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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number               811-06312

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

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

Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

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

Date of fiscal year end:	12/31
Date of reporting period:	3/31/2012

Item 1. Schedule of Investments.

 The Lazard Funds, Inc. Portfolios of Investments March 31, 2012 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks | 99.4%
Aerospace & Defense | 1.3%
General Dynamics Corp.		2,150	$	157,767
Agriculture | 0.5%
Potash Corp. of Saskatchewan, Inc.		1,400		63,966
Alcohol & Tobacco | 1.7%
Altria Group, Inc.		2,695		83,194
Molson Coors Brewing Co., Class B		2,895		130,999
				214,193
Automotive | 1.6%
Ford Motor Co.		10,335		129,084
Lear Corp.		1,445		67,178
				196,262
Banking | 10.7%
Fifth Third Bancorp		8,310		116,756
JPMorgan Chase & Co.		11,506		529,046
PNC Financial Services Group, Inc.		2,525		162,837
Wells Fargo & Co.		15,595		532,413
				1,341,052
Cable Television | 1.0%
Comcast Corp., Class A		4,335		127,926
Chemicals | 1.7%
Dow Chemical Co.		3,865		133,884
E.I. du Pont de Nemours & Co.		1,500		79,350
				213,234

Description	Shares		Value
Computer Software | 3.4%
BMC Software, Inc. (a)		1,760	$	70,682
Microsoft Corp.		8,020		258,645
Oracle Corp.		3,510		102,351
				431,678
Consumer Products | 4.6%
Energizer Holdings, Inc. (a)		1,140		84,565
Hasbro, Inc.		1,700		62,424
Newell Rubbermaid, Inc.		10,315		183,710
The Procter & Gamble Co.		3,735		251,030
				581,729
Electric | 1.6%
American Electric Power Co., Inc.		1,720		66,357
PG&E Corp.		1,290		55,999
PPL Corp.		2,615		73,900
				196,256
Energy Exploration & Production | 4.2%
Anadarko Petroleum Corp.		1,455		113,985
Devon Energy Corp.		1,845		131,216
EQT Corp.		1,300		62,673
Occidental Petroleum Corp.		1,435		136,655
QEP Resources, Inc.		2,570		78,385
				522,914
Energy Integrated | 6.9%
Chevron Corp.		4,201		450,515
ConocoPhillips		2,170		164,942
Exxon Mobil Corp.		1,300		112,749
Hess Corp.		2,350		138,533
				866,739

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
Energy Services | 1.4%
Halliburton Co.		2,365	$	78,495
National Oilwell Varco, Inc.		1,245		98,940
				177,435
Financial Services | 6.9%
American Express Co.		1,335		77,243
Ameriprise Financial, Inc.		2,385		136,255
BlackRock, Inc.		300		61,470
Capital One Financial Corp.		2,000		111,480
Citigroup, Inc.		6,913		252,670
Invesco, Ltd.		6,135		163,620
The Goldman Sachs Group, Inc.		550		68,404
				871,142
Food & Beverages | 1.1%
General Mills, Inc.		1,580		62,331
Ralcorp Holdings, Inc. (a)		1,115		82,610
				144,941
Health Services | 3.1%
Aetna, Inc.		2,825		141,702
WellPoint, Inc.		3,360		247,968
				389,670
Insurance | 4.4%
Aflac, Inc.		3,170		145,788
Everest Re Group, Ltd.		1,340		123,977
MetLife, Inc.		3,340		124,749
Prudential Financial, Inc.		2,415		153,087
				547,601

Description	Shares		Value
Leisure & Entertainment | 4.2%
Darden Restaurants, Inc.		1,300	$	66,508
International Game Technology		3,670		61,619
The Walt Disney Co.		2,710		118,644
Time Warner, Inc.		3,260		123,065
Viacom, Inc., Class B		3,315		157,330
				527,166
Manufacturing | 5.7%
Caterpillar, Inc.		700		74,564
Corning, Inc.		5,405		76,102
Dover Corp.		1,835		115,495
General Electric Co.		18,715		375,610
Honeywell International, Inc.		1,295		79,060
				720,831
Medical Products | 3.3%
Baxter International, Inc.		2,600		155,428
CareFusion Corp. (a)		3,000		77,790
Covidien PLC		2,250		123,030
Medtronic, Inc.		1,625		63,684
				419,932
Metal & Glass Containers | 0.9%
Owens-Illinois, Inc. (a)		5,075		118,451
Metals & Mining | 1.3%
Freeport-McMoRan Copper & Gold, Inc.		2,300		87,492
Newmont Mining Corp.		1,540		78,956
				166,448
Pharmaceutical & Biotechnology | 11.4%
Amgen, Inc.		2,415		164,196
Gilead Sciences, Inc. (a)		1,865		91,105
Johnson & Johnson		3,848		253,814

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Merck & Co., Inc.		6,600	$	253,440
Pfizer, Inc.		25,084		568,404
Warner Chilcott PLC, Class A (a)		5,740		96,489
				1,427,448
Retail | 3.7%
CVS Caremark Corp.		3,195		143,136
Macy’s, Inc.		1,800		71,514
Wal-Mart Stores, Inc.		4,035		246,942
				461,592
Semiconductors & Components | 4.2%
Intel Corp.		14,150		397,757
TE Connectivity, Ltd.		1,720		63,210
Texas Instruments, Inc.		1,845		62,010
				522,977
Technology Hardware | 4.8%
Apple, Inc. (a)		128		76,732
Cisco Systems, Inc.		22,210		469,742
Hewlett-Packard Co.		2,195		52,307
				598,781
Telecommunications | 3.2%
AT&T, Inc.		13,045		407,395
Transportation | 0.6%
Union Pacific Corp.		680		73,086
Total Common Stocks (Identified cost $10,728,318)				12,488,612

Description	Shares		Value
Short-Term Investment | 0.5%
State Street Institutional Treasury Money Market Fund (Identified cost $60,110)		60,110	$	60,110
Total Investments | 99.9% (Identified cost $10,788,428) (b)			$	12,548,722
Cash and Other Assets in Excess of Liabilities | 0.1%				14,003
Net Assets | 100.0%			$	12,562,725

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks | 97.0%
Aerospace & Defense | 3.2%
Raytheon Co.		28,300	$	1,493,674
The Boeing Co.		14,000		1,041,180
				2,534,854
Agriculture | 1.0%
The Mosaic Co.		13,900		768,531
Alcohol & Tobacco | 2.0%
Molson Coors Brewing Co., Class B		35,000		1,583,750
Automotive | 1.7%
Lear Corp.		30,200		1,403,998
Banking | 4.7%
JPMorgan Chase & Co.		36,891		1,696,248
Wells Fargo & Co.		60,400		2,062,056
				3,758,304
Cable Television | 4.0%
Comcast Corp., Class A		107,900		3,184,129
Chemicals | 1.0%
E.l. du Pont de Nemours & Co.		15,400		814,660
Commercial Services | 1.7%
Corrections Corp. of America (a)		48,900		1,335,459
Computer Software | 2.7%
Microsoft Corp.		24,835		800,929

Description	Shares		Value
Oracle Corp.		45,750	$	1,334,070
				2,134,999
Consumer Products | 2.5%
Energizer Holdings, Inc. (a)		15,100		1,120,118
Newell Rubbermaid, Inc.		51,900		924,339
				2,044,457
Energy Exploration & Production | 2.0%
Devon Energy Corp.		22,800		1,621,536
Energy Integrated | 8.2%
Chevron Corp.		12,200		1,308,328
ConocoPhillips		32,600		2,477,926
Consol Energy, Inc.		35,200		1,200,320
Hess Corp.		7,600		448,020
Marathon Petroleum Corp.		18,400		797,824
Walter Energy, Inc.		6,700		396,707
				6,629,125
Energy Services | 0.9%
Halliburton Co.		22,900		760,051
Financial Services | 5.7%
American Express Co.		14,300		827,398
Ameriprise Financial, Inc.		26,300		1,502,519
Capital One Financial Corp.		10,600		590,844
Citigroup, Inc.		28,000		1,023,400
Janus Capital Group, Inc.		70,000		623,700
				4,567,861
Food & Beverages | 2.9%
General Mills, Inc.		17,100		674,595
Ralcorp Holdings, Inc. (a)		10,815		801,283

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (continued)
Sysco Corp.		30,000	$	895,800
				2,371,678
Health Services | 1.5%
Quest Diagnostics, Inc.		19,900		1,216,885
Insurance | 2.6%
Prudential Financial, Inc.		18,400		1,166,376
The Travelers Cos., Inc.		16,100		953,120
				2,119,496
Leisure & Entertainment | 0.6%
Viacom, Inc., Class B		10,700		507,822
Manufacturing | 3.6%
Caterpillar, Inc.		7,000		745,640
Honeywell International, Inc.		19,393		1,183,943
Parker Hannifin Corp.		11,000		930,050
				2,859,633
Medical Products | 4.9%
Baxter International, Inc.		27,100		1,620,038
CareFusion Corp. (a)		30,300		785,679
McKesson Corp.		9,200		807,484
Medtronic, Inc.		18,300		717,177
				3,930,378
Metal & Glass Containers | 1.1%
Ball Corp.		21,430		918,918
Metals & Mining | 1.0%
Newmont Mining Corp.		15,000		769,050

Description	Shares		Value
Pharmaceutical & Biotechnology | 8.9%
Amgen, Inc.		14,300	$	972,257
Gilead Sciences, Inc. (a)		21,600		1,055,160
Johnson & Johnson		11,660		769,094
Merck & Co., Inc.		20,800		798,720
Pfizer, Inc.		155,900		3,532,694
				7,127,925
Retail | 10.6%
AutoZone, Inc. (a)		2,400		892,320
CVS Caremark Corp.		46,400		2,078,720
Lowe’s Cos., Inc.		33,500		1,051,230
Macy’s, Inc.		20,100		798,573
Wal-Mart Stores, Inc.		60,900		3,727,080
				8,547,923
Semiconductors & Components | 3.5%
Intel Corp.		58,000		1,630,380
Texas Instruments, Inc.		34,600		1,162,906
				2,793,286
Technology | 2.7%
eBay, Inc. (a)		21,400		789,446
Google, Inc., Class A (a)		2,150		1,378,666
				2,168,112
Technology Hardware | 11.8%
Apple, Inc. (a)		2,500		1,498,675
Cisco Systems, Inc.		185,555		3,924,488
EMC Corp. (a)		35,100		1,048,788
International Business Machines Corp.		8,190		1,708,844
Lexmark International, Inc., Class A		15,300		508,572

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Qualcomm, Inc.		12,400	$	843,449
				9,532,816
Total Common Stocks (Identified cost $64,368,431)				78,005,636
Preferred Stock | 1.0%
Automotive | 1.0%
Better Place, Inc., Series B (Identified cost $453,501) (a), (c)		181,401		823,560
Short-Term Investment | 1.8%
State Street Institutional Treasury Money Market Fund (Identified cost $1,452,336)		1,452,336		1,452,336
Total Investments l 99.8% (Identified cost $66,274,268) (b)			$	80,281,532
Cash and Other Assets in Excess of Liabilities l 0.2%				192,451
Net Assets l 100.0%			$	80,473,983

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks | 99.4%
Aerospace & Defense | 2.0%
Rockwell Collins, Inc.		48,900	$	2,814,684
Alcohol & Tobacco | 2.8%
Molson Coors Brewing Co., Class B		84,300		3,814,575
Automotive | 1.6%
Lear Corp.		46,600		2,166,434
Banking | 3.3%
Fifth Third Bancorp		193,600		2,720,080
Signature Bank (a)		30,200		1,903,808
				4,623,888
Chemicals | 2.6%
Eastman Chemical Co.		70,400		3,638,976
Commercial Services | 4.8%
Corrections Corp. of America (a)		96,700		2,640,877
Equifax, Inc.		30,100		1,332,226
The Interpublic Group of Cos., Inc.		139,200		1,588,272
Vantiv, Inc., Class A		54,500		1,069,835
				6,631,210
Computer Software | 8.2%
Autodesk, Inc. (a)		73,700		3,118,984
BMC Software, Inc. (a)		58,400		2,345,344
Intuit, Inc.		40,900		2,459,317
Quest Software, Inc. (a)		62,200		1,447,394
Symantec Corp. (a)		107,000		2,000,900
				11,371,939

Description	Shares		Value
Consumer Products | 3.0%
Energizer Holdings, Inc. (a)		28,400	$	2,106,712
Newell Rubbermaid, Inc.		118,700		2,114,047
				4,220,759
Diversified | 1.6%
SPX Corp.		28,200		2,186,346
Education | 0.7%
DeVry, Inc.		28,500		965,295
Energy Exploration & Production | 2.2%
Energen Corp.		3,300		162,195
Noble Energy, Inc.		18,100		1,769,818
Rosetta Resources, Inc. (a)		22,800		1,111,728
				3,043,741
Energy Integrated | 1.2%
Marathon Petroleum Corp.		25,800		1,118,688
Walter Energy, Inc.		9,400		556,574
				1,675,262
Energy Services | 4.0%
Cameron International Corp. (a)		54,200		2,863,386
Rowan Cos., Inc. (a)		83,100		2,736,483
				5,599,869
Financial Services | 5.0%
Ameriprise Financial, Inc.		51,800		2,959,334
Invesco, Ltd.		119,400		3,184,398
Janus Capital Group, Inc.		88,500		788,535
				6,932,267

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (continued)
Food & Beverages | 1.6%
Ralcorp Holdings, Inc. (a)		30,500	$	2,259,745
Health Services | 4.9%
Aetna, Inc.		57,500		2,884,200
Agilent Technologies, Inc.		64,600		2,875,346
AMERIGROUP Corp. (a)		15,500		1,042,840
				6,802,386
Insurance | 2.2%
PartnerRe, Ltd.		23,300		1,581,837
Willis Group Holdings PLC		41,300		1,444,674
				3,026,511
Leisure & Entertainment | 2.3%
Darden Restaurants, Inc.		41,500		2,123,140
Marriott International, Inc., Class A		26,400		999,240
				3,122,380
Manufacturing | 5.2%
BE Aerospace, Inc. (a)		33,700		1,566,039
Dover Corp.		45,600		2,870,064
Parker Hannifin Corp.		32,500		2,747,875
				7,183,978
Medical Products | 4.2%
CareFusion Corp. (a)		72,900		1,890,297
Henry Schein, Inc. (a)		19,500		1,475,760
Zimmer Holdings, Inc.		38,500		2,474,780
				5,840,837

Description	Shares		Value
Metal & Glass Containers | 2.2%
Ball Corp.		71,300	$	3,057,344
Metals & Mining | 1.6%
Cliffs Natural Resources, Inc.		17,800		1,232,828
Compass Minerals International, Inc.		14,200		1,018,708
				2,251,536
Pharmaceutical & Biotechnology | 1.7%
Medicis Pharmaceutical Corp., Class A		41,400		1,556,226
Vertex Pharmaceuticals, Inc. (a)		20,100		824,301
				2,380,527
Real Estate | 5.7%
CBRE Group, Inc., Class A (a)		59,900		1,195,604
Duke Realty Corp. REIT		130,100		1,865,634
Kilroy Realty Corp. REIT		47,400		2,209,314
LaSalle Hotel Properties REIT		41,100		1,156,554
The Macerich Co. REIT		26,400		1,524,600
				7,951,706
Retail | 12.4%
ANN, Inc. (a)		36,100		1,033,904
AutoZone, Inc. (a)		11,575		4,303,585
Big Lots, Inc. (a)		61,900		2,662,938
Macy’s, Inc.		110,300		4,382,219
Ross Stores, Inc.		83,300		4,839,730
				17,222,376
Semiconductors & Components | 4.8%
Analog Devices, Inc.		36,100		1,458,440
Marvell Technology Group, Ltd. (a)		141,600		2,227,368
Xilinx, Inc.		81,800		2,979,974
				6,665,782

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Technology | 3.0%
Amdocs, Ltd. (a)		70,900	$	2,239,022
Fidelity National Information Services, Inc.		56,800		1,881,216
				4,120,238
Technology Hardware | 4.6%
Lexmark International, Inc., Class A		64,800		2,153,952
NetApp, Inc. (a)		66,400		2,972,728
Polycom, Inc. (a)		67,400		1,285,318
				6,411,998
Total Common Stocks
(Identified cost $127,241,736)				137,982,589
Preferred Stock | 1.7%
Automotive | 1.7%
Better Place, Inc., Series B (Identified cost $1,307,499) (a), (c)		523,000		2,374,420
Short-Term Investment | 1.9%
State Street Institutional Treasury Money Market Fund (Identified cost $2,681,785)		2,681,785		2,681,785
Total Investments l 103.0%
(Identified cost $131,231,020) (b)			$	143,038,794
Liabilities in Excess of Cash and Other Assets l (3.0)%				(4,104,197	)
Net Assets l 100.0%			$	138,934,597

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 97.0%
Automotive | 2.1%
Modine Manufacturing Co. (a)		320,200	$	2,827,366
Tenneco, Inc. (a)		65,850		2,446,327
				5,273,693
Banking | 6.4%
East West Bancorp, Inc.		126,900		2,930,121
PacWest Bancorp		170,701		4,148,034
Signature Bank (a)		70,400		4,438,016
Wintrust Financial Corp.		135,893		4,863,611
				16,379,782
Chemicals | 2.5%
Cytec Industries, Inc.		56,400		3,428,556
Rockwood Holdings, Inc. (a)		57,900		3,019,485
				6,448,041
Commercial Services | 3.8%
American Reprographics Co. (a)		341,709		1,841,812
Equifax, Inc.		58,900		2,606,914
Team, Inc. (a)		90,800		2,810,260
Vantiv, Inc., Class A		118,800		2,332,044
				9,591,030
Computer Software | 7.0%
Autodesk, Inc. (a)		86,200		3,647,984
Compuware Corp. (a)		327,700		3,011,563
j2 Global, Inc.		91,960		2,637,413
OpenTable, Inc. (a)		62,900		2,545,563
Quest Software, Inc. (a)		108,400		2,522,468
Red Hat, Inc. (a)		57,950		3,470,625
				17,835,616

Description	Shares		Value
Construction & Engineering | 2.1%
MasTec, Inc. (a)		149,600	$	2,706,264
Quanta Services, Inc. (a)		123,700		2,585,330
				5,291,594
Consumer Products | 6.7%
Central Garden & Pet Co., Class A (a)		331,500		3,192,345
Energizer Holdings, Inc. (a)		41,100		3,048,798
Matthews International Corp., Class A		94,950		3,004,218
Newell Rubbermaid, Inc.		184,500		3,285,945
Tempur-Pedic International, Inc. (a)		21,400		1,806,802
The Middleby Corp. (a)		26,250		2,655,975
				16,994,083
Diversified | 1.2%
SPX Corp.		39,800		3,085,694
Energy Exploration & Production | 1.6%
Energen Corp.		33,800		1,661,270
Rosetta Resources, Inc. (a)		50,200		2,447,752
				4,109,022
Energy Services | 2.3%
GulfMark Offshore, Inc., Class A (a)		63,900		2,936,844
Rowan Cos., Inc. (a)		86,300		2,841,859
				5,778,703
Food & Beverages | 1.2%
Ralcorp Holdings, Inc. (a)		42,200		3,126,598
Forest & Paper Products | 1.9%
Rock-Tenn Co., Class A		34,200		2,310,552

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Schweitzer-Mauduit International, Inc.		36,700	$	2,534,502
				4,845,054
Gas Utilities | 1.0%
New Jersey Resources Corp.		57,100		2,544,947
Health Services | 1.7%
AMERIGROUP Corp. (a)		19,300		1,298,504
VCA Antech, Inc. (a)		130,700		3,033,547
				4,332,051
Housing | 0.8%
Owens Corning, Inc. (a)		58,500		2,107,755
Insurance | 3.2%
Arch Capital Group, Ltd. (a)		81,200		3,023,888
Validus Holdings, Ltd.		89,100		2,757,645
Willis Group Holdings PLC		71,600		2,504,568
				8,286,101
Leisure & Entertainment | 2.5%
Bally Technologies, Inc. (a)		85,205		3,983,334
Texas Roadhouse, Inc.		151,700		2,524,288
				6,507,622
Manufacturing | 9.6%
BE Aerospace, Inc. (a)		75,100		3,489,897
Carpenter Technology Corp.		59,700		3,118,131
FLIR Systems, Inc.		141,100		3,571,241
Harsco Corp.		155,500		3,648,030
Regal-Beloit Corp.		56,150		3,680,632
The Timken Co.		62,000		3,145,880

Description	Shares		Value
TriMas Corp. (a)		171,000	$	3,828,690
				24,482,501
Medical Products | 4.4%
CareFusion Corp. (a)		146,100		3,788,373
Haemonetics Corp. (a)		66,900		4,661,592
Henry Schein, Inc. (a)		37,600		2,845,568
				11,295,533
Metals & Mining | 2.4%
Compass Minerals International, Inc.		31,200		2,238,288
US Silica Holdings, Inc.		189,100		3,959,754
				6,198,042
Pharmaceutical & Biotechnology | 1.9%
Medicis Pharmaceutical Corp., Class A		91,400		3,435,726
Vertex Pharmaceuticals, Inc. (a)		32,100		1,316,421
				4,752,147
Real Estate | 11.8%
CBRE Group, Inc., Class A (a)		208,600		4,163,656
Duke Realty Corp. REIT		198,000		2,839,320
Essex Property Trust, Inc. REIT		12,700		1,924,177
Extra Space Storage, Inc. REIT		138,100		3,975,899
Kilroy Realty Corp. REIT		99,050		4,616,720
LaSalle Hotel Properties REIT		148,300		4,173,162
PS Business Parks, Inc. REIT		60,300		3,952,062
The Macerich Co. REIT		75,577		4,364,572
				30,009,568
Retail | 5.6%
American Eagle Outfitters, Inc.		182,850		3,143,191
ANN, Inc. (a)		150,000		4,296,000
Brown Shoe Co., Inc.		247,247		2,282,090
Iconix Brand Group, Inc. (a)		151,000		2,624,380

