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: | 9/30/2013 |
FORM N-Q
| Item 1. | Schedule of Investments. |
| The Lazard Funds, Inc. Portfolios of Investments September 30, 2013 (unaudited) |
| Description | Shares | Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 88.5% | ||||||||
| Alcohol & Tobacco | 9.0% | ||||||||
| Molson Coors Brewing Co., Class B | 436,077 | $ | 21,860,540 | |||||
| Commercial Services | 1.3% | ||||||||
| LifeLock, Inc. | 207,215 | 3,072,998 | ||||||
| Energy Exploration & Production | 5.2% | ||||||||
| Anadarko Petroleum Corp. | 135,710 | 12,619,673 | ||||||
| Energy Services | 7.5% | ||||||||
| Transocean, Ltd. | 204,615 | 9,105,367 | ||||||
| US Silica Holdings, Inc. | 363,031 | 9,039,472 | ||||||
| 18,144,839 | ||||||||
| Health Services | 4.9% | ||||||||
| Magellan Health Services, Inc. (a) | 198,410 | 11,896,664 | ||||||
| Leisure & Entertainment | 5.9% | ||||||||
| Viacom, Inc., Class B | 172,190 | 14,391,640 | ||||||
| Manufacturing | 4.5% | ||||||||
| Tyco International, Ltd. | 312,145 | 10,918,832 | ||||||
| Medical Products | 12.1% | ||||||||
| Baxter International, Inc. | 150,600 | 9,892,914 | ||||||
| CareFusion Corp. (a) | 320,865 | 11,839,918 | ||||||
| McKesson Corp. | 58,755 | 7,538,267 | ||||||
| 29,271,099 | ||||||||
| Metals & Mining | 2.2% | ||||||||
| Silver Wheaton Corp. | 218,840 | 5,420,667 | ||||||
| Pharmaceutical & Biotechnology | 14.7% | ||||||||
| Pfizer, Inc. | 561,277 | 16,114,263 | ||||||
| Zoetis, Inc. | 629,271 | 19,582,913 | ||||||
| 35,697,176 | ||||||||
| Real Estate | 3.2% | ||||||||
| Lexington Realty Trust REIT | 700,450 | 7,866,054 | ||||||
| Retail | 8.9% | ||||||||
| Advance Auto Parts, Inc. | 197,870 | 16,359,892 | ||||||
| American Eagle Outfitters, Inc. | 374,965 | 5,245,760 | ||||||
| 21,605,652 | ||||||||
| Technology Hardware | 9.1% | ||||||||
| Apple, Inc. | 14,210 | 6,774,618 | ||||||
| Cisco Systems, Inc. | 654,310 | 15,323,940 | ||||||
| 22,098,558 | ||||||||
| Total
Common Stocks (Identified cost $200,136,452) | 214,864,392 | |||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 12.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $29,799,446) | 29,799,446 | $ | 29,799,446 | |||||
| Total Investments | 100.8% (Identified cost $229,935,898) (b) | $ | 244,663,838 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.8)% | (2,051,024 | ) | ||||||
| Net Assets | 100.0% | $ | 242,612,814 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Strategic Equity Portfolio | ||||||||
| Common Stocks | 97.4% | ||||||||
| Agriculture | 0.5% | ||||||||
| The Mosaic Co. | 13,875 | $ | 596,903 | |||||
| Alcohol & Tobacco | 4.5% | ||||||||
| Molson Coors Brewing Co., Class B | 106,920 | 5,359,900 | ||||||
| Automotive | 1.0% | ||||||||
| General Motors Co. (a) | 33,015 | 1,187,550 | ||||||
| Banking | 2.9% | ||||||||
| Bank of America Corp. | 152,100 | 2,098,980 | ||||||
| Regions Financial Corp. | 142,000 | 1,314,920 | ||||||
| 3,413,900 | ||||||||
| Cable Television | 1.8% | ||||||||
| Comcast Corp., Class A | 50,250 | 2,179,342 | ||||||
| Chemicals | 2.1% | ||||||||
| Eastman Chemical Co. | 31,200 | 2,430,480 | ||||||
| Commercial Services | 3.0% | ||||||||
| Corrections Corp. of America | 68,130 | 2,353,891 | ||||||
| Republic Services, Inc. | 35,400 | 1,180,944 | ||||||
| 3,534,835 | ||||||||
| Computer Software | 2.1% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 22,400 | 1,266,944 | ||||||
| Microsoft Corp. | 36,500 | 1,215,815 | ||||||
| 2,482,759 | ||||||||
| Consumer Products | 0.5% | ||||||||
| Hasbro, Inc. | 12,300 | 579,822 | ||||||
| Energy Exploration & Production | 6.4% | ||||||||
| Anadarko Petroleum Corp. | 25,100 | 2,334,049 | ||||||
| Apache Corp. | 37,100 | 3,158,694 | ||||||
| Devon Energy Corp. | 36,800 | 2,125,568 | ||||||
| 7,618,311 | ||||||||
| Energy Integrated | 4.5% | ||||||||
| Chevron Corp. | 14,300 | 1,737,450 | ||||||
| Consol Energy, Inc. | 63,350 | 2,131,727 | ||||||
| HollyFrontier Corp. | 33,400 | 1,406,474 | ||||||
| 5,275,651 | ||||||||
| Energy Services | 2.0% | ||||||||
| Transocean, Ltd. | 53,100 | 2,362,950 | ||||||
| Financial Services | 7.1% | ||||||||
| American Express Co. | 33,200 | 2,507,264 | ||||||
| Citigroup, Inc. | 72,850 | 3,533,953 | ||||||
| IntercontinentalExchange, Inc. (a) | 6,525 | 1,183,766 | ||||||
| Description | Shares | Value | ||||||
| Morgan Stanley | 42,300 | $ | 1,139,985 | |||||
| 8,364,968 | ||||||||
| Food & Beverages | 1.3% | ||||||||
| Sysco Corp. | 47,650 | 1,516,699 | ||||||
| Health Services | 1.0% | ||||||||
| UnitedHealth Group, Inc. | 16,250 | 1,163,663 | ||||||
| Insurance | 1.4% | ||||||||
| The Hartford Financial Services Group, Inc. | 55,000 | 1,711,600 | ||||||
| Leisure & Entertainment | 3.9% | ||||||||
| Expedia, Inc. | 11,700 | 605,943 | ||||||
| Viacom, Inc., Class B | 48,550 | 4,057,809 | ||||||
| 4,663,752 | ||||||||
| Manufacturing | 6.2% | ||||||||
| Carpenter Technology Corp. | 20,970 | 1,218,566 | ||||||
| Honeywell International, Inc. | 17,893 | 1,485,835 | ||||||
| Joy Global, Inc. | 21,500 | 1,097,360 | ||||||
| Terex Corp. (a) | 32,600 | 1,095,360 | ||||||
| Tyco International, Ltd. | 71,300 | 2,494,074 | ||||||
| 7,391,195 | ||||||||
| Medical Products | 8.4% | ||||||||
| Baxter International, Inc. | 57,700 | 3,790,313 | ||||||
| CareFusion Corp. (a) | 99,000 | 3,653,100 | ||||||
| McKesson Corp. | 19,105 | 2,451,171 | ||||||
| 9,894,584 | ||||||||
| Pharmaceutical & Biotechnology | 9.5% | ||||||||
| Gilead Sciences, Inc. (a) | 38,300 | 2,406,772 | ||||||
| Pfizer, Inc. | 166,919 | 4,792,245 | ||||||
| Zoetis, Inc. | 131,769 | 4,100,651 | ||||||
| 11,299,668 | ||||||||
| Real Estate | 2.1% | ||||||||
| Lexington Realty Trust REIT | 97,100 | 1,090,433 | ||||||
| Vornado Realty Trust | 16,100 | 1,353,366 | ||||||
| 2,443,799 | ||||||||
| Retail | 9.6% | ||||||||
| Advance Auto Parts, Inc. | 39,700 | 3,282,396 | ||||||
| American Eagle Outfitters, Inc. | 104,105 | 1,456,429 | ||||||
| AutoZone, Inc. (a) | 2,816 | 1,190,407 | ||||||
| CVS Caremark Corp. | 35,200 | 1,997,600 | ||||||
| J.C. Penney Co., Inc. (a) | 43,600 | 384,552 | ||||||
| Macy’s, Inc. | 29,800 | 1,289,446 | ||||||
| Wal-Mart Stores, Inc. | 24,055 | 1,779,108 | ||||||
| 11,379,938 | ||||||||
| Semiconductors & Components | 1.7% | ||||||||
| Intel Corp. | 40,400 | 925,968 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Strategic Equity Portfolio (concluded) | ||||||||
| Texas Instruments, Inc. | 26,600 | $ | 1,071,182 | |||||
| 1,997,150 | ||||||||
| Technology | 1.1% | ||||||||
| Google, Inc., Class A (a) | 1,550 | 1,357,661 | ||||||
| Technology Hardware | 11.7% | ||||||||
| Apple, Inc. | 6,470 | 3,084,573 | ||||||
| Cisco Systems, Inc. | 198,805 | 4,656,013 | ||||||
| EMC Corp. | 110,600 | 2,826,936 | ||||||
| Hewlett-Packard Co. | 42,100 | 883,258 | ||||||
| Qualcomm, Inc. | 35,400 | 2,384,544 | ||||||
| 13,835,324 | ||||||||
| Telecommunications | 1.1% | ||||||||
| CenturyLink, Inc. | 40,300 | 1,264,614 | ||||||
| Total Common Stocks (Identified cost $102,879,197) | 115,307,018 | |||||||
| Preferred Stock | 0.0% | ||||||||
| Automotive | 0.0% | ||||||||
| Better Place, Inc., Series B (Identified cost $453,501) (a), (c) | 181,401 | 0 | ||||||
| Short-Term Investment | 3.5% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $4,158,252) | 4,158,252 | 4,158,252 | ||||||
| Total Investments | 100.9% (Identified cost $107,490,950) (b) | $ | 119,465,270 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (1,048,355 | ) | ||||||
| Net Assets | 100.0% | $ | 118,416,915 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 98.7% | ||||||||
| Aerospace & Defense | 2.4% | ||||||||
| B/E Aerospace, Inc. (a) | 11,675 | $ | 861,848 | |||||
| Rockwell Collins, Inc. | 5,775 | 391,892 | ||||||
| 1,253,740 | ||||||||
| Alcohol & Tobacco | 4.4% | ||||||||
| Molson Coors Brewing Co., Class B | 45,725 | 2,292,194 | ||||||
| Banking | 4.2% | ||||||||
| East West Bancorp, Inc. | 16,125 | 515,194 | ||||||
| Regions Financial Corp. | 110,625 | 1,024,387 | ||||||
| Signature Bank (a) | 6,875 | 629,200 | ||||||
| 2,168,781 | ||||||||
| Chemicals | 2.5% | ||||||||
| Eastman Chemical Co. | 16,625 | 1,295,088 | ||||||
| Commercial Services | 8.1% | ||||||||
| Blackhawk Network Holdings, Inc. | 35,775 | 859,673 | ||||||
| Corrections Corp. of America | 24,861 | 858,948 | ||||||
| LifeLock, Inc. | 1,300 | 19,272 | ||||||
| Republic Services, Inc. | 35,625 | 1,188,450 | ||||||
| The Interpublic Group of Cos., Inc. | 36,575 | 628,359 | ||||||
| Vantiv, Inc., Class A (a) | 23,025 | 643,318 | ||||||
| 4,198,020 | ||||||||
| Computer Software | 4.0% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 20,400 | 1,153,824 | ||||||
| Informatica Corp. (a) | 13,050 | 508,558 | ||||||
| TIBCO Software, Inc. (a) | 16,450 | 420,956 | ||||||
| 2,083,338 | ||||||||
| Consumer Products | 2.4% | ||||||||
| Hasbro, Inc. | 26,950 | 1,270,423 | ||||||
| Energy | 0.8% | ||||||||
| Pattern Energy Group, Inc. | 17,700 | 414,180 | ||||||
| Energy Exploration & Production | 3.0% | ||||||||
| Athlon Energy, Inc. | 6,200 | 202,740 | ||||||
| EQT Corp. | 5,400 | 479,088 | ||||||
| Noble Energy, Inc. | 12,925 | 866,104 | ||||||
| 1,547,932 | ||||||||
| Energy Integrated | 0.7% | ||||||||
| Consol Energy, Inc. | 10,100 | 339,865 | ||||||
| Energy Services | 2.8% | ||||||||
| Cameron International Corp. (a) | 8,675 | 506,360 | ||||||
| Dresser-Rand Group, Inc. (a) | 4,000 | 249,600 | ||||||
| Frank’s International NV | 10,325 | 309,027 | ||||||
| Description | Shares | Value | ||||||
| US Silica Holdings, Inc. | 15,625 | $ | 389,063 | |||||
| 1,454,050 | ||||||||
| Financial Services | 4.4% | ||||||||
| Ameriprise Financial, Inc. | 6,150 | 560,142 | ||||||
| IntercontinentalExchange, Inc. (a) | 9,625 | 1,746,168 | ||||||
| 2,306,310 | ||||||||
| Food & Beverages | 1.7% | ||||||||
| Sysco Corp. | 27,725 | 882,487 | ||||||
| Health Services | 5.9% | ||||||||
| Aetna, Inc. | 13,925 | 891,479 | ||||||
| AmerisourceBergen Corp. | 24,875 | 1,519,862 | ||||||
| Magellan Health Services, Inc. (a) | 10,900 | 653,564 | ||||||
| 3,064,905 | ||||||||
| Insurance | 5.6% | ||||||||
| Lincoln National Corp. | 25,350 | 1,064,447 | ||||||
| The Hartford Financial Services Group, Inc. | 29,075 | 904,814 | ||||||
| Willis Group Holdings PLC | 22,025 | 954,343 | ||||||
| 2,923,604 | ||||||||
| Leisure & Entertainment | 1.4% | ||||||||
| Diamond Resorts International, Inc. | 20,100 | 378,081 | ||||||
| Expedia, Inc. | 7,300 | 378,067 | ||||||
| 756,148 | ||||||||
| Manufacturing | 5.2% | ||||||||
| Dover Corp. | 14,700 | 1,320,501 | ||||||
| Joy Global, Inc. | 11,950 | 609,928 | ||||||
| Tyco International, Ltd. | 21,875 | 765,187 | ||||||
| 2,695,616 | ||||||||
| Medical Products | 3.6% | ||||||||
| CareFusion Corp. (a) | 50,475 | 1,862,528 | ||||||
| Metal & Glass Containers | 1.1% | ||||||||
| Owens-Illinois, Inc. (a) | 19,150 | 574,883 | ||||||
| Pharmaceutical & Biotechnology | 5.8% | ||||||||
| Ariad Pharmaceuticals, Inc. (a) | 27,975 | 514,740 | ||||||
| Quintiles Transnational Holdings, Inc. | 14,225 | 638,418 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 7,200 | 545,904 | ||||||
| Zoetis, Inc. | 41,725 | 1,298,482 | ||||||
| 2,997,544 | ||||||||
| Real Estate | 4.4% | ||||||||
| Kilroy Realty Corp. REIT | 10,400 | 519,480 | ||||||
| Lexington Realty Trust REIT | 86,300 | 969,149 | ||||||
| The Macerich Co. REIT | 14,150 | 798,626 | ||||||
| 2,287,255 | ||||||||
| Retail | 12.1% | ||||||||
| Advance Auto Parts, Inc. | 9,825 | 812,331 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Mid Cap Equity Portfolio (concluded) | ||||||||
| AutoZone, Inc. (a) | 4,315 | $ | 1,824,080 | |||||
| Macy’s, Inc. | 43,975 | 1,902,798 | ||||||
| Ross Stores, Inc. | 24,475 | 1,781,780 | ||||||
| 6,320,989 | ||||||||
| Semiconductors & Components | 4.9% | ||||||||
| Applied Materials, Inc. | 27,300 | 478,842 | ||||||
| Avago Technologies, Ltd. | 13,800 | 595,056 | ||||||
| TE Connectivity, Ltd. | 11,825 | 612,298 | ||||||
| Xilinx, Inc. | 18,250 | 855,195 | ||||||
| 2,541,391 | ||||||||
| Technology | 4.5% | ||||||||
| Amdocs, Ltd. | 9,000 | 329,760 | ||||||
| Fidelity National Information Services, Inc. | 27,250 | 1,265,490 | ||||||
| NetScout Systems, Inc. (a) | 29,400 | 751,758 | ||||||
| 2,347,008 | ||||||||
| Technology Hardware | 2.8% | ||||||||
| NetApp, Inc. | 34,155 | 1,455,686 | ||||||
| Total Common
Stocks (Identified cost $44,744,459) | 51,333,965 | |||||||
| Preferred Stock | 0.0% | ||||||||
| Automotive | 0.0% | ||||||||
| Better Place, Inc., Series B (Identified cost $1,307,499) (a), (c) | 523,000 | 0 | ||||||
| Short-Term Investment | 2.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,252,869) | 1,252,869 | 1,252,869 | ||||||
| Total
Investments | 101.1% (Identified cost $47,304,827) (b) | $ | 52,586,834 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.1)% | (547,861 | ) | ||||||
| Net Assets | 100.0% | $ | 52,038,973 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 97.2% | ||||||||
| Aerospace & Defense | 1.2% | ||||||||
| B/E Aerospace, Inc. (a) | 55,900 | $ | 4,126,538 | |||||
| Alcohol & Tobacco | 1.5% | ||||||||
| Molson Coors Brewing Co., Class B | 101,600 | 5,093,208 | ||||||
| Automotive | 1.8% | ||||||||
| Modine Manufacturing Co. (a) | 196,620 | 2,876,551 | ||||||
| Tenneco, Inc. (a) | 68,750 | 3,471,875 | ||||||
| 6,348,426 | ||||||||
| Banking | 5.5% | ||||||||
| East West Bancorp, Inc. | 144,300 | 4,610,385 | ||||||
| PacWest Bancorp | 186,501 | 6,408,174 | ||||||
| Signature Bank (a) | 45,200 | 4,136,704 | ||||||
| Wintrust Financial Corp. | 93,573 | 3,843,043 | ||||||
| 18,998,306 | ||||||||
| Chemicals | 2.7% | ||||||||
| Rockwood Holdings, Inc. | 54,900 | 3,672,810 | ||||||
| Solazyme, Inc. (a) | 307,720 | 3,314,144 | ||||||
| Taminco Corp. | 117,700 | 2,389,310 | ||||||
| 9,376,264 | ||||||||
| Commercial Services | 1.3% | ||||||||
| Blackhawk Network Holdings, Inc. | 179,865 | 4,322,156 | ||||||
| LifeLock, Inc. | 8,700 | 128,974 | ||||||
| 4,451,130 | ||||||||
| Computer Software | 7.4% | ||||||||
| Autodesk, Inc. (a) | 85,765 | 3,530,945 | ||||||
| Informatica Corp. (a) | 91,050 | 3,548,219 | ||||||
| j2 Global, Inc. | 76,360 | 3,781,347 | ||||||
| Red Hat, Inc. (a) | 91,550 | 4,224,117 | ||||||
| TIBCO Software, Inc. (a) | 176,900 | 4,526,871 | ||||||
| Web.com Group, Inc. (a) | 178,800 | 5,782,392 | ||||||
| 25,393,891 | ||||||||
| Construction & Engineering | 2.4% | ||||||||
| MasTec, Inc. (a) | 152,000 | 4,605,600 | ||||||
| Quanta Services, Inc. (a) | 135,900 | 3,738,609 | ||||||
| 8,344,209 | ||||||||
| Consumer Products | 4.0% | ||||||||
| Fox Factory Holding Corp. | 153,268 | 2,953,474 | ||||||
| Hasbro, Inc. | 86,100 | 4,058,754 | ||||||
| Matthews International Corp., Class A | 118,914 | 4,528,245 | ||||||
| The Middleby Corp. (a) | 11,300 | 2,360,683 | ||||||
| 13,901,156 | ||||||||
| Description | Shares | Value | ||||||
| Electric | 1.0% | ||||||||
| TECO Energy, Inc. | 207,000 | $ | 3,423,780 | |||||
| Energy | 1.4% | ||||||||
| Pattern Energy Group, Inc. | 208,200 | 4,871,880 | ||||||
| Energy Exploration & Production | 3.2% | ||||||||
| Athlon Energy, Inc. | 178,200 | 5,827,140 | ||||||
| PDC Energy, Inc. (a) | 85,985 | 5,119,547 | ||||||
| 10,946,687 | ||||||||
| Energy Services | 4.6% | ||||||||
| Dresser-Rand Group, Inc. (a) | 54,800 | 3,419,520 | ||||||
| Frank’s International NV | 131,000 | 3,920,830 | ||||||
| Key Energy Services, Inc. (a) | 575,200 | 4,193,208 | ||||||
| US Silica Holdings, Inc. | 168,083 | 4,185,267 | ||||||
| 15,718,825 | ||||||||
| Financial Services | 1.3% | ||||||||
| Waddell & Reed Financial, Inc., Class A | 88,600 | 4,561,128 | ||||||
| Forest & Paper Products | 1.8% | ||||||||
| KapStone Paper and Packaging Corp. | 68,400 | 2,927,520 | ||||||
| Schweitzer-Mauduit International, Inc. | 56,560 | 3,423,577 | ||||||
| 6,351,097 | ||||||||
| Health Services | 2.3% | ||||||||
| Brookdale Senior Living, Inc. (a) | 128,000 | 3,366,400 | ||||||
| Magellan Health Services, Inc. (a) | 76,605 | 4,593,236 | ||||||
| 7,959,636 | ||||||||
| Housing | 1.1% | ||||||||
| Taylor Morrison Home Corp., Class A | 167,700 | 3,798,405 | ||||||
| Insurance | 5.1% | ||||||||
| American Equity Investment Life Holding Co. | 249,000 | 5,283,780 | ||||||
| Arch Capital Group, Ltd. (a) | 58,800 | 3,182,844 | ||||||
| Brown & Brown, Inc. | 161,300 | 5,177,730 | ||||||
| Reinsurance Group of America, Inc. | 61,700 | 4,133,283 | ||||||
| 17,777,637 | ||||||||
| Leisure & Entertainment | 4.1% | ||||||||
| Bally Technologies, Inc. (a) | 51,740 | 3,728,385 | ||||||
| Diamond Resorts International, Inc. | 208,500 | 3,921,885 | ||||||
| Hyatt Hotels Corp., Class A (a) | 78,265 | 3,362,264 | ||||||
| Texas Roadhouse, Inc. | 116,400 | 3,058,992 | ||||||
| 14,071,526 | ||||||||
| Manufacturing | 11.2% | ||||||||
| ACCO Brands Corp. (a) | 659,945 | 4,382,035 | ||||||
| Actuant Corp., Class A | 123,390 | 4,792,467 | ||||||
| Carpenter Technology Corp. | 94,000 | 5,462,340 | ||||||
| FLIR Systems, Inc. | 147,810 | 4,641,234 | ||||||
| Joy Global, Inc. | 32,820 | 1,675,133 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Kennametal, Inc. | 73,842 | $ | 3,367,195 | |||||
| Littelfuse, Inc. | 36,700 | 2,870,674 | ||||||
| The Toro Co. | 69,400 | 3,771,890 | ||||||
| TriMas Corp. (a) | 136,150 | 5,078,395 | ||||||
| Woodward, Inc. | 66,400 | 2,711,112 | ||||||
| 38,752,475 | ||||||||
| Medical Products | 2.8% | ||||||||
| CareFusion Corp. (a) | 156,000 | 5,756,400 | ||||||
| Haemonetics Corp. (a) | 102,200 | 4,075,736 | ||||||
| 9,832,136 | ||||||||
| Metal & Glass Containers | 1.4% | ||||||||
| Owens-Illinois, Inc. (a) | 157,400 | 4,725,148 | ||||||
| Pharmaceutical & Biotechnology | 4.0% | ||||||||
| Ariad Pharmaceuticals, Inc. (a) | 222,500 | 4,094,000 | ||||||
| Intrexon Corp. | 96,415 | 2,284,071 | ||||||
| Quintiles Transnational Holdings, Inc. | 81,600 | 3,662,208 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 48,060 | 3,643,909 | ||||||
| 13,684,188 | ||||||||
| Real Estate | 6.0% | ||||||||
| Extra Space Storage, Inc. REIT | 113,300 | 5,183,475 | ||||||
| Jones Lang LaSalle, Inc. | 27,500 | 2,400,750 | ||||||
| Kilroy Realty Corp. REIT | 103,235 | 5,156,588 | ||||||
| Lexington Realty Trust REIT | 289,300 | 3,248,839 | ||||||
| The Macerich Co. REIT | 84,777 | 4,784,814 | ||||||
| 20,774,466 | ||||||||
| Retail | 5.8% | ||||||||
| Advance Auto Parts, Inc. | 46,420 | 3,838,006 | ||||||
| American Eagle Outfitters, Inc. | 247,075 | 3,456,579 | ||||||
| Chico’s FAS, Inc. | 215,600 | 3,591,896 | ||||||
| Francesca’s Holdings Corp. (a) | 179,600 | 3,347,744 | ||||||
| Iconix Brand Group, Inc. (a) | 118,000 | 3,919,960 | ||||||
| Steven Madden, Ltd. (a) | 32,224 | 1,734,618 | ||||||
| 19,888,803 | ||||||||
| Semiconductors & Components | 4.6% | ||||||||
| LSI Corp. | 602,400 | 4,710,768 | ||||||
| Microsemi Corp. (a) | 141,300 | 3,426,525 | ||||||
| ON Semiconductor Corp. (a) | 440,900 | 3,218,570 | ||||||
| Xilinx, Inc. | 96,300 | 4,512,618 | ||||||
| 15,868,481 | ||||||||
| Technology | 2.8% | ||||||||
| NetScout Systems, Inc. (a) | 192,730 | 4,928,106 | ||||||
| SS&C Technologies Holdings, Inc. (a) | 124,609 | 4,747,603 | ||||||
| 9,675,709 | ||||||||
| Description | Shares | Value | ||||||
| Transportation | 3.5% | ||||||||
| Alaska Air Group, Inc. | 73,620 | $ | 4,610,084 | |||||
| Echo Global Logistics, Inc. (a) | 170,943 | 3,579,547 | ||||||
| Hub Group, Inc., Class A (a) | 101,600 | 3,985,768 | ||||||
| 12,175,399 | ||||||||
| Water | 1.4% | ||||||||
| California Water Service Group | 243,072 | 4,939,223 | ||||||
| Total Common Stocks (Identified cost $281,214,429) | 335,829,757 | |||||||
| Preferred Stock | 0.0% | ||||||||
| Automotive | 0.0% | ||||||||
| Better Place, Inc., Series B (Identified cost $452,901) (a), (c) | 181,161 | 0 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Repurchase Agreement | 4.1% | ||||||||
| State
Street Bank and Trust Co., 0.00%, 10/01/13 (Dated 09/30/13, collateralized by $14,415,000 United States Treasury Note, 0.25%, 03/31/14, with a value of $14,427,945) Proceeds of $14,142,000 (Identified cost $14,142,000) | $ | 14,142 | $ | 14,142,000 | ||||
| Total
Investments | 101.3% (Identified cost $295,809,330) (b) | $ | 349,971,757 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.3)% | (4,499,735 | ) | ||||||
| Net Assets | 100.0% | $ | 345,472,022 | ||||||
| Description | Shares | Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 95.3% | ||||||||
| Australia | 13.0% | ||||||||
| DUET Group | 12,480,518 | $ | 25,381,910 | |||||
| Macquarie Atlas Roads Group | 2,949,301 | 6,740,939 | ||||||
| SP AusNet | 973,584 | 1,089,908 | ||||||
| Spark Infrastructure Group | 10,661,809 | 16,511,030 | ||||||
| Transurban Group | 3,325,309 | 21,094,834 | ||||||
| 70,818,621 | ||||||||
| Austria | 1.7% | ||||||||
| Flughafen Wien AG | 137,970 | 9,341,972 | ||||||
| France | 9.0% | ||||||||
| Aeroports de Paris | 236,333 | 24,743,379 | ||||||
| Vinci SA | 413,431 | 24,033,564 | ||||||
| 48,776,943 | ||||||||
| Germany | 8.0% | ||||||||
| Fraport AG | 622,451 | 43,687,272 | ||||||
| Italy | 18.7% | ||||||||
| ASTM SpA | 546,923 | 6,733,136 | ||||||
| Atlantia SpA | 2,161,672 | 43,954,017 | ||||||
| Hera SpA | 5,960,593 | 12,015,048 | ||||||
| Snam SpA | 1,559,947 | 7,901,244 | ||||||
| Societa Iniziative Autostradali e Servizi SpA | 1,404,168 | 13,810,305 | ||||||
| Terna SpA | 3,853,675 | 17,392,056 | ||||||
| 101,805,806 | ||||||||
| Japan | 12.1% | ||||||||
| Osaka Gas Co., Ltd. | 5,742,300 | 24,419,161 | ||||||
| Toho Gas Co., Ltd. | 3,167,350 | 16,562,571 | ||||||
| Tokyo Gas Co., Ltd. | 4,548,700 | 24,896,491 | ||||||
| 65,878,223 | ||||||||
| Luxembourg | 3.9% | ||||||||
| SES SA | 746,485 | 21,359,016 | ||||||
| South Korea | 1.4% | ||||||||
| Macquarie Korea Infrastructure Fund | 1,190,987 | 7,325,400 | ||||||
| Spain | 4.2% | ||||||||
| Abertis Infraestructuras SA | 184,630 | 3,588,044 | ||||||
| Enagas SA | 347,609 | 8,518,814 | ||||||
| Red Electrica Corporacion SA | 187,705 | 10,683,121 | ||||||
| 22,789,979 | ||||||||
| Switzerland | 4.4% | ||||||||
| Flughafen Zuerich AG | 44,988 | 23,716,514 | ||||||
| United Kingdom | 4.0% | ||||||||
| Pennon Group PLC | 1,904,414 | 21,550,573 | ||||||
| Description | Shares | Value | ||||||
| United States | 14.9% | ||||||||
| California Water Service Group | 544,665 | $ | 11,067,593 | |||||
| CSX Corp. | 825,500 | 21,248,370 | ||||||
| Norfolk Southern Corp. | 288,637 | 22,326,072 | ||||||
| PG&E Corp. | 524,779 | 21,473,956 | ||||||
| SJW Corp. | 181,300 | 5,080,026 | ||||||
| 81,196,017 | ||||||||
| Total Common
Stocks (Identified cost $480,019,489) | 518,246,336 | |||||||
| Right | 0.1% | ||||||||
| Spain | 0.1% | ||||||||
| Abertis Infraestructuras SA, Expires 10/09/13 (Identified cost $437,234) | 532,897 | 518,349 | ||||||
| Short-Term Investment | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $15,638,299) | 15,638,299 | 15,638,299 | ||||||
| Total
Investments | 98.3% (Identified cost $496,095,022) (b), (d) | $ | 534,402,984 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.7% | 8,988,518 | |||||||
| Net Assets | 100.0% | $ | 543,391,502 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Sale Contracts open at September 30, 2013:
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S.
$ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| AUD | BRC | 12/27/13 | 7,484,605 | $ | 7,007,536 | $ | 6,943,646 | $ | 63,890 | $ | — | |||||||||
| AUD | HSB | 12/27/13 | 31,345,029 | 29,362,612 | 29,079,530 | 283,082 | — | |||||||||||||
| AUD | RBC | 12/27/13 | 34,687,532 | 32,469,091 | 32,180,451 | 288,640 | — | |||||||||||||
| CHF | CSF | 12/27/13 | 20,448,971 | 22,437,862 | 22,628,662 | — | 190,800 | |||||||||||||
| EUR | BRC | 12/27/13 | 59,364,861 | 80,268,416 | 80,329,627 | — | 61,211 | |||||||||||||
| EUR | CAN | 12/27/13 | 37,221,479 | 50,335,165 | 50,366,286 | — | 31,121 | |||||||||||||
| EUR | CIT | 12/27/13 | 32,561,447 | 44,022,881 | 44,060,558 | — | 37,677 | |||||||||||||
| EUR | HSB | 12/27/13 | 14,216,770 | 19,217,945 | 19,237,438 | — | 19,493 | |||||||||||||
| EUR | RBC | 12/27/13 | 41,417,990 | 56,001,472 | 56,044,799 | — | 43,327 | |||||||||||||
| GBP | BRC | 12/27/13 | 735,602 | 1,176,625 | 1,190,127 | — | 13,502 | |||||||||||||
| GBP | HSB | 12/27/13 | 1,134,816 | 1,815,320 | 1,836,013 | — | 20,693 | |||||||||||||
| GBP | RBC | 12/27/13 | 10,257,346 | 16,405,045 | 16,595,307 | — | 190,262 | |||||||||||||
| JPY | HSB | 12/27/13 | 2,893,642,664 | 29,070,879 | 29,455,570 | — | 384,691 | |||||||||||||
| JPY | MEL | 12/27/13 | 3,221,258,288 | 32,367,103 | 32,790,503 | — | 423,400 | |||||||||||||
| KRW | MEL | 12/20/13 | 8,217,824,993 | 7,520,315 | 7,608,989 | — | 88,674 | |||||||||||||
| Total Forward Currency Sale Contracts | $ | 429,478,267 | $ | 430,347,506 | 635,612 | 1,504,851 | ||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Sale Contracts | $ | 635,612 | $ | 1,504,851 | ||||||||||||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 94.5% | ||||||||
| Australia | 2.4% | ||||||||
| Ansell, Ltd. | 95,476 | $ | 1,859,773 | |||||
| James Hardie Industries PLC | 283,064 | 2,820,272 | ||||||
| 4,680,045 | ||||||||
| Belgium | 2.5% | ||||||||
| Anheuser-Busch InBev NV | 49,124 | 4,889,937 | ||||||
| Bermuda | 1.4% | ||||||||
| Signet Jewelers, Ltd. | 39,585 | 2,797,916 | ||||||
| Brazil | 0.7% | ||||||||
| Estacio Participacoes SA | 168,900 | 1,312,303 | ||||||
| Canada | 2.5% | ||||||||
| MacDonald Dettwiler & Associates, Ltd. | 31,200 | 2,407,736 | ||||||
| Rogers Communications, Inc., Class B | 57,000 | 2,450,881 | ||||||
| 4,858,617 | ||||||||
| Denmark | 1.0% | ||||||||
| Carlsberg A/S, Class B | 18,804 | 1,937,326 | ||||||
| Finland | 2.2% | ||||||||
| Nokia Oyj (a) | 139,100 | 914,186 | ||||||
| Sampo Oyj, A Shares | 77,868 | 3,345,718 | ||||||
| 4,259,904 | ||||||||
| France | 10.5% | ||||||||
| BNP Paribas SA | 74,043 | 5,008,455 | ||||||
| Cap Gemini SA | 37,391 | 2,224,197 | ||||||
| European Aeronautic Defence and Space Co. NV | 45,887 | 2,923,575 | ||||||
| Sanofi SA | 44,993 | 4,563,334 | ||||||
| Technip SA | 19,418 | 2,279,943 | ||||||
| Valeo SA | 42,426 | 3,622,838 | ||||||
| 20,622,342 | ||||||||
| Germany | 7.5% | ||||||||
| Bayer AG | 41,944 | 4,945,803 | ||||||
| Bayerische Motoren Werke AG | 33,105 | 3,559,152 | ||||||
| Merck KGaA | 21,262 | 3,317,963 | ||||||
| RTL Group SA | 28,004 | 2,841,771 | ||||||
| 14,664,689 | ||||||||
| Indonesia | 0.6% | ||||||||
| PT Bank Mandiri (Persero) Tbk ADR | 166,200 | 1,123,512 | ||||||
| Ireland | 1.0% | ||||||||
| Ryanair Holdings PLC Sponsored ADR | 39,600 | 1,969,704 | ||||||
| Italy | 2.6% | ||||||||
| Atlantia SpA | 122,393 | 2,488,659 | ||||||
| Description | Shares | Value | ||||||
| Eni SpA | 117,616 | $ | 2,697,031 | |||||
| 5,185,690 | ||||||||
| Japan | 17.4% | ||||||||
| AEON Financial Service Co., Ltd. | 74,000 | 2,322,499 | ||||||
| Asahi Group Holdings, Ltd. | 102,300 | 2,684,081 | ||||||
| Asics Corp. | 157,990 | 2,719,559 | ||||||
| Daikin Industries, Ltd. | 39,500 | 2,093,647 | ||||||
| Daiwa House Industry Co., Ltd. | 143,000 | 2,688,479 | ||||||
| Don Quijote Co., Ltd. | 69,200 | 4,329,620 | ||||||
| Japan Tobacco, Inc. | 79,600 | 2,858,619 | ||||||
| LIXIL Group Corp. | 120,100 | 2,466,879 | ||||||
| Makita Corp. | 30,900 | 1,791,851 | ||||||
| Seven & I Holdings Co., Ltd. | 79,100 | 2,880,899 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 97,800 | 4,721,105 | ||||||
| Yahoo Japan Corp. | 456,400 | 2,586,243 | ||||||
| 34,143,481 | ||||||||
| Norway | 0.7% | ||||||||
| Petroleum Geo-Services ASA | 119,471 | 1,476,189 | ||||||
| Philippines | 1.5% | ||||||||
| Alliance Global Group, Inc. | 3,174,500 | 1,713,384 | ||||||
| LT Group, Inc. | 3,135,200 | 1,296,133 | ||||||
| 3,009,517 | ||||||||
| South Africa | 1.1% | ||||||||
| Mediclinic International, Ltd. | 290,053 | 2,145,877 | ||||||
| South Korea | 0.8% | ||||||||
| Samsung Electronics Co., Ltd. GDR | 2,655 | 1,693,890 | ||||||
| Spain | 2.6% | ||||||||
| Mediaset Espana Comunicacion SA (a) | 178,365 | 2,053,473 | ||||||
| Red Electrica Corporacion SA | 53,041 | 3,018,798 | ||||||
| 5,072,271 | ||||||||
| Sweden | 4.5% | ||||||||
| Assa Abloy AB, Class B | 82,763 | 3,799,008 | ||||||
| Electrolux AB, Series B | 40,021 | 1,039,337 | ||||||
| Getinge AB, B Shares | 38,935 | 1,391,596 | ||||||
| Swedbank AB, A Shares | 110,025 | 2,562,861 | ||||||
| 8,792,802 | ||||||||
| Switzerland | 8.1% | ||||||||
| GAM Holding AG | 146,561 | 2,649,718 | ||||||
| Glencore Xstrata PLC | 568,539 | 3,099,015 | ||||||
| Novartis AG | 96,913 | 7,447,839 | ||||||
| Swatch Group AG | 4,346 | 2,796,895 | ||||||
| 15,993,467 | ||||||||
| Thailand | 0.7% | ||||||||
| Krung Thai Bank Public Co. Ltd. (e) | 2,310,000 | 1,417,903 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Turkey | 0.5% | ||||||||
| Koc Holding AS | 207,771 | $ | 958,603 | |||||
| United Kingdom | 21.7% | ||||||||
| BG Group PLC | 85,873 | 1,641,130 | ||||||
| British American Tobacco PLC | 67,724 | 3,592,304 | ||||||
| Direct Line Insurance Group PLC | 697,541 | 2,407,560 | ||||||
| Informa PLC | 486,163 | 4,132,011 | ||||||
| International Consolidated Airlines Group SA (a) | 434,326 | 2,378,691 | ||||||
| Ladbrokes PLC | 261,115 | 715,241 | ||||||
| Lloyds Banking Group PLC (a) | 3,691,086 | 4,396,775 | ||||||
| Prudential PLC | 243,547 | 4,538,145 | ||||||
| Reed Elsevier PLC | 192,740 | 2,599,185 | ||||||
| Rexam PLC | 516,511 | 4,027,044 | ||||||
| Royal Dutch Shell PLC, A Shares | 133,843 | 4,420,243 | ||||||
| Standard Chartered PLC | 119,297 | 2,860,256 | ||||||
| Taylor Wimpey PLC | 981,658 | 1,595,564 | ||||||
| Unilever PLC | 81,952 | 3,237,201 | ||||||
| 42,541,350 | ||||||||
| Total Common Stocks (Identified cost $151,860,867) |
|
|
|
|
|
|
185,547,335 |
|
| Description | Principal Amount (000) | Value | ||||||
| Repurchase Agreement | 5.0% | ||||||||
| State Street Bank and Trust Co., 0.00%, 10/01/13 (Dated 09/30/13, collateralized by $10,010,000 United States Treasury Note, 0.25%, 03/31/14, with a value of $10,018,989) Proceeds of $9,818,000 (Identified cost $9,818,000) | $ | 9,818 | $ | 9,818,000 | ||||
| Total Investments | 99.5% (Identified cost $161,678,867) (b) | $ | 195,365,335 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 972,474 | |||||||
| Net Assets | 100.0% | $ | 196,337,809 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 94.5% | ||||||||
| Australia | 1.6% | ||||||||
| BHP Billiton, Ltd. | 8,616 | $ | 287,273 | |||||
| Belgium | 2.6% | ||||||||
| Anheuser-Busch InBev NV | 4,621 | 459,987 | ||||||
| Bermuda | 1.5% | ||||||||
| Signet Jewelers, Ltd. | 3,754 | 265,337 | ||||||
| Brazil | 4.3% | ||||||||
| BB Seguridade Participacoes SA | 20,300 | 199,767 | ||||||
| Cielo SA | 8,518 | 230,370 | ||||||
| Estacio Participacoes SA | 23,200 | 180,257 | ||||||
| Vale SA Sponsored ADR | 9,530 | 148,763 | ||||||
| 759,157 | ||||||||
| China | 3.1% | ||||||||
| Baidu, Inc. Sponsored ADR (a) | 1,410 | 218,804 | ||||||
| China Construction Bank Corp., Class H | 421,000 | 324,602 | ||||||
| 543,406 | ||||||||
| Denmark | 2.5% | ||||||||
| Carlsberg A/S, Class B | 1,590 | 163,814 | ||||||
| Novo Nordisk A/S, Class B | 1,611 | 273,511 | ||||||
| 437,325 | ||||||||
| Finland | 1.4% | ||||||||
| Sampo Oyj, A Shares | 5,924 | 254,534 | ||||||
| France | 6.2% | ||||||||
| BNP Paribas SA | 5,579 | 377,378 | ||||||
| Sanofi SA | 2,405 | 243,923 | ||||||
| Technip SA | 1,681 | 197,373 | ||||||
| Valeo SA | 3,326 | 284,013 | ||||||
| 1,102,687 | ||||||||
| Germany | 6.8% | ||||||||
| Bayer AG | 3,534 | 416,709 | ||||||
| Bayerische Motoren Werke AG | 3,319 | 356,829 | ||||||
| SAP AG | 5,905 | 436,736 | ||||||
| 1,210,274 | ||||||||
| Hong Kong | 1.6% | ||||||||
| China Mobile, Ltd. Sponsored ADR | 4,962 | 280,006 | ||||||
| Indonesia | 1.9% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 170,500 | 117,053 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 5,969 | 216,734 | ||||||
| 333,787 | ||||||||
| Description | Shares | Value | ||||||
| Ireland | 1.4% | ||||||||
| Ryanair Holdings PLC Sponsored ADR | 5,020 | $ | 249,695 | |||||
| Italy | 2.7% | ||||||||
| Atlantia SpA | 14,620 | 297,273 | ||||||
| Eni SpA | 8,041 | 184,387 | ||||||
| 481,660 | ||||||||
| Japan | 12.0% | ||||||||
| Daiwa House Industry Co., Ltd. | 14,000 | 263,208 | ||||||
| Japan Tobacco, Inc. | 5,000 | 179,562 | ||||||
| Komatsu, Ltd. | 7,600 | 188,579 | ||||||
| LIXIL Group Corp. | 9,900 | 203,348 | ||||||
| Makita Corp. | 5,100 | 295,743 | ||||||
| Seven & I Holdings Co., Ltd. | 9,217 | 335,692 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 8,376 | 404,335 | ||||||
| Yahoo Japan Corp. | 46,600 | 264,064 | ||||||
| 2,134,531 | ||||||||
| Macau | 1.9% | ||||||||
| Sands China, Ltd. | 53,400 | 330,484 | ||||||
| Norway | 0.8% | ||||||||
| Petroleum Geo-Services ASA | 12,176 | 150,447 | ||||||
| Philippines | 1.7% | ||||||||
| Alliance Global Group, Inc. | 322,000 | 173,794 | ||||||
| LT Group, Inc. | 300,800 | 124,355 | ||||||
| 298,149 | ||||||||
| Russia | 2.3% | ||||||||
| Mobile TeleSystems OJSC Sponsored ADR | 10,411 | 231,749 | ||||||
| Sberbank of Russia (e) | 58,279 | 175,728 | ||||||
| 407,477 | ||||||||
| South Africa | 1.8% | ||||||||
| Mediclinic International, Ltd. | 27,306 | 202,016 | ||||||
| Mr Price Group, Ltd. | 8,179 | 113,273 | ||||||
| 315,289 | ||||||||
| South Korea | 1.2% | ||||||||
| Samsung Electronics Co., Ltd. | 162 | 206,066 | ||||||
| Spain | 0.9% | ||||||||
| Red Electrica Corporacion SA | 2,992 | 170,288 | ||||||
| Sweden | 4.2% | ||||||||
| Assa Abloy AB, Class B | 6,156 | 282,574 | ||||||
| Electrolux AB, Series B | 4,187 | 108,735 | ||||||
| Getinge AB, B Shares | 5,243 | 187,393 | ||||||
| Swedbank AB, A Shares | 7,458 | 173,723 | ||||||
| 752,425 | ||||||||
| Switzerland | 5.9% | ||||||||
| Cie Financiere Richemont SA | 2,323 | 232,724 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Novartis AG | 8,132 | $ | 624,950 | |||||
| Swatch Group AG | 298 | 191,780 | ||||||
| 1,049,454 | ||||||||
| Taiwan | 2.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 111,341 | 378,455 | ||||||
| Thailand | 0.8% | ||||||||
| Kasikornbank Public Co. Ltd. | 26,000 | 146,707 | ||||||
| Turkey | 2.1% | ||||||||
| Koc Holding AS | 27,897 | 128,710 | ||||||
| Turkcell Iletisim Hizmetleri AS (a) | 41,542 | 244,721 | ||||||
| 373,431 | ||||||||
| United Kingdom | 19.2% | ||||||||
| Associated British Foods PLC | 5,407 | 164,214 | ||||||
| BG Group PLC | 9,477 | 181,116 | ||||||
| British American Tobacco PLC | 4,605 | 244,264 | ||||||
| HSBC Holdings PLC | 22,862 | 247,754 | ||||||
| Informa PLC | 34,590 | 293,988 | ||||||
| Ladbrokes PLC | 27,508 | 75,349 | ||||||
| Lloyds Banking Group PLC (a) | 221,622 | 263,993 | ||||||
| Petrofac, Ltd. | 6,630 | 150,803 | ||||||
| Prudential PLC | 28,778 | 536,236 | ||||||
| Rexam PLC | 38,356 | 299,048 | ||||||
| Royal Dutch Shell PLC, A Shares | 8,640 | 284,969 | ||||||
| Tullow Oil PLC | 7,564 | 125,393 | ||||||
| Unilever PLC | 8,296 | 327,702 | ||||||
| Wolseley PLC | 4,367 | 226,020 | ||||||
| 3,420,849 | ||||||||
| Total Common Stocks (Identified cost $15,041,110) |
|
|
|
|
|
|
16,799,180 |
|
| Short-Term Investment | 4.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $776,951) | 776,951 | 776,951 | ||||||
| Total Investments | 98.9% (Identified cost $15,818,061) (b) | $ | 17,576,131 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.1% | 186,996 | |||||||
| Net Assets | 100.0% | $ | 17,763,127 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 93.4% | ||||||||
| Australia | 7.6% | ||||||||
| Amcor, Ltd. | 6,600,434 | $ | 64,407,935 | |||||
| Ansell, Ltd. | 3,052,727 | 59,463,937 | ||||||
| Caltex Australia, Ltd. | 2,230,038 | 38,466,650 | ||||||
| James Hardie Industries PLC | 3,487,354 | 34,745,813 | ||||||
| 197,084,335 | ||||||||
| Belgium | 2.0% | ||||||||
| Anheuser-Busch InBev NV | 530,279 | 52,785,423 | ||||||
| Bermuda | 1.7% | ||||||||
| Signet Jewelers, Ltd. | 602,007 | 42,550,588 | ||||||
| Brazil | 1.9% | ||||||||
| Estacio Participacoes SA | 3,946,000 | 30,659,261 | ||||||
| LPS Brasil Consultoria de Imoveis SA | 2,308,200 | 18,131,914 | ||||||
| 48,791,175 | ||||||||
| Canada | 1.4% | ||||||||
| Home Capital Group, Inc. | 504,411 | 35,272,777 | ||||||
| Denmark | 1.6% | ||||||||
| Carlsberg A/S, Class B | 408,029 | 42,038,140 | ||||||
| Finland | 3.5% | ||||||||
| Sampo Oyj, A Shares | 2,079,078 | 89,330,768 | ||||||
| France | 8.1% | ||||||||
| BNP Paribas SA | 1,113,686 | 75,332,531 | ||||||
| European Aeronautic Defence and Space Co. NV | 778,329 | 49,589,280 | ||||||
| Technip SA | 398,020 | 46,733,077 | ||||||
| Valeo SA | 423,113 | 36,130,432 | ||||||
| 207,785,320 | ||||||||
| Germany | 6.1% | ||||||||
| Bayer AG | 429,625 | 50,658,994 | ||||||
| Merck KGaA | 193,324 | 30,168,462 | ||||||
| Sky Deutschland AG (a) | 3,734,842 | 34,403,716 | ||||||
| Symrise AG | 940,189 | 41,649,515 | ||||||
| 156,880,687 | ||||||||
| Indonesia | 0.5% | ||||||||
| PT Media Nusantara Citra Tbk | 56,362,000 | 13,141,399 | ||||||
| Ireland | 3.3% | ||||||||
| Kerry Group PLC, Class A | 647,338 | 39,369,031 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 928,270 | 46,172,150 | ||||||
| 85,541,181 | ||||||||
| Italy | 0.7% | ||||||||
| Mediaset SpA (a) | 4,407,770 | 17,889,161 | ||||||
| Description | Shares | Value | ||||||
| Japan | 13.7% | ||||||||
| AEON Financial Service Co., Ltd. | 1,478,000 | $ | 46,387,202 | |||||
| Asics Corp. | 2,395,250 | 41,230,612 | ||||||
| Daikin Industries, Ltd. | 694,600 | 36,816,379 | ||||||
| Don Quijote Co., Ltd. | 1,254,300 | 78,477,491 | ||||||
| Japan Tobacco, Inc. | 985,800 | 35,402,350 | ||||||
| LIXIL Group Corp. | 2,150,400 | 44,169,669 | ||||||
| Makita Corp. | 1,245,000 | 72,195,941 | ||||||
| 354,679,644 | ||||||||
| Macau | 1.8% | ||||||||
| Sands China, Ltd. | 7,556,400 | 46,765,327 | ||||||
| Philippines | 3.4% | ||||||||
| Alliance Global Group, Inc. | 64,304,400 | 34,707,244 | ||||||
| GT Capital Holdings, Inc. | 1,057,280 | 18,455,048 | ||||||
| LT Group, Inc. | 48,391,700 | 20,005,756 | ||||||
| Security Bank Corp. | 5,114,840 | 15,400,908 | ||||||
| 88,568,956 | ||||||||
| South Africa | 2.3% | ||||||||
| Mediclinic International, Ltd. | 4,897,596 | 36,233,503 | ||||||
| Nampak, Ltd. | 7,778,211 | 24,178,478 | ||||||
| 60,411,981 | ||||||||
| Spain | 1.0% | ||||||||
| Mediaset Espana Comunicacion SA (a) | 2,244,007 | 25,834,708 | ||||||
| Sweden | 3.5% | ||||||||
| Assa Abloy AB, Class B | 971,152 | 44,578,063 | ||||||
| Electrolux AB, Series B | 691,299 | 17,952,885 | ||||||
| Getinge AB, B Shares | 781,760 | 27,941,287 | ||||||
| 90,472,235 | ||||||||
| Switzerland | 6.8% | ||||||||
| Cie Financiere Richemont SA | 379,123 | 37,981,472 | ||||||
| GAM Holding AG | 2,207,625 | 39,912,278 | ||||||
| Novartis AG | 903,579 | 69,440,748 | ||||||
| Swatch Group AG | 43,990 | 28,310,035 | ||||||
| 175,644,533 | ||||||||
| Thailand | 1.3% | ||||||||
| Kasikornbank Public Co. Ltd. | 5,827,800 | 32,883,846 | ||||||
| Turkey | 0.4% | ||||||||
| Turkiye Halk Bankasi AS | 1,451,667 | 10,635,713 | ||||||
| United Kingdom | 20.8% | ||||||||
| AMEC PLC | 1,880,591 | 32,697,829 | ||||||
| Associated British Foods PLC | 1,594,140 | 48,414,961 | ||||||
| BBA Aviation PLC | 5,194,783 | 25,650,010 | ||||||
| British American Tobacco PLC | 1,016,561 | 53,921,741 | ||||||
| Informa PLC | 8,366,331 | 71,107,373 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| International Consolidated Airlines Group SA (a) | 11,338,786 | $ | 62,099,606 | |||||
| Lloyds Banking Group PLC (a) | 37,590,425 | 44,777,239 | ||||||
| Prudential PLC | 3,246,715 | 60,497,828 | ||||||
| Rexam PLC | 7,980,946 | 62,224,461 | ||||||
| Tullow Oil PLC | 1,954,028 | 32,392,989 | ||||||
| Unilever PLC | 1,061,933 | 41,947,611 | ||||||
| 535,731,648 | ||||||||
| Total Common Stocks (Identified cost $2,038,069,144) |
|
|
|
|
|
|
2,410,719,545 |
|
| Short-Term Investment | 7.1% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $183,235,775) | 183,235,775 | 183,235,775 | ||||||
| Total Investments | 100.5% (Identified cost $2,221,304,919) (b) | $ | 2,593,955,320 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (14,063,649 | ) | ||||||
| Net Assets | 100.0% | $ | 2,579,891,671 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 95.2% | ||||||||
| Australia | 6.6% | ||||||||
| ALS, Ltd. | 54,953 | $ | 538,289 | |||||
| Ansell, Ltd. | 31,194 | 607,627 | ||||||
| iSelect, Ltd. | 373,069 | 438,526 | ||||||
| James Hardie Industries PLC | 65,680 | 654,394 | ||||||
| M2 Telecommunications Group, Ltd. | 104,014 | 589,001 | ||||||
| Macquarie Atlas Roads Group | 289,197 | 660,990 | ||||||
| OrotonGroup, Ltd. | 10,216 | 56,039 | ||||||
| Super Retail Group, Ltd. | 39,205 | 474,735 | ||||||
| 4,019,601 | ||||||||
| Austria | 1.9% | ||||||||
| AMS AG | 7,149 | 681,422 | ||||||
| Kapsch TrafficCom AG | 9,363 | 463,602 | ||||||
| 1,145,024 | ||||||||
| Belgium | 3.6% | ||||||||
| Arseus NV | 23,577 | 668,544 | ||||||
| EVS Broadcast Equipment SA | 8,871 | 572,334 | ||||||
| Kinepolis Group NV | 6,765 | 968,651 | ||||||
| 2,209,529 | ||||||||
| Brazil | 0.8% | ||||||||
| Brasil Insurance Participacoes e Administracao SA | 51,100 | 458,823 | ||||||
| China | 2.9% | ||||||||
| Biostime International Holdings, Ltd. | 87,500 | 661,674 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 920,000 | 525,484 | ||||||
| Prince Frog International Holdings, Ltd. | 880,000 | 609,291 | ||||||
| 1,796,449 | ||||||||
| France | 3.0% | ||||||||
| Ingenico SA | 12,211 | 880,332 | ||||||
| Valeo SA | 11,514 | 983,203 | ||||||
| 1,863,535 | ||||||||
| Germany | 8.3% | ||||||||
| Aurelius AG | 23,118 | 749,041 | ||||||
| CompuGroup Medical AG | 42,508 | 1,037,426 | ||||||
| CTS Eventim AG | 18,698 | 824,636 | ||||||
| Freenet AG | 23,925 | 578,883 | ||||||
| NORMA Group SE | 18,218 | 877,652 | ||||||
| Wirecard AG | 30,132 | 1,030,720 | ||||||
| 5,098,358 | ||||||||
| Indonesia | 0.6% | ||||||||
| PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk | 4,449,500 | 345,816 | ||||||
| Description | Shares | Value | ||||||
| Ireland | 1.0% | ||||||||
| Greencore Group PLC | 249,391 | $ | 595,516 | |||||
| Israel | 0.6% | ||||||||
| Kamada (a) | 23,900 | 365,670 | ||||||
| Italy | 3.9% | ||||||||
| Azimut Holding SpA | 57,402 | 1,311,615 | ||||||
| Digital Multimedia Technologies SpA | 15,187 | 581,444 | ||||||
| Mediolanum SpA | 69,219 | 502,863 | ||||||
| 2,395,922 | ||||||||
| Japan | 24.4% | ||||||||
| Ain Pharmaciez, Inc. | 17,000 | 720,332 | ||||||
| Anritsu Corp. | 47,200 | 598,313 | ||||||
| Asahi Co., Ltd. | 44,000 | 743,965 | ||||||
| Avex Group Holdings, Inc. | 19,700 | 573,193 | ||||||
| Don Quijote Co., Ltd. | 22,500 | 1,407,752 | ||||||
| Doshisha Co., Ltd. | 50,200 | 717,033 | ||||||
| JAFCO Co., Ltd. | 22,400 | 1,071,062 | ||||||
| Misumi Group, Inc. | 28,400 | 821,995 | ||||||
| OSG Corp. | 47,400 | 827,010 | ||||||
| Rinnai Corp. | 9,300 | 688,784 | ||||||
| Santen Pharmaceutical Co., Ltd. | 14,790 | 716,968 | ||||||
| Ship Healthcare Holdings, Inc. | 15,300 | 595,376 | ||||||
| Suruga Bank, Ltd. | 65,300 | 1,120,719 | ||||||
| Tamron Co., Ltd. | 29,200 | 643,443 | ||||||
| Topcon Corp. | 56,400 | 874,445 | ||||||
| USS Co., Ltd. | 70,100 | 1,013,399 | ||||||
| Valor Co., Ltd. | 39,300 | 594,528 | ||||||
| Wacom Co., Ltd. | 59,522 | 568,606 | ||||||
| Yumeshin Holdings Co., Ltd. | 95,200 | 633,408 | ||||||
| 14,930,331 | ||||||||
| Netherlands | 1.9% | ||||||||
| Aalberts Industries NV | 31,808 | 847,505 | ||||||
| Frank’s International NV | 11,500 | 344,195 | ||||||
| 1,191,700 | ||||||||
| Norway | 2.3% | ||||||||
| Kongsberg Gruppen ASA | 39,346 | 768,828 | ||||||
| Petroleum Geo-Services ASA | 53,742 | 664,039 | ||||||
| 1,432,867 | ||||||||
| Russia | 0.7% | ||||||||
| Globaltrans Investment PLC Sponsored GDR | 31,063 | 450,413 | ||||||
| Singapore | 1.0% | ||||||||
| XP Power, Ltd. | 28,196 | 629,009 | ||||||
| Sweden | 3.3% | ||||||||
| Indutrade AB | 14,332 | 557,518 | ||||||
| Intrum Justitia AB | 28,865 | 772,524 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Loomis AB, B Shares | 31,477 | $ | 693,045 | |||||
| 2,023,087 | ||||||||
| Switzerland | 2.9% | ||||||||
| Dufry AG (a) | 6,823 | 1,026,072 | ||||||
| GAM Holding AG | 39,861 | 720,658 | ||||||
| 1,746,730 | ||||||||
| Taiwan | 1.9% | ||||||||
| Makalot Industrial Co., Ltd. | 109,000 | 547,452 | ||||||
| Radiant Opto-Electronics Corp. | 164,920 | 588,462 | ||||||
| 1,135,914 | ||||||||
| Turkey | 1.7% | ||||||||
| TAV Havalimanlari Holding AS | 78,758 | 555,581 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS | 528,518 | 468,329 | ||||||
| 1,023,910 | ||||||||
| United Kingdom | 21.9% | ||||||||
| Abcam PLC | 74,204 | 607,852 | ||||||
| Aberdeen Asset Management PLC | 107,585 | 659,406 | ||||||
| APR Energy PLC | 33,637 | 529,030 | ||||||
| Ashtead Group PLC | 73,719 | 734,561 | ||||||
| Dignity PLC | 32,912 | 772,578 | ||||||
| Direct Line Insurance Group PLC | 194,958 | 672,897 | ||||||
| Elementis PLC | 147,334 | 571,730 | ||||||
| Foxtons Group PLC | 47,717 | 208,573 | ||||||
| Hansteen Holdings PLC REIT | 426,116 | 682,941 | ||||||
| Hunting PLC | 55,959 | 722,472 | ||||||
| IG Group Holdings PLC | 127,267 | 1,192,929 | ||||||
| Intertek Group PLC | 12,404 | 663,672 | ||||||
| John Wood Group PLC | 41,765 | 542,259 | ||||||
| Provident Financial PLC | 24,945 | 671,174 | ||||||
| Rightmove PLC | 23,637 | 906,521 | ||||||
| RPC Group PLC | 77,893 | 573,760 | ||||||
| Spectris PLC | 18,411 | 657,511 | ||||||
| Synergy Health PLC | 34,544 | 612,920 | ||||||
| Taylor Wimpey PLC | 418,908 | 680,883 | ||||||
| Workspace Group PLC REIT | 100,545 | 738,987 | ||||||
| 13,402,656 | ||||||||
| Total Common Stocks (Identified cost $42,698,350) |
|
|
|
|
|
|
58,260,860 |
|
| Preferred Stocks | 1.9% | ||||||||
| Brazil | 1.0% | ||||||||
| Banco ABC Brasil SA | 102,118 | 598,987 | ||||||
| Germany | 0.9% | ||||||||
| Sartorius AG | 5,080 | 567,392 | ||||||
| Description | Shares | Value | ||||||
| Total Preferred Stocks (Identified cost $1,177,404) |
|
|
|
|
|
$ |
1,166,379 |
|
| Total Investments | 97.1% (Identified cost $43,875,754) (b) | $ | 59,427,239 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 2.9% | 1,747,380 | |||||||
| Net Assets | 100.0% | $ | 61,174,619 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 96.4% | ||||||||
| Argentina | 0.9% | ||||||||
| YPF Sociedad Anonima Sponsored ADR | 6,814,644 | $ | 137,178,784 | |||||
| Brazil | 13.2% | ||||||||
| Banco do Brasil SA | 48,968,410 | 571,147,136 | ||||||
| BB Seguridade Participacoes SA | 26,376,200 | 259,560,945 | ||||||
| CCR SA | 22,674,300 | 177,502,642 | ||||||
| Cielo SA | 18,488,230 | 500,015,569 | ||||||
| Natura Cosmeticos SA | 8,110,300 | 181,139,670 | ||||||
| Souza Cruz SA | 11,927,325 | 142,344,334 | ||||||
| Vale SA Sponsored ADR | 11,848,100 | 184,948,841 | ||||||
| 2,016,659,137 | ||||||||
| China | 8.5% | ||||||||
| Baidu, Inc. Sponsored ADR (a) | 1,523,700 | 236,447,766 | ||||||
| China Construction Bank Corp., Class H | 679,069,220 | 523,579,976 | ||||||
| CNOOC, Ltd. | 107,816,000 | 219,360,291 | ||||||
| NetEase, Inc. Sponsored ADR | 2,910,304 | 211,317,173 | ||||||
| Weichai Power Co., Ltd., Class H | 26,365,000 | 102,490,330 | ||||||
| 1,293,195,536 | ||||||||
| Colombia | 2.0% | ||||||||
| Pacific Rubiales Energy Corp. | 15,723,000 | 310,476,016 | ||||||
| Egypt | 0.7% | ||||||||
| Commercial International
Bank Egypt SAE GDR | 20,978,361 | 108,038,559 | ||||||
| Hong Kong | 3.0% | ||||||||
| China Mobile, Ltd. Sponsored ADR | 6,719,604 | 379,187,254 | ||||||
| Huabao International Holdings, Ltd. | 201,268,000 | 84,598,006 | ||||||
| 463,785,260 | ||||||||
| Hungary | 1.4% | ||||||||
| OTP Bank PLC | 10,930,644 | 216,286,335 | ||||||
| India | 4.3% | ||||||||
| Axis Bank, Ltd. | 6,969,480 | 111,881,278 | ||||||
| Bank of India | 15,101,244 | 37,943,067 | ||||||
| Bharat Heavy Electricals, Ltd. | 31,186,042 | 68,643,664 | ||||||
| Jindal Steel & Power, Ltd. | 17,971,579 | 67,043,563 | ||||||
| Punjab National Bank, Ltd. | 14,320,972 | 105,786,015 | ||||||
| Tata Consultancy Services, Ltd. | 8,480,055 | 260,409,005 | ||||||
| 651,706,592 | ||||||||
| Indonesia | 5.3% | ||||||||
| PT Astra International Tbk | 194,676,000 | 108,433,523 | ||||||
| PT Bank Mandiri (Persero) Tbk | 356,356,930 | 244,649,188 | ||||||
| PT Semen Indonesia (Persero) Tbk | 73,036,800 | 81,992,953 | ||||||
| PT Tambang Batubara
Bukit Asam (Persero) Tbk | 8,720,700 | 9,601,807 | ||||||
| Description | Shares | Value | ||||||
| PT
Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 6,873,749 | $ | 249,585,826 | |||||
| PT United Tractors Tbk | 80,647,484 | 113,519,343 | ||||||
| 807,782,640 | ||||||||
| Macau | 1.4% | ||||||||
| Wynn Macau, Ltd. | 64,360,000 | 219,487,358 | ||||||
| Malaysia | 0.8% | ||||||||
| British American Tobacco Malaysia Berhad | 6,040,500 | 118,975,334 | ||||||
| Mexico | 2.4% | ||||||||
| Grupo Mexico SAB de CV, Series B | 35,501,347 | 106,291,134 | ||||||
| Grupo Televisa SAB Sponsored ADR | 4,198,400 | 117,345,280 | ||||||
| Kimberly-Clark
de Mexico SAB de CV, Series A | 48,523,895 | 141,870,160 | ||||||
| 365,506,574 | ||||||||
| Netherlands | 0.9% | ||||||||
| OCI NV | 4,079,847 | 137,985,572 | ||||||
| Pakistan | 1.6% | ||||||||
| Oil & Gas Development Co., Ltd. | 48,997,449 | 107,461,103 | ||||||
| Pakistan Petroleum, Ltd. | 73,011,102 | 132,399,443 | ||||||
| 239,860,546 | ||||||||
| Philippines | 1.8% | ||||||||
| Philippine Long
Distance Telephone Co. Sponsored ADR | 4,018,750 | 272,632,000 | ||||||
| Russia | 12.0% | ||||||||
| Gazprom OAO Sponsored ADR | 33,393,733 | 294,198,788 | ||||||
| Lukoil OAO Sponsored ADR | 1,863,779 | 118,163,589 | ||||||
| Magnit OJSC Sponsored GDR (e), (f) | 1,902,065 | 117,452,514 | ||||||
| MegaFon OAO GDR (e), (f) | 5,497,746 | 193,795,546 | ||||||
| Mobile TeleSystems OJSC Sponsored ADR | 17,823,643 | 396,754,293 | ||||||
| Oriflame Cosmetics SA SDR | 2,424,084 | 77,022,103 | ||||||
| Sberbank of Russia (e) | 182,907,933 | 551,521,010 | ||||||
| RN Holding OAO (a), (e) | 36,996,769 | 72,437,232 | ||||||
| 1,821,345,075 | ||||||||
| South Africa | 10.8% | ||||||||
| Bidvest Group, Ltd. | 9,336,319 | 234,053,085 | ||||||
| Imperial Holdings, Ltd. | 5,960,817 | 129,424,875 | ||||||
| Nedbank Group, Ltd. | 7,771,664 | 158,293,398 | ||||||
| PPC, Ltd. | 29,152,066 | 87,686,302 | ||||||
| Sanlam, Ltd. | 29,035,115 | 135,513,109 | ||||||
| Shoprite Holdings, Ltd. | 16,006,472 | 263,685,712 | ||||||
| Standard Bank Group, Ltd. | 9,025,077 | 107,758,893 | ||||||
| Tiger Brands, Ltd. | 4,315,184 | 128,554,039 | ||||||
| Truworths International, Ltd. | 12,605,704 | 112,996,525 | ||||||
| Vodacom Group, Ltd. | 12,834,750 | 159,088,134 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Woolworths Holdings, Ltd. | 16,342,731 | $ | 120,760,660 | |||||
| 1,637,814,732 | ||||||||
| South Korea | 13.6% | ||||||||
| Coway Co., Ltd. | 3,450,288 | 191,027,181 | ||||||
| Hanwha Life Insurance Co., Ltd. | 29,652,993 | 191,768,024 | ||||||
| Hyundai Mobis | 1,144,317 | 304,533,614 | ||||||
| KB Financial Group, Inc. | 7,488,760 | 262,011,656 | ||||||
| KT&G Corp. | 3,378,037 | 242,034,893 | ||||||
| Naver Corp. | 14,704 | 7,621,028 | ||||||
| Samsung Electronics Co., Ltd. | 353,165 | 449,230,284 | ||||||
| Shinhan Financial Group Co., Ltd. | 10,381,564 | 421,667,266 | ||||||
| 2,069,893,946 | ||||||||
| Taiwan | 4.6% | ||||||||
| Hon Hai Precision Industry Co., Ltd. | 67,531,329 | 173,356,373 | ||||||
| MediaTek, Inc. | 6,501,421 | 80,368,971 | ||||||
| Taiwan
Semiconductor Manufacturing Co., Ltd. | 131,085,284 | 445,566,714 | ||||||
| 699,292,058 | ||||||||
| Thailand | 2.4% | ||||||||
| CP All Public Co. Ltd. (e) | 82,383,200 | 92,839,124 | ||||||
| PTT
Exploration & Production Public Co. Ltd. (e) | 25,941,170 | 135,594,031 | ||||||
| The Siam Cement Public Co. Ltd. | 10,498,000 | 144,313,939 | ||||||
| 372,747,094 | ||||||||
| Turkey | 4.8% | ||||||||
| Akbank TAS | 38,772,172 | 142,800,901 | ||||||
| Koc Holding AS | 43,698,295 | 201,612,885 | ||||||
| Turkcell Iletisim Hizmetleri AS (a) | 29,878,506 | 176,012,585 | ||||||
| Turkiye Is Bankasi AS, C Shares | 77,715,966 | 205,442,072 | ||||||
| 725,868,443 | ||||||||
