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)

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 95.1%
Brazil \| 6.1%
CVC Brasil Operadora e Agencia de Viagens SA		133,400	$	1,865,389
Duratex SA		868,500		2,433,357
Notre Dame Intermedica Participacoes SA		672,100		5,630,373
Pagseguro Digital, Ltd., Class A (*)		70,200		2,095,470
Petrobras Distribuidora SA		297,800		1,760,780
Petroleo Brasileiro SA		385,078		2,759,725
				16,545,094
Canada \| 2.0%
First Quantum Minerals, Ltd.		478,055		5,419,638
China \| 31.3%
Agricultural Bank of China, Ltd., Class H		3,990,500		1,840,057
Alibaba Group Holding, Ltd. Sponsored ADR (*)		48,710		8,887,139
Anhui Conch Cement Co., Ltd., Class H		367,500		2,244,587
Autohome, Inc. ADR (*)		42,600		4,478,112
Baidu, Inc. Sponsored ADR (*)		42,217		6,959,472
Beijing Enterprises Water Group, Ltd.		9,546,000		5,897,171
China Merchants Bank Co., Ltd., Class H		448,711		2,180,372
China State Construction International Holdings, Ltd.		4,432,160		4,149,289
Han’s Laser Technology Industry Group Co., Ltd., Class A		408,300		2,579,257
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		618,800		3,250,089
Li Ning Co., Ltd. (*)		1,544,000		2,423,002
NetEase, Inc. ADR		14,000		3,380,300
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		52,500		4,729,725
Ping An Insurance (Group) Co. of China, Ltd., Class H		590,000		6,605,891
Tencent Holdings, Ltd.		312,500		14,369,242
Weibo Corp. Sponsored ADR (*)		35,900		2,225,441
Wuliangye Yibin Co., Ltd. Class A		159,500		2,258,578
Zhuzhou CRRC Times Electric Co., Ltd., Class H		576,892		3,414,971
ZTO Express Cayman, Inc. ADR		174,185		3,184,102
				85,056,797
Colombia \| 2.7%
Bancolombia SA Sponsored ADR		142,947		7,298,874
Hong Kong \| 3.9%
China Gas Holdings, Ltd.		1,497,400		5,263,982
Techtronic Industries Co., Ltd.		798,000		5,379,733
				10,643,715

Description	Shares		Fair Value
India \| 9.2%
HDFC Bank, Ltd. ADR		60,585	$	7,022,407
ICICI Bank, Ltd. Sponsored ADR		700,601		8,028,888
Reliance Industries, Ltd.		273,533		5,372,304
Shriram Transport Finance Co., Ltd.		245,932		4,522,591
				24,946,190
Indonesia \| 2.6%
PT Bank Rakyat Indonesia (Persero) Tbk		24,159,100		7,000,295
Mexico \| 1.5%
Grupo Financiero Banorte SAB de CV, Class O		757,157		4,116,915
Peru \| 2.6%
Credicorp, Ltd.		29,055		6,971,747
Philippines \| 1.4%
BDO Unibank, Inc.		1,511,345		3,854,330
Portugal \| 2.4%
Galp Energia SGPS SA		416,810		6,673,271
Russia \| 6.2%
Mail.Ru Group, Ltd. GDR (*)		134,659		3,328,262
Novatek OAO Sponsored GDR		21,453		3,678,607
Sberbank of Russia PJSC		1,056,591		3,452,942
Yandex NV Class A (*)		189,735		6,515,500
				16,975,311
South Africa \| 3.8%
Capitec Bank Holdings, Ltd.		60,673		5,678,512
Petra Diamonds, Ltd. (*)		1,862,941		467,414
Standard Bank Group, Ltd.		315,841		4,058,278
				10,204,204
South Korea \| 7.5%
Doosan Bobcat, Inc.		73,123		1,992,509
NCSoft Corp.		6,567		2,874,178
Netmarble Corp. (*)		18,375		2,023,057
Partron Co., Ltd.		211,009		2,479,062
S-Oil Corp.		21,246		1,676,878
Samsung Biologics Co., Ltd. (*)		4,131		1,168,916
Samsung Electronics Co., Ltd.		208,248		8,189,263
				20,403,863
Taiwan \| 9.3%
Airtac International Group		161,000		2,079,297
ASE Technology Holding Co., Ltd.		1,188,289		2,598,179
Bizlink Holding, Inc.		540,000		3,724,705
Catcher Technology Co., Ltd.		215,670		1,668,866
Hiwin Technologies Corp.		114,185		961,164
Largan Precision Co., Ltd.		21,860		3,279,413
MediaTek, Inc.		391,000		3,578,138

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Silicon Motion Technology Corp. ADR		103,910	$	4,118,992
Taiwan Semiconductor Manufacturing Co., Ltd.		392,000		3,135,975
				25,144,729
United Arab Emirates \| 0.8%
NMC Health PLC		72,630		2,163,379
United Kingdom \| 1.8%
KAZ Minerals PLC		569,890		4,873,461
Total Common Stocks (Cost $231,299,592)				258,291,813
Preferred Stocks \| 2.1%
Brazil \| 2.1%
Banco Bradesco SA ADR (Cost $5,221,830)		516,886		5,639,226
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $4,116,526)		4,116,526		4,116,526
Total Investments \| 98.7% (Cost $240,637,948)			$	268,047,565
Cash and Other Assets in Excess of Liabilities \| 1.3%				3,432,328
Net Assets \| 100.0%			$	271,479,893

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 98.4%
Argentina \| 0.6%
Grupo Supervielle SA Sponsored ADR		82,200	$	499,776
Loma Negra Cia Industrial Argentina SA Sponsored ADR (*)		94,200		1,031,490
				1,531,266
Brazil \| 7.8%
Azul SA ADR (*)		92,000		2,687,320
Banco do Brasil SA		482,500		6,003,908
Braskem SA A Shares		245,342		3,189,474
CCR SA		477,600		1,432,062
Rumo SA (*)		537,400		2,628,426
Telefonica Brasil SA ADR		218,200		2,633,674
				18,574,864
Canada \| 1.0%
Parex Resources, Inc. (*)		156,200		2,445,246
China \| 27.1%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		64,400		11,749,780
Baidu, Inc. Sponsored ADR (*)		20,280		3,343,158
China National Building Material Co., Ltd., Class H		4,172,000		3,289,398
Industrial & Commercial Bank of China, Ltd., Class H		13,263,633		9,714,431
NetEase, Inc. ADR		10,992		2,654,018
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		40,286		3,629,366
PICC Property & Casualty Co., Ltd., Class H		2,377,770		2,701,553
Ping An Insurance (Group) Co. of China, Ltd., Class H		627,000		7,020,159
Shenzhou International Group Holdings, Ltd.		244,991		3,282,818
Sinopharm Group Co., Ltd., Class H		347,200		1,446,182
Tencent Holdings, Ltd.		323,100		14,856,647
Wuxi Biologics Cayman, Inc. (*)		104,500		1,016,172
				64,703,682
Colombia \| 1.2%
Bancolombia SA Sponsored ADR		55,300		2,823,618
Hong Kong \| 1.4%
Techtronic Industries Co., Ltd.		487,000		3,283,120
Hungary \| 1.0%
MOL Hungarian Oil & Gas PLC		210,855		2,414,054
India \| 10.7%
HDFC Bank, Ltd. ADR		73,569		8,527,383
Hindalco Industries, Ltd.		1,085,208		3,214,100
Hindustan Zinc, Ltd.		611,263		2,443,833
Infosys, Ltd. Sponsored ADR		284,515		3,109,749

Description	Shares		Fair Value
Maruti Suzuki India, Ltd.		26,552	$	2,560,141
Motherson Sumi Systems, Ltd.		757,859		1,642,340
UPL, Ltd.		287,474		3,984,134
				25,481,680
Indonesia \| 2.2%
PT Bank Mandiri (Persero) Tbk (*)		6,070,500		3,179,473
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		74,960		2,058,402
				5,237,875
Luxembourg \| 2.0%
Tenaris SA ADR		52,800		1,491,600
Ternium SA Sponsored ADR		119,000		3,239,180
				4,730,780
Mexico \| 3.0%
Arca Continental SAB de CV		301,045		1,677,052
Gruma SAB de CV, Class B		190,003		1,940,139
Grupo Aeroportuario del Pacifico SAB de CV ADR		16,200		1,441,314
Grupo Financiero Banorte SAB de CV, Class O		386,300		2,100,442
				7,158,947
Peru \| 1.2%
Credicorp, Ltd.		12,150		2,915,392
Philippines \| 1.8%
BDO Unibank, Inc.		1,190,841		3,036,960
GT Capital Holdings, Inc.		69,141		1,227,098
				4,264,058
Portugal \| 1.0%
Galp Energia SGPS SA		147,234		2,357,267
Russia \| 7.3%
LUKOIL PJSC Sponsored ADR		104,876		9,401,475
Sberbank of Russia PJSC Sponsored ADR (London)		352,063		4,671,054
Sberbank of Russia PJSC Sponsored ADR		53,682		707,529
Severstal PJSC GDR		173,367		2,705,231
				17,485,289
South Africa \| 5.3%
Barloworld, Ltd.		152,333		1,342,214
FirstRand, Ltd.		610,909		2,667,742
Mondi PLC		142,737		3,169,271
Naspers, Ltd., N Shares		13,660		3,160,682
The Bidvest Group, Ltd.		161,898		2,174,233
				12,514,142
South Korea \| 10.8%
Coway Co., Ltd.		23,467		1,951,795

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
DB Insurance Co., Ltd.		38,172	$	2,310,199
NCSoft Corp.		6,478		2,835,225
S-Oil Corp.		20,320		1,603,792
Samsung Electro-Mechanics Co., Ltd.		13,812		1,270,984
Samsung Electronics Co., Ltd.		307,941		12,109,648
SK Hynix, Inc.		56,730		3,706,908
				25,788,551
Taiwan \| 9.6%
Far EasTone Telecommunications Co., Ltd.		919,000		2,214,117
Formosa Plastics Corp.		1,144,000		4,070,047
Largan Precision Co., Ltd.		17,000		2,550,321
Silicon Motion Technology Corp. ADR		46,010		1,823,836
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		295,778		12,115,067
				22,773,388
Thailand \| 1.4%
Bangkok Bank Public Co. Ltd.		241,400		1,645,597
Kasikornbank Public Co. Ltd.		285,200		1,692,118
				3,337,715
United Arab Emirates \| 0.4%
Emaar Properties PJSC		765,020		977,617
United Kingdom \| 1.6%
Unilever NV NY Shares		66,600		3,882,114
Total Common Stocks (Cost $221,707,395)				234,680,665
Preferred Stocks \| 0.8%
Brazil \| 0.8%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,810,965)		213,843		1,883,957
Short-Term Investments \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $2,533,415)		2,533,415		2,533,415
Total Investments \| 100.3% (Cost $226,051,775)			$	239,098,037
Liabilities in Excess of Cash and Other Assets \| (0.3)%				(738,442)
Net Assets \| 100.0%			$	238,359,595

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 92.9%
Brazil \| 4.7%
B3 SA - Brasil Bolsa Balcao	4,000	$	32,815
Banco Santander Brasil SA	3,700		41,552
Braskem SA A Shares	2,100		27,300
CCR SA	5,200		15,592
Cia de Saneamento de Minas Gerais-COPASA	1,100		17,157
EcoRodovias Infraestrutura e Logistica SA	7,300		17,880
Estacio Participacoes SA	3,400		23,099
Guararapes Confeccoes SA	400		14,711
IRB Brasil Resseguros S/A	1,600		37,289
Lojas Renner SA	3,300		36,916
Petroleo Brasileiro SA	11,393		81,650
Suzano Papel e Celulose SA	1,300		15,456
Vale SA	7,509		97,675
			459,092
Chile \| 0.6%
Cia Cervecerias Unidas SA Sponsored ADR	1,932		56,917
China \| 31.3%
Accelink Technologies Co., Ltd., Class A	3,400		15,990
Agricultural Bank of China, Ltd., Class H	28,000		12,911
Air China, Ltd., Class H	22,000		27,068
Alibaba Group Holding, Ltd. Sponsored ADR (*)	1,850		337,532
Anhui Conch Cement Co., Ltd., Class H	9,500		58,023
ANTA Sports Products, Ltd.	4,000		27,208
Autohome, Inc. ADR (*)	339		35,636
Baidu, Inc. Sponsored ADR (*)	288		47,477
Bank of China, Ltd., Class H	88,000		39,905
Beijing Enterprises Holdings, Ltd.	5,500		31,210
China CITIC Bank Corp., Ltd., Class H	103,000		65,601
China Construction Bank Corp., Class H	179,000		153,447
China Mengniu Dairy Co., Ltd.	4,000		14,877
China Merchants Bank Co., Ltd., Class H	19,500		94,754
China Mobile, Ltd.	5,500		56,242
China Petroleum & Chemical Corp., Class H	42,000		33,123
China Resources Cement Holdings, Ltd.	12,000		12,381
China Resources Gas Group, Ltd.	4,000		18,852
China SCE Group Holdings, Ltd.	37,000		19,276
China Telecom Corp., Ltd., Class H	168,000		93,304
China Unicom Hong Kong, Ltd.	78,000		99,550
China Vanke Co., Ltd., Class H	4,700		19,755
Chongqing Department Store Co., Ltd., Class A	8,737		48,371
CNOOC, Ltd.	52,000		97,161

Description	Shares		Fair Value
COFCO Tunhe Sugar Co., Ltd., Class A	10,299	$	13,800
Country Garden Holdings Co., Ltd.	34,000		53,091
CSPC Pharmaceutical Group, Ltd.	34,000		63,223
Fangda Special Steel Technology Co., Ltd., Class A	9,000		19,285
Foshan Haitian Flavouring & Food Co., Ltd., Class A	3,000		38,787
Great Wall Motor Co., Ltd. Class H	24,500		18,380
Guangzhou Automobile Group Co., Ltd., Class H	15,200		17,947
Henan Shuanghui Investment & Development Co., Ltd., Class A	4,100		15,786
Industrial & Commercial Bank of China, Ltd., Class H	185,000		135,496
Industrial Bank Co., Ltd., Class A	53,500		145,191
Jiangsu Hengrui Medicine Co., Ltd., Class A	1,800		17,581
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	600		11,668
Li Ning Co., Ltd. (*)	10,000		15,693
Longfor Group Holdings, Ltd.	6,500		22,891
Lonking Holdings, Ltd.	69,000		22,322
Momo, Inc. Sponsored ADR (*)	747		28,565
NARI Technology Co., Ltd., Class A	4,300		13,526
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)	206		18,559
PetroChina Co., Ltd., Class H	94,000		60,945
PICC Property & Casualty Co., Ltd., Class H	12,000		13,634
Ping An Bank Co., Ltd., Class A	11,000		21,014
Ping An Insurance (Group) Co. of China, Ltd., Class H	13,000		145,554
Postal Savings Bank of China Co., Ltd., Class H	21,000		12,011
Shanying International Holding Co., Ltd., Class A	51,500		30,373
Shennan Circuits Co., Ltd., Class A	1,100		20,483
Shenzhou International Group Holdings, Ltd.	2,100		28,139
Sinotruk Hong Kong, Ltd.	12,000		25,571
Sunac China Holdings, Ltd.	5,000		24,899
Sunny Optical Technology Group Co., Ltd.	1,700		20,298
Tencent Holdings, Ltd.	8,200		377,049
Tianneng Power International, Ltd.	22,000		19,811
Topchoice Medical Investment Corp., Class A	1,900		19,965
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H	3,400		14,725
YY, Inc. ADR (*)	219		18,398
Zhejiang Weixing New Building Materials Co., Ltd., Class A	6,371		19,126
Zhongsheng Group Holdings, Ltd.	7,500		18,609

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Zijin Mining Group Co., Ltd., Class H	42,000	$	17,387
			3,039,436
Colombia \| 0.2%
Ecopetrol SA Sponsored ADR	773		16,573
Egypt \| 0.3%
Commercial International Bank Egypt SAE ADR	8,401		32,932
Greece \| 0.2%
JUMBO SA	966		16,139
Hong Kong \| 0.9%
Lee & Man Paper Manufacturing, Ltd.	19,000		16,192
Shimao Property Holdings, Ltd.	12,000		37,601
Sino Biopharmaceutical, Ltd.	37,500		34,197
			87,990
Hungary \| 1.2%
Magyar Telekom Telecommunications PLC	9,928		16,018
MOL Hungarian Oil & Gas PLC	6,239		71,430
Richter Gedeon Nyrt.	1,508		28,443
			115,891
India \| 6.7%
Dr Reddy’s Laboratories, Ltd. ADR	1,089		44,105
GAIL India, Ltd. GDR	2,811		86,043
HDFC Bank, Ltd. ADR	963		111,621
ICICI Bank, Ltd. Sponsored ADR	2,816		32,271
Infosys, Ltd. Sponsored ADR	14,533		158,846
Reliance Industries, Ltd. Sponsored GDR (#)	2,010		80,646
State Bank of India GDR (*)	483		22,340
Vedanta, Ltd. ADR	763		8,057
Wipro, Ltd. ADR	10,230		40,715
WNS Holdings, Ltd. ADR (*)	1,166		62,113
			646,757
Indonesia \| 2.6%
PT Bank Central Asia Tbk	42,300		82,497
PT Bank Mandiri (Persero) Tbk (*)	43,000		22,522
PT Bank Rakyat Indonesia (Persero) Tbk	229,600		66,528
PT Gudang Garam Tbk	5,400		31,612
PT Unilever Indonesia Tbk	15,500		53,648
			256,807
Malaysia \| 2.0%
AirAsia Group Berhad	26,000		16,958
Astro Malaysia Holdings Berhad	59,700		22,453
Bermaz Auto Berhad	32,200		17,831
Genting Malaysia Berhad	19,300		15,138
Hong Leong Bank Berhad	6,000		29,858

Description	Shares		Fair Value
Nestle Malaysia Berhad	500	$	17,967
Petronas Chemicals Group Berhad	27,100		60,747
Public Bank Berhad	1,700		9,649
			190,601
Mexico \| 2.8%
Alfa SAB de CV, Class A	24,300		25,827
America Movil SAB de CV, Class L Sponsored ADR	2,650		37,842
Grupo Aeroportuario del Centro Norte SAB de CV	6,000		33,904
Grupo Financiero Banorte SAB de CV, Class O	8,400		45,674
Grupo Mexico SAB de CV, Series B	6,000		16,494
Mexichem SAB de CV	13,500		32,279
Wal-Mart de Mexico SAB de CV	28,800		77,036
			269,056
Peru \| 0.2%
Credicorp, Ltd.	77		18,476
Philippines \| 1.3%
Ayala Land, Inc.	37,400		31,992
Cebu Air, Inc.	15,420		24,357
DMCI Holdings, Inc.	118,000		26,973
International Container Terminal Services, Inc.	7,340		18,298
JG Summit Holdings, Inc.	18,370		22,229
			123,849
Poland \| 0.9%
Enea SA (*)	8,276		18,866
Grupa Lotos SA	666		14,469
LPP SA	9		19,531
PGE Polska Grupa Energetyczna SA (*)	4,497		11,648
Polskie Gornictwo Naftowe i Gazownictwo SA	7,690		12,531
Tauron Polska Energia SA (*)	25,536		13,472
			90,517
Russia \| 4.1%
Gazprom PJSC Sponsored ADR	9,877		44,607
LUKOIL PJSC Sponsored ADR	934		83,727
MMC Norilsk Nickel PJSC ADR	1,270		26,835
Novolipetsk Steel PJSC GDR	1,649		42,344
Sberbank of Russia PJSC Sponsored ADR	6,891		91,427
Severstal PJSC GDR	2,481		38,714
Tatneft PJSC Sponsored ADR	795		55,081
VTB Bank PJSC GDR	16,534		18,881
			401,616

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Singapore \| 0.3%
BOC Aviation, Ltd.	3,900	$	31,819
South Africa \| 3.8%
Anglo American Platinum, Ltd.	1,039		53,006
AVI, Ltd.	6,769		42,351
Capitec Bank Holdings, Ltd.	226		21,152
Exxaro Resources, Ltd.	3,504		39,898
FirstRand, Ltd.	10,594		46,262
Imperial Logistics, Ltd.	1,578		6,554
Motus Holdings, Ltd.	1,649		9,364
Mr. Price Group, Ltd.	1,890		24,834
MultiChoice Group, Ltd. (*)	548		4,584
Naspers, Ltd., N Shares	530		122,633
			370,638
South Korea \| 14.0%
AfreecaTV Co., Ltd.	384		18,550
Celltrion, Inc. (*)	69		11,038
CJ Corp.	125		13,713
Daelim Industrial Co., Ltd.	432		36,726
DB Insurance Co., Ltd.	223		13,496
GS Engineering & Construction Corp. N Ap	612		23,027
Hana Financial Group, Inc.	466		14,942
Hyundai Department Store Co., Ltd.	174		15,492
Hyundai Marine & Fire Insurance Co., Ltd.	941		31,417
Hyundai Mobis Co., Ltd.	94		17,292
Industrial Bank of Korea	1,585		19,617
Jin Air Co., Ltd.	1,125		22,910
KB Financial Group, Inc. ADR	2,046		75,825
KCC Corp.	45		12,632
KEPCO Plant Service & Engineering Co., Ltd.	435		13,342
Kia Motors Corp.	640		19,939
Korea Electric Power Corp. Sponsored ADR (*)	5,264		68,485
Korean Air Lines Co., Ltd.	1,095		30,746
KT&G Corp.	249		22,704
LG Chem, Ltd.	71		22,932
LG Corp.	207		14,138
LG Electronics, Inc.	341		22,557
LG Household & Health Care, Ltd.	43		53,801
LG Uplus Corp.	3,011		40,987
Lotte Chemical Corp.	73		18,678
Meritz Fire & Marine Insurance Co., Ltd.	1,342		28,745
NCSoft Corp.	82		35,889
POSCO	133		29,744
Samsung Electro-Mechanics Co., Ltd.	258		23,741
Samsung Electronics Co., Ltd. GDR	470		461,424

Description	Shares		Fair Value
Samsung SDS Co., Ltd.	150	$	31,050
SK Holdings Co., Ltd.	62		14,784
SK Hynix, Inc.	1,224		79,980
			1,360,343
Taiwan \| 11.5%
Advantech Co., Ltd.	7,000		58,109
Asia Cement Corp.	13,000		16,935
Delta Electronics, Inc.	8,000		41,349
Elan Microelectronics Corp.	6,000		17,285
Feng TAY Enterprise Co., Ltd.	6,000		42,436
Formosa Chemicals & Fibre Corp.	5,000		18,197
Makalot Industrial Co., Ltd.	4,000		28,029
Novatek Microelectronics Corp., Ltd. N Ap	4,000		25,650
President Chain Store Corp.	4,000		39,428
Rexon Industrial Corp., Ltd.	7,000		18,900
St Shine Optical Co., Ltd.	2,000		38,897
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	11,880		486,605
Taiwan Styrene Monomer	21,000		16,589
Uni-President Enterprises Corp.	32,000		77,882
Walsin Technology Corp.	5,000		32,346
Yageo Corp.	1,718		17,958
Yuanta Financial Holding Co., Ltd.	243,000		138,290
			1,114,885
Thailand \| 1.8%
Advanced Info Service Public Co. Ltd. (‡)	4,700		27,251
Bumrungrad Hospital Public Co. Ltd. (‡)	3,400		19,231
Central Pattana Public Co. Ltd. NVDR	8,200		18,960
CP ALL Public Co. Ltd. (‡)	14,400		33,918
Home Product Center Public Co. Ltd. (‡)	30,900		14,897
Krungthai Card Public Co. Ltd. NVDR	20,400		22,660
PTT Exploration & Production Public Co. Ltd. (‡)	4,100		16,214
Tisco Financial Group Public Co. Ltd. NVDR	8,800		24,475
			177,606
Turkey \| 0.9%
BIM Birlesik Magazalar AS	1,303		17,812
Haci Omer Sabanci Holding AS	9,844		13,850
Tekfen Holding AS	3,410		13,791
Turk Telekomunikasyon AS (*)	22,575		17,623
Turkiye Garanti Bankasi AS ADR	15,748		23,622
			86,698
United States \| 0.6%
Yum China Holdings, Inc.	1,233		55,374
Total Common Stocks (Cost $8,411,867)			9,020,012

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Preferred Stocks \| 0.7%
Brazil \| 0.7%
Banco Bradesco SA ADR (Cost $65,577)	6,021	$	65,689
Short-Term Investments \| 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $288,268)	288,268		288,268
Total Investments \| 96.6% (Cost $8,765,712)		$	9,373,969
Cash and Other Assets in Excess of Liabilities \| 3.4%			328,268
Net Assets \| 100.0%		$	9,702,237

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 96.2%
Argentina \| 1.1%
Transportadora de Gas del Sur SA, Class B, ADR		73,575	$	968,247
YPF SA Sponsored ADR		196,400		2,751,564
				3,719,811
Brazil \| 6.6%
Ambev SA ADR		467,575		2,010,572
Banco ABC Brasil SA		185,200		901,084
Banco do Brasil SA		403,257		5,017,861
CCR SA		729,200		2,186,473
Cia de Saneamento do Parana		62,900		1,204,070
Cielo SA Sponsored ADR		721,181		1,720,017
Duratex SA		738,800		2,069,965
Estacio Participacoes SA		164,800		1,119,614
Iochpe Maxion SA		226,945		1,243,304
JSL SA		326,000		825,959
Pagseguro Digital, Ltd., Class A (*)		66,100		1,973,085
Petrobras Distribuidora SA		275,900		1,631,294
				21,903,298
Canada \| 1.3%
First Quantum Minerals, Ltd.		392,115		4,445,349
Chile \| 0.2%
Geopark, Ltd. (*)		37,019		640,058
China \| 28.5%
A-Living Services Co., Ltd., Class H (*)		871,000		1,490,279
Alibaba Group Holding, Ltd. Sponsored ADR (*)		40,500		7,389,225
Anhui Conch Cement Co., Ltd., Class H		436,500		2,666,020
Autohome, Inc. ADR (*)		39,300		4,131,216
Baidu, Inc. Sponsored ADR (*)		48,804		8,045,339
Beijing Enterprises Water Group, Ltd.		4,872,000		3,009,744
China Construction Bank Corp., Class H		8,167,281		7,001,350
China Meidong Auto Holdings, Ltd.		1,308,000		634,785
China Mobile, Ltd. Sponsored ADR		86,216		4,396,154
China Shenhua Energy Co., Ltd., Class H		1,471,500		3,362,141
China State Construction International Holdings, Ltd.		4,082,249		3,821,710
CNOOC, Ltd.		1,992,800		3,723,494
Consun Pharmaceutical Group, Ltd.		1,891,000		1,387,394
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		695,400		3,652,411
Huami Corp. ADR (*)		34,345		449,576
JNBY Design, Ltd.		1,085,500		2,184,939
NetEase, Inc. ADR		42,550		10,273,698

Description	Shares		Fair Value
Ping An Insurance (Group) Co. of China, Ltd., Class H		638,500	$	7,148,918
Precision Tsugami China Corp., Ltd.		766,000		888,896
RISE Education Cayman, Ltd. ADR (*)		66,350		645,586
Sinotrans, Ltd., Class H		3,175,000		1,362,895
Tencent Holdings, Ltd.		127,500		5,862,651
Tianyun International Holdings, Ltd.		5,494,000		924,998
West China Cement, Ltd.		8,556,000		1,135,557
Wuliangye Yibin Co., Ltd. Class A		147,800		2,092,901
Yestar Healthcare Holdings Co., Ltd.		2,745,000		643,599
Zhuzhou CRRC Times Electric Co., Ltd., Class H		323,300		1,913,807
ZTO Express Cayman, Inc. ADR		199,330		3,643,752
				93,883,035
Colombia \| 1.8%
Bancolombia SA Sponsored ADR		116,092		5,927,657
Egypt \| 1.1%
Commercial International Bank Egypt SAE GDR		653,177		2,537,514
Credit Agricole Egypt SAE		240,239		637,680
Dice Sport & Casual Wear (*)		2,643,444		495,741
				3,670,935
Estonia \| 0.1%
Tallinna Sadam AS (*)		125,200		299,837
Georgia \| 0.7%
Bank of Georgia Group PLC		67,581		1,456,310
TBC Bank Group PLC		33,962		683,724
				2,140,034
Greece \| 0.8%
JUMBO SA		59,281		990,393
OPAP SA		154,619		1,596,164
				2,586,557
Hong Kong \| 3.7%
China Gas Holdings, Ltd.		1,010,400		3,551,975
China Water Affairs Group, Ltd.		1,364,000		1,427,549
Kingboard Laminates Holdings, Ltd.		1,077,500		1,136,075
NewOcean Energy Holdings, Ltd. (*)		1,724,000		491,935
Techtronic Industries Co., Ltd.		739,000		4,981,983
TK Group Holdings, Ltd.		796,000		500,049
				12,089,566
Hungary \| 1.0%
OTP Bank Nyrt.		78,381		3,450,823
India \| 12.4%
Axis Bank, Ltd. (*)		867,895		9,721,297
Bajaj Auto, Ltd.		69,300		2,913,543
Escorts, Ltd.		126,393		1,453,953

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Graphite India, Ltd.		129,857	$	835,632
HCL Technologies, Ltd.		105,282		1,653,035
ICICI Bank, Ltd. Sponsored ADR		642,038		7,357,755
Infosys, Ltd. Sponsored ADR		152,200		1,663,546
Jubilant Life Sciences, Ltd.		143,917		1,379,465
Kiri Industries, Ltd. (*)		101,928		729,724
Mahanagar Gas, Ltd.		99,245		1,510,379
Petronet LNG, Ltd.		306,580		1,113,665
Reliance Industries, Ltd.		221,703		4,354,341
Tata Consultancy Services, Ltd.		130,640		3,775,720
The South Indian Bank, Ltd.		1,318,722		313,259
Uflex, Ltd.		164,271		541,028
UPL, Ltd.		112,962		1,565,553
				40,881,895
Indonesia \| 4.3%
PT Bank Mandiri (Persero) Tbk		7,917,700		4,146,959
PT Bank Pembangunan Daerah Jawa Timur Tbk		7,531,400		344,277
PT Bank Rakyat Indonesia (Persero) Tbk		20,114,890		5,828,452
PT Bekasi Fajar Industrial Estate Tbk		40,140,000		676,166
PT Erajaya Swasembada Tbk		3,358,700		419,153
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		106,030		2,911,584
				14,326,591
Kenya \| 0.2%
KCB Group, Ltd.		1,537,700		671,943
Kuwait \| 0.3%
Human Soft Holding Co. KSC		77,918		825,700
Mexico \| 2.3%
Alpek SAB de CV		1,233,000		1,647,790
America Movil SAB de CV, Class L Sponsored ADR		123,243		1,759,910
Credito Real SAB de CV		354,900		399,875
Grupo Mexico SAB de CV, Series B		586,601		1,612,603
Kimberly-Clark de Mexico SAB de CV, Series A		1,289,500		2,188,335
				7,608,513
Morocco \| 0.1%
Residences Dar Saada		21,421		181,788
Oman \| 0.2%
Ooredoo		556,898		729,441
Pakistan \| 0.2%
Bank Alfalah, Ltd.		1,507,000		503,595

Description	Shares		Fair Value
Philippines \| 0.7%
Bloomberry Resorts Corp.		4,698,700	$	1,074,024
PLDT, Inc. Sponsored ADR		56,202		1,217,897
				2,291,921
Russia \| 6.6%
Gazprom PJSC Sponsored ADR		456,184		2,060,252
LUKOIL PJSC Sponsored ADR		48,873		4,369,735
Mobile TeleSystems PJSC Sponsored ADR		312,100		2,359,476
Sberbank of Russia PJSC		782,981		2,558,784
Sberbank of Russia PJSC Sponsored ADR		488,547		6,439,050
Yandex NV Class A (*)		114,200		3,921,628
				21,708,925
Singapore \| 0.4%
BOC Aviation, Ltd.		150,900		1,231,150
South Africa \| 1.1%
Petra Diamonds, Ltd. (*)		1,840,568		461,801
Standard Bank Group, Ltd.		242,680		3,118,224
				3,580,025
South Korea \| 11.0%
ELP Corp.		27,880		388,561
Eugene Technology Co., Ltd.		108,147		1,150,492
Hanwha Life Insurance Co., Ltd.		131,834		464,788
HS Industries Co., Ltd.		228,345		1,782,739
Hyundai Mobis Co., Ltd.		16,582		3,050,354
Innocean Worldwide, Inc.		22,889		1,408,955
KT&G Corp.		21,007		1,915,436
Nasmedia Co., Ltd.		30,957		891,803
NCSoft Corp.		5,839		2,555,554
Nice Information & Telecommunication, Inc.		35,109		666,459
Samjin Pharmaceutical Co., Ltd.		16,494		555,061
Samsung Electronics Co., Ltd.		299,998		11,797,292
Shinhan Financial Group Co., Ltd.		90,642		3,357,752
SK Hynix, Inc.		97,608		6,378,000
				36,363,246
Taiwan \| 8.1%
Bizlink Holding, Inc.		162,000		1,117,411
Chailease Holding Co., Ltd.		352,300		1,438,663
Gourmet Master Co., Ltd.		150,782		1,004,617
Hon Hai Precision Industry Co., Ltd.		732,136		1,753,197
Largan Precision Co., Ltd.		26,614		3,992,603
MediaTek, Inc.		290,000		2,653,862
Powertech Technology, Inc.		400,000		946,296
Primax Electronics, Ltd.		528,000		1,042,880
Silicon Motion Technology Corp. ADR		81,451		3,228,718

