Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 96.3%
Brazil \| 4.4%
Duratex SA		585,341	$	1,868,830
Pagseguro Digital, Ltd., Class A (*)		36,433		1,373,888
Petroleo Brasileiro SA (Preference Shares)		601,960		2,101,967
Rumo SA (*)		669,244		2,271,371
				7,616,056
Canada \| 1.3%
First Quantum Minerals, Ltd.		243,567		2,171,259
China \| 37.4%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		46,688		13,725,338
Anhui Conch Cement Co., Ltd., Class H		138,000		954,132
Beijing Enterprises Water Group, Ltd.		3,930,000		1,523,572
Beijing Thunisoft Corp., Ltd. Class A		363,500		1,275,979
China State Construction International Holdings, Ltd.		2,134,160		1,397,383
Chow Tai Seng Jewellery Co., Ltd., Class A		429,400		1,571,985
CNOOC, Ltd.		1,640,756		1,588,201
Minth Group, Ltd.		958,000		4,191,859
NetEase, Inc. ADR		6,593		2,997,639
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		14,776		2,209,012
Ping An Insurance (Group) Co. of China, Ltd., Class H		329,500		3,399,199
Shenzhen Inovance Technology Co., Ltd., Class A		173,000		1,474,880
Shenzhen Sunway Communication Co., Ltd., Class A		189,900		1,530,692
Tencent Holdings, Ltd.		192,900		12,845,862
Tencent Music Entertainment Group ADR (*)		172,690		2,550,631
Trip.com Group, Ltd. ADR (*)		75,750		2,358,855
Weibo Corp. Sponsored ADR (*)		41,674		1,518,184
Wuliangye Yibin Co., Ltd. Class A		78,800		2,565,104
Xiabuxiabu Catering Management China Holdings Co., Ltd.		1,607,000		1,984,738
Zhongsheng Group Holdings, Ltd.		211,000		1,326,192
ZTO Express Cayman, Inc. ADR		56,622		1,694,130
				64,683,567
Colombia \| 0.9%
Bancolombia SA Sponsored ADR		63,573		1,624,290
Hong Kong \| 2.1%
China Gas Holdings, Ltd.		553,200		1,577,575
Techtronic Industries Co., Ltd.		161,002		2,117,121
				3,694,696

Description	Shares		Fair Value
India \| 9.7%
HDFC Bank, Ltd. ADR (*)		70,934	$	3,543,863
ICICI Bank, Ltd. Sponsored ADR (*)		293,070		2,880,878
Motherson Sumi Systems, Ltd.		1,132,060		1,773,609
Mphasis, Ltd.		95,359		1,790,011
Reliance Industries, Ltd.		90,011		2,741,486
Shriram Transport Finance Co., Ltd.		110,011		930,898
UPL, Ltd.		464,591		3,184,287
				16,845,032
Indonesia \| 2.6%
PT Bank Central Asia Tbk		1,140,900		2,082,113
PT Bank Rakyat Indonesia (Persero) Tbk		11,598,800		2,379,382
				4,461,495
Macau \| 1.6%
SJM Holdings, Ltd.		2,277,000		2,689,072
Mexico \| 1.3%
Grupo Financiero Banorte SAB de CV, Class O (*)		644,857		2,234,536
Peru \| 1.4%
Credicorp, Ltd.		19,875		2,464,301
Philippines \| 1.9%
BDO Unibank, Inc.		1,048,955		1,872,291
International Container Terminal Services, Inc.		584,009		1,325,645
				3,197,936
Russia \| 5.0%
Mail.Ru Group, Ltd. GDR (*)		74,143		2,026,543
Novatek OAO Sponsored GDR		8,044		1,100,658
QIWI PLC Sponsored ADR		109,189		1,894,429
Sberbank of Russia PJSC (*), (‡)		782,955		2,301,860
Yandex NV Class A (*)		19,402		1,265,981
				8,589,471
South Africa \| 2.5%
Capitec Bank Holdings, Ltd.		41,255		2,553,557
Standard Bank Group, Ltd.		266,094		1,713,603
				4,267,160
South Korea \| 11.0%
NCSoft Corp.		3,732		2,570,278
Samsung Biologics Co., Ltd. (*)		1,824		1,075,310
Samsung Electronics Co., Ltd.		188,153		9,480,216
SK Hynix, Inc.		38,095		2,733,382
WONIK IPS Co., Ltd. (*)		107,911		3,072,818
				18,932,004
Taiwan \| 12.3%
Airtac International Group		112,000		2,532,220

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
ASE Technology Holding Co., Ltd.		823,289	$	1,691,704
Bizlink Holding, Inc.		302,000		2,365,982
Chroma ATE, Inc.		485,000		2,574,974
Hiwin Technologies Corp.		245,560		2,421,184
Largan Precision Co., Ltd.		15,860		1,853,042
MediaTek, Inc.		55,000		1,159,780
Silicon Motion Technology Corp. ADR		37,893		1,431,598
Taiwan Semiconductor Manufacturing Co., Ltd.		350,000		5,256,501
				21,286,985
United Kingdom \| 0.9%
KAZ Minerals PLC		242,807		1,639,664
Total Common Stocks (Cost $138,440,808)				166,397,524
Preferred Stocks \| 1.6%
Brazil \| 1.6%
Banco Bradesco SA ADR (Cost $4,188,604)		821,425		2,817,488
Short-Term Investments \| 0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $377,717)		377,717		377,717
Total Investments \| 98.1% (Cost $143,007,129)			$	169,592,729
Cash and Other Assets in Excess of Liabilities \| 1.9%				3,249,090
Net Assets \| 100.0%			$	172,841,819

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 97.9%
Argentina \| 1.0%
MercadoLibre, Inc. (*)		1,689	$	1,828,309
Brazil \| 5.1%
Azul SA ADR (*)		48,715		641,090
Banco BTG Pactual SA		134,595		1,745,980
Banco do Brasil SA		342,200		1,804,869
C&A Modas Ltda		435,500		893,349
CCR SA		338,330		763,304
Lojas Renner SA		89,200		629,780
Rumo SA (*)		461,058		1,564,801
Telefonica Brasil SA ADR		155,199		1,190,376
				9,233,549
Brazil \| 1.0%
Pet Center Comercio e Participacoes SA		713,081		1,815,748
Canada \| 0.7%
Parex Resources, Inc. (*)		112,334		1,183,618
China \| 38.5%
21Vianet Group, Inc. ADR (*)		107,106		2,480,575
Alibaba Group Holding, Ltd.		48,300		1,786,070
Alibaba Group Holding, Ltd. Sponsored ADR (*)		49,403		14,523,494
Bilibili, Inc. Sponsored ADR (*)		21,389		889,782
Budweiser Brewing Co. APAC, Ltd.		616,600		1,801,213
China National Building Material Co., Ltd., Class H		2,626,000		3,325,264
China Overseas Land & Investment, Ltd.		599,500		1,511,937
Industrial & Commercial Bank of China, Ltd., Class H		9,398,633		4,899,827
Kingsoft Cloud Holdings, Ltd. ADR		42,018		1,240,791
Midea Group Co., Ltd., Class A		115,800		1,238,115
NetEase, Inc.		53,800		965,057
NetEase, Inc. ADR		4,712		2,142,405
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		19,609		2,931,545
PICC Property & Casualty Co., Ltd., Class H		1,689,770		1,182,355
Ping An Insurance (Group) Co. of China, Ltd., Class H		445,000		4,590,724
Prosus NV (*)		10,266		946,710
Shenzhen Sunway Communication Co., Ltd., Class A		193,800		1,562,128
Shenzhou International Group Holdings, Ltd.		172,191		2,923,852
Tencent Holdings, Ltd.		221,800		14,770,410
Wuliangye Yibin Co., Ltd. Class A		80,800		2,630,209
Wuxi Biologics Cayman, Inc. (*)		73,500		1,803,725
				70,146,188

Description	Shares		Fair Value
Hong Kong \| 2.6%
China Gas Holdings, Ltd.		429,400	$	1,224,531
Techtronic Industries Co., Ltd.		273,500		3,596,431
				4,820,962
India \| 10.2%
HDFC Bank, Ltd. ADR (*)		105,998		5,295,660
Hindalco Industries, Ltd.		772,081		1,846,727
Infosys, Ltd. Sponsored ADR		200,661		2,771,128
Maruti Suzuki India, Ltd.		18,801		1,727,318
Motherson Sumi Systems, Ltd.		545,544		854,709
Reliance Industries, Ltd.		117,331		3,573,578
UPL, Ltd.		356,951		2,446,527
				18,515,647
Indonesia \| 1.3%
PT Bank Mandiri (Persero) Tbk		4,243,700		1,424,031
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		52,651		914,548
				2,338,579
Luxembourg \| 0.9%
Ternium SA Sponsored ADR (*)		83,978		1,581,306
Mexico \| 2.5%
Arca Continental SAB de CV		272,645		1,180,888
Gruma SAB de CV, Class B		133,943		1,484,419
Grupo Aeroportuario del Pacifico SAB de CV ADR		11,517		928,731
Grupo Financiero Banorte SAB de CV, Class O (*)		284,500		985,840
				4,579,878
Peru \| 0.6%
Credicorp, Ltd.		8,738		1,083,425
Philippines \| 0.9%
BDO Unibank, Inc.		927,701		1,655,863
Poland \| 0.9%
CD Projekt SA (*)		15,937		1,722,871
Portugal \| 0.5%
Galp Energia SGPS SA		104,039		964,347
Russia \| 4.0%
LUKOIL PJSC Sponsored ADR		69,651		4,027,147
Sberbank of Russia PJSC Sponsored ADR (London) (*)		219,827		2,564,656
Sberbank of Russia PJSC Sponsored ADR (United States) (*)		53,682		626,469
				7,218,272
South Africa \| 2.7%
Mondi PLC		104,564		2,200,599
Naspers, Ltd., N Shares (*)		9,752		1,720,025

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
The Bidvest Group, Ltd.		113,870	$	937,291
				4,857,915
South Korea \| 10.6%
DB Insurance Co., Ltd.		26,647		1,038,939
NCSoft Corp.		4,563		3,142,599
Orion Corp.		10,827		1,221,785
Samsung Electronics Co., Ltd.		211,308		10,646,896
SK Hynix, Inc.		45,285		3,249,277
				19,299,496
Taiwan \| 11.1%
Accton Technology Corp.		151,000		1,166,561
Largan Precision Co., Ltd.		15,000		1,752,561
Micro-Star International Co., Ltd.		391,000		1,806,538
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		192,038		15,568,521
				20,294,181
United Kingdom \| 1.9%
Unilever NV NY Shares		57,788		3,490,395
United States \| 0.9%
Yum China Holdings, Inc.		32,234		1,706,790
Total Common Stocks (Cost $144,746,622)				178,337,339
Preferred Stocks \| 0.3%
Brazil \| 0.3%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,239,704)		154,387		614,460
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,225,675)		2,225,675		2,225,675
Total Investments \| 99.4% (Cost $148,212,001)			$	181,177,474
Cash and Other Assets in Excess of Liabilities \| 0.6%				1,055,054
Net Assets \| 100.0%			$	182,232,528

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 99.7%
Argentina \| 0.2%
Globant SA (*)		319	$	57,171
Brazil \| 2.1%
Ambev SA		21,400		47,785
B3 SA - Brasil Bolsa Balcao		4,300		42,120
Minerva SA (*)		25,000		52,263
Pagseguro Digital, Ltd., Class A (*)		1,451		54,717
Petroleo Brasileiro SA (Preference Shares)		17,439		60,895
Totvs SA		14,300		69,006
Vale SA		22,909		241,128
				567,914
Brazil \| 0.7%
Afya, Ltd., Class A Class A (*)		2,147		58,484
Cia Paranaense de Energia (Preference Shares)		4,300		47,480
WEG SA		6,500		76,043
				182,007
China \| 43.5%
A-Living Services Co., Ltd., Class H		6,250		31,825
AECC Aero-Engine Control Co., Ltd., Class A		47,900		139,121
Agricultural Bank of China, Ltd., Class H		355,000		111,153
Alibaba Group Holding, Ltd. Sponsored ADR (*)		8,526		2,506,473
Anhui Conch Cement Co., Ltd., Class H		27,000		186,678
Anhui Guangxin Agrochemical Co., Ltd., Class A (*)		39,900		105,814
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd., Class A		60,700		52,170
Baidu, Inc. Sponsored ADR (*)		550		69,625
Bank of China, Ltd., Class H		189,000		58,844
Bank of Communications Co., Ltd., Class H		271,000		130,322
Bank of Jiangsu Co., Ltd., Class A		100,400		89,681
Brilliance China Automotive Holdings, Ltd.		54,000		50,816
C&S Paper Co., Ltd., Class A		15,500		49,013
China CITIC Bank Corp., Ltd., Class H		170,000		65,997
China Construction Bank Corp., Class H		433,000		281,975
China Everbright Bank Co., Ltd., Class H		254,000		80,217
China Feihe, Ltd.		28,000		65,259
China Lesso Group Holdings, Ltd.		54,000		97,655
China Life Insurance Co., Ltd., Class H		25,000		56,745
China Medical System Holdings, Ltd.		61,000		67,705
China Merchants Bank Co., Ltd., Class H		51,500		245,242
China Minsheng Banking Corp., Ltd., Class H		560,000		293,780
China Mobile, Ltd.		38,500		247,503
China Overseas Property Holdings, Ltd.		65,000		53,290

Description	Shares		Fair Value
China Pacific Insurance Group Co., Ltd., Class A		11,100	$	50,941
China Resources Cement Holdings, Ltd.		68,000		93,276
China Resources Land, Ltd.		20,000		90,956
China Resources Power Holdings Co., Ltd.		38,000		42,060
China Shenhua Energy Co., Ltd., Class H		70,000		126,143
China Telecom Corp., Ltd., Class H		230,000		68,990
China Unicom Hong Kong, Ltd.		46,000		30,160
China Vanke Co., Ltd., Class H		13,400		41,109
China Yuhua Education Corp., Ltd.		104,000		89,287
CNOOC, Ltd.		122,000		118,092
Country Garden Services Holdings Co., Ltd.		10,000		64,708
CSC Financial Co., Ltd., Class H		63,000		89,033
CSPC Pharmaceutical Group, Ltd.		72,400		140,486
Dali Foods Group Co., Ltd.		74,500		45,559
ENN Energy Holdings, Ltd.		5,200		56,730
G-bits Network Technology Xiamen Co., Ltd., Class A		600		54,924
Gansu Shangfeng Cement Co., Ltd., Class A		18,700		66,290
Great Wall Motor Co., Ltd. Class H		131,500		167,572
Guangdong South New Media Co., Ltd., Class A		3,100		42,636
Guangdong Tapai Group Co., Ltd., Class A		18,900		38,617
Guangzhou Wondfo Biotech Co., Ltd., Class A		6,300		77,268
Hansoh Pharmaceutical Group Co., Ltd. (*)		14,000		68,562
Industrial & Commercial Bank of China, Ltd., Class H		231,000		120,428
JD.com, Inc. ADR (*)		4,641		360,188
Jiangsu Hengrui Medicine Co., Ltd., Class A		4,160		55,067
Jiangzhong Pharmaceutical Co., Ltd., Class A		43,400		74,214
Kunlun Energy Co., Ltd.		72,000		47,453
Li Ning Co., Ltd.		33,500		157,195
Lonking Holdings, Ltd.		96,000		25,548
Luxshare Precision Industry Co., Ltd., Class A		7,629		64,433
Meituan Dianping, Class B Class B (*)		13,900		437,145
NanJi E-Commerce Co., Ltd., Class A		19,700		49,959
NetEase, Inc. ADR		352		160,044
New China Life Insurance Co., Ltd. Class H		13,200		49,793
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		520		77,740
Pharmaron Beijing Co., Ltd., Class H		8,400		105,025
Pinduoduo, Inc. ADR (*)		1,034		76,671
Ping An Insurance (Group) Co. of China, Ltd., Class H		37,500		386,859
Sany Heavy Industry Co., Ltd., Class A		21,400		78,112
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		1,300		66,484

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Shenzhou International Group Holdings, Ltd.		3,000	$	50,941
Sinotruk Hong Kong, Ltd.		26,000		66,854
TAL Education Group ADR (*)		1,087		82,655
Tencent Holdings, Ltd.		24,900		1,658,175
Tencent Music Entertainment Group ADR (*)		4,821		71,206
Tian Di Science & Technology Co., Ltd., Class A		139,800		62,392
Vipshop Holdings, Ltd. ADR (*)		6,581		102,927
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		12,400		72,418
Xiaomi Corp., Class B Class B (*)		54,600		145,829
Zhongsheng Group Holdings, Ltd.		10,500		65,995
				11,572,052
Colombia \| 0.3%
Ecopetrol SA Sponsored ADR		6,967		68,555
Greece \| 0.6%
Hellenic Telecommunications Organization SA		11,590		167,316
Hong Kong \| 0.4%
Shimao Group Holdings, Ltd.		16,000		66,491
Vinda International Holdings, Ltd.		15,000		49,445
				115,936
Hungary \| 0.6%
Richter Gedeon Nyrt.		7,181		151,595
India \| 6.5%
Axis Bank, Ltd. GDR (*)		870		25,473
Dr Reddy’s Laboratories, Ltd. ADR		4,286		298,134
GAIL India, Ltd. GDR		4,980		35,157
HDFC Bank, Ltd. ADR (*)		6,162		307,853
ICICI Bank, Ltd. Sponsored ADR (*)		7,126		70,049
Infosys, Ltd. Sponsored ADR		29,594		408,693
Reliance Industries, Ltd. Sponsored GDR (#)		3,961		240,685
State Bank of India GDR (*)		1,353		34,218
Wipro, Ltd. ADR		35,493		166,817
WNS Holdings, Ltd. ADR (*)		1,968		125,873
				1,712,952
Indonesia \| 1.9%
Kalbe Farma Tbk PT		536,800		56,067
PT Bank Central Asia Tbk		80,800		147,458
PT Bank Mandiri (Persero) Tbk		233,100		78,220
PT Bank Rakyat Indonesia (Persero) Tbk		167,200		34,299
PT Gudang Garam Tbk (*)		15,500		41,788
PT Indofood CBP Sukses Makmur Tbk		109,500		74,198

Description	Shares		Fair Value
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		3,476	$	60,378
				492,408
Malaysia \| 2.8%
Frontken Corp. Bhd		59,600		52,350
Hartalega Holdings Berhad		37,300		147,313
Hong Leong Financial Group Bhd		16,400		56,588
Kossan Rubber Industries		23,100		77,060
MISC Bhd		56,400		101,762
Nestle Malaysia Berhad		1,100		37,438
Petronas Chemicals Group Bhd		51,600		69,999
Tenaga Nasional Bhd		36,300		91,769
Top Glove Corp. Berhad		54,700		110,495
				744,774
Mexico \| 2.9%
America Movil SAB de CV, Class \| Sponsored ADR		11,815		147,569
Arca Continental SAB de CV		31,500		136,434
Coca-Cola Femsa SAB de CV Sponsored ADR		1,734		70,608
Gruma SAB de CV, Class B		4,205		46,602
Grupo Mexico SAB de CV, Series B		19,900		50,624
Kimberly-Clark de Mexico SAB de CV, Series A		30,300		48,098
Qualitas Controladora SAB de CV		31,100		117,289
Wal-Mart de Mexico SAB de CV		60,800		145,872
				763,096
Philippines \| 0.7%
International Container Terminal Services, Inc.		28,950		65,714
Metropolitan Bank & Trust Co.		35,700		28,132
Puregold Price Club, Inc.		93,300		94,305
				188,151
Poland \| 1.5%
Dino Polska SA (*)		1,471		86,569
KGHM Polska Miedz SA (*)		4,374		133,219
Polskie Gornictwo Naftowe i Gazownictwo SA		89,868		117,069
Powszechna Kasa Oszczednosci Bank Polski SA (*)		9,935		54,414
				391,271
Russia \| 3.3%
Gazprom PJSC Sponsored ADR		10,209		44,415
LUKOIL PJSC Sponsored ADR		3,048		176,232
MMC Norilsk Nickel PJSC ADR		3,291		79,122
PhosAgro PJSC GDR		2,773		33,355
Polyus PJSC GDR		1,187		124,742

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
RusHydro PJSC ADR (*)		45,854	$	41,968
Sberbank of Russia PJSC Sponsored ADR (London) (*)		19,668		229,461
Tatneft PJSC Sponsored ADR		2,360		84,316
Yandex NV Class A (*)		818		53,374
				866,985
Singapore \| 0.2%
BOC Aviation, Ltd.		9,000		61,310
South Africa \| 2.1%
Anglo American Platinum, Ltd.		581		40,304
Clicks Group, Ltd.		2,985		39,562
FirstRand, Ltd.		20,133		49,472
Kumba Iron Ore, Ltd.		1,941		57,370
Naspers, Ltd., N Shares (*)		1,219		215,003
Ninety One, Ltd. (*)		13,199		34,634
Northam Platinum, Ltd. (*)		3,789		38,445
Sasol, Ltd. (*)		6,312		48,383
Sibanye Stillwater, Ltd.		16,164		44,982
				568,155
South Korea \| 13.4%
BGF retail Co., Ltd.		271		28,505
BNK Financial Group, Inc.		10,143		43,583
Celltrion, Inc. (*)		418		91,967
Coway Co Ltd.		1,179		80,901
DongKook Pharmaceutical Co., Ltd.		2,381		55,649
DoubleUGames Co., Ltd.		911		57,987
Hana Financial Group, Inc.		9,730		231,573
Hansol Chemical Co., Ltd.		413		52,728
Hyundai Mobis Co., Ltd.		518		101,751
Kakao Corp.		201		62,570
KB Financial Group, Inc. ADR		3,291		105,707
Kia Motors Corp.		4,231		172,428
Kolmar BNH Co., Ltd.		887		46,739
Korea Electric Power Corp. (*)		2,438		42,497
Korea Zinc Co., Ltd.		315		102,532
KT&G Corp.		822		58,031
LG Electronics, Inc.		1,131		89,738
LG Household & Health Care, Ltd.		97		120,422
LG Household & Health Care, Ltd. (Preference Shares)		78		47,272
LOTTE Fine Chemical Co., Ltd.		4,414		186,458
Mirae Asset Daewoo Co., Ltd.		8,245		60,789
NAVER Corp.		438		110,898
NCSoft Corp.		131		90,221
Orion Corp.		394		44,461
Samsung Electronics Co., Ltd. GDR		996		1,261,157

Description	Shares		Fair Value
Samsung Engineering Co., Ltd. (*)		4,489	$	40,451
Shinhan Financial Group Co., Ltd.		4,213		97,975
SK Telecom Co., Ltd.		359		73,015
				3,558,005
Taiwan \| 14.0%
Asia Cement Corp.		40,000		57,493
ASMedia Technology, Inc.		1,000		50,725
Delta Electronics, Inc.		40,000		262,298
Elan Microelectronics Corp.		29,000		146,729
eMemory Technology, Inc.		3,000		53,191
Evergreen Marine Corp. Taiwan, Ltd. (*)		91,000		49,834
Gigabyte Technology Co., Ltd.		31,000		81,177
International Games System Co., Ltd.		4,000		106,888
Lotes Co., Ltd.		4,000		64,052
Makalot Industrial Co., Ltd.		12,000		71,324
Micro-Star International Co., Ltd.		25,000		115,508
momo.com, Inc.		2,000		48,828
Nien Made Enterprise Co., Ltd.		8,000		95,296
Parade Technologies, Ltd.		2,000		73,203
Sensortek Technology Corp.		1,342		37,056
Standard Foods Corp.		32,000		67,331
Taiwan Cement Corp.		33,600		48,174
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		22,519		1,825,615
TXC Corp.		21,000		52,728
United Microelectronics Corp.		201,000		197,016
Voltronic Power Technology Corp.		4,200		143,346
Wan Hai Lines, Ltd.		102,000		75,143
				3,722,955
Thailand \| 1.4%
Carabao Group Public Co., Ltd., Class F (‡)		13,600		50,215
Com7 Public Co., Ltd. NVDR		43,200		54,303
Delta Electronics Thailand Public Co., Ltd. NVDR		24,800		122,635
Hana Microelectronics Public Co., Ltd. NVDR		78,700		108,205
PTT Exploration & Production Public Co., Ltd. (‡)		13,200		32,909
				368,267
Turkey \| 0.4%
BIM Birlesik Magazalar AS		4,547		40,954
Turk Telekomunikasyon AS		43,138		39,846
Turkcell Iletisim Hizmetleri AS		18,844		37,044
				117,844
United States \| 0.2%
Yum China Holdings, Inc.		1,057		55,968

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Total Common Stocks (Cost $24,167,753)			$	26,494,687
Short-Term Investments \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $299,540)		299,540		299,540
Total Investments \| 100.8% (Cost $24,467,293)			$	26,794,227
Liabilities in Excess of Cash and Other Assets \| (0.8)%				(209,650)
Net Assets \| 100.0%			$	26,584,577

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 96.5%
Brazil \| 3.1%
Banco do Brasil SA		110,657	$	583,639
CCR SA		199,130		449,256
Cia de Saneamento do Parana		45,800		207,474
Construtora Tenda SA		26,800		135,434
Log-in Logistica Intermodal SA (*)		63,800		167,910
Pagseguro Digital, Ltd., Class A (*)		20,369		768,115
				2,311,828
Brazil \| 0.5%
Banco Pan SA (Preference Shares)		120,600		174,375
Lojas Quero Quero S/A		81,142		201,558
				375,933
Canada \| 1.3%
First Quantum Minerals, Ltd.		110,203		982,396
Chile \| 0.1%
Geopark, Ltd.		14,903		109,686
China \| 29.4%
21Vianet Group, Inc. ADR (*)		10,520		243,643
360 DigiTech, Inc. ADR (*)		15,194		181,416
Alibaba Group Holding, Ltd. Sponsored ADR (*)		13,470		3,959,911
Anhui Conch Cement Co., Ltd., Class H		116,500		805,481
Ausnutria Dairy Corp., Ltd.		113,883		181,101
Baidu, Inc. Sponsored ADR (*)		6,433		814,353
China Aoyuan Group, Ltd.		155,000		159,070
China Construction Bank Corp., Class H		1,753,281		1,141,758
China Meidong Auto Holdings, Ltd.		84,000		323,389
China Merchants Bank Co., Ltd., Class H		199,000		947,634
China Mobile, Ltd. Sponsored ADR		20,896		672,015
China Shenhua Energy Co., Ltd., Class H		429,000		773,078
CNOOC, Ltd.		1,300,710		1,259,047
Huami Corp. ADR (*)		13,730		176,430
JNBY Design, Ltd.		211,000		204,075
Kaisa Prosperity Holdings, Ltd.		47,000		141,682
NetEase, Inc. ADR		3,419		1,554,517
Ping An Insurance (Group) Co. of China, Ltd., Class H		232,000		2,393,366
Precision Tsugami China Corp., Ltd.		186,000		156,627
Sinopharm Group Co., Ltd., Class H		211,200		448,278
Tencent Holdings, Ltd.		39,592		2,636,565
Tianyun International Holdings, Ltd.		1,582,000		208,595
West China Cement, Ltd.		1,140,000		169,345
Wuliangye Yibin Co., Ltd. Class A		39,600		1,289,063
Zhuzhou CRRC Times Electric Co., Ltd., Class H		52,200		176,032

Description	Shares		Fair Value
ZTO Express Cayman, Inc. ADR		20,556	$	615,035
				21,631,506
Colombia \| 0.9%
Bancolombia SA Sponsored ADR		24,614		628,888
Czech Republic \| 0.3%
Moneta Money Bank AS		79,856		183,808
Egypt \| 1.3%
Commercial International Bank Egypt SAE GDR		141,190		605,948
Credit Agricole Egypt SAE		97,291		163,611
Six of October Development & Investment		237,220		189,298
				958,857
Estonia \| 0.2%
Tallinna Sadam AS		66,919		134,165
Georgia \| 0.5%
Bank of Georgia Group PLC (*)		16,368		187,829
TBC Bank Group PLC (*)		12,688		165,725
				353,554
Greece \| 0.3%
OPAP SA		22,056		209,191
Hong Kong \| 2.7%
China Water Affairs Group, Ltd.		238,000		187,428
NewOcean Energy Holdings, Ltd. (*)		496,000		44,256
Techtronic Industries Co., Ltd.		124,782		1,640,841
TK Group Holdings, Ltd.		308,000		102,600
				1,975,125
Hungary \| 0.9%
OTP Bank Nyrt. (*)		21,143		635,919
India \| 11.0%
Axis Bank, Ltd. (*)		178,862		1,038,261
Bajaj Auto, Ltd.		17,239		673,551
Gujarat State Petronet, Ltd.		80,616		229,154
HCL Technologies, Ltd.		53,167		585,301
ICICI Bank, Ltd. Sponsored ADR (*)		125,199		1,230,706
Infosys, Ltd. Sponsored ADR		68,516		946,206
Jubilant Life Sciences, Ltd.		23,562		234,947
Kiri Industries, Ltd.		29,310		202,203
Petronet LNG, Ltd.		74,363		223,103
Reliance Industries, Ltd.		43,549		1,326,382
Tata Consultancy Services, Ltd.		24,780		840,447
The South Indian Bank, Ltd. (*)		748,459		68,651
Uflex, Ltd.		47,212		200,357
UPL, Ltd.		46,435		318,264
				8,117,533

