Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 98.9%
Brazil \| 5.6%
Duratex SA		410,300	$	738,305
Notre Dame Intermedica Participacoes SA		177,495		1,535,801
Pagseguro Digital, Ltd., Class A (*)		55,400		1,070,882
Petroleo Brasileiro SA		386,160		1,039,699
Rumo SA (*)		805,861		3,047,510
StoneCo, Ltd., Class A (*)		47,000		1,023,190
				8,455,387
Canada \| 1.2%
First Quantum Minerals, Ltd.		346,455		1,770,064
China \| 37.7%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		56,795		11,045,492
Anhui Conch Cement Co., Ltd., Class H		255,000		1,762,811
Beijing Enterprises Water Group, Ltd.		3,652,000		1,414,483
China State Construction International Holdings, Ltd.		2,646,160		1,947,356
CNOOC, Ltd.		1,397,756		1,457,266
Focused Photonics Hangzhou, Inc., Class A		777,889		1,315,760
Momo, Inc. Sponsored ADR		132,049		2,864,143
NetEase, Inc. ADR		12,700		4,076,192
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		37,400		4,048,176
Ping An Insurance (Group) Co. of China, Ltd., Class H		327,500		3,203,657
Shenzhen Inovance Technology Co., Ltd., Class A		429,400		1,558,460
Tencent Holdings, Ltd.		242,200		11,810,053
Trip.com Group, Ltd. ADR (*)		62,216		1,458,965
Weibo Corp. Sponsored ADR (*)		30,800		1,019,788
Wuliangye Yibin Co., Ltd. Class A		193,500		3,157,590
Zhongsheng Group Holdings, Ltd.		532,500		1,853,653
ZTO Express Cayman, Inc. ADR (*)		116,939		3,096,545
				57,090,390
Colombia \| 1.2%
Bancolombia SA Sponsored ADR		73,647		1,838,229
Hong Kong \| 2.5%
China Gas Holdings, Ltd.		518,800		1,799,186
Techtronic Industries Co., Ltd.		300,502		1,935,821
				3,735,007
India \| 8.4%
HDFC Bank, Ltd. ADR		68,429		2,631,779
ICICI Bank, Ltd. Sponsored ADR		293,672		2,496,212
Motherson Sumi Systems, Ltd.		1,310,885		1,044,063
Mphasis, Ltd.		130,149		1,142,965

Description	Shares		Fair Value
Reliance Industries, Ltd.		179,435	$	2,641,093
Shriram Transport Finance Co., Ltd.		114,069		984,260
UPL, Ltd.		429,095		1,833,997
				12,774,369
Indonesia \| 1.6%
PT Bank Rakyat Indonesia (Persero) Tbk		13,431,000		2,469,800
Macau \| 1.0%
SJM Holdings, Ltd.		1,889,000		1,584,341
Mexico \| 1.1%
Grupo Financiero Banorte SAB de CV, Class O		596,357		1,634,027
Peru \| 1.8%
Credicorp, Ltd.		18,575		2,657,525
Philippines \| 2.3%
BDO Unibank, Inc.		1,189,005		2,437,562
International Container Terminal Services, Inc.		676,259		987,428
				3,424,990
Russia \| 4.5%
Mail.Ru Group, Ltd. GDR (*)		114,801		1,861,385
Novatek OAO Sponsored GDR		9,316		1,068,337
Sberbank of Russia PJSC (‡)		592,299		1,409,934
Yandex NV Class A (*)		70,835		2,411,932
				6,751,588
South Africa \| 2.7%
Capitec Bank Holdings, Ltd.		47,771		2,338,811
Standard Bank Group, Ltd.		308,127		1,761,926
				4,100,737
South Korea \| 12.0%
NCSoft Corp.		5,726		3,031,126
S-Oil Corp.		29,876		1,382,332
Samsung Biologics Co., Ltd. (*)		7,541		2,955,194
Samsung Electronics Co., Ltd.		214,808		8,348,322
WONIK IPS Co., Ltd. (*)		123,200		2,483,257
				18,200,231
Taiwan \| 13.7%
Airtac International Group		235,000		3,445,386
ASE Technology Holding Co., Ltd.		740,289		1,419,031
Bizlink Holding, Inc.		443,000		2,361,618
Catcher Technology Co., Ltd.		200,670		1,276,024
Chroma ATE, Inc.		458,000		1,864,589
Hiwin Technologies Corp.		173,000		1,124,284
Largan Precision Co., Ltd.		10,860		1,350,060
MediaTek, Inc.		124,000		1,320,724
Silicon Motion Technology Corp. ADR		80,548		2,952,890

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd.		404,000	$	3,606,109
				20,720,715
United Kingdom \| 1.6%
KAZ Minerals PLC		557,136		2,412,591
Total Common Stocks (Cost $168,122,425)				149,619,991
Preferred Stocks \| 1.0%
Brazil \| 1.0%
Banco Bradesco SA ADR (Cost $2,801,878)		365,063		1,482,156
Short-Term Investments \| 0.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $494,046)		494,046		494,046
Total Investments \| 100.2% (Cost $171,418,349)			$	151,596,193
Liabilities in Excess of Cash and Other Assets \| (0.2)%				(228,036	)
Net Assets \| 100.0%			$	151,368,157

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 96.5%
Brazil \| 6.0%
Azul SA ADR (*)		51,232	$	522,054
Banco BTG Pactual SA		142,900		914,146
Banco do Brasil SA		355,600		1,908,678
Braskem SA A Shares		180,942		599,646
C&A Modas Ltda		455,000		586,690
CCR SA		352,430		795,598
IRB Brasil Resseguros S/A		227,500		423,818
Rumo SA (*)		398,300		1,506,244
Telefonica Brasil SA ADR		159,060		1,515,842
				8,772,716
Canada \| 0.7%
Parex Resources, Inc. (*)		114,500		968,202
China \| 37.9%
Alibaba Group Holding, Ltd. (*)		50,200		1,180,851
Alibaba Group Holding, Ltd. Sponsored ADR (*)		50,690		9,858,191
Baidu, Inc. Sponsored ADR (*)		14,995		1,511,346
Budweiser Brewing Co. APAC, Ltd. (*)		653,700		1,679,629
China National Building Material Co., Ltd., Class H		3,130,000		3,397,664
China Overseas Land & Investment, Ltd.		636,000		1,962,653
Industrial & Commercial Bank of China, Ltd., Class H		10,000,633		6,823,511
Midea Group Co., Ltd., Class A		135,100		925,397
NetEase, Inc. ADR		8,162		2,619,676
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		29,616		3,205,636
PICC Property & Casualty Co., Ltd., Class H		1,797,770		1,729,178
Ping An Insurance (Group) Co. of China, Ltd., Class H		473,000		4,626,960
Prosus NV (*)		10,888		754,414
Shenzhou International Group Holdings, Ltd.		184,191		1,944,651
Sinopharm Group Co., Ltd., Class H		258,000		577,776
Tencent Holdings, Ltd.		233,800		11,400,456
Wuxi Biologics Cayman, Inc. (*)		79,000		1,018,433
				55,216,422
Colombia \| 0.7%
Bancolombia SA Sponsored ADR		41,920		1,046,323
Hong Kong \| 2.4%
China Gas Holdings, Ltd.		456,000		1,581,397
Techtronic Industries Co., Ltd.		291,500		1,877,830
				3,459,227
Hungary \| 0.6%
MOL Hungarian Oil & Gas PLC		158,277		932,710

Description	Shares		Fair Value
India \| 7.5%
HDFC Bank, Ltd. ADR		111,063	$	4,271,483
Hindalco Industries, Ltd.		818,642		1,035,352
Hindustan Zinc, Ltd. (*)		462,169		941,396
Infosys, Ltd. Sponsored ADR		209,115		1,716,834
Maruti Suzuki India, Ltd.		20,114		1,127,228
Motherson Sumi Systems, Ltd.		578,524		460,769
UPL, Ltd.		320,116		1,368,210
				10,921,272
Indonesia \| 1.6%
PT Bank Mandiri (Persero) Tbk		4,537,700		1,297,735
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		55,115		1,060,964
				2,358,699
Luxembourg \| 0.7%
Ternium SA Sponsored ADR		87,065		1,036,074
Mexico \| 2.5%
Arca Continental SAB de CV		283,545		1,142,786
Gruma SAB de CV, Class B		139,388		1,067,452
Grupo Aeroportuario del Pacifico SAB de CV ADR		11,920		642,965
Grupo Financiero Banorte SAB de CV, Class O		295,100		808,578
				3,661,781
Peru \| 0.9%
Credicorp, Ltd.		8,945		1,279,761
Philippines \| 1.9%
Ayala Land, Inc.		1,392,100		831,427
BDO Unibank, Inc.		985,691		2,020,751
				2,852,178
Poland \| 1.1%
CD Projekt SA		22,801		1,589,353
Portugal \| 0.9%
Galp Energia SGPS SA		111,157		1,269,109
Russia \| 5.0%
LUKOIL PJSC Sponsored ADR		73,720		4,393,639
Sberbank of Russia PJSC Sponsored ADR (London)		252,043		2,388,132
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		504,611
				7,286,382
South Africa \| 3.3%
Barloworld, Ltd.		111,400		401,783
Mondi PLC		111,257		1,897,721
Naspers, Ltd., N Shares		10,387		1,475,691

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
The Bidvest Group, Ltd.		121,731	$	992,832
				4,768,027
South Korea \| 10.5%
DB Insurance Co., Ltd.		28,573		810,204
NCSoft Corp.		4,866		2,575,874
Samsung Electronics Co., Ltd.		222,259		8,637,899
SK Hynix, Inc.		48,645		3,290,744
				15,314,721
Taiwan \| 10.1%
Accton Technology Corp.		161,000		854,064
Far EasTone Telecommunications Co., Ltd.		690,000		1,444,385
Largan Precision Co., Ltd.		16,000		1,989,039
Micro-Star International Co., Ltd.		418,000		1,226,273
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		192,038		9,177,496
				14,691,257
United Kingdom \| 2.2%
Unilever NV NY Shares		66,145		3,227,215
Total Common Stocks (Cost $155,956,233)				140,651,429
Preferred Stocks \| 0.5%
Brazil \| 0.5%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,255,839)		157,648		707,840
Short-Term Investments \| 1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $2,473,393)		2,473,393		2,473,393
Total Investments \| 98.7% (Cost $159,685,465)			$	143,832,662
Cash and Other Assets in Excess of Liabilities \| 1.3%				1,929,811
Net Assets \| 100.0%			$	145,762,473

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 95.8%
Argentina \| 0.2%
Globant SA (*)		167	$	14,676
Brazil \| 2.9%
Banco BTG Pactual SA		1,100		7,037
Banco do Brasil SA		1,300		6,978
Banco Santander Brasil SA		2,700		13,858
BB Seguridade Participacoes SA		6,900		32,999
Cia de Saneamento de Minas Gerais-COPASA		1,900		14,956
IRB Brasil Resseguros S/A		5,600		10,432
JBS SA		4,300		16,832
Minerva SA (*)		7,900		12,087
Petroleo Brasileiro SA		9,839		26,491
Qualicorp SA		2,267		10,296
Vale SA		8,109		67,449
YDUQS Part		2,100		8,960
				228,375
China \| 41.1%
A-Living Services Co., Ltd., Class H		3,250		15,804
Aier Eye Hospital Group Co., Ltd., Class A		3,600		20,079
Alibaba Group Holding, Ltd. Sponsored ADR (*)		2,898		563,603
Anhui Conch Cement Co., Ltd., Class H		9,500		65,673
Baidu, Inc. Sponsored ADR (*)		288		29,028
Bank of Guiyang Co., Ltd., Class A		23,400		25,353
Beijing Enterprises Holdings, Ltd.		6,500		23,653
C&S Paper Co., Ltd., Class A		8,100		19,356
Changchun High & New Technology Industry Group, Inc., Class A		300		23,080
China Aoyuan Group, Ltd.		18,000		20,949
China CITIC Bank Corp., Ltd., Class H		122,000		60,079
China Construction Bank Corp., Class H		164,000		133,672
China Lesso Group Holdings, Ltd.		28,000		36,744
China Mengniu Dairy Co., Ltd.		8,000		27,709
China Merchants Bank Co., Ltd., Class H		19,500		87,543
China Minsheng Banking Corp., Ltd., Class H		38,000		28,233
China Mobile, Ltd.		5,500		41,552
China Pacific Insurance Group Co., Ltd., Class A		5,800		23,176
China Resources Cement Holdings, Ltd.		28,000		33,262
China Resources Gas Group, Ltd.		4,000		20,081
China Resources Land, Ltd.		10,000		41,026
China Unicom Hong Kong, Ltd.		24,000		13,752
China Vanke Co., Ltd., Class H		4,900		16,050
China Yuhua Education Corp., Ltd.		30,000		22,108

Description	Shares		Fair Value
CITIC, Ltd.		17,000	$	17,700
CNOOC, Ltd.		73,000		76,108
Country Garden Holdings Co., Ltd.		41,000		49,222
Country Garden Services Holdings Co., Ltd.		7,000		28,284
CSPC Pharmaceutical Group, Ltd.		26,000		51,747
ENN Energy Holdings, Ltd.		2,700		25,966
Foshan Haitian Flavouring & Food Co., Ltd., Class A		3,100		54,845
Fujian Sunner Development Co., Ltd., Class A (*)		8,900		29,535
G-bits Network Technology Xiamen Co., Ltd., Class A		300		17,357
Gansu Shangfeng Cement Co., Ltd., Class A		9,800		27,242
Hualan Biological Engineering, Inc., Class A		2,800		18,936
Huaxin Cement Co., Ltd., Class A		6,580		21,475
Industrial & Commercial Bank of China, Ltd., Class H		103,000		70,278
JD.com, Inc. ADR (*)		2,039		82,579
Jiangsu Expressway Co., Ltd., Class A		19,341		26,830
Jiangsu Hengrui Medicine Co., Ltd., Class A		1,800		23,425
LexinFintech Holdings, Ltd. ADR (*)		1,560		13,837
Li Ning Co., Ltd.		14,000		40,619
Longfor Group Holdings, Ltd.		6,500		31,455
Luxshare Precision Industry Co., Ltd., Class A		5,100		27,267
Luzhou Laojiao Co., Ltd., Class A		1,700		17,733
NetEase, Inc. ADR		109		34,985
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		498		53,903
PetroChina Co., Ltd., Class H		36,000		13,140
Ping An Insurance (Group) Co. of China, Ltd., Class H		19,500		190,752
Postal Savings Bank of China Co., Ltd., Class H		69,000		41,882
Sany Heavy Industry Co., Ltd., Class A		11,200		27,472
Shandong Xiantan Co., Ltd., Class A		8,200		17,957
Shanghai Baosight Software Co., Ltd., Class A		2,500		14,010
Shanghai Pudong Development Bank Co., Ltd., Class A		17,900		25,686
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		700		25,754
Sunny Optical Technology Group Co., Ltd.		1,200		16,006
Tangshan Jidong Cement Co., Ltd., Class A		8,500		23,584
Tencent Holdings, Ltd.		9,500		463,235
Vipshop Holdings, Ltd. ADR (*)		2,575		40,118
Weichai Power Co., Ltd., Class A		25,700		43,550
Wens Foodstuffs Group Co., Ltd., Class A		4,400		20,105

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		3,700	$	17,037
YanTai Shuangta Food Co., Ltd., Class A (*)		9,200		14,240
Yealink Network Technology Corp., Ltd., Class A		1,200		13,800
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H		3,200		15,051
Zhengzhou Coal Mining Machinery Group Co., Ltd., Class A		23,000		17,822
Zhongsheng Group Holdings, Ltd.		3,000		10,443
				3,284,537
Colombia \| 0.3%
Ecopetrol SA Sponsored ADR		2,742		26,077
Greece \| 0.8%
Hellenic Telecommunications Organization SA		4,919		59,754
Hong Kong \| 0.6%
Shimao Property Holdings, Ltd.		6,000		21,000
Sino Biopharmaceutical, Ltd.		19,500		25,560
				46,560
Hungary \| 0.6%
Richter Gedeon Nyrt.		2,558		48,247
India \| 5.9%
Axis Bank, Ltd. GDR		921		23,211
Dr Reddy’s Laboratories, Ltd. ADR		508		20,488
GAIL India, Ltd. GDR		4,663		28,075
HDFC Bank, Ltd. ADR		3,166		121,764
ICICI Bank, Ltd. Sponsored ADR		2,380		20,230
Infosys, Ltd. Sponsored ADR		13,329		109,431
Reliance Industries, Ltd. Sponsored GDR (#)		1,580		48,440
State Bank of India GDR (*)		708		18,312
Wipro, Ltd. ADR		11,270		34,937
WNS Holdings, Ltd. ADR (*)		1,030		44,270
				469,158
Indonesia \| 2.4%
PT Bank Central Asia Tbk		27,300		46,162
PT Bank Mandiri (Persero) Tbk		107,800		30,830
PT Bank Rakyat Indonesia (Persero) Tbk		149,500		27,491
PT Gudang Garam Tbk		8,100		20,392
PT Indofood CBP Sukses Makmur Tbk		38,900		24,312
PT Media Nusantara Citra Tbk		80,200		4,427
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		1,819		35,016
				188,630

Description	Shares		Fair Value
Malaysia \| 1.5%
Carlsberg Brewery Malaysia Bhd		700	$	4,051
Hartalega Holdings Berhad		12,800		20,327
Kossan Rubber Industries		11,100		13,181
Petronas Chemicals Group Berhad		11,600		13,560
RHB Bank Bhd		41,500		44,668
Tenaga Nasional Berhad		8,000		22,260
				118,047
Mexico \| 2.5%
America Movil SAB de CV, Class L Sponsored ADR		5,220		61,492
Coca-Cola Femsa SAB de CV Sponsored ADR		1,308		52,621
Grupo Aeroportuario del Centro Norte SAB de CV		7,600		25,684
Grupo Financiero Banorte SAB de CV, Class O		3,600		9,864
Qualitas Controladora SAB de CV		8,800		22,602
Wal-Mart de Mexico SAB de CV		12,900		30,316
				202,579
Philippines \| 0.8%
International Container Terminal Services, Inc.		15,150		22,121
JG Summit Holdings, Inc.		15,020		15,337
Metropolitan Bank & Trust Co.		18,700		14,511
SM Prime Holdings, Inc.		27,200		15,250
				67,219
Poland \| 1.2%
CD Projekt SA		320		22,306
Dino Polska SA (*)		770		30,117
PLAY Communications SA		2,663		18,839
Powszechna Kasa Oszczednosci Bank Polski SA (*)		5,199		28,369
				99,631
Russia \| 4.9%
Gazprom PJSC Sponsored ADR		13,727		63,241
LUKOIL PJSC Sponsored ADR		1,154		68,777
MMC Norilsk Nickel PJSC ADR		2,215		54,851
PhosAgro PJSC GDR		1,451		14,955
Polyus PJSC GDR		211		14,390
RusHydro PJSC ADR		23,996		17,295
Sberbank of Russia PJSC Sponsored ADR		6,269		59,399
Severstal PJSC GDR		1,371		15,163
Tatneft PJSC Sponsored ADR		875		36,704
VEON, Ltd. ADR		8,302		12,536

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
VTB Bank PJSC GDR		18,850	$	15,452
Yandex NV Class A (*)		428		14,574
				387,337
South Africa \| 2.1%
Anglo American Platinum, Ltd.		850		35,717
Clicks Group, Ltd.		1,330		19,127
Exxaro Resources, Ltd.		1,773		9,795
FirstRand, Ltd.		5,225		11,739
Naspers, Ltd., N Shares		638		90,641
				167,019
South Korea \| 12.3%
Coway Co Ltd.		617		29,103
Daelim Industrial Co., Ltd.		372		22,291
Hana Financial Group, Inc.		2,496		46,539
Hansol Chemical Co., Ltd.		216		13,878
Hyundai Mobis Co., Ltd.		271		37,319
KB Financial Group, Inc. ADR		982		26,701
Kia Motors Corp.		2,214		46,844
LG Electronics, Inc.		341		13,313
LG Household & Health Care, Ltd.		51		46,654
LG Uplus Corp.		4,139		36,488
NCSoft Corp.		58		30,703
Samsung Card Co., Ltd.		637		15,516
Samsung Electro-Mechanics Co., Ltd.		190		15,003
Samsung Electronics Co., Ltd. GDR		474		468,076
Samsung SDS Co., Ltd.		202		24,484
Seegene, Inc.		297		27,191
Shinhan Financial Group Co., Ltd.		1,170		27,229
SK Hynix, Inc.		592		40,048
Soulbrain Co., Ltd.		367		18,888
				986,268
Taiwan \| 12.1%
Accton Technology Corp.		6,000		31,828
Advantech Co., Ltd.		6,000		49,511
Asia Cement Corp.		21,000		27,365
Chicony Electronics Co., Ltd.		10,000		25,068
Feng TAY Enterprise Co., Ltd.		8,900		38,269
FLEXium Interconnect, Inc.		4,000		12,618
Globalwafers Co., Ltd.		4,000		44,273
International Games System Co., Ltd.		3,000		54,264
Micro-Star International Co., Ltd.		4,000		11,735
Sitronix Technology Corp.		3,000		11,502
Standard Foods Corp.		17,000		34,294
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		10,765		514,459

Description	Shares		Fair Value
United Integrated Services Co., Ltd.		2,000	$	10,945
Yuanta Financial Holding Co., Ltd.		162,000		83,321
Zhen Ding Technology Holding, Ltd.		6,000		18,131
				967,583
Thailand \| 1.8%
Advanced Info Service Public Co. Ltd. (‡)		10,300		63,085
Airports of Thailand Public Co., Ltd NVDR (‡)		12,400		19,176
CP ALL Public Co. Ltd. (‡)		21,000		39,034
PTT Exploration & Production Public Co. Ltd. (‡)		12,500		25,710
				147,005
Turkey \| 1.5%
BIM Birlesik Magazalar AS		2,584		19,442
Haci Omer Sabanci Holding AS		9,844		10,964
Koza Altin Isletmeleri (*)		1,470		13,469
Turk Telekomunikasyon AS		22,575		22,392
Turkcell Iletisim Hizmetleri AS		16,795		31,367
Turkiye Garanti Bankasi AS ADR (*)		19,375		22,388
				120,022
United States \| 0.3%
Yum China Holdings, Inc.		553		23,574
Total Common Stocks (Cost $8,350,523)				7,652,298
Short-Term Investments \| 2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $205,375)		205,375		205,375
Total Investments \| 98.4% (Cost $8,555,898)			$	7,857,673
Cash and Other Assets in Excess of Liabilities \| 1.6%				131,097
Net Assets \| 100.0%			$	7,988,770

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 96.3%
Brazil \| 3.9%
Ambev SA ADR		80,770	$	185,771
Banco BMG SA (*)		82,600		57,387
Banco do Brasil SA		94,157		505,386
CCR SA		201,630		455,172
Cia de Saneamento do Parana		47,100		216,188
Cielo SA Sponsored ADR		179,826		142,926
Iochpe Maxion SA		53,199		112,826
JSL SA		29,778		74,214
Log-in Logistica Intermodal SA (*)		52,500		144,079
Pagseguro Digital, Ltd., Class A (*)		25,812		498,946
Petrobras Distribuidora SA		61,000		182,081
				2,574,976
Brazil \| 0.3%
Locaweb Servicos de Internet SA (*)		54,504		188,809
Canada \| 1.0%
First Quantum Minerals, Ltd.		123,637		631,671
Chile \| 0.1%
Geopark, Ltd.		10,661		75,373
China \| 34.0%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		15,558		3,025,720
Anhui Conch Cement Co., Ltd., Class H		119,000		822,645
Ausnutria Dairy Corp., Ltd.		189,883		300,132
Baidu, Inc. Sponsored ADR (*)		6,103		615,121
China Construction Bank Corp., Class H		1,770,281		1,442,908
China Meidong Auto Holdings, Ltd.		156,000		243,018
China Merchants Bank Co., Ltd., Class H		184,500		828,292
China Mobile, Ltd. Sponsored ADR		27,567		1,038,449
China Shenhua Energy Co., Ltd., Class H		370,000		701,909
China State Construction International Holdings, Ltd.		1,266,249		931,855
China Tian Lun Gas Holdings, Ltd.		274,000		207,830
CNOOC, Ltd.		1,264,710		1,318,556
Huami Corp. ADR (*)		18,048		236,790
JNBY Design, Ltd.		148,000		128,831
Luye Pharma Group, Ltd.		379,000		184,108
NetEase, Inc. ADR		7,816		2,508,623
Ping An Insurance (Group) Co. of China, Ltd., Class H		211,500		2,068,926
Precision Tsugami China Corp., Ltd.		155,000		121,047
Sinopharm Group Co., Ltd., Class H		186,400		417,432
Tencent Holdings, Ltd.		48,362		2,358,207
Tianyun International Holdings, Ltd.		1,582,000		156,443
West China Cement, Ltd.		1,458,000		226,440

Description	Shares		Fair Value
Wuliangye Yibin Co., Ltd. Class A		72,900	$	1,189,604
ZTO Express Cayman, Inc. ADR (*)		46,965		1,243,633
				22,316,519
Colombia \| 1.0%
Bancolombia SA Sponsored ADR		27,627		689,570
Egypt \| 1.4%
Commercial International Bank Egypt SAE GDR		141,020		510,958
Credit Agricole Egypt SAE		69,032		129,424
Dice Sport & Casual Wear (*)		3,100,096		162,122
Six of October Development & Investment		170,668		100,948
				903,452
Estonia \| 0.1%
Tallinna Sadam AS		48,954		85,342
Georgia \| 0.5%
Bank of Georgia Group PLC		16,825		192,740
TBC Bank Group PLC		12,688		114,626
				307,366
Greece \| 0.7%
JUMBO SA		16,680		227,832
OPAP SA		28,032		215,497
				443,329
Hong Kong \| 2.2%
China Water Affairs Group, Ltd.		396,000		296,220
NewOcean Energy Holdings, Ltd. (*)		496,000		73,522
Techtronic Industries Co., Ltd.		149,282		961,668
TK Group Holdings, Ltd.		308,000		105,628
				1,437,038
Hungary \| 0.9%
OTP Bank Nyrt.		19,791		574,104
India \| 8.7%
Axis Bank, Ltd.		154,908		764,233
Bajaj Auto, Ltd.		17,211		456,758
HCL Technologies, Ltd.		53,321		305,465
ICICI Bank, Ltd. Sponsored ADR		117,128		995,588
Infosys, Ltd. Sponsored ADR		42,290		347,201
Jubilant Life Sciences, Ltd.		73,383		239,073
Kiri Industries, Ltd.		29,310		104,788
Petronet LNG, Ltd.		76,241		199,711
Reliance Industries, Ltd.		70,493		1,037,582
Shriram Transport Finance Co., Ltd.		18,423		158,965
Tata Consultancy Services, Ltd.		32,224		772,213
The South Indian Bank, Ltd.		748,459		56,386
Uflex, Ltd.		47,212		86,358