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (Concluded)
TaiDoc Technology Corp.		66,000	$	359,634
Taiwan Semiconductor Manufacturing Co., Ltd.		935,720		7,485,700
Tripod Technology Corp.		504,000		1,628,771
				26,652,352
Thailand \| 0.4%
Tisco Financial Group Public Co. Ltd. (‡)		479,100		1,332,301
Turkey \| 0.8%
KOC Holding AS ADR		188,467		2,712,040
Ukraine \| 0.2%
Kernel Holding SA		52,958		678,794
Total Common Stocks (Cost $302,992,066)				317,037,180
Preferred Stocks \| 1.4%
Brazil \| 1.4%
Banco Bradesco SA ADR (Cost $3,562,125)		425,590		4,643,187
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA Expires 06/03/2019 (*) (Cost $0)		15,354		28,784
Short-Term Investments \| 2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $8,077,070)		8,077,070		8,077,070
Total Investments \| 100.0% (Cost $314,631,261)			$	329,786,221
Cash and Other Assets in Excess of Liabilities \| 0.0%				41,262
Net Assets \| 100.0%			$	329,827,483

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 96.7%
Argentina \| 1.5%
YPF SA Sponsored ADR		10,131,294	$	141,939,429
Brazil \| 8.2%
Ambev SA ADR		23,448,740		100,829,582
Banco do Brasil SA		25,159,734		313,070,923
BB Seguridade Participacoes SA		20,040,400		135,740,459
CCR SA		35,060,434		105,127,127
Cielo SA		38,601,719		93,562,597
				748,330,688
China \| 19.7%
AAC Technologies Holdings, Inc.		11,348,500		67,137,237
Anhui Conch Cement Co., Ltd., Class H		20,496,951		125,189,646
Baidu, Inc. Sponsored ADR (*)		620,839		102,345,309
China Construction Bank Corp., Class H		477,113,220		409,002,291
China Merchants Bank Co., Ltd., Class H		8,393,500		40,785,603
China Mobile, Ltd. Sponsored ADR		4,791,600		244,323,684
China Shenhua Energy Co., Ltd., Class H		33,422,110		76,364,137
CNOOC, Ltd.		56,943,000		106,396,490
ENN Energy Holdings, Ltd.		9,338,300		90,428,689
Hengan International Group Co., Ltd.		12,298,500		107,785,472
NetEase, Inc. ADR		1,037,664		250,543,973
Weichai Power Co., Ltd., Class H (^)		114,078,288		182,551,405
				1,802,853,936
Egypt \| 1.0%
Commercial International Bank Egypt SAE GDR		24,204,328		94,030,886
Hong Kong \| 1.1%
ASM Pacific Technology, Ltd.		9,191,200		102,682,526
Hungary \| 1.9%
OTP Bank Nyrt.		3,875,270		170,613,656
India \| 9.9%
Axis Bank, Ltd. (*)		19,738,440		221,090,376
Bajaj Auto, Ltd.		2,049,561		86,168,589
Bharat Petroleum Corp., Ltd.		8,575,379		49,214,821
Coal India, Ltd.		14,797,215		50,628,532
HCL Technologies, Ltd.		5,358,353		84,131,607
Hero MotoCorp, Ltd.		2,898,890		106,921,262
Infosys, Ltd. Sponsored ADR		7,570,452		82,745,040
Oil and Natural Gas Corp., Ltd.		24,885,795		57,401,023
Tata Consultancy Services, Ltd.		5,630,874		162,741,925
UPL, Ltd.		584,125		8,095,452
				909,138,627
Indonesia \| 5.8%
PT Astra International Tbk		218,706,000		112,687,696

Description	Shares		Fair Value
PT Bank Mandiri (Persero) Tbk		347,304,142	$	181,903,330
PT Semen Indonesia (Persero) Tbk		95,458,500		93,673,166
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		5,299,510		145,524,544
				533,788,736
Luxembourg \| 0.7%
Ternium SA Sponsored ADR		2,352,600		64,037,772
Malaysia \| 0.8%
British American Tobacco Malaysia Berhad		8,169,400		72,387,435
Mexico \| 3.2%
America Movil SAB de CV, Class L Sponsored ADR		11,195,771		159,875,610
Grupo Mexico SAB de CV, Series B		23,833,247		65,519,097
Kimberly-Clark de Mexico SAB de CV, Series A		41,634,895		70,656,145
				296,050,852
Pakistan \| 1.2%
Habib Bank, Ltd.		23,714,780		22,327,171
Oil & Gas Development Co., Ltd.		10,470,217		11,022,270
Pakistan Petroleum, Ltd.		57,798,752		76,297,576
				109,647,017
Philippines \| 0.7%
PLDT, Inc. Sponsored ADR		2,793,180		60,528,211
Russia \| 9.9%
ALROSA PAO (*)		63,922,768		90,172,845
Gazprom PJSC Sponsored ADR		24,639,176		111,277,295
LUKOIL PJSC Sponsored ADR		2,085,296		186,933,699
Magnit PJSC Sponsored GDR		4,702,721		66,343,575
Mobile TeleSystems PJSC Sponsored ADR		15,417,743		116,558,137
Sberbank of Russia PJSC		102,621,289		335,366,680
				906,652,231
South Africa \| 7.8%
Imperial Logistics, Ltd. (^)		5,799,136		24,086,469
Life Healthcare Group Holdings, Ltd.		35,918,171		66,763,771
Motus Holdings, Ltd.		6,936,584		39,389,585
Nedbank Group, Ltd.		4,391,461		76,513,997
PPC, Ltd. (*)		58,587,706		19,086,812
Sanlam, Ltd.		17,274,108		88,341,985
Shoprite Holdings, Ltd.		9,444,709		103,892,330
Standard Bank Group, Ltd.		6,602,603		84,837,623
The Bidvest Group, Ltd.		5,926,860		79,595,641
Vodacom Group, Ltd.		10,737,152		83,101,300
Woolworths Holdings, Ltd.		16,355,205		52,732,774
				718,342,287
South Korea \| 14.1%
Coway Co., Ltd.		1,509,786		125,571,778

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Hanwha Life Insurance Co., Ltd.		9,498,675	$	33,488,122
Hyundai Mobis Co., Ltd.		660,096		121,428,450
KB Financial Group, Inc.		2,216,797		81,923,153
KT&G Corp.		961,254		87,647,954
Samsung Electronics Co., Ltd.		10,245,417		402,896,618
Shinhan Financial Group Co., Ltd.		4,465,760		165,430,076
SK Hynix, Inc.		4,192,583		273,955,951
				1,292,342,102
Taiwan \| 5.5%
Catcher Technology Co., Ltd.		12,403,000		95,975,099
Hon Hai Precision Industry Co., Ltd.		37,609,425		90,060,756
Taiwan Semiconductor Manufacturing Co., Ltd.		39,732,284		317,855,736
				503,891,591
Thailand \| 1.6%
Kasikornbank Public Co. Ltd.		12,110,054		71,850,074
The Siam Cement Public Co. Ltd. (‡)		5,233,500		79,487,853
				151,337,927
Turkey \| 2.1%
KOC Holding AS		29,417,228		84,943,833
Tupras Turkiye Petrol Rafinerileri AS		4,916,737		110,137,795
				195,081,628

Total Common Stocks (Cost $8,478,903,517)				8,873,677,537
Short-Term Investments \| 0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $71,506,652)		71,506,652		71,506,652
Total Investments \| 97.5% (Cost $8,550,410,169)			$	8,945,184,189
Cash and Other Assets in Excess of Liabilities \| 2.5%				229,581,902
Net Assets \| 100.0%			$	9,174,766,091

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 98.3%
Belgium \| 5.0%
Anheuser-Busch InBev SA/NV		5,399	$	453,138
France \| 3.9%
Bureau Veritas SA		7,457		175,237
EssilorLuxottica SA		1,644		179,663
				354,900
Germany \| 3.5%
Fresenius Medical Care AG & Co. KGaA		3,966		319,013
Italy \| 4.4%
Atlantia SpA		15,661		406,364
Luxembourg \| 6.0%
SES SA		35,087		546,199
Spain \| 1.9%
Industria de Diseno Textil SA		6,044		177,747
United Kingdom \| 5.7%
National Grid PLC		24,043		267,356
United Utilities Group PLC		24,163		256,757
				524,113
United States \| 67.9%
Alphabet, Inc., Class C (*)		91		106,771
CVS Health Corp.		8,705		469,461
H&R Block, Inc.		17,969		430,178
International Game Technology PLC		42,968		558,154
IPG Photonics Corp. (*)		2,719		412,690
McKesson Corp.		4,871		570,199
MEDNAX, Inc. N Ap (*)		16,182		439,665
Medtronic PLC		2,026		184,528
Microsoft Corp.		1,713		202,031
Nielsen Holdings PLC		23,073		546,138
Norfolk Southern Corp.		1,045		195,300
Omnicom Group, Inc.		4,982		363,636
Oracle Corp.		10,403		558,745
QUALCOMM, Inc.		4,191		239,013
Stericycle, Inc. (*)		11,927		649,068
Tapestry, Inc.		5,502		178,760
Visa, Inc., Class A		633		98,868
				6,203,205
Total Common Stocks (Cost $9,425,899)				8,984,679
Short-Term Investments \| 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $181,341)		181,341		181,341

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 96.4%
Belgium \| 1.5%
Anheuser-Busch InBev SA/NV		13,253	$	1,112,324
Canada \| 4.0%
CAE, Inc.		31,240		692,196
Canadian National Railway Co.		14,215		1,272,526
National Bank of Canada		23,165		1,045,446
				3,010,168
China \| 2.1%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		3,405		621,242
Tencent Holdings, Ltd.		20,020		920,551
				1,541,793
Finland \| 1.8%
Nordea Bank Abp		83,448		635,322
Sampo Oyj, A Shares		15,703		712,173
				1,347,495
France \| 1.3%
Ubisoft Entertainment SA (*)		10,491		936,171
Germany \| 1.1%
Symrise AG		8,954		806,384
Hong Kong \| 3.2%
AIA Group, Ltd.		129,945		1,293,473
Hang Seng Bank, Ltd.		43,900		1,083,163
				2,376,636
India \| 0.8%
Indiabulls Housing Finance, Ltd. GDR		45,760		567,424
Israel \| 1.2%
Bank Leumi Le-Israel BM		131,700		863,722
Japan \| 6.5%
Daiwa House Industry Co., Ltd.		26,185		833,052
Kansai Paint Co., Ltd.		29,400		561,509
Kao Corp.		10,500		828,947
Ryohin Keikaku Co., Ltd.		3,360		854,304
TechnoPro Holdings, Inc.		15,800		946,643
Yamaha Corp.		16,400		822,461
				4,846,916
Netherlands \| 2.5%
Wolters Kluwer NV		26,888		1,832,460
Singapore \| 1.5%
Oversea-Chinese Banking Corp., Ltd.		133,100		1,087,200
South Africa \| 1.5%
Distell Group Holdings, Ltd.		74,395		662,635

Description	Shares		Fair Value
Sanlam, Ltd.		85,756	$	438,567
				1,101,202
South Korea \| 0.7%
Fila Korea, Ltd.		8,006		551,379
Sweden \| 3.1%
Assa Abloy AB, Class B		28,820		621,379
Epiroc AB, Class A (*)		87,858		887,787
Hexagon AB, B Shares		15,176		792,610
				2,301,776
Switzerland \| 2.6%
Novartis AG		12,216		1,175,713
Partners Group Holding AG		1,012		736,651
				1,912,364
Taiwan \| 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		17,335		710,042
United Kingdom \| 11.9%
Bunzl PLC		18,715		617,476
Coca-Cola European Partners PLC		19,310		999,099
Compass Group PLC		40,184		944,572
Diageo PLC		41,650		1,703,565
Prudential PLC		34,197		685,424
RELX PLC (*)		61,437		1,313,749
RSA Insurance Group PLC		83,818		554,805
The Weir Group PLC		22,397		456,622
Unilever PLC		26,991		1,548,039
				8,823,351
United States \| 48.2%
Accenture PLC, Class A		8,315		1,463,606
Alphabet, Inc., Class A (*)		1,914		2,252,567
Aon PLC		9,735		1,661,764
Biogen, Inc. (*)		5,070		1,198,447
Booking Holdings, Inc. (*)		395		689,239
Boston Scientific Corp. (*)		28,895		1,108,990
Cisco Systems, Inc.		20,285		1,095,187
Comerica, Inc.		8,475		621,387
Eaton Corp. PLC		7,725		622,326
eBay, Inc.		17,475		649,022
Honeywell International, Inc.		8,353		1,327,459
Intercontinental Exchange, Inc.		17,370		1,322,552
IQVIA Holdings, Inc. (*)		12,600		1,812,510
Johnson & Johnson		12,265		1,714,524

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Lowe’s Cos., Inc.		7,915	$	866,455
McDonald’s Corp.		6,050		1,148,895
Microsoft Corp.		17,660		2,082,820
Motorola Solutions, Inc.		7,525		1,056,661
Rockwell Automation, Inc.		7,585		1,330,864
S&P Global, Inc.		5,890		1,240,140
Schlumberger, Ltd.		14,586		635,512
Starbucks Corp.		12,440		924,790
Texas Instruments, Inc.		6,705		711,199
The Coca-Cola Co.		37,630		1,763,342
The Procter & Gamble Co.		10,725		1,115,936
Thermo Fisher Scientific, Inc.		7,705		2,109,013
Visa, Inc., Class A		10,058		1,570,959
Zoetis, Inc.		16,157		1,626,525
				35,722,691
Total Common Stocks (Cost $60,861,439)				71,451,498
Short-Term Investments \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $2,347,100)		2,347,100		2,347,100
Total Investments \| 99.6% (Cost $63,208,539)			$	73,798,598
Cash and Other Assets in Excess of Liabilities \| 0.4%				317,996
Net Assets \| 100.0%			$	74,116,594

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 94.5%
Australia \| 9.1%
Atlas Arteria, Ltd.		18,435,137	$	94,746,220
AusNet Services		47,014,129		59,364,138
Spark Infrastructure Group		67,622,901		109,566,662
Transurban Group		31,552,254		295,999,914
				559,676,934
Canada \| 1.0%
ATCO, Ltd., Class I		1,900,800		64,007,184
France \| 7.3%
Eutelsat Communications SA		9,871,601		173,063,097
Vinci SA		2,833,530		275,815,960
				448,879,057
Germany \| 2.9%
Fraport AG		2,319,169		177,563,810
Hong Kong \| 2.0%
Power Assets Holdings, Ltd.		17,302,500		120,011,394
Italy \| 23.7%
ASTM SpA		1,316,169		35,819,125
Atlantia SpA		20,216,429		524,565,765
Hera SpA		23,764,436		85,963,608
Italgas SpA		29,606,128		183,034,135
Snam SpA		56,735,262		291,854,537
Societa Iniziative Autostradali e Servizi SpA		2,244,518		38,903,658
Terna SpA		46,132,988		292,636,801
				1,452,777,629
Luxembourg \| 4.0%
SES SA		15,840,185		246,583,963
Portugal \| 1.0%
REN - Redes Energeticas Nacionais SGPS SA		20,694,113		59,023,131
Spain \| 3.0%
Red Electrica Corporacion SA		8,758,010		186,692,877
United Kingdom \| 19.4%
National Grid PLC		42,384,298		471,309,304
Pennon Group PLC		17,878,748		173,220,013
Severn Trent PLC		10,302,401		265,513,194
United Utilities Group PLC		26,107,721		277,422,249
				1,187,464,760
United States \| 21.1%
American Electric Power Co., Inc.		2,227,211		186,528,921
Consolidated Edison, Inc.		1,512,600		128,283,606
CSX Corp.		1,800,000		134,676,000
Kansas City Southern		2,300,000		266,754,000

Description	Shares		Fair Value
Norfolk Southern Corp.		2,737,837	$	511,674,357
Union Pacific Corp.		381,500		63,786,800
				1,291,703,684
Total Common Stocks (Cost $5,517,531,071)				5,794,384,423
Short-Term Investments \| 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $242,686,690)		242,686,690		242,686,690
Total Investments \| 98.5% (Cost $5,760,217,761) (»)			$	6,037,071,113
Cash and Other Assets in Excess of Liabilities \| 1.5%				92,771,012
Net Assets \| 100.0%			$	6,129,842,125

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 98.2%
Canada \| 3.1%
Suncor Energy, Inc.		1,442	$	46,734
Toromont Industries, Ltd.		886		45,250
				91,984
China \| 3.7%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		349		63,675
Tencent Holdings, Ltd.		1,000		45,982
				109,657
Denmark \| 1.3%
Genmab A/S (*)		219		38,010
Finland \| 1.6%
Sampo Oyj, A Shares		1,061		48,119
France \| 5.3%
Safran SA		358		49,122
Ubisoft Entertainment SA (*)		329		29,359
Vivendi SA		2,685		77,839
				156,320
Germany \| 1.0%
Beiersdorf AG		270		28,090
Hong Kong \| 2.8%
AIA Group, Ltd.		5,400		53,752
Techtronic Industries Co., Ltd.		4,363		29,413
				83,165
India \| 1.6%
ICICI Bank, Ltd. Sponsored ADR		4,035		46,241
Ireland \| 0.7%
Ryanair Holdings PLC Sponsored ADR (*)		283		21,208
Israel \| 1.5%
Bank Leumi Le-Israel BM		6,747		44,248
Japan \| 4.3%
Digital Garage, Inc.		1,000		29,392
Nexon Co., Ltd. (*)		2,300		36,144
Suzuki Motor Corp.		600		26,610
TechnoPro Holdings, Inc.		600		35,948
				128,094
New Zealand \| 1.2%
Trade Me Group, Ltd.		8,105		35,375
South Africa \| 2.1%
Naspers, Ltd., N Shares		166		38,409
Sanlam, Ltd.		4,668		23,873
				62,282

Description	Shares		Fair Value
Switzerland \| 4.9%
Novartis AG		635	$	61,115
Partners Group Holding AG		70		50,954
The Swatch Group AG		114		32,677
				144,746
United Kingdom \| 9.3%
Bunzl PLC		1,419		46,818
Coca-Cola European Partners PLC		989		50,946
Informa PLC		5,815		56,386
Prudential PLC		1,661		33,292
RELX PLC (*)		2,713		58,014
Rio Tinto PLC		533		31,011
				276,467
United States \| 53.8%
Accenture PLC, Class A		432		76,041
Alphabet, Inc., Class A (*)		132		155,349
Aon PLC		449		76,644
Bank of America Corp.		1,967		54,270
Baxter International, Inc.		409		33,256
Biogen, Inc. (*)		127		30,020
Booking Holdings, Inc. (*)		27		47,113
Comerica, Inc.		526		38,566
Danaher Corp.		425		56,109
Deere & Co.		323		51,628
Elanco Animal Health, Inc.		990		31,749
Electronic Arts, Inc. (*)		265		26,932
EOG Resources, Inc.		286		27,221
Halliburton Co.		790		23,147
Henry Schein, Inc. (*)		475		28,552
Intercontinental Exchange, Inc.		1,197		91,140
IPG Photonics Corp. (*)		101		15,330
IQVIA Holdings, Inc. (*)		623		89,619
Medtronic PLC		618		56,287
Microsoft Corp.		833		98,244
Palo Alto Networks, Inc. (*)		186		45,176
Raytheon Co.		315		57,355
S&P Global, Inc.		339		71,376
The Coca-Cola Co.		1,637		76,710
Union Pacific Corp.		265		44,308
Visa, Inc., Class A		643		100,430
Worldpay, Inc., Class A (*)		300		34,050
Zoetis, Inc.		585		58,892
				1,595,514
Total Common Stocks (Cost $2,502,809)				2,909,520

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $67,930)		67,930	$	67,930
Total Investments \| 100.5% (Cost $2,570,739)			$	2,977,450
Liabilities in Excess of Cash and Other Assets \| (0.5)%				(14,053)
Net Assets \| 100.0%			$	2,963,397

Description	Shares		Fair Value
Lazard International Compounders Portfolio
Common Stocks \| 95.2%
Australia \| 2.0%
Ramsay Health Care, Ltd.		1,513	$	69,192
Canada \| 13.4%
CAE, Inc.		3,572		79,146
Canadian National Railway Co.		1,192		106,708
Dollarama, Inc.		3,522		93,957
National Bank of Canada		1,524		68,779
Toromont Industries, Ltd.		2,060		105,208
				453,798
China \| 5.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		409		74,622
Tencent Holdings, Ltd.		2,500		114,954
				189,576
Denmark \| 4.3%
Coloplast A/S, Class B		733		80,444
Genmab A/S (*)		385		66,821
				147,265
France \| 4.2%
Legrand SA		1,052		70,523
Ubisoft Entertainment SA (*)		816		72,816
				143,339
Germany \| 6.3%
SAP SE		783		90,471
Scout24 AG		981		50,766
Symrise AG		789		71,056
				212,293
India \| 4.2%
HDFC Bank, Ltd. ADR		1,230		142,569
Israel \| 2.4%
Check Point Software Technologies, Ltd. (*)		638		80,701
Japan \| 9.9%
Keyence Corp.		100		62,476
Pigeon Corp.		1,600		65,617
Shimano, Inc.		300		48,917
SMS Co., Ltd.		4,200		76,151
Toei Animation Co., Ltd.		1,700		83,917
				337,078
Netherlands \| 1.9%
ASML Holding NV		350		65,773
Norway \| 1.8%
Gjensidige Forsikring ASA		3,513		60,699

Description	Shares		Fair Value
Philippines \| 0.9%
Universal Robina Corp.		10,390	$	30,081
South Africa \| 4.3%
Clicks Group, Ltd.		6,011		76,811
Mr Price Group, Ltd.		2,133		28,027
Sanlam, Ltd.		7,839		40,090
				144,928
Spain \| 1.6%
Industria de Diseno Textil SA		1,848		54,348
Sweden \| 6.4%
Assa Abloy AB, Class B		4,712		101,594
Avanza Bank Holding AB		1,116		47,924
Hexagon AB, B Shares		1,288		67,269
				216,787
Switzerland \| 5.8%
Cie Financiere Richemont SA		537		39,174
Geberit AG		148		60,552
Partners Group Holding AG		134		97,541
				197,267
Taiwan \| 2.7%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,269		92,938
United Kingdom \| 12.2%
Bunzl PLC		2,394		78,987
Compass Group PLC		3,323		78,111
Intertek Group PLC		1,084		68,656
London Stock Exchange Group PLC		1,057		65,442
Prudential PLC		2,126		42,612
RELX PLC (*)		3,796		81,172
				414,980
United States \| 5.3%
Aon PLC		639		109,077
QIAGEN NV (*)		1,746		70,826
				179,903
Total Common Stocks (Cost $2,838,354)				3,233,515
Short-Term Investments \| 3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $113,344)		113,344		113,344

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 99.8%
Australia \| 6.1%
Alumina, Ltd.		1,256	$	2,173
Appen, Ltd.		140		2,233
Aristocrat Leisure, Ltd.		424		7,412
BHP Group, Ltd.		370		10,110
BlueScope Steel, Ltd.		824		8,190
Bravura Solutions, Ltd.		739		2,877
CIMIC Group, Ltd.		338		11,603
Coca-Cola Amatil, Ltd.		267		1,641
Cochlear, Ltd.		59		7,287
CSL, Ltd.		292		40,565
Inghams Group, Ltd.		1,497		4,652
Link Administration Holdings, Ltd.		239		1,255
Qantas Airways, Ltd.		4,079		16,412
Regis Resources, Ltd.		750		2,810
Sandfire Resources NL		446		2,199
Santos, Ltd.		1,147		5,589
Saracen Mineral Holdings, Ltd. (*)		5,457		11,148
SmartGroup Corp., Ltd.		304		1,713
Wesfarmers, Ltd.		154		3,793
				143,662
Austria \| 0.1%
Raiffeisen Bank International AG		96		2,157
Belgium \| 0.2%
UCB SA		67		5,757
China \| 1.5%
China Sunsine Chemical Holdings, Ltd.		3,700		3,094
Health & Happiness H&H International Holdings, Ltd. (*)		500		3,134
Yangzijiang Shipbuilding Holdings, Ltd.		27,400		30,443
				36,671
Denmark \| 0.9%
H. Lundbeck A/S		58		2,511
Novo Nordisk A/S, Class B		344		18,010
				20,521
Finland \| 0.4%
Fortum Oyj		74		1,514
Neste Oyj		82		8,736
				10,250
France \| 9.9%
Air France-KLM (*)		243		2,735
AXA SA		292		7,358
BNP Paribas SA		203		9,729
Electricite de France SA		1,828		25,017

Description	Shares		Fair Value
Engie SA		513	$	7,653
Faurecia SA		261		11,031
Hermes International		26		17,183
Ipsen SA		128		17,576
Kering SA		29		16,678
L’Oreal SA		85		22,877
Orange SA		349		5,681
Peugeot SA		1,246		30,460
Societe Generale SA		46		1,333
Total SA		938		52,090
Unibail-Rodamco-Westfield REIT		47		7,705
				235,106
Germany \| 7.7%
Adidas AG		25		6,074
Allianz SE		247		54,938
Continental AG		77		11,591
Covestro AG		316		17,384
Deutsche Lufthansa AG		525		11,521
Deutsche Telekom AG		450		7,469
HUGO BOSS AG		157		10,718
MTU Aero Engines AG		146		33,056
SAP SE		177		20,451
Schaeffler AG (Preference Shares)		409		3,324
Siltronic AG		82		7,236
				183,762
Hong Kong \| 4.1%
CK Asset Holdings, Ltd.		2,000		17,781
Hang Seng Bank, Ltd.		300		7,402
Jardine Matheson Holdings, Ltd.		201		12,547
Kerry Properties, Ltd.		1,500		6,697
Link Real Estate Investment Trust		500		5,847
Sands China, Ltd.		4,400		22,108
Swire Pacific, Ltd., Class A		1,500		19,320
Xinyi Glass Holdings, Ltd.		4,000		4,591
				96,293
Israel \| 0.3%
Attunity, Ltd. (*)		100		2,345
Israel Discount Bank, Ltd., Class A		1,047		3,624
				5,969
Italy \| 3.6%
Enel SpA		7,941		50,827
Eni SpA		360		6,360
Intesa Sanpaolo SpA		4,877		11,885
Poste Italiane SpA		519		5,051
UniCredit SpA		929		11,919
				86,042

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Japan \| 24.3%
Advantest Corp.		600	$	14,017
AGC, Inc.		300		10,541
Canon, Inc.		400		11,623
Capcom Co., Ltd.		500		11,231
Daicel Corp.		1,400		15,235
Daiwa House Industry Co., Ltd.		1,300		41,358
Dip Corp.		100		1,735
DMG Mori Co., Ltd.		300		3,733
East Japan Railway Co. ADR		2,054		32,967
FUJIFILM Holdings Corp.		200		9,112
Fukuoka Financial Group, Inc.		300		6,674
Haseko Corp.		200		2,521
Hitachi Capital Corp.		100		2,325
Hitachi, Ltd.		400		12,996
Honda Motor Co., Ltd.		400		10,841
IHI Corp.		100		2,411
Japan Post Holdings Co., Ltd.		3,200		37,467
JFE Holdings, Inc.		500		8,502
Kakaku.com, Inc.		100		1,927
KDDI Corp.		200		4,314
Maeda Corp.		200		1,987
Mitsubishi Heavy Industries, Ltd.		200		8,319
Mitsubishi UFJ Financial Group, Inc.		3,700		18,364
MS&AD Insurance Group Holdings, Inc.		500		15,241
Nippon Steel & Sumitomo Metal Corp.		100		1,769
Nitto Denko Corp.		200		10,544
NTT DOCOMO, Inc.		2,100		46,572
ORIX Corp.		1,900		27,350
Raysum Co., Ltd.		200		1,843
Seven & I Holdings Co., Ltd.		300		11,321
Shin-Etsu Chemical Co., Ltd.		100		8,412
Shionogi & Co., Ltd.		100		6,200
Showa Denko KK		200		7,077
Sompo Holdings, Inc.		500		18,474
Sony Corp.		100		4,209
Sumitomo Chemical Co., Ltd.		600		2,801
Sumitomo Heavy Industries, Ltd.		400		13,014
Sumitomo Mitsui Construction Co., Ltd.		900		6,276
Sumitomo Mitsui Trust Holdings, Inc.		400		14,395
Suzuken Co., Ltd.		300		17,386
Taisei Corp.		300		13,958
The Dai-ichi Life Insurance Co., Ltd.		800		11,148
Tokyo Electron, Ltd.		200		29,000
Tosoh Corp.		500		7,799
Toyo Seikan Group Holdings, Ltd.		300		6,172

Description	Shares		Fair Value
Toyota Motor Corp.		200	$	11,731
UT Group Co., Ltd.		200		4,601
West Japan Railway Co.		100		7,548
				575,041
Luxembourg \| 0.2%
ArcelorMittal		232		4,711
Macau \| 0.2%
Wynn Macau, Ltd.		2,400		5,675
Netherlands \| 5.6%
Aegon NV		891		4,290
Euronext NV		95		6,029
ING Groep NV		2,255		27,333
Koninklijke Ahold Delhaize NV		696		18,532
Royal Dutch Shell PLC, A Shares		1,603		50,370
Wolters Kluwer NV		374		25,489
				132,043
New Zealand \| 0.3%
a2 Milk Co., Ltd. (*)		730		7,128
Norway \| 3.3%
Aker BP ASA		221		7,877
DNO ASA		1,534		3,409
Equinor ASA		1,476		32,347
Salmar ASA		96		4,607
Telenor ASA		1,440		28,841
				77,081
South Africa \| 0.1%
Mondi PLC		102		2,265
Spain \| 2.4%
Amadeus IT Group SA		332		26,608
Banco Bilbao Vizcaya Argentaria SA		1,013		5,793
CIE Automotive SA		244		6,569
Industria de Diseno Textil SA		600		17,645
				56,615
Sweden \| 1.9%
Atlas Copco AB, Class A		607		16,316
Granges AB		171		1,757
Mycronic AB		244		3,474
Sandvik AB		211		3,429
SKF AB, Class B		154		2,560
Volvo AB, Class B		1,068		16,510
				44,046
Switzerland \| 9.5%
Georg Fischer AG		7		6,383
Nestle SA		336		32,067

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Novartis AG		857	$	82,481
Partners Group Holding AG		22		16,014
Roche Holding AG		305		84,076
The Swatch Group AG		97		5,376
				226,397
United Kingdom \| 17.1%
Anglo American PLC		466		12,512
Ashtead Group PLC		431		10,412
Associated British Foods PLC		675		21,474
Auto Trader Group PLC		1,394		9,475
Britvic PLC		742		9,224
Burberry Group PLC		420		10,727
Cineworld Group PLC		5,306		20,282
Dunelm Group PLC		372		4,215
Fiat Chrysler Automobiles NV (*)		470		7,028
Games Workshop Group PLC		82		3,361
Hargreaves Lansdown PLC		920		22,396
Howden Joinery Group PLC		1,843		11,676
HSBC Holdings PLC		824		6,711
Imperial Brands PLC		1,352		46,326
International Consolidated Airlines Group SA		2,423		16,133
J Sainsbury PLC		1,942		5,969
KAZ Minerals PLC		407		3,480
Lloyds Banking Group PLC		34,378		27,887
National Grid PLC		1,313		14,600
Rio Tinto PLC		381		22,167
Royal Bank of Scotland Group PLC		9,556		30,826
SSP Group PLC		1,245		11,230
Tate & Lyle PLC		2,331		22,047
Unilever NV		894		51,962
WH Smith PLC		126		3,488
				405,608
United States \| 0.1%
ICON PLC (*)		26		3,551
Total Common Stocks (Cost $2,366,628)				2,366,351
Short-Term Investments \| 0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $13,965)		13,965		13,965