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Indonesia \| 3.7%
PT Bank Mandiri (Persero) Tbk		1,897,200	$	636,631
PT Bank Pembangunan Daerah Jawa Timur Tbk		4,641,000		159,502
PT Bank Rakyat Indonesia (Persero) Tbk		4,828,059		990,430
PT Bekasi Fajar Industrial Estate Tbk (*)		9,411,600		107,655
PT Erajaya Swasembada Tbk (*)		1,270,800		132,451
PT Media Nusantara Citra Tbk (*)		4,012,500		195,048
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		29,247		508,020
				2,729,737
Kenya \| 0.2%
KCB Group, Ltd.		442,400		159,539
Kuwait \| 0.3%
Human Soft Holding Co. KSC (*)		22,392		190,104
Mexico \| 4.0%
America Movil SAB de CV, Class \| Sponsored ADR		59,329		741,019
Credito Real SAB de CV (*)		164,400		81,414
Genomma Lab Internacional SAB de CV, B Shares (*)		236,000		230,968
Grupo Cementos de Chihuahua SAB de CV		50,000		232,978
Grupo Financiero Banorte SAB de CV, Class O (*)		143,690		497,910
Grupo Mexico SAB de CV, Series B		260,801		663,458
Kimberly-Clark de Mexico SAB de CV, Series A		299,500		475,429
				2,923,176
Oman \| 0.2%
Ooredoo		160,160		161,304
Pakistan \| 0.3%
Bank Alfalah, Ltd.		875,631		183,764
Poland \| 0.3%
Eurocash SA (*)		24,650		91,734
Warsaw Stock Exchange		11,461		134,181
				225,915
Romania \| 0.2%
NEPI Rockcastle PLC		38,928		160,050
Russia \| 5.7%
Detsky Mir PJSC (‡)		148,650		224,625
LSR Group PJSC GDR		61,038		132,769
LUKOIL PJSC Sponsored ADR		12,543		720,094
Mobile TeleSystems PJSC Sponsored ADR		81,704		713,276
QIWI PLC Sponsored ADR		13,468		233,670
Sberbank of Russia PJSC (*), (‡)		199,357		586,102

Description	Shares		Fair Value
Sberbank of Russia PJSC Sponsored ADR (United States) (*)		91,822	$	1,071,563
Yandex NV Class A (*)		7,333		478,478
				4,160,577
South Africa \| 0.6%
Standard Bank Group, Ltd.		72,805		468,853
South Korea \| 17.5%
BGF retail Co., Ltd.		1,897		199,532
ELP Corp.		8,031		68,626
HS Industries Co., Ltd.		42,467		306,021
Hyundai Mobis Co., Ltd.		4,007		787,097
InBody Co., Ltd.		15,377		208,909
KT&G Corp.		5,371		379,177
MegaStudyEdu Co., Ltd.		8,757		221,051
NCSoft Corp.		2,745		1,890,518
Nice Information & Telecommunication, Inc.		8,438		177,723
Ray Co., Ltd. (*)		5,008		179,261
Samjin Pharmaceutical Co., Ltd.		4,746		116,974
Samsung Electronics Co., Ltd.		89,331		4,501,003
SFA Engineering Corp.		9,193		299,971
Shinhan Financial Group Co., Ltd.		24,832		577,475
SK Hynix, Inc.		33,047		2,371,179
TES Co., Ltd.		6,430		141,101
WONIK IPS Co., Ltd. (*)		6,927		197,250
Zinus, Inc.		3,800		269,125
				12,891,993
Taiwan \| 9.8%
Airtac International Group		35,000		791,319
Bizlink Holding, Inc.		22,000		172,356
Chailease Holding Co., Ltd.		47,840		217,372
Hon Hai Precision Industry Co., Ltd.		196,136		525,080
Largan Precision Co., Ltd.		4,614		539,088
Lotes Co., Ltd.		13,000		208,170
Lotus Pharmaceutical Co., Ltd. (*)		74,000		207,071
MediaTek, Inc.		20,000		421,738
Powertech Technology, Inc.		67,000		200,279
Poya International Co., Ltd.		10,000		191,148
Sercomm Corp.		77,000		193,051
Silicon Motion Technology Corp. ADR		19,786		747,515
Simplo Technology Co., Ltd.		17,000		176,653
Sunny Friend Environmental Technology Co., Ltd.		25,000		198,759
Taiwan Semiconductor Manufacturing Co., Ltd.		126,387		1,898,153
Tripod Technology Corp.		65,000		248,181
TSC Auto ID Technology Co., Ltd.		18,700		114,283

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Wiwynn Corp.		8,000	$	181,714
				7,231,930
Ukraine \| 0.2%
Kernel Holding SA		15,235		157,503
United Kingdom \| 1.0%
Unilever NV		11,926		719,975
Total Common Stocks
(Cost $68,607,711)				70,972,809
Preferred Stocks \| 0.7%
Brazil \| 0.7%
Banco Bradesco SA ADR (Cost $1,083,788)		159,088		545,672
Short-Term Investments \| 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,129,778)		2,129,778		2,129,778
Total Investments \| 100.1% (Cost $71,821,277)			$	73,648,259
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(91,328)
Net Assets \| 100.0%			$	73,556,931

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 94.0%
Brazil \| 4.0%
Banco do Brasil SA		13,654,426	$	72,017,681
BB Seguridade Participacoes SA		11,395,700		49,248,320
CCR SA		18,630,945		42,033,169
				163,299,170
China \| 20.9%
AAC Technologies Holdings, Inc.		6,171,165		33,503,988
Anhui Conch Cement Co., Ltd., Class H		11,253,451		77,806,326
Baidu, Inc. Sponsored ADR (*)		445,239		56,362,805
China Construction Bank Corp., Class H (^)		211,925,224		138,008,288
China Merchants Bank Co., Ltd., Class H		15,588,994		74,234,500
China Mobile, Ltd. Sponsored ADR (^)		2,433,441		78,259,463
China Shenhua Energy Co., Ltd., Class H (^)		29,235,610		52,683,946
China Vanke Co., Ltd., Class H		11,408,000		34,997,603
CNOOC, Ltd. (^)		48,997,532		47,428,085
CRRC Corp., Ltd., Class H (^)		117,585,000		47,082,596
ENN Energy Holdings, Ltd.		2,389,000		26,063,096
Hengan International Group Co., Ltd.		6,923,500		50,331,940
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,478,500		46,201,249
Sinopharm Group Co., Ltd., Class H (^)		18,323,614		38,892,400
Weichai Power Co., Ltd., Class H		22,694,288		45,753,978
				847,610,263
Egypt \| 1.2%
Commercial International Bank Egypt SAE GDR		11,666,352		50,068,693
Hong Kong \| 1.2%
ASM Pacific Technology, Ltd.		4,653,900		47,569,479
Hungary \| 1.7%
OTP Bank Nyrt. (*)		2,304,735		69,319,675
India \| 14.6%
Axis Bank, Ltd. (*)		9,141,196		53,062,980
Bajaj Auto, Ltd.		938,327		36,661,671
Bharat Petroleum Corp., Ltd.		6,363,466		30,592,848
Bharti Infratel, Ltd.		12,533,242		29,951,780
Coal India, Ltd.		12,604,595		19,872,683
HCL Technologies, Ltd.		8,675,802		95,509,469
Hero MotoCorp, Ltd.		928,408		39,755,383
Infosys, Ltd. Sponsored ADR		7,311,412		100,970,600
Oil and Natural Gas Corp., Ltd.		35,570,521		33,565,086
Power Grid Corp. of India, Ltd.		14,103,611		31,146,192
Tata Consultancy Services, Ltd.		2,134,704		72,401,387
UPL, Ltd.		7,069,720		48,455,568
				591,945,647

Description	Shares		Fair Value
Indonesia \| 3.9%
PT Astra International Tbk		110,483,100	$	33,239,611
PT Bank Mandiri (Persero) Tbk		208,226,042		69,873,094
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		3,119,433		54,184,551
				157,297,256
Luxembourg \| 0.8%
Ternium SA Sponsored ADR (*)		1,759,363		33,128,805
Mexico \| 4.1%
America Movil SAB de CV, Class \| Sponsored ADR		6,663,211		83,223,505
Grupo Mexico SAB de CV, Series B		20,448,793		52,020,198
Kimberly-Clark de Mexico SAB de CV, Series A		19,145,595		30,391,895
				165,635,598
Portugal \| 0.9%
Galp Energia SGPS SA		4,015,603		37,221,000
Russia \| 8.4%
ALROSA PAO (*), (‡)		51,715,860		49,176,818
LUKOIL PJSC Sponsored ADR		1,138,994		65,855,421
Magnit PJSC Sponsored GDR		2,292,344		34,201,328
Mobile TeleSystems PJSC Sponsored ADR		7,297,480		63,707,000
Novolipetsk Steel PJSC GDR		550,191		12,169,876
Sberbank of Russia PJSC (*), (‡)		39,081,091		114,897,040
				340,007,483
South Africa \| 6.1%
Life Healthcare Group Holdings, Ltd.		25,777,474		26,277,365
Mondi PLC		1,751,946		36,870,542
Nedbank Group, Ltd.		5,002,741		30,040,354
Sanlam, Ltd.		8,426,948		26,102,986
Shoprite Holdings, Ltd.		4,577,818		37,309,523
Standard Bank Group, Ltd.		5,056,258		32,561,502
The Bidvest Group, Ltd.		3,580,206		29,469,537
Vodacom Group, Ltd.		4,107,873		30,195,457
				248,827,266
South Korea \| 15.3%
Coway Co Ltd.		852,149		58,473,334
Hyundai Mobis Co., Ltd.		314,478		61,773,108
KB Financial Group, Inc.		2,095,528		67,580,121
KT&G Corp.		481,521		33,994,024
Samsung Electronics Co., Ltd.		3,853,281		194,150,158
Shinhan Financial Group Co., Ltd.		2,572,905		59,833,665
SK Hynix, Inc.		2,030,374		145,682,847
				621,487,257
Taiwan \| 6.8%
Catcher Technology Co., Ltd.		4,066,000		25,599,096

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Globalwafers Co., Ltd.		2,218,000	$	29,527,810
Hon Hai Precision Industry Co., Ltd.		21,163,425		56,657,087
Novatek Microelectronics Corp.		4,667,000		43,027,329
Taiwan Semiconductor Manufacturing Co., Ltd.		8,187,913		122,970,790
				277,782,112
Thailand \| 1.2%
Kasikornbank Public Co. Ltd. (‡)		10,353,754		25,226,744
The Siam Cement Public Co. Ltd. (‡)		2,494,500		25,348,450
				50,575,194
United Kingdom \| 2.9%
Anglo American PLC		1,228,538		29,667,477
Unilever NV		1,452,502		87,687,885
				117,355,362
Total Common Stocks (Cost $3,805,387,888)				3,819,130,260
Exchange-Traded Funds \| 5.1%
iShares Core MSCI Emerging Markets ETF		1,989,164		105,027,859
Vanguard FTSE Emerging Markets ETF		2,396,111		103,607,840
Total Exchange-Traded Funds (Cost $172,619,378)				208,635,699
Rights \| 0.0%
Thailand \| 0.0%
Siam Cement Co. (Expires 09/20/30) (Cost $0)		351,585		0
Short-Term Investments \| 1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $51,406,495)		51,406,495		51,406,495
Total Investments \| 100.4% (Cost $4,029,413,761)			$	4,079,172,454
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(15,750,970)
Net Assets \| 100.0%			$	4,063,421,484

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 95.8%
Belgium \| 2.8%
Anheuser-Busch InBev SA/NV		36,615	$	1,976,389
France \| 7.4%
Bureau Veritas SA (*)		132,269		2,970,897
EssilorLuxottica SA (*)		16,163		2,197,933
				5,168,830
Germany \| 4.0%
Fresenius Medical Care AG & Co. KGaA		33,109		2,795,654
Italy \| 5.1%
Atlantia SpA (*)		88,899		1,394,076
Snam SpA		415,043		2,134,066
				3,528,142
Luxembourg \| 5.2%
SES SA		508,349		3,596,403
Spain \| 2.9%
Ferrovial SA		82,358		1,997,951
United Kingdom \| 6.3%
National Grid PLC		256,998		2,958,487
United Utilities Group PLC		127,930		1,414,643
				4,373,130
United States \| 62.1%
Cisco Systems, Inc.		70,367		2,771,756
Cognizant Technology Solutions Corp., Class A		30,280		2,102,038
CVS Health Corp.		61,111		3,568,882
H&R Block, Inc.		291,076		4,741,628
Henry Schein, Inc. (*)		32,554		1,913,524
Intel Corp.		41,374		2,142,346
International Game Technology PLC		172,796		1,923,220
McKesson Corp.		23,023		3,428,815
MEDNAX, Inc. (*)		131,236		2,136,522
Medtronic PLC		19,728		2,050,134
Nielsen Holdings PLC		249,413		3,536,676
Omnicom Group, Inc.		69,290		3,429,855
Oracle Corp.		34,092		2,035,292
Stericycle, Inc. (*)		60,553		3,818,472
Tapestry, Inc.		231,061		3,611,484
				43,210,644
Total Common Stocks (Cost $68,775,721)				66,647,143

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 96.4%
Canada \| 4.6%
CAE, Inc.		53,977	$	789,660
Canadian National Railway Co.		8,864		944,016
Dollarama, Inc.		25,341		971,353
National Bank of Canada		21,021		1,044,143
				3,749,172
China \| 4.4%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		5,686		1,671,570
Tencent Holdings, Ltd.		28,723		1,912,762
				3,584,332
Denmark \| 1.4%
Vestas Wind Systems A/S		7,186		1,162,741
Germany \| 3.4%
Merck KGaA		4,958		723,981
Symrise AG		9,089		1,257,389
Teamviewer AG (*)		17,036		841,247
				2,822,617
Hong Kong \| 4.3%
AIA Group, Ltd.		134,383		1,323,831
China Gas Holdings, Ltd.		311,200		887,457
Hang Seng Bank, Ltd.		43,921		651,962
Sands China, Ltd.		180,800		703,546
				3,566,796
Israel \| 0.7%
Bank Leumi Le-Israel BM		129,921		571,578
Japan \| 4.4%
Kansai Paint Co., Ltd.		28,967		719,487
Nintendo Co., Ltd.		2,200		1,250,657
Shimano, Inc.		4,100		807,222
Yamaha Corp.		17,864		855,081
				3,632,447
Netherlands \| 3.9%
NXP Semiconductors NV		7,079		883,530
Wolters Kluwer NV		27,435		2,342,289
				3,225,819
South Africa \| 0.3%
Sanlam, Ltd.		88,494		274,116
South Korea \| 1.3%
LG Household & Health Care, Ltd.		827		1,026,692
Sweden \| 3.7%
Assa Abloy AB, Class B		25,687		599,562
Epiroc AB, Class A		86,351		1,253,330

Description	Shares		Fair Value
Hexagon AB, B Shares (*)		15,540	$	1,174,450
				3,027,342
Switzerland \| 3.0%
ABB, Ltd.		42,092		1,066,822
Alcon, Inc. (*)		7,996		453,965
Partners Group Holding AG		1,013		932,135
				2,452,922
Taiwan \| 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		18,626		1,510,010
United Kingdom \| 9.6%
Coca-Cola European Partners PLC		20,105		780,275
Diageo PLC		41,449		1,419,968
Prudential PLC		53,498		763,777
RELX PLC		60,970		1,359,748
Tesco PLC		497,048		1,362,700
Unilever PLC		35,030		2,158,475
				7,844,943
United States \| 49.6%
Accenture PLC, Class A		7,990		1,805,660
Alphabet, Inc., Class A (*)		1,499		2,196,934
AmerisourceBergen Corp.		12,059		1,168,758
Aon PLC, Class A		10,091		2,081,773
Boston Scientific Corp. (*)		27,712		1,058,876
Dollar General Corp.		6,300		1,320,606
Honeywell International, Inc.		4,033		663,872
Intercontinental Exchange, Inc.		16,155		1,616,308
IQVIA Holdings, Inc. (*)		12,738		2,007,891
Johnson & Johnson		12,231		1,820,951
Kimberly-Clark Corp.		7,443		1,099,033
Lowe’s Cos., Inc.		6,424		1,065,485
McDonald’s Corp.		6,436		1,412,638
Microsoft Corp.		12,924		2,718,305
Motorola Solutions, Inc.		8,788		1,378,046
Palo Alto Networks, Inc. (*)		3,311		810,367
PTC, Inc. (*)		13,650		1,129,128
Rockwell Automation, Inc.		4,307		950,469
S&P Global, Inc.		4,272		1,540,483
Texas Instruments, Inc.		9,124		1,302,816
The Coca-Cola Co.		35,714		1,763,200
The Procter & Gamble Co.		10,495		1,458,700
Thermo Fisher Scientific, Inc.		7,547		3,332,152
Visa, Inc., Class A		9,545		1,908,714
Warner Music Group Corp., Class A		16,946		487,028

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Zoetis, Inc.		16,074	$	2,658,157
				40,756,350
Total Common Stocks (Cost $62,168,223)				79,207,877
Short-Term Investments \| 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,368,099)		2,368,099		2,368,099
Total Investments \| 99.3% (Cost $64,536,322)			$	81,575,976
Cash and Other Assets in Excess of Liabilities \| 0.7%				543,995
Net Assets \| 100.0%			$	82,119,971

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 87.9%
Australia \| 8.7%
Atlas Arteria, Ltd. (^)		48,907,421	$	215,043,096
Spark Infrastructure Group		83,493,195		122,828,546
Transurban Group		28,680,116		290,656,917
				628,528,559
Canada \| 0.8%
Atco, Ltd., Class I		1,898,489		54,878,031
France \| 6.3%
Eutelsat Communications SA		11,456,887		111,316,751
Vinci SA		4,103,263		342,256,697
				453,573,448
Germany \| 1.6%
Fraport AG (*)		3,027,331		119,880,047
Hong Kong \| 2.5%
Power Assets Holdings, Ltd.		34,797,965		183,018,240
Italy \| 21.2%
ASTM SpA (*)		3,990,113		83,553,326
Atlantia SpA (*)		22,290,649		349,552,313
Hera SpA		48,018,401		177,506,759
Italgas SpA		34,322,945		216,754,781
Snam SpA		68,225,224		350,800,189
Terna Rete Elettrica Nazionale SpA		50,700,701		355,220,852
				1,533,388,220
Luxembourg \| 2.0%
SES SA (^)		20,569,089		145,519,585
Portugal \| 0.8%
Redes Energeticas Nacionais SGPS SA		21,468,951		59,544,570
Spain \| 7.3%
Ferrovial SA		21,946,874		532,416,627
United Kingdom \| 20.6%
National Grid PLC		54,935,167		632,397,777
Pennon Group PLC (^)		21,423,608		284,732,512
Severn Trent PLC		8,059,600		253,414,780
United Utilities Group PLC		29,133,020		322,151,429
				1,492,696,498
United States \| 16.1%
Consolidated Edison, Inc.		3,234,000		251,605,200
CSX Corp.		6,825,311		530,121,905
Norfolk Southern Corp.		983,190		210,392,829

Description	Shares		Fair Value
Southwest Gas Holdings, Inc. (^)		2,761,944	$	174,278,666
				1,166,398,600
Total Common Stocks (Cost $6,566,449,366)				6,369,842,425
Short-Term Investments \| 11.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $836,256,384)		836,256,384		836,256,384
Total Investments \| 99.5% (Cost $7,402,705,750) (»)			$	7,206,098,809
Cash and Other Assets in Excess of Liabilities \| 0.5%				34,190,573
Net Assets \| 100.0%			$	7,240,289,382

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 98.5%
Brazil \| 0.9%
Lojas Renner SA		4,551	$	32,131
Canada \| 3.2%
CAE, Inc.		1,646		24,080
TMX Group, Ltd.		439		45,148
Toromont Industries, Ltd.		832		49,787
				119,015
China \| 4.5%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		370		108,773
Tencent Holdings, Ltd.		900		59,934
				168,707
Denmark \| 2.0%
Genmab A/S (*)		201		72,986
France \| 2.7%
Safran SA (*)		315		30,997
Vivendi SA		2,427		67,646
				98,643
Germany \| 2.6%
Infineon Technologies AG		1,513		42,798
Teamviewer AG (*)		1,081		53,380
				96,178
Hong Kong \| 1.6%
AIA Group, Ltd.		6,000		59,107
India \| 1.1%
HDFC Bank, Ltd. ADR (*)		808		40,368
Israel \| 1.0%
CyberArk Software, Ltd. (*)		344		35,576
Italy \| 1.4%
Enel SpA		6,079		52,785
Japan \| 4.8%
Digital Garage, Inc.		1,000		34,016
Menicon Co., Ltd.		700		46,584
Nintendo Co., Ltd.		100		56,848
Z Holdings Corp.		6,200		41,423
				178,871
Netherlands \| 2.4%
ASML Holding NV		77		28,393
Koninklijke DSM NV		375		61,798
				90,191
Portugal \| 1.9%
Energias de Portugal SA		14,462		71,082

Description	Shares		Fair Value
Spain \| 1.8%
Siemens Gamesa Renewable Energy SA		2,536	$	68,355
Switzerland \| 4.9%
ABB, Ltd.		1,996		50,589
Idorsia, Ltd. (*)		547		14,686
Novartis AG		720		62,569
Partners Group Holding AG		58		53,370
				181,214
United Kingdom \| 11.1%
Clarivate PLC (*)		2,152		66,690
Coca-Cola European Partners PLC		915		35,985
Dechra Pharmaceuticals PLC		945		39,269
Informa PLC (*)		11,591		56,199
Linde PLC		200		47,336
RELX PLC		2,453		54,707
Rio Tinto PLC		491		29,626
Tesco PLC		13,251		36,329
THG Holdings, Ltd.		5,760		44,461
				410,602
United States \| 50.6%
Accenture PLC, Class A		242		54,690
Adobe, Inc. (*)		132		64,737
Alphabet, Inc., Class A (*)		85		124,576
American Express Co.		350		35,088
Analog Devices, Inc.		364		42,493
Aon PLC, Class A		404		83,345
Bank of America Corp.		1,770		42,639
Baxter International, Inc.		573		46,081
Danaher Corp.		367		79,026
Dollar General Corp.		320		67,079
Electronic Arts, Inc. (*)		669		87,244
Fidelity National Information Services, Inc.		310		45,635
Intercontinental Exchange, Inc.		1,102		110,255
IPG Photonics Corp. (*)		129		21,926
IQVIA Holdings, Inc. (*)		564		88,903
Medtronic PLC		558		57,987
Microsoft Corp.		867		182,356
Palo Alto Networks, Inc. (*)		232		56,782
S&P Global, Inc.		306		110,344
Starbucks Corp.		548		47,084
Synopsys, Inc. (*)		230		49,215
The Coca-Cola Co.		1,487		73,413
The Progressive Corp.		772		73,085
Thermo Fisher Scientific, Inc.		197		86,980
UnitedHealth Group, Inc.		266		82,931

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Visa, Inc., Class A		310	$	61,991
				1,875,885
Total Common Stocks (Cost $2,826,357)				3,651,696
Preferred Stocks \| 1.3%
Germany \| 1.3%
Volkswagen AG (*) (Cost $51,228)		306		49,247
Short-Term Investments \| 0.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $9,477)		9,477		9,477
Total Investments \| 100.1% (Cost $2,887,062)			$	3,710,420
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(3,351)
Net Assets \| 100.0%			$	3,707,069

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 99.8%
Australia \| 6.6%
AGL Energy, Ltd.		656	$	6,411
ASX, Ltd.		75		4,393
BHP Group, Ltd.		370		9,521
Breville Group, Ltd.		231		4,177
Charter Hall Group REIT		642		5,793
CSL, Ltd.		32		6,593
Data#3, Ltd.		650		3,094
Fortescue Metals Group, Ltd.		3,971		46,484
IGO, Ltd.		642		1,934
Ingenia Communities Group REIT		997		3,262
Kogan.com, Ltd.		349		5,065
Netwealth Group, Ltd.		766		8,420
Omni Bridgeway, Ltd.		666		1,879
REA Group, Ltd.		36		2,845
Regis Resources, Ltd.		2,955		10,667
Santos, Ltd.		4,223		14,820
Stockland REIT		4,642		12,609
				147,967
Austria \| 0.1%
OMV AG (*)		52		1,420
Raiffeisen Bank International AG (*)		103		1,575
				2,995
China \| 0.3%
S-Enjoy Service Group Co., Ltd.		2,000		5,173
SITC International Holdings Co., Ltd.		1,000		1,389
				6,562
Denmark \| 4.5%
Coloplast A/S, Class B		213		33,685
Novo Nordisk A/S, Class B		965		67,031
				100,716
Finland \| 1.1%
Neles Oyj		200		2,699
Neste Oyj		68		3,576
UPM-Kymmene Oyj		55		1,674
Valmet Oyj		712		17,628
				25,577
France \| 9.6%
Air Liquide SA		71		11,267
Capgemini SE		133		17,034
Cie de Saint-Gobain (*)		892		37,451
Cie Generale des Etablissements Michelin SCA		61		6,527
Electricite de France SA		626		6,623

Description	Shares		Fair Value
Elis SA (*)		125	$	1,576
L’Oreal SA		175		56,945
Legrand SA		34		2,714
Orange SA		451		4,693
Peugeot SA (*)		575		10,368
Sartorius Stedim Biotech		7		2,411
Schneider Electric SE		471		58,458
				216,067
Germany \| 8.0%
Allianz SE		253		48,530
Continental AG		28		3,035
Daimler AG		463		24,965
Deutsche Bank AG (*)		2,078		17,520
Deutsche Post AG		594		27,087
DWS Group GmbH & Co. KGaA (*)		145		4,997
Fresenius Medical Care AG & Co. KGaA		81		6,840
Muenchener Rueckversicherungs AG		109		27,675
SAP SE		72		11,212
Schaeffler AG (Preference Shares)		713		4,402
Siltronic AG		24		2,154
				178,417
Hong Kong \| 2.3%
Man Wah Holdings, Ltd.		7,200		9,563
Sun Hung Kai Properties, Ltd.		1,000		12,820
WH Group, Ltd.		37,000		30,115
				52,498
Ireland \| 0.2%
Kingspan Group PLC (*)		55		5,002
Israel \| 0.3%
Plus500, Ltd.		370		7,476
Italy \| 1.2%
Banca Generali SpA (*)		78		2,370
Buzzi Unicem SpA		489		11,374
Intesa Sanpaolo SpA (*)		3,459		6,495
Reply SpA		60		6,905
				27,144
Japan \| 27.4%
Amada Co., Ltd.		600		5,623
Chugai Pharmaceutical Co., Ltd.		100		4,487
Dai-ichi Life Holdings, Inc.		900		12,702
Daikin Industries, Ltd.		100		18,439
Daito Trust Construction Co., Ltd. Sponsored ADR		435		9,896
DCM Holdings Co., Ltd.		200		2,769
Dip Corp.		200		4,110
East Japan Railway Co. ADR		3,417		35,127

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
EDION Corp.		200	$	2,092
Electric Power Development Co., Ltd.		200		3,086
Japan Tobacco, Inc.		100		1,826
Kao Corp.		100		7,504
KDDI Corp.		400		10,118
Kureha Corp.		100		4,336
Mizuho Financial Group, Inc.		3,450		43,096
MS&AD Insurance Group Holdings, Inc.		300		8,126
Murata Manufacturing Co., Ltd.		600		38,713
Nikkiso Co., Ltd.		200		2,030
Nintendo Co., Ltd. ADR		532		37,719
Nishi-Nippon Financial Holdings, Inc.		500		3,496
Nitori Holdings Co., Ltd. ADR		621		13,041
Nitto Denko Corp.		100		6,519
Nitto Denko Corp. ADR		230		7,498
Nomura Research Institute, Ltd. N Ap		200		5,878
NTT DOCOMO, Inc.		1,618		60,003
Obayashi Corp.		600		5,438
Ono Pharmaceutical Co., Ltd.		500		15,697
Open House Co., Ltd.		100		3,612
Oracle Corp. Japan		100		10,842
ORIX Corp.		1,000		12,449
Osaka Gas Co., Ltd.		400		7,793
Otsuka Corp.		300		15,353
Sekisui Chemical Co., Ltd.		600		9,591
Sekisui House, Ltd.		300		5,306
Seria Co., Ltd.		100		4,261
Seven & I Holdings Co., Ltd.		400		12,365
Shin-Etsu Chemical Co., Ltd.		233		30,412
Softbank Corp.		2,800		31,374
Sugi Holdings Co., Ltd.		200		14,141
T&D Holdings, Inc.		1,400		13,846
Taiheiyo Cement Corp.		100		2,552
The 77 Bank, Ltd.		200		3,093
The Gunma Bank, Ltd.		1,000		3,335
The Okinawa Electric Power Co., Inc.		100		1,570
The Shizuoka Bank, Ltd.		300		2,075
Tohoku Electric Power Co., Inc.		200		2,004
Tokyo Electron, Ltd.		100		26,173
Tokyu Construction Co., Ltd.		400		1,744
Trend Micro, Inc.		400		24,407
Trend Micro, Inc. Sponsored ADR		84		5,134
ZOZO, Inc.		100		2,789
				615,590

Description	Shares		Fair Value
Luxembourg \| 0.1%
ArcelorMittal SA (*)		130	$	1,734
Netherlands \| 4.1%
ASM International NV		178		25,514
ASML Holding NV		48		17,699
Koninklijke Ahold Delhaize NV		1,102		32,614
NN Group NV		240		9,015
Royal Dutch Shell PLC, A Shares		408		5,050
Signify NV (*)		80		2,961
				92,853
New Zealand \| 0.7%
Fisher & Paykel Healthcare Corp., Ltd., Class C		669		14,726
Norway \| 1.4%
DNB ASA (*)		573		7,914
Orkla ASA		1,674		16,941
Yara International ASA		138		5,314
				30,169
Singapore \| 1.0%
AEM Holdings, Ltd.		3,200		9,056
DBS Group Holdings, Ltd.		400		5,883
Oversea-Chinese Banking Corp., Ltd.		1,200		7,455
				22,394
South Africa \| 0.1%
Investec PLC		673		1,238
Spain \| 2.6%
Amadeus IT Group SA		127		7,048
EDP Renovaveis SA		322		5,335
Iberdrola SA		1,193		14,683
Industria de Diseno Textil SA		1,111		30,889
				57,955
Sweden \| 4.9%
Alfa Laval AB (*)		281		6,202
Assa Abloy AB, Class B		526		12,277
Axfood AB		471		10,793
Essity AB, Class B (*)		407		13,753
Evolution Gaming Group AB		241		15,930
Husqvarna AB, B Shares		1,181		13,004
Lundin Energy AB		116		2,297
Sandvik AB (*)		179		3,492
Skandinaviska Enskilda Banken AB, Class A (*)		820		7,258
Swedish Match AB		258		21,050
Volvo AB, Class B (*)		198		3,803
				109,859

