N-Q 1 c82967_nq.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06312

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

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

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

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

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2015

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments September 30, 2015 (unaudited)



Description	Shares		Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 90.7%
Alcohol & Tobacco \| 3.7%
Molson Coors Brewing Co., Class B		284,657	$	23,632,224
Food & Beverages \| 6.2%
Kellogg Co.		597,225		39,745,324
Leisure & Entertainment \| 17.0%
Houghton Mifflin Harcourt Co. (a)		1,486,807		30,197,050
Norwegian Cruise Line Holdings, Ltd. (a)		503,190		28,832,787
The Madison Square Garden Co., Class A (a)		431,355		31,117,950
Viacom, Inc., Class B		457,485		19,740,478
				109,888,265
Media \| 8.6%
Alphabet, Inc., Class A (a)		87,500		55,857,375
Pharmaceutical & Biotechnology \| 20.1%
Baxalta, Inc.		929,400		29,285,394
Mallinckrodt PLC (a)		104,800		6,700,912
Pfizer, Inc.		1,317,267		41,375,357
Zoetis, Inc.		1,282,101		52,796,919
				130,158,582
Retail \| 10.6%
Advance Auto Parts, Inc.		328,820		62,321,255
J.C. Penney Co., Inc. (a)		669,105		6,215,985
				68,537,240
Semiconductors & Components \| 2.7%
Bruker Corp. (a)		1,047,720		17,214,039
Technology Hardware \| 19.8%
Apple, Inc.		284,232		31,350,789
Cisco Systems, Inc.		1,212,395		31,825,369
EMC Corp.		1,485,905		35,899,465
International Business Machines Corp.		201,130		29,157,816
				128,233,439
Transportation \| 2.0%
American Airlines Group, Inc.		339,970		13,201,035
Total Common Stocks (Identified cost $578,171,352)				586,467,523
Short-Term Investment \| 9.7%
State Street Institutional Treasury Money Market Fund (Identified cost $62,692,304)		62,692,304		62,692,304



	Value
Total Investments \| 100.4% (Identified cost $640,863,656) (b)	$	649,159,827
Liabilities in Excess of Cash and Other Assets \| (0.4)%		(2,889,153)
Net Assets \| 100.0%	$	646,270,674



Description	Shares		Value
Lazard US Strategic Equity Portfolio
Common Stocks \| 95.6%
Alcohol & Tobacco \| 1.4%
Molson Coors Brewing Co., Class B		21,450	$	1,780,779
Automotive \| 0.8%
Harley-Davidson, Inc.		18,000		988,200
Banking \| 3.3%
Bank of America Corp.		208,000		3,240,640
Signature Bank (a)		7,200		990,432
				4,231,072
Commercial Services \| 4.1%
Corrections Corp. of America		83,210		2,458,024
ServiceMaster Global Holdings, Inc. (a)		36,375		1,220,381
Tyco International PLC		47,200		1,579,312
				5,257,717
Energy Exploration & Production \| 3.5%
Anadarko Petroleum Corp.		23,700		1,431,243
Apache Corp.		30,275		1,185,569
EOG Resources, Inc.		26,100		1,900,080
				4,516,892
Energy Services \| 1.1%
Dril-Quip, Inc. (a)		25,400		1,478,788
Financial Services \| 9.4%
CBOE Holdings, Inc.		22,400		1,502,592
Citigroup, Inc.		49,725		2,466,857
Intercontinental Exchange, Inc.		16,125		3,789,214
Springleaf Holdings, Inc. (a)		41,400		1,810,008
Visa, Inc., Class A		37,220		2,592,745
				12,161,416
Food & Beverages \| 2.9%
Kellogg Co.		56,000		3,726,800
Forest & Paper Products \| 1.1%
International Paper Co.		38,500		1,454,915
Health Services \| 0.7%
Aetna, Inc.		8,100		886,221
Household & Personal Products \| 2.0%
The Procter & Gamble Co.		36,865		2,652,068
Insurance \| 5.3%
Aon PLC		23,300		2,064,613
The Hartford Financial Services Group, Inc.		47,025		2,152,805
Voya Financial, Inc.		69,700		2,702,269
				6,919,687
Leisure & Entertainment \| 7.0%
Houghton Mifflin Harcourt Co. (a)		66,700		1,354,677



Description	Shares		Value
Norwegian Cruise Line Holdings, Ltd. (a)		52,825	$	3,026,872
The Madison Square Garden Co., Class A (a)		28,825		2,079,436
Viacom, Inc., Class B		60,650		2,617,047
				9,078,032
Manufacturing \| 5.6%
Honeywell International, Inc.		37,393		3,540,743
Parker Hannifin Corp.		20,900		2,033,570
Rockwell Automation, Inc.		17,000		1,724,990
				7,299,303
Media \| 4.1%
Alphabet, Inc.:
Class A (a)		6,311		4,028,753
Class C (a)		2,040		1,241,177
				5,269,930
Pharmaceutical & Biotechnology \| 14.2%
Baxalta, Inc.		69,855		2,201,131
Eli Lilly & Co.		45,600		3,816,264
Mallinckrodt PLC (a)		29,400		1,879,836
Pfizer, Inc.		164,734		5,174,295
Zoetis, Inc.		127,894		5,266,675
				18,338,201
Retail \| 7.7%
Advance Auto Parts, Inc.		36,998		7,012,231
CVS Health Corp.		14,830		1,430,799
Deckers Outdoor Corp. (a)		10,500		609,630
J.C. Penney Co., Inc. (a)		97,025		901,362
				9,954,022
Semiconductors & Components \| 2.8%
Maxim Integrated Products, Inc.		52,625		1,757,675
NXP Semiconductors NV (a)		20,700		1,802,349
				3,560,024
Technology \| 0.9%
Citrix Systems, Inc. (a)		15,950		1,105,016
Technology Hardware \| 15.7%
Apple, Inc.		32,957		3,635,157
Applied Materials, Inc.		53,800		790,322
Cisco Systems, Inc.		169,275		4,443,469
EMC Corp.		179,975		4,348,196
Hewlett-Packard Co.		57,375		1,469,374
International Business Machines Corp.		18,400		2,667,448
QUALCOMM, Inc.		28,650		1,539,364
Teradyne, Inc.		77,375		1,393,524
				20,286,854
Transportation \| 2.0%
American Airlines Group, Inc.		38,675		1,501,750



Description	Shares		Value
Lazard US Strategic Equity Portfolio (concluded)
Union Pacific Corp.		12,200	$	1,078,602
				2,580,352
Total Common Stocks (Identified cost $122,252,475)				123,526,289
Short-Term Investment \| 6.3%
State Street Institutional Treasury Money Market Fund (Identified cost $8,134,499)		8,134,499		8,134,499
Total Investments \| 101.9% (Identified cost $130,386,974) (b)			$	131,660,788
Liabilities in Excess of Cash and Other Assets \| (1.9)%				(2,401,193)
Net Assets \| 100.0%			$	129,259,595



Description	Shares		Value
Lazard US Mid Cap Equity Portfolio
Common Stocks \| 90.4%
Banking \| 2.4%
Signature Bank (a)		5,300	$	729,068
Chemicals \| 6.8%
Calgon Carbon Corp.		61,300		955,054
Eastman Chemical Co.		17,525		1,134,218
				2,089,272
Commercial Services \| 7.3%
H&R Block, Inc.		19,300		698,660
MDC Partners, Inc., Class A		54,400		1,002,592
United Rentals, Inc. (a)		9,450		567,472
				2,268,724
Computer Software & Services \| 3.6%
Check Point Software Technologies, Ltd. (a)		14,150		1,122,520
Energy Exploration & Production \| 1.9%
Memorial Resource Development Corp. (a)		33,600		590,688
Financial Services \| 5.9%
Springleaf Holdings, Inc. (a)		41,600		1,818,752
Food & Beverages \| 4.3%
Kellogg Co.		20,100		1,337,655
Health Services \| 2.5%
Quintiles Transnational Holdings, Inc. (a)		11,100		772,227
Insurance \| 10.8%
Aon PLC		8,500		753,185
The Hartford Financial Services Group, Inc.		30,925		1,415,746
Voya Financial, Inc.		30,700		1,190,239
				3,359,170
Leisure & Entertainment \| 3.9%
Viacom, Inc., Class B		28,100		1,212,515
Medical Products \| 3.4%
Natus Medical, Inc. (a)		26,750		1,055,288
Pharmaceutical & Biotechnology \| 6.4%
Mallinckrodt PLC (a)		10,100		645,794
Zoetis, Inc.		32,475		1,337,320
				1,983,114
Real Estate \| 1.8%
Communications Sales & Leasing, Inc. REIT		30,400		544,160
Retail \| 18.6%
Advance Auto Parts, Inc.		13,569		2,571,733
Dick’s Sporting Goods, Inc.		39,250		1,947,192
Kohl’s Corp.		26,625		1,233,004
				5,751,929



Description	Shares		Value
Semiconductors & Components \| 4.2%
NXP Semiconductors NV (a)		15,075	$	1,312,580
Technology Hardware \| 2.5%
Applied Materials, Inc.		53,600		787,384
Transportation \| 4.1%
American Airlines Group, Inc.		32,425		1,259,063
Total Common Stocks (Identified cost $28,744,222)				27,994,109
Short-Term Investment \| 9.6%
State Street Institutional Treasury Money Market Fund (Identified cost $2,988,109)		2,988,109	$	2,988,109
Total Investments \| 100.0% (Identified cost $31,732,331) (b)			$	30,982,218
Liabilities in Excess of Cash and Other Assets \| 0.0%				(75)
Net Assets \| 100.0%			$	30,982,143



Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 95.7%
Aerospace & Defense \| 1.1%
B/E Aerospace, Inc.		52,865	$	2,320,774
Automotive \| 2.6%
Gentherm, Inc. (a)		41,705		1,873,389
Modine Manufacturing Co. (a)		223,508		1,759,008
Tenneco, Inc. (a)		38,895		1,741,329
				5,373,726
Banking \| 9.8%
East West Bancorp, Inc.		74,595		2,865,940
Great Western Bancorp, Inc.		117,895		2,990,996
Home Bancshares, Inc.		87,890		3,559,545
PacWest Bancorp		83,561		3,577,247
Signature Bank (a)		25,190		3,465,136
Wintrust Financial Corp.		64,928		3,469,103
				19,927,967
Cable Television \| 0.9%
Cable One, Inc. (a)		4,180		1,753,176
Chemicals \| 1.5%
Calgon Carbon Corp.		189,965		2,959,655
Tronox, Ltd., Class A		19,030		83,161
				3,042,816
Commercial Services \| 8.7%
EVERTEC, Inc.		153,695		2,777,269
Huron Consulting Group, Inc. (a)		33,790		2,112,889
MDC Partners, Inc., Class A		155,390		2,863,838
Morningstar, Inc.		31,990		2,567,517
On Assignment, Inc. (a)		83,335		3,075,061
ServiceMaster Global Holdings, Inc. (a)		72,340		2,427,007
United Rentals, Inc. (a)		32,080		1,926,404
				17,749,985
Computer Software & Services \| 1.7%
j2 Global, Inc.		48,300		3,422,055
Construction & Engineering \| 2.1%
EMCOR Group, Inc.		33,645		1,488,791
Quanta Services, Inc. (a)		118,395		2,866,343
				4,355,134
Consumer Products \| 1.7%
Fox Factory Holding Corp. (a)		208,370		3,513,118
Electric \| 2.0%
CMS Energy Corp.		115,605		4,083,169
Energy Exploration & Production \| 1.5%
Memorial Resource Development Corp. (a)		173,190		3,044,680



Description	Shares		Value
Energy Services \| 1.5%
Dril-Quip, Inc. (a)		25,995	$	1,513,429
Tesco Corp.		217,880		1,555,663
				3,069,092
Financial Services \| 4.6%
Air Lease Corp.		101,355		3,133,896
CBOE Holdings, Inc.		43,485		2,916,974
Springleaf Holdings, Inc. (a)		75,690		3,309,167
				9,360,037
Forest & Paper Products \| 0.8%
KapStone Paper and Packaging Corp.		95,185		1,571,504
Gas Utilities \| 2.8%
Dynegy, Inc. (a)		101,295		2,093,768
New Jersey Resources Corp.		119,015		3,574,020
				5,667,788
Health Services \| 2.7%
Brookdale Senior Living, Inc. (a)		113,470		2,605,271
Quintiles Transnational Holdings, Inc. (a)		41,420		2,881,590
				5,486,861
Housing \| 2.0%
Continental Building Products, Inc. (a)		103,125		2,118,188
PGT, Inc. (a)		156,715		1,924,460
				4,042,648
Insurance \| 5.5%
Arch Capital Group, Ltd. (a)		53,350		3,919,624
Argo Group International Holdings, Ltd.		64,995		3,678,067
Reinsurance Group of America, Inc.		39,720		3,598,235
				11,195,926
Leisure & Entertainment \| 3.5%
Bloomin’ Brands, Inc.		138,075		2,510,204
Hyatt Hotels Corp., Class A (a)		62,825		2,959,057
Scholastic Corp.		42,615		1,660,280
				7,129,541
Manufacturing \| 8.5%
Altra Industrial Motion Corp.		94,964		2,195,568
FLIR Systems, Inc.		126,060		3,528,419
KLX, Inc. (a)		27,965		999,469
Littelfuse, Inc.		22,135		2,017,605
Pitney Bowes, Inc.		120,375		2,389,444
The Toro Co.		27,585		1,945,846
TriMas Corp. (a)		106,606		1,743,008
Woodward, Inc.		60,570		2,465,199
				17,284,558



Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Medical Products \| 1.3%
Sirona Dental Systems, Inc. (a)		27,980	$	2,611,653
Pharmaceutical & Biotechnology \| 2.9%
Cellectis SA ADR		52,880		1,393,917
Fluidigm Corp. (a)		72,350		586,758
Phibro Animal Health Corp., Class A		60,295		1,907,131
United Therapeutics Corp. (a)		16,080		2,110,339
				5,998,145
Real Estate \| 8.0%
DCT Industrial Trust, Inc. REIT		100,243		3,374,179
Extra Space Storage, Inc. REIT		50,015		3,859,158
Jones Lang LaSalle, Inc.		21,845		3,140,656
Kilroy Realty Corp. REIT		40,900		2,665,044
LaSalle Hotel Properties REIT		113,785		3,230,356
				16,269,393
Retail \| 7.6%
Advance Auto Parts, Inc.		17,430		3,303,508
Carter’s, Inc.		19,640		1,780,170
Chico’s FAS, Inc.		183,035		2,879,140
Dick’s Sporting Goods, Inc.		59,860		2,969,654
DSW, Inc., Class A		53,845		1,362,817
Sally Beauty Holdings, Inc. (a)		72,905		1,731,494
Steven Madden, Ltd. (a)		38,445		1,407,856
				15,434,639
Semiconductors & Components \| 3.7%
M/A-COM Technology Solutions Holdings, Inc. (a)		80,010		2,319,490
Microsemi Corp. (a)		70,945		2,328,415
Universal Display Corp. (a)		87,410		2,963,199
				7,611,104
Technology \| 2.9%
BroadSoft, Inc. (a)		108,340		3,245,866
Vantiv, Inc., Class A (a)		60,465		2,716,088
				5,961,954
Technology Hardware \| 1.1%
NCR Corp. (a)		98,820		2,248,155
Transportation \| 2.7%
Alaska Air Group, Inc.		43,715		3,473,157
Echo Global Logistics, Inc. (a)		97,773		1,916,351
				5,389,508
Total Common Stocks (Identified cost $197,832,030)				194,919,106

Description	Principal Amount (000)		Value
Repurchase Agreement \| 4.1%
State Street Bank and Trust Co., 0.00%, 10/01/15 (Dated 09/30/15, collateralized by $7,820,000 United States Treasury Note, 3.125%, 05/15/21, with a value of $8,566,568) Proceeds of $8,395,000 (Identified cost $8,395,000)	$	8,395	$	8,395,000
Total Investments \| 99.8% (Identified cost $206,227,030) (b)			$	203,314,106
Cash and Other Assets in Excess of Liabilities \| 0.2%				472,007
Net Assets \| 100.0%			$	203,786,113



Description	Shares		Value
Lazard US Small Cap Equity Growth Portfolio
Common Stocks \| 86.2%
Alcohol & Tobacco \| 0.8%
The Boston Beer Co., Inc., Class A (a)		525	$	110,570
Banking \| 11.4%
Ameris Bancorp		5,800		166,750
Bank of the Ozarks, Inc.		3,300		144,408
BofI Holding, Inc. (a)		1,010		130,119
Central Pacific Financial Corp.		10,965		229,936
Hanmi Financial Corp.		8,085		203,742
Opus Bank		4,600		175,904
Pinnacle Financial Partners, Inc.		3,325		164,288
TFS Financial Corp.		8,300		143,175
Western Alliance Bancorp (a)		6,845		210,210
				1,568,532
Chemicals \| 1.5%
Headwaters, Inc. (a)		10,900		204,920
Commercial Services \| 12.6%
Beacon Roofing Supply, Inc. (a)		8,900		289,161
Cardtronics, Inc. (a)		3,205		104,803
Huron Consulting Group, Inc. (a)		3,100		193,843
Kforce, Inc.		5,500		144,540
On Assignment, Inc. (a)		8,240		304,056
PRA Health Sciences, Inc.		5,790		224,826
Press Ganey Holdings, Inc.		9,025		267,050
Tyler Technologies, Inc. (a)		1,411		210,676
				1,738,955
Computer Software & Services \| 3.0%
Callidus Software, Inc. (a)		7,785		132,267
Manhattan Associates, Inc. (a)		4,590		285,957
				418,224
Energy Exploration & Production \| 1.0%
Diamondback Energy, Inc. (a)		1,085		70,091
Synergy Resources Corp. (a)		7,135		69,923
				140,014
Food & Beverages \| 3.0%
B&G Foods, Inc.		6,850		249,682
TreeHouse Foods, Inc. (a)		2,200		171,138
				420,820
Forest & Paper Products \| 1.1%
Graphic Packaging Holding Co.		11,725		149,963
Health Services \| 10.6%
AmSurg Corp. (a)		4,850		376,893
ICON PLC (a)		3,000		212,910
LifePoint Health, Inc. (a)		2,525		179,023



Description	Shares		Value
PharMerica Corp. (a)		7,425	$	211,390
Premier, Inc., Class A (a)		5,290		181,817
Team Health Holdings, Inc. (a)		3,170		171,275
VCA, Inc. (a)		2,500		131,625
				1,464,933
Leisure & Entertainment \| 8.8%
Buffalo Wild Wings, Inc. (a)		700		135,401
Cinemark Holdings, Inc.		4,800		155,952
Cracker Barrel Old Country Store, Inc.		690		101,623
DineEquity, Inc.		940		86,161
Gray Television, Inc. (a)		6,270		80,005
IMAX Corp. (a)		3,675		124,178
Jack in the Box, Inc.		2,380		183,355
Penn National Gaming, Inc. (a)		11,365		190,705
Red Robin Gourmet Burgers, Inc. (a)		2,155		163,220
				1,220,600
Manufacturing \| 2.3%
HEICO Corp.		4,245		207,496
NN, Inc.		6,275		116,087
				323,583
Medical Products \| 3.6%
ABIOMED, Inc. (a)		1,000		92,760
Globus Medical, Inc., Class A (a)		6,235		128,815
STERIS Corp.		4,150		269,626
				491,201
Pharmaceutical & Biotechnology \| 8.1%
Alder Biopharmaceuticals, Inc. (a)		2,700		88,452
Anacor Pharmaceuticals, Inc. (a)		1,460		171,857
Bluebird Bio, Inc. (a)		680		58,174
Cepheid, Inc. (a)		3,065		138,538
Charles River Laboratories International, Inc. (a)		2,350		149,272
DepoMed, Inc. (a)		7,870		148,349
GW Pharmaceuticals PLC ADR (a)		1,100		100,507
Neurocrine Biosciences, Inc. (a)		4,990		198,552
Ultragenyx Pharmaceutical, Inc. (a)		700		67,417
				1,121,118
Real Estate \| 0.9%
Summit Hotel Properties, Inc. REIT		10,380		121,135
Retail \| 7.5%
Asbury Automotive Group, Inc. (a)		4,205		341,236
Burlington Stores, Inc. (a)		4,500		229,680
G-III Apparel Group, Ltd. (a)		3,200		197,312
Lithia Motors, Inc., Class A		2,455		265,410
				1,033,638



Description	Shares		Value
Lazard US Small Cap Equity Growth Portfolio (concluded)
Semiconductors & Components \| 1.7%
Cypress Semiconductor Corp.		10,615	$	90,440
Monolithic Power Systems, Inc.		2,745		140,544
				230,984
Technology \| 4.6%
BroadSoft, Inc. (a)		2,135		63,965
Imperva, Inc. (a)		2,705		177,123
Proofpoint, Inc. (a)		3,230		194,833
VeriFone Systems, Inc. (a)		6,960		193,001
				628,922
Technology Hardware \| 1.7%
Electronics For Imaging, Inc. (a)		5,395		233,496
Transportation \| 2.0%
JetBlue Airways Corp. (a)		5,290		136,323
Virgin America, Inc.		4,100		140,343
				276,666
Total Common Stocks (Identified cost $11,995,016)				11,898,274
Short-Term Investment \| 14.6%
State Street Institutional Treasury Money Market Fund (Identified cost $2,010,614)		2,010,614		2,010,614
Total Investments \| 100.8% (Identified cost $14,005,630) (b)			$	13,908,888
Liabilities in Excess of Cash and Other Assets \| (0.8)%				(105,772)
Net Assets \| 100.0%			$	13,803,116



Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks \| 94.2%
Australia \| 3.1%
Ansell, Ltd.		352,767	$	4,681,856
Caltex Australia, Ltd.		468,035		10,357,340
James Hardie Industries PLC		559,084		6,747,807
				21,787,003
Austria \| 0.7%
UNIQA Insurance Group AG		527,885		4,571,869
Belgium \| 3.8%
Anheuser-Busch InBev SA/NV		179,411		19,055,973
KBC Groep NV		121,444		7,658,190
				26,714,163
Brazil \| 0.4%
BB Seguridade Participacoes SA		493,900		3,090,846
Canada \| 2.7%
Encana Corp.		604,200		3,889,155
MacDonald Dettwiler & Associates, Ltd.		122,900		6,684,213
National Bank of Canada		268,800		8,580,652
				19,154,020
Denmark \| 1.0%
Carlsberg A/S, Class B		87,968		6,769,828
Finland \| 2.0%
Sampo Oyj, A Shares		285,296		13,836,372
France \| 8.8%
BNP Paribas SA		188,477		11,098,606
Cap Gemini SA		157,056		13,994,612
Iliad SA		24,885		5,038,189
Total SA		151,514		6,831,021
Valeo SA		93,465		12,657,090
Vinci SA		187,215		11,904,520
				61,524,038
Germany \| 3.6%
Bayer AG		153,302		19,593,259
RTL Group SA		62,158		5,350,681
				24,943,940
Ireland \| 0.9%
Ryanair Holdings PLC Sponsored ADR		84,665		6,629,269
Israel \| 2.1%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		258,820		14,612,977
Italy \| 2.1%
Atlantia SpA		267,759		7,496,809



Description	Shares		Value
Azimut Holding SpA		317,510	$	6,833,230
				14,330,039
Japan \| 19.5%
Daikin Industries, Ltd.		146,500		8,237,049
Daiwa House Industry Co., Ltd.		809,600		20,095,371
Don Quijote Holdings Co., Ltd.		425,400		16,096,307
Isuzu Motors, Ltd.		569,300		5,736,637
Japan Tobacco, Inc.		276,400		8,598,203
KDDI Corp.		538,100		12,050,389
Makita Corp.		114,800		6,123,445
Seven & I Holdings Co., Ltd.		292,300		13,392,482
SoftBank Group Corp.		201,000		9,248,092
Sony Corp.		525,000		12,837,005
Sumitomo Mitsui Financial Group, Inc.		415,900		15,832,270
United Arrows, Ltd.		188,900		7,834,845
				136,082,095
Netherlands \| 2.8%
Koninklijke KPN NV		1,905,336		7,141,880
Wolters Kluwer NV		406,733		12,540,356
				19,682,236
Norway \| 1.3%
Telenor ASA		491,392		9,192,075
Philippines \| 0.8%
Alliance Global Group, Inc.		16,373,800		5,375,459
Spain \| 1.0%
Red Electrica Corporacion SA		86,104		7,152,481
Sweden \| 3.8%
Assa Abloy AB, Class B		714,701		12,837,303
Swedbank AB, A Shares		611,269		13,519,787
				26,357,090
Switzerland \| 6.3%
Credit Suisse Group AG		327,533		7,879,689
Glencore PLC		2,482,008		3,458,677
Novartis AG		354,225		32,629,346
				43,967,712
Taiwan \| 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		537,100		11,144,825
Thailand \| 0.6%
Krung Thai Bank Public Co. Ltd. (c)		8,434,800		3,973,966
Turkey \| 0.9%
Turkcell Iletisim Hizmetleri AS		1,736,114		6,058,196
United Kingdom \| 24.4%
Aon PLC		102,185		9,054,613
BG Group PLC		522,610		7,535,891



Description	Shares		Value
Lazard International Equity Portfolio (concluded)
British American Tobacco PLC		339,941	$	18,787,395
Direct Line Insurance Group PLC		1,074,606		6,107,324
Informa PLC		1,173,391		9,988,853
International Consolidated Airlines Group SA (a)		819,660		7,314,849
Lloyds Banking Group PLC		11,627,576		13,255,125
Provident Financial PLC		194,728		9,269,772
Prudential PLC		890,181		18,818,922
RELX PLC		715,354		12,275,923
Rexam PLC		1,302,601		10,326,001
Royal Dutch Shell PLC, A Shares		455,177		10,733,851
Shire PLC		185,231		12,642,759
Unilever PLC		220,253		8,972,124
William Hill PLC		677,370		3,600,877
Wolseley PLC		192,414		11,256,076
				169,940,355
Total Common Stocks (Identified cost $687,525,000)				656,890,854

Description	Principal Amount (000)		Value
Repurchase Agreement \| 4.6%
State Street Bank and Trust Co., 0.00%, 10/01/15 (Dated 09/30/15, collateralized by $30,035,000 United States Treasury Note, 3.125%, 05/15/21, with a value of $32,902,411) Proceeds of $32,256,000 (Identified cost $32,256,000)	$	32,256	$	32,256,000
Total Investments \| 98.8% (Identified cost $719,781,000) (b)			$	689,146,854
Cash and Other Assets in Excess of Liabilities \| 1.2%				8,400,544
Net Assets \| 100.0%			$	697,547,398



Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks \| 94.9%
Australia \| 0.8%
BHP Billiton, Ltd.		11,555	$	182,242
Belgium \| 3.6%
Anheuser-Busch InBev SA/NV		6,150		653,216
KBC Groep NV		3,327		209,799
				863,015
Bermuda \| 0.9%
Signet Jewelers, Ltd.		1,593		216,173
Brazil \| 2.8%
Ambev SA		40,900		200,347
BB Seguridade Participacoes SA		35,800		224,038
Cia de Saneamento Basico do Estado de Sao Paulo		32,600		130,252
Estacio Participacoes SA		31,800		113,099
				667,736
Canada \| 0.4%
Encana Corp.		14,700		94,622
China \| 1.4%
Baidu, Inc. Sponsored ADR (a)		2,385		327,723
Denmark \| 2.3%
Novo Nordisk A/S, Class B		9,935		534,744
Finland \| 1.6%
Sampo Oyj, A Shares		7,897		382,991
France \| 3.4%
Valeo SA		2,216		300,092
Vinci SA		4,374		278,132
Vivendi SA		9,967		235,968
				814,192
Germany \| 3.1%
Bayer AG		4,312		551,109
Continental AG		900		191,178
				742,287
India \| 1.8%
HCL Technologies, Ltd.		28,333		426,103
Indonesia \| 1.2%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		8,194		292,116
Ireland \| 1.3%
Ryanair Holdings PLC Sponsored ADR		3,810		298,323
Israel \| 2.7%
Check Point Software Technologies, Ltd. (a)		1,600		126,928



Description	Shares		Value
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		9,250	$	522,255
				649,183
Italy \| 0.7%
Mediolanum SpA		23,765		169,893
Japan \| 16.1%
Daikin Industries, Ltd.		4,200		236,147
Daiwa House Industry Co., Ltd.		23,800		590,748
Japan Tobacco, Inc.		11,000		342,186
KDDI Corp.		15,400		344,873
Makita Corp.		6,800		362,713
Ryohin Keikaku Co., Ltd.		1,100		225,211
Seven & I Holdings Co., Ltd.		10,217		468,118
SoftBank Group Corp.		8,100		372,684
Sony Corp.		12,900		315,424
Sumitomo Mitsui Financial Group, Inc.		11,176		425,442
Sumitomo Mitsui Trust Holdings, Inc.		38,000		140,164
				3,823,710
Netherlands \| 1.3%
Wolters Kluwer NV		9,836		303,263
Norway \| 1.1%
Telenor ASA		13,644		255,227
Philippines \| 0.8%
Alliance Global Group, Inc.		583,700		191,627
Russia \| 0.4%
Mobile TeleSystems OJSC Sponsored ADR		14,111		101,881
South Africa \| 3.6%
Mediclinic International, Ltd.		36,461		291,054
Mr Price Group, Ltd.		11,050		154,228
Nampak, Ltd.		78,186		145,788
Sanlam, Ltd.		59,306		256,669
				847,739
South Korea \| 1.2%
Samsung Electronics Co., Ltd.		301		289,471
Spain \| 1.3%
Red Electrica Corporacion SA		3,807		316,240
Sweden \| 3.6%
Assa Abloy AB, Class B		24,541		440,800
Swedbank AB, A Shares		18,984		419,880
				860,680
Switzerland \| 6.4%
Actelion, Ltd.		2,249		286,090
Cie Financiere Richemont SA		3,097		241,280
Novartis AG		10,854		999,813
				1,527,183



Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Taiwan \| 3.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		180,341	$	719,652
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		34,500		162,189
Turkey \| 2.3%
KOC Holding AS		62,312		243,249
Turkcell Iletisim Hizmetleri AS		82,566		288,115
				531,364
United Kingdom \| 25.1%
Aon PLC		3,490		309,249
Ashtead Group PLC		17,803		251,271
Associated British Foods PLC		5,602		283,915
BG Group PLC		15,467		223,030
British American Tobacco PLC		10,898		602,296
Compass Group PLC		22,651		361,625
Informa PLC		36,118		307,466
Lloyds Banking Group PLC		414,702		472,749
London Stock Exchange Group PLC		6,888		252,802
Pearson PLC		14,094		240,882
Prudential PLC		29,926		632,652
RELX PLC		11,400		195,631
Rexam PLC		37,380		296,319
Royal Dutch Shell PLC, A Shares		9,489		225,323
Shire PLC		5,298		361,610
The Weir Group PLC		10,350		183,577
Unilever PLC		9,509		387,354
Wolseley PLC		6,505		380,538
				5,968,289
Total Common Stocks (Identified cost $25,012,148)				22,559,858
Short-Term Investment \| 6.1%
State Street Institutional Treasury Money Market Fund (Identified cost $1,444,469)		1,444,469		1,444,469
Total Investments \| 101.0% (Identified cost $26,456,617) (b)			$	24,004,327
Liabilities in Excess of Cash and Other Assets \| (1.0)%				(226,788)
Net Assets \| 100.0%			$	23,777,539



Description	Shares		Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 93.0%
Australia \| 9.0%
Asaleo Care, Ltd.		586,711	$	739,160
Spotless Group Holdings, Ltd.		346,660		527,486
				1,266,646
Belgium \| 3.9%
Anheuser-Busch InBev SA/NV		5,222		554,650
Brazil \| 1.4%
BB Seguridade Participacoes SA		32,400		202,760
Canada \| 8.4%
Home Capital Group, Inc.		26,837		644,128
MacDonald Dettwiler & Associates, Ltd.		9,820		534,085
				1,178,213
China \| 3.0%
Baidu, Inc. Sponsored ADR (a)		3,085		423,910
France \| 7.4%
Valeo SA		4,459		603,841
Vivendi SA		18,178		430,363
				1,034,204
Japan \| 14.1%
Daiwa House Industry Co., Ltd.		22,500		558,480
KDDI Corp.		19,800		443,408
SoftBank Group Corp.		10,700		492,311
Sony Corp.		20,000		489,029
				1,983,228
Netherlands \| 4.4%
Wolters Kluwer NV		20,038		617,810
Philippines \| 1.4%
Alliance Global Group, Inc.		606,400		199,079
South Africa \| 3.5%
Sanlam, Ltd.		113,524		491,319
Sweden \| 4.1%
Swedbank AB, A Shares		26,260		580,807
Switzerland \| 8.2%
Actelion, Ltd.		3,732		474,739
Novartis AG		7,288		671,332
				1,146,071
Taiwan \| 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		33,459		694,274
United Kingdom \| 19.3%
Aon PLC		3,347		296,578
British American Tobacco PLC		7,735		427,487



Description	Shares		Value
Lloyds Banking Group PLC		562,887	$	641,676
Provident Financial PLC		9,085		432,479
Prudential PLC		24,188		511,348
The Weir Group PLC		23,181		411,160
				2,720,728
Total Common Stocks
(Identified cost $15,128,690)				13,093,699
Short-Term Investment \| 5.2%
State Street Institutional Treasury Money Market Fund (Identified cost $724,615)		724,615		724,615
Total Investments \| 98.2% (Identified cost $15,853,305) (b)			$	13,818,314
Cash and Other Assets in Excess of Liabilities \| 1.8%				251,762
Net Assets \| 100.0%			$	14,070,076



Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 93.4%
Australia \| 6.3%
Amcor, Ltd.		12,867,773	$	119,541,908
Ansell, Ltd.		5,818,245		77,218,639
Caltex Australia, Ltd.		4,519,660		100,017,419
James Hardie Industries PLC		7,216,538		87,099,266
				383,877,232
Austria \| 0.6%
UNIQA Insurance Group AG		4,468,673		38,701,968
Belgium \| 1.6%
Anheuser-Busch InBev SA/NV		950,325		100,937,889
Bermuda \| 0.8%
Signet Jewelers, Ltd.		353,321		47,946,288
Brazil \| 1.2%
Cia de Saneamento Basico do Estado de Sao Paulo		9,010,500		36,001,090
Estacio Participacoes SA		9,332,000		33,189,860
LPS Brasil Consultoria de Imoveis SA		4,342,100		3,121,449
				72,312,399
Canada \| 2.7%
Encana Corp.		4,982,945		32,074,558
Home Capital Group, Inc.		2,220,159		53,287,143
MEG Energy Corp. (a)		3,371,755		20,819,229
National Bank of Canada		1,813,400		57,887,479
				164,068,409
Denmark \| 3.0%
Carlsberg A/S, Class B		1,516,412		116,699,813
Topdanmark A/S (a)		2,400,538		68,292,124
				184,991,937
Finland \| 3.9%
Sampo Oyj, A Shares		4,877,330		236,542,224
France \| 4.9%
Iliad SA		223,427		45,234,777
Valeo SA		1,183,590		160,282,513
Vivendi SA		4,020,097		95,175,571
				300,692,861
Germany \| 4.8%
Bayer AG		956,601		122,261,494
Fresenius SE & Co. KGaA		856,090		57,418,922
Symrise AG		1,900,343		114,151,667
				293,832,083
Indonesia \| 0.2%
PT Media Nusantara Citra Tbk		119,199,100		13,405,558



Description	Shares		Value
Ireland \| 1.9%
Kerry Group PLC, Class A		1,527,785	$	114,877,128
Israel \| 3.2%
Check Point Software Technologies, Ltd. (a)		1,116,000		88,532,280
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		1,858,035		104,904,656
				193,436,936
Italy \| 0.9%
Azimut Holding SpA		2,517,626		54,182,605
Japan \| 17.0%
AEON Financial Service Co., Ltd.		6,243,700		123,630,677
Asics Corp.		5,170,350		123,720,335
Daikin Industries, Ltd.		1,069,700		60,144,517
Daiwa House Industry Co., Ltd.		6,001,600		148,967,861
Don Quijote Holdings Co., Ltd.		4,649,600		175,931,803
Japan Tobacco, Inc.		3,490,200		108,572,531
KDDI Corp.		4,602,800		103,076,621
Makita Corp.		1,716,300		91,547,632
SoftBank Group Corp.		2,172,500		99,957,609
				1,035,549,586
Netherlands \| 0.2%
Wolters Kluwer NV		324,931		10,018,244
Norway \| 1.5%
Telenor ASA		5,026,519		94,027,045
Philippines \| 2.1%
Alliance Global Group, Inc.		164,058,400		53,859,780
GT Capital Holdings, Inc.		2,832,790		76,910,866
				130,770,646
South Africa \| 2.0%
Mediclinic International, Ltd.		8,751,972		69,863,583
Nampak, Ltd.		28,832,684		53,762,332
				123,625,915
Sweden \| 3.2%
Assa Abloy AB, Class B		6,929,672		124,469,250
Swedbank AB, A Shares		3,276,302		72,463,852
				196,933,102
Switzerland \| 8.5%
Actelion, Ltd.		857,916		109,133,384
Cie Financiere Richemont SA		811,878		63,251,545
Credit Suisse Group AG		3,693,074		88,846,842
GAM Holding AG		3,700,653		65,301,546
Novartis AG		2,122,940		195,554,082
				522,087,399



Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		16,794,000	$	67,016,550
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		9,106,150		42,809,157
Turkey \| 0.7%
Turkcell Iletisim Hizmetleri AS		11,607,575		40,504,810
United Kingdom \| 20.4%
Aon PLC		1,072,180		95,005,870
Associated British Foods PLC		1,336,872		67,754,140
British American Tobacco PLC		3,515,571		194,293,776
Compass Group PLC		4,037,967		64,466,514
Informa PLC		20,319,061		172,972,274
Lloyds Banking Group PLC		137,090,695		156,279,717
Merlin Entertainments PLC		6,449,650		36,333,860
Prudential PLC		7,100,353		150,105,418
Rexam PLC		8,063,904		63,924,318
SABMiller PLC		1,593,904		90,320,871
Shire PLC		1,875,761		128,028,219
William Hill PLC		4,349,283		23,120,649
				1,242,605,626
Total Common Stocks (Identified cost $5,933,194,621)				5,705,753,597
Short-Term Investment \| 5.4%
State Street Institutional Treasury Money Market Fund (Identified cost $326,933,335)		326,933,335		326,933,335
Total Investments \| 98.8% (Identified cost $6,260,127,956) (b)			$	6,032,686,932
Cash and Other Assets in Excess of Liabilities \| 1.2%				71,541,669
Net Assets \| 100.0%			$	6,104,228,601



Description	Shares		Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 100.3%
Australia \| 6.6%
Amcor, Ltd.		402	$	3,735
Aurizon Holdings, Ltd.		1,013		3,583
BHP Billiton, Ltd.		309		4,873
CSL, Ltd.		568		35,790
Evolution Mining, Ltd.		9,056		8,116
Independence Group NL		1,809		3,225
Magellan Financial Group, Ltd.		293		3,925
Qantas Airways, Ltd. (a)		3,537		9,261
Sandfire Resources NL		923		3,505
Telstra Corp., Ltd.		5,593		22,080
The GPT Group		5,141		16,349
Woodside Petroleum, Ltd.		160		3,271
				117,713
Austria \| 0.7%
Erste Group Bank AG (a)		322		9,361
Voestalpine AG		82		2,821
				12,182
Belgium \| 0.3%
Telenet Group Holding NV (a)		81		4,645
Denmark \| 3.1%
Novo Nordisk A/S, Class B		1,024		55,116
Finland \| 1.6%
Kone Oyj, Class B		769		29,301
France \| 9.2%
Airbus Group SE		643		38,192
AXA SA		898		21,801
BNP Paribas SA		492		28,972
Credit Agricole SA		469		5,381
Elis SA		192		2,993
L’Oreal SA		50		8,694
Orpea		55		4,377
Sanofi		33		3,144
Societe Generale SA		585		26,168
Total SA		292		13,165
Valeo SA		74		10,021
				162,908
Germany \| 8.3%
Allianz SE		211		33,071
BASF SE		372		28,385
Bayer AG		28		3,579
Continental AG		60		12,745
Daimler AG		157		11,381
Deutsche Bank AG		278		7,474



Description	Shares		Value
Deutsche Post AG		108	$	2,989
HUGO BOSS AG		61		6,841
Indus Holding AG		96		4,290
Muenchener Rueckversicherungs AG		160		29,807
ProSiebenSat.1 Media SE		84		4,113
SAP SE		46		2,976
				147,651
Hong Kong \| 3.2%
BOC Hong Kong Holdings, Ltd.		1,500		4,427
CK Hutchison Holdings, Ltd.		1,000		13,075
PCCW, Ltd.		7,000		3,621
The Link REIT		1,500		8,249
The Wharf Holdings, Ltd.		4,000		22,654
Wheelock & Co., Ltd.		1,000		4,357
				56,383
Ireland \| 0.8%
Experian PLC		237		3,804
ICON PLC (a)		113		8,019
Smurfit Kappa Group PLC		103		2,772
				14,595
Italy \| 1.0%
Eni SpA		1,105		17,387
Japan \| 23.3%
Alfresa Holdings Corp.		400		6,848
Alps Electric Co., Ltd.		400		11,350
Canon, Inc.		400		11,588
Chubu Electric Power Co., Inc.		200		2,957
Daiwa House Industry Co., Ltd.		600		14,893
Fuji Heavy Industries, Ltd.		100		3,619
Fujitsu, Ltd.		1,000		4,361
ITOCHU Corp.		200		2,121
Japan Airlines Co., Ltd.		300		10,591
Kanamoto Co., Ltd.		300		5,401
Kawasaki Heavy Industries, Ltd.		2,000		6,924
KDDI Corp.		400		8,958
Medipal Holdings Corp.		200		3,186
Minebea Co., Ltd.		2,000		21,294
Mitsubishi Electric Corp.		3,000		27,545
Mitsubishi Materials Corp.		1,000		3,050
Mitsubishi UFJ Financial Group, Inc.		3,900		23,571
Mitsui Chemicals, Inc.		2,000		6,430
Murata Manufacturing Co., Ltd.		200		25,974
Nihon Nohyaku Co., Ltd.		400		2,703
Nippon Telegraph & Telephone Corp.		800		28,096
Nipro Corp.		400		4,125
Nissan Motor Co., Ltd.		1,600		14,738



Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Nomura Holdings, Inc.		1,500	$	8,703
ORIX Corp.		200		2,587
Sanden Holdings Corp.		1,000		3,130
Sompo Japan Nipponkoa Holdings, Inc.		500		14,579
Sumitomo Chemical Co., Ltd.		4,000		20,318
Sumitomo Heavy Industries, Ltd.		3,000		11,900
Sumitomo Mitsui Financial Group, Inc.		1,000		38,067
Sumitomo Rubber Industries, Ltd.		1,300		18,083
The Chugoku Electric Power Co., Inc.		300		4,143
The San-In Godo Bank, Ltd.		1,000		9,825
West Japan Railway Co.		500		31,301
				412,959
Netherlands \| 2.9%
Aegon NV		1,944		11,195
AVG Technologies NV (a)		138		3,001
Euronext NV		316		13,467
GrandVision NV		142		3,643
Heineken Holding NV		55		3,922
Koninklijke Ahold NV		403		7,866
NXP Semiconductors NV (a)		100		8,707
				51,801
Norway \| 3.1%
Bakkafrost P/F		315		10,078
DNB ASA		439		5,721
Statoil ASA		1,926		28,094
Telenor ASA		579		10,831
				54,724
Singapore \| 1.0%
ComfortDelGro Corp., Ltd.		7,000		14,171
DBS Group Holdings, Ltd.		400		4,570
				18,741
South Africa \| 0.6%
Mondi PLC		514		10,788
Spain \| 3.8%
Banco Bilbao Vizcaya Argentaria SA		2,207		18,719
Banco de Sabadell SA		467		858
Banco Santander SA		2,328		12,396
Bolsas y Mercados Espanoles SA		304		10,274
CaixaBank SA		903		3,481
Gamesa Corp. Tecnologica SA		252		3,494
Iberdrola SA		1,857		12,355
Red Electrica Corporacion SA		67		5,566
				67,143



Description	Shares		Value
Sweden \| 1.2%
Alfa Laval AB		435	$	7,124
Boliden AB		493		7,718
Hennes & Mauritz AB, B Shares		48		1,755
Svenska Cellulosa AB SCA, Class B		161		4,511
				21,108
Switzerland \| 8.3%
Actelion, Ltd.		82		10,431
Nestle SA		652		49,100
Novartis AG		104		9,580
Roche Holding AG		234		61,859
Swiss Life Holding AG		27		6,036
UBS Group AG		602		11,156
				148,162
United Kingdom \| 21.3%
Auto Trader Group PLC		2,694		13,842
Barclays PLC		2,362		8,732
Bellway PLC		688		25,942
British American Tobacco PLC		739		40,842
BT Group PLC		6,864		43,678
Centrica PLC		6,134		21,316
Compass Group PLC		2,138		34,133
Howden Joinery Group PLC		2,223		16,401
HSBC Holdings PLC		535		4,047
Imperial Tobacco Group PLC		357		18,478
ITV PLC		7,189		26,823
J Sainsbury PLC		2,122		8,398
Lloyds Banking Group PLC		7,614		8,680
Micro Focus International PLC		466		8,494
Moneysupermarket.com Group PLC		719		3,684
Provident Financial PLC		131		6,236
RELX NV		233		3,804
Rentokil Initial PLC		3,570		7,964
Royal Dutch Shell PLC, A Shares		905		21,341
Shire PLC		324		22,114
SSE PLC		166		3,765
Unilever NV		456		18,351
Unilever PLC		266		10,836
				377,901
Total Common Stocks (Identified cost $1,972,929)				1,781,208
Short-Term Investment \| 0.8%
State Street Institutional Treasury Money Market Fund (Identified cost $14,073)		14,073		14,073



	Value
Lazard International Equity Advantage Portfolio (concluded)
Total Investments \| 101.1% (Identified cost $1,987,002) (b)	$	1,795,281
Liabilities in Excess of Cash and Other Assets \| (1.1)%		(19,807)
Net Assets \| 100.0%	$	1,775,474



Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 97.6%
Australia \| 7.2%
Ainsworth Game Technology, Ltd.		492,385	$	970,426
Ansell, Ltd.		41,015		544,343
Asaleo Care, Ltd.		1,091,133		1,374,651
iSelect, Ltd. (a)		798,537		844,689
Macquarie Atlas Roads Group		359,309		988,910
Pact Group Holdings, Ltd.		375,872		1,261,608
Spotless Group Holdings, Ltd.		754,705		1,148,376
				7,133,003
Austria \| 0.9%
UNIQA Insurance Group AG		102,870		890,929
Belgium \| 1.7%
Kinepolis Group NV		42,206		1,638,384
Brazil \| 0.0%
Banco ABC Brasil SA (a)		6,404		14,538
Canada \| 8.0%
AirBoss of America Corp.		91,500		1,391,870
Alaris Royalty Corp.		35,300		713,142
Altus Group, Ltd.		105,865		1,624,665
Entertainment One, Ltd.		308,817		1,161,508
Genworth MI Canada, Inc.		29,400		633,383
Intertape Polymer Group, Inc.		88,500		946,343
MacDonald Dettwiler & Associates, Ltd.		14,700		799,495
Sandvine Corp. (a)		361,600		628,634
				7,899,040
France \| 2.1%
Ingenico Group		9,971		1,204,408
Plastic Omnium SA		36,887		845,552
				2,049,960
Germany \| 5.8%
Aurelius AG		25,721		1,195,042
CompuGroup Medical AG		45,047		1,488,008
CTS Eventim AG & Co. KGaA		38,905		1,440,291
Norma Group SE		22,686		1,113,380
SHW AG		23,058		519,132
				5,755,853
Hong Kong \| 1.6%
EVA Precision Industrial Holdings, Ltd.		3,908,000		773,768
Pacific Textiles Holdings, Ltd.		593,000		807,216
				1,580,984
Ireland \| 4.5%
Cairn Homes PLC		927,906		1,083,640
Greencore Group PLC		313,941		1,300,013



Description	Shares		Value
Origin Enterprises PLC		139,703	$	1,000,516
Permanent TSB Group Holdings PLC (a)		190,125		1,010,897
				4,395,066
Italy \| 2.4%
Azimut Holding SpA		51,339		1,104,883
EI Towers SpA		19,902		1,225,355
				2,330,238
Japan \| 26.8%
Ai Holdings Corp.		67,560		1,672,136
Ain Pharmaciez, Inc.		42,600		2,176,702
Ariake Japan Co., Ltd.		37,100		1,458,374
Asics Corp.		37,200		890,152
Doshisha Co., Ltd.		62,400		1,146,159
Foster Electric Co., Ltd.		48,600		980,717
Gulliver International Co., Ltd.		143,000		1,316,972
Iriso Electronics Co., Ltd.		18,300		799,878
JAFCO Co., Ltd.		27,800		1,103,824
Misumi Group, Inc.		101,400		1,049,665
Nissei ASB Machine Co., Ltd.		53,400		1,059,720
Rinnai Corp.		14,100		1,077,873
Santen Pharmaceutical Co., Ltd.		80,600		1,086,260
Sawai Pharmaceutical Co., Ltd.		14,400		841,065
Seria Co., Ltd.		35,800		1,772,706
Ship Healthcare Holdings, Inc.		40,200		868,737
Skylark Co., Ltd.		77,500		1,011,583
Suruga Bank, Ltd.		69,500		1,295,142
Temp Holdings Co., Ltd.		38,960		1,782,975
Topcon Corp.		60,300		788,448
USS Co., Ltd.		73,400		1,227,098
Zenkoku Hosho Co., Ltd.		31,542		1,051,774
				26,457,960
Luxembourg \| 1.1%
Grand City Properties SA		55,025		1,056,288
Malaysia \| 0.6%
Berjaya Auto Berhad		1,232,480		553,513
Mexico \| 1.1%
Unifin Financiera SAPI de CV SOFOM ENR		491,200		1,094,274
Netherlands \| 1.8%
Aalberts Industries NV		38,068		1,128,778
Frank’s International NV		43,100		660,723
				1,789,501
Norway \| 1.1%
Europris ASA		223,014		1,063,919
Singapore \| 1.2%
XP Power, Ltd.		46,598		1,128,987



Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Spain \| 0.4%
Euskaltel SA		38,040	$	438,743
Sweden \| 7.1%
Alimak Group AB		117,355		1,207,973
Fingerprint Cards AB, Class B (a)		29,666		1,096,100
Indutrade AB		23,437		1,073,066
Intrum Justitia AB		35,807		1,238,739
Inwido AB		120,860		1,246,491
Nordax Group AB		241,201		1,101,761
				6,964,130
Switzerland \| 2.4%
Cembra Money Bank AG		19,856		1,174,887
Kardex AG		18,289		1,211,744
				2,386,631
Taiwan \| 3.0%
Chicony Electronics Co., Ltd.		344,710		797,267
Sinmag Equipment Corp.		166,933		605,652
Sporton International, Inc.		152,882		891,860
Zeng Hsing Industrial Co., Ltd.		171,000		663,522
				2,958,301
United Arab Emirates \| 0.8%
Al Noor Hospitals Group PLC		63,932		808,390
United Kingdom \| 15.0%
AA PLC (a)		167,803		720,917
Ashtead Group PLC		71,069		1,003,066
Auto Trader Group PLC		170,253		874,788
Dignity PLC		37,546		1,353,136
Foxtons Group PLC		295,385		1,062,224
Hunting PLC		68,282		414,700
IG Group Holdings PLC		142,135		1,658,060
Markit, Ltd. (a)		37,600		1,090,400
Provident Financial PLC		23,366		1,112,308
Rightmove PLC		29,402		1,626,459
RPC Group PLC		129,627		1,245,267
Telit Communications PLC (a)		263,500		1,349,290
Workspace Group PLC REIT		90,147		1,280,030
				14,790,645
United States \| 1.0%
Samsonite International SA		294,300		964,060
Total Common Stocks (Identified cost $88,050,267)				96,143,337



Description	Shares		Value
Preferred Stock \| 0.5%
Brazil \| 0.5%
Banco ABC Brasil SA (Identified cost $961,335)		213,714	$	501,334
Short-Term Investment \| 1.8%
State Street Institutional Treasury Money Market Fund (Identified cost $1,772,225)		1,772,225		1,772,225
Total Investments \| 99.9% (Identified cost $90,783,827) (b)			$	98,416,896
Cash and Other Assets in Excess of Liabilities \| 0.1%				143,101
Net Assets \| 100.0%			$	98,559,997



Description	Shares		Value
Lazard Global Equity Select Portfolio
Common Stocks \| 98.5%
Australia \| 0.8%
Spotless Group Holdings, Ltd.		89,337	$	135,937
Belgium \| 2.4%
Anheuser-Busch InBev SA/NV		3,951		419,652
Canada \| 0.6%
MacDonald Dettwiler & Associates, Ltd.		1,995		108,503
China \| 0.7%
Baidu, Inc. Sponsored ADR (a)		870		119,547
Denmark \| 2.0%
Novo Nordisk A/S, Class B		4,135		222,563
Topdanmark A/S (a)		4,656		132,457
				355,020
Finland \| 1.5%
Sampo Oyj, A Shares		5,588		271,008
Germany \| 3.2%
Continental AG		1,397		296,750
Symrise AG		4,538		272,593
				569,343
India \| 1.1%
Indiabulls Housing Finance Ltd. GDR		9,367		113,153
Tata Motors, Ltd. Sponsored ADR (a)		3,575		80,438
				193,591
Ireland \| 0.7%
Permanent TSB Group Holdings PLC (a)		23,367		124,243
Italy \| 1.2%
Davide Campari-Milano SpA		26,714		213,146
Japan \| 5.5%
AEON Financial Service Co., Ltd.		12,000		237,610
Daiwa House Industry Co., Ltd.		15,550		385,972
Recruit Holdings Co., Ltd.		6,100		183,493
Sumitomo Mitsui Trust Holdings, Inc.		48,110		177,455
				984,530
Netherlands \| 2.6%
NXP Semiconductors NV (a)		2,925		254,680
Wolters Kluwer NV		6,426		198,126
				452,806
Norway \| 1.5%
Europris ASA		16,508		78,754
Telenor ASA		10,434		195,180
				273,934
Russia \| 0.7%
Magnit PJSC Sponsored GDR		2,700		129,260



Description	Shares		Value
South Africa \| 0.7%
Sanlam, Ltd.		28,278	$	122,384
Sweden \| 1.9%
Assa Abloy AB, Class B		18,966		340,663
Switzerland \| 3.7%
Actelion, Ltd.		1,508		191,829
Novartis AG		5,010		461,495
				653,324
Taiwan \| 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		8,120		168,490
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		26,340		123,828
United Kingdom \| 13.5%
Aon PLC		2,605		230,829
Auto Trader Group PLC		50,387		258,897
British American Tobacco PLC		3,375		186,525
Compass Group PLC		10,971		175,153
Henderson Group PLC		35,516		140,393
Provident Financial PLC		4,056		193,080
Prudential PLC		11,418		241,383
RELX NV		16,900		275,919
Shire PLC		4,331		295,608
UBM PLC		22,691		167,086
Unilever PLC		5,759		234,596
				2,399,469
United States \| 52.6%
Advance Auto Parts, Inc.		1,295		245,441
Alphabet, Inc.:
Class A (a)		642		409,834
Class C (a)		538		327,330
Apple, Inc.		3,686		406,566
Applied Materials, Inc.		5,775		84,835
AutoZone, Inc. (a)		334		241,759
Bristol-Myers Squibb Co.		4,065		240,648
Cisco Systems, Inc.		11,140		292,425
Citigroup, Inc.		4,114		204,096
CVS Health Corp.		3,685		355,529
EMC Corp.		9,297		224,616
EOG Resources, Inc.		1,810		131,768
Halliburton Co.		6,485		229,245
Harley-Davidson, Inc.		3,615		198,463
Honeywell International, Inc.		4,338		410,765
Intercontinental Exchange, Inc.		1,181		277,523
Kellogg Co.		2,695		179,352
MasterCard, Inc., Class A		2,640		237,917



Description	Shares		Value
Lazard Global Equity Select Portfolio (concluded)
McGraw Hill Financial, Inc.		1,840	$	159,160
McKesson Corp.		1,203		222,591
Molson Coors Brewing Co., Class B		1,724		143,126
Monsanto Co.		1,905		162,573
QUALCOMM, Inc.		3,942		211,804
Quintiles Transnational Holdings, Inc. (a)		4,080		283,846
Reynolds American, Inc.		9,170		405,956
Rockwell Automation, Inc.		1,600		162,352
Schlumberger, Ltd.		3,496		241,119
ServiceMaster Global Holdings, Inc. (a)		5,090		170,769
Springleaf Holdings, Inc. (a)		3,725		162,857
The Charles Schwab Corp.		4,700		134,232
The Hartford Financial Services Group, Inc.		3,864		176,894
The J.M. Smucker Co.		1,635		186,537
The Procter & Gamble Co.		3,865		278,048
Thermo Fisher Scientific, Inc.		1,495		182,809
Twitter, Inc. (a)		2,785		75,028
Tyco International PLC		5,155		172,486
Union Pacific Corp.		1,810		160,022
United Technologies Corp.		1,689		150,304
Vertex Pharmaceuticals, Inc. (a)		770		80,188
Visa, Inc., Class A		4,428		308,454
Voya Financial, Inc.		4,560		176,791
Zoetis, Inc.		5,187		213,601
				9,319,659
Total Common Stocks (Identified cost $17,976,950)				17,478,337
Short-Term Investment \| 2.1%
State Street Institutional Treasury Money Market Fund (Identified cost $366,657)		366,657		366,657
Total Investments \| 100.6% (Identified cost $18,343,607) (b)			$	17,844,994
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(112,093)
Net Assets \| 100.0%			$	17,732,901



Description	Shares		Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 99.2%
Australia \| 2.7%
Asaleo Care, Ltd.		72,776	$	91,686
Caltex Australia, Ltd.		6,633		146,784
				238,470
Belgium \| 1.4%
Anheuser-Busch InBev SA/NV		1,161		123,315
Canada \| 1.4%
Encana Corp.		5,579		35,911
MacDonald Dettwiler & Associates, Ltd.		1,587		86,313
				122,224
Denmark \| 1.5%
Carlsberg A/S, Class B		1,810		139,294
Finland \| 3.1%
Sampo Oyj, A Shares		5,696		276,246
France \| 1.7%
Iliad SA		323		65,394
Vivendi SA		3,632		85,988
				151,382
Indonesia \| 0.5%
PT Media Nusantara Citra Tbk		379,700		42,702
Israel \| 1.0%
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		1,551		87,570
Italy \| 0.9%
Mediolanum SpA		11,059		79,059
Japan \| 10.1%
Ain Pharmaciez, Inc.		2,200		112,412
Asics Corp.		5,600		134,001
Daiwa House Industry Co., Ltd.		7,300		181,196
Don Quijote Holdings Co., Ltd.		3,100		117,298
Gulliver International Co., Ltd.		13,100		120,646
Makita Corp.		3,250		173,355
SoftBank Group Corp.		1,580		72,697
				911,605
Netherlands \| 0.9%
Sensata Technologies Holding NV (a)		1,798		79,723
New Zealand \| 0.6%
Z Energy, Ltd.		14,816		56,831
Norway \| 1.0%
Europris ASA		19,528		93,161
Philippines \| 1.0%
Alliance Global Group, Inc.		285,100		93,597



Description	Shares		Value
South Africa \| 3.7%
Mediclinic International, Ltd.		18,173	$	145,068
Nampak, Ltd.		45,468		84,781
Sanlam, Ltd.		22,745		98,438
				328,287
Switzerland \| 3.8%
Actelion, Ltd.		690		87,773
Novartis AG		2,779		255,987
				343,760
Taiwan \| 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		6,608		137,116
Turkey \| 0.9%
Turkcell Iletisim Hizmetleri AS		22,895		79,892
United Kingdom \| 18.5%
Aon PLC		1,655		146,650
Auto Trader Group PLC		29,055		149,290
British American Tobacco PLC		4,077		225,322
Informa PLC		22,820		194,262
Lloyds Banking Group PLC		156,095		177,944
Merlin Entertainments PLC		15,475		87,178
Prudential PLC		8,527		180,266
Rexam PLC		16,843		133,518
Shire PLC		2,627		179,303
Spire Healthcare Group PLC		34,459		188,071
				1,661,804
United States \| 43.0%
Advance Auto Parts, Inc.		1,892		358,591
Alphabet, Inc., Class A (a)		640		408,557
American Airlines Group, Inc.		2,811		109,151
Ameriprise Financial, Inc.		744		81,193
Apple, Inc.		2,325		256,448
Celgene Corp. (a)		832		89,997
CVS Health Corp.		942		90,884
EOG Resources, Inc.		1,407		102,430
J.C. Penney Co., Inc. (a)		6,360		59,084
Kellogg Co.		2,314		153,997
MasterCard, Inc., Class A		2,623		236,385
McKesson Corp.		646		119,529
Molson Coors Brewing Co., Class B		2,622		217,678
Morningstar, Inc.		1,857		149,043
Reynolds American, Inc.		7,425		328,705
Rockwell Automation, Inc.		781		79,248
Springleaf Holdings, Inc. (a)		1,928		84,292
The J.M. Smucker Co.		1,415		161,437
Tyco International PLC		2,334		78,096



Description	Shares		Value
Lazard Global Strategic Equity Portfolio (concluded)
Union Pacific Corp.		1,162	$	102,732
United Therapeutics Corp. (a)		1,212		159,063
Visa, Inc., Class A		3,440		239,630
Voya Financial, Inc.		2,700		104,679
Zoetis, Inc.		2,232		91,914
				3,862,763
Total Common Stocks (Identified cost $9,262,972)				8,908,801
Short-Term Investment \| 1.0%
State Street Institutional Treasury Money Market Fund (Identified cost $93,184)		93,184		93,184
Total Investments \| 100.2% (Identified cost $9,356,156) (b)			$	9,001,985
Liabilities in Excess of Cash and Other Assets \| (0.2)%				(18,614)
Net Assets \| 100.0%			$	8,983,371



Description	Shares		Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 96.3%
Australia \| 6.2%
CSL, Ltd.		448	$	28,229
CSR, Ltd.		2,810		5,745
Downer EDI, Ltd.		1,416		3,332
Echo Entertainment Group, Ltd.		2,015		6,862
Evolution Mining, Ltd.		8,457		7,579
Federation Centres REIT		2,779		5,368
Primary Health Care, Ltd.		3,211		8,563
Qantas Airways, Ltd. (a)		2,182		5,713
Regis Resources, Ltd.		3,999		5,069
Sandfire Resources NL		1,930		7,328
Telstra Corp., Ltd.		6,864		27,097
The GPT Group		4,438		14,113
Woodside Petroleum, Ltd.		524		10,714
				135,712
Belgium \| 0.6%
Telenet Group Holding NV (a)		215		12,328
Bermuda \| 2.5%
Everest Re Group, Ltd.		176		30,508
PartnerRe, Ltd.		78		10,833
Validus Holdings, Ltd.		288		12,980
				54,321
Canada \| 9.7%
Canadian National Railway Co.		250		14,196
Canadian Natural Resources, Ltd.		595		11,588
Capital Power Corp.		341		4,824
CCL Industries, Inc., Class B		38		5,334
CI Financial Corp.		854		19,390
Cineplex, Inc.		364		12,937
Cogeco Cable, Inc.		180		8,700
Colliers International Group, Inc.		152		6,173
Constellation Software, Inc.		14		5,868
Dollarama, Inc.		496		33,499
Dominion Diamond Corp.		323		3,452
Imperial Oil, Ltd.		141		4,467
Intact Financial Corp.		460		32,305
Magna International, Inc.		124		5,948
Metro, Inc.		679		18,500
Royal Bank of Canada		363		20,072
Suncor Energy, Inc.		178		4,761
				212,014
China \| 0.4%
Yangzijiang Shipbuilding Holdings, Ltd.		10,600		8,477



Description	Shares		Value
Denmark \| 0.6%
Novo Nordisk A/S, Class B		242	$	13,025
Finland \| 1.2%
Elisa Oyj		217		7,346
Kone Oyj, Class B		341		12,993
Orion Oyj, Class B		135		5,110
				25,449
France \| 0.2%
Bureau Veritas SA		238		5,021
Germany \| 0.2%
Muenchener Rueckversicherungs AG		28		5,216
Hong Kong \| 7.1%
CK Hutchison Holdings, Ltd.		1,000		13,075
CLP Holdings, Ltd.		2,000		17,069
Henderson Land Development Co., Ltd.		3,100		18,594
HK Electric Investments & HK Electric Investments, Ltd.		12,000		8,584
Hongkong Land Holdings, Ltd.		1,200		7,954
Jardine Matheson Holdings, Ltd.		100		4,728
PCCW, Ltd.		23,000		11,898
Swire Pacific, Ltd., Class A		1,000		11,240
The Link REIT		5,500		30,246
The Wharf Holdings, Ltd.		4,000		22,653
Wheelock & Co., Ltd.		2,000		8,715
				154,756
Ireland \| 1.3%
Accenture PLC, Class A		66		6,485
ICON PLC (a)		76		5,394
Paddy Power PLC		81		9,321
Ryanair Holdings PLC Sponsored ADR		100		7,830
				29,030
Israel \| 1.1%
Bank Hapoalim BM		863		4,344
Bank Leumi Le-Israel BM (a)		1,504		5,618
Frutarom Industries, Ltd.		175		6,625
Israel Discount Bank, Ltd., Class A (a)		3,679		6,725
				23,312
Japan \| 7.8%
Astellas Pharma, Inc.		400		5,193
Canon, Inc.		400		11,588
Daito Trust Construction Co., Ltd.		100		10,172
DCM Holdings Co., Ltd.		600		4,409
Electric Power Development Co., Ltd.		200		6,135
Heiwa Corp.		500		8,601
IT Holdings Corp.		200		4,541
Japan Airlines Co., Ltd.		200		7,060



Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
Japan Petroleum Exploration Co., Ltd.		200	$	5,287
Mitsubishi Materials Corp.		2,000		6,101
Mitsui Chemicals, Inc.		1,000		3,215
Murata Manufacturing Co., Ltd.		100		12,987
Nipro Corp.		600		6,187
Nissan Motor Co., Ltd.		900		8,290
Senshu Ikeda Holdings, Inc.		2,500		10,875
Shionogi & Co., Ltd.		100		3,595
Sumitomo Chemical Co., Ltd.		2,000		10,159
Sumitomo Mitsui Financial Group, Inc.		200		7,614
Sumitomo Rubber Industries, Ltd.		300		4,173
Taikisha, Ltd.		200		4,536
TDK Corp.		100		5,688
The San-In Godo Bank, Ltd.		1,000		9,825
West Japan Railway Co.		200		12,521
				168,752
Malta \| 0.7%
Unibet Group PLC SDR		192		16,091
Netherlands \| 1.5%
Aegon NV		837		4,820
AVG Technologies NV (a)		190		4,132
Euronext NV		132		5,626
Koninklijke Vopak NV		105		4,198
NN Group NV		509		14,601
				33,377
New Zealand \| 2.1%
Air New Zealand, Ltd.		4,075		6,413
Fisher & Paykel Healthcare Corp., Ltd., Class C		1,825		8,286
Sky Network Television, Ltd.		3,491		10,383
Spark New Zealand, Ltd.		10,723		20,439
				45,521
Norway \| 2.1%
Statoil ASA		1,840		26,840
Telenor ASA		711		13,300
Yara International ASA		109		4,356
				44,496
Singapore \| 2.5%
CapitaLand, Ltd.		3,200		6,046
ComfortDelGro Corp., Ltd.		13,600		27,533
United Overseas Bank, Ltd.		1,600		20,874
				54,453
Spain \| 0.3%
Bolsas y Mercados Espanoles SA		123		4,157



Description	Shares		Value
Corporacion Financiera Alba SA	55	$	2,297
			6,454
Sweden \| 0.3%
Axfood AB	403		6,651
Switzerland \| 1.6%
ACE, Ltd.	67		6,928
Actelion, Ltd.	36		4,579
dorma+kaba Holding AG	9		5,533
Roche Holding AG	68		17,976
			35,016
United Kingdom \| 6.2%
Acacia Mining PLC	991		3,721
Aon PLC	73		6,468
Bellway PLC	135		5,090
BT Group PLC	1,526		9,710
Centrica PLC	1,965		6,828
Cineworld Group PLC	821		6,902
Compass Group PLC	1,185		18,919
Debenhams PLC	3,812		4,564
Greggs PLC	578		9,507
ITV PLC	1,943		7,250
Micro Focus International PLC	294		5,359
Next PLC	168		19,389
Provident Financial PLC	215		10,235
Rentokil Initial PLC	2,855		6,369
Shire PLC	81		5,529
SSE PLC	402		9,117
			134,957
United States \| 40.1%
3M Co.	232		32,891
Apple, Inc.	77		8,493
AT&T, Inc.	1,069		34,828
Bank of America Corp.	336		5,235
Blackbaud, Inc.	74		4,153
CBOE Holdings, Inc.	176		11,806
Centene Corp. (a)	91		4,935
Chemed Corp.	49		6,540
Cirrus Logic, Inc. (a)	300		9,453
Colgate-Palmolive Co.	531		33,697
Comcast Corp., Class A	100		5,688
CR Bard, Inc.	82		15,277
Credit Acceptance Corp. (a)	42		8,269
Dr Pepper Snapple Group, Inc.	319		25,217
Edison International	226		14,254
Edwards Lifesciences Corp. (a)	29		4,123
Emerson Electric Co.	100		4,417



Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (concluded)
FactSet Research Systems, Inc.		112	$	17,899
FMC Technologies, Inc. (a)		126		3,906
General Dynamics Corp.		94		12,967
Gilead Sciences, Inc.		66		6,481
HCA Holdings, Inc. (a)		133		10,289
Intel Corp.		354		10,670
International Paper Co.		108		4,081
Intuit, Inc.		54		4,792
Johnson & Johnson		340		31,739
Kohl’s Corp.		165		7,641
Lockheed Martin Corp.		45		9,329
LyondellBasell Industries NV, Class A		66		5,502
MasterCard, Inc., Class A		126		11,355
McDonald’s Corp.		222		21,874
McGraw Hill Financial, Inc.		156		13,494
Mettler-Toledo International, Inc. (a)		21		5,980
Monsanto Co.		48		4,096
NIKE, Inc., Class B		253		31,111
Northrop Grumman Corp.		54		8,961
O’Reilly Automotive, Inc. (a)		41		10,250
PepsiCo, Inc.		358		33,759
PerkinElmer, Inc.		112		5,148
PG&E Corp.		612		32,314
Philip Morris International, Inc.		85		6,743
Pinnacle Entertainment, Inc. (a)		226		7,648
Public Service Enterprise Group, Inc.		316		13,323
Reynolds American, Inc.		454		20,099
Rockwell Automation, Inc.		94		9,538
Ross Stores, Inc.		223		10,809
Sanderson Farms, Inc.		111		7,611
Skyworks Solutions, Inc.		115		9,684
Spirit AeroSystems Holdings, Inc., Class A (a)		107		5,172
Starbucks Corp.		185		10,515
The Clorox Co.		131		15,134
The Estee Lauder Cos., Inc., Class A		67		5,406
The Kroger Co.		784		28,279
The Southern Co.		506		22,618
The TJX Cos., Inc.		450		32,139
The Walt Disney Co.		157		16,045
Thermo Fisher Scientific, Inc.		145		17,731
Time Warner, Inc.		153		10,519
Triumph Group, Inc.		91		3,829
UnitedHealth Group, Inc.		118		13,689
Vantiv, Inc., Class A (a)		133		5,974
Verizon Communications, Inc.		636		27,672
Visa, Inc., Class A		81		5,642



Description	Shares		Value
Waters Corp. (a)		108	$	12,767
Wyndham Worldwide Corp.		69		4,961
Xcel Energy, Inc.		443		15,687
				872,148
Total Common Stocks (Identified cost $2,244,319)				2,096,577
Short-Term Investment \| 4.4%
State Street Institutional Treasury Money Market Fund (Identified cost $96,417)		96,417		96,417
Total Investments \| 100.7% (Identified cost $2,340,736) (b)			$	2,192,994
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(15,042)
Net Assets \| 100.0%			$	2,177,952



Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 96.8%
Argentina \| 0.7%
YPF SA Sponsored ADR		4,806,181	$	73,198,137
Brazil \| 9.8%
Ambev SA ADR		32,155,540		157,562,146
Banco do Brasil SA		45,634,710		174,964,710
BB Seguridade Participacoes SA		22,379,100		140,049,305
CCR SA		20,434,900		62,729,911
CEMIG SA Sponsored ADR		20,215,331		35,983,289
Cielo SA		21,602,605		199,760,751
Localiza Rent a Car SA		7,260,837		44,760,968
Natura Cosmeticos SA		7,653,500		37,644,911
Souza Cruz SA		14,031,125		94,850,334
Vale SA Sponsored ADR		10,407,900		43,713,180
Via Varejo SA		12,340,500		12,326,493
				1,004,345,998
China \| 11.1%
AAC Technologies Holdings, Inc.		3,018,500		18,900,629
Baidu, Inc. Sponsored ADR (a)		1,905,900		261,889,719
China Construction Bank Corp., Class H		601,320,220		402,792,643
China Shenhua Energy Co., Ltd., Class H		41,189,000		63,469,177
CNOOC, Ltd.		113,836,000		117,833,836
NetEase, Inc. ADR		1,880,204		225,850,104
Weichai Power Co., Ltd., Class H		46,611,000		43,649,398
				1,134,385,506
Egypt \| 1.3%
Commercial International Bank Egypt SAE GDR		22,248,247		136,544,589
Hong Kong \| 3.6%
China Mobile, Ltd. Sponsored ADR		5,477,204		325,893,638
Huabao International Holdings, Ltd.		140,789,000		44,496,758
				370,390,396
Hungary \| 1.6%
OTP Bank Nyrt.		8,577,111		165,492,503
India \| 11.0%
Axis Bank, Ltd.		30,267,699		230,367,258
Bajaj Auto, Ltd.		2,696,476		95,431,822
Bharat Heavy Electricals, Ltd.		26,236,224		82,681,010
HCL Technologies, Ltd.		7,949,100		119,547,367
Hero MotoCorp, Ltd.		3,735,072		136,529,496
Punjab National Bank		63,236,977		129,081,994
Tata Consultancy Services, Ltd.		8,449,352		333,127,608
				1,126,766,555
Indonesia \| 6.1%
PT Astra International Tbk		259,285,500		92,862,555



Description	Shares		Value
PT Bank Mandiri (Persero) Tbk		254,563,230	$	138,118,332
PT Semen Indonesia (Persero) Tbk		106,566,300		66,149,549
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		6,615,255		235,833,841
PT United Tractors Tbk		74,600,184		89,434,298
				622,398,575
Macau \| 0.6%
Wynn Macau, Ltd.		53,477,200		61,322,255
Malaysia \| 0.7%
British American Tobacco Malaysia Berhad		5,346,400		73,477,909
Mexico \| 2.9%
America Movil SAB de CV, Class L Sponsored ADR		4,705,280		77,872,384
Grupo Mexico SAB de CV, Series B		44,333,047		107,233,896
Kimberly-Clark de Mexico SAB de CV, Series A		46,821,695		105,886,069
				290,992,349
Pakistan \| 2.2%
Habib Bank, Ltd.		49,970,300		94,339,409
Oil & Gas Development Co., Ltd.		41,584,749		49,958,568
Pakistan Petroleum, Ltd.		65,121,602		75,492,599
				219,790,576
Philippines \| 1.6%
Philippine Long Distance Telephone Co. Sponsored ADR		3,430,250		158,340,340
Russia \| 7.6%
ALROSA AO		69,819,673		61,344,682
Eurasia Drilling Co., Ltd. GDR		212,886		1,954,509
Gazprom PAO Sponsored ADR		36,340,031		146,682,065
Lukoil PJSC Sponsored ADR		2,277,696		77,517,322
Magnit PJSC Sponsored GDR		556,603		26,646,942
Magnit PJSC Sponsored GDR (c), (d)		1,339,765		64,000,574
MegaFon OAO GDR		863,182		10,498,663
MegaFon OAO GDR (c), (d)		5,107,139		62,051,739
Mobile TeleSystems PJSC Sponsored ADR		15,177,343		109,580,416
Sberbank of Russia (a)		191,435,511		220,415,976
				780,692,888
South Africa \| 8.4%
Imperial Holdings, Ltd.		6,874,432		84,221,740
Nedbank Group, Ltd.		5,339,327		84,750,111
PPC, Ltd.		37,144,088		45,904,357
Sanlam, Ltd.		16,581,493		71,762,758
Shoprite Holdings, Ltd.		13,500,676		153,339,924
Standard Bank Group, Ltd.		8,923,219		87,136,755
The Bidvest Group, Ltd.		4,393,989		103,636,207
Tiger Brands, Ltd.		1,109,632		24,463,146



Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Vodacom Group, Ltd.		8,885,425	$	88,310,408
Woolworths Holdings, Ltd.		17,023,729		119,155,846
				862,681,252
South Korea \| 14.9%
Coway Co., Ltd.		1,630,057		115,516,080
Hanwha Life Insurance Co., Ltd.		25,642,579		176,500,279
Hyundai Mobis Co., Ltd.		868,442		168,713,044
KB Financial Group, Inc.		5,400,502		160,311,025
KT&G Corp.		1,935,141		182,448,023
Samsung Electronics Co., Ltd.		308,131		296,328,558
Shinhan Financial Group Co., Ltd.		7,119,878		248,700,301
SK Hynix, Inc.		6,086,020		173,922,416
				1,522,439,726
Taiwan \| 5.6%
Hon Hai Precision Industry Co., Ltd.		45,378,120		118,696,064
Taiwan Semiconductor Manufacturing Co., Ltd.		113,390,284		452,484,553
				571,180,617
Thailand \| 3.0%
CP All Public Co. Ltd. (c)		91,563,000		120,461,034
Kasikornbank Public Co. Ltd.		10,063,100		47,307,900
PTT Exploration & Production Public Co. Ltd. (c)		29,593,470		57,075,159
The Siam Cement Public Co. Ltd.		5,953,400		76,602,659
				301,446,752
Turkey \| 4.1%
Akbank TAS		50,499,836		113,281,731
KOC Holding AS		25,036,789		97,736,554
Turkcell Iletisim Hizmetleri AS		30,759,591		107,336,062
Turkiye Is Bankasi AS, C Shares		67,619,886		105,316,282
				423,670,629
Total Common Stocks (Identified cost $12,662,506,749)				9,899,557,552
Short-Term Investment \| 4.9%
State Street Institutional Treasury Money Market Fund (Identified cost $505,235,914)		505,235,914		505,235,914
Total Investments \| 101.7% (Identified cost $13,167,742,663) (b)			$	10,404,793,466
Liabilities in Excess of Cash and Other Assets \| (1.7)%				(176,575,572)
Net Assets \| 100.0%			$	10,228,217,894



Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 95.7%
Brazil \| 3.2%
Embraer SA Sponsored ADR		22,100	$	565,318
Klabin SA		159,460		880,057
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		70,565		814,492
				2,259,867
China \| 24.1%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		15,000		884,550
Anhui Conch Cement Co., Ltd., Class H		220,000		651,408
Baidu, Inc. Sponsored ADR (a)		7,954		1,092,959
China Lesso Group Holdings, Ltd.		1,356,000		1,087,417
CT Environmental Group, Ltd.		3,090,000		965,316
ENN Energy Holdings, Ltd.		156,000		753,718
Industrial and Commercial Bank of China, Ltd., Class H		5,189,000		3,008,369
Lenovo Group, Ltd.		804,000		682,676
NetEase, Inc. ADR		11,000		1,321,320
PICC Property & Casualty Co., Ltd., Class H		681,180		1,339,243
Ping An Insurance (Group) Co. of China, Ltd., Class H		366,000		1,826,743
Sinotrans, Ltd., Class H		1,146,000		546,046
Tencent Holdings, Ltd.		45,700		769,796
Vipshop Holdings, Ltd. ADR (a)		69,505		1,167,684
WuXi PharmaTech Cayman, Inc. ADR (a)		21,930		947,595
				17,044,840
Hong Kong \| 5.8%
China Mobile, Ltd. Sponsored ADR		41,600		2,475,200
Haier Electronics Group Co., Ltd.		479,000		801,376
Techtronic Industries Co., Ltd.		224,500		834,691
				4,111,267
India \| 12.1%
Dr Reddy’s Laboratories, Ltd. ADR		27,875		1,781,491
HDFC Bank, Ltd. ADR		30,769		1,879,678
ICICI Bank, Ltd. Sponsored ADR		199,000		1,667,620
Motherson Sumi Systems, Ltd.		144,899		514,350
Sun Pharmaceutical Industries, Ltd.		77,475		1,030,785
Tata Motors, Ltd. Sponsored ADR (a)		35,527		799,358
UPL, Ltd.		127,199		892,493
				8,565,775
Indonesia \| 2.4%
PT Bank Mandiri (Persero) Tbk		1,291,500		700,729
PT Matahari Department Store Tbk		888,400		978,784
				1,679,513



Description	Shares		Value
Mexico \| 8.4%
Alsea SAB de CV		210,500	$	621,231
Arca Continental SAB de CV		117,200		660,012
Fibra Uno Administracion SA de CV REIT		321,700		664,337
Gruma SAB de CV, Class B		127,000		1,746,683
Grupo Aeroportuario del Pacifico SAB de CV ADR		9,400		816,296
Grupo Financiero Banorte SAB de CV, Class O		169,600		831,902
Grupo Televisa SAB Sponsored ADR		24,700		642,694
				5,983,155
Peru \| 1.0%
Credicorp, Ltd.		6,550		696,658
Philippines \| 3.8%
Alliance Global Group, Inc.		1,384,700		454,592
BDO Unibank, Inc.		539,150		1,195,278
GT Capital Holdings, Inc.		39,580		1,074,606
				2,724,476
Russia \| 0.7%
Magnit PJSC Sponsored GDR		10,716		513,020
South Africa \| 3.9%
Mondi PLC		76,603		1,607,696
Naspers, Ltd., N Shares		8,913		1,118,343
				2,726,039
South Korea \| 9.4%
Amorepacific Corp.		2,990		975,894
Hotel Shilla Co., Ltd.		13,555		1,323,421
KEPCO Plant Service & Engineering Co., Ltd.		7,810		798,599
Samsung Electronics Co., Ltd.		1,253		1,205,006
SK Hynix, Inc.		48,396		1,383,030
SK Telecom Co., Ltd. Sponsored ADR		39,000		951,600
				6,637,550
Taiwan \| 15.4%
Advanced Semiconductor Engineering, Inc. ADR		216,800		1,190,232
Delta Electronics, Inc.		117,000		551,537
Eclat Textile Co., Ltd.		82,760		1,308,965
Hermes Microvision, Inc.		11,000		420,666
Hon Hai Precision Industry Co., Ltd. GDR		226,285		1,245,128
Largan Precision Co., Ltd.		12,000		942,074
Mega Financial Holding Co., Ltd.		1,645,000		1,141,603
Merida Industry Co., Ltd.		159,800		855,052
President Chain Store Corp.		103,000		642,238
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		126,049		2,615,517
				10,913,012



Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Thailand \| 2.3%
Bangkok Bank Public Co. Ltd.		106,900	$	469,239
Kasikornbank Public Co. Ltd.		249,700		1,173,871
				1,643,110
Turkey \| 2.2%
TAV Havalimanlari Holding AS		126,446		993,365
Turk Traktor ve Ziraat Makineleri AS		23,372		566,232
				1,559,597
United Arab Emirates \| 1.0%
Emaar Properties PJSC		400,314		705,023
Total Common Stocks (Identified cost $75,589,584)				67,762,902
Preferred Stock \| 1.4%
Brazil \| 1.4%
Itau Unibanco Holding SA Sponsored ADR (Identified cost $1,728,880)		154,107		1,020,189
Short-Term Investment \| 4.7%
State Street Institutional Treasury Money Market Fund (Identified cost $3,338,208)		3,338,208		3,338,208
Total Investments \| 101.8% (Identified cost $80,656,672) (b)			$	72,121,299
Liabilities in Excess of Cash and Other Assets \| (1.8)%				(1,293,922)
Net Assets \| 100.0%			$	70,827,377



Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 96.4%
Argentina \| 1.2%
YPF SA Sponsored ADR		279,320	$	4,254,044
Brazil \| 3.7%
Cosan SA Industria e Comercio		346,200		1,757,852
Estacio Participacoes SA		590,800		2,101,218
Gerdau SA Sponsored ADR		1,412,750		1,935,468
Lojas Renner SA		446,000		2,069,971
Petroleo Brasileiro SA Sponsored ADR (a)		672,600		2,475,168
Vale SA Sponsored ADR		604,115		2,537,283
				12,876,960
Canada \| 0.8%
First Quantum Minerals, Ltd.		718,330		2,632,172
China \| 21.4%
AAC Technologies Holdings, Inc.		656,200		4,108,860
Agricultural Bank of China, Ltd., Class H		20,260,500		7,674,094
Anhui Conch Cement Co., Ltd., Class H		3,188,500		9,440,972
Baidu, Inc. Sponsored ADR (a)		39,050		5,365,860
China Construction Bank Corp., Class H		4,768,184		3,193,954
China Medical System Holdings, Ltd.		2,906,000		3,327,630
China Merchants Bank Co., Ltd., Class H		2,578,711		6,283,204
New Oriental Education & Technology Group, Inc. Sponsored ADR		400,200		8,088,042
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,754,000		8,754,391
Tencent Holdings, Ltd.		410,300		6,911,319
Vipshop Holdings, Ltd. ADR (a)		236,540		3,973,872
Zhuzhou CSR Times Electric Co., Ltd., Class H		843,500		6,294,862
				73,417,060
Colombia \| 3.1%
Bancolombia SA Sponsored ADR		217,900		7,016,380
Cemex Latam Holdings SA (a)		947,440		3,774,044
				10,790,424
Hong Kong \| 6.9%
China State Construction International Holdings, Ltd.		7,715,340		11,082,752
Melco Crown Entertainment, Ltd. ADR		151,200		2,080,512
Techtronic Industries Co., Ltd.		2,821,000		10,488,478
				23,651,742
India \| 15.8%
Adani Ports & Special Economic Zone, Ltd.		1,717,317		7,852,189
Aurobindo Pharma, Ltd.		1,066,844		12,558,567
Dr Reddy’s Laboratories, Ltd.		79,482		5,040,353
Glenmark Pharmaceuticals, Ltd.		229,854		3,696,270



Description	Shares		Value
HDFC Bank, Ltd. ADR		135,355	$	8,268,837
ICICI Bank, Ltd. Sponsored ADR		550,975		4,617,171
Reliance Industries, Ltd.		700,934		9,227,743
Shriram Transport Finance Co., Ltd.		213,183		2,978,037
				54,239,167
Indonesia \| 1.5%
PT Bank Rakyat Indonesia (Persero) Tbk		8,792,900		5,222,873
Mexico \| 2.8%
Grupo Financiero Banorte SAB de CV, Class O		1,942,157		9,526,448
Peru \| 3.0%
Credicorp, Ltd.		96,345		10,247,254
Poland \| 1.7%
Eurocash SA		497,543		5,859,275
Russia \| 9.3%
NovaTek OAO Sponsored GDR		57,816		5,362,527
Sberbank of Russia (a)		8,135,656		9,367,272
TMK PAO GDR		667,947		2,068,823
X5 Retail Group NV GDR (a)		629,522		10,989,654
Yandex NV Class A (a)		394,825		4,236,472
				32,024,748
South Africa \| 1.3%
Petra Diamonds, Ltd. (a)		1,160,295		1,479,830
Standard Bank Group, Ltd.		317,997		3,105,295
				4,585,125
South Korea \| 6.5%
CJ CGV Co., Ltd.		60,144		5,354,383
Hotel Shilla Co., Ltd.		44,015		4,297,333
Korea Aerospace Industries, Ltd.		43,187		2,488,518
Samsung Electronics Co., Ltd.		10,712		10,301,695
				22,441,929
Taiwan \| 11.6%
Advanced Semiconductor Engineering, Inc.		7,220,000		7,898,210
Catcher Technology Co., Ltd.		632,000		6,753,354
Eclat Textile Co., Ltd.		329,000		5,203,596
Hiwin Technologies Corp.		501,505		2,683,836
Hota Industrial Manufacturing Co., Ltd.		1,662,000		5,351,361
Largan Precision Co., Ltd.		58,000		4,553,357
Taiwan Semiconductor Manufacturing Co., Ltd.		1,826,000		7,286,663
				39,730,377
Turkey \| 4.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,436,139		6,530,694
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		5,678,514		4,712,428



Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Ford Otomotiv Sanayi AS		238,131	$	2,544,321
TAV Havalimanlari Holding AS		375,320		2,948,528
				16,735,971
United States \| 0.9%
Freeport-McMoRan, Inc.		337,520		3,270,569
Total Common Stocks (Identified cost $405,657,607)				331,506,138
Preferred Stock \| 0.7%
Brazil \| 0.7%
Banco Bradesco SA ADR (Identified cost $5,930,978)		468,755		2,512,527
Short-Term Investment \| 2.7%
State Street Institutional Treasury Money Market Fund (Identified cost $9,120,025)		9,120,025		9,120,025
Total Investments \| 99.8% (Identified cost $420,708,610) (b)			$	343,138,690
Cash and Other Assets in Excess of Liabilities \| 0.2%				532,962
Net Assets \| 100.0%			$	343,671,652



Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 99.1%
Brazil \| 4.4%
Ambev SA ADR		5,400	$	26,460
BB Seguridade Participacoes SA		2,600		16,271
BM&FBovespa SA		1,700		4,751
Braskem SA Sponsored ADR		900		7,587
BRF SA ADR		900		16,011
Cielo SA Sponsored ADR		2,400		22,200
Itausa - Investimentos Itau SA		4,200		7,564
JBS SA Sponsored ADR		1,400		12,040
				112,884
Chile \| 1.2%
Banco Santander Chile ADR		300		5,466
Cia Cervecerias Unidas SA Sponsored ADR		500		11,075
Enersis SA Sponsored ADR		1,100		13,904
				30,445
China \| 16.9%
Agricultural Bank of China, Ltd., Class H		32,000		12,121
Bank of Chongqing Co., Ltd., Class H		6,000		4,150
Boer Power Holdings, Ltd.		3,000		5,091
China Construction Bank Corp., Class H		124,000		83,061
China Hongqiao Group, Ltd.		14,000		6,628
China Lesso Group Holdings, Ltd.		10,000		8,019
China Life Insurance Co., Ltd., Class H		6,000		20,944
China Lilang, Ltd.		8,000		6,848
China Mengniu Dairy Co., Ltd.		2,000		7,101
China Merchants Bank Co., Ltd., Class H		9,500		23,147
China Overseas Land & Investment, Ltd.		10,000		30,583
China Railway Construction Corp., Ltd.		4,000		5,941
China Railway Group, Ltd., Class H		4,000		3,679
China Telecom Corp., Ltd. Class H		12,000		5,783
Chongqing Rural Commercial Bank Co., Ltd., Class H		8,000		4,581
CIFI Holdings Group Co., Ltd.		18,000		3,199
CNOOC, Ltd.		26,000		26,913
Cosmo Lady China Holdings Co., Ltd.		5,000		5,298
Great Wall Motor Co., Ltd. Class H		7,500		8,488
Industrial & Commercial Bank of China, Ltd., Class H		14,000		8,117
Longfor Properties Co., Ltd.		3,000		3,803
New China Life Insurance Co., Ltd. Class H		1,100		4,750
New Oriental Education & Technology Group, Inc. Sponsored ADR		200		4,042
PetroChina Co., Ltd., Class H		6,000		4,173
PICC Property & Casualty Co., Ltd., Class H		4,000		7,864



Description	Shares		Value
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,000	$	14,973
Shenzhou International Group Holdings, Ltd.		2,000		10,337
Tencent Holdings, Ltd.		4,200		70,747
The People’s Insurance Co. Group of China, Ltd., Class H		25,000		12,283
Tianneng Power International, Ltd. (a)		10,000		6,151
TravelSky Technology, Ltd. Class H		5,000		6,378
Vipshop Holdings, Ltd. ADR (a)		200		3,360
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,000		7,463
				436,016
Colombia \| 0.3%
Ecopetrol SA Sponsored ADR		900		7,740
Egypt \| 1.2%
Commercial International Bank Egypt SAE ADR		5,100		31,722
Hong Kong \| 5.0%
China Everbright, Ltd.		4,000		9,209
China Mobile, Ltd.		6,000		71,377
China Resources Land, Ltd.		8,000		18,918
China Unicom Hong Kong, Ltd.		6,000		7,618
CP Pokphand Co., Ltd.		34,000		3,807
Nexteer Automotive Group, Ltd.		9,000		9,116
Sino Biopharmaceutical, Ltd.		4,000		4,970
Tongda Group Holdings, Ltd.		20,000		3,498
				128,513
Hungary \| 1.6%
MOL Hungarian Oil & Gas Nyrt.		521		22,734
Richter Gedeon Nyrt.		1,155		18,368
				41,102
India \| 6.8%
Axis Bank, Ltd. GDR		193		7,305
Cipla, Ltd.		668		6,473
Dr Reddy’s Laboratories, Ltd. ADR		500		31,955
HDFC Bank, Ltd. ADR		400		24,436
ICICI Bank, Ltd. Sponsored ADR		800		6,704
Infosys, Ltd. Sponsored ADR		2,600		49,634
Reliance Industries, Ltd. Sponsored GDR (d)		715		18,632
Tata Motors, Ltd. Sponsored ADR (a)		1,000		22,500
Tata Steel, Ltd. GDR		1,034		3,416
WNS Holdings, Ltd. ADR (a)		200		5,590
				176,645
Indonesia \| 1.7%
PT Bank Central Asia Tbk ADR		522		10,795
PT Bank Mandiri (Persero) Tbk ADR		1,900		10,203



Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
PT Bank Rakyat Indonesia (Persero) Tbk ADR		421	$	5,056
PT Pakuwon Jati Tbk		166,100		3,779
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		400		14,260
				44,093
Malaysia \| 3.1%
Astro Malaysia Holdings Berhad		10,400		6,678
Cahya Mata Sarawak Berhad		4,000		4,690
Dialog Group Berhad		11,900		4,344
MISC Berhad		4,800		9,611
Tenaga Nasional Berhad Sponsored ADR		4,000		43,600
Top Glove Corp. Berhad		3,600		6,623
Westports Holdings Berhad		4,800		4,644
				80,190
Mexico \| 6.0%
Alfa SAB de CV, Series A		4,500		8,753
America Movil SAB de CV, Series L		26,300		21,858
Arca Continental SAB de CV		3,000		16,895
Controladora Vuela Cia de Aviacion SAB de CV (a)		372		5,550
Fomento Economico Mexicano SAB de CV Sponsored ADR		100		8,925
Gentera SAB de CV		12,600		20,586
Grupo Aeroportuario del Sureste SAB de CV ADR		100		15,227
Kimberly-Clark de Mexico SAB de CV, Series A		10,100		22,841
Megacable Holdings SAB de CV		1,000		3,638
Promotora y Operadora de Infraestructura SAB de CV (a)		1,700		18,624
Wal-Mart de Mexico SAB de CV		4,500		11,103
				154,000
Peru \| 1.1%
Cia de Minas Buenaventura SAA ADR		1,200		7,152
Credicorp, Ltd.		200		21,272
				28,424
Philippines \| 3.0%
Ayala Corp.		460		7,567
BDO Unibank, Inc.		11,110		24,631
DMCI Holdings, Inc.		26,600		7,306
Globe Telecom, Inc.		290		14,633
JG Summit Holdings, Inc.		8,770		13,330
Universal Robina Corp.		1,210		4,980
Vista Land & Lifescapes, Inc.		39,400		4,252
				76,699



Description	Shares		Value
Poland \| 2.5%
Enea SA		1,736	$	6,183
Energa SA		932		4,143
Polski Koncern Naftowy Orlen SA		533		9,301
Polskie Gornictwo Naftowe i Gazownictwo SA		19,963		34,298
Tauron Polska Energia SA		12,155		10,506
				64,431
Russia \| 2.5%
Lukoil PJSC Sponsored ADR		135		4,595
MMC Norilsk Nickel PJSC ADR		746		10,720
Mobile TeleSystems PJSC Sponsored ADR		1,400		10,108
Rosneft Oil Co. OJSC GDR		1,125		4,163
Sberbank of Russia Sponsored ADR		2,974		14,717
Severstal PAO GDR		613		6,505
Tatneft PAO Sponsored ADR		536		15,029
				65,837
South Africa \| 6.6%
AVI, Ltd.		811		5,134
Capitec Bank Holdings, Ltd.		297		10,748
Clicks Group, Ltd.		2,112		13,697
FirstRand, Ltd.		6,643		23,614
Hyosung Corp.		150		14,343
Life Healthcare Group Holdings, Ltd.		1,452		3,737
Mondi, Ltd.		261		5,478
Mr Price Group, Ltd.		1,187		16,567
MTN Group, Ltd.		373		4,802
Naspers, Ltd., N Shares		241		30,239
Sasol, Ltd.		1,010		28,355
Standard Bank Group, Ltd.		453		4,424
Truworths International, Ltd.		766		4,709
Vodacom Group, Ltd.		489		4,860
				170,707
South Korea \| 16.8%
Amorepacific Corp.		61		19,910
BGF retail Co., Ltd.		66		11,300
BS Financial Group, Inc.		822		9,539
Dongbu Insurance Co., Ltd.		217		11,226
GS Retail Co., Ltd.		176		9,103
Hyundai Motor Co., Ltd.		154		21,419
Hyundai Steel Co. Sponsored GDR (d)		300		13,035
Industrial Bank of Korea GDR		1,700		19,506
IS Dongseo Co., Ltd.		105		4,722
Kangwon Land, Inc.		256		9,081
KB Financial Group, Inc. ADR		700		20,573
KEPCO Plant Service & Engineering Co., Ltd.		51		5,215
Korea Aerospace Industries, Ltd.		230		13,253



Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Korea Electric Power Corp. Sponsored ADR		1,600	$	32,784
KT&G Corp. GDR (d)		700		32,924
LG Chem, Ltd.		38		9,233
LG Display Co., Ltd. ADR		1,100		10,450
LG Uplus Corp.		508		5,199
Lotte Chemical Corp.		40		9,188
Medy-Tox, Inc.		12		4,347
NCSoft Corp.		30		4,810
Samsung Electronics Co., Ltd. GDR		223		105,560
Samsung Fire & Marine Insurance Co., Ltd.		45		10,560
Shinhan Financial Group Co., Ltd. ADR		300		10,440
SK Hynix, Inc.		400		11,322
SK Telecom Co., Ltd. Sponsored ADR		500		12,200
Woori Bank		781		6,178
				433,077
Taiwan \| 13.0%
Catcher Technology Co., Ltd.		2,000		21,371
Chunghwa Telecom Co., Ltd. Sponsored ADR		400		12,088
E.Sun Financial Holding Co., Ltd. GDR		1,630		23,912
Eclat Textile Co., Ltd.		1,000		15,816
Elite Material Co., Ltd.		5,000		11,036
Far Eastern New Century Corp. GDR (c)		1,130		10,055
Feng TAY Enterprise Co., Ltd.		4,120		25,698
FLEXium Interconnect, Inc.		5,207		14,310
Grape King Bio, Ltd.		3,000		15,018
Highwealth Construction Corp.		9,100		12,877
Hon Hai Precision Industry Co., Ltd. GDR		1,258		6,922
Hotai Motor Co., Ltd.		1,000		10,667
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		6,100		126,575
Voltronic Power Technology Corp.		1,050		13,735
Zhen Ding Technology Holding, Ltd.		6,000		17,274
				337,354
Thailand \| 4.0%
Airports of Thailand Public Co. Ltd. ADR		153		11,845
Bumrungrad Hospital Public Co. Ltd. ADR		312		18,568
Kasikornbank Public Co. Ltd. ADR		465		8,830
Pruksa Real Estate Public Co. Ltd. ADR		543		8,417
PTT Exploration & Production Public Co. Ltd. (c)		2,700		5,207
PTT Global Chemical Public Co. Ltd. ADR		734		5,435
PTT Public Co. Ltd. ADR		614		8,120
The Siam Cement Public Co. Ltd.		1,950		25,091
Tipco Asphalt Public Co., Ltd. NVDR		16,200		13,197
				104,710



Description	Shares		Value
Turkey \| 1.4%
Eregli Demir ve Celik Fabrikalari TAS ADR		1,487	$	7,480
Koza Altin Isletmeleri ADR		522		3,784
TAV Havalimanlari Holding ADR		372		11,662
Turk Hava Yollari AO ADR (a)		152		4,051
Turk Telekomunikasyon ADR		2,817		10,423
				37,400
Total Common Stocks (Identified cost $3,008,118)				2,561,989
Preferred Stock \| 0.8%
Brazil \| 0.8%
Banco Bradesco SA ADR (Identified cost $32,967)		3,700		19,832
Short-Term Investment \| 0.7%
State Street Institutional Treasury Money Market Fund (Identified cost $18,690)		18,690		18,690
Total Investments \| 100.6% (Identified cost $3,059,775) (b)			$	2,600,511
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(16,610)
Net Assets \| 100.0%			$	2,583,901



Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 94.9%
Argentina \| 1.4%
YPF SA Sponsored ADR		349,120	$	5,317,097
Brazil \| 5.6%
Ambev SA ADR		683,375		3,348,537
Banco do Brasil SA		683,057		2,618,859
Cielo SA Sponsored ADR		485,796		4,493,613
Estacio Participacoes SA		487,300		1,733,114
GAEC Educacao SA		144,145		352,318
Iochpe-Maxion SA		415,200		1,586,652
Localiza Rent a Car SA		396,610		2,444,986
Natura Cosmeticos SA		165,395		813,521
Petroleo Brasileiro SA Sponsored ADR (a)		376,150		1,384,232
Souza Cruz SA		371,635		2,512,251
Tegma Gestao Logistica SA		285,145		257,490
				21,545,573
Brazil \| 0.0%
Banco ABC Brasil SA (a)		18,851		42,794
China \| 18.2%
AAC Technologies Holdings, Inc.		681,640		4,268,155
Agricultural Bank of China, Ltd., Class H		15,326,000		5,805,048
Anhui Conch Cement Co., Ltd., Class H		1,502,500		4,448,819
Baidu, Inc. Sponsored ADR (a)		70,092		9,631,342
China Animal Healthcare, Ltd. (a)		2,961,000		38,206
China Construction Bank Corp., Class H		11,860,281		7,944,576
China Lesso Group Holdings, Ltd.		2,546,000		2,041,713
China Medical System Holdings, Ltd.		1,795,000		2,055,435
China Pioneer Pharma Holdings, Ltd.		2,672,000		1,159,791
China Shenhua Energy Co., Ltd., Class H		1,690,000		2,604,164
CNOOC, Ltd.		3,598,800		3,725,187
Cosmo Lady China Holdings Co., Ltd.		1,461,000		1,547,963
CT Environmental Group, Ltd.		1,348,000		421,115
Greatview Aseptic Packaging Co., Ltd.		2,626,000		1,230,695
NetEase, Inc. ADR		63,945		7,681,073
New Oriental Education & Technology Group, Inc. Sponsored ADR		176,965		3,576,463
Ping An Insurance (Group) Co. of China, Ltd., Class H		889,000		4,437,089
Tencent Holdings, Ltd.		263,300		4,435,170
Vipshop Holdings, Ltd. ADR (a)		156,185		2,623,908
Zhuzhou CSR Times Electric Co., Ltd., Class H		80,500		600,754
				70,276,666
Colombia \| 0.8%
Bancolombia SA Sponsored ADR		94,620		3,046,764



Description	Shares		Value
Egypt \| 0.9%
Commercial International Bank Egypt SAE GDR		567,363	$	3,482,088
Georgia \| 0.4%
Bank of Georgia Holdings PLC		63,473		1,735,641
Hong Kong \| 5.8%
China Mobile, Ltd. Sponsored ADR		95,386		5,675,467
China State Construction International Holdings, Ltd.		4,354,504		6,255,056
Man Wah Holdings, Ltd.		1,902,400		1,866,136
Nexteer Automotive Group, Ltd.		952,000		964,296
Pacific Textiles Holdings, Ltd.		1,156,000		1,573,595
PAX Global Technology, Ltd.		1,687,000		1,767,011
Techtronic Industries Co., Ltd.		1,172,000		4,357,496
				22,459,057
Hungary \| 0.9%
OTP Bank Nyrt.		189,305		3,652,577
India \| 11.1%
Adani Ports & Special Economic Zone, Ltd.		942,666		4,310,207
Aurobindo Pharma, Ltd.		603,215		7,100,866
Axis Bank, Ltd.		1,404,947		10,693,042
Bajaj Auto, Ltd.		97,322		3,444,353
Balkrishna Industries, Ltd.		165,917		1,693,717
Dewan Housing Finance Corp., Ltd.		623,378		2,097,132
HCL Technologies, Ltd.		195,806		2,944,747
ICICI Bank, Ltd. Sponsored ADR		538,265		4,510,661
Reliance Industries, Ltd.		342,743		4,512,186
UPL, Ltd.		229,770		1,612,184
				42,919,095
Indonesia \| 4.4%
PT Bank Mandiri (Persero) Tbk		6,877,500		3,731,524
PT Bank Rakyat Indonesia (Persero) Tbk		7,879,918		4,680,573
PT Pakuwon Jati Tbk		58,453,500		1,329,838
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		140,515		5,009,360
PT United Tractors Tbk		1,990,980		2,386,883
				17,138,178
Macau \| 0.5%
Wynn Macau, Ltd.		1,727,930		1,981,416
Malaysia \| 0.3%
Berjaya Auto Berhad		2,519,920		1,131,710
Mexico \| 4.5%
America Movil SAB de CV, Class L Sponsored ADR		115,200		1,906,560
Credito Real SAB de CV		709,015		1,385,324



Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Grupo Financiero Banorte SAB de CV, Class O		806,900	$	3,957,915
Grupo Financiero Interacciones SA de CV, Class O		230,871		1,316,539
Grupo Mexico SAB de CV, Series B		943,701		2,282,648
Kimberly-Clark de Mexico SAB de CV, Series A		1,643,100		3,715,829
Nemak SAB de CV		796,700		966,131
Unifin Financiera SAPI de CV SOFOM ENR		795,250		1,771,623
				17,302,569
Peru \| 1.1%
Credicorp, Ltd.		40,616		4,319,918
Philippines \| 0.7%
Philippine Long Distance Telephone Co. Sponsored ADR		54,602		2,520,428
Poland \| 1.1%
Eurocash SA		357,914		4,214,945
Russia \| 7.7%
Gazprom PAO Sponsored ADR		640,001		2,583,285
Lukoil PJSC Sponsored ADR		66,773		2,274,288
MegaFon OAO GDR		11,545		140,419
MegaFon OAO GDR (c), (d)		150,999		1,834,638
Mobile TeleSystems PJSC Sponsored ADR		352,000		2,541,440
NovaTek OAO Sponsored GDR		47,583		4,413,399
Sberbank of Russia (a)		4,077,262		4,694,498
Sberbank of Russia Sponsored ADR		826,777		4,067,743
X5 Retail Group NV GDR (a)		296,855		5,182,240
Yandex NV Class A (a)		184,020		1,974,535
				29,706,485
South Africa \| 1.4%
Standard Bank Group, Ltd.		367,850		3,592,118
Sun International, Ltd.		161,911		1,018,689
Tiger Brands, Ltd.		38,631		851,666
				5,462,473
South Korea \| 10.1%
Eugene Technology Co., Ltd.		137,164		1,389,782
Fila Korea, Ltd.		18,826		1,584,402
Hanwha Life Insurance Co., Ltd.		639,525		4,401,911
Hyundai Mobis Co., Ltd.		23,816		4,626,757
Hyundai Wia Corp.		12,626		1,386,719
Koh Young Technology, Inc.		42,429		1,233,700
KT&G Corp.		47,650		4,492,514
Samsung Electronics Co., Ltd.		10,946		10,526,732
Shinhan Financial Group Co., Ltd.		138,617		4,841,949



Description	Shares		Value
SK Hynix, Inc.		161,139	$	4,604,928
				39,089,394
Taiwan \| 11.1%
Actron Technology Corp.		340,000		1,050,188
Advanced Semiconductor Engineering, Inc.		2,979,000		3,258,832
Catcher Technology Co., Ltd.		242,000		2,585,936
Chailease Holding Co., Ltd.		854,336		1,340,143
Chicony Electronics Co., Ltd.		774,452		1,791,201
Eclat Textile Co., Ltd.		185,000		2,926,034
Hon Hai Precision Industry Co., Ltd.		1,192,247		3,118,574
King Slide Works Co., Ltd.		124,000		1,697,555
Largan Precision Co., Ltd.		33,000		2,590,703
Macauto Industrial Co., Ltd.		303,000		1,418,923
Radiant Opto-Electronics Corp.		418,280		1,304,731
Silergy Corp.		192,000		1,887,464
Sinmag Equipment Corp.		306,615		1,112,434
Sporton International, Inc.		262,590		1,531,859
Taiwan Semiconductor Manufacturing Co., Ltd.		3,374,000		13,463,966
Voltronic Power Technology Corp.		133,903		1,751,533
				42,830,076
Thailand \| 0.7%
KCE Electronics Public Co. Ltd (c)		1,089,800		1,681,466
Supalai Public Co. Ltd. (c)		2,369,700		1,194,806
				2,876,272
Turkey \| 5.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		723,808		3,291,442
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		2,281,539		1,893,381
KOC Holding AS ADR		237,367		4,623,909
TAV Havalimanlari Holding AS		443,664		3,485,442
Turkcell Iletisim Hizmetleri AS ADR		360,375		3,128,055
Turkiye Is Bankasi AS, C Shares		1,906,285		2,968,991
Turkiye Sinai Kalkinma Bankasi AS		3,228,549		1,505,004
				20,896,224
United Arab Emirates \| 0.3%
Al Noor Hospitals Group PLC		106,347		1,344,707
United States \| 0.5%
Freeport-McMoRan, Inc.		217,830		2,110,773
Total Common Stocks (Identified cost $444,539,101)				367,402,920
Preferred Stocks \| 0.5%
Brazil \| 0.5%
Banco ABC Brasil SA		427,000		1,001,665



Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Vale SA Sponsored ADR		277,815	$	930,680
Total Preferred Stocks (Identified cost $5,749,837)				1,932,345
Short-Term Investment \| 5.2%
State Street Institutional Treasury Money Market Fund (Identified cost $20,122,449)		20,122,449		20,122,449
Total Investments \| 100.6% (Identified cost $470,411,387) (b)			$	389,457,714
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(2,457,807)
Net Assets \| 100.0%			$	386,999,907



Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio
Common Stocks \| 64.8%
Argentina \| 0.7%
YPF SA Sponsored ADR		71,357	$	1,086,767
Brazil \| 3.1%
Ambev SA ADR		151,100		740,390
Banco ABC Brasil SA		120,526		282,732
Banco ABC Brasil SA (a)		4,668		10,597
Banco do Brasil SA		143,745		551,122
Cielo SA Sponsored ADR		98,330		909,553
Estacio Participacoes SA		95,940		341,217
GAEC Educacao SA		38,570		94,273
Iochpe-Maxion SA		111,400		425,706
Localiza Rent a Car SA		84,168		518,871
Natura Cosmeticos SA		35,955		176,850
Petroleo Brasileiro SA Sponsored ADR (a)		74,140		272,835
Souza Cruz SA		80,764		545,964
Tegma Gestao Logistica SA		74,412		67,195
				4,937,305
China \| 12.6%
AAC Technologies Holdings, Inc.		134,500		842,185
Agricultural Bank of China, Ltd., Class H		3,093,000		1,171,539
Anhui Conch Cement Co., Ltd., Class H		374,000		1,107,393
Baidu, Inc. Sponsored ADR (a)		18,911		2,598,561
China Animal Healthcare, Ltd. (a)		644,000		8,310
China Construction Bank Corp., Class H		2,468,065		1,653,226
China Lesso Group Holdings, Ltd.		677,775		543,528
China Medical System Holdings, Ltd.		354,000		405,362
China Pioneer Pharma Holdings, Ltd.		717,000		311,216
China Shenhua Energy Co., Ltd., Class H		363,500		560,126
CNOOC, Ltd.		760,000		786,691
Cosmo Lady China Holdings Co., Ltd.		381,000		403,678
CT Environmental Group, Ltd.		1,976,000		617,303
Greatview Aseptic Packaging Co., Ltd.		685,000		321,030
Industrial & Commercial Bank of China, Ltd., Class H		2,021,000		1,171,693
Lenovo Group, Ltd.		382,000		324,356
NetEase, Inc. ADR		13,455		1,616,215
New Oriental Education & Technology Group, Inc. Sponsored ADR		37,445		756,763
PICC Property & Casualty Co., Ltd., Class H		306,000		601,616
Ping An Insurance (Group) Co. of China, Ltd., Class H		364,350		1,818,508
Tencent Holdings, Ltd.		81,200		1,367,777
Vipshop Holdings, Ltd. ADR (a)		61,123		1,026,866



Description	Shares		Value
Zhuzhou CSR Times Electric Co., Ltd., Class H		16,500	$	123,136
				20,137,078
Colombia \| 0.4%
Bancolombia SA Sponsored ADR		18,820		606,004
Egypt \| 0.5%
Commercial International Bank Egypt SAE GDR		123,962		760,794
Georgia \| 0.3%
Bank of Georgia Holdings PLC		17,098		467,537
Hong Kong \| 4.1%
China Mobile, Ltd. Sponsored ADR		39,991		2,379,464
China State Construction International Holdings, Ltd.		868,125		1,247,024
Haier Electronics Group Co., Ltd.		230,000		384,794
Man Wah Holdings, Ltd.		496,400		486,938
Nexteer Automotive Group, Ltd.		248,000		251,203
Pacific Textiles Holdings, Ltd.		310,000		421,985
PAX Global Technology, Ltd.		441,000		461,916
Techtronic Industries Co., Ltd.		231,000		858,858
				6,492,182
Hungary \| 0.5%
OTP Bank Nyrt.		39,892		769,703
India \| 7.9%
Adani Ports & Special Economic Zone, Ltd.		185,806		849,572
Aurobindo Pharma, Ltd.		121,614		1,431,604
Axis Bank, Ltd.		297,078		2,261,059
Bajaj Auto, Ltd.		20,481		724,849
Balkrishna Industries, Ltd.		44,416		453,408
Dewan Housing Finance Corp., Ltd.		167,058		562,007
Dr Reddy’s Laboratories, Ltd. ADR		17,489		1,117,722
HCL Technologies, Ltd.		42,854		644,486
HDFC Bank, Ltd. ADR		31,777		1,941,257
ICICI Bank, Ltd. Sponsored ADR		108,805		911,786
Reliance Industries, Ltd.		68,233		898,282
Tata Motors, Ltd. Sponsored ADR (a)		13,856		311,760
UPL, Ltd.		61,677		432,757
				12,540,549
Indonesia \| 2.6%
PT Bank Mandiri (Persero) Tbk		2,339,523		1,269,355
PT Bank Rakyat Indonesia (Persero) Tbk		1,614,800		959,171
PT Pakuwon Jati Tbk		15,648,160		356,001
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		29,592		1,054,955
PT United Tractors Tbk		437,815		524,874
				4,164,356



Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Macau \| 0.3%
Wynn Macau, Ltd.		360,400	$	413,270
Malaysia \| 0.2%
Berjaya Auto Berhad		674,660		302,993
Mexico \| 4.0%
America Movil SAB de CV, Class L Sponsored ADR		26,500		438,575
Credito Real SAB de CV SOFOM ER		194,255		379,549
Fibra Uno Administracion SA de CV REIT		218,504		451,229
Gruma SAB de CV, Class B		55,613		764,868
Grupo Financiero Banorte SAB de CV, Class O		290,565		1,425,247
Grupo Financiero Interacciones SA de CV, Class O		62,787		358,042
Grupo Mexico SAB de CV, Series B		199,009		481,368
Grupo Televisa SAB Sponsored ADR		19,010		494,640
Kimberly-Clark de Mexico SAB de CV, Series A		361,735		818,055
Nemak SAB de CV		207,800		251,992
Unifin Financiera SAPI de CV SOFOM ENR		213,515		475,659
				6,339,224
Peru \| 0.8%
Credicorp, Ltd.		12,277		1,305,782
Philippines \| 0.9%
BDO Unibank, Inc.		371,499		823,602
Philippine Long Distance Telephone Co. Sponsored ADR		12,140		560,382
				1,383,984
Poland \| 0.5%
Eurocash SA		72,323		851,706
Russia \| 3.8%
Gazprom PAO Sponsored ADR		134,835		544,245
Lukoil PJSC Sponsored ADR		14,485		493,359
MegaFon OAO GDR		8,977		109,185
MegaFon OAO GDR (c), (d)		24,977		303,471
Mobile TeleSystems PJSC Sponsored ADR		76,410		551,680
NovaTek OAO Sponsored GDR		9,391		871,030
Sberbank of Russia (a)		811,404		934,239
Sberbank of Russia Sponsored ADR		178,912		880,247
X5 Retail Group NV GDR (a)		59,638		1,041,109
Yandex NV Class A (a)		37,195		399,102
				6,127,667
South Africa \| 2.0%
Mondi PLC		41,099		862,560
Naspers, Ltd., N Shares		9,182		1,152,096



Description	Shares		Value
Standard Bank Group, Ltd.		77,666	$	758,422
Sun International, Ltd.		43,344		272,705
Tiger Brands, Ltd.		8,009		176,568
				3,222,351
South Korea \| 7.2%
Amorepacific Corp.		1,084		353,802
Eugene Technology Co., Ltd.		36,734		372,198
Fila Korea, Ltd.		4,906		412,890
Hanwha Life Insurance Co., Ltd.		149,357		1,028,038
Hotel Shilla Co., Ltd.		6,752		659,221
Hyundai Mobis Co., Ltd.		4,979		967,275
Hyundai Wia Corp.		3,296		362,001
KEPCO Plant Service & Engineering Co., Ltd.		4,916		502,678
Koh Young Technology, Inc.		11,571		336,448
KT&G Corp.		6,556		618,110
Samsung Electronics Co., Ltd.		2,868		2,758,146
Shinhan Financial Group Co., Ltd.		29,244		1,021,505
SK Hynix, Inc.		53,256		1,521,916
SK Telecom Co., Ltd. Sponsored ADR		21,844		532,994
				11,447,222
Taiwan \| 8.0%
Actron Technology Corp.		89,000		274,902
Advanced Semiconductor Engineering, Inc.		588,000		643,234
Catcher Technology Co., Ltd.		48,000		512,913
Chailease Holding Co., Ltd.		228,280		358,088
Chicony Electronics Co., Ltd.		202,702		468,822
Delta Electronics, Inc.		38,000		179,132
Eclat Textile Co., Ltd.		74,000		1,170,414
Hon Hai Precision Industry Co., Ltd.		251,950		659,028
Hon Hai Precision Industry Co., Ltd. GDR		108,543		597,255
King Slide Works Co., Ltd.		33,000		451,769
Largan Precision Co., Ltd.		6,000		471,037
Macauto Industrial Co., Ltd.		79,000		369,950
Merida Industry Co., Ltd.		77,000		412,009
Radiant Opto-Electronics Corp.		116,930		364,737
Silergy Corp.		51,000		501,358
Sinmag Equipment Corp.		82,334		298,717
Sporton International, Inc.		70,315		410,193
Taiwan Semiconductor Manufacturing Co., Ltd.		221,000		881,902
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		159,930		3,318,547
Voltronic Power Technology Corp.		36,100		472,210
				12,816,217
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		91,120		428,366
KCE Electronics Public Co. Ltd. (c)		298,000		459,788



Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Supalai Public Co. Ltd. (c)		608,500	$	306,807
				1,194,961
Turkey \| 3.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		145,806		663,038
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		454,066		376,816
KOC Holding AS ADR		50,404		981,870
TAV Havalimanlari Holding AS		142,034		1,115,825
Turkcell Iletisim Hizmetleri AS ADR		77,527		672,934
Turkiye Is Bankasi AS, C Shares		399,945		622,904
Turkiye Sinai Kalkinma Bankasi AS		828,993		386,439
				4,819,826
United Arab Emirates \| 0.5%
Al Noor Hospitals Group PLC		28,538		360,849
Emaar Properties PJSC		212,717		374,632
				735,481
United States \| 0.2%
Freeport-McMoRan, Inc.		41,985		406,835
Total Common Stocks
(Identified cost $124,457,539)				103,329,794
Preferred Stocks \| 0.4%
Brazil \| 0.4%
Itau Unibanco Holding SA Sponsored ADR		55,016		364,206
Vale SA Sponsored ADR		60,310		202,038
Total Preferred Stocks
(Identified cost $1,062,713)				566,244

Description

Security
Currency

Principal
Amount
(000)

Value

Corporate Bonds | 1.7%

Argentina | 0.1%

YPF SA:

8.750%, 04/04/24

USD

100

89,250

8.500%, 07/28/25

USD

43,375

132,625

Brazil | 0.1%

Petrobras Global Finance BV,
6.850%, 06/05/15

USD

225

143,467

Bulgaria | 0.1%

ContourGlobal Power Holdings SA,
7.125%, 06/01/19 (d)

USD

150

151,125

Chile | 0.0%

AES Gener SA,
5.000%, 07/14/25 (d)

USD

50,875

Description	Security Currency	Principal Amount (000)	Value
China \| 0.1%
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21	USD	100	$	93,850
Green Dragon Gas, Ltd., 10.000%, 11/20/17	USD	200		196,000
				289,850
Georgia \| 0.1%
Bank of Georgia JSC, 7.750%, 07/05/17	USD	200		206,500
Guatemala \| 0.1%
Comcel Trust, 6.875%, 02/06/24 (d)	USD	50		49,625
Industrial Senior Trust, 5.500%, 11/01/22	USD	100		92,983
				142,608
India \| 0.0%
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23	USD	50		52,797
Indonesia \| 0.1%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17	USD	225		83,744
Iraq \| 0.1%
Genel Energy Finance PLC, 7.500%, 05/14/19	USD	200		165,500
Mexico \| 0.1%
Credito Real SAB de CV, 7.500%, 03/13/19 (d)	USD	50		49,500
Sixsigma Networks Mexico SA de CV, 8.250%, 11/07/21 (d)	USD	200		188,500
				238,000
Panama \| 0.2%
Global Bank Corp., 5.125%, 10/30/19 (d)	USD	100		101,412
Sable International Finance, Ltd., 6.875%, 08/01/22 (d)	USD	200		200,500
				301,912
Peru \| 0.0%
Banco de Credito del Peru, 6.125%, 04/24/27	USD	60		61,680
Russia \| 0.1%
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21	USD	200		200,824
South Africa \| 0.1%
Petra Diamonds US Treasury PLC, 8.250%, 05/31/20 (d)	USD	200		190,250

Description

Security
Currency

Principal
Amount
(000)

Value

Lazard Emerging Markets Multi Asset Portfolio (continued)

Thailand | 0.1%

PTT Exploration & Production Public Co. Ltd.,
4.875%, 06/18/19 (e)

USD

100

98,125

Turkey | 0.1%

Turkiye Halk Bankasi AS,
4.750%, 02/11/21 (d)

USD

100

94,000

United States | 0.1%

Terraform Global Operating LLC,
9.750%, 08/15/22 (d)

USD

100

80,500

Uruguay | 0.1%

Navios South American Logistics, Inc.,
7.250%, 05/01/22

USD

103

93,215

Total Corporate Bonds

(Identified cost $3,023,516)

2,777,597

Foreign Government Obligations | 15.4%

Angola | 0.2%

Republic of Angola Northern Lights III BV,
7.000%, 08/16/19

USD

250

240,312

Argentina | 0.8%

Republic of Argentina:

8.750%, 06/02/17 (f)

USD

175

177,625

8.280%, 12/31/33 (f)

USD

806

824,311

2.500%, 12/31/38 (f)

USD

490

285,425

1,287,361

Belize | 0.1%

Republic of Belize,
5.000%, 02/20/38 (g)

USD

225

166,500

Bolivia | 0.1%

Bolivia Government Bond,
5.950%, 08/22/23

USD

125

129,844

Brazil | 0.7%

Brazil Letras do Tesouro Nacional,
0.000%, 01/01/19

BRL

1,450

227,860

Brazil NTN-B:

6.000%, 08/15/16

BRL

680

460,330

6.000%, 08/15/18

BRL

270

177,387

6.000%, 08/15/50

BRL

320

182,351

1,047,928

Congo | 0.3%

Republic of Congo,
4.000%, 06/30/29 (g)

USD

599

498,550

Costa Rica | 0.1%

Republic of Costa Rica,
5.625%, 04/30/43

USD

200

151,250

Croatia | 0.3%

Croatia:

Description	Security Currency	Principal Amount (000)		Value
6.250%, 04/27/17	USD		50	$	52,412
6.750%, 11/05/19	USD		150		163,500
5.500%, 04/04/23	USD		200		205,750
					421,662
Dominican Republic \| 0.2%
Dominican Republic:
7.500%, 05/06/21	USD		195		210,600
6.850%, 01/27/45 (d)	USD		180		173,925
					384,525
Ecuador \| 0.1%
Republic of Ecuador, 7.950%, 06/20/24	USD		300		213,000
Egypt \| 0.1%
Arab Republic of Egypt, 5.875%, 06/11/25 (d)	USD		145		137,641
El Salvador \| 0.1%
Republic of El Salvador:
7.375%, 12/01/19	USD		50		51,219
6.375%, 01/18/27 (d)	USD		100		88,000
					139,219
Ethiopia \| 0.1%
Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24	USD		200		184,500
Ghana \| 0.2%
Republic of Ghana:
7.875%, 08/07/23	USD		200		167,100
8.125%, 01/18/26	USD		200		165,000
					332,100
Hungary \| 1.0%
Hungary:
6.375%, 03/29/21	USD		130		148,687
5.750%, 11/22/23	USD		250		279,062
7.625%, 03/29/41	USD		140		185,975
Hungary Government Bonds:
4.000%, 04/25/18	HUF		103,100		391,258
7.500%, 11/12/20	HUF		124,520		551,069
					1,556,051
Indonesia \| 1.1%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		9,022,000		589,663
8.375%, 09/15/26	IDR		894,000		56,661
8.375%, 03/15/34	IDR		6,255,000		377,328
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (d)	USD		450		417,465
Republic of Indonesia:
8.500%, 10/12/35	USD		100		126,075
7.750%, 01/17/38	USD		100		118,150
					1,685,342

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Ivory Coast \| 0.6%
Ivory Coast:
6.375%, 03/03/28	USD	300	$	267,750
6.375%, 03/03/28 (d)	USD	250		223,125
5.750%, 12/31/32	USD	450		390,825
				881,700
Kazakhstan \| 0.2%
Republic of Kazakhstan, 6.500%, 07/21/45 (d)	USD	340		321,725
Kenya \| 0.1%
Republic of Kenya, 6.875%, 06/24/24	USD	250		225,625
Lithuania \| 0.2%
Republic of Lithuania, 6.625%, 02/01/22	USD	300		362,802
Mexico \| 2.3%
Mexican Bonos:
4.750%, 06/14/18	MXN	2,600		154,370
5.000%, 12/11/19	MXN	4,620		272,379
6.500%, 06/10/21	MXN	8,000		495,540
10.000%, 12/05/24	MXN	28,811		2,175,581
Mexican Udibonos, 2.500%, 12/10/20	MXN	8,602		515,759
				3,613,629
Mozambique \| 0.1%
Republic of Mozambique, 6.305%, 09/11/20	USD	182		157,430
Nigeria \| 0.1%
Republic of Nigeria, 6.375%, 07/12/23	USD	200		178,500
Pakistan \| 0.1%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD	200		209,756
8.250%, 04/15/24 (d)	USD	5		5,244
				215,000
Panama \| 0.4%
Republic of Panama:
3.750%, 03/16/25	USD	300		291,375
6.700%, 01/26/36	USD	275		328,625
				620,000
Paraguay \| 0.2%
Republic of Paraguay, 6.100%, 08/11/44	USD	325		318,500
Portugal \| 0.8%
Republic of Portugal, 5.125%, 10/15/24	USD	1,165		1,240,282

Description	Security Currency	Principal Amount (000)		Value
Romania \| 0.3%
Romania Government Bonds:
6.750%, 02/07/22	USD	124	$	146,630
5.850%, 04/26/23	RON	570		167,357
5.800%, 07/26/27	RON	170		49,882
6.125%, 01/22/44	USD	70		81,550
				445,419
Russia \| 0.6%
Russia Foreign Bonds:
4.875%, 09/16/23	USD	200		201,750
5.625%, 04/04/42	USD	200		187,500
Russia Government Bonds - OFZ:
7.500%, 02/27/19	RUB	8,900		123,032
6.700%, 05/15/19	RUB	8,150		108,970
7.000%, 08/16/23	RUB	20,800		253,754
				875,006
Rwanda \| 0.1%
Republic of Rwanda, 6.625%, 05/02/23	USD	225		213,701
Senegal \| 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD	200		209,700
Serbia \| 0.4%
Republic of Serbia, 5.875%, 12/03/18	USD	200		210,750
Serbia Treasury Bonds:
10.000%, 03/20/21	RSD	16,320		168,496
10.000%, 06/05/21	RSD	19,730		204,338
				583,584
Slovenia \| 0.8%
Republic of Slovenia, 5.250%, 02/18/24	USD	1,175		1,300,990
South Africa \| 0.9%
Republic of South Africa:
8.000%, 12/21/18	ZAR	928		67,666
7.250%, 01/15/20	ZAR	6,020		424,023
10.500%, 12/21/26	ZAR	9,270		767,307
8.250%, 03/31/32	ZAR	3,320		226,029
				1,485,025
Turkey \| 0.2%
Turkey Government Bond, 9.000%, 03/08/17	TRY	1,000		321,120
Uganda \| 0.1%
Uganda Government Bond, 12.875%, 05/19/16	UGX	519,600		134,561
Uganda Treasury Bill, 0.000%, 10/29/15	UGX	250,100		67,114
				201,675

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Ukraine \| 0.6%
Ukraine Government Bonds:
6.875%, 09/23/15	USD	100	$	83,500
6.250%, 06/17/16	USD	200		158,000
6.580%, 11/21/16	USD	150		118,687
9.250%, 07/24/17	USD	400		318,500
7.750%, 09/23/20	USD	200		162,000
7.800%, 11/28/22	USD	200		159,300
				999,987
Uruguay \| 0.4%
Republica Orient Uruguay:
5.000%, 09/14/18	UYU	7,266		243,404
4.500%, 08/14/24	USD	75		75,937
7.625%, 03/21/36	USD	100		124,125
4.125%, 11/20/45	USD	1		779
5.100%, 06/18/50	USD	300		261,375
				705,620
Venezuela \| 0.2%
Republic of Venezuela:
6.000%, 12/09/20	USD	215		72,025
12.750%, 08/23/22	USD	80		34,600
9.000%, 05/07/23	USD	125		43,437
8.250%, 10/13/24	USD	150		51,000
7.650%, 04/21/25	USD	115		38,813
11.750%, 10/21/26	USD	85		33,150
9.250%, 09/15/27	USD	140		54,950
				327,975
Zambia \| 0.1%
Zambia Government Bond, 11.000%, 05/26/20	ZMW	2,010		108,558
Total Foreign Government Obligations (Identified cost $26,732,520)				24,489,338
Quasi Government Bonds \| 0.4%
Tunisia \| 0.2%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (d)	USD	280		268,170
Venezuela \| 0.2%
Petroleos de Venezuela SA:
8.500%, 11/02/17	USD	210		140,437
12.750%, 02/17/22	USD	70		30,975
6.000%, 05/16/24	USD	260		85,475
6.000%, 11/15/26	USD	305		97,631
				354,518
Total Quasi Government Bonds (Identified cost $724,474)				622,688

Description

Security
Currency

Principal
Amount
(000)

Value

US Treasury Securities | 8.0%

US Treasury Notes:

0.250%, 11/30/15

USD

4,000

4,000,936

0.250%, 12/31/15

USD

2,000

2,000,704

2.125%, 12/31/15

USD

4,000

4,020,312

1.625%, 07/31/20

USD

1,000

1,012,383

1.375%, 08/31/20

USD

1,730

1,732,095

Total US Treasury Securities
(Identified cost $12,746,470)

12,766,430

Description

Value

Warrant | 0.0%

Iraq | 0.0%

Gulf Keystone Petroleum, Ltd.
Expires 04/18/17
(Identified cost $0)

64,000

Short-Term Investment | 9.9%

State Street Institutional Treasury Money Market Fund
(Identified cost $15,766,552)

15,766,552

Total Investments | 100.6%
(Identified cost $184,513,784) (b), (h)

160,318,643

Liabilities in Excess of Cash and Other Assets | (0.6)%

(913,706

)

Net Assets | 100.0%

159,404,937

Lazard Emerging Markets Multi Asset Portfolio (continued)
Forward Currency Contracts open at September 30, 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	BOA	10/02/15	86,942	$	22,616	$	21,930	$	—	$	686
BRL	BRC	10/02/15	83,470		19,665		21,054		1,389		—
BRL	BRC	10/02/15	84,210		20,623		21,242		619		—
BRL	BRC	10/02/15	422,146		104,699		106,482		1,783		—
BRL	BRC	10/02/15	684,810		190,082		172,735		—		17,347
BRL	BRC	10/02/15	1,126,187		283,467		284,068		601		—
BRL	JPM	10/02/15	334,493		84,194		84,372		178		—
BRL	JPM	10/02/15	422,146		104,673		106,482		1,809		—
BRL	JPM	10/02/15	466,187		117,341		117,590		249		—
BRL	JPM	10/02/15	470,413		118,405		118,656		251		—
BRL	JPM	10/02/15	684,810		190,135		172,735		—		17,400
BRL	SCB	10/02/15	270,749		68,149		68,293		144		—
BRL	SCB	10/02/15	377,934		95,128		95,330		202		—
BRL	SCB	10/02/15	381,411		96,003		96,206		203		—
BRL	SCB	10/02/15	422,146		104,725		106,482		1,757		—
BRL	SCB	10/02/15	570,263		143,538		143,842		304		—
BRL	SCB	10/02/15	684,810		190,159		172,736		—		17,423
BRL	UBS	10/02/15	422,147		104,769		106,482		1,713		—
CLP	BNP	10/22/15	123,305,000		182,000		176,830		—		5,170
CLP	BNP	11/24/15	365,931,150		533,000		523,133		—		9,867
CNH	HSB	04/14/16	2,208,583		344,000		340,606		—		3,394
CNY	HSB	11/30/15	3,503,657		537,000		548,851		11,851		—
COP	BRC	10/14/15	770,223,208		244,826		249,107		4,281		—
COP	SCB	10/14/15	770,223,208		244,841		249,107		4,266		—
DOP	CIT	10/07/15	10,929,600		234,390		240,782		6,392		—
DOP	CIT	11/06/15	9,972,000		218,397		219,058		661		—
DOP	CIT	11/12/15	3,710,610		80,894		81,425		531		—
DOP	CIT	12/11/15	6,501,600		142,019		141,907		—		112
DOP	CIT	06/30/16	4,827,240		100,526		101,086		560		—
EGP	BNP	10/07/15	738,700		89,000		93,542		4,542		—
EGP	BNP	10/08/15	705,500		85,000		89,187		4,187		—
EGP	BNP	12/14/15	1,030,770		117,000		119,704		2,704		—
EGP	BNP	03/08/16	1,097,470		120,999		118,712		—		2,287
EUR	CIT	10/26/15	187,038		214,631		209,070		—		5,561
EUR	CIT	01/13/16	206,105		227,241		230,738		3,497		—
EUR	JPM	11/04/15	149,000		166,902		166,575		—		327
EUR	JPM	11/04/15	260,000		293,319		290,669		—		2,650
HUF	JPM	10/13/15	16,373,444		58,182		58,351		169		—
HUF	JPM	10/13/15	68,647,920		243,930		244,644		714		—
IDR	JPM	03/24/16	1,409,100,000		99,936		90,243		—		9,693
INR	BRC	10/06/15	5,473,206		85,133		83,367		—		1,766
INR	BRC	10/14/15	11,322,531		169,233		172,214		2,981		—
INR	BRC	10/19/15	27,090,182		405,499		411,663		6,164		—
INR	BRC	11/16/15	3,642,958		54,782		55,080		298		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 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)
INR	JPM	10/14/15	11,322,531	$	169,145	$	172,214	$	3,069	$	—
INR	JPM	11/16/15	3,642,958		54,782		55,080		298		—
INR	JPM	04/25/16	23,997,600		360,000		352,975		—		7,025
INR	JPM	07/13/16	22,398,770		331,000		325,143		—		5,857
INR	SCB	10/06/15	5,455,669		84,867		83,100		—		1,767
INR	SCB	10/14/15	11,322,531		169,258		172,214		2,956		—
INR	SCB	10/19/15	27,024,176		404,501		410,660		6,159		—
INR	SCB	11/13/15	23,940,420		357,000		362,161		5,161		—
INR	SCB	11/16/15	3,642,959		54,782		55,080		298		—
INR	UBS	10/14/15	11,322,530		169,157		172,214		3,057		—
JPY	UBS	10/01/15	65,035,520		537,439		542,121		4,682		—
KRW	CIT	10/15/15	615,128,760		516,000		518,720		2,720		—
KZT	CIT	12/02/15	6,828,000		24,230		24,004		—		226
KZT	CIT	06/06/16	33,638,000		121,000		108,689		—		12,311
KZT	JPM	10/01/15	30,008,000		121,000		110,342		—		10,658
KZT	JPM	03/03/16	32,452,000		122,000		109,274		—		12,726
KZT	JPM	06/06/16	33,638,000		121,000		108,689		—		12,311
MXN	BRC	10/23/15	724,668		42,883		42,794		—		89
MXN	SCB	10/14/15	6,387,469		380,000		377,477		—		2,523
NGN	SCB	04/25/16	15,429,760		67,086		71,386		4,300		—
PHP	SCB	11/25/15	19,176,000		408,000		408,862		862		—
PLN	JPM	11/04/15	1,557,365		412,727		409,402		—		3,325
RUB	SCB	10/14/15	532,338		7,749		8,118		369		—
RUB	UBS	10/09/15	2,960,765		43,000		45,223		2,223		—
RUB	UBS	10/09/15	26,113,360		442,000		398,857		—		43,143
RUB	UBS	12/03/15	13,531,500		194,000		203,152		9,152		—
TRY	JPM	10/08/15	613,206		222,168		202,243		—		19,925
TRY	JPM	11/04/15	891,100		300,064		291,437		—		8,627
TRY	JPM	11/04/15	1,220,302		410,918		399,105		—		11,813
TRY	JPM	11/05/15	1,200,252		422,000		392,427		—		29,573
TRY	JPM	12/03/15	563,730		184,000		182,757		—		1,243
TRY	JPM	12/03/15	625,471		207,000		202,773		—		4,227
TRY	JPM	12/03/15	627,558		206,000		203,450		—		2,550
TWD	BRC	11/19/15	5,299,808		163,020		160,985		—		2,035
TWD	JPM	11/19/15	4,883,237		150,254		148,332		—		1,922
TWD	SCB	11/19/15	5,421,085		166,725		164,669		—		2,056
UGX	SCB	10/19/15	225,265,000		60,474		60,610		136		—
UYU	HSB	10/05/15	3,451,833		119,000		118,565		—		435
ZAR	JPM	11/04/15	2,838,596		209,000		203,672		—		5,328
ZAR	JPM	11/04/15	5,412,286		407,000		388,337		—		18,663
ZMW	BRC	02/23/16	1,018,820		121,000		79,330		—		41,670
ZMW	BRC	02/23/16	1,076,662		101,764		83,834		—		17,930
Total Forward Currency Purchase Contracts				$	16,516,044	$	16,252,845	$	110,442	$	373,641