| Total
Common Stocks (Identified cost $13,933,720,407) | 14,686,517,591 | |||||||
| Preferred Stock | 1.2% | ||||||||
| Brazil | 1.2% | ||||||||
| Companhia
de Bebidas das Americas SA Sponsored ADR (Identified cost $139,963,854) | 4,844,748 | 185,796,086 | ||||||
| Short-Term Investment | 2.2% | ||||||||
| State
Street Institutional Treasury Money Market Fund (Identified cost $328,070,203) | 328,070,203 | 328,070,203 | ||||||
| Description | Shares | Value | ||||||
| Total
Investments | 99.8% (Identified cost $14,401,754,464) (b) | $ | 15,200,383,880 | ||||||
| Cash
and Other Assets in Excess of Liabilities | 0.2% | 30,143,491 | |||||||
| Net Assets | 100.0% | $ | 15,230,527,371 | ||||||
| Description | Shares | Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 93.9% | ||||||||
| Brazil | 12.1% | ||||||||
| Cia Hering | 277,711 | $ | 4,215,223 | |||||
| Cyrela Brazil
Realty SA Empreendimentos e Participacoes | 1,552,960 | 11,736,714 | ||||||
| EDP - Energias do Brasil SA | 868,000 | 4,723,223 | ||||||
| Estacio Participacoes SA | 1,483,000 | 11,522,475 | ||||||
| Gerdau SA Sponsored ADR | 899,750 | 6,712,135 | ||||||
| Localiza Rent a Car SA | 316,620 | 4,714,371 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 713,500 | 11,936,855 | ||||||
| Totvs SA | 337,363 | 5,706,691 | ||||||
| Vale SA Sponsored ADR | 587,815 | 9,175,792 | ||||||
| 70,443,479 | ||||||||
| China | 16.8% | ||||||||
| AAC Technologies Holdings, Inc. | 1,262,200 | 5,736,607 | ||||||
| Agricultural Bank of China, Ltd., Class H | 24,097,500 | 11,091,953 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 80,565 | 12,502,077 | ||||||
| China Construction Bank Corp., Class H | 5,683,184 | 4,381,882 | ||||||
| China Merchants Bank Co., Ltd., Class H | 4,202,211 | 7,650,333 | ||||||
| China National Materials Co., Ltd., Class H | 18,305,890 | 3,918,021 | ||||||
| China State
Construction International Holdings, Ltd. | 7,071,340 | 11,305,537 | ||||||
| Daphne International Holdings, Ltd. | 6,683,000 | 4,058,450 | ||||||
| First Tractor Co., Ltd., Class H | 4,088,000 | 2,545,809 | ||||||
| Hengdeli Holdings, Ltd. | 7,075,600 | 1,696,852 | ||||||
| Ping An Insurance
(Group) Co. of China, Ltd., Class H | 1,546,500 | 11,495,213 | ||||||
| Zhuzhou CSR
Times Electric Co., Ltd., Class H | 4,640,000 | 15,076,007 | ||||||
| Zoomlion Heavy
Industry Science and Technology Co., Ltd., Class H | 7,039,200 | 6,099,024 | ||||||
| 97,557,765 | ||||||||
| Colombia | 5.8% | ||||||||
| Bancolombia SA Sponsored ADR | 136,200 | 7,836,948 | ||||||
| Cemex Latam Holdings SA | 1,291,044 | 10,158,822 | ||||||
| Pacific Rubiales Energy Corp. | 801,129 | 15,819,585 | ||||||
| 33,815,355 | ||||||||
| Hong Kong | 2.4% | ||||||||
| Techtronic Industries Co., Ltd. | 5,436,000 | 14,157,893 | ||||||
| India | 8.1% | ||||||||
| Cairn India, Ltd. | 2,115,580 | 10,749,397 | ||||||
| HDFC Bank, Ltd. Sponsored ADR | 265,600 | 8,175,168 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 418,030 | 12,741,554 | ||||||
| Maruti Suzuki India, Ltd. | 340,478 | 7,412,691 | ||||||
| Shriram Transport Finance Co., Ltd. | 866,616 | 7,862,597 | ||||||
| 46,941,407 | ||||||||
| Description | Shares | Value | ||||||
| Indonesia | 1.5% | ||||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 14,058,300 | $ | 8,801,613 | |||||
| Macau | 2.9% | ||||||||
| Sands China, Ltd. | 2,717,600 | 16,818,783 | ||||||
| Mexico | 3.2% | ||||||||
| Genomma Lab
Internacional SAB de CV, B Shares (a) | 4,995,300 | 11,410,632 | ||||||
| Grupo Financiero
Banorte SAB de CV, Class O | 1,121,057 | 6,985,249 | ||||||
| 18,395,881 | ||||||||
| Peru | 1.0% | ||||||||
| Credicorp, Ltd. | 46,500 | 5,973,390 | ||||||
| Philippines | 0.9% | ||||||||
| SM Investments Corp. | 278,378 | 4,987,020 | ||||||
| Qatar | 0.8% | ||||||||
| Qatar Electricity & Water Co. | 113,307 | 4,910,561 | ||||||
| Russia | 17.1% | ||||||||
| Alliance Oil Co., Ltd. SDR (a) | 691,040 | 5,196,751 | ||||||
| Eurasia Drilling Co., Ltd. GDR | 186,292 | 7,433,051 | ||||||
| Globaltrans Investment PLC Sponsored GDR | 1,231,980 | 17,863,710 | ||||||
| Novatek OAO Sponsored GDR | 140,528 | 18,577,802 | ||||||
| Sberbank of Russia (e) | 3,812,141 | 11,494,722 | ||||||
| TMK OAO GDR | 721,016 | 9,329,947 | ||||||
| VTB Bank OJSC (e) | 1,361,350,000 | 1,787,453 | ||||||
| VTB Bank OJSC GDR | 2,693,262 | 7,110,212 | ||||||
| X5 Retail Group NV GDR (a) | 399,699 | 6,619,015 | ||||||
| Yandex NV Class A (a) | 376,000 | 13,693,920 | ||||||
| 99,106,583 | ||||||||
| South Africa | 3.0% | ||||||||
| Barloworld, Ltd. | 491,452 | 4,668,678 | ||||||
| Exxaro Resources, Ltd. | 448,278 | 7,344,611 | ||||||
| Standard Bank Group, Ltd. | 440,406 | 5,258,422 | ||||||
| 17,271,711 | ||||||||
| South Korea | 5.3% | ||||||||
| Kia Motors Corp. | 162,609 | 9,880,538 | ||||||
| Samsung Electronics Co., Ltd. | 16,585 | 21,096,327 | ||||||
| 30,976,865 | ||||||||
| Taiwan | 5.8% | ||||||||
| Catcher Technology Co., Ltd. | 1,390,000 | 7,357,358 | ||||||
| Hiwin Technologies Corp. | 1,144,370 | 7,663,451 | ||||||
| MediaTek, Inc. | 1,138,000 | 14,067,677 | ||||||
| TPK Holding Co., Ltd. | 524,000 | 4,758,480 | ||||||
| 33,846,966 | ||||||||
| Description | Shares | Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Turkey | 4.7% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 1,727,775 | $ | 7,509,648 | |||||
| Emlak
Konut Gayrimenkul Yatirim Ortakligi AS | 5,874,164 | 7,938,649 | ||||||
| Pegasus Hava Tasimaciligi AS | 386,600 | 6,392,139 | ||||||
| TAV Havalimanlari Holding AS | 804,951 | 5,678,350 | ||||||
| 27,518,786 | ||||||||
| United States | 2.5% | ||||||||
| First Cash Financial Services, Inc. (a) | 133,900 | 7,759,505 | ||||||
| Freeport-McMoRan Copper & Gold, Inc. | 197,100 | 6,520,068 | ||||||
| 14,279,573 | ||||||||
| Total
Common Stocks (Identified cost $581,035,742) | 545,803,631 | |||||||
| Preferred Stocks | 3.6% | ||||||||
| Brazil | 3.6% | ||||||||
| Banco Bradesco SA ADR | 669,088 | 9,286,941 | ||||||
| Marcopolo SA | 3,896,400 | 11,603,231 | ||||||
| 20,890,172 | ||||||||
| Total
Preferred Stocks (Identified cost $22,145,855) | 20,890,172 | |||||||
| Short-Term Investment | 2.4% | ||||||||
| State
Street Institutional Treasury Money Market Fund (Identified cost $13,981,337) | 13,981,337 | 13,981,337 | ||||||
| Total
Investments | 99.9% (Identified cost $617,162,934) (b) | $ | 580,675,140 | ||||||
| Cash
and Other Assets in Excess of Liabilities | 0.1% | 489,799 | |||||||
| Net Assets | 100.0% | $ | 581,164,939 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio | ||||||||
| Common Stocks | 91.7% | ||||||||
| Argentina | 0.9% | ||||||||
| YPF Sociedad Anonima Sponsored ADR | 262,175 | $ | 5,277,583 | |||||
| Brazil | 11.0% | ||||||||
| Banco do Brasil SA | 643,007 | 7,499,766 | ||||||
| Brasil Insurance Participacoes e Administracao SA | 320,605 | 2,878,689 | ||||||
| Cia Hering | 114,727 | 1,741,378 | ||||||
| Cielo SA Sponsored ADR | 333,896 | 9,155,428 | ||||||
| Companhia de Locacao das Americas | 670,900 | 3,024,090 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 761,900 | 5,758,167 | ||||||
| Estacio Participacoes SA | 1,042,500 | 8,099,919 | ||||||
| Even Construtora e Incorporadora SA | 815,800 | 3,106,688 | ||||||
| Grendene SA | 323,200 | 2,878,657 | ||||||
| Iochpe-Maxion SA | 140,700 | 1,739,467 | ||||||
| Natura Cosmeticos SA | 180,510 | 4,031,604 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 361,500 | 6,047,895 | ||||||
| Souza Cruz SA | 347,795 | 4,150,692 | ||||||
| Tegma Gestao Logistica SA | 268,545 | 2,662,065 | ||||||
| 62,774,505 | ||||||||
| Cambodia | 0.3% | ||||||||
| NagaCorp, Ltd. | 2,000,000 | 1,689,037 | ||||||
| China | 14.1% | ||||||||
| AAC Technologies Holdings, Inc. | 699,140 | 3,177,540 | ||||||
| Agricultural Bank of China, Ltd., Class H | 17,845,000 | 8,213,960 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 91,146 | 14,144,036 | ||||||
| Biostime International Holdings, Ltd. | 398,500 | 3,013,451 | ||||||
| China Construction Bank Corp., Class H | 12,043,461 | 9,285,821 | ||||||
| China State Construction International Holdings, Ltd. | 5,070,504 | 8,106,635 | ||||||
| China ZhengTong Auto Services Holdings, Ltd. (a) | 3,567,500 | 2,207,868 | ||||||
| CNOOC, Ltd. | 2,936,000 | 5,973,527 | ||||||
| Daphne International Holdings, Ltd. | 4,672,000 | 2,837,210 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 4,686,000 | 2,676,540 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 947,000 | 7,039,099 | ||||||
| Prince Frog International Holdings, Ltd. | 4,192,000 | 2,902,441 | ||||||
| Shenguan Holdings Group, Ltd. | 6,376,000 | 2,704,656 | ||||||
| Shenzhou International Group Holdings, Ltd. | 562,000 | 1,836,886 | ||||||
| Zhuzhou CSR Times Electric Co., Ltd., Class H | 899,000 | 2,920,976 | ||||||
| Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H | 4,301,440 | 3,726,928 | ||||||
| 80,767,574 | ||||||||
| Description | Shares | Value | ||||||
| Colombia | 3.5% | ||||||||
| Bancolombia SA Sponsored ADR | 82,520 | $ | 4,748,201 | |||||
| Pacific Rubiales Energy Corp. | 760,500 | 15,017,300 | ||||||
| 19,765,501 | ||||||||
| Egypt | 0.6% | ||||||||
| Commercial International
Bank Egypt SAE GDR | 662,142 | 3,410,031 | ||||||
| Georgia | 0.3% | ||||||||
| Bank of Georgia Holdings PLC | 61,785 | 1,932,460 | ||||||
| Hong Kong | 2.1% | ||||||||
| China Mobile, Ltd. Sponsored ADR | 108,400 | 6,117,012 | ||||||
| Techtronic Industries Co., Ltd. | 2,224,000 | 5,792,339 | ||||||
| 11,909,351 | ||||||||
| Hungary | 0.9% | ||||||||
| OTP Bank PLC | 271,317 | 5,368,591 | ||||||
| India | 2.1% | ||||||||
| Axis Bank, Ltd. | 291,910 | 4,686,040 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 233,890 | 7,128,967 | ||||||
| 11,815,007 | ||||||||
| Indonesia | 4.4% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 9,864,000 | 6,771,917 | ||||||
| PT Bank Pembangunan
Daerah Jawa Barat dan Banten Tbk | 27,149,000 | 2,110,026 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 9,172,118 | 5,742,475 | ||||||
| PT Bekasi Fajar Industrial Estate Tbk | 52,603,500 | 2,157,743 | ||||||
| PT Pakuwon Jati Tbk | 86,586,500 | 2,131,015 | ||||||
| PT Telekomunikasi
Indonesia (Persero) Tbk Sponsored ADR | 95,350 | 3,462,158 | ||||||
| PT United Tractors Tbk | 2,173,015 | 3,058,734 | ||||||
| 25,434,068 | ||||||||
| Kazakhstan | 0.3% | ||||||||
| KCell JSC GDR | 119,746 | 1,844,088 | ||||||
| Macau | 2.4% | ||||||||
| Sands China, Ltd. | 1,403,800 | 8,687,889 | ||||||
| Wynn Macau, Ltd. | 1,555,600 | 5,305,074 | ||||||
| 13,992,963 | ||||||||
| Malaysia | 0.4% | ||||||||
| Mah Sing Group Bhd | 3,708,220 | 2,514,240 | ||||||
| Mexico | 4.4% | ||||||||
| Genomma Lab
Internacional SAB de CV, B Shares (a) | 3,021,956 | 6,902,974 | ||||||
| Grupo Financiero
Banorte SAB de CV, Class O | 732,900 | 4,566,662 | ||||||
| Grupo Mexico SAB de CV, Series B | 829,101 | 2,482,331 | ||||||
| Grupo Televisa SAB Sponsored ADR | 182,273 | 5,094,530 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (continued) | ||||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 2,164,300 | $ | 6,327,802 | |||||
| 25,374,299 | ||||||||
| Netherlands | 0.2% | ||||||||
| OCI NV | 32,659 | 1,104,569 | ||||||
| Peru | 0.4% | ||||||||
| Credicorp, Ltd. | 16,800 | 2,158,128 | ||||||
| Philippines | 0.7% | ||||||||
| Philippine Long Distance Telephone Co. Sponsored ADR | 59,392 | 4,029,153 | ||||||
| Russia | 14.9% | ||||||||
| DIXY Group (a), (e) | 125,020 | 1,717,016 | ||||||
| Eurasia Drilling Co., Ltd. GDR | 154,747 | 6,174,405 | ||||||
| Gazprom OAO Sponsored ADR | 613,467 | 5,404,644 | ||||||
| Globaltrans Investment PLC Sponsored GDR | 780,045 | 11,310,653 | ||||||
| Lukoil OAO Sponsored ADR | 72,868 | 4,631,490 | ||||||
| MegaFon OAO GDR (e), (f) | 143,457 | 5,056,860 | ||||||
| Mobile TeleSystems OJSC Sponsored ADR | 384,120 | 8,550,511 | ||||||
| Novatek OAO Sponsored GDR | 78,641 | 10,396,340 | ||||||
| Oriflame Cosmetics SA SDR | 114,467 | 3,637,039 | ||||||
| Sberbank of Russia (e) | 2,249,753 | 6,783,664 | ||||||
| Sberbank of Russia Sponsored ADR | 741,997 | 8,926,224 | ||||||
| TMK OAO GDR | 369,289 | 4,778,600 | ||||||
| Yandex NV Class A (a) | 214,380 | 7,807,720 | ||||||
| 85,175,166 | ||||||||
| South Africa | 4.5% | ||||||||
| AVI, Ltd. | 476,885 | 2,842,715 | ||||||
| Capitec Bank Holdings, Ltd. | 72,105 | 1,443,500 | ||||||
| Exxaro Resources, Ltd. | 347,330 | 5,690,674 | ||||||
| Standard Bank Group, Ltd. | 810,449 | 9,676,714 | ||||||
| Tiger Brands, Ltd. | 130,734 | 3,894,708 | ||||||
| Truworths International, Ltd. | 278,821 | 2,499,329 | ||||||
| 26,047,640 | ||||||||
| South Korea | 9.0% | ||||||||
| Hanwha Life Insurance Co., Ltd. | 673,002 | 4,352,352 | ||||||
| Hy-Lok Corp. | 62,506 | 1,509,322 | ||||||
| Hyundai Mobis | 31,343 | 8,341,218 | ||||||
| KT Skylife Co., Ltd. | 112,170 | 3,042,553 | ||||||
| KT&G Corp. | 82,670 | 5,923,270 | ||||||
| Naver Corp. | 1,107 | 573,754 | ||||||
| Partron Co., Ltd. | 191,578 | 3,146,395 | ||||||
| Samsung Electronics Co., Ltd. | 13,199 | 16,789,292 | ||||||
| Shinhan Financial Group Co., Ltd. | 190,720 | 7,746,461 | ||||||
| 51,424,617 | ||||||||
| Description | Shares | Value | ||||||
| Taiwan | 6.1% | ||||||||
| Catcher Technology Co., Ltd. | 924,000 | $ | 4,890,790 | |||||
| Hon Hai Precision Industry Co., Ltd. | 1,612,279 | 4,138,803 | ||||||
| King Slide Works Co., Ltd. | 202,000 | 1,766,057 | ||||||
| Makalot Industrial Co., Ltd. | 589,000 | 2,958,247 | ||||||
| MediaTek, Inc. | 533,000 | 6,588,815 | ||||||
| Radiant Opto-Electronics Corp. | 932,280 | 3,326,531 | ||||||
| Taiwan Semiconductor
Manufacturing Co., Ltd. | 2,489,000 | 8,460,260 | ||||||
| TPK Holding Co., Ltd. | 284,000 | 2,579,024 | ||||||
| 34,708,527 | ||||||||
| Thailand | 1.4% | ||||||||
| Dynasty Ceramic Public Co. Ltd. (e) | 1,466,200 | 2,613,192 | ||||||
| Major Cineplex Group Public Co. Ltd. (e) | 3,879,200 | 2,306,685 | ||||||
| Supalai Public Co. Ltd. (e) | 6,076,300 | 3,069,231 | ||||||
| 7,989,108 | ||||||||
| Turkey | 5.7% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 843,402 | 3,665,785 | ||||||
| Emlak Konut
Gayrimenkul Yatirim Ortakligi AS | 3,022,990 | 4,085,425 | ||||||
| Koc Holding AS ADR | 318,512 | 7,414,959 | ||||||
| TAV Havalimanlari Holding AS | 322,736 | 2,276,671 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 396,532 | 2,414,467 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR (a) | 313,355 | 4,621,986 | ||||||
| Turkiye Is Bankasi AS, C Shares | 2,080,552 | 5,499,937 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS | 2,685,934 | 2,380,051 | ||||||
| 32,359,281 | ||||||||
| United States | 1.1% | ||||||||
| Freeport-McMoRan Copper & Gold, Inc. | 186,400 | 6,166,112 | ||||||
| Total Common
Stocks (Identified cost $511,776,281) | 525,031,599 | |||||||
| Preferred Stocks | 3.1% | ||||||||
| Brazil | 3.1% | ||||||||
| Banco ABC Brasil SA | 527,225 | 3,092,508 | ||||||
| Banco Bradesco SA ADR | 340,820 | 4,730,582 | ||||||
| Marcopolo SA | 1,981,100 | 5,899,589 | ||||||
| Vale SA Sponsored ADR | 303,220 | 4,308,756 | ||||||
| 18,031,435 | ||||||||
| Total Preferred Stocks (Identified cost $17,769,725) | 18,031,435 | |||||||
| Warrant | 0.0% | ||||||||
| Malaysia | 0.0% | ||||||||
| Mah Sing Group
Bhd, Expires 03/18/18 (Identified cost $922) | 331,020 | 55,856 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (concluded) | ||||||||
| Short-Term Investment | 4.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $23,852,637) | 23,852,637 | $ | 23,852,637 | |||||
| Total Investments | 99.0% (Identified cost $553,399,565) (b) | $ | 566,971,527 | ||||||
| Cash
and Other Assets in Excess of Liabilities | 1.0% | 5,552,346 | |||||||
| Net Assets | 100.0% | $ | 572,523,873 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi-Strategy Portfolio | ||||||||
| Common Stocks | 52.8% | ||||||||
| Argentina | 0.5% | ||||||||
| YPF Sociedad Anonima Sponsored ADR | 56,787 | $ | 1,143,122 | |||||
| Brazil | 6.4% | ||||||||
| Banco do Brasil SA | 112,290 | 1,309,704 | ||||||
| Banco do Brasil SA Sponsored ADR | 26,660 | 313,255 | ||||||
| Brasil Insurance Participacoes e Administracao SA | 74,005 | 664,486 | ||||||
| Cia Hering | 25,090 | 380,827 | ||||||
| Cielo SA Sponsored ADR | 72,057 | 1,975,803 | ||||||
| Companhia de Locacao das Americas | 154,900 | 698,214 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 165,400 | 1,250,034 | ||||||
| Estacio Participacoes SA | 226,100 | 1,756,731 | ||||||
| Even Construtora e Incorporadora SA | 188,300 | 717,074 | ||||||
| Grendene SA | 74,600 | 664,442 | ||||||
| Iochpe-Maxion SA | 32,500 | 401,796 | ||||||
| Natura Cosmeticos SA | 38,955 | 870,041 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 78,400 | 1,311,632 | ||||||
| Souza Cruz SA | 75,140 | 896,744 | ||||||
| Tegma Gestao Logistica SA | 62,032 | 614,918 | ||||||
| 13,825,701 | ||||||||
| Cambodia | 0.2% | ||||||||
| NagaCorp, Ltd. | 462,000 | 390,168 | ||||||
| China | 8.1% | ||||||||
| AAC Technologies Holdings, Inc. | 152,000 | 690,829 | ||||||
| Agricultural Bank of China, Ltd., Class H | 3,874,000 | 1,783,182 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 19,686 | 3,054,874 | ||||||
| Biostime International Holdings, Ltd. | 92,500 | 699,484 | ||||||
| China Construction Bank Corp., Class H | 2,598,065 | 2,003,175 | ||||||
| China State Construction International Holdings, Ltd. | 1,101,600 | 1,761,219 | ||||||
| China ZhengTong Auto Services Holdings, Ltd. (a) | 818,500 | 506,556 | ||||||
| CNOOC, Ltd. | 633,000 | 1,287,889 | ||||||
| Daphne International Holdings, Ltd. | 1,012,000 | 614,567 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 1,082,000 | 618,015 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 206,000 | 1,531,209 | ||||||
| Prince Frog International Holdings, Ltd. | 968,000 | 670,220 | ||||||
| Shenguan Holdings Group, Ltd. | 1,472,000 | 624,412 | ||||||
| Shenzhou International Group Holdings, Ltd. | 130,000 | 424,902 | ||||||
| Zhuzhou CSR Times Electric Co., Ltd., Class H | 202,000 | 656,326 | ||||||
| Description | Shares | Value | ||||||
| Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H | 935,780 | $ | 810,795 | |||||
| 17,737,654 | ||||||||
| Colombia | 2.0% | ||||||||
| Bancolombia SA Sponsored ADR | 17,880 | 1,028,815 | ||||||
| Pacific Rubiales Energy Corp. | 163,950 | 3,237,458 | ||||||
| 4,266,273 | ||||||||
| Egypt | 0.3% | ||||||||
| Commercial International Bank Egypt SAE GDR | 139,060 | 716,159 | ||||||
| Georgia | 0.2% | ||||||||
| Bank of Georgia Holdings PLC | 14,261 | 446,044 | ||||||
| Hong Kong | 1.2% | ||||||||
| China Mobile, Ltd. Sponsored ADR | 23,528 | 1,327,685 | ||||||
| Techtronic Industries Co., Ltd. | 482,500 | 1,256,656 | ||||||
| 2,584,341 | ||||||||
| Hungary | 0.5% | ||||||||
| OTP Bank PLC | 58,739 | 1,162,278 | ||||||
| India | 1.2% | ||||||||
| Axis Bank, Ltd. | 62,323 | 1,000,473 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 50,800 | 1,548,384 | ||||||
| 2,548,857 | ||||||||
| Indonesia | 2.6% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 2,106,500 | 1,446,172 | ||||||
| PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk | 6,266,500 | 487,034 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 1,989,000 | 1,245,272 | ||||||
| PT Bekasi Fajar Industrial Estate Tbk | 12,141,500 | 498,032 | ||||||
| PT Pakuwon Jati Tbk | 19,868,500 | 488,991 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 20,560 | 746,534 | ||||||
| PT United Tractors Tbk | 462,015 | 650,332 | ||||||
| 5,562,367 | ||||||||
| Kazakhstan | 0.2% | ||||||||
| KCell JSC GDR | 27,480 | 423,192 | ||||||
| Macau | 1.4% | ||||||||
| Sands China, Ltd. | 304,900 | 1,886,977 | ||||||
| Wynn Macau, Ltd. | 336,400 | 1,147,227 | ||||||
| 3,034,204 | ||||||||
| Malaysia | 0.3% | ||||||||
| Mah Sing Group Bhd | 837,739 | 568,002 | ||||||
| Mexico | 2.5% | ||||||||
| Genomma Lab Internacional SAB de CV, B Shares (a) | 656,300 | 1,499,169 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 159,400 | $ | 993,213 | |||||
| Grupo Mexico SAB de CV, Series B | 175,909 | 526,672 | ||||||
| Grupo Televisa SAB Sponsored ADR | 39,492 | 1,103,801 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 468,735 | 1,370,449 | ||||||
| 5,493,304 | ||||||||
| Netherlands | 0.2% | ||||||||
| OCI NV | 11,486 | 388,471 | ||||||
| Peru | 0.2% | ||||||||
| Credicorp, Ltd. | 3,700 | 475,302 | ||||||
| Philippines | 0.4% | ||||||||
| Philippine Long Distance Telephone Co. Sponsored ADR | 12,535 | 850,374 | ||||||
| Russia | 8.5% | ||||||||
| DIXY Group (a), (e) | 28,856 | 396,306 | ||||||
| Eurasia Drilling Co., Ltd. GDR | 33,592 | 1,340,321 | ||||||
| Gazprom OAO Sponsored ADR | 130,742 | 1,151,837 | ||||||
| Globaltrans Investment PLC Sponsored GDR | 172,754 | 2,504,933 | ||||||
| Lukoil OAO Sponsored ADR | 15,685 | 996,939 | ||||||
| MegaFon OAO GDR (e), (f) | 31,103 | 1,096,381 | ||||||
| Mobile TeleSystems OJSC Sponsored ADR | 83,610 | 1,861,159 | ||||||
| Novatek OAO Sponsored GDR | 17,062 | 2,255,596 | ||||||
| Oriflame Cosmetics SA SDR | 24,250 | 770,512 | ||||||
| Sberbank of Russia (e) | 488,659 | 1,473,450 | ||||||
| Sberbank of Russia Sponsored ADR | 158,412 | 1,905,696 | ||||||
| TMK OAO GDR | 80,172 | 1,037,426 | ||||||
| Yandex NV Class A (a) | 46,470 | 1,692,437 | ||||||
| 18,482,993 | ||||||||
| South Africa | 2.6% | ||||||||
| AVI, Ltd. | 110,072 | 656,140 | ||||||
| Capitec Bank Holdings, Ltd. | 16,643 | 333,183 | ||||||
| Exxaro Resources, Ltd. | 75,329 | 1,234,194 | ||||||
| Standard Bank Group, Ltd. | 176,191 | 2,103,710 | ||||||
| Tiger Brands, Ltd. | 27,648 | 823,664 | ||||||
| Truworths International, Ltd. | 57,194 | 512,683 | ||||||
| 5,663,574 | ||||||||
| South Korea | 5.1% | ||||||||
| Hanwha Life Insurance Co., Ltd. | 141,220 | 913,280 | ||||||
| Hy-Lok Corp. | 14,427 | 348,366 | ||||||
| Hyundai Mobis | 6,777 | 1,803,543 | ||||||
| KT Skylife Co., Ltd. | 25,930 | 703,338 | ||||||
| KT&G Corp. | 17,735 | 1,270,705 | ||||||
| Naver Corp. | 270 | 139,940 | ||||||
| Partron Co., Ltd. | 44,219 | 726,234 | ||||||
| Description | Shares | Value | ||||||
| Samsung Electronics Co., Ltd. | 2,277 | $ | 2,896,372 | |||||
| Samsung Electronics Co., Ltd. GDR | 1,037 | 661,606 | ||||||
| Shinhan Financial Group Co., Ltd. | 27,010 | 1,097,063 | ||||||
| Shinhan Financial Group Co., Ltd. ADR | 14,232 | 576,396 | ||||||
| 11,136,843 | ||||||||
| Taiwan | 3.5% | ||||||||
| Catcher Technology Co., Ltd. | 201,000 | 1,063,906 | ||||||
| Hon Hai Precision Industry Co., Ltd. GDR | 172,946 | 888,078 | ||||||
| King Slide Works Co., Ltd. | 47,000 | 410,914 | ||||||
| Makalot Industrial Co., Ltd. | 135,000 | 678,036 | ||||||
| MediaTek, Inc. | 116,000 | 1,433,964 | ||||||
| Radiant Opto-Electronics Corp. | 214,930 | 766,906 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 106,776 | 1,810,921 | ||||||
| TPK Holding Co., Ltd. | 62,000 | 563,026 | ||||||
| 7,615,751 | ||||||||
| Thailand | 0.8% | ||||||||
| Dynasty Ceramic Public Co. Ltd. (e) | 338,400 | 603,126 | ||||||
| Major Cineplex Group Public Co. Ltd. (e) | 895,400 | 532,431 | ||||||
| Supalai Public Co. Ltd. (e) | 1,402,500 | 708,424 | ||||||
| 1,843,981 | ||||||||
| Turkey | 3.3% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 182,670 | 793,962 | ||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 655,149 | 885,402 | ||||||
| Koc Holding AS ADR | 68,304 | 1,590,117 | ||||||
| TAV Havalimanlari Holding AS | 74,772 | 527,463 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 91,526 | 557,298 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR (a) | 67,250 | 991,937 | ||||||
| Turkiye Is Bankasi AS, C Shares | 447,422 | 1,182,760 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS | 619,954 | 549,352 | ||||||
| 7,078,291 | ||||||||
| United States | 0.6% | ||||||||
| Freeport-McMoRan Copper & Gold, Inc. | 40,500 | 1,339,740 | ||||||
| Total Common Stocks (Identified cost $117,805,722) | 114,776,986 | |||||||
| Preferred Stocks | 1.8% | ||||||||
| Brazil | 1.8% | ||||||||
| Banco ABC Brasil SA | 121,485 | 712,586 | ||||||
| Banco Bradesco SA ADR | 74,080 | 1,028,231 | ||||||
| Marcopolo SA | 430,200 | 1,281,108 | ||||||
| Vale SA Sponsored ADR | 65,510 | 930,897 | ||||||
| 3,952,822 | ||||||||
| Total Preferred Stocks (Identified cost $4,468,715) | 3,952,822 | |||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||
| Warrant | 0.0% | ||||||||
| Malaysia | 0.0% | ||||||||
| Mah Sing Group Bhd, Expires 03/18/18 (Identified cost $0) | 161,806 | $ | 27,303 | |||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Corporate Bonds | 4.4% | ||||||||||||
| Brazil | 0.4% | ||||||||||||
| Banco do Brasil SA, 9.250%, 04/15/23 | USD | 400 | $ | 424,000 | ||||||||
| Odebrecht Finance, Ltd., 7.125%, 06/26/42 | USD | 400 | 381,000 | |||||||||
| 805,000 | ||||||||||||
| China | 0.1% | ||||||||||||
| China Lesso Group Holdings, Ltd., 7.875%, 05/13/16 | USD | 200 | 209,000 | |||||||||
| Colombia | 0.4% | ||||||||||||
| Banco GNB Sudameris SA, 3.875%, 05/02/18 (f) | USD | 225 | 211,219 | |||||||||
| Ecopetrol SA, 7.625%, 07/23/19 | USD | 104 | 122,980 | |||||||||
| Millicom International Cellular SA, 4.750%, 05/22/20 (f) | USD | 200 | 187,250 | |||||||||
| Pacific Rubiales Energy Corp., 7.250%, 12/12/21 | USD | 300 | 315,000 | |||||||||
| 836,449 | ||||||||||||
| Georgia | 0.2% | ||||||||||||
| Bank of Georgia JSC, 7.750%, 07/05/17 | USD | 400 | 413,000 | |||||||||
| Guatemala | 0.1% | ||||||||||||
| Industrial Senior Trust, 5.500%, 11/01/22 (f) | USD | 200 | 182,500 | |||||||||
| India | 0.1% | ||||||||||||
| Vedanta Resources PLC, 9.500%, 07/18/18 | USD | 325 | 356,688 | |||||||||
| Indonesia | 0.4% | ||||||||||||
| PT Berau Coal Energy Tbk, 7.250%, 03/13/17 | USD | 200 | 189,500 | |||||||||
| PT Gajah Tunggal Tbk: | ||||||||||||
| 7.750%, 02/06/18 | USD | 200 | 193,000 | |||||||||
| 7.750%, 02/06/18 (f) | USD | 200 | 193,000 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| PT Pertamina (Persero) Tbk, 5.250%, 05/23/21 | USD | 300 | $ | 284,250 | ||||||||
| 859,750 | ||||||||||||
| Ivory Coast | 0.1% | ||||||||||||
| Grupo Aval, Ltd., 4.750%, 09/26/22 | USD | 200 | 179,500 | |||||||||
| Kazakhstan | 0.3% | ||||||||||||
| Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17 | USD | 350 | 365,750 | |||||||||
| Zhaikmunai LP, 7.125%, 11/13/19 | USD | 200 | 209,500 | |||||||||
| 575,250 | ||||||||||||
| Mexico | 0.4% | ||||||||||||
| America Movil SAB de CV, 6.450%, 12/05/22 | MXN | 2,000 | 143,038 | |||||||||
| Bio Pappel SAB de CV, 10.000%, 08/27/16 | USD | 150 | 149,625 | |||||||||
| Cemex SAB de CV: | ||||||||||||
| 9.000%, 01/11/18 | USD | 100 | 107,750 | |||||||||
| 9.500%, 06/15/18 (f) | USD | 250 | 276,875 | |||||||||
| Grupo Televisa SAB, 7.250%, 05/14/43 | MXN | 4,000 | 257,865 | |||||||||
| 935,153 | ||||||||||||
| Nigeria | 0.1% | ||||||||||||
| FBN Finance Co. BV, 8.250%, 08/07/20 (f) | USD | 250 | 249,456 | |||||||||
| Russia | 1.4% | ||||||||||||
| Alliance Oil Co., Ltd., 7.000%, 05/04/20 | USD | 200 | 198,000 | |||||||||
| ALROSA Finance SA, 7.750%, 11/03/20 | USD | 225 | 249,795 | |||||||||
| EDC Finance, Ltd., 4.875%, 04/17/20 (f) | USD | 400 | 376,285 | |||||||||
| Gazprom Neft OAO, 4.375%, 09/19/22 | USD | 300 | 276,000 | |||||||||
| Gazprom OAO, 8.625%, 04/28/34 | USD | 240 | 286,800 | |||||||||
| Lukoil International Finance BV, 6.125%, 11/09/20 | USD | 250 | 266,250 | |||||||||
| Metalloinvest Finance, Ltd., 5.625%, 04/17/20 (f) | USD | 250 | 241,855 | |||||||||
| MTS International Funding, Ltd.: | ||||||||||||
| 8.625%, 06/22/20 | USD | 100 | 116,875 | |||||||||
| 5.000%, 05/30/23 (f) | USD | 200 | 183,500 | |||||||||
| Polyus Gold International, Ltd., 5.625%, 04/29/20 (f) | USD | 225 | 220,781 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||||||
| Rosneft Oil Co., 4.199%, 03/06/22 | USD | 300 | $ | 276,750 | ||||||||
| Sibur Securities, Ltd., 3.914%, 01/31/18 | USD | 250 | 237,500 | |||||||||
| TMK OAO, 6.750%, 04/03/20 (f) | USD | 150 | 142,875 | |||||||||
| 3,073,266 | ||||||||||||
| Trinidad and Tobago | 0.2% | ||||||||||||
| Petroleum Co. of Trinidad and Tobago Ltd.: | ||||||||||||
| 9.750%, 08/14/19 | USD | 200 | 256,500 | |||||||||
| 6.000%, 05/08/22 | USD | 281 | 299,531 | |||||||||
| 556,031 | ||||||||||||
| Turkey | 0.1% | ||||||||||||
| Akbank TAS, 7.500%, 02/05/18 (f) | TRY | 300 | 135,026 | |||||||||
| United Kingdom | 0.1% | ||||||||||||
| Afren PLC, 10.250%, 04/08/19 | USD | 200 | 229,000 | |||||||||
| Total
Corporate Bonds (Identified cost $9,993,522) | 9,595,069 | |||||||||||
| Foreign Government Obligations | 16.8% | ||||||||||||
| Bahrain | 0.3% | ||||||||||||
| Kingdom of Bahrain, 6.125%, 08/01/23 (f) | USD | 600 | 598,500 | |||||||||
| Belize | 0.1% | ||||||||||||
| Republic of Belize, 5.000%, 02/20/38 (g) | USD | 450 | 270,000 | |||||||||
| Bolivia | 0.4% | ||||||||||||
| Bolivia Government Bonds: | ||||||||||||
| 4.875%, 10/29/22 | USD | 450 | 405,562 | |||||||||
| 5.950%, 08/22/23 (f) | USD | 375 | 358,125 | |||||||||
| 763,687 | ||||||||||||