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Switzerland \| 10.4%
Credit Suisse Group AG		1,141	$	11,420
Geberit AG		18		10,665
Logitech International SA		170		13,155
Nestle SA		113		13,406
Novartis AG		905		78,646
Partners Group Holding AG		9		8,282
Roche Holding AG		247		84,505
Sonova Holding AG (*)		10		2,536
UBS Group AG		1,062		11,856
				234,471
United Kingdom \| 12.6%
Associated British Foods PLC		454		10,936
AstraZeneca PLC		54		5,877
Auto Trader Group PLC		1,088		7,870
Barclays PLC (*)		20,248		25,479
Computacenter PLC		78		2,384
Fiat Chrysler Automobiles NV (*)		470		5,754
GlaxoSmithKline PLC		1,015		19,013
Howden Joinery Group PLC		172		1,301
IMI PLC		645		8,691
National Grid PLC		2,363		27,202
Nomad Foods, Ltd. (*)		213		5,427
Persimmon PLC		936		29,729
RELX PLC		1,761		38,980
Rio Tinto PLC		50		3,017
Royal Bank of Scotland Group PLC (*)		7,924		10,819
Softcat PLC		127		1,979
Spirent Communications PLC		1,016		3,729
Standard Chartered PLC (*)		3,931		18,022
Tate & Lyle PLC		1,291		11,072
Taylor Wimpey PLC		1,059		1,474
Unilever NV		466		28,132
Vodafone Group PLC		11,680		15,496
				282,383
United States \| 0.3%
Ferguson PLC		49		4,930
ICON PLC (*)		12		2,293
				7,223
Total Common Stocks (Cost $2,123,982)				2,241,016
Preferred Stocks \| 0.4%
Germany \| 0.4%
Porsche Automobil Holding SE (*)		87		5,194

Description	Shares		Fair Value
Volkswagen AG (*)		27	$	4,346
Total Preferred Stocks (Cost $11,376)				9,540
Short-Term Investments \| 0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $8,804)		8,804		8,804
Total Investments \| 100.6% (Cost $2,144,162)			$	2,259,360
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(13,547)
Net Assets \| 100.0%			$	2,245,813

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 95.1%
Canada \| 2.2%
Toromont Industries, Ltd.		7,270	$	435,037
China \| 10.5%
Ping An Insurance (Group) Co. of China, Ltd., Class H		92,500		954,251
Tencent Holdings, Ltd.		16,618		1,106,649
				2,060,900
France \| 17.1%
Engie SA (*)		111,408		1,489,021
Safran SA (*)		7,514		739,406
Sanofi		11,247		1,127,726
				3,356,153
Germany \| 17.7%
Beiersdorf AG		8,193		931,691
SAP SE		6,422		1,000,056
Vonovia SE		22,534		1,548,503
				3,480,250
Hong Kong \| 6.2%
China Gas Holdings, Ltd.		193,000		550,383
ESR Cayman, Ltd.		217,200		677,662
				1,228,045
India \| 5.6%
Reliance Industries, Ltd. Sponsored GDR		18,112		1,101,210
Japan \| 10.7%
Digital Garage, Inc.		24,900		846,998
Hitachi, Ltd.		37,300		1,260,356
				2,107,354
Luxembourg \| 2.3%
ArcelorMittal SA (*)		33,771		450,368
Mexico \| 5.8%
Arca Continental SAB de CV		264,496		1,145,593
South Korea \| 5.0%
Samsung Electronics Co., Ltd.		19,704		992,799
Spain \| 3.1%
Siemens Gamesa Renewable Energy SA		22,609		609,396
United Kingdom \| 3.5%
Prudential PLC		47,998		685,255
United States \| 5.4%
Aon PLC, Class A		2,764		570,213

Description	Shares		Fair Value
Medtronic PLC		4,728	$	491,334
				1,061,547
Total Common Stocks (Cost $17,582,197)				18,713,907
Preferred Stocks \| 3.0%
Germany \| 3.0%
Volkswagen AG (*) (Cost $581,685)		3,630		584,207
Short-Term Investments \| 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $395,999)		395,999		395,999
Total Investments \| 100.1% (Cost $18,559,881)			$	19,694,113
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(16,331)
Net Assets \| 100.0%			$	19,677,782

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 96.5%
Australia \| 1.2%
BHP Group PLC		1,595,119	$	34,006,052
Canada \| 3.4%
Canadian National Railway Co.		337,921		35,988,567
Suncor Energy, Inc.		2,028,701		24,773,143
TMX Group, Ltd.		311,077		31,991,953
				92,753,663
China \| 3.3%
Autohome, Inc. ADR		309,060		29,669,760
ENN Energy Holdings, Ltd.		1,902,600		20,756,654
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,939,000		40,635,642
				91,062,056
Denmark \| 3.2%
Carlsberg AS, Class B		296,821		39,966,981
Vestas Wind Systems A/S		288,364		46,659,159
				86,626,140
Finland \| 2.4%
Nordea Bank Abp		4,167,742		31,747,270
Sampo Oyj, A Shares		841,052		33,273,574
				65,020,844
France \| 14.9%
Air Liquide SA		338,719		53,749,047
Alstom SA (*)		746,817		37,182,193
BNP Paribas SA (*)		503,538		18,241,178
Engie SA (*)		5,521,447		73,796,767
Safran SA (*)		446,232		43,910,919
Sanofi		797,768		79,991,431
Vinci SA		304,207		25,374,168
Vivendi SA		2,765,458		77,079,361
				409,325,064
Germany \| 10.2%
Continental AG		245,504		26,613,929
Fresenius Medical Care AG & Co. KGaA		382,828		32,325,189
Infineon Technologies AG		957,837		27,094,091
Merck KGaA		255,569		37,318,895
ProSiebenSat.1 Media SE (*)		1,138,778		14,958,402
SAP SE		691,934		107,750,305
Vonovia SE		499,054		34,294,247
				280,355,058
Hong Kong \| 1.1%
ESR Cayman, Ltd.		9,404,200		29,340,990

Description	Shares		Fair Value
Ireland \| 1.0%
Ryanair Holdings PLC Sponsored ADR (*)		317,254	$	25,938,687
Israel \| 0.9%
Bank Leumi Le-Israel BM		5,387,540		23,702,112
Italy \| 2.2%
Enel SpA		7,056,321		61,271,103
Japan \| 15.3%
Daiwa House Industry Co., Ltd.		1,587,981		40,800,758
Hitachi, Ltd.		1,435,100		48,491,601
Kao Corp.		456,880		34,284,336
Makita Corp.		951,000		45,360,138
Nexon Co., Ltd.		2,648,600		65,777,521
Nintendo Co., Ltd.		133,400		75,835,279
Sumitomo Mitsui Financial Group, Inc.		1,218,700		33,911,719
Suzuki Motor Corp.		606,200		25,964,476
Yamaha Corp.		534,500		25,584,451
Z Holdings Corp.		3,605,069		24,086,012
				420,096,291
Luxembourg \| 0.8%
ArcelorMittal SA (*)		1,593,963		21,257,021
Mexico \| 0.6%
Arca Continental SAB de CV		3,479,612		15,071,001
Netherlands \| 4.4%
JDE Peet’s BV		518,614		21,097,919
Koninklijke DSM NV		369,788		60,939,520
Wolters Kluwer NV		438,719		37,456,057
				119,493,496
Norway \| 2.4%
Equinor ASA		1,841,726		25,991,556
Telenor ASA		2,351,519		39,399,746
				65,391,302
Portugal \| 1.4%
Energias de Portugal SA		5,971,550		29,350,538
Galp Energia SGPS SA		869,698		8,061,312
				37,411,850
Singapore \| 0.9%
DBS Group Holdings, Ltd.		1,763,520		25,938,429
South Korea \| 1.5%
Samsung Electronics Co., Ltd.		838,096		42,228,031
Spain \| 0.8%
Banco Santander SA		12,389,387		23,080,925
Sweden \| 1.7%
Hexagon AB, B Shares (*)		292,721		22,122,672

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Sandvik AB (*)		1,294,906	$	25,259,859
				47,382,531
Switzerland \| 5.9%
ABB, Ltd.		2,500,643		63,378,780
Flughafen Zuerich AG (*)		138,722		18,995,516
Novartis AG		905,513		78,690,228
				161,064,524
United Arab Emirates \| 0.1%
Network International Holdings PLC		1,114,047		3,935,512
United Kingdom \| 10.5%
3i Group PLC		330,062		4,236,857
Compass Group PLC		1,838,614		27,599,727
Informa PLC (*)		4,843,401		23,483,330
Prudential PLC		2,505,274		35,767,158
RELX PLC		3,008,366		66,589,957
RSA Insurance Group PLC		3,785,936		22,023,547
Tesco PLC		18,808,223		51,564,354
Unilever PLC		931,045		57,369,034
				288,633,964
United States \| 6.4%
Aon PLC, Class A		265,182		54,707,047
Ferguson PLC		393,349		39,577,322
Medtronic PLC		784,906		81,567,431
				175,851,800
Total Common Stocks (Cost $2,373,732,205)				2,646,238,446
Preferred Stocks \| 1.6%
Germany \| 1.6%
Volkswagen AG (*) (Cost $48,126,746)		284,212		45,740,653
Short-Term Investments \| 1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $46,016,545)		46,016,545		46,016,545
Total Investments \| 99.8% (Cost $2,467,875,496)			$	2,737,995,644
Cash and Other Assets in Excess of Liabilities \| 0.2%				4,506,810
Net Assets \| 100.0%			$	2,742,502,454

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 93.7%
Australia \| 1.2%
BHP Group, Ltd.		40,310	$	1,037,289
Brazil \| 1.5%
BB Seguridade Participacoes SA		119,800		517,735
Cia de Saneamento Basico do Estado de Sao Paulo		43,900		365,840
Lojas Renner SA		53,000		374,196
				1,257,771
Canada \| 2.0%
Canadian National Railway Co.		9,504		1,012,176
Suncor Energy, Inc.		54,797		669,144
				1,681,320
China \| 9.0%
Alibaba Group Holding, Ltd.		27,300		1,009,518
Autohome, Inc. ADR		11,950		1,147,200
ENN Energy Holdings, Ltd.		101,700		1,109,509
Ping An Insurance (Group) Co. of China, Ltd., Class H		184,500		1,903,345
Tencent Holdings, Ltd.		36,500		2,430,658
				7,600,230
Denmark \| 2.5%
Carlsberg AS, Class B		7,672		1,033,036
Vestas Wind Systems A/S		6,922		1,120,024
				2,153,060
Finland \| 2.2%
Nordea Bank Abp		106,409		810,558
Sampo Oyj, A Shares		27,348		1,081,937
				1,892,495
France \| 13.4%
Air Liquide SA		5,805		921,157
Alstom SA (*)		19,748		983,205
BNP Paribas SA (*)		19,978		723,723
Engie SA (*)		146,651		1,960,060
Safran SA (*)		16,285		1,602,506
Sanofi		22,091		2,215,043
Vinci SA		8,374		698,483
Vivendi SA		80,609		2,246,749
				11,350,926
Germany \| 6.9%
Beiersdorf AG		11,180		1,271,367
Continental AG		4,341		470,587
Knorr-Bremse AG		6,747		796,994
Merck KGaA		3,274		478,078

Description	Shares		Fair Value
SAP SE		18,341	$	2,856,123
				5,873,149
Hong Kong \| 0.9%
ESR Cayman, Ltd.		242,200		755,661
India \| 1.8%
Hero MotoCorp, Ltd.		11,790		504,860
ICICI Bank, Ltd. Sponsored ADR (*)		106,578		1,047,662
				1,552,522
Indonesia \| 0.9%
PT Bank Mandiri (Persero) Tbk		861,600		289,122
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		27,584		479,134
				768,256
Ireland \| 1.0%
Ryanair Holdings PLC Sponsored ADR (*)		10,347		845,971
Italy \| 1.9%
Enel SpA		185,420		1,610,030
Japan \| 13.2%
Daiwa House Industry Co., Ltd.		27,600		709,140
Hitachi, Ltd.		38,600		1,304,283
Kao Corp.		11,100		832,945
Makita Corp.		29,200		1,392,761
Nintendo Co., Ltd.		4,300		2,444,466
Ryohin Keikaku Co., Ltd.		45,200		750,786
Shimano, Inc.		4,500		885,975
Shin-Etsu Chemical Co., Ltd.		8,700		1,135,541
Sumitomo Mitsui Financial Group, Inc.		34,976		973,247
Suzuki Motor Corp.		18,500		792,383
				11,221,527
Mexico \| 1.1%
Grupo Financiero Banorte SAB de CV, Class O (*)		273,600		948,069
Netherlands \| 3.7%
JDE Peet’s BV		17,022		692,478
Koninklijke DSM NV		8,314		1,370,113
Wolters Kluwer NV		12,643		1,079,408
				3,141,999
Norway \| 2.1%
Equinor ASA		47,911		676,149
Telenor ASA		65,531		1,097,973
				1,774,122
Singapore \| 0.9%
DBS Group Holdings, Ltd.		49,700		731,004
South Africa \| 0.7%
Mr Price Group, Ltd.		74,241		584,280

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
South Korea \| 3.5%
LG Household & Health Care, Ltd.		624	$	774,674
Samsung Electronics Co., Ltd.		43,607		2,197,168
				2,971,842
Spain \| 0.5%
Industria de Diseno Textil SA		15,534		431,887
Sweden \| 2.2%
Hexagon AB, B Shares (*)		11,983		905,627
Sandvik AB (*)		50,852		991,975
				1,897,602
Switzerland \| 6.6%
ABB, Ltd.		76,160		1,930,274
Flughafen Zuerich AG (*)		3,144		430,515
Lonza Group AG		1,505		929,007
Novartis AG		26,275		2,283,331
				5,573,127
United Kingdom \| 7.1%
Linde PLC		3,222		762,591
Prudential PLC		66,463		948,875
RELX PLC		76,338		1,689,736
Tesco PLC		492,399		1,349,954
Unilever PLC		20,797		1,281,468
				6,032,624
United States \| 6.9%
Accenture PLC, Class A		5,806		1,312,098
Aon PLC, Class A		8,742		1,803,474
Ferguson PLC		10,096		1,015,822
Medtronic PLC		16,340		1,698,053
				5,829,447
Total Common Stocks (Cost $74,274,082)				79,516,210
Preferred Stocks \| 2.0%
Germany \| 2.0%
Volkswagen AG (*) (Cost $1,766,737)		10,257		1,650,746
Short-Term Investments \| 5.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $4,451,120)		4,451,120		4,451,120

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks \| 95.4%
Austria \| 2.7%
BAWAG Group AG (*)		1,817	$	65,488
France \| 23.0%
Bollore SA		22,422		83,692
Carrefour SA		6,075		97,238
Credit Agricole SA (*)		9,162		80,083
Engie SA (*)		10,949		146,339
Sanofi		894		89,640
Thales SA		791		59,229
				556,221
Germany \| 12.8%
Allianz SE		464		89,004
KION Group AG		948		81,415
Siemens AG		994		125,687
Siemens Energy AG (*)		497		13,402
				309,508
Italy \| 2.0%
Pirelli & C SpA (*)		11,161		47,805
Japan \| 20.9%
Hitachi, Ltd.		3,100		104,748
Nexon Co., Ltd.		2,700		67,054
Shin-Etsu Chemical Co., Ltd.		815		106,376
Sony Corp. Sponsored ADR		703		53,955
Suzuki Motor Corp.		1,368		58,594
Toyota Industries Corp.		986		62,347
Universal Entertainment Corp. (*)		2,885		52,873
				505,947
Macau \| 3.8%
SJM Holdings, Ltd.		77,306		91,296
Mexico \| 3.1%
Arca Continental SAB de CV		17,494		75,771
Netherlands \| 6.2%
Akzo Nobel NV		842		85,273
Koninklijke DSM NV		398		65,589
				150,862
Norway \| 2.9%
Equinor ASA		4,912		69,321
South Korea \| 3.3%
Kangwon Land, Inc.		4,389		80,628
Spain \| 2.2%
Banco Santander SA		28,540		53,169
Sweden \| 2.3%
Sandvik AB (*)		2,878		56,141

Description	Shares		Fair Value
Switzerland \| 4.6%
Coca-Cola HBC AG		4,479	$	110,717
United Kingdom \| 5.6%
Prudential PLC		5,210		74,382
Vodafone Group PLC		46,021		61,055
				135,437
Total Common Stocks (Cost $2,312,192)				2,308,311
Preferred Stocks \| 3.5%
Germany \| 3.5%
Volkswagen AG (*) (Cost $89,598)		530		85,298
Short-Term Investments \| 0.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $12,827)		12,827		12,827
Total Investments \| 99.4% (Cost $2,414,617)			$	2,406,436
Cash and Other Assets in Excess of Liabilities \| 0.6%				13,928
Net Assets \| 100.0%			$	2,420,364

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks \| 96.3%
Canada \| 8.2%
CAE, Inc.		9,811	$	143,531
Dollarama, Inc.		4,465		171,149
National Bank of Canada		3,060		151,995
Toromont Industries, Ltd.		4,135		247,438
				714,113
China \| 7.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		1,277		375,413
Tencent Holdings, Ltd.		4,500		299,670
				675,083
Denmark \| 6.9%
Coloplast A/S, Class B		1,008		159,413
Demant A/S (*)		5,003		157,382
Genmab A/S (*)		773		280,686
				597,481
France \| 4.4%
Legrand SA		2,129		169,966
LVMH Moet Hennessy Louis Vuitton SE		453		211,775
				381,741
Germany \| 11.0%
Rational AG		256		200,770
SAP SE		1,587		247,133
Scout24 AG		3,274		285,766
Symrise AG		1,585		219,272
				952,941
Hong Kong \| 1.9%
AIA Group, Ltd.		16,600		163,529
India \| 2.9%
HDFC Bank, Ltd. ADR (*)		4,983		248,951
Israel \| 1.7%
Check Point Software Technologies, Ltd. (*)		1,269		152,711
Japan \| 10.3%
Pigeon Corp.		2,900		129,564
Shimano, Inc.		600		118,130
SMS Co., Ltd.		8,400		244,528
Toei Animation Co., Ltd.		3,900		254,958
Workman Co., Ltd.		1,700		148,936
				896,116
Netherlands \| 5.1%
ASML Holding NV		727		268,070
Wolters Kluwer NV		2,026		172,972
				441,042

Description	Shares		Fair Value
Norway \| 1.7%
Gjensidige Forsikring ASA		7,141	$	144,964
South Africa \| 1.9%
Clicks Group, Ltd.		12,196		161,639
South Korea \| 1.8%
LG Household & Health Care, Ltd.		129		160,149
Spain \| 1.2%
Industria de Diseno Textil SA		3,771		104,844
Sweden \| 4.8%
Assa Abloy AB, Class B		9,462		220,853
Hexagon AB, B Shares (*)		2,586		195,439
				416,292
Switzerland \| 5.1%
Geberit AG		318		188,425
Partners Group Holding AG		274		252,127
				440,552
Taiwan \| 4.3%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		4,651		377,057
United Kingdom \| 12.3%
Dechra Pharmaceuticals PLC		3,308		137,463
Diageo PLC		5,761		197,361
Intertek Group PLC		2,177		177,082
London Stock Exchange Group PLC		2,123		242,873
Prudential PLC		7,241		103,378
RELX PLC		9,385		209,303
				1,067,460
United States \| 3.0%
Aon PLC, Class A		1,270		262,001
Total Common Stocks (Cost $7,117,342)				8,358,666
Short-Term Investments \| 1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $109,251)		109,251		109,251
Total Investments \| 97.6% (Cost $7,226,593)			$	8,467,917
Cash and Other Assets in Excess of Liabilities \| 2.4%				209,728
Net Assets \| 100.0%			$	8,677,645

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 97.2%
Australia \| 2.5%
Bravura Solutions, Ltd.		194,176	$	474,509
carsales.com, Ltd.		20,775		308,497
Domino’s Pizza Enterprises, Ltd.		4,847		276,413
				1,059,419
Austria \| 1.2%
BAWAG Group AG (*)		14,913		537,492
Belgium \| 4.5%
Barco NV		17,988		376,812
Fagron		23,647		596,231
Kinepolis Group NV (*)		10,322		366,125
Shurgard Self Storage SA		14,060		613,212
				1,952,380
Canada \| 3.8%
Altus Group, Ltd.		9,211		382,745
Stelco Holdings, Inc.		49,746		424,404
The Descartes Systems Group, Inc. (*)		6,267		356,992
WPT Industrial Real Estate Investment Trust		38,169		484,746
				1,648,887
Denmark \| 1.6%
Royal Unibrew A/S		6,697		690,137
Finland \| 2.7%
Altia Oyj		52,046		592,365
Kojamo Oyj		25,647		550,696
				1,143,061
France \| 0.9%
Kaufman & Broad SA		10,169		402,949
Germany \| 13.0%
Aroundtown SA (*)		102,810		516,774
CompuGroup Medical SE & Co. KgaA		4,645		429,910
Covestro AG		10,227		507,789
Dermapharm Holding SE		15,236		814,522
Flatex AG (*)		21,217		1,060,631
JOST Werke AG		14,433		582,022
LEG Immobilien AG		3,965		566,012
PATRIZIA AG		19,480		531,332
Teamviewer AG (*)		12,049		594,986
				5,603,978
Greece \| 1.6%
JUMBO SA		19,125		336,076
Terna Energy SA		26,780		357,888
				693,964

Description	Shares		Fair Value
India \| 0.8%
Jubilant Life Sciences, Ltd.		32,519	$	324,262
Ireland \| 0.9%
Dalata Hotel Group PLC		136,815		396,718
Israel \| 0.7%
Israel Discount Bank, Ltd., Class A		112,161		302,319
Italy \| 3.0%
Banca Generali SpA (*)		17,322		526,300
Cerved Group SpA (*)		16,142		115,303
Italgas SpA		100,623		635,450
				1,277,053
Japan \| 25.6%
Ariake Japan Co., Ltd.		6,900		467,744
ARTERIA Networks Corp.		39,900		695,496
Broadleaf Co., Ltd.		74,900		388,633
Daiseki Co., Ltd.		19,600		488,618
Digital Garage, Inc.		14,400		489,830
GMO internet, Inc.		19,100		499,288
Industrial & Infrastructure Fund Investment Corp. REIT		357		611,743
Jafco Co., Ltd.		15,300		644,492
Japan Lifeline Co., Ltd.		38,300		508,952
KOMEDA Holdings Co., Ltd.		26,400		493,259
Nippon Shinyaku Co., Ltd.		5,000		412,239
Open House Co., Ltd.		19,900		718,766
Relo Group, Inc.		17,800		426,671
Sanwa Holdings Corp.		46,800		496,470
Seria Co., Ltd.		10,500		447,393
TechnoPro Holdings, Inc.		8,845		546,953
Trend Micro, Inc.		6,400		390,514
Trusco Nakayama Corp.		20,400		515,614
Tsuruha Holdings, Inc.		4,800		679,317
USS Co., Ltd.		29,900		534,844
Zenkoku Hosho Co., Ltd.		14,442		568,628
				11,025,464
Jersey \| 1.9%
JTC PLC		132,407		830,390
Luxembourg \| 1.1%
Stabilus SA		8,092		476,074
Netherlands \| 5.9%
Aalberts NV		15,187		548,449
Arcadis NV (*)		24,680		534,576
ASM International NV		5,031		721,142
Shop Apotheke Europe NV (*)		1,605		281,109
Van Lanschot Kempen NV		25,632		472,270
				2,557,546

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
New Zealand \| 1.0%
Freightways, Ltd.		82,269	$	422,598
Norway \| 0.1%
Crayon Group Holding ASA (*)		2,077		27,182
Singapore \| 1.1%
XP Power, Ltd.		8,407		477,575
Spain \| 1.4%
Bankinter SA		61,177		263,219
Merlin Properties Socimi SA REIT		40,969		341,176
				604,395
Sweden \| 7.0%
Getinge AB, B Shares		19,748		429,508
Granges AB (*)		2,861		25,595
Karnov Group AB		144,707		872,411
Lifco AB, B Shares		3,972		307,143
Lindab International AB		38,538		671,703
Stillfront Group AB (*)		5,800		724,743
				3,031,103
Switzerland \| 1.0%
Swissquote Group Holding SA		5,217		423,716
United Kingdom \| 13.1%
Ascential PLC (*)		103,607		391,279
Auto Trader Group PLC		75,557		546,541
Bellway PLC		13,123		396,784
Britvic PLC		40,730		431,377
Dechra Pharmaceuticals PLC		8,632		358,699
Electrocomponents PLC		56,092		513,075
GB Group PLC (*)		28,312		255,702
Hunting PLC		123,923		205,915
JD Sports Fashion PLC		40,517		424,027
Pennon Group PLC		45,738		607,885
Polypipe Group PLC (*)		92,073		511,020
Smart Metering Systems PLC		55,747		468,111
Synthomer PLC		134,872		550,108
				5,660,523
United States \| 0.8%
Nexteer Automotive Group, Ltd.		508,000		356,698

Total Common Stocks (Cost $37,584,792)				41,925,883

Short-Term Investments \| 0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $176,014)		176,014		176,014

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 95.6%
Brazil \| 0.4%
Lojas Renner SA		3,318,200	$	23,427,524
Canada \| 5.5%
CAE, Inc.		6,198,651		90,683,581
National Bank of Canada		1,988,901		98,791,568
Suncor Energy, Inc.		2,640,682		32,246,246
TMX Group, Ltd.		598,946		61,597,135
				283,318,530
China \| 5.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		288,337		84,765,311
Autohome, Inc. ADR		453,775		43,562,400
Kingsoft Cloud Holdings, Ltd. ADR		788,600		23,287,358
Ping An Bank Co., Ltd., Class A		26,313,982		58,668,241
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,848,248		50,015,656
Tencent Holdings, Ltd.		598,440		39,852,138
				300,151,104
Denmark \| 3.1%
Carlsberg AS, Class B		562,738		75,772,734
Genmab A/S (*)		231,997		84,240,972
				160,013,706
Finland \| 1.8%
Sampo Oyj, A Shares		2,331,083		92,221,958
France \| 10.5%
Alstom SA (*)		1,130,861		56,302,805
Engie SA (*)		8,968,053		119,862,297
Safran SA (*)		710,159		69,882,335
Sanofi		1,817,749		182,263,947
Vivendi SA		4,048,406		112,837,927
				541,149,311
Germany \| 7.8%
Beiersdorf AG		654,176		74,391,561
Infineon Technologies AG		1,789,011		50,605,298
Rational AG		67,083		52,610,400
SAP SE		804,899		125,341,598
Vonovia SE		1,447,887		99,496,635
				402,445,492
Hong Kong \| 2.2%
ESR Cayman, Ltd.		24,445,800		76,270,599
Sands China, Ltd.		9,513,200		37,018,658
				113,289,257

Description	Shares		Fair Value
India \| 0.8%
Housing Development Finance Corp., Ltd.		1,690,247	$	40,115,515
Ireland \| 1.5%
Ryanair Holdings PLC Sponsored ADR (*)		926,686		75,765,847
Israel \| 1.4%
Bank Leumi Le-Israel BM		16,136,704		70,992,322
Italy \| 2.4%
Enel SpA		14,115,460		122,566,675
Japan \| 14.3%
FANUC Corp.		348,300		66,816,891
Kao Corp.		1,187,753		89,129,143
Makita Corp.		2,916,691		139,118,304
Nexon Co., Ltd.		3,933,035		97,676,241
Nintendo Co., Ltd.		346,750		197,120,561
Suzuki Motor Corp.		1,921,172		82,286,743
Yamaha Corp.		1,354,672		64,842,919
				736,990,802
Mexico \| 1.0%
Arca Continental SAB de CV		11,931,200		51,676,776
Netherlands \| 1.2%
JDE Peet’s BV		1,522,927		61,954,729
Norway \| 1.0%
Equinor ASA		3,580,636		50,532,109
Portugal \| 0.8%
Energias de Portugal SA		8,705,305		42,787,113
Spain \| 4.6%
Bankinter SA		10,140,741		43,631,421
Industria de Diseno Textil SA		3,218,164		89,473,664
Siemens Gamesa Renewable Energy SA		3,842,289		103,563,891
				236,668,976
Sweden \| 1.0%
Hexagon AB, B Shares (*)		687,064		51,925,525
Switzerland \| 5.8%
ABB, Ltd.		5,599,783		141,926,462
Idorsia, Ltd. (*)		788,811		21,178,715
Julius Baer Group, Ltd.		1,732,141		73,843,355
Partners Group Holding AG		68,834		63,339,194
				300,287,726
United Kingdom \| 15.2%
Coca-Cola European Partners PLC		2,513,202		98,839,058
Compass Group PLC		3,268,888		49,069,797
Informa PLC (*)		13,240,964		64,199,089
InterContinental Hotels Group PLC (*)		1,056,906		55,488,630
Linde PLC		245,462		58,096,578
Prudential PLC		6,653,516		94,990,552

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
RELX PLC		4,239,340	$	93,837,474
Rio Tinto PLC		2,372,898		143,176,126
Tesco PLC		37,882,735		103,858,762
THG Holdings, Ltd.		2,618,811		20,214,259
				781,770,325
United States \| 7.5%
Accenture PLC, Class A		402,156		90,883,235
Aon PLC, Class A		754,880		155,731,744
Medtronic PLC		1,326,671		137,867,650
				384,482,629
Total Common Stocks (Cost $4,217,694,137)				4,924,533,951
Preferred Stocks \| 2.8%
Germany \| 2.8%
Volkswagen AG (*) (Cost $164,578,051)		910,681		146,563,632
Short-Term Investments \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $76,563,421)		76,563,421		76,563,421
Total Investments \| 99.9% (Cost $4,458,835,609)			$	5,147,661,004
Cash and Other Assets in Excess of Liabilities \| 0.1%				6,253,111
Net Assets \| 100.0%			$	5,153,914,115