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 87.4%
Australia \| 2.6%
Amcor, Ltd.		169,694	$	1,856,388
Belgium \| 4.2%
Anheuser-Busch InBev SA/NV		35,078		2,944,096
Canada \| 11.7%
National Bank of Canada		69,242		3,124,919
Rogers Communications, Inc., Class B		34,017		1,829,462
Suncor Energy, Inc.		102,872		3,333,996
				8,288,377
China \| 10.9%
Ping An Insurance (Group) Co. of China, Ltd., Class H		298,500		3,342,133
Tencent Holdings, Ltd.		95,618		4,396,667
				7,738,800
France \| 11.6%
Atos SE		17,980		1,740,545
Safran SA		37,148		5,097,187
Sanofi		15,791		1,396,384
				8,234,116
Germany \| 5.4%
SAP SE		32,846		3,795,169
Hong Kong \| 4.1%
Techtronic Industries Co., Ltd.		430,500		2,902,224
Japan \| 10.9%
Digital Garage, Inc.		64,800		1,904,570
Keyence Corp.		3,300		2,061,722
Komatsu, Ltd.		55,000		1,286,242
Nexon Co., Ltd. (*)		155,900		2,449,915
				7,702,449
Netherlands \| 1.7%
ABN AMRO Group NV		53,851		1,215,838
South Korea \| 2.9%
Samsung Electronics Co., Ltd.		51,345		2,019,120
United Kingdom \| 12.6%
BP PLC		370,651		2,705,738
Compass Group PLC		141,473		3,325,486
Prudential PLC		142,672		2,859,633
				8,890,857
United States \| 8.8%
Aon PLC		15,194		2,593,616

Description	Shares		Fair Value
Medtronic PLC		40,034	$	3,646,297
				6,239,913
Total Common Stocks (Cost $59,511,376)				61,827,347
Preferred Stocks \| 4.2%
Germany \| 4.2%
Volkswagen AG (Cost $3,471,443)		18,862		2,968,722
Short-Term Investments \| 9.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $6,677,522)		6,677,522		6,677,522
Total Investments \| 101.0% (Cost $69,660,341)			$	71,473,591
Liabilities in Excess of Cash and Other Assets \| (1.0)%				(682,296)
Net Assets \| 100.0%			$	70,791,295

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 93.2%
Australia \| 2.5%
Amcor, Ltd.		2,613,261	$	28,588,083
BHP Group PLC		1,615,630		39,033,862
				67,621,945
Belgium \| 2.6%
Anheuser-Busch InBev SA/NV		842,842		70,739,711
Canada \| 5.5%
Canadian National Railway Co.		343,410		30,742,050
National Bank of Canada		703,700		31,758,257
Rogers Communications, Inc., Class B		560,000		30,117,260
Suncor Energy, Inc.		1,757,210		56,949,725
				149,567,292
China \| 1.6%
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,909,000		43,766,830
Denmark \| 1.5%
Carlsberg A/S, Class B		329,578		41,182,999
Finland \| 2.5%
Nordea Bank Abp		4,149,949		31,595,144
Sampo Oyj, A Shares		837,465		37,981,285
				69,576,429
France \| 12.2%
Air Liquide SA		312,420		39,779,543
Atos SE		271,311		26,264,127
Capgemini SE		225,986		27,484,750
Cie Generale des Etablissements Michelin SCA		226,855		26,890,829
Safran SA		444,328		60,967,561
Sanofi		585,902		51,810,773
Vinci SA		474,444		46,182,404
Vivendi SA		1,844,527		53,473,305
				332,853,292
Germany \| 4.6%
Fresenius SE & Co. KGaA		369,279		20,569,691
SAP SE		747,039		86,316,116
Vonovia SE		373,256		19,348,057
				126,233,864
Hong Kong \| 0.5%
Techtronic Industries Co., Ltd.		1,899,500		12,805,517
India \| 1.1%
ICICI Bank, Ltd. Sponsored ADR		2,511,430		28,780,988
Ireland \| 1.3%
Ryanair Holdings PLC Sponsored ADR (*)		472,939		35,442,049

Description	Shares		Fair Value
Israel \| 0.9%
Bank Leumi Le-Israel BM		3,733,589	$	24,485,810
Japan \| 12.6%
Daiwa House Industry Co., Ltd.		2,056,278		65,418,575
Kao Corp.		462,880		36,543,144
Makita Corp.		936,700		32,682,272
Nexon Co., Ltd. (*)		2,609,300		41,004,259
Pan Pacific International Holdings Corp.		561,164		37,202,923
Shin-Etsu Chemical Co., Ltd.		431,100		36,262,265
Sumitomo Mitsui Financial Group, Inc.		1,200,400		42,005,986
Suzuki Motor Corp.		603,300		26,756,830
Yamaha Corp.		526,300		26,393,976
				344,270,230
Netherlands \| 7.3%
ABN AMRO Group NV		1,228,268		27,731,616
Koninklijke DSM NV		320,765		35,013,987
Royal Dutch Shell PLC, A Shares		2,874,971		90,338,107
Wolters Kluwer NV		660,798		45,034,435
				198,118,145
Norway \| 2.4%
Equinor ASA		1,349,149		29,567,432
Telenor ASA		1,843,602		36,923,975
				66,491,407
Singapore \| 2.6%
DBS Group Holdings, Ltd.		2,680,620		49,952,445
NetLink NBN Trust		34,648,100		21,224,885
				71,177,330
South Korea \| 0.9%
Samsung Electronics Co., Ltd.		646,647		25,429,115
Spain \| 1.6%
Red Electrica Corporacion SA		1,992,224		42,467,870
Sweden \| 3.5%
Assa Abloy AB, Class B		2,729,910		58,858,727
Epiroc AB, Class A (*)		3,616,332		36,542,285
				95,401,012
Switzerland \| 6.0%
Ferguson PLC		566,354		36,144,370
Julius Baer Group, Ltd.		263,120		10,648,314
Novartis AG		1,216,012		117,033,525
				163,826,209
United Kingdom \| 14.1%
Compass Group PLC		2,794,474		65,687,347
Diageo PLC		847,562		34,666,922
Howden Joinery Group PLC		3,763,158		23,840,877
Informa PLC		3,535,006		34,277,607

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Prudential PLC		3,046,484	$	61,061,914
RELX PLC		3,068,815		65,723,752
RSA Insurance Group PLC		3,769,776		24,952,760
The Weir Group PLC		631,688		12,878,615
Unilever PLC		1,063,414		60,990,922
				384,080,716
United States \| 5.4%
Aon PLC		447,675		76,418,122
Medtronic PLC		781,310		71,161,715
				147,579,837
Total Common Stocks (Cost $2,329,839,548)				2,541,898,597
Preferred Stocks \| 1.7%
Germany \| 1.7%
Volkswagen AG (Cost $54,258,072)		292,764		46,078,630
Short-Term Investments \| 5.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $138,202,627)		138,202,627		138,202,627
Total Investments \| 100.0% (Cost $2,522,300,247)			$	2,726,179,854
Cash and Other Assets in Excess of Liabilities \| 0.0%				41,964
Net Assets \| 100.0%			$	2,726,221,818

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 93.4%
Australia \| 1.6%
BHP Group, Ltd.		53,545	$	1,463,094
Belgium \| 2.2%
Anheuser-Busch InBev SA/NV		23,659		1,985,699
Brazil \| 2.0%
BB Seguridade Participacoes SA		128,000		866,988
Cia de Saneamento Basico do Estado de Sao Paulo		61,200		656,493
Cielo SA		131,440		318,583
				1,842,064
Canada \| 5.1%
Canadian National Railway Co.		12,500		1,119,000
National Bank of Canada		16,400		740,138
Rogers Communications, Inc., Class B		16,300		876,627
Suncor Energy, Inc.		58,800		1,905,660
				4,641,425
China \| 6.9%
58.com, Inc. ADR (*)		13,125		862,050
Ping An Insurance (Group) Co. of China, Ltd., Class H		198,000		2,216,892
Tencent Holdings, Ltd.		68,600		3,154,336
				6,233,278
Denmark \| 2.0%
Carlsberg A/S, Class B		10,522		1,314,795
Genmab A/S (*)		3,045		528,495
				1,843,290
Finland \| 3.0%
Nordea Bank Abp		132,572		1,009,321
Sampo Oyj, A Shares		37,572		1,703,991
				2,713,312
France \| 9.7%
Cie Generale des Etablissements Michelin SCA		8,877		1,052,258
Safran SA		17,343		2,379,684
Sanofi		16,200		1,432,551
Ubisoft Entertainment SA (*)		12,919		1,152,836
Vinci SA		13,771		1,340,470
Vivendi SA		50,539		1,465,138
				8,822,937
Germany \| 3.1%
SAP SE		24,012		2,774,450
India \| 2.2%
ICICI Bank, Ltd. Sponsored ADR		172,665		1,978,741

Description	Shares		Fair Value
Indonesia \| 0.9%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		29,958	$	822,647
Ireland \| 1.1%
Ryanair Holdings PLC Sponsored ADR (*)		13,597		1,018,959
Japan \| 9.0%
Daiwa House Industry Co., Ltd.		45,700		1,453,903
Kao Corp.		12,500		986,842
Komatsu, Ltd.		51,900		1,213,744
Makita Corp.		43,100		1,503,796
Ryohin Keikaku Co., Ltd.		4,100		1,042,455
Sumitomo Mitsui Financial Group, Inc.		37,576		1,314,909
Suzuki Motor Corp.		13,800		612,041
				8,127,690
Netherlands \| 7.3%
ABN AMRO Group NV		40,968		924,968
Koninklijke DSM NV		6,500		709,526
Royal Dutch Shell PLC, A Shares		91,647		2,875,346
Wolters Kluwer NV		30,452		2,075,352
				6,585,192
Norway \| 2.8%
Equinor ASA		51,142		1,120,809
Telenor ASA		69,842		1,398,807
				2,519,616
Russia \| 1.0%
Yandex NV Class A (*)		25,200		865,368
Singapore \| 1.9%
DBS Group Holdings, Ltd.		92,300		1,719,979
South Africa \| 1.7%
Mr. Price Group, Ltd.		36,336		477,453
Sanlam, Ltd.		200,313		1,024,426
				1,501,879
South Korea \| 1.2%
Samsung Electronics Co., Ltd.		27,460		1,079,853
Spain \| 1.2%
Red Electrica Corporacion SA		49,561		1,056,483
Sweden \| 2.3%
Assa Abloy AB, Class B		98,281		2,119,006
Switzerland \| 6.2%
Cie Financiere Richemont SA		8,734		637,147
Ferguson PLC		15,745		1,004,836
Novartis AG		31,098		2,992,987
Sonova Holding AG		4,765		943,151
				5,578,121

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Taiwan \| 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		144,141	$	1,153,119
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		109,300		648,487
United Kingdom \| 9.0%
Compass Group PLC		87,960		2,067,602
Prudential PLC		120,189		2,408,997
RELX PLC		82,082		1,757,922
Unilever PLC		33,733		1,934,718
				8,169,239
United States \| 8.0%
Accenture PLC, Class A		15,250		2,684,305
Aon PLC		12,860		2,195,202
Medtronic PLC		25,725		2,343,033
				7,222,540
Total Common Stocks (Cost $82,588,514)				84,486,468
Preferred Stocks \| 1.7%
Germany \| 1.7%
Volkswagen AG (Cost $1,700,474)		9,781		1,539,448
Short-Term Investments \| 4.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $4,147,563)		4,147,563		4,147,563
Total Investments \| 99.7% (Cost $88,436,551)			$	90,173,479
Cash and Other Assets in Excess of Liabilities \| 0.3%				294,929
Net Assets \| 100.0%			$	90,468,408

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks \| 88.0%
Canada \| 2.7%
Crescent Point Energy Corp.		102,223	$	331,220
Entertainment One, Ltd.		56,981		332,586
				663,806
China \| 2.4%
Sinotrans, Ltd., Class H		1,399,000		600,532
France \| 11.3%
Atos SE		7,924		767,079
Bollore SA		221,321		1,001,955
Carrefour SA		56,575		1,058,253
				2,827,287
Germany \| 4.3%
Allianz SE		4,829		1,074,062
India \| 4.0%
ICICI Bank, Ltd. Sponsored ADR		86,500		991,290
Ireland \| 2.5%
Ryanair Holdings PLC Sponsored ADR (*)		8,231		616,831
Italy \| 4.7%
Leonardo SpA		101,547		1,184,047
Japan \| 10.9%
Nexon Co., Ltd. (*)		37,700		592,443
Resona Holdings, Inc.		179,800		780,560
Subaru Corp.		20,100		459,448
Universal Entertainment Corp.		29,400		890,257
				2,722,708
Netherlands \| 9.5%
Euronext NV		11,768		746,847
Intertrust NV		38,999		735,469
Koninklijke DSM NV		8,009		874,245
				2,356,561
South Korea \| 2.3%
Kangwon Land, Inc.		20,048		565,135
Spain \| 3.3%
Indra Sistemas SA (*)		74,910		832,314
Switzerland \| 8.3%
Coca-Cola HBC AG		34,552		1,177,616
Glencore PLC		217,353		903,991
				2,081,607
United Kingdom \| 18.4%
BP PLC		136,655		997,576
Cineworld Group PLC		283,943		1,085,348
CNH Industrial NV		48,538		494,982

Description	Shares		Fair Value
Standard Chartered PLC		132,868	$	1,027,122
Vodafone Group PLC		536,541		977,586
				4,582,614
United States \| 3.4%
International Game Technology PLC		64,772		841,388
Total Common Stocks (Cost $21,747,878)				21,940,182
Preferred Stocks \| 3.2%
Germany \| 3.2%
Volkswagen AG (Cost $876,588)		5,202		818,751
Short-Term Investments \| 9.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $2,331,115)		2,331,115		2,331,115
Total Investments \| 100.6% (Cost $24,955,581)			$	25,090,048
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(161,017)
Net Assets \| 100.0%			$	24,929,031

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 97.9%
Australia \| 2.9%
carsales.com, Ltd.		60,050	$	540,084
Domino’s Pizza Enterprises, Ltd.		14,526		448,256
Hansen Technologies, Ltd.		72,398		149,746
SpeedCast International, Ltd.		225,449		604,028
				1,742,114
Belgium \| 3.9%
Barco NV		4,971		762,195
Kinepolis Group NV		15,549		879,234
Shurgard Self Storage SA		19,559		645,769
				2,287,198
Brazil \| 0.6%
Estacio Participacoes SA		55,800		379,093
Canada \| 5.6%
Altus Group, Ltd.		37,865		738,684
Dream Global Real Estate Investment Trust		46,800		496,244
Stelco Holdings, Inc.		23,000		284,499
StorageVault Canada, Inc.		266,900		539,253
The Descartes Systems Group, Inc. (*)		18,300		665,255
Toromont Industries, Ltd.		12,100		617,971
				3,341,906
China \| 1.6%
Consun Pharmaceutical Group, Ltd.		677,000		496,703
JNBY Design, Ltd.		239,500		482,076
				978,779
Denmark \| 1.3%
Royal Unibrew A/S		10,335		762,662
Finland \| 1.2%
Altia Oyj (*)		84,332		707,498
France \| 2.4%
Chargeurs SA		31,668		670,533
Kaufman & Broad SA		17,863		730,042
				1,400,575
Germany \| 10.6%
Aroundtown SA		145,362		1,198,783
AURELIUS Equity Opportunities SE & Co. KGaA		10,493		478,560
CompuGroup Medical SE		11,193		658,598
Corestate Capital Holding SA		14,461		571,960
Dermapharm Holding SE (*)		23,249		735,583
FinTech Group AG (*)		29,516		701,976
JOST Werke AG		22,771		781,816
Norma Group SE		11,704		568,099

Description	Shares		Fair Value
PATRIZIA Immobilien AG		27,101	$	602,528
				6,297,903
Greece \| 0.8%
JUMBO SA		26,644		445,134
Hong Kong \| 1.9%
China Water Affairs Group, Ltd.		484,000		506,550
VTech Holdings, Ltd.		62,700		641,891
				1,148,441
India \| 1.6%
Jubilant Life Sciences, Ltd.		46,550		446,188
NIIT Technologies, Ltd.		25,482		487,895
				934,083
Ireland \| 3.6%
Dalata Hotel Group PLC		124,157		819,344
Glenveagh Properties PLC (*)		578,642		573,043
Total Produce PLC		395,908		734,238
				2,126,625
Italy \| 3.4%
Banca Generali SpA		30,619		762,013
Carel Industries SpA		50,851		559,998
Cerved Group SpA		72,950		725,412
				2,047,423
Japan \| 24.6%
Ai Holdings Corp.		38,260		633,810
ARTERIA Networks Corp.		56,900		643,435
Create SD Holdings Co., Ltd.		24,200		571,350
DaikyoNishikawa Corp.		59,100		543,561
Digital Garage, Inc.		29,100		855,293
en-japan, Inc.		16,700		489,646
Financial Products Group Co., Ltd.		89,637		735,958
GMO internet, Inc.		50,200		823,442
Jafco Co., Ltd.		20,800		747,072
Japan Lifeline Co., Ltd.		50,300		836,804
KOMEDA Holdings Co., Ltd.		36,700		698,399
Macromill, Inc.		36,600		442,422
Nippon Shinyaku Co., Ltd.		10,400		758,531
Nissei ASB Machine Co., Ltd.		21,500		739,187
Open House Co., Ltd.		20,800		715,732
Persol Holdings Co., Ltd.		40,000		652,027
Sanwa Holdings Corp.		65,200		778,083
TechnoPro Holdings, Inc.		14,745		883,434
Tokai Carbon Co., Ltd.		39,100		490,956
USS Co., Ltd.		41,700		775,905
Zenkoku Hosho Co., Ltd.		23,842		834,135
				14,649,182

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Jersey \| 1.2%
JTC PLC		184,201	$	720,208
Luxembourg \| 0.8%
Stabilus SA		10,084		486,519
Netherlands \| 2.2%
Aalberts Industries NV		17,714		613,072
Van Lanschot Kempen NV		29,887		677,133
				1,290,205
New Zealand \| 1.9%
Freightways, Ltd.		114,449		644,111
Mainfreight, Ltd.		20,713		506,010
				1,150,121
Singapore \| 0.9%
XP Power, Ltd.		16,631		541,245
Sweden \| 6.2%
Dometic Group AB		77,803		611,855
Granges AB		59,197		608,255
Indutrade AB		27,697		788,654
Lifco AB, B Shares		21,358		871,278
Loomis AB, B Shares		23,915		823,551
				3,703,593
Switzerland \| 1.5%
Kardex AG		5,783		872,153
Thailand \| 0.5%
Hana Microelectronics Public Co., Ltd (‡)		309,000		301,843
United Kingdom \| 16.0%
Ascential PLC		144,133		669,837
Auto Trader Group PLC		108,792		739,485
Burford Capital, Ltd.		32,493		713,965
Clinigen Healthcare, Ltd.		78,950		954,353
Electrocomponents PLC		78,031		572,423
Equiniti Group PLC		239,402		650,742
GB Group PLC		66,674		426,056
Hunting PLC		91,286		710,497
Huntsworth PLC		525,993		589,879
Polypipe Group PLC		147,175		772,869
Rentokil Initial PLC		164,502		757,238
Rightmove PLC		111,365		740,313
Savills PLC		40,006		472,011
Smart Metering Systems PLC		100,376		713,439
				9,483,107
United States \| 0.7%
Core Laboratories NV		5,760		397,037

Description	Shares		Fair Value
Total Common Stocks (Cost $57,832,994)			$	58,194,647
Short-Term Investments \| 1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $1,045,939)		1,045,939	$	1,045,939
Total Investments \| 99.7% (Cost $58,878,933)			$	59,240,586
Cash and Other Assets in Excess of Liabilities \| 0.3%				206,950
Net Assets \| 100.0%			$	59,447,536

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 93.0%
Canada \| 7.4%
CAE, Inc.		7,732,561	$	171,333,207
National Bank of Canada		2,433,220		109,812,174
Rogers Communications, Inc., Class B		1,121,570		60,318,955
Suncor Energy, Inc.		3,847,508		124,694,557
				466,158,893
China \| 4.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		541,440		98,785,728
Ping An Bank Co., Ltd., Class A		29,444,592		56,248,915
Ping An Insurance (Group) Co. of China, Ltd., Class H		6,334,500		70,923,761
Tencent Holdings, Ltd.		1,427,200		65,624,905
				291,583,309
Denmark \| 2.9%
Carlsberg A/S, Class B		893,980		111,708,843
Genmab A/S (*)		418,532		72,641,119
				184,349,962
Finland \| 2.7%
Sampo Oyj, A Shares		3,723,813		168,884,914
France \| 8.8%
Safran SA		1,253,881		172,048,726
Sanofi		1,228,542		108,638,834
Ubisoft Entertainment SA (*)		1,002,641		89,471,338
Vivendi SA		6,286,642		182,251,343
				552,410,241
Germany \| 0.6%
Beiersdorf AG		384,302		39,981,247
Hong Kong \| 2.1%
AIA Group, Ltd.		13,155,000		130,944,921
India \| 1.8%
Housing Development Finance Corp., Ltd.		2,410,516		68,516,306
ICICI Bank, Ltd. Sponsored ADR		3,747,300		42,944,058
				111,460,364
Ireland \| 1.2%
Ryanair Holdings PLC Sponsored ADR (*)		1,005,995		75,389,265
Israel \| 1.0%
Bank Leumi Le-Israel BM		9,318,165		61,110,856
Japan \| 13.9%
AEON Financial Service Co., Ltd.		4,642,800		94,587,344
Daiwa House Industry Co., Ltd.		3,980,000		126,620,005
en-japan, Inc.		843,000		24,716,869
Kao Corp.		1,203,000		94,973,648

Description	Shares		Fair Value
Komatsu, Ltd.		3,645,800	$	85,261,465
Makita Corp.		3,367,500		117,494,981
Nexon Co., Ltd. (*)		8,462,400		132,983,727
Pan Pacific International Holdings Corp.		952,200		63,127,043
Suzuki Motor Corp.		1,603,300		71,107,616
Yamaha Corp.		1,288,200		64,603,307
				875,476,005
Netherlands \| 3.9%
ABN AMRO Group NV		4,775,405		107,818,242
Wolters Kluwer NV		2,011,644		137,096,739
				244,914,981
New Zealand \| 0.7%
Z Energy, Ltd.		10,774,387		45,962,301
Norway \| 1.4%
Equinor ASA		4,092,404		89,687,557
Philippines \| 0.7%
GT Capital Holdings, Inc.		2,430,637		43,138,368
Singapore \| 2.1%
DBS Group Holdings, Ltd.		6,955,100		129,605,929
Spain \| 1.0%
Red Electrica Corporacion SA		2,779,593		59,252,069
Sweden \| 3.2%
Assa Abloy AB, Class B		5,035,832		108,575,983
Hexagon AB, B Shares		1,745,346		91,155,694
				199,731,677
Switzerland \| 5.6%
Julius Baer Group, Ltd.		2,574,310		104,180,832
Novartis AG		1,698,428		163,463,039
Partners Group Holding AG		119,797		87,202,166
				354,846,037
United Kingdom \| 19.6%
Ashtead Group PLC		1,395,179		33,705,461
British American Tobacco PLC		1,639,550		68,402,995
Bunzl PLC		2,715,457		89,592,765
CNH Industrial NV		5,925,557		60,427,841
Coca-Cola European Partners PLC (*)		2,292,726		118,104,842
Compass Group PLC		3,742,463		87,970,927
Diageo PLC		4,048,183		165,578,501
Informa PLC		18,282,317		177,276,664
Prudential PLC		5,099,710		102,215,555
RELX PLC		5,697,523		122,021,884
Rio Tinto PLC		2,560,857		148,993,832
The Weir Group PLC		2,889,492		58,909,863
				1,233,201,130

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
United States \| 7.8%
Accenture PLC, Class A		1,061,480	$	186,841,709
Aon PLC		923,620		157,661,934
Medtronic PLC		1,623,170		147,838,324
				492,341,967
Total Common Stocks (Cost $5,198,150,162)				5,850,431,993
Preferred Stocks \| 2.2%
Germany \| 2.2%
Volkswagen AG (Cost $170,720,845)		905,090		142,453,675
Short-Term Investments \| 4.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $267,492,251)		267,492,251		267,492,251
Total Investments \| 99.5% (Cost $5,636,363,258)			$	6,260,377,919
Cash and Other Assets in Excess of Liabilities \| 0.5%				32,368,323
Net Assets \| 100.0%			$	6,292,746,242

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 96.5%
Australia \| 5.2%
AGL Energy, Ltd.		19,340	$	299,059
Cochlear, Ltd.		367		45,330
CSL, Ltd.		1,165		161,843
Evolution Mining, Ltd.		23,134		59,728
Newcrest Mining, Ltd.		3,292		59,483
Qantas Airways, Ltd.		30,490		122,680
Regis Resources, Ltd.		21,162		79,288
Sandfire Resources NL		9,897		48,790
Saracen Mineral Holdings, Ltd. (*)		33,704		68,850
Shopping Centres Australasia Property Group REIT		27,128		50,884
Vicinity Centres REIT		31,355		57,847
Washington H Soul Pattinson & Co., Ltd.		5,150		96,312
Woolworths Group, Ltd.		3,830		82,848
				1,232,942
Belgium \| 1.1%
Colruyt SA		1,290		95,391
Proximus SADP		2,220		64,077
UCB SA		1,173		100,783
				260,251
Canada \| 8.1%
Air Canada (*)		2,561		61,728
Alimentation Couche-Tard, Inc., Class B		1,115		65,681
Barrick Gold Corp.		4,377		60,004
BRP, Inc.		2,016		55,938
CAE, Inc.		2,340		51,848
CGI, Inc. (*)		2,261		155,437
Colliers International Group, Inc.		825		55,111
Constellation Software, Inc.		80		67,797
Granite Real Estate Investment Trust		1,398		66,796
H&R Real Estate Investment Trust		5,206		91,198
Kirkland Lake Gold, Ltd.		1,597		48,567
National Bank of Canada		3,166		142,883
Rogers Communications, Inc., Class B		6,011		323,276
Royal Bank of Canada		4,160		313,848
Teck Resources, Ltd., Class B		2,807		64,947
The Toronto-Dominion Bank		5,493		298,090
				1,923,149
China \| 0.3%
Yangzijiang Shipbuilding Holdings, Ltd.		58,500		64,997
Denmark \| 0.6%
Coloplast A/S, Class B		447		49,057
H. Lundbeck A/S		951		41,176

Description	Shares		Fair Value
Novo Nordisk A/S, Class B		1,105	$	57,852
				148,085
France \| 1.6%
Engie SA		6,966		103,919
Hermes International		91		60,140
Ipsen SA		480		65,909
Total SA		1,733		96,238
Unibail-Rodamco-Westfield REIT		360		59,016
				385,222
Germany \| 1.1%
Allianz SE		821		182,606
Deutsche Lufthansa AG		3,160		69,347
				251,953
Hong Kong \| 0.6%
Jardine Matheson Holdings, Ltd.		700		43,695
Swire Pacific, Ltd., Class A		8,000		103,041
				146,736
Israel \| 1.1%
Bank Leumi Le-Israel BM		19,524		128,043
Israel Discount Bank, Ltd., Class A		39,306		136,066
				264,109
Italy \| 3.4%
Enel SpA		38,294		245,105
Eni SpA		3,175		56,088
Italgas SpA		12,538		77,514
Poste Italiane SpA		11,805		114,890
Terna SpA		50,224		318,588
				812,185
Japan \| 6.6%
Amano Corp.		2,400		56,678
Bandai Namco Holdings, Inc.		1,200		56,323
Daito Trust Construction Co., Ltd.		400		55,762
Daiwa House Industry Co., Ltd.		4,900		155,889
East Japan Railway Co.		2,300		222,434
Japan Post Holdings Co., Ltd.		16,200		189,676
Japan Prime Realty Investment Corp. REIT		13		53,550
McDonald’s Holdings Co. Japan, Ltd.		2,500		115,720
MS&AD Insurance Group Holdings, Inc.		2,200		67,060
NTT DOCOMO, Inc.		7,700		170,764
Seven & I Holdings Co., Ltd.		1,800		67,924
Shikoku Electric Power Co., Inc.		4,000		48,753
Sumitomo Mitsui Construction Co., Ltd.		11,100		77,404
Taisei Corp.		1,500		69,789
The Gunma Bank, Ltd.		11,600		44,004

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Tokyo Gas Co., Ltd.		3,600	$	97,403
				1,549,133
Malta \| 0.2%
Kindred Group PLC		4,464		44,636
Netherlands \| 1.0%
Euronext NV		1,165		73,936
Koninklijke Ahold Delhaize NV		3,612		96,173
Royal Dutch Shell PLC, A Shares		2,003		62,939
				233,048
New Zealand \| 0.2%
Spark New Zealand, Ltd.		17,472		45,245
Norway \| 2.9%
Equinor ASA		3,875		84,923
Leroy Seafood Group ASA		7,708		55,967
Mowi ASA		4,560		101,879
Salmar ASA		1,858		89,158
Telenor ASA		17,802		356,541
				688,468
Singapore \| 1.1%
Jardine Cycle & Carriage, Ltd.		3,100		74,469
Singapore Airlines, Ltd.		10,000		71,414
Singapore Technologies Engineering, Ltd.		43,600		120,545
				266,428
Spain \| 0.3%
Amadeus IT Group SA		724		58,024
Corporacion Financiera Alba SA		417		20,683
				78,707
Sweden \| 0.3%
Axfood AB		3,836		71,405
Switzerland \| 2.6%
Novartis AG		605		58,228
Partners Group Holding AG		103		74,975
Roche Holding AG		1,497		412,662
The Swatch Group AG		1,073		59,468
				605,333
United Kingdom \| 6.0%
Admiral Group PLC		3,328		94,256
Anglo American PLC		4,547		122,085
Auto Trader Group PLC		9,167		62,310
Britvic PLC		4,554		56,612
Cineworld Group PLC		30,719		117,421
Compass Group PLC		7,598		178,600
Howden Joinery Group PLC		8,211		52,019

Description	Shares		Fair Value
Imperial Brands PLC		4,317	$	147,921
International Consolidated Airlines Group SA		6,485		43,342
National Grid PLC		19,950		221,842
Rio Tinto, Ltd.		986		68,776
SSP Group PLC		6,347		57,253
Tate & Lyle PLC		8,517		80,555
WH Smith PLC		1,888		52,262
Wm Morrison Supermarkets PLC		23,347		69,234
				1,424,488
United States \| 52.2%
3M Co.		337		70,022
AbbVie, Inc.		1,149		92,598
Adobe, Inc. (*)		223		59,427
Aflac, Inc.		4,278		213,900
American Electric Power Co., Inc.		3,266		273,528
Amgen, Inc.		516		98,030
Aon PLC		2,211		377,418
Apple, Inc.		329		62,494
Atmos Energy Corp.		1,923		197,934
AutoZone, Inc. (*)		110		112,653
Avnet, Inc.		2,839		123,127
Booking Holdings, Inc. (*)		25		43,623
Brinker International, Inc.		1,235		54,809
Bristol-Myers Squibb Co.		1,257		59,971
Broadcom, Inc.		217		65,254
Broadridge Financial Solutions, Inc.		1,651		171,192
Burlington Stores, Inc. (*)		343		53,741
Cboe Global Markets, Inc.		547		52,206
CBRE Group, Inc., Class A (*)		1,159		57,313
Church & Dwight Co., Inc.		839		59,762
Cigna Corp.		225		36,185
Comcast Corp., Class A		1,564		62,529
Cracker Barrel Old Country Store, Inc.		420		67,876
Darden Restaurants, Inc.		1,794		217,917
Eastman Chemical Co.		818		62,070
Eli Lilly & Co.		3,137		407,057
Encompass Health Corp.		663		38,719
EPR Properties REIT		767		58,982
Exelon Corp.		3,841		192,549
F5 Networks, Inc. (*)		1,142		179,214
FactSet Research Systems, Inc.		233		57,847
Fiserv, Inc. (*)		2,189		193,245
Graco, Inc.		2,693		133,357
H&R Block, Inc.		4,279		102,439
Honeywell International, Inc.		732		116,329
Hormel Foods Corp.		1,280		57,293

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Humana, Inc.		345	$	91,770
Ingredion, Inc.		522		49,428
Insperity, Inc.		367		45,383
Intel Corp.		3,038		163,141
Intercontinental Exchange, Inc.		1,798		136,900
Intuit, Inc.		504		131,751
IQVIA Holdings, Inc. (*)		744		107,024
Jabil, Inc.		1,941		51,611
Johnson & Johnson		1,683		235,267
Kellogg Co.		1,003		57,552
Kimberly-Clark Corp.		2,396		296,864
Lamb Weston Holdings, Inc.		1,523		114,134
Lowe’s Cos., Inc.		753		82,431
LPL Financial Holdings, Inc.		846		58,924
Lululemon Athletica, Inc. (*)		367		60,140
MasterCard, Inc., Class A		421		99,124
McGrath RentCorp		979		55,382
Merck & Co., Inc.		2,887		240,112
MetLife, Inc.		1,481		63,046
Morgan Stanley		1,645		69,419
Nasdaq, Inc.		518		45,320
NetApp, Inc.		788		54,640
Newmark Group, Inc., Class A		2,419		20,174
NIKE, Inc., Class B		2,485		209,262
Northern Trust Corp.		505		45,657
Northrop Grumman Corp.		194		52,302
NRG Energy, Inc.		1,326		56,329
Occidental Petroleum Corp.		1,496		99,035
Paychex, Inc.		2,428		194,726
PepsiCo, Inc.		2,674		327,699
Philip Morris International, Inc.		1,678		148,318
Pinnacle West Capital Corp.		1,899		181,506
Public Storage REIT		258		56,187
Ralph Lauren Corp.		614		79,624
Raytheon Co.		559		101,783
Republic Services, Inc.		4,039		324,655
Ross Stores, Inc.		2,004		186,572
Simon Property Group, Inc. REIT		1,794		326,885
Starbucks Corp.		4,427		329,103
Synchrony Financial		1,421		45,330
Sysco Corp.		4,614		308,031
T-Mobile US, Inc. (*)		1,032		71,311
The Estee Lauder Cos., Inc., Class A		2,304		381,427
The Procter & Gamble Co.		3,415		355,331
The TJX Cos., Inc.		6,648		353,740
The Toro Co.		1,723		118,611

