11,153		575,049
PG&E Corp. (*)		5,089		234,145
QUALCOMM, Inc.		2,491		179,427
Starbucks Corp.		3,293		187,174
Stericycle, Inc. (*)		8,605		504,941
The Procter & Gamble Co.		2,359		196,339
Visa, Inc., Class A		633		95,007
				6,205,176
Total Common Stocks (Cost $8,822,005)				8,972,000

Description	Shares		Fair Value
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $209,143)		209,143	$	209,143
Total Investments \| 99.9% (Cost $9,031,148)			$	9,181,143
Cash and Other Assets in Excess of Liabilities \| 0.1%				6,142
Net Assets \| 100.0%			$	9,187,285

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 96.7%
Belgium \| 1.0%
Anheuser-Busch InBev SA/NV		8,844	$	774,019
Brazil \| 0.3%
Cielo SA		70,220		212,996
Canada \| 4.1%
CAE, Inc.		30,740		624,010
Canadian National Railway Co.		14,000		1,256,223
National Bank of Canada		22,765		1,136,972
				3,017,205
China \| 1.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		3,350		551,946
Tencent Holdings, Ltd.		19,720		814,874
				1,366,820
Finland \| 1.1%
Sampo Oyj, A Shares		15,424		798,014
France \| 1.5%
Ubisoft Entertainment SA (*)		10,305		1,115,191
Germany \| 1.1%
Symrise AG		8,795		802,474
Hong Kong \| 3.1%
AIA Group, Ltd.		127,545		1,139,580
Hang Seng Bank, Ltd.		43,200		1,166,909
				2,306,489
India \| 0.7%
Indiabulls Housing Finance, Ltd. GDR (Luxembourg)		26,424		311,803
Indiabulls Housing Finance, Ltd. GDR (United States)		17,955		211,869
				523,672
Ireland \| 0.8%
Shire PLC		9,963		601,091
Israel \| 1.1%
Israel Discount Bank, Ltd., Class A		235,617		785,027
Japan \| 6.5%
Daiwa House Industry Co., Ltd.		25,685		761,543
Kansai Paint Co., Ltd.		28,900		532,595
Kao Corp.		10,300		831,797
Ryohin Keikaku Co., Ltd.		3,260		968,563
TechnoPro Holdings, Inc.		13,200		819,254
Yamaha Corp.		16,100		853,007
				4,766,759

Description	Shares		Fair Value
Netherlands \| 2.2%
Wolters Kluwer NV		26,411	$	1,645,883
Singapore \| 1.5%
Oversea-Chinese Banking Corp., Ltd.		130,700		1,092,930
South Africa \| 1.4%
Distell Group Holdings, Ltd.		73,076		550,481
Sanlam, Ltd.		84,236		470,376
				1,020,857
Sweden \| 4.1%
Assa Abloy AB, Class B		28,309		569,038
Epiroc AB, Class B (*)		63,624		654,787
Hexagon AB, B Shares		14,907		872,896
Nordea Bank AB		81,968		892,475
				2,989,196
Switzerland \| 0.7%
Julius Baer Group, Ltd.		9,657		482,656
Taiwan \| 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		17,060		753,370
United Kingdom \| 13.1%
Ashtead Group PLC		34,618		1,098,701
British American Tobacco PLC		10,092		471,157
Bunzl PLC		18,383		577,824
Coca-Cola European Partners PLC		18,960		862,111
Compass Group PLC		39,471		877,631
Diageo PLC		31,412		1,112,436
Prudential PLC		33,590		770,256
RELX PLC (*)		60,348		1,267,864
Rio Tinto PLC		10,822		545,993
RSA Insurance Group PLC		82,332		616,471
Unilever PLC		26,513		1,456,121
				9,656,565
United States \| 49.6%
Accenture PLC, Class A		8,220		1,399,044
Alphabet, Inc., Class A (*)		1,939		2,340,528
Aon PLC		9,560		1,470,137
Biogen, Inc. (*)		4,935		1,743,585
Cisco Systems, Inc.		19,945		970,324
Comerica, Inc.		8,385		756,327
Eaton Corp. PLC		13,630		1,182,130
eBay, Inc. (*)		17,200		567,944
Honeywell International, Inc.		8,258		1,374,131
Intercontinental Exchange, Inc.		17,095		1,280,245
IQVIA Holdings, Inc. (*)		12,360		1,603,586
Johnson & Johnson		12,025		1,661,494
Microsoft Corp.		17,385		1,988,323

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Motorola Solutions, Inc.		7,420	$	965,639
Rockwell Automation, Inc.		4,425		829,776
S&P Global, Inc.		5,765		1,126,423
Schlumberger, Ltd.		14,371		875,481
Snap-on, Inc.		4,500		826,200
Starbucks Corp.		19,335		1,099,001
The Charles Schwab Corp.		21,175		1,040,751
The Coca-Cola Co.		34,615		1,598,867
The Procter & Gamble Co.		14,665		1,220,568
Thermo Fisher Scientific, Inc.		7,405		1,807,412
United Technologies Corp.		6,574		919,111
Visa, Inc., Class A		9,888		1,484,090
Welbilt, Inc. (*)		50,835		1,061,435
Worldpay, Inc., Class A (*)		18,960		1,920,079
Zoetis, Inc.		15,867		1,452,783
				36,565,414
Total Common Stocks (Cost $59,925,152)				71,276,628
Short-Term Investments \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,369,586)		2,369,586		2,369,586
Total Investments \| 99.9%(Cost $62,294,738)			$	73,646,214
Cash and Other Assets in Excess of Liabilities \| 0.1%				89,474
Net Assets \| 100.0%			$	73,735,688

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 97.8%
Canada \| 3.2%
Suncor Energy, Inc.		1,142	$	44,189
Toromont Industries, Ltd.		1,016		52,521
				96,710
China \| 3.3%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		349		57,502
Tencent Holdings, Ltd.		1,000		41,322
				98,824
Denmark \| 1.2%
Genmab A/S (*)		219		34,422
Finland \| 1.8%
Sampo Oyj, A Shares		1,061		54,895
France \| 4.9%
Safran SA		358		50,104
Ubisoft Entertainment SA (*)		271		29,327
Vivendi SA		2,685		69,032
				148,463
Germany \| 1.2%
Siemens AG		281		35,980
Greece \| 1.1%
OPAP SA		3,116		32,710
Hong Kong \| 3.8%
AIA Group, Ltd.		6,800		60,756
Techtronic Industries Co., Ltd.		8,363		53,433
				114,189
India \| 1.4%
ICICI Bank, Ltd. Sponsored ADR		4,935		41,898
Indonesia \| 0.2%
PT Media Nusantara Citra Tbk		85,300		4,606
Israel \| 2.1%
Bank Leumi Le-Israel BM		3,816		25,134
Israel Discount Bank, Ltd., Class A		11,384		37,929
				63,063
Japan \| 6.0%
Daiwa House Industry Co., Ltd.		1,500		44,474
Digital Garage, Inc.		1,000		32,563
Don Quijote Holdings Co., Ltd.		400		20,242
Nexon Co., Ltd. (*)		3,600		47,067
TechnoPro Holdings, Inc.		600		37,239
				181,585

Description	Shares		Fair Value
Netherlands \| 1.5%
ABN AMRO Group NV		1,661	$	45,217
New Zealand \| 0.9%
Trade Me Group, Ltd.		8,105		28,025
South Africa \| 2.2%
Naspers, Ltd., N Shares		166		35,727
Sanlam, Ltd.		5,637		31,477
				67,204
Switzerland \| 3.4%
Partners Group Holding AG		70		55,483
The Swatch Group AG		114		45,282
				100,765
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		755		33,341
United Kingdom \| 8.1%
British American Tobacco PLC		453		21,149
Bunzl PLC		1,255		39,448
Coca-Cola European Partners PLC		1,365		61,809
Informa PLC		5,815		57,713
Prudential PLC		1,661		38,088
Rio Tinto PLC		533		26,891
				245,098
United States \| 50.4%
Accenture PLC, Class A		432		73,526
Activision Blizzard, Inc.		408		33,942
Alphabet, Inc., Class A (*)		112		135,193
Aon PLC		449		69,047
Bank of America Corp.		1,967		57,948
Biogen, Inc. (*)		127		44,870
Comerica, Inc.		685		61,787
Danaher Corp.		425		46,180
Deere & Co.		323		48,557
EOG Resources, Inc.		421		53,707
Halliburton Co.		1,244		50,419
Intercontinental Exchange, Inc.		938		70,247
IPG Photonics Corp. (*)		185		28,873
IQVIA Holdings, Inc. (*)		623		80,828
Medtronic PLC		383		37,676
Microsoft Corp.		1,033		118,144
Palo Alto Networks, Inc. (*)		138		31,086
Raytheon Co.		315		65,098
S&P Global, Inc.		339		66,237
The Coca-Cola Co.		1,637		75,613
Union Pacific Corp.		265		43,150
Visa, Inc., Class A		643		96,508

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Welbilt, Inc. (*)		991	$	20,692
Worldpay, Inc., Class A (*)		538		54,483
Zoetis, Inc.		585		53,563
				1,517,374
Total Common Stocks (Cost $2,499,458)				2,944,369
Short-Term Investments \| 2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $64,235)		64,235		64,235
Total Investments \| 99.9% (Cost $2,563,693)			$	3,008,604
Cash and Other Assets in Excess of Liabilities \| 0.1%				3,905
Net Assets \| 100.0%			$	3,012,509

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 98.9%
Australia \| 3.6%
AGL Energy, Ltd.		5,545	$	78,318
Cochlear, Ltd.		403		58,778
CSL, Ltd.		2,355		340,517
Link Administration Holdings, Ltd.		10,047		56,372
Northern Star Resources, Ltd.		11,086		66,453
Qantas Airways, Ltd.		26,869		114,088
Regis Resources, Ltd.		22,744		61,042
Sandfire Resources NL		10,422		55,793
Stockland REIT		21,588		64,610
				895,971
Belgium \| 0.7%
Proximus SADP		2,383		56,937
UCB SA		1,266		113,627
				170,564
Canada \| 6.1%
Air Canada (*)		2,814		60,130
BRP, Inc.		2,239		105,029
CAE, Inc.		4,823		97,905
CGI Group, Inc., Class A (*)		1,027		66,217
CI Financial Corp.		3,045		48,351
Colliers International Group, Inc.		1,203		93,183
Constellation Software, Inc.		69		50,742
National Bank of Canada		3,388		169,210
Parex Resources, Inc. (*)		4,256		72,325
Quebecor, Inc., Class B		6,366		127,650
Rogers Communications, Inc., Class B		2,869		147,554
Royal Bank of Canada		2,501		200,483
Suncor Energy, Inc.		3,026		117,090
Teck Resources, Ltd., Class B		3,086		74,376
The Toronto-Dominion Bank		1,563		94,979
				1,525,224
Denmark \| 1.3%
Carlsberg A/S, Class B		506		60,673
Danske Bank A/S		5,638		147,917
DFDS A/S		1,331		65,848
H. Lundbeck A/S		1,005		61,996
				336,434
Faeroe Islands \| 0.2%
Bakkafrost P/F		791		48,252
Finland \| 0.7%
Elisa Oyj		1,537		65,189

Description	Shares		Fair Value
Fortum Oyj		4,211	$	105,554
				170,743
France \| 1.5%
Engie SA		7,496		110,108
Hermes International		100		66,175
Ipsen SA		518		87,017
Total SA		1,887		121,833
				385,133
Germany \| 1.9%
Allianz SE		887		197,595
Covestro AG		1,257		101,898
Deutsche Lufthansa AG		4,387		107,786
Schaeffler AG (Preference Shares)		4,770		60,813
				468,092
Hong Kong \| 2.4%
CK Asset Holdings, Ltd.		9,000		67,161
Jardine Matheson Holdings, Ltd.		1,600		100,391
Kerry Properties, Ltd.		20,500		69,545
Link Real Estate Investment Trust		17,000		167,262
Swire Pacific, Ltd., Class A		9,000		98,609
The Wharf Holdings, Ltd.		10,000		27,078
Wheelock & Co., Ltd.		12,000		71,989
				602,035
Israel \| 1.1%
Bank Leumi Le-Israel BM		21,065		138,744
Israel Discount Bank, Ltd., Class A		25,557		85,151
Nice, Ltd. (*)		417		47,795
				271,690
Italy \| 1.3%
Enel SpA		24,742		126,431
Poste Italiane SpA		9,459		75,581
Terna SpA		25,221		134,422
				336,434
Japan \| 5.8%
Amano Corp.		2,500		52,200
Central Japan Railway Co.		300		62,469
Daito Trust Construction Co., Ltd.		500		64,313
Daiwa House Industry Co., Ltd.		3,000		88,948
East Japan Railway Co.		1,800		167,239
Japan Post Holdings Co., Ltd.		11,900		141,596
Kamigumi Co., Ltd.		4,000		88,168
MS&AD Insurance Group Holdings, Inc.		1,600		53,273
NTT DOCOMO, Inc.		8,300		223,193
Seven & I Holdings Co., Ltd.		1,900		84,626
Shikoku Electric Power Co., Inc.		4,300		56,123

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Sompo Holdings, Inc.		2,300	$	97,952
Sumitomo Mitsui Construction Co., Ltd.		8,000		53,712
Taisei Corp.		1,100		50,158
The Gunma Bank, Ltd.		12,500		64,356
Tokyo Gas Co., Ltd.		3,900		95,866
				1,444,192
Malta \| 0.2%
Kindred Group PLC		4,724		52,919
Netherlands \| 0.9%
Euronext NV		822		54,022
Koninklijke Ahold Delhaize NV		3,907		89,585
Royal Dutch Shell PLC, A Shares		2,189		75,144
				218,751
New Zealand \| 0.2%
Spark New Zealand, Ltd.		19,252		51,673
Norway \| 3.3%
DNO ASA		31,337		64,775
Equinor ASA		11,459		323,018
Leroy Seafood Group ASA		8,316		67,863
Marine Harvest ASA		4,121		95,467
Salmar ASA		1,987		99,184
Telenor ASA		9,036		176,632
				826,939
Portugal \| 0.2%
Galp Energia SGPS SA		3,237		64,188
Russia \| 0.3%
Evraz PLC		9,564		70,499
Singapore \| 1.8%
Oversea-Chinese Banking Corp., Ltd.		13,900		116,233
Singapore Airlines, Ltd.		13,800		98,297
Singapore Technologies Engineering, Ltd.		47,100		122,606
UOL Group, Ltd.		21,400		107,793
				444,929
Spain \| 0.4%
Amadeus IT Group SA		795		73,772
Corporacion Financiera Alba SA		451		25,107
				98,879
Sweden \| 1.3%
Atlas Copco AB, Class B		2,907		77,481
Axfood AB		6,779		126,853
Boliden AB		2,168		60,353
Lundin Petroleum AB		1,922		73,362
				338,049

Description	Shares		Fair Value
Switzerland \| 2.4%
Georg Fischer AG		71	$	80,214
Partners Group Holding AG		110		87,188
Roche Holding AG		1,613		390,313
The Swatch Group AG		738		57,459
				615,174
United Kingdom \| 7.3%
Abcam PLC		3,619		67,546
Admiral Group PLC		3,578		96,923
Anglo American PLC		2,461		55,125
Ashtead Group PLC		1,997		63,381
Cineworld Group PLC		26,400		108,501
Compass Group PLC		15,089		335,501
GlaxoSmithKline PLC		4,774		95,647
Hargreaves Lansdown PLC		3,400		98,936
Howden Joinery Group PLC		12,645		77,278
Imperial Brands PLC		3,833		133,306
International Consolidated Airlines Group SA		7,113		61,129
Lloyds Banking Group PLC		76,692		59,182
National Grid PLC		19,299		199,000
Pearson PLC		9,296		107,634
WH Smith PLC		4,600		123,570
Wm Morrison Supermarkets PLC		40,817		137,936
				1,820,595
United States \| 54.0%
Adobe Systems, Inc. (*)		253		68,297
Amdocs, Ltd.		1,120		73,898
Ameren Corp.		1,799		113,733
Anthem, Inc.		265		72,623
Aon PLC		2,553		392,600
Apple, Inc.		350		79,009
Atmos Energy Corp.		2,601		244,260
Avery Dennison Corp.		2,055		222,659
Best Buy Co., Inc.		773		61,345
BGC Partners, Inc., Class A		5,555		65,660
Booking Holdings, Inc. (*)		23		45,632
BorgWarner, Inc.		1,280		54,758
Bristol-Myers Squibb Co.		894		55,499
Broadridge Financial Solutions, Inc.		1,805		238,170
Burlington Stores, Inc. (*)		370		60,280
CBRE Group, Inc., Class A (*)		1,257		55,434
Centene Corp. (*)		566		81,945
Cigna Corp.		1,140		237,405
Colgate-Palmolive Co.		845		56,573
Comcast Corp., Class A		1,710		60,551
Copart, Inc. (*)		1,205		62,094

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Costco Wholesale Corp.		344	$	80,799
Darden Restaurants, Inc.		505		56,151
Deckers Outdoor Corp. (*)		637		75,535
Eastman Chemical Co.		1,841		176,220
Edwards Lifesciences Corp. (*)		465		80,956
Eli Lilly & Co.		3,381		362,815
Encompass Health Corp.		1,816		141,557
Exelon Corp.		2,474		108,015
Express Scripts Holding Co. (*)		1,157		109,927
F5 Networks, Inc. (*)		1,017		202,810
FactSet Research Systems, Inc.		529		118,343
Fiserv, Inc. (*)		2,690		221,602
Graco, Inc.		1,243		57,601
Grand Canyon Education, Inc. (*)		525		59,220
Honeywell International, Inc.		772		128,461
Humana, Inc.		600		203,112
Insperity, Inc.		826		97,427
Intel Corp.		4,027		190,437
Intuit, Inc.		405		92,097
IQVIA Holdings, Inc. (*)		779		101,067
j2 Global, Inc.		659		54,598
Jabil, Inc.		2,146		58,114
Johnson & Johnson		1,321		182,523
Jones Lang LaSalle, Inc.		341		49,213
Kellogg Co.		812		56,856
Keurig Dr Pepper, Inc.		5,311		123,056
Kimberly-Clark Corp.		2,393		271,940
Lamb Weston Holdings, Inc.		1,066		70,996
Life Storage, Inc. REIT		808		76,889
Lockheed Martin Corp.		1,077		372,599
LPL Financial Holdings, Inc.		872		56,253
MasterCard, Inc., Class A		1,187		264,238
Maxim Integrated Products, Inc.		2,548		143,682
McGrath RentCorp		1,082		58,936
Moody’s Corp.		390		65,208
Morgan Stanley		1,216		56,629
NetApp, Inc.		810		69,571
Newmont Mining Corp.		2,272		68,614
NIKE, Inc., Class B		1,071		90,735
Nordstrom, Inc.		1,201		71,832
Northern Trust Corp.		567		57,908
Northrop Grumman Corp.		514		163,128
Omnicom Group, Inc.		4,440		302,009
Palo Alto Networks, Inc. (*)		313		70,506
Paychex, Inc.		3,478		256,155
PepsiCo, Inc.		1,992		222,706

Description	Shares		Fair Value
PG&E Corp. (*)		1,799	$	82,772
Phillips 66		530		59,742
Pinnacle West Capital Corp.		2,711		214,657
Public Service Enterprise Group, Inc.		1,898		100,195
Raytheon Co.		1,210		250,059
Republic Services, Inc.		3,716		270,004
Rockwell Automation, Inc.		348		65,257
Ross Stores, Inc.		3,616		358,346
Royal Caribbean Cruises, Ltd.		488		63,411
Seagate Technology PLC		1,516		71,783
Simon Property Group, Inc. REIT		2,045		361,454
Skyworks Solutions, Inc.		767		69,575
Sturm Ruger & Co., Inc.		934		64,493
Sysco Corp.		4,968		363,906
Teradyne, Inc.		2,136		78,989
Texas Instruments, Inc.		1,502		161,150
The Boeing Co.		567		210,867
The Estee Lauder Cos., Inc., Class A		2,355		342,229
The Procter & Gamble Co.		4,462		371,372
The Southern Co.		1,307		56,985
The TJX Cos., Inc.		2,773		310,631
UnitedHealth Group, Inc.		370		98,435
USANA Health Sciences, Inc. (*)		555		66,905
Verizon Communications, Inc.		3,253		173,678
Visa, Inc., Class A		500		75,045
Waste Management, Inc.		2,569		232,135
WW Grainger, Inc.		656		234,461
Xcel Energy, Inc.		1,468		69,304
Zoetis, Inc.		2,556		234,027
				13,513,338
Total Common Stocks (Cost $23,677,715)				24,770,697
Short-Term Investments \| 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $217,938)		217,938		217,938
Total Investments \| 99.8% (Cost $23,895,653)			$	24,988,635
Cash and Other Assets in Excess of Liabilities \| 0.2%				46,224
Net Assets \| 100.0%			$	25,034,859

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 98.5%
Argentina \| 1.8%
YPF SA Sponsored ADR (*)		11,248,894	$	173,795,412
Brazil \| 8.4%
Ambev SA ADR		27,595,840		126,112,989
Banco do Brasil SA		35,060,534		255,669,170
BB Seguridade Participacoes SA		22,251,100		132,783,180
CCR SA		34,885,734		73,079,028
Cia de Saneamento Basico do Estado de Sao Paulo		9,565,500		55,874,050
Cielo SA		32,559,319		98,761,104
Petrobras Distribuidora SA		17,190,538		83,003,922
				825,283,443
China \| 20.5%
AAC Technologies Holdings, Inc.		8,893,000		91,302,397
Anhui Conch Cement Co., Ltd., Class H		22,757,451		135,984,258
Baidu, Inc. Sponsored ADR (*)		704,939		161,205,450
China Construction Bank Corp., Class H		560,886,220		486,526,622
China Mobile, Ltd. Sponsored ADR		7,910,000		387,036,300
China Shenhua Energy Co., Ltd., Class H		37,109,110		84,032,164
CNOOC, Ltd.		63,225,000		124,910,894
ENN Energy Holdings, Ltd.		8,701,000		75,603,068
Hengan International Group Co., Ltd.		9,209,500		84,496,768
NetEase, Inc. ADR		1,012,564		231,117,733
Weichai Power Co., Ltd., Class H (^)		126,663,288		157,085,922
				2,019,301,576
Egypt \| 0.9%
Commercial International Bank Egypt SAE GDR		20,737,512		94,529,004
Hong Kong \| 0.7%
ASM Pacific Technology, Ltd.		7,115,200		72,450,614
Hungary \| 1.8%
OTP Bank Nyrt.		4,864,959		180,359,716
India \| 8.7%
Axis Bank, Ltd. (*)		24,051,850		203,517,695
Bajaj Auto, Ltd.		2,275,656		84,389,060
HCL Technologies, Ltd.		5,949,454		89,293,116
Hero MotoCorp, Ltd.		3,133,151		126,596,370
Infosys, Ltd. Sponsored ADR		8,405,552		85,484,464
Tata Consultancy Services, Ltd.		9,061,693		272,521,886
				861,802,591
Indonesia \| 5.0%
PT Astra International Tbk		218,820,400		107,873,322
PT Bank Mandiri (Persero) Tbk		371,949,142		167,754,899
PT Semen Indonesia (Persero) Tbk		105,989,000		70,562,241

Description	Shares		Fair Value
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		5,884,210	$	144,045,461
				490,235,923
Malaysia \| 0.6%
British American Tobacco Malaysia Berhad		7,454,600		57,126,566
Mexico \| 3.7%
America Movil SAB de CV, Class L Sponsored ADR		13,115,571		210,636,070
Grupo Mexico SAB de CV., Series B		26,462,447		76,287,753
Kimberly-Clark de Mexico SAB de CV, Series A		41,838,395		74,447,930
				361,371,753
Pakistan \| 1.6%
Habib Bank, Ltd.		25,397,580		30,910,803
Oil & Gas Development Co., Ltd.		26,484,049		32,624,517
Pakistan Petroleum, Ltd.		54,579,302		93,753,580
				157,288,900
Philippines \| 0.7%
PLDT, Inc. Sponsored ADR		2,846,985		73,167,515
Russia \| 10.1%
ALROSA PAO (*)		62,889,979		101,873,842
Gazprom PJSC Sponsored ADR		24,575,597		122,699,812
LUKOIL PJSC Sponsored ADR		2,663,200		203,986,571
Magnit PJSC Sponsored GDR		4,979,803		70,730,178
Mobile TeleSystems PJSC Sponsored ADR		17,118,443		146,020,319
Sberbank of Russia PJSC		113,126,744		350,425,475
				995,736,197
South Africa \| 9.3%
Imperial Holdings, Ltd.		7,701,788		95,170,721
Life Healthcare Group Holdings, Ltd.		39,880,451		69,268,017
Nedbank Group, Ltd.		5,383,609		100,598,613
PPC, Ltd. (*)		74,710,979		34,027,161
Sanlam, Ltd.		19,179,685		107,099,809
Shoprite Holdings, Ltd.		11,393,708		154,276,371
Standard Bank Group, Ltd.		8,429,649		104,149,539
The Bidvest Group, Ltd.		6,580,676		86,002,875
Vodacom Group, Ltd.		11,921,612		106,083,416
Woolworths Holdings, Ltd.		18,159,414		63,592,441
				920,268,963
South Korea \| 15.8%
Coway Co., Ltd.		1,661,128		129,648,643
Hanwha Life Insurance Co., Ltd.		14,836,739		70,754,391
Hyundai Mobis Co., Ltd.		732,914		150,641,766
KB Financial Group, Inc.		2,749,820		134,020,131
KT&G Corp.		958,780		89,891,659
Samsung Electronics Co., Ltd.		10,840,873		454,040,258

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Shinhan Financial Group Co., Ltd.		5,361,714	$	216,515,582
SK Hynix, Inc.		4,770,724		314,376,191
				1,559,888,621
Taiwan \| 5.1%
Hon Hai Precision Industry Co., Ltd.		52,198,032		134,441,612
Taiwan Semiconductor Manufacturing Co., Ltd.		43,192,284		368,795,166
				503,236,778
Thailand \| 1.7%
Kasikornbank Public Co. Ltd.		12,969,354		87,424,835
The Siam Cement Public Co. Ltd.		5,810,800		84,448,856
				171,873,691
Turkey \| 2.1%
KOC Holding AS		29,436,436		83,177,444
Tupras Turkiye Petrol Rafinerileri AS		5,459,121		121,433,832
Turk Telekomunikasyon AS (*)		1,671,521		1,008,964
				205,620,240
Total Common Stocks (Cost $9,394,853,306)				9,723,337,503
Short-Term Investments \| 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $197,306,273)		197,306,273		197,306,273
Total Investments \| 100.5% (Cost $9,592,159,579)			$	9,920,643,776
Liabilities in Excess of Cash and Other Assets \| (0.5)%				(52,603,328)
Net Assets \| 100.0%			$	9,868,040,448

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 97.6%
Argentina \| 0.6%
Grupo Supervielle SA Sponsored ADR		85,000	$	651,950
Loma Negra Cia Industrial Argentina SA Sponsored ADR		96,200		850,408
				1,502,358
Brazil \| 6.3%
Azul SA ADR (*)		127,600		2,270,004
Banco do Brasil SA		502,200		3,662,154
Braskem SA A Shares		252,942		3,660,207
CCR SA		491,400		1,029,390
Rumo SA (*)		743,700		2,758,571
Telefonica Brasil SA ADR		226,600		2,204,818
				15,585,144
Canada \| 1.1%
Parex Resources, Inc. (*)		161,600		2,746,193
China \| 25.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		66,600		10,973,016
Baidu, Inc. Sponsored ADR (*)		21,080		4,820,574
China National Building Material Co., Ltd., Class H		4,288,000		3,802,880
Industrial & Commercial Bank of China, Ltd., Class H		13,764,633		9,993,966
JD.com, Inc. ADR (*)		88,300		2,303,747
NetEase, Inc. ADR		8,823		2,013,850
New Oriental Education & Technology Group, Inc. Sponsored ADR		41,786		3,092,582
PICC Property & Casualty Co., Ltd., Class H		2,475,770		2,907,845
Ping An Insurance (Group) Co. of China, Ltd., Class H		648,000		6,585,093
Shenzhou International Group Holdings, Ltd.		211,000		2,707,041
Tencent Holdings, Ltd.		335,300		13,855,338
Wuxi Biologics Cayman, Inc. (*)		108,000		1,081,636
				64,137,568
Colombia \| 1.0%
Bancolombia SA Sponsored ADR		56,700		2,365,524
Hong Kong \| 1.3%
Techtronic Industries Co., Ltd.		501,000		3,200,977
Hungary \| 1.3%
MOL Hungarian Oil & Gas PLC		297,746		3,207,494
India \| 8.0%
HDFC Bank, Ltd. ADR		75,969		7,148,683
Hindalco Industries, Ltd.		1,126,616		3,570,798
Hindustan Zinc, Ltd.		630,192		2,510,838
Maruti Suzuki India, Ltd.		27,556		2,792,346

Description	Shares		Fair Value
Motherson Sumi Systems, Ltd.		523,539	$	1,853,552
UPL, Ltd.		204,522		1,873,176
				19,749,393
Indonesia \| 1.9%
PT Bank Mandiri (Persero) Tbk		6,314,800		2,848,074
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		77,160		1,888,877
				4,736,951
Luxembourg \| 2.3%
Tenaris SA ADR		54,600		1,830,192
Ternium SA Sponsored ADR		124,600		3,774,134
				5,604,326
Mexico \| 3.7%
Arca Continental SAB de CV		310,545		2,005,914
Gruma SAB de CV, Class B		197,728		2,527,757
Grupo Aeroportuario del Pacifico SAB de CV ADR		16,800		1,834,224
Grupo Financiero Banorte SAB de CV, Class O		399,100		2,885,446
				9,253,341
Peru \| 1.1%
Credicorp, Ltd.		12,550		2,799,654
Philippines \| 1.3%
BDO Unibank, Inc.		981,441		2,176,299
GT Capital Holdings, Inc.		72,221		1,096,346
				3,272,645
Portugal \| 1.2%
Galp Energia SGPS SA		151,882		3,011,731
Russia \| 6.7%
LUKOIL PJSC Sponsored ADR		108,372		8,300,703
Sberbank of Russia PJSC Sponsored ADR (London)		367,936		4,655,043
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		675,051
Severstal PJSC GDR		178,856		2,970,719
				16,601,516
South Africa \| 5.3%
Barloworld, Ltd.		157,680		1,372,196
FirstRand, Ltd.		632,917		3,032,419
Mondi PLC		126,588		3,466,045
Naspers, Ltd., N Shares		14,236		3,063,930
The Bidvest Group, Ltd.		166,928		2,181,583
				13,116,173
South Korea \| 12.8%
Coway Co., Ltd.		24,365		1,901,653

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
DB Insurance Co., Ltd.		39,473	$	2,590,566
Lotte Chemical Corp.		5,540		1,387,674
NCSoft Corp.		6,770		2,700,601
S-Oil Corp.		16,845		2,079,752
Samsung Electro-Mechanics Co., Ltd.		14,209		1,778,732
Samsung Electronics Co., Ltd.		352,757		14,774,260
SK Hynix, Inc.		67,289		4,434,140
				31,647,378
Taiwan \| 12.5%
ASE Technology Holding Co., Ltd. ADR		405,950		1,960,739
Far EasTone Telecommunications Co., Ltd.		950,000		2,264,442
Formosa Plastics Corp.		1,183,000		4,531,107
Hon Hai Precision Industry Co., Ltd.		1,108,500		2,855,060
Largan Precision Co., Ltd.		28,000		3,334,539
Silicon Motion Technology Corp. ADR		48,710		2,615,727
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		306,378		13,529,653
				31,091,267
Thailand \| 1.5%
Bangkok Bank Public Co. Ltd.		249,400		1,681,175
Kasikornbank Public Co. Ltd.		294,100		1,982,492
				3,663,667
United Arab Emirates \| 0.4%
Emaar Properties PJSC		777,394		1,048,177
United Kingdom \| 1.5%
Unilever NV NY Shares		69,100		3,838,505
Total Common Stocks (Cost $231,623,578)				242,179,982
Preferred Stocks \| 0.8%
Brazil \| 0.8%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,922,188)		172,929		1,898,760
Short-Term Investments \| 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $5,003,989)		5,003,989		5,003,989
Total Investments \| 100.4% (Cost $238,549,755)			$	249,082,731
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(956,976)
Net Assets \| 100.0%			$	248,125,755

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 97.5%
Brazil \| 6.9%
CVC Brasil Operadora e Agencia de Viagens SA		392,200	$	4,206,010
Duratex SA		1,447,900		3,237,434
Notre Dame Intermedica Participacoes SA		598,000		3,904,684
Pagseguro Digital, Ltd., Class A		71,700		1,983,939
Petrobras Distribuidora SA		404,700		1,954,080
Petroleo Brasileiro SA		533,666		2,786,895
				18,073,042
Canada \| 2.1%
First Quantum Minerals, Ltd.		487,355		5,550,259
China \| 31.1%
AAC Technologies Holdings, Inc.		210,140		2,157,459
Agricultural Bank of China, Ltd., Class H		9,605,500		4,682,693
Alibaba Group Holding, Ltd. Sponsored ADR (*)		31,210		5,142,160
Anhui Conch Cement Co., Ltd., Class H		1,202,000		7,182,398
Baidu, Inc. Sponsored ADR (*)		42,917		9,814,260
Beijing Enterprises Water Group, Ltd.		6,050,000		3,223,557
China Medical System Holdings, Ltd.		1,315,000		1,828,283
China Merchants Bank Co., Ltd., Class H		754,211		3,036,261
China State Construction International Holdings, Ltd.		6,306,160		6,664,217
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		464,200		1,933,028
Kingsoft Corp., Ltd.		1,230,000		2,318,408
Li Ning Co., Ltd. (*)		2,055,000		1,943,425
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		53,500		3,959,535
Ping An Insurance (Group) Co. of China, Ltd., Class H		602,000		6,117,633
Tencent Holdings, Ltd.		223,500		9,235,514
Weibo Corp. Sponsored ADR (*)		36,600		2,676,558
Zhuzhou CRRC Times Electric Co., Ltd., Class H		1,153,192		6,586,114
ZTO Express Cayman, Inc. ADR		177,585		2,942,583
				81,444,086
Colombia \| 1.9%
Bancolombia SA Sponsored ADR		121,147		5,054,253
Hong Kong \| 3.4%
China Gas Holdings, Ltd.		577,800		1,634,183
Techtronic Industries Co., Ltd.		1,120,500		7,159,071
				8,793,254
India \| 9.3%
HDFC Bank, Ltd. ADR		61,585		5,795,149

Description	Shares		Fair Value
ICICI Bank, Ltd. Sponsored ADR		813,801	$	6,909,170
Reliance Industries, Ltd.		394,177		6,841,827
Shriram Transport Finance Co., Ltd.		302,056		4,786,601
				24,332,747
Indonesia \| 1.5%
PT Bank Rakyat Indonesia (Persero) Tbk		19,108,500		4,037,464
Luxembourg \| 2.2%
Tenaris SA ADR		168,700		5,654,824
Mexico \| 2.6%
Grupo Financiero Banorte SAB de CV, Class O		937,757		6,779,872
Peru \| 2.5%
Credicorp, Ltd.		29,655		6,615,437
Philippines \| 1.1%
BDO Unibank, Inc.		1,284,895		2,849,194
Portugal \| 2.7%
Galp Energia SGPS SA		357,173		7,082,532
Russia \| 5.5%
Mail.Ru Group, Ltd. GDR (*)		156,334		4,222,358
Novatek OAO Sponsored GDR		21,879		4,019,210
Sberbank of Russia PJSC		750,420		2,324,528
Yandex NV Class A (*)		120,035		3,947,951
				14,514,047
South Africa \| 3.9%
Capitec Bank Holdings, Ltd.		80,150		5,801,221
Petra Diamonds, Ltd. (*)		1,930,687		951,561
Standard Bank Group, Ltd.		274,930		3,396,800
				10,149,582
South Korea \| 9.7%
Doosan Bobcat, Inc.		165,490		6,020,718
Korea Aerospace Industries, Ltd. (*)		53,055		1,678,254
NCSoft Corp.		6,697		2,671,480
Netmarble Corp.		18,740		1,941,807
Partron Co., Ltd.		283,331		1,915,004
Samsung Electronics Co., Ltd.		268,607		11,249,868
				25,477,131
Taiwan \| 10.6%
Airtac International Group		210,000		2,054,380
ASE Technology Holding Co., Ltd.		1,212,289		2,935,508
Catcher Technology Co., Ltd.		349,670		3,846,053
Hiwin Technologies Corp.		240,185		1,983,761
Largan Precision Co., Ltd.		22,860		2,722,413
MediaTek, Inc.		649,000		5,242,090
Silicon Motion Technology Corp. ADR		105,910		5,687,367

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd.		400,000	$	3,415,380
				27,886,952
United Kingdom \| 0.5%
KAZ Minerals PLC		173,582		1,239,327
Total Common Stocks (Cost $239,303,982)				255,534,003
Preferred Stocks \| 0.7%
Brazil \| 0.7%
Banco Bradesco SA ADR (Cost $2,841,082)		275,886		1,953,273
Short-Term Investments \| 0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,027,810)		2,027,810		2,027,810
Total Investments \| 99.0% (Cost $244,172,874)			$	259,515,086
Cash and Other Assets in Excess of Liabilities \| 1.0%				2,556,973
Net Assets \| 100.0%			$	262,072,059

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 96.3%
Brazil \| 3.9%
Ambev SA ADR		2,017	$	9,218
Banco Santander Brasil SA		1,100		9,726
Cia de Saneamento de Minas Gerais-COPASA		500		4,821
Cosan SA		800		6,420
EcoRodovias Infraestrutura e Logistica SA		5,800		10,283
Estacio Participacoes SA		1,600		9,901
Fibria Celulose SA		600		11,220
Guararapes Confeccoes SA		200		5,150
Petroleo Brasileiro SA		6,000		31,333
TIM Participacoes SA		2,400		6,971
Vale SA		3,309		49,014
				154,057
Chile \| 1.1%
Cia Cervecerias Unidas SA Sponsored ADR		849		23,687
Enel Americas SA ADR		1,433		11,077
Sociedad Quimica y Minera de Chile SA Sponsored ADR		190		8,687
				43,451
China \| 28.2%
AAC Technologies Holdings, Inc.		500		5,133
Agile Group Holdings, Ltd.		2,000		2,789
Agricultural Bank of China, Ltd., Class H		13,000		6,337
Air China, Ltd., Class H		6,000		5,790
Alibaba Group Holding, Ltd. Sponsored ADR (*)		844		139,057
Anhui Conch Cement Co., Ltd., Class H		5,000		29,877
ANTA Sports Products, Ltd.		2,000		9,600
Autohome, Inc. ADR		86		6,657
BAIC Motor Corp., Ltd., Class H		6,500		5,208
Baidu, Inc. Sponsored ADR (*)		166		37,961
Bank of China, Ltd., Class H		61,000		26,978
Bank of Communications Co., Ltd., Class H		7,000		5,226
Beijing Enterprises Holdings, Ltd.		2,500		14,023
China CITIC Bank Corp., Ltd., Class H		48,000		30,515
China Communications Services Corp., Ltd., Class H		6,000		5,537
China Construction Bank Corp., Class H		77,000		66,792
China Evergrande Group		2,000		5,602
China Medical System Holdings, Ltd.		3,000		4,171
China Mengniu Dairy Co., Ltd.		2,000		6,649
China Merchants Bank Co., Ltd., Class H		5,500		22,142
China Mobile, Ltd.		2,500		24,536
China Oriental Group Co., Ltd.		10,000		8,067