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 97.4%
Australia \| 2.5%
AGL Energy, Ltd.		18,329	$	179,127
ASX, Ltd.		3,921		229,663
Aurizon Holdings, Ltd.		20,764		63,361
CSL, Ltd.		970		199,860
Fortescue Metals Group, Ltd.		5,904		69,111
				741,122
Belgium \| 0.6%
Colruyt SA (*)		1,487		96,490
Telenet Group Holding NV		1,762		68,301
				164,791
Canada \| 0.7%
Quebecor, Inc., Class B		7,977		199,552
Denmark \| 2.2%
Coloplast A/S, Class B		1,920		303,644
Novo Nordisk A/S, Class B		5,048		350,643
				654,287
Finland \| 0.5%
Elisa Oyj		1,392		82,047
Valmet Oyj		2,527		62,565
				144,612
France \| 0.5%
L’Oreal SA		236		76,795
Orange SA		6,982		72,651
				149,446
Hong Kong \| 0.9%
Hysan Development Co., Ltd.		21,000		62,834
Sun Hung Kai Properties, Ltd.		14,500		185,889
				248,723
Italy \| 0.3%
Hera SpA		24,795		91,658
Japan \| 18.7%
Ajinomoto Co., Inc.		8,000		164,461
Chubu Electric Power Co., Inc.		9,900		120,416
Daito Trust Construction Co., Ltd.		800		70,929
Daiwa Securities Group, Inc.		34,400		144,384
DCM Holdings Co., Ltd.		12,400		171,699
East Japan Railway Co.		3,800		234,148
Electric Power Development Co., Ltd.		13,000		200,611
Fuji Media Holdings, Inc.		4,700		45,364
Japan Post Holdings Co., Ltd.		15,500		105,725
Kaken Pharmaceutical Co., Ltd.		1,300		59,693
Kao Corp.		2,500		187,600

Description	Shares		Fair Value
KDDI Corp.		6,000	$	151,776
Kyudenko Corp.		2,500		72,161
McDonald’s Holdings Co. Japan, Ltd.		6,100		296,738
Mitsubishi Heavy Industries, Ltd.		3,100		68,855
Mizuho Financial Group, Inc.		32,460		405,476
MS&AD Insurance Group Holdings, Inc.		5,300		143,551
Nintendo Co., Ltd.		200		113,696
NTT DOCOMO, Inc.		13,500		500,641
Obayashi Corp.		8,600		77,942
Ono Pharmaceutical Co., Ltd.		3,400		106,740
Osaka Gas Co., Ltd.		7,200		140,277
Rengo Co., Ltd.		8,200		61,911
Secom Co., Ltd.		1,600		146,198
Seria Co., Ltd.		1,600		68,174
Seven & I Holdings Co., Ltd.		5,600		173,113
Shimachu Co., Ltd.		2,500		84,833
Ship Healthcare Holdings, Inc.		2,100		102,767
Sugi Holdings Co., Ltd.		2,300		162,616
Sumitomo Mitsui Trust Holdings, Inc.		2,100		55,880
Sumitomo Osaka Cement Co., Ltd.		1,900		61,422
Sundrug Co., Ltd.		1,900		71,534
The Chiba Bank, Ltd.		16,500		91,056
The Gunma Bank, Ltd.		6,800		22,679
The Hachijuni Bank, Ltd.		16,300		64,128
The Kansai Electric Power Co., Inc.		13,300		128,924
The Shizuoka Bank, Ltd.		10,600		73,313
Tohoku Electric Power Co., Inc.		22,300		223,455
Trend Micro, Inc.		1,500		91,527
West Japan Railway Co.		1,200		59,311
Yaoko Co., Ltd.		1,400		104,318
				5,430,042
Netherlands \| 1.6%
Flow Traders		3,091		123,578
Koninklijke Ahold Delhaize NV		11,924		352,898
				476,476
New Zealand \| 0.6%
Fisher & Paykel Healthcare Corp., Ltd., Class C		7,520		165,529
Norway \| 2.0%
Orkla ASA		41,886		423,893
Telenor ASA		5,188		86,925
Yara International ASA		1,681		64,725
				575,543
Singapore \| 0.3%
Singapore Exchange, Ltd.		11,100		74,696

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Spain \| 0.7%
Corporacion Financiera Alba SA		500	$	20,892
Iberdrola SA		9,868		121,454
Viscofan SA		830		55,369
				197,715
Sweden \| 1.0%
Axfood AB		6,882		157,700
Swedish Match AB		1,596		130,215
				287,915
Switzerland \| 4.2%
Credit Suisse Group AG		6,318		63,235
Galenica AG		940		65,518
Novartis AG		4,383		380,888
Roche Holding AG		1,486		508,401
Swisscom AG		272		144,283
Tecan Group AG		146		72,609
				1,234,934
United Kingdom \| 2.6%
GlaxoSmithKline PLC		4,936		92,461
J Sainsbury PLC		36,995		90,946
National Grid PLC		8,671		99,818
RELX PLC		3,513		77,760
Rio Tinto, Ltd.		1,875		126,944
Vodafone Group PLC		71,234		94,505
Wm Morrison Supermarkets PLC		82,172		180,382
				762,816
United States \| 57.5%
3M Co.		1,741		278,873
AbbVie, Inc.		1,811		158,625
Accenture PLC, Class A		1,025		231,640
Activision Blizzard, Inc.		832		67,350
Adobe, Inc. (*)		232		113,780
Agilent Technologies, Inc.		707		71,365
Akamai Technologies, Inc. (*)		1,624		179,517
Alphabet, Inc., Class C (*)		114		167,534
Altria Group, Inc.		2,186		84,467
Amazon.com, Inc. (*)		32		100,759
Amdocs, Ltd.		1,547		88,813
American Tower Corp. REIT		280		67,684
AmerisourceBergen Corp.		1,369		132,683
Apple, Inc.		1,617		187,265
AptarGroup, Inc.		1,721		194,817
AT&T, Inc.		4,360		124,304
Atmos Energy Corp.		708		67,678

Description	Shares		Fair Value
Best Buy Co., Inc.		772	$	85,916
Booz Allen Hamilton Holding Corp.		3,325		275,909
Bristol-Myers Squibb Co.		3,993		240,738
C.H. Robinson Worldwide, Inc.		864		88,292
Cadence Design Systems, Inc. (*)		1,546		164,850
Campbell Soup Co.		3,127		151,253
Charter Communications, Inc., Class A (*)		354		221,016
Church & Dwight Co., Inc.		2,622		245,708
Cisco Systems, Inc.		6,183		243,548
Colgate-Palmolive Co.		3,235		249,580
Comcast Corp., Class A		3,003		138,919
Costco Wholesale Corp.		445		157,975
Cummins, Inc.		403		85,097
CVS Health Corp.		3,144		183,610
DaVita, Inc. (*)		1,176		100,724
Dolby Laboratories, Inc., Class A		2,057		136,338
Dollar General Corp.		1,649		345,663
Domino’s Pizza, Inc.		538		228,801
Easterly Government Properties, Inc. REIT		5,789		129,731
Edwards Lifesciences Corp. (*)		914		72,955
Electronic Arts, Inc. (*)		1,241		161,839
Eli Lilly & Co.		1,808		267,620
F5 Networks, Inc. (*)		778		95,515
Facebook, Inc., Class A (*)		492		128,855
Flowers Foods, Inc.		2,833		68,927
General Mills, Inc.		6,658		410,665
Gilead Sciences, Inc.		1,919		121,262
Hormel Foods Corp.		7,114		347,803
IDEXX Laboratories, Inc. (*)		382		150,168
Intuit, Inc.		212		69,157
J.B. Hunt Transport Services, Inc.		1,330		168,085
Jack Henry & Associates, Inc.		1,015		165,029
Johnson & Johnson		2,893		430,710
Juniper Networks, Inc.		2,829		60,824
Kellogg Co.		3,429		221,479
Kimberly-Clark Corp.		2,813		415,368
Lockheed Martin Corp.		1,091		418,158
McKesson Corp.		502		74,763
Merck & Co., Inc.		5,007		415,331
Mettler-Toledo International, Inc. (*)		72		69,534
Microsoft Corp.		891		187,404
Northrop Grumman Corp.		734		231,570
PepsiCo, Inc.		1,994		276,368
Pfizer, Inc.		5,710		209,557
Pool Corp.		426		142,514
QUALCOMM, Inc.		1,645		193,584
Regeneron Pharmaceuticals, Inc. (*)		119		66,614

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Republic Services, Inc.		2,716	$	253,539
S&P Global, Inc.		219		78,971
Sempra Energy		590		69,832
Silgan Holdings, Inc.		11,203		411,934
Sirius XM Holdings, Inc.		12,969		69,514
Southwest Gas Holdings, Inc.		1,015		64,047
Sprouts Farmers Market, Inc. (*)		2,639		55,234
Synopsys, Inc. (*)		1,201		256,990
Target Corp.		2,389		376,076
TD Ameritrade Holding Corp.		1,837		71,919
The Bank of New York Mellon Corp.		1,991		68,371
The Clorox Co.		1,848		388,394
The Hershey Co.		1,344		192,649
The Home Depot, Inc.		343		95,255
The J.M. Smucker Co.		657		75,897
The Kroger Co.		4,113		139,472
The Procter & Gamble Co.		3,174		441,154
The Progressive Corp.		1,039		98,362
The Western Union Co.		3,732		79,977
Thermo Fisher Scientific, Inc.		507		223,851
Tractor Supply Co.		1,325		189,926
UnitedHealth Group, Inc.		237		73,889
Verizon Communications, Inc.		7,343		436,835
Vertex Pharmaceuticals, Inc. (*)		253		68,846
Walmart, Inc.		3,034		424,487
Waste Management, Inc.		593		67,110
Weis Markets, Inc.		1,182		56,736
Werner Enterprises, Inc.		1,522		63,909
West Pharmaceutical Services, Inc.		419		115,183
WW Grainger, Inc.		260		92,760
Xcel Energy, Inc.		1,192		82,260
Zoetis, Inc.		550		90,954
				16,706,813
Total Common Stocks (Cost $26,670,317)				28,306,670
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $673,814)		673,814		673,814
Total Investments \| 99.7% (Cost $27,344,131)			$	28,980,484
Cash and Other Assets in Excess of Liabilities \| 0.3%				78,172
Net Assets \| 100.0%			$	29,058,656

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 97.2%
Building Products \| 3.6%
Armstrong World Industries, Inc.		935,874	$	64,397,490
Capital Markets \| 9.9%
Intercontinental Exchange, Inc.		886,001		88,644,400
S&P Global, Inc.		245,239		88,433,183
				177,077,583
Commercial Services & Supplies \| 3.1%
Waste Management, Inc.		494,964		56,015,076
Communications Equipment \| 1.1%
Motorola Solutions, Inc.		125,105		19,617,715
Construction Materials \| 5.0%
Vulcan Materials Co.		659,725		89,419,127
Electronic Equipment, Instruments & Components \| 2.8%
CDW Corp.		156,835		18,746,487
Zebra Technologies Corp., Class A (*)		127,582		32,209,352
				50,955,839
Entertainment \| 1.0%
Electronic Arts, Inc. (*)		136,239		17,766,928
Equity Real Estate Investment Trusts (REITs) \| 9.7%
Crown Castle International Corp.		427,410		71,163,765
Public Storage		464,841		103,529,388
				174,693,153
Health Care Equipment & Supplies \| 13.8%
Baxter International, Inc.		1,077,178		86,626,655
Medtronic PLC		1,553,825		161,473,494
				248,100,149
Hotels, Restaurants & Leisure \| 7.6%
McDonald’s Corp.		440,172		96,613,352
Starbucks Corp.		459,085		39,444,583
				136,057,935
Interactive Media & Services \| 7.7%
Alphabet, Inc., Class A (*)		94,944		139,149,926
IT Services \| 9.8%
Fiserv, Inc. (*)		1,332,773		137,342,258
Visa, Inc., Class A		195,158		39,025,745
				176,368,003
Leisure Products \| 1.9%
Brunswick Corp.		587,579		34,614,279
Multiline Retail \| 2.8%
Dollar Tree, Inc. (*)		553,842		50,587,928
Road & Rail \| 2.2%
Norfolk Southern Corp.		186,246		39,854,782

Description	Shares		Fair Value
Semiconductors & Semiconductor Equipment \| 10.9%
Analog Devices, Inc.		916,040	$	106,938,510
Skyworks Solutions, Inc.		606,665		88,269,757
				195,208,267
Specialty Retail \| 4.3%
Lowe’s Cos., Inc.		462,377		76,689,849
Total Common Stocks (Cost $1,333,522,306)				1,746,574,029
Short-Term Investments \| 2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $38,611,129)		38,611,129		38,611,129
Total Investments \| 99.3% (Cost $1,372,133,435)			$	1,785,185,158
Cash and Other Assets in Excess of Liabilities \| 0.7%				13,071,993
Net Assets \| 100.0%			$	1,798,257,151

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks \| 98.2%
Auto Components \| 0.9%
Aptiv PLC		4,099	$	375,796
Banks \| 4.9%
Bank of America Corp.		64,615		1,556,575
Commerce Bancshares, Inc.		8,953		503,965
				2,060,540
Beverages \| 3.9%
The Coca-Cola Co.		33,440		1,650,933
Capital Markets \| 5.8%
Intercontinental Exchange, Inc.		19,956		1,996,598
The Charles Schwab Corp.		12,181		441,317
				2,437,915
Commercial Services & Supplies \| 1.6%
Waste Management, Inc.		5,805		656,952
Communications Equipment \| 2.7%
Cisco Systems, Inc.		28,824		1,135,377
Consumer Finance \| 2.3%
American Express Co.		9,542		956,586
Entertainment \| 1.4%
Electronic Arts, Inc. (*)		4,423		576,803
Health Care Equipment & Supplies \| 9.9%
Danaher Corp.		8,306		1,788,531
Medtronic PLC		23,097		2,400,240
				4,188,771
Hotels, Restaurants & Leisure \| 6.8%
McDonald’s Corp.		8,800		1,931,512
Starbucks Corp.		10,895		936,098
				2,867,610
Household Products \| 4.1%
The Procter & Gamble Co.		12,405		1,724,171
Industrial Conglomerates \| 3.9%
Honeywell International, Inc.		10,032		1,651,368
Insurance \| 3.0%
Marsh & McLennan Cos., Inc.		11,111		1,274,432
Interactive Media & Services \| 6.7%
Alphabet, Inc., Class A (*)		1,942		2,846,195
IT Services \| 4.8%
Visa, Inc., Class A		10,248		2,049,293
Life Sciences Tools & Services \| 2.0%
IQVIA Holdings, Inc. (*)		5,394		850,256
Multiline Retail \| 1.7%
Dollar Tree, Inc. (*)		7,777		710,351

Description	Shares		Fair Value
Pharmaceuticals \| 6.1%
Johnson & Johnson		17,475	$	2,601,678
Road & Rail \| 4.3%
Norfolk Southern Corp.		8,522		1,823,623
Semiconductors & Semiconductor Equipment \| 4.8%
Analog Devices, Inc.		17,335		2,023,688
Software \| 7.3%
Microsoft Corp.		14,778		3,108,257
Specialty Retail \| 6.0%
Lowe’s Cos., Inc.		10,858		1,800,908
Ross Stores, Inc.		8,090		754,959
				2,555,867
Technology Hardware, Storage & Peripherals \| 3.3%
Apple, Inc.		11,932		1,381,845
Total Common Stocks (Cost $28,964,995)				41,508,307
Short-Term Investments \| 1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $776,139)		776,139		776,139
Total Investments \| 100.0% (Cost $29,741,134)			$	42,284,446
Cash and Other Assets in Excess of Liabilities \| 0.0%				11,710
Net Assets \| 100.0%			$	42,296,156

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 97.3%
Aerospace & Defense \| 2.1%
Curtiss-Wright Corp.		15,857	$	1,478,824
HEICO Corp.		7,945		831,524
				2,310,348
Air Freight & Logistics \| 1.0%
Echo Global Logistics, Inc. (*)		41,946		1,080,948
Airlines \| 0.7%
Alaska Air Group, Inc.		20,497		750,805
Auto Components \| 0.8%
Gentherm, Inc. (*)		22,170		906,753
Banks \| 6.2%
Citizens Financial Group, Inc.		41,540		1,050,131
Comerica, Inc.		29,061		1,111,583
Commerce Bancshares, Inc.		21,205		1,193,630
Home BancShares, Inc.		113,509		1,720,796
PacWest Bancorp		35,137		600,140
TCF Financial Corp.		47,553		1,110,838
				6,787,118
Biotechnology \| 4.3%
Emergent Biosolutions, Inc. (*)		17,687		1,827,598
Exelixis, Inc. (*)		66,356		1,622,404
United Therapeutics Corp. (*)		12,793		1,292,093
				4,742,095
Building Products \| 2.5%
Armstrong World Industries, Inc.		20,660		1,421,615
PGT Innovations, Inc. (*)		72,808		1,275,596
				2,697,211
Capital Markets \| 1.5%
Morningstar, Inc.		10,420		1,673,556
Chemicals \| 2.4%
Ingevity Corp. (*)		25,644		1,267,839
Innospec, Inc.		21,253		1,345,740
				2,613,579
Communications Equipment \| 2.1%
Ciena Corp. (*)		19,143		759,786
F5 Networks, Inc. (*)		12,663		1,554,636
				2,314,422
Construction & Engineering \| 2.0%
Valmont Industries, Inc.		17,917		2,224,933
Construction Materials \| 1.3%
Eagle Materials, Inc.		16,246		1,402,355

Description	Shares		Fair Value
Containers & Packaging \| 3.1%
Avery Dennison Corp.		13,130	$	1,678,539
Graphic Packaging Holding Co.		120,901		1,703,495
				3,382,034
Electric Utilities \| 1.6%
PNM Resources, Inc.		41,050		1,696,597
Electrical Equipment \| 2.1%
Atkore International Group, Inc. (*)		48,825		1,109,792
EnerSys		18,330		1,230,310
				2,340,102
Electronic Equipment, Instruments & Components \| 1.4%
Zebra Technologies Corp., Class A (*)		6,034		1,523,344
Energy Equipment & Services \| 1.1%
Cactus, Inc., Class A		60,874		1,168,172
Entertainment \| 1.5%
Take-Two Interactive Software, Inc. (*)		7,622		1,259,307
The Marcus Corp.		44,775		346,111
				1,605,418
Equity Real Estate Investment Trusts (REITs) \| 8.9%
Alexandria Real Estate Equities, Inc.		12,328		1,972,480
Camden Property Trust		15,040		1,338,259
Healthcare Realty Trust, Inc.		61,765		1,860,362
Hudson Pacific Properties, Inc.		35,845		786,081
Invitation Homes, Inc.		31,716		887,731
PS Business Parks, Inc.		14,431		1,766,210
STAG Industrial, Inc.		36,565		1,114,867
				9,725,990
Food & Staples Retailing \| 1.6%
Casey’s General Stores, Inc.		9,793		1,739,726
Food Products \| 1.4%
Flowers Foods, Inc.		61,910		1,506,270
Health Care Equipment & Supplies \| 1.7%
STERIS PLC		10,797		1,902,323
Health Care Providers & Services \| 2.8%
Henry Schein, Inc. (*)		27,476		1,615,039
Laboratory Corp. of America Holdings (*)		7,484		1,409,013
				3,024,052
Hotels, Restaurants & Leisure \| 1.6%
Wyndham Hotels & Resorts, Inc.		35,757		1,805,729
Household Durables \| 2.1%
Helen of Troy, Ltd. (*)		4,422		855,745
Leggett & Platt, Inc.		35,139		1,446,673
				2,302,418

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Industrial Conglomerates \| 1.4%
Carlisle Cos., Inc.		12,761	$	1,561,564
Insurance \| 4.5%
Arch Capital Group, Ltd. (*)		57,772		1,689,831
Brown & Brown, Inc.		43,927		1,988,575
Reinsurance Group of America, Inc.		12,682		1,207,200
				4,885,606
Interactive Media & Services \| 0.9%
Cars.com, Inc. (*)		124,931		1,009,442
IT Services \| 3.8%
Amdocs, Ltd.		18,606		1,068,170
Leidos Holdings, Inc.		19,514		1,739,673
NIC, Inc.		68,424		1,347,953
				4,155,796
Leisure Products \| 2.4%
Brunswick Corp.		19,578		1,153,340
Hasbro, Inc.		17,629		1,458,271
				2,611,611
Life Sciences Tools & Services \| 4.7%
Adaptive Biotechnologies Corp. (*)		30,843		1,499,895
Charles River Laboratories International, Inc. (*)		8,878		2,010,423
ICON PLC (*)		8,286		1,583,372
				5,093,690
Machinery \| 3.7%
Altra Industrial Motion Corp.		29,993		1,108,841
Ingersoll Rand, Inc. (*)		32,360		1,152,016
Kennametal, Inc.		33,679		974,670
TriMas Corp. (*)		35,656		812,957
				4,048,484
Oil, Gas & Consumable Fuels \| 0.9%
Concho Resources, Inc.		21,903		966,360
Pharmaceuticals \| 1.4%
Catalent, Inc. (*)		18,266		1,564,666
Professional Services \| 1.0%
FTI Consulting, Inc. (*)		10,046		1,064,575
Semiconductors & Semiconductor Equipment \| 3.1%
CMC Materi’als, Inc.		11,126		1,588,904
MKS Instruments, Inc.		16,036		1,751,612
				3,340,516
Software \| 5.9%
j2 Global, Inc. (*)		26,533		1,836,614
PTC, Inc. (*)		14,070		1,163,871

Description	Shares		Fair Value
RealPage, Inc. (*)		17,313	$	997,921
SolarWinds Corp. (*)		87,156		1,772,753
Vertex, Inc., Class A		31,848		732,504
				6,503,663
Specialty Retail \| 3.0%
Floor & Decor Holdings, Inc., Class A (*)		18,675		1,396,890
The Children’s Place, Inc.		30,504		864,788
The Gap, Inc.		59,287		1,009,658
				3,271,336
Textiles, Apparel & Luxury Goods \| 1.8%
Carter’s, Inc.		16,986		1,470,648
Tapestry, Inc.		33,746		527,450
				1,998,098
Trading Companies & Distributors \| 1.0%
Air Lease Corp.		37,895		1,114,871
Total Common Stocks (Cost $100,339,929)				106,416,576
Total Investments \| 97.3% (Cost $100,339,929)			$	106,416,576
Cash and Other Assets in Excess of Liabilities \| 2.7%				2,925,304
Net Assets \| 100.0%			$	109,341,880

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks \| 96.5%
Auto Components \| 0.8%
Aptiv PLC		923	$	84,621
Banks \| 5.4%
Commerce Bancshares, Inc.		4,333		243,905
The PNC Financial Services Group, Inc.		2,850		313,243
				557,148
Capital Markets \| 3.9%
Intercontinental Exchange, Inc.		2,942		294,347
The Charles Schwab Corp.		2,890		104,705
				399,052
Chemicals \| 1.9%
Ecolab, Inc.		989		197,642
Commercial Services & Supplies \| 3.2%
MSA Safety, Inc.		554		74,330
Waste Management, Inc.		2,266		256,443
				330,773
Communications Equipment \| 2.5%
Cisco Systems, Inc.		4,124		162,444
Motorola Solutions, Inc.		597		93,616
				256,060
Containers & Packaging \| 2.2%
Ball Corp.		2,764		229,744
Electrical Equipment \| 2.9%
Rockwell Automation, Inc.		1,353		298,580
Entertainment \| 1.4%
The Walt Disney Co.		1,197		148,524
Equity Real Estate Investment Trusts (REITs) \| 2.5%
Prologis, Inc.		2,564		257,990
Food Products \| 0.2%
Vital Farms, Inc.		641		25,980
Health Care Equipment & Supplies \| 8.4%
Boston Scientific Corp. (*)		2,569		98,162
Danaher Corp.		1,477		318,042
Envista Holdings Corp. (*)		1,977		48,792
Medtronic PLC		3,886		403,833
				868,829
Health Care Providers & Services \| 4.7%
Humana, Inc.		315		130,375
Laboratory Corp. of America Holdings (*)		1,071		201,637
UnitedHealth Group, Inc.		471		146,844
				478,856

Description	Shares		Fair Value
Hotels, Restaurants & Leisure \| 2.3%
Starbucks Corp.		2,719	$	233,616
Household Products \| 3.1%
The Procter & Gamble Co.		2,311		321,206
IT Services \| 6.4%
Accenture PLC, Class A		1,416		320,002
Visa, Inc., Class A		1,669		333,750
				653,752
Life Sciences Tools & Services \| 4.8%
Agilent Technologies, Inc.		1,365		137,783
IQVIA Holdings, Inc. (*)		894		140,921
Thermo Fisher Scientific, Inc.		488		215,462
				494,166
Machinery \| 3.2%
Deere & Co.		848		187,942
Watts Water Technologies, Inc., Class A		656		65,699
Xylem, Inc.		851		71,586
				325,227
Multiline Retail \| 2.9%
Dollar General Corp.		1,415		296,612
Pharmaceuticals \| 7.8%
Johnson & Johnson		2,011		299,398
Pfizer, Inc.		7,283		267,286
Zoetis, Inc.		1,400		231,518
				798,202
Road & Rail \| 2.8%
Norfolk Southern Corp.		1,336		285,890
Semiconductors & Semiconductor Equipment \| 5.3%
Analog Devices, Inc.		1,842		215,035
Applied Materials, Inc.		2,740		162,893
Texas Instruments, Inc.		1,183		168,921
				546,849
Software \| 12.1%
Intuit, Inc.		425		138,639
Microsoft Corp.		3,664		770,649
Palo Alto Networks, Inc. (*)		284		69,509
salesforce.com, Inc. (*)		1,053		264,640
				1,243,437
Specialty Retail \| 5.8%
Ross Stores, Inc.		1,447		135,034
The Home Depot, Inc.		1,651		458,499
				593,533
Total Common Stocks (Cost $9,341,148)				9,926,289

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 6.8%
Chile \| 0.5%
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#)	USD		104	$	122,297
Colombia \| 1.5%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		375		405,000
Kazakhstan \| 0.9%
KazMunayGas National Co. JSC, 5.750%, 04/19/47	USD		210		248,872
Kuwait \| 0.7%
NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 11/27/25 (§), (¶)	USD		200		197,250
Mexico \| 2.6%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, 04/17/25	USD		150		166,102
Petroleos Mexicanos:
6.875%, 08/04/26	USD		70		67,368
6.490%, 01/23/27	USD		110		102,933
5.350%, 02/12/28	USD		130		111,891
6.500%, 01/23/29	USD		15		13,431
6.840%, 01/23/30	USD		120		107,100
7.690%, 01/23/50	USD		35		29,295
6.950%, 01/28/60 (#)	USD		135		104,423
					702,543
Peru \| 0.6%
Banco de Credito del Peru, 3.125% (CMT 5 Year + 3.000%), 07/01/30 (#), (§)	USD		100		100,000
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		180		55,679
					155,679
Total Corporate Bonds (Cost $1,758,992)					1,831,641
Foreign Government Obligations \| 85.0%
Angola \| 2.0%
Republic of Angola:
9.500%, 11/12/25	USD		102		88,676
8.000%, 11/26/29	USD		560		442,400
					531,076
Argentina \| 1.9%
Republic of Argentina:
1.000%, 07/09/29	USD		73		33,275
0.125%, 07/09/30 (Ø)	USD		474		196,825
0.125%, 07/09/35 (Ø)	USD		576		215,091

Description	Security Currency	Principal Amount (000)		Fair Value
0.125%, 01/09/38 (Ø)	USD		154	$	65,545
					510,736
Azerbaijan \| 0.7%
Republic of Azerbaijan, 3.500%, 09/01/32	USD		200		192,250
Bahrain \| 1.2%
Kingdom of Bahrain, 7.000%, 01/26/26	USD		290		321,356
Barbados \| 0.0%
Barbados Government International Bonds, 6.500%, 10/01/29 (#)	USD		10		9,631
Belarus \| 0.7%
Republic of Belarus, 5.875%, 02/24/26	USD		200		185,700
Belize \| 0.0%
Republic of Belize, 4.938%, 02/20/34	USD		15		6,686
Brazil \| 5.3%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/24	BRL		3,850		568,774
Brazil NTN-F, 10.000%, 01/01/25	BRL		2,920		588,201
Federal Republic of Brazil:
2.875%, 06/06/25	USD		25		25,225
4.500%, 05/30/29	USD		115		122,403
3.875%, 06/12/30	USD		60		60,000
5.625%, 02/21/47	USD		25		27,195
4.750%, 01/14/50	USD		30		29,269
					1,421,067
Chile \| 1.0%
Bonos de la Tesoreria de la Republica en pesos:
4.000%, 03/01/23 (#)	CLP		35,000		48,193
4.500%, 03/01/26	CLP		65,000		95,053
5.000%, 03/01/35	CLP		50,000		75,897
6.000%, 01/01/43	CLP		20,000		34,918
					254,061
China \| 4.4%
China Development Bank:
1.860%, 04/09/23	CNY		3,710		524,018
3.500%, 08/13/26	CNY		3,960		577,849
3.450%, 09/20/29	CNY		370		52,895
China Government Bonds, 2.680%, 05/21/30	CNY		100		14,114
					1,168,876
Colombia \| 3.1%
Colombian Titulos De Tesoreria: 6.250%, 11/26/25	COP		584,300		166,777

