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: 3/31/2015

Item 1. Schedule of Investments

The Lazard Funds, Inc. Portfolios of Investments March 31, 2015 (unaudited)

Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks | 87.3%
Alcohol & Tobacco | 2.7%
Molson Coors Brewing Co., Class B		172,612	$	12,850,964
Commercial Services | 2.5%
Blackhawk Network Holdings, Inc. (a)		292,575		10,465,408
Blackhawk Network Holdings, Inc., Class B (a)		32,200		1,144,710
				11,610,118
Food & Beverages | 9.7%
Kellogg Co.		369,650		24,378,417
Sysco Corp.		560,835		21,160,305
				45,538,722
Leisure & Entertainment | 17.8%
Houghton Mifflin Harcourt Co. (a)		1,122,912		26,365,974
Norwegian Cruise Line Holdings, Ltd. (a)		357,090		19,286,431
The Madison Square Garden Co., Class A (a)		173,835		14,715,133
Viacom, Inc., Class B		340,975		23,288,592
				83,656,130
Medical Products | 7.0%
Baxter International, Inc.		317,515		21,749,778
Bruker Corp. (a)		600,790		11,096,591
				32,846,369
Pharmaceutical & Biotechnology | 12.8%
Pfizer, Inc.		934,867		32,524,023
Zoetis, Inc.		594,811		27,533,801
				60,057,824
Retail | 10.7%
Advance Auto Parts, Inc.		307,067		45,964,859
J.C. Penney Co., Inc. (a)		477,605		4,016,658
				49,981,517
Semiconductors & Components | 4.2%
Xerox Corp.		1,536,280		19,741,198
Technology Hardware | 19.9%
Apple, Inc.		172,782		21,499,264
Cisco Systems, Inc.		803,000		22,102,575
EMC Corp.		1,055,105		26,968,484
International Business Machines Corp.		142,830		22,924,215
				93,494,538
Total Common Stocks (Identified cost $361,946,428)				409,777,380
Short-Term Investment | 13.2%
State Street Institutional Treasury Money Market Fund (Identified cost $62,026,840)		62,026,840		62,026,840

Description	Value
Total Investments | 100.5% (Identified cost $423,973,268) (b)	$	471,804,220
Liabilities in Excess of Cash and Other Assets | (0.5)%		(2,418,008)
Net Assets | 100.0%	$	469,386,212

Description	Shares			Value
Lazard US Strategic Equity Portfolio
Common Stocks | 97.9%
Alcohol & Tobacco | 1.6%
Molson Coors Brewing Co., Class B		29,150	$	2,170,218
Banking | 1.6%
Comerica, Inc.		49,500		2,233,935
Cable Television | 1.0%
Comcast Corp., Class A		24,850		1,393,215
Chemicals | 1.6%
Eastman Chemical Co.		31,530		2,183,768
Commercial Services | 4.6%
Corrections Corp. of America		67,310		2,709,901
ServiceMaster Global Holdings, Inc.		37,175		1,254,656
The ADT Corp.		19,900		826,248
Tyco International PLC		34,200		1,472,652
				6,263,457
Energy Exploration & Production | 5.4%
Anadarko Petroleum Corp.		19,000		1,573,390
Apache Corp.		28,175		1,699,798
Devon Energy Corp.		42,250		2,548,097
EOG Resources, Inc.		16,000		1,467,040
				7,288,325
Energy Integrated | 0.9%
Consol Energy, Inc.		45,100		1,257,839
Energy Services | 1.2%
Dril-Quip, Inc. (a)		23,500		1,607,165
Financial Services | 11.3%
Ally Financial, Inc. (a)		64,675		1,356,881
American Express Co.		26,200		2,046,744
CBOE Holdings, Inc.		31,000		1,779,555
Citigroup, Inc.		56,225		2,896,712
Intercontinental Exchange, Inc.		13,225		3,084,996
Morgan Stanley		38,400		1,370,496
Springleaf Holdings, Inc. (a)		10,500		543,585
State Street Corp.		9,300		683,829
Visa, Inc., Class A		25,120		1,643,099
				15,405,897
Food & Beverages | 3.9%
Kellogg Co.		32,600		2,149,970
Sysco Corp.		83,115		3,135,929
				5,285,899
Forest & Paper Products | 1.5%
International Paper Co.		35,700		1,980,993
Insurance | 4.5%
Aon PLC		16,600		1,595,592

Description	Shares		Value
The Hartford Financial Services Group, Inc.		57,925	$	2,422,423
Voya Financial, Inc.		49,000		2,112,390
				6,130,405
Leisure & Entertainment | 9.1%
Houghton Mifflin Harcourt Co. (a)		60,090		1,410,913
McDonald’s Corp.		14,100		1,373,904
Norwegian Cruise Line Holdings, Ltd. (a)		53,125		2,869,282
The Madison Square Garden Co., Class A (a)		18,825		1,593,536
Viacom, Inc., Class B		74,150		5,064,445
				12,312,080
Manufacturing | 5.2%
Carpenter Technology Corp.		7,070		274,881
Honeywell International, Inc.		34,693		3,618,827
Parker Hannifin Corp.		14,800		1,757,944
Rockwell Automation, Inc.		12,700		1,473,073
				7,124,725
Medical Products | 3.4%
Baxter International, Inc.		66,600		4,562,100
Pharmaceutical & Biotechnology | 10.5%
Eli Lilly & Co.		31,900		2,317,535
Mylan NV (a)		30,775		1,826,496
Pfizer, Inc.		150,414		5,232,903
Zoetis, Inc.		106,019		4,907,620
				14,284,554
Retail | 6.3%
Advance Auto Parts, Inc.		45,483		6,808,350
Dick’s Sporting Goods, Inc.		16,355		932,072
J.C. Penney Co., Inc. (a)		90,925		764,679
				8,505,101
Semiconductors & Components | 4.8%
Maxim Integrated Products, Inc.		40,825		1,421,118
NXP Semiconductors NV (a)		10,000		1,003,600
Xerox Corp.		314,900		4,046,465
				6,471,183
Technology | 3.8%
Citrix Systems, Inc. (a)		22,050		1,408,334
Google, Inc., Class A (a)		2,770		1,536,519
Google, Inc., Class C (a)		1,835		1,005,580
Vantiv, Inc., Class A (a)		32,100		1,210,170
				5,160,603
Technology Hardware | 14.9%
Apple, Inc.		38,427		4,781,472
Cisco Systems, Inc.		141,730		3,901,118
EMC Corp.		143,075		3,656,997
Hewlett-Packard Co.		58,875		1,834,545

Description	Shares	Value
Lazard US Strategic Equity Portfolio (concluded)
International Business Machines Corp.	13,100	$	2,102,550
Qualcomm, Inc.	26,650		1,847,911
Teradyne, Inc.	114,375		2,155,969
			20,280,562
Transportation | 0.8%
American Airlines Group, Inc.	19,575		1,033,169
Total Common Stocks (Identified cost $116,936,224)			132,935,193
Short-Term Investment | 3.8%
State Street Institutional Treasury Money Market Fund (Identified cost $5,120,668)	5,120,668		5,120,668
Total Investments | 101.7% (Identified cost $122,056,892) (b)		$	138,055,861
Liabilities in Excess of Cash and Other Assets | (1.7)%			(2,295,053)
Net Assets | 100.0%		$	135,760,808

Description	Shares	Value
Lazard US Small Cap Equity Growth Portfolio
Common Stocks | 86.1%
Alcohol & Tobacco | 1.5%
The Boston Beer Co., Inc., Class A (a)	585	$	156,429
Banking | 4.1%
BofI Holding, Inc. (a)	820		76,293
Central Pacific Financial Corp.	3,890		89,353
Hanmi Financial Corp.	5,045		106,702
Western Alliance Bancorp (a)	5,370		159,167
			431,515
Commercial Services | 4.7%
Cardtronics, Inc. (a)	2,535		95,316
On Assignment, Inc. (a)	3,560		136,597
PRA Health Sciences, Inc.	4,600		132,664
Tyler Technologies, Inc. (a)	1,096		132,101
			496,678
Computer Software | 2.5%
Callidus Software, Inc. (a)	6,785		86,034
Manhattan Associates, Inc. (a)	3,605		182,449
			268,483
Energy Exploration & Production | 1.6%
Bonanza Creek Energy, Inc. (a)	1,340		33,044
Diamondback Energy, Inc. (a)	890		68,388
Synergy Resources Corp. (a)	5,630		66,716
			168,148
Food & Beverages | 1.5%
United Natural Foods, Inc. (a)	2,100		161,784
Forest & Paper Products | 1.3%
Graphic Packaging Holding Co.	9,235		134,277
Health Services | 7.4%
Acadia Healthcare Co., Inc. (a)	1,430		102,388
Air Methods Corp. (a)	2,185		101,799
AmSurg Corp. (a)	3,840		236,237
LifePoint Hospitals, Inc. (a)	1,285		94,383
Premier, Inc., Class A (a)	4,145		155,769
Team Health Holdings, Inc. (a)	1,510		88,350
			778,926
Leisure & Entertainment | 10.6%
Buffalo Wild Wings, Inc. (a)	335		60,715
Cinemark Holdings, Inc.	2,260		101,858
Cracker Barrel Old Country Store, Inc.	1,020		155,183
DineEquity, Inc.	1,415		151,419
Gray Television, Inc. (a)	4,940		68,271
IMAX Corp. (a)	4,675		157,594
Media General, Inc. (a)	3,330		54,912

Description	Shares	Value
Penn National Gaming, Inc. (a)	7,965	$	124,732
Pinnacle Entertainment, Inc. (a)	3,730		134,616
Red Robin Gourmet Burgers, Inc. (a)	1,255		109,185
			1,118,485
Manufacturing | 7.7%
Canadian Solar, Inc. (a)	4,200		140,238
HEICO Corp.	3,385		206,722
LSB Industries, Inc. (a)	3,905		161,394
NN, Inc.	4,945		124,020
The Middleby Corp. (a)	1,760		180,664
			813,038
Medical Products | 5.1%
Akorn, Inc. (a)	5,700		270,807
Cardiovascular Systems, Inc. (a)	2,430		94,867
DexCom, Inc. (a)	815		50,807
Globus Medical, Inc., Class A (a)	4,910		123,929
			540,410
Pharmaceutical & Biotechnology | 15.2%
AMAG Pharmaceuticals, Inc. (a)	5,590		305,549
Anacor Pharmaceuticals, Inc. (a)	4,160		240,656
BioDelivery Sciences International, Inc. (a)	4,420		46,410
Bluebird Bio, Inc. (a)	525		63,404
Cepheid (a)	2,045		116,361
DepoMed, Inc. (a)	4,070		91,209
Esperion Therapeutics, Inc. (a)	980		90,748
IGI Laboratories, Inc. (a)	15,785		128,806
Neurocrine Biosciences, Inc. (a)	3,965		157,450
Receptos, Inc. (a)	1,500		247,335
Relypsa, Inc. (a)	3,120		112,538
			1,600,466
Real Estate | 1.1%
Summit Hotel Properties, Inc.	8,200		115,374
Retail | 5.6%
ANN, Inc. (a)	1,560		64,007
Asbury Automotive Group, Inc. (a)	1,250		103,875
G-III Apparel Group, Ltd. (a)	1,100		123,915
Lithia Motors, Inc., Class A	1,945		193,353
Vitamin Shoppe, Inc. (a)	2,665		109,771
			594,921
Semiconductors & Components | 4.5%
Cypress Semiconductor Corp.	8,415		118,736
Knowles Corp. (a)	4,910		94,616
Monolithic Power Systems, Inc.	2,210		116,356
Qorvo, Inc. (a)	1,890		150,633
			480,341
Technology | 6.0%
BroadSoft, Inc. (a)	3,125		104,562

Description	Shares	Value
Lazard US Small Cap Equity Growth Portfolio (concluded)
Imperva, Inc. (a)	2,405	$	102,694
Proofpoint, Inc. (a)	2,555		151,307
VeriFone Holdings, Inc. (a)	7,915		276,154
			634,717
Technology Hardware | 2.8%
Electronics For Imaging, Inc. (a)	3,065		127,964
Synaptics, Inc. (a)	2,025		164,642
			292,606
Transportation | 2.9%
JetBlue Airways Corp. (a)	6,315		121,563
Knight Transportation, Inc.	2,855		92,074
Swift Transportation Co. (a)	3,395		88,338
			301,975
Total Common Stocks (Identified cost $8,578,616)			9,088,573
Short-Term Investment | 13.9%
State Street Institutional Treasury Money Market Fund (Identified cost $1,462,036)	1,462,036		1,462,036
Total Investments | 100.0% (Identified cost $10,040,652) (b)		$	10,550,609
Cash and Other Assets in Excess of Liabilities | 0.0%			3,592
Net Assets | 100.0%		$	10,554,201

Description	Shares	Value
Lazard US Mid Cap Equity Portfolio
Common Stocks | 92.3%
Alcohol & Tobacco | 4.0%
Molson Coors Brewing Co., Class B	21,180	$	1,576,851
Chemicals | 5.9%
Calgon Carbon Corp.	65,400		1,377,978
Eastman Chemical Co.	13,025		902,112
			2,280,090
Commercial Services | 9.2%
MDC Partners, Inc., Class A	70,600		2,001,510
NeuStar, Inc., Class A (a)	25,450		626,579
ServiceMaster Global Holdings, Inc.	28,060		947,025
			3,575,114
Energy Exploration & Production | 1.5%
Memorial Resource Development Corp.	32,800		581,872
Financial Services | 9.1%
Intercontinental Exchange, Inc.	7,885		1,839,334
Springleaf Holdings, Inc. (a)	15,800		817,966
TAL International Group, Inc.	21,950		894,023
			3,551,323
Food & Beverages | 4.7%
Kellogg Co.	27,700		1,826,815
Insurance | 9.0%
The Hartford Financial Services Group, Inc.	27,425		1,146,913
Voya Financial, Inc.	54,500		2,349,495
			3,496,408
Manufacturing | 3.3%
Joy Global, Inc.	32,700		1,281,186
Medical Products | 2.1%
Natus Medical, Inc. (a)	20,900		824,923
Pharmaceutical & Biotechnology | 10.6%
Cellectis SA ADR	15,500		536,145
Mylan NV (a)	13,100		777,485
United Therapeutics Corp. (a)	8,850		1,526,049
Zoetis, Inc.	28,075		1,299,592
			4,139,271
Retail | 16.5%
Advance Auto Parts, Inc.	14,594		2,184,576
Dick’s Sporting Goods, Inc.	32,450		1,849,325
Kohl’s Corp.	30,375		2,376,844
			6,410,745
Semiconductors & Components | 5.7%
NXP Semiconductors NV (a)	7,775		780,299

Description	Shares	Value
Xerox Corp.	111,950	$	1,438,558
			2,218,857
Technology | 4.3%
Citrix Systems, Inc. (a)	26,450		1,689,362
Transportation | 6.4%
American Airlines Group, Inc.	26,925		1,421,101
XPO Logistics, Inc. (a)	23,425		1,065,135
			2,486,236
Total Common Stocks (Identified cost $32,262,468)			35,939,053
Short-Term Investment | 7.8%
State Street Institutional Treasury Money Market Fund (Identified cost $3,017,350)	3,017,350		3,017,350
Total Investments | 100.1% (Identified cost $35,279,818) (b)		$	38,956,403
Liabilities in Excess of Cash and Other Assets | (0.1)%			(47,631)
Net Assets | 100.0%		$	38,908,772

Description	Shares	Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks | 94.6%
Aerospace & Defense | 0.9%
B/E Aerospace, Inc.	27,630	$	1,757,821
Automotive | 3.1%
Gentherm, Inc. (a)	46,045		2,325,733
Modine Manufacturing Co. (a)	144,381		1,944,812
Tenneco, Inc. (a)	32,390		1,859,834
			6,130,379
Banking | 11.7%
Comerica, Inc.	62,600		2,825,138
East West Bancorp, Inc.	82,765		3,348,672
Great Western Bancorp, Inc.	80,635		1,774,776
IBERIABANK Corp.	53,740		3,387,232
PacWest Bancorp	68,266		3,200,993
Signature Bank (a)	18,410		2,385,568
United Bankshares, Inc.	91,400		3,434,812
Wintrust Financial Corp.	62,168		2,964,170
			23,321,361
Chemicals | 2.3%
Calgon Carbon Corp.	124,405		2,621,213
Tronox, Ltd., Class A	99,750		2,027,918
			4,649,131
Commercial Services | 7.3%
Applied Industrial Technologies, Inc.	41,885		1,899,066
Blackhawk Network Holdings, Inc. (a)	96,010		3,434,278
LifeLock, Inc. (a)	87,560		1,235,471
MDC Partners, Inc., Class A	105,445		2,989,366
On Assignment, Inc. (a)	61,455		2,358,028
ServiceMaster Global Holdings, Inc.	77,025		2,599,594
			14,515,803
Computer Software | 4.8%
Informatica Corp. (a)	60,550		2,655,420
j2 Global, Inc.	41,870		2,750,022
Red Hat, Inc. (a)	29,510		2,235,382
Rovi Corp. (a)	98,370		1,791,318
			9,432,142
Construction & Engineering | 2.0%
EMCOR Group, Inc.	37,965		1,764,234
Quanta Services, Inc. (a)	75,680		2,159,150
			3,923,384
Consumer Products | 1.2%
Fox Factory Holding Corp. (a)	155,200		2,380,768
Electric | 0.9%
Pattern Energy Group, Inc.	62,975		1,783,452

Description	Shares	Value
Energy Exploration & Production | 1.1%
Memorial Resource Development Corp.	124,335	$	2,205,703
Energy Services | 0.5%
Tesco Corp.	88,800		1,009,656
Financial Services | 5.2%
Air Lease Corp.	88,645		3,345,462
CBOE Holdings, Inc.	43,520		2,498,266
Springleaf Holdings, Inc. (a)	56,730		2,936,912
TAL International Group, Inc.	38,055		1,549,980
			10,330,620
Food & Beverages | 1.1%
SunOpta, Inc. (a)	196,500		2,086,830
Forest & Paper Products | 1.9%
KapStone Paper and Packaging Corp.	42,730		1,403,253
Schweitzer-Mauduit International, Inc.	49,360		2,276,483
			3,679,736
Gas Utilities | 2.8%
Dynegy, Inc. (a)	80,130		2,518,486
New Jersey Resources Corp.	98,780		3,068,107
			5,586,593
Health Services | 3.0%
Brookdale Senior Living, Inc. (a)	61,535		2,323,562
Invitae Corp.	17,496		293,233
Quintiles Transnational Holdings, Inc. (a)	50,815		3,403,080
			6,019,875
Housing | 2.2%
Continental Building Products, Inc. (a)	92,800		2,096,352
FMSA Holdings, Inc.	304,155		2,202,082
			4,298,434
Insurance | 1.7%
Arch Capital Group, Ltd. (a)	56,215		3,462,844
Leisure & Entertainment | 3.3%
Bloomin’ Brands, Inc.	78,210		1,902,849
Houghton Mifflin Harcourt Co. (a)	78,960		1,853,981
Hyatt Hotels Corp., Class A (a)	48,045		2,845,225
			6,602,055
Manufacturing | 9.2%
Actuant Corp., Class A	80,870		1,919,854
Advanced Drainage Systems, Inc.	61,905		1,853,436
Altra Industrial Motion Corp.	54,810		1,514,948
FLIR Systems, Inc.	88,385		2,764,683
Joy Global, Inc.	27,675		1,084,307
KLX, Inc. (a)	29,270		1,128,066
Littelfuse, Inc.	13,115		1,303,500
The Toro Co.	33,995		2,383,729

Description	Shares	Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
TriMas Corp. (a)	65,876	$	2,028,322
Woodward, Inc.	44,930		2,291,879
			18,272,724
Medical Products | 0.9%
Sirona Dental Systems, Inc. (a)	20,510		1,845,695
Metals & Glass Containers | 0.8%
Owens-Illinois, Inc. (a)	66,555		1,552,063
Pharmaceutical & Biotechnology | 6.1%
AMAG Pharmaceuticals, Inc. (a)	34,800		1,902,168
Aratana Therapeutics, Inc. (a)	81,421		1,303,550
Cellectis SA ADR	52,000		1,798,680
Fluidigm Corp. (a)	39,990		1,683,579
Phibro Animal Health Corp., Class A	55,360		1,960,298
United Therapeutics Corp. (a)	20,395		3,516,812
			12,165,087
Real Estate | 6.7%
DCT Industrial Trust, Inc. REIT	63,613		2,204,827
Extra Space Storage, Inc. REIT	43,845		2,962,607
Jones Lang LaSalle, Inc.	16,665		2,839,716
Kilroy Realty Corp. REIT	40,785		3,106,593
LaSalle Hotel Properties REIT	58,525		2,274,281
			13,388,024
Retail | 6.3%
Advance Auto Parts, Inc.	19,480		2,915,961
Carter’s, Inc.	27,600		2,552,172
Chico’s FAS, Inc.	141,255		2,498,801
Dick’s Sporting Goods, Inc.	45,770		2,608,432
Steven Madden, Ltd. (a)	48,815		1,854,970
			12,430,336
Semiconductors & Components | 3.0%
M/A-COM Technology Solutions Holdings, Inc. (a)	38,190		1,422,959
Microsemi Corp. (a)	40,185		1,422,549
Universal Display Corp. (a)	67,085		3,136,224
			5,981,732
Technology | 2.4%
BroadSoft, Inc. (a)	76,825		2,570,564
Vantiv, Inc., Class A (a)	55,570		2,094,989
			4,665,553
Transportation | 2.2%
Alaska Air Group, Inc.	38,755		2,564,806

Description		Shares	Value
Echo Global Logistics, Inc. (a)		64,363	$	1,754,535
				4,319,341
Total Common Stocks (Identified cost $161,240,133)				187,797,142
Description	Principal Amount (000)		Value
Repurchase Agreement | 4.7%
State Street Bank and Trust Co., 0.00%, 04/01/15 (Dated 03/31/15, collateralized by $6,660,000 United States Treasury Note, 8.00%, 11/15/21, with a value of $9,496,068) Proceeds of $9,308,000 (Identified cost $9,308,000)	$	9,308	$	9,308,000
Total Investments | 99.3% (Identified cost $170,548,133) (b)			$	197,105,142
Cash and Other Assets in Excess of Liabilities | 0.7%				1,489,432
Net Assets | 100.0%			$	198,594,574

Description	Shares	Value
Lazard International Equity Portfolio
Common Stocks | 95.1%
Australia | 3.1%
Ansell, Ltd.	217,124	$	4,545,009
Caltex Australia, Ltd.	229,928		6,112,240
James Hardie Industries PLC	344,113		3,978,928
			14,636,177
Austria | 0.6%
UNIQA Insurance Group AG	324,909		2,937,600
Belgium | 3.8%
Anheuser-Busch InBev NV	110,425		13,507,799
KBC Groep NV (a)	74,748		4,625,112
			18,132,911
Brazil | 0.4%
Estacio Participacoes SA	331,600		1,926,294
Canada | 2.4%
MacDonald Dettwiler & Associates, Ltd.	75,800		5,874,043
Rogers Communications, Inc., Class B	162,500		5,439,975
			11,314,018
Denmark | 0.9%
Carlsberg A/S, Class B	54,142		4,470,726
Finland | 1.9%
Sampo Oyj, A Shares	175,599		8,873,117
France | 6.1%
BNP Paribas SA	116,004		7,055,113
Cap Gemini SA	96,662		7,936,652
Valeo SA	49,843		7,451,109
Vinci SA	115,230		6,594,457
			29,037,331
Germany | 5.5%
Bayer AG	94,355		14,177,335
Bayerische Motoren Werke AG	36,029		4,509,049
Continental AG	19,093		4,522,375
RTL Group SA	28,667		2,756,670
			25,965,429
Greece | 0.5%
Hellenic Telecommunications Organization SA (a)	171,493		1,520,294
Piraeus Bank SA (a)	2,230,061		858,779
			2,379,073
Ireland | 0.7%
Ryanair Holdings PLC Sponsored ADR	51,965		3,469,703
Israel | 3.4%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	255,120		15,893,976

Description	Shares	Value
Italy | 2.7%
Atlantia SpA	275,339	$	7,228,941
Azimut Holding SpA	195,423		5,580,019
			12,808,960
Japan | 18.5%
Daikin Industries, Ltd.	90,100		6,034,615
Daiwa House Industry Co., Ltd.	498,300		9,836,117
Don Quijote Holdings Co., Ltd.	141,500		11,524,077
Isuzu Motors, Ltd.	233,100		3,100,780
Japan Tobacco, Inc.	170,300		5,380,784
KDDI Corp.	566,700		12,839,227
Makita Corp.	70,300		3,651,813
Seven & I Holdings Co., Ltd.	179,800		7,566,069
SoftBank Corp.	123,700		7,190,621
Sony Corp. (a)	279,800		7,480,360
Sumitomo Mitsui Financial Group, Inc.	256,000		9,809,733
United Arrows, Ltd.	116,200		3,456,523
			87,870,719
Netherlands | 3.9%
Koninklijke KPN NV	2,056,687		6,959,824
NXP Semiconductors NV (a)	45,595		4,609,924
Wolters Kluwer NV	214,919		7,024,205
			18,593,953
Philippines | 1.3%
Alliance Global Group, Inc.	10,077,600		5,967,731
Spain | 2.4%
Aena SA	40,699		4,092,148
Mediaset Espana Comunicacion SA (a)	251,323		3,149,127
Red Electrica Corporacion SA	52,996		4,299,919
			11,541,194
Sweden | 3.7%
Assa Abloy AB, Class B	146,627		8,739,151
Swedbank AB, A Shares	376,225		8,992,202
			17,731,353
Switzerland | 7.4%
GAM Holding AG	177,578		3,682,156
Glencore PLC	849,342		3,575,719
Novartis AG	218,021		21,559,913
Sunrise Communications Group AG	44,137		3,824,177
The Swatch Group AG	5,520		2,339,003
			34,980,968
Taiwan | 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	330,800		7,767,184

Description	Shares	Value
Lazard International Equity Portfolio (concluded)
Thailand | 0.8%
Krung Thai Bank Public Co. Ltd. (c)	5,243,800	$	3,674,205
Turkey | 0.9%
Turkcell Iletisim Hizmetleri AS (a)	833,166		4,272,668
United Kingdom | 22.6%
Anglo American PLC	232,874		3,465,635
BG Group PLC	476,721		5,856,343
British American Tobacco PLC	180,815		9,341,833
Direct Line Insurance Group PLC	1,122,955		5,309,086
Informa PLC	722,207		6,041,854
International Consolidated Airlines Group SA (a)	504,491		4,509,883
Lloyds Banking Group PLC (a)	9,466,701		10,987,786
Provident Financial PLC	119,853		4,782,195
Prudential PLC	547,893		13,565,945
Reed Elsevier PLC	440,293		7,562,918
Rexam PLC	801,736		6,878,768
Royal Dutch Shell PLC, A Shares	212,457		6,313,977
Shire PLC	100,511		7,992,669
Taylor Wimpey PLC	2,046,504		4,698,747
Unilever PLC	135,564		5,654,145
William Hill PLC	745,959		4,099,765
			107,061,549
Total Common Stocks (Identified cost $417,499,550)			451,306,839

Description	Principal Amount (000)		Value
Repurchase Agreement | 4.2%
State Street Bank and Trust Co., 0.00%, 04/01/15 (Dated 03/31/15, collateralized by $14,320,000 United States Treasury Note, 8.00% 11/15/21 with a value of $20,417,972) Proceeds of $20,012,000 (Identified cost $20,012,000)	$	20,012	$	20,012,000
Total Investments | 99.3% (Identified cost $437,511,550) (b)			$	471,318,839
Cash and Other Assets in Excess of Liabilities | 0.7%				3,190,240
Net Assets | 100.0%			$	474,509,079

Description	Shares	Value
Lazard International Equity Concentrated Portfolio
Common Stocks | 94.7%
Australia | 4.4%
Asaleo Care, Ltd.	339,077	$	487,562
Belgium | 2.8%
Anheuser-Busch InBev NV	2,581		315,722
Brazil | 6.0%
BB Seguridade Participacoes SA	34,600		355,589
Estacio Participacoes SA	53,800		312,529
			668,118
Canada | 4.9%
MacDonald Dettwiler & Associates, Ltd.	7,072		548,037
China | 3.9%
China Construction Bank Corp., Class H	529,000		438,925
France | 9.8%
BNP Paribas SA	5,645		343,317
Valeo SA	1,982		296,292
Vinci SA	7,885		451,248
			1,090,857
Israel | 5.7%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	10,263		639,385
Japan | 13.0%
KDDI Corp.	22,500		509,763
SoftBank Corp.	7,800		453,410
Sony Corp. (a)	18,500		494,591
			1,457,764
Netherlands | 3.4%
Wolters Kluwer NV	11,693		382,163
Philippines | 3.1%
Alliance Global Group, Inc.	583,900		345,773
South Africa | 2.5%
Sanlam, Ltd.	44,106		284,208
Sweden | 4.1%
Swedbank AB, A Shares	19,030		454,838
Switzerland | 9.8%
Actelion, Ltd.	3,752		434,432
Glencore PLC	64,201		270,285
Novartis AG	3,961		391,700
			1,096,417
Taiwan | 5.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	24,255		569,507

Description	Shares	Value
Turkey | 2.2%
Turkiye Garanti Bankasi AS	73,407	$	240,158
United Kingdom | 14.0%
Anglo American PLC	16,464		245,017
Ashtead Group PLC	19,030		305,637
Provident Financial PLC	6,583		262,665
Prudential PLC	17,527		433,972
The Weir Group PLC	12,542		316,268
			1,563,559
Total Common Stocks (Identified cost $10,736,499)			10,582,993
Short-Term Investment | 5.2%
State Street Institutional Treasury Money Market Fund (Identified cost $586,932)	586,932		586,932
Total Investments | 99.9% (Identified cost $11,323,431) (b)		$	11,169,925
Cash and Other Assets in Excess of Liabilities | 0.1%			16,027
Net Assets | 100.0%		$	11,185,952

Description	Shares	Value
Lazard International Equity Select Portfolio
Common Stocks | 96.1%
Australia | 1.0%
BHP Billiton, Ltd.	8,631	$	201,011
Belgium | 2.9%
Anheuser-Busch InBev NV	4,631		566,490
Bermuda | 1.1%
Signet Jewelers, Ltd.	1,586		220,524
Brazil | 3.8%
Ambev SA	30,000		173,427
BB Seguridade Participacoes SA	26,400		271,316
Cia de Saneamento Basico do Estado de Sao Paulo	24,500		135,951
Cielo SA	1,336		19,126
Estacio Participacoes SA	23,300		135,352
			735,172
China | 1.3%
Baidu, Inc. Sponsored ADR (a)	1,185		246,954
Denmark | 2.1%
Novo Nordisk A/S, Class B	7,453		398,784
Finland | 1.6%
Sampo Oyj, A Shares	5,907		298,484
France | 3.0%
BNP Paribas SA	5,392		327,930
Valeo SA	1,658		247,857
			575,787
Germany | 4.3%
Bayer AG	3,228		485,024
Bayerische Motoren Werke AG	1,474		184,472
Continental AG	677		160,354
			829,850
Greece | 0.1%
Piraeus Bank SA (a)	61,758		23,783
India | 1.0%
HCL Technologies, Ltd.	12,459		195,615
Indonesia | 1.4%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	6,019		262,067
Ireland | 1.0%
Ryanair Holdings PLC Sponsored ADR	2,785		185,954
Israel | 2.9%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	9,105		567,242
Italy | 2.6%
Atlantia SpA	8,970		235,504

Description	Shares	Value
Mediolanum SpA	32,622	$	263,440
			498,944
Japan | 16.2%
Daikin Industries, Ltd.	3,200		214,326
Daiwa House Industry Co., Ltd.	17,800		351,360
Japan Tobacco, Inc.	8,200		259,086
KDDI Corp.	18,700		423,670
Makita Corp.	5,100		264,925
Ryohin Keikaku Co., Ltd.	1,400		203,621
Seven & I Holdings Co., Ltd.	9,217		387,856
SoftBank Corp.	6,100		354,590
Sony Corp. (a)	8,700		232,592
Sumitomo Mitsui Financial Group, Inc.	8,376		320,962
Sumitomo Mitsui Trust Holdings, Inc.	29,000		119,721
			3,132,709
Macau | 0.8%
Sands China, Ltd.	36,800		152,254
Netherlands | 2.1%
NXP Semiconductors NV (a)	1,582		159,950
Wolters Kluwer NV	7,318		239,174
			399,124
Philippines | 1.4%
Alliance Global Group, Inc.	438,600		259,729
Russia | 1.2%
Lenta, Ltd. GDR (a)	9,094		70,476
Mobile TeleSystems OJSC Sponsored ADR	10,561		106,666
Sberbank of Russia (a)	57,430		61,574
			238,716
South Africa | 4.2%
Mediclinic International, Ltd.	27,229		273,887
Mr Price Group, Ltd.	8,239		176,211
Nampak, Ltd.	48,400		162,096
Sanlam, Ltd.	31,321		201,824
			814,018
South Korea | 1.5%
Samsung Electronics Co., Ltd.	226		292,964
Spain | 2.1%
Aena SA	1,782		179,174
Red Electrica Corporacion SA	2,851		231,321
			410,495
Sweden | 3.6%
Assa Abloy AB, Class B	6,119		364,700
Swedbank AB, A Shares	14,180		338,918
			703,618

Description	Shares	Value
Lazard International Equity Select Portfolio (concluded)
Switzerland | 6.2%
Actelion, Ltd.	1,690	$	195,680
Cie Financiere Richemont SA	2,305		185,565
Novartis AG	8,142		805,155
			1,186,400
Taiwan | 3.3%
Taiwan Semiconductor Manufacturing Co., Ltd.	135,341		627,890
Thailand | 1.0%
Kasikornbank Public Co., Ltd.	25,900		182,784
Turkey | 2.7%
KOC Holding AS	46,328		210,793
Turkcell Iletisim Hizmetleri AS (a)	61,949		317,689
			528,482
United Kingdom | 19.7%
Anglo American PLC	6,248		92,983
Ashtead Group PLC	13,290		213,448
Associated British Foods PLC	4,173		174,340
BG Group PLC	17,180		211,050
British American Tobacco PLC	7,272		375,709
Informa PLC	27,040		226,212
Lloyds Banking Group PLC (a)	310,267		360,120
London Stock Exchange Group PLC	5,136		187,048
Pearson PLC	7,124		153,158
Prudential PLC	22,402		554,678
Rexam PLC	27,883		239,232
Royal Dutch Shell PLC, A Shares	5,252		156,840
Shire PLC	3,968		315,537
Unilever PLC	6,269		261,469
Wolseley PLC	4,886		288,996
			3,810,820
Total Common Stocks (Identified cost $18,302,248)			18,546,664
Short-Term Investment | 3.2%
State Street Institutional Treasury Money Market Fund (Identified cost $625,580)	625,580		625,580
Total Investments | 99.3% (Identified cost $18,927,828) (b)		$	19,172,244
Cash and Other Assets in Excess of Liabilities | 0.7%			130,535
Net Assets | 100.0%		$	19,302,779

Description	Shares	Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.7%
Australia | 7.1%
Amcor, Ltd.	11,649,946	$	124,301,276
Ansell, Ltd.	5,557,964		116,343,649
Caltex Australia, Ltd.	4,091,913		108,776,463
James Hardie Industries PLC	6,533,552		75,546,493
			424,967,881
Austria | 0.9%
UNIQA Insurance Group AG	5,989,756		54,155,177
Belgium | 2.0%
Anheuser-Busch InBev NV	992,733		121,436,614
Bermuda | 1.1%
Signet Jewelers, Ltd.	488,363		67,903,997
Brazil | 1.4%
Cia de Saneamento Basico do Estado de Sao Paulo	6,269,200		34,787,966
Estacio Participacoes SA	7,299,900		42,405,773
LPS Brasil Consultoria de Imoveis SA	3,999,800		6,454,221
			83,647,960
Canada | 0.9%
Home Capital Group, Inc.	1,686,529		56,672,594
Denmark | 2.1%
Carlsberg A/S, Class B	742,364		61,300,030
Topdanmark A/S (a)	2,171,017		65,057,833
			126,357,863
Finland | 3.7%
Sampo Oyj, A Shares	4,353,212		219,970,257
France | 2.2%
Valeo SA	884,388		132,208,557
Germany | 6.9%
Bayer AG	1,032,915		155,200,911
Continental AG	274,606		65,043,274
Fresenius SE & Co. KGaA	1,421,871		84,908,989
Symrise AG	1,694,467		107,176,776
			412,329,950
Greece | 0.4%
Hellenic Telecommunications Organization SA (a)	1,135,052		10,062,291
OPAP SA	1,317,193		12,350,520
Piraeus Bank SA (a)	659,472		253,958
			22,666,769
India | 0.7%
Tata Motors, Ltd. Sponsored ADR	878,000		39,562,680

Description	Shares	Value
Indonesia | 0.4%
PT Media Nusantara Citra Tbk	107,917,900	$	23,608,191
Ireland | 1.5%
Kerry Group PLC, Class A	1,362,271		91,494,865
Israel | 2.7%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	2,658,500		165,624,550
Italy | 1.7%
Azimut Holding SpA	3,494,091		99,768,682
Japan | 19.4%
AEON Financial Service Co., Ltd.	5,652,800		142,803,896
Asics Corp.	4,680,950		127,130,598
Daikin Industries, Ltd.	1,815,100		121,569,687
Daiwa House Industry Co., Ltd.	5,433,500		107,253,750
Don Quijote Holdings Co., Ltd.	2,387,600		194,451,491
Japan Tobacco, Inc.	3,923,300		123,960,243
KDDI Corp.	3,801,600		86,129,533
Makita Corp.	2,220,200		115,330,806
SoftBank Corp.	2,595,200		150,857,722
			1,169,487,726
Macau | 0.7%
Sands China, Ltd.	10,909,600		45,136,677
Netherlands | 1.5%
Koninklijke KPN NV	27,022,831		91,445,198
Norway | 0.7%
Telenor ASA	2,185,110		44,162,129
Philippines | 2.7%
Alliance Global Group, Inc.	122,460,800		72,518,563
GT Capital Holdings, Inc.	3,055,610		91,269,140
			163,787,703
South Africa | 2.9%
Mediclinic International, Ltd.	7,718,267		77,635,333
Nampak, Ltd.	28,707,646		96,144,706
			173,780,039
Spain | 1.9%
Aena SA	531,439		53,434,415
Mediaset Espana Comunicacion SA (a)	4,737,001		59,355,552
			112,789,967
Sweden | 3.2%
Assa Abloy AB, Class B	2,059,646		122,757,449
Swedbank AB, A Shares	2,921,361		69,823,826
			192,581,275
Switzerland | 7.4%
Actelion, Ltd.	764,972		88,573,585
Cie Financiere Richemont SA	764,451		61,542,326

Description	Shares	Value
Lazard International Strategic Equity Portfolio (concluded)
GAM Holding AG	3,299,739	$	68,421,508
Novartis AG	2,277,608		225,230,733
			443,768,152
Taiwan | 1.2%
Taiwan Semiconductor Manufacturing Co., Ltd.	15,205,000		70,540,865
Thailand | 0.7%
Kasikornbank Public Co. Ltd.	6,165,450		43,511,364
Turkey | 1.3%
Turkcell Iletisim Hizmetleri AS (a)	6,718,827		34,455,702
Turkiye Halk Bankasi AS	8,986,549		44,294,552
			78,750,254
United Kingdom | 17.4%
Amec Foster Wheeler PLC	4,729,478		63,395,030
Associated British Foods PLC	1,192,040		49,801,256
British American Tobacco PLC	2,945,557		152,182,633
Informa PLC	18,117,774		151,570,032
International Consolidated Airlines Group SA (a)	6,831,237		61,067,648
Lloyds Banking Group PLC (a)	151,132,731		175,416,351
Prudential PLC	6,331,129		156,760,073
Rexam PLC	7,190,293		61,691,576
Shire PLC	1,486,069		118,172,718
William Hill PLC	10,631,489		58,430,301
			1,048,487,618
Total Common Stocks (Identified cost $5,271,868,058)			5,820,605,554
Right | 0.0%
Philippines | 0.0%
GT Capital Holdings, Inc. Expires 04/08/15 (Identified cost $0)	3,009,385		0
Short-Term Investment | 2.9%
State Street Institutional Treasury Money Market Fund (Identified cost $172,212,569)	172,212,569		172,212,569
Total Investments | 99.6% (Identified cost $5,444,080,627) (b)		$	5,992,818,123
Cash and Other Assets in Excess of Liabilities | 0.4%			22,662,162
Net Assets | 100.0%		$	6,015,480,285

Description	Shares	Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 93.7%
Australia | 6.3%
Ansell, Ltd.	32,845	$	687,537
Asaleo Care, Ltd.	690,165		992,394
iSelect, Ltd. (a)	639,437		721,853
James Hardie Industries PLC	37,867		437,851
Macquarie Atlas Roads Group	287,722		710,651
Pact Group Holdings, Ltd.	300,985		965,441
Super Retail Group, Ltd.	67,140		489,702
			5,005,429
Austria | 0.9%
UNIQA Insurance Group AG	82,375		744,777
Belgium | 2.8%
Fagron NV	23,593		919,844
Kinepolis Group NV	33,798		1,301,339
			2,221,183
Brazil | 0.0%
Banco ABC Brasil SA (a)	3,663		12,969
Canada | 6.6%
AirBoss of America Corp.	73,200		893,508
Alaris Royalty Corp.	28,100		732,590
Altus Group, Ltd.	57,800		892,636
Entertainment One, Ltd.	170,560		764,366
Genworth MI Canada, Inc.	23,600		521,732
MacDonald Dettwiler & Associates, Ltd.	10,800		836,935
Sandvine Corp. (a)	198,100		572,457
			5,214,224
Denmark | 1.0%
Topdanmark A/S (a)	25,038		750,302
Egypt | 0.1%
Edita Food Industries SAE	6,100		74,908
France | 3.0%
Gaztransport Et Technigaz SA	10,371		611,990
Ingenico Group SA	9,172		1,008,806
Plastic Omnium SA	29,537		777,496
			2,398,292
Germany | 7.2%
Aurelius AG	23,019		965,310
CompuGroup Medical AG	36,072		1,044,549
CTS Eventim AG & Co. KGaA	31,153		982,000
Norma Group SE	18,166		915,331
SHW AG	18,891		904,348
Wirecard AG	21,915		927,469
			5,739,007