Description	Shares		Fair Value
China Petroleum & Chemical Corp., Class H		20,000	$	20,055
China Resources Cement Holdings, Ltd.		12,000		13,982
China Resources Gas Group, Ltd.		2,000		8,140
China SCE Group Holdings, Ltd.		17,000		6,561
China Telecom Corp., Ltd., Class H		78,000		38,694
China Vanke Co., Ltd., Class H		2,200		7,190
CNOOC, Ltd.		24,000		47,416
Country Garden Holdings Co., Ltd.		16,000		19,911
CSPC Pharmaceutical Group, Ltd.		14,000		29,690
Geely Automobile Holdings, Ltd.		8,000		15,957
Guangzhou Automobile Group Co., Ltd. Class H		11,200		12,267
Industrial & Commercial Bank of China, Ltd., Class H		86,000		62,441
Jiayuan International Group, Ltd.		2,000		3,424
Longfor Group Holdings, Ltd.		3,000		7,663
Lonking Holdings, Ltd.		17,000		5,499
Momo, Inc. Sponsored ADR (*)		142		6,220
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		166		12,286
PetroChina Co., Ltd., Class H		34,000		27,735
PICC Property & Casualty Co., Ltd., Class H		6,000		7,047
Ping An Insurance (Group) Co. of China, Ltd., Class H		5,500		55,892
Postal Savings Bank of China Co., Ltd., Class H		10,000		6,262
Shenzhou International Group Holdings, Ltd.		1,000		12,830
Sinotruk Hong Kong, Ltd.		5,500		11,979
Sunny Optical Technology Group Co., Ltd.		800		9,235
Tencent Holdings, Ltd.		3,500		144,628
Tianneng Power International, Ltd.		10,000		8,800
Wuxi Biologics Cayman, Inc. (*)		500		5,008
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H		1,600		6,671
YY, Inc. ADR (*)		119		8,915
Zhongsheng Group Holdings, Ltd.		5,000		12,044
Zijin Mining Group Co., Ltd. Class H		20,000		7,693
				1,110,782
Colombia \| 0.6%
Bancolombia SA Sponsored ADR		163		6,800
Ecopetrol SA Sponsored ADR		692		18,636
				25,436
Egypt \| 0.4%
Commercial International Bank Egypt SAE ADR		3,121		14,076
Greece \| 0.2%
JUMBO SA		450		6,690

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hong Kong \| 1.2%
China Gas Holdings, Ltd.		2,800	$	7,919
Lee & Man Paper Manufacturing, Ltd.		9,000		8,318
Shimao Property Holdings, Ltd.		5,500		13,723
Sino Biopharmaceutical, Ltd.		17,500		16,307
				46,267
Hungary \| 1.1%
Magyar Telekom Telecommunications PLC		8,117		11,661
MOL Hungarian Oil & Gas PLC		2,905		31,294
				42,955
India \| 6.7%
Cipla, Ltd. GDR		660		5,940
GAIL India, Ltd. GDR		507		16,051
HDFC Bank, Ltd. ADR		404		38,017
ICICI Bank, Ltd. Sponsored ADR		880		7,471
Infosys, Ltd. Sponsored ADR		6,848		69,644
Reliance Industries, Ltd. Sponsored GDR (#)		709		24,300
State Bank of India GDR (*)		225		8,295
Tata Motors, Ltd. Sponsored ADR (*)		719		11,044
Tata Steel, Ltd. GDR		983		7,777
Vedanta, Ltd. ADR		363		4,646
Wipro, Ltd. ADR		5,934		30,916
WNS Holdings, Ltd. ADR (*)		813		41,260
				265,361
Indonesia \| 1.4%
PT Bank Central Asia Tbk		6,500		10,527
PT Bank Rakyat Indonesia (Persero) Tbk		106,900		22,587
PT Gudang Garam Tbk		2,500		12,421
PT Unilever Indonesia Tbk		2,600		8,203
				53,738
Malaysia \| 2.9%
AirAsia Group Berhad		12,100		9,242
Astro Malaysia Holdings Berhad		16,900		5,997
Hartalega Holdings Berhad		4,100		6,556
Hong Leong Bank Berhad		3,500		17,368
Inari Amertron Berhad		17,150		9,446
Nestle Malaysia Berhad		400		14,147
Petronas Chemicals Group Berhad		12,600		28,482
Public Bank Berhad		1,500		9,060
Sime Darby Berhad		12,100		7,617
Sunway Construction Group Berhad		13,800		6,063
				113,978
Mexico \| 2.7%
Alfa SAB de CV, Class A		8,300		10,702

Description	Shares		Fair Value
America Movil SAB de CV, Class L Sponsored ADR		449	$	7,211
Grupo Aeroportuario del Centro Norte SAB de CV		1,900		13,549
Grupo Financiero Banorte SAB de CV, Class O		2,900		20,967
Grupo Mexico SAB de CV, Series B		2,800		8,072
Mexichem SAB de CV		2,000		6,878
Wal-Mart de Mexico SAB de CV		13,400		40,836
				108,215
Peru \| 0.2%
Credicorp, Ltd.		39		8,700
Philippines \| 1.4%
Ayala Land, Inc.		35,100		26,024
Cebu Air, Inc.		7,180		9,303
DMCI Holdings, Inc.		61,300		12,914
JG Summit Holdings, Inc.		5,570		5,561
				53,802
Poland \| 1.6%
Ciech SA		279		3,583
Dino Polska SA (*)		395		10,665
Enea SA (*)		5,064		10,983
Grupa Lotos SA		551		11,209
Jastrzebska Spolka Weglowa SA (*)		283		5,069
LPP SA		4		9,352
PGE Polska Grupa Energetyczna SA (*)		2,094		5,406
Tauron Polska Energia SA (*)		11,891		5,704
				61,971
Russia \| 5.2%
Gazprom PJSC Sponsored ADR		4,299		21,464
LUKOIL PJSC Sponsored ADR		443		33,931
Mobile TeleSystems PJSC Sponsored ADR		798		6,807
Novolipetsk Steel PJSC GDR		916		24,682
Sberbank of Russia PJSC Sponsored ADR		4,006		50,683
Severstal PJSC GDR		576		9,567
Tatneft PJSC Sponsored ADR		593		45,322
VTB Bank PJSC GDR		7,699		10,309
				202,765
Singapore \| 0.3%
BOC Aviation, Ltd.		1,300		10,083
South Africa \| 4.0%
Absa Group, Ltd.		477		5,114
Astral Foods, Ltd.		589		10,262
AVI, Ltd.		1,874		14,076
Clicks Group, Ltd.		761		9,406

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Coronation Fund Managers, Ltd.		1,426	$	5,407
FirstRand, Ltd.		4,089		19,591
Imperial Holdings, Ltd.		442		5,462
Mr. Price Group, Ltd.		1,355		21,837
Naspers, Ltd., N Shares		218		46,919
Nedbank Group, Ltd.		360		6,727
Sappi, Ltd.		982		6,159
Standard Bank Group, Ltd.		426		5,263
				156,223
South Korea \| 16.1%
BGF retail Co., Ltd.		49		9,076
Celltrion, Inc. (*)		32		8,564
Cheil Worldwide, Inc.		723		14,111
Hana Financial Group, Inc.		325		13,052
Hotel Shilla Co., Ltd.		71		6,946
Hyundai Marine & Fire Insurance Co., Ltd.		680		25,716
Industrial Bank of Korea		738		10,126
Jin Air Co., Ltd.		301		5,876
Kakao Corp.		121		12,983
KB Financial Group, Inc.		265		12,915
KB Financial Group, Inc. ADR		946		45,673
KCC Corp.		21		6,418
Korea Electric Power Corp. Sponsored ADR		756		9,956
Korea Investment Holdings Co., Ltd.		95		6,513
Korea United Pharm, Inc.		333		9,067
Korean Air Lines Co., Ltd.		379		9,596
KT&G Corp.		116		10,876
LG Chem, Ltd.		48		15,819
LG Corp.		273		17,867
LG Electronics, Inc.		216		13,791
LG Household & Health Care, Ltd.		11		12,648
LG Uplus Corp.		1,148		18,934
Lotte Chemical Corp.		34		8,516
Meritz Fire & Marine Insurance Co., Ltd.		708		12,347
NCSoft Corp.		22		8,776
POSCO		62		16,465
Samsung Electronics Co., Ltd. GDR		200		208,852
Samsung SDS Co., Ltd.		70		14,572
SK Holdings Co., Ltd.		62		16,035
SK Hynix, Inc.		790		52,059
				634,145
Taiwan \| 12.7%
Advantech Co., Ltd.		2,000		14,896
China General Plastics Corp.		8,240		6,879
Chroma ATE, Inc.		2,000		9,591
Eva Airways Corp.		23,100		11,231

Description	Shares		Fair Value
Feng TAY Enterprise Co., Ltd.		2,000	$	12,317
Formosa Chemicals & Fibre Corp.		8,000		33,351
Hiwin Technologies Corp.		1,030		8,507
Hung Sheng Construction, Ltd.		10,800		10,721
Micro-Star International Co., Ltd.		3,000		8,068
Nichidenbo Corp.		3,210		6,352
President Chain Store Corp.		2,000		23,477
St Shine Optical Co., Ltd.		1,000		21,963
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,134		226,717
Uni-President Enterprises Corp.		16,000		41,774
Yageo Corp.		718		10,769
Yuanta Financial Holding Co., Ltd.		103,000		54,291
				500,904
Thailand \| 3.6%
Advanced Info Service Public Co. Ltd. (‡)		5,500		34,184
Bumrungrad Hospital Public Co. Ltd. (‡)		1,600		9,202
Central Pattana Public Co. Ltd. NVDR		3,500		8,980
CP ALL Public Co. Ltd. (‡)		8,500		18,135
Indorama Ventures Public Co. Ltd. NVDR		6,300		11,460
Krungthai Card Public Co. Ltd. NVDR		9,500		10,564
Muangthai Capital Public Co. Ltd. NVDR		7,800		11,628
PTT Exploration & Production Public Co. Ltd. (‡)		1,900		9,106
PTT Global Chemical Public Co. Ltd. (‡)		3,700		9,296
PTT Public Co. Ltd. (‡)		6,000		10,065
Tisco Financial Group Public Co. Ltd. NVDR		4,100		10,612
				143,232
Turkey \| 0.6%
Ford Otomotiv Sanayi AS		581		6,333
Turk Telekomunikasyon AS ADR (*)		5,391		6,124
Turkiye Garanti Bankasi AS ADR		7,348		9,553
				22,010
United States \| 0.2%
Yum China Holdings, Inc.		276		9,690
Total Common Stocks (Cost $3,339,111)				3,788,531
Preferred Stocks \| 0.3%
Brazil \| 0.3%
Banco Bradesco SA ADR (Cost $11,509)		1,498		10,606
Short-Term Investments \| 3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $145,759)		145,759		145,759

Description	Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Total Investments \| 100.3% (Cost $3,496,379)	$	3,944,896
Liabilities in Excess of Cash and Other Assets \| (0.3)%		(10,820)
Net Assets \| 100.0%	$	3,934,076

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 94.9%
Argentina \| 1.2%
Transportadora de Gas del Sur SA Class B		104,275	$	1,514,073
YPF SA Sponsored ADR (*)		175,600		2,713,020
				4,227,093
Brazil \| 5.7%
Ambev SA ADR		420,075		1,919,743
Banco do Brasil SA		400,757		2,922,409
CCR SA		611,600		1,281,186
Cia de Saneamento do Parana		119,800		1,229,281
Cielo SA Sponsored ADR		501,650		1,532,541
Duratex SA		1,508,100		3,372,038
Iochpe Maxion SA		302,745		1,431,808
JSL SA (*)		421,700		451,089
Movida Participacoes SA		903,100		1,310,412
Pagseguro Digital, Ltd., Class A		77,800		2,152,726
Petrobras Distribuidora SA		391,600		1,890,827
				19,494,060
Brazil \| 0.1%
Movida Participacoes SA (*)		212,256		307,987
Canada \| 1.5%
First Quantum Minerals, Ltd.		461,015		5,250,285
Chile \| 0.2%
Geopark, Ltd. (*)		37,019		755,188
China \| 30.1%
A-Living Services Co., Ltd., Class H		1,000,250		1,535,807
Agricultural Bank of China, Ltd., Class H		8,590,000		4,187,635
Alibaba Group Holding, Ltd. Sponsored ADR (*)		38,200		6,293,832
Anhui Conch Cement Co., Ltd., Class H		1,859,000		11,108,218
Baidu, Inc. Sponsored ADR (*)		51,004		11,663,595
Beijing Enterprises Water Group, Ltd.		5,320,000		2,834,599
China Construction Bank Corp., Class H		7,643,281		6,629,972
China Medical System Holdings, Ltd.		2,013,960		2,800,067
China Meidong Auto Holdings, Ltd.		1,308,000		610,555
China Mobile, Ltd. Sponsored ADR		101,516		4,967,178
China Shenhua Energy Co., Ltd., Class H		1,321,500		2,992,486
China State Construction International Holdings, Ltd.		5,840,249		6,171,853
CNOOC, Ltd.		1,787,800		3,532,079
Consun Pharmaceutical Group, Ltd.		2,171,000		1,725,857
Fufeng Group, Ltd.		2,847,000		1,382,709
Goodbaby International Holdings, Ltd.		3,078,000		1,230,279
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		503,700		2,097,514
JNBY Design, Ltd.		1,007,000		1,775,106

Description	Shares		Fair Value
Kingsoft Corp., Ltd.		2,162,000	$	4,075,120
NetEase, Inc. ADR		23,705		5,410,666
Ping An Insurance (Group) Co. of China, Ltd., Class H		752,000		7,641,960
Precision Tsugami China Corp., Ltd.		766,000		669,877
RISE Education Cayman, Ltd. ADR		141,700		1,676,311
Sinotrans, Ltd., Class H		3,647,000		1,486,841
Tianyun International Holdings, Ltd.		5,838,000		924,509
West China Cement, Ltd.		10,320,000		1,936,961
Yestar Healthcare Holdings Co., Ltd.		3,275,000		907,834
ZTO Express Cayman, Inc. ADR		235,130		3,896,104
				102,165,524
Colombia \| 1.5%
Bancolombia SA Sponsored ADR		123,092		5,135,398
Egypt \| 0.8%
Commercial International Bank Egypt SAE GDR		393,245		1,792,551
Credit Agricole Egypt SAE		240,239		587,728
Dice Sport & Casual Wear (*)		266,817		316,399
				2,696,678
Estonia \| 0.1%
Tallinna Sadam AS		125,200		304,967
Georgia \| 0.7%
Bank of Georgia Group PLC		77,609		1,731,109
TBC Bank Group PLC		33,962		744,990
				2,476,099
Greece \| 0.6%
OPAP SA		177,560		1,863,905
Hong Kong \| 4.4%
China Gas Holdings, Ltd.		617,600		1,746,749
China Water Affairs Group, Ltd.		1,564,000		1,752,478
Kingboard Laminates Holdings, Ltd.		1,237,500		1,096,614
Man Wah Holdings, Ltd.		1,821,705		1,092,135
NewOcean Energy Holdings, Ltd. (*)		1,724,000		534,788
Techtronic Industries Co., Ltd.		1,129,000		7,213,379
TK Group Holdings, Ltd.		796,000		499,887
Tongda Group Holdings, Ltd.		6,689,114		972,186
				14,908,216
Hungary \| 0.8%
OTP Bank Nyrt.		70,311		2,606,655
India \| 10.0%
Axis Bank, Ltd. (*)		777,763		6,581,138
Bajaj Auto, Ltd.		55,482		2,057,461
Dewan Housing Finance Corp., Ltd.		231,459		877,500
HCL Technologies, Ltd.		94,572		1,419,396
ICICI Bank, Ltd. Sponsored ADR		853,883		7,249,467

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Infosys, Ltd. Sponsored ADR		136,900	$	1,392,273
Jubilant Life Sciences, Ltd.		165,271		1,669,631
Kiri Industries, Ltd. (*)		101,928		706,917
Mirza International, Ltd.		229,418		261,840
Reliance Industries, Ltd.		355,346		6,167,828
Tata Consultancy Services, Ltd.		155,079		4,663,855
The South Indian Bank, Ltd.		1,318,722		239,007
Uflex, Ltd.		118,719		473,351
				33,759,664
Indonesia \| 3.1%
PT Bank Mandiri (Persero) Tbk		7,105,700		3,204,782
PT Bank Pembangunan Daerah Jawa Timur Tbk		7,531,400		328,281
PT Bank Rakyat Indonesia (Persero) Tbk		20,597,490		4,352,075
PT Bekasi Fajar Industrial Estate Tbk		40,140,000		463,201
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		94,930		2,323,887
				10,672,226
Kenya \| 0.2%
KCB Group, Ltd.		1,537,700		611,118
Kuwait \| 0.2%
Human Soft Holding Co. KSC		77,918		833,943
Mexico \| 2.2%
Alpek SAB de CV (*)		1,170,100		1,908,275
America Movil SAB de CV, Class L Sponsored ADR		110,443		1,773,714
Credito Real SAB de CV		354,900		487,006
Grupo Mexico SAB de CV, Series B		525,301		1,514,374
Kimberly-Clark de Mexico SAB de CV, Series A		1,046,500		1,862,159
				7,545,528
Morocco \| 0.1%
Residences Dar Saada		21,421		221,635
Oman \| 0.2%
Ooredoo		556,898		775,105
Pakistan \| 0.3%
Bank Alfalah, Ltd.		1,507,000		602,333
Kohinoor Textile Mills, Ltd.		565,890		246,992
				849,325
Philippines \| 0.3%
Melco Resorts And Entertainment Philippines Corp. (*)		2,013,400		262,712
PLDT, Inc. Sponsored ADR		31,802		817,311
				1,080,023

Description	Shares		Fair Value
Russia \| 5.6%
Gazprom PJSC Sponsored ADR		370,882	$	1,851,721
LUKOIL PJSC Sponsored ADR		45,473		3,475,956
Mail.Ru Group, Ltd. GDR (*)		133,040		3,593,220
Mobile TeleSystems PJSC Sponsored ADR		279,900		2,387,547
Sberbank of Russia PJSC		691,361		2,141,585
Sberbank of Russia PJSC Sponsored ADR		438,347		5,512,214
				18,962,243
Singapore \| 1.0%
BOC Aviation, Ltd.		240,500		1,865,318
China Yuchai International, Ltd.		82,200		1,419,594
				3,284,912
South Africa \| 1.2%
Petra Diamonds, Ltd. (*)		2,481,191		1,222,883
Standard Bank Group, Ltd.		217,690		2,689,592
				3,912,475
South Korea \| 12.2%
ELP Corp. (*)		27,880		397,189
Eugene Technology Co., Ltd.		124,194		1,584,514
F&F Co., Ltd.		15,996		1,215,187
Hanwha Life Insurance Co., Ltd.		182,275		869,245
HS Industries Co., Ltd.		262,226		1,995,348
Hyundai Mobis Co., Ltd.		14,881		3,058,613
Innocean Worldwide, Inc.		31,685		1,668,151
KT&G Corp.		18,846		1,766,931
Nasmedia Co., Ltd.		35,550		1,296,372
NCSoft Corp.		6,864		2,738,098
Nice Information & Telecommunication, Inc.		35,109		708,959
Samjin Pharmaceutical Co., Ltd.		16,494		865,313
Samsung Electronics Co., Ltd.		336,030		14,073,696
Shinhan Financial Group Co., Ltd.		81,414		3,287,643
SK Hynix, Inc.		87,444		5,762,293
				41,287,552
Taiwan \| 9.2%
Catcher Technology Co., Ltd.		334,000		3,673,698
Chailease Holding Co., Ltd.		474,300		1,661,139
Gourmet Master Co., Ltd.		171,782		1,470,221
Hon Hai Precision Industry Co., Ltd.		822,671		2,118,877
Largan Precision Co., Ltd.		30,614		3,645,842
Macronix International		1,093,446		912,023
MediaTek, Inc.		342,000		2,762,395
Primax Electronics, Ltd.		969,000		1,549,184
Silicon Motion Technology Corp. ADR		95,751		5,141,829
Sunny Friend Environmental Technology Co., Ltd.		138,000		1,005,948

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd.		838,720	$	7,161,369
				31,102,525
Thailand \| 0.5%
Tisco Financial Group Public Co. Ltd. (‡)		655,900		1,698,566
Turkey \| 0.7%
KOC Holding AS ADR		159,867		2,263,717
Ukraine \| 0.2%
Kernel Holding SA		52,958		717,664
Total Common Stocks (Cost $327,105,733)				321,770,276
Preferred Stocks \| 0.6%
Brazil \| 0.6%
Banco Bradesco SA ADR (Cost $2,196,227)		298,990		2,116,849
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA, Expires 06/03/19 (*) (Cost $0)		15,354		31,555
Short-Term Investments \| 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $13,415,946)		13,415,946		13,415,946
Total Investments \| 99.5% (Cost $342,717,906)			$	337,334,626
Cash and Other Assets in Excess of Liabilities \| 0.5%				1,793,727
Net Assets \| 100.0%			$	339,128,353

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio
Common Stocks \| 54.6%
Argentina \| 0.7%
Transportadora de Gas del Sur SA Class B		11,970	$	173,804
YPF SA Sponsored ADR (*)		19,682		304,087
				477,891
Brazil \| 3.3%
Ambev SA ADR		47,100		215,247
Banco do Brasil SA		45,045		328,478
CCR SA		68,100		142,657
Cia de Saneamento do Parana		13,720		140,782
Cielo SA Sponsored ADR		56,143		171,517
Duratex SA		165,100		369,155
Iochpe Maxion SA		34,749		164,343
JSL SA (*)		53,900		57,656
Movida Participacoes SA		103,900		150,761
Pagseguro Digital, Ltd., Class A		8,500		235,195
Petrobras Distribuidora SA		42,900		207,141
				2,182,932
Brazil \| 0.1%
Movida Participacoes SA (*)		26,487		38,433
Canada \| 0.9%
First Quantum Minerals, Ltd.		50,469		574,768
Chile \| 0.1%
Geopark, Ltd. (*)		4,755		97,002
China \| 17.3%
A-Living Services Co., Ltd., Class H		115,000		176,574
Agricultural Bank of China, Ltd., Class H		940,000		458,251
Alibaba Group Holding, Ltd. Sponsored ADR (*)		4,171		687,214
Anhui Conch Cement Co., Ltd., Class H		204,500		1,221,964
Baidu, Inc. Sponsored ADR (*)		5,621		1,285,410
Beijing Enterprises Water Group, Ltd.		582,000		310,101
China Construction Bank Corp., Class H		858,065		744,307
China Medical System Holdings, Ltd.		220,013		305,890
China Meidong Auto Holdings, Ltd.		168,000		78,420
China Mobile, Ltd. Sponsored ADR		11,438		559,661
China Shenhua Energy Co., Ltd., Class H		147,986		335,109
China State Construction International Holdings, Ltd.		640,068		676,410
CNOOC, Ltd.		201,000		397,107
Consun Pharmaceutical Group, Ltd.		250,000		198,740
Fufeng Group, Ltd.		328,000		159,300
Goodbaby International Holdings, Ltd.		354,000		141,494
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		55,100		229,448
JNBY Design, Ltd.		120,000		211,532

Description	Shares		Fair Value
Kingsoft Corp., Ltd.		237,000	$	446,718
NetEase, Inc. ADR		2,665		608,286
Ping An Insurance (Group) Co. of China, Ltd., Class H		82,400		837,364
Precision Tsugami China Corp., Ltd.		98,000		85,702
RISE Education Cayman, Ltd. ADR		16,300		192,829
Sinotrans, Ltd., Class H		418,000		170,414
Tianyun International Holdings, Ltd.		754,000		119,404
West China Cement, Ltd.		1,188,000		222,976
Yestar Healthcare Holdings Co., Ltd.		745,000		206,515
ZTO Express Cayman, Inc. ADR		25,760		426,843
				11,493,983
Colombia \| 0.8%
Bancolombia SA Sponsored ADR		13,461		561,593
Egypt \| 0.5%
Commercial International Bank Egypt SAE GDR		46,319		211,138
Credit Agricole Egypt SAE		30,712		75,135
Dice Sport & Casual Wear (*)		34,176		40,527
				326,800
Estonia \| 0.1%
Tallinna Sadam AS		16,204		39,470
Georgia \| 0.4%
Bank of Georgia Group PLC		8,909		198,720
TBC Bank Group PLC		4,386		96,211
				294,931
Greece \| 0.3%
OPAP SA		20,418		214,334
Hong Kong \| 2.6%
China Gas Holdings, Ltd.		67,600		191,192
China Water Affairs Group, Ltd.		180,000		201,692
Kingboard Laminates Holdings, Ltd.		142,000		125,833
Man Wah Holdings, Ltd.		209,360		125,514
NewOcean Energy Holdings, Ltd. (*)		222,000		68,865
Techtronic Industries Co., Ltd.		127,000		811,425
TK Group Holdings, Ltd.		102,000		64,056
Tongda Group Holdings, Ltd.		770,049		111,918
				1,700,495
Hungary \| 0.4%
OTP Bank Nyrt.		7,874		291,915
India \| 5.7%
Axis Bank, Ltd. (*)		87,397		739,521
Bajaj Auto, Ltd.		6,214		230,436
Dewan Housing Finance Corp., Ltd.		26,644		101,012
HCL Technologies, Ltd.		10,593		158,986
ICICI Bank, Ltd. Sponsored ADR		93,462		793,492

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Infosys, Ltd. Sponsored ADR		15,600	$	158,652
Jubilant Life Sciences, Ltd.		18,996		191,905
Kiri Industries, Ltd. (*)		13,173		91,361
Mirza International, Ltd.		29,621		33,807
Reliance Industries, Ltd.		38,902		675,232
Tata Consultancy Services, Ltd.		17,249		518,748
The South Indian Bank, Ltd.		169,908		30,794
Uflex, Ltd.		15,330		61,123
				3,785,069
Indonesia \| 1.8%
PT Bank Mandiri (Persero) Tbk		798,400		360,091
PT Bank Pembangunan Daerah Jawa Timur Tbk		974,300		42,468
PT Bank Rakyat Indonesia (Persero) Tbk		2,254,900		476,441
PT Bekasi Fajar Industrial Estate Tbk		5,176,700		59,737
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		10,584		259,097
				1,197,834
Kenya \| 0.1%
KCB Group, Ltd.		198,500		78,889
Kuwait \| 0.2%
Human Soft Holding Co. KSC		10,072		107,799
Mexico \| 1.3%
Alpek SAB de CV		134,500		219,351
America Movil SAB de CV, Class L Sponsored ADR		12,313		197,747
Credito Real SAB de CV		45,800		62,848
Grupo Mexico SAB de CV, Series B		59,009		170,115
Kimberly-Clark de Mexico SAB de CV, Series A		117,535		209,144
				859,205
Morocco \| 0.0%
Residences Dar Saada		2,765		28,608
Oman \| 0.1%
Ooredoo		71,871		100,032
Pakistan \| 0.2%
Bank Alfalah, Ltd.		192,850		77,080
Kohinoor Textile Mills, Ltd.		72,880		31,810
				108,890
Philippines \| 0.2%
Melco Resorts And Entertainment Philippines Corp. (*)		257,500		33,599
PLDT, Inc. Sponsored ADR		3,540		90,978
				124,577

Description	Shares		Fair Value
Russia \| 3.2%
Gazprom PJSC Sponsored ADR		41,677	$	208,083
LUKOIL PJSC Sponsored ADR		5,158		394,278
Mail.Ru Group, Ltd. GDR (*)		14,565		393,380
Mobile TeleSystems PJSC Sponsored ADR		31,610		269,633
Sberbank of Russia PJSC		75,688		234,454
Sberbank of Russia PJSC Sponsored ADR (London)		3,482		44,053
Sberbank of Russia PJSC Sponsored ADR (United States)		45,730		575,055
				2,118,936
Singapore \| 0.6%
BOC Aviation, Ltd.		27,600		214,066
China Yuchai International, Ltd.		9,400		162,338
				376,404
South Africa \| 0.7%
Petra Diamonds, Ltd. (*)		285,731		140,826
Standard Bank Group, Ltd.		24,466		302,281
				443,107
South Korea \| 7.0%
ELP Corp. (*)		3,599		51,273
Eugene Technology Co., Ltd.		14,291		182,330
F&F Co., Ltd.		1,841		139,857
Hanwha Life Insurance Co., Ltd.		20,458		97,561
HS Industries Co., Ltd.		30,121		229,199
Hyundai Mobis Co., Ltd.		1,670		343,249
Innocean Worldwide, Inc.		3,644		191,849
KT&G Corp.		2,115		198,295
Nasmedia Co., Ltd.		4,081		148,818
NCSoft Corp.		751		299,579
Nice Information & Telecommunication, Inc.		4,536		91,596
Samjin Pharmaceutical Co., Ltd.		2,110		110,695
Samsung Electronics Co., Ltd.		37,131		1,555,130
Shinhan Financial Group Co., Ltd.		9,133		368,807
SK Hynix, Inc.		9,805		646,120
				4,654,358
Taiwan \| 5.2%
Catcher Technology Co., Ltd.		37,000		406,966
Chailease Holding Co., Ltd.		54,160		189,684
Gourmet Master Co., Ltd.		19,672		168,366
Hon Hai Precision Industry Co., Ltd. GDR		45,088		237,070
Largan Precision Co., Ltd.		3,648		434,443
Macronix International		125,700		104,844
MediaTek, Inc.		37,000		298,856
Primax Electronics, Ltd.		111,000		177,461
Silicon Motion Technology Corp. ADR		10,472		562,346

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Sunny Friend Environmental Technology Co., Ltd.		16,000	$	116,632
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		17,869		789,095
				3,485,763
Thailand \| 0.3%
Tisco Financial Group Public Co. Ltd. (‡)		75,300		195,002
Turkey \| 0.4%
KOC Holding AS ADR		17,815		252,261
Ukraine \| 0.1%
Kernel Holding SA		6,828		92,530
Total Common Stocks (Cost $40,207,550)				36,303,811
Preferred Stocks \| 0.4%
Brazil \| 0.4%
Banco Bradesco SA ADR (Cost $226,301)		32,640		231,091

Description	Security Currency		Principal Amount (000)		Fair Value
Corporate Bonds \| 0.6%
Argentina \| 0.2%
Generacion Mediterranea SA, 9.625%, 07/27/23		USD		150	$	127,500
China \| 0.1%
G3 Exploration, Ltd., 12.000%, 11/20/18 (#),(Ø)		USD		200		94,000
Nigeria \| 0.3%
IHS Netherlands Holdco BV, 9.500%, 10/27/21		USD		200		203,038
Total Corporate Bonds (Cost $557,611)						424,538
Foreign Government Obligations \| 25.6%
Angola \| 0.7%
Republic of Angola:
9.500%, 11/12/25		USD		280		317,450
8.250%, 05/09/28 (#)		USD		140		144,375
						461,825
Argentina \| 0.5%
Republic of Argentina:
5.875%, 01/11/28		USD		65		51,512
6.875%, 01/11/48		USD		195		149,419
7.125%, 06/28/17		USD		140		108,570
						309,501
Belize \| 0.0%
Republic of Belize, 4.938%, 02/20/34 (Ø)		USD		25		14,563

Description	Security Currency		Principal Amount (000)		Fair Value
Brazil \| 2.3%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/22		BRL		920	$	165,017
Brazil NTN-B, 6.000%, 05/15/35		BRL		100		78,331
Brazil NTN-F:
10.000%, 01/01/21		BRL		2,242		560,139
10.000%, 01/01/27		BRL		1,534		347,872
Federal Republic of Brazil:
6.000%, 04/07/26		USD		15		15,420
4.625%, 01/13/28		USD		250		229,054
5.000%, 01/27/45		USD		30		24,675
5.625%, 02/21/47		USD		115		101,775
						1,522,283
Chile \| 0.3%
Bonos de la Tesoreria de la Republica en pesos:
5.000%, 03/01/35		CLP		80,000		121,349
6.000%, 01/01/43		CLP		50,000		84,793
						206,142
Colombia \| 1.1%
Colombian Titulos De Tesoreria, 10.000%, 07/24/24		COP		1,451,000		575,826
Republic of Colombia, 5.000%, 06/15/45		USD		125		125,156
						700,982
Costa Rica \| 0.3%
Republic of Costa Rica:
4.250%, 01/26/23		USD		25		22,469
7.158%, 03/12/45		USD		170		151,300
						173,769
Czech Republic \| 0.2%
Czech Republic, 2.500%, 08/25/28		CZK		3,370		156,321
Dominican Republic \| 1.3%
Dominican Republic Bonds:
15.950%, 06/04/21 (#)		DOP		4,200		95,660
8.900%, 02/15/23 (#)		DOP		12,000		238,477
10.500%, 04/07/23		DOP		3,500		70,204
5.500%, 01/27/25		USD		120		120,150
6.000%, 07/19/28 (#)		USD		50		50,842
7.450%, 04/30/44		USD		65		69,550
6.500%, 02/15/48 (#)		USD		235		230,594
						875,477
Ecuador \| 0.5%
Republic of Ecuador, 7.950%, 06/20/24		USD		365		347,662
Egypt \| 2.2%
Arab Republic of Egypt:

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
6.588%, 02/21/28 (#)		USD		105	$	100,013
8.500%, 01/31/47		USD		480		480,000
Egypt Treasury Bills:
0.000%, 03/05/19		EGP		14,225		722,485
0.000%, 08/20/19		EGP		3,650		170,414
						1,472,912
El Salvador \| 0.3%
Republic of El Salvador:
5.875%, 01/30/25		USD		110		102,850
7.650%, 06/15/35		USD		85		82,556
						185,406
Ghana \| 0.9%
Ghana Government Bonds:
24.500%, 04/22/19		GHS		80		16,778
24.500%, 05/27/19		GHS		50		10,528
24.000%, 09/09/19		GHS		200		42,421
16.500%, 03/22/21		GHS		320		62,621
16.500%, 02/06/23		GHS		630		112,035
Ghana Treasury Note, 19.950%, 05/06/19		GHS		20		4,206
Republic of Ghana:
7.875%, 08/07/23		USD		200		209,250
7.625%, 05/16/29 (#)		USD		140		140,175
						598,014
Honduras \| 0.0%
Republic of Honduras, 6.250%, 01/19/27		USD		20		20,540
Hungary \| 0.1%
Hungary, 7.625%, 03/29/41		USD		30		41,850
Indonesia \| 1.7%
Indonesia Government Bonds:
8.375%, 09/15/26		IDR		1,571,000		107,007
7.000%, 05/15/27		IDR		10,220,000		637,828
Republic of Indonesia, 3.500%, 01/11/28		USD		390		364,163
						1,108,998
Ivory Coast \| 0.1%
Ivory Coast, 6.625%, 03/22/48 (#)		EUR		90		97,572
Kenya \| 0.3%
Republic of Kenya, 8.250%, 02/28/48 (#)		USD		235		226,775
Lebanon \| 0.2%
Lebanese Republic:
6.000%, 01/27/23		USD		70		59,150
6.650%, 04/22/24		USD		32		26,440
6.250%, 11/04/24		USD		22		17,682

Description	Security Currency		Principal Amount (000)		Fair Value
6.200%, 02/26/25		USD		75	$	59,344
						162,616
Malaysia \| 0.8%
Malaysia Government Bonds:
3.759%, 03/15/19		MYR		1,048		253,779
3.795%, 09/30/22		MYR		1,250		302,146
						555,925
Mexico \| 2.1%
Mexican Bonos:
6.500%, 06/10/21		MXN		2,530		131,073
7.250%, 12/09/21		MXN		900		47,400
10.000%, 12/05/24		MXN		15,660		926,064
5.750%, 03/05/26		MXN		4,670		219,775
United Mexican States, 5.750%, 10/12/10		USD		60		60,600
						1,384,912
Mongolia \| 0.1%
Mongolia International Bonds, 5.625%, 05/01/23		USD		55		53,419
Mozambique \| 0.2%
Mozambique International Bonds, 10.500%, 01/18/23		USD		187		156,612
Nigeria \| 0.4%
Nigeria Treasury Bills:
0.000%, 11/01/18		NGN		21,400		57,436
0.000%, 01/03/19		NGN		41,660		109,172
Republic of Nigeria, 7.625%, 11/28/47 (#)		USD		130		124,312
						290,920
Oman \| 0.3%
Oman Government International Bonds, 5.625%, 01/17/28		USD		200		196,500
Panama \| 0.1%
Republic of Panama, 4.500%, 04/16/50		USD		35		34,563
Papua New Guinea \| 0.1%
Republic of Paraguay, 5.600%, 03/13/48		USD		85		84,363
Peru \| 0.6%
Republic of Peru:
6.350%, 08/12/28		PEN		540		172,097
6.950%, 08/12/31		PEN		470		155,079
5.625%, 11/18/50		USD		55		65,244
						392,420
Philippines \| 0.1%
Republic of Philippines:
3.625%, 09/09/25		PHP		2,420		35,840

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
3.700%, 02/02/42		USD		35	$	32,638
						68,478
Poland \| 0.3%
Poland Government Bonds, 3.250%, 07/25/25		PLN		640		176,823
Russia \| 1.9%
Russia Foreign Bonds, 5.625%, 04/04/42		USD		200		210,400
Russia Government Bonds - OFZ:
7.600%, 04/14/21		RUB		19,470		296,458
7.750%, 09/16/26		RUB		33,830		497,722
7.050%, 01/19/28		RUB		16,900		236,381
						1,240,961
South Africa \| 2.9%
Republic of South Africa:
7.750%, 02/28/23		ZAR		3,890		268,815
10.500%, 12/21/26		ZAR		11,880		912,229
8.000%, 01/31/30		ZAR		5,130		327,735
8.250%, 03/31/32		ZAR		2,910		184,736
8.500%, 01/31/37		ZAR		1,100		69,084
5.650%, 09/27/47		USD		65		58,987
8.750%, 02/28/48		ZAR		1,490		93,704
						1,915,290
Sri Lanka \| 0.5%
Republic of Sri Lanka, 6.750%, 04/18/28 (#)		USD		330		321,337
Sri Lanka Government Bonds, 9.250%, 05/01/20		LKR		8,000		46,766
						368,103
Suriname \| 0.0%
Republic of Suriname, 9.250%, 10/26/26		USD		15		14,700
Thailand \| 0.3%
Thailand Government Bonds:
3.850%, 12/12/25		THB		3,600		120,507
3.775%, 06/25/32		THB		930		30,680
3.400%, 06/17/36		THB		1,820		57,485
						208,672
Turkey \| 1.2%
Republic of Turkey:
5.625%, 03/30/21		USD		175		171,063
6.000%, 03/25/27		USD		125		113,750
5.750%, 05/11/47		USD		50		38,875
Turkey Government Bonds:
10.700%, 08/17/22		TRY		2,800		328,478
2.000%, 10/26/22		TRY		820		126,429
						778,595

Description	Security Currency		Principal Amount (000)		Fair Value
Ukraine \| 0.3%
Ukraine Government Bonds:
7.750%, 09/01/20		USD		95	$	95,665
7.375%, 09/25/32		USD		95		82,412
						178,077
Uruguay \| 0.1%
Republica Orient Uruguay:
5.100%, 06/18/50		USD		10		10,200
4.975%, 04/20/55		USD		25		25,000
						35,200
Venezuela \| 0.3%
Republic of Venezuela:
12.750%, 08/23/22 («)		USD		74		19,980
9.000%, 05/07/23 («)		USD		98		26,093
8.250%, 10/13/24		USD		131		34,387
7.650%, 04/21/25 («)		USD		118		31,122
11.750%, 10/21/26 («)		USD		36		9,810
9.250%, 09/15/27 («)		USD		88		24,033
9.250%, 05/07/28 («)		USD		87		22,838
11.950%, 08/05/31 («)		USD		97		26,675
7.000%, 03/31/38 («)		USD		151		38,694
						233,632
Total Foreign Government Obligations (Cost $18,872,828)						17,051,373
Quasi Government Bonds \| 0.7%
Mexico \| 0.1%
Petroleos Mexicanos, 6.500%, 03/13/27		USD		30		30,495
South Africa \| 0.3%
Eskom Holdings SOC, Ltd., 5.750%, 01/26/21		USD		225		218,531
Ukraine \| 0.2%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22		USD		150		152,595
Venezuela \| 0.1%
Petroleos de Venezuela SA:
6.000%, 11/15/26 («)		USD		95		20,900
5.500%, 04/12/37 («)		USD		85		18,275
						39,175
Total Quasi Government Bonds (Cost $471,715)						440,796
Supranational Bonds \| 0.3%
European Investment Bank, 7.200%, 07/09/19 (#) (Cost $224,678)		IDR		3,000,000		197,034