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
7.500%, 08/26/26	COP		1,182,000	$	354,903
6.000%, 04/28/28	COP		289,800		79,633
7.000%, 06/30/32	COP		318,000		89,573
Republic of Colombia:
4.500%, 01/28/26	USD		65		71,845
3.875%, 04/25/27	USD		65		70,200
					832,931
Costa Rica \| 0.9%
Republic of Costa Rica:
9.200%, 02/23/22	USD		29		28,674
4.250%, 01/26/23	USD		40		38,000
4.375%, 04/30/25	USD		55		51,459
7.000%, 04/04/44	USD		30		27,169
7.158%, 03/12/45	USD		115		105,045
					250,347
Czech Republic \| 1.2%
Czech Republic:
2.500%, 08/25/28	CZK		1,120		55,205
4.200%, 12/04/36	CZK		4,240		270,705
					325,910
Dominican Republic \| 1.5%
Dominican Republic:
5.500%, 01/27/25	USD		40		42,500
6.875%, 01/29/26	USD		25		27,828
4.500%, 01/30/30	USD		135		132,258
7.450%, 04/30/44	USD		15		16,842
6.400%, 06/05/49	USD		170		170,478
					389,906
Ecuador \| 1.2%
Republic of Ecuador:
0.000%, 07/31/30 (#)	USD		32		14,754
0.500%, 07/31/30 (#), (Ø)	USD		100		67,537
0.500%, 07/31/35 (#), (Ø)	USD		293		163,511
0.500%, 07/31/40 (#), (Ø)	USD		133		66,649
					312,451
Egypt \| 1.5%
Arab Republic of Egypt:
5.577%, 02/21/23	USD		200		205,188
6.200%, 03/01/24 (#)	USD		190		197,184
					402,372
El Salvador \| 0.5%
Republic of El Salvador:
5.875%, 01/30/25	USD		25		21,844
7.650%, 06/15/35	USD		50		42,922
7.125%, 01/20/50	USD		75		58,476
					123,242

Description	Security Currency	Principal Amount (000)		Fair Value
Ghana \| 0.7%
Republic of Ghana, 6.375%, 02/11/27	USD		200	$	180,250
Guatemala \| 0.4%
Republic of Guatemala:
5.375%, 04/24/32 (#)	USD		50		57,438
6.125%, 06/01/50 (#)	USD		50		59,781
					117,219
Honduras \| 0.2%
Republic of Honduras, 6.250%, 01/19/27	USD		35		37,920
Hungary \| 1.2%
Hungary Government Bonds:
2.500%, 10/24/24	HUF		46,110		154,430
3.000%, 10/27/27	HUF		46,350		160,188
					314,618
Indonesia \| 6.2%
Indonesia Government Bonds:
8.375%, 09/15/26	IDR		3,096,000		230,431
7.000%, 05/15/27	IDR		1,184,000		81,002
9.000%, 03/15/29	IDR		1,275,000		96,182
8.250%, 05/15/29	IDR		1,545,000		113,020
8.750%, 05/15/31	IDR		2,590,000		193,119
7.500%, 08/15/32	IDR		3,513,000		238,095
8.375%, 03/15/34	IDR		1,165,000		83,774
8.250%, 05/15/36	IDR		622,000		44,205
8.375%, 04/15/39	IDR		920,000		65,754
Republic of Indonesia:
5.875%, 01/15/24	USD		60		69,037
4.125%, 01/15/25	USD		75		83,789
4.750%, 01/08/26	USD		160		185,900
4.625%, 04/15/43	USD		30		35,053
3.700%, 10/30/49	USD		125		133,711
					1,653,072
Iraq \| 0.8%
Republic of Iraq, 5.800%, 01/15/28	USD		234		208,154
Ivory Coast \| 1.1%
Ivory Coast:
5.750%, 12/31/32 (Ø)	USD		112		103,611
6.125%, 06/15/33	USD		200		187,250
					290,861
Jamaica \| 0.4%
Government of Jamaica:
6.750%, 04/28/28	USD		25		28,438
8.000%, 03/15/39	USD		30		38,831
7.875%, 07/28/45	USD		20		25,306
					92,575

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Kenya \| 0.9%
Republic of Kenya, 8.000%, 05/22/32	USD		250	$	246,797
Lebanon \| 1.2%
Lebanese Republic:
8.250%, 04/12/21 («)	USD		422		70,685
6.100%, 10/04/22 («)	USD		227		36,887
6.000%, 01/27/23 («)	USD		265		41,075
6.650%, 04/22/24 («)	USD		236		35,990
6.250%, 11/04/24 («)	USD		116		17,545
6.200%, 02/26/25 («)	USD		37		5,596
6.600%, 11/27/26 («)	USD		104		15,600
6.850%, 03/23/27 («)	USD		124		18,600
6.750%, 11/29/27 («)	USD		52		7,800
6.650%, 02/26/30 («)	USD		109		15,805
7.000%, 03/23/32 («)	USD		183		26,993
7.050%, 11/02/35 («)	USD		60		9,000
7.250%, 03/23/37 («)	USD		55		8,250
6.375%, 03/09/49 («)	USD		107		18,993
					328,819
Malaysia \| 3.8%
Malaysia Government Bonds:
3.441%, 02/15/21	MYR		120		29,058
4.160%, 07/15/21	MYR		70		17,144
3.882%, 03/10/22	MYR		706		174,819
3.800%, 08/17/23	MYR		760		191,643
3.478%, 06/14/24	MYR		91		22,912
3.955%, 09/15/25	MYR		610		158,280
3.899%, 11/16/27	MYR		240		63,036
3.844%, 04/15/33	MYR		550		142,603
4.893%, 06/08/38	MYR		730		207,486
					1,006,981
Mexico \| 5.4%
Mexican Bonos:
5.750%, 03/05/26	MXN		15,650		724,586
8.500%, 05/31/29	MXN		4,838		258,457
10.000%, 11/20/36	MXN		3,270		196,921
7.750%, 11/13/42	MXN		670		32,763
United Mexican States:
4.125%, 01/21/26	USD		80		88,880
4.500%, 01/31/50	USD		60		63,150
5.000%, 04/27/51	USD		60		67,260
					1,432,017
Mongolia \| 0.2%
Mongolia International Bonds:
10.875%, 04/06/21	USD		25		26,000
5.125%, 12/05/22	USD		35		35,667
					61,667

Description	Security Currency	Principal Amount (000)		Fair Value
Mozambique \| 0.6%
Republic of Mozambique, 5.000%, 09/15/31	USD		200	$	163,063
Nigeria \| 2.1%
Republic of Nigeria:
6.500%, 11/28/27	USD		200		190,375
7.875%, 02/16/32	USD		200		190,687
7.625%, 11/28/47	USD		200		178,500
					559,562
Oman \| 1.5%
Oman Government International Bonds:
4.750%, 06/15/26	USD		245		223,869
5.625%, 01/17/28	USD		200		183,500
					407,369
Panama \| 1.5%
Republic of Panama:
3.750%, 03/16/25	USD		65		71,013
2.252%, 09/29/32	USD		330		334,455
					405,468
Paraguay \| 0.5%
Republic of Paraguay:
5.000%, 04/15/26	USD		25		28,492
4.950%, 04/28/31 (#)	USD		45		51,975
5.400%, 03/30/50	USD		40		48,425
					128,892
Peru \| 2.4%
Republic of Peru:
8.200%, 08/12/26	PEN		290		106,730
4.125%, 08/25/27	USD		55		64,092
6.350%, 08/12/28	PEN		390		131,223
6.950%, 08/12/31	PEN		585		198,370
6.900%, 08/12/37	PEN		290		95,916
5.350%, 08/12/40	PEN		150		41,521
					637,852
Philippines \| 0.6%
Republic of Philippines:
4.200%, 01/21/24	USD		70		77,678
3.625%, 09/09/25	PHP		3,145		66,954
3.700%, 02/02/42	USD		15		17,348
					161,980
Qatar \| 1.0%
State of Qatar, 3.400%, 04/16/25	USD		250		274,297
Romania \| 3.0%
Romania Government Bonds, 3.000%, 02/14/31 (#)	USD		100		102,625
Romanian Government Bonds:
4.250%, 06/28/23	RON		710		175,610
4.375%, 08/22/23	USD		48		52,185

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
4.750%, 02/24/25	RON		320	$	81,190
4.850%, 04/22/26	RON		320		82,870
5.800%, 07/26/27	RON		380		104,696
3.000%, 02/14/31	USD		46		47,208
5.125%, 06/15/48	USD		34		41,554
4.000%, 02/14/51 (#)	USD		96		98,790
					786,728
Russia \| 4.8%
Russia Government Bonds - OFZ:
7.100%, 10/16/24	RUB		190		2,614
7.950%, 10/07/26	RUB		29,900		429,809
7.050%, 01/19/28	RUB		10,153		139,219
8.500%, 09/17/31	RUB		31,270		472,984
Russian Foreign Bond - Eurobond, 5.100%, 03/28/35	USD		200		245,125
					1,289,751
South Africa \| 6.7%
Republic of South Africa:
4.665%, 01/17/24	USD		75		76,664
10.500%, 12/21/26	ZAR		7,840		544,079
8.000%, 01/31/30	ZAR		4,060		221,221
5.875%, 06/22/30	USD		105		107,133
8.250%, 03/31/32	ZAR		7,340		375,512
8.500%, 01/31/37	ZAR		4,230		197,807
8.750%, 02/28/48	ZAR		2,525		115,779
6.300%, 06/22/48	USD		150		136,500
					1,774,695
Sri Lanka \| 2.3%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		60		49,181
5.750%, 04/18/23	USD		245		181,453
6.850%, 03/14/24	USD		180		131,962
6.350%, 06/28/24	USD		40		28,863
6.125%, 06/03/25	USD		10		7,009
6.850%, 11/03/25	USD		100		70,625
6.825%, 07/18/26	USD		5		3,509
6.200%, 05/11/27	USD		70		47,338
6.750%, 04/18/28	USD		35		23,702
7.550%, 03/28/30	USD		90		60,750
					604,392
Suriname \| 0.0%
Republic of Suriname, 9.250%, 10/26/26	USD		10		5,903
Thailand \| 2.6%
Thailand Government Bonds:
3.650%, 06/20/31	THB		5,400		207,104
3.775%, 06/25/32	THB		5,700		223,949
3.400%, 06/17/36	THB		4,780		185,468

Description	Security Currency	Principal Amount (000)		Fair Value
3.300%, 06/17/38	THB		2,190	$	83,655
					700,176
Turkey \| 1.7%
Republic of Turkey:
5.750%, 03/22/24	USD		60		58,800
7.375%, 02/05/25	USD		95		98,414
4.250%, 03/13/25	USD		200		184,062
4.875%, 10/09/26	USD		55		50,170
5.750%, 05/11/47	USD		15		11,925
Turkey Government International Bond, 5.250%, 03/13/30	USD		45		39,952
					443,323
Ukraine \| 2.3%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		200		227,688
Government of Ukraine, 15.840%, 02/26/25	UAH		1,960		77,333
Ukraine Government Bonds: 15.840%, 02/26/25	UAH		800		31,565
9.750%, 11/01/28	USD		260		280,637
					617,223
United Arab Emirates \| 0.5%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		110		125,228
Uruguay \| 0.3%
Republica Orient Uruguay:
4.375%, 10/27/27	USD		35		40,425
4.375%, 01/23/31	USD		40		47,563
					87,988
Venezuela \| 0.3%
Republic of Venezuela:
8.250%, 10/13/24 («)	USD		1,038		80,445
7.000%, 03/31/38 («)	USD		58		4,495
					84,940
Zambia \| 0.7%
Republic of Zambia:
5.375%, 09/20/22	USD		200		99,250
8.970%, 07/30/27	USD		200		96,688
					195,938
Total Foreign Government Obligations (Cost $23,320,091)					22,664,316
Quasi Government Bonds \| 1.8%
Mexico \| 0.4%
Petroleos Mexicanos, 6.750%, 09/21/47	USD		140		107,905

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Turkey \| 0.4%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		105	$	105,066
Ukraine \| 0.9%
Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25	USD		250		253,500
Venezuela \| 0.1%
Petroleos de Venezuela SA:
12.750%, 02/17/22 («)	USD		273		7,507
6.000%, 11/15/26 («)	USD		124		3,410
5.500%, 04/12/37 («)	USD		100		2,750
					13,667
Total Quasi Government Bonds (Cost $700,104)					480,138
Supranational Bonds \| 0.1%
International Finance Corp., 8.000%, 10/09/23 (Cost $14,358)	IDR		200,000		14,171

Description		Shares		Fair Value
Short-Term Investments \| 5.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $1,487,621)			1,487,621		1,487,621
Total Investments l 99.3% (Cost $27,281,166) (»)				$	26,477,887
Cash and Other Assets in Excess of Liabilities \| 0.7%					181,034
Net Assets \| 100.0%				$	26,658,921

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 38.1%
Australia \| 1.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		130	$	98,785
Canada \| 2.3%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		132		101,505
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		115		95,217
					196,722
France \| 1.3%
Schneider Electric SE, 2.950%, 09/27/22	USD		105		110,034
Germany \| 2.2%
BMW Finance NV, 0.875%, 08/16/22	GBP		60		77,833
Daimler AG, 0.033% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		100		115,105
					192,938
Switzerland \| 0.7%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		55		58,852
United Kingdom \| 1.2%
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		108,831
United States \| 29.3%
Adobe, Inc., 2.300%, 02/01/30	USD		85		91,664
Alphabet, Inc., 1.100%, 08/15/30	USD		90		89,109
Amazon.com, Inc., 3.150%, 08/22/27	USD		80		91,172
American Express Co., 3.000%, 10/30/24	USD		95		103,051
Apple, Inc., 3.850%, 05/04/43	USD		115		143,163
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		95		96,770
1.486% (SOFRRATE + 1.460%), 05/19/24 (§)	USD		45		45,770
Citigroup, Inc., 1.650% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		165		118,822
Constellation Brands, Inc., 4.250%, 05/01/23	USD		65		70,889
Dell International LLC, 5.300%, 10/01/29	USD		55		63,003

Description	Security Currency	Principal Amount (000)		Fair Value
HCA, Inc., 5.000%, 03/15/24	USD		45	$	50,427
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		105		83,275
Johnson & Johnson, 3.625%, 03/03/37	USD		70		84,739
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		95		106,394
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		40		46,048
Lowe’s Cos., Inc., 5.000%, 04/15/40	USD		30		39,300
McDonald’s Corp., 3.125%, 03/04/25	CAD		120		97,434
Microsoft Corp., 3.500%, 11/15/42	USD		70		86,119
Morgan Stanley, 3.625%, 01/20/27	USD		75		84,721
PepsiCo, Inc., 2.875%, 10/15/49	USD		125		134,039
Pfizer, Inc., 2.625%, 04/01/30	USD		60		66,630
Prologis LP, 1.250%, 10/15/30	USD		45		43,883
Sealed Air Corp., 4.875%, 12/01/22	USD		45		46,930
Service Corp. International, 4.625%, 12/15/27	USD		45		47,663
Starbucks Corp., 4.450%, 08/15/49	USD		115		139,425
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		95		101,545
The Home Depot, Inc., 5.875%, 12/16/36	USD		60		90,214
The Procter & Gamble Co., 2.450%, 03/25/25	USD		38		41,146
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		85		89,521
United Rentals North America, Inc., 4.875%, 01/15/28	USD		45		47,250
Verizon Communications, Inc., 3.875%, 02/08/29	USD		95		112,263
					2,552,379
Total Corporate Bonds (Cost $3,136,994)					3,318,541
Foreign Government Obligations \| 40.9%
Australia \| 2.1%
New South Wales Treasury Corp.:
3.000%, 02/20/30	AUD		110		91,983
2.000%, 03/08/33	AUD		55		41,758

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		64	$	50,082
					183,823
Bahamas \| 1.2%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118		105,521
Bermuda \| 2.5%
Government of Bermuda, 3.717%, 01/25/27	USD		200		219,000
Canada \| 5.2%
City of Vancouver, 2.900%, 11/20/25	CAD		85		70,128
Province of British Columbia, 4.700%, 06/18/37	CAD		120		128,832
Province of Quebec:
1.650%, 03/03/22	CAD		115		88,031
2.500%, 04/20/26	USD		95		103,771
1.850%, 02/13/27	CAD		80		63,752
					454,514
Chile \| 2.4%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		65,000		95,053
Republic of Chile, 0.830%, 07/02/31	EUR		100		117,282
					212,335
Colombia \| 0.6%
Republic of Colombia, 9.850%, 06/28/27	COP		148,000		49,971
Czech Republic \| 3.0%
Czech Republic, 2.000%, 10/13/33	CZK		5,320		260,191
France \| 2.4%
Government of France, 1.750%, 06/25/39	EUR		139		212,840
Hungary \| 3.9%
Hungary, 5.750%, 11/22/23	USD		56		64,208
Hungary Government Bonds:
2.500%, 10/24/24	HUF		26,530		88,854
2.750%, 12/22/26	HUF		24,540		83,210
3.000%, 10/27/27	HUF		29,180		100,847
					337,119
Italy \| 0.8%
Italy Government International Bonds, 6.875%, 09/27/23	USD		60		70,044

Description	Security Currency	Principal Amount (000)		Fair Value
Mexico \| 0.6%
United Mexican States, 6.750%, 02/06/24	GBP		35	$	52,289
Morocco \| 1.3%
Morocco Government International Bond, 1.500%, 11/27/31	EUR		100		110,100
New Zealand \| 2.1%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		225		186,248
Norway \| 2.6%
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		112,877
2.350%, 09/04/24	NOK		1,000		113,816
					226,693
Peru \| 1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		270		85,673
Poland \| 3.0%
Poland Government Bonds:
2.500%, 07/25/27	PLN		310		88,184
0.690%, 05/25/28 (§)	PLN		340		86,205
2.750%, 10/25/29	PLN		295		86,056
					260,445
Romania \| 3.6%
Romanian Government Bonds:
4.000%, 10/27/21	RON		380		92,583
4.750%, 02/24/25	RON		520		131,933
Romanian Government International Bonds, 2.375%, 04/19/27	EUR		72		89,350
					313,866
Spain \| 1.0%
Spain Government Bonds, 1.200%, 10/31/40	EUR		70		87,851
United Kingdom \| 1.6%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		67		102,015
1.500%, 07/22/47	GBP		25		37,976
					139,991
Total Foreign Government Obligations (Cost $3,434,037)					3,568,514
Quasi Government Bonds \| 1.0%
Canada \| 1.0%
Export Development Canada, 1.800%, 09/01/22 (Cost $84,076)	CAD		115		88,765

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Supranational Bonds \| 10.6%
African Development Bank, 0.750%, 04/03/23	USD		115	$	116,401
Asian Development Bank, 2.125%, 03/19/25	USD		102		109,705
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		50		52,511
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		85		64,275
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,160,000		81,769
International Bank for Reconstruction & Development:
2.500%, 08/03/23	CAD		200		158,845
1.900%, 01/16/25	CAD		65		51,479
2.900%, 11/26/25	AUD		110		87,967
International Finance Corp.:
2.700%, 03/15/23	AUD		125		94,677
2.125%, 04/07/26	USD		100		108,809
Total Supranational Bonds (Cost $890,492)					926,438
US Municipal Bonds \| 1.6%
California \| 1.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		20		33,239
State of California:
4.500%, 04/01/33	USD		45		53,792
7.550%, 04/01/39	USD		30		52,489
					139,520
Total US Municipal Bonds (Cost $125,166)					139,520
US Treasury Securities \| 3.2%
US Treasury Notes:
2.125%, 05/15/25	USD		80		86,853
2.875%, 08/15/28	USD		161		190,037
Total US Treasury Securities (Cost $264,622)					276,890

Description		Shares		Fair Value
Short-Term Investments \| 7.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $617,837)			617,837		617,837

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 88.9%
Aerospace & Defense \| 0.7%
The Boeing Co., 4.875%, 05/01/25	$	1,500	$	1,636,291
Triumph Group, Inc., 6.250%, 09/15/24 (#)		500		425,520
				2,061,811
Airlines \| 0.4%
Continental Airlines Pass Through Trust, 4.150%, 04/11/24		1,311		1,284,383
Auto Components \| 2.5%
Dana, Inc., 5.500%, 12/15/24		1,800		1,836,000
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		2,199,312
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,554,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,546,125
5.000%, 05/31/26		250		242,905
				7,378,342
Automobiles \| 1.0%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,100,000
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		825,000
				2,925,000
Building Products \| 0.6%
Griffon Corp., 5.750%, 03/01/28		1,750		1,826,703
Capital Markets \| 1.1%
Icahn Enterprises LP, 6.250%, 05/15/26		1,500		1,563,750
MPT Operating Partnership LP, 6.375%, 03/01/24		1,560		1,602,120
				3,165,870
Chemicals \| 2.7%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,768,125
Methanex Corp., 5.125%, 10/15/27		1,000		995,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		962,465
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,526,750
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,543,125

Description	Principal Amount (000)		Fair Value
WR Grace & Co-Conn, 4.875%, 06/15/27 (#)	$	1,000	$	1,032,700
				7,828,165
Commercial Services & Supplies \| 4.0%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,842,750
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		2,028,800
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,976,000
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		2,075,000
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,799,964
Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#)		1,500		1,441,875
The ADT Security Corp., 4.125%, 06/15/23		500		524,062
				11,688,451
Communications Equipment \| 0.5%
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,557,500
Construction Materials \| 0.6%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,834,800
Consumer Finance \| 0.3%
Ford Motor Credit Co. LLC, 4.125%, 08/17/27		1,000		972,500
Containers & Packaging \| 3.4%
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,216,500
Ball Corp., 4.000%, 11/15/23		2,100		2,229,150
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,608,125
4.250%, 09/30/26		500		518,750
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,600,000
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,772,896
Silgan Holdings, Inc., 4.125%, 02/01/28		100		102,000
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		903,750
				9,951,171
Diversified Consumer Services \| 1.4%
Service Corp. International, 4.625%, 12/15/27		2,000		2,118,380

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)	$	1,800	$	1,840,500
				3,958,880
Diversified Financial Services \| 1.3%
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,714,875
Level 3 Financing, Inc.:
4.250%, 07/01/28 (#)		1,000		1,015,320
3.625%, 01/15/29 (#)		1,000		987,500
				3,717,695
Diversified Telecommunication Services \| 2.7%
CenturyLink, Inc., 4.000%, 02/15/27 (#)		1,100		1,117,501
Connect Finco Sarl, 6.750%, 10/01/26 (#)		1,500		1,504,725
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,223,068
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,049,800
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		1,000		984,225
				7,879,319
Electrical Equipment \| 0.5%
Sensata Tech, Inc., 4.375%, 02/15/30 (#)		1,100		1,155,000
Sensata Technologies, Inc., 3.750%, 02/15/31 (#)		250		248,438
				1,403,438
Energy Equipment & Services \| 0.2%
Precision Drilling Corp., 5.250%, 11/15/24		1,000		670,000
Entertainment \| 1.2%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,499,625
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,565,500
4.375%, 11/15/26		500		544,375
				3,609,500
Equity Real Estate Investment Trusts (REITs) \| 4.3%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,399,777
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		2,020,000
Iron Mountain, Inc.:
4.875%, 09/15/29 (#)		500		508,750
4.500%, 02/15/31 (#)		1,250		1,256,894

Description	Principal Amount (000)		Fair Value
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26	$	1,800	$	1,826,127
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,493,387
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,709,562
VICI Properties LP, 4.250%, 12/01/26 (#)		1,500		1,506,975
				12,721,472
Food & Staples Retailing \| 0.8%
Ingles Markets, Inc., 5.750%, 06/15/23		633		641,989
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,805,000
				2,446,989
Food Products \| 2.0%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,541,250
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,085,000
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,845,000
TreeHouse Foods, Inc., 4.000%, 09/01/28		500		505,690
				5,976,940
Gas Utilities \| 1.2%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,639,729
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,811,286
				3,451,015
Health Care Equipment & Supplies \| 1.4%
Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#)		1,800		1,862,914
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		2,100,760
				3,963,674
Health Care Providers & Services \| 4.3%
Centene Corp.:
4.750%, 01/15/25		500		513,900
3.375%, 02/15/30		1,500		1,556,250
DaVita, Inc., 4.625%, 06/01/30 (#)		2,000		2,052,800
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,558,755
HCA, Inc., 3.500%, 09/01/30		2,000		2,036,423

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
LifePoint Health, Inc., 4.375%, 02/15/27 (#)	$	1,250	$	1,251,562
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,776,500
Tenet Healthcare Corp.:
4.625%, 07/15/24		750		751,875
4.875%, 01/01/26 (#)		1,000		1,015,000
				12,513,065
Hotels, Restaurants & Leisure \| 8.7%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		2,139,480
Boyd Gaming Corp.:
6.375%, 04/01/26		750		780,893
4.750%, 12/01/27		850		834,063
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		2,036,900
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,542,250
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,325,250
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,440,000
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,354,370
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		2,025,075
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,480,812
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,493,600
MGM Resorts International, 4.625%, 09/01/26		800		796,000
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,760,937
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,740,295
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,672,035
Wyndham Destinations, Inc., 6.625%, 07/31/26 (#)		100		104,761
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,920,000
				25,446,721
Household Durables \| 0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,767,868
Household Products \| 1.1%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)		1,200		1,241,880

Description	Principal Amount (000)		Fair Value
Spectrum Brands, Inc., 5.750%, 07/15/25	$	1,800	$	1,855,800
				3,097,680
Independent Power & Renewable Electricity Producers \| 1.8%
Calpine Corp., 4.500%, 02/15/28 (#)		1,500		1,536,210
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,881,250
The AES Corp., 5.125%, 09/01/27		1,700		1,810,670
				5,228,130
Interactive Media & Services \| 0.4%
Twitter, Inc., 3.875%, 12/15/27 (#)		1,250		1,305,000
IT Services \| 0.5%
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,557,905
Machinery \| 3.1%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,846,606
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		797,865
4.625%, 05/15/30 (#)		1,000		1,032,500
Meritor, Inc., 6.250%, 02/15/24		1,700		1,734,000
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,806,875
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,772,100
				8,989,946
Media \| 9.9%
AMC Networks, Inc., 4.750%, 12/15/22		1,000		999,875
CCO Holdings LLC:
5.125%, 05/01/27 (#)		500		526,110
4.750%, 03/01/30 (#)		1,500		1,588,125
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		1,920,500
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,040,000
7.500%, 04/01/28 (#)		1,690		1,866,994
Diamond Sports Group LLC, 5.375%, 08/15/26 (#)		1,500		1,061,250
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,252,500
GCI LLC, 4.750%, 10/15/28 (#)		250		253,128
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,782,095

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Meredith Corp., 6.875%, 02/01/26	$	1,950	$	1,628,250
Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#)		1,500		1,573,425
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,242,500
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)		1,750		1,623,475
Sirius XM Radio, Inc., 5.000%, 08/01/27 (#)		1,750		1,827,997
TEGNA, Inc., 5.000%, 09/15/29 (#)		250		246,875
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,759,500
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,895,000
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,626,162
5.125%, 04/15/27 (#)		500		526,000
Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#)		1,750		1,824,375
				29,064,136
Metals & Mining \| 4.0%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,856,250
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,878,994
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,868,143
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,349,160
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,463,955
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		511,359
5.000%, 12/15/26		1,550		1,656,226
				11,584,087
Oil, Gas & Consumable Fuels \| 6.4%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,445,625
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,278,750
Energy Transfer Operating LP, 5.875%, 01/15/24		750		824,871
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		500		490,000
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,387,500

Description	Principal Amount (000)		Fair Value
Newfield Exploration Co., 5.625%, 07/01/24	$	1,600	$	1,556,197
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,691,500
PBF Holding Co. LLC, 6.000%, 02/15/28 (#)		1,500		1,006,575
Range Resources Corp., 5.000%, 08/15/22		950		916,465
Southwestern Energy Co., 6.450%, 01/23/25		1,800		1,746,504
Sunoco LP, 5.500%, 02/15/26		1,700		1,697,875
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,125,000
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,546,435
WPX Energy, Inc.:
6.000%, 01/15/22		900		927,000
5.750%, 06/01/26		1,000		1,035,000
5.250%, 10/15/27		100		101,500
				18,776,797
Professional Services \| 1.8%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,609,724
Nielsen Finance LLC:
5.000%, 04/15/22 (#)		1,550		1,553,875
5.625%, 10/01/28 (#)		1,000		1,027,500
5.875%, 10/01/30 (#)		1,000		1,035,000
				5,226,099
Semiconductors & Semiconductor Equipment \| 0.4%
Qorvo, Inc., 5.500%, 07/15/26		1,000		1,060,560
Software \| 1.4%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,612,000
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,582,500
Rackspace Technology Global, Inc., 8.625%, 11/15/24 (#)		1,000		1,047,200
				4,241,700
Specialty Retail \| 1.7%
Asbury Automotive Group, Inc., 4.500%, 03/01/28 (#)		987		993,169
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		982,500
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,856,844

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
QVC, Inc., 4.750%, 02/15/27	$	1,250	$	1,283,762
				5,116,275
Technology Hardware, Storage & Peripherals \| 2.4%
Dell International LLC, 7.125%, 06/15/24 (#)		1,525		1,586,457
NCR Corp., 5.750%, 09/01/27 (#)		1,000		1,045,490
Seagate HDD Cayman, 4.091%, 06/01/29 (#)		2,083		2,313,646
Western Digital Corp., 4.750%, 02/15/26		2,000		2,160,000
				7,105,593
Textiles, Apparel & Luxury Goods \| 0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,819,633
Trading Companies & Distributors \| 4.1%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		1,117,875
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,352,910
HD Supply, Inc., 5.375%, 10/15/26 (#)		2,000		2,100,000
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,551,975
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		1,973,990
United Rentals North America, Inc.:
5.500%, 05/15/27		1,000		1,063,750
3.875%, 11/15/27		1,100		1,133,000
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,600,000
				11,893,500
Wireless Telecommunication Services \| 0.9%
Sprint Corp., 7.125%, 06/15/24		500		575,305
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,090,000
				2,665,305
Total Corporate Bonds (Cost $259,918,222)				260,733,618

Description	Shares		Fair Value
Exchange-Traded Funds \| 7.7%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937)	$	1,222,805	$	22,670,805
Short-Term Investments \| 2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $7,168,493)		7,168,493		7,168,493
Total Investments \| 99.0% (Cost $290,129,652)			$	290,572,916
Cash and Other Assets in Excess of Liabilities \| 1.0%				2,896,095
Net Assets \| 100.0%			$	293,469,011