Description	Shares	Value
Hong Kong | 0.8%
Pacific Textiles Holdings, Ltd.	473,000	$	652,300
Ireland | 2.4%
Greencore Group PLC	233,508		1,116,398
Origin Enterprises PLC	87,800		770,956
			1,887,354
Italy | 2.6%
Azimut Holding SpA	41,109		1,173,808
EI Towers SpA (a)	15,937		849,639
			2,023,447
Japan | 24.5%
Ai Holdings Corp.	47,260		863,437
Ain Pharmaciez, Inc.	34,200		1,354,433
Ariake Japan Co., Ltd.	36,300		1,247,971
Asics Corp.	28,500		774,036
Don Quijote Holdings Co., Ltd.	9,200		749,269
Doshisha Co., Ltd.	50,100		778,858
Iriso Electronics Co., Ltd.	14,700		1,031,346
JAFCO Co., Ltd.	22,200		825,857
Misumi Group, Inc.	28,200		1,138,663
Rinnai Corp.	11,400		846,221
Santen Pharmaceutical Co., Ltd.	79,950		1,163,388
Sawai Pharmaceutical Co., Ltd.	11,600		687,168
Seria Co., Ltd.	21,900		792,337
Ship Healthcare Holdings, Inc.	32,200		735,231
Suruga Bank, Ltd.	55,600		1,154,942
Temp Holdings Co., Ltd.	31,160		1,079,814
Topcon Corp.	30,800		755,696
USS Co., Ltd.	69,900		1,210,421
Yumeshin Holdings Co., Ltd.	99,600		744,630
Zenkoku Hosho Co., Ltd.	25,142		943,252
Zuiko Corp.	15,600		596,300
			19,473,270
Luxembourg | 1.0%
Grand City Properties SA (a)	44,060		817,858
Malaysia | 0.9%
Berjaya Auto Berhad	704,900		718,499
Mexico | 0.8%
Credito Real SAB de CV	277,660		654,763
Netherlands | 3.6%
Aalberts Industries NV	31,624		994,270
Core Laboratories NV	3,900		407,511
Frank’s International NV	34,500		645,150
IMCD Group NV	22,804		768,432
			2,815,363

Description	Shares	Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore | 0.8%
XP Power, Ltd.	28,010	$	609,623
South Africa | 0.6%
Sun International, Ltd.	48,123		499,949
Sweden | 2.9%
Indutrade AB	14,269		654,423
Intrum Justitia AB	28,673		805,490
Inwido AB	81,866		850,775
			2,310,688
Switzerland | 2.0%
Cembra Money Bank AG	12,445		762,560
Kardex AG	14,646		844,627
			1,607,187
Taiwan | 3.0%
Chicony Electronics Co., Ltd.	202,000		565,615
Radiant Opto-Electronics Corp.	163,920		509,532
Sinmag Equipment Corp.	102,660		604,958
Zeng Hsing Industrial Co., Ltd.	111,000		673,768
			2,353,873
Turkey | 0.6%
Turkiye Sinai Kalkinma Bankasi AS	659,438		504,434
United Arab Emirates | 0.8%
Al Noor Hospitals Group PLC	41,444		623,108
United Kingdom | 17.5%
Abcam PLC	73,780		530,606
Ashtead Group PLC	56,910		914,019
Auto Trader Group PLC	136,333		509,130
Card Factory PLC	163,981		718,291
Dignity PLC	30,066		813,038
Elementis PLC	151,282		650,229
Foxtons Group PLC	236,535		719,997
Hansteen Holdings PLC REIT	426,343		772,497
HSS Hire Group PLC	267,056		776,456
Hunting PLC	69,471		503,954
IG Group Holdings PLC	126,901		1,333,447
Markit, Ltd.	30,200		812,380
Provident Financial PLC	18,712		746,618
Rightmove PLC	23,544		1,045,235
RPC Group PLC	103,800		893,256
Telit Communications PLC (a)	211,001		669,790
Workspace Group PLC REIT	89,148		1,126,826
Zoopla Property Group PLC	141,992		380,644
			13,916,413

Description	Shares	Value
United States | 1.0%
Samsonite International SA	235,500	$	817,834
Total Common Stocks (Identified cost $59,805,321)			74,447,054
Preferred Stock | 0.6%
Brazil | 0.6%
Banco ABC Brasil SA (Identified cost $738,290)	131,251		472,932
Short-Term Investment | 5.1%
State Street Institutional Treasury Money Market Fund (Identified cost $4,080,559)	4,080,559		4,080,559
Total Investments | 99.4% (Identified cost $64,624,170) (b)		$	79,000,545
Cash and Other Assets in Excess of Liabilities | 0.6%			439,032
Net Assets | 100.0%		$	79,439,577

Description	Shares	Value
Lazard Global Equity Select Portfolio
Common Stocks | 94.0%
Belgium | 2.9%
Anheuser-Busch InBev NV	3,287	$	402,084
Canada | 0.4%
MacDonald Dettwiler & Associates, Ltd.	770		59,670
China | 0.9%
Baidu, Inc. Sponsored ADR (a)	605		126,082
Denmark | 2.1%
Novo Nordisk A/S, Class B	2,873		153,724
Topdanmark A/S (a)	4,487		134,460
			288,184
Finland | 1.3%
Sampo Oyj, A Shares	3,465		175,088
Germany | 4.0%
Continental AG	1,472		348,658
Symrise AG	3,150		199,241
			547,899
India | 1.3%
Indiabulls Housing Finance, Ltd. GDR	6,900		61,486
Tata Motors, Ltd. Sponsored ADR	2,490		112,199
			173,685
Israel | 1.2%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	2,680		166,964
Japan | 6.5%
AEON Financial Service Co., Ltd.	6,200		156,628
Daiwa House Industry Co., Ltd.	12,750		251,677
Mitsubishi Estate Co., Ltd.	3,230		74,971
Recruit Holdings Co., Ltd.	4,300		134,343
Sumitomo Mitsui Financial Group, Inc.	3,365		128,944
Sumitomo Mitsui Trust Holdings, Inc.	33,110		136,688
			883,251
Netherlands | 1.5%
NXP Semiconductors NV (a)	2,060		206,742
Norway | 0.6%
Telenor ASA	3,817		77,143
Peru | 0.9%
Credicorp, Ltd.	893		125,583
Philippines | 0.4%
Alliance Global Group, Inc.	99,511		58,928
Russia | 0.7%
Magnit PJSC Sponsored GDR	1,874		95,588

Description	Shares	Value
South Africa | 1.1%
Sanlam, Ltd.	23,026	$	148,374
Sweden | 2.4%
Assa Abloy AB, Class B	5,536		329,953
Switzerland | 2.8%
Novartis AG	3,802		375,977
Taiwan | 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	5,865		137,710
Thailand | 0.9%
Kasikornbank Public Co. Ltd.	18,240		128,725
United Kingdom | 7.2%
Auto Trader Group PLC	36,100		134,814
Provident Financial PLC	1,613		64,359
Prudential PLC	7,975		197,463
Shire PLC	3,283		261,065
UBM PLC	17,301		135,735
Unilever PLC	4,611		192,317
			985,753
United States | 53.9%
American Express Co.	2,511		196,159
Apple, Inc.	4,786		595,522
AutoZone, Inc. (a)	229		156,215
Bristol-Myers Squibb Co.	2,825		182,212
Cisco Systems, Inc.	8,140		224,053
Citigroup, Inc.	6,104		314,478
CVS Health Corp.	1,625		167,716
Eastman Chemical Co.	1,473		102,020
Eaton Corp. PLC	2,119		143,965
EMC Corp.	6,482		165,680
EOG Resources, Inc.	1,255		115,071
Google, Inc., Class A (a)	442		245,177
Google, Inc., Class C (a)	367		201,116
Halliburton Co.	4,725		207,333
Honeywell International, Inc.	3,013		314,286
Intel Corp.	3,767		117,794
Intercontinental Exchange, Inc.	821		191,515
Joy Global, Inc.	2,174		85,177
Kellogg Co.	1,035		68,258
MasterCard, Inc., Class A	2,245		193,946
McKesson Corp.	718		162,412
Microsoft Corp.	3,180		129,283
Molson Coors Brewing Co., Class B	1,189		88,521
Monsanto Co.	1,325		149,115
Qualcomm, Inc.	2,732		189,437
Quintiles Transnational Holdings, Inc. (a)	2,365		158,384

Description	Shares	Value
Lazard Global Equity Select Portfolio (concluded)
Red Hat, Inc. (a)	1,825	$	138,244
Rockwell Automation, Inc.	585		67,854
Schlumberger, Ltd.	2,436		203,260
ServiceMaster Global Holdings, Inc.	2,155		72,731
Springleaf Holdings, Inc. (a)	600		31,062
The Charles Schwab Corp.	3,265		99,387
The Hartford Financial Services Group, Inc.	5,269		220,350
The J.M. Smucker Co.	1,185		137,140
Thermo Fisher Scientific, Inc.	1,045		140,385
Tyco International PLC	3,575		153,939
United Technologies Corp.	1,174		137,593
UnitedHealth Group, Inc.	1,137		134,496
Vertex Pharmaceuticals, Inc. (a)	1,035		122,099
Viacom, Inc., Class B	3,219		219,858
Visa, Inc., Class A	3,088		201,986
Voya Financial, Inc.	3,165		136,443
Xerox Corp.	11,130		143,021
Zoetis, Inc.	3,627		167,894
			7,392,587
Total Common Stocks (Identified cost $11,923,101)			12,885,970
Short-Term Investment | 6.5%
State Street Institutional Treasury Money Market Fund (Identified cost $896,019)	896,019		896,019
Total Investments | 100.5% (Identified cost $12,819,120) (b)		$	13,781,989
Liabilities in Excess of Cash and Other Assets | (0.5)%			(73,520)
Net Assets | 100.0%		$	13,708,469

Description	Shares	Value
Lazard Global Strategic Equity Portfolio
Common Stocks | 96.8%
Australia | 2.7%
Asaleo Care, Ltd.	64,837	$	93,230
Caltex Australia, Ltd.	6,514		173,163
			266,393
Belgium | 1.9%
Anheuser-Busch InBev NV	1,467		179,452
Brazil | 1.4%
Ambev SA	23,500		135,851
Canada | 1.3%
MacDonald Dettwiler & Associates, Ltd.	1,587		122,983
Denmark | 2.2%
Carlsberg A/S, Class B	1,194		98,593
Topdanmark A/S (a)	3,954		118,488
			217,081
Finland | 2.9%
Sampo Oyj, A Shares	5,573		281,607
Indonesia | 0.8%
PT Media Nusantara Citra Tbk	374,300		81,882
Israel | 2.8%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR	4,364		271,877
Japan | 7.8%
Asics Corp.	5,500		149,375
Daiwa House Industry Co., Ltd.	7,200		142,123
Don Quijote Holdings Co., Ltd.	1,546		125,910
Makita Corp.	3,150		163,630
SoftBank Corp.	3,080		179,039
			760,077
Macau | 0.4%
Sands China, Ltd.	10,200		42,201
Netherlands | 2.6%
Koninklijke KPN NV	45,829		155,085
Sensata Technologies Holding NV (a)	1,754		100,767
			255,852
Philippines | 1.7%
Alliance Global Group, Inc.	276,900		163,974
South Africa | 6.1%
Mediclinic International, Ltd.	15,820		159,128
Nampak, Ltd.	51,857		173,674
Sanlam, Ltd.	22,287		143,612
Sun International, Ltd.	10,863		112,855
			589,269

Description	Shares	Value
Switzerland | 4.5%
Cie Financiere Richemont SA	529	$	42,587
Novartis AG	2,699		266,902
Sunrise Communications Group AG	1,515		131,265
			440,754
Taiwan | 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	6,445		151,329
Turkey | 2.3%
Turkcell Iletisim Hizmetleri AS (a)	22,571		115,750
Turkiye Halk Bankasi AS	21,456		105,756
			221,506
United Kingdom | 13.6%
Auto Trader Group PLC	28,316		105,745
British American Tobacco PLC	3,436		177,521
Informa PLC	22,433		187,670
International Consolidated Airlines Group SA (a)	11,036		98,656
Lloyds Banking Group PLC (a)	82,330		95,559
Prudential PLC	6,705		166,017
Rexam PLC	13,229		113,503
Shire PLC	2,577		204,924
Spire Healthcare Group PLC	30,749		170,448
			1,320,043
United States | 40.2%
Advance Auto Parts, Inc.	1,887		282,465
American Airlines Group, Inc.	1,703		89,884
Ameriprise Financial, Inc.	729		95,382
Baxter International, Inc.	1,378		94,393
BorgWarner, Inc.	3,229		195,290
Celgene Corp. (a)	816		94,069
Eastman Chemical Co.	1,174		81,311
EOG Resources, Inc.	1,615		148,079
Google, Inc., Class A (a)	777		431,002
Houghton Mifflin Harcourt Co. (a)	3,085		72,436
J.C. Penney Co., Inc. (a)	6,270		52,731
Kellogg Co.	2,258		148,915
MasterCard, Inc., Class A	2,564		221,504
McDonald’s Corp.	998		97,245
McKesson Corp.	887		200,639
Molson Coors Brewing Co., Class B	2,582		192,230
Parker Hannifin Corp.	1,192		141,586
Springleaf Holdings, Inc. (a)	1,100		56,947
Sysco Corp.	4,879		184,085
The J.M. Smucker Co.	1,382		159,939
Tyco International PLC	3,104		133,658

Description	Shares	Value
Lazard Global Strategic Equity Portfolio (concluded)
United Therapeutics Corp. (a)	1,147	$	197,783
Viacom, Inc., Class B	2,077		141,859
Visa, Inc., Class A	3,256		212,975
Xerox Corp.	13,574		174,426
			3,900,833
Total Common Stocks (Identified cost $9,152,453)			9,402,964
Short-Term Investment | 1.2%
State Street Institutional Treasury Money Market Fund (Identified cost $116,159)	116,159		116,159
Total Investments | 98.0% (Identified cost $9,268,612) (b)		$	9,519,123
Cash and Other Assets in Excess of Liabilities | 2.0%			189,880
Net Assets | 100.0%		$	9,709,003

Description	Shares	Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 95.0%
Argentina | 1.0%
YPF Sociedad Anonima Sponsored ADR	5,182,781	$	142,267,338
Brazil | 12.5%
Ambev SA ADR	35,425,240		204,049,382
Banco do Brasil SA	49,663,110		356,498,206
BB Seguridade Participacoes SA	23,986,900		246,516,683
CCR SA	21,407,400		109,332,650
CEMIG SA Sponsored ADR	21,177,331		86,615,284
Cielo SA	19,875,921		284,542,254
Localiza Rent a Car SA	7,669,612		87,232,510
Natura Cosmeticos SA	8,060,300		67,936,291
Souza Cruz SA	15,508,625		123,425,632
Vale SA Sponsored ADR	10,903,200		61,603,080
Via Varejo SA (a)	12,927,700		66,389,373
			1,694,141,345
China | 11.1%
Baidu, Inc. Sponsored ADR (a)	1,257,800		262,125,520
China Construction Bank Corp., Class H	610,733,220		506,740,974
China Shenhua Energy Co., Ltd., Class H	43,149,000		110,178,579
CNOOC, Ltd.	123,873,000		175,082,729
NetEase, Inc. ADR	3,379,504		355,861,771
Weichai Power Co., Ltd., Class H	24,415,000		94,264,707
			1,504,254,280
Colombia | 0.3%
Pacific Rubiales Energy Corp.	17,180,398		40,965,459
Egypt | 1.2%
Commercial International Bank Egypt SAE GDR	24,212,175		169,951,600
Hong Kong | 3.6%
China Mobile, Ltd. Sponsored ADR	5,737,804		373,129,394
Huabao International Holdings, Ltd.	157,293,000		117,467,285
			490,596,679
Hungary | 1.3%
OTP Bank Nyrt.	9,334,242		177,155,339
India | 9.1%
Axis Bank, Ltd.	33,237,161		295,996,334
Bajaj Auto, Ltd.	2,824,791		91,144,989
Bharat Heavy Electricals, Ltd.	28,408,477		107,338,930
HCL Technologies, Ltd.	8,327,368		130,745,193
Hero MotoCorp, Ltd.	3,083,047		130,036,312
Punjab National Bank (a)	68,819,120		159,366,221
Tata Consultancy Services, Ltd.	7,793,168		318,560,372
			1,233,188,351

Description	Shares	Value
Indonesia | 6.5%
PT Astra International Tbk	242,523,600	$	158,845,677
PT Bank Mandiri (Persero) Tbk	258,548,230		246,396,791
PT Semen Indonesia (Persero) Tbk	84,078,000		87,581,343
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	5,993,655		260,963,739
PT United Tractors Tbk	76,140,784		126,793,052
			880,580,602
Macau | 0.9%
Wynn Macau, Ltd.	56,022,000		120,842,330
Malaysia | 0.8%
British American Tobacco Malaysia Berhad	5,703,000		105,729,170
Mexico | 1.6%
Grupo Mexico SAB de CV, Series B	36,792,747		108,495,608
Kimberly-Clark de Mexico SAB de CV, Series A	49,518,895		103,462,627
			211,958,235
Pakistan | 1.3%
Oil & Gas Development Co., Ltd.	43,563,549		77,552,333
Pakistan Petroleum, Ltd.	67,610,602		102,392,560
			179,944,893
Philippines | 1.6%
Philippine Long Distance Telephone Co. Sponsored ADR	3,593,450		224,554,690
Russia | 7.8%
ALROSA AO	82,275,221		99,663,266
Eurasia Drilling Co., Ltd. GDR	2,371,721		45,555,531
Gazprom OAO Sponsored ADR	39,575,454		186,587,066
Lukoil OAO Sponsored ADR	2,386,083		110,176,321
Magnit PJSC Sponsored GDR	480,208		24,494,124
Magnit PJSC Sponsored GDR (c), (d)	1,761,265		89,912,578
MegaFon OAO GDR	572,976		9,165,920
MegaFon OAO GDR (c), (d)	5,557,964		88,927,424
Mobile TeleSystems OJSC Sponsored ADR	15,899,643		160,586,394
Oriflame Cosmetics SA SDR	2,134,411		28,553,374
Sberbank of Russia (a)	208,334,173		223,368,609
			1,066,990,607
South Africa | 8.6%
Imperial Holdings, Ltd.	7,201,561		114,553,078
Nedbank Group, Ltd.	5,810,647		113,718,040
PPC, Ltd.	38,911,637		58,808,072
Sanlam, Ltd.	17,370,545		111,931,284
Shoprite Holdings, Ltd.	14,816,695		200,119,550
Standard Bank Group, Ltd.	9,710,902		134,111,097
The Bidvest Group, Ltd.	4,603,082		124,752,331

Description	Shares	Value
Lazard Emerging Markets Equity Portfolio (concluded)
Tiger Brands, Ltd.	3,112,349	$	78,369,993
Vodacom Group, Ltd.	9,308,249		101,839,424
Woolworths Holdings, Ltd.	17,833,825		126,686,889
			1,164,889,758
South Korea | 13.9%
Coway Co., Ltd.	1,487,782		122,418,355
Hanwha Life Insurance Co., Ltd.	27,090,706		179,982,571
Hyundai Mobis Co., Ltd.	909,768		201,952,099
KB Financial Group, Inc.	6,884,058		243,099,209
KT&G Corp.	2,093,713		167,381,148
Samsung Electronics Co., Ltd.	322,793		418,437,383
Shinhan Financial Group Co., Ltd.	7,748,374		291,953,905
SK Hynix, Inc.	6,375,630		260,670,575
			1,885,895,245
Taiwan | 5.1%
Hon Hai Precision Industry Co., Ltd.	46,745,448		136,650,911
Taiwan Semiconductor Manufacturing Co., Ltd.	120,634,284		559,661,078
			696,311,989
Thailand | 2.6%
CP All Public Co. Ltd. (c)	100,624,900		126,786,137
Kasikornbank Public Co. Ltd.	1,108,100		7,820,182
PTT Exploration & Production Public Co. Ltd. (c)	26,085,570		87,379,445
The Siam Cement Public Co. Ltd.	8,389,200		131,435,958
			353,421,722
Turkey | 4.2%
Akbank TAS	57,849,408		169,841,797
KOC Holding AS	26,228,197		119,338,453
Turkcell Iletisim Hizmetleri AS (a)	22,303,026		114,375,085
Turkiye Is Bankasi AS, C Shares	73,588,923		165,824,385
			569,379,720
Total Common Stocks (Identified cost $13,413,570,738)			12,913,019,352
Short-Term Investment | 3.9%
State Street Institutional Treasury Money Market Fund (Identified cost $533,313,040)	533,313,040		533,313,040
Total Investments | 98.9% (Identified cost $13,946,883,778) (b)		$	13,446,332,392
Cash and Other Assets in Excess of Liabilities | 1.1%			144,509,186
Net Assets | 100.0%		$	13,590,841,578

Description	Shares	Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks | 94.1%
Brazil | 2.9%
Cosan, Ltd., Class A	32,295	$	204,427
Embraer SA Sponsored ADR	12,300		378,225
Klabin SA	83,460		475,936
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA	20,035		278,408
			1,336,996
China | 23.2%
Alibaba Group Holding, Ltd. Sponsored ADR	5,500		457,820
Anhui Conch Cement Co., Ltd., Class H	187,000		708,297
Baidu, Inc. Sponsored ADR (a)	4,554		949,054
Beijing Capital International Airport Co., Ltd., Class H	476,000		465,614
China Lesso Group Holdings, Ltd.	519,000		307,357
CSR Corp., Ltd., Class H	404,000		536,515
ENN Energy Holdings, Ltd.	84,000		513,901
Industrial and Commercial Bank of China, Ltd., Class H	2,755,000		2,030,129
Lenovo Group, Ltd.	426,000		619,404
NetEase, Inc. ADR	5,800		610,740
PICC Property & Casualty Co., Ltd., Class H	359,180		709,975
Ping An Insurance (Group) Co. of China, Ltd., Class H	96,500		1,163,898
Sinotrans, Ltd., Class H	608,000		347,004
Vipshop Holdings, Ltd. ADS (a)	27,400		806,656
WuXi PharmaTech Cayman, Inc. ADR (a)	11,530		447,133
			10,673,497
Hong Kong | 4.5%
China Mobile, Ltd. Sponsored ADR	21,700		1,411,151
Haier Electronics Group Co., Ltd.	254,000		663,102
			2,074,253
India | 8.0%
Dr Reddy’s Laboratories, Ltd. ADR	14,475		826,523
HDFC Bank, Ltd. ADR	16,169		952,192
ICICI Bank, Ltd. Sponsored ADR	104,300		1,080,548
Tata Motors, Ltd. Sponsored ADR	17,845		804,096
			3,663,359
Indonesia | 3.0%
PT Bank Mandiri (Persero) Tbk	685,400		653,187
PT Matahari Department Store Tbk	471,400		708,217
			1,361,404
Mexico | 5.5%
Alsea SAB de CV (a)	110,200		322,649
Fibra Uno Administracion SA de CV REIT	168,500		446,285

Description	Shares	Value
Gruma SAB de CV	45,900	$	584,045
Grupo Financiero Banorte SAB de CV, Class O	88,700		514,284
Grupo Televisa SAB Sponsored ADR (a)	20,600		680,006
			2,547,269
Peru | 1.0%
Credicorp, Ltd.	3,250		457,047
Philippines | 4.0%
Alliance Global Group, Inc.	734,800		435,132
BDO Unibank, Inc.	286,110		791,222
GT Capital Holdings, Inc.	21,005		627,406
			1,853,760
Poland | 0.6%
Powszechna Kasa Oszczednosci Bank Polski SA	30,325		271,673
Russia | 1.2%
Magnit PJSC Sponsored GDR	5,687		290,079
MegaFon OAO GDR	8,948		143,141
MegaFon OAO GDR (c), (d)	8,165		130,640
			563,860
South Africa | 4.7%
Aspen Pharmacare Holdings, Ltd.	13,175		417,154
Mondi PLC	33,219		636,329
MTN Group, Ltd.	23,198		390,956
Naspers, Ltd., N Shares	4,729		726,086
			2,170,525
South Korea | 10.4%
DGB Financial Group, Inc.	72,052		785,376
Hotel Shilla Co., Ltd.	7,411		653,746
KEPCO Plant Service & Engineering Co., Ltd.	9,455		831,591
Samsung Electronics Co., Ltd.	665		862,041
SK Hynix, Inc.	25,682		1,050,021
SK Telecom Co., Ltd. Sponsored ADR	21,800		593,178
			4,775,953
Taiwan | 19.0%
Advanced Semiconductor Engineering, Inc. ADR	113,500		817,200
Delta Electronics, Inc.	80,000		503,605
Eclat Textile Co., Ltd.	87,760		1,150,518
Hermes Microvision, Inc.	7,000		402,747
Hon Hai Precision Industry Co., Ltd. GDR	135,532		783,607
Largan Precision Co., Ltd.	19,000		1,628,916
MediaTek, Inc.	26,000		351,451
Mega Financial Holding Co., Ltd.	601,000		497,911
Merida Industry Co., Ltd.	83,800		657,862
President Chain Store Corp.	55,000		413,564

Description	Shares	Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	65,949	$	1,548,483
			8,755,864
Thailand | 2.8%
Bangkok Bank Public Co. Ltd.	58,500		333,483
Kasikornbank Public Co. Ltd.	132,400		934,385
			1,267,868
Turkey | 3.3%
TAV Havalimanlari Holding AS	102,363		857,592
Turk Traktor ve Ziraat Makineleri AS	12,404		369,287
Turkiye Garanti Bankasi AS	93,352		305,409
			1,532,288
Total Common Stocks (Identified cost $40,663,368)			43,305,616
Preferred Stock | 1.9%
Brazil | 1.9%
Itau Unibanco Holding SA Sponsored ADR (Identified cost $1,134,775)	78,152		864,361
Right | 0.0%
Philippines | 0.0%
GT Capital Holdings, Inc. Expires 04/08/15 (Identified cost $0)	20,105		0
Short-Term Investment | 2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $1,300,091)	1,300,091		1,300,091
Total Investments | 98.8% (Identified cost $43,098,234) (b)		$	45,470,068
Cash and Other Assets in Excess of Liabilities | 1.2%			538,863
Net Assets | 100.0%		$	46,008,931

Description	Shares	Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 95.8%
Brazil | 5.9%
Estacio Participacoes SA	1,111,500	$	6,456,803
Gerdau SA Sponsored ADR	1,385,750		4,434,400
Localiza Rent a Car SA	261,320		2,972,197
Petroleo Brasileiro SA Sponsored ADR	659,800		4,018,182
Vale SA Sponsored ADR	592,615		3,348,275
Via Varejo SA (a)	503,200		2,584,151
			23,814,008
China | 21.3%
AAC Technologies Holdings, Inc.	595,700		3,672,604
Agricultural Bank of China, Ltd., Class H	19,870,500		9,819,628
Anhui Conch Cement Co., Ltd., Class H	3,127,500		11,845,981
Baidu, Inc. Sponsored ADR (a)	55,310		11,526,604
China Construction Bank Corp., Class H	4,676,184		3,879,949
China Merchants Bank Co., Ltd., Class H	3,469,211		8,472,086
China National Materials Co., Ltd., Class H	13,709,890		3,875,338
China Oilfield Services, Ltd., Class H	1,968,000		3,261,451
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	251,200		5,569,104
Ping An Insurance (Group) Co. of China, Ltd., Class H	1,097,500		13,237,074
Zhuzhou CSR Times Electric Co., Ltd., Class H	1,720,500		11,205,745
			86,365,564
Colombia | 2.4%
Bancolombia SA Sponsored ADR	151,700		5,966,361
Cemex Latam Holdings SA (a)	547,919		2,844,964
Pacific Rubiales Energy Corp.	397,229		947,165
			9,758,490
Hong Kong | 6.7%
China State Construction International Holdings, Ltd.	8,773,340		12,199,614
Melco Crown Entertainment, Ltd. ADR	148,300		3,182,518
Techtronic Industries Co., Ltd.	3,516,000		11,887,739
			27,269,871
India | 13.4%
Adani Ports & Special Economic Zone, Ltd.	782,435		3,847,322
Aurobindo Pharma, Ltd.	523,203		10,174,536
Glenmark Pharmaceuticals, Ltd.	579,926		7,275,892
HDFC Bank, Ltd. Sponsored ADR	132,755		7,817,942
ICICI Bank, Ltd. Sponsored ADR	540,475		5,599,321
Reliance Industries, Ltd.	559,477		7,351,607
Shriram Transport Finance Co., Ltd.	431,848		7,653,711

Description	Shares	Value
Tata Motors, Ltd. Sponsored ADR	102,630	$	4,624,508
			54,344,839
Indonesia | 2.2%
PT Bank Rakyat Indonesia (Persero) Tbk	8,624,500		8,746,660
Mexico | 3.2%
Genomma Lab Internacional SAB de CV, B Shares (a)	2,119,700		1,980,249
Grupo Financiero Banorte SAB de CV, Class O	1,905,057		11,045,546
			13,025,795
Peru | 2.4%
Credicorp, Ltd.	70,600		9,928,478
Poland | 0.9%
Eurocash SA	408,235		3,526,536
Russia | 8.9%
Globaltrans Investment PLC Sponsored GDR	442,762		2,001,921
NovaTek OAO Sponsored GDR	103,606		7,710,462
Sberbank of Russia (a)	5,835,799		6,256,940
TMK OAO GDR	699,429		2,091,054
X5 Retail Group NV GDR (a)	859,193		13,181,491
Yandex NV Class A (a)	321,600		4,877,064
			36,118,932
South Africa | 1.5%
Exxaro Resources, Ltd.	368,753		3,055,805
Standard Bank Group, Ltd.	220,055		3,039,040
			6,094,845
South Korea | 7.5%
Halla Visteon Climate Control Corp.	139,208		4,805,594
Kia Motors Corp.	108,771		4,418,631
Korea Aerospace Industries, Ltd.	193,928		9,856,197
Samsung Electronics Co., Ltd.	8,690		11,264,869
			30,345,291
Taiwan | 10.7%
Advanced Semiconductor Engineering, Inc.	5,673,000		7,694,868
Catcher Technology Co., Ltd.	892,000		9,330,463
Eclat Textile Co., Ltd.	403,000		5,283,257
Hiwin Technologies Corp.	575,821		4,251,747
MediaTek, Inc.	271,000		3,663,206
Taiwan Semiconductor Manufacturing Co., Ltd.	2,851,000		13,226,702
			43,450,243
Turkey | 6.3%
Aselsan Elektronik Sanayi Ve Ticaret AS	1,408,626		6,680,900

Description	Shares	Value
Lazard Developing Markets Equity Portfolio (concluded)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	7,480,432	$	8,469,872
Ford Otomotiv Sanayi AS	403,361		5,217,767
TAV Havalimanlari Holding AS	647,178		5,422,024
			25,790,563
United States | 2.5%
First Cash Financial Services, Inc. (a)	61,200		2,847,024
Freeport-McMoRan, Inc.	393,700		7,460,615
			10,307,639
Total Common Stocks (Identified cost $429,434,491)			388,887,754
Preferred Stocks | 2.0%
Brazil | 2.0%
Banco Bradesco SA ADR	656,386		6,091,258
Marcopolo SA	2,679,800		1,939,603
Total Preferred Stocks (Identified cost $13,106,633)			8,030,861
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund   (Identified cost $9,208,509)	9,208,509		9,208,509
Total Investments | 100.1% (Identified cost $451,749,633) (b)		$	406,127,124
Liabilities in Excess of Cash and  Other Assets | (0.1)%			(218,933)
Net Assets | 100.0%		$	405,908,191

Description	Shares	Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 98.5%
Argentina | 1.1%
YPF Sociedad Anonima Sponsored ADR	206,565	$	5,670,209
Brazil | 8.0%
Ambev SA ADR	854,075		4,919,472
Banco ABC Brasil SA (a)	15,753		55,775
Banco do Brasil SA	853,757		6,128,550
Cielo SA Sponsored ADR	493,747		7,026,020
Companhia de Locacao das Americas	205,900		222,574
Estacio Participacoes SA	835,900		4,855,818
GAEC Educacao SA	176,345		840,962
Iochpe-Maxion SA	382,600		1,204,785
Localiza Rent a Car SA	494,200		5,620,924
Natura Cosmeticos SA	206,595		1,741,287
Petroleo Brasileiro SA Sponsored ADR	420,550		2,561,149
Souza Cruz SA	464,335		3,695,417
Tegma Gestao Logistica SA	266,345		1,217,582
Via Varejo SA (a)	355,300		1,824,620
			41,914,935
Cambodia | 0.4%
NagaCorp, Ltd.	2,996,000		1,983,574
China | 19.0%
AAC Technologies Holdings, Inc.	654,640		4,035,980
Agricultural Bank of China, Ltd., Class H	17,503,000		8,649,654
Anhui Conch Cement Co., Ltd., Class H	1,716,000		6,499,665
Baidu, Inc. Sponsored ADR (a)	84,062		17,518,521
China Animal Healthcare, Ltd.	2,961,000		2,008,889
China Construction Bank Corp., Class H	13,791,281		11,442,979
China Lesso Group Holdings, Ltd.	3,437,000		2,035,427
China Oilfield Services, Ltd., Class H	1,120,000		1,856,110
China Pioneer Pharma Holdings, Ltd.	3,024,000		1,944,214
China Shenhua Energy Co., Ltd., Class H	2,112,500		5,394,152
China ZhengTong Auto Services Holdings, Ltd.	4,660,000		2,196,565
CNOOC, Ltd.	4,497,800		6,357,213
Cosmo Lady China Holdings Co., Ltd.	2,338,000		1,653,444
Greatview Aseptic Packaging Co., Ltd.	4,455,000		2,318,661
Kingdee International Software Group Co., Ltd. (a)	4,892,000		2,053,910
NetEase, Inc. ADR	118,585		12,487,000
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	72,900		1,616,193
Ping An Insurance (Group) Co. of China, Ltd., Class H	759,500		9,160,417
			99,228,994

Description	Shares	Value
Colombia | 0.9%
Bancolombia SA Sponsored ADR	79,420	$	3,123,589
Pacific Rubiales Energy Corp.	678,485		1,617,800
			4,741,389
Egypt | 1.0%
Commercial International Bank Egypt SAE GDR	709,132		4,977,583
Edita Food Industries SAE	6,100		74,908
			5,052,491
Georgia | 0.3%
Bank of Georgia Holdings PLC	63,047		1,622,744
Hong Kong | 4.6%
China Mobile, Ltd. Sponsored ADR	119,086		7,744,163
China State Construction International Holdings, Ltd.	5,948,504		8,271,587
Future Bright Holdings, Ltd.	4,200,000		745,275
Pacific Textiles Holdings, Ltd.	1,217,000		1,678,327
Techtronic Industries Co., Ltd.	1,696,500		5,735,936
			24,175,288
Hungary | 0.9%
OTP Bank Nyrt.	236,608		4,490,602
India | 10.0%
Aurobindo Pharma, Ltd.	344,456		6,698,509
Axis Bank, Ltd.	1,756,006		15,638,259
Bajaj Auto, Ltd.	121,640		3,924,849
Dewan Housing Finance Corp., Ltd.	329,250		2,450,443
HCL Technologies, Ltd.	244,735		3,842,502
ICICI Bank, Ltd. Sponsored ADR	601,865		6,235,322
Reliance Industries, Ltd.	347,966		4,572,322
Tata Motors, Ltd. Sponsored ADR	126,539		5,701,847
UPL, Ltd.	468,924		3,309,423
			52,373,476
Indonesia | 5.7%
PT Bank Mandiri (Persero) Tbk	7,609,000		7,251,387
PT Bank Rakyat Indonesia (Persero) Tbk	8,999,418		9,126,888
PT Pakuwon Jati Tbk	55,086,500		2,165,075
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	157,850		6,872,789
PT United Tractors Tbk	2,488,480		4,143,929
			29,560,068
Macau | 0.9%
Wynn Macau, Ltd.	2,159,530		4,658,217
Malaysia | 0.7%
Berjaya Auto Berhad	1,940,000		1,977,426

Description	Shares	Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Kossan Rubber Industries Berhad	1,076,900	$	1,648,250
			3,625,676
Mexico | 3.3%
Credito Real SAB de CV	769,115		1,813,686
Genomma Lab Internacional SAB de CV, B Shares (a)	1,876,356		1,752,914
Grupo Financiero Banorte SAB de CV, Class O	902,300		5,231,548
Grupo Financiero Interacciones SA de CV, Class O	235,601		1,559,398
Grupo Mexico SAB de CV, Series B	949,401		2,799,623
Kimberly-Clark de Mexico SAB de CV, Series A	2,053,600		4,290,703
			17,447,872
Peru | 0.7%
Credicorp, Ltd.	27,196		3,824,573
Philippines | 0.8%
Philippine Long Distance Telephone Co. Sponsored ADR	68,202		4,261,943
Poland | 0.6%
Eurocash SA	363,132		3,136,914
Russia | 7.6%
Gazprom OAO Sponsored ADR	799,921		3,771,401
Lukoil OAO Sponsored ADR	83,573		3,838,508
MegaFon OAO GDR	12,402		198,395
MegaFon OAO GDR (c), (d)	188,728		3,019,648
Mobile TeleSystems OJSC Sponsored ADR	439,900		4,442,990
NovaTek OAO Sponsored GDR	68,480		5,096,350
Oriflame Cosmetics SA SDR	128,345		1,716,953
Sberbank of Russia (a)	3,015,164		3,232,753
Sberbank of Russia Sponsored ADR	1,033,377		4,515,858
X5 Retail Group NV GDR (a)	450,410		6,910,060
Yandex NV Class A (a)	175,685		2,664,263
			39,407,179
South Africa | 2.0%
Standard Bank Group, Ltd.	459,765		6,349,522
Sun International, Ltd.	149,315		1,551,231
Tiger Brands, Ltd.	108,264		2,726,124
			10,626,877
South Korea | 10.2%
Eugene Technology Co., Ltd.	152,338		1,949,280
Fila Korea, Ltd.	22,401		2,180,009
Hanwha Life Insurance Co., Ltd.	770,702		5,120,314
Hyundai Mobis Co., Ltd.	29,769		6,608,181
KT&G Corp.	59,557		4,761,263

Description	Shares	Value
Partron Co., Ltd.	149,406	$	1,921,962
Samsung Electronics Co., Ltd.	12,332		15,986,003
Shinhan Financial Group Co., Ltd.	173,254		6,528,103
SK Hynix, Inc.	201,404		8,234,496
			53,289,611
Taiwan | 11.6%
Actron Technology Corp.	468,000		1,837,574
Advanced Semiconductor Engineering, Inc.	2,972,000		4,031,226
Catcher Technology Co., Ltd.	644,000		6,736,343
Chailease Holding Co., Ltd.	850,900		2,117,869
Chicony Electronics Co., Ltd.	860,520		2,409,522
Eclat Textile Co., Ltd.	147,000		1,927,143
Hon Hai Precision Industry Co., Ltd.	1,419,712		4,150,242
King Slide Works Co., Ltd.	102,000		1,534,750
Macauto Industrial Co., Ltd.	572,000		2,465,023
Makalot Industrial Co., Ltd.	219,661		1,577,650
MediaTek, Inc.	183,000		2,473,678
Radiant Opto-Electronics Corp.	530,280		1,648,332
Silergy Corp.	265,000		2,014,431
Sinmag Equipment Corp.	386,760		2,279,112
Taiwan Semiconductor Manufacturing Co., Ltd.	4,578,000		21,238,808
Voltronic Power Technology Corp.	194,000		1,922,119
			60,363,822
Thailand | 0.7%
KCE Electronics Public Co. Ltd (c)	1,157,400		1,885,132
Supalai Public Co. Ltd. (c)	2,417,600		1,597,370
			3,482,502
Turkey | 6.6%
Aselsan Elektronik Sanayi Ve Ticaret AS	809,288		3,838,331
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	3,542,626		4,011,211
Ford Otomotiv Sanayi AS	265,861		3,439,104
KOC Holding AS ADR	296,767		6,763,320
TAV Havalimanlari Holding AS	496,061		4,155,974
Turkcell Iletisim Hizmetleri AS ADR (a)	359,075		4,678,747
Turkiye Is Bankasi AS, C Shares	2,382,614		5,368,953
Turkiye Sinai Kalkinma Bankasi AS	2,764,254		2,114,503
			34,370,143
United Arab Emirates | 0.3%
Al Noor Hospitals Group PLC	117,189		1,761,930
United States | 0.6%
Freeport-McMoRan, Inc.	174,300		3,302,985
Total Common Stocks (Identified cost $539,140,066)			514,374,014

Description	Shares	Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Preferred Stocks | 0.9%
Brazil | 0.9%
Banco ABC Brasil SA	425,662	$	1,533,773
Marcopolo SA	2,197,900		1,590,810
Vale SA Sponsored ADR	347,215		1,683,993
Total Preferred Stocks (Identified cost $10,727,089)			4,808,576
Short-Term Investment | 0.4%
State Street Institutional Treasury Money Market Fund (Identified cost $2,272,442)	2,272,442		2,272,442
Total Investments | 99.8% (Identified cost $552,139,597) (b)		$	521,455,032
Cash and Other Assets in Excess of Liabilities | 0.2%			879,195
Net Assets | 100.0%		$	522,334,227

Description	Shares	Value
Lazard Emerging Markets Multi Asset Portfolio
Common Stocks | 56.9%
Argentina | 0.7%
YPF Sociedad Anonima Sponsored ADR	47,087	$	1,292,538
Brazil | 4.8%
Ambev SA ADR	198,300		1,142,208
Banco ABC Brasil SA (a)	2,750		9,737
Banco do Brasil SA	188,745		1,354,874
Cielo SA Sponsored ADR	107,609		1,531,276
Companhia de Locacao das Americas	32,600		35,240
Estacio Participacoes SA	160,540		932,591
GAEC Educacao SA	38,570		183,934
Iochpe-Maxion SA	83,800		263,881
Localiza Rent a Car SA	107,400		1,221,544
Natura Cosmeticos SA	47,155		397,446
Petroleo Brasileiro SA Sponsored ADR	76,840		467,956
Souza Cruz SA	105,964		843,316
Tegma Gestao Logistica SA	59,152		270,410
Via Varejo SA (a)	66,375		340,865
			8,995,278
Cambodia | 0.2%
NagaCorp, Ltd.	668,565		442,640
China | 10.9%
AAC Technologies Holdings, Inc.	118,000		727,492
Agricultural Bank of China, Ltd., Class H	3,204,000		1,583,357
Anhui Conch Cement Co., Ltd., Class H	268,500		1,016,993
Baidu, Inc. Sponsored ADR (a)	18,207		3,794,339
China Animal Healthcare, Ltd.	644,000		436,922
China Construction Bank Corp., Class H	3,044,065		2,525,739
China Lesso Group Holdings, Ltd.	751,775		445,209
China Oilfield Services, Ltd., Class H	200,000		331,448
China Pioneer Pharma Holdings, Ltd.	658,000		423,046
China Shenhua Energy Co., Ltd., Class H	477,000		1,217,993
China ZhengTong Auto Services Holdings, Ltd.	1,028,070		484,597
CNOOC, Ltd.	998,000		1,410,578
Cosmo Lady China Holdings Co., Ltd.	512,000		362,089
Greatview Aseptic Packaging Co., Ltd.	914,000		475,703
Kingdee International Software Group Co., Ltd. (a)	1,072,000		450,080
NetEase, Inc. ADR	26,265		2,765,704
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	15,955		353,722
Ping An Insurance (Group) Co. of China, Ltd., Class H	127,675		1,539,903
			20,344,914