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Vera Bradley, Inc. (a)		66,200	$	1,998,578
				14,344,239
Semiconductors & Components | 3.5%
ON Semiconductor Corp. (a)		455,200		4,101,352
Xilinx, Inc.		133,400		4,859,762
				8,961,114
Technology | 2.5%
Netscout Systems, Inc. (a)		137,700		2,800,818
SS&C Technologies Holdings, Inc. (a)		155,639		3,631,058
				6,431,876
Technology Hardware | 3.5%
Lexmark International, Inc., Class A		106,500		3,540,060
NCR Corp. (a)		133,200		2,891,772
Polycom, Inc. (a)		134,800		2,570,636
				9,002,468
Transportation | 2.8%
Echo Global Logistics, Inc. (a)		154,276		2,483,844
Hub Group, Inc., Class A (a)		64,200		2,313,126
United Continental Holdings, Inc. (a)		110,400		2,373,600
				7,170,570
Water | 1.0%
California Water Service Group		135,900		2,474,739
Total Common Stocks (Identified cost $229,151,104)				247,660,183

Description	Shares		Value
Preferred Stock | 0.3%
Automotive | 0.3%
Better Place, Inc., Series B (a), (c) (Identified cost $452,901)		181,161	$	822,471
Description	Principal Amount (000)			Value
Repurchase Agreement | 3.3%
State Street Bank and Trust Co., 0.01%, 04/02/12 (Dated 03/30/12, collateralized by $8,215,000 United States Treasury Note, 1.50%, 12/31/13, with a value of $8,413,943) Proceeds of $8,247,007 (Identified cost $8,247,000)	$	8,247	$	8,247,000
Total Investments l 100.6% (Identified cost $237,851,005) (b)			$	256,729,654
Liabilities in Excess of Cash and Other Assets l (0.6)%				(1,449,213	)
Net Assets l 100.0%			$	255,280,441

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 98.5%
Australia | 19.9%
DUET Group		3,027,379	$	5,707,356
Hastings Diversified Utilities Fund		632,043		1,381,420
Macquarie Atlas Roads Group (a)		2,345,016		4,129,443
SP AusNet		1,205,857		1,342,768
Spark Infrastructure Group		3,651,059		5,654,013
Sydney Airport		436,694		1,298,243
Transurban Group		801,676		4,650,329
				24,163,572
Austria | 2.1%
Flughafen Wien AG		66,570		2,592,504
France | 3.6%
Aeroports de Paris		53,295		4,374,234
Germany | 6.2%
Fraport AG		119,269		7,468,291
Italy | 20.0%
Atlantia SpA		535,168		8,886,230
Autostrada Torino-Milano SpA		475,051		3,266,081
Hera SpA		1,775,078		2,533,140
Snam Rete Gas SpA		146,747		705,753
Societa Iniziative Autostradali e Servizi SpA		713,549		5,462,529
Terna Rete Elettrica Nazionale SpA		850,550		3,419,016
				24,272,749
Japan | 14.0%
Osaka Gas Co., Ltd.		1,700,300		6,820,099
Toho Gas Co., Ltd.		528,350		3,115,076

Description	Shares		Value
Tokyo Gas Co., Ltd.		1,503,700	$	7,085,212
				17,020,387
Mexico | 3.0%
Grupo Aeroportuario del Centro Norte SAB de CV		1,177,847		2,392,740
Grupo Aeroportuario del Pacifico SAB de CV, B Shares		156,700		579,214
Grupo Aeroportuario del Sureste SAB de CV, B Shares		88,550		607,208
				3,579,162
South Korea | 3.7%
Macquarie Korea Infrastructure Fund		901,617		4,440,248
Spain | 7.9%
Abertis Infraestructuras SA		281,222		4,787,713
Enagas SA		71,200		1,370,264
Red Electrica Corporacion SA		69,717		3,411,493
				9,569,470
Switzerland | 3.0%
Flughafen Zuerich AG		9,455		3,660,709
United Kingdom | 1.0%
Severn Trent PLC		24,400		602,589
United Utilities Group PLC		63,000		606,123
				1,208,712
United States | 14.1%
American States Water Co.		33,600		1,214,304
California Water Service Group		134,534		2,449,864
CSX Corp.		273,700		5,890,024
Norfolk Southern Corp.		54,337		3,577,005
PG&E Corp.		27,879		1,210,227
SJW Corp.		22,300		537,876

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (continued)
Union Pacific Corp.		15,806	$	1,698,829
Wisconsin Energy Corp.		15,200		534,736
				17,112,865
Total Common Stocks (Identified cost $121,552,604)				119,462,903
Short-Term Investment | 1.4%
State Street Institutional Treasury Money Market Fund (Identified cost $1,721,143)		1,721,143		1,721,143
Total Investments l 99.9% (Identified cost $123,273,747) (b)			$	121,184,046
Cash and Other Assets in Excess of Liabilities l 0.1%				107,780
Net Assets l 100.0%			$	121,291,826

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at March 31, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
MXN	SSB	05/16/12	3,698,952	$	288,001	$	287,936	$	—	$	65
MXN	SSB	05/16/12	5,695,051		441,050		443,317		2,267		—
Total Forward Currency Purchase Contracts				$	729,051	$	731,253	$	2,267	$	65
Forward Currency Sale Contracts
AUD	HSB	05/16/12	22,309,926	$	23,692,249	$	22,998,636	$	693,613	$	—
CHF	CIT	05/16/12	3,227,137		3,513,199		3,576,767		—		63,568
EUR	BRC	05/16/12	30,754,385		40,692,664		41,025,339		—		332,675
EUR	CAN	05/16/12	5,083,447		6,730,231		6,781,152		—		50,921
GBP	CAN	05/16/12	766,515		1,221,772		1,225,696		—		3,924
JPY	HSB	05/16/12	1,011,752,851		12,273,490		12,228,115		45,375		—
JPY	MEL	05/16/12	98,683,223		1,182,982		1,192,692		—		9,710
JPY	MEL	05/16/12	287,023,882		3,481,060		3,468,990		12,070		—
KRW	MEL	05/23/12	468,651,686		413,273		412,076		1,197		—
KRW	MEL	05/23/12	4,553,151,856		4,006,293		4,003,497		2,796		—
MXN	SSB	05/16/12	61,033,925		4,791,894		4,751,035		40,859		—
Total Forward Currency Sale Contracts				$	101,999,107	$	101,663,995		795,910		460,798
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	798,177	$	460,863

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 95.4%
Australia | 4.5%
James Hardie Industries SE		189,350	$	1,506,341
QBE Insurance Group, Ltd.		65,039		954,642
Telstra Corp., Ltd.		703,494		2,397,469
				4,858,452
Belgium | 3.1%
Anheuser-Busch InBev NV		45,903		3,353,676
Brazil | 2.1%
Banco do Brasil SA		85,165		1,210,678
Cielo SA		31,140		1,055,769
				2,266,447
Canada | 1.9%
Potash Corp. of Saskatchewan, Inc.		24,280		1,108,538
Rogers Communications, Inc., Class B		24,400		968,710
				2,077,248
China | 0.7%
Weichai Power Co., Ltd., Class H		170,000		790,285
Denmark | 0.9%
AP Moeller - Maersk AS Class B		131		1,011,467
Finland | 1.2%
Sampo Oyj, A Shares		46,107		1,332,551
France | 11.0%
AXA SA		44,650		740,203
BNP Paribas SA		38,789		1,840,397

Description	Shares		Value
Cie Generale de Geophysique - Veritas (a)		22,487	$	665,498
Danone SA		13,351		931,266
Sanofi SA		39,020		3,030,345
Technip SA		9,879		1,163,802
Total SA		37,738		1,924,664
Valeo SA		32,088		1,682,729
				11,978,904
Germany | 6.6%
Bayerische Motoren Werke AG		17,409		1,565,615
GEA Group AG		15,320		528,379
Merck KGaA		14,588		1,614,460
SAP AG		26,443		1,846,581
Siemens AG		16,023		1,615,348
				7,170,383
Indonesia | 0.5%
PT Bank Mandiri (Persero) Tbk ADR		72,700		551,793
Ireland | 1.2%
Ryanair Holdings PLC Sponsored ADR (a)		35,700		1,295,196
Italy | 0.7%
Atlantia SpA		47,472		788,252
Japan | 15.3%
Asics Corp.		83,490		944,142
Canon, Inc.		34,000		1,606,138
Daito Trust Construction Co., Ltd.		19,700		1,768,407
Don Quijote Co., Ltd.		46,700		1,695,463
Fanuc Corp.		9,500		1,684,910
JS Group Corp.		71,900		1,505,409
Komatsu, Ltd.		57,400		1,635,938
Mitsubishi Corp.		51,300		1,189,996

Description	Shares		Value
Lazard International Equity Portfolio (continued)
Sumitomo Mitsui Financial Group, Inc.		62,600	$	2,059,440
Yahoo Japan Corp.		3,961		1,281,570
Yamada Denki Co., Ltd.		21,420		1,337,941
				16,709,354
Netherlands | 1.5%
ING Groep NV (a)		192,163		1,601,029
New Zealand | 0.8%
Telecom Corp. of New Zealand, Ltd.		428,391		850,609
Russia | 1.7%
Sberbank of Russia (k)		558,524		1,802,437
South Africa | 0.8%
Mr Price Group, Ltd. ADR		36,900		913,644
South Korea | 2.6%
Hyundai Mobis		4,276		1,081,218
Samsung Electronics Co., Ltd. GDR		3,091		1,747,961
				2,829,179
Spain | 1.8%
Amadeus IT Holding SA, A Shares		67,982		1,282,946
Mediaset Espana Comunicacion SA		115,603		662,973
				1,945,919
Sweden | 2.6%
Assa Abloy AB, Class B		48,744		1,531,032
Swedbank AB, A Shares		84,861		1,318,618
				2,849,650

Description	Shares		Value
Switzerland | 4.2%
Credit Suisse Group AG		36,925	$	1,052,487
Novartis AG		64,138		3,549,723
				4,602,210
Thailand | 0.6%
Kasikornbank Public Co. Ltd.		131,300		666,076
Turkey | 1.1%
Koc Holding AS		132,398		537,823
Turkiye Garanti Bankasi AS ADR		174,500		694,510
				1,232,333
United Kingdom | 28.0%
BG Group PLC		57,481		1,331,304
BHP Billiton PLC		67,128		2,048,108
British American Tobacco PLC		44,890		2,262,109
British Sky Broadcasting Group PLC		61,928		669,604
GlaxoSmithKline PLC		132,631		2,962,583
Informa PLC		263,489		1,860,706
International Power PLC		191,012		1,237,372
Petrofac, Ltd.		38,141		1,061,514
Prudential PLC		161,223		1,927,626
Rexam PLC		362,707		2,483,623
Royal Dutch Shell PLC, A Shares		78,455		2,740,049
Standard Chartered PLC		80,157		2,000,095
Tullow Oil PLC		48,252		1,178,525
Unilever PLC		85,001		2,806,197
Wm Morrison Supermarkets PLC		220,593		1,051,459
WPP PLC		95,186		1,300,977
Xstrata PLC		89,885		1,535,476
				30,457,327
Total Common Stocks (Identified cost $91,733,782)				103,934,421

Description	Principal Amount (000)		Value
Lazard International Equity Portfolio (concluded)
Repurchase Agreement | 3.3%
State Street Bank and Trust Co., 0.01%, 04/02/12 (Dated 03/30/12, collateralized by $3,620,000 United States Treasury Note, 1.50%, 12/31/13, with a value of $3,707,666) Proceeds of $3,634,003 (Identified cost $3,634,000)	$	3,634	$	3,634,000
Total Investments l 98.7% (Identified cost $95,367,782) (b)			$	107,568,421
Cash and Other Assets in Excess
of Liabilities l 1.3%				1,387,104
Net Assets l 100.0%			$	108,955,525

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 97.4%
Australia | 4.7%
BHP Billiton, Ltd.		3,436	$	123,183
Orica, Ltd.		2,394		69,361
Telstra Corp., Ltd.		35,516		121,037
				313,581
Belgium | 3.2%
Anheuser-Busch InBev NV		2,962		216,404
Brazil | 6.1%
Banco do Brasil SA		8,858		125,922
Cielo SA		3,780		128,157
MRV Engenharia e Participacoes SA		7,685		54,519
Vale SA Sponsored ADR		4,301		100,342
				408,940
Canada | 0.9%
Potash Corp. of Saskatchewan, Inc.		1,385		63,234
China | 2.6%
China Mobile, Ltd. Sponsored ADR		1,900		104,652
Weichai Power Co., Ltd., Class H		14,957		69,531
				174,183
Finland | 1.1%
Sampo Oyj, A Shares		2,684		77,571
France | 9.9%
AXA SA		2,717		45,042
BNP Paribas SA		1,854		87,966
Danone SA		898		62,638

Description	Shares		Value
LVMH Moet Hennessy Louis Vuitton SA		390	$	67,020
Sanofi SA		2,233		173,418
Technip SA		651		76,691
Total SA		1,670		85,171
Valeo SA		1,340		70,271
				668,217
Germany | 6.2%
Bayerische Motoren Werke AG		980		88,133
GEA Group AG		1,042		35,938
Merck KGaA		709		78,465
SAP AG		3,108		217,040
				419,576
Indonesia | 1.8%
PT Bank Mandiri (Persero) Tbk		56,500		42,326
PT Telekomunikasi Indonesia Tbk Sponsored ADR		2,714		82,397
				124,723
Ireland | 1.6%
Ryanair Holdings PLC Sponsored ADR (a)		2,957		107,280
Italy | 1.0%
Atlantia SpA		4,266		70,835
Japan | 13.0%
Canon, Inc.		2,192		103,549
Daito Trust Construction Co., Ltd.		1,065		95,602
Fanuc Corp.		886		157,140
JS Group Corp.		4,500		94,219
Komatsu, Ltd.		3,400		96,902
Sumitomo Mitsui Financial Group, Inc.		3,676		120,934
Yahoo Japan Corp.		312		100,947

Description	Shares		Value
Lazard International Equity Select Portfolio (continued)
Yamada Denki Co., Ltd.		1,660	$	103,687
				872,980
Netherlands | 1.1%
ING Groep NV (a)		9,275		77,276
Russia | 3.0%
Mobile TeleSystems OJSC Sponsored ADR		2,989		54,818
Sberbank of Russia (k)		44,788		144,538
				199,356
South Africa | 2.0%
Mr Price Group, Ltd.		5,662		69,633
Standard Bank Group, Ltd.		4,276		62,075
				131,708
South Korea | 2.5%
Hyundai Mobis		403		101,901
KT&G Corp.		950		67,411
				169,312
Sweden | 3.1%
Assa Abloy AB, Class B		4,034		126,706
Swedbank AB, A Shares		5,340		82,976
				209,682
Switzerland | 3.9%
Credit Suisse Group AG		2,037		58,061
Novartis AG		3,660		202,563
				260,624

Description	Shares		Value
Taiwan | 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		49,341	$	141,932
Thailand | 1.8%
Kasikornbank Public Co. Ltd.		24,300		123,272
Turkey | 2.1%
Koc Holding AS		16,352		66,424
Turkcell Iletisim Hizmetleri AS (a)		5,375		27,504
Turkiye Garanti Bankasi AS		11,233		44,496
				138,424
United Kingdom | 23.7%
BG Group PLC		4,292		99,406
British American Tobacco PLC		3,643		183,579
British Sky Broadcasting Group PLC		4,207		45,489
GlaxoSmithKline PLC		7,747		173,045
Informa PLC		15,596		110,136
Petrofac, Ltd.		3,799		105,731
Prudential PLC		10,177		121,679
Rexam PLC		16,820		115,174
Royal Dutch Shell PLC, A Shares		2,810		98,377
Standard Chartered PLC		2,730		68,119
Tullow Oil PLC		3,398		82,994
Unilever PLC		4,947		163,319
Wm Morrison Supermarkets PLC		14,301		68,166
Wolseley PLC		1,666		63,528
Xstrata PLC		5,598		95,629
				1,594,371
Total Common Stocks (Identified cost $6,024,747)				6,563,481

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Short-Term Investment | 2.1%
State Street Institutional Treasury Money Market Fund (Identified cost $139,907)		139,907	$	139,907
Total Investments | 99.5% (Identified cost $6,164,654) (b)			$	6,703,388
Cash and Other Assets in Excess of Liabilities | 0.5%				33,186
Net Assets | 100.0%			$	6,736,574

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 94.4%
Australia | 7.4%
Amcor, Ltd.		963,128	$	7,422,559
Ansell, Ltd.		532,440		8,201,219
Caltex Australia, Ltd.		346,003		4,978,275
James Hardie Industries SE		1,392,610		11,078,666
Orica, Ltd.		285,200		8,263,019
Toll Holdings, Ltd.		1,138,106		6,920,183
				46,863,921
Belgium | 2.2%
Anheuser-Busch InBev NV		186,760		13,644,698
Bermuda | 1.5%
Signet Jewelers, Ltd.		194,140		9,334,445
Canada | 1.4%
Potash Corp. of Saskatchewan, Inc.		197,030		8,995,685
China | 1.3%
Shenguan Holdings Group, Ltd.		5,188,000		3,073,163
Weichai Power Co., Ltd., Class H		1,056,000		4,909,066
				7,982,229
Egypt | 0.5%
Eastern Tobacco SAE		176,458		2,979,920
Finland | 2.6%
Sampo Oyj, A Shares		573,610		16,578,058
France | 10.3%
BNP Paribas SA		279,223		13,248,117
Christian Dior SA		55,960		8,586,622

Description	Shares		Value
Cie Generale de Geophysique - Veritas (a)		317,611	$	9,399,633
Sanofi SA		197,910		15,369,954
Technip SA		78,280		9,221,829
Valeo SA		178,720		9,372,268
				65,198,423
Germany | 6.5%
Bayerische Motoren Werke AG		110,830		9,967,093
GEA Group AG		316,687		10,922,368
Merck KGaA		63,220		6,996,583
Sky Deutschland AG (a)		1,167,720		3,231,580
Symrise AG		333,713		9,658,082
				40,775,706
Hong Kong | 1.1%
Yingde Gases Group Co.		5,879,500		6,677,852
Indonesia | 3.5%
PT Bank Mandiri (Persero) Tbk		12,665,000		9,487,669
PT Media Nusantara Citra Tbk		60,846,500		12,509,998
				21,997,667
Ireland | 3.6%
Kerry Group PLC Class A		256,320		11,861,405
Ryanair Holdings PLC Sponsored ADR (a)		293,650		10,653,622
				22,515,027
Japan | 8.6%
Asics Corp.		1,023,750		11,577,020
Daito Trust Construction Co., Ltd.		90,300		8,105,944
Don Quijote Co., Ltd.		491,600		17,847,747
JS Group Corp.		307,900		6,446,668
Nabtesco Corp.		439,400		9,014,150

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Yahoo Japan Corp.		3,017	$	976,142
				53,967,671
Netherlands | 1.2%
ING Groep NV (a)		905,390		7,543,367
Russia | 1.8%
Sberbank of Russia (k)		3,538,764		11,420,098
South Africa | 2.8%
Aspen Pharmacare Holdings, Ltd.		562,780		8,695,175
Life Healthcare Group Holdings, Ltd.		2,805,950		9,144,668
				17,839,843
South Korea | 1.4%
Hyundai Mobis		33,832		8,554,669
Spain | 0.5%
Mediaset Espana Comunicacion SA		562,180		3,224,051
Sweden | 0.7%
Sandvik AB		314,314		4,520,334
Switzerland | 4.2%
Julius Baer Group, Ltd.		265,602		10,721,764
Novartis AG		285,890		15,822,604
				26,544,368
Thailand | 1.7%
Kasikornbank Public Co. Ltd.		2,166,700		10,991,525
United Kingdom | 29.6%
AMEC PLC		607,528		10,766,897
Associated British Foods PLC		835,360		16,301,141

Description	Shares		Value
BBA Aviation PLC		2,659,118	$	9,101,980
BG Group PLC		594,120		13,760,279
British American Tobacco PLC		387,358		19,519,852
British Sky Broadcasting Group PLC		763,150		8,251,656
GlaxoSmithKline PLC		623,230		13,921,108
IG Group Holdings PLC		1,106,770		7,966,259
Informa PLC		3,046,651		21,514,830
Prudential PLC		1,374,810		16,437,599
Rexam PLC		3,101,250		21,235,696
Rockhopper Exploration PLC (a)		1,159,086		6,094,891
Tullow Oil PLC		509,380		12,441,291
Unilever PLC		287,824		9,502,135
				186,815,614
Total Common Stocks (Identified cost $526,070,291)				594,965,171
Preferred Stock | 0.7%
Brazil | 0.7%
Banco Bradesco SA
(Identified cost $4,716,740)		267,172		4,667,405
Short-Term Investment | 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $27,614,588)		27,614,588		27,614,588
Total Investments l 99.5% (Identified cost $558,401,619) (b)			$	627,247,164
Cash and Other Assets in Excess of Liabilities l 0.5%				3,366,769
Net Assets l 100.0%			$	630,613,933

