N-Q 1 c88309_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)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2017

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments March 31, 2017 (unaudited)

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 95.1%
Air Freight & Logistics \| 3.9%
United Parcel Service, Inc., Class B	556,565	$	59,719,425
Auto Components \| 2.1%
Delphi Automotive PLC	404,690		32,573,498
Beverages \| 12.4%
Molson Coors Brewing Co., Class B	764,712		73,190,586
The Coca-Cola Co.	2,793,955		118,575,450
			191,766,036
Chemicals \| 4.6%
PPG Industries, Inc.	678,260		71,271,561
Commercial Services & Supplies \| 4.8%
Copart, Inc. (a)	1,199,602		74,291,352
Communications Equipment \| 15.2%
Cisco Systems, Inc.	3,060,685		103,451,153
Motorola Solutions, Inc.	1,520,450		131,093,199
			234,544,352
Containers & Packaging \| 4.9%
Crown Holdings, Inc. (a)	1,421,260		75,255,717
Food & Staples Retailing \| 7.1%
Walgreens Boots Alliance, Inc.	1,310,430		108,831,211
Health Care Equipment & Supplies \| 8.0%
Medtronic PLC	1,525,050		122,858,028
Internet Software & Services \| 13.1%
Alphabet, Inc., Class A (a)	150,490		127,585,422
eBay, Inc. (a)	2,232,495		74,944,857
			202,530,279
Media \| 2.1%
The Madison Square Garden Co. Class A (a)	160,475		32,048,462
Pharmaceuticals \| 7.2%
Pfizer, Inc.	2,191,337		74,965,639
Zoetis, Inc.	681,286		36,360,234
			111,325,873
Semiconductors & Semiconductor Equipment \| 4.9%
Skyworks Solutions, Inc.	764,385		74,894,442
Specialty Retail \| 4.8%
Advance Auto Parts, Inc.	498,664		73,931,925
Total Common Stocks (Cost $1,330,749,610)			1,465,842,161

Description	Shares		Fair Value
Short-Term Investment \| 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $61,572,490)	61,572,490	$	61,572,490
Total Investments \| 99.1% (Cost $1,392,322,100) (b)		$	1,527,414,651
Cash and Other Assets in Excess of Liabilities \| 0.9%			14,007,438
Net Assets \| 100.0%		$	1,541,422,089

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio
Common Stocks \| 98.7%
Aerospace & Defense \| 2.2%
United Technologies Corp.	15,825	$	1,775,723
Air Freight & Logistics \| 1.5%
United Parcel Service, Inc., Class B	11,725		1,258,092
Auto Components \| 1.5%
Delphi Automotive PLC	14,935		1,202,118
Banks \| 5.2%
Bank of America Corp.	120,080		2,832,687
Citigroup, Inc.	16,800		1,004,976
KeyCorp.	23,200		412,496
			4,250,159
Beverages \| 6.6%
Molson Coors Brewing Co., Class B	23,725		2,270,720
The Coca-Cola Co.	73,800		3,132,072
			5,402,792
Biotechnology \| 0.8%
Biogen, Inc. (a)	2,300		628,866
Building Products \| 1.6%
Johnson Controls International PLC	30,521		1,285,545
Capital Markets \| 3.9%
Intercontinental Exchange, Inc.	30,150		1,805,081
The Charles Schwab Corp.	34,320		1,400,599
			3,205,680
Chemicals \| 1.3%
Agrium, Inc.	2,600		248,430
PPG Industries, Inc.	8,000		840,640
			1,089,070
Commercial Services & Supplies \| 1.0%
Copart, Inc. (a)	12,835		794,872
Communications Equipment \| 6.2%
Cisco Systems, Inc.	94,225		3,184,805
Motorola Solutions, Inc.	21,600		1,862,352
			5,047,157
Containers & Packaging \| 1.4%
Crown Holdings, Inc. (a)	22,025		1,166,224
Diversified Telecommunication Services \| 2.9%
AT&T, Inc.	56,950		2,366,272
Electrical Equipment \| 1.9%
Eaton Corp. PLC	20,535		1,522,670

Description	Shares		Fair Value
Energy Equipment & Services \| 1.9%
Schlumberger, Ltd.	20,220	$	1,579,182
Equity Real Estate Investment Trusts (REITs) \| 1.0%
Host Hotels & Resorts, Inc.	41,565		775,603
Food & Staples Retailing \| 2.3%
Walgreens Boots Alliance, Inc.	22,900		1,901,845
Food Products \| 2.0%
Kellogg Co.	22,300		1,619,203
Health Care Equipment & Supplies \| 3.5%
Medtronic PLC	18,100		1,458,136
Stryker Corp.	10,305		1,356,653
			2,814,789
Health Care Providers & Services \| 1.2%
Humana, Inc.	4,850		999,779
Hotels, Restaurants & Leisure \| 2.5%
McDonald’s Corp.	11,725		1,519,677
Norwegian Cruise Line Holdings, Ltd. (a)	9,710		492,589
			2,012,266
Household Products \| 1.0%
The Procter & Gamble Co.	9,085		816,287
Industrial Conglomerates \| 1.0%
Honeywell International, Inc.	6,798		848,866
Insurance \| 1.8%
Aon PLC	12,280		1,457,513
Internet Software & Services \| 7.9%
Alphabet, Inc., Class A (a)	4,931		4,180,502
Alphabet, Inc., Class C (a)	415		344,267
eBay, Inc. (a)	56,620		1,900,734
			6,425,503
IT Services \| 5.1%
Fidelity National Information Services, Inc.	12,060		960,217
Vantiv, Inc., Class A (a)	17,900		1,147,748
Visa, Inc., Class A	23,420		2,081,336
			4,189,301
Machinery \| 0.9%
Deere & Co.	6,520		709,767
Marine \| 0.6%
Kirby Corp. (a)	7,100		500,905
Media \| 1.1%
The Madison Square Garden Co. Class A (a)	4,658		930,249
Oil, Gas & Consumable Fuels \| 3.8%
Cimarex Energy Co.	4,200		501,858

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio (concluded)
ConocoPhillips	9,000	$	448,830
EOG Resources, Inc.	10,575		1,031,591
Pioneer Natural Resources Co.	3,750		698,363
Valero Energy Corp.	5,900		391,111
			3,071,753
Pharmaceuticals \| 8.0%
Allergan PLC	5,585		1,334,368
Pfizer, Inc.	104,519		3,575,595
Zoetis, Inc.	30,004		1,601,314
			6,511,277
Road & Rail \| 0.8%
Union Pacific Corp.	6,055		641,346
Semiconductors & Semiconductor Equipment \| 3.7%
Applied Materials, Inc.	16,780		652,742
Cypress Semiconductor Corp.	43,200		594,432
Skyworks Solutions, Inc.	18,135		1,776,867
			3,024,041
Software \| 4.3%
Microsoft Corp.	47,200		3,108,592
Red Hat, Inc. (a)	4,950		428,175
			3,536,767
Specialty Retail \| 3.8%
Advance Auto Parts, Inc.	7,718		1,144,271
AutoZone, Inc. (a)	905		654,360
L Brands, Inc.	8,800		414,480
Lowe’s Cos., Inc.	11,050		908,420
			3,121,531
Technology Hardware, Storage & Peripherals \| 2.5%
Apple, Inc.	14,282		2,051,752
Total Common Stocks
(Cost $69,864,018)			80,534,765
Short-Term Investment \| 2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $2,099,843)	2,099,843	$	2,099,843
Total Investments \| 101.3% (Cost $71,963,861) (b)		$	82,634,608
Liabilities in Excess of Cash and Other Assets \| (1.3)%			(1,057,189)
Net Assets \| 100.0%		$	81,577,419

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 97.0%
Air Freight & Logistics \| 0.6%
Echo Global Logistics, Inc. (a)	66,153	$	1,412,367
Airlines \| 1.7%
Alaska Air Group, Inc.	38,990		3,595,658
Auto Components \| 2.2%
Fox Factory Holding Corp. (a)	65,533		1,880,797
Modine Manufacturing Co. (a)	240,620		2,935,564
			4,816,361
Banks \| 7.6%
BankUnited, Inc.	73,590		2,745,643
Comerica, Inc.	42,340		2,903,677
Commerce Bancshares, Inc.	46,090		2,588,414
Home Bancshares, Inc.	126,030		3,411,632
PacWest Bancorp	54,521		2,903,789
Webster Financial Corp.	39,005		1,951,810
			16,504,965
Biotechnology \| 1.5%
Cellectis SA ADR (a)	85,415		2,049,960
United Therapeutics Corp. (a)	9,405		1,273,249
			3,323,209
Building Products \| 4.7%
Continental Building Products, Inc. (a)	75,355		1,846,197
JELD-WEN Holding, Inc.	82,780		2,719,323
Owens Corning	47,900		2,939,623
PGT Innovations, Inc. (a)	242,740		2,609,455
			10,114,598
Capital Markets \| 1.3%
Morningstar, Inc.	37,060		2,912,916
Chemicals \| 4.5%
Ingevity Corp. (a)	46,475		2,828,004
Innospec, Inc.	50,230		3,252,392
Valvoline, Inc.	153,105		3,758,728
			9,839,124
Commercial Services & Supplies \| 1.5%
Deluxe Corp.	44,965		3,245,124
Communications Equipment \| 0.7%
Ciena Corp. (a)	64,180		1,515,290
Containers & Packaging \| 3.2%
Crown Holdings, Inc. (a)	69,985		3,705,706
Graphic Packaging Holding Co.	245,775		3,163,124
			6,868,830

Description	Shares		Fair Value
Electric Utilities \| 1.9%
PNM Resources, Inc.	110,160	$	4,075,920
Electrical Equipment \| 3.6%
Atkore International Group, Inc.	66,750		1,754,190
Generac Holdings, Inc. (a)	63,850		2,380,328
Regal-Beloit Corp.	47,955		3,627,796
			7,762,314
Electronic Equipment, Instruments & Components \| 3.1%
Belden, Inc.	38,030		2,631,296
FLIR Systems, Inc.	73,150		2,653,882
Littelfuse, Inc.	9,535		1,524,742
			6,809,920
Energy Equipment & Services \| 3.2%
Helix Energy Solutions Group, Inc. (a)	210,945		1,639,042
Newpark Resources, Inc. (a)	298,310		2,416,311
Oceaneering International, Inc.	108,835		2,947,252
			7,002,605
Equity Real Estate Investment Trusts (REITs) \| 9.4%
American Campus Communities, Inc.	76,330		3,632,545
DCT Industrial Trust, Inc.	65,683		3,160,666
Extra Space Storage, Inc.	40,315		2,999,033
Healthcare Realty Trust, Inc.	114,720		3,728,400
Kilroy Realty Corp.	42,910		3,092,953
UDR, Inc.	101,675		3,686,735
			20,300,332
Food & Staples Retailing \| 1.4%
Sprouts Farmers Market, Inc. (a)	131,610		3,042,823
Health Care Equipment & Supplies \| 1.2%
STERIS PLC	36,245		2,517,578
Health Care Providers & Services \| 1.0%
AMN Healthcare Services, Inc. (a)	55,100		2,237,060
Hotels, Restaurants & Leisure \| 1.0%
Bloomin’ Brands, Inc.	112,665		2,222,880
Household Durables \| 0.8%
Leggett & Platt, Inc.	35,200		1,771,264
Insurance \| 4.6%
Arch Capital Group, Ltd. (a)	33,275		3,153,472
Reinsurance Group of America, Inc.	29,275		3,717,339
Validus Holdings, Ltd.	56,115		3,164,325
			10,035,136

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Internet Software & Services \| 1.2%
j2 Global, Inc.	30,635	$	2,570,583
IT Services \| 2.4%
Leidos Holdings, Inc.	46,070		2,356,020
Vantiv, Inc., Class A (a)	44,470		2,851,416
			5,207,436
Life Sciences Tools & Services \| 3.0%
INC Research Holdings, Inc., Class A (a)	65,125		2,985,981
VWR Corp. (a)	123,755		3,489,891
			6,475,872
Machinery \| 5.3%
Altra Industrial Motion Corp.	45,024		1,753,685
Proto Labs, Inc. (a)	42,400		2,166,640
TriMas Corp. (a)	142,381		2,954,405
Wabtec Corp.	34,300		2,675,400
Woodward, Inc.	30,290		2,057,297
			11,607,427
Marine \| 1.6%
Kirby Corp. (a)	48,295		3,407,212
Media \| 1.2%
Scholastic Corp.	61,247		2,607,285
Multi-Utilities \| 2.0%
CMS Energy Corp.	95,070		4,253,432
Oil, Gas & Consumable Fuels \| 2.8%
Antero Resources Corp. (a)	66,038		1,506,327
HollyFrontier Corp.	78,805		2,233,333
Matador Resources Co. (a)	97,120		2,310,485
			6,050,145
Pharmaceuticals \| 1.3%
Catalent, Inc. (a)	96,690		2,738,261
Semiconductors & Semiconductor Equipment \| 5.1%
Cypress Semiconductor Corp.	159,055		2,188,597
MACOM Technology Solutions Holdings, Inc. (a)	56,175		2,713,252
Microsemi Corp. (a)	49,800		2,566,194
Versum Materials, Inc. (a)	115,165		3,524,049
			10,992,092
Software \| 3.0%
Bottomline Technologies de, Inc. (a)	111,080		2,627,042
BroadSoft, Inc. (a)	37,880		1,522,776
Red Hat, Inc. (a)	26,685		2,308,253
			6,458,071

Description	Shares		Fair Value
Specialty Retail \| 3.9%
Advance Auto Parts, Inc.	10,995	$	1,630,119
Chico’s FAS, Inc.	175,065		2,485,923
Foot Locker, Inc.	29,525		2,208,765
Sally Beauty Holdings, Inc. (a)	102,095		2,086,822
			8,411,629
Technology Hardware, Storage & Peripherals \| 0.9%
NCR Corp. (a)	40,990		1,872,423
Textiles, Apparel & Luxury Goods \| 1.2%
Steven Madden, Ltd. (a)	68,920		2,656,866
Thrifts & Mortgage Finance \| 1.4%
Washington Federal, Inc.	95,100		3,147,810
Total Common Stocks (Cost $186,816,014)			210,382,818

Description		Principal Amount (000)		Fair Value
Repurchase Agreements \| 3.0%
State Street Bank and Trust Co., 0.05%, 04/03/17 (Dated 03/31/17, collateralized by $6,255,000 United States Treasury Note, 3.125%, 05/15/21, with a fair value of $6,645,087) Proceeds of $6,512,027 (Cost $6,512,000)	$	6,512	$	6,512,000
Total Investments \| 100.0% (Cost $193,328,014) (b)			$	216,894,818
Liabilities in Excess of Cash and Other Assets \| 0.0%				(103,941)
Net Assets \| 100.0%			$	216,790,877

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 94.1%
Australia \| 3.3%
BHP Billiton PLC		4,603,206	$	71,394,742
Caltex Australia, Ltd.		1,738,598		39,109,843
				110,504,585
Belgium \| 3.4%
Anheuser-Busch InBev SA/NV		835,840		91,825,091
KBC Group NV		354,893		23,547,240
				115,372,331
Brazil \| 1.1%
BB Seguridade Participacoes SA		4,108,700		38,323,018
Canada \| 4.5%
Canadian National Railway Co.		599,410		44,244,152
National Bank of Canada		1,056,300		44,353,718
Suncor Energy, Inc.		1,979,610		60,779,394
				149,377,264
Denmark \| 1.8%
AP Moller-Maersk A/S, Class B		14,456		23,917,625
Carlsberg A/S, Class B		409,830		37,814,890
				61,732,515
Finland \| 1.4%
Sampo Oyj, A Shares		1,011,589		48,031,402
France \| 11.0%
Air Liquide SA		496,890		56,775,999
Airbus SE		354,534		26,979,823
Capgemini SA		731,708		67,621,709
Cie Generale des Etablissements Michelin		418,402		50,869,524
Valeo SA		1,386,492		92,466,475
Vinci SA		947,662		75,202,931
				369,916,461
Germany \| 2.6%
SAP SE		881,517		86,498,191
Ireland \| 4.7%
James Hardie Industries PLC		2,236,441		35,132,743
Ryanair Holdings PLC Sponsored ADR (a)		436,749		36,241,432
Shire PLC		1,494,246		86,940,791
				158,314,966
Italy \| 1.0%
UniCredit SpA (a)		2,255,820		34,774,045
Japan \| 16.5%
ABC-Mart, Inc.		566,900		33,213,975
Daiwa House Industry Co., Ltd.		3,089,280		88,916,365

Description	Shares		Fair Value
Don Quijote Holdings Co., Ltd.		1,980,700	$	68,794,891
Hoshizaki Corp.		282,200		22,251,868
Isuzu Motors, Ltd.		4,142,100		55,034,307
KDDI Corp.		1,704,300		44,780,362
Makita Corp.		1,397,400		49,030,432
Seven & I Holdings Co., Ltd.		772,600		30,372,323
Sony Corp.		2,511,200		85,190,131
Sumitomo Mitsui Financial Group, Inc.		1,500,400		54,705,524
United Arrows, Ltd.		718,400		21,803,207
				554,093,385
Luxembourg \| 0.7%
RTL Group SA		278,245		22,410,794
Netherlands \| 6.4%
Koninklijke Ahold Delhaize NV		1,730,647		37,039,444
Koninklijke KPN NV		8,876,627		26,725,524
Royal Dutch Shell PLC, A Shares		3,245,100		85,352,865
Wolters Kluwer NV		1,581,797		65,733,561
				214,851,394
Norway \| 2.6%
Statoil ASA		2,226,031		38,260,718
Telenor ASA		2,870,351		47,781,576
				86,042,294
Philippines \| 0.2%
Alliance Global Group, Inc.		19,605,700		4,954,025
Singapore \| 1.0%
DBS Group Holdings, Ltd.		2,381,000		33,043,996
Spain \| 0.9%
Red Electrica Corporacion SA		1,604,547		30,769,121
Sweden \| 4.6%
Assa Abloy AB, Class B		3,329,685		68,330,436
Nordea Bank AB		5,052,102		57,723,650
Swedbank AB, A Shares		1,264,164		29,288,982
				155,343,068
Switzerland \| 5.7%
Julius Baer Group, Ltd.		435,456		21,739,390
Novartis AG		1,298,296		96,388,090
Wolseley PLC		1,172,671		73,759,538
				191,887,018
Taiwan \| 2.5%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,502,000		82,165,680

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Turkey \| 0.7%
Turkiye Garanti Bankasi AS		9,173,950	$	22,346,363
United Kingdom \| 15.5%
British American Tobacco PLC		1,583,702		104,983,461
BT Group PLC		7,626,618		30,407,965
Diageo PLC		1,761,474		50,457,472
Howden Joinery Group PLC		4,699,564		25,557,078
Informa PLC		4,099,156		33,524,848
Provident Financial PLC		877,363		32,970,504
Prudential PLC		5,204,229		110,087,529
RELX PLC		3,332,694		65,361,707
Unilever PLC		1,317,827		65,044,998
				518,395,562
United States \| 2.0%
Aon PLC		578,575		68,671,067
Total Common Stocks (Cost $3,035,224,381)				3,157,818,545

Description	Principal Amount (000)		Fair Value
Repurchase Agreements \| 5.3%
State Street Bank and Trust Co., 0.05%, 04/03/17 (Dated 03/31/17, collateralized by $178,593,796 Federal National Mortgage Association, 2.50% - 3.50%, 03/25/42 - 12/25/42 and Federal Home Loan Mortgage Corp., 3.50%, 12/15/40, with a value of $180,715,143) Proceeds of $177,170,738 (Cost $177,170,000)	$	177,170	$	177,170,000
Total Investments \| 99.4% (Cost $3,212,394,381) (b)			$	3,334,988,545

Cash and Other Assets in Excess of Liabilities \| 0.6%				20,592,186
Net Assets \| 100.0%			$	3,355,580,731

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 93.9%
Australia \| 1.7%
BHP Billiton, Ltd.		36,067	$	658,425
Belgium \| 3.3%
Anheuser-Busch InBev SA/NV		9,119		1,001,810
KBC Group NV		4,076		270,444
				1,272,254
Brazil \| 4.1%
BB Seguridade Participacoes SA		67,000		624,928
Cia de Saneamento Basico do Estado de Sao Paulo		32,400		337,289
Cielo SA		31,600		285,759
Estacio Participacoes SA		63,700		322,915
				1,570,891
Canada \| 2.8%
Canadian National Railway Co.		6,900		509,308
Suncor Energy, Inc.		18,700		574,141
				1,083,449
China \| 2.8%
Tencent Holdings, Ltd.		37,400		1,073,564
Denmark \| 1.0%
Carlsberg A/S, Class B		4,056		374,246
Finland \| 2.1%
Sampo Oyj, A Shares		16,562		786,383
France \| 4.1%
Valeo SA		12,814		854,578
Vinci SA		8,678		688,654
				1,543,232
Germany \| 3.6%
Continental AG		1,914		419,601
SAP SE		9,614		943,367
				1,362,968
Indonesia \| 1.9%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		23,708		738,978
Ireland \| 3.1%
Ryanair Holdings PLC Sponsored ADR (a)		3,572		296,404
Shire PLC		15,260		887,884
				1,184,288
Italy \| 0.7%
Banca Mediolanum SpA		35,047		256,673
Japan \| 14.0%
Daiwa House Industry Co., Ltd.		30,900		889,371

Description	Shares		Fair Value
FANUC Corp.		1,500	$	308,287
KDDI Corp.		15,700		412,516
Makita Corp.		20,000		701,738
Ryohin Keikaku Co., Ltd.		2,800		614,059
Seven & I Holdings Co., Ltd.		11,317		444,892
SoftBank Group Corp.		8,500		602,020
Sony Corp.		14,700		498,684
Sumitomo Mitsui Financial Group, Inc.		16,476		600,725
Tokyo Electron, Ltd.		2,200		240,887
				5,313,179
Netherlands \| 3.8%
Royal Dutch Shell PLC, A Shares		27,460		723,307
Wolters Kluwer NV		17,261		717,303
				1,440,610
Norway \| 2.5%
Statoil ASA		30,945		531,878
Telenor ASA		26,104		434,543
				966,421
Philippines \| 0.6%
Alliance Global Group, Inc.		862,100		217,838
Russia \| 0.6%
Mobile TeleSystems PJSC Sponsored ADR		20,616		227,395
Singapore \| 1.3%
DBS Group Holdings, Ltd.		35,800		496,840
South Africa \| 2.0%
Mr. Price Group, Ltd.		16,237		193,314
Nampak, Ltd. (a)		115,587		146,655
Sanlam, Ltd.		87,593		439,692
				779,661
South Korea \| 2.2%
Samsung Electronics Co., Ltd.		444		817,733
Spain \| 1.1%
Red Electrica Corporacion SA		22,403		429,605
Sweden \| 3.2%
Assa Abloy AB, Class B		36,293		744,790
Swedbank AB, A Shares		19,735		457,234
				1,202,024
Switzerland \| 4.5%
Cie Financiere Richemont SA		3,809		300,655
Novartis AG		10,636		789,638
Wolseley PLC		9,619		605,023
				1,695,316

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Taiwan \| 4.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		266,341	$	1,671,402
Thailand \| 0.7%
Kasikornbank Public Co. Ltd.		47,200		259,757
Turkey \| 2.2%
KOC Holding AS		59,189		249,892
Turkcell Iletisim Hizmetleri AS (a)		181,376		596,888
				846,780
United Kingdom \| 14.7%
Ashtead Group PLC		18,191		376,555
Associated British Foods PLC		8,199		267,896
British American Tobacco PLC		16,095		1,066,936
Compass Group PLC		33,320		627,799
London Stock Exchange Group PLC		10,082		400,579
Prudential PLC		52,638		1,113,477
RELX PLC		24,423		478,991
Unilever PLC		17,431		860,355
Worldpay Group PLC		114,027		422,047
				5,614,635
United States \| 4.9%
Accenture PLC, Class A		6,045		724,675
Aon PLC		5,460		648,047
Medtronic PLC		6,140		494,638
				1,867,360
Total Common Stocks (Cost $33,556,653)				35,751,907

Short-Term Investment \| 6.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $2,403,817)		2,403,817	$	2,403,817
Total Investments \| 100.2% (Cost $35,960,470) (b)			$	38,155,724
Liabilities in Excess of Cash and Other Assets \| (0.2)%				(60,986)
Net Assets \| 100.0%			$	38,094,738

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 92.5%
Belgium \| 5.3%
Anheuser-Busch InBev SA/NV		18,409	$	2,022,406
Brazil \| 2.6%
Estacio Participacoes SA		196,166		994,427
Canada \| 7.0%
National Bank of Canada		24,191		1,015,773
Suncor Energy, Inc.		53,352		1,638,051
				2,653,824
China \| 4.9%
Tencent Holdings, Ltd.		64,718		1,857,725
Denmark \| 1.8%
AP Moller-Maersk A/S, Class B		420		694,895
France \| 17.8%
Airbus SE		15,293		1,163,788
Capgemini SA		12,320		1,138,568
Valeo SA		38,575		2,572,604
Vinci SA		24,359		1,933,040
				6,808,000
Ireland \| 6.5%
Shire PLC		42,803		2,490,438
Japan \| 11.5%
ABC-Mart, Inc.		19,116		1,119,983
Isuzu Motors, Ltd.		78,437		1,042,159
KDDI Corp.		46,507		1,221,968
Sumitomo Mitsui Financial Group, Inc.		27,124		988,958
				4,373,068
Netherlands \| 4.1%
Wolters Kluwer NV		37,536		1,559,856
South Korea \| 4.0%
Samsung Electronics Co., Ltd. GDR		1,673		1,535,455
Taiwan \| 4.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		56,573		1,857,857
Turkey \| 3.2%
Turkcell Iletisim Hizmetleri AS (a)		376,827		1,240,095
United Kingdom \| 16.9%
British American Tobacco PLC		20,969		1,390,033
Howden Joinery Group PLC		222,169		1,208,195
Provident Financial PLC		28,295		1,063,301
Prudential PLC		82,451		1,744,125

Description	Shares		Fair Value
Rio Tinto PLC		25,808	$	1,038,830
				6,444,484
United States \| 2.0%
Aon PLC		6,283		745,729
Total Common Stocks (Cost $33,614,577)				35,278,259
Short-Term Investment \| 8.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $3,170,649)		3,170,649	$	3,170,649
Total Investments \| 100.8% (Cost $36,785,226) (b)			$	38,448,908
Liabilities in Excess of Cash and Other Assets \| (0.8)%				(318,434)
Net Assets \| 100.0%			$	38,130,474

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 95.7%
Australia \| 3.2%
Amcor, Ltd.		8,669,942	$	99,685,598
Caltex Australia, Ltd.		4,209,737		94,698,230
carsales.com, Ltd.		1,937,561		16,513,875
				210,897,703
Brazil \| 1.3%
Ambev SA		6,374,600		37,140,709
Cielo SA		5,569,200		50,362,248
				87,502,957
Canada \| 3.0%
National Bank of Canada		2,276,060		95,571,072
Suncor Energy, Inc.		3,440,518		105,633,229
				201,204,301
China \| 2.2%
China Resources Beer Holdings Co., Ltd. (a)		13,327,333		30,302,424
Tencent Holdings, Ltd.		4,059,700		116,533,362
				146,835,786
Denmark \| 2.5%
Carlsberg A/S, Class B		1,833,345		169,162,187
Finland \| 3.2%
Sampo Oyj, A Shares		4,547,552		215,922,965
France \| 7.4%
Faurecia		1,464,170		69,609,304
Iliad SA		416,679		93,250,970
Television Francaise 1		3,772,639		44,997,473
Valeo SA		3,019,134		201,348,928
Vivendi SA		4,247,737		82,652,383
				491,859,058
Germany \| 1.8%
Fresenius SE & Co. KGaA		1,179,947		94,772,964
KION Group AG		340,136		22,229,688
				117,002,652
India \| 1.0%
Housing Development Finance Corp., Ltd.		2,759,205		63,933,140
Indonesia \| 0.3%
PT Media Nusantara Citra Tbk		167,709,400		23,284,406
Ireland \| 5.7%
Bank of Ireland (a)		303,193,511		75,967,298
Kerry Group PLC, Class A		1,210,901		95,332,705
Shire PLC		3,541,658		206,066,839
				377,366,842

Description	Shares		Fair Value
Italy \| 1.4%
UniCredit SpA		5,888,086	$	90,766,360
Japan \| 16.2%
AEON Financial Service Co., Ltd.		7,939,000		150,117,019
Asics Corp.		3,552,350		57,164,587
CyberAgent, Inc.		1,634,600		48,449,825
Daiwa House Industry Co., Ltd.		6,891,000		198,338,342
Don Quijote Holdings Co., Ltd.		5,804,700		201,612,410
FANUC Corp.		681,500		140,065,092
Hoshizaki Corp.		564,200		44,487,965
Makita Corp.		3,006,400		105,485,252
Shimano, Inc.		580,300		84,871,162
Tokyo Electron, Ltd.		495,500		54,254,344
				1,084,845,998
Luxembourg \| 0.5%
ArcelorMittal (a)		3,995,264		33,425,520
Mexico \| 0.5%
Grupo Financiero Banorte SAB de CV, Class O		5,816,406		33,446,529
Netherlands \| 1.5%
Wolters Kluwer NV		2,371,694		98,558,723
New Zealand \| 1.0%
Z Energy, Ltd.		13,182,558		64,264,025
Norway \| 3.8%
Statoil ASA		8,769,578		150,730,315
Telenor ASA		6,261,730		104,236,494
				254,966,809
Philippines \| 1.4%
Alliance Global Group, Inc.		146,788,000		37,090,816
GT Capital Holdings, Inc.		2,551,685		58,195,776
				95,286,592
Singapore \| 1.1%
DBS Group Holdings, Ltd.		5,393,900		74,857,627
South Africa \| 0.6%
Nampak, Ltd. (a)		7,908,094		10,033,668
Netcare, Ltd.		15,882,145		30,285,528
				40,319,196
Sweden \| 4.1%
Assa Abloy AB, Class B		6,392,004		131,174,095
Hexagon AB, B Shares		1,646,052		66,132,278
Swedbank AB, A Shares		3,364,473		77,950,322
				275,256,695
Switzerland \| 3.7%
Cie Financiere Richemont SA		1,197,260		94,503,113