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
US Treasury Securities \| 9.7%
US Treasury Notes:
0.875%, 10/15/18		USD		1,220	$	1,219,458
0.750%, 10/31/18		USD		1,400		1,398,511
1.250%, 11/15/18		USD		600		599,371
1.000%, 11/30/18		USD		1,620		1,616,911
1.250%, 12/15/18		USD		1,620		1,616,867
Total US Treasury Securities (Cost $6,451,611)						6,451,118


Description	Shares		Fair Value
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA, Expires 06/03/19 (*) (Cost $0)		5,284	$	10,860
Short-Term Investments \| 3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,187,775)		2,187,775		2,187,775
Total Investments \| 95.2% (Cost $69,200,069) (»)			$	63,298,396
Cash and Other Assets in Excess of Liabilities \| 4.8%				3,190,572
Net Assets \| 100.0%			$	66,488,968

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	79,044	USD	1,862	BRC	12/03/18	$	—	$	93
ARS	172,809	USD	4,038	BRC	12/03/18		—		171
ARS	5,339,400	USD	132,000	CIT	10/09/18		—		3,911
ARS	311,500	USD	7,760	CIT	11/13/18		—		620
ARS	37,987	USD	931	CIT	12/03/18		—		81
ARS	639,203	USD	15,022	CIT	12/03/18		—		719
ARS	1,983,801	USD	49,508	JPM	11/13/18		—		4,035
ARS	366,487	USD	8,599	JPM	12/03/18		—		398
ARS	729,709	USD	17,198	JPM	12/03/18		—		870
AUD	349,000	USD	253,802	HSB	11/05/18		—		1,471
BRL	12,567	USD	3,088	BOA	10/02/18		24		—
BRL	152,909	USD	36,673	BOA	10/02/18		1,189		—
BRL	47,587	USD	11,486	BOA	11/05/18		269		—
BRL	4,056	USD	1,013	BRC	10/02/18		—		9
BRL	12,568	USD	3,091	BRC	10/02/18		21		—
BRL	96,539	USD	23,434	BRC	10/02/18		470		—
BRL	96,540	USD	23,434	BRC	10/02/18		470		—
BRL	27,060	USD	6,548	BRC	11/05/18		137		—
BRL	62,405	USD	15,065	BRC	11/05/18		351		—
BRL	25,612	USD	6,397	CIT	10/02/18		—		55
BRL	171,164	USD	41,024	CIT	10/15/18		1,316		—
BRL	989,032	USD	293,560	CIT	10/16/18		—		48,919
BRL	44,452	USD	10,762	CIT	11/05/18		219		—
BRL	12,568	USD	3,090	SCB	10/02/18		22		—
BRL	95,228	USD	23,784	SCB	10/02/18		—		204
BRL	96,540	USD	23,423	SCB	10/02/18		482		—
BRL	464,443	USD	115,998	SCB	10/02/18		—		995
BRL	72,801	USD	18,000	SCB	10/15/18		9		—
BRL	30,800	USD	7,449	SCB	11/05/18		160		—
BRL	12,568	USD	3,090	UBS	10/02/18		22		—
BRL	96,540	USD	23,423	UBS	10/02/18		482		—
CLP	20,466,000	USD	30,000	BRC	10/19/18		1,125		—
CLP	20,926,153	USD	30,532	BRC	10/19/18		1,293		—
CLP	97,830,979	USD	141,509	BRC	10/19/18		7,276		—
CLP	119,961,600	USD	176,000	CIT	10/22/18		6,454		—
CLP	116,005,800	USD	177,000	HSB	10/30/18		—		531
CLP	225,958,500	USD	337,000	HSB	11/30/18		6,815		—
CNY	185,787	USD	27,000	HSB	10/24/18		14		—
CNY	1,238,945	USD	181,000	HSB	10/24/18		—		852
COP	45,619,287	USD	15,171	BOA	10/29/18		230		—
COP	29,272,891	USD	9,661	BRC	10/19/18		220		—
COP	32,846,920	USD	10,866	BRC	10/19/18		222		—
COP	28,285,855	USD	9,413	BRC	10/29/18		136		—
COP	15,847,920	USD	5,280	BRC	10/31/18		70		—
COP	265,760,000	USD	88,000	CIT	10/17/18		1,709		—
COP	152,577,448	USD	50,339	CIT	10/19/18		1,165		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
COP	178,881,348	USD	59,134	CIT	10/19/18	$	1,249	$	—
COP	531,996,950	USD	179,000	CIT	10/26/18		594		—
COP	127,620,152	USD	42,175	SCB	10/19/18		905		—
COP	6,303,870	USD	2,096	SCB	10/29/18		32		—
COP	17,315,770	USD	5,770	SCB	10/31/18		76		—
COP	17,315,770	USD	5,770	SCB	10/31/18		76		—
COP	1,487,970,000	USD	495,000	SCB	11/30/18		6,782		—
CZK	1,283,414	USD	58,834	BOA	11/20/18		—		904
CZK	1,283,414	USD	58,834	BRC	11/20/18		—		904
CZK	1,560,000	USD	70,919	CIT	11/13/18		—		521
CZK	7,509,000	USD	340,399	CIT	11/13/18		—		1,542
CZK	1,283,413	USD	58,837	JPM	11/20/18		—		906
CZK	1,283,414	USD	58,832	SCB	11/20/18		—		901
CZK	1,283,414	USD	58,834	UBS	11/20/18		—		903
EUR	297,119	USD	343,520	CIT	10/15/18		1,801		—
EUR	111,492	USD	129,826	SCB	10/15/18		—		246
EUR	172,389	USD	200,431	SCB	10/15/18		—		75
GHS	406,000	USD	84,937	CIT	11/05/18		—		2,991
GHS	509,016	USD	100,497	SCB	12/04/18		1,194		—
HUF	8,180,626	USD	29,491	BOA	11/20/18		—		11
HUF	9,517,389	USD	34,275	BRC	11/20/18		22		—
HUF	18,843,678	USD	68,561	BRC	11/20/18		—		654
HUF	20,955,000	USD	74,049	CIT	10/05/18		1,218		—
HUF	45,034,000	USD	163,783	CIT	11/20/18		—		1,495
HUF	8,849,007	USD	31,886	SCB	11/20/18		3		—
HUF	20,955,000	USD	76,467	SCB	11/20/18		—		952
HUF	85,593,000	USD	312,967	SCB	12/21/18		—		3,588
HUF	8,648,222	USD	31,439	UBS	11/20/18		—		274
IDR	176,909,014	USD	11,806	BOA	10/29/18		20		—
IDR	355,504,345	USD	23,685	BOA	10/31/18		70		—
IDR	183,014,520	USD	12,252	BRC	10/29/18		—		19
IDR	338,454,891	USD	23,141	BRC	10/29/18		—		517
IDR	475,777,243	USD	31,749	BRC	10/29/18		54		—
IDR	345,515,863	USD	23,031	BRC	10/31/18		56		—
IDR	747,250,000	USD	50,000	BRC	10/31/18		—		69
IDR	270,896,974	USD	18,523	CIT	10/29/18		—		415
IDR	543,386,768	USD	37,046	CIT	10/29/18		—		723
IDR	1,346,845,000	USD	97,000	CIT	01/07/19		—		8,063
IDR	1,997,750,000	USD	131,000	CIT	01/07/19		918		—
IDR	1,702,510,000	USD	122,000	HSB	01/07/19		—		9,577
IDR	1,814,880,000	USD	114,000	HSB	09/20/19		1,005		—
IDR	1,627,152,000	USD	109,000	SCB	10/17/18		2		—
IDR	732,650,322	USD	48,896	SCB	10/29/18		78		—
IDR	1,340,403,384	USD	91,291	SCB	10/29/18		—		1,693
IDR	462,497,133	USD	30,834	SCB	10/31/18		70		—
ILS	297,000	USD	80,794	CIT	11/07/18		1,080		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ILS	597,000	USD	167,467	CIT	11/07/18	$	—	$	2,892
ILS	191,000	USD	53,039	HSB	11/07/18		—		386
ILS	842,000	USD	233,166	SCB	11/29/18		—		633
INR	79,570	USD	1,101	BRC	10/29/18		—		8
INR	4,078,211	USD	56,429	BRC	10/29/18		—		443
INR	1,353,843	USD	18,684	CIT	10/29/18		—		99
INR	2,688,159	USD	37,201	CIT	10/29/18		—		298
INR	7,998,430	USD	110,000	HSB	10/09/18		163		—
INR	8,853,760	USD	128,000	HSB	10/09/18		—		6,057
INR	23,443,275	USD	324,438	HSB	10/09/18		—		1,554
INR	1,354,216	USD	18,684	JPM	10/29/18		—		93
INR	2,014,446	USD	27,901	JPM	10/29/18		—		247
KRW	54,458,600	USD	49,000	SCB	11/09/18		113		—
KRW	253,115,480	USD	226,000	SCB	11/09/18		2,269		—
KZT	83,680,150	USD	216,228	CIT	06/19/19		—		452
KZT	17,530,900	USD	45,417	HSB	06/19/19		—		212
KZT	32,450,000	USD	88,000	SCB	12/06/18		—		224
KZT	83,680,150	USD	245,721	SCB	12/06/18		—		19,369
KZT	36,558,000	USD	108,000	SCB	12/14/18		—		9,273
KZT	35,950,000	USD	100,000	SCB	01/31/19		—		4,005
MAD	1,572,900	USD	168,000	CIT	10/24/18		—		1,917
MXN	571,089	USD	30,000	BRC	11/09/18		336		—
MXN	1,948,142	USD	102,988	CIT	11/09/18		498		—
MXN	3,250,000	USD	171,024	CIT	11/09/18		1,617		—
MXN	2,315,000	USD	121,890	HSB	11/09/18		1,083		—
MYR	178,970	USD	43,081	SCB	11/27/18		127		—
NGN	54,750,000	USD	146,000	HSB	12/27/18		2,514		—
NGN	35,886,250	USD	95,000	SCB	12/27/18		2,345		—
PEN	65,700	USD	20,000	BRC	10/18/18		—		126
PHP	6,408,027	USD	119,020	BRC	10/11/18		—		462
PHP	6,864,090	USD	129,000	CIT	10/02/18		—		1,958
PHP	9,869,568	USD	181,000	CIT	11/29/18		748		—
PHP	8,989,730	USD	166,000	HSB	10/15/18		261		—
PHP	6,047,483	USD	112,302	SCB	10/11/18		—		416
PHP	3,476,760	USD	64,480	UBS	10/11/18		—		155
PLN	63,585	USD	17,339	BOA	10/19/18		—		86
PLN	63,585	USD	17,339	BRC	10/19/18		—		86
PLN	169,023	USD	46,089	BRC	10/19/18		—		227
PLN	436,671	USD	117,817	BRC	11/14/18		732		—
PLN	37,014	USD	10,000	CIT	10/19/18		43		—
PLN	63,584	USD	17,349	CIT	10/19/18		—		97
PLN	132,673	USD	36,182	CIT	10/19/18		—		183
PLN	249,000	USD	68,051	CIT	11/13/18		—		453
PLN	1,260,621	USD	339,000	CIT	11/13/18		3,231		—
PLN	86,678	USD	23,300	JPM	10/19/18		219		—
PLN	63,585	USD	17,337	SCB	10/19/18		—		84
PLN	436,671	USD	117,800	SCB	11/14/18		749		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PLN	63,585	USD	17,348	UBS	10/19/18	$	—	$	95
PLN	390,201	USD	106,398	UBS	10/19/18		—		523
PLN	436,670	USD	117,840	UBS	11/14/18		709		—
RON	284,122	USD	71,427	BRC	11/20/18		—		631
RON	274,000	USD	69,307	CIT	10/26/18		—		991
RON	183,540	USD	45,736	CIT	03/15/19		—		72
RON	419,000	USD	105,526	CIT	03/15/19		—		1,279
RON	540,873	USD	135,033	CIT	03/15/19		—		464
RON	284,121	USD	71,433	JPM	11/20/18		—		638
RON	40,133	USD	10,000	SCB	11/20/18		0		—
RON	284,121	USD	71,405	SCB	11/20/18		—		610
RUB	2,267,078	USD	33,228	BRC	10/22/18		1,305		—
RUB	2,371,068	USD	36,000	HSB	10/15/18		144		—
RUB	2,267,078	USD	33,227	SCB	10/22/18		1,306		—
RUB	2,267,077	USD	33,232	UBS	10/22/18		1,302		—
SGD	125,490	USD	91,897	BOA	10/30/18		—		42
SGD	125,490	USD	91,921	BRC	10/30/18		—		66
SGD	125,490	USD	91,944	HSB	10/30/18		—		89
SGD	125,490	USD	91,926	SCB	10/30/18		—		71
SGD	125,490	USD	91,900	UBS	10/30/18		—		45
THB	3,546,240	USD	108,947	BOA	11/20/18		871		—
THB	3,546,240	USD	109,219	BRC	11/20/18		599		—
THB	3,757,000	USD	116,016	CIT	10/24/18		234		—
THB	4,430,000	USD	133,640	HSB	10/02/18		3,342		—
THB	8,288,000	USD	255,958	HSB	11/08/18		608		—
THB	10,375,000	USD	316,830	HSB	11/08/18		4,342		—
THB	3,546,240	USD	109,182	JPM	11/20/18		636		—
THB	3,546,241	USD	109,202	SCB	11/20/18		616		—
TRY	181,575	USD	28,360	BOA	10/22/18		1,324		—
TRY	249,828	USD	40,000	BRC	10/30/18		633		—
TRY	180,319	USD	42,000	HSB	11/13/18		—		12,933
TRY	1,523,544	USD	354,849	HSB	11/13/18		—		109,260
TRY	138,377	USD	21,640	JPM	10/22/18		982		—
TRY	2,170,584	USD	424,888	JPM	11/13/18		—		75,000
TRY	1,413,406	USD	326,000	SCB	11/13/18		—		98,165
UAH	3,260,050	USD	113,000	SCB	11/21/18		—		1,053
UGX	299,676,000	USD	78,000	CIT	12/04/18		—		470
UGX	244,992,000	USD	64,000	SCB	11/13/18		—		348
UGX	490,140,000	USD	126,000	SCB	12/27/18		195		—
USD	46,903	AUD	65,000	HSB	10/09/18		—		83
USD	130,983	AUD	177,844	HSB	10/09/18		2,427		—
USD	354,760	AUD	487,000	HSB	11/05/18		2,654		—
USD	24,111	BRL	96,539	BOA	10/02/18		207		—
USD	38,190	BRL	152,909	BOA	10/02/18		328		—
USD	3,079	BRL	12,567	BOA	11/05/18		—		25
USD	974	BRL	4,056	BRC	10/02/18		—		30

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	3,139	BRL	12,567	BRC	10/02/18	$	27	$	—
USD	3,139	BRL	12,568	BRC	10/02/18		27		—
USD	24,111	BRL	96,540	BRC	10/02/18		207		—
USD	3,082	BRL	12,568	BRC	11/05/18		—		22
USD	6,146	BRL	25,612	CIT	10/02/18		—		196
USD	317,000	BRL	1,306,516	CIT	10/15/18		—		6,193
USD	298,000	BRL	989,032	HSB	10/16/18		53,359		—
USD	3,139	BRL	12,568	SCB	10/02/18		27		—
USD	22,880	BRL	95,228	SCB	10/02/18		—		699
USD	24,111	BRL	96,540	SCB	10/02/18		207		—
USD	113,670	BRL	464,443	SCB	10/02/18		—		1,333
USD	3,082	BRL	12,568	SCB	11/05/18		—		23
USD	3,139	BRL	12,568	UBS	10/02/18		27		—
USD	24,111	BRL	96,540	UBS	10/02/18		207		—
USD	3,082	BRL	12,568	UBS	11/05/18		—		23
USD	102,963	CAD	133,694	CIT	11/09/18		—		629
USD	35,209	CAD	46,000	HSB	11/09/18		—		434
USD	25,182	CLP	16,735,871	BOA	10/19/18		—		271
USD	32,434	CLP	21,550,937	BRC	10/19/18		—		341
USD	22,384	CLP	14,874,088	SCB	10/19/18		—		237
USD	20,000	CZK	443,259	SCB	11/20/18		—		8
USD	665,651	EUR	581,000	CIT	10/15/18		—		9,606
USD	47,000	GHS	241,580	SCB	12/04/18		—		1,263
USD	76,232	HUF	20,955,000	SCB	10/05/18		965		—
USD	5,557	IDR	83,344,619	BRC	10/29/18		—		14
USD	28,781	IDR	432,546,643	BRC	10/29/18		—		132
USD	51,154	IDR	765,942,728	CIT	10/29/18		—		45
USD	61,663	IDR	908,290,000	CIT	01/07/19		1,685		—
USD	4,803	IDR	72,150,061	JPM	10/29/18		—		20
USD	49,706	IDR	745,335,772	SCB	10/29/18		—		116
USD	262,000	ILS	936,440	CIT	11/07/18		3,850		—
USD	13,666	INR	951,290	BRC	10/29/18		607		—
USD	18,624	INR	1,296,219	CIT	10/29/18		829		—
USD	28,178	INR	1,960,898	CIT	10/29/18		1,259		—
USD	37,248	INR	2,593,556	CIT	10/29/18		1,644		—
USD	72,284	INR	5,033,325	SCB	10/29/18		3,187		—
USD	226,163	KZT	83,680,150	CIT	12/06/18		—		189
USD	19,732	MXN	372,800	BRC	11/09/18		—		71
USD	9,548	MXN	180,383	CIT	11/09/18		—		34
USD	100,000	MXN	1,891,946	HSB	11/09/18		—		501
USD	119,019	MXN	2,334,000	HSB	11/09/18		—		4,964
USD	19,737	MXN	372,799	UBS	11/09/18		—		66
USD	20,000	MYR	82,886	SCB	11/27/18		—		11
USD	244,797	NGN	90,636,250	SCB	12/27/18		—		1,061
USD	123,742	PEN	407,419	BRC	10/18/18		501		—
USD	20,000	PHP	1,075,200	BRC	10/19/18		122		—
USD	126,627	PHP	6,864,090	CIT	10/02/18		—		415

Lazard Emerging Markets Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	110,000	PLN	405,536	BRC	10/19/18	$	—	$	36
USD	20,000	PLN	73,705	SCB	10/19/18		1		—
USD	50,000	RON	189,725	CIT	03/15/19		2,797		—
USD	218,676	RON	823,688	CIT	03/15/19		13,743		—
USD	32,215	RON	130,000	HSB	03/15/19		—		129
USD	40,000	RUB	2,665,800	BRC	10/22/18		—		607
USD	297,000	RUB	20,380,437	HSB	10/15/18		—		13,675
USD	71,085	RUB	4,682,000	SCB	10/15/18		—		287
USD	30,739	SGD	42,414	BRC	10/30/18		—		306
USD	91,554	SGD	124,562	BRC	10/30/18		378		—
USD	40,000	SGD	54,432	CIT	10/30/18		157		—
USD	80,000	SGD	109,724	CIT	10/30/18		—		315
USD	80,000	SGD	109,871	CIT	10/30/18		—		422
USD	20,000	SGD	27,332	HSB	10/30/18		—		6
USD	25,513	SGD	34,709	JPM	10/30/18		107		—
USD	59,261	SGD	81,750	JPM	10/30/18		—		578
USD	32,933	SGD	44,818	SCB	10/30/18		127		—
USD	136,556	THB	4,430,000	HSB	10/02/18		—		426
USD	30,000	THB	967,860	SCB	11/20/18		28		—
USD	36,470	TRY	234,478	BRC	10/22/18		—		1,862
USD	37,098	TRY	180,000	CIT	11/13/18		8,083		—
USD	44,000	TRY	307,780	CIT	11/13/18		—		5,613
USD	168,657	TRY	867,000	CIT	11/13/18		28,900		—
USD	184,906	TRY	946,000	CIT	11/13/18		32,415		—
USD	683,497	TRY	3,353,530	CIT	11/13/18		142,923		—
USD	105,946	TWD	3,257,727	BRC	10/11/18		—		1,100
USD	105,977	TWD	3,257,727	SCB	10/11/18		—		1,069
USD	105,935	TWD	3,257,728	UBS	10/11/18		—		1,111
USD	34,804	UYU	1,104,680	CIT	11/09/18		1,799		—
USD	37,181	ZAR	504,448	BOA	11/20/18		1,739		—
USD	20,000	ZAR	290,080	BRC	10/18/18		—		469
USD	412,347	ZAR	6,167,257	BRC	10/18/18		—		22,839
USD	37,113	ZAR	504,448	BRC	11/20/18		1,671		—
USD	192,743	ZAR	2,882,000	SCB	11/08/18		—		10,063
USD	37,132	ZAR	504,448	UBS	11/20/18		1,690		—
UYU	1,104,680	USD	35,566	CIT	11/09/18		—		2,561
ZAR	363,584	USD	24,596	BOA	10/18/18		1,060		—
ZAR	300,614	USD	20,350	BRC	10/18/18		862		—
ZAR	1,134,000	USD	79,808	CIT	11/08/18		—		8
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	398,706	$	549,754

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 5.3%
Argentina \| 0.6%
AES Argentina Generacion SA, 7.750%, 02/02/24	USD		480	$	416,100
Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22	USD		875		848,750
Genneia SA, 8.750%, 01/20/22 (#)	USD		320		298,400
					1,563,250
Brazil \| 0.8%
Cemig Geracao e Transmissao SA:
9.250%, 12/05/24	USD		850		875,500
9.250%, 12/05/24 (#)	USD		250		257,500
Light Servicos de Eletricidade SA/Light Energia SA, 7.250%, 05/03/23	USD		825		780,656
					1,913,656
Chile \| 0.4%
AES Gener SA, 8.375%, 12/18/73	USD		590		601,800
VTR Finance BV, 6.875%, 01/15/24	USD		375		381,094
					982,894
Guatemala \| 0.4%
Comcel Trust, 6.875%, 02/06/24	USD		1,020		1,042,950
India \| 0.5%
Greenko Dutch BV, 5.250%, 07/24/24	USD		525		483,000
Neerg Energy, Ltd., 6.000%, 02/13/22 (#)	USD		200		192,750
Vedanta Resources PLC, 6.375%, 07/30/22 (#)	USD		450		435,937
					1,111,687
Israel \| 0.2%
Altice Financing SA, 6.625%, 02/15/23 (#)	USD		375		377,813
Nigeria \| 0.3%
IHS Netherlands Holdco BV, 9.500%, 10/27/21	USD		600		609,115
Panama \| 0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (#)	USD		350		364,219
Peru \| 0.8%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		960		312,339

Description	Security Currency	Principal Amount (000)		Fair Value
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD		1,200	$	1,233,000
Inkia Energy, Ltd., 5.875%, 11/09/27	USD		400		379,000
					1,924,339
South Africa \| 0.3%
Liquid Telecommunications Financing PLC:
8.500%, 07/13/22	USD		200		204,358
8.500%, 07/13/22 (#)	USD		490		500,678
					705,036
Tanzania \| 0.3%
HTA Group, Ltd., 9.125%, 03/08/22	USD		600		610,500
Turkey \| 0.2%
Turkiye Is Bankasi AS, 5.500%, 04/21/19	USD		590		576,725
Zambia \| 0.4%
First Quantum Minerals, Ltd.:
7.250%, 05/15/22 (#)	USD		650		636,187
7.250%, 04/01/23 (#)	USD		300		286,688
					922,875
Total Corporate Bonds (Cost $13,063,427)					12,705,059
Foreign Government Obligations \| 84.2%
Angola \| 2.4%
Republic of Angola:
9.500%, 11/12/25	USD		4,082		4,627,967
8.250%, 05/09/28 (#)	USD		740		763,125
9.375%, 05/08/48 (#)	USD		255		269,025
					5,660,117
Argentina \| 2.3%
Letras Banco Cent Argentina, 0.000%, 11/21/18	ARS		19,330		429,174
Provincia de Buenos Aires, 7.875%, 06/15/27	USD		225		186,750
Republic of Argentina:
45.240% (BADLARPP + 2.500%), 03/11/19 (§)	ARS		1,010		24,617
5.625%, 01/26/22	USD		1,550		1,398,875
7.500%, 04/22/26	USD		870		776,475
15.500%, 10/17/26	ARS		7,540		123,850
6.875%, 01/26/27	USD		580		493,000
5.875%, 01/11/28	USD		395		313,038
6.625%, 07/06/28	USD		250		205,625
7.125%, 07/06/36	USD		605		482,487
7.625%, 04/22/46	USD		280		226,800
6.875%, 01/11/48	USD		235		180,069

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
7.125%, 06/28/17	USD		970	$	752,235
					5,592,995
Belarus \| 0.2%
Republic of Belarus, 7.625%, 06/29/27	USD		425		453,156
Belize \| 0.0%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD		185		107,763
Brazil \| 7.9%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/19	BRL		25,360		6,180,751
0.000%, 07/01/21	BRL		1,440		274,630
0.000%, 01/01/22	BRL		3,600		645,720
Brazil NTN-B, 6.000%, 08/15/50	BRL		1,328		1,033,956
Brazil NTN-F:
10.000%, 01/01/21	BRL		5,590		1,396,605
10.000%, 01/01/23	BRL		6,320		1,520,089
10.000%, 01/01/25	BRL		1,750		407,873
10.000%, 01/01/27	BRL		5,945		1,348,521
10.000%, 01/01/29	BRL		5,950		1,339,953
Federal Republic of Brazil:
6.000%, 04/07/26	USD		675		693,900
4.625%, 01/13/28	USD		1,966		1,801,279
8.250%, 01/20/34	USD		140		164,150
5.000%, 01/27/45	USD		1,505		1,237,862
5.625%, 02/21/47	USD		1,020		902,700
					18,947,989
Chile \| 1.3%
Bonos de la Tesoreria de la Republica en pesos:
5.000%, 03/01/35	CLP		330,000		500,565
6.000%, 01/01/43	CLP		1,550,000		2,628,574
					3,129,139
Colombia \| 4.6%
Colombian Titulos De Tesoreria:
11.000%, 07/24/20	COP		1,489,000		552,751
7.000%, 05/04/22	COP		5,440,000		1,906,736
10.000%, 07/24/24	COP		8,824,500		3,501,981
7.500%, 08/26/26	COP		4,094,000		1,446,013
6.000%, 04/28/28	COP		3,919,000		1,237,988
Republic of Colombia:
4.500%, 01/28/26	USD		590		600,915
7.375%, 09/18/37	USD		530		670,185
5.000%, 06/15/45	USD		1,135		1,136,419
					11,052,988
Costa Rica \| 1.2%
Republic of Costa Rica:
5.520%, 08/23/23	USD		1,140		1,062,218

Description	Security Currency	Principal Amount (000)		Fair Value
7.158%, 03/12/45	USD		1,935	$	1,722,150
					2,784,368
Czech Republic \| 1.1%
Czech Republic, 2.500%, 08/25/28	CZK		55,650		2,581,391
Dominican Republic \| 3.3%
Dominican Republic Bonds:
8.900%, 02/15/23	DOP		33,900		673,697
6.600%, 01/28/24	USD		60		63,420
5.500%, 01/27/25	USD		1,735		1,737,169
6.875%, 01/29/26	USD		1,280		1,369,600
6.875%, 01/29/26 (#)	USD		235		251,450
5.950%, 01/25/27	USD		405		412,492
6.000%, 07/19/28 (#)	USD		770		782,974
7.450%, 04/30/44	USD		1,070		1,144,900
6.850%, 01/27/45	USD		355		359,438
6.500%, 02/15/48 (#)	USD		1,235		1,211,844
					8,006,984
Ecuador \| 1.4%
Republic of Ecuador:
10.500%, 03/24/20	USD		200		207,000
10.750%, 03/28/22	USD		473		502,562
10.750%, 03/28/22 (#)	USD		325		345,312
8.750%, 06/02/23	USD		460		457,700
7.950%, 06/20/24	USD		405		385,763
9.650%, 12/13/26	USD		1,115		1,108,310
8.875%, 10/23/27 (#)	USD		460		437,000
					3,443,647
Egypt \| 3.9%
Arab Republic of Egypt:
5.577%, 02/21/23 (#)	USD		520		502,450
5.875%, 06/11/25	USD		255		242,888
7.500%, 01/31/27	USD		1,710		1,735,650
6.588%, 02/21/28 (#)	USD		845		804,862
8.500%, 01/31/47	USD		3,805		3,805,000
8.500%, 01/31/47 (#)	USD		1,065		1,065,000
7.903%, 02/21/48 (#)	USD		1,410		1,339,500
					9,495,350
El Salvador \| 1.2%
Republic of El Salvador:
7.750%, 01/24/23	USD		525		547,968
5.875%, 01/30/25	USD		751		702,185
6.375%, 01/18/27	USD		385		361,130
8.625%, 02/28/29	USD		235		248,160
8.250%, 04/10/32	USD		485		494,094
7.650%, 06/15/35	USD		280		271,950
7.625%, 02/01/41	USD		295		283,569
					2,909,056

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Gabon \| 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		420	$	396,375
Ghana \| 2.2%
Ghana Government Bonds, 24.500%, 04/22/19	GHS		60		12,583
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		720		148,398
21.000%, 01/07/19	GHS		3,010		615,984
19.950%, 05/06/19	GHS		150		31,548
Republic of Ghana:
7.875%, 08/07/23	USD		1,370		1,433,362
8.125%, 01/18/26	USD		240		249,000
7.625%, 05/16/29	USD		735		735,919
7.625%, 05/16/29 (#)	USD		600		600,750
8.627%, 06/16/49	USD		745		745,000
8.627%, 06/16/49 (#)	USD		600		600,000
					5,172,544
Honduras \| 0.2%
Republic of Honduras:
8.750%, 12/16/20	USD		310		339,063
6.250%, 01/19/27	USD		155		159,185
					498,248
Hungary \| 0.2%
Hungary:
5.375%, 03/25/24	USD		260		277,638
7.625%, 03/29/41	USD		200		279,000
					556,638
Indonesia \| 6.1%
Indonesia Government Bonds:
8.375%, 03/15/24	IDR		7,060,000		479,226
8.375%, 09/15/26	IDR		8,980,000		611,663
7.000%, 05/15/27	IDR		2,543,000		158,708
6.125%, 05/15/28	IDR		15,075,000		885,188
9.000%, 03/15/29	IDR		8,440,000		597,679
8.750%, 05/15/31	IDR		33,261,000		2,310,737
7.500%, 08/15/32	IDR		26,327,000		1,649,689
8.375%, 03/15/34	IDR		14,838,000		996,983
8.250%, 05/15/36	IDR		12,883,000		850,495
Republic of Indonesia:
4.750%, 01/08/26	USD		2,305		2,345,338
3.500%, 01/11/28	USD		2,755		2,572,481
4.100%, 04/24/28	USD		595		579,381
5.250%, 01/08/47	USD		360		369,450
4.350%, 01/11/48	USD		215		198,069
					14,605,087
Iraq \| 0.3%
Republic of Iraq:
6.752%, 03/09/23	USD		250		250,000
6.752%, 03/09/23 (#)	USD		125		125,000

Description	Security Currency	Principal Amount (000)		Fair Value
5.800%, 01/15/28	USD		425	$	402,688
					777,688
Ivory Coast \| 0.5%
Ivory Coast:
5.750%, 12/31/32 (Ø)	USD		887		834,959
6.125%, 06/15/33	USD		525		479,063
					1,314,022
Kazakhstan \| 0.2%
Republic of Kazakhstan, 5.125%, 07/21/25	USD		540		581,175
Kenya \| 1.4%
Republic of Kenya:
6.875%, 06/24/24	USD		565		564,294
8.250%, 02/28/48	USD		1,015		979,475
8.250%, 02/28/48 (#)	USD		1,875		1,809,375
					3,353,144
Lebanon \| 1.1%
Lebanese Republic:
6.150%, 06/19/20	USD		130		120,575
6.000%, 01/27/23	USD		775		654,875
6.650%, 04/22/24	USD		950		784,937
6.250%, 11/04/24	USD		232		186,470
6.200%, 02/26/25	USD		320		253,200
6.600%, 11/27/26	USD		819		638,820
					2,638,877
Malaysia \| 2.2%
Malaysia Government Bonds:
3.759%, 03/15/19	MYR		3,936		953,124
5.734%, 07/30/19	MYR		2,973		732,419
3.795%, 09/30/22	MYR		7,300		1,764,533
3.955%, 09/15/25	MYR		1,140		274,291
4.498%, 04/15/30	MYR		4,070		984,360
Malaysia Treasury Bills, 0.000%, 01/18/19	MYR		2,610		624,612
					5,333,339
Mexico \| 5.0%
Mexican Bonos:
7.250%, 12/09/21	MXN		87,050		4,584,637
6.500%, 06/09/22	MXN		4,260		218,384
10.000%, 12/05/24	MXN		1,977		116,911
7.750%, 05/29/31	MXN		18,020		939,506
10.000%, 11/20/36	MXN		34,719		2,184,400
7.750%, 11/13/42	MXN		54,050		2,767,175
United Mexican States:
4.150%, 03/28/27	USD		520		510,640
3.750%, 01/11/28	USD		50		47,550
5.750%, 10/12/10	USD		590		595,900
					11,965,103
Mongolia \| 0.3%
Mongolia International Bonds:

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
10.875%, 04/06/21	USD		145	$	164,031
5.125%, 12/05/22	USD		285		275,025
8.750%, 03/09/24 (#)	USD		220		241,175
					680,231
Morocco \| 0.2%
Kingdom of Morocco:
4.250%, 12/11/22	USD		235		235,176
5.500%, 12/11/42	USD		240		251,914
					487,090
Mozambique \| 0.8%
Mozambique International Bonds, 10.500%, 01/18/23	USD		2,268		1,899,450
Namibia \| 0.0%
Republic of Namibia, 5.250%, 10/29/25	USD		95		89,300
Nigeria \| 1.7%
Nigeria Treasury Bills:
0.000%, 10/04/18	NGN		62,070		168,092
0.000%, 11/01/18	NGN		103,500		277,786
0.000%, 12/13/18	NGN		117,000		309,084
0.000%, 01/03/19	NGN		124,140		325,314
0.000%, 01/17/19	NGN		56,840		149,259
Republic of Nigeria:
6.375%, 07/12/23	USD		465		469,650
6.500%, 11/28/27 (#)	USD		800		769,000
7.875%, 02/16/32 (#)	USD		485		495,306
7.625%, 11/28/47	USD		505		482,906
7.625%, 11/28/47 (#)	USD		695		664,594
					4,110,991
Oman \| 1.3%
Oman Government International Bonds:
3.625%, 06/15/21	USD		705		689,137
4.125%, 01/17/23	USD		205		198,850
4.750%, 06/15/26	USD		310		292,950
5.375%, 03/08/27	USD		255		247,350
5.625%, 01/17/28	USD		1,190		1,169,175
6.750%, 01/17/48	USD		610		593,225
					3,190,687
Pakistan \| 0.4%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD		405		422,212
8.250%, 09/30/25	USD		305		318,344
6.875%, 12/05/27	USD		200		189,750
					930,306
Panama \| 0.5%
Republic of Panama:
3.875%, 03/17/28	USD		295		292,050

Description	Security Currency	Principal Amount (000)		Fair Value
4.500%, 04/16/50	USD		845	$	834,437
					1,126,487
Paraguay \| 0.5%
Republic of Paraguay:
6.100%, 08/11/44	USD		460		482,425
5.600%, 03/13/48 (#)	USD		740		734,450
					1,216,875
Peru \| 2.5%
Banco de Credito del Peru, 4.850%, 10/30/20 (#)	PEN		2,300		696,105
Republic of Peru:
4.125%, 08/25/27	USD		560		576,800
6.350%, 08/12/28	PEN		6,420		2,046,039
6.950%, 08/12/31	PEN		4,700		1,550,796
6.900%, 08/12/37	PEN		1,580		508,415
5.625%, 11/18/50	USD		480		569,400
					5,947,555
Philippines \| 0.3%
Republic of Philippines:
3.625%, 09/09/25	PHP		15,300		226,595
3.000%, 02/01/28	USD		305		284,657
3.700%, 02/02/42	USD		305		284,412
					795,664
Poland \| 1.0%
Poland Government Bonds, 3.250%, 07/25/25	PLN		8,850		2,445,128
Qatar \| 0.2%
State of Qatar, 4.500%, 04/23/28	USD		547		562,726
Russia \| 4.9%
Russia Foreign Bonds:
5.250%, 06/23/47	USD		3,600		3,456,000
5.250%, 06/23/47 (#)	USD		200		192,000
Russia Government Bonds - OFZ:
7.600%, 04/14/21	RUB		27,980		426,035
7.500%, 08/18/21	RUB		34,520		522,506
7.000%, 12/15/21	RUB		80,950		1,204,249
7.000%, 08/16/23	RUB		69,790		1,021,571
7.750%, 09/16/26	RUB		124,470		1,831,257
7.050%, 01/19/28	RUB		193,170		2,701,881
8.500%, 09/17/31	RUB		21,860		334,704
					11,690,203
South Africa \| 7.4%
Republic of South Africa:
7.750%, 02/28/23	ZAR		90,430		6,249,080
5.875%, 09/16/25	USD		1,105		1,122,956
10.500%, 12/21/26	ZAR		29,990		2,302,841
8.250%, 03/31/32	ZAR		59,520		3,778,518
8.500%, 01/31/37	ZAR		32,280		2,027,297
5.650%, 09/27/47	USD		650		589,875

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
8.750%, 02/28/48	ZAR		28,000	$	1,760,874
					17,831,441
Sri Lanka \| 2.1%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		200		196,750
5.875%, 07/25/22	USD		200		197,000
6.125%, 06/03/25	USD		535		512,263
6.850%, 11/03/25	USD		880		875,600
6.850%, 11/03/25 (#)	USD		1,040		1,034,800
6.825%, 07/18/26	USD		130		128,375
6.750%, 04/18/28 (#)	USD		2,150		2,093,562
					5,038,350
Suriname \| 0.1%
Republic of Suriname, 9.250%, 10/26/26	USD		150		147,000
Tajikistan \| 0.1%
Tajikistan International Bonds, 7.125%, 09/14/27 (#)	USD		190		172,900
Thailand \| 1.5%
Thailand Government Bonds:
3.625%, 06/16/23	THB		4,210		137,655
3.850%, 12/12/25	THB		51,543		1,725,363
3.775%, 06/25/32	THB		20,700		682,885
3.400%, 06/17/36	THB		34,930		1,103,265
					3,649,168
Turkey \| 4.5%
Republic of Turkey:
5.625%, 03/30/21	USD		450		439,875
6.250%, 09/26/22	USD		1,180		1,154,925
4.875%, 10/09/26	USD		495		422,606
6.000%, 03/25/27	USD		2,830		2,575,300
6.125%, 10/24/28	USD		275		247,844
6.625%, 02/17/45	USD		153		133,301
5.750%, 05/11/47	USD		645		501,487
Turkey Government Bonds:
8.500%, 07/10/19	TRY		8,400		1,254,064
10.700%, 02/17/21	TRY		9,755		1,217,132
9.500%, 01/12/22	TRY		860		101,175
10.700%, 08/17/22	TRY		8,160		957,280
10.400%, 03/20/24	TRY		4,260		508,227
8.000%, 03/12/25	TRY		9,350		945,055
10.600%, 02/11/26	TRY		750		83,884
11.000%, 02/24/27	TRY		2,330		266,392
					10,808,547
Ukraine \| 1.5%
Ukraine Government Bonds:
7.750%, 09/01/20	USD		485		488,395
7.750%, 09/01/21	USD		200		201,300
7.750%, 09/01/22	USD		1,070		1,064,115
7.750%, 09/01/26	USD		780		732,225