Description	Shares		Fair Value
Tractor Supply Co.		588	$	57,483
Tyson Foods, Inc., Class A		1,471		102,132
United States Cellular Corp. (*)		1,211		55,597
UnitedHealth Group, Inc.		755		186,681
USANA Health Sciences, Inc. (*)		460		38,580
Verizon Communications, Inc.		5,699		336,982
Visa, Inc., Class A		438		68,411
Waste Management, Inc.		2,381		247,410
WW Grainger, Inc.		335		100,812
Xcel Energy, Inc.		1,391		78,188
Zoetis, Inc.		922		92,818
				12,330,665
Total Common Stocks (Cost $21,578,374)				22,827,185
Short-Term Investments \| 3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $793,365)		793,365		793,365
Total Investments \| 99.9% (Cost $22,371,739)			$	23,620,550
Cash and Other Assets in Excess of Liabilities l 0.1%				27,716
Net Assets \| 100.0%			$	23,648,266

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 94.4%
Auto Components \| 2.6%
Aptiv PLC		413,970	$	32,906,475
Beverages \| 9.1%
Molson Coors Brewing Co., Class B		251,602		15,008,059
The Coca-Cola Co.		2,173,530		101,851,616
				116,859,675
Building Products \| 5.4%
Armstrong World Industries, Inc.		870,920		69,168,466
Capital Markets \| 7.8%
Intercontinental Exchange, Inc.		676,450		51,504,903
S&P Global, Inc.		234,770		49,430,824
				100,935,727
Communications Equipment \| 13.0%
Cisco Systems, Inc.		2,331,575		125,881,734
Motorola Solutions, Inc.		291,115		40,878,369
				166,760,103
Construction Materials \| 4.9%
Vulcan Materials Co.		535,208		63,368,627
Entertainment \| 2.7%
Electronic Arts, Inc. (*)		348,627		35,430,962
Health Care Equipment & Supplies \| 15.7%
Baxter International, Inc.		778,843		63,327,724
Medtronic PLC		1,530,835		139,428,452
				202,756,176
Interactive Media & Services \| 6.8%
Alphabet, Inc., Class A (*)		73,941		87,020,423
Internet & Direct Marketing Retail \| 3.0%
eBay, Inc.		1,046,185		38,855,311
IT Services \| 3.6%
Fiserv, Inc. (*)		525,485		46,389,816
Machinery \| 2.0%
Kennametal, Inc.		710,090		26,095,808
Pharmaceuticals \| 2.6%
Elanco Animal Health, Inc.(*)		1,046,540		33,562,538
Semiconductors & Semiconductor Equipment \| 11.3%
Analog Devices, Inc.		929,135		97,810,042
Skyworks Solutions, Inc.		575,686		47,482,581
				145,292,623
Specialty Retail \| 3.9%
Lowe’s Cos., Inc.		453,905		49,688,980
Total Common Stocks (Cost $1,073,830,245)				1,215,091,710

Description	Shares		Fair Value
Lazard US Equity Select Portfolio
Common Stocks \| 98.4%
Aerospace & Defense \| 1.7%
Raytheon Co.		7,175	$	1,306,424
Auto Components \| 0.8%
Aptiv PLC		7,180		570,738
Banks \| 8.8%
Bank of America Corp.		79,630		2,196,992
Citizens Financial Group, Inc.		20,905		679,412
Comerica, Inc.		4,520		331,406
Commerce Bancshares, Inc.		17,285		1,003,567
Wells Fargo & Co.		49,840		2,408,269
				6,619,646
Beverages \| 3.8%
The Coca-Cola Co.		61,320		2,873,455
Capital Markets \| 3.4%
Intercontinental Exchange, Inc.		33,370		2,540,792
Communications Equipment \| 5.0%
Cisco Systems, Inc.		56,930		3,073,651
Motorola Solutions, Inc.		4,670		655,761
				3,729,412
Construction Materials \| 0.8%
Vulcan Materials Co.		4,960		587,264
Electrical Equipment \| 1.8%
Eaton Corp. PLC		9,185		739,944
Rockwell Automation, Inc.		3,385		593,932
				1,333,876
Energy Equipment & Services \| 0.7%
Halliburton Co.		18,655		546,592
Entertainment \| 1.2%
Activision Blizzard, Inc.		8,755		398,615
Electronic Arts, Inc. (*)		4,827		490,568
				889,183
Equity Real Estate Investment Trusts (REITs) \| 1.6%
Prologis, Inc.		16,535		1,189,693
Food Products \| 0.8%
Mondelez International, Inc., Class A		11,550		576,576
Health Care Equipment & Supplies \| 5.5%
Danaher Corp.		12,015		1,586,220
Medtronic PLC		28,060		2,555,705
				4,141,925
Health Care Providers & Services \| 2.7%
CVS Health Corp.		10,400		560,872
Humana, Inc.		3,107		826,462

Description	Shares		Fair Value
Laboratory Corp. of America Holdings (*)		4,350	$	665,463
				2,052,797
Hotels, Restaurants & Leisure \| 4.0%
McDonald’s Corp.		12,370		2,349,063
Starbucks Corp.		8,360		621,482
				2,970,545
Household Products \| 3.3%
The Procter & Gamble Co.		23,840		2,480,552
Industrial Conglomerates \| 3.1%
Honeywell International, Inc.		14,408		2,289,719
Insurance \| 1.9%
Aon PLC		8,215		1,402,301
Interactive Media & Services \| 6.1%
Alphabet, Inc., Class A (*)		3,900		4,589,871
Internet & Direct Marketing Retail \| 1.7%
Booking Holdings, Inc. (*)		290		506,024
eBay, Inc.		20,480		760,627
				1,266,651
IT Services \| 4.1%
Accenture PLC, Class A		4,445		782,409
Visa, Inc., Class A		11,825		1,846,947
Worldpay, Inc., Class A (*)		3,742		424,717
				3,054,073
Life Sciences Tools & Services \| 1.3%
Thermo Fisher Scientific, Inc.		3,465		948,440
Machinery \| 1.6%
Deere & Co.		7,505		1,199,599
Multiline Retail \| 0.5%
Dollar Tree, Inc. (*)		3,730		391,799
Oil, Gas & Consumable Fuels \| 5.5%
Chevron Corp.		16,255		2,002,291
ConocoPhillips		16,130		1,076,516
EOG Resources, Inc.		11,050		1,051,739
				4,130,546
Pharmaceuticals \| 8.8%
Elanco Animal Health, Inc.		17,795		570,686
Johnson & Johnson		21,555		3,013,173
Pfizer, Inc.		46,454		1,972,901
Zoetis, Inc.		10,644		1,071,532
				6,628,292
Road & Rail \| 1.6%
Norfolk Southern Corp.		6,535		1,221,326
Semiconductors & Semiconductor Equipment \| 3.3%
Analog Devices, Inc.		14,988		1,577,787

Description	Shares		Fair Value
Lazard US Equity Select Portfolio (concluded)
Skyworks Solutions, Inc.		6,250	$	515,500
Texas Instruments, Inc.		3,430		363,820
				2,457,107
Software \| 6.5%
Microsoft Corp.		32,615		3,846,613
Palo Alto Networks, Inc. (*)		4,240		1,029,811
				4,876,424
Specialty Retail \| 3.6%
Lowe’s Cos., Inc.		16,030		1,754,804
Ross Stores, Inc.		9,865		918,432
				2,673,236
Technology Hardware, Storage & Peripherals \| 2.9%
Apple, Inc.		11,643		2,211,588
Total Common Stocks (Cost $62,469,714)				73,750,442
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $1,098,456)		1,098,456		1,098,456
Total Investments \| 99.9% (Cost $63,568,170)			$	74,848,898
Cash and Other Assets in Excess of Liabilities \| 0.1%				39,790
Net Assets \| 100.0%			$	74,888,688

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks \| 2.6%
Hotels, Restaurants & Leisure \| 2.6%
Hilton Worldwide Holdings, Inc. (Cost $1,501,695)		21,249	$	1,766,004
Real Estate Investment Trusts \| 96.4%
Equity Real Estate Investment Trusts \| 96.4%
Alexandria Real Estate Equities, Inc.		20,968		2,989,198
American Homes 4 Rent, Class A		123,215		2,799,445
American Tower Corp.		10,361		2,041,739
Americold Realty Trust		57,166		1,744,135
Apartment Investment & Management Co., Class A		13,151		661,364
AvalonBay Communities, Inc.		12,446		2,498,286
Boston Properties, Inc.		20,534		2,749,092
Brixmor Property Group, Inc.		22,600		415,162
Crown Castle International Corp.		5,265		673,920
Equinix, Inc.		11,386		5,159,680
Equity LifeStyle Properties, Inc.		26,443		3,022,435
Essential Properties Realty Trust, Inc.		104,541		2,040,640
Essex Property Trust, Inc.		11,990		3,467,988
Extra Space Storage, Inc.		20,400		2,078,964
Federal Realty Investment Trust		11,950		1,647,307
HCP, Inc.		97,379		3,047,963
Hudson Pacific Properties, Inc.		38,743		1,333,534
Invitation Homes, Inc.		28,919		703,599
Park Hotels & Resorts, Inc.		69,087		2,147,224
Physicians Realty Trust		63,798		1,200,040
Prologis, Inc.		76,553		5,507,988
Public Storage		12,158		2,647,769
RLJ Lodging Trust		34,211		601,087
Simon Property Group, Inc.		31,017		5,651,607
Sun Communities, Inc.		10,319		1,223,008
Sunstone Hotel Investors, Inc.		32,252		464,429
The Macerich Co.		23,041		998,827
VICI Properties, Inc.		61,328		1,341,857
Vornado Realty Trust		20,536		1,384,948
Weyerhaeuser Co.		79,243		2,087,261
Total Real Estate Investment Trusts (Cost $55,444,795)				64,330,496
Short-Term Investments \| 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield)
(Cost $588,284)		588,284		588,284

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 96.7%
Air Freight & Logistics \| 1.4%
Echo Global Logistics, Inc. (*)		80,788	$	2,001,927
Airlines \| 1.5%
Alaska Air Group, Inc.		38,745		2,174,369
Auto Components \| 1.2%
Modine Manufacturing Co. (*)		125,865		1,745,748
Banks \| 7.7%
Cadence BanCorp		80,560		1,494,388
Comerica, Inc.		19,195		1,407,377
Commerce Bancshares, Inc.		41,377		2,402,349
PacWest Bancorp		57,371		2,157,723
Sterling Bancorp		93,520		1,742,278
Wintrust Financial Corp.		26,875		1,809,494
				11,013,609
Biotechnology \| 1.2%
Cellectis SA ADR (*)		45,615		836,579
Exelixis, Inc. (*)		37,535		893,333
				1,729,912
Building Products \| 2.5%
Armstrong World Industries, Inc.		32,090		2,548,588
PGT Innovations, Inc. (*)		79,510		1,101,213
				3,649,801
Capital Markets \| 1.2%
Morningstar, Inc.		13,685		1,724,173
Chemicals \| 2.7%
Ingevity Corp. (*)		11,830		1,249,366
Innospec, Inc.		31,130		2,594,686
				3,844,052
Commercial Services & Supplies \| 1.2%
The Brink’s Co.		23,470		1,769,873
Communications Equipment \| 1.2%
Ciena Corp. (*)		44,395		1,657,709
Construction Materials \| 1.6%
Eagle Materials, Inc.		27,685		2,333,845
Containers & Packaging \| 1.1%
Graphic Packaging Holding Co.		125,310		1,582,665
Electric Utilities \| 3.6%
OGE Energy Corp.		59,100		2,548,392
PNM Resources, Inc.		56,660		2,682,284
				5,230,676
Electrical Equipment \| 4.1%
Atkore International Group, Inc. (*)		103,550		2,229,432

Description	Shares		Fair Value
EnerSys		25,440	$	1,657,670
Regal Beloit Corp.		24,215		1,982,482
				5,869,584
Electronic Equipment, Instruments & Components \| 1.3%
FLIR Systems, Inc.		38,930		1,852,289
Entertainment \| 1.2%
Take-Two Interactive Software, Inc. (*)		18,350		1,731,689
Equity Real Estate Investment Trusts (REITs) \| 12.2%
Alexandria Real Estate Equities, Inc.		24,225		3,453,516
Brixmor Property Group, Inc.		125,105		2,298,179
Camden Property Trust		33,845		3,435,268
Hudson Pacific Properties, Inc.		64,500		2,220,090
Kilroy Realty Corp.		36,340		2,760,386
PS Business Parks, Inc.		21,660		3,396,938
				17,564,377
Food & Staples Retailing \| 0.7%
Sprouts Farmers Market, Inc. (*)		46,885		1,009,903
Food Products \| 0.7%
The Simply Good Foods Co. (*)		47,440		976,790
Health Care Equipment & Supplies \| 5.2%
AngioDynamics, Inc. (*)		90,145		2,060,715
Avanos Medical, Inc. (*)		27,920		1,191,626
Lantheus Holdings, Inc. (*)		72,090		1,764,763
STERIS PLC		18,520		2,371,115
				7,388,219
Health Care Providers & Services \| 2.5%
Henry Schein, Inc. (*)		22,100		1,328,431
Laboratory Corp. of America Holdings (*)		15,015		2,296,995
				3,625,426
Hotels, Restaurants & Leisure \| 3.5%
Papa John’s International, Inc.		30,550		1,617,623
Penn National Gaming, Inc. (*)		83,520		1,678,752
The Cheesecake Factory, Inc.		35,070		1,715,624
				5,011,999
Household Durables \| 1.7%
Leggett & Platt, Inc.		57,540		2,429,339
Insurance \| 5.1%
Arch Capital Group, Ltd. (*)		70,910		2,291,811
Brown & Brown, Inc.		82,125		2,423,509
Reinsurance Group of America, Inc.		18,360		2,606,753
				7,322,073
IT Services \| 3.1%
CoreLogic, Inc. (*)		42,080		1,567,901

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Leidos Holdings, Inc.		44,275	$	2,837,585
				4,405,486
Life Sciences Tools & Services \| 1.2%
Cambrex Corp. (*)		45,095		1,751,941
Machinery \| 4.1%
Gardner Denver Holdings, Inc. (*)		53,290		1,481,995
Gates Industrial Corp. PLC (*)		94,405		1,353,768
Kennametal, Inc.		47,104		1,731,072
TriMas Corp. (*)		45,790		1,384,231
				5,951,066
Media \| 1.4%
Scholastic Corp.		51,002		2,027,839
Oil, Gas & Consumable Fuels \| 1.1%
Cabot Oil & Gas Corp.		61,415		1,602,931
Pharmaceuticals \| 2.5%
Catalent, Inc. (*)		55,590		2,256,398
Elanco Animal Health, Inc.		42,750		1,370,993
				3,627,391
Professional Services \| 1.4%
FTI Consulting, Inc. (*)		26,560		2,040,339
Semiconductors & Semiconductor Equipment \| 3.5%
Cypress Semiconductor Corp.		117,525		1,753,473
Maxim Integrated Products, Inc.		24,100		1,281,397
MKS Instruments, Inc.		21,375		1,988,944
				5,023,814
Software \| 5.8%
CyberArk Software, Ltd. (*)		15,760		1,876,228
j2 Global, Inc.		28,085		2,432,161
Palo Alto Networks, Inc. (*)		11,345		2,755,474
SolarWinds Corp.		62,345		1,216,974
				8,280,837
Specialty Retail \| 2.0%
Floor & Decor Holdings, Inc., Class A (*)		37,105		1,529,468
Foot Locker, Inc.		21,505		1,303,203
				2,832,671
Textiles, Apparel & Luxury Goods \| 2.9%
Carter’s, Inc.		20,385		2,054,604
Steven Madden, Ltd.		60,362		2,042,650
				4,097,254
Trading Companies & Distributors \| 1.4%
Air Lease Corp.		58,300		2,002,605

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 3.9%
Argentina \| 0.6%
Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22	USD	875	$	841,501
Genneia SA, 8.750%, 01/20/22 (#)	USD	320		286,400
				1,127,901
Brazil \| 0.2%
Light Servicos de Eletricidade SA/Light Energia SA, 7.250%, 05/03/23	USD	425		426,073
Chile \| 0.5%
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#)	USD	500		505,942
Empresa Electrica Guacolda SA, 4.560%, 04/30/25	USD	600		567,795
				1,073,737
Columbia \| 0.3%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD	625		651,562
Guatemala \| 0.5%
Comcel Trust, 6.875%, 02/06/24	USD	1,020		1,059,525
India \| 0.2%
Greenko Dutch BV, 5.250%, 07/24/24	USD	525		505,040
Indonesia \| 0.2%
Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/28 (#)	USD	400		456,000
Nigeria \| 0.1%
IHS Netherlands Holdco BV, 9.500%, 10/27/21	USD	200		206,690
Panama \| 0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (#)	USD	217		225,962
Peru \| 0.4%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN	960		310,104
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD	450		483,397
				793,501
Turkey \| 0.3%
Turkiye Is Bankasi AS, 5.500%, 04/21/19	USD	590		585,133

Description	Security Currency	Principal Amount (000)		Fair Value
Zambia \| 0.5%
First Quantum Minerals, Ltd.:
7.250%, 05/15/22 (#)	USD	650	$	654,062
7.250%, 04/01/23 (#)	USD	300		292,875
				946,937
Total Corporate Bonds (Cost $7,958,502)				8,058,061
Foreign Government Obligations \| 89.8%
Angola \| 1.2%
Republic of Angola:
9.500%, 11/12/25	USD	1,352		1,537,900
8.250%, 05/09/28 (#)	USD	430		447,738
9.375%, 05/08/48	USD	200		215,797
9.375%, 05/08/48 (#)	USD	255		275,141
				2,476,576
Argentina \| 2.8%
Provincia de Buenos Aires, 7.875%, 06/15/27	USD	225		163,657
Republic of Argentina:
5.625%, 01/26/22	USD	835		719,353
4.625%, 01/11/23	USD	230		188,370
7.500%, 04/22/26	USD	1,700		1,437,120
15.500%, 10/17/26	ARS	7,540		114,656
6.875%, 01/26/27	USD	1,420		1,147,360
6.625%, 07/06/28	USD	435		341,729
7.125%, 07/06/36	USD	605		463,733
7.625%, 04/22/46	USD	490		384,628
7.125%, 06/28/2117	USD	970		714,187
				5,674,793
Bahrain \| 0.3%
Kingdom of Bahrain, 6.125%, 07/05/22	USD	570		588,952
Belarus \| 0.2%
Republic of Belarus, 7.625%, 06/29/27	USD	425		456,875
Belize \| 0.1%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD	185		108,456
Brazil \| 7.6%
Brazil Letras do Tesouro Nacional:
0.000%, 07/01/21	BRL	8,240		1,786,425
0.000%, 01/01/22	BRL	18,090		3,752,472
Brazil NTN-B, 6.000%, 08/15/50	BRL	48		48,128
Brazil NTN-F:
10.000%, 01/01/23	BRL	12,870		3,466,656
10.000%, 01/01/25	BRL	1,750		473,268
10.000%, 01/01/27	BRL	5,945		1,606,479
10.000%, 01/01/29	BRL	3,700		1,005,738
Federal Republic of Brazil:
6.000%, 04/07/26	USD	440		487,520

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
4.625%, 01/13/28	USD	2,241	$	2,258,491
5.625%, 02/21/47	USD	565		561,799
				15,446,976
Chile \| 1.8%
Bonos de la Tesoreria de la Republica en pesos:
5.000%, 03/01/35	CLP	565,000		894,948
6.000%, 01/01/43	CLP	1,245,000		2,244,579
Republic of Chile, 3.240%, 02/06/28	USD	510		519,435
				3,658,962
Colombia \| 4.4%
Colombian Titulos De Tesoreria:
10.000%, 07/24/24	COP	6,906,500		2,573,774
7.500%, 08/26/26	COP	3,137,000		1,058,855
6.000%, 04/28/28	COP	3,919,000		1,191,952
7.000%, 06/30/32	COP	5,611,000		1,786,298
Republic of Colombia:
4.500%, 01/28/26	USD	235		247,925
4.500%, 03/15/29	USD	390		412,425
7.375%, 09/18/37	USD	430		562,094
5.000%, 06/15/45	USD	1,135		1,190,615
				9,023,938
Costa Rica \| 1.6%
Republic of Costa Rica:
5.520%, 08/23/23	USD	1,140		1,008,676
4.375%, 04/30/25	USD	1,030		951,210
5.625%, 04/30/43	USD	425		364,248
7.000%, 04/04/44	USD	205		197,777
7.158%, 03/12/45	USD	695		677,625
				3,199,536
Czech Republic \| 1.3%
Czech Republic:
3.750%, 09/12/20	CZK	8,260		369,312
2.500%, 08/25/28	CZK	28,630		1,314,411
4.200%, 12/04/36	CZK	18,300		985,627
				2,669,350
Dominican Republic \| 2.4%
Dominican Republic:
8.900%, 02/15/23	DOP	33,900		656,671
5.500%, 01/27/25	USD	590		606,225
6.875%, 01/29/26	USD	1,020		1,119,450
5.950%, 01/25/27	USD	675		708,750
6.000%, 07/19/28 (#)	USD	550		579,219
6.850%, 01/27/45	USD	355		381,625
6.500%, 02/15/48 (#)	USD	750		778,646
				4,830,586
Ecuador \| 1.2%
Republic of Ecuador:

Description	Security Currency	Principal Amount (000)		Fair Value
10.750%, 03/28/22	USD	315	$	352,030
10.750%, 03/28/22 (#)	USD	325		363,205
7.950%, 06/20/24	USD	565		565,664
9.650%, 12/13/26	USD	765		802,389
8.875%, 10/23/27 (#)	USD	460		461,380
				2,544,668
Egypt \| 2.8%
Arab Republic of Egypt:
5.577%, 02/21/23 (#)	USD	520		514,150
6.200%, 03/01/24 (#)	USD	1,010		1,021,362
5.875%, 06/11/25	USD	255		252,131
7.500%, 01/31/27	USD	910		953,225
6.588%, 02/21/28 (#)	USD	85		83,194
7.600%, 03/01/29 (#)	USD	530		543,913
8.500%, 01/31/47	USD	530		540,600
8.500%, 01/31/47 (#)	USD	615		627,300
7.903%, 02/21/48 (#)	USD	710		686,925
8.700%, 03/01/49 (#)	USD	530		549,875
				5,772,675
El Salvador \| 0.5%
Republic of El Salvador:
7.750%, 01/24/23	USD	205		216,275
5.875%, 01/30/25	USD	181		176,606
6.375%, 01/18/27	USD	180		176,760
8.625%, 02/28/29	USD	150		166,800
8.250%, 04/10/32	USD	115		123,913
7.650%, 06/15/35	USD	65		67,600
7.625%, 02/01/41	USD	150		153,750
				1,081,704
Gabon \| 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD	420		401,625
Ghana \| 1.0%
Ghana Government Bonds, 24.500%, 04/22/19	GHS	60		11,482
Ghana Treasury Note, 19.950%, 05/06/19	GHS	150		28,695
Republic of Ghana:
7.875%, 08/07/23	USD	350		365,750
7.875%, 03/26/27 (#)	USD	420		423,675
8.125%, 03/26/32 (#)	USD	630		626,891
8.627%, 06/16/49	USD	545		530,694
				1,987,187
Honduras \| 0.2%
Honduras Government Bonds, 7.500%, 03/15/24	USD	245		268,119
Republic of Honduras, 6.250%, 01/19/27	USD	105		110,513
				378,632

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Hungary \| 1.0%
Hungary:
5.375%, 02/21/23	USD	360	$	388,341
5.750%, 11/22/23	USD	370		408,545
Hungary Government Bonds:
6.000%, 11/24/23	HUF	135,750		570,723
2.500%, 10/24/24	HUF	175,210		630,457
				1,998,066
Indonesia \| 7.4%
Indonesia Government Bonds:
8.375%, 03/15/24	IDR	7,060,000		518,345
8.125%, 05/15/24	IDR	22,664,000		1,655,236
8.375%, 09/15/26	IDR	8,980,000		658,494
7.000%, 05/15/27	IDR	2,543,000		171,349
9.000%, 03/15/29	IDR	8,440,000		640,705
8.250%, 05/15/29	IDR	12,943,000		947,961
8.750%, 05/15/31	IDR	35,912,000		2,678,269
7.500%, 08/15/32	IDR	26,327,000		1,765,610
8.375%, 03/15/34	IDR	16,579,000		1,193,653
8.250%, 05/15/36	IDR	12,883,000		918,276
Republic of Indonesia:
4.750%, 01/08/26	USD	555		585,994
3.500%, 01/11/28	USD	1,545		1,499,020
4.100%, 04/24/28	USD	595		603,925
4.750%, 02/11/29	USD	600		640,308
5.250%, 01/08/47	USD	360		388,935
4.350%, 01/11/48	USD	215		211,595
				15,077,675
Iraq \| 1.1%
Republic of Iraq:
6.752%, 03/09/23	USD	900		913,500
6.752%, 03/09/23 (#)	USD	125		126,875
5.800%, 01/15/28	USD	1,265		1,214,400
				2,254,775
Ivory Coast \| 0.4%
Ivory Coast:
5.750%, 12/31/32 (Ø)	USD	271		257,065
6.125%, 06/15/33	USD	525		484,969
				742,034
Kenya \| 0.4%
Republic of Kenya:
6.875%, 06/24/24	USD	565		579,831
8.250%, 02/28/48 (#)	USD	170		171,922
				751,753
Lebanon \| 1.0%
Lebanese Republic:
6.150%, 06/19/20	USD	130		123,271
6.000%, 01/27/23	USD	661		562,676
6.650%, 04/22/24	USD	510		429,037
6.250%, 11/04/24	USD	232		189,660

Description	Security Currency	Principal Amount (000)		Fair Value
6.200%, 02/26/25	USD	320	$	261,600
6.600%, 11/27/26	USD	583		465,919
				2,032,163
Malaysia \| 1.6%
Malaysia Government Bonds:
3.882%, 03/10/22	MYR	3,340		828,733
3.418%, 08/15/22	MYR	2,440		595,706
3.795%, 09/30/22	MYR	1,660		410,016
3.955%, 09/15/25	MYR	1,390		344,478
3.844%, 04/15/33	MYR	2,150		512,095
4.642%, 11/07/33	MYR	2,150		558,360
				3,249,388
Mexico \| 7.0%
Mexican Bonos:
7.250%, 12/09/21	MXN	24,790		1,258,769
6.500%, 06/09/22	MXN	4,260		211,367
10.000%, 12/05/24	MXN	155,187		8,774,548
8.500%, 05/31/29	MXN	14,680		777,531
7.750%, 05/29/31	MXN	18,020		898,324
7.750%, 11/13/42	MXN	36,680		1,755,799
United Mexican States, 5.750%, 10/12/2110	USD	590		604,750
				14,281,088
Mongolia \| 0.3%
Mongolia International Bonds:
10.875%, 04/06/21	USD	145		161,222
5.125%, 12/05/22	USD	285		284,662
8.750%, 03/09/24 (#)	USD	220		247,253
				693,137
Morocco \| 0.2%
Kingdom of Morocco:
4.250%, 12/11/22	USD	235		238,819
5.500%, 12/11/42	USD	240		255,900
				494,719
Mozambique \| 1.0%
Mozambique International Bonds, 10.500%, 01/18/23	USD	2,268		1,950,378
Namibia \| 0.0%
Republic of Namibia, 5.250%, 10/29/25	USD	95		90,963
Nigeria \| 1.2%
Republic of Nigeria:
6.375%, 07/12/23	USD	465		479,515
6.500%, 11/28/27 (#)	USD	375		370,312
7.875%, 02/16/32 (#)	USD	485		503,794
7.625%, 11/28/47	USD	505		490,481
7.625%, 11/28/47 (#)	USD	695		675,019
				2,519,121

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Oman \| 0.5%
Oman Government International Bonds:
5.625%, 01/17/28	USD	530	$	496,875
6.750%, 01/17/48	USD	610		541,375
				1,038,250
Pakistan \| 0.8%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD	405		431,007
8.250%, 09/30/25	USD	705		752,887
6.875%, 12/05/27	USD	520		511,943
				1,695,837
Panama \| 1.3%
Republic of Panama:
3.750%, 03/16/25	USD	830		854,900
7.125%, 01/29/26	USD	210		256,396
8.875%, 09/30/27	USD	40		55,435
3.875%, 03/17/28	USD	455		473,130
9.375%, 04/01/29	USD	140		204,145
4.500%, 04/16/50	USD	860		897,328
				2,741,334
Paraguay \| 1.3%
Republic of Paraguay:
5.000%, 04/15/26	USD	350		367,500
6.100%, 08/11/44	USD	310		351,075
5.600%, 03/13/48	USD	600		642,195
5.600%, 03/13/48 (#)	USD	740		792,040
5.400%, 03/30/50 (#)	USD	435		453,488
				2,606,298
Peru \| 6.6%
Banco de Credito del Peru, 4.850%, 10/30/20 (#)	PEN	2,300		691,529
Republic of Peru:
5.700%, 08/12/24	PEN	710		226,624
7.350%, 07/21/25	USD	795		999,315
8.200%, 08/12/26	PEN	13,090		4,730,684
4.125%, 08/25/27	USD	635		692,785
6.350%, 08/12/28	PEN	6,520		2,123,535
6.950%, 08/12/31	PEN	2,770		939,006
6.900%, 08/12/37	PEN	6,760		2,264,949
5.625%, 11/18/50	USD	590		759,035
				13,427,462
Philippines \| 1.7%
Republic of Philippines:
3.625%, 09/09/25	PHP	15,300		258,215
3.000%, 02/01/28	USD	510		503,625
3.750%, 01/14/29	USD	1,535		1,601,249
7.750%, 01/14/31	USD	365		514,075
6.375%, 10/23/34	USD	380		505,702
				3,382,866

Description	Security Currency	Principal Amount (000)		Fair Value
Poland \| 1.4%
Poland Government Bonds, 3.250%, 07/25/25	PLN	10,670	$	2,919,590
Qatar \| 1.0%
State of Qatar:
4.500%, 04/23/28	USD	547		585,974
4.000%, 03/14/29 (#)	USD	1,410		1,453,858
				2,039,832
Romania \| 0.6%
Romanian Government Bonds:
5.850%, 04/26/23	RON	1,530		382,657
4.250%, 06/28/23	RON	3,580		844,714
				1,227,371
Russia \| 4.1%
Russia Foreign Bonds, 5.250%, 06/23/47	USD	1,600		1,603,160
Russia Government Bonds - OFZ:
7.000%, 08/16/23	RUB	144,250		2,126,937
7.750%, 09/16/26	RUB	135,710		2,032,434
7.050%, 01/19/28	RUB	129,170		1,842,417
6.900%, 05/23/29	RUB	17,730		245,461
8.500%, 09/17/31	RUB	29,610		458,489
				8,308,898
Saudi Arabia \| 0.5%
Saudi Government International Bonds, 4.375%, 04/16/29 (#)	USD	1,025		1,065,744
Senegal \| 0.3%
Republic of Senegal:
6.250%, 05/23/33	USD	360		345,600
6.750%, 03/13/48	USD	200		184,295
				529,895
South Africa \| 4.9%
Republic of South Africa:
10.500%, 12/21/26	ZAR	27,270		2,089,367
8.000%, 01/31/30	ZAR	12,780		816,126
8.250%, 03/31/32	ZAR	42,200		2,678,807
8.500%, 01/31/37	ZAR	32,280		2,015,150
5.375%, 07/24/44	USD	200		186,105
5.650%, 09/27/47	USD	410		390,474
8.750%, 02/28/48	ZAR	16,460		1,034,207
6.300%, 06/22/48	USD	730		742,757
				9,952,993
Sri Lanka \| 1.6%
Republic of Sri Lanka:
5.750%, 01/18/22	USD	200		199,607
5.875%, 07/25/22	USD	200		199,597
6.125%, 06/03/25	USD	560		546,000
6.850%, 11/03/25	USD	150		151,426
6.850%, 11/03/25 (#)	USD	395		398,754