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Julius Baer Group, Ltd. (a)	2,061,460	$	102,914,838
Partners Group Holding AG	96,100		51,666,721
			249,084,672
Taiwan \| 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd.	22,086,000		138,598,990
Thailand \| 0.0%
Kasikornbank Public Co. Ltd.	50		275
Turkey \| 0.9%
Turkcell Iletisim Hizmetleri AS (a)	17,922,666		58,981,482
United Kingdom \| 20.4%
Ashtead Group PLC	2,397,534		49,629,168
Associated British Foods PLC	2,719,403		88,854,473
British American Tobacco PLC	3,608,541		239,209,853
BT Group PLC	4,698,928		18,735,020
Coca-Cola European Partners PLC	1,798,438		67,252,247
Compass Group PLC	7,168,347		135,062,477
ConvaTec Group PLC	19,593,903		68,448,108
Diageo PLC	5,121,305		146,699,926
Informa PLC	19,454,457		159,107,803
Merlin Entertainments PLC	12,326,056		74,068,316
Prudential PLC	9,991,760		211,360,448
Worldpay Group PLC	28,226,434		104,474,211
			1,362,902,050
United States \| 4.9%
Accenture PLC, Class A	820,260		98,332,769
Aon PLC	1,110,690		131,827,796
Medtronic PLC	1,227,700		98,903,512
			329,064,077
Total Common Stocks (Cost $6,031,036,242)			6,389,597,617
Short-Term Investment \| 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $59,118,959)	59,118,959	$	59,118,959
Total Investments \| 96.6% (Cost $6,090,155,201) (b)		$	6,448,716,576
Cash and Other Assets in Excess of Liabilities \| 3.4%			226,505,161
Net Assets \| 100.0%		$	6,675,221,737

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 95.1%
Australia \| 6.9%
Aristocrat Leisure, Ltd.		2,235	$	30,667
BlueScope Steel, Ltd.		680		6,363
Cochlear, Ltd.		248		25,609
Computershare, Ltd.		767		8,207
CSL, Ltd.		394		37,622
Fortescue Metals Group, Ltd.		2,012		9,564
Harvey Norman Holdings, Ltd.		1,180		4,066
Mineral Resources, Ltd.		431		3,537
Newcrest Mining, Ltd.		716		12,306
Resolute Mining, Ltd.		3,032		3,064
South32, Ltd.		4,046		8,522
Whitehaven Coal, Ltd. (a)		3,808		8,693
				158,220
Austria \| 0.2%
Erste Group Bank AG		141		4,592
Belgium \| 0.2%
Ontex Group NV		138		4,431
Denmark \| 2.3%
DONG Energy A/S		116		4,470
Nets A/S		255		4,114
Novo Nordisk A/S, Class B		491		16,880
Pandora A/S		36		3,989
Vestas Wind Systems A/S		294		23,928
				53,381
Faeroe Islands \| 0.2%
Bakkafrost P/F		119		3,681
Finland \| 0.1%
Kone Oyj, Class B		59		2,592
France \| 9.4%
AXA SA		1,534		39,697
BNP Paribas SA		249		16,585
CNP Assurances		314		6,392
Faurecia		431		20,490
L’Oreal SA		71		13,646
Orange SA		516		8,030
Peugeot SA (a)		1,091		21,998
Rubis SCA		28		2,745
Safran SA		57		4,259
Sanofi		61		5,519
SEB SA		43		6,008
Societe Generale SA		657		33,413
TOTAL SA		21		1,061
Ubisoft Entertainment SA (a)		118		5,039

Description	Shares		Fair Value
Unibail-Rodamco SE REIT (c)		16	$	3,740
Valeo SA		390		26,009
				214,631
Germany \| 9.0%
Allianz SE		85		15,745
BASF SE		380		37,668
Bayer AG		163		18,789
Continental AG		72		15,784
Covestro AG		144		11,090
Deutsche Post AG		115		3,937
Deutsche Telekom AG		430		7,534
Infineon Technologies AG		948		19,357
MTU Aero Engines AG		58		7,545
Muenchener Rueckversicherungs AG		58		11,350
SAP SE		200		19,625
Siemens AG		160		21,918
Uniper SE (a)		640		10,773
United Internet AG		85		3,761
				204,876
Hong Kong \| 3.8%
CK Hutchison Holdings, Ltd.		500		6,150
Jardine Matheson Holdings, Ltd.		100		6,425
Swire Properties, Ltd.		1,600		5,126
The Wharf Holdings, Ltd.		3,000		25,742
WH Group, Ltd.		34,000		29,305
Wheelock & Co., Ltd.		1,000		7,906
Xinyi Glass Holdings, Ltd.		8,000		7,052
				87,706
India \| 0.2%
Vedanta Resources PLC		340		3,459
Ireland \| 0.6%
AerCap Holdings NV (a)		114		5,241
Ryanair Holdings PLC Sponsored ADR (a)		52		4,315
Smurfit Kappa Group PLC		110		2,917
				12,473
Italy \| 1.3%
Assicurazioni Generali SpA		573		9,108
Enel SpA		1,510		7,111
Poste Italiane SpA		634		4,227
UniCredit SpA		598		9,218
				29,664
Japan \| 21.9%
Asahi Glass Co., Ltd.		3,000		24,368
Astellas Pharma, Inc.		900		11,876

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Central Japan Railway Co. ADR		289	$	4,719
Daito Trust Construction Co., Ltd.		200		27,503
Daiwa House Industry Co., Ltd.		600		17,269
East Japan Railway Co. ADR		714		10,367
Foster Electric Co., Ltd.		200		3,438
Fuji Heavy Industries, Ltd.		100		3,682
Fujitsu, Ltd.		1,000		6,135
Haseko Corp.		600		6,517
Hazama Ando Corp.		600		4,043
Hitachi High-Technologies Corp.		300		12,249
Hitachi, Ltd.		1,000		5,432
Idemitsu Kosan Co., Ltd.		200		6,972
ITOCHU Corp.		200		2,844
Kakaku.com, Inc.		300		4,081
Kanamoto Co., Ltd.		100		2,698
KDDI Corp.		1,500		39,412
Maruha Nichiro Corp.		300		9,102
Mitsubishi Chemical Holdings Corp.		1,300		10,088
Mitsubishi Electric Corp.		2,700		38,840
Mitsubishi UFJ Financial Group, Inc.		7,300		46,081
Mitsui Chemicals, Inc.		1,000		4,954
Nichirei Corp.		600		14,854
Nippon Telegraph & Telephone Corp.		500		21,358
Nippon Yusen KK (a)		2,000		4,235
Nissan Motor Co., Ltd.		4,300		41,569
NTT DOCOMO, Inc.		300		6,992
ORIX Corp.		2,000		29,690
Sumitomo Mitsui Financial Group, Inc.		1,100		40,107
Takeuchi Manufacturing Co., Ltd.		300		5,680
Teijin, Ltd.		300		5,670
Tokyu Fudosan Holdings Corp.		700		3,805
Unitika, Ltd. (a)		11,000		9,211
West Japan Railway Co.		200		13,027
				498,868
Jersey \| 0.2%
Centamin PLC		2,219		4,794
Netherlands \| 2.5%
Aegon NV		805		4,096
Koninklijke Vopak NV		84		3,666
NN Group NV		746		24,263

Description	Shares		Fair Value
Royal Dutch Shell PLC, A Shares		240	$	6,313
Wolters Kluwer NV		445		18,493
				56,831
Norway \| 0.7%
Aker BP ASA		398		6,379
Marine Harvest ASA		380		5,789
Salmar ASA		164		3,537
				15,705
Portugal \| 0.7%
Galp Energia SGPS SA		490		7,443
Jeronimo Martins SGPS SA		462		8,270
				15,713
Russia \| 0.2%
Evraz PLC (a)		1,585		4,296
Singapore \| 1.4%
CapitaLand, Ltd.		2,400		6,228
DBS Group Holdings, Ltd.		700		9,715
Singapore Exchange, Ltd.		1,300		7,160
United Overseas Bank, Ltd.		600		9,490
				32,593
Spain \| 3.4%
Amadeus IT Group SA		150		7,605
Banco Bilbao Vizcaya Argentaria SA		633		4,909
Banco Santander SA		7,988		48,956
CaixaBank SA		2,506		10,771
Industria de Diseno Textil SA		128		4,512
				76,753
Sweden \| 2.1%
Bonava AB, B Shares (a)		206		3,010
Electrolux AB, Series B		1,007		28,002
Husqvarna AB, B Shares		418		3,672
Intrum Justitia AB		380		14,198
				48,882
Switzerland \| 11.0%
ABB, Ltd.		693		16,208
Actelion, Ltd. (a)		90		25,356
Logitech International SA		452		14,380
Nestle SA		600		46,028
Partners Group Holding AG		67		36,021
Roche Holding AG		263		67,093
STMicroelectronics NV		465		7,079
Swiss Life Holding AG		29		9,358
UBS Group AG		826		13,220

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Wolseley PLC		239	$	15,033
				249,776
United Kingdom \| 16.4%
Admiral Group PLC		481		11,987
Ashtead Group PLC		208		4,306
Bellway PLC		290		9,828
BP PLC		2,436		13,989
BT Group PLC		4,283		17,077
Centrica PLC		7,797		21,200
Compass Group PLC		679		12,793
Debenhams PLC		2,767		1,884
Dixons Carphone PLC		4,140		16,474
DS Smith PLC		1,110		6,026
Fevertree Drinks PLC		260		4,908
GlaxoSmithKline PLC		1,625		33,803
Hargreaves Lansdown PLC		608		9,916
Howden Joinery Group PLC		850		4,622
HSBC Holdings PLC		1,275		10,418
Informa PLC		564		4,613
International Consolidated Airlines Group SA		3,306		21,868
Land Securities Group PLC REIT		524		6,956
Lloyds Banking Group PLC		19,508		16,231
Petrofac, Ltd.		333		3,838
Reckitt Benckiser Group PLC		450		41,013
Rightmove PLC		167		8,344
Sky PLC		342		4,180
SSE PLC		2,192		40,543
Subsea 7 SA (a)		1,032		16,001
Taylor Wimpey PLC		1,999		4,841
Unilever NV		454		22,555
William Hill PLC		1,156		4,212
				374,426
United States \| 0.4%
Carnival PLC		80		4,579
International Game Technology PLC		218		5,167
				9,746
Total Common Stocks
(Cost $2,027,692)				2,168,089

Description	Shares		Fair Value
Short-Term Investment \| 5.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $114,182)		114,182	$	114,182

Total Investments \| 100.1% (Cost $2,141,874) (b)			$	2,282,271
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(1,313)
Net Assets \| 100.0%			$	2,280,958

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 98.4%
Australia \| 4.6%
carsales.com, Ltd.		101,560	$	865,598
Hansen Technologies, Ltd.		310,961		813,116
MYOB Group, Ltd.		331,725		901,811
Pact Group Holdings, Ltd.		193,903		1,036,623
				3,617,148
Belgium \| 1.6%
Kinepolis Group NV		24,781		1,266,305
Canada \| 6.1%
Alaris Royalty Corp.		34,900		585,494
Altus Group, Ltd.		42,665		933,603
Element Fleet Management Corp.		72,301		669,267
Exchange Income Corp.		23,600		692,818
Intertape Polymer Group, Inc.		52,100		915,966
StorageVault Canada, Inc.		82,700		138,056
The Descartes Systems Group, Inc. (a)		35,900		822,554
				4,757,758
China \| 0.8%
Fufeng Group, Ltd.		239,000		192,509
Green Seal Holding, Ltd.		82,000		447,116
				639,625
Cyprus \| 1.2%
Aroundtown Property Holdings PLC		193,734		909,382
Denmark \| 1.1%
Dfds AS		15,923		876,536
Germany \| 7.2%
AURELIUS Equity Opportunities SE & Co. KGaA		16,698		725,184
CompuGroup Medical SE		22,907		1,020,383
Duerr AG		14,362		1,281,808
Grand City Properties SA		51,463		946,214
Norma Group SE		16,742		792,018
PATRIZIA Immobilien AG (a)		47,774		846,009
				5,611,616
Hong Kong \| 1.0%
Tongda Group Holdings, Ltd.		2,130,000		750,683
Ireland \| 0.8%
Irish Continental Group PLC		122,301		645,827
Israel \| 0.8%
Orbotech, Ltd. (a)		19,100		615,975

Description	Shares		Fair Value
Italy \| 3.3%
Azimut Holding SpA		37,922	$	660,641
Cerved Information Solutions SpA		103,866		1,004,440
EI Towers SpA		16,056		902,674
				2,567,755
Japan \| 28.1%
ABC-Mart, Inc.		13,400		785,090
Ai Holdings Corp.		37,260		886,644
Ain Holdings, Inc.		16,300		1,101,449
Anicom Holdings, Inc.		36,700		774,453
Ariake Japan Co., Ltd.		16,400		1,032,495
CyberAgent, Inc.		26,700		791,393
Daikyonishikawa Corp.		59,300		780,883
Dip Corp.		40,500		885,392
Financial Products Group Co., Ltd.		116,237		1,034,121
Iriso Electronics Co., Ltd.		15,991		1,027,049
Jafco Co., Ltd.		33,300		1,122,227
MISUMI Group, Inc.		63,100		1,143,446
Nissei ASB Machine Co., Ltd.		58,000		1,450,459
Rinnai Corp.		8,000		637,775
Sanwa Holdings Corp.		84,200		788,790
Sawai Pharmaceutical Co., Ltd.		12,600		682,045
Seria Co., Ltd.		28,800		1,241,617
Skylark Co., Ltd.		55,725		817,513
TechnoPro Holdings, Inc.		33,645		1,301,072
Temp Holdings Co., Ltd.		51,400		959,680
Toridoll Holdings Corp.		40,500		879,790
USS Co., Ltd.		54,200		905,177
Zenkoku Hosho Co., Ltd.		26,742		910,363
				21,938,923
Luxembourg \| 1.3%
Stabilus SA		16,416		1,056,627
Mexico \| 0.8%
Nemak SAB de CV		570,400		636,139
Netherlands \| 2.5%
Aalberts Industries NV		27,940		1,042,978
Intertrust NV		45,654		875,811
				1,918,789
New Zealand \| 1.0%
Z Energy, Ltd.		166,670		812,504
Norway \| 1.4%
Europris ASA		259,907		1,123,450
Portugal \| 0.9%
NOS SGPS SA		124,502		678,747

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore \| 1.2%
XP Power, Ltd.		34,364	$	907,504
South Korea \| 0.1%
DuzonBizon Co., Ltd.		3,557		78,738
Sweden \| 7.4%
Alimak Group AB BTA (a)		17,338		245,733
Alimak Group AB		69,354		1,032,655
Ambea AB (a)		6,100		51,057
Granges AB		96,529		883,443
Indutrade AB		42,534		810,793
Inwido AB		77,764		935,584
Lifco AB, B Shares		31,425		834,728
Loomis AB, B Shares		30,213		956,233
				5,750,226
Switzerland \| 1.4%
Kardex AG (a)		11,064		1,081,017
Taiwan \| 4.8%
Cleanaway Co., Ltd.		92,000		524,740
Elite Material Co., Ltd.		96,000		373,678
Primax Electronics, Ltd.		473,000		775,302
Silicon Motion Technology Corp. ADR		16,805		785,634
Sporton International, Inc.		106,470		626,294
Zeng Hsing Industrial Co., Ltd.		127,000		652,723
				3,738,371
Turkey \| 0.9%
Soda Sanayii AS		414,087		693,456
United Arab Emirates \| 0.3%
NMC Health PLC		11,259		249,549
United Kingdom \| 15.7%
Ascential PLC		225,843		907,430
Auto Trader Group PLC		183,984		904,325
Clinigen Healthcare, Ltd.		101,655		1,012,500
Dignity PLC		29,447		877,944
Equiniti Group PLC		346,388		847,986
Hunting PLC		94,501		670,070
John Wood Group PLC		83,152		793,599
Polypipe Group PLC		239,230		1,140,112
Rentokil Initial PLC		320,412		991,578
Rightmove PLC		19,065		952,623
RPC Group PLC		145,059		1,417,492
Savills PLC		95,960		1,107,291
Workspace Group PLC REIT		65,968		649,902
				12,272,852

Description	Shares		Fair Value
United States \| 2.1%
Core Laboratories NV	7,560	$	873,331
Samsonite International SA	217,500		791,810
			1,665,141
Total Common Stocks (Cost $69,276,287)			76,860,643
Short-Term Investment \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $1,143,168)	1,143,168	$	1,143,168
Total Investments \| 99.9% (Cost $70,419,455) (b)		$	78,003,811
Cash and Other Assets in Excess of Liabilities \| 0.1%			92,654
Net Assets \| 100.0%		$	78,096,465

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 92.7%
Brazil \| 2.0%
Ambev SA		62,000	$	361,234
Cielo SA		37,000		334,591
				695,825
Canada \| 3.2%
Canadian National Railway Co.		7,535		556,180
National Bank of Canada		13,440		564,341
				1,120,521
China \| 1.4%
Tencent Holdings, Ltd.		17,320		497,169
Denmark \| 1.7%
Carlsberg A/S, Class B		4,003		369,356
Novo Nordisk A/S, Class B		6,789		233,401
				602,757
Finland \| 1.1%
Sampo Oyj, A Shares		8,177		388,253
Germany \| 3.2%
Continental AG		2,883		632,032
Symrise AG		7,485		497,785
				1,129,817
Hong Kong \| 1.3%
AIA Group, Ltd.		72,145		454,743
India \| 0.7%
Indiabulls Housing Finance, Ltd. GDR		15,721		241,711
Ireland \| 1.8%
Shire PLC		11,188		650,960
Israel \| 0.2%
Israel Discount Bank, Ltd., Class A (a)		25,094		58,920
Japan \| 5.1%
AEON Financial Service Co., Ltd.		19,725		372,976
Daiwa House Industry Co., Ltd.		20,285		583,848
Recruit Holdings Co., Ltd.		7,120		363,816
Ryohin Keikaku Co., Ltd.		2,160		473,703
				1,794,343
Netherlands \| 1.5%
Wolters Kluwer NV		12,419		516,087
South Africa \| 0.7%
Sanlam, Ltd.		46,703		234,436
Sweden \| 2.4%
Assa Abloy AB, Class B		25,730		528,020

Description	Shares		Fair Value
Hexagon AB, B Shares		8,319	$	334,227
				862,247
Switzerland \| 0.8%
Julius Baer Group, Ltd.		5,800		289,555
Taiwan \| 1.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		13,395		439,892
United Kingdom \| 9.7%
Ashtead Group PLC		19,268		398,849
British American Tobacco PLC		5,543		367,445
Coca-Cola European Partners PLC		7,340		276,645
Compass Group PLC		23,021		433,750
ConvaTec Group PLC		51,535		180,029
Diageo PLC		17,504		501,403
Prudential PLC		18,807		397,833
RELX NV		27,775		516,026
Unilever PLC		6,636		327,538
				3,399,518
United States \| 54.7%
Accenture PLC, Class A		5,295		634,765
Alphabet, Inc., Class A (a)		1,062		900,364
Alphabet, Inc., Class C (a)		411		340,949
Aon PLC		4,340		515,115
Apple, Inc.		7,542		1,083,484
Applied Materials, Inc.		13,715		533,514
AutoZone, Inc. (a)		559		404,185
Bank of America Corp.		21,180		499,636
Biogen, Inc. (a)		1,120		306,230
Cisco Systems, Inc.		17,350		586,430
Comerica, Inc.		4,680		320,954
Commerce Bancshares, Inc.		4,465		250,754
Crown Holdings, Inc. (a)		6,225		329,614
Eaton Corp. PLC		5,055		374,828
eBay, Inc. (a)		5,390		180,942
EOG Resources, Inc.		3,020		294,601
Fidelity National Information Services, Inc.		5,340		425,171
Five Below, Inc. (a)		8,045		348,429
Honeywell International, Inc.		4,608		575,401
Intercontinental Exchange, Inc.		9,680		579,542
Johnson Controls International PLC		10,690		450,263
Kellogg Co.		3,195		231,989
Medtronic PLC		3,350		269,876
Microsoft Corp.		11,745		773,526

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Molson Coors Brewing Co., Class B		4,899	$	468,883
Monsanto Co.		3,135		354,882
Motorola Solutions, Inc.		4,085		352,209
PPG Industries, Inc.		3,140		329,951
Quintiles IMS Holdings, Inc. (a)		5,605		451,371
Red Hat, Inc. (a)		2,820		243,930
Rockwell Automation, Inc.		3,230		502,943
S&P Global, Inc.		3,800		496,812
Schlumberger, Ltd.		8,091		631,907
Snap-on, Inc.		1,960		330,593
The Charles Schwab Corp.		11,835		482,986
The Coca-Cola Co.		10,895		462,384
Thermo Fisher Scientific, Inc.		3,035		466,176
United Technologies Corp.		4,424		496,417
Vantiv, Inc., Class A (a)		8,000		512,960
Visa, Inc., Class A		5,558		493,939
Welbilt, Inc. (a)		15,905		312,215
Zoetis, Inc.		11,192		597,317
				19,198,437

Total Common Stocks (Cost $29,301,184)				32,575,191
Short-Term Investment \| 6.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $2,271,247)		2,271,247	$	2,271,247
Total Investments \| 99.2% (Cost $31,572,431) (b)			$	34,846,438
Cash and Other Assets in Excess of Liabilities \| 0.8%				280,251
Net Assets \| 100.0%			$	35,126,689

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 94.4%
Australia \| 1.5%
Caltex Australia, Ltd.		11,706	$	263,327
Denmark \| 2.4%
AP Moller-Maersk A/S, Class B		77		127,397
Carlsberg A/S, Class B		3,188		294,156
				421,553
Finland \| 2.2%
Sampo Oyj, A Shares		8,055		382,461
France \| 3.2%
Faurecia		4,356		207,092
Iliad SA		645		144,348
Vivendi SA		10,952		213,104
				564,544
Greece \| 1.2%
OPAP SA		22,683		211,471
Indonesia \| 0.5%
PT Media Nusantara Citra Tbk		663,600		92,133
Ireland \| 2.3%
Shire PLC		6,901		401,526
Israel \| 1.4%
Israel Discount Bank, Ltd., Class A (a)		106,521		250,109
Japan \| 4.9%
Asics Corp.		7,500		120,690
Daiwa House Industry Co., Ltd.		12,900		371,291
Don Quijote Holdings Co., Ltd.		5,400		187,556
TechnoPro Holdings, Inc.		4,900		189,486
				869,023
New Zealand \| 1.6%
Trade Me Group, Ltd.		39,621		141,968
Z Energy, Ltd.		29,805		145,297
				287,265
Norway \| 0.9%
Europris ASA		34,280		148,176
Philippines \| 0.4%
Alliance Global Group, Inc.		305,500		77,195
South Africa \| 2.7%
Nampak, Ltd. (a)		107,531		136,434
Netcare, Ltd.		72,159		137,599
Sanlam, Ltd.		40,178		201,682
				475,715

Description	Shares		Fair Value
Switzerland \| 1.0%
Partners Group Holding AG		331	$	177,957
Taiwan \| 2.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		11,528		378,579
United Kingdom \| 9.5%
British American Tobacco PLC		8,433		559,023
Dignity PLC		4,083		121,732
Informa PLC		47,068		384,945
London Stock Exchange Group PLC		4,556		181,019
Prudential PLC		10,063		212,867
Worldpay Group PLC		57,856		214,142
				1,673,728
United States \| 56.5%
Accenture PLC, Class A		2,954		354,126
Activision Blizzard, Inc.		5,437		271,089
Advance Auto Parts, Inc.		1,346		199,558
Alphabet, Inc., Class A (a)		619		524,788
Aon PLC		3,415		405,326
Bank of America Corp.		13,900		327,901
Celgene Corp. (a)		2,352		292,659
Cisco Systems, Inc.		8,409		284,224
Comerica, Inc.		3,800		260,604
Cypress Semiconductor Corp.		14,200		195,392
eBay, Inc. (a)		5,249		176,209
EOG Resources, Inc.		3,158		308,063
Fidelity National Information Services, Inc.		2,608		207,649
Halliburton Co.		3,829		188,425
Kellogg Co.		2,017		146,454
Medtronic PLC		3,400		273,904
Microsoft Corp.		7,430		489,340
Molson Coors Brewing Co., Class B		5,911		565,742
Morningstar, Inc.		2,480		194,928
Nielsen Holdings PLC		4,007		165,529
PPG Industries, Inc.		2,570		270,056
Quintiles IMS Holdings, Inc. (a)		2,712		218,397
Raytheon Co.		2,369		361,272
Red Hat, Inc. (a)		2,100		181,650
Rockwell Automation, Inc.		1,143		177,977
Snap-on, Inc.		1,455		245,415
The Charles Schwab Corp.		6,301		257,144
The Coca-Cola Co.		10,400		441,376
Union Pacific Corp.		2,852		302,084

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Valvoline, Inc.		7,100	$	174,305
Visa, Inc., Class A		4,855		431,464
Walgreens Boots Alliance, Inc.		3,109		258,202
Welbilt, Inc. (a)		14,048		275,762
Wells Fargo & Co.		4,500		250,470
Zoetis, Inc.		5,067		270,426
				9,947,910
Total Common Stocks (Cost $15,344,738)				16,622,672
Short-Term Investment \| 5.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $978,154)		978,154	$	978,154
Total Investments l 100.0% (Cost $16,322,892) (b)			$	17,600,826
Liabilities in Excess of Cash and Other Assets l 0.0%				(6,971)
Net Assets l 100.0%			$	17,593,855

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 94.5%
Australia \| 7.2%
AGL Energy, Ltd.		439	$	8,844
Aristocrat Leisure, Ltd.		1,582		21,707
Cochlear, Ltd.		88		9,087
Computershare, Ltd.		682		7,298
CSL, Ltd.		445		42,492
Goodman Group REIT		1,179		6,973
Harvey Norman Holdings, Ltd.		2,391		8,238
Investa Office Fund REIT		2,242		8,135
JB Hi-Fi, Ltd.		488		9,175
Newcrest Mining, Ltd.		548		9,419
Resolute Mining, Ltd.		7,347		7,425
Sandfire Resources NL		1,574		7,664
Saracen Mineral Holdings, Ltd. (a)		7,533		5,751
Stockland REIT		11,330		40,201
Telstra Corp., Ltd.		3,406		12,123
The GPT Group REIT		2,300		9,058
				213,590
Canada \| 5.8%
Alimentation Couche-Tard, Inc., Class B		191		8,629
BCE, Inc.		747		33,074
Canadian Imperial Bank of Commerce		131		11,296
CI Financial Corp.		784		15,582
Colliers International Group, Inc.		165		7,806
Constellation Software, Inc.		15		7,371
Dollarama, Inc.		120		9,945
Enbridge, Inc.		156		6,535
George Weston, Ltd.		75		6,544
Intact Financial Corp.		75		5,334
Magna International, Inc.		159		6,862
Metro, Inc.		544		16,710
Pembina Pipeline Corp.		271		8,587
Quebecor, Inc., Class B		281		8,665
Saputo, Inc.		382		13,182
Transcontinental, Inc., Class A		243		4,491
				170,613
Denmark \| 1.5%
Danske Bank A/S		214		7,299
DONG Energy A/S		172		6,628
Jyske Bank A/S		159		8,038
Novo Nordisk A/S, Class B		171		5,879
Pandora A/S		61		6,759

Description	Shares		Fair Value
Vestas Wind Systems A/S		122	$	9,929
				44,532
Finland \| 0.5%
Orion Oyj, Class B		252		13,138
France \| 0.4%
L’Oreal SA		35		6,727
Societe Generale SA		110		5,594
				12,321
Germany \| 1.3%
Deutsche Lufthansa AG		814		13,199
Infineon Technologies AG		378		7,718
MTU Aero Engines AG		130		16,913
				37,830
Hong Kong \| 4.6%
ASM Pacific Technology, Ltd.		900		12,240
CLP Holdings, Ltd.		2,500		26,153
Jardine Matheson Holdings, Ltd.		200		12,850
Link Real Estate Investment Trust		2,500		17,513
The Wharf Holdings, Ltd.		3,000		25,742
WH Group, Ltd.		8,500		7,326
Wheelock & Co., Ltd.		2,000		15,812
Xinyi Glass Holdings, Ltd.		10,000		8,816
Yue Yuen Industrial Holdings, Ltd.		2,000		7,866
				134,318
Ireland \| 0.3%
Ryanair Holdings PLC Sponsored ADR (a)		111		9,211
Israel \| 0.9%
Bank Hapoalim BM		1,485		9,046
Israel Discount Bank, Ltd., Class A (a)		3,874		9,096
Nice, Ltd.		125		8,482
				26,624
Italy \| 0.3%
Recordati SpA		295		9,998
Japan \| 10.3%
Amano Corp.		300		6,002
ANA Holdings, Inc.		6,000		18,341
Asahi Glass Co., Ltd.		2,000		16,246
Astellas Pharma, Inc.		1,200		15,835
Azbil Corp.		300		10,092
Daito Trust Construction Co., Ltd.		200		27,504
Daiwa House Industry Co., Ltd.		800		23,026

