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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number           811-06312

The Lazard Funds, Inc.

(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices)           (Zip code)

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

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

Date of fiscal year end:	12/31
Date of reporting period:	3/31/2014

FORM N-Q

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments March 31, 2014 (unaudited)

Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks | 93.2%
Alcohol & Tobacco | 8.6%
Molson Coors Brewing Co., Class B		371,997	$	21,895,743
Commercial Services | 8.0%
LifeLock, Inc. (a)		224,637		3,843,539
NeuStar, Inc., Class A (a)		41,240		1,340,712
Tyco International, Ltd.		359,080		15,224,992
				20,409,243
Energy Services | 3.9%
Transocean, Ltd.		239,955		9,919,740
Food & Beverages | 4.7%
Sysco Corp.		333,790		12,059,833
Health Services | 3.7%
Magellan Health Services, Inc. (a)		160,045		9,498,671
Leisure & Entertainment | 10.0%
Expedia, Inc.		72,250		5,238,125
Houghton Mifflin Harcourt Co.		236,362		4,805,239
Viacom, Inc., Class B		181,030		15,385,740
				25,429,104
Medical Products | 13.3%
Baxter International, Inc.		179,900		13,237,042
CareFusion Corp. (a)		270,027		10,860,486
McKesson Corp.		55,483		9,796,633
				33,894,161
Metals & Mining | 4.0%
Silver Wheaton Corp.		208,785		4,739,419
U.S. Silica Holdings, Inc.		142,606		5,443,271
				10,182,690
Pharmaceutical & Biotechnology | 13.0%
Pfizer, Inc.		478,277		15,362,257
Zoetis, Inc.		621,006		17,971,914
				33,334,171
Real Estate | 1.0%
Lexington Realty Trust REIT		233,505		2,547,539
Retail | 11.8%
Advance Auto Parts, Inc.		217,493		27,512,865
J.C. Penney Co., Inc. (a)		314,460		2,710,645
				30,223,510
Semiconductors & Components | 2.1%
Xerox Corp.		476,150		5,380,495
Technology Hardware | 9.1%
Apple, Inc.		13,495		7,243,306

Description	Shares		Value
Cisco Systems, Inc.		709,540	$	15,900,792
				23,144,098
Total Common Stocks (Identified cost $209,759,819)				237,918,998
Short-Term Investment | 7.1%
State Street Institutional Treasury Money Market Fund (Identified cost $18,178,727)		18,178,727		18,178,727
Total Investments | 100.3% (Identified cost $227,938,546) (b)			$	256,097,725
Liabilities in Excess of Cash and Other Assets | (0.3)%				(805,007	)
Net Assets | 100.0%			$	255,292,718

Description	Shares		Value
Lazard US Strategic Equity Portfolio
Common Stocks | 99.3%
Alcohol & Tobacco | 4.1%
Molson Coors Brewing Co., Class B		84,345	$	4,964,547
Banking | 3.1%
Bank of America Corp.		104,300		1,793,960
Regions Financial Corp.		173,125		1,923,419
				3,717,379
Cable Television | 1.3%
Comcast Corp., Class A		33,175		1,617,613
Chemicals | 1.8%
Eastman Chemical Co.		25,455		2,194,476
Commercial Services | 4.9%
Corrections Corp. of America		66,135		2,071,348
Republic Services, Inc.		32,400		1,106,784
Tyco International, Ltd.		64,975		2,754,940
				5,933,072
Computer Software | 2.3%
Check Point Software Technologies, Ltd. (a)		20,400		1,379,652
Microsoft Corp.		33,100		1,356,769
				2,736,421
Energy Exploration & Production | 3.8%
Apache Corp.		28,225		2,341,264
Devon Energy Corp.		33,425		2,237,135
				4,578,399
Energy Integrated | 3.6%
Chevron Corp.		13,075		1,554,748
Consol Energy, Inc.		68,125		2,721,594
				4,276,342
Energy Services | 3.2%
HollyFrontier Corp.		30,400		1,446,432
Transocean, Ltd.		57,310		2,369,195
				3,815,627
Financial Services | 9.0%
American Express Co.		30,050		2,705,401
Citigroup, Inc.		48,850		2,325,260
IntercontinentalExchange Group, Inc.		10,550		2,087,107
Morgan Stanley		62,675		1,953,580
Visa, Inc., Class A		8,300		1,791,638
				10,862,986
Food & Beverages | 3.3%
Kellogg Co.		19,700		1,235,387
Sysco Corp.		74,490		2,691,324
				3,926,711

Description	Shares		Value
Forest & Paper Products | 1.1%
International Paper Co.		28,300	$	1,298,404
Health Services | 1.2%
UnitedHealth Group, Inc.		17,075		1,399,979
Insurance | 1.6%
The Hartford Financial Services Group, Inc.		55,975		1,974,238
Leisure & Entertainment | 4.3%
Expedia, Inc.		12,095		876,887
Viacom, Inc., Class B		50,900		4,325,991
				5,202,878
Manufacturing | 3.9%
Carpenter Technology Corp.		9,620		635,305
Caterpillar, Inc.		6,700		665,779
Honeywell International, Inc.		16,268		1,509,019
Joy Global, Inc.		9,900		574,200
Terex Corp.		29,700		1,315,710
				4,700,013
Medical Products | 7.9%
Baxter International, Inc.		51,425		3,783,851
CareFusion Corp. (a)		65,325		2,627,372
McKesson Corp.		17,080		3,015,816
				9,427,039
Metal & Glass Containers | 0.6%
Owens-Illinois, Inc. (a)		22,100		747,643
Metals & Mining | 0.8%
U.S. Silica Holdings, Inc.		25,575		976,198
Pharmaceutical & Biotechnology | 11.3%
Eli Lilly & Co.		32,700		1,924,722
Gilead Sciences, Inc. (a)		34,925		2,474,785
Pfizer, Inc.		151,989		4,881,887
Zoetis, Inc.		147,619		4,272,094
				13,553,488
Real Estate | 0.7%
Lexington Realty Trust REIT		72,300		788,793
Retail | 8.5%
Advance Auto Parts, Inc.		42,097		5,325,270
AutoZone, Inc. (a)		1,266		679,969
CVS Caremark Corp.		21,625		1,618,848
J.C. Penney Co., Inc. (a)		68,000		586,160
Kohl’s Corp.		12,600		715,680
Macy’s, Inc.		22,425		1,329,578
				10,255,505
Semiconductors & Components | 2.9%
Intel Corp.		47,025		1,213,715
Maxim Integrated Products, Inc.		19,300		639,216

Description	Shares		Value
Lazard US Strategic Equity Portfolio (concluded)
Texas Instruments, Inc.		13,550	$	638,883
Xerox Corp.		87,100		984,230
				3,476,044
Technology | 2.1%
Citrix Systems, Inc. (a)		15,800		907,394
Google, Inc., Class A (a)		1,450		1,616,040
				2,523,434
Technology Hardware | 11.4%
Apple, Inc.		5,511		2,957,974
Cisco Systems, Inc.		193,580		4,338,128
EMC Corp.		88,850		2,435,378
Hewlett-Packard Co.		18,975		614,031
Qualcomm, Inc.		27,950		2,204,137
Teradyne, Inc.		54,700		1,087,983
				13,637,631
Transportation | 0.6%
American Airlines Group, Inc. (a)		20,300		742,980
Total Common Stocks (Identified cost $100,360,589)				119,327,840
Preferred Stock | 0.0%
Automotive | 0.0%
Better Place, Inc., Series B (Identified cost $453,501) (a), (c)		181,401		0
Short-Term Investment | 0.6%
State Street Institutional Treasury Money Market Fund (Identified cost $677,046)		677,046		677,046
Total Investments | 99.9% (Identified cost $101,491,136) (b)			$	120,004,886
Cash and Other Assets in Excess of Liabilities | 0.1%				131,924
Net Assets | 100.0%			$	120,136,810

Description	Shares		Value
Lazard US Mid Cap Equity Portfolio
Common Stocks | 96.2%
Alcohol & Tobacco | 8.8%
Molson Coors Brewing Co., Class B		62,600	$	3,684,636
Banking | 1.1%
Regions Financial Corp.		43,250		480,508
Chemicals | 2.3%
Eastman Chemical Co.		11,000		948,310
Commercial Services | 13.6%
Convergys Corp.		42,740		936,433
CoreLogic, Inc. (a)		59,125		1,776,115
LifeLock, Inc. (a)		25,625		438,444
NeuStar, Inc., Class A (a)		9,300		302,343
Tyco International, Ltd.		53,050		2,249,320
				5,702,655
Computer Software | 2.0%
Web.com Group, Inc. (a)		24,750		842,243
Energy Services | 4.1%
Transocean, Ltd.		41,300		1,707,342
Financial Services | 4.1%
IntercontinentalExchange Group, Inc.		8,800		1,740,904
Food & Beverages | 4.0%
Sysco Corp.		46,600		1,683,658
Forest & Paper Products | 7.1%
Crown Holdings, Inc. (a)		66,400		2,970,736
Health Services | 4.7%
Magellan Health Services, Inc. (a)		33,025		1,960,034
Insurance | 2.6%
The Hartford Financial Services Group, Inc.		30,700		1,082,789
Manufacturing | 4.2%
Joy Global, Inc.		30,700		1,780,600
Medical Products | 5.7%
CareFusion Corp. (a)		59,830		2,406,363
Metals & Mining | 3.6%
U.S. Silica Holdings, Inc.		39,350		1,501,989
Pharmaceutical & Biotechnology | 4.9%
Zoetis, Inc.		71,175		2,059,804
Retail | 17.8%
Advance Auto Parts, Inc.		29,560		3,739,340
Kohl’s Corp.		32,200		1,828,960
Macy’s, Inc.		31,975		1,895,798
				7,464,098
Technology Hardware | 3.6%
Teradyne, Inc.		75,900		1,509,651

Description	Shares		Value
Transportation | 2.0%
XPO Logistics, Inc. (a)		28,825	$	847,743
Total Common Stocks
(Identified cost $38,195,377)				40,374,063
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 | 4.0%
State Street Institutional Treasury Money Market Fund (Identified cost $1,663,629)		1,663,629		1,663,629
Total Investments | 100.2% (Identified cost $41,166,505) (b)			$	42,037,692
Liabilities in Excess of Cash and Other Assets | (0.2)%				(100,588	)
Net Assets | 100.0%			$	41,937,104

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks | 97.7%
Aerospace & Defense | 1.1%
B/E Aerospace, Inc. (a)		42,225	$	3,664,708
Alcohol & Tobacco | 1.7%
Molson Coors Brewing Co., Class B		95,250		5,606,415
Automotive | 1.6%
Modine Manufacturing Co. (a)		204,230		2,991,970
Tenneco, Inc. (a)		40,090		2,328,026
				5,319,996
Banking | 7.5%
East West Bancorp, Inc.		142,505		5,201,432
PacWest Bancorp		143,911		6,189,612
Signature Bank (a)		33,545		4,212,917
United Bankshares, Inc.		150,900		4,620,558
Wintrust Financial Corp.		100,748		4,902,398
				25,126,917
Chemicals | 2.8%
Rockwood Holdings, Inc.		34,395		2,558,988
Solazyme, Inc. (a)		160,305		1,861,141
Taminco Corp.		243,040		5,106,270
				9,526,399
Commercial Services | 3.2%
Blackhawk Network Holdings, Inc.		178,545		4,354,713
Convergys Corp.		146,600		3,212,006
LifeLock, Inc. (a)		109,055		1,865,931
MDC Partners, Inc.		61,105		1,394,416
				10,827,066
Computer Software | 5.6%
Informatica Corp. (a)		58,870		2,224,109
j2 Global, Inc.		107,520		5,381,376
Red Hat, Inc. (a)		69,935		3,705,156
Rovi Corp. (a)		28,900		658,342
TIBCO Software, Inc. (a)		153,370		3,116,478
Web.com Group, Inc. (a)		107,115		3,645,124
				18,730,585
Construction & Engineering | 3.3%
EMCOR Group, Inc.		79,430		3,716,530
MasTec, Inc. (a)		81,310		3,532,106
Quanta Services, Inc. (a)		107,565		3,969,149
				11,217,785
Consumer Products | 2.5%
Hasbro, Inc.		84,975		4,726,309
Matthews International Corp., Class A		92,184		3,762,029
				8,488,338

Description	Shares		Value
Electric | 1.8%
CMS Energy Corp.		202,225	$	5,921,148
Energy | 1.4%
Pattern Energy Group, Inc.		175,090		4,750,192
Energy Exploration & Production | 2.6%
Athlon Energy, Inc.		134,730		4,776,178
EP Energy Corp., Class A		201,800		3,949,226
				8,725,404
Energy Services | 2.2%
Diamond Offshore Drilling, Inc.		49,750		2,425,810
Frank’s International NV		205,275		5,086,714
				7,512,524
Financial Services | 4.6%
Air Lease Corp.		137,635		5,132,409
Springleaf Holdings, Inc.		205,790		5,175,619
Waddell & Reed Financial, Inc., Class A		70,965		5,224,443
				15,532,471
Forest & Paper Products | 3.0%
KapStone Paper and Packaging Corp. (a)		86,730		2,501,293
Rock Tenn Co., Class A		34,235		3,614,189
Schweitzer-Mauduit International, Inc.		95,195		4,054,355
				10,169,837
Health Services | 4.1%
Brookdale Senior Living, Inc. (a)		146,540		4,910,555
Magellan Health Services, Inc. (a)		55,925		3,319,149
Quintiles Transnational Holdings, Inc.		109,340		5,551,192
				13,780,896
Housing | 1.2%
Norcraft Cos., Inc.		11,387		192,782
Taylor Morrison Home Corp., Class A		165,530		3,889,955
				4,082,737
Insurance | 4.2%
American Equity Investment Life Holding Co.		184,745		4,363,677
Arch Capital Group, Ltd. (a)		91,465		5,262,896
HCC Insurance Holdings, Inc.		95,530		4,345,660
				13,972,233
Leisure & Entertainment | 3.8%
Bally Technologies, Inc. (a)		72,335		4,793,640
Diamond Resorts International, Inc.		176,095		2,984,810
Hyatt Hotels Corp., Class A (a)		94,560		5,088,274
				12,866,724
Manufacturing | 11.1%
ACCO Brands Corp. (a)		459,380		2,829,781
Actuant Corp., Class A		141,070		4,817,541
Altra Industrial Motion Corp.		73,040		2,607,528
Carpenter Technology Corp.		56,710		3,745,128

Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
FLIR Systems, Inc.		140,780	$	5,068,080
Kennametal, Inc.		72,887		3,228,894
Littelfuse, Inc.		35,445		3,319,070
The Toro Co.		57,600		3,639,744
TriMas Corp. (a)		127,795		4,242,794
Woodward, Inc.		97,615		4,053,951
				37,552,511
Medical Products | 2.8%
CareFusion Corp. (a)		125,875		5,062,693
Sirona Dental Systems, Inc. (a)		59,335		4,430,544
				9,493,237
Metal & Glass Containers | 1.1%
Owens-Illinois, Inc. (a)		112,880		3,818,730
Metals & Mining | 1.1%
U.S. Silica Holdings, Inc.		94,918		3,623,020
Pharmaceutical & Biotechnology | 1.1%
Aratana Therapeutics, Inc.		107,200		1,989,632
Intrexon Corp.		63,870		1,679,142
				3,668,774
Real Estate | 6.0%
Extra Space Storage, Inc. REIT		121,120		5,875,531
Jones Lang LaSalle, Inc.		35,725		4,233,413
Kilroy Realty Corp. REIT		104,195		6,103,743
LaSalle Hotel Properties REIT		131,000		4,101,610
				20,314,297
Retail | 6.6%
Advance Auto Parts, Inc.		51,795		6,552,067
Carter’s, Inc.		38,800		3,012,820
Chico’s FAS, Inc.		146,220		2,343,907
Francesca’s Holdings Corp. (a)		142,905		2,592,297
Iconix Brand Group, Inc. (a)		97,505		3,829,021
Steven Madden, Ltd. (a)		110,025		3,958,700
				22,288,812
Semiconductors & Components | 2.1%
ON Semiconductor Corp. (a)		229,635		2,158,569
Xilinx, Inc.		87,660		4,757,308
				6,915,877
Technology | 2.9%
BroadSoft, Inc. (a)		115,200		3,079,296
NetScout Systems, Inc. (a)		124,460		4,677,207
SS&C Technologies Holdings, Inc. (a)		53,514		2,141,630
				9,898,133
Technology Hardware | 2.6%
InterDigital, Inc.		111,375		3,687,626
Synaptics, Inc. (a)		37,785		2,267,856

Description	Shares		Value
Teradyne, Inc.		136,430	$	2,713,593
				8,669,075
Transportation | 2.1%
Alaska Air Group, Inc.		42,020		3,920,886
Echo Global Logistics, Inc. (a)		171,033		3,133,325
				7,054,211
Total Common Stocks (Identified cost $273,657,701)				329,119,052
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 | 2.4%
State Street Bank and Trust Co., 0.00%, 04/01/14 (Dated 03/31/14, collateralized by $8,390,000 United States Treasury Note, 0.625%, 11/30/17, with a value of $8,207,509) Proceeds of $8,042,000) (Identified cost $8,042,000)	$	8,042	$	8,042,000
Total Investments | 100.1% (Identified cost $282,152,602) (b)			$	337,161,052
Liabilities in Excess of Cash and Other Assets | (0.1)%				(203,766	)
Net Assets | 100.0%			$	336,957,286

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 89.6%
Australia | 1.9%
Ansell, Ltd.		114,590	$	1,957,568
James Hardie Industries PLC		225,165		2,994,590
				4,952,158
Austria | 0.9%
UNIQA Insurance Group AG		170,532		2,265,437
Belgium | 2.4%
Anheuser-Busch InBev NV		58,316		6,129,548
Bermuda | 1.1%
Signet Jewelers, Ltd.		27,084		2,872,109
Brazil | 1.1%
Estacio Participacoes SA		291,500		2,936,840
Canada | 2.5%
MacDonald Dettwiler & Associates, Ltd.		37,000		2,922,515
Rogers Communications, Inc., Class B		85,400		3,538,827
				6,461,342
China | 1.1%
Anhui Conch Cement Co., Ltd., Class H		672,000		2,888,131
Denmark | 0.8%
Carlsberg A/S, Class B		22,324		2,224,606
Finland | 1.8%
Sampo Oyj, A Shares		92,441		4,802,726
France | 9.6%
Airbus Group NV		54,476		3,906,706
BNP Paribas SA		87,901		6,795,301
Cap Gemini SA		44,391		3,365,696
Sanofi SA		63,472		6,632,824
Valeo SA		28,253		3,985,282
				24,685,809
Germany | 6.2%
Bayer AG		49,794		6,733,975
Bayerische Motoren Werke AG		19,237		2,428,332
Merck KGaA		22,155		3,730,502
RTL Group SA		26,752		3,048,200
				15,941,009
Greece | 0.8%
Piraeus Bank SA (a)		776,002		2,136,989
Ireland | 1.1%
Ryanair Holdings PLC Sponsored ADR (a)		47,200		2,775,832
Italy | 2.8%
Atlantia SpA		145,301		3,741,265

Description	Shares		Value
Eni SpA		139,630	$	3,506,477
				7,247,742
Japan | 16.6%
AEON Financial Service Co., Ltd.		66,400		1,494,568
Asahi Group Holdings, Ltd.		103,600		2,906,237
Asics Corp.		159,490		3,128,692
Daikin Industries, Ltd.		55,400		3,098,071
Daiwa House Industry Co., Ltd.		172,000		2,911,927
Don Quijote Holdings Co., Ltd.		72,800		3,754,891
Japan Display, Inc.		291,800		2,038,345
Japan Tobacco, Inc.		139,400		4,371,067
KDDI Corp.		73,700		4,288,822
LIXIL Group Corp.		93,700		2,579,458
Makita Corp.		37,000		2,042,936
Seven & I Holdings Co., Ltd.		94,900		3,619,595
Sumitomo Mitsui Financial Group, Inc.		134,100		5,716,212
United Arrows, Ltd.		21,200		783,205
				42,734,026
Norway | 0.7%
Petroleum Geo-Services ASA		141,832		1,726,535
Philippines | 1.7%
Alliance Global Group, Inc.		6,756,000		4,293,881
South Korea | 1.0%
Samsung Electronics Co., Ltd. GDR		4,270		2,684,364
Spain | 2.6%
Mediaset Espana Comunicacion SA (a)		194,405		2,269,056
Red Electrica Corporacion SA		53,607		4,361,505
				6,630,561
Sweden | 2.7%
Assa Abloy AB, Class B		64,283		3,433,371
Swedbank AB, A Shares		130,619		3,502,946
				6,936,317
Switzerland | 7.8%
GAM Holding AG		173,992		3,143,954
Glencore Xstrata PLC		756,074		3,899,929
Novartis AG		115,051		9,771,904
Swatch Group AG		5,161		3,243,688
				20,059,475
Thailand | 0.6%
Krung Thai Bank Public Co. Ltd. (d)		2,772,600		1,598,262
Turkey | 0.4%
Koc Holding AS		241,897		1,018,544
United Kingdom | 21.4%
BG Group PLC		101,945		1,901,307
British American Tobacco PLC		95,435		5,313,250
Direct Line Insurance Group PLC		828,098		3,282,409

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Informa PLC		433,225	$	3,830,465
International Consolidated Airlines Group SA (a)		594,009		4,136,321
Ladbrokes PLC		624,588		1,407,693
Lloyds Banking Group PLC (a)		4,381,941		5,499,967
Prudential PLC		289,131		6,125,007
Reed Elsevier PLC		266,815		4,080,290
Rexam PLC		613,186		4,983,123
Rolls-Royce Holdings PLC		28,807		522,126
Royal Dutch Shell PLC, A Shares		192,159		7,024,039
Taylor Wimpey PLC		1,482,972		2,913,637
Unilever PLC		97,290		4,155,245
				55,174,879
Total Common Stocks (Identified cost $189,487,375)				231,177,122
Preferred Stock | 1.6%
Germany | 1.6%
Volkswagen AG (Identified cost $4,341,323)		16,346		4,235,166

Description	Principal Amount (000)		Value
Repurchase Agreement | 7.6%
State Street Bank and Trust Co., 0.00%, 04/01/14 (Dated 03/31/14, collateralized by $20,355,000 United States Treasury Note, 0.625% 11/30/17 value of $19,912,258) Proceeds of $19,520,000 (Identified cost $19,520,000)	$	19,520	$	19,520,000
Total Investments | 98.8% (Identified cost $213,348,698) (b)			$	254,932,288
Cash and Other Assets in Excess of Liabilities | 1.2%				2,999,711
Net Assets | 100.0%			$	257,931,999

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 98.2%
Australia | 1.5%
BHP Billiton, Ltd.		10,998	$	372,351
Belgium | 2.5%
Anheuser-Busch InBev NV		5,971		627,607
Bermuda | 1.5%
Signet Jewelers, Ltd.		3,497		370,838
Brazil | 5.3%
BB Seguridade Participacoes SA		36,800		407,249
Cia de Saneamento Basico do Estado de Sao Paulo		28,000		260,379
Cielo SA		10,918		347,942
Estacio Participacoes SA		29,800		300,233
				1,315,803
China | 5.3%
Anhui Conch Cement Co., Ltd., Class H		91,000		391,101
Baidu, Inc. Sponsored ADR (a)		1,500		228,570
China Construction Bank Corp., Class H		535,000		374,825
China Shenhua Energy Co., Ltd., Class H		109,500		316,579
				1,311,075
Denmark | 4.0%
Carlsberg A/S, Class B		2,012		200,498
Novo Nordisk A/S, Class B		17,443		795,741
				996,239
Finland | 1.6%
Sampo Oyj, A Shares		7,590		394,335
France | 7.0%
Airbus Group NV		4,253		305,001
BNP Paribas SA		7,176		554,750
Sanofi SA		4,633		484,148
Valeo SA		2,864		403,987
				1,747,886
Germany | 6.1%
Bayer AG		4,561		616,814
Bayerische Motoren Werke AG		4,241		535,352
SAP AG		4,605		372,746
				1,524,912
Indonesia | 1.2%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		7,719		303,897
Ireland | 1.2%
Ryanair Holdings PLC Sponsored ADR (a)		5,200		305,812
Italy | 4.3%
Atlantia SpA		18,634		479,795
Eni SpA		10,292		258,459

Description	Shares		Value
Mediolanum SpA		33,628	$	317,889
				1,056,143
Japan | 13.8%
Daikin Industries, Ltd.		4,300		240,464
Daiwa House Industry Co., Ltd.		17,000		287,807
Japan Tobacco, Inc.		12,300		385,682
KDDI Corp.		7,000		407,351
Komatsu, Ltd.		9,800		202,668
Makita Corp.		6,500		358,894
Ryohin Keikaku Co., Ltd.		1,800		173,146
Seven & I Holdings Co., Ltd.		11,717		446,900
Sumitomo Mitsui Financial Group, Inc.		10,776		459,343
Sumitomo Mitsui Trust Holdings, Inc.		37,000		166,845
Yahoo Japan Corp.		59,900		293,078
				3,422,178
Macau | 1.4%
Sands China, Ltd.		45,800		343,299
Norway | 0.8%
Petroleum Geo-Services ASA		15,573		189,572
Philippines | 1.4%
Alliance Global Group, Inc.		560,100		355,980
Russia | 1.7%
Mobile TeleSystems OJSC Sponsored ADR		13,561		237,182
Sberbank of Russia (d)		74,033		176,915
				414,097
South Africa | 2.3%
Mediclinic International, Ltd.		34,900		247,509
Mr Price Group, Ltd.		10,527		157,404
Nampak, Ltd.		48,591		165,553
				570,466
South Korea | 1.5%
Samsung Electronics Co., Ltd.		291		367,989
Spain | 1.8%
Red Electrica Corporacion SA		5,504		447,810
Sweden | 2.7%
Assa Abloy AB, Class B		7,864		420,018
Swedbank AB, A Shares		9,596		257,346
				677,364
Switzerland | 5.7%
Cie Financiere Richemont SA		3,001		287,352
Novartis AG		10,409		884,092
Swatch Group AG		384		241,344
				1,412,788

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Taiwan | 2.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		173,341	$	677,306
Thailand | 0.8%
Kasikornbank Public Co. Ltd.		33,000		188,737
Turkey | 1.8%
Koc Holding AS		36,354		153,074
Turkcell Iletisim Hizmetleri AS (a)		53,050		294,301
				447,375
United Kingdom | 18.3%
Associated British Foods PLC		6,901		320,016
BG Group PLC		12,091		225,501
British American Tobacco PLC		9,321		518,937
Informa PLC		44,250		391,247
Ladbrokes PLC		35,840		80,776
Lloyds Banking Group PLC (a)		282,580		354,679
Prudential PLC		36,873		781,125
Rexam PLC		49,262		400,333
Rolls-Royce Holdings PLC		16,126		289,274
Royal Dutch Shell PLC, A Shares		11,056		403,944
Unilever PLC		10,605		452,938
Wolseley PLC		5,473		312,084
				4,530,854
Total Common Stocks (Identified cost $21,892,471)				24,372,713
Short-Term Investment | 1.6%
State Street Institutional Treasury Money Market Fund (Identified cost $403,523)		403,523		403,523
Total Investments | 99.8% (Identified cost $22,295,994) (b)			$	24,776,236
Cash and Other Assets in Excess of Liabilities | 0.2%				38,864
Net Assets | 100.0%			$	24,815,100

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 92.1%
Australia | 7.2%
Amcor, Ltd.		9,035,963	$	87,123,367
Ansell, Ltd.		3,330,435		56,894,619
Caltex Australia, Ltd.		2,704,926		55,557,374
Insurance Australia Group, Ltd.		3,110,865		16,100,156
James Hardie Industries PLC		4,709,193		62,630,071
				278,305,587
Austria | 1.1%
UNIQA Insurance Group AG		3,065,216		40,719,937
Belgium | 2.0%
Anheuser-Busch InBev NV		736,949		77,460,117
Bermuda | 1.2%
Signet Jewelers, Ltd.		447,290		47,432,637
Brazil | 1.8%
Estacio Participacoes SA		5,121,900		51,602,747
LPS Brasil Consultoria de Imoveis SA		2,996,100		17,033,799
				68,636,546
Canada | 1.4%
Home Capital Group, Inc.		1,300,222		52,514,620
Denmark | 0.9%
Carlsberg A/S, Class B		56,140		5,594,400
Topdanmark A/S (a)		980,798		28,594,488
				34,188,888
Finland | 3.8%
Sampo Oyj, A Shares		2,807,500		145,862,267
France | 5.8%
Airbus Group NV		1,264,405		90,675,852
BNP Paribas SA		774,154		59,846,981
Valeo SA		521,353		73,540,463
				224,063,296
Germany | 5.0%
Bayer AG		667,561		90,278,726
Fresenius SE & Co. KGaA		300,522		47,025,688
Symrise AG		1,078,841		53,929,632
				191,234,046
Greece | 1.2%
Piraeus Bank SA (a)		16,811,217		46,295,475
Indonesia | 0.4%
PT Media Nusantara Citra Tbk		73,156,600		17,061,811
Ireland | 1.5%
Kerry Group PLC, Class A		763,426		58,269,151
Italy | 1.4%
Mediaset SpA		9,273,933		51,964,504

Description	Shares		Value
Japan | 14.5%
AEON Financial Service Co., Ltd.		1,995,900	$	44,924,834
Asics Corp.		3,976,650		78,009,351
Daikin Industries, Ltd.		981,400		54,881,706
Don Quijote Holdings Co., Ltd.		1,851,100		95,476,359
Japan Tobacco, Inc.		1,680,300		52,687,970
KDDI Corp.		1,131,900		65,868,629
Makita Corp.		1,681,200		92,826,581
Park24 Co., Ltd.		1,961,900		37,240,685
Ryohin Keikaku Co., Ltd.		382,000		36,745,316
				558,661,431
Macau | 2.0%
Sands China, Ltd.		10,203,600		76,482,300
Malaysia | 1.1%
Tenaga Nasional Berhad		11,573,000		42,366,228
Philippines | 3.0%
Alliance Global Group, Inc.		90,934,700		57,794,964
GT Capital Holdings, Inc.		1,704,180		29,860,017
LT Group, Inc.		41,898,500		16,294,478
Security Bank Corp.		5,352,430		12,651,853
				116,601,312
Russia | 0.8%
Lenta, Ltd. (a), (e)		3,201,324		31,052,843
South Africa | 3.2%
Mediclinic International, Ltd.		8,857,672		62,818,022
Nampak, Ltd.		17,366,921		59,170,286
				121,988,308
Spain | 1.0%
Mediaset Espana Comunicacion SA (a)		3,266,306		38,123,670
Sweden | 1.8%
Assa Abloy AB, Class B		1,311,345		70,039,275
Switzerland | 7.1%
Cie Financiere Richemont SA		511,976		49,022,734
GAM Holding AG		2,173,790		39,279,371
Novartis AG		1,220,199		103,638,103
Panalpina Welttransport Holding AG		272,233		41,846,647
Swatch Group AG		63,492		39,904,723
				273,691,578
Taiwan | 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		14,831,000		57,950,081
Thailand | 0.8%
Kasikornbank Public Co. Ltd.		5,500,100		31,456,754
Turkey | 0.8%
Turkiye Halk Bankasi AS		4,813,455		29,762,103