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 7.1%
Automobiles \| 5.6%
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21	$	1,669	$	1,680,601
Nissan Auto Lease Trust, 2.270%, 07/15/22		2,550		2,582,173
World Omni Automobile Lease Securitization Trust, 3.190%, 12/15/21		1,033		1,041,553
				5,304,327
Specialty Retail \| 1.5%
Daimler Trucks Retail Trust, 1.220%, 09/15/23		1,400		1,415,378
Total Asset-Backed Securities (Cost $6,651,075)				6,719,705
Corporate Bonds \| 26.4%
Banks \| 12.2%
Bank of America Corp.:
2.625%, 10/19/20		1,473		1,474,605
3.300%, 01/11/23		2,650		2,813,478
Citigroup, Inc., 2.650%, 10/26/20		3,626		3,631,825
Wells Fargo & Co., 2.625%, 07/22/22		3,575		3,708,541
				11,628,449
Biotechnology \| 2.6%
AbbVie, Inc., 2.300%, 05/14/21		2,497		2,519,602
Capital Markets \| 8.5%
Morgan Stanley:
5.500%, 07/28/21		3,475		3,621,040
2.750%, 05/19/22		800		829,035
The Goldman Sachs Group, Inc., 5.250%, 07/27/21		3,488		3,623,971
				8,074,046
Food & Staples Retailing \| 1.7%
The Kroger Co., 3.300%, 01/15/21		1,584		1,593,646
Internet & Direct Marketing Retail \| 1.4%
eBay, Inc., 2.750%, 01/30/23		1,325		1,389,433
Total Corporate Bonds (Cost $24,913,666)				25,205,176
US Government Securities \| 0.9%
Mortgage-Backed Securities \| 0.9%
Federal National Mortgage Association:
Pool# AE0315, 4.500%, 02/01/21		—(‡‡)		6

Description	Principal Amount (000)		Fair Value
Pool# FM1033, 4.500%, 01/01/27	$	824	$	874,475
Total US Government Securities (Cost $854,685)				874,481
US Treasury Securities \| 64.7%
US Treasury Notes:
1.125%, 08/31/21		11,445		11,545,144
1.125%, 09/30/21		7,775		7,850,320
2.000%, 10/31/21		19,580		19,970,835
1.500%, 01/31/22		9,235		9,401,663
1.875%, 01/31/22		12,715		13,009,034
Total US Treasury Securities (Cost $61,338,453)				61,776,996

Description	Shares		Fair Value
Short-Term Investments \| 0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $386,224)		386,224		386,224
Total Investments \| 99.5% (Cost $94,144,103)			$	94,962,582
Cash and Other Assets in Excess of Liabilities \| 0.5%				492,169
Net Assets \| 100.0%			$	95,454,751


Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 0.1%
United States \| 0.1%
Alder Biopharmaceuticals, Inc. (‡)		3,247	$	2,857
Cardtronics PLC, Class A (*), (±)		780		15,444
Total Common Stocks (Cost $20,817)				18,301
Preferred Stocks \| 0.2%
United States \| 0.2%
Sabre Corp. (±) (Cost $41,500)		415		38,587

Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds \| 157.2%
Canada \| 10.8%
Air Canada, 4.000%, 07/01/25 (±)	USD		78	$	88,265
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		345		264,356
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		490		210,700
Canadian Solar, Inc., 2.500%, 10/01/25 (#), (±)	USD		119		138,590
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD		324		205,002
Colliers International Group, Inc., 4.000%, 06/01/25 (#), (±)	USD		155		217,581
Element Fleet Management Corp., 4.250%, 06/30/24 (±)	CAD		165		141,561
Pretium Resources, Inc., 2.250%, 03/15/22 (±)	USD		152		164,586
Shopify, Inc., 0.125%, 11/01/25 (±)	USD		155		172,990
Tilray, Inc., 5.000%, 10/01/23 (±)	USD		198		79,200
Tricon Residential, Inc., 5.750%, 03/31/22 (±)	USD		123		125,448
					1,808,279
Chile \| 0.8%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		171		139,807
Israel \| 1.1%
Nice, Ltd., 0.000%, 09/15/25 (±)	USD		34		34,275
Wix.com, Ltd., 0.000%, 08/15/25 (±)	USD		155		155,577
					189,852

Description	Security Currency	Principal Amount (000)		Fair Value
Norway \| 1.7%
SFL Corp., Ltd., 5.750%, 10/15/21 (±)	USD		282	$	275,715
Panama \| 1.2%
Copa Holdings SA, 4.500%, 04/15/25 (±)	USD		165		193,517
United States \| 141.6%
1Life Healthcare, Inc., 3.000%, 06/15/25 (±)	USD		146		145,079
8x8, Inc., 0.500%, 02/01/24 (±)	USD		158		147,012
Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±)	USD		199		160,249
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		172		181,225
Allscripts Healthcare Solutions, Inc., 0.875%, 01/01/27 (±)	USD		149		128,701
Alteryx, Inc., 0.500%, 08/01/24 (±)	USD		156		156,238
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD		158		145,656
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±)	USD		123		131,456
Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±)	USD		254		241,293
Atlas Air Worldwide Holdings, Inc.:
2.250%, 06/01/22 (±)	USD		182		198,607
1.875%, 06/01/24 (±)	USD		171		205,734
Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±)	USD		187		169,936
Avaya Holdings Corp., 2.250%, 06/15/23 (±)	USD		200		187,800
BioMarin Pharmaceutical, Inc.:
1.500%, 10/15/20 (±)	USD		134		133,832
0.599%, 08/01/24 (±)	USD		190		199,377
Bloomin’ Brands, Inc., 5.000%, 05/01/25 (±)	USD		171		260,376
Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±)	USD		157		178,092
Cardlytics, Inc., 1.000%, 09/15/25 (±)	USD		83		90,572
Chart Industries, Inc., 1.000%, 11/15/24 (±)	USD		128		177,405
Chegg, Inc., 0.000%, 09/01/26 (±)	USD		79		78,724
Cinemark Holdings, Inc., 4.500%, 08/15/25 (±)	USD		155		154,126
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		153		178,535
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		146		144,540

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
CONMED Corp., 2.625%, 02/01/24 (±)	USD		153	$	171,290
Coupa Software, Inc., 0.375%, 06/15/26 (±)	USD		155		182,609
CryoPort, Inc., 3.000%, 06/01/25 (±)	USD		108		228,727
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		289		299,147
CyberArk Software, Ltd., 0.000%, 11/15/24 (±)	USD		90		87,845
Encore Capital Group, Inc.:
2.875%, 03/15/21 (±)	USD		216		214,920
3.250%, 03/15/22 (±)	USD		294		317,296
3.250%, 10/01/25 (±)	USD		77		87,622
Envestnet, Inc.:
1.750%, 06/01/23 (±)	USD		146		186,909
0.750%, 08/15/25 (±)	USD		79		79,337
Envista Holdings Corp., 2.375%, 06/01/25 (±)	USD		232		321,956
Everbridge, Inc., 0.125%, 12/15/24 (±)	USD		161		213,770
EZCORP, Inc., 2.875%, 07/01/24 (±)	USD		81		71,458
FireEye, Inc., 0.875%, 06/01/24 (±)	USD		99		91,757
Five9, Inc., 0.500%, 06/01/25 (±)	USD		158		190,941
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±)	USD		232		183,504
Fortive Corp., 0.875%, 02/15/22 (±)	USD		94		94,178
FTI Consulting, Inc., 2.000%, 08/15/23 (±)	USD		155		189,882
Gossamer Bio, Inc., 5.000%, 06/01/27 (±)	USD		97		98,993
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 0.000%, 08/15/23 (±)	USD		154		159,808
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD		148		205,921
Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±)	USD		164		134,150
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		354		353,779
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		265		216,134
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		174		151,594
II-VI, Inc., 0.250%, 09/01/22 (±)	USD		233		262,416

Description	Security Currency	Principal Amount (000)		Fair Value
IIP Operating Partnership LP, 3.750%, 02/21/24 (±)	USD		187	$	368,064
Illumina, Inc., 0.000%, 08/15/23 (±)	USD		156		165,021
Impinj, Inc., 2.000%, 12/15/26 (±)	USD		136		132,266
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		262		250,753
Insmed, Inc., 1.750%, 01/15/25 (±)	USD		140		151,931
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±)	USD		143		133,839
Intercept Pharmaceuticals, Inc.:
3.250%, 07/01/23 (±)	USD		156		125,420
2.000%, 05/15/26 (±)	USD		143		98,298
Ironwood Pharmaceuticals, Inc.:
2.250%, 06/15/22 (±)	USD		144		148,927
1.500%, 06/15/26 (±)	USD		172		166,770
j2 Global, Inc., 1.750%, 11/01/26 (±)	USD		108		95,496
Jazz Investments I, Ltd., 2.000%, 06/15/26 (±)	USD		155		181,007
K12, Inc., 1.125%, 09/01/27 (±)	USD		128		106,743
Kaman Corp., 3.250%, 05/01/24 (±)	USD		233		229,093
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		144		170,741
KBR, Inc., 2.500%, 11/01/23 (±)	USD		254		286,385
Knowles Corp., 3.250%, 11/01/21 (±)	USD		157		166,685
LendingTree, Inc., 0.500%, 07/15/25 (±)	USD		90		87,810
Liberty Broadband Corp., 2.750%, 09/30/50 (±)	USD		42		45,181
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		193		142,670
3.750%, 02/15/30 (±)	USD		42		31,311
Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±)	USD		153		181,504
Liberty Media Corp.:
2.125%, 03/31/48 (±)	USD		156		152,786
2.250%, 12/01/48 (±)	USD		351		375,058
2.750%, 12/01/49 (±)	USD		227		220,417
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)	USD		146		131,669
LivaNova USA, Inc., 3.000%, 12/15/25 (±)	USD		8		8,366
Live Nation Entertainment, Inc.:
2.500%, 03/15/23 (±)	USD		194		216,090
2.000%, 02/15/25 (±)	USD		150		135,474

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
LivePerson, Inc., 0.750%, 03/01/24 (±)	USD		155	$	234,244
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		297		291,941
Medallia, Inc., 0.125%, 09/15/25 (±)	USD		41		41,135
Mesa Laboratories, Inc., 1.375%, 08/15/25 (±)	USD		78		84,947
MongoDB, Inc., 0.250%, 01/15/26 (±)	USD		165		215,503
National Vision Holdings, Inc., 2.500%, 05/15/25 (±)	USD		174		247,515
NCL Corp., Ltd.:
6.000%, 05/15/24 (±)	USD		164		239,893
5.375%, 08/01/25 (±)	USD		119		139,310
Nevro Corp., 2.750%, 04/01/25 (±)	USD		85		130,507
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		155		225,137
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		118		110,625
NuVasive, Inc.:
2.250%, 03/15/21 (±)	USD		135		138,530
1.000%, 06/01/23 (±)	USD		205		195,464
0.375%, 03/15/25 (±)	USD		12		10,514
Okta, Inc., 0.375%, 06/15/26 (±)	USD		152		173,581
Omeros Corp., 5.250%, 02/15/26 (±)	USD		20		16,947
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		194		194,115
Palo Alto Networks, Inc., 0.375%, 06/01/25 (±)	USD		152		160,933
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		262		257,735
PennyMac Corp., 5.500%, 11/01/24 (±)	USD		218		204,343
Perficient, Inc., 1.250%, 08/01/25 (±)	USD		227		240,973
PetIQ, Inc., 4.000%, 06/01/26 (±)	USD		163		218,761
Pluralsight, Inc., 0.375%, 03/01/24 (±)	USD		153		134,334
PRA Group, Inc., 3.500%, 06/01/23 (±)	USD		194		212,153
PROS Holdings, Inc.:
1.000%, 05/15/24 (±)	USD		114		98,480
2.250%, 09/15/27 (±)	USD		83		84,279
Pure Storage, Inc., 0.125%, 04/15/23 (±)	USD		246		238,237

Description	Security Currency	Principal Amount (000)		Fair Value
Radius Health, Inc., 3.000%, 09/01/24 (±)	USD		119	$	97,498
Rambus, Inc., 1.375%, 02/01/23 (±)	USD		190		197,431
Redfin Corp., 1.750%, 07/15/23 (±)	USD		213		369,022
Redwood Trust, Inc.:
4.750%, 08/15/23 (±)	USD		347		316,810
5.625%, 07/15/24 (±)	USD		38		34,770
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		169		178,115
RH, 0.000%, 09/15/24 (±)	USD		166		316,412
RingCentral, Inc., 0.000%, 03/15/26 (±)	USD		97		95,242
Royal Caribbean Cruises, Ltd., 4.250%, 06/15/23 (±)	USD		78		91,021
Sabre GLBL, Inc., 4.000%, 04/15/25 (±)	USD		114		133,934
SailPoint Technologies Holding, Inc., 0.125%, 09/15/24 (±)	USD		164		251,193
SEACOR Holdings, Inc., 3.250%, 05/15/30 (±)	USD		22		16,518
Silicon Laboratories, Inc., 0.625%, 06/15/25 (±)	USD		153		163,672
Slack Technologies, Inc., 0.500%, 04/15/25 (±)	USD		152		176,311
SMART Global Holdings, Inc., 2.250%, 02/15/26 (±)	USD		194		178,841
Snap, Inc., 0.250%, 05/01/25 (±)	USD		176		243,980
SolarEdge Technologies, Inc., 0.000%, 09/15/25 (±)	USD		83		95,078
Square, Inc., 0.125%, 03/01/25 (±)	USD		20		30,391
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD		219		270,855
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		155		143,794
The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±)	USD		175		137,999
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±)	USD		112		102,451
The Marcus Corp., 5.000%, 09/15/25 (±)	USD		73		74,713
The Middleby Corp., 1.000%, 09/01/25 (±)	USD		155		152,675
TTM Technologies, Inc., 1.750%, 12/15/20 (±)	USD		163		192,641
Turning Point Brands, Inc., 2.500%, 07/15/24 (±)	USD		218		192,385

Description	Security Currency	Principal Amount (000)			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Under Armour, Inc., 1.500%, 06/01/24 (±)	USD		136		$	169,954
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD		102			91,589
Verint Systems, Inc., 1.500%, 06/01/21 (±)	USD		210			212,100
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		194			187,731
Wayfair, Inc., 0.625%, 10/01/25 (±)	USD		192			195,300
Winnebago Industries, Inc., 1.500%, 04/01/25 (±)	USD		155			167,602
Workiva, Inc., 1.125%, 08/15/26 (±)	USD		62			61,756
Zillow Group, Inc., 1.500%, 07/01/23 (±)	USD		180			256,828
Zogenix, Inc., 2.750%, 10/01/27 (±)	USD		105			104,257
Zscaler, Inc., 0.125%, 07/01/25 (±)	USD		192			226,579
						23,763,867
Total Convertible Corporate Bonds (Cost $25,692,800)						26,371,037

Description		Shares			Fair Value
Short-Term Investments \| 4.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $784,572)			784,572			784,572
Total Investments excluding Securities Sold Short \| 162.2% (Cost $26,539,689)					$	27,212,497
Securities Sold Short \| (66.5)%
Common Stocks \| (64.5)%
Canada \| (3.0)%
Air Canada			(4,296	)		(50,621	)
Aphria, Inc.			(8,392	)		(37,176	)
Aurora Cannabis, Inc.			(250	)		(1,162	)
Canadian Solar, Inc.			(2,520	)		(88,452	)
Canopy Growth Corp.			(1,054	)		(15,111	)
Colliers International Group, Inc.			(2,136	)		(142,450	)
Element Fleet Management Corp.			(7,610	)		(63,324	)
Pretium Resources, Inc.			(4,301	)		(55,225	)
Shopify, Inc., Class A			(39	)		(39,896	)


Description	Shares			Fair Value
Tricon Capital Group, Inc.		(118	)	$	(978	)
					(494,395	)
Chile \| (0.2)%
Liberty Latin America, Ltd., Class C		(2,952	)		(24,029	)
Israel \| (0.2)%
Wix.com, Ltd.		(128	)		(32,621	)
Norway \| (0.0)%
SFL Corp., Ltd.		(157	)		(1,176	)
Panama \| (0.8)%
Copa Holdings SA, Class A		(2,747	)		(138,284	)
United States \| (60.3)%
1Life Healthcare, Inc.		(2,052	)		(58,195	)
8x8, Inc.		(3,536	)		(54,985	)
Aerie Pharmaceuticals, Inc.		(2,840	)		(33,427	)
Air Transport Services Group, Inc.		(3,343	)		(83,776	)
Allscripts Healthcare Solutions, Inc.		(7,709	)		(62,751	)
American Airlines Group, Inc.		(8,875	)		(109,074	)
Apellis Pharmaceuticals, Inc.		(2,380	)		(71,805	)
Arbor Realty Trust, Inc. REIT		(2,676	)		(30,694	)
Atlas Air Worldwide Holdings, Inc.		(3,436	)		(209,252	)
Avadel Pharmaceuticals PLC ADR		(7,100	)		(35,784	)
Avaya Holdings Corp.		(2,951	)		(44,855	)
BioMarin Pharmaceutical, Inc.		(238	)		(18,107	)
Bloomin’ Brands, Inc.		(12,900	)		(196,983	)
Bridgebio Pharma, Inc.		(3,059	)		(114,774	)
Cardlytics, Inc.		(748	)		(52,786	)
Chart Industries, Inc.		(1,766	)		(124,097	)
Chegg, Inc.		(27	)		(1,929	)
Cinemark Holdings, Inc.		(8,791	)		(87,910	)
Coherus Biosciences, Inc.		(6,753	)		(123,850	)
Collegium Pharmaceutical, Inc.		(3,707	)		(77,180	)
CONMED Corp.		(1,058	)		(83,233	)
Coupa Software, Inc.		(386	)		(105,857	)
CryoPort, Inc.		(4,105	)		(194,577	)
CSG Systems International, Inc.		(1,036	)		(42,424	)
CyberArk Software, Ltd.		(301	)		(31,129	)
Encore Capital Group, Inc.		(5,838	)		(225,288	)
Envestnet, Inc.		(1,463	)		(112,885	)
Envista Holdings Corp.		(8,967	)		(221,306	)
Everbridge, Inc.		(1,077	)		(135,411	)
EZCORP, Inc. Class A		(4,344	)		(21,850	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
FireEye, Inc.		(1,202	)		(14,839	)
Five9, Inc.		(818	)		(106,078	)
Flexion Therapeutics, Inc.		(4,556	)		(47,428	)
FTI Consulting, Inc.		(1,110	)		(117,627	)
Gossamer Bio, Inc.		(5,080	)		(63,043	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(1,017	)		(42,989	)
Health Catalyst, Inc.		(4,091	)		(149,731	)
Helix Energy Solutions Group, Inc.		(7,642	)		(18,417	)
Herbalife Nutrition, Ltd.		(3,136	)		(146,294	)
I3 Verticals, Inc., Class A		(3,065	)		(77,391	)
II-VI, Inc.		(2,895	)		(117,421	)
Illumina, Inc.		(66	)		(20,399	)
Impinj, Inc.		(3,228	)		(85,058	)
Innovative Industrial Properties, Inc. REIT		(2,508	)		(311,268	)
Innoviva, Inc.		(2,663	)		(27,828	)
Insmed, Inc.		(2,383	)		(76,590	)
Integra LifeSciences Holdings Corp.		(1,055	)		(49,817	)
Intercept Pharmaceuticals, Inc.		(1,123	)		(46,560	)
Ironwood Pharmaceuticals, Inc.		(12,169	)		(109,460	)
j2 Global, Inc.		(493	)		(34,125	)
Jazz Pharmaceuticals PLC		(664	)		(94,680	)
K12, Inc.		(1,524	)		(40,142	)
Kaman Corp.		(1,063	)		(41,425	)
Karyopharm Therapeutics, Inc.		(6,889	)		(100,579	)
KBR, Inc.		(6,403	)		(143,171	)
Knowles Corp.		(2,714	)		(40,439	)
LendingTree, Inc.		(78	)		(23,937	)
Liberty Media Corp-Liberty Formula One, Class C		(2,657	)		(96,369	)
Liberty Media Corp.-Liberty SiriusXM, Class A		(1,095	)		(36,321	)
Ligand Pharmaceuticals, Inc.		(84	)		(8,007	)
LivaNova PLC		(88	)		(3,978	)
Live Nation Entertainment, Inc.		(4,731	)		(254,906	)
LivePerson, Inc.		(3,194	)		(166,056	)
Marriott Vacations Worldwide Corp.		(930	)		(84,453	)
Medallia, Inc.		(661	)		(18,125	)
Mesa Laboratories, Inc.		(211	)		(53,754	)
MongoDB, Inc.		(611	)		(141,453	)
National Vision Holdings, Inc.		(4,899	)		(187,338	)
Nevro Corp.		(692	)		(96,396	)
Norwegian Cruise Line Holdings, Ltd.		(16,130	)		(275,984	)
Nuance Communications, Inc.		(5,385	)		(178,728	)
Nutanix, Inc., Class A		(22	)		(488	)
NuVasive, Inc.		(1,192	)		(57,895	)
Okta, Inc.		(455	)		(97,302	)
Omeros Corp.		(400	)		(4,042	)

Description	Shares			Fair Value
Omnicell, Inc.		(6	)		(448	)
OSI Systems, Inc.		(698	)		(54,172	)
Palo Alto Networks, Inc.		(115	)		(28,146	)
Patrick Industries, Inc.		(1,389	)		(79,895	)
PennyMac Mortgage Investment Trust REIT		(2,791	)		(44,851	)
Perficient, Inc.		(2,334	)		(99,755	)
PetIQ, Inc.		(4,539	)		(149,424	)
Pluralsight, Inc., Class A		(1,640	)		(28,093	)
PRA Group, Inc.		(1,463	)		(58,447	)
PROS Holdings, Inc.		(2,212	)		(70,651	)
Pure Storage, Inc., Class A		(2,991	)		(46,031	)
Radius Health, Inc.		(1,049	)		(11,896	)
Rambus, Inc.		(4,036	)		(55,253	)
Redfin Corp.		(5,853	)		(292,240	)
Redwood Trust, Inc. REIT		(2,613	)		(19,650	)
Revance Therapeutics, Inc.		(4,054	)		(101,918	)
RH		(709	)		(271,278	)
Royal Caribbean Cruises, Ltd.		(831	)		(53,791	)
Sabre Corp.		(9,831	)		(64,000	)
SailPoint Technologies Holding, Inc.		(4,950	)		(195,872	)
SEACOR Holdings, Inc.		(145	)		(4,217	)
Silicon Laboratories, Inc.		(234	)		(22,897	)
Sirius XM Holdings, Inc.		(12,683	)		(67,981	)
Slack Technologies, Inc., Class A		(3,036	)		(81,547	)
SMART Global Holdings, Inc.		(3,675	)		(100,475	)
Snap, Inc., Class A		(6,008	)		(156,869	)
SolarEdge Technologies, Inc.		(221	)		(52,675	)
Square, Inc. Class A		(134	)		(21,782	)
Synaptics, Inc.		(1,764	)		(141,861	)
Tabula Rasa HealthCare, Inc.		(1,543	)		(62,908	)
The Chefs’ Warehouse, Inc.		(1,621	)		(23,569	)
The Greenbrier Cos., Inc.		(800	)		(23,520	)
The Marcus Corp.		(3,439	)		(26,583	)
The Middleby Corp.		(464	)		(41,625	)
TTM Technologies, Inc.		(11,452	)		(130,667	)
Turning Point Brands, Inc.		(1,699	)		(47,402	)
Under Armour, Inc., Class C		(10,950	)		(107,748	)
Varex Imaging Corp.		(3,708	)		(47,166	)
Verint Systems, Inc.		(290	)		(13,972	)
Wayfair, Inc., Class A		(296	)		(86,139	)
Winnebago Industries, Inc.		(1,743	)		(90,061	)
Workiva, Inc.		(550	)		(30,668	)
Zillow Group, Inc. Class C		(1,708	)		(173,516	)
Zogenix, Inc.		(2,596	)		(46,546	)
Zscaler, Inc.		(877	)		(123,385	)
					(10,126,095	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (concluded)
Total Common Stocks (Proceeds $10,142,747)				$	(10,816,600	)
Exchange-Traded Fund \| (2.0)%
United States \| (2.0)%
iShares 7-10 Year Treasury Bond ETF		(2,772	)		(337,685	)
Total Exchange-Traded Funds (Proceeds $313,153)					(337,685	)
Total Securities Sold Short (Proceeds $10,455,900)					(11,154,285	)
Total Investments \| 95.7% (Cost and short proceeds $16,083,789) (»)				$	16,058,212
Cash and Other Assets in Excess of Liabilities \| 4.3%					724,045
Net Assets \| 100.0%				$	16,782,257

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 43.7%
Australia \| 0.6%
AGL Energy, Ltd.		2,443	$	23,875
ASX, Ltd.		522		30,575
Aurizon Holdings, Ltd.		2,770		8,452
Charter Hall Group REIT		2,751		24,822
CSL, Ltd.		130		26,785
Fortescue Metals Group, Ltd.		10,519		123,134
Goodman Group REIT		1,804		23,218
Ingenia Communities Group REIT		7,012		22,942
Santos, Ltd.		11,061		38,817
Stockland REIT		9,799		26,618
				349,238
Belgium \| 0.0%
Colruyt SA (*)		200		12,978
Telenet Group Holding NV		235		9,109
				22,087
Canada \| 1.2%
CAE, Inc.		8,568		125,264
Canadian National Railway Co.		1,586		168,845
Magna International, Inc.		1,190		54,453
Parex Resources, Inc. (*)		1,658		17,470
Quebecor, Inc., Class B		1,062		26,567
Real Matters, Inc. (*)		1,326		25,842
TFI International, Inc.		2,218		92,748
The Toronto-Dominion Bank		2,803		129,611
				640,800
Denmark \| 0.5%
Coloplast A/S, Class B		327		51,714
Novo Nordisk A/S, Class B		675		46,887
Vestas Wind Systems AS ADR		3,088		166,227
				264,828
Finland \| 0.2%
Elisa Oyj		187		11,022
Neste Oyj		610		32,076
Valmet Oyj		2,171		53,751
				96,849
France \| 0.4%
Cie de Saint-Gobain (*)		571		23,974
Cie Generale des Etablissements Michelin SCA		433		46,333
L’Oreal SA		31		10,087
Orange SA		911		9,479
Peugeot SA (*)		793		14,298
Schneider Electric SE		831		103,140

Description	Shares		Fair Value
Veolia Environnement SA		1,099	$	23,701
				231,012
Germany \| 0.9%
Deutsche Bank AG (*)		2,779		23,431
Merck KGaA Sponsored ADR		3,713		108,865
SAP SE		198		30,833
Symrise AG ADR		5,316		183,987
TeamViewer AG ADR (*)		5,132		126,584
				473,700
Hong Kong \| 0.6%
AIA Group, Ltd. Sponsored ADR		4,890		194,866
Hang Seng Bank, Ltd. Sponsored ADR		6,611		98,438
Hysan Development Co., Ltd.		3,000		8,976
Sun Hung Kai Properties, Ltd.		2,000		25,640
				327,920
Israel \| 0.1%
Israel Discount Bank, Ltd., ADR		2,954		76,656
Italy \| 0.1%
Hera SpA		9,535		35,247
Ivory Coast \| 0.0%
Endeavour Mining Corp. (*)		934		23,253
Japan \| 4.1%
Ajinomoto Co., Inc.		1,100		22,613
Brother Industries, Ltd.		2,200		34,942
Chubu Electric Power Co., Inc.		1,300		15,812
Credit Saison Co., Ltd.		1,800		19,104
Daito Trust Construction Co., Ltd.		155		13,742
Daiwa Securities Group, Inc.		4,600		19,307
DCM Holdings Co., Ltd.		1,700		23,539
Dip Corp.		700		14,384
East Japan Railway Co.		500		30,809
Electric Power Development Co., Ltd.		4,500		69,442
Fuji Media Holdings, Inc.		700		6,756
Hokkaido Electric Power Co., Inc.		8,600		36,750
Hokuriku Electric Power Co.		3,000		22,522
Hulic Co., Ltd.		2,700		25,325
Inpex Corp.		3,600		19,259
Japan Post Holdings Co., Ltd.		2,000		13,642
Kaken Pharmaceutical Co., Ltd.		200		9,184
Kao Corp.		300		22,512
KDDI Corp.		6,300		159,364
Kenedix, Inc.		4,700		24,788
Kureha Corp.		300		13,007
Kyudenko Corp.		300		8,659
McDonald’s Holdings Co. Japan, Ltd.		800		38,916
Mitsubishi Heavy Industries, Ltd.		400		8,884

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Mizuho Financial Group, Inc.		17,280	$	215,854
MS&AD Insurance Group Holdings, Inc.		700		18,960
Nintendo Co., Ltd. ADR		2,590		183,631
Nishi-Nippon Financial Holdings, Inc.		3,300		23,074
Nomura Real Estate Holdings, Inc.		3,400		64,669
NTT DOCOMO, Inc.		2,318		85,962
Obayashi Corp.		1,200		10,876
Ono Pharmaceutical Co., Ltd.		400		12,558
Open House Co., Ltd.		600		21,671
Optorun Co., Ltd.		1,000		20,246
Osaka Gas Co., Ltd.		1,000		19,483
Rengo Co., Ltd.		1,100		8,305
Sankyu, Inc.		500		19,712
Secom Co., Ltd.		200		18,275
Sekisui House, Ltd.		1,200		21,223
Seria Co., Ltd.		200		8,522
Seven & I Holdings Co., Ltd.		2,200		68,009
Shikoku Electric Power Co., Inc.		4,100		31,302
Shimachu Co., Ltd.		300		10,180
Shimano, Inc. ADR		5,980		117,985
Ship Healthcare Holdings, Inc.		300		14,681
Softbank Corp.		1,800		20,169
Sugi Holdings Co., Ltd.		300		21,211
Sumitomo Mitsui Financial Group, Inc.		1,100		30,609
Sumitomo Mitsui Trust Holdings, Inc.		300		7,983
Sumitomo Osaka Cement Co., Ltd.		300		9,698
Sumitomo Realty & Development Co., Ltd.		800		23,668
Sundrug Co., Ltd.		300		11,295
The Chiba Bank, Ltd.		8,200		45,252
The Gunma Bank, Ltd.		9,900		33,017
The Hachijuni Bank, Ltd.		2,200		8,655
The Kansai Electric Power Co., Inc.		4,300		41,682
The Shizuoka Bank, Ltd.		1,400		9,683
Tohoku Electric Power Co., Inc.		7,800		78,159
Tokyo Electron, Ltd.		100		26,173
Trend Micro, Inc.		200		12,204
West Japan Railway Co.		200		9,885
Yamaha Corp. Sponsored ADR		3,827		184,347
Yaoko Co., Ltd.		200		14,903
				2,257,033
Macau \| 0.2%
Sands China, Ltd. ADR		2,589		100,867
Netherlands \| 1.1%
ASM International NV		191		27,378
Flow Traders		412		16,472