Description	Security Currency	Principal Amount (000)		Fair Value
7.750%, 09/01/27	USD		825	$	766,219
7.375%, 09/25/32 (#)	USD		430		373,025
					3,625,279
Uruguay \| 0.4%
Republica Orient Uruguay:
5.100%, 06/18/50	USD		175		178,500
4.975%, 04/20/55	USD		435		435,000
Uruguay Treasury Bills, 0.000%, 10/19/18	UYU		12,260		366,990
					980,490
Venezuela \| 1.4%
Republic of Venezuela:
7.750%, 10/13/19 («)	USD		245		63,088
6.000%, 12/09/20 («)	USD		121		31,763
12.750%, 08/23/22 («)	USD		789		213,030
9.000%, 05/07/23 («)	USD		1,412		375,945
8.250%, 10/13/24 («)	USD		2,618		687,225
7.650%, 04/21/25 («)	USD		2,000		527,500
11.750%, 10/21/26 («)	USD		820		223,450
9.250%, 09/15/27 («)	USD		1,239		338,371
9.250%, 05/07/28 («)	USD		1,021		268,012
11.950%, 08/05/31 («)	USD		930		255,750
9.375%, 01/13/34 («)	USD		715		208,244
7.000%, 03/31/38 («)	USD		1,114		285,462
					3,477,840
Zambia \| 0.2%
Republic of Zambia, 8.500%, 04/14/24	USD		705		500,550
Total Foreign Government Obligations (Cost $220,022,217)					202,761,441
Quasi Government Bonds \| 2.5%
Ecuador \| 0.1%
EP Petroecuador, 8.016% (USD LIBOR 3 Month + 5.630%), 09/24/19 (§)	USD		121		119,842
Mexico \| 0.2%
Petroleos Mexicanos, 6.500%, 03/13/27	USD		560		569,240
South Africa \| 1.0%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		1,265		1,228,631
6.750%, 08/06/23	USD		685		658,456
7.850%, 04/02/26	ZAR		9,000		566,005
					2,453,092

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Tunisia \| 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD		360	$	317,700
Turkey \| 0.1%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		305		287,463
Ukraine \| 0.7%
Ukreximbank Via Biz Finance PLC:
9.625%, 04/27/22	USD		265		269,585
9.750%, 01/22/25	USD		1,495		1,501,727
					1,771,312
Venezuela \| 0.3%
Petroleos de Venezuela SA:
8.500%, 10/27/20	USD		164		138,997
9.000%, 11/17/21 («)	USD		251		52,396
12.750%, 02/17/22 («)	USD		273		65,165
6.000%, 05/16/24 («)	USD		346		75,255
6.000%, 11/15/26 («)	USD		414		91,080
5.375%, 04/12/27 («)	USD		292		63,218
9.750%, 05/17/35 («)	USD		295		68,587
5.500%, 04/12/37 («)	USD		100		21,500
					576,198
Total Quasi Government Bonds (Cost $7,128,509)					6,094,847
Supranational Bonds \| 0.3%
International Bank for Reconstruction & Development, 7.450%, 08/20/21 (Cost $799,972)	IDR		11,610,000		767,028
US Treasury Securities \| 3.3%
U.S. Treasury Bills, 0.000%, 10/11/18 (Cost $7,995,598)	USD		8,000		7,995,453

Description		Shares		Fair Value
Short-Term Investments \| 2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $6,825,460)			6,825,460	$	6,825,460
Total Investments \| 98.4% (Cost $255,835,183) (»)				$	237,149,288
Cash and Other Assets in Excess of Liabilities \| 1.6%					3,877,270
Net Assets \| 100.0%				$	241,026,558

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:
Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	1,343,919	USD	31,659	BRC	12/03/18	$	—	$	1,587
ARS	2,938,030	USD	68,646	BRC	12/03/18		—		2,903
ARS	769,296	USD	19,165	CIT	11/13/18		—		1,531
ARS	645,862	USD	15,830	CIT	12/03/18		—		1,378
ARS	10,867,459	USD	255,404	CIT	12/03/18		—		12,230
ARS	4,899,298	USD	122,268	JPM	11/13/18		—		9,965
ARS	6,231,046	USD	146,200	JPM	12/03/18		—		6,772
ARS	12,406,580	USD	292,401	JPM	12/03/18		—		14,787
BRL	1,654,706	USD	406,562	BOA	10/02/18		3,166		—
BRL	2,446,541	USD	586,771	BOA	10/02/18		19,026		—
BRL	778,187	USD	187,832	BOA	11/05/18		4,406		—
BRL	127,077	USD	31,738	BRC	10/02/18		—		272
BRL	667,040	USD	166,598	BRC	10/02/18		—		1,429
BRL	1,121,234	USD	280,035	BRC	10/02/18		—		2,403
BRL	1,654,708	USD	406,912	BRC	10/02/18		2,816		—
BRL	442,555	USD	107,091	BRC	11/05/18		2,234		—
BRL	1,020,498	USD	246,360	BRC	11/05/18		5,736		—
BRL	802,505	USD	200,431	CIT	10/02/18		—		1,720
BRL	727,004	USD	176,009	CIT	11/05/18		3,585		—
BRL	1,121,234	USD	280,035	SCB	10/02/18		—		2,403
BRL	1,654,708	USD	406,862	SCB	10/02/18		2,866		—
BRL	2,983,812	USD	745,226	SCB	10/02/18		—		6,394
BRL	503,677	USD	121,808	SCB	11/05/18		2,616		—
BRL	1,121,234	USD	280,035	UBS	10/02/18		—		2,403
BRL	1,121,235	USD	280,036	UBS	10/02/18		—		2,403
BRL	1,654,708	USD	406,862	UBS	10/02/18		2,866		—
CLP	346,399,642	USD	505,413	BRC	10/19/18		21,404		—
CLP	422,964,000	USD	620,000	BRC	10/19/18		23,258		—
CLP	1,631,552,126	USD	2,359,985	BRC	10/19/18		121,336		—
COP	762,583,950	USD	253,603	BOA	10/29/18		3,841		—
COP	520,858,396	USD	172,299	BRC	10/19/18		3,524		—
COP	546,427,109	USD	180,339	BRC	10/19/18		4,114		—
COP	472,833,805	USD	157,349	BRC	10/29/18		2,277		—
COP	264,702,285	USD	88,190	BRC	10/31/18		1,174		—
COP	2,836,547,007	USD	937,701	CIT	10/19/18		19,810		—
COP	2,848,112,552	USD	939,661	CIT	10/19/18		21,754		—
COP	4,870,188,510	USD	1,609,448	SCB	10/19/18		34,545		—
COP	105,376,996	USD	35,038	SCB	10/29/18		537		—
COP	289,176,360	USD	96,360	SCB	10/31/18		1,266		—
COP	289,176,360	USD	96,360	SCB	10/31/18		1,266		—
CZK	20,488,511	USD	939,237	BOA	11/20/18		—		14,426
CZK	20,488,511	USD	939,237	BRC	11/20/18		—		14,426
CZK	20,488,509	USD	939,280	JPM	11/20/18		—		14,469
CZK	20,488,511	USD	939,194	SCB	11/20/18		—		14,382
CZK	20,488,511	USD	939,232	UBS	11/20/18		—		14,420
HUF	120,740,224	USD	435,272	BOA	11/20/18		—		166

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
HUF	140,469,909	USD	505,873	BRC	11/20/18	$	332	$	—
HUF	339,186,184	USD	1,234,091	BRC	11/20/18		—		11,780
HUF	130,605,067	USD	470,615	SCB	11/20/18		41		—
HUF	155,668,009	USD	565,909	UBS	11/20/18		—		4,935
IDR	2,892,868,935	USD	193,051	BOA	10/29/18		467		—
IDR	5,813,815,195	USD	387,329	BOA	10/31/18		1,492		—
IDR	4,857,824,043	USD	332,137	BRC	10/29/18		—		7,173
IDR	7,780,051,390	USD	519,165	BRC	10/29/18		1,280		—
IDR	24,176,436,544	USD	1,618,560	BRC	10/29/18		—		1,281
IDR	5,650,466,545	USD	376,648	BRC	10/31/18		1,249		—
IDR	11,059,300,000	USD	740,000	BRC	10/31/18		—		367
IDR	3,888,167,400	USD	265,858	CIT	10/29/18		—		5,759
IDR	7,799,198,554	USD	531,715	CIT	10/29/18		—		9,989
IDR	11,980,516,986	USD	799,554	SCB	10/29/18		1,881		—
IDR	19,238,730,564	USD	1,310,290	SCB	10/29/18		—		23,318
IDR	7,563,542,874	USD	504,253	SCB	10/31/18		1,588		—
INR	1,158,746	USD	16,029	BRC	10/29/18		—		96
INR	59,388,947	USD	821,742	BRC	10/29/18		—		5,138
INR	19,715,641	USD	272,090	CIT	10/29/18		—		998
INR	39,146,318	USD	541,743	CIT	10/29/18		—		3,477
INR	19,721,083	USD	272,090	JPM	10/29/18		—		923
INR	29,335,360	USD	406,307	JPM	10/29/18		—		2,943
MXN	10,850,691	USD	570,000	BRC	11/09/18		6,391		—
MXN	38,874,483	USD	2,057,613	BRC	11/09/18		7,409		—
MXN	38,874,482	USD	2,058,158	UBS	11/09/18		6,864		—
MYR	408,280	USD	98,279	SCB	11/27/18		262		—
PEN	427,050	USD	130,000	BRC	10/18/18		—		821
PEN	627,285	USD	190,000	UBS	10/18/18		—		252
PHP	101,033,226	USD	1,876,546	BRC	10/11/18		—		7,895
PHP	7,572,600	USD	140,000	CIT	10/19/18		—		24
PHP	95,348,643	USD	1,770,634	SCB	10/11/18		—		7,121
PHP	54,816,920	USD	1,016,634	UBS	10/11/18		—		2,773
PHP	12,754,734	USD	236,563	UBS	10/19/18		—		798
PLN	3,225,639	USD	879,616	BOA	10/19/18		—		4,387
PLN	3,225,639	USD	879,592	BRC	10/19/18		—		4,363
PLN	4,475,195	USD	1,220,285	BRC	10/19/18		—		6,009
PLN	1,235,691	USD	333,397	BRC	11/14/18		2,072		—
PLN	1,036,392	USD	280,000	CIT	10/19/18		1,209		—
PLN	3,225,640	USD	880,132	CIT	10/19/18		—		4,903
PLN	4,475,195	USD	1,220,463	CIT	10/19/18		—		6,187
PLN	1,425,914	USD	383,300	JPM	10/19/18		3,600		—
PLN	3,225,639	USD	879,496	SCB	10/19/18		—		4,267
PLN	6,449,257	USD	1,758,345	SCB	10/19/18		—		8,436
PLN	1,235,691	USD	333,349	SCB	11/14/18		2,121		—
PLN	3,225,639	USD	880,066	UBS	10/19/18		—		4,837
PLN	4,475,195	USD	1,220,272	UBS	10/19/18		—		5,995

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PLN	1,235,690	USD	333,463	UBS	11/14/18	$	2,007	$	—
RON	12,518,223	USD	3,147,299	JPM	11/20/18		—		28,093
RON	841,879	USD	211,581	SCB	11/20/18		—		1,807
RON	1,525,054	USD	380,000	SCB	11/20/18		3		—
RUB	19,598,535	USD	287,254	BRC	10/22/18		11,293		—
RUB	19,598,535	USD	287,246	SCB	10/22/18		11,300		—
RUB	19,598,536	USD	287,286	UBS	10/22/18		11,261		—
SGD	1,824,703	USD	1,336,240	BOA	10/30/18		—		613
SGD	1,824,703	USD	1,336,593	BRC	10/30/18		—		965
SGD	1,824,702	USD	1,336,925	HSB	10/30/18		—		1,298
SGD	1,824,703	USD	1,336,661	SCB	10/30/18		—		1,033
SGD	1,824,703	USD	1,336,279	UBS	10/30/18		—		652
THB	54,687,927	USD	1,680,121	BOA	11/20/18		13,434		—
THB	54,687,927	USD	1,684,312	BRC	11/20/18		9,243		—
THB	54,687,927	USD	1,683,742	JPM	11/20/18		9,814		—
THB	54,687,925	USD	1,684,053	SCB	11/20/18		9,502		—
TRY	2,397,160	USD	374,410	BOA	10/22/18		17,473		—
TRY	3,684,963	USD	590,000	BRC	10/30/18		9,333		—
TRY	1,826,205	USD	285,590	JPM	10/22/18		12,955		—
USD	611,039	BRL	2,446,541	BOA	10/02/18		5,243		—
USD	405,466	BRL	1,654,706	BOA	11/05/18		—		3,300
USD	30,519	BRL	127,077	BRC	10/02/18		—		947
USD	160,000	BRL	667,040	BRC	10/02/18		—		5,168
USD	272,171	BRL	1,121,234	BRC	10/02/18		—		5,462
USD	272,171	BRL	1,121,235	BRC	10/02/18		—		5,462
USD	413,274	BRL	1,654,708	BRC	10/02/18		3,546		—
USD	405,814	BRL	1,654,708	BRC	11/05/18		—		2,952
USD	192,563	BRL	802,505	CIT	10/02/18		—		6,149
USD	272,035	BRL	1,121,234	SCB	10/02/18		—		5,598
USD	413,274	BRL	1,654,706	SCB	10/02/18		3,546		—
USD	413,274	BRL	1,654,708	SCB	10/02/18		3,546		—
USD	716,918	BRL	2,983,812	SCB	10/02/18		—		21,915
USD	405,758	BRL	1,654,708	SCB	11/05/18		—		3,009
USD	272,039	BRL	1,121,234	UBS	10/02/18		—		5,594
USD	413,274	BRL	1,654,708	UBS	10/02/18		3,546		—
USD	405,765	BRL	1,654,708	UBS	11/05/18		—		3,002
USD	377,728	CLP	251,038,055	BOA	10/19/18		—		4,059
USD	486,514	CLP	323,264,035	BRC	10/19/18		—		5,117
USD	335,758	CLP	223,111,357	SCB	10/19/18		—		3,557
USD	300,000	CZK	6,648,885	SCB	11/20/18		—		118
USD	86,136	IDR	1,291,840,537	BRC	10/29/18		—		282
USD	446,102	IDR	6,704,471,767	BRC	10/29/18		—		2,392
USD	792,884	IDR	11,872,111,388	CIT	10/29/18		—		1,299
USD	74,441	IDR	1,118,324,739	JPM	10/29/18		—		369
USD	770,437	IDR	11,552,704,015	SCB	10/29/18		—		2,379
USD	196,154	INR	13,653,808	BRC	10/29/18		8,413		—
USD	267,307	INR	18,604,558	CIT	10/29/18		11,492		—

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	404,435	INR	28,144,652	CIT	10/29/18	$	17,443	$	—
USD	534,614	INR	37,225,154	CIT	10/29/18		22,764		—
USD	1,037,490	INR	72,243,012	SCB	10/29/18		44,141		—
USD	180,000	MXN	3,525,750	SCB	11/09/18		—		7,289
USD	340,000	MXN	6,568,086	SCB	11/09/18		—		8,898
USD	950,000	MXN	18,288,469	SCB	11/09/18		—		21,488
USD	90,000	MYR	372,987	SCB	11/27/18		—		22
USD	1,807,344	PEN	5,950,679	BRC	10/18/18		7,316		—
USD	120,000	PHP	6,517,200	JPM	10/11/18		—		538
USD	119,660	PLN	445,932	BRC	10/19/18		—		1,337
USD	1,910,000	PLN	7,041,578	BRC	10/19/18		—		626
USD	240,000	PLN	884,456	SCB	10/19/18		16		—
USD	423,518	SGD	584,366	BRC	10/30/18		—		4,220
USD	1,422,139	SGD	1,934,863	BRC	10/30/18		5,878		—
USD	610,000	SGD	830,088	CIT	10/30/18		2,400		—
USD	1,230,000	SGD	1,689,264	CIT	10/30/18		—		6,490
USD	1,250,000	SGD	1,714,438	CIT	10/30/18		—		4,917
USD	396,299	SGD	539,145	JPM	10/30/18		1,661		—
USD	816,482	SGD	1,126,328	JPM	10/30/18		—		7,957
USD	511,562	SGD	696,180	SCB	10/30/18		1,979		—
USD	370,000	THB	11,936,940	SCB	11/20/18		341		—
USD	526,349	TRY	3,384,086	BRC	10/22/18		—		26,876
USD	1,612,363	TWD	49,578,536	BRC	10/11/18		—		12,316
USD	1,612,835	TWD	49,578,536	SCB	10/11/18		—		11,844
USD	1,612,195	TWD	49,578,535	UBS	10/11/18		—		12,484
USD	947,424	ZAR	12,853,989	BOA	11/20/18		44,316		—
USD	350,000	ZAR	5,076,408	BRC	10/18/18		—		8,211
USD	1,045,659	ZAR	15,639,384	BRC	10/18/18		—		57,916
USD	1,091,061	ZAR	14,834,444	BRC	10/18/18		44,285		—
USD	945,682	ZAR	12,853,989	BRC	11/20/18		42,573		—
USD	180,000	ZAR	2,784,420	SCB	10/18/18		—		16,479
USD	1,090,904	ZAR	14,834,444	SCB	10/18/18		44,129		—
USD	1,092,586	ZAR	14,834,443	UBS	10/18/18		45,811		—
USD	946,169	ZAR	12,853,989	UBS	11/20/18		43,060		—
ZAR	6,544,352	USD	442,715	BOA	10/18/18		19,079		—
ZAR	5,410,918	USD	366,291	BRC	10/18/18		15,525		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	907,348	$	622,613

Interest Rate Swap Agreements open at September 30, 2018:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Depreciation

BRL

JPM

19,951,562

01/04/21

10.31

Maturity

Brazil Cetip Interbank Deposit Rate

27,583

BRL

JPM

16,282,839

01/04/21

10.59

Maturity

Brazil Cetip Interbank Deposit Rate

13,930

BRL

JPM

6,325,629

01/04/21

10.71

Maturity

Brazil Cetip Interbank Deposit Rate

4,040

Total gross unrealized depreciation on Interest Rate Swap Agreements

45,553

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 19.1%
Argentina \| 1.2%
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		825	$	701,250
Genneia SA, 8.750%, 01/20/22 (#)	USD		330		307,725
Rio Energy SA, 6.875%, 02/01/25 (#)	USD		575		472,219
					1,481,194
Bangladesh \| 0.5%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		650		656,500
Belarus \| 0.4%
Eurotorg LLC Via Bonitron DAC, 8.750%, 10/30/22 (#)	USD		450		445,275
Brazil \| 2.5%
Cemig Geracao e Transmissao SA, 9.250%, 12/05/24 (#)	USD		1,175		1,210,250
Itau Unibanco Holding SA, 6.125%, 12/12/22 (#), (§), (¶)	USD		475		439,969
Light Servicos de Eletricidade SA/Light Energia SA:
7.250%, 05/03/23	USD		425		402,156
7.250%, 05/03/23 (#)	USD		400		378,500
Petrobras Global Finance BV, 8.750%, 05/23/26	USD		175		191,625
Terraform Global Operating LLC, 6.125%, 03/01/26 (#)	USD		400		384,000
					3,006,500
Chile \| 1.1%
AES Gener SA, 8.375%, 12/18/73	USD		600		612,000
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		269		270,398
VTR Finance BV, 6.875%, 01/15/24	USD		400		406,500
					1,288,898
China \| 0.2%
G3 Exploration, Ltd., 12.000%, 11/20/18 (#),(Ø)	USD		400		188,000
Colombia \| 1.1%
Gran Tierra Energy International Holdings, Ltd., 6.250%, 02/15/25 (#)	USD		725		709,141
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		650		658,937
					1,368,078

Description	Security Currency	Principal Amount (000)		Fair Value
Georgia \| 0.3%
BGEO Group JSC, 6.000%, 07/26/23	USD		350	$	340,813
Guatemala \| 1.0%
Comcel Trust, 6.875%, 02/06/24	USD		1,185		1,211,662
Indonesia \| 0.6%
Star Energy Geothermal Wayang Windu, Ltd., 6.750%, 04/24/33 (#)	USD		750		711,431
Israel \| 0.5%
Altice Financing SA, 7.500%, 05/15/26	USD		615		598,088
Morocco \| 0.2%
OCP SA, 5.625%, 04/25/24	USD		300		306,750
Nigeria \| 1.2%
IHS Netherlands Holdco BV:
9.500%, 10/27/21	USD		425		431,456
9.500%, 10/27/21 (#)	USD		725		736,013
Zenith Bank PLC, 6.250%, 04/22/19	USD		250		251,813
					1,419,282
Oman \| 0.4%
Oztel Holdings SPC, Ltd., 6.625%, 04/24/28 (#)	USD		450		450,563
Peru \| 0.9%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD		900		924,750
Inkia Energy, Ltd., 5.875%, 11/09/27 (#)	USD		250		236,875
					1,161,625
Russia \| 1.9%
Gazprombank OJSC Via GPB Eurobonds Finance PLC, 7.496%, 12/28/23 (§)	USD		550		527,637
GTH Finance BV, 7.250%, 04/26/23	USD		400		416,000
Sberbank of Russia, 4.150%, 03/06/19	USD		1,450		1,436,109
					2,379,746
Saudi Arabia \| 0.7%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (#)	USD		875		840,000

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Singapore \| 0.2%
Puma International Financing SA, 5.125%, 10/06/24 (#)	USD		350	$	305,375
South Africa \| 0.7%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (#)	USD		850		868,523
South Korea \| 0.6%
Heungkuk Life Insurance Co., Ltd., 4.475%, 11/09/47 (§)	USD		200		178,250
SK E&S Co., Ltd., 4.875%, 11/26/19 (§), (¶)	USD		510		499,648
					677,898
Tanzania \| 0.5%
HTA Group, Ltd., 9.125%, 03/08/22	USD		625		635,938
Thailand \| 0.2%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19	USD		213		213,692
Turkey \| 0.9%
Petkim Petrokimya Holding AS, 5.875%, 01/26/23 (#)	USD		350		320,687
Turkiye Is Bankasi AS, 5.000%, 04/30/20	USD		455		418,600
Turkiye Vakiflar Bankasi TAO, 5.000%, 10/31/18	USD		400		398,500
					1,137,787
United Arab Emirates \| 0.6%
MAF Global Securities, Ltd., 7.125%, 10/29/18 (§), (¶)	USD		710		707,338
Zambia \| 0.7%
First Quantum Minerals, Ltd.:
7.000%, 02/15/21 (#)	USD		260		257,075
7.500%, 04/01/25 (#)	USD		675		640,406
					897,481
Total Corporate Bonds (Cost $24,314,139)					23,298,437
Foreign Government Obligations \| 72.1%
Angola \| 3.2%
Republic of Angola:
9.500%, 11/12/25	USD		2,435		2,760,681
8.250%, 05/09/28 (#)	USD		540		556,875
9.375%, 05/08/48 (#)	USD		540		569,700
					3,887,256

Description	Security Currency	Principal Amount (000)		Fair Value
Argentina \| 1.8%
Republic of Argentina:
7.500%, 04/22/26	USD		50	$	44,625
6.875%, 01/26/27	USD		680		578,000
5.875%, 01/11/28	USD		1,140		903,450
7.625%, 04/22/46	USD		80		64,800
7.125%, 06/28/2117	USD		770		597,135
					2,188,010
Brazil \| 2.3%
Brazil NTN-B:
6.000%, 05/15/35	BRL		280		219,233
6.000%, 08/15/50	BRL		530		412,644
Federal Republic of Brazil:
6.000%, 04/07/26	USD		130		133,640
4.625%, 01/13/28	USD		895		820,013
5.000%, 01/27/45	USD		495		407,138
5.625%, 02/21/47	USD		900		796,500
					2,789,168
Chile \| 1.7%
Republic of Chile:
3.125%, 01/21/26	USD		200		192,200
3.240%, 02/06/28	USD		870		830,850
3.860%, 06/21/47	USD		1,160		1,103,450
					2,126,500
Colombia \| 3.4%
Republic of Colombia:
3.875%, 04/25/27	USD		2,185		2,119,450
5.000%, 06/15/45	USD		2,050		2,052,562
					4,172,012
Congo \| 1.7%
Republic of Congo, 6.000%, 06/30/29 (Ø)	USD		2,657		2,072,725
Costa Rica \| 1.4%
Republic of Costa Rica:
4.250%, 01/26/23	USD		220		197,725
5.520%, 08/23/23	USD		770		717,463
4.375%, 04/30/25	USD		285		245,848
7.000%, 04/04/44	USD		175		153,344
7.158%, 03/12/45	USD		475		422,750
					1,737,130
Croatia \| 1.2%
Croatia, 6.000%, 01/26/24	USD		1,292		1,403,435
Dominican Republic \| 3.3%
Dominican Republic Bonds:
7.450%, 04/30/44	USD		2,035		2,177,450
6.850%, 01/27/45	USD		725		734,063
6.500%, 02/15/48 (#)	USD		1,170		1,148,062
					4,059,575

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Egypt \| 4.6%
Arab Republic of Egypt:
6.588%, 02/21/28	USD		1,140	$	1,085,850
6.588%, 02/21/28 (#)	USD		840		800,100
8.500%, 01/31/47	USD		1,365		1,365,000
8.500%, 01/31/47 (#)	USD		745		745,000
7.903%, 02/21/48 (#)	USD		1,710		1,624,500
					5,620,450
El Salvador \| 1.1%
Republic of El Salvador:
5.875%, 01/30/25	USD		610		570,350
7.650%, 06/15/35	USD		825		801,281
					1,371,631
Ghana \| 4.9%
Ghana Government Bonds:
24.500%, 04/22/19	GHS		730		153,095
24.500%, 05/27/19	GHS		150		31,585
24.000%, 09/09/19	GHS		750		159,078
Ghana Treasury Notes:
23.000%, 11/12/18	GHS		1,450		297,705
22.500%, 12/10/18	GHS		1,670		344,201
19.950%, 05/06/19	GHS		160		33,651
Republic of Ghana:
7.875%, 08/07/23	USD		715		748,069
7.625%, 05/16/29 (#)	USD		2,870		2,873,588
8.627%, 06/16/49 (#)	USD		1,280		1,280,000
					5,920,972
Hungary \| 2.6%
Hungary:
5.375%, 02/21/23	USD		1,640		1,733,775
5.750%, 11/22/23	USD		1,370		1,484,498
					3,218,273
Indonesia \| 5.2%
Republic of Indonesia:
2.950%, 01/11/23	USD		665		635,906
5.375%, 10/17/23	USD		220		232,100
5.875%, 01/15/24	USD		180		193,275
4.125%, 01/15/25	USD		1,325		1,306,781
4.750%, 01/08/26	USD		1,840		1,872,200
3.850%, 07/18/27	USD		1,090		1,040,950
4.100%, 04/24/28	USD		1,045		1,017,569
5.250%, 01/17/42	USD		100		102,375
					6,401,156
Kenya \| 2.7%
Republic of Kenya:
6.875%, 06/24/24	USD		220		219,725
7.250%, 02/28/28	USD		270		262,912
8.250%, 02/28/48	USD		855		825,075

Description	Security Currency	Principal Amount (000)		Fair Value
8.250%, 02/28/48 (#)	USD		2,065	$	1,992,725
					3,300,437
Mozambique \| 2.3%
Mozambique International Bonds, 10.500%, 01/18/23	USD		3,278		2,745,325
Nigeria \| 2.6%
Nigeria Treasury Bills:
0.000%, 10/04/18	NGN		51,840		140,389
0.000%, 01/03/19	NGN		60,680		159,014
0.000%, 01/17/19	NGN		144,830		380,316
0.000%, 01/31/19	NGN		98,000		254,235
Republic of Nigeria:
6.500%, 11/28/27	USD		425		408,531
7.625%, 11/28/47	USD		320		306,000
7.625%, 11/28/47 (#)	USD		1,570		1,501,313
					3,149,798
Oman \| 1.6%
Oman Government International Bonds:
4.750%, 06/15/26	USD		960		907,200
5.375%, 03/08/27	USD		620		601,400
5.625%, 01/17/28	USD		460		451,950
					1,960,550
Panama \| 1.1%
Republic of Panama:
4.500%, 04/16/50	USD		870		859,125
4.300%, 04/29/53	USD		500		480,000
					1,339,125
Paraguay \| 1.8%
Republic of Paraguay:
4.700%, 03/27/27	USD		1,435		1,429,619
6.100%, 08/11/44	USD		290		304,137
5.600%, 03/13/48	USD		480		476,400
					2,210,156
Peru \| 2.5%
Republic of Peru, 5.625%, 11/18/50	USD		2,570		3,048,662
Qatar \| 2.4%
State of Qatar, 5.103%, 04/23/48	USD		2,825		2,930,938
Saudi Arabia \| 3.4%
Saudi Government International Bonds:
4.000%, 04/17/25	USD		3,640		3,645,460
3.250%, 10/26/26	USD		230		216,085
3.625%, 03/04/28	USD		335		319,925
					4,181,470
South Africa \| 4.2%
Republic of South Africa:
7.750%, 02/28/23	ZAR		7,490		517,589
10.500%, 12/21/26	ZAR		42,090		3,231,964

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
8.250%, 03/31/32	ZAR		17,750	$	1,126,826
8.500%, 01/31/37	ZAR		3,880		243,678
8.750%, 02/28/48	ZAR		100		6,289
					5,126,346
South Korea \| 1.1%
Republic of Korea, 3.875%, 09/20/48	USD		1,310		1,307,465
Sri Lanka \| 1.5%
Republic of Sri Lanka, 6.750%, 04/18/28 (#)	USD		1,865		1,816,044
Ukraine \| 2.3%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		265		266,325
7.750%, 09/01/20	USD		755		760,285
7.750%, 09/01/23	USD		575		564,075
7.750%, 09/01/27	USD		350		325,063
7.375%, 09/25/32	USD		690		598,575
7.375%, 09/25/32 (#)	USD		270		234,225
					2,748,548
Uruguay \| 1.9%
Republica Orient Uruguay:
5.100%, 06/18/50	USD		1,240		1,264,800
4.975%, 04/20/55	USD		500		500,000
Uruguay Treasury Bills:
0.000%, 01/11/19	UYU		12,890		377,831
0.000%, 02/08/19	UYU		3,400		98,857
0.000%, 03/08/19	UYU		3,880		111,940
					2,353,428
Venezuela \| 2.3%
Republic of Venezuela:
12.750%, 08/23/22 («)	USD		613		165,510
9.000%, 05/07/23 («)	USD		931		247,879
8.250%, 10/13/24 («)	USD		1,976		518,700
7.650%, 04/21/25 («)	USD		1,442		380,327
11.750%, 10/21/26 («)	USD		1,152		313,920
9.250%, 09/15/27 («)	USD		815		222,577
9.250%, 05/07/28 («)	USD		619		162,488
11.950%, 08/05/31 («)	USD		903		248,325
9.375%, 01/13/34 («)	USD		909		264,746
7.000%, 03/31/38 («)	USD		1,108		283,925
					2,808,397
Total Foreign Government Obligations (Cost $91,343,772)					87,994,982
Quasi Government Bonds \| 0.8%
Ukraine \| 0.5%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		590		600,207

Description	Security Currency	Principal Amount (000)		Fair Value
Venezuela \| 0.3%
Petroleos de Venezuela SA:
6.000%, 05/16/24 («)	USD		575	$	125,063
6.000%, 11/15/26 («)	USD		325		71,500
5.375%, 04/12/27 («)	USD		315		68,197
5.500%, 04/12/37 («)	USD		470		101,050
					365,810
Total Quasi Government Bonds (Cost $1,227,366)					966,017

Description		Shares		Fair Value
Short-Term Investments \| 3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $4,174,384)			4,174,384	$	4,174,384

Description	Counterparty	Notional Amount (000s)		Number of Contracts		Fair Value
Purchased Options \| 0.6%
Call
MXN vs USD Oct 18 19.62, Expires 10/25/18	JPMS	$	1,660		16,600	$	3,821
USD vs BRL Oct 18 4.17, Expires 10/04/18	GSC		2,800		28,000		4,360
USD vs CLP Oct 18 681, Expires 10/04/18	GSC		5,150		51,500		1,025
USD vs CNH Nov 18 7.06, Expires 11/13/18	JPMS		12,750		127,500		18,883
USD vs COP Nov 18 3,050, Expires 11/08/18	GSC		3,624		36,243		27,896
USD vs HUF Oct 18 286.55, Expires 10/05/18	JPMS		4,060		40,600		1,186
USD vs INR Nov 18 72.12, Expires 11/14/18	JPMS		1,130		11,300		20,135
USD vs KRW Nov 18 1,170, Expires 11/14/18	JPMS		4,080		40,800		3,215
USD vs KRW Oct 18 1,152.1, Expires 10/02/18	JPMS		5,310		53,100		0
USD vs MXN Nov 18 19.59, Expires 11/07/18	GSC		3,760		37,600		16,642

Description	Counterparty	Notional Amount (000s)		Number of Contracts		Fair Value
Lazard Explorer Total Return Portfolio (continued)
USD vs MXN Oct 18 19.41, Expires 10/22/18	JPMS	$	1,980		19,800	$	5,952
USD vs MXN Oct 18 19.69, Expires 10/15/18	JPMS		1,380		13,800		1,334
USD vs PLN Oct 18 3.87, Expires 10/05/18	GSC		4,250		42,500		238
USD vs ZAR Oct 18 14.73, Expires 10/03/18	JPMS		2,760		27,600		820
Put
USD vs MXN Oct 18 19.61, Expires 10/25/18	JPMS		1,340		13,400		3,177
USD vs RUB Mar 19 66.0, Expires 03/12/19	GSC		11,898		118,982		355,316
USD vs RUB Mar 19 66.0, Expires 03/12/19	JPMS		5,996		59,959		179,056
USD vs RUB Mar 19 66.0, Expires 03/12/19	BRC		2,836		28,359		84,688
Total Purchased Options (Cost $880,191)							727,744
Total Investments \| 96.0% (Cost $121,939,852) (»)						$	117,161,564
Cash and Other Assets in Excess of Liabilities \| 4.0%							4,906,491
Net Assets \| 100.0%						$	122,068,055

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL	580,154	USD	139,142	BOA	10/02/18	$	4,512	$	—
BRL	1,654,927	USD	413,329	BOA	10/02/18		—		3,546
BRL	1,002,126	USD	241,884	BOA	11/05/18		5,674		—
BRL	2,426,024	USD	594,468	BOA	11/05/18		4,839		—
BRL	68,946	USD	17,220	BRC	10/02/18		—		148
BRL	1,265,325	USD	316,023	BRC	10/02/18		—		2,711
BRL	1,416,610	USD	353,808	BRC	10/02/18		—		3,036
BRL	2,426,025	USD	605,915	BRC	10/02/18		—		5,199
BRL	3,896,008	USD	945,725	BRC	10/02/18		18,980		—
BRL	3,896,008	USD	945,725	BRC	10/02/18		18,980		—
BRL	569,896	USD	137,906	BRC	11/05/18		2,877		—
BRL	1,314,166	USD	317,255	BRC	11/05/18		7,387		—
BRL	2,426,025	USD	594,979	BRC	11/05/18		4,328		—
BRL	435,402	USD	108,744	CIT	10/02/18		—		933
BRL	936,194	USD	226,654	CIT	11/05/18		4,616		—
BRL	1,618,877	USD	404,325	SCB	10/02/18		—		3,469
BRL	2,426,024	USD	605,915	SCB	10/02/18		—		5,199
BRL	2,426,025	USD	605,915	SCB	10/02/18		—		5,199
BRL	3,896,008	USD	945,254	SCB	10/02/18		19,450		—
BRL	648,620	USD	156,861	SCB	11/05/18		3,369		—
BRL	2,426,025	USD	594,895	SCB	11/05/18		4,412		—
BRL	2,426,025	USD	605,915	UBS	10/02/18		—		5,199
BRL	3,896,008	USD	945,266	UBS	10/02/18		19,439		—
BRL	2,426,025	USD	594,906	UBS	11/05/18		4,401		—
COP	2,163,889,041	USD	719,617	BOA	10/29/18		10,899		—
COP	1,306,510,471	USD	432,763	BRC	10/19/18		8,266		—
COP	1,341,701,308	USD	446,490	BRC	10/29/18		6,461		—
COP	751,125,375	USD	250,250	BRC	10/31/18		3,330		—
COP	3,643,442,292	USD	1,207,237	CIT	10/19/18		22,652		—
COP	299,015,094	USD	99,423	SCB	10/29/18		1,523		—
COP	820,563,430	USD	273,430	SCB	10/31/18		3,593		—
COP	820,563,430	USD	273,430	SCB	10/31/18		3,593		—
EUR	1,210,000	HUF	395,048,060	BRC	11/05/18		—		13,688
EUR	570,000	HUF	186,572,400	JPM	11/05/18		—		8,160
EUR	1,100,000	HUF	359,854,000	JPM	11/05/18		—		15,034
HUF	227,220,354	EUR	701,200	JPM	11/05/18		1,770		—
HUF	448,058,452	EUR	1,366,980	JPM	11/05/18		21,795		—
IDR	2,903,278,715	USD	193,746	BOA	10/29/18		469		—
IDR	5,834,719,021	USD	388,722	BOA	10/31/18		1,497		—
IDR	2,747,457,896	USD	187,848	BRC	10/29/18		—		4,057
IDR	7,808,047,375	USD	521,033	BRC	10/29/18		1,285		—
IDR	5,670,783,154	USD	378,002	BRC	10/31/18		1,253		—
IDR	2,199,045,566	USD	150,362	CIT	10/29/18		—		3,257
IDR	4,411,022,126	USD	300,724	CIT	10/29/18		—		5,650
IDR	24,339,536,795	USD	1,629,480	JPM	10/29/18		—		1,290