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
United Kingdom | 19.8%
AMEC PLC		3,074,848	$	57,570,168
Associated British Foods PLC		758,954		35,194,478
British American Tobacco PLC		2,006,667		111,719,219
Croda International PLC		747,718		31,839,089
Informa PLC		10,047,754		88,839,670
International Consolidated Airlines Group SA (a)		10,213,839		71,123,023
Lloyds Banking Group PLC (a)		71,315,390		89,511,083
Prudential PLC		4,384,167		92,875,042
Rexam PLC		11,013,801		89,504,866
Unilever PLC		2,179,467		93,084,794
				761,261,432
Total Common Stocks (Identified cost $3,044,128,872)				3,543,446,197
Preferred Stock | 2.1%
Germany | 2.1%
Volkswagen AG (Identified cost $79,778,499)		305,260		79,091,321
Short-Term Investment | 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $170,584,762)		170,584,762		170,584,762
Total Investments | 98.6% (Identified cost $3,294,492,133) (b)			$	3,793,122,280
Cash and Other Assets in Excess of Liabilities | 1.4%				53,317,717
Net Assets | 100.0%			$	3,846,439,997

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 99.2%
Australia | 6.2%
ALS Ltd.		79,774	$	542,624
Ansell, Ltd.		44,988		768,541
iSelect, Ltd.		491,621		519,901
James Hardie Industries PLC		41,187		547,768
Macquarie Atlas Roads Group		312,722		859,092
Pact Group Holdings, Ltd.		234,924		750,605
Super Retail Group, Ltd.		55,577		569,229
				4,557,760
Austria | 2.4%
AMS AG		7,759		1,090,132
UNIQA Insurance Group AG		54,201		720,035
				1,810,167
Belgium | 3.6%
Arseus NV		22,800		1,229,232
Kinepolis Group NV		7,353		1,440,156
				2,669,388
Brazil | 0.6%
Banco ABC Brasil SA (a)		3,662		19,819
Brasil Insurance Participacoes e Administracao SA		88,500		445,035
				464,854
Canada | 3.0%
Alaris Royalty Corp.		28,200		762,713
Altus Group, Ltd.		44,800		731,470
Genworth MI Canada, Inc.		22,000		750,647
				2,244,830
China | 1.0%
Greatview Aseptic Packaging Co., Ltd.		997,000		529,574
Prince Frog International Holdings, Ltd.		827,000		247,130
				776,704
Denmark | 1.7%
Auriga Industries A/S, Class B (a)		19,578		694,993
Topdanmark A/S (a)		19,074		556,090
				1,251,083
France | 4.0%
Gaztransport Et Technigaz SA		14,881		963,333
Ingenico SA		13,189		1,235,413
Plastic Omnium SA		20,111		747,796
				2,946,542
Germany | 9.8%
Aurelius AG		25,037		953,937
CompuGroup Medical AG		39,235		983,773
CTS Eventim AG		20,227		1,348,586

Description	Shares		Value
Freenet AG		25,819	$	903,958
NORMA Group SE		19,758		1,047,895
SHW AG		12,526		805,467
Wirecard AG		28,567		1,187,515
				7,231,131
Indonesia | 1.0%
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		7,950,900		734,963
Ireland | 1.7%
Greencore Group PLC		269,311		1,237,615
Israel | 0.1%
Kamada (a)		6,600		95,469
Italy | 4.0%
Azimut Holding SpA		54,446		1,942,197
EI Towers SpA		17,333		1,024,177
				2,966,374
Japan | 22.2%
Ain Pharmaciez, Inc.		18,500		855,095
Anritsu Corp.		79,400		910,075
Asahi Co., Ltd.		59,700		807,186
Avex Group Holdings, Inc.		46,400		814,146
Don Quijote Holdings Co., Ltd.		15,100		778,830
Doshisha Co., Ltd.		54,600		843,615
JAFCO Co., Ltd.		24,300		1,087,839
Misumi Group, Inc.		30,700		849,014
Park24 Co., Ltd.		37,200		706,129
Rinnai Corp.		10,200		894,594
Santen Pharmaceutical Co., Ltd.		17,390		770,223
Ship Healthcare Holdings, Inc.		22,900		882,327
Suruga Bank, Ltd.		71,300		1,253,181
Tamron Co., Ltd.		31,700		750,297
Topcon Corp.		61,100		999,039
United Arrows, Ltd.		9,800		362,048
USS Co., Ltd.		76,000		1,065,206
Wacom Co., Ltd.		112,922		791,444
Yumeshin Holdings Co., Ltd.		118,000		1,044,046
				16,464,334
Netherlands | 2.9%
Aalberts Industries NV		34,397		1,202,073
Frank’s International NV		37,500		929,250
				2,131,323
Norway | 2.3%
Kongsberg Gruppen ASA		42,503		968,957
Petroleum Geo-Services ASA		58,033		706,441
				1,675,398

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Russia | 0.7%
Globaltrans Investment PLC Sponsored GDR		44,382	$	511,804
Singapore | 1.1%
XP Power, Ltd.		30,465		837,678
Sweden | 2.1%
Indutrade AB		15,521		741,499
Intrum Justitia AB		31,187		851,469
				1,592,968
Switzerland | 2.9%
Cembra Money Bank AG		8,359		569,642
GAM Holding AG		43,207		780,730
Kardex AG		15,930		790,732
				2,141,104
Taiwan | 3.5%
GeoVision, Inc.		91,000		611,494
Makalot Industrial Co., Ltd.		118,000		656,316
Radiant Opto-Electronics Corp.		177,920		719,206
Sinmag Equipment Corp.		108,000		633,507
				2,620,523
Turkey | 0.7%
Turkiye Sinai Kalkinma Bankasi AS		572,274		489,164
United Kingdom | 20.6%
Abcam PLC		80,250		520,492
Aberdeen Asset Management PLC		116,880		762,008
APR Energy PLC		47,061		633,755
Ashtead Group PLC		72,788		1,157,453
Dignity PLC		35,676		873,195
Elementis PLC		158,924		760,376
Hansteen Holdings PLC REIT		463,728		844,779
Hunting PLC		60,572		871,375
IG Group Holdings PLC		138,028		1,445,005
John Wood Group PLC		45,215		578,667
Provident Financial PLC		23,780		786,982
Rightmove PLC		25,608		1,127,548
RPC Group PLC		84,677		891,315
Spectris PLC		16,539		640,709
Synergy Health PLC		32,459		747,510
Taylor Wimpey PLC		340,982		669,937
Telit Communications PLC (a)		229,504		881,623
Workspace Group PLC REIT		109,365		1,080,307
				15,273,036
United States | 1.1%
Samsonite International SA		256,200		792,729
Total Common Stocks (Identified cost $55,729,402)				73,516,941

Description	Shares		Value
Preferred Stock | 1.0%
Brazil | 1.0%
Banco ABC Brasil SA (Identified cost $776,739)		135,518	$	755,532
Short-Term Investment | 2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $2,090,925)		2,090,925		2,090,925
Total Investments | 103.0% (Identified cost $58,597,066) (b)			$	76,363,398
Liabilities in Excess of Cash and Other Assets | (3.0)%				(2,255,907	)
Net Assets | 100.0%			$	74,107,491

Description	Shares		Value
Lazard Global Equity Select Portfolio
Common Stocks | 94.3%
Belgium | 2.6%
Anheuser-Busch InBev NV		937	$	98,487
Brazil | 0.7%
Cia Hering		2,194		26,475
Canada | 0.4%
MacDonald Dettwiler & Associates, Ltd.		213		16,824
China | 0.7%
Baidu, Inc. Sponsored ADR (a)		180		27,428
Denmark | 3.2%
Novo Nordisk A/S, Class B		2,055		93,748
Topdanmark A/S (a)		981		28,600
				122,348
Finland | 1.3%
Sampo Oyj, A Shares		933		48,474
Georgia | 0.5%
Bank of Georgia Holdings PLC		472		19,667
Germany | 2.6%
Continental AG		330		79,077
Symrise AG		383		19,146
				98,223
Indonesia | 0.3%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		324		12,756
Ireland | 2.1%
Eaton Corp. PLC		639		48,001
Experian PLC		1,779		32,089
				80,090
Japan | 5.3%
Daiwa House Industry Co., Ltd.		4,050		68,566
Mitsubishi Estate Co., Ltd.		3,035		72,227
Park24 Co., Ltd.		915		17,368
Sumitomo Mitsui Trust Holdings, Inc.		10,145		45,747
				203,908
Netherlands | 1.0%
NXP Semiconductor NV (a)		675		39,697
Peru | 1.0%
Credicorp, Ltd.		268		36,963
Philippines | 1.0%
Alliance Global Group, Inc.		30,011		19,074
Security Bank Corp.		8,678		20,513
				39,587
Russia | 1.6%
Magnit OJSC Sponsored GDR		565		31,017

Description	Shares		Value
Mobile TeleSystems OJSC Sponsored ADR		1,756	$	30,712
				61,729
South Africa | 1.1%
Life Healthcare Group Holdings Pte, Ltd.		11,788		43,009
South Korea | 1.8%
Samsung Electronics Co., Ltd.		54		68,287
Sweden | 2.1%
Assa Abloy AB, Class B		1,464		78,193
Switzerland | 3.9%
Novartis AG		904		76,781
Panalpina Welttransport Holding AG		177		27,208
Tyco International, Ltd.		1,075		45,580
				149,569
Taiwan | 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		1,705		34,134
Thailand | 0.8%
Kasikornbank Public Co. Ltd.		5,540		31,685
United Kingdom | 5.0%
International Consolidated Airlines Group SA (a)		8,141		56,689
Lloyds Banking Group PLC (a)		28,500		35,772
Rexam PLC		4,747		38,577
Unilever PLC		1,405		60,007
				191,045
United States | 54.4%
American Express Co.		841		75,715
Apple, Inc.		175		93,929
AutoZone, Inc. (a)		77		41,357
Bristol-Myers Squibb Co.		850		44,158
Citigroup, Inc.		1,859		88,488
Comcast Corp., Class A		1,035		50,467
Consol Energy, Inc.		1,987		79,381
CVS Caremark Corp.		495		37,056
Eastman Chemical Co.		448		38,622
EMC Corp.		1,957		53,641
Google, Inc., Class A (a)		70		78,016
Honeywell International, Inc.		958		88,864
Intel Corp.		1,947		50,252
IntercontinentalExchange Group, Inc.		246		48,666
Joy Global, Inc.		654		37,932
Kellogg Co.		620		38,880
Macy’s, Inc.		747		44,290
MasterCard, Inc., Class A		700		52,290
McKesson Corp.		358		63,212
Microsoft Corp.		970		39,760

Description	Shares		Value
Lazard Global Equity Select Portfolio (concluded)
Molson Coors Brewing Co., Class B		994	$	58,507
Monsanto Co.		400		45,508
Pfizer, Inc.		2,539		81,553
Qualcomm, Inc.		757		59,697
Quintiles Transnational Holdings, Inc.		715		36,301
Realogy Holdings Corp. (a)		443		19,248
Red Hat, Inc. (a)		635		33,642
Regions Financial Corp.		3,565		39,607
Ross Stores, Inc.		602		43,073
Schlumberger, Ltd.		736		71,760
The Hartford Financial Services Group, Inc.		2,019		71,210
United Technologies Corp.		659		76,998
UnitedHealth Group, Inc.		757		62,066
Vertex Pharmaceuticals, Inc. (a)		235		16,619
Viacom, Inc., Class B		1,014		86,180
Visa, Inc., Class A		360		77,710
Xerox Corp.		2,600		29,380
Zoetis, Inc.		1,102		31,892
				2,085,927
Total Common Stocks (Identified cost $3,592,497)				3,614,505
Preferred Stock | 0.9%
Germany | 0.9%
Volkswagen AG (Identified cost $37,377)		136		35,237
Short-Term Investment | 2.5%
State Street Institutional Treasury Money Market Fund (Identified cost $97,609)		97,609		97,609
Total Investments | 97.7% (Identified cost $3,727,483) (b)			$	3,747,351
Cash and Other Assets in Excess of Liabilities | 2.3%				86,493
Net Assets | 100.0%			$	3,833,844

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 98.4%
Argentina | 1.4%
YPF Sociedad Anonima Sponsored ADR		6,617,786	$	206,210,212
Brazil | 15.0%
Ambev SA ADR		24,727,140		183,228,107
Banco do Brasil SA		49,540,010		497,801,775
BB Seguridade Participacoes SA		23,801,500		263,400,469
CCR SA		20,997,200		161,203,713
CEMIG SA Sponsored ADR		12,563,131		85,429,291
Cielo SA		11,248,930		358,488,377
Localiza Rent a Car SA		5,881,200		86,053,698
Natura Cosmeticos SA		7,248,600		121,779,036
Souza Cruz SA		15,211,425		138,102,845
Vale SA Sponsored ADR		10,694,300		147,902,169
Via Varejo SA		11,184,400		117,068,973
				2,160,458,453
China | 7.3%
Baidu, Inc. Sponsored ADR (a)		1,388,500		211,579,630
China Construction Bank Corp., Class H		599,030,220		419,685,059
CNOOC, Ltd.		96,316,000		145,594,725
NetEase, Inc. Sponsored ADR		2,600,404		175,007,189
Weichai Power Co., Ltd., Class H		24,415,000		93,087,579
				1,044,954,182
Colombia | 2.7%
Pacific Rubiales Energy Corp.		21,833,400		393,218,448
Egypt | 1.0%
Commercial International Bank Egypt SAE GDR		29,408,009		143,174,450
Hong Kong | 2.5%
China Mobile, Ltd. Sponsored ADR		6,060,104		276,280,141
Huabao International Holdings, Ltd.		187,959,000		87,334,599
				363,614,740
Hungary | 1.4%
OTP Bank PLC		10,122,114		194,119,768
India | 6.2%
Axis Bank, Ltd.		6,621,559		161,697,310
Bank of India		13,984,218		53,698,739
Bharat Heavy Electricals, Ltd.		38,942,264		126,931,221
Jindal Steel & Power, Ltd.		21,419,470		105,148,377
Punjab National Bank, Ltd.		13,500,071		167,683,243
Tata Consultancy Services, Ltd.		7,643,829		273,699,968
				888,858,858
Indonesia | 6.9%
PT Astra International Tbk		197,249,800		129,146,368
PT Bank Mandiri (Persero) Tbk		337,405,930		283,922,893

Description	Shares		Value
PT Semen Indonesia (Persero) Tbk		82,494,600	$	115,822,851
PT Tambang Batubara Bukit Asam (Persero) Tbk		8,374,400		6,916,949
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		8,279,467		325,962,616
PT United Tractors Tbk		75,902,384		139,571,298
				1,001,342,975
Macau | 1.4%
Wynn Macau, Ltd.		49,178,400		203,790,059
Malaysia | 0.7%
British American Tobacco Malaysia Berhad		5,593,700		101,280,342
Mexico | 1.4%
Grupo Mexico SAB de CV, Series B		32,875,347		103,746,643
Kimberly-Clark de Mexico SAB de CV, Series A		37,113,795		99,070,564
				202,817,207
Netherlands | 1.1%
OCI NV		3,433,388		155,889,596
Pakistan | 1.8%
Oil & Gas Development Co., Ltd.		43,563,549		106,919,528
Pakistan Petroleum, Ltd.		68,605,602		156,318,607
				263,238,135
Philippines | 1.5%
Philippine Long Distance Telephone Co. Sponsored ADR		3,607,508		220,130,138
Russia | 10.7%
ALROSA AO (d)		104,099,412		107,054,586
Gazprom OAO Sponsored ADR		39,575,454		305,611,945
Lukoil OAO Sponsored ADR		1,725,917		96,069,155
Magnit OJSC Sponsored GDR (d), (e)		1,761,265		96,517,322
MegaFon OAO GDR (d), (e)		5,557,964		156,456,687
Mobile TeleSystems OJSC Sponsored ADR		15,899,643		278,084,756
Oriflame Cosmetics SA SDR		2,244,777		54,464,082
Sberbank of Russia (d)		190,565,008		455,388,817
				1,549,647,350
South Africa | 10.4%
Bidvest Group, Ltd.		8,399,930		222,152,890
Imperial Holdings, Ltd.		6,489,096		116,194,308
Nedbank Group, Ltd.		7,293,643		155,228,057
PPC, Ltd.		27,236,972		75,568,689
Sanlam, Ltd.		26,887,415		146,370,266
Shoprite Holdings, Ltd.		14,532,766		219,773,554
Standard Bank Group, Ltd.		8,357,501		110,191,320
Tiger Brands, Ltd.		3,995,994		103,349,578
Truworths International, Ltd.		12,684,056		93,340,779
Vodacom Group, Ltd.		12,149,823		150,022,720

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Woolworths Holdings, Ltd.		14,337,770	$	99,942,233
				1,492,134,394
South Korea | 13.8%
Coway Co., Ltd.		1,888,799		132,512,369
Hanwha Life Insurance Co., Ltd.		27,024,143		177,418,904
Hyundai Mobis Co., Ltd.		1,030,696		305,735,971
KB Financial Group, Inc.		6,752,140		236,825,510
KT&G Corp.		2,492,959		187,186,102
Samsung Electronics Co., Ltd.		382,031		483,104,425
Shinhan Financial Group Co., Ltd.		7,599,894		334,576,414
SK Hynix, Inc. (a)		3,715,290		126,088,423
				1,983,448,118
Taiwan | 4.4%
Hon Hai Precision Industry Co., Ltd.		60,600,329		171,832,930
Taiwan Semiconductor Manufacturing Co., Ltd.		118,322,284		462,327,956
				634,160,886
Thailand | 2.5%
CP All Public Co. Ltd. (d)		96,222,100		129,027,785
PTT Exploration & Production Public Co. Ltd. (d)		24,022,370		116,261,162
The Siam Cement Public Co. Ltd.		9,371,100		120,420,812
				365,709,759
Turkey | 4.3%
Akbank TAS		36,742,759		116,608,023
Koc Holding AS		46,856,246		197,295,235
Turkcell Iletisim Hizmetleri AS (a)		27,353,848		151,748,479
Turkiye Is Bankasi AS, C Shares		72,178,756		160,034,912
				625,686,649
Total Common Stocks (Identified cost $13,643,815,712)				14,193,884,719
Total Investments | 98.4% (Identified cost $13,643,815,712) (b)			$	14,193,884,719
Cash and Other Assets in Excess of Liabilities | 1.6%				236,347,659
Net Assets | 100.0%			$	14,430,232,378

Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks | 92.3%
Brazil | 3.7%
Ambev SA ADR		17,860	$	132,343
Cosan, Ltd., Class A		5,095		58,083
Klabin SA		11,800		60,534
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		4,735		73,039
Via Varejo SA		7,600		79,550
				403,549
Canada | 1.9%
Gran Tierra Energy, Inc. (a)		27,500		206,468
China | 15.0%
Anhui Conch Cement Co., Ltd., Class H		28,000		120,339
Baidu, Inc. Sponsored ADR (a)		954		145,371
Beijing Capital International Airport Co., Ltd., Class H		112,000		76,400
China Lesso Group Holdings, Ltd.		121,000		67,772
China Minsheng Banking Corp., Ltd., Class H		90,000		90,336
China Petroleum & Chemical Corp. ADR		1,000		89,500
CSR Corp., Ltd., Class H		134,000		113,046
ENN Energy Holdings, Ltd.		16,000		112,065
Industrial and Commercial Bank of China, Ltd., Class H		640,000		393,879
PICC Property & Casualty Co., Ltd., Class H		80,000		109,534
Vipshop Holdings, Ltd. ADS (a)		1,000		149,300
Want Want China Holdings, Ltd.		118,000		175,664
				1,643,206
Colombia | 0.8%
Pacific Rubiales Energy Corp.		4,585		82,576
Hong Kong | 3.9%
Brilliance China Automotive Holdings, Ltd.		96,000		147,035
Haier Electronics Group Co., Ltd.		56,000		151,755
Melco Crown Entertainment, Ltd. ADR (a)		3,390		131,023
				429,813
India | 6.5%
Dr Reddy’s Laboratories, Ltd. ADR		2,400		105,360
HDFC Bank, Ltd. Sponsored ADR		3,869		158,745
ICICI Bank, Ltd. Sponsored ADR		5,000		219,000
Tata Motors, Ltd. Sponsored ADR		6,300		223,083
				706,188
Indonesia | 2.9%
PT Bank Mandiri (Persero) Tbk		155,500		130,851
PT Matahari Department Store Tbk		63,600		78,058
PT Semen Indonesia (Persero) Tbk		79,900		112,180
				321,089

Description	Shares		Value
Macau | 1.5%
Sands China, Ltd.		22,400	$	167,902
Malaysia | 1.8%
CIMB Group Holdings Berhad		35,300		77,278
Sapurakencana Petroleum Berhad		88,900		122,531
				199,809
Mexico | 7.3%
Alsea SAB de CV		25,900		93,935
Cemex SAB de CV Sponsored ADR (a)		18,625		235,234
Fibra Uno Administracion SA de CV REIT		39,500		127,799
Genomma Lab Internacional SAB de CV, B Shares (a)		43,451		111,793
Gruma SAB de CV (a)		10,700		88,514
Grupo Financiero Banorte SAB de CV, Class O		20,700		139,987
				797,262
Peru | 1.0%
Credicorp, Ltd.		750		103,440
Philippines | 2.8%
Alliance Global Group, Inc.		212,700		135,185
GT Capital Holdings, Inc.		4,970		87,082
SM Investments Corp.		5,570		87,712
				309,979
Poland | 0.9%
Powszechna Kasa Oszczednosci Bank Polski SA		7,101		99,390
Portugal | 0.8%
Jeronimo Martins SGPS SA		5,453		91,594
Russia | 4.2%
Eurasia Drilling Co., Ltd. GDR		427		10,971
Magnit OJSC Sponsored GDR (d), (e)		2,390		130,972
Mail.ru Group, Ltd. GDR (a)		3,409		121,268
MegaFon OAO GDR (d), (e)		3,824		107,646
Sberbank of Russia Sponsored ADR		9,178		89,518
				460,375
South Africa | 4.2%
Aspen Pharmacare Holdings, Ltd.		4,629		123,692
Life Healthcare Group Holdings Pte, Ltd.		31,663		115,525
MTN Group, Ltd.		5,003		102,440
Naspers, Ltd., N Shares		1,106		122,028
				463,685
South Korea | 10.4%
DGB Financial Group, Inc.		10,710		154,883
Hyundai Glovis Co., Ltd.		508		115,550
Samsung Electronics Co., Ltd.		408		515,944

Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
SK Hynix, Inc. (a)		4,920	$	166,974
SK Telecom Co., Ltd. ADR		8,300		187,331
				1,140,682
Switzerland | 1.2%
Dufry AG (a)		779		134,080
Taiwan | 12.4%
Advanced Semiconductor Engineering, Inc. ADR		20,900		115,995
Delta Electronics, Inc.		26,000		161,154
Eclat Textile Co., Ltd.		7,000		80,885
Hermes Microvision, Inc.		2,000		80,446
Hon Hai Precision Industry Co., Ltd. GDR		33,961		194,851
Largan Precision Co., Ltd.		5,000		237,321
Merida Industry Co., Ltd.		13,000		86,421
President Chain Store Corp.		13,000		91,583
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		15,449		309,289
				1,357,945
Thailand | 2.3%
Bangkok Bank Public Co. Ltd.		13,700		75,937
Kasikornbank Public Co. Ltd.		30,700		175,583
				251,520
Turkey | 3.2%
TAV Havalimanlari Holding AS		24,636		196,810
Turk Traktor ve Ziraat Makineleri AS		2,903		74,788
Turkiye Garanti Bankasi AS		22,753		77,735
				349,333
United Kingdom | 2.7%
Hikma Pharmaceuticals PLC		5,653		156,853
Mondi PLC		7,580		132,768
				289,621
United States | 0.9%
First Cash Financial Services, Inc. (a)		1,965		99,154
Total Common Stocks (Identified cost $9,658,517)				10,108,660
Preferred Stocks | 4.5%
Brazil | 4.5%
Alpargatas SA		19,200		106,620
Itau Unibanco Holding SA ADR		17,700		263,022
Klabin SA		40,000		41,075
Suzano Papel e Celulose SA		23,500		86,791
Total Preferred Stocks (Identified cost $463,910)				497,508

Description	Shares		Value
Short-Term Investment | 1.0%
State Street Institutional Treasury Money Market Fund (Identified cost $108,727)		108,727	$	108,727
Total Investments | 97.8% (Identified cost $10,231,154) (b)			$	10,714,895
Cash and Other Assets in Excess of Liabilities | 2.2%				241,429
Net Assets | 100.0%			$	10,956,324

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 94.7%
Brazil | 12.0%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,492,060	$	8,982,609
EDP - Energias do Brasil SA		767,400		3,483,570
Estacio Participacoes SA		1,466,200		14,771,852
Gerdau SA Sponsored ADR		1,478,850		9,479,429
Localiza Rent a Car SA		282,420		4,132,368
Petroleo Brasileiro SA Sponsored ADR		829,100		11,499,617
Vale SA Sponsored ADR		518,215		7,166,913
Via Varejo SA		409,400		4,285,258
				63,801,616
China | 17.2%
AAC Technologies Holdings, Inc.		1,114,200		5,831,574
Agricultural Bank of China, Ltd., Class H		21,486,500		9,370,250
Anhui Conch Cement Co., Ltd., Class H		2,510,500		10,789,663
Anton Oilfield Services Group		9,068,000		5,764,367
Baidu, Inc. Sponsored ADR (a)		35,865		5,465,109
China Construction Bank Corp., Class H		5,057,184		3,543,101
China Merchants Bank Co., Ltd., Class H		3,751,211		6,814,274
China National Materials Co., Ltd., Class H		16,093,890		2,886,615
China Oilfield Services, Ltd., Class H		2,626,000		6,204,294
New Oriental Education & Technology Group, Inc. Sponsored ADR		350,900		10,298,915
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,218,000		10,107,271
Zhuzhou CSR Times Electric Co., Ltd., Class H		3,062,000		10,270,826
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		6,237,800		4,329,073
				91,675,332
Colombia | 6.2%
Bancolombia SA Sponsored ADR		168,000		9,488,640
Cemex Latam Holdings SA (a)		1,144,615		9,531,009
Pacific Rubiales Energy Corp.		779,729		14,042,881
				33,062,530
Hong Kong | 4.5%
China State Construction International Holdings, Ltd.		6,267,340		10,695,783
Techtronic Industries Co., Ltd.		4,838,000		13,535,048
				24,230,831
India | 13.6%
Aurobindo Pharma, Ltd.		1,329,104		11,392,022
Cairn India, Ltd.		1,712,196		9,522,088
HDFC Bank, Ltd. Sponsored ADR		198,900		8,160,867
ICICI Bank, Ltd. Sponsored ADR		331,230		14,507,874
Maruti Suzuki India, Ltd.		9,311		306,391

Description	Shares		Value
Reliance Industries, Ltd.		440,295	$	6,923,701
Shriram Transport Finance Co., Ltd.		770,634		9,833,208
Tata Motors, Ltd. Sponsored ADR		333,200		11,798,612
				72,444,763
Indonesia | 1.8%
PT Bank Rakyat Indonesia (Persero) Tbk		11,572,700		9,849,997
Macau | 1.8%
Sands China, Ltd.		1,296,000		9,714,322
Mexico | 3.8%
Genomma Lab Internacional SAB de CV, B Shares (a)		5,158,100		13,271,080
Grupo Financiero Banorte SAB de CV, Class O		996,557		6,739,383
				20,010,463
Peru | 1.7%
Credicorp, Ltd.		64,100		8,840,672
Philippines | 0.7%
SM Investments Corp.		249,378		3,926,992
Poland | 0.8%
Eurocash SA		322,517		4,257,312
Qatar | 1.0%
Qatar Electricity & Water Co.		109,904		5,191,478
Russia | 10.1%
Eurasia Drilling Co., Ltd. GDR		12,669		325,520
Globaltrans Investment PLC Sponsored GDR		1,048,733		12,096,613
Novatek OAO Sponsored GDR		107,395		11,855,978
Sberbank of Russia (d)		3,365,832		8,043,251
TMK OAO GDR		637,582		5,596,310
X5 Retail Group NV GDR (a)		473,441		7,436,321
Yandex NV Class A (a)		272,000		8,211,680
				53,565,673
South Africa | 2.0%
Exxaro Resources, Ltd.		398,739		5,291,929
Standard Bank Group, Ltd.		390,055		5,142,767
				10,434,696
South Korea | 5.9%
Halla Visteon Climate Control Corp.		19,700		900,771
Kia Motors Corp.		116,411		6,500,564
Korea Aerospace Industries, Ltd.		169,280		5,396,186
Samsung Electronics Co., Ltd.		14,793		18,706,764
				31,504,285
Taiwan | 6.1%
Catcher Technology Co., Ltd.		576,000		4,174,471
Hiwin Technologies Corp.		757,370		7,360,440
MediaTek, Inc.		809,000		11,981,082

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd.		2,357,000	$	9,209,651
				32,725,644
Turkey | 3.7%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,523,171		6,126,587
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		5,791,133		6,819,382
TAV Havalimanlari Holding AS		869,749		6,948,160
				19,894,129
United States | 1.8%
First Cash Financial Services, Inc. (a)		118,000		5,954,280
Freeport-McMoRan Copper & Gold, Inc.		109,700		3,627,779
				9,582,059
Total Common Stocks (Identified cost $510,240,152)				504,712,794
Preferred Stocks | 3.9%
Brazil | 3.9%
Banco Bradesco SA ADR		591,388		8,084,274
Marcopolo SA		6,320,900		12,675,229
Total Preferred Stocks (Identified cost $26,096,539)				20,759,503
Short-Term Investment | 1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $7,761,117)		7,761,117		7,761,117
Total Investments | 100.1% (Identified cost $544,097,808) (b)			$	533,233,414
Liabilities in Excess of Cash and Other Assets | (0.1)%				(731,485	)
Net Assets | 100.0%			$	532,501,929