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 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
BRL	BOA	10/02/15	86,942	$	21,884	$	21,930	$	—	$	46
BRL	BRC	10/02/15	83,470		21,010		21,054		—		44
BRL	BRC	10/02/15	84,210		21,196		21,241		—		45
BRL	BRC	10/02/15	422,146		106,257		106,482		—		225
BRL	BRC	10/02/15	684,810		172,371		172,736		—		365
BRL	BRC	10/02/15	1,126,187		311,955		284,068		27,887		—
BRL	BRC	11/04/15	422,146		103,538		105,314		—		1,776
BRL	CIT	02/18/16	1,937,780		619,001		466,873		152,128		—
BRL	CIT	09/21/16	725,517		169,000		165,124		3,876		—
BRL	JPM	10/02/15	334,493		88,373		84,372		4,001		—
BRL	JPM	10/02/15	422,146		106,257		106,482		—		225
BRL	JPM	10/02/15	466,187		122,487		117,590		4,897		—
BRL	JPM	10/02/15	470,413		122,487		118,656		3,831		—
BRL	JPM	10/02/15	684,810		172,371		172,736		—		365
BRL	JPM	11/04/15	422,146		103,513		105,315		—		1,802
BRL	SCB	10/02/15	270,749		71,626		68,293		3,333		—
BRL	SCB	10/02/15	377,934		99,339		95,330		4,009		—
BRL	SCB	10/02/15	381,411		99,339		96,207		3,132		—
BRL	SCB	10/02/15	422,146		106,257		106,482		—		225
BRL	SCB	10/02/15	570,263		149,793		143,842		5,951		—
BRL	SCB	10/02/15	684,810		172,371		172,736		—		365
BRL	SCB	11/04/15	422,146		103,569		105,315		—		1,746
BRL	UBS	10/02/15	422,147		106,257		106,482		—		225
BRL	UBS	11/04/15	422,147		103,607		105,315		—		1,708
CLP	BNP	10/22/15	139,450,000		200,000		199,983		17		—
CNH	SCB	04/14/16	2,208,583		333,673		340,606		—		6,933
COP	SCB	10/14/15	93,000,000		30,000		30,078		—		78
COP	SCB	10/14/15	94,890,000		30,000		30,690		—		690
COP	SCB	10/14/15	124,520,000		40,000		40,273		—		273
COP	SCB	10/14/15	187,950,000		60,000		60,787		—		787
EGP	BNP	10/07/15	738,700		90,973		93,542		—		2,569
EGP	CIT	10/08/15	705,500		86,884		89,187		—		2,303
EUR	JPM	10/26/15	168,685		190,573		188,557		2,016		—
EUR	JPM	10/26/15	1,124,882		1,244,778		1,257,393		—		12,615
EUR	JPM	11/04/15	266,000		300,064		297,376		2,688		—
EUR	JPM	11/04/15	362,000		410,917		404,700		6,217		—
EUR	JPM	11/04/15	367,000		412,727		410,290		2,437		—
HUF	JPM	10/13/15	110,836,624		393,694		394,994		—		1,300
IDR	BRC	10/27/15	1,807,486,678		124,269		122,200		2,069		—
IDR	JPM	10/27/15	1,807,486,678		124,483		122,200		2,283		—
INR	BRC	10/06/15	3,642,958		55,196		55,489		—		293
INR	BRC	10/14/15	4,699,669		70,933		71,481		—		548
INR	BRC	10/19/15	3,653,360		55,038		55,517		—		479
INR	JPM	10/06/15	3,642,958		55,213		55,489		—		276

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 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)
INR	JPM	10/14/15	4,481,063	$	67,445	$	68,156	$	—	$	711
INR	JPM	10/14/15	5,900,685		89,067		89,748		—		681
INR	JPM	10/19/15	5,542,709		83,600		84,227		—		627
INR	SCB	10/06/15	3,642,959		55,196		55,489		—		293
INR	SCB	10/14/15	3,492,262		52,555		53,117		—		562
INR	SCB	10/14/15	7,976,700		120,000		121,324		—		1,324
INR	SCB	10/19/15	3,648,990		54,963		55,450		—		487
INR	SCB	10/19/15	4,403,287		66,399		66,912		—		513
JPY	CIT	10/01/15	19,010,156		158,493		158,464		29		—
JPY	UBS	10/01/15	46,025,364		372,835		383,657		—		10,822
JPY	UBS	11/18/15	65,035,520		537,764		542,428		—		4,664
KZT	CIT	10/01/15	6,828,000		25,057		25,107		—		50
MXN	BRC	10/14/15	844,598		48,815		49,913		—		1,098
MXN	BRC	10/14/15	1,527,444		90,000		90,267		—		267
MXN	BRC	10/14/15	2,577,287		153,092		152,309		783		—
MXN	JPM	10/14/15	1,391,230		81,585		82,217		—		632
MXN	JPM	10/14/15	2,577,288		153,065		152,309		756		—
MXN	JPM	10/23/15	7,599,465		450,000		448,771		1,229		—
MXN	SCB	10/14/15	885,560		51,186		52,334		—		1,148
MXN	SCB	10/14/15	996,091		58,415		58,866		—		451
MXN	SCB	10/14/15	2,392,096		140,000		141,364		—		1,364
MXN	SCB	10/14/15	2,577,287		153,196		152,309		887		—
MXN	SCB	10/14/15	2,890,272		170,000		170,805		—		805
NGN	SCB	04/25/16	15,429,760		64,695		71,386		—		6,691
RON	JPM	10/08/15	757,304		189,932		191,514		—		1,582
RSD	CIT	01/13/16	12,948,280		121,182		119,057		2,125		—
RSD	CIT	01/13/16	25,536,410		227,241		234,802		—		7,561
RUB	BRC	10/14/15	1,446,549		21,014		22,060		—		1,046
RUB	JPM	10/14/15	15,142,817		220,107		230,927		—		10,820
RUB	JPM	10/14/15	15,142,817		219,934		230,927		—		10,993
TRY	BRC	10/14/15	522,627		171,482		172,045		—		563
TRY	JPM	10/08/15	613,206		218,581		202,243		16,338		—
TRY	JPM	11/04/15	511,763		166,902		167,374		—		472
TRY	JPM	11/04/15	901,316		293,319		294,779		—		1,460
TRY	JPM	11/05/15	1,200,252		415,787		392,427		23,360		—
TRY	SCB	10/14/15	522,628		171,753		172,046		—		293
TWD	BRC	11/19/15	3,263,575		100,205		99,133		1,072		—
TWD	JPM	11/19/15	10,369,729		318,139		314,988		3,151		—
TWD	SCB	11/19/15	140,788		4,336		4,277		59		—
TWD	SCB	11/19/15	1,830,038		56,176		55,589		587		—
UGX	SCB	10/19/15	646,826,000		174,347		174,036		311		—
UYU	CIT	10/29/15	6,839,360		232,000		232,494		—		494
UYU	JPM	10/05/15	3,651,480		126,000		125,423		577		—
ZAR	BRC	10/14/15	1,940,197		139,775		139,715		60		—

Lazard Emerging Markets Multi Asset Portfolio (concluded)

Forward Currency Contracts open at September 30, 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)
ZAR	CIT	11/04/15	987,737	$	72,695	$	70,871	$	1,824	$	—
ZAR	CIT	11/04/15	3,792,314		284,919		272,103		12,816		—
ZAR	JPM	11/04/15	5,188,416		366,000		372,274		—		6,274
ZAR	SCB	10/14/15	562,000		40,000		40,470		—		470
ZAR	SCB	10/14/15	695,225		50,000		50,064		—		64
ZAR	SCB	10/14/15	844,236		60,000		60,794		—		794
ZAR	SCB	10/14/15	980,882		70,000		70,634		—		634
ZAR	SCB	10/14/15	1,940,197		139,935		139,715		220		—
ZAR	UBS	10/14/15	1,940,198		139,859		139,715		144		—
Total Forward Currency Sale Contracts				$	15,692,316	$	15,510,232		297,100		115,016
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	407,542	$	488,657

Credit Default Swap Agreements open at September 30, 2015:

Referenced Obligation	Counterparty		Notional Amount		Expiration Date		Receive (Pay) Rate			Value			Upfront Premiums Paid (Received)			Unrealized Depreciation
CDX EM 24		BRC		1,625,000		12/20/20		1.000	%	$	(209,765	)	$	(180,375	)	$	29,390
CDX EM 24		JPM		895,000		12/20/20		1.000			(115,533	)		(99,345	)		16,188
CDX EM 24		BOA		210,000		12/20/20		1.000			(27,108	)		(23,163	)		3,945
Total Credit Default Swap Agreements										$	(352,406	)	$	(302,883	)	$	49,523

Description

Security
Currency

Principal
Amount
(000)

Value

Lazard Emerging Markets Debt Portfolio

Corporate Bonds | 1.5%

Bulgaria | 0.1%

ContourGlobal Power Holdings SA:

7.125%, 06/01/19

USD

200

201,500

7.125%, 06/01/19 (d)

USD

150

151,125

352,625

China | 0.1%

BCP Singapore VI Cayman Financing Co., Ltd.:

8.000%, 04/15/21

USD

200

187,700

8.000%, 04/15/21 (d)

USD

135

126,697

314,397

El Salvador | 0.1%

Agricola Senior Trust,

6.750%, 06/18/20 (d)

USD

405

403,947

Guatemala | 0.2%

Industrial Senior Trust,

5.500%, 11/01/22

USD

600

557,895

Russia | 0.2%

ALROSA Finance SA,

7.750%, 11/03/20

USD

575

603,779

South Africa | 0.6%

Transnet SOC, Ltd.,

9.500%, 05/13/21 (d)

ZAR

24,000

1,664,275

South Korea | 0.1%

SK E&S Co., Ltd.,

4.875%, 11/26/19 (e)

USD

225

223,313

Thailand | 0.1%

PTT Exploration & Production Public Co. Ltd.,

4.875%, 06/18/19 (e)

USD

425

417,031

Total Corporate Bonds

(Identified cost $5,274,037)

4,537,262

Foreign Government Obligations | 90.0%

Angola | 0.2%

Republic of Angola Northern Lights III BV,

7.000%, 08/16/19

USD

575

552,719

Argentina | 3.0%

Republic of Argentina:

8.750%, 06/02/17 (f)

USD

1,800

1,827,000

8.280%, 12/31/33 (f)

USD

4,732

4,825,727

2.500%, 12/31/38 (f)

USD

3,825

2,228,063

8,880,790

Belize | 0.3%

Republic of Belize,

5.000%, 02/20/38 (g)

USD

1,370

1,013,800

Description	Security Currency		Principal Amount (000)		Value
Bolivia \| 0.1%
Bolivia Government Bonds:
4.875%, 10/29/22		USD		275	$	273,625
5.950%, 08/22/23		USD		125		129,844
						403,469
Brazil \| 6.6%
Brazil Letras do Tesouro Nacional,
0.000%, 01/01/19		BRL		80,850		12,705,146
Brazil NTN-B,
6.000%, 08/15/50		BRL		2,428		1,383,600
Brazil NTN-F,
10.000%, 01/01/25		BRL		2,980		562,712
Federal Republic of Brazil:
4.875%, 01/22/21		USD		1,275		1,239,937
2.625%, 01/05/23		USD		2,000		1,632,500
4.250%, 01/07/25		USD		875		767,812
8.250%, 01/20/34		USD		1,344		1,397,760
						19,689,467
Chile \| 0.1%
Republic of Chile,
5.500%, 08/05/20		CLP		110,000		163,619
Colombia \| 3.8%
Colombian Titulos De Tesoreria:
10.000%, 07/24/24		COP		24,037,000		8,722,954
6.000%, 04/28/28		COP		855,000		225,395
Republic of Colombia:
4.375%, 07/12/21		USD		800		816,800
4.000%, 02/26/24		USD		420		408,030
7.375%, 09/18/37		USD		275		310,062
6.125%, 01/18/41		USD		800		796,000
						11,279,241
Costa Rica \| 0.8%
Republic of Costa Rica:
4.250%, 01/26/23		USD		475		415,328
5.625%, 04/30/43		USD		650		491,563
7.000%, 04/04/44		USD		1,525		1,358,203
						2,265,094
Croatia \| 1.2%
Croatia:
6.750%, 11/05/19		USD		1,735		1,891,150
6.000%, 01/26/24		USD		1,600		1,694,000
						3,585,150
Dominican Republic \| 1.5%
Dominican Republic:
7.500%, 05/06/21		USD		1,205		1,301,400
5.500%, 01/27/25		USD		500		484,375
7.450%, 04/30/44		USD		2,500		2,565,625
						4,351,400

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Ecuador \| 0.8%
Republic of Ecuador:
10.500%, 03/24/20		USD		150	$	113,250
10.500%, 03/24/20 (d)		USD		1,470		1,109,850
7.950%, 06/20/24		USD		725		514,750
7.950%, 06/20/24 (d)		USD		975		692,250
						2,430,100
Egypt \| 0.9%
Arab Republic of Egypt:
5.750%, 04/29/20		USD		750		775,125
5.875%, 06/11/25 (d)		USD		2,025		1,922,231
						2,697,356
El Salvador \| 0.7%
Republic of El Salvador:
7.375%, 12/01/19		USD		425		435,359
6.375%, 01/18/27		USD		200		176,000
6.375%, 01/18/27 (d)		USD		730		642,400
7.650%, 06/15/35		USD		920		821,675
						2,075,434
Ethiopia \| 0.2%
Federal Democratic Republic of Ethiopia,
6.625%, 12/11/24		USD		550		507,375
Gabon \| 0.2%
Gabonese Republic,
6.375%, 12/12/24		USD		840		699,300
Ghana \| 0.8%
Republic of Ghana:
7.875%, 08/07/23		USD		1,300		1,086,150
8.125%, 01/18/26		USD		1,575		1,299,375
						2,385,525
Hungary \| 5.1%
Hungary:
6.250%, 01/29/20		USD		200		224,954
6.375%, 03/29/21		USD		1,111		1,270,706
5.375%, 02/21/23		USD		1,060		1,158,050
5.750%, 11/22/23		USD		1,160		1,294,850
5.375%, 03/25/24		USD		720		781,200
7.625%, 03/29/41		USD		320		425,085
Hungary Government Bonds:
2.500%, 06/22/18		HUF		316,780		1,157,451
6.500%, 06/24/19		HUF		1,829,320		7,555,619
5.500%, 06/24/25		HUF		293,200		1,234,520
						15,102,435
Indonesia \| 6.3%
Indonesia Government Bonds:
7.875%, 04/15/19		IDR		43,900,000		2,869,232
8.375%, 03/15/24		IDR		35,391,000		2,267,198

Description	Security Currency		Principal Amount (000)		Value
9.000%, 03/15/29		IDR		63,277,000	$	4,108,686
8.375%, 03/15/34		IDR		57,792,000		3,486,258
Perusahaan Penerbit SBSN Indonesia III,
4.325%, 05/28/25 (d)		USD		1,550		1,437,935
Republic of Indonesia:
3.750%, 04/25/22		USD		450		429,075
3.375%, 04/15/23		USD		975		888,713
5.875%, 01/15/24		USD		920		975,660
4.125%, 01/15/25 (d)		USD		650		614,250
7.750%, 01/17/38		USD		1,370		1,618,655
						18,695,662
Iraq \| 0.3%
Republic of Iraq,
5.800%, 01/15/28		USD		1,350		939,937
Ivory Coast \| 2.3%
Ivory Coast,
5.750%, 12/31/32		USD		7,770		6,748,245
Kazakhstan \| 1.3%
Republic of Kazakhstan:
3.875%, 10/14/24		USD		500		452,500
3.875%, 10/14/24 (d)		USD		1,085		981,925
4.875%, 10/14/44		USD		1,400		1,118,250
6.500%, 07/21/45 (d)		USD		1,420		1,343,675
						3,896,350
Kenya \| 0.6%
Republic of Kenya,
6.875%, 06/24/24		USD		1,975		1,782,437
Lithuania \| 0.8%
Republic of Lithuania,
6.625%, 02/01/22		USD		2,075		2,509,380
Malaysia \| 4.5%
Malaysia Government Bonds:
3.654%, 10/31/19		MYR		18,330		4,134,909
4.048%, 09/30/21		MYR		24,080		5,442,411
3.795%, 09/30/22		MYR		7,880		1,758,581
3.955%, 09/15/25		MYR		9,250		2,071,689
						13,407,590
Mexico \| 6.4%
Mexican Bonos:
5.000%, 12/11/19		MXN		157,338		9,276,110
10.000%, 12/05/24		MXN		71,642		5,415,773
10.000%, 11/20/36		MXN		34,993		2,824,814
United Mexican States:
6.750%, 09/27/34		USD		355		426,000
6.050%, 01/11/40		USD		680		748,000
4.750%, 03/08/44		USD		380		348,650
						19,039,347

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Morocco \| 0.3%
Kingdom of Morocco:
4.250%, 12/11/22		USD		625	$	634,844
5.500%, 12/11/42		USD		300		298,500
						933,344
Mozambique \| 0.1%
Republic of Mozambique,
6.305%, 09/11/20		USD		432		373,896
Nigeria \| 0.4%
Republic of Nigeria:
5.125%, 07/12/18		USD		325		316,469
6.750%, 01/28/21		USD		775		738,187
6.375%, 07/12/23		USD		275		245,438
						1,300,094
Pakistan \| 0.4%
Islamic Republic of Pakistan,
8.250%, 04/15/24		USD		1,025		1,074,999
Panama \| 2.3%
Republic of Panama:
5.200%, 01/30/20		USD		725		787,531
4.000%, 09/22/24		USD		150		148,688
3.750%, 03/16/25		USD		1,025		995,531
7.125%, 01/29/26		USD		710		883,062
8.875%, 09/30/27		USD		465		645,188
9.375%, 04/01/29		USD		745		1,075,594
6.700%, 01/26/36		USD		1,875		2,240,625
						6,776,219
Paraguay \| 0.8%
Republic of Paraguay:
4.625%, 01/25/23		USD		1,080		1,067,850
6.100%, 08/11/44 (d)		USD		1,210		1,185,800
						2,253,650
Peru \| 1.3%
Republic of Peru:
4.125%, 08/25/27		USD		1,500		1,479,375
6.900%, 08/12/37		PEN		8,140		2,263,638
						3,743,013
Philippines \| 1.0%
Republic of Philippines:
10.625%, 03/16/25		USD		325		514,638
3.625%, 09/09/25		PHP		35,000		738,084
7.750%, 01/14/31		USD		895		1,270,676
3.950%, 01/20/40		USD		540		546,750
						3,070,148
Poland \| 6.2%
Poland Government Bonds:
4.750%, 10/25/16		PLN		7,890		2,142,570
5.500%, 10/25/19		PLN		27,873		8,268,419

Description	Security Currency		Principal Amount (000)		Value
5.750%, 09/23/22		PLN		8,000	$	2,518,953
3.250%, 07/25/25		PLN		4,360		1,188,340
Republic of Poland:
6.375%, 07/15/19		USD		1,150		1,333,793
5.125%, 04/21/21		USD		650		732,212
5.000%, 03/23/22		USD		975		1,091,483
3.000%, 03/17/23		USD		510		509,296
4.000%, 01/22/24		USD		650		688,266
						18,473,332
Romania \| 1.6%
Romania Government Bonds:
5.750%, 04/29/20		RON		1,430		410,841
5.950%, 06/11/21		RON		6,720		1,962,043
6.750%, 02/07/22		USD		1,430		1,690,975
4.375%, 08/22/23		USD		1		1,045
6.125%, 01/22/44		USD		660		768,900
						4,833,804
Russia \| 4.5%
Russia Foreign Bonds:
5.000%, 04/29/20		USD		900		930,938
4.875%, 09/16/23		USD		1,200		1,210,500
12.750%, 06/24/28		USD		600		946,500
7.500%, 03/31/30 (g)		USD		1,022		1,203,474
5.625%, 04/04/42		USD		2,000		1,875,000
Russia Government Bonds - OFZ:
7.500%, 02/27/19		RUB		181,780		2,512,894
7.600%, 07/20/22		RUB		144,490		1,866,681
7.000%, 01/25/23		RUB		97,440		1,202,846
7.000%, 08/16/23		RUB		73,000		890,577
7.050%, 01/19/28		RUB		63,690		735,564
						13,374,974
Rwanda \| 0.5%
Republic of Rwanda,
6.625%, 05/02/23		USD		1,600		1,519,648
Senegal \| 0.4%
Republic of Senegal:
8.750%, 05/13/21		USD		525		550,462
6.250%, 07/30/24		USD		725		655,219
						1,205,681
Serbia \| 0.7%
Republic of Serbia,
5.875%, 12/03/18		USD		2,085		2,197,069
Slovenia \| 2.0%
Republic of Slovenia:
5.850%, 05/10/23		USD		3,100		3,548,674
5.250%, 02/18/24		USD		2,050		2,269,813
						5,818,487
South Africa \| 5.8%
Republic of South Africa:
8.250%, 09/15/17		ZAR		24,150		1,774,388

Description	Security Currency		Principal Amount (000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
5.500%, 03/09/20		USD		1,725	$	1,841,437
6.750%, 03/31/21		ZAR		10,380		705,845
4.665%, 01/17/24		USD		750		745,125
10.500%, 12/21/26		ZAR		93,180		7,712,806
8.250%, 03/31/32		ZAR		54,860		3,734,921
6.250%, 03/08/41		USD		600		636,600
						17,151,122
Tanzania \| 0.3%
United Republic of Tanzania,
6.538%, 03/09/20		USD		1,000		967,500
Thailand \| 3.3%
Thailand Government Bonds:
3.875%, 06/13/19		THB		189,960		5,586,266
3.850%, 12/12/25		THB		142,310		4,301,255
						9,887,521
Turkey \| 4.7%
Republic of Turkey,
7.000%, 03/11/19		USD		1,150		1,267,300
Turkey Government Bonds:
9.000%, 01/27/16		TRY		7,596		2,495,719
9.000%, 03/08/17		TRY		1,915		614,945
6.300%, 02/14/18		TRY		9,530		2,839,139
8.000%, 03/12/25		TRY		24,870		6,897,030
						14,114,133
Ukraine \| 2.5%
Ukraine Government Bonds:
6.250%, 06/17/16		USD		2,075		1,639,250
9.250%, 07/24/17		USD		1,500		1,194,375
6.750%, 11/14/17		USD		1,550		1,234,575
7.750%, 09/23/20		USD		3,325		2,693,250
7.800%, 11/28/22		USD		525		418,163
7.500%, 04/17/23		USD		525		421,312
						7,600,925
Uruguay \| 1.1%
Republica Orient Uruguay:
4.500%, 08/14/24		USD		1,110		1,123,875
7.875%, 01/15/33		USD		450		564,750
5.100%, 06/18/50		USD		1,725		1,502,906
						3,191,531
Venezuela \| 0.9%
Republic of Venezuela:
5.750%, 02/26/16		USD		1,010		855,975
6.000%, 12/09/20		USD		1,300		435,500
9.000%, 05/07/23		USD		1,650		573,375
8.250%, 10/13/24		USD		1,625		552,500
7.650%, 04/21/25		USD		726		245,025
7.000%, 03/31/38		USD		382		125,105
						2,787,480

Description	Security Currency		Principal Amount (000)		Value
Zambia \| 0.1%
Republic of Zambia:
5.375%, 09/20/22		USD		250	$	179,000
8.500%, 04/14/24		USD		195		157,463
						336,463
Total Foreign Government Obligations
(Identified cost $299,748,008)						268,086,255
Quasi Government Bonds \| 2.9%
Colombia \| 0.2%
Emgesa SA ESP,
8.750%, 01/25/21		COP		1,000,000		328,712
Empresas Publicas de Medellin ESP,
8.375%, 02/01/21		COP		1,170,000		381,267
						709,979
Ecuador \| 0.1%
EP Petroecuador,
5.957%, 09/24/19		USD		514		392,286
Kazakhstan \| 0.8%
KazMunayGas National Co. JSC,
9.125%, 07/02/18		USD		2,050		2,229,375
Mexico \| 0.5%
Petroleos Mexicanos:
8.000%, 05/03/19		USD		740		839,456
5.500%, 06/27/44		USD		475		382,423
5.500%, 06/27/44 (d)		USD		455		361,725
						1,583,604
South Africa \| 0.2%
Eskom Holdings, Ltd.,
7.850%, 04/02/26		ZAR		9,000		591,996
Tunisia \| 0.2%
Banque Centrale de Tunisie SA,
5.750%, 01/30/25		USD		560		536,340
Venezuela \| 0.9%
Petroleos de Venezuela SA:
5.000%, 10/28/15		USD		465		466,163
5.250%, 04/12/17		USD		893		405,958
8.500%, 11/02/17		USD		575		384,531
6.000%, 05/16/24		USD		450		147,938
9.750%, 05/17/35		USD		1,850		677,100
5.500%, 04/12/37		USD		1,570		496,512
						2,578,202
Total Quasi Government Bonds (Identified cost $10,868,863)						8,621,782

Lazard Emerging Markets Debt Portfolio (continued)

Description	Shares		Value
Short-Term Investment \| 0.8%
State Street Institutional Treasury Money Market Fund (Identified cost $2,253,809)		2,253,809	$	2,253,809
Total Investments \| 95.2% (Identified cost $318,144,717) (b), (h)			$	283,499,108
Cash and Other Assets in Excess of Liabilities \| 4.8%				14,267,118
Net Assets \| 100.0%			$	297,766,226

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at September 30, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
INR		BRC	10/19/15		63,967,560	$	957,498	$	972,052	$	14,554	$	—
INR		SCB	10/19/15		145,142,043		2,172,502		2,205,580		33,078		—
INR		SCB	10/19/15		261,992,210		3,970,000		3,981,237		11,237		—
Total Forward Currency Purchase Contracts						$	7,100,000	$	7,158,869	$	58,869	$	—
Forward Currency Sale Contracts
INR		SCB	10/19/15		52,649,550	$	790,000	$	800,063	$	—	$	10,063
INR		SCB	10/19/15		108,093,450		1,630,000		1,642,589		—		12,589
INR		SCB	10/26/15		50,418,400		760,000		765,186		—		5,186
Total Forward Currency Sale Contracts						$	3,180,000	$	3,207,838		—		27,838
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	58,869	$	27,838

Description	Security Currency		Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 8.5%
Argentina \| 0.4%
YPF SA:
8.750%, 04/04/24		USD		750	$	669,375
8.500%, 07/28/25		USD		500		433,750
						1,103,125
Brazil \| 0.5%
Globo Comunicacao e Participacoes SA, 4.843%, 06/08/25 (d)		USD		325		281,938
Petrobras Global Finance BV, 6.850%, 06/05/15		USD		1,825		1,163,675
						1,445,613
Bulgaria \| 0.3%
ContourGlobal Power Holdings SA:
7.125%, 06/01/19		USD		200		201,500
7.125%, 06/01/19 (d)		USD		550		554,125
						755,625
Chile \| 0.3%
AES Gener SA, 5.000%, 07/14/25 (d)		USD		350		356,125
Colbun SA, 4.500%, 07/10/24		USD		425		420,346
						776,471
China \| 1.0%
Agile Property Holdings, Ltd., 9.875%, 03/20/17		USD		300		308,625
BCP Singapore VI Cayman Financing Co., Ltd., 8.000%, 04/15/21		USD		800		750,800
Country Garden Holdings Co., Ltd., 7.250%, 04/04/21		USD		575		585,063
ENN Energy Holdings, Ltd., 6.000%, 05/13/21		USD		575		629,438
Green Dragon Gas, Ltd., 10.000%, 11/20/17		USD		400		392,000
						2,665,926
Colombia \| 0.2%
Millicom International Cellular SA:
6.000%, 03/15/25		USD		425		386,750
6.000%, 03/15/25 (d)		USD		275		250,250
						637,000
Georgia \| 0.3%
Bank of Georgia JSC, 7.750%, 07/05/17		USD		850		877,625
Guatemala \| 0.4%
Comcel Trust, 6.875%, 02/06/24		USD		525		521,063

Description	Security Currency		Principal Amount (000)	Value
Industrial Senior Trust, 5.500%, 11/01/22		USD	575	$	534,649
					1,055,712
India \| 0.5%
Bharti Airtel International Netherlands BV, 5.125%, 03/11/23		USD	375		395,977
GCX, Ltd., 7.000%, 08/01/19		USD	625		593,125
Greenko Dutch BV, 8.000%, 08/01/19		USD	375		384,193
					1,373,295
Indonesia \| 0.4%
PT Berau Coal Energy Tbk, 7.250%, 03/13/17		USD	1,350		502,463
Theta Capital Pte, Ltd., 6.125%, 11/14/20		USD	450		408,150
					910,613
Iraq \| 0.5%
Genel Energy Finance PLC, 7.500%, 05/14/19		USD	1,600		1,324,000
Mexico \| 0.5%
Credito Real SAB de CV, 7.500%, 03/13/19		USD	575		569,250
Sixsigma Networks Mexico SA de CV, 8.250%, 11/07/21		USD	775		730,437
					1,299,687
Panama \| 0.7%
Global Bank Corp., 5.125%, 10/30/19		USD	650		659,181
Sable International Finance, Ltd., 6.875%, 08/01/22 (d)		USD	1,125		1,127,813
					1,786,994
Paraguay \| 0.3%
Telefonica Celular del Paraguay SA, 6.750%, 12/13/22		USD	750		723,750
Peru \| 0.2%
Banco de Credito del Peru, 6.125%, 04/24/27		USD	375		385,500
Russia \| 0.3%
Sberbank of Russia Via SB Capital SA, 5.717%, 06/16/21		USD	450		451,854
Sibur Securities, Ltd., 3.914%, 01/31/18		USD	425		410,125
					861,979
South Africa \| 0.4%
Myriad International Holdings BV, 5.500%, 07/21/25 (d)		USD	425		417,775

Description	Security Currency		Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
Petra Diamonds US Treasury PLC, 8.250%, 05/31/20 (d)		USD		525	$	499,406
						917,181
Thailand \| 0.5%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e)		USD		1,225		1,202,031
Turkey \| 0.4%
Akbank TAS, 5.000%, 10/24/22		USD		425		402,687
Turkiye Halk Bankasi AS, 4.750%, 02/11/21 (d)		USD		375		352,500
Turkiye Sise ve Cam Fabrikalari AS, 4.250%, 05/09/20		USD		300		285,000
						1,040,187
United States \| 0.3%
Terraform Global Operating LLC, 9.750%, 08/15/22 (d)		USD		900		724,500
Uruguay \| 0.1%
Navios South American Logistics, Inc., 7.250%, 05/01/22		USD		221		200,005
Total Corporate Bonds
(Identified cost $23,975,395)						22,066,819
Foreign Government Obligations \| 57.8%
Angola \| 0.5%
Republic of Angola Northern Lights III BV, 7.000%, 08/16/19		USD		1,425		1,369,781
Argentina \| 4.0%
Republic of Argentina:
8.750%, 06/02/17 (f)		USD		1,425		1,446,375
8.280%, 12/31/33 (f)		USD		6,519		6,666,165
2.500%, 12/31/38 (f)		USD		4,175		2,431,937
						10,544,477
Belize \| 0.5%
Republic of Belize, 5.000%, 02/20/38 (g)		USD		1,875		1,387,500
Bolivia \| 0.5%
Bolivia Government Bonds:
4.875%, 10/29/22		USD		390		388,050
5.950%, 08/22/23		USD		1,000		1,038,750
						1,426,800
Brazil \| 1.4%
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19		BRL		15,740		2,473,457
Brazil NTN-B, 6.000%, 08/15/50		BRL		1,900		1,082,706
						3,556,163

Description	Security Currency		Principal Amount (000)		Value
Congo \| 1.5%
Republic of Congo, 4.000%, 06/30/29 (g)		USD		4,711	$	3,924,305
Costa Rica \| 0.5%
Republic of Costa Rica:
4.250%, 01/26/23		USD		750		655,782
5.625%, 04/30/43		USD		805		608,781
						1,264,563
Croatia \| 1.5%
Croatia:
6.250%, 04/27/17		USD		250		262,062
6.750%, 11/05/19		USD		1,365		1,487,850
6.625%, 07/14/20		USD		1,025		1,115,969
5.500%, 04/04/23		USD		925		951,594
						3,817,475
Dominican Republic \| 1.3%
Dominican Republic:
7.500%, 05/06/21		USD		100		108,000
5.500%, 01/27/25		USD		550		532,813
5.500%, 01/27/25 (d)		USD		600		581,250
6.850%, 01/27/45		USD		625		603,906
6.850%, 01/27/45 (d)		USD		1,500		1,449,375
						3,275,344
Ecuador \| 0.3%
Republic of Ecuador, 10.500%, 03/24/20 (d)		USD		1,205		909,775
Egypt \| 0.5%
Arab Republic of Egypt, 5.875%, 06/11/25 (d)		USD		1,325		1,257,756
El Salvador \| 0.5%
Republic of El Salvador:
7.375%, 12/01/19		USD		580		594,138
6.375%, 01/18/27		USD		525		462,000
6.375%, 01/18/27 (d)		USD		275		242,000
						1,298,138
Ethiopia \| 0.5%
Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24		USD		1,425		1,314,562
Ghana \| 1.0%
Republic of Ghana:
7.875%, 08/07/23		USD		1,575		1,315,912
8.125%, 01/18/26		USD		1,550		1,278,750
						2,594,662
Hungary \| 2.0%
Hungary:
6.375%, 03/29/21		USD		850		972,188
5.750%, 11/22/23		USD		1,910		2,132,037

Description	Security Currency		Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
7.625%, 03/29/41		USD		1,530	$	2,032,437
						5,136,662
Indonesia \| 3.7%
Indonesia Government Bonds:
8.375%, 09/15/26		IDR		11,450,000		725,688
8.375%, 03/15/34		IDR		54,060,000		3,261,128
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (d)		USD		3,100		2,875,870
Republic of Indonesia:
3.375%, 04/15/23		USD		625		569,688
8.500%, 10/12/35		USD		375		472,781
7.750%, 01/17/38		USD		470		555,305
5.250%, 01/17/42		USD		200		179,400
6.750%, 01/15/44		USD		775		822,856
5.125%, 01/15/45		USD		200		175,950
						9,638,666
Ivory Coast \| 2.7%
Ivory Coast:
6.375%, 03/03/28		USD		1,700		1,517,250
6.375%, 03/03/28 (d)		USD		1,105		986,212
5.750%, 12/31/32		USD		5,290		4,594,365
						7,097,827
Kazakhstan \| 1.0%
Republic of Kazakhstan:
3.875%, 10/14/24		USD		300		271,500
4.875%, 10/14/44		USD		225		179,719
6.500%, 07/21/45 (d)		USD		2,170		2,053,362
						2,504,581
Kenya \| 0.5%
Republic of Kenya:
5.875%, 06/24/19		USD		400		386,500
6.875%, 06/24/24		USD		975		879,938
						1,266,438
Lithuania \| 1.0%
Republic of Lithuania, 6.625%, 02/01/22		USD		2,100		2,539,614
Mexico \| 5.1%
Mexican Bonos:
5.000%, 12/11/19		MXN		94,060		5,545,456
10.000%, 12/05/24		MXN		102,257		7,730,112
						13,275,568
Mozambique \| 0.4%
Republic of Mozambique, 6.305%, 09/11/20		USD		1,342		1,161,046
Nigeria \| 0.8%
Republic of Nigeria:

Description	Security Currency		Principal Amount (000)		Value
5.125%, 07/12/18		USD		300	$	292,125
6.750%, 01/28/21		USD		925		881,062
6.375%, 07/12/23		USD		975		870,188
						2,043,375
Pakistan \| 0.7%
Islamic Republic of Pakistan, 8.250%, 04/15/24		USD		1,800		1,887,804
Panama \| 2.0%
Republic of Panama:
4.000%, 09/22/24		USD		375		371,719
3.750%, 03/16/25		USD		1,900		1,845,375
6.700%, 01/26/36		USD		2,475		2,957,625
						5,174,719
Paraguay \| 1.0%
Republic of Paraguay:
4.625%, 01/25/23		USD		650		642,687
6.100%, 08/11/44		USD		1,410		1,381,800
6.100%, 08/11/44 (d)		USD		550		539,000
						2,563,487
Portugal \| 3.9%
Republic of Portugal:
5.125%, 10/15/24		USD		6,835		7,276,678
5.125%, 10/15/24 (d)		USD		2,775		2,954,320
						10,230,998
Romania \| 0.7%
Romania Government Bonds:
6.750%, 02/07/22		USD		950		1,123,375
6.125%, 01/22/44		USD		700		815,500
						1,938,875
Russia \| 2.5%
Russia Foreign Bonds:
4.875%, 09/16/23		USD		1,400		1,412,250
5.625%, 04/04/42		USD		1,400		1,312,500
Russia Government Bonds - OFZ:
7.500%, 02/27/19		RUB		62,440		863,159
6.700%, 05/15/19		RUB		71,000		949,311
7.000%, 08/16/23		RUB		172,800		2,108,105
						6,645,325
Rwanda \| 0.8%
Republic of Rwanda, 6.625%, 05/02/23		USD		2,115		2,008,785
Senegal \| 0.5%
Republic of Senegal, 8.750%, 05/13/21		USD		1,250		1,310,625
Serbia \| 0.5%
Republic of Serbia:
5.875%, 12/03/18		USD		200		210,750
4.875%, 02/25/20		USD		500		508,750

Description	Security Currency		Principal Amount (000)		Value
Lazard Explorer Total Return Portfolio (continued)
7.250%, 09/28/21		USD		525	$	591,938
						1,311,438
Slovenia \| 3.5%
Republic of Slovenia:
5.850%, 05/10/23		USD		500		572,367
5.250%, 02/18/24		USD		7,640		8,459,203
						9,031,570
South Africa \| 3.6%
Republic of South Africa:
7.250%, 01/15/20		ZAR		19,000		1,338,278
10.500%, 12/21/26		ZAR		76,440		6,327,183
8.250%, 03/31/32		ZAR		27,220		1,853,163
						9,518,624
Turkey \| 0.9%
Turkey Government Bond, 9.000%, 03/08/17		TRY		7,080		2,273,529
Ukraine \| 3.0%
Ukraine Government Bonds:
6.875%, 09/23/15		USD		250		208,750
6.250%, 06/17/16		USD		470		371,300
6.580%, 11/21/16		USD		250		197,813
9.250%, 07/24/17		USD		3,700		2,946,125
6.750%, 11/14/17		USD		260		207,090
7.750%, 09/23/20		USD		1,875		1,518,750
7.800%, 11/28/22		USD		2,840		2,262,060
7.500%, 04/17/23		USD		325		260,812
						7,972,700
Uruguay \| 1.4%
Republica Orient Uruguay:
4.500%, 08/14/24		USD		575		582,187
7.625%, 03/21/36		USD		675		837,844
5.100%, 06/18/50		USD		2,675		2,330,594
						3,750,625
Venezuela \| 1.1%
Republic of Venezuela:
6.000%, 12/09/20		USD		1,200		402,000
12.750%, 08/23/22		USD		675		291,938
9.000%, 05/07/23		USD		1,450		503,875
8.250%, 10/13/24		USD		1,625		552,500
7.650%, 04/21/25		USD		1,225		413,437
11.750%, 10/21/26		USD		775		302,250
9.250%, 09/15/27		USD		825		323,812
						2,789,812
Total Foreign Government Obligations
(Identified cost $160,670,029)						151,013,994

Description	Security Currency		Principal Amount (000)		Value
Quasi Government Bonds \| 2.1%
Ecuador \| 0.1%
EP Petroecuador, 5.957%, 09/24/19		USD		291	$	221,727
Tunisia \| 1.0%
Banque Centrale de Tunisie SA:
5.750%, 01/30/25		USD		400		383,100
5.750%, 01/30/25 (d)		USD		2,295		2,198,037
						2,581,137
Venezuela \| 1.0%
Petroleos de Venezuela SA:
8.500%, 11/02/17		USD		1,550		1,036,562
12.750%, 02/17/22		USD		625		276,563
6.000%, 05/16/24		USD		1,725		567,094
6.000%, 11/15/26		USD		2,125		680,212
						2,560,431
Total Quasi Government Bonds
(Identified cost $6,224,239)						5,363,295
US Treasury Securities \| 8.5%
US Treasury Notes:
1.625%, 07/31/20		USD		10,500		10,630,020
1.375%, 08/31/20		USD		11,630		11,644,083
Total US Treasury Securities
(Identified cost $22,117,317)						22,274,103

Description

Value

Warrant | 0.0%

Iraq | 0.0%

Gulf Keystone Petroleum, Ltd.
Expires 04/18/17
(Identified cost $0)

96,000

Short-Term Investment | 22.6%

State Street Institutional Treasury Money Market Fund
(Identified cost $59,060,718)

59,060,718

Total Investments | 99.5%
(Identified cost $272,047,698) (b), (h)

259,778,929

Cash and Other Assets in Excess of Liabilities | 0.5%

1,281,106

Net Assets | 100.0%

261,060,035

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at September 30, 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	BOA	10/02/15	3,256,367	$	847,085	$	821,381	$	—	$	25,704
BRL	BRC	10/02/15	900,284		212,101		227,086		14,985		—
BRL	BRC	10/02/15	908,270		222,430		229,101		6,671		—
BRL	BRC	10/02/15	3,624,326		898,890		914,195		15,305		—
BRL	BRC	10/02/15	5,374,142		1,491,698		1,355,566		—		136,132
BRL	BRC	10/02/15	12,212,296		3,073,900		3,080,413		6,513		—
BRL	JPM	10/02/15	2,822,286		710,384		711,889		1,505		—
BRL	JPM	10/02/15	3,624,326		898,668		914,195		15,527		—
BRL	JPM	10/02/15	3,781,296		951,772		953,789		2,017		—
BRL	JPM	10/02/15	3,815,572		960,400		962,435		2,035		—
BRL	JPM	10/02/15	5,374,141		1,492,112		1,355,566		—		136,546
BRL	SCB	10/02/15	2,284,442		575,006		576,224		1,218		—
BRL	SCB	10/02/15	3,065,467		771,594		773,229		1,635		—
BRL	SCB	10/02/15	3,093,668		778,692		780,342		1,650		—
BRL	SCB	10/02/15	3,624,326		899,113		914,195		15,082		—
BRL	SCB	10/02/15	4,609,623		1,160,267		1,162,725		2,458		—
BRL	SCB	10/02/15	5,374,142		1,492,299		1,355,566		—		136,733
BRL	UBS	10/02/15	3,624,326		899,493		914,195		14,702		—
COP	BRC	10/14/15	6,352,834,514		2,019,337		2,054,648		35,311		—
COP	SCB	10/14/15	6,352,834,514		2,019,465		2,054,648		35,183		—
INR	BRC	10/06/15	46,683,231		726,135		711,072		—		15,063
INR	BRC	10/14/15	92,670,099		1,385,099		1,409,496		24,397		—
INR	BRC	10/19/15	210,366,965		3,148,876		3,196,739		47,863		—
INR	BRC	11/16/15	31,072,294		467,253		469,798		2,545		—
INR	JPM	10/14/15	85,437,599		1,276,331		1,299,491		23,160		—
INR	JPM	11/16/15	31,072,294		467,253		469,798		2,545		—
INR	SCB	10/06/15	46,533,650		723,865		708,794		—		15,071
INR	SCB	10/14/15	92,670,099		1,385,306		1,409,496		24,190		—
INR	SCB	10/19/15	209,854,405		3,141,124		3,188,950		47,826		—
INR	SCB	11/16/15	31,072,293		467,253		469,798		2,545		—
INR	UBS	10/14/15	92,670,098		1,384,479		1,409,496		25,017		—
MXN	SCB	10/14/15	60,176,685		3,580,000		3,556,231		—		23,769
NGN	SCB	04/25/16	94,782,810		412,099		438,515		26,416		—
RUB	SCB	10/14/15	7,806,633		113,639		119,051		5,412		—
TRY	BRC	10/14/15	318,600		103,964		104,881		917		—
TWD	BRC	11/19/15	45,048,373		1,385,678		1,368,377		—		17,301
TWD	JPM	11/19/15	41,507,517		1,277,154		1,260,820		—		16,334
TWD	SCB	11/19/15	46,079,224		1,417,168		1,399,689		—		17,479
Total Forward Currency Purchase Contracts				$	45,237,382	$	45,101,880	$	404,630	$	540,132
Forward Currency Sale Contracts
BRL	BOA	10/02/15	3,256,367	$	819,645	$	821,382	$	—	$	1,737
BRL	BRC	10/02/15	900,284		226,606		227,086		—		480
BRL	BRC	10/02/15	908,270		228,616		229,100		—		484

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at September 30, 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)
BRL	BRC	10/02/15	3,624,326	$	912,262	$	914,195	$	—	$	1,933
BRL	BRC	10/02/15	5,374,142		1,352,700		1,355,566		—		2,866
BRL	BRC	10/02/15	12,212,296		3,382,814		3,080,413		302,401		—
BRL	BRC	11/04/15	3,624,326		888,925		904,175		—		15,250
BRL	JPM	10/02/15	2,822,286		745,651		711,890		33,761		—
BRL	JPM	10/02/15	3,624,326		912,262		914,195		—		1,933
BRL	JPM	10/02/15	3,781,296		993,509		953,789		39,720		—
BRL	JPM	10/02/15	3,815,572		993,510		962,435		31,075		—
BRL	JPM	10/02/15	5,374,141		1,352,700		1,355,566		—		2,866
BRL	JPM	11/04/15	3,624,326		888,707		904,175		—		15,468
BRL	SCB	10/02/15	2,284,442		604,350		576,225		28,125		—
BRL	SCB	10/02/15	3,065,467		805,747		773,229		32,518		—
BRL	SCB	10/02/15	3,093,668		805,748		780,343		25,405		—
BRL	SCB	10/02/15	3,624,326		912,262		914,195		—		1,933
BRL	SCB	10/02/15	4,609,623		1,210,831		1,162,725		48,106		—
BRL	SCB	10/02/15	5,374,142		1,352,700		1,355,566		—		2,866
BRL	SCB	11/04/15	3,624,326		889,187		904,175		—		14,988
BRL	UBS	10/02/15	3,624,326		912,262		914,195		—		1,933
BRL	UBS	11/04/15	3,624,326		889,514		904,175		—		14,661
COP	JPM	10/14/15	134,455,476		43,387		43,486		—		99
COP	SCB	10/14/15	113,372,991		36,613		36,667		—		54
COP	SCB	10/14/15	806,000,000		260,000		260,678		—		678
COP	SCB	10/14/15	822,380,000		260,000		265,976		—		5,976
COP	SCB	10/14/15	1,058,420,000		340,000		342,317		—		2,317
COP	SCB	10/14/15	1,159,025,000		370,000		374,855		—		4,855
IDR	BRC	10/27/15	16,257,692,963		1,117,752		1,099,143		18,609		—
IDR	JPM	10/27/15	16,257,692,962		1,119,676		1,099,143		20,533		—
INR	BRC	10/06/15	31,072,294		470,792		473,288		—		2,496
INR	BRC	10/14/15	33,485,144		505,398		509,303		—		3,905
INR	BRC	10/19/15	30,555,376		460,310		464,320		—		4,010
INR	JPM	10/06/15	31,072,294		470,935		473,289		—		2,354
INR	JPM	10/14/15	36,221,924		545,182		550,929		—		5,747
INR	JPM	10/14/15	42,042,383		634,602		639,457		—		4,855
INR	JPM	10/19/15	33,625,764		507,176		510,978		—		3,802
INR	SCB	10/06/15	31,072,293		470,792		473,288		—		2,496
INR	SCB	10/14/15	28,229,124		424,817		429,360		—		4,543
INR	SCB	10/14/15	63,148,875		950,000		960,484		—		10,484
INR	SCB	10/19/15	26,713,278		402,824		405,935		—		3,111
INR	SCB	10/19/15	30,518,821		459,690		463,764		—		4,074
MXN	BRC	10/14/15	7,094,626		410,042		419,268		—		9,226
MXN	BRC	10/14/15	12,898,416		760,000		762,251		—		2,251
MXN	BRC	10/14/15	22,058,147		1,310,263		1,303,559		6,704		—
MXN	JPM	10/14/15	11,129,837		652,680		657,734		—		5,054
MXN	JPM	10/14/15	22,058,147		1,310,030		1,303,559		6,471		—

