NPORT-EX 2 c94506_nportex_uaqfhzgz.HTM

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

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2019

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments

September 30, 2019 (unaudited)

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 96.4%
Brazil \| 8.4%
Duratex SA		596,900	$	1,817,299
Notre Dame Intermedica Participacoes SA		478,395		6,246,267
Pagseguro Digital, Ltd., Class A (*)		35,000		1,620,850
Petroleo Brasileiro SA		479,648		3,180,376
Rumo SA (*)		545,283		3,215,305
StoneCo, Ltd., Class A (*)		50,200		1,745,956
				17,826,053
Canada \| 1.0%
First Quantum Minerals, Ltd.		254,555		2,138,504
China \| 28.1%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		56,295		9,414,213
Anhui Conch Cement Co., Ltd., Class H		272,500		1,625,377
Autohome, Inc. ADR (*)		17,981		1,494,761
Beijing Enterprises Water Group, Ltd.		3,896,000		2,002,718
China State Construction International Holdings, Ltd.		3,896,160		3,645,151
Ctrip.com International, Ltd. ADR (*)		68,423		2,004,110
Focused Photonics Hangzhou, Inc., Class A		830,189		1,980,759
NetEase, Inc. ADR		15,800		4,205,644
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		40,000		4,430,400
Ping An Insurance (Group) Co. of China, Ltd., Class H		349,500		4,044,661
Shenzhen Sunway Communication Co., Ltd. (*)		344,487		1,741,653
Tencent Holdings, Ltd.		220,100		9,340,977
Weibo Corp. Sponsored ADR (*)		32,900		1,472,275
Wuliangye Yibin Co., Ltd. Class A		145,500		2,654,564
Zhejiang Semir Garment Co., Ltd., Class A		1,302,367		2,261,837
Zhongsheng Group Holdings, Ltd.		1,050,500		3,329,302
Zhuzhou CRRC Times Electric Co., Ltd., Class H		344,492		1,432,821
ZTO Express Cayman, Inc. ADR		115,285		2,459,029
				59,540,252
Colombia \| 2.8%
Bancolombia SA Sponsored ADR		120,247		5,946,214
Hong Kong \| 1.7%
China Gas Holdings, Ltd.		553,400		2,135,307
Techtronic Industries Co., Ltd.		220,002		1,543,962
				3,679,269
India \| 10.0%
HDFC Bank, Ltd. ADR		101,970		5,817,388
ICICI Bank, Ltd. Sponsored ADR		535,901		6,527,274

Description	Shares		Fair Value
Reliance Industries, Ltd.		193,067	$	3,629,574
Shriram Transport Finance Co., Ltd.		220,815		3,338,180
UPL, Ltd.		213,816		1,822,554
				21,134,970
Indonesia \| 2.0%
PT Bank Rakyat Indonesia (Persero) Tbk		14,334,600		4,162,869
Macau \| 0.6%
SJM Holdings, Ltd.		1,432,000		1,370,593
Mexico \| 1.6%
Grupo Financiero Banorte SAB de CV, Class O		636,457		3,420,948
Peru \| 2.6%
Credicorp, Ltd.		26,655		5,555,968
Philippines \| 1.7%
BDO Unibank, Inc.		1,268,975		3,497,885
Portugal \| 2.3%
Galp Energia SGPS SA		322,994		4,858,348
Russia \| 8.0%
Mail.Ru Group, Ltd. GDR (*)		123,523		2,588,939
Novatek OAO Sponsored GDR		18,883		3,821,641
Sberbank of Russia PJSC		1,282,173		4,501,790
Yandex NV Class A (*)		175,035		6,127,975
				17,040,345
South Africa \| 3.9%
Capitec Bank Holdings, Ltd.		50,984		4,335,618
Petra Diamonds, Ltd. (*)		1,627,600		131,172
Standard Bank Group, Ltd.		328,855		3,798,678
				8,265,468
South Korea \| 10.8%
Doosan Bobcat, Inc.		55,974		1,659,912
NCSoft Corp.		9,945		4,324,962
Partron Co., Ltd.		108,834		1,169,070
S-Oil Corp.		32,146		2,683,143
Samsung Biologics Co., Ltd. (*)		6,107		1,575,102
Samsung Electronics Co., Ltd.		229,257		9,353,670
WONIK IPS Co., Ltd.		85,189		2,066,544
				22,832,403
Taiwan \| 8.3%
Airtac International Group (‡)		157,000		1,883,524
ASE Technology Holding Co., Ltd. (‡)		790,289		1,791,520
Bizlink Holding, Inc. (‡)		404,000		2,813,656
Catcher Technology Co., Ltd. (‡)		198,670		1,515,872
Largan Precision Co., Ltd. (‡)		14,860		2,147,007
MediaTek, Inc. (‡)		193,000		2,312,243
Silicon Motion Technology Corp. ADR		60,400		2,135,140

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd. (‡)		341,000	$	3,052,068
				17,651,030
United Arab Emirates \| 1.4%
NMC Health PLC		91,918		3,061,559
United Kingdom \| 1.2%
KAZ Minerals PLC		459,917		2,453,875
Total Common Stocks (Cost $190,578,156)				204,436,553
Preferred Stocks \| 2.0%
Brazil \| 2.0%
Banco Bradesco SA ADR (Cost $4,294,496)		522,263		4,251,221
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,229,225)		3,229,225		3,229,225
Total Investments \| 99.9% (Cost $198,101,877)			$	211,916,999
Cash and Other Assets in Excess of Liabilities \| 0.1%				279,788
Net Assets \| 100.0%			$	212,196,787

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 99.0%
Brazil \| 9.8%
Azul SA ADR (*)		53,112	$	1,902,472
Banco BTG Pactual SA		148,600		2,094,016
Banco do Brasil SA		379,100		4,150,533
Braskem SA A Shares (*)		191,742		1,500,728
CCR SA		375,230		1,557,833
IRB Brasil Resseguros S/A		242,100		2,194,367
Rumo SA (*)		423,400		2,496,612
Telefonica Brasil SA ADR		170,000		2,238,900
				18,135,461
Canada \| 1.0%
Parex Resources, Inc. (*)		121,500		1,861,682
China \| 29.4%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		50,600		8,461,838
Baidu, Inc. Sponsored ADR (*)		15,880		1,631,829
Budweiser Brewing Co. APAC, Ltd. (*)		680,600		2,448,795
China National Building Material Co., Ltd., Class H		3,302,000		2,983,226
China Overseas Land & Investment, Ltd.		674,000		2,132,193
Industrial & Commercial Bank of China, Ltd., Class H		10,545,633		7,041,692
NetEase, Inc. ADR		8,692		2,313,637
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		31,486		3,487,389
PICC Property & Casualty Co., Ltd., Class H		1,903,770		2,235,006
Ping An Insurance (Group) Co. of China, Ltd., Class H		498,500		5,768,994
Prosus NV (*)		11,192		821,584
Shenzhou International Group Holdings, Ltd.		194,591		2,560,073
Sinopharm Group Co., Ltd., Class H		274,800		863,851
Tencent Holdings, Ltd.		256,800		10,898,514
Wuxi Biologics Cayman, Inc. (*)		83,000		848,190
				54,496,811
Colombia \| 1.2%
Bancolombia SA Sponsored ADR		43,600		2,156,020
Hong Kong \| 1.2%
Techtronic Industries Co., Ltd.		306,500		2,151,001
Hungary \| 0.8%
MOL Hungarian Oil & Gas PLC		165,769		1,559,190
India \| 10.1%
HDFC Bank, Ltd. ADR		115,538		6,591,443
Hindalco Industries, Ltd.		867,084		2,345,194
Hindustan Zinc, Ltd.		485,883		1,466,766
Infosys, Ltd. Sponsored ADR		222,615		2,531,133

Description	Shares		Fair Value
Maruti Suzuki India, Ltd.		21,313	$	2,021,297
Motherson Sumi Systems, Ltd.		612,206		908,101
UPL, Ltd.		338,017		2,881,235
				18,745,169
Indonesia \| 2.2%
PT Bank Mandiri (Persero) Tbk		4,790,000		2,354,906
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		58,760		1,769,264
				4,124,170
Luxembourg \| 1.4%
Tenaris SA ADR		41,900		887,442
Ternium SA Sponsored ADR		93,050		1,785,630
				2,673,072
Mexico \| 3.3%
Arca Continental SAB de CV		302,445		1,634,834
Gruma SAB de CV, Class B		149,143		1,526,195
Grupo Aeroportuario del Pacifico SAB de CV ADR		12,700		1,225,804
Grupo Financiero Banorte SAB de CV, Class O		307,100		1,650,659
				6,037,492
Peru \| 1.1%
Credicorp, Ltd.		9,550		1,990,602
Philippines \| 2.5%
Ayala Land, Inc.		1,471,800		1,404,956
BDO Unibank, Inc.		1,039,151		2,864,383
GT Capital Holdings, Inc.		19,081		309,750
				4,579,089
Poland \| 0.6%
CD Projekt SA		19,163		1,165,004
Portugal \| 1.0%
Galp Energia SGPS SA		116,918		1,758,634
Russia \| 5.8%
LUKOIL PJSC Sponsored ADR		76,074		6,281,906
Sberbank of Russia PJSC Sponsored ADR (London)		266,818		3,780,847
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		759,198
				10,821,951
South Africa \| 4.5%
Barloworld, Ltd.		117,491		896,956
FirstRand, Ltd.		478,293		1,967,743
Mondi PLC		116,127		2,223,659
Naspers, Ltd., N Shares		10,810		1,642,328

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
The Bidvest Group, Ltd.		126,875	$	1,600,484
				8,331,170
South Korea \| 11.0%
DB Insurance Co., Ltd.		30,207		1,301,349
Fila Korea, Ltd.		21,058		1,019,728
NCSoft Corp.		5,120		2,226,627
S-Oil Corp.		16,261		1,357,264
Samsung Electronics Co., Ltd.		244,190		9,962,935
SK Hynix, Inc.		45,265		3,112,748
Woongjin Coway Co., Ltd.		18,679		1,322,194
				20,302,845
Taiwan \| 9.1%
Far EasTone Telecommunications Co., Ltd. (‡)		731,000		1,720,735
Formosa Plastics Corp. (‡)		914,000		2,804,353
Largan Precision Co., Ltd. (‡)		15,000		2,167,234
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		217,678		10,117,673
				16,809,995
Thailand \| 1.2%
Bangkok Bank Public Co. Ltd.		191,400		1,102,974
Kasikornbank Public Co. Ltd.		229,000		1,176,028
				2,279,002
United Kingdom \| 1.8%
Unilever NV NY Shares		56,900		3,415,707
Total Common Stocks (Cost $172,844,389)				183,394,067
Preferred Stocks \| 0.8%
Brazil \| 0.8%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,380,948)		167,143		1,405,673
Total Investments \| 99.8% (Cost $174,225,337)			$	184,799,740
Cash and Other Assets in Excess of Liabilities \| 0.2%				411,093
Net Assets \| 100.0%			$	185,210,833

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 98.4%
Argentina \| 0.2%
Globant SA (*)		174	$	15,935
Brazil \| 4.9%
Banco do Brasil SA		3,300		36,130
Banco Santander Brasil SA		4,600		50,185
BB Seguridade Participacoes SA		2,500		21,077
CCR SA		8,900		36,950
IRB Brasil Resseguros S/A		12,300		111,486
JBS SA		2,500		19,730
Lojas Renner SA		1,860		22,593
Petroleo Brasileiro SA		9,839		65,239
Vale SA		8,109		93,191
YDUQS Part (*)		2,400		20,841
				477,422
Brazil \| 0.3%
Minerva SA (*)		11,300		26,625
Chile \| 0.4%
Cia Cervecerias Unidas SA Sponsored ADR		1,867		41,429
China \| 32.2%
Air China, Ltd., Class H		22,000		19,483
Alibaba Group Holding, Ltd. Sponsored ADR (*)		2,631		439,982
Anhui Conch Cement Co., Ltd., Class H		9,500		56,665
Anhui Gujing Distillery Co., Ltd., Class A		1,300		20,986
ANTA Sports Products, Ltd.		5,000		41,407
Autohome, Inc. ADR (*)		310		25,770
Baidu, Inc. Sponsored ADR (*)		288		29,595
Bank of Nanjing Co., Ltd., Class A		12,500		15,085
Beijing Enterprises Holdings, Ltd.		6,500		29,970
China Aoyuan Group, Ltd.		18,000		20,433
China CITIC Bank Corp., Ltd., Class H		96,000		51,331
China Construction Bank Corp., Class H		176,000		133,838
China Evergrande Group		8,000		17,139
China Lesso Group Holdings, Ltd.		40,000		38,031
China Mengniu Dairy Co., Ltd.		4,000		14,929
China Merchants Bank Co., Ltd., Class H		17,500		83,841
China Mobile, Ltd.		4,000		33,197
China Resources Cement Holdings, Ltd.		28,000		28,119
China Resources Gas Group, Ltd.		6,000		29,610
China Resources Land, Ltd.		10,000		41,692
China SCE Group Holdings, Ltd.		37,000		17,114
China Telecom Corp., Ltd., Class H		180,000		82,254
China Unicom Hong Kong, Ltd.		78,000		82,467
China Vanke Co., Ltd., Class H		4,700		16,455
CITIC, Ltd.		21,000		26,434

Description	Shares		Fair Value
CNOOC, Ltd.		80,000	$	122,911
Country Garden Holdings Co., Ltd.		34,000		42,828
Country Garden Services Holdings Co., Ltd.		13,000		37,685
CSPC Pharmaceutical Group, Ltd.		34,000		68,747
ENN Energy Holdings, Ltd.		1,900		19,726
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,800		27,774
Fujian Sunner Development Co., Ltd., Class A		8,900		30,869
Hualan Biological Engineering, Inc., Class A		5,700		27,467
Huaxin Cement Co., Ltd., Class A		6,580		17,467
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A		3,900		15,532
Industrial & Commercial Bank of China, Ltd., Class H		103,000		68,777
Industrial Bank Co., Ltd., Class A		12,100		29,833
JD.com, Inc. ADR (*)		1,060		29,903
Jiangsu Hengrui Medicine Co., Ltd., Class A		1,800		20,415
Kunlun Energy Co., Ltd.		22,000		18,967
LexinFintech Holdings, Ltd. ADR (*)		1,560		15,647
Li Ning Co., Ltd.		14,000		40,261
Longfor Group Holdings, Ltd.		6,500		24,375
Luxshare Precision Industry Co., Ltd., Class A		5,100		19,313
Luzhou Laojiao Co., Ltd., Class A		1,700		20,366
Momo, Inc. Sponsored ADR		417		12,919
NetEase, Inc. ADR		109		29,014
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		498		55,158
PetroChina Co., Ltd., Class H		104,000		53,667
PICC Property & Casualty Co., Ltd., Class H		24,000		28,176
Ping An Bank Co., Ltd., Class A		11,000		24,141
Ping An Insurance (Group) Co. of China, Ltd., Class H		17,000		196,736
Sany Heavy Industry Co., Ltd., Class A		11,200		22,509
Sunny Optical Technology Group Co., Ltd.		1,200		17,900
Tangshan Jidong Cement Co., Ltd., Class A		8,500		18,356
Tencent Holdings, Ltd.		9,500		403,177
Tencent Music Entertainment Group ADR (*)		2,600		33,202
Vipshop Holdings, Ltd. ADR (*)		2,575		22,969
Weichai Power Co., Ltd., Class A		25,700		40,665
Wens Foodstuffs Group Co., Ltd., Class A		4,400		22,987
West China Cement, Ltd.		108,000		17,661
YY, Inc. ADR (*)		219		12,314
Zhengzhou Coal Mining Machinery Group Co., Ltd., Class A		23,000		20,008
				3,126,249
Colombia \| 0.4%
Ecopetrol SA Sponsored ADR		2,173		37,006

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Greece \| 0.4%
Hellenic Telecommunications Organization SA		1,759	$	24,244
JUMBO SA		668		12,692
				36,936
Hong Kong \| 0.4%
Sino Biopharmaceutical, Ltd.		28,500		36,444
Hungary \| 0.7%
Magyar Telekom Telecommunications PLC		9,309		13,333
MOL Hungarian Oil & Gas PLC		5,635		53,001
				66,334
India \| 7.3%
Axis Bank, Ltd. GDR		921		44,915
Dr Reddy’s Laboratories, Ltd. ADR		508		19,248
GAIL India, Ltd. GDR		5,622		62,431
HDFC Bank, Ltd. ADR		2,410		137,490
ICICI Bank, Ltd. Sponsored ADR		5,232		63,726
Infosys, Ltd. Sponsored ADR		13,329		151,551
Reliance Industries, Ltd. Sponsored GDR (a), (#)		1,959		73,065
State Bank of India GDR (*)		1,036		39,802
Wipro, Ltd. ADR		13,892		50,706
WNS Holdings, Ltd. ADR (*)		1,196		70,265
				713,199
Indonesia \| 2.9%
PT Bank Central Asia Tbk		27,300		58,393
PT Bank Mandiri (Persero) Tbk		107,800		52,998
PT Bank Rakyat Indonesia (Persero) Tbk		230,800		67,026
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		2,186		65,820
PT Unilever Indonesia Tbk		12,700		41,670
				285,907
Malaysia \| 1.6%
Bermaz Auto Berhad		32,200		17,552
Genting Malaysia Berhad		19,300		13,999
MISC Berhad		10,100		18,796
Nestle Malaysia Berhad		800		27,840
Petronas Chemicals Group Berhad		13,400		24,155
RHB Bank Bhd		37,300		50,251
				152,593
Mexico \| 2.6%
Alfa SAB de CV, Class A		29,000		25,467
America Movil SAB de CV, Class L Sponsored ADR		5,220		77,569

Description	Shares		Fair Value
Grupo Aeroportuario del Centro Norte SAB de CV		7,600	$	45,090
Qualitas Controladora SAB de CV		8,800		31,612
Wal-Mart de Mexico SAB de CV		23,700		70,233
				249,971
Peru \| 0.2%
Credicorp, Ltd.		77		16,050
Philippines \| 2.0%
Ayala Land, Inc.		19,400		18,519
Cebu Air, Inc.		21,780		37,830
DMCI Holdings, Inc.		118,000		18,938
International Container Terminal Services, Inc.		15,150		35,265
JG Summit Holdings, Inc.		18,370		25,683
Megaworld Corp.		148,400		12,520
SM Investments Corp.		2,260		42,293
				191,048
Poland \| 1.6%
CD Projekt SA		320		19,454
Dino Polska SA (*)		770		30,182
Enea SA (*)		8,276		17,754
PGE Polska Grupa Energetyczna SA (*)		4,020		8,014
PLAY Communications SA		2,391		16,398
Powszechna Kasa Oszczednosci Bank Polski SA		5,199		51,028
Tauron Polska Energia SA (*)		25,536		9,865
				152,695
Russia \| 5.1%
Gazprom PJSC Sponsored ADR		8,493		58,512
LUKOIL PJSC Sponsored ADR		1,203		99,339
MMC Norilsk Nickel PJSC ADR		2,215		56,691
Novatek OAO Sponsored GDR		91		18,417
Novolipetsk Steel PJSC GDR		1,637		35,571
RusHydro PJSC ADR		23,996		19,452
Sberbank of Russia PJSC Sponsored ADR		6,269		88,833
Severstal PJSC GDR		2,481		35,605
Tatneft PJSC Sponsored ADR		945		59,981
VTB Bank PJSC GDR		16,129		20,886
				493,287
South Africa \| 3.2%
Anglo American Platinum, Ltd.		1,235		74,480
Capitec Bank Holdings, Ltd.		197		16,753
Exxaro Resources, Ltd.		1,226		10,575
FirstRand, Ltd.		8,761		36,044

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Harmony Gold Mining Co., Ltd. Sponsored ADR (*)		7,342	$	20,851
MTN Group, Ltd.		5,574		35,456
Naspers, Ltd., N Shares		779		118,351
				312,510
South Korea \| 13.7%
AfreecaTV Co., Ltd.		384		20,667
Daelim Industrial Co., Ltd.		554		48,281
Douzone Bizon Co., Ltd.		356		19,373
Hana Financial Group, Inc.		996		29,398
Hanwha Aerospace Co., Ltd. (*)		505		17,820
Hyundai Mobis Co., Ltd.		184		38,866
Industrial Bank of Korea		4,472		49,361
KB Financial Group, Inc. ADR		1,259		44,971
Kia Motors Corp.		2,214		84,648
Koentec Co., Ltd.		2,699		24,041
KT&G Corp.		1,061		93,663
LG Chem, Ltd.		71		17,711
LG Electronics, Inc.		341		19,143
LG Household & Health Care, Ltd.		51		55,821
LG Uplus Corp.		4,724		54,008
NCSoft Corp.		93		40,445
POSCO		107		20,266
Samsung Electro-Mechanics Co., Ltd.		258		22,311
Samsung Electronics Co., Ltd. GDR		474		482,483
Samsung SDS Co., Ltd.		202		32,270
SK Hynix, Inc.		1,177		80,939
Soulbrain Co., Ltd.		522		31,863
				1,328,349
Taiwan \| 12.7%
Advantech Co., Ltd. (‡)		8,000		70,909
Asia Cement Corp. (‡)		37,000		52,021
Chailease Holding Co., Ltd. (‡)		8,240		33,441
Chicony Electronics Co., Ltd. (‡)		10,000		29,677
Delta Electronics, Inc. (‡)		8,000		34,417
Eva Airways Corp. (‡)		61,790		27,385
Feng TAY Enterprise Co., Ltd. (‡)		8,900		64,293
International Games System Co., Ltd. (‡)		3,000		37,890
Makalot Industrial Co., Ltd. (‡)		3,250		17,358
Nanya Technology Corp. (‡)		9,000		23,524
President Chain Store Corp. (‡)		5,000		47,079
Rexon Industrial Corp., Ltd. (‡)		7,000		20,228
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		12,005		557,992
Taiwan Styrene Monomer (‡)		21,000		14,831
Uni-President Enterprises Corp. (‡)		12,000		29,145

Description	Shares		Fair Value
Yuanta Financial Holding Co., Ltd. (‡)		226,000	$	135,784
Zhen Ding Technology Holding, Ltd. (‡)		11,000		39,643
				1,235,617
Thailand \| 4.2%
Advanced Info Service Public Co. Ltd. (‡)		4,700		33,807
Central Pattana Public Co. Ltd. NVDR		6,500		14,482
Com7 Public Co., Ltd NVDR		43,300		34,571
CP ALL Public Co. Ltd. (‡)		14,400		38,254
Home Product Center Public Co. Ltd.		66,900		37,404
Krungthai Card Public Co. Ltd. NVDR		28,600		39,870
PTG Energy Public Co. Ltd. NVDR		26,100		16,100
PTT Exploration & Production Public Co. Ltd. (‡)		12,500		49,452
Ratch Group Public Co., Ltd NVDR		19,700		46,066
Supalai Public Co. Ltd.		23,700		13,948
Thanachart Capital Public Co., Ltd. NVDR		27,900		51,945
Tisco Financial Group Public Co. Ltd. NVDR		10,000		33,571
				409,470
Turkey \| 1.0%
BIM Birlesik Magazalar AS		2,584		22,506
Haci Omer Sabanci Holding AS		9,844		16,700
Turk Telekomunikasyon AS (*)		22,575		23,237
Turkiye Garanti Bankasi AS ADR (*)		19,375		33,713
				96,156
United States \| 0.4%
Yum China Holdings, Inc.		981		44,567
Total Common Stocks (Cost $9,258,658)				9,545,799
Preferred Stocks \| 0.5%
Brazil \| 0.5%
Banco Bradesco SA ADR (Cost $56,426)		5,917		48,164
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $120,533)		120,533		120,533
Total Investments \| 100.1% (Cost $9,435,617)			$	9,714,496
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(9,120	)
Net Assets \| 100.0%			$	9,705,376

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 95.9%
Brazil \| 5.7%
Ambev SA ADR		101,905	$	470,801
Banco ABC Brasil SA		69,900		301,137
Banco do Brasil SA		118,657		1,299,103
CCR SA		252,930		1,050,083
Cia de Saneamento do Parana		13,100		265,471
Cielo SA Sponsored ADR		227,281		436,380
Iochpe Maxion SA		65,799		303,740
JSL SA		60,478		249,630
StoneCo, Ltd., Class A (*)		15,935		554,219
YDUQS Part (*)		31,300		271,797
				5,202,361
Canada \| 0.7%
First Quantum Minerals, Ltd.		79,415		667,162
Chile \| 0.2%
Geopark, Ltd. (*)		10,619		195,496
China \| 26.9%
A-Living Services Co., Ltd., Class H		136,500		316,863
Alibaba Group Holding, Ltd. Sponsored ADR (*)		12,346		2,064,622
Anhui Conch Cement Co., Ltd., Class H		149,000		888,738
Ausnutria Dairy Corp., Ltd.		208,000		272,093
Autohome, Inc. ADR (*)		8,654		719,407
Baidu, Inc. Sponsored ADR (*)		7,743		795,671
Beijing Enterprises Water Group, Ltd.		902,000		463,668
China Construction Bank Corp., Class H		2,903,281		2,207,781
China Meidong Auto Holdings, Ltd.		262,000		234,355
China Merchants Bank Co., Ltd., Class H		116,000		555,747
China Mobile, Ltd. Sponsored ADR		21,027		870,518
China Shenhua Energy Co., Ltd., Class H		465,500		931,802
China State Construction International Holdings, Ltd.		1,284,249		1,201,512
China Tian Lun Gas Holdings, Ltd.		233,500		222,710
CNOOC, Ltd.		626,800		963,011
Focused Photonics Hangzhou, Inc., Class A		289,838		691,528
Huami Corp. ADR (*)		21,048		210,480
JNBY Design, Ltd.		304,500		438,813
Luye Pharma Group, Ltd.		379,000		270,656
NetEase, Inc. ADR		14,284		3,802,115
Ping An Insurance (Group) Co. of China, Ltd., Class H		185,500		2,146,737
Precision Tsugami China Corp., Ltd.		220,000		189,251
Tencent Holdings, Ltd.		37,700		1,599,977
Tianyun International Holdings, Ltd.		1,582,000		207,078
West China Cement, Ltd.		1,458,000		238,427

Description	Shares		Fair Value
Wuliangye Yibin Co., Ltd. Class A		47,000	$	857,488
Zhuzhou CRRC Times Electric Co., Ltd., Class H		75,300		313,190
ZTO Express Cayman, Inc. ADR		51,526		1,099,050
				24,773,288
Colombia \| 2.0%
Bancolombia SA Sponsored ADR		36,892		1,824,309
Egypt \| 1.2%
Commercial International Bank Egypt SAE GDR		173,275		797,594
Credit Agricole Egypt SAE		69,032		176,075
Dice Sport & Casual Wear (*)		1,208,623		116,483
				1,090,152
Estonia \| 0.1%
Tallinna Sadam AS		48,954		104,908
Georgia \| 0.5%
Bank of Georgia Group PLC		16,825		276,379
TBC Bank Group PLC		9,763		148,418
				424,797
Greece \| 0.3%
OPAP SA		27,035		278,245
Hong Kong \| 1.6%
China Water Affairs Group, Ltd.		396,000		307,871
Kingboard Laminates Holdings, Ltd.		201,000		182,484
NewOcean Energy Holdings, Ltd. (*)		496,000		93,664
Techtronic Industries Co., Ltd.		103,282		724,828
TK Group Holdings, Ltd.		308,000		140,453
				1,449,300
Hungary \| 1.1%
OTP Bank Nyrt.		24,861		1,035,820
India \| 12.1%
Axis Bank, Ltd.		191,918		1,855,196
Bajaj Auto, Ltd.		21,669		899,650
Bharat Electronics, Ltd.		200,540		306,791
Escorts, Ltd.		36,718		300,783
Graphite India, Ltd.		55,993		230,336
HCL Technologies, Ltd.		33,517		511,353
ICICI Bank, Ltd. Sponsored ADR		175,800		2,141,244
Infosys, Ltd. Sponsored ADR		53,600		609,432
Jubilant Life Sciences, Ltd.		48,408		345,122
Kiri Industries, Ltd.		29,310		171,286
Mahanagar Gas, Ltd.		23,884		307,363
Petronet LNG, Ltd.		76,241		279,904
Reliance Industries, Ltd.		60,637		1,139,949
Shriram Transport Finance Co., Ltd.		18,423		278,510
Tata Consultancy Services, Ltd.		40,515		1,199,840

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
The South Indian Bank, Ltd.		379,265	$	58,100
Uflex, Ltd.		47,212		143,350
UPL, Ltd.		42,138		359,182
				11,137,391
Indonesia \| 4.6%
PT Bank Mandiri (Persero) Tbk		2,430,800		1,195,054
PT Bank Pembangunan Daerah Jawa Timur Tbk		2,963,500		132,583
PT Bank Rakyat Indonesia (Persero) Tbk		4,658,690		1,352,916
PT Bekasi Fajar Industrial Estate Tbk		9,411,600		170,141
PT Erajaya Swasembada Tbk		968,200		125,010
PT Media Nusantara Citra Tbk		2,872,800		250,332
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		33,530		1,009,588
				4,235,624
Kenya \| 0.2%
KCB Group, Ltd.		442,400		178,882
Kuwait \| 0.2%
Human Soft Holding Co. KSC		22,392		230,029
Malaysia \| 0.5%
Hibiscus Petroleum Berhad (*)		1,073,300		243,738
Malaysia Airports Holdings Berhad		109,600		226,837
				470,575
Mexico \| 3.4%
America Movil SAB de CV, Class L Sponsored ADR		67,743		1,006,661
Credito Real SAB de CV		101,900		116,131
Grupo Cementos de Chihuahua SAB de CV		65,400		349,304
Grupo Financiero Banorte SAB de CV, Class O		114,290		614,307
Grupo Mexico SAB de CV, Series B		184,901		432,316
Kimberly-Clark de Mexico SAB de CV, Series A		297,100		596,639
				3,115,358
Oman \| 0.2%
Ooredoo		160,160		217,876
Pakistan \| 0.2%
Bank Alfalah, Ltd.		594,000		155,581
Philippines \| 1.1%
Alliance Global Group, Inc.		903,500		190,323
Bloomberry Resorts Corp.		1,288,600		270,124
International Container Terminal Services, Inc.		97,150		226,138

Description	Shares		Fair Value
PLDT, Inc. Sponsored ADR		13,582	$	298,804
				985,389
Poland \| 0.1%
Eurocash SA		24,650		129,172
Russia \| 7.3%
Gazprom PJSC Sponsored ADR		84,499		582,151
LUKOIL PJSC Sponsored ADR		12,273		1,015,345
Mobile TeleSystems PJSC Sponsored ADR		104,200		844,020
Sberbank of Russia PJSC		299,530		1,051,669
Sberbank of Russia PJSC Sponsored ADR		106,047		1,499,769
TCS Group Holding PLC GDR		14,610		255,842
Yandex NV Class A (*)		41,500		1,452,915
				6,701,711
South Africa \| 1.0%
Standard Bank Group, Ltd.		76,411		882,641
South Korea \| 14.1%
BGF retail Co., Ltd.		1,589		261,225
ELP Corp.		8,031		67,523
Eugene Technology Co., Ltd.		24,357		281,200
Hanwha Life Insurance Co., Ltd.		30,099		59,914
HS Industries Co., Ltd.		44,152		382,722
Hyundai Mobis Co., Ltd.		5,199		1,098,166
InBody Co., Ltd.		12,353		233,545
Innocean Worldwide, Inc.		5,633		313,842
KT&G Corp.		6,701		591,555
NCSoft Corp.		3,182		1,383,814
Nice Information & Telecommunication, Inc.		8,438		250,799
Samjin Pharmaceutical Co., Ltd.		4,746		99,534
Samsung Electronics Co., Ltd.		104,002		4,243,274
SFA Engineering Corp.		9,482		334,669
Shinhan Financial Group Co., Ltd.		28,744		1,001,851
SK Hynix, Inc.		30,830		2,120,093
Tokai Carbon Korea Co., Ltd.		5,563		250,402
				12,974,128
Taiwan \| 7.4%
Hon Hai Precision Industry Co., Ltd. (‡)		250,136		594,451
Largan Precision Co., Ltd. (‡)		7,614		1,100,088
MediaTek, Inc. (‡)		91,000		1,090,228
Nien Made Enterprise Co., Ltd. (‡)		32,000		282,605
Powertech Technology, Inc. (‡)		116,000		328,432
Silicon Motion Technology Corp. ADR		20,324		718,453
TaiDoc Technology Corp. (‡)		76,000		335,581
Taiwan Semiconductor Manufacturing Co., Ltd. (‡)		217,720		1,948,669
TCI Co., Ltd. (‡)		22,979		233,149

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
TSC Auto ID Technology Co., Ltd. (‡)		18,700	$	146,625
				6,778,281
Turkey \| 1.0%
KOC Holding AS ADR		58,267		966,650
Ukraine \| 0.2%
Kernel Holding SA		15,235		167,347
United Arab Emirates \| 2.0%
NMC Health PLC		54,025		1,799,438
Total Common Stocks (Cost $89,770,548)				88,171,911
Preferred Stocks \| 1.4%
Brazil \| 1.4%
Banco Bradesco SA ADR (Cost $1,453,122)		160,008		1,302,465
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,089,540)		2,089,540		2,089,540
Total Investments \| 99.6% (Cost $93,313,210)			$	91,563,916
Cash and Other Assets in Excess of Liabilities \| 0.4%				347,021
Net Assets \| 100.0%			$	91,910,937

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 98.3%
Brazil \| 9.0%
Ambev SA ADR		11,708,861	$	54,094,938
Banco do Brasil SA		21,974,926		240,589,991
BB Seguridade Participacoes SA		16,651,700		140,388,946
CCR SA		34,449,445		143,022,883
Cielo SA		33,401,319		64,311,376
IRB Brasil Resseguros S/A		7,727,400		70,040,285
				712,448,419
China \| 19.8%
AAC Technologies Holdings, Inc.		12,366,659		66,140,784
Anhui Conch Cement Co., Ltd., Class H		20,800,951		124,071,143
Baidu, Inc. Sponsored ADR (*)		733,794		75,404,671
China Construction Bank Corp., Class H		534,252,220		406,268,627
China Merchants Bank Co., Ltd., Class H		16,987,000		81,383,367
China Mobile, Ltd. Sponsored ADR		3,085,590		127,743,426
China Shenhua Energy Co., Ltd., Class H		29,196,610		58,443,536
CNOOC, Ltd.		51,338,000		78,875,308
ENN Energy Holdings, Ltd.		7,992,100		82,976,911
Hengan International Group Co., Ltd.		11,272,000		73,606,797
NetEase, Inc. ADR		926,764		246,686,042
Weichai Power Co., Ltd., Class H		94,502,288		137,017,743
				1,558,618,355
Egypt \| 1.2%
Commercial International Bank Egypt SAE GDR		21,149,805		97,353,737
Hong Kong \| 1.4%
ASM Pacific Technology, Ltd.		8,757,300		107,581,098
Hungary \| 2.0%
OTP Bank Nyrt.		3,731,115		155,454,888
India \| 11.2%
Axis Bank, Ltd.		10,008,031		96,743,720
Bajaj Auto, Ltd.		1,735,419		72,050,878
Bharat Petroleum Corp., Ltd.		11,289,085		74,915,769
Bharti Infratel, Ltd.		7,436,304		27,009,734
Coal India, Ltd.		18,458,871		52,103,671
HCL Technologies, Ltd.		6,624,324		101,064,266
Hero MotoCorp, Ltd.		2,601,659		99,330,208
Infosys, Ltd. Sponsored ADR		8,050,052		91,529,091
Oil and Natural Gas Corp., Ltd.		34,758,764		64,816,649
Tata Consultancy Services, Ltd.		5,015,921		148,545,005
UPL, Ltd.		6,631,216		56,524,055
				884,633,046
Indonesia \| 5.2%
PT Astra International Tbk		203,635,500		94,917,337