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 92.7%
Argentina | 1.5%
YPF Sociedad Anonima Sponsored ADR		313,665	$	9,773,801
Brazil | 12.6%
Ambev SA ADR		635,375		4,708,129
Banco ABC Brasil SA (a)		15,691		84,921
Banco do Brasil SA		900,557		9,049,228
Brasil Insurance Participacoes e Administracao SA		443,905		2,232,241
Cielo SA Sponsored ADR		272,996		8,694,923
Companhia de Locacao das Americas		718,500		1,092,475
Cyrela Brazil Realty SA Empreendimentos e Participacoes		822,000		4,948,665
Estacio Participacoes SA		1,057,100		10,650,201
Even Construtora e Incorporadora SA		956,700		3,204,460
Grendene SA		506,775		3,466,350
Iochpe-Maxion SA		306,200		3,036,360
Localiza Rent a Car SA		475,900		6,963,367
Natura Cosmeticos SA		216,795		3,642,232
Petroleo Brasileiro SA Sponsored ADR		551,100		7,643,757
Souza Cruz SA		487,035		4,421,737
Tegma Gestao Logistica SA		312,445		2,628,724
Via Varejo SA		375,100		3,926,234
				80,394,004
Cambodia | 0.5%
NagaCorp, Ltd.		3,116,000		3,247,403
China | 11.7%
AAC Technologies Holdings, Inc.		711,140		3,722,012
Agricultural Bank of China, Ltd., Class H		18,096,000		7,891,655
Anhui Conch Cement Co., Ltd., Class H		1,668,500		7,170,903
Baidu, Inc. Sponsored ADR (a)		81,076		12,354,361
China Construction Bank Corp., Class H		14,465,281		10,134,484
China Lesso Group Holdings, Ltd.		5,715,000		3,200,984
China Oilfield Services, Ltd., Class H		1,160,000		2,740,663
China ZhengTong Auto Services Holdings, Ltd. (a)		5,911,000		3,293,178
CNOOC, Ltd.		3,526,800		5,331,238
Greatview Aseptic Packaging Co., Ltd.		5,541,000		2,943,199
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,138,000		9,443,411
Prince Frog International Holdings, Ltd.		2,222,000		663,994
Zhuzhou CSR Times Electric Co., Ltd., Class H		915,000		3,069,172
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		4,355,240		3,022,565
				74,981,819

Description	Shares		Value
Colombia | 3.4%
Bancolombia SA Sponsored ADR		83,820	$	4,734,154
Pacific Rubiales Energy Corp.		958,585		17,264,068
				21,998,222
Egypt | 0.9%
Commercial International Bank Egypt SAE GDR		1,192,983		5,808,101
Georgia | 0.4%
Bank of Georgia Holdings PLC		67,768		2,823,669
Hong Kong | 3.6%
Anxin-China Holdings, Ltd.		5,668,000		876,890
China Mobile, Ltd. Sponsored ADR		130,195		5,935,590
China State Construction International Holdings, Ltd.		5,142,504		8,776,149
Future Bright Holdings, Ltd.		2,796,000		1,378,496
Techtronic Industries Co., Ltd.		2,252,500		6,301,715
				23,268,840
Hungary | 1.0%
OTP Bank PLC		325,890		6,249,850
India | 4.9%
Axis Bank, Ltd.		368,360		8,995,286
ICICI Bank, Ltd. Sponsored ADR		237,090		10,384,542
Reliance Industries, Ltd.		308,284		4,847,810
Tata Motors, Ltd. Sponsored ADR		195,700		6,929,737
				31,157,375
Indonesia | 5.9%
PT Bank Mandiri (Persero) Tbk		11,343,600		9,545,498
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		31,230,000		2,886,829
PT Bank Rakyat Indonesia (Persero) Tbk		9,304,418		7,919,370
PT Bekasi Fajar Industrial Estate Tbk		57,025,000		2,863,373
PT Pakuwon Jati Tbk		101,276,400		3,133,039
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		165,450		6,513,767
PT United Tractors Tbk		2,610,080		4,799,484
				37,661,360
Kazakhstan | 0.3%
KCell JSC GDR		128,104		1,755,479
Macau | 2.0%
Sands China, Ltd.		708,600		5,311,396
Wynn Macau, Ltd.		1,868,330		7,742,161
				13,053,557
Malaysia | 0.1%
Kossan Rubber Industries Berhad		546,200		713,220
Mexico | 3.6%
Credito Real SAB de CV		1,915,900		3,152,199

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Genomma Lab Internacional SAB de CV, B Shares (a)		3,501,456	$	9,008,763
Grupo Financiero Banorte SAB de CV, Class O		741,500		5,014,518
Grupo Mexico SAB de CV, Series B		995,801		3,142,507
Kimberly-Clark de Mexico SAB de CV, Series A		1,028,300		2,744,916
				23,062,903
Netherlands | 0.6%
OCI NV		82,996		3,768,352
Peru | 0.6%
Credicorp, Ltd.		29,100		4,013,472
Philippines | 0.7%
Philippine Long Distance Telephone Co. Sponsored ADR		71,402		4,356,950
Russia | 11.1%
DIXY Group OJSC (a), (d)		141,654		1,082,577
Eurasia Drilling Co., Ltd. GDR		11,909		305,992
Gazprom OAO Sponsored ADR		839,004		6,479,007
Globaltrans Investment PLC Sponsored GDR		758,834		8,750,718
Lukoil OAO Sponsored ADR		87,573		4,897,520
MegaFon OAO GDR (d), (e)		211,414		5,951,304
Mobile TeleSystems OJSC Sponsored ADR		461,400		8,069,886
Novatek OAO Sponsored GDR		78,584		8,675,359
Oriflame Cosmetics SA SDR		137,488		3,335,814
Sberbank of Russia (d)		2,249,740		5,376,152
Sberbank of Russia Sponsored ADR		891,277		8,707,777
TMK OAO GDR		368,601		3,235,357
Yandex NV Class A (a)		189,980		5,735,496
				70,602,959
South Africa | 4.1%
AVI, Ltd.		623,335		3,346,198
Exxaro Resources, Ltd.		352,299		4,675,593
Standard Bank Group, Ltd.		893,950		11,786,482
Tiger Brands, Ltd.		157,027		4,061,236
Truworths International, Ltd.		334,902		2,464,512
				26,334,021
South Korea | 9.0%
Hanssem Co., Ltd.		42,936		2,830,474
Hanwha Life Insurance Co., Ltd.		808,352		5,306,992
Hyundai Mobis Co., Ltd.		37,645		11,166,659
KT Skylife Co., Ltd.		138,230		3,107,765
KT&G Corp.		69,322		5,205,106
Partron Co., Ltd.		262,900		3,280,731
Samsung Electronics Co., Ltd.		14,482		18,313,483

Description	Shares		Value
Shinhan Financial Group Co., Ltd.		181,720	$	8,000,010
				57,211,220
Taiwan | 7.4%
Catcher Technology Co., Ltd.		494,000		3,580,188
Chailease Holding Co., Ltd.		877,000		2,112,799
Chicony Electronics Co., Ltd.		1,239,000		3,215,835
GeoVision, Inc.		493,000		3,312,817
Hon Hai Precision Industry Co., Ltd.		1,935,279		5,487,506
Macauto Industrial Co., Ltd.		77,000		342,174
Makalot Industrial Co., Ltd.		685,000		3,809,968
MediaTek, Inc.		355,000		5,257,459
Radiant Opto-Electronics Corp.		892,280		3,606,864
Taiwan Semiconductor Manufacturing Co., Ltd.		4,169,000		16,289,791
				47,015,401
Thailand | 1.6%
Dynasty Ceramic Public Co. Ltd. (d)		1,694,300		2,742,008
Major Cineplex Group Public Co. Ltd. (d)		5,783,000		3,369,257
Supalai Public Co. Ltd. (d)		6,863,000		3,765,765
				9,877,030
Turkey | 5.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		854,645		3,437,603
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,195,784		3,763,214
Koc Holding AS ADR		394,667		8,236,700
Tofas Turk Otomobil Fabrikasi AS		632,804		3,589,559
Turkcell Iletisim Hizmetleri AS ADR (a)		376,575		5,185,438
Turkiye Is Bankasi AS, C Shares		2,499,022		5,540,838
Turkiye Sinai Kalkinma Bankasi AS		4,010,766		3,428,291
				33,181,643
Total Common Stocks (Identified cost $587,275,697)				592,310,651
Preferred Stocks | 3.1%
Brazil | 3.1%
Banco ABC Brasil SA		621,025		3,462,303
Banco Bradesco SA ADR		346,120		4,731,460
Marcopolo SA		3,601,800		7,222,649
Vale SA Sponsored ADR		364,215		4,534,477
Total Preferred Stocks (Identified cost $22,441,359)				19,950,889
Short-Term Investment | 3.7%
State Street Institutional Treasury Money Market Fund (Identified cost $23,589,587)		23,589,587		23,589,587

Description	Shares	Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Total Investments | 99.5% (Identified cost $633,306,643) (b)		$	635,851,127
Cash and Other Assets in Excess of Liabilities | 0.5%			2,992,170
Net Assets | 100.0%		$	638,843,297

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 53.5%
Argentina | 0.8%
YPF Sociedad Anonima Sponsored ADR		67,087	$	2,090,431
Brazil | 7.2%
Ambev SA ADR		144,000		1,067,040
Banco ABC Brasil SA (a)		3,275		17,725
Banco do Brasil SA		203,490		2,044,765
Brasil Insurance Participacoes e Administracao SA		98,805		496,855
Cielo SA Sponsored ADR		61,357		1,954,220
Companhia de Locacao das Americas		154,900		235,524
Cyrela Brazil Realty SA Empreendimentos e Participacoes		190,180		1,144,936
Estacio Participacoes SA		248,440		2,503,014
Even Construtora e Incorporadora SA		213,200		714,112
Grendene SA		112,795		771,520
Iochpe-Maxion SA		68,200		676,289
Localiza Rent a Car SA		104,300		1,526,117
Natura Cosmeticos SA		49,355		829,181
Petroleo Brasileiro SA Sponsored ADR		127,470		1,768,009
Souza Cruz SA		107,540		976,344
Tegma Gestao Logistica SA		67,032		563,967
Via Varejo SA		86,275		903,055
				18,192,673
Cambodia | 0.3%
NagaCorp, Ltd.		694,000		723,266
China | 6.8%
AAC Technologies Holdings, Inc.		167,500		876,673
Agricultural Bank of China, Ltd., Class H		4,253,000		1,854,731
Anhui Conch Cement Co., Ltd., Class H		386,000		1,658,956
Baidu, Inc. Sponsored ADR (a)		18,196		2,772,707
China Construction Bank Corp., Class H		3,287,065		2,302,942
China Lesso Group Holdings, Ltd.		1,283,000		718,611
China Oilfield Services, Ltd., Class H		278,000		656,814
China ZhengTong Auto Services Holdings, Ltd. (a)		1,326,500		739,029
CNOOC, Ltd.		800,000		1,209,309
Greatview Aseptic Packaging Co., Ltd.		1,225,000		650,680
Ping An Insurance (Group) Co. of China, Ltd., Class H		267,675		2,221,235
Prince Frog International Holdings, Ltd.		490,000		146,425
Zhuzhou CSR Times Electric Co., Ltd., Class H		214,240		718,622
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		1,023,570		710,364
				17,237,098

Description	Shares		Value
Colombia | 2.0%
Bancolombia SA Sponsored ADR		19,720	$	1,113,786
Pacific Rubiales Energy Corp.		221,355		3,986,592
				5,100,378
Egypt | 0.5%
Commercial International Bank Egypt SAE GDR		270,092		1,314,957
Georgia | 0.3%
Bank of Georgia Holdings PLC		15,404		641,834
Hong Kong | 2.1%
Anxin-China Holdings, Ltd.		1,260,000		194,933
China Mobile, Ltd. Sponsored ADR		29,728		1,355,300
China State Construction International Holdings, Ltd.		1,208,125		2,061,775
Future Bright Holdings, Ltd.		630,000		310,605
Techtronic Industries Co., Ltd.		530,000		1,482,756
				5,405,369
Hungary | 0.6%
OTP Bank PLC		74,309		1,425,082
India | 2.9%
Axis Bank, Ltd.		82,846		2,023,085
ICICI Bank, Ltd. Sponsored ADR		55,840		2,445,792
Reliance Industries, Ltd.		72,872		1,145,923
Tata Motors, Ltd. Sponsored ADR		45,450		1,609,384
				7,224,184
Indonesia | 3.3%
PT Bank Mandiri (Persero) Tbk		2,546,700		2,143,017
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		6,731,000		622,198
PT Bank Rakyat Indonesia (Persero) Tbk		2,186,900		1,861,360
PT Bekasi Fajar Industrial Estate Tbk		12,141,500		609,656
PT Pakuwon Jati Tbk		22,550,900		697,624
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		36,060		1,419,682
PT United Tractors Tbk		583,915		1,073,718
				8,427,255
Kazakhstan | 0.2%
KCell JSC GDR		29,129		399,171
Macau | 1.2%
Sands China, Ltd.		164,500		1,233,029
Wynn Macau, Ltd.		426,000		1,765,299
				2,998,328
Malaysia | 0.1%
Kossan Rubber Industries Berhad		123,600		161,395
Mexico | 2.1%
Credito Real SAB de CV		430,000		707,472

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Genomma Lab Internacional SAB de CV, B Shares (a)		823,065	$	2,117,633
Grupo Financiero Banorte SAB de CV, Class O		174,300		1,178,733
Grupo Mexico SAB de CV, Series B		222,509		702,184
Kimberly-Clark de Mexico SAB de CV, Series A		225,635		602,304
				5,308,326
Netherlands | 0.3%
OCI NV		18,740		850,871
Peru | 0.4%
Credicorp, Ltd.		6,785		935,787
Philippines | 0.4%
Philippine Long Distance Telephone Co. Sponsored ADR		15,935		972,354
Russia | 6.4%
DIXY Group OJSC (a), (d)		32,024		244,740
Eurasia Drilling Co., Ltd. GDR		2,760		70,916
Gazprom OAO Sponsored ADR		191,896		1,481,871
Globaltrans Investment PLC Sponsored GDR		170,985		1,971,764
Lukoil OAO Sponsored ADR		19,885		1,112,069
MegaFon OAO GDR (d), (e)		48,151		1,355,451
Mobile TeleSystems OJSC Sponsored ADR		105,910		1,852,366
Novatek OAO Sponsored GDR		18,211		2,010,422
Oriflame Cosmetics SA SDR		30,678		744,327
Sberbank of Russia (d)		521,420		1,246,025
Sberbank of Russia Sponsored ADR		200,312		1,957,048
TMK OAO GDR		85,431		749,862
Yandex NV Class A (a)		44,120		1,331,983
				16,128,844
South Africa | 2.4%
AVI, Ltd.		141,609		760,188
Exxaro Resources, Ltd.		82,806		1,098,973
Standard Bank Group, Ltd.		207,639		2,737,662
Tiger Brands, Ltd.		34,977		904,621
Truworths International, Ltd.		75,230		553,611
				6,055,055
South Korea | 5.1%
Hanssem Co., Ltd.		9,560		630,225
Hanwha Life Insurance Co., Ltd.		182,450		1,197,821
Hyundai Mobis Co., Ltd.		8,400		2,491,697
KT Skylife Co., Ltd.		31,020		697,409
KT&G Corp.		15,615		1,172,467
Partron Co., Ltd.		59,004		736,311
Samsung Electronics Co., Ltd.		3,308		4,183,193

Description	Shares		Value
Shinhan Financial Group Co., Ltd.		41,320	$	1,819,064
				12,928,187
Taiwan | 4.2%
Catcher Technology Co., Ltd.		113,000		818,950
Chailease Holding Co., Ltd.		186,000		448,096
Chicony Electronics Co., Ltd.		278,000		721,551
GeoVision, Inc.		111,000		745,888
Hon Hai Precision Industry Co., Ltd. GDR		221,156		1,268,884
Macauto Industrial Co., Ltd.		17,000		75,545
Makalot Industrial Co., Ltd.		146,000		812,051
MediaTek, Inc.		83,000		1,229,209
Radiant Opto-Electronics Corp.		191,930		775,839
Taiwan Semiconductor Manufacturing Co., Ltd.		278,000		1,086,247
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		134,276		2,688,206
				10,670,466
Thailand | 0.9%
Dynasty Ceramic Public Co. Ltd. (d)		368,200		595,885
Major Cineplex Group Public Co. Ltd. (d)		1,249,500		727,976
Supalai Public Co. Ltd. (d)		1,479,800		811,974
				2,135,835
Turkey | 3.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		200,885		808,011
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		726,755		855,795
Koc Holding AS ADR		88,504		1,847,078
Tofas Turk Otomobil Fabrikasi AS		140,905		799,279
Turkcell Iletisim Hizmetleri AS ADR (a)		85,250		1,173,893
Turkiye Is Bankasi AS, C Shares		566,023		1,254,988
Turkiye Sinai Kalkinma Bankasi AS		900,149		769,422
				7,508,466
Total Common Stocks (Identified cost $138,294,490)				134,835,612
Preferred Stocks | 1.8%
Brazil | 1.8%
Banco ABC Brasil SA		138,385		771,516
Banco Bradesco SA ADR		81,420		1,113,011
Marcopolo SA		843,320		1,691,100
Vale SA Sponsored ADR		82,910		1,032,230
Total Preferred Stocks (Identified cost $5,611,851)				4,607,857

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Corporate Bonds | 4.4%
Barbados | 0.1%
Columbus International, Inc., 7.375%, 03/30/21 (e)	USD		200	$	205,750
Brazil | 0.1%
Odebrecht Offshore Drilling Finance, Ltd., 6.625%, 10/01/23 (e)	USD		200		207,000
Bulgaria | 0.1%
Bulgarian Energy Holding EAD, 4.250%, 11/07/18	EUR		125		169,838
Chile | 0.1%
VTR Finance BV, 6.875%, 01/15/24 (e)	USD		200		208,000
China | 0.3%
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21 (e)	USD		200		203,000
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21	USD		200		186,600
Golden Eagle Retail Group, Ltd., 4.625%, 05/21/23	USD		200		176,334
MIE Holdings Corp., 9.750%, 05/12/16	USD		200		210,500
					776,434
Colombia | 0.3%
Millicom International Cellular SA, 4.750%, 05/22/20	USD		325		317,688
Pacific Rubiales Energy Corp., 7.250%, 12/12/21	USD		400		439,000
					756,688
Georgia | 0.2%
Bank of Georgia JSC, 7.750%, 07/05/17	USD		400		426,480
Guatemala | 0.4%
Cementos Progreso Trust, 7.125%, 11/06/23 (e)	USD		200		209,000
Comcel Trust, 6.875%, 02/06/24 (e)	USD		525		549,281
Industrial Senior Trust, 5.500%, 11/01/22 (e)	USD		325		309,969
					1,068,250
India | 0.2%
Vedanta Resources PLC, 9.500%, 07/18/18	USD		425		480,250
Indonesia | 0.2%
PT Gajah Tunggal Tbk:
7.750%, 02/06/18	USD		200		203,750

Description	Security Currency	Principal Amount (000)		Value
7.750%, 02/06/18 (e)	USD		200	$	203,750
					407,500
Kazakhstan | 0.3%
Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17	USD		350		372,225
Nostrum Oil & Gas Finance BV, 6.375%, 02/14/19 (e)	USD		200		204,000
Zhaikmunai LP, 7.125%, 11/13/19	USD		200		207,500
					783,725
Macau | 0.1%
MCE Finance, Ltd., 5.000%, 02/15/21	USD		200		200,000
Mexico | 0.2%
America Movil SAB de CV, 6.450%, 12/05/22	MXN		2,000		142,682
Bio Pappel SAB de CV, 10.000%, 08/27/16	USD		120		120,025
Credito Real SAB de CV, 7.500%, 03/13/19 (e)	USD		300		311,250
					573,957
Nigeria | 0.4%
Afren PLC, 6.625%, 12/09/20 (e)	USD		200		204,000
FBN Finance Co. BV:
8.250%, 08/07/20	USD		200		207,000
8.250%, 08/07/20 (e)	USD		250		258,750
GTB Finance BV, 6.000%, 11/08/18 (e)	USD		325		320,937
					990,687
Paraguay | 0.2%
Banco Regional SAECA, 8.125%, 01/24/19 (e)	USD		318		340,260
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22	USD		200		210,750
					551,010
Peru | 0.1%
Banco de Credito del Peru:
6.125%, 04/24/27	USD		250		259,375
6.125%, 04/24/27 (e)	USD		60		62,250
					321,625
Russia | 0.7%
Alliance Oil Co., Ltd., 7.000%, 05/04/20	USD		200		173,000
ALROSA Finance SA, 7.750%, 11/03/20	USD		225		237,375
EDC Finance, Ltd., 4.875%, 04/17/20 (e)	USD		400		362,000

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Gazprom Neft OAO, 4.375%, 09/19/22	USD		300	$	266,250
Metalloinvest Finance, Ltd.:
5.625%, 04/17/20	USD		200		188,000
5.625%, 04/17/20 (e)	USD		250		235,000
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		275		257,469
					1,719,094
Singapore | 0.1%
Oro Negro Drilling Pte, Ltd., 7.500%, 01/24/19 (e)	USD		200		201,000
Puma International Financing SA, 6.750%, 02/01/21	USD		200		202,500
					403,500
Trinidad and Tobago | 0.2%
Petroleum Co. of Trinidad and Tobago Ltd.:
9.750%, 08/14/19	USD		300		374,250
6.000%, 05/08/22	USD		71		75,880
					450,130
Turkey | 0.1%
Akbank TAS, 7.500%, 02/05/18 (e)	TRY		300		120,395
Turkiye Is Bankasi AS, 6.000%, 10/24/22	USD		250		234,000
					354,395
Total Corporate Bonds (Identified cost $11,131,319)					11,054,313
Foreign Government Obligations | 15.7%
Angola | 0.6%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD		1,490		1,629,687
Argentina | 0.5%
Republic of Argentina:
8.750%, 06/02/17	USD		800		744,000
8.280%, 12/31/33	USD		771		610,342
					1,354,342
Bahrain | 0.5%
Kingdom of Bahrain:
6.125%, 08/01/23	USD		200		217,500
6.125%, 08/01/23 (e)	USD		950		1,033,125
					1,250,625
Belarus | 0.2%
Republic of Belarus, 8.950%, 01/26/18	USD		600		615,000
Bolivia | 0.4%
Bolivia Government Bonds:
4.875%, 10/29/22	USD		650		643,500

Description	Security Currency	Principal Amount (000)		Value
5.950%, 08/22/23 (e)	USD		375	$	391,875
					1,035,375
Brazil | 3.4%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/15	BRL		3,210		1,304,123
0.000%, 01/01/16	BRL		2,250		810,701
0.000%, 01/01/17	BRL		5,035		1,604,368
Brazil Minas SPE,
5.333%, 02/15/28	USD		625		604,687
Brazil NTN-B:
6.000%, 08/15/16	BRL		680		726,008
6.000%, 08/15/18	BRL		270		285,281
6.000%, 08/15/20	BRL		40		41,961
6.000%, 08/15/50	BRL		525		504,269
Brazil NTN-F:
10.000%, 01/01/21	BRL		1,350		527,195
10.000%, 01/01/23	BRL		3,057		1,166,950
10.000%, 01/01/25	BRL		2,344		872,346
					8,447,889
Congo | 0.3%
Republic of Congo:
3.500%, 06/30/29 (e), (f)	USD		224		201,786
3.500%, 06/30/29 (f)	USD		502		452,301
					654,087
Dominican Republic | 0.1%
Dominican Republic:
9.040%, 01/23/18	USD		136		149,082
5.875%, 04/18/24	USD		225		223,313
					372,395
Ecuador | 0.3%
Republic of Ecuador, 9.375%, 12/15/15	USD		775		819,950
El Salvador | 0.2%
Republic of El Salvador:
8.250%, 04/10/32	USD		270		286,200
7.650%, 06/15/35	USD		135		134,325
					420,525
Gabon | 0.2%
Gabonese Republic, 6.375%, 12/12/24 (e)	USD		450		475,875
Georgia | 0.2%
Republic of Georgia, 6.875%, 04/12/21	USD		400		434,800
Guatemala | 0.1%
Republic of Guatemala, 5.750%, 06/06/22	USD		300		325,500
Honduras | 0.2%
Honduras Government Bond, 7.500%, 03/15/24	USD		400		398,000

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Hungary | 0.2%
Hungary:
5.750%, 11/22/23	USD		240	$	247,800
7.625%, 03/29/41	USD		328		378,020
					625,820
Iraq | 0.7%
Republic of Iraq, 5.800%, 01/15/28	USD		1,900		1,672,000
Ivory Coast | 0.9%
Ivory Coast, 5.750%, 12/31/32	USD		2,415		2,264,062
Kenya | 0.1%
Kenya Treasury Bill, 0.000%, 04/28/14	KES		12,000		137,938
Kenya Treasury Bond, 12.000%, 09/18/23	KES		7,750		92,638
					230,576
Mexico | 1.3%
Mexican Bonos:
6.250%, 06/16/16	MXN		3,250		260,496
7.250%, 12/15/16	MXN		1,100		90,670
5.000%, 06/15/17	MXN		3,040		237,101
4.750%, 06/14/18	MXN		15,720		1,194,088
8.500%, 12/13/18	MXN		5,950		520,034
Mexican Udibonos, 4.000%, 06/13/19	MXN		11,010		928,311
					3,230,700
Mozambique | 0.4%
Republic of Mozambique, 6.305%, 09/11/20	USD		1,000		955,000
Nigeria | 0.1%
Republic of Nigeria, 5.125%, 07/12/18 (e)	USD		125		127,688
Paraguay | 0.1%
Republic of Paraguay, 4.625%, 01/25/23	USD		275		272,250
Romania | 0.2%
Romanian Government International Bond, 4.875%, 01/22/24 (e)	USD		500		505,000
Russia | 1.3%
Russia Foreign Bond, 7.500%, 03/31/30	USD		1,079		1,227,220
Russia Government Bonds - OFZ:
6.900%, 08/03/16	RUB		4,349		121,538
7.500%, 02/27/19	RUB		33,310		915,402
7.600%, 04/14/21	RUB		6,373		172,103
7.600%, 07/20/22	RUB		4,852		129,022
7.000%, 01/25/23	RUB		6,600		169,294
8.150%, 02/03/27	RUB		12,308		334,484

Description	Security Currency	Principal Amount (000)		Value
7.050%, 01/19/28	RUB		12,510	$	309,294
					3,378,357
Rwanda | 0.2%
Republic of Rwanda, 6.625%, 05/02/23	USD		625		612,500
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD		200		227,250
Serbia | 0.1%
Serbia Treasury Bond, 10.000%, 10/17/16	RSD		15,900		188,922
Slovenia | 1.0%
Republic of Slovenia:
5.500%, 10/26/22	USD		975		1,039,594
5.850%, 05/10/23	USD		300		327,000
5.250%, 02/18/24 (e)	USD		1,025		1,063,765
					2,430,359
South Africa | 0.5%
Republic of South Africa, 8.250%, 09/15/17	ZAR		11,900		1,152,462
Sri Lanka | 0.2%
Republic of Sri Lanka:
6.000%, 01/14/19 (e)	USD		500		523,125
6.250%, 10/04/20	USD		50		52,375
					575,500
Tanzania | 0.1%
United Republic of Tanzania, 6.332%, 03/09/20	USD		325		344,094
Turkey | 0.2%
Turkey Government Bonds:
8.800%, 11/14/18	TRY		300		133,196
3.000%, 02/23/22	TRY		673		305,835
					439,031
Uganda | 0.0%
Uganda Treasury Bill, 0.000%, 08/07/14	UGX		150,000		52,092
United Arab Emirates | 0.3%
Dubai Government International Bond, 5.591%, 06/22/21	USD		650		721,500
Uruguay | 0.3%
Republica Orient Uruguay, 5.000%, 09/14/18	UYU		9,764		451,258
Uruguay Monetary Regulation Bills:
0.000%, 12/18/14	UYU		2,000		79,430
0.000%, 11/26/15	UYU		3,600		127,431
Uruguay Notas Del Tesoro, 9.750%, 06/14/14	UYU		1,070		46,689
					704,808

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Venezuela | 0.0%
Republic of Venezuela, 8.500%, 10/08/14	USD		125	$	122,813
Zambia | 0.2%
Zambia Treasury Bills:
0.000%, 10/13/14	ZMW		1,235		183,584
0.000%, 10/27/14	ZMW		700		104,919
0.000%, 11/10/14	ZMW		660		98,367
0.000%, 01/12/15	ZMW		635		90,932
0.000%, 01/26/15	ZMW		700		101,323
					579,125
Total Foreign Government Obligations (Identified cost $39,289,274)					39,645,959
Quasi Government Bonds | 0.9%
Azerbaijan | 0.2%
State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23	USD		600		572,100
Colombia | 0.0%
Empresas Publicas de Medellin ESP, 8.375%, 02/01/21	COP		72,000		38,064
Venezuela | 0.7%
Petroleos de Venezuela SA:
4.900%, 10/28/14	USD		1,250		1,193,750
6.000%, 11/15/26	USD		325		176,312
5.375%, 04/12/27	USD		200		106,000
5.500%, 04/12/37	USD		200		103,500
					1,579,562
Total Quasi Government Bonds (Identified cost $2,201,084)					2,189,726

Description	Shares		Value
Short-Term Investment | 22.5%
State Street Institutional Treasury Money Market Fund (Identified cost $56,572,783)		56,572,783	$	56,572,783
Total Investments | 98.8% (Identified cost $253,100,801)				248,906,250

Description	Number of Contracts		Value
Purchased Option | 0.0%
USD vs EUR April 14 1.37 Put, Expires 04/07/14 (Identified cost $25,118)		29,055	$	12,409

Description	Security Currency	Principal Amount (000)	Value
Total Investments and Purchased Option | 98.8% (Identified cost $253,125,919) (b), (g)			$	248,918,659
Cash and Other Assets in Excess of Liabilities | 1.2%				2,948,282
Net Assets | 100.0%			$	251,866,941