| Brazil | 2.4% | ||||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||||
| 0.000%, 01/01/15 | BRL | 3,310 | 1,320,205 | |||||||||
| 0.000%, 01/01/17 | BRL | 4,035 | 1,277,950 | |||||||||
| Brazil Minas SPE, 5.333%, 02/15/28 (f) | USD | 1,500 | 1,449,042 | |||||||||
| Brazil NTN-B: | ||||||||||||
| 6.000%, 08/15/18 | BRL | 270 | 291,983 | |||||||||
| 6.000%, 08/15/20 | BRL | 40 | 43,367 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/21 | BRL | 600 | 257,275 | |||||||||
| 10.000%, 01/01/23 | BRL | 1,127 | 475,218 | |||||||||
| 5,115,040 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Congo | 0.2% | ||||||||||||
| Republic of Congo: | ||||||||||||
| 3.500%, 06/30/29 (f), (g) | USD | 233 | $ | 197,837 | ||||||||
| 3.500%, 06/30/29 (g) | USD | 372 | 312,840 | |||||||||
| 510,677 | ||||||||||||
| Croatia | 0.4% | ||||||||||||
| Croatia: | ||||||||||||
| 6.750%, 11/05/19 | USD | 300 | 319,875 | |||||||||
| 6.375%, 03/24/21 | USD | 500 | 516,375 | |||||||||
| 836,250 | ||||||||||||
| Dominican Republic | 0.2% | ||||||||||||
| Dominican Republic: | ||||||||||||
| 9.040%, 01/23/18 | USD | 118 | 128,370 | |||||||||
| 5.875%, 04/18/24 | USD | 225 | 208,688 | |||||||||
| 5.875%, 04/18/24 (f) | USD | 100 | 92,750 | |||||||||
| 429,808 | ||||||||||||
| Ecuador | 0.2% | ||||||||||||
| Republic of Ecuador, 9.375%, 12/15/15 | USD | 400 | 416,000 | |||||||||
| El Salvador | 0.3% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 8.250%, 04/10/32 | USD | 200 | 215,500 | |||||||||
| 7.650%, 06/15/35 | USD | 425 | 431,375 | |||||||||
| 646,875 | ||||||||||||
| Georgia | 0.1% | ||||||||||||
| Republic of Georgia, 6.875%, 04/12/21 | USD | 200 | 213,000 | |||||||||
| Ghana | 0.1% | ||||||||||||
| Republic of Ghana, 7.875%, 08/07/23 (f) | USD | 250 | 242,500 | |||||||||
| Guatemala | 0.1% | ||||||||||||
| Republic of Guatemala, 5.750%, 06/06/22 | USD | 300 | 308,625 | |||||||||
| Hungary | 0.9% | ||||||||||||
| Hungary: | ||||||||||||
| 6.250%, 01/29/20 | USD | 266 | 283,955 | |||||||||
| 5.375%, 02/21/23 | USD | 604 | 587,390 | |||||||||
| 7.625%, 03/29/41 | USD | 478 | 511,460 | |||||||||
| Hungary Government Bonds: | ||||||||||||
| 5.500%, 12/22/16 | HUF | 44,000 | 205,688 | |||||||||
| 6.750%, 02/24/17 | HUF | 40,000 | 193,173 | |||||||||
| 6.750%, 11/24/17 | HUF | 22,000 | 106,849 | |||||||||
| 5.500%, 12/20/18 | HUF | 24,000 | 110,995 | |||||||||
| 1,999,510 | ||||||||||||
| Indonesia | 0.1% | ||||||||||||
| Republic of Indonesia, 6.875%, 01/17/18 | USD | 250 | 278,125 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||||||
| Iraq | 0.7% | ||||||||||||
| Republic of Iraq, 5.800%, 01/15/28 | USD | 1,875 | $ | 1,589,062 | ||||||||
| Ivory Coast | 1.0% | ||||||||||||
| Ivory Coast, 5.750%, 12/31/32 | USD | 2,515 | 2,213,200 | |||||||||
| Kenya | 0.1% | ||||||||||||
| Kenya Treasury Bill, 0.000%, 04/28/14 | KES | 12,000 | 131,354 | |||||||||
| Kenya Treasury Bond, 12.000%, 09/18/23 | KES | 7,750 | 86,940 | |||||||||
| 218,294 | ||||||||||||
| Mexico | 1.9% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.250%, 06/16/16 | MXN | 3,250 | 261,383 | |||||||||
| 7.250%, 12/15/16 | MXN | 1,100 | 91,225 | |||||||||
| 5.000%, 06/15/17 | MXN | 3,040 | 236,302 | |||||||||
| 7.750%, 12/14/17 | MXN | 2,980 | 254,147 | |||||||||
| 4.750%, 06/14/18 | MXN | 18,420 | 1,400,311 | |||||||||
| 8.500%, 12/13/18 | MXN | 10,200 | 902,848 | |||||||||
| 8.000%, 06/11/20 | MXN | 10,710 | 931,227 | |||||||||
| 4,077,443 | ||||||||||||
| Nigeria | 1.2% | ||||||||||||
| Nigeria Government Bonds: | ||||||||||||
| 15.100%, 04/27/17 | NGN | 8,000 | 52,001 | |||||||||
| 16.000%, 06/29/19 | NGN | 12,000 | 82,205 | |||||||||
| 16.390%, 01/27/22 | NGN | 49,000 | 350,102 | |||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 11/07/13 | NGN | 33,600 | 206,052 | |||||||||
| 0.000%, 12/05/13 | NGN | 1,000 | 6,076 | |||||||||
| 0.000%, 12/19/13 | NGN | 101,280 | 613,158 | |||||||||
| 0.000%, 04/24/14 | NGN | 7,000 | 40,025 | |||||||||
| 0.000%, 05/08/14 | NGN | 9,000 | 51,857 | |||||||||
| 0.000%, 05/22/14 | NGN | 11,000 | 63,199 | |||||||||
| 0.000%, 06/05/14 | NGN | 14,800 | 84,747 | |||||||||
| 0.000%, 08/07/14 | NGN | 25,000 | 140,168 | |||||||||
| 0.000%, 09/04/14 | NGN | 5,300 | 29,535 | |||||||||
| Republic of Nigeria: | ||||||||||||
| 5.125%, 07/12/18 (f) | USD | 425 | 430,312 | |||||||||
| 6.750%, 01/28/21 | USD | 200 | 214,500 | |||||||||
| 6.375%, 07/12/23 (f) | USD | 250 | 255,000 | |||||||||
| 2,618,937 | ||||||||||||
| Pakistan | 0.1% | ||||||||||||
| Islamic Republic of Pakistan, 7.125%, 03/31/16 | USD | 275 | 267,438 | |||||||||
| Panama | 0.0% | ||||||||||||
| Republic of Panama, 9.375%, 04/01/29 | USD | 75 | 107,063 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Paraguay | 0.1% | ||||||||||||
| Republic of Paraguay, 4.625%, 01/25/23 | USD | 225 | $ | 204,188 | ||||||||
| Romania | 1.2% | ||||||||||||
| Romania Government Bonds: | ||||||||||||
| 5.850%, 07/28/14 | RON | 710 | 218,974 | |||||||||
| 5.800%, 10/26/15 | RON | 2,700 | 846,164 | |||||||||
| 5.750%, 01/27/16 | RON | 1,000 | 313,476 | |||||||||
| 5.900%, 07/26/17 | RON | 2,910 | 927,619 | |||||||||
| 6.750%, 02/07/22 | USD | 200 | 228,040 | |||||||||
| 2,534,273 | ||||||||||||
| Russia | 1.5% | ||||||||||||
| Russia Foreign Bond, 7.500%, 03/31/30 | USD | 504 | 594,042 | |||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 6.900%, 08/03/16 | RUB | 4,349 | 135,934 | |||||||||
| 7.400%, 04/19/17 | RUB | 3,000 | 94,880 | |||||||||
| 7.500%, 03/15/18 | RUB | 5,850 | 186,370 | |||||||||
| 7.500%, 02/27/19 | RUB | 33,310 | 1,060,165 | |||||||||
| 7.600%, 04/14/21 | RUB | 6,373 | 202,884 | |||||||||
| 7.600%, 07/20/22 | RUB | 4,852 | 153,864 | |||||||||
| 7.000%, 01/25/23 | RUB | 6,600 | 201,148 | |||||||||
| 8.150%, 02/03/27 | RUB | 12,308 | 397,712 | |||||||||
| Russian Federation, 4.875%, 09/16/23 (f) | USD | 200 | 205,040 | |||||||||
| 3,232,039 | ||||||||||||
| Rwanda | 0.3% | ||||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 625 | 545,312 | |||||||||
| Senegal | 0.3% | ||||||||||||
| Republic of Senegal, 8.750%, 05/13/21 | USD | 600 | 631,500 | |||||||||
| Serbia | 0.0% | ||||||||||||
| Serbia Treasury Bill, 0.000%, 01/03/14 | RSD | 3,000 | 34,548 | |||||||||
| South Africa | 0.2% | ||||||||||||
| Republic of South Africa, 8.250%, 09/15/17 | ZAR | 3,490 | 364,738 | |||||||||
| Sri Lanka | 0.1% | ||||||||||||
| Republic of Sri Lanka, 6.250%, 10/04/20 | USD | 225 | 217,969 | |||||||||
| Tanzania | 0.2% | ||||||||||||
| United Republic of Tanzania, 6.392%, 03/09/20 | USD | 525 | 542,063 | |||||||||
| Turkey | 0.9% | ||||||||||||
| Turkey Government Bonds: 0.000%, 08/06/14 | TRY | 460 | 212,553 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||||||
| 4.500%, 02/11/15 | TRY | 705 | $ | 361,422 | ||||||||
| 4.000%, 04/29/15 | TRY | 1,133 | 578,115 | |||||||||
| 5.000%, 05/13/15 | TRY | 530 | 247,939 | |||||||||
| 9.000%, 03/08/17 | TRY | 500 | 249,994 | |||||||||
| 3.000%, 02/23/22 | TRY | 642 | 314,272 | |||||||||
| 1,964,295 | ||||||||||||
| Uganda | 0.0% | ||||||||||||
| Uganda Treasury Bill, 0.000%, 08/07/14 | UGX | 150,000 | 52,031 | |||||||||
| Ukraine | 0.1% | ||||||||||||
| Ukraine Government Bond, 9.250%, 07/24/17 | USD | 300 | 277,215 | |||||||||
| Uruguay | 0.1% | ||||||||||||
| Republica Orient Uruguay, 5.000%, 09/14/18 | UYU | 1,961 | 96,384 | |||||||||
| Uruguay Monetary Regulation Bill, 0.000%, 02/26/14 | UYU | 2,000 | 86,823 | |||||||||
| Uruguay Notas Del Tesoro, 9.750%, 06/14/14 | UYU | 1,070 | 47,279 | |||||||||
| 230,486 | ||||||||||||
| Venezuela | 0.6% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 7.750%, 10/13/19 | USD | 305 | 253,608 | |||||||||
| 8.250%, 10/13/24 | USD | 485 | 364,962 | |||||||||
| 9.250%, 05/07/28 | USD | 770 | 604,450 | |||||||||
| 9.375%, 01/13/34 | USD | 70 | 55,300 | |||||||||
| 1,278,320 | ||||||||||||
| Vietnam | 0.1% | ||||||||||||
| Socialist Republic of Vietnam, 6.750%, 01/29/20 | USD | 140 | 149,100 | |||||||||
| Zambia | 0.3% | ||||||||||||
| Republic of Zambia, 5.375%, 09/20/22 | USD | 625 | 546,875 | |||||||||
| Zambia Treasury Bills: | ||||||||||||
| 0.000%, 12/02/13 | ZMW | 320 | 59,055 | |||||||||
| 0.000%, 03/03/14 | ZMW | 320 | 57,322 | |||||||||
| 663,252 | ||||||||||||
| Total Foreign Government Obligations (Identified cost $37,371,820) | 36,641,363 | |||||||||||
| Quasi Government Bonds | 2.4% | ||||||||||||
| Angola | 1.0% | ||||||||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 1,990 | 2,134,275 | |||||||||
| Azerbaijan | 0.4% | ||||||||||||
| State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23 | USD | 1,000 | 938,750 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Brazil | 0.2% | ||||||||||||
| Banco Nacional de Desenvolvimento Economico e Social, 5.750%, 09/26/23 (f) | USD | 475 | $ | 475,000 | ||||||||
| Colombia | 0.0% | ||||||||||||
| Empresas Publicas de Medellin ESP, 8.375%, 02/01/21 | COP | 72,000 | 39,341 | |||||||||
| Kazakhstan | 0.3% | ||||||||||||
| Development Bank of Kazakhstan JSC, 4.125%, 12/10/22 | USD | 675 | 622,687 | |||||||||
| Russia | 0.2% | ||||||||||||
| Russian Agricultural Bank OJSC: | ||||||||||||
| 8.625%, 02/17/17 (f) | RUB | 8,500 | 263,121 | |||||||||
| 5.100%, 07/25/18 (f) | USD | 200 | 202,750 | |||||||||
| 465,871 | ||||||||||||
| Venezuela | 0.3% | ||||||||||||
| Petroleos de Venezuela SA, 5.250%, 04/12/17 | USD | 670 | 535,330 | |||||||||
| Total
Quasi Government Bonds (Identified cost $5,293,065) | 5,211,254 | |||||||||||
| US Treasury Securities | 13.7% | ||||||||||||
| United States | 13.7% | ||||||||||||
| US Treasury Bill, 0.000%, 10/10/13 | USD | 2,000 | 1,999,992 | |||||||||
| US Treasury Notes: | ||||||||||||
| 2.750%, 10/31/13 | USD | 7,200 | 7,215,754 | |||||||||
| 2.000%, 11/30/13 | USD | 5,300 | 5,316,976 | |||||||||
| 4.000%, 02/15/14 | USD | 8,000 | 8,117,504 | |||||||||
| 1.750%, 03/31/14 | USD | 7,100 | 7,159,924 | |||||||||
| 29,810,150 | ||||||||||||
| Total US Treasury Securities (Identified cost $29,809,952) | 29,810,150 | |||||||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 10.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $22,131,608) | 22,131,608 | $ | 22,131,608 | |||||
| Total Investments | 102.1% (Identified cost $226,874,404) (b), (d) | 222,146,555 | |||||||
| Description | Number of Contracts | Value | ||||||
| Lazard Emerging Markets Multi-Strategy Portfolio (continued) | ||||||||
| Purchased Option | 0.0% | ||||||||
| USD vs INR November 13 62.00 Put, Expires 11/08/13 (Identified cost $9,700) | 5,000 | $ | 16,450 | |||||
| Total
Investments and Purchased Option | 102.1% (Identified cost $226,884,104) | $ | 222,163,005 | ||||||
| Liabilities in Excess of Cash and Other Assets | (2.1)% | (4,578,188 | ) | ||||||
| Net Assets | 100.0% | $ | 217,584,817 | ||||||
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at September 30, 2013:
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 886,556 | $ | 397,559 | $ | 400,017 | $ | 2,458 | $ | — | |||||||||||
| BRL | SCB | 10/02/13 | 2,656,312 | 1,186,383 | 1,198,534 | 12,151 | — | |||||||||||||||
| BRL | SCB | 11/04/13 | 1,346,880 | 593,287 | 602,982 | 9,695 | — | |||||||||||||||
| BRL | UBS | 10/02/13 | 1,252,205 | 527,000 | 564,998 | 37,998 | — | |||||||||||||||
| BRL | UBS | 11/04/13 | 1,465,464 | 655,000 | 656,070 | 1,070 | — | |||||||||||||||
| CLP | BNP | 10/16/13 | 340,014,500 | 665,000 | 672,375 | 7,375 | — | |||||||||||||||
| CLP | UBS | 10/10/13 | 147,795,800 | 296,749 | 292,498 | — | 4,251 | |||||||||||||||
| CNY | HSB | 10/21/13 | 1,172,528 | 190,000 | 191,439 | 1,439 | — | |||||||||||||||
| CNY | SCB | 10/21/13 | 2,682,387 | 433,692 | 437,955 | 4,263 | — | |||||||||||||||
| COP | BNP | 12/02/13 | 442,332,000 | 229,992 | 230,827 | 835 | — | |||||||||||||||
| COP | CIT | 10/03/13 | 120,582,000 | 63,000 | 63,250 | 250 | — | |||||||||||||||
| COP | CIT | 10/03/13 | 321,750,000 | 165,000 | 168,769 | 3,769 | — | |||||||||||||||
| COP | CIT | 10/16/13 | 1,005,373,700 | 521,000 | 526,789 | 5,789 | — | |||||||||||||||
| COP | HSB | 10/08/13 | 499,699,200 | 261,952 | 262,002 | 50 | — | |||||||||||||||
| COP | UBS | 11/05/13 | 893,180,850 | 457,244 | 467,233 | 9,989 | — | |||||||||||||||
| CZK | BNP | 10/07/13 | 5,540,032 | 281,401 | 291,782 | 10,381 | — | |||||||||||||||
| CZK | BNP | 11/22/13 | 10,297,546 | 536,323 | 542,473 | 6,150 | — | |||||||||||||||
| CZK | BRC | 10/16/13 | 7,303,430 | 383,463 | 384,672 | 1,209 | — | |||||||||||||||
| CZK | JPM | 10/07/13 | 5,809,328 | 295,080 | 305,965 | 10,885 | — | |||||||||||||||
| EUR | BRC | 10/01/13 | 234,026 | 315,585 | 316,603 | 1,018 | — | |||||||||||||||
| EUR | BRC | 11/25/13 | 188,246 | 255,100 | 254,705 | — | 395 | |||||||||||||||
| EUR | CIT | 11/06/13 | 291,483 | 383,622 | 394,367 | 10,745 | — | |||||||||||||||
| EUR | JPM | 11/06/13 | 32,000 | 42,717 | 43,295 | 578 | — | |||||||||||||||
| EUR | JPM | 11/06/13 | 50,397 | 67,500 | 68,185 | 685 | — | |||||||||||||||
| GHS | SCB | 11/19/13 | 1,391,000 | 650,000 | 623,130 | — | 26,870 | |||||||||||||||
| HUF | BRC | 10/01/13 | 70,123,680 | 311,708 | 318,977 | 7,269 | — | |||||||||||||||
| HUF | BRC | 10/16/13 | 112,960,698 | 500,180 | 513,312 | 13,132 | — | |||||||||||||||
| HUF | BRC | 10/16/13 | 114,295,718 | 515,961 | 519,379 | 3,418 | — | |||||||||||||||
| HUF | BRC | 10/31/13 | 73,873,800 | 332,451 | 335,332 | 2,881 | — | |||||||||||||||
| HUF | JPM | 10/10/13 | 56,849,700 | 253,816 | 258,447 | 4,631 | — | |||||||||||||||
| HUF | JPM | 10/10/13 | 58,597,800 | 254,593 | 266,394 | 11,801 | — | |||||||||||||||
| HUF | JPM | 10/15/13 | 106,547,240 | 478,630 | 484,203 | 5,573 | — | |||||||||||||||
| HUF | UBS | 10/21/13 | 97,531,350 | 435,000 | 443,039 | 8,039 | — | |||||||||||||||
| IDR | BRC | 10/03/13 | 2,028,310,000 | 178,000 | 175,125 | — | 2,875 | |||||||||||||||
| IDR | BRC | 10/17/13 | 3,967,954,000 | 344,440 | 341,750 | — | 2,690 | |||||||||||||||
| IDR | JPM | 10/03/13 | 1,939,644,000 | 172,000 | 167,470 | — | 4,530 | |||||||||||||||
| IDR | JPM | 10/21/13 | 1,240,800,000 | 110,000 | 106,792 | — | 3,208 | |||||||||||||||
| IDR | SCB | 10/21/13 | 1,240,250,000 | 110,000 | 106,745 | — | 3,255 | |||||||||||||||
| IDR | SCB | 10/21/13 | 2,420,000,000 | 220,000 | 208,282 | — | 11,718 | |||||||||||||||
| INR | BRC | 11/12/13 | 13,341,600 | 240,000 | 210,696 | — | 29,304 | |||||||||||||||
| INR | BRC | 11/13/13 | 9,437,839 | 170,000 | 149,008 | — | 20,992 | |||||||||||||||
| INR | HSB | 10/31/13 | 17,707,200 | 280,000 | 280,549 | 549 | — | |||||||||||||||
| INR | JPM | 10/25/13 | 5,699,700 | 90,000 | 90,462 | 462 | — | |||||||||||||||
| INR | JPM | 11/13/13 | 6,663,600 | 120,000 | 105,207 | — | 14,793 | |||||||||||||||
| INR | JPM | 02/10/14 | 35,906,640 | 638,000 | 555,005 | — | 82,995 | |||||||||||||||
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at September 30, 2013 (continued):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Purchase Contracts (continued) | ||||||||||||||||||||||
| INR | SCB | 10/15/13 | 14,557,510 | $ | 227,000 | $ | 231,719 | $ | 4,719 | $ | — | |||||||||||
| KRW | CIT | 10/23/13 | 632,482,680 | 582,000 | 587,733 | 5,733 | — | |||||||||||||||
| KRW | HSB | 10/10/13 | 445,712,625 | 405,000 | 414,527 | 9,527 | — | |||||||||||||||
| KZT | CIT | 03/17/14 | 135,843,100 | 869,118 | 854,635 | — | 14,483 | |||||||||||||||
| KZT | HSB | 10/30/13 | 30,571,200 | 198,000 | 197,955 | — | 45 | |||||||||||||||
| KZT | HSB | 06/16/14 | 3,817,500 | 24,062 | 23,609 | — | 453 | |||||||||||||||
| KZT | HSB | 06/16/14 | 30,571,200 | 192,538 | 189,067 | — | 3,471 | |||||||||||||||
| MXN | BRC | 10/16/13 | 3,200,000 | 244,379 | 244,183 | — | 196 | |||||||||||||||
| MXN | CIT | 10/21/13 | 12,767,223 | 986,495 | 973,824 | — | 12,671 | |||||||||||||||
| MXN | SCB | 10/16/13 | 3,200,000 | 244,424 | 244,183 | — | 241 | |||||||||||||||
| MXN | UBS | 10/21/13 | 3,294,743 | 253,000 | 251,308 | — | 1,692 | |||||||||||||||
| MYR | BRC | 10/18/13 | 2,239,050 | 681,910 | 686,201 | 4,291 | — | |||||||||||||||
| MYR | CIT | 10/18/13 | 687,131 | 217,000 | 210,585 | — | 6,415 | |||||||||||||||
| MYR | HSB | 10/18/13 | 813,375 | 248,382 | 249,275 | 893 | — | |||||||||||||||
| MYR | JPM | 10/18/13 | 747,040 | 227,409 | 228,945 | 1,536 | — | |||||||||||||||
| MYR | JPM | 10/18/13 | 2,205,959 | 673,000 | 676,059 | 3,059 | — | |||||||||||||||
| MYR | JPM | 11/06/13 | 491,104 | 149,000 | 150,320 | 1,320 | — | |||||||||||||||
| NGN | BRC | 06/18/14 | 11,683,750 | 65,000 | 67,645 | 2,645 | — | |||||||||||||||
| NGN | CIT | 10/23/13 | 6,478,000 | 40,000 | 39,894 | — | 106 | |||||||||||||||
| NGN | CIT | 10/23/13 | 202,744,300 | 1,237,000 | 1,248,589 | 11,589 | — | |||||||||||||||
| NGN | JPM | 06/17/14 | 12,420,000 | 69,000 | 71,926 | 2,926 | — | |||||||||||||||
| NGN | SCB | 10/31/13 | 19,666,400 | 117,657 | 120,786 | 3,129 | — | |||||||||||||||
| NGN | SCB | 12/18/13 | 33,028,100 | 194,283 | 199,356 | 5,073 | — | |||||||||||||||
| PEN | BNP | 10/18/13 | 726,233 | 261,000 | 260,263 | — | 737 | |||||||||||||||
| PEN | BNP | 10/24/13 | 627,863 | 227,610 | 224,847 | — | 2,763 | |||||||||||||||
| PEN | BNP | 11/04/13 | 426,750 | 150,000 | 152,623 | 2,623 | — | |||||||||||||||
| PEN | BNP | 11/22/13 | 951,970 | 341,000 | 339,768 | — | 1,232 | |||||||||||||||
| PEN | UBS | 10/21/13 | 1,147,131 | 407,145 | 410,953 | 3,808 | — | |||||||||||||||
| PHP | JPM | 10/16/13 | 17,135,100 | 395,000 | 393,602 | — | 1,398 | |||||||||||||||
| PHP | JPM | 12/12/13 | 26,345,070 | 603,000 | 605,068 | 2,068 | — | |||||||||||||||
| PHP | SCB | 01/13/14 | 14,313,920 | 328,000 | 328,647 | 647 | — | |||||||||||||||
| PLN | BNP | 10/22/13 | 1,188,655 | 376,145 | 380,178 | 4,033 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 187,969 | 60,000 | 60,141 | 141 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 571,950 | 180,000 | 182,997 | 2,997 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 686,175 | 219,330 | 219,543 | 213 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 927,486 | 300,000 | 296,752 | — | 3,248 | |||||||||||||||
| PLN | BRC | 10/16/13 | 2,948,382 | 935,000 | 943,344 | 8,344 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 2,983,939 | 925,482 | 954,720 | 29,238 | — | |||||||||||||||
| PLN | BRC | 10/21/13 | 1,639,758 | 516,000 | 524,489 | 8,489 | — | |||||||||||||||
| PLN | JPM | 10/16/13 | 160,300 | 49,999 | 51,288 | 1,289 | — | |||||||||||||||
| PLN | JPM | 11/05/13 | 1,028,504 | 318,595 | 328,681 | 10,086 | — | |||||||||||||||
| PLN | SCB | 10/16/13 | 752,640 | 233,496 | 240,809 | 7,313 | — | |||||||||||||||
| RON | BRC | 10/07/13 | 1,330,000 | 391,856 | 403,776 | 11,920 | — | |||||||||||||||
| RON | JPM | 10/04/13 | 255,118 | 75,858 | 77,466 | 1,608 | — | |||||||||||||||
| RON | JPM | 10/04/13 | 707,356 | 210,529 | 214,788 | 4,259 | — | |||||||||||||||
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at September 30, 2013 (continued):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Purchase Contracts (concluded) | ||||||||||||||||||||||
| RON | JPM | 10/04/13 | 1,652,000 | $ | 497,954 | $ | 501,629 | $ | 3,675 | $ | — | |||||||||||
| RON | JPM | 11/12/13 | 741,164 | 217,000 | 224,471 | 7,471 | — | |||||||||||||||
| RSD | CIT | 10/16/13 | 68,448,400 | 802,349 | 805,817 | 3,468 | — | |||||||||||||||
| RUB | BNP | 12/09/13 | 9,988,650 | 302,000 | 304,650 | 2,650 | — | |||||||||||||||
| RUB | BRC | 10/16/13 | 2,887,704 | 87,000 | 88,928 | 1,928 | — | |||||||||||||||
| RUB | BRC | 10/16/13 | 5,457,745 | 164,772 | 168,073 | 3,301 | — | |||||||||||||||
| RUB | BRC | 10/18/13 | 3,885,600 | 120,000 | 119,621 | — | 379 | |||||||||||||||
| RUB | JPM | 10/16/13 | 29,613,295 | 893,946 | 911,949 | 18,003 | — | |||||||||||||||
| RUB | JPM | 10/21/13 | 2,591,600 | 80,000 | 79,747 | — | 253 | |||||||||||||||
| RUB | UBS | 12/13/13 | 9,544,320 | 288,000 | 290,872 | 2,872 | — | |||||||||||||||
| SGD | HSB | 10/23/13 | 658,692 | 523,000 | 525,059 | 2,059 | — | |||||||||||||||
| THB | BNP | 10/18/13 | 5,074,485 | 159,000 | 162,071 | 3,071 | — | |||||||||||||||
| THB | SCB | 10/21/13 | 15,921,462 | 501,337 | 508,413 | 7,076 | — | |||||||||||||||
| TRY | BRC | 10/21/13 | 464,113 | 229,611 | 228,950 | — | 661 | |||||||||||||||
| TRY | JPM | 10/21/13 | 403,860 | 200,625 | 199,226 | — | 1,399 | |||||||||||||||
| TWD | JPM | 10/16/13 | 9,495,480 | 320,360 | 321,218 | 858 | — | |||||||||||||||
| UGX | BRC | 10/11/13 | 245,702,000 | 94,939 | 96,134 | 1,195 | — | |||||||||||||||
| UGX | CIT | 10/25/13 | 731,826,000 | 286,317 | 285,322 | — | 995 | |||||||||||||||
| UYU | CIT | 10/28/13 | 8,567,000 | 396,253 | 386,609 | — | 9,644 | |||||||||||||||
| UYU | JPM | 10/07/13 | 3,162,000 | 139,785 | 143,419 | 3,634 | — | |||||||||||||||
| UYU | JPM | 11/25/13 | 3,748,500 | 170,000 | 168,029 | — | 1,971 | |||||||||||||||
| VND | CIT | 10/16/13 | 761,250,000 | 35,000 | 35,987 | 987 | — | |||||||||||||||
| ZAR | JPM | 10/28/13 | 2,410,217 | 241,000 | 239,165 | — | 1,835 | |||||||||||||||
| ZAR | SCB | 10/16/13 | 5,560,827 | 563,573 | 552,745 | — | 10,828 | |||||||||||||||
| ZAR | SSB | 10/03/13 | 17,666 | 1,768 | 1,760 | — | 8 | |||||||||||||||
| ZAR | SSB | 10/04/13 | 29,534 | 2,928 | 2,941 | 13 | — | |||||||||||||||
| ZAR | SSB | 10/07/13 | 12,280 | 1,220 | 1,222 | 2 | — | |||||||||||||||
| ZMW | BRC | 11/07/13 | 570,690 | 102,000 | 106,185 | 4,185 | — | |||||||||||||||
| ZMW | BRC | 12/17/13 | 290,000 | 50,000 | 53,330 | 3,330 | — | |||||||||||||||
| ZMW | BRC | 12/17/13 | 290,000 | 50,000 | 53,330 | 3,330 | — | |||||||||||||||
| ZMW | BRC | 12/26/13 | 3,016,425 | 534,827 | 553,300 | 18,473 | — | |||||||||||||||
| ZMW | JPM | 04/08/14 | 200,000 | 33,761 | 35,521 | 1,760 | — | |||||||||||||||
| ZMW | SCB | 11/29/13 | 1,751,425 | 317,000 | 323,741 | 6,741 | — | |||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 39,666,455 | $ | 39,833,590 | $ | 452,135 | $ | 285,000 | ||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 422,876 | $ | 178,053 | $ | 190,803 | $ | — | $ | 12,750 | |||||||||||
| BRL | BRC | 10/02/13 | 463,680 | 210,000 | 209,214 | 786 | — | |||||||||||||||
| BRL | SCB | 10/02/13 | 422,876 | 177,904 | 190,803 | — | 12,899 | |||||||||||||||
| BRL | SCB | 10/02/13 | 1,346,880 | 597,684 | 607,716 | — | 10,032 | |||||||||||||||
| BRL | SCB | 11/04/13 | 2,656,312 | 1,177,782 | 1,189,198 | — | 11,416 | |||||||||||||||
| BRL | UBS | 10/02/13 | 1,252,205 | 563,802 | 564,998 | — | 1,196 | |||||||||||||||
| CLP | UBS | 10/10/13 | 131,235,800 | 262,000 | 259,725 | 2,275 | — | |||||||||||||||
| COP | BNP | 10/03/13 | 442,332,000 | 231,224 | 232,019 | — | 795 | |||||||||||||||
| CZK | BNP | 11/22/13 | 6,570,432 | 340,000 | 346,129 | — | 6,129 | |||||||||||||||
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Forward Currency Contracts open at September 30, 2013 (continued):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Sale Contracts (continued) | ||||||||||||||||||||||
| CZK | BRC | 10/16/13 | 4,230,646 | $ | 217,251 | $ | 222,828 | $ | — | $ | 5,577 | |||||||||||
| CZK | JPM | 10/16/13 | 3,072,784 | 157,911 | 161,843 | — | 3,932 | |||||||||||||||
| EUR | BNP | 10/07/13 | 214,000 | 281,402 | 289,514 | — | 8,112 | |||||||||||||||
| EUR | BNP | 10/25/13 | 440,000 | 580,380 | 595,288 | — | 14,908 | |||||||||||||||
| EUR | BNP | 10/25/13 | 529,000 | 704,303 | 715,699 | — | 11,396 | |||||||||||||||
| EUR | BRC | 10/01/13 | 233,000 | 311,708 | 315,214 | — | 3,506 | |||||||||||||||
| EUR | BRC | 10/16/13 | 574,710 | 762,011 | 777,524 | — | 15,513 | |||||||||||||||
| EUR | BRC | 10/31/13 | 246,000 | 332,451 | 332,825 | — | 374 | |||||||||||||||
| EUR | CIT | 10/16/13 | 591,500 | 802,349 | 800,239 | 2,110 | — | |||||||||||||||
| EUR | HSB | 12/23/13 | 1,305,425 | 1,768,851 | 1,766,421 | 2,430 | — | |||||||||||||||
| EUR | JPM | 10/04/13 | 57,000 | 75,858 | 77,113 | — | 1,255 | |||||||||||||||
| EUR | JPM | 10/07/13 | 224,000 | 295,080 | 303,042 | — | 7,962 | |||||||||||||||
| EUR | JPM | 10/15/13 | 356,000 | 478,630 | 481,630 | — | 3,000 | |||||||||||||||
| EUR | JPM | 11/05/13 | 241,000 | 318,595 | 326,065 | — | 7,470 | |||||||||||||||
| EUR | JPM | 11/06/13 | 366,732 | 486,809 | 496,177 | — | 9,368 | |||||||||||||||
| EUR | SCB | 10/16/13 | 574,710 | 762,123 | 777,524 | — | 15,401 | |||||||||||||||
| EUR | UBS | 11/29/13 | 106,000 | 141,505 | 143,424 | — | 1,919 | |||||||||||||||
| EUR | UBS | 11/29/13 | 260,184 | 345,154 | 352,045 | — | 6,891 | |||||||||||||||
| HUF | BRC | 10/01/13 | 70,123,680 | 315,585 | 318,977 | — | 3,392 | |||||||||||||||
| IDR | BRC | 10/03/13 | 3,967,954,000 | 347,152 | 342,595 | 4,557 | — | |||||||||||||||
| INR | BRC | 11/12/13 | 13,341,600 | 229,277 | 210,696 | 18,581 | — | |||||||||||||||
| INR | BRC | 11/13/13 | 9,437,839 | 161,912 | 149,008 | 12,904 | — | |||||||||||||||
| INR | JPM | 11/13/13 | 6,663,600 | 114,416 | 105,207 | 9,209 | — | |||||||||||||||
| JPY | CIT | 12/18/13 | 31,235,652 | 316,000 | 317,933 | — | 1,933 | |||||||||||||||
| JPY | HSB | 11/25/13 | 57,728,781 | 592,334 | 587,479 | 4,855 | — | |||||||||||||||
| JPY | SCB | 10/28/13 | 52,653,910 | 527,224 | 535,750 | — | 8,526 | |||||||||||||||
| JPY | UBS | 10/28/13 | 20,480,829 | 206,000 | 208,391 | — | 2,391 | |||||||||||||||
| KZT | CIT | 10/10/13 | 1,695,320 | 11,000 | 11,009 | — | 9 | |||||||||||||||
| KZT | HSB | 10/30/13 | 30,571,200 | 198,193 | 197,955 | 238 | — | |||||||||||||||
| MXN | BRC | 10/16/13 | 2,709,600 | 209,172 | 206,762 | 2,410 | — | |||||||||||||||
| MXN | BRC | 10/16/13 | 4,017,844 | 314,476 | 306,591 | 7,885 | — | |||||||||||||||
| MXN | JPM | 10/16/13 | 440,673 | 33,677 | 33,627 | 50 | — | |||||||||||||||
| RUB | BRC | 10/28/13 | 4,252,314 | 132,000 | 130,706 | 1,294 | — | |||||||||||||||
| TRY | BRC | 10/21/13 | 501,002 | 246,253 | 247,147 | — | 894 | |||||||||||||||
| TRY | HSB | 10/21/13 | 403,860 | 200,000 | 199,226 | 774 | — | |||||||||||||||
| TRY | JPM | 12/04/13 | 106,841 | 52,533 | 52,300 | 233 | — | |||||||||||||||
| TRY | JPM | 12/04/13 | 329,775 | 167,000 | 161,428 | 5,572 | — | |||||||||||||||
| TRY | JPM | 12/04/13 | 704,283 | 365,084 | 344,753 | 20,331 | — | |||||||||||||||
| TRY | JPM | 04/21/14 | 403,860 | 193,912 | 192,636 | 1,276 | — | |||||||||||||||
| TRY | SCB | 10/21/13 | 341,002 | 167,544 | 168,218 | — | 674 | |||||||||||||||
| ZAR | BRC | 10/16/13 | 492,100 | 49,378 | 48,914 | 464 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 495,878 | 50,000 | 49,290 | 710 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 592,815 | 60,000 | 58,926 | 1,074 | — | |||||||||||||||
Lazard Emerging Markets Multi-Strategy Portfolio (concluded)
Forward Currency Contracts open at September 30, 2013 (concluded):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||||
| ZAR | CIT | 10/28/13 | 811,968 | $ | 81,000 | $ | 80,571 | $ | 429 | $ | — | |||||||||||
| ZAR | SSB | 10/01/13 | 1,778,488 | 180,650 | 177,136 | 3,514 | — | |||||||||||||||
| ZAR | SSB | 10/02/13 | 4,381,099 | 439,189 | 436,354 | 2,835 | — | |||||||||||||||
| ZMW | BRC | 12/17/13 | 290,000 | 51,510 | 53,330 | — | 1,820 | |||||||||||||||
| Total Forward Currency Sale Contracts | $ | 18,573,291 | $ | 18,657,935 | 106,796 | 191,440 | ||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 558,931 | $ | 476,440 | ||||||||||||||||||
Credit Default Swap Agreements open at September 30, 2013:
| Referenced Obligation | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
| Markit CDX EM20 Series 9PA | BRC | 4,950,000 | 12/20/18 | 5.00 | % | $ | — | $ | 524,700 | $ | — | $ | 524,700 | |||||||||||||
| Republic of Korea | BRC | 300,000 | 12/20/18 | (1.00 | %) | (3,452 | ) | (3,440 | ) | — | 12 | |||||||||||||||
| Republic of Turkey | BRC | 250,000 | 12/20/18 | (1.00 | %) | 13,985 | 12,378 | 1,607 | — | |||||||||||||||||
| Republic of Turkey | JPM | 2,400,000 | 12/20/18 | (1.00 | %) | 134,264 | 117,719 | 16,545 | — | |||||||||||||||||
| Total Credit Default Swap Agreements | $ | 144,797 | $ | 651,357 | $ | 18,152 | $ | 524,712 | ||||||||||||||||||
Interest Rate Swap Agreements open at September 30, 2013:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Variable Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| BRL | BRC | 591,000 | 01/04/16 | 8.18 | % | Brazil Cetip Interbank Deposit Rate | $ | — | $ | 15,205 | ||||||||||
| BRL | BRC | 2,200,000 | 01/04/16 | 8.83 | % | Brazil Cetip Interbank Deposit Rate | — | 42,819 | ||||||||||||
| BRL | JPM | 692,001 | 01/02/17 | 8.90 | % | Brazil Cetip Interbank Deposit Rate | — | 19,288 | ||||||||||||
| MXN | BRC | 3,000,000 | 09/04/15 | 4.76 | % | Mexico Interbank TIIE 28 Day | 2,547 | — | ||||||||||||
| MXN | JPM | 2,000,000 | 09/04/15 | 4.76 | % | Mexico Interbank TIIE 28 Day | 1,698 | — | ||||||||||||
| RUB | BRC | 7,000,000 | 09/11/16 | 6.90 | % | RUB-MOSPRIME-NFEA | 471 | — | ||||||||||||
| RUB | BRC | 16,000,000 | 09/16/17 | 6.93 | % | RUB-MOSPRIME-NFEA | — | 291 | ||||||||||||
| ZAR | BRC | 6,000,000 | 07/18/16 | 6.18 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | — | 5,488 | ||||||||||||
| ZAR | BRC | 6,000,000 | 09/17/18 | 7.12 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | — | 995 | ||||||||||||