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
GS Yuasa Corp.		2,000	$	9,345
Hazama Ando Corp.		900		6,064
Heiwa Corp.		400		9,952
Idemitsu Kosan Co., Ltd.		200		6,972
Kaken Pharmaceutical Co., Ltd.		200		11,317
KDDI Corp.		500		13,137
Kuraray Co., Ltd.		900		13,687
Maruha Nichiro Corp.		200		6,068
Mitsui Chemicals, Inc.		1,000		4,954
Morinaga & Co., Ltd.		200		8,874
Nichirei Corp.		400		9,903
Nippon Telegraph & Telephone Corp.		200		8,543
Nissan Motor Co., Ltd.		1,100		10,634
Obayashi Corp.		700		6,567
Oji Holdings Corp.		2,000		9,377
Osaka Gas Co., Ltd.		2,000		7,610
Rengo Co., Ltd.		1,000		5,774
Shimadzu Corp.		400		6,371
Teijin, Ltd.		300		5,671
TonenGeneral Sekiyu KK (c)		1,000		12,522
Unitika, Ltd. (a)		10,000		8,374
West Japan Railway Co.		100		6,513
				305,275
Luxembourg \| 0.4%
SES SA		526		12,244
Malta \| 0.2%
Kindred Group PLC		632		6,543
Netherlands \| 0.6%
NN Group NV		547		17,791
Norway \| 1.0%
Aker BP ASA		718		11,508
Leroy Seafood Group ASA		123		5,389
Marine Harvest ASA		368		5,606
Yara International ASA		170		6,547
				29,050
Portugal \| 0.3%
Galp Energia SGPS SA		575		8,734
Singapore \| 2.4%
CapitaLand Commercial Trust REIT		7,900		8,741
CapitaLand, Ltd.		2,900		7,526
DBS Group Holdings, Ltd.		2,200		30,532
SATS, Ltd.		2,100		7,328

Description	Shares		Fair Value
Singapore Airlines, Ltd.		2,200	$	15,837
				69,964
Spain \| 0.1%
Corporacion Financiera Alba SA		60		2,816
Sweden \| 0.8%
Axfood AB		438		6,582
Electrolux AB, Series B		265		7,369
Intrum Justitia AB		234		8,743
				22,694
Switzerland \| 2.7%
Actelion, Ltd. (a)		47		13,242
Partners Group Holding AG		38		20,430
Roche Holding AG		142		36,225
Swiss Life Holding AG		25		8,067
				77,964
United Kingdom \| 3.8%
Admiral Group PLC		309		7,701
Bellway PLC		232		7,862
BT Group PLC		2,082		8,301
Centrica PLC		6,398		17,396
Cineworld Group PLC		830		6,890
Compass Group PLC		1,114		20,989
G4S PLC		1,844		7,031
Hargreaves Lansdown PLC		322		5,251
Informa PLC		846		6,919
Phoenix Group Holdings		836		7,830
Subsea 7 SA (a)		574		8,900
Wm Morrison Supermarkets PLC		2,679		8,056
				113,126
United States \| 49.1%
3M Co.		215		41,136
Accenture PLC, Class A		230		27,572
Akamai Technologies, Inc. (a)		99		5,910
Amdocs, Ltd.		144		8,783
Ameren Corp.		527		28,769
American Electric Power Co., Inc.		150		10,069
American Express Co.		93		7,357
Aon PLC		239		28,367
AT&T, Inc.		1,011		42,007
Atkore International Group, Inc.		574		15,085
Automatic Data Processing, Inc.		165		16,894
Baker Hughes, Inc.		123		7,358
Benchmark Electronics, Inc. (a)		216		6,869
Bloomin’ Brands, Inc.		364		7,182

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
C.R. Bard, Inc.		112	$	27,836
Cardinal Health, Inc.		98		7,992
Carnival Corp.		301		17,732
Carnival PLC		126		7,212
CBOE Holdings, Inc.		245		19,862
Cirrus Logic, Inc. (a)		108		6,555
Citigroup, Inc.		114		6,819
Colgate-Palmolive Co.		105		7,685
Comcast Corp., Class A		349		13,119
Darden Restaurants, Inc.		331		27,695
Dick’s Sporting Goods, Inc.		125		6,082
DTE Energy Co.		86		8,781
EchoStar Corp., Class A (a)		123		7,005
Everest Re Group, Ltd.		163		38,111
Exelon Corp.		406		14,608
F5 Networks, Inc. (a)		127		18,106
FactSet Research Systems, Inc.		127		20,944
FedEx Corp.		43		8,391
Fifth Third Bancorp		374		9,500
Fiserv, Inc. (a)		154		17,758
Foot Locker, Inc.		157		11,745
Fresh Del Monte Produce, Inc.		201		11,905
General Mills, Inc.		482		28,443
GoDaddy, Inc., Class A (a)		182		6,898
Great Plains Energy, Inc.		860		25,129
HCA Holdings, Inc. (a)		120		10,679
Huntington Ingalls Industries, Inc.		33		6,608
IDEXX Laboratories, Inc. (a)		45		6,957
II-VI, Inc. (a)		192		6,922
Intel Corp.		150		5,411
Intuit, Inc.		74		8,583
J.B. Hunt Transport Services, Inc.		67		6,147
Johnson & Johnson		262		32,632
JPMorgan Chase & Co.		76		6,676
Kimberly-Clark Corp.		197		25,931
Lear Corp.		56		7,928
Marsh & McLennan Cos., Inc.		307		22,684
MetLife, Inc.		298		15,740
MSCI, Inc.		129		12,538
NIKE, Inc., Class B		207		11,536
Nordstrom, Inc.		193		8,988
Northrop Grumman Corp.		71		16,887
O’Reilly Automotive, Inc. (a)		45		12,143
Omnicom Group, Inc.		257		22,156
Paychex, Inc.		294		17,317

Description	Shares		Fair Value
PepsiCo, Inc.		353	$	39,487
Pinnacle West Capital Corp.		134		11,173
Pool Corp.		63		7,518
Primerica, Inc.		76		6,247
Quest Diagnostics, Inc.		64		6,284
Regions Financial Corp.		473		6,873
Republic Services, Inc.		351		22,046
Ross Stores, Inc.		378		24,899
S&P Global, Inc.		169		22,095
Simon Property Group, Inc. REIT		75		12,902
Skyworks Solutions, Inc.		90		8,818
Spirit AeroSystems Holdings, Inc., Class A		226		13,090
Starbucks Corp.		285		16,641
SunTrust Banks, Inc.		114		6,304
Sysco Corp.		816		42,367
Texas Instruments, Inc.		111		8,942
The Clorox Co.		67		9,034
The Kroger Co.		846		24,949
The Procter & Gamble Co.		77		6,918
The Scotts Miracle-Gro Co.		160		14,942
The TJX Cos., Inc.		541		42,782
The Toro Co.		398		24,859
Time Warner, Inc.		174		17,002
Tyson Foods, Inc., Class A		351		21,660
UnitedHealth Group, Inc.		153		25,094
Unum Group		328		15,380
Validus Holdings, Ltd.		174		9,812
Verizon Communications, Inc.		149		7,264
Wal-Mart Stores, Inc.		263		18,957
Waste Management, Inc.		283		20,636
WellCare Health Plans, Inc. (a)		57		7,992
Xcel Energy, Inc.		751		33,382
				1,450,083
Total Common Stocks (Cost $2,571,403)				2,788,459
Short-Term Investment \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $95,436)		95,436	$	95,436

Description	Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Total Investments \| 97.7% (Cost $2,666,839) (b)	$	2,883,895
Cash and Other Assets in Excess of Liabilities \| 2.3%		68,516
Net Assets \| 100.0%	$	2,952,411

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 97.0%
Argentina \| 2.4%
YPF SA Sponsored ADR		12,453,494	$	302,370,834
Brazil \| 12.1%
Ambev SA ADR		33,837,540		194,904,230
Banco do Brasil SA		33,056,934		356,587,447
BB Seguridade Participacoes SA		27,284,000		254,485,658
CCR SA		42,776,234		246,633,560
Cielo SA		31,663,266		286,330,755
Localiza Rent a Car SA		9,351,107		124,468,354
Natura Cosmeticos SA		8,215,978		76,134,134
				1,539,544,138
China \| 15.8%
AAC Technologies Holdings, Inc.		11,375,500		133,246,824
Baidu, Inc. Sponsored ADR (a)		1,921,739		331,538,412
China Construction Bank Corp., Class H		687,750,220		552,918,079
China Mobile, Ltd. Sponsored ADR		5,950,004		328,618,721
China Shenhua Energy Co., Ltd., Class H		49,850,610		115,590,687
CNOOC, Ltd.		70,518,000		84,398,082
NetEase, Inc. ADR		1,184,864		336,501,376
Weichai Power Co., Ltd., Class H †		80,029,644		141,228,539
				2,024,040,720
Egypt \| 0.9%
Commercial International Bank Egypt SAE GDR		25,427,990		111,373,681
Hungary \| 1.6%
OTP Bank Nyrt.		7,435,386		207,827,386
India \| 10.2%
Axis Bank, Ltd.		29,491,974		223,404,860
Bajaj Auto, Ltd.		2,790,372		120,551,540
Bharat Heavy Electricals, Ltd.		27,369,356		68,752,658
HCL Technologies, Ltd.		12,674,651		170,909,623
Hero MotoCorp, Ltd.		3,841,817		190,609,857
Punjab National Bank (a)		58,717,339		135,827,210
Tata Consultancy Services, Ltd.		10,532,329		394,469,849
				1,304,525,597
Indonesia \| 5.2%
PT Astra International Tbk		268,313,900		174,009,535
PT Bank Mandiri (Persero) Tbk		228,038,821		200,223,297
PT Semen Indonesia (Persero) Tbk		109,955,600		74,264,477

Description	Shares		Fair Value
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	7,004,310	$	218,324,343
			666,821,652
Malaysia \| 0.6%
British American Tobacco Malaysia Berhad	7,964,600		82,068,491
Mexico \| 3.3%
America Movil SAB de CV, Class L Sponsored ADR	16,217,623		229,803,718
Grupo Mexico SAB de CV, Series B	26,940,647		80,984,904
Kimberly-Clark de Mexico SAB de CV, Series A	51,301,495		111,331,690
			422,120,312
Pakistan \| 1.9%
Habib Bank, Ltd.	31,142,080		80,089,794
Oil & Gas Development Co., Ltd.	43,449,649		61,462,083
Pakistan Petroleum, Ltd.	66,924,102		98,878,762
			240,430,639
Philippines \| 0.9%
PLDT, Inc. Sponsored ADR	3,490,985		112,270,078
Russia \| 9.1%
ALROSA PAO	73,713,911		119,351,668
Gazprom PJSC Sponsored ADR	24,159,203		108,106,418
LUKOIL PJSC Sponsored ADR	4,731,296		250,035,472
Magnit PJSC Sponsored GDR	1,398,526		53,319,517
Magnit PJSC Sponsored GDR (c), (d)	1,156,565		44,180,783
Mobile TeleSystems PJSC Sponsored ADR	20,990,343		231,523,483
Sberbank of Russia PJSC	125,486,423		356,147,072
			1,162,664,413
South Africa \| 8.8%
Imperial Holdings, Ltd.	9,443,803		116,091,476
Life Healthcare Group Holdings, Ltd.	35,312,497		76,224,555
Nedbank Group, Ltd.	6,204,522		111,500,584
PPC, Ltd. (a), †	100,448,533		48,701,896
Sanlam, Ltd.	23,517,808		118,052,567
Shoprite Holdings, Ltd.	13,970,773		201,444,461
Standard Bank Group, Ltd.	10,336,293		110,606,458
The Bidvest Group, Ltd.	8,882,591		101,816,947
Vodacom Group, Ltd.	11,805,258		133,683,461
Woolworths Holdings, Ltd.	19,485,098		101,421,936
			1,119,544,341
South Korea \| 12.9%
Coway Co., Ltd.	1,686,815		145,105,174

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Hanwha Life Insurance Co., Ltd.	20,592,597	$	111,297,383
Hyundai Mobis Co., Ltd.	898,684		193,356,088
KB Financial Group, Inc.	3,154,501		138,193,922
KT&G Corp.	854,013		74,450,378
Samsung Electronics Co., Ltd.	305,073		561,865,436
Shinhan Financial Group Co., Ltd.	5,093,463		212,165,737
SK Hynix, Inc.	4,786,087		216,065,972
			1,652,500,090
Taiwan \| 5.1%
Hon Hai Precision Industry Co., Ltd.	38,125,032		114,436,589
Taiwan Semiconductor Manufacturing Co., Ltd.	85,126,284		534,203,431
			648,640,020
Thailand \| 1.3%
Kasikornbank Public Co. Ltd.	12,433,854		68,427,645
The Siam Cement Public Co. Ltd.	6,160,900		96,811,632
			165,239,277
Turkey \| 4.9%
Akbank TAS	47,492,978		111,381,928
KOC Holding AS	25,908,566		109,384,284
Tupras-Turkiye Petrol Rafinerileri AS	4,675,738		116,097,520
Turk Telekomunikasyon AS	41,103,888		66,666,244
Turkcell Iletisim Hizmetleri AS (a)	31,830,644		104,751,077
Turkiye Is Bankasi AS, C Shares	62,544,652		114,026,122
			622,307,175
Total Common Stocks (Cost $11,518,500,140)			12,384,288,844
Rights \| 0.0%
South Africa \| 0.0%
Life Healthcare Group Holdings, Ltd. Expires 04/13/2017 (Cost $0)	12,082,732		4,052,719
Short-Term Investment \| 3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $379,335,358)	379,335,358		379,335,358

Total Investments \| 100.0% (Cost $11,897,835,498) (b)	$	12,767,676,921
Liabilities in Excess of Cash and Other Assets \| 0.0%		(3,232,736)
Net Assets \| 100.0%	$	12,764,444,185

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 96.5%
Brazil \| 7.1%
AES Tiete Energia SA	301,000	$	1,317,224
Banco do Brasil SA	269,800		2,910,351
Braskem SA A Shares	160,650		1,629,284
CCR SA	317,600		1,831,176
Telefonica Brasil SA ADR	145,300		2,157,705
			9,845,740
China \| 18.0%
Alibaba Group Holding, Ltd. Sponsored ADR (a)	42,100		4,539,643
Baidu, Inc. Sponsored ADR (a)	8,054		1,389,476
Industrial & Commercial Bank of China, Ltd., Class H	6,233,633		4,073,474
NetEase, Inc. ADR	8,200		2,328,800
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	26,186		1,581,111
PICC Property & Casualty Co., Ltd., Class H	1,075,180		1,656,421
Ping An Insurance (Group) Co. of China, Ltd., Class H	364,000		2,036,678
Tencent Holdings, Ltd.	217,700		6,249,061
Vipshop Holdings, Ltd. ADR (a)	92,705		1,236,685
			25,091,349
Colombia \| 2.1%
Bancolombia SA Sponsored ADR	36,400		1,451,268
Ecopetrol SA Sponsored ADR (a)	160,000		1,491,200
			2,942,468
Hong Kong \| 1.8%
Lee & Man Paper Manufacturing, Ltd.	1,602,000		1,224,110
Techtronic Industries Co., Ltd.	322,500		1,304,049
			2,528,159
Hungary \| 0.8%
MOL Hungarian Oil & Gas Nyrt.	16,692		1,141,992
India \| 10.4%
Aurobindo Pharma, Ltd.	100,678		1,048,205
HDFC Bank, Ltd. ADR	48,269		3,630,794
Hindalco Industries, Ltd.	449,816		1,351,868
Hindustan Zinc, Ltd.	253,300		1,129,096
Maruti Suzuki India, Ltd.	17,962		1,663,939
Motherson Sumi Systems, Ltd. (a)	226,589		1,297,630

Description	Shares		Fair Value
Tata Consultancy Services, Ltd.	37,902	$	1,419,553
Tata Motors, Ltd. Sponsored ADR	48,757		1,738,187
UPL, Ltd.	107,009		1,197,830
			14,477,102
Indonesia \| 2.4%
PT Bank Mandiri (Persero) Tbk	2,039,900		1,791,079
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	49,160		1,532,317
			3,323,396
Luxembourg \| 2.4%
Tenaris SA ADR	35,800		1,222,212
Ternium SA Sponsored ADR	79,600		2,079,152
			3,301,364
Mexico \| 3.9%
Arca Continental SAB de CV	198,945		1,382,459
Gruma SAB de CV, Class B	62,498		879,641
Grupo Aeroportuario del Pacifico SAB de CV ADR	12,200		1,184,620
Grupo Financiero Banorte SAB de CV, Class O	340,100		1,955,703
			5,402,423
Peru \| 1.4%
Credicorp, Ltd.	11,650		1,902,445
Philippines \| 1.8%
BDO Unibank, Inc.	638,631		1,496,975
GT Capital Holdings, Inc.	44,925		1,024,596
			2,521,571
Portugal \| 1.1%
Galp Energia SGPS SA	98,939		1,502,778
Russia \| 6.5%
LUKOIL PJSC Sponsored ADR (London)	76,770		4,057,075
LUKOIL PJSC Sponsored ADR (United States)	1,717		91,104
Sberbank of Russia PJSC Sponsored ADR (London)	273,766		3,150,193
Sberbank of Russia PJSC Sponsored ADR (United States)	53,682		618,953
Severstal PJSC GDR	73,337		1,052,664
			8,969,989
South Africa \| 5.2%
FirstRand, Ltd.	408,527		1,411,025
Mondi PLC	75,447		1,824,357
Naspers, Ltd., N Shares	13,978		2,407,416

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
The Bidvest Group, Ltd.	76,409	$	875,840
Woolworths Holdings, Ltd.	140,790		732,826
			7,251,464
South Korea \| 13.2%
Coway Co., Ltd.	11,132		957,610
Dongbu Insurance Co., Ltd.	25,488		1,459,214
Korea Zinc Co., Ltd.	3,189		1,231,626
KT&G Corp.	8,563		746,497
Lotte Chemical Corp.	3,600		1,192,265
NCSoft Corp.	5,314		1,450,412
Samsung Electronics Co., Ltd.	5,058		9,315,526
SK Hynix, Inc.	43,801		1,977,378
			18,330,528
Taiwan \| 12.5%
Advanced Semiconductor Engineering, Inc. ADR	209,600		1,358,208
Far EasTone Telecommunications Co., Ltd.	624,000		1,532,141
Hon Hai Precision Industry Co., Ltd.	718,500		2,156,659
Largan Precision Co., Ltd.	23,000		3,620,616
Silicon Motion Technology Corp. ADR	30,910		1,445,042
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	223,049		7,324,929
			17,437,595
Thailand \| 2.0%
Bangkok Bank Public Co. Ltd.	163,000		882,259
Bangkok Dusit Medical Services Public Co. Ltd., Class F (c)	1,407,989		868,661
Kasikornbank Public Co. Ltd.	190,700		1,049,486
			2,800,406
Turkey \| 1.6%
KOC Holding AS	192,604		813,162
Tofas Turk Otomobil Fabrikasi AS	189,233		1,416,770
			2,229,932
United Arab Emirates \| 0.7%
Emaar Properties PJSC	510,999		1,017,739
United Kingdom \| 1.6%
Unilever NV NY Shares	44,200		2,195,856
Total Common Stocks (Cost $115,069,269)			134,214,296

Description	Shares		Fair Value
Preferred Stocks \| 1.5%
Brazil \| 1.5%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,277,476)	175,217	$	2,114,869
Short-Term Investment \| 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $2,079,818)	2,079,818	$	2,079,818
Total Investments \| 99.5% (Cost $118,426,563) (b)		$	138,408,983
Cash and Other Assets in Excess of Liabilities \| 0.5%			758,014
Net Assets \| 100.0%		$	139,166,997

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 97.2%
Argentina \| 1.0%
YPF SA Sponsored ADR	91,020	$	2,209,966
Brazil \| 2.7%
Cosan SA Industria e Comercio	221,400		2,748,228
Petroleo Brasileiro SA Sponsored ADR (a)	336,600		3,103,452
			5,851,680
Canada \| 0.8%
First Quantum Minerals, Ltd.	168,455		1,789,878
China \| 27.9%
AAC Technologies Holdings, Inc.	179,140		2,098,355
Agricultural Bank of China, Ltd., Class H	3,511,500		1,617,157
Alibaba Group Holding, Ltd. Sponsored ADR (a)	54,610		5,888,596
Anhui Conch Cement Co., Ltd., Class H	1,590,000		5,399,416
Baidu, Inc. Sponsored ADR (a)	17,917		3,091,041
Brilliance China Automotive Holdings, Ltd.	2,187,827		3,658,631
China Medical System Holdings, Ltd.	2,569,000		4,554,149
China Merchants Bank Co., Ltd., Class H	636,211		1,681,682
China State Construction International Holdings, Ltd.	2,911,617		5,206,163
Minth Group, Ltd.	437,020		1,759,551
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	74,644		4,507,005
Ping An Insurance (Group) Co. of China, Ltd., Class H	1,154,500		6,459,740
TAL Education Group ADR (a)	30,400		3,239,728
Tencent Holdings, Ltd.	204,600		5,873,026
Vipshop Holdings, Ltd. ADR (a)	281,184		3,750,994
ZTO Express Cayman, Inc. ADR	128,685		1,684,487
			60,469,721
Colombia \| 2.2%
Bancolombia SA Sponsored ADR	88,047		3,510,434
Cemex Latam Holdings SA (a)	316,346		1,166,362
			4,676,796
Hong Kong \| 2.1%
SMI Holdings Group, Ltd.	11,832,000		1,126,271
Techtronic Industries Co., Ltd.	868,500		3,511,835
			4,638,106

Description	Shares		Fair Value
India \| 14.3%
Aurobindo Pharma, Ltd.	419,050	$	4,362,923
Glenmark Pharmaceuticals, Ltd.	309,191		4,062,580
HDFC Bank, Ltd. ADR	50,885		3,827,570
ICICI Bank, Ltd. Sponsored ADR	508,010		4,368,886
Petronet LNG, Ltd.	653,963		4,059,998
Reliance Industries, Ltd. (a)	108,860		2,216,523
Shriram Transport Finance Co., Ltd.	259,874		4,313,931
Tata Motors, Ltd. Sponsored ADR	104,285		3,717,760
			30,930,171
Indonesia \| 3.1%
PT Bank Rakyat Indonesia (Persero) Tbk	6,807,300		6,628,301
Mexico \| 1.7%
Grupo Financiero Banorte SAB de CV, Class O	638,157		3,669,644
Peru \| 2.4%
Credicorp, Ltd.	31,255		5,103,942
Philippines \| 0.7%
BDO Unibank, Inc.	688,795		1,614,562
Portugal \| 1.7%
Galp Energia SGPS SA	249,103		3,783,608
Russia \| 7.8%
ALROSA PAO	1,057,979		1,712,995
Mail.ru Group, Ltd. GDR (a)	123,215		2,722,619
Novatek OAO Sponsored GDR (London)	6,087		759,126
Novatek OAO Sponsored GDR (United States)	18,525		2,306,362
Sberbank of Russia PJSC	1,789,015		5,077,684
X5 Retail Group NV GDR (a)	69,626		2,343,683
Yandex NV Class A (a)	89,135		1,954,731
			16,877,200
South Africa \| 3.0%
Capitec Bank Holdings, Ltd.	47,466		2,693,372
Petra Diamonds, Ltd. (a)	1,043,034		1,742,081
Standard Bank Group, Ltd.	197,498		2,113,384
			6,548,837
South Korea \| 11.2%
CJ CGV Co., Ltd.	52,934		3,556,651
Doosan Bobcat, Inc.	82,750		2,714,872
Korea Aerospace Industries, Ltd.	72,622		3,741,507
NCSoft Corp.	14,228		3,883,413
Partron Co., Ltd.	174,117		1,790,059

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Samsung Electronics Co., Ltd.	3,254	$	5,993,025
SPC Samlip Co., Ltd.	13,192		2,593,569
			24,273,096
Taiwan \| 9.9%
Advanced Semiconductor Engineering, Inc.	2,260,578		2,889,356
Catcher Technology Co., Ltd.	404,670		4,005,371
Hiwin Technologies Corp.	423,635		2,648,073
Hota Industrial Manufacturing Co., Ltd.	304,766		1,274,674
Largan Precision Co., Ltd.	26,860		4,228,250
Silicon Motion Technology Corp. ADR	33,310		1,557,242
Taiwan Semiconductor Manufacturing Co., Ltd.	758,000		4,756,770
			21,359,736
Turkey \| 3.6%
Aselsan Elektronik Sanayi Ve Ticaret AS	669,516		3,125,737
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT	1,976,672		1,577,265
Turkiye Garanti Bankasi AS	1,312,850		3,197,905
			7,900,907
United States \| 1.1%
Freeport-McMoRan, Inc. (a)	174,620		2,332,923
Total Common Stocks (Cost $178,013,153)			210,659,074
Preferred Stocks \| 1.8%
Brazil \| 1.8%
Banco Bradesco SA ADR (Cost $2,558,976)	385,163		3,944,070
Short-Term Investment \| 0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $1,580,478)	1,580,478	$	1,580,478
Total Investments \| 99.7% (Cost $182,152,607) (b)		$	216,183,622
Cash and Other Assets in Excess of Liabilities \| 0.3%			574,151
Net Assets \| 100.0%		$	216,757,773

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 96.1%
Brazil \| 3.3%
Banco do Brasil SA	1,100	$	11,866
BB Seguridade Participacoes SA	3,600		33,578
Braskem SA Sponsored ADR	700		14,245
Cia de Saneamento do Parana	1,300		4,568
EcoRodovias Infraestrutura e Logistica SA	2,000		5,775
Itausa - Investimentos Itau SA	1,900		5,766
Magazine Luiza SA (a)	100		5,657
Petroleo Brasileiro SA (a)	7,000		32,399
			113,854
Chile \| 0.9%
Enel Americas SA ADR	3,080		32,001
China \| 23.9%
AAC Technologies Holdings, Inc.	500		5,857
Agricultural Bank of China, Ltd., Class H	13,000		5,987
Alibaba Group Holding, Ltd. Sponsored ADR (a)	776		83,676
Anhui Conch Cement Co., Ltd., Class H	3,000		10,188
Baidu, Inc. Sponsored ADR (a)	166		28,638
Bank of China, Ltd., Class H	27,000		13,406
China Communications Services Corp., Ltd., Class H	18,000		11,791
China Construction Bank Corp., Class H	102,000		82,003
China Hongqiao Group, Ltd. (c)	8,000		6,640
China Lesso Group Holdings, Ltd.	12,000		10,143
China Lodging Group, Ltd. Sponsored ADR (a)	200		12,410
China Mobile, Ltd.	3,500		38,499
China Overseas Land & Investment, Ltd.	10,000		28,557
China Petroleum & Chemical Corp., Class H	50,000		40,945
China Railway Construction Corp., Ltd., Class H	4,000		5,671
China Railway Group, Ltd., Class H	6,000		5,364
China Resources Land, Ltd.	6,000		16,209
China Vanke Co., Ltd., Class H	2,200		5,943
China Yongda Automobiles Services Holdings, Ltd.	7,500		7,033
Chongqing Rural Commercial Bank Co., Ltd., Class H	8,000		5,401

Description	Shares		Fair Value
CNOOC, Ltd.	4,000	$	4,787
CSPC Pharmaceutical Group, Ltd.	10,000		13,096
Ctrip.com International, Ltd. ADR (a)	126		6,193
Dali Foods Group Co., Ltd.	10,500		6,067
Geely Automobile Holdings, Ltd.	15,000		23,019
Guangzhou Automobile Group Co., Ltd. Class H	8,000		12,807
Industrial & Commercial Bank of China, Ltd., Class H	86,000		56,198
Longfor Properties Co., Ltd.	6,500		10,682
NetEase, Inc. ADR	66		18,744
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)	200		12,076
PetroChina Co., Ltd., Class H	46,000		33,770
PICC Property & Casualty Co., Ltd., Class H	4,000		6,162
Sunny Optical Technology Group Co., Ltd.	5,000		36,606
Tencent Holdings, Ltd.	4,200		120,561
TravelSky Technology, Ltd. Class H	5,000		11,811
Vipshop Holdings, Ltd. ADR (a)	617		8,231
Weichai Power Co., Ltd., Class H	3,000		5,294
Zhejiang Expressway Co., Ltd., Class H	8,000		10,459
			820,924
Colombia \| 0.8%
Bancolombia SA Sponsored ADR	657		26,195
Egypt \| 0.7%
Commercial International Bank Egypt SAE ADR	5,456		23,324
Greece \| 0.7%
Hellenic Telecommunications Organization SA	615		5,774
JUMBO SA	723		11,401
Motor Oil (Hellas) Corinth Refineries SA	418		7,132
			24,307
Hong Kong \| 1.2%
CP Pokphand Co., Ltd.	46,000		4,261
K Wah International Holdings, Ltd.	11,000		7,302
Lee & Man Paper Manufacturing, Ltd.	9,000		6,877