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AMD	JPM	10/28/14		74,932,200	$	171,000	$	173,596	$	2,596	$	—
BRL	BRC	04/02/14		99,223		42,000		43,730		1,730		—
BRL	BRC	04/02/14		541,955		239,485		238,852		—		633
BRL	BRC	04/02/14		743,251		319,953		327,568		7,615		—
BRL	HSB	04/02/14		1,053,933		465,930		464,493		—		1,437
BRL	JPM	04/02/14		2,199,759		969,911		969,484		—		427
BRL	JPM	04/02/14		2,199,759		969,911		969,484		—		427
BRL	SCB	04/02/14		1,933,766		853,760		852,255		—		1,505
BRL	UBS	04/22/14		1,158,605		490,000		507,974		17,974		—
BRL	UBS	04/22/14		1,914,431		809,348		839,356		30,008		—
CAD	UBS	04/11/14		56,286		50,000		50,903		903		—
CLP	CIT	04/28/14		158,188,000		284,000		287,662		3,662		—
CLP	BNP	05/16/14		286,192,000		496,000		519,483		23,483		—
CLP	SCB	04/28/14		17,163,000		29,981		31,210		1,229		—
CLP	UBS	04/21/14		156,711,250		283,000		285,191		2,191		—
CLP	UBS	04/25/14		155,884,800		276,000		283,565		7,565		—
CNH	JPM	04/22/14		2,642,049		430,000		424,930		—		5,070
CNH	SCB	04/22/14		2,719,755		442,604		437,428		—		5,176
CNY	BRC	05/19/14		1,859,302		302,178		298,749		—		3,429
CNY	HSB	04/22/14		274,973		45,000		44,203		—		797
CNY	HSB	04/22/14		4,381,497		714,000		704,349		—		9,651
COP	CIT	04/10/14		872,331,500		425,216		442,148		16,932		—
COP	JPM	04/10/14		336,765,000		165,609		170,692		5,083		—
COP	JPM	04/16/14		336,765,000		164,798		170,627		5,829		—
COP	SCB	04/10/14		336,765,000		165,609		170,692		5,083		—
COP	SCB	04/16/14		336,765,000		165,040		170,627		5,587		—
COP	SCB	04/16/14		586,774,000		287,550		297,298		9,748		—
COP	UBS	04/16/14		1,618,328,800		836,000		819,951		—		16,049
COP	UBS	05/23/14		618,953,250		303,000		312,739		9,739		—
CZK	JPM	04/04/14		8,241,300		403,669		413,593		9,924		—
CZK	JPM	04/22/14		6,084,581		306,288		305,387		—		901
CZK	JPM	05/05/14		9,217,236		462,565		462,648		83		—
EUR	BRC	04/11/14		215,623		299,000		297,047		—		1,953
EUR	BRC	04/11/14		291,038		405,000		400,941		—		4,059
EUR	BRC	04/11/14		291,038		405,000		400,941		—		4,059
EUR	CIT	04/07/14		120,000		166,902		165,316		—		1,586
EUR	CIT	04/07/14		127,000		174,377		174,959		582		—
EUR	CIT	04/07/14		201,428		280,127		277,495		—		2,632
EUR	CIT	06/23/14		437,625		609,334		602,822		—		6,512
EUR	HSB	04/07/14		110,759		154,199		152,586		—		1,613
EUR	JPM	04/04/14		300,339		413,777		413,760		—		17
EUR	JPM	05/06/14		383,393		517,883		528,143		10,260		—
EUR	JPM	05/06/14		384,135		532,354		529,166		—		3,188
EUR	JPM	05/06/14		391,346		532,707		539,100		6,393		—
EUR	JPM	05/06/14		428,329		584,074		590,045		5,971		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
EUR		JPM	05/06/14		433,978	$	585,904	$	597,826	$	11,922	$	—
GHS		CIT	04/04/14		853,500		320,023		316,777		—		3,246
GHS		CIT	04/15/14		911,000		340,561		336,007		—		4,554
HUF		BNP	04/15/14		72,275,990		330,865		323,778		—		7,087
HUF		JPM	04/10/14		16,452,393		72,967		73,723		756		—
HUF		JPM	04/10/14		162,497,640		711,029		728,152		17,123		—
HUF		JPM	04/11/14		3,496,826		15,473		15,668		195		—
HUF		BNP	04/15/14		98,056,350		433,340		439,267		5,927		—
IDR		BRC	04/01/14		1,896,960,000		162,690		166,986		4,296		—
IDR		JPM	04/01/14		1,264,120,000		108,369		111,279		2,910		—
IDR		JPM	04/01/14		1,865,730,000		163,003		164,237		1,234		—
IDR		JPM	04/28/14		5,832,360,000		510,000		511,073		1,073		—
IDR		SCB	04/17/14		2,989,824,000		261,600		262,496		896		—
INR		BRC	04/04/14		19,484,250		313,000		326,164		13,164		—
INR		BRC	04/21/14		28,464,800		463,332		474,450		11,118		—
INR		BRC	04/21/14		30,415,260		482,399		506,961		24,562		—
INR		BRC	04/24/14		16,394,475		266,274		273,056		6,782		—
INR		HSB	04/21/14		12,316,000		200,619		205,283		4,664		—
INR		JPM	04/07/14		20,215,000		325,000		338,139		13,139		—
INR		JPM	04/21/14		28,460,250		463,409		474,375		10,966		—
INR		JPM	04/24/14		7,286,210		118,273		121,354		3,081		—
INR		JPM	04/24/14		20,215,000		328,646		336,688		8,042		—
INR		SCB	04/10/14		38,867,730		627,000		649,651		22,651		—
INR		SCB	04/21/14		8,626,800		140,000		143,791		3,791		—
INR		SCB	04/21/14		12,316,000		200,554		205,283		4,729		—
INR		SCB	04/24/14		15,499,812		251,784		258,155		6,371		—
INR		SCB	05/05/14		19,918,800		330,000		330,836		836		—
JPY		SCB	04/11/14		11,268,000		109,203		109,176		—		27
KRW		BRC	04/21/14		207,714,000		193,767		194,952		1,185		—
KRW		BRC	04/21/14		214,440,000		200,000		201,265		1,265		—
KRW		BRC	04/24/14		759,991,350		709,377		713,189		3,812		—
KRW		JPM	04/01/14		450,688,140		420,050		423,400		3,350		—
KRW		JPM	04/21/14		108,300,000		100,000		101,646		1,646		—
KRW		JPM	04/21/14		207,714,000		193,606		194,952		1,346		—
KRW		JPM	04/21/14		214,400,000		200,000		201,227		1,227		—
KRW		SCB	04/24/14		687,895,500		635,000		645,533		10,533		—
KRW		UBS	04/21/14		300,216,000		280,000		281,770		1,770		—
KZT		BRC	06/16/14		70,929,850		379,000		380,736		1,736		—
KZT		CIT	09/12/14		51,761,000		271,000		272,533		1,533		—
KZT		CIT	11/14/14		37,436,000		196,000		194,487		—		1,513
KZT		CIT	02/13/15		22,310,000		115,000		113,782		—		1,218
KZT		HSB	06/16/14		3,817,500		24,062		20,491		—		3,571
KZT		HSB	06/16/14		25,909,600		139,000		139,077		77		—
KZT		HSB	06/16/14		30,571,200		192,538		164,099		—		28,439
KZT		HSB	09/11/14		51,761,000		271,000		272,591		1,591		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
MXN		BRC	04/11/14		1,347,153	$	101,333	$	103,115	$	1,782	$	—
MXN		BRC	04/11/14		3,663,582		280,000		280,421		421		—
MXN		BRC	04/21/14		2,519,647		189,671		192,712		3,041		—
MXN		BRC	04/21/14		4,118,133		310,000		314,971		4,971		—
MXN		CIT	04/30/14		24,050,400		1,822,000		1,838,191		16,191		—
MXN		HSB	04/21/14		10,546,437		792,906		806,632		13,726		—
MYR		BRC	04/10/14		986,166		301,000		301,823		823		—
MYR		BRC	05/21/14		1,984,262		603,247		605,556		2,309		—
MYR		JPM	04/21/14		1,889,017		567,000		577,693		10,693		—
NGN		BRC	04/22/14		34,360,800		206,000		206,889		889		—
NGN		BRC	06/18/14		11,683,750		65,000		68,882		3,882		—
NGN		CIT	04/04/14		15,408,800		93,262		93,300		38		—
NGN		CIT	04/11/14		15,408,800		92,936		93,096		160		—
NGN		CIT	04/29/14		37,150,400		224,000		223,199		—		801
NGN		JPM	06/17/14		12,420,000		69,000		73,253		4,253		—
NGN		JPM	06/17/14		12,772,500		75,000		75,332		332		—
PEN		BRC	04/22/14		1,299,960		460,000		461,137		1,137		—
PEN		CIT	04/10/14		455,706		162,000		161,920		—		80
PEN		CIT	05/14/14		1,093,772		386,560		386,888		328		—
PEN		JPM	04/28/14		1,712,044		607,000		606,816		—		184
PHP		BRC	04/10/14		5,802,388		130,655		129,360		—		1,295
PHP		HSB	04/14/14		37,747,710		838,000		841,478		3,478		—
PHP		JPM	05/13/14		13,497,135		303,000		300,676		—		2,324
PHP		SCB	04/10/14		5,802,388		130,655		129,360		—		1,295
PHP		SCB	04/21/14		5,895,500		130,000		131,402		1,402		—
PLN		BNP	04/14/14		1,151,310		374,000		380,456		6,456		—
PLN		BRC	04/11/14		532,143		174,456		175,883		1,427		—
PLN		BRC	04/11/14		532,143		174,345		175,883		1,538		—
PLN		BRC	04/14/14		2,060,887		676,000		681,029		5,029		—
PLN		CIT	04/11/14		532,143		174,596		175,883		1,287		—
PLN		JPM	04/11/14		532,143		174,393		175,883		1,490		—
PLN		JPM	04/28/14		2,067,482		679,199		682,594		3,395		—
PLN		UBS	04/11/14		532,143		174,367		175,883		1,516		—
RON		JPM	04/07/14		108,782		33,560		33,580		20		—
RON		JPM	04/07/14		606,685		184,903		187,281		2,378		—
RON		JPM	04/07/14		2,922,143		889,000		902,051		13,051		—
RSD		CIT	04/07/14		23,410,000		276,828		278,959		2,131		—
RSD		CIT	04/07/14		93,480,000		1,113,985		1,113,930		—		55
RSD		CIT	04/11/14		6,978,000		83,649		83,078		—		571
RSD		CIT	04/11/14		23,410,000		280,729		278,714		—		2,015
RSD		CIT	04/22/14		2,335,600		27,998		27,740		—		258
RSD		CIT	04/22/14		15,939,950		190,282		189,320		—		962
RSD		CIT	04/22/14		26,246,250		314,628		311,729		—		2,899
RSD		CIT	04/28/14		9,898,250		118,259		117,408		—		851
RSD		HSB	04/07/14		12,842,500		151,865		153,034		1,169		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
RSD		HSB	04/11/14		12,842,500	$	154,005	$	152,900	$	—	$	1,105
RSD		HSB	04/22/14		26,178,750		312,881		310,927		—		1,954
RSD		HSB	04/28/14		12,213,600		145,921		144,871		—		1,050
RUB		BRC	04/07/14		3,159,623		86,601		89,987		3,386		—
RUB		JPM	04/07/14		3,159,840		86,039		89,993		3,954		—
SGD		HSB	04/14/14		746,007		588,809		593,061		4,252		—
THB		BNP	04/10/14		823,250		25,440		25,369		—		71
THB		SCB	04/24/14		15,082,020		468,342		464,469		—		3,873
TRY		CIT	05/12/14		1,374,818		609,000		634,700		25,700		—
TRY		JPM	04/21/14		135,051		65,000		62,735		—		2,265
TRY		JPM	04/21/14		504,329		230,000		234,275		4,275		—
TWD		HSB	04/14/14		10,779,615		357,000		354,109		—		2,891
TWD		SCB	06/18/14		12,388,610		409,000		407,751		—		1,249
UGX		CIT	04/11/14		405,031,000		159,870		158,622		—		1,248
UGX		CIT	05/02/14		273,533,000		106,000		106,497		497		—
UGX		CIT	05/02/14		274,990,000		107,000		107,065		65		—
UGX		CIT	05/02/14		470,493,000		183,000		183,182		182		—
UGX		CIT	05/02/14		478,159,000		187,000		186,166		—		834
UGX		CIT	05/20/14		90,020,000		35,000		34,887		—		113
UYU		CIT	04/11/14		883,200		38,925		39,022		97		—
UYU		CIT	06/11/14		1,508,760		66,000		65,416		—		584
UYU		HSB	04/11/14		875,600		38,556		38,687		131		—
UYU		HSB	04/30/14		8,032,000		348,611		352,900		4,289		—
UYU		JPM	04/07/14		1,536,530		67,920		67,968		48		—
UYU		JPM	04/11/14		663,600		29,389		29,320		—		69
UYU		JPM	04/14/14		2,070,000		92,113		91,378		—		735
UYU		JPM	04/24/14		6,639,129		289,161		292,215		3,054		—
UYU		JPM	06/11/14		1,508,100		66,000		65,388		—		612
ZAR		CIT	04/24/14		7,502,803		683,367		710,253		26,886		—
ZAR		JPM	04/11/14		350,853		32,198		33,280		1,082		—
ZMW		CIT	04/11/14		1,343,288		220,500		217,588		—		2,912
ZMW		JPM	04/08/14		200,000		33,761		32,438		—		1,323
ZMW		SCB	04/08/14		690,000		107,176		111,910		4,734		—
ZMW		SCB	04/09/14		690,000		107,126		111,862		4,736		—
Total Forward Currency Purchase Contracts						$	52,342,834	$	52,785,160	$	599,580	$	157,254
Forward Currency Sale Contracts
AUD		UBS	04/22/14		862,098	$	780,000	$	798,411	$	—	$	18,411
BRL		BRC	04/02/14		197,000		85,134		86,822		—		1,688
BRL		BRC	04/02/14		344,955		146,013		152,030		—		6,017
BRL		BRC	05/05/14		541,955		237,590		236,810		780		—
BRL		BRC	05/05/14		589,970		252,000		257,790		—		5,790
BRL		HSB	04/02/14		1,053,933		446,118		464,492		—		18,374
BRL		HSB	05/05/14		1,053,933		462,231		460,521		1,710		—
BRL		JPM	04/02/14		265,993		117,363		117,229		134		—

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sales Contracts (continued)
BRL		JPM	04/02/14		1,933,766	$	818,647	$	852,255	$	—	$	33,608
BRL		JPM	05/05/14		2,199,759		962,211		961,196		1,015		—
BRL		JPM	05/05/14		2,199,759		962,211		961,196		1,015		—
BRL		SCB	04/02/14		1,933,766		818,525		852,254		—		33,729
BRL		SCB	05/05/14		311,156		136,143		135,961		182		—
BRL		SCB	05/05/14		1,933,766		847,010		844,969		2,041		—
BRL		UBS	04/02/14		842,474		356,000		371,298		—		15,298
CAD		UBS	04/21/14		420,926		380,000		380,580		—		580
CAD		UBS	04/21/14		869,308		784,786		785,983		—		1,197
CLP		BRC	04/25/14		82,500,000		143,403		150,073		—		6,670
CLP		HSB	04/21/14		186,158,700		324,981		338,781		—		13,800
CLP		HSB	04/25/14		172,028,128		300,171		312,931		—		12,760
CLP		JPM	04/21/14		72,824,960		127,094		132,530		—		5,436
CLP		SCB	04/25/14		17,163,000		29,985		31,221		—		1,236
CLP		SCB	04/25/14		82,500,000		143,891		150,073		—		6,182
CLP		SCB	04/28/14		17,163,000		30,000		31,211		—		1,211
CNH		JPM	04/22/14		2,642,049		425,177		424,930		247		—
CNH		SCB	04/22/14		2,719,755		437,689		437,427		262		—
COP		BRC	04/16/14		240,480,000		120,000		121,843		—		1,843
COP		HSB	04/16/14		500,750,000		250,000		253,713		—		3,713
COP		JPM	04/10/14		336,765,000		164,838		170,692		—		5,854
COP		SCB	04/10/14		336,765,000		165,097		170,692		—		5,595
COP		SCB	04/16/14		503,250,000		250,000		254,979		—		4,979
CZK		JPM	04/04/14		8,241,300		413,777		413,593		184		—
EUR		BNP	04/15/14		240,639		330,865		331,507		—		642
EUR		BNP	04/24/14		958,687		1,300,497		1,320,671		—		20,174
EUR		BRC	04/11/14		12,825		17,894		17,668		226		—
EUR		CIT	04/07/14		200,480		276,828		276,187		641		—
EUR		CIT	04/07/14		800,000		1,113,984		1,102,107		11,877		—
EUR		CIT	04/11/14		59,815		83,649		82,402		1,247		—
EUR		CIT	04/11/14		201,290		280,729		277,301		3,428		—
EUR		CIT	04/22/14		20,000		27,998		27,552		446		—
EUR		CIT	04/22/14		137,000		190,282		188,729		1,553		—
EUR		CIT	04/22/14		224,750		314,628		309,613		5,015		—
EUR		CIT	04/28/14		85,000		118,259		117,094		1,165		—
EUR		HSB	04/07/14		109,934		151,865		151,449		416		—
EUR		HSB	04/11/14		110,606		154,005		152,374		1,631		—
EUR		HSB	04/22/14		224,137		312,881		308,769		4,112		—
EUR		HSB	04/22/14		1,305,425		1,818,353		1,798,340		20,013		—
EUR		HSB	04/28/14		105,000		145,921		144,645		1,276		—
EUR		JPM	04/04/14		300,000		403,670		413,293		—		9,623
EUR		JPM	04/07/14		24,158		33,561		33,281		280		—
EUR		JPM	04/07/14		134,000		184,903		184,603		300		—
EUR		JPM	04/10/14		53,000		72,967		73,014		—		47
EUR		JPM	04/10/14		524,000		711,029		721,876		—		10,847

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sales Contracts (continued)
EUR		JPM	04/22/14		222,284	$	306,288	$	306,216	$	72	$	—
EUR		JPM	04/28/14		492,000		679,199		677,765		1,434		—
EUR		JPM	05/05/14		336,000		462,565		462,858		—		293
EUR		JPM	05/06/14		2,125		2,932		2,927		5		—
EUR		JPM	05/06/14		625,000		858,437		860,970		—		2,533
EUR		BNP	04/15/14		315,000		433,340		433,947		—		607
EUR		SCB	04/11/14		471,517		657,745		649,572		8,173		—
EUR		UBS	06/23/14		328,049		451,651		451,882		—		231
HUF		BRC	04/11/14		3,716,532		16,435		16,652		—		217
HUF		BRC	04/11/14		75,071,700		330,000		336,377		—		6,377
IDR		BRC	04/01/14		1,896,960,000		165,731		166,986		—		1,255
IDR		JPM	04/01/14		928,000,000		80,000		81,690		—		1,690
IDR		JPM	04/01/14		2,201,850,000		189,000		193,825		—		4,825
INR		BRC	04/04/14		19,484,250		312,899		326,163		—		13,264
INR		JPM	04/07/14		20,215,000		329,772		338,139		—		8,367
INR		SCB	04/21/14		1,845,000		30,000		30,752		—		752
JPY		BRC	04/11/14		11,268,422		110,000		109,180		820		—
JPY		CIT	06/16/14		60,893,213		593,000		590,198		2,802		—
JPY		SCB	04/25/14		57,762,367		564,750		559,702		5,048		—
JPY		SCB	04/25/14		65,013,205		635,000		629,961		5,039		—
KRW		JPM	04/01/14		450,688,140		421,677		423,400		—		1,723
MXN		BRC	04/11/14		5,051,511		380,000		386,657		—		6,657
MXN		BRC	04/11/14		5,829,193		440,000		446,183		—		6,183
MYR		CIT	04/21/14		726,921		221,826		222,305		—		479
MYR		SCB	04/21/14		623,067		190,000		190,544		—		544
MYR		SCB	04/21/14		1,453,842		443,420		444,609		—		1,189
MYR		UBS	04/21/14		1,454,060		443,717		444,676		—		959
NGN		BRC	06/18/14		11,683,750		69,775		68,882		893		—
PEN		BRC	04/30/14		808,038		285,930		286,322		—		392
PEN		CIT	04/30/14		333,438		117,989		118,151		—		162
PEN		HSB	04/30/14		807,870		285,366		286,263		—		897
PEN		JPM	04/30/14		333,438		118,064		118,151		—		87
PEN		SCB	04/30/14		1,424,808		504,893		504,870		23		—
PHP		BRC	04/21/14		23,020,500		515,000		513,091		1,909		—
PHP		SCB	04/21/14		23,467,500		525,000		523,054		1,946		—
RON		JPM	04/11/14		1,172,655		360,839		361,922		—		1,083
RSD		CIT	04/07/14		13,987,200		166,902		166,675		227		—
RSD		CIT	04/07/14		14,865,350		174,377		177,139		—		2,762
RSD		CIT	04/07/14		23,410,000		280,126		278,959		1,167		—
RSD		HSB	04/07/14		12,842,500		154,198		153,034		1,164		—
RUB		BRC	04/07/14		3,159,623		87,000		89,987		—		2,987
RUB		BRC	04/11/14		3,159,623		86,487		89,896		—		3,409
RUB		BRC	04/11/14		8,342,685		228,441		237,361		—		8,920
RUB		BRC	04/11/14		52,383,564		1,426,801		1,490,388		—		63,587
RUB		CIT	04/30/14		5,719,680		160,000		161,954		—		1,954

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (concluded):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sales Contracts (concluded)
RUB		JPM	04/07/14		3,159,840	$	87,000	$	89,993	$	—	$	2,993
RUB		JPM	04/11/14		3,159,840		85,928		89,902		—		3,974
RUB		JPM	04/11/14		3,191,084		87,218		90,791		—		3,573
RUB		JPM	04/11/14		4,785,511		130,000		136,155		—		6,155
SGD		HSB	04/14/14		746,007		583,867		593,061		—		9,194
THB		HSB	04/21/14		29,627,750		913,788		912,543		1,245		—
THB		JPM	04/11/14		4,905,000		151,869		151,142		727		—
THB		JPM	04/11/14		10,660,000		328,921		328,476		445		—
THB		JPM	04/21/14		6,195,900		191,143		190,836		307		—
THB		SCB	04/11/14		10,660,000		328,809		328,476		333		—
TRY		BRC	04/11/14		273,298		120,560		127,340		—		6,780
TRY		CIT	05/12/14		287,931		127,504		132,927		—		5,423
TRY		JPM	04/21/14		403,860		193,912		187,605		6,307		—
TRY		JPM	04/21/14		958,142		432,628		445,084		—		12,456
ZAR		CIT	04/24/14		4,284,599		392,000		405,602		—		13,602
ZAR		JPM	04/24/14		3,697,978		342,000		350,069		—		8,069
ZAR		JPM	04/24/14		3,707,470		343,000		350,968		—		7,968
Total Forward Currency Sale Contracts						$	40,099,572	$	40,468,166		101,282		469,876
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	700,862	$	627,130

Written Option open at March 31, 2014:                                                

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Value
CLP vs USD April 14 555.00 Put	3,220		555.00	04/24/14	$	3,027	$	(4,347	)

Credit Default Swap Agreements open at March 31, 2014:                                    

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
ITRAXX	JPM	1,750,000	06/20/19		1.00	%	$	(180,912	)	$	(172,412	)	$	—	$	8,500
Markit CDS EM21 Series 9PA	JPM	450,000	06/20/19		5.00	%		42,508			37,935			4,573		—
Markit CDS EM21 Series 9PA	JPM	1,310,000	06/20/19		5.00	%		123,746			112,660			11,086		—
People’s Republic of China	BRC	390,000	06/20/19		(1.00	%)		(1,723	)		(387	)		—		1,336
People’s Republic of China	JPM	4,500,000	06/20/19		(1.00	%)		(19,886	)		(2,512	)		—		17,374
Republic of Turkey	JPM	1,327,000	06/20/19		(1.00	%)		73,024			89,631			—		16,607
Total Credit Default Swap Agreements							$	36,757		$	64,915		$	15,659	$	43,817

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Interest Rate Swap Agreements open at March 31, 2014:

Currency	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate		Variable Rate		Unrealized Appreciation		Unrealized Depreciation
BRL	BRC	900,000	01/04/16	12.17	%	Brazil Cetip Interbank Deposit Rate	$	505	$	—
BRL	BRC	368,000	01/04/16	12.22	%	Brazil Cetip Interbank Deposit Rate		653		—
HUF	BRC	75,000,000	03/24/19	2.85	%	Budapest LIBOR 6 Month		—		5,985
ZAR	BRC	7,370,000	01/10/17	6.60	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		11,054
ZAR	BRC	6,000,000	09/17/18	7.12	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		12,204
ZAR	BRC	4,500,000	09/19/18	6.79	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		14,487
Total unrealized appreciation/depreciation on Interest Rate Swap Agreements								1,158		43,730
Gross unrealized appreciation/depreciation on Swap Agreements							$	16,817	$	87,547

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 12.9%
Barbados | 0.5%
Bancolombia SA, 6.125%, 07/26/20		USD		925	$	979,298
Columbus International, Inc., 7.375%, 03/30/21 (e)		USD		400		411,500
						1,390,798
Brazil | 0.6%
Arcos Dorados Holdings, Inc., 10.250%, 07/13/16		BRL		600		242,618
Odebrecht Offshore Drilling Finance, Ltd., 6.625%, 10/01/23 (e)		USD		400		414,000
Schahin II Finance Co. SPV, Ltd., 5.875%, 09/25/23		USD		1,068		1,029,253
						1,685,871
Chile | 0.5%
VTR Finance BV,
6.875%, 01/15/24		USD		400		416,000
6.875%, 01/15/24 (e)		USD		950		988,000
						1,404,000
China | 0.9%
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21 (e)		USD		700		710,500
COSCO Pacific Finance 2013 Co. Ltd., 4.375%, 01/31/23		USD		325		284,375
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21		USD		620		578,460
Golden Eagle Retail Group, Ltd., 4.625%, 05/21/23		USD		325		286,543
MIE Holdings Corp., 9.750%, 05/12/16		USD		725		763,062
						2,622,940
Colombia | 0.7%
Millicom International Cellular SA, 4.750%, 05/22/20		USD		475		464,312
Pacific Rubiales Energy Corp.:
7.250%, 12/12/21		USD		400		439,000
5.125%, 03/28/23		USD		275		267,438
5.125%, 03/28/23 (e)		USD		825		802,312
						1,973,062
Georgia | 0.5%
Bank of Georgia JSC, 7.750%, 07/05/17		USD		1,275		1,359,405
Guatemala | 1.2%
Cementos Progreso Trust: 7.125%, 11/06/23		USD		550		574,750

Description	Security Currency		Principal Amount (000)		Value
7.125%, 11/06/23 (e)		USD		375	$	391,875
Comcel Trust, 6.875%, 02/06/24 (e)		USD		1,075		1,124,719
Industrial Senior Trust:
5.500%, 11/01/22		USD		425		405,344
5.500%, 11/01/22 (e)		USD		775		739,156
						3,235,844
India | 0.5%
Vedanta Resources PLC:
9.500%, 07/18/18		USD		750		847,500
8.250%, 06/07/21		USD		300		318,000
7.125%, 05/31/23		USD		200		199,500
						1,365,000
Indonesia | 1.0%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17		USD		275		277,750
PT Gajah Tunggal Tbk:
7.750%, 02/06/18		USD		725		738,594
7.750%, 02/06/18 (e)		USD		775		789,531
PT Pertamina (Persero) Tbk:
5.250%, 05/23/21		USD		1,025		1,027,562
6.500%, 05/27/41		USD		50		47,188
						2,880,625
Kazakhstan | 0.3%
Nostrum Oil & Gas Finance BV, 6.375%, 02/14/19 (e)		USD		375		382,500
Zhaikmunai LP, 7.125%, 11/13/19		USD		500		518,750
						901,250
Macau | 0.1%
MCE Finance, Ltd., 5.000%, 02/15/21		USD		325		325,000
Mexico | 1.2%
America Movil SAB de CV, 6.450%, 12/05/22		MXN		17,350		1,237,760
Bio Pappel SAB de CV, 10.000%, 08/27/16		USD		418		420,088
Credito Real SAB de CV, 7.500%, 03/13/19 (e)		USD		1,375		1,426,562
Grupo Televisa SAB, 7.250%, 05/14/43		MXN		5,400		333,323
						3,417,733
Nigeria | 1.1%
Afren PLC, 6.625%, 12/09/20 (e)		USD		600		612,000
FBN Finance Co. BV:

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
8.250%, 08/07/20		USD		600	$	621,000
8.250%, 08/07/20 (e)		USD		725		750,375
GTB Finance BV, 6.000%, 11/08/18 (e)		USD		1,063		1,049,712
						3,033,087
Paraguay | 0.2%
Banco Regional SAECA, 8.125%, 01/24/19 (e)		USD		400		428,000
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22		USD		125		131,719
						559,719
Peru | 0.5%
Banco de Credito del Peru:
6.875%, 09/16/26		USD		140		151,025
6.125%, 04/24/27		USD		1,190		1,234,625
						1,385,650
Russia | 1.2%
Alliance Oil Co., Ltd., 7.000%, 05/04/20		USD		250		216,250
ALROSA Finance SA, 7.750%, 11/03/20		USD		925		975,875
EDC Finance, Ltd., 4.875%, 04/17/20		USD		550		497,750
Gazprom Neft OAO, 4.375%, 09/19/22		USD		300		266,250
Metalloinvest Finance, Ltd.:
5.625%, 04/17/20		USD		725		681,500
5.625%, 04/17/20 (e)		USD		625		587,500
Sberbank of Russia, 5.250%, 05/23/23		USD		200		185,500
						3,410,625
Singapore | 0.7%
Oro Negro Drilling Pte, Ltd., 7.500%, 01/24/19 (e)		USD		950		954,750
Pacnet, Ltd., 9.000%, 12/12/18 (e)		USD		425		453,687
Puma International Financing SA, 6.750%, 02/01/21		USD		400		405,000
Theta Capital Pte, Ltd., 6.125%, 11/14/20		USD		275		267,094
						2,080,531
South Africa | 0.8%
Transnet SOC, Ltd., 9.500%, 05/13/21 (e)		ZAR		24,000		2,219,886
Trinidad and Tobago | 0.2%
Petroleum Co. of Trinidad and Tobago Ltd., 6.000%, 05/08/22		USD		567		607,042

Description	Security Currency		Principal Amount (000)		Value
Turkey | 0.2%
Turkiye Is Bankasi AS, 6.000%, 10/24/22		USD		700	$	655,200
Total Corporate Bonds (Identified cost $36,795,047)						36,513,268
Foreign Government Obligations | 79.1%
Angola | 2.0%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19		USD		5,115		5,594,531
Bahrain | 1.0%
Kingdom of Bahrain:
6.125%, 08/01/23		USD		1,050		1,141,875
6.125%, 08/01/23 (e)		USD		1,525		1,658,437
						2,800,312
Belarus | 0.7%
Republic of Belarus:
8.750%, 08/03/15		USD		675		683,438
8.950%, 01/26/18		USD		1,375		1,409,375
						2,092,813
Belize | 0.6%
Republic of Belize, 5.000%, 02/20/38 (f)		USD		2,260		1,573,525
Bolivia | 0.5%
Bolivia Government Bond, 4.875%, 10/29/22		USD		1,425		1,410,750
Brazil | 8.9%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/15		BRL		6,420		2,608,246
0.000%, 01/01/16		BRL		10,455		3,767,058
0.000%, 01/01/17		BRL		23,550		7,504,043
Brazil Minas SPE:
5.333%, 02/15/28		USD		175		169,312
5.333%, 02/15/28 (e)		USD		1,000		967,500
Brazil NTN-B:
6.000%, 08/15/20		BRL		145		152,108
6.000%, 08/15/50		BRL		1,498		1,443,446
Brazil NTN-F:
10.000%, 01/01/17		BRL		800		333,752
10.000%, 01/01/23		BRL		18,515		7,068,009
10.000%, 01/01/25		BRL		3,410		1,269,212
						25,282,686
Chile | 0.1%
Republic of Chile, 6.000%, 01/01/18		CLP		205,000		385,943
Colombia | 0.7%
Colombian Titulos De Tesoreria, 7.000%, 05/04/22		COP		1,636,100		861,343
Republic of Colombia, 12.000%, 10/22/15		COP		2,230,000		1,257,523
						2,118,866