Description	Shares		Fair Value
PT Bank Mandiri (Persero) Tbk		304,856,542	$	149,876,513
PT Semen Indonesia (Persero) Tbk		22,108,297		17,997,134
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		4,779,610		143,914,057
				406,705,041
Luxembourg \| 0.8%
Ternium SA Sponsored ADR		3,211,944		61,637,205
Malaysia \| 0.4%
British American Tobacco Malaysia Berhad		7,410,300		33,523,360
Mexico \| 3.8%
America Movil SAB de CV, Class L Sponsored ADR		11,413,185		169,599,929
Grupo Mexico SAB de CV, Series B		22,170,447		51,836,649
Kimberly-Clark de Mexico SAB de CV, Series A		38,403,495		77,122,251
				298,558,829
Pakistan \| 0.8%
Habib Bank, Ltd.		20,415,880		15,428,371
Oil & Gas Development Co., Ltd.		2,490,117		1,955,768
Pakistan Petroleum, Ltd.		51,465,552		44,858,611
				62,242,750
Philippines \| 0.8%
PLDT, Inc. Sponsored ADR		2,718,378		59,804,316
Portugal \| 0.2%
Galp Energia SGPS SA		1,163,723		17,504,262
Russia \| 9.3%
ALROSA PAO (*)		94,157,560		108,073,200
Gazprom PJSC Sponsored ADR		13,346,448		91,949,539
LUKOIL PJSC Sponsored ADR		1,505,356		124,306,664
Magnit PJSC Sponsored GDR		5,486,525		71,659,657
Mobile TeleSystems PJSC Sponsored ADR		13,377,743		108,359,718
Sberbank of Russia PJSC		66,273,992		232,692,161
				737,040,939
South Africa \| 7.1%
Life Healthcare Group Holdings, Ltd.		38,687,474		57,960,388
Mondi PLC		2,884,170		55,227,551
Motus Holdings, Ltd.		4,825,019		21,944,230
Nedbank Group, Ltd.		4,090,250		61,374,693
PPC, Ltd. (*)		30,657,480		8,121,585
Sanlam, Ltd.		13,528,026		66,716,770
Shoprite Holdings, Ltd.		8,466,503		68,680,601
Standard Bank Group, Ltd.		6,078,115		70,209,673
The Bidvest Group, Ltd.		5,172,847		65,253,661
Vodacom Group, Ltd.		10,188,860		80,520,086
				556,009,238

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
South Korea \| 15.2%
Hanwha Life Insurance Co., Ltd.		6,444,277	$	12,827,699
Hyundai Mobis Co., Ltd.		579,125		122,326,497
KB Financial Group, Inc.		3,205,054		114,650,303
KT&G Corp.		895,322		79,037,754
Samsung Electronics Co., Ltd.		9,154,408		373,499,212
Shinhan Financial Group Co., Ltd.		4,305,551		150,066,869
SK Hynix, Inc.		3,754,184		258,164,752
Woongjin Coway Co., Ltd.		1,271,831		90,026,625
				1,200,599,711
Taiwan \| 5.4%
Catcher Technology Co., Ltd. (‡)		11,389,000		86,899,195
Hon Hai Precision Industry Co., Ltd. (‡)		38,923,425		92,501,866
Taiwan Semiconductor Manufacturing Co., Ltd. (‡)		27,360,284		244,884,000
				424,285,061
Thailand \| 1.6%
Kasikornbank Public Co. Ltd.		13,202,554		67,801,635
The Siam Cement Public Co. Ltd. (‡)		4,624,100		61,684,905
				129,486,540
Turkey \| 3.1%
KOC Holding AS		29,875,060		100,123,171
Tupras Turkiye Petrol Rafinerileri AS		5,786,894		146,926,128
				247,049,299
Total Common Stocks (Cost $7,552,372,439)				7,750,536,094
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $114,476,812)		114,476,812		114,476,812
Total Investments \| 99.8% (Cost $7,666,849,251)			$	7,865,012,906
Cash and Other Assets in Excess of Liabilities \| 0.2%				15,954,036
Net Assets \| 100.0%			$	7,880,966,942

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 96.5%
Belgium \| 3.0%
Anheuser-Busch InBev SA/NV		12,820	$	1,220,464
France \| 2.0%
Bureau Veritas SA		33,364		804,517
Germany \| 4.9%
Fresenius Medical Care AG & Co. KGaA		30,085		2,021,944
Hong Kong \| 1.0%
Power Assets Holdings, Ltd.		60,400		405,965
Italy \| 1.0%
Atlantia SpA		16,841		407,777
Luxembourg \| 6.6%
SES SA		147,179		2,684,203
Spain \| 2.0%
Industria de Diseno Textil SA		26,595		823,814
United Kingdom \| 6.1%
National Grid PLC		111,300		1,206,791
United Utilities Group PLC		124,703		1,265,749
				2,472,540
United States \| 69.9%
Alphabet, Inc., Class C (*)		650		792,350
Cognizant Technology Solutions Corp., Class A		27,104		1,633,423
CVS Health Corp.		39,235		2,474,551
H&R Block, Inc.		85,857		2,027,942
Henry Schein, Inc. (*)		19,763		1,254,951
Intel Corp.		15,944		821,594
International Game Technology PLC		181,350		2,576,983
IPG Photonics Corp. (*)		14,838		2,012,033
McKesson Corp.		6,692		914,529
MEDNAX, Inc. N Ap (*)		90,610		2,049,598
Medtronic PLC		3,780		410,584
Nielsen Holdings PLC		114,080		2,424,200
Norfolk Southern Corp.		6,656		1,195,817
Omnicom Group, Inc.		21,120		1,653,696
Oracle Corp.		30,091		1,655,908
Stericycle, Inc. (*)		50,188		2,556,075
Tapestry, Inc.		77,987		2,031,561
				28,485,795
Total Common Stocks (Cost $40,682,343)				39,327,019

Description	Shares		Fair Value
Short-Term Investments \| 8.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,379,728)		3,379,728	$	3,379,728
Total Investments \| 104.8% (Cost $44,062,071)			$	42,706,747
Liabilities in Excess of Cash and Other Assets \| (4.8)%				(1,955,892	)
Net Assets \| 100.0%			$	40,750,855

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 96.2%
Belgium \| 1.6%
Anheuser-Busch InBev SA/NV		13,360	$	1,271,872
Canada \| 5.5%
CAE, Inc.		34,854		885,523
Canadian National Railway Co.		14,447		1,297,215
Dollarama, Inc.		26,790		959,090
National Bank of Canada		22,669		1,127,932
				4,269,760
China \| 2.4%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		3,485		582,797
Tencent Holdings, Ltd.		29,423		1,248,703
				1,831,500
Finland \| 0.8%
Sampo Oyj, A Shares		16,117		641,183
France \| 1.0%
Ubisoft Entertainment SA (*)		10,830		783,263
Germany \| 1.2%
Symrise AG		9,172		891,410
Hong Kong \| 2.9%
AIA Group, Ltd.		136,783		1,283,457
Hang Seng Bank, Ltd.		44,621		965,368
				2,248,825
Israel \| 1.2%
Bank Leumi Le-Israel BM		130,643		929,907
Japan \| 5.4%
Daiwa House Industry Co., Ltd.		25,773		839,752
Kansai Paint Co., Ltd.		28,967		677,051
Kao Corp.		11,353		841,975
TechnoPro Holdings, Inc.		15,824		938,178
Yamaha Corp.		19,064		862,450
				4,159,406
Netherlands \| 2.6%
Wolters Kluwer NV		27,894		2,037,286
Singapore \| 1.4%
Oversea-Chinese Banking Corp., Ltd.		134,324		1,058,589
South Africa \| 1.4%
Distell Group Holdings, Ltd.		75,143		674,827
Sanlam, Ltd.		88,822		438,048
				1,112,875
Sweden \| 3.0%
Assa Abloy AB, Class B		28,046		624,778
Epiroc AB, Class A		87,775		952,940

Description	Shares		Fair Value
Hexagon AB, B Shares		15,723	$	759,740
				2,337,458
Switzerland \| 4.1%
ABB, Ltd.		40,827		801,894
Alcon, Inc. (*)		8,889		518,782
Novartis AG		11,928		1,035,533
Partners Group Holding AG		1,035		793,943
				3,150,152
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		18,876		877,356
United Kingdom \| 11.5%
Bunzl PLC		19,611		512,719
Coca-Cola European Partners PLC		20,759		1,151,086
Compass Group PLC		41,948		1,079,310
Diageo PLC		41,444		1,695,895
Prudential PLC		52,605		955,357
RELX PLC		62,417		1,484,780
The Weir Group PLC		23,534		412,997
Unilever PLC		26,614		1,600,257
				8,892,401
United States \| 49.1%
Accenture PLC, Class A		8,081		1,554,380
Alphabet, Inc., Class A (*)		1,848		2,256,667
Aon PLC		10,274		1,988,738
Boston Scientific Corp. (*)		27,873		1,134,152
Cisco Systems, Inc.		19,782		977,429
CoreLogic, Inc. (*)		15,499		717,139
Dollar General Corp.		6,342		1,007,998
E*TRADE Financial Corp.		16,965		741,201
Honeywell International, Inc.		8,760		1,482,192
Intercontinental Exchange, Inc.		16,782		1,548,475
IQVIA Holdings, Inc. (*)		12,943		1,933,425
Johnson & Johnson		13,462		1,741,714
Kimberly-Clark Corp.		7,530		1,069,637
Lowe’s Cos., Inc.		6,253		687,580
McDonald’s Corp.		6,367		1,367,059
Microsoft Corp.		17,833		2,479,322
Motorola Solutions, Inc.		8,854		1,508,810
PTC, Inc. (*)		11,390		776,570
Rockwell Automation, Inc.		7,418		1,222,486
S&P Global, Inc.		5,682		1,391,976
Texas Instruments, Inc.		9,041		1,168,459
The Coca-Cola Co.		36,302		1,976,281
The Procter & Gamble Co.		10,635		1,322,781
Thermo Fisher Scientific, Inc.		7,631		2,222,681

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Visa, Inc., Class A		9,915	$	1,705,479
Zoetis, Inc.		16,430		2,047,014
				38,029,645
Total Common Stocks (Cost $61,458,585)				74,522,888
Short-Term Investments \| 4.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,471,750)		3,471,750		3,471,750
Total Investments \| 100.7% (Cost $64,930,335)			$	77,994,638
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(529,260	)
Net Assets \| 100.0%			$	77,465,378

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 93.2%
Australia \| 4.3%
Atlas Arteria, Ltd.		29,568,821	$	155,786,942
Spark Infrastructure Group		76,692,432		111,846,156
Transurban Group		3,974,674		39,455,382
				307,088,480
Canada \| 1.0%
ATCO, Ltd., Class I		1,898,489		69,471,070
France \| 7.5%
Eutelsat Communications SA		10,699,348		199,224,667
Vinci SA		3,177,863		342,536,021
				541,760,688
Germany \| 2.9%
Fraport AG		2,421,331		205,372,002
Hong Kong \| 3.8%
Power Assets Holdings, Ltd.		40,942,965		275,188,869
Italy \| 23.9%
ASTM SpA		1,719,544		55,019,896
Atlantia SpA		23,161,365		560,814,846
Hera SpA		39,520,106		162,345,964
Italgas SpA		30,203,945		195,122,470
Snam SpA		67,888,577		343,244,387
Societa Iniziative Autostradali e Servizi SpA		3,400,490		59,369,644
Terna SpA		52,911,901		339,816,630
				1,715,733,837
Luxembourg \| 4.3%
SES SA		16,870,725		307,682,829
Portugal \| 0.8%
REN - Redes Energeticas Nacionais SGPS SA		21,468,951		59,902,850
Spain \| 4.8%
Ferrovial SA		11,819,600		341,513,527
United Kingdom \| 19.5%
National Grid PLC		53,882,482		584,231,126
Pennon Group PLC		18,257,009		185,617,549
Severn Trent PLC		11,514,200		306,622,781
United Utilities Group PLC		32,161,949		326,447,187
				1,402,918,643
United States \| 20.4%
CSX Corp.		4,847,811		335,807,868
Kansas City Southern		2,272,203		302,225,721
Norfolk Southern Corp.		3,128,890		562,136,378

Description	Shares		Fair Value
Union Pacific Corp.		1,626,036	$	263,385,311
				1,463,555,278
Total Common Stocks (Cost $6,387,543,826)				6,690,188,073
Short-Term Investments \| 4.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $355,218,351)		355,218,351		355,218,351
Total Investments \| 98.1% (Cost $6,742,762,177) (»)			$	7,045,406,424
Cash and Other Assets in Excess of Liabilities \| 1.9%				134,434,893
Net Assets \| 100.0%			$	7,179,841,317

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	108,656,752	USD	73,636,138	CIT	12/27/19	$	—	$	99,419
AUD	172,839,790	USD	117,494,761	RBC	12/27/19		—		520,245
USD	65,609,828	AUD	96,207,736	BNP	12/27/19		498,355		—
USD	96,600,450	AUD	141,613,819	CIT	12/27/19		759,048		—
USD	95,891,210	AUD	140,610,369	HSB	12/27/19		728,922		—
USD	101,046,729	AUD	148,172,136	RBC	12/27/19		766,789		—
USD	63,623,890	AUD	93,298,369	SCB	12/27/19		481,418		—
USD	83,318,111	AUD	122,165,527	SSB	12/27/19		638,924		—
USD	22,131,970	CAD	29,336,480	BNP	12/27/19		—		44,251
USD	19,386,222	CAD	25,694,498	HSB	12/27/19		—		36,929
USD	5,919,550	CAD	7,845,801	RBC	12/27/19		—		11,299
USD	20,689,274	CAD	27,421,046	SCB	12/27/19		—		39,021
USD	173,589,978	EUR	157,725,906	BNP	12/27/19		508,304		—
USD	640,233,122	EUR	575,312,035	BNP	12/27/19		8,910,263		—
USD	333,745,251	EUR	299,974,160	CAN	12/27/19		4,566,418		—
USD	398,436,657	EUR	357,965,120	CIT	12/27/19		5,621,020		—
USD	399,612,965	EUR	359,204,280	HSB	12/27/19		5,437,528		—
USD	404,942,994	EUR	363,977,344	MEL	12/27/19		5,529,800		—
USD	375,082,898	EUR	337,195,600	RBC	12/27/19		5,058,846		—
USD	369,657,233	EUR	332,259,738	SSB	12/27/19		5,049,585		—
USD	75,456,134	GBP	60,895,920	CAN	12/27/19		309,625		—
USD	168,603,309	GBP	133,833,393	CAN	12/27/19		3,450,827		—
USD	207,986,928	GBP	165,130,587	HSB	12/27/19		4,213,225		—
USD	213,015,694	GBP	169,123,160	HSB	12/27/19		4,315,093		—
USD	234,614,840	GBP	186,271,737	HSB	12/27/19		4,752,631		—
USD	225,649,949	GBP	179,153,804	RBC	12/27/19		4,571,378		—
USD	260,525,204	GBP	206,908,079	SSB	12/27/19		5,197,428		—
USD	65,528,817	HKD	512,933,365	BNP	12/27/19		35,498		—
USD	114,143,467	HKD	893,480,815	HSB	12/27/19		60,375		—
USD	101,771,363	HKD	796,737,469	SSB	12/27/19		40,836		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	71,502,136	$	751,164

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 96.4%
Canada \| 6.6%
CAE, Inc.		3,198	$	81,251
Suncor Energy, Inc.		1,363		42,993
TMX Group, Ltd.		437		37,715
Toromont Industries, Ltd.		827		39,950
				201,909
China \| 2.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		241		40,302
Tencent Holdings, Ltd.		900		38,196
				78,498
Denmark \| 1.3%
Genmab A/S (*)		203		41,262
France \| 5.9%
Engie SA		3,034		49,569
Safran SA		336		52,967
Ubisoft Entertainment SA (*)		163		11,789
Vivendi SA		2,496		68,546
				182,871
Germany \| 4.0%
Beiersdorf AG		262		30,913
Infineon Technologies AG		1,753		31,512
Scout24 AG		699		39,866
Teamviewer AG (*)		800		21,529
				123,820
Hong Kong \| 1.5%
AIA Group, Ltd.		5,000		46,916
Ireland \| 0.6%
Ryanair Holdings PLC Sponsored ADR (*)		259		17,192
Israel \| 1.5%
Bank Leumi Le-Israel BM		6,300		44,843
Japan \| 4.4%
Digital Garage, Inc.		900		28,867
Nexon Co., Ltd. (*)		2,100		25,487
Suzuki Motor Corp.		600		25,487
TechnoPro Holdings, Inc.		500		29,644
Toei Animation Co., Ltd.		600		27,233
				136,718
Netherlands \| 1.5%
Koninklijke DSM NV		373		44,868
New Zealand \| 1.0%
Mainfreight, Ltd.		1,211		30,223

Description	Shares		Fair Value
South Africa \| 0.7%
Sanlam, Ltd.		4,412	$	21,759
South Korea \| 1.1%
SK Hynix, Inc.		477		32,802
Switzerland \| 4.8%
Alcon, Inc. (*)		392		22,878
Novartis AG		592		51,395
Partners Group Holding AG		58		44,491
The Swatch Group AG		107		28,454
				147,218
Taiwan \| 0.9%
Merida Industry Co., Ltd. (‡)		5,000		28,653
United Kingdom \| 6.8%
Coca-Cola European Partners PLC		909		50,716
Informa PLC		4,245		44,460
Prudential PLC		1,559		28,313
RELX PLC		2,524		60,041
Rio Tinto PLC		488		25,348
				208,878
United States \| 51.2%
Accenture PLC, Class A		316		60,783
Alphabet, Inc., Class A (*)		123		150,200
Aon PLC		414		80,138
Bank of America Corp.		1,815		52,944
Baxter International, Inc.		570		49,858
CoreLogic, Inc. (*)		1,057		48,907
Danaher Corp.		393		56,761
Deere & Co.		184		31,037
Dollar General Corp.		318		50,543
Elanco Animal Health, Inc. (*)		1,899		50,494
Electronic Arts, Inc. (*)		506		49,497
EOG Resources, Inc.		265		19,668
Fidelity National Information Services, Inc.		263		34,916
Intercontinental Exchange, Inc.		1,129		104,173
IPG Photonics Corp. (*)		109		14,780
IQVIA Holdings, Inc. (*)		578		86,342
Medtronic PLC		576		62,565
Microsoft Corp.		799		111,085
Palo Alto Networks, Inc. (*)		230		46,881
PTC, Inc. (*)		456		31,090
Raytheon Co.		295		57,876
S&P Global, Inc.		314		76,924
The Coca-Cola Co.		1,524		82,967
Union Pacific Corp.		173		28,022
Visa, Inc., Class A		470		80,845

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Zoetis, Inc.		432	$	53,823
				1,573,119
Total Common Stocks (Cost $2,502,740)				2,961,549
Short-Term Investments \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $99,153)		99,153		99,153
Total Investments \| 99.6% (Cost $2,601,893)			$	3,060,702
Cash and Other Assets in Excess of Liabilities \| 0.4%				12,551
Net Assets \| 100.0%			$	3,073,253

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks \| 95.6%
Australia \| 1.8%
Ramsay Health Care, Ltd.		1,513	$	66,318
Canada \| 13.9%
CAE, Inc.		3,572		90,753
Canadian National Railway Co.		1,192		107,031
Dollarama, Inc.		3,522		126,089
National Bank of Canada		1,524		75,829
Toromont Industries, Ltd.		2,060		99,513
				499,215
China \| 4.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		409		68,397
Tencent Holdings, Ltd.		2,500		106,099
				174,496
Denmark \| 4.6%
Coloplast A/S, Class B		733		88,366
Genmab A/S (*)		385		78,256
				166,622
France \| 3.7%
Legrand SA		1,052		75,141
Ubisoft Entertainment SA (*)		816		59,016
				134,157
Germany \| 4.7%
SAP SE		783		92,053
Symrise AG		789		76,681
				168,734
India \| 3.9%
HDFC Bank, Ltd. ADR		2,460		140,343
Israel \| 1.9%
Check Point Software Technologies, Ltd. (*)		638		69,861
Japan \| 8.1%
Pigeon Corp.		1,600		65,931
Shimano, Inc.		300		45,377
SMS Co., Ltd.		4,200		102,734
Toei Animation Co., Ltd.		1,700		77,161
				291,203
Netherlands \| 4.5%
ASML Holding NV		350		86,871
Wolters Kluwer NV		1,008		73,621
				160,492
Norway \| 1.9%
Gjensidige Forsikring ASA		3,513		69,718

Description	Shares		Fair Value
Philippines \| 0.9%
Universal Robina Corp.		10,390	$	31,285
South Africa \| 4.1%
Clicks Group, Ltd.		6,011		85,377
Mr Price Group, Ltd.		2,133		22,302
Sanlam, Ltd.		7,839		38,660
				146,339
Spain \| 1.6%
Industria de Diseno Textil SA		1,848		57,244
Sweden \| 5.9%
Assa Abloy AB, Class B		4,712		104,969
Avanza Bank Holding AB		5,580		45,456
Hexagon AB, B Shares		1,288		62,237
				212,662
Switzerland \| 7.9%
Alcon, Inc. (*)		1,242		72,486
Cie Financiere Richemont SA		537		39,465
Geberit AG		148		70,662
Partners Group Holding AG		134		102,791
				285,404
Taiwan \| 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,269		105,463
United Kingdom \| 13.5%
Bunzl PLC		2,394		62,590
Compass Group PLC		3,323		85,500
Dechra Pharmaceuticals PLC		1,199		40,797
Intertek Group PLC		1,084		72,989
London Stock Exchange Group PLC		1,057		94,925
Prudential PLC		2,126		38,610
RELX PLC		3,796		90,300
				485,711
United States \| 5.0%
Aon PLC		639		123,691
QIAGEN NV (*)		1,746		57,165
				180,856
Total Common Stocks (Cost $2,922,661)				3,446,123
Short-Term Investments \| 4.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $150,244)		150,244		150,244

Description	Fair Value
Lazard International Quality Growth Portfolio (concluded)
Total Investments \| 99.8% (Cost $3,072,905)	$	3,596,367
Cash and Other Assets in Excess of Liabilities \| 0.2%		6,040
Net Assets \| 100.0%	$	3,602,407

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 97.0%
Australia \| 6.8%
Appen, Ltd.		368	$	5,267
Aristocrat Leisure, Ltd.		219		4,541
ASX, Ltd.		84		4,604
Beach Energy, Ltd.		1,661		2,858
BHP Group, Ltd.		370		9,160
Brambles, Ltd.		1,352		10,416
Charter Hall Group REIT		311		2,446
Cochlear, Ltd.		59		8,302
CSL, Ltd.		131		20,700
Fortescue Metals Group, Ltd.		2,742		16,445
IDP Education, Ltd.		353		3,732
Magellan Financial Group, Ltd.		503		17,486
NRW Holdings, Ltd.		1,509		2,379
Qantas Airways, Ltd.		4,079		17,345
Regis Resources, Ltd.		750		2,461
Sandfire Resources NL		446		1,985
Santos, Ltd.		2,939		15,408
Saracen Mineral Holdings, Ltd. (*)		2,767		6,388
Super Retail Group, Ltd.		383		2,565
Woolworths Group, Ltd.		165		4,157
				158,645
Austria \| 1.0%
Erste Group Bank AG (*)		353		11,686
OMV AG		173		9,268
Raiffeisen Bank International AG		96		2,232
				23,186
Belgium \| 0.6%
Proximus SADP		166		4,932
UCB SA		123		8,932
				13,864
China \| 0.5%
China Sunsine Chemical Holdings, Ltd.		3,700		2,895
Yangzijiang Shipbuilding Holdings, Ltd.		13,400		9,312
				12,207
Denmark \| 2.9%
Coloplast A/S, Class B		63		7,595
H. Lundbeck A/S		58		1,924
Novo Nordisk A/S, Class B		901		46,523
SimCorp A/S		139		12,214
				68,256
Finland \| 0.1%
Fortum Oyj		74		1,751

Description	Shares		Fair Value
France \| 9.8%
Air France-KLM (*)		947	$	9,917
AXA SA		155		3,962
BNP Paribas SA		203		9,898
Electricite de France SA		928		10,385
Faurecia SA		261		12,409
Hermes International		33		22,825
Ipsen SA		7		664
Kering SA		15		7,658
L’Oreal SA		85		23,818
Orange SA		746		11,709
Peugeot SA		1,402		35,016
Schneider Electric SE		251		22,013
Total SA		1,112		57,891
				228,165
Germany \| 8.0%
Adidas AG		70		21,786
Allianz SE		267		62,263
Continental AG		77		9,885
CTS Eventim AG & Co. KGaA		121		6,821
Infineon Technologies AG		991		17,814
MTU Aero Engines AG		146		38,793
Rheinmetall AG		90		11,392
SAP SE		72		8,465
Schaeffler AG (Preference Shares)		409		3,137
Siemens Healthineers AG		141		5,547
				185,903
Hong Kong \| 3.1%
CK Asset Holdings, Ltd.		2,000		13,619
CK Hutchison Holdings, Ltd.		1,000		8,791
Jardine Matheson Holdings, Ltd.		1		54
Kerry Properties, Ltd.		1,500		4,642
Link Real Estate Investment Trust		500		5,489
Sands China, Ltd.		4,400		20,090
Swire Pacific, Ltd., Class A		901		8,397
WH Group, Ltd.		12,000		10,859
				71,941
Ireland \| 0.2%
Experian PLC		154		4,920
Israel \| 1.1%
Bank Leumi Le-Israel BM		339		2,413
CyberArk Software, Ltd. (*)		117		11,679
Israel Discount Bank, Ltd., Class A		2,501		11,002
				25,094
Italy \| 3.2%
Banca Generali SpA		78		2,408

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Enel SpA		7,941	$	59,334
Poste Italiane SpA		1,075		12,236
				73,978
Japan \| 24.1%
Advantest Corp.		200		8,846
AGC, Inc.		300		9,361
Asahi Group Holdings, Ltd.		200		9,902
Daiwa House Industry Co., Ltd.		1,500		48,874
Dip Corp.		100		2,429
DMG Mori Co., Ltd.		300		4,295
East Japan Railway Co. ADR		2,054		32,576
FUJIFILM Holdings Corp.		300		13,221
Fukuoka Financial Group, Inc.		500		9,509
FULLCAST Holdings Co., Ltd.		100		2,036
Goldcrest Co., Ltd.		100		1,962
Hitachi, Ltd.		400		14,980
Hoya Corp.		100		8,164
Japan Post Holdings Co., Ltd.		3,200		29,552
Japan Tobacco, Inc.		700		15,339
Kawasaki Heavy Industries, Ltd.		200		4,458
KDDI Corp.		400		10,456
Kureha Corp.		100		5,985
Mitsubishi Heavy Industries, Ltd.		1,023		40,240
Mitsubishi UFJ Financial Group, Inc.		3,700		18,858
Nikkiso Co., Ltd.		200		2,152
NTT DOCOMO, Inc.		2,100		53,623
Oracle Corp. Japan		100		8,718
ORIX Corp.		1,900		28,435
Otsuka Corp.		100		4,007
Raysum Co., Ltd.		200		2,082
Seven & I Holdings Co., Ltd.		500		19,187
Shin-Etsu Chemical Co., Ltd.		300		32,324
Shionogi & Co., Ltd.		100		5,579
Showa Denko KK		300		7,907
SoftBank Group Corp.		200		7,855
Sumitomo Heavy Industries, Ltd.		200		5,969
Sumitomo Mitsui Trust Holdings, Inc.		400		14,499
Suzuken Co., Ltd.		200		10,793
The Dai-ichi Life Insurance Co., Ltd.		2,100		31,912
Tokyo Electron, Ltd.		100		19,208
Tokyu Construction Co., Ltd.		100		768
Tri Chemical Laboratories, Inc.		100		6,141
West Japan Railway Co.		100		8,471
				560,673

Description	Shares		Fair Value
Luxembourg \| 0.1%
ArcelorMittal		130	$	1,833
Macau \| 0.1%
Wynn Macau, Ltd.		1,200		2,359
Netherlands \| 4.6%
Euronext NV		40		3,270
EXOR NV		209		14,023
ING Groep NV		1,600		16,772
Royal Dutch Shell PLC, A Shares		1,362		39,810
Signify NV		315		8,660
Wolters Kluwer NV		339		24,760
				107,295
Norway \| 1.6%
Aker BP ASA		271		7,221
Equinor ASA		1,192		22,611
Telenor ASA		424		8,508
				38,340
Russia \| 0.2%
Evraz PLC		682		3,924
Singapore \| 0.4%
DBS Group Holdings, Ltd.		300		5,407
Jardine Cycle & Carriage, Ltd.		100		2,177
United Overseas Bank, Ltd.		100		1,852
				9,436
Spain \| 3.2%
Amadeus IT Group SA		217		15,562
Banco Bilbao Vizcaya Argentaria SA		3,069		16,012
Iberdrola SA		2,432		25,274
Industria de Diseno Textil SA		600		18,585
				75,433
Sweden \| 1.8%
Evolution Gaming Group AB		241		4,747
Granges AB		171		1,745
Nordic Entertainment Group AB, Class B		113		2,673
Skandinaviska Enskilda Banken AB, Class A		1,589		14,616
SKF AB, Class B		154		2,548
Volvo AB, Class B		1,068		15,019
				41,348
Switzerland \| 9.5%
Nestle SA		352		38,183
Novartis AG		857		74,401
Partners Group Holding AG		22		16,876
Roche Holding AG		305		88,945

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
STMicroelectronics NV		186	$	3,604
				222,009
United Kingdom \| 14.1%
Anglo American PLC		737		16,979
Associated British Foods PLC		752		21,290
Auto Trader Group PLC		1,394		8,740
Avast PLC		990		4,726
Britvic PLC		742		8,972
Burberry Group PLC		108		2,889
Cineworld Group PLC		1,691		4,740
Compass Group PLC		514		13,225
Dunelm Group PLC		333		3,432
Fiat Chrysler Automobiles NV		470		6,090
Games Workshop Group PLC		82		4,758
Greggs PLC		81		2,082
Halma PLC		277		6,711
Howden Joinery Group PLC		2,173		14,970
Imperial Brands PLC		900		20,218
International Consolidated Airlines Group SA		2,423		14,123
JD Sports Fashion PLC		309		2,855
KAZ Minerals PLC		407		2,171
Lloyds Banking Group PLC		32,323		21,555
Prudential PLC		225		4,086
RELX PLC		755		17,913
Rightmove PLC		668		4,521
Rio Tinto PLC		483		25,088
Royal Bank of Scotland Group PLC		9,556		24,416
Tate & Lyle PLC		1,543		13,972
Tesco PLC		1,673		4,961
Unilever NV		894		53,719
				329,202
Total Common Stocks (Cost $2,253,859)				2,259,762
Preferred Stocks \| 0.2%
Germany \| 0.2%
Porsche Automobil Holding SE (Cost $6,533)		97		6,310
Short-Term Investments \| 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $36,969)		36,969		36,969

Description	Fair Value
Total Investments \| 98.8% (Cost $2,297,361)	$	2,303,041
Cash and Other Assets in Excess of Liabilities \| 1.2%		26,981
Net Assets \| 100.0%	$	2,330,022

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 91.4%
Australia \| 2.1%
Amcor, Ltd.		202,728	$	1,951,195
Belgium \| 3.8%
Anheuser-Busch InBev SA/NV		36,348		3,460,329
Brazil \| 2.2%
IRB Brasil Resseguros S/A		217,200		1,968,676
Canada \| 8.1%
National Bank of Canada		82,526		4,106,211
Suncor Energy, Inc.		104,914		3,309,323
				7,415,534
China \| 7.7%
Ping An Insurance (Group) Co. of China, Ltd., Class H		356,000		4,119,884
Tencent Holdings, Ltd.		67,818		2,878,175
				6,998,059
France \| 17.4%
Atos SE		44,551		3,144,349
Engie SA		215,144		3,514,992
Safran SA		36,899		5,816,810
Sanofi		36,969		3,428,080
				15,904,231
Germany \| 8.7%
SAP SE		31,007		3,645,321
Vonovia SE		84,835		4,303,484
				7,948,805
Japan \| 13.3%
Digital Garage, Inc.		62,100		1,991,820
Hitachi, Ltd.		83,600		3,130,753
Keyence Corp.		2,700		1,682,200
Kobe Bussan Co., Ltd.		40,300		1,953,253
Komatsu, Ltd.		97,300		2,242,321
Nexon Co., Ltd. (*)		96,700		1,173,605
				12,173,952
Mexico \| 6.3%
Arca Continental SAB de CV		741,300		4,007,017
Grupo Financiero Banorte SAB de CV, Class O		328,700		1,766,758
				5,773,775
Netherlands \| 2.4%
ABN AMRO Group NV		123,687		2,180,850
South Korea \| 4.5%
Samsung Electronics Co., Ltd.		99,738		4,069,304

Description	Shares		Fair Value
United Kingdom \| 6.7%
BP PLC		441,856	$	2,793,677
Prudential PLC		184,366		3,348,263
				6,141,940
United States \| 8.2%
Aon PLC		18,165		3,516,199
Medtronic PLC		36,107		3,921,942
				7,438,141
Total Common Stocks (Cost $81,219,501)				83,424,791
Preferred Stocks \| 3.5%
Germany \| 3.5%
Volkswagen AG (Cost $3,226,959)		18,468		3,141,423
Short-Term Investments \| 3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,410,988)		3,410,988		3,410,988
Total Investments \| 98.6% (Cost $87,857,448)			$	89,977,202
Cash and Other Assets in Excess of Liabilities \| 1.4%				1,283,814
Net Assets \| 100.0%			$	91,261,016

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 95.1%
Australia \| 2.3%
Amcor, Ltd.		2,878,639	$	27,706,021
BHP Group PLC		1,575,185		33,688,320
				61,394,341
Belgium \| 2.9%
Anheuser-Busch InBev SA/NV		823,301		78,378,247
Canada \| 6.6%
Canadian National Railway Co.		335,710		30,143,836
National Bank of Canada		690,300		34,346,965
Rogers Communications, Inc., Class B		549,900		26,784,200
Suncor Energy, Inc.		1,722,710		54,339,775
TMX Group, Ltd.		368,500		31,803,064
				177,417,840
China \| 1.6%
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,845,000		44,497,057
Denmark \| 1.6%
Carlsberg A/S, Class B		289,758		42,871,907
Finland \| 2.3%
Nordea Bank Abp		4,068,568		28,883,300
Sampo Oyj, A Shares		821,040		32,663,482
				61,546,782
France \| 13.4%
Air Liquide SA		304,851		43,436,094
Atos SE		369,176		26,055,939
Engie SA		3,697,854		60,415,007
Safran SA		435,614		68,670,796
Sanofi		778,784		72,215,481
Vinci SA		296,968		32,009,636
Vivendi SA		2,134,807		58,626,815
				361,429,768
Germany \| 3.9%
Fresenius SE & Co. KGaA		362,033		16,925,079
SAP SE		590,698		69,445,079
Vonovia SE		363,400		18,434,446
				104,804,604
Ireland \| 1.1%
Ryanair Holdings PLC Sponsored ADR (*)		463,739		30,782,995
Israel \| 1.2%
Bank Leumi Le-Israel BM		4,475,536		31,856,529
Japan \| 15.1%
Asahi Group Holdings, Ltd.		592,200		29,319,237
Daiwa House Industry Co., Ltd.		2,037,878		66,399,429

Description	Shares		Fair Value
Hitachi, Ltd.		1,080,200	$	40,452,616
Kao Corp.		525,780		38,993,537
Makita Corp.		928,400		29,467,279
Nexon Co., Ltd. (*)		2,585,600		31,380,279
Pan Pacific International Holdings Corp.		1,591,056		26,565,937
Shin-Etsu Chemical Co., Ltd.		519,600		55,985,288
Sumitomo Mitsui Financial Group, Inc.		1,189,600		40,860,343
Suzuki Motor Corp.		591,800		25,138,189
Yamaha Corp.		521,800		23,606,088
				408,168,222
Mexico \| 0.1%
Arca Continental SAB de CV		727,512		3,932,487
Netherlands \| 7.2%
ABN AMRO Group NV		1,481,857		26,128,115
Koninklijke DSM NV		312,298		37,566,616
Royal Dutch Shell PLC, A Shares		2,818,591		82,385,279
Wolters Kluwer NV		647,842		47,316,244
				193,396,254
Norway \| 2.3%
Equinor ASA		1,322,689		25,089,725
Telenor ASA		1,813,010		36,378,044
				61,467,769
Singapore \| 2.6%
DBS Group Holdings, Ltd.		2,644,120		47,656,382
NetLink NBN Trust		34,335,300		22,110,403
				69,766,785
South Korea \| 2.1%
Samsung Electronics Co., Ltd.		1,404,466		57,302,115
Spain \| 0.9%
Red Electrica Corporacion SA		1,189,201		24,141,978
Sweden \| 3.6%
Assa Abloy AB, Class B		2,676,374		59,621,278
Epiroc AB, Class A		3,535,500		38,383,603
				98,004,881
Switzerland \| 4.6%
ABB, Ltd.		2,152,987		42,287,420
Novartis AG		948,179		82,316,445
				124,603,865
United Arab Emirates \| 0.4%
Network International Holdings PLC (*)		1,868,585		12,288,448
United Kingdom \| 12.7%
Compass Group PLC		1,629,289		41,921,132
Howden Joinery Group PLC		1,970,254		13,573,223
Informa PLC		3,465,681		36,298,277
Prudential PLC		2,973,237		53,996,825