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Nine Dragons Paper Holdings, Ltd.	7,000	$	7,526
Sino Biopharmaceutical, Ltd.	12,000		9,880
Sun Art Retail Group, Ltd.	6,000		5,623
			41,469
Hungary \| 1.8%
Magyar Telekom Telecommunications PLC	3,222		5,343
MOL Hungarian Oil & Gas Nyrt.	586		40,092
Richter Gedeon Nyrt.	667		15,141
			60,576
India \| 6.0%
Axis Bank, Ltd. GDR	98		3,724
Dr Reddy’s Laboratories, Ltd. ADR	254		10,198
HDFC Bank, Ltd. ADR	400		30,088
ICICI Bank, Ltd. Sponsored ADR	800		6,880
Infosys, Ltd. Sponsored ADR	2,196		34,697
Reliance Industries, Ltd. Sponsored GDR (a), (d)	308		12,420
State Bank of India GDR	166		7,407
Tata Motors, Ltd. Sponsored ADR	510		18,182
Tata Steel, Ltd. GDR	2,396		17,699
Vedanta, Ltd. ADR	2,033		34,907
Wipro, Ltd. ADR	1,661		16,992
WNS Holdings, Ltd. ADR (a)	500		14,305
			207,499
Indonesia \| 3.1%
PT Adaro Energy Tbk	45,200		5,935
PT Bank Central Asia Tbk	10,200		12,682
PT Bank Negara Indonesia (Persero) Tbk	28,100		13,676
PT Bank Rakyat Indonesia (Persero) Tbk	18,900		18,403
PT Gudang Garam Tbk	1,100		5,409
PT Indofood CBP Sukses Makmur Tbk	8,500		5,198
PT Surya Citra Media Tbk	21,400		4,336
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	1,280		39,898
			105,537
Luxembourg \| 0.7%
Ternium SA Sponsored ADR	909		23,743
Malaysia \| 3.2%
AirAsia Berhad	12,100		8,583

Description	Shares		Fair Value
Astro Malaysia Holdings Berhad	17,700	$	10,959
Genting Malaysia Berhad	5,100		6,285
IOI Properties Group Berhad	9,800		4,584
My EG Services Berhad	16,050		6,712
Petronas Chemicals Group Berhad	10,100		17,572
Press Metal Berhad	17,080		10,228
Sunway Construction Group Berhad	13,800		5,488
Tenaga Nasional Berhad Sponsored ADR	3,292		40,772
			111,183
Mexico \| 2.2%
Alfa SAB de CV, Series A	4,500		6,586
Cemex SAB de CV Sponsored ADR (a)	1,337		12,126
Gentera SAB de CV	12,600		20,755
Gruma SAB de CV, Class B	1,245		17,523
Grupo Carso SAB de CV	1,500		6,887
Wal-Mart de Mexico SAB de CV	4,500		10,374
			74,251
Philippines \| 2.2%
Aboitiz Equity Ventures, Inc.	4,290		6,366
Cebu Air, Inc.	7,180		13,438
DMCI Holdings, Inc.	61,300		13,924
JG Summit Holdings, Inc.	8,770		14,219
Metro Pacific Investments Corp.	72,800		8,735
Semirara Mining & Power Corp.	6,290		18,501
			75,183
Poland \| 2.4%
Ciech SA	279		5,625
Enea SA (a)	3,196		9,102
PGE Polska Grupa Energetyczna SA	4,459		12,854
Polski Koncern Naftowy ORLEN SA	280		7,062
Polskie Gornictwo Naftowe i Gazownictwo SA	17,801		26,551
Powszechny Zaklad Ubezpieczen SA	1,836		16,092
Tauron Polska Energia SA (a)	6,287		5,374
			82,660
Romania \| 0.1%
New Europe Property Investments PLC	497		5,157
Russia \| 2.6%
Gazprom PJSC Sponsored ADR	2,566		11,482

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
LUKOIL PJSC Sponsored ADR	474	$	25,050
MMC Norilsk Nickel PJSC ADR	239		3,739
Rosneft PJSC GDR	814		4,608
Sberbank of Russia PJSC Sponsored ADR	3,770		43,381
			88,260
South Africa \| 4.5%
AVI, Ltd.	882		6,511
Barclays Africa Group, Ltd.	1,224		12,705
Barloworld, Ltd.	423		3,759
Clicks Group, Ltd.	797		7,610
Coronation Fund Managers, Ltd.	3,178		14,983
FirstRand, Ltd.	3,390		11,709
Growthpoint Properties, Ltd. REIT	4,037		7,794
Naspers, Ltd., N Shares	241		41,507
Shoprite Holdings, Ltd.	383		5,522
Standard Bank Group, Ltd.	1,898		20,310
Tiger Brands, Ltd.	529		15,769
Vodacom Group, Ltd.	489		5,537
			153,716
South Korea \| 17.1%
Dongbu Insurance Co., Ltd.	168		9,618
Hana Financial Group, Inc.	479		15,828
Hankook Tire Co., Ltd.	197		9,598
Hanwha Chemical Corp.	391		9,227
Hyosung Corp.	97		11,752
Hyundai Development Co-Engineering & Construction	138		5,015
Hyundai Engineering & Construction Co., Ltd.	159		7,042
Hyundai Marine & Fire Insurance Co., Ltd.	719		22,498
Hyundai Mobis Co., Ltd.	27		5,809
KB Financial Group, Inc. ADR	1,028		45,201
KB Insurance Co., Ltd.	464		11,206
Korea Electric Power Corp. Sponsored ADR	1,353		28,048
Korea PetroChemical Ind Co., Ltd.	34		7,455
KT Corp.	327		9,330
KT Skylife Co., Ltd.	483		7,126
KT&G Corp. GDR (d)	393		17,132
LG Chem, Ltd.	38		9,987
LG Electronics, Inc.	303		18,415
LG Household & Health Care, Ltd.	6		4,345

Description	Shares		Fair Value
LG Uplus Corp.	1,140	$	14,585
Lotte Chemical Corp.	34		11,260
NAVER Corp.	24		18,345
Nexen Tire Corp.	781		9,776
POSCO	30		7,772
Samsung Card Co., Ltd.	153		5,363
Samsung Electronics Co., Ltd. GDR	193		177,133
Shinhan Financial Group Co., Ltd. ADR	209		8,734
SK Holdings Co., Ltd.	27		5,878
SK Hynix, Inc.	781		35,258
SK Innovation Co., Ltd.	89		13,265
SK Telecom Co., Ltd. Sponsored ADR	650		16,367
Woori Bank	781		9,089
			587,457
Taiwan \| 12.8%
Chailease Holding Co., Ltd.	3,000		7,007
Chicony Power Technology Co., Ltd.	5,000		8,013
Delta Electronics, Inc.	2,000		10,730
Eclat Textile Co., Ltd.	1,000		10,014
Elite Material Co., Ltd.	5,000		19,462
Eva Airways Corp.	12,000		6,365
Feng TAY Enterprise Co., Ltd.	3,494		13,926
Formosa Chemicals & Fibre Corp.	4,000		12,440
Fubon Financial Holding Co., Ltd.	16,000		26,091
General Interface Solution Holding, Ltd.	1,000		4,782
Highwealth Construction Corp.	4,000		7,025
Hon Hai Precision Industry Co., Ltd. GDR	6,560		40,218
Micro-Star International Co., Ltd.	4,000		9,302
Nien Made Enterprise Co., Ltd.	1,000		9,334
Pegatron Corp.	3,000		8,875
Rechi Precision Co., Ltd.	6,000		6,523
St Shine Optical Co., Ltd.	1,000		20,259
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR	5,611		184,265
Walsin Lihwa Corp.	42,000		19,231
Winbond Electronics Corp.	26,000		14,586
			438,448

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Thailand \| 3.6%
Bangkok Bank Public Co. Ltd. NVDR	3,600	$	19,014
Beauty Community Public Co. Ltd. NVDR	32,524		9,938
Charoen Pokphand Foods Public Co. Ltd. NVDR	14,200		11,467
Esso Thailand Public Co. Ltd. NVDR (a)	15,600		4,993
GFPT Public Co. Ltd. (c)	14,000		7,497
Home Product Center Public Co. Ltd. (c)	19,500		5,476
PTG Energy Public Co., Ltd NVDR	7,300		5,019
PTT Exploration & Production Public Co. Ltd. (c)	2,700		7,307
PTT Public Co. Ltd. (c)	600		6,757
Srisawad Power 1979 Public Co. Ltd. NVDR	4,700		5,915
Thai Vegetable Oil Public Co. Ltd. NVDR	10,300		10,050
The Siam Cement Public Co. Ltd.	1,300		20,428
Tisco Financial Group Public Co., Ltd NVDR	4,100		8,561
			122,422
Turkey \| 1.9%
BIM Birlesik Magazalar AS	885		13,604
Turk Telekomunikasyon AS ADR	3,902		12,408
Turkiye Garanti Bankasi AS ADR	9,029		21,760
Turkiye Halk Bankasi AS ADR	1,830		10,340
Turkiye Vakiflar Bankasi TAO, Class D	4,580		6,748
			64,860
United States \| 0.4%
Yum China Holdings, Inc. (a)	570		15,504
Total Common Stocks
(Cost $2,881,720)			3,298,530
Preferred Stocks \| 2.4%
Brazil \| 2.4%
Banco Bradesco SA ADR	3,036		31,089
Itau Unibanco Holding SA Sponsored ADR	2,134		25,757
Vale SA	2,900		26,132
Total Preferred Stocks (Cost $55,784)			82,978

Description	Shares		Fair Value
Short-Term Investment \| 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $54,014)	54,014	$	54,014
Total Investments \| 100.1% (Cost $2,991,518) (b)		$	3,435,522
Liabilities in Excess of Cash and Other Assets \| (0.1)%			(3,932)
Net Assets \| 100.0%		$	3,431,590


			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 97.1%
Argentina \| 2.3%
Transportadora de Gas del Sur SA (a)		163,200	$	2,320,704
YPF SA Sponsored ADR		217,807		5,288,354
				7,609,058
Brazil \| 7.5%
Ambev SA ADR		418,075		2,408,112
Banco ABC Brasil SA (a)		17,880		104,575
Banco do Brasil SA		399,057		4,304,656
CCR SA		606,800		3,498,607
Cia de Saneamento do Parana		513,100		1,802,881
Cielo SA Sponsored ADR		384,575		3,499,633
Instituto Hermes Pardini SA		299,900		1,915,927
Iochpe Maxion SA		153,545		817,605
Localiza Rent a Car SA		235,710		3,137,429
Movida Participacoes SA		814,700		2,167,780
Natura Cosmeticos SA		111,695		1,035,032
				24,692,237
Chile \| 0.0%
Geopark, Ltd. (a)		21,550		154,729
China \| 23.5%
AAC Technologies Holdings, Inc.		415,549		4,867,530
Agricultural Bank of China, Ltd., Class H		9,293,726		4,280,055
Alibaba Group Holding, Ltd. Sponsored ADR (a)		48,431		5,222,315
Anhui Conch Cement Co., Ltd., Class H		919,000		3,120,794
Baidu, Inc. Sponsored ADR (a)		43,239		7,459,592
Brilliance China Automotive Holdings, Ltd.		2,198,443		3,676,383
China Construction Bank Corp., Class H		7,606,281		6,115,084
China Medical System Holdings, Ltd.		1,596,000		2,829,281
China Mobile, Ltd. Sponsored ADR		64,516		3,563,219
China Shenhua Energy Co., Ltd., Class H		1,178,500		2,732,637
China State Construction International Holdings, Ltd.		2,408,696		4,306,907
CNOOC, Ltd.		1,335,800		1,598,726
Fufeng Group, Ltd.		2,385,000		1,921,062
Green Seal Holding, Ltd.		366,000		1,995,666
NetEase, Inc. ADR		23,105		6,561,820


			Fair
Description	Shares		Value
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		89,812	$	5,422,848
Ping An Insurance (Group) Co. of China, Ltd., Class H		860,500		4,814,730
Tencent Holdings, Ltd.		189,800		5,448,194
Tianyun International Holdings, Ltd.		2,224,000		208,967
Yestar Healthcare Holdings Co., Ltd.		1,640,000		850,442
				76,996,252
Colombia \| 0.9%
Bancolombia SA Sponsored ADR		71,992		2,870,321
Egypt \| 0.6%
Commercial International Bank Egypt SAE GDR		412,742		1,807,795
Credit Agricole Egypt SAE		137,878		284,159
				2,091,954
Georgia \| 0.6%
BGEO Group PLC		37,869		1,528,777
TBC Bank Group PLC (a)		16,966		318,290
				1,847,067
Greece \| 0.1%
Aegean Airlines SA		21,380		169,176
Hong Kong \| 1.1%
Man Wah Holdings, Ltd.		2,160,905		1,715,049
TK Group Holdings, Ltd.		658,000		197,284
Tongda Group Holdings, Ltd.		5,129,114		1,807,671
				3,720,004
Hungary \| 0.9%
OTP Bank Nyrt.		104,907		2,932,268
India \| 10.8%
Aurobindo Pharma, Ltd.		264,194		2,750,646
Axis Bank, Ltd.		775,174		5,872,026
Bajaj Auto, Ltd.		55,199		2,384,745
Dewan Housing Finance Corp., Ltd.		453,515		2,564,116
Glenmark Pharmaceuticals, Ltd.		170,565		2,241,119
HCL Technologies, Ltd.		186,847		2,519,513
ICICI Bank, Ltd. Sponsored ADR		640,549		5,508,722
Indo Count Industries, Ltd.		784,571		2,385,623
Kiri Industries, Ltd. (a)		66,564		288,975
Reliance Industries, Ltd.		121,831		2,480,629
Tata Consultancy Services, Ltd.		65,182		2,441,277
Tata Motors, Ltd. Sponsored ADR		94,768		3,378,479


			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
The South Indian Bank, Ltd.		798,134	$	262,900
Uflex, Ltd.		61,599		263,751
				35,342,521
Indonesia \| 3.9%
PT Bank Mandiri (Persero) Tbk		3,550,400		3,117,332
PT Bank Pembangunan Daerah Jawa Timur Tbk		5,888,900		305,288
PT Bank Rakyat Indonesia (Persero) Tbk		6,429,718		6,260,648
PT Bekasi Fajar Industrial Estate Tbk		13,308,900		311,610
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		94,030		2,930,915
				12,925,793
Kenya \| 0.1%
KCB Group, Ltd.		992,500		334,697
Kuwait \| 0.1%
Human Soft Holding Co. KSC		20,197		201,281
Mexico \| 2.9%
America Movil SAB de CV, Class L Sponsored ADR		107,826		1,527,894
Grupo Financiero Banorte SAB de CV, Class O		473,200		2,721,079
Grupo Financiero Interacciones SA de CV, Class O		99,043		461,563
Grupo Mexico SAB de CV, Series B		373,701		1,123,364
Kimberly-Clark de Mexico SAB de CV, Series A		1,002,200		2,174,919
Nemak SAB de CV		1,314,900		1,466,443
				9,475,262
Morocco \| 0.0%
Residences Dar Saada		7,911		137,746
Pakistan \| 0.2%
Bank Alfalah, Ltd.		541,000		186,693
Kohinoor Textile Mills, Ltd.		136,000		145,294
Pak Elektron, Ltd.		240,000		210,883
				542,870
Peru \| 1.0%
Credicorp, Ltd.		19,792		3,232,034
Philippines \| 0.3%
PLDT, Inc. Sponsored ADR		31,802		1,022,752
Portugal \| 1.0%
Galp Energia SGPS SA		215,791		3,277,634


			Fair
Description	Shares		Value
Russia \| 8.7%
Detsky Mir PJSC		1,209,620	$	1,891,459
Gazprom PJSC Sponsored ADR		287,338		1,285,766
LUKOIL PJSC Sponsored ADR		53,273		2,826,665
Mobile TeleSystems PJSC Sponsored ADR		278,200		3,068,546
Novatek OAO Sponsored GDR (London)		25,498		3,179,923
Novatek OAO Sponsored GDR (United States)		362		45,069
Sberbank of Russia PJSC		1,606,368		4,559,285
Sberbank of Russia PJSC Sponsored ADR (United States)		426,247		4,914,628
X5 Retail Group NV GDR (a)		98,823		3,326,315
Yandex NV Class A (a)		156,199		3,425,444
				28,523,100
South Africa \| 1.3%
Petra Diamonds, Ltd. (a)		1,129,562		1,886,600
Standard Bank Group, Ltd.		217,317		2,325,463
				4,212,063
South Korea \| 12.4%
DuzonBizon Co., Ltd.		93,735		2,074,936
Eugene Technology Co., Ltd.		134,543		1,960,683
Hanwha Life Insurance Co., Ltd.		178,840		966,582
HS Industries Co., Ltd.		239,000		2,338,957
Hyundai Mobis Co., Ltd.		13,923		2,995,599
Innocean Worldwide, Inc.		38,390		2,114,476
KT&G Corp.		13,829		1,205,572
Mando Corp.		9,089		2,108,677
NCSoft Corp.		15,957		4,355,329
Nice Information & Telecommunication, Inc.		10,239		229,274
Samjin Pharmaceutical Co., Ltd.		6,734		195,374
Samsung Electronics Co., Ltd.		5,987		11,026,503
Shinhan Financial Group Co., Ltd.		81,057		3,376,390
SK Hynix, Inc.		77,192		3,484,802
Viatron Technologies, Inc.		119,760		2,139,561
				40,572,715
Taiwan \| 11.4%
Advanced Semiconductor Engineering, Inc.		1,980,122		2,530,891
Catcher Technology Co., Ltd.		265,000		2,622,935
Elite Material Co., Ltd.		271,000		1,054,861
Flytech Technology Co., Ltd.		300,000		993,488
Gourmet Master Co., Ltd.		196,000		1,854,252


			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Hon Hai Precision Industry Co., Ltd.		621,671	$	1,866,016
King Slide Works Co., Ltd.		95,000		1,362,067
Largan Precision Co., Ltd.		27,614		4,346,943
Primax Electronics, Ltd.		1,049,000		1,719,433
Realtek Semiconductor Corp.		555,000		1,983,953
Silicon Motion Technology Corp. ADR		82,901		3,875,622
Sunny Friend Environmental Technology Co., Ltd.		434,000		2,087,463
Taiwan Semiconductor Manufacturing Co., Ltd.		1,745,113		10,951,322
				37,249,246
Turkey \| 4.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		570,880		2,665,240
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,535,382		1,225,142
KOC Holding AS ADR		138,167		2,930,522
Soda Sanayii AS		1,270,915		2,128,352
Turk Tuborg Bira ve Malt Sanayii AS (a)		106,581		258,867
Turkcell Iletisim Hizmetleri AS ADR (a)		210,775		1,745,217
Turkiye Garanti Bankasi AS		1,259,368		3,067,631
Turkiye Is Bankasi AS, C Shares		1,048,821		1,912,122
				15,933,093
Ukraine \| 0.1%
Kernel Holding SA		12,856		231,792
United States \| 0.5%
Freeport-McMoRan, Inc. (a)		137,005		1,830,387
Total Common Stocks (Cost $275,885,470)				318,128,052
Short-Term Investment \| 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $10,495,349)		10,495,349		10,495,349
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA Expires 04/20/2019 (Cost $0)		15,354		24,620

Total Investments \| 100.3% (Cost $286,380,819) (b)	$	328,648,021
Liabilities in Excess of Cash and Other Assets \| (0.3)%		(893,308)

Net Assets \| 100.0%	$	327,754,713


			Fair
Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio
Common Stocks \| 56.0%
Argentina \| 1.2%
Transportadora de Gas del Sur SA (a)		51,400	$	730,908
YPF SA Sponsored ADR		77,781		1,888,523
				2,619,431
Brazil \| 4.8%
Ambev SA ADR		160,800		926,208
Banco ABC Brasil SA (a)		6,141		35,917
Banco do Brasil SA		197,991		2,135,743
Braskem SA A Shares		24,491		248,383
CCR SA		269,852		1,555,877
Cia de Saneamento do Parana (Preference Shares)		161,700		568,166
Cielo SA Sponsored ADR		148,036		1,347,128
Instituto Hermes Pardini SA		94,500		603,718
Iochpe Maxion SA		52,849		281,413
Localiza Rent a Car SA		90,938		1,210,435
Movida Participacoes SA		256,700		683,035
Natura Cosmeticos SA		42,955		398,047
Telefonica Brasil SA ADR		17,040		253,044
				10,247,114
Chile \| 0.0%
Geopark, Ltd. (a)		9,855		70,759
China \| 12.6%
AAC Technologies Holdings, Inc.		117,893		1,380,939
Agricultural Bank of China, Ltd., Class H		2,636,090		1,214,003
Alibaba Group Holding, Ltd. Sponsored ADR (a)		18,176		1,959,918
Anhui Conch Cement Co., Ltd., Class H		261,000		886,319
Baidu, Inc. Sponsored ADR (a)		16,736		2,887,295
Brilliance China Automotive Holdings, Ltd.		623,260		1,042,257
China Construction Bank Corp., Class H		2,932,065		2,357,239
China Medical System Holdings, Ltd.		453,000		803,048
China Mobile, Ltd. Sponsored ADR		24,838		1,371,803
China Shenhua Energy Co., Ltd., Class H		453,986		1,052,676
China State Construction International Holdings, Ltd.		683,092		1,221,414
CNOOC, Ltd.		515,000		616,368
Fufeng Group, Ltd.		751,000		604,913


			Fair
Description	Shares		Value
Green Seal Holding, Ltd.		116,000	$	632,506
Industrial & Commercial Bank of China, Ltd., Class H		615,000		401,882
NetEase, Inc. ADR		8,865		2,517,660
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		25,443		1,536,248
PICC Property & Casualty Co., Ltd., Class H		136,000		209,521
Ping An Insurance (Group) Co. of China, Ltd., Class H		283,400		1,585,700
Tencent Holdings, Ltd.		70,852		2,033,801
Tianyun International Holdings, Ltd.		1,016,000		95,463
Yestar Healthcare Holdings Co., Ltd.		517,500		268,356
				26,679,329
Colombia \| 0.5%
Bancolombia SA Sponsored ADR		24,694		984,550
Egypt \| 0.4%
Commercial International Bank Egypt SAE GDR		158,435		693,940
Credit Agricole Egypt SAE		63,079		130,002
				823,942
Georgia \| 0.3%
BGEO Group PLC		11,935		481,817
TBC Bank Group PLC (a)		7,762		145,619
				627,436
Greece \| 0.0%
Aegean Airlines SA		9,781		77,395

Hong Kong \| 0.6%
Man Wah Holdings, Ltd.		682,160		541,411
TK Group Holdings, Ltd.		302,000		90,547
Tongda Group Holdings, Ltd.		1,620,049		570,959
				1,202,917
Hungary \| 0.5%
OTP Bank Nyrt.		40,404		1,129,337
India \| 6.1%
Aurobindo Pharma, Ltd.		75,007		780,932
Axis Bank, Ltd.		298,517		2,261,298
Bajaj Auto, Ltd.		21,233		917,322
Dewan Housing Finance Corp., Ltd.		142,847		807,639
Glenmark Pharmaceuticals, Ltd.		48,411		636,091
HCL Technologies, Ltd.		72,044		971,468
HDFC Bank, Ltd. ADR		9,908		745,280


			Fair
Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
ICICI Bank, Ltd. Sponsored ADR		181,520	$	1,561,072
Indo Count Industries, Ltd.		247,211		751,688
Kiri Industries, Ltd. (a)		30,453		132,206
Reliance Industries, Ltd.		34,472		701,892
Tata Consultancy Services, Ltd.		25,704		962,698
Tata Motors, Ltd. Sponsored ADR		34,271		1,221,761
The South Indian Bank, Ltd.		365,141		120,275
Uflex, Ltd.		28,181		120,664
Vedanta, Ltd. ADR		14,216		244,089
				12,936,375
Indonesia \| 2.4%
PT Bank Mandiri (Persero) Tbk		1,753,998		1,540,050
PT Bank Pembangunan Daerah Jawa Timur Tbk		2,694,100		139,666
PT Bank Rakyat Indonesia (Persero) Tbk		1,821,200		1,773,311
PT Bekasi Fajar Industrial Estate Tbk		6,088,700		142,559
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		44,432		1,384,945
				4,980,531
Kenya \| 0.1%
KCB Group, Ltd.		454,000		153,101
Kuwait \| 0.0%
Human Soft Holding Co. KSC		9,236		92,045
Luxembourg \| 0.1%
Ternium SA Sponsored ADR		7,069		184,642
Mexico \| 1.9%
America Movil SAB de CV, Class L Sponsored ADR		41,634		589,954
Gruma SAB de CV, Class B		18,242		256,751
Grupo Aeroportuario del Pacifico SAB de CV ADR		2,714		263,529
Grupo Financiero Banorte SAB de CV, Class O		192,964		1,109,616
Grupo Financiero Interacciones SA de CV, Class O		34,187		159,319
Grupo Mexico SAB de CV, Series B		144,609		434,702
Kimberly-Clark de Mexico SAB de CV, Series A		386,635		839,054
Nemak SAB de CV		415,000		462,829
				4,115,754
Morocco \| 0.0%
Residences Dar Saada		3,619		63,014


			Fair
Description	Shares		Value
Pakistan \| 0.1%
Bank Alfalah, Ltd.		247,500	$	85,409
Kohinoor Textile Mills, Ltd.		62,000		66,237
Pak Elektron, Ltd.		110,000		96,655
				248,301
Peru \| 0.6%
Credicorp, Ltd.		7,512		1,226,709
Philippines \| 0.3%
BDO Unibank, Inc.		79,553		186,475
PLDT, Inc. Sponsored ADR		12,240		393,639
				580,114
Portugal \| 0.6%
Galp Energia SGPS SA		87,204		1,324,535
Russia \| 5.0%
Detsky Mir PJSC		381,250		596,153
Gazprom PJSC Sponsored ADR		110,397		493,999
LUKOIL PJSC Sponsored ADR		31,043		1,646,917
Mobile TeleSystems PJSC Sponsored ADR		107,210		1,182,526
Novatek OAO Sponsored GDR (London)		7,337		915,017
Sberbank of Russia PJSC (a)		455,859		1,293,845
Sberbank of Russia PJSC Sponsored ADR (London)		3,482		40,067
Sberbank of Russia PJSC Sponsored ADR (United States)		199,085		2,295,450
Severstal PJSC GDR		18,874		270,913
X5 Retail Group NV GDR (a)		28,060		944,529
Yandex NV Class A (a)		44,704		980,359
				10,659,775
South Africa \| 1.3%
FirstRand, Ltd.		85,867		296,579
Mondi PLC		9,141		221,035
Naspers, Ltd., N Shares		4,115		708,722
Petra Diamonds, Ltd. (a)		355,978		594,556
Standard Bank Group, Ltd.		83,616		894,757
The Bidvest Group, Ltd.		10,518		120,563
				2,836,212
South Korea \| 7.2%
DuzonBizon Co., Ltd.		29,540		653,903
Eugene Technology Co., Ltd.		42,453		618,664
Hanwha Life Insurance Co., Ltd.		74,962		405,149
HS Industries Co., Ltd.		75,431		738,200
Hyundai Mobis Co., Ltd.		5,356		1,152,369
Innocean Worldwide, Inc.		12,098		666,344
Korea Zinc Co., Ltd.		306		118,180


			Fair
Description	Shares		Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
KT&G Corp.		5,333	$	464,916
Mando Corp.		2,865		664,689
NCSoft Corp.		4,525		1,235,061
Nice Information & Telecommunication, Inc.		4,684		104,885
Samjin Pharmaceutical Co., Ltd.		3,081		89,389
Samsung Electronics Co., Ltd.		2,538		4,674,339
Shinhan Financial Group Co., Ltd.		31,231		1,300,912
SK Hynix, Inc.		36,055		1,627,688
Viatron Technologies, Inc.		37,772		674,812
				15,189,500
Taiwan \| 6.1%
Advanced Semiconductor Engineering, Inc.		561,618		717,832
Catcher Technology Co., Ltd.		75,000		742,340
Elite Material Co., Ltd.		85,000		330,861
Flytech Technology Co., Ltd.		102,000		337,786
Gourmet Master Co., Ltd.		62,000		586,549
Hon Hai Precision Industry Co., Ltd.		118,045		354,325
Hon Hai Precision Industry Co., Ltd. GDR		118,029		723,614
King Slide Works Co., Ltd.		30,000		430,126
Largan Precision Co., Ltd.		7,648		1,203,933
Primax Electronics, Ltd.		331,000		542,547
Realtek Semiconductor Corp.		175,000		625,571
Silicon Motion Technology Corp. ADR		25,042		1,170,714
Sunny Friend Environmental Technology Co., Ltd.		137,000		658,946
Taiwan Semiconductor Manufacturing Co., Ltd.		217,668		1,365,959
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		95,512		3,136,614
				12,927,717
Thailand \| 0.1%
Kasikornbank Public Co. Ltd.		34,203		188,230
Turkey \| 2.5%
Aselsan Elektronik Sanayi Ve Ticaret AS		161,768		755,238
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		434,390		346,617
KOC Holding AS ADR		53,304		1,130,578
Soda Sanayii AS		400,213		670,221