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Congo | 0.7%
Republic of Congo, 3.500%, 06/30/29 (f)		USD		2,128	$	1,917,758
Croatia | 0.3%
Croatia, 6.625%, 07/14/20		USD		900		984,600
Dominican Republic | 0.3%
Dominican Republic, 5.875%, 04/18/24		USD		748		742,390
Ecuador | 0.7%
Republic of Ecuador, 9.375%, 12/15/15		USD		1,825		1,930,850
Egypt | 0.3%
Arab Republic of Egypt, 5.750%, 04/29/20		USD		755		773,875
El Salvador | 0.6%
Republic of El Salvador:
7.375%, 12/01/19		USD		650		692,250
5.875%, 01/30/25 (e)		USD		1,035		972,900
						1,665,150
Gabon | 0.7%
Gabonese Republic:
8.200%, 12/12/17		USD		775		883,500
6.375%, 12/12/24 (e)		USD		1,100		1,163,250
						2,046,750
Georgia | 0.6%
Republic of Georgia, 6.875%, 04/12/21		USD		1,575		1,712,025
Guatemala | 0.2%
Republic of Guatemala, 5.750%, 06/06/22		USD		500		542,500
Honduras | 0.2%
Honduras Government Bond, 7.500%, 03/15/24		USD		575		572,125
Hungary | 4.7%
Hungary:
6.250%, 01/29/20		USD		1,322		1,442,633
6.375%, 03/29/21		USD		755		825,781
5.375%, 02/21/23		USD		2,362		2,394,832
7.625%, 03/29/41		USD		130		149,825
Hungary Government Bonds:
7.750%, 08/24/15		HUF		249,600		1,185,760
6.750%, 02/24/17		HUF		764,000		3,669,562
6.750%, 11/24/17		HUF		89,120		430,609
4.000%, 03/25/19		USD		1,136		1,130,770
7.500%, 11/12/20		HUF		224,800		1,142,721
7.000%, 06/24/22		HUF		80,000		396,692

Description	Security Currency		Principal Amount (000)		Value
6.750%, 10/22/28		HUF		112,000	$	536,741
						13,305,926
Indonesia | 7.0%
Indonesia Government Bonds:
7.875%, 04/15/19		IDR		42,331,000		3,757,994
7.000%, 05/15/22		IDR		33,390,000		2,762,905
8.375%, 03/15/24		IDR		4,817,000		435,693
7.000%, 05/15/27		IDR		13,980,000		1,082,958
6.125%, 05/15/28		IDR		52,930,000		3,751,227
Republic of Indonesia:
5.375%, 10/17/23		USD		900		933,750
5.875%, 01/15/24 (e)		USD		4,600		4,939,250
8.500%, 10/12/35		USD		1,375		1,753,125
5.250%, 01/17/42		USD		500		453,125
						19,870,027
Iraq | 2.0%
Republic of Iraq, 5.800%, 01/15/28		USD		6,469		5,692,720
Ivory Coast | 3.3%
Ivory Coast, 5.750%, 12/31/32		USD		9,950		9,328,125
Kenya | 0.3%
Kenya Treasury Bond, 12.000%, 09/18/23		KES		72,000		860,638
Latvia | 0.5%
Republic of Latvia, 5.250%, 06/16/21		USD		1,390		1,515,378
Lithuania | 0.7%
Republic of Lithuania:
6.125%, 03/09/21		USD		1,325		1,514,078
6.625%, 02/01/22		USD		400		472,300
						1,986,378
Malaysia | 3.2%
Bank Negara Monetary Notes:
0.000%, 06/03/14		MYR		1,500		457,005
0.000%, 06/17/14		MYR		200		60,865
Malaysia Government Bonds:
3.197%, 10/15/15		MYR		2,000		613,209
3.260%, 03/01/18		MYR		10,000		3,017,893
3.580%, 09/28/18		MYR		9,000		2,742,008
4.378%, 11/29/19		MYR		2,110		663,184
4.160%, 07/15/21		MYR		1,365		421,688
3.418%, 08/15/22		MYR		1,470		430,343
4.392%, 04/15/26		MYR		2,325		712,596
						9,118,791
Mexico | 6.5%
Mexican Bonos:

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
9.500%, 12/18/14		MXN		65,000	$	5,181,793
6.000%, 06/18/15		MXN		20		1,572
7.750%, 05/29/31		MXN		31,430		2,626,321
10.000%, 11/20/36		MXN		25,410		2,579,706
8.500%, 11/18/38		MXN		15,950		1,417,624
7.750%, 11/13/42		MXN		8,796		720,897
Mexican Udibonos:
5.000%, 06/16/16		MXN		39,103		3,242,124
4.000%, 06/13/19		MXN		18,831		1,587,672
2.500%, 12/10/20		MXN		13,274		1,038,151
						18,395,860
Mozambique | 0.8%
Republic of Mozambique, 6.305%, 09/11/20		USD		2,387		2,279,585
Namibia | 0.3%
Republic of Namibia, 5.500%, 11/03/21		USD		784		821,240
Nigeria | 1.2%
Nigeria Government Bonds:
15.100%, 04/27/17		NGN		36,000		223,979
16.000%, 06/29/19		NGN		142,000		923,819
16.390%, 01/27/22		NGN		122,647		827,674
Nigeria Treasury Bills:
0.000%, 04/10/14		NGN		35,781		216,216
0.000%, 04/24/14		NGN		34,877		209,789
0.000%, 05/08/14		NGN		35,670		213,502
0.000%, 06/05/14		NGN		5,000		29,630
0.000%, 11/20/14		NGN		26,000		145,277
Republic of Nigeria, 6.375%, 07/12/23 (e)		USD		725		749,469
						3,539,355
Panama | 0.4%
Republic of Panama:
8.875%, 09/30/27		USD		525		725,813
9.375%, 04/01/29		USD		275		389,950
						1,115,763
Paraguay | 0.4%
Republic of Paraguay, 4.625%, 01/25/23		USD		1,105		1,093,950
Peru | 0.5%
Republic of Peru, 7.840%, 08/12/20		PEN		3,420		1,350,300
Philippines | 0.1%
Republic of Philippines, 6.250%, 01/14/36		PHP		11,000		248,969
Poland | 3.2%
Poland Government Bonds:
5.250%, 10/25/17		PLN		760		267,148
5.500%, 10/25/19		PLN		18,473		6,633,981

Description	Security Currency		Principal Amount (000)		Value
2.750%, 08/25/23		PLN		6,598	$	2,268,073
						9,169,202
Romania | 2.8%
Romania Government Bonds:
5.800%, 10/26/15		RON		7,300		2,333,773
6.750%, 06/11/17		RON		2,580		852,304
5.900%, 07/26/17		RON		3,560		1,151,173
5.750%, 04/29/20		RON		1,230		394,144
6.750%, 02/07/22		USD		2,000		2,330,000
4.375%, 08/22/23		USD		1,025		1,005,781
						8,067,175
Russia | 5.1%
Russia Foreign Bonds:
7.850%, 03/10/18		RUB		100,000		2,808,013
7.500%, 03/31/30		USD		4,401		5,006,280
Russia Government Bonds - OFZ:
6.800%, 12/11/19		RUB		114,871		3,038,222
7.600%, 04/14/21		RUB		9,975		269,375
7.600%, 07/20/22		RUB		46,930		1,247,942
7.000%, 01/25/23		RUB		13,000		333,457
8.150%, 02/03/27		RUB		35,000		951,166
7.050%, 01/19/28		RUB		28,300		699,682
						14,354,137
Rwanda | 0.5%
Republic of Rwanda, 6.625%, 05/02/23		USD		1,450		1,421,000
Senegal | 0.3%
Republic of Senegal, 8.750%, 05/13/21		USD		650		738,563
Serbia | 0.7%
Republic of Serbia:
4.875%, 02/25/20		USD		100		100,000
7.250%, 09/28/21		USD		550		616,055
Serbia Treasury Bond, 10.000%, 10/17/16		RSD		115,000		1,366,418
						2,082,473
Slovenia | 2.0%
Republic of Slovenia:
5.500%, 10/26/22		USD		2,525		2,692,281
5.850%, 05/10/23		USD		1,450		1,580,500
5.250%, 02/18/24		USD		1,250		1,297,275
						5,570,056
South Africa | 3.7%
Eskom Holdings, Ltd., 7.850%, 04/02/26		ZAR		9,000		784,201
Republic of South Africa:
13.500%, 09/15/15		ZAR		11,450		1,186,078
8.250%, 09/15/17		ZAR		5,040		488,101
8.000%, 12/21/18		ZAR		42,550		4,069,329
7.750%, 02/28/23		ZAR		5,000		458,701
10.500%, 12/21/26		ZAR		7,735		851,849

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
7.000%, 02/28/31		ZAR		28,500	$	2,287,228
6.500%, 02/28/41		ZAR		4,600		327,549
						10,453,036
Sri Lanka | 1.0%
Republic of Sri Lanka:
6.000%, 01/14/19 (e)		USD		350		366,187
6.250%, 10/04/20		USD		2,344		2,455,340
						2,821,527
Tanzania | 0.3%
United Republic of Tanzania, 6.332%, 03/09/20		USD		825		873,469
Thailand | 2.0%
Thailand Government Bonds:
3.875%, 06/13/19		THB		119,300		3,800,268
1.200%, 07/14/21		THB		53,280		1,564,151
3.580%, 12/17/27		THB		8,700		257,397
						5,621,816
Turkey | 5.7%
Republic of Turkey:
7.000%, 09/26/16		USD		750		822,975
5.625%, 03/30/21		USD		1,975		2,059,925
5.125%, 03/25/22		USD		790		791,580
3.250%, 03/23/23		USD		675		590,288
7.375%, 02/05/25		USD		560		642,320
Turkey Government Bonds:
6.500%, 01/07/15		TRY		2,530		1,143,980
9.000%, 01/27/16		TRY		6,766		3,090,165
9.000%, 03/08/17		TRY		5,025		2,281,529
6.300%, 02/14/18		TRY		2,100		863,673
4.000%, 04/01/20		TRY		2,072		1,002,230
3.000%, 07/21/21		TRY		2,914		1,329,117
3.000%, 02/23/22		TRY		3,482		1,581,902
						16,199,684
Venezuela | 0.5%
Republic of Venezuela:
8.250%, 10/13/24		USD		1,145		795,775
7.650%, 04/21/25		USD		401		268,670
7.000%, 03/31/38		USD		360		219,600
						1,284,045
Vietnam | 0.3%
Socialist Republic of Vietnam, 6.750%, 01/29/20		USD		750		837,188
Total Foreign Government Obligations (Identified cost $229,390,926)						224,163,825
Quasi Government Bonds | 5.7%
Azerbaijan | 0.9%
State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23		USD		2,850		2,717,475

Description	Security Currency		Principal Amount (000)		Value
Colombia | 0.5%
Emgesa SA ESP:
8.750%, 01/25/21		COP		1,000,000	$	537,542
8.750%, 01/25/21 (e)		COP		150,000		80,631
Empresas Publicas de Medellin ESP:
8.375%, 02/01/21		COP		1,170,000		618,540
8.375%, 02/01/21 (e)		COP		150,000		79,300
						1,316,013
Kazakhstan | 0.8%
Development Bank of Kazakhstan JSC,
4.125%, 12/10/22		USD		2,200		1,985,500
4.125%, 12/10/22 (e)		USD		200		180,500
						2,166,000
Mexico | 0.7%
Petroleos Mexicanos:
6.000%, 03/05/20		USD		1,665		1,875,206
5.500%, 01/21/21		USD		177		193,373
						2,068,579
Russia | 0.4%
Russian Agricultural Bank OJSC:
8.700%, 03/17/16		RUB		15,000		410,637
8.625%, 02/17/17		RUB		14,000		376,873
5.298%, 12/27/17		USD		475		470,250
						1,257,760
Venezuela | 2.4%
Petroleos de Venezuela SA:
4.900%, 10/28/14		USD		2,433		2,323,545
5.250%, 04/12/17		USD		3,070		2,294,825
6.000%, 11/15/26		USD		1,802		977,431
5.375%, 04/12/27		USD		940		498,200
5.500%, 04/12/37		USD		1,270		657,225
						6,751,226
Total Quasi Government Bonds (Identified cost $16,852,816)						16,277,053
US Treasury Security | 0.4%
United States | 0.4%
US Treasury Bill, 0.000%, 04/17/14 (Identified cost $999,979)		USD		1,000		999,988

Description	Shares		Value
Short-Term Investment | 4.0%
State Street Institutional Treasury Money Market Fund (Identified cost $11,459,633)		11,459,633	$	11,459,633

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio (continued)
Total Investments | 102.1% (Identified cost $295,498,401) (b), (g)			$	289,413,767
Liabilities in Excess of Cash and Other Assets | (2.1)%				(5,890,174	)
Net Assets | 100.0%			$	283,523,593

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at March 31, 2014:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL		BRC	04/02/14		3,063,138	$	1,353,574	$	1,349,995	$	—	$	3,579
BRL		HSB	04/02/14		4,753,493		2,101,456		2,094,973		—		6,483
BRL		JPM	04/02/14		1,333,937		588,155		587,896		—		259
BRL		JPM	04/02/14		1,333,937		588,155		587,896		—		259
BRL		SCB	04/02/14		2,998,245		1,269,099		1,321,395		52,296		—
BRL		SCB	05/05/14		748,645		327,914		327,124		—		790
COP		BRC	04/16/14		1,968,206,070		966,560		997,221		30,661		—
COP		HSB	04/16/14		1,968,206,070		964,759		997,221		32,462		—
COP		HSB	04/16/14		2,856,000,000		1,400,000		1,447,036		47,036		—
COP		SCB	04/16/14		241,109,820		118,156		122,162		4,006		—
EUR		CIT	04/07/14		936,642		1,302,588		1,290,350		—		12,238
EUR		HSB	04/07/14		825,658		1,148,242		1,137,454		—		10,788
EUR		SCB	04/11/14		2,250,288		3,139,051		3,100,048		—		39,003
HUF		BRC	04/11/14		58,414,708		258,324		261,742		3,418		—
HUF		JPM	04/11/14		53,902,519		241,196		241,523		327		—
IDR		BRC	04/01/14		7,539,200,000		646,587		663,662		17,075		—
IDR		JPM	04/01/14		2,519,185,000		220,093		221,759		1,666		—
IDR		JPM	04/01/14		5,020,015,000		430,349		441,903		11,554		—
MXN		SCB	04/11/14		59,380,674		4,465,182		4,545,167		79,985		—
MYR		JPM	04/17/14		1,687,590		513,945		516,240		2,295		—
PHP		JPM	04/10/14		19,000,000		419,287		423,591		4,304		—
PHP		JPM	04/10/14		89,544,400		2,005,025		1,996,327		—		8,698
PLN		BRC	04/11/14		2,008,904		658,172		663,980		5,808		—
PLN		BRC	04/11/14		4,104,479		1,342,452		1,356,605		14,153		—
PLN		CIT	04/11/14		2,008,904		659,121		663,979		4,858		—
PLN		JPM	04/11/14		2,008,904		658,355		663,979		5,624		—
PLN		SCB	04/11/14		2,008,904		658,592		663,979		5,387		—
PLN		UBS	04/11/14		2,008,904		658,257		663,979		5,722		—
RSD		CIT	04/07/14		108,856,500		1,287,253		1,297,160		9,907		—
RSD		CIT	04/11/14		55,824,000		669,192		664,628		—		4,564
RSD		CIT	04/11/14		108,856,500		1,305,390		1,296,020		—		9,370
RSD		HSB	04/07/14		95,735,000		1,132,088		1,140,801		8,713		—
RSD		HSB	04/11/14		95,735,000		1,148,040		1,139,799		—		8,241
RUB		BRC	04/07/14		16,197,605		443,952		461,312		17,360		—
RUB		BRC	04/11/14		34,385,250		950,000		978,310		28,310		—
RUB		BRC	04/11/14		75,222,779		2,048,886		2,140,197		91,311		—
RUB		JPM	04/07/14		16,198,720		441,072		461,344		20,272		—
THB		JPM	04/04/14		63,277,500		1,938,649		1,950,429		11,780		—
THB		JPM	04/11/14		30,000,000		925,069		924,416		—		653
THB		JPM	04/11/14		53,584,800		1,660,000		1,651,156		—		8,844
TRY		BRC	04/11/14		1,575,420		700,000		734,048		34,048		—
TRY		BRC	04/11/14		2,959,073		1,305,339		1,378,744		73,405		—
TRY		JPM	04/11/14		1,327,546		594,379		618,553		24,174		—
UYU		CIT	04/11/14		12,144,000		535,214		536,554		1,340		—
UYU		HSB	04/11/14		12,039,500		530,141		531,937		1,796		—

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at March 31, 2014 (continued):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
UYU		JPM	04/11/14		6,116,650	$	270,888	$	270,250	$	—	$	638
ZAR		JPM	04/11/14		2,413,265		223,707		228,907		5,200		—
ZAR		JPM	04/11/14		11,979,745		1,099,372		1,136,323		36,951		—
Total Forward Currency Purchase Contracts						$	48,311,277	$	48,890,074	$	693,204	$	114,407
Forward Currency Sale Contracts
BRL		BRC	04/02/14		3,063,138	$	1,296,566	$	1,349,994	$	—	$	53,428
BRL		BRC	05/05/14		3,063,138		1,342,863		1,338,454		4,409		—
BRL		HSB	04/02/14		1,438,993		609,110		634,197		—		25,087
BRL		HSB	04/02/14		3,314,500		1,400,000		1,460,776		—		60,776
BRL		HSB	05/05/14		4,753,493		2,084,774		2,077,063		7,711		—
BRL		JPM	04/02/14		1,333,937		564,713		587,896		—		23,183
BRL		JPM	05/05/14		1,333,937		583,487		582,871		616		—
BRL		JPM	05/05/14		1,333,937		583,487		582,871		616		—
BRL		SCB	04/02/14		748,645		330,528		329,945		583		—
BRL		SCB	04/02/14		2,249,600		950,000		991,450		—		41,450
CLP		BRC	04/25/14		395,500,000		700,000		719,442		—		19,442
CLP		SCB	04/25/14		395,500,000		700,000		719,441		—		19,441
COP		BRC	04/16/14		2,645,280,000		1,320,000		1,340,271		—		20,271
COP		SCB	04/16/14		2,024,040,000		1,010,000		1,025,511		—		15,511
CZK		BRC	04/11/14		39,386,200		2,000,000		1,976,688		23,312		—
CZK		JPM	04/11/14		49,373,000		2,500,000		2,477,899		22,101		—
EUR		CIT	04/07/14		932,230		1,287,252		1,284,272		2,980		—
EUR		CIT	04/11/14		478,519		669,192		659,218		9,974		—
EUR		CIT	04/11/14		935,997		1,305,390		1,289,451		15,939		—
EUR		HSB	04/07/14		819,509		1,132,088		1,128,984		3,104		—
EUR		HSB	04/11/14		824,520		1,148,039		1,135,877		12,162		—
HUF		BRC	04/11/14		63,483,560		280,000		284,454		—		4,454
IDR		BRC	04/01/14		2,519,185,000		220,093		221,759		—		1,666
IDR		BRC	04/01/14		5,020,015,000		433,882		441,903		—		8,021
IDR		JPM	04/01/14		7,539,200,000		650,492		663,662		—		13,170
IDR		JPM	04/07/14		12,199,140,000		1,044,000		1,072,924		—		28,924
IDR		JPM	04/07/14		13,202,000,000		1,150,000		1,161,126		—		11,126
MXN		BRC	04/11/14		40,677,957		3,060,000		3,113,607		—		53,607
MXN		BRC	04/11/14		100,018,195		7,523,389		7,655,679		—		132,290
MYR		BRC	04/17/14		4,630,780		1,400,000		1,416,574		—		16,574
PEN		BRC	04/30/14		1,389,671		491,745		492,420		—		675
PEN		CIT	04/30/14		1,389,671		491,745		492,420		—		675
PEN		HSB	04/30/14		1,389,671		490,876		492,419		—		1,543
PEN		JPM	04/30/14		1,389,671		492,058		492,420		—		362
RON		JPM	04/11/14		11,303,300		3,478,153		3,488,589		—		10,436
RSD		CIT	04/07/14		108,856,500		1,302,588		1,297,160		5,428		—
RSD		HSB	04/07/14		95,735,000		1,148,243		1,140,801		7,442		—
RUB		BRC	04/07/14		16,197,605		446,000		461,313		—		15,313
RUB		BRC	04/11/14		16,197,605		443,369		460,845		—		17,476

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at March 31, 2014 (concluded):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
RUB		JPM	04/07/14		16,198,720	$	446,000	$	461,344	$	—	$	15,344
RUB		JPM	04/11/14		16,198,720		440,502		460,877		—		20,375
RUB		JPM	04/11/14		51,536,274		1,400,000		1,466,281		—		66,281
THB		JPM	04/04/14		9,692,700		300,000		298,762		1,238		—
THB		JPM	04/04/14		53,584,800		1,660,258		1,651,667		8,591		—
TRY		BRC	04/11/14		631,568		280,000		294,271		—		14,271
Total Forward Currency Sale Contracts						$	52,590,882	$	53,175,848		126,206		711,172
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	819,410	$	825,579

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio
Corporate Bonds | 13.8%
Barbados | 0.6%
Bancolombia SA, 6.125%, 07/26/20		USD		350	$	370,545
Columbus International, Inc., 7.375%, 03/30/21 (e)		USD		300		308,625
						679,170
Brazil | 0.4%
Odebrecht Offshore Drilling Finance, Ltd., 6.625%, 10/01/23 (e)		USD		450		465,750
Bulgaria | 0.1%
Bulgarian Energy Holding EAD, 4.250%, 11/07/18		EUR		125		169,838
Chile | 0.5%
VTR Finance BV,
6.875%, 01/15/24		USD		350		364,000
6.875%, 01/15/24 (e)		USD		200		208,000
						572,000
China | 0.7%
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21 (e)		USD		300		304,500
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21		USD		200		186,600
Golden Eagle Retail Group, Ltd., 4.625%, 05/21/23		USD		200		176,334
MIE Holdings Corp., 9.750%, 05/12/16		USD		200		210,500
						877,934
Colombia | 0.7%
Pacific Rubiales Energy Corp.:
7.250%, 12/12/21		USD		325		356,688
5.125%, 03/28/23		USD		550		534,875
						891,563
Georgia | 0.7%
Bank of Georgia JSC, 7.750%, 07/05/17		USD		750		799,650
Guatemala | 1.5%
Cementos Progreso Trust:
7.125%, 11/06/23		USD		300		313,500
7.125%, 11/06/23 (e)		USD		200		209,000
Comcel Trust, 6.875%, 02/06/24 (e)		USD		700		732,375
Industrial Senior Trust, 5.500%, 11/01/22		USD		650		619,937
						1,874,812

			Principal
	Security		Amount
Description	Currency		(000)		Value
India | 0.7%
Vedanta Resources PLC:
9.500%, 07/18/18		USD		300	$	339,000
7.125%, 05/31/23		USD		525		523,688
						862,688
Indonesia | 0.7%
PT Gajah Tunggal Tbk, 7.750%, 02/06/18		USD		800		815,000
Kazakhstan | 0.7%
Halyk Savings Bank of Kazakhstan JSC, 7.250%, 05/03/17		USD		200		212,700
Nostrum Oil & Gas Finance BV, 6.375%, 02/14/19 (e)		USD		450		459,000
Zhaikmunai LP, 7.125%, 11/13/19		USD		200		207,500
						879,200
Macau | 0.2%
MCE Finance, Ltd., 5.000%, 02/15/21		USD		250		250,000
Mexico | 0.8%
Cemex SAB de CV, 6.500%, 12/10/19		USD		250		265,937
Credito Real SAB de CV, 7.500%, 03/13/19 (e)		USD		700		726,250
						992,187
Nigeria | 1.6%
Afren PLC:
6.625%, 12/09/20		USD		325		331,500
6.625%, 12/09/20 (e)		USD		225		229,500
FBN Finance Co. BV:
8.250%, 08/07/20		USD		500		517,500
8.250%, 08/07/20 (e)		USD		200		207,000
GTB Finance BV:
6.000%, 11/08/18		USD		450		444,375
6.000%, 11/08/18 (e)		USD		200		197,500
						1,927,375
Paraguay | 0.3%
Banco Regional SAECA, 8.125%, 01/24/19 (e)		USD		177		189,390
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22		USD		200		210,750
						400,140
Peru | 0.6%
Banco de Credito del Peru:
6.125%, 04/24/27		USD		700		726,250
6.125%, 04/24/27 (e)		USD		30		31,125
						757,375

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Russia | 0.9%
Alliance Oil Co., Ltd., 7.000%, 05/04/20		USD		200	$	173,000
ALROSA Finance SA, 7.750%, 11/03/20		USD		200		211,000
EDC Finance, Ltd., 4.875%, 04/17/20		USD		200		181,000
Metalloinvest Finance, Ltd., 5.625%, 04/17/20		USD		200		188,000
Sberbank of Russia, 5.500%, 02/26/24 (e)		USD		300		280,875
						1,033,875
Singapore | 1.1%
Oro Negro Drilling Pte, Ltd., 7.500%, 01/24/19 (e)		USD		550		552,750
Pacnet, Ltd.:
9.000%, 12/12/18		USD		350		373,625
9.000%, 12/12/18 (e)		USD		200		213,500
Puma International Financing SA, 6.750%, 02/01/21		USD		200		202,500
						1,342,375
Trinidad and Tobago | 0.7%
Petroleum Co. of Trinidad and Tobago Ltd.:
9.750%, 08/14/19		USD		200		249,500
6.000%, 05/08/22		USD		549		588,072
						837,572
Turkey | 0.3%
Turkiye Is Bankasi AS, 6.000%, 10/24/22		USD		450		421,200
Total Corporate Bonds (Identified cost $16,751,214)						16,849,704
Foreign Government Obligations | 40.5%
Angola | 2.2%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19		USD		2,475		2,707,031
Argentina | 1.9%
Republic of Argentina:
8.750%, 06/02/17		USD		855		795,150
8.280%, 12/31/33		USD		1,893		1,498,113
						2,293,263
Bahrain | 1.9%
Kingdom of Bahrain:
6.125%, 08/01/23		USD		1,600		1,740,000
6.125%, 08/01/23 (e)		USD		500		543,750
						2,283,750
Belarus | 0.9%
Republic of Belarus, 8.950%, 01/26/18		USD		1,020		1,045,500

			Principal
	Security		Amount
Description	Currency		(000)		Value
Bolivia | 1.4%
Bolivia Government Bonds:
4.875%, 10/29/22		USD		1,230	$	1,217,700
5.950%, 08/22/23		USD		250		267,812
5.950%, 08/22/23 (e)		USD		200		209,000
						1,694,512
Brazil | 7.0%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/15		BRL		2,485		1,009,578
0.000%, 01/01/16		BRL		3,370		1,214,250
0.000%, 01/01/17		BRL		3,300		1,051,522
Brazil Minas SPE, 5.333%, 02/15/28		USD		600		580,500
Brazil NTN-B, 6.000%, 08/15/50		BRL		910		878,389
Brazil NTN-F:
10.000%, 01/01/21		BRL		560		218,678
10.000%, 01/01/23		BRL		1,700		648,952
10.000%, 01/01/25		BRL		7,797		2,901,527
						8,503,396
Colombia | 0.0%
Republic of Colombia, 7.750%, 04/14/21		COP		85,000		48,273
Congo | 0.4%
Republic of Congo, 3.500%, 06/30/29 (f)		USD		570		513,819
Dominican Republic | 0.5%
Dominican Republic, 9.040%, 01/23/18		USD		498		548,237
Ecuador | 1.1%
Republic of Ecuador, 9.375%, 12/15/15		USD		1,275		1,348,950
El Salvador | 0.3%
Republic of El Salvador:
7.375%, 12/01/19		USD		100		106,500
8.250%, 04/10/32		USD		190		201,400
						307,900
Gabon | 0.7%
Gabonese Republic:
6.375%, 12/12/24		USD		550		581,625
6.375%, 12/12/24 (e)		USD		250		264,375
						846,000
Georgia | 0.4%
Republic of Georgia, 6.875%, 04/12/21		USD		500		543,500
Guatemala | 0.4%
Republic of Guatemala, 5.750%, 06/06/22		USD		500		542,500

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Honduras | 0.4%
Honduras Government Bond, 7.500%, 03/15/24		USD		525	$	522,375
Hungary | 0.9%
Hungary:
6.250%, 01/29/20		USD		75		81,844
5.750%, 11/22/23		USD		246		253,995
7.625%, 03/29/41		USD		704		811,360
						1,147,199
Iraq | 2.4%
Republic of Iraq, 5.800%, 01/15/28		USD		3,375		2,970,000
Ivory Coast | 3.3%
Ivory Coast, 5.750%, 12/31/32		USD		4,250		3,984,375
Kenya | 0.0%
Kenya Treasury Bill, 0.000%, 04/28/14		KES		2,000		22,990
Mexico | 2.0%
Mexican Bonos:
6.250%, 06/16/16		MXN		1,010		80,954
7.250%, 12/15/16		MXN		3,410		281,078
5.000%, 06/15/17		MXN		950		74,094
4.750%, 06/14/18		MXN		10,700		812,769
8.500%, 12/13/18		MXN		5,900		515,664
8.000%, 06/11/20		MXN		3,410		294,282
Mexican Udibonos, 4.000%, 06/13/19		MXN		4,116		347,032
						2,405,873
Mozambique | 1.1%
Republic of Mozambique, 6.305%, 09/11/20		USD		1,450		1,384,750
Panama | 0.2%
Republic of Panama, 8.875%, 09/30/27		USD		135		186,637
Paraguay | 0.4%
Republic of Paraguay, 4.625%, 01/25/23		USD		550		544,500
Romania | 0.7%
Romanian Government International Bonds:
4.875%, 01/22/24		USD		550		555,500
4.875%, 01/22/24 (e)		USD		250		252,500
						808,000
Russia | 1.8%
Russia Foreign Bond, 7.500%, 03/31/30		USD		1,935		2,201,205