Description	Shares		Fair Value
Koninklijke Ahold Delhaize NV		2,593	$	76,742
NXP Semiconductors NV		1,035		129,178
Wolters Kluwer NV Sponsored ADR		3,987		341,566
				591,336
New Zealand \| 0.0%
Fisher & Paykel Healthcare Corp., Ltd., Class C		1,003		22,078
Norway \| 0.1%
Orkla ASA		5,599		56,663
Telenor ASA		695		11,645
Yara International ASA		225		8,663
				76,971
Puerto Rico \| 0.0%
Popular, Inc.		565		20,493
Singapore \| 0.1%
AEM Holdings, Ltd.		13,800		39,052
Singapore Exchange, Ltd.		1,500		10,094
				49,146
Spain \| 0.1%
Corporacion Financiera Alba SA		66		2,758
Iberdrola SA		1,314		16,172
Viscofan SA		110		7,338
				26,268
Sweden \| 1.0%
Assa Abloy AB ADR		9,008		105,304
Axfood AB		916		20,990
Boliden AB		1,051		31,248
Epiroc AB ADR		12,670		183,842
Hexagon AB ADR (*)		2,333		176,118
Lundin Energy AB		805		15,944
Swedish Match AB		211		17,215
				550,661
Switzerland \| 1.2%
ABB, Ltd. Sponsored ADR		6,086		154,889
Alcon, Inc. (*)		1,208		68,796
Credit Suisse Group AG		5,293		52,976
Galenica AG		125		8,713
Novartis AG		2,901		252,101
Roche Holding AG		293		100,243
Swisscom AG		36		19,096
Tecan Group AG		20		9,946
				666,760
United Kingdom \| 2.6%
Coca-Cola European Partners PLC		2,912		113,015

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Diageo PLC Sponsored ADR		1,914	$	263,481
Fiat Chrysler Automobiles NV (*)		484		5,925
GlaxoSmithKline PLC		661		12,382
J Sainsbury PLC		4,926		12,110
National Grid PLC		1,159		13,342
Prudential PLC ADR		5,631		160,990
RELX PLC		470		10,404
RELX PLC Sponsored ADR		8,998		201,285
Rio Tinto, Ltd.		251		16,994
Standard Chartered PLC (*)		14,370		65,880
Tesco PLC Sponsored ADR		25,545		210,235
Unilever PLC Sponsored ADR		4,937		304,514
Vodafone Group PLC		9,486		12,585
Wm Morrison Supermarkets PLC		11,000		24,147
				1,427,289
United States \| 28.6%
3M Co.		448		71,761
AbbVie, Inc.		1,101		96,437
Accenture PLC, Class A		1,395		315,256
Activision Blizzard, Inc.		398		32,218
Adobe, Inc. (*)		79		38,744
Advanced Micro Devices, Inc. (*)		286		23,449
Agilent Technologies, Inc.		95		9,589
Akamai Technologies, Inc. (*)		496		54,828
Alphabet, Inc., Class A (*)		210		307,776
Alphabet, Inc., Class C (*)		87		127,855
Altria Group, Inc.		291		11,244
Amazon.com, Inc. (*)		176		554,176
Amdocs, Ltd.		206		11,826
American Tower Corp. REIT		38		9,186
AmerisourceBergen Corp.		2,423		234,837
Anthem, Inc.		135		36,260
Aon PLC, Class A		1,455		300,166
Apple, Inc.		10,470		1,212,531
Applied Materials, Inc.		1,003		59,628
AptarGroup, Inc.		230		26,036
AT&T, Inc.		582		16,593
Atmos Energy Corp.		95		9,081
Best Buy Co., Inc.		1,363		151,688
Booz Allen Hamilton Holding Corp.		443		36,760
Boston Scientific Corp. (*)		4,158		158,877
Bristol-Myers Squibb Co.		536		32,315
C.H. Robinson Worldwide, Inc.		116		11,854
Cabot Oil & Gas Corp.		1,006		17,464
Cadence Design Systems, Inc. (*)		425		45,318
Campbell Soup Co.		416		20,122

Description	Shares		Fair Value
Charter Communications, Inc., Class A (*)		47	$	29,344
Church & Dwight Co., Inc.		351		32,892
Cisco Systems, Inc.		830		32,694
Citizens Financial Group, Inc.		1,548		39,133
Colgate-Palmolive Co.		431		33,252
Comcast Corp., Class A		1,153		53,338
ConocoPhillips		1,034		33,957
Costco Wholesale Corp.		59		20,945
Cummins, Inc.		431		91,010
CVS Health Corp.		1,617		94,433
DaVita, Inc. (*)		157		13,447
Dolby Laboratories, Inc., Class A		274		18,161
Dollar General Corp.		1,155		242,111
Domino’s Pizza, Inc.		72		30,620
Easterly Government Properties, Inc. REIT		774		17,345
Eaton Corp. PLC		228		23,263
eBay, Inc.		3,288		171,305
Edwards Lifesciences Corp. (*)		122		9,738
Electronic Arts, Inc. (*)		872		113,718
Eli Lilly & Co.		577		85,408
F5 Networks, Inc. (*)		104		12,768
Facebook, Inc., Class A (*)		1,815		475,348
Flowers Foods, Inc.		378		9,197
Gaming and Leisure Properties, Inc. REIT		583		21,530
General Mills, Inc.		888		54,772
Gilead Sciences, Inc.		256		16,177
HCA Healthcare, Inc.		182		22,692
Honeywell International, Inc.		814		133,993
Hormel Foods Corp.		949		46,397
Humana, Inc.		149		61,670
IDEXX Laboratories, Inc. (*)		113		44,421
Intercontinental Exchange, Inc.		2,622		262,331
Intuit, Inc.		304		99,168
IQVIA Holdings, Inc. (*)		1,851		291,773
J.B. Hunt Transport Services, Inc.		177		22,369
Jack Henry & Associates, Inc.		135		21,950
Jefferies Financial Group, Inc.		1,318		23,724
Johnson & Johnson		2,597		386,641
Juniper Networks, Inc.		378		8,127
Kellogg Co.		460		29,711
Keysight Technologies, Inc. (*)		354		34,968
Kimberly-Clark Corp.		2,009		296,649
LHC Group, Inc. (*)		236		50,164
Lockheed Martin Corp.		359		137,598
Lowe’s Cos., Inc.		1,416		234,858
Lululemon Athletica, Inc. (*)		34		11,199
MasterCard, Inc., Class A		421		142,370

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
McDonald’s Corp.		1,113	$	244,292
McKesson Corp.		67		9,978
MDU Resources Group, Inc.		961		21,623
Medtronic PLC		672		69,834
Merck & Co., Inc.		1,004		83,282
Mettler-Toledo International, Inc. (*)		10		9,658
Microsoft Corp.		4,051		852,047
Monolithic Power Systems, Inc.		181		50,609
Moody’s Corp.		485		140,577
Motorola Solutions, Inc.		1,539		241,331
Northrop Grumman Corp.		192		60,574
NVIDIA Corp.		159		86,054
Old Dominion Freight Line, Inc.		311		56,266
Palo Alto Networks, Inc. (*)		476		116,501
PayPal Holdings, Inc. (*)		665		131,025
PepsiCo, Inc.		1,047		145,114
Pfizer, Inc.		761		27,929
Phillips 66		278		14,412
Pioneer Natural Resources Co.		760		65,352
Pool Corp.		57		19,069
PTC, Inc. (*)		1,973		163,207
QUALCOMM, Inc.		1,383		162,751
Quest Diagnostics, Inc.		391		44,766
Regeneron Pharmaceuticals, Inc. (*)		16		8,956
Republic Services, Inc.		363		33,886
Rockwell Automation, Inc.		636		140,352
S&P Global, Inc.		737		265,762
Sempra Energy		79		9,350
ServiceNow, Inc. (*)		101		48,985
Silgan Holdings, Inc.		1,503		55,265
Sirius XM Holdings, Inc.		1,734		9,294
Southwest Gas Holdings, Inc.		136		8,582
Sprouts Farmers Market, Inc. (*)		352		7,367
Square, Inc., Class A (*)		168		27,308
Synopsys, Inc. (*)		1,251		267,689
T Rowe Price Group, Inc.		175		22,439
Target Corp.		767		120,741
TD Ameritrade Holding Corp.		242		9,474
Teradyne, Inc.		522		41,478
Tesla, Inc. (*)		297		127,416
Texas Instruments, Inc.		1,327		189,482
The Bank of New York Mellon Corp.		265		9,100
The Clorox Co.		247		51,912
The Coca-Cola Co.		6,211		306,637
The Hershey Co.		180		25,801
The Home Depot, Inc.		918		254,938

Description	Shares		Fair Value
The J.M. Smucker Co.		88	$	10,166
The Kroger Co.		549		18,617
The Procter & Gamble Co.		2,440		339,136
The Progressive Corp.		138		13,064
The Sherwin-Williams Co.		117		81,519
The Western Union Co.		500		10,715
Thermo Fisher Scientific, Inc.		1,184		522,760
Tractor Supply Co.		658		94,318
Union Pacific Corp.		143		28,152
United Parcel Service, Inc., Class B		344		57,321
UnitedHealth Group, Inc.		585		182,385
Verizon Communications, Inc.		5,941		353,430
Vertex Pharmaceuticals, Inc. (*)		209		56,873
Visa, Inc., Class A		1,567		313,353
Vistra Corp.		1,549		29,214
Walmart, Inc.		805		112,628
Warner Music Group Corp., Class A		2,471		71,017
Waste Management, Inc.		79		8,940
Weis Markets, Inc.		157		7,536
Werner Enterprises, Inc.		203		8,524
West Pharmaceutical Services, Inc.		56		15,394
WW Grainger, Inc.		105		37,461
Xcel Energy, Inc.		159		10,973
Zoetis, Inc.		2,382		393,911
				15,808,426
Total Common Stocks (Cost $21,462,694)				24,138,918

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 20.6%
Australia \| 0.5%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		380	$	288,756
Canada \| 1.5%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		585		449,851
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		450		372,589
					822,440
France \| 0.6%
Schneider Electric SE, 2.950%, 09/27/22	USD		305		319,621
Germany \| 1.1%
BMW Finance NV, 0.875%, 08/16/22	GBP		225		291,873

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Daimler AG, 0.033% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		300	$	345,315
					637,188
Netherlands \| 0.4%
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		200		212,184
Switzerland \| 0.4%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		237		253,600
United Kingdom \| 1.0%
Unilever Capital Corp., 3.250%, 03/07/24	USD		500		544,154
United States \| 15.1%
Adobe, Inc., 2.300%, 02/01/30	USD		255		274,991
Alphabet, Inc., 1.100%, 08/15/30	USD		280		277,229
Amazon.com, Inc., 3.150%, 08/22/27	USD		305		347,592
American Express Co., 3.000%, 10/30/24	USD		315		341,694
Apple, Inc., 3.850%, 05/04/43	USD		360		448,163
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		349		355,503
1.486% (SOFRRATE + 1.460%), 05/19/24 (§)	USD		135		137,311
Citigroup, Inc., 1.650% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		548		394,634
Dell International LLC, 5.300%, 10/01/29	USD		190		217,646
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		640		507,583
Johnson & Johnson, 3.625%, 03/03/37	USD		278		336,533
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		305		341,579
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		198		227,936
Lowe’s Cos., Inc., 5.000%, 04/15/40	USD		110		144,099
McDonald’s Corp., 3.125%, 03/04/25	CAD		585		474,990
Microsoft Corp., 3.500%, 11/15/42	USD		235		289,113

Description	Security Currency	Principal Amount (000)		Fair Value
Morgan Stanley, 3.625%, 01/20/27	USD		305	$	344,533
PepsiCo, Inc., 2.875%, 10/15/49	USD		370		396,755
Pfizer, Inc., 2.625%, 04/01/30	USD		245		272,074
Prologis LP, 1.250%, 10/15/30	USD		150		146,278
Starbucks Corp., 4.450%, 08/15/49	USD		430		521,329
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		313		334,563
The Home Depot, Inc., 5.875%, 12/16/36	USD		245		368,376
The Procter & Gamble Co., 2.450%, 03/25/25	USD		130		140,763
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		305		321,223
Verizon Communications, Inc., 3.875%, 02/08/29	USD		309		365,152
					8,327,642
Total Corporate Bonds (Cost $10,891,198)					11,405,585
Foreign Government Obligations \| 20.0%
Australia \| 1.6%
New South Wales Treasury Corp., 3.000%, 02/20/30	AUD		830		694,055
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		235		183,896
					877,951
Bermuda \| 1.3%
Government of Bermuda:
3.717%, 01/25/27	USD		200		219,000
2.375%, 08/20/30 (#)	USD		500		505,000
					724,000
Canada \| 4.1%
City of Vancouver, 2.900%, 11/20/25	CAD		198		163,356
Province of British Columbia, 4.700%, 06/18/37	CAD		545		585,111
Province of Quebec:
1.650%, 03/03/22	CAD		385		294,714
3.000%, 09/01/23	CAD		720		583,570
2.500%, 04/20/26	USD		465		507,933
1.850%, 02/13/27	CAD		175		139,457
					2,274,141

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Chile \| 1.5%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		130,000	$	190,106
Republic of Chile:
3.125%, 01/21/26	USD		400		443,000
0.830%, 07/02/31	EUR		150		175,923
					809,029
Czech Republic \| 1.6%
Czech Republic, 2.000%, 10/13/33	CZK		17,850		873,008
France \| 1.0%
Government of France, 1.750%, 06/25/39	EUR		361		552,771
Hungary \| 2.1%
Hungary, 5.750%, 11/22/23	USD		190		217,847
Hungary Government Bonds:
2.500%, 10/24/24	HUF		93,620		313,550
2.750%, 12/22/26	HUF		93,020		315,411
3.000%, 10/27/27	HUF		96,120		332,195
					1,179,003
Japan \| 0.7%
Japan Bank for International Cooperation, 0.625%, 05/22/23	USD		200		201,184
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		215,427
					416,611
Mexico \| 0.1%
United Mexican States, 6.750%, 02/06/24	GBP		30		44,819
New Zealand \| 1.3%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		845		699,465
Norway \| 0.8%
Oslo Kommune:
2.350%, 09/04/24	NOK		2,000		227,632
0.750% (NIBOR 3 Month + 0.460%), 05/06/26 (§)	NOK		2,000		215,411
					443,043
Panama \| 0.8%
Republic of Panama, 4.000%, 09/22/24	USD		400		438,000
Poland \| 1.7%
Poland Government Bonds:
2.500%, 07/25/27	PLN		1,180		335,669
0.690%, 05/25/28 (§)	PLN		1,145		290,308

Description	Security Currency	Principal Amount (000)		Fair Value
2.750%, 10/25/29	PLN		1,000	$	291,716
					917,693
Spain \| 0.5%
Spain Government Bonds, 1.200%, 10/31/40	EUR		239		299,948
United Kingdom \| 0.9%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		225		342,587
1.500%, 07/22/47	GBP		100		151,903
					494,490
Total Foreign Government Obligations (Cost $10,478,747)					11,043,972
Quasi Government Bonds \| 0.5%
Canada \| 0.5%
Export Development Canada, 1.800%, 09/01/22 (Cost $276,912)	CAD		380		293,312
Supranational Bonds \| 4.6%
African Development Bank, 0.750%, 04/03/23	USD		500		506,093
Asian Development Bank, 2.125%, 03/19/25	USD		383		411,934
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		150		157,532
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		140		105,864
Inter-American Development Bank, 7.875%, 03/14/23	IDR		2,100,000		148,030
International Bank for Reconstruction & Development:
2.500%, 08/03/23	CAD		840		667,149
1.900%, 01/16/25	CAD		195		154,436
2.900%, 11/26/25	AUD		350		279,895
International Finance Corp., 2.700%, 03/15/23	AUD		142		107,553
Total Supranational Bonds (Cost $2,456,058)					2,538,486
US Municipal Bonds \| 0.7%
California \| 0.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		35		58,168
State of California:
4.500%, 04/01/33	USD		100		119,538
7.550%, 04/01/39	USD		105		183,710
					361,416

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
New York \| 0.1%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		40	$	45,376
Total US Municipal Bonds (Cost $372,556)					406,792
US Treasury Securities \| 3.0%
US Treasury Notes:
2.125%, 05/15/25	USD		545		591,687
2.875%, 08/15/28	USD		895		1,056,415
Total US Treasury Securities (Cost $1,576,119)					1,648,102

Description	Shares		Fair Value
Exchange-Traded Funds \| 5.0%
iShares MSCI World ETF (Cost $2,339,474)		27,760		2,762,675
Short-Term Investments \| 2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $1,421,629)		1,421,629		1,421,629
Total Investments \| 100.7% (Cost $51,275,387) (»)			$	55,659,471
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(361,298	)
Net Assets \| 100.0%			$	55,298,173

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 80.8%
Equity Funds \| 44.0%
Franklin FTSE Japan ETF		77,950	$	2,039,952
Health Care Select Sector SPDR Fund		39,455		4,161,713
iShares Core Dividend Growth ETF		51,900		2,065,101
iShares Core MSCI EAFE ETF		27,760		1,673,373
iShares Core MSCI Europe ETF		36,925		1,650,917
iShares Expanded Tech Sector ETF		7,932		2,451,464
iShares Expanded Tech-Software Sector ETF		6,424		1,998,635
iShares MSCI Eurozone ETF		44,995		1,706,210
Vanguard Consumer Staples ETF		19,900		3,250,864
Vanguard S&P 500 ETF		28,739		8,841,553
Vanguard S&P 500 Value ETF		28,419		3,095,398
				32,935,180
Fixed-Income Funds \| 36.8%
Goldman Sachs Access Treasury 0-1 Year ETF		25,980		2,609,171
iShares 1-3 Year Treasury Bond ETF		89,400		7,733,994
iShares 20+ Year Treasury Bond ETF		22,954		3,747,470
Vanguard Intermediate-Term Corporate Bond ETF		40,215		3,852,597
Vanguard Intermediate-Term Treasury ETF		135,300		9,535,944
				27,479,176
Total Exchange-Traded Funds
(Cost $54,307,854)				60,414,356
Short-Term Investments \| 19.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $14,338,336)		14,338,336		14,338,336
Total Investments \| 100.0% (Cost $68,646,190)			$	74,752,692
Liabilities in Excess of Cash and Other Assets \| 0.0%				(1,394	)
Net Assets \| 100.0%			$	74,751,298

Description	Shares		Fair Value
Lazard Real Assets Portfolio (•)
Common Stocks \| 69.4%
Australia \| 5.0%
Atlas Arteria, Ltd.		54,839	$	241,124
Aventus Group REIT		12,701		21,589
BWP Trust REIT		7,233		20,969
Charter Hall Group REIT		11,051		99,712
Charter Hall Long Wale REIT		8,670		31,225
Goodman Group REIT		8,189		105,393
Ingenia Communities Group REIT		11,412		37,338
Scentre Group REIT		38,479		60,885
Stockland REIT		12,293		33,392
Transurban Group		45,078		456,840
				1,108,467
Belgium \| 0.2%
Shurgard Self Storage SA (‡)		444		19,365
Warehouses De Pauw CVA REIT		1,015		36,938
				56,303
Brazil \| 0.1%
JHSF Participacoes SA		18,900		23,558
Canada \| 1.5%
Agnico Eagle Mines, Ltd.		968		77,062
Altus Group, Ltd.		879		36,525
Atco, Ltd., Class I		1,493		43,157
Barrick Gold Corp.		2,906		81,688
Granite Real Estate Investment Trust		879		51,015
Real Matters, Inc. (*)		1,418		27,635
True North Commercial Real Estate Investment Trust		5,912		25,352
				342,434
China \| 2.8%
Agile Group Holdings, Ltd.		24,000		31,535
Central China Real Estate, Ltd.		42,000		19,274
China Aoyuan Group, Ltd.		12,000		12,315
China Overseas Property Holdings, Ltd.		25,000		20,496
CIFI Holdings Group Co., Ltd.		50,000		36,943
Country Garden Holdings Co., Ltd.		21,000		25,875
Gemdale Properties & Investment Corp., Ltd.		140,000		23,782
Gree Real Estate Co., Ltd., Class A (*)		19,700		31,831
KWG Group Holdings, Ltd.		28,000		47,894
Logan Group Co., Ltd.		42,000		66,633
Longfor Group Holdings, Ltd.		13,000		73,073
Powerlong Commercial Management Holdings, Ltd.		8,000		26,900
Powerlong Real Estate Holdings, Ltd.		88,000		66,019
Shanghai Wanye Enterprises Co., Ltd., Class A (*)		5,800		15,296

Description	Shares		Fair Value
Shenzhen Investment, Ltd.		134,000	$	39,148
Sichuan Languang Justbon Services Group Co., Ltd., Class H		2,800		15,828
Sunac China Holdings, Ltd.		11,000		43,211
Times China Holdings, Ltd.		12,000		16,692
Yuexiu Property Co., Ltd.		112,000		21,914
				634,659
Finland \| 0.1%
Citycon Oyj		2,542		20,008
France \| 2.8%
Eutelsat Communications SA		12,123		117,789
Gecina SA REIT		178		23,549
Unibail-Rodamco-Westfield REIT		698		25,776
Vinci SA		5,436		453,421
				620,535
Germany \| 2.3%
Aroundtown SA (*)		5,750		28,902
Deutsche EuroShop AG (*)		1,337		16,614
Deutsche Wohnen SE		1,648		82,460
Fraport AG (*)		4,838		191,581
Sirius Real Estate, Ltd.		21,395		20,116
TAG Immobilien AG		1,187		35,820
Vonovia SE		1,940		133,314
				508,807
Hong Kong \| 2.4%
CK Asset Holdings, Ltd.		2,500		12,198
Fortune Real Estate Investment Trust		19,000		15,921
Hang Lung Properties, Ltd.		14,000		35,700
Henderson Land Development Co., Ltd.		12,000		44,270
Link Real Estate Investment Trust		7,000		57,221
Power Assets Holdings, Ltd.		39,500		207,748
Shimao Group Holdings, Ltd.		11,500		47,790
Sun Hung Kai Properties, Ltd.		5,500		70,509
Wharf Real Estate Investment Co., Ltd.		9,000		36,843
				528,200
Israel \| 0.1%
Adgar Investment and Development, Ltd.		6,343		7,573
Property & Building Corp., Ltd.		292		20,000
				27,573
Italy \| 8.7%
ASTM SpA (*)		3,512		73,542
Atlantia SpA (*)		30,275		474,759
Hera SpA		44,948		166,157
Italgas SpA		30,962		195,530
Snam SpA		108,704		558,934

Description	Shares		Fair Value
Lazard Real Assets Portfolio (•) (continued)
Terna Rete Elettrica Nazionale SpA		67,473	$	472,731
				1,941,653
Japan \| 3.8%
Advance Residence Investment Corp. REIT		26		76,803
Daito Trust Construction Co., Ltd.		400		35,465
Daiwa House Industry Co., Ltd.		1,800		46,248
Daiwa House REIT Investment Corp.		11		28,168
GLP J-Reit		40		61,749
Industrial & Infrastructure Fund Investment Corp. REIT		14		23,990
Japan Logistics Fund, Inc. REIT		9		25,817
Japan Real Estate Investment Corp.		7		35,790
Katitas Co., Ltd.		1,100		31,225
Keihanshin Building Co., Ltd.		2,100		34,086
Kenedix, Inc.		4,200		22,151
LaSalle Logiport REIT		25		41,748
MCUBS MidCity Investment Corp. REIT		51		39,400
Mitsubishi Estate Co., Ltd.		6,000		90,684
Mitsui Fudosan Co., Ltd.		3,300		57,479
Nippon Accommodations Fund, Inc. REIT		12		69,278
Nippon Building Fund, Inc. REIT		5		28,385
NIPPON REIT Investment Corp.		11		37,538
Open House Co., Ltd.		700		25,283
Orix JREIT, Inc.		16		24,683
SRE Holdings Corp.		700		24,489
				860,459
Luxembourg \| 0.7%
SES SA		21,299		150,684
Mexico \| 0.2%
Corp Inmobiliaria Vesta SAB de CV		16,500		24,864
Fibra Uno Administracion SA de CV REIT		20,800		16,424
				41,288
Netherlands \| 0.1%
Eurocommercial Properties NV		1,929		22,300
Norway \| 0.1%
Entra ASA		1,458		20,541
Singapore \| 1.1%
Keppel DC REIT		21,500		45,950
Manulife US Real Estate Investment Trust		64,400		47,839
Mapletree Commercial Trust REIT		11,400		16,315
Mapletree Industrial Trust REIT		48,900		115,481
Sasseur Real Estate Investment Trust		33,600		18,964
				244,549

Description	Shares		Fair Value
South Africa \| 0.1%
Growthpoint Properties, Ltd. REIT		25,901	$	18,918
Spain \| 2.7%
Ferrovial SA		24,541		595,348
Sweden \| 0.9%
Castellum AB		2,292		52,128
Catena AB		610		26,963
Fabege AB		1,477		20,482
Fastighets AB Balder, B Shares (*)		436		22,145
Klovern AB, Class B		13,865		25,532
Nyfosa AB (*)		3,953		35,087
Sagax AB, Class D		3,483		12,716
				195,053
Switzerland \| 0.1%
Allreal Holding AG		81		17,460
Turkey \| 0.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		36,774		8,227
United Arab Emirates \| 0.2%
Aldar Properties PJSC		71,233		39,013
United Kingdom \| 7.4%
Civitas Social Housing PLC REIT		28,671		39,067
Great Portland Estates PLC REIT		5,508		42,505
Linde PLC		152		36,196
National Grid PLC		58,241		670,454
Pennon Group PLC		13,876		184,420
Savills PLC (*)		2,158		21,715
Segro PLC REIT		13,009		156,382
Severn Trent PLC		8,004		251,667
United Utilities Group PLC		23,606		261,034
				1,663,440
United States \| 26.0%
Agree Realty Corp. REIT		610		38,820
Alexandria Real Estate Equities, Inc.		485		77,600
American Tower Corp. REIT		1,805		436,323
Americold Realty Trust REIT		1,361		48,656
Apple Hospitality REIT, Inc.		2,334		22,430
AvalonBay Communities, Inc. REIT		243		36,290
Boston Properties, Inc. REIT		702		56,371
Brandywine Realty Trust REIT		2,462		25,457
Brixmor Property Group, Inc. REIT		3,052		35,678
Brookfield Property REIT, Inc., Class A		1,706		20,881
Bunge, Ltd.		855		39,074
Camden Property Trust REIT		610		54,278
CBRE Group, Inc., Class A (*)		1,831		86,002

Description	Shares		Fair Value
Lazard Real Assets Portfolio (•) (continued)
CF Industries Holdings, Inc.		731	$	22,449
Community Healthcare Trust, Inc. REIT		610		28,524
Consolidated Edison, Inc.		6,340		493,252
CoreSite Realty Corp. REIT		485		57,657
Crown Castle International Corp., REIT		2,137		355,810
CSX Corp.		7,055		547,962
Digital Realty Trust, Inc. REIT		1,159		170,095
Easterly Government Properties, Inc. REIT		2,332		52,260
Equinix, Inc. REIT		292		221,958
Equity Lifestyle Properties, Inc. REIT		1,268		77,728
Equity Residential REIT		1,219		62,571
Essex Property Trust, Inc. REIT		165		33,130
Extra Space Storage, Inc. REIT		447		47,825
Gaming and Leisure Properties, Inc. REIT		1,666		61,525
Healthcare Trust of America, Inc., Class A REIT		1,335		34,710
Healthpeak Properties, Inc. REIT		1,972		53,540
Highwoods Properties, Inc. REIT		879		29,508
Hilton Worldwide Holdings, Inc.		2,142		182,755
Host Hotels & Resorts, Inc. REIT		2,190		23,630
Innovative Industrial Properties, Inc. REIT		176		21,843
Invitation Homes, Inc., REIT		1,460		40,865
Iron Mountain, Inc. REIT		1,219		32,657
Lamar Advertising Co., Class A REIT		403		26,667
Life Storage, Inc. REIT		306		32,213
Medical Properties Trust, Inc. REIT		3,356		59,166
Mid-America Apartment Communities, Inc. REIT		802		92,992
National Retail Properties, Inc. REIT		1,024		35,338
Norfolk Southern Corp.		1,055		225,759
Office Properties Income Trust REIT		667		13,820
Omega Healthcare Investors, Inc. REIT		1,384		41,437
Pennsylvania Real Estate Investment Trust		4,271		2,366
PotlatchDeltic Corp. REIT		1,055		44,416
Prologis, Inc., REIT		3,027		304,577
PS Business Parks, Inc., REIT		306		37,451
Public Storage		616		137,196
Rayonier, Inc., REIT		1,759		46,508
Realty Income Corp. REIT		1,525		92,644