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 98.0%
Australia | 7.6%
Aristocrat Leisure, Ltd.		229,316	$	717,361
Cabcharge Australia, Ltd.		136,877		854,958
Echo Entertainment Group, Ltd.		106,059		482,291
Fairfax Media, Ltd.		369,600		277,566
Industrea, Ltd.		357,962		380,065
James Hardie Industries SE		144,730		1,151,374
Macquarie Atlas Roads Group (a)		532,568		937,823
				4,801,438
Austria | 2.7%
Andritz AG		8,327		814,937
Kapsch TrafficCom AG		10,515		890,515
				1,705,452
Belgium | 5.6%
Arseus NV		68,590		1,122,441
EVS Broadcast Equipment SA		11,684		605,865
Kinepolis Group NV		8,907		831,548
Telenet Group Holding NV		23,704		980,983
				3,540,837
China | 1.5%
AAC Technologies Holdings, Inc.		360,000		975,848
France | 2.3%
Cie Generale de Geophysique - Veritas (a)		16,339		483,549
Valeo SA		18,364		963,028
				1,446,577

Description	Shares		Value
Germany | 7.8%
CompuGroup Medical AG		73,739	$	1,042,464
CTS Eventim AG		38,171		1,318,534
Dialog Semiconductor PLC (a)		22,139		540,783
NORMA Group (a)		25,364		627,340
STRATEC Biomedical AG		15,180		627,612
Wirecard AG		42,448		808,149
				4,964,882
Italy | 2.5%
Azimut Holding SpA		75,600		821,241
MARR SpA		66,237		747,359
				1,568,600
Japan | 26.8%
Ain Pharmaciez, Inc.		24,800		1,331,835
Asahi Holdings, Inc.		44,901		969,410
Benesse Holdings, Inc.		15,900		792,407
Daiseki Co., Ltd.		36,200		670,468
Don Quijote Co., Ltd.		34,000		1,234,384
Dr. Ci:Labo Co., Ltd.		180		830,736
JAFCO Co., Ltd.		29,300		710,464
JSR Corp.		37,300		750,777
Konami Corp.		38,850		1,101,149
Kurita Water Industries, Ltd.		22,900		561,087
Misumi Group, Inc.		37,300		907,151
Nomura Research Institute, Ltd.		24,300		602,729
OSG Corp.		42,000		635,303
Rinnai Corp.		10,500		756,071
Santen Pharmaceutical Co., Ltd.		19,490		832,393
Shinko Plantech Co., Ltd.		76,400		650,743
Suruga Bank, Ltd.		101,300		1,034,173
Sysmex Corp.		20,300		819,161
Tamron Co., Ltd.		21,200		683,615
USS Co., Ltd.		11,170		1,132,250
				17,006,306

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Netherlands | 6.0%
Aalberts Industries NV		40,023	$	827,369
ASM International NV		20,317		781,742
Gemalto NV		12,980		856,742
Imtech NV		21,744		695,129
Unit 4 NV		21,398		620,713
				3,781,695
Norway | 5.3%
Atea ASA		59,354		716,553
Kongsberg Gruppen ASA		51,820		973,658
Petroleum Geo-Services ASA (a)		41,139		601,400
TGS Nopec Geophysical Co. ASA		38,249		1,048,451
				3,340,062
Singapore | 2.1%
Ezra Holdings, Ltd. (a)		764,000		698,938
XP Power, Ltd.		34,948		630,545
				1,329,483
Sweden | 7.4%
Elekta AB, B Shares		22,195		1,123,538
Getinge AB, B Shares		27,985		796,937
Indutrade AB		18,875		586,295
Intrum Justitia AB		46,549		773,964
Loomis AB, B Shares		58,955		842,113
Mekonomen AB		17,733		569,585
				4,692,432
Switzerland | 1.8%
Dufry AG (a)		8,986		1,174,640
United Kingdom | 18.6%
Abcam PLC		97,729		545,548

Description	Shares		Value
APR Energy PLC (a)		44,298	$	669,577
Dignity PLC		59,993		779,186
Diploma PLC		94,151		677,676
GlobeOp Financial Services SA		106,935		844,951
Hansteen Holdings PLC REIT		517,191		598,927
IG Group Holdings PLC		159,843		1,150,511
Intertek Group PLC		19,026		764,150
Jupiter Fund Management PLC		188,388		750,002
Melrose PLC		95,924		649,165
Morgan Crucible Co. PLC		121,936		628,018
Provident Financial PLC		38,262		701,353
Rightmove PLC		31,131		723,010
RPC Group PLC		102,590		603,861
Spectris PLC		21,795		628,546
Synergy Health PLC		46,013		624,846
Yule Catto & Co. PLC		106,842		423,817
				11,763,144
Total Common Stocks (Identified cost $48,980,481)				62,091,396
Short-Term Investment | 1.3%
State Street Institutional Treasury Money Market Fund (Identified cost $813,823)		813,823		813,823
Total Investments l 99.3% (Identified cost $49,794,304) (b)			$	62,905,219
Cash and Other Assets in Excess of Liabilities l 0.7%				414,412
Net Assets l 100.0%			$	63,319,631

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 93.8%
Argentina | 1.0%
YPF Sociedad Anonima Sponsored ADR		5,574,797	$	158,379,983
Brazil | 17.1%
Banco do Brasil SA		36,189,110		514,452,549
CCR SA		19,021,400		154,009,308
Cielo SA		14,877,320		504,400,194
Companhia Siderurgica Nacional SA Sponsored ADR		19,836,024		187,648,787
Natura Cosmeticos SA		9,826,400		213,705,158
Redecard SA		28,946,720		562,141,513
Souza Cruz SA		14,401,424		220,898,886
Vale SA Sponsored ADR		15,880,900		370,501,397
				2,727,757,792
Canada | 0.9%
First Quantum Minerals, Ltd.		7,329,600		139,765,394
China | 4.0%
China Construction Bank Corp., Class H		181,802,220		140,702,377
China Mobile, Ltd. Sponsored ADR		4,653,804		256,331,524
NetEase.com, Inc. Sponsored ADR (a)		2,359,356		137,078,583
Weichai Power Co., Ltd., Class H		23,707,500		110,209,934
				644,322,418
Egypt | 2.6%
Commercial International Bank Egypt SAE		29,075,818		120,635,762
Eastern Tobacco SAE		3,075,281		51,933,553
Egyptian Co. for Mobile Services		1,894,486		56,458,192

Description	Shares		Value
Orascom Construction Industries		4,318,112	$	184,449,155
				413,476,662
France | 0.7%
CFAO SA		2,605,951		111,982,413
Hong Kong | 0.8%
Huabao International Holdings, Ltd.		211,907,000		136,440,432
Hungary | 1.3%
OTP Bank PLC		12,167,069		210,999,303
India | 4.9%
Bank of India		16,569,757		117,316,937
Bharat Heavy Electricals, Ltd.		33,372,660		168,550,111
Infosys, Ltd. Sponsored ADR		1,662,308		94,801,425
Jindal Steel & Power, Ltd.		14,555,576		155,427,095
Punjab National Bank, Ltd.		13,801,369		250,995,552
				787,091,120
Indonesia | 5.4%
PT Bank Mandiri (Persero) Tbk		167,639,930		125,583,281
PT Perusahaan Gas Negara (Persero) Tbk		257,672,500		107,081,748
PT Semen Gresik (Persero) Tbk		84,955,800		113,813,271
PT Tambang Batubara Bukit Asam Tbk		45,104,000		101,118,985
PT Telekomunikasi Indonesia Tbk Sponsored ADR		9,440,449		286,612,032
PT United Tractors Tbk		35,323,984		127,481,569
				861,690,886
Malaysia | 0.7%
British American Tobacco Malaysia Berhad		6,214,500		114,857,186

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (continued)
Mexico | 4.8%
America Movil SAB de CV ADR, Series L		8,637,570	$	214,470,863
Desarrolladora Homex SAB de CV ADR (a)		705,612		13,237,281
Grupo Mexico SAB de CV, Series B		87,170,747		275,266,002
Grupo Televisa SA Sponsored ADR		6,764,100		142,587,228
Kimberly-Clark de Mexico SAB de CV, Series A		52,660,095		117,719,420
				763,280,794
Pakistan | 1.2%
Oil & Gas Development Co., Ltd.		52,154,549		96,018,909
Pakistan Petroleum, Ltd.		51,296,768		103,272,551
				199,291,460
Philippines | 2.0%
Philippine Long Distance Telephone Co. Sponsored ADR		5,154,150		320,536,588
Russia | 8.9%
Gazprom OAO Sponsored ADR		16,657,131		203,216,998
Lukoil OAO Sponsored ADR		2,019,750		122,800,800
Magnit OJSC Sponsored GDR (d), (k)		4,177,365		121,728,416
Mobile TeleSystems OJSC Sponsored ADR		15,671,843		287,421,601
Oriflame Cosmetics SA SDR		2,598,429		100,114,809
Sberbank of Russia (k)		99,381,105		320,717,037
TNK-BP Holding (k)		39,192,194		126,839,657
Uralkali OJSC Sponsored GDR		3,511,389		132,414,479
				1,415,253,797
South Africa | 10.6%
Bidvest Group, Ltd.		9,797,015		229,567,650
Massmart Holdings, Ltd.		2,245,996		47,414,495

Description	Shares		Value
Murray & Roberts Holdings, Ltd. (a)		27,507,255	$	100,763,116
Nedbank Group, Ltd.		7,330,646		156,723,497
Pretoria Portland Cement Co., Ltd.		31,726,033		135,655,571
Sanlam, Ltd.		30,616,367		132,427,461
Shoprite Holdings, Ltd.		17,009,786		304,451,000
Standard Bank Group, Ltd.		9,388,429		136,291,938
Tiger Brands, Ltd.		4,634,808		162,638,198
Truworths International, Ltd.		17,716,281		186,516,341
Vodacom Group, Ltd.		6,002,139		84,621,475
Woolworths Holdings, Ltd.		3,215,899		20,185,835
				1,697,256,577
South Korea | 13.5%
Hite Jinro Co., Ltd.		1,992,028		45,271,366
Hyundai Mobis		788,384		199,348,675
KB Financial Group, Inc.		6,078,730		221,839,712
Korea Life Insurance Co., Ltd. (a)		31,200,643		206,251,106
KT&G Corp.		4,553,670		323,123,488
NHN Corp.		975,121		223,760,169
Samsung Electronics Co., Ltd.		356,329		400,970,368
Shinhan Financial Group Co., Ltd.		9,601,714		370,747,088
Woongjin Coway Co., Ltd.		4,936,084		163,802,796
				2,155,114,768
Taiwan | 4.8%
Hon Hai Precision Industry Co., Ltd.		44,169,199		171,352,158
HTC Corp.		10,551,935		213,437,639
MediaTek, Inc.		11,543,421		110,488,622
Taiwan Semiconductor Manufacturing Co., Ltd.		92,576,284		266,300,514
				761,578,933
Thailand | 3.4%
Banpu Public Co. Ltd.		4,877,450		96,442,285
CP All Public Co. Ltd. (k)		67,141,900		142,554,115
Kasikornbank Public Co. Ltd.		26,713,200		135,514,289

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
PTT Exploration & Production Public Co. Ltd. (k)		3,487,250	$	19,725,288
The Siam Cement Public Co. Ltd.		10,527,100		141,953,763
				536,189,740
Turkey | 5.2%
Akbank TAS		32,793,606		128,797,196
Koc Holding AS		39,320,118		159,724,880
Turkcell Iletisim Hizmetleri AS (a)		51,437,359		263,204,126
Turkiye Is Bankasi AS, C Shares		112,294,808		276,594,405
				828,320,607
Total Common Stocks (Identified cost $13,608,973,778)				14,983,586,853
Preferred Stocks | 2.8%
Brazil | 2.8%
CEMIG SA Sponsored ADR		10,767,707		256,056,073
Companhia de Bebidas das Americas SA Sponsored ADR		4,416,248		182,479,367
Total Preferred Stocks (Identified cost $281,567,003)				438,535,440
Right | 0.1%
South Africa | 0.1%
Murray & Roberts Holdings, Ltd. Expires 04/20/12 (Identified cost $0)		9,352,467		12,252,939
Short-Term Investment | 2.4%
State Street Institutional Treasury Money Market Fund (Identified cost $388,801,604)		388,801,604		388,801,604

Description	Value
Total Investments | 99.1% (Identified cost $14,279,342,385) (b)	$	15,823,176,836
Cash and Other Assets in Excess of Liabilities | 0.9%		150,931,751
Net Assets | 100.0%	$	15,974,108,587

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 88.4%
Brazil | 11.0%
Cia Hering		226,134	$	5,840,871
Cyrela Brazil Realty SA Empreendimentos e Participacoes		587,860		5,200,876
Localiza Rent a Car SA		221,781		4,082,194
MRV Engenharia e Participacoes SA		1,099,395		7,799,263
Petroleo Brasileiro SA Sponsored ADR		236,900		6,055,164
Totvs SA		222,800		4,113,156
Vale SA Sponsored ADR		181,115		4,225,413
				37,316,937
China | 20.5%
AAC Technologies Holdings, Inc.		1,757,700		4,764,580
Agricultural Bank of China, Ltd., Class H		14,676,500		6,274,633
China Construction Bank Corp., Class H		7,186,849		5,562,125
China Merchants Bank Co., Ltd., Class H		2,546,906		5,208,242
China National Materials Co., Ltd., Class H		15,373,890		6,196,635
China Petroleum & Chemical Corp. ADR		26,135		2,841,397
China State Construction International Holdings, Ltd.		9,000,940		8,322,237
Daphne International Holdings, Ltd.		3,126,000		4,258,949
First Tractor Co., Ltd., Class H		3,300,000		3,335,887
Hidili Industry International Development, Ltd.		8,253,900		2,922,939
NetEase.com, Inc. Sponsored ADR (a)		55,985		3,252,729
Ping An Insurance (Group) Co. of China, Ltd., Class H		763,000		5,782,276
Sands China, Ltd.		1,083,400		4,227,263

Description	Shares		Value
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		5,130,800	$	6,831,773
				69,781,665
Colombia | 2.0%
Pacific Rubiales Energy Corp.		238,435		6,965,759
Hong Kong | 2.1%
Hengdeli Holdings, Ltd.		13,392,000		5,604,754
Vinda International Holdings, Ltd.		931,000		1,436,264
				7,041,018
India | 5.9%
Cairn India, Ltd. (a)		830,402		5,424,630
HDFC Bank, Ltd. Sponsored ADR		85,600		2,918,960
ICICI Bank, Ltd. Sponsored ADR		147,730		5,151,345
Shriram Transport Finance Co., Ltd.		543,778		6,393,621
				19,888,556
Indonesia | 1.7%
PT Bank Rakyat Indonesia (Persero) Tbk		7,681,600		5,838,486
Kazakhstan | 1.7%
Halyk Savings Bank of Kazakhstan JSC GDR (a)		461,670		3,000,855
Zhaikmunai LP GDR (a)		248,798		2,784,050
				5,784,905
Mexico | 3.3%
Corporacion Geo SAB de CV, Series B (a)		5,059,306		7,897,133
Grupo Financiero Banorte SAB de CV, Class O		768,157		3,414,552
				11,311,685

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
Peru | 1.5%
Credicorp, Ltd.		37,400	$	4,930,068
Philippines | 1.1%
SM Investments Corp.		252,657		3,883,862
Qatar | 1.0%
Qatar Electricity & Water Co.		83,278		3,316,482
Russia | 16.3%
Alliance Oil Co., Ltd. SDR (a)		496,227		5,475,463
Eurasia Drilling Co., Ltd. GDR		237,175		6,538,915
Gazprom OAO Sponsored ADR		187,830		2,323,457
Globaltrans Investment PLC Sponsored GDR		499,909		8,548,444
Rosneft Oil Co. OJSC GDR		737,932		5,224,558
Sberbank of Russia (k)		3,238,306		10,450,477
TMK OAO GDR		336,460		4,508,564
Uralkali OJSC Sponsored GDR		107,532		4,055,032
VTB Bank OJSC GDR		1,230,660		5,550,277
X5 Retail Group NV GDR (a)		120,404		2,762,067
				55,437,254
South Africa | 7.2%
Barloworld, Ltd.		705,484		9,194,928
Exxaro Resources, Ltd. Sponsored ADR		377,780		9,705,168
Standard Bank Group, Ltd.		386,525		5,611,188
				24,511,284
South Korea | 5.0%
Mando Corp.		27,103		3,982,745
Samsung Electronics Co., Ltd.		7,783		8,758,064

Description	Shares		Value
Samsung Engineering Co., Ltd.		19,529	$	4,171,059
				16,911,868
Taiwan | 4.3%
Synnex Technology International Corp.		3,291,989		8,175,737
Tripod Technology Corp.		1,182,140		3,965,233
Yuanta Financial Holding Co., Ltd. (a)		4,638,159		2,412,229
				14,553,199
Thailand | 0.9%
PTT Exploration & Production Public Co. Ltd. (k)		515,049		2,913,324
Turkey | 1.9%
Aselsan Elektronik Sanayi Ve Ticaret		609,296		3,623,710
Turkiye Garanti Bankasi AS ADR		741,940		2,952,921
				6,576,631
United States | 1.0%
NII Holdings, Inc. (a)		177,977		3,258,759
Total Common Stocks (Identified cost $311,544,947)				300,221,742
Preferred Stocks | 6.0%
Brazil | 4.5%
Banco Bradesco SA Sponsored ADR		364,333		6,375,827
Gerdau SA Sponsored ADR		424,550		4,088,417
Marcopolo SA		945,800		4,844,411
				15,308,655

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Colombia | 1.5%
Bancolombia SA Sponsored ADR		76,400	$	4,940,024
Total Preferred Stocks (Identified cost $19,454,165)				20,248,679
Short-Term Investment | 6.9%
State Street Institutional Treasury Money Market Fund (Identified cost $23,463,978)		23,463,978		23,463,978
Total Investments | 101.3% (Identified cost $354,463,090) (b)			$	343,934,399
Liabilities in Excess of Cash and Other Assets | (1.3)%				(4,382,251	)
Net Assets | 100.0%			$	339,552,148

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 88.5%
Argentina | 0.7%
YPF Sociedad Anonima Sponsored ADR		34,375	$	976,594
Brazil | 12.5%
Banco do Brasil SA		91,107		1,295,147
Cia Hering		98,127		2,534,547
Cielo SA Sponsored ADR		58,210		1,970,408
Companhia Siderurgica Nacional SA Sponsored ADR		83,845		793,174
Localiza Rent a Car SA		118,200		2,175,639
MRV Engenharia e Participacoes SA		369,100		2,618,447
Natura Cosmeticos SA		43,850		953,653
Petroleo Brasileiro SA Sponsored ADR		98,800		2,525,328
Redecard SA		86,600		1,681,761
Souza Cruz SA		75,095		1,151,858
				17,699,962
Canada | 0.6%
First Quantum Minerals, Ltd.		48,305		921,110
China | 13.3%
AAC Technologies Holdings, Inc.		849,640		2,303,111
Agricultural Bank of China, Ltd., Class H		6,129,000		2,620,327
China Construction Bank Corp., Class H		1,070,461		828,463
China Mobile, Ltd. Sponsored ADR		16,600		914,328
China National Materials Co., Ltd., Class H		4,098,000		1,651,749
China State Construction International Holdings, Ltd.		3,162,504		2,924,040
Daphne International Holdings, Ltd.		1,542,000		2,100,863

Description	Shares		Value
Hidili Industry International Development, Ltd.		2,934,360	$	1,039,139
Ping An Insurance (Group) Co. of China, Ltd., Class H		326,500		2,474,329
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		1,510,840		2,011,717
				18,868,066
Colombia | 2.2%
Pacific Rubiales Energy Corp.		105,100		3,070,444
Egypt | 1.7%
Commercial International Bank Egypt SAE		314,749		1,305,896
Orascom Construction Industries		25,393		1,084,668
				2,390,564
Hungary | 0.8%
OTP Bank PLC		62,727		1,087,801
India | 1.4%
ICICI Bank, Ltd. Sponsored ADR		56,190		1,959,345
Indonesia | 3.4%
PT Bank Rakyat Indonesia (Persero) Tbk		2,617,118		1,989,170
PT Telekomunikasi Indonesia Tbk Sponsored ADR		43,350		1,316,106
PT United Tractors Tbk		431,015		1,555,500
				4,860,776
Kazakhstan | 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR (a)		170,244		1,106,586
Mexico | 5.8%
America Movil SAB de CV ADR, Series L		42,908		1,065,406

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Corporacion Geo SAB de CV, Series B (a)		930,100	$	1,451,804
Grupo Financiero Banorte SAB de CV, Class O		486,500		2,162,552
Grupo Mexico SAB de CV, Series B		404,901		1,278,588
Grupo Televisa SA Sponsored ADR		45,973		969,111
Kimberly-Clark de Mexico SAB de CV, Series A		564,000		1,260,798
				8,188,259
Philippines | 2.1%
Philippine Long Distance Telephone Co. Sponsored ADR		26,192		1,628,880
SM Investments Corp.		92,948		1,428,804
				3,057,684
Russia | 15.6%
Alliance Oil Co., Ltd. SDR (a)		203,144		2,241,530
Eurasia Drilling Co., Ltd. GDR		91,692		2,527,948
Gazprom OAO Sponsored ADR		216,794		2,681,249
Globaltrans Investment PLC Sponsored GDR		154,632		2,644,207
Lukoil OAO Sponsored ADR		18,768		1,141,094
Mobile TeleSystems OJSC Sponsored ADR		88,220		1,617,955
Oriflame Cosmetics SA SDR		24,241		933,981
Sberbank of Russia (k)		808,578		2,609,397
Sberbank of Russia Sponsored ADR (a)		117,272		1,570,272
TMK OAO GDR		128,750		1,725,250
Uralkali OJSC Sponsored GDR		65,809		2,481,657
				22,174,540
South Africa | 6.3%
Exxaro Resources, Ltd.		108,490		2,802,128
Standard Bank Group, Ltd.		237,374		3,445,961
Tiger Brands, Ltd.		34,099		1,196,554