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
RELX PLC		2,936,780	$	69,676,915
RSA Insurance Group PLC		3,695,847		24,271,107
Tesco PLC		8,397,608		24,902,322
The Weir Group PLC		903,247		15,851,030
Unilever PLC		1,042,559		62,687,403
				343,178,234
United States \| 6.6%
Aon PLC		347,875		67,338,164
Ferguson PLC		383,988		28,054,336
Medtronic PLC		766,210		83,225,730
				178,618,230
Total Common Stocks (Cost $2,348,622,317)				2,569,849,338
Preferred Stocks \| 2.2%
Germany \| 2.2%
Volkswagen AG (Cost $63,105,455)		344,862		58,661,330
Short-Term Investments \| 2.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $72,878,096)		72,878,096		72,878,096
Total Investments \| 100.0% (Cost $2,484,605,868)			$	2,701,388,764
Cash and Other Assets in Excess of Liabilities \| 0.0%				414,555
Net Assets \| 100.0%			$	2,701,803,319

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 92.9%
Australia \| 1.1%
BHP Group, Ltd.		40,508	$	1,002,878
Belgium \| 2.4%
Anheuser-Busch InBev SA/NV		22,575		2,149,140
Brazil \| 2.6%
BB Seguridade Participacoes SA		122,500		1,032,786
Cia de Saneamento Basico do Estado de Sao Paulo		43,900		524,060
IRB Brasil Resseguros S/A		81,600		739,613
				2,296,459
Canada \| 3.8%
Canadian National Railway Co.		9,600		861,997
National Bank of Canada		15,500		771,227
Suncor Energy, Inc.		56,100		1,769,573
				3,402,797
China \| 5.3%
58.com, Inc. ADR (*)		12,525		617,608
ENN Energy Holdings, Ltd.		86,600		899,113
Ping An Insurance (Group) Co. of China, Ltd., Class H		189,000		2,187,241
Prosus NV (*)		5,746		421,803
Tencent Holdings, Ltd.		14,300		606,888
				4,732,653
Denmark \| 2.0%
Carlsberg A/S, Class B		7,792		1,152,886
Genmab A/S (*)		2,925		594,539
				1,747,425
Finland \| 2.9%
Nordea Bank Abp		157,987		1,121,570
Sampo Oyj, A Shares		35,698		1,420,176
				2,541,746
France \| 11.1%
Atos SE		5,899		416,343
Engie SA		94,812		1,549,025
Safran SA		16,518		2,603,920
Sanofi		21,468		1,990,696
Ubisoft Entertainment SA (*)		8,430		609,687
Vinci SA		8,615		928,595
Vivendi SA		63,849		1,753,444
				9,851,710
Germany \| 3.8%
Continental AG		5,212		669,086

Description	Shares		Fair Value
SAP SE		22,904	$	2,692,696
				3,361,782
India \| 1.1%
ICICI Bank, Ltd. Sponsored ADR		80,170		976,471
Indonesia \| 1.0%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		28,258		850,848
Ireland \| 1.0%
Ryanair Holdings PLC Sponsored ADR (*)		12,997		862,741
Japan \| 10.1%
Daiwa House Industry Co., Ltd.		43,500		1,410,506
Kao Corp.		12,900		952,542
Komatsu, Ltd.		49,400		1,130,774
Makita Corp.		24,400		767,260
Ryohin Keikaku Co., Ltd.		46,200		862,258
Shin-Etsu Chemical Co., Ltd.		11,500		1,229,503
Sumitomo Mitsui Financial Group, Inc.		35,976		1,229,423
Suzuki Motor Corp.		19,000		806,039
ZOZO, Inc.		22,700		523,176
				8,911,481
Mexico \| 0.9%
Grupo Financiero Banorte SAB de CV, Class O		145,700		783,136
Netherlands \| 6.3%
ABN AMRO Group NV		39,174		690,716
Koninklijke DSM NV		7,509		903,265
Royal Dutch Shell PLC, A Shares		87,269		2,551,096
Wolters Kluwer NV		19,521		1,425,749
				5,570,826
Norway \| 2.5%
Equinor ASA		48,661		923,037
Telenor ASA		66,659		1,337,513
				2,260,550
Russia \| 0.9%
Yandex NV Class A (*)		24,100		843,741
Singapore \| 1.8%
DBS Group Holdings, Ltd.		88,100		1,587,873
South Africa \| 2.1%
Mr Price Group, Ltd.		34,818		364,038
Naspers, Ltd., N Shares		5,704		866,590
Sanlam, Ltd.		128,383		633,152
				1,863,780
South Korea \| 2.1%
Samsung Electronics Co., Ltd.		45,125		1,841,097

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Spain \| 0.8%
Red Electrica Corporacion SA		33,222	$	674,440
Sweden \| 2.4%
Assa Abloy AB, Class B		94,023		2,094,540
Switzerland \| 6.3%
ABB, Ltd.		57,670		1,132,712
Alcon, Inc. (*)		5,915		345,213
Cie Financiere Richemont SA		8,268		607,628
Lonza Group AG		2,673		904,504
Novartis AG		29,709		2,579,196
				5,569,253
Taiwan \| 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. (‡)		138,141		1,236,410
Thailand \| 0.6%
Kasikornbank Public Co. Ltd.		104,100		534,605
United Kingdom \| 8.0%
Compass Group PLC		46,553		1,197,795
Prudential PLC		114,647		2,082,099
RELX PLC		78,087		1,852,662
Unilever PLC		32,211		1,936,796
				7,069,352
United States \| 8.6%
Accenture PLC, Class A		9,550		1,836,943
Aon PLC		12,260		2,373,168
Ferguson PLC		10,372		757,783
Medtronic PLC		24,525		2,663,905
				7,631,799
Total Common Stocks (Cost $80,275,012)				82,249,533
Preferred Stocks \| 2.0%
Germany \| 2.0%
Volkswagen AG (Cost $1,815,008)		10,492		1,784,698
Short-Term Investments \| 4.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $4,133,556)		4,133,556		4,133,556

Description	Fair Value
Total Investments \| 99.6% (Cost $86,223,576)	$	88,167,787
Cash and Other Assets in Excess of Liabilities \| 0.4%		318,084
Net Assets \| 100.0%	$	88,485,871

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks \| 92.7%
Austria \| 2.6%
BAWAG Group AG		8,298	$	326,381
Canada \| 1.3%
Crescent Point Energy Corp.		38,676		165,231
France \| 20.8%
Air France-KLM (*)		25,263		264,558
Atos SE		6,495		458,408
Bollore SA		115,480		478,883
Carrefour SA		24,845		434,818
Cie de Saint-Gobain		10,127		397,799
Engie SA		37,993		620,724
				2,655,190
Germany \| 3.5%
Allianz SE		1,895		441,906
Ireland \| 2.2%
Ryanair Holdings PLC Sponsored ADR (*)		4,294		285,036
Italy \| 3.3%
Leonardo SpA		35,416		416,978
Japan \| 18.9%
Hitachi, Ltd.		17,100		640,381
Nintendo Co., Ltd.		800		297,849
Resona Holdings, Inc.		93,800		403,996
Sony Corp. Sponsored ADR		7,227		427,332
Suzuki Motor Corp.		3,700		157,167
Universal Entertainment Corp.		15,300		494,154
				2,420,879
Mexico \| 3.5%
Arca Continental SAB de CV		83,596		451,869
Netherlands \| 7.4%
Euronext NV		4,048		330,901
Intertrust NV		13,216		258,515
Koninklijke DSM NV		2,970		357,264
				946,680
South Korea \| 7.1%
Kangwon Land, Inc.		21,762		538,026
Woongjin Coway Co., Ltd.		5,221		369,569
				907,595
Spain \| 2.8%
Indra Sistemas SA (*)		41,743		361,741
United Kingdom \| 16.1%
BP PLC		80,545		509,254
Cineworld Group PLC		164,083		459,903
Prudential PLC		25,972		471,676

Description	Shares		Fair Value
Vodafone Group PLC		313,170	$	623,675
				2,064,508
United States \| 3.2%
International Game Technology PLC		29,048		412,772
Total Common Stocks (Cost $12,176,217)				11,856,766
Preferred Stocks \| 4.3%
Germany \| 4.3%
Volkswagen AG (Cost $552,202)		3,272		556,570
Short-Term Investments \| 3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $473,858)		473,858		473,858
Total Investments \| 100.7% (Cost $13,202,277)			$	12,887,194
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(94,516	)
Net Assets \| 100.0%			$	12,792,678

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 98.7%
Australia \| 2.9%
Bravura Solutions, Ltd.		196,442	$	552,539
carsales.com, Ltd.		57,341		594,296
Domino’s Pizza Enterprises, Ltd.		13,871		434,802
				1,581,637
Belgium \| 5.2%
Barco NV		4,304		849,801
Fagron		31,413		556,768
Kinepolis Group NV		14,492		890,238
Shurgard Self Storage SA		18,677		595,457
				2,892,264
Brazil \| 0.6%
YDUQS Part (*)		40,600		352,555
Canada \| 6.2%
Altus Group, Ltd.		25,965		782,958
Stelco Holdings, Inc.		46,100		322,214
StorageVault Canada, Inc.		237,000		595,698
The Descartes Systems Group, Inc. (*)		14,218		573,936
TMX Group, Ltd.		7,000		604,129
Toromont Industries, Ltd.		11,600		560,365
				3,439,300
China \| 1.3%
Consun Pharmaceutical Group, Ltd.		695,000		385,358
JNBY Design, Ltd.		228,500		329,290
				714,648
Denmark \| 1.5%
Royal Unibrew A/S		9,869		814,357
Finland \| 2.5%
Altia Oyj		80,529		657,396
Kojamo Oyj		45,785		750,299
				1,407,695
France \| 2.1%
Chargeurs SA		30,240		530,465
Kaufman & Broad SA		15,558		619,659
				1,150,124
Germany \| 10.2%
Aroundtown SA		138,805		1,135,291
AURELIUS Equity Opportunities SE & Co. KGaA		8,832		364,296
CompuGroup Medical SE		10,622		639,257
Dermapharm Holding SE		22,200		873,101
Flatex AG (*)		28,185		758,138
JOST Werke AG		19,174		550,310

Description	Shares		Fair Value
Norma Group SE		11,176	$	387,590
PATRIZIA Immobilien AG		25,879		480,965
Teamviewer AG (*)		15,600		419,810
				5,608,758
Greece \| 0.8%
JUMBO SA		24,017		456,314
Hong Kong \| 0.7%
China Water Affairs Group, Ltd.		520,000		404,275
India \| 0.6%
Jubilant Life Sciences, Ltd.		44,450		316,903
Ireland \| 3.3%
Dalata Hotel Group PLC		118,557		635,059
Glenveagh Properties PLC (*)		552,541		445,668
Total Produce PLC		482,234		715,723
				1,796,450
Israel \| 1.1%
Israel Discount Bank, Ltd., Class A		137,849		606,390
Italy \| 3.5%
Banca Generali SpA		26,724		824,958
Carel Industries SpA		34,900		516,832
Cerved Group SpA		69,659		607,723
				1,949,513
Japan \| 25.5%
Ariake Japan Co., Ltd.		9,800		762,278
ARTERIA Networks Corp.		64,000		863,771
Digital Garage, Inc.		24,400		782,615
en-japan, Inc.		18,100		697,629
Financial Products Group Co., Ltd.		85,537		858,819
GMO internet, Inc.		44,500		769,569
Jafco Co., Ltd.		18,200		691,534
Japan Lifeline Co., Ltd.		42,300		682,484
KOMEDA Holdings Co., Ltd.		41,700		777,805
Koshidaka Holdings Co., Ltd.		53,100		846,799
Nippon Shinyaku Co., Ltd.		9,200		777,726
Open House Co., Ltd.		40,000		957,948
Persol Holdings Co., Ltd.		30,500		580,567
Sanwa Holdings Corp.		62,300		701,338
TechnoPro Holdings, Inc.		14,145		838,633
Tsuruha Holdings, Inc.		7,300		798,189
USS Co., Ltd.		39,800		776,259
Zenkoku Hosho Co., Ltd.		22,842		893,571
				14,057,534
Jersey \| 1.4%
JTC PLC		175,892		759,104

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Luxembourg \| 0.9%
Stabilus SA		9,629	$	471,249
Netherlands \| 2.2%
Aalberts Industries NV		15,301		607,011
Van Lanschot Kempen NV		28,539		627,398
				1,234,409
New Zealand \| 1.9%
Freightways, Ltd.		109,286		555,317
Mainfreight, Ltd.		19,779		493,626
				1,048,943
Singapore \| 0.8%
XP Power, Ltd.		15,881		470,515
Sweden \| 7.9%
Dometic Group AB		74,294		583,478
Granges AB		56,526		576,959
Indutrade AB		16,769		470,028
Karnov Group AB (*)		201,387		981,882
Lifco AB, B Shares		12,797		603,295
Lindab International AB		51,193		522,215
Loomis AB, B Shares		18,109		636,364
				4,374,221
Switzerland \| 1.1%
Kardex AG		4,317		595,874
United Kingdom \| 14.5%
Ascential PLC		137,632		642,159
Auto Trader Group PLC		78,213		490,366
Burford Capital, Ltd.		47,305		479,196
Clinigen Healthcare, Ltd. (*)		75,389		800,783
Electrocomponents PLC		74,512		590,370
Equiniti Group PLC		228,604		608,731
GB Group PLC		63,667		424,228
Hunting PLC		93,112		523,302
Huntsworth PLC		502,267		527,392
Polypipe Group PLC		140,537		701,331
Rentokil Initial PLC		132,213		760,298
Rightmove PLC		81,279		550,149
Smart Metering Systems PLC		81,480		402,701
Subsea 7 SA		46,606		479,739
				7,980,745
Total Common Stocks (Cost $52,840,496)				54,483,777

Description	Shares		Fair Value
Short-Term Investments \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $592,966)		592,966	$	592,966
Total Investments \| 99.8% (Cost $53,433,462)			$	55,076,743
Cash and Other Assets in Excess of Liabilities \| 0.2%				128,016
Net Assets \| 100.0%			$	55,204,759

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 93.0%
Canada \| 8.7%
CAE, Inc.		7,595,591	$	192,978,521
National Bank of Canada		2,390,101		118,923,242
Suncor Energy, Inc.		3,779,341		119,212,485
TMX Group, Ltd.		1,160,063		100,118,205
				531,232,453
China \| 3.3%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		302,454		50,579,382
Ping An Bank Co., Ltd., Class A		23,511,647		51,599,090
Ping An Insurance (Group) Co. of China, Ltd., Class H		5,239,463		60,634,768
Tencent Holdings, Ltd.		994,040		42,186,756
				204,999,996
Denmark \| 3.0%
Carlsberg A/S, Class B		676,270		100,059,307
Genmab A/S (*)		411,119		83,564,592
				183,623,899
Finland \| 2.4%
Sampo Oyj, A Shares		3,657,859		145,520,814
France \| 10.9%
Engie SA		7,199,060		117,617,208
Safran SA		1,231,673		194,162,642
Sanofi		1,860,717		172,541,518
Ubisoft Entertainment SA (*)		220,223		15,927,299
Vivendi SA		6,175,297		169,588,163
				669,836,830
Germany \| 1.7%
Beiersdorf AG		894,340		105,522,596
Hong Kong \| 2.0%
AIA Group, Ltd.		12,922,063		121,249,775
India \| 0.9%
Housing Development Finance Corp., Ltd.		2,031,253		56,709,707
Ireland \| 1.3%
Ryanair Holdings PLC Sponsored ADR (*)		1,246,736		82,758,336
Israel \| 1.7%
Bank Leumi Le-Israel BM		14,261,129		101,509,643
Japan \| 12.5%
AEON Financial Service Co., Ltd.		3,830,275		57,954,608
Daiwa House Industry Co., Ltd.		3,241,607		105,620,088
en-japan, Inc.		1,137,697		43,850,320
Kao Corp.		1,181,653		87,635,190
Komatsu, Ltd.		4,172,037		96,146,418

Description	Shares		Fair Value
Makita Corp.		2,579,191	$	81,863,143
Nexon Co., Ltd. (*)		6,198,335		75,226,440
Pan Pacific International Holdings Corp.		2,911,472		48,612,985
Suzuki Motor Corp.		2,083,372		88,496,450
Yamaha Corp.		1,265,372		57,245,079
ZOZO, Inc.		919,800		21,220,854
				763,871,575
Mexico \| 0.7%
Arca Continental SAB de CV		8,184,202		44,238,818
Netherlands \| 3.4%
ABN AMRO Group NV		4,690,826		82,708,685
Wolters Kluwer NV		1,694,311		123,746,889
				206,455,574
Norway \| 1.7%
Equinor ASA		5,572,349		105,700,358
Philippines \| 0.7%
GT Capital Holdings, Inc.		2,622,585		42,573,461
Singapore \| 2.0%
DBS Group Holdings, Ltd.		6,831,871		123,134,447
South Korea \| 0.7%
SK Hynix, Inc.		628,748		43,237,245
Sweden \| 2.7%
Assa Abloy AB, Class B		4,201,901		93,605,269
Hexagon AB, B Shares		1,475,205		71,282,337
				164,887,606
Switzerland \| 8.2%
ABB, Ltd.		5,319,550		104,482,768
Alcon, Inc. (*)		677,432		39,536,480
Julius Baer Group, Ltd.		2,822,723		125,215,639
Novartis AG		1,668,346		144,837,960
Partners Group Holding AG		117,675		90,267,837
				504,340,684
United Kingdom \| 15.8%
Bunzl PLC		2,852,165		74,568,331
Coca-Cola European Partners PLC		2,252,119		125,653,256
Compass Group PLC		3,676,179		94,587,017
Diageo PLC		3,630,023		148,541,088
Informa PLC		14,849,300		155,526,145
Prudential PLC		5,009,388		90,975,272
RELX PLC		5,094,625		120,873,117
Rio Tinto PLC		2,083,655		108,229,269
The Weir Group PLC		2,838,315		49,809,429
				968,762,924
United States \| 8.7%
Accenture PLC, Class A		960,808		184,811,419

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Aon PLC		907,240	$	175,614,447
Medtronic PLC		1,594,423		173,186,226
				533,612,092
Total Common Stocks (Cost $4,995,857,477)				5,703,778,833
Preferred Stocks \| 2.8%
Germany \| 2.8%
Volkswagen AG (Cost $187,194,090)		1,006,313		171,174,727
Short-Term Investments \| 3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $225,425,593)		225,425,593		225,425,593
Total Investments \| 99.5% (Cost $5,408,477,160)			$	6,100,379,153
Cash and Other Assets in Excess of Liabilities \| 0.5%				32,144,011
Net Assets \| 100.0%			$	6,132,523,164

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 98.9%
Australia \| 4.7%
AGL Energy, Ltd.		16,405	$	212,008
BHP Group, Ltd.		2,713		67,167
Cochlear, Ltd.		383		53,894
CSL, Ltd.		1,220		192,783
Evolution Mining, Ltd.		24,448		74,220
JB Hi-Fi, Ltd.		4,677		107,447
Qantas Airways, Ltd.		32,038		136,236
Regis Resources, Ltd.		22,084		72,472
Sandfire Resources NL		17,558		78,130
Saracen Mineral Holdings, Ltd. (*)		29,429		67,941
Shopping Centres Australasia Property Group REIT		47,664		84,001
Woolworths Group, Ltd.		5,768		145,322
				1,291,621
Belgium \| 1.2%
Colruyt SA		2,240		122,741
Proximus SADP		4,536		134,767
UCB SA		1,080		78,423
				335,931
Canada \| 7.4%
Air Canada (*)		2,672		87,147
Alimentation Couche-Tard, Inc., Class B		6,210		190,305
BRP, Inc.		2,104		81,867
Canadian Utilities, Ltd., Class A		2,249		66,289
CGI, Inc. (*)		3,689		291,701
Colliers International Group, Inc.		861		64,663
Constellation Software, Inc.		96		95,877
Fairfax Financial Holdings, Ltd.		186		81,990
Granite Real Estate Investment Trust		1,870		90,546
H&R Real Estate Investment Trust		6,841		119,434
Kirkland Lake Gold, Ltd.		2,069		92,686
Northland Power, Inc.		8,562		164,280
Rogers Communications, Inc., Class B		7,117		346,651
Teck Resources, Ltd., Class B		6,491		105,240
The Toronto-Dominion Bank		982		57,259
Tourmaline Oil Corp.		9,449		93,502
				2,029,437
Denmark \| 0.9%
Coloplast A/S, Class B		783		94,394
H. Lundbeck A/S		1,760		58,396
SimCorp A/S		1,004		88,218
				241,008

Description	Shares		Fair Value
France \| 1.4%
Electricite de France SA		7,031	$	78,685
Hermes International		95		65,708
Iliad SA		638		59,915
Ipsen SA		36		3,417
Orange SA		5,865		92,059
Total SA		1,832		95,374
				395,158
Germany \| 1.7%
Allianz SE		611		142,483
Muenchener Rueckversicherungs AG		951		246,045
Rheinmetall AG		732		92,658
				481,186
Hong Kong \| 1.2%
CK Hutchison Holdings, Ltd.		6,500		57,144
Jardine Matheson Holdings, Ltd.		1,100		59,000
Swire Pacific, Ltd., Class A		23,000		214,338
				330,482
Israel \| 1.2%
Bank Leumi Le-Israel BM		9,742		69,343
Israel Discount Bank, Ltd., Class A		56,912		250,352
				319,695
Italy \| 2.5%
Enel SpA		56,131		419,405
Hera SpA		15,029		61,738
Italgas SpA		8,717		56,313
Poste Italiane SpA		12,320		140,234
				677,690
Japan \| 7.4%
ANA Holdings, Inc.		1,500		50,444
Daito Trust Construction Co., Ltd.		1,600		205,134
Daiwa House Industry Co., Ltd.		5,200		169,430
East Japan Railway Co.		800		76,530
Fuji Media Holdings, Inc.		4,700		60,788
FUJIFILM Holdings Corp.		1,400		61,698
Japan Airlines Co., Ltd.		2,700		80,250
Japan Post Holdings Co., Ltd.		14,000		129,290
Japan Prime Realty Investment Corp. REIT		14		66,456
McDonald’s Holdings Co. Japan, Ltd.		2,600		125,798
Mitsubishi Heavy Industries, Ltd.		2,800		110,140
Nissan Chemical Corp.		1,300		54,348
NTT DOCOMO, Inc.		15,300		390,680
Seven & I Holdings Co., Ltd.		3,700		141,987
Sumitomo Mitsui Trust Holdings, Inc.		2,000		72,495
The Dai-ichi Life Insurance Co., Ltd.		5,200		79,020
The Hachijuni Bank, Ltd.		16,500		67,531

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
The Shizuoka Bank, Ltd.		10,100	$	75,666
				2,017,685
Netherlands \| 1.0%
Euronext NV		1,360		111,172
Koninklijke Ahold Delhaize NV		3,769		94,283
Royal Dutch Shell PLC, A Shares		2,596		75,879
				281,334
Norway \| 1.5%
Equinor ASA		2,802		53,151
Leroy Seafood Group ASA		8,044		48,859
Orkla ASA		7,287		66,346
Salmar ASA		1,939		85,131
Telenor ASA		8,465		169,850
				423,337
Puerto Rico \| 0.2%
EVERTEC, Inc.		2,043		63,783
Singapore \| 0.6%
Jardine Cycle & Carriage, Ltd.		4,800		104,487
Singapore Technologies Engineering, Ltd.		18,300		50,857
				155,344
Spain \| 0.6%
Corporacion Financiera Alba SA		435		21,193
Iberdrola SA		15,188		157,837
				179,030
Sweden \| 0.2%
Axfood AB		2,631		55,900
Switzerland \| 4.4%
Helvetia Holding AG		485		66,942
Novartis AG		3,270		283,886
Partners Group Holding AG		71		54,464
Roche Holding AG		1,681		490,222
Swisscom AG		195		96,177
The Swatch Group AG		1,124		56,572
Zurich Insurance Group AG		412		157,654
				1,205,917
United Kingdom \| 4.7%
Admiral Group PLC		3,473		90,464
Anglo American PLC		6,521		150,227
Auto Trader Group PLC		16,964		106,358
Britvic PLC		7,946		96,083
Compass Group PLC		6,625		170,459
Howden Joinery Group PLC		8,569		59,033
International Consolidated Airlines Group SA		6,485		37,874

Description	Shares		Fair Value
Lloyds Banking Group PLC		157,311	$	104,907
RELX PLC		4,494		106,623
Rio Tinto PLC		1,673		86,899
Rio Tinto, Ltd.		2,164		136,101
SSP Group PLC		6,350		48,400
WH Smith PLC		3,401		83,099
				1,276,527
United States \| 56.1%
3M Co.		715		117,546
AbbVie, Inc.		1,204		91,167
Aflac, Inc.		5,164		270,180
Akamai Technologies, Inc. (*)		694		63,418
Altria Group, Inc.		2,331		95,338
American Express Co.		1,245		147,259
American States Water Co.		1,207		108,461
American Tower Corp. REIT		655		144,840
AmerisourceBergen Corp.		807		66,440
Amgen, Inc.		543		105,076
Aon PLC		2,097		405,916
AutoZone, Inc. (*)		115		124,731
AXA Equitable Holdings, Inc.		4,302		95,332
Bristol-Myers Squibb Co.		3,780		191,684
Broadcom, Inc.		227		62,668
Burlington Stores, Inc. (*)		549		109,701
Cable One, Inc.		65		81,555
Cadence Design Systems, Inc. (*)		1,503		99,318
Cboe Global Markets, Inc.		948		108,935
CDW Corp.		840		103,522
Church & Dwight Co., Inc.		1,411		106,164
Cigna Corp. (*)		530		80,449
Colgate-Palmolive Co.		3,584		263,460
Comcast Corp., Class A		1,632		73,571
Comerica, Inc.		1,241		81,894
Crown Castle International Corp. REIT		613		85,213
Darden Restaurants, Inc.		2,491		294,486
Edison International		2,324		175,276
Eli Lilly & Co.		3,351		374,742
Encompass Health Corp.		2,223		140,671
F5 Networks, Inc. (*)		1,200		168,504
FactSet Research Systems, Inc.		245		59,528
H&R Block, Inc.		2,230		52,673
HCA Healthcare, Inc.		450		54,189
HEICO Corp., Class A		678		65,976
Honeywell International, Inc.		764		129,269
Intel Corp.		2,003		103,215
Intercontinental Exchange, Inc.		1,157		106,756

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Intuit, Inc.		530	$	140,948
IQVIA Holdings, Inc. (*)		330		49,295
Johnson & Johnson		2,699		349,197
Kimberly-Clark Corp.		2,044		290,350
Lockheed Martin Corp.		608		237,156
LPL Financial Holdings, Inc.		883		72,318
Lululemon Athletica, Inc. (*)		386		74,317
MasterCard, Inc., Class A		199		54,042
McGrath RentCorp		1,021		71,051
Mellanox Technologies, Ltd. (*)		752		82,412
Merck & Co., Inc.		4,106		345,643
MetLife, Inc.		1,546		72,909
Morgan Stanley		2,553		108,936
Morningstar, Inc.		419		61,233
Nasdaq, Inc.		819		81,368
National Retail Properties, Inc. REIT		4,023		226,897
NIKE, Inc., Class B		3,745		351,730
Nordstrom, Inc.		1,818		61,212
Northrop Grumman Corp.		609		228,247
Occidental Petroleum Corp.		2,626		116,778
Omnicom Group, Inc.		1,377		107,819
PepsiCo, Inc.		2,606		357,283
Philip Morris International, Inc.		952		72,285
Pinnacle West Capital Corp.		4,329		420,216
Premier, Inc., Class A (*)		3,613		104,488
Public Service Enterprise Group, Inc.		1,423		88,340
Raytheon Co.		273		53,560
Republic Services, Inc.		4,507		390,081
Ross Stores, Inc.		921		101,172
Simon Property Group, Inc. REIT		2,677		416,675
Starbucks Corp.		4,857		429,456
Synchrony Financial		2,243		76,464
Sysco Corp.		5,828		462,743
T Rowe Price Group, Inc.		664		75,862
T-Mobile US, Inc. (*)		660		51,988
Tanger Factory Outlet Centers, Inc. REIT		4,495		69,583
Target Corp.		1,385		148,070
TE Connectivity, Ltd.		1,345		125,327
Tech Data Corp. (*)		692		72,134
The Coca-Cola Co.		5,752		313,139
The Estee Lauder Cos., Inc., Class A		2,528		502,946
The Hershey Co.		3,037		470,705
The Procter & Gamble Co.		3,776		469,659
The Progressive Corp.		1,181		91,232
The TJX Cos., Inc.		7,320		408,017
Tractor Supply Co.		615		55,621

Description	Shares		Fair Value
UnitedHealth Group, Inc.		583	$	126,698
Verizon Communications, Inc.		6,246		377,008
Walmart, Inc.		1,072		127,225
Waste Management, Inc.		3,698		425,270
Western Alliance Bancorp		1,573		72,484
WW Grainger, Inc.		350		104,002
Zoetis, Inc.		968		120,603
				15,373,317
Total Common Stocks (Cost $25,326,365)				27,134,382
Short-Term Investments \| 0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $158,543)		158,543		158,543
Total Investments \| 99.5% (Cost $25,484,908)			$	27,292,925
Cash and Other Assets in Excess of Liabilities \| 0.5%				124,638
Net Assets \| 100.0%			$	27,417,563

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 95.0%
Auto Components \| 2.0%
Aptiv PLC		292,544	$	25,574,196
Beverages \| 8.7%
The Coca-Cola Co.		2,097,266		114,175,161
Building Products \| 4.5%
Armstrong World Industries, Inc.		612,358		59,215,019
Capital Markets \| 9.0%
Intercontinental Exchange, Inc.		654,301		60,372,353
S&P Global, Inc.		233,976		57,319,441
				117,691,794
Communications Equipment \| 12.2%
Cisco Systems, Inc.		2,228,131		110,091,953
Motorola Solutions, Inc.		290,051		49,427,591
				159,519,544
Construction Materials \| 5.4%
Vulcan Materials Co.		469,839		71,058,450
Entertainment \| 2.6%
Electronic Arts, Inc. (*)		347,379		33,980,614
Health Care Equipment & Supplies \| 20.0%
Baxter International, Inc.		1,165,762		101,969,202
Medtronic PLC		1,471,319		159,814,670
				261,783,872
Interactive Media & Services \| 6.6%
Alphabet, Inc., Class A (*)		70,861		86,531,201
Internet & Direct Marketing Retail \| 1.0%
eBay, Inc.		329,344		12,837,829
IT Services \| 5.4%
Fiserv, Inc. (*)		384,357		39,815,542
Sabre Corp.		1,364,000		30,546,780
				70,362,322
Leisure Products \| 1.1%
Brunswick Corp.		279,100		14,546,692
Pharmaceuticals \| 3.1%
Elanco Animal Health, Inc. (*)		1,546,939		41,133,108
Professional Services \| 0.3%
Insperity, Inc.		38,988		3,844,997
Semiconductors & Semiconductor Equipment \| 9.4%
Analog Devices, Inc.		569,663		63,648,447
Skyworks Solutions, Inc.		742,849		58,870,783
				122,519,230
Specialty Retail \| 3.7%
Lowe’s Cos., Inc.		433,954		47,717,582

Description	Shares		Fair Value
Total Common Stocks (Cost $1,000,046,647)			$	1,242,491,611
Short-Term Investments \| 5.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $66,060,950)		66,060,950		66,060,950
Total Investments \| 100.0% (Cost $1,066,107,597)			$	1,308,552,561
Cash and Other Assets in Excess of Liabilities \| 0.0%				547,549
Net Assets \| 100.0%			$	1,309,100,110

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks \| 96.5%
Aerospace & Defense \| 2.9%
Raytheon Co.		7,415	$	1,454,749
The Boeing Co.		2,210		840,838
				2,295,587
Auto Components \| 0.7%
Aptiv PLC		6,174		539,731
Banks \| 7.2%
Bank of America Corp.		97,896		2,855,626
Commerce Bancshares, Inc.		17,800		1,079,570
JPMorgan Chase & Co.		15,505		1,824,784
				5,759,980
Beverages \| 4.0%
The Coca-Cola Co.		59,465		3,237,275
Capital Markets \| 4.5%
E*TRADE Financial Corp.		11,425		499,158
Intercontinental Exchange, Inc.		33,215		3,064,748
				3,563,906
Communications Equipment \| 3.6%
Cisco Systems, Inc.		47,285		2,336,352
Motorola Solutions, Inc.		3,400		579,394
				2,915,746
Construction Materials \| 1.0%
Vulcan Materials Co.		5,430		821,233
Electrical Equipment \| 1.0%
Eaton Corp. PLC		9,440		784,936
Entertainment \| 3.2%
Activision Blizzard, Inc.		8,745		462,785
Electronic Arts, Inc. (*)		5,902		577,334
The Walt Disney Co.		11,575		1,508,454
				2,548,573
Equity Real Estate Investment Trusts (REITs) \| 1.8%
Prologis, Inc.		16,960		1,445,331
Food Products \| 1.1%
Mondelez International, Inc., Class A		16,375		905,865
Health Care Equipment & Supplies \| 6.1%
Danaher Corp.		9,562		1,381,040
Medtronic PLC		32,460		3,525,805
				4,906,845
Health Care Providers & Services \| 4.0%
Anthem, Inc.		2,915		699,892
CVS Health Corp.		10,720		676,110
Humana, Inc.		3,752		959,274

Description	Shares		Fair Value
Laboratory Corp. of America Holdings (*)		5,050	$	848,400
				3,183,676
Hotels, Restaurants & Leisure \| 3.2%
McDonald’s Corp.		11,986		2,573,514
Household Products \| 4.0%
Kimberly-Clark Corp.		6,060		860,823
The Procter & Gamble Co.		18,595		2,312,846
				3,173,669
Industrial Conglomerates \| 3.1%
Honeywell International, Inc.		14,838		2,510,590
Insurance \| 2.1%
Aon PLC		8,465		1,638,570
Interactive Media & Services \| 4.4%
Alphabet, Inc., Class A (*)		2,907		3,549,854
IT Services \| 4.5%
Accenture PLC, Class A		4,445		854,996
Fidelity National Information Services, Inc.		4,810		638,576
Visa, Inc., Class A		12,140		2,088,201
				3,581,773
Life Sciences Tools & Services \| 1.1%
Thermo Fisher Scientific, Inc.		3,053		889,247
Machinery \| 2.3%
Caterpillar, Inc.		6,394		807,626
Deere & Co.		6,345		1,070,275
				1,877,901
Multiline Retail \| 1.4%
Dollar General Corp.		6,974		1,108,448
Oil, Gas & Consumable Fuels \| 4.5%
Chevron Corp.		13,115		1,555,439
ConocoPhillips		21,055		1,199,714
EOG Resources, Inc.		11,430		848,334
				3,603,487
Pharmaceuticals \| 5.6%
Elanco Animal Health, Inc. (*)		17,505		465,458
Johnson & Johnson		14,570		1,885,067
Pfizer, Inc.		31,054		1,115,770
Zoetis, Inc.		8,444		1,052,038
				4,518,333
Road & Rail \| 1.4%
Norfolk Southern Corp.		5,995		1,077,062
Semiconductors & Semiconductor Equipment \| 4.2%
Analog Devices, Inc.		15,428		1,723,770
Skyworks Solutions, Inc.		9,049		717,133

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Texas Instruments, Inc.		7,070	$	913,727
				3,354,630
Software \| 6.6%
Microsoft Corp.		30,835		4,286,990
Palo Alto Networks, Inc. (*)		3,080		627,797
PTC, Inc. (*)		5,940		404,989
				5,319,776
Specialty Retail \| 4.1%
Lowe’s Cos., Inc.		18,910		2,079,343
Ross Stores, Inc.		10,609		1,165,399
				3,244,742
Technology Hardware, Storage & Peripherals \| 2.9%
Apple, Inc.		10,453		2,341,158
Total Common Stocks (Cost $63,336,471)				77,271,438
Short-Term Investments \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $2,575,507)		2,575,507		2,575,507
Total Investments \| 99.7% (Cost $65,911,978)			$	79,846,945
Cash and Other Assets in Excess of Liabilities \| 0.3%				251,626
Net Assets \| 100.0%			$	80,098,571