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
UPL, Ltd.		51,754	$	221,202
				5,745,523
Indonesia \| 3.8%
PT Bank Mandiri (Persero) Tbk		1,930,500		552,103
PT Bank Pembangunan Daerah Jawa Timur Tbk		2,963,500		79,265
PT Bank Rakyat Indonesia (Persero) Tbk		5,415,804		995,901
PT Bekasi Fajar Industrial Estate Tbk		9,411,600		58,237
PT Erajaya Swasembada Tbk		968,200		54,995
PT Media Nusantara Citra Tbk		4,117,900		227,301
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		26,580		511,665
				2,479,467
Kenya \| 0.2%
KCB Group, Ltd.		442,400		147,478
Kuwait \| 0.3%
Human Soft Holding Co. KSC		22,392		167,699
Malaysia \| 0.0%
Hibiscus Petroleum Berhad (*)		155,400		11,999
Mexico \| 3.6%
America Movil SAB de CV, Class L Sponsored ADR		58,970		694,667
Credito Real SAB de CV		164,400		121,901
Grupo Aeroportuario del Centro Norte SAB de CV		35,800		120,986
Grupo Cementos de Chihuahua SAB de CV		65,400		192,843
Grupo Financiero Banorte SAB de CV, Class O		137,490		376,725
Grupo Mexico SAB de CV, Series B		236,801		436,618
Kimberly-Clark de Mexico SAB de CV, Series A		272,900		413,218
				2,356,958
Oman \| 0.2%
Ooredoo		160,160		163,240
Pakistan \| 0.2%
Bank Alfalah, Ltd.		739,500		140,295
Philippines \| 0.6%
Alliance Global Group, Inc. (*)		903,500		123,484
Bloomberry Resorts Corp.		1,288,600		150,651
International Container Terminal Services, Inc.		97,150		141,852
				415,987
Poland \| 0.2%
Eurocash SA		24,650		101,194

Description	Shares		Fair Value
Russia \| 5.6%
Detsky Mir PJSC		242,280	$	282,259
Gazprom PJSC Sponsored ADR		45,041		207,504
LUKOIL PJSC Sponsored ADR		9,823		581,129
Mobile TeleSystems PJSC Sponsored ADR		75,205		571,558
Sberbank of Russia PJSC		206,146		490,719
Sberbank of Russia PJSC Sponsored ADR		84,352		792,909
TCS Group Holding PLC GDR		14,610		168,096
Yandex NV Class A (*)		17,752		604,455
				3,698,629
South Africa \| 0.5%
Standard Bank Group, Ltd.		62,114		355,179
South Korea \| 15.6%
BGF retail Co., Ltd.		1,589		171,077
ELP Corp.		8,031		41,126
Eugene Technology Co., Ltd.		16,667		216,561
HS Industries Co., Ltd.		41,073		228,336
Hyundai Mobis Co., Ltd.		4,121		567,502
InBody Co., Ltd.		12,353		160,162
Innocean Worldwide, Inc.		5,633		241,130
KT&G Corp.		5,334		324,834
NCSoft Corp.		3,080		1,630,434
Nice Information & Telecommunication, Inc.		8,438		162,092
Samjin Pharmaceutical Co., Ltd.		4,746		86,555
Samsung Electronics Co., Ltd.		97,189		3,777,164
SFA Engineering Corp.		9,430		238,716
Shinhan Financial Group Co., Ltd.		22,882		532,519
SK Hynix, Inc.		24,668		1,668,744
Tokai Carbon Korea Co., Ltd.		4,609		231,320
				10,278,272
Taiwan \| 9.2%
Airtac International Group		58,000		850,351
Bizlink Holding, Inc.		41,000		218,570
Fusheng Precision Co., Ltd.		32,000		164,571
Hon Hai Precision Industry Co., Ltd.		198,136		458,068
Largan Precision Co., Ltd.		3,614		449,274
Lotes Co., Ltd.		30,000		267,764
MediaTek, Inc.		47,000		500,597
Nien Made Enterprise Co., Ltd.		28,380		167,069
Powertech Technology, Inc.		78,000		218,442
Sercomm Corp.		23,000		47,771
Silicon Motion Technology Corp. ADR		28,694		1,051,922
Taiwan Semiconductor Manufacturing Co., Ltd.		150,720		1,345,329
Tripod Technology Corp.		63,000		194,455

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
TSC Auto ID Technology Co., Ltd.		18,700	$	106,691
				6,040,874
Turkey \| 0.7%
KOC Holding AS ADR		46,422		458,649
Ukraine \| 0.2%
Kernel Holding SA		15,235		121,421
United Kingdom \| 0.6%
Unilever NV		7,412		365,189
Total Common Stocks
(Cost $78,128,308)				63,275,602
Preferred Stocks \| 0.9%
Brazil \| 0.9%
Banco Bradesco SA ADR (Cost $1,168,869)		140,486		570,373
Short-Term Investments \| 2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,557,252)		1,557,252		1,557,252
Total Investments \| 99.6% (Cost $80,854,429)			$	65,403,227
Cash and Other Assets in Excess of Liabilities \| 0.4%				257,634
Net Assets \| 100.0%			$	65,660,861

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 94.2%
Brazil \| 5.5%
Ambev SA ADR		9,540,061	$	21,942,140
Banco do Brasil SA		17,463,526		93,735,252
BB Seguridade Participacoes SA		13,163,200		62,952,122
CCR SA		27,128,545		61,241,668
Cielo SA		26,195,719		22,383,902
IRB Brasil Resseguros S/A		6,140,400		11,439,170
				273,694,254
China \| 25.4%
AAC Technologies Holdings, Inc.		9,003,165		46,396,804
Anhui Conch Cement Co., Ltd., Class H		16,404,451		113,403,721
Baidu, Inc. Sponsored ADR (*)		587,494		59,213,520
China Construction Bank Corp., Class H		300,423,224		244,866,889
China Merchants Bank Co., Ltd., Class H		20,813,500		93,439,829
China Mobile, Ltd. Sponsored ADR		4,868,745		183,405,624
China Shenhua Energy Co., Ltd., Class H		22,984,610		43,602,986
CNOOC, Ltd.		93,406,532		97,383,383
ENN Energy Holdings, Ltd.		4,432,700		42,629,276
Hengan International Group Co., Ltd.		10,006,000		75,033,068
NetEase, Inc. ADR		301,764		96,854,174
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,748,500		36,668,418
Sinopharm Group Co., Ltd., Class H		17,090,814		38,273,885
Weichai Power Co., Ltd., Class H		60,928,288		97,512,987
				1,268,684,564
Egypt \| 1.2%
Commercial International Bank Egypt SAE GDR		16,935,463		61,362,297
Hong Kong \| 1.3%
ASM Pacific Technology, Ltd.		6,962,200		64,959,380
Hungary \| 1.8%
OTP Bank Nyrt.		3,033,937		88,009,397
India \| 10.6%
Axis Bank, Ltd.		8,851,234		43,667,266
Bajaj Auto, Ltd.		1,365,904		36,249,355
Bharat Petroleum Corp., Ltd.		6,309,100		26,426,105
Bharti Infratel, Ltd.		16,525,086		34,614,828
Coal India, Ltd.		18,392,730		33,672,252
HCL Technologies, Ltd.		12,847,473		73,600,479
Hero MotoCorp, Ltd.		2,049,149		42,884,472
Infosys, Ltd. Sponsored ADR		8,281,327		67,989,695
Oil and Natural Gas Corp., Ltd.		37,924,024		34,231,133
Tata Consultancy Services, Ltd.		3,950,111		94,660,072

Description	Shares		Fair Value
UPL, Ltd.	9,260,093	$	39,578,616
			527,574,273
Indonesia \| 3.6%
PT Astra International Tbk	160,692,300		38,348,044
PT Bank Mandiri (Persero) Tbk	243,095,942		69,522,913
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	3,762,010		72,418,692
			180,289,649
Luxembourg \| 0.6%
Ternium SA Sponsored ADR	2,471,644		29,412,563
Malaysia \| 0.3%
British American Tobacco Malaysia Berhad	5,456,600		12,907,105
Mexico \| 4.1%
America Movil SAB de CV, Class L Sponsored ADR	9,719,485		114,495,533
Grupo Mexico SAB de CV, Series B	27,975,514		51,581,789
Kimberly-Clark de Mexico SAB de CV, Series A	26,041,956		39,432,061
			205,509,383
Pakistan \| 0.5%
Habib Bank, Ltd.	17,270,589		10,638,860
Pakistan Petroleum, Ltd.	38,828,316		16,895,538
			27,534,398
Portugal \| 0.8%
Galp Energia SGPS SA	3,437,842		39,250,758
Russia \| 8.1%
ALROSA PAO (*), (‡)	75,146,860		61,129,791
Gazprom PJSC Sponsored ADR	8,776,044		40,431,314
LUKOIL PJSC Sponsored ADR	1,191,598		71,018,073
Magnit PJSC Sponsored GDR	4,357,063		38,817,301
Mobile TeleSystems PJSC Sponsored ADR	8,951,443		68,030,967
Sberbank of Russia PJSC (‡)	53,484,874		127,317,694
			406,745,140
South Africa \| 5.7%
Life Healthcare Group Holdings, Ltd.	31,417,051		32,385,372
Mondi PLC	2,548,121		43,463,521
Nedbank Group, Ltd.	3,389,150		15,635,219
Sanlam, Ltd.	10,763,472		30,702,271
Shoprite Holdings, Ltd.	6,639,380		46,307,917
Standard Bank Group, Ltd.	5,127,367		29,319,216
The Bidvest Group, Ltd.	4,095,356		33,401,519
Vodacom Group, Ltd.	8,118,902		53,289,463
			284,504,498
South Korea \| 14.6%
Coway Co Ltd.	1,002,180		47,271,635

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Hyundai Mobis Co., Ltd.	458,429	$	63,130,192
KB Financial Group, Inc.	2,724,832		76,028,384
KT&G Corp.	701,246		42,705,019
Samsung Electronics Co., Ltd.	5,610,087		218,031,043
Shinhan Financial Group Co., Ltd.	3,465,630		80,653,497
SK Hynix, Inc.	2,959,610		200,212,111
			728,031,881
Taiwan \| 4.9%
Catcher Technology Co., Ltd.	5,901,000		37,523,396
Hon Hai Precision Industry Co., Ltd.	30,764,425		71,123,902
Novatek Microelectronics Corp., Ltd.	1,231,000		7,002,759
Taiwan Semiconductor Manufacturing Co., Ltd.	14,631,913		130,604,650
			246,254,707
Thailand \| 1.4%
Kasikornbank Public Co. Ltd. (‡)	12,557,654		35,003,266
The Siam Cement Public Co. Ltd. (‡)	3,632,400		35,861,891
			70,865,157
Turkey \| 2.0%
KOC Holding AS	23,999,000		48,660,163
Tupras Turkiye Petrol Rafinerileri AS (*)	4,657,799		52,417,465
			101,077,628
United Kingdom \| 1.8%
Anglo American PLC	1,190,725		20,807,066
Unilever NV	1,443,434		71,117,961
			91,925,027
Total Common Stocks
(Cost $5,773,242,733)			4,708,592,059
Short-Term Investments \| 3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $167,670,775)	167,670,775		167,670,775
Total Investments \| 97.6% (Cost $5,940,913,508)		$	4,876,262,834
Cash and Other Assets in Excess of Liabilities \| 2.4%			119,474,385
Net Assets \| 100.0%		$	4,995,737,219

Description	Shares		Fairs Value
Lazard Equity Franchise Portfolio
Common Stocks \| 98.8%
Belgium \| 2.8%
Anheuser-Busch InBev SA/NV		18,893	$	839,006
France \| 2.0%
Bureau Veritas SA		31,697		602,484
Germany \| 6.3%
Fresenius Medical Care AG & Co. KGaA		28,135		1,876,704
Italy \| 2.0%
Atlantia SpA		46,132		578,254
Luxembourg \| 5.7%
SES SA		289,244		1,701,855
Spain \| 4.4%
Ferrovial SA		53,804		1,291,994
United States \| 75.6%
Alphabet, Inc., Class C (*)		258		300,005
Booking Holdings, Inc. (*)		942		1,267,291
Cisco Systems, Inc.		30,522		1,199,820
Cognizant Technology Solutions Corp., Class A		31,683		1,472,309
CSX Corp.		15,519		889,239
CVS Health Corp.		21,098		1,251,744
H&R Block, Inc.		113,237		1,594,377
Henry Schein, Inc. (*)		20,058		1,013,330
International Game Technology PLC		208,049		1,237,892
IPG Photonics Corp. (*)		7,106		783,650
Lowe’s Cos., Inc.		11,126		957,392
MEDNAX, Inc. (*)		87,135		1,014,251
Medtronic PLC		10,703		965,197
Nielsen Holdings PLC		113,433		1,422,450
Norfolk Southern Corp.		6,142		896,732
Omnicom Group, Inc.		21,971		1,206,208
Oracle Corp.		23,969		1,158,422
Stericycle, Inc. (*)		35,694		1,734,014
Tapestry, Inc.		83,578		1,082,335
Union Pacific Corp.		6,683		942,570
				22,389,228
Total Common Stocks
(Cost $39,293,226)				29,279,525
Short-Term Investments \| 1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $495,915)		495,915		495,915

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 94.5%
Canada \| 4.0%
CAE, Inc.		20,269	$	256,225
Canadian National Railway Co.		5,534		432,677
Dollarama, Inc.		15,830		439,141
National Bank of Canada		13,084		505,677
				1,633,720
China \| 3.2%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		2,151		418,326
Tencent Holdings, Ltd.		17,923		873,954
				1,292,280
Germany \| 3.1%
Merck KGaA		3,104		321,861
Symrise AG		5,658		535,844
Teamviewer AG (*)		10,639		425,718
				1,283,423
Hong Kong \| 4.0%
AIA Group, Ltd.		83,983		755,536
China Gas Holdings, Ltd.		121,200		420,319
Hang Seng Bank, Ltd.		27,521		468,922
				1,644,777
Israel \| 1.1%
Bank Leumi Le-Israel BM		81,380		449,961
Japan \| 3.2%
Kansai Paint Co., Ltd.		18,067		344,504
Nintendo Co., Ltd.		1,400		539,971
Yamaha Corp.		11,064		431,293
				1,315,768
Netherlands \| 3.9%
NXP Semiconductors NV		4,410		365,721
Wolters Kluwer NV		17,154		1,219,646
				1,585,367
South Africa \| 0.9%
Distell Group Holdings, Ltd.		46,539		202,606
Sanlam, Ltd.		54,821		156,374
				358,980
South Korea \| 1.2%
LG Household & Health Care, Ltd.		520		475,687
Sweden \| 3.1%
Assa Abloy AB, Class B		15,877		300,154
Epiroc AB, Class A		53,941		534,739

Description	Shares		Fair Value
Hexagon AB, B Shares		9,708	$	414,081
				1,248,974
Switzerland \| 4.3%
ABB, Ltd.		26,239		461,349
Alcon, Inc. (*)		5,012		255,772
Novartis AG		7,386		610,416
Partners Group Holding AG		636		439,909
				1,767,446
Taiwan \| 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		11,591		553,934
United Kingdom \| 12.7%
Bunzl PLC		11,802		237,963
Coca-Cola European Partners PLC		12,564		471,527
Compass Group PLC		26,271		410,474
Diageo PLC		25,898		829,479
Prudential PLC		33,396		426,301
RELX PLC		38,203		822,148
Tesco PLC		311,283		881,479
Unilever PLC		21,824		1,101,753
				5,181,124
United States \| 48.4%
Accenture PLC, Class A		4,986		814,014
Alphabet, Inc., Class A (*)		935		1,086,423
AmerisourceBergen Corp.		7,566		669,591
Aon PLC		6,289		1,037,937
Boston Scientific Corp. (*)		17,248		562,802
Cisco Systems, Inc.		11,777		462,954
Dollar General Corp.		3,937		594,526
Honeywell International, Inc.		2,490		333,137
Intercontinental Exchange, Inc.		10,087		814,525
IQVIA Holdings, Inc. (*)		7,983		861,046
Johnson & Johnson		7,647		1,002,751
Kimberly-Clark Corp.		4,640		593,317
Lowe’s Cos., Inc.		4,033		347,040
McDonald’s Corp.		4,037		667,518
Microsoft Corp.		8,079		1,274,139
Motorola Solutions, Inc.		5,484		728,933
Palo Alto Networks, Inc. (*)		2,060		337,758
PTC, Inc. (*)		11,220		686,776
Rockwell Automation, Inc.		2,679		404,288
S&P Global, Inc.		2,663		652,568
Texas Instruments, Inc.		5,686		568,202
The Coca-Cola Co.		22,367		989,740
The Procter & Gamble Co.		6,580		723,800
Thermo Fisher Scientific, Inc.		4,711		1,336,040

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Visa, Inc., Class A		5,950	$	958,664
Zoetis, Inc.		10,050		1,182,785
				19,691,274
Total Common Stocks (Cost $35,033,170)				38,482,715
Short-Term Investments \| 12.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $5,223,824)		5,223,824		5,223,824
Total Investments \| 107.3% (Cost $40,256,994)			$	43,706,539
Liabilities in Excess of Cash and Other Assets \| (7.3)%				(2,981,292)
Net Assets \| 100.0%			$	40,725,247

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 84.0%
Australia \| 5.1%
Atlas Arteria, Ltd.		37,177,377	$	129,503,297
Spark Infrastructure Group		79,102,106		94,324,870
Transurban Group		15,298,013		112,543,158
				336,371,325
Canada \| 0.8%
Atco, Ltd., Class I		1,898,489		52,571,674
France \| 6.3%
Eutelsat Communications SA		10,630,687		111,313,277
Vinci SA		3,633,263		300,634,590
				411,947,867
Germany \| 1.8%
Fraport AG (*)		2,836,854		115,138,653
Hong Kong \| 3.9%
Power Assets Holdings, Ltd.		42,666,965		254,189,093
Italy \| 20.9%
ASTM SpA		3,980,113		69,916,962
Atlantia SpA (*)		24,399,787		305,845,570
Hera SpA		47,768,401		171,573,508
Italgas SpA		34,072,945		186,768,761
Snam SpA		69,134,050		319,304,640
Terna Rete Elettrica Nazionale SpA		49,449,201		313,360,610
				1,366,770,051
Luxembourg \| 1.7%
SES SA		18,585,080		109,350,928
Portugal \| 0.8%
Redes Energeticas Nacionais SGPS SA		21,468,951		54,827,809
Spain \| 5.1%
Ferrovial SA		13,971,603		335,499,793
United Kingdom \| 18.1%
National Grid PLC		40,128,491		470,325,784
Pennon Group PLC		19,796,718		268,292,141
Severn Trent PLC		5,472,288		154,342,892
United Utilities Group PLC		26,286,149		293,530,285
				1,186,491,102
United States \| 19.5%
CSX Corp.		5,189,411		297,353,250
Kansas City Southern		1,152,848		146,619,209
Norfolk Southern Corp.		3,321,390		484,922,940
Southwest Gas Holdings, Inc. (*)		493,949		34,359,092

Description	Shares		Fair Value
Union Pacific Corp.		2,236,036	$	315,370,518
				1,278,625,009
Total Common Stocks (Cost $6,359,541,320)				5,501,783,304
Short-Term Investments \| 18.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,187,011,922)		1,187,011,922		1,187,011,922
Total Investments \| 102.1% (Cost $7,546,553,242) (»)			$	6,688,795,226
Liabilities in Excess of Cash and Other Assets \| (2.1)%				(137,348,689)
Net Assets \| 100.0%			$	6,551,446,537

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 94.3%
Canada \| 3.2%
CAE, Inc.		1,568	$	19,821
TMX Group, Ltd.		429		31,938
Toromont Industries, Ltd.		812		35,572
				87,331
China \| 3.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		296		57,566
Tencent Holdings, Ltd.		900		43,885
				101,451
Denmark \| 1.5%
Genmab A/S (*)		200		40,596
France \| 3.4%
Eurazeo SE		384		17,375
Safran SA		254		22,326
Vivendi SA		2,449		52,547
				92,248
Germany \| 3.0%
Beiersdorf AG		332		33,782
Infineon Technologies AG		1,150		17,225
Teamviewer AG (*)		785		31,412
				82,419
Hong Kong \| 2.0%
AIA Group, Ltd.		6,000		53,978
India \| 1.0%
HDFC Bank, Ltd. ADR		731		28,114
Israel \| 1.3%
Bank Leumi Le-Israel BM		6,183		34,187
Italy \| 1.6%
Enel SpA		6,040		42,041
Japan \| 3.2%
Digital Garage, Inc.		900		28,716
Nintendo Co., Ltd.		100		38,569
Suzuki Motor Corp.		600		14,357
TechnoPro Holdings, Inc.		100		4,644
				86,286
Netherlands \| 2.3%
ASML Holding NV		75		19,932
Koninklijke DSM NV		366		41,590
				61,522
New Zealand \| 0.4%
Mainfreight, Ltd.		513		10,576

Description	Shares		Fair Value
Portugal \| 2.2%
Energias de Portugal SA		14,905	$	59,892
Spain \| 1.1%
Siemens Gamesa Renewable Energy SA		1,951		29,356
Switzerland \| 3.6%
Novartis AG		703		58,099
Partners Group Holding AG		57		39,426
				97,525
United Kingdom \| 9.5%
Coca-Cola European Partners PLC		893		34,031
Diageo PLC		885		28,345
Informa PLC		4,166		23,105
Linde PLC (*)		159		28,691
RELX PLC		2,477		53,306
Rentokil Initial PLC		2,922		14,024
Rio Tinto PLC		479		21,987
Tesco PLC		18,714		52,994
				256,483
United States \| 51.2%
Accenture PLC, Class A		240		39,182
Adobe, Inc. (*)		184		58,556
Alphabet, Inc., Class A (*)		106		123,167
Aon PLC		406		67,006
Bank of America Corp.		1,781		37,811
Baxter International, Inc.		559		45,385
Danaher Corp.		358		49,551
Dollar General Corp.		312		47,115
Electronic Arts, Inc. (*)		612		61,304
Fidelity National Information Services, Inc.		217		26,396
Intercontinental Exchange, Inc.		1,108		89,471
IPG Photonics Corp. (*)		122		13,454
IQVIA Holdings, Inc. (*)		567		61,157
MasterCard, Inc., Class A		108		26,088
Medtronic PLC		565		50,952
Microsoft Corp.		784		123,645
Palo Alto Networks, Inc. (*)		226		37,055
QIAGEN NV (*)		1,508		61,198
Raytheon Co.		290		38,033
S&P Global, Inc.		308		75,475
Starbucks Corp.		309		20,314
Synopsys, Inc. (*)		224		28,849
The Coca-Cola Co.		1,496		66,198
The Progressive Corp.		769		56,783
UnitedHealth Group, Inc.		168		41,896

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Visa, Inc., Class A		243	$	39,152
				1,385,193
Total Common Stocks (Cost $2,420,438)				2,549,198
Short-Term Investments \| 5.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $149,883)		149,883		149,883
Total Investments \| 99.8% (Cost $2,570,321)			$	2,699,081
Cash and Other Assets in Excess of Liabilities \| 0.2%				6,201
Net Assets \| 100.0%			$	2,705,282

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 99.0%
Australia \| 6.3%
AGL Energy, Ltd.		750	$	8,032
Aristocrat Leisure, Ltd.		625		8,087
ASX, Ltd.		127		6,125
BHP Group, Ltd.		370		6,727
CIMIC Group, Ltd.		285		4,059
CSL, Ltd.		142		25,759
Fortescue Metals Group, Ltd.		3,971		24,254
IDP Education, Ltd. (**)		353		2,510
Inghams Group, Ltd.		1,021		2,054
Magellan Financial Group, Ltd.		626		16,519
Regis Resources, Ltd.		750		1,677
Santos, Ltd.		3,613		7,832
Saracen Mineral Holdings, Ltd. (*)		2,767		6,232
Technology One, Ltd.		765		3,827
				123,694
Austria \| 0.2%
OMV AG		64		1,769
Raiffeisen Bank International AG		96		1,409
				3,178
Belgium \| 0.8%
Galapagos NV (*)		31		6,188
Proximus SADP		166		3,810
Warehouses De Pauw CVA		231		6,642
				16,640
China \| 0.0%
China Sunsine Chemical Holdings, Ltd.		200		42
Denmark \| 4.8%
Coloplast A/S, Class B		229		33,318
H. Lundbeck A/S		58		1,726
Novo Nordisk A/S, Class B		982		59,236
				94,280
Finland \| 0.1%
Fortum Oyj		74		1,088
France \| 8.8%
BNP Paribas SA		229		6,903
Cie de Saint-Gobain		519		12,619
Elis SA		125		1,186
Faurecia SE		192		5,747
Hermes International		23		15,885
L’Oreal SA		90		23,624
La Francaise des Jeux SAEM (*)		109		2,720
Legrand SA		112		7,197
Orange SA		746		9,249

Description	Shares		Fair Value
Peugeot SA		867	$	11,559
Schneider Electric SE		471		40,552
Total SA		935		36,259
				173,500
Germany \| 4.4%
Adidas AG		19		4,371
Allianz SE		274		47,232
Continental AG		28		2,048
HUGO BOSS AG		232		5,969
MTU Aero Engines AG		63		9,230
SAP SE		72		8,269
Schaeffler AG (Preference Shares)		713		4,387
Siemens Healthineers AG		141		5,595
				87,101
Hong Kong \| 3.9%
CK Hutchison Holdings, Ltd.		1,000		6,706
Comba Telecom Systems Holdings, Ltd.		10,000		3,997
Jardine Matheson Holdings, Ltd.		101		5,052
Kerry Properties, Ltd.		1,500		3,939
Sands China, Ltd.		4,800		17,469
VTech Holdings, Ltd.		500		3,607
WH Group, Ltd.		33,500		31,109
Xinyi Glass Holdings, Ltd.		4,000		4,557
				76,436
Ireland \| 0.1%
Bank of Ireland Group PLC		632		1,194
Fly Leasing, Ltd. ADR (*)		240		1,690
				2,884
Israel \| 0.0%
Plus500, Ltd.		58		778
Italy \| 3.1%
Banca Generali SpA		78		1,636
Enel SpA		5,354		37,266
Ferrari NV		63		9,835
Poste Italiane SpA		1,395		11,817
				60,554
Japan \| 27.3%
Advantest Corp.		300		12,031
Asahi Group Holdings, Ltd.		400		12,988
Brother Industries, Ltd.		300		4,586
Chubu Electric Power Co., Inc.		500		7,049
Chugai Pharmaceutical Co., Ltd.		100		11,575
Daito Trust Construction Co., Ltd. Sponsored ADR		348		8,011
Daiwa House Industry Co., Ltd.		1,600		39,627
Daiwa Office Investment Corp. REIT		1		5,527