Lazard Explorer Total Return Portfolio (concluded)

Forward Currency Contracts open at September 30, 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	10/14/15		7,438,706	$	429,958	$	439,601	$	—	$	9,643
MXN		SCB	10/14/15		7,968,730		467,319		470,924		—		3,605
MXN		SCB	10/14/15		14,352,576		840,000		848,187		—		8,187
MXN		SCB	10/14/15		20,231,904		1,190,000		1,195,634		—		5,634
MXN		SCB	10/14/15		22,058,147		1,311,151		1,303,559		7,592		—
NGN		SCB	04/25/16		94,782,810		397,412		438,515		—		41,103
RUB		BRC	10/14/15		7,322,346		106,372		111,665		—		5,293
RUB		JPM	10/14/15		126,104,788		1,832,985		1,923,090		—		90,105
RUB		JPM	10/14/15		126,104,789		1,831,547		1,923,090		—		91,543
TRY		BRC	10/14/15		3,640,055		1,194,361		1,198,285		—		3,924
TRY		SCB	10/14/15		3,640,055		1,196,245		1,198,285		—		2,040
TWD		BRC	11/19/15		48,203,825		1,480,052		1,464,225		15,827		—
TWD		JPM	11/19/15		70,284,201		2,156,288		2,134,933		21,355		—
TWD		SCB	11/19/15		1,087,298		33,479		33,027		452		—
TWD		SCB	11/19/15		13,059,790		400,890		396,701		4,189		—
ZAR		BRC	10/14/15		15,387,999		1,108,578		1,108,100		478		—
ZAR		JPM	10/14/15		4,002,058		290,000		288,191		1,809		—
ZAR		SCB	10/14/15		5,198,500		370,000		374,347		—		4,347
ZAR		SCB	10/14/15		5,422,755		390,000		390,496		—		496
ZAR		SCB	10/14/15		5,885,292		420,000		423,804		—		3,804
ZAR		SCB	10/14/15		7,035,300		500,000		506,616		—		6,616
ZAR		SCB	10/14/15		15,387,999		1,109,845		1,108,100		1,745		—
ZAR		UBS	10/14/15		15,387,998		1,109,245		1,108,100		1,145		—
Total Forward Currency Sale Contracts						$	56,539,196	$	56,329,301		648,020		438,125
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	1,052,650	$	978,257

Credit Default Swap Agreements open at September 30, 2015:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate			Value		Upfront Premiums Paid (Received)				Unrealized Depreciation
CDX EM 24	BRC	17,025,000	12/20/20	1.000	%	$	(2,197,694	)	$	(1,889,775	)	$	307,919
CDX EM 24	JPM	5,105,000	12/20/20	1.000			(658,985	)		(566,655	)		92,330
Total Credit Default Swap Agreements						$	(2,856,679	)	$	(2,456,430	)	$	400,249

Interest Rate Swap Agreement open at September 30, 2015:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Variable Rate

Unrealized
Depreciation

BRL

JPM

6,370,787

01/02/19

14.67%

Brazil Cetip Interbank Deposit Rate

51,852

Description	Security Currency	Principal Amount (000)		Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 15.1%
Brazil \| 2.7%
Brazil NTN-B, 6.000%, 08/15/16	BRL		220	$	148,930
Brazil NTN-F, 10.000%, 01/01/17	BRL		940		228,899
					377,829
Hungary \| 1.5%
Hungary Government Bonds:
4.000%, 04/25/18	HUF		36,500		138,515
7.500%, 11/12/20	HUF		14,700		65,055
					203,570
Indonesia \| 0.3%
Indonesia Government Bond, 7.875%, 04/15/19	IDR		650,000		42,483
Mexico \| 5.8%
Mexican Bonos:
4.750%, 06/14/18	MXN		6,100		362,175
6.500%, 06/10/21	MXN		2,150		133,176
Mexican Udibonos, 2.500%, 12/10/20	MXN		5,150		308,819
					804,170
Romania \| 1.1%
Romania Government Bonds:
5.850%, 04/26/23	RON		520		152,677
5.800%, 07/26/27	RON		30		8,803
					161,480
South Africa \| 3.7%
Republic of South Africa:
8.000%, 12/21/18	ZAR		1,620		118,123
7.250%, 01/15/20	ZAR		5,630		396,553
					514,676
Total Foreign Government Obligations
(Identified cost $2,365,444)					2,104,208
Supranationals \| 0.2%
European Investment Bank, 7.200%, 07/09/19 (d) (Identified cost $51,175)	IDR		600,000		36,159
US Treasury Securities \| 80.7%
US Treasury Notes:
0.250%, 10/15/15	USD		600		599,969
0.250%, 10/31/15	USD		600		600,023
1.250%, 10/31/15	USD		600		600,539
0.375%, 11/15/15	USD		615		615,156
0.250%, 11/30/15	USD		600		600,140

Description	Security Currency	Principal Amount (000)		Value
1.375%, 11/30/15	USD		615	$	616,237
0.250%, 12/15/15	USD		600		600,187
0.250%, 12/31/15	USD		600		600,211
2.125%, 12/31/15	USD		500		502,539
0.375%, 01/15/16	USD		600		600,492
0.375%, 01/31/16	USD		500		500,430
2.000%, 01/31/16	USD		450		452,786
0.375%, 02/15/16	USD		500		500,459
2.125%, 02/29/16	USD		400		403,289
2.625%, 02/29/16	USD		450		454,614
0.375%, 03/15/16	USD		650		650,686
0.375%, 03/31/16	USD		650		650,661
2.250%, 03/31/16	USD		700		707,137
0.250%, 04/15/16	USD		500		500,177
0.375%, 04/30/16	USD		500		500,509
Total US Treasury Securities
(Identified cost $11,254,640)					11,256,241

Description

Value

Short-Term Investment | 11.7%

State Street Institutional Treasury Money Market Fund
(Identified cost $1,628,848)

1,628,848

Total Investments | 107.7%
(Identified cost $15,300,107) (b), (h)

15,025,456

Liabilities in Excess of Cash and Other Assets | (7.7)%

(1,070,397

)

Net Assets | 100.0%

13,955,059

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at September 30, 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	CIT	10/21/15	681,578	$	176,000	$	170,801	$	—	$	5,199
BRL	CIT	02/18/16	39,240		12,000		9,454		—		2,546
BRL	CIT	02/18/16	66,234		20,000		15,958		—		4,042
BRL	CIT	02/18/16	79,855		25,000		19,240		—		5,760
BRL	CIT	02/18/16	543,056		162,000		130,840		—		31,160
BRL	JPM	02/18/16	118,524		35,000		28,556		—		6,444
CLP	BNP	11/24/15	155,160,300		226,000		221,816		—		4,184
CNH	HSB	10/14/15	2,266,247		358,000		355,839		—		2,161
CNY	CIT	07/13/16	960,840		153,000		147,259		—		5,741
CNY	HSB	11/30/15	949,420		148,000		148,391		391		—
CNY	HSB	11/30/15	2,283,575		350,000		356,915		6,915		—
CNY	JPM	10/13/15	1,318,150		205,000		207,076		2,076		—
CNY	SCB	11/09/15	7,092,800		1,100,000		1,111,115		11,115		—
COP	SCB	10/23/15	457,200,000		151,944		147,721		—		4,223
CZK	JPM	10/09/15	7,321,924		301,000		300,926		—		74
CZK	JPM	10/09/15	11,871,129		479,000		487,894		8,894		—
EUR	JPM	11/04/15	132,000		148,915		147,570		—		1,345
EUR	JPM	11/04/15	167,000		187,065		186,699		—		366
HUF	JPM	10/13/15	230,622,132		819,494		821,878		2,384		—
IDR	JPM	03/24/16	715,800,000		50,000		45,706		—		4,294
IDR	JPM	03/24/16	6,467,748,000		458,706		412,987		—		45,719
ILS	JPM	10/13/15	563,963		145,000		143,768		—		1,232
ILS	JPM	05/31/16	264,219		67,558		67,683		125		—
INR	JPM	11/13/15	13,782,150		205,000		208,844		3,844		—
INR	JPM	04/25/16	52,594,740		789,000		774,089		—		14,911
INR	JPM	07/13/16	15,496,430		229,000		225,038		—		3,962
INR	SCB	11/13/15	4,445,450		67,000		67,363		363		—
INR	SCB	11/13/15	12,070,800		180,000		182,912		2,912		—
JPY	CIT	10/01/15	18,985,037		158,284		158,255		—		29
KRW	CIT	10/15/15	1,670,146,110		1,401,000		1,408,336		7,336		—
MXN	BRC	10/23/15	10,223,153		604,959		603,707		—		1,252
MYR	JPM	10/26/15	1,310,688		313,000		298,418		—		14,582
PHP	BNP	10/21/15	13,079,160		282,000		279,566		—		2,434
PHP	SCB	11/25/15	8,037,000		171,000		171,356		356		—
PLN	JPM	11/04/15	1,018,440		270,000		267,729		—		2,271
PLN	JPM	11/04/15	1,219,710		327,000		320,639		—		6,361
RON	JPM	10/08/15	214,085		53,693		54,140		447		—
RUB	UBS	10/09/15	78,288,135		1,137,000		1,194,357		57,357		—
SGD	HSB	10/09/15	1,216,123		856,000		854,415		—		1,585
THB	SCB	10/26/15	19,910,790		552,847		548,099		—		4,748
TRY	JPM	10/08/15	1,650,957		598,151		544,505		—		53,646
TRY	JPM	11/04/15	432,150		145,520		141,336		—		4,184
TRY	JPM	11/04/15	593,296		199,783		194,039		—		5,744
TRY	JPM	11/05/15	435,163		153,000		142,278		—		10,722

Lazard Emerging Markets Income Portfolio (concluded)

Forward Currency Contracts open at September 30, 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)
TRY	JPM	12/03/15	833,962	$	275,999	$	270,364	$	—	$	5,635
TRY	JPM	12/03/15	868,224		285,000		281,472		—		3,528
TWD	BRC	10/07/15	21,345,200		675,695		647,422		—		28,273
ZAR	CIT	11/04/15	2,299,880		169,266		165,019		—		4,247
Total Forward Currency Purchase Contracts				$	15,877,879	$	15,689,790	$	104,515	$	292,604
Forward Currency Sale Contracts
BRL	CIT	02/18/16	85,618	$	26,000	$	20,628	$	5,372	$	—
BRL	CIT	02/18/16	534,789		163,140		128,848		34,292		—
BRL	UBS	09/30/16	620,542		137,000		140,940		—		3,940
CNH	SCB	10/14/15	2,266,247		351,057		355,839		—		4,782
CNY	SCB	07/13/16	960,840		144,923		147,259		—		2,336
CZK	JPM	10/09/15	4,544,038		187,395		186,757		638		—
CZK	JPM	10/09/15	7,283,538		300,000		299,348		652		—
CZK	JPM	10/09/15	7,365,477		300,001		302,716		—		2,715
EUR	JPM	10/26/15	2,473		2,737		2,765		—		28
EUR	JPM	11/04/15	129,000		145,520		144,217		1,303		—
EUR	JPM	11/04/15	176,000		199,783		196,760		3,023		—
HUF	JPM	10/13/15	39,238,960		139,378		139,838		—		460
HUF	JPM	10/13/15	42,797,002		152,072		152,517		—		445
ILS	JPM	12/29/15	548,072		140,000		139,887		113		—
JPY	UBS	10/01/15	18,985,037		153,791		158,255		—		4,464
MXN	JPM	10/23/15	6,214,674		368,000		366,995		1,005		—
TRY	JPM	10/08/15	375,455		136,000		123,830		12,170		—
TRY	JPM	10/08/15	403,004		140,000		132,916		7,084		—
TRY	JPM	10/08/15	474,560		160,000		156,516		3,484		—
TRY	JPM	11/04/15	457,591		148,916		149,657		—		741
TRY	JPM	11/04/15	573,587		187,066		187,594		—		528
TWD	SCB	10/07/15	21,345,200		658,193		647,422		10,771		—
ZAR	CIT	11/04/15	5,589,195		419,919		401,030		18,889		—
Total Forward Currency Sale Contracts				$	4,760,891	$	4,682,534		98,796		20,439
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	203,311	$	313,043

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 95.3%
Aerospace & Defense \| 1.5%
Bombardier, Inc., 7.750%, 03/15/20 (d)	$	975	$	828,750
KLX, Inc., 5.875%, 12/01/22 (d)		1,400		1,361,934
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,309,000
				3,499,684
Automotive \| 2.2%
FCA US LLC, 8.250%, 06/15/21		1,400		1,485,680
Schaeffler Finance BV, 4.750%, 05/15/21 (d)		1,850		1,822,250
The Goodyear Tire & Rubber Co., 8.250%, 08/15/20		1,775		1,848,219
				5,156,149
Building Materials \| 2.3%
HD Supply, Inc., 5.250%, 12/15/21 (d)		1,500		1,507,500
Masco Corp., 6.125%, 10/03/16		1,500		1,556,280
USG Corp., 9.750%, 01/15/18		675		750,938
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,530,000
				5,344,718
Cable Television \| 6.4%
Cable One, Inc., 5.750%, 06/15/22 (d)		1,750		1,724,625
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,496,250
CCO Holdings LLC, 5.250%, 03/15/21		1,950		1,920,506
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (d)		1,800		1,698,750
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,484,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,425,000
Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (d)		1,800		1,797,750
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,780,880
Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (d)		1,629		1,639,181
				14,966,942

Description	Principal Amount (000)		Value
Chemicals \| 3.8%
Chemtura Corp., 5.750%, 07/15/21	$	1,400	$	1,382,500
Eagle Spinco, Inc., 4.625%, 02/15/21		1,400		1,184,778
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,390,240
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		975,737
Platform Specialty Products Corp., 6.500%, 02/01/22 (d)		1,700		1,462,000
Tronox Finance LLC, 6.375%, 08/15/20		1,400		889,000
WR Grace & Co-Conn, 5.125%, 10/01/21 (d)		1,700		1,678,750
				8,963,005
Communications Equipment \| 1.3%
Belden, Inc., 5.500%, 09/01/22 (d)		1,750		1,693,125
CommScope, Inc., 5.000%, 06/15/21 (d)		1,500		1,466,250
				3,159,375
Computer Software & Services \| 2.7%
Activision Blizzard, Inc., 5.625%, 09/15/21 (d)		1,400		1,473,500
First Data Corp.:
6.750%, 11/01/20 (d)		260		271,700
5.375%, 08/15/23 (d)		1,600		1,584,000
Nuance Communications, Inc., 5.375%, 08/15/20 (d)		1,373		1,369,567
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,750,500
				6,449,267
Consumer Products \| 0.6%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (d)		1,500		1,395,000
Diversified \| 1.3%
Amsted Industries, Inc., 5.000%, 03/15/22 (d)		1,700		1,674,500
Griffon Corp., 5.250%, 03/01/22		1,400		1,330,000
				3,004,500
Electric Generation \| 1.8%
AES Corp., 7.375%, 07/01/21		1,095		1,136,063
Calpine Corp., 6.000%, 01/15/22 (d)		1,500		1,554,375

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
TerraForm Power Operating LLC, 5.875%, 02/01/23 (d)	$	1,712	$	1,510,840
				4,201,278
Electronics \| 0.6%
Amkor Technologies, Inc., 6.625%, 06/01/21		1,400		1,330,000
Energy Exploration & Production \| 4.1%
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,591,000
California Resources Corp., 5.500%, 09/15/21		1,050		640,500
Chesapeake Energy Corp., 5.375%, 06/15/21		1,000		667,500
Denbury Resources, Inc., 5.500%, 05/01/22		1,400		829,500
EP Energy LLC, 9.375%, 05/01/20		1,600		1,376,000
Range Resources Corp., 5.000%, 08/15/22		1,700		1,504,500
Whiting Petroleum Corp., 5.750%, 03/15/21		1,750		1,514,625
WPX Energy, Inc., 6.000%, 01/15/22		1,700		1,462,000
				9,585,625
Energy Services \| 1.6%
Hornbeck Offshore Services, Inc., 5.000%, 03/01/21		1,600		1,204,000
PBF Holding Co. LLC, 8.250%, 02/15/20		900		920,700
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,597,500
				3,722,200
Environmental \| 1.1%
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,785,000
Darling Ingredients, Inc., 5.375%, 01/15/22		850		833,000
				2,618,000
Financial Services \| 1.7%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,503,750
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,545,000
International Lease Finance Corp.:
5.750%, 05/15/16		500		507,500
8.750%, 03/15/17		500		537,500
				4,093,750

Description	Principal Amount (000)		Value
Food & Beverages \| 2.4%
B&G Foods, Inc., 4.625%, 06/01/21	$	1,500	$	1,443,750
Constellation Brands, Inc., 7.250%, 05/15/17		950		1,018,875
Post Holdings, Inc., 7.375%, 02/15/22		1,650		1,678,875
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,432,500
				5,574,000
Forest & Paper Products \| 1.5%
Cascades, Inc., 5.500%, 07/15/22 (d)		1,500		1,425,000
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (d)		1,050		1,078,875
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		913,125
				3,417,000
Gaming \| 3.5%
GLP Capital LP, 4.875%, 11/01/20		1,500		1,518,750
International Game Technology PLC:
5.625%, 02/15/20 (d)		250		242,500
6.250%, 02/15/22 (d)		1,450		1,348,500
MGM Resorts International, 6.625%, 12/15/21		1,000		1,025,000
Pinnacle Entertainment, Inc., 6.375%, 08/01/21		1,250		1,322,912
Scientific Games Corp., 8.125%, 09/15/18		350		325,500
Scientific Games International, Inc., 6.250%, 09/01/20		750		538,125
Wynn Las Vegas LLC, 5.375%, 03/15/22		2,007		1,848,949
				8,170,236
Gas Distribution \| 5.6%
AmeriGas Finance LLC, 6.750%, 05/20/20		1,525		1,544,062
Energy Transfer Equity LP, 7.500%, 10/15/20		1,250		1,259,375
Ferrellgas LP, 6.500%, 05/01/21		500		467,500
Ferrellgas Partners LP, 8.625%, 06/15/20		520		520,000
Kinder Morgan, Inc.:
7.000%, 06/15/17		650		692,923
5.000%, 02/15/21 (d)		1,275		1,297,298
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,395,419

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (d)	$	1,450	$	1,450,000
Suburban Propane Partners LP, 7.375%, 08/01/21		1,531		1,596,067
Sunoco LP, 6.375%, 04/01/23 (d)		1,700		1,661,750
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,358,798
				13,243,192
Health Services \| 5.4%
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,456,875
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (d)		1,097		1,171,048
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22		1,475		1,463,937
HCA, Inc., 6.500%, 02/15/20		1,600		1,744,000
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,733,462
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (d)		1,800		1,804,500
LifePoint Health, Inc., 5.500%, 12/01/21		1,400		1,412,250
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		707,000
4.375%, 10/01/21		1,250		1,218,750
				12,711,822
Leisure & Entertainment \| 4.2%
ACCO Brands Corp., 6.750%, 04/30/20		1,750		1,820,000
Cedar Fair LP, 5.250%, 03/15/21		1,800		1,822,500
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,723,500
Regal Entertainment Group, 5.750%, 03/15/22		1,450		1,424,625
RHP Hotel Properties LP, 5.000%, 04/15/23		1,775		1,766,125
Six Flags Entertainment Corp., 5.250%, 01/15/21 (d)		1,400		1,400,000
				9,956,750
Machinery \| 1.1%
Terex Corp., 6.500%, 04/01/20		1,600		1,624,000

Description	Principal Amount (000)		Value
The Manitowoc Co., Inc., 8.500%, 11/01/20	$	1,000	$	1,045,000
				2,669,000
Media \| 8.0%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,413,750
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,756,562
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,750,294
LIN Television Corp., 5.875%, 11/15/22 (d)		1,750		1,736,875
Netflix, Inc., 5.375%, 02/01/21		1,450		1,504,375
Nielsen Finance LLC, 5.000%, 04/15/22 (d)		1,800		1,741,500
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,496,250
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,857,250
Sirius XM Radio, Inc., 5.750%, 08/01/21 (d)		1,500		1,500,938
Starz LLC, 5.000%, 09/15/19		725		721,375
Tribune Media Co., 5.875%, 07/15/22 (d)		1,800		1,746,000
WMG Acquisition Corp., 6.000%, 01/15/21 (d)		1,620		1,620,000
				18,845,169
Metals & Mining \| 0.2%
First Quantum Minerals, Ltd., 6.750%, 02/15/20 (d)		862		577,540
Packaging \| 3.4%
Crown Americas LLC, 4.500%, 01/15/23		1,800		1,768,500
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (d)		1,592		1,512,400
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,515,000
Sealed Air Corp., 4.875%, 12/01/22 (d)		1,700		1,680,875
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,482,375
				7,959,150
Pharmaceutical & Biotechnology \| 2.0%
Endo Finance LLC, 5.750%, 01/15/22 (d)		1,600		1,576,000
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (d)		1,700		1,640,500

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (continued)
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (d)	$	1,500	$	1,491,563
				4,708,063
Printing & Publishing \| 2.2%
R.R. Donnelley & Sons Co., 7.250%, 05/15/18		1,016		1,072,388
TEGNA, Inc., 7.125%, 09/01/18		1,676		1,707,425
The McClatchy Co., 9.000%, 12/15/22		1,100		990,000
Time, Inc., 5.750%, 04/15/22 (d)		1,425		1,335,938
				5,105,751
Real Estate \| 0.6%
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,435,000
Restaurants \| 0.7%
1011778 BC ULC, 4.625%, 01/15/22 (d)		1,800		1,759,860
Retail \| 3.1%
Argos Merger Sub, Inc., 7.125%, 03/15/23 (d)		1,600		1,618,000
Dollar Tree, Inc.:
5.250%, 03/01/20 (d)		75		76,905
5.750%, 03/01/23 (d)		1,750		1,815,625
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,883,320
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,798,125
				7,191,975
Steel-Producers \| 1.9%
ArcelorMittal, 6.250%, 03/01/21		1,400		1,260,000
Steel Dynamics, Inc., 6.125%, 08/15/19		1,800		1,840,500
United States Steel Corp., 6.050%, 06/01/17		1,475		1,404,938
				4,505,438
Support Services \| 5.9%
Algeco Scotsman Global Finance PLC, 8.500%, 10/15/18 (d)		1,250		1,094,000
Audatex North America, Inc., 6.000%, 06/15/21 (d)		1,400		1,402,786
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (d)		1,600		1,544,000
DigitalGlobe, Inc., 5.250%, 02/01/21 (d)		1,750		1,645,000

Description	Principal Amount (000)		Value
IHS, Inc., 5.000%, 11/01/22	$	1,750	$	1,680,000
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,689,375
The ADT Corp., 6.250%, 10/15/21		1,400		1,443,750
United Rentals North America, Inc.:
7.375%, 05/15/20		750		787,500
4.625%, 07/15/23		1,100		1,065,625
West Corp., 5.375%, 07/15/22 (d)		1,750		1,616,562
				13,968,598
Technology Hardware \| 2.0%
Denali Borrower Finance Corp., 5.625%, 10/15/20 (d)		1,400		1,455,300
NCR Corp., 4.625%, 02/15/21		1,568		1,501,360
Plantronics, Inc., 5.500%, 05/31/23 (d)		1,750		1,754,375
				4,711,035
Telecommunications \| 7.4%
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,665,000
Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (d)		1,700		1,513,000
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,559,250
Equinix, Inc., 4.875%, 04/01/20		1,872		1,904,760
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,537,500
Inmarsat Finance PLC, 4.875%, 05/15/22 (d)		1,750		1,701,875
Intelsat Jackson Holdings SA, 7.250%, 04/01/19		1,300		1,218,750
Level 3 Financing, Inc., 5.125%, 05/01/23 (d)		1,800		1,721,250
SBA Telecommunications, Inc., 5.750%, 07/15/20		1,500		1,545,000
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,298,000
T-Mobile USA, Inc., 6.250%, 04/01/21		1,850		1,843,525
				17,507,910
Transportation \| 1.2%
Hapag-Lloyd AG, 9.750%, 10/15/17 (d)		1,075		1,107,250

Description	Principal Amount (000)		Value
Lazard US Corporate Income Portfolio (concluded)
Teekay Corp., 8.500%, 01/15/20	$	1,725	$	1,690,500
				2,797,750
Total Corporate Bonds
(Identified cost $233,695,758)				224,304,732

Description	Shares		Value
Short-Term Investment \| 3.3%
State Street Institutional Treasury Money Market Fund (Identified cost $7,687,766)		7,687,766	$	7,687,766
Total Investments \| 98.6% (Identified cost $241,383,524) (b)			$	231,992,498
Cash and Other Assets in Excess of Liabilities \| 1.4%				3,392,760
Net Assets \| 100.0%			$	235,385,258

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 7.9%
Automotive \| 5.2%
Ally Auto Receivables Trust, 1.390%, 09/16/19	$	1,275	$	1,278,514
GM Financial Automobile Leasing Trust:
1.530%, 09/20/18		1,460		1,463,790
1.680%, 12/20/18		1,625		1,630,592
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (d)		1,200		1,198,100
				5,570,996
Financial Services \| 2.7%
Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		2,550		2,771,723
Total Asset-Backed Securities
(Identified cost $8,348,615)				8,342,719
Corporate Bonds \| 35.8%
Banking \| 7.1%
Bank of America Corp.:
1.500%, 10/09/15		825		825,066
3.625%, 03/17/16		700		709,237
3.750%, 07/12/16		1,710		1,744,070
6.500%, 08/01/16		1,555		1,624,079
Wells Fargo & Co., 3.676%, 06/15/16		2,525		2,577,969
				7,480,421
Cable Television \| 1.8%
Time Warner Cable, Inc., 5.850%, 05/01/17		1,835		1,942,060
Energy Exploration & Production \| 4.1%
Anadarko Petroleum Corp., 6.375%, 09/15/17		2,025		2,185,238
Marathon Oil Corp., 6.000%, 10/01/17		1,959		2,106,066
				4,291,304
Energy Services \| 2.5%
ONEOK Partners LP:
3.250%, 02/01/16		1,344		1,349,993
2.000%, 10/01/17		1,300		1,291,703
				2,641,696
Financial Services \| 18.1%
Citigroup, Inc.:
4.587%, 12/15/15		625		629,642
3.953%, 06/15/16		1,090		1,113,690
1.700%, 07/25/16		250		251,228
4.450%, 01/10/17		1,000		1,039,841
Ford Motor Credit Co. LLC, 8.000%, 12/15/16		2,030		2,181,994

Description	Principal Amount (000)		Value
JPMorgan Chase & Co.:
1.100%, 10/15/15	$	975	$	975,205
2.600%, 01/15/16		400		402,144
3.150%, 07/05/16		2,630		2,674,526
Morgan Stanley:
5.375%, 10/15/15		1,100		1,101,859
3.800%, 04/29/16		3,175		3,227,051
The Bear Stearns Cos., LLC, 5.300%, 10/30/15		225		225,733
The Goldman Sachs Group, Inc.:
1.600%, 11/23/15		50		50,068
3.625%, 02/07/16		2,475		2,498,701
The Western Union Co., 5.930%, 10/01/16		2,526		2,636,083
				19,007,765
Retail \| 2.2%
CVS Health Corp., 1.200%, 12/05/16		2,280		2,285,053
Total Corporate Bonds (Identified cost $37,685,657)				37,648,299
Municipal Bonds \| 5.6%
California \| 1.7%
California State Taxable Various Purpose:
1.050%, 02/01/16		1,175		1,177,444
5.500%, 03/01/16		575		586,736
				1,764,180
Illinois \| 0.5%
Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16		500		509,815
Kentucky \| 2.9%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18		3,053		3,111,102
Michigan \| 0.5%
Michigan State Hospital Finance Authority Series A Trinity Health, 5.250%, 12/01/15		500		504,205
Total Municipal Bonds (Identified cost $5,908,548)				5,889,302
US Government Securities \| 39.4%
Mortgage-Backed Securities \| 39.4%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 2.533%, 05/01/40		759		804,838
Pool# 1B8709, 2.189%, 08/01/34		2,097		2,210,210
Pool# 1H2577, 2.448%, 09/01/35		1,292		1,373,931
Pool# 848138, 2.490%, 07/01/38		1,073		1,143,040
Pool# 848514, 2.577%, 03/01/32		2,221		2,368,590
Pool# 848517, 2.437%, 12/01/34		1,607		1,708,433
Pool# 849414, 2.476%, 07/01/35		2,092		2,222,147
Pool# G11720, 4.500%, 08/01/20		348		362,433

Description	Principal Amount (000)		Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Pool# G13867, 5.000%, 06/01/25	$	520	$	563,366
Series 2628, Class QN, 3.750%, 06/15/32		944		973,669
Series 2976, Class LF, 0.547%, 05/15/35		1,463		1,465,876
Series 3153, Class FJ, 0.587%, 05/15/36		902		906,342
Series 3725, Class A, 3.500%, 09/15/24		306		316,201
Federal National Mortgage Association:
Pool# 725296, 2.193%, 03/01/34		946		1,007,393
Pool# 725429, 5.000%, 05/01/19		482		502,366
Pool# 889735, 5.500%, 07/01/23		461		504,279
Pool# 889828, 5.000%, 10/01/19		329		344,389
Pool# 963058, 2.528%, 05/01/38		800		853,816
Pool# 995609, 2.484%, 04/01/35		1,066		1,137,323
Pool# AD0278, 4.241%, 09/01/39		248		264,960
Pool# AD0701, 2.305%, 02/01/37		1,241		1,309,587
Pool# AE0149, 2.382%, 12/01/36		1,094		1,162,854
Pool# AE0315, 4.500%, 02/01/21		122		126,329
Pool# AE0887, 2.434%, 09/01/40		441		470,352
Pool# AL0345, 2.442%, 11/01/35		988		1,046,796
Pool# AL3232, 2.356%, 02/01/40		493		522,722
Pool# AL3260, 2.464%, 07/01/38		639		679,940
Pool# AL3739, 2.401%, 07/01/38		358		380,292
Pool# AL3746, 2.400%, 01/01/37		1,224		1,298,839
Pool# AL3941, 6.000%, 03/01/24		652		709,114
Pool# AL4118, 2.292%, 05/01/35		781		828,795
Pool# AL4545, 2.400%, 05/01/39		989		1,045,329
Pool# AL4660, 2.417%, 11/01/41		1,036		1,104,812
Pool# AL5574, 2.402%, 12/01/40		1,612		1,709,420
Pool# AL5642, 2.439%, 05/01/39		2,154		2,282,221
Series 2005-45, Class XA, 0.534%, 06/25/35		1,600		1,603,752
Series 2006-101, Class FA, 0.614%, 10/25/36		1,827		1,836,864
Series 2007-85, Class FL, 0.734%, 09/25/37		844		853,439
Series 2009-70, Class NL, 3.000%, 08/25/19		1,449		1,483,373
Total US Government Securities (Identified cost $41,450,111)				41,488,432
US Treasury Securities \| 7.4%
US Treasury Notes:
0.500%, 06/30/16		7,210		7,222,300
0.625%, 12/31/16		590		591,305
Total US Treasury Securities (Identified cost $7,809,733)				7,813,605



Description	Shares		Value
Short-Term Investment \| 3.4%
State Street Institutional Treasury Money Market Fund (Identified cost $3,585,422)		3,585,422	$	3,585,422
Total Investments \| 99.5% (Identified cost $104,788,086) (b)			$	104,767,779
Cash and Other Assets in Excess of Liabilities \| 0.5%				572,462
Net Assets \| 100.0%			$	105,340,241

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 31.4%
Australia \| 1.7%
Telstra Corp., Ltd., 4.000%, 11/15/17		AUD		110	$	79,166
Toyota Finance Australia, Ltd., 4.250%, 05/15/19		AUD		35		25,223
						104,389
Canada \| 5.3%
Shaw Communications, Inc., 5.650%, 10/01/19		CAD		80		67,269
Suncor Energy, Inc., 6.100%, 06/01/18		USD		50		55,283
The Bank of Nova Scotia, 2.125%, 09/11/19		USD		100		101,267
The Toronto-Dominion Bank:
2.250%, 11/05/19		USD		45		45,271
2.621%, 12/22/21		CAD		80		61,017
						330,107
Chile \| 1.6%
Codelco, Inc., 3.750%, 11/04/20		USD		100		100,052
France \| 1.1%
Orange SA, 5.375%, 07/08/19		USD		60		66,914
Italy \| 1.1%
Atlantia SpA, 4.375%, 09/16/25		EUR		50		68,700
Luxembourg \| 0.6%
ArcelorMittal SA, 5.250%, 02/25/17		USD		35		34,650
Netherlands \| 2.4%
Volkswagen International Finance NV, 2.150%, 05/23/16		CNY		1,000		151,652
Norway \| 0.8%
Statoil ASA, 3.700%, 03/01/24		USD		50		51,404
United Kingdom \| 3.6%
GKN Holdings PLC, 6.750%, 10/28/19		GBP		30		51,489
Rolls-Royce PLC, 6.750%, 04/30/19		GBP		50		87,511
SSE PLC, 5.000%, 10/01/18		GBP		50		81,839
						220,839
United States \| 13.2%
Apple, Inc., 3.850%, 05/04/43		USD		55		50,190

Description	Security Currency		Principal Amount (000)		Value
Constellation Brands, Inc., 7.250%, 05/15/17		USD		50	$	53,625
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20		USD		30		29,925
General Electric Capital Corp., 5.500%, 02/01/17		NZD		90		59,245
HCA, Inc., 6.500%, 02/15/20		USD		40		43,600
John Deere Capital Corp., 2.300%, 09/16/19		USD		30		30,404
Marathon Petroleum Corp., 3.625%, 09/15/24		USD		35		33,838
Nestle Holdings, Inc.:
2.500%, 07/10/17		NOK		250		30,048
2.750%, 04/15/20		NOK		340		42,599
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19		NZD		95		63,528
3.625%, 01/22/23		USD		55		55,747
The Home Depot, Inc., 2.625%, 06/01/22		USD		65		64,980
Union Pacific Corp., 4.163%, 07/15/22		USD		60		64,533
United Rentals North America, Inc., 4.625%, 07/15/23		USD		35		33,906
Valero Energy Corp., 6.125%, 02/01/20		USD		55		62,368
Verizon Communications, Inc., 1.350%, 06/09/17		USD		50		49,930
Yum! Brands, Inc., 3.750%, 11/01/21		USD		45		46,187
						814,653
Total Corporate Bonds (Identified cost $2,080,326)						1,943,360
Foreign Government Obligations \| 47.7%
Australia \| 2.9%
Queensland Treasury Corp.:
5.500%, 06/21/21		AUD		105		84,876
4.250%, 07/21/23		AUD		50		38,163
Western Australian Treasury Corp., 6.000%, 10/16/23		AUD		70		59,452
						182,491
Bahamas \| 0.7%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		35		40,863
Bermuda \| 1.8%
Government of Bermuda, 5.603%, 07/20/20		USD		100		110,500

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
Canada \| 4.9%
Province of Alberta, 4.000%, 12/01/19		CAD		85	$	70,541
Province of British Columbia, 3.700%, 12/18/20		CAD		80		66,445
Province of Ontario, 2.450%, 06/29/22		USD		60		60,810
Province of Quebec, 3.500%, 07/29/20		USD		95		102,445
						300,241
Chile \| 0.9%
Republic of Chile, 5.500%, 08/05/20		CLP		37,500		55,779
Colombia \| 2.7%
Republic of Colombia:
12.000%, 10/22/15		COP		178,000		57,819
7.375%, 01/27/17		USD		100		107,250
						165,069
France \| 2.0%
Government of France, 2.500%, 05/25/30		EUR		95		121,407
Hungary \| 2.0%
Hungary Government Bonds:
3.500%, 06/24/20		HUF		16,780		62,849
5.500%, 06/24/25		HUF		15,190		63,958
						126,807
Ireland \| 3.5%
Irish Treasury:
3.400%, 03/18/24		EUR		95		126,163
2.400%, 05/15/30		EUR		75		90,799
						216,962
Mexico \| 4.2%
Mexican Bonos:
4.750%, 06/14/18		MXN		2,000		118,746
6.500%, 06/09/22		MXN		970		59,507
United Mexican States, 6.750%, 02/06/24		GBP		45		83,261
						261,514
New Zealand \| 2.6%
Auckland Council, 4.620%, 03/29/16		NZD		100		64,456
New Zealand Government Bond, 3.000%, 04/15/20		NZD		110		71,141
New Zealand Local Government Funding Agency, 6.000%, 12/15/17		NZD		40		27,250
						162,847

Description	Security Currency		Principal Amount (000)		Value
Norway \| 2.1%
Oslo Kommune, 3.550%, 02/12/21		NOK		1,000	$	128,377
Philippines \| 2.1%
Republic of Philippines, 4.950%, 01/15/21		PHP		6,000		130,616
Poland \| 4.2%
Poland Government Bond, 1.790%, 01/25/21		PLN		600		154,557
Republic of Poland, 3.000%, 03/17/23		USD		103		102,819
						257,376
Portugal \| 0.9%
Portugal Obrigacoes do Tesouro OT, 2.875%, 10/15/25		EUR		50		58,240
Romania \| 0.5%
Romanian Government Bond, 3.625%, 04/24/24		EUR		27		32,440
Singapore \| 1.5%
Singapore Government Bond, 3.000%, 09/01/24		SGD		129		94,322
Spain \| 2.0%
Spain Government Bond, 1.600%, 04/30/25		EUR		115		126,041
Sweden \| 1.2%
Svensk Exportkredit AB, 1.875%, 12/21/18		GBP		50		77,175
United Kingdom \| 3.2%
United Kingdom Treasury:
1.750%, 07/22/19		GBP		40		62,178
2.250%, 09/07/23		GBP		85		135,091
						197,269
Vietnam \| 1.8%
Socialist Republic of Vietnam, 6.750%, 01/29/20		USD		100		108,748
Total Foreign Government Obligations (Identified cost $3,166,763)						2,955,084
Quasi Government Bonds \| 1.8%
Canada \| 1.5%
Hydro-Quebec, 9.625%, 07/15/22		CAD		85		94,181
Germany \| 0.3%
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17		NOK		160		19,352
Total Quasi Government Bonds (Identified cost $139,570)						113,533

Description	Security Currency		Principal Amount (000)		Value
Lazard Global Fixed Income Portfolio (continued)
Supranationals \| 5.3%
Asian Development Bank, 2.125%, 03/19/25		USD		60	$	59,511
Corporacion Andina de Fomento, 4.375%, 06/15/22		USD		105		114,000
Inter-American Development Bank, 6.000%, 12/15/17		NZD		55		37,376
International Bank for Reconstruction & Development, 1.375%, 06/23/19		SEK		420		52,168
International Finance Corp., 6.450%, 10/30/18		INR		4,160		63,034
Total Supranationals
(Identified cost $346,286)						326,089
US Municipal Bonds \| 4.7%
Alaska \| 1.5%
Alaska State Qualified School Construction Bond, 5.342%, 08/01/27		USD		75		89,912
Texas \| 2.2%
Texas State Build America Bond Series A, 4.123%, 04/01/25		USD		50		56,313
University of Texas Build America Bond Series B, 6.276%, 08/15/41		USD		70		79,074
						135,387
Utah \| 1.0%
Utah State Build America Bond Series D, 4.554%, 07/01/24		USD		55		62,922
Total US Municipal Bonds
(Identified cost $284,664)						288,221
US Treasury Securities \| 3.0%
US Treasury Bond, 2.875%, 08/15/45		USD		62		62,006
US Treasury Note, 2.125%, 05/15/25		USD		125		125,796
Total US Treasury Securities
(Identified cost $185,514)						187,802

Description	Shares		Value
Short-Term Investment \| 4.1%
State Street Institutional Treasury Money Market Fund (Identified cost $255,844)		255,844	$	255,844



Description	Value
Total Investments \| 98.0% (Identified cost $6,458,967) (b), (h)	$	6,069,933
Cash and Other Assets in Excess of Liabilities \| 2.0%		121,065
Net Assets \| 100.0%	$	6,190,998

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
CZK		CIT	11/18/15		434,940	$	17,968	$	17,894	$	—	$	74
CZK		JPM	11/18/15		1,965,021		81,300		80,842		—		458
EUR		CIT	11/18/15		734,154		818,571		820,941		2,370		—
EUR		HSB	11/18/15		72,736		83,500		81,334		—		2,166
EUR		HSB	11/18/15		72,844		83,500		81,455		—		2,045
EUR		HSB	11/18/15		102,863		115,000		115,022		22		—
GBP		HSB	11/18/15		141,982		221,999		214,733		—		7,266
JPY		CIT	11/18/15		10,026,628		83,800		83,627		—		173
JPY		CIT	11/18/15		61,283,612		494,067		511,134		17,067		—
JPY		HSB	11/18/15		10,879,885		88,300		90,743		2,443		—
JPY		HSB	11/18/15		43,407,925		349,927		362,043		12,116		—
KRW		CIT	11/18/15		103,693,200		88,400		87,342		—		1,058
MXN		JPM	11/18/15		40,663		2,384		2,396		12		—
MXN		JPM	11/18/15		1,450,009		85,034		85,449		415		—
MYR		HSB	12/18/15		136,469		32,400		30,895		—		1,505
NOK		HSB	11/18/15		274,495		33,376		32,219		—		1,157
NZD		CAN	11/18/15		100,176		62,700		63,823		1,123		—
Total Forward Currency Purchase Contracts						$	2,742,226	$	2,761,892	$	35,568	$	15,902
Forward Currency Sale Contracts
AUD		CAN	11/18/15		31,183	$	22,934	$	21,832	$	1,102	$	—
AUD		CAN	11/18/15		43,029		31,527		30,126		1,401		—
AUD		CAN	11/18/15		151,041		111,086		105,749		5,337		—
CAD		RBC	11/18/15		221,763		169,533		166,139		3,394		—
CLP		JPM	10/09/15		20,839,680		29,610		29,922		—		312
CNH		JPM	11/13/15		537,699		83,100		84,070		—		970
COP		CIT	10/21/15		192,948,232		71,233		62,355		8,878		—
EUR		CIT	11/18/15		70,425		77,793		78,750		—		957
EUR		HSB	11/18/15		53,311		59,469		59,614		—		145
EUR		HSB	11/18/15		86,077		99,000		96,252		2,748		—
GBP		HSB	11/18/15		205,731		321,675		311,147		10,528		—
HUF		JPM	11/18/15		17,552,618		62,985		62,541		444		—
HUF		JPM	01/22/16		17,653,210		61,697		62,931		—		1,234
INR		JPM	10/08/15		3,403,920		52,000		51,829		171		—
JPY		CIT	11/18/15		7,437,903		62,100		62,036		64		—
MXN		HSB	11/18/15		1,854,896		112,427		109,309		3,118		—
MXN		JPM	11/18/15		319,888		19,389		18,851		538		—
MXN		JPM	11/18/15		1,008,222		60,947		59,415		1,532		—
NOK		HSB	11/18/15		1,857,177		225,816		217,987		7,829		—
NZD		BRC	11/18/15		89,801		58,349		57,213		1,136		—
NZD		CAN	11/18/15		126,310		81,600		80,473		1,127		—
NZD		CAN	11/18/15		311,115		202,159		198,214		3,945		—
NZD		HSB	11/18/15		49,611		32,230		31,608		622		—
PHP		HSB	10/19/15		6,167,685		136,348		131,801		4,547		—

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at September 30, 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)
PLN	HSB	11/18/15		546,044	$	144,516	$	143,489	$	1,027	$	—
SEK	CIT	11/18/15		68,297		8,029		8,169		—		140
SGD	SCB	11/18/15		126,675		89,697		88,876		821		—
Total Forward Currency Sale Contracts					$	2,487,249	$	2,430,698		60,309		3,758
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	95,877	$	19,660



Description	Shares		Value
Lazard US Realty Income Portfolio
Common Stock \| 2.1%
Real Estate \| 2.1%
Jones Lang LaSalle, Inc. (Identified cost $2,062,168)		13,754	$	1,977,412
Preferred Stocks \| 23.5%
Real Estate \| 23.5%
DDR Corp., Series K, 6.250%		66,000		1,627,560
Digital Realty Trust, Inc., Series G, 5.875%		50,400		1,182,888
General Growth Properties, Inc., Series A, 6.375%		107,010		2,596,062
Kilroy Realty Corp., Series H, 6.375%		17,700		441,084
Kimco Realty Corp.:
Series J, 5.500%		69,900		1,690,182
Series K, 5.625%		30,700		751,536
National Retail Properties, Inc., Series E, 5.700%		30,800		754,292
Pebblebrook Hotel Trust, Series C, 6.500%		133,466		3,269,917
PS Business Parks, Inc., Series U, 5.750%		90,900		2,167,965
Regency Centers Corp., Series 7, 6.000%		31,481		780,729
Taubman Centers, Inc., Series K, 6.250%		69,251		1,721,580
VEREIT, Inc. Series F, 6.700%		121,985		2,952,037
Vornado Realty Trust, Series K, 5.700%		102,064		2,463,825
Total Preferred Stocks (Identified cost $22,510,026)				22,399,657
Real Estate Investment Trusts \| 74.3%
Ashford Hospitality Trust, Inc.		436,000		2,659,600
Blackstone Mortgage Trust, Inc., Class A		184,409		5,060,183
CBL & Associates Properties, Inc.		203,600		2,799,500
Chesapeake Lodging Trust		85,100		2,217,706
City Office REIT, Inc.		46,951		533,363
Colony Capital, Inc., Class A		230,926		4,516,913
Columbia Property Trust, Inc.		48,100		1,115,920
Digital Realty Trust, Inc.		16,500		1,077,780
Education Realty Trust, Inc.		72,200		2,378,990
EPR Properties		53,862		2,777,663
Farmland Partners, Inc.		155,500		1,632,750
HCP, Inc.		27,654		1,030,112
LaSalle Hotel Properties		138,300		3,926,337
Lexington Realty Trust		248,600		2,013,660
Medical Properties Trust, Inc.		427,000		4,722,620