Description	Shares	Value
Colombia | 0.5%
Bancolombia SA Sponsored ADR	14,920	$	586,804
Pacific Rubiales Energy Corp.	120,155		286,501
			873,305
Egypt | 0.6%
Commercial International Bank Egypt SAE GDR	162,717		1,142,153
Edita Food Industries SAE	1,400		17,192
			1,159,345
Georgia | 0.2%
Bank of Georgia Holdings PLC	13,837		356,145
Hong Kong | 2.6%
China Mobile, Ltd. Sponsored ADR	27,228		1,770,637
China State Construction International Holdings, Ltd.	1,056,125		1,468,576
Future Bright Holdings, Ltd.	896,175		159,023
Pacific Textiles Holdings, Ltd.	266,000		366,832
Techtronic Industries Co., Ltd.	309,500		1,046,432
			4,811,500
Hungary | 0.5%
OTP Bank Nyrt.	52,363		993,802
India | 5.8%
Aurobindo Pharma, Ltd.	62,987		1,224,885
Axis Bank, Ltd.	389,955		3,472,777
Bajaj Auto, Ltd.	26,885		867,474
Dewan Housing Finance Corp., Ltd.	72,107		536,656
HCL Technologies, Ltd.	56,251		883,178
ICICI Bank, Ltd. Sponsored ADR	112,705		1,167,624
Reliance Industries, Ltd.	62,280		818,368
Tata Motors, Ltd. Sponsored ADR	23,396		1,054,224
UPL, Ltd.	102,385		722,580
			10,747,766
Indonesia | 3.3%
PT Bank Mandiri (Persero) Tbk	1,665,800		1,587,510
PT Bank Rakyat Indonesia (Persero) Tbk	1,672,700		1,696,393
PT Pakuwon Jati Tbk	12,104,160		475,732
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	35,047		1,525,946
PT United Tractors Tbk	574,715		957,041
			6,242,622
Macau | 0.6%
Wynn Macau, Ltd.	473,200		1,020,717
Malaysia | 0.4%
Berjaya Auto Berhad	397,400		405,066

Description	Shares	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Kossan Rubber Industries Berhad	234,185	$	358,432
			763,498
Mexico | 2.0%
Credito Real SAB de CV	168,155		396,534
Genomma Lab Internacional SAB de CV, B Shares (a)	340,055		317,683
Grupo Financiero Banorte SAB de CV, Class O	164,900		956,093
Grupo Financiero Interacciones SA de CV, Class O	51,607		341,577
Grupo Mexico SAB de CV, Series B	215,009		634,025
Kimberly-Clark de Mexico SAB de CV, Series A	474,835		992,100
			3,638,012
Peru | 0.4%
Credicorp, Ltd.	5,185		729,167
Philippines | 0.5%
Philippine Long Distance Telephone Co. Sponsored ADR	15,940		996,091
Poland | 0.3%
Eurocash SA	68,262		589,681
Russia | 4.3%
Gazprom OAO Sponsored ADR	176,989		834,453
Lukoil OAO Sponsored ADR	19,085		876,574
MegaFon OAO GDR	11,785		188,525
MegaFon OAO GDR (c), (d)	32,786		524,576
Mobile TeleSystems OJSC Sponsored ADR	100,310		1,013,131
NovaTek OAO Sponsored GDR	12,818		953,928
Oriflame Cosmetics SA SDR	25,084		335,565
Sberbank of Russia (a)	554,221		594,216
Sberbank of Russia Sponsored ADR	234,812		1,026,129
X5 Retail Group NV GDR (a)	81,624		1,252,252
Yandex NV Class A (a)	32,800		497,412
			8,096,761
South Africa | 1.2%
Standard Bank Group, Ltd.	101,947		1,407,925
Sun International, Ltd.	32,700		339,720
Tiger Brands, Ltd.	22,447		565,223
			2,312,868
South Korea | 5.9%
Eugene Technology Co., Ltd.	33,592		429,835
Fila Korea, Ltd.	4,906		477,440
Hanwha Life Insurance Co., Ltd.	171,308		1,138,119
Hyundai Mobis Co., Ltd.	6,536		1,450,874
KT&G Corp.	8,605		687,924

Description	Shares	Value
Partron Co., Ltd.	32,695	$	420,589
Samsung Electronics Co., Ltd.	2,508		3,251,127
Shinhan Financial Group Co., Ltd.	38,386		1,446,361
SK Hynix, Inc.	43,790		1,790,374
			11,092,643
Taiwan | 6.5%
Actron Technology Corp.	100,000		392,644
Advanced Semiconductor Engineering, Inc.	546,000		740,595
Catcher Technology Co., Ltd.	118,000		1,234,299
Chailease Holding Co., Ltd.	189,500		471,661
Chicony Electronics Co., Ltd.	190,545		533,540
Eclat Textile Co., Ltd.	27,000		353,965
Hon Hai Precision Industry Co., Ltd. GDR	127,501		737,174
King Slide Works Co., Ltd.	22,000		331,025
Macauto Industrial Co., Ltd.	127,000		547,304
Makalot Industrial Co., Ltd.	48,343		347,209
MediaTek, Inc.	33,000		446,073
Radiant Opto-Electronics Corp.	116,930		363,467
Silergy Corp.	58,000		440,894
Sinmag Equipment Corp.	85,720		505,134
Taiwan Semiconductor Manufacturing Co., Ltd.	319,000		1,479,943
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	122,685		2,880,644
Voltronic Power Technology Corp.	43,000		426,037
			12,231,608
Thailand | 0.4%
KCE Electronics Public Co. Ltd (c)	254,200		414,032
Supalai Public Co. Ltd. (c)	530,600		350,581
			764,613
Turkey | 3.8%
Aselsan Elektronik Sanayi Ve Ticaret AS	151,033		716,327
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	647,654		733,319
Ford Otomotiv Sanayi AS	49,605		641,677
KOC Holding AS ADR	66,104		1,506,510
TAV Havalimanlari Holding AS	91,844		769,464
Turkcell Iletisim Hizmetleri AS ADR (a)	79,027		1,029,722
Turkiye Is Bankasi AS, C Shares	524,981		1,182,986
Turkiye Sinai Kalkinma Bankasi AS	589,804		451,168
			7,031,173
United Arab Emirates | 0.2%
Al Noor Hospitals Group PLC	25,662		385,827
United States | 0.3%
Freeport-McMoRan, Inc.	31,600		598,820

Description	Shares	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Total Common Stocks (Identified cost $112,515,269)		$	106,511,334
Preferred Stocks | 0.5%
Brazil | 0.5%
Banco ABC Brasil SA	94,046		338,873
Marcopolo SA	438,720		317,540
Vale SA Sponsored ADR	79,210		384,168
Total Preferred Stocks (Identified cost $2,110,985)			1,040,581

Description	Security Currency	Principal Amount (000)	Value
Corporate Bonds | 5.3%
Argentina | 0.1%
YPF Sociedad Anonima, 8.750%, 04/04/24	USD	200	$	205,460
Brazil | 0.2%
Banco do Brasil SA, 9.000%, 06/18/24 (e)	USD	200		173,000
Klabin Finance SA, 5.250%, 07/16/24	USD	225		218,780
				391,780
Bulgaria | 0.1%
ContourGlobal Power Holdings SA, 7.125%, 06/01/19 (d)	USD	150		153,750
Chile | 0.5%
Colbun SA, 4.500%, 07/10/24	USD	225		231,192
Empresa Electrica Angamos SA, 4.875%, 05/25/29 (d)	USD	200		199,750
ENTEL Chile SA, 4.875%, 10/30/24	USD	200		209,700
SACI Falabella, 4.375%, 01/27/25 (d)	USD	200		205,250
				845,892
China | 0.5%
Bank of China, Ltd., 5.000%, 11/13/24	USD	200		211,023
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21	USD	200		197,000
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21	USD	200		199,500
ENN Energy Holdings, Ltd., 6.000%, 05/13/21	USD	200		224,957
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD	200		196,000
				1,028,480

Description	Security Currency	Principal Amount (000)	Value
Colombia | 0.4%
Bancolombia SA, 5.125%, 09/11/22	USD	100	$	100,650
Grupo Aval, Ltd., 4.750%, 09/26/22	USD	225		223,808
Millicom International Cellular SA, 6.000%, 03/15/25 (d)	USD	200		200,704
Oleoducto Central SA, 4.000%, 05/07/21	USD	175		174,125
				699,287
Georgia | 0.1%
Bank of Georgia JSC, 7.750%, 07/05/17	USD	200		206,500
Guatemala | 0.2%
Comcel Trust, 6.875%, 02/06/24 (d)	USD	125		132,800
Industrial Senior Trust:
5.500%, 11/01/22	USD	100		96,417
5.500%, 11/01/22 (d)	USD	200		193,460
				422,677
India | 0.2%
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23	USD	200		216,110
Reliance Industries, Ltd., 4.125%, 01/28/25 (d)	USD	250		251,022
				467,132
Indonesia | 0.3%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17	USD	225		149,062
PT Perusahaan Gas Negara Persero Tbk, 5.125%, 05/16/24	USD	300		319,470
				468,532
Iraq | 0.1%
Genel Energy Finance, Ltd., 7.500%, 05/14/19	USD	200		176,500
Kuwait | 0.1%
Burgan Finance No. 1 Jersey, Ltd., 7.875%, 09/29/20	USD	125		145,625
Mexico | 0.6%
Alfa SAB de CV, 5.250%, 03/25/24	USD	300		320,850
Cemex SAB de CV, 6.125%, 05/05/25 (d)	USD	200		201,500
Credito Real SAB de CV, 7.500%, 03/13/19 (d)	USD	100		103,517
Mexico Generadora de Energia S de rl, 5.500%, 12/06/32	USD	225		228,938

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Sixsigma Networks Mexico SA de CV, 8.250%, 11/07/21 (d)	USD	200	$	211,467
				1,066,272
Panama | 0.1%
Global Bank Corp., 5.125%, 10/30/19 (d)	USD	200		207,505
Paraguay | 0.1%
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22	USD	200		206,411
Peru | 0.4%
Banco de Credito del Peru, 6.125%, 04/24/27	USD	150		164,061
Cementos Pacasmayo SAA, 4.500%, 02/08/23	USD	200		192,975
Consorcio Transmantaro SA, 4.375%, 05/07/23	USD	200		202,250
InRetail Consumer, 5.250%, 10/10/21	USD	200		203,936
				763,222
Russia | 0.2%
Gazprom OAO Via Gaz Capital SA, 4.300%, 11/12/15	USD	200		200,000
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21	USD	200		181,500
				381,500
Singapore | 0.4%
BOC Aviation Pte, Ltd., 3.000%, 03/30/20 (d)	USD	200		199,982
HPHT Finance 15, Ltd., 2.875%, 03/17/20 (d)	USD	200		202,291
Opus Offshore Ventures Pte, Ltd., 9.000%, 07/18/15	USD	300		316,125
				718,398
South Africa | 0.1%
Myriad International Holdings BV, 6.000%, 07/18/20	USD	200		222,000
Thailand | 0.1%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e)	USD	225		226,969
Turkey | 0.4%
Akbank TAS, 5.000%, 10/24/22	USD	200		200,000
KOC Holding AS, 3.500%, 04/24/20	USD	200		193,446
Turk Telekomunikasyon AS, 4.875%, 06/19/24	USD	200		199,250

Description	Security Currency	Principal Amount (000)	Value
Turkiye Halk Bankasi, 4.750%, 02/11/21 (d)	USD	250	$	245,000
				837,696
Uruguay | 0.1%
Navios South American Logistics, Inc., 7.250%, 05/01/22	USD	103		100,425
Total Corporate Bonds (Identified cost $9,982,734)				9,942,013
Foreign Government Obligations | 19.5%
Angola | 0.1%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19	USD	190		191,235
Bolivia | 0.2%
Bolivia Government Bond, 5.950%, 08/22/23	USD	325		336,781
Brazil | 1.1%
Brazil NTN, 0.000%, 01/01/19	BRL	5,000		982,751
Brazil NTN-B:
6.000%, 08/15/16	BRL	680		551,383
6.000%, 08/15/18	BRL	270		217,797
Federal Republic of Brazil, 5.000%, 01/27/45	USD	275		254,719
				2,006,650
Chile | 0.6%
Republic of Chile:
2.250%, 10/30/22	USD	300		299,250
3.125%, 03/27/25	USD	600		629,250
3.625%, 10/30/42	USD	150		147,937
				1,076,437
Colombia | 0.6%
Republic of Colombia:
7.375%, 03/18/19	USD	125		148,000
4.000%, 02/26/24	USD	300		310,050
5.625%, 02/26/44	USD	550		616,687
				1,074,737
Congo | 0.5%
Republic of Congo, 3.500%, 06/30/29 (f)	USD	1,027		913,986
Costa Rica | 0.2%
Republic of Costa Rica, 5.625%, 04/30/43	USD	525		460,031
Croatia | 0.4%
Croatia:
6.250%, 04/27/17	USD	250		265,625
6.750%, 11/05/19	USD	150		167,062
6.625%, 07/14/20	USD	125		139,219

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
6.000%, 01/26/24	USD	225	$	248,344
				820,250
Dominican Republic | 0.4%
Dominican Republic:
7.500%, 05/06/21	USD	125		140,313
5.500%, 01/27/25	USD	250		258,125
6.850%, 01/27/45 (d)	USD	375		393,750
				792,188
El Salvador | 0.2%
Republic of El Salvador:
7.375%, 12/01/19	USD	150		163,031
6.375%, 01/18/27 (d)	USD	150		150,562
7.650%, 06/15/35	USD	100		105,313
				418,906
Georgia | 0.1%
Republic of Georgia, 6.875%, 04/12/21	USD	200		221,750
Guatemala | 0.1%
Republic of Guatemala, 4.875%, 02/13/28	USD	200		208,238
Honduras | 0.2%
Honduras Government Bond, 7.500%, 03/15/24	USD	300		320,250
Hungary | 1.1%
Hungary:
6.250%, 01/29/20	USD	450		513,324
5.375%, 03/25/24	USD	280		314,832
7.625%, 03/29/41	USD	250		362,412
Hungary Government Bond, 7.500%, 11/12/20	HUF	186,720		830,924
				2,021,492
Indonesia | 1.3%
Indonesia Government Bond, 7.875%, 04/15/19	IDR	9,022,000		706,580
Republic of Indonesia:
3.750%, 04/25/22	USD	400		408,700
4.125%, 01/15/25 (d)	USD	600		616,800
5.250%, 01/17/42	USD	225		237,263
5.125%, 01/15/45 (d)	USD	375		394,687
				2,364,030
Israel | 0.3%
Israel Government Bond - Galil, 5.000%, 04/30/15	ILS	2,000		663,003
Ivory Coast | 0.4%
Ivory Coast:
6.375%, 03/03/28 (d)	USD	250		247,500

Description	Security Currency	Principal Amount (000)	Value
5.750%, 12/31/32	USD	600	$	574,650
				822,150
Jamaica | 0.2%
Jamaica Government Bond, 7.625%, 07/09/25	USD	400		446,000
Kenya | 0.1%
Republic of Kenya, 6.875%, 06/24/24	USD	250		262,500
Latvia | 0.2%
Republic of Latvia, 5.250%, 06/16/21	USD	275		318,146
Lithuania | 0.3%
Republic of Lithuania:
7.375%, 02/11/20	USD	325		400,910
6.125%, 03/09/21	USD	100		119,813
				520,723
Mexico | 1.0%
Mexican Bonos, 4.750%, 06/14/18	MXN	11,000		721,522
Mexican Udibonos, 2.500%, 12/10/20	MXN	8,582		564,126
United Mexican States:
5.625%, 01/15/17	USD	250		269,062
4.000%, 10/02/23	USD	300		318,150
				1,872,860
Morocco | 0.2%
Kingdom of Morocco, 4.250%, 12/11/22	USD	325		338,000
Pakistan | 0.1%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD	200		210,494
8.250%, 04/15/24 (d)	USD	5		5,262
				215,756
Panama | 0.7%
Republic of Panama:
4.000%, 09/22/24	USD	425		446,781
3.750%, 03/16/25	USD	250		256,563
6.700%, 01/26/36	USD	500		657,500
				1,360,844
Paraguay | 0.3%
Republic of Paraguay, 6.100%, 08/11/44	USD	475		518,938
Peru | 0.6%
Republic of Peru:
7.350%, 07/21/25	USD	325		443,219
8.750%, 11/21/33	USD	300		477,001
5.625%, 11/18/50	USD	100		122,500
				1,042,720

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Philippines | 0.7%
Republic of Philippines:
4.200%, 01/21/24	USD	675	$	757,688
6.375%, 01/15/32	USD	225		306,281
3.950%, 01/20/40	USD	200		213,000
				1,276,969
Poland | 0.6%
Republic of Poland:
6.375%, 07/15/19	USD	275		324,026
5.125%, 04/21/21	USD	100		115,161
5.000%, 03/23/22	USD	100		115,092
3.000%, 03/17/23	USD	500		514,348
				1,068,627
Portugal | 1.0%
Republic of Portugal:
5.125%, 10/15/24	USD	1,025		1,134,962
5.125%, 10/15/24 (d)	USD	590		653,295
				1,788,257
Romania | 0.7%
Romania Government Bonds:
6.750%, 02/07/22	USD	450		545,063
5.850%, 04/26/23	RON	1,910		554,392
5.800%, 07/26/27	RON	170		51,141
6.125%, 01/22/44	USD	200		255,500
				1,406,096
Rwanda | 0.2%
Republic of Rwanda, 6.625%, 05/02/23	USD	425		430,189
Senegal | 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD	200		225,750
Serbia | 0.4%
Republic of Serbia, 4.875%, 02/25/20	USD	400		413,000
Serbia Treasury Bonds:
10.000%, 02/06/19	RSD	8,900		80,024
10.000%, 03/20/21	RSD	16,320		142,908
10.000%, 06/05/21	RSD	19,730		169,970
				805,902
Slovenia | 0.7%
Republic of Slovenia, 5.250%, 02/18/24	USD	1,125		1,296,280
South Africa | 1.0%
Republic of South Africa:
6.875%, 05/27/19	USD	375		432,187
5.500%, 03/09/20	USD	225		247,500
5.875%, 05/30/22	USD	125		142,813
4.665%, 01/17/24	USD	150		159,375

Description	Security Currency	Principal Amount (000)	Value
10.500%, 12/21/26	ZAR	3,560	$	354,087
8.250%, 03/31/32	ZAR	4,340		357,323
5.375%, 07/24/44	USD	200		216,000
				1,909,285
Sri Lanka | 0.3%
Republic of Sri Lanka:
6.000%, 01/14/19	USD	250		256,250
6.250%, 07/27/21	USD	250		258,438
				514,688
Turkey | 0.9%
Hazine Mustesarligi Varlik Kiralama AS, 4.489%, 11/25/24 (d)	USD	400		405,500
Republic of Turkey:
6.750%, 04/03/18	USD	225		249,750
5.750%, 03/22/24	USD	300		333,750
6.750%, 05/30/40	USD	100		124,000
4.875%, 04/16/43	USD	500		493,750
				1,606,750
Uganda | 0.3%
Uganda Government Bond, 12.875%, 05/19/16	UGX	519,600		167,801
Uganda Treasury Bills:
0.000%, 05/28/15	UGX	408,500		134,423
0.000%, 09/03/15	UGX	574,000		183,050
0.000%, 09/17/15	UGX	218,100		68,857
0.000%, 10/29/15	UGX	250,100		77,944
				632,075
Uruguay | 0.8%
Republica Orient Uruguay:
5.000%, 09/14/18	UYU	10,230		406,490
4.500%, 08/14/24	USD	400		435,000
7.875%, 01/15/33	USD	150		213,375
4.125%, 11/20/45	USD	50		47,125
5.100%, 06/18/50	USD	350		366,187
				1,468,177
Vietnam | 0.2%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD	300		313,500
Zambia | 0.1%
Zambia Treasury Bill, 0.000%, 06/15/15	ZMW	1,200		151,689
Total Foreign Government Obligations (Identified cost $37,031,229)				36,502,835
Quasi Government Bonds | 0.7%
Mexico | 0.7%
Petroleos Mexicanos:

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
6.625%, 06/15/35	USD	245	$	281,750
5.500%, 06/27/44 (d)	USD	450		456,187
				737,937
Tunisia | 0.3%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (d)	USD	480		490,800
Total Quasi Government Bonds (Identified cost $1,224,573)				1,228,737
US Treasury Securities | 7.8%
US Treasury Notes:
1.875%, 06/30/15	USD	5,100		5,121,915
0.250%, 07/31/15	USD	4,900		4,902,298
4.250%, 08/15/15	USD	3,480		3,533,560
1.375%, 02/29/20	USD	1,115		1,115,218
Total US Treasury Securities (Identified cost $14,674,648)				14,672,991
Description		Shares	Value
Warrant | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Identified cost $0)		64,000	$	0
Short-Term Investment | 5.6%
State Street Institutional Treasury Money Market Fund (Identified cost $10,434,023)		10,434,023		10,434,023
Total Investments | 96.3% (Identified cost $187,973,461) (b), (g)			$	180,332,514
Cash and Other Assets in Excess of Liabilities | 3.7%				6,902,487
Net Assets | 100.0%			$	187,235,001

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	SCB	04/20/15	307,247	$	240,000	$	233,769	$	—	$	6,231
AUD	SCB	04/20/15	680,036		530,000		517,405		—		12,595
AUD	SCB	04/20/15	680,447		530,000		517,717		—		12,283
BRL	BRC	04/02/15	691,320		210,000		216,609		6,609		—
BRL	BRC	04/02/15	945,380		296,729		296,213		—		516
BRL	BRC	04/02/15	1,636,700		510,193		512,823		2,630		—
BRL	SCB	04/24/15	716,722		223,000		223,348		348		—
BRL	SCB	04/24/15	1,173,703		358,000		365,755		7,755		—
CAD	SCB	04/20/15	445,487		350,000		351,655		1,655		—
CLP	BRC	04/13/15	89,950,000		140,000		143,908		3,908		—
CLP	BRC	04/20/15	270,466,742		423,398		432,470		9,072		—
CLP	JPM	04/20/15	270,466,742		422,769		432,470		9,701		—
CLP	SCB	04/13/15	140,844,000		220,000		225,332		5,332		—
CLP	SCB	04/20/15	270,466,740		422,955		432,470		9,515		—
CLP	SCB	06/09/15	268,232,250		429,000		426,889		—		2,111
CLP	UBS	04/17/15	401,860,900		634,000		642,720		8,720		—
CLP	UBS	04/20/15	270,466,742		422,472		432,470		9,998		—
CNH	BRC	04/02/15	1,360,362		219,000		219,203		203		—
CNH	BRC	05/04/15	1,360,362		218,392		218,376		—		16
CNH	HSB	04/02/15	3,090,698		491,000		498,022		7,022		—
CNH	HSB	04/17/15	509,895		81,000		82,018		1,018		—
CNH	HSB	05/04/15	3,090,698		496,155		496,143		—		12
CNY	HSB	09/10/15	4,455,566		706,000		707,492		1,492		—
COP	BRC	04/13/15	349,277,500		130,000		134,201		4,201		—
COP	HSB	04/09/15	544,595,000		215,000		209,368		—		5,632
COP	SCB	04/13/15	374,080,000		140,000		143,730		3,730		—
COP	SCB	04/24/15	1,218,967,000		458,000		467,731		9,731		—
DOP	CIT	04/09/15	10,929,600		240,000		243,861		3,861		—
EGP	BNP	04/06/15	515,900		67,350		67,515		165		—
EGP	BNP	04/20/15	513,150		66,000		66,811		811		—
EGP	BNP	06/10/15	532,780		68,000		68,115		115		—
EGP	CIT	05/11/15	1,059,750		135,000		136,951		1,951		—
EGP	CIT	05/18/15	721,280		92,000		92,993		993		—
EGP	JPM	04/14/15	519,250		67,000		67,754		754		—
EUR	BRC	04/13/15	5,010		5,343		5,388		45		—
EUR	BRC	04/13/15	53,167		57,897		57,176		—		721
EUR	HSB	04/14/15	59,141		63,292		63,601		309		—
EUR	JPM	06/10/15	134,000		153,879		144,218		—		9,661
IDR	BRC	04/20/15	4,471,412,557		336,323		340,586		4,263		—
IDR	JPM	04/13/15	1,686,100,000		130,000		128,608		—		1,392
IDR	JPM	04/13/15	7,157,700,000		540,000		545,956		5,956		—
IDR	JPM	05/11/15	2,614,640,000		203,000		198,197		—		4,803
IDR	SCB	04/13/15	3,595,050,000		270,000		274,214		4,214		—
ILS	JPM	05/04/15	921,886		230,000		231,663		1,663		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2015 (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)
INR	BRC	04/13/15	17,069,400	$	270,000	$	272,255	$	2,255	$	—
INR	BRC	04/13/15	17,656,800		280,000		281,624		1,624		—
INR	BRC	04/20/15	28,664,234		452,938		456,538		3,600		—
INR	HSB	04/13/15	19,767,180		306,872		315,285		8,413		—
INR	HSB	04/23/15	23,813,328		379,000		379,045		45		—
INR	JPM	04/13/15	19,133,538		301,339		305,178		3,839		—
INR	JPM	04/20/15	28,664,234		454,194		456,538		2,344		—
INR	SCB	04/13/15	15,156,148		238,660		241,739		3,079		—
INR	SCB	04/20/15	17,112,600		270,000		272,554		2,554		—
INR	SCB	04/20/15	28,664,235		453,225		456,538		3,313		—
INR	SCB	05/27/15	28,143,120		447,000		444,835		—		2,165
KRW	CIT	04/13/15	85,882,680		78,000		77,382		—		618
KRW	CIT	05/26/15	586,122,240		528,000		527,375		—		625
KRW	SCB	04/13/15	279,755,600		254,000		252,066		—		1,934
KWD	BNP	08/06/15	139,098		485,000		461,263		—		23,737
KWD	CIT	08/18/15	113,353		395,000		375,801		—		19,199
KZT	CIT	06/11/15	46,759,780		246,493		229,074		—		17,419
KZT	CIT	06/12/15	51,761,000		272,857		253,186		—		19,671
KZT	HSB	04/28/15	6,517,500		33,000		34,372		1,372		—
KZT	JPM	05/18/15	27,599,000		143,000		140,995		—		2,005
MXN	BRC	04/13/15	2,174,175		140,000		142,469		2,469		—
MXN	BRC	04/13/15	4,160,214		270,000		272,610		2,610		—
MXN	BRC	04/13/15	4,172,985		270,000		273,446		3,446		—
MXN	SCB	04/13/15	2,175,628		140,000		142,564		2,564		—
MXN	SCB	04/13/15	4,179,384		270,000		273,866		3,866		—
MYR	CIT	04/27/15	450,918		123,000		121,478		—		1,522
MYR	JPM	04/27/15	1,117,000		302,628		300,922		—		1,706
MYR	JPM	06/05/15	894,000		244,530		240,066		—		4,464
PHP	HSB	04/13/15	33,827,600		760,000		756,194		—		3,806
PHP	HSB	04/30/15	4,718,910		105,000		105,388		388		—
PLN	JPM	05/04/15	869,398		234,551		229,176		—		5,375
PLN	JPM	05/04/15	1,725,559		464,406		454,862		—		9,544
PLN	JPM	06/08/15	932,859		248,988		245,620		—		3,368
PLN	SCB	04/13/15	554,596		140,000		146,296		6,296		—
PLN	SCB	04/13/15	1,565,320		400,000		412,913		12,913		—
RON	JPM	05/22/15	844,802		215,000		205,606		—		9,394
RSD	CIT	08/27/15	4,657,620		43,899		39,922		—		3,977
RSD	HSB	04/14/15	719,888		6,387		6,420		33		—
RSD	HSB	04/14/15	6,500,000		59,361		57,963		—		1,398
SGD	SCB	04/20/15	897,828		655,000		653,954		—		1,046
SGD	SCB	04/20/15	899,826		655,000		655,409		409		—
THB	BRC	05/22/15	8,038,440		243,663		246,511		2,848		—
THB	SCB	04/23/15	7,169,715		218,057		220,136		2,079		—
TRY	BRC	04/20/15	655,900		250,000		251,093		1,093		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2015 (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)
TRY	BRC	04/20/15	745,100	$	281,542	$	285,241	$	3,699	$	—
TRY	CIT	06/22/15	539,168		203,000		203,163		163		—
TRY	JPM	04/24/15	347,238		131,000		132,791		1,791		—
TRY	JPM	04/24/15	614,452		232,000		234,978		2,978		—
TRY	JPM	04/24/15	616,551		259,000		235,781		—		23,219
TRY	JPM	04/24/15	617,583		246,000		236,176		—		9,824
TRY	JPM	05/12/15	1,125,574		443,000		428,433		—		14,567
TRY	SCB	04/13/15	104,790		40,000		40,190		190		—
TRY	SCB	04/13/15	712,341		270,000		273,204		3,204		—
TRY	SCB	04/13/15	717,093		270,000		275,026		5,026		—
TRY	SCB	04/13/15	737,072		280,000		282,689		2,689		—
UGX	BRC	07/08/15	559,303,000		186,248		181,620		—		4,628
UGX	CIT	08/24/15	272,880,000		90,000		87,331		—		2,669
ZAR	BRC	04/13/15	3,508,390		280,000		288,734		8,734		—
ZAR	JPM	04/07/15	2,742,165		238,000		225,897		—		12,103
ZAR	JPM	04/07/15	2,827,234		229,000		232,905		3,905		—
ZAR	JPM	04/07/15	4,019,151		331,000		331,094		94		—
ZAR	JPM	05/18/15	3,105,128		260,000		254,092		—		5,908
ZAR	SCB	04/13/15	1,688,932		140,000		138,996		—		1,004
ZAR	SCB	04/13/15	3,860,337		310,000		317,699		7,699		—
ZAR	SCB	04/20/15	3,098,400		250,000		254,702		4,702		—
ZAR	SCB	04/20/15	4,897,204		400,000		402,571		2,571		—
ZAR	SCB	04/20/15	10,074,780		810,000		828,190		18,190		—
ZMW	BRC	02/23/16	1,018,820		121,000		114,628		—		6,372
ZMW	CIT	09/08/15	1,980,420		260,000		241,181		—		18,819
Total Forward Currency Purchase Contracts				$	31,550,985	$	31,529,753	$	266,827	$	288,059
Forward Currency Sale Contracts
AUD	BRC	04/20/15	794,892	$	602,711	$	604,793	$	—	$	2,082
AUD	SCB	04/20/15	136,802		105,000		104,086		914		—
AUD	SCB	04/20/15	137,375		105,000		104,522		478		—
AUD	SCB	04/20/15	539,410		410,000		410,409		—		409
AUD	SCB	04/20/15	556,652		422,237		423,528		—		1,291
BRL	BRC	04/02/15	691,320		215,499		216,610		—		1,111
BRL	BRC	04/02/15	945,380		294,694		296,213		—		1,519
BRL	BRC	04/02/15	1,636,700		520,000		512,823		7,177		—
BRL	BRC	05/05/15	533,401		164,224		165,754		—		1,530
BRL	BRC	05/05/15	945,380		294,282		293,778		504		—
BRL	CIT	04/24/15	756,741		237,000		235,819		1,181		—
BRL	CIT	04/24/15	1,117,455		345,000		348,226		—		3,226
BRL	CIT	02/18/16	1,937,780		619,000		553,420		65,580		—
BRL	SCB	05/05/15	805,625		250,000		250,349		—		349
BRL	SCB	05/05/15	895,995		275,775		278,431		—		2,656
CAD	BRC	04/20/15	447,252		350,000		353,048		—		3,048
CLP	BRC	04/20/15	164,103,166		263,112		262,397		715		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2015 (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)
CLP	BRC	04/20/15	170,726,290	$	273,775	$	272,987	$	788	$	—
CLP	SCB	04/13/15	230,794,000		369,773		369,241		532		—
CLP	SCB	04/20/15	111,852,693		174,685		178,850		—		4,165
CLP	SCB	04/20/15	144,360,757		225,315		230,830		—		5,515
CLP	SCB	04/20/15	164,313,656		263,112		262,733		379		—
CNH	BRC	04/02/15	1,360,362		219,201		219,203		—		2
CNH	HSB	04/02/15	3,090,698		498,018		498,022		—		4
COP	HSB	04/09/15	894,012,000		348,000		343,701		4,299		—
COP	SCB	04/13/15	723,357,500		282,534		277,931		4,603		—
EUR	BRC	04/13/15	58,177		62,488		62,564		—		76
EUR	CIT	08/27/15	36,513		43,899		39,348		4,551		—
EUR	HSB	04/14/15	5,974		6,386		6,424		—		38
EUR	HSB	04/14/15	53,964		59,361		58,035		1,326		—
EUR	JPM	05/04/15	209,000		234,551		224,821		9,730		—
EUR	JPM	05/22/15	344,277		376,000		370,428		5,572		—
EUR	JPM	05/22/15	704,000		752,168		757,477		—		5,309
EUR	JPM	06/08/15	224,000		248,988		241,073		7,915		—
EUR	JPM	06/23/15	207,000		225,047		222,827		2,220		—
EUR	JPM	06/23/15	704,000		752,498		757,830		—		5,332
HUF	JPM	04/27/15	227,215,765		822,337		812,670		9,667		—
IDR	BRC	04/13/15	3,803,350,000		290,000		290,102		—		102
IDR	SCB	04/13/15	3,133,140,000		237,000		238,981		—		1,981
IDR	SCB	04/13/15	3,407,810,000		259,248		259,932		—		684
IDR	SCB	04/13/15	3,541,590,000		270,000		270,136		—		136
ILS	CIT	05/04/15	1,414,398		401,247		355,427		45,820		—
ILS	JPM	05/04/15	245,705		61,000		61,744		—		744
ILS	JPM	05/04/15	641,741		158,000		161,265		—		3,265
ILS	JPM	05/04/15	1,554,074		385,362		390,527		—		5,165
INR	BRC	04/13/15	16,977,600		270,000		270,791		—		791
INR	BRC	04/13/15	34,968,886		558,207		557,751		456		—
INR	BRC	04/20/15	15,655,125		249,683		249,341		342		—
INR	BRC	04/20/15	33,339,650		530,000		531,004		—		1,004
INR	JPM	04/20/15	21,334,472		340,317		339,797		520		—
INR	SCB	04/13/15	17,069,400		270,000		272,256		—		2,256
JPY	CIT	06/11/15	112,131,015		934,000		935,831		—		1,831
JPY	HSB	05/18/15	28,363,842		234,000		236,640		—		2,640
KWD	CIT	08/06/15	28,078		95,926		93,108		2,818		—
KWD	CIT	08/06/15	111,021		381,121		368,155		12,966		—
KWD	CIT	08/18/15	56,531		193,201		187,416		5,785		—
KWD	CIT	08/18/15	56,823		194,000		188,385		5,615		—
KZT	JPM	04/28/15	6,517,500		30,035		34,372		—		4,337
MXN	BRC	04/13/15	2,049,341		135,000		134,289		711		—
MXN	BRC	04/13/15	2,053,188		135,000		134,541		459		—
MXN	BRC	06/19/15	764,694		49,000		49,885		—		885

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2015 (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)
MXN	SCB	04/13/15	3,847,376	$	252,027	$	252,110	$	—	$	83
MXN	SCB	04/13/15	8,912,481		590,000		584,015		5,985		—
MYR	BRC	04/20/15	832,661		224,316		224,461		—		145
MYR	SCB	06/05/15	352,016		94,034		94,527		—		493
PLN	BRC	04/13/15	2,119,916		560,367		559,209		1,158		—
RON	JPM	05/22/15	1,179,106		301,246		286,969		14,277		—
RON	JPM	06/10/15	592,133		153,879		144,066		9,813		—
RON	JPM	06/10/15	1,712,250		471,000		416,591		54,409		—
RSD	HSB	04/14/15	7,219,888		63,292		64,382		—		1,090
SGD	BRC	04/20/15	754,720		543,381		549,718		—		6,337
SGD	JPM	04/20/15	754,720		543,258		549,718		—		6,460
SGD	SCB	04/20/15	264,110		190,000		192,370		—		2,370
SGD	SCB	04/20/15	754,721		543,316		549,718		—		6,402
TRY	BRC	04/13/15	582,609		222,098		223,448		—		1,350
TRY	BRC	04/20/15	1,081,990		410,000		414,210		—		4,210
TRY	JPM	04/24/15	1,155,363		446,000		441,833		4,167		—
TRY	SCB	04/13/15	38,340		14,650		14,704		—		54
TRY	SCB	04/13/15	191,699		73,251		73,522		—		271
TRY	SCB	04/13/15	707,373		270,000		271,299		—		1,299
TRY	SCB	04/13/15	756,755		290,000		290,238		—		238
TRY	SCB	04/20/15	731,780		280,000		280,142		—		142
UGX	BRC	07/08/15	250,920,000		85,000		81,480		3,520		—
UGX	BRC	07/08/15	308,383,000		104,821		100,140		4,681		—
UGX	CIT	04/23/15	182,928,000		61,180		60,866		314		—
UGX	CIT	05/29/15	274,071,000		93,000		90,330		2,670		—
UGX	JPM	04/20/15	151,980,000		51,000		50,621		379		—
UYU	CIT	04/20/15	3,438,080		136,000		132,048		3,952		—
ZAR	BNP	04/07/15	2,550,198		210,000		210,083		—		83
ZAR	BRC	04/20/15	800,092		64,644		65,770		—		1,126
ZAR	BRC	04/20/15	801,391		64,644		65,877		—		1,233
ZAR	BRC	04/20/15	801,397		64,644		65,878		—		1,234
ZAR	BRC	04/20/15	3,078,340		248,852		253,053		—		4,201
ZAR	JPM	04/07/15	1,177,323		98,000		96,987		1,013		—
ZAR	JPM	04/07/15	3,721,265		314,431		306,554		7,877		—
ZAR	JPM	04/07/15	4,113,116		333,000		338,835		—		5,835
ZAR	JPM	04/07/15	4,505,363		379,000		371,148		7,852		—
ZAR	SCB	04/13/15	1,626,345		135,000		133,845		1,155		—
ZAR	SCB	04/13/15	2,640,220		220,000		217,285		2,715		—
ZAR	SCB	04/13/15	4,722,889		391,000		388,685		2,315		—
ZAR	SCB	04/20/15	3,155,170		265,000		259,368		5,632		—
ZAR	SCB	04/20/15	9,541,225		790,000		784,329		5,671		—
ZMW	SCB	04/13/15	650,324		85,546		84,725		821		—
Total Forward Currency Sale Contracts				$	29,103,894	$	28,868,034		343,999		108,139

Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts $ 610,826 $ 396,198

Credit Default Swap Agreements open at March 31, 2015:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate	Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
CDX EM 23	BRC	1,000,000	06/20/20	1.000%	$	(100,551	)	$	(98,138	)	$	-	$	2,413
CDX EM 23	BRC	500,000	06/20/20	1.000		(50,275	)		(49,750	)		-		525
Republic of Brazil	JPM	645,000	06/20/20	1.000		(54,705	)		(59,310	)		4,605		-
Republic of Brazil	JPM	470,000	06/20/20	1.000		(39,861	)		(44,640	)		4,779		-
Total Credit Default Swap Agreements					$	(245,392	)	$	(251,838	)	$	9,384	$	2,938

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 5.4%
Abu Dhabi | 0.2%
ADCB Finance Cayman, Ltd., 4.500%, 03/06/23	USD	675	$	699,469
Brazil | 0.3%
Klabin Finance SA, 5.250%, 07/16/24	USD	1,250		1,215,447
Bulgaria | 0.2%
ContourGlobal Power Holdings SA:
7.125%, 06/01/19	USD	200		205,000
7.125%, 06/01/19 (d)	USD	525		538,125
				743,125
Chile | 0.6%
AES Gener SA, 5.250%, 08/15/21	USD	494		527,938
ENTEL Chile SA, 4.875%, 10/30/24	USD	950		996,075
SACI Falabella:
4.375%, 01/27/25	USD	225		230,906
4.375%, 01/27/25 (d)	USD	825		846,656
				2,601,575
China | 0.3%
BCP Singapore VI Cayman Financing Co., Ltd.:
8.000%, 04/15/21	USD	370		364,450
8.000%, 04/15/21 (d)	USD	250		246,250
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21	USD	620		618,450
				1,229,150
Colombia | 0.4%
Grupo Aval, Ltd., 4.750%, 09/26/22	USD	1,050		1,044,435
Millicom International Cellular SA, 6.000%, 03/15/25 (d)	USD	525		526,848
				1,571,281
Georgia | 0.1%
Bank of Georgia JSC, 7.750%, 07/05/17	USD	550		567,875
Guatemala | 0.2%
Industrial Senior Trust, 5.500%, 11/01/22	USD	1,050		1,012,379
India | 0.2%
Reliance Industries, Ltd.:
4.125%, 01/28/25	USD	250		251,022
4.125%, 01/28/25 (d)	USD	525		527,147

Description	Security Currency	Principal Amount (000)	Value
			$	778,169
Indonesia | 0.3%
PT Perusahaan Gas Negara Persero Tbk, 5.125%, 05/16/24	USD	1,225		1,304,502
Kuwait | 0.2%
Burgan Finance No. 1 Jersey, Ltd., 7.875%, 09/29/20	USD	575		669,875
Mexico | 0.7%
Cemex SAB de CV, 6.125%, 05/05/25 (d)	USD	925		931,938
Credito Real SAB de CV, 7.500%, 03/13/19 (d)	USD	525		543,464
Fermaca Enterprises S de RL de CV, 6.375%, 03/30/38	USD	720		758,098
Gruma SAB de CV, 4.875%, 12/01/24 (d)	USD	525		555,844
				2,789,344
Panama | 0.3%
Global Bank Corp.:
5.125%, 10/30/19	USD	225		233,443
5.125%, 10/30/19 (d)	USD	800		830,020
				1,063,463
Peru | 0.2%
Consorcio Transmantaro SA, 4.375%, 05/07/23	USD	1,050		1,061,812
Russia | 0.1%
ALROSA Finance SA, 7.750%, 11/03/20	USD	575		575,000
Singapore | 0.3%
BOC Aviation Pte, Ltd., 3.000%, 03/30/20 (d)	USD	600		599,947
HPHT Finance 15, Ltd., 2.875%, 03/17/20 (d)	USD	550		556,299
				1,156,246
South Africa | 0.5%
Transnet SOC, Ltd., 9.500%, 05/13/21 (d)	ZAR	24,000		1,999,525
Turkey | 0.3%
Turk Telekomunikasyon AS, 4.875%, 06/19/24	USD	700		697,375
Turkiye Garanti Bankasi AS, 5.250%, 09/13/22	USD	650		664,625
				1,362,000

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio (continued)
Total Corporate Bonds
(Identified cost $22,561,750)			$	22,400,239
Foreign Government Obligations | 88.5%
Argentina | 1.1%
Republic of Argentina:
8.750%, 06/02/17	USD	350		343,000
8.280%, 12/31/33	USD	2,769		2,776,429
2.500%, 12/31/38	USD	2,375		1,368,594
				4,488,023
Belize | 0.1%
Republic of Belize, 6.767%, 02/20/38	USD	285		211,256
Bolivia | 0.6%
Bolivia Government Bonds, 4.875%, 10/29/22	USD	975		975,000
5.950%, 08/22/23	USD	1,700		1,761,625
				2,736,625
Brazil | 7.2%
Brazil NTN:
0.000%, 01/01/17	BRL	31,350		7,868,073
0.000%, 01/01/19	BRL	34,790		6,837,984
Brazil NTN-B, 6.000%, 08/15/50	BRL	2,488		1,893,985
Brazil NTN-F, 10.000%, 01/01/23	BRL	5,390		1,448,337
Federal Republic of Brazil:
4.875%, 01/22/21	USD	1,800		1,892,250
2.625%, 01/05/23	USD	5,050		4,550,050
4.250%, 01/07/25	USD	875		857,938
8.250%, 01/20/34	USD	1,719		2,230,385
7.125%, 01/20/37	USD	1,875		2,226,544
5.000%, 01/27/45	USD	200		185,250
				29,990,796
Chile | 1.7%
Republic of Chile:
5.500%, 08/05/20	CLP	110,000		187,685
3.250%, 09/14/21	USD	900		964,125
2.250%, 10/30/22	USD	4,350		4,339,125
3.125%, 03/27/25	USD	200		209,750
3.625%, 10/30/42	USD	1,550		1,528,688
				7,229,373