| ZAR | BRC | 4,500,000 | 09/19/18 | 6.79 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | — | 6,962 | ||||||||||||
| Total Interest Rate Swap Agreements | 4,716 | 91,048 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Swap Agreements | $ | 22,868 | $ | 615,760 | ||||||||||||||||
| Security Currency | Principal Amount (000) | Value | ||||||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||||
| Corporate Bonds | 5.8% | ||||||||||||
| Brazil | 0.5% | ||||||||||||
| Arcos Dorados Holdings, Inc., 10.250%, 07/13/16 | BRL | 600 | $ | 263,953 | ||||||||
| Banco do Brasil SA, 9.250%, 04/15/23 | USD | 925 | 980,500 | |||||||||
| Companhia Energetica de Sao Paulo, 9.750%, 01/15/15 | BRL | 539 | 361,130 | |||||||||
| Odebrecht Finance, Ltd., 7.125%, 06/26/42 | USD | 700 | 666,750 | |||||||||
| 2,272,333 | ||||||||||||
| Colombia | 0.4% | ||||||||||||
| Banco GNB Sudameris SA, 3.875%, 05/02/18 (f) | USD | 725 | 680,594 | |||||||||
| Pacific Rubiales Energy Corp., 5.125%, 03/28/23 (f) | USD | 1,075 | 963,468 | |||||||||
| 1,644,062 | ||||||||||||
| Georgia | 0.2% | ||||||||||||
| Bank of Georgia JSC, 7.750%, 07/05/17 | USD | 1,025 | 1,058,313 | |||||||||
| Guatemala | 0.1% | ||||||||||||
| Industrial Senior Trust: | ||||||||||||
| 5.500%, 11/01/22 | USD | 200 | 182,500 | |||||||||
| 5.500%, 11/01/22 (f) | USD | 325 | 296,563 | |||||||||
| 479,063 | ||||||||||||
| India | 0.2% | ||||||||||||
| Vedanta Resources PLC, 9.500%, 07/18/18 | USD | 775 | 850,563 | |||||||||
| Indonesia | 0.8% | ||||||||||||
| PT Berau Coal Energy Tbk, 7.250%, 03/13/17 | USD | 350 | 331,625 | |||||||||
| PT Gajah Tunggal Tbk: | ||||||||||||
| 7.750%, 02/06/18 | USD | 400 | 386,000 | |||||||||
| 7.750%, 02/06/18 (f) | USD | 750 | 723,750 | |||||||||
| PT Pertamina (Persero) Tbk: | ||||||||||||
| 5.250%, 05/23/21 | USD | 1,025 | 971,187 | |||||||||
| 6.500%, 05/27/41 | USD | 1,300 | 1,131,000 | |||||||||
| 3,543,562 | ||||||||||||
| Ivory Coast | 0.1% | ||||||||||||
| Grupo Aval, Ltd., 4.750%, 09/26/22 | USD | 350 | 314,125 | |||||||||
| Kazakhstan | 0.3% | ||||||||||||
| Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17 | USD | 775 | 809,875 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Zhaikmunai LP, 7.125%, 11/13/19 | USD | 250 | $ | 261,875 | ||||||||
| 1,071,750 | ||||||||||||
| Mexico | 0.8% | ||||||||||||
| America Movil SAB de CV, 6.450%, 12/05/22 | MXN | 17,350 | 1,240,859 | |||||||||
| Bio Pappel SAB de CV, 10.000%, 08/27/16 | USD | 525 | 523,687 | |||||||||
| Cemex SAB de CV: | ||||||||||||
| 9.500%, 06/15/18 (f) | USD | 300 | 332,250 | |||||||||
| 9.500%, 06/15/18 | USD | 425 | 470,688 | |||||||||
| Grupo Televisa SAB, 7.250%, 05/14/43 | MXN | 12,000 | 773,595 | |||||||||
| 3,341,079 | ||||||||||||
| Nigeria | 0.2% | ||||||||||||
| FBN Finance Co. BV, 8.250%, 08/07/20 (f) | USD | 725 | 723,423 | |||||||||
| Russia | 1.7% | ||||||||||||
| Alliance Oil Co., Ltd., 7.000%, 05/04/20 | USD | 425 | 420,750 | |||||||||
| ALROSA Finance SA, 7.750%, 11/03/20 | USD | 650 | 721,630 | |||||||||
| EDC Finance, Ltd., 4.875%, 04/17/20 (f) | USD | 725 | 682,016 | |||||||||
| Gazprom Neft OAO, 4.375%, 09/19/22 | USD | 725 | 667,000 | |||||||||
| Gazprom OAO: | ||||||||||||
| 9.250%, 04/23/19 | USD | 300 | 369,060 | |||||||||
| 8.625%, 04/28/34 | USD | 250 | 298,750 | |||||||||
| Lukoil International Finance BV, 6.125%, 11/09/20 | USD | 300 | 319,500 | |||||||||
| Metalloinvest Finance, Ltd., 5.625%, 04/17/20 (f) | USD | 725 | 701,380 | |||||||||
| MTS International Funding, Ltd.: | ||||||||||||
| 8.625%, 06/22/20 | USD | 325 | 379,844 | |||||||||
| 5.000%, 05/30/23 (f) | USD | 320 | 293,600 | |||||||||
| Polyus Gold International, Ltd., 5.625%, 04/29/20 (f) | USD | 725 | 711,406 | |||||||||
| Rosneft Oil Co., 4.199%, 03/06/22 | USD | 725 | 668,812 | |||||||||
| Sibur Securities, Ltd., 3.914%, 01/31/18 | USD | 750 | 712,500 | |||||||||
| 6,946,248 | ||||||||||||
| Trinidad and Tobago | 0.4% | ||||||||||||
| Petroleum Co. of Trinidad and Tobago Ltd.: | ||||||||||||
| 9.750%, 08/14/19 | USD | 500 | 641,250 | |||||||||
| 6.000%, 05/08/22 | USD | 900 | 958,500 | |||||||||
| 1,599,750 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| United Kingdom | 0.1% | ||||||||||||
| Afren PLC, 10.250%, 04/08/19 | USD | 275 | $ | 314,875 | ||||||||
| Total Corporate Bonds (Identified cost $25,468,827) | 24,159,146 | |||||||||||
| Foreign Government Obligations | 60.7% | ||||||||||||
| Bahrain | 0.4% | ||||||||||||
| Kingdom of Bahrain, 6.125%, 08/01/23 (f) | USD | 1,775 | 1,770,563 | |||||||||
| Belize | 0.3% | ||||||||||||
| Republic of Belize, 5.000%, 02/20/38 (g) | USD | 1,850 | 1,110,000 | |||||||||
| Bolivia | 0.7% | ||||||||||||
| Bolivia Government Bonds: | ||||||||||||
| 4.875%, 10/29/22 | USD | 2,075 | 1,870,094 | |||||||||
| 5.950%, 08/22/23 (f) | USD | 1,000 | 955,000 | |||||||||
| 2,825,094 | ||||||||||||
| Brazil | 4.4% | ||||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||||
| 0.000%, 01/01/15 | BRL | 2,770 | 1,104,824 | |||||||||
| 0.000%, 01/01/16 | BRL | 18,855 | 6,700,786 | |||||||||
| 0.000%, 01/01/17 | BRL | 16,550 | 5,241,652 | |||||||||
| Brazil Minas SPE, 5.333%, 02/15/28 (f) | USD | 1,300 | 1,255,836 | |||||||||
| Brazil NTN-B, 6.000%, 08/15/20 | BRL | 145 | 157,206 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/17 | BRL | 5,800 | 2,591,891 | |||||||||
| 10.000%, 01/01/21 | BRL | 1,010 | 433,080 | |||||||||
| 10.000%, 01/01/23 | BRL | 2,100 | 885,498 | |||||||||
| 18,370,773 | ||||||||||||
| Chile | 0.1% | ||||||||||||
| Republic of Chile, 6.000%, 01/01/18 | CLP | 205,000 | 426,347 | |||||||||
| Colombia | 0.3% | ||||||||||||
| Republic of Colombia: | ||||||||||||
| 12.000%, 10/22/15 | COP | 900,000 | 539,162 | |||||||||
| 7.750%, 04/14/21 | COP | 1,255,000 | 744,064 | |||||||||
| 9.850%, 06/28/27 | COP | 160,000 | 109,574 | |||||||||
| 1,392,800 | ||||||||||||
| Croatia | 1.1% | ||||||||||||
| Croatia: | ||||||||||||
| 6.250%, 04/27/17 | USD | 720 | 756,590 | |||||||||
| 6.750%, 11/05/19 | USD | 2,200 | 2,345,750 | |||||||||
| 6.625%, 07/14/20 | USD | 1,350 | 1,431,000 | |||||||||
| 4,533,340 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Dominican Republic | 0.6% | ||||||||||||
| Dominican Republic: | ||||||||||||
| 5.875%, 04/18/24 | USD | 548 | $ | 508,270 | ||||||||
| 5.875%, 04/18/24 (f) | USD | 2,050 | 1,901,375 | |||||||||
| 2,409,645 | ||||||||||||
| Ecuador | 0.3% | ||||||||||||
| Republic of Ecuador, 9.375%, 12/15/15 | USD | 1,250 | 1,300,000 | |||||||||
| Egypt | 0.2% | ||||||||||||
| Arab Republic of Egypt, 5.750%, 04/29/20 | USD | 875 | 805,000 | |||||||||
| El Salvador | 0.6% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 7.375%, 12/01/19 | USD | 1,475 | 1,604,062 | |||||||||
| 5.875%, 01/30/25 (f) | USD | 960 | 909,600 | |||||||||
| 2,513,662 | ||||||||||||
| Georgia | 0.5% | ||||||||||||
| Republic of Georgia, 6.875%, 04/12/21 | USD | 1,850 | 1,970,250 | |||||||||
| Guatemala | 0.2% | ||||||||||||
| Republic of Guatemala: | ||||||||||||
| 5.750%, 06/06/22 | USD | 700 | 720,125 | |||||||||
| 5.750%, 06/06/22 (f) | USD | 246 | 253,073 | |||||||||
| 973,198 | ||||||||||||
| Honduras | 0.0% | ||||||||||||
| Honduras Government Bond, 7.500%, 03/15/24 | USD | 175 | 147,438 | |||||||||
| Hungary | 4.6% | ||||||||||||
| Hungary: | ||||||||||||
| 4.750%, 02/03/15 | USD | 950 | 973,750 | |||||||||
| 6.250%, 01/29/20 | USD | 2,972 | 3,172,610 | |||||||||
| 6.375%, 03/29/21 | USD | 605 | 643,569 | |||||||||
| 5.375%, 02/21/23 | USD | 2,962 | 2,880,545 | |||||||||
| 7.625%, 03/29/41 | USD | 1,630 | 1,744,100 | |||||||||
| Hungary Government Bonds: | ||||||||||||
| 7.750%, 08/24/15 | HUF | 313,500 | 1,518,290 | |||||||||
| 6.750%, 02/24/17 | HUF | 764,000 | 3,689,615 | |||||||||
| 6.750%, 11/24/17 | HUF | 283,000 | 1,374,465 | |||||||||
| 5.500%, 12/20/18 | HUF | 155,000 | 716,841 | |||||||||
| 6.500%, 06/24/19 | HUF | 69,000 | 332,898 | |||||||||
| 7.500%, 11/12/20 | HUF | 55,000 | 279,949 | |||||||||
| 7.000%, 06/24/22 | HUF | 210,000 | 1,029,990 | |||||||||
| 6.750%, 10/22/28 | HUF | 112,000 | 525,332 | |||||||||
| 18,881,954 | ||||||||||||
| Indonesia | 2.7% | ||||||||||||
| Indonesia Government Bonds: | ||||||||||||
| 5.250%, 05/15/18 | IDR | 2,900,000 | 225,465 | |||||||||
| 8.250%, 07/15/21 | IDR | 7,700,000 | 653,300 | |||||||||
| 7.000%, 05/15/22 | IDR | 9,290,000 | 724,241 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 5.625%, 05/15/23 | IDR | 21,700,000 | $ | 1,517,383 | ||||||||
| 8.375%, 09/15/26 | IDR | 17,405,000 | 1,445,353 | |||||||||
| 7.000%, 05/15/27 | IDR | 13,980,000 | 1,031,921 | |||||||||
| 6.125%, 05/15/28 | IDR | 33,930,000 | 2,303,114 | |||||||||
| 8.250%, 06/15/32 | IDR | 9,500,000 | 761,942 | |||||||||
| 6.625%, 05/15/33 | IDR | 5,500,000 | 376,131 | |||||||||
| Republic of Indonesia: | ||||||||||||
| 3.375%, 04/15/23 (f) | USD | 1,125 | 959,062 | |||||||||
| 6.625%, 02/17/37 | USD | 740 | 749,250 | |||||||||
| 5.250%, 01/17/42 | USD | 500 | 423,750 | |||||||||
| 11,170,912 | ||||||||||||
| Iraq | 2.0% | ||||||||||||
| Republic of Iraq, 5.800%, 01/15/28 | USD | 9,800 | 8,305,500 | |||||||||
| Ivory Coast | 3.3% | ||||||||||||
| Ivory Coast, 5.750%, 12/31/32 | USD | 15,550 | 13,684,000 | |||||||||
| Kenya | 0.2% | ||||||||||||
| Kenya Treasury Bond, 12.000%, 09/18/23 | KES | 72,000 | 807,703 | |||||||||
| Malaysia | 2.3% | ||||||||||||
| Malaysia Government Bonds: | ||||||||||||
| 3.197%, 10/15/15 | MYR | 2,000 | 613,265 | |||||||||
| 4.262%, 09/15/16 | MYR | 8,000 | 2,511,241 | |||||||||
| 3.580%, 09/28/18 | MYR | 9,000 | 2,755,958 | |||||||||
| 4.378%, 11/29/19 | MYR | 5,890 | 1,875,364 | |||||||||
| 4.160%, 07/15/21 | MYR | 1,365 | 429,552 | |||||||||
| 3.418%, 08/15/22 | MYR | 1,470 | 438,398 | |||||||||
| 4.392%, 04/15/26 | MYR | 2,325 | 735,788 | |||||||||
| 9,359,566 | ||||||||||||
| Mexico | 4.8% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.000%, 06/18/15 | MXN | 20 | 1,584 | |||||||||
| 6.250%, 06/16/16 | MXN | 20,900 | 1,680,894 | |||||||||
| 5.000%, 06/15/17 | MXN | 23,720 | 1,843,779 | |||||||||
| 7.750%, 12/14/17 | MXN | 54,900 | 4,682,104 | |||||||||
| 8.500%, 12/13/18 | MXN | 21,950 | 1,942,892 | |||||||||
| 8.000%, 06/11/20 | MXN | 23,260 | 2,022,441 | |||||||||
| 7.500%, 06/03/27 | MXN | 24,760 | 2,069,913 | |||||||||
| 8.500%, 05/31/29 | MXN | 15,600 | 1,391,293 | |||||||||
| 7.750%, 05/29/31 | MXN | 3,900 | 322,568 | |||||||||
| 8.500%, 11/18/38 | MXN | 20,650 | 1,820,147 | |||||||||
| 7.750%, 11/13/42 | MXN | 3,400 | 276,038 | |||||||||
| Mexican Udibonos: | ||||||||||||
| 5.000%, 06/16/16 | MXN | 11,428 | 975,950 | |||||||||
| 2.500%, 12/10/20 | MXN | 12,819 | 1,021,304 | |||||||||
| 20,050,907 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Mongolia | 0.1% | ||||||||||||
| Mongolia Government International Bond, 4.125%, 01/05/18 | USD | 525 | $ | 476,438 | ||||||||
| Nigeria | 3.0% | ||||||||||||
| Nigeria Government Bonds: | ||||||||||||
| 15.100%, 04/27/17 | NGN | 36,000 | 234,003 | |||||||||
| 16.000%, 06/29/19 | NGN | 142,000 | 972,758 | |||||||||
| 7.000%, 10/23/19 | NGN | 75,000 | 346,318 | |||||||||
| 16.390%, 01/27/22 | NGN | 318,447 | 2,275,284 | |||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 10/10/13 | NGN | 147,000 | 909,607 | |||||||||
| 0.000%, 10/24/13 | NGN | 2,000 | 12,316 | |||||||||
| 0.000%, 11/07/13 | NGN | 38,000 | 233,035 | |||||||||
| 0.000%, 12/05/13 | NGN | 20,000 | 121,518 | |||||||||
| 0.000%, 12/19/13 | NGN | 500,000 | 3,027,043 | |||||||||
| 0.000%, 03/20/14 | NGN | 110,000 | 638,114 | |||||||||
| 0.000%, 04/10/14 | NGN | 95,000 | 552,454 | |||||||||
| 0.000%, 04/24/14 | NGN | 90,000 | 514,601 | |||||||||
| 0.000%, 05/08/14 | NGN | 9,000 | 51,857 | |||||||||
| 0.000%, 06/05/14 | NGN | 5,000 | 28,631 | |||||||||
| 0.000%, 08/07/14 | NGN | 15,000 | 84,101 | |||||||||
| 0.000%, 09/04/14 | NGN | 42,900 | 239,070 | |||||||||
| Republic of Nigeria: | ||||||||||||
| 6.750%, 01/28/21 | USD | 950 | 1,018,875 | |||||||||
| 6.375%, 07/12/23 (f) | USD | 1,125 | 1,147,500 | |||||||||
| 12,407,085 | ||||||||||||
| Paraguay | 0.1% | ||||||||||||
| Republic of Paraguay, 4.625%, 01/25/23 (f) | USD | 250 | 226,875 | |||||||||
| Peru | 0.7% | ||||||||||||
| Republic of Peru: | ||||||||||||
| 7.840%, 08/12/20 | PEN | 3,845 | 1,598,181 | |||||||||
| 8.200%, 08/12/26 | PEN | 830 | 362,217 | |||||||||
| 6.950%, 08/12/31 | PEN | 1,440 | 549,888 | |||||||||
| 6.950%, 08/12/31 (f) | PEN | 1,077 | 411,271 | |||||||||
| 2,921,557 | ||||||||||||
| Philippines | 0.2% | ||||||||||||
| Republic of Philippines, 6.250%, 01/14/36 | PHP | 30,000 | 771,704 | |||||||||
| Poland | 2.9% | ||||||||||||
| Poland Government Bonds: | ||||||||||||
| 5.250%, 10/25/17 | PLN | 4,125 | 1,396,002 | |||||||||
| 5.500%, 10/25/19 | PLN | 16,827 | 5,786,007 | |||||||||
| 5.250%, 10/25/20 | PLN | 1,250 | 423,972 | |||||||||
| 5.750%, 09/23/22 | PLN | 5,125 | 1,795,888 | |||||||||
| 2.750%, 08/25/23 | PLN | 6,598 | 2,216,285 | |||||||||
| 4.000%, 10/25/23 | PLN | 1,600 | 492,678 | |||||||||
| 12,110,832 | ||||||||||||
| Romania | 2.3% | ||||||||||||
| Romania Government Bonds: 5.800%, 10/26/15 | RON | 12,550 | 3,933,097 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 5.750%, 01/27/16 | RON | 3,320 | $ | 1,040,741 | ||||||||
| 6.000%, 04/30/16 | RON | 1,300 | 410,223 | |||||||||
| 6.750%, 06/11/17 | RON | 1,100 | 360,758 | |||||||||
| 5.900%, 07/26/17 | RON | 2,600 | 828,801 | |||||||||
| 6.750%, 02/07/22 | USD | 2,694 | 3,071,699 | |||||||||
| 9,645,319 | ||||||||||||
| Russia | 6.1% | ||||||||||||
| Russia Foreign Bonds: | ||||||||||||
| 7.850%, 03/10/18 | RUB | 100,000 | 3,197,383 | |||||||||
| 7.850%, 03/10/18 (f) | RUB | 5,000 | 159,869 | |||||||||
| 5.000%, 04/29/20 | USD | 500 | 535,125 | |||||||||
| 4.875%, 09/16/23 (f) | USD | 1,200 | 1,230,240 | |||||||||
| 7.500%, 03/31/30 | USD | 2,631 | 3,100,817 | |||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 7.350%, 01/20/16 | RUB | 23,700 | 747,027 | |||||||||
| 7.500%, 03/15/18 | RUB | 8,960 | 285,449 | |||||||||
| 7.500%, 02/27/19 | RUB | 100,000 | 3,182,723 | |||||||||
| 6.800%, 12/11/19 | RUB | 13,000 | 398,407 | |||||||||
| 7.600%, 04/14/21 | RUB | 63,475 | 2,020,723 | |||||||||
| 7.600%, 07/20/22 | RUB | 84,000 | 2,663,766 | |||||||||
| 7.000%, 01/25/23 | RUB | 41,000 | 1,249,556 | |||||||||
| 8.150%, 02/03/27 | RUB | 35,000 | 1,130,966 | |||||||||
| Russian Federation: | ||||||||||||
| 3.250%, 04/04/17 | USD | 400 | 415,692 | |||||||||
| 3.250%, 04/04/17 (f) | USD | 2,800 | 2,909,844 | |||||||||
| 5.625%, 04/04/42 | USD | 1,800 | 1,845,000 | |||||||||
| 5.625%, 04/04/42 (f) | USD | 200 | 205,000 | |||||||||
| 25,277,587 | ||||||||||||
| Rwanda | 0.4% | ||||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 1,925 | 1,679,563 | |||||||||
| Senegal | 0.4% | ||||||||||||
| Republic of Senegal, 8.750%, 05/13/21 | USD | 1,725 | 1,815,563 | |||||||||
| Serbia | 0.2% | ||||||||||||
| Serbia Treasury Bill, 0.000%, 01/03/14 | RSD | 80,000 | 921,278 | |||||||||
| South Africa | 3.8% | ||||||||||||
| Eskom Holdings, Ltd., 7.850%, 04/02/26 | ZAR | 9,000 | 849,092 | |||||||||
| Republic of South Africa: | ||||||||||||
| 13.500%, 09/15/15 | ZAR | 11,450 | 1,293,578 | |||||||||
| 8.250%, 09/15/17 | ZAR | 26,440 | 2,763,227 | |||||||||
| 8.000%, 12/21/18 | ZAR | 23,450 | 2,435,656 | |||||||||
| 7.250%, 01/15/20 | ZAR | 14,400 | 1,432,392 | |||||||||
| 6.750%, 03/31/21 | ZAR | 3,050 | 292,574 | |||||||||
| 7.750%, 02/28/23 | ZAR | 19,900 | 1,993,736 | |||||||||
| 10.500%, 12/21/26 | ZAR | 13,835 | 1,657,927 | |||||||||
| 7.000%, 02/28/31 | ZAR | 33,100 | 2,832,716 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| 6.500%, 02/28/41 | ZAR | 4,600 | $ | 344,831 | ||||||||
| 15,895,729 | ||||||||||||
| Sri Lanka | 0.6% | ||||||||||||
| Republic of Sri Lanka, 6.250%, 10/04/20 | USD | 2,494 | 2,416,062 | |||||||||
| Tanzania | 0.3% | ||||||||||||
| United Republic of Tanzania, 6.392%, 03/09/20 | USD | 1,175 | 1,213,188 | |||||||||
| Thailand | 2.4% | ||||||||||||
| Thailand Government Bonds: | ||||||||||||
| 3.125%, 12/11/15 | THB | 35,000 | 1,122,322 | |||||||||
| 3.250%, 06/16/17 | THB | 30,000 | 958,931 | |||||||||
| 3.875%, 06/13/19 | THB | 122,300 | 3,974,445 | |||||||||
| 1.200%, 07/14/21 | THB | 52,765 | 1,577,108 | |||||||||
| 3.650%, 12/17/21 | THB | 63,170 | 1,998,941 | |||||||||
| 3.580%, 12/17/27 | THB | 10,200 | 306,849 | |||||||||
| 9,938,596 | ||||||||||||
| Turkey | 4.1% | ||||||||||||
| Republic of Turkey: | ||||||||||||
| 7.000%, 09/26/16 | USD | 575 | 639,687 | |||||||||
| 5.125%, 03/25/22 | USD | 1,490 | 1,480,687 | |||||||||
| Turkey Government Bonds: | ||||||||||||
| 9.000%, 03/05/14 | TRY | 860 | 428,074 | |||||||||
| 6.500%, 01/07/15 | TRY | 3,890 | 1,882,367 | |||||||||
| 9.000%, 01/27/16 | TRY | 8,566 | 4,282,894 | |||||||||
| 9.000%, 03/08/17 | TRY | 9,300 | 4,649,885 | |||||||||
| 10.500%, 01/15/20 | TRY | 1,910 | 1,013,599 | |||||||||
| 4.000%, 04/01/20 | TRY | 1,975 | 1,038,056 | |||||||||
| 3.000%, 07/21/21 | TRY | 2,777 | 1,364,998 | |||||||||
| 7.100%, 03/08/23 | TRY | 525 | 228,707 | |||||||||
| 17,008,954 | ||||||||||||
| Ukraine | 1.3% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 6.875%, 09/23/15 | USD | 775 | 680,062 | |||||||||
| 6.580%, 11/21/16 | USD | 1,725 | 1,483,500 | |||||||||
| 9.250%, 07/24/17 (f) | USD | 400 | 369,620 | |||||||||
| 7.800%, 11/28/22 (f) | USD | 1,425 | 1,188,094 | |||||||||
| 7.500%, 04/17/23 (f) | USD | 1,875 | 1,549,219 | |||||||||
| 5,270,495 | ||||||||||||
| Venezuela | 1.6% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 7.750%, 10/13/19 | USD | 890 | 740,035 | |||||||||
| 8.250%, 10/13/24 | USD | 4,195 | 3,156,737 | |||||||||
| 7.650%, 04/21/25 | USD | 1,226 | 882,720 | |||||||||
| 9.250%, 05/07/28 | USD | 1,276 | 1,001,346 | |||||||||
| 9.375%, 01/13/34 | USD | 340 | 268,600 | |||||||||
| 7.000%, 03/31/38 | USD | 890 | 580,725 | |||||||||
| 6,630,163 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| Vietnam | 0.2% | ||||||||||||
| Socialist Republic of Vietnam, 6.750%, 01/29/20 | USD | 950 | $ | 1,011,750 | ||||||||
| Zambia | 0.4% | ||||||||||||
| Republic of Zambia, 5.375%, 09/20/22 | USD | 1,825 | 1,596,875 | |||||||||
| Total Foreign Government Obligations (Identified cost $266,960,682) | 252,044,265 | |||||||||||
| Quasi Government Bonds | 6.9% | ||||||||||||
| Angola | 2.7% | ||||||||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 10,255 | 10,998,487 | |||||||||
| Azerbaijan | 1.0% | ||||||||||||
| State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23 | USD | 4,525 | 4,247,844 | |||||||||
| Colombia | 0.3% | ||||||||||||
| Emgesa SA ESP: | ||||||||||||
| 8.750%, 01/25/21 | COP | 1,000,000 | 557,051 | |||||||||
| 8.750%, 01/25/21 (f) | COP | 150,000 | 83,557 | |||||||||
| Empresas Publicas de Medellin ESP: | ||||||||||||
| 8.375%, 02/01/21 | COP | 1,170,000 | 639,290 | |||||||||
| 8.375%, 02/01/21 (f) | COP | 150,000 | 81,960 | |||||||||
| 1,361,858 | ||||||||||||
| Kazakhstan | 1.8% | ||||||||||||
| Development Bank of Kazakhstan JSC: | ||||||||||||
| 4.125%, 12/10/22 | USD | 2,950 | 2,721,375 | |||||||||
| 4.125%, 12/10/22 (f) | USD | 4,900 | 4,520,250 | |||||||||
| 7,241,625 | ||||||||||||
| Russia | 0.2% | ||||||||||||
| Russian Agricultural Bank OJSC: | ||||||||||||
| 8.700%, 03/17/16 | RUB | 15,000 | 468,812 | |||||||||
| 8.625%, 02/17/17 | RUB | 14,000 | 433,375 | |||||||||
| 902,187 | ||||||||||||
| Venezuela | 0.9% | ||||||||||||
| Petroleos de Venezuela SA, 5.250%, 04/12/17 | USD | 4,620 | 3,691,380 | |||||||||
| Total Quasi Government Bonds (Identified cost $29,607,286) | 28,443,381 | |||||||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 6.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $25,912,642) | 25,912,642 | $ | 25,912,642 | |||||
| Total Investments | 79.6%
(Identified cost $347,949,437) (b), (d) | 330,559,434 | |||||||
| Description | Number of Contracts | Value | ||||||
| Purchased Option | 0.0% | ||||||||
| USD vs INR November 13 62.00 Put, Expires 11/08/13 (Identified cost $38,800) | 20,000 | $ | 65,800 | |||||
| Total Investments and Purchased Option | 79.6% (Identified cost $347,988,237) | $ | 330,625,234 | ||||||
| Cash
and Other Assets in Excess of Liabilities | 20.4% | 84,631,664 | |||||||
| Net Assets | 100.0% | $ | 415,256,898 | ||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at September 30, 2013:
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 1,541,606 | $ | 691,303 | $ | 695,576 | $ | 4,273 | $ | — | |||||||||||
| BRL | BRC | 10/02/13 | 9,765,103 | 4,111,623 | 4,406,039 | 294,416 | — | |||||||||||||||
| BRL | SCB | 10/02/13 | 9,765,103 | 4,108,163 | 4,406,039 | 297,876 | — | |||||||||||||||
| BRL | SCB | 11/04/13 | 7,369,217 | 3,267,439 | 3,299,108 | 31,669 | — | |||||||||||||||
| CZK | BRC | 10/16/13 | 51,860,070 | 2,722,885 | 2,731,473 | 8,588 | — | |||||||||||||||
| HUF | BRC | 10/16/13 | 4,803,143 | 21,268 | 21,826 | 558 | — | |||||||||||||||
| IDR | JPM | 10/18/13 | 9,503,000,000 | 850,000 | 818,326 | — | 31,674 | |||||||||||||||
| IDR | SCB | 10/03/13 | 5,715,000,000 | 500,000 | 493,436 | — | 6,564 | |||||||||||||||
| INR | BRC | 11/13/13 | 51,630,531 | 930,000 | 815,161 | — | 114,839 | |||||||||||||||
| INR | JPM | 10/25/13 | 34,198,200 | 540,000 | 542,771 | 2,771 | — | |||||||||||||||
| INR | JPM | 11/12/13 | 99,954,000 | 1,800,000 | 1,578,514 | — | 221,486 | |||||||||||||||
| INR | JPM | 11/13/13 | 49,977,000 | 900,000 | 789,054 | — | 110,946 | |||||||||||||||
| MXN | BRC | 10/16/13 | 26,000,000 | 1,985,582 | 1,983,991 | — | 1,591 | |||||||||||||||
| MXN | SCB | 10/16/13 | 26,000,000 | 1,985,946 | 1,983,991 | — | 1,955 | |||||||||||||||
| MYR | BRC | 10/18/13 | 9,996,150 | 3,044,173 | 3,063,516 | 19,343 | — | |||||||||||||||
| MYR | JPM | 10/18/13 | 225,000 | 68,445 | 68,955 | 510 | — | |||||||||||||||
| MYR | JPM | 10/18/13 | 12,000,589 | 3,653,147 | 3,677,815 | 24,668 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 424,580 | 137,076 | 135,845 | — | 1,231 | |||||||||||||||
| PLN | BRC | 10/16/13 | 8,579,201 | 2,660,877 | 2,744,941 | 84,064 | — | |||||||||||||||
| PLN | JPM | 10/16/13 | 300,000 | 95,452 | 95,986 | 534 | — | |||||||||||||||
| PLN | SCB | 10/16/13 | 16,162,607 | 5,014,226 | 5,171,274 | 157,048 | — | |||||||||||||||
| RON | BRC | 10/07/13 | 445,000 | 131,110 | 135,098 | 3,988 | — | |||||||||||||||
| RUB | BRC | 10/16/13 | 5,709,024 | 172,000 | 175,811 | 3,811 | — | |||||||||||||||
| RUB | BRC | 10/16/13 | 70,506,629 | 2,128,631 | 2,171,271 | 42,640 | — | |||||||||||||||
| RUB | JPM | 10/16/13 | 64,899,179 | 1,959,132 | 1,998,587 | 39,455 | — | |||||||||||||||
| TRY | BRC | 10/21/13 | 500,000 | 246,904 | 246,653 | — | 251 | |||||||||||||||
| ZAR | BRC | 10/16/13 | 4,000,000 | 404,996 | 397,600 | — | 7,396 | |||||||||||||||
| ZAR | BRC | 10/16/13 | 8,300,000 | 829,337 | 825,019 | — | 4,318 | |||||||||||||||
| ZMW | BRC | 12/17/13 | 2,900,000 | 500,000 | 533,298 | 33,298 | — | |||||||||||||||
| ZMW | BRC | 12/17/13 | 2,900,000 | 500,000 | 533,298 | 33,298 | — | |||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 45,959,715 | $ | 46,540,272 | $ | 1,082,808 | $ | 502,251 | ||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 529,920 | $ | 240,000 | $ | 239,101 | $ | 899 | $ | — | |||||||||||
| BRL | BRC | 10/02/13 | 612,039 | 270,491 | 276,154 | — | 5,663 | |||||||||||||||
| BRL | BRC | 10/02/13 | 3,000,000 | 1,336,303 | 1,353,607 | — | 17,304 | |||||||||||||||
| BRL | BRC | 10/02/13 | 7,164,751 | 3,038,486 | 3,232,753 | — | 194,267 | |||||||||||||||
| BRL | SCB | 10/02/13 | 854,280 | 360,000 | 385,453 | — | 25,453 | |||||||||||||||
| BRL | SCB | 10/02/13 | 7,369,217 | 3,291,298 | 3,325,008 | — | 33,710 | |||||||||||||||
| COP | HSB | 10/28/13 | 4,465,000,000 | 2,357,445 | 2,337,230 | 20,215 | — | |||||||||||||||
| COP | SCB | 10/24/13 | 2,137,520,000 | 1,120,000 | 1,119,266 | 734 | — | |||||||||||||||
| CZK | BRC | 10/16/13 | 25,930,035 | 1,331,555 | 1,365,736 | — | 34,181 | |||||||||||||||
| CZK | JPM | 10/16/13 | 25,930,035 | 1,332,554 | 1,365,736 | — | 33,182 | |||||||||||||||
| EUR | BRC | 10/16/13 | 1,443,214 | 1,913,564 | 1,952,519 | — | 38,955 | |||||||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
Forward Currency Contracts open at September 30, 2013 (concluded):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||||
| EUR | SCB | 10/16/13 | 1,443,214 | $ | 1,913,846 | $ | 1,952,520 | $ | — | $ | 38,674 | |||||||||||
| IDR | SCB | 10/16/13 | 6,286,500,000 | 550,000 | 541,536 | 8,464 | — | |||||||||||||||
| INR | BRC | 11/12/13 | 99,954,000 | 1,717,718 | 1,578,515 | 139,203 | — | |||||||||||||||
| INR | BRC | 11/13/13 | 51,630,531 | 885,753 | 815,161 | 70,592 | — | |||||||||||||||
| INR | JPM | 11/13/13 | 49,977,000 | 858,121 | 789,054 | 69,067 | — | |||||||||||||||
| MXN | BRC | 10/16/13 | 923,932 | 71,325 | 70,503 | 822 | — | |||||||||||||||
| TRY | BRC | 10/21/13 | 576,511 | 283,367 | 284,396 | — | 1,029 | |||||||||||||||
| TRY | JPM | 10/21/13 | 3,518,960 | 1,729,049 | 1,735,923 | — | 6,874 | |||||||||||||||
| TRY | SCB | 10/21/13 | 1,076,511 | 528,920 | 531,049 | — | 2,129 | |||||||||||||||
| ZAR | BRC | 10/16/13 | 3,754,495 | 380,000 | 373,196 | 6,804 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 6,427,460 | 651,859 | 638,888 | 12,971 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 9,917,560 | 1,000,000 | 985,803 | 14,197 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 22,215,334 | 2,240,000 | 2,208,199 | 31,801 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 30,133,371 | 3,023,648 | 2,995,251 | 28,397 | — | |||||||||||||||
| ZMW | BRC | 12/17/13 | 2,900,000 | 515,098 | 533,299 | — | 18,201 | |||||||||||||||
| Total Forward Currency Sale Contracts | $ | 32,940,400 | $ | 32,985,856 | 404,166 | 449,622 | ||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 1,486,974 | $ | 951,873 | ||||||||||||||||||
Interest Rate Swap Agreements open at September 30, 2013:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Variable Rate | Unrealized Depreciation | ||||||||||
| BRL | BRC | 951,237 | 01/04/21 | 9.24 | % | Brazil Cetip Interbank Deposit Rate | $ | 64,615 | ||||||||
| BRL | JPM | 1,189,000 | 01/05/21 | 9.50 | % | Brazil Cetip Interbank Deposit Rate | 70,859 | |||||||||
| ZAR | BRC | 15,200,000 | 10/16/17 | 5.78 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | 61,340 | |||||||||
| Gross unrealized depreciation on Interest Rate Swap Agreements | $ | 196,814 | ||||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Explorer Total Return Portfolio | ||||||||||||
| Corporate Bonds | 17.7% | ||||||||||||
| Brazil | 1.0% | ||||||||||||
| Banco do Brasil SA, 9.250%, 04/15/23 | USD | 200 | $ | 212,000 | ||||||||
| Colombia | 1.2% | ||||||||||||
| Banco GNB Sudameris SA, 3.875%, 05/02/18 | USD | 40 | 37,200 | |||||||||
| Pacific Rubiales Energy Corp., 7.250%, 12/12/21 | USD | 225 | 236,250 | |||||||||
| 273,450 | ||||||||||||
| Georgia | 0.9% | ||||||||||||
| Bank of Georgia JSC, 7.750%, 07/05/17 | USD | 200 | 206,500 | |||||||||
| Guatemala | 1.3% | ||||||||||||
| Industrial Senior Trust, 5.500%, 11/01/22 | USD | 300 | 273,750 | |||||||||
| India | 1.5% | ||||||||||||
| Vedanta Resources PLC, 9.500%, 07/18/18 | USD | 300 | 329,250 | |||||||||
| Indonesia | 0.9% | ||||||||||||
| PT Gajah Tunggal Tbk, 7.750%, 02/06/18 | USD | 200 | 193,000 | |||||||||
| Kazakhstan | 1.4% | ||||||||||||
| Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17 | USD | 100 | 104,500 | |||||||||
| Zhaikmunai LP, 7.125%, 11/13/19 | USD | 200 | 209,500 | |||||||||
| 314,000 | ||||||||||||
| Mexico | 1.0% | ||||||||||||
| Cemex SAB de CV, 9.000%, 01/11/18 | USD | 200 | 215,500 | |||||||||
| Nigeria | 0.9% | ||||||||||||
| FBN Finance Co. BV, 8.250%, 08/07/20 (f) | USD | 200 | 199,565 | |||||||||
| Russia | 6.4% | ||||||||||||
| ALROSA Finance SA, 7.750%, 11/03/20 | USD | 200 | 222,040 | |||||||||
| EDC Finance, Ltd., 4.875%, 04/17/20 | USD | 200 | 191,000 | |||||||||
| Gazprom OAO, 8.625%, 04/28/34 | USD | 80 | 95,600 | |||||||||
| Lukoil International Finance BV, 6.125%, 11/09/20 | USD | 200 | 213,000 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Metalloinvest Finance, Ltd., 5.625%, 04/17/20 | USD | 200 | $ | 193,250 | ||||||||
| MTS International Funding, Ltd., 8.625%, 06/22/20 | USD | 100 | 116,875 | |||||||||
| Rosneft Oil Co., 4.199%, 03/06/22 | USD | 200 | 184,500 | |||||||||
| Sibur Securities, Ltd., 3.914%, 01/31/18 | USD | 200 | 190,000 | |||||||||
| 1,406,265 | ||||||||||||
| Trinidad and Tobago | 1.2% | ||||||||||||
| Petroleum Co. of Trinidad and Tobago Ltd., 9.750%, 08/14/19 | USD | 200 | 256,500 | |||||||||
| Total Corporate Bonds (Identified cost $3,912,167) | 3,879,780 | |||||||||||
| Foreign Government Obligations | 50.8% | ||||||||||||
| Bahrain | 0.9% | ||||||||||||
| Kingdom of Bahrain, 6.125%, 08/01/23 (f) | USD | 200 | 199,500 | |||||||||
| Belize | 0.6% | ||||||||||||
| Republic of Belize, 5.000%, 02/20/38 | USD | 200 | 120,000 | |||||||||
| Bolivia | 1.7% | ||||||||||||
| Bolivia Government Bonds: | ||||||||||||