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.825%, 07/18/26	USD	130	$	130,098
6.750%, 04/18/28 (#)	USD	1,595		1,573,069
				3,198,551
Suriname \| 0.1%
Republic of Suriname, 9.250%, 10/26/26	USD	150		147,450
Tajikistan \| 0.1%
Tajikistan International Bonds, 7.125%, 09/14/27 (#)	USD	190		177,413
Thailand \| 2.4%
Thailand Government Bonds:
3.625%, 06/16/23	THB	4,210		141,060
3.850%, 12/12/25	THB	41,643		1,440,925
3.650%, 06/20/31	THB	36,620		1,271,809
3.775%, 06/25/32	THB	29,470		1,031,979
3.400%, 06/17/36	THB	15,930		534,733
3.300%, 06/17/38	THB	13,820		453,010
				4,873,516
Turkey \| 3.3%
Republic of Turkey:
6.250%, 09/26/22	USD	360		355,081
7.250%, 12/23/23	USD	600		603,069
4.250%, 04/14/26	USD	650		544,375
4.875%, 10/09/26	USD	795		685,445
6.000%, 03/25/27	USD	635		580,730
6.000%, 01/14/41	USD	190		156,036
6.625%, 02/17/45	USD	328		282,826
5.750%, 05/11/47	USD	530		420,913
Turkey Government Bonds:
10.700%, 02/17/21	TRY	8,885		1,326,655
10.400%, 03/20/24	TRY	4,260		555,851
8.000%, 03/12/25	TRY	6,350		703,278
10.600%, 02/11/26	TRY	4,260		548,211
				6,762,470
Ukraine \| 2.2%
Ukraine Government Bonds:
7.750%, 09/01/20	USD	585		582,938
7.750%, 09/01/21	USD	200		198,400
7.750%, 09/01/22	USD	495		486,214
8.994%, 02/01/24	USD	205		206,127
7.750%, 09/01/25	USD	440		418,880
7.750%, 09/01/26	USD	850		799,000
7.750%, 09/01/27	USD	595		554,540
9.750%, 11/01/28	USD	340		350,137
7.375%, 09/25/32	USD	475		423,225
7.375%, 09/25/32 (#)	USD	430		383,130
				4,402,591

Description	Security Currency	Principal Amount (000)		Fair Value
United Arab Emirates \| 0.3%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD	510	$	535,500
Uruguay \| 0.6%
Republica Orient Uruguay:
4.375%, 01/23/31	USD	630		658,350
5.100%, 06/18/50	USD	175		186,813
4.975%, 04/20/55	USD	435		455,662
				1,300,825
Venezuela \| 1.7%
Republic of Venezuela:
7.750%, 10/13/19 («)	USD	245		69,212
6.000%, 12/09/20 («)	USD	121		34,788
12.750%, 08/23/22 («)	USD	1,064		329,840
9.000%, 05/07/23 («)	USD	1,212		356,025
8.250%, 10/13/24 («)	USD	2,218		648,765
7.650%, 04/21/25 («)	USD	1,732		497,950
11.750%, 10/21/26 («)	USD	660		204,600
9.250%, 09/15/27 («)	USD	1,012		316,250
9.250%, 05/07/28 («)	USD	886		259,155
11.950%, 08/05/31 («)	USD	805		241,500
9.375%, 01/13/34 («)	USD	580		189,950
7.000%, 03/31/38 («)	USD	899		251,720
				3,399,755
Zambia \| 0.3%
Republic of Zambia, 8.500%, 04/14/24	USD	705		516,413
Total Foreign Government Obligations (Cost $185,508,769)				182,687,605
Quasi Government Bonds \| 2.0%
Ecuador \| 0.0%
EP Petroecuador, 8.240% (USD LIBOR 3 Month + 5.630%), 09/24/19 (§)	USD	61		60,708
Mexico \| 0.3%
Petroleos Mexicanos, 6.500%, 03/13/27	USD	560		560,677
South Africa \| 0.6%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD	1,015		1,002,313
6.750%, 08/06/23	USD	285		281,437
				1,283,750
Tunisia \| 0.2%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD	360		312,300
Turkey \| 0.1%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD	305		292,144

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Ukraine \| 0.5%
Ukreximbank Via Biz Finance PLC:
9.625%, 04/27/22	USD	265	$	267,120
9.750%, 01/22/25	USD	725		731,489
				998,609
Venezuela \| 0.3%
Petroleos de Venezuela SA:
8.500%, 10/27/20	USD	135		119,033
9.000%, 11/17/21 («)	USD	251		65,888
12.750%, 02/17/22 («)	USD	273		74,051
6.000%, 05/16/24 («)	USD	346		77,418
6.000%, 11/15/26 («)	USD	414		92,632
5.375%, 04/12/27 («)	USD	292		66,065
9.750%, 05/17/35 («)	USD	295		80,387
5.500%, 04/12/37 («)	USD	100		22,625
				598,099
Total Quasi Government Bonds (Cost $4,572,889)				4,106,287
Supranational Bonds \| 0.9%
European Bank for Reconstruction & Development, 27.500%, 10/02/19	TRY	7,980		1,404,011
International Bank for Reconstruction & Development, 7.450%, 08/20/21	IDR	5,610,000		393,777
Total Supranational Bonds (Cost $1,680,373)				1,797,788

Description	Shares		Fair Value
Short-Term Investments \| 1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $3,401,949)	3,401,949	$	3,401,949
Total Investments \| 98.3% (Cost $203,122,482) (»)		$	200,051,690
Cash and Other Assets in Excess of Liabilities \| 1.7%			3,363,349
Net Assets \| 100.0%		$	203,415,039

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 30.3%
Australia \| 1.0%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		70	$	52,124
Canada \| 1.1%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		75		57,055
France \| 1.2%
Schneider Electric SE, 2.950%, 09/27/22	USD		60		60,253
Germany \| 2.5%
BMW Finance NV, 0.875%, 08/16/22	GBP		45		57,362
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		75		75,647
					133,009
Netherlands \| 0.6%
BNG Bank NV, 5.000%, 09/16/20	NZD		45		31,907
Spain \| 2.2%
Iberdrola International BV, 1.125%, 04/21/26	EUR		100		116,550
Switzerland \| 0.9%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		45		45,748
United Kingdom \| 1.9%
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		101,879
United States \| 18.9%
Apple, Inc., 3.850%, 05/04/43	USD		90		91,054
Ball Corp., 4.000%, 11/15/23	USD		30		30,225
Bank of America Corp., 3.499%, 05/17/22 (§)	USD		60		60,739
Citigroup, Inc., 3.590% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		90		64,772
Constellation Brands, Inc., 4.250%, 05/01/23	USD		55		57,645
HCA, Inc.:
6.500%, 02/15/20	USD		15		15,438
5.000%, 03/15/24	USD		30		31,767
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		70		52,289
Johnson & Johnson, 3.625%, 03/03/37	USD		55		55,847

Description	Security Currency	Principal Amount (000)		Fair Value
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		80	$	83,663
Microsoft Corp., 4.450%, 11/03/45	USD		80		91,209
Morgan Stanley, 3.625%, 01/20/27	USD		75		75,181
Nestle Holdings, Inc., 2.750%, 04/15/20	NOK		340		39,934
NIKE, Inc., 2.375%, 11/01/26	USD		75		72,562
Sealed Air Corp., 4.875%, 12/01/22	USD		30		30,960
Starbucks Corp., 3.100%, 03/01/23	USD		37		37,374
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		30		30,529
United Rentals North America, Inc., 4.625%, 07/15/23	USD		30		30,469
Verizon Communications, Inc., 3.875%, 02/08/29	USD		40		41,124
					992,781
Total Corporate Bonds (Cost $1,601,658)					1,591,306
Foreign Government Obligations \| 43.5%
Australia \| 2.3%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		79		59,206
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		72		60,431
					119,637
Bahamas \| 2.5%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118		129,210
Bermuda \| 3.8%
Government of Bermuda, 3.717%, 01/25/27	USD		200		197,757
Canada \| 1.6%
City of Vancouver, 2.900%, 11/20/25	CAD		50		38,728
Province of Quebec, 1.650%, 03/03/22	CAD		60		44,743
					83,471
Chile \| 3.2%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		75,000		113,682
5.000%, 03/01/35	CLP		35,000		55,439
					169,121

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Colombia \| 0.9%
Republic of Colombia, 9.850%, 06/28/27	COP		125,000	$	48,293
Croatia \| 2.0%
Croatia Government International Bonds, 6.625%, 07/14/20	USD		100		104,375
Czech Republic \| 2.2%
Czech Republic, 2.500%, 08/25/28	CZK		2,470		113,398
France \| 1.1%
Government of France, 1.750%, 06/25/39	EUR		46		58,800
Hungary \| 3.3%
Hungary, 6.375%, 03/29/21	USD		50		53,204
Hungary Government Bonds:
3.000%, 06/26/24	HUF		15,600		57,906
3.000%, 10/27/27	HUF		16,590		60,274
					171,384
Ireland \| 2.0%
Ireland Government Bonds, 1.700%, 05/15/37	EUR		85		103,944
Italy \| 1.0%
Italy Government International Bonds, 6.875%, 09/27/23	USD		50		55,580
Mexico \| 2.1%
Mexican Bonos, 6.500%, 06/09/22	MXN		1,170		58,052
United Mexican States, 6.750%, 02/06/24	GBP		35		53,392
					111,444
New Zealand \| 1.0%
New Zealand Government Bonds, 6.000%, 05/15/21	NZD		75		55,506
Norway \| 2.2%
Oslo Kommune, 1.720%, 05/06/26 (§)	NOK		1,000		115,548
Philippines \| 1.9%
Philippine Government Bonds, 4.250%, 04/11/20	PHP		5,460		102,026
Poland \| 2.0%
Poland Government Bonds, 2.500%, 07/25/26	PLN		415		107,777
Romania \| 3.4%
Romanian Government Bonds:
4.750%, 02/24/25	RON		505		120,486

Description	Security Currency	Principal Amount (000)		Fair Value
2.375%, 04/19/27	EUR		50	$	56,784
					177,270
Singapore \| 2.7%
Singapore Government Bonds, 3.000%, 09/01/24	SGD		180		139,834
Spain \| 1.0%
Spain Government Bonds, 1.400%, 04/30/28	EUR		45		52,559
United Kingdom \| 1.3%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		27		36,690
1.500%, 07/22/47	GBP		25		32,119
					68,809
Total Foreign Government Obligations (Cost $2,337,470)					2,285,743
Quasi Government Bonds \| 1.5%
Canada \| 1.5%
Export Development Canada, 1.800%, 09/01/22 (Cost $79,126)	CAD		105		78,717
Supranational Bonds \| 12.2%
African Development Bank, 2.375%, 09/23/21	USD		75		74,977
Asian Development Bank:
1.000%, 12/15/22	GBP		45		58,572
2.125%, 03/19/25	USD		67		65,933
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		75		55,232
International Bank for Reconstruction & Development:
5.750%, 10/28/19	INR		1,500		21,367
3.500%, 01/22/21	NZD		40		28,030
2.500%, 08/03/23	CAD		115		88,235
2.900%, 11/26/25	AUD		40		29,758
International Finance Corp.:
3.625%, 05/20/20	NZD		70		48,634
2.700%, 03/15/23	AUD		65		47,596
2.125%, 04/07/26	USD		125		122,448
Total Supranational Bonds (Cost $645,240)					640,782
US Municipal Bonds \| 2.0%
California \| 2.0%
California State Build America Bonds, 7.500%, 04/01/34	USD		50		72,182
State of California, 4.500%, 04/01/33	USD		30		32,456
Total US Municipal Bonds (Cost $104,536)					104,638

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
US Treasury Securities \| 7.2%
US Treasury Notes:
2.125%, 05/15/25	USD		60	$	59,402
2.875%, 08/15/28	USD		156		162,252
3.125%, 11/15/41	USD		148		157,753
Total US Treasury Securities (Cost $363,840)					379,407

Description	Shares			Fair Value
Short-Term Investments \| 3.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $161,799)		161,799	$	161,799
Total Investments \| 99.8% (Cost $5,293,669) (»)			$	5,242,392
Cash and Other Assets in Excess of Liabilities \| 0.2%				9,632
Net Assets \| 100.0%			$	5,252,024

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 96.3%
Aerospace & Defense \| 0.5%
Triumph Group, Inc., 4.875%, 04/01/21	$	1,400	$	1,365,000
Auto Components \| 2.3%
Dana, Inc., 5.500%, 12/15/24		1,800		1,791,000
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		1,694,962
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,680,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,548,063
5.000%, 05/31/26		250		238,375
				6,952,400
Automobiles \| 1.0%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,062,500
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		785,000
				2,847,500
Building Products \| 1.2%
Griffon Corp., 5.250%, 03/01/22		1,800		1,770,750
USG Corp., 4.875%, 06/01/27 (#)		1,650		1,667,531
				3,438,281
Capital Markets \| 1.1%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,514,250
MPT Operating Partnership LP, 6.375%, 03/01/24		1,560		1,632,150
				3,146,400
Chemicals \| 2.5%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,673,250
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		912,341
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,557,750
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,436,250
WR Grace & Co-Conn, 5.125%, 10/01/21 (#)		1,700		1,755,590
				7,335,181

Description	Principal Amount (000)		Fair Value
Commercial Services & Supplies \| 3.8%
ACCO Brands Corp., 5.250%, 12/15/24 (#)	$	1,800	$	1,764,000
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		2,048,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,833,500
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,779,750
Multi-Color Corp., 4.875%, 11/01/25 (#)		1,750		1,806,875
The ADT Security Corp.:
6.250%, 10/15/21		1,400		1,468,670
4.125%, 06/15/23		500		482,250
				11,183,045
Communications Equipment \| 1.1%
CommScope, Inc., 5.000%, 06/15/21 (#)		1,500		1,498,875
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,754,375
				3,253,250
Construction Materials \| 1.2%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,702,800
Standard Industries, Inc., 5.375%, 11/15/24 (#)		1,750		1,793,750
				3,496,550
Containers & Packaging \| 4.0%
Ball Corp., 4.000%, 11/15/23		2,100		2,115,750
Cascades, Inc., 5.500%, 07/15/22 (#)		1,500		1,507,500
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,565,500
4.250%, 09/30/26		500		483,750
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)		2,092		2,144,300
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,454		1,455,479
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,754,383
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		855,000
				11,881,662
Diversified Consumer Services \| 1.2%
Service Corp. International, 4.625%, 12/15/27		1,750		1,739,063

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)	$	1,800	$	1,806,750
				3,545,813
Diversified Financial Services \| 2.1%
Herc Rentals, Inc., 7.750%, 06/01/24 (#)		1,189		1,261,826
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,691,500
Level 3 Financing, Inc., 5.125%, 05/01/23		1,550		1,563,563
Travelport Corporate Finance PLC, 6.000%, 03/15/26 (#)		1,500		1,620,000
				6,136,889
Diversified Telecommunication Services \| 3.3%
CenturyLink, Inc., 5.625%, 04/01/20		1,550		1,579,745
CyrusOne LP, 5.000%, 03/15/24		2,000		2,042,500
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,075,317
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,020,600
Zayo Group LLC, 5.750%, 01/15/27 (#)		1,950		1,945,710
				9,663,872
Energy Equipment & Services \| 1.0%
Precision Drilling Corp., 5.250%, 11/15/24		1,500		1,402,500
Transocean, Inc., 9.000%, 07/15/23 (#)		1,500		1,599,375
				3,001,875
Entertainment \| 1.2%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,559,688
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,609,578
4.375%, 11/15/26		500		490,000
				3,659,266
Equity Real Estate Investment Trusts (REITs) \| 3.6%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,304,500
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		1,987,500
Iron Mountain, Inc., 6.000%, 08/15/23		1,450		1,489,875

Description	Principal Amount (000)		Fair Value
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26	$	1,800	$	1,750,500
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,532,625
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,611,260
				10,676,260
Food & Staples Retailing \| 1.7%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,767,500
Ingles Markets, Inc., 5.750%, 06/15/23		1,500		1,528,125
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,820,794
				5,116,419
Food Products \| 2.6%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,496,250
Darling Ingredients, Inc., 5.375%, 01/15/22		850		862,750
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,020,000
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,750,500
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,516,440
				7,645,940
Gas Utilities \| 1.1%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,575,188
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,753,380
				3,328,568
Health Care Equipment & Supplies \| 1.2%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (#)		1,550		1,598,437
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		1,975,000
				3,573,437
Health Care Providers & Services \| 3.2%
Centene Corp.:
6.125%, 02/15/24		1,500		1,571,700
4.750%, 01/15/25		500		510,000
DaVita, Inc., 5.125%, 07/15/24		2,000		1,975,000
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,570,802

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Molina Healthcare, Inc., 5.375%, 11/15/22	$	1,700	$	1,764,787
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		708,750
4.375%, 10/01/21		1,250		1,271,750
				9,372,789
Hotels, Restaurants & Leisure \| 9.7%
1011778 BC ULC, 4.625%, 01/15/22 (#)		1,550		1,557,300
Boyd Gaming Corp.:
6.875%, 05/15/23		1,450		1,506,187
6.375%, 04/01/26		750		776,250
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,960,040
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,557,750
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,576,040
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,500,000
GLP Capital LP, 4.875%, 11/01/20		1,500		1,528,500
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,630,110
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		2,035,150
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,506,188
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,422,500
MGM Resorts International:
6.625%, 12/15/21		1,000		1,068,750
4.625%, 09/01/26		800		778,000
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,715,000
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,821,094
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,674,500
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,975,000
				28,588,359
Household Durables \| 0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,780,625
Household Products \| 1.2%
Energizer Holdings, Inc., 5.500%, 06/15/25 (#)		1,750		1,734,688

Description	Principal Amount (000)		Fair Value
Spectrum Brands, Inc., 5.750%, 07/15/25	$	1,800	$	1,813,500
				3,548,188
Independent Power & Renewable Electricity Producers \| 1.7%
AES Corp., 5.125%, 09/01/27		1,700		1,768,323
Calpine Corp., 6.000%, 01/15/22 (#)		1,500		1,516,875
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,706,250
				4,991,448
IT Services \| 1.3%
First Data Corp.:
5.375%, 08/15/23 (#)		1,600		1,635,008
5.000%, 01/15/24 (#)		500		512,000
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,571,312
				3,718,320
Machinery \| 3.5%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,714,225
Amsted Industries, Inc., 5.000%, 03/15/22 (#)		1,700		1,704,250
Meritor, Inc., 6.250%, 02/15/24		1,700		1,746,750
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,776,250
SPX FLOW, Inc., 5.625%, 08/15/24 (#)		1,750		1,758,750
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,781,050
				10,481,275
Media \| 13.2%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,511,250
Cable One, Inc., 5.750%, 06/15/22 (#)		1,500		1,522,500
CBS Radio, Inc., 7.250%, 11/01/24 (#)		1,500		1,492,500
CCO Holdings LLC:
5.250%, 03/15/21		1,650		1,657,227
5.125%, 05/01/27 (#)		500		503,125
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,500		1,531,875
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,027,800
7.500%, 04/01/28 (#)		1,690		1,810,919
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,610,000

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Lamar Media Corp., 5.750%, 02/01/26	$	1,726	$	1,803,670
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,501,200
Meredith Corp., 6.875%, 02/01/26		1,700		1,789,250
Nexstar Broadcasting Inc., 5.875%, 11/15/22		1,500		1,539,375
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,515,000
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,650		1,650,000
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (#)		400		410,500
5.000%, 08/01/27 (#)		1,750		1,751,050
TEGNA, Inc., 6.375%, 10/15/23		1,650		1,703,625
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,714,500
Tribune Media Co., 5.875%, 07/15/22		1,550		1,581,969
Unitymedia Hessen GmbH & Co. KG, 5.000%, 01/15/25 (#)		1,700		1,734,000
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,862,500
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,606,688
5.125%, 04/15/27 (#)		500		510,000
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (#)		2,100		2,113,125
WMG Acquisition Corp., 4.875%, 11/01/24 (#)		1,600		1,620,000
				39,073,648
Metals & Mining \| 2.6%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,903,500
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,717,372
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,156,000
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		488,750
5.000%, 12/15/26		1,550		1,582,938
				7,848,560
Oil, Gas & Consumable Fuels \| 9.7%
Antero Resources Corp., 5.125%, 12/01/22		1,600		1,608,480
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,278,125

Description	Principal Amount (000)		Fair Value
Diamondback Energy, Inc., 4.750%, 11/01/24	$	1,550	$	1,584,565
Energy Transfer Operating LP:
7.500%, 10/15/20		1,250		1,330,361
5.875%, 01/15/24		750		820,450
Gulfport Energy Corp., 6.000%, 10/15/24		1,700		1,542,988
Holly Energy Partners LP, 6.000%, 08/01/24 (#)		2,040		2,105,280
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,588,154
Newfield Exploration Co., 5.625%, 07/01/24		1,600		1,747,280
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,695,750
PBF Holding Co. LLC, 7.000%, 11/15/23		1,400		1,439,900
Range Resources Corp., 5.000%, 08/15/22		1,700		1,683,000
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,768,500
Sunoco LP, 5.500%, 02/15/26		1,700		1,683,000
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,251,563
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,577,807
Whiting Petroleum Corp.:
5.750%, 03/15/21		900		910,350
6.625%, 01/15/26		1,000		980,000
WPX Energy, Inc.:
6.000%, 01/15/22		900		933,750
5.750%, 06/01/26		1,000		1,015,000
				28,544,303
Personal Products \| 0.5%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (#)		1,500		1,496,250
Pharmaceuticals \| 0.5%
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (#)		1,700		1,611,260
Professional Services \| 1.0%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,564,950
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,550		1,534,500
				3,099,450
Road & Rail \| 0.5%
The Hertz Corp., 5.500%, 10/15/24 (#)		1,800		1,509,750

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Semiconductors & Semiconductor Equipment \| 0.3%
Qorvo, Inc., 5.500%, 07/15/26 (#)	$	1,000	$	1,032,600
Software \| 1.4%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,610,062
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,537,500
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)		1,000		890,880
				4,038,442
Specialty Retail \| 1.2%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,662		1,666,155
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,773,000
				3,439,155
Technology Hardware, Storage & Peripherals \| 2.3%
Dell International LLC, 7.125%, 06/15/24 (#)		1,525		1,617,075
NCR Corp., 4.625%, 02/15/21		1,568		1,565,256
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,848,856
Western Digital Corp., 4.750%, 02/15/26		2,000		1,907,500
				6,938,687
Textiles, Apparel & Luxury Goods \| 0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,754,725
Trading Companies & Distributors \| 2.1%
HD Supply, Inc., 5.375%, 10/15/26 (#)		1,700		1,734,000
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,117,187
5.750%, 11/15/24		1,650		1,695,375
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,616,000
				6,162,562
Wireless Telecommunication Services \| 1.5%
Inmarsat Finance PLC, 4.875%, 05/15/22 (#)		1,750		1,776,600
Sprint Corp., 7.125%, 06/15/24		500		507,500

Description	Principal Amount (000)		Fair Value
T-Mobile USA, Inc., 6.500%, 01/15/26	$	2,000	$	2,135,000
				4,419,100
Total Corporate Bonds (Cost $286,015,116)				284,697,104

Description	Shares		Fair Value
Short-Term Investments \| 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $3,991,593)		3,991,593	$	3,991,593
Total Investments \| 97.7% (Cost $290,006,709)			$	288,688,697
Cash and Other Assets in Excess of Liabilities \| 2.3%				6,794,287
Net Assets \| 100.0%			$	295,482,984

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 7.0%
Automobiles \| 7.0%
GM Financial Automobile Leasing Trust:
2.610%, 01/20/21	$	2,150	$	2,148,737
3.180%, 06/21/21		1,000		1,006,981
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21		2,350		2,365,441
World Omni Automobile Lease Securitization Trust:
2.830%, 07/15/21		750		751,458
3.190%, 12/15/21		1,125		1,134,703
				1,886,161
Total Asset-Backed Securities (Cost $7,374,734)				7,407,320
Corporate Bonds \| 36.9%
Banks \| 16.1%
Bank of America Corp., 2.625%, 10/19/20		4,013		4,003,509
Citigroup, Inc.:
2.450%, 01/10/20		475		473,962
2.400%, 02/18/20		2,640		2,629,768
2.650%, 10/26/20		1,500		1,496,441
JPMorgan Chase & Co.:
6.300%, 04/23/19		2,192		2,196,559
4.400%, 07/22/20		2,887		2,952,103
Wells Fargo & Co., 2.600%, 07/22/20		3,425		3,420,159
				17,172,501
Biotechnology \| 0.2%
AbbVie, Inc., 2.500%, 05/14/20		195		194,414
Capital Markets \| 8.1%
Morgan Stanley, 5.500%, 01/26/20		4,200		4,290,616
The Goldman Sachs Group, Inc., 5.375%, 03/15/20		4,230		4,328,564
				8,619,180
Electronic Equipment, Instruments & Components \| 1.0%
Amphenol Corp., 2.200%, 04/01/20		1,115		1,107,913
Food & Staples Retailing \| 1.9%
The Kroger Co., 6.150%, 01/15/20		1,989		2,040,010
Internet & Direct Marketing Retail \| 1.1%
eBay, Inc., 3.250%, 10/15/20		1,129		1,133,929

Description	Principal Amount (000)		Fair Value
IT Services \| 2.4%
Fiserv, Inc., 2.700%, 06/01/20	$	2,510	$	2,507,324
Life Sciences Tools & Services \| 1.5%
Thermo Fisher Scientific, Inc., 4.500%, 03/01/21		1,500		1,549,100
Oil, Gas & Consumable Fuels \| 4.6%
Enterprise Products Operating LLC, 2.550%, 10/15/19		2,525		2,519,999
Valero Energy Corp., 6.125%, 02/01/20		2,375		2,437,158
				4,957,157
Total Corporate Bonds (Cost $39,316,822)				39,281,528
US Government Securities \| 9.0%
Mortgage-Backed Securities \| 9.0%
Federal Home Loan Mortgage Corp.:
Pool# 848138, 4.651%, 07/01/38 (§)		517		544,394
Pool# 848514, 4.697%, 03/01/32 (§)		1,109		1,165,475
Pool# 848517, 4.545%, 12/01/34 (§)		682		716,011
Pool# 849414, 4.453%, 07/01/35 (§)		848		890,539
Pool# G13867, 5.000%, 06/01/25		198		206,215
Federal National Mortgage Association:
Pool# 725296, 4.705%, 03/01/34 (§)		430		450,387
Pool# 995609, 4.634%, 04/01/35 (§)		454		476,336
Pool# AD0701, 4.357%, 02/01/37 (§)		516		536,703
Pool# AE0149, 4.593%, 12/01/36 (§)		459		482,687
Pool# AE0315, 4.500%, 02/01/21		5		4,736
Pool# AL0345, 4.489%, 11/01/35 (§)		349		365,664
Pool# AL3739, 4.350%, 07/01/38 (§)		134		140,553
Pool# AL3746, 4.518%, 01/01/37 (§)		555		582,726
Pool# AL3941, 6.000%, 03/01/24		114		117,698
Pool# AL4118, 4.543%, 05/01/35 (§)		337		352,328
Pool# AL4545, 4.447%, 05/01/39 (§)		358		375,753
Pool# AL4660, 4.447%, 11/01/41 (§)		432		450,687
Pool# AL5574, 4.415%, 12/01/40 (§)		776		814,440
Pool# AL5642, 4.429%, 05/01/39 (§)		920		966,695
Total US Government Securities (Cost $9,669,637)				9,640,027
US Treasury Securities \| 46.2%
US Treasury Notes:
1.625%, 07/31/20		28,260		27,979,608
1.375%, 08/31/20		21,560		21,260,181
Total US Treasury Securities (Cost $49,211,562)				49,239,789

Description	Shares		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Short-Term Investments \| 0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $610,964)		610,964	$	610,964
Total Investments \| 99.7% (Cost $106,183,719)			$	106,179,628
Cash and Other Assets in Excess of Liabilities \| 0.3%				347,239
Net Assets \| 100.0%			$	106,526,867

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 26.6%
Brazil \| 5.7%
Brazil NTN-B:
6.000%, 05/15/21	BRL		90	$	78,653
6.000%, 05/15/23	BRL		150		133,742
Brazil NTN-F, 10.000%, 01/01/27	BRL		348		94,046
					306,441
Dominican Republic \| 1.0%
Dominican Republic Bonds, 10.500%, 04/07/23 (#)	DOP		2,600		52,835
Egypt \| 8.9%
Egypt Treasury Bills:
0.000%, 06/25/19	EGP		1,700		93,760
0.000%, 08/20/19	EGP		7,100		382,359
					476,119
Malaysia \| 4.3%
Malaysia Government Bonds:
3.654%, 10/31/19	MYR		750		183,970
3.620%, 11/30/21	MYR		180		44,281
					228,251
Mexico \| 5.6%
Mexican Bonos, 6.500%, 06/10/21	MXN		5,970		299,296
Russia \| 1.1%
Russia Government Bonds - OFZ, 7.050%, 01/19/28	RUB		4,000		57,054
Total Foreign Government Obligations (Cost $1,469,242)					1,419,996
Supranational Bonds \| 3.5%
European Investment Bank, 7.200%, 07/09/19 (#) (Cost $206,450)	IDR		2,700,000		188,602


Description	Security Currency	Principal Amount (000)		Fair Value
US Treasury Securities \| 56.4%
US Treasury Notes:
0.875%, 04/15/19	USD		200	$	199,880
1.625%, 04/30/19	USD		250		249,834
3.125%, 05/15/19	USD		250		250,196
1.250%, 05/31/19	USD		300		299,399
0.875%, 06/15/19	USD		165		164,458
1.625%, 06/30/19	USD		200		199,547
1.625%, 07/31/19	USD		210		209,418
3.625%, 08/15/19	USD		200		200,852
1.625%, 08/31/19	USD		205		204,255
1.750%, 09/30/19	USD		126		125,562
1.000%, 10/15/19	USD		250		248,057

Description	Security Currency	Principal Amount (000)		Fair Value
1.500%, 10/31/19	USD		450	$	447,486
3.375%, 11/15/19	USD		220		221,220
Total US Treasury Securities (Cost $3,019,644)					3,020,164


Description	Shares		Fair Value
Short-Term Investments \| 5.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $282,910)		282,910	$	282,910
Total Investments \| 91.8% (Cost $4,978,246) (»)			$	4,911,672
Cash and Other Assets in Excess of Liabilities \| 8.2%				440,347
Net Assets \| 100.0%			$	5,352,019

Description		Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 0.0%
Ivory Coast \| 0.0%
Endeavour Mining Corp. (*) (Cost $1,060)		70	$	1,051

Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds \| 144.6%
Bermuda \| 1.6%
Golar LNG, Ltd., 2.750%, 02/15/22 (±)	USD	90	$	85,871
Teekay Corp., 5.000%, 01/15/23 (±)	USD	73		53,617
				139,488
Canada \| 10.3%
Aurora Cannabis, Inc., 5.500%, 02/28/24 (#), (±)	USD	169		233,537
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD	186		192,771
Element Fleet Management Corp.:
5.125%, 06/30/19 (±)	CAD	181		135,799
4.250%, 06/30/24	CAD	52		38,912
First Majestic Silver Corp., 1.875%, 03/01/23 (±)	USD	94		90,456
SSR Mining, Inc., 2.500%, 04/01/39 (#), (±)	USD	62		61,419
Tilray, Inc., 5.000%, 10/01/23 (±)	USD	207		171,807
				924,701
China \| 9.6%
Ctrip.com International, Ltd.:
1.000%, 07/01/20 (±)	USD	88		89,485
1.250%, 09/15/22 (±)	USD	44		44,637
GDS Holdings, Ltd., 2.000%, 06/01/25 (#), (±)	USD	97		93,525
Huazhu Group, Ltd., 0.375%, 11/01/22 (±)	USD	152		174,496
iQIYI, Inc.:
3.750%, 12/01/23 (#), (±)	USD	131		155,973
2.000%, 04/01/25 (#), (±)	USD	115		119,600
Momo, Inc., 1.250%, 07/01/25 (±)	USD	71		68,389
Weibo Corp., 1.250%, 11/15/22 (#), (±)	USD	130		120,328
				866,433
Mexico \| 3.6%
Cemex SAB de CV, 3.720%, 03/15/20 (±)	USD	328		326,003