Description	Shares		Value
Truworths International, Ltd.		150,813	$	1,587,754
				9,032,397
South Korea | 11.5%
Hyundai Mobis		4,477		1,132,042
Korea Life Insurance Co., Ltd. (a)		163,232		1,079,041
KT&G Corp.		23,865		1,693,435
Mando Corp.		16,672		2,449,925
NHN Corp.		9,186		2,107,904
Samsung Electronics Co., Ltd.		3,760		4,231,058
Samsung Engineering Co., Ltd.		9,190		1,962,826
Shinhan Financial Group Co., Ltd.		43,220		1,668,836
				16,325,067
Taiwan | 5.5%
Hon Hai Precision Industry Co., Ltd.		325,281		1,261,911
HTC Corp. GDR		13,817		1,117,925
MediaTek, Inc.		43,000		411,577
Synnex Technology International Corp.		889,190		2,208,326
Taiwan Semiconductor Manufacturing Co., Ltd.		421,000		1,211,029
Tripod Technology Corp.		462,146		1,550,169
				7,760,937
Thailand | 0.8%
Banpu Public Co. Ltd.		57,030		1,127,660
Turkey | 2.7%
Koc Holding AS ADR		69,598		1,416,319
Turkcell Iletisim Hizmetleri AS ADR (a)		91,055		1,147,293
Turkiye Is Bankasi AS, C Shares		542,230		1,335,572
				3,899,184

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
United States | 0.8%
NII Holdings, Inc. (a)		65,900	$	1,206,629
Total Common Stocks (Identified cost $124,620,676)				125,713,605
Preferred Stocks | 5.6%
Brazil | 4.0%
CEMIG SA Sponsored ADR		71,215		1,693,493
Marcopolo SA		476,500		2,440,645
Vale SA Sponsored ADR		65,200		1,479,388
				5,613,526
Colombia | 1.6%
Bancolombia SA Sponsored ADR		36,120		2,335,519
Total Preferred Stocks (Identified cost $7,409,076)				7,949,045
Short-Term Investment | 5.6%
State Street Institutional Treasury Money Market Fund (Identified cost $8,003,748)		8,003,748		8,003,748
Total Investments | 99.7% (Identified cost $140,033,500) (b)			$	141,666,398
Cash and Other Assets in Excess of Liabilities | 0.3%				373,720
Net Assets | 100.0%			$	142,040,118

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 54.3%
Argentina | 0.4%
YPF Sociedad Anonima Sponsored ADR (e)		9,987	$	283,731
Brazil | 7.7%
Banco do Brasil SA		10,890		154,809
Banco do Brasil SA Sponsored ADR (e)		15,360		219,802
Cia Hering		28,390		733,292
Cielo SA Sponsored ADR (e)		16,890		571,726
Companhia Siderurgica Nacional SA Sponsored ADR		24,330		230,162
Localiza Rent a Car SA		34,300		631,340
MRV Engenharia e Participacoes SA		106,770		757,441
Natura Cosmeticos SA		12,740		277,070
Petroleo Brasileiro SA Sponsored ADR (e)		28,700		733,572
Redecard SA		11,948		232,029
Redecard SA Sponsored GDR (d),(e)		7,273		282,659
Souza Cruz SA		21,780		334,077
				5,157,979
Canada | 0.4%
First Quantum Minerals, Ltd.		13,980		266,580
China | 8.1%
AAC Technologies Holdings, Inc.		246,000		666,830
Agricultural Bank of China, Ltd., Class H		1,809,000		773,400
China Construction Bank Corp., Class H		310,000		239,919
China Mobile, Ltd. Sponsored ADR		4,800		264,384
China National Materials Co., Ltd., Class H		1,189,000		479,241

Description	Shares		Value
China State Construction International Holdings, Ltd.		917,600	$	848,410
Daphne International Holdings, Ltd.		446,000		607,643
Hidili Industry International Development, Ltd.		851,000		301,363
Ping An Insurance (Group) Co. of China, Ltd., Class H		95,000		719,942
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		438,180		583,446
				5,484,578
Colombia | 1.3%
Pacific Rubiales Energy Corp.		30,400		888,121
Egypt | 1.2%
Commercial International Bank Egypt SAE		70,659		293,165
Commercial International Bank Egypt SAE GDR		20,273		83,545
Orascom Construction Industries		7,442		317,887
Orascom Construction Industries Sponsored ADR		1,950		84,747
				779,344
Hungary | 0.5%
OTP Bank PLC		18,173		315,153
India | 0.8%
ICICI Bank, Ltd. Sponsored ADR (e)		16,300		568,381
Indonesia | 2.1%
PT Bank Rakyat Indonesia (Persero) Tbk		759,000		576,887
PT Telekomunikasi Indonesia Tbk Sponsored ADR (e)		12,650		384,054
PT United Tractors Tbk		125,515		452,974
				1,413,915

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Kazakhstan | 0.5%
Halyk Savings Bank of Kazakhstan JSC GDR (a),(e)		49,034	$	318,721
Mexico | 3.5%
America Movil SAB de CV ADR, Series L		12,490		310,127
Corporacion Geo SAB de CV, Series B (a)		269,000		419,885
Grupo Financiero Banorte SAB de CV, Class O		141,100		627,207
Grupo Mexico SAB de CV, Series B		117,409		370,752
Grupo Televisa SA Sponsored ADR		13,292		280,195
Kimberly-Clark de Mexico SAB de CV, Series A		163,725		366,000
				2,374,166
Philippines | 1.3%
Philippine Long Distance Telephone Co. Sponsored ADR (e)		7,333		456,039
SM Investments Corp.		26,950		414,278
				870,317
Russia | 9.5%
Alliance Oil Co., Ltd. SDR (a)		58,748		648,237
Eurasia Drilling Co., Ltd. GDR		26,517		731,074
Gazprom OAO Sponsored ADR		61,854		764,998
Globaltrans Investment PLC Sponsored GDR		44,718		764,677
Lukoil OAO Sponsored ADR		5,485		333,488
Mobile TeleSystems OJSC Sponsored ADR (e)		25,560		468,770
Oriflame Cosmetics SA SDR		7,012		270,165
Sberbank of Russia (k)		233,835		754,619
Sberbank of Russia Sponsored ADR (a)		34,052		455,956
TMK OAO GDR		37,212		498,641

Description	Shares		Value
Uralkali OJSC Sponsored GDR (e)		17,205	$	648,801
Uralkali OJSC Sponsored GDR		1,800		67,878
				6,407,304
South Africa | 3.9%
Exxaro Resources, Ltd.		31,462		812,614
Standard Bank Group, Ltd.		68,845		999,424
Tiger Brands, Ltd.		9,845		345,467
Truworths International, Ltd.		43,728		460,367
				2,617,872
South Korea | 7.1%
Hyundai Mobis		1,317		333,013
Korea Life Insurance Co., Ltd.		47,320		312,808
KT&G Corp.		2,411		171,082
KT&G Corp. GDR (d),(e)		9,033		320,486
Mando Corp.		4,831		709,908
NHN Corp.		2,669		612,453
Samsung Electronics Co., Ltd.		828		931,733
Samsung Electronics Co., Ltd. GDR		541		305,935
Samsung Engineering Co., Ltd.		2,665		569,198
Shinhan Financial Group Co., Ltd.		5,130		198,083
Shinhan Financial Group Co., Ltd. ADR		3,746		288,817
				4,753,516
Taiwan | 3.3%
Hon Hai Precision Industry Co., Ltd. GDR		1,400		10,920
Hon Hai Precision Industry Co., Ltd. GDR (e)		45,702		356,475
HTC Corp. GDR		3,966		320,887
MediaTek, Inc.		12,000		114,859
Synnex Technology International Corp.		261,000		648,200
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		22,856		349,240

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Tripod Technology Corp.		134,060	$	449,675
				2,250,256
Thailand | 0.5%
Banpu Public Co. Ltd.		16,500		326,256
Turkey | 1.7%
Koc Holding AS ADR		20,185		410,765
Turkcell Iletisim Hizmetleri AS ADR (a)		26,390		332,514
Turkiye Is Bankasi AS, C Shares		157,206		387,215
				1,130,494
United States | 0.5%
NII Holdings, Inc. (a)		19,100		349,721
Total Common Stocks (Identified cost $34,896,005)				36,556,405
Preferred Stocks | 3.4%
Brazil | 2.4%
CEMIG SA Sponsored ADR (e)		20,611		490,129
Marcopolo SA		138,200		707,864
Vale SA Sponsored ADR (e)		19,000		431,110
				1,629,103
Colombia | 1.0%
Bancolombia SA Sponsored ADR (e)		10,480		677,637
Total Preferred Stocks (Identified cost $2,105,715)				2,306,740

Description	Principal Amount (000) (f)		Value
Corporate Bonds | 4.4%
Brazil | 1.1%
Banco do Brasil SA, 9.250%, 04/15/23		200	$	217,450
Oi SA, 5.750%, 02/10/22 (d)		200		205,750
Petrobras International Finance Co., 5.375%, 01/27/21		300		323,022
				746,222
Chile | 0.2%
Automotores Gildemeister SA, 8.250%, 05/24/21 (d)		125		133,313
Colombia | 0.7%
Pacific Rubiales Energy Corp., 7.250%, 12/12/21 (d)		215		235,317
Transportadora de Gas Internacional SA ESP, 5.700%, 03/20/22		200		206,000
				441,317
Indonesia | 0.3%
PT Pertamina (Persero) Tbk, 6.500%, 05/27/41		200		216,000
Netherlands | 0.3%
Listrindo Capital BV, 6.950%, 02/21/19 (d)		200		206,424
Peru | 0.3%
Volcan Cia Minera SAA, 5.375%, 02/02/22 (d)		150		155,466
Russia | 1.3%
Alfa-Bank, 7.875%, 09/25/17		200		206,300

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
ALROSA Finance SA, 7.750%, 11/03/20		200	$	213,500
MTS International Funding, Ltd., 8.625%, 06/22/20		225		260,282
Russian Standard Bank, 7.730%, 12/16/15		200		193,000
				873,082
United Arab Emirates | 0.2%
DP World, Ltd., 6.850%, 07/02/37		150		144,750
Total Corporate Bonds (Identified cost $2,809,823)				2,916,574
Foreign Government Obligations | 11.8%
Argentina | 0.4%
Republic of Argentina:
8.750%, 06/02/17		65		62,887
8.280%, 12/31/33		60		44,206
0.00%, 12/15/35		600		78,000
2.500%, 12/31/38 (g)		125		44,688
				229,781
Dominican Republic | 0.2%
Dominican Republic:
11.700%, 06/06/14 (h)		2,500		63,201
9.040%, 01/23/18		44		47,829
7.500%, 05/06/21		25		25,750
				136,780
Gambia | 0.4%
Gabonese Republic, 8.200%, 12/12/17		200		243,250

Description	Principal Amount (000) (f)		Value
Ghana | 0.2%
Republic of Ghana, 8.500%, 10/04/17		100	$	114,500
Indonesia | 0.5%
Republic of Indonesia:
6.625%, 02/17/37		100		123,250
5.250%, 01/17/42		200		209,750
				333,000
Iraq | 0.6%
Republic of Iraq, 5.800%, 01/15/28		500		421,250
Israel | 0.0%
Israel Government Bond - Shahar, 10.000%, 05/31/12 (h)		82		24,223
Ivory Coast | 0.6%
Ivory Coast, 2.450%, 12/31/32 (i)		650		407,875
Mexico | 4.0%
Mexican Bonos, 7.500%, 06/21/12 (h)		800		62,932
Mexican Cetes:
0.00%, 05/03/12 (h)		83,500		650,023
0.00%, 06/07/12 (h)		30,000		232,542
0.00%, 06/14/12 (h)		18,900		146,363
0.00%, 06/28/12 (h)		50,000		386,672
0.00%, 07/26/12 (h)		8,500		65,502
0.00%, 08/23/12 (h)		91,100		699,332
Mexican Udibonos, 2.500%, 12/10/20 (h)		1,240		460,951
				2,704,317

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Namibia | 0.3%
Namibia International Bonds, 5.500%, 11/03/21 (d)		200	$	209,500
Nigeria | 0.3%
Republic of Nigeria, 6.750%, 01/28/21		200		219,500
Qatar | 0.5%
State of Qatar, 4.500%, 01/20/22 (d)		325		339,235
Romania | 0.8%
Romania Treasury Bills:
0.00%, 04/04/12 (h)		210		63,834
0.00%, 06/06/12 (h)		360		108,432
0.00%, 06/20/12 (h)		260		78,158
0.00%, 07/25/12 (h)		250		74,771
0.00%, 08/08/12 (h)		740		220,829
				546,024
Russia | 0.6%
Russia Eurobonds:
3.250%, 04/04/17 (d)		200		200,100
5.625%, 04/04/42 (d)		200		198,400
				398,500
South Africa | 1.4%
Republic of South Africa:
8.250%, 09/15/17 (h)		4,561		619,288
8.000%, 12/21/18 (h)		1,200		158,944
7.250%, 01/15/20 (h)		1,200		151,568
				929,800

Description	Principal Amount (000) (f)		Value
Turkey | 0.6%
Turkey Government Bonds:
4.000%, 04/29/15 (h)		192	$	111,159
3.000%, 07/21/21 (h)		355		192,142
3.000%, 02/23/22 (h)		201		108,335
				411,636
Uruguay | 0.1%
Uruguay Treasury Bills:
0.000%, 05/18/12 (h)		1,000		50,697
0.000%, 07/20/12 (h)		650		32,415
				83,112
Venezuela | 0.3%
Republic of Venezuela:
7.000%, 12/01/18		200		167,000
7.000%, 03/31/38		60		42,600
				209,600
Total Foreign Government Obligations (Identified cost $7,817,524)				7,961,883
Quasi Bonds | 0.3%
Colombia | 0.1%
Empresas Publicas de Medellin, 8.375%, 02/01/21 (h)		100,000		59,444
Venezuela | 0.2%
Petroleos de Venezuela SA:
5.250%, 04/12/17		50		37,875

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
8.500%, 11/02/17		135	$	120,015
				157,890
Total Quasi Bonds (Identified cost $190,517)				217,334
Supranationals | 0.4%
Indonesia | 0.4%
European Bank for Reconstruction & Development, 7.200%, 06/08/16 (h)		560,000		64,478
Export-Import Bank of Korea:
8.300%, 03/15/14 (h)		430,000		48,220
8.400%, 07/06/16 (h)		850,000		97,094
Inter-American Development Bank, 0.000%, 08/20/15 (h)		900,000		81,038
Total Supranationals (Identified cost $302,145)				290,830
Description	Shares		Value
Short-Term Investment | 24.6%
State Street Institutional Treasury Money Market Fund (Identified cost $16,546,248)		16,546,248	$	16,546,248
Total Investments l 99.2% (Identified cost $64,667,977) (b)				66,796,014
	Number of
Description	Contracts		Value
Purchased Options | 0.1%
EUR vs HUF May 12 290.00 Call, Expires 05/03/12		560	$	18,821
USD vs JPY May 12 79.50 Call, Expires 05/17/12		840		35,784

	Number of
Description	Contracts		Value
USD vs MXN April 12 12.81 Put, Expires 04/11/12		850	$	7,140
Total Purchased Options (Identified cost $37,001)				61,745
Total Investments and Purchased Options l 99.3% (Identified cost $64,704,978)			$	66,857,759
Cash and Other Assets in Excess of Liabilities l 0.7%				463,055
Net Assets l 100.0%			$	67,320,814

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2012:
Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	04/03/12		182,008	$	99,889	$	99,706	$	—	$	183
BRL	BRC	04/03/12		215,000		124,790		117,780		—		7,010
BRL	BRC	05/03/12		185,024		101,173		100,667		—		506
BRL	BRC	05/03/12		211,984		115,538		115,334		—		204
BRL	BRC	05/03/12		264,456		144,000		143,882		—		118
BRL	CIT	04/03/12		215,000		124,935		117,780		—		7,155
BRL	CIT	04/03/12		215,000		124,616		117,779		—		6,837
BRL	CIT	05/03/12		185,024		101,117		100,666		—		451
BRL	CIT	05/03/12		211,984		115,541		115,334		—		207
BRL	HSB	04/03/12		129,338		75,000		70,852		—		4,148
BRL	HSB	04/03/12		140,584		80,000		77,013		—		2,987
BRL	HSB	04/03/12		215,000		124,790		117,780		—		7,010
BRL	HSB	04/03/12		215,000		124,544		117,779		—		6,765
BRL	HSB	05/03/12		185,024		101,112		100,666		—		446
BRL	HSB	05/03/12		211,984		115,598		115,334		—		264
BRL	JPM	04/03/12		117,503		68,106		64,369		—		3,737
BRL	JPM	04/03/12		153,897		84,461		84,306		—		155
BRL	JPM	05/03/12		185,024		101,120		100,666		—		454
BRL	RBC	04/03/12		1,250,302		688,000		684,928		—		3,072
BRL	RBC	05/03/12		1,282,540		700,000		697,791		—		2,209
CLP	BNP	05/14/12		43,974,000		90,000		89,544		—		456
CLP	HSB	04/13/12		91,513,750		179,000		187,060		8,060		—
CNY	BRC	08/13/12		1,080,924		169,000		171,382		2,382		—
CNY	HSB	06/13/12		1,497,890		235,000		237,573		2,573		—
CNY	JPM	06/13/12		1,188,540		186,000		188,509		2,509		—
CNY	JPM	09/24/12		1,350,420		213,000		214,089		1,089		—
COP	CIT	05/22/12		232,895,000		130,000		129,510		—		490
COP	HSB	09/24/12		268,815,000		150,000		147,764		—		2,236
CRC	CIT	03/27/13		27,523,000		50,000		50,000		—		—
CZK	BNP	04/13/12		2,589,266		138,000		139,310		1,310		—
CZK	CIT	04/27/12		2,608,520		138,886		140,337		1,451		—
CZK	CIT	05/29/12		2,609,018		138,912		140,349		1,437		—
CZK	JPM	04/16/12		1,852,846		97,000		99,687		2,687		—
CZK	JPM	05/14/12		2,587,224		138,000		139,183		1,183		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at March 31, 2012 (continued):
Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
DOP	CIT	08/02/12		1,627,600	$	40,000	$	41,753	$	1,753	$	—
DOP	CIT	08/02/12		2,200,500		54,000		56,450		2,450		—
EUR	BNP	04/02/12		127,568		168,456		170,138		1,682		—
EUR	BNP	04/30/12		127,568		169,900		170,158		258		—
EUR	BRC	04/18/12		162,452		206,428		216,676		10,248		—
EUR	CIT	04/13/12		302,889		403,000		403,980		980		—
EUR	HSB	04/02/12		583,112		777,101		777,696		595		—
EUR	JPM	04/02/12		146,760		195,499		195,734		235		—
EUR	JPM	04/13/12		53,109		70,000		70,835		835		—
EUR	JPM	04/16/12		74,760		98,713		99,713		1,000		—
IDR	BRC	05/14/12	1,271,155,000			139,000		138,449		—		551
IDR	SCB	04/26/12	667,080,000			72,000		72,787		787		—
ILS	BNP	05/02/12		347,000		92,834		93,413		579		—
ILS	BNP	06/04/12		346,000		92,426		93,014		588		—
ILS	BRC	04/27/12		763,382		203,000		205,556		2,556		—
ILS	CIT	04/12/12		242,243		64,000		65,279		1,279		—
INR	BRC	05/21/12		5,149,320		94,000		100,022		6,022		—
INR	BRC	05/21/12		6,481,440		126,000		125,898		—		102
INR	BRC	11/15/12		11,479,620		222,000		216,648		—		5,352
INR	JPM	05/25/12		1,908,000		40,000		37,032		—		2,968
INR	UBS	05/25/12		4,263,990		89,000		82,760		—		6,240
KRW	BRC	04/02/12		135,288,000		120,000		119,402		—		598
KRW	JPM	04/13/12		434,967,400		388,000		383,592		—		4,408
KRW	SCB	04/26/12		41,922,850		37,000		36,934		—		66
MXN	UBS	04/03/12		1,390,807		107,000		108,709		1,709		—
MYR	SCB	04/30/12		1,733,872		565,000		564,874		—		126
NGN	CIT	06/27/12		13,000,000		80,000		80,217		217		—
PEN	HSB	04/09/12		368,860		138,000		138,303		303		—
PHP	BRC	04/26/12		6,106,710		141,000		141,991		991		—
PLN	BRC	04/30/12		60,547		18,463		19,420		957		—
PLN	BRC	04/30/12		795,907		245,000		255,281		10,281		—
PLN	CIT	04/30/12		752,142		233,890		241,244		7,354		—
PLN	JPM	04/02/12		611,182		199,394		196,607		—		2,787
PLN	JPM	05/31/12		712,589		229,165		227,798		—		1,367

Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at March 31, 2012 (continued):
Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RON	BRC	04/18/12		784,027	$	238,491	$	237,943	$	—	$	548
RUB	UBS	04/06/12		4,169,500		124,000		142,115		18,115		—
SGD	BRC	04/17/12		249,199		197,000		198,243		1,243		—
SGD	HSB	05/14/12		169,337		135,000		134,716		—		284
SGD	SCB	05/22/12		105,699		84,000		84,090		90		—
THB	HSB	04/05/12		2,000,196		66,000		64,827		—		1,173
THB	SCB	04/27/12		6,310,192		206,000		204,213		—		1,787
THB	SCB	05/29/12		4,704,704		152,000		151,945		—		55
TRY	BRC	04/17/12		237,706		130,500		132,909		2,409		—
TRY	BRC	09/28/12		246,675		122,895		133,326		10,431		—
TRY	JPM	04/10/12		424,974		235,000		238,001		3,001		—
TRY	JPM	04/10/12		478,749		265,957		268,117		2,160		—
TRY	JPM	09/28/12		245,640		130,500		132,767		2,267		—
ZAR	CIT	10/29/12		1,166,506		140,882		147,507		6,625		—
ZAR	CIT	10/29/12		1,510,808		182,741		191,045		8,304		—
ZAR	CIT	11/08/12		112,955		13,642		14,262		620		—
ZAR	CIT	11/08/12		936,777		112,885		118,283		5,398		—
ZAR	JPM	05/21/12		2,470,560		320,000		319,839		—		161
ZAR	JPM	06/29/12		940,084		114,345		121,023		6,678		—
ZAR	JPM	10/29/12		756,469		91,582		95,657		4,075		—
Total Forward Currency Purchase Contracts					$	14,349,817	$	14,413,900	$	149,756	$	85,673
Forward Currency Sale Contracts
BRL	BRC	04/03/12		185,024	$	101,829	$	101,358	$	471	$	—
BRL	BRC	04/03/12		211,984		116,283		116,127		156		—
BRL	CIT	04/03/12		32,992		18,106		18,073		33		—
BRL	CIT	04/03/12		185,024		101,773		101,358		415		—
BRL	CIT	04/03/12		211,984		116,283		116,127		156		—
BRL	HSB	04/03/12		185,024		101,773		101,358		415		—
BRL	HSB	04/03/12		211,984		116,347		116,127		220		—
BRL	HSB	04/03/12		302,913		166,244		165,939		305		—
BRL	JPM	04/03/12		86,375		50,000		47,317		2,683		—
BRL	JPM	04/03/12		185,024		101,773		101,358		415		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at March 31, 2012 (continued):
Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (continued)
BRL	RBC	04/03/12		1,250,302	$	686,790	$	684,928	$	1,862	$	—
CNH	JPM	09/04/12		758,940		120,000		119,564		436		—
CNY	JPM	06/13/12		271,975		43,000		43,137		—		137
CNY	JPM	06/13/12		874,197		137,000		138,652		—		1,652
COP	CIT	04/09/12		56,500,000		31,683		31,591		92		—
COP	CIT	04/09/12		56,500,000		31,688		31,591		97		—
CZK	BRC	04/23/12		2,986,320		160,645		160,665		—		20
CZK	BRC	04/23/12		4,295,000		231,390		231,073		317		—
CZK	JPM	04/16/12		1,852,846		98,713		99,687		—		974
EUR	BNP	04/02/12		127,568		169,883		170,138		—		255
EUR	BRC	04/18/12		179,243		238,491		239,072		—		581
EUR	BRC	04/30/12		45,251		60,289		60,357		—		68
EUR	CIT	04/27/12		105,500		138,886		140,720		—		1,834
EUR	CIT	05/29/12		105,500		138,912		140,744		—		1,832
EUR	HSB	04/02/12		583,112		784,000		777,696		6,304		—
EUR	HSB	06/04/12		583,112		777,288		777,935		—		647
EUR	ING	04/30/12		355,469		469,983		474,143		—		4,160
EUR	JPM	04/02/12		147,000		199,394		196,054		3,340		—
EUR	JPM	04/13/12		167,353		223,259		223,209		50		—
EUR	JPM	05/31/12		170,000		229,166		226,794		2,372		—
JPY	HSB	07/02/12		14,546,446		174,544		175,891		—		1,347
JPY	JPM	04/23/12		12,828,800		153,859		155,018		—		1,159
JPY	SCB	04/25/12		10,320,479		134,000		124,711		9,289		—
KRW	BRC	04/02/12		135,288,000		118,904		119,402		—		498
MXN	HSB	06/12/12		3,780,726		293,000		293,574		—		574
PLN	BRC	04/30/12		575,870		179,000		184,706		—		5,706
PLN	JPM	04/02/12		611,182		195,499		196,607		—		1,108
RON	BRC	04/18/12		710,142		206,428		215,520		—		9,092
TRY	BRC	04/17/12		3,846		2,156		2,151		5		—
TRY	BRC	04/17/12		233,860		123,000		130,759		—		7,759
TRY	CIT	09/28/12		177,318		91,552		95,839		—		4,287
TRY	JPM	04/10/12		221,442		121,000		124,016		—		3,016
TRY	JPM	09/28/12		150,099		77,319		81,128		—		3,809
TRY	JPM	09/28/12		163,608		84,295		88,429		—		4,134

Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at March 31, 2012 (concluded):
Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
TRY	JPM	12/19/12		704,283	$	346,000	$	374,625	$	—	$	28,625
TWD	BRC	04/09/12		5,018,400		170,000		170,036		—		36
TWD	JPM	04/16/12		2,360,800		80,000		79,993		7		—
ZAR	BRC	04/26/12		3,623,670		472,620		470,803		1,817		—
ZAR	CIT	06/29/12		683,938		87,457		88,048		—		591
ZAR	CIT	06/29/12		927,500		114,551		119,403		—		4,852
ZAR	CIT	06/29/12		1,240,729		158,222		159,727		—		1,505
ZAR	CIT	10/29/12		1,054,724		128,382		133,372		—		4,990
ZAR	CIT	10/29/12		1,287,919		153,461		162,860		—		9,399
ZAR	CIT	11/08/12		1,049,732		127,199		132,546		—		5,347
ZAR	JPM	05/21/12		486,186		62,411		62,942		—		531
Total Forward Currency Sale Contracts					$	9,815,730	$	9,894,998		31,257		110,525
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	181,013	$	196,198

Written Options open at March 31, 2012:
Description	Number of Contracts		Strike Price		Expiration Date		Premium		Value
EUR vs HUF Call		560,000		300.00		05/03/12	$	7,023	$	6,722
USD vs CLP Call		150,000		484.00		04/03/12		2,063		1,575
USD vs JPY Call		420,000		81.50		05/17/12		3,675		10,038
USD vs JPY Call		420,000		81.50		05/17/12		3,864		10,038
USD vs MYR Call		70,000		3.01		04/03/12		595		1,295
USD vs MYR Call		80,000		3.04		04/12/12		658		744
USD vs MYR Call		100,000		3.07		04/26/12		839		600
USD vs SGD Call		250,000		1.25		04/03/12		2,150		1,575
USD vs SGD Call		80,000		1.26		04/12/12		668		320
USD vs SGD Call		80,000		1.26		04/17/12		734		304
USD vs SGD Call		80,000		1.26		04/18/12		700		440
USD vs SGD Call		170,000		1.26		04/26/12		1,321		1,088
USD vs TWD Put		160,000		29.51		04/12/12		800		496
Total Written Options							$	25,090	$	35,235

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Credit Default Swap Agreements open at March 31, 2012:

Referenced Obligation	Counterparty	Notional Amount		Expiration Date	Receive (Pay) Rate		Value			Net Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Federative Republic of Brazil	JPM		1,000,000	12/20/16	(1.00	%)	$	6,011		$	27,128		$	(21,117	)
Federative Republic of Brazil	JPM		500,000	12/20/16	(1.00	%)		3,005			13,889			(10,884	)
Federative Republic of Brazil	JPM		450,000	12/20/16	(1.00	%)		2,705			12,709			(10,004	)
People’s Republic of China	JPM		1,000,000	12/20/16	1.00	%		(1,598	)		(22,555	)		20,957
										$	31,171		$	(21,048	)

Interest Rate Swap Agreements open at March 31, 2012:

Currency	Counterparty	Notional Amount		Expiration Date	Receive (Pay) Rate		Variable Rate	Unrealized Appreciation (Depreciation)
HUF	JPM		90,000,000	11/03/21	(7.36	%)	6 Month Budapest Interbank Lending Rate	$	(10,168	)
KRW	JPM		500,000,000	03/09/22	(3.68	%)	3 Month South Korean Won LIBOR		2,664
KRW	JPM		180,000,000	03/14/22	(3.69	%)	3 Month South Korean Won LIBOR		899
MXN	JPM		4,000,000	10/27/16	(5.54	%)	Mexico Interbank TIIE 28 Day		808
MXN	JPM		2,000,000	10/28/16	(5.47	%)	Mexico Interbank TIIE 28 Day		872
MXN	BRC		5,100,000	03/08/17	(5.64	%)	Mexico Interbank TIIE 28 Day		978
USD	BRC		350,000	02/14/22	(2.07	%)	3 Month US Dollar LIBOR		6,286
ZAR	JPM		3,000,000	11/02/16	6.61	%	South African Johannesberg Interbank Agreed 3 Month		(3,284	)
								$	(945	)

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 8.7%
Brazil | 1.5%
Arcos Dorados Holdings, Inc.:
10.250%, 07/13/16 (d), (h)		250	$	143,800
10.250%, 07/13/16 (h)		1,250		719,001
Cia Energetica de Sao Paulo,
9.750%, 01/15/15 (h)		539		439,285
Oi SA,
5.750%, 02/10/22 (d)		775		797,281
Petrobras International Finance
Co.,
5.375%, 01/27/21		355		382,242
				2,481,609
Chile | 0.5%
Codelco, Inc.,
3.750%, 11/04/20		750		768,371
Colombia | 1.4%
Pacific Rubiales Energy Corp.,
7.250%, 12/12/21 (d)		1,056		1,155,792
Transportadora de Gas
Internacional SA,
5.700%, 03/20/22 (d)		1,050		1,071,000
				2,226,792
Indonesia | 1.6%
PT Pertamina (Persero) Tbk:
5.250%, 05/23/21		900		947,250
6.500%, 05/27/41		1,450		1,566,000
				2,513,250
Malaysia | 0.2%
Petronas Capital Ltd., Co.,
5.250%, 08/12/19		325		362,302

Description	Principal Amount (000) (f)		Value
Mexico | 0.3%
TV Azteca SAB de CV,
7.500%, 05/25/18		550	$	563,750
Netherlands | 0.5%
Listrindo Capital BV,
6.950%, 02/21/19 (d)		750		772,500
Peru | 0.5%
Volcan Cia Minera SAA,
5.375%, 02/02/22 (d)		750		777,332
Russia | 1.7%
Alfa-Bank,
7.875%, 09/25/17		725		747,838
ALROSA Finance SA,
7.750%, 11/03/20		350		373,625
MTS International Funding, Ltd.,
8.625%, 06/22/20		850		983,288
Russian Standard Bank,
7.730%, 12/16/15 (g)		625		603,125
				2,707,876
United Arab Emirates | 0.5%
DP World, Ltd.,
6.850%, 07/02/37		800		772,000
Total Corporate Bonds
(Identified cost $13,562,853)				13,945,782
Foreign Government Obligations | 78.4%
Argentina | 0.9%
Republic of Argentina:
8.750%, 06/02/17		330		319,275
8.280%, 12/31/33 (e)		1,000		736,763
2.500%, 12/31/38 (g)		1,310		468,325
				1,524,363

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Belarus | 0.3%
Republic of Belarus:
8.750%, 08/03/15		275	$	255,750
8.950%, 01/26/18		225		202,725
				458,475
Brazil | 0.6%
Federal Republic of Brazil,
5.875%, 01/15/19		850		1,016,600
Colombia | 1.8%
Republic of Colombia:
12.000%, 10/22/15 (h)		550,000		385,883
7.375%, 03/18/19		1,850		2,373,550
7.750%, 04/14/21 (h)		85,000		56,683
9.850%, 06/28/27 (h)		160,000		125,894
				2,942,010
Croatia | 0.7%
Croatia:
6.625%, 07/14/20		300		297,000
6.375%, 03/24/21		850		816,000
				1,113,000
Dominican Republic | 0.8%
Dominican Republic:
11.700%, 06/06/14 (h)		24,500		619,376
7.500%, 05/06/21 (e)		625		643,750
				1,263,126
El Salvador | 0.7%
Republic of El Salvador,
7.375%, 12/01/19		1,000		1,080,000

Description	Principal Amount (000) (f)		Value
Gambia | 1.1%
Gabonese Republic,
8.200%, 12/12/17		1,500	$	1,824,375
Hungary | 3.7%
Hungary Government Bonds:
7.250%, 06/12/12 (h)		33,000		148,908
6.000%, 10/24/12 (h)		37,500		168,091
5.500%, 02/12/14 (h)		295,000		1,272,307
6.750%, 08/22/14 (h)		24,000		105,085
6.750%, 02/24/17 (h)		168,000		697,465
6.500%, 06/24/19 (h)		134,000		527,575
6.750%, 10/22/28 (h)		115,000		416,665
Republic of Hungary:
4.750%, 02/03/15		725		681,500
6.250%, 01/29/20		1,350		1,231,591
6.375%, 03/29/21		500		457,500
7.625%, 03/29/41		214		193,670
				5,900,357
Indonesia | 6.0%
Indonesia Government:
8.375%, 09/15/26 (h)		6,405,000		823,293
7.000%, 05/15/27 (h)		10,000,000		1,165,183
8.250%, 06/15/32 (h)		11,500,000		1,468,107
Republic of Indonesia:
6.875%, 01/17/18 (e)		2,150		2,563,875
4.875%, 05/05/21		1,175		1,273,406
6.625%, 02/17/37		900		1,109,250
5.250%, 01/17/42		1,175		1,232,281
				9,635,395
Iraq | 2.5%
Republic of Iraq,
5.800%, 01/15/28		4,675		3,938,687

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Ivory Coast | 2.2%
Ivory Coast,
2.450%, 12/31/32 (i)		5,625	$	3,529,687
Lithuania | 1.4%
Republic of Lithuania,
6.625%, 02/01/22 (d)		2,075		2,298,062
Malaysia | 4.7%
Malaysia Government:
3.702%, 02/25/13 (h)		300		98,491
3.434%, 08/15/14 (h)		760		249,642
3.835%, 08/12/15 (h)		6,500		2,161,121
4.262%, 09/15/16 (h)		8,000		2,709,630
3.580%, 09/28/18 (h)		6,700		2,189,751
4.378%, 11/29/19 (h)		600		205,794
				7,614,429
Mexico | 8.6%
Mexican Bonos:
9.000%, 06/20/13 (h)		7,080		581,490
8.000%, 12/19/13 (h)		1,000		82,302
8.500%, 12/13/18 (h)		6,000		544,235
8.500%, 05/31/29 (h)		5,800		519,095
7.750%, 05/29/31 (h)		20,400		1,675,811
10.000%, 11/20/36 (h)		7,620		763,267
8.500%, 11/18/38 (h)		14,000		1,220,846
Mexican Cetes:
0.000%, 04/04/12 (h)		5,000		39,074
0.000%, 04/19/12 (h)		31,250		243,685
0.000%, 05/17/12 (h)		140,000		1,087,955
0.000%, 06/14/12 (h)		276,000		2,137,361
0.000%, 07/26/12 (h)		1,500		11,559
0.000%, 09/20/12 (h)		205,000		1,568,081
Mexican Udibonos,
2.500%, 12/10/20 (h)		5,500		2,044,541

Description	Principal Amount (000) (f)		Value
United Mexican States,
5.950%, 03/19/19		1,100	$	1,318,900
				13,838,202
Namibia | 1.2%
Namibia International Bond,
5.500%, 11/03/21 (d)		1,775		1,859,313
Nigeria | 1.8%
Nigeria Treasury Bills:
0.000%, 08/23/12 (h)		48,000		285,937
0.000%, 02/07/13 (h)		124,000		684,649
Republic of Nigeria,
6.750%, 01/28/21		1,700		1,865,750
				2,836,336
Pakistan | 0.2%
Republic of Pakistan,
6.875%, 06/01/17		350		262,500
Peru | 2.9%
Republic of Peru:
7.125%, 03/30/19		510		650,250
7.840%, 08/12/20 (h)		2,455		1,066,787
7.350%, 07/21/25		525		717,150
8.200%, 08/12/26 (h)		270		123,339
6.950%, 08/12/31 (d), (h)		1,077		435,485
6.550%, 03/14/37 (e)		1,075		1,369,550
5.625%, 11/18/50		195		218,400
				4,580,961
Philippines | 2.1%
Republic of Philippines:
4.000%, 01/15/21		125		130,156
7.500%, 09/25/24		1,650		2,145,000

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio (continued)
5.000%, 01/13/37		975	$	1,016,438
				3,291,594
Poland | 4.8%
Poland Government Bonds:
4.750%, 04/25/12 (h)		15		4,825
0.000%, 10/25/12 (h)		1,950		611,093
0.000%, 01/25/14 (h)		7,250		2,150,524
5.500%, 04/25/15 (h)		400		131,466
5.250%, 10/25/17 (h)		4,125		1,342,202
5.500%, 10/25/19 (h)		10,727		3,494,863
				7,734,973
Qatar | 0.5%
State of Qatar:
4.500%, 01/20/22 (d)		450		469,710
5.750%, 01/20/42 (d)		300		324,360
				794,070
Romania | 0.3%
Romania Bond,
6.750%, 02/07/22 (d)		400		418,000
Russia | 6.9%
Russia Eurobonds:
3.250%, 04/04/17 (d)		600		600,300
7.850%, 03/10/18 (h)		100,000		3,556,541
7.850%, 03/10/18 (d), (h)		5,000		177,827
5.000%, 04/29/20		500		532,925
7.500%, 03/31/30 (e)		3,098		3,705,803
5.625%, 04/04/42 (d)		1,200		1,190,400
Russia Government Bond,
7.100%, 03/13/14 (h)		39,200		1,347,380
				11,111,176

Description	Principal Amount (000) (f)		Value
Serbia | 0.3%
Republic of Serbia,
6.750%, 11/01/24 (g)		533	$	529,003
South Africa | 5.4%
Republic of South Africa:
13.500%, 09/15/15 (h)		11,450		1,800,267
8.250%, 09/15/17 (h)		19,440		2,639,542
7.250%, 01/15/20 (h)		4,400		555,750
4.665%, 01/17/24		1,250		1,278,125
10.500%, 12/21/26 (h)		9,185		1,411,934
7.000%, 02/28/31 (h)		9,600		1,043,348
				8,728,966
Sri Lanka | 0.4%
Republic of Sri Lanka:
7.400%, 01/22/15		150		158,625
6.250%, 10/04/20		525		522,375
				681,000
Thailand | 2.9%
Bank of Thailand:
0.000%, 05/03/12 (h)		59,150		1,912,737
1.650%, 05/21/12 (h)		3,000		97,064
0.000%, 08/03/12 (h)		65,500		2,102,072
2.480%, 08/19/12 (h)		137		4,431
2.350%, 10/21/12 (h)		11,700		377,745
Thailand Government,
4.250%, 03/13/13 (h)		4,000		130,981
				4,625,030
Turkey | 8.4%
Republic of Turkey:
7.000%, 09/26/16		1,225		1,378,125
7.500%, 07/14/17		700		806,750
5.125%, 03/25/22		1,875		1,860,938

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio (continued)
6.875%, 03/17/36		1,250	$	1,387,500
Turkey Government Bonds:
0.000%, 02/20/13 (h)		3,245		1,678,322
0.000%, 05/15/13 (h)		3,200		1,620,935
0.000%, 07/17/13 (h)		1,080		538,727
4.500%, 02/11/15 (h)		5,009		2,928,674
4.000%, 04/29/15 (h)		1,828		1,058,659
4.000%, 04/01/20 (h)		346		201,820
				13,460,450
Ukraine | 1.4%
Ukraine Government:
6.875%, 09/23/15		400		369,500
6.580%, 11/21/16		1,425		1,232,625
7.950%, 02/23/21		700		602,000
				2,204,125
Uruguay | 0.9%
Republic Orient Uruguay,
4.375%, 12/15/28 (h)		4,200		235,243
Uruguay Treasury Bills:
0.000%, 04/24/12 (h)		7,700		392,840
0.000%, 05/18/12 (h)		10,000		506,967
0.000%, 07/20/12 (h)		7,150		356,560
				1,491,610
Venezuela | 2.0%
Republic of Venezuela:
5.750%, 02/26/16		575		510,312
7.000%, 12/01/18		225		187,875
7.750%, 10/13/19		450		378,000
12.750%, 08/23/22		230		241,500
9.000%, 05/07/23		30		25,575
8.250%, 10/13/24		635		506,413
7.650%, 04/21/25		750		566,250
9.250%, 05/07/28		850		705,500

Description	Principal Amount (000) (f)		Value
7.000%, 03/31/38		230	$	163,300
				3,284,725
Total Foreign Government
Obligations
(Identified cost $121,623,193)				125,870,600
Quasi Bonds | 7.1%
Colombia | 0.9%
Emgesa SA:
8.750%, 01/25/21 (h)		1,000,000		607,029
8.750%, 01/25/21 (d), (h)		150,000		91,054
Empresas Publicas de Medellin:
8.375%, 02/01/21 (d), (h)		150,000		89,166
8.375%, 02/01/21 (h)		1,260,000		748,991
				1,536,240
Indonesia | 0.5%
Majapahit Holding BV,
8.000%, 08/07/19		650		786,500
Kazakhstan | 1.7%
Development Bank of Kazakhstan
JSC,
5.500%, 12/20/15 (e)		2,575		2,755,250
Mexico | 1.2%
Pemex Project Funding Master
Trust,
6.625%, 06/15/35		425		484,500
Petroleos Mexicanos:
5.500%, 01/21/21		550		606,375
4.875%, 01/24/22 (d)		825		866,250
				1,957,125
Russia | 1.3%
Gaz Capital SA:
9.250%, 04/23/19		100		123,500

Description	Principal Amount (000) (f)		Value
Lazard Emerging Markets Debt Portfolio (continued)
6.510%, 03/07/22		300	$	327,000
Russian Agricultural Bank OJSC:
7.500%, 03/25/13 (h)		31,500		1,069,827
8.700%, 03/17/16 (h)		15,000		524,146
Vnesheconombank,
6.902%, 07/09/20		100		108,125
				2,152,598
South Africa | 0.3%
Transnet, Ltd.,
10.500%, 09/17/20 (h)		3,000		424,390
Venezuela | 1.2%
Petroleos de Venezuela SA:
5.250%, 04/12/17 (e)		1,515		1,147,612
8.500%, 11/02/17		810		720,090
				1,867,702
Total Quasi Bonds
(Identified cost $10,883,951)				11,479,805
Supranationals | 1.3%
Indonesia | 1.3%
European Bank for Reconstruction &
Development:
6.750%, 02/19/13 (h)		5,100,000		564,408
7.200%, 06/08/16 (h)		1,500,000		172,708
Export-Import Bank of Korea,
6.600%, 11/04/13 (h)		6,700,000		735,945
Inter-American Development
Bank,
0.000%, 08/20/15 (h)		7,000,000		630,299
Total Supranationals
(Identified cost $2,195,198)				2,103,360