Description	Shares		Value
NorthStar Realty Finance Corp.		361,500	$	4,464,525
Prologis, Inc.		27,100		1,054,190
Retail Opportunity Investments Corp.		130,400		2,156,816
Simon Property Group, Inc.		5,700		1,047,204
Spirit Realty Capital, Inc.		81,700		746,738
STAG Industrial, Inc.		212,900		3,876,909
Starwood Property Trust, Inc.		265,000		5,437,800
The GEO Group, Inc.		70,100		2,084,774
VEREIT, Inc.		660,153		5,096,381
WP Carey, Inc.		35,069		2,027,339
WP Glimcher, Inc.		373,065		4,349,938
Total Real Estate Investment Trusts (Identified cost $86,321,583)				70,805,711
Total Investments \| 99.9% (Identified cost $110,893,777) (b)			$	95,182,780
Cash and Other Assets in Excess of Liabilities \| 0.1%				100,651
Net Assets \| 100.0%			$	95,283,431



Description	Shares		Value
Lazard US Realty Equity Portfolio
Common Stocks \| 4.8%
Commercial Services \| 1.6%
Realogy Holdings Corp. (a)		39,340	$	1,480,364
Leisure & Entertainment \| 1.5%
Starwood Hotels & Resorts Worldwide, Inc.		21,500		1,429,320
Real Estate \| 1.7%
CBRE Group, Inc., Class A (a)		51,420		1,645,440
Total Common Stocks (Identified cost $4,762,363)				4,555,124
Real Estate Investment Trusts \| 94.1%
Acadia Realty Trust		12,547		377,288
American Homes 4 Rent, Class A		196,417		3,158,385
American Tower Corp.		70,910		6,238,662
Apartment Investment & Management Co., Class A		111,202		4,116,698
AvalonBay Communities, Inc.		35,300		6,171,146
Boston Properties, Inc.		23,933		2,833,667
Colony Capital, Inc., Class A		83,410		1,631,500
Empire State Realty Trust, Inc.		68,813		1,171,885
Equinix, Inc.		13,677		3,739,292
Equity Lifestyle Properties, Inc.		46,157		2,703,416
Essex Property Trust, Inc.		24,641		5,505,292
Extra Space Storage, Inc.		46,484		3,586,705
Federal Realty Investment Trust		9,408		1,283,722
General Growth Properties, Inc.		108,720		2,823,458
Host Hotels & Resorts, Inc.		124,302		1,965,215
Parkway Properties Inc.		82,343		1,281,257
Pebblebrook Hotel Trust		39,300		1,393,185
Prologis, Inc.		97,476		3,791,816
Public Storage		24,690		5,225,145
Retail Opportunity Investments Corp.		72,936		1,206,361
Rexford Industrial Realty, Inc.		204,799		2,824,178
Simon Property Group, Inc.		49,533		9,100,203
SL Green Realty Corp.		13,266		1,434,851
Sunstone Hotel Investors, Inc.		150,300		1,988,469
Tanger Factory Outlet Centers, Inc.		41,943		1,382,861
Ventas, Inc.		57,085		3,200,185
VEREIT, Inc.		420,116		3,243,296
Welltower, Inc.		45,863		3,105,842
WP Glimcher, Inc.		192,956		2,249,867
Total Real Estate Investment Trusts
(Identified cost $85,545,324)				88,733,847
Short-Term Investment \| 0.8%
State Street Institutional Treasury Money Market Fund (Identified cost $711,397)		711,397		711,397



Description	Shares	Value
Total Investments \| 99.7% (Identified cost $91,019,084) (b)		$	94,000,368
Cash and Other Assets in Excess of Liabilities \| 0.3%			284,293
Net Assets \| 100.0%		$	94,284,661



Description	Shares		Value
Lazard Global Realty Equity Portfolio
Common Stocks \| 30.6%
Brazil \| 1.4%
Aliansce Shopping Centers SA		11,215	$	30,127
BR Properties SA		8,640		23,319
Sonae Sierra Brasil SA		5,275		19,293
				72,739
China \| 1.6%
China Overseas Land & Investment, Ltd.		18,000		55,049
Shimao Property Holdings, Ltd.		18,500		28,074
				83,123
Germany \| 2.9%
Vonovia SE		4,752		152,745
Hong Kong \| 3.9%
Cheung Kong Property Holdings, Ltd.		14,000		102,604
China Resources Land, Ltd.		10,000		23,647
Hongkong Land Holdings, Ltd.		11,330		75,101
				201,352
India \| 1.1%
DLF, Ltd.		26,272		55,451
Japan \| 7.8%
Hulic Co., Ltd.		14,200		128,719
Mitsui Fudosan Co., Ltd.		7,680		211,206
Sumitomo Realty & Development Co., Ltd.		2,000		63,885
				403,810
Mexico \| 1.6%
Corp Inmobiliaria Vesta SAB de CV		53,760		84,147
Philippines \| 3.5%
Ayala Land, Inc.		95,625		69,776
SM Prime Holdings, Inc.		255,250		113,074
				182,850
Singapore \| 0.8%
Frasers Centrepoint, Ltd.		41,000		42,816
United Arab Emirates \| 2.0%
Emaar Properties PJSC		58,122		102,363
United Kingdom \| 0.9%
Capital & Counties Properties PLC		7,021		46,221
United States \| 3.1%
CBRE Group, Inc., Class A (a)		1,772		56,704
Realogy Holdings Corp. (a)		1,501		56,483
Starwood Hotels & Resorts Worldwide, Inc.		740		49,195
				162,382
Total Common Stocks (Identified cost $1,783,148)				1,589,999



Description	Shares		Value
Real Estate Investment Trusts \| 69.0%
Australia \| 3.6%
Charter Hall Group		11,341	$	34,739
Westfield Corp.		22,098		155,025
				189,764
Canada \| 2.6%
Allied Properties Real Estate Investment Trust		1,084		28,373
Boardwalk Real Estate Investment Trust		2,542		104,423
				132,796
France \| 4.6%
Gecina SA		340		41,431
Klepierre		2,143		97,207
Unibail-Rodamco SE		381		98,802
				237,440
Hong Kong \| 3.2%
The Link		30,019		165,081
Italy \| 0.9%
Beni Stabili SpA		63,948		49,719
Japan \| 4.8%
Invincible Investment Corp.		159		88,563
Kenedix Retail REIT Corp.		59		113,897
Premier Investment Corp.		9		44,830
				247,290
Singapore \| 0.9%
Ascendas Real Estate Investment Trust		29,080		47,968
United Kingdom \| 4.1%
Big Yellow Group PLC		7,402		81,225
Great Portland Estates PLC		7,489		97,034
Workspace Group PLC		2,387		33,894
				212,153
United States \| 44.3%
American Homes 4 Rent, Class A		7,990		128,479
American Tower Corp.		687		60,442
Apartment Investment & Management Co., Class A		2,142		79,297
AvalonBay Communities, Inc.		900		157,338
Boston Properties, Inc.		593		70,211
Colony Capital, Inc., Class A		2,463		48,176
Equinix, Inc.		398		108,813
Equity Lifestyle Properties, Inc.		1,700		99,569
Essex Property Trust, Inc.		873		195,046
Extra Space Storage, Inc.		800		61,728
General Growth Properties, Inc.		2,082		54,070
Host Hotels & Resorts, Inc.		3,400		53,754
Pebblebrook Hotel Trust		1,400		49,630



Description	Shares		Value
Lazard Global Realty Equity Portfolio (concluded)
Prologis, Inc.		3,453	$	134,322
Public Storage		865		183,060
Retail Opportunity Investments Corp.		4,862		80,417
Rexford Industrial Realty, Inc.		4,387		60,497
Simon Property Group, Inc.		1,537		282,378
SL Green Realty Corp.		530		57,325
Ventas, Inc.		1,266		70,972
VEREIT, Inc.		12,374		95,527
Welltower, Inc.		1,350		91,422
WP Glimcher, Inc.		6,532		76,163
				2,298,636
Total Real Estate Investment Trusts (Identified cost $3,548,558)				3,580,847
Short-Term Investment \| 1.3%
State Street Institutional Treasury Money Market Fund (Identified cost $67,340)		67,340		67,340
Total Investments \| 100.9% (Identified cost $5,399,046) (b)			$	5,238,186
Liabilities in Excess of Cash and Other Assets \| (0.9)%				(47,826	)
Net Assets \| 100.0%			$	5,190,360



Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 93.9%
Australia \| 12.3%
AusNet Services		35,115,727	$	33,732,841
DUET Group		53,319,959		80,967,704
Macquarie Atlas Roads Group		9,843,472		27,091,734
Spark Infrastructure Group		33,015,937		43,412,139
Transurban Group		13,353,116		93,386,222
				278,590,640
Austria \| 0.3%
Flughafen Wien AG		84,870		7,653,990
France \| 11.0%
Aeroports de Paris		389,868		44,245,283
Eutelsat Communications SA		3,366,579		103,310,976
Vinci SA		1,602,031		101,869,027
				249,425,286
Germany \| 3.0%
Fraport AG		1,109,350		68,413,502
Italy \| 24.0%
ASTM SpA		834,619		11,101,459
Atlantia SpA		3,908,572		109,433,543
Hera SpA		14,348,703		37,287,308
Snam SpA		35,362,747		181,984,223
Societa Iniziative Autostradali e Servizi SpA		1,980,147		22,268,906
Terna SpA		36,953,675		179,903,184
				541,978,623
Japan \| 2.4%
Toho Gas Co., Ltd.		1,172,661		6,940,105
Tokyo Gas Co., Ltd.		9,643,700		46,878,489
				53,818,594
Luxembourg \| 4.8%
SES SA		3,444,712		108,698,172
Portugal \| 0.5%
REN - Redes Energeticas Nacionais SGPS SA		3,684,800		11,056,562
Spain \| 4.5%
Abertis Infraestructuras SA		6,409,896		101,411,784
Switzerland \| 1.5%
Flughafen Zuerich AG		46,960		32,720,117
United Kingdom \| 5.1%
National Grid PLC		1,610,000		22,422,082
Pennon Group PLC		7,837,911		92,328,689
				114,750,771
United States \| 24.5%
Ameren Corp.		2,269,000		95,910,630



Description	Shares		Value
CSX Corp.		4,764,559	$	128,166,637
Great Plains Energy, Inc.		4,085,000		110,376,700
Norfolk Southern Corp.		1,334,837		101,981,547
PG&E Corp.		2,024,699		106,904,107
SJW Corp.		382,316		11,756,217
				555,095,838
Total Common Stocks (Identified cost $2,188,868,439)				2,123,613,879
Short-Term Investment \| 5.9%
State Street Institutional Treasury Money Market Fund (Identified cost $134,216,854)		134,216,854		134,216,854
Total Investments \| 99.8% (Identified cost $2,323,085,293) (b), (h)			$	2,257,830,733
Cash and Other Assets in Excess of Liabilities \| 0.2%				4,006,685
Net Assets \| 100.0%			$	2,261,837,418

Lazard Global Listed Infrastructure Portfolio (continued)

Forward Currency Contracts open at September 30, 2015:

Currency	Counterparty		Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
CHF		BNP	12/22/15		2,328,109	$	2,400,630	$	2,395,960	$	—	$	4,670
CHF		BNP	12/22/15		2,657,966		2,723,019		2,735,430		12,411		—
CHF		CSF	12/22/15		783,974		806,749		806,823		74		—
EUR		BNP	12/22/15		37,385,969		41,774,035		41,833,870		59,835		—
GBP		BNP	12/22/15		6,957,934		10,746,877		10,522,341		—		224,536
JPY		BNP	12/22/15		349,621,307		2,919,923		2,918,694		—		1,229
JPY		BNP	12/22/15		460,513,282		3,810,713		3,844,437		33,724		—
JPY		CIT	12/22/15		2,193,308,984		18,230,479		18,310,087		79,608		—
Total Forward Currency Purchase Contracts						$	83,412,425	$	83,367,642	$	185,652	$	230,435
Forward Currency Sale Contracts
AUD		BNP	12/22/15		63,775,615	$	45,103,072	$	44,573,068	$	530,004	$	—
AUD		CAN	12/22/15		21,544,869		15,237,178		15,057,807		179,371		—
AUD		CIT	12/22/15		45,187,929		31,957,807		31,582,049		375,758		—
AUD		CSF	12/22/15		70,997,329		50,210,731		49,620,357		590,374		—
AUD		HSB	12/22/15		46,567,933		32,934,705		32,546,541		388,164		—
AUD		RBC	12/22/15		64,566,426		45,663,959		45,125,769		538,190		—
AUD		SCB	12/22/15		31,359,583		21,876,445		21,917,355		—		40,910
AUD		SSB	12/22/15		52,630,670		37,219,357		36,783,815		435,542		—
CHF		CAN	12/22/15		5,711,077		5,880,433		5,877,521		2,912		—
CHF		CSF	12/22/15		17,122,906		17,620,328		17,621,938		—		1,610
CHF		JPM	12/22/15		2,754,140		2,834,618		2,834,407		211		—
CHF		RBC	12/22/15		9,812,155		10,102,917		10,098,122		4,795		—
CHF		SCB	12/22/15		2,543,814		2,618,480		2,617,951		529		—
EUR		BNP	12/22/15		218,892,207		247,985,170		244,934,354		3,050,816		—
EUR		CAN	12/22/15		81,631,906		92,472,623		91,343,856		1,128,767		—
EUR		CIT	12/22/15		52,980,050		60,010,768		59,283,218		727,550		—
EUR		CSF	12/22/15		67,868,702		76,861,305		75,943,209		918,096		—
EUR		HSB	12/22/15		60,328,808		68,341,077		67,506,275		834,802		—
EUR		MEL	12/22/15		110,910,038		125,627,800		124,105,279		1,522,521		—
EUR		RBC	12/22/15		204,842,719		232,004,864		229,213,364		2,791,500		—
EUR		SCB	12/22/15		30,078,077		34,070,641		33,656,540		414,101		—
EUR		SSB	12/22/15		152,656,668		172,940,923		170,818,609		2,122,314		—
GBP		BNP	12/22/15		21,758,940		33,607,771		32,905,598		702,173		—
GBP		CIT	12/22/15		4,486,232		6,928,537		6,784,437		144,100		—
GBP		HSB	12/22/15		4,564,871		7,049,849		6,903,360		146,489		—
GBP		JPM	12/22/15		1,929,593		2,980,397		2,918,084		62,313		—
GBP		RBC	12/22/15		11,196,931		17,292,170		16,932,888		359,282		—
GBP		SCB	12/22/15		19,092,455		29,489,251		28,873,127		616,124		—
GBP		SSB	12/22/15		11,281,971		17,425,794		17,061,493		364,301		—
JPY		BNP	12/22/15		1,670,702,529		13,884,755		13,947,287		—		62,532
JPY		CAN	12/22/15		1,066,007,293		8,860,504		8,899,195		—		38,691
JPY		CIT	12/22/15		2,281,035,676		18,959,651		19,042,443		—		82,792
JPY		CSF	12/22/15		324,227,879		2,694,735		2,706,705		—		11,970

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 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)
JPY		HSB	12/22/15		880,524,538	$	7,317,703	$	7,350,757	$	—	$	33,054
JPY		JPM	12/22/15		991,859,340		8,243,477		8,280,197		—		36,720
JPY		MEL	12/22/15		1,372,102,972		11,403,876		11,454,531		—		50,655
JPY		SSB	12/22/15		790,067,041		6,566,163		6,595,603		—		29,440
Total Forward Currency Sale Contracts						$	1,622,279,834	$	1,603,717,109		18,951,099		388,374
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	19,136,751	$	618,809



Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Note \| 3.6%
VelocityShares Daily Inverse VIX Short-Term ETN (a) (Identified cost $5,329,497)		216,305	$	5,267,027
Exchange-Traded Funds \| 68.2%
Financial Select Sector SPDR Fund		130,600		2,959,396
iShares Currency Hedged MSCI Eurozone ETF		116,600		2,891,680
iShares iBoxx $ Investment Grade Corporate Bond ETF		30,000		3,482,700
iShares MSCI Europe Small-Cap ETF		124,700		5,448,143
iShares MSCI Italy Capped ETF		314,100		4,497,912
iShares MSCI Japan ETF		515,300		5,889,879
iShares MSCI Japan Small-Cap ETF		89,700		4,957,719
iShares North American Tech ETF		137,200		13,758,416
iShares U.S. Consumer Services ETF		48,800		6,714,392
PowerShares Aerospace & Defense Portfolio		225,830		7,418,516
PowerShares Fundamental High Yield Corporate Bond Portfolio		932,500		16,607,825
SPDR Barclays Convertible Securities ETF		90,400		4,042,688
SPDR S&P Regional Banking ETF		73,135		3,011,699
Vanguard Short-Term Corporate Bond ETF		155,900		12,426,789
WisdomTree Europe SmallCap Dividend Fund		95,205		5,126,789
Total Exchange-Traded Funds (Identified cost $104,499,206)				99,234,543
Closed-End Management Investment Company \| 5.0%
Eaton Vance Limited Duration Income Fund (Identified cost $7,536,633)		573,300		7,269,444
Short-Term Investment \| 20.3%
State Street Institutional Treasury Money Market Fund (Identified cost $29,606,246)		29,606,246		29,606,246
Total Investments \| 97.1% (Identified cost $146,971,582) (b), (h)			$	141,377,260
Cash and Other Assets in Excess of Liabilities \| 2.9%				4,266,582
Net Assets \| 100.0%			$	145,643,842

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Sale Contracts open at September 30, 2015:

Currency	Counterparty	Expiration Date	Foreign Currency Amount		US $ Cost on Origination Date		US $ Current Value		Unrealized Appreciation
EUR	SSB	11/18/15		1,392,354	$	1,566,000	$	1,556,948	$	9,052
EUR	SSB	11/18/15		2,696,134		3,095,000		3,014,852		80,148
EUR	SSB	11/18/15		4,333,555		4,852,000		4,845,837		6,163
Total Forward Currency Sale Contracts					$	9,513,000	$	9,417,637	$	95,363
Gross unrealized appreciation on Forward Currency Sale Contracts									$	95,363

Total Return Swap Agreements open at September 30, 2015:

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Depreciation

1 Month USD LIBOR plus 0.40%

USD

GSC

7,161

01/21/16

Appreciation, and dividends paid, on securities in a basket of domestic equity securities

198,843

1 Month USD LIBOR plus 0.40%

USD

GSC

3,994

06/27/16

Appreciation, and dividends paid, on securities in a basket of domestic equity securities

44,139

Gross unrealized depreciation on Total Return Swap Agreements

242,982



Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 4.4%
Australia \| 0.5%
Ainsworth Game Technology, Ltd.		4,533	$	8,934
Spotless Group Holdings, Ltd.		11,260		17,133
				26,067
Canada \| 0.5%
Air Canada (a)		1,952		15,695
CRH Medical Corp. (a)		488		1,562
Sandvine Corp. (a)		2,279		3,962
				21,219
Italy \| 0.0%
Banca Sistema SpA (a)		108		486
Japan \| 0.1%
Kenedix Retail REIT Corp.		3		5,791
United States \| 3.3%
American Airlines Group, Inc.		228		8,853
Bank of America Corp.		672		10,470
Barnes & Noble Education, Inc. (a)		1		7
Bristol-Myers Squibb Co.		255		15,096
Chesapeake Energy Corp.		40		293
Cobalt International Energy, Inc. (a)		40		283
Exelixis, Inc. (a)		7,898		44,308
Forest City Enterprises, Inc. Class A (a)		100		2,013
Gramercy Property Trust, Inc. REIT		157		3,261
Greatbatch, Inc. (a)		114		6,432
JAKKS Pacific, Inc. (a)		193		1,644
M/A-COM Technology Solutions Holdings, Inc. (a)		132		3,827
MGIC Investment Corp. (a)		240		2,222
Navistar International Corp. (a)		96		1,221
PTC Therapeutics, Inc. (a)		55		1,469
RAIT Financial Trust REIT		611		3,031
SanDisk Corp.		20		1,087
Sequenom, Inc. (a)		139		243
Signature Bank (a)		53		7,291
SolarCity Corp. (a)		64		2,733
Solazyme, Inc. (a)		2,312		6,011
SunEdison, Inc. (a)		101		725
The Priceline Group, Inc. (a)		1		1,237
Theravance, Inc.		864		6,204
Trinity Industries, Inc.		117		2,652
United Continental Holdings, Inc. (a)		390		20,689



Description	Shares		Value
Voya Financial, Inc.		262	$	10,158
				163,460
Total Common Stocks (Identified cost $233,724)				217,023

Description	Principal Amount (000) (i)		Value
Corporate Bonds \| 21.9%
Marshall Island \| 0.7%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		45	$	37,350
United States \| 21.2%
Alpha Natural Resources, Inc., 4.875%, 12/15/20 (f)		158		5,530
AMAG Pharmaceuticals, Inc., 7.875%, 09/01/23 (d)		15		14,363
Apollo Commercial Real Estate Finance, Inc., 5.500%, 03/15/19		15		14,691
Ascent Capital Group, Inc., 4.000%, 07/15/20		55		39,600
Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22		30		24,037
Avid Technology, Inc., 2.000%, 06/15/20 (d)		35		24,325
Broadsoft, Inc., 1.000%, 09/01/22 (d)		50		49,062
Cenveo Corp., 7.000%, 05/15/17		20		18,025
Chesapeake Energy Corp., 2.500%, 05/15/37		9		7,740
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		40		41,600
Dycom Industries, Inc., 0.750%, 09/15/21 (d)		48		47,400
Empire State Realty OP LP, 2.625%, 08/15/19 (d)		65		65,772
FireEye, Inc., 1.625%, 06/01/35		30		26,650
FXCM, Inc., 2.250%, 06/15/18		64		49,920
IAS Operating Partnership LP, 5.000%, 03/15/18 (d)		65		61,425
Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22 (d)		40		35,550
JAKKS Pacific, Inc., 4.875%, 06/01/20 (d)		25		25,531
MGIC Investment Corp., 9.000%, 04/01/63 (d)		29		35,869
Navistar International Corp., 4.750%, 04/15/19		1		696

Description	Principal Amount (000)(i)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Northstar Realty Europe Corp., 4.625%, 12/15/16 (d)		105	$	104,590
RAIT Financial Trust REIT, 4.000%, 10/01/33		50		41,625
Renewable Energy Group, Inc., 2.750%, 06/15/19		25		21,516
Resource Capital Corp., 8.000%, 01/15/20		25		23,453
Solazyme, Inc., 5.000%, 10/01/19		5		2,859
Spirit Realty Capital, Inc., 2.875%, 05/15/19		70		65,187
Starwood Waypoint Residential Trust, 3.000%, 07/01/19		41		38,899
Trinity Industries, Inc., 3.875%, 06/01/36		74		87,274
Violin Memory, Inc., 4.250%, 10/01/19		40		28,550
Wright Medical Group, Inc., 2.000%, 02/15/20 (d)		60		57,075
				1,058,814
Total Corporate Bonds (Identified cost $1,198,763)				1,096,164

Description	Shares		Value
Exchange-Traded Funds \| 0.7%
iShares MSCI Emerging Markets ETF		170	$	5,573
SPDR S&P 500 ETF Trust		156		29,894
Total Exchange-Traded Funds (Identified cost $35,615)				35,467
Preferred Stocks \| 3.5%
United States \| 3.5%
Bunge, Ltd.		586		57,504
Chesapeake Energy Corp.		17		6,783
Cowen Group, Inc. Series A		40		34,790
Universal Corp.		67		76,916
Total Preferred Stocks (Identified cost $185,087)				175,993

Description	Number of Contracts		Value
Purchased Options \| 0.1%
Citrix Systems, Inc. 80 Call, Expires 01/15/16		4	$	500
EMC Corp. 27 Call, Expires 10/16/15		23		230
Micron Technology, Inc. 21 Call, Expires 10/16/15		4		12


Description	Number of Contracts		Value
SPDR S&P 500 ETF Trust 190 Put, Expires 11/20/15		7	$	3,934
Teck Resources, Ltd. 4 Put, Expires 02/19/16		7		532
Tivo, Inc. 12 Call, Expires 01/15/16		6		12
Total Purchased Options (Identified cost $9,215)				5,220

Description	Shares		Value
Short-Term Investment \| 56.1%
State Street Institutional Treasury Money Market Fund (Identified cost $2,803,814)		2,803,814	$	2,803,814
Total Investments \| 86.7% (Identified cost $4,466,218) (b)			$	4,333,681
Cash and Other Assets in Excess of Liabilities \| 13.3%				664,503
Net Assets \| 100.0%			$	4,998,184

Lazard Enhanced Opportunities Portfolio (continued)

Written Options open at September 30, 2015:

Description	Number of Contracts		Strike Price	Expiration Date	Premium		Value
EMC Corp. 25 Put	7	$	25.00	01/15/16	$	1,220	$	(1,645	)
SPDR S&P 500 ETF Trust 193 Put	2		193.00	10/16/15		689		(910	)
Teck Resources, Ltd. 2 Put	13		2.00	02/19/16		305		(234	)
Tivo, Inc. 10 Put	6		10.00	01/15/16		459		(882	)
Total Written Options					$	2,673	$	(3,671	)

Total Return Swap Agreements open at September 30, 2015:

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month EUR Reuters plus 1.00%

EUR

DUB

01/05/16

Euronext NV

—

251

1 Month GBP Reuters plus 1.00%

GBP

DUB

02/12/16

Entertainment One, Ltd.

—

2,074

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Aar Corp.

—

3,789

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Aegean Marine Petroleum Network, Inc.

—

1,804

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Alon USA Energy, Inc.

3,257

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Altra Industrial Motion Corp.

—

8,400

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

American Residential Properties OP LP

—

2,545

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Amtrust Financial Services

3,696

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

ANI Pharmaceuticals, Inc.

—

11,801

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Ascent Capital Group, Inc.

—

1,294

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Atlas Air Worldwide Holdings, Inc.

—

699

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Blucora, Inc.

—

400

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Bottomline Technologies de, Inc.

—

623

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

BroadSoft, Inc.

—

231

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Carriage Services, Inc.

—

6,083

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Cemex SAB de CV

—

4,363

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Chesapeake Energy Corp.

—

256

1 Month USD Reuters plus 1.00%

USD

DUB

—

(j)

09/28/16

Cobalt International Energy, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Colony Capital, Inc.

—

7,484

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Cowen Group, Inc.

1,300

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Empire State Realty OP LP

—

175

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Encore Capital Group, Inc.

—

6,138

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Exelixis, Inc.

7,768

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

FireEye, Inc.

—

5,756

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Forest City Enterprises, Inc.

—

5,988

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

GPT Property Trust LP

—

8,520

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Green Plains, Inc.

—

16,635

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Hologic, Inc.

3,915

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Intel Corp.

—

695

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

JAKKS Pacific, Inc.

310

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

K Hovnanian Enterprises, Inc.

—

11,164

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

LGI Homes, Inc.

11,700

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

LinkedIn Corp.

—

522

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

MercadoLibre, Inc.

—

704

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Mgic Investment Corp.

—

1,056

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Micron Technology, Inc.

—

4,346

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Navistar International Corp.

—

5,174

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Netsuite, Inc.

—

3,235

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

New Mountain Finance Corp.

—

281

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

NXP Semiconductors NV

433

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Omnicare, Inc.

11,126

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

PDL Biopharma, Inc.

—

4,950

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Photronics, Inc.

—

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Photronics, Inc.

890

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

PRA Group, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Quidel Corp.

—

8,243

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Rait Financial Trust

—

150

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Redwood Trust, Inc.

—

1,894

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Renewable Energy Group, Inc.

—

1,331

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Restoration Hardware Holdings, Inc.

—

152

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Rovi Corp.

—

627

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SanDisk Corp.

—

715

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SanDisk Corp.

—

1,046

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Sequenom, Inc.

—

1,663

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SolarCity Corp.

—

427

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SolarCity Corp.

—

8,824

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Solazyme, Inc.

—

246

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Starwood Property Trust, Inc.

—

3,413

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Starwood Waypoint Residential Trust

—

640

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SunEdison, Inc.

—

29,976

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

The Priceline Group, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

The Priceline Group, Inc.

—

185

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Theravance, Inc.

—

11,284

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

TIVO, Inc.

—

465

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Trinity Industries, Inc.

—

9,066

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Vector Group, Ltd.

2,859

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Violin Memory, Inc.

—

6,093

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Wabash National Corp.

—

1,077

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

WebMD Health Corp.

—

3,266

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Workday, Inc.

—

7,768

47,309

226,070

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month EUR Reuters less
1.50%

EUR

DUB

09/19/16

Bolsas y Mercados Espanoles SHMSF SA

918

—

1 Month USD Reuters plus
1.00%

USD

DUB

09/28/16

Apollo Commercial Real Estate Finance, Inc.

—

325

USD FED OPEN less
0.5%

USD

DUB

09/29/16

Vector Group, Ltd.

180

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Aegean Marine Petroleum Network, Inc.

3,476

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Alon USA Energy, Inc.

—

3,289

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Altra Industrial Motion Corp.

4,997

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

American Residential Properties, Inc.

812

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

ANI Pharmaceuticals, Inc.

10,302

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Ascent Capital Group, Inc.

2,388

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Atlas Air Worldwide Holdings, Inc.

3,283

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Avid Technology, Inc.

3,038

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

B&G Foods, Inc.

128

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Blucora, Inc.

537

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Bottomline Technologies de, Inc.

426

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Bunge, Ltd.

4,731

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Carriage Services, Inc.

3,431

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Cenveo, Inc.

417

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Chesapeake Energy Corp.

290

—

USD FED OPEN less
0.30%

USD

DUB

09/29/16

Citrix Systems, Inc.

236

—

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Cobalt International Energy, Inc.

—

344

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Colony Capital, Inc.

3,190

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Cowen Group, Inc.

11,705

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Dycom Industries, Inc.

206

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

EMC Corp.

737

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Encore Capital Group, Inc.

2,460

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

FireEye, Inc.

4,465

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Forest City Enterprises, Inc.

1,555

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Green Plains, Inc.

9,447

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Hologic, Inc.

408

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Hovnanian Enterprises, Inc.

5,255

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Intel Corp.

—

780

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Ironwood Pharmaceuticals, Inc.

1,870

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

LGI Homes, Inc.

—

11,337

USD FED OPEN less 0.30%

USD

DUB

09/29/16

LinkedIn Corp.

105

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

MercadoLibre, Inc.

388

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Merck & Co., Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

MGIC Investment Corp.

2,927

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Micron Technology, Inc.

1,668

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Navistar International Corp.

2,897

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

NetSuite, Inc.

2,219

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

NXP Semiconductors NV

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Photronics, Inc.

1,113

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

PRA Group, Inc.

—

142

Lazard Enhanced Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 0.30%

USD

DUB

09/29/16

The Priceline Group, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Quidel Corp.

5,216

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Redwood Trust, Inc.

678

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Renewable Energy Group, Inc.

4,274

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Restoration Hardware Holdings, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Rovi Corp.

412

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

SanDisk Corp.

—

455

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Spirit Realty Capital, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Starwood Waypoint Residential Trust

130

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

SunEdison, Inc.

23,596

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

TiVo, Inc.

200

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Trinity Industries, Inc.

20,175

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

United States Treasury Note, 1.50%, 05/31/20

—

1,247

USD FED OPEN less 0.30%

USD

DUB

09/29/16

United States Treasury Note, 1.625%, 07/31/20

—

116

USD FED OPEN less 0.30%

USD

DUB

147

09/29/16

United States Treasury Note, 2.125%, 05/15/25

—

4,051

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Universal Corp./VA

500

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Violin Memory, Inc.

11,108

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Vulcan Materials Co.

516

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Wabash National Corp.

636

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

WebMD Health Corp.

1,494

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Workday, Inc.

4,189

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Wright Medical Group, Inc.

5,155

—

USD FED OPEN less 0.75%

USD

DUB

118

09/29/16

iShares Russell 2000 ETF

—

1,303

USD FED OPEN less 0.85%

USD

DUB

09/29/16

BroadSoft, Inc.

820

—

Lazard Enhanced Opportunities Portfolio (concluded)

Total Return Swap Agreements open at September 30, 2015 (concluded):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 2.50%

USD

DUB

09/29/16

PDL BioPharma, Inc.

949

—

USD FED OPEN less 2.50%

USD

DUB

09/29/16

SolarCity Corp.

3,977

—

USD FED OPEN less 3.00%

USD

DUB

09/29/16

Amtrust Financial Services, Inc.

188

—

USD FED OPEN less 3.00%

USD

DUB

09/29/16

Exelixis, Inc.

—

21,275

USD FED OPEN less 4.00%

USD

DUB

09/29/16

Sequenom, Inc.

1,133

—

USD FED OPEN less 4.50%

USD

DUB

09/29/16

JAKKS Pacific, Inc.

—

1,786

USD FED OPEN less 8.25%

USD

DUB

09/29/16

Theravance, Inc.

22,547

—

USD FED OPEN less 22.25%

USD

DUB

09/29/16

Solazyme, Inc.

8,914

—

209,063

46,598

Gross unrealized appreciation/depreciation on Total Return Swap Agreements

256,372

272,668



Description	Shares		Value
Lazard Fundamental Long/Short Portfolio
Common Stocks \| 83.6%
Alcohol & Tobacco \| 3.5%
Reynolds American, Inc. (k)		122,935	$	5,442,332
Banking \| 6.0%
Bank of America Corp. (k)		241,371		3,760,560
Signature Bank (a), (k)		40,849		5,619,189
				9,379,749
Chemicals \| 1.8%
Eastman Chemical Co. (k)		43,758		2,832,018
Commercial Services \| 10.0%
H&R Block, Inc. (k)		139,481		5,049,212
Huron Consulting Group, Inc. (a), (k)		34,125		2,133,836
ServiceMaster Global Holdings, Inc. (a), (k)		152,979		5,132,446
United Rentals, Inc. (a), (k)		52,898		3,176,525
				15,492,019
Computer Software & Services \| 2.1%
Check Point Software Technologies, Ltd. (a), (k)		41,333		3,278,947
Financial Services \| 10.4%
Intercontinental Exchange, Inc. (k)		17,092		4,016,449
MasterCard, Inc., Class A (k)		36,385		3,279,016
Springleaf Holdings, Inc. (a), (k)		69,236		3,026,998
The Charles Schwab Corp. (k)		89,261		2,549,294
Visa, Inc., Class A (k)		46,994		3,273,602
				16,145,359
Food & Beverages \| 1.0%
Kellogg Co. (k)		24,348		1,620,359
Health Services \| 3.0%
Aetna, Inc. (k)		14,305		1,565,110
Quintiles Transnational Holdings, Inc. (a), (k)		44,872		3,121,745
				4,686,855
Insurance \| 6.3%
Aon PLC (k)		27,006		2,393,002
The Hartford Financial Services Group, Inc. (k)		110,138		5,042,118
Voya Financial, Inc. (k)		60,719		2,354,075
				9,789,195
Leisure & Entertainment \| 2.9%
Hilton Worldwide Holdings, Inc. (k)		56,500		1,296,110
Norwegian Cruise Line Holdings, Ltd. (a), (k)		55,244		3,165,481
				4,461,591
Manufacturing \| 3.0%
Honeywell International, Inc. (k)		48,439		4,586,689



Description	Shares			Value
Media \| 2.4%
Alphabet, Inc., Class C (a)		6,151		$	3,742,391
Medical Products \| 5.2%
McKesson Corp. (k)		12,254			2,267,358
Natus Medical, Inc. (a), (k)		147,532			5,820,137
					8,087,495
Pharmaceutical & Biotechnology \| 3.8%
Zoetis, Inc. (k)		142,084			5,851,019
Real Estate \| 0.9%
Communications Sales & Leasing, Inc., REIT (k)		76,665			1,372,304
Retail \| 16.5%
Advance Auto Parts, Inc. (k)		56,823			10,769,663
CVS Health Corp. (k)		41,038			3,959,346
Dick’s Sporting Goods, Inc. (k)		104,349			5,176,754
DSW, Inc., Class A (k)		56,259			1,423,915
Kohl’s Corp. (k)		91,359			4,230,836
					25,560,514
Semiconductors & Components \| 3.9%
Bruker Corp. (a), (k)		79,660			1,308,814
Maxim Integrated Products, Inc. (k)		51,092			1,706,473
NXP Semiconductors NV (a), (k)		35,699			3,108,312
					6,123,599
Transportation \| 0.9%
Union Pacific Corp. (k)		15,869			1,402,978
Total Common Stocks
(Identified cost $133,129,584)					129,855,413
Short-Term Investment \| 77.3%
State Street Institutional Treasury Money Market Fund (Identified cost $120,072,884)		120,072,884			120,072,884
Total Investments excluding Securities Sold Short \| 160.9% (Identified cost $253,202,468)					249,928,297
Securities Sold Short \| (62.7)%
Banking \| (4.3)%
Cullen/Frost Bankers, Inc.		(16,572	)		(1,053,648	)
Hancock Holding Co.		(40,015	)		(1,082,406	)
Texas Capital Bancshares, Inc. (a)		(22,818	)		(1,196,119	)
US Bancorp		(56,167	)		(2,303,409	)
Valley National Bancorp		(102,530	)		(1,008,895	)
					(6,644,477	)
Cable Television \| (0.6)%
DISH Network Corp., Class A (a)		(16,588	)		(967,744	)



Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (continued)
Chemicals \| (0.5)%
The Dow Chemical Co.	(18,197	)	$	(771,553	)
Commercial Services \| (3.9)%
Fastenal Co.	(58,409	)		(2,138,353	)
MSC Industrial Direct Co., Inc., Class A	(31,564	)		(1,926,351	)
WW Grainger, Inc.	(9,183	)		(1,974,437	)
				(6,039,141	)
Computer Software & Services \| (0.8)%
SAP SE Sponsored ADR	(18,919	)		(1,225,762	)
Construction & Engineering \| (0.5)%
KBR, Inc.	(46,319	)		(771,675	)
Consumer Products \| (1.5)%
Fossil Group, Inc. (a)	(40,567	)		(2,266,884	)
Financial Services \| (9.0)%
Affiliated Managers Group, Inc. (a)	(13,570	)		(2,320,334	)
Capital One Financial Corp.	(24,062	)		(1,744,976	)
Eaton Vance Corp.	(63,174	)		(2,111,275	)
Janus Capital Group, Inc.	(86,224	)		(1,172,646	)
Prudential Financial, Inc.	(13,683	)		(1,042,782	)
T Rowe Price Group, Inc.	(31,677	)		(2,201,552	)
The Goldman Sachs Group, Inc.	(7,893	)		(1,371,488	)
Waddell & Reed Financial, Inc., Class A	(55,764	)		(1,938,914	)
				(13,903,967	)
Food & Beverages \| (2.2)%
B&G Foods, Inc.	(30,791	)		(1,122,332	)
The Hain Celestial Group, Inc. (a)	(45,272	)		(2,336,035	)
				(3,458,367	)
Forest & Paper Products \| (0.8)%
Bemis Co., Inc.	(32,506	)		(1,286,262	)
Health Services \| (1.0)%
Owens & Minor, Inc.	(49,124	)		(1,569,021	)
Insurance \| (1.8)%
Genworth Financial, Inc., Class A (a)	(103,717	)		(479,173	)
Lincoln National Corp.	(14,159	)		(671,986	)
The Travelers Cos., Inc.	(17,078	)		(1,699,773	)
				(2,850,932	)
Leisure & Entertainment \| (0.7)%
Jack in the Box, Inc.	(15,155	)		(1,167,541	)
				(1,167,541	)
Manufacturing \| (5.3)%
Caterpillar, Inc.	(17,661	)		(1,154,323	)
Corning, Inc.	(82,927	)		(1,419,710	)
Deere & Co.	(31,271	)		(2,314,054	)
Dover Corp.	(16,902	)		(966,456	)



Description	Shares			Value
Kennametal, Inc.	(46,864	)	$	(1,166,445	)
Terex Corp.	(67,756	)		(1,215,543	)
				(8,236,531	)
Medical Products \| (3.7)%
Baxter International, Inc.	(41,640	)		(1,367,874	)
ConforMIS, Inc.	(79,706	)		(1,439,490	)
Patterson Cos., Inc.	(34,767	)		(1,503,673	)
Varian Medical Systems, Inc. (a)	(18,857	)		(1,391,270	)
				(5,702,307	)
Pharmaceutical & Biotechnology \| (7.2)%
Achillion Pharmaceuticals, Inc. (a)	(180,930	)		(1,250,226	)
AMAG Pharmaceuticals, Inc. (a)	(26,200	)		(1,040,926	)
Exact Sciences Corp. (a)	(48,735	)		(876,743	)
Haemonetics Corp. (a)	(31,651	)		(1,022,960	)
Illumina, Inc. (a)	(8,602	)		(1,512,403	)
Kite Pharma, Inc. (a)	(21,185	)		(1,179,581	)
Merck & Co., Inc.	(55,407	)		(2,736,552	)
Zimmer Biomet Holdings, Inc.	(15,989	)		(1,501,847	)
				(11,121,238	)
Retail \| (14.4)%
Bed Bath & Beyond, Inc. (a)	(34,347	)		(1,958,466	)
Big Lots, Inc.	(48,391	)		(2,318,897	)
Dollar Tree, Inc. (a)	(15,076	)		(1,004,966	)
Foot Locker, Inc.	(14,630	)		(1,052,921	)
lululemon athletica, Inc. (a)	(18,092	)		(916,360	)
Nordstrom, Inc.	(31,238	)		(2,240,077	)
PVH Corp.	(10,560	)		(1,076,486	)
The Children’s Place, Inc.	(20,035	)		(1,155,419	)
The Gap, Inc.	(80,067	)		(2,281,910	)
The Kroger Co.	(69,415	)		(2,503,799	)
Tiffany & Co.	(38,052	)		(2,938,375	)
Wal-Mart Stores, Inc.	(45,881	)		(2,974,924	)
				(22,422,600	)
Semiconductors & Components \| (1.3)%
Cavium, Inc. (a)	(18,269	)		(1,121,169	)
Linear Technology Corp.	(20,510	)		(827,578	)
				(1,948,747	)
Technology \| (1.8)%
Amdocs, Ltd.	(28,431	)		(1,617,155	)
NetScout Systems, Inc. (a)	(34,660	)		(1,225,924	)
				(2,843,079	)
Transportation \| (1.4)%
Knight Transportation, Inc.	(44,863	)		(1,076,712	)



Description	Shares			Value
Lazard Fundamental Long/Short Portfolio (concluded)
Werner Enterprises, Inc.	(44,822	)	$	(1,125,032	)
				(2,201,744	)
Total Securities Sold Short (Proceeds $106,987,918)				(97,399,572	)
Total Investments \| 98.2% (Identified cost and short proceeds $146,214,550) (b)			$	152,528,725
Cash and Other Assets in Excess of Liabilities \| 1.8%				2,788,065
Net Assets \| 100.0%			$	155,316,790



Description	Shares		Value
Lazard Master Alternatives Portfolio
Common Stocks \| 54.1%
Australia \| 1.1%
Ainsworth Game Technology, Ltd.		14,095	$	27,779
Asaleo Care, Ltd.		46,074		58,046
Caltex Australia, Ltd.		837		18,522
Pact Group Holdings, Ltd.		5,296		17,776
Spotless Group Holdings, Ltd.		45,621		69,418
				191,541
Belgium \| 0.4%
Anheuser-Busch InBev SA/NV (k)		698		74,137
Brazil \| 1.3%
Ambev SA		10,000		48,985
BB Seguridade Participacoes SA		8,100		50,690
BM&FBovespa SA		7,200		20,122
Braskem SA A Shares		5,800		24,388
CCR SA		4,400		13,507
JBS SA		5,000		21,188
Lojas Renner SA		10,000		46,412
				225,292
Canada \| 0.5%
Air Canada (a)		1,494		12,012
Altus Group, Ltd.		958		14,702
Cineplex, Inc. (k)		419		14,892
CRH Medical Corp. (a)		375		1,200
Encana Corp. (k)		2,641		17,008
Freehold Royalties, Ltd.		2,000		16,216
Sandvine Corp. (a)		1,745		3,034
				79,064
Chile \| 0.3%
Cia Cervecerias Unidas SA Sponsored ADR		1,700		37,655
Enersis SA Sponsored ADR		1,200		15,168
				52,823
China \| 2.3%
Boer Power Holdings, Ltd.		11,000		18,668
China Construction Bank Corp., Class H		13,000		8,708
China Hongqiao Group, Ltd.		21,500		10,178
China Lesso Group Holdings, Ltd.		25,000		20,048
China Lodging Group, Ltd. Sponsored ADR (a), (k)		600		14,598
China Medical System Holdings, Ltd.		24,000		27,482
China Overseas Land & Investment, Ltd.		10,000		30,583
China Telecom Corp., Ltd. Class H		26,000		12,531
Chongqing Rural Commercial Bank Co., Ltd., Class H		19,000		10,880



Description	Shares		Value
CIFI Holdings Group Co., Ltd.		46,000	$	8,175
CNOOC, Ltd.		15,000		15,527
Fufeng Group, Ltd.		36,000		14,923
Huadian Power International Corp., Ltd. Class H		22,000		17,279
Longfor Properties Co., Ltd.		8,500		10,776
NetEase, Inc. ADR (k)		200		24,024
New China Life Insurance Co., Ltd. Class H		3,000		12,955
New Oriental Education & Technology Group, Inc. Sponsored ADR		400		8,084
PICC Property & Casualty Co., Ltd., Class H		8,000		15,729
Shenzhou International Group Holdings, Ltd.		2,000		10,337
Sunac China Holdings, Ltd.		22,000		11,732
Sunny Optical Technology Group Co., Ltd.		11,000		22,007
The People’s Insurance Co. Group of China, Ltd., Class H		24,000		11,791
TravelSky Technology, Ltd. Class H		14,000		17,859
Vipshop Holdings, Ltd. ADR (a)		800		13,440
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		4,800		8,419
Xinyi Solar Holdings, Ltd.		34,000		11,751
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,500		11,194
				399,678
Denmark \| 0.2%
Carlsberg A/S, Class B (k)		479		36,863
Egypt \| 0.3%
Commercial International Bank Egypt SAE GDR		9,722		59,667
Finland \| 0.5%
Sampo Oyj, A Shares (k)		1,914		92,826
France \| 1.5%
Alstom SA (a), (k)		1,863		57,592
Klepierre REIT (k)		1,670		75,752
Renault SA (k)		464		33,332
Vallourec SA		750		6,652
Vivendi SA (k)		3,725		88,189
				261,517
Germany \| 0.8%
Bayerische Motoren Werke AG		649		57,610
LEG Immobilien AG (k)		1,044		86,074
				143,684
Greece \| 0.1%
Tsakos Energy Navigation, Ltd.		1,900		15,447
Hong Kong \| 1.0%
BOC Hong Kong Holdings, Ltd. (k)		13,500		39,847
China Everbright, Ltd.		10,000		23,022



Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
China Mobile, Ltd.		1,000	$	11,896
China Power International Development, Ltd.		18,000		11,821
China Resources Land, Ltd.		4,000		9,459
China Unicom Hong Kong, Ltd.		18,000		22,855
CP Pokphand Co., Ltd.		140,000		15,678
Sino Biopharmaceutical, Ltd.		16,000		19,878
Tongda Group Holdings, Ltd.		90,000		15,742
				170,198
Hungary \| 0.3%
MOL Hungarian Oil & Gas Nyrt.		722		31,505
Richter Gedeon Nyrt.		738		11,736
				43,241
India \| 0.4%
Dr Reddy’s Laboratories, Ltd. ADR		300		19,173
Infosys, Ltd. Sponsored ADR		1,300		24,817
Tata Motors, Ltd. Sponsored ADR (a)		700		15,750
				59,740
Ireland \| 1.5%
Bank of Ireland (a)		206,165		80,193
CRH PLC (k)		3,916		103,592
Kerry Group PLC, Class A		490		36,634
Permanent TSB Group Holdings PLC (a)		6,904		36,709
				257,128
Israel \| 0.7%
Check Point Software Technologies, Ltd. (a), (k)		1,140		90,436
Israel Discount Bank, Ltd., Class A (a)		12,876		23,536
				113,972
Italy \| 0.7%
Banca Popolare dell’Emilia Romagna SC		1,310		10,832
Banca Popolare di Milano Scarl		11,108		10,979
Banca Sistema SpA (a)		85		382
Banco Popolare SC (a)		668		9,881
Credito Valtellinese Scarl (a)		8,571		11,087
Davide Campari-Milano SpA (k)		7,990		63,751
Unione di Banche Italiane SCpA		1,410		10,004
				116,916
Japan \| 5.5%
Asahi Kasei Corp.		1,000		7,059
Daiwa House Industry Co., Ltd. (k)		4,800		119,143
FANUC Corp. (k)		300		46,251
Gulliver International Co., Ltd. (k)		6,600		60,783
Hitachi, Ltd.		1,000		5,054
Hulic Co., Ltd. (k)		3,900		35,352
JAFCO Co., Ltd. (k)		700		27,794



Description	Shares		Value
Kenedix Retail REIT Corp.		2	$	3,861
Keyence Corp. (k)		100		44,774
LIXIL Group Corp.		700		14,237
Makita Corp. (k)		400		21,336
Mitsubishi Corp.		500		8,221
Mitsubishi Estate Co., Ltd. (k)		1,000		20,495
Mitsubishi UFJ Financial Group, Inc. (k)		5,600		33,846
Mizuho Financial Group, Inc.		18,700		35,125
Nidec Corp. (k)		400		27,559
Nintendo Co., Ltd.		100		16,894
Nippon Steel & Sumitomo Metal Corp.		400		7,307
Nippon Yusen Kabushiki Kaisha		2,000		4,641
Nissan Chemical Industries, Ltd. (k)		1,400		30,823
Nitto Denko Corp. (k)		500		30,031
Nomura Holdings, Inc. (k)		5,400		31,332
ORIX Corp. (k)		2,600		33,632
Rinnai Corp.		100		7,644
SCREEN Holdings Co., Ltd. (k)		2,000		9,809
Shin-Etsu Chemical Co., Ltd. (k)		400		20,560
Sony Corp. (k)		1,200		29,342
Sumitomo Mitsui Financial Group, Inc. (k)		800		30,454
Sumitomo Mitsui Trust Holdings, Inc. (k)		8,000		29,508
Taisei Corp. (k)		7,000		45,792
Takashimaya Co., Ltd. (k)		1,000		8,114
The Dai-ichi Life Insurance Co., Ltd. (k)		1,500		23,988
The Kansai Electric Power Co., Inc. (a), (k)		1,700		19,030
Tokyo Tatemono Co., Ltd.		1,300		15,570
Tokyu Fudosan Holdings Corp. (k)		3,100		20,705
Toshiba Corp. (a)		5,000		12,627
Ube Industries, Ltd.		7,000		12,262
				950,955
Mexico \| 1.7%
Arca Continental SAB de CV		10,600		59,694
Controladora Vuela Cia de Aviacion SAB de CV (a)		1,712		25,543
Credito Real SAB de CV SOFOM ER		4,600		8,988
Gentera SAB de CV		26,400		43,134
Gruma SAB de CV, Class B		1,300		17,879
Grupo Aeromexico SAB de CV (a)		6,500		10,216
Grupo Aeroportuario del Centro Norte SAB de CV		5,000		24,836
Grupo Aeroportuario del Sureste SAB de CV, B Shares		1,085		16,557
Industrias Bachoco SAB de CV , Series B		4,600		23,344
Kimberly-Clark de Mexico SAB de CV, Series A		4,600		10,403



Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Promotora y Operadora de Infraestructura SAB de CV (a)		5,500	$	60,255
				300,849
Netherlands \| 1.2%
Euronext NV		459		19,562
NXP Semiconductors NV (a), (k)		985		85,764
Wolters Kluwer NV (k)		3,491		107,634
				212,960
Norway \| 0.1%
Europris ASA		3,252		15,514
Peru \| 0.1%
Credicorp, Ltd.		100		10,636
Philippines \| 0.4%
Alliance Global Group, Inc.		85,300		28,004
Cebu Air, Inc.		6,030		11,183
Globe Telecom, Inc.		630		31,790
				70,977
Poland \| 0.3%
Energa SA		3,748		16,659
Polski Koncern Naftowy Orlen SA		525		9,162
Polskie Gornictwo Naftowe i Gazownictwo SA		18,211		31,288
				57,109
Russia \| 0.3%
Lukoil PJSC Sponsored ADR		244		8,304
Magnitogorsk Iron & Steel Works OJSC Sponsored GDR		2,385		9,633
Severstal PAO GDR		1,064		11,292
Tatneft OAO Sponsored ADR		517		14,496
				43,725
South Africa \| 3.0%
Astral Foods, Ltd.		2,508		31,598
AVI, Ltd.		8,344		52,817
Barclays Africa Group, Ltd.		1,134		13,956
Capitec Bank Holdings, Ltd.		1,344		48,636
Clicks Group, Ltd.		8,053		52,226
FirstRand, Ltd.		10,706		38,057
Liberty Holdings, Ltd.		3,704		33,791
Life Healthcare Group Holdings, Ltd.		8,730		22,468
Mondi, Ltd.		1,024		21,492
Mr Price Group, Ltd.		2,913		40,657
Nampak, Ltd.		10,191		19,002
Pioneer Foods Group, Ltd.		982		13,902
Sasol, Ltd.		2,063		57,918
Sibanye Gold, Ltd. Sponsored ADR		2,408		11,173
The SPAR Group, Ltd.		939		12,551



Description	Shares		Value
Truworths International, Ltd.		4,047	$	24,881
Vodacom Group, Ltd.		2,457		24,420
				519,545
Sweden \| 0.4%
Swedbank AB, A Shares (k)		3,332		73,696
Switzerland \| 0.4%
Actelion, Ltd. (k)		271		34,473
Credit Suisse Group AG		1,364		32,815
				67,288
Taiwan \| 0.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		3,400		70,550
United Kingdom \| 3.5%
Aon PLC (k)		745		66,014
Associated British Foods PLC (k)		1,520		77,035
AstraZeneca PLC (k)		567		35,984
Diageo PLC (k)		2,839		76,399
Infinis Energy PLC		12,186		24,818
International Consolidated Airlines Group SA (a)		4,400		39,267
Pearson PLC (k)		4,291		73,338
Premier Oil PLC (a)		9,161		9,263
Provident Financial PLC		628		29,895
Prudential PLC (k)		3,687		77,945
Shire PLC (k)		498		33,991
Spire Healthcare Group PLC		3,283		17,918
UBM PLC (k)		4,511		33,217
				595,084
United States \| 22.9%
Advance Auto Parts, Inc. (k)		1,567		296,994
Aetna, Inc. (k)		394		43,108
Alphabet, Inc., Class C (a)		291		177,050
American Airlines Group, Inc.		175		6,795
Bank of America Corp. (k)		7,166		111,646
Barnes & Noble Education, Inc. (a)		–		1
Bristol-Myers Squibb Co. (k)		193		11,426
Bruker Corp. (a), (k)		2,198		36,113
Chesapeake Energy Corp.		17		125
Cobalt International Energy, Inc. (a)		20		142
Communications Sales & Leasing, Inc., REIT (k)		2,115		37,859
CVS Health Corp. (k)		1,132		109,215
Dick’s Sporting Goods, Inc. (k)		2,879		142,827
DSW, Inc., Class A (k)		1,552		39,281
Eastman Chemical Co. (k)		1,207		78,117
Exelixis, Inc. (a)		6,743		37,828



Description	Shares		Value
Lazard Master Alternatives Portfolio (continued)
Forest City Enterprises, Inc. Class A (a)		69	$	1,389
Gramercy Property Trust, Inc. REIT		114		2,368
Greatbatch, Inc. (a), (k)		392		22,117
H&R Block, Inc. (k)		3,848		139,298
Halliburton Co. (k)		981		34,678
Hilton Worldwide Holdings, Inc. (k)		1,570		36,016
Honeywell International, Inc. (k)		1,336		126,506
Huron Consulting Group, Inc. (a), (k)		941		58,841
Intercontinental Exchange, Inc. (k)		472		110,915
JAKKS Pacific, Inc. (a)		81		690
Kellogg Co. (k)		672		44,722
Kohl’s Corp. (k)		2,534		117,350
M/A-COM Technology Solutions Holdings, Inc. (a)		100		2,899
MasterCard, Inc., Class A (k)		1,004		90,480
Maxim Integrated Products, Inc. (k)		1,410		47,094
McKesson Corp. (k)		338		62,540
MGIC Investment Corp. (a)		156		1,445
Natus Medical, Inc. (a), (k)		4,070		160,561
Navistar International Corp. (a)		71		903
Norwegian Cruise Line Holdings, Ltd. (a), (k)		1,524		87,325
PTC Therapeutics, Inc. (a)		41		1,095
Quintiles Transnational Holdings, Inc. (a), (k)		1,238		86,128
RAIT Financial Trust REIT		500		2,480
Reynolds American, Inc. (k)		3,392		150,164
SanDisk Corp.		11		598
Sequenom, Inc. (a)		88		154
ServiceMaster Global Holdings, Inc. (a), (k)		4,220		141,581
Signature Bank (a), (k)		1,163		159,982
SolarCity Corp. (a)		48		2,050
Solazyme, Inc. (a)		1,774		4,612
Springleaf Holdings, Inc. (a), (k)		2,260		98,807
SunEdison, Inc. (a)		107		768
The Charles Schwab Corp. (k)		2,463		70,343
The Hartford Financial Services Group, Inc. (k)		3,039		139,125
The J.M. Smucker Co. (k)		668		76,212
The Priceline Group, Inc. (a)		1		1,237
The Procter & Gamble Co. (k)		979		70,429
Theravance, Inc.		622		4,466
Trinity Industries, Inc.		69		1,564
Union Pacific Corp. (k)		1,158		102,379
United Continental Holdings, Inc. (a), (k)		296		15,703
United Rentals, Inc. (a), (k)		2,058		123,583
United Therapeutics Corp. (a), (k)		221		29,004
Visa, Inc., Class A (k)		1,296		90,279
Voya Financial, Inc. (k)		1,873		72,616



Description	Shares		Value
Zoetis, Inc. (k)		5,787	$	238,309
				3,960,332
Total Common Stocks (Identified cost $9,881,743)				9,342,954

Description	Principal Amount (000) (i)			Value
Corporate Bonds \| 5.1%
Marshall Island \| 0.2%
Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18		35	$	29,050
United States \| 4.9%
Alpha Natural Resources, Inc., 4.875%, 12/15/20 (f)		116		4,060
AMAG Pharmaceuticals, Inc., 7.875%, 09/01/23 (d)		10		9,575
Apollo Commercial Real Estate Finance, Inc., 5.500%, 03/15/19		15		14,691
Ascent Capital Group, Inc., 4.000%, 07/15/20		45		32,400
Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22		22		17,628
Avid Technology, Inc., 2.000%, 06/15/20 (d)		25		17,375
Broadsoft, Inc., 1.000%, 09/01/22 (d)		35		34,344
Cenveo Corp., 7.000%, 05/15/17		18		16,223
Chesapeake Energy Corp., 2.500%, 05/15/37		7		6,020
CHS/Community Health Systems, Inc., 7.125%, 07/15/20		30		31,200
Dycom Industries, Inc., 0.750%, 09/15/21 (d)		33		32,587
Empire State Realty OP LP, 2.625%, 08/15/19 (d)		60		60,712
Exelixis, Inc., 4.250%, 08/15/19		2		2,414
FireEye, Inc., 1.625%, 06/01/35		25		22,208
FXCM, Inc., 2.250%, 06/15/18		50		39,000
IAS Operating Partnership LP, 5.000%, 03/15/18 (d)		45		42,525
Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22 (d)		30		26,662
JAKKS Pacific, Inc., 4.875%, 06/01/20 (d)		25		25,531
MGIC Investment Corp., 9.000%, 04/01/63 (d)		24		29,685

Description	Principal Amount (000) (i)		Value
Lazard Master Alternatives Portfolio (continued)
Navistar International Corp., 4.750%, 04/15/19		1	$	696
Northstar Realty Europe Corp., 4.625%, 12/15/16 (d)		79		78,692
RAIT Financial Trust REIT, 4.000%, 10/01/33		40		33,300
Renewable Energy Group, Inc., 2.750%, 06/15/19		30		25,819
Resource Capital Corp., 8.000%, 01/15/20		22		20,639
Solazyme, Inc., 5.000%, 10/01/19		5		2,859
Spirit Realty Capital, Inc., 2.875%, 05/15/19		50		46,562
Starwood Waypoint Residential Trust, 3.000%, 07/01/19		33		31,309
Trinity Industries, Inc., 3.875%, 06/01/36		50		58,969
Violin Memory, Inc., 4.250%, 10/01/19		50		35,687
Wright Medical Group, Inc., 2.000%, 02/15/20 (d)		45		42,806
				842,178
Total Corporate Bonds (Identified cost $954,270)				871,228


Description	Shares		Value
Exchange-Traded Funds \| 1.1%
iShares MSCI Brazil Index Fund		7,070	$	155,187
iShares MSCI Emerging Markets ETF		130		4,261
SPDR S&P 500 ETF Trust		111		21,271
Total Exchange-Traded Funds (Identified cost $185,161)				180,719
Preferred Stocks \| 0.9%
Brazil \| 0.1%
Banco Bradesco SA		3,500		18,910
United States \| 0.8%
Bunge, Ltd.		450		44,158
Chesapeake Energy Corp.		12		4,788
Cowen Group, Inc. Series A		30		26,093
Universal Corp.		49		56,252
				131,291
Total Preferred Stocks (Identified cost $171,641)				150,201


Description	Number of Contracts			Value
Purchased Options \| 0.0%
Citrix Systems, Inc. 80 Call, Expires 01/15/16		3		$	375
EMC Corp. 27 Call, Expires 10/16/15		18			180
Micron Technology, Inc. 21 Call, Expires 10/16/15		4			12
SPDR S&P 500 ETF Trust 190 Put, Expires 11/20/15		5			2,810
Teck Resources, Ltd. 4 Put, Expires 02/19/16		6			456
Tivo, Inc. 12 Call, Expires 01/15/16		5			10
Total Purchased Options (Identified cost $7,040)					3,843


Description	Shares			Value
Short-Term Investment \| 50.0%
State Street Institutional Treasury Money Market Fund (Identified cost $8,636,615)		8,636,615		$	8,636,615
Total Investments excluding Securities Sold Short \| 111.2% (Identified cost $19,836,470)					19,185,560
Securities Sold Short \| (26.3)%
Common Stocks \| (24.7)%
Australia \| (0.4)%
Commonwealth Bank of Australia		(504	)		(25,932	)
Insurance Australia Group, Ltd.		(7,310	)		(25,006	)
National Australia Bank, Ltd.		(1,214	)		(25,762	)
					(76,700	)
Canada \| (0.4)%
lululemon athletica, Inc. (a)		(1,320	)		(66,858	)

Denmark \| (0.3)%
Coloplast AS, Class B		(326	)		(23,128	)
Novozymes AS Class B		(614	)		(26,813	)
					(49,941	)
France \| (0.7)%
Bureau Veritas SA		(2,611	)		(55,085	)
Legrand SA		(692	)		(36,791	)
Publicis Groupe SA		(538	)		(36,756	)
					(128,632	)
Germany \| (0.4)%
Hannover Rueck SE		(361	)		(36,908	)



Description	Shares			Value
Lazard Master Alternatives Portfolio (continued)
SAP SE Sponsored ADR		(522	)	$	(33,820	)
					(70,728	)
Japan \| (3.0)%
Eisai Co., Ltd.		(300	)		(17,794	)
Ezaki Glico Co., Ltd.		(300	)		(13,886	)
Hirose Electric Co., Ltd.		(200	)		(21,841	)
Hitachi Construction Machinery Co., Ltd.		(1,200	)		(16,089	)
House Foods Group, Inc.		(500	)		(8,494	)
Ibiden Co., Ltd.		(900	)		(11,843	)
Japan Display, Inc. (a)		(6,300	)		(18,163	)
Kaneka Corp.		(4,000	)		(29,570	)
Kewpie Corp.		(600	)		(11,992	)
Kikkoman Corp.		(1,000	)		(27,597	)
Kuraray Co., Ltd.		(1,000	)		(12,490	)
Kyocera Corp.		(400	)		(18,355	)
MEIJI Holdings Co., Ltd.		(200	)		(14,717	)
Mitsui OSK Lines, Ltd.		(7,000	)		(16,831	)
Nissan Motor Co., Ltd.		(3,500	)		(32,240	)
NSK, Ltd.		(1,900	)		(18,447	)
NTN Corp.		(3,000	)		(12,418	)
Ono Pharmaceutical Co., Ltd.		(200	)		(23,789	)
Ryosan Co., Ltd.		(200	)		(4,696	)
Shionogi & Co., Ltd.		(700	)		(25,162	)
Sysmex Corp.		(500	)		(26,439	)
Taiyo Yuden Co., Ltd.		(1,500	)		(19,596	)
Toyota Motor Corp.		(500	)		(29,407	)
Unicharm Corp.		(1,700	)		(30,166	)
Yakult Honsha Co., Ltd.		(500	)		(25,044	)
Yaskawa Electric Corp.		(3,200	)		(32,685	)
					(519,751	)
Norway \| (0.2)%
DNB ASA		(2,619	)		(34,131	)

Spain \| (0.6)%
Banco Bilbao Vizcaya Argentaria SA		(5,931	)		(50,305	)
Bolsas y Mercados Espanoles SA		(529	)		(17,879	)
Mediaset Espana Comunicacion SA		(3,463	)		(37,824	)
					(106,008	)
Sweden \| (0.6)%
Getinge AB, B Shares		(1,096	)		(24,475	)
Hexagon AB, B Shares		(1,184	)		(36,235	)
Svenska Handelsbanken AB, A Shares		(2,597	)		(37,309	)
					(98,019	)
Switzerland \| (0.6)%
GAM Holding AG		(2,020	)		(35,645	)



Description	Shares			Value
Givaudan SA		(13	)	$	(21,183	)
Nestle SA		(501	)		(37,728	)
					(94,556	)
United Kingdom \| (0.6)%
Barratt Developments PLC		(2,270	)		(22,206	)
Berkeley Group Holdings PLC		(360	)		(18,228	)
Experian PLC		(2,825	)		(45,339	)
Zoopla Property Group PLC		(5,030	)		(15,919	)
					(101,692	)
United States \| (16.9)%
Achillion Pharmaceuticals, Inc. (a)		(4,975	)		(34,377	)
Affiliated Managers Group, Inc. (a)		(374	)		(63,950	)
AMAG Pharmaceuticals, Inc. (a)		(1,190	)		(47,279	)
Amdocs, Ltd.		(784	)		(44,594	)
B&G Foods, Inc.		(1,859	)		(67,761	)
Baxter International, Inc.		(1,149	)		(37,745	)
Bed Bath & Beyond, Inc. (a)		(948	)		(54,055	)
Bemis Co., Inc.		(897	)		(35,494	)
Big Lots, Inc.		(1,335	)		(63,973	)
Capital One Financial Corp.		(664	)		(48,153	)
Caterpillar, Inc.		(487	)		(31,830	)
Cavium, Inc. (a)		(504	)		(30,930	)
ConforMIS, Inc.		(2,199	)		(39,714	)
Corning, Inc.		(2,288	)		(39,171	)
Cullen/Frost Bankers, Inc.		(457	)		(29,056	)
Deere & Co.		(863	)		(63,862	)
DISH Network Corp., Class A (a)		(458	)		(26,720	)
Dollar Tree, Inc. (a)		(416	)		(27,731	)
Dover Corp.		(466	)		(26,646	)
Eaton Vance Corp.		(2,816	)		(94,111	)
Exact Sciences Corp. (a)		(2,100	)		(37,779	)
Fastenal Co.		(1,611	)		(58,979	)
Foot Locker, Inc.		(400	)		(28,788	)
Fossil Group, Inc. (a)		(1,119	)		(62,530	)
Genworth Financial, Inc., Class A (a)		(2,861	)		(13,218	)
Haemonetics Corp. (a)		(873	)		(28,215	)
Hancock Holding Co.		(1,104	)		(29,863	)
Illumina, Inc. (a)		(434	)		(76,306	)
Jack in the Box, Inc.		(418	)		(32,203	)
Janus Capital Group, Inc.		(2,379	)		(32,354	)
KBR, Inc.		(1,278	)		(21,291	)
Kennametal, Inc.		(1,293	)		(32,183	)
Kite Pharma, Inc. (a)		(915	)		(50,947	)
Knight Transportation, Inc.		(2,188	)		(52,512	)
Lincoln National Corp.		(391	)		(18,557	)
Linear Technology Corp.		(566	)		(22,838	)
Merck & Co., Inc.		(2,032	)		(100,360	)



Description	Shares			Value
Lazard Master Alternatives Portfolio (continued)
MSC Industrial Direct Co., Inc., Class A		(871	)	$	(53,157	)
NetScout Systems, Inc. (a)		(956	)		(33,814	)
Nordstrom, Inc.		(862	)		(61,814	)
Owens & Minor, Inc.		(1,355	)		(43,279	)
Patterson Cos., Inc.		(959	)		(41,477	)
Prudential Financial, Inc.		(377	)		(28,731	)
PVH Corp.		(290	)		(29,563	)
T Rowe Price Group, Inc.		(874	)		(60,743	)
Terex Corp.		(1,869	)		(33,530	)
Texas Capital Bancshares, Inc. (a)		(630	)		(33,025	)
The Children’s Place, Inc.		(553	)		(31,891	)
The Dow Chemical Co.		(502	)		(21,285	)
The Gap, Inc.		(2,185	)		(62,272	)
The Goldman Sachs Group, Inc.		(218	)		(37,880	)
The Hain Celestial Group, Inc. (a)		(2,072	)		(106,915	)
The Kroger Co.		(1,915	)		(69,074	)
The Travelers Cos., Inc.		(471	)		(46,879	)
Tiffany & Co.		(1,050	)		(81,081	)
US Bancorp		(1,550	)		(63,565	)
Valley National Bancorp		(2,829	)		(27,837	)
Varian Medical Systems, Inc. (a)		(739	)		(54,523	)
Waddell & Reed Financial, Inc., Class A		(1,538	)		(53,476	)
Wal-Mart Stores, Inc.		(1,279	)		(82,930	)
Werner Enterprises, Inc.		(2,187	)		(54,894	)
WW Grainger, Inc.		(253	)		(54,398	)
Zimmer Biomet Holdings, Inc.		(441	)		(41,423	)
					(2,915,531	)
					(4,262,547	)
Exchange-Traded Fund \| (1.6)%
United States \| (1.6)%
SPDR S&P 500 ETF Trust (Proceeds $289,908)		(1,431	)		(274,223	)
Total Securities Sold Short (Proceeds $4,932,377)					(4,536,770	)
Total Investments \| 84.9% (Identified cost and short proceeds $14,904,093) (b), (h)				$	14,648,790
Cash and Other Assets in Excess of Liabilities \| 15.1%					2,615,431
Net Assets \| 100.0%				$	17,264,221

Lazard Master Alternatives Portfolio (continued)

Forward Currency Contracts open at September 30, 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	11/18/15		1,000	$	731	$	700	$	—	$	31
AUD		SSB	11/18/15		12,900		9,432		9,032		—		400
AUD		SSB	11/18/15		102,990		71,867		72,107		240		—
CAD		SSB	11/18/15		15,900		12,160		11,912		—		248
CAD		SSB	11/18/15		35,300		26,769		26,446		—		323
CHF		SSB	11/18/15		800		841		822		—		19
CHF		SSB	11/18/15		40,100		41,231		41,211		—		20
CHF		SSB	11/18/15		78,100		80,243		80,264		21		—
DKK		SSB	11/18/15		83,643		12,540		12,540		—		—
EUR		SSB	11/18/15		8,500		9,496		9,505		9		—
EUR		SSB	11/18/15		14,366		16,272		16,065		—		207
EUR		SSB	11/18/15		46,074		51,527		51,521		—		6
EUR		SSB	11/18/15		75,501		85,074		84,426		—		648
EUR		SSB	11/18/15		81,200		91,736		90,799		—		937
EUR		SSB	11/18/15		118,900		136,945		132,955		—		3,990
GBP		SSB	11/18/15		53,200		81,411		80,459		—		952
GBP		SSB	11/18/15		57,800		90,566		87,417		—		3,149
HKD		SSB	11/18/15		188,100		24,266		24,270		4		—
HKD		SSB	11/18/15		188,300		24,295		24,296		1		—
ILS		SSB	11/18/15		132,600		33,872		33,819		—		53
JPY		SSB	11/18/15		129,447		1,076		1,079		3		—
JPY		SSB	11/18/15		9,066,900		74,048		75,623		1,575		—
JPY		SSB	11/18/15		11,936,430		99,000		99,556		556		—
NOK		SSB	11/18/15		309,600		37,237		36,339		—		898
PHP		SSB	11/17/15		1,723,100		36,592		36,762		170		—
SEK		SSB	11/18/15		222,877		25,989		26,657		668		—
SEK		SSB	11/18/15		572,700		67,149		68,497		1,348		—
SGD		SSB	11/18/15		49,600		35,243		34,800		—		443
ZAR		SSB	11/18/15		44,150		3,271		3,160		—		111
ZAR		SSB	11/18/15		157,986		11,298		11,308		10		—
ZAR		SSB	11/18/15		484,600		36,083		34,686		—		1,397
ZAR		SSB	11/18/15		1,036,100		78,928		74,159		—		4,769
Total Forward Currency Purchase Contracts						$	1,407,188	$	1,393,192	$	4,605	$	18,601
Forward Currency Sale Contracts
AUD		SSB	11/18/15		26,699	$	19,024	$	18,693	$	331	$	—
AUD		SSB	11/18/15		216,675		158,827		151,701		7,126		—
CAD		SSB	11/18/15		16,600		12,764		12,436		328		—
CAD		SSB	11/18/15		103,956		79,940		77,881		2,059		—
CHF		SSB	11/18/15		12,100		12,418		12,435		—		17
CHF		SSB	11/18/15		36,600		37,693		37,614		79		—
CHF		SSB	11/18/15		46,703		48,039		47,997		42		—
EUR		SSB	11/18/15		97,922		109,127		109,498		—		371
EUR		SSB	11/18/15		839,698		938,606		938,961		—		355

Lazard Master Alternatives Portfolio (continued)

Forward Currency Contracts open at September 30, 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	11/18/15		15,656	$	24,297	$	23,678	$	619	$	—
GBP		SSB	11/18/15		106,349		162,449		160,841		1,608		—
GBP		SSB	11/18/15		263,463		411,087		398,461		12,626		—
HKD		SSB	11/18/15		734,215		94,648		94,735		—		87
ILS		SSB	11/18/15		1,900		491		485		6		—
ILS		SSB	11/18/15		224,563		59,010		57,274		1,736		—
JPY		SSB	11/18/15		227,068		1,881		1,894		—		13
JPY		SSB	11/18/15		692,799		5,666		5,778		—		112
JPY		SSB	11/18/15		825,678		6,922		6,887		35		—
JPY		SSB	11/18/15		10,628,566		87,998		88,647		—		649
JPY		SSB	11/18/15		10,824,549		87,290		90,282		—		2,992
JPY		SSB	11/18/15		194,932,720		1,570,967		1,625,832		—		54,865
NOK		SSB	11/18/15		2,200		267		258		9		—
NOK		SSB	11/18/15		129,100		15,810		15,153		657		—
PHP		SSB	11/17/15		3,478,200		74,305		74,207		98		—
SEK		SSB	11/18/15		252,800		29,909		30,236		—		327
SEK		SSB	11/18/15		325,200		38,549		38,895		—		346
SEK		SSB	11/18/15		337,568		40,908		40,374		534		—
SGD		SSB	11/18/15		49,600		35,234		34,800		434		—
ZAR		SSB	11/18/15		2,007,612		154,910		143,696		11,214		—
Total Forward Currency Sale Contracts						$	4,319,036	$	4,339,629		39,541		60,134
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	44,146	$	78,735

Written Options open at September 30, 2015:

Description	Number of Contracts	Strike Price		Expiration Date	Premium		Value
EMC Corp. 25 Put	6	$	25.00	01/15/16	$	1,179	$	(1,410	)
SPDR S&P 500 ETF Trust 193 Put	1		193.00	10/16/15		345		(455	)
Teck Resources, Ltd. 2 Put	14		2.00	02/19/16		328		(252	)
Tivo, Inc. 10 Put	5		10.00	01/15/16		378		(735	)
Total Written Options					$	2,230	$	(2,852	)

Total Return Swap Agreements open at September 30, 2015:

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month EUR Reuters plus 1.00%

EUR

DUB

01/05/16

Euronext NV

—

188

1 Month GBP Reuters plus 1.00%

GBP

DUB

02/12/16

Entertainment One, Ltd.

—

1,551

1 Month USD Reuters plus 0.50%

AED

DUB

04/06/16

Abu Dhabi Commercial Bank PJSC

—

1 Month USD Reuters plus 0.50%

AED

DUB

04/06/16

First Gulf Bank PJSC

—

683

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 0.50%

AED

DUB

04/06/16

Union National Bank PJSC

—

1,777

1 Month USD Reuters plus 1.00%

IDR

DUB

04/05/16

Pakuwon Jati Tbk PT

—

7,599

1 Month USD Reuters plus 1.00%

IDR

DUB

04/05/16

Telekomunikasi Indonesia Persero Tbk PT

—

1,126

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Amorepacific Corp.

722

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Bgf Retail Co., Ltd.

10,739

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Cj Cgv Co., Ltd.

7,347

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Com2uSCorp.

—

4,379

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Dongbu Insurance Co., Ltd.

4,562

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

GS Retail Co., Ltd.

299

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Hanjin Transportation Co., Ltd.

—

3,548

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Hansol Chemical Co., Ltd.

2,221

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Huons Co., Ltd.

—

1,481

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Hyosung Corp.

—

3,884

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Hyundai Elevator Co., Ltd.

—

6,998

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

IS Dongseo Co., Ltd.

—

609

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

KEPCO Plant Service & Engineering Co., Ltd.

2,556

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Korea Aerospace Industries, Ltd.

3,196

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Korea Electric Power Corp.

234

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Korea Petro Chemical Ind

5,538

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Kt&g Corp.

722

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Kwang Dong Pharmaceutical Co., Ltd.

—

5,496

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Lg Display Co., Ltd.

—

4,616

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Lg Innotek Co., Ltd.

—

5,368

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

LG Uplus Corp.

232

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Lotte Chemical Corp.

1,011

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Medy-tox, Inc.

493

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Ncsoft Corp.

—

482

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Osstem Implant Co., Ltd.

2,836

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Samsung Fire & Marine Insurance Co., Ltd.

389

—

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

SK Telecom Co., Ltd.

—

1,344

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Tongyang Life Insurance Co., Ltd.

—

279

1 Month USD Reuters plus 1.00%

KRW

DUB

04/06/16

Wonik IPS Co., Ltd.

—

2,857

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

AirAsia Berhad

—

2,038

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Astro Malaysia Holdings Berhad

—

606

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

BerMaz Motor Sdn Berhad

—

6,410

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Cahya Mata Sarawak Berhad

261

—

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

KLCCP Stapled Group

—

357

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Kossan Rubber Industries

2,182

—

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

MISC Berhad

832

—

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Tenaga Nasional Berhad

—

22,294

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Top Glove Corp. Berhad

455

—

1 Month USD Reuters plus 1.00%

MYR

DUB

04/05/16

Westports Holdings Berhad

—

8,760

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Airports of Thailand PCL

—

2,173

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Bumrungrad Hospital PCL

6,275

—

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Delta Electronics Thailand PCL

—

1,553

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

KCE Electronics PCL

—

751

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Major Cineplex Group PCL

—

2,841

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Pruksa Real Estate PCL

—

3,094

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

PTT Global Chemical PCL

323

—

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

The Siam Cement Public Co. Ltd.

—

4,728

1 Month USD Reuters plus 1.00%

THB

DUB

04/05/16

Tipco Asphalt PCL

5,300

—

1 Month USD Reuters plus 1.00%

TRY

DUB

04/05/16

Eregli Demir ve Celik Fabrikalari TAS

—

5,090

1 Month USD Reuters plus 1.00%

TRY

DUB

04/05/16

Tav Havalimanlari Holding AS

—

236

1 Month USD Reuters plus 1.00%

TRY

DUB

04/05/16

Turk Hava Yollari Ao

—

1 Month USD Reuters plus 1.00%

TRY

DUB

04/05/16

Turk Telekomunikasyon AS

—

10,959

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Catcher Technology Co., Ltd.

3,763

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Chailease Holding Co., Ltd.

—

5,072

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Compeq Manufacturing Co., Ltd.

1,189

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Eclat Textile Co., Ltd.

2,491

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Elite Advanced Laser Corp.

—

2,913

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Elite Material Co., Ltd.

4,504

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Eva Airways Corp.

—

628

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Feng Tay Enterprise Co., Ltd.

4,414

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Flexium Interconnect, Inc.

—

9,975

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Fubon Financial Holding Co., Ltd.

—

3,379

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Grape King Bio, Ltd.

—

2,332

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Highwealth Construction Corp.

—

15,129

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Hotai Motor Co., Ltd.

—

2,517

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Makalot Industrial Co., Ltd.

8,679

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

PChome Online, Inc.

—

688

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Pegatron Corp.

—

1,549

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Poya International Co., Ltd.

—

391

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Shin Zu Shing Co., Ltd.

—

1,431

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Siliconware Precision Industries Co., Ltd.

—

8,395

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Taiwan Paiho, Ltd.

2,245

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Transcend Information, Inc.

—

4,529

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Uni-President Enterprises Corp.

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

United Microelectronics Corp.

—

9,333

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Voltronic Power Technology Corp.

11,286

—

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Wistron Neweb Corp.

—

1,125

1 Month USD Reuters plus 1.00%

TWD

DUB

04/06/16

Zhen Ding Technology Holding, Ltd.

—

3,977

1 Month USD Reuters plus 1.00%

USD

DUB

03/15/16

TIVO, Inc.

—

342

1 Month USD Reuters plus 1.00%

USD

DUB

04/06/16

Cemex SAB de CV

—

1,297

1 Month USD Reuters plus 1.00%

USD

DUB

—

(j)

04/06/16

Win Semiconductors Corp.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Aar Corp.

—

2,955

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Aegean Marine Petroleum Network, Inc.

—

1,094

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Alon USA Energy, Inc.

2,092

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Altra Industrial Motion Corp.

—

7,875

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

American Residential Properties OP LP

—

1,877

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Amtrust Financial Services

2,640

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

ANI Pharmaceuticals, Inc.

—

7,382

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Ascent Capital Group, Inc.

—

894

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Atlas Air Worldwide Holdings, Inc.

—

445

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Blucora, Inc.

—

510

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Bottomline Technologies de, Inc.

—

406

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

BroadSoft, Inc.

—

148

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Carriage Services, Inc.

—

4,986

1 Month USD Reuters plus 1.00%

USD

DUB

—

(j)

09/28/16

Cobalt International Energy, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Colony Capital, Inc.

—

5,687

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Cowen Group, Inc.

955

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Encore Capital Group, Inc.

—

4,327

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Exelixis, Inc.

7,593

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

FireEye, Inc.

—

3,863

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Forest City Enterprises, Inc.

—

4,213

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

GPT Property Trust LP

—

6,325

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Green Plains, Inc.

—

13,542

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Hologic, Inc.

2,668

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

IAS Operating Partnership LP

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Intel Corp.

—

758

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

JAKKS Pacific, Inc.

—

127

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

K Hovnanian Enterprises, Inc.

—

11,164

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

LGI Homes, Inc.

8,775

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

LinkedIn Corp.

—

321

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

MercadoLibre, Inc.

—

221

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Mgic Investment Corp.

—

719

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Micron Technology, Inc.

—

3,639

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Navistar International Corp.

—

4,939

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Netsuite, Inc.

—

2,411

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

New Mountain Finance Corp.

—

188

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

NXP Semiconductors NV

305

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Omnicare, Inc.

10,328

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

PDL Biopharma, Inc.

—

3,465

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Photronics, Inc.

189

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Photronics, Inc.

—

259

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

PRA Group, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Quidel Corp.

—

6,660

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Rait Financial Trust

—

150

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Redwood Trust, Inc.

—

1,710

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Renewable Energy Group, Inc.

—

444

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Restoration Hardware Holdings, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Rovi Corp.

—

383

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SanDisk Corp.

—

178

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SanDisk Corp.

—

487

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Sequenom, Inc.

—

1,150

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SolarCity Corp.

—

427

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SolarCity Corp.

—

6,639

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Solazyme, Inc.

—

245

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Spirit Realty Capital, Inc.

—

324

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Starwood Property Trust, Inc.

—

2,703

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Starwood Waypoint Residential Trust

—

415

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

SunEdison, Inc.

—

23,139

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

The Priceline Group, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

The Priceline Group, Inc.

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Theravance, Inc.

—

8,587

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Pay

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Receive

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Trinity Industries, Inc.

—

5,036

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Vector Group, Ltd.

2,190

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Violin Memory, Inc.

—

937

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Wabash National Corp.

—

539

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

WebMD Health Corp.

—

2,444

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Workday, Inc.

—

6,474

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Wright Medical Group, Inc.

—

698

135,274

366,039

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month EUR Reuters less 1.50%

EUR

DUB

09/19/16

Bolsas y Mercados Espanoles SHMSF SA

694

—

1 Month USD Reuters less 0.33%

USD

DUB

04/06/16

China Oil & Gas Group, Ltd.

8,556

—

1 Month USD Reuters less 0.50%

USD

DUB

04/05/16

Malayan Banking Berhad

18,632

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

China Agri-Industries Holdings, Ltd.

2,073

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

China Everbright International, Ltd.

1,980

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

China Merchants Holdings International Co., Ltd.

4,341

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

China Resources Enterprise, Ltd.

2,648

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Dah Chong Hong Holdings, Ltd.

6,782

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Dongjiang Environmental Co., Ltd.

2,506

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

GOME Electrical Appliances Holding, Ltd.

6,118

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Hengan International Group Co., Ltd.

465

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Kingboard Chemical Holdings, Ltd.

6,594

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Lenovo Group, Ltd.

498

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Shanghai Fosun Pharmaceutical Group Co., Ltd.

4,905

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Shanghai Industrial Holdings, Ltd.

10,186

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

SSY Group, Ltd.

3,032

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Tingyi Cayman Islands Holding Corp.

10,804

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Yuanta Financial Holding Co., Ltd.

2,849

—

1 Month USD Reuters less 0.50%

USD

DUB

04/06/16

Yuexiu Property Co., Ltd.

—

2,083

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

China Petrochemical Development Corp.

1,674

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Clevo Co

1,802

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Elan Microelectronics Corp.

2,111

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

HTC Corp.

3,951

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Hua Nan Financial Holdings Co., Ltd.

4,408

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Hyundai Heavy Industries Co., Ltd.

3,598

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

POSCO

13,797

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Realtek Semiconductor Corp.

3,479

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

Taishin Financial Holding Co., Ltd.

934

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

TPK Holding Co., Ltd.

8,579

—

1 Month USD Reuters less 0.55%

USD

DUB

04/06/16

WT Microelectronics Co., Ltd.

5,240

—

1 Month USD Reuters less 0.60%

USD

DUB

04/05/16

Cencosud SA

1,969

—

1 Month USD Reuters less 0.60%

USD

DUB

04/05/16

Colbun SA

2,366

—

1 Month USD Reuters less 0.60%

USD

DUB

04/05/16

SACI Falabella

3,830

—

1 Month USD Reuters less 0.60%

USD

DUB

04/05/16

Vina Concha y Toro SA

—

457

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Controladora Comercial Mexicana SAB de CV

2,902

—

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Grupo Aval Acciones y Valores SA

2,291

—

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Grupo Bimbo SAB de CV

—

339

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Grupo Financiero Banorte SAB de CV

8,772

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Grupo Financiero Interacciones SA de CV

1,786

—

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Grupo Mexico SAB de CV

1,246

—

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

Infraestructura Energetica Nova SAB de CV

12,939

—

1 Month USD Reuters less 0.60%

USD

DUB

04/06/16

PLA Administradora Industrial S de RL de CV

2,180

—

1 Month USD Reuters less 0.60%

USD

DUB

04/19/16

Global Telecom Holding SAE

13,643

—

1 Month USD Reuters less 0.75%

USD

DUB

04/06/16

Formosa Petrochemical Corp.

—

3,710

1 Month USD Reuters less 0.75%

USD

DUB

04/06/16

Lite-On Technology Corp.

5,124

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Alexander Forbes Group Holdings, Ltd.

5,555

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Aspen Pharmacare Holdings, Ltd.

16,035

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Attacq, Ltd.

6,248

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Brait SE

345

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

DataTec, Ltd.

2,603

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Grindrod, Ltd.

2,952

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Hyprop Investments, Ltd.

3,302

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Impala Platinum Holdings, Ltd.

17,164

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Massmart Holdings, Ltd.

3,716

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

MMI Holdings, Ltd.

20,591

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Nampak, Ltd.

279

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Northam Platinum, Ltd.

6,638

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Rand Merchant Insurance Holdings, Ltd.

10,911

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Resilient Property, Inc.ome Fund, Ltd.

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Reunert, Ltd.

2,281

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Steinhoff International Holdings, Ltd.

1,311

—

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Trencor, Ltd.

4,495

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 0.80%

USD

DUB

04/07/16

Zeder Investments, Ltd.

1,001

—

1 Month USD Reuters less 0.85%

USD

DUB

04/05/16

Komercni Banka AS

—

1 Month USD Reuters less 1.00%

USD

DUB

04/05/16

Hong Leong Financial Group Berhad

5,753

—

1 Month USD Reuters less 1.00%

USD

DUB

04/05/16

Telekom Malaysia Berhad

863

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Cathay Financial Holding Co., Ltd.

5,960

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

China Shipping Development Co., Ltd.

2,038

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Dalian Port PDA Co., Ltd.

4,668

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Digital China Holdings, Ltd.

199

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Lotte Confectionery Co., Ltd.

—

5,903

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Quanta Computer, Inc.

18,234

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

Samsung SDI Co., Ltd.

—

1 Month USD Reuters less 1.00%

USD

DUB

04/06/16

SK Holdings Co., Ltd.

174

—

1 Month USD Reuters less 1.50%

USD

DUB

04/06/16

Hite Jinro Co., Ltd.

1,148

—

1 Month USD Reuters less 1.50%

USD

DUB

04/06/16

Shougang Fushan Resources Group, Ltd.

4,235

—

1 Month USD Reuters less 1.75%

USD

DUB

04/06/16

Angang Steel Co., Ltd.

15,499

—

1 Month USD Reuters less 1.75%

USD

DUB

04/06/16

Epistar Corp.

7,272

—

1 Month USD Reuters less 1.75%

USD

DUB

04/06/16

Far Eastern Department Stores, Ltd.

5,118

—

1 Month USD Reuters less 1.75%

USD

DUB

04/06/16

Multiplan Empreendimentos Imobiliarios SA

9,252

—

1 Month USD Reuters less 1.75%

USD

DUB

04/06/16

Unimicron Technology Corp.

4,875

—

1 Month USD Reuters less 2.00%

USD

DUB

04/05/16

Indorama Ventures PCL

2,377

—

1 Month USD Reuters less 2.00%

USD

DUB

04/06/16

Byd Co., Ltd.

—

2,323

1 Month USD Reuters less 2.00%

USD

DUB

04/06/16

Chang Hwa Commercial Bank, Ltd.

180

—

1 Month USD Reuters less 2.00%

USD

DUB

04/06/16

Shanghai Jin Jiang International Hotels Group Co., Ltd.

4,686

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 2.00%

USD

DUB

04/07/16

Adcock Ingram Holdings, Ltd.

2,130

—

1 Month USD Reuters less 2.25%

USD

DUB

04/05/16

BTS Group Holdings PCL

1,509

—

1 Month USD Reuters less 2.25%

USD

DUB

04/06/16

CPFL Energia SA

17,796

—

1 Month USD Reuters less 2.25%

USD

DUB

04/06/16

Kolon Industries, Inc.

3,116

—

1 Month USD Reuters less 2.25%

USD

DUB

04/06/16

SK Chemicals Co., Ltd.

2,575

—

1 Month USD Reuters less 2.25%

USD

DUB

04/06/16

Synnex Technology International Corp.

12,896

—

1 Month USD Reuters less 2.25%

USD

DUB

04/06/16

Yulon Motor Co., Ltd.

14,432

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

Anadolu Efes Biracilik Ve Malt Sanayii AS

4,173

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

Bank Handlowy w Warszawie SA

5,883

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

Bank Pekao SA

2,205

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

Charoen Pokphand Indonesia Tbk PT

5,282

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

Powszechny Zaklad Ubezpieczen SA

678

—

1 Month USD Reuters less 2.50%

USD

DUB

04/05/16

TTW PCL

1,859

—

1 Month USD Reuters less 2.50%

USD

DUB

04/06/16

Cheng Uei Precision Industry Co., Ltd.

9,372

—

1 Month USD Reuters less 2.50%

USD

DUB

04/06/16

Cia Brasileira de Distribuicao

9,508

—

1 Month USD Reuters less 2.50%

USD

DUB

04/06/16

Radiant Opto-Electronics Corp.

—

1 Month USD Reuters less 2.50%

USD

DUB

04/06/16

Samsung Heavy Industries Co., Ltd.

—

5,021

1 Month USD Reuters less 2.66%

USD

DUB

04/06/16

Zoomlion Heavy Industry Science and Technology Co., Ltd.

8,303

—

1 Month USD Reuters less 2.75%

USD

DUB

04/05/16

Axiata Group Berhad

23,601

—

1 Month USD Reuters less 2.75%

USD

DUB

04/06/16

Cosan SA Industria e Comercio

5,433

—

1 Month USD Reuters less 3.00%

USD

DUB

04/05/16

IJM Corp. Berhad

2,773

—

1 Month USD Reuters less 3.00%

USD

DUB

04/06/16

Li Ning Co., Ltd.

2,502

—

1 Month USD Reuters less 3.00%

USD

DUB

04/06/16

Oriental Union Chemical Corp.

3,628

—

1 Month USD Reuters less 3.00%

USD

DUB

04/06/16

SinoPac Financial Holdings Co., Ltd.