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Dip Corp.		100	$	1,609
East Japan Railway Co. ADR		2,054		25,901
FUJIFILM Holdings Corp.		300		15,058
Fukuoka Financial Group, Inc.		600		7,944
Hamamatsu Photonics KK		200		8,186
Japan Post Holdings Co., Ltd.		3,600		28,204
KDDI Corp.		400		11,823
Kureha Corp.		100		4,072
Mitsubishi Heavy Industries, Ltd.		1,123		28,403
Mitsubishi UFJ Financial Group, Inc.		3,500		13,057
Nikkiso Co., Ltd.		200		1,489
Nintendo Co., Ltd. ADR		288		13,905
Nitto Denko Corp.		100		4,464
Nomura Real Estate Holdings, Inc.		100		1,622
NTT DOCOMO, Inc.		1,918		60,293
Open House Co., Ltd.		200		4,114
Oracle Corp. Japan		100		8,730
ORIX Corp.		1,600		19,241
Otsuka Corp.		200		8,557
Rengo Co., Ltd.		500		3,902
Seven & I Holdings Co., Ltd.		900		29,720
Shin-Etsu Chemical Co., Ltd.		333		33,003
Showa Denko KK		300		6,203
Sumitomo Mitsui Financial Group, Inc.		400		9,719
Sumitomo Mitsui Trust Holdings, Inc.		200		5,778
Sumitomo Realty & Development Co., Ltd.		200		4,875
The Dai-ichi Life Insurance Co., Ltd.		2,300		27,525
The Gunma Bank, Ltd.		1,000		3,037
The Kansai Electric Power Co., Inc.		900		10,039
The Shizuoka Bank, Ltd.		300		1,825
Tokio Marine Holdings, Inc.		100		4,586
Tokyo Electron, Ltd.		100		18,804
Tokyu Construction Co., Ltd.		400		2,107
West Japan Railway Co.		100		6,848
				536,037
Luxembourg \| 0.1%
ArcelorMittal SA		130		1,232
Macau \| 0.1%
Wynn Macau, Ltd.		1,200		1,815
Netherlands \| 3.9%
ASM International NV		54		5,403
ASML Holding NV		29		7,707
EXOR NV		160		8,242
Koninklijke Ahold Delhaize NV		558		13,059
NN Group NV		240		6,482

Description	Shares		Fair Value
Royal Dutch Shell PLC, A Shares		408	$	7,140
Signify NV		80		1,554
Wolters Kluwer NV		376		26,733
				76,320
Norway \| 0.5%
Aker BP ASA		271		3,451
Telenor ASA		393		5,759
				9,210
Russia \| 0.1%
Evraz PLC		682		1,946
Singapore \| 1.1%
DBS Group Holdings, Ltd.		700		9,153
Jardine Cycle & Carriage, Ltd.		200		2,770
United Overseas Bank, Ltd.		300		4,108
UOL Group, Ltd.		1,100		5,065
				21,096
South Africa \| 0.1%
Investec PLC		673		1,265
Spain \| 3.0%
Amadeus IT Group SA		127		6,023
Iberdrola SA		3,521		34,766
Industria de Diseno Textil SA		703		18,251
				59,040
Sweden \| 4.0%
Axfood AB		286		5,834
Essity AB, Class B		292		9,032
Evolution Gaming Group AB		241		8,206
Hennes & Mauritz AB, B Shares		298		3,834
Skandinaviska Enskilda Banken AB, Class A		1,589		10,749
SKF AB, Class B		1,039		14,295
Swedish Match AB		268		15,330
Volvo AB, Class B		968		11,640
				78,920
Switzerland \| 11.0%
Credit Suisse Group AG		685		5,656
Nestle SA		378		38,960
Novartis AG		878		72,562
Partners Group Holding AG		17		11,759
Roche Holding AG		245		79,653
STMicroelectronics NV		309		6,725
				215,315
United Kingdom \| 14.7%
Anglo American PLC		615		10,747
Associated British Foods PLC		866		19,436

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
AstraZeneca PLC		77	$	6,878
Auto Trader Group PLC		1,573		8,549
Barclays PLC		12,148		14,115
Compass Group PLC		369		5,765
Dialog Semiconductor PLC (*)		71		1,922
Dunelm Group PLC		267		2,336
Endava PLC Sponsored ADR (*)		100		3,516
Fiat Chrysler Automobiles NV		470		3,387
Games Workshop Group PLC		141		7,563
GlaxoSmithKline PLC		558		10,467
Howden Joinery Group PLC		1,121		7,101
HSBC Holdings PLC		839		4,725
Imperial Brands PLC		1,362		25,246
JD Sports Fashion PLC		956		5,502
Lloyds Banking Group PLC		22,823		9,000
Melrose Industries PLC		5,035		5,686
National Grid PLC		633		7,419
Ninety One PLC (*)		337		723
RELX PLC		328		7,031
Rio Tinto PLC		166		7,620
Royal Bank of Scotland Group PLC		4,568		6,372
Softcat PLC		190		2,442
Spectris PLC		53		1,618
Spirent Communications PLC		143		369
SSE PLC		599		9,667
Standard Chartered PLC		921		5,076
Tate & Lyle PLC		1,196		9,713
Taylor Wimpey PLC		1,059		1,539
Unilever NV		1,201		59,173
Vistry Group PLC		721		5,145
Vodafone Group PLC		8,490		11,860
				287,708
United States \| 0.6%
Ferguson PLC		185		11,568
Total Common Stocks (Cost $2,220,181)				1,941,647
Preferred Stocks \| 0.4%
Germany \| 0.4%
Porsche Automobil Holding SE		128		5,530
Volkswagen AG		27		3,217
Total Preferred Stocks (Cost $14,136)				8,747

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 93.2%
Brazil \| 0.8%
IRB Brasil Resseguros S/A		293,400	$	546,585
Canada \| 2.9%
Suncor Energy, Inc.		122,014		1,947,299
China \| 9.1%
Ping An Insurance (Group) Co. of China, Ltd., Class H		354,500		3,467,775
Tencent Holdings, Ltd.		55,918		2,726,649
				6,194,424
France \| 14.8%
Engie SA		240,484		2,487,599
Safran SA		39,128		3,439,195
Sanofi		47,170		4,152,883
				10,079,677
Germany \| 17.0%
Beiersdorf AG		30,156		3,068,476
SAP SE		34,020		3,907,303
Vonovia SE		93,370		4,602,321
				11,578,100
India \| 2.7%
Reliance Industries, Ltd. GDR		60,200		1,854,160
Ireland \| 1.8%
Ryanair Holdings PLC Sponsored ADR (*)		22,623		1,201,055
Japan \| 8.5%
Digital Garage, Inc.		56,500		1,802,708
Hitachi, Ltd.		135,700		3,950,205
				5,752,913
Luxembourg \| 2.4%
ArcelorMittal SA		169,147		1,603,001
Mexico \| 6.5%
Arca Continental SAB de CV		1,096,496		4,419,264
Norway \| 2.0%
Mowi ASA		90,353		1,377,196
South Korea \| 3.2%
Samsung Electronics Co., Ltd.		55,527		2,158,008
Switzerland \| 6.4%
ABB, Ltd.		125,479		2,206,241
Novartis AG		25,974		2,146,622
				4,352,863
United Kingdom \| 7.4%
Compass Group PLC		157,398		2,459,283

Description	Shares		Fair Value
Prudential PLC		198,891	$	2,538,850
				4,998,133
United States \| 7.7%
Aon PLC		11,561		1,908,027
Medtronic PLC		19,537		1,761,847
Samsonite International SA		1,662,903		1,572,391
				5,242,265
Total Common Stocks (Cost $79,258,157)				63,304,943
Preferred Stocks \| 4.4%
Germany \| 4.4%
Volkswagen AG (Cost $4,312,334)		24,706		2,943,577
Short-Term Investments \| 2.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,698,361)		1,698,361		1,698,361
Total Investments \| 100.1% (Cost $85,268,852)			$	67,946,881
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(34,490	)
Net Assets \| 100.0%			$	67,912,391

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 94.2%
Australia \| 1.1%
BHP Group PLC		1,646,278	$	25,462,896
Canada \| 3.7%
Canadian National Railway Co.		350,910		27,435,961
Suncor Energy, Inc.		2,069,810		33,033,420
TMX Group, Ltd.		317,380		23,628,155
				84,097,536
China \| 2.5%
ENN Energy Holdings, Ltd.		1,941,300		18,669,482
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,018,500		39,309,600
				57,979,082
Denmark \| 2.3%
Carlsberg A/S, Class B		302,836		34,376,771
Vestas Wind Systems A/S		210,586		17,142,230
				51,519,001
Finland \| 2.2%
Nordea Bank Abp		4,252,196		24,003,168
Sampo Oyj, A Shares		858,096		25,099,001
				49,102,169
France \| 13.4%
Air Liquide SA		350,471		44,922,301
BNP Paribas SA		513,743		15,486,894
Engie SA		4,469,956		46,237,836
Safran SA		455,275		40,016,847
Sanofi		813,933		71,659,286
Vinci SA		310,371		25,681,669
Vivendi SA		2,821,496		60,539,799
				304,544,632
Germany \| 7.4%
Fresenius Medical Care AG & Co. KGaA		390,586		26,053,471
Infineon Technologies AG		1,329,960		19,920,982
Merck KGaA		163,229		16,925,619
SAP SE		705,955		81,081,126
Vonovia SE		509,167		25,097,465
				169,078,663
Hong Kong \| 0.5%
ESR Cayman, Ltd. (*)		5,119,600		11,009,825
Indonesia \| 0.3%
PT Bank Mandiri (Persero) Tbk		25,773,400		7,370,925
Ireland \| 1.1%
Ryanair Holdings PLC Sponsored ADR (*)		470,679		24,988,348

Description	Shares		Fair Value
Israel \| 1.1%
Bank Leumi Le-Israel BM		4,677,532	$	25,862,714
Italy \| 2.2%
Enel SpA §		7,199,309		50,110,208
Japan \| 14.9%
Asahi Group Holdings, Ltd.		618,900		20,095,020
Daiwa House Industry Co., Ltd.		1,620,181		40,126,810
Hitachi, Ltd.		1,464,300		42,625,533
Kao Corp.		549,480		44,990,920
Makita Corp.		970,300		29,751,474
Nexon Co., Ltd.		2,702,300		44,200,698
Nintendo Co., Ltd.		136,100		52,492,931
Sumitomo Mitsui Financial Group, Inc.		1,243,300		30,208,846
Suzuki Motor Corp.		618,500		14,799,401
Yamaha Corp.		545,400		21,260,589
				340,552,222
Luxembourg \| 0.7%
ArcelorMittal SA		1,626,263		15,412,044
Mexico \| 0.6%
Arca Continental SAB de CV		3,550,112		14,308,197
Netherlands \| 3.8%
ABN AMRO Group NV		1,548,738		12,713,051
Koninklijke DSM NV		377,281		42,871,998
Wolters Kluwer NV		447,608		31,824,831
				87,409,880
Norway \| 2.9%
Equinor ASA		2,458,651		30,970,901
Telenor ASA		2,399,169		35,158,625
				66,129,526
Portugal \| 0.8%
Energias de Portugal SA		1,790,972		7,196,555
Galp Energia SGPS SA		887,322		10,130,792
				17,327,347
Singapore \| 2.0%
DBS Group Holdings, Ltd.		1,799,220		23,525,105
NetLink NBN Trust		35,885,000		22,628,013
				46,153,118
South Korea \| 1.5%
Samsung Electronics Co., Ltd.		855,079		33,231,885
Sweden \| 2.6%
Assa Abloy AB, Class B		1,711,983		32,365,005
Epiroc AB, Class A		2,681,131		26,579,154
				58,944,159

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Switzerland \| 7.4%
ABB, Ltd.		2,581,558	$	45,390,374
Novartis AG		1,193,379		98,626,855
Roche Holding AG		76,271		24,796,772
				168,814,001
United Arab Emirates \| 0.4%
Network International Holdings PLC (*)		1,952,920		9,584,308
United Kingdom \| 12.6%
Compass Group PLC		1,730,958		27,045,548
Howden Joinery Group PLC		2,059,178		13,043,109
Informa PLC		3,553,246		19,706,346
Prudential PLC		3,511,448		44,823,750
RELX PLC		3,069,327		65,797,550
RSA Insurance Group PLC		3,862,653		20,078,208
Tesco PLC		17,129,924		48,507,876
Unilever PLC		949,910		47,954,826
				286,957,213
United States \| 6.2%
Aon PLC		270,555		44,652,397
Ferguson PLC		401,319		25,094,797
Medtronic PLC		800,810		72,217,046
				141,964,240
Total Common Stocks (Cost $2,390,434,017)				2,147,914,139
Preferred Stocks \| 2.0%
Germany \| 2.0%
Volkswagen AG (Cost $70,424,095)		389,668		46,426,683
Short-Term Investments \| 3.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $80,571,779)		80,571,779		80,571,779
Total Investments \| 99.7% (Cost $2,541,429,891)			$	2,274,912,601
Cash and Other Assets in Excess of Liabilities \| 0.3%				6,642,963
Net Assets \| 100.0%			$	2,281,555,564

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 94.9%
Australia \| 1.0%
BHP Group, Ltd.		40,938	$	744,249
Brazil \| 1.4%
BB Seguridade Participacoes SA		123,700		591,587
Cia de Saneamento Basico do Estado de Sao Paulo		31,700		238,599
IRB Brasil Resseguros S/A		83,000		154,624
				984,810
Canada \| 2.3%
Canadian National Railway Co.		9,700		758,396
Suncor Energy, Inc.		56,700		904,912
				1,663,308
China \| 8.2%
58.com, Inc. ADR (*)		14,970		729,338
ENN Energy Holdings, Ltd.		105,100		1,010,747
Ping An Insurance (Group) Co. of China, Ltd., Class H		191,500		1,873,283
Tencent Holdings, Ltd.		46,700		2,277,166
				5,890,534
Denmark \| 2.9%
Carlsberg A/S, Class B		7,882		894,734
Genmab A/S (*)		2,929		594,522
Vestas Wind Systems A/S		6,866		558,910
				2,048,166
Finland \| 2.3%
Nordea Bank Abp		110,876		625,882
Sampo Oyj, A Shares		36,006		1,053,163
				1,679,045
France \| 12.5%
Air Liquide SA		5,126		657,035
Alstom SA		9,229		386,240
BNP Paribas SA		20,522		618,640
Engie SA		130,018		1,344,924
Safran SA		16,709		1,468,654
Sanofi		22,717		2,000,022
Vinci SA		8,699		719,799
Vivendi SA		83,215		1,785,514
				8,980,828
Germany \| 6.0%
Beiersdorf AG		9,872		1,004,509
Knorr-Bremse AG		7,043		631,475
SAP SE		23,085		2,651,384
				4,287,368

Description	Shares		Fair Value
Hong Kong \| 0.5%
ESR Cayman, Ltd. (*)		174,200	$	374,621
India \| 1.0%
ICICI Bank, Ltd. Sponsored ADR		80,570		684,845
Indonesia \| 1.1%
PT Bank Mandiri (Persero) Tbk		915,100		261,709
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		28,858		555,517
				817,226
Ireland \| 1.1%
Ryanair Holdings PLC Sponsored ADR (*)		14,287		758,497
Italy \| 1.9%
Enel SpA		191,469		1,332,705
Japan \| 13.7%
Daiwa House Industry Co., Ltd.		43,900		1,087,266
Hitachi, Ltd.		39,700		1,155,660
Kao Corp.		19,000		1,555,703
Makita Corp.		30,100		922,930
Nintendo Co., Ltd.		4,500		1,735,622
Ryohin Keikaku Co., Ltd.		46,600		523,041
Shimano, Inc.		4,600		658,837
Shin-Etsu Chemical Co., Ltd.		8,900		882,069
Sumitomo Mitsui Financial Group, Inc.		36,076		876,550
Suzuki Motor Corp.		19,400		464,201
				9,861,879
Mexico \| 0.8%
Grupo Financiero Banorte SAB de CV, Class O		208,400		571,019
Netherlands \| 2.7%
Koninklijke DSM NV		8,581		975,094
Wolters Kluwer NV		13,096		931,123
				1,906,217
Norway \| 2.3%
Equinor ASA		49,227		620,098
Mowi ASA		3,416		52,068
Telenor ASA		67,130		983,757
				1,655,923
Singapore \| 0.9%
DBS Group Holdings, Ltd.		51,600		674,679
South Africa \| 0.8%
Mr Price Group, Ltd.		36,025		228,441
Sanlam, Ltd.		129,014		368,006
				596,447
South Korea \| 3.3%
LG Household & Health Care, Ltd.		650		594,608

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Samsung Electronics Co., Ltd.		45,583	$	1,771,543
				2,366,151
Sweden \| 1.7%
Assa Abloy AB, Class B		37,341		705,931
Hexagon AB, B Shares		12,263		523,061
				1,228,992
Switzerland \| 9.5%
ABB, Ltd.		78,837		1,386,155
Alcon, Inc. (*)		6,170		314,868
Flughafen Zuerich AG		3,172		357,060
Lonza Group AG		2,709		1,127,083
Novartis AG		36,364		3,005,304
Roche Holding AG		2,028		659,331
				6,849,801
Taiwan \| 0.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		41		366
Thailand \| 0.4%
Kasikornbank Public Co. Ltd. (‡)		106,300		296,301
United Kingdom \| 9.7%
Compass Group PLC		53,036		828,667
Linde PLC (*)		3,330		600,880
Prudential PLC		115,525		1,474,680
RELX PLC		78,905		1,691,496
Tesco PLC		455,757		1,290,596
Unilever PLC		21,450		1,082,872
				6,969,191
United States \| 6.9%
Accenture PLC, Class A		8,100		1,322,406
Aon PLC		9,055		1,494,437
Ferguson PLC		10,380		649,070
Medtronic PLC		16,770		1,512,318
				4,978,231
Total Common Stocks (Cost $80,363,556)				68,201,399
Preferred Stocks \| 1.7%
Germany \| 1.7%
Volkswagen AG (Cost $1,838,341)		10,608		1,263,881
Short-Term Investments \| 2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,716,632)		1,716,632		1,716,632

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks \| 93.2%
Austria \| 3.0%
BAWAG Group AG		2,093	$	58,807
France \| 19.3%
Bollore SA		34,887		96,101
Carrefour SA		2,283		36,169
Engie SA		7,500		77,581
Sanofi		1,073		94,468
Thales SA		919		77,136
				381,455
Germany \| 3.1%
Allianz SE		358		61,713
Ireland \| 2.5%
CRH PLC		1,801		49,093
Italy \| 4.0%
Leonardo SpA		11,963		79,586
Japan \| 20.1%
Hitachi, Ltd.		3,500		101,884
Nintendo Co., Ltd.		200		77,139
Shin-Etsu Chemical Co., Ltd.		400		39,644
Sony Corp. Sponsored ADR		1,486		87,941
Suzuki Motor Corp.		1,768		42,305
Universal Entertainment Corp.		3,200		47,849
				396,762
Macau \| 2.7%
SJM Holdings, Ltd.		63,306		53,096
Mexico \| 4.8%
Arca Continental SAB de CV		23,494		94,689
Netherlands \| 4.6%
Koninklijke DSM NV		808		91,816
South Korea \| 5.2%
Kangwon Land, Inc.		6,437		103,476
Spain \| 3.1%
Banco Santander SA		8,136		19,803
Indra Sistemas SA (*)		4,977		40,976
				60,779
Switzerland \| 3.9%
Coca-Cola HBC AG		3,629		77,998
United Kingdom \| 16.9%
Compass Group PLC		2,899		45,296
Prudential PLC		6,812		86,955
Tesco PLC		33,322		94,360

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks \| 97.7%
Canada \| 9.0%
CAE, Inc.		3,620	$	45,761
Dollarama, Inc.		3,522		97,704
National Bank of Canada		1,524		58,901
Toromont Industries, Ltd.		2,060		90,243
				292,609
China \| 6.2%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		409		79,542
Tencent Holdings, Ltd.		2,500		121,904
				201,446
Denmark \| 7.4%
Coloplast A/S, Class B		746		108,538
Demant AS (*)		2,492		55,309
Genmab A/S (*)		385		78,147
				241,994
France \| 4.6%
Legrand SA		1,052		67,601
LVMH Moet Hennessy Louis Vuitton SA		220		81,663
				149,264
Germany \| 8.1%
SAP SE		795		91,308
Scout24 AG		1,630		98,128
Symrise AG		789		74,723
				264,159
India \| 2.9%
HDFC Bank, Ltd. ADR		2,495		95,958
Israel \| 2.0%
Check Point Software Technologies, Ltd. (*)		638		64,145
Japan \| 9.4%
Pigeon Corp.		1,600		61,410
Shimano, Inc.		300		42,968
SMS Co., Ltd.		4,900		94,773
Toei Animation Co., Ltd.		2,300		107,711
				306,862
Netherlands \| 5.1%
ASML Holding NV		362		96,205
Wolters Kluwer NV		1,008		71,669
				167,874
Norway \| 1.9%
Gjensidige Forsikring ASA		3,594		61,499

Description	Shares		Fair Value
South Africa \| 2.7%
Clicks Group, Ltd.		6,075	$	87,366
South Korea \| 2.1%
LG Household & Health Care, Ltd.		75		68,609
Spain \| 1.5%
Industria de Diseno Textil SA		1,878		48,756
Sweden \| 5.9%
Assa Abloy AB, Class B		4,712		89,080
Avanza Bank Holding AB		5,753		48,007
Hexagon AB, B Shares		1,288		54,938
				192,025
Switzerland \| 5.0%
Geberit AG		158		69,700
Partners Group Holding AG		136		94,068
				163,768
Taiwan \| 3.3%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,269		108,435
United Kingdom \| 15.2%
Bunzl PLC		2,394		48,270
Compass Group PLC		3,323		51,921
Dechra Pharmaceuticals PLC		1,199		34,915
Diageo PLC		2,870		91,922
Intertek Group PLC		1,084		63,359
London Stock Exchange Group PLC		1,057		95,237
Prudential PLC		2,208		28,185
RELX PLC		3,853		82,919
				496,728
United States \| 5.4%
Aon PLC		639		105,460
QIAGEN NV (*)		1,746		70,857
				176,317
Total Common Stocks (Cost $3,052,492)				3,187,814
Short-Term Investments \| 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $98,278)		98,278		98,278
Total Investments \| 100.7% (Cost $3,150,770)			$	3,286,092
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(21,302	)
Net Assets \| 100.0%			$	3,264,790

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 98.1%
Australia \| 3.0%
Bravura Solutions, Ltd.		244,211	$	574,825
carsales.com, Ltd.		40,396		300,324
Domino’s Pizza Enterprises, Ltd.		9,328		291,123
				1,166,272
Austria \| 1.1%
BAWAG Group AG		14,757		414,627
Belgium \| 5.3%
Barco NV		3,232		499,273
Fagron		29,740		587,511
Kinepolis Group NV		12,983		472,457
Shurgard Self Storage SA		17,683		525,587
				2,084,828
Canada \| 3.3%
Altus Group, Ltd.		12,704		329,493
Stelco Holdings, Inc.		59,094		174,263
The Descartes Systems Group, Inc. (*)		12,536		431,228
WPT Industrial Real Estate Investment Trust		40,282		370,192
				1,305,176
Denmark \| 2.5%
Netcompany Group AS (*)		7,877		366,876
Royal Unibrew A/S		8,422		608,546
				975,422
Finland \| 2.9%
Altia Oyj		65,457		540,934
Kojamo Oyj		32,257		613,016
				1,153,950
France \| 1.6%
Chargeurs SA		24,925		253,026
Kaufman & Broad SA		12,789		396,740
				649,766
Germany \| 12.6%
Aroundtown SA		113,373		568,162
CompuGroup Medical SE		8,016		493,253
Dermapharm Holding SE		19,163		801,063
Flatex AG (*)		26,685		816,666
JOST Werke AG		18,153		439,988
LEG Immobilien AG		5,401		610,247
PATRIZIA AG		24,500		568,188
Teamviewer AG (*)		16,848		674,171
				4,971,738
Greece \| 0.8%
JUMBO SA		22,738		310,578

Description	Shares		Fair Value
India \| 0.3%
Jubilant Life Sciences, Ltd.		42,084	$	137,105
Ireland \| 0.9%
Dalata Hotel Group PLC		97,522		264,545
Glenveagh Properties PLC (*)		98,439		52,445
Total Produce PLC		23,979		22,466
				339,456
Israel \| 1.0%
Israel Discount Bank, Ltd., Class A		127,317		377,090
Italy \| 3.5%
Banca Generali SpA		21,785		456,989
Cerved Group SpA		65,950		392,721
Italgas SpA		97,692		535,493
				1,385,203
Japan \| 27.4%
Ariake Japan Co., Ltd.		8,700		546,741
ARTERIA Networks Corp.		60,600		1,029,501
Curves Holdings Co., Ltd. (*)		50,300		239,980
Daiseki Co., Ltd.		21,200		450,740
Digital Garage, Inc.		17,500		558,361
Financial Products Group Co., Ltd.		80,937		408,306
GMO internet, Inc.		33,600		565,144
Industrial & Infrastructure Fund Investment Corp. REIT		450		609,080
Jafco Co., Ltd. (*)		19,200		500,475
Japan Lifeline Co., Ltd.		48,200		607,232
KOMEDA Holdings Co., Ltd.		33,200		511,845
Nippon Shinyaku Co., Ltd.		6,300		495,006
Open House Co., Ltd.		25,100		516,267
Sanwa Holdings Corp.		58,900		459,614
TechnoPro Holdings, Inc.		11,345		526,870
Trend Micro, Inc.		8,000		395,152
Trusco Nakayama Corp.		22,700		492,319
Tsuruha Holdings, Inc.		6,000		793,319
USS Co., Ltd.		37,600		517,911
Zenkoku Hosho Co., Ltd.		18,242		572,894
				10,796,757
Jersey \| 2.3%
JTC PLC		166,526		902,016
Luxembourg \| 0.9%
Stabilus SA		10,178		368,732
Netherlands \| 4.5%
Aalberts NV		14,486		343,949
Arcadis NV		19,578		311,744
ASM International NV		7,312		731,609