				Fair
Description		Shares		Value
Turk Tuborg Bira ve Malt Sanayii AS (a)			48,760	$	118,430
Turkcell Iletisim Hizmetleri AS ADR (a)			81,327		673,388
Turkiye Garanti Bankasi AS			356,380		868,088
Turkiye Is Bankasi AS, C Shares			404,134		736,783
					5,299,343
Ukraine \| 0.1%
Kernel Holding SA			5,882		106,052
United Arab Emirates \| 0.1%
Emaar Properties PJSC			69,043		137,510
United Kingdom \| 0.2%
Unilever NV NY Shares			6,336		314,772
United States \| 0.3%
Freeport-McMoRan, Inc. (a)			38,688		516,872
Total Common Stocks (Cost $103,750,878)					118,543,314

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 4.8%
Argentina \| 0.2%
AES Argentina Generacion SA, 7.750%, 02/02/24 (d)	USD		120	$	120,956
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		250		265,165
Genneia SA, 8.750%, 01/20/22 (d)	USD		95		99,038
					485,159
Bangladesh \| 0.1%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		175		183,085
Barbados \| 0.3%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		495		530,269
Brazil \| 0.9%
Gerdau Trade, Inc., 4.750%, 04/15/23	USD		48		46,738
GTL Trade Finance, Inc., 5.893%, 04/29/24	USD		25		24,937
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		1,572		1,778,325
					1,850,000
Canada \| 0.0%
First Quantum Minerals, Ltd., 7.000%, 02/15/21 (d)	USD		50		51,500
Chile \| 0.3%
AES Gener SA, 8.375%, 12/18/73	USD		200		209,750

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		132	$	135,628
VTR Finance BV, 6.875%, 01/15/24	USD		355		369,200
					714,578
China \| 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (d)	USD		200		180,000
Colombia \| 0.2%
Banco de Bogota SA, 6.250%, 05/12/26 (d)	USD		70		73,063
Ecopetrol SA, 5.875%, 09/18/23	USD		130		140,693
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		265		272,287
					486,043
Georgia \| 0.0%
BGEO Group JSC, 6.000%, 07/26/23	USD		100		100,750
Guatemala \| 0.1%
Comcel Trust, 6.875%, 02/06/24	USD		165		170,693
India \| 0.4%
Greenko Dutch BV, 8.000%, 08/01/19	USD		300		316,800
Vedanta Resources PLC:
6.000%, 01/31/19	USD		255		262,331
8.250%, 06/07/21	USD		185		199,563
					778,694
Indonesia \| 0.1%
TBG Global Pte, Ltd., 4.625%, 04/03/18	USD		200		201,400
Israel \| 0.1%
Altice Financing SA, 6.625%, 02/15/23 (d)	USD		280		291,200
Macau \| 0.1%
MCE Finance, Ltd., 5.000%, 02/15/21	USD		155		156,860
Mexico \| 0.3%
Cemex Finance LLC, 9.375%, 10/12/22	USD		435		470,017
Cemex SAB de CV, 7.750%, 04/16/26	USD		50		56,250
					526,267

Description	Security Currency	Principal Amount (000)		Fair Value
Nigeria \| 0.2%
IHS Netherlands Holdco BV:
9.500%, 10/27/21	USD		200	$	205,132
9.500%, 10/27/21 (d)	USD		155		158,977
					364,109
Panama \| 0.0%
Sable International Finance, Ltd., 6.875%, 08/01/22 (d)	USD		65		68,738
Peru \| 0.4%
Cia Minera Ares SAC, 7.750%, 01/23/21	USD		440		471,900
Inkia Energy, Ltd., 8.375%, 04/04/21	USD		250		255,000
InRetail Shopping Malls, 6.500%, 07/09/21	USD		175		185,623
					912,523
Russia \| 0.4%
GTH Finance BV, 7.250%, 04/26/23	USD		400		440,120
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		200		205,800
TMK OAO Via TMK Capital SA, 6.750%, 04/03/20	USD		200		213,250
					859,170
Singapore \| 0.2%
Puma International Financing SA, 6.750%, 02/01/21	USD		400		413,208
South Korea \| 0.2%
Harvest Operations Corp., 6.875%, 10/01/17	USD		165		165,825
SK E&S Co., Ltd., 4.875%, 11/26/19 (e)	USD		90		89,100
Woori Bank, 4.500%, 09/27/21 (e)	USD		90		88,645
					343,570
Turkey \| 0.1%
Turkiye Is Bankasi, 5.000%, 04/30/20	USD		200		199,250
United Arab Emirates \| 0.1%
MAF Global Securities, Ltd., 7.125%, 10/29/18 (e)	USD		260		274,300
Total Corporate Bonds (Cost $9,947,720)					10,141,366

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Foreign Government Obligations \| 18.0%
Argentina \| 1.6%
Republic of Argentina:
22.808%, 10/09/17 (e)	ARS		3,290	$	215,349
22.806%, 03/01/18 (e)	ARS		3,350		222,695
22.750%, 03/05/18	ARS		2,540		171,441
21.200%, 09/19/18	ARS		2,480		168,432
21.822%, 03/11/19 (e)	ARS		1,300		87,678
6.875%, 04/22/21	USD		390		418,275
7.500%, 04/22/26 (d)	USD		1,000		1,063,000
8.280%, 12/31/33	USD		806		860,588
2.500%, 12/31/38 (f)	USD		430		270,900
					3,478,358
Belize \| 0.3%
Republic of Belize, 4.938%, 02/20/34 (f)	USD		825		534,187
Bolivia \| 0.7%
Bolivian Government International Bond, 4.500%, 03/20/28 (d)	USD		1,520		1,489,600
Brazil \| 1.8%
Brazil NTN-B:
6.000%, 08/15/26	BRL		220		220,134
6.000%, 05/15/35	BRL		700		726,562
6.000%, 08/15/50	BRL		740		787,797
Brazil NTN-F:
10.000%, 01/01/21	BRL		282		90,590
10.000%, 01/01/23	BRL		940		300,918
10.000%, 01/01/27	BRL		2,760		880,045
Federal Republic of Brazil, 5.000%, 01/27/45	USD		1,050		931,875
					3,937,921
Chile \| 0.2%
Republic of Chile, 3.625%, 10/30/42	USD		390		382,200
Congo \| 0.4%
Republic of Congo, 4.000%, 06/30/29 (f)	USD		1,116		825,638
Dominican Republic \| 0.2%
Dominican Republic, 7.500%, 05/06/21	USD		335		369,337
Ecuador \| 0.9%
Republic of Ecuador:
10.500%, 03/24/20	USD		205		217,812
10.750%, 03/28/22	USD		810		864,675
7.950%, 06/20/24	USD		560		532,000
9.650%, 12/13/26	USD		220		226,600
					1,841,087
Egypt \| 0.2%
Arab Republic of Egypt:

Description	Security Currency	Principal Amount (000)		Fair Value
5.875%, 06/11/25 (d)	USD		145	$	141,883
5.875%, 06/11/25	USD		265		259,302
					401,185
El Salvador \| 0.9%
Republic of El Salvador:
7.375%, 12/01/19	USD		940		961,150
7.750%, 01/24/23	USD		125		127,031
5.875%, 01/30/25	USD		566		504,447
6.375%, 01/18/27	USD		260		232,700
8.250%, 04/10/32	USD		14		13,860
7.625%, 02/01/41	USD		110		101,338
					1,940,526
Ethiopia \| 0.1%
Federal Republic of Ethiopia, 6.625%, 12/11/24	USD		185		176,906
Ghana \| 1.6%
Ghana Government Bonds:
25.480%, 04/24/17	GHS		160		37,312
24.440%, 05/29/17	GHS		50		11,691
23.230%, 02/19/18	GHS		120		28,576
22.490%, 04/23/18	GHS		20		4,740
23.470%, 05/21/18	GHS		100		23,922
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		160		38,399
21.000%, 01/07/19	GHS		870		204,240
Republic of Ghana:
9.250%, 09/15/22	USD		1,190		1,238,195
7.875%, 08/07/23	USD		955		923,963
8.125%, 01/18/26	USD		976		935,740
					3,446,778
Guatemala \| 0.1%
Republic of Guatemala, 5.750%, 06/06/22	USD		174		190,530
Hungary \| 0.3%
Hungary, 7.625%, 03/29/41	USD		460		667,000
Indonesia \| 0.5%
Indonesia Government Bond, 8.250%, 07/15/21	IDR		3,084,000		242,190
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		5,678,000		435,474
8.375%, 09/15/26	IDR		4,071,000		331,246
					1,008,910
Lebanon \| 0.8%
Lebanese Republic:
5.450%, 11/28/19	USD		190		193,800
6.375%, 03/09/20	USD		150		156,000
5.800%, 04/14/20	USD		370		377,343
8.250%, 04/12/21	USD		735		813,645

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
6.100%, 10/04/22	USD		100	$	102,625
					1,643,413
Malaysia \| 0.5%
Malaysia Government Bonds:
3.314%, 10/31/17	MYR		1,320		298,271
4.240%, 02/07/18	MYR		1,490		339,121
3.580%, 09/28/18	MYR		1,640		371,083
					1,008,475
Mexico \| 1.0%
Mexican Bonos:
6.500%, 06/10/21	MXN		13,750		723,836
5.750%, 03/05/26	MXN		5,910		289,024
United Mexican States:
4.350%, 01/15/47	USD		730		671,600
5.750%, 10/12/10	USD		370		368,150
					2,052,610
Mongolia \| 0.3%
Mongolia Government International Bonds:
10.875%, 04/06/21	USD		425		489,281
5.125%, 12/05/22	USD		180		169,200
					658,481
Morocco \| 0.2%
Kingdom of Morocco, 5.500%, 12/11/42	USD		320		340,400
Mozambique \| 0.5%
Mozambique International Bond, 10.500%, 01/18/23	USD		1,592		1,074,600
Oman \| 0.5%
Oman Government International Bond, 6.500%, 03/08/47 (d)	USD		975		1,028,625
Paraguay \| 0.2%
Republic of Paraguay:
4.625%, 01/25/23	USD		160		166,200
5.000%, 04/15/26 (d)	USD		50		52,000
4.700%, 03/27/27 (d)	USD		80		81,400
6.100%, 08/11/44	USD		95		101,175
					400,775
Portugal \| 0.7%
Republic of Portugal, 5.125%, 10/15/24	USD		1,503		1,456,708
Romania \| 0.4%
Romania Government Bonds:
5.850%, 04/26/23	RON		1,650		442,826
6.125%, 01/22/44	USD		320		393,600
					836,426

Description	Security Currency	Principal Amount (000)		Fair Value
Russia \| 0.8%
Russia Foreign Bond, 5.875%, 09/16/43	USD		600	$	681,600
Russia Government Bonds - OFZ:
7.500%, 08/18/21	RUB		33,000		578,540
7.050%, 01/19/28	RUB		32,000		534,210
					1,794,350
Senegal \| 0.1%
Republic of Senegal, 8.750%, 05/13/21	USD		200		227,000
Sri Lanka \| 0.1%
Republic of Sri Lanka, 6.250%, 07/27/21	USD		185		194,713
Turkey \| 0.4%
Turkey Government Bonds:
10.500%, 01/15/20	TRY		1,900		518,593
8.500%, 09/14/22	TRY		1,730		430,780
					949,373
Uganda \| 0.2%
Uganda Government Bonds:
16.375%, 09/05/19	UGX		486,800		138,409
18.375%, 02/18/21	UGX		528,900		156,221
16.500%, 05/13/21	UGX		333,700		93,638
					388,268
Ukraine \| 0.8%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		1,515		1,545,300
7.750%, 09/01/20	USD		100		99,850
					1,645,150
Uruguay \| 0.6%
Republica Orient Uruguay, 5.000%, 09/14/18	UYU		26,749		927,715
4.375%, 12/15/28	UYU		2,178		70,020
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		1,600		55,729
Uruguay Treasury Bills:
0.000%, 09/29/17	UYU		370		12,162
0.000%, 02/08/18	UYU		3,200		100,155
0.000%, 03/08/18	UYU		3,022		93,613
					1,259,394
Vietnam \| 0.1%
Socialist Republic of Vietnam, 6.750%, 01/29/20	USD		325		355,063
Total Foreign Government Obligations (Cost $37,424,648)					38,003,987

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi Asset Portfolio (continued)
Quasi Government Bonds \| 1.2%
Mexico \| 0.3%
Petroleos Mexicanos, 4.770%, 03/11/22 (d), (e)	USD		715	$	768,625
South Africa \| 0.4%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		375		376,500
6.750%, 08/06/23	USD		370		374,440
					750,940
Ukraine \| 0.2%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		450		451,350
Venezuela \| 0.3%
Petroleos de Venezuela SA, 5.250%, 04/12/17	USD		620		593,030
Total Quasi Government Bonds (Cost $2,527,405)					2,563,945
Supranationals \| 0.1%
European Investment Bank, 7.200%, 07/09/19 (d) (Cost $231,069)	IDR		3,000,000		228,819
US Treasury Securities \| 5.4%
US Treasury Notes:
0.625%, 05/31/17	USD		2,000		1,999,790
0.750%, 06/30/17	USD		2,500		2,499,415
0.500%, 07/31/17	USD		2,500		2,497,650
0.625%, 08/31/17	USD		2,500		2,497,460
0.625%, 09/30/17	USD		2,000		1,997,429
Total US Treasury Securities (Cost $11,497,317)					11,491,744

		Fair
Description	Shares		Value
Short-Term Investment \| 14.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $30,574,865)	30,574,865	$	30,574,865

		Number of		Fair
Description	Counterparty	Contracts		Value
Purchased Options \| 0.0%
USD vs BRL May 17 3.35 Put, Expires 05/18/17	JPMS		11,800	$	74,104
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		22,100		16,796
Total Purchased Options (Cost $54,164)					90,900


			Fair
Description	Shares		Value
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA Expires 04/20/19		5,284	$	8,473
United Kingdom \| 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17		64,000		0
Total Warrants (Cost $0)				8,473
Total Investments \| 99.9% (Cost $196,008,066) (b), (g)			$	211,647,413
Cash and Other Assets in Excess of Liabilities \| 0.1%				252,828
Net Assets \| 100.0%			$	211,900,241

Lazard Emerging Markets Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
ARS	4,220,250	USD	269,578	BNP	04/03/17	$	4,686	$	—
ARS	4,149,030	USD	251,000	BNP	05/02/17		15,564		—
ARS	2,248,980	USD	146,113	CIT	04/03/17		44		—
ARS	1,124,700	USD	72,398	CIT	04/05/17		664		—
ARS	3,880,100	USD	230,000	CIT	04/05/17		22,055		—
ARS	4,937,860	USD	311,537	CIT	05/02/17		5,708		—
ARS	3,585,030	USD	219,000	CIT	05/24/17		8,947		—
ARS	1,500,625	USD	87,500	CIT	07/10/17		5,956		—
ARS	3,839,000	USD	220,000	CIT	07/10/17		19,085		—
ARS	3,944,500	USD	230,000	CIT	07/10/17		15,655		—
ARS	3,956,000	USD	230,000	CIT	07/11/17		16,250		—
ARS	2,669,610	USD	159,000	CIT	09/29/17		877		—
ARS	3,742,200	USD	220,000	JPM	04/06/17		22,997		—
BRL	100,288	USD	31,145	BRC	04/04/17		889		—
BRL	100,288	USD	30,996	BRC	04/05/17		1,031		—
BRL	779,814	USD	239,354	BRC	04/05/17		9,677		—
BRL	984,901	USD	300,587	BRC	04/05/17		13,938		—
BRL	1,320,189	USD	402,558	BRC	04/05/17		19,040		—
BRL	1,350,825	USD	411,341	BRC	04/05/17		20,040		—
BRL	2,825,659	USD	855,700	BRC	04/05/17		46,665		—
BRL	1,493,135	USD	471,348	BRC	05/10/17		1,701		—
BRL	1,493,135	USD	472,332	BRC	05/10/17		717		—
BRL	1,493,135	USD	472,945	BRC	05/10/17		103		—
BRL	452,057	USD	142,000	CIT	04/20/17		1,859		—
BRL	157,150	USD	50,000	CIT	05/03/17		—		133
BRL	899,664	USD	285,707	CIT	05/03/17		—		223
BRL	195,461	USD	61,821	CIT	05/10/17		104		—
BRL	1,493,134	USD	471,600	CIT	05/10/17		1,448		—
BRL	1,493,134	USD	472,182	CIT	05/10/17		866		—
BRL	1,804,513	USD	546,408	JPM	04/05/17		29,857		—
BRL	99,718	USD	32,000	JPM	04/06/17		—		163
BRL	99,824	USD	32,000	JPM	04/06/17		—		130
BRL	100,918	USD	32,000	JPM	05/03/17		24		—
BRL	1,493,135	USD	471,392	JPM	05/10/17		1,656		—
BRL	1,493,135	USD	472,257	JPM	05/10/17		792		—
BRL	1,493,135	USD	472,347	JPM	05/10/17		702		—
BRL	100,288	USD	31,653	SCB	04/04/17		382		—
BRL	101,552	USD	32,000	SCB	04/04/17		439		—
BRL	101,552	USD	32,052	SCB	04/04/17		387		—
BRL	203,507	USD	62,473	SCB	04/05/17		2,516		—
BRL	685,980	USD	207,892	SCB	04/05/17		11,174		—
BRL	99,552	USD	32,000	SCB	04/06/17		—		216
BRL	100,304	USD	32,000	SCB	04/06/17		24		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BRL	101,552	USD	32,547	SCB	04/06/17	$	—	$	125
BRL	195,461	USD	61,718	SCB	04/17/17		525		—
BRL	100,288	USD	31,713	SCB	05/10/17		60		—
BRL	1,493,135	USD	471,363	SCB	05/10/17		1,686		—
BRL	1,493,135	USD	472,138	SCB	05/10/17		911		—
BRL	1,493,135	USD	472,354	SCB	05/10/17		694		—
BRL	309,225	USD	92,663	SCB	02/09/18		232		—
BRL	363,944	USD	109,887	SCB	02/09/18		—		554
BRL	865,430	USD	265,673	UBS	04/05/17		10,699		—
BRL	3,136,331	USD	957,442	UBS	04/05/17		44,135		—
BRL	3,182,528	USD	968,659	UBS	04/05/17		47,671		—
BRL	3,538,720	USD	1,079,413	UBS	04/05/17		50,666		—
BRL	98,400	USD	32,000	UBS	04/06/17		—		584
BRL	99,616	USD	32,000	UBS	04/06/17		—		196
BRL	100,154	USD	32,000	UBS	04/06/17		—		24
BRL	100,544	USD	32,000	UBS	04/06/17		100		—
BRL	1,493,134	USD	472,436	UBS	05/10/17		612		—
CAD	1,158,695	USD	872,380	BRC	04/04/17		—		1,069
CAD	715,040	USD	534,809	JPM	04/04/17		2,884		—
CAD	357,520	USD	269,450	JPM	07/05/17		—		262
CAD	1,001,344	USD	750,000	JPM	07/05/17		3,944		—
CLP	314,070,000	USD	475,000	HSB	04/24/17		471		—
CNY	492,456	USD	71,000	HSB	04/06/17		448		—
CNY	1,599,675	USD	231,000	HSB	04/06/17		1,089		—
CNY	2,027,385	USD	292,000	HSB	05/12/17		1,489		—
CNY	2,487,960	USD	360,000	HSB	05/26/17		—		127
CNY	2,126,129	USD	307,000	HSB	06/06/17		342		—
COP	285,216,000	USD	96,000	BNP	04/28/17		2,875		—
COP	430,505,000	USD	145,000	BNP	04/28/17		4,242		—
COP	699,595,000	USD	235,000	BNP	04/28/17		7,526		—
COP	86,124,811	USD	29,668	BRC	04/18/17		230		—
COP	383,196,000	USD	132,000	BRC	04/18/17		1,023		—
COP	387,552,000	USD	132,000	BRC	04/18/17		2,535		—
COP	460,683,000	USD	153,000	BRC	06/13/17		5,728		—
COP	865,752,187	USD	297,560	BRC	06/13/17		733		—
COP	450,432,000	USD	153,000	JPM	06/13/17		2,196		—
COP	453,033,000	USD	153,000	JPM	06/13/17		3,092		—
COP	454,639,500	USD	153,000	JPM	06/13/17		3,645		—
COP	460,683,000	USD	153,000	JPM	06/13/17		5,728		—
COP	462,213,000	USD	153,000	JPM	06/13/17		6,255		—
COP	463,743,000	USD	153,000	JPM	06/13/17		6,782		—
COP	1,743,464,800	USD	581,000	SCB	04/12/17		24,722		—
COP	385,572,000	USD	132,000	SCB	04/18/17		1,847		—
COP	385,704,000	USD	132,000	SCB	04/18/17		1,893		—
COP	389,202,000	USD	132,000	SCB	04/18/17		3,107		—
COP	394,020,000	USD	132,000	SCB	04/18/17		4,780		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
COP	465,656,265	USD	153,000	SCB	06/13/17	$	7,441	$	—
COP	772,070,246	USD	264,498	SCB	06/13/17		1,518		—
COP	383,196,000	USD	132,000	UBS	04/18/17		1,023		—
COP	385,308,000	USD	132,000	UBS	04/18/17		1,756		—
COP	385,572,000	USD	132,000	UBS	04/18/17		1,847		—
COP	494,475,189	USD	170,332	UBS	04/18/17		1,320		—
COP	447,372,000	USD	153,000	UBS	06/13/17		1,141		—
COP	450,738,000	USD	153,000	UBS	06/13/17		2,301		—
COP	899,188,684	USD	307,941	UBS	06/13/17		1,873		—
CZK	5,427,647	EUR	202,000	BNP	06/28/17		283		—
CZK	5,886,000	EUR	218,000	CIT	05/03/17		769		—
CZK	23,749,650	EUR	8,90,000	CIT	02/27/18		—		488
DOP	11,559,510	USD	243,000	CIT	04/27/17		7,100		—
EGP	1,002,400	USD	56,000	CIT	05/30/17		—		930
EGP	2,632,500	USD	150,000	CIT	06/08/17		—		5,488
EGP	4,435,200	USD	252,000	CIT	06/12/17		—		8,617
EUR	182,000	HUF	56,420,000	BNP	05/02/17		—		812
EUR	101,000	RON	457,197	JPM	08/01/17		1,002		—
EUR	1,067	RSD	133,110	CIT	05/15/17		—		5
EUR	493,000	RSD	61,570,770	CIT	05/15/17		—		3,046
EUR	480,522	USD	523,044	CIT	05/15/17		—		9,469
GHS	543,375	USD	115,000	BRC	07/17/17		3,169		—
GHS	481,500	USD	107,000	CIT	04/06/17		4,844		—
GHS	402,900	USD	85,000	JPM	06/09/17		4,867		—
GHS	718,500	USD	150,000	SCB	05/08/17		13,468		—
HUF	70,386,750	EUR	225,000	BNP	05/02/17		3,208		—
HUF	204,031,690	USD	703,000	BNP	05/02/17		2,954		—
HUF	161,929,110	USD	559,379	BNP	08/29/17		3,387		—
HUF	248,250,150	USD	870,000	UBS	05/05/17		—		10,962
IDR	4,808,227,813	USD	338,013	BRC	12/11/17		13,546		—
IDR	6,156,547,287	USD	433,072	BRC	12/13/17		16,997		—
IDR	4,808,227,813	USD	333,951	BRC	12/27/17		17,146		—
IDR	6,156,547,287	USD	427,568	BRC	12/27/17		21,984		—
IDR	1,226,945,617	USD	86,557	BRC	01/05/18		2,961		—
IDR	1,266,633,065	USD	89,357	BRC	01/05/18		3,057		—
IDR	2,001,159,224	USD	141,026	BRC	01/05/18		4,979		—
IDR	5,746,673,598	USD	406,413	BRC	01/05/18		12,865		—
IDR	2,296,338,338	USD	164,789	BRC	01/08/18		2,668		—
IDR	2,315,680,000	USD	164,000	CIT	05/02/17		9,263		—
IDR	10,413,450,000	USD	730,000	CIT	12/14/17		31,203		—
IDR	10,402,500,000	USD	730,000	CIT	12/15/17		30,341		—
IDR	10,402,500,000	USD	721,794	CIT	12/27/17		37,798		—
IDR	10,402,500,000	USD	721,945	CIT	12/27/17		37,648		—
IDR	3,006,712,151	USD	212,067	CIT	01/05/18		7,303		—
IDR	7,582,606,799	USD	535,306	CIT	01/05/18		17,922		—
IDR	9,231,275,977	USD	650,643	CIT	01/05/18		22,871		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
IDR	9,278,332,055	USD	654,231	CIT	01/05/18	$	22,717	$	—
IDR	1,908,900,000	USD	135,000	HSB	05/09/17		7,714		—
IDR	5,576,022,188	USD	391,988	JPM	12/11/17		15,710		—
IDR	4,509,889,709	USD	316,928	JPM	12/13/17		12,763		—
IDR	10,402,500,000	USD	730,000	JPM	12/14/17		30,403		—
IDR	4,509,889,709	USD	313,187	JPM	12/27/17		16,126		—
IDR	5,576,022,188	USD	387,493	JPM	12/27/17		19,669		—
IDR	5,835,916,604	USD	405,216	JPM	12/27/17		20,924		—
IDR	3,775,879,942	USD	266,376	JPM	01/05/18		9,112		—
IDR	3,791,326,736	USD	267,371	JPM	01/05/18		9,244		—
IDR	6,200,107,251	USD	438,282	JPM	01/05/18		14,079		—
IDR	2,628,459,024	USD	188,488	JPM	01/08/18		3,189		—
IDR	10,088,456,136	USD	733,973	JPM	01/08/18		1,712		—
IDR	2,696,354,136	USD	196,027	SCB	01/08/18		600		—
IDR	3,020,037,513	USD	216,723	SCB	01/08/18		3,508		—
IDR	3,791,326,736	USD	267,371	UBS	01/05/18		9,244		—
INR	11,075,440	USD	167,000	BRC	08/16/17		559		—
INR	11,122,200	USD	167,000	BRC	08/16/17		1,267		—
INR	44,294,358	USD	647,294	BRC	08/16/17		22,831		—
INR	11,015,320	USD	167,000	CIT	08/16/17		—		350
INR	39,694,880	USD	604,000	HSB	05/23/17		3,254		—
INR	22,586,750	USD	334,000	JPM	04/10/17		13,561		—
INR	15,709,400	USD	229,000	JPM	04/17/17		12,496		—
INR	10,664,181	USD	155,818	JPM	08/16/17		5,519		—
INR	11,088,800	USD	167,000	JPM	08/16/17		761		—
INR	11,088,800	USD	167,000	JPM	08/16/17		761		—
INR	10,052,989	USD	146,888	SCB	08/16/17		5,203		—
INR	11,074,605	USD	167,000	SCB	08/16/17		547		—
INR	11,080,450	USD	167,000	SCB	08/16/17		635		—
INR	11,092,975	USD	167,000	SCB	08/16/17		825		—
INR	11,015,320	USD	167,000	UBS	08/16/17		—		350
INR	11,046,215	USD	167,000	UBS	08/16/17		117		—
KES	26,400,000	USD	250,000	BRC	05/30/17		3,745		—
KRW	555,428,436	USD	460,157	BRC	04/05/17		36,522		—
KRW	1,030,931,501	USD	854,269	JPM	04/05/17		67,619		—
KRW	406,531,840	USD	352,000	JPM	04/13/17		11,575		—
KRW	1,321,246,000	USD	1,180,000	JPM	07/06/17		2,766		—
KRW	543,402,212	USD	450,284	SCB	04/05/17		35,642		—
KRW	266,627,500	USD	230,000	SCB	04/13/17		8,454		—
KZT	35,370,000	USD	111,349	CIT	04/27/17		521		—
KZT	76,266,000	USD	228,000	CIT	04/27/17		13,218		—
KZT	162,112,500	USD	495,000	SCB	05/15/17		14,978		—
KZT	72,253,200	USD	228,000	SCB	05/31/17		—		1,685
MXN	2,151,811	USD	112,000	BRC	04/18/17		2,683		—
MXN	2,157,714	USD	112,000	BRC	04/18/17		2,997		—
MXN	2,192,120	USD	112,000	BRC	04/18/17		4,831		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
MXN	2,117,136	USD	112,000	CIT	04/18/17	$	835	$	—
MXN	2,133,712	USD	112,000	JPM	04/18/17		1,718		—
MXN	2,148,708	USD	112,000	JPM	04/18/17		2,517		—
MXN	2,154,376	USD	112,000	SCB	04/18/17		2,819		—
MXN	7,375,914	USD	390,000	SCB	04/18/17		3,106		—
MXN	2,113,451	USD	112,000	UBS	04/18/17		638		—
MXN	2,127,552	USD	112,000	UBS	04/18/17		1,390		—
MXN	2,133,264	USD	112,000	UBS	04/18/17		1,694		—
PEN	665,813	USD	201,000	BNP	04/03/17		3,960		—
PEN	323,303	USD	99,665	CIT	04/03/17		—		141
PEN	444,406	USD	137,162	CIT	04/03/17		—		359
PEN	370,380	USD	113,000	CIT	05/05/17		679		—
PEN	751,578	USD	229,000	SCB	04/21/17		1,982		—
PEN	1,691,614	USD	511,000	SCB	05/17/17		7,604		—
PHP	8,416,800	USD	167,000	BRC	04/18/17		639		—
PHP	12,023,010	USD	237,000	HSB	06/14/17		1,853		—
PHP	8,365,865	USD	167,000	JPM	04/18/17		—		375
PHP	8,369,205	USD	167,000	JPM	04/18/17		—		309
PHP	8,388,410	USD	167,000	JPM	04/18/17		74		—
PHP	8,415,965	USD	167,000	JPM	04/18/17		623		—
PHP	2,653,110	USD	52,893	SCB	04/03/17		—		16
PHP	18,714,960	USD	374,000	SCB	04/03/17		—		1,006
PHP	22,298,950	USD	445,000	SCB	04/11/17		—		723
PHP	8,369,205	USD	167,000	SCB	04/18/17		—		309
PHP	8,397,595	USD	167,000	SCB	04/18/17		257		—
PHP	8,368,370	USD	167,000	UBS	04/18/17		—		325
PHP	8,402,605	USD	167,000	UBS	04/18/17		357		—
PLN	4,791,788	USD	1,220,000	BRC	04/18/17		—		11,861
PLN	1,781,405	USD	437,364	CIT	05/19/17		11,638		—
PLN	1,205,994	USD	296,084	JPM	05/19/17		7,886		—
PLN	1,143,617	USD	292,500	SCB	04/18/17		—		4,163
RON	984,191	USD	250,577	CIT	04/13/17		—		19,971
RON	1,375,664	USD	322,358	CIT	08/01/17		723		—
RSD	61,703,880	EUR	493,000	CIT	05/15/17		4,192		—
RUB	10,541,049	USD	170,749	BRC	04/10/17		16,285		—
RUB	14,491,122	USD	239,784	BRC	04/10/17		17,339		—
RUB	14,634,367	USD	240,450	BRC	04/10/17		19,214		—
RUB	26,499,811	USD	437,316	BRC	04/10/17		32,881		—
RUB	31,924,113	USD	514,907	BRC	04/10/17		51,536		—
RUB	45,364,419	USD	745,284	BRC	04/10/17		59,635		—
RUB	30,163,912	USD	523,802	BRC	07/10/17		591		—
RUB	30,163,910	USD	523,815	CIT	07/10/17		577		—
RUB	12,307,189	USD	202,050	JPM	04/10/17		16,321		—
RUB	16,135,685	USD	264,716	JPM	04/10/17		21,587		—
RUB	33,093,884	USD	535,093	JPM	04/10/17		52,106		—
RUB	37,180,430	USD	612,684	JPM	04/10/17		47,024		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
RUB	48,413,738	USD	800,216	JPM	04/10/17	$	58,809	$	—
RUB	52,397,652	USD	849,251	JPM	04/10/17		80,463		—
RUB	30,163,912	USD	523,834	SCB	07/10/17		559		—
RUB	30,163,912	USD	524,016	UBS	07/10/17		377		—
SGD	2,881,849	USD	2,065,353	BRC	05/15/17		—		4,514
THB	16,251,600	USD	464,000	SCB	04/10/17		8,916		—
TRY	353,943	USD	97,000	BRC	04/18/17		—		32
TRY	354,069	USD	97,000	CIT	04/18/17		3		—
TRY	188,374	USD	51,000	CIT	05/08/17		314		—
TRY	848,923	USD	232,000	CIT	05/08/17		—		748
TRY	1,410,038	USD	367,561	CIT	05/08/17		16,543		—
TRY	725,999	USD	200,508	HSB	05/02/17		—		2,402
TRY	351,484	USD	97,000	JPM	04/18/17		—		706
TRY	353,580	USD	97,000	JPM	04/18/17		—		132
TRY	355,195	USD	97,000	JPM	04/18/17		311		—
TRY	591,755	USD	163,000	JPM	05/08/17		—		1,802
TRY	146,328	USD	40,000	SCB	04/18/17		89		—
TRY	354,656	USD	97,000	SCB	04/18/17		163		—
TRY	356,824	USD	97,000	SCB	04/18/17		757		—
TRY	364,812	USD	97,000	SCB	04/18/17		2,946		—
TRY	352,673	USD	97,000	UBS	04/18/17		—		380
TRY	353,827	USD	97,000	UBS	04/18/17		—		64
TWD	23,117,165	USD	762,666	JPM	04/05/17		—		792
TWD	23,117,165	USD	715,480	JPM	04/05/17		46,394		—
TWD	32,713,200	USD	1,080,000	JPM	07/06/17		2,663		—
TWD	6,039,267	USD	199,243	SCB	04/05/17		—		207
TWD	6,039,267	USD	187,003	SCB	04/05/17		12,033		—
UGX	388,624,000	USD	107,000	SCB	04/10/17		335		—
USD	126,000	ARS	1,971,270	BNP	04/03/17		—		2,109
USD	146,113	ARS	2,248,980	BNP	04/03/17		—		44
USD	145,189	ARS	2,248,980	CIT	04/03/17		—		967
USD	320,000	ARS	5,004,800	CIT	04/05/17		—		5,117
USD	46,505	ARS	721,291	CIT	04/06/17		—		332
USD	69,847	ARS	1,081,936	CIT	04/06/17		—		407
USD	92,950	ARS	1,442,581	CIT	04/06/17		—		723
USD	69,191	ARS	1,124,700	CIT	07/10/17		—		853
USD	31,984	ARS	496,392	JPM	04/06/17		—		249
USD	31,653	BRL	100,288	BRC	04/04/17		—		382
USD	31,138	BRL	100,288	BRC	04/05/17		—		889
USD	474,765	BRL	1,493,135	BRC	04/05/17		—		2,063
USD	475,748	BRL	1,493,135	BRC	04/05/17		—		1,080
USD	476,279	BRL	1,493,135	BRC	04/05/17		—		549
USD	285,850	BRL	1,001,331	BRC	02/09/18		—		14,961
USD	475,006	BRL	1,493,134	CIT	04/05/17		—		1,821
USD	475,520	BRL	1,493,134	CIT	04/05/17		—		1,307
USD	287,157	BRL	899,664	CIT	04/06/17		—		75