1,619

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 3.00%

USD

DUB

04/06/16

Tong Yang Industry

4,522

—

1 Month USD Reuters less 3.00%

USD

DUB

04/06/16

U-Ming Marine Transport Corp.

4,794

—

1 Month USD Reuters less 3.19%

USD

DUB

04/06/16

China Yurun Food Group, Ltd.

7,478

—

1 Month USD Reuters less 3.25%

USD

DUB

04/06/16

AES Tiete SA

2,795

—

1 Month USD Reuters less 3.25%

USD

DUB

04/06/16

Fila Korea, Ltd.

3,070

—

1 Month USD Reuters less 3.25%

USD

DUB

04/06/16

Sino-American Silicon Products, Inc.

7,291

—

1 Month USD Reuters less 3.50%

USD

DUB

04/05/16

Banpu PCL

1,004

—

1 Month USD Reuters less 3.50%

USD

DUB

04/05/16

Jasa Marga Persero Tbk PT

4,590

—

1 Month USD Reuters less 3.50%

USD

DUB

04/05/16

Perusahaan Gas Negara Persero Tbk PT

5,937

—

1 Month USD Reuters less 3.50%

USD

DUB

04/06/16

B2W Cia Digital

9,373

—

1 Month USD Reuters less 3.75%

USD

DUB

04/05/16

Arcelik AS

442

—

1 Month USD Reuters less 3.75%

USD

DUB

04/06/16

Hyundai Mipo Dockyard Co., Ltd.

—

1,800

1 Month USD Reuters less 4.00%

USD

DUB

04/05/16

Tower Bersama Infrastructure Tbk PT

4,797

—

1 Month USD Reuters less 4.00%

USD

DUB

04/06/16

Chipbond Technology Corp.

2,720

—

1 Month USD Reuters less 4.00%

USD

DUB

04/06/16

Paradise Co., Ltd.

2,073

—

1 Month USD Reuters less 4.00%

USD

DUB

07/07/16

Ooredoo QSC

—

412

1 Month USD Reuters less 4.25%

USD

DUB

04/06/16

China Huishan Dairy Holdings Co., Ltd.

—

7,047

1 Month USD Reuters less 4.25%

USD

DUB

04/06/16

Yanzhou Coal Mining Co., Ltd.

7,690

—

1 Month USD Reuters less 4.50%

USD

DUB

04/05/16

IOI Corp. Berhad

3,933

—

1 Month USD Reuters less 4.50%

USD

DUB

04/06/16

Iguatemi Empresa de Shopping Centers SA

6,298

—

1 Month USD Reuters less 4.75%

USD

DUB

04/06/16

Aliansce Shopping Centers SA

11,067

—

1 Month USD Reuters less 4.75%

USD

DUB

04/06/16

Hypermarcas SA

4,939

—

1 Month USD Reuters less 4.75%

USD

DUB

04/06/16

Kingsoft Corp., Ltd.

4,164

—

1 Month USD Reuters less 5.00%

USD

DUB

04/05/16

Coca-Cola Icecek AS

2,930

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

1 Month USD Reuters less 5.00%

USD

DUB

04/05/16

Ulker Biskuvi Sanayi AS

840

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

Arabtech Holding Co.

1,566

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

China Coal Energy Co., Ltd.

18,893

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

China Molybdenum Co., Ltd.

6,352

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

Dubai Financial Market PJSC

—

1,659

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

Hanjin Kal Corp.

2,974

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

Hyundai Rotem Co., Ltd.

6,190

—

1 Month USD Reuters less 5.00%

USD

DUB

04/06/16

Kinsus Interconnect Technology Corp.

—

210

1 Month USD Reuters less 5.50%

USD

DUB

04/06/16

Lung Yen Life Service Corp.

3,615

—

1 Month USD Reuters less 6.00%

USD

DUB

04/06/16

NHN Entertainment Corp.

831

—

1 Month USD Reuters less 6.50%

USD

DUB

04/06/16

Seoul Semiconductor Co., Ltd.

7,300

—

1 Month USD Reuters less 7.00%

USD

DUB

04/05/16

LPP SA

—

1,304

1 Month USD Reuters less 7.00%

USD

DUB

04/06/16

Lojas Americanas SA

5,216

—

1 Month USD Reuters less 7.50%

USD

DUB

04/06/16

Acer, Inc.

21,190

—

1 Month USD Reuters less 7.75%

USD

DUB

04/06/16

Hyundai Merchant Marine Co., Ltd.

3,683

—

1 Month USD Reuters less 8.00%

USD

DUB

04/05/16

Petkim Petrokimya Holding AS

1,569

—

1 Month USD Reuters plus 1.00%

USD

DUB

09/28/16

Apollo Commercial Real Estate Finance, Inc.

—

166

USD FED OPEN less 0..5%

USD

DUB

09/29/16

Vector Group, Ltd.

147

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Aegean Marine Petroleum Network, Inc.

2,787

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Alon USA Energy, Inc.

—

2,145

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Altra Industrial Motion Corp.

4,798

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

American Residential Properties, Inc.

588

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

ANI Pharmaceuticals, Inc.

6,971

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Ascent Capital Group, Inc.

1,904

—

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Atlas Air Worldwide Holdings, Inc.

2,390

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Avid Technology, Inc.

2,172

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

B&G Foods, Inc.

105

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Blucora, Inc.

638

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Bottomline Technologies de, Inc.

280

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Bunge, Ltd.

3,614

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Carriage Services, Inc.

2,587

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Cenveo, Inc.

375

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Chesapeake Energy Corp.

210

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Citrix Systems, Inc.

193

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Cobalt International Energy, Inc.

—

172

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Colony Capital, Inc.

2,415

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Cowen Group, Inc.

8,757

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Dycom Industries, Inc.

139

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

EMC Corp.

561

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Encore Capital Group, Inc.

1,715

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

FireEye, Inc.

3,374

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Forest City Enterprises, Inc.

1,089

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Green Plains, Inc.

7,623

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Hologic, Inc.

219

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Hovnanian Enterprises, Inc.

5,589

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Intel Corp.

—

574

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Ironwood Pharmaceuticals, Inc.

1,401

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

LGI Homes, Inc.

—

8,493

Lazard Master Alternatives Portfolio (continued)

Total Return Swap Agreements open at September 30, 2015 (continued):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 0.30%

USD

DUB

09/29/16

LinkedIn Corp.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

MercadoLibre, Inc.

103

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Merck & Co., Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

MGIC Investment Corp.

2,195

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Micron Technology, Inc.

1,474

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Navistar International Corp.

3,014

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

NetSuite, Inc.

1,619

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

NXP Semiconductors NV

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Photronics, Inc.

1,094

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

PRA Group, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Quidel Corp.

4,256

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Redwood Trust, Inc.

544

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Renewable Energy Group, Inc.

3,045

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Restoration Hardware Holdings, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Rovi Corp.

251

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

SanDisk Corp.

—

579

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Spirit Realty Capital, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Starwood Waypoint Residential Trust

101

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

SunEdison, Inc.

18,056

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

The Priceline Group, Inc.

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

TiVo, Inc.

158

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Trinity Industries, Inc.

13,224

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

United States Treasury Note, 1.50%, 05/31/20

—

1,049

USD FED OPEN less 0.30%

USD

DUB

09/29/16

United States Treasury Note, 1.625%, 07/31/20

—

Lazard Master Alternatives Portfolio (concluded)

Total Return Swap Agreements open at September 30, 2015 (concluded):

Receive

Currency

Counterparty

Notional
Amount
(000)

Expiration
Date

Pay

Unrealized
Appreciation

Unrealized
Depreciation

USD FED OPEN less 0.30%

USD

DUB

119

09/29/16

United States Treasury Note, 2.125%, 05/15/25

—

3,097

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Universal Corp./VA

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Violin Memory, Inc.

8,876

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Vulcan Materials Co.

399

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Wabash National Corp.

317

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

WebMD Health Corp.

1,138

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Workday, Inc.

3,467

—

USD FED OPEN less 0.30%

USD

DUB

09/29/16

Wright Medical Group, Inc.

4,389

—

USD FED OPEN less 0.60%

USD

DUB

04/06/16

Bancolombia SA

2,170

—

USD FED OPEN less 0.60%

USD

DUB

04/06/16

Grupo Televisa SAB

921

—

USD FED OPEN less 0.60%

USD

DUB

04/06/16

JD.com, Inc.

3,132

—

USD FED OPEN less 0.75%

USD

DUB

09/29/16

iShares Russell 2000 ETF

—

965

USD FED OPEN less 0.85%

USD

DUB

09/29/16

BroadSoft, Inc.

573

—

USD FED OPEN less 2.50%

USD

DUB

09/29/16

PDL BioPharma, Inc.

662

—

USD FED OPEN less 2.50%

USD

DUB

09/29/16

SolarCity Corp.

3,055

—

USD FED OPEN less 22.25%

USD

DUB

09/29/16

Solazyme, Inc.

6,825

—

USD FED OPEN less 3.00%

USD

DUB

09/29/16

Amtrust Financial Services, Inc.

131

—

USD FED OPEN less 3.00%

USD

DUB

09/29/16

Exelixis, Inc.

—

19,745

USD FED OPEN less 4.00%

USD

DUB

09/29/16

Sequenom, Inc.

839

—

USD FED OPEN less 4.50%

USD

DUB

09/29/16

JAKKS Pacific, Inc.

—

1,536

USD FED OPEN less 8.25%

USD

DUB

09/29/16

Theravance, Inc.

17,775

—

890,312

71,092

Gross unrealized appreciation/depreciation on Total Return Swap Agreements

1,025,586

437,131

(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	$	640,863,656	$	34,660,727	$	26,364,556	$	8,296,171
US Strategic Equity		130,386,974		11,304,159		10,030,345		1,273,814
US Mid Cap Equity		31,732,331		1,388,304		2,138,417		(750,113	)
US Small-Mid Cap Equity		206,227,030		15,198,177		18,111,101		(2,912,924	)
US Small Cap Equity Growth		14,005,630		771,715		868,457		(96,742	)
International Equity		719,781,000		25,850,018		56,484,164		(30,634,146	)
International Equity Select		26,456,617		511,635		2,963,925		(2,452,290	)
International Equity Concentrated		15,853,305		127,526		2,162,517		(2,034,991	)
International Strategic Equity		6,260,127,956		359,779,953		587,220,977		(227,441,024	)
International Equity Advantage		1,987,002		13,659		205,380		(191,721	)
International Small Cap Equity		90,783,827		16,065,523		8,432,454		7,633,069
Global Equity Select		18,343,607		796,226		1,294,839		(498,613	)
Global Strategic Equity		9,356,156		443,072		797,243		(354,171	)
Managed Equity Volatility		2,340,736		43,951		191,693		(147,742	)
Emerging Markets Equity		13,167,742,663		959,712,603		3,722,661,800		(2,762,949,197	)
Emerging Markets Core Equity		80,656,672		1,687,853		10,223,226		(8,535,373	)
Developing Markets Equity		420,708,610		21,220,944		98,790,864		(77,569,920	)
Emerging Markets Equity Advantage		3,059,775		36,707		495,971		(459,264	)
Emerging Markets Equity Blend		470,411,387		23,221,521		104,175,194		(80,953,673	)
Emerging Markets Multi Asset		184,513,784		3,633,918		27,829,059		(24,195,141	)
Emerging Markets Debt		318,144,717		1,806,714		36,452,323		(34,645,609	)
Explorer Total Return		272,047,698		1,808,778		14,077,547		(12,268,769	)
Emerging Markets Income		15,300,107		11,679		286,330		(274,651	)
US Corporate Income		241,383,524		1,729,754		11,120,780		(9,391,026	)
US Short Duration Fixed Income		104,788,086		185,559		205,866		(20,307	)
Global Fixed Income		6,458,967		29,224		418,258		(389,034	)
US Realty Income		110,893,777		578,396		16,289,393		(15,710,997	)
US Realty Equity		91,019,084		8,363,789		5,382,505		2,981,284
Global Realty Equity		5,399,046		324,885		485,745		(160,860	)
Global Listed Infrastructure		2,323,085,293		47,547,516		112,802,076		(65,254,560	)
Capital Allocator Opportunistic Strategies		146,971,582		309,051		5,903,373		(5,594,322	)
Enhanced Opportunities		4,466,218		10,848		143,385		(132,537	)
Fundamental Long/Short		146,214,550		13,588,380		7,274,205		6,314,175
Master Alternatives		14,904,093		672,964		928,267		(255,303	)

(c)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy.
(d)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2015, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity		1.2	%
Emerging Markets Equity Advantage		2.5
Emerging Markets Equity Blend		0.5
Emerging Markets Multi Asset		1.9
Emerging Markets Debt		4.2
Explorer Total Return		7.9
Emerging Markets Income		0.3
US Corporate Income		35.0
US Short Duration Fixed Income		1.1
Enhanced Opportunities		10.4
Master Alternatives		2.3

(e)	Date shown is the next perpetual call date.
(f)	Issue in default.
(g)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2015 which may step up at a future date.

(h)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(i)	Principal amount denominated in USD.
(j)	Amount is less than 500.
(k)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.

Security Abbreviations:

ADR — American Depositary Receipt	NTN — Brazil Sovereign “Nota do Tesouro Nacional”
ETF — Exchange-Traded Fund	NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B
ETN — Exchange-Traded Note	NTN-F — Brazil Sovereign “Nota do Tesouro Nacional” Series F
FED OPEN — Federal Funds Effective Rate	OJSC — Open Joint Stock Company
GDR — Global Depositary Receipt	PJSC — Public Joint Stock Company
JSC — Joint Stock Company	REIT — Real Estate Investment Trust
LIBOR — London Interbank Offered Rate	SDR — Swedish Depositary Receipt

Currency Abbreviations:

AED — United Arab Emirates Dirham	KZT — Kazakhstan Tenge
AUD — Australian Dollar	MXN — Mexican New Peso
BRL — Brazilian Real	MYR — Malaysian Ringgit
CAD — Canadian Dollar	NGN — Nigerian Naira
CHF — Swiss Franc	NOK — Norwegian Krone
CLP — Chilean Peso	NZD — New Zealand Dollar
CNH — Yuan Renminbi	PEN — Peruvian Nuevo Sol
CNY — Chinese Renminbi	PHP — Philippine Peso
COP — Colombian Peso	PLN — Polish Zloty
CZK — Czech Koruna	RON — New Romanian Leu
DKK — Danish Krone	RSD — Serbian Dinar
DOP — Dominican Republic Peso	RUB — Russian Ruble
EGP — Egyptian Pound	SEK — Swedish Krona
EUR — Euro	SGD — Singapore Dollar
GBP — British Pound Sterling	THB — Thai Baht
HKD — Hong Kong Dollar	TRY — New Turkish Lira
HUF — Hungarian Forint	TWD — Taiwan Dollar
IDR — Indonesian Rupiah	UGX — Ugandan Shilling
ILS — Israeli Shekel	USD — United States Dollar
INR — Indian Rupee	UYU — Uruguayan Peso
JPY — Japanese Yen	ZAR — South African Rand
KRW — South Korean Won	ZMW — Zambian Kwacha

Counterparty Abbreviations:

BNP — BNP Paribas SA	HSB — HSBC Bank USA NA
BOA — Bank of America	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

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

	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Small Cap Equity Portfolio
Industry*
Agriculture		—	%		—	%		—	%		—	%		0.2	%		—	%
Alcohol & Tobacco		7.6			7.6			7.0			10.0			3.6			—
Apparel & Textiles		—			—			—			—			—			0.8
Automotive		2.6			2.1			4.3			2.6			4.2			1.4
Banking		8.7			5.7			8.7			3.7			12.1			4.1
Chemicals		—			—			—			1.9			3.1			1.4
Commercial Services		1.6			1.6			3.7			0.1			1.7			16.1
Computer Software & Services		0.7			1.9			3.0			2.2			0.3			—
Construction & Engineering		1.7			1.2			—			—			1.7			—
Consumer Products		0.9			2.5			—			2.5			—			3.1
Diversified		0.8			1.8			1.4			0.9			—			—
Electric		1.0			1.3			—			—			1.6			—
Energy Exploration & Production		0.6			0.4			—			0.9			0.2			—
Energy Integrated		5.1			1.9			—			1.6			4.5			0.4
Energy Services		—			—			—			—			—			0.7
Financial Services		5.3			5.2			11.1			8.0			3.7			12.3
Food & Beverages		—			1.2			—			3.0			3.3			3.8
Forest & Paper Products		1.5			1.9			—			3.9			1.0			3.5
Gas Utilities		—			—			—			—			1.2			—
Health Services		—			1.2			—			2.1			0.7			4.6
Household & Personal Products		1.3			1.6			5.3			—			2.4			2.1
Housing		3.8			2.5			4.0			3.9			2.3			2.4
Insurance		8.0			7.2			7.2			9.6			6.6			2.4
Leisure & Entertainment		6.3			6.4			4.4			5.8			4.1			1.7
Manufacturing		3.7			3.6			2.9			5.5			6.2			9.8
Medical Products		—			—			—			—			0.8			0.8
Metals & Mining		0.5			0.8			—			—			1.7			—
Office Furnishings		—			—			—			—			—			1.0
Pharmaceutical & Biotechnology		11.3			13.7			8.1			10.7			11.3			2.0
Real Estate		—			—			—			—			2.9			2.4
Retail		5.4			4.5			—			5.7			2.5			7.9
Semiconductors & Components		1.6			4.2			4.9			1.1			4.8			7.1
Technology		5.2			4.7			7.0			1.6			0.7			—
Technology Hardware		1.0			—			3.8			—			—			4.9
Telecommunications		4.9			6.4			6.2			5.5			6.9			0.4
Transportation		3.1			1.3			—			—			4.0			1.0
Water		—			0.5			—			0.6			—			—
Subtotal		94.2			94.9			93.0			93.4			100.3			98.1
Short-Term Investments		—			6.1			5.2			5.4			0.8			1.8
Repurchase Agreement		4.6			—			—			—			—			—
Total Investments		98.8	%		101.0	%		98.2	%		98.8	%		101.1	%		99.9	%

* 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 Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
Industry*
Aerospace & Defense		—	%		—	%		0.6	%
Agriculture		0.9			—			0.4
Alcohol & Tobacco		7.7			11.5			1.2
Automotive		3.2			—			0.8
Banking		1.7			—			4.2
Cable Television		—			—			1.1
Chemicals		1.5			—			1.2
Commercial Services		5.1			4.2			2.0
Computer Software & Services		2.1			0.7			0.6
Construction & Engineering		—			—			0.7
Consumer Products		—			1.9			0.4
Diversified		—			1.0			—
Electric		—			—			6.6
Energy Exploration & Production		0.7			1.5			1.3
Energy Integrated		—			2.3			1.7
Energy Services		2.7			—			0.2
Financial Services		12.7			10.3			3.5
Food & Beverages		2.1			3.5			3.9
Forest & Paper Products		—			2.4			0.4
Gas Utilities		—			—			0.3
Health Services		1.6			3.7			2.3
Household & Personal Products		2.9			1.0			2.5
Housing		2.2			2.0			0.7
Insurance		6.9			8.8			5.7
Leisure & Entertainment		4.6			3.6			7.2
Manufacturing		6.0			0.9			5.9
Media		4.2			4.5			—
Medical Products		2.3			1.3			2.2
Metals & Mining		—			—			1.2
Pharmaceutical & Biotechnology		9.6			10.7			6.6
Real Estate		—			—			5.8
Retail		5.9			12.2			9.1
Semiconductors & Components		2.4			2.4			2.8
Technology		—			0.8			1.3
Technology Hardware		7.5			3.8			0.4
Telecommunications		1.1			1.8			7.6
Transportation		0.9			2.4			3.9
Subtotal		98.5			99.2			96.3
Short-Term Investments		2.1			1.0			4.4
Total Investments		100.6	%		100.2	%		100.7	%

* 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 Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi Asset Portfolio
Industry*
Agriculture		—	%		1.3	%		—	%		0.1	%		0.4	%		0.3	%
Alcohol & Tobacco		5.0			—			—			2.7			2.7			1.2
Apparel & Textiles		—			1.8			1.5			2.0			1.2			1.0
Automotive		3.2			1.9			2.3			3.0			2.5			1.6
Banking		22.4			17.9			22.4			16.8			20.1			14.8
Cable Television		—			1.6			—			1.2			—			0.7
Chemicals		0.7			—			—			2.2			—			—
Commercial Services		3.0			2.3			1.7			1.5			2.7			1.7
Computer Software & Services		4.8			4.5			4.8			2.9			6.1			3.9
Construction & Engineering		—			—			3.2			1.6			1.6			0.8
Construction Materials		—			2.5			2.7			0.3			1.7			1.0
Consumer Products		—			3.5			3.1			0.6			2.0			1.6
Diamonds & Precious Stones		—			—			—			—			—			0.1
Diversified		1.0			0.6			—			—			1.2			0.6
Electric		0.4			—			—			4.3			—			0.1
Energy Exploration & Production		2.9			—			—			3.2			1.0			0.7
Energy Integrated		3.5			—			6.7			4.2			6.0			3.4
Energy Services		—			—			0.6			0.2			—			0.1
Financial Services		3.1			1.6			0.9			2.7			3.3			2.1
Food & Beverages		0.2			3.4			—			3.1			0.2			0.6
Forest & Paper Products		1.0			3.5			—			1.1			1.3			1.3
Gas Utilities		—			1.1			—			—			—			0.1
Health Services		—			1.3			—			0.9			0.3			0.2
Household & Personal Products		1.9			1.4			—			0.8			0.6			0.6
Housing		1.1			—			1.1			1.4			—			—
Insurance		3.1			4.5			2.5			3.8			2.3			2.2
Leisure & Entertainment		0.6			1.8			5.1			0.8			2.1			1.4
Manufacturing		3.8			3.1			6.4			3.8			4.6			2.5
Medical Products		—			—			—			0.3			—			—
Metals & Mining		2.1			—			3.4			2.3			1.4			0.7
Pharmaceutical & Biotechnology		—			4.0			7.2			2.6			2.7			2.1
Real Estate		—			1.9			1.4			2.3			1.1			1.2
Retail		4.8			7.8			6.2			3.6			3.1			2.4
Semiconductors & Components		9.2			11.6			10.8			11.0			12.1			8.0
Technology		4.4			—			—			1.9			0.8			0.4
Technology Hardware		1.2			2.7			—			0.9			1.6			1.5
Telecommunications		11.5			4.8			—			7.4			5.9			4.3
Transportation		1.9			3.3			3.1			2.4			2.7			1.7
Water		—			1.4			—			—			0.1			0.4
Subtotal		96.8			97.1			97.1			99.9			95.4			67.3
Foreign Government Obligations		—			—			—			—			—			15.4
US Treasury Securities		—			—			—			—			—			8.0
Short-Term Investments		4.9			4.7			2.7			0.7			5.2			9.9
Total Investments		101.7	%		101.8	%		99.8	%		100.6	%		100.6	%		100.6	%

* 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 Debt Portfolio			Lazard Explorer Total Return Portfolio
Industry*
Banking		0.5	%		2.4	%
Computer Software & Services		0.1			0.6
Construction Materials		—			0.1
Diamonds & Precious Stones		0.2			0.2
Electric		0.5			0.6
Energy Exploration & Production		1.5			0.9
Energy Integrated		0.9			2.0
Energy Services		—			0.7
Financial Services		—			0.4
Gas Utilities		0.1			0.5
Media		—			0.1
Printing & Publishing		—			0.2
Real Estate		—			0.5
Telecommunications		—			1.3
Transportation		0.6			0.1
Subtotal		4.4			10.6
Foreign Government Obligations		90.0			57.8
US Treasury Securities		—			8.5
Short-Term Investments		0.8			22.6
Total Investments		95.2	%		99.5	%

* 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 Fixed Income Portfolio
Industry*
Aerospace & Defense		1.4	%
Automotive		3.7
Banking		3.8
Cable Television		1.1
Electric		2.8
Energy Exploration & Production		0.5
Energy Integrated		2.7
Financial Services		2.9
Food & Beverages		2.0
Health Services		1.2
Leisure & Entertainment		0.7
Machinery		0.5
Metals & Mining		2.2
Retail		1.0
Support Services		0.5
Technology Hardware		0.8
Telecommunications		3.2
Transportation		2.2
Subtotal		33.2
Foreign Government Obligations		47.7
Supranationals		5.3
US Municipal Bonds		4.7
US Treasury Securities		3.0
Short-Term Investment		4.1
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 Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Industry*
Cable Television		—	%		9.4	%
Commercial Services		1.1			—
Construction & Engineering		—			4.5
Electric		—			31.9
Gas Utilities		—			10.4
Leisure & Entertainment		0.9			—
Real Estate		97.6			—
Transportation		—			33.1
Water		—			4.6
Subtotal		99.6			93.9
Short-Term Investments		1.3			5.9
Total Investments		100.9	%		99.8	%

* 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	%		0.8	%		—	%
Alcohol & Tobacco		1.5			3.2			—
Automotive		—			0.8			(0.4	)
Banking		0.4			4.9			(1.9	)
Cable Television		—			—			(0.2	)
Chemicals		0.6			1.3			(0.5	)
Commercial Services		1.5			3.6			(1.9	)
Computer Software & Services		1.0			0.9			(0.2	)
Construction & Engineering		1.0			0.8			(0.1	)
Construction Materials		—			0.1			—
Consumer Products		0.7			0.7			(0.4	)
Diversified		—			0.2			—
Electric		—			0.6			—
Energy Exploration & Production		0.3			0.7			—
Energy Integrated		0.1			0.8			—
Energy Services		0.1			0.2			—
Financial Services		3.7			5.4			(2.9	)
Food & Beverages		—			2.0			(1.8	)
Forest & Paper Products		—			0.4			(0.2	)
Health Services		0.8			1.2			(0.4	)
Household & Personal Products		—			0.7			(0.2	)
Housing		—			1.4			(0.2	)
Insurance		0.2			3.5			(0.8	)
Leisure & Entertainment		—			2.2			(0.4	)
Manufacturing		2.0			2.8			(2.0	)
Media		—			1.0			—
Medical Products		1.2			1.5			(1.1	)
Metals & Mining		—			0.3			—
Pharmaceutical & Biotechnology		2.3			3.1			(3.1	)
Real Estate		7.5			3.6			—
Retail		—			5.8			(3.8	)
Semiconductors & Components		0.1			1.5			(1.0	)
Technology		0.5			0.6			(0.5	)
Technology Hardware		1.1			0.4			—
Telecommunications		—			1.1			—
Transportation		2.1			2.0			(0.7	)
Subtotal		29.9			60.1			(24.7	)
Exchange-Traded Funds		0.7			1.1			(1.6	)
Short-Term Investments		56.1			50.0			—
Total Investments		86.7	%		111.2	%		(26.3	)%

* 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 (the “NYSE”) is open for business, generally as of the close of regular session trading on the NYSE (normally 4:00 p.m. Eastern time, the “Regular Closing Time”). When trading on the NYSE is unexpectedly closed prior to the Regular Closing Time, or an earlier scheduled close (such as on certain days around holidays when the NYSE is scheduled to close before 4:00 p.m.), and remains closed through the time of the Regular Closing Time (or an earlier scheduled close), the NAV of each Class of each Portfolio may nonetheless be calculated as of the Regular Closing Time (or an earlier scheduled close) if, in the judgment of Lazard Asset Management LLC (the “Investment Manager”), there is sufficient trading in other markets between the unexpected close and the Regular Closing Time (or an earlier scheduled close) for securities for which the NYSE is usually considered the primary market. NAV per share is determined by dividing the value of the total assets of the Portfolio represented by such Class, less all liabilities, by the total number of Portfolio shares of such Class outstanding.

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 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. 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, generally are valued by an independent pricing service. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s NAV. Repurchase agreements are valued at the principal amounts plus accrued interest.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

The Valuation Committee of 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 table summarizes the valuation of the Portfolios’ investments by each fair value hierarchy level as of September 30, 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 September 30, 2015
US Equity Concentrated Portfolio
Common Stocks	$	586,467,523	$	—	$	—	$	586,467,523
Short-Term Investment		62,692,304		—		—		62,692,304
Total	$	649,159,827	$	—	$	—	$	649,159,827

US Strategic Equity Portfolio
Common Stocks	$	123,526,289	$	—	$	—	$	123,526,289
Short-Term Investment		8,134,499		—		—		8,134,499
Total	$	131,660,788	$	—	$	—	$	131,660,788

US Mid Cap Equity Portfolio
Common Stocks	$	27,994,109	$	—	$	—	$	27,994,109
Short-Term Investment		2,988,109		—		—		2,988,109
Total	$	30,982,218	$	—	$	—	$	30,982,218

US Small-Mid Cap Equity Portfolio
Common Stocks	$	194,919,106	$	—	$	—	$	194,919,106
Repurchase Agreement		—		8,395,000		—		8,395,000
Total	$	194,919,106	$	8,395,000	$	—	$	203,314,106

US Small Cap Equity Growth Portfolio
Common Stocks	$	11,898,274	$	—	$	—	$	11,898,274
Short-Term Investment		2,010,614		—		—		2,010,614
Total	$	13,908,888	$	—	$	—	$	13,908,888

International Equity Portfolio
Common Stocks
United Kingdom	$	9,054,613	$	160,885,742	$	—	$	169,940,355
Other		54,631,937		432,318,562		—		486,950,499
Repurchase Agreement		—		32,256,000		—		32,256,000
Total	$	63,686,550	$	625,460,304	$	—	$	689,146,854

International Equity Select Portfolio
Common Stocks
United Kingdom	$	309,249	$	5,659,040	$	—	$	5,968,289
Other		2,431,584		14,159,985		—		16,591,569
Short-Term Investment		1,444,469		—		—		1,444,469
Total	$	4,185,302	$	19,819,025	$	—	$	24,004,327

International Equity Concentrated Portfolio
Common Stocks
United Kingdom	$	296,578	$	2,424,150	$	—	$	2,720,728
Other		2,499,157		7,873,814		—		10,372,971
Short-Term Investment		724,615		—		—		724,615
Total	$	3,520,350	$	10,297,964	$	—	$	13,818,314

International Strategic Equity Portfolio
Common Stocks
United Kingdom	$	95,005,870	$	1,147,599,756	$	—	$	1,242,605,626
Other		429,817,744		4,033,330,227		—		4,463,147,971
Short-Term Investment		326,933,335		—		—		326,933,335
Total	$	851,756,949	$	5,180,929,983	$	—	$	6,032,686,932

International Equity Advantage Portfolio
Common Stocks
Ireland	$	8,019	$	6,576	$	—	$	14,595
Netherlands		11,708		40,093		—		51,801
Other		—		1,714,812		—		1,714,812
Short-Term Investment		14,073		—		—		14,073
Total	$	33,800	$	1,761,481	$	—	$	1,795,281

International Small Cap Equity Portfolio
Common Stocks
Canada	$	6,737,532	$	1,161,508	$	—	$	7,899,040
Netherlands		660,723		1,128,778		—		1,789,501
United Kingdom		1,090,400		13,700,245		—		14,790,645
Other		1,108,812		70,555,339		—		71,664,151
Preferred Stock		501,334		—		—		501,334
Short-Term Investment		1,772,225		—		—		1,772,225
Total	$	11,871,026	$	86,545,870	$	—	$	98,416,896

Global Equity Select Portfolio
Common Stocks
Netherlands	$	254,680	$	198,126	$	—	$	452,806
United Kingdom		230,829		2,168,640		—		2,399,469
Other		9,909,790		4,716,272		—		14,626,062
Short-Term Investment		366,657		—		—		366,657
Total	$	10,761,956	$	7,083,038	$	—	$	17,844,994

Global Strategic Equity Portfolio
Common Stocks
United Kingdom	$	146,650	$	1,515,154	$	—	$	1,661,804
Other		4,289,396		2,900,770		56,831		7,246,997
Short-Term Investment		93,184		—		—		93,184
Total	$	4,529,230	$	4,415,924	$	56,831	$	9,001,985

Managed Equity Volatility Portfolio
Common Stocks
Ireland	$	19,709	$	9,321	$	—	$	29,030
Netherlands		4,132		29,245		—		33,377
Switzerland		6,928		28,088		—		35,016
United Kingdom		6,468		128,489		—		134,957
Other		1,138,483		725,714		—		1,864,197
Short-Term Investment		96,417		—		—		96,417
Total	$	1,272,137	$	920,857	$	—	$	2,192,994

Emerging Markets Equity Portfolio
Common Stocks
China	$	487,739,823	$	646,645,683	$	—	$	1,134,385,506
Hong Kong		325,893,638		44,496,758		—		370,390,396
Indonesia		235,833,841		386,564,734		—		622,398,575
Russia		109,580,416		671,112,472		—		780,692,888
Other		1,526,876,824		5,464,813,363		—		6,991,690,187
Short-Term Investment		505,235,914		—		—		505,235,914
Total	$	3,191,160,456	$	7,213,633,010	$	—	$	10,404,793,466

Emerging Markets Core Equity Portfolio
Common Stocks
China	$	5,414,108	$	11,630,732	$	—	$	17,044,840
Hong Kong		2,475,200		1,636,067		—		4,111,267
India		6,128,147		2,437,628		—		8,565,775
South Korea		951,600		5,685,950		—		6,637,550
Taiwan		3,805,749		7,107,263		—		10,913,012
Other		8,939,680		11,550,778		—		20,490,458
Preferred Stock		1,020,189		—		—		1,020,189
Short-Term Investment		3,338,208		—		—		3,338,208
Total	$	32,072,881	$	40,048,418	$	—	$	72,121,299

Developing Markets Equity Portfolio
Common Stocks
China	$	17,427,774	$	55,989,286	$	—	$	73,417,060
Hong Kong		2,080,512		21,571,230		—		23,651,742
India		12,886,008		41,353,159		—		54,239,167
Russia		4,236,472		27,788,276		—		32,024,748
Other		53,597,871		94,575,550		—		148,173,421
Preferred Stock		2,512,527		—		—		2,512,527
Short-Term Investment		9,120,025		—		—		9,120,025
Total	$	101,861,189	$	241,277,501	$	—	$	343,138,690

Emerging Markets Equity Advantage Portfolio
Common Stocks
China	$	7,402	$	428,614	$	—	$	436,016
India		147,292		29,353		—		176,645
Indonesia		40,314		3,779		—		44,093
Malaysia		43,600		36,590		—		80,190
Russia		10,108		55,729		—		65,837
South Korea		163,234		269,843		—		433,077
Taiwan		162,575		174,779		—		337,354
Thailand		61,215		43,495		—		104,710
Other		402,615		481,452		—		884,067
Preferred Stock		19,832		—		—		19,832
Short-Term Investment		18,690		—		—		18,690
Total	$	1,076,877	$	1,523,634	$	—	$	2,600,511

Emerging Markets Equity Blend Portfolio
Common Stocks
China	$	23,512,786	$	46,725,674	$	38,206	$	70,276,666
Hong Kong		5,675,467		16,783,590		—		22,459,057
India		4,510,661		38,408,434		—		42,919,095
Indonesia		5,009,360		12,128,818		—		17,138,178
Russia		10,858,006		18,848,479		—		29,706,485
Turkey		7,751,964		13,144,260		—		20,896,224
Other		57,207,581		107,801,299		—		165,008,880
Preferred Stock		930,680		—		—		930,680
Short-Term Investment		20,122,449		—		—		20,122,449
Total	$	135,578,954	$	253,840,554	$	38,206	$	389,457,714

Emerging Markets Multi Asset Portfolio
Assets:
Common Stocks
China	$	5,998,405	$	14,130,363		$	8,310	$	20,137,078
Hong Kong		2,379,464		4,112,718			—		6,492,182
India		4,282,525		8,258,024			—		12,540,549
Indonesia		1,054,955		3,109,401			—		4,164,356
Philippines		560,382		823,602			—		1,383,984
Russia		2,324,388		3,803,279			—		6,127,667
South Korea		532,994		10,914,228			—		11,447,222
Taiwan		3,318,547		9,497,670			—		12,816,217
Turkey		1,654,804		3,165,022			—		4,819,826
Other		14,681,917		8,718,796			—		23,400,713
Preferred Stocks		566,244		—			—		566,244
Corporate Bonds		—		2,777,597			—		2,777,597
Foreign Government Obligations		—		24,489,338			—		24,489,338
Quasi Government Bonds		—		622,688			—		622,688
US Treasury Securities		—		12,766,430			—		12,766,430
Warrant*		—		—			—		—
Short-Term Investment		15,766,552		—			—		15,766,552
Other Financial Instruments**
Forward Currency Contracts		—		407,542			—		407,542
Total	$	53,121,177	$	107,596,698		$	8,310	$	160,726,185
Liabilities:
Other Financial Instruments**
Credit Default Swap Agreements	$	—	$	(49,523	)	$	—	$	(49,523	)
Forward Currency Contracts		—		(488,657	)		—		(488,657	)
Total	$	—	$	(538,180	)	$	—	$	(538,180	)

Emerging Markets Debt Portfolio
Assets:
Corporate Bonds	$	—	$	4,537,262		$	—	$	4,537,262
Foreign Government Obligations		—		268,086,255			—		268,086,255
Quasi Government Bonds		—		8,621,782			—		8,621,782
Short-Term Investment		2,253,809		—			—		2,253,809
Other Financial Instruments**
Forward Currency Contracts		—		58,869			—		58,869
Total	$	2,253,809	$	281,304,168		$	—	$	283,557,977
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(27,838	)	$	—	$	(27,838	)

Explorer Total Return Portfolio
Assets:
Corporate Bonds	$	—	$	22,066,819		$	—	$	22,066,819
Foreign Government Obligations		—		151,013,994			—		151,013,994
Quasi Government Bonds		—		5,363,295			—		5,363,295
US Treasury Securities		—		22,274,103			—		22,274,103
Warrant*		—		—			—		—
Short-Term Investment		59,060,718		—			—		59,060,718
Other Financial Instruments**
Forward Currency Contracts		—		1,052,650			—		1,052,650
Total	$	59,060,718	$	201,770,861		$	—	$	260,831,579
Liabilities:
Other Financial Instruments**
Credit Default Swap Agreements	$	—	$	(400,249	)	$	—	$	(400,249	)
Forward Currency Contracts		—		(978,257	)		—		(978,257	)
Interest Rate Swap Agreement		—		(51,852	)		—		(51,852	)
Total	$	—	$	(1,430,358	)	$	—	$	(1,430,358	)

Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations	$	—	$	2,104,208		$	—	$	2,104,208
Supranationals		—		36,159			—		36,159
US Treasury Securities		—		11,256,241			—		11,256,241
Short-Term Investment		1,628,848		—			—		1,628,848
Other Financial Instruments**
Forward Currency Contracts		—		203,311			—		203,311
Total	$	1,628,848	$	13,599,919		$	—	$	15,228,767
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(313,043	)	$	—	$	(313,043	)

US Corporate Income Portfolio
Corporate Bonds	$	—	$	224,304,732		$	—	$	224,304,732
Short-Term Investment		7,687,766		—			—		7,687,766
Total	$	7,687,766	$	224,304,732		$	—	$	231,992,498

US Short Duration Fixed Income Portfolio
Asset-Backed Securities	$	—	$	8,342,719		$	—	$	8,342,719
Corporate Bonds		—		37,648,299			—		37,648,299
Municipal Bonds		—		5,889,302			—		5,889,302
US Government Securities		—		41,488,432			—		41,488,432
US Treasury Securities		—		7,813,605			—		7,813,605
Short-Term Investment		3,585,422		—			—		3,585,422
Total	$	3,585,422	$	101,182,357		$	—	$	104,767,779

Global Fixed Income Portfolio
Assets:
Corporate Bonds	$	—	$	1,943,360		$	—	$	1,943,360
Foreign Government Obligations		—		2,955,084			—		2,955,084
Quasi Government Bonds		—		113,533			—		113,533
Supranationals		—		326,089			—		326,089
US Municipal Bonds		—		288,221			—		288,221
US Treasury Securities		—		187,802			—		187,802
Short-Term Investment		255,844		—			—		255,844
Other Financial Instruments**
Forward Currency Contracts		—		95,877			—		95,877
Total	$	255,844	$	5,909,966		$	—	$	6,165,810
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(19,660	)	$	—	$	(19,660	)

US Realty Income Portfolio
Common Stock	$	1,977,412	$	—		$	—	$	1,977,412
Preferred Stocks		22,399,657		—			—		22,399,657
Real Estate Investment Trusts		70,805,711		—			—		70,805,711
Total	$	95,182,780	$	—		$	—	$	95,182,780

US Realty Equity Portfolio
Common Stocks	$	4,555,124	$	—		$	—	$	4,555,124
Real Estate Investment Trusts		88,733,847		—			—		88,733,847
Short-Term Investment		711,397		—			—		711,397
Total	$	94,000,368	$	—		$	—	$	94,000,368

Global Realty Equity Portfolio
Common Stocks	$	319,268	$	1,270,731		$	—	$	1,589,999
Real Estate Investment Trusts		2,431,432		1,149,415			—		3,580,847
Short-Term Investment		67,340		—			—		67,340
Total	$	2,818,040	$	2,420,146		$	—	$	5,238,186

Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	555,095,838	$	1,568,518,041		$	—	$	2,123,613,879
Short-Term Investment		134,216,854		—			—		134,216,854
Other Financial Instruments**
Forward Currency Contracts		—		19,136,751			—		19,136,751
Total	$	689,312,692	$	1,587,654,792		$	—	$	2,276,967,484
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—	$	(618,809	)	$	—	$	(618,809	)

Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Note	$	5,267,027	$	—		$	—	$	5,267,027
Exchange-Traded Funds		99,234,543		—			—		99,234,543
Closed-End Management Investment Company		7,269,444		—			—		7,269,444
Short-Term Investment		29,606,246		—			—		29,606,246
Other Financial Instruments**
Forward Currency Contracts		—		95,363			—		95,363
Total	$	141,377,260	$	95,363		$	—	$	141,472,623
Liabilities:
Other Financial Instruments**
Total Return Swap Agreements	$	—	$	(242,982	)	$	—	$	(242,982	)

Enhanced Opportunities Portfolio
Assets:
Common Stocks	$	184,679		$	32,344		$	—	$	217,023
Corporate Bonds		—			1,096,164			—		1,096,164
Exchange-Traded Funds		35,467			—			—		35,467
Preferred Stocks		175,993			—			—		175,993
Purchased Options		5,220			—			—		5,220
Short-Term Investment		2,803,814			—			—		2,803,814
Other Financial Instruments**
Total Return Swap Agreements		—			256,372			—		256,372
Total	$	3,205,173		$	1,384,880		$	—	$	4,590,053
Liabilities:
Other Financial Instruments**
Total Return Swap Agreements	$	—		$	(272,668	)	$	—	$	(272,668	)
Written Options		(3,671	)		—			—		(3,671	)
Total	$	(3,671	)	$	(272,668	)	$	—	$	(276,339	)

Fundamental Long/Short Portfolio
Common Stocks	$	129,855,413		$	—		$	—	$	129,855,413
Short-Term Investment		120,072,884			—			—		120,072,884
Securities Sold Short		(97,399,572	)		—			—		(97,399,572	)
Total	$	152,528,725		$	—		$	—	$	152,528,725

Master Alternatives Portfolio
Assets:
Common Stocks
China	$	60,146		$	339,532		$	—	$	399,678
Germany		57,610			86,074			—		143,684
Israel		90,436			23,536			—		113,972
Netherlands		85,764			127,196			—		212,960
South Africa		11,173			508,372			—		519,545
United Kingdom		66,014			529,070			—		595,084
Other		4,774,733			2,583,298			—		7,358,031
Corporate Bonds		—			871,228			—		871,228
Exchange-Traded Funds		180,719			—			—		180,719
Preferred Stocks		150,201			—			—		150,201
Purchased Options		3,843			—			—		3,843
Short-Term Investment		8,636,615			—			—		8,636,615
Securities Sold Short
Germany		(33,820	)		(36,908	)		—		(70,728	)
Other		(3,256,612	)		(1,209,430	)		—		(4,466,042	)
Other Financial Instruments**
Forward Currency Contracts		—			44,146			—		44,146
Total Return Swap Agreements		—			1,025,586			—		1,025,586
Total	$	10,826,822		$	4,891,700		$	—	$	15,718,522
Liabilities:
Other Financial Instruments**
Forward Currency Contracts	$	—		$	(78,735	)	$	—	$	(78,735	)
Total Return Swap Agreements		—			(437,131	)		—		(437,131	)
Written Options		(2,852	)		—			—		(2,852	)
Total	$	(2,852	)	$	(515,866	)	$	—	$	(518,718	)

*	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 to which footnote (c) apply are included in Level 2 and were valued based on reference to similar securities 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 (but not securities valued based on reference to a similar security trading on an active market) in the International Equity, International Equity Select, International Equity Concentrated, International Strategic Equity, International Equity Advantage, International Small Cap Equity, Global Equity Select, Global Strategic Equity, Managed Equity Volatility, Emerging Markets Equity, Emerging Markets Core Equity, Developing Markets Equity, Emerging Markets Equity Advantage, Emerging Markets Equity Blend, Emerging Markets Multi Asset, Global Realty Equity, Global Listed Infrastructure, 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 September 30, 2015, securities valued at the following amounts were transferred from Level 1 to Level 2:


Portfolio	Amount
International Equity	$	3,618,063
Developing Markets Equity		14,973,774

At September 30, 2015, securities valued at the following amounts were transferred from Level 2 to Level 1:


Portfolio	Amount
International Equity Select	$	677,818
International Equity Concentrated		268,889
International Strategic Equity		107,591,193
International Small Cap Equity		666,483
Emerging Markets Equity		1,563,409,888
Emerging Markets Core Equity		746,446
Developing Markets Equity		11,232,993
Emerging Markets Equity Blend		35,310,588
Emerging Markets Multi Asset		6,299,506
Global Realty Equity		158,457

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended September 30, 2015.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended September 30, 2015:

Description	Balance as of December 31, 2014		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of September 30, 2015		Net Change in Unrealized Depreciation from Investments Still Held at September 30, 2015
Global Strategic Equity
Common Stock	$	—	$	—	$	—		$	(3,904	)	$	60,735	$	—	$	—	$	—	$	56,831	$	(3,904	)
Emerging Markets Equity Blend
Common Stock	$	—	$	—	$	(15,394	)	$	(1,917,183	)	$	2,133,866	$	163,083	$	—	$	—	$	38,206	$	(1,917,183	)

Emerging Markets Multi Asset
Common Stock	$	—	$	—	$	—		$	(417,756	)	$	426,066	$	—	$	—	$	—	$	8,310	$	(417,756	)
Warrant*		—		—		—			—			—		—		—		—		—		—
Total	$	—	$	—	$	—		$	(417,756	)	$	426,066	$	—	$	—	$	—	$	8,310	$	(417,756	)

Explorer Total Return
Warrant*	$	—	$	—	$	—		$	—		$	—	$	—	$	—	$	—	$	—	$	—

* The Warrant was reported in the Portfolios of Investments at zero market value.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

The Lazard Funds, Inc.

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer

Date: November 27, 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: November 27, 2015

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

Date: November 27, 2015