Description	Security Currency	Principal Amount (000)		Fair Value
Netherlands \| 2.2%
Fugro NV:
4.000%, 10/26/21 (±)	EUR	100	$	99,017
4.500%, 11/02/24 (±)	EUR	100		100,957
				199,974
Norway \| 1.3%
Ship Finance International, Ltd., 5.750%, 10/15/21 (±)	USD	120		118,820
Thailand \| 1.6%
Sea, Ltd., 2.250%, 07/01/23 (#), (±)	USD	106		146,614
United States \| 114.4%
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD	105		104,725
Alder Biopharmaceuticals, Inc., 2.500%, 02/01/25 (±)	USD	119		113,594
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (±)	USD	193		188,773
Arconic, Inc., 1.625%, 10/15/19 (±)	USD	30		29,618
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)	USD	110		118,223
Benefitfocus, Inc., 1.250%, 12/15/23 (±)	USD	132		151,048
Boingo Wireless, Inc., 1.000%, 10/01/23 (±)	USD	139		124,554
CalAmp Corp., 2.000%, 08/01/25 (#), (±)	USD	122		95,170
Carbonite, Inc., 2.500%, 04/01/22 (±)	USD	51		59,347
Chegg, Inc., 0.250%, 05/15/23 (#), (±)	USD	117		176,424
Cleveland-Cliffs, Inc., 1.500%, 01/15/25 (±)	USD	136		185,684
CONMED Corp., 2.625%, 02/01/24 (±)	USD	89		98,747
Cowen, Inc., 3.000%, 12/15/22 (±)	USD	116		120,844
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD	165		173,151
Electronics For Imaging, Inc.:
0.750%, 09/01/19 (±)	USD	67		66,020
2.250%, 11/15/23 (±)	USD	108		110,647
Encore Capital Group, Inc., 3.250%, 03/15/22 (±)	USD	206		181,863
Evolent Health, Inc.:
2.000%, 12/01/21 (±)	USD	69		66,531
1.500%, 10/15/25 (±)	USD	85		67,224
EZCORP, Inc.:
2.125%, 06/15/19 (±)	USD	280		279,160
2.375%, 05/01/25 (±)	USD	113		98,055

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Five9, Inc., 0.125%, 05/01/23 (±)	USD	106	$	148,815
Forestar Group, Inc., 3.750%, 03/01/20 (±)	USD	48		47,592
FTI Consulting, Inc., 2.000%, 08/15/23 (±)	USD	98		99,960
Green Plains, Inc.:
3.250%, 10/01/19 (±)	USD	183		186,440
4.125%, 09/01/22 (±)	USD	127		121,523
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD	94		99,089
Hope Bancorp, Inc., 2.000%, 05/15/38 (#), (±)	USD	92		81,168
IH Merger Sub LLC:
3.000%, 07/01/19 (±)	USD	326		431,461
3.500%, 01/15/22 (±)	USD	105		120,023
II VI, Inc., 0.250%, 09/01/22 (±)	USD	47		49,168
IIP Operating Partnership L.P., 3.750%, 02/21/24 (±)	USD	132		159,479
Infinera Corp., 2.125%, 09/01/24 (±)	USD	90		71,077
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD	118		119,710
Inphi Corp., 0.750%, 09/01/21 (±)	USD	118		123,071
Intelsat SA, 4.500%, 06/15/25 (±)	USD	26		30,941
Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23 (±)	USD	98		96,978
Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21	USD	117		158,165
j2 Global, Inc., 3.250%, 06/15/29 (±)	USD	48		64,009
Jazz Investments I, Ltd., 1.500%, 08/15/24 (±)	USD	80		78,280
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD	128		78,377
KBR, Inc., 2.500%, 11/01/23 (±)	USD	85		85,816
Knowles Corp., 3.250%, 11/01/21 (±)	USD	118		137,808
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD	154		105,775
3.750%, 02/15/30 (±)	USD	176		119,974
Liberty Media Corp., 2.250%, 12/01/48 (±)	USD	139		154,949
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)	USD	129		110,318

Description	Security Currency	Principal Amount (000)		Fair Value
LivePerson, Inc., 0.750%, 03/01/24 (±)	USD	91	$	93,621
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD	119		112,983
Microchip Technology, Inc., 1.625%, 02/15/27 (±)	USD	132		144,910
MongoDB, Inc., 0.750%, 06/15/24 (#), (±)	USD	131		289,325
Navistar International Corp., 4.750%, 04/15/19 (±)	USD	77		77,096
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (±)	USD	126		170,272
NRG Energy, Inc., 2.750%, 06/01/48 (±)	USD	116		131,918
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD	138		128,734
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD	110		116,737
Okta, Inc., 0.250%, 02/15/23 (±)	USD	125		225,687
Omeros Corp., 6.250%, 11/15/23 (±)	USD	26		28,136
OPKO Health, Inc., 4.500%, 02/15/25 (±)	USD	139		130,966
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD	114		115,283
Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 (±)	USD	77		75,806
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD	95		105,188
Patrick Industries, Inc., 1.000%, 02/01/23	USD	105		93,713
PDL BioPharma, Inc., 2.750%, 12/01/21 (±)	USD	139		158,981
Perficient, Inc., 2.375%, 09/15/23 (#), (±)	USD	92		89,637
Pluralsight, Inc., 0.375%, 03/01/24 (#), (±)	USD	106		113,127
PRA Group, Inc.:
3.000%, 08/01/20 (±)	USD	54		51,988
3.500%, 06/01/23 (±)	USD	132		118,228
PROS Holdings, Inc., 2.000%, 06/01/47 (±)	USD	115		122,332
Pure Storage, Inc., 0.125%, 04/15/23	USD	46		49,245
Rapid7, Inc., 1.250%, 08/01/23 (±)	USD	89		121,269
Redfin Corp., 1.750%, 07/15/23 (±)	USD	96		92,121
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD	80		76,294

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Retrophin, Inc., 2.500%, 09/15/25 (±)	USD	89	$	82,971
RH, 0.000%, 06/15/23 (±)	USD	44		37,535
Royal Gold, Inc., 2.875%, 06/15/19 (±)	USD	44		43,922
RWT Holdings, Inc., 5.625%, 11/15/19 (±)	USD	111		111,697
SEACOR Holdings, Inc., 3.000%, 11/15/28 (±)	USD	45		43,873
Silicon Laboratories, Inc., 1.375%, 03/01/22 (±)	USD	79		85,741
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD	110		101,504
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD	92		97,836
Team, Inc., 5.000%, 08/01/23 (±)	USD	106		114,412
TerraVia Holdings, Inc., 5.000%, 10/01/19	USD	216		4,320
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±)	USD	127		121,269
The Medicines Co., 3.500%, 01/15/24 (±)	USD	62		79,933
Twilio, Inc., 0.250%, 06/01/23 (±)	USD	131		249,564
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD	134		124,678
Wayfair, Inc.:
0.375%, 09/01/22 (±)	USD	68		104,224
1.125%, 11/01/24 (±)	USD	44		63,898
Zillow Group, Inc., 2.000%, 12/01/21 (±)	USD	102		104,057
				10,294,399
Total Convertible Corporate Bonds (Cost $12,751,244)				13,016,432

Description	Counterparty	Number of Contracts		Notional Amount		Fair Value
Purchased Options \| 0.3%
Call
Alder Biopharmaceuticals, Inc 15, Expires 07/19/19	RBS		13	$	1,300	$	1,820
Allegheny Technologies, Inc. 27.5, Expires 04/18/19	RBS		26		2,600		650
Allegheny Technologies, Inc. 30, Expires 04/18/19	RBS		17		1,700		85

Description	Counterparty	Number of Contracts		Notional Amount		Fair Value
Carbonite, Inc. 35, Expires 06/21/19	RBS		7	$	700	$	105
Cemex SAB de CV 6, Expires 04/18/19	RBS		96		9,600		96
Cemex SAB de CV 7, Expires 07/19/19	RBS		8		800		8
Cleveland-Cliffs, Inc. 10, Expires 04/18/19	RBS		26		2,600		1,066
Ctrip.com International, Ltd. 35, Expires 06/21/19	RBS		9		900		8,370
Energy Select Sector SPDR Fund 70, Expires 04/18/19	RBS		20		2,000		120
Evolent Health, Inc. 17.5, Expires 04/18/19	RBS		8		800		120
First Majestic Silver Corp. 7, Expires 04/18/19	RBS		43		4,300		559
Golar LNG, Ltd. 25, Expires 06/21/19	RBS		9		900		450
Innoviva, Inc. 17.5, Expires 06/21/19	RBS		12		1,200		180
NII Holdings, Inc. 5, Expires 06/21/19	RBS		7		700		21
NII Holdings, Inc. 7.5, Expires 06/21/19	RBS		17		1,700		68
Newpark Resource, Inc. 10, Expires 06/21/19	RBS		22		2,200		770
SSR Mining, Inc. 14, Expires 04/18/19	RBS		9		900		45
Transocean, Ltd. 10, Expires 04/18/19	RBS		15		1,500		75
iShares MSCI Japan ETF 55, Expires 06/21/19	RBS		63		6,300		7,875
Put
Advanced Micro Devices, Inc. 21, Expires 04/18/19	RBS		4		400		24
Cleveland-Cliffs, Inc. 7, Expires 04/18/19	RBS		26		2,600		26
Infinera Corp. 4, Expires 04/18/19	RBS		61		6,100		305
SPDR S&P 500 ETF Trust 263, Expires 04/18/19	RBS		23		2,300		529
Total Purchased Options (Cost $41,104)							23,367

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Short-Term Investments \| 26.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $2,393,498)		2,393,498	$	2,393,498

Total Investments excluding Securities Sold Short \| 171.5% (Cost $15,186,906)			$	15,434,348
Securities Sold Short \| (71.1)%
Common Stocks \| (63.2)%
Bermuda \| (0.3)%
Golar LNG, Ltd.		(1,006)		(21,217)
Teekay Corp.		(2,484)		(9,737)
				(30,954)
Canada \| (4.1)%
Aurora Cannabis, Inc.		(16,647)		(150,822)
Canopy Growth Corp.		(2,649)		(114,614)
Element Fleet Management Corp.		(572)		(3,617)
First Majestic Silver Corp.		(6,522)		(42,915)
SSR Mining, Inc.		(1,718)		(21,750)
Tilray, Inc.		(538)		(35,250)
				(368,968)
China \| (4.2)%
Ctrip.com International, Ltd. ADR		(1,538)		(67,195)
GDS Holdings, Ltd. ADR		(1,392)		(49,680)
Huazhu Group, Ltd. ADR		(2,127)		(89,632)
iQIYI, Inc. ADR		(5,324)		(127,350)
Momo, Inc. Sponsored ADR		(557)		(21,300)
Weibo Corp. Sponsored ADR		(299)		(18,535)
				(373,692)
Monaco \| 0.0%
Endeavour Mining Corp.		(70)		(1,049)
Netherlands \| (0.7)%
Fugro NV		(6,071)		(61,915)
Norway \| (0.3)%
Ship Finance International, Ltd.		(2,280)		(28,135)
Thailand \| (1.2)%
Sea, Ltd. ADR		(4,586)		(107,863)
United States \| (52.4)%
Air Transport Services Group, Inc.		(1,775)	$	(40,914)
Alder Biopharmaceuticals, Inc.		(4,357)		(59,473)
Allscripts Healthcare Solutions, Inc.		(1,965)		(18,746)
Atlas Air Worldwide Holdings, Inc.		(1,269)		(64,161)
Benefitfocus, Inc.		(1,749)		(86,610)

Description	Shares			Fair Value
Boingo Wireless, Inc.		(1,405	)		(32,708	)
CalAmp Corp.		(1,782	)		(22,418	)
Carbonite, Inc.		(1,547	)		(38,381	)
Chegg, Inc.		(3,711	)		(141,463	)
Cleveland-Cliffs, Inc.		(15,201	)		(151,858	)
CONMED Corp.		(600	)		(49,908	)
Cowen, Inc.		(4,496	)		(65,147	)
CSG Systems International, Inc.		(856	)		(36,209	)
Electronics For Imaging, Inc.		(1,993	)		(53,612	)
Encore Capital Group, Inc.		(1,738	)		(47,326	)
Evolent Health, Inc., Class A		(1,952	)		(24,556	)
EZCORP, Inc. Class A		(5,171	)		(48,194	)
Five9, Inc.		(2,216	)		(117,071	)
FTI Consulting, Inc.		(265	)		(20,357	)
Green Plains, Inc.		(5,789	)		(96,561	)
Herbalife Nutrition, Ltd.		(986	)		(52,248	)
Hope Bancorp, Inc.		(254	)		(3,322	)
II-VI, Inc.		(638	)		(23,759	)
Infinera Corp.		(5,833	)		(25,315	)
Innovative Industrial Properties, Inc. REIT		(1,452	)		(118,614	)
Innoviva, Inc.		(3,491	)		(48,979	)
Inphi Corp.		(1,069	)		(46,758	)
Intelsat SA		(1,189	)		(18,620	)
Intercept Pharmaceuticals, Inc.		(267	)		(29,867	)
Invitation Homes, Inc. REIT		(19,956	)		(485,529	)
Ionis Pharmaceuticals, Inc.		(1,317	)		(106,901	)
j2 Global, Inc.		(572	)		(49,535	)
Jazz Pharmaceuticals PLC		(40	)		(5,718	)
Karyopharm Therapeutics, Inc.		(4,966	)		(29,001	)
KBR, Inc.		(2,019	)		(38,543	)
Knowles Corp.		(4,529	)		(79,846	)
Ligand Pharmaceuticals, Inc.		(158	)		(19,862	)
Live Nation Entertainment, Inc.		(1,308	)		(83,110	)
LivePerson, Inc.		(1,526	)		(44,285	)
Marriott Vacations Worldwide Corp.		(206	)		(19,261	)
Microchip Technology, Inc.		(1,345	)		(111,581	)
MongoDB, Inc.		(1,765	)		(259,490	)
Neurocrine Biosciences, Inc.		(1,239	)		(109,156	)
NRG Energy, Inc.		(1,107	)		(47,025	)
Nuance Communications, Inc.		(1,027	)		(17,387	)
Nutanix, Inc., Class A		(1,303	)		(49,175	)
Okta, Inc.		(2,304	)		(190,610	)
Omeros Corp.		(782	)	$	(13,583	)
OPKO Health, Inc.		(24,496	)		(63,935	)
OSI Systems, Inc.		(637	)		(55,801	)
Pacira Pharmaceuticals, Inc.		(579	)		(22,037	)
Palo Alto Networks, Inc.		(89	)		(21,616	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Patrick Industries, Inc.		(487	)		(22,071	)
PDL BioPharma, Inc.		(26,999	)		(100,436	)
Perficient, Inc.		(1,536	)		(42,071	)
Pluralsight, Inc., Class A		(1,822	)		(57,830	)
PRA Group, Inc.		(1,718	)		(46,060	)
PROS Holdings, Inc.		(1,557	)		(65,768	)
Pure Storage, Inc., Class A		(495	)		(10,786	)
Rapid7, Inc.		(1,725	)		(87,302	)
Redfin Corp.		(1,096	)		(22,216	)
Redwood Trust, Inc. REIT		(2,250	)		(36,338	)
Retrophin, Inc.		(1,501	)		(33,968	)
RH		(118	)		(12,148	)
SEACOR Holdings, Inc.		(26	)		(1,099	)
Silicon Laboratories, Inc.		(439	)		(35,498	)
Synaptics, Inc.		(617	)		(24,526	)
Tabula Rasa HealthCare, Inc.		(1,002	)		(56,533	)
Team, Inc.		(3,427	)		(59,973	)
The Greenbrier Cos., Inc.		(815	)		(26,267	)
The Medicines Co.		(2,133	)		(59,617	)
Twilio, Inc., Class A		(1,623	)		(209,659	)
Vishay Intertechnology, Inc.		(1,917	)		(35,407	)
Wayfair, Inc., Class A		(884	)		(131,230	)
Zillow Group, Inc. Class C		(854	)		(29,668	)
					(4,712,613	)
Total Common Stocks (Proceeds $5,279,897)					(5,685,189	)
Exchange-Traded Funds \| (7.9)%
Energy Select Sector SPDR Fund		(300	)		(19,836	)
iShares 7-10 Year Treasury Bond ETF		(4,961	)		(529,190	)
iShares MSCI Japan ETF		(2,950	)		(161,424	)
Total Exchange-Traded Funds (Proceeds $697,282)					(710,450	)
Total Securities Sold Short (Proceeds $5,977,179)					(6,395,639	)
Total Investments \| 100.4% (Cost and short proceeds $9,209,727) (»)					9,038,709
Liabilities in Excess of Cash and Other Assets \| (0.4)%					(39,680	)
Net Assets \| 100.0%				$	8,999,029

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 19.6%
Argentina \| 0.9%
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		825	$	701,250
Genneia SA, 8.750%, 01/20/22 (#)	USD		330		295,350
					996,600
Bangladesh \| 0.6%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		650		645,125
Belarus \| 0.4%
Eurotorg LLC Via Bonitron DAC, 8.750%, 10/30/22 (#)	USD		450		461,475
Brazil \| 1.8%
Cemig Geracao e Transmissao SA, 9.250%, 12/05/24 (#)	USD		300		324,375
Itau Unibanco Holding SA, 6.125%, 12/12/22 (#), (§), (¶)	USD		475		464,909
Light Servicos de Eletricidade SA/Light Energia SA:
7.250%, 05/03/23	USD		425		426,073
7.250%, 05/03/23 (#)	USD		400		401,010
Terraform Global Operating LLC, 6.125%, 03/01/26 (#)	USD		400		390,000
					2,006,367
Chile \| 3.8%
AES Gener SA, 7.125%, 03/26/79 (#), (§)	USD		275		281,188
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#)	USD		2,930		2,964,823
Empresa Electrica Guacolda SA, 4.560%, 04/30/25	USD		525		496,821
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		211		212,660
VTR Finance BV, 6.875%, 01/15/24	USD		359		365,512
					4,321,004
China \| 0.0%
G3 Exploration, Ltd., 0.000%, 12/31/99	USD		460		0
Colombia \| 1.3%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		500		521,250
Gran Tierra Energy International Holdings, Ltd., 6.250%, 02/15/25 (#)	USD		725		690,562

Description	Security Currency	Principal Amount (000)		Fair Value
Termocandelaria Power, Ltd., 7.875%, 01/30/29 (#)	USD		250	$	264,063
					1,475,875
Georgia \| 0.3%
BGEO Group JSC, 6.000%, 07/26/23	USD		350		348,687
Guatemala \| 1.1%
Comcel Trust, 6.875%, 02/06/24	USD		1,185		1,230,919
India \| 0.7%
Greenko Dutch BV, 5.250%, 07/24/24	USD		400		384,792
Vedanta Resources PLC, 6.375%, 07/30/22	USD		400		386,198
					770,990
Indonesia \| 0.7%
Minejesa Capital BV, 4.625%, 08/10/30	USD		300		290,956
Star Energy Geothermal Wayang Windu, Ltd., 6.750%, 04/24/33 (#)	USD		541		540,772
					831,728
Israel \| 0.2%
Altice Financing SA, 7.500%, 05/15/26	USD		315		302,400
Mauritius \| 0.2%
Neerg Energy, Ltd., 6.000%, 02/13/22	USD		200		197,500
Nigeria \| 0.8%
IHS Netherlands Holdco BV:
9.500%, 10/27/21 (#)	USD		725		749,250
9.500%, 10/27/21	USD		225		232,526
					981,776
Oman \| 0.4%
Oztel Holdings SPC, Ltd., 6.625%, 04/24/28 (#)	USD		450		437,641
Panama \| 0.2%
C&W Senior Financing DAC, 7.500%, 10/15/26 (#)	USD		200		206,000
Peru \| 1.0%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD		900		966,793
Inkia Energy, Ltd., 5.875%, 11/09/27 (#)	USD		250		243,829
					1,210,622

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Saudi Arabia \| 0.8%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (#)	USD		875	$	881,562
Singapore \| 0.6%
Puma International Financing SA:
5.125%, 10/06/24	USD		400		361,000
5.125%, 10/06/24 (#)	USD		350		315,875
					676,875
South Africa \| 0.8%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (#)	USD		850		873,298
South Korea \| 0.6%
Heungkuk Life Insurance Co., Ltd., 4.475%, 11/09/47 (§)	USD		200		187,750
SK E&S Co., Ltd., 4.875%, 11/26/19 (§), (¶)	USD		510		506,315
					694,065
Tanzania \| 0.6%
HTA Group, Ltd., 9.125%, 03/08/22	USD		625		650,000
Thailand \| 0.2%
PTT Exploration & Production Public Co. Ltd., 4.875%, 12/31/99 (§), (¶)	USD		213		212,362
Turkey \| 0.9%
Petkim Petrokimya Holding AS, 5.875%, 01/26/23 (#)	USD		350		316,750
Turkiye Halk Bankasi, 4.750%, 06/04/19	USD		240		236,700
Turkiye Is Bankasi AS, 5.000%, 04/30/20	USD		455		440,212
					993,662
Venezuela \| 0.1%
Petroleos de Venezuela SA:
5.375%, 04/12/27 («)	USD		170		38,463
5.500%, 04/12/37 («)	USD		180		40,725
					79,188
Zambia \| 0.6%
First Quantum Minerals, Ltd.:
7.000%, 02/15/21 (#)	USD		70		71,181
7.500%, 04/01/25 (#)	USD		675		648,844
					720,025
Total Corporate Bonds (Cost $22,513,270)					22,205,746

Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations \| 67.9%
Angola \| 1.0%
Republic of Angola:
9.500%, 11/12/25	USD		525	$	597,187
8.250%, 05/09/28	USD		210		218,663
8.250%, 05/09/28 (#)	USD		350		364,438
					1,180,288
Argentina \| 3.4%
Republic of Argentina:
4.625%, 01/11/23	USD		1,320		1,081,080
7.500%, 04/22/26	USD		795		672,065
6.875%, 01/26/27	USD		610		492,880
5.875%, 01/11/28	USD		1,682		1,289,901
6.625%, 07/06/28	USD		370		290,666
					3,826,592
Azerbaijan \| 2.3%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		2,560		2,643,200
Brazil \| 6.5%
Brazil Letras do Tesouro Nacional:
0.000%, 07/01/21	BRL		33,790		7,325,645
0.000%, 01/01/22	BRL		40		8,297
					7,333,942
Colombia \| 2.8%
Republic of Colombia:
3.875%, 04/25/27	USD		1,670		1,697,555
5.000%, 06/15/45	USD		1,355		1,421,395
					3,118,950
Congo \| 1.8%
Republic of Congo, 6.000%, 06/30/29 (Ø)	USD		2,550		2,001,444
Costa Rica \| 1.8%
Republic of Costa Rica:
4.250%, 01/26/23	USD		220		209,467
5.520%, 08/23/23	USD		770		681,299
4.375%, 04/30/25	USD		285		263,199
7.000%, 04/04/44	USD		315		303,901
7.158%, 03/12/45	USD		530		516,750
					1,974,616
Dominican Republic \| 1.0%
Dominican Republic:
7.450%, 04/30/44	USD		460		520,720
6.500%, 02/15/48 (#)	USD		615		638,490
					1,159,210
Egypt \| 4.2%
Arab Republic of Egypt:
6.200%, 03/01/24 (#)	USD		1,270		1,284,287
6.588%, 02/21/28	USD		200		195,750

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
6.588%, 02/21/28 (#)	USD		500	$	489,375
7.600%, 03/01/29 (#)	USD		2,180		2,237,225
8.500%, 01/31/47 (#)	USD		100		102,000
8.700%, 03/01/49 (#)	USD		440		456,500
					4,765,137
Ghana \| 1.6%
Republic of Ghana:
8.125%, 03/26/32 (#)	USD		1,480		1,472,696
8.950%, 03/26/51 (#)	USD		285		285,748
					1,758,444
Hungary \| 2.9%
Hungary:
5.375%, 02/21/23	USD		1,860		2,006,428
5.750%, 11/22/23	USD		1,180		1,302,927
					3,309,355
Indonesia \| 3.5%
Republic of Indonesia:
2.950%, 01/11/23	USD		370		365,490
5.375%, 10/17/23	USD		220		238,123
5.875%, 01/15/24	USD		180		198,501
4.125%, 01/15/25	USD		1,325		1,357,244
4.750%, 01/08/26	USD		305		322,033
3.850%, 07/18/27	USD		940		939,647
4.100%, 04/24/28	USD		545		553,175
					3,974,213
Iraq \| 2.1%
Republic of Iraq:
6.752%, 03/09/23	USD		1,285		1,304,275
5.800%, 01/15/28	USD		1,135		1,089,600
					2,393,875
Mexico \| 7.7%
Mexican Bonos, 10.000%, 12/05/24	MXN		154,250		8,721,569
Mozambique \| 2.5%
Mozambique International Bonds, 10.500%, 01/18/23	USD		3,278		2,818,932
Panama \| 3.2%
Republic of Panama:
4.000%, 09/22/24	USD		365		380,695
3.750%, 03/16/25	USD		1,640		1,689,200
7.125%, 01/29/26	USD		550		671,514
8.875%, 09/30/27	USD		185		256,389
3.875%, 03/17/28	USD		550		571,915
					3,569,713
Paraguay \| 2.9%
Republic of Paraguay:
4.700%, 03/27/27	USD		2,070		2,155,750
6.100%, 08/11/44	USD		485		549,262

Description	Security Currency	Principal Amount (000)		Fair Value
5.600%, 03/13/48	USD		480	$	513,756
					3,218,768
Qatar \| 2.5%
State of Qatar, 5.103%, 04/23/48	USD		2,625		2,875,674
Romania \| 2.0%
Romanian Government Bonds:
4.375%, 08/22/23	USD		630		652,715
4.875%, 01/22/24	USD		1,490		1,581,262
					2,233,977
Saudi Arabia \| 3.3%
Saudi Government International Bonds:
4.000%, 04/17/25	USD		3,115		3,176,521
3.250%, 10/26/26	USD		230		223,388
3.625%, 03/04/28	USD		335		330,729
					3,730,638
South Africa \| 2.7%
Republic of South Africa:
10.500%, 12/21/26	ZAR		27,830		2,132,273
8.000%, 01/31/30	ZAR		4,910		313,551
8.250%, 03/31/32	ZAR		10,370		658,275
					3,104,099
Ukraine \| 3.9%
Ukraine Government Bonds:
7.750%, 09/01/21	USD		325		322,400
7.750%, 09/01/22	USD		185		181,716
8.994%, 02/01/24	USD		710		713,905
7.750%, 09/01/24	USD		1,260		1,214,640
7.750%, 09/01/25	USD		360		342,720
7.750%, 09/01/26	USD		1,320		1,240,800
9.750%, 11/01/28	USD		370		381,032
					4,397,213
Uruguay \| 0.4%
Uruguay Treasury Bills:
0.000%, 08/16/19	UYU		8,070		232,512
0.000%, 08/23/19	UYU		7,770		224,503
					457,015
Venezuela \| 1.9%
Republic of Venezuela:
12.750%, 08/23/22 («)	USD		418		129,580
9.000%, 05/07/23 («)	USD		613		180,069
8.250%, 10/13/24 («)	USD		1,174		343,395
7.650%, 04/21/25 («)	USD		1,273		365,987
11.750%, 10/21/26 («)	USD		707		219,170
9.250%, 09/15/27 («)	USD		557		174,063
9.250%, 05/07/28 («)	USD		551		161,168
11.950%, 08/05/31 («)	USD		518		155,400
9.375%, 01/13/34 («)	USD		639		209,272

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
7.000%, 03/31/38 («)	USD		851	$	238,280
					2,176,384
Total Foreign Government Obligations (Cost $75,700,253)					76,743,248
Quasi Government Bonds \| 0.5%
Venezuela \| 0.5%
Petroleos de Venezuela SA:
9.000%, 11/17/21 («)	USD		280		73,500
6.000%, 05/16/24 («)	USD		780		174,524
6.000%, 11/15/26 («)	USD		510		114,113
5.375%, 04/12/27 («)	USD		315		71,269
9.750%, 05/17/35 («)	USD		280		76,300
5.500%, 04/12/37 («)	USD		470	$	106,338
Total Quasi Government Bonds (Cost $749,618)					616,044

Description		Shares		Fair Value
Short-Term Investments \| 11.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $12,737,484)			12,737,484	$	12,737,484

Description	Counterparty	Number of Contracts		Notional Amount (000s)		Fair Value
Purchased Options \| 0.2%
Call
USD vs CNH Jul 19 6.87, Expires 07/01/19	BRC	$	5,690		56,900	$	18,532
USD vs CNH Jul 19 6.89, Expires 07/03/19	JPMS		4,250		42,500		12,657
USD vs CNH Jun 19 6.9, Expires 06/26/19	JPMS		6,070		60,700		14,471
Put
USD vs ZAR Jun 19 14.25, Expires 06/17/19	GSC		2,540		25,400		52,291
USD vs ZAR Jun 19 14.25, Expires 06/07/19	JPMS		5,117		51,170		98,835
Total Purchased Options (Cost $426,278)							196,786

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 63.7%
Australia \| 1.8%
AGL Energy, Ltd.		12,784	$	197,682
Appen, Ltd.		1,731		27,604
BHP Group, Ltd.		640		17,488
BlueScope Steel, Ltd.		1,890		18,785
CIMIC Group, Ltd.		1,478		50,736
Cochlear, Ltd.		180		22,233
CSL, Ltd.		573		79,602
Evolution Mining, Ltd.		11,383		29,389
Inghams Group, Ltd.		5,420		16,843
Newcrest Mining, Ltd.		1,620		29,272
Qantas Airways, Ltd.		18,489		74,393
Regis Resources, Ltd.		10,445		39,134
Sandfire Resources NL		4,885		24,082
Saracen Mineral Holdings, Ltd. (*)		25,412		51,911
Shopping Centres Australasia Property Group REIT		13,290		24,928
Vicinity Centres REIT		15,429		28,465
Washington H Soul Pattinson & Co., Ltd.		3,408		63,734
Whitehaven Coal, Ltd.		3,433		9,901
Woolworths Group, Ltd.		1,897		41,034
				847,216
Belgium \| 0.7%
Anheuser-Busch InBev SA Sponsored ADR		2,065		173,398
Colruyt SA		635		46,956
Proximus SADP		1,089		31,433
Telenet Group Holding NV		428		20,596
UCB SA		579		49,747
				322,130
Canada \| 3.4%
Air Canada (*)		1,256		30,273
Alimentation Couche-Tard, Inc., Class B		551		32,458
Barrick Gold Corp.		2,154		29,529
BRP, Inc.		993		27,553
CAE, Inc.		6,859		151,935
Canadian National Railway Co.		2,510		224,595
Canadian Natural Resources, Ltd.		488		13,398
CGI, Inc. (*)		1,113		76,515
Colliers International Group, Inc.		407		27,188
Constellation Software, Inc.		72		61,017
Encana Corp.		2,919		21,134
Granite Real Estate Investment Trust		688		32,872
H&R Real Estate Investment Trust		2,562		44,881
Kirkland Lake Gold, Ltd.		786		23,903
National Bank of Canada		1,553		70,087

Description	Shares		Fair Value
Parex Resources, Inc. (*)		956	$	14,966
Rogers Communications, Inc., Class B		3,533		190,008
Royal Bank of Canada		2,039		153,831
Teck Resources, Ltd., Class B		2,294		53,078
The Toronto-Dominion Bank		5,627		305,546
				1,584,767
China \| 0.1%
Yangzijiang Shipbuilding Holdings, Ltd.		28,900		32,110
Denmark \| 0.2%
Coloplast A/S, Class B		220		24,144
H. Lundbeck A/S		466		20,177
Novo Nordisk A/S, Class B		544		28,481
				72,802
Finland \| 0.5%
Nordea Bank Abp Sponsored ADR		12,895		99,292
Sampo Oyj, A Shares ADR		4,825		109,117
				208,409
France \| 1.5%
Electricite de France SA		862		11,797
Engie SA		6,854		102,249
Faurecia SA		208		8,791
Hermes International		45		29,739
Ipsen SA		394		54,101
Peugeot SA		2,809		68,669
Total SA		4,250		236,014
Ubisoft Entertainment SA ADR (*)		8,280		147,798
Unibail-Rodamco-Westfield REIT		176		28,852
Veolia Environnement SA		583		13,040
				701,050
Germany \| 0.8%
Allianz SE		406		90,302
Covestro AG		683		37,573
Deutsche Lufthansa AG		3,261		71,563
Deutsche Telekom AG		646		10,722
Rheinmetall AG		97		10,105
RWE AG		588		15,756
SAP SE		80		9,244
Siltronic AG		137		12,090
Symrise AG ADR		5,600		126,140
				383,495
Hong Kong \| 1.0%
AIA Group, Ltd. Sponsored ADR		5,130		205,380
Hang Seng Bank, Ltd. Sponsored ADR		6,895		170,375
Jardine Matheson Holdings, Ltd.		300		18,727