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR	10,880,921,369	USD	741,066	SCB	10/29/18	$	—	$	13,188
IDR	12,023,628,052	USD	802,431	SCB	10/29/18		1,888		—
IDR	24,339,536,794	USD	1,626,213	SCB	10/29/18		1,976		—
IDR	7,590,738,017	USD	506,066	SCB	10/31/18		1,594		—
INR	656,457	USD	9,081	BRC	10/29/18		—		55
INR	33,645,240	USD	465,536	BRC	10/29/18		—		2,911
INR	11,169,347	USD	154,145	CIT	10/29/18		—		565
INR	22,177,314	USD	306,910	CIT	10/29/18		—		1,970
INR	11,172,430	USD	154,145	JPM	10/29/18		—		523
INR	16,619,174	USD	230,182	JPM	10/29/18		—		1,667
MXN	2,424,399	USD	128,393	BRC	10/17/18		855		—
MXN	6,720,966	USD	355,738	BRC	11/09/18		1,281		—
MXN	15,608,000	USD	817,130	GSC	10/29/18		13,393		—
MXN	16,108,341	USD	842,870	GSC	10/29/18		14,277		—
MXN	26,421,480	USD	1,380,000	JPM	10/17/18		28,559		—
MXN	37,432,098	USD	1,980,000	JPM	10/24/18		13,368		—
MXN	12,124,590	USD	640,000	JPM	10/29/18		5,166		—
MXN	13,270,110	USD	700,000	JPM	10/29/18		6,121		—
MXN	31,711,093	USD	1,660,000	JPM	10/29/18		27,390		—
MXN	6,720,966	USD	355,833	UBS	11/09/18		1,187		—
PLN	1,250,845	USD	341,099	BOA	10/19/18		—		1,701
PLN	1,250,845	USD	341,090	BRC	10/19/18		—		1,692
PLN	1,849,193	USD	505,151	BRC	10/19/18		—		3,400
PLN	2,233,128	USD	608,924	BRC	10/19/18		—		2,998
PLN	1,250,845	USD	341,299	CIT	10/19/18		—		1,901
PLN	2,233,128	USD	609,013	CIT	10/19/18		—		3,087
PLN	1,993,412	USD	544,849	JPM	10/19/18		—		3,967
PLN	4,496,942	USD	1,230,000	JPM	10/19/18		—		9,823
PLN	12,271,923	USD	3,329,740	JPM	10/19/18		62		—
PLN	1,250,845	USD	341,053	SCB	10/19/18		—		1,655
PLN	2,233,128	USD	608,847	SCB	10/19/18		—		2,921
PLN	1,250,845	USD	341,274	UBS	10/19/18		—		1,876
PLN	2,233,128	USD	608,917	UBS	10/19/18		—		2,992
SGD	2,494,874	USD	1,830,925	BOA	10/30/18		—		4,753
SGD	1,076,885	USD	790,021	BRC	10/30/18		—		1,773
SGD	1,338,591	USD	982,236	CIT	10/30/18		—		2,427
SGD	1,338,592	USD	982,215	JPM	10/30/18		—		2,406
SGD	1,338,592	USD	982,294	SCB	10/30/18		—		2,485
TRY	3,305,070	USD	540,000	BRC	11/01/18		—		3,140
TRY	4,221,624	USD	660,000	JPM	10/22/18		30,144		—
USD	144,897	BRL	580,154	BOA	10/02/18		1,243		—
USD	402,659	BRL	1,654,927	BOA	10/02/18		—		7,124
USD	596,075	BRL	2,426,024	BOA	10/02/18		—		4,642
USD	973,053	BRL	3,896,008	BOA	10/02/18		8,349		—
USD	16,558	BRL	68,946	BRC	10/02/18		—		514
USD	307,341	BRL	1,265,325	BRC	10/02/18		—		5,970
USD	340,000	BRL	1,416,610	BRC	10/02/18		—		10,772

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	596,588	BRL	2,426,025	BRC	10/02/18	$	—	$	4,129
USD	973,053	BRL	3,896,008	BRC	10/02/18		8,349		—
USD	104,476	BRL	435,402	CIT	10/02/18		—		3,336
USD	388,966	BRL	1,618,877	SCB	10/02/18		—		11,890
USD	596,515	BRL	2,426,025	SCB	10/02/18		—		4,202
USD	973,053	BRL	3,896,008	SCB	10/02/18		8,349		—
USD	596,515	BRL	2,426,025	UBS	10/02/18		—		4,202
USD	973,053	BRL	3,896,008	UBS	10/02/18		8,349		—
USD	50,808	IDR	762,007,341	BRC	10/29/18		—		166
USD	263,139	IDR	3,954,711,522	BRC	10/29/18		—		1,411
USD	467,692	IDR	7,002,904,408	CIT	10/29/18		—		766
USD	43,910	IDR	659,657,076	JPM	10/29/18		—		218
USD	454,451	IDR	6,814,498,293	SCB	10/29/18		—		1,404
USD	110,940	INR	7,722,236	BRC	10/29/18		4,758		—
USD	151,182	INR	10,522,250	CIT	10/29/18		6,500		—
USD	228,738	INR	15,917,877	CIT	10/29/18		9,866		—
USD	302,364	INR	21,053,571	CIT	10/29/18		12,875		—
USD	586,777	INR	40,858,753	SCB	10/29/18		24,965		—
USD	760,000	MXN	14,402,000	GSC	10/29/18		—		6,350
USD	900,000	MXN	17,064,000	GSC	10/29/18		—		7,999
USD	13,207	MXN	250,342	HSB	10/29/18		—		114
USD	698,315	MXN	13,441,932	JPM	11/09/18		—		15,724
USD	2,040,000	PLN	7,724,925	BRC	10/19/18		—		56,042
USD	33,268	PLN	126,010	CIT	10/19/18		—		923
USD	600,000	PLN	2,184,774	CIT	10/19/18		7,194		—
USD	2,006,732	PLN	7,602,865	JPM	10/19/18		—		56,191
USD	467,919	SGD	645,631	BRC	10/30/18		—		4,663
USD	300,000	SGD	409,469	CIT	10/30/18		281		—
USD	1,480,000	SGD	2,032,610	CIT	10/30/18		—		7,809
USD	902,081	SGD	1,244,411	JPM	10/30/18		—		8,791
USD	315,808	UYU	10,023,760	CIT	11/09/18		16,324		—
USD	301,729	ZAR	4,093,651	BOA	11/20/18		14,113		—
USD	332,380	ZAR	4,519,155	BRC	10/18/18		13,491		—
USD	301,174	ZAR	4,093,651	BRC	11/20/18		13,558		—
USD	537,034	ZAR	7,948,752	BRC	11/20/18		—		21,437
USD	2,849,199	ZAR	41,258,675	BRC	11/20/18		—		49,595
USD	1,048,733	ZAR	15,530,681	JPM	11/20/18		—		42,438
USD	332,332	ZAR	4,519,155	SCB	10/18/18		13,443		—
USD	984,233	ZAR	14,600,606	SCB	11/20/18		—		41,591
USD	332,845	ZAR	4,519,155	UBS	10/18/18		13,956		—
USD	301,329	ZAR	4,093,651	UBS	11/20/18		13,714		—
UYU	10,023,760	USD	322,722	CIT	11/09/18		—		23,238
UYU	3,453,471	USD	102,812	CIT	12/13/18		—		264
ZAR	3,696,358	USD	250,053	BOA	10/18/18		10,776		—
ZAR	3,056,176	USD	206,887	BRC	10/18/18		8,769		—
ZAR	3,029,188	USD	205,554	JPM	10/18/18		8,197		—

Lazard Explorer Total Return Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ZAR	13,557,465	USD	943,434	SCB	10/18/18	$	13,233	$	—
ZAR	7,358,295	USD	509,526	SCB	11/20/18		7,460		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	607,023	$	565,566

Written Options open at September 30, 2018:

Description	Counterparty	Number of Contracts	Strike Price	Expiration Date	Notional Amount	Premiums		Fair Value
Put
USD vs MXN Oct 18 18.58	JPMS	19,800	$ 18.58	10/22/18	$ 1,980,000	$	11,812	$	(12,876	)
USD vs MXN Oct 18 18.75	JPMS	13,800	18.75	10/15/18	1,380,000		23,185		(12,944	)
USD vs MXN Oct 18 18.76	JPMS	13,400	18.76	10/25/18	1,340,000		10,573		(14,784	)
USD vs MXN Oct 18 18.78	JPMS	16,600	18.78	10/25/18	1,660,000		9,747		(19,600	)
Total Written Options		63,600				$	55,317	$	(60,204	)

Credit Default Swap Agreements open at September 30, 2018:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Buy/ Sell	Receive (Pay) Rate		Payment Frequency Paid/Received	S&P Credit Rating	Fair Value		Upfront Premiums Paid (Received)		Unrealized Depreciation
United Mexican States, 4.150%, 03/28/27	BOA	$ 1,704,000	12/20/23	Buy	(1.000)	%	Quarterly	BBB+	$	9,840	$	17,405	$	8,086
United Mexican States, 4.150%, 03/28/27	GSC	2,180,000	12/20/23	Buy	(1.000)		Quarterly	BBB+		12,649		16,457		4,414
United Mexican States, 4.150%, 03/28/27	BOA	3,338,000	12/20/23	Buy	(1.000)		Quarterly	BBB+		19,276		43,292		25,036
United Mexican States, 4.150%, 03/28/27	BRC	7,639,000	12/20/23	Buy	(1.000)		Quarterly	BBB+		44,113		77,505		35,727
United Mexican States, 4.150%, 03/28/27	BRC	13,036,000	12/20/23	Buy	(1.000)		Quarterly	BBB+		75,278		156,868		85,573
Total Credit Default Swap Agreements									$	161,156	$	311,527	$	158,836

Interest Rate Swap Agreements open at September 30, 2018:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Depreciation

BRL

JPM

$23,542,981

01/04/21

10.48%

Maturity

Brazil Cetip Interbank Deposit Rate

25,008

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 33.4%
Brazil \| 2.2%
Brazil NTN-F:
10.000%, 01/01/21	BRL		130	$	33,298
10.000%, 01/01/27	BRL		348		81,116
					114,414
Dominican Republic \| 1.0%
Dominican Republic Bonds, 10.500%, 04/07/23 (#)	DOP		2,600		52,151
Egypt \| 8.1%
Egypt Treasury Bills:
0.000%, 06/25/19	EGP		1,700		82,929
0.000%, 08/20/19	EGP		7,100		331,490
					414,419
Malaysia \| 3.6%
Malaysia Government Bonds, 3.654%, 10/31/19	MYR		750		181,670
Mexico \| 7.1%
Mexican Bonos:
6.500%, 06/10/21	MXN		5,970		309,290
5.750%, 03/05/26	MXN		1,180		55,532
					364,822
Russia \| 6.6%
Russia Government Bonds - OFZ:
7.600%, 04/14/21	RUB		18,410		280,318
7.050%, 01/19/28	RUB		4,000		55,948
					336,266
South Africa \| 3.5%
Republic of South Africa:
6.750%, 03/31/21	ZAR		730		50,297
10.500%, 12/21/26	ZAR		880		67,572
8.000%, 01/31/30	ZAR		940		60,053
					177,922
Turkey \| 1.3%
Turkey Government Bonds, 2.000%, 10/26/22	TRY		436		67,250
Total Foreign Government Obligations (Cost $1,882,479)					1,708,914
Supranational Bonds \| 3.5%
European Investment Bank, 7.200%, 07/09/19 (#) (Cost $208,574)	IDR		2,700,000		177,330
US Treasury Securities \| 51.0%
U.S. Treasury Notes:
0.875%, 10/15/18	USD		300		299,867

Description		Principal Amount (000)		Fair Value
0.750%, 10/31/18	USD		170	$	169,819
1.250%, 11/15/18	USD		300		299,685
1.000%, 11/30/18	USD		200		199,619
1.250%, 12/15/18	USD		150		149,710
1.500%, 12/31/18	USD		200		199,637
1.125%, 01/15/19	USD		200		199,347
1.500%, 01/31/19	USD		200		199,457
2.750%, 02/15/19	USD		200		200,289
1.375%, 02/28/19	USD		200		199,195
1.000%, 03/15/19	USD		250		248,438
1.500%, 03/31/19	USD		250		248,867
Total US Treasury Securities (Cost $2,614,530)					2,613,930

Description	Shares		Fair Value
Short-Term Investments \| 6.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $344,123)		344,123	$	344,123
Total Investments \| 94.6% (Cost $5,049,706) (»)			$	4,844,297
Cash and Other Assets in Excess of Liabilities \| 5.4%				279,157
Net Assets \| 100.0%			$	5,123,454

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	2,346,100	USD	58,000	CIT	10/09/18	$	—	$	1,719
AUD	68,000	USD	49,451	HSB	11/05/18		—		287
BRL	380,165	USD	91,117	CIT	10/15/18		2,924		—
BRL	630,000	USD	186,994	CIT	10/16/18		—		31,161
CLP	35,443,200	USD	52,000	CIT	10/22/18		1,907		—
CLP	32,114,600	USD	49,000	HSB	10/30/18		—		147
CLP	15,421,500	USD	23,000	HSB	11/30/18		465		—
CNY	2,423,130	USD	354,000	HSB	10/24/18		—		1,667
COP	300,600,000	USD	100,000	SCB	11/30/18		1,370		—
CZK	4,199,000	USD	190,350	CIT	11/13/18		—		862
DOP	1,005,800	USD	20,000	CIT	12/14/18		—		38
EUR	3,053	USD	3,530	CIT	10/15/18		18		—
EUR	67,578	USD	78,690	SCB	10/15/18		—		149
EUR	87,369	USD	101,581	SCB	10/15/18		—		38
GHS	142,000	USD	29,707	CIT	11/05/18		—		1,046
GHS	500,540	USD	98,823	SCB	12/04/18		1,174		—
HUF	16,470,000	USD	58,200	CIT	10/05/18		958		—
HUF	13,720,000	USD	49,898	CIT	11/20/18		—		456
HUF	16,470,000	USD	60,101	SCB	11/20/18		—		748
HUF	31,594,000	USD	115,522	SCB	12/21/18		—		1,325
IDR	874,755,000	USD	63,000	CIT	01/07/19		—		5,237
IDR	796,000,000	USD	50,000	HSB	09/20/19		441		—
ILS	284,000	USD	77,258	CIT	11/07/18		1,033		—
ILS	288,000	USD	80,788	CIT	11/07/18		—		1,395
ILS	167,000	USD	46,246	SCB	11/29/18		—		125
INR	3,735,180	USD	54,000	HSB	10/09/18		—		2,555
INR	12,128,840	USD	167,855	HSB	10/09/18		—		804
INR	11,944,800	USD	180,000	SCB	10/09/18		—		15,484
KRW	467,031,660	USD	417,000	SCB	11/09/18		4,187		—
KZT	57,964,400	USD	150,167	HSB	06/19/19		—		701
KZT	18,617,500	USD	55,000	SCB	12/14/18		—		4,722
MXN	510,678	USD	26,997	CIT	11/09/18		131		—
MXN	874,000	USD	45,992	CIT	11/09/18		435		—
MXN	378,000	USD	19,276	HSB	11/09/18		804		—
NGN	23,625,000	USD	63,000	HSB	12/27/18		1,085		—
NGN	23,420,500	USD	62,000	SCB	12/27/18		1,530		—
PHP	3,299,020	USD	62,000	CIT	10/02/18		—		941
PHP	3,271,680	USD	60,000	CIT	11/29/18		248		—
PLN	94,000	USD	25,541	CIT	11/13/18		—		22
PLN	840,414	USD	226,000	CIT	11/13/18		2,154		—
RON	139,000	USD	35,160	CIT	10/26/18		—		503
RON	316,101	USD	78,917	CIT	03/15/19		—		271
SGD	358,000	USD	260,019	SCB	11/13/18		2,098		—
THB	1,700,000	USD	52,496	CIT	10/24/18		106		—
THB	737,000	USD	22,506	HSB	11/08/18		308		—

Lazard Emerging Markets Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
THB	7,638,000	USD	233,499	SCB	11/14/18	$	2,988	$	—
TRY	127,660	USD	26,019	CIT	11/13/18		—		5,441
TRY	334,000	USD	50,834	CIT	11/13/18		3,005		—
TRY	334,997	USD	65,575	JPM	11/13/18		—		11,575
TRY	394,540	USD	91,000	SCB	11/13/18		—		27,402
UGX	198,390,000	USD	51,000	SCB	12/27/18		79		—
USD	53,993	AUD	73,310	HSB	10/09/18		1,000		—
USD	49,535	AUD	68,000	HSB	11/05/18		371		—
USD	108,000	BRL	445,122	CIT	10/15/18		—		2,110
USD	226,000	BRL	750,071	HSB	10/16/18		40,467		—
USD	26,990	CAD	35,046	CIT	11/09/18		—		165
USD	181,020	EUR	158,000	CIT	10/15/18		—		2,612
USD	59,916	HUF	16,470,000	SCB	10/05/18		758		—
USD	21,000	IDR	320,250,000	CIT	01/07/19		—		147
USD	105,000	ILS	375,291	CIT	11/07/18		1,543		—
USD	126,077	NGN	47,045,500	CIT	12/27/18		—		1,538
USD	60,860	PHP	3,299,020	CIT	10/02/18		—		199
USD	24,000	RON	90,433	CIT	03/15/19		1,500		—
USD	59,911	RON	225,668	CIT	03/15/19		3,765		—
USD	144,000	RUB	9,881,424	HSB	10/15/18		—		6,630
USD	18,000	TRY	125,910	CIT	11/13/18		—		2,296
USD	83,064	TRY	427,000	CIT	11/13/18		14,233		—
ZAR	846,000	USD	56,579	SCB	11/08/18		2,954		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	96,039	$	132,518

Description	Shares		Fair Value
Lazard US Corporate Income Portfolio
Exchange-Traded Funds \| 2.8%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $10,004,995)		542,000	$	10,043,260

Description	Principal Amount (000)		Fair Value
Corporate Bonds \| 94.2%
Aerospace & Defense \| 1.1%
Bombardier, Inc., 7.750%, 03/15/20 (#)	$	975	$	1,019,484
KLX, Inc., 5.875%, 12/01/22 (#)		1,400		1,446,200
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,351,000
				3,816,684
Auto Components \| 2.2%
Dana, Inc., 5.500%, 12/15/24		1,800		1,780,200
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		1,811,906
Tenneco, Inc., 5.000%, 07/15/26		2,400		2,133,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,800		1,800,000
5.000%, 05/31/26		250		235,063
				7,760,169
Automobiles \| 0.9%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,300		2,345,333
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		819,800
				3,165,133
Building Products \| 1.0%
Griffon Corp., 5.250%, 03/01/22		1,800		1,779,750
USG Corp., 4.875%, 06/01/27 (#)		1,900		1,920,919
				3,700,669
Capital Markets \| 1.0%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,527,255
MPT Operating Partnership LP, 6.375%, 03/01/24		1,810		1,900,500
				3,427,755
Chemicals \| 3.1%
CF Industries, Inc., 3.450%, 06/01/23		1,975		1,903,406

Description	Principal Amount (000)		Fair Value
Huntsman International LLC, 4.875%, 11/15/20	$	1,600	$	1,630,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		893,154
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,800		1,793,250
Platform Specialty Products Corp., 6.500%, 02/01/22 (#)		1,700		1,738,250
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,395,000
WR Grace & Co-Conn, 5.125%, 10/01/21 (#)		1,700		1,745,900
				11,098,960
Commercial Services & Supplies \| 3.7%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,793,106
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,500		2,509,375
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,805,000
Avis Budget Car Rental LLC, 5.125%, 06/01/22 (#)		1,600		1,642,200
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,746,000
Multi-Color Corp., 4.875%, 11/01/25 (#)		2,000		1,870,000
The ADT Security Corp.:
6.250%, 10/15/21		1,400		1,468,614
4.125%, 06/15/23		500		478,115
				13,312,410
Communications Equipment \| 0.9%
CommScope, Inc., 5.000%, 06/15/21 (#)		1,500		1,507,275
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,741,250
				3,248,525
Construction Materials \| 1.0%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,663,200
Standard Industries, Inc., 5.375%, 11/15/24 (#)		1,750		1,747,813
				3,411,013
Containers & Packaging \| 3.5%
Ball Corp., 4.000%, 11/15/23		2,400		2,343,000
Cascades, Inc., 5.500%, 07/15/22 (#)		1,500		1,511,250
Crown Americas LLC:
4.500%, 01/15/23		1,800		1,807,200
4.250%, 09/30/26		500		457,500

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)	$	2,392	$	2,412,930
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,454		1,457,296
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,717,000
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		868,125
				12,574,301
Diversified Consumer Services \| 1.0%
Service Corp. International, 4.625%, 12/15/27		2,000		1,915,000
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)		1,800		1,777,248
				3,692,248
Diversified Financial Services \| 2.0%
Altice US Finance I Corp., 5.500%, 05/15/26 (#)		1,000		997,000
Herc Rentals, Inc., 7.750%, 06/01/24 (#)		1,189		1,279,435
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,669,740
Level 3 Financing, Inc., 5.125%, 05/01/23		1,800		1,813,500
Travelport Corporate Finance PLC, 6.000%, 03/15/26 (#)		1,500		1,523,505
				7,283,180
Diversified Telecommunication Services \| 3.5%
CenturyLink, Inc., Series V, 5.625%, 04/01/20		1,800		1,831,500
CyrusOne LP, 5.000%, 03/15/24		2,300		2,343,125
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,500,000
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,391		2,336,485
SBA Communications Corp., 4.875%, 09/01/24		2,300		2,274,125
Zayo Group LLC, 5.750%, 01/15/27 (#)		2,250		2,254,500
				12,539,735
Energy Equipment & Services \| 1.3%
Precision Drilling Corp., 5.250%, 11/15/24		1,500		1,432,500
Transocean, Inc., 9.000%, 07/15/23 (#)		1,750		1,903,125

Description	Principal Amount (000)		Fair Value
Weatherford International, Ltd., 8.250%, 06/15/23	$	1,250	$	1,181,250
				4,516,875
Entertainment \| 1.1%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,800		1,768,500
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,591,850
4.375%, 11/15/26		500		469,740
				3,830,090
Equity Real Estate Investment Trusts (REITs) \| 3.3%
Equinix, Inc., 5.375%, 05/15/27		2,700		2,704,482
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,300		2,231,000
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,743,571
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,701,000
RHP Hotel Properties LP, 5.000%, 04/15/23		1,775		1,775,745
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,649,000
				11,804,798
Food & Staples Retailing \| 1.5%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,682,188
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,771,875
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,786,950
				5,241,013
Food Products \| 2.2%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,498,125
Darling Ingredients, Inc., 5.375%, 01/15/22		850		858,500
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,300		2,251,125
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,701,990
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,500,000
				7,809,740
Gas Utilities \| 1.1%
AmeriGas Partners LP, 5.625%, 05/20/24		1,800		1,786,500

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Ferrellgas LP, 6.500%, 05/01/21	$	500	$	447,500
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,768,500
				4,002,500
Health Care Equipment & Supplies \| 1.1%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (#)		1,800		1,845,000
Hologic, Inc., 4.625%, 02/01/28 (#)		2,300		2,156,250
				4,001,250
Health Care Providers & Services \| 3.9%
Centene Corp.:
6.125%, 02/15/24		1,750		1,841,875
4.750%, 01/15/25		500		498,750
DaVita, Inc., 5.125%, 07/15/24		2,300		2,219,500
Encompass Health Corp., 5.125%, 03/15/23		1,801		1,805,502
HCA, Inc., 6.500%, 02/15/20		1,600		1,661,200
LifePoint Health, Inc.:
5.500%, 12/01/21		1,400		1,422,750
5.875%, 12/01/23		900		939,375
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,727,625
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		707,875
4.375%, 10/01/21		1,250		1,244,588
				14,069,040
Hotels, Restaurants & Leisure \| 8.6%
1011778 BC ULC, 4.625%, 01/15/22 (#)		1,800		1,806,750
Boyd Gaming Corp.:
6.875%, 05/15/23		1,700		1,785,850
6.375%, 04/01/26		750		772,125
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,890,000
Cedar Fair LP, 5.375%, 04/15/27		1,800		1,750,500
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,770,750
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,537,500
GLP Capital LP, 4.875%, 11/01/20		1,500		1,526,250
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,645,324
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,315		2,273,330

Description	Principal Amount (000)		Fair Value
International Game Technology PLC, 6.250%, 02/15/22 (#)	$	1,450	$	1,502,563
KFC Holding Co., 5.250%, 06/01/26 (#)		2,900		2,894,925
MGM Resorts International:
6.625%, 12/15/21		1,000		1,059,500
4.625%, 09/01/26		800		745,760
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		2,000		1,900,000
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		2,150		2,105,925
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,628,260
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,300		2,222,375
				30,817,687
Household Durables \| 0.5%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,745,625
Household Products \| 1.0%
Energizer Holdings, Inc., 5.500%, 06/15/25 (#)		1,750		1,741,250
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,818,000
				3,559,250
Independent Power & Renewable Electricity Producers \| 1.5%
AES Corp., 5.125%, 09/01/27		2,000		2,020,000
Calpine Corp., 6.000%, 01/15/22 (#)		1,500		1,516,125
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,675,625
				5,211,750
IT Services \| 1.1%
First Data Corp.:
5.375%, 08/15/23 (#)		1,600		1,624,400
5.000%, 01/15/24 (#)		500		502,875
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,830,888
				3,958,163
Machinery \| 3.1%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,694,031
Amsted Industries, Inc., 5.000%, 03/15/22 (#)		1,700		1,704,250
Meritor, Inc., 6.250%, 02/15/24		2,000		2,037,500
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		2,050		2,060,250

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
SPX FLOW, Inc., 5.625%, 08/15/24 (#)	$	1,750	$	1,758,558
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,778,812
				11,033,401
Media \| 11.6%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,500,000
Cable One, Inc., 5.750%, 06/15/22 (#)		1,750		1,782,813
CBS Radio, Inc., 7.250%, 11/01/24 (#)		1,500		1,441,470
CCO Holdings LLC:
5.250%, 03/15/21		1,950		1,962,187
5.125%, 05/01/27 (#)		500		474,055
Cequel Communications Holdings I LLC, 7.500%, 04/01/28 (#)		1,690		1,770,275
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/22		1,750		1,785,647
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,614,000
Lamar Media Corp., 5.750%, 02/01/26		2,026		2,100,638
LIN Television Corp., 5.875%, 11/15/22		1,750		1,776,250
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,513,125
Meredith Corp., 6.875%, 02/01/26 (#)		2,000		2,050,000
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,518,750
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,900,000
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (#)		400		401,500
5.000%, 08/01/27 (#)		2,000		1,924,420
TEGNA, Inc., 6.375%, 10/15/23		1,900		1,961,636
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,730,250
Tribune Media Co., 5.875%, 07/15/22		1,800		1,838,250
Unitymedia Hessen GmbH & Co. KG, 5.000%, 01/15/25 (#)		1,700		1,726,163
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,300		2,150,500
Videotron, Ltd.:
5.000%, 07/15/22		1,808		1,857,720
5.125%, 04/15/27 (#)		500		490,650

Description	Principal Amount (000)		Fair Value
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (#)	$	2,400	$	2,346,696
WMG Acquisition Corp., 4.875%, 11/01/24 (#)		1,850		1,803,750
				41,420,745
Metals & Mining \| 3.6%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		2,300		2,432,250
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,900		1,903,124
ArcelorMittal, 5.500%, 03/01/21		1,400		1,443,750
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,700		2,619,000
Glencore Funding LLC, 4.625%, 04/29/24 (#)		2,000		2,012,260
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		478,850
5.000%, 12/15/26		1,800		1,791,000
				12,680,234
Multiline Retail \| 0.4%
J.C. Penney Corp., Inc., 5.875%, 07/01/23 (#)		1,800		1,584,000
Oil, Gas & Consumable Fuels \| 10.9%
Andeavor Logistics LP, 4.250%, 12/01/27		1,500		1,464,820
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,873,125
Cenovus Energy, Inc., 3.800%, 09/15/23		2,500		2,446,888
Cheniere Energy Partners L.P., 5.250%, 10/01/25		1,250		1,250,000
Continental Resources, Inc., 4.500%, 04/15/23		2,500		2,543,410
Diamondback Energy, Inc., 4.750%, 11/01/24		1,800		1,802,250
Energy Transfer Equity LP:
7.500%, 10/15/20		1,250		1,338,437
5.875%, 01/15/24		750		789,375
Gulfport Energy Corp., 6.000%, 10/15/24		1,700		1,657,500
Holly Energy Partners LP, 6.000%, 08/01/24 (#)		2,340		2,392,650
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,587,707
Newfield Exploration Co., 5.625%, 07/01/24		1,900		2,002,125
ONEOK Partners LP, 5.000%, 09/15/23		2,000		2,083,966

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Parsley Energy LLC, 5.625%, 10/15/27 (#)	$	2,000	$	2,005,000
PBF Holding Co. LLC, 7.000%, 11/15/23		1,400		1,456,000
Range Resources Corp., 5.000%, 08/15/22		1,700		1,683,000
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,785,375
Sunoco LP, 5.500%, 02/15/26 (#)		2,000		1,932,000
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,260,937
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,820,250
Whiting Petroleum Corp.:
5.750%, 03/15/21		900		921,375
6.625%, 01/15/26		1,000		1,040,000
WPX Energy, Inc.:
6.000%, 01/15/22		900		932,625
5.750%, 06/01/26		1,000		1,012,500
				39,081,315
Personal Products \| 0.4%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (#)		1,500		1,498,125
Pharmaceuticals \| 0.9%
Endo Finance LLC, 5.750%, 01/15/22 (#)		1,600		1,494,000
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (#)		1,700		1,568,250
				3,062,250
Professional Services \| 1.0%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,750		1,801,800
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,800		1,756,782
				3,558,582
Road & Rail \| 0.4%
The Hertz Corp., 5.500%, 10/15/24 (#)		1,800		1,494,000
Semiconductors & Semiconductor Equipment \| 0.3%
Qorvo, Inc., 5.500%, 07/15/26 (#)		1,000		1,015,130
Software \| 1.6%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,800		1,847,250
Nuance Communications, Inc.:
5.375%, 08/15/20 (#)		392		393,176
5.625%, 12/15/26		1,500		1,507,410

Description	Principal Amount (000)		Fair Value
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)	$	2,000	$	1,947,500
				5,695,336
Specialty Retail \| 1.0%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,902,440
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,749,960
				3,652,400
Technology Hardware, Storage & Peripherals \| 2.0%
Dell International LLC, 7.125%, 06/15/24 (#)		1,775		1,906,527
NCR Corp., 4.625%, 02/15/21		1,568		1,552,320
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,820,412
Western Digital Corp., 4.750%, 02/15/26		2,000		1,934,150
				7,213,409
Textiles, Apparel & Luxury Goods \| 0.5%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,700,781
Trading Companies & Distributors \| 1.7%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,539,581
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,108,250
5.750%, 11/15/24		1,650		1,694,550
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,617,552
				5,959,933
Wireless Telecommunication Services \| 1.7%
Inmarsat Finance PLC, 4.875%, 05/15/22 (#)		1,750		1,741,250
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,498,969
Sprint Corp., 7.125%, 06/15/24		500		519,375
T-Mobile USA, Inc., 6.500%, 01/15/26		2,300		2,409,710
				6,169,304
Total Corporate Bonds (Cost $340,088,118)				336,417,508

Description	Shares		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Short-Term Investments \| 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $5,847,714)		5,847,714	$	5,847,714
Total Investments \| 98.6% (Cost $355,940,827)			$	352,308,482
Cash and Other Assets in Excess of Liabilities \| 1.4%				5,018,909
Net Assets \| 100.0%			$	357,327,391

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 4.4%
Automobiles \| 4.4%
GM Financial Automobile Leasing Trust:
2.610%, 01/20/21	$	2,150	$	2,137,367
3.180%, 06/21/21		1,000		999,569
World Omni Automobile Lease Securitization Trust:
3.190%, 12/15/21		1,125		1,124,910
2.830%, 07/15/21		750		746,649
Total Asset-Backed Securities (Cost $5,024,730)				5,008,495
Corporate Bonds \| 34.7%
Banks \| 14.7%
Bank of America Corp., 7.625%, 06/01/19		4,160		4,288,472
Citigroup, Inc.:
2.050%, 06/07/19		553		550,285
2.450%, 01/10/20		1,425		1,412,754
2.400%, 02/18/20		2,640		2,614,181
JPMorgan Chase & Co., 6.300%, 04/23/19		4,272		4,356,635
Wells Fargo & Co., 2.600%, 07/22/20		3,425		3,388,318
				16,610,645
Biotechnology \| 2.1%
Amgen, Inc., 5.700%, 02/01/19		2,328		2,352,527
Capital Markets \| 4.1%
Morgan Stanley, 5.500%, 01/26/20		4,200		4,325,409
The Goldman Sachs Group, Inc., 5.375%, 03/15/20		255		262,875
				4,588,284
Electronic Equipment, Instruments & Components \| 2.1%
Amphenol Corp.:
2.550%, 01/30/19		1,825		1,824,009
2.200%, 04/01/20		605		594,347
				2,418,356
Food & Staples Retailing \| 2.1%
The Kroger Co., 2.300%, 01/15/19		2,395		2,392,029
Internet & Direct Marketing Retail \| 1.0%
eBay, Inc., 3.250%, 10/15/20		1,129		1,124,618
IT Services \| 2.2%
Fiserv, Inc., 2.700%, 06/01/20		2,510		2,487,823

Description	Principal Amount (000)		Fair Value
Media \| 2.0%
21st Century Fox America, Inc., 6.900%, 03/01/19	$	2,197	$	2,233,770
Oil, Gas & Consumable Fuels \| 4.4%
Enterprise Products Operating LLC, 2.550%, 10/15/19		2,525		2,515,018
Valero Energy Corp., 6.125%, 02/01/20		2,375		2,463,730
				4,978,748
Total Corporate Bonds (Cost $39,458,583)				39,186,800
US Government Securities \| 9.8%
Mortgage-Backed Securities \| 9.8%
Federal Home Loan Mortgage Corp.:
Pool# 848138, 3.951%, 07/01/38 (§)		566		596,491
Pool# 848514, 4.084%, 03/01/32 (§)		1,291		1,359,884
Pool# 848517, 3.937%, 12/01/34 (§)		755		793,372
Pool# 849414, 4.135%, 07/01/35 (§)		961		1,008,632
Pool# G13867, 5.000%, 06/01/25		234		242,692
Federal National Mortgage Association:
Pool# 725296, 3.547%, 03/01/34 (§)		495		516,608
Pool# 995609, 4.129%, 04/01/35 (§)		529		555,286
Pool# AD0701, 4.042%, 02/01/37 (§)		592		616,926
Pool# AE0149, 3.824%, 12/01/36 (§)		518		544,692
Pool# AE0315, 4.500%, 02/01/21		11		10,755
Pool# AL0345, 4.151%, 11/01/35 (§)		409		428,407
Pool# AL3739, 4.065%, 07/01/38 (§)		165		173,458
Pool# AL3746, 3.987%, 01/01/37 (§)		635		667,274
Pool# AL3941, 6.000%, 03/01/24		152		156,249
Pool# AL4118, 3.470%, 05/01/35 (§)		402		420,693
Pool# AL4545, 3.909%, 05/01/39 (§)		421		440,792
Pool# AL4660, 3.856%, 11/01/41 (§)		510		533,432
Pool# AL5574, 4.015%, 12/01/40 (§)		870		913,693
Pool# AL5642, 4.079%, 05/01/39 (§)		1,046		1,099,191
Total US Government Securities (Cost $11,123,774)				11,078,527
US Treasury Securities \| 46.4%
US Treasury Notes:
1.625%, 06/30/19		3,205		3,183,968
1.625%, 07/31/19		5,450		5,406,571
1.500%, 10/31/19		19,595		19,349,297
1.625%, 12/31/19		20,970		20,690,673
1.625%, 07/31/20		3,745		3,666,004
Total US Treasury Securities (Cost $52,353,067)				52,296,513

Description	Shares		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Short-Term Investments \| 4.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $5,088,186)		5,088,186	$	5,088,186
Total Investments \| 99.8% (Cost $113,048,340)			$	112,658,521
Cash and Other Assets in Excess of Liabilities \| 0.2%				179,677
Net Assets \| 100.0%			$	112,838,198

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 29.2%
Australia \| 0.9%
Telstra Corp., Ltd., 4.000%, 09/16/22		AUD		70	$	51,901
Belgium \| 1.3%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		USD		75		73,925
Germany \| 2.3%
BMW Finance NV, 0.875%, 08/16/22		GBP		45		56,387
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20		USD		75		75,678
						132,065
Netherlands \| 0.6%
BNG Bank NV, 5.000%, 09/16/20		NZD		45		31,275
Spain \| 2.0%
Iberdrola International BV, 1.125%, 04/21/26		EUR		100		115,008
Switzerland \| 0.6%
ABB Finance USA, Inc., 3.375%, 04/03/23		USD		35		34,861
United States \| 21.5%
Amazon.com, Inc., 3.800%, 12/05/24		USD		60		61,186
Apple, Inc., 3.850%, 05/04/43		USD		102		98,027
Bank of America Corp., 3.499%, 05/17/22 (§)		USD		60		59,963
Caterpillar Financial Services Corp., 2.550%, 11/29/22		USD		40		38,813
Citigroup, Inc., 3.516% (BBSW 3 Month + 1.550%), 05/04/21 (§)		AUD		90		66,028
Constellation Brands, Inc., 4.250%, 05/01/23		USD		55		55,719
HCA, Inc.:
6.500%, 02/15/20		USD		15		15,574
5.000%, 03/15/24		USD		30		30,750
John Deere Canada Funding, Inc., 2.050%, 09/17/20		CAD		70		53,378
Johnson & Johnson, 3.625%, 03/03/37		USD		70		67,271
JPMorgan Chase & Co., 4.500%, 01/24/22		USD		80		82,499
Microsoft Corp., 4.450%, 11/03/45		USD		92		98,361

Description	Security Currency		Principal Amount (000)		Fair Value
Morgan Stanley, 3.625%, 01/20/27		USD		75	$	71,975
Nestle Holdings, Inc., 2.750%, 04/15/20		NOK		340		42,649
NIKE, Inc., 2.375%, 11/01/26		USD		75		68,089
Sealed Air Corp., 4.875%, 12/01/22		USD		30		30,300
Starbucks Corp., 3.100%, 03/01/23		USD		37		36,438
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19		NZD		45		30,661
3.625%, 01/22/23		USD		55		54,782
The Home Depot, Inc., 3.750%, 02/15/24		USD		55		56,045
United Parcel Service, Inc., 2.350%, 05/16/22		USD		37		35,747
United Rentals North America, Inc., 4.625%, 07/15/23		USD		30		30,225
Wells Fargo & Co., 3.285% (BBSW 3 Month + 1.320%), 07/27/21 (§)		AUD		45		32,862
						1,217,342
Total Corporate Bonds (Cost $1,712,368)						1,656,377
Foreign Government Obligations \| 43.9%
Australia \| 3.1%
Queensland Treasury Corp.:
5.500%, 06/21/21		AUD		74		57,971
3.000%, 03/22/24		AUD		79		58,024
Western Australian Treasury Corp., 6.000%, 10/16/23		AUD		72		60,284
						176,279
Bahamas \| 2.2%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		118		125,817
Bermuda \| 1.8%
Government of Bermuda, 5.603%, 07/20/20		USD		100		103,373
Canada \| 3.7%
City of Vancouver, 2.900%, 11/20/25		CAD		50		38,355
Province of British Columbia, 4.700%, 06/18/37		CAD		70		66,193
Province of Ontario, 2.450%, 06/29/22		USD		65		63,114
Province of Quebec, 1.650%, 03/03/22		CAD		60		45,166
						212,828

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Cayman Islands \| 1.8%
Cayman Islands Government Bonds, 5.950%, 11/24/19		USD		100	$	102,000
Chile \| 2.9%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26		CLP		75,000		113,869
5.000%, 03/01/35		CLP		35,000		53,090
						166,959
Croatia \| 1.9%
Croatia Government International Bonds, 6.625%, 07/14/20		USD		100		105,125
Czech Republic \| 2.0%
Czech Republic, 2.500%, 08/25/28		CZK		2,470		114,574
France \| 2.2%
Government of France, 1.750%, 06/25/39		EUR		102		125,738
Hungary \| 1.0%
Hungary Government Bonds, 3.000%, 10/27/27		HUF		16,590		56,895
Mexico \| 3.6%
Mexican Bonos, 6.500%, 06/09/22		MXN		2,220		113,806
United Mexican States, 6.750%, 02/06/24		GBP		58		90,425
						204,231
New Zealand \| 2.2%
New Zealand Government Bonds:
6.000%, 05/15/21		NZD		75		54,416
4.500%, 04/15/27		NZD		95		68,434
						122,850
Norway \| 2.3%
Oslo Kommune, 3.550%, 02/12/21		NOK		1,000		128,091
Philippines \| 1.7%
Philippine Government Bonds, 4.250%, 04/11/20		PHP		5,460		98,060
Poland \| 2.3%
Poland Government Bonds, 2.500%, 07/25/26		PLN		495		128,518
Romania \| 3.3%
Romanian Government Bonds:
4.750%, 02/24/25		RON		505		127,739
2.375%, 04/19/27		EUR		50		58,488
						186,227