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Van Lanschot Kempen NV		32,237	$	396,634
				1,783,936
New Zealand \| 0.9%
Freightways, Ltd.		103,468		337,063
Norway \| 0.4%
TGS NOPEC Geophysical Co. ASA		15,684		175,999
Singapore \| 0.9%
XP Power, Ltd.		10,573		342,321
Spain \| 1.0%
Merlin Properties Socimi SA REIT		51,527		389,405
Sweden \| 5.8%
Granges AB		53,516		265,354
Karnov Group AB (*)		190,665		996,394
Lifco AB, B Shares		6,353		233,535
Lindab International AB		48,468		375,612
Stillfront Group AB (*)		9,405		419,291
				2,290,186
Switzerland \| 1.5%
Kardex AG		4,244		592,999
United Kingdom \| 13.7%
Ascential PLC		130,304		398,317
Auto Trader Group PLC		95,025		516,427
Bellway PLC		14,003		373,524
Clinigen Group PLC (*)		19,454		130,286
Electrocomponents PLC		70,545		450,413
GB Group PLC		43,049		310,657
Hunting PLC		107,915		233,290
Pennon Group PLC		56,257		762,415
Polypipe Group PLC		94,255		537,127
Rentokil Initial PLC		76,078		365,144
Rightmove PLC		63,159		380,914
Secure Income REIT PLC		84,967		338,116
Smart Metering Systems PLC		70,112		577,857
				5,374,487
Total Common Stocks (Cost $45,369,949)				38,625,112
Short-Term Investments \| 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $335,224)		335,224		335,224

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 93.7%
Canada \| 6.3%
CAE, Inc.		6,502,591	$	82,200,735
National Bank of Canada		2,262,601		87,446,080
Suncor Energy, Inc.		3,577,641		57,097,859
TMX Group, Ltd.		925,063		68,868,649
				295,613,323
China \| 3.3%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		170,064		33,074,047
Ping An Bank Co., Ltd., Class A		22,256,847		40,348,123
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,959,963		48,519,139
Tencent Holdings, Ltd.		680,840		33,198,829
				155,140,138
Denmark \| 3.3%
Carlsberg A/S, Class B		640,177		72,670,416
Genmab A/S (*)		389,177		78,994,318
				151,664,734
Finland \| 1.7%
Sampo Oyj, A Shares		2,651,864		77,566,074
France \| 10.8%
Engie SA		10,202,150		105,532,433
Safran SA		807,885		71,009,853
Sanofi		2,067,890		182,058,623
Vivendi SA		6,685,153		143,440,863
				502,041,772
Germany \| 6.9%
Beiersdorf AG		1,016,500		103,432,343
Infineon Technologies AG		2,035,198		30,484,482
SAP SE		915,661		105,166,512
Vonovia SE		1,647,132		81,189,154
				320,272,491
Hong Kong \| 2.3%
AIA Group, Ltd.		8,636,263		77,694,425
ESR Cayman, Ltd. (*)		13,454,800		28,934,878
				106,629,303
India \| 0.9%
Housing Development Finance Corp., Ltd.		1,922,842		41,067,197
Ireland \| 1.6%
Ryanair Holdings PLC Sponsored ADR (*)		1,431,236		75,984,319
Israel \| 1.6%
Bank Leumi Le-Israel BM		13,499,993		74,643,308

Description	Shares		Fair Value
Italy \| 2.4%
Enel SpA		16,057,893	$	111,769,666
Japan \| 12.8%
AEON Financial Service Co., Ltd.		3,625,875		38,784,311
en-japan, Inc.		613,797		11,463,113
FANUC Corp.		170,900		23,175,440
Kao Corp.		1,351,253		110,639,359
Makita Corp.		3,318,091		101,739,768
Nexon Co., Ltd.		4,474,235		73,183,699
Nintendo Co., Ltd.		394,450		152,136,934
Suzuki Motor Corp.		1,512,072		36,180,694
Yamaha Corp.		1,197,772		46,691,123
				593,994,441
Mexico \| 0.9%
Arca Continental SAB de CV		10,661,500		42,969,586
Netherlands \| 0.6%
ASML Holding NV		97,316		25,862,741
Norway \| 1.1%
Equinor ASA		4,073,369		51,311,027
Philippines \| 0.4%
GT Capital Holdings, Inc.		2,540,565		20,166,223
Portugal \| 0.1%
Energias de Portugal SA		738,600		2,967,872
Singapore \| 1.3%
DBS Group Holdings, Ltd.		4,711,833		61,608,011
Spain \| 1.1%
Siemens Gamesa Renewable Energy SA		3,565,120		53,642,580
Sweden \| 0.7%
Hexagon AB, B Shares		781,611		33,338,494
Switzerland \| 9.7%
ABB, Ltd.		6,370,371		112,007,371
Alcon, Inc. (*)		1,116,123		56,958,017
Julius Baer Group, Ltd.		1,970,501		67,274,892
Novartis AG		1,925,425		159,126,826
Partners Group Holding AG		78,306		54,162,729
				449,529,835
United Kingdom \| 16.3%
Coca-Cola European Partners PLC		2,200,744		83,866,630
Compass Group PLC		2,601,419		40,646,164
Diageo PLC		3,436,284		110,059,632
Informa PLC		10,225,447		56,710,456
Linde PLC (*)		186,046		33,570,959
Prudential PLC		7,821,196		99,837,826
RELX PLC		4,822,718		103,385,214
Rentokil Initial PLC		1,087,158		5,217,924

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Rio Tinto PLC		2,699,434	$	123,911,447
Tesco PLC		35,816,878		101,424,892
				758,631,144
United States \| 7.6%
Accenture PLC, Class A		457,430		74,680,022
Aon PLC		858,840		141,742,954
Medtronic PLC		1,509,323		136,110,748
				352,533,724
Total Common Stocks (Cost $4,690,763,063)				4,358,948,003
Preferred Stocks \| 2.4%
Germany \| 2.4%
Volkswagen AG (Cost $175,899,856)		952,605		113,497,362
Short-Term Investments \| 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $138,205,012)		138,205,012		138,205,012
Total Investments \| 99.1% (Cost $5,004,867,931)			$	4,610,650,377
Cash and Other Assets in Excess of Liabilities \| 0.9%				41,882,898
Net Assets \| 100.0%			$	4,652,533,275

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 96.3%
Australia \| 4.4%
AGL Energy, Ltd.		19,934	$	213,475
BHP Group, Ltd.		3,136		57,012
Cochlear, Ltd.		479		55,030
CSL, Ltd.		1,557		282,444
Evolution Mining, Ltd.		29,706		68,898
Fortescue Metals Group, Ltd.		13,651		83,377
JB Hi-Fi, Ltd.		5,407		95,200
Northern Star Resources, Ltd.		9,400		60,191
Regis Resources, Ltd.		27,866		62,303
Sandfire Resources Ltd.		20,298		40,952
Saracen Mineral Holdings, Ltd. (*)		48,007		108,132
Woolworths Group, Ltd.		4,409		96,337
				1,223,351
Belgium \| 0.7%
Proximus SADP		5,512		126,491
Warehouses De Pauw CVA		2,663		76,568
				203,059
Canada \| 11.6%
Alimentation Couche-Tard, Inc., Class B		7,180		169,130
Atco, Ltd., Class I		4,064		112,537
Bank of Montreal		2,867		144,766
BRP, Inc.		1,971		32,157
Canadian Pacific Railway, Ltd.		374		82,531
Canadian Utilities, Ltd., Class A		6,640		158,722
Capital Power Corp.		6,744		130,107
Centerra Gold, Inc. (*)		13,259		78,859
CGI, Inc. (*)		1,989		107,683
CI Financial Corp.		8,476		84,140
Cogeco Communications, Inc.		3,066		207,995
Colliers International Group, Inc.		1,098		52,524
Constellation Software, Inc.		111		100,882
Empire Co., Ltd., Class A		5,569		108,942
Fairfax Financial Holdings, Ltd.		226		69,284
Fortis, Inc.		11,785		454,467
Granite Real Estate Investment Trust		2,381		98,350
H&R Real Estate Investment Trust		8,487		53,854
iA Financial Corp., Inc.		2,458		77,270
Kirkland Lake Gold, Ltd.		3,243		95,518
Magna International, Inc.		1,552		49,528
Northland Power, Inc.		12,643		252,357
Power Corp. of Canada		4,046		65,090
Quebecor, Inc., Class B		3,961		87,562

Description	Shares		Fair Value
Rogers Communications, Inc., Class B		9,129	$	381,040
				3,255,295
Denmark \| 1.5%
Coloplast A/S, Class B		1,409		205,001
Novo Nordisk A/S, Class B		3,743		225,783
				430,784
France \| 0.3%
Orange SA		7,583		94,016
Germany \| 1.2%
Allianz SE		707		121,874
Muenchener Rueckversicherungs AG		617		124,723
Rational AG		147		78,768
				325,365
Hong Kong \| 0.3%
Jardine Matheson Holdings, Ltd.		1,400		70,029
Israel \| 0.2%
Israel Discount Bank, Ltd., Class A		17,866		52,916
Italy \| 0.5%
Poste Italiane SpA		15,842		134,195
Japan \| 14.2%
Alfresa Holdings Corp.		3,600		67,150
Azbil Corp.		2,800		72,743
Chubu Electric Power Co., Inc.		5,900		83,176
Daito Trust Construction Co., Ltd.		1,200		111,925
Daiwa House Industry Co., Ltd.		6,700		165,938
East Japan Railway Co.		4,100		310,676
Electric Power Development Co., Ltd.		3,700		74,698
Fuji Media Holdings, Inc.		4,700		46,861
Hulic Co., Ltd.		7,700		78,182
Japan Logistics Fund, Inc. REIT		21		46,692
Japan Post Holdings Co., Ltd.		17,000		133,188
Japan Prime Realty Investment Corp. REIT		18		54,059
Japan Real Estate Investment Corp.		7		41,037
Kandenko Co., Ltd.		7,600		60,632
KDDI Corp.		2,800		82,763
LaSalle Logiport REIT		67		90,329
Lawson, Inc.		3,800		209,008
Marui Group Co., Ltd.		3,400		57,074
McDonald’s Holdings Co. Japan, Ltd.		3,900		176,131
MCUBS MidCity Investment Corp. REIT		149		105,365
Mitsubishi Heavy Industries, Ltd.		3,400		85,992
NTT DOCOMO, Inc.		11,300		355,217
Seven & I Holdings Co., Ltd.		8,500		280,690
Shionogi & Co., Ltd.		2,500		123,015
Sumitomo Mitsui Trust Holdings, Inc.		2,300		66,445
Sumitomo Realty & Development Co., Ltd.		2,600		63,370

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Sundrug Co., Ltd.		4,200	$	134,797
The Chiba Bank, Ltd.		18,100		79,181
The Dai-ichi Life Insurance Co., Ltd.		9,000		107,707
The Gunma Bank, Ltd.		22,400		68,021
The Hachijuni Bank, Ltd.		20,000		72,459
The Kansai Electric Power Co., Inc.		7,200		80,313
The Shizuoka Bank, Ltd.		11,600		70,574
Tokio Marine Holdings, Inc.		1,500		68,794
United Arrows, Ltd.		2,700		40,521
West Japan Railway Co.		3,100		212,298
				3,977,021
Netherlands \| 1.0%
Koninklijke Ahold Delhaize NV		6,551		153,315
NN Group NV		2,191		59,176
Royal Dutch Shell PLC, A Shares		3,315		58,012
				270,503
New Zealand \| 0.4%
Fisher & Paykel Healthcare Corp., Ltd., Class C		5,828		105,648
Norway \| 1.0%
Leroy Seafood Group ASA		14,977		73,604
Orkla ASA		8,854		75,768
Salmar ASA		1,750		58,425
Telenor ASA		5,690		83,384
				291,181
Puerto Rico \| 0.2%
EVERTEC, Inc.		2,482		56,416
Singapore \| 0.9%
Ascendas Real Estate Investment Trust		36,000		71,737
City Developments, Ltd.		11,000		55,762
Jardine Cycle & Carriage, Ltd.		4,400		60,941
UOL Group, Ltd.		14,700		67,681
				256,121
Spain \| 0.4%
Corporacion Financiera Alba SA		552		21,100
Iberdrola SA		9,287		91,700
				112,800
Sweden \| 1.1%
Axfood AB		4,688		95,632
Evolution Gaming Group AB		3,046		103,709
Swedish Match AB		1,752		100,218
				299,559

Description	Shares		Fair Value
Switzerland \| 5.7%
Galenica AG		1,458	$	99,631
Helvetia Holding AG		627		54,024
Novartis AG		5,477		452,647
Roche Holding AG		1,992		647,627
SIG Combibloc Group AG		5,671		84,968
Swisscom AG		197		106,204
UBS Group AG		6,644		62,098
Zurich Insurance Group AG		242		85,900
				1,593,099
United Kingdom \| 1.9%
Anglo American PLC		2,640		46,132
Auto Trader Group PLC		14,171		77,014
BT Group PLC		43,168		62,962
Compass Group PLC		4,024		62,873
Dunelm Group PLC		5,903		51,655
Rio Tinto, Ltd.		2,501		132,387
SSP Group PLC		12,016		45,670
Unilever NV		1,183		58,286
				536,979
United States \| 48.8%
3M Co.		903		123,269
AbbVie, Inc.		2,230		169,904
ACI Worldwide, Inc. (*)		2,399		57,936
Akamai Technologies, Inc. (*)		1,211		110,794
Allegion PLC		1,227		112,909
Amdocs, Ltd.		1,129		62,061
American States Water Co.		1,467		119,913
American Tower Corp. REIT		741		161,353
AmerisourceBergen Corp.		933		82,570
Amgen, Inc.		829		168,063
Aon PLC		2,007		331,235
Apple, Inc.		544		138,334
AT&T, Inc.		7,515		219,062
AutoZone, Inc. (*)		79		66,834
Avery Dennison Corp.		689		70,188
Best Buy Co., Inc.		1,485		84,645
Booz Allen Hamilton Holding Corp.		1,129		77,495
BorgWarner, Inc.		2,701		65,823
Bristol-Myers Squibb Co.		4,370		243,584
Burlington Stores, Inc. (*)		621		98,404
Cable One, Inc.		74		121,657
Cadence Design Systems, Inc. (*)		1,941		128,184
Campbell Soup Co.		1,718		79,303
Casey’s General Stores, Inc.		1,115		147,726
Caterpillar, Inc.		1,147		133,098

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
CBRE Group, Inc., Class A (*)		1,387	$	52,304
CDW Corp.		698		65,102
Church & Dwight Co., Inc.		1,453		93,254
Cigna Corp. (*)		820		145,288
Colgate-Palmolive Co.		1,494		99,142
Comcast Corp., Class A		2,076		71,373
Copart, Inc. (*)		979		67,081
Crown Castle International Corp. REIT		709		102,380
Curtiss-Wright Corp.		564		52,119
Eli Lilly & Co.		1,391		192,959
Encore Capital Group, Inc. (*)		2,509		58,660
F5 Networks, Inc. (*)		1,546		164,850
H&R Block, Inc.		3,744		52,716
HCA Healthcare, Inc.		1,149		103,238
Intuit, Inc.		683		157,090
IQVIA Holdings, Inc. (*)		530		57,166
Johnson & Johnson		3,789		496,852
Kimberly-Clark Corp.		3,284		419,925
Lamb Weston Holdings, Inc.		903		51,561
Life Storage, Inc. REIT		1,240		117,242
Lockheed Martin Corp.		1,021		346,068
Lululemon Athletica, Inc. (*)		498		94,396
McGrath RentCorp		1,314		68,827
Mellanox Technologies, Ltd. (*)		840		101,909
Merck & Co., Inc.		4,831		371,697
Morningstar, Inc.		538		62,542
National Fuel Gas Co.		5,863		218,631
National Retail Properties, Inc. REIT		6,009		193,430
NIKE, Inc., Class B		4,393		363,477
Northrop Grumman Corp.		805		243,553
Nuance Communications, Inc. (*)		8,039		134,894
PennyMac Financial Services, Inc.		2,201		48,664
PepsiCo, Inc.		3,109		373,391
Pfizer, Inc.		7,057		230,340
Philip Morris International, Inc.		2,394		174,666
Premier, Inc., Class A (*)		8,090		264,705
Public Service Enterprise Group, Inc.		5,254		235,957
PulteGroup, Inc.		2,145		47,876
Raytheon Co.		353		46,296
Ross Stores, Inc.		1,976		171,853
Ryman Hospitality Properties, Inc. REIT		995		35,671
SEI Investments Co.		1,278		59,223
Sysco Corp.		1,784		81,404
Target Corp.		1,683		156,468
TD Ameritrade Holding Corp.		1,951		67,622
The Clorox Co.		2,531		438,496

Description	Shares		Fair Value
The Coca-Cola Co.		2,517	$	111,377
The Estee Lauder Cos., Inc., Class A		1,245		198,378
The Hershey Co.		3,605		477,662
The Procter & Gamble Co.		4,584		504,240
The TJX Cos., Inc.		8,885		424,792
UniFirst Corp.		602		90,956
UnitedHealth Group, Inc.		833		207,734
Verizon Communications, Inc.		8,532		458,424
Vistra Energy Corp.		3,636		58,031
Vulcan Materials Co.		593		64,085
Walmart, Inc.		2,976		338,133
Waste Management, Inc.		933		86,358
WW Grainger, Inc.		437		108,594
Zoetis, Inc.		823		96,859
				13,652,325
Total Common Stocks (Cost $30,608,804)				26,940,662
Short-Term Investments \| 3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $939,242)		939,242		939,242
Total Investments \| 99.7% (Cost $31,548,046)			$	27,879,904
Cash and Other Assets in Excess of Liabilities \| 0.3%				70,869
Net Assets \| 100.0%			$	27,950,773

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 96.1%
Auto Components \| 0.4%
Aptiv PLC		131,106	$	6,455,659
Building Products \| 5.0%
Armstrong World Industries, Inc.		953,658		75,739,518
Capital Markets \| 9.6%
Intercontinental Exchange, Inc.		886,001		71,544,580
S&P Global, Inc.		300,876		73,729,664
				145,274,244
Commercial Services & Supplies \| 1.8%
Waste Management, Inc.		299,976		27,765,779
Communications Equipment \| 3.9%
Motorola Solutions, Inc.		441,461		58,678,996
Construction Materials \| 4.9%
Vulcan Materials Co.		695,339		75,145,286
Electronic Equipment, Instruments & Components \| 1.6%
Zebra Technologies Corp., Class A (*)		131,000		24,051,600
Entertainment \| 1.3%
Electronic Arts, Inc. (*)		193,787		19,411,644
Equity Real Estate Investment Trusts (REITs) \| 8.0%
Crown Castle International Corp. REIT		355,807		51,378,531
Public Storage		351,519		69,815,188
				121,193,719
Health Care Equipment & Supplies \| 16.2%
Baxter International, Inc.		1,099,362		89,257,201
Medtronic PLC		1,736,165		156,567,359
				245,824,560
Hotels, Restaurants & Leisure \| 6.9%
McDonald’s Corp.		449,745		74,365,336
Starbucks Corp.		468,500		30,799,190
				105,164,526
Interactive Media & Services \| 7.9%
Alphabet, Inc., Class A (*)		103,484		120,243,234
IT Services \| 10.3%
Fiserv, Inc. (*)		1,310,540		124,488,195
Visa, Inc., Class A		200,401		32,288,609
				156,776,804
Leisure Products \| 1.5%
Brunswick Corp.		630,510		22,301,139
Road & Rail \| 3.4%
Norfolk Southern Corp.		357,366		52,175,436
Semiconductors & Semiconductor Equipment \| 10.0%
Analog Devices, Inc.		907,463		81,354,058

Description	Shares		Fair Value
Skyworks Solutions, Inc.		793,589	$	70,930,985
				152,285,043
Specialty Retail \| 3.4%
Lowe’s Cos., Inc.		598,654		51,514,177
Total Common Stocks (Cost $1,377,957,141)				1,460,001,364
Short-Term Investments \| 3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $50,111,183)		50,111,183		50,111,183
Total Investments \| 99.4% (Cost $1,428,068,324)			$	1,510,112,547
Cash and Other Assets in Excess of Liabilities \| 0.6%				8,959,564
Net Assets \| 100.0%			$	1,519,072,111

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks \| 98.4%
Auto Components \| 1.0%
Aptiv PLC		7,113	$	350,244
Banks \| 5.6%
Bank of America Corp.		34,656		735,747
Commerce Bancshares, Inc.		11,072		557,475
The PNC Financial Services Group, Inc.		7,535		721,250
				2,014,472
Beverages \| 4.5%
The Coca-Cola Co.		36,518		1,615,922
Capital Markets \| 5.0%
Intercontinental Exchange, Inc.		22,296		1,800,402
Communications Equipment \| 3.5%
Cisco Systems, Inc.		32,140		1,263,423
Entertainment \| 1.5%
Electronic Arts, Inc. (*)		5,440		544,925
Health Care Equipment & Supplies \| 10.0%
Danaher Corp.		12,968		1,794,901
Medtronic PLC		19,960		1,799,993
				3,594,894
Hotels, Restaurants & Leisure \| 6.4%
McDonald’s Corp.		11,141		1,842,164
Starbucks Corp.		6,790		446,375
				2,288,539
Household Products \| 4.7%
The Procter & Gamble Co.		15,218		1,673,980
Industrial Conglomerates \| 4.2%
Honeywell International, Inc.		11,356		1,519,319
Insurance \| 3.4%
Aon PLC		7,267		1,199,346
Interactive Media & Services \| 6.7%
Alphabet, Inc., Class A (*)		2,075		2,411,046
IT Services \| 4.6%
Visa, Inc., Class A		10,179		1,640,040
Life Sciences Tools & Services \| 1.4%
IQVIA Holdings, Inc. (*)		4,640		500,470
Oil, Gas & Consumable Fuels \| 1.5%
ConocoPhillips		17,072		525,818
Pharmaceuticals \| 6.9%
Johnson & Johnson		18,838		2,470,227
Road & Rail \| 4.3%
Norfolk Southern Corp.		10,447		1,525,262

Description	Shares		Fair Value
Semiconductors & Semiconductor Equipment \| 5.2%
Analog Devices, Inc.		17,569	$	1,575,061
Skyworks Solutions, Inc.		2,998		267,961
				1,843,022
Software \| 6.0%
Microsoft Corp.		13,700		2,160,627
Specialty Retail \| 7.2%
Lowe’s Cos., Inc.		16,754		1,441,682
Ross Stores, Inc.		13,199		1,147,917
				2,589,599
Technology Hardware, Storage & Peripherals \| 4.8%
Apple, Inc.		6,824		1,735,275
Total Common Stocks (Cost $31,226,932)				35,266,852
Short-Term Investments \| 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $590,301)		590,301		590,301
Total Investments \| 100.0% (Cost $31,817,233)			$	35,857,153
Liabilities in Excess of Cash and Other Assets \| 0.0%				(16,616	)
Net Assets \| 100.0%			$	35,840,537

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks \| 2.3%
Hotels, Restaurants & Leisure \| 2.3%
Hilton Worldwide Holdings, Inc. (Cost $689,813)		10,359	$	706,898
Real Estate Investment Trusts \| 97.5%
Alexandria Real Estate Equities, Inc.		11,092		1,520,270
American Homes 4 Rent, Class A		36,694		851,301
American Tower Corp.		4,087		889,944
Americold Realty Trust		22,694		772,504
Apartment Investment & Management Co., Class A		18,282		642,612
AvalonBay Communities, Inc.		7,397		1,088,616
Boston Properties, Inc.		10,601		977,730
Brixmor Property Group, Inc.		42,015		399,143
Crown Castle International Corp.		1,975		285,190
Equinix, Inc.		4,582		2,861,780
Equity LifeStyle Properties, Inc.		25,772		1,481,375
Essex Property Trust, Inc.		7,119		1,567,889
Extra Space Storage, Inc.		9,562		915,657
Federal Realty Investment Trust		12,811		955,829
Healthpeak Properties, Inc.		66,800		1,593,180
Hudson Pacific Properties, Inc.		13,336		338,201
Invitation Homes, Inc.		25,995		555,513
iStar, Inc.		196,988		2,090,043
Pebblebrook Hotel Trust		66,071		719,513
Physicians Realty Trust		61,159		852,556
Prologis, Inc.		38,668		3,107,747
Public Storage		7,251		1,440,121
Simon Property Group, Inc.		19,455		1,067,301
Sun Communities, Inc.		5,419		676,562
Sunstone Hotel Investors, Inc.		58,604		510,441
VICI Properties, Inc.		40,485		673,670
Vornado Realty Trust		23,717		858,793
Weyerhaeuser Co.		33,612		569,723
Total Real Estate Investment Trusts (Cost $31,950,397)				30,263,204
Short-Term Investments \| 0.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $91,038)		91,038		91,038
Total Investments \| 100.1% (Cost $32,731,248)			$	31,061,140
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(35,358	)
Net Assets \| 100.0%			$	31,025,782

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 94.3%
Aerospace & Defense \| 1.5%
Curtiss-Wright Corp.		14,211	$	1,313,239
Air Freight & Logistics \| 1.3%
Echo Global Logistics, Inc. (*)		66,813		1,141,166
Airlines \| 0.8%
Alaska Air Group, Inc.		25,515		726,412
Banks \| 6.5%
Citizens Financial Group, Inc.		48,100		904,761
Comerica, Inc.		22,100		648,414
Commerce Bancshares, Inc.		20,246		1,019,386
Home BancShares, Inc.		88,920		1,066,151
PacWest Bancorp		55,461		993,861
TCF Financial Corp.		45,575		1,032,730
				5,665,303
Biotechnology \| 2.7%
Emergent Biosolutions, Inc. (*)		19,580		1,132,899
Exelixis, Inc. (*)		70,850		1,220,037
				2,352,936
Building Products \| 2.3%
Armstrong World Industries, Inc.		16,430		1,304,870
PGT Innovations, Inc. (*)		83,020		696,538
				2,001,408
Capital Markets \| 2.8%
E*TRADE Financial Corp.		22,545		773,744
Morningstar, Inc.		13,955		1,622,269
				2,396,013
Chemicals \| 1.9%
Ingevity Corp. (*)		18,065		635,888
Innospec, Inc.		14,455		1,004,478
				1,640,366
Communications Equipment \| 3.7%
Ciena Corp. (*)		44,205		1,759,801
F5 Networks, Inc. (*)		13,330		1,421,378
				3,181,179
Construction & Engineering \| 2.5%
Comfort Systems USA, Inc.		24,435		893,099
Valmont Industries, Inc.		12,315		1,305,144
				2,198,243
Construction Materials \| 1.4%
Eagle Materials, Inc.		20,305		1,186,218
Consumer Finance \| 0.4%
Discover Financial Services		10,841		386,698