Description	Security Currency	Principal Amount (000)	Value
Colombia | 4.9%
Colombian Titulos De Tesoreria, 10.000%, 07/24/24	COP	16,912,000	$	7,817,930
Republic of Colombia:
12.000%, 10/22/15	COP	4,137,000		1,646,327
7.750%, 04/14/21	COP	1,151,000		494,013
4.375%, 07/12/21	USD	1,425		1,515,488
4.000%, 02/26/24	USD	1,595		1,648,432
9.850%, 06/28/27	COP	2,728,000		1,356,042
7.375%, 09/18/37	USD	2,300		3,082,000
6.125%, 01/18/41	USD	2,375		2,828,031
				20,388,263
Congo | 0.5%
Republic of Congo, 3.500%, 06/30/29 (f)	USD	2,300		2,047,328
Costa Rica | 0.7%
Republic of Costa Rica:
5.625%, 04/30/43	USD	1,325		1,161,031
7.000%, 04/04/44	USD	1,775		1,813,828
				2,974,859
Croatia | 1.7%
Croatia:
6.750%, 11/05/19	USD	1,925		2,143,969
6.375%, 03/24/21	USD	800		884,000
6.000%, 01/26/24	USD	3,775		4,166,656
				7,194,625
Dominican Republic | 1.4%
Dominican Republic:
7.500%, 05/06/21	USD	2,755		3,092,487
5.500%, 01/27/25	USD	425		438,813
7.450%, 04/30/44	USD	1,635		1,851,637
6.850%, 01/27/45	USD	650		682,500
				6,065,437
Ecuador | 0.4%
Republic of Ecuador:
7.950%, 06/20/24	USD	725		643,437
7.950%, 06/20/24 (d)	USD	975		865,313
				1,508,750
El Salvador | 0.8%
Republic of El Salvador:
7.375%, 12/01/19	USD	625		679,297
6.375%, 01/18/27	USD	200		200,750
6.375%, 01/18/27 (d)	USD	1,080		1,084,050
7.650%, 06/15/35	USD	1,145		1,205,828
				3,169,925
Georgia | 0.1%
Republic of Georgia, 6.875%, 04/12/21	USD	500		554,375

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio (continued)
Guatemala | 0.2%
Republic of Guatemala, 4.875%, 02/13/28	USD	875	$	911,041
Honduras | 0.4%
Honduras Government Bond, 7.500%, 03/15/24	USD	1,445		1,542,538
Hungary | 4.3%
Hungary:
4.000%, 03/25/19	USD	350		365,997
6.250%, 01/29/20	USD	200		228,144
6.375%, 03/29/21	USD	1,951		2,264,477
5.375%, 02/21/23	USD	2,120		2,369,100
5.750%, 11/22/23	USD	1,360		1,564,000
5.375%, 03/25/24	USD	880		989,472
7.625%, 03/29/41	USD	1,100		1,594,615
Hungary Government Bonds:
5.500%, 02/12/16	HUF	62,790		232,199
6.500%, 06/24/19	HUF	1,264,310		5,262,694
7.000%, 06/24/22	HUF	89,190		398,585
5.500%, 06/24/25	HUF	625,090		2,662,006
				17,931,289
Indonesia | 6.7%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR	84,607,000		6,626,200
6.125%, 05/15/28	IDR	12,513,000		843,132
9.000%, 03/15/29	IDR	52,070,000		4,460,298
8.375%, 03/15/34	IDR	46,292,000		3,767,089
Republic of Indonesia:
11.625%, 03/04/19	USD	775		1,035,981
4.875%, 05/05/21	USD	1,575		1,720,688
3.750%, 04/25/22	USD	2,575		2,631,006
3.375%, 04/15/23	USD	1,750		1,722,000
5.875%, 01/15/24	USD	1,520		1,762,060
4.125%, 01/15/25 (d)	USD	650		668,200
7.750%, 01/17/38	USD	2,045		2,805,229
				28,041,883
Iraq | 0.3%
Republic of Iraq, 5.800%, 01/15/28	USD	1,625		1,362,969
Ivory Coast | 1.4%
Ivory Coast:
5.375%, 07/23/24 (d)	USD	400		379,100
5.750%, 12/31/32	USD	5,775		5,531,006
				5,910,106
Jamaica | 0.5%
Jamaica Government Bond, 7.625%, 07/09/25	USD	2,050		2,285,750

Description	Security Currency	Principal Amount (000)	Value
Kazakhstan | 0.7%
Republic of Kazakhstan:
3.875%, 10/14/24 (d)	USD	2,135	$	1,980,266
4.875%, 10/14/44	USD	1,075		927,187
				2,907,453
Kenya | 0.4%
Republic of Kenya, 6.875%, 06/24/24	USD	1,650		1,732,500
Latvia | 0.6%
Republic of Latvia:
2.750%, 01/12/20	USD	1,875		1,906,781
5.250%, 06/16/21	USD	600		694,136
				2,600,917
Lithuania | 0.9%
Republic of Lithuania:
6.125%, 03/09/21	USD	1,075		1,287,984
6.625%, 02/01/22	USD	2,025		2,531,321
				3,819,305
Malaysia | 4.1%
Malaysia Government Bonds:
4.262%, 09/15/16	MYR	10,920		2,990,579
3.654%, 10/31/19	MYR	31,060		8,418,112
4.048%, 09/30/21	MYR	21,720		5,958,558
				17,367,249
Mexico | 6.2%
Mexican Bonos:
6.000%, 06/18/15	MXN	46,373		3,057,323
5.000%, 12/11/19	MXN	117,692		7,622,454
10.000%, 12/05/24	MXN	13,698		1,169,334
10.000%, 11/20/36	MXN	53,646		4,981,831
7.750%, 11/13/42	MXN	2,974		226,446
Mexican Udibonos:
5.000%, 06/16/16	MXN	28,846		1,980,760
4.000%, 11/15/40	MXN	5,616		404,642
United Mexican States:
5.625%, 01/15/17	USD	830		893,287
3.500%, 01/21/21	USD	685		712,828
6.750%, 09/27/34	USD	2,580		3,453,975
6.050%, 01/11/40	USD	780		966,225
4.750%, 03/08/44	USD	580		612,625
				26,081,730
Morocco | 0.3%
Kingdom of Morocco:
4.250%, 12/11/22	USD	800		832,000
5.500%, 12/11/42	USD	525		589,313
				1,421,313

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio (continued)
Nigeria | 0.3%
Nigeria Government Bond, 14.200%, 03/14/24	NGN	290,690	$	1,404,965
Pakistan | 0.4%
Islamic Republic of Pakistan, 8.250%, 04/15/24	USD	1,425		1,499,770
Panama | 1.8%
Republic of Panama:
5.200%, 01/30/20	USD	1,150		1,282,250
4.000%, 09/22/24	USD	1,975		2,076,219
9.375%, 04/01/29	USD	975		1,496,625
6.700%, 01/26/36	USD	2,000		2,630,000
				7,485,094
Paraguay | 0.7%
Republic of Paraguay:
4.625%, 01/25/23	USD	1,630		1,687,050
6.100%, 08/11/44 (d)	USD	1,210		1,321,925
				3,008,975
Peru | 1.7%
Republic of Peru:
7.125%, 03/30/19	USD	1,075		1,287,313
5.700%, 08/12/24	PEN	3,170		1,014,573
7.350%, 07/21/25	USD	2,850		3,886,687
8.750%, 11/21/33	USD	650		1,033,503
				7,222,076
Philippines | 1.6%
Republic of Philippines:
7.000%, 01/27/16	PHP	35,000		812,790
9.375%, 01/18/17	USD	500		573,125
4.000%, 01/15/21	USD	875		960,313
4.200%, 01/21/24	USD	300		336,750
10.625%, 03/16/25	USD	725		1,182,475
7.750%, 01/14/31	USD	1,450		2,182,612
3.950%, 01/20/40	USD	540		575,100
				6,623,165
Poland | 5.9%
Poland Government Bonds:
4.750%, 10/25/16	PLN	20,330		5,626,627
5.500%, 10/25/19	PLN	23,293		7,118,518
5.750%, 09/23/22	PLN	16,460		5,425,350
Republic of Poland:
5.125%, 04/21/21	USD	685		788,853
5.000%, 03/23/22	USD	2,505		2,883,067
3.000%, 03/17/23	USD	1,350		1,388,739
4.000%, 01/22/24	USD	1,164		1,280,486
				24,511,640
Romania | 1.8%
Romania Government Bonds:
5.950%, 06/11/21	RON	12,930		3,724,786

Description	Security Currency	Principal Amount (000)	Value
6.750%, 02/07/22	USD	2,170	$	2,628,412
4.375%, 08/22/23	USD	1		1,073
4.875%, 01/22/24	USD	350		388,500
6.125%, 01/22/44	USD	490		625,975
				7,368,746
Russia | 4.1%
Russia Foreign Bonds:
5.000%, 04/29/20	USD	900		912,375
4.875%, 09/16/23	USD	1,600		1,548,000
12.750%, 06/24/28	USD	600		927,000
7.500%, 03/31/30	USD	3,813		4,386,281
5.625%, 04/04/42	USD	800		767,000
Russia Government Bonds - OFZ:
6.900%, 08/03/16	RUB	92,490		1,492,260
7.500%, 02/27/19	RUB	279,850		4,153,945
7.600%, 07/20/22	RUB	46,930		639,857
7.000%, 01/25/23	RUB	71,840		933,834
8.150%, 02/03/27	RUB	35,000		466,973
7.050%, 01/19/28	RUB	63,690		761,670
				16,989,195
Rwanda | 0.5%
Republic of Rwanda, 6.625%, 05/02/23	USD	2,025		2,049,725
Senegal | 0.4%
Republic of Senegal:
8.750%, 05/13/21	USD	1,050		1,185,188
6.250%, 07/30/24 (d)	USD	450		442,575
				1,627,763
Serbia | 0.7%
Republic of Serbia:
4.875%, 02/25/20	USD	1,375		1,419,688
7.250%, 09/28/21	USD	1,425		1,647,656
				3,067,344
Slovenia | 1.0%
Republic of Slovenia, 5.250%, 02/18/24	USD	3,575		4,119,291
South Africa | 5.7%
Republic of South Africa:
13.500%, 09/15/15	ZAR	32,740		2,782,754
8.250%, 09/15/17	ZAR	6,710		570,398
5.500%, 03/09/20	USD	4,975		5,472,500
6.750%, 03/31/21	ZAR	11,600		928,541
5.875%, 05/30/22	USD	750		856,875
4.665%, 01/17/24	USD	775		823,437
8.250%, 03/31/32	ZAR	126,830		10,442,224
6.250%, 03/08/41	USD	1,000		1,204,830
5.375%, 07/24/44	USD	625		675,000
				23,756,559
Sri Lanka | 1.3%
Republic of Sri Lanka:

Description	Security Currency	Principal Amount (000)	Value
Lazard Emerging Markets Debt Portfolio (concluded)
6.250%, 10/04/20	USD	900	$	933,750
6.250%, 07/27/21	USD	825		852,844
5.875%, 07/25/22	USD	3,700		3,764,750
				5,551,344
Thailand | 3.1%
Thailand Government Bonds:
3.250%, 06/16/17	THB	98,450		3,120,364
3.875%, 06/13/19	THB	157,970		5,182,110
3.625%, 06/16/23	THB	27,700		916,686
3.850%, 12/12/25	THB	110,300		3,759,737
				12,978,897
Turkey | 7.2%
Hazine Mustesarligi Varlik Kiralama AS, 4.489%, 11/25/24 (d)	USD	990		1,003,613
Republic of Turkey:
6.750%, 04/03/18	USD	175		194,250
7.000%, 03/11/19	USD	2,600		2,957,500
3.250%, 03/23/23	USD	3,825		3,619,406
6.875%, 03/17/36	USD	4,025		4,996,031
Turkey Government Bonds:
9.000%, 01/27/16	TRY	14,216		5,467,377
9.000%, 03/08/17	TRY	6,045		2,348,126
6.300%, 02/14/18	TRY	12,250		4,480,299
8.500%, 09/14/22	TRY	13,500		5,269,927
				30,336,529
Uruguay | 1.2%
Republica Orient Uruguay:
4.500%, 08/14/24	USD	1,360		1,479,000
7.875%, 01/15/33	USD	1,325		1,884,812
5.100%, 06/18/50	USD	1,475		1,543,219
				4,907,031
Venezuela | 0.3%
Republic of Venezuela:
5.750%, 02/26/16	USD	1,510		1,170,250
7.650%, 04/21/25	USD	1		343
7.000%, 03/31/38	USD	382		131,790
				1,302,383
Vietnam | 0.3%
Socialist Republic of Vietnam:
4.800%, 11/19/24	USD	200		209,000
4.800%, 11/19/24 (d)	USD	825		862,125
				1,071,125

Description	Security Currency	Principal Amount (000)	Value
Zambia | 0.3%
Republic of Zambia:
5.375%, 09/20/22	USD	950	$	872,813
8.500%, 04/14/24	USD	195		208,845
				1,081,658
Total Foreign Government Obligations (Identified cost $383,661,712)				370,438,953
Quasi Government Bonds | 2.2%
Colombia | 0.2%
Emgesa SA ESP, 8.750%, 01/25/21	COP	1,000,000		418,750
Empresas Publicas de Medellin ESP, 8.375%, 02/01/21	COP	1,170,000		478,733
				897,483
Mexico | 0.7%
Petroleos Mexicanos:
3.500%, 07/18/18	USD	700		727,860
8.000%, 05/03/19	USD	960		1,152,701
5.500%, 06/27/44 (d)	USD	705		714,694
5.500%, 06/27/44	USD	100		100,750
				2,696,005
South Africa | 0.2%
Eskom Holdings, Ltd., 7.850%, 04/02/26	ZAR	9,000		676,410
Tunisia | 0.6%
Banque Centrale de Tunisie SA:
5.750%, 01/30/25	USD	210		213,413
5.750%, 01/30/25 (d)	USD	2,395		2,448,887
				2,662,300
Venezuela | 0.5%
Petroleos de Venezuela SA:
5.000%, 10/28/15	USD	465		438,727
5.250%, 04/12/17	USD	893		377,293
9.750%, 05/17/35	USD	1,850		702,445
5.500%, 04/12/37	USD	2,295		720,056
				2,238,521
Total Quasi Government Bonds (Identified cost $10,672,306)				9,170,719

Description	Shares	Value
Short-Term Investment | 5.9%
State Street Institutional Treasury Money Market Fund (Identified cost $24,913,200)	24,913,200	$	24,913,200
Total Investments | 102.0% (Identified cost $441,808,968) (b)		$	426,923,111
Liabilities in Excess of Cash and Other Assets | (2.0)%			(8,329,371)
Net Assets | 100.0%		$	418,593,740

Description	Security Currency	Principal Amount (000)			Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations | 24.2%
Brazil | 5.3%
Brazil NTN-B, 6.000%, 08/15/16	BRL		220	$	178,389
Brazil NTN-F, 10.000%, 01/01/17	BRL		940		287,059
					465,448
Hungary | 1.1%
Hungary Government Bond, 7.500%, 11/12/20	HUF		22,000		97,902
Indonesia | 0.6%
Indonesia Government Bond, 7.875%, 04/15/19	IDR		650,000		50,906
Israel | 0.7%
Israel Government Bond - Galil, 5.000%, 04/30/15	ILS		190		62,988
Malaysia | 2.2%
Bank Negara Malaysia Monetary Note, 0.000%, 08/04/15	MYR		700		186,948
Mexico | 6.5%
Mexican Bonos:
6.000%, 06/18/15	MXN		2,600		171,417
4.750%, 06/14/18	MXN		900		59,034
Mexican Udibonos, 2.500%, 12/10/20	MXN		5,139		337,779
					568,230
Poland | 2.1%
Poland Government Bond, 5.500%, 04/25/15	PLN		675		178,551
Romania | 1.0%
Romania Government Bonds:
5.850%, 04/26/23	RON		270		78,370
5.800%, 07/26/27	RON		30		9,025
					87,395
Singapore | 3.0%
Singapore Government Bond, 2.875%, 07/01/15	SGD		355		259,861
South Africa | 1.7%
Republic of South Africa:
10.500%, 12/21/26	ZAR		710		70,618
8.250%, 03/31/32	ZAR		980		80,686
					151,304
Total Foreign Government Obligations (Identified cost $2,318,182)					2,109,533

Description	Security Currency	Principal Amount (000)		Value
Supranationals | 0.5%
European Investment Bank, 7.200%, 07/09/19 (d) (Identified cost $51,156)	IDR		600,000	$	44,623
US Treasury Securities | 68.6%
US Treasury Notes:
0.375%, 04/15/15	USD		200		200,016
2.500%, 04/30/15	USD		300		300,562
2.125%, 05/31/15	USD		500		501,562
0.375%, 06/15/15	USD		250		250,156
1.875%, 06/30/15	USD		250		251,074
0.250%, 07/15/15	USD		225		225,106
0.250%, 07/31/15	USD		400		400,188
0.250%, 08/15/15	USD		350		350,164
4.250%, 08/15/15	USD		350		355,387
0.375%, 08/31/15	USD		350		350,383
0.250%, 09/15/15	USD		350		350,164
0.250%, 09/30/15	USD		350		350,164
1.250%, 09/30/15	USD		350		351,914
0.250%, 10/15/15	USD		350		350,164
0.250%, 10/31/15	USD		350		350,137
0.375%, 11/15/15	USD		265		265,269
1.375%, 11/30/15	USD		265		267,050
0.250%, 12/15/15	USD		250		250,089
2.125%, 12/31/15	USD		250		253,515
Total US Treasury Securities (Identified cost $5,974,160)					5,973,064

Description	Shares	Value
Short-Term Investment | 10.8%
State Street Institutional Treasury Money Market Fund (Identified cost $939,719)	939,719	$	939,719
Total Investments | 104.1% (Identified cost $9,283,217) (b), (g)		$	9,066,939
Liabilities in Excess of Cash and Other Assets | (4.1)%			(356,930)
Net Assets | 100.0%		$	8,710,009

Lazard Emerging Markets Income Portfolio (continued) 

Forward Currency Contracts open at March 31, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
BRL		SCB	04/24/15		226,217	$	69,000	$	70,495	$	1,495	$	—
BRL		SCB	04/24/15		279,618		87,000		87,136		136		—
CLP		HSB	04/27/15		33,709,500		54,000		53,871		—		129
CLP		UBS	04/17/15		103,317,550		163,000		165,242		2,242		—
CNH		HSB	04/02/15		736,480		117,000		118,673		1,673		—
CNH		HSB	04/17/15		3,544,085		563,000		570,079		7,079		—
CNH		HSB	05/04/15		736,480		118,228		118,225		—		3
CNH		HSB	05/21/15		1,319,180		212,544		211,347		—		1,197
CNY		SCB	04/10/15		537,747		87,000		87,516		516		—
COP		SCB	04/24/15		252,842,500		95,000		97,018		2,018		—
CZK		JPM	05/11/15		2,188,148		90,921		85,400		—		5,521
EUR		JPM	05/11/15		79,877		90,744		85,932		—		4,812
HUF		JPM	04/27/15		22,325,064		80,799		79,849		—		950
IDR		JPM	04/13/15		830,080,000		64,000		63,255		—		745
IDR		JPM	04/13/15		2,283,020,000		175,307		173,975		—		1,332
IDR		JPM	05/11/15		1,262,240,000		98,000		95,387		—		2,613
ILS		JPM	05/04/15		9,080		2,252		2,282		30		—
ILS		JPM	05/04/15		498,567		124,000		125,286		1,286		—
INR		HSB	04/13/15		2,216,880		34,416		35,576		1,160		—
INR		HSB	04/13/15		5,623,020		89,000		90,235		1,235		—
INR		SCB	05/27/15		20,902,720		332,000		332,812		812		—
INR		SCB	06/23/15		23,110,080		362,000		366,268		4,268		—
KRW		CIT	04/13/15		521,902,440		474,000		470,362		—		3,638
KRW		CIT	05/26/15		402,959,040		363,000		362,615		—		385
KRW		SCB	04/13/15		60,577,000		55,000		54,595		—		405
KWD		CIT	08/18/15		16,504		57,000		54,717		—		2,283
MXN		BRC	06/19/15		3,199,230		205,000		208,703		3,703		—
MYR		CIT	04/27/15		304,278		83,000		81,854		—		1,146
MYR		SCB	06/05/15		356,141		95,136		95,452		316		—
PHP		HSB	04/13/15		2,002,950		45,000		44,819		—		181
PHP		HSB	04/30/15		2,786,404		62,000		62,305		305		—
PLN		JPM	05/04/15		572,687		154,130		150,962		—		3,168
PLN		JPM	06/08/15		337,329		90,036		88,818		—		1,218
RON		JPM	05/22/15		506,881		129,000		123,364		—		5,636
RUB		JPM	04/07/15		47,036,440		772,482		806,346		33,864		—
SGD		HSB	05/11/15		88,000		65,226		64,064		—		1,162
SGD		HSB	05/11/15		262,924		193,000		191,409		—		1,591
THB		SCB	04/23/15		11,350,315		345,204		348,496		3,292		—
TRY		CIT	06/22/15		124,832		47,000		47,038		38		—
TRY		JPM	04/24/15		128,547		54,000		49,159		—		4,841
TRY		JPM	04/24/15		225,123		85,000		86,091		1,091		—
TRY		JPM	04/24/15		235,910		89,000		90,217		1,217		—
TRY		JPM	04/24/15		1,250,124		473,856		478,072		4,216		—
TRY		JPM	05/12/15		663,149		261,000		252,418		—		8,582

Lazard Emerging Markets Income Portfolio (concluded)

Forward Currency Contracts open at March 31, 2015 (concluded):

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
TWD		JPM	06/12/15		8,549,550	$	271,410	$	273,837	$	2,427	$	—
ZAR		JPM	04/07/15		633,694		55,000		52,203		—		2,797
ZAR		JPM	04/07/15		692,321		58,498		57,033		—		1,465
ZAR		JPM	04/07/15		1,578,519		130,000		130,037		37		—
Total Forward Currency Purchase Contracts						$	7,822,189	$	7,840,845	$	74,456	$	55,800
Forward Currency Sale Contracts
BRL		CIT	04/24/15		268,837	$	83,000	$	83,776	$	—	$	776
BRL		CIT	04/24/15		290,563		91,000		90,547		453		—
BRL		CIT	02/18/16		534,789		163,140		152,733		10,407		—
CNH		HSB	04/02/15		736,480		118,672		118,673		—		1
CZK		JPM	05/11/15		2,188,148		90,744		85,400		5,344		—
EUR		JPM	05/22/15		10,000		10,685		10,760		—		75
EUR		JPM	06/08/15		81,000		90,036		87,174		2,862		—
EUR		JPM	06/23/15		10,000		10,689		10,765		—		76
HUF		JPM	04/27/15		24,935,805		90,000		89,186		814		—
IDR		SCB	04/13/15		1,348,440,000		102,000		102,756		—		756
ILS		CIT	05/04/15		266,075		75,483		66,863		8,620		—
ILS		JPM	05/04/15		169,174		42,000		42,512		—		512
JPY		CIT	06/11/15		3,241,475		27,000		27,053		—		53
JPY		HSB	05/18/15		10,181,892		84,000		84,948		—		948
JPY		SCB	04/23/15		1,951,000		16,223		16,272		—		49
KWD		CIT	08/18/15		16,504		56,348		54,717		1,631		—
RON		JPM	05/22/15		250,874		64,095		61,057		3,038		—
RON		JPM	06/10/15		178,132		49,000		43,340		5,660		—
RON		JPM	06/10/15		447,161		110,000		108,795		1,205		—
TRY		JPM	04/24/15		1,429,956		552,000		546,843		5,157		—
ZAR		JPM	04/07/15		1,021,148		85,000		84,121		879		—
ZAR		JPM	04/07/15		1,032,762		85,000		85,078		—		78
ZAR		JPM	04/07/15		1,578,277		133,000		130,017		2,983		—
Total Forward Currency Sale Contracts						$	2,229,115	$	2,183,386		49,053		3,324
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	123,509	$	59,124

Description	Security Currency	Principal Amount (000)	Value
Lazard Explorer Total Return Portfolio
Corporate Bonds | 18.4%
Abu Dhabi | 0.3%
ADCB Finance Cayman, Ltd. 4.500%, 03/06/23	USD	750	$	777,188
Argentina | 0.3%
YPF Sociedad Anonima, 8.750%, 04/04/24	USD	725		744,793
Brazil | 0.8%
Banco do Brasil SA:
9.000%, 06/18/24 (e)	USD	425		367,625
9.000%, 06/18/24 (d), (e)	USD	450		389,250
Klabin Finance SA, 5.250%, 07/16/24	USD	1,300		1,264,065
				2,020,940
Bulgaria | 0.3%
ContourGlobal Power Holdings SA:
7.125%, 06/01/19	USD	450		461,250
7.125%, 06/01/19 (d)	USD	300		307,500
				768,750
Chile | 1.6%
Colbun SA, 4.500%, 07/10/24	USD	725		744,952
Empresa Electrica Angamos SA:
4.875%, 05/25/29	USD	225		224,719
4.875%, 05/25/29 (d)	USD	525		524,344
ENTEL Chile SA, 4.875%, 10/30/24	USD	1,175		1,231,987
GNL Quintero SA, 4.634%, 07/31/29	USD	725		748,055
SACI Falabella:
4.375%, 01/27/25	USD	300		307,875
4.375%, 01/27/25 (d)	USD	450		461,812
				4,243,744
China | 1.5%
Bank of China, Ltd.:
5.000%, 11/13/24	USD	225		237,401
5.000%, 11/13/24 (d)	USD	500		527,558
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21	USD	750		738,750
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21	USD	725		723,187
ENN Energy Holdings, Ltd., 6.000%, 05/13/21	USD	750		843,589
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD	400		392,000
Tencent Holdings, Ltd., 3.800%, 02/11/25 (d)	USD	375		383,383
				3,845,868

Description	Security Currency	Principal Amount (000)	Value
Colombia | 1.0%
Bancolombia SA, 5.125%, 09/11/22	USD	650	$	654,225
Grupo Aval, Ltd., 4.750%, 09/26/22	USD	750		746,025
Millicom International Cellular SA, 6.000%, 03/15/25 (d)	USD	750		752,641
Oleoducto Central SA, 4.000%, 05/07/21	USD	375		373,125
				2,526,016
Georgia | 0.3%
Bank of Georgia JSC, 7.750%, 07/05/17	USD	775		800,187
Guatemala | 0.7%
Comcel Trust, 6.875%, 02/06/24	USD	700		743,680
Industrial Senior Trust, 5.500%, 11/01/22	USD	1,250		1,205,212
				1,948,892
India | 1.1%
Bank of Baroda, 4.875%, 07/23/19	USD	450		486,677
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23	USD	700		756,384
ICICI Bank, Ltd., 5.750%, 11/16/20	USD	625		708,352
Reliance Industries, Ltd., 4.125%, 01/28/25 (d)	USD	875		878,577
				2,829,990
Indonesia | 0.8%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17	USD	1,150		761,875
PT Perusahaan Gas Negara Persero Tbk, 5.125%, 05/16/24	USD	1,175		1,251,257
				2,013,132
Iraq | 0.3%
Genel Energy Finance, Ltd., 7.500%, 05/14/19	USD	800		706,000
Kuwait | 0.3%
Burgan Finance No. 1 Jersey, Ltd., 7.875%, 09/29/20	USD	625		728,125
Mexico | 1.9%
Alfa SAB de CV, 5.250%, 03/25/24	USD	1,150		1,229,925
Cemex SAB de CV, 6.125%, 05/05/25 (d)	USD	1,250		1,259,375
Credito Real SAB de CV, 7.500%, 03/13/19	USD	400		414,068

Description	Security Currency	Principal Amount (000)	Value
Lazard Explorer Total Return Portfolio (continued)
Mexico Generadora de Energia S de rl, 5.500%, 12/06/32	USD	1,200	$	1,221,000
Sixsigma Networks Mexico SA de CV:
8.250%, 11/07/21	USD	275		290,768
8.250%, 11/07/21 (d)	USD	450		475,801
				4,890,937
Panama | 0.3%
Global Bank Corp.:
5.125%, 10/30/19	USD	275		285,320
5.125%, 10/30/19 (d)	USD	450		466,886
				752,206
Paraguay | 0.3%
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22	USD	725		748,241
Peru | 1.6%
Banco de Credito del Peru, 6.125%, 04/24/27	USD	1,150		1,257,800
Cementos Pacasmayo SAA, 4.500%, 02/08/23	USD	825		796,024
Consorcio Transmantaro SA, 4.375%, 05/07/23	USD	1,250		1,264,063
InRetail Consumer, 5.250%, 10/10/21	USD	800		815,744
				4,133,631
Philippines | 0.1%
Energy Development Corp., 6.500%, 01/20/21	USD	250		275,000
Russia | 1.0%
Gazprom OAO Via Gaz Capital SA, 4.300%, 11/12/15	USD	900		900,000
Phosagro OAO, 4.204%, 02/13/18	USD	550		518,375
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21	USD	775		703,312
Sibur Securities, Ltd., 3.914%, 01/31/18	USD	475		428,688
				2,550,375
Singapore | 1.3%
BOC Aviation Pte, Ltd., 3.000%, 03/30/20 (d)	USD	750		749,933
HPHT Finance 15, Ltd., 2.875%, 03/17/20 (d)	USD	750		758,589
Opus Offshore Ventures Pte, Ltd., 9.000%, 07/18/15	USD	1,400		1,475,250
Pacnet, Ltd., 9.000%, 12/12/18	USD	375		422,813
				3,406,585

Description	Security Currency	Principal Amount (000)	Value
South Africa | 0.3%
Myriad International Holdings BV, 6.000%, 07/18/20	USD	800	$	888,000
Thailand | 0.8%
Bangkok Bank Public Co. Ltd, 4.800%, 10/18/20	USD	650		717,989
PTT Exploration & Production Public Co. Ltd., 4.875%, 12/29/49	USD	1,250		1,260,938
				1,978,927
Turkey | 1.4%
Akbank TAS, 5.000%, 10/24/22	USD	750		750,000
KOC Holding AS, 3.500%, 04/24/20	USD	775		749,603
Turk Telekomunikasyon AS, 4.875%, 06/19/24	USD	750		747,188
Turkiye Halk Bankasi:
4.750%, 02/11/21	USD	200		196,750
4.750%, 02/11/21 (d)	USD	1,075		1,053,500
				3,497,041
Uruguay | 0.1%
Navios South American Logistics, Inc., 7.250%, 05/01/22	USD	221		215,475
Total Corporate Bonds (Identified cost $47,397,743)				47,290,043
Foreign Government Obligations | 55.1%
Bolivia | 0.5%
Bolivia Government Bonds:
4.875%, 10/29/22	USD	590		590,000
5.950%, 08/22/23	USD	625		647,656
				1,237,656
Brazil | 3.2%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19	BRL	23,620		4,642,517
Federal Republic of Brazil:
5.875%, 01/15/19	USD	1,350		1,491,750
4.250%, 01/07/25	USD	1,280		1,255,040
5.000%, 01/27/45	USD	1,000		926,250
				8,315,557
Chile | 1.9%
Republic of Chile:
2.250%, 10/30/22	USD	920		917,700
3.125%, 03/27/25	USD	3,290		3,450,387
3.625%, 10/30/42	USD	650		641,063
				5,009,150

Description	Security Currency	Principal Amount (000)	Value
Lazard Explorer Total Return Portfolio (continued)
Colombia | 2.0%
Republic of Colombia:
7.375%, 03/18/19	USD	905	$	1,071,520
4.000%, 02/26/24	USD	1,305		1,348,717
5.625%, 02/26/44	USD	2,460		2,758,275
				5,178,512
Congo | 1.5%
Republic of Congo, 3.500%, 06/30/29 (f)	USD	4,457		3,967,086
Costa Rica | 1.0%
Republic of Costa Rica:
5.625%, 04/30/43	USD	1,455		1,274,944
7.000%, 04/04/44	USD	1,190		1,216,031
				2,490,975
Croatia | 1.4%
Croatia:
6.250%, 04/27/17	USD	250		265,625
6.750%, 11/05/19	USD	1,365		1,520,269
6.625%, 07/14/20	USD	650		723,937
5.500%, 04/04/23	USD	250		266,250
6.000%, 01/26/24	USD	865		954,744
				3,730,825
Dominican Republic | 1.5%
Dominican Republic:
7.500%, 05/06/21	USD	450		505,125
5.500%, 01/27/25	USD	550		567,875
5.500%, 01/27/25 (d)	USD	600		619,500
7.450%, 04/30/44	USD	125		141,562
6.850%, 01/27/45 (d)	USD	1,850		1,942,500
				3,776,562
El Salvador | 0.7%
Republic of El Salvador:
7.375%, 12/01/19	USD	580		630,388
6.375%, 01/18/27	USD	200		200,750
6.375%, 01/18/27 (d)	USD	475		476,781
7.650%, 06/15/35	USD	545		573,953
				1,881,872
Georgia | 0.5%
Republic of Georgia, 6.875%, 04/12/21	USD	1,120		1,241,800
Guatemala | 0.3%
Republic of Guatemala, 4.875%, 02/13/28	USD	625		650,744
Honduras | 0.5%
Honduras Government Bond, 7.500%, 03/15/24	USD	1,185		1,264,988
Hungary | 2.2%
Hungary:

Description	Security Currency	Principal Amount (000)	Value
6.250%, 01/29/20	USD	1,915	$	2,184,479
5.375%, 03/25/24	USD	1,810		2,035,164
7.625%, 03/29/41	USD	950		1,377,167
				5,596,810
Indonesia | 3.1%
Republic of Indonesia:
4.875%, 05/05/21	USD	965		1,054,262
3.750%, 04/25/22	USD	1,185		1,210,774
4.125%, 01/15/25	USD	830		853,240
4.125%, 01/15/25 (d)	USD	1,900		1,953,200
6.625%, 02/17/37	USD	535		650,961
5.250%, 01/17/42	USD	930		980,685
5.125%, 01/15/45	USD	400		421,000
5.125%, 01/15/45 (d)	USD	925		973,563
				8,097,685
Ivory Coast | 1.5%
Ivory Coast:
6.375%, 03/03/28 (d)	USD	1,105		1,093,950
5.750%, 12/31/32	USD	2,910		2,787,052
				3,881,002
Jamaica | 0.7%
Jamaica Government Bond, 7.625%, 07/09/25	USD	1,661		1,852,015
Kenya | 0.5%
Republic of Kenya:
5.875%, 06/24/19	USD	400		414,000
6.875%, 06/24/24	USD	800		840,000
				1,254,000
Latvia | 0.5%
Republic of Latvia, 5.250%, 06/16/21	USD	1,095		1,266,799
Lithuania | 1.0%
Republic of Lithuania:
7.375%, 02/11/20	USD	1,945		2,399,294
6.125%, 03/09/21	USD	100		119,813
				2,519,107
Mexico | 1.2%
United Mexican States:
5.625%, 01/15/17	USD	1,230		1,323,788
3.625%, 03/15/22	USD	100		104,100
4.000%, 10/02/23	USD	1,640		1,739,220
				3,167,108
Morocco | 0.5%
Kingdom of Morocco:
4.250%, 12/11/22	USD	475		494,000
5.500%, 12/11/42	USD	685		768,913
				1,262,913

Description	Security Currency	Principal Amount (000)	Value
Lazard Explorer Total Return Portfolio (continued)
Pakistan | 0.5%
Islamic Republic of Pakistan, 8.250%, 04/15/24	USD	1,165	$	1,226,128
Panama | 2.5%
Republic of Panama:
4.000%, 09/22/24	USD	1,805		1,897,506
3.750%, 03/16/25	USD	400		410,500
8.875%, 09/30/27	USD	600		881,250
6.700%, 01/26/36	USD	2,425		3,188,875
				6,378,131
Paraguay | 1.0%
Republic of Paraguay:
6.100%, 08/11/44	USD	1,810		1,977,425
6.100%, 08/11/44 (d)	USD	550		600,875
				2,578,300
Peru | 2.0%
Republic of Peru:
7.350%, 07/21/25	USD	1,615		2,202,456
8.750%, 11/21/33	USD	1,405		2,233,957
5.625%, 11/18/50	USD	475		581,875
				5,018,288
Philippines | 2.4%
Republic of Philippines:
4.200%, 01/21/24	USD	3,340		3,749,150
6.375%, 01/15/32	USD	910		1,238,737
3.950%, 01/20/40	USD	1,175		1,251,375
				6,239,262
Poland | 1.9%
Republic of Poland:
6.375%, 07/15/19	USD	1,660		1,955,937
5.125%, 04/21/21	USD	525		604,595
5.000%, 03/23/22	USD	550		633,009
3.000%, 03/17/23	USD	1,765		1,815,647
				5,009,188
Portugal | 3.4%
Republic of Portugal:
5.125%, 10/15/24	USD	4,645		5,143,316
5.125%, 10/15/24 (d)	USD	3,225		3,570,978
				8,714,294
Romania | 1.5%
Romania Government Bonds:
6.750%, 02/07/22	USD	2,086		2,526,667
6.125%, 01/22/44	USD	950		1,213,625
				3,740,292
Rwanda | 0.7%
Republic of Rwanda, 6.625%, 05/02/23	USD	1,815		1,837,161

Description	Security Currency	Principal Amount (000)	Value
Senegal | 0.5%
Republic of Senegal, 8.750%, 05/13/21	USD	1,075	$	1,213,406
Serbia | 1.0%
Republic of Serbia:
4.875%, 02/25/20	USD	885		913,763
7.250%, 09/28/21	USD	1,340		1,549,375
				2,463,138
Slovenia | 2.5%
Republic of Slovenia, 5.250%, 02/18/24	USD	5,490		6,325,849
South Africa | 2.2%
Republic of South Africa:
6.875%, 05/27/19	USD	1,240		1,429,100
5.500%, 03/09/20	USD	175		192,500
5.875%, 05/30/22	USD	415		474,137
4.665%, 01/17/24	USD	2,200		2,337,500
5.375%, 07/24/44	USD	1,160		1,252,800
				5,686,037
Sri Lanka | 1.4%
Republic of Sri Lanka:
6.250%, 07/27/21	USD	1,815		1,876,256
5.875%, 07/25/22	USD	1,815		1,846,763
				3,723,019
Turkey | 2.9%
Hazine Mustesarligi Varlik Kiralama AS:
4.489%, 11/25/24	USD	470		476,463
4.489%, 11/25/24 (d)	USD	1,070		1,084,712
Republic of Turkey:
6.750%, 04/03/18	USD	1,150		1,276,500
5.750%, 03/22/24	USD	1,450		1,613,125
6.750%, 05/30/40	USD	1,195		1,481,800
4.875%, 04/16/43	USD	1,625		1,604,687
				7,537,287
Uruguay | 2.0%
Republica Orient Uruguay:
4.500%, 08/14/24	USD	2,155		2,343,562
7.875%, 01/15/33	USD	560		796,600
4.125%, 11/20/45	USD	265		249,763
5.100%, 06/18/50	USD	1,615		1,689,694
				5,079,619
Vietnam | 0.5%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD	1,180		1,233,100
Total Foreign Government Obligations (Identified cost $140,582,834)				141,645,665

Description	Security Currency	Principal Amount (000)	Value
Lazard Explorer Total Return Portfolio (continued)
Quasi Government Bonds | 2.2%
Mexico | 1.2%
Petroleos Mexicanos:
6.625%, 06/15/35	USD	955	$	1,098,250
5.500%, 06/27/44	USD	240		241,800
5.500%, 06/27/44 (d)	USD	1,770		1,794,337
				3,134,387
Tunisia | 1.0%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (d)	USD	2,495		2,551,138
Total Quasi Government Bonds (Identified cost $5,667,869)				5,685,525
US Treasury Security | 3.3%
US Treasury Note, 1.375%, 02/29/20 (Identified cost $8,469,362)	USD	8,475		8,476,656
Description		Shares	Value
Warrant | 0.0%
Iraq | 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Identified cost $0)		96,000	$	0
Short-Term Investment | 20.2%
State Street Institutional Treasury Money Market Fund (Identified cost $51,801,563)		51,801,563		51,801,563
Total Investments | 99.2% (Identified cost $253,919,371) (b), (g)			$	254,899,452
Cash and Other Assets in Excess of Liabilities | 0.8%				1,989,038
Net Assets | 100.0%			$	256,888,490

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at March 31, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD		SCB	04/20/15		1,459,424	$	1,140,000	$	1,110,401	$	—	$	29,599
AUD		SCB	04/20/15		3,259,043		2,540,000		2,479,639		—		60,361
AUD		SCB	04/20/15		3,261,009		2,540,000		2,481,135		—		58,865
BRL		BRC	04/02/15		3,292,000		1,000,000		1,031,474		31,474		—
BRL		BRC	04/02/15		4,450,850		1,397,003		1,394,574		—		2,429
BRL		BRC	04/02/15		7,742,850		2,413,607		2,426,047		12,440		—
CAD		SCB	04/20/15		2,061,968		1,620,000		1,627,662		7,662		—
CLP		BRC	04/13/15		398,350,000		620,000		637,309		17,309		—
CLP		BRC	04/20/15		1,233,835,090		1,931,489		1,972,874		41,385		—
CLP		JPM	04/20/15		1,233,835,090		1,928,621		1,972,874		44,253		—
CLP		SCB	04/13/15		640,200,000		1,000,000		1,024,238		24,238		—
CLP		SCB	04/20/15		1,233,835,089		1,929,465		1,972,873		43,408		—
CLP		UBS	04/20/15		1,233,835,090		1,927,265		1,972,873		45,608		—
COP		BRC	04/13/15		1,665,785,000		620,000		640,034		20,034		—
COP		SCB	04/13/15		1,656,640,000		620,000		636,520		16,520		—
IDR		BRC	04/20/15		20,645,781,436		1,552,898		1,572,580		19,682		—
IDR		JPM	04/13/15		33,004,950,000		2,490,000		2,517,463		27,463		—
IDR		SCB	04/13/15		16,643,750,000		1,250,000		1,269,507		19,507		—
INR		BRC	04/13/15		78,825,000		1,250,000		1,257,252		7,252		—
INR		BRC	04/13/15		79,025,000		1,250,000		1,260,442		10,442		—
INR		BRC	04/20/15		130,749,669		2,066,045		2,082,464		16,419		—
INR		JPM	04/13/15		90,352,818		1,422,991		1,441,120		18,129		—
INR		JPM	04/20/15		130,749,669		2,071,774		2,082,464		10,690		—
INR		SCB	04/13/15		71,570,702		1,127,009		1,141,547		14,538		—
INR		SCB	04/20/15		82,394,000		1,300,000		1,312,298		12,298		—
INR		SCB	04/20/15		130,749,669		2,067,352		2,082,464		15,112		—
MXN		BRC	04/13/15		9,628,491		620,000		630,934		10,934		—
MXN		BRC	04/13/15		19,260,250		1,250,000		1,262,082		12,082		—
MXN		BRC	04/13/15		19,319,375		1,250,000		1,265,956		15,956		—
MXN		SCB	04/13/15		9,634,924		620,000		631,355		11,355		—
MXN		UBS	04/13/15		19,349,000		1,250,000		1,267,897		17,897		—
PLN		SCB	04/13/15		2,456,068		620,000		647,882		27,882		—
PLN		SCB	04/13/15		7,317,871		1,870,000		1,930,369		60,369		—
SGD		SCB	04/20/15		4,023,093		2,935,000		2,930,311		—		4,689
SGD		SCB	04/20/15		4,032,044		2,935,000		2,936,832		1,832		—
TRY		BRC	04/20/15		2,859,724		1,090,000		1,094,767		4,767		—
TRY		BRC	04/20/15		3,345,630		1,264,172		1,280,783		16,611		—
TRY		SCB	04/13/15		209,580		80,000		80,380		380		—
TRY		SCB	04/13/15		3,290,500		1,250,000		1,262,004		12,004		—
TRY		SCB	04/13/15		3,297,875		1,250,000		1,264,833		14,833		—
TRY		SCB	04/13/15		3,319,875		1,250,000		1,273,270		23,270		—
ZAR		BRC	04/13/15		15,537,155		1,240,000		1,278,680		38,680		—
ZAR		SCB	04/13/15		7,358,918		610,000		605,626		—		4,374
ZAR		SCB	04/13/15		18,679,050		1,500,000		1,537,252		37,252		—