Description	Security Currency		Principal Amount (000)		Fair Value
Singapore \| 2.7%
Singapore Government Bonds, 3.000%, 09/01/24		SGD		200	$	151,567
Spain \| 1.2%
Spain Government Bonds, 1.600%, 04/30/25		EUR		55		66,726
United Kingdom \| 2.0%
United Kingdom Gilt:
1.750%, 09/07/37		GBP		47		59,917
1.500%, 07/22/47		GBP		46		54,440
						114,357
Total Foreign Government Obligations (Cost $2,621,340)						2,490,215
Quasi Government Bonds \| 1.0%
Canada \| 1.0%
Export Development Canada, 1.800%, 09/01/22 (Cost $56,489)		CAD		75		56,518
Supranational Bonds \| 12.4%
African Development Bank, 2.375%, 09/23/21		USD		75		73,415
Asian Development Bank:
1.000%, 12/15/22		GBP		45		57,843
2.125%, 03/19/25		USD		67		62,935
European Bank for Reconstruction & Development:
10.000%, 11/16/18		IDR		300,000		20,112
7.375%, 04/15/19		IDR		310,000		20,545
European Investment Bank:
7.200%, 07/09/19		IDR		170,000		11,165
1.125%, 09/16/21 (#)		CAD		75		55,777
International Bank for Reconstruction & Development:
5.750%, 10/28/19		INR		1,500		20,143
3.500%, 01/22/21		NZD		40		27,217
2.500%, 08/03/23		CAD		115		88,203
International Finance Corp.:
6.450%, 10/30/18		INR		7,060		97,247
3.625%, 05/20/20		NZD		70		47,478
5.850%, 11/25/22		INR		300		3,885
2.125%, 04/07/26		USD		125		116,485
Total Supranational Bonds (Cost $742,201)						702,450
US Municipal Bonds \| 1.8%
California \| 1.8%
California State Build America Bonds, 7.500%, 04/01/34		USD		50		69,136

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
State of California, 4.500%, 04/01/33		USD		30	$	31,189
Total US Municipal Bonds (Cost $105,155)						100,325
US Treasury Securities \| 9.9%
Treasury Inflation Protected Security, 0.125%, 04/15/20		USD		59		58,419
US Treasury Notes:
1.750%, 10/31/20		USD		55		53,799
2.125%, 05/15/25		USD		180		170,480
2.875%, 08/15/28		USD		116		114,242
3.125%, 11/15/41		USD		168		166,300
Total US Treasury Securities (Cost $573,500)						563,240


Description	Shares		Fair Value
Short-Term Investments \| 1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $103,851)		103,851	$	103,851
Total Investments \| 100.0% (Cost $5,914,904) (»)			$	5,672,976
Liabilities in Excess of Cash and Other Assets \| 0.0%				(1,786)
Net Assets \| 100.0%			$	5,671,190

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	38,975	USD	28,400	HSB	11/21/18	$	—	$	218
AUD	71,573	USD	52,360	HSB	11/21/18		—		606
CAD	33,281	USD	25,600	HSB	11/21/18		192		—
CHF	39,121	USD	39,700	HSB	11/21/18		341		—
EUR	30,784	USD	36,400	CIT	11/21/18		—		518
EUR	38,965	USD	46,000	CIT	11/21/18		—		582
EUR	836	USD	976	HSB	11/21/18		—		2
EUR	26,046	USD	30,600	HSB	11/21/18		—		241
EUR	924,793	USD	1,079,640	HSB	11/21/18		—		1,702
GBP	14,689	USD	19,000	HSB	11/21/18		188		—
GBP	18,937	USD	24,313	HSB	11/21/18		424		—
JPY	5,891,762	USD	54,000	CIT	11/21/18		—		1,957
JPY	40,679,682	USD	370,741	CIT	11/21/18		—		11,413
JPY	79,583,350	USD	725,282	HSB	11/21/18		—		22,313
MXN	525,188	USD	27,160	CIT	11/21/18		686		—
NZD	10,294	USD	6,900	HSB	11/21/18		—		75
PLN	226,415	USD	60,834	HSB	11/21/18		644		—
USD	126,726	AUD	173,278	CIT	11/21/18		1,430		—
USD	183,321	AUD	250,589	HSB	11/21/18		2,121		—
USD	58,222	CAD	75,891	CIT	11/21/18		—		594
USD	134,526	CAD	175,492	HSB	11/21/18		—		1,481
USD	20,505	CAD	26,746	JPM	11/21/18		—		224
USD	7,675	CLP	5,151,460	CIT	11/05/18		—		163
USD	49,521	CLP	31,876,668	CIT	11/05/18		1,023		—
USD	115,777	CLP	74,056,488	CIT	11/05/18		3,106		—
USD	46,523	CZK	1,030,335	HSB	11/29/18		1		—
USD	22,066	CZK	489,394	JPM	11/29/18		—		31
USD	42,220	CZK	932,420	JPM	11/29/18		119		—
USD	83,772	EUR	71,757	HSB	11/21/18		132		—
USD	53,806	GBP	41,909	HSB	11/21/18		—		939
USD	53,304	HUF	14,746,967	JPM	11/21/18		158		—
USD	40,128	IDR	583,496,437	HSB	11/01/18		1,109		—
USD	123,691	INR	8,938,501	CIT	10/30/18		801		—
USD	41,500	JPY	4,697,136	HSB	11/21/18		10		—
USD	98,941	MXN	1,909,626	HSB	11/21/18		—		2,310
USD	21,106	MXN	408,092	JPM	11/21/18		—		531
USD	166,170	NOK	1,394,054	HSB	11/21/18		—		5,456
USD	208,216	NZD	311,996	HSB	11/21/18		1,349		—
USD	102,022	PHP	5,488,806	HSB	10/05/18		458		—
USD	178,615	PLN	664,784	HSB	11/21/18		—		1,890
USD	130,659	RON	519,907	HSB	10/26/18		1,032		—
USD	19,354	SGD	26,418	HSB	11/21/18		9		—
USD	130,291	SGD	177,854	JPM	11/21/18		51		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	15,384	$	53,246

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks \| 3.1%
Hotels, Restaurants & Leisure \| 3.1%
Hilton Worldwide Holdings, Inc.		8,990	$	726,212
Marriott International, Inc., Class A		11,908		1,572,214
Total Common Stocks (Cost $2,278,490)				2,298,426
Real Estate Investment Trusts \| 96.0%
Equity Real Estate Investment Trusts \| 96.0%
Alexandria Real Estate Equities, Inc.		20,211		2,542,342
American Homes 4 Rent, Class A		138,829		3,038,967
American Tower Corp.		25,562		3,714,159
Americold Realty Trust		75,212		1,881,804
Apartment Investment & Management Co., Class A		17,324		764,508
AvalonBay Communities, Inc.		15,920		2,883,908
Boston Properties, Inc.		31,248		3,846,316
CoreSite Realty Corp.		16,183		1,798,579
Corporate Office Properties Trust		25,468		759,711
Equinix, Inc.		10,589		4,583,872
Equity LifeStyle Properties, Inc.		30,957		2,985,803
Essential Properties Realty Trust, Inc.		115,043		1,632,460
Essex Property Trust, Inc.		15,380		3,794,400
Extra Space Storage, Inc.		28,610		2,478,771
Federal Realty Investment Trust		10,039		1,269,632
Healthcare Realty Trust, Inc.		10,435		305,328
Hudson Pacific Properties, Inc.		56,011		1,832,680
Invitation Homes, Inc.		66,308		1,519,116
Mid-America Apartment Communities, Inc.		7,373		738,627
Park Hotels & Resorts, Inc.		57,584		1,889,907
Prologis, Inc.		81,375		5,516,411
Public Storage		13,864		2,795,398
Retail Opportunity Investments Corp.		57,475		1,073,058
RLJ Lodging Trust		32,410		713,992
Simon Property Group, Inc.		36,323		6,420,090
Sun Communities, Inc.		17,608		1,787,916
Sunstone Hotel Investors, Inc.		87,560		1,432,482
The Macerich Co.		38,490		2,128,112
Vornado Realty Trust		22,550		1,646,150
Weyerhaeuser Co.		58,634		1,892,119
Total Real Estate Investment Trusts (Cost $62,868,494)				69,666,618
Short-Term Investments \| 0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $427,777)		427,777		427,777

Description	Fair Value
Total Investments \| 99.7% (Cost $65,574,761)	$	72,392,821
Cash and Other Assets in Excess of Liabilities \| 0.3%		184,028
Net Assets \| 100.0%	$	72,576,849

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio
Common Stocks \| 32.8%
Canada \| 2.1%
Tricon Capital Group, Inc.		12,171	$	102,520
China \| 5.5%
China Tower Corp., Ltd., Class H		388,000		56,502
China Vanke Co., Ltd., Class H		22,000		71,899
SOHO China, Ltd.		212,500		82,493
Times China Holdings, Ltd.		55,000		58,127
				269,021
France \| 1.9%
Unibail-Rodamco-Westfield		462		92,796
Germany \| 3.4%
ADO Properties SA		2,774		166,117
Hong Kong \| 4.5%
Sun Hung Kai Properties, Ltd.		8,500		123,815
Wharf Real Estate Investment Co., Ltd.		15,200		98,078
				221,893
India \| 1.5%
Oberoi Realty, Ltd.		12,707		71,199
Japan \| 5.4%
Mitsubishi Estate Co., Ltd.		5,993		101,926
Mitsui Fudosan Co., Ltd.		6,849		162,128
				264,054
Mexico \| 1.8%
Corp Inmobiliaria Vesta SAB de CV		56,533		87,153
Philippines \| 1.7%
Megaworld Corp.		1,050,000		85,525
Singapore \| 1.0%
Ascendas India Trust		60,746		48,433
United Arab Emirates \| 1.7%
Emaar Properties PJSC		63,150		85,147
United Kingdom \| 1.0%
Grainger PLC		11,973		46,798
United States \| 1.3%
Marriott International, Inc., Class A		476		62,846
Total Common Stocks (Cost $1,747,004)				1,603,502
Real Estate Investment Trusts \| 66.1%
Australia \| 2.7%
Goodman Group		17,515		131,566
France \| 1.2%
Gecina SA		364		60,778

Description	Shares		Fair Value
Germany \| 1.0%
alstria office REIT-AG		3,268	$	48,491
Hong Kong \| 2.4%
Link Real Estate Investment Trust		12,019		118,254
Italy \| 1.6%
COIMA RES SpA		8,431		78,115
Japan \| 4.3%
GLP J-Reit		115		111,750
Nippon Prologis REIT, Inc.		49		96,994
				208,744
Singapore \| 2.5%
CapitaLand Mall Trust		31,451		51,213
Mapletree North Asia Commercial Trust		88,000		73,382
				124,595
Spain \| 1.0%
Merlin Properties Socimi SA		3,501		47,463
United Kingdom \| 5.0%
Derwent London PLC		1,874		69,751
Great Portland Estates PLC		9,201		80,237
Segro PLC		11,345		94,256
				244,244
United States \| 44.4%
Alexandria Real Estate Equities, Inc.		885		111,324
American Homes 4 Rent, Class A		5,021		109,910
American Tower Corp.		1,133		164,625
Americold Realty Trust		4,574		114,441
AvalonBay Communities, Inc.		308		55,794
Boston Properties, Inc.		907		111,643
CoreSite Realty Corp.		715		79,465
Equinix, Inc.		374		161,901
Equity Lifestyle Properties, Inc.		1,146		110,532
Essential Properties Realty Trust, Inc.		3,700		52,503
Essex Property Trust, Inc.		475		117,187
Extra Space Storage, Inc.		568		49,212
Federal Realty Investment Trust		422		53,370
Hudson Pacific Properties, Inc.		2,917		95,444
Prologis, Inc.		2,489		168,729
Public Storage		487		98,194
Simon Property Group, Inc.		1,420		250,985
Sun Communities, Inc.		500		50,770
The Macerich Co.		2,206		121,970
Weyerhaeuser Co.		2,822		91,066
				2,169,065
Total Real Estate Investment Trusts (Cost $3,053,579)				3,231,315

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio (concluded)
Short-Term Investments \| 1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $64,621)		64,621	$	64,621
Total Investments \| 100.2% (Cost $4,865,204)			$	4,899,438
Liabilities in Excess of Cash and Other Assets \| (0.2)%				(9,786	)
Net Assets \| 100.0%			$	4,889,652

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 90.9%
Australia \| 8.7%
Atlas Arteria, Ltd.		16,435,137	$	82,841,341
AusNet Services		21,641,684		25,484,290
Spark Infrastructure Group		67,622,901		109,257,814
Transurban Group		32,431,519		262,181,166
				479,764,611
Canada \| 0.5%
ATCO, Ltd., Class I		958,400		28,010,374
France \| 8.9%
Eutelsat Communications SA		9,871,601		233,120,359
Vinci SA		2,690,331		255,932,308
				489,052,667
Germany \| 3.4%
Fraport AG		2,104,559		185,950,291
Italy \| 22.4%
ASTM SpA		1,305,619		28,194,369
Atlantia SpA		16,190,540		335,259,423
Hera SpA		8,474,265		26,388,331
Italgas SpA		29,006,128		157,249,202
Snam SpA		59,735,262		248,380,977
Societa Iniziative Autostradali e Servizi SpA		1,789,801		26,415,562
Terna SpA		76,498,286		407,717,091
				1,229,604,955
Luxembourg \| 5.1%
SES SA		12,761,554		279,922,580
Portugal \| 1.1%
REN - Redes Energeticas Nacionais SGPS SA		20,694,113		58,358,168
Spain \| 4.7%
Red Electrica Corporacion SA		12,363,000		258,378,976
Switzerland \| 0.2%
Flughafen Zuerich AG		43,092		8,711,016
United Kingdom \| 16.8%
National Grid PLC		25,384,298		261,747,301
Pennon Group PLC		17,678,748		164,220,177
Severn Trent PLC		10,036,548		241,704,396
United Utilities Group PLC		27,898,242		255,821,022
				923,492,896
United States \| 19.1%
American Electric Power Co., Inc.		3,161,883		224,114,267
Consolidated Edison, Inc.		560,043		42,669,676
CSX Corp.		1,400,000		103,670,000
Edison International		3,912,809		264,818,913

Description	Shares		Fair Value
Norfolk Southern Corp.		592,237	$	106,898,779
PG&E Corp.		6,650,649		305,996,360
				1,048,167,995
Total Common Stocks (Cost $4,951,074,685)				4,989,414,529
Short-Term Investments \| 9.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $493,969,295)		493,969,295		493,969,295
Total Investments \| 99.9% (Cost $5,445,043,980) (»)			$	5,483,383,824
Cash and Other Assets in Excess of Liabilities \| 0.1%				3,266,655
Net Assets \| 100.0%			$	5,486,650,479

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	81,288,547	AUD	111,775,092	BNP	12/28/18	$	436,548	$	—
USD	74,951,665	AUD	103,062,752	CIT	12/28/18		401,696		—
USD	43,784,376	AUD	60,189,011	HSB	12/28/18		246,931		—
USD	85,351,172	AUD	117,343,780	RBC	12/28/18		471,087		—
USD	76,930,961	AUD	105,770,288	SCB	12/28/18		422,509		—
USD	89,555,990	AUD	123,143,335	SSB	12/28/18		480,824		—
USD	11,339,064	CAD	14,629,831	HSB	12/28/18		—		9,294
USD	12,818,298	CAD	16,539,193	SCB	12/28/18		—		11,153
USD	400,872,620	EUR	337,108,256	BNP	12/28/18		6,535,003		—
USD	351,533,245	EUR	295,444,570	CAN	12/28/18		5,932,371		—
USD	356,363,093	EUR	299,603,256	CIT	12/28/18		5,897,532		—
USD	428,031,214	EUR	359,950,228	HSB	12/28/18		6,973,846		—
USD	432,772,701	EUR	363,977,344	MEL	12/28/18		7,004,552		—
USD	241,061,757	EUR	202,665,722	RBC	12/28/18		3,990,381		—
USD	398,644,481	EUR	335,079,836	SSB	12/28/18		6,679,640		—
USD	126,735,932	GBP	96,102,566	BNP	12/28/18		933,542		—
USD	176,532,937	GBP	133,833,393	CAN	12/28/18		1,339,273		—
USD	142,769,486	GBP	108,253,423	CIT	12/28/18		1,061,102		—
USD	128,997,036	GBP	97,794,299	HSB	12/28/18		980,096		—
USD	220,434,927	GBP	167,077,164	RBC	12/28/18		1,723,739		—
USD	139,236,062	GBP	105,561,036	SSB	12/28/18		1,052,129		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	52,562,801	$	20,447

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•)
Common Stocks \| 60.8%
Australia \| 3.8%
AGL Energy, Ltd.		787	$	11,116
Atlas Arteria, Ltd.		14,740		74,297
AusNet Services		47,401		55,817
BHP Billiton PLC		1,375		29,881
BlueScope Steel, Ltd.		2,238		27,387
CSL, Ltd.		477		68,971
Fortescue Metals Group, Ltd.		7,863		22,283
Goodman Group REIT		11,110		83,454
IDP Education, Ltd.		1,481		11,038
Transurban Group		17,933		144,973
Wesfarmers, Ltd.		2,101		75,688
Western Areas, Ltd.		10,016		19,143
Woolworths Group, Ltd.		2,324		47,045
				671,093
Canada \| 5.5%
Agnico Eagle Mines, Ltd.		647		22,127
Alimentation Couche-Tard, Inc., Class B		1,072		53,623
Atco, Ltd., Class I		500		14,613
Bank of Montreal		792		65,327
BCE, Inc.		1,467		59,434
BRP, Inc.		848		39,779
Canadian National Railway Co.		462		41,455
Capital Power Corp.		466		10,286
CI Financial Corp.		3,299		52,385
Dollarama, Inc.		550		17,326
Great-West Lifeco, Inc.		485		11,768
Kirkland Lake Gold, Ltd.		1,012		19,180
Lundin Mining Corp.		2,982		15,791
Magna International, Inc.		544		28,576
Martinrea International, Inc.		1,158		11,825
Metro, Inc.		578		17,980
National Bank of Canada		237		11,837
Northland Power, Inc.		2,612		43,882
Rogers Communications, Inc., Class B		449		23,092
Royal Bank of Canada		1,395		111,825
Suncor Energy, Inc.		981		37,960
TELUS Corp.		479		17,656
The Bank of Nova Scotia		382		22,769
The Toronto-Dominion Bank		1,617		98,261
TMX Group, Ltd.		412		27,652
TransAlta Corp.		3,685		20,741
Tricon Capital Group, Inc.		8,055		67,850
				965,000

Description	Shares		Fair Value
China \| 0.8%
China Tower Corp., Ltd., Class H		208,000	$	30,290
China Vanke Co., Ltd., Class H		18,200		59,480
SOHO China, Ltd.		147,500		57,259
				147,029
Denmark \| 0.3%
Danske Bank A/S		513		13,459
DFDS A/S		275		13,605
Novo Nordisk A/S, Class B		243		11,439
Scandinavian Tobacco Group A/S		682		10,459
				48,962
Faeroe Islands \| 0.1%
Bakkafrost P/F		290		17,690
Finland \| 0.1%
Cramo Oyj		714		16,106
France \| 2.8%
Air Liquide SA		200		26,270
AXA SA		617		16,565
Engie SA		1,756		25,794
Eutelsat Communications SA		5,247		123,909
Gecina SA REIT		308		51,428
L’Oreal SA		234		56,344
Peugeot SA		584		15,710
Unibail-Rodamco-Westfield		259		52,022
Vinci SA		1,392		132,421
				500,463
Germany \| 1.5%
ADO Properties SA		1,459		87,370
Allianz SE		81		18,044
Deutsche Lufthansa AG		1,195		29,360
Fraport AG		1,009		89,151
Schaeffler AG (Preference Shares)		1,011		12,889
thyssenkrupp AG		923		23,317
				260,131
Hong Kong \| 1.8%
Dairy Farm International Holdings, Ltd.		5,100		45,891
Hong Kong Exchanges & Clearing, Ltd.		400		11,366
Jardine Matheson Holdings, Ltd.		272		17,066
Link Real Estate Investment Trust		9,500		93,470
Sun Hung Kai Properties, Ltd.		5,000		72,833
Wharf Real Estate Investment Co., Ltd.		11,000		70,977
				311,603
Ireland \| 0.3%
AerCap Holdings NV (*)		209		12,022
CRH PLC		827		27,036

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Ryanair Holdings PLC Sponsored ADR (*)		135	$	12,965
				52,023
Italy \| 3.6%
ASTM SpA		1,057		22,826
Atlantia SpA		5,508		114,055
COIMA RES SpA REIT		5,658		52,422
Ferrari NV		84		11,530
Hera SpA		4,383		13,648
Italgas SpA		23,874		129,427
Poste Italiane SpA		2,046		16,348
Snam SpA		31,845		132,412
Societa Iniziative Autostradali e Servizi SpA		909		13,416
Terna SpA		24,487		130,510
				636,594
Japan \| 2.2%
Central Japan Railway Co.		100		20,823
East Japan Railway Co.		200		18,582
GLP J-Reit		76		73,853
KDDI Corp.		800		22,104
Mitsui Fudosan Co., Ltd.		3,500		82,851
MS&AD Insurance Group Holdings, Inc.		800		26,637
NTT DOCOMO, Inc.		1,500		40,336
Shin-Etsu Chemical Co., Ltd.		400		35,432
Sompo Holdings, Inc.		300		12,776
Sumitomo Metal Mining Co., Ltd.		600		21,048
Tokio Marine Holdings, Inc.		300		14,886
West Japan Railway Co.		400		27,889
				397,217
Luxembourg \| 1.1%
SES SA		7,379		161,857
Tenaris SA ADR		894		29,967
				191,824
Mexico \| 0.5%
Alpek SAB de CV		17,200		28,051
Corp Inmobiliaria Vesta SAB de CV		40,400		62,282
				90,333
Netherlands \| 0.4%
Aegon NV		1,899		12,319
Akzo Nobel NV		261		24,403
Intertrust NV		716		13,257
NN Group NV		417		18,576
				68,555
New Zealand \| 0.2%
Air New Zealand, Ltd.		10,076		20,634

Description	Shares		Fair Value
Spark New Zealand, Ltd.		6,132	$	16,459
				37,093
Norway \| 0.1%
Equinor ASA		858		24,186
Philippines \| 0.3%
Megaworld Corp.		670,000		54,573
Singapore \| 1.7%
Ascendas India Trust		71,300		56,848
CapitaLand Mall Trust REIT		34,400		56,015
DBS Group Holdings, Ltd.		1,659		31,576
Sheng Siong Group, Ltd.		15,200		12,453
Singapore Airlines, Ltd.		6,200		44,162
Singapore Technologies Engineering, Ltd.		4,600		11,974
United Overseas Bank, Ltd.		4,400		86,950
				299,978
Spain \| 1.0%
Merlin Properties Socimi SA REIT		3,733		50,607
Red Electrica Corporacion SA		6,384		133,422
				184,029
Sweden \| 0.1%
Swedish Match AB		236		12,075
Switzerland \| 0.8%
Ferguson PLC		529		44,875
Flughafen Zuerich AG		26		5,256
Roche Holding AG		308		74,530
Swiss Life Holding AG		39		14,767
				139,428
United Arab Emirates \| 0.3%
Emaar Properties PJSC		38,243		51,564
United Kingdom \| 5.4%
Admiral Group PLC		1,653		44,777
Ashtead Group PLC		523		16,599
Centrica PLC		7,601		15,332
Cineworld Group PLC		4,320		17,755
Derwent London PLC REIT		683		25,421
Electrocomponents PLC		1,302		12,179
Fiat Chrysler Automobiles NV (*)		713		12,503
Great Portland Estates PLC REIT		5,792		50,509
Hargreaves Lansdown PLC		944		27,469
Howden Joinery Group PLC		5,298		32,378
Imperial Brands PLC		1,536		53,420
International Consolidated Airlines Group SA		2,994		25,670
National Grid PLC		16,304		168,117
Pagegroup PLC		1,768		13,166
Pennon Group PLC		9,515		88,386

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Persimmon PLC		369	$	11,364
Segro PLC REIT		7,517		62,453
Severn Trent PLC		4,442		106,974
Unilever NV		552		30,738
United Utilities Group PLC		15,807		144,947
				960,157
United States \| 26.1%
Agilent Technologies, Inc.		188		13,262
Alexandria Real Estate Equities, Inc. REIT		498		62,643
American Electric Power Co., Inc.		1,750		124,040
American Homes 4 Rent, Class A REIT		2,453		53,696
American Tower Corp. REIT		603		87,616
Americold Realty Trust REIT		3,629		90,798
Aon PLC		430		66,125
Apple, Inc.		220		49,663
Automatic Data Processing, Inc.		326		49,115
Biogen, Inc. (*)		39		13,779
BorgWarner, Inc.		234		10,011
Boston Properties, Inc. REIT		559		68,807
Bristol-Myers Squibb Co.		301		18,686
Broadridge Financial Solutions, Inc.		103		13,591
Brunswick Corp.		233		15,616
Burlington Stores, Inc. (*)		68		11,079
Campbell Soup Co.		656		24,029
Charles River Laboratories International, Inc. (*)		93		12,512
Cigna Corp.		246		51,229
Cisco Systems, Inc.		321		15,617
Comcast Corp., Class A		1,672		59,205
Conagra Brands, Inc.		333		11,312
Consolidated Edison, Inc.		550		41,904
Copart, Inc. (*)		507		26,126
CoreSite Realty Corp. REIT		490		54,459
Costco Wholesale Corp.		195		45,802
CSX Corp.		1,119		82,862
Deere & Co.		238		35,779
DowDuPont, Inc.		347		22,316
Edison International		2,123		143,685
Eli Lilly & Co.		634		68,035
EOG Resources, Inc.		367		46,818
Equinix, Inc. REIT		199		86,145
Equity Lifestyle Properties, Inc. REIT		586		56,520
Essential Properties Realty Trust, Inc.		2,818		39,987
Essex Property Trust, Inc. REIT		360		88,816
F5 Networks, Inc. (*)		249		49,656
Fortune Brands Home & Security, Inc.		284		14,870

Description	Shares		Fair Value
Halliburton Co.		443	$	17,955
HCA Healthcare, Inc.		79		10,990
Honeywell International, Inc.		214		35,610
Hudson Pacific Properties, Inc.		1,927		63,051
Humana, Inc.		103		34,868
Intel Corp.		1,397		66,064
IQVIA Holdings, Inc. (*)		148		19,202
Johnson & Johnson		722		99,759
JPMorgan Chase & Co.		298		33,626
Kansas City Southern		450		50,976
Kimberly-Clark Corp.		436		49,547
Lockheed Martin Corp.		255		88,220
Lowe’s Cos., Inc.		126		14,467
Marathon Petroleum Corp.		230		18,393
Marriott International, Inc., Class A		738		97,438
Marsh & McLennan Cos., Inc.		306		25,312
Martin Marietta Materials, Inc.		151		27,474
MasterCard, Inc., Class A		448		99,729
Mettler-Toledo International, Inc. (*)		74		45,064
Motorola Solutions, Inc.		76		9,891
National Storage Affiliates Trust REIT		2,199		55,943
Newmont Mining Corp.		842		25,428
NIKE, Inc., Class B		418		35,413
Norfolk Southern Corp.		439		79,239
Northrop Grumman Corp.		179		56,809
Occidental Petroleum Corp.		482		39,606
Olin Corp.		1,013		26,014
Owens Corning		340		18,452
Palo Alto Networks, Inc. (*)		120		27,031
Paychex, Inc.		667		49,125
Pfizer, Inc.		280		12,340
PG&E Corp. (*)		3,164		145,576
Prologis, Inc.		1,329		90,093
Quest Diagnostics, Inc.		97		10,467
Raytheon Co.		200		41,332
Republic Services, Inc.		1,312		95,330
Ross Stores, Inc.		142		14,072
Simon Property Group, Inc. REIT		428		75,649
Skyworks Solutions, Inc.		194		17,598
Synovus Financial Corp.		231		10,577
Sysco Corp.		1,340		98,155
Teradyne, Inc.		315		11,649
Texas Instruments, Inc.		204		21,887
The Allstate Corp.		389		38,394
The Boeing Co.		262		97,438
The Hershey Co.		123		12,546
The Home Depot, Inc.		83		17,193


Description		Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
The Macerich Co. REIT			1,399	$	77,351
The Procter & Gamble Co.			1,168		97,213
The TJX Cos., Inc.			363		40,663
The Travelers Cos., Inc.			86		11,155
Thermo Fisher Scientific, Inc.			293		71,515
UnitedHealth Group, Inc.			116		30,861
Viavi Solutions, Inc. (*)			1,951		22,124
Visa, Inc., Class A			370		55,533
Vulcan Materials Co.			234		26,021
Walmart, Inc.			113		10,612
Waste Management, Inc.			607		54,848
Waters Corp. (*)			128		24,919
Westlake Chemical Corp.			371		30,834
Weyerhaeuser Co. REIT			2,619		84,515
WW Grainger, Inc.			46		16,441
Zoetis, Inc.			129		11,811
					4,623,619
Total Common Stocks (Cost $10,304,734)					10,761,325
Exchange-Traded Funds \| 1.2%
SPDR Gold Shares (*), (∆) (Cost $211,332)			1,807		203,757

Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations \| 8.2%
Australia \| 0.3%
Australia Government Bonds, 3.000%, 09/20/25	AUD		46	$	46,719
Canada \| 0.4%
Canadian Government Real Return Bonds, 2.000%, 12/01/41	CAD		75		74,227
Denmark \| 0.8%
Denmark Inflation Linked Government Bonds, 0.100%, 11/15/23	DKK		794		132,177
France \| 1.2%
Government of France, 1.850%, 07/25/27	EUR		148		215,468
Italy \| 0.8%
Italy Buoni Poliennali Del Tesoro, 0.100%, 05/15/22	EUR		130		146,547
Mexico \| 0.6%
Mexican Udibonos, 2.500%, 12/10/20	MXN		317		101,143

Description	Security Currency	Principal Amount (000)		Fair Value
New Zealand \| 0.8%
New Zealand Government Bonds, 3.000%, 09/20/30	NZD		175	$	144,384
Spain \| 1.3%
Spain Government Inflation Linked Bonds:
0.300%, 11/30/21	EUR		119		145,488
1.800%, 11/30/24	EUR		69		92,252
					237,740
Sweden \| 0.2%
Sweden Inflation Linked Bonds, 3.500%, 12/01/28	SEK		190		42,046
United Kingdom \| 1.8%
United Kingdom Gilt Inflation Linked:
2.500%, 04/16/20	GBP		40		188,303
0.750%, 03/22/34	GBP		71		130,205
					318,508
Total Foreign Government Obligations (Cost $1,411,074)					1,458,959
US Treasury Securities \| 13.8%
Treasury Inflation Protected Securities:
0.125%, 04/15/20	USD		786		775,380
1.125%, 01/15/21	USD		872		877,363
2.375%, 01/15/25	USD		223		243,298
2.500%, 01/15/29	USD		478		549,098
Total US Treasury Securities (Cost $2,493,067)					2,445,139

Description		Shares		Fair Value
Short-Term Investments \| 13.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (∆) (Cost $2,418,821)			2,418,821	$	2,418,821
Total Investments \| 97.7% (Cost $16,839,028) (»)				$	17,288,001
Cash and Other Assets in Excess of Liabilities \| 2.3%					405,477
Net Assets \| 100.0%				$	17,693,478

Lazard Real Assets and Pricing Opportunities Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	29,780	USD	21,700	HSB	11/21/18	$	—	$	138
CAD	16,250	USD	12,500	HSB	11/21/18		87		—
EUR	38,565	USD	45,600	CIT	11/21/18		—		598
EUR	2,115	USD	2,469	HSB	11/21/18		—		1
GBP	19,328	USD	25,000	HSB	11/21/18		285		—
GBP	13,522	USD	17,873	SSB	12/28/18		—		146
JPY	4,364,268	USD	40,000	CIT	11/21/18		—		1,408
JPY	12,488,084	USD	113,810	HSB	11/21/18		—		3,380
MXN	1,980,158	USD	103,651	CIT	11/21/18		1,373		—
MXN	1,772,875	USD	91,855	HSB	11/21/18		2,175		—
USD	542	AUD	741	HSB	11/21/18		6		—
USD	47,234	AUD	64,566	HSB	11/21/18		485		—
USD	266,811	AUD	366,877	SSB	12/28/18		1,083		—
USD	24,728	CAD	32,232	CIT	11/21/18		—		239
USD	15,235	CAD	19,659	CIT	12/28/18		—		6
USD	18,029	CAD	23,520	HSB	11/21/18		—		189
USD	24,535	CHF	23,366	SSB	12/28/18		387		—
USD	135,212	DKK	870,195	CIT	11/21/18		—		999
USD	945,093	EUR	794,563	CIT	12/28/18		14,601		—
USD	616,601	EUR	528,165	HSB	11/21/18		284		—
USD	276,866	EUR	232,719	SSB	12/28/18		4,335		—
USD	87,373	GBP	68,061	CIT	11/21/18		—		1,663
USD	231,151	GBP	180,042	HSB	11/21/18		—		4,377
USD	483,664	GBP	366,687	SSB	12/28/18		2,954		—
USD	12,900	JPY	1,452,114	HSB	11/21/18		59		—
USD	15,300	JPY	1,731,715	HSB	11/21/18		—		13
USD	23,512	JPY	2,579,965	HSB	11/21/18		698		—
USD	290,313	MXN	5,603,253	HSB	11/21/18		—		6,873
USD	98,998	NZD	148,343	CIT	11/21/18		536		—
USD	9,162	NZD	13,728	HSB	11/21/18		50		—
USD	38,328	SEK	347,182	HSB	11/21/18		—		936
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	29,398	$	20,966

Futures Contracts open at September 30, 2018 (∆):

Type	Number of Contracts	Notional Amount	Expiration Date	Notional Cost		Fair Value		Unrealized Depreciation
Corn	4	$20,000	12/14/18	$	82,103	$	71,250	$	10,853

Total Return Swap Agreements open at September 30, 2018 (∆):

Pay

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Payment
Frequency

Unrealized
Depreciation

0.00%

USD

GSC

2,500,410

10/24/18

Appreciation, and dividends paid, on commodities in a custom momentum basket

Maturity

5,527

Lazard Real Assets and Pricing Opportunities Portfolio (concluded)

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2018:

Commodity	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	5.40	%
Bean Oil	1.22
Brent Crude	13.72
Coffee	1.31
Copper	10.09
Corn	6.49
Cotton	2.95
Crude Oil	14.45
Gasoline (RBOB)	1.28
Gold	2.67
Heating Oil	2.64
Kansas Wheat	1.06
Lean Hogs	1.40
Live Cattle	3.24
Natural Gas	10.94
Nickel	3.02
Silver	3.23
Soy Meal	2.27
Soybeans	5.25
Wheat	4.61
Zinc	2.76
Total	100.00	%

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 78.3%
Equity Funds \| 67.9%
Communication Services Select Sector SPDR Fund		52,150	$	2,555,350
Energy Select Sector SPDR Fund		52,700		3,991,498
ETFMG Prime Mobile Payments ETF		125,300		5,376,623
Franklin FTSE Japan ETF		97,000		2,596,584
Industrial Select Sector SPDR Fund		136,800		10,725,120
Invesco S&P 500 Equal Weight ETF		63,500		6,782,435
iShares Global Materials ETF		118,365		7,967,148
iShares North American Tech ETF		20,400		4,271,468
iShares North American Tech-Software ETF		25,000		5,124,250
iShares Russell 2000 ETF		15,300		2,578,815
SPDR S&P Bank ETF		94,900		4,419,493
SPDR S&P Pharmaceuticals ETF		138,700		6,735,272
SPDR S&P Transportation ETF		94,160		6,323,202
Vanguard Consumer Staples ETF		46,600		6,529,592
Vanguard Financials ETF		74,738		5,184,575
Vanguard S&P 500 ETF		26,300		7,023,415
				88,184,840
Fixed-Income Funds \| 10.4%
Goldman Sachs Access Treasury 0-1 Year ETF		65,080		6,518,413
iShares iBoxx $ Investment Grade Corporate Bond ETF		60,695		6,975,676
				13,494,089
Total Exchange-Traded Funds (Cost $96,907,956)				101,678,929
Closed-End Management Investment Companies \| 4.6%
Royce Value Trust, Inc. (Cost $5,104,586)		372,119		6,084,145
Short-Term Investments \| 19.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $24,765,394)		24,765,394		24,765,394
Total Investments \| 102.0% (Cost $126,777,936)			$	132,528,468
Liabilities in Excess of Cash and Other Assets \| (2.0)%				(2,657,264	)
Net Assets \| 100.0%			$	129,871,204

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 83.4%
Australia \| 2.0%
AGL Energy, Ltd.		2,538	$	35,847
BlueScope Steel, Ltd.		4,248		51,985
CIMIC Group, Ltd.		755		27,942
Cochlear, Ltd.		180		26,253
CSL, Ltd.		3,395		490,894
Link Administration Holdings, Ltd.		4,496		25,226
Northern Star Resources, Ltd.		5,116		30,667
Qantas Airways, Ltd.		17,752		75,376
Regis Resources, Ltd.		10,445		28,033
Sandfire Resources NL		9,635		51,580
Saracen Mineral Holdings, Ltd. (*)		19,575		26,356
Stockland REIT		9,980		29,869
Whitehaven Coal, Ltd.		7,568		29,656
				929,684
Austria \| 0.1%
Erste Group Bank AG		962		39,902
Belgium \| 0.4%
Anheuser-Busch InBev SA/NV Sponsored ADR		1,400		122,598
Proximus SADP		1,089		26,019
UCB SA		579		51,967
				200,584
Canada \| 3.5%
Air Canada (*)		1,256		26,838
BRP, Inc.		993		46,581
CAE, Inc.		7,893		160,341
Canadian National Railway Co.		2,510		225,398
Canadian Natural Resources, Ltd.		797		26,039
Canfor Corp. (*)		2,247		41,890
CGI Group, Inc., Class A (*)		445		28,692
CI Financial Corp.		1,369		21,738
Colliers International Group, Inc.		561		43,455
Constellation Software, Inc.		32		23,533
National Bank of Canada		3,200		159,820
Norbord, Inc.		543		17,993
Northland Power, Inc.		1,480		24,864
Parex Resources, Inc. (*)		3,473		59,019
Quebecor, Inc., Class B		2,939		58,932
Rogers Communications, Inc., Class B		1,330		68,402
Royal Bank of Canada		1,130		90,582
Suncor Energy, Inc.		4,829		186,857
Tamarack Valley Energy, Ltd. (*)		8,747		34,063
Teck Resources, Ltd., Class B		3,435		82,787

Description	Shares		Fair Value
The Toronto-Dominion Bank		3,641	$	221,350
				1,649,174
Denmark \| 0.4%
Carlsberg A/S, Class B		231		27,698
Danske Bank A/S		2,560		67,163
DFDS A/S		1,026		50,759
H. Lundbeck A/S		466		28,747
				174,367
Faeroe Islands \| 0.0%
Bakkafrost P/F		362		22,082
Finland \| 0.4%
Elisa Oyj		708		30,029
Fortum Oyj		1,916		48,027
Sampo Oyj, A Shares ADR		4,825		124,195
				202,251
France \| 2.5%
AXA SA		1,632		43,816
Electricite de France SA		1,875		32,895
Engie SA		8,338		122,476
Faurecia SA		146		8,767
Hermes International		45		29,779
Ipsen SA		579		97,264
Peugeot SA		3,076		82,746
Schneider Electric SE		172		13,838
Societe Generale SA		993		42,583
Total SA		8,301		535,949
Ubisoft Entertainment SA ADR (*)		8,280		179,014
Veolia Environnement SA		952		18,990
				1,208,117
Germany \| 1.9%
Allianz SE		860		191,580
Continental AG		329		57,271
Covestro AG		2,093		169,668
Deutsche Lufthansa AG		5,782		142,060
Deutsche Telekom AG		1,566		25,236
Rheinmetall AG		233		24,358
RWE AG		961		23,705
SAP SE		195		23,999
Schaeffler AG (Preference Shares)		5,294		67,494
Siltronic AG		471		57,666
Symrise AG ADR		5,600		127,316
				910,353
Hong Kong \| 1.5%
AIA Group, Ltd. Sponsored ADR		5,130		182,628
CK Asset Holdings, Ltd.		11,196		83,548