Description	Shares		Value
Short-Term Investment | 5.1%
State Street Institutional Treasury
Money Market Fund
(Identified cost $8,120,946)		8,120,946	$	8,120,946
Total Investments l 100.6%
(Identified cost $156,386,141) (b)				161,520,493
Description	Number of Contracts		Value
Purchased Options | 0.4%
EUR vs HUF May 12 290 Call,
Expires 05/03/12		5,730	$	192,581
USD vs JPY May 12 79.50 Call,
Expires 05/17/12		9,000		383,400
Total Purchased Options
(Identified cost $313,383)				575,981
Total Investments and Purchased Options | 101.0%
(Identified cost $156,699,524)			$	162,096,474
Liabilities in Excess of Cash and
Other Assets l (1.0)%				(1,606,938	)
Net Assets l 100.0%			$	160,489,536

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at March 31, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	04/03/12		2,130,000	$	1,236,288	$	1,166,836	$	—	$	69,452
BRL	BRC	04/03/12		2,653,161		1,456,101		1,453,429		—		2,672
BRL	BRC	05/03/12		2,229,178		1,218,929		1,212,828		—		6,101
BRL	BRC	05/03/12		2,553,983		1,392,006		1,389,545		—		2,461
BRL	CIT	04/03/12		503,161		276,144		275,637		—		507
BRL	CIT	04/03/12		2,130,000		1,237,725		1,166,836		—		70,889
BRL	CIT	04/03/12		2,150,000		1,246,160		1,177,792		—		68,368
BRL	CIT	05/03/12		2,229,178		1,218,263		1,212,828		—		5,435
BRL	CIT	05/03/12		2,553,983		1,392,044		1,389,545		—		2,499
BRL	HSB	04/03/12		2,130,000		1,236,288		1,166,836		—		69,452
BRL	HSB	04/03/12		2,150,000		1,245,438		1,177,792		—		67,646
BRL	HSB	04/03/12		2,688,669		1,530,000		1,472,880		—		57,120
BRL	HSB	05/03/12		2,229,178		1,218,197		1,212,828		—		5,369
BRL	HSB	05/03/12		2,553,983		1,392,727		1,389,544		—		3,183
BRL	JPM	04/03/12		646,313		375,000		354,056		—		20,944
BRL	JPM	04/03/12		1,233,673		715,048		675,818		—		39,230
BRL	JPM	04/03/12		1,320,008		765,000		723,113		—		41,887
BRL	JPM	05/03/12		2,229,178		1,218,297		1,212,829		—		5,468
CRC	CIT	03/27/13		264,220,800		480,000		480,000		—		—
DOP	CIT	08/02/12		15,869,100		390,000		407,091		17,091		—
DOP	CIT	08/02/12		21,597,500		530,000		554,042		24,042		—
HUF	BRC	05/09/12		11,340,000		50,659		51,108		449		—
HUF	CIT	04/04/12		16,225,000		74,860		73,474		—		1,386
HUF	CIT	05/09/12		16,225,000		74,562		73,124		—		1,438
IDR	BRC	04/17/12		12,741,000,000		1,370,000		1,391,446		21,446		—
KRW	BRC	04/02/12		901,920,000		800,000		796,011		—		3,989
NGN	CIT	04/10/12		129,680,000		800,000		822,641		22,641		—
NGN	CIT	06/27/12		91,000,000		560,000		561,522		1,522		—
RUB	BRC	04/12/12		12,193,400		410,000		415,246		5,246		—
ZAR	BRC	04/26/12		157,500		20,504		20,463		—		41
ZAR	BRC	04/26/12		801,900		105,129		104,187		—		942
ZAR	CIT	04/26/12		772,875		101,885		100,415		—		1,470
Total Forward Currency Purchase Contracts					$	26,137,254	$	25,681,742	$	92,437	$	547,949

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at March 31, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
BRL	BRC	04/03/12		2,229,178	$	1,226,845	$	1,221,166	$	5,679	$	—
BRL	BRC	04/03/12		2,553,983		1,400,978		1,399,098		1,880		—
BRL	CIT	04/03/12		2,229,178		1,226,170		1,221,166		5,004		—
BRL	CIT	04/03/12		2,553,983		1,400,978		1,399,098		1,880		—
BRL	HSB	04/03/12		2,185,508		1,199,444		1,197,243		2,201		—
BRL	HSB	04/03/12		2,229,178		1,226,170		1,221,166		5,004		—
BRL	HSB	04/03/12		2,553,983		1,401,747		1,399,098		2,649		—
BRL	JPM	04/03/12		970,814		532,800		531,822		978		—
BRL	JPM	04/03/12		2,229,178		1,226,170		1,221,166		5,004		—
HUF	CIT	04/04/12		16,225,000		74,892		73,474		1,418		—
HUF	JPM	05/09/12		137,826,000		615,955		621,168		—		5,213
HUF	JPM	05/09/12		169,087,500		756,104		762,060		—		5,956
IDR	JPM	04/17/12		7,670,000,000		837,794		837,642		152		—
KRW	BRC	04/02/12		901,920,000		792,688		796,011		—		3,323
ZAR	SSB	04/26/12		2,624,353		342,506		340,966		1,540		—
Total Forward Currency Sale Contracts					$	14,261,241	$	14,242,344		33,389		14,492
Gross unrealized appreciation/depreciation on Forward Currency
Purchase and Sale Contracts									$	125,826	$	562,441

Written Options open at March 31, 2012:

Description	Number of Contracts		Strike Price		Expiration Date		Premium		Value
EUR vs HUF Call		5,730,000		300.00		05/03/12	$	71,862	$	68,779
USD vs CLP Call		1,600,000		484.00		04/03/12		22,000		16,800
USD vs JPY Call		9,000,000		81.50		05/17/12		81,000		215,100
USD vs SGD Call		1,600,000		1.26		04/26/12		12,160		11,520
Total Written Options							$	187,022	$	312,199

Description	Shares		Value
Lazard U.S. Realty Income Portfolio
Closed-End Management Investment Company | 0.6%
Ares Capital Corp.
(Identified cost $217,884)		14,800	$	241,980
Preferred Stocks | 35.7%
Real Estate | 35.7%
Ashford Hospitality Trust, Inc.,
Series A, 8.550%		35,163		856,922
Ashford Hospitality Trust, Inc.,
Series D, 8.450%		37,510		909,617
Brandywine Realty Trust,
Series C, 7.500%		8,560		216,140
Brandywine Realty Trust,
Series D, 7.375%		8,650		218,413
CapLease, Inc.,
Series A, 8.125%		19,130		467,920
Cedar Realty Trust, Inc.,
Series A, 8.875%		49,446		1,240,600
Cogdell Spencer, Inc.,
Series A, 8.500%		8,200		206,804
Cousins Properties, Inc.,
Series A, 7.750%		7,989		199,166
DDR Corp.,
Series H, 7.375%		9,090		227,614
DDR Corp.,
Series I, 7.500%		8,920		223,268
DuPont Fabros Technology, Inc.,
Series B, 7.625%		13,060		332,377
First Industrial Realty Trust, Inc.,
Series K, 7.250%		58,630		1,385,427
First Potomac Realty Trust,
Series A, 7.750%		8,710		217,837
Glimcher Realty Trust,
Series F, 8.750%		5,680		142,398
Glimcher Realty Trust,
Series G, 8.125%		58,884		1,455,612
Hersha Hospitality Trust,
Series A, 8.000%		37,471		961,131

Description	Shares		Value
Kite Realty Group Trust,
Series A, 8.250%		40,530	$	1,017,708
NorthStar Realty Finance Corp.,
Series A, 8.750%		67,557		1,671,360
Parkway Properties, Inc.,
Series D, 8.000%		32,606		813,846
Prologis, Inc.,
Series P, 6.850%		3,560		89,000
Prologis, Inc.,
Series S, 6.750%		9,250		232,452
Ramco-Gershenson Properties
Trust,
Series D, 7.250%		8,500		417,775
STAG Industrial, Inc.,
Series A, 9.000%		3,800		97,432
Sunstone Hotel Investors, Inc.,
Series A, 8.000%		69,283		1,700,898
Winthrop Realty Trust,
Series D, 9.250%		20,000		507,600
Total Preferred Stocks (Identified cost $15,182,343)				15,809,317
Real Estate Investment Trusts | 53.5%
Agree Realty Corp.		65,211		1,472,464
Apollo Commercial Real Estate
Finance, Inc.		128,289		2,007,723
Associated Estates Realty Corp.		100,712		1,645,634
Brandywine Realty Trust		75,850		870,758
Cedar Realty Trust, Inc.		220,290		1,127,885
Cogdell Spencer, Inc.		241,100		1,022,264
Colony Financial, Inc.		94,727		1,551,628
CommonWealth REIT		45,590		848,886
Corporate Office Properties Trust		14,300		331,903
Dynex Capital, Inc.		139,590		1,333,085
Entertainment Properties Trust		35,560		1,649,273
Medical Properties Trust, Inc.		223,960		2,078,349
Ramco-Gershenson Properties Trust		87,000		1,063,140
Sabra Health Care REIT, Inc.		37,300		613,212
STAG Industrial, Inc.		131,980		1,842,441
Starwood Property Trust, Inc.		76,515		1,608,345
Sun Communities, Inc.		9,400		407,302

Description	Shares		Value
Lazard U.S. Realty Income Portfolio (concluded)
Washington Real Estate Investment
Trust		25,690	$	762,993
Whitestone REIT		112,996		1,473,468
Total Real Estate Investment
Trusts
(Identified cost $21,990,071)				23,710,753
Description	Principal Amount (000)			Value
Corporate Bond | 1.6%
Real Estate | 1.6%
Shimao Property Holdings, Ltd.,
11.000%, 03/08/18
(Identified cost $632,333)	$	800	$	727,263
Description	Shares		Value
Short-Term Investment | 6.7%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,989,569)		2,989,569		2,989,569
Total Investments | 98.1%
(Identified cost $41,012,200) (b)			$	43,478,882
Cash and Other Assets in Excess
of Liabilities | 1.9%				834,668
Net Assets | 100.0%			$	44,313,550

Description	Shares		Value
Lazard U.S. Realty Equity Portfolio
Common Stocks | 5.4%
Leisure & Entertainment | 4.6%
Marriott International, Inc., Class A		9,498	$	359,499
Starwood Hotels & Resorts
Worldwide, Inc.		11,540		650,971
				1,010,470
Real Estate | 0.8%
CBRE Group, Inc., Class A (a)		4,768		95,169
Jones Lang LaSalle, Inc.		1,141		95,057
				190,226
Total Common Stocks
(Identified cost $1,138,113)				1,200,696
Real Estate Investment Trusts | 88.6%
American Tower Corp.		8,724		546,696
Apartment Investment &
Management Co.		35,621		940,751
Ashford Hospitality Trust, Inc.		15,885		143,124
Associated Estates Realty Corp.		43,212		706,084
AvalonBay Communities, Inc.		4,092		578,404
Boston Properties, Inc.		7,335		770,102
BRE Properties, Inc.		7,603		384,332
CBL & Associates Properties, Inc.		4,284		81,053
Cedar Realty Trust, Inc.		155,543		796,380
Colony Financial, Inc.		42,525		696,559
CubeSmart		31,062		369,638
DDR Corp.		52,413		765,230
Douglas Emmett, Inc.		27,111		618,402
DuPont Fabros Technology, Inc.		31,941		780,957
Equity Residential		6,300		394,506
Essex Property Trust, Inc.		3,411		516,801
General Growth Properties, Inc.		23,494		399,163
Glimcher Realty Trust		42,278		432,081
HCP, Inc.		5,570		219,792

Description	Shares		Value
Health Care REIT, Inc.		11,297	$	620,883
Hersha Hospitality Trust		73,455		401,064
Kilroy Realty Corp.		8,813		410,774
Medical Properties Trust, Inc.		68,511		635,782
MPG Office Trust, Inc. (a)		136,091		318,453
Prologis, Inc.		26,954		970,883
PS Business Parks, Inc.		7,122		466,776
Public Storage		7,161		989,435
Retail Opportunity Investments Corp.		59,671		718,439
Simon Property Group, Inc.		14,575		2,123,286
SL Green Realty Corp.		9,518		738,121
Ventas, Inc.		19,280		1,100,888
Total Real Estate Investment
Trusts
(Identified cost $18,758,164)				19,634,839
Short-Term Investment | 10.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,275,201)		2,275,201		2,275,201
Total Investments | 104.3%
(Identified cost $22,171,478) (b)			$	23,110,736
Liabilities in Excess of Cash and
Other Assets | (4.3)%				(949,113	)
Net Assets | 100.0%			$	22,161,623

Description	Shares		Value
Lazard International Realty Equity Portfolio
Common Stocks | 62.6%
Brazil | 10.3%
Aliansce Shopping Centers SA		13,500	$	126,832
BR Properties SA		6,900		88,601
Cyrela Commercial Properties SA
Empreendimentos e Participacoes		2,400		25,637
Gafisa SA		13,500		31,800
Multiplan Empreendimentos
Imobiliarios SA		3,300		77,102
PDG Realty SA Empreendimentos e
Participacoes		14,700		50,813
				400,785
Canada | 1.7%
Genesis Land Development Corp. (a)		9,800		29,966
Melcor Developments, Ltd.		2,450		37,827
				67,793
China | 7.4%
China Overseas Land & Investment,
Ltd.		38,000		72,129
Shimao Property Holdings, Ltd.		82,500		87,753
Shui On Land, Ltd.		140,000		56,429
Soho China, Ltd.		98,000		71,049
				287,360
Hong Kong | 16.1%
Cheung Kong Holdings, Ltd.		11,000		142,076
Great Eagle Holdings, Ltd.		34,373		97,158
Hang Lung Properties, Ltd.		8,000		29,361
Sun Hung Kai Properties, Ltd.		19,000		236,107
The Wharf Holdings, Ltd.		23,000		124,988
				629,690

Description	Shares		Value
Japan | 13.8%
Daito Trust Construction Co., Ltd.		400	$	35,907
Mitsubishi Estate Co., Ltd.		12,000		213,990
Mitsui Fudosan Co., Ltd.		10,000		191,253
Sumitomo Realty & Development
Co., Ltd.		4,000		96,412
				537,562
Luxembourg | 2.5%
GAGFAH SA (a)		11,533		97,657
Norway | 2.6%
Norwegian Property ASA		66,100		103,072
Singapore | 2.6%
CapitaLand, Ltd.		40,000		99,280
United States | 5.6%
Brookfield Office Properties, Inc.		6,200		107,845
Marriott International, Inc., Class A		1,250		47,312
Starwood Hotels & Resorts
Worldwide, Inc.		1,100		62,051
				217,208
Total Common Stocks
(Identified cost $2,288,570)				2,440,407
Real Estate Investment Trusts | 33.0%
Australia | 14.0%
CFS Retail Property Trust		53,470		99,142
Goodman Group		165,401		118,218
Investa Office Fund		190,542		125,332
Westfield Group		22,269		203,685
				546,377

Description	Shares		Value
Lazard International Realty Equity Portfolio (concluded)
Canada | 0.9%
Boardwalk Real Estate Investment
Trust		600	$	34,348
France | 6.0%
Fonciere des Regions		604		48,519
Unibail-Rodamco SE		928		185,589
				234,108
Italy | 2.1%
Beni Stabili SpA		135,725		84,335
Japan | 4.1%
Japan Hotel and Resort, Inc.		24		59,647
Japan Logistics Fund, Inc.		5		42,346
Japan Retail Fund Investment Corp.		20		29,697
Nippon Building Fund, Inc.		3		28,488
				160,178
Netherlands | 0.8%
Eurocommercial Properties NV		843		31,942
Singapore | 0.9%
CDL Hospitality Trusts		25,000		34,505
United Kingdom | 4.2%
British Land Co. PLC		6,724		51,613
Derwent London PLC		2,621		73,156
Hammerson PLC		5,837		38,802
				163,571
Total Real Estate Investment
Trusts
(Identified cost $1,212,665)				1,289,364

Description	Shares		Value
Short-Term Investment | 3.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $127,007)		127,007	$	127,007
Total Investments | 98.9%
(Identified cost $3,628,242) (b)			$	3,856,778
Cash and Other Assets in Excess
of Liabilities | 1.1%				44,053
Net Assets | 100.0%			$	3,900,831

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds | 93.4%
Aerospace & Defense | 1.2%
BE Aerospace, Inc.,
8.500%, 07/01/18	$	525	$	580,125
Huntington Ingalls Industries, Inc.,
6.875%, 03/15/18		1,500		1,590,000
				2,170,125
Apparel & Textiles | 1.6%
Jones Group,
6.875%, 03/15/19		1,500		1,468,125
Levi Strauss & Co.,
7.625%, 05/15/20		1,300		1,374,750
				2,842,875
Automotive | 4.3%
ArvinMeritor, Inc.,
8.125%, 09/15/15		215		226,825
Chrysler Group LLC,
8.250%, 06/15/21		825		833,250
Dana Holding Corp.,
6.500%, 02/15/19		1,500		1,590,000
GMAC LLC,
6.750%, 12/01/14		165		172,838
Navistar International Corp.,
8.250%, 11/01/21		743		809,870
Schaeffler Finance BV:
7.750%, 02/15/17 (d)		250		264,375
8.500%, 02/15/19 (d)		250		266,875
The Goodyear Tire & Rubber Co.,
8.250%, 08/15/20		875		929,687
Tomkins LLC,
9.000%, 10/01/18		1,305		1,445,287
TRW Automotive, Inc.,
8.875%, 12/01/17 (d)		1,000		1,105,000
				7,644,007

Description	Principal Amount (000)		Value
Building Materials | 4.5%
Griffon Corp.,
7.125%, 04/01/18	$	1,405	$	1,452,419
Legrand France SA,
8.500%, 02/15/25		925		1,179,569
Masco Corp.,
6.125%, 10/03/16		1,500		1,585,620
Owens Corning, Inc.,
9.000%, 06/15/19		725		895,039
USG Corp.:
9.750%, 08/01/14 (d)		450		495,000
9.750%, 01/15/18		675		669,938
Vulcan Materials Co.,
6.500%, 12/01/16		1,600		1,716,000
				7,993,585
Cable Television | 6.5%
Cablevision Systems Corp.,
7.750%, 04/15/18		1,500		1,567,500
CCO Holdings LLC,
7.875%, 04/30/18		1,500		1,620,000
Cequel Communications
Holdings LLC,
8.625%, 11/15/17 (d)		1,550		1,664,312
EchoStar DBS Corp.,
7.125%, 02/01/16		775		857,344
Insight Communications Co., Inc.,
9.375%, 07/15/18 (d)		715		816,887
Kabel BW Erste Beteiligungs
GmbH,
7.500%, 03/15/19 (d)		1,400		1,512,000
Mediacom Broadband LLC,
8.500%, 10/15/15		875		901,250
Mediacom LLC,
9.125%, 08/15/19		175		190,094
Nara Cable Funding, Ltd.,
8.875%, 12/01/18 (d)		1,075		1,021,250
Unitymedia Hessen GmbH & Co.
KG,
8.125%, 12/01/17 (d)		1,325		1,431,000
				11,581,637

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Chemicals | 0.7%
Lyondell Chemical Co.,
8.000%, 11/01/17	$	271	$	304,197
Mosaic Global Holdings, Inc.,
7.300%, 01/15/28		775		947,443
				1,251,640
Computer Services | 2.0%
First Data Corp.,
8.875%, 08/15/20 (d)		850		921,188
iGate Corp.,
9.000%, 05/01/16		1,200		1,303,500
SunGard Data Systems, Inc.:
10.250%, 08/15/15		564		585,855
7.375%, 11/15/18		750		796,875
				3,607,418
Diversified | 1.3%
Amsted Industries, Inc.,
8.125%, 03/15/18 (d)		1,100		1,177,000
General Cable Corp.,
7.125%, 04/01/17		489		503,670
SPX Corp.,
7.625%, 12/15/14		535		593,850
				2,274,520
Electric Generation | 2.9%
AES Corp.,
8.000%, 10/15/17		1,472		1,657,840
Calpine Corp.,
7.875%, 07/31/20 (d)		1,150		1,250,625
Edison Mission Energy,
7.750%, 06/15/16		625		431,250
GenOn Energy, Inc.:
9.500%, 10/15/18		225		207,000
9.875%, 10/15/20		475		432,250

Description	Principal Amount (000)		Value
NRG Energy, Inc.:
7.375%, 01/15/17	$	600	$	624,000
8.250%, 09/01/20		525		517,125
				5,120,090
Electronics | 1.1%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		75		76,969
9.250%, 04/15/18 (d)		900		985,500
MEMC Electronic Materials, Inc.,
7.750%, 04/01/19		1,250		993,750
				2,056,219
Energy Exploration & Production | 2.3%
ATP Oil & Gas Corp.,
11.875%, 05/01/15		1,225		894,250
Chesapeake Energy Corp.,
9.500%, 02/15/15		1,400		1,603,000
Denbury Resources, Inc.,
9.750%, 03/01/16		590		647,525
Samson Investment Co.,
9.750%, 02/15/20 (d)		1,000		1,012,500
				4,157,275
Energy Services | 4.4%
Cie Generale de Geophysique -
Veritas,
7.750%, 05/15/17		1,415		1,471,600
Citgo Petroleum Corp.,
11.500%, 07/01/17 (d)		1,250		1,400,000
Expro Finance Luxembourg SCA,
8.500%, 12/15/16 (d)		700		673,750
Frac Tech Services LLC,
7.625%, 11/15/18 (d)		1,000		1,045,000
Offshore Group Investments,
Ltd.,
11.500%, 08/01/15		1,000		1,100,000
PBF Holding Co. LLC,
8.250%, 02/15/20 (d)		900		918,000