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at March 31, 2015 (concluded):

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
ZAR	SCB	04/20/15		13,261,152	$	1,070,000	$	1,090,123	$	20,123	$	—
ZAR	SCB	04/20/15		22,894,429		1,870,000		1,882,019		12,019		—
ZAR	SCB	04/20/15		46,518,120		3,740,000		3,823,986		83,986		—
Total Forward Currency Purchase Contracts					$	70,639,691	$	71,377,469	$	898,095	$	160,317
Forward Currency Sale Contracts
AUD	BRC	04/20/15		3,801,660	$	2,882,533	$	2,892,489	$	—	$	9,956
AUD	SCB	04/20/15		846,872		650,000		644,342		5,658		—
AUD	SCB	04/20/15		850,418		650,000		647,040		2,960		—
AUD	SCB	04/20/15		2,331,803		1,768,743		1,774,150		—		5,407
AUD	SCB	04/20/15		2,460,235		1,870,000		1,871,867		—		1,867
BRL	BRC	04/02/15		3,292,000		1,026,185		1,031,474		—		5,289
BRL	BRC	04/02/15		4,450,850		1,387,422		1,394,573		—		7,151
BRL	BRC	04/02/15		7,742,850		2,460,000		2,426,047		33,953		—
BRL	BRC	05/05/15		2,424,549		746,474		753,430		—		6,956
BRL	BRC	05/05/15		4,450,850		1,385,479		1,383,106		2,373		—
BRL	SCB	05/05/15		3,931,450		1,220,000		1,221,701		—		1,701
BRL	SCB	05/05/15		4,072,704		1,253,525		1,265,596		—		12,071
CAD	BRC	04/20/15		2,070,136		1,620,000		1,634,109		—		14,109
CLP	BRC	04/20/15		713,848,781		1,144,539		1,141,428		3,111		—
CLP	BRC	04/20/15		742,659,346		1,190,923		1,187,495		3,428		—
CLP	SCB	04/13/15		1,038,550,000		1,663,943		1,661,547		2,396		—
CLP	SCB	04/20/15		522,911,345		816,653		836,123		—		19,470
CLP	SCB	04/20/15		674,886,534		1,053,347		1,079,128		—		25,781
CLP	SCB	04/20/15		714,764,412		1,144,539		1,142,892		1,647		—
COP	SCB	04/13/15		3,322,425,000		1,297,696		1,276,555		21,141		—
IDR	BRC	04/13/15		16,656,050,000		1,270,000		1,270,446		—		446
IDR	SCB	04/13/15		16,334,060,000		1,242,606		1,245,885		—		3,279
IDR	SCB	04/13/15		16,658,590,000		1,270,000		1,270,639		—		639
INR	BRC	04/13/15		79,857,600		1,270,000		1,273,722		—		3,722
INR	BRC	04/13/15		157,729,920		2,517,837		2,515,779		2,058		—
INR	BRC	04/20/15		67,131,298		1,070,675		1,069,208		1,467		—
INR	BRC	04/20/15		156,633,450		2,490,000		2,494,718		—		4,718
INR	JPM	04/20/15		91,485,109		1,459,325		1,457,093		2,232		—
INR	SCB	04/13/15		82,186,000		1,300,000		1,310,860		—		10,860
MXN	BRC	04/13/15		9,487,688		625,000		621,707		3,293		—
MXN	BRC	04/13/15		9,505,500		625,000		622,874		2,126		—
MXN	SCB	04/13/15		18,621,394		1,219,819		1,220,219		—		400
MXN	SCB	04/13/15		39,577,458		2,620,001		2,593,424		26,577		—
MYR	BRC	04/20/15		3,839,492		1,034,346		1,035,015		—		669
PLN	BRC	04/13/15		9,773,939		2,583,588		2,578,251		5,337		—
SGD	BRC	04/20/15		3,440,084		2,476,778		2,505,664		—		28,886
SGD	JPM	04/20/15		3,440,084		2,476,217		2,505,664		—		29,447
SGD	SCB	04/20/15		1,209,344		870,000		880,853		—		10,853
SGD	SCB	04/20/15		3,440,085		2,476,485		2,505,665		—		29,180

Lazard Explorer Total Return Portfolio (concluded)

Forward Currency Contracts open at March 31, 2015 (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)
TRY	BRC	04/13/15		2,480,788	$	945,709	$	951,456	$	—	$	5,747
TRY	BRC	04/20/15		4,934,930		1,870,000		1,889,202		—		19,202
TRY	SCB	04/13/15		163,253		62,382		62,613		—		231
TRY	SCB	04/13/15		816,267		311,909		313,062		—		1,153
TRY	SCB	04/13/15		3,314,065		1,270,000		1,271,042		—		1,042
TRY	SCB	04/13/15		3,327,273		1,270,000		1,276,108		—		6,108
TRY	SCB	04/20/15		3,266,875		1,250,000		1,250,633		—		633
ZAR	BRC	04/20/15		3,846,594		310,790		316,206		—		5,416
ZAR	BRC	04/20/15		3,852,841		310,791		316,720		—		5,929
ZAR	BRC	04/20/15		3,852,872		310,791		316,723		—		5,932
ZAR	BRC	04/20/15		13,303,236		1,075,426		1,093,582		—		18,156
ZAR	SCB	04/13/15		7,649,845		635,000		629,568		5,432		—
ZAR	SCB	04/13/15		11,640,970		970,000		958,031		11,969		—
ZAR	SCB	04/13/15		22,237,439		1,841,000		1,830,101		10,899		—
ZAR	SCB	04/20/15		13,930,371		1,170,000		1,145,135		24,865		—
ZAR	SCB	04/20/15		44,445,200		3,680,000		3,653,583		26,417		—
Total Forward Currency Sale Contracts					$	75,413,476	$	75,516,543		199,339		302,406
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	1,097,434	$	462,723

Credit Default Swap Agreements open at March 31, 2015:

Referenced Obligation	Counterparty		Notional Amount	Expiration Date	Receive (Pay) Rate	Value			Upfront Premiums Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
CDX EM 23		BRC	1,000,000	06/20/20	1.000%	$	(100,551	)	$	(98,300	)	$	-	$	2,251
CDX EM 23		JPM	1,500,000	06/20/20	1.000		(150,826	)		(143,250	)		-		7,576
CDX EM 23		BRC	6,500,000	06/20/20	1.000		(653,579	)		(637,897	)		-		15,682
Republic of Brazil		JPM	725,000	06/20/20	1.000		(61,489	)		(66,666	)		5,177		-
Republic of Brazil		JPM	1,750,000	06/20/20	1.000		(148,422	)		(166,214	)		17,792		-
Total Credit Default Swap Agreements						$	(1,114,867	)	$	(1,112,327	)	$	22,969	$	25,509

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  94.5%
Aerospace & Defense  |  2.1%
Bombardier, Inc., 7.750%, 03/15/20 (d)	$	1,600	$	1,674,400
KLX, Inc., 5.875%, 12/01/22 (d)		1,400		1,396,500
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,368,500
				4,439,400
Apparel & Textiles  |  0.6%
Levi Strauss & Co., 7.625%, 05/15/20		1,300		1,352,000
Automotive  |  2.2%
FCA US LLC, 8.250%, 06/15/21		1,400		1,552,754
Schaeffler Finance BV:
7.750%, 02/15/17 (d)		250		280,000
4.750%, 05/15/21 (d)		1,000		1,010,000
The Goodyear Tire & Rubber Co., 8.250%, 08/15/20		1,775		1,877,063
				4,719,817
Building Materials  |  2.7%
HD Supply, Inc., 5.250%, 12/15/21 (d)		1,500		1,545,000
Masco Corp., 6.125%, 10/03/16		1,500		1,598,400
USG Corp., 9.750%, 01/15/18		675		781,312
Vulcan Materials Co., 6.500%, 12/01/16		215		233,770
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,628,000
				5,786,482
Cable Television  |  5.8%
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,665,000
CCO Holdings LLC, 5.250%, 03/15/21		1,950		1,996,312
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (d)		1,800		1,896,750
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,612,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,515,000
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,862,240
Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (d)		1,626		1,705,268
				12,252,570

Description	Principal Amount (000)		Value
Chemicals  |  4.7%
Chemtura Corp., 5.750%, 07/15/21	$	1,400	$	1,419,250
Eagle Spinco, Inc., 4.625%, 02/15/21		1,400		1,384,250
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,600,000
Ineos Finance PLC, 7.500%, 05/01/20 (d)		1,400		1,477,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		959,744
Tronox Finance LLC, 6.375%, 08/15/20		1,400		1,368,500
WR Grace & Co-Conn, 5.125%, 10/01/21 (d)		1,700		1,763,750
				9,972,494
Communications Equipment  |  0.7%
CommScope, Inc., 5.000%, 06/15/21 (d)		1,500		1,498,125
Computer Services  |  2.6%
Activision Blizzard, Inc., 5.625%, 09/15/21 (d)		1,400		1,491,000
First Data Corp.:
8.875%, 08/15/20 (d)		850		905,250
6.750%, 11/01/20 (d)		260		276,900
iGATE Corp., 4.750%, 04/15/19		1,500		1,509,375
Nuance Communications, Inc., 5.375%, 08/15/20 (d)		1,373		1,386,730
				5,569,255
Consumer Products  |  0.7%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (d)		1,500		1,413,750
Diversified  |  1.5%
Amsted Industries, Inc., 5.000%, 03/15/22 (d)		1,700		1,710,625
Griffon Corp., 5.250%, 03/01/22		1,400		1,381,240
				3,091,865
Electric Generation  |  1.4%
AES Corp.:
8.000%, 10/15/17		180		208,125
7.375%, 07/01/21		1,095		1,215,450
Calpine Corp., 6.000%, 01/15/22 (d)		1,500		1,605,000
				3,028,575
Electronics  |  0.7%
Amkor Technologies, Inc., 6.625%, 06/01/21		1,400		1,456,000

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Energy Exploration & Production  |  3.4%
California Resources Corp., 5.500%, 09/15/21 (d)	$	1,500	$	1,330,800
Chesapeake Energy Corp., 5.375%, 06/15/21		1,450		1,406,500
Denbury Resources, Inc., 5.500%, 05/01/22		1,400		1,256,500
Linn Energy LLC, 6.500%, 05/15/19		425		357,266
Range Resources Corp., 5.000%, 08/15/22		1,700		1,691,500
Whiting Petroleum Corp., 5.750%, 03/15/21		1,225		1,215,812
				7,258,378
Energy Services  |  1.3%
Cie Generale de Geophysique-Veritas, 7.750%, 05/15/17		596		566,200
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21		1,600		1,272,000
PBF Holding Co. LLC, 8.250%, 02/15/20		900		950,625
				2,788,825
Environmental  |  0.9%
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,789,375
Financial Services  |  2.2%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,567,500
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,558,200
International Lease Finance Corp.:
8.625%, 09/15/15		500		514,375
5.750%, 05/15/16		500		519,750
8.750%, 03/15/17		500		552,500
				4,712,325
Food & Beverages  |  3.5%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,498,125
Constellation Brands, Inc., 7.250%, 05/15/17		950		1,048,562
HJ Heinz Co., 4.250%, 10/15/20		1,600		1,641,600
Post Holdings, Inc., 7.375%, 02/15/22		1,650		1,707,750
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,530,000
				7,426,037

Description	Principal Amount (000)		Value
Forest & Paper Products  |  1.7%
Cascades, Inc., 5.500%, 07/15/22 (d)	$	1,500	$	1,522,500
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (d)		1,050		1,099,875
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		907,500
				3,529,875
Gaming  |  4.7%
Boyd Gaming Corp., 9.125%, 12/01/18		1,350		1,410,750
Cleopatra Finance, Ltd.:
5.625%, 02/15/20 (d)		250		244,250
6.250%, 02/15/22 (d)		1,450		1,417,375
GLP Capital LP, 4.875%, 11/01/20		1,500		1,537,500
MGM Resorts International, 6.625%, 12/15/21		1,000		1,068,125
Pinnacle Entertainment, Inc., 6.375%, 08/01/21		1,250		1,325,000
Scientific Games Corp., 8.125%, 09/15/18		350		315,000
Scientific Games International, Inc., 6.250%, 09/01/20		750		558,750
Wynn Las Vegas LLC, 5.375%, 03/15/22		2,007		2,077,245
				9,953,995
Gas Distribution  |  5.7%
AmeriGas Finance LLC, 6.750%, 05/20/20		1,525		1,605,063
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,400,000
Ferrellgas Partners LP:
8.625%, 06/15/20		520		536,900
6.500%, 05/01/21		500		505,000
Kinder Morgan, Inc.:
7.000%, 06/15/17		650		716,975
5.000%, 02/15/21 (d)		1,275		1,362,725
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,404,000
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (d)		1,450		1,566,000
Suburban Propane Partners LP, 7.375%, 08/01/21		1,531		1,645,825
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,424,490
				12,166,978
Health Services  |  5.5%
Biomet, Inc., 6.500%, 08/01/20		1,750		1,855,000

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Community Health Systems, Inc., 8.000%, 11/15/19	$	1,400	$	1,487,500
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (d)		1,097		1,190,793
Fresenius US Finance II, Inc., 9.000%, 07/15/15 (d)		525		535,500
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22 (d)		1,475		1,498,969
HCA, Inc., 6.500%, 02/15/20		1,600		1,801,600
LifePoint Hospitals, Inc., 5.500%, 12/01/21		1,400		1,466,500
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		709,408
4.375%, 10/01/21		1,250		1,221,875
				11,767,145
Leisure & Entertainment  |  3.1%
ACCO Brands Corp., 6.750%, 04/30/20		1,750		1,833,125
Cedar Fair LP, 5.250%, 03/15/21		1,800		1,858,500
Regal Entertainment Group, 5.750%, 03/15/22		1,450		1,482,625
Six Flags Entertainment Corp., 5.250%, 01/15/21 (d)		1,400		1,438,500
				6,612,750
Machinery  |  1.3%
Terex Corp., 6.500%, 04/01/20		1,600		1,664,000
The Manitowoc Co., Inc., 8.500%, 11/01/20		1,000		1,070,000
				2,734,000
Media  |  6.8%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,493,430
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,841,875
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,773,462
Nielsen Finance LLC, 5.000%, 04/15/22 (d)		1,800		1,811,250
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,571,250
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,949,875
Sirius XM Radio, Inc., 5.750%, 08/01/21 (d)		1,500		1,563,750

Description	Principal Amount (000)		Value
Starz LLC, 5.000%, 09/15/19	$	725	$	744,938
WMG Acquisition Corp., 6.000%, 01/15/21 (d)		1,620		1,652,400
				14,402,230
Metals & Mining  |  1.0%
Calcipar SA, 6.875%, 05/01/18 (d)		1,350		1,366,875
First Quantum Minerals, Ltd., 6.750%, 02/15/20 (d)		862		797,350
				2,164,225
Packaging  |  2.3%
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,550,625
Sealed Air Corp., 4.875%, 12/01/22 (d)		1,700		1,734,000
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,515,563
				4,800,188
Pharmaceutical & Biotechnology  |  1.8%
Endo Finance LLC, 5.750%, 01/15/22 (d)		1,600		1,640,000
Mylan, Inc., 7.875%, 07/15/20 (d)		650		686,732
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (d)		1,500		1,558,125
				3,884,857
Printing & Publishing  |  2.5%
Gannett Co., Inc., 7.125%, 09/01/18		1,676		1,736,755
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,016		1,122,680
The McClatchy Co., 9.000%, 12/15/22		1,100		1,061,500
Time, Inc., 5.750%, 04/15/22 (d)		1,425		1,392,937
				5,313,872
Real Estate  |  1.5%
CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		1,600		1,632,000
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,445,500
				3,077,500
Retail  |  1.6%
Family Tree Escrow LLC:
5.250%, 03/01/20 (d)		75		78,563
5.750%, 03/01/23 (d)		1,750		1,841,875

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (concluded)
Netflix, Inc., 5.375%, 02/01/21	$	1,450	$	1,479,000
				3,399,438
Steel-Producers  |  2.3%
ArcelorMittal SA, 6.250%, 03/01/21		1,400		1,487,500
Steel Dynamics, Inc., 6.125%, 08/15/19		1,800		1,917,000
United States Steel Corp., 6.050%, 06/01/17		1,475		1,537,687
				4,942,187
Support Services  |  4.5%
Algeco Scotsman Global Finance PLC, 8.500%, 10/15/18 (d)		1,250		1,239,062
Audatex North America, Inc., 6.000%, 06/15/21 (d)		1,400		1,480,500
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (d)		1,600		1,615,968
IHS, Inc., 5.000%, 11/01/22 (d)		1,750		1,757,700
The ADT Corp., 6.250%, 10/15/21		1,400		1,491,000
United Rentals North America, Inc.:
7.375%, 05/15/20		750		810,469
4.625%, 07/15/23		1,100		1,112,375
				9,507,074
Technology Hardware  |  1.4%
Denali Borrower Finance Corp., 5.625%, 10/15/20 (d)		1,400		1,479,800
NCR Corp., 4.625%, 02/15/21		1,568		1,569,960
				3,049,760
Telecommunications  |  8.4%
Belden, Inc., 5.500%, 09/01/22 (d)		1,750		1,793,750
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,890,000
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,558,125
Equinix, Inc., 4.875%, 04/01/20		1,872		1,932,840
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,681,875
GCI, Inc., 8.625%, 11/15/19		1,000		1,046,250
Intelsat Jackson Holdings, Ltd., 7.250%, 04/01/19		1,300		1,347,450
SBA Telecommunications, Inc., 5.750%, 07/15/20		1,500		1,576,875

Description	Principal Amount (000)		Value
Sprint Capital Corp., 6.900%, 05/01/19	$	1,475	$	1,524,781
T-Mobile USA, Inc., 6.250%, 04/01/21		1,850		1,924,000
Windstream Corp., 8.125%, 09/01/18		1,575		1,647,844
				17,923,790
Transportation  |  1.4%
Hapag-Lloyd AG, 9.750%, 10/15/17 (d)		1,075		1,118,000
Teekay Corp., 8.500%, 01/15/20		1,725		1,936,313
				3,054,313
Total Corporate Bonds (Identified cost $197,174,958)				200,839,450
Description	Shares		Value
Short-Term Investment  |  4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $9,419,946)		9,419,946	$	9,419,946
Total Investments  |  98.9% (Identified cost $206,594,904) (b)			$	210,259,396
Cash and Other Assets in Excess of Liabilities  |  1.1%				2,295,231
Net Assets  |  100.0%			$	212,554,627

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  3.8%
Automotive  |  1.3%
GM Financial Automobile Leasing Trust Series 2015-1, Class A3, 1.530%, 09/20/18	$	1,460	$	1,461,891
Financial Services  |  2.5%
Citibank Credit Card Issuance Trust, Series 2007, Class A8, 5.650%, 09/20/19		2,550		2,825,226
Total Asset-Backed Securities (Identified cost $4,276,824)				4,287,117
Corporate Bonds  |  33.8%
Banking  |  5.3%
Bank of America Corp.:
3.700%, 09/01/15		2,310		2,337,470
1.500%, 10/09/15		825		828,502
3.625%, 03/17/16		700		717,058
Wells Fargo & Co., 1.500%, 07/01/15		2,075		2,080,457
				5,963,487
Cable Television  |  2.4%
DIRECTV Holdings LLC, 3.500%, 03/01/16		2,700		2,759,405
Energy Exploration & Production  |  2.0%
Anadarko Petroleum Corp., 6.375%, 09/15/17		2,025		2,253,078
Energy Services  |  2.1%
ONEOK Partners LP:
3.250%, 02/01/16		1,069		1,083,247
2.000%, 10/01/17		1,300		1,296,425
				2,379,672
Financial Services  |  19.2%
Citigroup, Inc.:
4.750%, 05/19/15		1,568		1,576,480
2.250%, 08/07/15		1,600		1,609,106
4.587%, 12/15/15		625		641,032
Ford Motor Credit Co. LLC, 8.000%, 12/15/16		2,030		2,248,844
JPMorgan Chase & Co.:
3.400%, 06/24/15		2,666		2,683,254
1.100%, 10/15/15		975		977,462
2.600%, 01/15/16		400		405,523
Morgan Stanley:
6.000%, 04/28/15		3,645		3,657,014
5.375%, 10/15/15		1,100		1,126,894
The Bear Stearns Cos., LLC, 5.300%, 10/30/15		225		230,786
The Goldman Sachs Group, Inc.:
3.300%, 05/03/15		2,045		2,048,462
3.700%, 08/01/15		1,760		1,777,266

Description	Principal Amount (000)		Value
1.600%, 11/23/15	$	50	$	50,291
Western Union Co., 5.930%, 10/01/16		2,526		2,693,744
				21,726,158
Retail  |  2.4%
CVS Health Corp., 3.250%, 05/18/15		2,736		2,745,166
Transportation  |  0.4%
CSX Corp., 6.250%, 04/01/15		444		444,000
Total Corporate Bonds (Identified cost $38,288,427)				38,270,966
Municipal Bonds  |  6.7%
California  |  1.6%
California State Taxable Various Purpose:
1.050%, 02/01/16		1,175		1,179,935
5.500%, 03/01/16		575		600,231
				1,780,166
District of Columbia  |  0.4%
District of Columbia Revenue National Public Radio Series A, 5.000%, 04/01/43 (Pre-Refunded to 04/01/15 @ $100) (h)		500		500,000
Illinois  |  0.5%
Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16		500		520,420
Kentucky  |  2.4%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18		2,668		2,739,044
Maryland  |  0.4%
Washington Maryland Suburban Sanitary District Sewer Disposal, 5.000%, 06/01/20 (Pre-Refunded to 06/01/15 @ $100) (h)		500		503,930
Massachusetts  |  0.5%
Massachusetts State School Building Authority Sales Tax Revenue Series A, 5.000%, 08/15/17 (Pre-Refunded to 08/15/15 @ $100) (h)		500		508,940
Michigan  |  0.5%
Michigan State Hospital Finance Authority Series A Trinity Health, 5.250%, 12/01/15		500		516,435

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Virginia  |  0.4%
Richmond VA Public Improvement Series A, 5.000%, 07/15/17 (Pre-Refunded to 07/15/15 @ $100) (h)	$	500	$	506,835
Total Municipal Bonds (Identified cost $7,576,130)				7,575,770
US Government Securities  |  42.7%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 3.702%, 05/01/40		928		989,053
Pool# 1B8709, 1.991%, 08/01/34		2,271		2,404,006
Pool# 1H2577, 2.383%, 09/01/35		1,424		1,523,937
Pool# 1Q1531, 2.329%, 04/01/38		1,169		1,245,716
Pool# 848138, 2.425%, 07/01/38		1,193		1,276,683
Pool# 848514, 2.521%, 03/01/32		2,448		2,623,038
Pool# 848517, 2.386%, 12/01/34		1,811		1,935,267
Pool# 849414, 2.388%, 07/01/35		2,307		2,463,892
Pool# G11720, 4.500%, 08/01/20		429		452,821
Pool# G13867, 5.000%, 06/01/25		559		610,425
Series 2628, Class QN, 3.750%, 06/15/32		1,220		1,267,578
Series 2976, Class LF, 0.515%, 05/15/35		1,564		1,571,188
Series 3153, Class FJ, 0.555%, 05/15/36		1,000		1,004,266
Series 3725, Class A, 3.500%, 09/15/24		403		416,773
Federal National Mortgage Association:
Pool# 725296, 2.193%, 03/01/34		1,019		1,088,691
Pool# 725429, 5.000%, 05/01/19		617		656,455
Pool# 889735, 5.500%, 07/01/23		541		599,264
Pool# 889828, 5.000%, 10/01/19		409		435,099
Pool# 963058, 4.897%, 05/01/38		841		899,487
Pool# 995609, 2.359%, 04/01/35		1,176		1,257,292
Pool# AD0278, 4.251%, 09/01/39		334		359,587
Pool# AD0701, 2.133%, 02/01/37		1,400		1,486,858
Pool# AE0149, 2.332%, 12/01/36		1,177		1,258,301
Pool# AE0315, 4.500%, 02/01/21		155		162,653
Pool# AE0887, 3.216%, 09/01/40		524		558,677
Pool# AL0345, 2.345%, 11/01/35		1,130		1,201,659
Pool# AL3232, 2.362%, 02/01/40		521		553,570
Pool# AL3260, 2.239%, 07/01/38		723		769,031
Pool# AL3739, 2.307%, 07/01/38		398		425,037
Pool# AL3746, 2.332%, 01/01/37		1,345		1,436,259
Pool# AL3941, 6.000%, 03/01/24		799		863,625
Pool# AL4118, 2.273%, 05/01/35		871		927,372
Pool# AL4545, 2.324%, 05/01/39		1,153		1,231,079
Pool# AL4660, 2.899%, 11/01/41		1,169		1,241,292
Pool# AL5574, 2.318%, 12/01/40		1,729		1,844,929
Pool# AL5642, 2.351%, 05/01/39		2,417		2,581,602
Series 2005-45, Class XA, 0.514%, 06/25/35		1,768		1,775,646
Series 2006-101, Class FA, 0.594%, 10/25/36		2,038		2,053,855

Description	Principal Amount (000)		Value
Series 2007-85, Class FL, 0.714%, 09/25/37	$	966	$	976,626
Series 2009-70, Class NL, 3.000%, 08/25/19		1,931		1,985,222
Total US Government Securities (Identified cost $48,187,655)				48,413,811
US Treasury Securities  |  9.4%
US Treasury Notes:
1.375%, 11/30/15		1,780		1,793,767
2.125%, 12/31/15		8,710		8,832,480
Total US Treasury Securities (Identified cost $10,629,576)				10,626,247
Description	Shares		Value
Short-Term Investment  |  2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $3,145,595)		3,145,595	$	3,145,595
Total Investments  l 99.2% (Identified cost $112,104,207) (b)			$	112,319,506
Cash and Other Assets in Excess of Liabilities  |  0.8%				866,426
Net Assets  |  100.0%			$	113,185,932

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  33.4%
Australia  |  3.3%
Mercedes-Benz Australia/Pacific Property, Ltd., 4.500%, 05/18/15	AUD		80	$	61,081
Telstra Corp., Ltd., 4.000%, 11/15/17	AUD		110		86,916
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		35		28,138
					176,135
Canada  |  5.1%
Shaw Communications, Inc., 5.650%, 10/01/19	CAD		65		59,389
Suncor Energy, Inc., 6.100%, 06/01/18	USD		40		45,059
The Bank of Nova Scotia, 2.125%, 09/11/19	USD		80		81,282
The Toronto-Dominion Bank:
1.824%, 04/03/17	CAD		65		51,891
2.250%, 11/05/19	USD		35		35,563
					273,184
Chile  |  1.9%
Codelco, Inc., 3.750%, 11/04/20	USD		100		105,075
France  |  1.1%
Orange SA, 5.375%, 07/08/19	USD		50		56,977
Italy  |  1.3%
Atlantia SpA, 4.375%, 09/16/25	EUR		50		70,742
Luxembourg  |  0.6%
ArcelorMittal SA, 5.250%, 02/25/17	USD		30		31,200
Netherlands  |  2.9%
Volkswagen International Finance NV, 2.150%, 05/23/16	CNY		1,000		156,546
Norway  |  0.8%
Statoil ASA, 3.700%, 03/01/24	USD		40		42,724
United Kingdom  |  5.9%
BG Energy Capital PLC, 5.125%, 12/01/25	GBP		50		89,333
GKN Holdings PLC, 6.750%, 10/28/19	GBP		30		52,881
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		50		89,734

Description	Security Currency	Principal Amount (000)		Value
SSE PLC, 5.000%, 10/01/18	GBP		50	$	83,073
					315,021
United States  |  10.5%
Apple, Inc., 3.850%, 05/04/43	USD		60		60,948
Constellation Brands, Inc., 7.250%, 05/15/17	USD		40		44,150
Fresenius US Finance II, Inc., 9.000%, 07/15/15	USD		20		20,400
General Electric Capital Corp., 5.500%, 02/01/17	NZD		75		57,667
HCA, Inc., 6.500%, 02/15/20	USD		30		33,780
John Deere Capital Corp., 2.300%, 09/16/19	USD		25		25,525
Marathon Petroleum Corp., 3.625%, 09/15/24	USD		30		30,342
Nestle Holdings, Inc.:
2.500%, 07/10/17	NOK		200		25,451
2.750%, 04/15/20	NOK		340		44,549
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		75		57,377
3.625%, 01/22/23	USD		45		46,547
United Rentals North America, Inc., 4.625%, 07/15/23	USD		25		25,281
Valero Energy Corp., 6.125%, 02/01/20	USD		45		52,130
Yum! Brands, Inc., 3.750%, 11/01/21	USD		35		36,830
					560,977
Total Corporate Bonds (Identified cost $1,876,544)					1,788,581
Foreign Government Obligations  |  52.9%
Australia  |  2.1%
Queensland Treasury Corp., 5.500%, 06/21/21	AUD		125		111,858
Bahamas  |  0.8%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		35		41,256
Bermuda  |  2.1%
Government of Bermuda, 5.603%, 07/20/20	USD		100		110,500
Canada  |  7.2%
Province of Alberta, 4.000%, 12/01/19	CAD		70		62,509
Province of British Columbia, 3.700%, 12/18/20	CAD		65		58,185
Province of Ontario:
6.250%, 06/16/15	NZD		75		56,334

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
2.850%, 06/02/23	CAD		150	$	127,394
Province of Quebec, 3.500%, 07/29/20	USD		75		81,480
					385,902
Colombia  |  3.1%
Republic of Colombia:
12.000%, 10/22/15	COP		143,000		56,907
7.375%, 01/27/17	USD		100		110,500
					167,407
Czech Republic  |  1.2%
Czech Republic, 2.500%, 08/25/28	CZK		1,340		63,561
France  |  0.9%
Government of France, 2.500%, 05/25/30	EUR		35		46,908
Ireland  |  3.3%
Irish Treasury:
3.400%, 03/18/24	EUR		75		99,804
2.400%, 05/15/30	EUR		60		76,825
					176,629
Malaysia  |  1.9%
Malaysia Government Bond, 3.394%, 03/15/17	MYR		380		102,756
Mexico  |  4.8%
Mexican Bonos, 4.750%, 06/14/18	MXN		2,920		191,531
United Mexican States, 6.750%, 02/06/24	GBP		35		67,106
					258,637
New Zealand  |  3.1%
Auckland Council, 4.620%, 03/29/16	NZD		100		75,383
New Zealand Government Bond, 3.000%, 04/15/20	NZD		90		66,754
New Zealand Local Government Funding Agency, 6.000%, 12/15/17	NZD		30		23,776
					165,913
Norway  |  3.9%
Norwegian Government Bond, 4.500%, 05/22/19	NOK		530		75,000
Oslo Kommune, 3.550%, 02/12/21	NOK		1,000		135,916
					210,916
Peru  |  2.3%
Peru Government nternational Bond, 5.700%, 08/12/24	PEN		393		125,279

Description	Security Currency	Principal Amount (000)		Value
Philippines  |  2.7%
Republic of Philippines, 4.950%, 01/15/21	PHP		6,000	$	142,282
Poland  |  4.0%
Poland Government Bond, 2.010%, 01/25/21	PLN		485		127,499
Republic of Poland, 3.000%, 03/17/23	USD		83		85,199
					212,698
Singapore  |  1.5%
Singapore Government Bond, 3.000%, 09/01/24	SGD		105		81,140
Slovakia  |  1.2%
Slovakia Government Bond, 1.375%, 01/21/27	EUR		55		64,035
Sweden  |  1.1%
Svensk Exportkredit AB, 1.875%, 12/21/18	GBP		40		61,062
United Kingdom  |  3.6%
United Kingdom Treasury:
1.750%, 07/22/19	GBP		70		107,078
2.250%, 09/07/23	GBP		55		86,383
					193,461
Vietnam  |  2.1%
Socialist Republic of Vietnam, 6.750%, 01/29/20	USD		100		112,750
Total Foreign Government Obligations (Identified cost $3,016,630)					2,834,950
Quasi Government Bonds  |  1.9%
Canada  |  1.6%
Hydro-Quebec, 9.625%, 07/15/22	CAD		70		85,164
Germany  |  0.3%
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17	NOK		130		16,706
Total Quasi Government Bonds (Identified cost $118,827)					101,870
Supranationals  |  4.5%
Asian Development Bank, 2.125%, 03/19/25	USD		25		25,215
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		85		92,820
Inter-American Development Bank, 6.000%, 12/15/17	NZD		45		35,647
International Bank for Reconstruction & Development:
2.375%, 09/26/16	CNY		220		34,375

Description	Security Currency	Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
1.375%, 06/23/19	SEK		420	$	50,961
Total Supranationals
(Identified cost $251,370)					239,018
US Municipal Bonds  |  4.2%
Alaska  |  1.7%
Alaska State Qualified School Construction Bond, 5.342%, 08/01/27	USD		75		91,429
Texas  |  2.5%
Texas State Build America Bond Series A, 4.123%, 04/01/25	USD		50		55,816
University of Texas Build America Bond Series B, 6.276%, 08/15/41	USD		70		79,969
					135,785
Total US Municipal Bonds (Identified cost $223,615)					227,214
Description		Shares		Value
Short-Term Investment  |  2.4%
State Street Institutional Treasury Money Market Fund (Identified cost $129,516)			129,516	$	129,516
Total Investments  |  99.3% (Identified cost $5,616,502) (b), (g)				$	5,321,149
Cash and Other Assets in Excess of Liabilities  |  0.7%					34,932
Net Assets  |  100.0%				$	5,356,081

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at March 31, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	CAN	05/20/15		137,204	$	106,491	$	104,216	$	—	$	2,275
AUD	HSB	05/20/15		43,544		33,800		33,074		—		726
CAD	CIT	05/20/15		85,266		68,077		67,278		—		799
CAD	RBC	05/20/15		119,841		95,620		94,559		—		1,061
CHF	CIT	06/12/15		150,879		148,722		155,708		6,986		—
DKK	CIT	05/20/15		99,403		15,250		14,327		—		923
DKK	HSB	06/12/15		628,323		98,219		90,633		—		7,586
EUR	CIT	05/20/15		34,366		39,064		36,975		—		2,089
EUR	CIT	05/20/15		51,826		58,708		55,762		—		2,946
EUR	CIT	05/20/15		120,692		129,400		129,856		456		—
EUR	CIT	05/20/15		844,024		960,465		908,112		—		52,353
EUR	HSB	05/20/15		40,503		43,013		43,579		566		—
EUR	HSB	05/20/15		66,047		70,800		71,062		262		—
EUR	HSB	05/20/15		67,857		74,834		73,010		—		1,824
GBP	CIT	05/20/15		60,570		92,211		89,820		—		2,391
GBP	CIT	05/20/15		122,226		184,164		181,251		—		2,913
GBP	HSB	05/20/15		54,105		79,336		80,233		897		—
JPY	CIT	05/20/15		83,031,253		698,048		692,749		—		5,299
JPY	HSB	05/20/15		8,708,706		72,400		72,659		259		—
JPY	HSB	05/20/15		15,393,374		129,420		128,430		—		990
KRW	HSB	05/04/15		34,889,150		31,380		31,415		35		—
MXN	CIT	05/20/15		630,974		42,100		41,243		—		857
MXN	JPM	05/20/15		261,697		17,400		17,106		—		294
MXN	JPM	05/20/15		906,177		58,270		59,232		962		—
NOK	CIT	06/12/15		274,495		35,976		34,013		—		1,963
NOK	HSB	05/20/15		583,781		69,492		72,378		2,886		—
SGD	SSB	05/20/15		10,697		7,848		7,786		—		62
TRY	SCB	04/13/15		74,282		32,000		28,489		—		3,511
Total Forward Currency Purchase Contracts					$	3,492,508	$	3,414,955	$	13,309	$	90,862
Forward Currency Sale Contracts
AUD	CAN	05/20/15		10,482	$	7,943	$	7,962	$	—	$	19
AUD	CAN	05/20/15		10,494		8,191		7,971		220		—
AUD	CAN	05/20/15		10,496		8,131		7,972		159		—
AUD	CAN	05/20/15		343,081		266,917		260,594		6,323		—
AUD	CIT	05/20/15		31,183		23,800		23,686		114		—
CAD	CIT	05/20/15		258,138		208,340		203,680		4,660		—
CAD	HSB	05/20/15		39,441		31,701		31,121		580		—
CAD	RBC	05/20/15		285,320		230,229		225,128		5,101		—
CHF	CIT	06/12/15		19,484		22,400		20,107		2,293		—
CHF	CIT	06/12/15		46,891		48,570		48,391		179		—
CHF	CIT	06/12/15		84,504		97,000		87,209		9,791		—
CNH	JPM	05/04/15		417,491		65,700		67,019		—		1,319
COP	CIT	07/13/15		73,714,816		30,375		28,026		2,349		—

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at March 31, 2015 (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)
COP	CIT	07/13/15		80,996,259	$	33,181	$	30,794	$	2,387	$	—
CZK	CIT	05/20/15		11,550		479		450		29		—
CZK	CIT	05/20/15		553,357		22,969		21,599		1,370		—
CZK	HSB	05/20/15		623,434		25,861		24,335		1,526		—
EUR	CIT	05/20/15		19,471		20,600		20,949		—		349
EUR	CIT	05/20/15		35,812		39,700		38,531		1,169		—
EUR	CIT	05/20/15		44,732		48,600		48,129		471		—
EUR	CIT	05/20/15		66,858		71,100		71,935		—		835
EUR	CIT	06/12/15		125,900		148,722		135,504		13,218		—
EUR	HSB	05/20/15		68,429		72,000		73,625		—		1,625
EUR	HSB	05/20/15		130,093		144,100		139,971		4,129		—
EUR	HSB	06/12/15		84,523		98,218		90,970		7,248		—
GBP	CIT	05/20/15		6,754		10,000		10,015		—		15
GBP	CIT	05/20/15		15,176		22,900		22,505		395		—
GBP	CIT	05/20/15		141,683		218,450		210,105		8,345		—
GBP	HSB	05/20/15		30,942		47,200		45,885		1,315		—
GBP	HSB	05/20/15		238,078		367,084		353,051		14,033		—
JPY	CIT	05/20/15		1,719,911		14,200		14,350		—		150
JPY	CIT	05/20/15		3,173,213		26,200		26,475		—		275
JPY	CIT	05/20/15		6,838,053		56,501		57,052		—		551
JPY	HSB	05/20/15		11,521,881		96,300		96,130		170		—
MXN	HSB	05/20/15		2,039,540		135,506		133,314		2,192		—
MXN	JPM	05/20/15		1,598,678		106,214		104,497		1,717		—
MYR	JPM	06/09/15		341,791		93,393		91,749		1,644		—
NOK	HSB	05/20/15		148,753		19,000		18,443		557		—
NOK	HSB	05/20/15		435,864		53,000		54,039		—		1,039
NOK	HSB	05/20/15		459,474		58,200		56,966		1,234		—
NOK	HSB	05/20/15		1,991,575		264,281		246,919		17,362		—
NZD	BRC	05/20/15		89,801		67,104		66,821		283		—
NZD	CAN	05/20/15		327,094		244,411		243,391		1,020		—
PEN	CIT	04/30/15		222,768		72,895		71,609		1,286		—
PHP	HSB	06/23/15		6,167,685		137,672		137,323		349		—
PLN	HSB	05/20/15		431,224		116,656		113,612		3,044		—
SEK	CIT	05/20/15		159,504		19,006		18,534		472		—
SEK	CIT	06/12/15		288,000		35,975		33,478		2,497		—
SGD	SCB	05/20/15		111,661		81,268		81,269		—		1
TRY	SCB	04/13/15		74,282		27,925		28,489		—		564
Total Forward Currency Sale Contracts					$	4,166,168	$	4,051,679		121,231		6,742
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	134,540	$	97,604

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  93.7%
Australia  |  12.1%
AusNet Services		25,090,375	$	27,849,871
DUET Group		29,661,548		57,489,507
Macquarie Atlas Roads Group		9,726,122		24,022,778
Spark Infrastructure Group		25,205,288		37,916,043
Transurban Group		12,503,116		90,552,964
				237,831,163
Austria  |  0.4%
Flughafen Wien AG		84,870		7,387,878
France  |  14.8%
Aeroports de Paris		400,868		47,952,146
Eutelsat Communications SA		2,754,927		91,214,408
Vinci SA		2,664,331		152,476,063
				291,642,617
Germany  |  2.4%
Fraport AG		802,700		48,046,469
Italy  |  23.0%
ASTM SpA		834,619		11,834,517
Atlantia SpA		6,027,672		158,254,681
Hera SpA		12,633,410		29,681,550
Snam SpA		28,094,947		136,084,960
Societa Iniziative Autostradali e Servizi SpA		1,980,147		23,030,553
Terna SpA		21,133,675		93,048,266
				451,934,527
Japan  |  4.9%
Toho Gas Co., Ltd.		4,936,661		28,819,101
Tokyo Gas Co., Ltd.		10,703,700		67,411,242
				96,230,343
Luxembourg  |  4.3%
SES SA		2,379,763		84,232,071
South Korea  |  0.5%
Macquarie Korea Infrastructure Fund		1,435,773		10,136,973
Spain  |  4.7%
Abertis Infraestructuras SA		4,277,000		77,301,637
Aena SA		157,800		15,866,263
				93,167,900
Switzerland  |  2.5%
Flughafen Zuerich AG		61,903		48,765,965
United Kingdom  |  5.0%
National Grid PLC		1,610,000		20,583,875
Pennon Group PLC		6,321,911		77,322,127
				97,906,002

Description	Shares		Value
United States  |  19.1%
Ameren Corp.		1,381,700	$	58,307,740
California Water Service Group		8,411		206,154
CSX Corp.		2,785,659		92,261,026
Great Plains Energy, Inc.		3,351,800		89,426,024
Norfolk Southern Corp.		889,837		91,582,024
PG&E Corp.		714,599		37,923,769
SJW Corp.		215,316		6,655,417
				376,362,154
Total Common Stocks (Identified cost $1,822,032,614)				1,843,644,062
Short-Term Investment  |  9.3%
State Street Institutional Treasury Money Market Fund (Identified cost $183,603,849)		183,603,849		183,603,849
Total Investments  |  103.0% (Identified cost $2,005,636,463) (b), (g)			$	2,027,247,911
Liabilities in Excess of Cash and  Other Assets  |  (3.0)%				(59,565,034)
Net Assets  |  100.0%			$	1,967,682,877