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	62,130	BRL	195,461	CIT	04/17/17	$	—	$	113
USD	198,000	BRL	617,067	CIT	04/20/17		1,630		—
USD	474,840	BRL	1,493,135	JPM	04/05/17		—		1,988
USD	475,596	BRL	1,493,135	JPM	04/05/17		—		1,231
USD	475,672	BRL	1,493,135	JPM	04/05/17		—		1,156
USD	890,000	BRL	2,760,780	JPM	04/05/17		8,354		—
USD	466,242	BRL	1,638,143	JPM	02/09/18		—		25,873
USD	31,959	BRL	100,288	SCB	04/04/17		—		76
USD	32,052	BRL	101,552	SCB	04/04/17		—		387
USD	32,570	BRL	101,552	SCB	04/04/17		131		—
USD	474,765	BRL	1,493,135	SCB	04/05/17		—		2,063
USD	475,521	BRL	1,493,135	SCB	04/05/17		—		1,307
USD	475,672	BRL	1,493,135	SCB	04/05/17		—		1,156
USD	131,666	BRL	461,119	SCB	02/09/18		—		6,859
USD	475,823	BRL	1,493,134	UBS	04/05/17		—		1,004
USD	466,242	BRL	1,637,770	UBS	02/09/18		—		25,761
USD	863,564	CAD	1,158,695	BRC	04/04/17		—		7,747
USD	161,898	CAD	213,172	BRC	07/05/17		1,395		—
USD	178,147	CAD	237,258	BRC	07/05/17		—		492
USD	223,141	CAD	297,799	BRC	07/05/17		—		1,081
USD	429,741	CAD	569,951	BRC	07/05/17		607		—
USD	650,935	CAD	858,127	BRC	07/05/17		4,823		—
USD	873,327	CAD	1,158,695	BRC	07/05/17		907		—
USD	969,303	CAD	1,278,319	BRC	07/05/17		6,815		—
USD	230,753	CAD	306,981	CIT	05/23/17		—		241
USD	301,853	CAD	401,719	CIT	07/05/17		—		615
USD	266,436	CAD	357,520	JPM	04/04/17		—		2,410
USD	269,156	CAD	357,520	JPM	04/04/17		310		—
USD	535,458	CAD	715,040	JPM	07/05/17		—		2,919
USD	680,259	CAD	902,295	JPM	07/05/17		891		—
USD	170,697	CAD	225,069	UBS	07/05/17		1,235		—
USD	261,859	CAD	349,398	UBS	07/05/17		—		1,215
USD	978,102	CAD	1,291,515	UBS	07/05/17		5,678		—
USD	61,000	CLP	40,536,330	HSB	04/24/17		—		368
USD	303,758	CNY	2,092,131	HSB	04/06/17		220		—
USD	220,000	COP	654,720,000	CIT	06/13/17		—		5,583
USD	147,000	COP	434,752,500	SCB	04/12/17		—		4,044
USD	146,000	CZK	3,564,276	CIT	02/27/18		1,046		—
USD	59,490	EGP	1,002,400	CIT	05/30/17		4,419		—
USD	518,006	EUR	486,522	CIT	05/15/17		—		1,982
USD	108,132	GHS	481,500	CIT	04/06/17		—		3,713
USD	165,172	GHS	718,500	CIT	05/08/17		1,705		—
USD	88,744	GHS	402,900	CIT	06/09/17		—		1,122
USD	116,245	GHS	543,375	CIT	07/17/17		—		1,924
USD	134,000	HUF	38,246,280	BNP	05/02/17		1,667		—
USD	594,039	HUF	161,929,110	BNP	08/29/17		31,273		—

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	777,829	HUF	223,575,374	BRC	05/05/17	$	4,175	$	—
USD	785,647	HUF	223,575,374	BRC	05/05/17		11,992		—
USD	776,999	HUF	223,575,374	CIT	05/05/17		3,345		—
USD	785,343	HUF	223,575,374	CIT	05/05/17		11,689		—
USD	776,640	HUF	223,575,374	JPM	05/05/17		2,986		—
USD	785,440	HUF	223,575,374	JPM	05/05/17		11,785		—
USD	776,196	HUF	223,575,374	SCB	05/05/17		2,541		—
USD	784,214	HUF	223,575,374	SCB	05/05/17		10,559		—
USD	334,718	IDR	4,808,227,813	BRC	12/11/17		—		16,841
USD	428,371	IDR	6,156,547,287	BRC	12/13/17		—		21,698
USD	48,000	IDR	669,744,000	BRC	01/08/18		—		840
USD	48,000	IDR	664,560,000	BRC	01/08/18		—		462
USD	48,000	IDR	659,520,000	BRC	01/08/18		—		94
USD	151,000	IDR	2,024,668,400	CIT	05/02/17		—		489
USD	394,000	IDR	5,270,439,500	CIT	05/02/17		—		342
USD	319,103	IDR	4,577,533,396	CIT	12/14/17		—		15,506
USD	723,149	IDR	10,402,500,000	CIT	12/14/17		—		37,254
USD	723,225	IDR	10,402,500,000	CIT	12/15/17		—		37,116
USD	48,000	IDR	659,760,000	CIT	01/08/18		—		112
USD	388,167	IDR	5,576,022,188	JPM	12/11/17		—		19,530
USD	313,731	IDR	4,509,889,709	JPM	12/13/17		—		15,960
USD	405,836	IDR	5,835,916,604	JPM	12/14/17		—		20,759
USD	1,180,000	IDR	16,289,900,000	JPM	01/05/18		—		8,512
USD	48,000	IDR	662,304,000	JPM	01/08/18		—		297
USD	48,000	IDR	660,720,000	JPM	01/08/18		—		182
USD	48,000	IDR	661,584,000	JPM	01/08/18		—		245
USD	48,000	IDR	662,880,000	SCB	01/08/18		—		339
USD	48,000	IDR	660,960,000	UBS	01/08/18		—		199
USD	48,000	IDR	662,640,000	UBS	01/08/18		—		322
USD	150,000	INR	9,835,500	JPM	04/10/17		—		1,347
USD	253,116	KES	26,400,000	CIT	05/30/17		—		629
USD	458,963	KRW	555,428,436	BRC	04/05/17		—		37,716
USD	161,209	KRW	192,967,412	BRC	07/06/17		—		11,533
USD	460,501	KRW	555,428,436	BRC	07/06/17		—		36,713
USD	577,538	KRW	695,246,104	BRC	07/06/17		—		44,839
USD	265,492	KRW	312,298,451	CIT	07/06/17		—		14,074
USD	266,231	KRW	320,755,061	CIT	07/06/17		—		20,906
USD	536,474	KRW	640,817,679	CIT	07/06/17		—		37,180
USD	540,626	KRW	643,128,333	CIT	07/06/17		—		35,096
USD	851,962	KRW	1,030,931,501	JPM	04/05/17		—		69,926
USD	253,407	KRW	303,492,800	JPM	07/06/17		—		18,277
USD	266,231	KRW	320,249,222	JPM	07/06/17		—		20,453
USD	270,313	KRW	321,834,479	JPM	07/06/17		—		17,790
USD	432,317	KRW	517,082,966	JPM	07/06/17		—		30,570
USD	855,119	KRW	1,030,931,501	JPM	07/06/17		—		67,760
USD	449,074	KRW	543,402,212	SCB	04/05/17		—		36,851

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	82,000	KRW	91,946,600	SCB	04/13/17	$	—	$	231
USD	202,008	KRW	237,621,799	SCB	07/06/17		—		10,709
USD	253,301	KRW	303,492,800	SCB	07/06/17		—		18,382
USD	299,061	KRW	355,781,433	SCB	07/06/17		—		19,430
USD	450,601	KRW	543,402,212	SCB	07/06/17		—		35,847
USD	232,000	KZT	74,240,000	CIT	05/15/17		—		1,546
USD	273,000	MXN	5,228,441	JPM	04/27/17		—		5,270
USD	99,665	PEN	323,303	BNP	04/03/17		141		—
USD	105,000	PEN	342,510	BNP	04/03/17		—		436
USD	236,000	PEN	767,708	CIT	04/03/17		—		327
USD	136,740	PEN	444,406	CIT	05/05/17		340		—
USD	121,000	PHP	6,087,510	SCB	04/03/17		—		326
USD	304,000	PHP	15,280,560	SCB	04/03/17		—		545
USD	52,903	PHP	2,653,110	SCB	04/11/17		44		—
USD	24,000	PLN	97,807	JPM	05/19/17		—		652
USD	108,000	PLN	428,036	JPM	05/19/17		114		—
USD	467,119	RON	1,955,128	CIT	11/09/17		7,284		—
USD	248,942	RON	984,191	JPM	04/13/17		18,336		—
USD	13,626	RUB	814,648	BRC	04/10/17		—		829
USD	100,049	RUB	5,966,086	BRC	04/10/17		—		5,810
USD	151,000	RUB	8,944,183	BRC	04/10/17		—		7,700
USD	151,000	RUB	8,719,948	BRC	04/10/17		—		3,722
USD	194,613	RUB	11,638,146	BRC	04/10/17		—		11,888
USD	534,632	RUB	30,163,912	BRC	04/10/17		—		579
USD	534,632	RUB	30,163,910	CIT	04/10/17		—		579
USD	600,000	RUB	35,017,500	CIT	04/10/17		—		21,330
USD	95,000	RUB	5,617,730	CIT	06/13/17		—		3,207
USD	477,000	RUB	28,350,495	CIT	06/13/17		—		18,612
USD	16,374	RUB	979,414	JPM	04/10/17		—		1,004
USD	119,951	RUB	7,117,039	JPM	04/10/17		—		6,330
USD	151,000	RUB	8,974,308	JPM	04/10/17		—		8,235
USD	151,000	RUB	9,053,281	JPM	04/10/17		—		9,636
USD	151,000	RUB	8,989,785	JPM	04/10/17		—		8,510
USD	151,000	RUB	8,794,240	JPM	04/10/17		—		5,040
USD	151,000	RUB	8,760,265	JPM	04/10/17		—		4,437
USD	151,000	RUB	8,677,593	JPM	04/10/17		—		2,970
USD	151,000	RUB	8,805,037	JPM	04/10/17		—		5,231
USD	175,387	RUB	10,486,392	JPM	04/10/17		—		10,677
USD	151,000	RUB	9,029,423	SCB	04/10/17		—		9,213
USD	534,632	RUB	30,163,912	SCB	04/10/17		—		579
USD	1,057,000	RUB	61,560,526	SCB	04/10/17		—		35,294
USD	534,821	RUB	30,163,912	UBS	04/10/17		—		390
USD	454,826	SGD	647,400	BRC	05/15/17		—		8,136
USD	128,000	SGD	179,302	JPM	05/15/17		—		221
USD	128,000	SGD	178,752	JPM	05/15/17		173		—
USD	509,251	SGD	724,944	JPM	05/15/17		—		9,164

Lazard Emerging Markets Multi Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	128,000	SGD	180,732	SCB	05/15/17	$	—	$	1,243
USD	128,000	SGD	179,379	SCB	05/15/17		—		276
USD	555,923	SGD	791,340	SCB	05/15/17		—		9,972
USD	148,000	TRY	542,302	HSB	05/02/17		20		—
USD	53,000	TRY	198,190	JPM	05/08/17		—		988
USD	219,000	TRY	824,163	JPM	05/08/17		—		5,507
USD	518,364	TRY	1,909,807	JPM	05/08/17		—		1,881
USD	221,366	TWD	6,960,860	BRC	07/06/17		—		9,008
USD	238,728	TWD	7,630,948	BRC	07/06/17		—		13,823
USD	240,356	TWD	7,660,143	BRC	07/06/17		—		13,161
USD	454,642	TWD	14,459,900	BRC	07/06/17		—		23,917
USD	490,667	TWD	15,617,943	BRC	07/06/17		—		26,218
USD	713,603	TWD	23,117,165	JPM	04/05/17		—		48,271
USD	762,666	TWD	23,117,165	JPM	04/05/17		792		—
USD	248,634	TWD	7,817,046	JPM	07/06/17		—		10,076
USD	265,705	TWD	8,468,003	JPM	07/06/17		—		14,549
USD	267,108	TWD	8,503,389	JPM	07/06/17		—		14,317
USD	454,785	TWD	14,459,900	JPM	07/06/17		—		23,774
USD	460,000	TWD	14,756,800	JPM	07/06/17		—		28,385
USD	716,811	TWD	23,117,165	JPM	07/06/17		—		48,265
USD	800,423	TWD	25,584,153	JPM	07/06/17		—		46,300
USD	186,397	TWD	6,039,267	SCB	04/05/17		—		12,639
USD	199,243	TWD	6,039,267	SCB	04/05/17		207		—
USD	70,849	TWD	2,266,814	SCB	07/06/17		—		4,173
USD	187,351	TWD	6,039,267	SCB	07/06/17		—		12,522
USD	372,224	TWD	11,834,354	SCB	07/06/17		—		19,441
USD	623,940	TWD	19,839,407	SCB	07/06/17		—		32,657
USD	503,124	ZAR	6,514,596	BRC	04/05/17		17,630		—
USD	240,000	ZAR	3,087,173	BRC	04/18/17		10,443		—
USD	680,000	ZAR	9,183,740	BRC	04/18/17		—		2,886
USD	1,600,000	ZAR	20,974,864	BRC	04/18/17		40,347		—
USD	503,058	ZAR	6,514,596	CIT	04/05/17		17,564		—
USD	216,000	ZAR	2,765,081	CIT	04/28/17		10,752		—
USD	219,000	ZAR	2,890,581	CIT	04/28/17		4,436		—
USD	502,980	ZAR	6,514,597	HSB	04/05/17		17,486		—
USD	502,282	ZAR	6,514,596	JPM	04/05/17		16,788		—
USD	259,400	ZAR	3,404,599	JPM	04/18/17		6,240		—
USD	502,243	ZAR	6,514,596	SCB	04/05/17		16,750		—
USD	105,000	ZAR	1,364,003	SCB	04/18/17		3,575		—
USD	650,000	ZAR	8,220,713	UBS	04/05/17		37,360		—
ZAR	459,117	USD	33,091	BRC	04/05/17		1,125		—
ZAR	1,144,704	USD	82,547	BRC	04/05/17		2,761		—
ZAR	1,677,502	USD	121,293	BRC	04/05/17		3,721		—
ZAR	4,321,075	USD	337,000	BRC	04/18/17		—		15,693
ZAR	6,514,596	USD	495,388	BRC	07/05/17		—		17,436
ZAR	789,904	USD	56,911	CIT	04/05/17		1,956		—

Lazard Emerging Markets Multi Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
ZAR	3,570,233	USD	257,453	CIT	04/05/17	$	8,615	$	—
ZAR	5,129,554	USD	370,255	CIT	04/05/17		12,019		—
ZAR	6,514,596	USD	495,324	CIT	07/05/17		—		17,372
ZAR	1,747,591	USD	138,000	HSB	04/26/17		—		8,233
ZAR	6,070,110	USD	477,585	HSB	04/28/17		—		27,009
ZAR	6,514,597	USD	495,256	HSB	07/05/17		—		17,305
ZAR	815,768	USD	58,947	JPM	04/05/17		1,847		—
ZAR	3,735,789	USD	269,479	JPM	04/05/17		8,927		—
ZAR	4,225,643	USD	337,000	JPM	04/18/17		—		22,789
ZAR	4,268,105	USD	337,000	JPM	04/18/17		—		19,631
ZAR	4,292,841	USD	337,000	JPM	04/18/17		—		17,792
ZAR	6,514,596	USD	494,579	JPM	07/05/17		—		16,628
ZAR	3,150,249	USD	227,430	SCB	04/05/17		7,339		—
ZAR	3,209,430	USD	232,500	SCB	04/05/17		6,679		—
ZAR	5,129,426	USD	369,760	SCB	04/05/17		12,505		—
ZAR	5,129,554	USD	370,124	SCB	04/05/17		12,150		—
ZAR	6,852,464	USD	493,089	SCB	04/05/17		17,583		—
ZAR	4,263,320	USD	337,000	SCB	04/18/17		—		19,987
ZAR	4,319,565	USD	337,000	SCB	04/18/17		—		15,805
ZAR	4,416,891	USD	337,000	SCB	04/18/17		—		8,568
ZAR	6,514,596	USD	494,542	SCB	07/05/17		—		16,590
ZAR	4,221,545	USD	337,000	UBS	04/18/17		—		23,094
ZAR	4,249,907	USD	337,000	UBS	04/18/17		—		20,985
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	2,468,722	$	1,936,652

Written Options open at March 31, 2017:

Description		Counterparty		Number of Contracts		Strike Price		Expiration Date		Premium				Fair Value
USD vs BRL May 17 3.15 Put		JPMS		11,800		$3.18		05/18/17		$	8,773			$	(25,724	)

Credit Default Swap Agreements open at March 31, 2017:

Receive

S&P

Upfront

Referenced

Notional

Expiration

Buy/

(Pay)

Credit

Fair

Premiums Paid

Unrealized

Obligation

Counterparty

Amount

Date

Sell

Rate

Rating

Value

(Received)

Depreciation

CDX EM 27

BRC

23,910,000

06/20/22

Buy

(1.000)%

CCC – AA-

1,260,725

1,295,037

34,312

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 6.5%
Argentina \| 1.0%
AES Argentina Generacion SA, 7.750%, 02/02/24 (d)	USD		630	$	635,021
Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22	USD		875		960,032
Genneia SA, 8.750%, 01/20/22 (d)	USD		320		333,600
Petrobras Argentina SA, 7.375%, 07/21/23	USD		620		647,125
					2,575,778
Barbados \| 0.2%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		600		642,750
Brazil \| 1.9%
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		4,473		5,060,081
Chile \| 0.5%
AES Gener SA, 8.375%, 12/18/73	USD		590		618,762
VTR Finance BV, 6.875%, 01/15/24	USD		600		624,000
					1,242,762
Colombia \| 0.1%
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		290		297,975
Georgia \| 0.2%
BGEO Group JSC, 6.000%, 07/26/23	USD		575		579,313
Guatemala \| 0.2%
Central American Bottling Corp., 5.750%, 01/31/27 (d)	USD		370		384,337
Comcel Trust, 6.875%, 02/06/24	USD		295		305,178
					689,515
India \| 0.8%
Greenko Dutch BV, 8.000%, 08/01/19	USD		565		596,640
Neerg Energy, Ltd., 6.000%, 02/13/22 (d)	USD		675		683,438
Vedanta Resources PLC:
6.000%, 01/31/19	USD		295		303,481
6.375%, 07/30/22 (d)	USD		450		453,150
					2,036,709
Mexico \| 0.2%
Cemex SAB de CV, 7.750%, 04/16/26	USD		460		517,500

Description	Security Currency	Principal Amount (000)		Fair Value
Russia \| 1.0%
Evraz Group SA:
8.250%, 01/28/21	USD		600	$	671,250
5.375%, 03/20/23 (d)	USD		475		475,950
GTH Finance BV, 7.250%, 04/26/23	USD		770		847,231
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		600		617,400
					2,611,831
Turkey \| 0.4%
Turkiye Garanti Bankasi AS, 4.750%, 10/17/19	USD		300		304,125
Turkiye Is Bankasi, 5.500%, 04/21/19	USD		590		603,570
					907,695
Total Corporate Bonds (Cost $16,524,224)					17,161,909
Foreign Government Obligations \| 79.9%
Angola \| 0.2%
Republic of Angola, 9.500%, 11/12/25 (d)	USD		387		398,610
Republic of Angola Northern Lights III BV, 7.000%, 08/17/19	USD		203		209,235
					607,845
Argentina \| 4.1%
Argentine Bonos del Tesoro, 15.500%, 10/17/26	ARS		22,200		1,523,777
Republic of Argentina:
22.808%, 10/09/17 (e)	ARS		2,740		179,349
22.806%, 03/01/18 (e)	ARS		4,730		314,432
22.750%, 03/05/18	ARS		15,700		1,059,693
21.200%, 09/19/18	ARS		2,120		143,982
21.822%, 03/11/19 (e)	ARS		1,010		68,119
5.625%, 01/26/22 (d)	USD		2,570		2,631,680
7.500%, 04/22/26 (d)	USD		2,110		2,242,930
6.875%, 01/26/27	USD		655		662,860
7.125%, 07/06/36	USD		605		585,942
7.625%, 04/22/46 (d)	USD		1,365		1,388,887
					10,801,651

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Azerbaijan \| 0.4%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		1,105	$	1,111,630
Belize \| 0.2%
Republic of Belize, 4.938%, 02/20/34 (f)	USD		995		644,263
Bolivia \| 0.7%
Bolivian Government International Bond, 4.500%, 03/20/28	USD		2,010		1,969,800
Brazil \| 6.4%
Brazil Letras do Tesouro Nacional:
0.000%, 10/01/18	BRL		1,430		398,872
0.000%, 01/01/20	BRL		9,170		2,271,878
Brazil NTN-B, 6.000%, 08/15/50	BRL		2,048		2,180,296
Brazil NTN-F:
10.000%, 01/01/21	BRL		9,480		3,044,605
10.000%, 01/01/23	BRL		8,550		2,737,071
10.000%, 01/01/27	BRL		13,565		4,324,818
Federal Republic of Brazil:
6.000%, 04/07/26	USD		610		663,070
8.250%, 01/20/34	USD		610		758,993
5.000%, 01/27/45	USD		760		674,500
					17,054,103
Cameroon \| 0.1%
Republic of Cameroon, 9.500%, 11/19/25	USD		225		253,688
Chile \| 0.7%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 02/28/21	CLP		110,000		173,229
4.500%, 03/01/26	CLP		665,000		1,044,253
Republic of Chile, 3.625%, 10/30/42	USD		710		695,800
					1,913,282
Colombia \| 5.4%
Colombian Titulos De Tesoreria:
11.000%, 07/24/20	COP		2,467,000		982,233
10.000%, 07/24/24	COP		15,887,500		6,632,898
7.500%, 08/26/26	COP		6,127,000		2,249,807
Republic of Colombia:
4.375%, 07/12/21	USD		600		636,000
4.000%, 02/26/24	USD		220		226,380
4.500%, 01/28/26	USD		825		870,375
7.375%, 09/18/37	USD		1,250		1,605,000
6.125%, 01/18/41	USD		60		68,400
5.000%, 06/15/45	USD		870		872,610
					14,143,703

Description	Security Currency	Principal Amount (000)		Fair Value
Dominican Republic \| 0.9%
Dominican Republic:
7.500%, 05/06/21	USD		535	$	589,837
6.875%, 01/29/26	USD		210		229,950
6.875%, 01/29/26 (d)	USD		405		443,475
7.450%, 04/30/44	USD		655		723,775
6.850%, 01/27/45	USD		355		367,425
					2,354,462
Ecuador \| 0.8%
Republic of Ecuador:
10.500%, 03/24/20	USD		200		212,500
10.500%, 03/24/20 (d)	USD		210		223,125
10.750%, 03/28/22	USD		928		990,640
10.750%, 03/28/22 (d)	USD		325		346,937
7.950%, 06/20/24	USD		210		199,500
					1,972,702
Egypt \| 0.7%
Arab Republic of Egypt:
5.750%, 04/29/20	USD		295		306,800
6.125%, 01/31/22 (d)	USD		500		519,375
5.875%, 06/11/25	USD		490		479,465
8.500%, 01/31/47 (d)	USD		610		657,275
					1,962,915
El Salvador \| 1.1%
Republic of El Salvador:
7.375%, 12/01/19	USD		300		306,750
7.750%, 01/24/23	USD		345		350,606
5.875%, 01/30/25	USD		1,421		1,266,466
6.375%, 01/18/27	USD		1,045		935,275
8.250%, 04/10/32	USD		145		143,550
					3,002,647
Gabon \| 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		620		598,300
Ghana \| 1.5%
Ghana Government Bonds:
25.480%, 04/24/17	GHS		380		88,617
24.440%, 05/29/17	GHS		80		18,705
23.230%, 02/19/18	GHS		460		109,542
22.490%, 04/23/18	GHS		150		35,553
23.470%, 05/21/18	GHS		390		93,297
19.040%, 09/24/18	GHS		50		11,482
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		440		105,597
21.000%, 01/07/19	GHS		2,930		687,841
Republic of Ghana:
9.250%, 09/15/22	USD		1,355		1,409,878
7.875%, 08/07/23	USD		810		783,675
8.125%, 01/18/26	USD		590		565,663
					3,909,850