			Principal
	Security		Amount
Description	Currency		(000)		Value
Rwanda | 0.9%
Republic of Rwanda, 6.625%, 05/02/23		USD		1,125	$	1,102,500
Senegal | 0.4%
Republic of Senegal, 8.750%, 05/13/21		USD		475		539,719
Slovenia  | 3.4%
Republic of Slovenia:
5.500%, 10/26/22		USD		950		1,012,937
5.250%, 02/18/24 (e)		USD		3,000		3,113,460
						4,126,397
South Africa | 1.1%
Republic of South Africa:
13.500%, 09/15/15		ZAR		3,800		393,633
8.250%, 09/15/17		ZAR		1,820		176,259
7.250%, 01/15/20		ZAR		8,300		759,409
						1,329,301
Sri Lanka | 0.7%
Republic of Sri Lanka:
6.000%, 01/14/19 (e)		USD		250		261,562
6.250%, 10/04/20		USD		600		628,500
						890,062
Tanzania | 0.5%
United Republic of Tanzania, 6.332%, 03/09/20		USD		525		555,844
Uganda | 0.0%
Uganda Treasury Bill, 0.000%, 08/07/14		UGX		30,000		10,418
United Arab Emirates | 1.0%
Dubai Government International Bond, 5.591%, 06/22/21		USD		1,075		1,193,250
Uruguay | 0.1%
Uruguay Monetary Regulation Bill, 0.000%, 11/26/15		UYU		1,800		63,716
Venezuela | 0.1%
Republic of Venezuela, 8.500%, 10/08/14		USD		75		73,688
Total Foreign Government Obligations (Identified cost $48,290,744)						49,289,430
Quasi Government Bonds | 3.4%
Azerbaijan | 0.9%
State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23		USD		1,150		1,096,525

			Principal
	Security		Amount
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Brazil | 0.1%
Banco Nacional de Desenvolvimento Economico e Social, 5.750%, 09/26/23 (e)		USD		125	$	130,625
Venezuela | 2.4%
Petroleos de Venezuela SA:
4.900%, 10/28/14		USD		2,355		2,249,025
6.000%, 11/15/26		USD		575		311,938
5.375%, 04/12/27		USD		350		185,500
5.500%, 04/12/37		USD		350		181,125
						2,927,588
Total Quasi Government Bonds (Identified cost $4,179,134)						4,154,738
Description			Shares		Value
Short-Term Investment | 38.8%
State Street Institutional Treasury Money Market Fund (Identified cost $47,304,236)				47,304,236	$	47,304,236
Total Investments l 96.5% (Identified cost $116,525,328)						117,598,108
			Number of
Description			Contracts		Value
Purchased Options | 0.0%
USD vs EUR April 14 1.37 Put, Expires 04/07/14				15,600	$	6,663
USD vs EUR April 14 1.38 Put, Expires 04/07/14				13,500		7,718
Total Purchased Options (Identified cost $21,204)						14,381
Total Investments and Purchased Options | 96.5% (Identified cost $116,546,532) (b), (g)					$	117,612,489
Cash and Other Assets in Excess of Liabilities | 3.5%						4,265,211
Net Assets l 100.0%					$	121,877,700

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at March 31, 2014:

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	04/02/14	710,640	$	314,026	$	313,196	$	—	$	830
BRL	HSB	04/02/14	924,165		408,561		407,301		—		1,260
BRL	JPM	04/02/14	1,633,267		720,135		719,818		—		317
BRL	JPM	04/02/14	1,633,267		720,135		719,818		—		317
BRL	SCB	04/02/14	540,374		227,000		238,155		11,155		—
BRL	SCB	04/02/14	605,239		267,214		266,743		—		471
BRL	UBS	04/22/14	1,405,531		594,205		616,236		22,031		—
BRL	UBS	04/22/14	3,877,780		1,640,000		1,700,159		60,159		—
CAD	UBS	04/11/14	33,772		30,000		30,542		542		—
CLP	SCB	04/28/14	214,537,500		374,764		390,132		15,368		—
CNH	JPM	04/22/14	7,250,274		1,180,000		1,166,086		—		13,914
CNH	SCB	04/22/14	2,054,926		334,412		330,501		—		3,911
COP	JPM	04/10/14	204,100,000		100,369		103,450		3,081		—
COP	JPM	04/16/14	204,100,000		99,877		103,410		3,533		—
COP	SCB	04/10/14	204,100,000		100,369		103,450		3,081		—
COP	SCB	04/10/14	2,042,000,000		1,000,000		1,035,004		35,004		—
COP	SCB	04/16/14	2,246,100,000		1,100,760		1,138,021		37,261		—
EUR	BRC	04/11/14	82,640		115,000		113,847		—		1,153
EUR	SCB	04/11/14	82,640		115,000		113,847		—		1,153
IDR	BRC	04/01/14	1,094,400,000		93,859		96,338		2,479		—
IDR	BRC	04/01/14	1,897,490,000		165,691		167,033		1,342		—
IDR	JPM	04/01/14	729,300,000		62,520		64,199		1,679		—
IDR	JPM	04/01/14	1,617,660,000		138,498		142,399		3,901		—
IDR	JPM	04/01/14	2,991,890,000		261,392		263,371		1,979		—
INR	BRC	04/04/14	11,516,250		185,000		192,780		7,780		—
INR	BRC	04/21/14	20,957,600		341,135		349,321		8,186		—
INR	BRC	04/24/14	24,795,700		402,724		412,981		10,257		—
INR	HSB	04/21/14	9,544,900		155,480		159,094		3,614		—
INR	JPM	04/07/14	17,105,000		275,000		286,117		11,117		—
INR	JPM	04/21/14	20,954,250		341,191		349,265		8,074		—
INR	JPM	04/21/14	75,030,000		1,220,000		1,250,598		30,598		—
INR	JPM	04/24/14	17,105,000		278,085		284,890		6,805		—
INR	SCB	04/10/14	61,520,000		1,000,000		1,028,271		28,271		—
INR	SCB	04/21/14	9,544,900		155,429		159,094		3,665		—
INR	SCB	04/21/14	17,869,800		290,000		297,853		7,853		—
INR	SCB	04/24/14	9,590,955		155,799		159,741		3,942		—
INR	SCB	04/24/14	61,520,000		999,107		1,024,637		25,530		—
INR	SCB	05/05/14	34,405,200		570,000		571,444		1,444		—
JPY	SCB	04/11/14	19,464,000		188,633		188,587		—		46
KRW	BRC	04/21/14	154,454,000		144,083		144,964		881		—
KRW	BRC	04/21/14	509,295,000		475,000		478,003		3,003		—
KRW	JPM	04/01/14	268,266,750		250,030		252,024		1,994		—
KRW	JPM	04/01/14	497,201,250		465,000		467,097		2,097		—
KRW	JPM	04/21/14	154,454,000		143,963		144,964		1,001		—
KRW	JPM	04/21/14	249,090,000		230,000		233,786		3,786		—

Lazard Explorer Total Return Portfolio (continued)

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (continued)
KRW	JPM	04/21/14	509,200,000	$	475,000	$	477,914	$	2,914	$	—
KRW	UBS	04/21/14	654,042,000		610,000		613,857		3,857		—
MXN	BRC	04/11/14	4,415,800		332,157		337,998		5,841		—
MXN	BRC	04/11/14	6,607,531		505,000		505,759		759		—
MXN	BRC	04/11/14	35,790,959		2,708,000		2,739,542		31,542		—
MXN	BRC	04/21/14	1,989,195		149,740		152,141		2,401		—
MXN	BRC	04/21/14	19,793,607		1,490,000		1,513,891		23,891		—
MXN	HSB	04/21/14	7,742,954		582,133		592,211		10,078		—
MXN	SCB	04/11/14	2,394,810		180,000		183,306		3,306		—
MXN	SCB	04/11/14	7,581,000		570,000		580,271		10,271		—
PEN	BRC	04/22/14	2,289,060		810,000		812,002		2,002		—
PHP	BRC	04/10/14	4,506,330		101,471		100,465		—		1,006
PHP	SCB	04/10/14	4,506,330		101,471		100,465		—		1,006
PHP	SCB	04/10/14	44,430,000		1,000,000		990,534		—		9,466
PHP	SCB	04/21/14	8,616,500		190,000		192,048		2,048		—
PLN	BRC	04/11/14	415,883		136,255		137,457		1,202		—
PLN	CIT	04/11/14	415,883		136,451		137,457		1,006		—
PLN	JPM	04/11/14	415,883		136,293		137,457		1,164		—
PLN	SCB	04/11/14	415,883		136,342		137,457		1,115		—
PLN	SCB	04/11/14	2,661,794		875,000		879,771		4,771		—
PLN	UBS	04/11/14	415,883		136,273		137,457		1,184		—
RON	JPM	04/11/14	23,150		7,124		7,145		21		—
RSD	CIT	04/22/14	19,247,250		230,727		228,601		—		2,126
RSD	CIT	04/22/14	29,552,900		352,786		351,002		—		1,784
RSD	CIT	04/22/14	54,653,040		653,198		649,119		—		4,079
RSD	HSB	04/22/14	19,197,750		229,446		228,013		—		1,433
RUB	BRC	04/07/14	2,505,908		68,683		71,369		2,686		—
RUB	BRC	04/11/14	2,278,661		62,000		64,831		2,831		—
RUB	JPM	04/07/14	2,506,080		68,238		71,374		3,136		—
TRY	JPM	04/11/14	484,986		215,000		225,973		10,973		—
UYU	CIT	04/11/14	883,200		38,925		39,022		97		—
UYU	CIT	04/11/14	5,443,200		240,000		240,495		495		—
UYU	CIT	06/11/14	4,686,300		205,000		203,187		—		1,813
UYU	HSB	04/11/14	3,928,528		172,987		173,573		586		—
UYU	JPM	04/11/14	727,600		32,223		32,147		—		76
UYU	JPM	06/11/14	4,684,250		205,000		203,098		—		1,902
Total Forward Currency Purchase Contracts				$	32,572,369	$	33,026,976	$	502,670	$	48,063
Forward Currency Sale Contracts
AUD	UBS	04/22/14	1,503,144	$	1,360,000	$	1,392,101	$	—	$	32,101
BRL	BRC	04/02/14	330,000		142,611		145,439		—		2,828
BRL	BRC	04/02/14	380,640		161,117		167,756		—		6,639
BRL	BRC	05/05/14	710,640		311,541		310,518		1,023		—
BRL	HSB	04/02/14	924,165		391,190		407,301		—		16,111
BRL	HSB	05/05/14	661,410		290,117		289,006		1,111		—

Lazard Explorer Total Return Portfolio (continued)

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (continued)
BRL	HSB	05/05/14	924,165	$	405,318	$	403,819	$	1,499	$	—
BRL	JPM	04/02/14	487,654		215,167		214,920		247		—
BRL	JPM	04/02/14	1,145,613		484,987		504,897		—		19,910
BRL	JPM	05/05/14	1,633,267		714,418		713,664		754		—
BRL	JPM	05/05/14	1,633,267		714,418		713,664		754		—
BRL	SCB	04/02/14	1,145,613		484,916		504,898		—		19,982
BRL	SCB	05/05/14	533,410		233,388		233,076		312		—
BRL	SCB	05/05/14	605,239		265,101		264,462		639		—
CAD	UBS	04/21/14	638,226		576,172		577,051		—		879
CAD	UBS	04/21/14	1,595,088		1,440,000		1,442,196		—		2,196
CLP	BRC	04/25/14	60,500,000		105,163		110,054		—		4,891
CLP	HSB	04/21/14	251,096,400		438,344		456,958		—		18,614
CLP	HSB	04/25/14	102,141,701		178,227		185,803		—		7,576
CLP	JPM	04/21/14	167,467,520		292,264		304,765		—		12,501
CLP	SCB	04/25/14	60,500,000		105,521		110,054		—		4,533
CLP	SCB	04/25/14	214,537,500		374,803		390,258		—		15,455
CLP	SCB	04/25/14	223,041,000		390,000		405,727		—		15,727
CLP	SCB	04/28/14	214,537,500		375,000		390,133		—		15,133
CNH	JPM	04/22/14	7,250,274		1,166,764		1,166,085		679		—
CNH	SCB	04/22/14	2,054,926		330,699		330,501		198		—
COP	BRC	04/16/14	440,880,000		220,000		223,379		—		3,379
COP	HSB	04/16/14	731,095,000		365,000		370,420		—		5,420
COP	JPM	04/10/14	204,100,000		99,902		103,450		—		3,548
COP	SCB	04/10/14	2,246,100,000		1,101,137		1,138,453		—		37,316
COP	SCB	04/16/14	507,829,250		254,838		257,299		—		2,461
COP	SCB	04/16/14	734,745,000		365,000		372,270		—		7,270
EUR	BRC	04/11/14	71,016		99,086		97,833		1,253		—
EUR	CIT	04/22/14	164,816		230,727		227,049		3,678		—
EUR	CIT	04/22/14	254,000		352,786		349,908		2,878		—
EUR	CIT	04/22/14	468,000		653,198		644,712		8,486		—
EUR	HSB	04/22/14	164,367		229,446		226,430		3,016		—
EUR	SCB	04/11/14	71,016		99,064		97,833		1,231		—
HUF	BRC	04/11/14	881,871		3,900		3,952		—		52
HUF	BRC	04/11/14	127,394,400		560,000		570,822		—		10,822
IDR	BRC	04/01/14	2,991,890,000		261,392		263,371		—		1,979
IDR	JPM	04/01/14	1,972,000,000		170,000		173,592		—		3,592
IDR	JPM	04/01/14	3,366,850,000		289,000		296,378		—		7,378
INR	BRC	04/04/14	11,516,250		184,940		192,780		—		7,840
INR	JPM	04/07/14	17,105,000		279,038		286,118		—		7,080
INR	JPM	04/24/14	4,886,225		79,315		81,381		—		2,066
INR	SCB	04/10/14	61,520,000		1,002,118		1,028,271		—		26,153
JPY	BRC	04/11/14	19,463,638		190,000		188,583		1,417		—
KRW	JPM	04/01/14	765,468,000		716,194		719,121		—		2,927
MXN	BRC	04/11/14	9,305,415		700,000		712,263		—		12,263
MXN	BRC	04/11/14	13,248,165		1,000,000		1,014,053		—		14,053

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at March 31, 2014: (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
MYR	CIT	04/21/14	540,189	$	164,843	$	165,199	$	—	$	356
MYR	SCB	04/21/14	1,080,378		329,515		330,398		—		883
MYR	SCB	04/21/14	4,591,020		1,400,000		1,404,010		—		4,010
MYR	UBS	04/21/14	1,080,540		329,734		330,447		—		713
PEN	BRC	04/30/14	567,326		200,752		201,028		—		276
PEN	CIT	04/30/14	282,001		99,788		99,925		—		137
PEN	HSB	04/30/14	567,225		200,362		200,992		—		630
PEN	JPM	04/30/14	282,001		99,852		99,925		—		73
PEN	SCB	04/30/14	4,502,596		1,595,534		1,595,462		72		—
PHP	BRC	04/21/14	40,006,500		895,000		891,683		3,317		—
PHP	SCB	04/21/14	40,900,500		915,000		911,609		3,391		—
RUB	BRC	04/07/14	2,505,908		69,000		71,369		—		2,369
RUB	BRC	04/11/14	2,505,908		68,593		71,297		—		2,704
RUB	BRC	04/11/14	6,381,796		174,748		181,571		—		6,823
RUB	BRC	04/11/14	55,711,271		1,517,439		1,585,066		—		67,627
RUB	JPM	04/07/14	2,506,080		69,000		71,374		—		2,374
RUB	JPM	04/11/14	2,506,080		68,149		71,301		—		3,152
RUB	JPM	04/11/14	4,188,155		114,000		119,159		—		5,159
RUB	JPM	04/11/14	4,266,341		116,607		121,384		—		4,777
RUB	JPM	04/11/14	8,098,557		220,000		230,416		—		10,416
THB	HSB	04/11/14	16,210,000		500,278		499,493		785		—
THB	HSB	04/21/14	56,370,650		1,738,601		1,736,232		2,369		—
THB	JPM	04/11/14	3,597,000		111,371		110,838		533		—
THB	JPM	04/11/14	5,740,000		177,111		176,871		240		—
THB	JPM	04/21/14	4,956,720		152,914		152,668		246		—
THB	SCB	04/11/14	20,428,000		630,105		629,466		639		—
TRY	BRC	04/11/14	4,212		1,858		1,963		—		105
ZAR	JPM	04/11/14	229,155		21,029		21,736		—		707
Total Forward Currency Sale Contracts				$	33,434,510	$	33,857,709		40,767		463,966
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	543,437	$	512,029

Written Option open at March 31, 2014:

Description	Number of Contracts	Strike Price	Expiration Date	Premium		Value
CLP vs USD April 14 555.00 Put	5,550	555.00	04/24/14	$	5,217	$	(7,493	)

Lazard Explorer Total Return Portfolio (concluded)

Credit Default Swap Agreements open at March 31, 2014:  

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
ITRAXX	JPM	1,430,000	06/20/19		1.00	%	$	(147,831	)	$	(140,885	)	$	—	$	6,946
Markit CDS EM20 Series 9PA	BRC	5,010,000	06/20/19		5.00	%		473,257			400,800			72,457		—
Markit CDS EM20 Series 9PA	JPM	5,010,000	06/20/19		5.00	%		377,850			322,000			55,850		—
Markit CDS EM21 Series 9PA	JPM	1,450,000	06/20/19		5.00	%		136,971			124,700			12,271		—
People’s Republic of China	BRC	160,000	06/20/19		(1.00	%)		(707	)		(159	)		—		548
People’s Republic of China	JPM	2,200,000	06/20/19		(1.00	%)		(9,722	)		(1,228	)		—		8,494
People’s Republic of China	JPM	5,650,000	06/20/19		(1.00	%)		(24,968	)		8,043			—		33,011
Republic of Turkey	JPM	1,008,000	06/20/19		(1.00	%)		55,469			68,085			—		12,616
Republic of Turkey	JPM	1,360,000	06/20/19		(1.00	%)		74,839			96,109			—		21,270
Total Credit Default Swap Agreements							$	935,158		$	877,465		$	140,578	$	82,885

Interest Rate Swap Agreements open at March 31, 2014:  

Currency	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Variable Rate	Unrealized Appreciation		Unrealized Depreciation
BRL	BRC	1,200,000	01/04/16		12.17	%	Brazil Cetip Interbank Deposit Rate	$	673	$	—
BRL	BRC	466,000	01/04/16		12.22	%	Brazil Cetip Interbank Deposit Rate		827		—
HUF	BRC	130,000,000	03/24/19		2.85	%	Budapest LIBOR 6 Month		—		10,374
ZAR	BRC	5,256,000	01/10/17		6.60	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		7,883
ZAR	BRC	2,000,000	09/17/18		7.12	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		4,068
ZAR	BRC	3,500,000	09/19/18		6.79	%	South Africa Johannesburg Interbank Agreed Rate 3 Month		—		11,267
Total unrealized appreciation/depreciation on Interest Rate Swap Agreements									1,500		33,592
Gross unrealized appreciation/depreciation on Swap Agreements								$	142,078	$	116,477

Description	Shares		Value
Lazard US Realty Income Portfolio
Common Stock | 3.5%
Real Estate | 3.5%
Colony Financial, Inc. (Identified cost $4,120,375)		198,415	$	4,355,209
Preferred Stocks | 30.6%
Real Estate | 30.6%
CBL & Associates Properties, Inc., Series E		60,000		1,437,000
Cedar Realty Trust, Inc., Series B		72,918		1,714,302
Coresite Realty Corp., Series A		14,900		368,775
DDR Corp.:
Series K, 6.250%		66,000		1,529,220
Series J, 6.500%		47,900		1,152,474
EPR Properties, Series F		13,769		328,528
General Growth Properties, Inc., Series A		275,000		6,382,750
Glimcher Realty Trust,		160,000		3,767,840
Kimco Realty Corp., Series J		69,900		1,457,415
LaSalle Hotel Properties, Series I		118,700		2,642,262
Pebblebrook Hotel Trust, Series C		189,414		4,227,721
Pennsylvania Real Estate Investment Trust, Series B		33,694		844,035
PS Business Parks, Inc., Series U		73,300		1,569,353
Regency Centers Corp., Series 7		16,342		356,909
Retail Properties of America, Inc.,		97,779		2,415,141
Sabra Healthcare REIT, Inc., Series A		87,400		2,090,608
Sun Communities, Inc., Series A		50,222		1,249,021
Taubman Centers, Inc., Series K		109,771		2,518,147
Vornado Realty Trust, Series K		102,064		2,216,830
Weingarten Realty Investors, Series F		14,052		346,803
Total Preferred Stocks (Identified cost $41,648,042)				38,615,134

Description	Shares		Value
Real Estate Investment Trusts | 61.0%
American Realty Capital Properties, Inc.		158,900	$	2,227,778
Apollo Commercial Real Estate Finance, Inc.		137,250		2,282,468
AvalonBay Communities, Inc.		19,500		2,560,740
BioMed Realty Trust, Inc.		316,930		6,493,896
Blackstone Mortgage Trust, Inc., Class A		54,600		1,569,750
Campus Crest Communities, Inc.		717,290		6,226,077
CBL & Associates Properties, Inc.		181,200		3,216,300
Digital Realty Trust, Inc.		125,900		6,682,772
Dynex Capital, Inc.		444,220		3,975,769
EPR Properties		82,550		4,407,344
Excel Trust, Inc.		186,000		2,358,480
First Potomac Realty Trust		308,026		3,979,696
HCP, Inc.		155,700		6,039,603
Home Properties, Inc.		20,900		1,256,508
Mack-Cali Realty Corp.		258,400		5,372,136
Medical Properties Trust, Inc.		118,400		1,514,336
Pennsylvania Real Estate Investment Trust		71,400		1,288,770
Realty Income Corp.		27,900		1,139,994
Simon Property Group, Inc.		15,500		2,542,000
STAG Industrial, Inc.		80,900		1,949,690
Sun Communities, Inc.		86,157		3,884,819
Weyerhaeuser Co.		84,000		2,465,400
WP Carey, Inc.		59,100		3,550,137
Total Real Estate Investment Trusts (Identified cost $82,824,137)				76,984,463
Short-Term Investment | 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $5,548,669)		5,548,669		5,548,669
Total Investments | 99.5% (Identified cost $134,141,223) (b)			$	125,503,475
Cash and Other Assets in Excess of Liabilities | 0.5%				577,112
Net Assets | 100.0%			$	126,080,587

Description	Shares		Value
Lazard US Realty Equity Portfolio
Common Stocks | 2.8%
Leisure & Entertainment | 1.9%
Starwood Hotels & Resorts Worldwide, Inc.		16,342	$	1,300,823
Real Estate | 0.9%
Realogy Holdings Corp. (a)		14,577		633,371
Total Common Stocks (Identified cost $1,856,069)				1,934,194
Real Estate Investment Trusts | 93.6%
American Campus Communities, Inc.		44,806		1,673,504
American Homes 4 Rent, Class A		40,056		669,336
American Residential Properties, Inc.		81,699		1,468,948
American Tower Corp.		53,989		4,420,079
Apartment Investment & Management Co., Class A		57,337		1,732,724
AvalonBay Communities, Inc.		22,709		2,982,146
Boston Properties, Inc.		15,984		1,830,647
CBL & Associates Properties, Inc.		59,868		1,062,657
Chesapeake Lodging Trust		73,668		1,895,478
Crown Castle International Corp.		34,955		2,578,980
DDR Corp.		92,242		1,520,148
Digital Realty Trust, Inc.		58,484		3,104,331
Education Realty Trust, Inc.		108,717		1,073,037
Equity Lifestyle Properties, Inc.		8,447		343,370
Equity Residential		27,725		1,607,773
Essex Property Trust, Inc.		12,032		2,046,042
Extra Space Storage, Inc.		27,394		1,328,883
First Potomac Realty Trust		156,456		2,021,411
Glimcher Realty Trust		163,996		1,644,880
HCP, Inc.		103,200		4,003,128
Kilroy Realty Corp.		25,570		1,497,891
Mack-Cali Realty Corp.		50,004		1,039,583
Parkway Properties Inc.		56,396		1,029,227
Pebblebrook Hotel Trust		22,243		751,146
Prologis, Inc.		44,312		1,809,259
Public Storage		13,591		2,289,948
Retail Opportunity Investments Corp.		141,297		2,110,977
Simon Property Group, Inc.		45,070		7,391,480
SL Green Realty Corp.		8,537		858,993
Sunstone Hotel Investors, Inc.		56,096		770,198
Ventas, Inc.		49,552		3,001,365
Vornado Realty Trust		12,158		1,198,292
Weyerhaeuser Co.		68,634		2,014,408
Total Real Estate Investment Trusts (Identified cost $63,016,229)				64,770,269

Description	Shares		Value
Short-Term Investment | 3.3%
State Street Institutional Treasury Money Market Fund (Identified cost $2,313,243)	2,313,243	$	2,313,243
Total Investments | 99.7% (Identified cost $67,185,541)			69,017,706

Description	Number of Contracts		Value
Purchased Option | 0.1%
iShares US Real Estate ETF, June 14 67 Put, Expires 06/21/14		750	$	99,000
Total Investments and Purchased Option | 99.8% (Identified cost $67,324,434) (b)			$	69,116,706
Cash and Other Assets in Excess of Liabilities | 0.2%				108,644
Net Assets | 100.0%			$	69,225,350

Description	Shares		Value
Lazard Global Realty Equity Portfolio
Common Stocks | 27.9%
Australia | 2.6%
Charter Hall Group		26,189	$	96,939
Goodman Group		32,439		142,360
				239,299
Brazil | 1.9%
Aliansce Shopping Centers SA		10,900		85,845
BR Properties SA		11,000		90,318
				176,163
Canada | 0.6%
First Capital Realty, Inc.		3,400		53,976
China | 2.9%
China Overseas Land & Investment, Ltd.		34,452		89,156
Longfor Properties Co., Ltd.		101,500		141,513
Shimao Property Holdings, Ltd.		17,500		38,528
				269,197
Hong Kong | 6.2%
Cheung Kong Holdings, Ltd.		9,000		149,429
Hang Lung Properties, Ltd.		17,000		48,808
Hongkong Land Holdings, Ltd.		22,000		142,290
The Wharf Holdings, Ltd.		36,825		235,757
				576,284
Japan | 8.4%
Mitsubishi Estate Co., Ltd.		6,000		142,788
Mitsui Fudosan Co., Ltd.		9,000		273,985
NTT Urban Development Corp.		17,000		159,727
Sumitomo Realty & Development Co., Ltd.		5,000		195,396
				771,896
Malaysia | 0.3%
UEM Sunrise Berhad		35,400		23,838
Mexico | 0.3%
Corp Inmobiliaria Vesta SAB de CV		11,700		23,623
Norway | 0.3%
Norwegian Property ASA		25,153		30,461
Philippines | 2.1%
Ayala Land, Inc.		141,988		94,681
Megaworld Corp.		1,010,398		94,625
				189,306
Thailand | 0.3%
Land and Houses Public Co. Ltd.		82,577		24,496
United Kingdom | 0.7%
Capital & Counties Properties PLC		11,783		68,829
United States | 1.3%
Realogy Holdings Corp. (a)		957		41,582

Description	Shares		Value
Starwood Hotels & Resorts Worldwide, Inc.		1,020	$	81,192
				122,774
Total Common Stocks (Identified cost $2,638,424)				2,570,142
Real Estate Investment Trusts | 68.6%
Australia | 3.6%
Charter Hall Retail REIT		15,333		50,918
Dexus Property Group		149,090		146,587
Westfield Group		14,420		137,135
				334,640
Brazil | 0.4%
Cyrela Commercial Properties SA Empreendimentos e Participacoes		5,000		39,885
Canada | 3.1%
Allied Properties Real Estate Investment Trust		2,185		68,188
Boardwalk Real Estate Investment Trust		3,914		214,695
				282,883
France | 5.6%
Fonciere des Regions		1,123		104,004
Gecina SA		683		90,850
Klepierre		4,887		218,860
Unibail-Rodamco SE		389		101,131
				514,845
Hong Kong | 0.9%
The Link REIT		16,019		79,039
Italy | 1.3%
Beni Stabili SpA		137,903		118,722
Japan | 4.1%
Hulic Reit, Inc. (a)		69		94,260
Japan Logistics Fund, Inc.		25		56,283
Japan Real Estate Investment Corp.		14		70,215
Nippon Accommodations Fund, Inc.		18		60,221
Nippon Building Fund, Inc.		6		31,312
Premier Investment Corp.		17		65,915
				378,206
Mexico | 1.4%
Asesor de Activos Prisma SAPI de CV		17,700		23,929
Fibra Uno Administracion SA de CV		15,600		50,472
TF Administradora Industrial S de RL de CV		29,000		58,420
				132,821
Singapore | 1.9%
CapitaMall Trust		50,000		75,094
Frasers Centrepoint Trust		67,925		96,221
				171,315

Description	Shares		Value
Lazard Global Realty Equity Portfolio (concluded)
United Kingdom | 4.8%
Big Yellow Group PLC		10,159	$	92,629
British Land Co. PLC		9,824		107,234
Derwent London PLC		2,240		101,318
Great Portland Estates PLC		7,942		83,552
SEGRO PLC		11,093		61,472
				446,205
United States | 41.5%
American Campus Communities, Inc.		2,742		102,414
American Homes 4 Rent REIT, Class A		2,698		45,084
American Residential Properties, Inc.		5,576		100,256
American Tower Corp.		545		44,619
Apartment Investment & Management Co., Class A		3,714		112,237
AvalonBay Communities, Inc.		1,406		184,636
Boston Properties, Inc.		976		111,781
CBL & Associates Properties, Inc.		3,888		69,012
Chesapeake Lodging Trust		4,813		123,839
DDR Corp.		5,700		93,936
Digital Realty Trust, Inc.		3,971		210,781
Education Realty Trust, Inc.		7,288		71,933
Equity Lifestyle Properties, Inc.		500		20,325
Equity Residential		1,889		109,543
Essex Property Trust, Inc.		727		123,626
Extra Space Storage, Inc.		1,898		92,072
First Potomac Realty Trust		10,632		137,365
General Growth Properties, Inc.		4,251		93,522
Glimcher Realty Trust		9,730		97,592
HCP, Inc.		7,436		288,442
Kilroy Realty Corp.		1,569		91,912
Mack-Cali Realty Corp.		3,358		69,813
Parkway Properties Inc.		3,500		63,875
Pebblebrook Hotel Trust		1,449		48,933
Prologis, Inc.		3,003		122,612
Public Storage		922		155,348
Retail Opportunity Investments Corp.		8,739		130,561
Simon Property Group, Inc.		3,071		503,644
SL Green Realty Corp.		581		58,460
Sunstone Hotel Investors, Inc.		3,698		50,774
Ventas, Inc.		3,078		186,434
Vornado Realty Trust		816		80,425
Weyerhaeuser Co.		862		25,300
				3,821,106
Total Real Estate Investment Trusts (Identified cost $5,944,698)				6,319,667