Lazard Global Listed Infrastructure Portfolio (continued)

Forward Currency Contracts open at March 31, 2015:

Currency	Counterparty		Expiration Date		Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contract
GBP		RBC		06/24/15		1,653,316	$	2,454,596	$	2,451,141	$	—	$	3,455
Forward Currency Sale Contracts
AUD		BNP		06/24/15		36,061,821	$	27,471,426	$	27,339,631	$	131,795	$	—
AUD		CAN		06/24/15		21,544,869		16,406,525		16,333,860		72,665		—
AUD		CIT		06/24/15		45,187,929		34,404,733		34,258,428		146,305		—
AUD		CSF		06/24/15		70,997,329		54,085,056		53,825,369		259,687		—
AUD		HSB		06/24/15		46,567,933		35,449,839		35,304,654		145,185		—
AUD		RBC		06/24/15		34,687,532		26,431,899		26,297,738		134,161		—
AUD		SSB		06/24/15		24,704,672		18,821,007		18,729,409		91,598		—
AUD		SSB		06/24/15		27,925,998		21,119,790		21,171,601		—		51,811
CHF		BNP		06/24/15		5,455,044		5,464,454		5,632,591		—		168,137
CHF		BRC		06/24/15		2,543,814		2,551,852		2,626,608		—		74,756
CHF		CAN		06/24/15		4,179,008		4,183,149		4,315,023		—		131,874
CHF		CSF		06/24/15		17,122,906		17,135,844		17,680,210		—		544,366
CHF		JPM		06/24/15		2,754,140		2,889,165		2,843,780		45,385		—
CHF		RBC		06/24/15		13,114,600		13,126,676		13,541,444		—		414,768
EUR		BNP		06/24/15		50,896,275		55,960,454		54,788,802		1,171,652		—
EUR		BNP		06/24/15		167,995,932		178,359,601		180,844,195		—		2,484,594
EUR		CAN		06/24/15		127,183,421		135,029,367		136,910,360		—		1,880,993
EUR		CIT		06/24/15		52,980,050		56,247,330		57,031,944		—		784,614
EUR		CSF		06/24/15		35,190,736		37,373,442		37,882,110		—		508,668
EUR		HSB		06/24/15		60,328,808		64,058,938		64,942,731		—		883,793
EUR		MEL		06/24/15		110,910,038		117,761,505		119,392,394		—		1,630,889
EUR		RBC		06/24/15		204,842,719		217,579,839		220,509,010		—		2,929,171
EUR		SSB		06/24/15		48,168,521		51,810,013		51,852,431		—		42,418
EUR		SSB		06/24/15		54,256,738		57,615,230		58,406,272		—		791,042
GBP		BNP		06/24/15		4,303,152		6,387,470		6,379,681		7,789		—
GBP		BNP		06/24/15		17,455,788		25,800,213		25,879,253		—		79,040
GBP		BRC		06/24/15		19,092,455		28,340,840		28,305,710		35,130		—
GBP		CIT		06/24/15		4,486,232		6,660,933		6,651,108		9,825		—
GBP		HSB		06/24/15		4,564,871		6,778,468		6,767,695		10,773		—
GBP		JPM		06/24/15		1,929,593		2,865,750		2,860,737		5,013		—
GBP		RBC		06/24/15		12,850,247		19,078,119		19,051,262		26,857		—
GBP		SSB		06/24/15		3,735,970		5,565,848		5,538,800		27,048		—
JPY		BNP		06/24/15		2,808,072,707		23,274,535		23,440,866		—		166,331
JPY		CAN		06/24/15		411,907,237		3,413,558		3,438,466		—		24,908
JPY		CIT		06/24/15		2,281,035,676		18,899,799		19,041,335		—		141,536
JPY		CSF		06/24/15		2,341,438,594		19,403,330		19,545,559		—		142,229
JPY		HSB		06/24/15		1,305,550,453		10,820,077		10,898,306		—		78,229
JPY		MEL		06/24/15		1,817,432,020		15,067,418		15,171,324		—		103,906
JPY		SSB		06/24/15		790,067,041		6,548,205		6,595,220		—		47,015
KRW		CAN		06/24/15		4,982,289,313		4,397,431		4,479,080		—		81,649
KRW		CSF		06/24/15		665,285,396		587,189		598,091		—		10,902
KRW		HSB		06/24/15		2,892,414,038		2,552,881		2,600,281		—		47,400

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at March 31, 2015 (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)
KRW		JPM		06/24/15		1,110,998,056	$	980,711	$	998,788	$	—	$	18,077
KRW		RBC		06/24/15		1,410,623,131		1,245,034		1,268,151		—		23,117
Total Forward Currency Sale Contracts							$	1,460,004,943	$	1,471,970,308		2,320,868		14,286,233
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	2,320,868	$	14,289,688

Description	Shares		Value
Lazard US Realty Income Portfolio
Common Stocks  |  9.5%
Real Estate  |  9.5%
Colony Financial, Inc.		279,943	$	7,256,122
Starwood Property Trust, Inc.		300,300		7,297,290
Total Common Stocks (Identified cost $12,942,739)				14,553,412
Preferred Stocks  |  21.6%
Real Estate  |  21.6%
American Realty Capital Properties, Inc., Series F, 6.700%		121,985		2,878,846
CBL & Associates Properties, Inc., Series E, 6.625%		59,627		1,515,122
DDR Corp.:
Series K, 6.250%		66,000		1,686,300
Series J, 6.500%		47,900		1,223,366
Digital Realty Trust, Inc., Series G, 5.875%		50,400		1,222,704
General Growth Properties, Inc., Series A, 6.375%		237,138		6,047,019
Kilroy Realty Corp., Series H, 6.375%		17,700		451,881
Kimco Realty Corp.:
Series J, 5.500%		69,900		1,698,570
Series K, 5.625%		30,700		762,588
LaSalle Hotel Properties, Series I, 6.375%		91,700		2,310,840
National Retail Properties, Inc., Series E, 5.700%		30,800		768,460
Pebblebrook Hotel Trust, Series C, 6.500%		177,339		4,477,810
PS Business Parks, Inc., Series U, 5.750%		90,900		2,223,414
Regency Centers Corp., Series 7, 6.000%		31,481		787,025
Taubman Centers, Inc., Series K, 6.250%		109,771		2,762,936
Vornado Realty Trust, Series K, 5.700%		102,064		2,542,414
Total Preferred Stocks (Identified cost $32,801,549)				33,359,295
Real Estate Investment Trusts  |  67.5%
American Realty Capital Properties, Inc.		621,253		6,119,342
Apollo Commercial Real Estate Finance, Inc.		233,271		4,007,596
BioMed Realty Trust, Inc.		262,830		5,955,728
Blackstone Mortgage Trust, Inc., Class A		122,000		3,461,140
Campus Crest Communities, Inc.		762,085		5,456,529
CBL & Associates Properties, Inc.		347,500		6,880,500
Columbia Property Trust, Inc.		235,700		6,368,614
Digital Realty Trust, Inc.		24,100		1,589,636

Description	Shares		Value
Dynex Capital, Inc.		514,020	$	4,353,749
EPR Properties		91,762		5,508,473
Excel Trust, Inc.		218,500		3,063,370
First Potomac Realty Trust		361,526		4,298,544
HCP, Inc.		133,000		5,746,930
Mack-Cali Realty Corp.		299,314		5,770,774
Medical Properties Trust, Inc.		427,000		6,293,980
NorthStar Realty Finance Corp.		356,900		6,467,028
Spirit Realty Capital, Inc.		350,900		4,238,872
STAG Industrial, Inc.		264,900		6,230,448
The GEO Group, Inc.		7,000		307,747
WP Carey, Inc.		68,269		4,642,292
WP GLIMCHER, Inc.		449,165		7,469,614
Total Real Estate Investment Trusts (Identified cost $108,761,911)				104,230,906
Total Investments  |  98.6% (Identified cost $154,506,199) (b)			$	152,143,613
Cash and Other Assets in Excess of Liabilities  |  1.4%				2,224,685
Net Assets  |  100.0%			$	154,368,298

Description	Shares		Value
Lazard US Realty Equity Portfolio
Common Stocks  |  10.2%
Commercial Services  |  2.9%
Realogy Holdings Corp. (a)		74,013	$	3,366,111
Leisure & Entertainment  |  2.5%
Starwood Hotels & Resorts Worldwide, Inc.		35,977		3,004,080
Real Estate  |  4.8%
CBRE Group, Inc., Class A (a)		54,300		2,101,953
Colony Financial, Inc.		91,715		2,377,253
Farmland Partners, Inc.		98,472		1,156,061
Total Common Stocks (Identified cost $11,092,731)				12,005,458
Real Estate Investment Trusts  |  90.0%
Acadia Realty Trust		51,525		1,797,192
American Homes 4 Rent, Class A		248,585		4,114,082
American Realty Capital Properties, Inc.		436,504		4,299,564
American Tower Corp.		74,889		7,050,799
Apartment Investment & Management Co., Class A		133,800		5,266,368
AvalonBay Communities, Inc.		28,795		5,017,529
Boston Properties, Inc.		22,725		3,192,408
Crown Castle International Corp.		50,722		4,186,594
Equinix, Inc.		10,200		2,407,101
Equity Lifestyle Properties, Inc.		54,470		2,993,127
Essex Property Trust, Inc.		23,245		5,344,026
Extra Space Storage, Inc.		31,194		2,107,779
Federal Realty Investment Trust		9,800		1,442,658
First Potomac Realty Trust		101,437		1,206,086
Health Care REIT, Inc.		47,600		3,682,336
Kilroy Realty Corp.		31,270		2,381,836
Parkway Properties Inc.		146,832		2,547,535
Prologis, Inc.		97,068		4,228,282
Public Storage		25,695		5,065,512
Retail Opportunity Investments Corp.		130,706		2,391,920
Rexford Industrial Realty, Inc.		212,785		3,364,131
Simon Property Group, Inc.		59,935		11,725,683
SL Green Realty Corp.		13,737		1,763,556
Sovran Self Storage, Inc.		14,400		1,352,736
Strategic Hotels & Resorts, Inc. (a)		124,100		1,542,563
Sunstone Hotel Investors, Inc.		122,102		2,035,440
Taubman Centers, Inc.		35,180		2,713,433
Ventas, Inc.		55,952		4,085,615
Weyerhaeuser Co.		83,434		2,765,837
WP GLIMCHER, Inc.		228,900		3,806,607
Total Real Estate Investment Trusts (Identified cost $92,867,201)				105,878,335

Description	Shares		Value
Short-Term Investment  |  0.6%
State Street Institutional Treasury Money Market Fund (Identified cost $671,838)		671,838	$	671,838
Total Investments  |  100.8% (Identified cost $104,631,770)				118,555,631

Description	Number of Contracts			Value
Purchased Option  |  0.4%
iShares US Real Estate ETF 80 Put, Expires 06/19/15 (Identified cost $415,858)		1,775	$	477,475
Total Investments and Purchased Option  |  101.2% (Identified cost $105,047,628) (b)			$	119,033,106
Liabilities in Excess of Cash and  Other Assets  |  (1.2)%				(1,373,953)
Net Assets  |  100.0%			$	117,659,153

Description	Shares		Value
Lazard Global Realty Equity Portfolio
Common Stocks  |  41.5%
Australia  |  2.0%
Charter Hall Group		12,024	$	46,573
Goodman Group		14,639		70,533
				117,106
Brazil  |  2.1%
Aliansce Shopping Centers SA		7,700		40,773
BR Properties SA		9,200		37,676
Sonae Sierra Brasil SA		7,100		42,246
				120,695
China  |  1.1%
China Overseas Land & Investment, Ltd.		18,000		62,555
Germany  |  1.4%
Deutsche Annington Immobilien SE		2,458		83,051
Hong Kong  |  7.9%
CK Hutchison Holdings, Ltd.		10,500		214,944
Hongkong Land Holdings, Ltd.		19,400		146,572
The Wharf Holdings, Ltd.		14,825		103,153
				464,669
India  |  1.2%
DLF, Ltd.		27,852		70,150
Japan  |  9.1%
Hulic Co., Ltd.		14,100		158,117
Mitsubishi Estate Co., Ltd.		4,000		92,843
Mitsui Fudosan Co., Ltd.		8,000		235,116
NTT Urban Development Corp.		4,500		45,033
				531,109
Mexico  |  1.6%
Corp Inmobiliaria Vesta SAB de CV		49,400		91,329
Philippines  |  4.1%
Ayala Land, Inc.		139,265		119,801
SM Prime Holdings, Inc.		270,600		120,838
				240,639
United Arab Emirates  |  2.1%
Emaar Properties PJSC		70,318		125,592
United Kingdom  |  2.1%
Capital & Counties Properties PLC		9,775		58,086
Workspace Group PLC		4,911		62,075
				120,161
United States  |  6.8%
CBRE Group, Inc., Class A (a)		2,347		90,852
Colony Financial, Inc.		2,607		67,573

Description	Shares		Value
Realogy Holdings Corp. (a)		1,852	$	84,229
Starwood Hotels & Resorts Worldwide, Inc.		1,859		155,227
				397,881
Total Common Stocks (Identified cost $2,447,409)				2,424,937
Real Estate Investment Trusts  |  59.5%
Australia  |  2.9%
Westfield Corp.		23,423		169,923
Canada  |  2.7%
Allied Properties Real Estate Investment Trust		1,153		36,669
Boardwalk Real Estate Investment Trust		2,535		117,988
				154,657
France  |  4.8%
Gecina SA		541		73,181
Klepierre		1,940		95,302
Unibail-Rodamco SE		408		110,112
				278,595
Hong Kong  |  3.2%
The Link REIT		30,019		184,150
Italy  |  0.9%
Beni Stabili SpA		67,781		53,142
Japan  |  3.2%
Japan Real Estate Investment Corp.		7		32,914
Kenedix Retail REIT Corp.		45		104,419
Premier Investment Corp.		9		51,833
				189,166
Mexico  |  0.7%
Fibra Uno Administracion SA de CV		16,000		42,377
Singapore  |  1.0%
Ascendas Real Estate Investment Trust		30,800		58,083
United Kingdom  |  2.9%
Big Yellow Group PLC		7,844		75,312
Great Portland Estates PLC		7,943		95,545
				170,857
United States  |  37.2%
American Homes 4 Rent, Class A		10,233		169,356
American Realty Capital Properties, Inc.		16,513		162,653
American Tower Corp.		729		68,635
Apartment Investment & Management Co., Class A		3,176		125,007
Boston Properties, Inc.		634		89,064
Equinix, Inc.		126		29,735
Equity Lifestyle Properties, Inc.		1,800		98,910
Essex Property Trust, Inc.		534		122,767
Kilroy Realty Corp.		1,107		84,320
Prologis, Inc.		2,521		109,815
Public Storage		921		181,566
Retail Opportunity Investments Corp.		5,149		94,227

Description	Shares		Value
Lazard Global Realty Equity Portfolio (concluded)
Rexford Industrial Realty, Inc.		8,678	$	137,199
Simon Property Group, Inc.		1,624		317,719
SL Green Realty Corp.		559		71,765
Strategic Hotels & Resorts, Inc. (a)		4,920		61,156
Ventas, Inc.		1,339		97,774
WP GLIMCHER, Inc.		9,045		150,418
				2,172,086
Total Real Estate Investment Trusts (Identified cost $3,187,059)				3,473,036
Short-Term Investment  |  1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $89,901)		89,901		89,901
Total Investments  |  102.5% (Identified cost $5,724,369) (b)			$	5,987,874
Liabilities in Excess of Cash and Other Assets  |  (2.5)%				(146,019)
Net Assets  |  100.0%			$	5,841,855

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Notes  |  3.4%
VelocityShares Daily Inverse VIX Medium Term ETN (a)		84,600	$	3,559,968
VelocityShares Daily Inverse VIX Short-Term ETN (a)		68,700		2,379,768
Total Exchange-Traded Notes (Identified cost $5,582,927)				5,939,736
Exchange-Traded Funds  |  73.7%
Alerian MLP ETF		271,300		4,495,441
iShares MSCI Emerging Markets ETF		111,500		4,474,495
iShares MSCI Germany ETF		455,000		13,577,200
iShares MSCI Japan ETF		1,428,400		17,897,852
iShares MSCI Spain Capped ETF		271,800		9,453,204
iShares MSCI Taiwan ETF		277,900		4,374,146
iShares North American Tech ETF		51,300		5,290,056
iShares U.S. Consumer Services ETF		66,100		9,530,959
iShares U.S. Medical Devices ETF		45,900		5,521,311
PowerShares Aerospace & Defense Portfolio		148,300		5,448,542
PowerShares Buyback Achievers Portfolio		196,000		9,664,760
PowerShares Fundamental High Yield Corporate Bond Portfolio		662,400		12,565,728
SPDR Barclays Convertible Securities ETF		191,100		9,126,936
Vanguard Short-Term Corporate Bond ETF		225,200		18,063,292
Total Exchange-Traded Funds (Identified cost $126,747,072)				129,483,922
Closed-End Management Investment Company  |  1.6%
Morgan Stanley India Investment Fund, Inc. (a) (Identified cost $2,511,051)		99,245		2,765,958
Short-Term Investment  |  20.9%
State Street Institutional Treasury Money Market Fund (Identified cost $36,658,534)		36,658,534		36,658,534
Total Investments   |  99.6% (Identified cost $171,499,584) (b), (g)			$	174,848,150
Cash and Other Assets in Excess  of Liabilities  |  0.4%				706,698
Net Assets  |  100.0%			$	175,554,848

Lazard Capital Allocator Opportunistic Strategies Portfolio (continued)

Forward Currency Sale Contracts open at March 31, 2015

Currency	Counterparty		Expiration Date		Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
EUR		SSB		06/09/15		4,693,181	$	5,100,000	$	5,050,964	$	49,036	$	—
EUR		SSB		06/09/15		8,072,459		8,551,600		8,687,860		—		136,260
EUR		SSB		06/09/15		8,147,893		9,000,000		8,769,045		230,955		—
JPY		SSB		06/09/15		1,081,184,678		8,927,000		9,023,129		—		96,129
Total Forward Currency Sale Contracts							$	31,578,600	$	31,530,998		279,991		232,389
Gross unrealized appreciation/depreciation on Forward Currency Sale Contracts											$	279,991	$	232,389

Total Return Swap Agreements open at March 31, 2015:

Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
USD	GSC		9,575	06/30/15	1 Month USD LIBOR plus 0.40%	Appreciation, and dividends paid, on securities in a basket of domestic equity securities	$	(57,575	)
USD	GSC		7,606	01/21/16	1 Month USD LIBOR plus 0.40%	Appreciation, and dividends paid, on securities in a basket of domestic equity securities		20,194
Net unrealized depreciation on Total Return Swap Agreements								(37,381	)

Description	Shares		Value
Lazard Fundamental Long/Short Portfolio
Common Stocks  |  94.8%
Agriculture  |  1.8%
Monsanto Co. (i)		13,314	$	1,498,358
Banking  |  4.7%
Comerica, Inc. (i)		27,136		1,224,648
Signature Bank (a), (i)		19,963		2,586,805
				3,811,453
Chemicals  |  3.3%
Calgon Carbon Corp. (i)		75,569		1,592,239
Eastman Chemical Co.		15,178		1,051,228
				2,643,467
Commercial Services  |  8.5%
Blackhawk Network Holdings, Inc., Class B (a), (i)		50,724		1,803,238
MDC Partners, Inc., Class A		92,135		2,612,027
ServiceMaster Global Holdings, Inc. (i)		74,785		2,523,994
				6,939,259
Financial Services  |  7.3%
Intercontinental Exchange, Inc. (i)		8,374		1,953,403
Springleaf Holdings, Inc. (a), (i)		24,000		1,242,480
TAL International Group, Inc.		25,507		1,038,900
The Charles Schwab Corp. (i)		54,997		1,674,109
				5,908,892
Food & Beverages  |  1.9%
Kellogg Co. (i)		22,856		1,507,353
Gas Utilities  |  1.0%
Dynegy, Inc. (a)		26,650		837,610
Health Services  |  4.9%
Brookdale Senior Living, Inc. (a), (i)		40,881		1,543,667
Quintiles Transnational Holdings, Inc. (a), (i)		35,993		2,410,451
				3,954,118
Insurance  |  6.3%
The Hartford Financial Services Group, Inc. (i)		64,669		2,704,458
Voya Financial, Inc. (i)		56,118		2,419,247
				5,123,705
Leisure & Entertainment  |  3.8%
Viacom, Inc., Class B (i)		44,764		3,057,381
Manufacturing  |  3.9%
Honeywell International, Inc. (i)		15,548		1,621,812
Rockwell Automation, Inc. (i)		13,676		1,586,279
				3,208,091
Medical Products  |  5.1%
Natus Medical, Inc. (a), (i)		65,158		2,571,786

Description	Shares		Value
Thermo Fisher Scientific, Inc. (i)		11,915	$	1,600,661
				4,172,447
Pharmaceutical & Biotechnology  |  9.0%
AMAG Pharmaceuticals, Inc. (a)		16,900		923,754
Cellectis SA ADR		21,600		747,144
Mylan NV (a), (i)		20,365		1,208,663
Teva Pharmaceutical Industries, Ltd. Sponsored ADR (i)		26,276		1,636,995
United Therapeutics Corp. (a), (i)		11,477		1,979,036
Vertex Pharmaceuticals, Inc. (a)		6,856		808,802
				7,304,394
Retail  |  16.0%
Advance Auto Parts, Inc. (i)		19,051		2,851,744
AutoZone, Inc. (a), (i)		2,781		1,897,087
Cabela’s, Inc. (a), (i)		35,800		2,004,084
Dick’s Sporting Goods, Inc. (i)		51,023		2,907,801
Kohl’s Corp. (i)		43,254		3,384,625
				13,045,341
Semiconductors & Components  |  3.0%
Maxim Integrated Products, Inc.		24,809		863,601
Xerox Corp. (i)		120,724		1,551,304
				2,414,905
Technology  |  3.4%
Citrix Systems, Inc. (a), (i)		24,345		1,554,915
Google, Inc., Class C (a), (i)		2,155		1,180,940
				2,735,855
Technology Hardware  |  5.2%
Apple, Inc. (i)		15,805		1,966,616
Cisco Systems, Inc. (i)		41,734		1,148,728
NetApp, Inc.		32,375		1,148,018
				4,263,362
Transportation  |  5.7%
American Airlines Group, Inc. (i)		45,269		2,389,298
XPO Logistics, Inc. (a), (i)		49,561		2,253,539
				4,642,837
Total Common Stocks (Identified cost $72,849,331)				77,068,828
Short-Term Investment  |  63.4%
State Street Institutional Treasury Money Market Fund (Identified cost $51,561,509)		51,561,509		51,561,509
Total Common Stocks and Short-Term Investment (Identified cost $124,410,840)				128,630,337

Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (continued)
Securities Sold Short  |  (54.4)%
Banking  |  (2.1)%
US Bancorp		(27,603	)	$	(1,205,423	)
Valley National Bancorp		(49,779	)		(469,914	)
					(1,675,337	)
Commercial Services  |  (5.4)%
Fastenal Co.		(28,584	)		(1,184,378	)
MSC Industrial Direct Co., Inc., Class A		(15,294	)		(1,104,227	)
The Western Union Co.		(49,378	)		(1,027,556	)
WW Grainger, Inc.		(4,471	)		(1,054,307	)
					(4,370,468	)
Computer Software  |  (1.6)%
ACI Worldwide, Inc. (a)		(29,374	)		(636,241	)
SAP SE Sponsored ADR		(9,322	)		(672,769	)
					(1,309,010	)
Construction & Engineering  |  (0.9)%
Jacobs Engineering Group, Inc. (a)		(9,365	)		(422,924	)
KBR, Inc.		(22,930	)		(332,026	)
					(754,950	)
Financial Services  |  (9.4)%
Capital One Financial Corp.		(4,908	)		(386,849	)
Eaton Vance Corp.		(9,538	)		(397,162	)
Enova International, Inc. (a)		(18,835	)		(370,861	)
Ezcorp, Inc., Class A (a)		(60,380	)		(551,269	)
Manning & Napier, Inc.		(71,559	)		(930,983	)
Principal Financial Group, Inc.		(16,328	)		(838,769	)
Prudential Financial, Inc.		(8,583	)		(689,301	)
T Rowe Price Group, Inc.		(23,249	)		(1,882,704	)
The Goldman Sachs Group, Inc.		(7,062	)		(1,327,444	)
World Acceptance Corp. (a)		(4,350	)		(317,202	)
					(7,692,544	)
Forest & Paper Products  |  (0.9)%
Bemis Co., Inc.		(15,730	)		(728,456	)
Health Services  |  (1.0)%
Owens & Minor, Inc.		(23,905	)		(808,945	)
Insurance  |  (4.1)%
Assurant, Inc.		(12,611	)		(774,442	)
Genworth Financial, Inc., Class A (a)		(52,650	)		(384,872	)
Lincoln National Corp.		(7,040	)		(404,518	)
The Chubb Corp.		(8,714	)		(880,985	)
The Travelers Cos., Inc.		(8,310	)		(898,560	)
					(3,343,377	)
Leisure & Entertainment  |  (1.5)%
Wynn Resorts, Ltd.		(9,365	)		(1,178,866	)

Description	Shares			Value
Manufacturing  |  (5.5)%
AGCO Corp.		(15,059	)	$	(717,411	)
Corning, Inc.		(17,000	)		(385,560	)
Deere & Co.		(8,805	)		(772,110	)
Dover Corp.		(8,090	)		(559,181	)
Emerson Electric Co.		(6,319	)		(357,782	)
Flowserve Corp.		(6,467	)		(365,321	)
Spectrum Brands Holdings, Inc.		(6,282	)		(562,616	)
Terex Corp.		(28,350	)		(753,826	)
					(4,473,807	)
Medical Products  |  (1.3)%
DENTSPLY International, Inc.		(10,615	)		(540,197	)
St Jude Medical, Inc.		(8,233	)		(538,437	)
					(1,078,636	)
Pharmaceutical & Biotechnology  |  (6.8)%
Bio-Rad Laboratories, Inc., Class A (a)		(3,549	)		(479,754	)
Exact Sciences Corp. (a)		(23,650	)		(520,773	)
Haemonetics Corp. (a)		(15,439	)		(693,520	)
Johnson & Johnson		(7,710	)		(775,626	)
Keryx Biopharmaceuticals, Inc. (a)		(63,086	)		(803,085	)
Kite Pharma, Inc.		(4,801	)		(276,922	)
Pacira Pharmaceuticals, Inc. (a)		(7,840	)		(696,584	)
Regeneron Pharmaceuticals, Inc. (a)		(1,370	)		(618,528	)
Waters Corp. (a)		(5,982	)		(743,683	)
					(5,608,473	)
Retail  |  (8.4)%
Bed Bath & Beyond, Inc. (a)		(12,882	)		(989,016	)
Dillard’s, Inc., Class A		(4,794	)		(654,429	)
Nordstrom, Inc.		(8,607	)		(691,314	)
Target Corp.		(7,455	)		(611,832	)
The Gap, Inc.		(29,466	)		(1,276,762	)
Under Armour, Inc., Class A (a)		(12,198	)		(984,989	)
Wal-Mart Stores, Inc.		(19,321	)		(1,589,151	)
					(6,797,493	)
Semiconductors & Components  |  (1.5)%
Intersil Corp., Class A		(52,121	)		(746,373	)
Linear Technology Corp.		(9,967	)		(466,455	)
					(1,212,828	)
Technology  |  (1.8)%
Amdocs, Ltd.		(13,925	)		(757,520	)
NetScout Systems, Inc. (a)		(16,784	)		(735,978	)
					(1,493,498	)
Technology Hardware  |  (1.2)%
International Business Machines Corp.		(3,594	)		(576,837	)

Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (concluded)
Juniper Networks, Inc.		(16,270	)	$	(367,377)
					(944,214)
Transportation  |  (1.0)%
United Parcel Service, Inc., Class B		(7,971	)		(772,709)
Total Securities Sold Short (Proceeds $43,744,450)					(44,243,611)
Total Investments  |  103.8% (Identified cost and short proceeds $80,666,390) (b)				$	84,386,726
Liabilities in Excess of Cash and Other Assets  |  (3.8)%					(3,109,378)
Net Assets  |  100.0%				$	81,277,348

Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  8.5%
Australia  |  1.1%
Ainsworth Game Technology, Ltd.		7,415	$	16,270
Caltex Australia, Ltd.		845		22,463
iSelect, Ltd. (a)		5,459		6,163
Pact Group Holdings, Ltd.		3,307		10,607
				55,503
Canada  |  0.4%
Goldcorp, Inc.		417		7,556
MacDonald Dettwiler & Associates, Ltd.		146		11,314
				18,870
Hong Kong  |  0.7%
China Unicom Hong Kong, Ltd. ADR		1,214		18,525
HKBN, Ltd.		11,836		14,733
				33,258
Japan  |  0.1%
Daiwa House REIT Investment Corp.		1		4,380
Mexico  |  0.6%
Cemex SAB de CV Sponsored ADR (a)		3,295		31,204
United States  |  5.6%
Akamai Technologies, Inc. (a)		126		8,952
Alaska Air Group, Inc.		299		19,788
AOL, Inc. (a)		339		13,428
Apollo Commercial Real Estate Finance, Inc.		1,022		17,558
Bank of America Corp.		2,043		31,442
Calgon Carbon Corp.		476		10,029
Citrix Systems, Inc. (a)		209		13,349
Consolidated-Tomoka Land Co.		144		8,591
Delta Air Lines, Inc.		413		18,568
Google, Inc., Class C (a)		75		41,100
Great Western Bancorp, Inc.		556		12,237
iStar Financial, Inc. (a)		390		5,070
Metalico, Inc. (a)		15,575		5,763
Microsoft Corp.		558		22,685
Navistar International Corp. (a)		88		2,596
Southwest Airlines Co.		323		14,309
The Greenbrier Cos., Inc.		3		174
Thompson Creek Metals Co., Inc. (a)		4,090		5,399
Tyco International PLC		595		25,621
XPO Logistics, Inc. (a)		199		9,048
Yahoo!, Inc. (a)		32		1,422
				287,129
Total Common Stocks (Identified cost $438,585)				430,344

Description	Security Currency		Principal Amount (000)		Value
Corporate Bonds  |  25.1%
Canada  |  1.3%
Element Financial Corp., 5.125%, 06/30/19		CAD		70	$	65,769
Marshall Island  |  1.1%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		USD		45		54,310
United States  |  22.7%
Alpha Natural Resources, Inc., 4.875%, 12/15/20		USD		75		18,797
Argos Merger Sub, Inc., 7.125%, 03/15/23 (d)		USD		50		51,812
Ascent Capital Group, Inc., 4.000%, 07/15/20		USD		74		55,916
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		USD		40		42,400
Citrix Systems, Inc., 0.500%, 04/15/19 (d)		USD		10		10,525
Consolidated-Tomoka Land Co., 4.500%, 03/15/20 (d)		USD		10		10,913
Electronics For Imaging, Inc., 0.750%, 09/01/19 (d)		USD		30		30,638
Empire State Realty OP LP, 2.625%, 08/15/19 (d)		USD		55		58,266
FXCM, Inc., 2.250%, 06/15/18		USD		140		108,325
Halcon Resources Corp., 9.750%, 07/15/20		USD		40		28,200
IAS Operating Partnership LP, 5.000%, 03/15/18 (d)		USD		60		57,750
Immunomedics, Inc., 4.750%, 02/15/20 (d)		USD		20		19,942
inContact, Inc., 2.500%, 04/01/22 (d)		USD		5		5,197
InterDigital, Inc., 1.500%, 03/01/20 (d)		USD		10		9,931
JAKKS Pacific, Inc., 4.875%, 06/01/20 (d)		USD		40		35,150
Navistar International Corp., 4.750%, 04/15/19 (d)		USD		25		22,578
NVIDIA Corp., 1.000%, 12/01/18		USD		30		35,363
RAIT Financial Trust, 4.000%, 10/01/33		USD		40		34,100
Redwood Trust, Inc., 4.625%, 04/15/18		USD		30		29,681
Renewable Energy Group, Inc., 2.750%, 06/15/19		USD		25		23,109
Resource Capital Corp., 8.000%, 01/15/20		USD		35		33,556

Description	Security Currency	Principal Amount (000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Rovi Corp., 0.500%, 03/01/20 (d)	USD	60	$	57,187
SandRidge Energy, Inc., 7.500%, 03/15/21	USD	50		31,000
Starwood Waypoint Residential Trust, 3.000%, 07/01/19 (d)	USD	60		58,200
The Greenbrier Cos., Inc., 3.500%, 04/01/18	USD	2		3,028
TiVo, Inc., 2.000%, 10/01/21 (d)	USD	40		37,425
Trinity Industries, Inc., 3.875%, 06/01/36	USD	80		125,000
Violin Memory, Inc., 4.250%, 10/01/19	USD	50		48,125
Wright Medical Group, Inc., 2.000%, 02/15/20 (d)	USD	60		63,262
				1,145,376
Total Corporate Bonds (Identified cost $1,238,843)				1,265,455

Description	Shares		Value
Exchange-Traded Funds  |  3.3%
iShares Russell 2000 ETF		1,222	$	151,956
SPDR S&P 500 ETF Trust		63		13,005
Total Exchange-Traded Funds (Identified cost $160,246)				164,961
Preferred Stocks  |  7.5%
Bermuda  |  1.2%
Bunge, Ltd.		598		62,491
Ireland  |  0.6%
Actavis PLC Series A		30		30,360
United States  |  5.7%
American Tower Corp.		150		14,884
Barnes & Noble, Inc. Series J		45		64,555
Post Holdings, Inc. (d)		635		67,926
Ramco-Gershenson Properties Trust Series D		920		61,355
Universal Corp.		70		76,453
				285,173
Total Preferred Stocks (Identified cost $382,849)				378,024

Description	Shares		Value
Short-Term Investment  |  28.0%
State Street Institutional Treasury Money Market Fund (Identified cost $1,409,821)		1,409,821	$	1,409,821
Total Investments  |  72.4% (Identified cost $3,630,344)				3,648,605
Description	Number of Contracts		Value
Purchased Options  |  0.1%
EMC Corp. 27 Call, Expires 10/16/15		23	$	2,369
iShares MSCI Emerging Markets 44 Call, Expires 04/02/15		17		34
Natus Medical, Inc. 40 Call, Expires 07/17/15		2		480
Sandisk Corp. 69 Call, Expires 04/24/15		8		832
SPDR S&P 500 ETF Trust 206.5 Put, Expires 04/02/15		15		1,485
Spirit Airlines, Inc. 80 Call, Expires 05/15/15		11		2,970
Total Purchased Options (Identified cost $9,057)				8,170
Total Investments and Purchased Options  |  72.5% (Identified cost $3,639,401) (b)			$	3,656,775
Cash and Other Assets in Excess  of Liabilities  |  27.5%				1,383,803
Net Assets  |  100.0%			$	5,040,578

Lazard Enhanced Opportunities Portfolio (continued)

Written Options open at March 31, 2015:  

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Value
EMC Corp. 25.00 Put	13	$	25.00	01/15/16	$	2,554	$	(2,470	)
Sandisk Corp. 62.50 Put	3		62.50	04/24/15		622		(657	)
SPDR S&P 500 ETF Trust 208.50 Put	16		208.50	04/02/15		3,751		(3,840	)
Spirit Airlines, Inc. 65 Put	5		65.00	05/15/15		432		(175	)
Spirit Airlines, Inc. 70 Put	5		70.00	05/15/15		1,034		(560	)
Total Written Options					$	8,393	$	(7,702	)

Total Return Swap Agreements open at March 31, 2015:                                        

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
BRL	DUB	14	01/26/16	BRL SELICON Reuters plus 0.50%	BB Seguridade Participacoes S.A.	$	514
CAD	DUB	16	09/28/15	Element Financial Corp.	CAD CDOR less 0.30%		(2,102	)
EUR	DUB	5	01/05/16	1 Month EUR Reuters plus 0.50%	Elis SA		574
EUR	DUB	3	01/05/16	1 Month EUR Reuters plus 0.50%	Euronext NV		197
EUR	DUB	10	01/05/16	1 Month EUR Reuters plus 0.50%	Vinci SA		222
EUR	DUB	31	01/06/16	1 Month EUR Reuters plus 0.50%	Acciona SA		3,619
EUR	DUB	10	01/06/16	1 Month EUR Reuters plus 0.50%	Banco de Sabadell SA		(130	)
EUR	DUB	6	01/06/16	1 Month EUR Reuters plus 0.50%	Saeta Yield SA		56
EUR	DUB	9	02/09/16	1 Month EUR Reuters plus 0.50%	CRH PLC		12
EUR	DUB	21	02/09/16	1 Month EUR Reuters plus 0.50%	Origin Enterprises PLC		93
EUR	DUB	5	02/12/16	1 Month EUR Reuters plus 0.50%	NOS SGPS SA		624
GBP	DUB	8	02/12/16	1 Month EUR Reuters plus 0.50%	Aldermore Group PLC		18
GBP	DUB	9	02/12/16	1 Month EUR Reuters plus 0.50%	Auto Trader Group PLC		—
GBP	DUB	15	02/12/16	1 Month GBP Reuters plus 0.50%	Arrow Global Group PLC		801
GBP	DUB	38	02/12/16	1 Month GBP Reuters plus 0.50%	Card Factory PLC		4,560
GBP	DUB	8	02/12/16	1 Month GBP Reuters plus 0.50%	Galliford Try PLC		504
GBP	DUB	13	02/12/16	1 Month GBP Reuters plus 0.50%	John Laing Group PLC		272
GBP	DUB	20	02/12/16	1 Month GBP Reuters plus 0.50%	London Stock Exchange Group PLC		1,074
GBP	DUB	26	02/12/16	1 Month GBP Reuters plus 0.50%	Polypipe Group PLC		1,761

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at March 31, 2015 (continued):                                

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
GBP	DUB	12	02/12/16	1 Month GBP Reuters plus 0.50%	RPC Group PLC	$	132
GBP	DUB	3	02/12/16	1 Month GBP Reuters plus 0.50%	The Weir Group PLC		92
GBP	DUB	17	02/12/16	1 Month GBP Reuters plus 0.50%	UBM PLC		(193	)
SEK	DUB	9	02/19/16	1 Month SEK Reuters plus 0.50%	Swedbank AB		85
USD	DUB	72	09/28/15	1 Month USD Reuters plus 0.50%	AAR Corp.		1,819
USD	DUB	95	09/28/15	1 Month USD Reuters plus 0.50%	Altra Industrial Motion Corp.		(3,100	)
USD	DUB	3	09/28/15	1 Month USD Reuters plus 0.50%	American Airlines Group, Inc.		—
USD	DUB	44	09/28/15	1 Month USD Reuters plus 0.50%	Ani Pharmaceuticals, inc.		2,086
USD	DUB	116	09/28/15	1 Month USD Reuters plus 0.50%	AOL, Inc.		(7,945	)
USD	DUB	73	09/28/15	1 Month USD Reuters plus 0.50%	Blucora, Inc.		(1,593	)
USD	DUB	14	09/28/15	1 Month USD Reuters plus 0.50%	Calgon Carbon Corp.		151
USD	DUB	69	09/28/15	1 Month USD Reuters plus 0.50%	Carriage Services, Inc.		3,820
USD	DUB	23	09/28/15	1 Month USD Reuters plus 0.50%	Cemex SAB de CV		1,501
USD	DUB	47	09/28/15	1 Month USD Reuters plus 0.50%	Cobalt International Energy, Inc.		1,642
USD	DUB	66	09/28/15	1 Month USD Reuters plus 0.50%	Colony Capital, Inc.		1,745
USD	DUB	36	09/28/15	1 Month USD Reuters plus 0.50%	Cott Beverages, Inc.		963
USD	DUB	75	09/28/15	1 Month USD Reuters plus 0.50%	Cowen Group, Inc.		5,066
USD	DUB	89	09/28/15	1 Month USD Reuters plus 0.50%	Electronics For Imaging, Inc.		2,895
USD	DUB	46	09/28/15	1 Month USD Reuters plus 0.50%	Exelixis, Inc.		6,938
USD	DUB	126	09/28/15	1 Month USD Reuters plus 0.50%	Forest City Enterprises, Inc.		2,606
USD	DUB	72	09/28/15	1 Month USD Reuters plus 0.50%	GPT Property Trust LP		1,209
USD	DUB	44	09/28/15	1 Month USD Reuters plus 0.50%	Green Plains, Inc.		21
USD	DUB	76	09/28/15	1 Month USD Reuters plus 0.50%	Hologic, Inc.		(122	)
USD	DUB	67	09/28/15	1 Month USD Reuters plus 0.50%	Intel Corp.		(1,822	)

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at March 31, 2015 (continued):                                

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
USD	DUB	77	09/28/15	1 Month USD Reuters plus 0.50%	iStar Financial, Inc.	$	(1,914	)
USD	DUB	45	09/28/15	1 Month USD Reuters plus 0.50%	K Hovnanian Enterprises, Inc.		1,236
USD	DUB	111	09/28/15	1 Month USD Reuters plus 0.50%	Lam Research Corp.		(11,522	)
USD	DUB	63	09/28/15	1 Month USD Reuters plus 0.50%	LinkedIn Corp.		(1,947	)
USD	DUB	67	09/28/15	1 Month USD Reuters plus 0.50%	Navistar International Corp.		(2,904	)
USD	DUB	76	09/28/15	1 Month USD Reuters plus 0.50%	New Mountain Finance Corp.		(94	)
USD	DUB	75	09/28/15	1 Month USD Reuters plus 0.50%	NVIDIA Corp.		2,973
USD	DUB	82	09/28/15	1 Month USD Reuters plus 0.50%	Omnicare, Inc.		1,251
USD	DUB	6	09/28/15	1 Month USD Reuters plus 0.50%	PetroQuest Energy, Inc.		(2,221	)
USD	DUB	52	09/28/15	1 Month USD Reuters plus 0.50%	Photronics, Inc.		2,538
USD	DUB	11	09/28/15	1 Month USD Reuters plus 0.50%	Photronics, Inc.		—
USD	DUB	66	09/28/15	1 Month USD Reuters plus 0.50%	PROS Holdings, Inc.		1,630
USD	DUB	68	09/28/15	1 Month USD Reuters plus 0.50%	Prospect Capital Corp.		(788	)
USD	DUB	70	09/28/15	1 Month USD Reuters plus 0.50%	Quidel Corp.		1,234
USD	DUB	80	09/28/15	1 Month USD Reuters plus 0.50%	Redwood Trust, Inc.		(75	)
USD	DUB	5	09/28/15	1 Month USD Reuters plus 0.50%	Resource Capital Corp.		(328	)
USD	DUB	15	09/28/15	1 Month USD Reuters plus 0.50%	Rovi Corp.		(555	)
USD	DUB	2	09/28/15	1 Month USD Reuters plus 0.50%	SandRidge Energy, Inc.		(375	)
USD	DUB	88	09/28/15	1 Month USD Reuters plus 0.50%	Scorpio Tankers, Inc.		8,988
USD	DUB	58	09/28/15	1 Month USD Reuters plus 0.50%	SolarCity Corp.		(372	)
USD	DUB	11	09/28/15	1 Month USD Reuters plus 0.50%	Stillwater Mining Co		—
USD	DUB	82	09/28/15	1 Month USD Reuters plus 0.50%	SunEdison, Inc.		(733	)
USD	DUB	18	09/28/15	1 Month USD Reuters plus 0.50%	Teva Pharmaceutical Industries Ltd.		145
USD	DUB	90	09/28/15	1 Month USD Reuters plus 0.50%	The Priceline Group, Inc.		(4,424	)