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Guatemala \| 0.3%
Republic of Guatemala, 4.500%, 05/03/26	USD		671	$	668,605
Honduras \| 0.3%
Honduras Government International Bond, 6.250%, 01/19/27 (d)	USD		515		521,242
Republic of Honduras, 8.750%, 12/16/20	USD		310		351,075
					872,317
Hungary \| 1.5%
Hungary, 7.625%, 03/29/41	USD		740		1,073,000
Hungary Government Bonds:
6.000%, 11/24/23	HUF		311,220		1,300,483
5.500%, 06/24/25	HUF		421,070		1,708,917
					4,082,400
Indonesia \| 6.7%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		20,328,000		1,559,057
8.375%, 03/15/24	IDR		16,703,000		1,339,367
8.375%, 09/15/26	IDR		34,368,000		2,796,431
9.000%, 03/15/29	IDR		3,987,000		333,603
8.750%, 05/15/31	IDR		39,099,000		3,245,051
8.375%, 03/15/34	IDR		14,838,000		1,175,025
8.250%, 05/15/36	IDR		25,137,000		1,986,362
Perusahaan Penerbit SBSN Indonesia III:
4.325%, 05/28/25 (d)	USD		760		780,900
4.550%, 03/29/26 (d)	USD		830		861,125
Republic of Indonesia:
5.875%, 03/13/20	USD		915		999,638
3.750%, 04/25/22	USD		175		178,500
3.375%, 04/15/23	USD		1,270		1,268,413
7.750%, 01/17/38	USD		470		649,775
6.750%, 01/15/44	USD		450		578,459
					17,751,706
Iraq \| 0.3%
Republic of Iraq, 5.800%, 01/15/28	USD		845		744,656
Ivory Coast \| 0.5%
Ivory Coast:
5.375%, 07/23/24	USD		630		599,287
5.750%, 12/31/32 (f)	USD		651		605,983
					1,205,270

Description	Security Currency	Principal Amount (000)		Fair Value
Jamaica \| 0.2%
Government of Jamaica, 8.000%, 03/15/39	USD		563	$	645,339
Jordan \| 0.2%
Kingdom of Jordan:
6.125%, 01/29/26 (d)	USD		155		158,720
5.750%, 01/31/27 (d)	USD		400		392,000
					550,720
Kazakhstan \| 0.7%
Republic of Kazakhstan:
3.875%, 10/14/24	USD		515		518,862
6.500%, 07/21/45 (d)	USD		1,045		1,238,325
					1,757,187
Lebanon \| 1.7%
Lebanese Republic:
5.450%, 11/28/19	USD		1,210		1,234,200
8.250%, 04/12/21	USD		1,660		1,837,620
6.000%, 01/27/23	USD		550		556,875
6.650%, 04/22/24	USD		755		775,762
					4,404,457
Malaysia \| 3.8%
Malaysia Government Bonds:
3.260%, 03/01/18	MYR		1,540		347,514
3.654%, 10/31/19	MYR		4,130		932,276
4.048%, 09/30/21	MYR		20,520		4,668,062
3.620%, 11/30/21	MYR		1,330		296,850
3.795%, 09/30/22	MYR		7,300		1,631,386
3.955%, 09/15/25	MYR		1,420		313,680
4.498%, 04/15/30	MYR		4,070		914,842
4.254%, 05/31/35	MYR		3,910		835,806
					9,940,416
Mexico \| 6.1%
Mexican Bonos:
5.000%, 12/11/19	MXN		137,550		7,023,832
10.000%, 12/05/24	MXN		8,857		557,013
7.750%, 05/29/31	MXN		55,000		3,055,539
10.000%, 11/20/36	MXN		34,719		2,341,386
Mexican Udibonos, 4.000%, 11/15/40	MXN		3,319		186,606
United Mexican States:
3.625%, 03/15/22	USD		640		658,400
4.150%, 03/28/27	USD		650		661,375
6.050%, 01/11/40	USD		460		526,125
5.750%, 10/12/10	USD		1,100		1,094,500
					16,104,776
Mongolia \| 0.7%
Mongolia Government International Bonds:
4.125%, 01/05/18	USD		1,066		1,061,864
10.875%, 04/06/21	USD		145		166,931
5.125%, 12/05/22	USD		285		267,900

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
8.750%, 03/09/24 (d)	USD		220	$	239,753
					1,736,448
Morocco \| 0.4%
Kingdom of Morocco, 5.500%, 12/11/42	USD		880		936,100
Mozambique \| 0.5%
Mozambique International Bond, 10.500%, 01/18/23	USD		1,913		1,291,275
Namibia \| 0.2%
Republic of Namibia, 5.250%, 10/29/25 (d)	USD		495		499,331
Nigeria \| 0.2%
Republic of Nigeria, 7.875%, 02/16/32 (d)	USD		610		634,400
Oman \| 0.4%
Oman Government International Bonds:
3.625%, 06/15/21 (d)	USD		430		434,838
6.500%, 03/08/47 (d)	USD		680		717,400
					1,152,238
Pakistan \| 0.3%
Islamic Republic of Pakistan:
7.250%, 04/15/19	USD		240		253,380
8.250%, 04/15/24	USD		555		613,891
					867,271
Panama \| 1.4%
Republic of Panama:
4.000%, 09/22/24	USD		350		364,438
3.750%, 03/16/25	USD		360		367,650
7.125%, 01/29/26	USD		270		340,200
8.875%, 09/30/27	USD		265		372,656
3.875%, 03/17/28	USD		255		258,825
9.375%, 04/01/29	USD		260		380,900
6.700%, 01/26/36	USD		660		831,600
4.300%, 04/29/53	USD		925		881,062
					3,797,331
Paraguay \| 1.0%
Republic of Paraguay:
4.625%, 01/25/23	USD		1,440		1,495,800
5.000%, 04/15/26 (d)	USD		415		431,600
4.700%, 03/27/27 (d)	USD		680		691,900
					2,619,300
Peru \| 3.2%
Republic of Peru:
6.350%, 08/12/28 (d)	PEN		941		300,444
6.950%, 08/12/31	PEN		5,730		1,896,389

Description	Security Currency	Principal Amount (000)		Fair Value
6.550%, 03/14/37	USD		572	$	738,595
6.900%, 08/12/37	PEN		10,250		3,350,385
5.625%, 11/18/50	USD		1,770		2,108,513
					8,394,326
Philippines \| 0.8%
Republic of Philippines:
3.625%, 09/09/25	PHP		29,000		532,325
6.375%, 10/23/34	USD		470		624,513
3.700%, 03/01/41	USD		845		836,550
					1,993,388
Poland \| 3.1%
Poland Government Bonds:
0.000%, 10/25/18	PLN		14,330		3,509,634
1.500%, 04/25/20	PLN		2,690		661,365
5.250%, 10/25/20	PLN		1,900		524,054
3.250%, 07/25/25	PLN		13,670		3,441,061
					8,136,114
Romania \| 0.2%
Romanian Government Bond, 4.750%, 02/24/25	RON		1,560		393,857
Russia \| 4.0%
Russia Foreign Bonds:
4.750%, 05/27/26 (d)	USD		600		626,400
12.750%, 06/24/28	USD		435		765,600
5.625%, 04/04/42	USD		600		657,600
Russia Government Bonds - OFZ:
7.500%, 08/18/21	RUB		191,610		3,359,214
7.000%, 08/16/23	RUB		41,370		702,645
7.050%, 01/19/28	RUB		147,150		2,456,531
8.500%, 09/17/31	RUB		111,820		2,075,816
					10,643,806
South Africa \| 4.7%
Republic of South Africa:
7.750%, 02/28/23	ZAR		23,957		1,736,038
10.500%, 12/21/26	ZAR		46,130		3,791,888
4.300%, 10/12/28	USD		210		197,104
8.250%, 03/31/32	ZAR		49,610		3,345,234
8.500%, 01/31/37	ZAR		19,320		1,288,759
6.250%, 03/08/41	USD		450		493,312
5.375%, 07/24/44	USD		470		462,363
8.750%, 02/28/48	ZAR		16,680		1,121,972
					12,436,670
Sri Lanka \| 1.1%
Republic of Sri Lanka:
6.250%, 07/27/21	USD		210		221,025
5.750%, 01/18/22	USD		70		71,823
5.750%, 01/18/22 (d)	USD		470		481,750
5.875%, 07/25/22	USD		200		205,000
6.125%, 06/03/25	USD		535		535,000
6.850%, 11/03/25 (d)	USD		1,040		1,075,100

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.850%, 11/03/25	USD		235	$	242,931
					2,832,629
Suriname \| 0.1%
Republic of Suriname, 9.250%, 10/26/26 (d)	USD		150		148,875
Thailand \| 1.1%
Thailand Government Bonds:
3.625%, 06/16/23	THB		4,210		131,844
3.850%, 12/12/25	THB		32,723		1,035,863
3.580%, 12/17/27	THB		18,170		560,554
4.875%, 06/22/29	THB		34,800		1,214,803
					2,943,064
Turkey \| 6.8%
Hazine Mustesarligi Varlik Kiralama AS, 5.004%, 04/06/23	USD		270		270,000
Republic of Turkey:
7.000%, 03/11/19	USD		230		245,813
7.500%, 11/07/19	USD		115		125,925
5.625%, 03/30/21	USD		540		563,625
6.250%, 09/26/22	USD		885		945,003
7.375%, 02/05/25	USD		115		130,094
4.875%, 10/09/26	USD		680		653,650
6.875%, 03/17/36	USD		625		676,562
6.000%, 01/14/41	USD		315		311,063
6.625%, 02/17/45	USD		430		457,412
Turkey Government Bonds:
6.300%, 02/14/18	TRY		16,940		4,486,167
8.500%, 07/10/19	TRY		14,780		3,867,375
7.100%, 03/08/23	TRY		2,480		572,158
9.000%, 07/24/24	TRY		4,090		1,031,601
8.000%, 03/12/25	TRY		15,900		3,742,643
					18,079,091
Ukraine \| 1.9%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		1,375		1,402,500
7.750%, 09/01/19 (d)	USD		36		36,720
7.750%, 09/01/20	USD		1,640		1,637,540
7.750%, 09/01/20 (d)	USD		182		181,727
7.750%, 09/01/21	USD		865		852,025
7.750%, 09/01/22	USD		890		854,400
					4,964,912
Uruguay \| 1.2%
Republica Orient Uruguay:
4.375%, 12/15/28	UYU		9,333		300,085
7.625%, 03/21/36	USD		510		663,000
5.100%, 06/18/50	USD		1,220		1,175,775
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		6,640		231,275
Uruguay Treasury Bills:

Description	Security Currency	Principal Amount (000)		Fair Value
0.000%, 09/29/17	UYU		1,520	$	49,964
0.000%, 02/08/18	UYU		13,290		415,956
0.000%, 03/08/18	UYU		10,832		335,546
					3,171,601
Venezuela \| 0.6%
Republic of Venezuela:
13.625%, 08/15/18	USD		55		45,925
7.000%, 12/01/18	USD		209		143,165
7.750%, 10/13/19	USD		245		140,875
6.000%, 12/09/20	USD		195		95,550
12.750%, 08/23/22	USD		160		92,800
9.000%, 05/07/23	USD		455		210,437
8.250%, 10/13/24	USD		260		111,800
7.650%, 04/21/25	USD		270		113,400
11.750%, 10/21/26	USD		299		155,480
9.250%, 09/15/27	USD		365		170,638
9.250%, 05/07/28	USD		228		98,040
11.950%, 08/05/31	USD		392		200,900
9.375%, 01/13/34	USD		140		60,550
7.000%, 03/31/38	USD		110		44,275
					1,683,835
Zambia \| 0.3%
Republic of Zambia:
5.375%, 09/20/22	USD		215		195,650
8.500%, 04/14/24	USD		695		713,244
					908,894
Total Foreign Government Obligations (Cost $211,036,633)					211,293,446
Quasi Government Bonds \| 8.0%
Ecuador \| 0.1%
EP Petroecuador, 6.787%, 09/24/19 (e)	USD		303		302,632
Indonesia \| 0.7%
PT Pertamina Persero:
4.875%, 05/03/22	USD		377		398,677
4.300%, 05/20/23	USD		95		97,914
6.000%, 05/03/42	USD		630		667,800
5.625%, 05/20/43	USD		660		681,641
					1,846,032
Kazakhstan \| 0.7%
KazMunayGas National Co. JSC, 9.125%, 07/02/18	USD		1,725		1,857,825
Mexico \| 1.6%
Banco Nacional de Comercio Exterior SNC, 3.800%, 08/11/26 (d), (e)	USD		640		627,200

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Comision Federal de Electricidad, 4.750%, 02/23/27 (d)	USD		380	$	380,950
Petroleos Mexicanos:
4.770%, 03/11/22 (d), (e)	USD		635		682,625
5.375%, 03/13/22 (d)	USD		635		667,353
4.250%, 01/15/25	USD		410		394,830
5.500%, 06/27/44	USD		1,525		1,342,076
					4,095,034
Oman \| 0.4%
Lamar Funding, Ltd., 3.958%, 05/07/25	USD		1,185		1,125,750
Peru \| 0.3%
Corp. Financiera de Desarrollo SA, 4.750%, 07/15/25	USD		655		691,844
Russia \| 0.2%
Russian Railways via RZD Capital PLC, 5.700%, 04/05/22	USD		550		590,557
South Africa \| 1.7%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		1,170		1,174,680
6.750%, 08/06/23	USD		950		961,400
7.850%, 04/02/26	ZAR		9,000		586,431
Transnet SOC, Ltd., 9.500%, 05/13/21 (d)	ZAR		24,000		1,698,018
					4,420,529
Tunisia \| 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD		360		346,050
Turkey \| 0.4%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		635		638,969
TC Ziraat Bankasi AS, 4.750%, 04/29/21	USD		280		274,750
					913,719
Ukraine \| 0.7%
Ukreximbank Via Biz Finance PLC:
9.625%, 04/27/22	USD		265		265,795
9.750%, 01/22/25	USD		1,495		1,459,180
					1,724,975
Venezuela \| 1.2%
Petroleos de Venezuela SA:
5.250%, 04/12/17	USD		2,056		1,966,564
8.500%, 10/27/20 (d)	USD		285		213,038
9.000%, 11/17/21	USD		325		158,389
12.750%, 02/17/22	USD		270		153,225
6.000%, 05/16/24	USD		500		183,000
6.000%, 11/15/26	USD		414		141,836
5.375%, 04/12/27	USD		367		125,147
9.750%, 05/17/35	USD		255		111,014
5.500%, 04/12/37	USD		290		97,484
					3,149,697
Total Quasi Government Bonds (Cost $22,156,872)					21,064,644


Description		Shares		Fair Value
Short-Term Investment \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $6,124,972)			6,124,972	$	6,124,972

Description	Counterparty	Number of Contracts		Fair Value
Purchased Options \| 0.1%
USD vs BRL May 17 3.35 Put, Expires 05/18/17	JPMS		38,900	$	244,292
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		77,300		58,748
Total Purchased Options (Cost $184,792)					303,040
Total Investments \| 96.8% (Cost $256,027,493) (b), (g)				$	255,948,011
Cash and Other Assets in Excess of Liabilities \| 3.2%					8,464,375
Net Assets \| 100.0%				$	264,412,386

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	209,950	USD	13,000	BRC	06/19/17	$	195	$	—
ARS	2,496,760	USD	148,000	CIT	04/05/17		14,192		—
ARS	208,910	USD	13,000	CIT	06/19/17		130		—
ARS	209,170	USD	13,000	CIT	06/19/17		146		—
ARS	209,690	USD	13,000	CIT	06/19/17		179		—
ARS	210,210	USD	13,000	CIT	06/19/17		212		—
ARS	211,250	USD	13,000	CIT	06/19/17		277		—
ARS	11,817,800	USD	740,000	CIT	06/19/17		2,752		—
ARS	11,877,000	USD	740,000	CIT	06/19/17		6,473		—
ARS	11,921,400	USD	740,000	CIT	06/19/17		9,263		—
ARS	986,125	USD	57,500	CIT	07/10/17		3,914		—
ARS	2,538,200	USD	148,000	CIT	07/10/17		10,074		—
ARS	2,582,600	USD	148,000	CIT	07/10/17		12,839		—
ARS	2,580,000	USD	150,000	CIT	07/11/17		10,598		—
ARS	6,834,930	USD	411,000	CIT	09/05/17		3,036		—
ARS	7,370,400	USD	444,000	CIT	09/05/17		2,473		—
ARS	2,517,480	USD	148,000	JPM	04/06/17		15,471		—
ARS	209,690	USD	13,000	JPM	06/09/17		235		—
ARS	209,820	USD	13,000	JPM	06/19/17		187		—
ARS	210,210	USD	13,000	JPM	06/19/17		212		—
ARS	7,291,000	USD	460,000	JPM	06/19/17		—		1,759
BRL	70,668	USD	23,000	BRC	04/04/17		—		427
BRL	71,553	USD	23,000	BRC	04/04/17		—		144
BRL	71,553	USD	23,000	BRC	04/04/17		—		144
BRL	71,627	USD	23,000	BRC	04/04/17		—		121
BRL	71,703	USD	23,000	BRC	04/04/17		—		96
BRL	71,910	USD	23,000	BRC	04/04/17		—		30
BRL	72,048	USD	23,000	BRC	04/04/17		14		—
BRL	72,209	USD	23,000	BRC	04/04/17		65		—
BRL	73,071	USD	23,000	BRC	04/04/17		341		—
BRL	2,143,330	USD	676,471	BRC	04/04/17		8,168		—
BRL	2,457,529	USD	775,637	BRC	04/04/17		9,365		—
BRL	3,954,518	USD	1,228,111	BRC	04/04/17		35,071		—
BRL	515,296	USD	158,163	BRC	04/05/17		6,395		—
BRL	638,044	USD	194,728	BRC	04/05/17		9,029		—
BRL	875,100	USD	266,478	BRC	04/05/17		12,982		—
BRL	902,776	USD	275,279	BRC	04/05/17		13,020		—
BRL	1,441,940	USD	432,755	BRC	04/05/17		27,724		—
BRL	1,569,030	USD	475,153	BRC	04/05/17		25,912		—
BRL	3,954,518	USD	1,222,228	BRC	04/05/17		40,634		—
BRL	72,266	USD	23,000	BRC	05/03/17		—		68
BRL	72,496	USD	23,000	BRC	05/03/17		5		—
BRL	72,565	USD	23,000	BRC	05/03/17		27		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL	2,457,529	USD	779,277	BRC	05/03/17	$	554	$	—
BRL	1,394,698	USD	441,766	BRC	05/10/17		97		—
BRL	1,394,699	USD	440,274	BRC	05/10/17		1,589		—
BRL	1,394,699	USD	441,193	BRC	05/10/17		670		—
BRL	1,394,697	USD	440,509	CIT	05/10/17		1,352		—
BRL	1,394,697	USD	441,053	CIT	05/10/17		809		—
BRL	1,002,009	USD	303,409	JPM	04/05/17		16,579		—
BRL	1,536,868	USD	461,245	JPM	04/05/17		29,549		—
BRL	2,986,263	USD	945,529	JPM	05/03/17		2,083		—
BRL	1,394,698	USD	441,207	JPM	05/10/17		656		—
BRL	1,394,699	USD	440,315	JPM	05/10/17		1,547		—
BRL	1,394,699	USD	441,123	JPM	05/10/17		739		—
BRL	134,476	USD	41,282	SCB	04/05/17		1,662		—
BRL	380,911	USD	115,438	SCB	04/05/17		6,205		—
BRL	669,165	USD	210,000	SCB	04/05/17		3,696		—
BRL	1,339,902	USD	423,082	SCB	04/17/17		3,597		—
BRL	2,652,441	USD	850,168	SCB	04/17/17		—		5,522
BRL	1,394,698	USD	441,214	SCB	05/10/17		649		—
BRL	1,394,699	USD	440,288	SCB	05/10/17		1,575		—
BRL	1,394,699	USD	441,012	SCB	05/10/17		851		—
BRL	571,870	USD	175,555	UBS	04/05/17		7,070		—
BRL	2,061,724	USD	627,522	UBS	04/05/17		30,883		—
BRL	2,144,697	USD	654,721	UBS	04/05/17		30,181		—
BRL	2,292,475	USD	699,272	UBS	04/05/17		32,823		—
BRL	1,394,699	USD	441,291	UBS	05/10/17		572		—
CAD	762,893	USD	574,381	BRC	04/04/17		—		704
CAD	470,788	USD	352,123	JPM	04/04/17		1,899		—
CAD	235,394	USD	177,408	JPM	07/05/17		—		172
COP	1,446,605,200	USD	479,596	BRC	04/18/17		22,578		—
COP	342,693,000	USD	117,000	BRC	06/13/17		1,074		—
COP	343,360,000	USD	116,000	BRC	06/13/17		2,304		—
COP	344,331,000	USD	117,000	BRC	06/13/17		1,639		—
COP	349,276,000	USD	116,000	BRC	06/13/17		4,343		—
COP	341,464,500	USD	117,000	JPM	06/13/17		651		—
COP	341,504,000	USD	116,000	JPM	06/13/17		1,665		—
COP	343,476,000	USD	116,000	JPM	06/13/17		2,344		—
COP	343,512,000	USD	117,000	JPM	06/13/17		1,357		—
COP	344,694,000	USD	116,000	JPM	06/13/17		2,764		—
COP	349,276,000	USD	116,000	JPM	06/13/17		4,343		—
COP	350,436,000	USD	116,000	JPM	06/13/17		4,742		—
COP	351,596,000	USD	116,000	JPM	06/13/17		5,142		—
COP	353,046,580	USD	116,000	SCB	06/13/17		5,642		—
COP	339,184,000	USD	116,000	UBS	06/13/17		865		—
COP	341,736,000	USD	116,000	UBS	06/13/17		1,745		—
HUF	479,487,987	USD	1,663,272	CIT	04/18/17		—		5,045
HUF	479,487,987	USD	1,661,629	JPM	04/18/17		—		3,403

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR		4,018,110,000	USD	302,000	BRC	04/18/17	$	—	$	910
IDR		4,019,620,000	USD	302,000	BRC	04/18/17		—		797
IDR		4,021,130,000	USD	302,000	BRC	04/18/17		—		684
IDR		4,021,130,000	USD	302,000	BRC	04/18/17		—		684
IDR		4,021,130,000	USD	302,000	BRC	04/18/17		—		684
IDR		4,022,640,000	USD	302,000	BRC	04/18/17		—		571
IDR		4,022,640,000	USD	302,000	BRC	04/18/17		—		571
IDR		4,027,170,000	USD	302,000	BRC	04/18/17		—		231
IDR		4,028,680,000	USD	302,000	BRC	04/18/17		—		118
IDR		4,031,700,000	USD	302,000	BRC	04/18/17		108		—
IDR		4,040,760,000	USD	302,000	BRC	04/18/17		787		—
IDR		1,181,885,492	USD	80,951	BRC	11/27/17		5,563		—
IDR		1,183,598,492	USD	81,375	BRC	11/27/17		5,265		—
IDR		1,183,598,492	USD	81,319	BRC	11/27/17		5,321		—
IDR		3,495,163,916	USD	236,303	BRC	11/27/17		19,544		—
IDR		1,758,932,382	USD	119,696	BRC	12/04/17		8,984		—
IDR		1,758,932,382	USD	119,982	BRC	12/04/17		8,699		—
IDR		2,970,541,910	USD	208,899	BRC	12/13/17		8,260		—
IDR		3,481,660,980	USD	244,929	BRC	12/13/17		9,595		—
IDR		4,663,694,640	USD	329,473	BRC	12/13/17		11,462		—
IDR		3,463,076,484	USD	242,682	BRC	12/14/17		10,462		—
IDR		49,496,392	USD	3,438	BRC	12/27/17		176		—
IDR		3,463,076,484	USD	240,425	BRC	12/27/17		12,450		—
IDR		4,160,167,116	USD	288,951	BRC	12/27/17		14,825		—
IDR		4,519,497,530	USD	313,876	BRC	12/27/17		16,139		—
IDR		17,409,600,000	USD	1,240,000	BRC	12/27/17		31,252		—
IDR		787,199,695	USD	55,534	BRC	01/05/18		1,900		—
IDR		1,345,140,199	USD	94,795	BRC	01/05/18		3,347		—
IDR		1,530,229,664	USD	107,953	BRC	01/05/18		3,693		—
IDR		3,956,043,386	USD	279,777	BRC	01/05/18		8,856		—
IDR		3,868,555,224	USD	272,242	BRC	01/08/18		9,866		—
IDR		4,147,970,000	USD	302,000	BRC	01/08/18		484		—
IDR		7,573,887,656	USD	543,515	BRC	01/08/18		8,798		—
IDR		1,998,039,428	USD	140,776	CIT	12/15/17		5,264		—
IDR		5,720,399,663	USD	402,137	CIT	12/15/17		15,979		—
IDR		7,905,986,130	USD	549,599	CIT	12/20/17		28,029		—
IDR		4,648,750,990	USD	324,294	CIT	12/21/17		15,326		—
IDR		6,893,584,028	USD	480,724	CIT	12/21/17		22,894		—
IDR		1,933,997,070	USD	134,259	CIT	12/27/17		6,962		—
IDR		1,941,599,724	USD	134,974	CIT	12/27/17		6,802		—
IDR		4,641,509,626	USD	321,768	CIT	12/27/17		17,155		—
IDR		7,718,439,091	USD	535,668	CIT	12/27/17		27,934		—
IDR		7,905,986,130	USD	548,912	CIT	12/27/17		28,384		—
IDR		11,542,335,018	USD	801,551	CIT	12/27/17		41,272		—
IDR		1,929,085,187	USD	136,061	CIT	01/05/18		4,685		—
IDR		5,219,910,437	USD	368,508	CIT	01/05/18		12,337		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR		6,236,713,482	USD	439,761	CIT	01/05/18	$	15,270	$	—
IDR		11,152,379,368	USD	786,047	CIT	01/05/18		27,631		—
IDR		12,730,560,000	USD	894,000	CIT	01/05/18		34,822		—
IDR		5,795,816,130	USD	406,867	CIT	01/08/18		15,784		—
IDR		11,575,279,472	USD	812,528	CIT	01/08/18		31,580		—
IDR		4,966,950,788	USD	339,853	JPM	12/04/17		23,520		—
IDR		3,253,670,937	USD	226,816	JPM	12/22/17		10,865		—
IDR		33,065,552	USD	2,301	JPM	12/27/17		114		—
IDR		3,253,670,937	USD	226,059	JPM	12/27/17		11,524		—
IDR		3,885,945,948	USD	269,296	JPM	12/27/17		14,456		—
IDR		2,422,577,808	USD	170,905	JPM	01/05/18		5,846		—
IDR		2,548,455,691	USD	179,722	JPM	01/05/18		6,214		—
IDR		4,268,189,847	USD	301,716	JPM	01/05/18		9,692		—
IDR		8,669,303,615	USD	621,678	JPM	01/08/18		10,517		—
IDR		2,925,300,000	USD	210,000	JPM	03/20/18		816		—
IDR		4,998,722,517	USD	351,528	SCB	12/15/17		13,840		—
IDR		3,872,854,298	USD	268,389	SCB	12/27/17		14,407		—
IDR		4,004,739,672	USD	278,688	SCB	12/27/17		13,739		—
IDR		4,998,722,517	USD	346,580	SCB	12/27/17		18,428		—
IDR		7,085,400,000	USD	490,000	SCB	12/27/17		27,377		—
IDR		4,077,400,000	USD	290,000	SCB	01/05/18		7,487		—
IDR		12,882,540,000	USD	894,000	SCB	01/05/18		45,911		—
IDR		9,960,825,372	USD	714,806	SCB	01/08/18		11,571		—
IDR		2,548,455,691	USD	179,722	UBS	01/05/18		6,214		—
INR		157,594,664	USD	2,303,005	BRC	08/16/17		81,229		—
INR		37,942,031	USD	554,384	JPM	08/16/17		19,637		—
INR		35,767,475	USD	522,611	SCB	08/16/17		18,512		—
KRW		234,794,743	USD	194,521	BRC	04/05/17		15,439		—
KRW		435,802,859	USD	361,123	JPM	04/05/17		28,584		—
KRW		229,710,943	USD	190,347	SCB	04/05/17		15,067		—
MXN		676,332	USD	36,000	BRC	04/18/17		46		—
MXN		678,888	USD	36,000	BRC	04/18/17		182		—
MXN		680,526	USD	36,000	BRC	04/18/17		269		—
MXN		680,580	USD	36,000	BRC	04/18/17		272		—
MXN		683,933	USD	36,000	BRC	04/18/17		451		—
MXN		686,016	USD	36,000	BRC	04/18/17		562		—
MXN		690,662	USD	36,000	BRC	04/18/17		809		—
MXN		691,542	USD	36,000	BRC	04/18/17		856		—
MXN		691,654	USD	36,000	BRC	04/18/17		862		—
MXN		693,551	USD	36,000	BRC	04/18/17		963		—
MXN		708,318	USD	36,000	BRC	04/18/17		1,750		—
MXN		686,015	USD	36,000	JPM	04/18/17		562		—
PEN		364,210	USD	110,000	BRC	07/19/17		1,022		—
PEN		509,652	USD	156,000	BRC	07/19/17		—		643
PEN		511,025	USD	156,000	BRC	07/19/17		—		225
PEN		511,212	USD	156,000	BRC	07/19/17		—		168