Description	Shares		Value
Closed-End Management Investment Fund | 0.9%
United Kingdom | 0.9%
Kennedy Wilson Europe Real Estate PLC (Identified cost $91,223)		4,951	$	85,842
Short-Term Investment | 2.4%
State Street Institutional Treasury Money Market Fund (Identified cost $225,267)		225,267		225,267
Total Investments l 99.8% (Identified cost $8,899,612) (b)			$	9,200,918
Cash and Other Assets in Excess of Liabilities l 0.2%				17,439
Net Assets l 100.0%			$	9,218,357

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 93.2%
Australia | 16.9%
DUET Group		22,379,665	$	43,174,423
Macquarie Atlas Roads Group		6,310,472		17,335,777
SP AusNet		33,530,193		40,747,150
Spark Infrastructure Group		18,451,009		29,267,923
Transurban Group		5,806,985		39,109,807
				169,635,080
Austria | 1.1%
Flughafen Wien AG		114,850		11,392,289
France | 11.1%
Aeroports de Paris		303,519		37,865,256
Eutelsat Communications SA		741,956		25,216,337
Vinci SA		647,831		48,271,823
				111,353,416
Germany | 5.8%
Fraport AG		773,741		57,863,853
Italy | 17.2%
ASTM SpA		834,619		14,150,709
Atlantia SpA		2,996,672		77,159,443
Hera SpA		7,060,803		20,616,785
Snam SpA		1,567,547		9,183,842
Societa Iniziative Autostradali e Servizi SpA		1,904,947		22,906,720
Terna SpA		5,391,875		28,894,310
				172,911,809
Japan | 13.2%
Osaka Gas Co., Ltd.		6,187,300		23,408,128
Toho Gas Co., Ltd.		5,422,350		29,501,487
Tokyo Gas Co., Ltd.		15,821,700		80,221,383
				133,130,998
Luxembourg | 4.3%
SES SA		1,166,543		43,556,097
South Korea | 1.7%
Macquarie Korea Infrastructure Fund		2,755,207		16,737,108
Switzerland | 3.8%
Flughafen Zuerich AG		59,203		38,066,358
United Kingdom | 4.2%
Pennon Group PLC		3,398,624		42,121,455
United States | 13.9%
California Water Service Group		601,965		14,411,042
CSX Corp.		1,712,630		49,614,891
Norfolk Southern Corp.		199,837		19,418,162
PG&E Corp.		1,105,565		47,760,408

Description	Shares		Value
SJW Corp.	302,100	$	8,930,076
			140,134,579
Total Common Stocks (Identified cost $825,207,840)			936,903,042
Short-Term Investment | 6.9%
State Street Institutional Treasury Money Market Fund (Identified cost $69,013,588)	69,013,588		69,013,588
Total Investments | 100.1% (Identified cost $894,221,428) (b), (g)		$	1,005,916,630
Liabilities in Excess of Cash and Other Assets | (0.1)%			(1,448,808	)
Net Assets | 100.0%		$	1,004,467,822

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at March 31, 2014:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts
AUD	BNP	06/27/14	59,066,170	$	53,002,437	$	54,457,421	$	—	$	1,454,984
AUD	BRC	06/27/14	33,440,792		30,005,419		30,831,511		—		826,092
AUD	CAN	06/27/14	21,544,869		19,332,642		19,863,790		—		531,148
AUD	CSF	06/27/14	11,931,159		10,706,426		11,000,209		—		293,783
AUD	HSB	06/27/14	31,345,029		28,116,961		28,899,274		—		782,313
AUD	RBC	06/27/14	34,687,532		31,122,347		31,980,972		—		858,625
CHF	BRC	06/27/14	5,249,783		5,947,684		5,942,455		5,229		—
CHF	CAN	06/27/14	4,345,449		4,921,679		4,918,801		2,878		—
CHF	CSF	06/27/14	25,615,750		29,020,427		28,995,571		24,856		—
EUR	BRC	06/27/14	59,364,861		81,910,269		81,774,080		136,189		—
EUR	CAN	06/27/14	55,197,306		76,159,863		76,033,345		126,518		—
EUR	CIT	06/27/14	52,980,050		73,105,582		72,979,113		126,469		—
EUR	CSF	06/27/14	35,190,736		48,555,650		48,474,637		81,013		—
EUR	HSB	06/27/14	34,537,040		47,657,316		47,574,182		83,134		—
EUR	RBC	06/27/14	41,417,990		57,135,289		57,052,573		82,716		—
GBP	BRC	06/27/14	8,786,766		14,486,126		14,639,398		—		153,272
GBP	CAN	06/27/14	1,290,583		2,128,042		2,150,206		—		22,164
GBP	HSB	06/27/14	4,564,871		7,526,787		7,605,410		—		78,623
GBP	RBC	06/27/14	10,257,346		16,908,311		17,089,491		—		181,180
JPY	BNP	06/27/14	2,697,068,891		26,414,402		26,142,377		272,025		—
JPY	BRC	06/27/14	794,360,478		7,778,925		7,699,644		79,281		—
JPY	CAN	06/27/14	1,916,357,071		18,768,494		18,575,027		193,467		—
JPY	CIT	06/27/14	1,251,043,402		12,252,519		12,126,219		126,300		—
JPY	CSF	06/27/14	1,893,435,032		18,544,544		18,352,847		191,697		—
JPY	HSB	06/27/14	2,893,642,664		28,339,872		28,047,743		292,129		—
JPY	HSB	06/27/14	3,221,258,288		31,551,578		31,223,284		328,294		—
KRW	BNP	06/20/14	1,775,345,170		1,653,946		1,661,282		—		7,336
KRW	BRC	06/20/14	3,025,578,844		2,816,850		2,831,189		—		14,339
KRW	CAN	06/20/14	1,321,089,591		1,214,460		1,236,211		—		21,751
KRW	CSF	06/20/14	665,285,396		619,273		622,541		—		3,268
KRW	HSB	06/20/14	1,316,167,329		1,225,367		1,231,605		—		6,238
KRW	RBC	06/20/14	1,418,984,073		1,320,599		1,327,816		—		7,217
KRW	RBC	06/20/14	8,217,824,993		7,647,477		7,689,841		—		42,364
Total Forward Currency Sale Contracts				$	797,897,563	$	801,030,065		2,152,195		5,284,697
Gross unrealized appreciation/depreciation on Forward Currency Sale Contracts								$	2,152,195	$	5,284,697

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio
Corporate Bonds | 22.0%
Cable Television | 1.4%
Time Warner Cable, Inc., 7.500%, 04/01/14	$	1,000	$	1,000,000
Chemicals | 1.6%
Albemarle Corp., 5.100%, 02/01/15		1,150		1,189,437
Financial Services | 7.8%
Citigroup, Inc.:
5.125%, 05/05/14		203		203,843
5.500%, 10/15/14		1,425		1,462,555
Goldman Sachs Group, Inc., 6.000%, 05/01/14		1,225		1,230,391
JPMorgan Chase & Co., 4.650%, 06/01/14		1,182		1,190,250
Western Union Co., 5.930%, 10/01/16		1,450		1,605,560
				5,692,599
Media | 4.6%
DIRECTV Holdings LLC, 4.750%, 10/01/14		1,742		1,776,061
Viacom, Inc., 4.375%, 09/15/14		1,525		1,551,107
				3,327,168
Technology | 4.8%
Amphenol Corp., 4.750%, 11/15/14		1,875		1,921,867
Equifax, Inc., 4.450%, 12/01/14		1,504		1,541,081
				3,462,948
Telecommunications | 1.8%
BellSouth Corp., 5.200%, 09/15/14		1,290		1,317,667
Total Corporate Bonds (Identified cost $15,968,461)				15,989,819
Municipal Bonds | 7.5%
California | 1.4%
California State Taxable Various Purpose:
1.050%, 02/01/16		600		602,172
5.500%, 03/01/16		375		406,935
				1,009,107
District Of Columbia | 0.7%
District of Columbia Revenue National Public Radio Series A, 5.000%, 04/01/43 (Pre-Refunded to 04/01/15 @ $100) (h)		500		523,935

Description	Principal Amount (000)		Value
Illinois | 0.7%
Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16	$	500	$	531,545
Kentucky | 0.5%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18		351		363,321
Maryland | 0.7%
Washington Maryland Suburban Sanitary District Sewer Disposal, 5.000%, 06/01/20 (Pre-Refunded to 06/01/15 @ $100) (h)		500		528,120
Massachusetts | 1.5%
Massachusetts State Construction Loan Series A, 5.000%, 03/01/17 (Pre-Refunded to 03/01/15 @ $100) (h)		500		522,165
Massachusetts State School Building Authority Sales Tax Revenue Series A, 5.000%, 08/15/17 (Pre-Refunded to 08/15/15 @ $100) (h)		500		533,095
				1,055,260
Michigan | 0.7%
Michigan State Hospital Finance Authority Series A Trinity Health, 5.250%, 12/01/15		500		540,105
Pennsylvania | 0.6%
Pennsylvania State Higher Educational Facilties Authority Revenue Temple University, 5.000%, 04/01/15		400		419,024
Virginia | 0.7%
Richmond VA Public Improvement Series A, 5.000%, 07/15/17 (Pre-Refunded to 07/15/15 @ $100) (h)		500		530,745
Total Municipal Bonds (Identified cost $5,467,903)				5,501,162
US Government Securities | 41.2%
Federal Home Loan Mortgage Corp.:
Pool# 848138, 2.431%, 07/01/38		1,418		1,529,964
Pool# 1B4676, 3.776%, 05/01/40		1,350		1,435,292
Pool# 1B8709, 2.241%, 08/01/34		506		535,286
Pool# 1H2577, 2.375%, 09/01/35		1,727		1,840,871
Pool# 1Q1531, 2.426%, 04/01/38		1,261		1,336,253
Pool# G11720, 4.500%, 08/01/20		615		652,194
Pool# G13867, 5.000%, 06/01/25		680		728,925
Series 3725, Class A, 3.500%, 09/15/24		605		629,795

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Federal National Mortgage Association:
Pool# 725296, 2.228%, 03/01/34	$	790	$	842,009
Pool# 725429, 5.000%, 05/01/19		651		696,586
Pool# 834928, 1.940%, 07/01/35		1,722		1,821,440
Pool# 889735, 5.500%, 07/01/23		721		783,040
Pool# 889828, 5.000%, 10/01/19		587		628,265
Pool# 963058, 4.885%, 05/01/38		1,265		1,356,040
Pool# 995609, 2.515%, 04/01/35		1,444		1,540,313
Pool# AD0278, 4.273%, 09/01/39		410		438,471
Pool# AE0149, 2.327%, 12/01/36		1,350		1,434,103
Pool# AE0315, 4.500%, 02/01/21		233		246,860
Pool# AE0887, 3.705%, 09/01/40		656		698,983
Pool# AL0345, 2.465%, 11/01/35		1,346		1,424,821
Pool# AL3232, 3.785%, 02/01/40		785		831,853
Pool# AL3260, 2.473%, 07/01/38		852		908,214
Pool# AL3739, 2.298%, 07/01/38		486		516,876
Pool# AL3746, 2.315%, 01/01/37		1,554		1,655,032
Pool# AL3941, 6.000%, 03/01/24		1,134		1,229,721
Pool# AL4118, 2.411%, 05/01/35		1,054		1,122,241
Pool# AL4545, 2.308%, 05/01/39		1,386		1,475,808
Pool# AL4660, 3.649%, 11/01/41		1,530		1,623,901
Total US Government Securities (Identified cost $29,804,124)				29,963,157
US Treasury Security | 26.1%
US Treasury Note, 2.125%, 11/30/14 (Identified cost $18,963,731)		18,720		18,971,559

Description	Shares		Value
Short-Term Investment | 2.4%
State Street Institutional Treasury Money Market Fund (Identified cost $1,752,643)	1,752,643	$	1,752,643
Total Investments | 99.2% (Identified cost $71,956,862) (b)		$	72,178,340
Cash and Other Assets in Excess of Liabilities | 0.8%			612,216
Net Assets | 100.0%		$	72,790,556

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds | 94.2%
Aerospace & Defense | 2.5%
B/E Aerospace, Inc., 5.250%, 04/01/22	$	1,300	$	1,337,375
Bombardier, Inc., 7.750%, 03/15/20 (e)		1,600		1,792,000
Huntington Ingalls Industries, Inc., 6.875%, 03/15/18		1,500		1,612,500
				4,741,875
Apparel & Textiles | 1.6%
Jones Group, Inc., 6.875%, 03/15/19		1,500		1,545,000
Levi Strauss & Co., 7.625%, 05/15/20		1,300		1,412,125
				2,957,125
Automotive | 4.0%
Chrysler Group LLC, 8.250%, 06/15/21		1,400		1,583,750
Dana Holding Corp., 6.500%, 02/15/19		1,500		1,601,250
Schaeffler Finance BV:
7.750%, 02/15/17 (e)		250		283,750
8.500%, 02/15/19 (e)		250		279,062
4.750%, 05/15/21 (e)		1,000		1,022,500
The Goodyear Tire & Rubber Co., 8.250%, 08/15/20		1,775		1,976,906
Tomkins LLC, 9.000%, 10/01/18		769		825,714
				7,572,932
Building Materials | 3.1%
Griffon Corp., 5.250%, 03/01/22 (e)		1,400		1,386,000
HD Supply, Inc., 8.125%, 04/15/19		1,400		1,561,000
Masco Corp., 6.125%, 10/03/16		1,500		1,646,250
Owens Corning, Inc., 9.000%, 06/15/19		123		152,376
USG Corp., 9.750%, 01/15/18		675		815,063
Vulcan Materials Co., 6.500%, 12/01/16		215		239,725
				5,800,414
Cable Television | 6.0%
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,713,750
CCO Holdings LLC, 5.250%, 03/15/21		1,950		1,964,625

Description	Principal Amount (000)			Value
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (e)	$	1,800	$	1,881,000
DISH DBS Corp., 5.125%, 05/01/20		1,000		1,042,500
Lynx I Corp., 5.375%, 04/15/21 (e)		1,810		1,868,825
Mediacom LLC, 9.125%, 08/15/19		175		187,250
Nara Cable Funding, Ltd., 8.875%, 12/01/18 (e)		1,075		1,170,406
Unitymedia Hessen GmbH & Co. KG, 7.500%, 03/15/19 (e)		1,400		1,519,000
				11,347,356
Chemicals | 3.6%
Chemtura Corp., 5.750%, 07/15/21		1,400		1,452,500
Eagle Spinco, Inc., 4.625%, 02/15/21 (e)		1,400		1,384,250
Ineos Finance PLC, 7.500%, 05/01/20 (e)		1,400		1,536,500
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		948,800
Tronox Finance LLC, 6.375%, 08/15/20		1,400		1,438,500
				6,760,550
Commercial Services | 0.8%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,501,875
Computer Services | 2.1%
First Data Corp.:
8.875%, 08/15/20 (e)		850		941,375
6.750%, 11/01/20 (e)		400		430,000
iGATE Corp., 9.000%, 05/01/16		1,200		1,260,000
Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,373		1,366,135
				3,997,510
Computer Software | 0.8%
Activision Blizzard, Inc., 5.625%, 09/15/21 (e)		1,400		1,498,000
Consumer Products | 0.8%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (e)		1,500		1,458,750
Diversified | 0.9%
Amsted Industries, Inc., 5.000%, 03/15/22 (e)		1,700		1,708,500
Electric Generation | 1.3%
AES Corp., 8.000%, 10/15/17		180		213,075

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Calpine Corp., 7.875%, 07/31/20 (e)	$	920	$	1,012,000
GenOn Energy, Inc.:
9.500%, 10/15/18		225		230,063
9.875%, 10/15/20		475		484,500
NRG Energy, Inc., 8.250%, 09/01/20		525		576,187
				2,515,825
Electronics | 0.8%
Amkor Technologies, Inc., 6.625%, 06/01/21		1,400		1,494,500
Energy Exploration & Production | 3.2%
Chesapeake Energy Corp., 9.500%, 02/15/15		1,400		1,492,750
Linn Energy LLC, 6.500%, 05/15/19		1,750		1,824,375
Plains Exploration & Production Co., 6.500%, 11/15/20		1,400		1,541,750
Samson Investment Co., 10.750%, 02/15/20 (e)		1,000		1,090,000
				5,948,875
Energy Services | 3.3%
Cie Generale de Geophysique-Veritas, 7.750%, 05/15/17		1,765		1,791,475
Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		1,250		1,343,750
Expro Finance Luxembourg SCA, 8.500%, 12/15/16 (e)		429		448,841
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21		1,600		1,572,000
PBF Holding Co. LLC, 8.250%, 02/15/20		900		976,500
				6,132,566
Environmental | 1.0%
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,802,500
Financial Services | 1.7%
Icahn Enterprises LP, 6.000%, 08/01/20 (e)		1,500		1,590,000
International Lease Finance Corp.:
8.625%, 09/15/15		500		550,625
5.750%, 05/15/16		500		537,815
8.750%, 03/15/17		500		586,875
				3,265,315
Food & Beverages | 2.9%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,483,125
Constellation Brands, Inc., 7.250%, 05/15/17		950		1,102,000

Description	Principal Amount (000)		Value
Del Monte Corp., 7.625%, 02/15/19	$	1,039	$	1,082,508
Post Holdings, Inc., 7.375%, 02/15/22		1,650		1,773,750
				5,441,383
Forest & Paper Products | 1.0%
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (e)		1,050		1,113,000
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		847,500
				1,960,500
Gaming | 4.6%
Boyd Gaming Corp., 9.125%, 12/01/18		1,350		1,463,400
GLP Capital LP, 4.875%, 11/01/20 (e)		1,500		1,539,375
Marina District Finance Co., Inc., 9.875%, 08/15/18		500		537,500
MGM Resorts International, 6.625%, 12/15/21		1,000		1,100,000
PNK Finance Corp., 6.375%, 08/01/21 (e)		1,250		1,300,000
Scientific Games Corp., 8.125%, 09/15/18		350		372,750
Scientific Games International, Inc.:
9.250%, 06/15/19		250		265,000
6.250%, 09/01/20		850		892,500
Wynn Las Vegas LLC, 7.750%, 08/15/20		1,050		1,168,125
				8,638,650
Gas Distribution | 4.2%
El Paso Corp., 7.000%, 06/15/17		650		733,418
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,429,687
Ferrellgas Partners LP:
8.625%, 06/15/20		520		552,500
6.500%, 05/01/21		500		523,750
Kinder Morgan, Inc., 5.000%, 02/15/21 (e)		1,275		1,276,803
NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		505		496,163
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (e)		1,450		1,497,125
Suburban Propane Partners LP, 7.500%, 10/01/18		1,329		1,412,063
				7,921,509
Health Services | 5.3%
Biomet, Inc., 6.500%, 08/01/20		1,750		1,884,750

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Community Health Systems, Inc., 8.000%, 11/15/19	$	1,400	$	1,538,250
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (e)		525		574,875
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22 (e)		75		76,687
HCA, Inc., 6.500%, 02/15/20		1,600		1,792,000
LifePoint Hospitals, Inc., 5.500%, 12/01/21 (e)		1,400		1,452,500
Service Corp. International, 6.750%, 04/01/16		750		815,625
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		705,250
4.375%, 10/01/21		1,250		1,206,250
				10,046,187
Leisure & Entertainment | 2.7%
ACCO Brands Corp., 6.750%, 04/30/20		1,750		1,795,938
Cedar Fair LP:
9.125%, 08/01/18		225		240,255
5.250%, 03/15/21		1,250		1,265,625
Royal Caribbean Cruises, Ltd., 7.250%, 06/15/16		330		369,600
Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		1,400		1,410,500
				5,081,918
Machinery | 1.5%
Terex Corp., 6.500%, 04/01/20		1,600		1,740,000
The Manitowoc Co., Inc., 8.500%, 11/01/20		1,000		1,122,500
				2,862,500
Media | 5.9%
CBS Outdoor Americas Capital, Inc., 5.250%, 02/15/22 (e)		1,500		1,537,500
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,870,312
Lamar Media Corp., 7.875%, 04/15/18		1,000		1,042,500
LIN Television Corp., 8.375%, 04/15/18		1,400		1,484,000
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,885,750
Sirius XM Radio, Inc., 5.750%, 08/01/21 (e)		1,500		1,560,000

Description	Principal Amount (000)		Value
WMG Acquisition Corp., 6.000%, 01/15/21 (e)	$	1,620	$	1,688,850
				11,068,912
Metals & Mining | 2.8%
Alpha Natural Resources, Inc., 6.000%, 06/01/19		850		652,375
ArcelorMittal SA, 6.000%, 03/01/21		1,400		1,492,750
Calcipar SA, 6.875%, 05/01/18 (e)		1,350		1,437,750
First Quantum Minerals, Ltd.:
6.750%, 02/15/20 (e)		862		872,775
7.000%, 02/15/21 (e)		862		877,085
				5,332,735
Packaging | 3.4%
Ardagh Packaging Finance PLC, 7.375%, 10/15/17 (e)		1,350		1,434,375
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,571,250
Sealed Air Corp., 8.125%, 09/15/19 (e)		1,775		1,983,563
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,511,875
				6,501,063
Pharmaceutical & Biotechnology | 1.2%
Mylan, Inc., 7.875%, 07/15/20 (e)		650		728,633
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (e)		1,500		1,620,000
				2,348,633
Printing & Publishing | 2.2%
Gannett Co., Inc., 7.125%, 09/01/18		1,676		1,763,990
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,016		1,181,100
The McClatchy Co., 9.000%, 12/15/22		1,100		1,280,125
				4,225,215
Real Estate | 1.7%
CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		1,600		1,680,000
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,480,500
				3,160,500
Retail | 1.4%
Netflix, Inc., 5.375%, 02/01/21		1,450		1,522,500

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (concluded)
QVC, Inc., 7.500%, 10/01/19 (e)	$	1,000	$	1,064,049
				2,586,549
Steel-Producers | 2.0%
AK Steel Corp., 7.625%, 05/15/20		275		274,313
Steel Dynamics, Inc., 6.125%, 08/15/19		1,800		1,957,500
United States Steel Corp., 6.050%, 06/01/17		1,475		1,596,687
				3,828,500
Support Services | 2.5%
Algeco Scotsman Global Finance PLC, 8.500%, 10/15/18 (e)		1,250		1,365,625
The ADT Corp., 6.250%, 10/15/21 (e)		1,400		1,438,500
United Rentals North America, Inc.:
9.250%, 12/15/19		1,000		1,105,500
7.375%, 05/15/20		750		827,813
				4,737,438
Technology Hardware | 0.8%
NCR Corp., 4.625%, 02/15/21		1,450		1,457,250
Telecommunications | 8.3%
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,892,250
Equinix, Inc., 4.875%, 04/01/20		1,800		1,840,500
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,751,250
GCI, Inc., 8.625%, 11/15/19		1,000		1,070,000
Intelsat Jackson Holdings, Ltd., 7.250%, 04/01/19		1,300		1,397,500
SBA Telecommunications, Inc., 5.750%, 07/15/20		1,500		1,571,250
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,618,813
T-Mobile USA, Inc., 6.250%, 04/01/21		1,850		1,956,375
Wind Acquisition Finance SA, 11.750%, 07/15/17 (e)		800		843,000
Windstream Corp., 8.125%, 09/01/18		1,575		1,673,437
				15,614,375
Transportation | 2.3%
Florida East Coast Railway Corp., 8.125%, 02/01/17		1,200		1,254,000

Description	Principal Amount (000)		Value
Hapag-Lloyd AG, 9.750%, 10/15/17 (e)	$	1,075	$	1,147,563
Teekay Corp., 8.500%, 01/15/20		1,725		1,962,187
				4,363,750
Total Corporate Bonds (Identified cost $168,987,083)				177,682,035

Description	Shares		Value
Short-Term Investment | 5.0%
State Street Institutional Treasury Money Market Fund (Identified cost $9,434,453)	9,434,453	$	9,434,453
Total Investments | 99.2% (Identified cost $178,421,536) (b)		$	187,116,488
Cash and Other Assets in Excess of Liabilities | 0.8%			1,458,559
Net Assets | 100.0%		$	188,575,047

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds | 32.4%
Australia | 2.3%
Mercedes-Benz Australia/Pacific Property, Ltd., 4.500%, 05/18/15		AUD		60	$	56,369
Telstra Corp., Ltd., 6.250%, 04/15/15		AUD		60		57,406
						113,775
Canada | 3.3%
Bombardier, Inc., 7.500%, 03/15/18 (e)		USD		30		33,825
Shaw Communications, Inc., 5.650%, 10/01/19		CAD		45		45,917
Suncor Energy, Inc., 6.100%, 06/01/18		USD		25		28,876
Wells Fargo Financial Canada Corp., 2.774%, 02/09/17		CAD		60		55,540
						164,158
Chile | 2.1%
Codelco, Inc., 3.750%, 11/04/20		USD		100		101,154
France | 0.8%
Orange SA, 5.375%, 07/08/19		USD		35		39,415
Italy | 1.5%
Atlantia SpA, 3.375%, 09/18/17		EUR		50		73,572
Luxembourg | 1.0%
ArcelorMittal SA, 5.000%, 02/25/17		USD		20		21,225
HeidelbergCement Finance Luxembourg SA, 3.250%, 10/21/21		EUR		20		27,649
						48,874
Netherlands | 1.2%
BMW Finance NV, 3.375%, 12/14/18		GBP		35		61,043
Norway | 1.0%
Statoil ASA, 2.450%, 01/17/23		USD		50		46,873
United Kingdom | 4.6%
BG Energy Capital PLC, 5.125%, 12/01/25		GBP		50		90,710
GKN Holdings PLC, 6.750%, 10/28/19		GBP		20		38,795
Rolls-Royce PLC, 6.750%, 04/30/19		GBP		50		98,966
						228,471

Description	Security Currency		Principal Amount (000)		Value
United States | 14.6%
AES Corp., 7.750%, 10/15/15		USD		20	$	21,800
Anheuser-Busch InBev Worldwide, Inc., 9.750%, 11/17/15		BRL		100		43,632
Apple, Inc., 3.850%, 05/04/43		USD		65		57,642
Constellation Brands, Inc., 7.250%, 05/15/17		USD		30		34,800
DISH DBS Corp., 7.125%, 02/01/16		USD		20		21,850
Energizer Holdings, Inc., 4.700%, 05/19/21		USD		40		41,911
Fresenius US Finance II, Inc., 9.000%, 07/15/15		USD		20		21,900
General Electric Capital Corp., 5.500%, 02/01/17		NZD		75		66,276
Goldman Sachs Group, Inc., 6.250%, 09/01/17		USD		25		28,549
HCA, Inc., 6.500%, 02/15/20		USD		20		22,400
Huntington Ingalls Industries, Inc., 6.875%, 03/15/18		USD		25		26,875
JPMorgan Chase & Co.:
1.625%, 05/15/18		USD		15		14,731
3.875%, 09/23/20		EUR		50		77,438
Marathon Oil Corp., 2.800%, 11/01/22		USD		35		32,765
Masco Corp., 6.125%, 10/03/16		USD		15		16,463
Nestle Holdings, Inc., 2.500%, 07/10/17		NOK		200		33,829
Peabody Energy Corp., 7.375%, 11/01/16		USD		15		16,800
Sealed Air Corp., 8.125%, 09/15/19 (e)		USD		25		27,937
Valeant Pharmaceuticals International, 6.750%, 10/01/17 (e)		USD		25		26,438
Valero Energy Corp., 6.125%, 02/01/20		USD		30		34,835
Wynn Las Vegas LLC, 7.750%, 08/15/20		USD		25		27,813
Yum! Brands, Inc., 3.750%, 11/01/21		USD		25		25,313
						721,997
Total Corporate Bonds (Identified cost $1,598,123)						1,599,332
Foreign Government Obligations | 51.2%
Australia | 4.8%
Queensland Treasury Corp., 5.500%, 06/21/21		AUD		110		109,968

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
Western Australian Treasury Corp., 3.000%, 06/08/16		AUD		135	$	125,036
						235,004
Bahamas | 2.0%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		90		96,840
Belgium | 3.0%
Belgium Kingdom, 4.250%, 09/28/22		EUR		90		147,524
Bermuda | 2.2%
Government of Bermuda, 5.603%, 07/20/20		USD		100		110,100
Canada | 4.3%
Province of British Columbia, 3.700%, 12/18/20		CAD		45		43,756
Province of Ontario:
6.250%, 06/16/15		NZD		75		66,741
2.850%, 06/02/23		CAD		115		101,484
						211,981
Colombia | 0.8%
Republic of Colombia, 12.000%, 10/22/15		COP		68,000		38,346
Czech Republic | 1.1%
Czech Republic, 2.500%, 08/25/28		CZK		1,160		56,032
France | 3.8%
Government of France, 4.250%, 10/25/23		EUR		115		190,486
Ireland | 4.1%
Ireland Government Bonds:
4.400%, 06/18/19		EUR		65		101,743
5.400%, 03/13/25		EUR		60		99,165
						200,908
Israel | 2.6%
Israel Fixed Government Bond, 5.500%, 01/31/22		ILS		380		128,234
Mexico | 5.4%
Mexican Bonos:
7.750%, 12/14/17		MXN		660		55,704
6.500%, 06/10/21		MXN		1,360		108,642
United Mexican States, 6.750%, 02/06/24		GBP		50		101,071
						265,417
Netherlands | 2.6%
Netherlands Government Bond, 2.500%, 01/15/33		EUR		93		128,972

Description	Security Currency		Principal Amount (000)		Value
New Zealand | 1.8%
Auckland Council, 4.620%, 03/29/16		NZD		100	$	87,099
Peru | 2.3%
Peru Bono Soberano, 7.840%, 08/12/20		PEN		285		112,525
Poland | 5.0%
Poland Government Bond, 3.750%, 04/25/18		PLN		400		133,528
Republic of Poland, 6.375%, 07/15/19		USD		97		113,805
						247,333
Portugal | 1.1%
Portugal Obrigacoes do Tesouro OT, 5.650%, 02/15/24		EUR		35		54,291
United Kingdom | 2.1%
United Kingdom Treasury:
4.250%, 12/07/27		GBP		30		56,501
4.250%, 06/07/32		GBP		25		47,062
						103,563
Vietnam | 2.2%
Socialist Republic of Vietnam, 6.750%, 01/29/20		USD		100		111,625
Total Foreign Government Obligations (Identified cost $2,475,442)						2,526,280
Quasi Government Bonds | 4.6%
Canada | 2.2%
Hydro-Quebec, 9.625%, 07/15/22		CAD		50		66,927
Ontario Electricity Financial Corp., 10.125%, 10/15/21		CAD		30		40,439
						107,366
Germany | 2.4%
KfW, 2.875%, 10/12/16		NOK		560		95,333
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17		NOK		130		22,145
						117,478
Total Quasi Government Bonds
(Identified cost $238,293)						224,844
Supranationals | 6.8%
Asian Development Bank, 2.850%, 10/21/20		CNY		1,000		155,208
Corporacion Andina de Fomento, 8.125%, 06/04/19		USD		77		95,839
Inter-American Development Bank:
8.120%, 07/24/14		BRL		130		56,883