Description	Shares		Fair Value
Containers & Packaging \| 2.4%
Avery Dennison Corp.		7,130	$	726,333
Graphic Packaging Holding Co.		111,555		1,360,971
				2,087,304
Electric Utilities \| 1.6%
PNM Resources, Inc.		37,805		1,436,590
Electrical Equipment \| 2.0%
Atkore International Group, Inc. (*)		40,460		852,492
EnerSys		17,255		854,468
				1,706,960
Electronic Equipment, Instruments & Components \| 1.2%
Zebra Technologies Corp., Class A (*)		5,530		1,015,308
Energy Equipment & Services \| 0.5%
Cactus, Inc., Class A		37,240		431,984
Entertainment \| 1.9%
Take-Two Interactive Software, Inc. (*)		9,130		1,082,909
The Marcus Corp.		44,775		551,628
				1,634,537
Equity Real Estate Investment Trusts (REITs) \| 12.2%
Alexandria Real Estate Equities, Inc.		13,025		1,785,207
American Campus Communities, Inc.		37,600		1,043,400
Camden Property Trust REIT		22,455		1,779,334
Healthcare Realty Trust, Inc.		61,765		1,725,096
Hudson Pacific Properties, Inc.		37,748		957,289
Kilroy Realty Corp.		18,735		1,193,420
PS Business Parks, Inc. REIT		15,885		2,152,735
				10,636,481
Food & Staples Retailing \| 1.4%
Casey’s General Stores, Inc.		9,150		1,212,283
Food Products \| 1.3%
The Simply Good Foods Co. (*)		57,225		1,102,154
Health Care Equipment & Supplies \| 2.0%
STERIS PLC		12,290		1,720,231
Health Care Providers & Services \| 2.5%
Henry Schein, Inc. (*)		19,945		1,007,622
Laboratory Corp. of America Holdings (*)		9,470		1,196,913
				2,204,535
Hotels, Restaurants & Leisure \| 0.5%
Wyndham Hotels & Resorts, Inc.		14,900		469,499
Household Durables \| 1.8%
Helen of Troy, Ltd. (*)		7,125		1,026,214
Leggett & Platt, Inc.		21,665		578,022
				1,604,236

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Industrial Conglomerates \| 1.3%
Carlisle Cos., Inc.		8,725	$	1,093,068
Insurance \| 4.9%
Arch Capital Group, Ltd. (*)		45,235		1,287,388
Brown & Brown, Inc.		40,695		1,473,973
Reinsurance Group of America, Inc.		17,720		1,490,961
				4,252,322
Interactive Media & Services \| 0.3%
Cars.com, Inc. (*)		67,200		288,960
IT Services \| 2.8%
Leidos Holdings, Inc.		18,080		1,657,032
NIC, Inc.		34,900		802,700
				2,459,732
Leisure Products \| 1.2%
Brunswick Corp.		29,695		1,050,312
Life Sciences Tools & Services \| 3.6%
Adaptive Biotechnologies Corp. (*)		35,825		995,219
Charles River Laboratories International, Inc. (*)		9,405		1,187,005
ICON PLC (*)		6,800		924,800
				3,107,024
Machinery \| 2.9%
Altra Industrial Motion Corp.		27,550		481,850
Ingersoll Rand, Inc. (*)		29,915		741,892
TriMas Corp. (*)		55,635		1,285,168
				2,508,910
Pharmaceuticals \| 1.7%
Catalent, Inc. (*)		28,855		1,499,017
Professional Services \| 1.3%
FTI Consulting, Inc. (*)		9,610		1,150,990
Semiconductors & Semiconductor Equipment \| 3.7%
Cabot Microelectronics Corp.		10,235		1,168,223
Maxim Integrated Products, Inc.		24,060		1,169,557
MKS Instruments, Inc.		11,190		911,425
				3,249,205
Software \| 6.0%
j2 Global, Inc.		19,620		1,468,557
PTC, Inc. (*)		14,160		866,734
RealPage, Inc. (*)		30,145		1,595,575
SolarWinds Corp. (*)		80,160		1,256,107
				5,186,973
Specialty Retail \| 2.0%
Floor & Decor Holdings, Inc., Class A (*)		36,248		1,163,198

Description	Shares		Fair Value
The Children’s Place, Inc.		30,350	$	593,646
				1,756,844
Textiles, Apparel & Luxury Goods \| 1.5%
Carter’s, Inc.		13,280		872,894
Tapestry, Inc.		31,470		407,537
				1,280,431
Trading Companies & Distributors \| 1.0%
Air Lease Corp.		37,895		838,995
Water Utilities \| 1.0%
California Water Service Group		16,765		843,615
Total Common Stocks (Cost $96,200,382)				82,017,681
Total Investments \| 94.3% (Cost $96,200,382)			$	82,017,681
Cash and Other Assets in Excess of Liabilities \| 5.7%				4,994,330
Net Assets \| 100.0%			$	87,012,011

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 5.3%
Chile \| 0.5%
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#)	USD		200	$	193,170
Colombia \| 0.7%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		375		277,500
Guatemala \| 0.7%
Comcel Trust, 6.875%, 02/06/24	USD		320		306,100
Kazakhstan \| 0.5%
KazMunayGas National Co. JSC, 5.750%, 04/19/47	USD		210		209,377
Mexico \| 1.4%
Petroleos Mexicanos:
5.375%, 03/13/22	USD		70		59,570
4.500%, 01/23/26	USD		185		134,301
5.350%, 02/12/28	USD		250		173,750
6.950%, 01/28/60 (#)	USD		320		212,000
					579,621
Peru \| 0.7%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		960		290,293
Zambia \| 0.8%
First Quantum Minerals, Ltd., 7.250%, 05/15/22 (#)	USD		400		356,000
Total Corporate Bonds (Cost $2,632,666)					2,212,061
Foreign Government Obligations \| 92.1%
Angola \| 0.1%
Republic of Angola, 9.500%, 11/12/25	USD		102		40,290
Argentina \| 2.1%
Republic of Argentina:
6.875%, 04/22/21	USD		100		29,625
5.625%, 01/26/22	USD		212		64,130
4.625%, 01/11/23	USD		310		90,772
7.500%, 04/22/26	USD		335		95,056
6.875%, 01/26/27	USD		285		83,362
5.875%, 01/11/28	USD		335		93,800
6.625%, 07/06/28	USD		275		75,969
8.280%, 12/31/33	USD		358		125,802
7.125%, 07/06/36	USD		220		57,613
7.625%, 04/22/46	USD		185		49,488
6.875%, 01/11/48	USD		280		74,462
7.125%, 06/28/2117	USD		175		47,414
					887,493

Description	Security Currency	Principal Amount (000)		Fair Value
Barbados \| 0.1%
Barbados Government International Bonds, 6.500%, 10/01/29 (#)	USD		50	$	48,750
Belarus \| 0.5%
Republic of Belarus, 7.625%, 06/29/27	USD		225		223,102
Belize \| 0.1%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD		55		30,319
Brazil \| 3.8%
Brazil NTN-B, 6.000%, 08/15/50	BRL		125		98,768
Brazil NTN-F:
10.000%, 01/01/25	BRL		1,940		421,435
10.000%, 01/01/27	BRL		1,575		343,625
10.000%, 01/01/31	BRL		480		105,137
Federal Republic of Brazil:
4.250%, 01/07/25	USD		95		100,106
6.000%, 04/07/26	USD		80		90,700
4.625%, 01/13/28	USD		140		149,100
4.500%, 05/30/29	USD		110		113,266
5.000%, 01/27/45	USD		25		23,789
5.625%, 02/21/47	USD		130		133,616
					1,579,542
Chile \| 2.2%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		185,000		236,012
4.700%, 09/01/30	CLP		100,000		127,216
6.000%, 01/01/43	CLP		55,000		81,651
5.100%, 07/15/50	CLP		85,000		112,682
Republic of Chile:
3.240%, 02/06/28	USD		15		15,849
2.550%, 01/27/32	USD		215		214,530
3.500%, 01/25/50	USD		145		150,800
					938,740
China \| 0.8%
China Development Bank, 3.500%, 08/13/26	CNY		2,390		344,928
Colombia \| 3.8%
Colombian Titulos De Tesoreria:
10.000%, 07/24/24	COP		1,125,000		317,504
6.250%, 11/26/25	COP		1,061,000		252,566
7.500%, 08/26/26	COP		1,122,000		279,953
6.000%, 04/28/28	COP		289,800		67,053
7.000%, 06/30/32	COP		737,000		177,787
Republic of Colombia:
4.500%, 01/28/26	USD		140		142,231
3.875%, 04/25/27	USD		335		329,870

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
5.000%, 06/15/45	USD		45	$	46,083
					1,613,047
Costa Rica \| 1.3%
Republic of Costa Rica:
9.200%, 02/23/22	USD		70		73,030
5.520%, 08/23/23	USD		480		468,840
					541,870
Czech Republic \| 1.7%
Czech Republic:
3.750%, 09/12/20	CZK		3,590		145,799
2.500%, 08/25/28	CZK		3,020		132,702
4.200%, 12/04/36	CZK		8,120		448,817
					727,318
Dominican Republic \| 2.0%
Dominican Republic:
8.900%, 02/15/23	DOP		5,850		98,796
5.500%, 01/27/25	USD		40		38,300
6.875%, 01/29/26	USD		80		79,375
5.950%, 01/25/27	USD		90		84,262
11.375%, 07/06/29	DOP		1,200		21,524
10.750%, 11/08/29	DOP		11,500		189,608
4.500%, 01/30/30	USD		35		30,012
6.850%, 01/27/45	USD		60		53,944
6.400%, 06/05/49	USD		270		233,128
					828,949
Ecuador \| 0.5%
Republic of Ecuador:
7.950%, 06/20/24	USD		230		67,275
9.650%, 12/13/26	USD		210		55,650
8.875%, 10/23/27	USD		265		69,562
					192,487
Egypt \| 2.0%
Arab Republic of Egypt:
6.125%, 01/31/22	USD		285		273,333
5.577%, 02/21/23	USD		200		185,125
4.550%, 11/20/23 (#)	USD		100		87,750
6.200%, 03/01/24 (#)	USD		190		175,275
8.500%, 01/31/47 (#)	USD		135		109,687
					831,170
El Salvador \| 0.7%
Republic of El Salvador:
5.875%, 01/30/25	USD		31		26,951
8.625%, 02/28/29	USD		80		75,700
7.650%, 06/15/35	USD		65		55,494
7.625%, 02/01/41	USD		80		66,000
7.125%, 01/20/50	USD		75		57,867
					282,012

Description	Security Currency	Principal Amount (000)		Fair Value
Gabon \| 0.4%
Gabonese Republic, 6.375%, 12/12/24	USD		220	$	150,769
Ghana \| 0.4%
Republic of Ghana, 8.627%, 06/16/49	USD		255		176,588
Guatemala \| 0.1%
Republic of Guatemala, 4.500%, 05/03/26	USD		65		61,973
Honduras \| 0.1%
Republic of Honduras, 6.250%, 01/19/27	USD		45		47,475
Hungary \| 2.6%
Hungary, 7.625%, 03/29/41	USD		188		287,311
Hungary Government Bonds:
1.500%, 08/24/22	HUF		84,240		259,312
2.500%, 10/24/24	HUF		173,940		555,749
					1,102,372
Indonesia \| 6.3%
Indonesia Government Bonds:
8.125%, 05/15/24	IDR		2,186,000		137,781
7.000%, 05/15/27	IDR		2,666,000		155,203
9.000%, 03/15/29	IDR		5,679,000		367,168
8.250%, 05/15/29	IDR		5,759,000		358,216
8.750%, 05/15/31	IDR		2,590,000		164,674
7.500%, 08/15/32	IDR		3,513,000		202,358
8.375%, 03/15/34	IDR		1,165,000		71,393
8.250%, 05/15/36	IDR		2,390,000		143,532
8.375%, 04/15/39	IDR		920,000		55,815
Republic of Indonesia:
5.875%, 01/15/24	USD		60		65,306
4.125%, 01/15/25	USD		75		77,039
4.750%, 01/08/26	USD		210		222,337
4.625%, 04/15/43	USD		30		31,847
4.350%, 01/11/48	USD		240		244,500
3.700%, 10/30/49	USD		125		123,671
3.500%, 02/14/50	USD		230		229,698
					2,650,538
Iraq \| 0.6%
Republic of Iraq, 5.800%, 01/15/28	USD		305		231,514
Ivory Coast \| 0.5%
Ivory Coast, 5.750%, 12/31/32 (Ø)	USD		244		218,318
Jamaica \| 0.5%
Government of Jamaica:
6.750%, 04/28/28	USD		60		63,150
8.000%, 03/15/39	USD		95		103,342

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
7.875%, 07/28/45	USD		35	$	36,925
					203,417
Kazakhstan \| 0.5%
Republic of Kazakhstan, 4.875%, 10/14/44	USD		195		220,655
Kenya \| 0.7%
Republic of Kenya, 6.875%, 06/24/24	USD		320		304,800
Kuwait \| 0.5%
Kuwait International Government Bonds, 3.500%, 03/20/27	USD		200		207,437
Lebanon \| 1.8%
Lebanese Republic:
6.375%, 03/09/20 («)	USD		107		19,795
8.250%, 04/12/21 («)	USD		532		98,420
6.100%, 10/04/22 («)	USD		487		90,095
6.000%, 01/27/23 («)	USD		529		97,865
6.650%, 04/22/24 («)	USD		236		43,660
6.250%, 11/04/24 («)	USD		116		21,460
6.200%, 02/26/25 («)	USD		201		36,180
6.600%, 11/27/26 («)	USD		104		18,720
6.850%, 03/23/27 («)	USD		209		37,620
6.750%, 11/29/27 («)	USD		52		9,360
6.650%, 11/03/28 («)	USD		648		116,640
6.650%, 02/26/30 («)	USD		335		60,300
7.000%, 03/23/32 («)	USD		346		62,280
7.050%, 11/02/35 («)	USD		60		10,800
7.250%, 03/23/37 («)	USD		115		20,700
					743,895
Malaysia \| 5.2%
Malaysia Government Bonds:
3.882%, 03/10/22	MYR		2,346		554,487
3.800%, 08/17/23	MYR		760		180,887
3.478%, 06/14/24	MYR		2,581		608,469
3.955%, 09/15/25	MYR		1,980		477,285
4.893%, 06/08/38	MYR		800		205,278
Malaysia Sukuk Global Berhad, 3.179%, 04/27/26	USD		150		157,172
					2,183,578
Mexico \| 5.5%
Mexican Bonos:
10.000%, 12/05/24	MXN		9,977		478,005
5.750%, 03/05/26	MXN		24,390		977,052
8.500%, 05/31/29	MXN		4,400		203,041
10.000%, 11/20/36	MXN		4,270		220,329
7.750%, 11/13/42	MXN		2,790		115,368
United Mexican States:
4.600%, 02/10/48	USD		70		70,420
4.500%, 01/31/50	USD		60		59,670

Description	Security Currency	Principal Amount (000)		Fair Value
5.750%, 10/12/10	USD		192	$	201,120
					2,325,005
Mongolia \| 0.3%
Mongolia International Bonds:
10.875%, 04/06/21	USD		45		44,381
5.125%, 12/05/22	USD		55		49,122
8.750%, 03/09/24 (#)	USD		45		42,436
					135,939
Nigeria \| 0.7%
Republic of Nigeria:
6.375%, 07/12/23	USD		210		173,381
7.875%, 02/16/32	USD		200		139,375
					312,756
Pakistan \| 0.4%
Islamic Republic of Pakistan, 8.250%, 09/30/25	USD		200		172,000
Panama \| 2.6%
Republic of Panama:
4.000%, 09/22/24	USD		70		73,041
3.750%, 03/16/25	USD		75		77,742
7.125%, 01/29/26	USD		55		66,206
4.500%, 05/15/47	USD		110		120,780
4.500%, 04/16/50	USD		175		192,150
4.300%, 04/29/53	USD		55		59,108
4.500%, 04/01/56	USD		340		369,750
3.870%, 07/23/60	USD		135		134,916
					1,093,693
Paraguay \| 0.4%
Republic of Paraguay:
4.625%, 01/25/23	USD		50		51,203
5.000%, 04/15/26	USD		40		40,737
5.600%, 03/13/48	USD		40		40,250
5.400%, 03/30/50	USD		40		37,463
					169,653
Peru \| 4.0%
Banco de Credito del Peru, 4.850%, 10/30/20 (#)	PEN		108		31,633
Republic of Peru:
8.200%, 08/12/26	PEN		2,090		759,284
4.125%, 08/25/27	USD		170		191,516
2.844%, 06/20/30	USD		245		255,948
6.950%, 08/12/31	PEN		160		53,318
6.900%, 08/12/37	PEN		370		123,294
5.350%, 08/12/40	PEN		340		94,953
5.625%, 11/18/50	USD		130		189,800
					1,699,746
Philippines \| 2.1%
Republic of Philippines:
4.200%, 01/21/24	USD		235		248,953
3.625%, 09/09/25	PHP		7,150		132,631

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
3.700%, 02/02/42	USD		445	$	489,639
					871,223
Poland \| 0.7%
Poland Government Bonds, 2.500%, 07/25/27	PLN		1,110		285,079
Qatar \| 2.5%
State of Qatar:
5.103%, 04/23/48	USD		325		394,367
4.817%, 03/14/49	USD		550		648,485
					1,042,852
Romania \| 2.8%
Romanian Government Bonds:
4.250%, 06/28/23	RON		2,295		528,139
4.750%, 02/24/25	RON		600		139,065
4.850%, 04/22/26	RON		860		200,445
5.800%, 07/26/27	RON		1,060		259,852
5.125%, 06/15/48	USD		56		56,560
					1,184,061
Russia \| 6.1%
Russia Government Bonds - OFZ:
7.950%, 10/07/26	RUB		36,400		494,649
7.050%, 01/19/28	RUB		28,820		375,287
7.650%, 04/10/30	RUB		26,400		359,099
8.500%, 09/17/31	RUB		42,210		611,814
Russian Foreign Bond - Eurobond:
5.100%, 03/28/35	USD		200		231,000
5.250%, 06/23/47	USD		400		486,375
					2,558,224
Senegal \| 0.3%
Republic of Senegal, 6.250%, 05/23/33	USD		160		142,800
South Africa \| 5.6%
Republic of South Africa:
4.665%, 01/17/24	USD		60		56,100
10.500%, 12/21/26	ZAR		6,780		389,934
4.850%, 09/30/29	USD		105		85,575
8.000%, 01/31/30	ZAR		10,730		493,688
8.250%, 03/31/32	ZAR		6,910		307,557
8.500%, 01/31/37	ZAR		13,490		574,748
8.750%, 02/28/48	ZAR		5,970		251,395
6.300%, 06/22/48	USD		220		175,450
					2,334,447
South Korea \| 0.8%
Export-Import Bank of Korea:
6.360%, 02/14/23	IDR		3,200,000		189,850
6.650%, 05/15/23	IDR		2,100,000		125,589
					315,439

Description	Security Currency	Principal Amount (000)		Fair Value
Sri Lanka \| 0.8%
Republic of Sri Lanka:
6.250%, 10/04/20	USD		145	$	99,098
5.750%, 01/18/22	USD		60		39,019
5.875%, 07/25/22	USD		85		54,962
6.850%, 11/03/25	USD		80		43,900
6.825%, 07/18/26	USD		25		14,614
6.750%, 04/18/28 (#)	USD		160		87,600
					339,193
Thailand \| 3.6%
Thailand Government Bonds:
3.850%, 12/12/25	THB		8,063		281,371
2.875%, 12/17/28	THB		3,993		135,048
3.650%, 06/20/31	THB		7,670		278,802
3.775%, 06/25/32	THB		10,140		375,139
3.400%, 06/17/36	THB		4,690		172,600
3.300%, 06/17/38	THB		7,160		261,618
					1,504,578
Turkey \| 4.4%
Republic of Turkey:
6.250%, 09/26/22	USD		340		331,287
7.250%, 12/23/23	USD		265		258,955
5.750%, 03/22/24	USD		125		116,758
5.600%, 11/14/24	USD		280		255,500
7.375%, 02/05/25	USD		95		93,694
6.000%, 01/14/41	USD		90		70,312
Turkey Government Bonds:
11.000%, 03/02/22	TRY		990		146,927
7.100%, 03/08/23	TRY		1,500		197,667
8.800%, 09/27/23	TRY		1,080		145,586
10.400%, 03/20/24	TRY		510		71,720
8.000%, 03/12/25	TRY		1,400		173,591
					1,861,997
Ukraine \| 3.4%
Ukraine Government Bonds:
7.750%, 09/01/23	USD		100		93,500
7.750%, 09/01/24	USD		230		212,175
15.840%, 02/26/25	UAH		10,390		310,731
7.750%, 09/01/25	USD		601		543,154
9.750%, 11/01/28	USD		260		253,256
					1,412,816
United Arab Emirates \| 1.2%
Abu Dhabi Government International Bonds, 3.125%, 05/03/26	USD		200		203,688
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		310		286,556
					490,244

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Uruguay \| 1.2%
Republica Orient Uruguay:
4.375%, 01/23/31	USD		120	$	130,237
4.975%, 04/20/55	USD		315		356,147
					486,384
Venezuela \| 0.8%
Republic of Venezuela:
7.750%, 10/13/19 («)	USD		245		22,050
6.000%, 12/09/20 («)	USD		121		10,890
12.750%, 08/23/22 («)	USD		474		42,660
9.000%, 05/07/23 («)	USD		422		37,980
8.250%, 10/13/24 («)	USD		1,038		93,420
7.650%, 04/21/25 («)	USD		112		10,080
9.250%, 09/15/27 («)	USD		622		55,980
9.250%, 05/07/28 («)	USD		57		5,130
11.950%, 08/05/31	USD		52		4,680
9.375%, 01/13/34 («)	USD		460		41,400
7.000%, 03/31/38 («)	USD		58		5,220
					329,490
Total Foreign Government Obligations (Cost $45,335,050)					38,680,965
Quasi Government Bonds \| 1.7%
Mexico \| 0.2%
Petroleos Mexicanos, 4.875%, 01/24/22	USD		105		90,458
South Africa \| 0.4%
Eskom Holdings SOC, Ltd., 5.750%, 01/26/21	USD		197		166,465
Turkey \| 0.2%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		105		102,998
Ukraine \| 0.6%
Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25	USD		250		231,780
Venezuela \| 0.3%
Petroleos de Venezuela SA:
8.500%, 10/27/20 («)	USD		135		21,856
9.000%, 11/17/21 («)	USD		251		15,060
12.750%, 02/17/22 («)	USD		273		16,380
6.000%, 05/16/24	USD		346		20,760
6.000%, 11/15/26 («)	USD		124		7,440
5.375%, 04/12/27 («)	USD		292		17,520
9.750%, 05/17/35 («)	USD		295		17,700
5.500%, 04/12/37 («)	USD		100		6,000
					122,716
Total Quasi Government Bonds (Cost $1,513,824)					714,417

Description	Security Currency	Principal Amount (000)		Fair Value
Supranational Bonds \| 2.0%
African Development Bank, 13.250%, 02/26/21	TRY		2,660	$	403,667
Asian Development Bank, 16.250%, 01/12/21	TRY		1,130		172,919
European Bank for Reconstruction & Development:
12.000%, 02/24/21	TRY		1,130		168,514
7.500%, 05/15/22	IDR		1,223,000		76,103
International Finance Corp., 8.000%, 10/09/23	IDR		200,000		12,711
Total Supranational Bonds (Cost $913,474)					833,914

Description		Shares		Fair Value
Short-Term Investments \| 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,228,487)			1,228,487		1,228,487
Total Investments \| 104.0% (Cost $51,623,501) (»)				$	43,669,844
Liabilities in Excess of Cash and Other Assets \| (4.0)%					(1,684,575	)
Net Assets \| 100.0%				$	41,985,269

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 32.1%
Australia \| 1.0%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		130	$	84,042
Canada \| 2.0%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		130		93,452
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		110		77,111
					170,563
France \| 1.2%
Schneider Electric SE, 2.950%, 09/27/22	USD		100		99,871
Germany \| 1.2%
BMW Finance NV, 0.875%, 08/16/22	GBP		65		76,498
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		25		24,838
					101,336
Netherlands \| 0.6%
BNG Bank NV, 5.000%, 09/16/20	NZD		80		48,623
Switzerland \| 0.7%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		55		57,175
United Kingdom \| 1.3%
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		105,620
United States \| 24.1%
Adobe, Inc., 2.300%, 02/01/30	USD		80		79,972
Amazon.com, Inc., 3.150%, 08/22/27	USD		80		87,623
American Express Co., 3.000%, 10/30/24	USD		90		92,848
Apple, Inc., 3.850%, 05/04/43	USD		115		136,014
Bank of America Corp., 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		90		91,058
Citigroup, Inc., 2.406% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		160		97,539
Constellation Brands, Inc., 4.250%, 05/01/23	USD		65		65,588
DaVita, Inc., 5.125%, 07/15/24	USD		45		44,865

Description	Security Currency	Principal Amount (000)		Fair Value
HCA, Inc., 5.000%, 03/15/24	USD		45	$	46,599
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		125		88,681
Johnson & Johnson, 3.625%, 03/03/37	USD		45		51,586
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		65		67,880
McDonald’s Corp., 3.125%, 03/04/25	CAD		120		85,591
Microsoft Corp., 4.450%, 11/03/45	USD		110		144,633
Morgan Stanley, 3.625%, 01/20/27	USD		45		47,567
PepsiCo, Inc., 2.875%, 10/15/49	USD		125		129,728
Pfizer, Inc., 2.625%, 04/01/30	USD		60		62,960
Sealed Air Corp., 4.875%, 12/01/22	USD		45		45,056
Service Corp. International, 4.625%, 12/15/27	USD		45		45,000
Starbucks Corp., 4.450%, 08/15/49	USD		110		125,711
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		90		92,909
The Home Depot, Inc., 5.875%, 12/16/36	USD		60		81,479
The Procter & Gamble Co., 2.450%, 03/25/25	USD		68		71,286
United Rentals North America, Inc., 4.875%, 01/15/28	USD		45		43,650
Verizon Communications, Inc., 3.875%, 02/08/29	USD		90		100,741
					2,026,564
Total Corporate Bonds (Cost $2,675,419)					2,693,794
Foreign Government Obligations \| 36.2%
Australia \| 0.5%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		64		42,769
Bahamas \| 1.3%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118		108,154
Bermuda \| 2.6%
Government of Bermuda, 3.717%, 01/25/27	USD		200		215,125
Canada \| 3.6%
City of Vancouver, 2.900%, 11/20/25	CAD		90		68,289