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks \| 2.1%
Hotels, Restaurants & Leisure \| 2.1%
Hilton Worldwide Holdings, Inc. (Cost $972,342)		14,357	$	1,336,780
Real Estate Investment Trusts \| 97.6%
Equity Real Estate Investment Trusts \| 97.6%
Alexandria Real Estate Equities, Inc.		20,690		3,187,088
American Homes 4 Rent, Class A		94,979		2,459,006
American Tower Corp.		8,440		1,866,337
Americold Realty Trust		52,792		1,956,999
Apartment Investment & Management Co., Class A		28,388		1,480,150
AvalonBay Communities, Inc.		11,482		2,472,419
Boston Properties, Inc.		18,936		2,455,242
Brixmor Property Group, Inc.		55,061		1,117,188
Crown Castle International Corp.		4,893		680,176
Equinix, Inc.		8,422		4,857,810
Equity LifeStyle Properties, Inc.		19,993		2,671,065
Essential Properties Realty Trust, Inc.		56,476		1,293,865
Essex Property Trust, Inc.		11,142		3,639,534
Extra Space Storage, Inc.		17,329		2,024,374
Federal Realty Investment Trust		11,105		1,511,835
HCP, Inc.		94,256		3,358,341
Hudson Pacific Properties, Inc.		30,349		1,015,478
Invitation Homes, Inc.		40,257		1,192,010
Park Hotels & Resorts, Inc.		63,780		1,592,587
Pebblebrook Hotel Trust		33,012		918,394
Physicians Realty Trust		58,868		1,044,907
Prologis, Inc.		66,794		5,692,185
Public Storage		11,304		2,772,532
Simon Property Group, Inc.		24,908		3,876,930
Sun Communities, Inc.		8,483		1,259,301
Taubman Centers, Inc.		20,094		820,438
Ventas, Inc.		20,214		1,476,228
VICI Properties, Inc.		62,856		1,423,688
Vornado Realty Trust		23,173		1,475,425
Weyerhaeuser Co.		63,528		1,759,726
Total Real Estate Investment Trusts (Cost $51,770,864)				63,351,258
Short-Term Investments \| 0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $153,046)		153,046		153,046

Description	Fair Value
Total Investments \| 99.9% (Cost $52,896,252)	$	64,841,084
Cash and Other Assets in Excess of Liabilities \| 0.1%		61,402
Net Assets \| 100.0%	$	64,902,486

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 97.3%
Aerospace & Defense \| 1.2%
Curtiss-Wright Corp.		10,750	$	1,390,727
Air Freight & Logistics \| 0.9%
Echo Global Logistics, Inc. (*)		44,188		1,000,858
Airlines \| 1.6%
Alaska Air Group, Inc.		28,345		1,839,874
Auto Components \| 0.9%
Modine Manufacturing Co. (*)		85,670		974,068
Banks \| 6.1%
Comerica, Inc.		15,095		996,119
Commerce Bancshares, Inc.		24,827		1,505,758
PacWest Bancorp		41,971		1,525,226
Sterling Bancorp		68,670		1,377,520
Wintrust Financial Corp.		22,375		1,446,096
				6,850,719
Biotechnology \| 2.0%
Emergent Biosolutions, Inc. (*)		29,030		1,517,688
Exelixis, Inc. (*)		40,435		715,093
				2,232,781
Building Products \| 2.3%
Armstrong World Industries, Inc.		16,090		1,555,903
PGT Innovations, Inc. (*)		60,610		1,046,735
				2,602,638
Capital Markets \| 3.3%
E*TRADE Financial Corp.		41,550		1,815,319
Morningstar, Inc.		12,485		1,824,558
				3,639,877
Chemicals \| 2.7%
Ingevity Corp. (*)		17,580		1,491,487
Innospec, Inc.		16,680		1,486,855
				2,978,342
Commercial Services & Supplies \| 0.7%
The Brink’s Co.		9,670		802,126
Communications Equipment \| 2.5%
Ciena Corp. (*)		32,595		1,278,702
F5 Networks, Inc. (*)		10,900		1,530,578
				2,809,280
Construction & Engineering \| 1.9%
Comfort Systems USA, Inc.		28,100		1,242,863
Valmont Industries, Inc.		6,550		906,782
				2,149,645

Description	Shares		Fair Value
Construction Materials \| 1.4%
Eagle Materials, Inc.		16,985	$	1,528,820
Containers & Packaging \| 1.2%
Graphic Packaging Holding Co.		90,510		1,335,022
Electric Utilities \| 4.1%
OGE Energy Corp.		54,400		2,468,672
PNM Resources, Inc.		40,960		2,133,197
				4,601,869
Electrical Equipment \| 2.3%
Atkore International Group, Inc. (*)		44,550		1,352,092
EnerSys		18,540		1,222,528
				2,574,620
Electronic Equipment, Instruments & Components \| 1.2%
FLIR Systems, Inc.		25,280		1,329,475
Energy Equipment & Services \| 1.0%
Cactus, Inc., Class A (*)		36,900		1,067,886
Entertainment \| 2.9%
Take-Two Interactive Software, Inc. (*)		13,850		1,735,959
The Marcus Corp.		39,600		1,465,596
				3,201,555
Equity Real Estate Investment Trusts (REITs) \| 12.0%
Alexandria Real Estate Equities, Inc.		14,450		2,225,878
Brixmor Property Group, Inc.		91,605		1,858,665
Camden Property Trust		23,795		2,641,483
Hudson Pacific Properties, Inc.		54,800		1,833,608
Kilroy Realty Corp.		24,040		1,872,476
PS Business Parks, Inc.		15,860		2,885,727
				13,317,837
Food Products \| 0.9%
The Simply Good Foods Co. (*)		34,540		1,001,315
Health Care Equipment & Supplies \| 4.7%
AngioDynamics, Inc. (*)		59,969		1,104,629
Avanos Medical, Inc. (*)		20,120		753,695
Envista Holdings Corp. (*)		25,800		719,304
Lantheus Holdings, Inc. (*)		36,440		913,369
STERIS PLC		12,020		1,736,770
				5,227,767
Health Care Providers & Services \| 3.0%
Henry Schein, Inc. (*)		23,100		1,466,850
Laboratory Corp. of America Holdings (*)		11,015		1,850,520
				3,317,370
Hotels, Restaurants & Leisure \| 3.3%
Papa John’s International, Inc.		22,350		1,170,022
Penn National Gaming, Inc. (*)		64,870		1,208,204

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
The Cheesecake Factory, Inc.		31,170	$	1,299,166
				3,677,392
Household Durables \| 1.8%
Leggett & Platt, Inc.		50,190		2,054,779
Insurance \| 5.5%
Arch Capital Group, Ltd. (*)		51,710		2,170,786
Brown & Brown, Inc.		49,775		1,794,886
Reinsurance Group of America, Inc.		13,360		2,135,997
				6,101,669
IT Services \| 4.3%
CoreLogic, Inc. (*)		31,630		1,463,520
Leidos Holdings, Inc.		23,275		1,998,857
Sabre Corp.		58,850		1,317,946
				4,780,323
Leisure Products \| 1.1%
Brunswick Corp.		23,800		1,240,456
Life Sciences Tools & Services \| 0.5%
Cambrex Corp. (*)		9,095		541,153
Machinery \| 2.0%
Gardner Denver Holdings, Inc. (*)		29,540		835,687
TriMas Corp. (*)		44,790		1,372,813
				2,208,500
Oil, Gas & Consumable Fuels \| 1.4%
Parsley Energy, Inc., Class A		91,600		1,538,880
Pharmaceuticals \| 1.2%
Catalent, Inc. (*)		28,265		1,347,110
Professional Services \| 1.1%
FTI Consulting, Inc. (*)		11,960		1,267,640
Semiconductors & Semiconductor Equipment \| 2.7%
Maxim Integrated Products, Inc.		26,100		1,511,451
MKS Instruments, Inc.		15,675		1,446,489
				2,957,940
Software \| 5.3%
CyberArk Software, Ltd. (*)		6,860		684,765
j2 Global, Inc.		20,385		1,851,366
PTC, Inc. (*)		8,000		545,440
RealPage, Inc. (*)		24,650		1,549,499
SolarWinds Corp. (*)		68,145		1,257,275
				5,888,345
Specialty Retail \| 1.8%
Floor & Decor Holdings, Inc., Class A (*)		27,205		1,391,536

Description	Shares		Fair Value
Foot Locker, Inc.		14,055	$	606,614
				1,998,150
Textiles, Apparel & Luxury Goods \| 3.0%
Carter’s, Inc.		14,260		1,300,655
Steven Madden, Ltd.		31,462		1,126,025
Tapestry, Inc.		34,500		898,725
				3,325,405
Trading Companies & Distributors \| 1.5%
Air Lease Corp.		41,200		1,722,984
Total Common Stocks (Cost $99,190,728)				108,425,197
Total Investments \| 97.3% (Cost $99,190,728)			$	108,425,197
Cash and Other Assets in Excess of Liabilities \| 2.7%				3,007,163
Net Assets \| 100.0%			$	111,432,360

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 4.1%
Chile \| 1.0%
Corp. Nacional del Cobre de Chile:
4.500%, 09/16/25	USD		200	$	219,063
4.375%, 02/05/49 (#)	USD		200		223,812
Empresa Electrica Guacolda SA, 4.560%, 04/30/25	USD		600		541,125
					984,000
China \| 1.2%
Sinopec Group Overseas Development 2018, Ltd., 4.250%, 09/12/28	USD		215		238,314
State Grid Overseas Investment 2016, Ltd.:
2.875%, 05/18/26	USD		200		203,688
3.500%, 05/04/27	USD		410		432,300
4.250%, 05/02/28	USD		250		279,627
					1,153,929
Colombia \| 0.4%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		375		425,629
Guatemala \| 0.3%
Comcel Trust, 6.875%, 02/06/24	USD		320		329,100
Kazakhstan \| 0.2%
KazMunayGas National Co. JSC, 5.750%, 04/19/47	USD		210		246,487
Peru \| 0.6%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		960		316,352
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD		250		279,765
					596,117
Zambia \| 0.4%
First Quantum Minerals, Ltd., 7.250%, 05/15/22 (#)	USD		400		396,172
Total Corporate Bonds (Cost $3,947,948)					4,131,434
Foreign Government Obligations \| 91.7%
Angola \| 0.5%
Republic of Angola:
9.500%, 11/12/25	USD		302		338,618
9.375%, 05/08/48	USD		200		210,750
					549,368
Argentina \| 1.6%
Republic of Argentina:
5.625%, 01/26/22	USD		410		178,965
4.625%, 01/11/23	USD		367		153,796

Description	Security Currency	Principal Amount (000)		Fair Value
7.500%, 04/22/26	USD		390	$	170,625
6.875%, 01/26/27	USD		325		137,312
5.875%, 01/11/28	USD		230		94,300
6.625%, 07/06/28	USD		365		152,022
8.280%, 12/31/33	USD		336		165,616
7.125%, 07/06/36	USD		315		135,923
7.625%, 04/22/46	USD		215		93,848
6.875%, 01/11/48	USD		450		190,125
7.125%, 06/28/2117	USD		340		147,050
					1,619,582
Azerbaijan \| 1.0%
Republic of Azerbaijan:
4.750%, 03/18/24	USD		660		698,940
3.500%, 09/01/32	USD		320		310,000
					1,008,940
Bahrain \| 0.9%
Kingdom of Bahrain:
6.125%, 07/05/22	USD		170		179,775
7.000%, 10/12/28	USD		610		683,200
					862,975
Belarus \| 0.3%
Republic of Belarus, 7.625%, 06/29/27	USD		225		252,844
Belize \| 0.0%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD		55		33,464
Brazil \| 4.5%
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/23	BRL		7,670		1,469,437
Brazil NTN-B, 6.000%, 08/15/50	BRL		495		557,354
Brazil NTN-F:
10.000%, 01/01/25	BRL		3,150		868,538
10.000%, 01/01/27	BRL		1,225		345,666
Federal Republic of Brazil:
4.625%, 01/13/28	USD		701		747,660
5.625%, 02/21/47	USD		445		498,678
					4,487,333
Chile \| 1.6%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		170,000		259,839
6.000%, 01/01/43	CLP		130,000		264,281
5.100%, 07/15/50	CLP		265,000		501,618
Republic of Chile:
3.240%, 02/06/28	USD		250		266,094
3.500%, 01/25/50	USD		325		351,102
					1,642,934
Colombia \| 4.1%
Colombian Titulos De Tesoreria:

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.250%, 11/26/25	COP		3,070,000	$	918,539
7.500%, 08/26/26	COP		3,728,000		1,187,582
6.000%, 04/28/28	COP		1,135,000		329,238
7.000%, 06/30/32	COP		1,396,000		429,796
Republic of Colombia:
4.500%, 01/28/26	USD		235		257,178
4.500%, 03/15/29	USD		165		183,820
7.375%, 09/18/37	USD		105		150,052
5.000%, 06/15/45	USD		540		631,631
					4,087,836
Costa Rica \| 0.8%
Republic of Costa Rica:
9.200%, 02/23/22	USD		70		75,287
5.520%, 08/17/22	USD		100		98,450
5.520%, 08/23/23	USD		480		453,755
5.625%, 04/30/43	USD		115		99,942
7.158%, 03/12/45	USD		105		105,230
					832,664
Czech Republic \| 1.3%
Czech Republic:
3.750%, 09/12/20	CZK		5,590		240,795
2.500%, 08/25/28	CZK		8,470		393,468
4.200%, 12/04/36	CZK		10,540		628,442
					1,262,705
Dominican Republic \| 1.5%
Dominican Republic:
8.900%, 02/15/23	DOP		15,550		299,711
6.875%, 01/29/26	USD		650		733,281
5.950%, 01/25/27	USD		290		313,835
6.850%, 01/27/45	USD		60		66,825
6.500%, 02/15/48 (#)	USD		75		80,508
					1,494,160
Ecuador \| 1.1%
Republic of Ecuador:
7.950%, 06/20/24	USD		430		438,331
9.650%, 12/13/26	USD		420		442,182
8.875%, 10/23/27 (#)	USD		260		259,431
					1,139,944
Egypt \| 1.5%
Arab Republic of Egypt:
5.577%, 02/21/23	USD		200		203,500
5.577%, 02/21/23 (#)	USD		270		274,725
6.200%, 03/01/24 (#)	USD		390		407,062
8.500%, 01/31/47 (#)	USD		335		355,205
8.700%, 03/01/49 (#)	USD		270		289,913
					1,530,405
El Salvador \| 0.4%
Republic of El Salvador:
5.875%, 01/30/25	USD		31		31,949

Description	Security Currency	Principal Amount (000)		Fair Value
8.625%, 02/28/29	USD		150	$	175,078
7.650%, 06/15/35	USD		65		69,672
7.625%, 02/01/41	USD		150		161,016
					437,715
Gabon \| 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		220		216,494
Ghana \| 0.7%
Republic of Ghana:
7.875%, 08/07/23	USD		130		142,025
7.625%, 05/16/29	USD		280		279,650
8.627%, 06/16/49	USD		255		253,884
					675,559
Guatemala \| 0.3%
Guatemala Government Bonds, 4.900%, 06/01/30 (#)	USD		310		328,309
Honduras \| 0.3%
Honduras Government Bonds, 7.500%, 03/15/24	USD		245		272,103
Hungary \| 4.5%
Hungary:
5.750%, 11/22/23	USD		84		95,419
5.375%, 03/25/24	USD		466		525,997
7.625%, 03/29/41	USD		812		1,347,666
Hungary Government Bonds:
1.500%, 08/24/22	HUF		448,110		1,507,456
2.500%, 10/24/24	HUF		308,220		1,076,737
					4,553,275
Indonesia \| 8.2%
Indonesia Government Bonds:
5.625%, 05/15/23	IDR		2,103,000		143,040
8.375%, 03/15/24	IDR		7,060,000		526,951
8.125%, 05/15/24	IDR		20,599,000		1,528,781
8.375%, 09/15/26	IDR		14,048,000		1,056,136
7.000%, 05/15/27	IDR		2,543,000		176,908
9.000%, 03/15/29	IDR		5,083,000		395,683
8.250%, 05/15/29	IDR		5,531,000		414,642
8.750%, 05/15/31	IDR		16,071,000		1,231,223
7.500%, 08/15/32	IDR		4,849,000		336,817
8.375%, 03/15/34	IDR		1,165,000		86,462
8.250%, 05/15/36	IDR		8,118,000		591,908
8.375%, 04/15/39	IDR		920,000		67,955
Republic of Indonesia:
4.750%, 01/08/26	USD		270		298,687
3.500%, 01/11/28	USD		305		315,294
4.750%, 02/11/29	USD		75		85,312
5.125%, 01/15/45	USD		285		340,486
5.250%, 01/08/47	USD		360		440,100
4.350%, 01/11/48	USD		215		236,231
					8,272,616

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Iraq \| 0.6%
Republic of Iraq:
6.752%, 03/09/23	USD		290	$	296,525
5.800%, 01/15/28	USD		305		297,852
					594,377
Ivory Coast \| 0.4%
Ivory Coast:
5.750%, 12/31/32 (Ø)	USD		122		119,912
6.125%, 06/15/33	USD		325		313,117
					433,029
Jamaica \| 0.3%
Government of Jamaica:
6.750%, 04/28/28	USD		135		160,692
8.000%, 03/15/39	USD		95		124,925
					285,617
Kazakhstan \| 0.6%
Republic of Kazakhstan:
5.125%, 07/21/25	USD		155		175,537
4.875%, 10/14/44	USD		395		474,510
					650,047
Kenya \| 0.4%
Republic of Kenya, 6.875%, 06/24/24	USD		365		383,706
Lebanon \| 0.2%
Lebanese Republic, 5.450%, 11/28/19	USD		155		153,256
Malaysia \| 3.6%
Malaysia Government Bonds:
3.882%, 03/10/22	MYR		760		184,774
3.418%, 08/15/22	MYR		2,490		599,348
3.800%, 08/17/23	MYR		1,170		284,841
3.478%, 06/14/24	MYR		4,520		1,092,351
4.181%, 07/15/24	MYR		240		59,578
3.955%, 09/15/25	MYR		1,720		423,440
4.642%, 11/07/33	MYR		330		87,103
4.893%, 06/08/38	MYR		2,810		788,366
Malaysia Sovereign Sukuk Berhad, 4.236%, 04/22/45	USD		50		62,031
					3,581,832
Mexico \| 5.8%
Mexican Bonos:
10.000%, 12/05/24	MXN		30,247		1,750,017
5.750%, 03/05/26	MXN		51,140		2,453,082
8.500%, 05/31/29	MXN		6,170		347,707
7.750%, 05/29/31	MXN		6,500		348,814
7.750%, 11/13/42	MXN		12,080		639,810
United Mexican States:
4.750%, 03/08/44	USD		70		75,863

Description	Security Currency	Principal Amount (000)		Fair Value
5.750%, 10/12/2110	USD		192	$	221,400
					5,836,693
Mongolia \| 0.3%
Mongolia International Bonds:
10.875%, 04/06/21	USD		45		48,952
5.125%, 12/05/22	USD		110		109,622
8.750%, 03/09/24 (#)	USD		115		128,764
					287,338
Morocco \| 0.3%
Kingdom of Morocco, 5.500%, 12/11/42	USD		240		286,800
Mozambique \| 2.4%
Mozambique International Bonds, 10.500%, 01/18/23	USD		2,268		2,421,090
Namibia \| 0.1%
Republic of Namibia, 5.250%, 10/29/25	USD		95		95,891
Nigeria \| 1.2%
Republic of Nigeria:
7.625%, 11/21/25	USD		205		224,731
6.500%, 11/28/27 (#)	USD		375		378,516
7.625%, 11/28/47	USD		200		197,437
7.625%, 11/28/47 (#)	USD		435		429,427
					1,230,111
Oman \| 0.5%
Oman Government International Bonds:
4.875%, 02/01/25 (#)	USD		270		270,338
6.000%, 08/01/29 (#)	USD		200		198,000
					468,338
Pakistan \| 0.4%
Islamic Republic of Pakistan:
8.250%, 09/30/25	USD		200		215,938
6.875%, 12/05/27	USD		200		196,464
					412,402
Panama \| 1.1%
Republic of Panama:
8.875%, 09/30/27	USD		40		57,387
3.875%, 03/17/28	USD		350		380,297
9.375%, 04/01/29	USD		55		84,408
4.500%, 04/16/50	USD		340		402,900
3.870%, 07/23/60	USD		155		167,739
					1,092,731
Paraguay \| 0.6%
Republic of Paraguay:
6.100%, 08/11/44	USD		145		176,538
5.600%, 03/13/48 (#)	USD		340		392,381
					568,919

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Peru \| 4.5%
Banco de Credito del Peru, 4.850%, 10/30/20 (#)	PEN		108	$	32,165
Republic of Peru:
8.200%, 08/12/26	PEN		7,770		2,924,534
4.125%, 08/25/27	USD		140		156,888
2.844%, 06/20/30	USD		220		227,287
6.900%, 08/12/37	PEN		2,080		752,268
5.625%, 11/18/50	USD		320		469,000
					4,562,142
Philippines \| 2.9%
Republic of Philippines:
3.625%, 09/09/25	PHP		7,150		130,577
3.000%, 02/01/28	USD		585		613,103
3.750%, 01/14/29	USD		1,135		1,270,491
7.750%, 01/14/31	USD		170		255,266
6.375%, 10/23/34	USD		380		549,575
3.700%, 03/01/41	USD		85		98,069
					2,917,081
Poland \| 2.0%
Poland Government Bonds:
3.250%, 07/25/25	PLN		6,140		1,650,317
2.500%, 07/25/27	PLN		1,318		341,853
					1,992,170
Qatar \| 2.4%
State of Qatar:
4.000%, 03/14/29	USD		635		704,056
5.103%, 04/23/48	USD		325		415,898
4.817%, 03/14/49	USD		775		960,516
4.817%, 03/14/49 (#)	USD		295		365,616
					2,446,086
Romania \| 1.7%
Romanian Government Bonds:
4.250%, 06/28/23	RON		5,275		1,234,725
4.850%, 04/22/26	RON		1,820		439,274
					1,673,999
Russia \| 4.8%
Russia Government Bonds - OFZ:
7.950%, 10/07/26	RUB		127,460		2,091,598
7.050%, 01/19/28	RUB		46,510		726,999
6.900%, 05/23/29	RUB		17,730		273,584
8.500%, 09/17/31	RUB		29,610		510,504
Russian Foreign Bond - Eurobond:
5.100%, 03/28/35	USD		200		226,000
5.250%, 06/23/47	USD		800		949,750
					4,778,435

Description	Security Currency	Principal Amount (000)		Fair Value
Saudi Arabia \| 0.3%
Saudi Government International Bonds, 4.375%, 04/16/29 (#)	USD		310	$	347,820
Senegal \| 0.4%
Republic of Senegal, 6.250%, 05/23/33	USD		360		362,025
South Africa \| 4.3%
Republic of South Africa:
10.500%, 12/21/26	ZAR		7,560		554,592
4.850%, 09/30/29	USD		260		259,350
8.000%, 01/31/30	ZAR		10,720		660,688
8.250%, 03/31/32	ZAR		12,750		775,070
8.500%, 01/31/37	ZAR		27,370		1,619,533
8.750%, 02/28/48	ZAR		7,540		442,672
					4,311,905
South Korea \| 0.1%
Export-Import Bank of Korea, 6.360%, 02/14/23	IDR		1,100,000		75,592
Sri Lanka \| 1.1%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		60		60,337
5.875%, 07/25/22	USD		200		200,875
6.125%, 06/03/25	USD		270		261,168
6.850%, 11/03/25	USD		150		150,469
6.825%, 07/18/26	USD		130		128,741
6.750%, 04/18/28 (#)	USD		300		286,125
					1,087,715
Tajikistan \| 0.1%
Tajikistan International Bonds, 7.125%, 09/14/27 (#)	USD		70		61,031
Thailand \| 3.3%
Thailand Government Bonds:
3.625%, 06/16/23	THB		4,210		148,705
2.400%, 12/17/23	THB		3,490		118,209
3.850%, 12/12/25	THB		17,223		643,887
3.650%, 06/20/31	THB		27,120		1,088,821
3.400%, 06/17/36	THB		15,930		662,067
3.300%, 06/17/38	THB		14,340		600,423
					3,262,112
Turkey \| 4.6%
Republic of Turkey:
6.250%, 09/26/22	USD		255		262,252
5.750%, 03/22/24	USD		125		124,648
7.375%, 02/05/25	USD		240		254,775
6.000%, 03/25/27	USD		185		181,416
6.000%, 01/14/41	USD		190		170,050
6.625%, 02/17/45	USD		325		311,492
5.750%, 05/11/47	USD		320		280,000
Turkey Government Bonds:
10.700%, 02/17/21	TRY		11,895		2,035,863

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
11.000%, 03/02/22	TRY		990	$	166,724
8.800%, 09/27/23	TRY		970		148,154
10.400%, 03/20/24	TRY		1,710		273,897
8.000%, 03/12/25	TRY		2,830		401,171
					4,610,442
Ukraine \| 3.3%
Ukraine Government Bonds:
7.750%, 09/01/20	USD		280		285,740
7.750%, 09/01/21	USD		145		150,800
7.750%, 09/01/23	USD		235		246,985
8.994%, 02/01/24	USD		200		219,250
7.750%, 09/01/24	USD		355		374,969
15.840%, 02/26/25	UAH		9,450		398,368
7.750%, 09/01/25	USD		766		804,300
9.750%, 11/01/28	USD		490		561,662
7.375%, 09/25/32	USD		230		231,438
					3,273,512
United Arab Emirates \| 0.8%
Abu Dhabi Government International Bonds:
4.125%, 10/11/47	USD		210		246,094
3.125%, 09/30/49 (#)	USD		250		242,498
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		310		358,147
					846,739
Uruguay \| 0.2%
Republica Orient Uruguay, 4.975%, 04/20/55	USD		185		217,028
Venezuela \| 0.6%
Republic of Venezuela:
7.750%, 10/13/19 («)	USD		245		23,275
6.000%, 12/09/20 («)	USD		121		11,495
12.750%, 08/23/22 («)	USD		1,064		101,080
9.000%, 05/07/23 («)	USD		1,212		115,140
8.250%, 10/13/24 («)	USD		2,218		210,710
7.650%, 04/21/25 («)	USD		112		10,640
9.250%, 09/15/27 («)	USD		1,012		96,140
9.250%, 05/07/28 («)	USD		57		5,415
11.950%, 08/05/31 («)	USD		52		4,940
9.375%, 01/13/34 («)	USD		580		55,100
7.000%, 03/31/38 («)	USD		58		5,510
					639,445
Zambia \| 0.2%
Republic of Zambia, 8.500%, 04/14/24	USD		305		216,931
Total Foreign Government Obligations (Cost $90,327,362)					92,025,612

Description	Security Currency	Principal Amount (000)		Fair Value
Quasi Government Bonds \| 1.4%
Mexico \| 0.2%
Petroleos Mexicanos, 6.500%, 03/13/27	USD		225	$	233,740
South Africa \| 0.4%
Eskom Holdings SOC, Ltd., 5.750%, 01/26/21	USD		397		400,970
Turkey \| 0.3%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		305		303,475
Ukraine \| 0.3%
Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25	USD		250		264,842
Venezuela \| 0.2%
Petroleos de Venezuela SA:
8.500%, 10/27/20	USD		135		45,058
9.000%, 11/17/21 («)	USD		251		20,080
12.750%, 02/17/22 («)	USD		273		21,840
6.000%, 05/16/24 («)	USD		346		27,680
6.000%, 11/15/26 («)	USD		414		33,120
5.375%, 04/12/27 («)	USD		292		23,360
9.750%, 05/17/35 («)	USD		295		23,600
5.500%, 04/12/37 («)	USD		100		8,000
					202,738
Total Quasi Government Bonds (Cost $2,158,092)					1,405,765
Supranational Bonds \| 0.1%
European Bank for Reconstruction & Development, 7.500%, 05/15/22	IDR		1,223,000		87,409
International Finance Corp., 8.000%, 10/09/23	IDR		200,000		14,695
Total Supranational Bonds (Cost $101,123)					102,104


Description	Shares		Fair Value
Short-Term Investments \| 1.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $957,898)		957,898	$	957,898
Total Investments \| 98.3% (Cost $97,492,423) (»)			$	98,622,813
Cash and Other Assets in Excess of Liabilities \| 1.7%				1,740,850
Net Assets \| 100.0%			$	100,363,663

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL	246,066	USD	59,088	BRC	10/02/19	$	134	$	—
BRL	693,954	USD	169,371	BRC	10/02/19		—		2,352
BRL	694,432	USD	167,717	BRC	10/02/19		—		583
BRL	776,763	USD	186,525	BRC	10/02/19		424		—
BRL	1,416,690	USD	340,191	BRC	10/02/19		774		—
BRL	1,416,690	USD	337,878	BRC	11/04/19		2,300		—
BRL	839,116	USD	201,497	HSB	10/02/19		458		—
BRL	839,116	USD	201,497	HSB	10/02/19		458		—
BRL	1,342,586	USD	322,396	HSB	10/02/19		733		—
BRL	1,342,586	USD	322,396	HSB	10/02/19		733		—
BRL	839,116	USD	200,333	HSB	11/04/19		1,157		—
BRL	839,116	USD	200,333	HSB	11/04/19		1,157		—
BRL	1,342,586	USD	322,741	HSB	11/04/19		—		357
BRL	1,342,586	USD	322,121	HSB	11/04/19		263		—
BRL	258,439	USD	62,402	JPM	10/02/19		—		202
BRL	275,508	USD	66,322	JPM	10/02/19		—		14
BRL	788,267	USD	192,389	JPM	10/02/19		—		2,672
BRL	236,094	USD	56,999	JPM	11/04/19		—		307
BRL	667,738	USD	160,344	SCB	10/02/19		365		—
BRL	754,743	USD	182,283	SCB	10/02/19		—		634
BRL	909,468	USD	218,391	SCB	10/02/19		497		—
BRL	947,700	USD	231,160	SCB	10/02/19		—		3,071
BRL	1,445,024	USD	346,994	SCB	10/02/19		789		—
BRL	5,469,384	USD	1,326,040	SCB	10/02/19		—		9,686
BRL	1,445,024	USD	345,142	SCB	11/04/19		1,840		—
BRL	570,364	USD	136,962	UBS	10/02/19		312		—
BRL	609,843	USD	146,574	UBS	10/02/19		201		—
BRL	1,158,447	USD	279,876	UBS	10/02/19		—		1,064
BRL	1,255,200	USD	301,412	UBS	10/02/19		686		—
CLP	85,907,257	USD	121,081	BRC	11/20/19		—		3,148
CLP	232,836,583	USD	320,902	SCB	10/07/19		—		1,549
CLP	232,836,583	USD	320,579	UBS	10/07/19		—		1,226
CLP	400,711,166	USD	552,995	UBS	11/20/19		—		2,900
COP	297,810,000	USD	90,000	BRC	10/25/19		—		4,506
COP	792,378,207	USD	247,885	BRC	10/25/19		—		20,414
COP	1,266,888,935	USD	379,422	BRC	10/25/19		—		15,730
CZK	15,452,640	USD	660,449	CIT	11/20/19		—		7,240
EUR	114,507	HUF	38,425,931	BOA	11/20/19		—		159
EUR	105,313	HUF	35,343,201	BRC	11/20/19		—		155
EUR	173,999	HUF	57,920,854	BRC	11/20/19		1,290		—
EUR	183,979	HUF	61,215,429	BRC	11/20/19		1,454		—
EUR	430,000	HUF	144,619,750	BRC	11/20/19		—		1,648
EUR	73,685	HUF	24,517,493	SCB	11/20/19		581		—
EUR	28,215	HUF	9,384,259	UBS	11/20/19		235		—
EUR	126,342	RON	604,850	BRC	12/05/19		—		438

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
EUR	333,658	RON	1,597,554	JPM	12/05/19	$	—	$	1,204
HUF	41,784,141	EUR	125,637	BRC	11/20/19		—		1,054
HUF	55,998,159	EUR	169,509	BRC	11/20/19		—		2,653
HUF	122,486,240	EUR	370,613	JPM	11/20/19		—		5,630
HUF	55,771,155	EUR	167,631	SCB	11/20/19		—		1,340
HUF	152,022,180	EUR	460,000	SCB	11/20/19		—		7,008
HUF	42,108,322	EUR	126,645	UBS	11/20/19		—		1,100
HUF	125,558,342	EUR	379,835	UBS	11/20/19		—		5,692
HUF	151,998,950	EUR	460,000	UBS	11/20/19		—		7,084
HUF	77,605,646	USD	253,260	SCB	11/20/19		35		—
IDR	816,393,526	USD	54,444	BOA	11/15/19		2,803		—
IDR	811,846,410	USD	56,638	BOA	11/18/19		273		—
IDR	1,767,355,300	USD	118,281	BRC	11/18/19		5,611		—
IDR	408,665,416	USD	27,253	JPM	11/15/19		1,403		—
IDR	816,782,863	USD	54,235	JPM	11/15/19		3,039		—
IDR	5,661,731,557	USD	375,945	JPM	08/26/20		9,284		—
IDR	816,260,263	USD	54,327	SCB	11/15/19		2,911		—
IDR	1,220,881,262	USD	81,719	SCB	11/18/19		3,865		—
PEN	237,125	USD	70,000	BRC	10/17/19		312		—
PEN	573,670	USD	169,274	BRC	10/17/19		830		—
PEN	1,116,744	USD	327,654	BRC	10/17/19		3,482		—
PEN	5,996,226	USD	1,818,471	BRC	10/17/19		—		40,476
PEN	269,720	USD	80,000	BRC	12/24/19		—		249
PEN	1,542,856	USD	453,514	SCB	10/17/19		3,972		—
PEN	573,670	USD	169,304	UBS	10/17/19		800		—
PHP	13,362,939	USD	253,345	BRC	11/15/19		4,060		—
PHP	46,381,003	USD	890,350	SCB	12/10/19		2,012		—
PHP	19,273,855	USD	370,000	SCB	12/16/19		729		—
PHP	37,862,330	USD	726,406	UBS	11/15/19		2,920		—
PLN	1,408,055	USD	359,380	BRC	11/20/19		—		8,024
PLN	1,665,472	USD	423,703	BRC	11/20/19		—		8,113
PLN	3,980,011	USD	1,016,645	HSB	11/20/19		—		23,500
PLN	972,714	USD	248,493	SCB	11/20/19		—		5,769
PLN	2,209,496	USD	564,011	SCB	11/20/19		—		12,668
RON	773,338	USD	180,962	BRC	12/05/19		—		3,501
RUB	25,725,448	USD	399,395	BRC	11/25/19		—		5,557
THB	5,376,668	USD	177,407	BRC	11/18/19		—		1,466
THB	6,747,913	USD	222,593	SCB	11/18/19		—		1,781
THB	30,302,886	USD	993,863	SCB	11/18/19		—		2,260
TRY	1,077,601	USD	181,509	BRC	10/17/19		8,248		—
TRY	2,005,933	USD	338,863	BRC	10/17/19		14,366		—
TWD	2,770,184	USD	89,065	BRC	11/15/19		445		—
TWD	309,400	USD	10,000	BRC	11/18/19		—		1
TWD	2,770,184	USD	89,352	HSB	11/18/19		174		—
TWD	1,871,880	USD	60,000	JPM	11/18/19		495		—
TWD	4,996,800	USD	160,000	JPM	11/18/19		1,485		—
TWD	9,414,969	USD	302,727	JPM	11/18/19		1,543		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
TWD	3,676,028	USD	118,208	SCB	11/18/19	$	593	$	—
UAH	6,785,158	USD	251,000	BOA	10/01/19		30,513		—
UAH	3,243,345	USD	132,004	BRC	11/01/19		—		67
UAH	5,106,780	USD	189,000	SCB	10/01/19		22,878		—
USD	59,293	BRL	246,066	BRC	10/02/19		71		—
USD	166,640	BRL	693,954	BRC	10/02/19		—		379
USD	166,754	BRL	694,432	BRC	10/02/19		—		379
USD	185,895	BRL	776,763	BRC	10/02/19		—		1,054
USD	338,557	BRL	1,416,690	BRC	10/02/19		—		2,408
USD	200,745	BRL	839,116	HSB	10/02/19		—		1,210
USD	200,745	BRL	839,116	HSB	10/02/19		—		1,210
USD	322,737	BRL	1,342,586	HSB	10/02/19		—		392
USD	323,359	BRL	1,342,586	HSB	10/02/19		230		—
USD	62,059	BRL	258,439	JPM	10/02/19		—		141
USD	66,158	BRL	275,508	JPM	10/02/19		—		150
USD	189,287	BRL	788,267	JPM	10/02/19		—		431
USD	160,707	BRL	667,738	SCB	10/02/19		—		2
USD	181,237	BRL	754,743	SCB	10/02/19		—		412
USD	217,654	BRL	909,468	SCB	10/02/19		—		1,234
USD	227,572	BRL	947,700	SCB	10/02/19		—		518
USD	345,824	BRL	1,445,024	SCB	10/02/19		—		1,960
USD	1,313,367	BRL	5,469,384	SCB	10/02/19		—		2,987
USD	136,451	BRL	570,364	UBS	10/02/19		—		823
USD	146,442	BRL	609,843	UBS	10/02/19		—		333
USD	278,179	BRL	1,158,447	UBS	10/02/19		—		633
USD	300,000	BRL	1,255,200	UBS	10/02/19		—		2,098
USD	89,869	CLP	64,962,000	BRC	10/07/19		769		—
USD	552,515	CLP	400,711,166	UBS	10/07/19		2,909		—
USD	20,000	COP	69,600,000	BRC	10/25/19		20		—
USD	90,000	COP	301,950,000	BRC	10/25/19		3,318		—
USD	103,175	COP	348,931,338	BRC	10/25/19		3,005		—
USD	170,000	COP	590,665,000	UBS	10/25/19		435		—
USD	66,197	HUF	19,870,945	BRC	11/20/19		1,341		—
USD	652,989	HUF	195,743,234	BRC	11/20/19		14,109		—
USD	70,643	IDR	1,004,548,000	BRC	10/29/19		77		—
USD	346,325	IDR	4,902,987,667	BRC	10/29/19		1,904		—
USD	191,599	IDR	2,858,102,068	BRC	11/15/19		—		8,818
USD	254,678	IDR	3,800,082,972	BRC	11/18/19		—		11,709
USD	519,238	IDR	7,354,481,499	HSB	10/29/19		2,607		—
USD	832,282	IDR	11,776,784,101	HSB	10/29/19		4,998		—
USD	566,218	IDR	8,011,417,756	SCB	10/29/19		3,440		—
USD	224,138	MXN	4,380,624	BRC	10/17/19		2,711		—
USD	190,000	MXN	3,761,430	SCB	10/17/19		—		129
USD	200,717	MXN	3,973,603	SCB	10/17/19		—		136
USD	10,000	MYR	41,921	SCB	11/29/19		—		4
USD	507,170	MYR	2,121,839	SCB	11/29/19		803		—