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Tesoro Corp.,
6.500%, 06/01/17	$	1,300	$	1,335,750
				7,944,100
Financial Services | 1.8%
Icahn Enterprises LP:
7.750%, 01/15/16		500		517,500
8.000%, 01/15/18		1,100		1,144,000
International Lease Finance Corp.:
8.625%, 09/15/15		500		550,000
5.750%, 05/15/16		500		499,440
8.750%, 03/15/17		500		556,250
				3,267,190
Food & Beverages | 2.9%
Constellation Brands, Inc.,
7.250%, 05/15/17		950		1,075,875
Dean Foods Co.,
7.000%, 06/01/16		800		822,000
Del Monte Corp.,
7.625%, 02/15/19		1,500		1,492,500
Post Holdings, Inc.,
7.375%, 02/15/22 (d)		1,650		1,728,375
				5,118,750
Forest & Paper Products | 0.9%
ABI Escrow Corp.,
10.250%, 10/15/18		690		791,775
Smurfit Kappa Treasury Funding,
Ltd.,
7.500%, 11/20/25		750		742,500
				1,534,275
Gaming | 5.0%
Boyd Gaming Corp.,
9.125%, 12/01/18		1,350		1,405,687

Description	Principal Amount (000)		Value
Marina District Finance Co., Inc.:
9.500%, 10/15/15	$	500	$	456,250
9.875%, 08/15/18		500		448,750
MGM Resorts International,
10.375%, 05/15/14		900		1,020,375
Peninsula Gaming LLC:
8.375%, 08/15/15		625		659,375
10.750%, 08/15/17		225		248,625
Penn National Gaming, Inc.,
8.750%, 08/15/19		825		926,062
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17		800		872,000
Scientific Games Corp.,
8.125%, 09/15/18		350		381,063
Scientific Games International, Inc.:
7.875%, 06/15/16 (d)		525		547,313
9.250%, 06/15/19		250		276,875
Wynn Las Vegas LLC:
7.875%, 11/01/17		500		545,000
7.750%, 08/15/20		1,000		1,098,750
				8,886,125
Gas Distribution | 5.0%
Copano Energy LLC,
7.750%, 06/01/18		1,600		1,676,000
El Paso Corp.,
7.000%, 06/15/17		650		723,804
Energy Transfer Equity LP,
7.500%, 10/15/20		1,250		1,387,500
Ferrellgas Partners LP:
8.625%, 06/15/20		520		470,600
6.500%, 05/01/21		500		451,250
Inergy LP,
7.000%, 10/01/18		1,575		1,535,625
NGPL PipeCo LLC,
7.119%, 12/15/17 (d)		1,075		979,561
Niska Gas Storage Partners LLC,
8.875%, 03/15/18		750		705,000

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Rockies Express Pipeline LLC,
6.850%, 07/15/18 (d)	$	1,025	$	953,250
				8,882,590
Health Services | 6.3%
Apria Healthcare Group, Inc.,
11.250%, 11/01/14		550		575,438
Biomet, Inc.,
10.000%, 10/15/17		925		995,531
Fresenius US Finance II, Inc.,
9.000%, 07/15/15 (d)		525		605,063
Grifols, Inc.,
8.250%, 02/01/18		1,525		1,650,812
HCA, Inc.,
8.000%, 10/01/18		1,600		1,744,000
Health Management Associates,
Inc.,
6.125%, 04/15/16		1,000		1,046,250
Kinetic Concepts Inc.,
10.500%, 11/01/18 (d)		750		779,062
Lantheus Medical Imaging, Inc.,
9.750%, 05/15/17		375		336,563
Service Corp. International,
6.750%, 04/01/16		750		811,875
Tenet Healthcare Corp.,
8.875%, 07/01/19		1,000		1,120,000
Vanguard Health Holding Co.,
LLC,
8.000%, 02/01/18		1,500		1,530,000
				11,194,594
Leisure & Entertainment | 2.0%
AMC Entertainment, Inc.,
8.750%, 06/01/19		950		995,125
Cedar Fair LP,
9.125%, 08/01/18		225		252,563
Live Nation Entertainment, Inc.,
8.125%, 05/15/18 (d)		135		143,775
Royal Caribbean Cruises, Ltd.,
7.250%, 06/15/16		330		356,400

Description	Principal Amount (000)		Value
Speedway Motorsports, Inc.,
8.750%, 06/01/16	$	826	$	904,470
Ticketmaster Entertainment LLC,
10.750%, 08/01/16		850		914,812
				3,567,145
Machinery | 1.1%
Case New Holland, Inc.,
7.750%, 09/01/13		200		213,000
Terex Corp.,
10.875%, 06/01/16		550		625,625
The Manitowoc Co., Inc.,
8.500%, 11/01/20		1,000		1,100,000
				1,938,625
Media | 2.9%
Clear Channel Worldwide
Holdings, Inc.,
9.250%, 12/15/17		1,475		1,616,969
Lamar Media Corp.,
7.875%, 04/15/18		1,000		1,093,750
LIN Television Corp.,
8.375%, 04/15/18		1,400		1,464,750
WMG Acquisition Corp.,
9.500%, 06/15/16		945		1,030,050
				5,205,519
Metals & Mining | 3.3%
Aleris International, Inc.,
7.625%, 02/15/18		1,175		1,229,344
Arch Coal, Inc.,
7.000%, 06/15/19 (d)		1,651		1,523,047
Calcipar SA,
6.875%, 05/01/18 (d)		1,350		1,370,250
FMG Resources (August 2006)
Property, Ltd.,
7.000%, 11/01/15 (d)		1,800		1,836,000
				5,958,641

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Packaging | 2.0%
Reynolds Group Issuer, Inc.,
8.750%, 10/15/16 (d)	$	1,500	$	1,586,250
Sealed Air Corp.,
8.125%, 09/15/19 (d)		1,775		1,959,156
				3,545,406
Pharmaceutical & Biotechnology | 2.4%
Mylan, Inc.:
7.625%, 07/15/17 (d)		400		440,000
7.875%, 07/15/20 (d)		650		724,750
Valeant Pharmaceuticals
International, Inc.,
6.500%, 07/15/16 (d)		1,500		1,526,250
Warner Chilcott Co LLC,
7.750%, 09/15/18		1,575		1,641,938
				4,332,938
Printing & Publishing | 3.1%
Deluxe Corp.,
7.375%, 06/01/15		1,005		1,032,637
Gannett Co., Inc.,
7.125%, 09/01/18		1,676		1,763,990
R.R. Donnelley & Sons Co.,
7.250%, 05/15/18		1,600		1,552,000
The McClatchy Co.,
11.500%, 02/15/17		1,200		1,275,000
				5,623,627
Real Estate | 2.3%
CB Richard Ellis Services, Inc.,
11.625%, 06/15/17		975		1,106,625
CNL Lifestyle Properties, Inc.,
7.250%, 04/15/19		1,600		1,440,000
DuPont Fabros Technology LP,
8.500%, 12/15/17		1,000		1,100,000

Description	Principal Amount (000)		Value
Forest City Enterprises, Inc.,
7.625%, 06/01/15	$	475	$	469,063
				4,115,688
Restaurants | 1.2%
Landry’s Restaurants, Inc.,
11.625%, 12/01/15		1,075		1,197,281
The Wendy’s Co.,
10.000%, 07/15/16		825		901,313
				2,098,594
Retail | 2.5%
Ingles Markets, Inc.,
8.875%, 05/15/17		1,238		1,340,135
QVC, Inc.,
7.500%, 10/01/19 (d)		1,000		1,097,500
Sears Holdings Corp.,
6.625%, 10/15/18		675		599,906
SuperValu, Inc.,
8.000%, 05/01/16		1,450		1,518,875
				4,556,416
Steel-Producers | 1.7%
AK Steel Corp.,
7.625%, 05/15/20		1,400		1,351,000
Steel Dynamics, Inc.,
7.750%, 04/15/16		264		273,900
United States Steel Corp.,
6.050%, 06/01/17		1,475		1,504,500
				3,129,400
Support Services | 4.4%
Avis Budget Car Rental LLC:
7.625%, 05/15/14		341		342,705
7.750%, 05/15/16		410		421,275
9.625%, 03/15/18		835		905,975
Hertz Corp.,
7.500%, 10/15/18		1,000		1,061,250

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Iron Mountain, Inc.,
8.000%, 06/15/20	$	1,600	$	1,688,000
The GEO Group, Inc.,
7.750%, 10/15/17		1,375		1,486,719
United Rentals North America,
Inc.,
9.250%, 12/15/19		1,000		1,102,500
West Corp.,
11.000%, 10/15/16		850		903,125
				7,911,549
Technology Hardware | 0.7%
Seagate HDD Cayman,
7.750%, 12/15/18		1,175		1,286,625
Telecommunications | 6.5%
Cincinnati Bell, Inc.,
8.250%, 10/15/17		1,350		1,378,687
Cricket Communications, Inc.,
7.750%, 05/15/16		750		791,250
Equinix, Inc.,
8.125%, 03/01/18		1,182		1,300,200
Frontier Communications Corp.,
8.125%, 10/01/18		1,500		1,586,250
GCI, Inc.,
8.625%, 11/15/19		1,000		1,088,750
Intelsat Jackson Holdings, Ltd.:
11.250%, 06/15/16		350		368,375
7.250%, 04/01/19		1,300		1,366,625
Sprint Capital Corp.,
6.900%, 05/01/19		1,475		1,275,875
Wind Acquisition Finance SA,
11.750%, 07/15/17 (d)		800		788,000
Windstream Corp.,
8.125%, 09/01/18		1,575		1,685,250
				11,629,262

Description	Principal Amount (000)		Value
Transportation | 2.6%
Florida East Coast Railway Corp.,
8.125%, 02/01/17	$	1,200	$	1,224,000
Hapag-Lloyd AG,
9.750%, 10/15/17 (d)		1,075		1,042,750
Overseas Shipholding Group,
Inc.,
8.125%, 03/30/18		1,300		981,500
Teekay Corp.,
8.500%, 01/15/20		1,300		1,348,750
				4,597,000
Total Corporate Bonds
(Identified cost $161,086,412)				167,023,450
Description	Shares		Value
Short-Term Investment | 4.7%
State Street Institutional Treasury
Money Market Fund
(Identified cost $8,473,039)		8,473,039	$	8,473,039
Total Investments l 98.1%
(Identified cost $169,559,451) (b)			$	175,496,489
Cash and Other Assets in Excess
of Liabilities l 1.9%				3,399,034
Net Assets l 100.0%			$	178,895,523

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio
Municipal Bonds | 98.3%
California | 5.6%
California State,
5.000%, 02/01/22	$	500	$	583,140
California State Department of Water
Resources Center Valley Project Water System Series Y Pre-refunded,
5.250%, 12/01/12 (Escrowed to Maturity) (j)		5		5,169
Los Angeles California Unified School
District Election of 1997 Series E,
5.125%, 07/01/21 (Pre-refunded to
07/01/12 @ $100) (j)		50		50,598
Val Verde California Unified School District School Construction,
5.000%, 01/01/22 (Pre-refunded to
01/01/15 @ $100) (j)		50		55,929
				694,836
Colorado | 0.4%
Denver Colorado City & County Airport
Revenue Series B,
5.500%, 11/15/33 (Pre-refunded to
11/15/13 @ $100) (j)		50		54,225
Connecticut | 0.8%
Connecticut State Health & Educational
Facility Authority Revenue Connecticut State University Systerm Series E,
5.000%, 11/01/15 (Pre-refunded to
11/01/12 @ $100) (j)		50		51,372
Stamford Connecticut,
5.000%, 08/15/18 (Pre-refunded to
08/15/12 @ $100) (j)		25		25,444
University of Connecticut Series A,
5.375%, 04/01/14 (Pre-refunded to
04/01/12 @ $100) (j)		25		25,000
				101,816

Description	Principal Amount (000)		Value
Delaware | 4.0%
Delaware State Series 2009C,
5.000%, 10/01/18	$	410	$	502,713
Florida | 8.6%
Collier County Florida Industrial
Development Authority Health Care
Facilities Revenue NCH Healthcare
System Project,
3.000%, 10/01/12		500		504,620
Orlando Utilities Commission,
5.000%, 10/01/19		500		573,865
				1,078,485
Georgia | 4.3%
Georgia State Series I,
5.000%, 07/01/18		200		243,954
Valdosta & Lowndes County Georgia
Hospital Authority Revenue South Medical Center Project Series B,
5.000%, 10/01/21		250		293,288
				537,242
Illinois | 9.4%
Illinois State Toll Highway Authority
Revenue Senior Priority Series A,
5.000%, 01/01/16		400		449,676
Railsplitter Tobacco Settlement Authority,
4.000%, 06/01/13		300		310,194
Will County Illinois Community Unit School District No. 209-U Wilmington,
9.000%, 01/01/24 (Pre-refunded to
01/01/16 @ 100) (j)		320		415,014
				1,174,884
Maine | 3.8%
Maine State Turnpike Authority Revenue,
5.000%, 07/01/22		385		469,146

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Maryland | 4.2%
Carroll County Maryland,
5.000%, 11/01/17	$	100	$	120,912
Maryland State & Local Facilities Loan
Series C,
5.000%, 03/01/16		350		406,011
				526,923
Massachusetts | 7.0%
Lowell Massachusetts,
5.000%, 10/15/15		300		317,001
Massachusetts Bay Transportation Authority
Revenue Assessment Series A,
5.000%, 07/01/21		300		338,178
Massachusetts State:
Series A,
5.00%, 09/01/14		150		166,291
Series E,
5.00%, 11/01/24 (Pre-refunded to
11/01/16 @ $100) (j)		50		59,267
				880,737
Minnesota | 3.8%
Minnesota State,
5.000%, 11/01/16		400		472,948
New Jersey | 5.4%
Essex County New Jersey Improvement
Authority Guaranteed Lease County
Correctional Series A,
5.000%, 10/01/28 (Pre-refunded to
10/01/13 @ $100) (j)		50		53,534
New Jersey State,
5.000%, 08/01/22 (Pre-refunded to
08/01/12 @ $100) (j)		50		50,793

Description	Principal Amount (000)		Value
New Jersey State Economic Development
Authority Revenue School Facilities
Construction Series C,
5.000%, 06/15/18 (Pre-refunded to
06/15/12 @ $100) (j)	$	25	$	25,238
New Jersey State Educational Facilities
Authority Revenue:
Princeton University Series E,
5.00%, 07/01/20 (Pre-refunded to
07/01/13 @ $100) (j)		50		52,975
Rowan University Series C,
5.13%, 07/01/28 (Pre-refunded to
07/01/14 @ $100) (j)		50		55,219
New Jersey State Transportation Trust
Funding Authority Transportation
System:
Series A,
5.63%, 06/15/14 (Escrowed to Maturity) (j)		75		83,581
Series C,
5.25%, 06/15/14 (Escrowed to Maturity) (j)		50		55,311
5.50%, 06/15/24 (Pre-refunded to
06/15/13 @ $100) (j)		50		53,167
Series D,
5.00%, 06/15/16 (Pre-refunded to
06/15/15 @ $100) (j)		25		28,504
New Jersey State Turnpike Authority
Revenue Series A:
Pre-refunded,
6.000%, 01/01/14 (Escrowed to Maturity) (j)		50		54,863
Refunded,
6.000%, 01/01/14 (Escrowed to Maturity) (j)		50		54,863
Newark New Jersey Housing Authority/Port Authority Newark Marine Terminal,
5.000%, 01/01/37 (Pre-refunded to 01/01/14 @ $100) (j)		25		26,999
Tobacco Settlement Financing Corp.
New Jersey:
5.00%, 06/01/13 (Escrowed to Maturity) (j)		25		26,373

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
6.25%, 06/01/43 (Pre-refunded to
06/01/13 @ $100) (j)	$	50	$	53,467
				674,887
New York | 9.8%
Metropolitan Transportation Authority New York Dedicated Tax Funding Series A,
4.750%, 04/01/28 (Pre-refunded to
10/01/15 @ $100) (j)		50		57,178
New York State Dormitory Authority
Revenue:
Columbia University Series B,
5.00%, 07/01/16		145		170,413
Insured Student Housing Corp.,
5.00%, 07/01/23 (Pre-refunded to
07/01/14 @ $100) (j)		50		55,115
Lease Revenue State
University Dormitory Facilities
MBIA-IBC,
5.00%, 07/01/32 (Pre-refunded to
07/01/12 @ $100) (j)		50		50,583
New York University Hospital
Center Series A,
5.00%, 07/01/17		500		574,815
State Personal Income Tax
Revenue Education Series A,
5.00%, 03/15/17		100		115,527
New York State Thruway Authority Highway & Bridge Trust Fund Series A,
5.000%, 04/01/15		135		151,856
TSASC Inc. New York Tobacco Settlement Asset-Backed Series 1,
5.750%, 07/15/32 (Pre-refunded to
07/15/12 @ $100) (j)		50		50,775
				1,226,262

Description	Principal Amount (000)		Value
North Carolina | 6.2%
Durham North Carolina,
5.000%, 04/01/17	$	450	$	537,431
Wake County North Carolina Public
Improvement,
5.000%, 04/01/17		200		238,858
				776,289
Pennsylvania | 3.6%
Pennsylvania State Higher Educational
Facilties Authority Revenue Temple
University,
5.000%, 04/01/15		400		446,412
Tennessee | 3.1%
Metropolitan Government Nashville &
Davidson County Tennessee Health &
Educational Facilities Board Vanderbilt University Series B,
5.000%, 10/01/18		315		382,955
Texas | 9.5%
Dallas Texas Refunded & Improvement
Series A,
5.000%, 02/15/20		350		427,185
Decatur Texas Independent School District School Building,
5.250%, 08/15/25		100		112,573
North Texas Tollway Authority System First Tier Series A,
6.000%, 01/01/23		340		397,712
Plano Texas Independent School District School Building,
5.000%, 02/15/14 (Pre-refunded to
02/15/13 @ $100) (j)		20		20,835
Texas State Transportation Commission
Revenue,
5.000%, 04/01/20		200		233,106
				1,191,411

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (concluded)
Washington | 6.5%
Energy Northwest Washington Electric
Revenue Project No. 3 Series A,
5.500%, 07/01/17 (Pre-refunded to
07/01/13 @ 100) (j)	$	350	$	370,324
Washington State Series R-A,
5.000%, 01/01/15		400		447,552
				817,876
Wisconsin | 2.3%
Wisconsin State Health & Educational
Facilities Authority Revenue Gundersen Lutheran Series A,
5.000%, 10/15/17		250		281,543
Total Municipal Bonds
(Identified cost $12,049,364)				12,291,590
Description	Shares		Value
Short-Term Investment | 0.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $39,749)		39,749	$	39,749
Total Investments l 98.6%
(Identified cost $12,089,113) (b)			$	12,331,339
Cash and Other Assets in Excess
of Liabilities l 1.4%				172,264
Net Assets l 100.0%			$	12,503,603

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 72.4%
Consumer Discretionary Select
Sector SPDR Fund		127,300	$	5,741,230
Energy Select Sector SPDR Fund		306,400		21,978,072
Financial Select Sector SPDR Fund		365,800		5,772,324
Guggenheim S&P 500 Equal Weight
Technology ETF		318,300		18,696,942
Industrial Select Sector SPDR Fund		348,300		13,033,386
iShares MSCI Italy Index Fund		845,100		11,053,908
iShares MSCI South Korea Index
Fund		144,400		8,597,576
Market Vectors Agribusiness ETF		168,200		8,886,006
PowerShares Global Listed Private
Equity Portfolio		764,700		7,249,356
SPDR Barclays Capital High Yield
Bond ETF		739,600		29,118,052
SPDR Gold Trust (a)		108,650		17,616,511
SPDR Russell/Nomura Small Cap
Japan ETF		373,300		16,609,610
Vanguard Short-Term Corporate
Bond ETF		534,200		42,244,536
Total Exchange-Traded Funds
(Identified cost $200,598,455)				206,597,509
Closed-End Management Investment Companies | 7.7%
The China Fund, Inc.		310,500		7,234,650
Tri-Continental Corp.		919,825		14,643,614
Total Closed-End Management
Investment Companies
(Identified cost $21,641,539)				21,878,264
Short-Term Investment | 16.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $46,911,549)		46,911,549		46,911,549

Description	Value
Total Investments l 96.6%
(Identified cost $269,151,543) (b)	$	275,387,322
Cash and Other Assets in Excess
of Liabilities l 3.4%		9,768,683
Net Assets l 100.0%	$	285,156,005

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Sale Contracts open at March 31, 2012:

Forward Currency Sale Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
JPY	SSB	05/16/12		325,420,155	$	3,988,432	$	3,933,050	$	55,382	$	—
JPY	SSB	05/16/12		998,146,200		12,745,275		12,063,664		681,611		—
Total Forward Currency Sale Contracts					$	16,733,707	$	15,996,714		736,993		—
Gross unrealized appreciation/depreciation on Forward Currency Sale Contracts									$	736,993	$	—

Total Return Swap Agreements open at March 31, 2012:

Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive	Net Unrealized Appreciation (Depreciation)
				Appreciation, and
				dividends paid, on
				securities in the Equity	1 Month USD LIBOR
USD	GSC	17,290,014	04/02/13	Basket	minus 1.50%	$	(102,036	)
					Appreciation, and
					dividends paid, on
				1 Month USD LIBOR	securities in the Equity
USD	GSC	12,745,512	07/06/12	plus 0.40%	Basket		132,678
					Appreciation, and
					dividends paid, on
				1 Month USD LIBOR	securities in the Equity
USD	GSC	13,205,100	06/13/12	plus 0.40%	Basket		(15,100	)
					Appreciation, and
					dividends paid, on
				1 Month USD LIBOR	securities in the Equity
USD	GSC	4,137,166	01/28/13	plus 0.40%	Basket		(212,488	)
					Appreciation, and
					dividends paid, on
				1 Month USD LIBOR	securities in the Equity
USD	GSC	4,221,457	03/06/13	plus 0.40%	Basket		(296,779	)
					Appreciation, and
					dividends paid, on
				1 Month USD LIBOR	securities in the Equity
USD	GSC	3,170,083	03/19/13	plus 0.40%	Basket		(174,934	)
Total net unrealized depreciation on Total Return Swap Agreements						$	(668,659	)

(a)	Non-income producing security.
(b)	For federal tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Equity Value Portfolio	$	10,788,428	$	1,891,500	$	131,206	$	1,760,294
U.S. Strategic Equity Portfolio		66,274,268		14,706,484		699,220		14,007,264
U.S. Mid Cap Equity Portfolio		131,231,020		14,077,450		2,269,676		11,807,774
U.S. Small-Mid Cap Equity Portfolio		237,851,005		22,570,295		3,691,646		18,878,649
Global Listed Infrastructure Portfolio		123,273,747		5,023,160		7,112,861		(2,089,701	)
International Equity Portfolio		95,367,782		14,708,860		2,508,221		12,200,639
International Equity Select Portfolio		6,164,654		714,892		176,158		538,734
International Strategic Equity Portfolio		558,401,619		76,314,125		7,468,580		68,845,545
International Small Cap Equity Portfolio		49,794,304		14,574,359		1,463,444		13,110,915
Emerging Markets Equity Portfolio		14,279,342,385		2,615,739,437		1,071,904,986		1,543,834,451
Developing Markets Equity Portfolio		354,463,090		15,430,347		25,959,038		(10,528,691	)
Emerging Markets Equity Blend Portfolio		140,033,500		9,585,800		7,952,902		1,632,898
Emerging Markets Multi-Strategy Portfolio		64,667,977		3,793,501		1,665,464		2,128,037
Emerging Markets Debt Portfolio		156,386,141		5,848,417		714,065		5,134,352
U.S. Realty Income Portfolio		41,012,200		2,649,137		182,455		2,466,682
U.S. Realty Equity Portfolio		22,171,478		1,013,540		74,282		939,258
International Realty Equity Portfolio		3,628,242		306,695		78,159		228,536
U.S. High Yield Portfolio		169,559,451		8,160,126		2,223,088		5,937,038
U.S. Municipal Portfolio		12,089,113		277,022		34,796		242,226
Capital Allocator Opportunistic Strategies Portfolio		269,151,543		8,067,956		1,832,177		6,235,779

(c)	Private placements.
(d)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers, and are considered to be liquid at March 31, 2012. The percentage of net assets are as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity Portfolio	0.8	%
Emerging Markets Multi-Strategy Portfolio	3.7
Emerging Markets Debt Portfolio	8.4
U.S. High Yield Portfolio	21.0

(e)	Segregated security for forward currency contracts.
(f)	Principal amount denominated in USD unless otherwise specified.
(g)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2012, which may step up at a future date.
(h)	Principal amount denominated in respective country’s currency.

(i)	Issue in default.
(j)	Security collateralized by an amount sufficient to pay principal and interest.
(k)	Security valued using Level 2 inputs under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy.

Security Abbreviations:
ADR — American Depositary Receipt
ETF — Exchange-Traded Fund
GDR — Global Depositary Receipt
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt
Currency Abbreviations:
AUD — Australian Dollar	KRW — South Korean Won
BRL — Brazilian Real	MXN — Mexican New Peso
CHF — Swiss Franc	MYR — Malaysian Ringgit
CLP — Chilean Peso	NGN — Nigerian Naira
CNY — Chinese Renminbi	PEN — Peruvian Nuevo Sol
COP — Colombian Peso	PHP — Philippine Peso
CRC — Costa Rican Colon	PLN — Polish Zloty
CZK — Czech Koruna	RON — New Romanian Leu
DOP — Dominican Peso	RUB — Russian Ruble
EUR — Euro	SGD — Singapore Dollar
GBP — Great British Pound Sterling	THB — Thai Baht
HUF — Hungarian Forint	TRY — New Turkish Lira
IDR — Indonesian Rupiah	TWD — New Taiwan Dollar
ILS — Israeli Shekel	USD — United States Dollar
INR — Indian Rupee	ZAR — South African Rand
JPY — Japanese Yen
Counterparty Abbreviations:
BNP — BNP Paribas SA	JPM — JPMorgan Chase Bank
BRC — Barclays Bank PLC	MEL — Mellon Bank NA
CAN — Canadian Imperial Bank of Commerce	RBC — Royal Bank of Canada
CIT — Citibank NA	SCB — Standard Chartered Bank
GSC — Goldman Sachs Group, Inc.	SSB — State Street Bank and Trust Co.
HSB — HSBC Bank USA	UBS — UBS AG
ING — ING Bank NV

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

Industry	Lazard Global Listed Infrastructure Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Emerging Markets Equity Portfolio
Agriculture		—	%		1.0	%		0.9	%		1.4	%		—	%		0.8	%
Airport Development & Maintenance		19.0			—			—			—			—			—
Alcohol & Tobacco		—			5.2			6.9			5.7			—			5.9
Apparel & Textiles		—			—			—			—			—			—
Automotive		—			3.0			2.4			3.1			2.4			—
Banking		—			12.1			14.3			9.6			1.6			17.9
Building Materials		—			—			—			—			—			0.8
Cable Television		—			0.6			0.7			1.8			—			—
Chemicals		—			—			1.0			3.9			3.9			—
Commercial Services		—			4.4			2.9			1.4			16.8			4.2
Computer Software		—			1.7			3.2			—			1.0			2.2
Construction & Engineering		—			—			—			—			2.1			1.9
Consumer Products		—			—			—			1.4			4.2			3.8
Diamonds & Precious Stones		—			—			—			—			—			—
Diversified		—			0.5			1.0			—			—			2.4
Electric		19.6			1.1			—			—			—			1.6
Energy Exploration & Production		—			1.1			1.2			2.9			—			1.4
Energy Integrated		—			5.5			4.2			3.0			—			5.1
Energy Services		2.8			2.7			2.7			4.7			5.5			0.7
Financial Services		—			1.5			1.2			2.5			6.5			6.7
Food & Beverages		—			3.4			3.4			6.5			1.2			1.0
Forest & Paper Products		—			2.3			1.7			4.5			1.0			0.7
Gas Utilities		14.0			—			—			—			—			—
Health Services		—			—			—			1.4			3.9			—
Housing		—			4.4			2.8			4.1			1.8			1.7
Insurance		—			4.5			3.6			5.2			—			1.3
Leisure & Entertainment		—			2.3			1.6			5.9			4.9			0.9
Manufacturing		—			8.1			8.7			7.3			12.5			3.8
Medical Products		—			—			—			1.4			6.1			—
Metals & Mining		—			3.3			4.7			—			—			7.1
Pharmaceutical & Biotechnology		—			10.2			9.3			8.3			3.2			—
Real Estate		—			—			0.8			—			0.9			—
Restaurants		—			—			—			—			—			—
Retail		—			5.5			4.6			6.2			5.9			4.8
Semiconductors & Components		—			3.1			3.7			—			3.7			4.9
Technology		—			1.2			1.5			0.1			2.1			0.6
Technology Hardware		—			—			—			—			2.3			2.4
Telecommunications		—			3.9			5.8			—			1.6			11.1
Transportation		38.6			2.8			2.6			2.8			2.9			1.0
Water		4.5			—			—			—			—			—
Subtotal		98.5			95.4			97.4			95.1			98.0			96.7
Foreign Government Obligations		—			—			—			—			—			—
Supranationals		—			—			—			—			—			—
Short-Term Investments		1.4			—			2.1			4.4			1.3			2.4
Repurchase Agreement		—			3.3			—			—			—			—
Total Investments		99.9	%		98.7	%		99.5	%		99.5	%		99.3	%		99.1	%

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

Industry	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Strategy Portfolio			Lazard Emerging Markets Debt Portfolio			Lazard International Realty Equity Portfolio
Agriculture		1.2	%		1.7	%		1.1	%		—	%		—	%
Airport Development & Maintenance		—			—			—			—			—
Alcohol & Tobacco		—			2.0			1.2			—			—
Apparel & Textiles		1.7			1.8			1.1			—			—
Automotive		2.4			3.2			2.2			—			—
Banking		23.0			18.1			12.0			3.6			—
Building Materials		—			—			—			—			—
Cable Television		—			—			—			—			—
Chemicals		—			—			—			—			—
Commercial Services		—			1.4			0.9			—			—
Computer Software		2.2			1.5			0.9			—			—
Construction & Engineering		3.7			4.2			2.7			—			—
Consumer Products		—			1.3			0.8			—			—
Diamonds & Precious Stones		—			—			0.3			0.2			—
Diversified		—			1.0			0.6			—			—
Electric		1.0			1.2			0.8			1.7			—
Energy Exploration & Production		6.9			3.7			2.9			3.5			—
Energy Integrated		5.7			6.7			4.7			2.4			—
Energy Services		3.3			3.0			2.6			0.7			—
Financial Services		2.6			2.4			1.5			—			—
Food & Beverages		—			0.8			0.5			—			—
Forest & Paper Products		0.4			0.9			0.5			—			—
Gas Utilities		—			—			—			—			—
Health Services		—			—			—			—			—
Housing		—			—			—			—			0.9
Insurance		1.7			2.5			1.5			—			—
Leisure & Entertainment		1.2			0.7			0.4			0.4			2.8
Manufacturing		10.0			6.2			3.8			—			—
Medical Products		—			—			—			—			—
Metals & Mining		5.3			5.1			3.4			1.0			—
Pharmaceutical & Biotechnology		—			—			—			—			—
Real Estate		6.2			2.9			1.7			—			91.9
Restaurants		—			—			—			0.5			—
Retail		4.9			3.6			2.2			—			—
Semiconductors & Components		5.1			6.8			4.2			—			—
Technology		—			—			—			—			—
Technology Hardware		2.4			3.2			2.0			—			—
Telecommunications		1.0			6.3			4.5			1.1			—
Transportation		2.5			1.9			1.4			0.7			—
Water		—			—			—			—			—
Subtotal		94.4			94.1			62.4			15.8			95.6
Foreign Government Obligations		—			—			11.8			78.4			—
Supranationals		—			—			0.4			1.3			—
Short-Term Investments		6.9			5.6			24.6			5.1			3.3
Repurchase Agreement		—			—			—			—			—
Total Investments		101.3	%		99.7	%		99.2	%		100.6	%		98.9	%

Valuation of Investments:

Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the closing bid price. The Lazard Funds, Inc. (the “Fund”) values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Except as described below, securities listed on foreign exchanges are valued at the last reported sales price; securities listed on foreign exchanges not traded on the valuation date are valued at the last quoted bid price. Options on stock and stock indices traded on national securities exchanges are valued as of the close of options trading on such exchanges (which is normally 4:10 p.m. Eastern time). Swap agreements on equity assets are valued at the equity basket price as of the close of regular trading on the NYSE on each valuation date. Other swap agreements, such as credit default and interest swap agreements are valued by an independent pricing vendor using its own proprietary database to provide valuations. Forward currency contracts are valued at the current cost of offsetting the contracts. Investments in money market funds are valued at the fund’s net asset value. Repurchase agreements are valued at the principal amounts plus accrued interest.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations. Debt securities maturing in sixty days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

The Valuation Committee of Lazard Asset management LLC (the “Investment Manager”) may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s analysts also will be considered.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair values as determined by, or in accordance with procedures approved by, the Board. The fair value of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values. Foreign securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

Fair Value Measurements:

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP, also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Each investment’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following tables summarize the valuation of the Portfolios’ investments by each fair value hierarchy level for the period of March 31, 2012:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2012
U.S. Equity Value Portfolio
Common Stocks	$	12,488,612	$	—		$	—	$	12,488,612
Short-Term Investment		—		60,110			—		60,110
Total	$	12,488,612	$	60,110		$	—	$	12,548,722
U.S. Strategic Equity Portfolio
Common Stocks	$	78,005,636	$	—		$	—	$	78,005,636
Preferred Stock		—		—			823,560		823,560
Short-Term Investment		—		1,452,336			—		1,452,336
Total	$	78,005,636	$	1,452,336		$	823,560	$	80,281,532
U.S. Mid Cap Equity Portfolio
Common Stocks	$	137,982,589	$	—		$	—	$	137,982,589
Preferred Stock		—		—			2,374,420		2,374,420
Short-Term Investment		—		2,681,785			—		2,681,785
Total	$	137,982,589	$	2,681,785		$	2,374,420	$	143,038,794
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	247,660,183	$	—		$	—	$	247,660,183
Preferred Stock		—		—			822,471		822,471
Repurchase Agreement		—		8,247,000			—		8,247,000
Total	$	247,660,183	$	8,247,000		$	822,471	$	256,729,654
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	119,462,903	$	—		$	—	$	119,462,903
Short-Term Investment		—		1,721,143			—		1,721,143
Other Financial Instruments*
Forward Currency Contracts		—		798,177			—		798,177
Total	$	119,462,903	$	2,519,320		$	—	$	121,982,223
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(460,863	)		—	$	(460,863	)
International Equity Portfolio
Common Stocks	$	102,131,984	$	1,802,437		$	—	$	103,934,421
Repurchase Agreement		—		3,634,000			—		3,634,000
Total	$	102,131,984	$	5,436,437		$	—	$	107,568,421
International Equity Select Portfolio
Common Stocks	$	6,418,943	$	144,538		$	—	$	6,563,481
Short-Term Investment		—		139,907			—		139,907
Total	$	6,418,943	$	284,445		$	—	$	6,703,388
International Strategic Equity Portfolio
Common Stocks	$	583,545,073	$	11,420,098		$	—	$	594,965,171
Preferred Stock		4,667,405		—			—		4,667,405
Short-Term Investment		—		27,614,588			—		27,614,588
Total	$	588,212,478	$	39,034,686		$	—	$	627,247,164

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2012
International Small Cap Equity Portfolio
Common Stocks	$	62,091,396	$	—		$	—	$	62,091,396
Short-Term Investment		—		813,823			—		813,823
Total	$	62,091,396	$	813,823		$	—	$	62,905,219
Emerging Markets Equity Portfolio
Common Stocks	$	14,252,022,340	$	731,564,513		$	—	$	14,983,586,853
Preferred Stocks		438,535,440		—			—		438,535,440
Right		12,252,939		—			—		12,252,939
Short-Term Investment		—		388,801,604			—		388,801,604
Total	$	14,702,810,719	$	1,120,366,117		$	—	$	15,823,176,836
Developing Markets Equity Portfolio
Common Stocks	$	286,857,941	$	13,363,801		$	—	$	300,221,742
Preferred Stock		20,248,679		—			—		20,248,679
Short-Term Investment		—		23,463,978			—		23,463,978
Total	$	307,106,620	$	36,827,779		$	—	$	343,934,399
Emerging Markets Equity Blend Portfolio
Common Stocks	$	123,104,208	$	2,609,397		$	—	$	125,713,605
Preferred Stock		7,949,045		—			—		7,949,045
Short-Term Investment		—		8,003,748			—		8,003,748
Total	$	131,053,253	$	10,613,145		$	—	$	141,666,398
Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks	$	35,801,786	$	754,619		$	—	$	36,556,405
Preferred Stock		2,306,740		—			—		2,306,740
Corporate Bonds		—		2,916,574			—		2,916,574
Foreign Government Obligations		—		7,961,883			—		7,961,883
Quasi Bonds		—		217,334			—		217,334
Supranationals		—		290,830			—		290,830
Short-Term Investment		—		16,546,248			—		16,546,248
Other Financial Instruments*
Purchased Options		—		61,745			—		61,745
Credit Default Swap Agreements		—		20,957			—		20,957
Interest Rate Swap Agreements		—		12,507			—		12,507
Forward Currency Contracts		—		181,013			—		181,013
Total	$	38,108,526	$	28,963,710		$	—	$	67,072,236
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(35,235	)	$	—	$	(35,235	)
Credit Default Swap Agreements		—		(42,005	)		—		(42,005	)
Interest Rate Swap Agreements		—		(13,452	)		—		(13,452	)
Forward Currency Contracts		—		(196,198	)		—		(196,198	)
Total	$	—	$	(286,890	)	$	—	$	(286,890	)

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2012
Emerging Markets Debt Portfolio
Assets:
Coporate Bonds	$	—	$	13,945,782		$	—	$	13,945,782
Foreign Government Obligations		—		125,870,600			—		125,870,600
Quasi Bonds		—		11,479,805			—		11,479,805
Supranationals		—		2,103,360			—		2,103,360
Short-Term Investments		—		8,120,946			—		8,120,946
Other Financial Instruments*
Purchased Options		—		575,981			—		575,981
Forward Currency Contracts		—		125,826			—		125,826
Total	$	—	$	162,222,300		$	—	$	162,222,300
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(312,199	)	$	—	$	(312,199	)
Forward Currency Contracts		—		(562,441	)		—		(562,441	)
Total	$	—	$	(874,640	)	$	—	$	(874,640	)
U.S. Realty Income Portfolio
Closed-End Management Investment Company	$	241,980	$	—		$	—	$	241,980
Preferred Stocks		15,809,317		—			—		15,809,317
Real Estate Investment Trusts		23,710,753		—			—		23,710,753
Coporate Bond		—		727,263			—		727,263
Short-Term Investment				2,989,569			—		2,989,569
Total	$	39,762,050	$	3,716,832		$	—	$	43,478,882
U.S. Realty Equity Portfolio
Common Stocks	$	1,200,696	$	—		$	—	$	1,200,696
Real Estate Investment Trusts		19,634,839		—			—		19,634,839
Short-Term Investment		—		2,275,201			—		2,275,201
Total	$	20,835,535	$	2,275,201		$	—	$	23,110,736
International Realty Equity Portfolio
Common Stocks	$	2,440,407	$	—		$	—	$	2,440,407
Real Estate Investment Trusts		1,289,364		—			—		1,289,364
Short-Term Investment		—		127,007			—		127,007
Total	$	3,729,771	$	127,007		$	—	$	3,856,778
U.S. High Yield Portfolio
Corporate Bonds	$	—	$	167,023,450		$	—	$	167,023,450
Short-Term Investment		—		8,473,039			—		8,473,039
Total	$	—	$	175,496,489		$	—	$	175,496,489
U.S. Municipal Portfolio
Municipal Bonds	$	—	$	12,291,590		$	—	$	12,291,590
Short-Term Investment		—		39,749			—		39,749
Total	$	—	$	12,331,339		$	—	$	12,331,339

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2012
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	206,597,509	$	—		$	—	$	206,597,509
Closed-End Management Investment Companies		21,878,264		—			—		21,878,264
Short-Term Investment		—		46,911,549			—		46,911,549
Other Financial Instruments*
Forward Currency Contracts		—		736,993			—		736,993
Total Return Swap Agreements		—		132,678			—		132,678
Total	$	228,475,773	$	47,781,220		$	—	$	276,256,993
Liabilities:
Other Financial Instruments*
Total Return Swap Agreements	$	—	$	(801,337	)	$	—	$	(801,337	)
Total	$	—	$	(801,337	)	$	—	$	(801,337	)

* Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

The common stocks included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The fixed income securities included in Level 2 were valued based on the last bid price for those securities. The forward currency contracts included in Level 2 were valued based on forward exchange rates as provided by quotation services. The options included in Level 2 were valued based on values provided by an independent pricing vendor model, designed to produce prices that very closely reflect those quoted by global interbank brokers. The swap agreements included in Level 2 were valued based, for equity swap agreements, on the value of the underlying assets in the equity basket adjusted for any accrued interest income or expense and, for fixed income-based swap agreements, on the valuations provided by an independent pricing vendor. The preferred stock included in Level 3 was valued by reference to comparable entities and evaluation of fundamental data relating to the issuer. The short-term investment included in Level 2 (a pooled investment fund) was valued at the fund’s net asset value. The repurchase agreements included in Level 2 were valued at the principal amounts plus accrued interest.

In connection with the periodic implementation of fair value pricing procedures with respect to foreign securities, certain securities in the Global Listed Infrastructure, International Equity, International Equity Select, International Strategic Equity, International Small Cap Equity, Emerging Market Equity, Developing Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi-Strategy and International Realty Equity Portfolios are transferred from Level 1 to Level 2 and revert to Level 1 when the fair value pricing procedure triggers are no longer met. There were no significant transfers into or out of Level 1, 2, or 3 during the period of March 31, 2012.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended March 31, 2012:

Description		Balance as of December 31, 2011		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of March 31, 2012		Net Change in Unrealized Appreciation from Investments Still Held at March 31, 2012
U.S. Strategic
Equity
Preferred Stock	$	823,560	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	823,560	$	—
U.S. Mid Cap
Equity
Preferred Stock	$	2,374,420	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	2,374,420	$	—
U.S. Small-Mid
Cap Equity
Preferred Stock	$	822,471	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	822,471	$	—
U.S. High Yield
Corporate Bond	$	—	$	—	$	(780,270	)	$	780,270	$	—	$	—	$	—	$	—	$	—	$	—

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

          Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

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

The Lazard Funds, Inc.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 30, 2012

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

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 30, 2012

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 30, 2012