Description	Shares		Fair Value
Redfin Corp. (*)		528	$	26,363
Regency Centers Corp. REIT		565		21,481
Retail Value, Inc. REIT		610		7,668
Sabra Health Care REIT, Inc.		1,857		25,599
SBA Communications Corp. REIT		306		97,455
Simon Property Group, Inc. REIT		1,333		86,218
Southwest Gas Holdings, Inc.		2,900		182,990
STORE Capital Corp. REIT		952		26,113
Sun Communities, Inc. REIT		243		34,168
Sunstone Hotel Investors, Inc. REIT		3,164		25,122
Tyson Foods, Inc., Class A		361		21,472
Uniti Group, Inc. REIT		2,638		27,791
Universal Health Realty Income Trust REIT		359		20,459
Ventas, Inc. REIT		1,525		63,989
VEREIT, Inc. REIT		5,340		34,710
VICI Properties, Inc. REIT		1,326		30,989
Vulcan Materials Co.		285		38,629
Welltower, Inc. REIT		1,354		74,592
Weyerhaeuser Co. REIT		1,722		49,111
WP Carey, Inc. REIT		1,006		65,551
Xenia Hotels & Resorts, Inc. REIT		2,335		20,494
				5,803,628
Total Common Stocks (Cost $15,415,402)				15,493,105
Exchange-Traded Funds \| 5.1%
SPDR Gold Shares (*),(Δ) (Cost $999,927)		6,424		1,137,819
Short-Term Investments \| 22.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Δ) (Cost $4,985,690)		4,985,690		4,985,690
Total Investments \| 96.8% (Cost $21,401,019) (»)			$	21,616,614
Cash and Other Assets in Excess of Liabilities \| 3.2%				710,677
Net Assets \| 100.0%			$	22,327,291

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2020:

The Lazard Funds, Inc. Notes to Portfolios of Investments September 30, 2020 (unaudited)

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

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

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

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

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

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

Description	Shares		Fair Value
Short-Term Investments \| 4.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,874,644)		2,874,644	$	2,874,644
Total Investments \| 99.9% (Cost $71,650,365)			$	69,521,787
Cash and Other Assets in Excess of Liabilities \| 0.1%				66,614
Net Assets \| 100.0%			$	69,588,401

Forward Currency Contracts open at September 30, 2020:
Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	38,509,106	AUD	54,512,275	BNP	12/23/20	$	—	$	544,070
USD	102,773,043	AUD	140,787,883	BNP	12/23/20		1,911,100		—
USD	122,789,878	AUD	168,234,120	CIT	12/23/20		2,265,158		—
USD	47,709,535	AUD	67,823,176	HSB	12/23/20		—		879,713
USD	78,222,473	AUD	107,152,604	HSB	12/23/20		1,457,202		—
USD	42,208,500	AUD	60,000,000	SCB	12/23/20		—		776,141
USD	94,792,399	AUD	129,849,044	SCB	12/23/20		1,767,157		—
USD	134,100,481	AUD	183,700,548	SSB	12/23/20		2,495,447		—
USD	6,022,992	CAD	7,936,858	BNP	12/23/20		59,969		—
USD	20,401,476	CAD	26,884,453	HSB	12/23/20		202,976		—
USD	12,592,242	CAD	16,590,656	RBC	12/23/20		127,552		—
USD	19,191,305	CAD	25,288,670	SCB	12/23/20		191,729		—
USD	368,560,585	EUR	311,045,214	BNP	12/23/20		3,183,843		—
USD	355,415,385	EUR	299,974,160	CAN	12/23/20		3,043,523		—
USD	424,067,317	EUR	357,965,120	CIT	12/23/20		3,574,980		—
USD	412,089,305	EUR	347,834,528	HSB	12/23/20		3,497,111		—
USD	406,550,698	EUR	343,204,717	MEL	12/23/20		3,397,023		—
USD	490,272,409	EUR	413,794,845	RBC	12/23/20		4,198,342		—
USD	504,739,891	EUR	426,077,469	SSB	12/23/20		4,237,745		—
USD	304,533,945	GBP	235,078,752	CAN	12/23/20		1,030,161		—
USD	370,170,318	GBP	285,808,948	HSB	12/23/20		1,170,157		—
USD	354,638,113	GBP	273,732,397	RBC	12/23/20		1,229,659		—
USD	122,131,727	GBP	94,741,415	SSB	12/23/20		—		186,338
USD	321,017,289	GBP	247,815,167	SSB	12/23/20		1,069,866		—
USD	77,229,752	HKD	599,014,809	BNP	12/23/20		—		38,885
USD	43,640,271	HKD	338,487,470	HSB	12/23/20		—		22,198
USD	18,967,258	HKD	147,070,450	SSB	12/23/20		—		3,781
USD	46,661,208	HKD	361,922,996	SSB	12/23/20		—		24,276
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	40,110,700	$	2,475,402

Description	Fair Value
Total Investments \| 100.9% (Cost $80,491,939)	$	85,618,076
Liabilities in Excess of Cash and Other Assets \| (0.9)%		(767,204)
Net Assets \| 100.0%	$	84,850,872

Description	Fair Value
Total Investments \| 97.6% (Cost $37,760,806)	$	42,101,897
Cash and Other Assets in Excess of Liabilities \| 2.4%		1,038,608
Net Assets \| 100.0%	$	43,140,505

Currency	Notional Amount		Expiration Date	Receive (Pay) Rate			Payment Frequency Paid/Received	Variable Rate	Unrealized Depreciation
BRL	$	575,890	01/02/23		6.14	%	Maturity	1 month Brazilian Interbank Deposit Average	$	2,365
BRL		680,190	01/02/24		4.84		Maturity	1 month Brazilian Interbank Deposit Average		2,053
Total gross unrealized depreciation on Centrally Cleared Interest Rate Swap Agreements									$	4,418


Description	Fair Value
Total Investments l 102.5% (Cost $8,553,224) (»)	$	8,936,505
Liabilities in Excess of Cash and Other Assets \| (2.5)%		(219,075	)
Net Assets \| 100.0%	$	8,717,430

Type	Number of Contracts		Notional Amount		Expiration Date		Notional Cost		Fair Value		Unrealized Appreciation		Unrealized Depreciation
Natural Gas		12	$	120,000		10/28/20	$	335,988	$	303,240	$	—	$	32,748
Low Sulphur Gasoil		1		100		11/12/20		39,051		33,375		—		5,676
Cotton No. 2		1		50,000		12/08/20		30,805		32,895		2,090		—
Soybean Oil		1		60,000		12/14/20		18,036		19,878		1,842		—
Sugar 11		2		224,000		02/26/21		28,963		30,262		1,299		—
Total gross unrealized appreciation/depreciation on Futures Contracts											$	5,231	$	38,424

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL		4.16	%
Bean Oil	BCOMBO		2.49
Brent Crude	BCOMCO		5.47
Coffee	BCOMKC		4.74
Copper	BCOMHG		12.00
Corn	BCOMCN		7.81
Cotton	BCOMCT		0.01
Crude Oil	BCOMCL		6.52
Gasoline (RBOB)	BCOMRB		0.78
Gold	BCOMGC		2.12
Heating Oil	BCOMHO		2.23
Kansas Wheat	BCOMKW		3.17
Lean Hogs	BCOMLH		3.44
Live Cattle	BCOMLC		4.24
Natural Gas	BCOMNG		4.12
Nickel	BCOMNI		2.97
Silver	BCOMSI		8.24
Soy Meal	BCOMSM		5.03
Soybeans	BCOMSY		8.86
Sugar	BCOMSB		2.35
Wheat	BCOMWH		5.34
Zinc	BCOMZS		3.91
Total			100.00	%

()*	Non-income producing security.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2020, the percentage of net assets for each Portfolio was as follows:

Portfolio		Percentage of Net Assets
Emerging Markets Equity Advantage		0.9%
Emerging Markets Debt		6.3%
Global Fixed Income		1.7%
US Corporate Income		51.2%
Enhanced Opportunities		3.3%
Global Dynamic Multi-Asset		1.5%

Issue	Value at December 31, 2019		Purchase cost		Sales proceeds			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Shares at September 30, 2020		Value at September 30, 2020
Emerging Markets Equity
China Construction Bank Corp., Class H	$	407,702,657	$	—	$	(205,128,922	)	$	22,578,181		$	(87,143,628	)	$	9,366,366		211,925,224	$	138,008,288
China Mobile, Ltd. Sponsored ADR		226,590,237		—		(107,635,333	)		(28,571,720	)		(12,123,721	)		5,440,765		2,433,441		78,259,463
China Shenhua Energy Co., Ltd., Class H		53,631,255		27,045,933		(20,367,418	)		(6,342,278	)		(1,283,546	)		4,309,026		29,235,610		52,683,946
CNOOC, Ltd.		89,345,601		85,617,768		(60,827,989	)		(31,819,953	)		(34,887,342	)		4,482,115		48,997,532		47,428,085
CRRC Corp., Ltd., Class H		—		66,732,549		(8,792,756	)		(1,339,409	)		(9,517,788	)		1,049,033		117,585,000		47,082,596
Sinopharm Group Co., Ltd., Class H		14,232,500		69,821,048		(21,183,371	)		(8,259,840	)		(15,717,937	)		1,590,878		18,323,614		38,892,400
Total Securities	$	791,502,250	$	249,217,298	$	(423,935,789	)	$	(53,755,019	)	$	(160,673,962	)	$	26,238,183		428,500,421	$	402,354,778

Issue	Value at December 31, 2019		Purchase cost		Sales proceeds			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Shares at September 30, 2020		Value at September 30, 2020
Global Listed Infrastructure
Atlas Arteria, Ltd.	$	178,635,535	$	71,231,023	$	—		$	—		$	(34,823,462	)	$	3,772,596		48,907,421	$	215,043,096
Pennon Group PLC		248,515,390		42,000,457		—			—			(5,783,335	)		11,458,588		21,423,608		284,732,512
SES SA		255,862,642		20,542,754		(7,442,627	)		(12,355,921	)		(111,087,263	)		7,569,638		20,569,089		145,519,585
Southwest Gas Holdings, Inc.		—		220,708,074		(26,338,286	)		(518,073	)		(19,573,049	)		2,197,863		2,761,944		174,278,666
Total Securities	$	683,013,567	$	354,482,308	$	(33,780,913	)	$	(12,873,994	)	$	(171,267,109	)	$	24,998,685	$	93,662,062	$	819,573,859

(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(Ø)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2020 which may step up at a future date.
(«)	Issue in default.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2020.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(¶)	Date shown is the next perpetual call date.
(‡‡)	Amount is less than $1,000.
(•)	Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(Δ)	The security is owned by Lazard Real Assets Portfolio, Ltd., a wholly owned subsidiary of the Portfolio.

Security Abbreviations:
ADR	- American Depositary Receipt	NIBOR	- Norway Interbank Offered Rate
BBSW	- Bank Bill Swap Reference Rate	NTN-F	- Brazil Sovereign “Nota do Tesouro
CMT	- Constant maturity Treasury	NVDR	- Non-Voting Depository Receipt
ETF	- Exchange-Traded Fund	PJSC	- Public Joint Stock Company
EURIBOR	- Euro Interbank Offer Rate	REIT	- Real Estate Investment Trust
GDR	- Global Depositary Receipt	SOFTRATE	- Secured Overnight Financing Rate
JSC	- Joint Stock Company	WIBOR	- Warsaw Interbank Offered Rate
LIBOR	- London Interbank Offered Rate

Currency Abbreviations:
AUD	- Australian Dollar	KRW	- South Korean Won
BRL	- Brazilian Real	MXN	- Mexican New Peso
CAD	- Canadian Dollar	MYR	- Malaysian Ringgit
CHF	- Swiss Franc	NOK	- Norwegian Krone
CLP	- Chilean Peso	NZD	- New Zealand Dollar
CNH	- Chinese Yuan Renminbi	PEN	- Peruvian Nuevo Sol
CNY	- Chinese Renminbi	PHP	- Philippine Peso

COP	- Colombian Peso	PLN	- Polish Zloty
CZK	- Czech Koruna	RON	- New Romanian Leu
DKK	- Danish Krone	RUB	- Russian Ruble
EUR	- Euro	SEK	- Swedish Krona
GBP	- British Pound Sterling	SGD	- Singapore Dollar
HKD	- Hong Kong Dollar	THB	- Thai Baht
HUF	- Hungarian Forint	TRY	- New Turkish Lira
IDR	- Indonesian Rupiah	UAH	- Ukranian Hrynia
INR	- Indian Rupee	USD	- United States Dollar
JPY	- Japanese Yen	ZAR	- South African Rand

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

Industry†	Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Core Equity Portfolio		Lazard Emerging Markets Equity Advantage Portfolio		Lazard Emerging Markets Equity Blend Portfolio		Lazard Emerging Markets Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense	—	%	—	%	0.5	%	—	%	—	%
Air Freight & Logistics	1.0		—		—		0.8		—
Airlines	—		0.4		—		—		—
Auto Components	3.4		0.5		0.4		1.1		1.5
Automobiles	—		0.9		1.5		0.9		2.7
Banks	16.5		11.5		11.4		18.5		21.1
Beverages	1.5		3.1		1.1		1.7		—
Biotechnology	—		—		0.3		—		—
Building Products	—		—		0.4		—		—
Capital Markets	—		1.0		0.9		0.2		—
Chemicals	1.8		1.3		1.9		0.7		1.2
Commercial Services & Suppliers	—		—		0.6		0.3		—
Communications Equipment	0.9		1.5		—		0.3		—
Construction & Engineering	0.8		—		0.2		—		—
Construction Materials	0.5		1.8		1.8		1.6		2.5
Consumer Finance	0.5		—		—		0.4		—
Containers & Packaging	—		—		—		0.3		—
Diversified Consumer Services	1.3		1.6		1.2		0.6		—
Diversified Financial Services	—		—		0.2		0.3		—
Diversified Telecommunication Services	—		1.2		1.4		0.7		2.1
Electric Utilities	—		—		0.8		—		0.8
Electrical Equipment	1.4		—		0.8		0.5		—
Electronic Equipment, Instruments & Components	2.6		1.0		2.7		2.7		2.2
Entertainment	4.7		4.9		2.1		4.7		—
Food & Staples Retailing	—		—		1.6		0.4		1.8
Food Products	—		1.5		1.6		0.7		—
Gas Utilities	0.9		0.7		0.5		0.3		0.6
Health Care Equipment & Supplies	—		—		1.8		0.5		—
Health Care Providers & Services	—		—		—		0.6		1.6
Hotels, Restaurants & Leisure	2.7		0.9		0.4		0.3		—
Household Durables	—		0.7		1.0		0.5		1.4
Household Products	—		—		0.6		0.6		0.8
Independent Power & Renewable Electricity Producers	—		—		0.2		—		—
Industrial Conglomerates	—		0.5		—		—		0.7
Insurance	2.0		3.7		2.5		3.3		3.0
Interactive Media & Services	10.2		8.1		7.4		5.3		1.4
Internet & Direct Marketing Retail	9.3		11.4		14.1		5.4		—
IT Services	2.9		3.6		2.8		5.2		6.6
Life Sciences Tools & Services	0.6		1.0		0.4		—		—
Machinery	4.9		2.0		0.9		4.1		2.3
Marine	—		—		0.9		0.2		—
Media	—		—		0.3		0.3		—
Metals & Mining	2.2		1.9		3.4		2.2		4.3
Multiline Retail	—		0.3		—		0.3		—
Oil, Gas & Consumable Fuels	4.4		5.3		4.2		6.1		7.1
Paper & Forest Products	1.1		1.2		—		—		0.9
Personal Products	—		1.9		0.8		1.0		3.4
Pharmaceuticals	—		—		3.6		1.1		—
Real Estate Management & Development	—		0.8		0.9		1.2		0.9
Road & Rail	1.3		0.9		—		—		—

Semiconductors & Semiconductor Equipment	8.9		10.3		8.8		8.2		9.6
Software	0.7		—		0.5		—		—
Specialty Retail	0.8		1.5		0.5		1.0		—
Technology Hardware, Storage & Peripherals	5.5		6.8		6.0		6.5		5.4
Textiles, Apparel & Luxury Goods	0.9		1.6		1.1		0.7		—
Tobacco	—		—		0.4		0.5		0.8
Trading Companies & Distributors	—		—		0.2		—		—
Transportation Infrastructure	0.8		0.9		0.2		0.8		1.0
Water Utilities	0.9		—		—		0.5		—
Wireless Telecommunication Services	—		—		1.9		3.1		6.3
Subtotal	97.9		98.2		99.7		97.2		94.0
Exchange Traded Funds	—		—		—		—		5.1
Short-Term Investments	0.2		1.2		1.1		2.9		1.3
Total Investments	98.1	%	99.4	%	100.8	%	100.1	%	100.4	%

Industry†	Lazard Equity Franchise Portfolio		Lazard Global Equity Select Portfolio		Lazard Global Listed Infrastructure Portfolio		Lazard Global Strategic Equity Portfolio		Lazard International Equity Advantage Portfolio
Common & Preferred Stocks
Aerospace & Defense	—	%	1.0	%	—	%	1.5	%	—	%
Air Freight & Logistics	—		—		—		—		1.2
Auto Components	—		—		—		—		0.6
Automobiles	—		—		—		1.3		2.2
Banks	—		2.8		—		2.2		6.5
Beverages	2.8		4.8		—		3.0		—
Biotechnology	—		—		—		2.4		0.3
Building Products	—		0.7		—		—		3.7
Capital Markets	—		5.0		—		8.6		3.1
Chemicals	—		2.4		—		2.9		2.9
Commercial Services & Suppliers	5.5		—		—		—		0.3
Communications Equipment	4.0		1.7		—		—		0.2
Construction & Engineering	2.9		—		12.1		—		0.3
Construction Materials	—		—		—		—		0.6
Consumer Finance	—		—		—		1.0		—
Diversified Consumer Services	6.8		—		—		—		—
Diversified Financial Services	—		—		—		—		1.0
Diversified Telecommunication Services	—		—		—		—		0.2
Electric Utilities	—		—		9.1		3.3		1.1
Electrical Equipment	—		3.9		—		3.2		2.9
Electronic Equipment, Instruments & Components	—		1.4		—		0.6		1.7
Entertainment	—		2.1		—		5.7		1.7
Equity Real Estate Investment Trusts (REITs)	—		—		—		—		1.0
Food & Staples Retailing	—		1.7		—		1.0		3.1
Food Products	—		—		—		—		3.9
Gas Utilities	3.1		1.1		10.2		—		0.3
Health Care Equipment & Supplies	2.9		1.8		—		6.2		2.3
Health Care Providers & Services	19.9		1.4		—		2.2		0.3
Hotels, Restaurants & Leisure	2.8		2.6		—		1.3		0.7
Household Durables	—		—		—		—		3.2
Household Products	—		3.1		—		—		0.6
Independent Power & Renewable Electricity Producers	—		—		—		—		0.4
Industrial Conglomerates	—		0.8		—		—		—
Insurance	—		5.4		—		5.8		5.3
Interactive Media & Services	—		5.0		—		6.1		0.7
Internet & Direct Marketing Retail	—		2.0		—		4.1		0.3
IT Services	3.0		4.5		—		5.3		2.7
Leisure Products	—		2.0		—		—		—
Life Sciences Tools & Services	—		6.5		—		4.7		0.2
Machinery	—		1.5		—		—		2.2
Marine	—		—		—		—		0.1
Media	10.1		—		3.6		1.5		—
Metals & Mining	—		—		—		0.8		3.3
Multiline Retail	—		2.8		—		2.7		0.2
Multi-Utilities	4.3		—		16.2		—		1.5
Oil, Gas & Consumable Fuels	—		—		—		—		1.2
Paper & Forest Products	—		—		—		—		0.1
Personal Products	—		3.9		—		—		4.1
Pharmaceuticals	—		6.3		—		2.8		12.3
Professional Services	9.4		4.5		—		3.3		1.7

Industry†	Lazard International Equity Concentrated Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio		Lazard International Equity Value Portfolio		Lazard International Quality Growth Portfolio
Common & Preferred Stocks
Aerospace & Defense	3.8	%	1.6	%	1.9	%	2.5	%	1.7	%
Airlines	—		1.0		1.0		—		—
Auto Components	—		1.0		0.6		4.6		—
Automobiles	3.0		2.6		3.5		5.9		—
Banks	—		5.7		6.5		8.2		4.6
Beverages	5.8		2.0		1.2		7.7		2.3
Biotechnology	—		—		—		—		3.2
Building Products	—		—		—		—		4.7
Capital Markets	—		1.3		—		—		5.7
Chemicals	—		4.2		4.9		10.6		2.5
Construction & Engineering	—		0.9		0.8		—		—
Diversified Telecommunication Services	—		1.4		1.9		—		—
Electric Utilities	—		3.3		1.9		—		—
Electrical Equipment	3.1		4.0		3.6		—		2.0
Electronic Equipment, Instruments & Components	6.4		2.6		2.6		4.3		2.3
Energy Equipment & Services	—		—		—		0.6		—
Entertainment	—		8.0		5.5		6.2		2.9
Food & Staples Retailing	—		1.9		1.6		4.0		1.9
Food Products	—		0.8		0.8		—		—
Gas Utilities	2.8		0.8		1.3		—		—
Health Care Equipment & Supplies	2.5		3.0		2.0		—		3.6
Health Care Providers & Services	—		1.2		—		—		—
Hotels, Restaurants & Leisure	—		1.0		—		7.1		—
Household Durables	—		—		—		2.2		—
Household Products	—		—		—		—		1.5
Industrial Conglomerates	—		—		—		5.2		—
Insurance	11.2		6.8		7.4		6.8		7.8
Interactive Media & Services	5.6		2.0		4.2		—		6.7
Internet & Direct Marketing Retail	—		—		1.2		—		4.3
IT Services	4.3		0.1		1.6		—		—
Leisure Products	—		0.9		1.0		2.2		1.4
Life Sciences Tools & Services	—		—		1.1		—		—
Machinery	—		3.9		4.9		5.7		2.3
Media	—		1.4		—		—		—
Metals & Mining	2.3		2.0		1.2		—		—
Multiline Retail	—		—		1.3		—		2.0
Multi-Utilities	7.6		2.7		2.3		6.0		—
Oil, Gas & Consumable Fuels	5.6		2.1		1.6		2.9		—
Personal Products	4.7		3.3		4.9		—		1.8
Pharmaceuticals	5.7		7.2		5.9		3.7		1.6
Professional Services	—		3.8		3.3		—		9.3
Real Estate Management & Development	11.3		3.8		1.7		—		—
Road & Rail	—		1.3		1.2		—		—
Semiconductors & Semiconductor Equipment	—		1.0		—		—		7.4
Software	5.1		3.9		3.4		—		4.6
Specialty Retail	—		—		1.2		—		2.9
Technology Hardware, Storage & Peripherals	5.1		1.5		2.6		—		—
Textiles, Apparel & Luxury Goods	—		—		—		—		2.4
Trading Companies & Distributors	2.2		1.4		1.2		—		2.9
Transportation Infrastructure	—		0.7		0.5		—		—

Industry†	Lazard International Small Cap Equity Portfolio		Lazard International Strategic Equity Portfolio		Lazard Managed Equity Volatility Portfolio		Lazard Emerging Markets Debt Portfolio		Lazard Global Fixed Income Portfolio
Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense	—	%	3.1	%	2.2	%	—	%	—	%
Air Freight & Logistics	1.0		—		0.3		—		—
Airlines	—		1.5		—		—		—
Auto Components	0.8		—		—		—		—
Automobiles	—		4.4		—		—		3.2
Banks	3.6		5.3		2.5		3.1		5.4
Beverages	4.0		4.4		1.0		—		2.4
Biotechnology	—		2.0		2.1		—		—
Building Products	3.9		—		—		—		—
Capital Markets	6.2		3.9		2.9		—		2.1
Chemicals	2.5		1.1		0.2		—		—
Commercial Services & Suppliers	2.2		—		1.6		—		—
Communications Equipment	—		—		1.4		—		—
Construction & Engineering	1.2		—		0.5		—		—
Construction Materials	—		—		0.2		—		—
Consumer Finance	—		—		—		—		1.2
Containers & Packaging	—		—		2.3		—		0.5
Distributors	—		—		0.5		—		—
Diversified Consumer Services	—		—		—		—		0.6
Diversified Financial Services	1.6		—		0.1		—		1.7
Diversified Telecommunication Services	1.6		—		3.3		—		2.4
Electric Utilities	—		3.2		2.3		—		—
Electrical Equipment	1.1		4.8		—		—		1.3
Electronic Equipment, Instruments & Components	0.9		1.0		0.5		—		—
Energy Equipment & Services	0.5		—		—		—		—
Entertainment	2.5		7.9		1.2		—		—
Equity Real Estate Investment Trusts (REITs)	3.3		—		0.7		—		0.5
Food & Staples Retailing	1.6		2.0		7.6		—		—
Food Products	1.1		1.2		7.3		—		—
Gas Utilities	1.5		—		0.9		—		—
Health Care Equipment & Supplies	2.2		2.7		2.8		—		—
Health Care Providers & Services	1.4		—		2.5		—		0.6
Health Care Technology	1.0		—		—		—		—
Hotels, Restaurants & Leisure	2.7		2.8		1.8		—		2.7
Household Durables	1.9		—		—		—		—
Household Products	—		—		6.0		—		1.0
Independent Power & Renewable Electricity Producers	0.8		—		0.7		—		—
Industrial Conglomerates	0.7		—		1.0		—		—
Insurance	—		7.6		1.2		—		—
Interactive Media & Services	4.0		1.6		1.0		—		1.0
Internet & Direct Marketing Retail	0.6		2.0		0.3		—		1.0
IT Services	2.3		2.2		3.5		—		—
Leisure Products	—		1.3		—		—		—
Life Sciences Tools & Services	—		—		1.5		—		—
Machinery	3.7		6.1		0.7		—		1.0
Media	0.9		1.3		2.6		—		—
Metals & Mining	1.0		2.8		0.7		0.4		—
Multiline Retail	1.0		0.5		2.7		—		—
Multi-Utilities	—		2.3		1.5		—		—

Industry†	Lazard Global Dynamic Multi-Asset Portfolio		Lazard Real Assets Portfolio
Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense	0.6	%	—	%
Air Freight & Logistics	0.1		—
Auto Components	0.2		—
Automobiles	2.0		—
Banks	4.9		—
Beverages	2.2		—
Biotechnology	0.4		—
Building Products	0.2		—
Capital Markets	2.8		—
Chemicals	0.5		0.3
Commercial Services & Suppliers	0.1		—
Communications Equipment	0.5		—
Construction & Engineering	—		4.7
Construction Materials	—		0.2
Consumer Finance	0.7		—
Containers & Packaging	0.2		—
Diversified Financial Services	1.0		—
Diversified Telecommunication Services	1.9		—
Electric Utilities	0.5		3.0
Electrical Equipment	1.6		—
Electronic Equipment, Instruments & Components	0.4		—
Entertainment	0.7		—
Equity Real Estate Investment Trusts (REITs)	0.5		25.2
Food & Staples Retailing	1.2		—
Food Products	0.5		0.3
Gas Utilities	0.1		4.2
Health Care Equipment & Supplies	0.8		—
Health Care Providers & Services	1.4		—
Hotels, Restaurants & Leisure	2.6		0.8
Household Products	2.0		—
Independent Power & Renewable Electricity Producers	0.2		—
Industrial Conglomerates	0.4		—
Insurance	1.3		—
Interactive Media & Services	2.2		—
Internet & Direct Marketing Retail	1.9		—
IT Services	1.9		—
Leisure Products	0.5		—
Life Sciences Tools & Services	1.5		—
Machinery	1.5		—
Media	0.2		1.2
Metals & Mining	0.4		0.7
Multiline Retail	0.7		—
Multi-Utilities	0.2		6.2
Oil, Gas & Consumable Fuels	0.5		—
Personal Products	1.6		—
Pharmaceuticals	3.9		—
Professional Services	1.0		—
Real Estate Management & Development	0.4		9.6

Industry†	Long		Short
Common Stocks & Preferred Stocks and Convertible Corporate Bonds
Aerospace & Defense	1.4	%	-0.3	%
Air Freight & Logistics	3.5		-1.8
Airlines	2.6		-1.8
Automobiles	1.0		-0.6
Banks	1.3		—
Biotechnology	13.1		-4.7
Building Products	1.5		-0.5
Consumer Finance	5.9		-2.0
Diversified Consumer Services	1.1		-0.3
Diversified Financial Services	1.9		-0.4
Diversified Telecommunication Services	0.8		-0.1
Electronic Equipment, Instruments & Components	6.0		-2.0
Energy Equipment & Services	0.9		-0.1
Entertainment	3.5		-2.8
Equity Real Estate Investment Trusts (REITs)	2.2		-1.9
Food & Staples Retailing	0.8		-0.1
Health Care Equipment & Supplies	9.0		-4.8
Health Care Providers & Services	2.2		-1.2
Health Care Technology	2.9		-1.6
Hotels, Restaurants & Leisure	6.1		-3.7
Interactive Media & Services	3.0		-2.0
Internet & Direct Marketing Retail	1.2		-0.5
IT Services	11.4		-4.5
Life Sciences Tools & Services	1.0		-0.1
Machinery	3.1		-1.1
Media	7.4		-0.9
Metals & Mining	1.0		-0.3
Mortgage Real Estate Investment Trusts (REITs)	5.7		-0.8
Oil, Gas & Consumable Fuels	1.6		0.0
Personal Products	2.1		-0.9
Pharmaceuticals	10.7		-2.8
Professional Services	1.1		-0.7
Real Estate Management & Development	4.2		-2.6
Semiconductors & Semiconductor Equipment	7.0		-3.3
Software	22.4		-9.4
Specialty Retail	3.4		-2.7
Technology Hardware, Storage & Peripherals	1.4		-0.3
Textiles, Apparel & Luxury Goods	1.0		-0.6
Tobacco	1.1		-0.3
Subtotal	157.5		-64.5
Exchange-Traded Funds	—		-2.0
Short-Term Investments	4.7		—
Total Investments	162.2	%	-66.5	%

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

Date:	November 27, 2020