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	2,807,758	PEN	9,553,677	HSB	10/17/19	$	—	$	25,089
USD	2,313,831	PEN	7,875,354	UBS	10/17/19		—		21,361
USD	204,502	PHP	10,707,930	SCB	11/15/19		—		1,760
USD	130,235	PLN	521,805	SCB	11/20/19		27		—
USD	301,039	RON	1,285,829	BOA	12/05/19		5,975		—
USD	301,149	RON	1,285,830	BRC	12/05/19		6,084		—
USD	209,669	RON	896,378	JPM	12/05/19		3,973		—
USD	110,887	RON	483,069	SCB	12/05/19		35		—
USD	393,615	TRY	2,367,478	BRC	10/17/19		—		23,279
USD	110,000	TRY	644,771	HSB	10/17/19		—		3,539
USD	170,000	TRY	973,131	SCB	10/17/19		—		1,361
USD	393,596	TRY	2,367,478	SCB	10/17/19		—		23,299
USD	394,054	TRY	2,367,477	UBS	10/17/19		—		22,840
USD	620,000	TWD	19,366,940	BRC	11/18/19		—		5,896
USD	89,332	TWD	2,770,184	HSB	11/15/19		—		178
USD	616,544	TWD	19,226,932	SCB	11/18/19		—		4,827
USD	76,000	UAH	1,851,740	BOA	10/01/19		—		828
USD	94,000	UAH	2,293,600	BRC	10/01/19		—		1,160
USD	133,967	UAH	3,243,345	BRC	10/01/19		—		598
USD	185,625	UAH	4,503,253	CIT	10/01/19		—		1,213
USD	138,245	ZAR	2,030,097	BRC	10/24/19		4,585		—
UYU	4,330,130	USD	116,214	CIT	12/13/19		—		552
ZAR	955,203	USD	67,568	BRC	10/24/19		—		4,678
ZAR	3,929,676	USD	267,665	BRC	10/24/19		—		8,939
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	209,348	$	417,199

Interest Rate Swap Agreements open at September 30, 2019:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Appreciation

BRL

BRC

1,617,661

01/02/23

6.58

Maturity

1 month Brazilian Interbank Deposit Average

7,442

Centrally Cleared Interest Rate Swap Agreements open at September 30, 2019:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Appreciation

BRL

MSC

6,581,595

01/02/23

6.14

Maturity

1 month Brazilian Interbank Deposit Average

7,797

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 29.5%
Australia \| 0.8%
Telstra Corp., Ltd., 4.000%, 09/16/22		AUD		70	$	50,550
Canada \| 1.6%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21		CAD		90		68,932
Rogers Communications, Inc., 3.250%, 05/01/29		CAD		40		31,110
						100,042
France \| 1.2%
Schneider Electric SE, 2.950%, 09/27/22		USD		70		71,542
Germany \| 1.3%
BMW Finance NV, 0.875%, 08/16/22		GBP		45		54,926
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20		USD		25		25,311
						80,237
Netherlands \| 3.9%
BNG Bank NV, 5.000%, 09/16/20		NZD		55		35,617
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22		USD		200		208,604
						244,221
Switzerland \| 0.9%
ABB Finance USA, Inc., 3.375%, 04/03/23		USD		55		57,356
United Kingdom \| 1.7%
Unilever Capital Corp., 3.250%, 03/07/24		USD		100		105,346
United States \| 18.1%
American Express Co., 3.000%, 10/30/24		USD		60		61,968
Apple, Inc., 3.850%, 05/04/43		USD		90		100,976
Bank of America Corp., 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)		USD		60		61,188
Citigroup, Inc., 2.539% (BBSW 3 Month + 1.550%), 05/04/21 (§)		AUD		110		75,177
Constellation Brands, Inc., 4.250%, 05/01/23		USD		65		69,495
DaVita, Inc., 5.125%, 07/15/24		USD		30		30,488

Description	Security Currency		Principal Amount (000)		Fair Value
HCA, Inc., 5.000%, 03/15/24		USD		45	$	49,143
John Deere Canada Funding, Inc., 2.050%, 09/17/20		CAD		85		64,167
Johnson & Johnson, 3.625%, 03/03/37		USD		30		33,460
JPMorgan Chase & Co., 4.500%, 01/24/22		USD		45		47,510
McDonald’s Corp., 3.125%, 03/04/25		CAD		80		62,385
Microsoft Corp., 4.450%, 11/03/45		USD		75		94,715
Morgan Stanley, 3.625%, 01/20/27		USD		60		63,406
Nestle Holdings, Inc., 2.750%, 04/15/20		NOK		340		37,560
Sealed Air Corp., 4.875%, 12/01/22		USD		30		31,500
Service Corp. International, 4.625%, 12/15/27		USD		25		26,000
Starbucks Corp., 4.450%, 08/15/49		USD		60		69,652
The Goldman Sachs Group, Inc., 3.625%, 01/22/23		USD		35		36,413
United Rentals North America, Inc., 4.875%, 01/15/28		USD		30		31,200
Verizon Communications, Inc., 3.875%, 02/08/29		USD		75		82,368
						1,128,771
Total Corporate Bonds (Cost $1,802,596)						1,838,065
Foreign Government Obligations \| 45.3%
Australia \| 1.1%
Queensland Treasury Corp., 3.000%, 03/22/24		AUD		94		68,835
Bahamas \| 2.1%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		118		130,685
Bermuda \| 3.4%
Government of Bermuda, 3.717%, 01/25/27		USD		200		210,187
Canada \| 1.6%
City of Vancouver, 2.900%, 11/20/25		CAD		60		47,522
Province of Quebec, 1.650%, 03/03/22		CAD		70		52,727
						100,249

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Chile \| 3.3%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26		CLP		90,000	$	137,562
5.000%, 03/01/35		CLP		40,000		68,551
						206,113
Colombia \| 0.9%
Republic of Colombia, 9.850%, 06/28/27		COP		148,000		53,793
Croatia \| 1.6%
Croatia Government International Bonds, 6.625%, 07/14/20		USD		100		103,150
Czech Republic \| 2.9%
Czech Republic, 2.150% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)		CZK		4,160		178,635
France \| 2.1%
Government of France, 1.750%, 06/25/39		EUR		94		132,800
Hungary \| 4.0%
Hungary, 6.375%, 03/29/21		USD		60		63,656
Hungary Government Bonds:
2.500%, 10/24/24		HUF		15,870		55,441
2.750%, 12/22/26		HUF		16,530		58,647
3.000%, 10/27/27		HUF		19,650		70,896
						248,640
Ireland \| 2.1%
Ireland Government Bonds:
1.350%, 03/18/31		EUR		50		62,169
1.700%, 05/15/37		EUR		50		66,239
						128,408
Italy \| 1.1%
Italy Government International Bonds, 6.875%, 09/27/23		USD		60		69,582
Mexico \| 1.8%
Mexico Cetes, 0.000%, 04/23/20		MXN		12,793		61,572
United Mexican States, 6.750%, 02/06/24		GBP		35		51,593
						113,165
New Zealand \| 1.0%
New Zealand Government Bonds, 6.000%, 05/15/21		NZD		90		60,720
Norway \| 3.6%
Oslo Kommune: 2.300%, 03/14/24		NOK		1,000		111,755

Description	Security Currency		Principal Amount (000)		Fair Value
2.350%, 09/04/24		NOK		1,000	$	112,027
						223,782
Peru \| 1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)		PEN		190		64,336
Philippines \| 1.7%
Philippine Government Bonds, 4.250%, 04/11/20		PHP		5,460		105,328
Poland \| 2.9%
Poland Government Bonds, 1.790%, 05/25/28 (§)		PLN		740		179,763
Romania \| 4.0%
Romanian Government Bonds:
4.000%, 10/27/21		RON		255		59,240
4.750%, 02/24/25		RON		505		120,394
2.375%, 04/19/27		EUR		60		71,650
						251,284
Singapore \| 1.0%
Singapore Government Bonds, 3.375%, 09/01/33		SGD		75		64,302
United Kingdom \| 2.1%
United Kingdom Gilt:
1.750%, 09/07/37		GBP		47		66,232
1.500%, 07/22/47		GBP		45		62,390
						128,622
Total Foreign Government Obligations (Cost $2,831,518)						2,822,379
Quasi Government Bonds \| 3.4%
Canada \| 1.5%
Export Development Canada, 1.800%, 09/01/22		CAD		125		94,670
Germany \| 1.9%
KFW, 2.750%, 04/16/20		AUD		175		119,155
Total Quasi Government Bonds (Cost $217,003)						213,825
Supranational Bonds \| 10.9%
Asian Development Bank:
1.000%, 12/15/22		GBP		55		68,408
2.125%, 03/19/25		USD		77		78,912
European Bank for Reconstruction & Development, 1.625%, 09/27/24		USD		35		34,954
European Investment Bank, 1.125%, 09/16/21 (#)		CAD		90		67,168
International Bank for Reconstruction & Development:
5.750%, 10/28/19		INR		1,500		21,113

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
3.500%, 01/22/21		NZD		50	$	32,242
2.500%, 08/03/23		CAD		135		104,708
2.900%, 11/26/25		AUD		40		29,479
International Finance Corp.:
3.625%, 05/20/20		NZD		85		54,045
2.700%, 03/15/23		AUD		85		60,360
2.125%, 04/07/26		USD		125		128,601
Total Supranational Bonds (Cost $686,923)						679,990
US Municipal Bonds \| 2.1%
California \| 2.1%
California State Build America Bonds, 7.500%, 04/01/34		USD		50		77,054
State of California, 4.500%, 04/01/33		USD		45		51,172
Total US Municipal Bonds (Cost $120,275)						128,226
US Treasury Securities \| 6.9%
US Treasury Bonds, 2.250%, 08/15/49		USD		60		61,770
US Treasury Notes:
2.125%, 05/15/25		USD		180		185,112
2.875%, 08/15/28		USD		106		116,571
3.125%, 11/15/41		USD		58		69,169
Total US Treasury Securities (Cost $411,225)						432,622

Description	Shares		Fair Value
Short-Term Investments \| 1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $83,274)		83,274	$	83,274
Total Investments \| 99.4% (Cost $6,152,814) (»)			$	6,198,381
Cash and Other Assets in Excess of Liabilities \| 0.6%				39,860
Net Assets \| 100.0%			$	6,238,241

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	18,552	USD	12,625	HSB	11/14/19	$	—	$	85
AUD	29,144	USD	20,000	JPM	11/14/19		—		301
CAD	5,275	USD	4,000	HSB	11/14/19		—		15
CAD	48,568	USD	36,700	JPM	11/14/19		—		15
CHF	43,414	USD	45,002	HSB	11/14/19		—		1,344
CZK	233,130	USD	10,000	JPM	10/25/19		—		146
CZK	1,303,641	USD	55,676	JPM	10/25/19		—		576
CZK	1,605,547	USD	69,678	JPM	10/25/19		—		1,817
EUR	32,787	USD	37,052	CIT	10/10/19		—		1,294
EUR	13,169	USD	14,637	CIT	11/14/19		—		237
EUR	60,237	USD	66,663	HSB	10/10/19		—		967
EUR	119,520	USD	134,690	HSB	10/10/19		—		4,341
EUR	543,248	USD	613,881	HSB	10/10/19		—		21,408
EUR	42,309	USD	47,000	JPM	10/10/19		—		857
EUR	56,037	USD	63,318	JPM	10/10/19		—		2,204
GBP	5,658	USD	7,000	JPM	11/14/19		—		31
GBP	6,354	USD	7,677	JPM	11/14/19		149		—
HUF	19,365,920	USD	67,098	JPM	10/28/19		—		3,968
IDR	257,849,500	USD	17,850	HSB	02/12/20		56		—
JPY	47,178,416	USD	449,879	CIT	11/14/19		—		12,325
JPY	6,274,237	USD	59,000	HSB	11/14/19		—		810
JPY	63,170,845	USD	602,333	HSB	11/14/19		—		16,459
JPY	22,943,147	USD	218,771	JPM	11/14/19		—		5,987
KRW	87,059,800	USD	73,000	HSB	02/10/20		88		—
NOK	107,459	USD	12,000	HSB	11/14/19		—		180
NZD	26,367	USD	17,000	JPM	11/14/19		—		473
SEK	250,376	USD	26,000	JPM	11/14/19		—		495
USD	131,246	AUD	192,839	CIT	11/14/19		901		—
USD	46,719	AUD	68,655	HSB	11/14/19		313		—
USD	142,210	AUD	208,951	JPM	11/14/19		974		—
USD	81,469	CAD	107,484	CIT	11/14/19		285		—
USD	275,843	CAD	363,919	HSB	11/14/19		969		—
USD	103,398	CAD	136,436	JPM	11/14/19		345		—
USD	13,207	CAD	17,422	MSC	11/14/19		47		—
USD	9,882	CHF	9,533	HSB	11/14/19		295		—
USD	24,700	CLP	17,382,625	CIT	10/18/19		853		—
USD	193,753	CLP	132,195,416	CIT	10/18/19		12,399		—
USD	56,590	COP	194,179,641	CIT	02/06/20		1,151		—
USD	16,708	CZK	386,560	JPM	10/25/19		370		—
USD	41,888	CZK	972,162	JPM	10/25/19		799		—
USD	63,493	CZK	1,492,317	JPM	10/25/19		419		—
USD	3,700	EUR	3,266	JPM	10/10/19		139		—
USD	44,900	EUR	39,936	JPM	10/10/19		1,345		—
USD	61,016	EUR	54,400	JPM	10/25/19		1,620		—
USD	15,600	HUF	4,583,904	JPM	10/28/19		657		—

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	61,086	HUF	17,590,023	JPM	10/28/19	$	3,745	$	—
USD	62,214	HUF	18,116,235	JPM	10/28/19		3,159		—
USD	118,533	HUF	34,467,110	JPM	10/28/19		6,176		—
USD	20,310	INR	1,414,348	CIT	10/23/19		395		—
USD	203,891	JPY	21,383,445	HSB	11/14/19		5,571		—
USD	68,000	JPY	7,178,630	JPM	11/14/19		1,422		—
USD	32,933	MXN	648,669	HSB	11/14/19		294		—
USD	20,719	MXN	408,092	JPM	11/14/19		185		—
USD	30,562	NOK	270,832	HSB	11/14/19		772		—
USD	116,056	NOK	1,034,742	JPM	11/14/19		2,239		—
USD	49,021	NZD	75,646	CIT	11/14/19		1,605		—
USD	70,760	NZD	109,222	HSB	11/14/19		2,299		—
USD	34,502	NZD	53,252	JPM	11/14/19		1,123		—
USD	48,239	PEN	165,000	JPM	02/19/20		—		432
USD	29,500	PHP	1,519,545	HSB	10/18/19		194		—
USD	76,947	PHP	3,948,906	HSB	10/18/19		789		—
USD	63,683	PLN	250,499	HSB	11/14/19		1,181		—
USD	105,857	PLN	408,030	HSB	11/14/19		4,049		—
USD	181,265	RON	785,835	HSB	11/14/19		858		—
USD	41,154	SGD	56,910	HSB	11/14/19		—		41
USD	10,588	SGD	14,643	JPM	11/14/19		—		12
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	60,230	$	76,820

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 92.8%
Aerospace & Defense \| 0.6%
Triumph Group, Inc.:
4.875%, 04/01/21	$	1,400	$	1,401,120
6.250%, 09/15/24 (#)		500		520,100
				1,921,220
Auto Components \| 2.3%
Dana, Inc., 5.500%, 12/15/24		1,800		1,831,500
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		1,703,625
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,722,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,569,375
5.000%, 05/31/26		250		253,075
				7,079,575
Automobiles \| 0.9%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,135,600
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		787,500
				2,923,100
Building Products \| 0.6%
Griffon Corp., 5.250%, 03/01/22		1,800		1,813,500
Capital Markets \| 1.0%
Icahn Enterprises LP, 6.250%, 05/15/26 (#)		1,500		1,571,250
MPT Operating Partnership LP, 6.375%, 03/01/24		1,560		1,635,332
				3,206,582
Chemicals \| 2.5%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,750,875
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		949,340
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,567,438
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,526,250
WR Grace & Co-Conn, 5.125%, 10/01/21 (#)		1,700		1,766,045
				7,559,948
Commercial Services & Supplies \| 3.7%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,863,000

Description	Principal Amount (000)		Fair Value
Aramark Services, Inc., 5.000%, 04/01/25 (#)	$	2,000	$	2,065,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,954,625
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		1,600		1,670,000
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,863,000
The ADT Security Corp.:
6.250%, 10/15/21		1,400		1,491,000
4.125%, 06/15/23		500		507,500
				11,414,125
Communications Equipment \| 0.9%
CommScope, Inc., 5.000%, 06/15/21 (#)		1,038		1,038,311
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,754,375
				2,792,686
Construction Materials \| 1.2%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,826,000
Standard Industries, Inc., 5.375%, 11/15/24 (#)		1,750		1,802,500
				3,628,500
Containers & Packaging \| 4.4%
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,207,500
Ball Corp., 4.000%, 11/15/23		2,100		2,197,125
Cascades, Inc., 5.500%, 07/15/22 (#)		1,500		1,518,750
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,627,500
4.250%, 09/30/26		500		517,500
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)		2,092		2,157,794
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,454		1,456,714
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,785,000
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		907,500
				13,375,383
Diversified Consumer Services \| 1.2%
Service Corp. International, 4.625%, 12/15/27		1,750		1,820,000
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)		1,800		1,867,500
				3,687,500

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Diversified Financial Services \| 1.1%
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)	$	1,700	$	1,747,557
Level 3 Financing, Inc., 5.125%, 05/01/23		1,550		1,566,043
				3,313,600
Diversified Telecommunication Services \| 3.4%
CenturyLink, Inc., 5.625%, 04/01/20		1,550		1,571,467
Connect Finco Sarl, 6.750%, 10/01/26 (#)		500		509,375
CyrusOne LP, 5.000%, 03/15/24		2,000		2,070,000
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,237,370
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,070,000
Zayo Group LLC, 5.750%, 01/15/27 (#)		1,950		1,993,485
				10,451,697
Electrical Equipment \| 0.4%
Sensata Tech, Inc., 4.375%, 02/15/30		1,100		1,100,000
Energy Equipment & Services \| 0.9%
Precision Drilling Corp., 5.250%, 11/15/24		1,500		1,316,250
Transocean, Inc., 9.000%, 07/15/23 (#)		1,500		1,556,250
				2,872,500
Entertainment \| 1.2%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,605,858
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,598,050
4.375%, 11/15/26		500		506,525
				3,710,433
Equity Real Estate Investment Trusts (REITs) \| 3.8%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,371,875
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		2,067,500
Iron Mountain, Inc.:
6.000%, 08/15/23		1,450		1,484,220
4.875%, 09/15/29 (#)		500		507,650
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,908,000

Description	Principal Amount (000)		Fair Value
RHP Hotel Properties LP, 5.000%, 04/15/23	$	1,525	$	1,555,500
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,643,687
				11,538,432
Food & Staples Retailing \| 1.7%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,833,125
Ingles Markets, Inc., 5.750%, 06/15/23		1,500		1,531,875
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,843,356
				5,208,356
Food Products \| 2.8%
B&G Foods, Inc.:
4.625%, 06/01/21		1,500		1,500,300
5.250%, 04/01/25		1,500		1,531,875
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,104,800
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,866,780
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,511,250
				8,515,005
Gas Utilities \| 1.1%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,659,469
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,836,000
				3,495,469
Health Care Equipment & Supplies \| 1.8%
Hill-Rom Holdings, Inc.:
5.750%, 09/01/23 (#)		1,550		1,591,385
4.375%, 09/15/27 (#)		1,800		1,840,230
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		2,067,500
				5,499,115
Health Care Providers & Services \| 2.8%
Centene Corp.:
6.125%, 02/15/24		1,500		1,564,050
4.750%, 01/15/25		500		513,250
DaVita, Inc., 5.125%, 07/15/24		2,000		2,032,500
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,578,143
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,802,068

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Tenet Healthcare Corp., 4.875%, 01/01/26 (#)	$	1,000	$	1,026,250
				8,516,261
Hotels, Restaurants & Leisure \| 9.6%
1011778 BC ULC, 4.625%, 01/15/22 (#)		1,550		1,550,155
Boyd Gaming Corp.:
6.875%, 05/15/23		1,450		1,504,375
6.375%, 04/01/26		750		795,000
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		2,100,000
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,658,965
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,571,312
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,545,000
GLP Capital LP, 4.875%, 11/01/20		1,500		1,530,240
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,662,550
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		2,075,450
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,530,138
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,540,400
MGM Resorts International:
6.625%, 12/15/21		1,000		1,084,500
4.625%, 09/01/26		800		834,104
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,805,650
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,914,750
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,725,160
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		2,100,000
				29,527,749
Household Durables \| 0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,800,313
Household Products \| 1.2%
Energizer Holdings, Inc., 5.500%, 06/15/25 (#)		1,750		1,811,828
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,878,282
				3,690,110

Description	Principal Amount (000)		Fair Value
Independent Power & Renewable Electricity Producers \| 1.7%
AES Corp., 5.125%, 09/01/27	$	1,700	$	1,806,250
Calpine Corp., 6.000%, 01/15/22 (#)		1,500		1,505,025
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,789,375
				5,100,650
IT Services \| 0.5%
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,575,575
Machinery \| 3.0%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,848,850
Meritor, Inc., 6.250%, 02/15/24		1,700		1,748,875
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,828,750
SPX FLOW, Inc., 5.625%, 08/15/24 (#)		1,750		1,806,875
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,836,988
				9,070,338
Media \| 12.0%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,521,090
CCO Holdings LLC:
5.250%, 03/15/21		1,650		1,651,320
5.125%, 05/01/27 (#)		500		521,875
4.750%, 03/01/30 (#)		100		101,375
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		1,750		1,823,237
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,052,400
7.500%, 04/01/28 (#)		1,690		1,903,193
Diamond Sports Group LLC, 5.375%, 08/15/26 (#)		1,500		1,556,250
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,618,000
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,552,500
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,824,813
Mediacom Broadband LLC, 5.500%, 04/15/21		375		375,000
Meredith Corp., 6.875%, 02/01/26		1,700		1,727,625
Nexstar Broadcasting Inc., 5.875%, 11/15/22		1,500		1,533,750

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)	$	2,300	$	2,415,000
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)		1,750		1,758,750
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (#)		400		414,500
5.000%, 08/01/27 (#)		1,750		1,805,038
TEGNA, Inc.:
6.375%, 10/15/23		1,650		1,701,563
5.000%, 09/15/29 (#)		250		252,813
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,804,500
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,945,000
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,639,795
5.125%, 04/15/27 (#)		500		528,750
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (#)		2,100		2,157,750
WMG Acquisition Corp., 4.875%, 11/01/24 (#)		1,600		1,654,000
				36,839,887
Metals & Mining \| 3.2%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,892,250
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,792,254
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,708,875
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,254,560
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		505,000
5.000%, 12/15/26		1,550		1,623,625
				9,776,564
Oil, Gas & Consumable Fuels \| 8.8%
Antero Resources Corp., 5.125%, 12/01/22		1,600		1,404,000
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,300,313
Diamondback Energy, Inc., 4.750%, 11/01/24		1,550		1,586,812
Energy Transfer Operating LP:
7.500%, 10/15/20		1,250		1,313,605
5.875%, 01/15/24		750		833,884
Gulfport Energy Corp., 6.000%, 10/15/24		1,000		723,350
Holly Energy Partners LP, 6.000%, 08/01/24 (#)		2,040		2,129,250

Description	Principal Amount (000)		Fair Value
Murphy Oil Corp., 6.875%, 08/15/24	$	1,500	$	1,567,500
Newfield Exploration Co., 5.625%, 07/01/24		1,600		1,765,204
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,755,250
PBF Holding Co. LLC, 7.000%, 11/15/23		1,400		1,443,761
Range Resources Corp., 5.000%, 08/15/22		1,700		1,593,750
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,593,000
Sunoco LP, 5.500%, 02/15/26		1,700		1,774,239
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,221,750
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,563,562
Whiting Petroleum Corp.:
5.750%, 03/15/21		900		859,527
6.625%, 01/15/26		1,000		675,000
WPX Energy, Inc.:
6.000%, 01/15/22		900		927,000
5.750%, 06/01/26		1,000		1,025,000
5.250%, 10/15/27		100		100,750
				27,156,507
Personal Products \| 0.5%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (#)		1,500		1,500,000
Professional Services \| 1.0%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,597,757
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,550		1,554,340
				3,152,097
Road & Rail \| 0.6%
The Hertz Corp., 5.500%, 10/15/24 (#)		1,800		1,802,700
Semiconductors & Semiconductor Equipment \| 0.3%
Qorvo, Inc., 5.500%, 07/15/26		1,000		1,056,250
Software \| 1.3%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,636,568
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,586,250
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)		1,000		919,900
				4,142,718

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Specialty Retail \| 1.2%
Group 1 Automotive, Inc., 5.000%, 06/01/22	$	1,662	$	1,678,620
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,882,530
				3,561,150
Technology Hardware, Storage & Peripherals \| 2.2%
Dell International LLC, 7.125%, 06/15/24 (#)		1,525		1,609,637
NCR Corp., 5.750%, 09/01/27 (#)		1,000		1,035,000
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,959,970
Western Digital Corp., 4.750%, 02/15/26		2,000		2,057,500
				6,662,107
Textiles, Apparel & Luxury Goods \| 0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,844,080
Trading Companies & Distributors \| 2.8%
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,547,550
HD Supply, Inc., 5.375%, 10/15/26 (#)		1,700		1,799,875
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,560,000
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,124,310
5.500%, 05/15/27		1,000		1,060,000
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,610,000
				8,701,735
Wireless Telecommunication Services \| 1.4%
Inmarsat Finance PLC, 4.875%, 05/15/22 (#)		1,750		1,771,333
Sprint Corp., 7.125%, 06/15/24		500		538,900
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,150,380
				4,460,613
Total Corporate Bonds (Cost $280,668,270)				285,044,130

Description	Shares		Fair Value
Exchange-Traded Funds \| 4.9%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $15,030,546)		792,804	$	15,087,060
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $3,638,272)		3,638,272		3,638,272
Total Investments \| 98.9% (Cost $299,337,089)			$	303,769,462
Cash and Other Assets in Excess of Liabilities \| 1.1%				3,409,026
Net Assets \| 100.0%			$	307,178,488

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 9.9%
Automobiles \| 9.9%
GM Financial Automobile Leasing Trust:
2.610%, 01/20/21	$	1,907	$	1,909,935
3.180%, 06/21/21		1,000		1,006,805
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21		2,350		2,374,562
Nissan Auto Lease Trust, 2.270%, 07/15/22		2,550		2,562,368
World Omni Automobile Lease Securitization Trust:
2.830%, 07/15/21		750		753,508
3.190%, 12/15/21		1,125		1,139,434
Total Asset-Backed Securities (Cost $9,681,979)				9,746,612
Corporate Bonds \| 31.5%
Banks \| 9.4%
Bank of America Corp., 2.625%, 10/19/20		2,113		2,126,386
Citigroup, Inc., 2.650%, 10/26/20		3,626		3,648,125
Wells Fargo & Co., 2.600%, 07/22/20		3,425		3,441,137
				9,215,648
Biotechnology \| 3.1%
AbbVie, Inc.:
2.500%, 05/14/20		3,020		3,026,887
2.300%, 05/14/21		75		75,143
				3,102,030
Capital Markets \| 7.6%
Morgan Stanley, 5.500%, 01/26/20		3,700		3,739,759
The Goldman Sachs Group, Inc., 5.375%, 03/15/20		3,730		3,783,633
				7,523,392
Electronic Equipment, Instruments & Components \| 1.1%
Amphenol Corp., 2.200%, 04/01/20		1,115		1,115,365
Food & Staples Retailing \| 2.0%
The Kroger Co., 6.150%, 01/15/20		1,989		2,011,036
Internet & Direct Marketing Retail \| 1.2%
eBay, Inc., 3.250%, 10/15/20		1,129		1,139,463

Description	Principal Amount (000)		Fair Value
IT Services \| 2.7%
Fiserv, Inc., 2.700%, 06/01/20	$	2,685	$	2,692,151
Life Sciences Tools & Services \| 1.6%
Thermo Fisher Scientific, Inc., 4.500%, 03/01/21		1,500		1,553,514
Oil, Gas & Consumable Fuels \| 2.8%
Enterprise Products Operating LLC:
2.550%, 10/15/19		2,525		2,525,450
5.200%, 09/01/20		225		231,188
				2,756,638
Total Corporate Bonds (Cost $30,991,715)				31,109,237
US Government Securities \| 8.7%
Mortgage-Backed Securities \| 8.7%
Federal Home Loan Mortgage Corp.:
Pool# 848138, 4.810%, 07/01/38 (§)		456		482,357
Pool# 848514, 4.878%, 03/01/32 (§)		1,015		1,069,534
Pool# 848517, 4.695%, 12/01/34 (§)		602		635,459
Pool# 849414, 4.666%, 07/01/35 (§)		740		781,376
Pool# G13867, 5.000%, 06/01/25		163		169,354
Federal National Mortgage Association:
Pool# 725296, 4.707%, 03/01/34 (§)		369		385,973
Pool# AD0701, 4.339%, 02/01/37 (§)		487		508,187
Pool# AE0149, 4.753%, 12/01/36 (§)		405		428,132
Pool# AE0315, 4.500%, 02/01/21		1		1,532
Pool# AL0345, 4.613%, 11/01/35 (§)		303		317,841
Pool# AL3739, 4.586%, 07/01/38 (§)		116		121,754
Pool# AL3746, 4.688%, 01/01/37 (§)		483		509,838
Pool# AL4545, 4.639%, 05/01/39 (§)		306		322,454
Pool# AL5574, 4.658%, 12/01/40 (§)		687		724,478
Pool# AL5642, 4.685%, 05/01/39 (§)		780		822,998
Pool# FM1033, 4.500%, 01/01/27		1,274		1,326,838
Total US Government Securities (Cost $8,575,088)				8,608,105
US Treasury Securities \| 48.8%
US Treasury Notes:
1.625%, 07/31/20		3,520		3,513,263
1.375%, 08/31/20		22,760		22,662,203
1.375%, 01/31/21		11,420		11,360,223
1.375%, 05/31/21		10,590		10,530,431
Total US Treasury Securities (Cost $47,985,719)				48,066,120

Description	Shares		Fair Value
Short-Term Investments \| 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $1,331,833)		1,331,833	$	1,331,833

Description	Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Total Investments \| 100.3% (Cost $98,566,334)	$	98,861,907
Liabilities in Excess of Cash and Other Assets \| (0.3)%		(340,800	)
Net Assets \| 100.0%	$	98,521,107

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 24.3%
Brazil \| 5.8%
Brazil NTN-B:
6.000%, 05/15/21		BRL		90	$	76,279
6.000%, 05/15/23		BRL		150		133,874
Brazil NTN-F, 10.000%, 01/01/27		BRL		348		98,242
						308,395
Dominican Republic \| 2.9%
Dominican Republic Bonds:
16.950%, 02/04/22 (#)		DOP		1,000		22,564
10.500%, 04/07/23 (#)		DOP		6,400		129,747
						152,311
Egypt \| 10.0%
Egypt Treasury Bills:
0.000%, 11/05/19		EGP		7,100		429,153
0.000%, 05/26/20		EGP		1,875		103,868
						533,021
Malaysia \| 3.4%
Malaysia Government Bonds, 3.654%, 10/31/19		MYR		750		179,204
Russia \| 2.2%
Russia Government Bonds - OFZ:
7.950%, 10/07/26		RUB		3,220		52,840
7.050%, 01/19/28		RUB		4,000		62,524
						115,364
Total Foreign Government Obligations (Cost $1,305,853)						1,288,295
US Treasury Securities \| 67.9%
US Treasury Notes:
1.000%, 10/15/19		USD		250		249,895
1.500%, 10/31/19		USD		890		889,564
3.375%, 11/15/19		USD		220		220,349
1.750%, 11/30/19		USD		460		459,766
1.375%, 12/15/19		USD		240		239,747
1.875%, 12/31/19		USD		250		249,971
1.375%, 01/15/20		USD		250		249,629
1.375%, 01/31/20		USD		250		249,551
1.375%, 02/15/20		USD		100		99,789
2.250%, 02/29/20		USD		230		230,314
1.625%, 03/15/20		USD		230		229,748
2.250%, 03/31/20		USD		230		230,413
Total US Treasury Securities (Cost $3,597,332)						3,598,736

Description

Fair
Value

Short-Term Investments | 7.2%

State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield)
(Cost $381,474)

381,474

Total Investments | 99.4%
(Cost $5,284,659) (»)