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Province of Quebec:
1.650%, 03/03/22	CAD		190	$	137,025
2.500%, 04/20/26	USD		90		97,370
					302,684
Chile \| 1.4%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		90,000		114,817
Colombia \| 0.5%
Republic of Colombia, 9.850%, 06/28/27	COP		148,000		41,500
Czech Republic \| 3.0%
Czech Republic, 2.130% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		6,410		250,862
France \| 2.2%
Government of France, 1.750%, 06/25/39	EUR		139		188,426
Hungary \| 4.1%
Hungary, 6.375%, 03/29/21	USD		90		93,319
Hungary Government Bonds:
2.500%, 10/24/24	HUF		25,840		82,560
2.750%, 12/22/26	HUF		23,900		76,855
3.000%, 10/27/27	HUF		28,410		91,645
					344,379
Italy \| 0.8%
Italy Government International Bonds, 6.875%, 09/27/23	USD		60		68,760
Mexico \| 1.9%
Mexico Cetes, 0.000%, 04/23/20	MXN		26,716		111,794
United Mexican States, 6.750%, 02/06/24	GBP		35		48,894
					160,688
New Zealand \| 1.0%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		120		85,411
Norway \| 2.4%
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		101,313
2.350%, 09/04/24	NOK		1,000		99,531
					200,844
Peru \| 1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		270		84,682

Description	Security Currency	Principal Amount (000)		Fair Value
Philippines \| 1.3%
Philippine Government Bonds, 4.250%, 04/11/20	PHP		5,460	$	107,346
Poland \| 2.9%
Poland Government Bonds, 1.790%, 05/25/28 (§)	PLN		1,070		246,953
Romania \| 3.4%
Romanian Government Bonds:
4.000%, 10/27/21	RON		370		84,965
4.750%, 02/24/25	RON		505		117,047
2.375%, 04/19/27	EUR		77		86,064
					288,076
United Kingdom \| 2.3%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		67		97,023
1.500%, 07/22/47	GBP		65		94,209
					191,232
Total Foreign Government Obligations (Cost $3,222,546)					3,042,708
Quasi Government Bonds \| 1.6%
Canada \| 1.6%
Export Development Canada, 1.800%, 09/01/22 (Cost $ 133,753)	CAD		180		131,207
Supranational Bonds \| 13.6%
African Development Bank, 0.750%, 04/03/23	USD		125		124,992
Asian Development Bank:
1.000%, 12/15/22	GBP		80		100,599
2.125%, 03/19/25	USD		112		119,221
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		50		52,220
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		90		64,139
Inter-American Development Bank, 7.875%, 03/14/23	IDR		900,000		56,365
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		70		42,635
2.500%, 08/03/23	CAD		195		145,772
1.900%, 01/16/25	CAD		65		47,791
2.900%, 11/26/25	AUD		60		40,469
International Finance Corp.:
3.625%, 05/20/20	NZD		125		74,862
2.700%, 03/15/23	AUD		125		80,955
2.125%, 04/07/26	USD		180		193,068
Total Supranational Bonds (Cost $1,164,124)					1,143,088

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
US Municipal Bonds \| 1.6%
California \| 1.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		20	$	31,541
State of California, 4.500%, 04/01/33	USD		45		51,791
7.550%, 04/01/39	USD		30		48,681
					132,013
Total US Municipal Bonds (Cost $125,869)					132,013
US Treasury Securities \| 9.4%
US Treasury Notes:
1.750%, 05/15/23	USD		375		391,948
2.875%, 08/15/28	USD		176		208,189
1.750%, 11/15/29	USD		95		104,426
3.125%, 11/15/41	USD		63		86,032
Total US Treasury Securities (Cost $755,172)					790,595


Description	Shares			Fair Value
Short-Term Investments \| 5.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $455,087)		455,087		455,087
Total Investments \| 99.9% (Cost $8,531,970) (»)			$	8,388,492
Cash and Other Assets in Excess of Liabilities \| 0.1%				11,243
Net Assets \| 100.0%			$	8,399,735

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 90.6%
Aerospace & Defense \| 0.2%
Triumph Group, Inc., 6.250%, 09/15/24 (#)	$	500	$	445,655
Auto Components \| 2.3%
Dana, Inc., 5.500%, 12/15/24		1,800		1,570,518
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		1,535,187
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,317,750
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,465,231
5.000%, 05/31/26		250		230,625
				6,119,311
Automobiles \| 0.9%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		1,899,320
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		650,000
				2,549,320
Building Products \| 0.6%
Griffon Corp., 5.750%, 03/01/28 (#)		1,750		1,645,000
Capital Markets \| 1.1%
Icahn Enterprises LP, 6.250%, 05/15/26		1,500		1,417,500
MPT Operating Partnership LP, 6.375%, 03/01/24		1,560		1,560,000
				2,977,500
Chemicals \| 2.6%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,694,933
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		782,418
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,345,679
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,428,750
WR Grace & Co-Conn, 5.125%, 10/01/21 (#)		1,700		1,721,335
				6,973,115
Commercial Services & Supplies \| 4.0%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,728,000
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		1,893,200

Description	Principal Amount (000)		Fair Value
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)	$	1,900	$	1,757,500
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		1,957,800
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,719,000
The ADT Security Corp.:
6.250%, 10/15/21		1,400		1,368,500
4.125%, 06/15/23		500		488,745
				10,912,745
Communications Equipment \| 0.5%
CommScope, Inc., 5.000%, 06/15/21 (#)		115		113,850
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,273,125
				1,386,975
Construction Materials \| 1.2%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,663,200
Standard Industries, Inc., 5.375%, 11/15/24 (#)		1,750		1,680,105
				3,343,305
Containers & Packaging \| 4.3%
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,194,000
Ball Corp., 4.000%, 11/15/23		2,100		2,115,750
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,587,215
4.250%, 09/30/26		500		492,500
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,439,520
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)		2,092		2,113,234
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,702,125
Silgan Holdings, Inc., 4.125%, 02/01/28 (#)		100		92,250
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		896,250
				11,632,844
Diversified Consumer Services \| 1.4%
Service Corp. International, 4.625%, 12/15/27		2,000		2,000,000
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)		1,800		1,777,500
				3,777,500

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	$	1,453,500
Level 3 Financing, Inc., 5.125%, 05/01/23		1,550		1,522,860
				2,976,360
Diversified Telecommunication Services \| 3.3%
CenturyLink, Inc.:
5.625%, 04/01/20		1,550		1,550,000
4.000%, 02/15/27 (#)		1,100		1,050,500
Connect Finco Sarl, 6.750%, 10/01/26 (#)		1,500		1,239,375
Front Range BidCo, Inc., 4.000%, 03/01/27 (#)		1,000		956,875
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,070,090
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,027,500
				8,894,340
Electrical Equipment \| 0.4%
Sensata Tech, Inc., 4.375%, 02/15/30		1,100		990,000
Energy Equipment & Services \| 0.1%
Precision Drilling Corp., 5.250%, 11/15/24		1,000		350,000
Entertainment \| 1.3%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,411,058
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,561,625
4.375%, 11/15/26		500		501,250
				3,473,933
Equity Real Estate Investment Trusts (REITs) \| 4.2%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,195,116
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		1,680,000
Iron Mountain, Inc.:
6.000%, 08/15/23		1,450		1,457,250
4.875%, 09/15/29 (#)		500		469,690
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,494,000
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,189,500
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,547,000

Description	Principal Amount (000)		Fair Value
VICI Properties LP, 4.250%, 12/01/26 (#)	$	1,500	$	1,376,250
				11,408,806
Food & Staples Retailing \| 1.7%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,776,250
Ingles Markets, Inc., 5.750%, 06/15/23		1,168		1,162,160
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,678,650
				4,617,060
Food Products \| 2.5%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,463,490
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		1,970,000
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,852,470
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,485,000
				6,770,960
Gas Utilities \| 1.2%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,443,438
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,692,000
				3,135,438
Health Care Equipment & Supplies \| 1.4%
Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#)		1,800		1,773,000
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		1,980,000
				3,753,000
Health Care Providers & Services \| 4.4%
Centene Corp.:
4.750%, 01/15/25		500		506,250
3.375%, 02/15/30 (#)		1,500		1,395,000
DaVita, Inc., 5.125%, 07/15/24		2,000		1,994,000
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,535,490
HCA, Inc., 3.500%, 09/01/30		2,000		1,815,763
LifePoint Health, Inc., 4.375%, 02/15/27 (#)		1,250		1,177,500
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,683,000
Tenet Healthcare Corp.:
4.625%, 07/15/24		750		714,375

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
4.875%, 01/01/26 (#)	$	1,000	$	952,500
				11,773,878
Hotels, Restaurants & Leisure \| 8.2%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		1,995,000
Boyd Gaming Corp.:
6.375%, 04/01/26		750		648,750
4.750%, 12/01/27 (#)		850		701,250
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,440,000
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,333,000
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,158,625
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,080,000
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,021,682
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		1,873,950
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,333,289
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,396,640
MGM Resorts International, 4.625%, 09/01/26		800		680,240
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,522,500
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,567,875
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,415,777
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,860,000
				22,028,578
Household Durables \| 0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,623,125
Household Products \| 1.2%
Energizer Holdings, Inc., 5.500%, 06/15/25 (#)		1,750		1,697,500
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,683,000
				3,380,500
Independent Power & Renewable Electricity Producers \| 1.8%
AES Corp., 5.125%, 09/01/27		1,700		1,704,216

Description	Principal Amount (000)		Fair Value
Calpine Corp., 4.500%, 02/15/28 (#)	$	1,500	$	1,453,875
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,706,250
				4,864,341
Interactive Media & Services \| 0.4%
Twitter, Inc., 3.875%, 12/15/27 (#)		1,250		1,202,344
IT Services \| 0.6%
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,534,485
Machinery \| 3.7%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,651,400
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		729,686
4.625%, 05/15/30 (#)		1,000		892,500
Meritor, Inc., 6.250%, 02/15/24		1,700		1,615,187
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,693,125
SPX FLOW, Inc., 5.625%, 08/15/24 (#)		1,750		1,697,500
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,682,779
				9,962,177
Media \| 11.6%
AMC Networks, Inc., 4.750%, 12/15/22		1,000		969,700
CCO Holdings LLC:
5.125%, 05/01/27 (#)		500		503,235
4.750%, 03/01/30 (#)		1,500		1,496,250
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		1,872,800
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,034,350
7.500%, 04/01/28 (#)		1,690		1,800,560
Diamond Sports Group LLC, 5.375%, 08/15/26 (#)		1,500		1,218,780
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,587,576
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,252,500
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,766,043
Meredith Corp., 6.875%, 02/01/26		1,950		1,677,000
Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#)		1,500		1,466,250
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,116,000

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)	$	1,750	$	1,478,750
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (#)		400		403,996
5.000%, 08/01/27 (#)		1,750		1,776,075
TEGNA, Inc., 5.000%, 09/15/29 (#)		250		225,000
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,584,000
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,705,000
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,546,380
5.125%, 04/15/27 (#)		500		500,000
Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#)		1,750		1,776,250
WMG Acquisition Corp., 4.875%, 11/01/24 (#)		1,600		1,560,000
				31,316,495
Metals & Mining \| 3.9%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,745,460
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,601,006
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,557,500
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,077,570
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,335,000
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		478,330
5.000%, 12/15/26		1,550		1,619,145
				10,414,011
Oil, Gas & Consumable Fuels \| 5.3%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,230,000
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,162,500
Energy Transfer Operating LP, 5.875%, 01/15/24		750		708,288
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		500		418,750
Murphy Oil Corp., 6.875%, 08/15/24		1,500		888,750
Newfield Exploration Co., 5.625%, 07/01/24		1,600		858,738
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,198,500

Description	Principal Amount (000)		Fair Value
PBF Holding Co. LLC, 6.000%, 02/15/28 (#)	$	1,500	$	1,008,750
Range Resources Corp., 5.000%, 08/15/22		950		712,215
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,225,710
Sunoco LP, 5.500%, 02/15/26		1,700		1,470,976
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		650,000
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,348,500
WPX Energy, Inc.:
6.000%, 01/15/22		900		720,000
5.750%, 06/01/26		1,000		570,000
5.250%, 10/15/27		100		55,000
				14,226,677
Professional Services \| 1.1%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,575,611
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,550		1,428,821
				3,004,432
Road & Rail \| 0.4%
The Hertz Corp., 5.500%, 10/15/24 (#)		1,800		1,012,122
Semiconductors & Semiconductor Equipment \| 0.4%
Qorvo, Inc., 5.500%, 07/15/26		1,000		1,045,250
Software \| 1.4%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,538,359
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,459,770
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)		1,000		889,700
				3,887,829
Specialty Retail \| 1.9%
Asbury Automotive Group, Inc., 4.500%, 03/01/28 (#)		987		838,950
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,662		1,529,040
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,639,764
QVC, Inc., 4.750%, 02/15/27		1,250		1,106,519
				5,114,273

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Technology Hardware, Storage & Peripherals \| 2.4%
Dell International LLC, 7.125%, 06/15/24 (#)	$	1,525	$	1,574,563
NCR Corp., 5.750%, 09/01/27 (#)		1,000		910,000
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,864,434
Western Digital Corp., 4.750%, 02/15/26		2,000		2,033,000
				6,381,997
Textiles, Apparel & Luxury Goods \| 0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,732,500
Trading Companies & Distributors \| 3.4%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		1,001,000
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,192,650
HD Supply, Inc., 5.375%, 10/15/26 (#)		2,000		1,944,240
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,395,000
United Rentals North America, Inc.:
5.500%, 05/15/27		1,000		974,850
3.875%, 11/15/27		1,100		1,039,500
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,504,000
				9,051,240
Wireless Telecommunication Services \| 1.0%
Sprint Corp., 7.125%, 06/15/24		500		549,365
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,100,000
				2,649,365
Total Corporate Bonds (Cost $268,442,614)				244,338,786


Description	Shares		Fair Value
Exchange-Traded Funds \| 1.9%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $6,043,972)		317,604	$	5,265,874
Short-Term Investments \| 6.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $17,111,257)		17,111,257		17,111,257
Total Investments \| 98.8% (Cost $291,597,843)			$	266,715,917
Cash and Other Assets in Excess of Liabilities \| 1.2%				3,111,874
Net Assets \| 100.0%			$	269,827,791

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 9.1%
Automobiles \| 7.6%
GM Financial Automobile Leasing Trust, 2.610%, 01/20/21		390	$	390,390
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21		2,350		2,361,185
Nissan Auto Lease Trust, 2.270%, 07/15/22		2,550		2,556,481
World Omni Automobile Lease Securitization Trust:
2.830%, 07/15/21		529		529,781
3.190%, 12/15/21		1,125		1,129,214
				6,967,051
Specialty Retail \| 1.5%
Daimler Trucks Retail Trust, 1.220%, 09/15/23		1,400		1,407,820
Total Asset-Backed Securities (Cost $8,344,287)				8,374,871
Corporate Bonds \| 35.2%
Banks \| 13.9%
Bank of America Corp.:
2.625%, 10/19/20		1,473		1,475,302
3.300%, 01/11/23		2,150		2,226,864
Citigroup, Inc., 2.650%, 10/26/20		3,626		3,638,005
JPMorgan Chase & Co., 4.625%, 05/10/21		1,760		1,808,492
Wells Fargo & Co., 2.600%, 07/22/20		3,675		3,675,704
				12,824,367
Biotechnology \| 4.4%
AbbVie, Inc.:
2.500%, 05/14/20		2,030		2,030,141
2.300%, 05/14/21		1,997		1,990,942
				4,021,083
Capital Markets \| 7.5%
Morgan Stanley:
5.500%, 07/28/21		3,475		3,607,536
2.750%, 05/19/22		200		202,119
The Goldman Sachs Group, Inc., 5.250%, 07/27/21		2,988		3,106,211
				6,915,866
Electronic Equipment, Instruments & Components \| 1.2%
Amphenol Corp., 2.200%, 04/01/20		1,115		1,115,000
Food & Staples Retailing \| 1.7%
The Kroger Co., 3.300%, 01/15/21		1,584		1,590,450

Description	Principal Amount (000)		Fair Value
Internet & Direct Marketing Retail \| 1.8%
eBay, Inc.:
3.250%, 10/15/20		1,329	$	1,322,478
2.875%, 08/01/21		375		371,524
				1,694,002
IT Services \| 2.9%
Fiserv, Inc., 2.700%, 06/01/20		2,685		2,676,641
Oil, Gas & Consumable Fuels \| 1.8%
Enterprise Products Operating LLC, 5.200%, 09/01/20		1,721		1,704,100
Total Corporate Bonds (Cost $32,465,783)				32,541,509
US Government Securities \| 1.2%
Mortgage-Backed Securities \| 1.2%
Federal National Mortgage Association:
Pool# AE0315, 4.500%, 02/01/21 (‡‡)		—		268
Pool# FM1033, 4.500%, 01/01/27		1,033		1,091,831
Total US Government Securities (Cost $1,071,508)				1,092,099
US Treasury Securities \| 53.1%
U.S. Treasury Notes:
1.125%, 08/31/21		10,640		10,778,819
1.125%, 09/30/21		9,775		9,909,406
2.000%, 10/31/21		18,485		19,000,558
1.875%, 01/31/22		9,170		9,446,175
Total US Treasury Securities (Cost $48,164,898)				49,134,958

Description	Shares		Fair Value
Short-Term Investments \| 1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $1,163,374)		1,163,374		1,163,374
Total Investments \| 99.9% (Cost $91,209,850)			$	92,306,811
Cash and Other Assets in Excess of Liabilities \| 0.1%				133,956
Net Assets \| 100.0%			$	92,440,767


Description		Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 0.4%
China \| 0.1%
Huazhu Group, Ltd. ADR (±)			234	$	6,723
United States \| 0.3%
Alder Biopharmaceuticals, Inc. (‡)			3,247		2,857
Cardtronics PLC, Class A (*), (±)			461		9,644
Carnival Corp. (*)			300		3,840
Hope Bancorp, Inc. (±)			1,188		9,766
Pegasystems, Inc.			35		2,493
					28,600
Total Common Stocks (Cost $43,419)					35,323
Preferred Stocks \| 1.0%
United States \| 1.0%
NextEra Energy, Inc. (±) (Cost $89,505)			1,836		80,949

Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds \| 127.6%
Canada \| 7.7%
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		113	$	69,354
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		165		67,308
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD		186		107,056
Element Fleet Management Corp.:
4.250%, 06/30/20 (±)	CAD		43		29,485
4.250%, 06/30/24 (±)	CAD		77		59,639
First Majestic Silver Corp., 1.875%, 03/01/23 (±)	USD		88		89,320
Pretium Resources, Inc., 2.250%, 03/15/22 (±)	USD		91		79,516
SSR Mining, Inc., 2.500%, 04/01/39 (±)	USD		73		71,507
Tilray, Inc., 5.000%, 10/01/23 (±)	USD		168		53,094
					626,279
Cayman Islands \| 0.7%
Theravance Biopharma, Inc., 3.250%, 11/01/23 (±)	USD		61		58,560
Chile \| 0.9%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		92		73,198
China \| 3.4%
Huazhu Group, Ltd., 0.375%, 11/01/22 (±)	USD		39		37,417

Description	Security Currency	Principal Amount (000)		Fair Value
iQIYI, Inc., 2.000%, 04/01/25 (#), (±)	USD		63	$	55,479
JOYY, Inc., 0.750%, 06/15/25 (#), (±)	USD		76		68,970
Luckin Coffee, Inc., 0.750%, 01/15/25 (#), (±)	USD		149		113,651
					275,517
Monaco \| 0.7%
Endeavour Mining Corp., 3.000%, 02/15/23 (#), (±)	USD		64		59,200
Norway \| 1.4%
SFL Corp., Ltd., 5.750%, 10/15/21 (±)	USD		131		115,667
Taiwan \| 1.0%
Sea, Ltd., 1.000%, 12/01/24 (#), (±)	USD		74		82,149
United States \| 111.8%
8x8, Inc., 0.500%, 02/01/24 (±)	USD		113		98,424
Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±)	USD		117		104,799
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		128		108,160
Allscripts Healthcare Solutions, Inc., 0.875%, 01/01/27 (±)	USD		110		86,949
Alteryx, Inc., 0.500%, 08/01/24 (±)	USD		133		119,044
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (#), (±)	USD		73		74,351
Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±)	USD		119		103,535
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)	USD		149		122,552
Avaya Holdings Corp., 2.250%, 06/15/23 (±)	USD		110		88,018
Bandwidth, Inc., 0.250%, 03/01/26 (±)	USD		71		68,091
Benefitfocus, Inc., 1.250%, 12/15/23 (±)	USD		28		21,403
Blackline, Inc., 0.125%, 08/01/24 (#), (±)	USD		92		90,015
Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±)	USD		131		124,955
Cardtronics, Inc., 1.000%, 12/01/20 (±)	USD		245		233,167
Chegg, Inc., 0.125%, 03/15/25 (±)	USD		20		18,910
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		58		52,811

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Coupa Software, Inc., 0.125%, 06/15/25 (±)	USD		91	$	100,544
Cree, Inc., 0.875%, 09/01/23 (±)	USD		89		81,203
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		97		98,059
Cytokinetics, Inc., 4.000%, 11/15/26 (±)	USD		26		34,101
Encore Capital Group, Inc.:
2.875%, 03/15/21 (±)	USD		80		71,638
3.250%, 03/15/22 (±)	USD		204		174,621
3.250%, 10/01/25 (±)	USD		52		39,102
Enphase Energy, Inc., 1.000%, 06/01/24 (±)	USD		46		78,671
Everbridge, Inc., 0.125%, 12/15/24 (±)	USD		98		111,169
Evolent Health, Inc., 1.500%, 10/15/25 (±)	USD		47		29,168
Exact Sciences Corp.:
0.375%, 03/15/27 (±)	USD		33		27,727
0.375%, 03/01/28 (±)	USD		58		45,504
EZCORP, Inc.:
2.875%, 07/01/24 (±)	USD		64		49,656
2.375%, 05/01/25 (±)	USD		39		28,870
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±)	USD		90		69,032
Halozyme Therapeutics, Inc., 1.250%, 12/01/24 (±)	USD		91		90,772
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		184		147,722
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		107		89,291
Horizon Pharma Investment, Ltd., 2.500%, 03/15/22 (±)	USD		135		155,250
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		70		55,611
IAC Financeco 2, Inc., 0.875%, 06/15/26 (±)	USD		39		35,883
IAC Financeco 3, Inc., 2.000%, 01/15/30 (±)	USD		47		42,945
II-VI, Inc., 0.250%, 09/01/22 (±)	USD		110		100,733
IIP Operating Partnership LP, 3.750%, 02/21/24 (±)	USD		185		230,929
Impinj, Inc., 2.000%, 12/15/26 (±)	USD		40		31,362
Infinera Corp., 2.125%, 09/01/24 (±)	USD		65		54,474
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		135		125,501

Description	Security Currency	Principal Amount (000)		Fair Value
Insmed, Inc., 1.750%, 01/15/25 (±)	USD		92	$	76,825
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±)	USD		73		64,501
Intercept Pharmaceuticals, Inc.:
3.250%, 07/01/23 (±)	USD		61		48,803
2.000%, 05/15/26 (±)	USD		68		57,854
Ironwood Pharmaceuticals, Inc.:
2.250%, 06/15/22 (±)	USD		92		96,819
1.500%, 06/15/26 (±)	USD		109		109,610
j2 Global, Inc., 1.750%, 11/01/26 (±)	USD		55		50,188
Kaman Corp., 3.250%, 05/01/24 (±)	USD		110		107,092
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		68		96,427
KBR, Inc., 2.500%, 11/01/23 (±)	USD		102		105,699
Knowles Corp., 3.250%, 11/01/21 (±)	USD		92		94,472
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		160		112,053
3.750%, 02/15/30 (±)	USD		43		27,799
Liberty Media Corp.:
2.250%, 12/01/48 (±)	USD		158		152,675
2.750%, 12/01/49 (±)	USD		156		133,090
Live Nation Entertainment, Inc.:
2.500%, 03/15/23 (±)	USD		14		13,307
2.000%, 02/15/25 (±)	USD		138		109,786
LivePerson, Inc., 0.750%, 03/01/24 (±)	USD		109		99,916
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		110		85,580
Microchip Technology, Inc., 1.625%, 02/15/27 (±)	USD		92		94,424
NanoString Technologies, Inc., 2.625%, 03/01/25 (±)	USD		54		46,293
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (±)	USD		52		66,639
New Relic, Inc., 0.500%, 05/01/23 (±)	USD		64		53,864
NRG Energy, Inc., 2.750%, 06/01/48 (±)	USD		72		68,580
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		181		172,742
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		104		84,695
NuVasive, Inc.:
2.250%, 03/15/21 (±)	USD		59		61,409
0.375%, 03/15/25 (±)	USD		30		25,451
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		96		88,502

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Pacira BioSciences, Inc., 2.375%, 04/01/22 (±)	USD		60	$	57,823
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD		118		113,893
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		101		79,356
Pegasystems, Inc., 0.750%, 03/01/25 (±)	USD		6		5,243
PennyMac Corp., 5.500%, 11/01/24 (±)	USD		113		70,379
Perficient, Inc., 2.375%, 09/15/23 (±)	USD		52		49,548
Pluralsight, Inc., 0.375%, 03/01/24 (#), (±)	USD		110		81,015
PRA Group, Inc.:
3.000%, 08/01/20 (±)	USD		126		122,282
3.500%, 06/01/23 (±)	USD		154		133,215
PROS Holdings, Inc., 1.000%, 05/15/24 (±)	USD		48		40,584
Pure Storage, Inc., 0.125%, 04/15/23 (±)	USD		67		57,693
Radius Health, Inc., 3.000%, 09/01/24 (±)	USD		55		38,847
Rambus, Inc., 1.375%, 02/01/23 (±)	USD		36		34,741
Rapid7, Inc., 1.250%, 08/01/23 (±)	USD		104		126,035
Redfin Corp., 1.750%, 07/15/23 (±)	USD		122		110,400
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD		168		108,933
Repligen Corp., 0.375%, 07/15/24 (±)	USD		73		76,899
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		58		45,467
RH, 0.000%, 09/15/24 (±)	USD		66		48,157
SailPoint Technologies Holding, Inc., 0.125%, 09/15/24 (±)	USD		91		77,578
SEACOR Holdings, Inc., 3.250%, 05/15/30 (±)	USD		22		16,700
SMART Global Holdings, Inc., 2.250%, 02/15/26 (±)	USD		92		81,124
Snap, Inc., 0.750%, 08/01/26 (±)	USD		94		82,582
Square, Inc., 0.125%, 03/01/25 (±)	USD		18		15,556
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD		99		102,922
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		92		89,987