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Swire Pacific, Ltd., Class A		4,000	$	51,520
				446,002
Israel \| 0.5%
Bank Leumi Le-Israel BM		9,643		63,241
Israel Discount Bank, Ltd., ADR		3,200		108,800
Israel Discount Bank, Ltd., Class A		19,339		66,946
				238,987
Italy \| 1.3%
Assicurazioni Generali SpA		760		14,072
Enel SpA		41,515		265,721
Eni SpA		1,562		27,594
Italgas SpA		8,677		53,644
Poste Italiane SpA		7,363		71,659
Terna SpA		27,066		171,689
UniCredit SpA		1,120		14,369
				618,748
Japan \| 4.9%
Advantest Corp.		700		16,353
Amano Corp.		1,195		28,221
Bandai Namco Holdings, Inc.		600		28,162
Canon, Inc.		300		8,717
Capcom Co., Ltd.		700		15,723
Daito Trust Construction Co., Ltd.		255		35,548
Daiwa House Industry Co., Ltd.		2,800		89,079
Daiwa House Industry Co., Ltd. ADR		4,365		138,894
Dip Corp.		900		15,615
East Japan Railway Co.		1,900		183,750
Fukuoka Financial Group, Inc.		1,500		33,372
Japan Post Holdings Co., Ltd.		9,500		111,230
Japan Prime Realty Investment Corp. REIT		7		28,835
JFE Holdings, Inc.		2,500		42,512
Juki Corp.		600		6,000
Kao Corp. ADR		8,325		131,369
KDDI Corp.		1,210		26,100
Kinden Corp.		600		9,961
Kobe Bussan Co., Ltd.		300		11,398
Kyushu Electric Power Co., Inc.		1,100		12,995
Marvelous, Inc.		1,400		10,877
McDonald’s Holdings Co. Japan, Ltd.		1,200		55,546
Mitsubishi UFJ Financial Group, Inc.		5,377		26,687
MS&AD Insurance Group Holdings, Inc.		1,100		33,530
Nissan Motor Co., Ltd.		1,400		11,510
Nomura Holdings, Inc.		3,200		11,477
NTT DOCOMO, Inc.		8,318		184,470
ORIX Corp.		1,113		16,021

Description	Shares		Fair Value
Ryohin Keikaku Co., Ltd. ADR		2,575	$	130,810
SAMTY Co., Ltd.		1,600		21,760
Seven & I Holdings Co., Ltd.		900		33,962
Shikoku Electric Power Co., Inc.		3,200		39,002
Shin-Etsu Chemical Co., Ltd.		400		33,646
Shionogi & Co., Ltd.		200		12,401
Sompo Holdings, Inc.		704		26,011
Stanley Electric Co., Ltd.		300		8,094
Sumitomo Heavy Industries, Ltd.		700		22,774
Sumitomo Mitsui Construction Co., Ltd.		5,400		37,656
Sumitomo Mitsui Trust Holdings, Inc.		600		21,593
Taisei Corp.		700		32,568
TechnoPro Holdings Inc., ADR		12,600		148,806
Teijin, Ltd.		595		9,835
The Chiba Bank, Ltd.		2,100		11,435
The Chugoku Electric Power Co., Inc.		731		9,122
The Dai-ichi Life Insurance Co., Ltd.		1,900		26,476
The Gunma Bank, Ltd.		8,100		30,727
Tokyo Electron, Ltd.		200		29,000
Tokyo Gas Co., Ltd.		3,727		100,839
Tosoh Corp.		1,200		18,719
Yamaha Corp. Sponsored ADR		2,640		132,475
				2,261,663
Malta \| 0.0%
Kindred Group PLC		2,189		21,888
Netherlands \| 1.0%
Euronext NV		571		36,238
Koninklijke Ahold Delhaize NV		1,775		47,261
Royal Dutch Shell PLC, A Shares		2,393		75,193
Wolters Kluwer NV		130		8,860
Wolters Kluwer NV Sponsored ADR		4,195		285,617
				453,169
New Zealand \| 0.1%
Spark New Zealand, Ltd.		8,573		22,200
Norway \| 0.8%
DNO ASA		6,372		14,163
Equinor ASA		1,919		42,056
Leroy Seafood Group ASA		3,807		27,642
Mowi ASA		2,244		50,135
Salmar ASA		915		43,907
Telenor ASA		8,818		176,608
TGS NOPEC Geophysical Co. ASA		358		9,776
				364,287
Singapore \| 0.7%
Jardine Cycle & Carriage, Ltd.		1,500		36,033

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Oversea-Chinese Banking Corp., Ltd.		1,700	$	13,886
Oversea-Chinese Banking Corp., Ltd. ADR		10,295		168,169
Singapore Airlines, Ltd.		4,900		34,993
Singapore Technologies Engineering, Ltd.		21,500		59,443
				312,524
Spain \| 0.1%
Amadeus IT Group SA		541		43,358
CIE Automotive SA		468		12,601
Corporacion Financiera Alba SA		204		10,118
				66,077
Sweden \| 0.9%
Assa Abloy AB ADR		9,710		104,431
Axfood AB		1,880		34,995
Boliden AB		473		13,431
Epiroc AB ADR (*)		13,420		134,871
Hexagon AB ADR		2,420		126,687
				414,415
Switzerland \| 1.3%
Novartis AG		300		28,873
Novartis AG Sponsored ADR		2,420		232,659
Partners Group Holding AG		74		53,866
Roche Holding AG		996		274,557
The Swatch Group AG		528		29,262
				619,217
United Kingdom \| 5.1%
Admiral Group PLC		1,638		46,392
Anglo American PLC		2,237		60,062
Associated British Foods PLC		387		12,312
Auto Trader Group PLC		4,541		30,866
Britvic PLC		2,256		28,045
Bunzl PLC Sponsored ADR		4,740		155,899
Cineworld Group PLC		24,780		94,720
Coca-Cola European Partners PLC		3,045		157,548
Compass Group PLC		3,724		87,537
Compass Group PLC Sponsored ADR		6,482		155,179
Diageo PLC Sponsored ADR		1,995		326,402
Hargreaves Lansdown PLC		513		12,488
Howden Joinery Group PLC		6,383		40,439
Imperial Brands PLC		2,499		85,628
International Consolidated Airlines Group SA		4,631		52,087
National Grid PLC		9,773		108,675
Prudential PLC ADR		2,860		115,029
RELX PLC Sponsored ADR		9,400		201,630
Rio Tinto, Ltd.		894		62,359

Description	Shares		Fair Value
Royal Bank of Scotland Group PLC		3,677	$	11,861
RSA Insurance Group PLC ADR		13,090		87,441
SSP Group PLC		4,451		40,150
Tate & Lyle PLC		4,191		39,639
The Weir Group PLC Sponsored ADR		6,865		69,920
Unilever PLC Sponsored ADR		4,120		237,806
WH Smith PLC		932		25,799
Wm Morrison Supermarkets PLC		11,564		34,293
				2,380,206
United States \| 37.0%
3M Co.		166		34,491
AbbVie, Inc.		566		45,614
Accenture PLC, Class A		1,345		236,747
Adobe, Inc. (*)		233		62,092
Aflac, Inc.		2,105		105,250
Alphabet, Inc., Class A (*)		258		303,638
Alphabet, Inc., Class C (*)		19		22,293
Amazon.com, Inc. (*)		86		153,144
American Electric Power Co., Inc.		1,607		134,586
American Express Co.		512		55,962
Ameriprise Financial, Inc.		128		16,397
Amgen, Inc.		574		109,048
Aon PLC		2,635		449,794
Apple, Inc.		883		167,726
Applied Materials, Inc.		293		11,620
Atmos Energy Corp.		946		97,372
AutoZone, Inc. (*)		75		76,809
Avnet, Inc.		1,391		60,328
Bank of America Corp.		9,212		254,159
Baxter International, Inc.		146		11,871
Best Buy Co., Inc.		219		15,562
Biogen, Inc. (*)		735		173,739
Booking Holdings, Inc. (*)		73		127,378
BorgWarner, Inc.		348		13,367
Boston Scientific Corp. (*)		4,365		167,529
Brinker International, Inc.		612		27,161
Bristol-Myers Squibb Co.		1,268		60,496
Broadcom, Inc.		174		52,324
Broadridge Financial Solutions, Inc.		811		84,093
Burlington Stores, Inc. (*)		170		26,636
Cadence Design Systems, Inc. (*)		380		24,134
Cardinal Health, Inc.		337		16,227
Cboe Global Markets, Inc.		268		25,578
CBRE Group, Inc., Class A (*)		1,936		95,735
Centene Corp. (*)		316		16,780
Cerner Corp. (*)		372		21,282
Charter Communications, Inc., Class A (*)		49		16,999

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Chevron Corp.		1,294	$	159,395
Church & Dwight Co., Inc.		413		29,418
Cigna Corp.		111		17,851
Cisco Systems, Inc.		3,120		168,449
Citigroup, Inc.		567		35,279
Citizens Financial Group, Inc.		1,592		51,740
Comcast Corp., Class A		4,245		169,715
Comerica, Inc.		2,135		156,538
ConocoPhillips		1,791		119,531
Costco Wholesale Corp.		124		30,025
Cracker Barrel Old Country Store, Inc.		206		33,292
CVS Health Corp.		835		45,032
Darden Restaurants, Inc.		1,001		121,591
Deckers Outdoor Corp. (*)		134		19,697
Diamondback Energy, Inc.		355		36,043
Discover Financial Services		491		34,940
Eastman Chemical Co.		1,284		97,430
Eaton Corp. PLC		1,185		95,464
Eaton Vance Corp.		871		35,110
eBay, Inc.		2,870		106,592
Eli Lilly & Co.		2,021		262,245
Encompass Health Corp.		328		19,155
EPR Properties REIT		378		29,068
Exelon Corp.		2,371		118,858
F5 Networks, Inc. (*)		625		98,081
Facebook, Inc., Class A (*)		401		66,843
FactSet Research Systems, Inc.		116		28,799
Fifth Third Bancorp		1,929		48,649
Fiserv, Inc. (*)		1,084		95,695
Graco, Inc.		1,325		65,614
GreenSky, Inc., Class A		2,172		28,106
H&R Block, Inc.		2,105		50,394
HollyFrontier Corp.		224		11,036
Honeywell International, Inc.		1,711		271,912
Hormel Foods Corp.		634		28,378
Humana, Inc.		480		127,680
Huntsman Corp.		1,687		37,941
IDEXX Laboratories, Inc. (*)		161		36,000
Ingredion, Inc.		258		24,430
Insperity, Inc.		181		22,382
Intel Corp.		5,896		316,615
Intercontinental Exchange, Inc.		3,664		278,977
Intuit, Inc.		619		161,813
IQVIA Holdings, Inc. (*)		2,310		332,293
Jabil, Inc.		955		25,393
Johnson & Johnson		3,063		428,177

Description	Shares		Fair Value
Jones Lang LaSalle, Inc.		300	$	46,254
JPMorgan Chase & Co.		92		9,313
Kellogg Co.		494		28,346
Keysight Technologies, Inc. (*)		214		18,661
Kimberly-Clark Corp.		1,187		147,069
Kohl’s Corp.		205		14,098
Lamb Weston Holdings, Inc.		746		55,905
Lear Corp.		611		82,919
Lockheed Martin Corp.		90		27,014
Lowe’s Cos., Inc.		1,880		205,804
LPL Financial Holdings, Inc.		580		40,397
Lululemon Athletica, Inc. (*)		417		68,334
Marathon Oil Corp.		2,728		45,585
MasterCard, Inc., Class A		1,214		285,836
Maxim Integrated Products, Inc.		202		10,740
McDonald’s Corp.		870		165,213
McGrath RentCorp		480		27,154
Merck & Co., Inc.		2,886		240,029
MetLife, Inc.		731		31,119
Micron Technology, Inc. (*)		582		24,054
Microsoft Corp.		4,016		473,647
Monster Beverage Corp. (*)		499		27,235
Moody’s Corp.		138		24,990
Morgan Stanley		806		34,013
Motorola Solutions, Inc.		1,165		163,589
Nasdaq, Inc.		257		22,485
NetApp, Inc.		709		49,162
Newmark Group, Inc., Class A		1,186		9,891
NIKE, Inc., Class B		2,857		240,588
Northern Trust Corp.		249		22,512
Northrop Grumman Corp.		354		95,438
NRG Energy, Inc.		1,379		58,580
NVIDIA Corp.		92		16,520
NVR, Inc. (*)		3		8,301
Occidental Petroleum Corp.		916		60,639
Paychex, Inc.		1,195		95,839
PayPal Holdings, Inc. (*)		126		13,084
PepsiCo, Inc.		1,539		188,604
Philip Morris International, Inc.		1,298		114,730
Phillips 66		137		13,038
Pinnacle West Capital Corp.		941		89,941
PotlatchDeltic Corp. REIT		327		12,357
Prudential Financial, Inc.		467		42,908
Public Storage REIT		127		27,658
Radian Group, Inc.		498		10,329
Ralph Lauren Corp.		301		39,034
Raytheon Co.		277		50,436

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Red Hat, Inc. (*)		161	$	29,415
Regions Financial Corp.		2,224		31,470
Renewable Energy Group, Inc. (*)		1,161		25,496
Republic Services, Inc.		2,001		160,840
Rockwell Automation, Inc.		1,165		204,411
Ross Stores, Inc.		1,254		116,747
Ryman Hospitality Properties, Inc. REIT		630		51,811
S&P Global, Inc.		850		178,967
Schlumberger, Ltd.		2,200		95,854
Seagate Technology PLC		319		15,277
Simon Property Group, Inc. REIT		1,759		320,507
Skyworks Solutions, Inc.		177		14,599
Starbucks Corp.		4,332		322,041
Synchrony Financial		1,812		57,803
Synovus Financial Corp.		453		15,565
Sysco Corp.		2,279		152,146
T-Mobile US, Inc. (*)		1,079		74,559
Taubman Centers, Inc. REIT		522		27,603
TE Connectivity, Ltd.		128		10,336
Teradyne, Inc.		367		14,621
Texas Instruments, Inc.		1,050		111,373
The Boeing Co.		193		73,614
The Chemours Co.		247		9,179
The Coca-Cola Co.		5,360		251,170
The Estee Lauder Cos., Inc., Class A		1,352		223,824
The Gap, Inc.		497		13,011
The Procter & Gamble Co.		3,816		397,055
The TJX Cos., Inc.		6,368		338,841
The Toro Co.		851		58,583
The Walt Disney Co.		475		52,739
Thermo Fisher Scientific, Inc.		1,165		318,884
Tractor Supply Co.		853		83,389
Tyson Foods, Inc., Class A		721		50,059
United Continental Holdings, Inc. (*)		152		12,127
United Rentals, Inc. (*)		518		59,181
United States Cellular Corp. (*)		593		27,225
UnitedHealth Group, Inc.		1,184		292,756
Universal Health Services, Inc., Class B		270		36,118
Unum Group		467		15,799
USANA Health Sciences, Inc. (*)		228		19,122
Verizon Communications, Inc.		5,935		350,937
Vertex Pharmaceuticals, Inc. (*)		76		13,980
Viacom, Inc., Class B		399		11,200
Visa, Inc., Class A		1,849		288,795
Walgreens Boots Alliance, Inc.		269		17,020
Waste Management, Inc.		1,176		122,198

Description	Shares		Fair Value
WW Grainger, Inc.		341	$	102,617
Xcel Energy, Inc.		685		38,504
Zions BanCorp.		239		10,853
Zoetis, Inc.		2,886		290,534
				17,141,774
Total Common Stocks (Cost $27,787,021)				29,513,136

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 8.0%
Australia \| 0.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		90	$	67,017
Canada \| 0.3%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		210		159,755
Denmark \| 0.3%
Carlsberg Breweries A/S, 2.500%, 05/28/24	EUR		100		123,266
France \| 0.4%
Schneider Electric SE, 2.950%, 09/27/22	USD		170		170,716
Germany \| 0.3%
BMW Finance NV, 0.875%, 08/16/22	GBP		125		159,338
Netherlands \| 0.7%
BNG Bank NV, 5.000%, 09/16/20	NZD		163		115,573
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		200		205,010
					320,583
New Zealand \| 0.2%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24	AUD		100		80,279
Spain \| 0.3%
Iberdrola International BV, 1.125%, 04/21/26	EUR		100		116,550
Switzerland \| 0.3%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		142		144,360
United Kingdom \| 0.9%
Ashtead Capital, Inc., 4.125%, 08/15/25	USD		200		196,500
Unilever Capital Corp., 3.250%, 03/07/24	USD		200		203,759
					400,259

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
United States \| 4.2%
Apple, Inc., 3.850%, 05/04/43	USD		220	$	222,577
Bank of America Corp., 3.499%, 05/17/22 (§)	USD		160		161,971
Citigroup, Inc., 3.590% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		158		113,711
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		210		156,866
Johnson & Johnson, 3.625%, 03/03/37	USD		175		177,695
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		145		151,640
Microsoft Corp., 4.450%, 11/03/45	USD		227		258,807
Morgan Stanley, 3.625%, 01/20/27	USD		180		180,434
NIKE, Inc., 2.375%, 11/01/26	USD		190		183,823
Starbucks Corp., 3.100%, 03/01/23	USD		80		80,809
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		80		81,411
Verizon Communications, Inc., 3.875%, 02/08/29	USD		120		123,371
Wells Fargo Canada Corp., 3.040%, 01/29/21	CAD		85		64,496
					1,957,611
Total Corporate Bonds (Cost $3,645,513)					3,699,734
Foreign Government Obligations \| 13.4%
Australia \| 0.7%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		215		161,129
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		205		172,062
					333,191
Bermuda \| 0.9%
Government of Bermuda:
4.854%, 02/06/24	USD		200		211,715
3.717%, 01/25/27	USD		200		197,757
					409,472
Canada \| 2.0%
City of Vancouver, 2.900%, 11/20/25	CAD		105		81,329
Province of Ontario, 2.450%, 06/29/22	USD		80		79,815

Description	Security Currency	Principal Amount (000)		Fair Value
Province of Quebec:
3.500%, 07/29/20	USD		285	$	288,757
1.650%, 03/03/22	CAD		105		78,300
3.000%, 09/01/23	CAD		335		261,552
2.500%, 04/20/26	USD		135		133,632
					923,385
Chile \| 0.8%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		100,000		151,576
Republic of Chile, 3.125%, 01/21/26	USD		200		203,000
					354,576
Czech Republic \| 0.6%
Czech Republic, 2.500%, 08/25/28	CZK		6,240		286,480
France \| 0.3%
Government of France, 1.750%, 06/25/39	EUR		126		161,060
Hungary \| 1.1%
Hungary, 6.375%, 03/29/21	USD		150		159,612
Hungary Government Bonds:
3.000%, 06/26/24	HUF		44,980		166,963
3.000%, 10/27/27	HUF		46,910		170,430
					497,005
Ireland \| 0.7%
Ireland Government Bonds, 1.700%, 05/15/37	EUR		265		324,060
Italy \| 0.4%
Italy Government International Bonds, 6.875%, 09/27/23	USD		145		161,182
Japan \| 0.4%
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		190,955
Mexico \| 0.2%
United Mexican States, 6.750%, 02/06/24	GBP		70		106,785
New Zealand \| 0.5%
New Zealand Government Bonds, 6.000%, 05/15/21	NZD		295		218,323
Norway \| 1.4%
Kommunalbanken AS, 1.375%, 10/26/20 (#)	USD		200		196,688
Oslo Kommune:
2.300%, 03/14/24	NOK		2,000		233,099
2.350%, 09/04/24	NOK		1,000		117,195

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
1.720%, 05/06/26 (§)	NOK		1,000	$	115,548
					662,530
Panama \| 0.5%
Republic of Panama, 4.000%, 09/22/24	USD		200		208,600
Poland \| 0.7%
Poland Government Bonds, 2.500%, 07/25/26	PLN		1,250		324,631
Romania \| 0.2%
Romania Government Bonds, 2.375%, 04/19/27	EUR		70		79,498
Singapore \| 0.6%
Singapore Government Bonds, 3.000%, 09/01/24	SGD		356		276,560
Spain \| 0.3%
Spain Government Bonds, 1.400%, 04/30/28	EUR		135		157,676
Sweden \| 0.4%
Kommuninvest I Sverige AB, 1.500%, 04/23/19	USD		200		199,874
United Kingdom \| 0.7%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		122		165,785
1.500%, 07/22/47	GBP		133		170,870
					336,655
Total Foreign Government Obligations (Cost $6,202,558)					6,212,498
Quasi Government Bonds \| 0.8%
Canada \| 0.5%
Export Development Canada, 1.800%, 09/01/22	CAD		320		239,899
Germany \| 0.3%
KFW, 1.125%, 12/23/19	GBP		110		143,599
Total Quasi Government Bonds (Cost $377,776)					383,498
Supranational Bonds \| 3.1%
African Development Bank, 2.375%, 09/23/21	USD		169		168,948
Asian Development Bank:
1.875%, 04/12/19	USD		75		74,986
1.000%, 12/15/22	GBP		145		188,732
2.125%, 03/19/25	USD		210		206,657
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		220		162,013
International Bank for Reconstruction & Development:

Description	Security Currency	Principal Amount (000)		Fair Value
3.500%, 01/22/21	NZD		115	$	80,586
2.500%, 08/03/23	CAD		320		245,524
2.900%, 11/26/25	AUD		105		78,115
International Finance Corp.:
3.625%, 05/20/20	NZD		165		114,638
2.700%, 03/15/23	AUD		180		131,805
Total Supranational Bonds (Cost $1,452,508)					1,452,004
US Government Securities \| 0.5%
Federal National Mortgage Association, 2.625%, 09/06/24 (Cost $202,217)	USD		205		208,035
US Municipal Bonds \| 0.8%
California \| 0.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		120		173,238
State of California, 4.500%, 04/01/33	USD		80		86,548
					259,786
Georgia \| 0.2%
Georgia State Build America Bonds Series B, 2.380%, 02/01/27	USD		100		96,121
Total US Municipal Bonds (Cost $354,181)					355,907
US Treasury Securities \| 4.9%
Treasury Inflation Protected Security, 0.125%, 04/15/20	USD		161	$	160,468
US Treasury Notes:
1.750%, 10/31/20	USD		35		34,678
1.750%, 05/15/23	USD		490		480,755
2.125%, 05/15/25	USD		645		638,575
2.875%, 08/15/28	USD		465		483,636
3.125%, 11/15/41	USD		455		484,984
Total US Treasury Securities (Cost $2,220,265)					2,283,096

Description		Shares			Fair Value
Short-Term Investments \| 4.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $2,201,548)			2,201,548	$	2,201,548
Total Investments \| 100.0% (Cost $44,443,587) (»)				$	46,309,456
Liabilities in Excess of Cash and Other Assets \| 0.0%					(3,774)
Net Assets \| 100.0%				$	46,305,682

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 90.6%
Equity Funds \| 66.6%
Energy Select Sector SPDR Fund		48,500	$	3,206,820
ETFMG Prime Mobile Payments ETF		93,000		3,995,280
Fidelity Low Volatility Factor ETF		111,100		3,782,955
Fidelity MSCI Health Care Index ETF		130,300		5,798,350
Franklin FTSE Japan ETF		317,100		7,686,409
Industrial Select Sector SPDR Fund		50,800		3,811,524
iShares Core Dividend Growth ETF		77,700		2,855,475
iShares Expanded Tech Sector ETF		19,100		3,938,611
iShares Expanded Tech-Software Sector ETF		18,800		3,963,416
iShares Global Materials ETF		51,400		3,297,824
iShares MSCI All Country Asia ex Japan ETF		77,700		5,492,613
VanEck Vectors Morningstar Wide Moat ETF		42,600		1,986,864
Vanguard Financials ETF		57,500		3,711,050
Vanguard S&P 500 ETF		37,300		9,680,842
				63,208,033
Fixed-Income Funds \| 24.0%
Goldman Sachs Access Treasury 0-1 Year ETF		74,380		7,458,083
iShares 1-3 Year Treasury Bond ETF		89,400		7,520,328
Vanguard Intermediate-Term Corporate Bond ETF		90,200		7,835,674
				22,814,085
Total Exchange-Traded Funds (Cost $81,180,813)				86,022,118
Closed-End Management Investment Companies \| 4.4%
Royce Value Trust, Inc. (Cost $4,249,205)		304,500		4,189,920
Short-Term Investments \| 13.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Cost $12,654,278)		12,654,278		12,654,278
Total Investments excluding Securities Sold Short \| 108.3% (Cost $98,084,296)				102,866,316
Securities Sold Short \| (7.7)%
Exchange- Traded Funds \| (7.7)%
iShares Edge MSCI USA Value Factor ETF		(28,700)		(2,291,982)
SPDR S&P 500 ETF Trust		(17,900)		(5,056,392)
Total Securities Sold Short (Proceeds $7,212,399)				(7,348,374)

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•)
Common Stocks \| 54.7%
Australia \| 3.3%
AGL Energy, Ltd.		1,372	$	21,215
Atlas Arteria, Ltd.		16,740		86,034
AusNet Services		69,401		87,632
CSL, Ltd.		332		46,122
Fortescue Metals Group, Ltd.		4,848		24,531
Goodman Group REIT		10,542		99,862
IDP Education, Ltd.		1,031		10,689
Transurban Group		17,462		163,815
Wesfarmers, Ltd.		543		13,375
Woolworths Group, Ltd.		1,617		34,978
				588,253
Canada \| 3.7%
Agnico Eagle Mines, Ltd.		1,195		51,983
Alimentation Couche-Tard, Inc., Class B		746		43,944
Atco, Ltd., Class I		1,050		35,358
Bank of Montreal		552		41,302
BCE, Inc.		1,021		45,337
Boardwalk Real Estate Investment Trust		1,030		31,431
Canadian National Railway Co.		321		28,736
CI Financial Corp.		1,914		26,124
Fairfax Financial Holdings, Ltd.		21		9,727
Great-West Lifeco, Inc.		337		8,161
Kirkland Lake Gold, Ltd.		1,389		42,241
Magna International, Inc.		378		18,406
Martinrea International, Inc.		806		7,298
National Bank of Canada		165		7,447
Northland Power, Inc.		1,818		32,106
Nutrien, Ltd.		394		20,787
Rogers Communications, Inc., Class B		312		16,780
Royal Bank of Canada		846		63,826
Sun Life Financial, Inc.		219		8,414
TELUS Corp.		401		14,842
The Bank of Nova Scotia		266		14,160
The North West Co., Inc.		333		7,179
The Toronto-Dominion Bank		1,072		58,174
TransAlta Corp.		1,981		14,557
				648,320
China \| 0.4%
China Vanke Co., Ltd., Class H		18,200		76,498
Denmark \| 0.1%
Novo Nordisk A/S, Class B		169		8,848
Scandinavian Tobacco Group A/S		713		8,893
				17,741

Description	Shares		Fair Value
Faeroe Islands \| 0.0%
Bakkafrost P/F		144	$	7,130
Finland \| 0.1%
Cramo Oyj		496		9,760
France \| 2.2%
AXA SA		429		10,810
Engie SA		1,222		18,230
Eutelsat Communications SA		6,347		111,272
L’Oreal SA		163		43,869
Unibail-Rodamco-Westfield		259		42,459
Vinci SA		1,692		164,699
				391,339
Germany \| 1.7%
ADO Properties SA		1,633		92,844
Allianz SE		56		12,455
Aroundtown SA		3,114		25,681
Deutsche Lufthansa AG		831		18,236
Fraport AG		1,309		100,222
Vonovia SE		1,114		57,745
				307,183
Hong Kong \| 2.2%
Dairy Farm International Holdings, Ltd.		3,300		27,692
Jardine Matheson Holdings, Ltd.		72		4,495
Link Real Estate Investment Trust		8,500		99,395
Power Assets Holdings, Ltd.		9,000		62,425
Sun Hung Kai Properties, Ltd.		7,000		120,103
Wharf Real Estate Investment Co., Ltd.		10,000		74,451
				388,561
Italy \| 4.7%
ASTM SpA		1,457		39,652
Atlantia SpA		6,689		173,563
Enel SpA		5,251		33,609
Hera SpA		13,521		48,910
Italgas SpA		22,374		138,323
Poste Italiane SpA		1,424		13,859
Snam SpA		31,345		161,243
Societa Iniziative Autostradali e Servizi SpA		1,009		17,489
Terna SpA		30,634		194,321
				820,969
Japan \| 2.3%
East Japan Railway Co.		200		19,342
GLP J-Reit		51		54,678
KDDI Corp.		400		8,628
Mitsubishi Estate Co., Ltd.		6,200		112,605
Mitsui Fudosan Co., Ltd.		4,000		100,782
Nippon Prologis REIT, Inc.		22		46,826

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
NTT DOCOMO, Inc.		1,100	$	24,395
Tokio Marine Holdings, Inc.		300		14,547
West Japan Railway Co.		300		22,644
				404,447
Luxembourg \| 0.8%
SES SA		8,679		135,106
Mexico \| 0.3%
Alpek SAB de CV		16,855		22,525
Corp Inmobiliaria Vesta SAB de CV		24,100		34,852
				57,377
Netherlands \| 0.1%
Intertrust NV		498		9,392
NN Group NV		291		12,102
				21,494
New Zealand \| 0.1%
Spark New Zealand, Ltd.		4,267		11,050
Norway \| 0.1%
Mowi ASA		343		7,663
Salmar ASA		184		8,830
				16,493
Philippines \| 0.4%
Megaworld Corp.		618,000		68,270
Singapore \| 0.5%
CapitaLand Mall Trust REIT		27,800		48,854
DBS Group Holdings, Ltd.		359		6,690
Jardine Cycle & Carriage, Ltd.		400		9,609
Sheng Siong Group, Ltd.		10,600		8,139
Singapore Airlines, Ltd.		900		6,427
Singapore Technologies Engineering, Ltd.		3,200		8,847
				88,566
South Korea \| 0.1%
S-Oil Corp.		245		19,337
Spain \| 0.9%
Merlin Properties Socimi SA REIT		3,733		48,860
Red Electrica Corporacion SA		4,816		102,662
				151,522
Sweden \| 0.0%
Swedish Match AB		164		8,352
Switzerland \| 0.5%
Ferguson PLC		368		23,486
Roche Holding AG		214		58,991
				82,477

Description	Shares		Fair Value
United Arab Emirates \| 0.3%
Emaar Properties PJSC		38,243	$	48,871
United Kingdom \| 5.6%
Admiral Group PLC		1,150		32,570
Ashtead Group PLC		386		9,325
BP PLC		4,716		34,427
Derwent London PLC REIT		1,002		42,069
Great Portland Estates PLC REIT		4,048		39,385
Hargreaves Lansdown PLC		656		15,969
Howden Joinery Group PLC		3,687		23,358
Imperial Brands PLC		1,376		47,148
International Consolidated Airlines Group SA		2,941		19,627
National Grid PLC		16,180		179,920
Pennon Group PLC		11,565		112,049
Segro PLC REIT		7,517		65,953
Severn Trent PLC		6,204		159,889
The Go-Ahead Group PLC		298		7,621
Unilever NV		384		22,319
United Utilities Group PLC		15,954		169,528
				981,157
United States \| 24.3%
Agilent Technologies, Inc.		131		10,530
Alexandria Real Estate Equities, Inc. REIT		611		87,104
American Electric Power Co., Inc.		1,900		159,125
American Express Co.		79		8,635
American Homes 4 Rent, Class A REIT		2,935		66,683
American Tower Corp. REIT		384		75,671
Americold Realty Trust REIT		2,471		75,390
Amgen, Inc.		40		7,599
Aon PLC		395		67,426
Apple, Inc.		153		29,062
AutoZone, Inc. (*)		9		9,217
Bank of America Corp.		411		11,339
Best Buy Co., Inc.		109		7,746
Biogen, Inc. (*)		27		6,382
Boston Properties, Inc. REIT		559		74,839
Bristol-Myers Squibb Co.		209		9,971
Broadridge Financial Solutions, Inc.		72		7,466
Burlington Stores, Inc. (*)		48		7,521
Campbell Soup Co.		457		17,425
Cboe Global Markets, Inc.		109		10,403
CF Industries Holdings, Inc. N Ap		506		20,685
Charles River Laboratories International, Inc. (*)		106		15,396
Church & Dwight Co., Inc.		181		12,893