5,268,505

Cash and Other Assets in Excess
of Liabilities | 0.6%

30,743

Net Assets | 100.0%

5,299,248

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CLP	91,319,040	USD	128,000	BNP	11/15/19	$	—	$	2,651
CLP	38,172,600	USD	54,000	CIT	10/18/19		—		1,633
CNY	2,716,211	USD	382,000	CIT	11/08/19		—		617
CNY	626,000	USD	87,090	HSB	12/05/19		662		—
COP	158,700,000	USD	46,000	SCB	12/13/19		—		550
CZK	1,575,000	USD	67,687	CIT	06/08/20		—		958
CZK	2,158,000	USD	95,909	CIT	06/08/20		—		4,480
CZK	3,318,000	USD	145,863	CIT	06/08/20		—		5,288
CZK	1,223,000	USD	53,750	SCB	06/08/20		—		1,934
GHS	292,825	USD	53,000	CIT	10/02/19		1,277		—
GHS	292,825	USD	54,271	CIT	10/02/19		6		—
GHS	292,825	USD	52,501	CIT	01/02/20		—		34
HUF	72,403,000	USD	239,999	CIT	03/27/20		—		1,854
IDR	787,976,000	USD	56,000	HSB	11/15/19		—		698
IDR	2,596,770,000	USD	183,000	HSB	11/15/19		—		752
ILS	86,000	USD	24,489	SCB	10/25/19		279		—
INR	22,172,273	USD	321,000	CIT	10/11/19		—		7,790
INR	7,579,530	USD	105,000	CIT	11/08/19		1,817		—
INR	3,780,358	USD	53,000	CIT	02/06/20		—		336
INR	2,454,290	USD	34,000	HSB	10/11/19		670		—
KRW	367,853,000	USD	309,190	SCB	10/24/19		—		2,217
KZT	2,361,000	USD	6,000	SCB	10/30/19		46		—
KZT	18,325,300	USD	47,000	SCB	10/30/19		—		76
MXN	1,410,000	USD	72,824	HSB	10/31/19		—		1,717
MXN	5,289,000	USD	268,821	HSB	10/31/19		—		2,094
PEN	167,364	USD	49,000	HSB	11/07/19		593		—
PEN	355,425	USD	105,000	JPM	10/04/19		446		—
PHP	2,093,600	USD	39,795	JPM	03/31/20		289		—
PLN	1,016,000	USD	256,464	CIT	10/07/19		—		3,090
RUB	3,358,000	USD	50,401	BNP	10/16/19		1,291		—
RUB	3,550,576	USD	53,000	HSB	10/16/19		1,656		—
RUB	10,588,000	USD	166,918	HSB	10/16/19		—		3,929
SGD	550,000	USD	399,129	SCB	10/18/19		—		1,130
THB	6,514,160	USD	214,000	HSB	11/22/19		—		820
TRY	1,016,000	USD	177,022	BNP	10/24/19		1,458		—
TRY	982,000	USD	148,950	HSB	07/02/20		11,512		—
UGX	197,054,000	USD	53,000	CIT	11/18/19		—		30
USD	212,432	AUD	313,000	BNP	10/21/19		1,029		—
USD	17,000	BRL	69,930	CIT	05/18/20		400		—
USD	46,038	COP	158,280,000	SCB	09/26/19		556		—
USD	70,080	CZK	1,616,000	CIT	06/08/20		1,614		—
USD	93,000	CZK	2,146,812	CIT	06/08/20		2,045		—
USD	27,029	CZK	613,000	SCB	06/08/20		1,057		—
USD	3,000	DOP	155,987	CIT	11/29/19		21		—
USD	50,000	EGP	820,875	CIT	10/03/19		—		408

Lazard Emerging Markets Income Portfolio (concluded)
Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	54,052	GHS	292,825	CIT	10/02/19	$	—	$	225
USD	153,408	TRY	982,000	SCB	07/02/20		—		7,054
USD	53,964	ZAR	809,000	HSB	11/08/19		804		—
UYU	2,043,800	USD	55,000	CIT	11/06/19		—		43
UYU	1,913,230	USD	55,000	HSB	10/04/19		—		3,270
UYU	1,888,700	USD	50,000	HSB	05/29/20		—		1,462
ZAR	1,478,000	USD	96,655	HSB	11/08/19		467		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	29,995	$	57,140

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Preferred Stocks \| 1.6%
Broadcom, Inc., 8.000%, 09/30/22 (Cost $148,547)		148	$	151,757

Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds \| 90.0%
Bermuda \| 0.1%
Teekay Corp., 5.000%, 01/15/23 (±)	USD		14	$	11,308
Canada \| 7.8%
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		107		80,451
Aurora Cannabis, Inc., 5.500%, 02/28/24 (#), (±)	USD		165		141,075
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD		186		134,602
Element Fleet Management Corp.:
4.250%, 06/30/20 (±)	CAD		43		32,619
4.250%, 06/30/24 (±)	CAD		91		76,903
First Majestic Silver Corp., 1.875%, 03/01/23 (±)	USD		107		124,430
Tilray, Inc., 5.000%, 10/01/23 (±)	USD		198		128,329
					718,409
Chile \| 0.8%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		75		74,898
Mexico \| 3.5%
Cemex SAB de CV, 3.720%, 03/15/20 (±)	USD		328		327,387
Norway \| 1.5%
Ship Finance International, Ltd., 5.750%, 10/15/21 (±)	USD		131		136,493
United States \| 76.3%
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		115		107,145
Akamai Technologies, Inc., 0.375%, 09/01/27 (±)	USD		46		46,892
Alder Biopharmaceuticals, Inc., 2.500%, 02/01/25 (±)	USD		78		86,336
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (±)	USD		233		230,965
Altair Engineering, Inc., 0.250%, 06/01/24 (±)	USD		46		46,310
Arconic, Inc., 1.625%, 10/15/19 (±)	USD		84		83,864

Description	Security Currency	Principal Amount (000)		Fair Value
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)	USD		124	$	102,687
Benefitfocus, Inc., 1.250%, 12/15/23 (±)	USD		53		45,751
CONMED Corp., 2.625%, 02/01/24 (±)	USD		35		43,316
Coupa Software, Inc., 0.125%, 06/15/25 (±)	USD		82		89,687
Cowen, Inc., 3.000%, 12/15/22 (±)	USD		60		65,578
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		116		131,135
DexCom, Inc., 0.750%, 12/01/23 (±)	USD		36		42,200
Encore Capital Group, Inc.:
3.250%, 03/15/22 (±)	USD		204		206,286
3.250%, 10/01/25 (±)	USD		78		81,156
Enphase Energy, Inc., 1.000%, 06/01/24 (±)	USD		50		66,723
Etsy, Inc., 0.125%, 10/01/26 (±)	USD		36		35,379
Evolent Health, Inc., 1.500%, 10/15/25 (±)	USD		71		45,618
EZCORP, Inc., 2.375%, 05/01/25 (±)	USD		104		82,425
Green Plains, Inc., 4.000%, 07/01/24 (±)	USD		43		40,069
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		121		112,867
Heska Corp., 3.750%, 09/15/26 (±)	USD		32		35,151
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		142		131,172
IH Merger Sub LLC, 3.500%, 01/15/22 (±)	USD		63		83,684
II VI, Inc., 0.250%, 09/01/22 (±)	USD		100		103,215
IIP Operating Partnership LP, 3.750%, 02/21/24 (±)	USD		123		178,397
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		67		62,896
Inphi Corp., 0.750%, 09/01/21 (±)	USD		75		93,073
Insmed, Inc., 1.750%, 01/15/25 (±)	USD		47		39,176
Intercept Pharmaceuticals, Inc., 2.000%, 05/15/26 (±)	USD		114		102,457
Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21 (±)	USD		87		99,221
Ironwood Pharmaceuticals, Inc.:
2.250%, 06/15/22 (±)	USD		92		91,712
1.500%, 06/15/26 (±)	USD		53		48,511

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Kaman Corp., 3.250%, 05/01/24 (±)	USD		45	$	51,336
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		81		71,579
KBR, Inc., 2.500%, 11/01/23 (±)	USD		107		123,793
Knowles Corp., 3.250%, 11/01/21 (±)	USD		129		165,256
Lannett Co., Inc., 4.500%, 10/01/26 (±)	USD		7		6,975
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		160		115,452
3.750%, 02/15/30 (±)	USD		36		25,380
Liberty Media Corp., 2.250%, 12/01/48 (±)	USD		160		182,779
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)	USD		133		110,849
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		133		133,329
Microchip Technology, Inc., 1.625%, 02/15/27 (±)	USD		115		148,041
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (±)	USD		100		136,921
NRG Energy, Inc., 2.750%, 06/01/48 (±)	USD		56		62,936
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		154		145,530
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		92		85,847
Okta, Inc.:
0.250%, 02/15/23	USD		45		94,599
0.125%, 09/01/25 (±)	USD		36		32,595
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		76		85,010
Pacira BioSciences, Inc., 2.375%, 04/01/22 (±)	USD		142		139,653
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD		23		24,185
PAR Technology Corp., 4.500%, 04/15/24 (±)	USD		43		47,410
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		101		91,106
PDL BioPharma, Inc., 2.750%, 12/01/24 (±)	USD		85		79,102
Perficient, Inc., 2.375%, 09/15/23 (±)	USD		110		131,262
Pluralsight, Inc., 0.375%, 03/01/24 (#), (±)	USD		80		68,597
PRA Group, Inc.:
3.000%, 08/01/20 (±)	USD		112		110,957

Description	Security Currency	Principal Amount (000)		Fair Value
3.500%, 06/01/23 (±)	USD		112	$	113,461
PROS Holdings, Inc., 1.000%, 05/15/24 (±)	USD		55		62,233
Rapid7, Inc., 1.250%, 08/01/23 (±)	USD		104		134,786
Redfin Corp., 1.750%, 07/15/23 (±)	USD		102		93,562
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD		130		129,223
RH, 0.000%, 09/15/24 (±)	USD		48		48,231
RWT Holdings, Inc., 5.625%, 11/15/19 (±)	USD		112		112,134
SailPoint Technologies Holding, Inc., 0.125%, 09/15/24 (±)	USD		36		34,209
Silicon Laboratories, Inc., 1.375%, 03/01/22 (±)	USD		63		81,945
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		81		87,719
Team, Inc., 5.000%, 08/01/23 (±)	USD		115		127,082
TerraVia Holdings, Inc., 5.000%, 10/01/19	USD		216		4,320
TTM Technologies, Inc., 1.750%, 12/15/20 (±)	USD		57		75,999
Turning Point Brands, Inc., 2.500%, 07/15/24 (±)	USD		120		95,991
Twitter, Inc., 0.250%, 06/15/24 (±)	USD		36		38,101
Verint Systems, Inc., 1.500%, 06/01/21 (±)	USD		4		4,022
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		114		106,567
Wright Medical Group NV, 2.250%, 11/15/21 (±)	USD		88		102,678
Wright Medical Group, Inc., 1.625%, 06/15/23 (±)	USD		70		66,744
Zillow Group, Inc.:
2.000%, 12/01/21 (±)	USD		71		70,379
0.750%, 09/01/24 (±)	USD		103		98,372
Zynga, Inc., 0.250%, 06/01/24 (±)	USD		56		55,741
					7,075,032
Total Convertible Corporate Bonds (Cost $8,431,754)					8,343,527

Description	Counterparty	Number of Contracts		Exercise Price		Notional Amount		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options \| 0.0%
Call
Boingo Wireless, Inc. 21, Expires 11/15/19	RBS		4	$	21.00	$	400	$	52
Evolent Health, Inc. 12.5, Expires 12/20/19	RBS		6		12.50		600		120
Greenbrier Cos., Inc. 35, Expires 11/15/19	RBS		4		35.00		400		280
Infinera Corp. 4, Expires 10/18/19	RBS		11		4.00		1,100		1,045
Nutanix, Inc. 30, Expires 10/18/19	RBS		8		30.00		800		200
Nutanix, Inc. 37.5, Expires 10/18/19	RBS		4		37.50		400		20
Team, Inc. 20, Expires 12/20/19	RBS		9		20.00		900		585
Vishay Intertechnology, Inc. 20, Expires 12/20/19	RBS		17		20.00		1,700		255
Total Purchased Options (Cost $3,900)									2,557

Description	Shares			Fair Value
Short-Term Investments \| 44.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $4,163,919)		4,163,919		$	4,163,919
Total Investments excluding Securities Sold Short \| 136.5% (Cost $12,748,120)				$	12,661,760
Securities Sold Short \| (35.5)%
Common Stocks \| (34.5)%
Bermuda \| 0.0%
Teekay Corp.		(568	)		(2,272	)
Canada \| (2.2)%
Aphria, Inc.		(4,760	)		(24,704	)
Aurora Cannabis, Inc.		(9,589	)		(42,096	)
Canopy Growth Corp.		(1,291	)		(29,574	)
Element Fleet Management Corp.		(4,153	)		(33,228	)
First Majestic Silver Corp.		(8,108	)		(73,702	)
					(203,304	)

Description	Shares			Fair Value
Chile \| (0.4)%
Liberty Latin America, Ltd., Class C		(2,197	)	$	(37,557	)
Norway \| (0.6)%
Ship Finance International, Ltd.		(3,868	)		(54,307	)
United States \| (31.3)%
Air Transport Services Group, Inc.		(1,959	)		(41,178	)
Akamai Technologies, Inc.		(118	)		(10,783	)
Alder Biopharmaceuticals, Inc.		(2,612	)		(49,262	)
Allscripts Healthcare Solutions, Inc.		(1,601	)		(17,579	)
Altair Engineering, Inc., Class A		(615	)		(21,291	)
Atlas Air Worldwide Holdings, Inc.		(736	)		(18,569	)
Benefitfocus, Inc.		(477	)		(11,357	)
CONMED Corp.		(280	)		(26,922	)
Coupa Software, Inc.		(356	)		(46,127	)
Cowen, Inc., Class A		(2,608	)		(40,137	)
CSG Systems International, Inc.		(791	)		(40,879	)
DexCom, Inc.		(145	)		(21,640	)
Encore Capital Group, Inc.		(3,653	)		(121,736	)
Enphase Energy, Inc.		(1,980	)		(44,015	)
Etsy, Inc.		(257	)		(14,521	)
Evolent Health, Inc., Class A		(1,344	)		(9,663	)
EZCORP, Inc. Class A		(3,476	)		(22,438	)
Green Plains, Inc.		(1,936	)		(20,512	)
Herbalife Nutrition, Ltd.		(927	)		(35,096	)
Heska Corp.		(270	)		(19,135	)
Hope Bancorp, Inc.		(1,049	)		(15,043	)
II-VI, Inc.		(1,238	)		(43,590	)
Infinera Corp.		(913	)		(4,976	)
Innovative Industrial Properties, Inc. REIT		(1,421	)		(131,258	)
Innoviva, Inc.		(1,404	)		(14,798	)
Inphi Corp.		(953	)		(58,181	)
Insmed, Inc.		(672	)		(11,854	)
Intercept Pharmaceuticals, Inc.		(788	)		(52,292	)
Invitation Homes, Inc. REIT		(2,285	)		(67,659	)
Ionis Pharmaceuticals, Inc.		(792	)		(47,449	)
Ironwood Pharmaceuticals, Inc.		(5,651	)		(48,514	)
Kaman Corp.		(312	)		(18,552	)
Karyopharm Therapeutics, Inc.		(4,104	)		(39,480	)
KBR, Inc.		(3,026	)		(74,258	)
Knowles Corp.		(5,063	)		(102,981	)
Lannett Co., Inc.		(353	)		(3,954	)
Ligand Pharmaceuticals, Inc.		(174	)		(17,320	)
Live Nation Entertainment, Inc.		(1,502	)		(99,643	)
Marriott Vacations Worldwide Corp.		(357	)		(36,989	)
Microchip Technology, Inc.		(1,340	)		(124,499	)
Neurocrine Biosciences, Inc.		(967	)		(87,136	)
NRG Energy, Inc.		(686	)		(27,166	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Nuance Communications, Inc.		(1,774	)	$	(28,934	)
Nutanix, Inc., Class A		(976	)		(25,620	)
Okta, Inc.		(1,041	)		(102,497	)
OSI Systems, Inc.		(503	)		(51,085	)
Pacira BioSciences, Inc.		(762	)		(29,009	)
Palo Alto Networks, Inc.		(46	)		(9,376	)
PAR Technology Corp.		(1,086	)		(25,814	)
Patrick Industries, Inc.		(460	)		(19,725	)
PDL BioPharma, Inc.		(12,198	)		(26,348	)
Perficient, Inc.		(2,256	)		(87,036	)
Pluralsight, Inc., Class A		(554	)		(9,304	)
PRA Group, Inc.		(1,553	)		(52,476	)
PROS Holdings, Inc.		(592	)		(35,283	)
Rapid7, Inc.		(1,936	)		(87,875	)
Redfin Corp.		(1,675	)		(28,207	)
Redwood Trust, Inc. REIT		(2,213	)		(36,315	)
RH		(159	)		(27,162	)
SailPoint Technologies Holding, Inc.		(827	)		(15,457	)
Silicon Laboratories, Inc.		(491	)		(54,673	)
Tabula Rasa HealthCare, Inc.		(867	)		(47,633	)
Team, Inc.		(3,691	)		(66,623	)
TTM Technologies, Inc.		(4,717	)		(57,524	)
Turning Point Brands, Inc.		(1,262	)		(29,102	)
Twitter, Inc.		(371	)		(15,285	)
Verint Systems, Inc.		(22	)		(941	)
Vishay Intertechnology, Inc.		(1,427	)		(24,159	)
Wright Medical Group NV		(3,442	)		(71,008	)
Zillow Group, Inc. Class C		(1,857	)		(55,376	)
Zynga, Inc., Class A		(4,042	)		(23,524	)
					(2,903,803	)
Total Common Stock (Proceeds $3,295,178)					(3,201,243	)
Exchange-Traded Funds \| (1.0)%
ETFMG Alternative Harvest ETF		(513	)		(10,650	)
iShares 7-10 Year Treasury Bond ETF		(751	)		(84,465	)
Total Exchange-Traded Funds (Proceeds $93,290)					(95,115	)
Total Securities Sold Short (Proceeds $3,388,468)					(3,296,358	)
Total Investments \| 101.0% (Cost and short proceeds $9,359,652) (»)				$	9,365,402
Liabilities in Excess of Cash and Other Assets \| (1.0)%					(93,881	)
Net Assets \| 100.0%				$	9,271,521

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at September 30, 2019:

Currency
Purchased

Quantity

Currency
Sold

Quantity

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

152,727

CAD

202,000

SSB

12/19/19

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 23.9%
Chile \| 4.2%
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		154	$	155,284
China \| 0.0%
G3 Exploration, Ltd., 0.000%, 12/31/99 (¶)	USD		460		0
Peru \| 5.4%
Banco Internacional del Peru SAA Interbank, 3.250%, 10/04/26 (#)	USD		200		199,750
South Korea \| 13.6%
SK E&S Co., Ltd., 4.875%, 11/26/19 (§), (¶)	USD		510		507,672
Venezuela \| 0.7%
Petroleos de Venezuela SA:
5.375%, 04/12/27 («)	USD		170		13,600
5.500%, 04/12/37 («)	USD		180		14,400
					28,000
Total Corporate Bonds (Cost $1,303,693)					890,706
Foreign Government Obligations \| 108.0%
Argentina \| 3.5%
Republic of Argentina:
5.625%, 01/26/22	USD		40		17,460
4.625%, 01/11/23	USD		20		8,381
7.500%, 04/22/26	USD		30		13,125
6.875%, 01/26/27	USD		25		10,563
5.875%, 01/11/28	USD		30		12,300
6.625%, 07/06/28	USD		35		14,577
8.280%, 12/31/33	USD		21		10,351
7.125%, 07/06/36	USD		25		10,788
7.625%, 04/22/46	USD		30		13,095
6.875%, 01/11/48	USD		20		8,450
7.125%, 06/28/2117	USD		30		12,975
					132,065
Brazil \| 0.6%
Brazil NTN-B, 6.000%, 08/15/50	BRL		20		22,525
Chile \| 4.0%
Republic of Chile:
3.240%, 02/06/28	USD		40		42,575
3.860%, 06/21/47	USD		50		57,641
3.500%, 01/25/50	USD		45		48,614
					148,830

Description	Security Currency	Principal Amount (000)		Fair Value
Costa Rica \| 2.0%
Republic of Costa Rica, 5.520%, 05/26/21	USD		75	$	75,261
Egypt \| 7.6%
Arab Republic of Egypt, 6.200%, 03/01/24	USD		270		281,812
Guatemala \| 3.0%
Guatemala Government Bonds:
4.900%, 06/01/30 (#)	USD		60		63,544
6.125%, 06/01/50 (#)	USD		40		46,650
					110,194
Hungary \| 6.6%
Hungary:
5.375%, 02/21/23	USD		142		156,156
5.750%, 11/22/23	USD		80		90,875
					247,031
Indonesia \| 8.7%
Indonesia Government Bonds, 7.000%, 09/15/30	IDR		4,755,000		325,430
Iraq \| 5.5%
Republic of Iraq, 6.752%, 03/09/23	USD		200		204,500
Mexico \| 9.0%
Mexican Bonos:
10.000%, 12/05/24	MXN		1,760		101,829
5.750%, 03/05/26	MXN		4,870		233,604
					335,433
Nigeria \| 5.4%
Republic of Nigeria, 6.500%, 11/28/27	USD		200		201,875
Panama \| 6.1%
Republic of Panama:
4.000%, 09/22/24	USD		65		69,428
7.125%, 01/29/26	USD		80		100,525
4.500%, 05/15/47	USD		35		41,475
3.870%, 07/23/60	USD		15		16,233
					227,661
Peru \| 6.1%
Republic of Peru:
2.844%, 06/20/30	USD		164		169,432
6.900%, 08/12/37	PEN		163		58,952
					228,384
Philippines \| 10.4%
Republic of Philippines, 3.750%, 01/14/29	USD		345		386,184
Qatar \| 6.9%
State of Qatar, 5.103%, 04/23/48	USD		200		255,937

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
South Africa \| 2.9%
Republic of South Africa:
4.850%, 09/30/29	USD		35	$	34,913
5.750%, 09/30/49	USD		75		74,756
					109,669
Ukraine \| 7.6%
Ukraine Government Bonds:
16.060%, 08/03/22 (#)	UAH		480		19,880
7.750%, 09/01/24	USD		135		142,594
15.840%, 02/26/25	UAH		420		17,705
7.750%, 09/01/25	USD		100		105,000
					285,179
United Arab Emirates \| 5.2%
Abu Dhabi Government International Bonds, 3.125%, 09/30/49 (#)	USD		200		193,999
Venezuela \| 3.1%
Republic of Venezuela:
9.250%, 09/15/27 («)	USD		557		52,915
9.375%, 01/13/34 («)	USD		639		60,705
					113,620
Zambia \| 3.8%
Republic of Zambia, 8.970%, 07/30/27	USD		200		142,188
Total Foreign Government Obligations (Cost $4,183,944)					4,027,777
Quasi Government Bonds \| 3.4%
Venezuela \| 3.4%
Petroleos de Venezuela SA:
9.000%, 11/17/21 («)	USD		280		22,400
6.000%, 11/15/26 («)	USD		510		40,800
5.375%, 04/12/27 («)	USD		315		25,200
9.750%, 05/17/35 («)	USD		280		22,400
5.500%, 04/12/37 («)	USD		229		18,328
Total Quasi Government Bonds (Cost $456,846)					129,128


Description	Shares		Fair Value
Short-Term Investments \| 29.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $1,089,803)		1,089,803	$	1,089,803

Description		Fair Value
Total Investments \| 164.5% (Cost $7,034,286) (»)	$	6,137,414
Liabilities in Excess of Cash and Other Assets \| (64.5)%		(2,407,143	)
Net Assets \| 100.0%	$	3,730,271

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL	37,531	USD	9,012	BRC	10/02/19	$	20	$	—
BRL	391,468	USD	94,003	BRC	10/02/19		214		—
BRL	805,532	USD	193,433	BRC	10/02/19		440		—
BRL	850,920	USD	207,681	BRC	10/02/19		—		2,884
BRL	1,249,800	USD	300,115	BRC	10/02/19		683		—
BRL	37,531	USD	8,951	BRC	11/04/19		61		—
BRL	22,230	USD	5,338	HSB	10/02/19		12		—
BRL	22,230	USD	5,338	HSB	10/02/19		12		—
BRL	35,568	USD	8,541	HSB	10/02/19		19		—
BRL	35,568	USD	8,541	HSB	10/02/19		19		—
BRL	22,230	USD	5,307	HSB	11/04/19		31		—
BRL	22,230	USD	5,307	HSB	11/04/19		31		—
BRL	35,568	USD	8,550	HSB	11/04/19		—		9
BRL	35,568	USD	8,534	HSB	11/04/19		7		—
BRL	289,800	USD	69,590	JPM	10/02/19		158		—
BRL	966,567	USD	235,906	JPM	10/02/19		—		3,276
BRL	2,895,025	USD	695,184	JPM	10/02/19		1,581		—
BRL	3,434,340	USD	824,690	JPM	10/02/19		1,876		—
BRL	38,282	USD	9,193	SCB	10/02/19		21		—
BRL	943,152	USD	226,480	SCB	10/02/19		515		—
BRL	1,062,310	USD	255,093	SCB	10/02/19		580		—
BRL	1,162,061	USD	283,447	SCB	10/02/19		—		3,766
BRL	6,706,515	USD	1,625,979	SCB	10/02/19		—		11,877
BRL	38,282	USD	9,144	SCB	11/04/19		49		—
BRL	591,489	USD	142,035	UBS	10/02/19		323		—
BRL	747,785	USD	179,728	UBS	10/02/19		247		—
BRL	1,420,477	USD	343,181	UBS	10/02/19		—		1,305
IDR	4,085,347,315	USD	288,570	BRC	10/29/19		—		1,587
IDR	1,413,884,210	USD	94,625	BRC	11/18/19		4,489		—
IDR	9,812,844,041	USD	693,487	HSB	10/29/19		—		4,164
IDR	26,701,616,437	USD	1,885,175	HSB	10/29/19		—		9,466
IDR	6,675,404,109	USD	471,793	SCB	10/29/19		—		2,866
IDR	976,705,040	USD	65,375	SCB	11/18/19		3,092		—
MXN	452,283	USD	23,151	GSC	10/17/19		—		289
MXN	907,870	USD	46,496	GSC	10/17/19		—		606
PEN	111,531	USD	33,333	JPM	10/17/19		—		262
TWD	2,824,502	USD	90,811	BRC	11/15/19		454		—
TWD	2,824,502	USD	91,104	HSB	11/18/19		177		—
TWD	309,550	USD	10,000	JPM	11/18/19		4		—
TWD	9,599,577	USD	308,663	JPM	11/18/19		1,574		—
TWD	17,716,170	USD	570,000	JPM	11/18/19		2,547		—
TWD	3,748,107	USD	120,526	SCB	11/18/19		605		—
USD	8,969	BRL	37,531	BRC	10/02/19		—		64
USD	94,330	BRL	391,468	BRC	10/02/19		112		—
USD	192,780	BRL	805,532	BRC	10/02/19		—		1,093
USD	204,332	BRL	850,920	BRC	10/02/19		—		465

Lazard Explorer Total Return Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	300,000	BRL	1,249,800	BRC	10/02/19	$	—	$	798
USD	5,318	BRL	22,230	HSB	10/02/19		—		32
USD	5,318	BRL	22,230	HSB	10/02/19		—		32
USD	8,550	BRL	35,568	HSB	10/02/19		—		10
USD	8,566	BRL	35,568	HSB	10/02/19		6		—
USD	70,000	BRL	289,800	JPM	10/02/19		252		—
USD	232,102	BRL	966,567	JPM	10/02/19		—		528
USD	710,000	BRL	2,895,025	JPM	10/02/19		13,235		—
USD	840,000	BRL	3,434,340	JPM	10/02/19		13,434		—
USD	9,162	BRL	38,282	SCB	10/02/19		—		52
USD	225,715	BRL	943,152	SCB	10/02/19		—		1,279
USD	255,670	BRL	1,062,310	SCB	10/02/19		—		3
USD	279,046	BRL	1,162,061	SCB	10/02/19		—		635
USD	1,610,440	BRL	6,706,515	SCB	10/02/19		—		3,663
USD	141,504	BRL	591,489	UBS	10/02/19		—		853
USD	179,566	BRL	747,785	UBS	10/02/19		—		408
USD	341,100	BRL	1,420,477	UBS	10/02/19		—		776
USD	705,917	IDR	10,112,262,028	BOA	11/05/19		—		3,915
USD	166,778	IDR	2,390,589,250	BOA	11/18/19		—		804
USD	693,487	IDR	9,812,844,041	HSB	10/29/19		4,164		—
USD	288,045	IDR	4,085,347,315	JPM	10/29/19		1,062		—
USD	469,075	IDR	6,675,404,109	JPM	10/29/19		148		—
USD	940,000	IDR	13,291,976,000	JPM	10/29/19		6,279		—
USD	328,563	IDR	4,706,006,846	SCB	11/05/19		—		1,776
USD	105,464	MXN	2,061,216	BRC	10/17/19		1,276		—
USD	126,506	MXN	2,458,132	BRC	10/17/19		2,254		—
USD	20,000	PEN	67,000	BRC	10/17/19		133		—
USD	91,084	TWD	2,824,502	HSB	11/15/19		—		182
USD	587,000	TWD	18,346,685	JPM	11/18/19		—		5,924
USD	543,000	TWD	16,971,465	SCB	11/18/19		—		5,480
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	62,196	$	71,129

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 72.6%
Australia \| 2.0%
AGL Energy, Ltd.		6,791	$	87,763
Beach Energy, Ltd.		28,203		48,520
BHP Group, Ltd.		4,257		105,393
BlueScope Steel, Ltd.		3,299		26,769
Cochlear, Ltd.		167		23,500
CSL, Ltd.		532		84,066
Evolution Mining, Ltd.		10,120		30,723
Fortescue Metals Group, Ltd.		15,051		90,267
JB Hi-Fi, Ltd.		1,841		42,294
Qantas Airways, Ltd.		31,838		135,385
Regis Resources, Ltd.		9,506		31,195
Sandfire Resources NL		6,882		30,624
Santos, Ltd.		15,378		80,622
Saracen Mineral Holdings, Ltd. (*)		12,182		28,124
Shopping Centres Australasia Property Group REIT		18,628		32,829
Woolworths Group, Ltd.		2,528		63,691
				941,765
Austria \| 0.2%
Erste Group Bank AG		1,841		60,948
OMV AG		442		23,679
				84,627
Belgium \| 0.7%
Anheuser-Busch InBev SA Sponsored ADR		1,895		180,309
Colruyt SA		927		50,795
Proximus SADP		1,878		55,796
Telenet Group Holding NV		747		35,261
UCB SA		447		32,459
				354,620
Canada \| 3.5%
Air Canada (*)		1,130		36,855
Alimentation Couche-Tard, Inc., Class B		3,706		113,570
BRP, Inc.		1,688		65,680
CAE, Inc.		5,435		138,049
Canadian National Railway Co.		2,295		206,229
Canadian Solar, Inc. (*)		1,965		37,099
Canadian Utilities, Ltd., Class A		931		27,441
CGI, Inc. (*)		1,475		116,633
Colliers International Group, Inc.		373		28,013
Constellation Software, Inc.		95		94,878
Fairfax Financial Holdings, Ltd.		77		33,942
Granite Real Estate Investment Trust		817		39,560
H&R Real Estate Investment Trust		2,955		51,590

Description	Shares		Fair Value
Kirkland Lake Gold, Ltd.		2,062	$	92,373
Northland Power, Inc.		3,544		67,999
Restaurant Brands International, Inc.		304		21,615
Rogers Communications, Inc., Class B		3,928		191,323
Teck Resources, Ltd., Class B		4,188		67,901
The Toronto-Dominion Bank		3,081		179,518
Tourmaline Oil Corp.		3,911		38,701
				1,648,969
Denmark \| 0.3%
Coloplast A/S, Class B		306		36,890
H. Lundbeck A/S		708		23,491
Novo Nordisk A/S, Class B		677		34,957
SimCorp A/S		439		38,573
				133,911
Finland \| 0.2%
Sampo Oyj, A Shares ADR		4,425		87,703
France \| 1.2%
Air France-KLM (*)		2,505		26,233
BNP Paribas SA		490		23,891
Electricite de France SA		7,945		88,914
Engie SA		919		15,014
Faurecia SA		358		17,020
Hermes International		41		28,358
Iliad SA		264		24,792
Ipsen SA		16		1,519
Orange SA		2,586		40,591
Peugeot SA		4,796		119,784
Total SA		798		41,544
Ubisoft Entertainment SA ADR (*)		7,570		108,402
Veolia Environnement SA		767		19,458
				555,520
Germany \| 1.0%
Allianz SE		340		79,287
CTS Eventim AG & Co. KGaA		543		30,611
Deutsche Telekom AG		1,127		18,920
Muenchener Rueckversicherungs AG		377		97,538
Rheinmetall AG		460		58,227
RWE AG		716		22,403
SAP SE		140		16,459
Siltronic AG		239		18,186
Symrise AG ADR		5,150		124,939
				466,570
Hong Kong \| 1.0%
AIA Group, Ltd. Sponsored ADR		4,705		177,050
CK Hutchison Holdings, Ltd.		2,500		21,978
Hang Seng Bank, Ltd. Sponsored ADR		6,325		137,063

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Jardine Matheson Holdings, Ltd.		490	$	26,282
Swire Pacific, Ltd., Class A		9,500		88,531
				450,904
Israel \| 0.5%
Bank Leumi Le-Israel BM		4,032		28,699
Israel Discount Bank, Ltd., ADR		2,870		127,859
Israel Discount Bank, Ltd., Class A		22,592		99,381
				255,939
Italy \| 1.5%
Assicurazioni Generali SpA		932		18,074
Enel SpA		60,573		452,595
Hera SpA		5,918		24,311
Italgas SpA		7,985		51,584
Poste Italiane SpA		12,148		138,276
Terna SpA		4,110		26,396
				711,236
Japan \| 5.9%
ANA Holdings, Inc.		600		20,178
Canon, Inc.		700		18,687
Capcom Co., Ltd.		900		23,819
Daito Trust Construction Co., Ltd.		655		83,977
Daiwa House Industry Co., Ltd.		3,000		97,748
Daiwa House Industry Co., Ltd. ADR		3,975		129,188
Dip Corp.		1,500		36,432
East Japan Railway Co.		1,000		95,663
Fuji Media Holdings, Inc.		2,100		27,161
FUJIFILM Holdings Corp.		600		26,442
Fukuoka Financial Group, Inc.		3,800		72,270
Inpex Corp.		2,700		24,629
Japan Airlines Co., Ltd.		1,900		56,472
Japan Post Holdings Co., Ltd.		5,800		53,563
Japan Prime Realty Investment Corp. REIT		6		28,481
Juki Corp.		800		6,742
Kao Corp., ADR		7,630		113,458
Kinden Corp.		900		13,414
Kyushu Electric Power Co., Inc.		1,900		17,934
Marvelous, Inc.		1,800		13,926
McDonald’s Holdings Co. Japan, Ltd.		1,100		53,222
Mitsubishi Heavy Industries, Ltd.		2,400		94,406
Mitsubishi UFJ Financial Group, Inc.		15,077		76,843
Mizuho Financial Group, Inc.		18,159		27,920
Nintendo Co., Ltd.		100		37,231
Nissan Chemical Corp.		500		20,903
Nomura Holdings, Inc.		5,600		23,681
NTT DOCOMO, Inc.		17,718		452,422

Description	Shares		Fair Value
ORIX Corp.		2,013	$	30,126
SAMTY Co., Ltd.		1,700		29,645
Seven & I Holdings Co., Ltd.		2,800		107,449
Shikoku Electric Power Co., Inc.		1,700		16,081
Shin-Etsu Chemical Co., Ltd.		1,000		107,747
Showa Denko KK		700		18,450
SoftBank Group Corp.		500		19,639
Stanley Electric Co., Ltd.		600		15,991
Sumitomo Mitsui Trust Holdings, Inc.		1,800		65,245
Sumitomo Realty & Development Co., Ltd.		600		22,932
Suzuken Co., Ltd.		500		26,982
TechnoPro Holdings Inc., ADR		11,625		139,732
Teijin, Ltd.		1,095		21,137
The Chiba Bank, Ltd.		8,000		41,393
The Chugoku Electric Power Co., Inc.		1,331		17,095
The Dai-ichi Life Insurance Co., Ltd.		5,600		85,099
The Gunma Bank, Ltd.		4,100		13,369
The Hachijuni Bank, Ltd.		6,800		27,831
The Shizuoka Bank, Ltd.		4,000		29,967
Tosoh Corp.		1,600		21,299
Yamaha Corp. Sponsored ADR		3,675		166,257
				2,770,278
Luxembourg \| 0.1%
ArcelorMittal		4,649		65,532
Netherlands \| 0.9%
Euronext NV		540		44,142
Koninklijke Ahold Delhaize NV		1,667		41,701
Royal Dutch Shell PLC, A Shares		1,075		31,421
Wolters Kluwer NV		179		13,074
Wolters Kluwer NV Sponsored ADR		3,845		280,358
				410,696
Norway \| 0.5%
Aker BP ASA		740		19,719
DNO ASA		11,121		15,957
Equinor ASA		1,160		22,004
Leroy Seafood Group ASA		3,445		20,925
Orkla ASA		3,016		27,460
Salmar ASA		849		37,275
Telenor ASA		3,366		67,539
TGS NOPEC Geophysical Co. ASA		625		15,917
				226,796
Puerto Rico \| 0.1%
EVERTEC, Inc.		846		26,412
Singapore \| 0.5%
Jardine Cycle & Carriage, Ltd.		2,010		43,754