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at March 31, 2015 (continued):                                

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
USD	DUB	73	09/28/15	1 Month USD Reuters plus 0.50%	The Priceline Group, Inc.	$	(465	)
USD	DUB	38	09/28/15	1 Month USD Reuters plus 0.50%	Theravance, Inc.		791
USD	DUB	33	09/28/15	1 Month USD Reuters plus 0.50%	Trinity Industries, Inc.		5,686
USD	DUB	71	09/28/15	1 Month USD Reuters plus 0.50%	Twitter, Inc.		(436	)
USD	DUB	65	09/28/15	1 Month USD Reuters plus 0.50%	Vector Group, Ltd.		(1,352	)
USD	DUB	84	09/28/15	1 Month USD Reuters plus 0.50%	Workday, Inc.		1,102
USD	DUB	26	09/28/15	AAR Corp.	USD FED OPEN less 0.30%		(1,744	)
USD	DUB	7	09/28/15	Aegean Marine Petroleum Network, Inc.	USD FED OPEN less 0.30%		8
USD	DUB	2	09/28/15	Alcoa, Inc.	USD FED OPEN less 0.30%		117
USD	DUB	5	09/28/15	Alibaba Group Holding, Ltd.	USD FED OPEN less 0.30%		(69	)
USD	DUB	3	09/28/15	Alpha Natural Resources, Inc.	USD FED OPEN less 0.30%		(64	)
USD	DUB	54	09/28/15	Altra Industrial Motion Corp.	USD FED OPEN less 0.30%		2,136
USD	DUB	21	09/28/15	AmTrust Financial Services, Inc.	USD FED OPEN less 3.00%		(655	)
USD	DUB	71	09/28/15	AmTrust Financial Services, Inc.	USD FED OPEN less 3.00%		(276	)
USD	DUB	28	09/28/15	ANI Pharmaceuticals, Inc.	USD FED OPEN less 0.30%		(497	)
USD	DUB	11	09/28/15	Ascent Media Corp.	USD FED OPEN less 0.30%		692
USD	DUB	16	09/28/15	Barnes & Noble, Inc.	USD FED OPEN less 0.30%		800
USD	DUB	41	09/28/15	Carriage Services, Inc.	USD FED OPEN		(533	)
USD	DUB	15	09/28/15	Cobalt International Energy, Inc.	USD FED OPEN less 0.30%		(1,023	)
USD	DUB	1	09/28/15	Colony Capital, Inc.	USD FED OPEN		—
USD	DUB	44	09/28/15	Cowen Group, Inc.	USD FED OPEN less 0.30%		(3,865	)
USD	DUB	19	09/28/15	Deere & Co.	USD FED OPEN less 0.30%		212
USD	DUB	37	09/28/15	Electronics For Imaging, Inc.	USD FED OPEN less 0.30%		(731	)
USD	DUB	16	09/28/15	Exact Sciences Corp.	USD FED OPEN less 0.30%		(417	)
USD	DUB	11	09/28/15	Exelixis, Inc.	USD FED OPEN less 3.00%		846
USD	DUB	40	09/28/15	Forest City Enterprises, Inc.	USD FED OPEN less 0.30%		(1,544	)
USD	DUB	17	09/28/15	Green Plains, Inc.	USD FED OPEN		(657	)
USD	DUB	7	09/28/15	Halyard Health, Inc.	USD FED OPEN less 0.30%		(775	)
USD	DUB	14	09/28/15	Hovnanian Enterprises, Inc.	USD FED OPEN less 0.30%		20
USD	DUB	2	09/28/15	InterDigital, Inc.	USD FED OPEN less 0.30%		57

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at March 31, 2015 (continued):                                

Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
USD	DUB	4		09/28/15	iShares MSCI Emerging Markets ETF	USD FED OPEN less 0.30%	$	41
USD	DUB	4		09/28/15	iStar Financial, Inc.	USD FED OPEN less 0.30%		122
USD	DUB	11		09/28/15	JAKKS Pacific, Inc.	USD FED OPEN		267
USD	DUB	30		09/28/15	Lam Research Corp.	USD FED OPEN less 0.30%		4,240
USD	DUB	17		09/28/15	LinkedIn Corp.	USD FED OPEN less 0.30%		831
USD	DUB	18		09/28/15	Navistar International Corp.	USD FED OPEN less 0.30%		(70	)
USD	DUB	60		09/28/15	NVIDIA Corp.	USD FED OPEN less 0.30%		397
USD	DUB	—	(j)	09/28/15	Oclaro, Inc.	USD FED OPEN less 0.30%		—
USD	DUB	12		09/28/15	Photronics, Inc.	USD FED OPEN less 0.30%		(151	)
USD	DUB	39		09/28/15	Post Holdings, Inc.	USD FED OPEN less 0.30%		872
USD	DUB	11		09/28/15	PROS Holdings, Inc.	USD FED OPEN less 0.30%		(237	)
USD	DUB	22		09/28/15	Quidel Corp.	USD FED OPEN less 0.30%		(4,021	)
USD	DUB	34		09/28/15	Ramco-Gershenson Properties Trust	USD FED OPEN less 0.30%		(145	)
USD	DUB	—	(j)	09/28/15	Redwood Trust, Inc.	USD FED OPEN less 0.30%		—
USD	DUB	12		09/28/15	Renewable Energy Group, Inc.	USD FED OPEN less 0.30%		(600	)
USD	DUB	—	(j)	09/28/15	Rio Tinto PLC	USD FED OPEN less 0.30%		—
USD	DUB	11		09/28/15	Rovi Corp.	USD FED OPEN less 0.30%		1,851
USD	DUB	34		09/28/15	Scorpio Tankers, Inc.	USD FED OPEN less 0.30%		(1,354	)
USD	DUB	15		09/28/15	SolarCity Corp.	USD FED OPEN less 2.50%		(366	)
USD	DUB	30		09/28/15	Spirit Airlines, Inc.	USD FED OPEN less 0.30%		(431	)
USD	DUB	—	(j)	09/28/15	Starwood Waypoint	USD FED OPEN less 0.30%		—
USD	DUB	13		09/28/15	SunEdison, Inc.	USD FED OPEN less 0.30%		350
USD	DUB	—	(j)	09/28/15	SunPower Corp.	USD FED OPEN less 0.75%		—
USD	DUB	38		09/28/15	The Priceline Group, Inc.	USD FED OPEN less 0.30%		1,840
USD	DUB	25		09/28/15	Theravance, Inc.	USD FED OPEN less 8.25%		1,491
USD	DUB	99		09/28/15	Trinity Industries, Inc.	USD FED OPEN less 0.30%		(19,005	)
USD	DUB	23		09/28/15	Twitter, Inc.	USD FED OPEN less 0.30%		181
USD	DUB	92		09/28/15	United States Treasury Note, 2.250%, 11/15/24	USD FED OPEN less 0.30%		84
USD	DUB	228		09/28/15	United States Treasury Note, 1.375%, 02/29/20	USD FED OPEN less 0.30%		(1,509	)
USD	DUB	52		09/28/15	Universal Corp.	USD FED OPEN less 0.30%		697
USD	DUB	400		09/28/15	USD FED OPEN less 0.75%	iShares Russell 2000 ETF		(10,292	)
USD	DUB	10		09/28/15	USD FED OPEN plus 0.50%	Gramercy Property Trust REIT		2,481
USD	DUB	17		09/28/15	USD FED OPEN plus 0.50%	Gramercy Property Trust REIT		192
USD	DUB	18		09/28/15	USD FED OPEN plus 0.50%	Intel Corp.		53
USD	DUB	10		09/28/15	Violin Memory, Inc.	USD FED OPEN less 0.30%		(442	)
USD	DUB	22		09/28/15	Workday, Inc.	USD FED OPEN less 0.30%		(65	)

Lazard Enhanced Opportunities Portfolio (concluded)

Total Return Swap Agreements open at March 31, 2015 (concluded):                                

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive		Unrealized Appreciation/ (Depreciation)
USD	DUB	15	09/28/15	Wright Medical Group, Inc.	USD FED OPEN less 0.30%	$	(929	)
Net unrealized depreciation on Total Return Swap Agreements						$	(3,855	)

Description	Shares		Value
Lazard Master Alternatives Portfolio
Common Stocks  |  61.3%
Australia  |  1.4%
Ainsworth Game Technology, Ltd.		7,385	$	16,204
Asaleo Care, Ltd.		46,074		66,250
Caltex Australia, Ltd.		2,015		53,565
iSelect, Ltd. (a)		4,163		4,700
JB Hi-Fi, Ltd.		2,226		31,577
Pact Group Holdings, Ltd.		21,675		69,525
				241,821
Brazil  |  0.8%
Ambev SA		9,553		55,225
BB Seguridade Participacoes SA		3,745		38,488
Cia de Saneamento Basico do Estado de Sao Paulo		7,200		39,953
				133,666
Canada  |  0.9%
Altus Group, Ltd.		1,900		29,343
Cineplex, Inc.		1,345		52,969
Goldcorp, Inc.		320		5,798
MacDonald Dettwiler & Associates, Ltd.		943		73,077
				161,187
China  |  0.6%
China Construction Bank Corp., Class H		53,000		43,976
Chongqing Rural Commercial Bank Co., Ltd. Class H		91,000		58,608
				102,584
Finland  |  0.2%
Sampo Oyj, A Shares		836		42,244
France  |  1.7%
Alstom SA (a), (i)		2,679		82,470
Cellectis SA ADR		1,500		51,885
Klepierre		786		38,613
Plastic Omnium SA		2,078		54,699
Societe Television Francaise 1 (i)		4,164		73,635
				301,302
Germany  |  0.7%
Bayer AG		383		57,548
Fresenius SE & Co. KGaA (i)		753		44,967
Suedzucker AG		1,393		17,060
				119,575
Greece  |  0.1%
Piraeus Bank SA (a)		36,813		14,176
Hong Kong  |  0.2%
China Unicom Hong Kong, Ltd. ADR		930		14,192

Description	Shares		Value
HKBN, Ltd. (a)		12,033	$	14,978
				29,170
Ireland  |  1.0%
Bank of Ireland (a)		184,710		70,321
CRH PLC		1,462		38,066
Kerry Group PLC, Class A		652		43,726
Origin Enterprises PLC (a)		3,300		28,977
				181,090
Israel  |  1.3%
Israel Discount Bank, Ltd., Class A (a)		23,791		40,205
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		3,023		188,333
				228,538
Italy  |  0.7%
Azimut Holding SpA		2,039		58,221
Davide Campari-Milano SpA		7,990		55,634
				113,855
Japan  |  9.3%
Amada Co., Ltd.		4,500		43,254
Asahi Kasei Corp.		2,000		19,136
Daito Trust Construction Co., Ltd.		300		33,560
Daiwa House Industry Co., Ltd. (i)		4,500		88,827
Daiwa House REIT Investment Corp.		1		4,380
FANUC Corp.		200		43,705
Hitachi, Ltd.		3,000		20,510
JAFCO Co., Ltd.		1,100		40,921
Keyence Corp. (i)		100		54,621
Komatsu, Ltd.		1,100		21,634
LIXIL Group Corp. (c)		1,100		26,094
Makita Corp. (i)		800		41,557
Mitsubishi Corp.		800		16,127
Mitsubishi Estate Co., Ltd.		3,000		69,632
Mitsubishi UFJ Financial Group, Inc.		10,200		63,154
Mizuho Financial Group, Inc.		51,600		90,762
Nidec Corp.		600		39,902
Nintendo Co., Ltd.		100		14,717
Nippon Steel & Sumitomo Metal Corp.		9,000		22,684
Nippon Yusen Kabushiki Kaisha		7,000		20,179
Nissan Chemical Industries, Ltd.		2,400		49,721
Nitto Denko Corp.		700		46,798
Nomura Holdings, Inc. (i)		8,300		48,803
ORIX Corp.		4,000		56,261
Ricoh Co., Ltd.		1,800		19,618
Rinnai Corp.		300		22,269
SCREEN Holdings Co., Ltd.		7,000		53,033
Shin-Etsu Chemical Co., Ltd.		600		39,222
SoftBank Corp. (i)		1,000		58,129

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Sony Corp. (a)		1,700	$	45,449
Sumitomo Mitsui Financial Group, Inc. (i)		2,300		88,134
Sumitomo Mitsui Trust Holdings, Inc.		12,000		49,540
Taisei Corp.		10,000		56,563
Takashimaya Co., Ltd.		4,000		39,352
The Kansai Electric Power Co., Inc. (a)		2,800		26,739
Tokyo Tatemono Co., Ltd.		4,000		29,314
Tokyu Fudosan Holdings Corp.		4,800		32,773
Toshiba Corp.		11,000		46,179
Ube Industries, Ltd.		11,000		17,228
				1,600,481
Mexico  |  0.1%
Cemex SAB de CV Sponsored ADR (a)		1,914		18,126
Netherlands  |  0.7%
Euronext NV		323		13,683
ING Groep NV (a)		5,097		74,760
Randstad Holding NV		443		26,897
				115,340
Philippines  |  0.6%
Alliance Global Group, Inc.		161,400		95,577
Portugal  |  0.2%
Galp Energia SGPS SA, B Shares		3,744		40,440
South Africa  |  1.1%
Mediclinic International, Ltd.		4,061		40,848
Nampak, Ltd.		27,462		91,973
Oceana Group, Ltd.		2,390		19,822
Sanlam, Ltd.		6,094		39,268
				191,911
Spain  |  0.2%
Aena SA		391		39,314
Switzerland  |  0.8%
Actelion, Ltd.		440		50,946
Novartis AG		439		43,412
Sunrise Communications Group AG		561		48,607
				142,965
United Kingdom  |  3.6%
Aldermore Group PLC (a)		10,936		37,798
Associated British Foods PLC (i)		1,004		41,945
AstraZeneca PLC (i)		1,122		76,924
British American Tobacco PLC		777		40,144
Close Brothers Group PLC		1,901		43,911
Infinis Energy PLC		18,464		51,466
Pearson PLC		1,709		36,742
Prudential PLC		2,463		60,984

Description	Shares		Value
Randgold Resources, Ltd.		533	$	36,986
Spire Healthcare Group PLC		3,936		21,818
St James’s Place PLC		5,614		77,681
Standard Chartered PLC		1,882		30,473
UBM PLC		4,830		37,894
United Utilities Group PLC		2,779		38,454
				633,220
United States  |  35.1%
Advance Auto Parts, Inc. (i)		1,301		194,747
Akamai Technologies, Inc. (a), (i)		96		6,820
Alaska Air Group, Inc. (i)		228		15,089
AMAG Pharmaceuticals, Inc. (a), (i)		1,200		65,592
American Airlines Group, Inc. (i)		3,213		169,582
AOL, Inc. (a), (i)		345		13,666
Apollo Commercial Real Estate Finance, Inc.		784		13,469
Apple, Inc. (i)		1,120		139,362
AutoZone, Inc. (a), (i)		195		133,021
Bank of America Corp. (i)		1,566		24,101
Blackhawk Network Holdings, Inc., Class B (a), (i)		3,589		127,589
Brookdale Senior Living, Inc. (a), (i)		2,899		109,466
Cabela’s, Inc. (a), (i)		2,445		136,871
Calgon Carbon Corp. (i)		5,863		123,533
Capital Southwest Corp. (i)		453		21,028
Cisco Systems, Inc. (i)		2,969		81,722
Citrix Systems, Inc. (a), (i)		1,884		120,331
Comerica, Inc. (i)		1,920		86,650
Consolidated-Tomoka Land Co. (i)		217		12,946
Delta Air Lines, Inc. (i)		317		14,252
Dick’s Sporting Goods, Inc. (i)		3,620		206,304
Dynegy, Inc. (a), (i)		1,900		59,717
Eastman Chemical Co. (i)		1,079		74,732
Google, Inc., Class A (a), (i)		147		81,541
Google, Inc., Class C (a), (i)		208		113,984
Great Western Bancorp, Inc. (i)		426		9,376
Honeywell International, Inc. (i)		1,101		114,845
Intercontinental Exchange, Inc. (i)		596		139,029
iStar Financial, Inc. (a), (i)		390		5,070
Kellogg Co. (i)		2,777		183,143
Kohl’s Corp. (i)		3,065		239,836
Maxim Integrated Products, Inc. (i)		1,761		61,300
MDC Partners, Inc., Class A		6,520		184,842
Metalico, Inc. (a)		15,834		5,859
Microsoft Corp. (i)		427		17,360
Monsanto Co. (i)		946		106,463
Mylan NV (a), (i)		1,344		79,766
Natus Medical, Inc. (a), (i)		4,617		182,233
Navistar International Corp. (a), (i)		88		2,596
NetApp, Inc. (i)		2,290		81,203

Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Quintiles Transnational Holdings, Inc. (a), (i)		2,550	$	170,774
Rockwell Automation, Inc. (i)		966		112,046
ServiceMaster Global Holdings, Inc. (i)		5,300		178,875
Signature Bank (a), (i)		1,417		183,615
Southwest Airlines Co. (i)		248		10,986
Springleaf Holdings, Inc. (a), (i)		2,200		113,894
Sysco Corp. (i)		535		20,186
TAL International Group, Inc. (i)		1,807		73,599
The Charles Schwab Corp. (i)		3,894		118,533
The Greenbrier Cos., Inc. (i)		4		232
The Hartford Financial Services Group, Inc. (i)		4,584		191,703
The J.M. Smucker Co. (i)		990		114,573
Thermo Fisher Scientific, Inc. (i)		1,270		170,612
Thompson Creek Metals Co., Inc. (a)		3,136		4,140
Tyco International PLC (i)		456		19,635
United Therapeutics Corp. (a), (i)		1,145		197,438
Vertex Pharmaceuticals, Inc. (a), (i)		482		56,862
Viacom, Inc., Class B (i)		3,810		260,223
Voya Financial, Inc. (i)		3,979		171,535
Wright Medical Group, Inc. (a)		200		5,160
Xerox Corp. (i)		8,552		109,893
XPO Logistics, Inc. (a), (i)		3,668		166,784
Yahoo!, Inc. (a), (i)		33		1,466
Zoetis, Inc. (i)		1,621		75,036
				6,086,836
Total Common Stocks (Identified cost $10,304,976)				10,633,418

Description	Security Currency		Principal Amount (000)		Value
Corporate Bonds  |  7.2%
Canada  |  0.4%
Element Financial Corp., 5.125%, 06/30/19		CAD		70	$	65,769
Marshall Island  |  0.3%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		USD		35		42,241
United States  |  6.5%
Alpha Natural Resources, Inc., 4.875%, 12/15/20		USD		75		18,797
Argos Merger Sub, Inc., 7.125%, 03/15/23 (d)		USD		45		46,631
Ascent Capital Group, Inc., 4.000%, 07/15/20		USD		56		42,315
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		USD		40		42,400

Description	Security Currency		Principal Amount (000)		Value
Citrix Systems, Inc., 0.500%, 04/15/19 (d)		USD		10	$	10,525
Consolidated-Tomoka Land Co., 4.500%, 03/15/20 (d)		USD		15		16,369
Electronics For Imaging, Inc., 0.750%, 09/01/19 (d)		USD		25		25,531
Empire State Realty OP LP, 2.625%, 08/15/19 (d)		USD		60		63,563
Exelixis, Inc., 4.250%, 08/15/19		USD		5		3,806
FXCM, Inc., 2.250%, 06/15/18		USD		136		105,230
Halcon Resources Corp., 9.750%, 07/15/20		USD		40		28,200
IAS Operating Partnership LP, 5.000%, 03/15/18 (d)		USD		60		57,750
Immunomedics, Inc., 4.750%, 02/15/20 (d)		USD		30		29,912
inContact, Inc., 2.500%, 04/01/22 (d)		USD		10		10,394
InterDigital, Inc., 1.500%, 03/01/20 (d)		USD		15		14,897
JAKKS Pacific, Inc., 4.875%, 06/01/20 (d)		USD		40		35,150
Navistar International Corp., 4.750%, 04/15/19 (d)		USD		25		22,578
NVIDIA Corp., 1.000%, 12/01/18		USD		35		41,256
RAIT Financial Trust, 4.000%, 10/01/33		USD		40		34,100
Redwood Trust, Inc., 4.625%, 04/15/18		USD		27		26,713
Renewable Energy Group, Inc., 2.750%, 06/15/19		USD		30		27,731
Resource Capital Corp., 8.000%, 01/15/20		USD		35		33,556
Rovi Corp., 0.500%, 03/01/20 (d)		USD		70		66,719
SandRidge Energy, Inc., 7.500%, 03/15/21		USD		45		27,900
Starwood Waypoint Residential Trust, 3.000%, 07/01/19 (d)		USD		50		48,500
The Greenbrier Cos., Inc., 3.500%, 04/01/18		USD		3		4,541
TiVo, Inc., 2.000%, 10/01/21 (d)		USD		40		37,425
Trinity Industries, Inc., 3.875%, 06/01/36		USD		75		117,188
Violin Memory, Inc., 4.250%, 10/01/19		USD		50		48,125

Description	Security Currency		Principal Amount (000)		Value
Lazard Master Alternatives Portfolio (continued)
Wright Medical Group, Inc., 2.000%, 02/15/20 (d)		USD		45	$	47,447
						1,135,249
Total Corporate Bonds (Identified cost $1,219,900)						1,243,259

Description	Shares		Value
Exchange-Traded Funds  |  0.8%
iShares Russell 2000 ETF		987	$	122,733
SPDR S&P 500 ETF Trust		78		16,102
Total Exchange-Traded Funds (Identified cost $135,013)				138,835
Preferred Stocks  |  2.2%
Bermuda  |  0.4%
Bunge, Ltd.		608		63,536
Ireland  |  0.2%
Actavis PLC Series A		35		35,420
United States  |  1.6%
American Tower Corp.		170		16,869
Barnes & Noble, Inc. Series J		45		64,555
Post Holdings, Inc. (d)		635		67,926
Ramco-Gershenson Properties Trust Series D		935		62,355
Universal Corp.		70		76,453
				288,158
Total Preferred Stocks (Identified cost $392,554)				387,114
Short-Term Investment  |  46.2%
State Street Institutional Treasury Money Market Fund (Identified cost $8,011,521)		8,011,521		8,011,521

Description	Number of Contracts		Value
Purchased Options  |  0.0%
EMC Corp. 27 Call, Expires 10/16/15		22	$	2,266
iShares MSCI Emerging Markets 41 Call, Expires 04/02/15		20		40
Natus Medical, Inc. 40 Call, Expires 07/17/15		2		480
Sandisk Corp. 69 Call, Expires 04/24/15		5		520
SPDR S&P 500 ETF Trust 206.5 Put, Expires 04/02/15		18		1,782
Spirit Airlines, Inc. 80 Call, Expires 05/15/15		12		3,240
Total Purchased Options (Identified cost $9,312)				8,328
Total Investments and Purchased Options  |  117.7% (Identified cost $20,073,276)				20,422,475

Description	Shares			Value
Securities Sold Short  |  (29.2)%
Common Stocks  |  (25.0)%
Finland  |  (0.2)%
Fortum Oyj		(2,045	)	$	(42,866	)
France  |  (0.9)%
L’Oreal SA		(259	)		(47,688	)
LVMH Moet Hennessy Louis Vuitton SE		(275	)		(48,532	)
Sanofi		(481	)		(47,331	)
					(143,551	)
Germany  |  (0.5)%
Deutsche Bank AG		(1,148	)		(39,941	)
SAP SE Sponsored ADR		(660	)		(47,632	)
					(87,573	)
Japan  |  (3.0)%
Ezaki Glico Co., Ltd.		(400	)		(16,199	)
Hirose Electric Co., Ltd.		(210	)		(27,172	)
Hitachi Construction Machinery Co., Ltd.		(1,800	)		(31,494	)
Honda Motor Co., Ltd.		(1,400	)		(45,500	)
House Foods Group, Inc.		(500	)		(10,497	)
Ibiden Co., Ltd.		(900	)		(15,203	)
Japan Display, Inc. (a)		(7,400	)		(26,648	)
Kaneka Corp.		(5,000	)		(35,238	)
Kewpie Corp.		(700	)		(17,061	)
Kubota Corp.		(2,000	)		(31,687	)
Kuraray Co., Ltd.		(1,700	)		(23,046	)
Kyocera Corp.		(600	)		(32,930	)

Description	Shares			Value
Lazard Master Alternatives Portfolio (continued)
LIXIL Group Corp.		(1,900	)	$	(45,072	)
Nikon Corp.		(2,000	)		(26,835	)
Nissan Motor Co., Ltd.		(4,800	)		(48,946	)
Ryosan Co., Ltd.		(200	)		(4,919	)
Sysmex Corp.		(500	)		(27,792	)
Taiyo Yuden Co., Ltd.		(2,100	)		(30,628	)
Yaskawa Electric Corp.		(1,700	)		(24,916	)
					(521,783	)
Spain  |  (0.2)%
Mediaset Espana Comunicacion SA (a)		(3,463	)		(43,392	)
Sweden  |  (0.3)%
Getinge AB, B Shares		(2,024	)		(50,058	)
Switzerland  |  (0.3)%
Julius Baer Group, Ltd.		(881	)		(44,175	)
United Kingdom  |  (0.4)%
Experian PLC		(2,354	)		(38,984	)
Kingfisher PLC		(4,998	)		(27,771	)
					(66,755	)
United States  |  (19.2)%
ACI Worldwide, Inc. (a)		(2,080	)		(45,053	)
AGCO Corp.		(1,063	)		(50,641	)
Amdocs, Ltd.		(987	)		(53,693	)
Assurant, Inc.		(893	)		(54,839	)
Bed Bath & Beyond, Inc. (a)		(911	)		(69,942	)
Bemis Co., Inc.		(1,120	)		(51,867	)
Bio-Rad Laboratories, Inc., Class A (a)		(252	)		(34,065	)
Capital One Financial Corp.		(345	)		(27,193	)
Corning, Inc.		(1,205	)		(27,329	)
Deere & Co.		(1,108	)		(97,161	)
DENTSPLY International, Inc.		(750	)		(38,168	)
Dillard’s, Inc., Class A		(343	)		(46,823	)
Dover Corp.		(575	)		(39,744	)
Eaton Vance Corp.		(658	)		(27,399	)
Emerson Electric Co.		(440	)		(24,913	)
Enova International, Inc. (a)		(1,290	)		(25,400	)
Exact Sciences Corp. (a)		(2,460	)		(54,169	)
Ezcorp, Inc., Class A (a)		(4,140	)		(37,798	)
Fastenal Co.		(2,016	)		(83,533	)
Flowserve Corp.		(470	)		(26,550	)
Genworth Financial, Inc., Class A (a)		(3,625	)		(26,499	)
Haemonetics Corp. (a)		(1,091	)		(49,008	)
International Business Machines Corp.		(253	)		(40,607	)
International Flavors & Fragrances, Inc.		(418	)		(49,073	)
Intersil Corp., Class A		(3,685	)		(52,769	)

Description	Shares			Value
Jacobs Engineering Group, Inc. (a)		(655	)	$	(29,580	)
Johnson & Johnson		(555	)		(55,833	)
Juniper Networks, Inc.		(1,185	)		(26,757	)
KBR, Inc.		(1,660	)		(24,037	)
Keryx Biopharmaceuticals, Inc. (a)		(6,170	)		(78,544	)
Kite Pharma, Inc.		(320	)		(18,458	)
Lincoln National Corp.		(485	)		(27,868	)
Linear Technology Corp.		(705	)		(32,994	)
Manning & Napier, Inc.		(5,084	)		(66,143	)
MSC Industrial Direct Co., Inc., Class A		(1,080	)		(77,976	)
NetScout Systems, Inc. (a)		(2,317	)		(101,600	)
Nordstrom, Inc.		(610	)		(48,995	)
Owens & Minor, Inc.		(1,696	)		(57,393	)
Pacira Pharmaceuticals, Inc. (a)		(759	)		(67,437	)
Principal Financial Group, Inc.		(1,154	)		(59,281	)
Prudential Financial, Inc.		(610	)		(48,989	)
Regeneron Pharmaceuticals, Inc. (a)		(100	)		(45,148	)
Spectrum Brands Holdings, Inc.		(445	)		(39,854	)
St Jude Medical, Inc.		(600	)		(39,240	)
T Rowe Price Group, Inc.		(1,652	)		(133,779	)
Target Corp.		(527	)		(43,251	)
Terex Corp.		(2,010	)		(53,446	)
The Chubb Corp.		(621	)		(62,783	)
The Gap, Inc.		(1,840	)		(79,727	)
The Goldman Sachs Group, Inc.		(499	)		(93,797	)
The Hain Celestial Group, Inc. (a)		(659	)		(42,209	)
The Travelers Cos., Inc.		(591	)		(63,905	)
The Western Union Co.		(4,691	)		(97,620	)
Under Armour, Inc., Class A (a)		(861	)		(69,526	)
United Parcel Service, Inc., Class B		(568	)		(55,062	)
US Bancorp		(1,955	)		(85,375	)
Valley National Bancorp		(3,503	)		(33,068	)
Wal-Mart Stores, Inc.		(1,368	)		(112,518	)
Waters Corp. (a)		(422	)		(52,463	)
World Acceptance Corp. (a)		(300	)		(21,876	)
WW Grainger, Inc.		(318	)		(74,988	)
Wynn Resorts, Ltd.		(665	)		(83,710	)
					(3,339,466	)
Total Common Stocks (Proceeds $4,273,385)					(4,339,619	)
Exhange-Traded Funds  |  (4.2)%
Lyxor ETF STOXX Europe 600 Automobiles & Parts (a)		(2,798	)		(215,262	)
iShares Nasdaq Biotechnology ETF		(577	)		(198,159	)
SPDR S&P 500 ETF Trust		(631	)		(130,257	)
WisdomTree Japan Hedged Equity Fund		(3,382	)		(186,416	)
Total Exchange-Traded Funds (Proceeds $699,015)					(730,094	)
Total Securities Sold Short (Proceeds $4,972,400)					(5,069,713	)

Total Investments   |  88.5% (Identified cost and short proceeds $15,100,876) (b), (g)	$	15,352,762
Cash and Other Assets in Excess  of Liabilities  |  11.5%		1,996,886
Net Assets  |  100.0%	$	17,349,648

Lazard Master Alternatives Portfolio (continued)

Forward Currency Contracts Open at March 31, 2015:
Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD		SSB	05/20/15		48,073	$	36,614	$	36,515	$	—	$	99
AUD		SSB	05/20/15		118,300		92,477		89,858		—		2,619
BRL		SSB	05/20/15		44,400		14,041		13,729		—		312
BRL		SSB	06/02/15		650,365		204,164		200,251		—		3,913
CHF		SSB	05/20/15		43,400		45,879		44,746		—		1,133
CHF		SSB	05/20/15		107,200		109,802		110,524		722		—
DKK		SSB	05/20/15		462,540		71,149		66,667		—		4,482
EUR		SSB	05/20/15		26,823		29,164		28,859		—		305
EUR		SSB	05/20/15		45,400		48,183		48,847		664		—
EUR		SSB	05/20/15		54,700		62,522		58,853		—		3,669
EUR		SSB	05/20/15		350,400		397,988		377,007		—		20,981
EUR		SSB	05/20/15		436,800		497,646		469,967		—		27,679
GBP		SSB	05/20/15		63,700		98,722		94,462		—		4,260
GBP		SSB	05/20/15		82,900		122,561		122,934		373		—
JPY		SSB	05/20/15		1,018,281		8,425		8,496		71		—
JPY		SSB	05/20/15		14,972,851		123,360		124,922		1,562		—
JPY		SSB	05/20/15		26,499,010		221,184		221,087		—		97
NOK		SSB	05/20/15		450,900		59,290		55,903		—		3,387
PHP		SSB	05/20/15		4,219,160		94,283		94,247		—		36
SEK		SSB	05/20/15		165,400		19,853		19,219		—		634
SEK		SSB	05/20/15		643,700		76,426		74,797		—		1,629
Total Forward Currency Purchase Contracts						$	2,433,733	$	2,361,890	$	3,392	$	75,235
Forward Currency Sale Contracts
AUD		SSB	05/20/15		64,400	$	50,099	$	48,916	$	1,183	$	—
AUD		SSB	05/20/15		326,690		252,400		248,144		4,256		—
BRL		SSB	05/20/15		44,400		13,992		13,729		263		—
BRL		SSB	06/02/15		650,365		221,642		200,251		21,391		—
CAD		SSB	05/20/15		50,900		40,428		40,162		266		—
CAD		SSB	05/20/15		157,700		126,356		124,431		1,925		—
CHF		SSB	05/20/15		63,600		67,370		65,572		1,798		—
CHF		SSB	05/20/15		87,000		93,744		89,698		4,046		—
DKK		SSB	05/20/15		151,740		22,823		21,871		952		—
DKK		SSB	05/20/15		310,800		47,243		44,797		2,446		—
EUR		SSB	05/20/15		24,900		26,779		26,791		—		12
EUR		SSB	05/20/15		44,800		50,793		48,201		2,592		—
EUR		SSB	05/20/15		93,122		98,512		100,193		—		1,681
EUR		SSB	05/20/15		175,000		191,099		188,288		2,811		—
EUR		SSB	05/20/15		790,000		900,730		849,986		50,744		—
GBP		SSB	05/20/15		10,256		15,457		15,208		249		—
GBP		SSB	05/20/15		33,000		50,620		48,936		1,684		—
GBP		SSB	05/20/15		35,000		51,860		51,902		—		42

Lazard Master Alternatives Portfolio (continued)
Forward Currency Contracts Open at March 31, 2015 (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)
GBP		SSB	05/20/15		58,900	$	90,368	$	87,344	$	3,024	$	—
GBP		SSB	05/20/15		62,500		95,883		92,682		3,201		—
GBP		SSB	05/20/15		350,970		539,915		520,460		19,455		—
HKD		SSB	05/20/15		876,300		112,940		113,020		—		80
ILS		SSB	05/20/15		30,551		7,583		7,678		—		95
ILS		SSB	05/20/15		35,500		8,783		8,921		—		138
ILS		SSB	05/20/15		135,812		33,726		34,130		—		404
JPY		SSB	05/20/15		2,476,305		20,762		20,661		101		—
JPY		SSB	05/20/15		4,572,755		37,825		38,152		—		327
JPY		SSB	05/20/15		6,743,300		55,699		56,261		—		562
JPY		SSB	05/20/15		9,583,100		79,859		79,954		—		95
JPY		SSB	05/20/15		12,870,700		108,440		107,383		1,057		—
JPY		SSB	05/20/15		25,093,400		211,653		209,360		2,293		—
JPY		SSB	05/20/15		200,591,972		1,687,100		1,673,586		13,514		—
NOK		SSB	05/20/15		171,100		22,199		21,213		986		—
NOK		SSB	05/20/15		279,800		35,081		34,690		391		—
PHP		SSB	05/20/15		4,219,160		95,241		94,247		994		—
SEK		SSB	05/20/15		304,023		35,995		35,327		668		—
ZAR		SSB	05/20/15		279,400		22,528		22,855		—		327
ZAR		SSB	05/20/15		399,912		32,921		32,714		207		—
ZAR		SSB	05/20/15		430,800		36,279		35,240		1,039		—
ZAR		SSB	05/20/15		1,793,300		151,846		146,697		5,149		—
Total Forward Currency Sale Contracts						$	5,844,573	$	5,699,651		148,685		3,763
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	152,077	$	78,998

Written Options open at March 31, 2015:

Description	Number of Contracts		Strike Price	Expiration Date	Premium		Value
EMC Corp. 25.00 Put	16	$	25.00	01/15/16	$	3,143	$	(3,040	)
Sandisk Corp. 62.50 Put	2		62.50	04/24/15		397		(438	)
SPDR S&P 500 ETF Trust 208.50 Put	14		208.50	04/02/15		3,283		(3,360	)
Spirit Airlines, Inc. 65 Put	5		65.00	05/15/15		456		(175	)
Spirit Airlines, Inc. 70 Put	5		70.00	05/15/15		1,091		(560	)
Total Written Options					$	8,370	$	(7,573	)

Total Return Swap Agreements open at March 31, 2015:

Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
BRL	DUB	14	01/26/16	BRL SELICON Reuters plus 0.50%	BB Seguridade Participacoes S.A.	$	523
CAD	DUB	16	09/28/15	Element Financial Corp.	CAD CDOR less 0.30%		(2,100	)
EUR	DUB	5	01/05/16	1 Month EUR Reuters plus 0.50%	Elis SA		447

Lazard Master Alternatives Portfolio (continued)
Total Return Swap Agreements open at March 31, 2015 (continued):
Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
EUR	DUB	3	01/05/16	1 Month EUR Reuters plus 0.50%	Euronext NV	$	206
EUR	DUB	10	01/05/16	1 Month EUR Reuters plus 0.50%	Vinci SA		229
EUR	DUB	31	01/06/16	1 Month EUR Reuters plus 0.50%	Acciona SA		3,676
EUR	DUB	10	01/06/16	1 Month EUR Reuters plus 0.50%	Banco de Sabadell SA		(132	)
EUR	DUB	6	01/06/16	1 Month EUR Reuters plus 0.50%	Saeta Yield SA		50
EUR	DUB	9	02/09/16	1 Month EUR Reuters plus 0.50%	CRH PLC		13
EUR	DUB	21	02/09/16	1 Month EUR Reuters plus 0.50%	Origin Enterprises PLC		77
EUR	DUB	4	02/12/16	1 Month EUR Reuters plus 0.50%	NOS SGPS SA		482
GBP	DUB	6	02/12/16	1 Month EUR Reuters plus 0.50%	Aldermore Group PLC		14
GBP	DUB	7	02/12/16	1 Month EUR Reuters plus 0.50%	Auto Trader Group PLC		—
GBP	DUB	15	02/12/16	1 Month GBP Reuters plus 0.50%	Arrow Global Group PLC		808
GBP	DUB	38	02/12/16	1 Month GBP Reuters plus 0.50%	Card Factory PLC		4,630
GBP	DUB	6	02/12/16	1 Month GBP Reuters plus 0.50%	Galliford Try PLC		218
GBP	DUB	14	02/12/16	1 Month GBP Reuters plus 0.50%	John Laing Group PLC		292
GBP	DUB	16	02/12/16	1 Month GBP Reuters plus 0.50%	London Stock Exchange Group PLC		683
GBP	DUB	20	02/12/16	1 Month GBP Reuters plus 0.50%	Polypipe Group PLC		1,335
GBP	DUB	14	02/12/16	1 Month GBP Reuters plus 0.50%	RPC Group PLC		27
GBP	DUB	18	02/12/16	1 Month GBP Reuters plus 0.50%	UBM PLC		(200	)
GBP	DUB	7	02/12/16	Ashtead Group PLC	1 Month GBP Reuters less 0.40%		324
SEK	DUB	9	02/19/16	1 Month SEK Reuters plus 0.50%	Swedbank AB		87
USD	DUB	74	09/28/15	1 Month USD Reuters plus 0.50%	AAR Corp.		1,877
USD	DUB	89	09/28/15	1 Month USD Reuters plus 0.50%	Altra Industrial Motion Corp.		(2,906	)
USD	DUB	44	09/28/15	1 Month USD Reuters plus 0.50%	Ani Pharmaceuticals, inc.		2,086
USD	DUB	118	09/28/15	1 Month USD Reuters plus 0.50%	AOL, Inc.		(8,004	)
USD	DUB	78	09/28/15	1 Month USD Reuters plus 0.50%	Blucora, Inc.		(1,700	)

Lazard Master Alternatives Portfolio (continued)
Total Return Swap Agreements open at March 31, 2015 (continued):
Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
USD	DUB	8	09/28/15	1 Month USD Reuters plus 0.50%	Calgon Carbon Corp.	$	81
USD	DUB	70	09/28/15	1 Month USD Reuters plus 0.50%	Carriage Services, Inc.		3,922
USD	DUB	23	09/28/15	1 Month USD Reuters plus 0.50%	Cemex SAB de CV		1,529
USD	DUB	47	09/28/15	1 Month USD Reuters plus 0.50%	Cobalt International Energy, Inc.		1,642
USD	DUB	66	09/28/15	1 Month USD Reuters plus 0.50%	Colony Capital, Inc.		1,745
USD	DUB	36	09/28/15	1 Month USD Reuters plus 0.50%	Cott Beverages, Inc.		963
USD	DUB	81	09/28/15	1 Month USD Reuters plus 0.50%	Cowen Group, Inc.		5,360
USD	DUB	99	09/28/15	1 Month USD Reuters plus 0.50%	Electronics For Imaging, Inc.		3,118
USD	DUB	27	09/28/15	1 Month USD Reuters plus 0.50%	Exelixis, Inc.		3,964
USD	DUB	132	09/28/15	1 Month USD Reuters plus 0.50%	Forest City Enterprises, Inc.		2,625
USD	DUB	22	09/28/15	1 Month USD Reuters plus 0.50%	FXCM, Inc.		(5,617	)
USD	DUB	72	09/28/15	1 Month USD Reuters plus 0.50%	GPT Property Trust LP		1,209
USD	DUB	29	09/28/15	1 Month USD Reuters plus 0.50%	Green Plains, Inc.		14
USD	DUB	59	09/28/15	1 Month USD Reuters plus 0.50%	Hologic, Inc.		(94	)
USD	DUB	67	09/28/15	1 Month USD Reuters plus 0.50%	Intel Corp.		(1,807	)
USD	DUB	77	09/28/15	1 Month USD Reuters plus 0.50%	iStar Financial, Inc.		(1,914	)
USD	DUB	45	09/28/15	1 Month USD Reuters plus 0.50%	K Hovnanian Enterprises, Inc.		1,236
USD	DUB	118	09/28/15	1 Month USD Reuters plus 0.50%	Lam Research Corp.		(12,290	)
USD	DUB	68	09/28/15	1 Month USD Reuters plus 0.50%	LinkedIn Corp.		(2,124	)
USD	DUB	67	09/28/15	1 Month USD Reuters plus 0.50%	Navistar International Corp.		(2,904	)
USD	DUB	76	09/28/15	1 Month USD Reuters plus 0.50%	New Mountain Finance Corp.		(94	)
USD	DUB	75	09/28/15	1 Month USD Reuters plus 0.50%	NVIDIA Corp.		2,973
USD	DUB	76	09/28/15	1 Month USD Reuters plus 0.50%	Omnicare, Inc.		1,168
USD	DUB	6	09/28/15	1 Month USD Reuters plus 0.50%	PetroQuest Energy, Inc.		(2,224	)