| 4.875%, 10/29/22 | USD | 200 | 180,250 | |||||||||
| 5.950%, 08/22/23 (f) | USD | 200 | 191,000 | |||||||||
| 371,250 | ||||||||||||
| Brazil | 6.1% | ||||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||||
| 0.000%, 01/01/15 | BRL | 740 | 295,151 | |||||||||
| 0.000%, 01/01/17 | BRL | 2,650 | 839,298 | |||||||||
| Brazil Minas SPE, 5.333%, 02/15/28 | USD | 200 | 192,500 | |||||||||
| 1,326,949 | ||||||||||||
| Congo | 0.7% | ||||||||||||
| Republic of Congo, 3.500%, 06/30/29 (g) | USD | 186 | 156,424 | |||||||||
| Croatia | 0.5% | ||||||||||||
| Croatia, 6.750%, 11/05/19 | USD | 100 | 106,625 | |||||||||
| El Salvador | 1.0% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 7.375%, 12/01/19 | USD | 100 | 108,750 | |||||||||
| 8.250%, 04/10/32 | USD | 100 | 107,750 | |||||||||
| 216,500 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||||
| Georgia | 1.0% | ||||||||||||
| Republic of Georgia, 6.875%, 04/12/21 | USD | 200 | $ | 213,000 | ||||||||
| Guatemala | 0.9% | ||||||||||||
| Republic of Guatemala, 5.750%, 06/06/22 | USD | 200 | 205,750 | |||||||||
| Hungary | 2.8% | ||||||||||||
| Hungary: | ||||||||||||
| 6.250%, 01/29/20 | USD | 175 | 186,812 | |||||||||
| 5.375%, 02/21/23 | USD | 80 | 77,800 | |||||||||
| 7.625%, 03/29/41 | USD | 90 | 96,300 | |||||||||
| Hungary Government Bonds: | ||||||||||||
| 5.500%, 12/22/16 | HUF | 16,000 | 74,796 | |||||||||
| 6.750%, 02/24/17 | HUF | 20,000 | 96,587 | |||||||||
| 6.750%, 11/24/17 | HUF | 8,000 | 38,854 | |||||||||
| 5.500%, 12/20/18 | HUF | 9,000 | 41,623 | |||||||||
| 612,772 | ||||||||||||
| Indonesia | 1.0% | ||||||||||||
| Republic of Indonesia, 6.875%, 01/17/18 | USD | 200 | 222,500 | |||||||||
| Iraq | 2.9% | ||||||||||||
| Republic of Iraq, 5.800%, 01/15/28 | USD | 750 | 635,625 | |||||||||
| Ivory Coast | 3.8% | ||||||||||||
| Ivory Coast, 5.750%, 12/31/32 | USD | 950 | 836,000 | |||||||||
| Kenya | 0.1% | ||||||||||||
| Kenya Treasury Bill, 0.000%, 04/28/14 | KES | 2,000 | 21,892 | |||||||||
| Malaysia | 0.3% | ||||||||||||
| Bank Negara Monetary Note, 0.000%, 10/29/13 | MYR | 180 | 55,099 | |||||||||
| Mexico | 6.9% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.250%, 06/16/16 | MXN | 1,010 | 81,230 | |||||||||
| 7.250%, 12/15/16 | MXN | 3,410 | 282,797 | |||||||||
| 5.000%, 06/15/17 | MXN | 950 | 73,844 | |||||||||
| 4.750%, 06/14/18 | MXN | 6,370 | 484,255 | |||||||||
| 8.500%, 12/13/18 | MXN | 3,300 | 292,098 | |||||||||
| 8.000%, 06/11/20 | MXN | 3,410 | 296,497 | |||||||||
| 1,510,721 | ||||||||||||
| Nigeria | 4.7% | ||||||||||||
| Nigeria Government Bonds: | ||||||||||||
| 16.000%, 06/29/19 | NGN | 11,000 | 75,354 | |||||||||
| 16.390%, 01/27/22 | NGN | 22,000 | 157,189 | |||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 05/22/14 | NGN | 20,000 | 114,908 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| 0.000%, 08/07/14 | NGN | 42,500 | $ | 238,286 | ||||||||
| 0.000%, 09/04/14 | NGN | 7,700 | 42,910 | |||||||||
| Republic of Nigeria: | ||||||||||||
| 5.125%, 07/12/18 (f) | USD | 200 | 202,500 | |||||||||
| 6.375%, 07/12/23 (f) | USD | 200 | 204,000 | |||||||||
| 1,035,147 | ||||||||||||
| Paraguay | 0.8% | ||||||||||||
| Republic of Paraguay, 4.625%, 01/25/23 | USD | 200 | 181,500 | |||||||||
| Romania | 3.9% | ||||||||||||
| Romania Government Bonds: | ||||||||||||
| 5.850%, 07/28/14 | RON | 1,540 | 474,957 | |||||||||
| 5.800%, 10/26/15 | RON | 400 | 125,358 | |||||||||
| 5.900%, 07/26/17 | RON | 500 | 159,385 | |||||||||
| 6.750%, 02/07/22 | USD | 72 | 82,094 | |||||||||
| 841,794 | ||||||||||||
| Russia | 3.2% | ||||||||||||
| Russia Foreign Bond, 7.500%, 03/31/30 | USD | 107 | 126,392 | |||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 7.400%, 04/19/17 | RUB | 2,830 | 89,504 | |||||||||
| 7.500%, 03/15/18 | RUB | 2,500 | 79,645 | |||||||||
| 7.500%, 02/27/19 | RUB | 13,000 | 413,754 | |||||||||
| 709,295 | ||||||||||||
| Rwanda | 0.8% | ||||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 200 | 174,500 | |||||||||
| Senegal | 1.0% | ||||||||||||
| Republic of Senegal, 8.750%, 05/13/21 | USD | 200 | 210,500 | |||||||||
| Sri Lanka | 0.4% | ||||||||||||
| Republic of Sri Lanka, 6.250%, 10/04/20 | USD | 100 | 96,875 | |||||||||
| Tanzania | 0.9% | ||||||||||||
| United Republic of Tanzania, 6.392%, 03/09/20 | USD | 200 | 206,500 | |||||||||
| Uganda | 0.1% | ||||||||||||
| Uganda Treasury Bill, 0.000%, 08/07/14 | UGX | 30,000 | 10,406 | |||||||||
| Ukraine | 0.8% | ||||||||||||
| Ukraine Government Bond, 9.250%, 07/24/17 | USD | 200 | 184,810 | |||||||||
| Venezuela | 2.5% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 7.750%, 10/13/19 | USD | 160 | 133,040 | |||||||||
| 8.250%, 10/13/24 | USD | 175 | 131,688 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||||
| 9.250%, 05/07/28 | USD | 350 | $ | 274,750 | ||||||||
| 539,478 | ||||||||||||
| Vietnam | 0.5% | ||||||||||||
| Socialist Republic of Vietnam, 6.750%, 01/29/20 | USD | 100 | 106,500 | |||||||||
| Total Foreign Government Obligations (Identified cost $11,144,097) | 11,107,912 | |||||||||||
| Quasi Government Bonds | 9.1% | ||||||||||||
| Angola | 3.8% | ||||||||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 775 | 831,187 | |||||||||
| Azerbaijan | 1.7% | ||||||||||||
| State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23 | USD | 400 | 375,500 | |||||||||
| Brazil | 0.9% | ||||||||||||
| Banco Nacional de Desenvolvimento Economico e Social, 5.750%, 09/26/23 (f) | USD | 200 | 200,000 | |||||||||
| Kazakhstan | 0.9% | ||||||||||||
| Development Bank of Kazakhstan JSC, 4.125%, 12/10/22 | USD | 200 | 184,500 | |||||||||
| Russia | 0.9% | ||||||||||||
| Russian Agricultural Bank OJSC, 5.100%, 07/25/18 (f) | USD | 200 | 202,750 | |||||||||
| Venezuela | 0.9% | ||||||||||||
| Petroleos de Venezuela SA, 5.250%, 04/12/17 | USD | 235 | 187,765 | |||||||||
| Total Quasi Government Bonds (Identified cost $1,976,493) | 1,981,702 | |||||||||||
| Description | Shares | Value | ||||||||||
| Short-Term Investment | 19.9% | ||||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $4,341,811) | 4,341,811 | $ | 4,341,811 | |||||||||
| Total Investments | 97.5% (Identified cost $21,374,568) (b), (d) | $ | 21,311,205 | ||||||||||
| Cash and Other Assets in Excess of Liabilities | 2.5% | 543,181 | |||||||||||
| Net Assets | 100.0% | $ | 21,854,386 | ||||||||||
Lazard Explorer Total Return Portfolio (continued)
Forward Currency Contracts open at September 30, 2013:
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 610,726 | $ | 257,148 | $ | 275,561 | $ | 18,413 | $ | — | |||||||||||
| BRL | BRC | 10/02/13 | 1,199,834 | 538,042 | 541,368 | 3,326 | — | |||||||||||||||
| BRL | SCB | 10/02/13 | 610,726 | 256,931 | 275,561 | 18,630 | — | |||||||||||||||
| BRL | SCB | 10/02/13 | 1,810,560 | 803,444 | 816,930 | 13,486 | — | |||||||||||||||
| BRL | SCB | 11/04/13 | 1,221,451 | 541,580 | 546,829 | 5,249 | — | |||||||||||||||
| CZK | BRC | 10/16/13 | 2,130,215 | 111,846 | 112,199 | 353 | — | |||||||||||||||
| HUF | BRC | 10/16/13 | 36,951,367 | 166,808 | 167,913 | 1,105 | — | |||||||||||||||
| HUF | BRC | 10/16/13 | 41,090,872 | 181,947 | 186,724 | 4,777 | — | |||||||||||||||
| IDR | JPM | 10/21/13 | 451,200,000 | 40,000 | 38,833 | — | 1,167 | |||||||||||||||
| IDR | SCB | 10/21/13 | 451,000,000 | 40,000 | 38,816 | — | 1,184 | |||||||||||||||
| IDR | SCB | 10/21/13 | 880,000,000 | 80,000 | 75,739 | — | 4,261 | |||||||||||||||
| INR | JPM | 10/25/13 | 1,899,900 | 30,000 | 30,154 | 154 | — | |||||||||||||||
| MXN | BRC | 10/16/13 | 800,000 | 61,095 | 61,046 | — | 49 | |||||||||||||||
| MXN | SCB | 10/16/13 | 800,000 | 61,106 | 61,046 | — | 60 | |||||||||||||||
| MYR | BRC | 10/16/13 | 294,810 | 90,000 | 90,362 | 362 | — | |||||||||||||||
| MYR | BRC | 10/17/13 | 163,650 | 50,000 | 50,157 | 157 | — | |||||||||||||||
| MYR | BRC | 10/18/13 | 194,700 | 59,297 | 59,670 | 373 | — | |||||||||||||||
| MYR | JPM | 10/18/13 | 162,400 | 49,437 | 49,771 | 334 | — | |||||||||||||||
| MYR | SCB | 10/21/13 | 317,767 | 100,000 | 97,366 | — | 2,634 | |||||||||||||||
| PLN | BRC | 10/16/13 | 31,328 | 10,000 | 10,023 | 23 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 222,425 | 70,000 | 71,166 | 1,166 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 249,518 | 79,756 | 79,834 | 78 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 386,453 | 125,000 | 123,647 | — | 1,353 | |||||||||||||||
| PLN | BRC | 10/16/13 | 1,068,914 | 331,529 | 342,003 | 10,474 | — | |||||||||||||||
| PLN | BRC | 10/16/13 | 1,103,673 | 350,000 | 353,123 | 3,123 | — | |||||||||||||||
| PLN | JPM | 10/16/13 | 320,600 | 100,000 | 102,577 | 2,577 | — | |||||||||||||||
| RUB | BRC | 10/16/13 | 697,032 | 21,000 | 21,465 | 465 | — | |||||||||||||||
| RUB | BRC | 10/18/13 | 1,295,200 | 40,000 | 39,874 | — | 126 | |||||||||||||||
| RUB | JPM | 10/16/13 | 12,110,660 | 365,588 | 372,951 | 7,363 | — | |||||||||||||||
| RUB | JPM | 10/21/13 | 647,900 | 20,000 | 19,937 | — | 63 | |||||||||||||||
| ZAR | SCB | 10/16/13 | 1,960,588 | 198,700 | 194,882 | — | 3,818 | |||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 5,230,254 | $ | 5,307,527 | $ | 91,988 | $ | 14,715 | ||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||||
| BRL | BRC | 10/02/13 | 1,810,560 | $ | 820,000 | $ | 816,929 | $ | 3,071 | $ | — | |||||||||||
| BRL | SCB | 10/02/13 | 1,221,451 | 545,534 | 551,122 | — | 5,588 | |||||||||||||||
| BRL | SCB | 11/04/13 | 1,810,560 | 797,533 | 810,565 | — | 13,032 | |||||||||||||||
| CZK | BRC | 10/16/13 | 2,130,215 | 109,391 | 112,199 | — | 2,808 | |||||||||||||||
| EUR | BRC | 10/16/13 | 197,000 | 261,203 | 266,520 | — | 5,317 | |||||||||||||||
| EUR | SCB | 10/16/13 | 95,000 | 125,979 | 128,525 | — | 2,546 | |||||||||||||||
| MXN | BRC | 10/16/13 | 290,002 | 22,698 | 22,129 | 569 | — | |||||||||||||||
| MXN | BRC | 10/16/13 | 327,497 | 25,282 | 24,991 | 291 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 197,605 | 20,000 | 19,642 | 358 | — | |||||||||||||||
| ZAR | BRC | 10/16/13 | 297,527 | 30,000 | 29,574 | 426 | — | |||||||||||||||
Lazard Explorer Total Return Portfolio (concluded)
Forward Currency Contracts open at September 30, 2013 (concluded):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||||
| Total Forward Currency Sale Contracts | $ | 2,757,620 | $ | 2,782,196 | 4,715 | 29,291 | ||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 96,703 | $ | 44,006 | ||||||||||||||||||
Credit Default Swap Agreements open at September 30, 2013:
| Referenced Obligation | Notional Amount | Expiration Date | Receive (Pay) Rate | Upfront Premiums Paid (Received) | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||||
| Markit CDX EM 20 | JPM | 1,450,000 | 12/20/18 | 5.00 | % | $ | 139,339 | $ | 153,700 | $ | — | $ | 14,361 | |||||||||||||||
| Republic of Korea | JPM | 820,000 | 12/20/18 | (1.00 | %) | 45,874 | 40,221 | 5,653 | — | |||||||||||||||||||
| Total Credit Default Swap Agreements | $ | 185,213 | $ | 193,921 | $ | 5,653 | $ | 14,361 | ||||||||||||||||||||
Interest Rate Swap Agreements open at September 30, 2013:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Variable Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| MXN | JPM | 2,000,000 | 09/04/15 | 4.76 | % | Mexico Interbank TIIE 28 Day | $ | 1,698 | $ | — | ||||||||||||
| RUB | BRC | 3,000,000 | 09/11/16 | 6.90 | % | RUB-MOSPRIME-NFEA | 202 | — | ||||||||||||||
| RUB | BRC | 6,000,000 | 09/16/17 | 6.93 | % | RUB-MOSPRIME-NFEA | — | 109 | ||||||||||||||
| ZAR | BRC | 2,000,000 | 09/17/18 | 7.12 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | — | 332 | ||||||||||||||
| ZAR | BRC | 3,500,000 | 09/19/18 | 6.79 | % | South Africa Johannesburg Interbank Agreed Rate 3 Month | — | 5,415 | ||||||||||||||
| Total Interest Rate Swap Agreements | 1,900 | 5,856 | ||||||||||||||||||||
| Gross unrealized appreciation/depreciation on Swap Agreements | $ | 7,553 | $ | 20,217 | ||||||||||||||||||
| Description | Shares | Value | ||||||
| Lazard US Realty Income Portfolio | ||||||||
| Common Stocks | 7.3% | ||||||||
| Real Estate | 7.3% | ||||||||
| Colony Financial, Inc. | 198,415 | $ | 3,964,331 | |||||
| Starwood Property Trust, Inc. | 276,336 | 6,623,774 | ||||||
| Total Common Stocks (Identified cost $11,351,126) | 10,588,105 | |||||||
| Preferred Stocks | 32.3% | ||||||||
| Real Estate | 32.3% | ||||||||
| Apollo Commercial Real Estate Finance, Inc., Series A, 8.625% | 60,000 | 1,506,000 | ||||||
| Ashford Hospitality Trust, Inc. , Series D, 8.450% | 61,782 | 1,559,995 | ||||||
| CBL & Associates Properties, Inc. , Series E, 6.625% | 60,000 | 1,396,200 | ||||||
| Cedar Realty Trust, Inc. , Series B, 7.250% | 72,918 | 1,677,114 | ||||||
| Coresite Realty Corp. , Series A, 7.250% | 14,900 | 355,365 | ||||||
| DDR Corp.: | ||||||||
| Series K, 6.250% | 66,000 | 1,389,960 | ||||||
| Series J, 6.500% | 47,900 | 1,054,758 | ||||||
| EPR Properties , Series F, 6.625% | 13,769 | 295,207 | ||||||
| General Growth Properties, Inc. , Series A, 6.375% | 275,000 | 6,041,750 | ||||||
| Glimcher Realty Trust , 6.875 % | 160,000 | 3,696,000 | ||||||
| Kimco Realty Corp. , Series J, 5.500% | 69,900 | 1,382,622 | ||||||
| Kite Realty Group Trust , Series A, 8.250% | 35,153 | 897,808 | ||||||
| LaSalle Hotel Properties , Series I, 6.375% | 118,700 | 2,522,375 | ||||||
| NorthStar Realty Finance Corp. , Series A, 8.750% | 72,886 | 1,786,436 | ||||||
| Pebblebrook Hotel Trust , Series C, 6.500% | 189,414 | 4,043,989 | ||||||
| Pennsylvania Real Estate Investment Trust: | ||||||||
| Series B, 7.375% | 33,694 | 800,569 | ||||||
| Series A, 8.250% | 35,232 | 900,178 | ||||||
| PS Business Parks, Inc. , Series U, 5.750% | 73,300 | 1,473,330 | ||||||
| Regency Centers Corp. , Series 7, 6.000% | 16,342 | 347,431 | ||||||
| Retail Properties of America, Inc. , 7.000% | 97,779 | 2,226,428 | ||||||
| Sabra Healthcare REIT, Inc. , Series A, 7.125% | 87,400 | 2,093,230 | ||||||
| Strategic Hotels & Resorts, Inc. , Series C, 8.250% | 120,178 | 2,747,269 | ||||||
| Description | Shares | Value | ||||||
| Sun Communities, Inc. , Series A, 7.125% | 50,222 | $ | 1,227,928 | |||||
| Taubman Centers, Inc. , Series K, 6.250% | 109,771 | 2,454,480 | ||||||
| Vornado Realty Trust , Series K, 5.700% | 102,064 | 2,122,931 | ||||||
| Weingarten Realty Investors , Series F, 6.500% | 14,052 | 339,918 | ||||||
| Winthrop Realty Trust , 7.750% | 25,000 | 649,750 | ||||||
| Total Preferred Stocks (Identified cost $51,630,775) | 46,989,021 | |||||||
| Real Estate Investment Trusts | 57.8% | ||||||||
| Apollo Commercial Real Estate Finance, Inc. | 331,710 | 5,065,212 | ||||||
| Associated Estates Realty Corp. | 410,500 | 6,120,555 | ||||||
| BioMed Realty Trust, Inc. | 411,400 | 7,647,926 | ||||||
| Brandywine Realty Trust | 173,700 | 2,289,366 | ||||||
| Campus Crest Communities, Inc. | 717,290 | 7,746,732 | ||||||
| Corporate Office Properties Trust | 59,800 | 1,381,380 | ||||||
| Digital Realty Trust, Inc. | 137,900 | 7,322,490 | ||||||
| Dynex Capital, Inc. | 556,420 | 4,879,803 | ||||||
| Education Realty Trust, Inc. | 211,300 | 1,922,830 | ||||||
| EPR Properties | 72,655 | 3,541,205 | ||||||
| Excel Trust, Inc. | 257,500 | 3,090,000 | ||||||
| First Potomac Realty Trust | 302,126 | 3,797,724 | ||||||
| HCP, Inc. | 35,500 | 1,453,725 | ||||||
| Mack-Cali Realty Corp. | 276,100 | 6,057,634 | ||||||
| Medical Properties Trust, Inc. | 118,400 | 1,440,928 | ||||||
| Realty Income Corp. | 110,200 | 4,380,450 | ||||||
| Retail Opportunity Investments Corp. | 215,300 | 2,975,446 | ||||||
| Spirit Realty Capital, Inc. | 498,700 | 4,578,066 | ||||||
| STAG Industrial, Inc. | 285,900 | 5,752,308 | ||||||
| Sun Communities, Inc. | 63,557 | 2,708,799 | ||||||
| Total Real Estate Investment Trusts (Identified cost $91,992,444) | 84,152,579 | |||||||
| Short-Term Investment | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,446,553) | 1,446,553 | 1,446,553 | ||||||
| Total Investments | 98.4% (Identified cost $156,420,898) (b) | $ | 143,176,258 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.6% | 2,260,288 | |||||||
| Net Assets | 100.0% | $ | 145,436,546 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Realty Equity Portfolio | ||||||||
| Common Stock | 1.3% | ||||||||
| Real Estate | 1.3% | ||||||||
Realogy Holdings Corp. (Identified cost $990,562) | 23,307 | $ | 1,002,667 | |||||
| Real Estate Investment Trusts | 96.1% | ||||||||
| American Campus Communities, Inc. | 83,113 | 2,838,309 | ||||||
| American Homes 4 Rent, Class A | 50,037 | 808,098 | ||||||
| American Tower Corp. | 97,813 | 7,250,878 | ||||||
| Apartment Investment & Management Co., Class A | 60,124 | 1,679,865 | ||||||
| AvalonBay Communities, Inc. | 21,930 | 2,787,084 | ||||||
| Boston Properties, Inc. | 30,114 | 3,219,187 | ||||||
| Campus Crest Communities, Inc. | 169,079 | 1,826,053 | ||||||
| CBL & Associates Properties, Inc. | 66,485 | 1,269,863 | ||||||
| Cedar Realty Trust, Inc. | 199,357 | 1,032,669 | ||||||
| Chesapeake Lodging Trust | 35,570 | 837,318 | ||||||
| Digital Realty Trust, Inc. | 72,129 | 3,830,050 | ||||||
| Equity Residential | 34,696 | 1,858,665 | ||||||
| Essex Property Trust, Inc. | 13,354 | 1,972,386 | ||||||
| Extra Space Storage, Inc. | 14,911 | 682,178 | ||||||
| First Potomac Realty Trust | 107,337 | 1,349,226 | ||||||
| General Growth Properties, Inc. | 95,279 | 1,837,932 | ||||||
| HCP, Inc. | 107,075 | 4,384,721 | ||||||
| Health Care REIT, Inc. | 24,133 | 1,505,417 | ||||||
| Kilroy Realty Corp. | 33,084 | 1,652,546 | ||||||
| Mack-Cali Realty Corp. | 62,340 | 1,367,740 | ||||||
| Pebblebrook Hotel Trust | 39,485 | 1,133,614 | ||||||
| Prologis, Inc. | 76,457 | 2,876,312 | ||||||
| Public Storage | 16,981 | 2,726,300 | ||||||
| Retail Opportunity Investments Corp. | 140,011 | 1,934,952 | ||||||
| Silver Bay Realty Trust Corp. | 90,611 | 1,418,968 | ||||||
| Simon Property Group, Inc. | 59,547 | 8,826,652 | ||||||
| SL Green Realty Corp. | 10,691 | 949,788 | ||||||
| STAG Industrial, Inc. | 58,354 | 1,174,082 | ||||||
| Strategic Hotels & Resorts, Inc. (a) | 138,049 | 1,198,265 | ||||||
| Ventas, Inc. | 46,836 | 2,880,414 | ||||||
| Vornado Realty Trust | 19,834 | 1,667,246 | ||||||
| Weyerhaeuser Co. | 205,827 | 5,892,827 | ||||||
| Total Real Estate Investment Trusts (Identified cost $78,754,859) | 76,669,605 | |||||||
| Short-Term Investment | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $176,644) | 176,644 | $ | 176,644 | |||||
| Description | Value | |||
| Total Investments | 97.6% (Identified cost $79,922,065) (b) | $ | 77,848,916 | ||
| Cash and Other Assets in Excess of Liabilities | 2.4% | 1,918,759 | |||
| Net Assets | 100.0% | $ | 79,767,675 | ||
| Description | Shares | Value | ||||||
| Lazard Global Realty Equity Portfolio | ||||||||
| Common Stocks | 34.4% | ||||||||
| Australia | 2.5% | ||||||||
| Charter Hall Group | 23,673 | $ | 81,492 | |||||
| Goodman Group | 24,351 | 110,859 | ||||||
| 192,351 | ||||||||
| Brazil | 2.5% | ||||||||
| Aliansce Shopping Centers SA | 11,000 | 98,768 | ||||||
| BR Properties SA | 11,100 | 98,665 | ||||||
| 197,433 | ||||||||
| China | 5.5% | ||||||||
| China Overseas Land & Investment, Ltd. | 42,800 | 126,371 | ||||||
| Longfor Properties Co., Ltd. | 102,500 | 162,554 | ||||||
| Shimao Property Holdings, Ltd. | 52,000 | 120,414 | ||||||
| Shui On Land, Ltd. | 55,000 | 17,799 | ||||||
| 427,138 | ||||||||
| Hong Kong | 9.3% | ||||||||
| Cheung Kong Holdings, Ltd. | 12,000 | 182,261 | ||||||
| Hang Lung Properties, Ltd. | 29,000 | 99,086 | ||||||
| Hongkong Land Holdings, Ltd. | 9,000 | 59,400 | ||||||
| Langham Hospitality Investments, Ltd. | 1,058 | 535 | ||||||
| Sun Hung Kai Properties, Ltd. | 8,000 | 108,511 | ||||||
| The Wharf Holdings, Ltd. | 32,000 | 277,053 | ||||||
| 726,846 | ||||||||
| Japan | 10.4% | ||||||||
| Mitsubishi Estate Co., Ltd. | 6,000 | 176,774 | ||||||
| Mitsui Fudosan Co., Ltd. | 9,000 | 301,694 | ||||||
| NTT Urban Development Corp. | 7,300 | 95,581 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 5,000 | 236,787 | ||||||
| 810,836 | ||||||||
| Malaysia | 0.4% | ||||||||
| UEM Sunrise Bhd | 35,800 | 28,007 | ||||||
| Norway | 1.0% | ||||||||
| Norwegian Property ASA | 56,444 | 74,623 | ||||||
| Thailand | 0.7% | ||||||||
| AP Thailand Public Co. Ltd. (e) | 120,870 | 22,798 | ||||||
| Land and Houses Public Co. Ltd. | 83,377 | 28,788 | ||||||
| 51,586 | ||||||||
| United Kingdom | 1.5% | ||||||||
| Capital & Counties Properties PLC | 15,211 | 82,494 | ||||||
| Countrywide PLC | 4,144 | 35,221 | ||||||
| 117,715 | ||||||||
| United States | 0.6% | ||||||||
| Realogy Holdings Corp. | 1,082 | 46,548 | ||||||
| Description | Shares | Value | ||||||
| Total Common Stocks (Identified cost $2,466,454) | $ | 2,673,083 | ||||||
| Open-End Management Investment Company | 1.0% | ||||||||
| Canada | 1.0% | ||||||||
| Calloway Real Estate Investment Trust (Identified cost $82,627) | 3,453 | 81,628 | ||||||
| Real Estate Investment Trusts | 61.9% | ||||||||
| Australia | 3.2% | ||||||||
| Charter Hall Retail REIT | 15,488 | 54,327 | ||||||
| Dexus Property Group | 108,951 | 102,149 | ||||||
| Westfield Group | 9,087 | 93,335 | ||||||
| 249,811 | ||||||||
| Brazil | 0.6% | ||||||||
| Cyrela Commercial Properties SA Empreendimentos e Participacoes | 5,100 | 48,002 | ||||||
| Canada | 1.7% | ||||||||
| Boardwalk Real Estate Investment Trust | 2,408 | 134,678 | ||||||
| France | 2.2% | ||||||||
| Fonciere des Regions | 1,134 | 94,057 | ||||||
| Unibail-Rodamco SE | 317 | 78,652 | ||||||
| 172,709 | ||||||||
| Hong Kong | 1.3% | ||||||||
| The Link REIT | 20,500 | 100,572 | ||||||
| Italy | 1.3% | ||||||||
| Beni Stabili SpA | 162,089 | 100,760 | ||||||
| Japan | 1.1% | ||||||||
| Japan Logistics Fund, Inc. | 5 | 50,358 | ||||||
| Nippon Building Fund, Inc. | 3 | 37,235 | ||||||
| 87,593 | ||||||||
| Mexico | 1.6% | ||||||||
| Fibra Uno Administracion SA de CV | 15,800 | 43,805 | ||||||
| TF Administradora Industrial S de RL de CV | 39,100 | 77,665 | ||||||
| 121,470 | ||||||||
| Singapore | 2.8% | ||||||||
| CapitaMall Trust | 51,000 | 79,678 | ||||||
| Frasers Centrepoint Trust | 94,000 | 138,241 | ||||||
| 217,919 | ||||||||
| United Kingdom | 3.8% | ||||||||
| British Land Co. PLC | 5,995 | 56,048 | ||||||
| Derwent London PLC | 2,263 | 86,790 | ||||||
| Hammerson PLC | 3,983 | 32,305 | ||||||
| SEGRO PLC | 23,081 | 115,834 | ||||||
| 290,977 | ||||||||
| Description | Shares | Value | ||||||
| Lazard Global Realty Equity Portfolio (concluded) | ||||||||
| United States | 42.3% | ||||||||
| American Campus Communities, Inc. | 3,825 | $ | 130,624 | |||||
| American Homes 4 Rent REIT | 2,347 | 37,904 | ||||||
| American Tower Corp. | 1,989 | 147,444 | ||||||
| Apartment Investment & Management Co., Class A | 2,733 | 76,360 | ||||||
| AvalonBay Communities, Inc. | 1,021 | 129,759 | ||||||
| Boston Properties, Inc. | 1,393 | 148,912 | ||||||
| Campus Crest Communities, Inc. | 7,818 | 84,434 | ||||||
| CBL & Associates Properties, Inc. | 2,500 | 47,750 | ||||||
| Cedar Realty Trust, Inc. | 7,337 | 38,006 | ||||||
| Chesapeake Lodging Trust | 1,398 | 32,909 | ||||||
| Digital Realty Trust, Inc. | 3,341 | 177,407 | ||||||
| Equity Residential | 1,755 | 94,015 | ||||||
| Essex Property Trust, Inc. | 663 | 97,925 | ||||||
| Extra Space Storage, Inc. | 1,061 | 48,541 | ||||||
| First Potomac Realty Trust | 4,976 | 62,548 | ||||||
| General Growth Properties, Inc. | 4,385 | 84,587 | ||||||
| HCP, Inc. | 4,863 | 199,140 | ||||||
| Health Care REIT, Inc. | 1,278 | 79,722 | ||||||
| Kilroy Realty Corp. | 1,527 | 76,274 | ||||||
| Mack-Cali Realty Corp. | 2,832 | 62,134 | ||||||
| Pebblebrook Hotel | 1,845 | 52,970 | ||||||
| Prologis, Inc. | 3,543 | 133,288 | ||||||
| Public Storage | 938 | 150,596 | ||||||
| Retail Opportunity Investments Corp. | 6,436 | 88,945 | ||||||
| Silver Bay Realty Trust Corp. | 3,939 | 61,685 | ||||||
| Simon Property Group, Inc. | 2,725 | 403,927 | ||||||
| SL Green Realty Corp. | 587 | 52,149 | ||||||
| STAG Industrial, Inc. | 2,233 | 44,928 | ||||||
| Strategic Hotels & Resorts, Inc. (a) | 6,395 | 55,508 | ||||||
| Ventas, Inc. | 2,047 | 125,890 | ||||||
| Vornado Realty Trust | 1,033 | 86,834 | ||||||
| Weyerhaeuser Co. | 5,886 | 168,516 | ||||||
| 3,281,631 | ||||||||
| Total Real Estate Investment Trusts (Identified cost $4,729,081) | 4,806,122 | |||||||
| Short-Term Investment | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $15,916) | 15,916 | 15,916 | ||||||
| Description | Value | |||
| Total Investments | 97.5% (Identified cost $7,294,078) (b) | $ | 7,576,749 | ||
| Cash and Other Assets in Excess of Liabilities | 2.5% | 191,456 | |||
| Net Assets | 100.0% | $ | 7,768,205 | ||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Corporate Bonds | 23.4% | ||||||||
| Cable Television | 1.9% | ||||||||
| Time Warner Cable, Inc., 7.500%, 04/01/14 | $ | 1,000 | $ | 1,032,514 | ||||
| Chemicals | 2.2% | ||||||||
| Albemarle Corp., 5.100%, 02/01/15 | 1,150 | 1,210,849 | ||||||
| Financial Services | 11.2% | ||||||||
| Citigroup, Inc., 5.125%, 05/05/14 | 3 | 3,081 | ||||||
| Citigroup, Inc., 5.500%, 10/15/14 | 786 | 823,649 | ||||||
| Goldman Sachs Group, Inc., 6.000%, 05/01/14 | 1,225 | 1,263,055 | ||||||
| JPMorgan Chase & Co., 4.650%, 06/01/14 | 1,000 | 1,027,387 | ||||||
| Morgan Stanley, 0.570%, 01/09/14 | 1,750 | 1,749,545 | ||||||
| Western Union Co., 5.930%, 10/01/16 | 1,125 | 1,252,750 | ||||||
| 6,119,467 | ||||||||
| Media | 3.6% | ||||||||
| DIRECTV Holdings LLC, 4.750%, 10/01/14 | 950 | 987,339 | ||||||
| Viacom, Inc., 4.375%, 09/15/14 | 950 | 980,652 | ||||||
| 1,967,991 | ||||||||
| Technology | 2.8% | ||||||||
| Amphenol Corp., 4.750%, 11/15/14 | 950 | 991,031 | ||||||
| Equifax, Inc., 4.450%, 12/01/14 | 504 | 523,631 | ||||||
| 1,514,662 | ||||||||
| Telecommunications | 1.7% | ||||||||
| BellSouth Corp., 5.200%, 09/15/14 | 925 | 965,570 | ||||||
| Total Corporate Bonds (Identified cost $12,809,494) | 12,811,053 | |||||||
| Municipal Bonds | 9.9% | ||||||||
| California | 1.8% | ||||||||
| California State Taxable Various Purpose: 1.050%, 02/01/16 | 600 | 599,862 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| 5.500%, 03/01/16 | $ | 375 | $ | 412,733 | ||||
| 1,012,595 | ||||||||
| District Of Columbia | 1.0% | ||||||||
| District of
Columbia Revenue National Public Radio Series A, | ||||||||
| 5.000%, 04/01/43 (Pre-Refunded to 04/01/15 @ $100) (h) | 500 | 535,170 | ||||||
| Illinois | 1.0% | ||||||||
| Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16 | 500 | 530,065 | ||||||
| Kentucky | 0.4% | ||||||||
| Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 | 207 | 212,528 | ||||||
| Maryland | 1.0% | ||||||||
| Washington Maryland Suburban Sanitary District Sewer Disposal, | ||||||||
| 5.000%, 06/01/20 (Pre-Refunded to 06/01/15 @ $100) (h) | 500 | 538,735 | ||||||
| Massachusetts | 1.9% | ||||||||
| Massachusetts State Construction Loan Series A, 5.000%, 03/01/17 (Pre-Refunded to | ||||||||
| 03/01/15 @ $100) (h) | 500 | 533,580 | ||||||
| Massachusetts State School Building Authority Sales Tax Revenue Series A, | ||||||||
| 5.000%, 08/15/17 (Pre-Refunded to 08/15/15 @ $100) (h) | 500 | 543,515 | ||||||
| 1,077,095 | ||||||||
| Michigan | 1.0% | ||||||||
| Michigan State Hospital Finance Authority Series A Trinity Health, 5.250%, 12/01/15 | 500 | 547,570 | ||||||
| Pennsylvania | 0.8% | ||||||||
| Pennsylvania State Higher Educational Facilties Authority Revenue Temple University, 5.000%, 04/01/15 | 400 | 427,824 | ||||||
| Virginia | 1.0% | ||||||||
| Richmond VA Public Improvement Series A, 5.000%, 07/15/17 (Pre-Refunded to | ||||||||
| 07/15/2015 @ $100) (h) | 500 | 541,110 | ||||||
| Total Municipal Bonds (Identified cost $5,405,254) | 5,422,692 | |||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio (concluded) | ||||||||
| US Government Securities | 39.1% | ||||||||
| Federal National Mortgage Association: | ||||||||
| ARM: | ||||||||
| Pool# 725296, 2.495%, 03/01/34 | $ | 852 | $ | 904,250 | ||||
| Pool# 963058, 4.887%, 05/01/38 | 1,451 | 1,555,038 | ||||||
| Pool# 995609, 2.674%, 04/01/35 | 1,561 | 1,661,057 | ||||||
| Pool# AC5307, 3.972%, 11/01/39 | 764 | 817,026 | ||||||
| Pool# AD0278, 4.282%, 09/01/39 | 471 | 501,494 | ||||||
| Pool# AE0149, 2.348%, 12/01/36 | 1,516 | 1,607,311 | ||||||
| Pool# AE0887, 3.745%, 09/01/40 | 782 | 830,924 | ||||||
| Pool# AL3232, 3.767%, 02/01/40 | 916 | 972,367 | ||||||
| Pool# AL3260, 2.490%, 07/01/38 | 911 | 965,738 | ||||||
| Pool# AL3739, 2.309%, 07/01/38 | 536 | 565,923 | ||||||
| Giant 15 years: | ||||||||
| Pool# 889735, 5.500%, 07/01/23 | 857 | 930,945 | ||||||
| Pool# 889828, 5.000%, 10/01/19 | 697 | 741,452 | ||||||
| Pool# AE0315, 4.500%, 02/01/21 | 280 | 297,563 | ||||||
| Pool# AL3941, 2.309%, 03/01/24 | 1,364 | 1,499,370 | ||||||
| Federal Home Loan Mortgage Corp: | ||||||||
| ARM: | ||||||||
| Pool# G11720, 4.500%, 08/01/20 | 730 | 773,149 | ||||||
| Pool# 1B4676, 3.725%, 05/01/40 | 1,560 | 1,647,643 | ||||||