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Hang Seng Bank, Ltd. Sponsored ADR		6,895	$	187,854
Jardine Matheson Holdings, Ltd.		700		43,921
Kerry Properties, Ltd.		9,500		32,228
Link Real Estate Investment Trust		8,000		78,712
Swire Pacific, Ltd., Class A		4,000		43,827
The Wharf Holdings, Ltd.		4,435		12,009
Wheelock & Co., Ltd.		6,000		35,994
				700,721
Ireland \| 0.2%
Shire PLC ADR		520		94,260
Israel \| 0.5%
Bank Leumi Le-Israel BM		9,643		63,513
Israel Discount Bank, Ltd., ADR		3,200		106,272
Israel Discount Bank, Ltd., Class A		15,483		51,586
Nice, Ltd. (*)		191		21,892
				243,263
Italy \| 1.0%
Assicurazioni Generali SpA		1,241		21,397
Enel SpA		46,969		240,011
Intesa Sanpaolo SpA		14,606		37,174
Poste Italiane SpA		7,758		61,989
Terna SpA		16,790		89,487
UniCredit SpA		2,469		37,017
				487,075
Japan \| 6.3%
Amano Corp.		1,195		24,952
Canon, Inc.		900		28,487
Central Japan Railway Co.		190		39,564
Daito Trust Construction Co., Ltd.		255		32,800
Daiwa House Industry Co., Ltd.		2,300		68,194
Daiwa House Industry Co., Ltd. ADR		4,365		128,898
Dexerials Corp.		1,700		17,286
DMG Mori Co., Ltd.		1,900		31,753
East Japan Railway Co.		2,200		204,403
Japan Post Holdings Co., Ltd.		7,900		94,001
Juki Corp.		1,000		12,405
Kamigumi Co., Ltd.		1,800		39,676
Kao Corp. ADR		8,325		134,241
KDDI Corp.		2,610		72,115
Keyence Corp.		100		58,014
Kinden Corp.		1,300		20,812
Kobe Bussan Co., Ltd.		300		17,056
Kyushu Electric Power Co., Inc.		2,500		30,168
Marvelous, Inc.		2,300		18,823

Description	Shares		Fair Value
Maxell Holdings, Ltd.		1,000	$	15,662
Miraca Holdings, Inc.		700		18,205
Mitsubishi UFJ Financial Group, Inc.		11,477		71,440
MS&AD Insurance Group Holdings, Inc.		2,054		68,389
Nikkiso Co., Ltd.		2,400		31,384
Nishimatsu Construction Co., Ltd.		700		17,718
Nissan Motor Co., Ltd.		2,300		21,531
Nitto Denko Corp.		200		14,994
Nomura Holdings, Inc.		6,900		32,759
NTT DOCOMO, Inc.		10,618		285,525
ORIX Corp.		1,813		29,391
Ryohin Keikaku Co., Ltd. ADR		2,575		153,367
Seven & I Holdings Co., Ltd.		2,200		97,988
Shikoku Electric Power Co., Inc.		4,000		52,208
Shin-Etsu Chemical Co., Ltd.		300		26,574
Shionogi & Co., Ltd.		600		39,186
Sompo Holdings, Inc.		2,504		106,640
Stanley Electric Co., Ltd.		800		27,353
Start Today Co., Ltd.		700		21,192
Sumitomo Heavy Industries, Ltd.		1,400		49,962
Sumitomo Mitsui Construction Co., Ltd.		3,600		24,171
Sumitomo Mitsui Trust Holdings, Inc.		1,300		53,499
Taisei Corp.		500		22,799
Takeuchi Manufacturing Co., Ltd.		913		24,627
Teijin, Ltd.		1,495		28,676
The 77 Bank, Ltd.		1,100		26,158
The Chiba Bank, Ltd.		3,400		23,220
The Chugoku Electric Power Co., Inc.		1,731		22,243
The Dai-ichi Life Insurance Co., Ltd.		4,200		87,436
The Gunma Bank, Ltd.		11,100		57,148
Tokyo Electron, Ltd.		200		27,452
Tokyo Gas Co., Ltd.		6,027		148,149
Tokyu Fudosan Holdings Corp.		3,200		22,305
Topcon Corp.		1,300		23,736
V Technology Co., Ltd.		100		15,002
Yamaha Corp. Sponsored ADR		2,640		139,286
				3,001,023
Malta \| 0.1%
Kindred Group PLC		2,189		24,521
Netherlands \| 1.0%
Euronext NV		374		24,579
Koninklijke Ahold Delhaize NV		1,775		40,700
Royal Dutch Shell PLC, A Shares		4,124		141,569
Wolters Kluwer NV		212		13,212
Wolters Kluwer NV Sponsored ADR		4,195		261,600
				481,660

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
New Zealand \| 0.0%
Spark New Zealand, Ltd.		8,573	$	23,010
Norway \| 1.8%
DNO ASA		28,351		58,603
Equinor ASA		19,468		548,784
Leroy Seafood Group ASA		3,807		31,068
Marine Harvest ASA		1,881		43,575
Salmar ASA		915		45,673
Telenor ASA		4,136		80,849
TGS NOPEC Geophysical Co. ASA		765		31,093
				839,645
Portugal \| 0.1%
Galp Energia SGPS SA		1,446		28,673
Russia \| 0.1%
Evraz PLC		8,970		66,121
Singapore \| 0.9%
Best World International, Ltd.		21,700		23,327
Oversea-Chinese Banking Corp., Ltd.		9,200		76,931
Oversea-Chinese Banking Corp., Ltd. ADR		10,295		171,721
Singapore Airlines, Ltd.		6,330		45,088
Singapore Technologies Engineering, Ltd.		21,500		55,967
UOL Group, Ltd.		9,900		49,867
Venture Corp., Ltd.		1,600		20,619
				443,520
Spain \| 0.2%
Amadeus IT Group SA		659		61,152
Banco Bilbao Vizcaya Argentaria SA		2,441		15,434
Corporacion Financiera Alba SA		204		11,356
Mapfre SA		5,700		17,784
				105,726
Sweden \| 1.3%
Assa Abloy AB ADR		9,710		96,857
Atlas Copco AB, Class B		1,318		35,129
Axfood AB		3,101		58,028
Boliden AB		1,769		49,245
Hexagon AB ADR		2,420		141,522
Lundin Petroleum AB		871		33,246
Nordea Bank AB Sponsored ADR		12,895		142,103
Swedish Orphan Biovitrum AB (*)		1,335		39,016
				595,146
Switzerland \| 1.6%
Adecco Group AG		277		14,530
Georg Fischer AG		32		36,153
Julius Baer Group, Ltd. ADR		7,865		78,021

Description	Shares		Fair Value
Partners Group Holding AG		217	$	171,999
Roche Holding AG		1,783		431,449
The Swatch Group AG		336		26,160
				758,312
United Kingdom \| 6.2%
Abcam PLC		1,627		30,367
Admiral Group PLC		1,638		44,371
Anglo American PLC		1,123		25,155
Ashtead Group PLC		897		28,469
Ashtead Group PLC ADR		1,400		179,291
Associated British Foods PLC		844		25,185
British American Tobacco PLC Sponsored ADR		3,625		169,034
Bunzl PLC Sponsored ADR		4,740		150,614
Cineworld Group PLC		19,586		80,497
Coca-Cola European Partners PLC		3,045		138,456
Compass Group PLC		6,912		153,687
Compass Group PLC Sponsored ADR		6,482		146,590
Diageo PLC Sponsored ADR		1,585		224,547
Electrocomponents PLC		1,912		17,886
Fiat Chrysler Automobiles NV (*)		1,168		20,482
GlaxoSmithKline PLC		2,159		43,255
Hargreaves Lansdown PLC		1,550		45,103
Howden Joinery Group PLC		9,710		59,341
Imperial Brands PLC		2,574		89,520
International Consolidated Airlines Group SA		13,198		113,066
Land Securities Group PLC REIT		1,387		15,957
Lloyds Banking Group PLC		58,927		45,473
National Grid PLC		8,819		90,936
Pearson PLC		4,256		49,278
Prudential PLC ADR		2,860		131,245
RELX PLC Sponsored ADR		9,400		196,742
Rio Tinto PLC Sponsored ADR		1,665		84,948
Royal Bank of Scotland Group PLC		8,037		25,983
RSA Insurance Group PLC ADR		13,090		98,437
SSP Group PLC		3,143		29,651
Taylor Wimpey PLC		16,656		37,225
Unilever PLC Sponsored ADR		4,120		226,476
WH Smith PLC		2,107		56,600
Wm Morrison Supermarkets PLC		18,685		63,144
				2,937,011
United States \| 49.4%
Accenture PLC, Class A		1,687		287,127
Adobe Systems, Inc. (*)		955		257,802
Air Lease Corp.		523		23,995
Align Technology, Inc. (*)		287		112,280
Ally Financial, Inc.		1,841		48,694

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Alphabet, Inc., Class A (*)		258	$	311,427
Alphabet, Inc., Class C (*)		13		15,515
Amazon.com, Inc. (*)		158		316,474
Amdocs, Ltd.		495		32,660
Ameren Corp.		806		50,955
American Express Co.		1,071		114,051
Ameriprise Financial, Inc.		284		41,935
Amgen, Inc.		685		141,994
Anthem, Inc.		644		176,488
Aon PLC		2,698		414,898
Apple, Inc.		3,047		687,830
Applied Materials, Inc.		683		26,398
Atmos Energy Corp.		1,188		111,565
Automatic Data Processing, Inc.		657		98,984
Avery Dennison Corp.		2,144		232,302
Bank of America Corp.		4,321		127,297
Baxter International, Inc.		343		26,442
Best Buy Co., Inc.		712		56,504
BGC Partners, Inc., Class A		2,557		30,224
Biogen, Inc. (*)		735		259,683
Booking Holdings, Inc. (*)		13		25,792
BorgWarner, Inc.		1,152		49,283
Bristol-Myers Squibb Co.		1,825		113,296
Broadridge Financial Solutions, Inc.		811		107,011
Brunswick Corp.		795		53,281
Burlington Stores, Inc. (*)		592		96,449
Cadence Design Systems, Inc. (*)		621		28,144
Carnival PLC		384		23,851
CBRE Group, Inc., Class A (*)		2,283		100,680
Celgene Corp. (*)		864		77,319
Centene Corp. (*)		374		54,148
Cerner Corp. (*)		795		51,206
Cigna Corp.		1,977		411,710
Cisco Systems, Inc.		3,120		151,788
Citigroup, Inc.		1,237		88,742
Citizens Financial Group, Inc.		1,516		58,472
Colgate-Palmolive Co.		402		26,914
Comcast Corp., Class A		8,268		292,770
Comerica, Inc.		2,135		192,577
ConocoPhillips		819		63,391
Copart, Inc. (*)		537		27,672
Costco Wholesale Corp.		427		100,294
Darden Restaurants, Inc.		487		54,150
Deckers Outdoor Corp. (*)		289		34,270
Diamondback Energy, Inc.		212		28,660
Eastman Chemical Co.		2,158		206,564

Description	Shares		Fair Value
Eaton Corp. PLC		2,150	$	186,469
eBay, Inc. (*)		2,870		94,767
EchoStar Corp., Class A (*)		288		13,355
Edwards Lifesciences Corp. (*)		197		34,298
Eli Lilly & Co.		2,513		269,670
Encompass Health Corp.		815		63,529
Exelon Corp.		1,115		48,681
Express Scripts Holding Co. (*)		765		72,683
F5 Networks, Inc. (*)		651		129,822
Facebook, Inc., Class A (*)		350		57,561
FactSet Research Systems, Inc.		231		51,677
Fifth Third Bancorp		2,140		59,749
Fiserv, Inc. (*)		1,231		101,410
Graco, Inc.		568		26,321
Grand Canyon Education, Inc. (*)		228		25,718
HollyFrontier Corp.		366		25,583
Honeywell International, Inc.		2,535		421,824
HP, Inc.		2,423		62,441
Humana, Inc.		857		290,112
Huntsman Corp.		874		23,799
IDEXX Laboratories, Inc. (*)		146		36,450
Insperity, Inc.		390		46,001
Intel Corp.		5,028		237,774
Intercontinental Exchange, Inc.		2,780		208,194
Intuit, Inc.		729		165,775
IQVIA Holdings, Inc. (*)		2,310		299,699
j2 Global, Inc.		304		25,186
Jabil, Inc.		942		25,509
Johnson & Johnson		3,557		491,471
Jones Lang LaSalle, Inc.		544		78,510
JPMorgan Chase & Co.		2,696		304,217
Kellogg Co.		383		26,818
Keurig Dr Pepper, Inc.		6,965		161,379
Kimberly-Clark Corp.		1,085		123,299
Kohl’s Corp.		437		32,578
Koppers Holdings, Inc. (*)		449		13,986
Lamb Weston Holdings, Inc.		855		56,943
Lear Corp.		231		33,495
Life Storage, Inc. REIT		381		36,256
Lockheed Martin Corp.		1,138		393,702
Lowe’s Cos., Inc.		971		111,490
LPL Financial Holdings, Inc.		415		26,772
Lululemon Athletica, Inc. (*)		228		37,048
Marathon Petroleum Corp.		339		27,110
MasterCard, Inc., Class A		2,676		595,704
Maxim Integrated Products, Inc.		1,610		90,788
McGrath RentCorp		480		26,146

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Merck & Co., Inc.		797	$	56,539
Micron Technology, Inc. (*)		2,480		112,170
Microsoft Corp.		5,356		612,566
Moody’s Corp.		939		157,001
Morgan Stanley		1,688		78,610
Motorola Solutions, Inc.		1,165		151,613
NetApp, Inc.		729		62,614
Newfield Exploration Co. (*)		2,382		68,673
Newmont Mining Corp.		1,040		31,408
NIKE, Inc., Class B		2,349		199,007
Nordstrom, Inc.		538		32,178
Northern Trust Corp.		249		25,430
Northrop Grumman Corp.		530		168,206
NVIDIA Corp.		60		16,861
NVR, Inc. (*)		6		14,825
Omnicom Group, Inc.		2,011		136,788
Palo Alto Networks, Inc. (*)		343		77,264
Paychex, Inc.		1,601		117,914
PayPal Holdings, Inc. (*)		206		18,095
PBF Energy, Inc., Class A		572		28,549
PepsiCo, Inc.		1,131		126,446
Pfizer, Inc.		2,536		111,762
PG&E Corp. (*)		808		37,176
Philip Morris International, Inc.		549		44,765
Phillips 66		243		27,391
Pinnacle West Capital Corp.		1,242		98,342
PotlatchDeltic Corp. REIT		500		20,475
Prudential Financial, Inc.		129		13,070
Public Service Enterprise Group, Inc.		853		45,030
Radian Group, Inc.		1,186		24,515
Raytheon Co.		550		113,663
Red Hat, Inc. (*)		93		12,674
Regions Financial Corp.		2,031		37,269
Renewable Energy Group, Inc. (*)		2,505		72,144
Republic Services, Inc.		1,676		121,778
Rockwell Automation, Inc.		826		154,892
Ross Stores, Inc.		5,156		510,960
Royal Caribbean Cruises, Ltd.		685		89,009
Ryman Hospitality Properties, Inc. REIT		319		27,488
S&P Global, Inc.		850		166,081
Sabra Health Care REIT, Inc.		821		18,982
Schlumberger, Ltd.		2,200		134,024
Seagate Technology PLC		1,407		66,621
Simon Property Group, Inc. REIT		2,585		456,899
Skyworks Solutions, Inc.		647		58,689
Snap-on, Inc.		690		126,684

Description	Shares		Fair Value
Starbucks Corp.		3,060	$	173,930
Sturm Ruger & Co., Inc.		450		31,073
Sysco Corp.		3,981		291,608
T-Mobile US, Inc. (*)		874		61,337
TE Connectivity, Ltd.		301		26,467
Teradyne, Inc.		1,579		58,391
Texas Instruments, Inc.		3,827		410,599
The Boeing Co.		1,533		570,123
The Charles Schwab Corp.		3,170		155,806
The Coca-Cola Co.		5,360		247,578
The Estee Lauder Cos., Inc., Class A		1,792		260,413
The Gap, Inc.		812		23,426
The Home Depot, Inc.		376		77,888
The Kroger Co.		1,889		54,989
The Procter & Gamble Co.		4,813		400,586
The Southern Co.		591		25,768
The TJX Cos., Inc.		3,420		383,108
Thermo Fisher Scientific, Inc.		1,165		284,353
U.S. Silica Holdings, Inc.		749		14,104
United Continental Holdings, Inc. (*)		342		30,459
United Rentals, Inc. (*)		724		118,446
United Technologies Corp.		1,000		139,810
UnitedHealth Group, Inc.		1,122		298,497
Unum Group		1,061		41,453
USANA Health Sciences, Inc. (*)		245		29,535
Verizon Communications, Inc.		8,239		439,880
Vertex Pharmaceuticals, Inc. (*)		124		23,900
Visa, Inc., Class A		3,086		463,178
Vistra Energy Corp. (*)		1,253		31,175
Waste Management, Inc.		1,176		106,263
Welbilt, Inc. (*)		8,020		167,458
Worldpay, Inc., Class A (*)		3,025		306,342
WW Grainger, Inc.		620		221,594
Xcel Energy, Inc.		685		32,339
Zions BanCorp.		522		26,178
Zoetis, Inc.		3,589		328,609
				23,533,530
Total Common Stocks (Cost $36,387,597)				39,699,731

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

Corporate Bonds | 4.3%

Australia | 0.1%

Telstra Corp., Ltd.,
4.000%, 09/16/22

AUD

66,730

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Belgium \| 0.1%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21	USD		65	$	64,068
Canada \| 0.2%
The Toronto-Dominion Bank, 2.621%, 12/22/21	CAD		95		72,914
Denmark \| 0.3%
Carlsberg Breweries A/S, 2.500%, 05/28/24	EUR		100		125,318
Germany \| 0.1%
BMW Finance NV, 0.875%, 08/16/22	GBP		55		68,918
Netherlands \| 0.1%
BNG Bank NV, 5.000%, 09/16/20	NZD		48		33,360
New Zealand \| 0.2%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24	AUD		100		79,518
Spain \| 0.2%
Iberdrola International BV, 1.125%, 04/21/26	EUR		100		115,008
Switzerland \| 0.1%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		40		39,841
United Kingdom \| 0.3%
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		100		134,358
United States \| 2.6%
Amazon.com, Inc., 3.800%, 12/05/24	USD		80		81,581
Apple, Inc.:
2.850%, 02/23/23	USD		10		9,822
3.850%, 05/04/43	USD		95		91,299
Bank of America Corp., 3.499%, 05/17/22 (§)	USD		70		69,957
Caterpillar Financial Services Corp., 2.550%, 11/29/22	USD		120		116,441
Citigroup, Inc., 3.516% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		107		78,500
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		100		76,254
Johnson & Johnson, 3.625%, 03/03/37	USD		75		72,076
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		60		61,874
Microsoft Corp., 4.450%, 11/03/45	USD		112		119,744

Description	Security Currency	Principal Amount (000)		Fair Value
Morgan Stanley, 3.625%, 01/20/27	USD		75	$	71,975
NIKE, Inc., 2.375%, 11/01/26	USD		80		72,628
Starbucks Corp., 3.100%, 03/01/23	USD		35		34,469
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		65		64,742
The Home Depot, Inc., 3.750%, 02/15/24	USD		65		66,235
United Parcel Service, Inc., 2.350%, 05/16/22	USD		40		38,645
Wells Fargo & Co., 3.285% (BBSW 3 Month + 1.320%), 07/27/21 (§)	AUD		100		73,027
Wells Fargo Canada Corp., 3.040%, 01/29/21	CAD		55		42,670
					1,241,939
Total Corporate Bonds (Cost $2,101,249)					2,041,972
Foreign Government Obligations \| 7.5%
Australia \| 0.4%
Queensland Treasury Corp.:
5.500%, 06/21/21	AUD		85		66,588
3.000%, 03/22/24	AUD		90		66,104
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		90		75,355
					208,047
Bermuda \| 0.4%
Government of Bermuda, 4.854%, 02/06/24	USD		200		208,750
Canada \| 0.9%
City of Vancouver, 2.900%, 11/20/25	CAD		45		34,519
Province of British Columbia, 4.700%, 06/18/37	CAD		75		70,921
Province of Ontario, 2.450%, 06/29/22	USD		80		77,678
Province of Quebec:
3.500%, 07/29/20	USD		85		85,742
1.650%, 03/03/22	CAD		40		30,111
3.000%, 09/01/23	CAD		85		66,598
2.500%, 04/20/26	USD		75		70,641
					436,210
Chile \| 0.6%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		45,000		68,321

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Republic of Chile, 3.125%, 01/21/26	USD		200	$	192,200
					260,521
Czech Republic \| 0.3%
Czech Republic, 2.500%, 08/25/28	CZK		3,070		142,406
France \| 0.3%
Government of France, 1.750%, 06/25/39	EUR		121		149,159
Hungary \| 0.3%
Hungary, 6.375%, 03/29/21	USD		44		46,952
Hungary Government Bonds, 3.000%, 10/27/27	HUF		20,490		70,270
					117,222
Japan \| 0.4%
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		181,098
Mexico \| 0.5%
Mexican Bonos, 6.500%, 06/09/22	MXN		2,750		140,976
United Mexican States, 6.750%, 02/06/24	GBP		70		109,134
					250,110
New Zealand \| 0.4%
New Zealand Government Bonds:
6.000%, 05/15/21	NZD		185		134,225
4.500%, 04/15/27	NZD		75		54,027
					188,252
Norway \| 0.9%
Kommunalbanken AS, 1.375%, 10/26/20 (#)	USD		200		193,518
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		122,827
2.350%, 09/04/24	NOK		1,000		122,467
					438,812
Panama \| 0.4%
Republic of Panama, 4.000%, 09/22/24	USD		200		202,600
Poland \| 0.3%
Poland Government Bonds, 2.500%, 07/25/26	PLN		545		141,499
Singapore \| 0.6%
Singapore Government Bonds, 3.000%, 09/01/24	SGD		351		266,001

Description	Security Currency	Principal Amount (000)		Fair Value
Spain \| 0.1%
Spain Government Bonds, 1.600%, 04/30/25	EUR		56	$	67,939
Sweden \| 0.4%
Kommuninvest I Sverige AB, 1.500%, 04/23/19	USD		200		198,758
United Kingdom \| 0.3%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		52		66,291
1.500%, 07/22/47	GBP		58		68,642
					134,933
Total Foreign Government Obligations (Cost $3,709,111)					3,592,317
Quasi Government Bonds \| 0.3%
Canada \| 0.2%
Export Development Canada, 1.800%, 09/01/22	CAD		95		71,590
Germany \| 0.1%
KFW, 1.125%, 12/23/19	GBP		45		58,774
Total Quasi Government Bonds (Cost $126,091)					130,364
Supranational Bonds \| 1.1%
African Development Bank, 2.375%, 09/23/21	USD		80		78,309
Asian Development Bank:
1.000%, 12/15/22	GBP		65		83,551
2.125%, 03/19/25	USD		85		79,843
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		95		70,650
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		45		30,619
2.500%, 08/03/23	CAD		140		107,377
International Finance Corp., 3.625%, 05/20/20	NZD		75		50,870
Total Supranational Bonds (Cost $518,468)					501,219
US Municipal Bonds \| 0.5%
California \| 0.3%
California State Build America Bonds, 7.500%, 04/01/34	USD		120		165,928

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Georgia \| 0.2%
Georgia State Build America Bonds Series B, 2.380%, 02/01/27	USD		100	$	91,821
Total US Municipal Bonds (Cost $272,704)					257,749
US Treasury Securities \| 1.6%
Treasury Inflation Protected Security, 0.125%, 04/15/20	USD		70		69,040
US Treasury Notes:
1.750%, 10/31/20	USD		35		34,236
2.125%, 05/15/25	USD		235		222,571
2.875%, 08/15/28	USD		225		221,590
3.125%, 11/15/41	USD		205		202,926
Total US Treasury Securities (Cost $763,292)					750,363

Description	Shares		Fair Value
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $726,816)		726,816	$	726,816
Total Investments l 100.2% (Cost $44,605,328) (»)			$	47,700,531
Liabilities in Excess of Cash and Other Assets l (0.2)%				(77,391	)
Net Assets l 100.0%			$	47,623,140

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	327,631	USD	237,469	CIT	11/21/18	$	—	$	561
AUD	76,303	USD	55,600	HSB	11/21/18		—		426
CAD	605,338	USD	467,246	CIT	11/21/18		1,892		—
CAD	70,721	USD	54,400	HSB	11/21/18		409		—
CHF	58,265	USD	59,127	HSB	11/21/18		507		—
CHF	42,302	USD	44,092	SSB	12/28/18		—		622
CLP	25,094,353	USD	37,530	CIT	11/05/18		649		—
CZK	5,265,610	USD	241,404	HSB	11/29/18		—		3,649
EUR	74,542	USD	88,000	CIT	11/21/18		—		1,113
EUR	80,936	USD	95,700	CIT	11/21/18		—		1,361
EUR	111,063	USD	130,879	CIT	11/21/18		—		1,424
EUR	598,613	USD	698,794	CIT	11/21/18		—		1,051
EUR	41,877	USD	49,200	HSB	11/21/18		—		388
EUR	1,074,612	USD	1,254,545	HSB	11/21/18		—		1,978
EUR	97,555	USD	113,856	JPM	11/21/18		—		146
EUR	533,155	USD	630,862	SSB	12/28/18		—		7,196
GBP	149,424	USD	197,152	CIT	11/21/18		—		1,963
GBP	40,918	USD	52,533	HSB	11/21/18		917		—
GBP	44,068	USD	57,000	HSB	11/21/18		565		—
HUF	11,344,233	USD	41,271	JPM	11/21/18		—		388
JPY	12,219,950	USD	112,000	CIT	11/21/18		—		4,060
JPY	88,572,341	USD	807,220	CIT	11/21/18		—		24,850
JPY	144,852,302	USD	1,320,109	HSB	11/21/18		—		40,613
JPY	28,667,680	USD	255,574	SSB	12/28/18		—		1,456
MXN	1,510,572	USD	79,071	CIT	11/21/18		1,022		—
MXN	2,598,190	USD	136,401	CIT	11/21/18		1,358		—
NOK	993,556	USD	122,538	CIT	11/21/18		—		217
NZD	370,708	USD	246,352	CIT	11/21/18		—		556
NZD	11,526	USD	7,692	HSB	11/21/18		—		50
NZD	13,427	USD	9,000	HSB	11/21/18		—		97
PLN	298,019	USD	81,757	CIT	11/21/18		—		838
PLN	51,396	USD	13,809	HSB	11/21/18		146		—
SGD	129,144	USD	94,670	CIT	11/21/18		—		99
USD	344,080	AUD	470,474	CIT	11/21/18		3,882		—
USD	63,202	AUD	86,393	HSB	11/21/18		731		—
USD	69,300	AUD	95,650	HSB	11/21/18		136		—
USD	202,794	AUD	277,228	JPM	11/21/18		2,332		—
USD	311,808	AUD	429,394	SSB	12/28/18		1,208		—
USD	178,270	CAD	232,371	CIT	11/21/18		—		1,818
USD	145,100	CAD	187,799	HSB	11/21/18		—		444
USD	232,443	CAD	303,227	HSB	11/21/18		—		2,558
USD	332,946	CAD	434,290	JPM	11/21/18		—		3,630
USD	488,049	CAD	631,740	SSB	12/28/18		—		1,992
USD	16,600	CHF	16,015	HSB	11/21/18		209		—
USD	110,445	CLP	70,646,034	CIT	11/05/18		2,963		—

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	121,466	CZK	2,690,099	CIT	11/29/18	$	1	$	—
USD	31,096	CZK	688,667	HSB	11/29/18		1		—
USD	57,747	CZK	1,280,755	JPM	11/29/18		—		82
USD	158,966	CZK	3,510,761	JPM	11/29/18		446		—
USD	61,365	DKK	386,658	SSB	12/28/18		682		—
USD	1,031,600	EUR	875,083	HSB	11/21/18		11,604		—
USD	218,000	GBP	165,185	HSB	11/21/18		2,223		—
USD	260,972	GBP	203,270	HSB	11/21/18		—		4,554
USD	32,292	GBP	25,150	JPM	11/21/18		—		560
USD	51,646	GBP	39,041	SSB	12/28/18		540		—
USD	198,902	HKD	1,552,286	SSB	12/28/18		364		—
USD	117,942	HUF	32,629,527	JPM	11/21/18		349		—
USD	61,690	ILS	219,857	SSB	12/28/18		840		—
USD	39,600	JPY	4,482,086	HSB	11/21/18		9		—
USD	775,300	JPY	87,273,195	HSB	11/21/18		4,406		—
USD	76,931	MXN	1,487,572	CIT	11/21/18		—		1,942
USD	19,400	MXN	371,992	HSB	11/21/18		—		324
USD	166,881	MXN	3,220,926	HSB	11/21/18		—		3,896
USD	70,554	MXN	1,364,175	JPM	11/21/18		—		1,776
USD	122,405	NOK	1,026,839	CIT	11/21/18		—		4,013
USD	229,997	NOK	1,929,510	HSB	11/21/18		—		7,552
USD	518,939	NOK	4,194,073	SSB	12/28/18		1,632		—
USD	44,000	NZD	66,233	HSB	11/21/18		85		—
USD	342,614	NZD	513,382	HSB	11/21/18		2,220		—
USD	106,453	NZD	159,484	JPM	11/21/18		708		—
USD	17,208	PLN	64,074	CIT	11/21/18		—		190
USD	200,252	PLN	745,314	HSB	11/21/18		—		2,119
USD	106,455	SEK	931,534	SSB	12/28/18		815		—
USD	269,477	SGD	367,830	HSB	11/21/18		121		—
USD	220,772	SGD	300,799	SSB	12/28/18		318		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	46,290	$	132,552

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio
Convertible Corporate Bonds \| 91.1%
Argentina \| 0.8%
MercadoLibre, Inc., 2.000%, 08/15/28 (±)		USD		138	$	135,721
Bermuda \| 1.4%
Golar LNG, Ltd., 2.750%, 02/15/22 (±)		USD		143		149,541
Teekay Corp., 5.000%, 01/15/23 (±)		USD		110		100,160
						249,701
Canada \| 4.0%
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)		CAD		179		208,393
Element Fleet Management Corp., 5.125%, 06/30/19 (±)		CAD		221		169,388
First Majestic Silver Corp., 1.875%, 03/01/23 (#), (±)		USD		148		134,414
SSR Mining, Inc., 2.875%, 02/01/33 (±)		USD		190		186,556
						698,751
China \| 1.5%
GDS Holdings, Ltd., 2.000%, 06/01/25 (#), (±)		USD		114		104,464
Huazhu Group, Ltd., 0.375%, 11/01/22 (#), (±)		USD		145		149,463
						253,927
France \| 0.8%
Airbus SE, 0.000%, 06/14/21 (±)		EUR		100		144,148
Japan \| 2.9%
Kyushu Electric Power Co., Inc., 0.000%, 03/31/20 (±)		JPY		10,000		92,853
Mirait Holdings Corp., 0.000%, 12/30/21 (±)		JPY		10,000		124,978
Mitsubishi Chemical Holdings Corp., 0.000%, 03/30/22 (±)		JPY		10,000		93,623
Nipro Corp., 0.000%, 01/29/21 (±)		JPY		10,000		101,765
The Chugoku Electric Power Co., Inc., 0.000%, 01/24/20 (±)		JPY		10,000		94,834
						508,053
Mexico \| 2.5%
Cemex SAB de CV, 3.720%, 03/15/20 (±)		USD		423		426,133
Monaco \| 0.4%
Endeavour Mining Corp., 3.000%, 02/15/23 (#), (±)		USD		62		59,210

Description	Security Currency		Principal Amount (000)		Fair Value
Netherlands \| 2.0%
Fugro NV:
4.000%, 10/26/21 (±)		EUR		200	$	222,341
4.500%, 11/02/24 (±)		EUR		100		120,459
						342,800
Thailand \| 0.8%
Sea, Ltd., 2.250%, 07/01/23 (#), (±)		USD		138		136,543
United States \| 74.0%
AK Steel Corp., 5.000%, 11/15/19 (±)		USD		110		127,179
Akamai Technologies, Inc., 0.125%, 05/01/25 (±)		USD		73		71,790
Alder Biopharmaceuticals, Inc., 2.500%, 02/01/25 (±)		USD		74		79,174
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (±)		USD		148		155,587
Alteryx, Inc., 0.500%, 06/01/23 (±)		USD		73		103,540
AMAG Pharmaceuticals, Inc., 3.250%, 06/01/22 (±)		USD		76		79,764
American Residential Properties OP LP, 3.250%, 11/15/18 (#), (±)		USD		279		340,903
Amicus Therapeutics, Inc., 3.000%, 12/15/23 (#), (±)		USD		191		403,129
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)		USD		177		213,644
Atlassian, Inc., 0.625%, 05/01/23 (±)		USD		138		180,581
Avaya Holdings Corp., 2.250%, 06/15/23 (±)		USD		147		149,181
CalAmp Corp.:
1.625%, 05/15/20 (±)		USD		88		92,410
2.000%, 08/01/25 (#)		USD		35		35,250
Carbonite, Inc., 2.500%, 04/01/22 (±)		USD		146		219,000
CB Solazyme, Inc., («) 5.000%, 10/01/19		USD		216		6,480
Chegg, Inc., 0.250%, 05/15/23 (#), (±)		USD		109		131,291
Chesapeake Energy Corp., 5.500%, 09/15/26 (±)		USD		172		169,892
Cleveland-Cliffs, Inc., 1.500%, 01/15/25 (±)		USD		175		287,146
Colony Capital, Inc., 3.875%, 01/15/21 (±)		USD		163		153,470
Corium International, Inc., 5.000%, 03/15/25 (±)		USD		101		89,543
Coupa Software, Inc., 0.375%, 01/15/23 (±)		USD		73		133,195

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Cowen, Inc., 3.000%, 12/15/22 (±)		USD		121	$	134,794
Cree, Inc., 0.875%, 09/01/23 (±)		USD		135		123,858
CSG Systems International, Inc., 4.250%, 03/15/36 (±)		USD		94		98,545
Encore Capital Group, Inc.:
2.875%, 03/15/21 (±)		USD		220		204,781
3.250%, 03/15/22 (±)		USD		308		306,339
Envestnet, Inc., 1.750%, 06/01/23 (±)		USD		146		156,615
Everbridge, Inc., 1.500%, 11/01/22 (±)		USD		69		121,286
Evolent Health, Inc., 2.000%, 12/01/21 (±)		USD		143		192,094
EZCORP, Inc.:
2.125%, 06/15/19 (±)		USD		331		327,169
2.375%, 05/01/25 (±)		USD		132		121,346
Forest City Realty Trust, Inc., 3.625%, 08/15/20 (±)		USD		81		88,556
Forestar Group, Inc., 3.750%, 03/01/20 (±)		USD		112		111,168
FTI Consulting, Inc., 2.000%, 08/15/23 (±)		USD		69		67,078
Green Plains, Inc.:
3.250%, 10/01/18		USD		269		274,297
4.125%, 09/01/22 (±)		USD		152		145,389
Herbalife Nutrition, Ltd.:
2.000%, 08/15/19 (±)		USD		142		184,701
2.625%, 03/15/24 (±)		USD		147		157,471
Hope Bancorp, Inc., 2.000%, 05/15/38 (#), (±)		USD		69		64,294
HubSpot, Inc., 0.250%, 06/01/22 (±)		USD		110		180,791
IH Merger Sub LLC, 3.000%, 07/01/19 (±)		USD		341		425,412
Illumina, Inc., 0.000%, 08/15/23 (#)		USD		69		76,152
Infinera Corp., 2.125%, 09/01/24 (±)		USD		138		139,298
Innoviva, Inc., 2.125%, 01/15/23 (±)		USD		232		235,045
Insulet Corp., 1.375%, 11/15/24 (±)		USD		46		58,156
Invacare Corp., 5.000%, 02/15/21 (±)		USD		250		270,356
Kaman Corp., 3.250%, 05/01/24 (±)		USD		118		138,270
Knowles Corp., 3.250%, 11/01/21 (±)		USD		153		174,650
Liberty Interactive LLC:

Description	Security Currency		Principal Amount (000)		Fair Value
4.000%, 11/15/29 (±)		USD		267	$	184,792
3.750%, 02/15/30 (±)		USD		185		126,468
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)		USD		73		88,861
Microchip Technology, Inc., 1.625%, 02/15/27 (±)		USD		193		205,443
MINDBODY, Inc., 0.375%, 06/01/23 (±)		USD		146		150,563
MongoDB, Inc., 0.750%, 06/15/24 (#), (±)		USD		138		182,881
Navistar International Corp.:
4.500%, 10/15/18 (±)		USD		305		304,420
4.750%, 04/15/19 (±)		USD		42		42,556
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (±)		USD		96		163,640
NII Holdings, Inc., 4.250%, 08/15/23 (±)		USD		153		173,685
Nutanix, Inc., 0.000%, 01/15/23 (±)		USD		74		81,887
Okta, Inc., 0.250%, 02/15/23 (±)		USD		73		112,800
OSI Systems, Inc., 1.250%, 09/01/22 (±)		USD		143		136,308
Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 (±)		USD		153		161,797
Patrick Industries, Inc., 1.000%, 02/01/23 (±)		USD		141		132,904
PDL BioPharma, Inc., 2.750%, 12/01/21 (±)		USD		137		135,202
Perficient, Inc., 2.375%, 09/15/23 (#), (±)		USD		138		130,272
PRA Group, Inc.:
3.000%, 08/01/20 (±)		USD		178		171,431
3.500%, 06/01/23 (±)		USD		189		193,252
PROS Holdings, Inc., 2.000%, 06/01/47 (±)		USD		85		82,643
Quidel Corp., 3.250%, 12/15/20		USD		36		75,240
Radius Health, Inc., 3.000%, 09/01/24 (±)		USD		113		86,328
Rapid7, Inc., 1.250%, 08/01/23 (±)		USD		141		155,523
Red Hat, Inc., 0.250%, 10/01/19 (±)		USD		60		110,841
Redwood Trust, Inc., 4.750%, 08/15/23 (±)		USD		80		76,554
Repligen Corp., 2.125%, 06/01/21 (±)		USD		90		159,866
Retrophin, Inc., 2.500%, 09/15/25 (±)		USD		83		85,025

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
RWT Holdings, Inc., 5.625%, 11/15/19 (±)		USD		198	$	199,830
SEACOR Holdings, Inc., 3.000%, 11/15/28 (±)		USD		180		174,282
Servicenow, Inc., 0.000%, 06/01/22 (±)		USD		73		108,831
Splunk, Inc., 0.500%, 09/15/23 (#), (±)		USD		138		142,450
Synaptics, Inc., 0.500%, 06/15/22 (±)		USD		73		69,644
Team, Inc., 5.000%, 08/01/23 (±)		USD		142		178,920
The Medicines Co., 2.500%, 01/15/22 (±)		USD		128		137,548
Twilio, Inc., 0.250%, 06/01/23 (±)		USD		74		99,667
Vishay Intertechnology, Inc.:
2.250%, 06/15/25 (±)		USD		146		135,736
2.250%, 05/15/41 (±)		USD		85		104,975
						12,863,125
Total Convertible Corporate Bonds (Cost $15,480,008)						15,818,112
Preferred Stocks \| 0.4%
United States \| 0.4%
CenterPoint Energy, Inc. Series B (*) (Cost $69,000)				1,380		69,676