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Oversea-Chinese Banking Corp., Ltd.		2,259	$	17,803
Oversea-Chinese Banking Corp., Ltd. ADR		9,365		147,452
Singapore Technologies Engineering, Ltd.		7,025		19,523
				228,532
Spain \| 0.4%
Amadeus IT Group SA		248		17,785
Banco Bilbao Vizcaya Argentaria SA		9,499		49,559
CIE Automotive SA		816		20,478
Corporacion Financiera Alba SA		178		8,672
Iberdrola SA		10,488		108,994
				205,488
Sweden \| 0.8%
Assa Abloy AB ADR		8,700		96,482
Axfood AB		1,089		23,138
Boliden AB		603		13,875
Epiroc AB ADR		12,260		132,163
Hexagon AB ADR		2,240		107,722
				373,380
Switzerland \| 2.4%
ABB, Ltd. Sponsored ADR		5,850		115,070
Alcon, Inc. (*)		1,153		67,208
Helvetia Holding AG		215		29,675
Novartis AG		1,353		117,461
Novartis AG Sponsored ADR		2,235		194,222
Partners Group Holding AG		61		46,793
Roche Holding AG		1,325		386,403
STMicroelectronics NV		2,136		41,386
Swisscom AG		76		37,484
The Swatch Group AG		501		25,216
Zurich Insurance Group AG		162		61,990
				1,122,908
United Kingdom \| 4.6%
Admiral Group PLC		1,478		38,499
Anglo American PLC		2,558		58,930
Associated British Foods PLC		675		19,110
Auto Trader Group PLC		6,734		42,220
Britvic PLC		3,113		37,642
Bunzl PLC Sponsored ADR		4,395		114,797
Coca-Cola European Partners PLC		2,795		154,983
Compass Group PLC		2,742		70,551
Compass Group PLC Sponsored ADR		5,962		153,521
Diageo PLC Sponsored ADR		1,830		299,242
Dunelm Group PLC		2,197		22,644
Fiat Chrysler Automobiles NV		2,932		37,990
Howden Joinery Group PLC		6,776		46,680

Description	Shares		Fair Value
Imperial Brands PLC		668	$	15,006
International Consolidated Airlines Group SA		7,006		40,870
Lloyds Banking Group PLC		221,143		147,475
Prudential PLC ADR		3,690		134,279
RELX PLC		1,860		44,130
RELX PLC Sponsored ADR		8,660		205,415
Rio Tinto PLC		650		33,762
Rio Tinto, Ltd.		1,540		96,855
Royal Bank of Scotland Group PLC		6,419		16,401
SSP Group PLC		4,926		37,546
The Weir Group PLC Sponsored ADR		6,280		54,322
Unilever PLC Sponsored ADR		3,780		227,178
WH Smith PLC		1,362		33,279
				2,183,327
United States \| 44.3%
3M Co.		628		103,243
AbbVie, Inc.		1,804		136,599
Accenture PLC, Class A		1,215		233,705
AES Corp.		3,194		52,190
Aflac, Inc.		2,138		111,860
Akamai Technologies, Inc. (*)		1,335		121,992
Allegion PLC		117		12,127
Alphabet, Inc., Class A (*)		235		286,968
Alphabet, Inc., Class C (*)		34		41,446
Altria Group, Inc.		915		37,423
Amazon.com, Inc. (*)		212		368,013
American Express Co.		2,436		288,130
American States Water Co.		500		44,930
American Tower Corp. REIT		383		84,693
Ameriprise Financial, Inc.		648		95,321
AmerisourceBergen Corp.		1,180		97,149
Amgen, Inc.		476		92,111
Aon PLC		2,254		436,307
Apple, Inc.		2,872		643,242
Applied Materials, Inc.		512		25,549
AutoZone, Inc. (*)		146		158,354
AXA Equitable Holdings, Inc.		3,063		67,876
Bank of America Corp.		5,328		155,418
Baxter International, Inc.		255		22,305
Best Buy Co., Inc.		292		20,145
BorgWarner, Inc.		488		17,900
Boston Scientific Corp. (*)		3,990		162,353
Bristol-Myers Squibb Co.		3,622		183,672
Broadcom, Inc.		98		27,055
Burlington Stores, Inc. (*)		424		84,724
Cable One, Inc.		26		32,622
Cadence Design Systems, Inc. (*)		1,176		77,710

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Cardinal Health, Inc.		571	$	26,945
Cboe Global Markets, Inc.		393		45,160
CBRE Group, Inc., Class A (*)		2,386		126,482
CDW Corp.		814		100,317
Cerner Corp.		1,069		72,874
Chevron Corp.		2,433		288,554
Church & Dwight Co., Inc.		584		43,940
Cigna Corp. (*)		842		127,807
Cisco Systems, Inc.		2,860		141,313
Citigroup, Inc.		989		68,320
Citizens Financial Group, Inc.		1,245		44,036
Colgate-Palmolive Co.		1,431		105,193
Comcast Corp., Class A		5,103		230,043
Comerica, Inc.		486		32,071
ConocoPhillips		3,665		208,832
Continental Resources, Inc. (*)		348		10,715
CoreLogic, Inc. (*)		2,200		101,794
Corteva, Inc. (*)		792		22,176
Costco Wholesale Corp.		209		60,215
Crown Castle International Corp. REIT		243		33,779
Cummins, Inc.		413		67,183
CVS Health Corp.		894		56,385
Darden Restaurants, Inc.		1,230		145,411
Delta Air Lines, Inc.		959		55,238
Devon Energy Corp.		918		22,087
Discover Financial Services		824		66,818
Dollar General Corp.		900		143,046
E*TRADE Financial Corp.		2,405		105,074
Edison International		1,901		143,373
Electronic Arts, Inc. (*)		290		28,368
Eli Lilly & Co.		1,946		217,621
Encompass Health Corp.		1,578		99,856
F5 Networks, Inc. (*)		626		87,903
Facebook, Inc., Class A (*)		484		86,191
FactSet Research Systems, Inc.		108		26,241
GreenSky, Inc., Class A (*)		1,866		12,773
H&R Block, Inc.		969		22,888
HCA Healthcare, Inc.		707		85,137
HEICO Corp., Class A		265		25,787
Honeywell International, Inc.		2,511		424,861
Humana, Inc.		124		31,703
IDEXX Laboratories, Inc. (*)		48		13,053
Intel Corp.		5,263		271,202
Intercontinental Exchange, Inc.		3,024		279,024
International Business Machines Corp.		623		90,597
Intuit, Inc.		1,079		286,949

Description	Shares		Fair Value
IQVIA Holdings, Inc. (*)		1,930	$	288,303
JetBlue Airways Corp. (*)		2,067		34,622
Johnson & Johnson		4,673		604,593
JPMorgan Chase & Co.		155		18,242
Keysight Technologies, Inc. (*)		362		35,204
Kimberly-Clark Corp.		1,870		265,633
Kohl’s Corp.		358		17,778
Lam Research Corp.		135		31,200
Lockheed Martin Corp.		1,138		443,888
Lowe’s Cos., Inc.		1,370		150,645
LPL Financial Holdings, Inc.		690		56,511
Lululemon Athletica, Inc. (*)		916		176,357
MasTec, Inc. (*)		372		24,154
MasterCard, Inc., Class A		558		151,536
Maxim Integrated Products, Inc.		352		20,384
McDonald’s Corp.		1,070		229,740
McGrath RentCorp		454		31,594
McKesson Corp.		293		40,041
Mellanox Technologies, Ltd. (*)		335		36,713
Merck & Co., Inc.		4,120		346,822
MetLife, Inc.		1,517		71,542
Micron Technology, Inc. (*)		2,177		93,284
Microsoft Corp.		4,239		589,348
Morgan Stanley		1,700		72,539
Morningstar, Inc.		181		26,451
Motorola Solutions, Inc.		1,470		250,503
Nasdaq, Inc.		360		35,766
National Retail Properties, Inc. REIT		1,665		93,906
NIKE, Inc., Class B		2,878		270,302
Nordstrom, Inc.		789		26,566
Northern Oil and Gas, Inc. (*)		10,976		21,513
Northrop Grumman Corp.		854		320,071
Occidental Petroleum Corp.		1,831		81,425
Omnicom Group, Inc.		610		47,763
PayPal Holdings, Inc. (*)		217		22,479
PDC Energy, Inc. (*)		780		21,645
PepsiCo, Inc.		1,613		221,142
Philip Morris International, Inc.		1,800		136,674
Pinnacle West Capital Corp.		1,745		169,387
Pioneer Natural Resources Co.		341		42,888
PotlatchDeltic Corp. REIT		430		17,667
Premier, Inc., Class A (*)		1,580		45,694
PTC, Inc. (*)		1,610		109,770
Public Service Enterprise Group, Inc.		567		35,199
Radian Group, Inc.		2,018		46,091
Raytheon Co.		123		24,131
Republic Services, Inc.		1,873		162,108

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Rockwell Automation, Inc.		1,065	$	175,512
Ross Stores, Inc.		591		64,921
S&P Global, Inc.		780		191,084
Simon Property Group, Inc. REIT		1,410		219,466
Skyworks Solutions, Inc.		232		18,386
Starbucks Corp.		2,144		189,572
Synchrony Financial		988		33,681
Synovus Financial Corp.		1,637		58,539
Sysco Corp.		2,937		233,198
T Rowe Price Group, Inc.		296		33,818
T-Mobile US, Inc. (*)		290		22,843
Take-Two Interactive Software, Inc. (*)		517		64,801
Tanger Factory Outlet Centers, Inc. REIT		1,796		27,802
Target Corp.		791		84,566
TE Connectivity, Ltd.		1,216		113,307
Tech Data Corp. (*)		275		28,666
Texas Instruments, Inc.		1,270		164,135
The Coca-Cola Co.		7,281		396,378
The Estee Lauder Cos., Inc., Class A		2,127		423,167
The Hershey Co.		1,605		248,759
The Kroger Co.		1,656		42,692
The Procter & Gamble Co.		3,523		438,191
The Progressive Corp.		459		35,458
The TJX Cos., Inc.		5,555		309,636
Thermo Fisher Scientific, Inc.		1,075		313,115
Tractor Supply Co.		268		24,238
Ulta Salon Cosmetics & Fragrance, Inc. (*)		77		19,300
United Continental Holdings, Inc. (*)		572		50,571
United Rentals, Inc. (*)		698		86,999
UnitedHealth Group, Inc.		728		158,209
Verizon Communications, Inc.		4,712		284,416
Viacom, Inc., Class B		697		16,749
Visa, Inc., Class A		1,532		263,519
VMware, Inc., Class A		159		23,860
Vulcan Materials Co.		296		44,767
Walmart, Inc.		469		55,661
Waste Management, Inc.		1,499		172,385
Western Alliance Bancorp		612		28,201
WW Grainger, Inc.		151		44,870
Zebra Technologies Corp., Class A (*)		290		59,847
Zions BanCorp.		416		18,520
Zoetis, Inc.		2,644		329,416
				20,781,502
Total Common Stocks (Cost $31,149,156)				34,086,615

Description	Shares		Fair Value
Preferred Stocks \| 0.1%
Germany \| 0.1%
Porsche Automobil Holding SE (Cost $23,051)		356	$	23,160

Description	Security Currency		Principal Amount (000)		Fair Value
Corporate Bonds \| 6.8%
Australia \| 0.2%
Telstra Corp., Ltd., 4.000%, 09/16/22		AUD		110	$	79,436
Canada \| 0.5%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21		CAD		225		172,331
Rogers Communications, Inc., 3.250%, 05/01/29		CAD		90		69,998
						242,329
France \| 0.2%
Schneider Electric SE, 2.950%, 09/27/22		USD		115		117,533
Germany \| 0.2%
BMW Finance NV, 0.875%, 08/16/22		GBP		90		109,852
Netherlands \| 0.7%
BNG Bank NV, 5.000%, 09/16/20		NZD		181		117,213
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)		USD		200		208,604
						325,817
New Zealand \| 0.2%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24		AUD		100		78,115
Switzerland \| 0.3%
ABB Finance USA, Inc., 3.375%, 04/03/23		USD		122		127,226
United Kingdom \| 0.4%
Unilever Capital Corp., 3.250%, 03/07/24		USD		200		210,693
United States \| 4.1%
American Express Co., 3.000%, 10/30/24		USD		120		123,936
Apple, Inc., 3.850%, 05/04/43		USD		190		213,172
Bank of America Corp., 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)		USD		134		136,654
Citigroup, Inc., 2.539% (BBSW 3 Month + 1.550%), 05/04/21 (§)		AUD		228		155,822

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
John Deere Canada Funding, Inc., 2.050%, 09/17/20		CAD		225	$	169,854
Johnson & Johnson, 3.625%, 03/03/37		USD		37		41,268
JPMorgan Chase & Co., 4.500%, 01/24/22		USD		123		129,860
McDonald’s Corp., 3.125%, 03/04/25		CAD		225		175,457
Microsoft Corp., 4.450%, 11/03/45		USD		169		213,423
Morgan Stanley, 3.625%, 01/20/27		USD		125		132,097
Starbucks Corp., 4.450%, 08/15/49		USD		125		145,108
The Goldman Sachs Group, Inc., 3.625%, 01/22/23		USD		83		86,352
Verizon Communications, Inc., 3.875%, 02/08/29		USD		164		180,112
						1,903,115
Total Corporate Bonds (Cost $3,097,484)						3,194,116
Foreign Government Obligations \| 11.0%
Australia \| 0.3%
Queensland Treasury Corp., 3.000%, 03/22/24		AUD		180		131,811
Bermuda \| 0.9%
Government of Bermuda:
4.854%, 02/06/24		USD		200		218,750
3.717%, 01/25/27		USD		200		210,187
						428,937
Canada \| 1.0%
City of Vancouver, 2.900%, 11/20/25		CAD		93		73,659
Province of Quebec:
1.650%, 03/03/22		CAD		120		90,389
3.000%, 09/01/23		CAD		170		134,066
2.500%, 04/20/26		USD		185		191,884
						489,998
Chile \| 0.7%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26		CLP		85,000		129,920
Republic of Chile, 3.125%, 01/21/26		USD		200		210,187
						340,107

Description	Security Currency		Principal Amount (000)		Fair Value
Czech Republic \| 0.8%
Czech Republic, 2.150% (PRIB0R 6 Month - 0.100%), 11/19/27 (§)		CZK		8,630	$	370,582
France \| 0.6%
Government of France, 1.750%, 06/25/39		EUR		216		305,157
Hungary \| 1.2%
Hungary, 6.375%, 03/29/21		USD		152		161,262
Hungary Government Bonds:
2.500%, 10/24/24		HUF		35,340		123,457
2.750%, 12/22/26		HUF		35,520		126,022
3.000%, 10/27/27		HUF		36,360		131,185
						541,926
Ireland \| 0.6%
Ireland Government Bonds:
1.350%, 03/18/31		EUR		113		140,503
1.700%, 05/15/37		EUR		95		125,853
						266,356
Italy \| 0.2%
Italy Government International Bonds, 6.875%, 09/27/23		USD		95		110,172
Japan \| 0.4%
Japan International Cooperation Agency, 2.125%, 10/20/26		USD		200		200,873
Mexico \| 0.4%
Mexico Cetes, 0.000%, 04/23/20		MXN		25,026		120,449
United Mexican States, 6.750%, 02/06/24		GBP		35		51,593
						172,042
New Zealand \| 0.3%
New Zealand Government Bonds, 6.000%, 05/15/21		NZD		185		124,814
Norway \| 1.1%
Kommunalbanken AS, 1.375%, 10/26/20 (#)		USD		200		198,816
Oslo Kommune:
2.350%, 09/04/24		NOK		2,000		224,053
2.080% (NIBOR 3 Month + 0.460%), 05/06/26 (§)		NOK		1,000		111,003
						533,872
Panama \| 0.5%
Republic of Panama, 4.000%, 09/22/24		USD		200		213,625

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Poland \| 0.8%
Poland Government Bonds, 1.790%, 05/25/28 (§)		PLN		1,540	$	374,101
Romania \| 0.3%
Romania Government Bonds, 2.375%, 04/19/27		EUR		100		119,418
Singapore \| 0.3%
Singapore Government Bonds, 3.375%, 09/01/33		SGD		165		141,466
United Kingdom \| 0.6%
United Kingdom Gilt:
1.750%, 09/07/37		GBP		100		140,918
1.500%, 07/22/47		GBP		113		156,668
						297,586
Total Foreign Government Obligations (Cost $5,112,957)						5,162,843
Quasi Government Bonds \| 1.2%
Canada \| 0.7%
Export Development Canada, 1.800%, 09/01/22		CAD		440		333,239
Germany \| 0.5%
KFW, 2.750%, 04/16/20		AUD		335		228,096
Total Quasi Government Bonds (Cost $562,347)						561,335
Supranational Bonds \| 2.6%
Asian Development Bank:
1.000%, 12/15/22		GBP		115		143,034
2.125%, 03/19/25		USD		203		208,042
European Bank for Reconstruction & Development, 1.625%, 09/27/24		USD		60		59,920
European Investment Bank, 1.125%, 09/16/21 (#)		CAD		235		175,383
International Bank for Reconstruction & Development:
3.500%, 01/22/21		NZD		125		80,605
2.500%, 08/03/23		CAD		345		267,589
2.900%, 11/26/25		AUD		95		70,012
International Finance Corp.:
3.625%, 05/20/20		NZD		180		114,448
2.700%, 03/15/23		AUD		122		86,635
Total Supranational Bonds (Cost $1,211,502)						1,205,668
US Municipal Bonds \| 0.6%
California \| 0.5%
California State Build America Bonds, 7.500%, 04/01/34		USD		95		146,402

Description	Security Currency		Principal Amount (000)		Fair Value
State of California, 4.500%, 04/01/33		USD		100	$	113,716
						260,118
New York \| 0.1%
New York State Urban Development Corp., 3.900%, 03/15/33		USD		40		44,320
Total US Municipal Bonds (Cost $286,715)						304,438
US Treasury Securities \| 3.5%
Treasury Inflation Protected Security, 0.125%, 04/15/20		USD		139		137,956
US Treasury Bonds, 2.250%, 08/15/49 USD				127		130,746
US Treasury Notes:
1.750%, 05/15/23		USD		410		412,418
2.125%, 05/15/25		USD		400		411,359
2.875%, 08/15/28		USD		360		395,902
3.125%, 11/15/41		USD		120		143,109
Total US Treasury Securities (Cost $1,603,499)						1,631,490

Description	Shares		Fair Value
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $718,884)		718,884	$	718,884
Total Investments \| 99.9% (Cost $43,765,595) (»)			$	46,888,549
Cash and Other Assets in Excess of Liabilities \| 0.1%				36,339
Net Assets \| 100.0%			$	46,924,888

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	59,066	USD	40,000	CIT	11/14/19	$	—	$	75
AUD	29,552	USD	20,000	HSB	11/14/19		—		25
AUD	49,785	USD	33,700	HSB	11/14/19		—		49
AUD	56,198	USD	38,200	HSB	11/14/19		—		214
AUD	32,058	USD	22,000	JPM	11/14/19		—		331
AUD	39,742	USD	27,048	JPM	11/14/19		—		185
AUD	190,231	USD	129,282	JPM	11/14/19		—		700
CAD	31,403	USD	23,600	HSB	11/14/19		119		—
CAD	52,682	USD	39,700	HSB	11/14/19		92		—
CAD	59,632	USD	44,900	HSB	11/14/19		141		—
CAD	109,047	USD	82,400	JPM	11/14/19		—		35
CAD	401,673	USD	302,675	JPM	11/14/19		714		—
CAD	52,885	USD	40,000	MSC	11/14/19		—		55
CHF	6,786	USD	7,000	HSB	11/14/19		—		176
CHF	9,610	USD	10,000	HSB	11/14/19		—		336
CHF	11,587	USD	11,900	HSB	11/14/19		—		248
CHF	13,030	USD	13,400	HSB	11/14/19		—		297
CHF	47,229	USD	48,956	HSB	11/14/19		—		1,462
CLP	16,818,015	USD	24,262	CIT	10/18/19		—		1,190
CLP	145,756,119	USD	210,272	CIT	10/18/19		—		10,315
CZK	794,050	USD	34,200	JPM	10/25/19		—		639
CZK	1,340,210	USD	57,600	JPM	10/25/19		—		955
CZK	1,379,317	USD	60,000	JPM	10/25/19		—		1,702
CZK	1,509,909	USD	65,200	JPM	10/25/19		—		1,382
CZK	2,204,800	USD	95,684	JPM	10/25/19		—		2,496
CZK	3,391,676	USD	144,852	JPM	10/25/19		—		1,499
EUR	173,039	USD	195,943	CIT	10/10/19		—		7,225
EUR	503,956	USD	569,516	CIT	10/10/19		—		19,896
EUR	156,353	USD	175,077	HSB	10/10/19		—		4,557
EUR	161,966	USD	182,524	HSB	10/10/19		—		5,882
EUR	198,697	USD	222,000	HSB	10/10/19		—		5,299
EUR	204,807	USD	226,654	HSB	10/10/19		—		3,289
EUR	335,555	USD	373,500	HSB	10/10/19		—		7,540
EUR	381,416	USD	425,000	HSB	10/10/19		—		9,023
EUR	458,533	USD	518,151	HSB	10/10/19		—		18,070
EUR	108,573	USD	119,848	JPM	10/10/19		—		1,437
EUR	402,384	USD	454,668	JPM	10/10/19		—		15,823
EUR	354,374	USD	400,000	JPM	10/25/19		—		13,080
EUR	120,483	USD	133,312	SSB	12/27/19		—		1,099
GBP	48,986	USD	60,200	HSB	11/14/19		134		—
GBP	53,259	USD	64,339	HSB	11/14/19		1,257		—
GBP	80,528	USD	100,683	HSB	11/14/19		—		1,500
GBP	82,128	USD	101,300	HSB	11/14/19		—		148
GBP	90,700	USD	110,000	HSB	11/14/19		1,711		—
GBP	93,993	USD	114,600	HSB	11/14/19		1,166		—

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
HUF	18,161,850	USD	62,293	HSB	10/28/19	$	—	$	3,088
HUF	22,244,240	USD	73,753	JPM	10/28/19		—		1,240
HUF	26,247,098	USD	90,940	JPM	10/28/19		—		5,379
IDR	599,248,000	USD	41,485	HSB	02/12/20		33		—
JPY	99,253,224	USD	946,447	CIT	11/14/19		—		25,930
JPY	20,185,723	USD	192,500	HSB	11/14/19		—		5,289
JPY	34,052,297	USD	323,800	HSB	11/14/19		—		7,984
JPY	38,510,881	USD	364,300	HSB	11/14/19		—		7,133
JPY	88,092,991	USD	839,965	HSB	11/14/19		—		22,952
JPY	9,014,594	USD	85,957	JPM	11/14/19		—		2,352
JPY	38,666,258	USD	370,000	JPM	11/14/19		—		11,392
JPY	3,183,716	USD	29,817	SSB	12/27/19		—		187
KRW	206,319,800	USD	173,000	HSB	02/10/20		—		250
MXN	198,876	USD	10,000	HSB	11/14/19		7		—
MXN	616,618	USD	31,306	HSB	11/14/19		—		279
NOK	211,298	USD	23,600	HSB	11/14/19		—		358
NOK	355,978	USD	40,000	HSB	11/14/19		—		844
NOK	357,775	USD	39,700	HSB	11/14/19		—		347
NOK	402,910	USD	44,900	HSB	11/14/19		—		582
NZD	15,471	USD	10,000	CIT	11/14/19		—		303
NZD	95,379	USD	61,808	CIT	11/14/19		—		2,023
NZD	10,925	USD	7,000	JPM	11/14/19		—		152
NZD	18,668	USD	11,900	JPM	11/14/19		—		198
NZD	20,784	USD	13,400	JPM	11/14/19		—		373
NZD	46,530	USD	30,000	JPM	11/14/19		—		834
NZD	133,549	USD	83,836	JPM	11/14/19		—		126
PLN	279,790	USD	70,726	HSB	11/14/19		—		916
SEK	577,791	USD	60,000	JPM	11/14/19		—		1,142
SGD	35,773	USD	26,013	JPM	11/14/19		—		118
USD	106,046	AUD	155,812	CIT	11/14/19		728		—
USD	46,119	AUD	68,236	HSB	11/14/19		—		3
USD	56,747	AUD	83,742	HSB	11/14/19		144		—
USD	90,261	AUD	133,408	HSB	11/14/19		87		—
USD	106,606	AUD	156,898	HSB	11/14/19		554		—
USD	5,383	AUD	7,910	JPM	11/14/19		37		—
USD	313,781	AUD	461,044	JPM	11/14/19		2,150		—
USD	11,278	AUD	16,705	MSC	11/14/19		—		13
USD	49,300	AUD	72,431	MSC	11/14/19		342		—
USD	128,776	AUD	190,171	MSC	11/14/19		235		—
USD	352,132	AUD	518,536	SSB	12/27/19		1,197		—
USD	84,338	CAD	111,269	CIT	11/14/19		295		—
USD	30,141	CAD	39,924	HSB	11/14/19		—		14
USD	69,226	CAD	91,570	HSB	11/14/19		62		—
USD	129,902	CAD	172,633	HSB	11/14/19		—		491
USD	158,309	CAD	210,889	HSB	11/14/19		—		979
USD	210,573	CAD	278,921	HSB	11/14/19		—		100
USD	266,966	CAD	355,111	HSB	11/14/19		—		1,254

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	288,544	CAD	380,676	HSB	11/14/19	$	1,013	$	—
USD	345,045	CAD	455,296	JPM	11/14/19		1,153		—
USD	16,008	CAD	21,117	MSC	11/14/19		58		—
USD	67,400	CAD	89,299	MSC	11/14/19		—		49
USD	220,541	CAD	292,626	MSC	11/14/19		—		485
USD	399,771	CAD	529,653	SSB	12/27/19		—		607
USD	12,000	CLP	8,445,000	CIT	10/18/19		415		—
USD	24,109	CLP	17,128,695	CIT	10/18/19		611		—
USD	123,075	CLP	83,972,953	CIT	10/18/19		7,876		—
USD	11,237	CZK	256,696	JPM	10/25/19		388		—
USD	20,293	CZK	466,886	JPM	10/25/19		560		—
USD	20,855	CZK	486,075	JPM	10/25/19		310		—
USD	36,863	CZK	855,749	JPM	10/25/19		694		—
USD	42,448	CZK	982,070	JPM	10/25/19		940		—
USD	47,177	CZK	1,102,562	JPM	10/25/19		576		—
USD	47,554	CZK	1,106,210	JPM	10/25/19		799		—
USD	92,335	CZK	2,142,937	JPM	10/25/19		1,761		—
USD	149,790	CZK	3,520,608	JPM	10/25/19		988		—
USD	21,158	CZK	490,868	JPM	11/14/19		408		—
USD	133,941	EUR	118,865	CIT	10/10/19		4,305		—
USD	105,626	EUR	94,742	HSB	10/10/19		2,299		—
USD	151,718	EUR	136,174	HSB	10/10/19		3,205		—
USD	488,000	EUR	441,286	HSB	10/10/19		6,729		—
USD	511,000	EUR	452,737	HSB	10/10/19		17,239		—
USD	150,700	EUR	135,833	HSB	11/14/19		2,176		—
USD	12,200	EUR	10,851	JPM	10/10/19		365		—
USD	20,900	EUR	18,446	JPM	10/10/19		783		—
USD	150,174	EUR	135,052	JPM	10/10/19		2,885		—
USD	372,800	EUR	332,877	JPM	10/10/19		9,760		—
USD	142,334	EUR	126,900	JPM	10/25/19		3,779		—
USD	27,312	GBP	22,259	HSB	11/14/19		—		104
USD	43,301	GBP	35,402	HSB	11/14/19		—		302
USD	48,179	GBP	39,370	HSB	11/14/19		—		311
USD	68,565	GBP	56,513	HSB	11/14/19		—		1,039
USD	73,356	GBP	60,368	HSB	11/14/19		—		997
USD	86,979	GBP	72,000	HSB	11/14/19		—		1,699
USD	142,700	GBP	113,652	HSB	11/14/19		2,721		—
USD	35,882	HUF	10,594,679	HSB	10/28/19		1,345		—
USD	58,548	HUF	17,028,758	HSB	10/28/19		3,037		—
USD	68,261	HUF	20,259,704	HSB	10/28/19		2,218		—
USD	69,984	HUF	20,481,180	HSB	10/28/19		3,218		—
USD	99,999	HUF	29,141,603	HSB	10/28/19		5,002		—
USD	24,800	HUF	7,287,232	JPM	10/28/19		1,045		—
USD	41,679	HUF	12,001,640	JPM	10/28/19		2,555		—
USD	103,272	HUF	29,737,889	JPM	10/28/19		6,332		—
USD	126,947	HUF	36,913,825	JPM	10/28/19		6,614		—

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	62,874	ILS	219,857	SSB	12/27/19	$	—	$	664
USD	452,103	JPY	47,411,727	CIT	11/14/19		12,386		—
USD	82,700	JPY	8,891,407	HSB	11/14/19		237		—
USD	425,700	JPY	45,828,307	HSB	11/14/19		668		—
USD	101,400	JPY	10,704,605	JPM	11/14/19		2,121		—
USD	31,100	KRW	37,018,330	HSB	02/10/20		105		—
USD	121,204	MXN	2,400,450	HSB	11/14/19		422		—
USD	54,500	NOK	488,756	HSB	11/14/19		739		—
USD	182,765	NOK	1,619,588	HSB	11/14/19		4,618		—
USD	155,861	NOK	1,408,949	SSB	12/27/19		772		—
USD	75,379	NZD	117,039	CIT	11/14/19		2,017		—
USD	155,078	NZD	239,309	CIT	11/14/19		5,077		—
USD	4,883	NZD	7,604	JPM	11/14/19		117		—
USD	23,300	NZD	36,941	JPM	11/14/19		145		—
USD	37,401	NZD	58,557	JPM	11/14/19		696		—
USD	70,426	NZD	109,512	JPM	11/14/19		1,783		—
USD	74,473	NZD	117,151	JPM	11/14/19		1,041		—
USD	134,354	NZD	207,368	JPM	11/14/19		4,373		—
USD	21,100	PLN	81,258	HSB	11/14/19		825		—
USD	22,502	PLN	88,279	HSB	11/14/19		476		—
USD	42,014	PLN	162,263	HSB	11/14/19		1,528		—
USD	42,503	PLN	167,079	HSB	11/14/19		815		—
USD	43,527	PLN	172,407	HSB	11/14/19		510		—
USD	121,052	PLN	466,600	HSB	11/14/19		4,631		—
USD	149,843	PLN	589,410	HSB	11/14/19		2,779		—
USD	13,016	SGD	18,059	HSB	11/14/19		—		56
USD	21,645	SGD	30,043	HSB	11/14/19		—		102
USD	25,967	SGD	36,016	HSB	11/14/19		—		104
USD	39,488	SGD	54,606	HSB	11/14/19		—		40
USD	21,710	SGD	30,047	JPM	11/14/19		—		39
USD	29,536	SGD	40,849	JPM	11/14/19		—		33
USD	55,326	SGD	76,163	SSB	12/27/19		165		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	166,413	$	249,490

Description	Shares			Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 75.5%
Equity Funds \| 41.9%
Franklin FTSE Japan ETF		158,400		$	3,950,496
Invesco Aerospace & Defense ETF (±)		20,360			1,378,372
Invesco Water Resources ETF (±)		41,850			1,531,710
Invesco WilderHill Clean Energy ETF		36,450			1,063,247
iShares Core Dividend Growth ETF (±)		117,100			4,583,294
iShares Expanded Tech Sector ETF (±)		9,500			2,061,690
iShares Expanded Tech-Software Sector ETF (±)		7,800			1,652,664
iShares Russell Mid-Cap Value ETF (±)		46,850			4,202,445
Vanguard Industrials ETF (±)		15,035			2,196,162
Vanguard S&P 500 ETF (±)		31,700			8,641,420
Vanguard Small-Cap Value ETF (±)		32,300			4,161,855
					35,423,355
Fixed-Income Funds \| 33.6%
Goldman Sachs Access Treasury 0-1 Year ETF (±)		35,200			3,533,376
iShares 1-3 Year Treasury Bond ETF (±)		89,400			7,582,908
Vanguard Intermediate-Term Corporate Bond ETF (±)		90,200			8,229,848
Vanguard Intermediate-Term Treasury ETF (±)		135,300			9,020,451
					28,366,583
Total Exchange-Traded Funds (Cost $60,618,364)					63,789,938
Closed-End Management Investment Companies \| 4.8%
Royce Value Trust, Inc. (±) (Cost $4,072,309)		292,700			4,027,552
Short-Term Investments \| 25.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Cost $21,310,333)		21,310,333			21,310,333
Total Investments excluding Securities Sold Short \| 105.5% (Cost $86,001,006)					89,127,823
Securities Sold Short \| (5.5)%
Exchange-Traded Funds \| (5.5)%
iShares MSCI ACWI ETF		(22,600	)		(1,666,750	)

Description	Shares			Fair Value
SPDR S&P 500 ETF Trust		(9,890	)	$	(2,935,055	)
Total Securities Sold Short (Proceeds $4,501,212)					(4,601,805	)
Total Investments \| 100.0% (Cost and short proceeds $81,499,794)				$	84,526,018
Liabilities in Excess of Cash and Other Assets \| 0.0%					(16,661	)
Net Assets \| 100.0%				$	84,509,357

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•)
Common Stocks \| 56.8%
Australia \| 2.6%
AGL Energy, Ltd.		1,932	$	24,968
Atlas Arteria, Ltd.		15,835		83,429
AusNet Services		13,853		16,959
CSL, Ltd.		313		49,460
Goodman Group REIT		10,745		102,816
IDP Education, Ltd.		971		10,265
Transurban Group		11,687		116,013
Woolworths Group, Ltd.		1,868		47,063
				450,973
Canada \| 3.2%
Agnico Eagle Mines, Ltd.		360		19,300
Alimentation Couche-Tard, Inc., Class B		1,250		38,306
Atco, Ltd., Class I		993		36,337
Bank of Montreal		520		38,300
BCE, Inc.		962		46,530
Boardwalk Real Estate Investment Trust		1,050		35,197
Canadian National Railway Co.		217		19,485
Capital Power Corp.		372		8,614
CI Financial Corp.		1,803		26,306
Empire Co., Ltd., Class A		290		7,852
Fairfax Financial Holdings, Ltd.		31		13,665
Great-West Lifeco, Inc.		317		7,611
Kirkland Lake Gold, Ltd.		317		14,201
National Bank of Canada		155		7,712
Northland Power, Inc.		1,888		36,225
Nutrien, Ltd.		300		14,964
Rogers Communications, Inc., Class B		294		14,320
Royal Bank of Canada		797		64,652
Sun Life Financial, Inc.		206		9,211
TELUS Corp.		378		13,441
The Bank of Nova Scotia		168		9,542
The North West Co., Inc.		558		11,919
The Toronto-Dominion Bank		1,010		58,892
				552,582
China \| 0.4%
China Vanke Co., Ltd., Class H		18,500		64,769
Denmark \| 0.1%
Novo Nordisk A/S, Class B		159		8,210
Scandinavian Tobacco Group A/S		672		7,863
				16,073
Finland \| 0.0%
Cramo Oyj		753		8,065

Description	Shares		Fair Value
France \| 2.2%
AXA SA		404	$	10,326
Electricite de France SA		633		7,084
Eutelsat Communications SA		6,163		114,757
L’Oreal SA		154		43,152
Unibail-Rodamco-Westfield REIT		264		38,486
Vinci SA		1,536		165,563
				379,368
Germany \| 1.6%
ADO Properties SA		1,363		56,150
Allianz SE		53		12,359
Aroundtown SA		3,174		25,960
Deutsche Lufthansa AG		783		12,443
Fraport AG		1,238		105,005
Vonovia SE		1,136		57,627
				269,544
Hong Kong \| 2.4%
Dairy Farm International Holdings, Ltd.		3,100		19,541
Jardine Matheson Holdings, Ltd.		72		3,862
Link Real Estate Investment Trust		8,500		93,317
Power Assets Holdings, Ltd.		19,500		131,065
Sun Hung Kai Properties, Ltd.		7,000		101,199
Wharf Real Estate Investment Co., Ltd.		11,000		60,306
				409,290
Israel \| 0.2%
Azrieli Group, Ltd.		498		39,113
Italy \| 4.9%
ASTM SpA		1,505		48,155
Atlantia SpA		6,754		163,537
Enel SpA		4,947		36,963
Hera SpA		17,748		72,908
Italgas SpA		15,962		103,117
Poste Italiane SpA		1,342		15,276
Snam SpA		32,850		166,089
Societa Iniziative Autostradali e Servizi SpA		1,831		31,968
Terna SpA		30,068		193,106
				831,119
Japan \| 2.6%
East Japan Railway Co.		200		19,133
GLP J-Reit		52		68,960
Invincible Investment Corp. REIT		94		57,999
KDDI Corp.		400		10,456
Mitsubishi Estate Co., Ltd.		6,300		121,990
Mitsui Fudosan Co., Ltd.		4,000		99,550
NTT DOCOMO, Inc.		1,000		25,535
Tokio Marine Holdings, Inc.		300		16,107