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
6.000%, 12/15/17		NZD		30	$	27,078
Total Supranationals (Identified cost $351,947)						335,008
US Municipal Bonds | 4.3%
Alaska | 1.7%
Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27		USD		75		85,994
Texas | 2.6%
Texas State Build America Bonds Series A, 4.123%, 04/01/25		USD		50		51,663
University of Texas Build America Bonds, Series B, 6.276%, 08/15/41		USD		70		77,126
						128,789
Total US Municipal Bonds (Identified cost $224,892)						214,783

Description	Shares		Value
Short-Term Investment | 0.1%
State Street Institutional Treasury Money Market Fund (Identified cost $4,333)		4,333	$	4,333
Total Investments | 99.4% (Identified cost $4,893,030) (b), (g)			$	4,904,580
Cash and Other Assets in Excess of Liabilities | 0.6%				30,369
Net Assets | 100.0%			$	4,934,949

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at March 31, 2014

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
CAD	RBC	05/21/14	61,089	$	55,465	$	55,195	$	—	$	270
CHF	CIT	05/21/14	47,630		53,451		53,898		447		—
CLP	BNP	05/07/14	15,015,700		26,114		27,280		1,166		—
DKK	CSF	05/21/14	299,027		55,702		55,197		—		505
EUR	CIT	05/21/14	29,841		41,373		41,107		—		266
EUR	CIT	05/21/14	29,954		41,611		41,263		—		348
EUR	CIT	05/21/14	125,434		173,908		172,788		—		1,120
EUR	CIT	05/21/14	166,002		227,344		228,671		1,327		—
GBP	HSB	05/21/14	12,630		21,000		21,048		48		—
GBP	HSB	05/21/14	59,063		98,211		98,430		219		—
JPY	CIT	05/21/14	6,000,275		59,200		58,149		—		1,051
JPY	CIT	05/21/14	78,814,058		774,300		763,791		—		10,509
KZT	CIT	05/12/14	9,044,640		57,100		48,990		—		8,110
MXN	HSB	05/21/14	441,328		33,400		33,676		276		—
MXN	HSB	05/21/14	471,353		35,900		35,968		68		—
NZD	CAN	05/21/14	26,498		22,900		22,906		6		—
NZD	CAN	05/21/14	66,830		56,208		57,771		1,563		—
SGD	SSB	05/21/14	10,697		8,495		8,504		9		—
Total Forward Currency Purchase Contracts				$	1,841,682	$	1,824,632	$	5,129	$	22,179
Forward Currency Sale Contracts
AUD	CAN	05/21/14	27,729	$	25,000	$	25,630	$	—	$	630
AUD	CAN	05/21/14	196,957		176,670		182,046		—		5,376
BRL	CAN	04/30/14	168,525		68,047		73,735		—		5,688
CAD	RBC	05/21/14	15,451		14,000		13,960		40		—
CAD	RBC	05/21/14	54,494		49,070		49,236		—		166
CAD	RBC	05/21/14	237,086		215,652		214,210		1,442		—
CLP	BNP	05/07/14	15,015,700		26,600		27,280		—		680
DKK	CSF	05/21/14	199,625		36,824		36,848		—		24
EUR	CIT	05/21/14	20,050		27,514		27,619		—		105
EUR	CIT	05/21/14	29,970		41,632		41,284		348		—
EUR	CIT	05/21/14	41,473		57,000		57,130		—		130
GBP	HSB	05/21/14	26,349		44,000		43,911		89		—
GBP	HSB	05/21/14	28,768		47,851		47,942		—		91
GBP	HSB	05/21/14	93,540		156,186		155,888		298		—
JPY	CIT	05/21/14	2,530,317		24,700		24,521		179		—
JPY	CIT	05/21/14	20,908,236		202,900		202,623		277		—
KZT	CIT	05/12/14	4,417,380		23,462		23,927		—		465
KZT	HSB	05/12/14	4,627,260		24,600		25,064		—		464
MXN	HSB	05/21/14	1,892,323		141,822		144,397		—		2,575
NOK	HSB	05/21/14	865,563		142,506		144,281		—		1,775
NZD	CAN	05/21/14	11,870		10,000		10,261		—		261
NZD	CAN	05/21/14	276,805		228,361		239,284		—		10,923
PEN	JPM	04/30/14	174,615		60,873		61,873		—		1,000
PLN	HSB	05/21/14	30,455		10,000		10,040		—		40

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at March 31, 2014 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount	US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
PLN	HSB	05/21/14	266,370	$	87,718	$	87,816	$	—	$	98
Total Forward Currency Sale Contracts				$	1,942,988	$	1,970,806		2,673		30,491
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	7,802	$	52,670

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 73.4%
Guggenheim S&P 500 Equal Weight Technology ETF		137,800	$	11,057,072
Health Care Select Sector SPDR Fund		84,700		4,954,103
iShares 20+ Year Treasury Bond Fund ETF		150,000		16,365,000
iShares Global Industrials ETF		182,400		12,983,232
iShares Gold Trust (a)		345,700		4,300,508
iShares MSCI France ETF		169,700		4,956,937
iShares MSCI Germany ETF		267,000		8,370,450
iShares MSCI Japan ETF		763,000		8,644,790
iShares MSCI Japan Small-Cap ETF		103,000		5,402,350
iShares MSCI South Korea Capped ETF		182,300		11,211,450
iShares U.S. Healthcare Providers ETF		50,900		5,030,956
Market Vectors-Gaming ETF		195,600		10,087,092
PowerShares Buyback Achievers Portfolio		345,100		15,018,752
PowerShares Dynamic Oil & Gas Services Portfolio		384,100		10,363,018
Robo-Stox Global Robotics & Automation Index ETF		378,100		10,288,101
SPDR Barclays Short Term High Yield Bond ETF		364,600		11,284,370
Total Exchange-Traded Funds (Identified cost $141,873,255)				150,318,181
Closed-End Management Investment Companies | 7.4%
JPMorgan European Smaller Companies Trust PLC		225,100		4,503,306
Mexico Equity and Income Fund, Inc.		208,989		3,032,430
Nuveen Diversified Currency Opportunities Fund		719,800		7,550,702
Total Closed-End Management Investment Companies (Identified cost $13,518,132)				15,086,438
Short-Term Investment | 19.3%
State Street Institutional Treasury Money Market Fund (Identified cost $39,567,593)		39,567,593		39,567,593
Total Investments | 100.1% (Identified cost $194,958,980) (b)			$	204,972,212
Liabilities in Excess of Cash and Other Assets | (0.1)%				(265,508	)
Net Assets | 100.0%			$	204,706,704

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Total Return Swap Agreements open at March 31, 2014:

Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive	Unrealized Appreciation
USD	GSC	8,839,805	05/20/14	1 Month USD LIBOR plus 0.45%	Appreciation, and dividends paid, on securities in a basket of domestic equity securities	$	26,195
USD	GSC	491,358	03/15/15	1 Month USD LIBOR minus 0.85%	Appreciation, and dividends paid, on securities in a basket of domestic equity securities		53,613
USD	GSC	5,037,936	03/16/15	1 Month USD LIBOR plus 0.60%	Appreciation, and dividends paid, on securities in a basket of domestic equity securities		171,804
Total unrealized appreciation on Total Return Swap Agreements						$	251,612

(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	$	227,938,546	$	32,948,261	$	4,789,082	$	28,159,179
US Strategic Equity		101,491,136		20,428,469		1,914,719		18,513,750
US Mid Cap Equity		41,166,505		3,199,611		2,328,424		871,187
US Small-Mid Cap Equity		282,152,602		57,262,949		2,254,499		55,008,450
International Equity		213,348,698		44,482,726		2,899,136		41,583,590
International Equity Select		22,295,994		2,841,313		361,071		2,480,242
International Strategic Equity		3,294,492,133		528,346,773		29,716,626		498,630,147
International Small Cap Equity		58,597,066		20,237,817		2,471,485		17,766,332
Global Equity Select		3,727,483		115,475		95,607		19,868
Emerging Markets Equity		13,643,815,712		2,069,563,958		1,519,494,951		550,069,007
Emerging Markets Core Equity		10,231,154		644,824		161,083		483,741
Developing Markets Equity		544,097,808		38,923,127		49,787,521		(10,864,394	)
Emerging Markets Equity Blend		633,306,643		47,966,378		45,421,894		2,544,484
Emerging Markets Multi-Strategy		253,125,919		9,974,552		14,181,812		(4,207,260	)
Emerging Markets Debt		295,498,401		5,569,417		11,654,051		(6,084,634	)
Explorer Total Return		116,546,532		1,331,632		265,675		1,065,957
US Realty Income		134,141,223		1,586,898		10,224,646		(8,637,748	)
US Realty Equity		67,324,434		3,735,050		1,942,778		1,792,272
Global Realty Equity		8,899,612		520,950		219,644		301,306
Global Listed Infrastructure		894,221,428		114,564,583		2,869,381		111,695,202
US Short Duration Fixed Income		71,956,862		255,452		33,974		221,478
US Corporate Income		178,421,536		9,069,266		374,314		8,694,952
Global Fixed Income		4,893,030		137,274		125,724		11,550
Capital Allocator Opportunistic Strategies		194,958,980		11,217,831		1,204,599		10,013,232

(c)	Private placements.
(d)	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.
(e)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers”, and are considered to be liquid at March 31, 2014. The percentage of net assets are as follows:

Portfolio	Percentage of Net Assets
International Strategic Equity		0.8	%
Emerging Markets Equity		1.8
Emerging Markets Core Equity		2.2
Emerging Markets Equity Blend		0.9

Emerging Markets Multi-Strategy	4.2
Emerging Markets Debt	9.3
Explorer Total Return	8.3
US Corporate Income	30.4
Global Fixed Income	1.8

(f)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2014 which may step up at a future date.
(g)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(h)	Security collateralized by an amount sufficient to pay principal and interest.

Security Abbreviations:

ADR — American Depositary Receipt

ADS — American Depositary Share

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:

AMD — Armenian Dram    

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Yuan Renminbi

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

GHS — Ghanaian Cedi

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KES — Kenya Shilling

KRW — South Korean Won

KZT — Kazakhstan Tenge

MXN — Mexican New Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian New Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — New Romanian Leu

RSD — Serbian Dinar

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — New Turkish Lira

TWD — New Taiwan Dollar

UGX — Ugandan Shilling

USD — United States Dollar

UYU — Uruguayan Peso

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

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 International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio
Agriculture		—	%		—	%		—	%		0.9	%		1.2	%
Alcohol & Tobacco		8.1			7.0			6.9			—			4.1
Apparel & Textiles		—			—			—			—			0.7
Automotive		4.1			3.8			4.0			2.1			3.0
Banking		7.7			8.8			6.1			3.7			5.0
Cable Television		—			—			—			—			1.3
Chemicals		—			—			2.2			2.0			1.5
Commercial Services		0.3			2.7			0.5			12.0			1.7
Computer Software		—			2.4			—			1.2			2.6
Construction & Engineering		—			—			—			2.7			—
Consumer Products		2.1			3.6			4.7			1.2			—
Containers & Packaging		—			—			—			1.0			—
Diversified		2.1			2.1			1.5			—			0.5
Electric		1.7			1.8			1.1			—			—
Energy Integrated		4.8			4.8			1.5			1.2			2.1
Energy Services		0.7			0.8			1.5			3.9			1.9
Financial Services		3.9			1.4			4.5			14.5			9.9
Food & Beverages		—			1.3			2.4			1.7			1.0
Forest & Paper Products		1.9			2.3			6.1			1.9			1.0
Health Services		—			1.0			2.9			4.7			3.7
Household & Personal Products		1.6			1.8			2.4			0.3			1.6
Housing		5.6			2.7			1.6			1.6			1.8
Insurance		6.4			7.6			8.4			4.0			3.9
Leisure & Entertainment		6.8			4.5			9.4			4.0			2.7
Manufacturing		5.0			5.9			7.9			9.2			8.6
Medical Products		—			—			—			1.7			1.6
Metals & Mining		1.5			1.5			—			—			—
Pharmaceutical & Biotechnology		10.4			11.2			5.0			3.2			9.0
Real Estate		—			—			—			2.6			1.9
Retail		5.2			4.6			7.5			6.1			5.1
Semiconductors & Components		1.8			4.2			1.5			7.3			5.8
Technology		2.4			1.2			—			—			3.3
Technology Hardware		—			—			—			3.6			5.4
Telecommunications		3.0			5.0			1.7			—			1.1
Transportation		4.1			3.2			2.9			1.9			2.2
Water		—			1.0			—			—			—
Subtotal		91.2			98.2			94.2			100.2			95.2
Short-Term Investments		—			1.6			4.4			2.8			2.5
Repurchase Agreement		7.6			—			—			—			—
Total Investments		98.8	%		99.8	%		98.6	%		103.0	%		97.7	%

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

Industry	Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi- Strategy Portfolio			Lazard Emerging Markets Debt Portfolio
Agricultural		—	%		0.5	%		—	%		—	%		—	%		—	%
Alcohol & Tobacco		4.2			1.2			—			2.2			1.3			—
Apparel & Textiles		—			0.7			—			—			—			—
Automotive		0.9			4.4			3.7			1.6			1.1			0.5
Banking		21.9			20.5			18.5			21.2			13.6			4.2
Building Materials		—			2.8			—			0.5			0.3			—
Cable Television		—			1.1			—			0.5			0.3			—
Chemicals		0.8			—			—			—			—			—
Commercial Services		4.0			0.7			0.8			1.4			0.8			—
Computer Software		2.7			2.4			2.6			2.8			1.7			0.3
Construction & Engineering		1.1			—			2.0			2.0			1.1			—
Consumer Products		—			2.2			2.5			1.0			0.6			—
Diamonds & Precious Stones		—			—			—			—			0.1			0.3
Diversified		1.4			1.2			—			1.3			0.7			—
Electric		0.6			—			1.6			—			—			0.5
Energy		—			—			—			—			0.4			1.2
Energy Exploration & Production		6.4			2.7			4.4			3.5			2.5			2.7
Energy Integrated		4.3			0.8			5.7			6.6			4.7			2.7
Energy Services		—			1.2			3.4			1.0			1.0			0.8
Financial Services		3.3			0.9			3.0			2.8			2.0			1.3
Food & Beverages		0.7			2.4			—			0.6			0.3			—
Forest & Paper Products		0.7			2.9			—			0.9			0.5			0.2
Gas Distribution		—			1.0			—			—			—			—
Health Services		—			1.1			—			0.1			0.1			—
Household & Personal Products		2.8			—			—			1.7			1.0			—
Housing		1.3			2.1			3.8			2.0			1.2			—
Insurance		3.1			1.0			1.9			2.7			1.5			—
Leisure & Entertainment		1.4			3.6			6.5			5.0			3.0			0.3
Manufacturing		4.6			1.5			8.6			6.7			3.9			—
Media		—			—			—			—			0.2			0.8
Medical Products		—			1.1			—			—			—			—
Metals & Mining		3.2			—			4.8			1.9			1.5			0.9
Pharmaceutical & Biotechnology		—			3.4			4.6			1.4			0.8			—
Real Estate		—			1.2			2.9			2.9			1.7			0.3
Retail		5.2			8.7			2.9			2.8			1.7			0.1
Semiconductors & Components		7.4			14.5			8.9			7.5			4.3			—
Technology		1.9			—			—			—			—			—
Technology Hardware		1.2			1.8			1.1			2.4			1.4			—
Telecommunications		10.8			3.6			—			5.9			3.7			0.7
Transportation		2.5			3.6			4.4			2.9			1.6			0.8
Subtotal		98.4			96.8			98.6			95.8			60.6			18.6
Foreign Government Obligations		—			—			—			—			15.7			79.1
US Treasury Security		—			—			—			—			—			0.4
Short-Term Investments		—			1.0			1.5			3.7			22.5			4.0
Total Investments		98.4	%		97.8	%		100.1	%		99.5	%		98.8	%		102.1	%

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

Industry	Lazard Explorer Total Return Portfolio
Automotive	0.7	%
Banking	4.2
Building Materials	0.2
Computer Software	0.2
Diamonds & Precious Stones	0.2
Energy	1.5
Energy Exploration & Production	1.6
Energy Integrated	3.1
Energy Services	1.2
Financial Services	1.6
Leisure & Entertainment	0.2
Media	1.2
Metals & Mining	0.8
Real Estate	0.2
Retail	0.1
Telecommunications	0.2
Subtotal	17.2
Foreign Government Obligations	40.5
Short-Term Investment	38.8
Total Investments	96.5	%

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

Industry	Lazard Global Realty Equity Portfolio		Lazard Global Listed Infrastructure Portfolio
Airport Development & Maintenance	—	%	14.4	%
Communications	—		6.8
Construction & Engineering	—		4.8
Electric	—		21.0
Energy Services	—		0.9
Gas Utilities	—		13.3
Housing	0.3		—
Leisure & Entertainment	0.9		—
Real Estate	95.3		—
Transportation	—		25.5
Water	—		6.5
Subtotal	96.5		93.2
Closed-End Management Investment Fund	0.9		—
Short-Term Investments	2.4		6.9
Total Investments	99.8	%	100.1	%

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

Industry	Lazard Global Fixed Income Portfolio
Aerospace & Defense	3.2	%
Alcohol & Tobacco	0.9
Automotive	3.2
Banking	1.6
Building Materials	0.9
Cable Television	1.4
Consumer Products	0.8
Electric	2.2
Electric Generation	0.4
Energy Exploration & Production	2.5
Energy Integrated	1.7
Energy Services	0.6
Financial Services	5.7
Food & Beverages	1.4
Gaming	0.5
Health Services	0.9
Leisure & Entertainment	0.5
Metals & Mining	2.8
Packaging	0.6
Pharmaceutical & Biotechnology	0.5
Technology Hardware	1.2
Telecommunications	2.0
Transportation	1.5
Subtotal	37.0
Foreign Government Obligations	51.2
Supranationals	6.8
US Municipal Bonds	4.3
Short-Term Investment	0.1
Total Investments	99.4	%

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 (“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. Exchange-traded options are valued at the last reported sales price on the exchange on which the contract is principally traded. 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 (“NAV”). 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 portfolio managers/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 NAV 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 NAV 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’ NAVs.

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 March 31, 2014:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2014
US Equity Concentrated Portfolio
Common Stocks	$	237,918,998	$	—	$	—	$	237,918,998
Short-Term Investment		18,178,727		—		—		18,178,727
Total	$	256,097,725	$	—	$	—	$	256,097,725
US Strategic Equity Portfolio
Common Stocks	$	119,327,840	$	—	$	—	$	119,327,840
Preferred Stock*		—		—		—		—
Short-Term Investment		677,046		—		—		677,046
Total	$	120,004,886	$	—	$	—	$	120,004,886
US Mid Cap Equity Portfolio
Common Stocks	$	40,374,063	$	—	$	—	$	40,374,063
Preferred Stock*		—		—		—		—
Short-Term Investment		1,663,629		—		—		1,663,629
Total	$	42,037,692	$	—	$	—	$	42,037,692
US Small-Mid Cap Equity Portfolio
Common Stocks	$	329,119,052	$	—	$	—	$	329,119,052
Preferred Stock*		—		—		—		—
Repurchase Agreement		—		8,042,000		—		8,042,000
Total	$	329,119,052	$	8,042,000	$	—	$	337,161,052
International Equity Portfolio
Common Stocks
Japan	$	2,038,345	$	40,695,681	$	—	$	42,734,026
United Kingdom		522,126		54,652,753		—		55,174,879
Other		12,174,014		121,094,203		—		133,268,217
Preferred Stock		—		4,235,166		—		4,235,166
Repurchase Agreement		—		19,520,000		—		19,520,000
Total	$	14,734485	$	240,197,803	$	—	$	254,932,288
International Equity Select Portfolio
Common Stocks
China	$	228,570	$	1,082,505	$	—	$	1,311,075
Russia		237,182		176,915		—		414,097
Other		1,925,512		20,722,029		—		22,647,541
Short-Term Investment		403,523		—		—		403,523
Total	$	2,794,787	$	21,981,449	$	—	$	24,776,236
International Strategic Equity Portfolio
Common Stocks	$	121,151,166	$	3,422,295,031	$	—	$	3,543,446,197
Preferred Stock		—		79,091,321		—		79,091,321
Short-Term Investment		170,584,762		—		—		170,584,762
Total	$	291,735,928	$	3,501,386,352	$	—	$	3,793,122,280
International Small Cap Equity Portfolio
Common Stocks
France	$	963,333	$	1,983,209	$	—	$	2,946,542
Netherlands		929,250		1,202,073		—		2,131,323
Other		2,805,153		65,633,923		—		68,439,076
Preferred Stock		755,532		—		—		755,532
Short-Term Investment		2,090,925		—		—		2,090,925
Total	$	7,544,193	$	68,819,205	$	—	$	76,363,398

Global Equity Select Portfolio
Common Stocks
Ireland	$	48,001	$	32,089	$	—	$	80,090
Russia		30,712		31,017		—		61,729
Switzerland		45,580		103,989		—		149,569
Other		2,280,204		1,042,913		—		3,323,117
Preferred Stock		—		35,237		—		35,237
Short-Term Investment		97,609		—		—		97,609
Total	$	2,502,106	$	1,245,245	$	—	$	3,747,351
Emerging Markets Equity Portfolio
Common Stocks
China	$	386,586,819	$	658,367,363	$	—	$	1,044,954,182
Hong Kong		276,280,141		87,334,599		—		363,614,740
Indonesia		325,962,616		675,380,359		—		1,001,342,975
Russia		278,084,756		1,271,562,594		—		1,549,647,350
Other		3,182,834,458		7,051,491,014		—		10,234,325,472
Total	$	4,449,748,790	$	9,744,135,929	$	—	$	14,193,884,719
Emerging Markets Core Equity Portfolio
Common Stocks
China	$	384,171	$	1,259,035	$	—	$	1,643,206
Hong Kong		131,023		298,790		—		429,813
Russia		5,012		455,363		—		460,375
South Korea		187,331		953,351		—		1,140,682
Taiwan		425,284		932,661		—		1,357,945
Other		2,398,637		2,678,002		—		5,076,639
Preferred Stocks		497,508		—		—		497,508
Short-Term Investment		108,727		—		—		108,727
Total	$	4,137,693	$	6,577,202	$	—	$	10,714,895
Developing Markets Equity Portfolio
Common Stocks
China	$	15,764,024	$	75,911,308	$	—	$	91,675,332
India		34,467,353		37,977,410		—		72,444,763
Russia		12,204,543		41,361,130		—		53,565,673
Other		135,297,340		151,729,686		—		287,027,026
Preferred Stocks		20,759,503		—		—		20,759,503
Short-Term Investment		7,761,117		—		—		7,761,117
Total	$	226,253,880	$	306,979,534	$	—	$	533,233,414
Emerging Markets Equity Blend Portfolio
Common Stocks
China	$	12,354,361	$	62,627,458	$	—	$	74,981,819
Hong Kong		5,935,590		17,333,250		—		23,268,840
India		17,314,279		13,843,096		—		31,157,375
Indonesia		6,513,767		31,147,593		—		37,661,360
Russia		27,410,679		43,192,280		—		70,602,959
Turkey		13,422,138		19,759,505		—		33,181,643
Other		143,599,352		177,857,303		—		321,456,655
Preferred Stocks		19,950,889		—		—		19,950,889
Short-Term Investment		23,589,587		—		—		23,589,587
Total	$	270,090,642	$	365,760,485	$	—	$	635,851,127

Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks
China	$	2,772,707	$	14,464,391		$	—	$	17,237,098
Hong Kong		1,355,300		4,050,069			—		5,405,369
India		4,055,176		3,169,008			—		7,224,184
Indonesia		1,419,682		7,007,573			—		8,427,255
Russia		6,253,466		9,875,378			—		16,128,844
Taiwan		2,688,206		7,982,260			—		10,670,466
Turkey		3,020,971		4,487,495			—		7,508,466
Other		32,599,949		29,633,981			—		62,233,930
Preferred Stocks		4,607,857		—			—		4,607,857
Corporate Bonds		—		11,054,313			—		11,054,313
Foreign Government Obligations		—		39,645,959			—		39,645,959
Quasi Government Bonds		—		2,189,726			—		2,189,726
Short-Term Investment		56,572,783		—			—		56,572,783
Purchased Option		—		12,409			—		12,409
Other Financial Instruments** Forward Currency Contracts		—		700,862			—		700,862
Credit Default Swap Agreements		—		15,659			—		15,659
Interest Rate Swap Agreements		—		1,158			—		1,158
Total	$	115,346,097	$	134,290,241		$	—	$	249,636,338
Liabilities:
Other Financial Instruments** Forward Currency Contracts	$	—	$	(627,130	)	$	—	$	(627,130	)
Credit Default Swap Agreements		—		(43,817	)		—		(43,817	)
Interest Rate Swap Agreements		—		(43,730	)		—		(43,730	)
Total	$	—	$	(714,677	)	$	—	$	(714,677	)
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds	$	—	$	36,513,268		$	—	$	36,513,268
Foreign Government Obligations		—		224,163,825			—		224,163,825
Quasi Government Bonds		—		16,277,053			—		16,277,053
US Treasury Security		—		999,988			—		999,988
Short-Term Investment		11,459,633		—			—		11,459,633
Other Financial Instruments** Forward Currency Contracts		—		819,410			—		819,410
Total	$	11,459,633	$	278,773,544		$	—	$	290,233,177
Liabilities:
Other Financial Instruments** Forward Currency Contracts	$	—	$	(825,579	)	$	—	$	(825,579	)
Explorer Total Return Portfolio
Assets:
Corporate Bonds	$	—	$	16,849,704		$	—	$	16,849,704
Foreign Government Obligations		—		49,289,430			—		49,289,430
Quasi Government Bonds		—		4,154,738			—		4,154,738
Short-Term Investment		47,304,236		—			—		47,304,236
Purchased Options		—		14,381			—		14,381
Other Financial Instruments** Forward Currency Contracts		—		543,437			—		543,437
Credit Default Swap Agreements		—		140,578			—		140,578
Interest Rate Swap Agreements		—		1,500			—		1,500
Total	$	47,304,236	$	70,993,768		$	—	$	118,298,004
Liabilities:
Other Financial Instruments** Forward Currency Contracts	$	—	$	(512,029	)	$	—	$	(512,029	)
Credit Default Swap Agreements		—		(82,885	)		—		(82,885	)
Interest Rate Swap Agreements		—		(33,592	)		—		(33,592	)
Total	$	—	$	(628,506	)	$	—	$	(628,506	)

US Realty Income Portfolio
Common Stock	$	4,355,209	$	—		$	—	$	4,355,209
Preferred Stocks		38,615,134		—			—		38,615,134
Real Estate Investment Trusts		76,984,463		—			—		76,984,463
Short-Term Investment		5,548,669		—			—		5,548,669
Total	$	125,503,475	$	—		$	—	$	125,503,475
US Realty Equity Portfolio
Common Stocks	$	1,934,194	$	—		$	—	$	1,934,194
Real Estate Investment Trusts		64,770,269		—			—		64,770,269
Short-Term Investment		2,313,243		—			—		2,313,243
Purchased Option		99,000		—			—		99,000
Total	$	69,116,706	$	—		$	—	$	69,116,706
Global Realty Equity Portfolio
Common Stocks	$	376,536	$	2,193,606		$	—	$	2,570,142
Real Estate Investment Trusts:
Japan		94,260		283,946			—		378,206
Other		4,276,695		1,664,766			—		5,941,461
Closed-End Management Investment Fund		85,842		—			—		85,842
Short-Term Investment		225,267		—			—		225,267
Total	$	5,058,600	$	4,142,318		$	—	$	9,200,918
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	140,134,579	$	796,768,463		$	—	$	936,903,042
Short-Term Investment		69,013,588		—			—		69,013,588
Other Financial Instruments** Forward Currency Contracts		—		2,152,195			—		2,152,195
Total	$	209,148,167	$	798,920,658		$	—	$	1,008,068,825
Liabilities:
Other Financial Instruments** Forward Currency Contracts	$	—	$	(5,284,697	)	$	—	$	(5,284,697	)
US Short Duration Fixed Income Portfolio
Corporate Bonds	$	—	$	15,989,819		$	—	$	15,989,819
Municipal Bonds		—		5,501,162			—		5,501,162
US Government Securities		—		29,963,157			—		29,963,157
US Treasury Security		—		18,971,559			—		18,971,559
Short-Term Investment		1,752,643		—			—		1,752,643
Total	$	1,752,643	$	70,425,697		$	—	$	72,178,340
US Corporate Income Portfolio
Corporate Bonds	$	—	$	177,682,035		$	—	$	177,682,035
Short-Term Investment		9,434,453		—			—		9,434,453
Total	$	9,434,453	$	177,682,035		$	—	$	187,116,488

Global Fixed Income Portfolio
Assets:
Corporate Bonds	$	—	$	1,599,332		$	—	$	1,599,332
Foreign Government Obligations		—		2,526,280			—		2,526,280
Quasi Government Bonds		—		224,844			—		224,844
Supranationals		—		335,008			—		335,008
US Municipal Bonds		—		214,783			—		214,783
Short-Term Investment		4,333		—			—		4,333
Other Financial Instruments** Forward Currency Contracts		—		7,802			—		7,802
Total	$	4,333	$	4,908,049		$	—	$	4,912,382
Liabilities:
Other Financial Instruments** Forward Currency Contracts	$	—	$	(52,670	)	$	—	$	(52,670	)
Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds	$	150,318,181	$	—		$	—	$	150,318,181
Closed-End Management Investment Companies		15,086,438		—			—		15,086,438
Short-Term Investment		39,567,593		—			—		39,567,593
Other Financial Instruments** Total Return Swap Agreements		—		251,612		$	—		251,612
Total	$	204,972,212	$	251,612		$	—	$	205,223,824

* 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 (d)) 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 reported sales prices on the exchanges on which the contracts are principally traded. The swap agreements included in Level 2 were valued by an independent pricing service. 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 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 (d)) in the International Equity, International Equity Select, International Strategic Equity, International Small Cap Equity, Global Equity Select, Emerging Markets Equity, Emerging Markets Core Equity, Developing Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi-Strategy, Global Realty Equity and Global Listed Infrastructure Portfolios can transfer 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.

As of March 31, 2014, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
International Equity	$	198,431,793
International Equity Select		18,016,659
International Strategic Equity		2,894,416,554
International Small Cap Equity		59,677,683
Global Equity Select		158,668
Emerging Markets Equity		8,848,407,967
Emerging Markets Core Equity		2,100,897
Developing Markets Equity		324,118,162
Emerging Markets Equity Blend		310,710,284
Emerging Markets Multi-Strategy		62,280,156
Global Realty Equity		3,668,369
Global Listed Infrastructure		543,048,841

There were no other transfers into or out of Levels 1, 2, or 3 during the period ended March 31, 2014. Transfers between levels are recognized at the beginning of the reporting period.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

The Lazard Funds, Inc.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 30, 2014

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

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 30, 2014
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 30, 2014