| Pool# 1B8709, 2.240%, 08/01/34 | 535 | 562,419 | ||||||
| Pool# 1Q1531, 2.675%, 04/01/38 | 1,284 | 1,367,194 | ||||||
| Pool# 848138, 2.565%, 07/01/38 | 1,506 | 1,616,038 | ||||||
| Giant 15 years: | ||||||||
| Pool# G13867, 5.000%, 06/01/25 | 801 | 857,563 | ||||||
| Series 3725, Class A, 3.500%, 09/15/24 | 702 | 730,601 | ||||||
| Total US Government Securities (Identified cost $21,276,281) | 21,405,065 | |||||||
| Description | Principal Amount (000) | Value | ||||||
| US Treasury Security | 25.9% | ||||||||
| US Treasury Note, 2.125%, 11/30/14 (Identified cost $14,151,890) | $ | 13,840,000 | $ | 14,156,811 | ||||
| Short-Term Investment | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $559,409) | 559,409 | 559,409 | ||||||
| Total Investments | 99.3% (Identified cost $54,202,328) (b) | $ | 54,355,030 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 392,373 | |||||||
| Net Assets | 100.0% | $ | 54,747,403 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 95.3% | ||||||||
| Aerospace & Defense | 1.9% | ||||||||
| Bombardier, Inc., 7.750%, 03/15/20 (f) | $ | 1,600 | $ | 1,808,000 | ||||
| Huntington Ingalls Industries, Inc., 6.875%, 03/15/18 | 1,500 | 1,612,500 | ||||||
| 3,420,500 | ||||||||
| Apparel & Textiles | 1.7% | ||||||||
| Jones Group, Inc., 6.875%, 03/15/19 | 1,500 | 1,533,750 | ||||||
| Levi Strauss & Co., 7.625%, 05/15/20 | 1,300 | 1,400,750 | ||||||
| 2,934,500 | ||||||||
| Automotive | 4.9% | ||||||||
| Chrysler Group LLC, 8.250%, 06/15/21 | 1,400 | 1,568,000 | ||||||
| Dana Holding Corp., 6.500%, 02/15/19 | 1,500 | 1,593,750 | ||||||
| Schaeffler Finance BV: | ||||||||
| 7.750%, 02/15/17 (f) | 250 | 280,000 | ||||||
| 8.500%, 02/15/19 (f) | 250 | 278,750 | ||||||
| 4.750%, 05/15/21 (f) | 1,000 | 970,000 | ||||||
| The Goodyear Tire & Rubber Co., 8.250%, 08/15/20 | 1,775 | 1,983,562 | ||||||
| Tomkins LLC, 9.000%, 10/01/18 | 769 | 838,210 | ||||||
| TRW Automotive, Inc., 8.875%, 12/01/17 (f) | 1,000 | 1,053,760 | ||||||
| 8,566,032 | ||||||||
| Building Materials | 4.4% | ||||||||
| Griffon Corp., 7.125%, 04/01/18 | 1,705 | 1,807,300 | ||||||
| HD Supply, Inc., 8.125%, 04/15/19 | 1,400 | 1,554,000 | ||||||
| Masco Corp., 6.125%, 10/03/16 | 1,500 | 1,659,375 | ||||||
| Owens Corning, Inc., 9.000%, 06/15/19 | 123 | 149,579 | ||||||
| USG Corp., 9.750%, 01/15/18 | 675 | 781,312 | ||||||
| Vulcan Materials Co., 6.500%, 12/01/16 | 1,600 | 1,760,000 | ||||||
| 7,711,566 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Cable Television | 6.2% | ||||||||
| Cablevision Systems Corp., 7.750%, 04/15/18 | $ | 1,500 | $ | 1,680,000 | ||||
| CCO Holdings LLC, 5.250%, 03/15/21 (f) | 1,950 | 1,872,000 | ||||||
| Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (f) | 1,800 | 1,836,000 | ||||||
| DISH DBS Corp., 5.125%, 05/01/20 | 1,000 | 990,000 | ||||||
| Lynx I Corp., 5.375%, 04/15/21 (f) | 1,810 | 1,764,750 | ||||||
| Mediacom LLC, 9.125%, 08/15/19 | 175 | 191,187 | ||||||
| Nara Cable Funding, Ltd., 8.875%, 12/01/18 (f) | 1,075 | 1,134,125 | ||||||
| Unitymedia Hessen GmbH & Co. KG, 7.500%, 03/15/19 (f) | 1,400 | 1,512,000 | ||||||
| 10,980,062 | ||||||||
| Chemicals | 2.2% | ||||||||
| Ineos Finance PLC, 7.500%, 05/01/20 (f) | 1,400 | 1,501,500 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 910,231 | ||||||
| Tronox Finance LLC, 6.375%, 08/15/20 | 1,400 | 1,386,000 | ||||||
| 3,797,731 | ||||||||
| Computer Services | 2.2% | ||||||||
| First Data Corp.: | ||||||||
| 8.875%, 08/15/20 (f) | 850 | 937,125 | ||||||
| 6.750%, 11/01/20 (f) | 400 | 414,000 | ||||||
| iGATE Corp., 9.000%, 05/01/16 | 1,200 | 1,287,000 | ||||||
| Nuance Communications, Inc., 5.375%, 08/15/20 (f) | 1,373 | 1,297,485 | ||||||
| 3,935,610 | ||||||||
| Diversified | 0.7% | ||||||||
| Amsted Industries, Inc., 8.125%, 03/15/18 (f) | 1,100 | 1,166,000 | ||||||
| Electric Generation | 2.4% | ||||||||
| AES Corp., 8.000%, 10/15/17 | 1,472 | 1,692,800 | ||||||
| Calpine Corp., 7.875%, 07/31/20 (f) | 1,035 | 1,115,212 | ||||||
| GenOn Energy, Inc.: | ||||||||
| 9.500%, 10/15/18 | 225 | 253,125 | ||||||
| 9.875%, 10/15/20 | 475 | 523,688 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| NRG Energy, Inc., 8.250%, 09/01/20 | $ | 525 | $ | 576,188 | ||||
| 4,161,013 | ||||||||
| Electronics | 1.3% | ||||||||
| Amkor Technologies, Inc., 6.625%, 06/01/21 | 1,400 | 1,361,500 | ||||||
| Freescale Semiconductor, Inc., 9.250%, 04/15/18 (f) | 900 | 974,250 | ||||||
| 2,335,750 | ||||||||
| Energy Exploration & Production | 3.3% | ||||||||
| Chesapeake Energy Corp., 9.500%, 02/15/15 | 1,400 | 1,541,750 | ||||||
| Linn Energy LLC, 6.500%, 05/15/19 | 1,750 | 1,680,000 | ||||||
| Plains Exploration & Production Co., 6.500%, 11/15/20 | 1,400 | 1,502,092 | ||||||
| Samson Investment Co., 10.250%, 02/15/20 (f), (g) | 1,000 | 1,060,000 | ||||||
| 5,783,842 | ||||||||
| Energy Services | 3.9% | ||||||||
| Cie Generale de Geophysique-Veritas, 7.750%, 05/15/17 | 1,765 | 1,811,331 | ||||||
| Citgo Petroleum Corp., 11.500%, 07/01/17 (f) | 1,250 | 1,371,875 | ||||||
| Expro Finance Luxembourg SCA, 8.500%, 12/15/16 (f) | 429 | 449,914 | ||||||
| Frac Tech Services Inc., 8.125%, 11/15/18 (f) | 641 | 695,485 | ||||||
| Hornbeck Offshore Services, Inc., 5.000%, 03/01/21 | 1,600 | 1,532,000 | ||||||
| PBF Holding Co. LLC, 8.250%, 02/15/20 | 900 | 931,500 | ||||||
| 6,792,105 | ||||||||
| Environmental | 1.0% | ||||||||
| Clean Harbors, Inc., 5.250%, 08/01/20 | 1,750 | 1,732,500 | ||||||
| Financial Services | 1.9% | ||||||||
| Icahn Enterprises LP: | ||||||||
| 7.750%, 01/15/16 | 500 | 516,250 | ||||||
| 8.000%, 01/15/18 | 1,100 | 1,152,250 | ||||||
| International Lease Finance Corp.: | ||||||||
| 8.625%, 09/15/15 | 500 | 551,875 | ||||||
| 5.750%, 05/15/16 | 500 | 530,141 | ||||||
| 8.750%, 03/15/17 | 500 | 573,750 | ||||||
| 3,324,266 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Food & Beverages | 2.5% | ||||||||
| Constellation Brands, Inc., 7.250%, 05/15/17 | $ | 950 | $ | 1,087,750 | ||||
| Del Monte Corp., 7.625%, 02/15/19 | 1,500 | 1,556,250 | ||||||
| Post Holdings, Inc., 7.375%, 02/15/22 | 1,650 | 1,734,563 | ||||||
| 4,378,563 | ||||||||
| Forest & Paper Products | 1.1% | ||||||||
| Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (f) | 1,050 | 1,050,000 | ||||||
| Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25 | 750 | 813,750 | ||||||
| 1,863,750 | ||||||||
| Gaming | 4.0% | ||||||||
| Boyd Gaming Corp., 9.125%, 12/01/18 | 1,350 | 1,468,125 | ||||||
| Marina District Finance Co., Inc.: | ||||||||
| 9.500%, 10/15/15 | 449 | 470,889 | ||||||
| 9.875%, 08/15/18 | 500 | 542,500 | ||||||
| MGM Resorts International, 6.625%, 12/15/21 | 1,000 | 1,035,000 | ||||||
| Penn National Gaming, Inc., 8.750%, 08/15/19 | 825 | 903,375 | ||||||
| Scientific Games Corp., 8.125%, 09/15/18 | 350 | 373,625 | ||||||
| Scientific Games International, Inc.: | ||||||||
| 9.250%, 06/15/19 | 250 | 269,375 | ||||||
| 6.250%, 09/01/20 | 850 | 856,375 | ||||||
| Wynn Las Vegas LLC, 7.750%, 08/15/20 | 1,050 | 1,178,625 | ||||||
| 7,097,889 | ||||||||
| Gas Distribution | 4.0% | ||||||||
| El Paso Corp., 7.000%, 06/15/17 | 650 | 724,927 | ||||||
| Energy Transfer Equity LP, 7.500%, 10/15/20 | 1,250 | 1,337,500 | ||||||
| Ferrellgas Partners LP: | ||||||||
| 8.625%, 06/15/20 | 520 | 539,500 | ||||||
| 6.500%, 05/01/21 | 500 | 498,750 | ||||||
| NGPL PipeCo LLC, 7.119%, 12/15/17 (f) | 505 | 445,663 | ||||||
| Niska Gas Storage US LLC, 8.875%, 03/15/18 | 750 | 776,250 | ||||||
| Rockies Express Pipeline LLC, 6.850%, 07/15/18 (f) | 1,450 | 1,366,625 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Suburban Propane Partners LP, 7.500%, 10/01/18 | $ | 1,329 | $ | 1,422,030 | ||||
| 7,111,245 | ||||||||
| Health Services | 6.2% | ||||||||
| Biomet, Inc., 6.500%, 08/01/20 | 1,750 | 1,806,875 | ||||||
| Community Health Systems, Inc., 8.000%, 11/15/19 | 1,400 | 1,468,250 | ||||||
| Fresenius US Finance II, Inc., 9.000%, 07/15/15 (f) | 525 | 582,750 | ||||||
| Grifols, Inc., 8.250%, 02/01/18 | 1,525 | 1,637,469 | ||||||
| HCA, Inc., 6.500%, 02/15/20 | 1,600 | 1,734,000 | ||||||
| Health Management Associates, Inc., 6.125%, 04/15/16 | 1,000 | 1,092,500 | ||||||
| Service Corp. International, 6.750%, 04/01/16 | 750 | 812,812 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.750%, 06/01/20 | 700 | 673,750 | ||||||
| 4.375%, 10/01/21 (f) | 1,250 | 1,153,125 | ||||||
| 10,961,531 | ||||||||
| Leisure & Entertainment | 1.9% | ||||||||
| ACCO Brands Corp., 6.750%, 04/30/20 | 1,750 | 1,752,188 | ||||||
| AMC Entertainment, Inc., 8.750%, 06/01/19 | 950 | 1,021,250 | ||||||
| Cedar Fair LP, 9.125%, 08/01/18 | 225 | 246,656 | ||||||
| Royal Caribbean Cruises, Ltd., 7.250%, 06/15/16 | 330 | 368,775 | ||||||
| 3,388,869 | ||||||||
| Machinery | 1.6% | ||||||||
| Terex Corp., 6.500%, 04/01/20 | 1,600 | 1,680,000 | ||||||
| The Manitowoc Co., Inc., 8.500%, 11/01/20 | 1,000 | 1,112,500 | ||||||
| 2,792,500 | ||||||||
| Media | 4.5% | ||||||||
| Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22 | 1,750 | 1,789,375 | ||||||
| Lamar Media Corp., 7.875%, 04/15/18 | 1,000 | 1,067,500 | ||||||
| LIN Television Corp., 8.375%, 04/15/18 | 1,400 | 1,491,000 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Sinclair Television Group, Inc., 5.375%, 04/01/21 | $ | 1,900 | $ | 1,805,000 | ||||
| WMG Acquisition Corp., 6.000%, 01/15/21 (f) | 1,620 | 1,680,750 | ||||||
| 7,833,625 | ||||||||
| Metals & Mining | 5.0% | ||||||||
| Aleris International, Inc., 7.625%, 02/15/18 | 1,175 | 1,227,875 | ||||||
| Alpha Natural Resources, Inc., 6.000%, 06/01/19 | 850 | 709,750 | ||||||
| ArcelorMittal SA, 6.000%, 03/01/21 | 1,400 | 1,435,000 | ||||||
| Arch Coal, Inc., 7.000%, 06/15/19 | 726 | 562,650 | ||||||
| Calcipar SA, 6.875%, 05/01/18 (f) | 1,350 | 1,407,375 | ||||||
| FMG Resources (August 2006) Property, Ltd., 7.000%, 11/01/15 (f) | 1,800 | 1,854,000 | ||||||
| Inmet Mining Corp., 8.750%, 06/01/20 (f) | 1,500 | 1,605,000 | ||||||
| 8,801,650 | ||||||||
| Packaging | 3.6% | ||||||||
| Ardagh Packaging Finance PLC, 7.375%, 10/15/17 (f) | 1,350 | 1,442,812 | ||||||
| Reynolds Group Issuer, Inc., 5.750%, 10/15/20 | 1,500 | 1,505,625 | ||||||
| Sealed Air Corp., 8.125%, 09/15/19 (f) | 1,775 | 1,979,125 | ||||||
| Silgan Holdings, Inc., 5.000%, 04/01/20 | 1,475 | 1,438,125 | ||||||
| 6,365,687 | ||||||||
| Pharmaceutical & Biotechnology | 1.3% | ||||||||
| Mylan, Inc., 7.875%, 07/15/20 (f) | 650 | 741,694 | ||||||
| Valeant Pharmaceuticals International, 6.375%, 10/15/20 (f) | 1,500 | 1,560,000 | ||||||
| 2,301,694 | ||||||||
| Printing & Publishing | 2.7% | ||||||||
| Gannett Co., Inc., 7.125%, 09/01/18 | 1,676 | 1,793,320 | ||||||
| R.R. Donnelley & Sons Co., 7.250%, 05/15/18 | 1,600 | 1,768,000 | ||||||
| The McClatchy Co., 9.000%, 12/15/22 | 1,100 | 1,160,500 | ||||||
| 4,721,820 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Real Estate | 0.9% | ||||||||
| CNL Lifestyle Properties, Inc., 7.250%, 04/15/19 | $ | 1,600 | $ | 1,640,000 | ||||
| Retail | 1.6% | ||||||||
| Netflix, Inc., 5.375%, 02/01/21 (f) | 1,450 | 1,439,125 | ||||||
| QVC, Inc., 7.500%, 10/01/19 (f) | 1,000 | 1,076,127 | ||||||
| Sears Holdings Corp., 6.625%, 10/15/18 | 275 | 259,188 | ||||||
| 2,774,440 | ||||||||
| Steel-Producers | 2.1% | ||||||||
| AK Steel Corp., 7.625%, 05/15/20 | 275 | 231,000 | ||||||
| Steel Dynamics, Inc., 6.125%, 08/15/19 | 1,800 | 1,876,500 | ||||||
| United States Steel Corp., 6.050%, 06/01/17 | 1,475 | 1,548,750 | ||||||
| 3,656,250 | ||||||||
| Support Services | 2.6% | ||||||||
| Algeco Scotsman Global Finance PLC, 8.500%, 10/15/18 (f) | 1,250 | 1,321,875 | ||||||
| Carlson Wagonlit BV, 6.875%, 06/15/19 (f) | 1,300 | 1,313,000 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 9.250%, 12/15/19 | 1,000 | 1,120,000 | ||||||
| 7.375%, 05/15/20 | 750 | 808,125 | ||||||
| 4,563,000 | ||||||||
| Telecommunications | 9.3% | ||||||||
| CenturyLink, Inc., 5.625%, 04/01/20 | 1,800 | 1,757,250 | ||||||
| Cincinnati Bell, Inc., 8.250%, 10/15/17 | 1,350 | 1,406,700 | ||||||
| Equinix, Inc., 4.875%, 04/01/20 | 1,800 | 1,746,000 | ||||||
| Frontier Communications Corp., 8.125%, 10/01/18 | 1,500 | 1,665,000 | ||||||
| GCI, Inc., 8.625%, 11/15/19 | 1,000 | 1,047,500 | ||||||
| Intelsat Jackson Holdings, Ltd., 7.250%, 04/01/19 | 1,300 | 1,391,000 | ||||||
| MetroPCS Wireless, Inc., 6.250%, 04/01/21 (f) | 1,850 | 1,859,250 | ||||||
| SBA Telecommunications, Inc., 5.750%, 07/15/20 | 1,500 | 1,488,750 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Sprint Capital Corp., 6.900%, 05/01/19 | $ | 1,475 | $ | 1,515,562 | ||||
| Wind Acquisition Finance SA, 11.750%, 07/15/17 (f) | 800 | 850,000 | ||||||
| Windstream Corp., 8.125%, 09/01/18 | 1,575 | 1,693,125 | ||||||
| 16,420,137 | ||||||||
| Transportation | 2.4% | ||||||||
| Florida East Coast Railway Corp., 8.125%, 02/01/17 | 1,200 | 1,258,500 | ||||||
| Hapag-Lloyd AG, 9.750%, 10/15/17 (f) | 1,075 | 1,126,063 | ||||||
| Teekay Corp., 8.500%, 01/15/20 | 1,725 | 1,845,750 | ||||||
| 4,230,313 | ||||||||
| Total Corporate
Bonds (Identified cost $161,703,716) | 167,544,440 | |||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $5,078,982) | 5,078,982 | $ | 5,078,982 | |||||
| Total Investments | 98.2% (Identified cost $166,782,698) (b) | $ | 172,623,422 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.8% | 3,195,565 | |||||||
| Net Assets | 100.0% | $ | 175,818,987 | ||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Global Fixed Income Portfolio | ||||||||||||
| Corporate Bonds | 29.3% | ||||||||||||
| Australia | 2.1% | ||||||||||||
| Mercedes-Benz Australia/Pacific Property, Ltd., 4.500%, 05/18/15 |
AUD | 60 | $ | 56,843 | ||||||||
| Telstra Corp., Ltd., 6.250%, 04/15/15 |
AUD | 40 | 38,990 | |||||||||
| Westpac Banking Corp., 6.375%, 12/10/13 |
AUD | 25 | 23,449 | |||||||||
| 119,282 | ||||||||||||
| Brazil | 1.3% | ||||||||||||
| Petrobras International Finance Co., 7.875%, 03/15/19 |
USD | 62 | 71,367 | |||||||||
| Canada | 2.4% | ||||||||||||
| Shaw Communications, Inc., 5.650%, 10/01/19 |
CAD | 45 | 47,963 | |||||||||
| Suncor Energy, Inc., 6.100%, 06/01/18 |
USD | 25 | 29,284 | |||||||||
| Wells Fargo Financial Canada Corp., 2.774%, 02/09/17 |
CAD | 60 | 58,867 | |||||||||
| 136,114 | ||||||||||||
| Chile | 1.8% | ||||||||||||
| Codelco, Inc., 3.750%, 11/04/20 |
USD | 100 | 99,277 | |||||||||
| France | 0.7% | ||||||||||||
| Orange SA, 5.375%, 07/08/19 |
USD | 35 | 38,744 | |||||||||
| Italy | 1.3% | ||||||||||||
| Atlantia SpA, 3.375%, 09/18/17 |
EUR | 50 | 71,050 | |||||||||
| Luxembourg | 0.4% | ||||||||||||
| ArcelorMittal SA, 5.000%, 02/25/17 |
USD | 20 | 20,800 | |||||||||
| Netherlands | 1.0% | ||||||||||||
| BMW Finance NV, 3.375%, 12/14/18 |
GBP | 35 | 59,754 | |||||||||
| Norway | 0.8% | ||||||||||||
| Statoil ASA, 2.450%, 01/17/23 |
USD | 50 | 45,689 | |||||||||
| United Kingdom | 4.0% | ||||||||||||
| BG Energy Capital PLC, 5.125%, 12/01/25 |
GBP | 50 | 89,374 | |||||||||
| GKN Holdings PLC, 6.750%, 10/28/19 |
GBP | 20 | 36,681 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Rolls-Royce PLC, 6.750%, 04/30/19 | GBP | 50 | $ | 98,881 | ||||||||
| 224,936 | ||||||||||||
| United States | 13.5% | ||||||||||||
| AES Corp., 7.750%, 10/15/15 | USD | 20 | 22,200 | |||||||||
| Anheuser-Busch InBev Worldwide, Inc., 9.750%, 11/17/15 | BRL | 100 | 44,850 | |||||||||
| Apple, Inc., 2.400%, 05/03/23 | USD | 65 | 58,837 | |||||||||
| Citigroup, Inc., 4.450%, 01/10/17 | USD | 40 | 43,311 | |||||||||
| Constellation Brands, Inc., 7.250%, 05/15/17 | USD | 30 | 34,350 | |||||||||
| DISH DBS Corp., 7.125%, 02/01/16 | USD | 20 | 21,975 | |||||||||
| Energizer Holdings, Inc., 4.700%, 05/19/21 | USD | 40 | 41,115 | |||||||||
| Fresenius US Finance II, Inc., 9.000%, 07/15/15 | USD | 20 | 22,200 | |||||||||
| General Electric Capital Corp., 5.500%, 02/01/17 | NZD | 75 | 63,619 | |||||||||
| Goldman Sachs Group, Inc., 6.250%, 09/01/17 | USD | 25 | 28,522 | |||||||||
| HCA, Inc., 6.500%, 02/15/20 | USD | 20 | 21,675 | |||||||||
| Huntington Ingalls Industries, Inc., 6.875%, 03/15/18 | USD | 25 | 26,875 | |||||||||
| JPMorgan Chase & Co.: | ||||||||||||
| 1.625%, 05/15/18 | USD | 15 | 14,527 | |||||||||
| 3.875%, 09/23/20 | EUR | 50 | 74,470 | |||||||||
| Marathon Oil Corp., 2.800%, 11/01/22 | USD | 35 | 32,545 | |||||||||
| Masco Corp., 6.125%, 10/03/16 | USD | 15 | 16,594 | |||||||||
| Nestle Holdings, Inc., 2.500%, 07/10/17 | NOK | 200 | 33,413 | |||||||||
| Peabody Energy Corp., 7.375%, 11/01/16 | USD | 15 | 16,762 | |||||||||
| Sealed Air Corp., 8.125%, 09/15/19 (f) | USD | 25 | 27,875 | |||||||||
| Valeant Pharmaceuticals International, 6.750%, 10/01/17 (f) | USD | 25 | 26,687 | |||||||||
| Valero Energy Corp., 6.125%, 02/01/20 | USD | 30 | 34,494 | |||||||||
| Wynn Las Vegas LLC, 7.750%, 08/15/20 | USD | 25 | 28,062 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||||
| Yum! Brands, Inc., 3.750%, 11/01/21 |
USD | 25 | $ | 24,798 | ||||||||
| 759,756 | ||||||||||||
| Total Corporate Bonds (Identified cost $1,678,356) |
1,646,769 | |||||||||||
| Foreign Government Obligations | 53.1% | ||||||||||||
| Australia | 5.0% | ||||||||||||
| New South Wales Treasury Corp., 5.000%, 02/25/39 |
GBP | 50 | 94,973 | |||||||||
| Queensland Treasury Corp., 5.500%, 06/21/21 |
AUD | 60 | 59,858 | |||||||||
| Western Australian Treasury Corp., 3.000%, 06/08/16 |
AUD | 135 | 125,657 | |||||||||
| 280,488 | ||||||||||||
| Bahamas | 1.8% | ||||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 |
USD | 90 | 99,900 | |||||||||
| Belgium | 3.2% | ||||||||||||
| Belgium Kingdom, 4.250%, 09/28/22 |
EUR | 115 | 178,580 | |||||||||
| Bermuda | 1.9% | ||||||||||||
| Government of Bermuda, 5.603%, 07/20/20 |
USD | 100 | 107,100 | |||||||||
| Brazil | 1.5% | ||||||||||||
| Federal Republic of Brazil, 11.000%, 06/26/17 |
EUR | 48 | 85,067 | |||||||||
| Canada | 3.0% | ||||||||||||
| Province of British Columbia, 3.700%, 12/18/20 |
CAD | 45 | 46,167 | |||||||||
| Province of Ontario, 6.250%, 06/16/15 |
NZD | 75 | 64,872 | |||||||||
| Province of Quebec, 4.500%, 12/01/17 |
CAD | 55 | 58,367 | |||||||||
| 169,406 | ||||||||||||
| China | 2.8% | ||||||||||||
| China Government Bond, 2.560%, 06/29/17 |
CNY | 1,000 | 160,066 | |||||||||
| Colombia | 0.7% | ||||||||||||
| Republic of Colombia, 12.000%, 10/22/15 |
COP | 68,000 | 40,737 | |||||||||
| Czech Republic | 1.6% | ||||||||||||
| Czech Republic, 5.000%, 06/11/18 |
EUR | 56 | 87,692 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Denmark | 0.9% | ||||||||||||
| Kommunekredit, 2.000%, 01/01/18 |
DKK | 285 | $ | 52,994 | ||||||||
| France | 3.2% | ||||||||||||
| Government of France, 4.250%, 10/25/23 |
EUR | 115 | 180,921 | |||||||||
| Ireland | 3.2% | ||||||||||||
| Ireland Government Bond, 4.400%, 06/18/19 |
EUR | 125 | 179,622 | |||||||||
| Israel | 2.3% | ||||||||||||
| Israel Fixed Government Bond, 5.500%, 01/31/22 |
ILS | 380 | 126,809 | |||||||||
| Mexico | 3.8% | ||||||||||||
| Mexican Bonos, 7.750%, 12/14/17 |
MXN | 1,360 | 115,986 | |||||||||
| United Mexican States, 6.750%, 02/06/24 |
GBP | 50 | 95,920 | |||||||||
| 211,906 | ||||||||||||
| Netherlands | 2.2% | ||||||||||||
| Netherlands Government Bond, 2.500%, 01/15/33 |
EUR | 93 | 121,422 | |||||||||
| New Zealand | 1.5% | ||||||||||||
| Auckland Council, 4.620%, 03/29/16 |
NZD | 100 | 83,846 | |||||||||
| Peru | 2.1% | ||||||||||||
| Peru Bono Soberano, 7.840%, 08/12/20 |
PEN | 285 | 118,461 | |||||||||
| Poland | 3.7% | ||||||||||||
| Poland Government Bond, 3.750%, 04/25/18 |
PLN | 400 | 127,851 | |||||||||
| Republic of Poland, 6.375%, 07/15/19 |
USD | 67 | 78,189 | |||||||||
| 206,040 | ||||||||||||
| South Africa | 1.3% | ||||||||||||
| Republic of South Africa, 4.500%, 04/05/16 |
EUR | 50 | 71,958 | |||||||||
| Sweden | 3.2% | ||||||||||||
| Kommuninvest I Sverige AB, 2.750%, 08/12/15 |
SEK | 770 | 122,689 | |||||||||
| Svensk Exportkredit AB, 7.625%, 06/30/14 |
NZD | 65 | 55,712 | |||||||||
| 178,401 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||||
| United Kingdom | 2.3% | ||||||||||||
| United Kingdom Treasury, 4.250%, 12/07/27 |
GBP | 70 | $ | 128,531 | ||||||||
| Vietnam | 1.9% | ||||||||||||
| Socialist Republic of Vietnam, 6.875%, 01/15/16 |
USD | 100 | 106,125 | |||||||||
| Total Foreign Government Obligations (Identified cost $2,966,943) | 2,976,072 | |||||||||||
| Quasi Government Bonds | 5.2% | ||||||||||||
| Canada | 2.1% | ||||||||||||
| Hydro-Quebec, 9.625%, 07/15/22 | CAD | 50 | 71,526 | |||||||||
| Ontario Electricity Financial Corp., 10.125%, 10/15/21 |
CAD | 30 | 43,382 | |||||||||
| 114,908 | ||||||||||||
| Germany | 3.1% | ||||||||||||
| KfW: | ||||||||||||
| 2.875%, 10/12/16 | NOK | 560 | 94,724 | |||||||||
| 0.000%, 04/18/36 | USD | 150 | 59,669 | |||||||||
| Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17 |
NOK | 130 | 21,954 | |||||||||
| 176,347 | ||||||||||||
| Total Quasi Government Bonds (Identified cost $300,409) | 291,255 | |||||||||||
| Supranationals | 7.0% | ||||||||||||
| Asian Development Bank, 2.850%, 10/21/20 |
CNY | 1,000 | 158,072 | |||||||||
| Corporacion Andina de Fomento, 8.125%, 06/04/19 |
USD | 77 | 94,057 | |||||||||
| Inter-American Development Bank: | ||||||||||||
| 8.120%, 07/24/14 | BRL | 130 | 58,275 | |||||||||
| 6.000%, 12/15/17 | NZD | 30 | 26,281 | |||||||||
| International Bank for Reconstruction & Development, 4.250%, 01/28/15 |
CLP | 28,000 | 55,262 | |||||||||
| Total Supranationals (Identified cost $414,068) | 391,947 | |||||||||||
| US Municipal Bonds | 3.8% | ||||||||||||
| Alaska | 1.5% | ||||||||||||
| Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27 |
USD | 75 | 83,950 | |||||||||
| Texas | 2.3% | ||||||||||||
| Texas State Build America Bonds, Series A, 4.123%, 04/01/25 |
USD | 50 | 51,161 | |||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||||
| University of Texas Build America Bonds, Series B, 6.276%, 08/15/41 |
USD | 70 | $ | 76,575 | ||||||||
| 127,736 | ||||||||||||
| Total US Municipal Bonds (Identified cost $225,510) | 211,686 | |||||||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $9,171) | 9,171 | $ | 9,171 | |||||
| Total Investments | 98.6% (Identified cost $5,594,457) (b), (d) | $ | 5,526,900 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 1.4% | 80,054 | |||||||
| Net Assets | 100.0% | $ | 5,606,954 | ||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at September 30, 2013:
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date |
U.S. $ Current Value |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||||
| BRL | CAN | 11/01/13 | 66,973 | $ | 29,000 | $ | 30,004 | $ | 1,004 | $ | — | |||||||||||
| CAD | RBC | 11/20/13 | 266,583 | 258,660 | 258,487 | — | 173 | |||||||||||||||
| CHF | CIT | 11/20/13 | 47,630 | 51,497 | 52,688 | 1,191 | — | |||||||||||||||
| EUR | CIT | 11/20/13 | 20,233 | 27,293 | 27,377 | 84 | — | |||||||||||||||
| EUR | CIT | 11/20/13 | 55,324 | 73,756 | 74,855 | 1,099 | — | |||||||||||||||
| EUR | CIT | 11/20/13 | 65,250 | 87,820 | 88,285 | 465 | — | |||||||||||||||
| EUR | CIT | 11/20/13 | 90,636 | 120,997 | 122,633 | 1,636 | — | |||||||||||||||
| EUR | CIT | 11/20/13 | 220,318 | 294,344 | 298,095 | 3,751 | — | |||||||||||||||
| ILS | CAN | 11/20/13 | 202,886 | 57,361 | 57,521 | 160 | — | |||||||||||||||
| JPY | CIT | 11/20/13 | 5,730,838 | 59,100 | 58,318 | — | 782 | |||||||||||||||
| JPY | CIT | 11/20/13 | 6,285,760 | 64,000 | 63,965 | — | 35 | |||||||||||||||
| JPY | CIT | 11/20/13 | 106,323,119 | 1,093,112 | 1,081,970 | — | 11,142 | |||||||||||||||
| MXN | HSB | 11/20/13 | 789,607 | 60,980 | 60,079 | — | 901 | |||||||||||||||
| MXN | HSB | 11/20/13 | 801,131 | 60,400 | 60,956 | 556 | — | |||||||||||||||
| MYR | CIT | 11/20/13 | 210,938 | 66,500 | 64,509 | — | 1,991 | |||||||||||||||
| NOK | HSB | 11/20/13 | 214,214 | 36,665 | 35,559 | — | 1,106 | |||||||||||||||
| NZD | CAN | 11/20/13 | 37,930 | 30,504 | 31,398 | 894 | — | |||||||||||||||
| NZD | CAN | 11/20/13 | 42,823 | 34,439 | 35,448 | 1,009 | — | |||||||||||||||
| RUB | HSB | 10/21/13 | 480,490 | 15,025 | 14,785 | — | 240 | |||||||||||||||
| RUB | HSB | 10/21/13 | 1,488,946 | 46,560 | 45,817 | — | 743 | |||||||||||||||
| SGD | SSB | 11/20/13 | 10,697 | 8,432 | 8,527 | 95 | — | |||||||||||||||
| TRY | HSB | 11/20/13 | 94,618 | 45,566 | 46,431 | 865 | — | |||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 2,622,011 | $ | 2,617,707 | $ | 12,809 | $ | 17,113 | ||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||||
| AUD | CAN | 11/20/13 | 20,713 | $ | 19,300 | $ | 19,261 | $ | 39 | $ | — | |||||||||||
| AUD | CAN | 11/20/13 | 118,862 | 107,454 | 110,532 | — | 3,078 | |||||||||||||||
| BRL | CAN | 11/01/13 | 235,498 | 101,473 | 105,504 | — | 4,031 | |||||||||||||||
| CAD | RBC | 11/20/13 | 425,752 | 410,575 | 412,822 | — | 2,247 | |||||||||||||||
| CLP | CIT | 10/15/13 | 27,792,800 | 55,051 | 54,967 | 84 | — | |||||||||||||||
| CLP | HSB | 10/15/13 | 105,888 | 210 | 210 | — | — | |||||||||||||||
| DKK | CSF | 11/21/13 | 199,625 | 35,778 | 36,226 | — | 448 | |||||||||||||||
| EUR | CIT | 11/20/13 | 20,233 | 27,276 | 27,376 | — | 100 | |||||||||||||||
| EUR | CIT | 11/20/13 | 47,613 | 63,448 | 64,422 | — | 974 | |||||||||||||||
| EUR | CIT | 11/20/13 | 78,598 | 104,739 | 106,345 | — | 1,606 | |||||||||||||||
| GBP | HSB | 11/20/13 | 19,171 | 29,918 | 31,024 | — | 1,106 | |||||||||||||||
| GBP | HSB | 11/20/13 | 101,181 | 162,600 | 163,741 | — | 1,141 | |||||||||||||||
| ILS | CAN | 11/20/13 | 202,886 | 55,400 | 57,521 | — | 2,121 | |||||||||||||||
| JPY | CIT | 11/20/13 | 21,543,538 | 221,490 | 219,232 | 2,258 | — | |||||||||||||||
| MXN | HSB | 11/20/13 | 686,130 | 52,000 | 52,206 | — | 206 | |||||||||||||||
| MXN | HSB | 11/20/13 | 2,106,023 | 162,644 | 160,242 | 2,402 | — | |||||||||||||||
| MYR | HSB | 11/20/13 | 210,938 | 66,637 | 64,509 | 2,128 | — | |||||||||||||||
| NOK | HSB | 11/20/13 | 1,079,777 | 182,177 | 179,241 | 2,936 | — | |||||||||||||||
| NZD | CAN | 11/20/13 | 357,558 | 287,557 | 295,982 | — | 8,425 | |||||||||||||||
| PEN | CIT | 11/04/13 | 29,050 | 10,267 | 10,390 | — | 123 | |||||||||||||||
Lazard Global Fixed Income Portfolio (concluded)
Forward Currency Contracts open at September 30, 2013 (concluded):
| Currency | Counterparty | Expiration Date | Foreign Currency Amount | U.S. $ Cost on Origination Date | U.S. $ Current Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||||
| PEN | CIT | 11/04/13 | 145,564 | $ | 51,779 | $ | 52,060 | $ | — | $ | 281 | |||||||||||
| PLN | HSB | 11/20/13 | 266,370 | 83,360 | 85,050 | — | 1,690 | |||||||||||||||
| SEK | CAN | 11/20/13 | 620,326 | 94,913 | 96,413 | — | 1,500 | |||||||||||||||
| TRY | HSB | 11/20/13 | 94,618 | 47,981 | 46,431 | 1,550 | — | |||||||||||||||
| Total Forward Currency Sale Contracts | $ | 2,434,027 | $ | 2,451,707 | 11,397 | 29,077 | ||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 24,206 | $ | 46,190 | ||||||||||||||||||
| Description | Shares | Value | ||||||
| Lazard Capital Allocator Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 79.0% | ||||||||
| iShares 20+ Year Treasury Bond Fund ETF | 220,300 | $ | 23,439,920 | |||||
| iShares MSCI Germany ETF | 513,600 | 14,283,216 | ||||||
| iShares MSCI Japan ETF | 973,090 | 11,589,502 | ||||||
| iShares MSCI Japan Small-Cap ETF | 315,400 | 17,410,080 | ||||||
| iShares MSCI South Korea Capped ETF | 148,000 | 9,106,440 | ||||||
| iShares MSCI United Kingdom ETF | 481,800 | 9,452,916 | ||||||
| iShares North American Technology ETF | 222,100 | 17,692,486 | ||||||
| iShares Global Industrials ETF | 218,500 | 14,351,080 | ||||||
| Market Vectors Steel Index Fund | 103,000 | 4,624,700 | ||||||
| Market Vectors-Gaming ETF | 212,100 | 10,055,661 | ||||||
| PowerShares Buyback Achievers Portfolio | 298,400 | 11,658,488 | ||||||
| SPDR Barclays Short Term High Yield Bond ETF | 364,600 | 11,134,884 | ||||||
| SPDR Gold Shares (a) | 54,600 | 6,998,082 | ||||||
| SPDR Russell/Nomura Small Cap Japan ETF | 122,000 | 6,239,202 | ||||||
| WisdomTree Japan Hedged Equity Fund | 240,710 | 11,537,230 | ||||||
| Total Exchange-Traded Funds (Identified cost $171,836,091) | 179,573,887 | |||||||
| Closed-End Management Investment Companies | 6.3% | ||||||||
| JPMorgan European Smaller Companies Trust PLC | 691,451 | 11,373,010 | ||||||
| Mexico Equity and Income Fund, Inc. | 182,500 | 2,795,900 | ||||||
| Total Closed-End Management Investment Companies (Identified cost $11,042,246) | 14,168,910 | |||||||
| Short-Term Investment | 14.8% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $33,769,809) | 33,769,809 | 33,769,809 | ||||||
| Total Investments
| 100.1% (Identified cost $216,648,146) (b) | 227,512,606 | |||||||
| Description | Number of Contracts | Value | ||||||
| Purchased Option | 0.0% | ||||||||
| HKD vs USD October 13 6.50 Call, Expires 10/30/13 (Identified cost $35,199) | 65,000 | $ | 24,723 | |||||
| Total Investments and Purchased
Option | 100.1% (Identified cost $216,683,345) | $ | 227,537,329 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (120,159 | ) | ||||||