Description	Security Currency	Principal Amount (000)		Fair Value
Team, Inc., 5.000%, 08/01/23 (±)	USD		115	$	86,537
The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±)	USD		120		71,625
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±)	USD		73		55,663
TTM Technologies, Inc., 1.750%, 12/15/20 (±)	USD		32		35,876
Turning Point Brands, Inc., 2.500%, 07/15/24 (±)	USD		113		81,244
Twitter, Inc., 0.250%, 06/15/24 (±)	USD		67		60,082
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		101		89,701
Wayfair, Inc., 0.375%, 09/01/22 (±)	USD		91		69,615
Western Digital Corp., 1.500%, 02/01/24 (±)	USD		45		39,142
Winnebago Industries, Inc., 1.500%, 04/01/25 (±)	USD		76		56,953
Workiva, Inc., 1.125%, 08/15/26 (±)	USD		62		49,208
Wright Medical Group NV, 2.250%, 11/15/21 (±)	USD		119		163,551
Wright Medical Group, Inc., 1.625%, 06/15/23 (±)	USD		40		40,178
Zillow Group, Inc.:
2.000%, 12/01/21 (±)	USD		87		87,557
1.500%, 07/01/23 (±)	USD		92		77,763
0.750%, 09/01/24 (±)	USD		73		74,128
					9,125,599
Total Convertible Corporate Bonds (Cost $12,181,303)					10,416,169

Description	Counterparty	Number of Contracts	Exercise Price		Notional Amount		Fair Value
Purchased Options \| 0.0%
Call
Apellis Pharmaceuticals, Inc., Expires 04/17/20	RBS	1	$	45	$	100	$	20
Cemex SAB de CV, Expires 04/17/20	RBS	16		4		1,600		16
ETSY, Inc., Expires 04/17/20	RBS	1		70		100		3
Infinera Corp., Expires 04/17/20	RBS	3		9		300		15
Nuance Communications, Inc., Expires 04/17/20	RBS	7		20		700		35

Description	Counterparty	Number of Contracts	Exercise Price		Notional Amount		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Pluralsight, Inc., Expires 04/17/20	RBS	3		23	$	300	$	15
Total Purchased Options (Cost $1,335)								104

Description	Shares			Fair Value
Short-Term Investments \| 2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $215,968)		215,968			215,968
Total Investments excluding Securities Sold Short \| 131.6% (Cost $12,531,530)				$	10,748,513
Securities Sold Short \| (38.9)%
Common Stocks \| (34.8)%
Canada \| (1.0)%
Aphria, Inc.		(298	)		(912	)
Aurora Cannabis, Inc.		(263	)		(238	)
Canopy Growth Corp.		(95	)		(1,381	)
Element Fleet Management Corp.		(2,281	)		(14,523	)
First Majestic Silver Corp.		(5,600	)		(34,664	)
Pretium Resources, Inc.		(1,425	)		(8,080	)
SSR Mining, Inc.		(2,083	)		(23,704	)
Tilray, Inc.		(113	)		(747	)
					(84,249	)
Cayman Islands \| (0.3)%
Theravance Biopharma, Inc.		(1,130	)		(26,114	)
					(26,114	)
Chile \| (0.2)%
Liberty Latin America, Ltd., Class C		(1,764	)		(18,099	)
					(18,099	)
China \| (1.2)%
iQIYI, Inc. ADR		(1,365	)		(24,297	)
JOYY, Inc. ADR		(415	)		(22,103	)
Luckin Coffee, Inc. ADR		(1,814	)		(49,323	)
					(95,723	)
Monaco \| (0.1)%
Endeavour Mining Corp.		(774	)		(11,005	)
					(11,005	)
Thailand \| (0.6)%
Sea, Ltd. ADR		(1,059	)		(46,924	)
					(46,924	)

Description	Shares			Fair Value
United States \| (31.4)%
8x8, Inc.		(2,077	)	$	(28,787	)
Aerie Pharmaceuticals, Inc.		(2,530	)		(34,155	)
Air Transport Services Group, Inc.		(2,338	)		(42,739	)
Allscripts Healthcare Solutions, Inc.		(4,383	)		(30,856	)
Alteryx, Inc., Class A		(334	)		(31,787	)
Apellis Pharmaceuticals, Inc.		(1,283	)		(34,372	)
Atlas Air Worldwide Holdings, Inc.		(1,297	)		(33,294	)
Avaya Holdings Corp.		(480	)		(3,883	)
Bandwidth, Inc., Class A		(541	)		(36,404	)
Benefitfocus, Inc.		(147	)		(1,310	)
Blackline, Inc.		(818	)		(43,035	)
Bridgebio Pharma, Inc.		(2,274	)		(65,946	)
Chegg, Inc.		(155	)		(5,546	)
Collegium Pharmaceutical, Inc.		(1,200	)		(19,596	)
Coupa Software, Inc.		(428	)		(59,804	)
Cree, Inc.		(635	)		(22,517	)
CSG Systems International, Inc.		(68	)		(2,846	)
Cytokinetics, Inc.		(2,085	)		(24,582	)
Encore Capital Group, Inc.		(2,467	)		(57,678	)
Enphase Energy, Inc.		(1,977	)		(63,837	)
Everbridge, Inc.		(575	)		(61,157	)
Evolent Health, Inc., Class A		(563	)		(3,057	)
Exact Sciences Corp.		(380	)		(22,040	)
EZCORP, Inc. Class A		(4,028	)		(16,797	)
Flexion Therapeutics, Inc.		(1,121	)		(8,822	)
Halozyme Therapeutics, Inc.		(2,480	)		(44,615	)
Herbalife Nutrition, Ltd.		(867	)		(25,282	)
Horizon Therapeutics PLC		(1,885	)		(55,834	)
I3 Verticals, Inc., Class A		(942	)		(17,983	)
IAC/InterActiveCorp		(193	)		(34,591	)
II-VI, Inc.		(1,052	)		(29,982	)
Impinj, Inc.		(713	)		(11,914	)
Infinera Corp.		(3,532	)		(18,720	)
Innovative Industrial Properties, Inc. REIT		(2,221	)		(168,641	)
Innoviva, Inc.		(2,732	)		(32,128	)
Insmed, Inc.		(909	)		(14,571	)
Integra LifeSciences Holdings Corp.		(296	)		(13,222	)
Intercept Pharmaceuticals, Inc.		(546	)		(34,376	)
Ironwood Pharmaceuticals, Inc.		(8,388	)		(84,635	)
j2 Global, Inc.		(132	)		(9,880	)
Kaman Corp.		(455	)		(17,504	)
Karyopharm Therapeutics, Inc.		(3,388	)		(65,084	)
KBR, Inc.		(1,921	)		(39,726	)
Knowles Corp.		(1,248	)		(16,698	)
Live Nation Entertainment, Inc.		(626	)		(28,458	)
LivePerson, Inc.		(1,130	)		(25,708	)

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Marriott Vacations Worldwide Corp.	(172	)	$	(9,560	)
Microchip Technology, Inc.	(952	)		(64,546	)
NanoString Technologies, Inc.	(564	)		(13,564	)
Neurocrine Biosciences, Inc.	(392	)		(33,928	)
Nuance Communications, Inc.	(750	)		(12,585	)
Nutanix, Inc., Class A	(426	)		(6,731	)
NuVasive, Inc.	(279	)		(14,134	)
OSI Systems, Inc.	(179	)		(12,337	)
Pacira BioSciences, Inc.	(90	)		(3,034	)
Patrick Industries, Inc.	(115	)		(3,238	)
PennyMac Mortgage Investment Trust	(280	)		(2,974	)
Perficient, Inc.	(484	)		(13,112	)
Pluralsight, Inc., Class A	(530	)		(5,819	)
PRA Group, Inc.	(1,627	)		(45,100	)
PROS Holdings, Inc.	(207	)		(6,423	)
Pure Storage, Inc., Class A	(638	)		(7,847	)
Radius Health, Inc.	(361	)		(4,693	)
Rambus, Inc.	(380	)		(4,218	)
Rapid7, Inc.	(1,851	)		(80,204	)
Redfin Corp.	(1,917	)		(29,560	)
Redwood Trust, Inc. REIT	(702	)		(3,608	)
Repligen Corp.	(394	)		(38,037	)
Revance Therapeutics, Inc.	(960	)		(14,208	)
RH	(174	)		(17,482	)
SailPoint Technologies Holding, Inc.	(1,960	)		(29,831	)
SEACOR Holdings, Inc.	(145	)		(3,909	)
Sirius XM Holdings, Inc.	(8,014	)		(39,589	)
SMART Global Holdings, Inc.	(1,346	)		(32,708	)
Snap, Inc., Class A	(2,544	)		(30,248	)
Square, Inc. Class A	(67	)		(3,510	)
Synaptics, Inc.	(568	)		(32,870	)
Tabula Rasa HealthCare, Inc.	(984	)		(51,453	)
Team, Inc.	(1,802	)		(11,713	)
The Chefs’ Warehouse, Inc.	(811	)		(8,167	)
The Greenbrier Cos., Inc.	(260	)		(4,612	)
TTM Technologies, Inc.	(1,896	)		(19,605	)
Turning Point Brands, Inc.	(949	)		(20,033	)
Twitter, Inc.	(439	)		(10,782	)
Vishay Intertechnology, Inc.	(239	)		(3,444	)
Wayfair, Inc., Class A	(523	)		(27,949	)
Western Digital Corp.	(63	)		(2,622	)
Winnebago Industries, Inc.	(655	)		(18,216	)
Workiva, Inc.	(307	)		(9,925	)
Wright Medical Group NV	(4,214	)		(120,731	)

Description	Shares			Fair Value
Zillow Group, Inc. Class C		(2,426	)	$	(87,385	)
					(2,560,643	)
Total Common Stocks (Proceeds $ 3,539,262)					(2,842,757	)
Exchange-Traded Fund \| (4.1)%
United States \| (4.1)%
iShares 7-10 Year Treasury Bond ETF		(2,772	)		(336,743	)
					(336,743	)
Total Exchange-Traded Funds (Proceeds $313,153)					(336,743	)
Total Securities Sold Short (Proceeds $3,852,415)					(3,179,500	)
Total Investments \| 92.7% (Cost and short proceeds $8,679,115) (»)					7,569,013
Cash and Other Assets in Excess of Liabilities \| 7.3%					593,341
Net Assets \| 100.0%				$	8,162,354

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 13.8%
Australia \| 0.4%
AGL Energy, Ltd.		2,332	$	24,974
ASX, Ltd.		56		2,701
BHP Group, Ltd.		614		11,162
BlueScope Steel, Ltd.		817		4,456
Cochlear, Ltd.		55		6,319
CSL, Ltd.		182		33,015
Evolution Mining, Ltd.		3,407		7,902
Fortescue Metals Group, Ltd.		2,774		16,943
JB Hi-Fi, Ltd.		620		10,916
Northern Star Resources, Ltd.		1,099		7,037
Regis Resources, Ltd.		3,196		7,146
Sandfire Resources Ltd.		2,328		4,697
Santos, Ltd.		1,986		4,305
Saracen Mineral Holdings, Ltd. (*)		5,615		12,647
Woolworths Group, Ltd.		516		11,274
				165,494
Belgium \| 0.1%
Proximus SADP		632		14,503
Warehouses De Pauw CVA		313		9,000
				23,503
Canada \| 1.1%
Alimentation Couche-Tard, Inc., Class B		994		23,414
Atco, Ltd., Class I		477		13,209
Bank of Montreal		336		16,966
BRP, Inc.		226		3,687
CAE, Inc.		1,410		17,794
Canadian National Railway Co.		400		31,052
Canadian Pacific Railway, Ltd.		44		9,710
Canadian Utilities, Ltd., Class A		777		18,573
Capital Power Corp.		789		15,222
Centerra Gold, Inc. (*)		1,551		9,225
CGI, Inc. (*)		233		12,614
CI Financial Corp.		991		9,838
Cogeco Communications, Inc.		403		27,339
Colliers International Group, Inc.		126		6,027
Constellation Software, Inc.		16		14,542
Empire Co., Ltd., Class A		650		12,716
Fairfax Financial Holdings, Ltd.		26		7,971
Fortis, Inc.		1,376		53,063
Granite Real Estate Investment Trust		273		11,277
H&R Real Estate Investment Trust		996		6,320
iA Financial Corp., Inc.		447		14,052
Kirkland Lake Gold, Ltd.		464		13,667
Magna International, Inc.		178		5,680

Description	Shares		Fair Value
Northland Power, Inc.		1,901	$	37,944
Power Corp. of Canada		473		7,609
Quebecor, Inc., Class B		463		10,235
Rogers Communications, Inc., Class B		1,066		44,494
Teck Resources, Ltd., Class B		109		826
The Toronto-Dominion Bank		700		29,673
				484,739
Denmark \| 0.1%
Coloplast A/S, Class B		162		23,570
Novo Nordisk A/S, Class B		436		26,300
				49,870
France \| 0.1%
Engie SA		68		703
Orange SA		870		10,787
Peugeot SA		352		4,693
Total SA		144		5,584
Veolia Environnement SA		56		1,198
				22,965
Germany \| 0.2%
Allianz SE		81		13,963
Deutsche Telekom AG		83		1,099
Merck KGaA Sponsored ADR		935		19,074
Muenchener Rueckversicherungs AG		72		14,554
Rational AG		17		9,109
SAP SE		10		1,149
Symrise AG ADR		1,340		30,552
Teamviewer AG ADR (*)		1,280		25,885
Wirecard AG		13		1,493
				116,878
Hong Kong \| 0.2%
AIA Group, Ltd. Sponsored ADR		1,230		44,267
Hang Seng Bank, Ltd. Sponsored ADR		1,655		28,218
Jardine Matheson Holdings, Ltd.		190		9,504
				81,989
Israel \| 0.1%
Israel Discount Bank, Ltd., ADR		745		21,322
Israel Discount Bank, Ltd., Class A		2,096		6,208
Mivne Real Estate KD, Ltd. (*)		697		1,516
				29,046
Italy \| 0.0%
Poste Italiane SpA		2,354		19,940
Japan \| 1.5%
Alfresa Holdings Corp.		400		7,461
Azbil Corp.		300		7,794
Brother Industries, Ltd.		100		1,529

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Capcom Co., Ltd.		100	$	3,132
Chubu Electric Power Co., Inc.		1,000		14,098
Daito Trust Construction Co., Ltd.		155		14,457
Daiwa House Industry Co., Ltd.		1,200		29,720
Dip Corp.		100		1,609
East Japan Railway Co.		600		45,465
Electric Power Development Co., Ltd.		400		8,075
Fuji Media Holdings, Inc.		700		6,979
Fukuoka Financial Group, Inc.		300		3,972
Hulic Co., Ltd.		900		9,138
Inpex Corp.		1,100		6,183
Japan Logistics Fund, Inc. REIT		2		4,447
Japan Post Holdings Co., Ltd.		1,900		14,886
Japan Prime Realty Investment Corp. REIT		2		6,007
Japan Real Estate Investment Corp.		1		5,862
Kandenko Co., Ltd.		900		7,180
Kao Corp., ADR		1,995		32,479
KDDI Corp.		300		8,867
Kyushu Electric Power Co., Inc.		200		1,611
LaSalle Logiport REIT		8		10,785
Lawson, Inc.		400		22,001
Marui Group Co., Ltd.		400		6,715
McDonald's Holdings Co. Japan, Ltd.		500		22,581
MCUBS MidCity Investment Corp. REIT		18		12,729
Mitsubishi Heavy Industries, Ltd.		400		10,117
Mitsubishi UFJ Financial Group, Inc.		1,577		5,883
Nintendo Co., Ltd. ADR		650		31,382
Nomura Holdings, Inc.		500		2,118
NTT DOCOMO, Inc.		1,418		44,575
Open House Co., Ltd.		100		2,057
ORIX Corp.		213		2,561
Rengo Co., Ltd.		300		2,341
Seven & I Holdings Co., Ltd.		1,100		36,325
Shikoku Electric Power Co., Inc.		600		4,749
Shionogi & Co., Ltd.		300		14,762
Showa Denko KK		100		2,068
Sumitomo Mitsui Trust Holdings, Inc.		400		11,556
Sumitomo Realty & Development Co., Ltd.		700		17,061
Sundrug Co., Ltd.		500		16,047
Suzuken Co., Ltd.		100		3,645
The Chiba Bank, Ltd.		2,700		11,811
The Chugoku Electric Power Co., Inc.		131		1,834
The Dai-ichi Life Insurance Co., Ltd.		1,500		17,951
The Gunma Bank, Ltd.		2,600		7,895
The Hachijuni Bank, Ltd.		2,300		8,333
The Kansai Electric Power Co., Inc.		1,000		11,155

Description	Shares		Fair Value
The Shizuoka Bank, Ltd.		1,300	$	7,909
Tokio Marine Holdings, Inc.		200		9,172
Tosoh Corp.		100		1,138
United Arrows, Ltd.		300		4,502
West Japan Railway Co.		400		27,393
Yamaha Corp. Sponsored ADR		955		36,807
				668,909
Luxembourg \| 0.0%
ArcelorMittal SA		341		3,232
Netherlands \| 0.3%
Koninklijke Ahold Delhaize NV		820		19,191
NN Group NV		251		6,779
NXP Semiconductors NV		260		21,562
Royal Dutch Shell PLC, A Shares		380		6,650
Wolters Kluwer NV Sponsored ADR		1,000		69,370
				123,552
New Zealand \| 0.0%
Fisher & Paykel Healthcare Corp., Ltd., Class C		679		12,309
Norway \| 0.1%
Leroy Seafood Group ASA		1,718		8,443
Orkla ASA		1,016		8,694
Salmar ASA		201		6,711
Telenor ASA		668		9,789
				33,637
Puerto Rico \| 0.0%
EVERTEC, Inc.		285		6,478
Singapore \| 0.1%
Ascendas Real Estate Investment Trust		4,200		8,369
City Developments, Ltd.		1,300		6,590
Jardine Cycle & Carriage, Ltd.		510		7,064
UOL Group, Ltd.		1,700		7,827
				29,850
Spain \| 0.0%
Amadeus IT Group SA		18		854
Corporacion Financiera Alba SA		63		2,408
Iberdrola SA		1,086		10,723
				13,985
Sweden \| 0.2%
Assa Abloy AB ADR		2,260		20,939
Axfood AB		550		11,220
Epiroc AB ADR		3,195		31,119
Evolution Gaming Group AB		349		11,882
Hexagon AB ADR		585		24,716

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Swedish Match AB		201	$	11,498
				111,374
Switzerland \| 0.6%
ABB, Ltd. Sponsored ADR		1,520		26,235
Alcon, Inc. (*)		303		15,398
Galenica AG		170		11,617
Helvetia Holding AG		72		6,204
Novartis AG		641		52,975
Novartis AG Sponsored ADR		580		47,821
Roche Holding AG		236		76,727
SIG Combibloc Group AG		651		9,754
Swisscom AG		23		12,400
UBS Group AG		777		7,262
Zurich Insurance Group AG		28		9,939
				276,332
United Kingdom \| 0.9%
Anglo American PLC		308		5,382
Auto Trader Group PLC		1,651		8,973
BT Group PLC		5,028		7,333
Bunzl PLC Sponsored ADR		1,140		23,235
Coca-Cola European Partners PLC		730		27,397
Compass Group PLC		471		7,359
Compass Group PLC Sponsored ADR		1,552		24,118
Diageo PLC Sponsored ADR		480		61,018
Dunelm Group PLC		834		7,298
Fiat Chrysler Automobiles NV		215		1,549
GlaxoSmithKline PLC		154		2,889
Imperial Brands PLC		220		4,078
Prudential PLC ADR		955		23,665
RELX PLC Sponsored ADR		2,255		48,257
Rio Tinto, Ltd.		293		15,509
SSP Group PLC		1,410		5,359
Tesco PLC Sponsored ADR		6,417		55,379
Unilever NV		138		6,799
Unilever PLC Sponsored ADR		1,235		62,454
Vodafone Group PLC		814		1,137
				399,188
United States \| 7.8%
3M Co.		127		17,337
AbbVie, Inc.		344		26,209
Accenture PLC, Class A		315		51,427
ACI Worldwide, Inc. (*)		275		6,641
Adobe, Inc. (*)		45		14,321
Advanced Micro Devices, Inc. (*)		124		5,640
Akamai Technologies, Inc. (*)		139		12,717

Description	Shares		Fair Value
Allegion PLC		144	$	13,251
Alphabet, Inc., Class A (*)		52		60,421
Alphabet, Inc., Class C (*)		4		4,651
Amazon.com, Inc. (*)		13		25,346
Amdocs, Ltd.		132		7,256
American States Water Co.		168		13,732
American Tower Corp. REIT		87		18,944
Ameriprise Financial, Inc.		22		2,255
AmerisourceBergen Corp.		669		59,207
Amgen, Inc.		113		22,908
Aon PLC		600		99,024
Apple, Inc.		267		67,895
Applied Materials, Inc.		34		1,558
AT&T, Inc.		879		25,623
AutoZone, Inc. (*)		9		7,614
Avery Dennison Corp.		81		8,251
Bank of America Corp.		559		11,868
Baxter International, Inc.		53		4,303
Best Buy Co., Inc.		212		12,084
Booz Allen Hamilton Holding Corp.		153		10,502
BorgWarner, Inc.		317		7,725
Boston Scientific Corp. (*)		1,045		34,098
Bristol-Myers Squibb Co.		585		32,608
Brunswick Corp.		72		2,547
Burlington Stores, Inc. (*)		87		13,786
Cable One, Inc.		9		14,796
Cadence Design Systems, Inc. (*)		223		14,727
Campbell Soup Co.		201		9,278
Casey's General Stores, Inc.		130		17,224
Caterpillar, Inc.		134		15,549
CBRE Group, Inc., Class A (*)		308		11,615
CDW Corp.		82		7,648
Centene Corp. (*)		29		1,723
Church & Dwight Co., Inc.		170		10,911
Cigna Corp. (*)		156		27,640
Cisco Systems, Inc.		745		29,286
Citigroup, Inc.		138		5,813
Citizens Financial Group, Inc.		258		4,853
Colgate-Palmolive Co.		175		11,613
Comcast Corp., Class A		320		11,002
Copart, Inc. (*)		112		7,674
Costco Wholesale Corp.		14		3,992
Crown Castle International Corp. REIT		81		11,696
Curtiss-Wright Corp.		66		6,099
CVS Health Corp.		78		4,628
DaVita, Inc. (*)		119		9,051
Discover Financial Services		56		1,998

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Discovery, Inc., Class C (*)		60	$	1,052
Dollar General Corp.		235		35,487
Eaton Corp. PLC		104		8,080
Edwards Lifesciences Corp. (*)		7		1,320
Eli Lilly & Co.		202		28,021
Encore Capital Group, Inc. (*)		292		6,827
EOG Resources, Inc.		74		2,658
Equitable Holdings, Inc.		92		1,329
F5 Networks, Inc. (*)		214		22,819
Facebook, Inc., Class A (*)		205		34,194
Gaming and Leisure Properties, Inc. REIT		131		3,630
H&R Block, Inc.		438		6,167
Hanesbrands, Inc.		410		3,227
HCA Healthcare, Inc.		169		15,185
Honeywell International, Inc.		204		27,293
Host Hotels & Resorts, Inc. REIT		214		2,363
Humana, Inc.		18		5,652
Intel Corp.		388		20,999
Intercontinental Exchange, Inc.		660		53,295
International Business Machines Corp.		40		4,437
Intuit, Inc.		136		31,280
IQVIA Holdings, Inc. (*)		527		56,842
Johnson & Johnson		998		130,868
JPMorgan Chase & Co.		43		3,871
Keysight Technologies, Inc. (*)		25		2,092
Kimberly-Clark Corp.		794		101,529
Lam Research Corp.		10		2,400
Lamb Weston Holdings, Inc.		106		6,053
Life Storage, Inc. REIT		142		13,426
Lockheed Martin Corp.		193		65,417
Lowe's Cos., Inc.		355		30,548
Lululemon Athletica, Inc. (*)		86		16,301
MasTec, Inc. (*)		25		818
MasterCard, Inc., Class A		31		7,488
McDonald's Corp.		280		46,298
McGrath RentCorp		151		7,909
McKesson Corp.		32		4,328
Mellanox Technologies, Ltd. (*)		111		13,467
Merck & Co., Inc.		669		51,473
MetLife, Inc.		58		1,773
Micron Technology, Inc. (*)		65		2,734
Microsoft Corp.		648		102,196
Morgan Stanley		185		6,290
Morningstar, Inc.		62		7,208
Motorola Solutions, Inc.		385		51,174
National Fuel Gas Co.		686		25,581

Description	Shares		Fair Value
National Retail Properties, Inc. REIT		703	$	22,630
Nexstar Media Group, Inc., Class A		86		4,965
NIKE, Inc., Class B		514		42,528
Northrop Grumman Corp.		135		40,844
Nuance Communications, Inc. (*)		940		15,773
NVIDIA Corp.		52		13,707
OneMain Holdings, Inc.		148		2,830
Oshkosh Corp.		20		1,287
Palo Alto Networks, Inc. (*)		120		19,675
PayPal Holdings, Inc. (*)		45		4,308
PennyMac Financial Services, Inc.		247		5,461
PepsiCo, Inc.		453		54,405
Pfizer, Inc.		825		26,928
Philip Morris International, Inc.		280		20,429
PotlatchDeltic Corp. REIT		78		2,448
Premier, Inc., Class A (*)		947		30,986
PTC, Inc. (*)		630		38,562
Public Service Enterprise Group, Inc.		615		27,620
PulteGroup, Inc.		246		5,491
QUALCOMM, Inc.		88		5,953
Radian Group, Inc.		137		1,774
Raytheon Co.		40		5,246
Regions Financial Corp.		306		2,745
Renewable Energy Group, Inc. (*)		138		2,833
RLJ Lodging Trust REIT		661		5,103
Rockwell Automation, Inc.		160		24,146
Ross Stores, Inc.		419		36,440
Ryman Hospitality Properties, Inc. REIT		117		4,194
S&P Global, Inc.		162		39,698
SEI Investments Co.		150		6,951
Starbucks Corp.		28		1,841
Stryker Corp.		24		3,996
Synchrony Financial		251		4,039
Synopsys, Inc. (*)		24		3,091
Sysco Corp.		209		9,537
Target Corp.		247		22,964
TD Ameritrade Holding Corp.		231		8,006
Tesla, Inc. (*)		2		1,048
Texas Instruments, Inc.		335		33,477
The Clorox Co.		296		51,282
The Coca-Cola Co.		1,569		69,428
The Estee Lauder Cos., Inc., Class A		146		23,264
The Hershey Co.		447		59,227
The Home Depot, Inc.		16		2,987
The Procter & Gamble Co.		1,041		114,510
The TJX Cos., Inc.		1,280		61,197
Thermo Fisher Scientific, Inc.		280		79,408