Description	Counterparty		Notional Amount		Number of Contracts		Fair Value
Purchased Options \| 0.1%
Call
Amicus Therapeutics, Inc. 13, Expires 10/19/18		RBS	$	2,900		29	$	580
Atlas Air Worldwide Holdings, Inc. 67.5, Expires 10/19/18		RBS		700		7		245
Chegg, Inc. 18.35, Expires 10/19/18		RBS		1,400		14		350
DISH Network Corp. 40, Expires 10/19/18		RBS		1,900		19		285
Evolent Health, Inc. 25, Expires 10/19/18		RBS		600		6		2,100
FTI Consulting, Inc. 80, Expires 10/19/18		RBS		200		2		10
iShares MSCI Emerging Markets ETF 43, Expires 10/19/18		RBS		400		40		2,720


Description	Counterparty		Notional Amount		Number of Contracts		Fair Value
iShares North American Tech ETF 210, Expires 10/19/18		RBS	$	500		5	$	475
iShares Russell 2000 ETF 171, Expires 11/16/18		RBS		240		24		5,160
MINDBODY, Inc. 45, Expires 10/19/18		RBS		1,500		15		300
NII Holdings, Inc. 7.5, Expires 03/15/19		RBS		400		4		500
PROS Holdings, Inc. 45, Expires 10/19/18		RBS		600		6		30
Rapid7, Inc. 40, Expires 10/19/18		RBS		300		3		150
Servicenow, Inc. 215, Expires 10/12/18		RBS		100		1		15
Twilio, Inc. 95, Expires 10/19/18		RBS		500		5		580
Wix.Com, Ltd. 120, Expires 10/19/18		RBS		400		4		2,000
Zendesk, Inc. 75, Expires 10/19/18		RBS		500		5		580
Put
iShares MSCI Emerging Markets ETF 38, Expires 10/19/18		RBS		4,000		40		160
Total Purchased Options (Cost $20,091)								16,240

Description	Shares			Fair Value
Short-Term Investments \| 42.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $7,305,313)		7,305,313		$	7,305,313
Total Investments excluding Securities Sold Short l 133.6% (Cost $22,874,412)				$	23,209,341
Securities Sold Short \| (45.3)%
Common Stocks \| (44.1)%
Argentina \| (0.3)%
MercadoLibre, Inc.		(156	)		(53,113	)
Bermuda \| (0.5)%
Golar LNG, Ltd.		(2,200	)		(61,160	)
Teekay Corp.		(4,693	)		(31,631	)
					(92,791	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Canada \| (1.2)%
Canopy Growth Corp. (*)		(2,972	)	$	(144,383	)
Element Fleet Management Corp.		(691	)		(3,557	)
First Majestic Silver Corp. (*)		(8,882	)		(50,450	)
					(198,390	)
China \| (0.6)%
GDS Holdings, Ltd. ADR (*)		(1,685	)		(59,194	)
Huazhu Group, Ltd. ADR		(1,657	)		(53,521	)
					(112,715	)
France \| (0.6)%
Dassault Aviation SA		(60	)		(110,888	)
Japan \| (1.6)%
Kyushu Electric Power Co., Inc.		(3,200	)		(38,615	)
Mirait Holdings Corp.		(6,300	)		(108,520	)
Mitsubishi Chemical Holdings Corp.		(3,200	)		(30,627	)
Nipro Corp.		(4,100	)		(56,002	)
The Chugoku Electric Power Co., Inc.		(3,000	)		(38,549	)
					(272,313	)
Mexico \| (0.1)%
Cemex SAB de CV Sponsored ADR (*)		(3,134	)		(22,064	)
Monaco \| (0.1)%
Endeavour Mining Corp. (*) (Canada)		(1,038	)		(16,201	)
Endeavour Mining Corp. (*) (United States)		(311	)		(4,777	)
					(20,978	)
Netherlands \| (0.7)%
Fugro NV (*)		(8,681	)		(114,541	)
Thailand \| (0.4)%
Sea, Ltd. ADR		(4,521	)		(62,526	)
United Kingdom \| (0.9)%
Atlassian Corp. PLC, Class A (*)		(1,580	)		(151,901	)
United States \| (37.1)%
AK Steel Holding Corp. (*)		(10,185	)		(49,906	)
Akamai Technologies, Inc. (*)		(453	)		(33,137	)
Alder Biopharmaceuticals, Inc. (*)		(2,777	)		(46,237	)
Allscripts Healthcare Solutions, Inc. (*)		(3,603	)		(51,343	)
Alteryx, Inc., Class A (*)		(1,334	)		(76,318	)
AMAG Pharmaceuticals, Inc. (*)		(1,728	)		(34,560	)
American Homes 4 Rent, Class A REIT		(11,808	)		(258,477	)
Amicus Therapeutics, Inc. (*)		(28,634	)		(346,185	)
Atlas Air Worldwide Holdings, Inc. (*)		(2,172	)		(138,465	)
Avaya Holdings Corp. (*)		(3,231	)		(71,534	)
CalAmp Corp. (*)		(2,000	)		(47,920	)
Carbonite, Inc. (*)		(4,635	)		(165,238	)

Description	Shares			Fair Value
CenterPoint Energy, Inc.		(1,032	)	$	(28,535	)
Chegg, Inc. (*)		(2,831	)		(80,485	)
Chesapeake Energy Corp. (*)		(10,257	)		(46,054	)
Cleveland-Cliffs, Inc. (*)		(18,370	)		(232,564	)
Corium International, Inc. (*)		(4,222	)		(40,151	)
Coupa Software, Inc. (*)		(1,463	)		(115,723	)
Cowen, Inc. (*)		(4,356	)		(71,003	)
Cree, Inc. (*)		(1,261	)		(47,754	)
CSG Systems International, Inc.		(461	)		(18,505	)
Encore Capital Group, Inc. (*)		(5,487	)		(196,709	)
Envestnet, Inc. (*)		(1,410	)		(85,939	)
Everbridge, Inc. (*)		(1,801	)		(103,810	)
Evolent Health, Inc., Class A (*)		(4,799	)		(136,292	)
EZCORP, Inc. Class A (*)		(8,360	)		(89,452	)
Forest City Realty Trust, Inc., Class A REIT		(1,584	)		(39,743	)
FTI Consulting, Inc. (*)		(300	)		(21,957	)
Green Plains, Inc.		(8,405	)		(144,566	)
Herbalife Nutrition, Ltd. (*)		(4,453	)		(242,911	)
Hope Bancorp, Inc.		(1,244	)		(20,115	)
HubSpot, Inc. (*)		(1,017	)		(153,516	)
Illumina, Inc. (*)		(44	)		(16,151	)
Infinera Corp. (*)		(5,591	)		(40,814	)
Innoviva, Inc. (*)		(4,602	)		(70,134	)
Insulet Corp. (*)		(347	)		(36,765	)
Invacare Corp.		(12,308	)		(179,081	)
Invitation Homes, Inc. REIT		(17,283	)		(395,954	)
Kaman Corp.		(949	)		(63,374	)
Knowles Corp. (*)		(4,901	)		(81,455	)
Ligand Pharmaceuticals, Inc. (*)		(218	)		(59,839	)
Microchip Technology, Inc.		(2,158	)		(170,288	)
MINDBODY, Inc., Class A (*)		(1,769	)		(71,910	)
MongoDB, Inc.		(1,592	)		(129,828	)
Navistar International Corp. (*)		(23	)		(885	)
Neurocrine Biosciences, Inc. (*)		(1,102	)		(135,491	)
NII Holdings, Inc. (*)		(20,461	)		(119,901	)
Nutanix, Inc., Class A (*)		(1,136	)		(48,530	)
Okta, Inc. (*)		(1,251	)		(88,020	)
OSI Systems, Inc. (*)		(804	)		(61,353	)
Pacira Pharmaceuticals, Inc. (*)		(1,385	)		(68,073	)
Patrick Industries, Inc. (*)		(882	)		(52,214	)
PDL BioPharma, Inc. (*)		(20,483	)		(53,870	)
Perficient, Inc. (*)		(1,870	)		(49,835	)
PRA Group, Inc. (*)		(3,707	)		(133,452	)
PROS Holdings, Inc. (*)		(996	)		(34,880	)
Quidel Corp. (*)		(1,230	)		(80,159	)
Radius Health, Inc. (*)		(1,794	)		(31,933	)
Rapid7, Inc. (*)		(2,806	)		(103,598	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Red Hat, Inc. (*)		(817	)	$	(111,341	)
Redwood Trust, Inc. REIT		(1,941	)		(31,522	)
Repligen Corp. (*)		(2,412	)		(133,770	)
Retrophin, Inc. (*)		(875	)		(25,139	)
SEACOR Holdings, Inc. (*)		(104	)		(5,139	)
ServiceNow, Inc. (*)		(455	)		(89,012	)
Splunk, Inc. (*)		(96	)		(11,607	)
Synaptics, Inc. (*)		(508	)		(23,175	)
Team, Inc. (*)		(4,908	)		(110,430	)
The Medicines Co. (*)		(2,448	)		(73,220	)
Twilio, Inc., Class A (*)		(919	)		(79,291	)
Vishay Intertechnology, Inc.		(6,605	)		(134,412	)
					(6,440,949	)
Total Common Stocks (Proceeds $7,328,086)					(7,653,169	)
Exchange-Traded Funds \| (1.2)%
iShares 7-10 Year Treasury Bond ETF		(1,302	)		(131,723	)
VanEck Vectors Semiconductor ETF		(753	)		(80,157	)
Total Exchange-Traded Funds (Proceeds $212,341)					(211,880	)
Total Securities Sold Short (Proceeds $7,540,427)					(7,865,049	)
Total Investments \| 88.3% (Cost and short proceeds $15,333,985) (»)				$	15,344,292
Cash and Other Assets in Excess of Liabilities \| 11.7%					2,031,215
Net Assets l 100.0%				$	17,375,507

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at September 30, 2018:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPY	24,185,000	USD	215,435	SSB	12/19/18	$	—	$	1,257
USD	238,030	CAD	312,000	SSB	12/19/18		—		3,928
USD	265,079	EUR	227,000	SSB	12/19/18		—		207
USD	471,426	JPY	52,242,000	SSB	12/19/18		8,781		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	8,781	$	5,392

Written Options open at September 30, 2018:

Description	Counterparty	Number of Contracts	Strike Price	Expiration Date	Notional Amount	Premiums		Fair Value
Put
Atlas Air Worldwide Holdings, Inc. 60	RBS	7	$ 60.00	10/19/18	$ 700	$	693	$	(245	)
DISH Network Corp. 35	RBS	14	35.00	10/19/18	1,400		917		(1,120	)
Evolent Health, Inc. 22.5	RBS	10	22.50	12/21/18	1,000		1,361		(450	)
FTI Consulting, Inc. 75	RBS	2	75.00	10/19/18	200		317		(520	)
Huazhu Group, Ltd. 32.5	RBS	4	32.50	12/21/18	400		974		(1,140	)
iShares MSCI Emerging Markets ETF 41	RBS	40	41.00	10/19/18	4,000		1,944		(760	)
iShares North American Tech ETF 195	RBS	5	195.00	10/19/18	500		973		(475	)
iShares Russell 2000 ETF 167	RBS	24	167.00	11/16/18	2,400		5,195		(5,640	)
MINDBODY, Inc. 40	RBS	4	40.00	11/16/18	400		986		(880	)
NII Holdings, Inc. 5	RBS	4	5.00	03/15/19	400		435		(440	)
PROS Holdings, Inc. 35	RBS	4	35.00	10/19/18	400		233		(360	)
Rapid7, Inc. 35	RBS	7	35.00	10/19/18	700		430		(385	)
Servicenow, Inc. 195	RBS	1	195.00	10/12/18	100		256		(374	)
Twilio, Inc. 80	RBS	5	80.00	10/19/18	500		1,324		(675	)
Wix.Com, Ltd. 95	RBS	2	95.00	10/19/18	200		237		(30	)
Zendesk, Inc. 60	RBS	4	60.00	10/19/18	400		219		(40	)
Total Written Options		137				$	16,494	$	(13,534	)

The Lazard Funds, Inc. Notes to Portfolios of Investments September 30, 2018 (unaudited)

()*	Non-income producing security.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2018, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity Advantage		0.6	%
Emerging Markets Multi-Asset		3.1
Emerging Markets Debt		9.5
Explorer Total Return		21.3
Emerging Markets Income		4.5
US Corporate Income		43.0
Global Fixed Income		1.0
Global Dynamic Multi-Asset		0.6
Enhanced Opportunities		13.2

(Ø)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2018 which may step up at a future date.
(«)	Issue in default.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2018.
(¶)	Date shown is the next perpetual call date.
(•)	Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(Δ)	The security is owned by Lazard Real Assets and Pricing Opportunities Portfolio, Ltd., a wholly-owned subsidiary of the Lazard Real Assets and Pricing Opportunities Portfolio.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(^)	The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Emerging Markets Equity Portfolio for the period ended September 30, 2018 were as follows:

Non-Controlled Affiliates	Number of Shares Held at December 31, 2017	Gross Additions	Gross Reductions	Number of Shares Held at September 30, 2018	Fair Value at September 30, 2018	Investment Income	Realized Gain (Loss)
Weichai Power Co., Ltd., Class H	142,098,288	—	(15,435,000)	126,663,288	$157,085,922	$7,640,978	$(3,024,587)
(Fair Value is 1.59% of Net Assets)

Security Abbreviations:

ADR	- American Depositary Receipt	LIBOR	- London Interbank Offered Rate
BADLARPP	- Argentina Deposit Rates Badlar Private Banks	NTN-B	- Brazil Sovereign “Nota do Tesouro Nacional” Series B
BBSW	- Bank Bill Swap Reference Rate	NTN-F	- Brazil Sovereign “Nota do Tesouro Nacional” Series F
ETF	- Exchange-Traded Fund	NVDR	- Non-Voting Depository Receipt
GDR	- Global Depositary Receipt	PJSC	- Public Joint Stock Company
JSC	- Joint Stock Company	REIT	- Real Estate Investment Trust

Currency Abbreviations:

ARS	- Argentine Peso	KZT	- Kazakhstan Tenge
AUD	- Australian Dollar	LKR	- Sri Lankan Rupee
BRL	- Brazilian Real	MAD	- Moroccan Dirham
CAD	- Canadian Dollar	MXN	- Mexican New Peso
CHF	- Swiss Franc	MYR	- Malaysian Ringgit

CLP	- Chilean Peso	NGN	- Nigerian Naira
CNH	- Chinese Yuan Renminbi	NOK	- Norwegian Krone
CNY	- Chinese Renminbi	NZD	- New Zealand Dollar
COP	- Colombian Peso	PEN	- Peruvian Nuevo Sol
CZK	- Czech Koruna	PHP	- Philippine Peso
DKK	- Danish Krone	PLN	- Polish Zloty
DOP	- Dominican Republic Peso	RON	- New Romanian Leu
EGP	- Egyptian Pound	RUB	- Russian Ruble
EUR	- Euro	SEK	- Swedish Krona
GBP	- British Pound Sterling	SGD	- Singapore Dollar
GHS	- Ghanaian Cedi	THB	- Thai Baht
HKD	- Hong Kong Dollar	TRY	- New Turkish Lira
HUF	- Hungarian Forint	TWD	- Taiwan Dollar
IDR	- Indonesian Rupiah	UAH	- Ukranian Hrynia
ILS	- Israeli Shekel	UGX	- Ugandan Shilling
INR	- Indian Rupee	USD	- United States Dollar
JPY	- Japanese Yen	UYU	- Uruguayan Peso
KRW	- South Korean Won	ZAR	- South African Rand

Counterparty Abbreviations:

BNP	- BNP Paribas SA	JPM	- JPMorgan Chase Bank NA
BOA	- Bank of America NA	JPMS	- JPMorgan Securities, Inc.
BRC	- Barclays Bank PLC	MEL	- The Bank of New York Mellon Corp.
CAN	- Canadian Imperial Bank of Commerce	RBC	- Royal Bank of Canada
CIT	- Citibank NA	SCB	- Standard Chartered Bank
GSC	- Goldman Sachs International	SSB	- State Street Bank and Trust Co.
HSB	- HSBC Bank USA NA	UBS	- UBS AG

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

	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio
Industry†
Aerospace & Defense		2.1	%		2.0	%		7.3	%
Airlines		1.2			1.2			—
Auto Components		1.7			2.3			6.7
Automobiles		1.5			—			4.0
Banks		9.7			9.4			9.5
Beverages		3.7			2.8			3.3
Biotechnology		1.6			2.5			—
Building Products		2.8			2.1			—
Capital Markets		1.1			—			—
Chemicals		2.1			—			—
Construction & Engineering		1.5			1.4			—
Containers & Packaging		—			—			2.3
Diversified Telecommunication Services		2.2			2.0			—
Electric Utilities		1.4			1.7			—
Electrical Equipment		1.0			1.0			—
Energy Equipment & Services		0.9			—			—
Entertainment		1.2			2.8			2.8
Health Care Equipment & Supplies		2.5			3.3			5.4
Health Care Providers & Services		1.3			1.0			—
Hotels, Restaurants & Leisure		2.1			2.1			4.3
Household Durables		1.8			—			2.4
Insurance		8.0			10.8			7.6
Interactive Media & Services		—			4.9			6.1
IT Services		2.2			3.5			2.0
Leisure Products		1.5			—			2.2
Machinery		2.6			3.4			—
Media		1.2			—			—
Metals & Mining		1.7			2.2			3.0
Multiline Retail		2.7			2.0			—
Oil, Gas & Consumable Fuels		6.7			5.7			5.4
Personal Products		3.3			2.7			—
Pharmaceuticals		3.5			2.5			—
Professional Services		3.2			4.0			5.0
Real Estate Management & Development		2.1			2.0			—
Road & Rail		1.1			1.2			—
Semiconductors & Semiconductor Equipment		1.1			2.6			4.7
Software		2.9			3.2			5.5
Specialty Retail		—			0.6			—
Textiles, Apparel & Luxury Goods		—			0.8			—
Tobacco		2.0			1.8			3.3
Trading Companies & Distributors		3.3			2.7			—
Water Utilities		—			0.5			—
Wireless Telecommunication Services		2.4			2.8			0.8
Subtotal		94.9			97.5			93.6
Short-Term Investments		4.9			2.3			4.3
Total Investments		99.8	%		99.8	%		97.9	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard International Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Small Cap Equity Portfolio
Industry†
Aerospace & Defense		6.1	%		0.7	%		1.0	%
Airlines		—			2.4			—
Auto Components		0.7			2.0			2.1
Automobiles		1.1			2.2			—
Banks		8.5			9.6			1.2
Beverages		6.5			0.2			2.5
Biotechnology		2.6			2.1			—
Building Products		2.7			0.5			2.8
Capital Markets		3.2			2.4			6.3
Chemicals		—			3.6			2.0
Commercial Services & Suppliers		—			0.1			2.5
Communications Equipment		—			—			1.1
Construction & Engineering		—			2.1			—
Consumer Finance		1.5			0.1			0.9
Containers & Packaging		—			0.3			1.0
Diversified Financial Services		0.6			1.2			3.7
Diversified Telecommunication Services		—			0.3			1.3
Electric Utilities		0.7			2.5			—
Electrical Equipment		—			0.4			1.0
Electronic Equipment, Instruments & Components		1.4			0.6			7.0
Energy Equipment & Services		—			—			2.2
Entertainment		5.5			0.8			1.4
Equity Real Estate Investment Trusts (REITs)		—			0.4			—
Food & Staples Retailing		—			1.6			2.1
Food Products		1.0			3.9			0.7
Gas Utilities		—			0.4			—
Health Care Equipment & Supplies		1.8			0.3			—
Health Care Providers & Services		1.0			0.2			1.1
Health Care Technology		—			—			1.4
Hotels, Restaurants & Leisure		1.6			1.3			1.5
Household Durables		—			1.2			3.0
Industrial Conglomerates		—			1.1			1.5
Insurance		9.4			6.6			—
Interactive Media & Services		1.8			0.2			4.8
Internet & Direct Marketing Retail		1.4			—			—
IT Services		2.8			1.7			2.3
Leisure Products		1.3			0.3			—
Life Sciences Tools & Services		—			0.3			1.3
Machinery		4.7			2.2			8.0
Marine		—			0.2			—
Media		2.8			0.4			3.9
Metals & Mining		2.6			2.3			1.6
Multiline Retail		2.9			0.2			—
Oil, Gas & Consumable Fuels		5.0			8.3			0.8
Paper & Forest Products		—			0.1			—
Personal Products		1.8			4.1			—
Pharmaceuticals		—			8.0			0.6
Professional Services		3.7			1.4			3.8
Real Estate Management & Development		2.2			3.3			8.9
Road & Rail		—			1.2			—

Semiconductors & Semiconductor Equipment	1.1		1.6		—
Software	—		1.1		3.0
Specialty Retail	—		1.1		1.0
Technology Hardware, Storage & Peripherals	—		2.0		—
Textiles, Apparel & Luxury Goods	—		1.1		2.8
Thrifts & Mortgage Finance	0.9		—		—
Tobacco	1.8		1.9		—
Trading Companies & Distributors	2.6		1.7		3.3
Water Utilities	—		—		0.7
Wireless Telecommunication Services	1.2		3.1		—
Subtotal	96.5		98.9		98.1
Short-Term Investments	3.2		1.1		1.5
Total Investments	99.7	%	100.0	%	99.6	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio
Industry†
Aerospace & Defense		—	%		2.1	%		3.8	%		4.9	%		—	%		—	%
Airlines		—			—			—			1.8			—			0.9
Auto Components		—			—			—			0.5			1.5			0.7
Automobiles		—			—			—			—			3.2			1.1
Banks		—			7.9			9.0			4.3			24.4			18.3
Beverages		2.9			6.7			4.6			1.6			1.3			0.8
Biotechnology		—			3.2			2.6			1.6			—			—
Building Products		—			0.8			—			—			—			—
Capital Markets		—			5.3			6.4			2.8			—			—
Chemicals		—			1.8			—			1.1			—			4.6
Commercial Services & Suppliers		10.3			—			—			2.5			—			—
Communications Equipment		2.2			2.6			1.0			1.1			—			—
Construction & Engineering		—			—			—			0.4			—			—
Construction Materials		—			—			—			—			3.3			1.9
Containers & Packaging		—			—			—			0.9			—			—
Distributors		—			—			—			—			1.0			—
Diversified Consumer Services		4.9			—			—			0.2			—			1.2
Diversified Financial Services		—			—			—			0.1			—			1.7
Diversified Telecommunication Services		—			—			—			2.1			1.5			1.7
Electric Utilities		9.4			—			—			3.8			—			—
Electrical Equipment		—			2.7			—			0.3			—			—
Electronic Equipment, Instruments & Components		—			1.2			1.0			0.4			2.3			3.2
Energy Equipment & Services		—			1.2			1.7			—			—			0.7
Equity Real Estate Investment Trusts (REITs)		—			—			—			2.7			—			—
Entertainment		—			1.5			5.9			0.4			2.3			1.9
Food & Staples Retailing		—			—			—			3.5			2.3			—
Food Products		—			—			—			1.7			—			1.0
Gas Utilities		—			—			—			1.4			0.8			—
Health Care Equipment & Supplies		4.2			—			2.8			0.6			—			—
Health Care Providers & Services		11.7			—			—			3.8			0.7			—
Hotels, Restaurants & Leisure		7.2			2.7			1.1			2.0			—			—
Household Durables		—			—			1.8			—			1.3			2.1
Household Products		2.1			1.7			—			2.8			0.8			—
Industrial Conglomerates		—			1.9			1.2			0.9			1.7			0.9
Insurance		—			7.1			8.4			4.2			3.1			4.9
Interactive Media & Services		0.9			4.3			5.9			—			1.6			7.5
Internet & Direct Marketing Retail		—			1.5			2.8			0.2			—			5.4
IT Services		1.0			6.8			8.5			5.3			5.5			—
Leisure Products		—			1.2			—			0.7			—			—
Life Sciences Tools & Services		—			4.6			2.7			0.4			—			0.4
Machinery		—			3.5			2.3			0.9			1.6			—
Marine		—			—			—			0.3			—			—
Media		9.5			—			3.3			2.4			—			1.2
Metals & Mining		—			0.7			0.9			2.0			1.8			5.2
Multiline Retail		1.9			1.3			0.7			0.3			0.6			—
Multi-Utilities		3.0			—			—			2.4			—			—
Oil, Gas & Consumable Fuels		—			—			3.2			3.9			9.7			7.8
Paper & Forest Products		—			—			—			—			—			1.4
Personal Products		—			3.1			—			1.6			0.9			1.5
Pharmaceuticals		—			4.2			1.8			6.3			—			—
Professional Services		6.2			5.1			1.2			0.4			—			—

Real Estate Management & Development	—		1.0		1.5		3.2		—		0.4
Road & Rail	—		1.7		1.4		0.9		—		1.1
Semiconductors & Semiconductor Equipment	2.0		1.0		1.1		2.6		7.7		9.1
Software	8.3		2.7		3.9		1.2		—		—
Specialty Retail	—		—		—		3.6		0.8		—
Technology Hardware, Storage & Peripherals	—		—		—		0.9		4.6		6.0
Textiles, Apparel & Luxury Goods	—		—		1.5		1.2		—		1.1
Thrifts & Mortgage Finance	—		0.7		—		—		—		—
Tobacco	—		0.6		0.7		0.5		1.5		—
Trading Companies & Distributors	—		2.3		3.1		1.5		—		0.6
Transportation Infrastructure	5.3		—		—		0.3		0.7		1.2
Water Utilities	4.6		—		—		—		0.6		—
Wireless Telecommunication Services	—		—		—		1.5		9.4		0.9
Subtotal	97.6		96.7		97.8		98.9		98.5		98.4
Short-Term Investments	2.3		3.2		2.1		0.9		2.0		2.0
Total Investments	99.9	%	99.9	%	99.9	%	99.8	%	100.5	%	100.4	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio
Industry†
Aerospace & Defense		0.6	%		—	%
Air Freight & Logistics		1.1			—
Airlines		—			1.3
Auto Components		—			0.2
Automobiles		—			1.3
Banks		22.6			15.0
Beverages		—			0.8
Biotechnology		—			0.2
Building Products		—			0.2
Capital Markets		—			1.7
Chemicals		—			3.4
Construction & Engineering		2.5			0.2
Construction Materials		2.8			1.1
Consumer Finance		1.8			0.6
Distributors		—			0.1
Diversified Consumer Services		1.5			0.6
Diversified Financial Services		—			0.5
Diversified Telecommunication Services		—			2.1
Electric Utilities		—			1.1
Electrical Equipment		2.5			—
Electronic Equipment, Instruments & Components		3.3			1.3
Energy Equipment & Services		2.2			—
Entertainment		1.8			0.2
Food & Staples Retailing		—			2.8
Food Products		—			2.2
Gas Utilities		0.6			1.2
Health Care Equipment & Supplies		—			0.7
Health Care Providers & Services		1.5			0.2
Hotels, Restaurants & Leisure		1.6			0.2
Household Durables		2.7			0.3
Household Products		—			0.2
Industrial Conglomerates		—			1.8
Insurance		2.3			2.6
Interactive Media & Services		11.4			5.5
Internet & Direct Marketing Retail		2.0			3.5
IT Services		0.8			4.0
Life Sciences Tools & Services		—			0.1
Machinery		3.8			0.7
Media		—			1.7
Metals & Mining		3.0			3.6
Oil, Gas & Consumable Fuels		7.9			8.6
Paper & Forest Products		1.2			0.7
Personal Products		—			0.3
Pharmaceuticals		0.7			1.8
Real Estate Management & Development		—			2.9
Semiconductors & Semiconductor Equipment		6.6			7.1
Software		0.9			—
Specialty Retail		0.8			1.2
Technology Hardware, Storage & Peripherals		5.8			5.9

Textiles, Apparel & Luxury Goods	0.7		1.3
Tobacco	—		0.6
Trading Companies & Distributors	—		0.3
Transportation Infrastructure	—		0.6
Water Utilities	1.2		0.1
Wireless Telecommunication Services	—		2.0
Subtotal	98.2		96.6
Short-Term Investments	0.8		3.7
Total Investments	99.0	%	100.3	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Emerging Markets Equity Blend Portfolio
Industry†
Air Freight & Logistics		1.6	%
Auto Components		0.9
Automobiles		0.6
Banks		19.7
Beverages		0.6
Chemicals		1.2
Commercial Services & Suppliers		0.7
Construction & Engineering		1.8
Construction Materials		3.8
Consumer Finance		0.1
Containers & Packaging		0.1
Diversified Consumer Services		0.7
Diversified Financial Services		0.5
Diversified Telecommunication Services		0.7
Electronic Equipment, Instruments & Components		2.9
Entertainment		2.4
Food Products		0.5
Gas Utilities		0.5
Health Care Equipment & Supplies		0.3
Hotels, Restaurants & Leisure		1.1
Household Durables		2.4
Household Products		0.5
Industrial Conglomerates		0.7
Insurance		2.5
Interactive Media & Services		4.5
Internet & Direct Marketing Retail		1.9
IT Services		3.5
Leisure Products		0.4
Machinery		1.2
Media		0.9
Metals & Mining		2.4
Oil, Gas & Consumable Fuels		6.9
Paper & Forest Products		1.0
Pharmaceuticals		2.1
Real Estate Management & Development		0.2
Road & Rail		0.6
Semiconductors & Semiconductor Equipment		7.0
Software		1.2
Specialty Retail		0.7
Technology Hardware, Storage & Peripherals		5.7
Textiles, Apparel & Luxury Goods		1.7
Thrifts & Mortgage Finance		0.3
Tobacco		0.5
Trading Companies & Distributors		0.6
Transportation Infrastructure		0.5
Water Utilities		1.7
Wireless Telecommunication Services		3.2
Subtotal		95.5
Short-Term Investments		4.0
Total Investments		99.5	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Emerging Markets Multi-Asset Portfolio			Lazard Emerging Markets Debt Portfolio
Industry†
Air Freight & Logistics		0.9	%		—	%
Auto Components		0.5			—
Automobiles		0.4			—
Banks		11.5			1.5
Beverages		0.3			—
Chemicals		0.7			—
Commercial Services & Suppliers		0.5			—
Communications Equipment		0.3			0.2
Construction & Engineering		1.0			—
Construction Materials		2.2			—
Consumer Finance		0.1			—
Containers & Packaging		0.1			—
Diversified Consumer Services		0.5			—
Diversified Financial Services		0.3			0.2
Diversified Telecommunication Services		0.4			0.4
Electric Utilities		0.5			2.1
Electronic Equipment, Instruments & Components		1.7			—
Energy Equipment & Services		—			0.1
Entertainment		1.4			—
Food Products		0.3			—
Gas Utilities		0.3			—
Health Care Equipment & Supplies		0.3			—
Hotels, Restaurants & Leisure		0.6			—
Household Durables		1.4			—
Household Products		0.3			—
Independent Power & Renewable Electricity Producers		—			0.9
Industrial Conglomerates		0.4			—
Insurance		1.4			—
Interactive Media & Services		2.5			—
Internet & Direct Marketing Retail		1.0			—
IT Services		2.0			—
Leisure Products		0.2			—
Machinery		0.7			—
Media		0.5			0.1
Metals & Mining		1.3			0.8
Oil, Gas & Consumable Fuels		4.3			1.0
Paper & Forest Products		0.6			—
Pharmaceuticals		1.2			—
Real Estate Management & Development		0.1			—
Road & Rail		0.4			—
Semiconductors & Semiconductor Equipment		4.0			—
Software		0.7			—
Specialty Retail		0.4			—
Technology Hardware, Storage & Peripherals		3.2			—
Textiles, Apparel & Luxury Goods		1.0			—
Thrifts & Mortgage Finance		0.2			0.1
Tobacco		0.3			—
Trading Companies & Distributors		0.3			—
Transportation Infrastructure		0.3			—

Water Utilities	1.0		—
Wireless Telecommunication Services	1.8		0.4
Subtotal	56.3		7.8
Foreign Government Obligations	25.6		84.2
Supranational Bonds	0.3		0.3
US Treasury Securities	9.7		3.3
Short-Term Investments	3.3		2.8
Total Investments	95.2	%	98.4	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Explorer Total Return Portfolio
Industry†
Banks		3.6	%
Capital Markets		0.2
Chemicals		0.5
Communications Equipment		1.0
Diversified Financial Services		0.9
Diversified Telecommunication Services		0.7
Electric Utilities		3.9
Energy Equipment & Services		0.3
Food & Staples Retailing		0.4
Independent Power & Renewable Electricity Producers		1.5
Insurance		0.1
Media		0.3
Metals & Mining		1.3
Oil, Gas & Consumable Fuels		3.3
Wireless Telecommunication Services		1.9
Subtotal		19.9
Foreign Government Obligations		72.1
Purchased Options		0.6
Short-Term Investments		3.4
Total Investments		96.0	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Global Fixed Income Portfolio			Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Industry†
Air Freight & Logistics		0.6	%		—	%		—	%
Automobiles		1.0			—			—
Banks		4.8			—			—
Beverages		2.3			—			—
Capital Markets		2.8			—			—
Construction & Engineering		—			—			4.7
Consumer Finance		0.7			—			—
Containers & Packaging		0.5			—			—
Diversified Financial Services		1.6			—			—
Diversified Telecommunication Services		0.9			1.2			—
Electric Utilities		2.0			—			29.1
Equity Real Estate Investment Trusts (REITs)		—			66.1			—
Food Products		0.8			—			—
Gas Utilities		—			—			2.9
Health Care Providers & Services		2.2			—			—
Hotels, Restaurants & Leisure		0.7			1.3			—
Internet & Direct Marketing Retail		1.1			—			—
Machinery		0.9			—			—
Media		—			—			9.3
Multi-Utilities		—			—			7.6
Oil, Gas & Consumable Fuels		—			—			4.5
Pharmaceuticals		1.2			—			—
Real Estate Management & Development		—			30.3			—
Road & Rail		—			—			3.8
Software		1.7			—			—
Specialty Retail		1.0			—			—

Technology Hardware, Storage & Peripherals	1.7		—		—
Textiles, Apparel & Luxury Goods	1.2		—		—
Trading Companies & Distributors	0.5		—		—
Transportation Infrastructure	—		—		16.9
Water Utilities	—		—		12.1
Subtotal	30.2		98.9		90.9
Foreign Government Obligations	43.9		—		—
Supranational Bonds	12.4		—		—
US Municipal Bonds	1.8		—		—
US Treasury Securities	9.9		—		—
Short-Term Investments	1.8		1.3		9.0
Total Investments	100.0	%	100.2	%	99.9	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Real Assets and Pricing Opportunities Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
Industry†
Aerospace & Defense		1.7	%		3.7	%
Air Freight & Logistics		—			0.1
Airlines		0.7			0.9
Auto Components		0.4			0.5
Automobiles		0.2			0.4
Banks		2.7			6.6
Beverages		—			2.6
Biotechnology		0.5			2.4
Building Products		0.2			0.2
Capital Markets		0.7			3.1
Chemicals		1.1			1.3
Commercial Services & Suppliers		1.0			0.6
Communications Equipment		0.7			1.1
Construction & Engineering		0.7			0.2
Construction Materials		0.5			—
Consumer Finance		—			0.6
Containers & Packaging		—			0.5
Diversified Consumer Services		0.1			0.1
Diversified Financial Services		—			0.4
Diversified Telecommunication Services		0.7			1.5
Electric Utilities		4.1			1.8
Electrical Equipment		—			0.8
Electronic Equipment, Instruments & Components		0.1			0.8
Energy Equipment & Services		0.3			0.4
Equity Real Estate Investment Trusts (REITs)		9.9			1.4
Entertainment		0.1			0.6
Food & Staples Retailing		2.3			1.5
Food Products		0.4			0.7
Gas Utilities		0.7			0.6
Health Care Equipment & Supplies		—			0.6
Health Care Providers & Services		0.8			2.9
Health Care Technology		—			0.1
Hotels, Restaurants & Leisure		0.5			1.5
Household Durables		0.1			0.1
Household Products		0.8			1.2
Independent Power & Renewable Electricity Producers		0.4			0.1
Industrial Conglomerates		0.3			1.0
Insurance		2.0			3.7
Interactive Media & Services		—			0.8
Internet & Direct Marketing Retail		—			1.1
IT Services		1.5			4.7
Leisure Products		0.3			0.6
Life Sciences Tools & Services		1.1			1.2
Machinery		0.2			1.2
Marine		0.1			0.1
Media		1.9			1.1
Metals & Mining		1.3			1.1
Multiline Retail		0.1			0.5
Multi-Utilities		1.6			0.8
Oil, Gas & Consumable Fuels		1.7			4.3
Paper & Forest Products		—			0.1

Personal Products	0.5		1.4
Pharmaceuticals	1.7		4.5
Professional Services	0.1		1.1
Real Estate Management & Development	4.3		1.5
Road & Rail	1.8		1.0
Semiconductors & Semiconductor Equipment	0.7		2.3
Software	—		2.7
Specialty Retail	0.5		2.9
Technology Hardware, Storage & Peripherals	0.3		2.2
Textiles, Apparel & Luxury Goods	0.2		0.8
Thrifts & Mortgage Finance	—		0.1
Tobacco	0.4		0.6
Trading Companies & Distributors	0.8		1.6
Transportation Infrastructure	2.6		0.1
Water Utilities	1.9		—
Wireless Telecommunication Services	0.5		1.0
Subtotal	60.8		88.0
Exchange-Traded Funds	1.2		—
Foreign Government Obligations	8.2		7.5
Supranational Bonds	—		1.1
US Municipal Bonds	—		0.5
US Treasury Securities	13.8		1.6
Short-Term Investments	13.7		1.5
Total Investments	97.7	%	100.2	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Enhanced
	Opportunities Portfolio
Industry†	Long		Short
Aerospace & Defense	0.8	%	-0.7	%
Air Freight & Logistics	1.2		-0.8
Banks	0.4		-0.1
Biotechnology	7.4		-5.0
Building Products	0.8		-0.3
Capital Markets	0.8		-0.4
Chemicals	0.6		-0.2
Commercial Services & Supplies	1.0		-0.6
Communications Equipment	1.5		-0.5
Construction & Engineering	0.7		-0.6
Construction Materials	2.4		-0.1
Consumer Finance	7.6		-2.4
Diversified Consumer Services	0.8		-0.5
Diversified Financial Services	1.0		—
Electric Utilities	1.1		-0.4
Electronic Equipment, Instruments & Components	3.2		-1.6
Energy Equipment & Services	3.0		-0.7
Entertainment	0.8		-0.4
Equity Real Estate Investment Trusts (REITs)	6.9		-4.0
Health Care Equipment & Supplies	2.9		-2.0
Health Care Technology	2.0		-1.1
Hotels, Restaurants & Leisure	0.9		-0.3
Internet & Direct Marketing Retail	0.8		-0.3
IT Services	5.9		-3.6
Life Sciences Tools & Services	0.4		-0.1
Machinery	2.0		—
Media	1.8		—
Metals & Mining	4.6		-2.0
Mortgage Real Estate Investment Trusts (REITs)	0.4		-0.2
Multi- Utilities	0.4		-0.2
Oil, Gas & Consumable Fuels	4.8		-1.6
Personal Products	2.0		-1.4
Pharmaceuticals	4.8		-2.3
Professional Services	0.4		-0.1
Real Estate Management & Development	0.6		—
Semiconductors & Semiconductor Equipment	2.3		-1.4
Software	10.7		-7.1
Trading Companies & Distributors	0.8		-0.4
Wireless Telecommunications Services	1.0		-0.7

Subtotal	91.5		-44.1
Exchange-Traded Funds	—		-1.2
Purchased Options	0.1		—
Short-Term Investments	42.0		—
Total Investments	133.6	%	-45.3	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about The Lazard Funds, Inc.’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

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/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: November 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: November 26, 2018

By:	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer

Date: November 26, 2018