| Net Assets | 100.0% | $ | 227,417,170 | ||||||
Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)
Total Return Swap Agreement open at September 30, 2013:
| Currency | Counterparty | Notional Amount | Expiration Date | Pay | Receive | Unrealized Deprecation | ||||||||
| USD | GSC | 9,558,090 | 05/20/14 | 1 Month USD LIBOR plus 0.45% | Appreciation, and dividends paid, on securities in the Equity Basket | $ | 78,690 | |||||||
| (a) | Non-income producing security. |
| (b) | For federal income 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) | ||||||||||||
| US Equity Concentrated | $ | 229,935,898 | $ | 18,833,248 | $ | 4,105,308 | $ | 14,727,940 | ||||||||
| US Strategic Equity | 107,490,950 | 14,555,583 | 2,581,263 | 11,974,320 | ||||||||||||
| US Mid Cap Equity | 47,304,827 | 6,896,710 | 1,614,703 | 5,282,007 | ||||||||||||
| US Small-Mid Cap Equity | 295,809,330 | 58,176,280 | 4,013,853 | 54,162,427 | ||||||||||||
| Global Listed Infrastructure | 496,095,022 | 41,545,901 | 3,237,939 | 38,307,962 | ||||||||||||
| International Equity | 161,678,867 | 35,599,111 | 1,912,643 | 33,686,468 | ||||||||||||
| International Equity Select | 15,818,061 | 2,108,654 | 350,584 | 1,758,070 | ||||||||||||
| International Strategic Equity | 2,221,304,919 | 394,092,196 | 21,441,795 | 372,650,401 | ||||||||||||
| International Small Cap Equity | 43,875,754 | 17,079,140 | 1,527,655 | 15,551,485 | ||||||||||||
| Emerging Markets Equity | 14,401,754,464 | 2,204,512,103 | 1,405,882,687 | 798,629,416 | ||||||||||||
| Developing Markets Equity | 617,162,934 | 30,688,618 | 67,176,412 | (36,487,794 | ) | |||||||||||
| Emerging Markets Equity Blend | 553,399,565 | 37,799,479 | 24,227,517 | 13,571,962 | ||||||||||||
| Emerging Markets Multi-Strategy | 226,884,104 | 6,416,965 | 11,138,064 | (4,721,099 | ) | |||||||||||
| Emerging Markets Debt | 347,988,237 | 3,253,573 | 20,616,576 | (17,363,003 | ) | |||||||||||
| Explorer Total Return | 21,374,568 | 119,342 | 182,705 | (63,363 | ) | |||||||||||
| US Realty Income | 156,420,898 | 676,722 | 13,921,362 | (13,244,640 | ) | |||||||||||
| US Realty Equity | 79,922,065 | 1,686,054 | 3,759,203 | (2,073,149 | ) | |||||||||||
| Global Realty Equity | 7,294,078 | 342,954 | 60,283 | 282,671 | ||||||||||||
| US Short Duration Fixed Income | 54,202,328 | 169,727 | 17,025 | 152,702 | ||||||||||||
| US Corporate Income | 166,782,698 | 7,495,199 | 1,654,475 | 5,840,724 | ||||||||||||
| Global Fixed Income | 5,594,457 | 76,287 | 143,844 | (67,557 | ) | |||||||||||
| Capital Allocator Opportunistic Strategies | 216,683,345 | 12,249,505 | 1,395,521 | 10,853,984 | ||||||||||||
| (c) | Private placements. |
| (d) | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (e) | Security valued using Level 2 inputs, based on reference to a similar security from the same issuer which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy. |
| (f) | 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 September 30, 2013. The percentage of net assets are as follows: |
| Portfolio | Percentage of Net Assets | |||
| Emerging Markets Equity | 2.0 | % | ||
| Emerging Markets Equity Blend | 0.9 | |||
| Emerging Markets Multi-Strategy | 3.9 | |||
| Emerging Markets Debt | 6.8 | |||
| Explorer Total Return | 6.4 | |||
| US Corporate Income | 28.1 | |||
| Global Fixed Income | 1.0 | |||
| (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 September 30, 2013 which may step up at a future date. |
| (h) | Security collateralized by an amount sufficient to pay principal and interest. |
| Security Abbreviations: |
| ADR — American Depositary Receipt |
| ETF — Exchange-Traded Fund |
| GDR — Global Depositary Receipt |
| NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B |
| NTN-F — Brazil Sovereign “Nota do Tesouro Nacional” Series F |
| REIT — Real Estate Investment Trust |
| SDR — Swedish Depositary Receipt |
| Currency Abbreviations: |
| AUD — Australian Dollar |
| BRL — Brazilian Real |
| CAD — Canadian Dollar |
| CHF — Swiss Franc |
| CLP — Chilean Peso |
| CNY — Chinese Renminbi |
| COP — Colombian Peso |
| CZK — Czech Koruna |
| DKK — Danish Krone |
| EUR — Euro |
| GBP — British Pound Sterling |
| GHS — Ghanaian Cedi |
| HKD — Hong Kong Dollar |
| HUF — Hungarian Forint |
| IDR — Indonesian Rupiah |
| ILS — Israeli Shekel |
| INR — Indian Rupee |
| JPY — Japanese Yen |
| KES — Kenya Shilling |
| KRW — South Korean Won |
| KES — Kenya Shilling |
| KZT — Kazakhstan Tenge |
| MXN — Mexican New Peso |
| MYR — Malaysian Ringgit |
| NGN — Nigerian Naira |
| NOK — Norwegian Krone |
| NZD — New Zealand Dollar |
| PEN — Peruvian Nuevo Sol |
| PHP — Philippine Peso |
| PLN — Polish Zloty |
| RON — New Romanian Leu |
| RSD — Serbian Dinar |
| RUB — Russian Ruble |
| SEK — Swedish Krona |
| SGD — Singapore Dollar |
| THB — Thai Baht |
| TRY — New Turkish Lira |
| TWD — Taiwan Dollar |
| UGX — Ugandan Shilling |
| USD — United States Dollar |
| UYU — Uruguayan Peso |
| VND — Vietnamese Dong |
| ZAR — South African Rand |
| ZMW — Zambian Kwacha |
| Counterparty Abbreviations: |
| BNP — BNP Paribas SA |
| BRC — Barclays Bank PLC |
| CAN — Canadian Imperial Bank of Commerce |
| CIT — Citibank NA |
| CSF — Credit Suisse Group AG |
| GSC — Goldman Sachs Group AG |
| HSB — HSBC Bank USA |
| JPM — JPMorgan Chase Bank |
| MEL — Mellon Bank NA |
| RBC — Royal Bank of Canada |
| SCB — Standard Chartered Bank |
| SSB — State Street Bank and Trust Co. |
| UBS — UBS AG |
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 | ||||||||||||||||||
| Airport Development & Maintenance | 18.7 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||
| Alcohol & Tobacco | — | 8.8 | 6.6 | 7.9 | — | 4.5 | ||||||||||||||||||
| Automotive | — | 3.7 | 3.6 | 1.4 | 1.6 | 0.7 | ||||||||||||||||||
| Banking | — | 9.0 | 11.1 | 6.6 | 3.4 | 22.0 | ||||||||||||||||||
| Cable Television | 4.0 | — | — | 1.3 | — | — | ||||||||||||||||||
| Chemicals | — | — | — | 1.6 | 2.0 | 1.0 | ||||||||||||||||||
| Commercial Services | — | — | 2.6 | 1.7 | 13.0 | 4.8 | ||||||||||||||||||
| Computer Software | — | — | 3.7 | — | 0.9 | 3.0 | ||||||||||||||||||
| Construction & Engineering | 4.4 | — | — | — | 1.0 | 0.9 | ||||||||||||||||||
| Consumer Products | — | 2.9 | 4.7 | 6.1 | 1.1 | — | ||||||||||||||||||
| Diversified | — | 1.4 | 1.7 | 1.3 | — | 1.3 | ||||||||||||||||||
| Electric | 19.2 | 1.5 | 1.0 | — | — | — | ||||||||||||||||||
| Energy Exploration & Production | — | — | 0.7 | 1.3 | — | 5.9 | ||||||||||||||||||
| Energy Integrated | — | 4.5 | 3.7 | 1.5 | 1.2 | 4.2 | ||||||||||||||||||
| Energy Services | 3.0 | 1.9 | 2.8 | 3.1 | 3.4 | — | ||||||||||||||||||
| Financial Services | — | 4.8 | 1.5 | 5.1 | 12.4 | 3.7 | ||||||||||||||||||
| Food & Beverages | — | — | 0.9 | 3.4 | 2.0 | 0.8 | ||||||||||||||||||
| Forest & Paper Products | — | 2.0 | 1.7 | 5.8 | 1.8 | 0.9 | ||||||||||||||||||
| Gas Utilities | 12.1 | — | — | — | — | — | ||||||||||||||||||
| Health Services | — | 1.1 | 1.1 | 1.4 | 4.9 | — | ||||||||||||||||||
| Household & Personal Products | — | 1.6 | 1.8 | 1.6 | 1.0 | 3.5 | ||||||||||||||||||
| Housing | — | 4.9 | 2.6 | 3.0 | 2.2 | 1.1 | ||||||||||||||||||
| Insurance | — | 5.2 | 5.6 | 5.8 | 3.4 | 3.0 | ||||||||||||||||||
| Leisure & Entertainment | — | 6.9 | 4.9 | 8.0 | 2.5 | 2.2 | ||||||||||||||||||
| Manufacturing | — | 5.4 | 2.6 | 8.1 | 11.3 | 3.9 | ||||||||||||||||||
| Medical Products | — | 0.7 | 1.0 | 1.1 | 1.1 | — | ||||||||||||||||||
| Metals & Mining | — | 1.6 | 2.4 | — | — | 2.4 | ||||||||||||||||||
| Pharmaceutical & Biotechnology | — | 10.3 | 8.8 | 5.8 | 4.2 | — | ||||||||||||||||||
| Real Estate | — | — | — | — | 2.7 | — | ||||||||||||||||||
| Retail | — | 6.5 | 4.0 | 6.3 | 9.1 | 4.6 | ||||||||||||||||||
| Semiconductors & Components | — | 0.9 | 3.3 | — | 4.5 | 6.4 | ||||||||||||||||||
| Technology | — | 3.7 | 1.5 | — | — | 1.7 | ||||||||||||||||||
| Technology Hardware | — | 0.5 | — | — | 1.9 | 1.1 | ||||||||||||||||||
| Telecommunications | — | 1.2 | 5.5 | — | 1.0 | 12.0 | ||||||||||||||||||
| Transportation | 27.1 | 3.5 | 3.1 | 4.2 | 3.5 | 2.0 | ||||||||||||||||||
| Water | 6.9 | — | — | — | — | — | ||||||||||||||||||
| Subtotal | 95.4 | 94.5 | 94.5 | 93.4 | 97.1 | 97.6 | ||||||||||||||||||
| Short-Term Investments | 2.9 | — | 4.4 | 7.1 | — | 2.2 | ||||||||||||||||||
| Repurchase Agreement | — | 5.0 | — | — | — | — | ||||||||||||||||||
| Total Investments | 98.3 | % | 99.5 | % | 98.9 | % | 100.5 | % | 97.1 | % | 99.8 | % | ||||||||||||
| Industry | Lazard Developing Markets Equity Portfolio | Lazard Emerging Markets Equity Blend Portfolio | Lazard Emerging Markets Multi- Strategy Portfolio | Lazard Emerging Markets Debt Portfolio | Lazard Explorer Total Return Portfolio | Lazard Global Realty Equity Portfolio | ||||||||||||||||||
| Alcohol & Tobacco | — | % | 1.8 | % | 1.0 | % | — | % | — | % | — | % | ||||||||||||
| Apparel & Textiles | 0.7 | 0.3 | 0.2 | — | — | — | ||||||||||||||||||
| Automotive | 3.0 | 0.4 | 0.4 | 0.2 | 0.9 | — | ||||||||||||||||||
| Banking | 18.7 | 19.9 | 12.7 | 3.1 | 6.5 | — | ||||||||||||||||||
| Building Materials | — | — | 0.3 | 0.2 | 1.0 | — | ||||||||||||||||||
| Cable Television | — | 0.5 | 0.3 | — | — | — | ||||||||||||||||||
| Chemicals | — | 0.2 | — | — | — | — | ||||||||||||||||||
| Commercial Services | — | 1.6 | 0.9 | — | — | — | ||||||||||||||||||
| Computer Software | 5.5 | 3.9 | 2.2 | — | — | — | ||||||||||||||||||
| Construction & Engineering | 1.9 | 1.4 | 1.2 | 0.2 | — | — | ||||||||||||||||||
| Consumer Products | 2.4 | 1.0 | 0.6 | — | — | — | ||||||||||||||||||
| Diamonds & Precious Stones | — | — | 0.1 | 0.2 | 1.0 | — | ||||||||||||||||||
| Diversified | — | 1.3 | 0.7 | — | — | — | ||||||||||||||||||
| Electric | 1.6 | — | — | 0.4 | — | — | ||||||||||||||||||
| Energy | — | — | 1.5 | 3.7 | 5.5 | — | ||||||||||||||||||
| Energy Exploration & Production | 5.5 | 3.7 | 2.5 | 1.0 | 1.0 | — | ||||||||||||||||||
| Energy Integrated | 5.2 | 5.5 | 4.5 | 2.0 | 6.2 | — | ||||||||||||||||||
| Energy Services | 2.9 | 1.9 | 1.4 | 0.2 | 0.9 | — | ||||||||||||||||||
| Financial Services | 2.7 | 2.3 | 1.6 | 0.1 | 0.9 | — | ||||||||||||||||||
| Food & Beverages | — | 1.7 | 1.0 | — | — | — | ||||||||||||||||||
| Forest & Paper Products | — | 1.6 | 1.0 | 0.1 | — | — | ||||||||||||||||||
| Household & Personal Products | — | 1.8 | 1.1 | — | — | — | ||||||||||||||||||
| Housing | 1.7 | 1.0 | 0.6 | — | — | 0.4 | ||||||||||||||||||
| Insurance | 2.0 | 2.5 | 1.4 | — | — | — | ||||||||||||||||||
| Leisure & Entertainment | 4.9 | 5.4 | 3.3 | 0.2 | — | — | ||||||||||||||||||
| Manufacturing | 10.1 | 6.7 | 3.9 | — | — | — | ||||||||||||||||||
| Metals & Mining | 5.1 | 3.6 | 2.4 | 0.5 | 2.4 | — | ||||||||||||||||||
| Pharmaceutical & Biotechnology | 2.0 | 1.2 | 0.7 | — | — | — | ||||||||||||||||||
| Real Estate | 3.4 | 3.5 | 2.0 | — | — | 96.9 | ||||||||||||||||||
| Restaurants | — | — | — | 0.1 | — | — | ||||||||||||||||||
| Retail | 3.0 | 3.0 | 1.8 | — | — | — | ||||||||||||||||||
| Semiconductors & Components | 8.2 | 6.6 | 3.7 | — | — | — | ||||||||||||||||||
| Technology Hardware | 1.0 | 1.8 | 1.1 | — | — | — | ||||||||||||||||||
| Telecommunications | — | 5.9 | 3.6 | 0.5 | 0.5 | — | ||||||||||||||||||
| Transportation | 6.0 | 2.8 | 1.7 | — | — | — | ||||||||||||||||||
| Subtotal | 97.5 | 94.8 | 61.4 | 12.7 | 26.8 | 97.3 | ||||||||||||||||||
| Foreign Government Obligations | — | — | 16.8 | 60.7 | 50.8 | — | ||||||||||||||||||
| Supranationals | — | — | — | — | — | — | ||||||||||||||||||
| US Municipal Bonds | — | — | — | — | — | — | ||||||||||||||||||
| US Treasury Securities | — | — | 13.7 | — | — | — | ||||||||||||||||||
| Short-Term Investments | 2.4 | 4.2 | 10.2 | 6.2 | 19.9 | 0.2 | ||||||||||||||||||
| Total Investments | 99.9 | % | 99.0 | % | 102.1 | % | 79.6 | % | 97.5 | % | 97.5 | % | ||||||||||||
| Industry | Lazard Global Fixed Income Portfolio | ||
| Aerospace & Defense | 2.2 | % | |
| Alcohol & Tobacco | 0.8 | ||
| Automotive | 2.7 | ||
| Banking | 3.5 | ||
| Building Materials | 0.3 | ||
| Cable Television | 1.3 | ||
| Consumer Products | 0.7 | ||
| Electric | 2.0 | ||
| Electric Generation | 0.4 | ||
| Energy Exploration & Production | 2.2 | ||
| Energy Integrated | 2.7 | ||
| Energy Services | 0.5 | ||
| Financial Services | 5.1 | ||
| Food & Beverages | 1.2 | ||
| Gaming | 0.5 | ||
| Health Services | 0.8 | ||
| Metals & Mining | 2.4 | ||
| Packaging | 0.5 | ||
| Pharmaceutical & Biotechnology | 0.5 | ||
| Restaurants | 0.4 | ||
| Technology Hardware | 1.1 | ||
| Telecommunications | 1.4 | ||
| Transportation | 1.3 | ||
| Subtotal | 34.5 | ||
| Foreign Government Obligations | 53.1 | ||
| Supranationals | 7.0 | ||
| US Municipal Bonds | 3.8 | ||
| Short-Term Investments | 0.2 | ||
| Total Investments | 98.6 | % | |
Valuation of Investments:
Net asset value per share for each Class of each Portfolio is determined by State Street Bank and Trust Company for The Lazard Funds, Inc. (the “Fund”) on each day the New York Stock Exchange (the “NYSE”) is open for business. Market values for securities listed on the NYSE, NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally 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 most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Swap agreements, such as credit default and interest rate swap agreements and swap agreements with respect to equity securities, are valued by an independent pricing service. Forward currency contracts are valued using quotations from an independent pricing service. 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 independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 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”), which meets periodically under the direction of the Board, 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 value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Non-US 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.
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.
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 as of September 30, 2013:
| 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 September 30, 2013 | |||||||||
| US Equity Concentrated Portfolio | |||||||||||||
| Common Stocks | $ | 214,864,392 | $ | — | $ | — | $ | 214,864,392 | |||||
| Short-Term Investment | — | 29,799,446 | — | 29,799,446 | |||||||||
| Total | $ | 214,864,392 | $ | 29,799,446 | $ | — | $ | 244,663,838 | |||||
| US Strategic Equity Portfolio | |||||||||||||
| Common Stocks | $ | 115,307,018 | $ | — | $ | — | $ | 115,307,018 | |||||
| Preferred Stock* | — | — | — | — | |||||||||
| Short-Term Investment | — | 4,158,252 | — | 4,158,252 | |||||||||
| Total | $ | 115,307,018 | $ | 4,158,252 | $ | — | $ | 119,465,270 | |||||
| US Mid Cap Equity Portfolio | |||||||||||||
| Common Stocks | $ | 51,333,965 | $ | — | $ | — | $ | 51,333,965 | |||||
| Preferred Stock* | — | — | — | — | |||||||||
| Short-Term Investment | — | 1,252,869 | — | 1,252,869 | |||||||||
| Total | $ | 51,333,965 | $ | 1,252,869 | $ | — | $ | 52,586,834 | |||||
| US Small-Mid Cap Equity Portfolio | |||||||||||||
| Common Stocks | $ | 335,829,757 | $ | — | $ | — | $ | 335,829,757 | |||||
| Preferred Stock* | — | — | — | — | |||||||||
| Repurchase Agreement | — | 14,142,000 | — | 14,142,000 | |||||||||
| Total | $ | 335,829,757 | $ | 14,142,000 | $ | — | $ | 349,971,757 | |||||
| Global Listed Infrastructure Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Common Stocks | $ | 518,246,336 | $ | — | $ | — | $ | 518,246,336 | |||||
| Right | 518,349 | — | — | 518,349 | |||||||||
| Short-Term Investment | — | 15,638,299 | — | 15,638,299 | |||||||||
| Other Financial Instruments** Forward Currency Contracts | — | 635,612 | — | 635,612 | |||||||||
| Total | $ | 518,764,685 | $ | 16,273,911 | $ | — | $ | 535,038,596 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments** Forward Currency Contracts | $ | — | $ | (1,504,851 | ) | $ | — | $ | (1,504,851 | ) | |||
| International Equity Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Thailand | $ | — | $ | 1,417,903 | $ | — | $ | 1,417,903 | |||||
| Other | 184,129,432 | — | — | 184,129,432 | |||||||||
| Repurchase Agreement | — | 9,818,000 | — | 9,818,000 | |||||||||
| Total | $ | 184,129,432 | $ | 11,235,903 | $ | — | $ | 195,365,335 | |||||
| International Equity Select Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Russia | $ | 231,749 | $ | 175,728 | $ | — | $ | 407,477 | |||||
| Other | 16,391,703 | — | — | 16,391,703 | |||||||||
| Short-Term Investment | — | 776,951 | — | 776,951 | |||||||||
| Total | $ | 16,623,452 | $ | 952,679 | $ | — | $ | 17,576,131 | |||||
| International Strategic Equity Portfolio | |||||||||||||
| Common Stocks | $ | 2,410,719,545 | $ | — | $ | — | $ | 2,410,719,545 | |||||
| Short-Term Investment | — | 183,235,775 | — | 183,235,775 | |||||||||
| Total | $ | 2,410,719,545 | $ | 183,235,775 | $ | — | $ | 2,593,955,320 | |||||
| International Small Cap Equity Portfolio | |||||||||||||
| Common Stocks | $ | 58,260,860 | $ | — | $ | — | $ | 58,260,860 | |||||
| Preferred Stocks | 1,166,379 | — | — | 1,166,379 | |||||||||
| Total | $ | 59,427,239 | $ | — | $ | — | $ | 59,427,239 | |||||
| Emerging Markets Equity Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Russia | $ | 886,138,773 | $ | 935,206,302 | $ | — | $ | 1,821,345,075 | |||||
| Thailand | 144,313,939 | 228,433,155 | — | 372,747,094 | |||||||||
| Other | 12,492,425,422 | — | — | 12,492,425,422 | |||||||||
| Preferred Stock | 185,796,086 | — | — | 185,796,086 | |||||||||
| Short-Term Investment | — | 328,070,203 | — | 328,070,203 | |||||||||
| Total | $ | 13,708,674,220 | $ | 1,491,709,660 | $ | — | $ | 15,200,383,880 | |||||
| Developing Markets Equity Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Russia | $ | 85,824,408 | $ | 13,282,175 | $ | — | $ | 99,106,583 | |||||
| Other | 446,697,048 | — | — | 446,697,048 | |||||||||
| Preferred Stocks | 20,890,172 | — | — | 20,890,172 | |||||||||
| Short-Term Investment | — | 13,981,337 | — | 13,981,337 | |||||||||
| Total | $ | 553,411,628 | $ | 27,263,512 | $ | — | $ | 580,675,140 | |||||
| Emerging Markets Equity Blend Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Russia | $ | 71,617,626 | $ | 13,557,540 | $ | — | $ | 85,175,166 | |||||
| Thailand | — | 7,989,108 | — | 7,989,108 | |||||||||
| Other | 431,867,325 | — | — | 431,867,325 | |||||||||
| Preferred Stocks | 18,031,435 | — | — | 18,031,435 | |||||||||
| Warrant | 55,856 | — | — | 55,856 | |||||||||
| Short-Term Investment | — | 23,852,637 | — | 23,852,637 | |||||||||
| Total | $ | 521,572,242 | $ | 45,399,285 | $ | — | $ | 566,971,527 | |||||
| Emerging Markets Multi-Strategy Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Common Stocks: | |||||||||||||
| Russia | $ | 15,516,856 | $ | 2,966,137 | $ | — | $ | 18,482,993 | |||||
| Thailand | — | 1,843,981 | — | 1,843,981 | |||||||||
| Other | 94,450,012 | — | — | 94,450,012 | |||||||||
| Preferred Stocks | 3,952,822 | — | — | 3,952,822 | |||||||||
| Warrant | 27,303 | — | — | 27,303 | |||||||||
| Corporate Bonds | — | 9,595,069 | — | 9,595,069 | |||||||||
| Foreign Government Obligations | — | 36,641,363 | — | 36,641,363 | |||||||||
| Quasi Government Bonds | — | 5,211,254 | — | 5,211,254 | |||||||||
| US Treasury Securities | — | 29,810,150 | — | 29,810,150 | |||||||||
| Short-Term Investment | — | 22,131,608 | — | 22,131,608 | |||||||||
| Purchased Option | — | 16,450 | — | 16,450 | |||||||||
| Other Financial Instruments* Credit Default Swap Agreements | — | 18,152 | — | 18,152 | |||||||||
| Forward Currency Contracts | — | 558,931 | — | 558,931 | |||||||||
| Interest Rate Swap Agreements | — | 4,716 | — | 4,716 | |||||||||
| Total | $ | 113,946,993 | $ | 108,797,811 | $ | — | $ | 222,744,804 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments* Credit Default Swap Agreements | $ | — | $ | (524,712 | ) | $ | — | $ | (524,712 | ) | |||
| Forward Currency Contracts | — | (476,440 | ) | — | (476,440 | ) | |||||||
| Interest Rate Swap Agreements | — | (91,048 | ) | — | (91,048 | ) | |||||||
| Total | $ | — | $ | (1,092,200 | ) | $ | — | $ | (1,092,200 | ) |
| Lazard Emerging Markets Debt Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Corporate Bonds | $ | — | $ | 24,159,146 | $ | — | $ | 24,159,146 | |||||
| Foreign Government Obligations | — | 252,044,265 | — | 252,044,265 | |||||||||
| Quasi Government Bonds | — | 28,443,381 | — | 28,443,381 | |||||||||
| Short-Term Investment | — | 25,912,642 | — | 25,912,642 | |||||||||
| Purchased Option | — | 65,800 | — | 65,800 | |||||||||
| Other Financial Instruments** Forward Currency Contracts | — | 1,486,974 | — | 1,486,974 | |||||||||
| Total | $ | — | $ | 332,112,208 | $ | — | $ | 332,112,208 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments** Forward Currency Contracts | $ | — | $ | (951,873 | ) | $ | — | $ | (951,873 | ) | |||
| Interest Rate Swap Agreements | — | (196,814 | ) | — | (196,814 | ) | |||||||
| Total | $ | — | $ | (1,148,687 | ) | $ | — | $ | (1,148,687 | ) | |||
| Explorer Total Return Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Corporate Bonds | $ | — | $ | 3,879,780 | $ | — | $ | 3,879,780 | |||||
| Foreign Government Obligations | — | 11,107,912 | — | 11,107,912 | |||||||||
| Quasi Government Bonds | — | 1,981,702 | — | 1,981,702 | |||||||||
| Short-Term Investment | — | 4,341,811 | — | 4,341,811 | |||||||||
| Other Financial Instruments** Credit Default Swap Agreements | — | 5,653 | — | 5,653 | |||||||||
| Forward Currency Contracts | — | 96,703 | — | 96,703 | |||||||||
| Interest Rate Swap Agreements | — | 1,900 | — | 1,900 | |||||||||
| Total | $ | — | $ | 21,415,461 | $ | — | $ | 21,415,461 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments** Credit Default Swap Agreements | $ | — | $ | (14,361 | ) | $ | — | $ | (14,361 | ) | |||
| Forward Currency Contracts | — | (44,006 | ) | — | (44,006 | ) | |||||||
| Interest Rate Swap Agreements | — | (5,856 | ) | — | (5,856 | ) | |||||||
| Total | $ | — | $ | (64,223 | ) | $ | — | $ | (64,223 | ) | |||
| US Realty Income Portfolio | |||||||||||||
| Common Stocks | $ | 10,588,105 | $ | — | $ | — | $ | 10,588,105 | |||||
| Preferred Stocks | 46,989,021 | — | — | 46,989,021 | |||||||||
| Real Estate Investment Trusts | 84,152,579 | — | — | 84,152,579 | |||||||||
| Short-Term Investment | — | 1,446,553 | — | 1,446,553 | |||||||||
| Total | $ | 141,729,705 | $ | 1,446,553 | $ | — | $ | 143,176,258 | |||||
| US Realty Equity Portfolio | |||||||||||||
| Common Stock | $ | 1,002,667 | $ | — | $ | — | $ | 1,002,667 | |||||
| Real Estate Investment Trusts | 76,669,605 | — | — | 76,669,605 | |||||||||
| Short-Term Investment | — | 176,644 | — | 176,644 | |||||||||
| Total | $ | 77,672,272 | $ | 176,644 | $ | — | $ | 77,848,916 | |||||
| Global Realty Equity Portfolio | |||||||||||||
| Common Stocks: | |||||||||||||
| Thailand | $ | 28,788 | $ | 22,798 | $ | — | $ | 51,586 | |||||
| Other | 2,621,497 | — | — | 2,621,497 | |||||||||
| Open-End Management Investment Company | 81,628 | — | — | 81,628 | |||||||||
| Real Estate Investment Trusts | 4,806,122 | — | — | 4,806,122 | |||||||||
| Short-Term Investment | — | 15,916 | — | 15,916 | |||||||||
| Total | $ | 7,538,035 | $ | 38,714 | $ | — | $ | 7,576,749 |
| US Short Duration Fixed Income Portfolio | |||||||||||||
| Corporate Bonds | $ | — | $ | 12,811,053 | $ | — | $ | 12,811,053 | |||||
| Municipal Bonds | — | 5,422,692 | — | 5,422,692 | |||||||||
| US Government Securities | — | 21,405,065 | — | 21,405,065 | |||||||||
| US Treasury Security | — | 14,156,811 | — | 14,156,811 | |||||||||
| Short-Term Investment | — | 559,409 | — | 559,409 | |||||||||
| Total | $ | — | $ | 54,355,030 | $ | — | $ | 54,355,030 | |||||
| US Corporate Income Portfolio | |||||||||||||
| Corporate Bonds | $ | — | $ | 167,544,440 | $ | — | $ | 167,544,440 | |||||
| Short-Term Investment | — | 5,078,982 | — | 5,078,982 | |||||||||
| Total | $ | — | $ | 172,623,422 | $ | — | $ | 172,623,422 | |||||
| Global Fixed Income Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Corporate Bonds | $ | — | $ | 1,646,769 | $ | — | $ | 1,646,769 | |||||
| Foreign Government Obligations | — | 2,976,072 | — | 2,976,072 | |||||||||
| Quasi Government Bonds | — | 291,255 | — | 291,255 | |||||||||
| Supranationals | — | 391,947 | — | 391,947 | |||||||||
| US Municipal Bonds | — | 211,686 | — | 211,686 | |||||||||
| Short-Term Investment | — | 9,171 | — | 9,171 | |||||||||
| Other Financial Instruments** Forward Currency Contracts | — | 24,206 | — | 24,206 | |||||||||
| Total | $ | — | $ | 5,551,106 | $ | — | $ | 5,551,106 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments** Forward Currency Contracts | $ | — | $ | (46,190 | ) | $ | — | $ | (46,190 | ) | |||
| Capital Allocator Opportunistic Strategies Portfolio | |||||||||||||
| Assets: | |||||||||||||
| Exchange-Traded Funds | $ | 179,573,887 | $ | — | $ | — | $ | 179,573,887 | |||||
| Closed-End Management Investment Companies | 14,168,910 | — | — | 14,168,910 | |||||||||
| Short-Term Investment | — | 33,769,809 | — | 33,769,809 | |||||||||
| Purchased Option | — | 24,723 | — | 24,723 | |||||||||
| Total | $ | 193,742,797 | $ | 33,794,532 | $ | — | $ | 227,537,329 | |||||
| Liabilities: | |||||||||||||
| Other Financial Instruments** Total Return Swap Agreement | $ | — | $ | (78,690 | ) | $ | — | $ | (78,690 | ) |
* The Preferred Stock was reported in the Portfolios of Investments at zero market value.
** Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.
Certain common stocks (See footnote (e)) 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 on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service. The options included in Level 2 were valued at the last sales prices at the close of business of the exchanges on which they trade. The swap agreements included in Level 2 were valued by an independent pricing service. The short-term investment included in Level 2 (a money market 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.
The fair value measurement process for the Level 3 preferred stock of Better Place, Inc., a company that was working to build the infrastructure to deliver a range of services relating to the use of electric vehicles, including battery charging and swap stations, includes significant unobservable inputs, including the recent bankruptcy filing of the company, which is reflected in its current valuation of zero.
In connection with the periodic implementation of fair value pricing procedures with respect to non-US securities, certain equity securities (other than those securities described in footnote (e)) 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 Global Realty Equity Portfolios were transferred from Level 1 to Level 2 as a result of fair value pricing procedure triggers being met and would revert to Level 1 when the fair value pricing procedure triggers are no longer met. There were no other transfers into or out of Levels 1, 2 or 3 during the period ended September 30, 2013.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended September 30, 2013:
| Description | Balance as of December 31, 2012 | 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 September 30, 2013 | Net Change in Unrealized Depreciation from Investments Still Held at September 30, 2013 | ||||||||||||||||||||||
| US Strategic Equity | ||||||||||||||||||||||||||||||||
| Preferred Stock* | $ | 23,582 | $ | — | $ | — | $ | (23,582 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (23,582 | ) | ||||||||||
| US Mid Cap Equity | ||||||||||||||||||||||||||||||||
| Preferred Stock* | $ | 67,990 | $ | — | $ | — | $ | (67,990 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (67,990 | ) | ||||||||||
| US Small-Mid Cap Equity | ||||||||||||||||||||||||||||||||
| Preferred Stock* | $ | 23,551 | $ | — | $ | — | $ | (23,551 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (23,551 | ) | ||||||||||
* The Preferred stock was reported in the Portfolios of Investments at zero market value.
| 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: | November 29, 2013 |
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: | November 29, 2013 |
| By: | /s/ Stephen St. Clair | |
| Stephen St. Clair | ||
| Chief Financial Officer | ||
| Date: | November 29, 2013 |
[EX-99.CERT]
Exhibit
Rule 30a-2(a) CERTIFICATIONS
I, Charles L. Carroll, certify that:
1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in 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 has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| By: | /s/ Charles L. Carroll | ||
| Charles L. Carroll | |||
| Chief Executive Officer | |||
| Date: | November 29, 2013 |
Rule 30a-2(a) CERTIFICATIONS
I, Stephen St. Clair, certify that:
1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in 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 has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| By: | /s/ Stephen St. Clair | ||
| Stephen St. Clair | |||
| Chief Financial Officer | |||
| Date: | November 29, 2013 |