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Ulta Beauty, Inc. (*)		5	$	879
UniFirst Corp.		71		10,727
United Rentals, Inc. (*)		58		5,968
UnitedHealth Group, Inc.		161		40,150
Verizon Communications, Inc.		1,486		79,843
ViacomCBS, Inc., Class B		28		392
Visa, Inc., Class A		398		64,126
Vistra Energy Corp.		1,393		22,232
VMware, Inc., Class A (*)		35		4,239
Vulcan Materials Co.		68		7,349
Walmart, Inc.		348		39,540
Waste Management, Inc.		109		10,089
Western Alliance Bancorp		83		2,541
World Fuel Services Corp.		118		2,971
WW Grainger, Inc.		51		12,674
Zebra Technologies Corp., Class A (*)		20		3,672
Zoetis, Inc.		676		79,558
				3,466,176
Total Common Stocks (Cost $6,033,191)				6,139,446

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 18.8%
Australia \| 0.6%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		390	$	252,126
Canada \| 1.4%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		515		370,216
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		395		276,898
					647,114
France \| 0.7%
Schneider Electric SE, 2.950%, 09/27/22	USD		295		294,619
Germany \| 0.6%
BMW Finance NV, 0.875%, 08/16/22	GBP		215		253,031
Netherlands \| 0.7%
BNG Bank NV, 5.000%, 09/16/20	NZD		166		100,893
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		200		212,990
					313,883

Description	Security Currency	Principal Amount (000)		Fair Value
Switzerland \| 0.4%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		192	$	199,592
United Kingdom \| 1.2%
Unilever Capital Corp., 3.250%, 03/07/24	USD		500		528,101
United States \| 13.2%
Adobe, Inc., 2.300%, 02/01/30	USD		305		304,893
Amazon.com, Inc., 3.150%, 08/22/27	USD		290		317,633
American Express Co., 3.000%, 10/30/24	USD		275		283,702
Apple, Inc., 3.850%, 05/04/43	USD		375		443,524
Bank of America Corp., 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		304		307,572
Citigroup, Inc., 2.406% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		478		291,397
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		425		301,517
Johnson & Johnson, 3.625%, 03/03/37	USD		143		163,927
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		296		309,115
McDonald's Corp., 3.125%, 03/04/25	CAD		515		367,329
Microsoft Corp., 4.450%, 11/03/45	USD		324		426,012
Morgan Stanley, 3.625%, 01/20/27	USD		135		142,702
PepsiCo, Inc., 2.875%, 10/15/49	USD		405		420,317
Pfizer, Inc., 2.625%, 04/01/30	USD		215		225,608
Starbucks Corp., 4.450%, 08/15/49	USD		380		434,274
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		273		281,824
The Home Depot, Inc., 5.875%, 12/16/36	USD		215		291,967
The Procter & Gamble Co., 2.450%, 03/25/25	USD		235		246,356
Verizon Communications, Inc., 3.875%, 02/08/29	USD		269		301,103
					5,860,772
Total Corporate Bonds (Cost $8,417,869)					8,349,238

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Foreign Government Obligations \| 20.2%
Australia \| 0.3%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		205	$	136,993
Bermuda \| 2.0%
Government of Bermuda:
4.854%, 02/06/24	USD		600		664,875
3.717%, 01/25/27	USD		200		215,125
					880,000
Canada \| 3.4%
City of Vancouver, 2.900%, 11/20/25	CAD		213		161,617
Province of Quebec:
1.650%, 03/03/22	CAD		545		393,044
3.000%, 09/01/23	CAD		690		519,660
2.500%, 04/20/26	USD		410		443,575
					1,517,896
Chile \| 1.3%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		130,000		165,847
Republic of Chile, 3.125%, 01/21/26	USD		400		419,250
					585,097
Czech Republic \| 1.9%
Czech Republic, 2.130% (PRIB0R 6 Month - 0.100%), 11/19/27 (§)	CZK		21,630		846,511
France \| 1.3%
Government of France, 1.750%, 06/25/39	EUR		416		563,924
Hungary \| 2.5%
Hungary, 6.375%, 03/29/21	USD		320		331,800
Hungary Government Bonds:
2.500%, 10/24/24	HUF		82,320		263,017
2.750%, 12/22/26	HUF		81,790		263,009
3.000%, 10/27/27	HUF		84,520		272,646
					1,130,472
Italy \| 0.5%
Italy Government International Bonds, 6.875%, 09/27/23	USD		180		206,279
Japan \| 0.5%
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		212,344

Description	Security Currency	Principal Amount (000)		Fair Value
Mexico \| 0.4%
Mexico Cetes, 0.000%, 04/23/20	MXN		37,070	$	155,121
United Mexican States, 6.750%, 02/06/24	GBP		30		41,909
					197,030
New Zealand \| 0.6%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		360		256,232
Norway \| 0.9%
Oslo Kommune:
2.350%, 09/04/24	NOK		2,000		199,062
2.200% (NIBOR 3 Month + 0.460%), 05/06/26 (§)	NOK		2,000		194,156
					393,218
Panama \| 0.9%
Republic of Panama, 4.000%, 09/22/24	USD		400		417,375
Poland \| 1.8%
Poland Government Bonds, 1.790%, 05/25/28 (§)	PLN		3,540		817,023
Slovakia \| 0.5%
Slovak Republic, 4.375%, 05/21/22	USD		200		211,730
United Kingdom \| 1.4%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		215		311,342
1.500%, 07/22/47	GBP		205		297,123
					608,465
Total Foreign Government Obligations (Cost $9,290,492)					8,980,589
Quasi Government Bonds \| 1.5%
Canada \| 1.3%
Export Development Canada, 1.800%, 09/01/22	CAD		805		586,787
Germany \| 0.2%
KFW, 2.750%, 04/16/20	AUD		110		67,713
Total Quasi Government Bonds (Cost $673,010)					654,500
Supranational Bonds \| 5.3%
African Development Bank, 0.750%, 04/03/23	USD		435		434,974
Asian Development Bank:
1.000%, 12/15/22	GBP		135		169,761
2.125%, 03/19/25	USD		333		354,470

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		105	$	109,662
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		150		106,898
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,050,000		65,758
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		150		91,361
2.500%, 08/03/23	CAD		805		601,774
1.900%, 01/16/25	CAD		185		136,022
2.900%, 11/26/25	AUD		90		60,704
International Finance Corp.:
3.625%, 05/20/20	NZD		225		134,751
2.700%, 03/15/23	AUD		137		88,727
Total Supranational Bonds (Cost $2,393,578)					2,354,862
US Municipal Bonds \| 0.9%
California \| 0.8%
California State Build America Bonds, 7.500%, 04/01/34	USD		35		55,197
State of California:
4.500%, 04/01/33	USD		100		115,090
7.550%, 04/01/39	USD		105		170,384
					340,671
New York \| 0.1%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		40		45,211
Total US Municipal Bonds (Cost $374,642)					385,882
US Treasury Securities \| 32.5%
Treasury Inflation Protected Security, 0.125%, 04/15/20	USD		28		27,564
US Treasury Bills:
0.000%, 06/11/20	USD		1,155		1,154,737
0.000%, 06/11/20	USD		2,200		2,199,500
0.000%, 09/17/20	USD		4,875		4,873,049
US Treasury Notes:
1.750%, 05/15/23	USD		3,425		3,579,794
2.125%, 05/15/25	USD		830		901,523
2.875%, 08/15/28	USD		795		940,398
1.750%, 11/15/29	USD		355		390,223
3.125%, 11/15/41	USD		255		348,224
Total US Treasury Securities (Cost $14,244,591)					14,415,012

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 89.8%
Equity Funds \| 59.6%
Franklin FTSE Japan ETF		77,950	$	1,694,633
iShares Core Dividend Growth ETF		117,100		3,816,289
iShares Core MSCI EAFE ETF		27,760		1,384,947
iShares Expanded Tech Sector ETF		24,960		5,285,779
iShares Expanded Tech-Software Sector ETF		25,365		5,334,006
iShares Russell 1000 Value ETF		16,090		1,595,806
Vanguard Consumer Staples ETF		19,900		2,742,618
Vanguard S&P 500 ETF		81,195		19,228,600
				41,082,678
Fixed-Income Funds \| 30.2%
Goldman Sachs Access Treasury 0-1 Year ETF		35,200		3,547,104
iShares 1-3 Year Treasury Bond ETF		89,400		7,748,298
Vanguard Intermediate-Term Treasury ETF		135,300		9,545,415
				20,840,817
Total Exchange-Traded Funds (Cost $63,265,980)				61,923,495
Short-Term Investments \| 5.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.58% (7 day yield) (Cost $4,079,933)		4,079,933		4,079,933
Total Investments \| 95.7% (Cost $67,345,913)			$	66,003,428
Cash and Other Assets in Excess of Liabilities \| 4.3%				2,941,766
Net Assets \| 100.0%			$	68,945,194

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio
Common Stocks \| 53.4%
Australia \| 2.5%
AGL Energy, Ltd.		3,170	$	33,948
Altium, Ltd.		405		7,248
Atlas Arteria, Ltd.		15,835		55,160
Charter Hall Group REIT		5,336		22,205
Charter Hall Long Wale REIT		2,294		6,312
Coles Group, Ltd.		1,177		11,136
CSL, Ltd.		256		46,439
Goodman Group REIT		1,270		9,702
IDP Education, Ltd. (**)		923		6,563
Inghams Group, Ltd.		6,253		12,579
Lend Lease Group		1,759		11,064
Metcash, Ltd.		3,499		6,770
Scentre Group REIT		12,938		12,810
Stockland REIT		15,795		25,305
Technology One, Ltd.		5,224		26,136
Transurban Group		7,841		57,684
Woolworths Group, Ltd.		1,776		38,806
				389,867
Brazil \| 0.0%
JHSF Participacoes SA		6,600		4,446
Canada \| 3.0%
Alimentation Couche-Tard, Inc., Class B		1,187		27,961
Atco, Ltd., Class I		1,450		40,152
Bank of Montreal		324		16,360
BCE, Inc.		914		37,494
Canadian National Railway Co.		206		16,106
Capital Power Corp.		1,370		26,430
CI Financial Corp.		1,714		17,015
Empire Co., Ltd., Class A		425		8,314
Fairfax Financial Holdings, Ltd.		68		20,846
Great-West Lifeco, Inc.		757		13,077
iA Financial Corp., Inc.		428		13,455
Manulife Financial Corp.		1,027		12,895
Metro, Inc.		193		7,805
Northland Power, Inc.		2,793		55,749
Power Corp. of Canada		1,668		26,834
Rogers Communications, Inc., Class B		280		11,687
Royal Bank of Canada		758		46,951
Sun Life Financial, Inc.		195		6,273
TELUS Corp.		300		4,743
The North West Co., Inc.		433		6,898
The Toronto-Dominion Bank		960		40,813
TransAlta Corp.		1,221		6,386

Description	Shares		Fair Value
True North Commercial Real Estate Investment Trust		1,630	$	5,629
				469,873
China \| 1.4%
Agile Group Holdings, Ltd.		12,000		12,917
China Aoyuan Group, Ltd.		9,000		10,475
China Overseas Property Holdings, Ltd.		15,000		14,071
China Vanke Co., Ltd., Class H		2,400		7,861
CIFI Holdings Group Co., Ltd.		18,000		12,910
Country Garden Holdings Co., Ltd.		8,000		9,604
KWG Group Holdings, Ltd.		10,500		14,849
Logan Property Holdings Co., Ltd.		18,000		27,587
Longfor Group Holdings, Ltd.		7,000		33,875
Powerlong Real Estate Holdings, Ltd.		38,000		22,210
Shenzhen Investment, Ltd.		50,000		15,475
Sunac China Holdings, Ltd.		4,000		18,396
Times China Holdings, Ltd.		5,000		8,315
Yuexiu Property Co., Ltd.		42,000		7,549
				216,094
Denmark \| 0.6%
Coloplast A/S, Class B		265		38,556
Novo Nordisk A/S, Class B		700		42,225
Scandinavian Tobacco Group A/S		639		6,455
				87,236
Finland \| 0.0%
Citycon Oyj		1,044		6,461
France \| 1.4%
Eutelsat Communications SA		6,123		64,114
Gecina SA REIT		73		9,684
Unibail-Rodamco-Westfield REIT		67		3,810
Unibail-Rodamco-Westfield REIT		264		14,949
Vinci SA		1,536		127,096
				219,653
Germany \| 0.9%
Allianz SE		50		8,619
Aroundtown SA		3,555		17,816
Deutsche EuroShop AG		1,358		15,700
Fraport AG		1,338		54,305
Sirius Real Estate, Ltd.		8,791		7,275
Vonovia SE		708		34,898
				138,613
Hong Kong \| 1.8%
CK Asset Holdings, Ltd.		1,500		8,160
Comba Telecom Systems Holdings, Ltd.		16,000		6,395
Henderson Land Development Co., Ltd.		5,000		18,989
Jardine Matheson Holdings, Ltd.		72		3,602

Description	Shares		Fair Value
Lazard Real Assets Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Link Real Estate Investment Trust		8,300	$	70,113
Power Assets Holdings, Ltd.		18,500		110,214
Sands China, Ltd.		1,600		5,823
Shimao Property Holdings, Ltd.		8,000		28,000
VTech Holdings, Ltd.		2,200		15,868
WH Group, Ltd.		17,100		15,880
Wharf Real Estate Investment Co., Ltd.		1,000		4,098
				287,142
Ireland \| 0.0%
Cimpress PLC (*)		108		5,746
Israel \| 0.4%
Adgar Investment and Development, Ltd.		2,606		3,427
Azrieli Group, Ltd.		277		16,019
Israel Canada T.R, Ltd.		4,343		6,809
Mivne Real Estate KD, Ltd. (*)		5,455		11,864
Property & Building Corp., Ltd.		84		5,254
Reit 1, Ltd. REIT		1,796		8,748
Sella Capital Real Estate, Ltd. REIT		4,986		10,134
				62,255
Italy \| 5.0%
ASTM SpA		3,512		61,694
Atlantia SpA		12,357		154,892
Enel SpA		4,287		29,839
Hera SpA		19,548		70,212
Italgas SpA		17,962		98,458
Poste Italiane SpA		1,275		10,801
Snam SpA		36,780		169,873
Terna Rete Elettrica Nazionale SpA		30,014		190,199
				785,968
Japan \| 2.9%
Advance Residence Investment Corp. REIT		10		29,086
Daiwa House Industry Co., Ltd.		900		22,290
East Japan Railway Co.		200		15,155
GLP J-Reit		9		10,123
Invesco Office J-Reit, Inc. REIT		132		17,278
Invincible Investment Corp. REIT		55		12,282
Japan Prime Realty Investment Corp. REIT		3		9,010
Japan Real Estate Investment Corp.		3		17,587
KDDI Corp.		400		11,823
Keihanshin Building Co., Ltd.		1,400		17,331
MCUBS MidCity Investment Corp. REIT		34		24,043
Mitsubishi Estate Co., Ltd.		2,300		33,906
Mitsui Fudosan Co., Ltd.		1,300		22,485
Nippon Accommodations Fund, Inc. REIT		5		27,072

Description	Shares		Fair Value
Nippon Building Fund, Inc. REIT		4	$	26,875
Nippon Prologis REIT, Inc.		5		12,596
NIPPON REIT Investment Corp.		4		11,792
Nomura Real Estate Holdings, Inc.		600		9,732
NTT DOCOMO, Inc.		1,000		31,435
Omron Corp.		200		10,405
Orix JREIT, Inc.		9		11,818
Seven & I Holdings Co., Ltd.		400		13,209
The Dai-ichi Life Insurance Co., Ltd.		800		9,574
Tokio Marine Holdings, Inc.		300		13,759
Tosei Corp.		800		6,886
United Urban Investment Corp. REIT		16		15,875
West Japan Railway Co.		300		20,545
				463,972
Luxembourg \| 0.3%
SES SA		8,499		50,006
Mexico \| 0.0%
Corp Inmobiliaria Vesta SAB de CV		6,300		7,285
Netherlands \| 0.1%
Koninklijke Ahold Delhaize NV		478		11,187
NN Group NV		227		6,131
				17,318
New Zealand \| 0.1%
Meridian Energy, Ltd.		3,399		8,041
Spark New Zealand, Ltd.		2,344		5,714
				13,755
Norway \| 0.0%
Salmar ASA		164		5,475
Singapore \| 1.0%
DBS Group Holdings, Ltd.		559		7,309
Jardine Cycle & Carriage, Ltd.		1,500		20,776
Keppel DC REIT		8,100		12,913
Manulife US Real Estate Investment Trust		28,300		20,267
Mapletree Commercial Trust REIT		7,100		9,149
Mapletree Industrial Trust REIT		35,400		59,871
Sheng Siong Group, Ltd.		22,500		18,848
Venture Corp., Ltd.		700		6,653
				155,786
South Africa \| 0.1%
Fortress REIT, Ltd., Class A		16,908		9,496
Resilient REIT, Ltd.		248		441
				9,937
Spain \| 1.6%
Ferrovial SA		9,759		234,343

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Iberdrola SA		1,882	$	18,583
				252,926
Sweden \| 0.6%
Castellum AB		941		15,927
Catena AB		251		7,324
Fabege AB		608		7,792
Hufvudstaden AB, Class A		506		6,912
Klovern AB Class B		5,697		8,466
Nobina AB		1,803		9,817
Nyfosa AB (*)		3,095		15,580
Swedish Match AB		295		16,875
				88,693
Switzerland \| 1.0%
Allreal Holding AG		262		48,620
Novartis AG		418		34,546
Roche Holding AG		222		72,175
				155,341
United Arab Emirates \| 0.1%
Aldar Properties PJSC		46,777		19,294
United Kingdom \| 4.7%
Admiral Group PLC		1,030		28,421
Auto Trader Group PLC		1,437		7,810
Great Portland Estates PLC REIT		3,016		25,464
Howden Joinery Group PLC		1,976		12,516
Imperial Brands PLC		1,232		22,836
Linde PLC		80		13,840
LondonMetric Property PLC REIT		5,917		12,908
National Grid PLC		15,955		187,001
Pennon Group PLC		12,176		165,013
Savills PLC		1,251		12,797
Segro PLC REIT		6,305		59,625
Severn Trent PLC		1,989		56,099
Unilever NV		344		16,949
United Utilities Group PLC		11,398		127,278
				748,557
United States \| 23.9%
AbbVie, Inc.		309		23,543
Agilent Technologies, Inc.		117		8,380
Agree Realty Corp. REIT		251		15,537
Allison Transmission Holdings, Inc.		319		10,403
American Electric Power Co., Inc.		369		29,513
American Express Co.		154		13,184
American Tower Corp. REIT		742		161,570
Americold Realty Trust REIT		411		13,990
Amgen, Inc.		36		7,298

Description	Shares		Fair Value
Aon PLC		339	$	55,949
Apple, Inc.		136		34,583
AutoZone, Inc. (*)		22		18,612
Best Buy Co., Inc.		97		5,529
Biogen, Inc. (*)		21		6,644
Boston Properties, Inc. REIT		589		54,323
Bristol-Myers Squibb Co.		361		20,122
Brixmor Property Group, Inc. REIT		1,254		11,913
Brookfield Property REIT, Inc., Class A		501		4,253
Bunge, Ltd.		300		12,309
Camden Property Trust REIT		251		19,889
Campbell Soup Co.		307		14,171
Cboe Global Markets, Inc.		99		8,836
CBRE Group, Inc., Class A (*)		752		28,358
Centene Corp. (*)		123		7,307
CF Industries Holdings, Inc.		385		10,472
Charles River Laboratories International, Inc. (*)		95		11,990
Church & Dwight Co., Inc.		163		10,461
Cigna Corp. (*)		85		15,060
Colgate-Palmolive Co.		187		12,409
Community Healthcare Trust, Inc. REIT		251		9,608
Consolidated Edison, Inc.		383		29,874
Copart, Inc. (*)		315		21,584
Costco Wholesale Corp.		100		28,513
Crown Castle International Corp. REIT		878		126,783
CSX Corp.		4,255		243,811
Digital Realty Trust, Inc. REIT		376		52,230
Easterly Government Properties, Inc.		878		21,634
Eaton Corp. PLC		86		6,681
Eli Lilly & Co.		327		45,361
Equinix, Inc. REIT		120		74,948
Equity Lifestyle Properties, Inc. REIT		1,412		81,162
Equity Residential REIT		501		30,917
Essential Properties Realty Trust, Inc. REIT		466		6,086
Essex Property Trust, Inc. REIT		148		32,596
Extra Space Storage, Inc. REIT		184		17,620
Fastenal Co.		319		9,969
Ferguson PLC		84		5,253
Gaming and Leisure Properties, Inc. REIT		1,755		48,631
General Mills, Inc.		355		18,733
Hanesbrands, Inc.		790		6,217
HD Supply Holdings, Inc. (*)		273		7,761
Healthpeak Properties, Inc. REIT		483		11,520
Hilton Worldwide Holdings, Inc.		880		60,051
Hormel Foods Corp.		268		12,500
Humana, Inc.		65		20,411

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Intel Corp.		188	$	10,175
IQVIA Holdings, Inc. (*)		84		9,060
Iron Mountain, Inc. REIT		501		11,924
Johnson & Johnson		434		56,910
JPMorgan Chase & Co.		186		16,746
Kansas City Southern		843		107,213
Kimberly-Clark Corp.		369		47,184
Lamar Advertising Co., Class A REIT		501		25,691
Lamb Weston Holdings, Inc.		193		11,020
Life Storage, Inc. REIT		125		11,819
Lockheed Martin Corp.		91		30,844
MasTec, Inc. (*)		258		8,444
McDonald’s Corp.		74		12,236
McGrath RentCorp		119		6,233
Medical Properties Trust, Inc. REIT		1,379		23,843
Merck & Co., Inc.		536		41,240
MetLife, Inc.		246		7,520
Mid-America Apartment Communities, Inc. REIT		501		51,618
Nasdaq, Inc.		84		7,976
National Retail Properties, Inc. REIT		1,003		32,287
NIKE, Inc., Class B		133		11,004
Norfolk Southern Corp.		1,114		162,644
Northrop Grumman Corp.		112		33,886
Omega Healthcare Investors, Inc. REIT		752		19,958
Outfront Media, Inc. REIT		1,128		15,205
Pennsylvania Real Estate Investment Trust		1,755		1,600
PepsiCo, Inc.		121		14,532
Pfizer, Inc.		748		24,415
Prologis, Inc. REIT		1,117		89,773
PS Business Parks, Inc. REIT		125		16,940
Public Storage		125		24,826
Raytheon Co.		126		16,525
Realty Income Corp. REIT		627		31,262
Regency Centers Corp. REIT		376		14,450
Regeneron Pharmaceuticals, Inc. (*)		15		7,324
Republic Services, Inc.		707		53,067
Retail Value, Inc. REIT		251		3,075
Ross Stores, Inc.		244		21,221
Ryman Hospitality Properties, Inc. REIT		376		13,480
Sabra Health Care REIT, Inc.		1,128		12,318
SBA Communications Corp. REIT		125		33,746
Simon Property Group, Inc. REIT		547		30,008
Southwest Gas Holdings, Inc.		100		6,956
Starbucks Corp.		371		24,390
STORE Capital Corp. REIT		251		4,548

Description		Shares		Fair Value
Sysco Corp.			403	$	18,389
Target Corp.			172		15,991
The Allstate Corp.			243		22,290
The Clorox Co.			206		35,690
The Coca-Cola Co.			228		10,089
The Hershey Co.			331		43,858
The Home Depot, Inc.			78		14,563
The Procter & Gamble Co.			563		61,930
The TJX Cos., Inc.			627		29,977
The Toro Co.			137		8,917
Thermo Fisher Scientific, Inc.			183		51,899
Tupperware Brands Corp.			965		1,563
Tyson Foods, Inc., Class A			162		9,375
UniFirst Corp.			63		9,519
Union Pacific Corp.			1,288		181,660
United Parcel Service, Inc., Class B			104		9,716
UnitedHealth Group, Inc.			163		40,649
Universal Health Realty Income Trust REIT			251		25,303
Ventas, Inc. REIT			627		16,804
VEREIT, Inc. REIT			6,143		30,039
Verizon Communications, Inc.			263		14,131
Vertex Pharmaceuticals, Inc. (*)			36		8,566
Visa, Inc., Class A			230		37,058
Vulcan Materials Co.			150		16,211
Walmart, Inc.			414		47,039
Waste Management, Inc.			563		52,111
Waters Corp. (*)			56		10,195
Welltower, Inc. REIT			376		17,213
Weyerhaeuser Co. REIT			707		11,984
WW Grainger, Inc.			65		16,153
Zoetis, Inc.			81		9,533
					3,772,613
Total Common Stocks (Cost $9,299,603)					8,434,312
Exchange-Traded Funds \| 2.8%
SPDR Gold Shares (*), (Δ) (Cost $368,305)			2,971		439,857

Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations \| 9.3%
Australia \| 0.5%
Australia Government Bonds, 3.000%, 09/20/25	AUD		84		74,202
Canada \| 0.9%
Canadian Government Real Return Bonds:
4.250%, 12/01/26	CAD		53		47,110

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
2.000%, 12/01/41	CAD		98	$	92,375
					139,485
Denmark \| 0.7%
Denmark Inflation Linked Government Bonds, 0.100%, 11/15/23 (††)	DKK		713		109,919
France \| 1.5%
Government of France, 1.850%, 07/25/27	EUR		186		242,151
Italy \| 1.2%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22	EUR		68		74,128
2.350%, 09/15/24	EUR		104		122,847
					196,975
New Zealand \| 1.1%
New Zealand Government Bonds, 3.000%, 09/20/30	NZD		215		175,826
Spain \| 1.7%
Spain Government Inflation Linked Bonds (††) :
0.300%, 11/30/21	EUR		146		162,410
1.800%, 11/30/24	EUR		91		108,972
					271,382
Sweden \| 0.3%
Sweden Inflation Linked Bonds, 3.500%, 12/01/28 (††)	SEK		235		44,369
United Kingdom \| 1.4%
United Kingdom Gilt Inflation Linked (††):
1.875%, 11/22/22	GBP		92		127,596
0.750%, 03/22/34	GBP		48		90,818
					218,414
Total Foreign Government Obligations (Cost $1,503,270)					1,472,723

Description		Principal Amount (000)		Fair Value
US Treasury Securities \| 18.5%
Treasury Inflation Protected Security (††):
0.125%, 04/15/20	USD		712		712,802
1.125%, 01/15/21	USD		1,111		1,099,787
2.375%, 01/15/25	USD		322		356,668
2.500%, 01/15/29	USD		615		755,355
Total US Treasury Securities (Cost $2,898,726)					2,924,612

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

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of March 31, 2020:

The Lazard Funds, Inc. Notes to Portfolios of Investments March 31, 2020 (unaudited)