Lazard Master Alternatives Portfolio (continued)
Total Return Swap Agreements open at March 31, 2015 (continued):
Currency	Counterparty	Notional Amount (000)	Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
USD	DUB	52	09/28/15	1 Month USD Reuters plus 0.50%	Photronics, Inc.	$	2,538
USD	DUB	9	09/28/15	1 Month USD Reuters plus 0.50%	Photronics, Inc.		—
USD	DUB	71	09/28/15	1 Month USD Reuters plus 0.50%	PROS Holdings, Inc.		1,956
USD	DUB	68	09/28/15	1 Month USD Reuters plus 0.50%	Prospect Capital Corp.		(788	)
USD	DUB	70	09/28/15	1 Month USD Reuters plus 0.50%	Quidel Corp.		1,234
USD	DUB	86	09/28/15	1 Month USD Reuters plus 0.50%	Redwood Trust, Inc.		(173	)
USD	DUB	5	09/28/15	1 Month USD Reuters plus 0.50%	Resource Capital Corp.		(327	)
USD	DUB	10	09/28/15	1 Month USD Reuters plus 0.50%	Rovi Corp.		(370	)
USD	DUB	2	09/28/15	1 Month USD Reuters plus 0.50%	SandRidge Energy, Inc.		(373	)
USD	DUB	62	09/28/15	1 Month USD Reuters plus 0.50%	Scorpio Tankers, Inc.		6,623
USD	DUB	58	09/28/15	1 Month USD Reuters plus 0.50%	SolarCity Corp.		(372	)
USD	DUB	11	09/28/15	1 Month USD Reuters plus 0.50%	Stillwater Mining Co		—
USD	DUB	87	09/28/15	1 Month USD Reuters plus 0.50%	SunEdison, Inc.		(782	)
USD	DUB	24	09/28/15	1 Month USD Reuters plus 0.50%	Teva Pharmaceutical Industries Ltd		198
USD	DUB	89	09/28/15	1 Month USD Reuters plus 0.50%	The Priceline Group, Inc.		(4,478	)
USD	DUB	75	09/28/15	1 Month USD Reuters plus 0.50%	The Priceline Group, Inc.		(473	)
USD	DUB	38	09/28/15	1 Month USD Reuters plus 0.50%	Theravance, Inc.		811
USD	DUB	40	09/28/15	1 Month USD Reuters plus 0.50%	Trinity Industries, Inc.		6,823
USD	DUB	71	09/28/15	1 Month USD Reuters plus 0.50%	Twitter, Inc.		(436	)
USD	DUB	65	09/28/15	1 Month USD Reuters plus 0.50%	Vector Group, Ltd.		(1,352	)
USD	DUB	84	09/28/15	1 Month USD Reuters plus 0.50%	Workday, Inc.		1,102
USD	DUB	15	09/28/15	AAR Corp.	USD FED OPEN less 0.30%		(1,475	)
USD	DUB	26	09/28/15	AAR Corp.	USD FED OPEN less 0.30%		(1,768	)
USD	DUB	5	09/28/15	Aegean Marine Petroleum Network, Inc.	USD FED OPEN less 0.30%		4
USD	DUB	5	09/28/15	Alibaba Group Holding, Ltd.	USD FED OPEN less 0.30%		(70	)

Lazard Master Alternatives Portfolio (continued)
Total Return Swap Agreements open at March 31, 2015 (continued):
Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
USD	DUB	3		09/28/15	Alpha Natural Resources, Inc.	USD FED OPEN less 0.30%	$	(64	)
USD	DUB	51		09/28/15	Altra Industrial Motion Corp.	USD FED OPEN less 0.30%		2,003
USD	DUB	67		09/28/15	AmTrust Financial Services, Inc.	USD FED OPEN less 3.00%		(259	)
USD	DUB	20		09/28/15	AmTrust Financial Services, Inc.	USD FED OPEN less 3.00%		(618	)
USD	DUB	28		09/28/15	ANI Pharmaceuticals, Inc.	USD FED OPEN less 0.30%		(519	)
USD	DUB	8		09/28/15	Ascent Media Corp.	USD FED OPEN less 0.30%		525
USD	DUB	16		09/28/15	Barnes & Noble, Inc.	USD FED OPEN less 0.30%		801
USD	DUB	42		09/28/15	Carriage Services, Inc.	USD FED OPEN less 0.30%		(573	)
USD	DUB	15		09/28/15	Cobalt International Energy, Inc.	USD FED OPEN less 0.30%		(1,023	)
USD	DUB	—	(j)	09/28/15	Colony Capital, Inc.	USD FED OPEN		—
USD	DUB	39		09/28/15	Cott Corp.	USD FED OPEN		(8,208	)
USD	DUB	48		09/28/15	Cowen Group, Inc.	USD FED OPEN less 0.30%		(4,077	)
USD	DUB	20		09/28/15	Deere & Co.	USD FED OPEN less 0.30%		216
USD	DUB	18		09/28/15	Electronics For Imaging, Inc.	USD FED OPEN less 0.30%		(655	)
USD	DUB	66		09/28/15	Encore Capital Group, Inc.	USD FED OPEN less 0.30%		1,138
USD	DUB	22		09/28/15	Exact Sciences Corp.	USD FED OPEN less 0.30%		(563	)
USD	DUB	23		09/28/15	Exelixis, Inc.	USD FED OPEN less 3.00%		584
USD	DUB	41		09/28/15	Forest City Enterprises, Inc.	USD FED OPEN less 0.30%		(1,724	)
USD	DUB	11		09/28/15	Green Plains, Inc.	USD FED OPEN		(439	)
USD	DUB	6		09/28/15	Halyard Health, Inc.	USD FED OPEN less 0.30%		(567	)
USD	DUB	14		09/28/15	Hovnanian Enterprises, Inc.	USD FED OPEN less 0.30%		17
USD	DUB	3		09/28/15	InterDigital, Inc.	USD FED OPEN less 0.30%		87
USD	DUB	4		09/28/15	iShares MSCI Emerging Markets ETF	USD FED OPEN less 0.30%		(1	)
USD	DUB	4		09/28/15	iStar Financial, Inc.	USD FED OPEN less 0.30%		122
USD	DUB	12		09/28/15	JAKKS Pacific, Inc.	USD FED OPEN		274
USD	DUB	32		09/28/15	Lam Research Corp.	USD FED OPEN less 0.30%		4,510
USD	DUB	19		09/28/15	LinkedIn Corp.	USD FED OPEN less 0.30%		907
USD	DUB	18		09/28/15	Navistar International Corp.	USD FED OPEN less 0.30%		(69	)
USD	DUB	63		09/28/15	NVIDIA Corp.	USD FED OPEN less 0.30%		412
USD	DUB	6		09/28/15	NXP Semiconductors NV	USD FED OPEN less 0.30%		—
USD	DUB	—	(j)	09/28/15	Oclaro, Inc.	USD FED OPEN less 0.30%		—
USD	DUB	12		09/28/15	Photronics, Inc.	USD FED OPEN less 0.30%		(145	)
USD	DUB	39		09/28/15	Post Holdings, Inc.	USD FED OPEN less 0.30%		668
USD	DUB	12		09/28/15	PROS Holdings, Inc.	USD FED OPEN less 0.30%		(406	)

Lazard Master Alternatives Portfolio (concluded)
Total Return Swap Agreements open at March 31, 2015 (concluded):
Currency	Counterparty	Notional Amount (000)		Expiration Date	Pay	Receive	Unrealized Appreciation/ (Depreciation)
USD	DUB	22		09/28/15	Quidel Corp.	USD FED OPEN less 0.30%	$	(3,940	)
USD	DUB	34		09/28/15	Ramco-Gershenson Properties Trust	USD FED OPEN less 0.30%		(147	)
USD	DUB	—	(j)	09/28/15	Redwood Trust, Inc.	USD FED OPEN less 0.30%		—
USD	DUB	14		09/28/15	Renewable Energy Group, Inc.	USD FED OPEN less 0.30%		(660	)
USD	DUB	—	(j)	09/28/15	Rio Tinto PLC	USD FED OPEN less 0.30%		—
USD	DUB	12		09/28/15	Rovi Corp.	USD FED OPEN less 0.30%		1,961
USD	DUB	352		09/28/15	Schlumberger, Ltd.	USD FED OPEN less 0.30%		366
USD	DUB	25		09/28/15	Scorpio Tankers, Inc.	USD FED OPEN less 0.30%		(1,313	)
USD	DUB	32		09/28/15	Spirit Airlines, Inc.	USD FED OPEN less 0.30%		(473	)
USD	DUB	—	(j)	09/28/15	Starwood Waypoint Reside	USD FED OPEN less 0.30%		—
USD	DUB	14		09/28/15	SunEdison, Inc.	USD FED OPEN less 0.30%		374
USD	DUB	—	(j)	09/28/15	SunPower Corp.	USD FED OPEN less 0.75%		—
USD	DUB	38		09/28/15	The Priceline Group, Inc.	USD FED OPEN less 0.30%		1,838
USD	DUB	25		09/28/15	Theravance, Inc.	USD FED OPEN less 8.25%		1,462
USD	DUB	99		09/28/15	Trinity Industries, Inc.	USD FED OPEN less 0.30%		(18,858	)
USD	DUB	23		09/28/15	Twitter, Inc.	USD FED OPEN less 0.30%		219
USD	DUB	228		09/28/15	United States Treasury Note, 1.375%, 02/29/20	USD FED OPEN less 0.30%		(1,515	)
USD	DUB	91		09/28/15	United States Treasury Note, 2.250%, 11/15/24	USD FED OPEN less 0.30%		83
USD	DUB	52		09/28/15	Universal Corp.	USD FED OPEN less 0.30%		684
USD	DUB	307		09/28/15	USD FED OPEN	iShares Russell 2000 ETF		(7,942	)
USD	DUB	16		09/28/15	USD FED OPEN	Microchip Technology, Inc.		(684	)
USD	DUB	—	(j)	09/28/15	USD FED OPEN	SPDR Trust Series 1		—
USD	DUB	10		09/28/15	USD FED OPEN plus 0.50%	Gramercy Property Trust REIT		2,480
USD	DUB	20		09/28/15	USD FED OPEN plus 0.50%	Gramercy Property Trust REIT		337
USD	DUB	18		09/28/15	USD FED OPEN plus 0.50%	Intel Corp.		35
USD	DUB	33		09/28/15	Violin Memory, Inc.	USD FED OPEN less 0.30%		(3,595	)
USD	DUB	22		09/28/15	Workday, Inc.	USD FED OPEN less 0.30%		(81	)
USD	DUB	16		09/28/15	Wright Medical Group, Inc.	USD FED OPEN less 0.30%		(995	)
Net unrealized depreciation on Total Return Swap Agreements							$	(24,435	)

(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) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
US Equity Concentrated	$	423,973,268	$	50,529,602	$	2,698,650	$	47,830,952
US Strategic Equity		122,056,892		17,991,605		1,992,636		15,998,969
US Small Cap Equity Growth		10,040,652		666,632		156,675		509,957
US Mid Cap Equity		35,279,818		4,629,615		953,030		3,676,585
US Small-Mid Cap Equity		170,548,133		31,245,395		4,688,386		26,557,009
International Equity		437,511,550		52,108,447		18,301,158		33,807,289
International Equity Concentrated		11,323,431		446,280		599,786		(153,506	)
International Equity Select		18,927,828		1,297,857		1,053,441		244,416
International Strategic Equity		5,444,080,627		761,682,711		212,945,215		548,737,496
International Small Cap Equity		64,624,170		18,115,320		3,738,945		14,376,375
Global Equity Select		12,819,120		1,226,777		263,908		962,869
Global Strategic Equity		9,268,612		483,487		232,976		250,511
Emerging Markets Equity		13,946,883,778		2,144,041,354		2,644,592,740		(500,551,386	)
Emerging Markets Core Equity		43,098,234		4,284,810		1,912,976		2,371,834
Developing Markets Equity		451,749,633		45,205,739		90,828,248		(45,622,509	)
Emerging Markets Equity Blend		552,139,597		59,955,308		90,639,873		(30,684,565	)
Emerging Markets Multi Asset		187,973,461		8,949,488		16,590,435		(7,640,947	)
Emerging Markets Debt		441,808,968		4,511,988		19,397,845		(14,885,857	)
Emerging Markets Income		9,283,217		0		216,278		(216,278	)
Explorer Total Return		253,919,371		2,170,426		1,190,345		980,081
US Corporate Income		206,594,904		5,433,634		1,769,142		3,664,492
US Short Duration Fixed Income		112,104,207		306,294		90,995		215,299
Global Fixed Income		5,616,502		38,398		333,751		(295,353	)
Global Listed Infrastructure		2,005,636,463		82,431,559		60,820,111		21,611,448
US Realty Income		154,506,199		6,000,911		8,363,497		(2,362,586	)
US Realty Equity		105,047,628		15,517,281		1,531,803		13,985,478
Global Realty Equity		5,724,369		496,318		232,813		263,505
Capital Allocator Opportunistic Strategies		171,499,584		4,231,797		883,231		3,348,566
Fundamental Long/Short		80,666,390		5,868,441		2,148,105		3,720,336
Enhanced Opportunities		3,639,401		60,348		42,974		17,374
Master Alternatives		15,100,876		726,242		474,356		251,886

(c)	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.
(d)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers”, and are considered to be liquid at March 31, 2015. The percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity		1.3	%
Emerging Markets Core Equity		0.3
Emerging Markets Equity Blend		0.6
Emerging Markets Multi Asset		3.8
Emerging Markets Debt		4.9
Emerging Markets Income		0.5
Explorer Total Return		10.0
US Corporate Income		29.6
Enhanced Opportunities		11.8
Master Alternatives		3.5

(e)	Date shown is the next perpetual call date.
(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, 2015 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.
(i)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(j)	Amount is less than 500.

Security Abbreviations:
ADR — American Depositary Receipt	NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B
ADS — American Depositary Shares	NTN-F — Brazil Sovereign “Nota do Tesouro Nacional” Series F
CDOR — Canadian Dealer Offered Rate	OJSC — Open Joint Stock Company
ETF — Exchange-Traded Fund	PJSC — Public Joint Stock Company
ETN — Exchange-Traded Note	REIT — Real Estate Investment Trust
FED OPEN — Federal Funds Effective Rate	SDR — Swedish Depositary Receipt
GDR — Global Depositary Receipt	SELICON — Sistema Especial de Liquidação e Custodia
JSC — Joint Stock Company
LIBOR — London Interbank Offered Rate

Currency Abbreviations:
AUD — Australian Dollar	KZT — Kazakhstan Tenge
BRL — Brazilian Real	MXN — Mexican New Peso
CAD — Canadian Dollar	MYR — Malaysian Ringgit
CHF — Swiss Franc	NGN — Nigerian Naira
CLP — Chilean Peso	NOK — Norwegian Krone
CNH — Yuan Renminbi	NZD — New Zealand Dollar
CNY — Chinese Renminbi	PEN — Peruvian Nuevo Sol
COP — Colombian Peso	PHP — Philippine Peso
CZK — Czech Koruna	PLN — Polish Zloty
DKK — Danish Krone	RON — New Romanian Leu
DOP — Dominican Republic Peso	RSD — Serbian Dinar
EGP — Egyptian Pound	RUB — Russian Ruble
EUR — Euro	SEK — Swedish Krona
GBP — British Pound Sterling	SGD — Singapore Dollar
HKD — Hong Kong Dollar	THB — Thai Baht
HUF — Hungarian Forint	TRY — New Turkish Lira
IDR — Indonesian Rupiah	TWD — Taiwan Dollar
ILS — Israeli Shekel	UGX — Ugandan Shilling
INR — Indian Rupee	USD — United States Dollar
JPY — Japanese Yen	UYU — Uruguayan Peso
KRW — South Korean Won	ZAR — South African Rand
KWD — Kuwaiti Dinar	ZMW — Zambian Kwacha
Counterparty Abbreviations:
BNP — BNP Paribas SA	JPM — JPMorgan Chase Bank NA
BRC — Barclays Bank PLC	MEL — The Bank of New York Mellon Corp.
CAN — Canadian Imperial Bank of Commerce	RBC — Royal Bank of Canada
CIT  — Citibank NA	SCB — Standard Chartered Bank
CSF — Credit Suisse International	SSB — State Street Bank and Trust Co.
DUB — Deutsche Bank AG	UBS — UBS AG
GSC — Goldman Sachs International
HSB — HSBC Bank USA NA

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

	Lazard International Equity Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio
Industry*
Agriculture		—	%		—	%		—	%		—	%		—	%		1.1	%
Alcohol & Tobacco		6.9			2.8			7.1			7.6			—			3.6
Apparel & Textiles		—			—			—			—			0.8			—
Automotive		4.1			2.6			3.1			3.9			2.1			3.4
Banking		7.4			13.2			7.1			3.6			3.0			3.8
Chemicals		—			—			—			1.8			2.9			2.2
Commercial Services		—			—			1.6			0.1			12.3			2.6
Computer Software		—			—			1.3			—			0.5			3.9
Construction & Engineering		1.4			4.0			—			—			1.7			—
Consumer Products		1.3			—			2.3			2.9			2.1			—
Diversified		1.3			3.1			2.4			1.2			—			0.4
Electric		0.9			—			1.2			—			—			—
Energy Exploration & Production		—			—			—			—			—			0.8
Energy Integrated		3.8			—			1.9			1.8			0.6			—
Energy Services		—			—			—			1.0			1.3			3.0
Financial Services		5.3			7.6			5.0			8.1			13.1			12.1
Food & Beverages		—			—			0.9			2.4			4.0			1.5
Forest & Paper Products		1.4			—			2.1			4.7			2.4			—
Health Services		—			—			1.4			2.7			4.0			2.1
Household & Personal Products		1.2			4.4			1.4			—			2.1			1.4
Housing		3.9			—			1.8			3.0			1.6			1.8
Insurance		6.5			7.1			7.2			8.3			3.5			6.3
Leisure & Entertainment		6.8			6.2			4.7			6.5			2.3			2.6
Manufacturing		4.1			2.8			3.0			7.5			7.8			7.9
Medical Products		—			—			—			—			1.0			2.2
Metals & Mining		1.5			4.6			1.5			—			—			—
Pharmaceutical & Biotechnology		12.5			13.1			14.3			12.5			4.2			10.4
Real Estate		—			—			—			—			3.3			0.5
Retail		4.7			—			5.5			6.5			7.0			3.1
Semiconductors & Components		2.6			5.1			5.6			1.2			5.4			4.4
Technology		4.8			8.5			4.1			2.5			—			3.3
Technology Hardware		1.2			5.0			—			—			4.4			9.0
Telecommunications		7.4			4.6			5.8			4.4			—			0.6
Transportation		4.1			—			3.1			1.9			0.9			—
Water		—			—			0.7			0.6			—			—
Subtotal		95.1			94.7			96.1			96.7			94.3			94.0
Short-Term Investments		—			5.2			3.2			2.9			5.1			6.5
Repurchase Agreement		4.2			—			—			—			—			—
Total Investments		99.3	%		99.9	%		99.3	%		99.6	%		99.4	%		100.5	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Global Strategic Equity Portfolio
Industry*
Alcohol & Tobacco		8.1	%
Automotive		2.0
Banking		1.1
Chemicals		0.8
Commercial Services		2.5
Consumer Products		2.1
Diversified		1.7
Energy Exploration & Production		1.5
Energy Integrated		1.8
Financial Services		8.5
Food & Beverages		5.1
Forest & Paper Products		2.9
Health Services		3.4
Household & Personal Products		1.0
Housing		1.5
Insurance		5.8
Leisure & Entertainment		7.5
Manufacturing		1.5
Medical Products		3.0
Pharmaceutical & Biotechnology		10.7
Retail		6.3
Semiconductors & Components		4.4
Technology		6.3
Technology Hardware		1.3
Telecommunications		4.1
Transportation		1.9
Subtotal		96.8
Short-Term Investment		1.2
Total Investments		98.0	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	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 Asset Portfolio			Lazard Emerging Markets Debt Portfolio
Industry*
Agriculture		—	%		0.4	%		—	%		0.6	%		0.4	%		—	%
Alcohol & Tobacco		4.4			—			—			2.7			1.4			—
Apparel & Textiles		—			2.5			1.3			0.7			0.4			—
Automotive		2.8			1.7			3.5			2.9			1.6			—
Auto Components		—			—			1.2			—			—			—
Banking		21.8			21.7			21.4			21.1			13.7			1.6
Cable Television		—			1.6			—			—			—			—
Chemicals		1.0			—			—			—			0.2			—
Commercial Services		3.0			2.4			0.9			2.1			1.2			—
Computer Software		4.5			3.4			4.0			6.6			4.2			0.2
Construction Materials		—			2.2			2.9			1.6			1.0			0.2
Construction & Engineering		—			—			3.0			1.6			0.9			—
Consumer Products		0.2			2.9			2.9			1.7			0.9			—
Diamonds & Precious Stones		—			—			—			—			—			0.1
Diversified		0.9			1.0			—			1.3			0.9			—
Electric		0.6			—			—			—			0.4			0.9
Energy Exploration & Production		3.6			—			0.2			1.5			1.8			0.6
Energy Integrated		4.0			—			5.5			5.9			3.8			0.7
Energy Services		0.3			—			1.3			0.4			0.4			0.1
Financial Services		3.0			1.1			2.6			2.9			2.1			0.7
Food & Beverages		0.6			1.3			—			0.5			0.3			—
Forest & Paper Products		0.8			2.4			—			1.3			0.9			0.3
Gas Utilities		—			1.1			—			—			0.4			0.7
Health Services		—			1.0			—			0.3			0.2			—
Household & Personal Products		2.3			—			—			0.8			0.5			—
Housing		1.1			—			0.7			—			—			—
Insurance		3.1			4.1			3.3			2.7			1.4			—
Leisure & Entertainment		0.9			2.2			3.7			3.0			1.7			—
Manufacturing		3.9			4.1			10.5			5.7			3.3			—
Metals & Mining		2.0			—			3.8			1.5			0.9			—
Pharmaceutical & Biotechnology		—			2.7			4.8			2.4			1.3			—
Printing & Publishing		—			—			—			—			0.1			—
Real Estate		—			1.0			2.1			1.5			0.9			0.1
Retail		4.7			7.2			3.9			3.5			2.2			0.3
Semiconductors & Components		9.1			15.6			10.8			12.2			6.9			—
Technology		3.3			—			—			0.7			0.5			—
Technology Hardware		1.0			3.0			—			1.6			0.9			—
Telecommunications		9.8			5.8			—			6.0			4.3			0.5
Transportation		2.3			3.6			3.5			2.1			1.4			0.6
Subtotal		95.0			96.0			97.8			99.4			63.4			7.6
Foreign Government Obligations		—			—			—			—			19.5			88.5
US Treasury Securities		—			—			—			—			7.8			—
Short-Term Investments		3.9			2.8			2.3			0.4			5.6			5.9
Total Investments		98.9	%		98.8	%		100.1	%		99.8	%		96.3	%		102.0	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Explorer Total Return Portfolio
Industry*
Banking		5.5	%
Chemicals		0.7
Computer Software		0.7
Construction Materials		0.8
Construction & Engineering		0.3
Diversified		0.3
Electric		1.4
Energy Exploration & Production		2.3
Energy Integrated		1.2
Energy Services		0.8
Financial Services		1.3
Forest & Paper Products		0.5
Gas Utilities		1.1
Media		0.2
Printing & Publishing		0.3
Real Estate		0.3
Retail		0.6
Telecommunications		1.6
Transportation		0.7
Subtotal		20.6
Foreign Government Obligations		55.1
US Treasury Securities		3.3
Short-Term Investment		20.2
Total Investments		99.2	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Global Fixed Income Portfolio
Industry*
Aerospace & Defense		1.7	%
Automotive		5.6
Banking		3.5
Cable Television		1.1
Electric		3.2
Energy Exploration & Production		2.2
Energy Integrated		1.8
Energy Services		0.8
Financial Services		3.0
Food & Beverages		2.1
Health Services		1.0
Leisure & Entertainment		0.7
Machinery		0.5
Metals & Mining		2.5
Support Services		0.5
Technology Hardware		1.1
Telecommunications		2.7
Transportation		1.3
Subtotal		35.3
Foreign Government Obligations		52.9
Supranationals		4.5
US Municipal Bonds		4.2
Short-Term Investment		2.4
Total Investments		99.3	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Global Listed Infrastructure Portfolio			Lazard Global Realty Equity Portfolio
Industry*
Cable Television		8.9	%		—	%
Commercial Services		—			1.5
Construction & Engineering		7.7			—
Electric		23.0			—
Gas Utilities		11.8			—
Leisure & Entertainment		—			2.7
Real Estate		—			96.8
Transportation		38.0			—
Water		4.3			—
Subtotal		93.7			101.0
Short-Term Investments		9.3			1.5
Total Investments		103.0	%		102.5	%

* Industry classifications may be different than those used for compliance monitoring purposes.

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

	Lazard Enhanced Opportunities			Lazard Master Alternatives Portfolio
	Portfolio			Long			Short
Industry*
Agriculture		1.2	%		1.3	%		—	%
Alcohol & Tobacco		1.5			1.3			—
Automotive		—			0.3			(0.6	)
Banking		0.9			4.6			(1.1	)
Chemicals		0.7			2.0			(0.6	)
Commercial Services		1.8			3.7			(2.1	)
Computer Software		1.8			0.5			(0.5	)
Construction & Engineering		—			0.3			(0.3	)
Consumer Products		1.8			1.2			(0.2	)
Diversified		—			0.6			—
Electric		—			0.5			(0.3	)
Energy Exploration & Production		1.2			0.3			—
Energy Integrated		0.8			0.7			—
Financial Services		5.6			7.0			(3.1	)
Food & Beverages		1.4			3.1			(0.5	)
Forest & Paper Products		0.2			0.9			(0.3	)
Gas Utilities		—			0.4			—
Health Services		0.8			2.5			(0.3	)
Household & Personal Products		—			0.4			(0.1	)
Housing		0.6			1.2			(0.3	)
Insurance		0.1			3.4			(1.4	)
Leisure & Entertainment		—			2.7			(0.7	)
Manufacturing		3.0			3.7			(2.5	)
Medical Products		1.2			2.4			(0.8	)
Metals & Mining		0.2			0.4			—
Pharmaceutical & Biotechnology		1.0			5.8			(3.1	)
Real Estate		6.8			2.9			—
Retail		1.3			6.0			(3.2	)
Semiconductors & Components		0.7			1.0			(1.4	)
Technology		1.6			2.8			(0.9	)
Technology Hardware		2.0			3.0			(0.4	)
Telecommunications		0.6			0.5			—
Transportation		2.3			2.8			(0.3	)
Water		—			0.5			—
Subtotal		41.1			70.7			(25.0	)
Exchange-Traded Funds		3.3			0.8			(4.2	)
Purchased Options		0.1			—			—
Short-Term Investments		28.0			46.2			—
Total Investments		72.5	%		117.7	%		(29.2	)%

* Industry classifications may be different than those used for compliance monitoring purposes.

Valuation of Investments:

Net asset value (“NAV”) per share for each class of each Portfolio is determined 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 Lazard Funds, Inc. (the “Fund”) values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. 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. Investments in money market funds are valued at the fund’s NAV. Repurchases 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.

The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”), which meets periodically and acts pursuant to delegated authority from the Board of Directors (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)

Changes in valuation technique may result in transfer into or out of the current assigned level within the hierarchy.

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, 2015:

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, 2015
US Equity Concentrated Portfolio
Common Stocks	$	409,777,380	$	—	$	—	$	409,777,380
Short-Term Investment		62,026,840		—		—		62,026,840
Total	$	471,804,220	$	—	$	—	$	471,804,220
US Strategic Equity Portfolio
Common Stocks	$	132,935,193	$	—	$	—	$	132,935,193
Short-Term Investment		5,120,668		—		—		5,120,668
Total	$	138,055,861	$	—	$	—	$	138,055,861
US Small Cap Equity Growth Portfolio
Common Stocks	$	9,088,573	$	—	$	—	$	9,088,573
Short-Term Investment		1,462,036		—		—		1,462,036
Total	$	10,550,609	$	—	$	—	$	10,550,609
US Mid Cap Equity Portfolio
Common Stocks	$	35,939,053	$	—	$	—	$	35,939,053
Short-Term Investment		3,017,350		—		—		3,017,350
Total	$	38,956,403	$	—	$	—	$	38,956,403
US Small-Mid Cap Equity Portfolio
Common Stocks	$	187,797,142	$	—	$	—	$	187,797,142
Repurchase Agreement		—		9,308,000		—		9,308,000
Total	$	187,797,142	$	9,308,000	$	—	$	197,105,142
International Equity Portfolio
Common Stocks
Spain	$	4,092,148	$	7,449,046	$	—	$	11,541,194
Switzerland		3,824,177		31,156,791		—		34,980,968
Other		40,371,175		364,413,502		—		404,784,677
Repurchase Agreement		—		20,012,000		—		20,012,000
Total	$	48,287,500	$	423,031,339	$	—	$	471,318,839
International Equity Concentrated Portfolio
Common Stocks	$	2,425,047	$	8,157,946	$	—	$	10,582,993
Short-Term Investment		586,932		—		—		586,932
Total	$	3,011,979	$	8,157,946	$	—	$	11,169,925
International Equity Select Portfolio
Common Stocks
Russia	$	106,666	$	132,050	$	—	$	238,716
Spain		179,174		231,321		—		410,495
Other		1,997,389		15,900,064		—		17,897,453
Short-Term Investment		625,580		—		—		625,580
Total	$	2,908,809	$	16,263,435	$	—	$	19,172,244

International Strategic Equity Portfolio
Common Stocks
Spain	$	53,434,415	$	59,355,552	$	—	$	112,789,967
Other		345,507,784		5,362,307,803		—		5,707,815,587
Short-Term Investment		172,212,569		—		—		172,212,569
Right*		—		—		—		—
Total	$	571,154,768	$	5,421,663,355	$	—	$	5,992,818,123
International Small Cap Equity Portfolio
Common Stocks
Canada	$	4,449,858	$	764,366	$	—	$	5,214,224
Netherlands		1,052,661		1,762,702		—		2,815,363
United Kingdom		2,097,966		11,818,447		—		13,916,413
Other		742,640		51,758,414		—		52,501,054
Preferred Stock		472,932		—		—		472,932
Short-Term Investment		4,080,559		—		—		4,080,559
Total	$	12,896,616	$	66,103,929	$	—	$	79,000,545
Global Equity Select Portfolio
Common Stocks
United Kingdom	$	134,814	$	850,939	$	—	$	985,753
Other		8,389,023		3,511,194		—		11,900,217
Short-Term Investment		896,019		—		—		896,019
Total	$	9,419,856	$	4,362,133	$	—	$	13,781,989
Global Strategic Equity Portfolio
Common Stocks
Netherlands	$	100,767	$	155,085	$	—	$	255,852
Switzerland		131,265		309,489		—		440,754
United Kingdom		105,745		1,214,298		—		1,320,043
Other		4,582,873		2,803,442		—		7,386,315
Short-Term Investment		116,159		—		—		116,159
Total	$	5,036,809	$	4,482,314	$	—	$	9,519,123
Emerging Markets Equity Portfolio
Common Stocks
China	$	617,987,291	$	886,266,989	$	—	$	1,504,254,280
Hong Kong		373,129,394		117,467,285		—		490,596,679
Indonesia		260,963,739		619,616,863		—		880,580,602
Russia		160,586,394		906,404,213		—		1,066,990,607
Other		2,313,887,067		6,656,710,117		—		8,970,597,184
Short-Term Investment		533,313,040		—		—		533,313,040
Total	$	4,259,866,925	$	9,186,465,467	$	—	$	13,446,332,392
Emerging Markets Core Equity Portfolio
Common Stocks
China	$	3,271,403	$	7,402,094	$	—	$	10,673,497
Hong Kong		1,411,151		663,102		—		2,074,253
South Korea		593,178		4,182,775		—		4,775,953
Taiwan		2,365,683		6,390,181		—		8,755,864
Other		8,004,671		9,021,378		—		17,026,049
Preferred Stock		864,361		—		—		864,361
Right*		—		—		—		—
Short-Term Investment		1,300,091		—		—		1,300,091
Total	$	17,810,538	$	27,659,530	$	—	$	45,470,068

Developing Markets Equity Portfolio
Common Stocks
China	$	17,095,708	$	69,269,856		$	—	$	86,365,564
Hong Kong		3,182,518		24,087,353			—		27,269,871
India		18,041,771		36,303,068			—		54,344,839
Russia		6,440,993		29,677,939			—		36,118,932
Other		66,834,410		117,954,138			—		184,788,548
Preferred Stocks		8,030,861		—			—		8,030,861
Short-Term Investment		9,208,509		—			—		9,208,509
Total	$	128,834,770	$	277,292,354		$	—	$	406,127,124
Emerging Markets Equity Blend Portfolio
Common Stocks
China	$	31,621,714	$	67,607,280		$	—	$	99,228,994
Hong Kong		7,744,163		16,431,125			—		24,175,288
India		11,937,169		40,436,307			—		52,373,476
Indonesia		6,872,789		22,687,279			—		29,560,068
Russia		15,461,619		23,945,560			—		39,407,179
Turkey		11,442,067		22,928,076			—		34,370,143
Other		81,238,814		154,020,052			—		235,258,866
Preferred Stocks		4,808,576		—			—		4,808,576
Short-Term Investment		2,272,442		—			—		2,272,442
Total	$	173,399,353	$	348,055,679		$	—	$	521,455,032
Emerging Markets Multi Asset Portfolio
Assets:
Common Stocks
China	$	6,913,765	$	13,431,149		$	—	$	20,344,914
Egypt		17,192		1,142,153			—		1,159,345
Hong Kong		1,770,637		3,040,863			—		4,811,500
India		2,221,848		8,525,918			—		10,747,766
Indonesia		1,525,946		4,716,676			—		6,242,622
Russia		3,413,246		4,683,515			—		8,096,761
Taiwan		2,880,644		9,350,964			—		12,231,608
Turkey		2,536,232		4,494,941			—		7,031,173
Other		17,123,211		18,722,434			—		35,845,645
Preferred Stocks		1,040,581		—			—		1,040,581
Corporate Bonds		—		9,942,013			—		9,942,013
Foreign Government Obligations		—		36,502,835			—		36,502,835
Quasi Government Bonds		—		1,228,737			—		1,228,737
US Treasury Securities		—		14,672,991			—		14,672,991
Warrant**		—		—			—		—
Short-Term Investment		10,434,023		—			—		10,434,023
Other Financial Instruments***
Credit Default Swap Agreements		—		9,384			—		9,384
Forward Currency Contracts		—		610,826			—		610,826
Total	$	49,877,325	$	131,075,399		$	—	$	180,952,724
Liabilities:
Other Financial Instruments***
Credit Default Swap Agreements	$	—	$	(2,938	)	$	—	$	(2,938	)
Forward Currency Contracts		—		(396,198	)		—		(396,198	)
Total	$	—	$	(399,136	)	$	—	$	(399,136	)
Emerging Markets Debt Portfolio
Corporate Bonds	$	—	$	22,400,239		$	—	$	22,400,239
Foreign Government Obligations		—		370,438,953			—		370,438,953
Quasi Government Bonds		—		9,170,719			—		9,170,719
Short-Term Investment		24,913,200		—			—		24,913,200
Total	$	24,913,200	$	402,009,911		$	—	$	426,923,111

Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations	$	—	$	2,109,533		$	—	$	2,109,533
Supranationals		—		44,623			—		44,623
US Treasury Securities		—		5,973,064			—		5,973,064
Short-Term Investment		939,719		—			—		939,719
Other Financial Instruments***
Forward Currency Contracts		—		123,509			—		123,509
Total	$	939,719	$	8,250,729		$	—	$	9,190,448
Liabilities:
Other Financial Instruments***
Forward Currency Contracts	$	—	$	(59,124	)	$	—	$	(59,124	)
Explorer Total Return Portfolio
Assets:
Corporate Bonds	$	—	$	47,290,043		$	—	$	47,290,043
Foreign Government Obligations		—		141,645,665			—		141,645,665
Quasi Government Bonds		—		5,685,525			—		5,685,525
US Treasury Security		—		8,476,656			—		8,476,656
Warrant**		—		—			—		—
Short-Term Investment		51,801,563		—			—		51,801,563
Other Financial Instruments***
Credit Default Swap Agreements		—		22,969			—		22,969
Forward Currency Contracts		—		1,097,434			—		1,097,434
Total	$	51,801,563	$	204,218,292		$	—	$	256,019,855
Liabilities:
Other Financial Instruments***
Credit Default Swap Agreements	$	—	$	(25,509	)	$	—	$	(25,509	)
Forward Currency Contracts		—		(462,723	)		—		(462,723	)
Total	$	—	$	(488,232	)	$	—	$	(488,232	)
US Corporate Income Portfolio
Corporate Bonds	$	—	$	200,839,450		$	—	$	200,839,450
Short-Term Investment		9,419,946		—			—		9,419,946
Total	$	9,419,946	$	200,839,450		$	—	$	210,259,396
US Short Duration Fixed Income Portfolio
Asset-Backed Securities	$	—	$	4,287,117		$	—	$	4,287,117
Corporate Bonds		—		38,270,966			—		38,270,966
Municipal Bonds		—		7,575,770			—		7,575,770
US Government Securities		—		48,413,811			—		48,413,811
US Treasury Securities		—		10,626,247			—		10,626,247
Short-Term Investment		3,145,595		—			—		3,145,595
Total	$	3,145,595	$	109,173,911		$	—	$	112,319,506
Global Fixed Income Portfolio
Assets:
Corporate Bonds	$	—	$	1,788,581		$	—	$	1,788,581
Foreign Government Obligations		—		2,834,950			—		2,834,950
Quasi Government Bonds		—		101,870			—		101,870
Supranationals		—		239,018			—		239,018
US Municipal Bonds		—		227,214			—		227,214
Short-Term Investment		129,516		—			—		129,516
Other Financial Instruments***
Forward Currency Contracts		—		134,540			—		134,540
Total	$	129,516	$	5,326,173		$	—	$	5,455,689
Liabilities:
Other Financial Instruments***
Forward Currency Contracts	$	—	$	(97,604	)	$	—	$	(97,604	)

Global Listed Infrastructure Portfolio
Assets:
Common Stocks
Spain	$	15,866,263		$	77,301,637		$	—	$	93,167,900
Other		376,362,154			1,374,114,008			—		1,750,476,162
Short-Term Investment		183,603,849			—			—		183,603,849
Other Financial Instruments***
Forward Currency Contracts		—			2,320,868			—		2,320,868
Total	$	575,832,266		$	1,453,736,513		$	—	$	2,029,568,779
Liabilities:
Other Financial Instruments***
Forward Currency Contracts	$	—		$	(14,289,688	)	$	—	$	(14,289,688	)
US Realty Income Portfolio
Common Stocks	$	14,553,412		$	—		$	—	$	14,553,412
Preferred Stocks		33,359,295			—			—		33,359,295
Real Estate Investment Trusts		104,230,906			—			—		104,230,906
Total	$	152,143,613		$	—		$	—	$	152,143,613
US Realty Equity Portfolio
Common Stocks	$	12,005,458		$	—		$	—	$	12,005,458
Real Estate Investment Trusts		105,878,335			—			—		105,878,335
Short-Term Investment		671,838			—			—		671,838
Purchased Option		477,475			—			—		477,475
Total	$	119,033,106		$	—		$	—	$	119,033,106
Global Realty Equity Portfolio
Common Stocks	$	672,460		$	1,752,477		$	—	$	2,424,937
Real Estate Investment Trusts		2,473,539			999,497			—		3,473,036
Short-Term Investment		89,901			—			—		89,901
Total	$	3,235,900		$	2,751,974		$	—	$	5,987,874
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Notes	$	5,939,736		$	—		$	—	$	5,939,736
Exchange-Traded Funds		129,483,922			—			—		129,483,922
Closed-End Management Investment Company		2,765,958			—			—		2,765,958
Short-Term Investment		36,658,534			—			—		36,658,534
Other Financial Instruments***
Forward Currency Contracts		—			279,991			—		279,991
Total Return Swap Agreement		—			20,194			—		20,194
Total	$	174,848,150		$	300,185		$	—	$	175,148,335
Liabilities:
Other Financial Instruments***
Forward Currency Contracts	$	—		$	(232,389	)	$	—	$	(232,389	)
Total Return Swap Agreement		—			(57,575	)		—		(57,575	)
Total	$	—		$	(289,964	)	$	—	$	(289,964	)
Fundamental Long/Short Portfolio
Common Stocks	$	77,068,828		$	—		$	—	$	77,068,828
Short-Term Investment		51,561,509			—			—		51,561,509
Securities Sold Short		(44,243,611	)		—			—		(44,243,611	)
Total	$	84,386,726		$	—		$	—	$	84,386,726

Enhanced Opportunities Portfolio
Assets:
Common Stocks	$	370,461		$	59,883		$	—	$	430,344
Corporate Bonds		—			1,265,455			—		1,265,455
Exchange-Traded Funds		164,961			—			—		164,961
Preferred Stocks		378,024			—			—		378,024
Short-Term Investment		1,409,821			—			—		1,409,821
Purchased Options		8,170			—			—		8,170
Other Financial Instruments***
Total Return Swap Agreements		—			96,124			—		96,124
Total	$	2,331,437		$	1,421,462		$	—	$	3,752,899
Liabilities:
Other Financial Instruments***
Total Return Swap Agreements	$	—		$	(99,979	)	$	—	$	(99,979	)
Written Options		—			(7,702	)		—		(7,702	)
Total	$	—		$	(107,681	)	$	—	$	(107,681	)
Master Alternatives Portfolio
Assets:
Common Stocks
France	$	51,885		$	249,417		$	—	$	301,302
Ireland		12,458			168,632			—		181,090
Israel		188,333			40,205			—		228,538
Switzerland		48,607			94,358			—		142,965
United Kingdom		37,798			595,422			—		633,220
Other		6,468,299			2,678,004			—		9,146,303
Corporate Bonds		—			1,243,259			—		1,243,259
Exchange-Traded Funds		138,835			—			—		138,835
Preferred Stocks		387,114			—			—		387,114
Short-Term Investment		8,011,521			—			—		8,011,521
Purchased Options		8,328			—			—		8,328
Securities Sold Short		(5,069,713	)		—			—		(5,069,713	)
Other Financial Instruments***
Forward Currency Contracts		—			152,077			—		152,077
Total Return Swap Agreements		—			93,025			—		93,025
Total	$	10,283,465		$	5,314,399		$	—	$	15,597,864
Liabilities:
Other Financial Instruments***
Forward Currency Contracts	$	—		$	(78,998	)	$	—	$	(78,998	)
Total Return Swap Agreements		—			(117,460	)		—		(117,460	)
Written Options		—			(7,573	)		—		(7,573	)
Total	$	—		$	(204,031	)	$	—	$	(204,031	)

*	The right was reported in the Portfolios of Investments at zero market value.
**	The warrant 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 (c)) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets.

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 (c)) in the International Equity, International Equity Concentrated, International Equity Select, International Strategic Equity, International Small Cap Equity, Global Equity Select, Global Strategic Equity, Emerging Markets Equity, Emerging Markets Core Equity, Developing Markets Equity, Emerging Markets Equity Blend, Emerging Markets Multi Asset, Global Listed Intrastructure, Global Realty Equity, Enhanced Opportunities and Master Alternatives 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. A Portfolio recognizes all transfers between levels as though they were transferred at the beginning of the reporting period.

At March 31, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:

Portfolio	Amount
International Equity	$	2,869,952
International Equity Concentrated		645,001
International Equity Select		833,522
International Strategic Equity		107,591,193
International Small Cap Equity		666,483
Global Strategic Equity		114,374
Emerging Markets Equity		1,563,409,888
Emerging Markets Core Equity		746,446
Developing Markets Equity		23,800,767
Emerging Markets Equity Blend		43,235,611
Emerging Markets Multi Asset		7,775,447
Global Realty Equity		158,457
Master Alternatives		(193,537)

At March 31, 2015, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
Emerging Markets Core Equity	$	706,802
Developing Markets Equity		14,973,774

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended March 31, 2015.

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 28, 2015

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 28, 2015

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer

Date: May 28, 2015