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
West Japan Railway Co.		300	$	25,412
				445,142
Luxembourg \| 0.9%
SES SA		8,399		153,178
Mexico \| 0.2%
Corp Inmobiliaria Vesta SAB de CV		24,500		37,630
Netherlands \| 0.1%
Cimpress NV (*)		73		9,624
NN Group NV		239		8,485
				18,109
New Zealand \| 0.0%
Spark New Zealand, Ltd.		2,466		6,815
Norway \| 0.1%
Mowi ASA		323		7,452
Salmar ASA		173		7,595
				15,047
Philippines \| 0.3%
Megaworld Corp.		555,300		46,847
Singapore \| 0.7%
CapitaLand, Ltd.		26,600		68,133
DBS Group Holdings, Ltd.		559		10,075
Jardine Cycle & Carriage, Ltd.		900		19,591
Singapore Airlines, Ltd.		800		5,296
Singapore Technologies Engineering, Ltd.		5,700		15,841
				118,936
South Korea \| 0.1%
S-Oil Corp.		267		22,286
Spain \| 1.3%
Ferrovial SA		5,671		163,857
Iberdrola SA		1,088		11,307
Merlin Properties Socimi SA REIT		3,805		53,159
				228,323
Sweden \| 0.1%
Swedish Match AB		237		9,804
Switzerland \| 0.5%
Novartis AG		163		14,151
Roche Holding AG		233		67,949
				82,100
United Arab Emirates \| 0.2%
Emaar Properties PJSC		21,186		26,606
United Kingdom \| 5.4%
Admiral Group PLC		1,083		28,210
Ashtead Group PLC		364		10,129

Description	Shares		Fair Value
Auto Trader Group PLC		1,512	$	9,480
Derwent London PLC REIT		1,021		42,319
Great Portland Estates PLC REIT		4,126		38,048
Howden Joinery Group PLC		3,473		23,926
Imperial Brands PLC		1,296		29,113
International Consolidated Airlines Group SA		1,659		9,689
National Grid PLC		15,380		166,760
Pennon Group PLC		11,176		113,625
Segro PLC REIT		7,662		76,385
Severn Trent PLC		5,869		156,291
The Go-Ahead Group PLC		281		6,962
Unilever NV		362		21,752
United Utilities Group PLC		17,925		181,941
				914,630
United States \| 26.7%
AbbVie, Inc.		202		15,295
Aflac, Inc.		379		19,829
Agilent Technologies, Inc.		123		9,426
Alexandria Real Estate Equities, Inc.		623		95,967
American Electric Power Co., Inc.		1,119		104,839
American Express Co.		162		19,161
American Homes 4 Rent, Class A REIT		2,991		77,437
American Tower Corp. REIT		392		86,683
Americold Realty Trust REIT		2,519		93,379
Amgen, Inc.		38		7,353
Aon PLC		356		68,911
Apple, Inc.		144		32,252
AutoZone, Inc. (*)		23		24,946
Bank of America Corp.		387		11,289
Best Buy Co., Inc.		103		7,106
Biogen, Inc. (*)		39		9,080
Boston Properties, Inc. REIT		570		73,906
Bristol-Myers Squibb Co.		197		9,990
Burlington Stores, Inc. (*)		45		8,992
Campbell Soup Co.		323		15,155
Cboe Global Markets, Inc.		103		11,836
CF Industries Holdings, Inc.		385		18,942
Charles River Laboratories International, Inc. (*)		100		13,237
Church & Dwight Co., Inc.		171		12,866
Cigna Corp. (*)		162		24,590
Cisco Systems, Inc.		144		7,115
Colgate-Palmolive Co.		197		14,482
Consolidated Edison, Inc.		1,163		109,869
Copart, Inc. (*)		332		26,670
Costco Wholesale Corp.		105		30,252

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Cracker Barrel Old Country Store, Inc.		60	$	9,759
CSX Corp.		2,355		163,131
Darden Restaurants, Inc.		176		20,807
Edison International		126		9,503
Eli Lilly & Co.		415		46,409
Equinix, Inc. REIT		296		170,733
Equity Lifestyle Properties, Inc. REIT		713		95,257
Essential Properties Realty Trust, Inc. REIT		2,872		65,798
Essex Property Trust, Inc. REIT		318		103,875
Exelon Corp.		314		15,169
Extra Space Storage, Inc. REIT		547		63,901
F5 Networks, Inc. (*)		163		22,888
Fastenal Co.		241		7,874
Ferguson PLC		89		6,502
H&R Block, Inc.		360		8,503
HCP, Inc. REIT		885		31,533
Hilton Worldwide Holdings, Inc.		966		89,944
Honeywell International, Inc.		65		10,998
Hudson Pacific Properties, Inc.		1,533		51,294
Humana, Inc.		68		17,386
Intel Corp.		533		27,466
Intercontinental Exchange, Inc.		229		21,130
IQVIA Holdings, Inc. (*)		144		21,511
Johnson & Johnson		458		59,256
JPMorgan Chase & Co.		196		23,067
Kansas City Southern		1,243		165,331
KAR Auction Services, Inc.		263		6,457
Kimberly-Clark Corp.		286		40,626
Lamb Weston Holdings, Inc.		202		14,689
Lockheed Martin Corp.		95		37,056
Lowe’s Cos., Inc.		68		7,477
Marathon Petroleum Corp.		545		33,109
Marsh & McLennan Cos., Inc.		201		20,110
MasterCard, Inc., Class A		162		43,994
McCormick & Co., Inc.		98		15,317
McDonald’s Corp.		95		20,397
McGrath RentCorp		125		8,699
Merck & Co., Inc.		518		43,605
MetLife, Inc.		161		7,593
Mettler-Toledo International, Inc. (*)		27		19,019
Nasdaq, Inc.		311		30,898
NIKE, Inc., Class B		274		25,734
Norfolk Southern Corp.		934		167,802
Northrop Grumman Corp.		118		44,225
Olin Corp.		682		12,767
Park Hotels & Resorts, Inc. REIT		952		23,771

Description	Shares		Fair Value
Paychex, Inc.		186	$	15,395
PepsiCo, Inc.		128		17,549
Pfizer, Inc.		787		28,277
Pinnacle West Capital Corp.		82		7,960
Prologis, Inc. REIT		1,791		152,629
Raytheon Co.		132		25,897
Republic Services, Inc.		744		64,393
Ross Stores, Inc.		256		28,122
Simon Property Group, Inc. REIT		736		114,558
Starbucks Corp.		685		60,568
Synchrony Financial		268		9,136
Sysco Corp.		795		63,123
Target Corp.		182		19,458
Texas Instruments, Inc.		171		22,100
The Allstate Corp.		255		27,713
The Boeing Co.		33		12,556
The Estee Lauder Cos., Inc., Class A		51		10,146
The Hershey Co.		348		53,937
The Home Depot, Inc.		105		24,362
The Macerich Co. REIT		1,426		45,047
The Procter & Gamble Co.		673		83,708
The TJX Cos., Inc.		989		55,127
The Toro Co.		145		10,629
Thermo Fisher Scientific, Inc.		192		55,924
Tyson Foods, Inc., Class A		73		6,288
Union Pacific Corp.		928		150,317
UnitedHealth Group, Inc.		171		37,162
Verizon Communications, Inc.		119		7,183
Visa, Inc., Class A		243		41,798
Vocera Communications, Inc. (*)		214		5,275
Vulcan Materials Co.		150		22,686
Walgreens Boots Alliance, Inc.		153		8,462
Walmart, Inc.		322		38,215
Waste Connections, Inc.		187		17,204
Waste Management, Inc.		592		68,080
Waters Corp. (*)		59		13,171
Weyerhaeuser Co. REIT		3,139		86,950
WW Grainger, Inc.		49		14,560
Zoetis, Inc.		85		10,590
				4,549,480
Total Common Stocks (Cost $8,668,258)				9,695,829
Exchange-Traded Funds \| 2.4%
SPDR Gold Shares (*), (Δ) (Cost $357,975)		2,929		406,750

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (concluded)
Foreign Government Obligations \| 8.9%
Australia \| 0.3%
Australia Government Bonds, 3.000%, 09/20/25		AUD		56	$	56,181
Canada \| 0.8%
Canadian Government Real Return Bonds:
4.250%, 12/01/26		CAD		50		48,564
2.000%, 12/01/41		CAD		89		90,693
						139,257
Denmark \| 0.6%
Denmark Inflation Linked Government Bonds, 0.100%, 11/15/23		DKK		646		100,687
France \| 1.4%
Government of France, 1.850%, 07/25/27		EUR		170		233,900
Italy \| 1.7%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22		EUR		147		163,241
2.350%, 09/15/24		EUR		105		129,610
						292,851
New Zealand \| 0.6%
New Zealand Government Bonds, 3.000%, 09/20/30		NZD		120		104,706
Spain \| 1.5%
Spain Government Inflation Linked Bonds:
0.300%, 11/30/21		EUR		135		152,032
1.800%, 11/30/24		EUR		80		100,419
						252,451
Sweden \| 0.3%
Sweden Inflation Linked Bonds, 3.500%, 12/01/28		SEK		215		44,519
United Kingdom \| 1.7%
United Kingdom Gilt Inflation Linked:
1.875%, 11/22/22		GBP		84		121,463
0.750%, 03/22/34		GBP		83		165,006
						286,469
Total Foreign Government Obligations (Cost $1,468,927)						1,511,021
US Treasury Securities \| 16.7%
Treasury Inflation Protected Security:
0.125%, 04/15/20		USD		860		852,717
1.125%, 01/15/21		USD		1,005		1,008,218
2.375%, 01/15/25		USD		293		325,823

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

2.500%, 01/15/29

USD

552

667,514

Total US Treasury Securities
(Cost $2,839,830)

2,854,272

Description	Shares		Fair Value
Short-Term Investments \| 14.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.95% (7 day yield) (Δ) (Cost $2,385,565)		2,385,565	$	2,385,565
Total Investments \| 98.8% (Cost $15,720,555) (»)			$	16,853,437
Cash and Other Assets in Excess of Liabilities \| 1.2%				207,244
Net Assets \| 100.0%			$	17,060,681

Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)

Forward Currency Contracts open at September 30, 2019:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	29,478	USD	20,060	HSB	11/14/19	$	—	$	134
AUD	14,572	USD	10,000	JPM	11/14/19		—		151
AUD	47,182	USD	32,055	SSB	12/27/19		—		123
CAD	5,823	USD	4,400	JPM	11/14/19		—		2
GBP	69,544	USD	84,012	HSB	11/14/19		1,642		—
JPY	64,603	USD	616	JPM	11/14/19		—		17
NZD	71,561	USD	46,373	CIT	11/14/19		—		1,518
NZD	13,959	USD	9,000	JPM	11/14/19		—		250
SEK	93,256	USD	9,837	HSB	11/14/19		—		337
USD	53,461	AUD	78,563	HSB	11/14/19		359		—
USD	252,477	AUD	370,195	SSB	12/27/19		1,936		—
USD	24,431	CAD	32,232	CIT	11/14/19		85		—
USD	34,406	CAD	45,602	CIT	12/27/19		—		66
USD	108,793	CAD	143,530	HSB	11/14/19		382		—
USD	6,603	CAD	8,711	MSC	11/14/19		24		—
USD	105,253	DKK	696,109	CIT	11/14/19		3,286		—
USD	105,860	EUR	96,180	CIT	12/27/19		317		—
USD	695,024	EUR	624,426	CIT	12/27/19		9,805		—
USD	32,910	EUR	29,361	HSB	10/10/19		888		—
USD	766,516	EUR	678,706	HSB	10/10/19		26,312		—
USD	638,964	EUR	574,321	SSB	12/27/19		8,728		—
USD	82,239	GBP	68,061	CIT	11/14/19		—		1,588
USD	256,834	GBP	212,603	HSB	11/14/19		—		5,018
USD	580,065	GBP	460,685	SSB	12/27/19		11,572		—
USD	20,463	HKD	160,198	CIT	12/27/19		8		—
USD	109,554	HKD	857,663	SSB	12/27/19		44		—
USD	726	MXN	14,304	HSB	11/14/19		6		—
USD	130,861	NZD	201,938	CIT	11/14/19		4,284		—
USD	50,973	SEK	483,252	HSB	11/14/19		1,746		—
USD	5,460	SEK	51,768	JPM	11/14/19		186		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	71,610	$	9,204

Futures Contracts open at September 30, 2019 (Δ):

Type	Number of Contracts		Notional Amount	Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation		Unrealized Depreciation
Natural Gas	5	$	50,000	10/29/2019	111,268	$	116,500	$	5,232	$	—
Low Sulphur Gasoil	1		100	11/12/2019	55,628		58,650		3,022		—
Cotton No. 2	1		50,000	12/06/2019	33,239		30,415		—		2,824
Sugar 11	2		224,000	02/28/2020	29,487		28,336		—		1,151
Total gross unrealized appreciation/depreciation on Futures Contracts								$	8,254	$	3,975

Lazard Real Assets and Pricing Opportunities Portfolio (•) (concluded)

Total Return Swap Agreements open at September 30, 2019 (Δ):

Pay

Currency

Counterparty

Notional

Expiration

Payment

Unrealized

Amount

Date

Receive

Frequency

Depreciation

0.00%

USD

GSC

2,233,368

10/24/19

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

Upon Maturity

214,765

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2019:

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL		3.39	%
Bean Oil	BCOMBO		2.57
Brent Crude	BCOMCO		10.91
Coffee	BCOMKC		1.89
Copper	BCOMHG		10.68
Corn	BCOMCN		9.01
Cotton	BCOMCT		0.12
Crude Oil	BCOMCO		11.60
Gasoline (RBOB)	BCOMRB		4.20
Gold	BCOMGC		0.01
Heating Oil	BCOMHO		3.44
Kansas Wheat	BCOMKW		1.36
Lean Hogs	BCOMLH		4.54
Live Cattle	BCOMLC		3.66
Natural Gas	BCOMNG		2.18
Nickel	BCOMNI		4.21
Silver	BCOMSI		6.21
Soy Meal	BCOMSM		2.20
Soybeans	BCOMSY		6.99
Sugar	BCOMSB		4.06
Wheat	BCOMWH		4.05
Zinc	BCOMZS		2.72
Total			100.00	%

Information Classification: Limited Access

The Lazard Funds, Inc. Notes to Portfolios of Investments September 30, 2019 (unaudited)

()*	Non-income producing security.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 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		6.4	%
Global Fixed Income		2.1	%
US Corporate Income		45.9	%
Emerging Markets Income		2.9	%
Enhanced Opportunities		3.7	%
Explorer Total Return		14.0	%
Global Dynamic Multi-Asset		1.2	%

(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(Ø)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2019 which may step up at a future date.
(«)	Issue in default.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2019.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(¶)	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.

Affiliates disclosure

Issue	Value at December 31, 2018		Purchase cost		Sales proceeds			Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Shares at September 30, 2019		Value at September 30, 2019
Emerging Markets Equity
Imperial Logistics, Ltd. *	$	34,041,858	$	116,679	$	(29,354,163	)	$	(13,312,722	)	$	8,508,348	$	485,533		—	$	—
Weichai Power Co., Ltd., Class H *		134,116,483		2,666,123		(41,905,271	)		10,654,669			31,485,739		5,285,634		94,502,288		137,017,743
Total Securities	$	168,158,341	$	2,782,802	$	(71,259,434	)	$	(2,658,053	)	$	39,994,087	$	5,771,167		94,502,288	$	137,017,743

*	This security was deemed to no longer meet the criteria of an affiliated company at the reporting date.

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	PRIBOR	- Prague Interbank Offered Rate
LIBOR	- London Interbank Offered Rate	REIT	- Real Estate Investment Trust
NIBOR	- Norway Interbank Offered Rate

Currency Abbreviations:

AUD	- Australian Dollar	KRW	- South Korean Won
BRL	- Brazilian Real	KZT	- Kazakhstan Tenge
CAD	- Canadian Dollar	MXN	- Mexican New Peso
CHF	- Swiss Franc	NOK	- Norwegian Krone
CLP	- Chilean Peso	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	UAH	- Ukrainian Hryvnia
IDR	- Indonesian Rupiah	UGX	- Ugandan Shilling
ILS	- Israeli Shekel	USD	- United States Dollar
INR	- Indian Rupee	UYU	- Uruguayan Peso
JPY	- Japanese Yen	ZAR	- South African Rand

Counterparty Abbreviations:

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

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

	Lazard 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*
Aerospace & Defense		—	%		—	%		0.2	%		0.3	%		—	%		—	%
Air Freight & Logistics		1.2			—			—			1.2			—			—
Airlines		—			1.0			0.9			—			—			—
Auto Components		—			0.5			0.4			1.2			1.6			—
Automobiles		—			1.1			0.9			1.0			3.4			—
Banks		24.4			20.0			15.4			24.3			24.6			—
Beverages		1.3			2.2			0.8			1.4			0.7			3.0
Biotechnology		—			—			0.3			—			—			—
Building Products		—			—			0.4			—			—			—
Capital Markets		—			1.1			1.4			—			—			—
Chemicals		0.9			3.9			0.9			0.6			0.7			—
Commercial Services & Suppliers		0.9			—			0.6			1.1			—			6.3
Communications Equipment		0.8			—			—			—			—			—
Construction & Engineering		1.7			—			0.5			1.3			—			—
Construction Materials		0.8			1.6			2.0			1.6			2.7			—
Consumer Finance		1.6			—			0.6			0.4			—			—
Containers & Packaging		—			—			—			0.2			—			—
Diversified Consumer Services		2.1			1.9			0.8			0.5			—			5.0
Diversified Financial Services		—			1.1			0.9			—			—			—
Diversified Telecommunication Services		—			2.2			3.6			1.1			2.2			—
Electric Utilities		—			—			0.6			—			—			1.0
Electrical Equipment		2.0			—			—			0.6			—			—
Electronic Equipment, Instruments & Components		1.6			1.2			1.4			2.8			2.0			4.9
Energy Equipment & Services		—			0.5			—			—			—			—
Entertainment		4.0			3.1			1.6			5.6			3.1			—
Food & Staples Retailing		—			—			2.1			0.4			1.8			—
Food Products		—			0.8			2.1			0.7			—			—
Gas Utilities		1.0			—			1.6			0.6			1.1			—
Health Care Equipment & Supplies		—			—			—			0.6			—			1.0
Health Care Providers & Services		4.4			0.5			—			2.0			0.7			21.4
Hotels, Restaurants & Leisure		0.6			—			0.6			0.6			—			6.3
Household Durables		—			0.7			0.2			0.3			1.1			—
Household Products		—			—			0.4			0.6			1.0			—
Independent Power & Renewable Electricity Producers		—			—			0.5			—			—			—
Industrial Conglomerates		—			1.0			1.4			1.3			2.1			—
Insurance		1.9			6.2			4.0			2.4			3.7			—
Interactive Media & Services		9.9			6.8			5.2			5.0			1.0			1.9
Internet & Direct Marketing Retail		5.4			5.9			6.3			2.2			—			—
IT Services		1.6			1.4			3.1			3.9			5.1			4.0
Life Sciences Tools & Services		0.7			0.5			—			—			—			—
Machinery		2.4			1.2			1.1			1.8			1.7			—
Marine		—			—			0.2			—			—			—
Media		—			—			—			0.6			—			10.7
Metals & Mining		2.2			3.0			3.5			1.2			2.8			—
Multiline Retail		—			—			0.2			—			—			—
Multi-Utilities		—			—			—			—			—			3.0
Oil, Gas & Consumable Fuels		8.6			6.9			7.2			5.9			9.6			—
Paper & Forest Products		0.9			1.2			—			—			0.7			—
Personal Products		—			1.8			0.6			0.3			0.9			—
Pharmaceuticals		—			—			1.6			0.8			—			—
Professional Services		—			—			—			—			—			7.9

Real Estate Management & Development	—		1.9		2.5		0.2		—		—
Road & Rail	1.5		1.3		—		0.3		—		2.9
Semiconductors & Semiconductor Equipment	5.3		7.1		6.8		7.4		7.8		2.0
Software	—		—		0.4		—		—		4.1
Specialty Retail	1.6		—		1.2		0.3		0.3		2.0
Technology Hardware, Storage & Peripherals	5.1		5.4		6.0		4.8		5.8		—
Textiles, Apparel & Luxury Goods	1.1		1.9		1.7		1.0		—		5.0
Tobacco	—		—		1.0		0.6		1.4		—
Trading Companies & Distributors	—		0.5		—		—		—		—
Transportation Infrastructure	—		1.5		1.2		1.7		1.8		1.0
Water Utilities	0.9		—		—		1.1		—		3.1
Wireless Telecommunication Services	—		0.9		2.0		3.5		6.9		—
Subtotal	98.4		99.8		98.9		97.3		98.3		96.5
Short-Term Investments	1.5		—		1.2		2.3		1.5		8.3
Total Investments	99.9	%	99.8	%	100.1	%	99.6	%	99.8	%	104.8	%

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

	Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
Industry*
Aerospace & Defense		1.1	%		—	%		6.3	%
Air Freight & Logistics		—			—			1.0
Airlines		—			—			0.6
Automobiles		—			—			0.8
Banks		5.3			—			3.2
Beverages		8.7			—			4.4
Biotechnology		—			—			1.3
Building Products		0.8			—			—
Capital Markets		5.8			—			8.6
Chemicals		2.0			—			1.5
Communications Equipment		3.2			—			—
Construction & Engineering		—			9.5			—
Electric Utilities		—			10.1			—
Electrical Equipment		2.6			—			—
Electronic Equipment, Instruments & Components		1.0			—			0.5
Entertainment		1.0			—			5.9
Gas Utilities		—			7.5			—
Health Care Equipment & Supplies		2.1			—			6.3
Hotels, Restaurants & Leisure		3.2			—			—
Household Products		3.1			—			—
Industrial Conglomerates		1.9			—			—
Insurance		6.8			—			5.8
Interactive Media & Services		4.5			—			7.4
Internet & Direct Marketing Retail		0.8			—			1.3
IT Services		5.1			—			8.3
Leisure Products		1.1			—			0.9
Life Sciences Tools & Services		5.4			—			2.8
Machinery		1.8			—			1.0
Media		—			7.1			1.4
Metals & Mining		—			—			0.8
Multiline Retail		2.5			—			1.6
Multi-Utilities		—			12.2			1.6
Oil, Gas & Consumable Fuels		—			—			2.0
Personal Products		3.2			—			1.0
Pharmaceuticals		6.2			—			5.1
Professional Services		5.8			—			2.9
Real Estate Management & Development		1.1			—			—
Road & Rail		1.7			20.4			0.9
Semiconductors & Semiconductor Equipment		2.6			—			2.1
Software		4.2			—			6.9
Specialty Retail		0.9			—			—
Textiles, Apparel & Luxury Goods		—			—			0.9
Trading Companies & Distributors		0.7			—			1.3
Transportation Infrastructure		—			15.0			—
Water Utilities		—			11.4			—
Subtotal		96.2			93.2			96.4
Short-Term Investments		4.5			4.9			3.2
Total Investments		100.7	%		98.1	%		99.6	%

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

	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		1.6	%		6.4	%		2.5	%		2.9	%		—	%		6.3	%
Air Freight & Logistics		—			—			—			—			1.9			—
Airlines		1.8			—			1.1			1.0			—			1.4
Auto Components		1.1			—			—			0.8			1.1			—
Automobiles		2.0			3.4			3.1			2.9			—			4.2
Banks		7.8			8.8			7.8			8.7			2.2			7.8
Beverages		0.8			8.2			5.7			3.7			2.7			6.8
Biotechnology		0.9			—			—			0.7			—			1.4
Building Products		0.4			—			2.2			2.4			3.5			1.5
Capital Markets		1.9			—			1.2			—			6.7			5.1
Chemicals		2.1			—			5.1			2.4			—			—
Commercial Services & Suppliers		0.4			—			—			—			2.5			—
Construction & Engineering		0.1			—			1.2			1.0			—			—
Consumer Finance		—			—			—			—			—			0.9
Containers & Packaging		—			2.1			1.0			—			—			—
Distributors		0.1			—			—			—			—			—
Diversified Consumer Services		0.2			—			—			—			0.6			—
Diversified Financial Services		1.8			—			—			—			4.3			—
Diversified Telecommunication Services		1.1			—			2.2			2.5			1.6			—
Electric Utilities		4.1			—			0.9			0.8			—			—
Electrical Equipment		1.3			—			1.6			1.3			0.9			1.7
Electronic Equipment, Instruments & Components		0.9			5.3			1.5			—			4.3			1.2
Energy Equipment & Services		—			—			—			—			1.8			—
Equity Real Estate Investment Trusts (REITs)		0.3			—			—			—			—			—
Entertainment		0.5			1.3			3.3			2.7			1.6			4.3
Food & Staples Retailing		1.2			2.1			0.9			—			2.7			—
Food Products		3.6			—			—			—			1.4			—
Gas Utilities		—			—			—			1.0			—			—
Health Care Equipment & Supplies		1.4			4.3			3.1			3.4			—			3.5
Health Care Providers & Services		0.5			—			0.6			—			2.2			—
Health Care Technology		—			—			—			—			1.2			—
Hotels, Restaurants & Leisure		2.0			—			1.6			1.3			4.9			1.5
Household Durables		—			—			—			—			1.9			—
Industrial Conglomerates		0.9			—			—			—			1.1			0.7
Insurance		6.2			14.2			8.3			11.8			—			9.7
Interactive Media & Services		0.7			3.2			—			2.3			4.7			0.7
Internet & Direct Marketing Retail		—			—			—			2.0			—			1.2
IT Services		1.1			5.6			1.4			2.5			3.9			3.0
Leisure Products		0.2			—			0.9			—			—			0.9
Life Sciences Tools & Services		—			—			—			1.0			1.5			—
Machinery		3.5			2.5			3.1			2.1			4.7			3.7
Media		0.1			—			1.3			—			2.1			2.5
Metals & Mining		3.8			—			1.3			1.1			1.6			1.8
Multiline Retail		—			—			1.0			1.0			—			0.8
Multi-Utilities		—			3.8			2.2			1.8			—			1.9
Oil, Gas & Consumable Fuels		6.7			6.7			6.0			5.9			—			3.7
Personal Products		3.3			—			3.8			3.3			—			3.2
Pharmaceuticals		9.7			3.8			5.7			5.2			4.3			5.2
Professional Services		2.1			—			4.3			3.7			5.2			4.7
Real Estate Management & Development		3.4			4.7			3.1			1.6			9.6			1.7
Road & Rail		1.8			—			1.1			1.0			—			—

Semiconductors & Semiconductor Equipment	2.4		—		—		1.4		—		0.7
Software	2.0		4.0		2.6		3.0		3.6		—
Specialty Retail	1.2		—		—		0.4		2.2		—
Technology Hardware, Storage & Peripherals	0.6		4.5		2.1		2.1		—		—
Textiles, Apparel & Luxury Goods	2.4		—		—		0.7		1.6		—
Thrifts & Mortgage Finance	—		—		—		—		—		0.9
Tobacco	1.5		—		—		—		—		—
Trading Companies & Distributors	0.6		—		1.5		0.9		1.9		1.2
Water Utilities	—		—		—		0.6		0.7		—
Wireless Telecommunication Services	3.1		—		1.0		—		—		—
Subtotal	97.2		94.9		97.3		94.9		98.7		95.8
Short-Term Investments	1.6		3.7		2.7		4.7		1.1		3.7
Total Investments	98.8	%	98.6	%	100.0	%	99.6	%	99.8	%	99.5	%

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

	Lazard Managed Equity Volatility Portfolio			Lazard Emerging Markets Debt Portfolio
Industry*
Aerospace & Defense		2.3	%		—	%
Airlines		1.4			—
Banks		3.1			0.6
Beverages		2.8			—
Biotechnology		1.4			—
Capital Markets		3.1			—
Chemicals		0.2			—
Commercial Services & Suppliers		3.2			—
Communications Equipment		0.6			—
Consumer Finance		0.8			—
Distributors		0.4			—
Diversified Consumer Services		0.2			—
Diversified Financial Services		0.4			—
Diversified Telecommunication Services		3.4			—
Electric Utilities		4.5			1.9
Electronic Equipment, Instruments & Components		1.1			—
Equity Real Estate Investment Trusts (REITs)		4.8			—
Food & Staples Retailing		4.9			—
Food Products		2.4			—
Gas Utilities		0.2			—
Health Care Equipment & Supplies		0.5			—
Health Care Providers & Services		2.1			—
Hotels, Restaurants & Leisure		3.9			—
Household Products		4.1			—
Independent Power & Renewable Electricity Producers		0.6			—
Industrial Conglomerates		1.7			—
Insurance		7.2			—
Interactive Media & Services		0.4			—
IT Services		1.7			—
Leisure Products		0.3			—
Life Sciences Tools & Services		0.2			—
Machinery		0.4			—
Media		1.2			—
Metals & Mining		3.4			0.8
Multiline Retail		0.8			—
Multi-Utilities		1.6			—
Oil, Gas & Consumable Fuels		1.6			1.6
Personal Products		1.8			—
Pharmaceuticals		8.4			—
Professional Services		0.4			—
Real Estate Management & Development		2.4			—
Road & Rail		0.3			—
Semiconductors & Semiconductor Equipment		0.9			—
Software		1.5			—
Specialty Retail		3.6			—
Technology Hardware, Storage & Peripherals		0.2			—
Textiles, Apparel & Luxury Goods		2.0			—
Thrifts & Mortgage Finance		—			0.3

Tobacco	0.6		—
Trading Companies & Distributors	0.6		—
Water Utilities	0.4		—
Wireless Telecommunication Services	2.9		0.3
Subtotal	98.9		5.5
Foreign Government Obligations	—		91.7
Supranational Bonds	—		0.1
Short-Term Investments	0.6		1.0
Total Investments	99.5	%	98.3	%

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

	Lazard Explorer Total Return Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
Industry*
Aerospace & Defense		—	%		2.1	%
Airlines		—			1.0
Auto Components		—			0.1
Automobiles		—			0.6
Banks		5.3			6.3
Beverages		—			2.7
Biotechnology		—			0.7
Building Products		—			0.2
Capital Markets		4.2			2.8
Chemicals		—			0.7
Commercial Services & Suppliers		—			0.8
Communications Equipment		—			1.0
Construction & Engineering		—			0.1
Construction Materials		—			0.1
Consumer Finance		—			1.1
Distributors		—			0.1
Diversified Financial Services		—			1.2
Diversified Telecommunication Services		—			1.7
Electric Utilities		13.6			2.2
Electrical Equipment		—			0.9
Electronic Equipment, Instruments & Components		—			0.9
Equity Real Estate Investment Trusts (REITs)		—			1.3
Entertainment		—			0.7
Food & Staples Retailing		—			1.7
Food Products		—			0.9
Gas Utilities		—			0.1
Health Care Equipment & Supplies		—			0.7
Health Care Providers & Services		—			1.7
Health Care Technology		—			0.2
Hotels, Restaurants & Leisure		—			2.6
Household Products		—			1.8
Independent Power & Renewable Electricity Producers		—			0.3
Industrial Conglomerates		—			1.4
Insurance		—			3.6
Interactive Media & Services		—			1.0
Internet & Direct Marketing Retail		—			0.8
IT Services		—			2.5
Leisure Products		—			0.5
Life Sciences Tools & Services		—			1.3
Machinery		—			1.1
Media		—			0.8
Metals & Mining		—			1.6
Multiline Retail		—			0.6
Multi-Utilities		—			0.5
Oil, Gas & Consumable Fuels		4.2			2.2
Personal Products		—			2.1
Pharmaceuticals		—			5.4
Professional Services		—			1.5
Real Estate Management & Development		—			1.3
Road & Rail		—			0.6

Semiconductors & Semiconductor Equipment	—		1.7
Software	—		3.1
Specialty Retail	—		2.0
Technology Hardware, Storage & Peripherals	—		1.9
Textiles, Apparel & Luxury Goods	—		1.1
Thrifts & Mortgage Finance	—		0.1
Tobacco	—		0.4
Trading Companies & Distributors	—		0.6
Water Utilities	—		0.1
Wireless Telecommunication Services	—		1.6
Subtotal	27.3		80.7
Foreign Government Obligations	108.0		11.0
Supranational Bonds	—		2.6
Municipal Bonds	—		0.6
US Treasury Securities	—		3.5
Short-Term Investments	29.2		1.5
Total Investments	164.5	%	99.9	%

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

	Lazard Real Assets and Pricing Opportunities Portfolio
Industry*
Aerospace & Defense		0.8	%
Airlines		0.2
Banks		1.3
Beverages		0.1
Biotechnology		0.5
Capital Markets		0.5
Chemicals		0.3
Commercial Services & Suppliers		1.2
Communications Equipment		0.2
Construction & Engineering		1.9
Construction Materials		0.1
Consumer Finance		0.2
Distributors		0.1
Diversified Consumer Services		0.1
Diversified Telecommunication Services		0.4
Electric Utilities		3.1
Equity Real Estate Investment Trusts (REITs)		11.9
Food & Staples Retailing		1.5
Food Products		0.7
Gas Utilities		1.6
Health Care Providers & Services		0.5
Hotels, Restaurants & Leisure		1.2
Household Products		0.9
Independent Power & Renewable Electricity Producers		0.3
Industrial Conglomerates		0.1
Insurance		1.6
Interactive Media & Services		0.1
IT Services		0.6
Life Sciences Tools & Services		0.8
Machinery		0.1
Media		1.6
Metals & Mining		0.2
Multiline Retail		0.1
Multi-Utilities		2.4
Oil, Gas & Consumable Fuels		0.3
Personal Products		0.4
Pharmaceuticals		1.7
Real Estate Management & Development		4.7
Road & Rail		4.2
Semiconductors & Semiconductor Equipment		0.3
Specialty Retail		0.9
Technology Hardware, Storage & Peripherals		0.2
Textiles, Apparel & Luxury Goods		0.1
Tobacco		0.3
Trading Companies & Distributors		0.4
Transportation Infrastructure		3.2
Water Utilities		2.6

Wireless Telecommunication Services	0.3
Subtotal	56.8
Exchange Traded Funds	2.4
Foreign Government Obligations	8.9
US Treasury Securities	16.7
Short-Term Investments	14.0
Total Investments	98.8	%

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

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

	Lazard Enhanced Opportunities Portfolio
Industry†	long			Short
Aerospace & Defense		0.9	%		—	%
Air Freight & Logistics		2.3			-0.6
Banks		1.4			-0.2
Biotechnology		9.3			-4.1
Building Products		1.0			-0.2
Capital Markets		0.7			-0.4
Chemicals		0.1			0.0
Commercial Services & Supplies		1.4			-0.7
Communications Equipment		0.0			-0.1
Construction Materials		3.5			0.0
Consumer Finance		6.4			-2.1
Diversified Financial Services		1.2			-0.4
Electronic Equipment, Instruments & Components		6.3			-3.3
Entertainment		0.6			-1.3
Equity Real Estate Investment Trusts (REITs)		4.1			-2.1
Health Care Equipment & Supplies		3.1			-1.5
Health Care Technology		3.9			-0.8
Hotels, Restaurants & Leisure		1.5			-0.4
Independent Power & Renewable Electricity Producers		0.7			-0.3
Interactive Media & Services		2.2			-0.8
Internet & Direct Marketing Retail		0.4			-0.2
IT Services		6.0			-3.4
Media		4.3			-0.4
Metals & Mining		1.3			-0.8
Mortgage Real Estate Investment Trusts (REITs)		1.4			-0.4
Oil, Gas & Consumable Fuels		2.0			-0.8
Personal Products		1.2			-0.4
Pharmaceuticals		7.5			-1.6
Real Estate Management & Development		1.0			-0.3
Semiconductors & Semiconductor Equipment		5.8			-3.0
Software		8.0			-3.1
Specialty Retail		0.5			-0.3
Tobacco		1.0			-0.3
Trading Companies & Distributors		0.6			-0.2
Subtotal		91.6			-34.5
Exchange-Traded Funds		—			-1.0
Short-Term Investments		44.9			—
Total Investments		136.5	%		-35.5	%

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

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

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Lazard Funds, Inc.

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

Date: November 25, 2019

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

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

Date: November 25, 2019

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

Date: November 25, 2019