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Cigna Corp.		172	$	27,661
Cisco Systems, Inc.		153		8,260
Consolidated Edison, Inc.		860		72,937
Copart, Inc. (*)		352		21,328
Costco Wholesale Corp.		136		32,931
Cracker Barrel Old Country Store, Inc.		69		11,151
CSX Corp.		989		73,997
Darden Restaurants, Inc.		187		22,715
Eli Lilly & Co.		441		57,224
Equinix, Inc. REIT		310		140,480
Equity Lifestyle Properties, Inc. REIT		700		80,010
Essential Properties Realty Trust, Inc. REIT		2,818		55,007
Essex Property Trust, Inc. REIT		312		90,243
Exelon Corp.		333		16,693
Extra Space Storage, Inc. REIT		537		54,726
F5 Networks, Inc. (*)		173		27,149
Fastenal Co.		128		8,232
H&R Block, Inc.		567		13,574
HCP, Inc. REIT		869		27,200
Hilton Worldwide Holdings, Inc.		947		78,705
Honeywell International, Inc.		69		10,965
Hudson Pacific Properties, Inc. REIT		1,504		51,768
Humana, Inc.		72		19,152
Intel Corp.		973		52,250
Intercontinental Exchange, Inc.		243		18,502
IQVIA Holdings, Inc. (*)		153		22,009
Johnson & Johnson		460		64,303
JPMorgan Chase & Co.		208		21,056
Kansas City Southern		1,420		164,692
KAR Auction Services, Inc.		149		7,645
Kimberly-Clark Corp.		304		37,666
Lamb Weston Holdings, Inc.		214		16,037
Lockheed Martin Corp.		135		40,522
Lowe’s Cos., Inc.		120		13,136
Marathon Petroleum Corp.		453		27,112
Marsh & McLennan Cos., Inc.		213		20,001
MasterCard, Inc., Class A		192		45,206
McDonald’s Corp.		101		19,180
Merck & Co., Inc.		503		41,835
MetLife, Inc.		171		7,279
Mettler-Toledo International, Inc. (*)		51		36,873
Nasdaq, Inc.		330		28,872
Newmont Mining Corp.		828		29,618
NIKE, Inc., Class B		291		24,505
Norfolk Southern Corp.		919		171,752
Northrop Grumman Corp.		125		33,700

Description	Shares		Fair Value
Olin Corp.		896	$	20,733
Owens Corning		140		6,597
Park Hotels & Resorts, Inc. REIT		934		29,029
Paychex, Inc.		465		37,293
Pfizer, Inc.		195		8,282
Prologis, Inc. REIT		1,757		126,416
Quest Diagnostics, Inc.		105		9,442
Raytheon Co.		140		25,491
Republic Services, Inc.		828		66,555
Ross Stores, Inc.		272		25,323
Simon Property Group, Inc. REIT		722		131,556
Starbucks Corp.		727		54,045
Synchrony Financial		285		9,092
Synovus Financial Corp.		244		8,384
Sysco Corp.		933		62,287
Target Corp.		193		15,490
Texas Instruments, Inc.		182		19,305
The Allstate Corp.		271		25,523
The Boeing Co.		44		16,782
The Estee Lauder Cos., Inc., Class A		54		8,940
The Hershey Co.		85		9,761
The Home Depot, Inc.		111		21,300
The Macerich Co. REIT		1,399		60,647
The Procter & Gamble Co.		779		81,055
The TJX Cos., Inc.		1,050		55,870
The Toro Co.		154		10,601
Thermo Fisher Scientific, Inc.		204		55,839
Tyson Foods, Inc., Class A		138		9,581
Union Pacific Corp.		950		158,840
UnitedHealth Group, Inc.		181		44,754
Verizon Communications, Inc.		126		7,450
Visa, Inc., Class A		258		40,297
Vulcan Materials Co.		350		41,440
Walgreens Boots Alliance, Inc.		162		10,250
Walmart, Inc.		205		19,994
Waste Connections, Inc.		199		17,629
Waste Management, Inc.		656		68,165
Waters Corp. (*)		89		22,402
Weyerhaeuser Co. REIT		2,221		58,501
WW Grainger, Inc.		52		15,648
Zoetis, Inc.		90		9,060
				4,270,016
Total Common Stocks (Cost $8,958,442)				9,620,289

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Exchange-Traded Funds \| 2.0%
SPDR Gold Shares (*),(Δ) (Cost $335,083)			2,824	$	344,556
Foreign Government Obligations \| 8.2%
Australia \| 0.3%
Australia Government Bonds, 3.000%, 09/20/25	AUD		46		47,113
Canada \| 0.4%
Canadian Government Real Return Bonds, 2.000%, 12/01/41	CAD		74		73,799
Denmark \| 0.7%
Denmark Inflation Linked Government Bonds, 0.100%, 11/15/23	DKK		798		129,126
France \| 1.2%
Government of France, 1.850%, 07/25/27	EUR		147		207,877
Italy \| 1.3%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22	EUR		129		144,697
2.350%, 09/15/24	EUR		67		80,842
					225,539
New Zealand \| 0.9%
New Zealand Government Bonds, 3.000%, 09/20/30	NZD		175		156,735
Spain \| 1.3%
Spain Government Inflation Linked Bonds:
0.300%, 11/30/21	EUR		119		140,267
1.800%, 11/30/24	EUR		69		89,412
					229,679
Sweden \| 0.2%
Sweden Inflation Linked Bonds, 3.500%, 12/01/28	SEK		190		40,191
United Kingdom \| 1.9%
United Kingdom Gilt Inflation Linked:
1.875%, 11/22/22	GBP		124		189,588
0.750%, 03/22/34	GBP		71		139,230
					328,818
Total Foreign Government Obligations (Cost $1,373,053)					1,438,877

Description		Principal Amount (000)		Fair Value
US Treasury Securities \| 14.1%
Treasury Inflation Protected Security:
0.125%, 04/15/20	USD		785	$	780,946
1.125%, 01/15/21	USD		871		882,192
2.375%, 01/15/25	USD		223		247,708
2.500%, 01/15/29	USD		477		565,741
Total US Treasury Securities (Cost $2,478,678)					2,476,587

Description		Shares			Fair Value
Short-Term Investments \| 19.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.35% (7 day yield) (Δ) (Cost $3,457,487)			3,457,487	$	3,457,487
Total Investments \| 98.7% (Cost $16,602,743) (»)				$	17,337,796
Cash and Other Assets in Excess of Liabilities \| 1.3%					231,812
Net Assets \| 100.0%				$	17,569,608

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 March 31, 2019:

The Lazard Funds, Inc. Notes to Portfolios of Investments March 31, 2019 (unaudited)

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

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

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

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

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.

(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 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 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.

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.

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.

Description	Fair Value
Total Investments \| 100.3% (Cost $9,607,240)	$	9,166,020
Liabilities in Excess of Cash and Other Assets \| (0.3)%		(24,175)
Net Assets \| 100.0%	$	9,141,845

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	66,989,878	USD	47,659,949	SCB	06/28/19	$	—	$	17,412
USD	121,154,494	AUD	170,632,682	BNP	06/28/19		—		197,778
USD	73,180,531	AUD	103,062,752	CIT	06/28/19		—		116,676
USD	99,805,943	AUD	140,610,369	HSB	06/28/19		—		194,757
USD	105,158,950	AUD	148,172,136	RBC	06/28/19		—		219,603
USD	120,752,448	AUD	170,097,828	SCB	06/28/19		—		219,440
USD	87,407,878	AUD	123,143,335	SSB	06/28/19		—		170,441
USD	14,319,625	CAD	19,038,701	BNP	06/28/19		41,919		—
USD	19,407,795	CAD	25,803,052	HSB	06/28/19		57,295		—
USD	24,719,423	CAD	32,863,608	SCB	06/28/19		73,995		—
USD	467,710,655	EUR	407,415,237	BNP	06/28/19		7,326,037		—
USD	339,084,688	EUR	295,444,570	CAN	06/28/19		5,228,407		—
USD	343,872,633	EUR	299,603,256	CIT	06/28/19		5,316,982		—
USD	413,096,879	EUR	359,950,228	HSB	06/28/19		6,348,350		—
USD	417,657,086	EUR	363,977,344	MEL	06/28/19		6,357,863		—
USD	387,203,394	EUR	337,195,600	RBC	06/28/19		6,167,896		—
USD	384,492,384	EUR	335,079,836	SSB	06/28/19		5,847,728		—
USD	218,359,606	GBP	165,130,587	BNP	06/28/19		2,352,968		—
USD	176,974,587	GBP	133,833,393	CAN	06/28/19		1,907,679		—
USD	82,173,423	GBP	61,982,219	CIT	06/28/19		1,094,738		—
USD	143,152,162	GBP	108,253,423	CIT	06/28/19		1,546,306		—
USD	188,438,582	GBP	142,489,873	HSB	06/28/19		2,048,168		—
USD	221,119,943	GBP	167,077,164	RBC	06/28/19		2,566,996		—
USD	226,918,059	GBP	171,576,167	SSB	06/28/19		2,479,985		—
USD	59,128,109	HKD	462,892,085	SSB	06/28/19		9,499		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	56,772,811	$	1,136,107

Description	Fair Value
Lazard International Compounders Portfolio (concluded)
Total Investments \| 98.5% (Cost $2,951,698)	$	3,346,859
Cash and Other Assets in Excess of Liabilities \| 1.5%		52,506
Net Assets \| 100.0%	$	3,399,365

Description	Fair Value
Total Investments \| 100.4% (Cost $2,380,593)	$	2,380,316
Liabilities in Excess of Cash and Other Assets \| (0.4)%		(9,019)
Net Assets \| 100.0%	$	2,371,297

Description	Fair Value
Total Investments \| 99.9% (Cost $57,534,774)	$	66,684,784
Cash and Other Assets in Excess of Liabilities \| 0.1%		38,435
Net Assets \| 100.0%	$	66,723,219

Description		Fair Value
Total Common Stocks (Cost $130,438,829)	$	138,884,221
Total Investments \| 96.7% (Cost $130,438,829)	$	138,884,221
Cash and Other Assets in Excess of Liabilities \| 3.3%		4,729,277
Net Assets \| 100.0%	$	143,613,498

Currency	Counterparty	Notional Amount		Expiration Date	Receive (Pay) Rate			Payment Frequency Paid/Received	Variable Rate	Unrealized Appreciation		Unrealized Depreciation
BRL	GSC	$	18,724,202	07/01/21		7.42	%	Maturity	Brazil Cetip Interbank Deposit Rate	$	—	$	3,559
BRL	GSC		10,986,507	07/01/21		7.55		Maturity	Brazil Cetip Interbank Deposit Rate		7,443		—
Total gross unrealized appreciation/depreciation on Interest Rate Swap Agreements										$	7,443	$	3,559

Forward Currency Contracts open at March 31, 2019:
Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPY	5,206,000	USD	47,348	SSB	06/19/19	$	—	$	90
USD	213,623	CAD	284,000	SSB	06/19/19		691		—
USD	138,884	EUR	122,000	SSB	06/19/19		1,129		—
USD	46,941	JPY	5,206,000	SSB	06/19/19		—		317
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	1,820	$	407

Description	Counterparty	Number of Contracts	Strike Price		Expiration Date	Notional Amount		Premiums		Fair Value
Put
Carbonite, Inc. 22.5	RBS	7	$	22.50	06/21/19	$	700	$	651	$	(840	)
Energy Select Sector SPDR Fund 60	RBS	20		60.00	04/18/19		2,000		989		(80	)
Total Written Options		27						$	1,640	$	(920	)


Description	Fair Value
Total Investments \| 99.5% (Cost $112,126,903) (»)	$	112,499,308
Cash and Other Assets in Excess of Liabilities \| 0.5%		606,701
Net Assets \| 100.0%	$	113,106,009

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
Russian Federation	GSC	$	2,230,000	06/20/24	Buy	(1.000	)%	Quarterly	BBB-	$	36,756	$	40,021	$	3,265
United Mexican States	GSC		1,090,000	06/20/24	Buy	(1.000	)	Quarterly	BBB+		11,638		17,417		5,779
Total Credit Default Swap Agreements										$	48,394	$	57,438	$	9,044

Description	Fair Value
Total Investments \| 100.6% (Cost $90,871,897)	$	95,517,942
Liabilities in Excess of Cash and Other Assets \| (0.6)%		(557,082)
Net Assets \| 100.0%	$	94,960,860

Type	Number of Contracts		Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation		Unrealized Depreciation
Low Sulphur Gasoil		1	$	100	05/10/2019	$	58,204	$	60,725	$	2,521	$	—
Natural Gas		6		60,000	06/26/2019		175,911		166,320		—		9,591
Total gross unrealized appreciation/depreciation on Futures Contracts										$	2,521	$	9,591

	Commodity Exposure Expressed as
Commodity	a Percentage of Notional Amount
Aluminum		5.48	%
Bean Oil		1.92
Brent Crude		11.81
Coffee		1.41
Copper		10.91
Corn		6.27
Cotton		2.71
Crude Oil		12.85
Gasoline (RBOB)		3.34
Gold		2.09
Heating Oil		3.68
Kansas Wheat		0.75
Lean Hogs		4.37
Live Cattle		4.30
Natural Gas		4.11
Nickel		2.71
Silver		3.12
Soy Meal		2.17
Soybeans		6.58
Sugar		2.51
Wheat		2.84
Zinc		4.07
Total		100.00	%

()*	Non-income producing security.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2019, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity Advantage		0.8	%
Emerging Markets Debt		10.1	%
Global Fixed Income		1.1	%
US Corporate Income		44.6	%
Emerging Markets Income		4.5	%
Enhanced Opportunities		21.9	%
Explorer Total Return		18.3	%
Global Dynamic Multi Asset		1.2	%

(‡)	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.
(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 March 31, 2019 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 March 31, 2019.
(¶)	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 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 March 31, 2019 were as follows:

Non-Controlled Affiliates	Number of Shares Held at December 31, 2018		Gross Additions		Gross Reductions			Number of Shares Held at March 31, 2019		Fair Value at March 31, 2019		Investment Income		Realized Gain (Loss)
Imperial Logistics, Ltd.		7,191,474		–		(1,392,338	)		5,799,136	$	24,086,469	$	485,533	$	(1,751,173	)
Weichai Power Co., Ltd., Class H		118,270,288		–		(4,192,000	)		114,078,288		182,551,405		–		1,082,645
Total Affiliated Securities (Fair Value is 2.25% of Net Assets)										$	206,637,874	$	485,533	$	(668,528	)

Security Abbreviations:
ADR	- American Depositary Receipt	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
LIBOR	- London Interbank Offered Rate

Currency Abbreviations:
ARS	- Argentine Peso	JPY	- Japanese Yen
AUD	- Australian Dollar	KRW	- South Korean Won
BRL	- Brazilian Real	KZT	- Kazakhstan Tenge
CAD	- Canadian Dollar	MXN	- Mexican New Peso
CHF	- Swiss Franc	MYR	- Malaysian Ringgit
CLP	- Chilean Peso	NOK	- Norwegian Krone
CNH	- Chinese Yuan Renminbi	NZD	- New Zealand Dollar
CNY	- Chinese Renminbi	PEN	- Peruvian Nuevo Sol
COP	- Colombian Peso	PHP	- Philippine Peso
CZK	- Czech Koruna	PLN	- Polish Zloty
DKK	- Danish Krone	RON	- New Romanian Leu
DOP	- Dominican Republic Peso	RUB	- Russian Ruble
EGP	- Egyptian Pound	SEK	- Swedish Krona

EUR	- Euro	SGD	- Singapore Dollar
GBP	- British Pound Sterling	THB	- Thai Baht
GHS	- Ghanaian Cedi	TRY	- New Turkish Lira
HKD	- Hong Kong Dollar	TWD	- Taiwan Dollar
HUF	- Hungarian Forint	USD	- United States Dollar
IDR	- Indonesian Rupiah	UYU	- Uruguayan Peso
ILS	- Israeli Shekel	ZAR	- South African Rand
INR	- Indian Rupee

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

	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio
Industry*
Air Freight & Logistics		1.2	%		—	%		0.1	%		1.5	%		0.3	%		—	%
Airlines		—			1.1			1.3			—			—			—
Auto Components		—			0.7			0.4			0.9			1.3			—
Automobiles		—			1.1			0.6			0.9			3.3			—
Banks		24.7			20.7			16.0			23.6			24.7			—
Beverages		0.8			0.7			0.7			1.2			1.1			5.0
Biotechnology		—			—			0.1			—			—			—
Building Products		—			—			0.3			—			—			—
Capital Markets		—			—			1.8			—			—			—
Chemicals		—			4.7			2.0			1.2			0.1			—
Commercial Services & Suppliers		—			—			0.1			0.4			—			7.1
Construction & Engineering		1.5			—			0.8			1.2			—			—
Construction Materials		0.8			1.8			0.9			1.2			3.5			—
Consumer Finance		1.7			—			0.2			0.1			—			—
Containers & Packaging		—			—			—			0.2			—			—
Diversified Consumer Services		1.7			1.5			0.4			0.8			—			4.7
Diversified Financial Services		—			1.6			0.6			0.4			—			—
Diversified Telecommunication Services		—			2.0			2.8			0.9			1.6			—
Electric Utilities		—			—			1.2			—			—			—
Electrical Equipment		2.6			—			0.1			1.2			—			—
Electronic Equipment, Instruments & Components		3.3			1.6			1.8			3.9			1.7			4.5
Energy Equipment & Services		—			0.6			—			—			—			—
Entertainment		3.1			2.3			0.4			3.9			2.7			—
Food & Staples Retailing		—			—			1.7			—			1.9			—
Food Products		—			0.8			2.3			0.5			—			—
Gas Utilities		1.9			—			1.4			1.5			1.0			—
Health Care Equipment & Supplies		—			—			0.4			0.3			—			2.0
Health Care Providers & Services		2.9			0.6			0.4			—			0.7			19.7
Health Care Technology		—			—			—			—			—			—
Hotels, Restaurants & Leisure		0.7			—			0.7			1.1			—			6.1
Household Durables		2.0			2.2			0.2			1.5			1.4			—
Household Products		—			—			0.5			0.7			0.8			—
Industrial Conglomerates		—			0.9			1.2			0.8			1.8			—
Insurance		2.4			5.1			2.8			2.3			2.8			—
Interactive Media & Services		14.0			7.6			5.4			6.7			1.1			1.2
Internet & Direct Marketing Retail		3.3			6.3			4.7			2.2			—			—
IT Services		0.8			1.3			3.0			3.5			4.6			1.1
Life Sciences Tools & Services		0.4			0.4			—			—			—			—
Machinery		2.8			—			0.7			1.2			2.0			—
Media		—			—			0.3			0.7			—			10.0
Metals & Mining		4.0			4.9			3.6			2.0			2.4			—
Multiline Retail		—			—			1.0			—			0.6			—
Multi-Utilities		—			—			—			—			—			2.9
Oil, Gas & Consumable Fuels		7.4			7.7			7.3			7.2			10.7			—
Paper & Forest Products		0.9			1.3			0.6			0.6			—			—
Personal Products		—			1.6			0.5			—			1.2			—
Pharmaceuticals		—			—			2.1			1.0			—			—
Professional Services		—			—			—			—			—			7.9
Real Estate Management & Development		—			0.4			2.4			0.3			—			—
Road & Rail		—			1.1			—			0.3			—			2.1

Semiconductors & Semiconductor Equipment	4.9		7.4		6.3		6.7		7.6		2.6
Software	—		—		—		—		—		8.3
Specialty Retail	0.7		—		1.0		1.0		0.4		1.9
Technology Hardware, Storage & Peripherals	3.6		5.1		5.4		3.9		5.4		—
Textiles, Apparel & Luxury Goods	0.9		1.4		1.8		1.4		—		3.9
Thrifts & Mortgage Finance	—		—		—		—		—		—
Tobacco	—		—		0.6		0.6		1.7		—
Trading Companies & Distributors	—		0.6		0.3		0.4		—		—
Transportation Infrastructure	—		1.2		0.9		0.8		1.1		4.5
Water Utilities	2.2		—		0.2		1.7		—		2.8
Wireless Telecommunication Services	—		0.9		1.3		3.2		7.2		—
Subtotal	97.2		99.2		93.6		97.6		96.7		98.3
Short-Term Investments	1.5		1.1		3.0		2.4		0.8		2.0
Total Investments	98.7	%	100.3	%	96.6	%	100	%	97.5	%	100.3	%

	Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
Industry*
Aerospace & Defense		0.9	%		—	%		3.6	%
Airlines		—			—			0.7
Automobiles		—			—			0.9
Banks		7.2			—			6.2
Beverages		8.4			—			4.3
Biotechnology		1.6			—			2.3
Building Products		0.8			—			—
Capital Markets		4.5			—			7.2
Chemicals		1.8			—			—
Communications Equipment		2.9			—			—
Construction & Engineering		—			4.5			—
Electric Utilities		—			15.6			—
Electrical Equipment		2.6			—			—
Electronic Equipment, Instruments & Components		1.1			—			0.5
Energy Equipment & Services		0.9			—			0.8
Entertainment		1.3			—			5.8
Gas Utilities		—			3.0			—
Health Care Equipment & Supplies		1.5			—			4.9
Health Care Providers & Services		—			—			1.0
Hotels, Restaurants & Leisure		4.1			—			—
Household Durables		—			—			1.0
Household Products		1.5			—			—
Industrial Conglomerates		1.8			—			—
Insurance		7.2			—			8.0
Interactive Media & Services		4.3			—			6.8
Internet & Direct Marketing Retail		2.6			—			6.2
IT Services		4.1			—			8.1
Leisure Products		1.1			—			—
Life Sciences Tools & Services		5.3			—			3.0
Machinery		1.8			—			1.7
Media		—			6.8			1.9
Metals & Mining		—			—			1.1
Multiline Retail		1.2			—			—
Multi-Utilities		—			13.2			—
Oil, Gas & Consumable Fuels		—			4.8			2.5
Personal Products		3.2			—			0.9
Pharmaceuticals		6.1			—			5.1
Professional Services		5.5			—			3.2
Real Estate Management & Development		1.1			—			—
Road & Rail		1.7			15.9			1.5
Semiconductors & Semiconductor Equipment		1.9			—			—
Software		2.8			—			4.8
Specialty Retail		1.2			—			—
Textiles, Apparel & Luxury Goods		0.8			—			1.1
Thrifts & Mortgage Finance		0.8			—			—
Trading Companies & Distributors		0.8			—			3.1
Transportation Infrastructure		—			19.0			—
Water Utilities		—			11.7			—
Subtotal		96.4			94.5			98.2
Short-Term Investments		3.2			4.0			2.3
Total Investments		99.6	%		98.5	%		100.5	%

	Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio
Industry*
Aerospace & Defense		1.4	%		7.2	%		2.2	%		2.6	%		—	%		5.5	%
Air Freight & Logistics		—			—			—			—			1.9			—
Airlines		2.0			—			1.3			1.1			—			1.2
Auto Components		1.6			—			1.0			1.2			1.9			—
Automobiles		2.5			4.2			2.7			2.4			—			3.4
Banks		7.7			6.1			8.7			9.2			1.1			8.1
Beverages		0.5			4.2			5.4			3.7			2.5			6.3
Biotechnology		1.7			—			—			0.6			—			1.2
Building Products		0.4			—			2.2			2.3			2.6			1.7
Capital Markets		1.9			—			0.4			—			5.7			3.0
Chemicals		3.0			—			4.1			0.8			0.8			—
Commercial Services & Suppliers		0.1			—			—			—			2.7			—
Communications Equipment		—			—			—			—			1.1			—
Construction & Engineering		1.4			—			1.7			1.5			—			—
Consumer Finance		0.1			—			—			—			—			1.5
Containers & Packaging		0.3			2.6			1.0			—			—			—
Diversified Consumer Services		—			—			—			—			0.6			—
Diversified Financial Services		1.2			—			—			—			3.9			0.7
Diversified Telecommunication Services		1.8			—			2.1			2.5			2.1			—
Electric Utilities		3.3			—			1.5			1.2			—			0.9
Electrical Equipment		—			—			—			—			0.9			—
Electronic Equipment, Instruments & Components		0.7			2.9			—			—			6.0			1.5
Energy Equipment & Services		—			—			—			—			1.9			—
Equity Real Estate Investment Trusts (REITs)		0.6			—			—			—			0.8			—
Entertainment		1.3			3.5			3.5			2.9			1.5			6.4
Food & Staples Retailing		1.5			—			—			—			2.2			—
Food Products		4.0			—			—			—			—			—
Health Care Equipment & Supplies		0.3			5.2			2.6			3.6			—			2.3
Health Care Providers & Services		0.7			—			0.7			—			1.4			—
Health Care Technology		—			—			—			—			1.1			—
Hotels, Restaurants & Leisure		2.0			4.7			2.4			2.3			3.3			1.4
Household Durables		0.3			4.1			0.5			—			2.2			—
Industrial Conglomerates		0.5			—			—			—			1.5			—
Insurance		6.5			12.4			8.9			11.5			—			10.0
Interactive Media & Services		0.6			6.2			—			5.4			3.4			1.0
Internet & Direct Marketing Retail		—			—			—			—			—			1.6
IT Services		1.3			5.1			2.0			3.3			4.7			3.0
Leisure Products		0.1			—			1.0			—			—			1.0
Life Sciences Tools & Services		0.1			—			—			—			1.6			—
Machinery		4.3			1.8			3.0			3.0			6.8			5.1
Media		—			—			1.2			—			2.9			2.8
Metals & Mining		3.9			—			1.4			1.6			1.5			2.4
Multiline Retail		0.2			—			1.4			1.2			—			1.0
Multi-Utilities		0.9			—			—			—			—			—
Oil, Gas & Consumable Fuels		7.0			8.5			6.5			6.5			—			4.1
Paper & Forest Products		0.1			—			—			—			—			—
Personal Products		3.2			—			3.6			3.2			—			2.1
Pharmaceuticals		9.1			2.0			6.2			4.9			4.1			4.3
Professional Services		1.3			—			4.1			4.2			4.6			4.5
Real Estate Management & Development		3.7			—			3.1			1.6			9.2			2.0
Road & Rail		1.7			—			1.1			1.2			—			—

	Lazard Managed Equity Volatility Portfolio			Lazard Emerging Markets Debt Portfolio
Industry*
Aerospace & Defense		1.4	%		—	%
Airlines		1.6			—
Banks		4.5			1.1
Beverages		1.6			—
Biotechnology		1.5			—
Capital Markets		2.6			—
Chemicals		0.3			—
Commercial Services & Suppliers		2.6			—
Communications Equipment		0.7			0.1
Construction & Engineering		0.6			—
Consumer Finance		0.2			—
Distributors		0.3			—
Diversified Consumer Services		0.4			—
Diversified Financial Services		0.1			—
Diversified Telecommunication Services		3.4			0.1
Electric Utilities		5.7			1.5
Electronic Equipment, Instruments & Components		1.0			—
Equity Real Estate Investment Trusts (REITs)		3.5			—
Entertainment		0.5			—
Food & Staples Retailing		3.6			—
Food Products		3.0			—
Gas Utilities		1.6			—
Health Care Equipment & Supplies		0.4			—
Health Care Providers & Services		1.5			—
Hotels, Restaurants & Leisure		4.5			—
Household Products		3.0			—
Independent Power & Renewable Electricity Producers		0.2			0.4
Industrial Conglomerates		1.0			—
Insurance		5.5			—
Interactive Media & Services		0.3			—
Internet & Direct Marketing Retail		0.2			—
IT Services		4.0			—
Leisure Products		0.5			—
Life Sciences Tools & Services		0.4			—
Machinery		1.3			—
Media		0.3			—
Metals & Mining		2.9			0.9
Multi-Utilities		2.6			—
Oil, Gas & Consumable Fuels		2.1			1.2
Personal Products		1.8			—
Pharmaceuticals		7.5			—
Professional Services		0.2			—
Real Estate Management & Development		1.9			—
Road & Rail		0.9			—
Semiconductors & Semiconductor Equipment		1.0			—
Software		1.1			—
Specialty Retail		3.8			—
Technology Hardware, Storage & Peripherals		0.5			—

	Lazard Explorer Total Return Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
Industry*
Aerospace & Defense		—	%		1.0	%
Airlines		—			0.6
Auto Components		—			0.3
Automobiles		—			0.5
Banks		1.3			6.6
Beverages		—			2.8
Biotechnology		—			0.9
Building Products		—			0.2
Capital Markets		0.2			2.3
Chemicals		0.3			0.8
Commercial Services & Suppliers		—			1.1
Communications Equipment		0.9			0.9
Construction & Engineering		—			0.3
Consumer Finance		—			0.3
Distributors		—			0.1
Diversified Consumer Services		—			0.1
Diversified Financial Services		0.6			1.0
Diversified Telecommunication Services		0.8			1.7
Electric Utilities		3.8			2.2
Electrical Equipment		—			1.0
Electronic Equipment, Instruments & Components		—			0.6
Energy Equipment & Services		0.5			0.2
Equity Real Estate Investment Trusts (REITs)		—			1.4
Entertainment		—			0.7
Food & Staples Retailing		0.4			1.0
Food Products		—			1.0
Gas Utilities		—			0.5
Health Care Equipment & Supplies		—			0.6
Health Care Providers & Services		—			1.2
Health Care Technology		—			0.1
Hotels, Restaurants & Leisure		—			2.4
Household Products		—			1.2
Independent Power & Renewable Electricity Producers		1.5			0.1
Industrial Conglomerates		—			0.7
Insurance		0.2			3.4
Interactive Media & Services		—			1.0
Internet & Direct Marketing Retail		—			0.8
IT Services		—			2.8
Leisure Products		—			0.4
Life Sciences Tools & Services		—			1.4
Machinery		—			1.2
Media		0.3			0.5
Metals & Mining		4.2			1.1
Multiline Retail		—			0.3
Multi-Utilities		—			0.9
Oil, Gas & Consumable Fuels		3.3			2.1
Personal Products		—			1.8
Pharmaceuticals		—			4.7
Professional Services		—			1.4
Real Estate Management & Development		—			1.1

	Lazard Real Assets and Pricing Opportunities Portfolio
Industry*
Aerospace & Defense	0.7	%
Airlines	0.3
Auto Components	0.2
Banks	1.3
Biotechnology	0.3
Capital Markets	0.6
Chemicals	0.5
Commercial Services & Suppliers	1.0
Communications Equipment	0.2
Construction & Engineering	0.9
Construction Materials	0.2
Consumer Finance	0.1
Distributors	0.1
Diversified Consumer Services	0.1
Diversified Telecommunication Services	0.4
Electric Utilities	3.7
Equity Real Estate Investment Trusts (REITs)	10.8
Food & Staples Retailing	1.4
Food Products	0.4
Gas Utilities	0.8
Health Care Providers & Services	0.6
Hotels, Restaurants & Leisure	1.1
Household Products	0.8
Independent Power & Renewable Electricity Producers	0.3
Industrial Conglomerates	0.1
Insurance	1.4
IT Services	0.7
Life Sciences Tools & Services	0.9
Machinery	0.1
Media	1.4
Metals & Mining	0.8
Multiline Retail	0.2
Multi-Utilities	2.1
Oil, Gas & Consumable Fuels	1.4
Personal Products	0.4
Pharmaceuticals	1.5
Professional Services	0.1
Real Estate Management & Development	4.6
Road & Rail	3.7
Semiconductors & Semiconductor Equipment	0.4
Specialty Retail	0.8
Technology Hardware, Storage & Peripherals	0.2
Textiles, Apparel & Luxury Goods	0.1
Tobacco	0.4
Trading Companies & Distributors	0.5
Transportation Infrastructure	3.3
Water Utilities	2.5
Wireless Telecommunication Services	0.3

Subtotal	54.7
Exchange Traded	2.0
Foreign Government Obligations	8.2
US Treasury Securities	14.1
Short-Term Investments	19.7
Total Investments	98.7	%

	Lazard Enhanced Opportunities Portfolio
Industry†	Long			Short
Aerospace & Defense		0.3	%		-	%
Air Freight & Logistics		2.5			-1.2
Banks		0.9			0.0
Biotechnology		12.3			-6.1
Building Prodcuts		1.0			-0.3
Capital Markets		1.3			-0.7
Chemicals		0.1			-
Commercial Services & Supplies		1.3			-0.7
Communications Equipment		1.8			-0.5
Construction & Engineering		1.0			-0.4
Construction Materials		3.6			-
Consumer Finance		8.1			-1.6
Diversified Consumer Services		2.0			-1.6
Diversified Financial Services		1.9			0.0
Diversified Telecommunication Services		0.3			-0.2
Electronic Equipment, Instruments & Components		4.7			-2.2
Energy Equipment & Services		2.7			-0.7
Entertainment		4.7			-3.6
Equity Real Estate Investment Trusts (REITs)		9.1			-6.7
Health Care Equipment & Supplies		1.1			-0.6
Health Care Technology		4.7			-1.1
Hotels, Restaurants & Leisure		3.2			-1.2
Independent Power & Renewable Electricity Producers		1.5			-0.5
Interactive Media & Services		3.3			-0.8
Internet & Direct Marketing Retail		3.5			-2.2
IT Services		13.1			-9.2
Machinery		2.2			-0.3
Media		4.2			-
Metals & Mining		4.3			-2.4
Mortgage Real Estate Investment Trusts (REITs)		0.8			-0.4
Oil, Gas & Consumable Fuels		6.3			-1.7
Personal Products		1.1			-0.6
Pharmaceuticals		10.9			-5.0
Professional Services		1.1			-0.2
Real Estate Management & Development		1.6			-0.3
Semiconductors & Semiconductor Equipment		5.1			-2.4
Software		12.9			-6.6
Specialty Retail		0.4			-0.1
Technology Hardware, Storage & Peripherals		2.5			-0.7
Wireless Telecommunications Services		1.4			-0.4
Subtotal		144.8			-63.2
Exchange-Traded Funds		0.1			-7.9
Short-Term Investments		26.6			-
Total Investments		171.5	%		-71.1	%

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