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PEN	511,524	USD	156,000	BRC	07/19/17	$	—	$	73
PEN	511,758	USD	156,000	BRC	07/19/17		—		1
PEN	511,836	USD	156,000	BRC	07/19/17		22		—
PEN	513,240	USD	156,000	BRC	07/19/17		450		—
PEN	516,360	USD	156,000	BRC	07/19/17		1,401		—
PEN	935,538	USD	282,001	BRC	07/19/17		3,178		—
PEN	3,800,146	USD	1,110,000	BRC	07/19/17		48,394		—
PEN	511,290	USD	156,000	JPM	07/19/17		—		144
PEN	512,772	USD	156,000	JPM	07/19/17		308		—
PEN	512,772	USD	156,000	JPM	07/19/17		308		—
PEN	513,864	USD	156,000	JPM	07/19/17		641		—
PLN	5,242,644	USD	1,288,435	BRC	04/18/17		33,377		—
PLN	5,242,645	USD	1,287,667	CIT	04/18/17		34,145		—
PLN	5,242,644	USD	1,288,428	JPM	04/18/17		33,384		—
PLN	5,242,644	USD	1,288,236	SCB	04/18/17		33,576		—
RON	4,605,650	USD	1,091,076	CIT	07/19/17		—		9,656
RUB	7,172,047	USD	116,177	BRC	04/10/17		11,080		—
RUB	9,670,037	USD	160,009	BRC	04/10/17		11,570		—
RUB	9,756,245	USD	160,300	BRC	04/10/17		12,809		—
RUB	17,515,113	USD	289,045	BRC	04/10/17		21,733		—
RUB	21,100,319	USD	340,329	BRC	04/10/17		34,063		—
RUB	31,440,687	USD	516,534	BRC	04/10/17		41,331		—
RUB	29,048,199	USD	504,427	BRC	07/10/17		569		—
RUB	29,048,200	USD	504,440	CIT	07/10/17		556		—
RUB	8,204,793	USD	134,700	JPM	04/10/17		10,881		—
RUB	11,183,148	USD	183,466	JPM	04/10/17		14,961		—
RUB	14,658,000	USD	240,000	JPM	04/10/17		20,083		—
RUB	21,873,481	USD	353,671	JPM	04/10/17		34,439		—
RUB	24,574,494	USD	404,955	JPM	04/10/17		31,080		—
RUB	32,306,860	USD	533,991	JPM	04/10/17		39,243		—
RUB	35,650,952	USD	577,823	JPM	04/10/17		54,746		—
RUB	29,048,199	USD	504,458	SCB	07/10/17		538		—
RUB	29,048,199	USD	504,633	UBS	07/10/17		363		—
THB	6,999,004	USD	199,601	BRC	04/17/17		4,056		—
THB	7,234,007	USD	206,185	HSB	04/17/17		4,310		—
THB	93,869,400	USD	2,676,248	JPM	04/17/17		55,158		—
THB	74,867,900	USD	2,134,570	SCB	04/17/17		43,932		—
TRY	4,652,151	USD	1,232,880	BRC	04/18/17		41,645		—
TWD	19,110,190	USD	630,470	JPM	04/05/17		—		655
TWD	19,110,190	USD	591,464	JPM	04/05/17		38,352		—
TWD	4,992,461	USD	164,708	SCB	04/05/17		—		171
TWD	4,992,461	USD	154,589	SCB	04/05/17		9,948		—
USD	82,724	ARS	1,287,182	CIT	04/05/17		—		893
USD	31,285	ARS	485,232	CIT	04/06/17		—		223
USD	46,988	ARS	727,848	CIT	04/06/17		—		274
USD	62,530	ARS	970,464	CIT	04/06/17		—		487

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	77,612	ARS	1,209,578	JPM	04/05/17	$	—	$	964
USD	21,516	ARS	333,936	JPM	04/06/17		—		167
USD	22,304	BRL	70,668	BRC	04/04/17		—		269
USD	22,583	BRL	71,553	BRC	04/04/17		—		273
USD	22,583	BRL	71,553	BRC	04/04/17		—		273
USD	22,607	BRL	71,627	BRC	04/04/17		—		273
USD	22,631	BRL	71,703	BRC	04/04/17		—		273
USD	22,696	BRL	71,910	BRC	04/04/17		—		274
USD	22,739	BRL	72,048	BRC	04/04/17		—		275
USD	22,790	BRL	72,209	BRC	04/04/17		—		275
USD	23,062	BRL	73,071	BRC	04/04/17		—		278
USD	670,000	BRL	2,143,330	BRC	04/04/17		—		14,639
USD	783,901	BRL	2,457,529	BRC	04/04/17		—		1,102
USD	1,248,112	BRL	3,954,518	BRC	04/04/17		—		15,070
USD	443,466	BRL	1,394,699	BRC	04/05/17		—		1,927
USD	444,384	BRL	1,394,699	BRC	04/05/17		—		1,009
USD	444,880	BRL	1,394,698	BRC	04/05/17		—		512
USD	1,227,806	BRL	3,954,518	BRC	04/05/17		—		35,056
USD	320,000	BRL	1,006,080	BRC	04/17/17		—		377
USD	419,246	BRL	1,468,619	BRC	02/09/18		—		21,942
USD	443,691	BRL	1,394,697	CIT	04/05/17		—		1,701
USD	444,171	BRL	1,394,697	CIT	04/05/17		—		1,221
USD	443,536	BRL	1,394,699	JPM	04/05/17		—		1,857
USD	444,242	BRL	1,394,699	JPM	04/05/17		—		1,150
USD	444,313	BRL	1,394,698	JPM	04/05/17		—		1,079
USD	948,622	BRL	2,986,263	JPM	04/17/17		—		2,327
USD	683,822	BRL	2,402,610	JPM	02/09/18		—		37,947
USD	443,466	BRL	1,394,699	SCB	04/05/17		—		1,927
USD	444,172	BRL	1,394,699	SCB	04/05/17		—		1,221
USD	444,313	BRL	1,394,698	SCB	04/05/17		—		1,079
USD	193,109	BRL	676,308	SCB	02/09/18		—		10,060
USD	444,455	BRL	1,394,699	UBS	04/05/17		—		938
USD	683,822	BRL	2,402,063	UBS	02/09/18		—		37,782
USD	568,576	CAD	762,893	BRC	04/04/17		—		5,101
USD	105,660	CAD	139,123	BRC	07/05/17		910		—
USD	143,776	CAD	191,881	BRC	07/05/17		—		697
USD	276,128	CAD	367,750	BRC	07/05/17		—		763
USD	288,043	CAD	382,021	BRC	07/05/17		407		—
USD	575,005	CAD	762,893	BRC	07/05/17		597		—
USD	663,208	CAD	874,639	BRC	07/05/17		4,663		—
USD	467,872	CAD	622,665	CIT	07/05/17		—		953
USD	175,424	CAD	235,394	JPM	04/04/17		—		1,587
USD	177,214	CAD	235,394	JPM	04/04/17		204		—
USD	352,550	CAD	470,788	JPM	07/05/17		—		1,922
USD	455,957	CAD	604,782	JPM	07/05/17		597		—
USD	210,000	CAD	273,529	SCB	07/05/17		4,051		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	116,792	CAD	153,994	UBS	07/05/17	$	845	$	—
USD	168,724	CAD	225,128	UBS	07/05/17		—		783
USD	638,340	CAD	842,883	UBS	07/05/17		3,706		—
USD	1,119,697	CLP	741,855,000	BRC	04/18/17		—		3,740
USD	420,000	COP	1,219,470,000	JPM	04/18/17		—		3,326
USD	66,569	HUF	19,441,406	BRC	04/18/17		—		666
USD	67,495	HUF	19,477,185	BRC	04/18/17		136		—
USD	67,715	HUF	19,454,871	BRC	04/18/17		433		—
USD	67,967	HUF	19,470,592	BRC	04/18/17		632		—
USD	68,321	HUF	19,459,713	BRC	04/18/17		1,023		—
USD	68,784	HUF	19,684,548	BRC	04/18/17		708		—
USD	69,258	HUF	19,836,291	BRC	04/18/17		657		—
USD	69,531	HUF	19,994,538	BRC	04/18/17		383		—
USD	69,591	HUF	20,070,596	BRC	04/18/17		180		—
USD	69,925	HUF	19,926,113	BRC	04/18/17		1,014		—
USD	69,999	HUF	19,930,394	BRC	04/18/17		1,073		—
USD	514,860	HUF	147,988,876	BRC	05/05/17		2,764		—
USD	580,637	HUF	165,234,915	BRC	05/05/17		8,863		—
USD	514,311	HUF	147,988,875	CIT	05/05/17		2,214		—
USD	580,413	HUF	165,234,915	CIT	05/05/17		8,639		—
USD	514,073	HUF	147,988,876	JPM	05/05/17		1,977		—
USD	580,485	HUF	165,234,915	JPM	05/05/17		8,710		—
USD	790,000	HUF	228,029,747	SCB	04/18/17		1,399		—
USD	513,779	HUF	147,988,876	SCB	05/05/17		1,682		—
USD	579,578	HUF	165,234,915	SCB	05/05/17		7,804		—
USD	3,454	IDR	49,496,392	BRC	11/27/17		—		169
USD	490,000	IDR	6,994,750,000	BRC	11/27/17		—		22,018
USD	314,465	IDR	4,519,497,530	BRC	12/13/17		—		15,928
USD	240,826	IDR	3,463,076,484	BRC	12/14/17		—		12,318
USD	1,250,000	IDR	17,525,000,000	BRC	12/18/17		—		30,624
USD	2,294,820	IDR	30,759,765,734	CIT	04/18/17		—		10,108
USD	536,618	IDR	7,718,439,091	CIT	12/15/17		—		27,539
USD	549,408	IDR	7,905,986,130	CIT	12/20/17		—		28,220
USD	802,108	IDR	11,542,335,018	CIT	12/21/17		—		41,130
USD	2,293,451	IDR	30,759,765,734	JPM	04/18/17		—		11,477
USD	2,308	IDR	33,065,552	JPM	12/04/17		—		111
USD	590,000	IDR	8,451,750,000	JPM	12/04/17		—		28,315
USD	226,185	IDR	3,253,670,937	JPM	12/22/17		—		11,496
USD	2,293,280	IDR	30,759,765,734	SCB	04/18/17		—		11,648
USD	460,000	IDR	6,596,400,000	SCB	12/13/17		—		22,224
USD	347,134	IDR	4,998,722,517	SCB	12/15/17		—		18,234
USD	194,016	KRW	234,794,743	BRC	04/05/17		—		15,944
USD	106,141	KRW	127,051,112	BRC	07/06/17		—		7,594
USD	194,666	KRW	234,794,743	BRC	07/06/17		—		15,520
USD	367,974	KRW	440,795,947	BRC	07/06/17		—		26,622
USD	390,228	KRW	469,760,886	BRC	07/06/17		—		30,297

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	170,369	KRW	200,405,419	CIT	07/06/17	$	—	$	9,032
USD	179,886	KRW	216,726,400	CIT	07/06/17		—		14,125
USD	353,218	KRW	421,918,901	CIT	07/06/17		—		24,479
USD	362,365	KRW	431,069,808	CIT	07/06/17		—		23,524
USD	360,148	KRW	435,802,859	JPM	04/05/17		—		29,559
USD	179,886	KRW	216,384,617	JPM	07/06/17		—		13,819
USD	181,183	KRW	215,716,087	JPM	07/06/17		—		11,924
USD	284,641	KRW	340,451,080	JPM	07/06/17		—		20,128
USD	361,482	KRW	435,802,859	JPM	07/06/17		—		28,644
USD	376,026	KRW	450,479,256	JPM	07/06/17		—		27,238
USD	189,836	KRW	229,710,943	SCB	04/05/17		—		15,578
USD	129,631	KRW	152,484,581	SCB	07/06/17		—		6,872
USD	160,000	KRW	184,400,000	SCB	07/06/17		—		5,073
USD	190,481	KRW	229,710,943	SCB	07/06/17		—		15,154
USD	200,452	KRW	238,469,726	SCB	07/06/17		—		13,024
USD	125,414	MXN	2,478,705	JPM	04/18/17		—		6,691
USD	530,000	MYR	2,360,090	JPM	06/20/17		—		1,791
USD	68,321	MYR	304,645	SCB	06/19/17		—		325
USD	68,588	MYR	305,257	SCB	06/19/17		—		197
USD	68,658	MYR	305,631	SCB	06/19/17		—		211
USD	68,896	MYR	306,380	SCB	06/19/17		—		142
USD	69,148	MYR	306,602	SCB	06/19/17		60		—
USD	69,200	MYR	306,904	SCB	06/19/17		45		—
USD	69,672	MYR	311,366	SCB	06/19/17		—		489
USD	70,400	MYR	313,806	SCB	06/19/17		—		311
USD	70,922	MYR	315,099	SCB	06/19/17		—		80
USD	71,187	MYR	316,696	SCB	06/19/17		—		175
USD	71,416	MYR	317,017	SCB	06/19/17		—		18
USD	71,563	MYR	317,096	SCB	06/19/17		111		—
USD	400,000	PLN	1,585,048	SCB	04/18/17		367		—
USD	451,220	RON	1,889,569	BRC	07/19/17		7,544		—
USD	808,780	RON	3,393,237	JPM	07/19/17		12,038		—
USD	13,626	RUB	814,648	BRC	04/10/17		—		829
USD	77,311	RUB	4,610,157	BRC	04/10/17		—		4,489
USD	114,000	RUB	6,752,562	BRC	04/10/17		—		5,814
USD	114,000	RUB	6,583,272	BRC	04/10/17		—		2,810
USD	114,000	RUB	6,601,911	BRC	04/10/17		—		3,140
USD	114,000	RUB	6,525,246	BRC	04/10/17		—		1,780
USD	114,000	RUB	6,530,319	BRC	04/10/17		—		1,870
USD	114,000	RUB	6,497,202	BRC	04/10/17		—		1,283
USD	152,534	RUB	9,121,790	BRC	04/10/17		—		9,317
USD	514,856	RUB	29,048,199	BRC	04/10/17		—		558
USD	158,096	RUB	9,419,140	BRC	04/18/17		—		8,714
USD	514,856	RUB	29,048,200	CIT	04/10/17		—		558
USD	16,374	RUB	979,414	JPM	04/10/17		—		1,004
USD	92,689	RUB	5,499,530	JPM	04/10/17		—		4,891

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	114,000	RUB	6,775,305	JPM	04/10/17	$	—	$	6,217
USD	114,000	RUB	6,834,927	JPM	04/10/17		—		7,275
USD	114,000	RUB	6,786,990	JPM	04/10/17		—		6,424
USD	114,000	RUB	6,639,360	JPM	04/10/17		—		3,805
USD	114,000	RUB	6,613,710	JPM	04/10/17		—		3,350
USD	114,000	RUB	6,551,295	JPM	04/10/17		—		2,242
USD	114,000	RUB	6,647,511	JPM	04/10/17		—		3,950
USD	114,000	RUB	6,512,250	JPM	04/10/17		—		1,550
USD	137,466	RUB	8,219,065	JPM	04/10/17		—		8,369
USD	114,000	RUB	6,816,915	SCB	04/10/17		—		6,955
USD	514,856	RUB	29,048,199	SCB	04/10/17		—		558
USD	2,710,000	RUB	158,127,958	SCB	04/18/17		—		90,406
USD	515,039	RUB	29,048,199	UBS	04/10/17		—		375
USD	1,618,822	SGD	2,304,232	BRC	05/15/17		—		28,956
USD	1,812,531	SGD	2,580,228	JPM	05/15/17		—		32,616
USD	1,978,647	SGD	2,816,544	SCB	05/15/17		—		35,492
USD	98,311	THB	3,472,034	BRC	04/17/17		—		2,718
USD	99,375	THB	3,478,533	BRC	04/17/17		—		1,843
USD	99,413	THB	3,488,410	BRC	04/17/17		—		2,092
USD	100,301	THB	3,486,268	BRC	04/17/17		—		1,142
USD	100,367	THB	3,482,420	BRC	04/17/17		—		965
USD	100,510	THB	3,485,773	BRC	04/17/17		—		919
USD	100,683	THB	3,495,507	BRC	04/17/17		—		1,029
USD	100,737	THB	3,487,125	BRC	04/17/17		—		731
USD	101,536	THB	3,495,894	BRC	04/17/17		—		187
USD	101,592	THB	3,497,820	BRC	04/17/17		—		187
USD	101,831	THB	3,511,272	BRC	04/17/17		—		340
USD	102,519	THB	3,533,506	BRC	04/17/17		—		299
USD	660,000	THB	23,029,050	SCB	04/17/17		—		10,098
USD	690,511	TRY	2,612,411	UBS	04/18/17		—		25,197
USD	1,381,314	TRY	5,219,018	UBS	04/18/17		—		48,513
USD	1,684,347	TRY	6,372,392	UBS	04/18/17		—		61,463
USD	144,830	TWD	4,554,180	BRC	07/06/17		—		5,893
USD	158,252	TWD	5,043,492	BRC	07/06/17		—		8,665
USD	161,303	TWD	5,156,046	BRC	07/06/17		—		9,340
USD	323,059	TWD	10,282,964	BRC	07/06/17		—		17,262
USD	589,912	TWD	19,110,190	JPM	04/05/17		—		39,904
USD	630,470	TWD	19,110,190	JPM	04/05/17		655		—
USD	162,670	TWD	5,114,344	JPM	07/06/17		—		6,592
USD	174,942	TWD	5,575,393	JPM	07/06/17		—		9,579
USD	175,866	TWD	5,598,691	JPM	07/06/17		—		9,426
USD	540,826	TWD	17,286,590	JPM	07/06/17		—		31,284
USD	592,564	TWD	19,110,190	JPM	07/06/17		—		39,899
USD	744,000	TWD	23,867,520	JPM	07/06/17		—		45,910
USD	154,088	TWD	4,992,461	SCB	04/05/17		—		10,449
USD	164,708	TWD	4,992,461	SCB	04/05/17		171		—

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	47,871	TWD	1,531,631	SCB	07/06/17	$	—	$	2,819
USD	154,877	TWD	4,992,461	SCB	07/06/17		—		10,351
USD	190,000	TWD	5,893,800	SCB	07/06/17		—		5,059
USD	245,075	TWD	7,791,823	SCB	07/06/17		—		12,800
USD	410,806	TWD	13,062,406	SCB	07/06/17		—		21,502
USD	404,910	ZAR	5,242,894	BRC	04/05/17		14,189		—
USD	404,857	ZAR	5,242,894	CIT	04/05/17		14,135		—
USD	1,530,362	ZAR	20,184,330	CIT	04/18/17		29,492		—
USD	404,794	ZAR	5,242,894	HSB	04/05/17		14,073		—
USD	404,232	ZAR	5,242,894	JPM	04/05/17		13,511		—
USD	404,201	ZAR	5,242,894	SCB	04/05/17		13,480		—
ZAR	301,458	USD	21,727	BRC	04/05/17		738		—
ZAR	1,061,401	USD	76,745	BRC	04/05/17		2,355		—
ZAR	1,171,639	USD	84,489	BRC	04/05/17		2,826		—
ZAR	4,877,742	USD	348,000	BRC	04/05/17		15,509		—
ZAR	5,242,894	USD	398,684	BRC	07/05/17		—		14,033
ZAR	502,666	USD	36,216	CIT	04/05/17		1,245		—
ZAR	3,654,239	USD	263,511	CIT	04/05/17		8,817		—
ZAR	5,242,894	USD	398,632	CIT	07/05/17		—		13,981
ZAR	5,242,894	USD	398,578	HSB	07/05/17		—		13,927
ZAR	516,159	USD	37,297	JPM	04/05/17		1,169		—
ZAR	2,452,933	USD	176,941	JPM	04/05/17		5,861		—
ZAR	5,242,894	USD	398,033	JPM	07/05/17		—		13,382
ZAR	2,001,580	USD	145,000	SCB	04/05/17		4,166		—
ZAR	2,068,466	USD	149,332	SCB	04/05/17		4,819		—
ZAR	3,245,528	USD	233,957	SCB	04/05/17		7,912		—
ZAR	4,360,659	USD	313,784	SCB	04/05/17		11,189		—
ZAR	5,242,894	USD	398,003	SCB	07/05/17		—		13,352
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	2,505,631	$	1,706,421

Written Options open at March 31, 2017:

Description

Counterparty

Number of contracts

Strike price

Expiration date

Premium

Fair value

USD vs BRL May 17 3.15 Put

JPMS

38,900

$3.18

05/18/17

28,922

(84,802)

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 15.6%
Argentina \| 0.6%
AES Argentina Generacion SA, 7.750%, 02/02/24 (d)	USD		430	$	433,427
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		750		795,495
Genneia SA, 8.750%, 01/20/22 (d)	USD		330		344,025
					1,572,947
Bangladesh \| 0.3%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		600		627,720
Barbados \| 0.7%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		1,535		1,644,369
Brazil \| 2.9%
Gerdau Trade, Inc., 4.750%, 04/15/23	USD		350		340,795
GTL Trade Finance, Inc., 5.893%, 04/29/24	USD		175		174,562
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		5,896		6,669,850
					7,185,207
Canada \| 0.3%
First Quantum Minerals, Ltd.:
6.750%, 02/15/20 (d)	USD		490		506,954
7.000%, 02/15/21 (d)	USD		260		267,800
					774,754
Chile \| 1.2%
AES Gener SA, 8.375%, 12/18/73	USD		600		629,250
Empresa Electrica Angamos SA, 4.875%, 05/25/29	USD		650		655,009
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		428		438,798
VTR Finance BV, 6.875%, 01/15/24	USD		1,225		1,274,000
					2,997,057
China \| 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (d)	USD		400		360,000
Colombia \| 1.0%
Banco de Bogota SA, 6.250%, 05/12/26 (d)	USD		340		354,875
Ecopetrol SA, 5.875%, 09/18/23	USD		620		670,995
Millicom International Cellular SA, 6.625%, 10/15/21	USD		440		459,800

Description	Security Currency	Principal Amount (000)		Fair Value
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		905	$	929,887
					2,415,557
Georgia \| 0.2%
BGEO Group JSC, 6.000%, 07/26/23	USD		550		554,125
Guatemala \| 0.4%
Comcel Trust, 6.875%, 02/06/24	USD		985		1,018,982
India \| 1.1%
Greenko Dutch BV, 8.000%, 08/01/19	USD		1,040		1,098,240
JSW Steel, Ltd., 4.750%, 11/12/19	USD		320		323,866
Vedanta Resources PLC:
6.000%, 01/31/19	USD		310		318,912
8.250%, 06/07/21	USD		705		760,497
6.375%, 07/30/22 (d)	USD		225		226,575
					2,728,090
Indonesia \| 0.2%
TBG Global Pte, Ltd., 4.625%, 04/03/18	USD		575		579,025
Israel \| 0.4%
Altice Financing SA, 6.625%, 02/15/23 (d)	USD		300		312,000
7.500%, 05/15/26 (d)	USD		615		653,438
					965,438
Macau \| 0.3%
MCE Finance, Ltd., 5.000%, 02/15/21	USD		625		632,500
Studio City Co., Ltd., 7.250%, 11/30/21 (d)	USD		200		213,250
					845,750
Mexico \| 0.7%
Cemex Finance LLC, 9.375%, 10/12/22	USD		1,290		1,393,845
Cemex SAB de CV, 7.750%, 04/16/26	USD		290		326,250
					1,720,095
Nigeria \| 0.4%
IHS Netherlands Holdco BV:
9.500%, 10/27/21	USD		200		205,132

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
9.500%, 10/27/21 (d)	USD		725	$	743,603
					948,735
Panama \| 0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (d)	USD		220		232,650
Peru \| 1.2%
Cia Minera Ares SAC, 7.750%, 01/23/21	USD		1,400		1,501,500
Inkia Energy, Ltd., 8.375%, 04/04/21	USD		880		897,600
InRetail Shopping Malls, 6.500%, 07/09/21	USD		600		636,420
					3,035,520
Russia \| 1.3%
Evraz Group SA, 6.500%, 04/22/20	USD		310		330,925
Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21	USD		570		614,887
GTH Finance BV: 6.250%, 04/26/20	USD		300		318,978
7.250%, 04/26/23	USD		1,200		1,320,360
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		620		637,980
					3,223,130
Singapore \| 0.4%
Puma International Financing SA, 6.750%, 02/01/21	USD		1,100		1,136,322
South Africa \| 0.3%
MTN Mauritius Investment, Ltd., 5.373%, 02/13/22 (d)	USD		650		660,082
South Korea \| 0.5%
Harvest Operations Corp., 6.875%, 10/01/17	USD		525		527,625
SK E&S Co., Ltd., 4.875%, 11/26/19 (e), (h)	USD		310		306,900
Woori Bank, 4.500%, 09/27/21 (e), (h)	USD		320		315,184
					1,149,709
Thailand \| 0.2%
PTT Exploration & Production Public Co. Ltd., 4.875%, 12/29/49	USD		610		623,816
Turkey \| 0.4%
Turkiye Is Bankasi, 5.000%, 04/30/20	USD		655		652,544
Turkiye Vakiflar Bankasi TAO, 3.750%, 04/15/18	USD		320		319,200
					971,744
United Arab Emirates \| 0.4%
MAF Global Securities, Ltd., 7.125%, 10/29/18 (e), (h)	USD		910		960,050

Description	Security Currency	Principal Amount (000)		Fair Value
Total Corporate Bonds (Cost $37,966,491)				$	38,930,874
Foreign Government Obligations \| 44.1%
Argentina \| 5.3%
Republic of Argentina:
22.808%, 10/09/17 (e)	ARS		10,540		689,903
22.806%, 03/01/18 (e)	ARS		19,320		1,284,317
22.750%, 03/05/18	ARS		8,050		543,346
21.200%, 09/19/18	ARS		8,040		546,046
21.822%, 03/11/19 (e)	ARS		4,030		271,801
6.875%, 04/22/21 (d)	USD		625		671,250
6.875%, 04/22/21	USD		510		546,975
7.500%, 04/22/26	USD		540		574,020
7.500%, 04/22/26 (d)	USD		3,020		3,210,260
8.280%, 12/31/33	USD		3,442		3,674,338
2.500%, 12/31/38 (f)	USD		1,980		1,247,400
					13,259,656
Belize \| 0.7%
Republic of Belize, 4.938%, 02/20/34 (f)	USD		2,733		1,769,617
Bolivia \| 1.9%
Bolivian Government International Bond, 4.500%, 03/20/28 (d)	USD		4,860		4,762,800
Brazil \| 4.0%
Brazil NTN-B:
6.000%, 05/15/35	BRL		1,200		1,245,698
6.000%, 08/15/50	BRL		3,150		3,353,449
Brazil NTN-F:
10.000%, 01/01/23	BRL		3,620		1,158,853
10.000%, 01/01/27	BRL		2,405		766,818
Federal Republic of Brazil, 5.000%, 01/27/45	USD		3,970		3,523,375
					10,048,193
Chile \| 0.5%
Republic of Chile, 3.625%, 10/30/42	USD		1,250		1,225,000
Congo \| 1.3%
Republic of Congo, 4.000%, 06/30/29 (f)	USD		4,203		3,110,002
Dominican Republic \| 0.5%
Dominican Republic, 7.500%, 05/06/21	USD		1,150		1,267,875
Ecuador \| 2.7%
Republic of Ecuador:

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
10.500%, 03/24/20	USD		640	$	680,000
10.750%, 03/28/22	USD		3,380		3,608,150
7.950%, 06/20/24	USD		1,770		1,681,500
9.650%, 12/13/26	USD		695		715,850
					6,685,500
Egypt \| 0.5%
Arab Republic of Egypt:
5.875%, 06/11/25	USD		710		694,735
5.875%, 06/11/25 (d)	USD		585		572,422
					1,267,157
El Salvador \| 2.9%
Republic of El Salvador:
7.375%, 12/01/19	USD		3,062		3,130,895
7.750%, 01/24/23	USD		1,035		1,051,819
5.875%, 01/30/25	USD		2,013		1,794,086
6.375%, 01/18/27	USD		560		501,200
8.250%, 04/10/32	USD		86		85,140
7.625%, 02/01/41	USD		811		747,134
					7,310,274
Ghana \| 5.2%
Ghana Government Bonds:
25.480%, 04/24/17	GHS		380		88,617
24.440%, 05/29/17	GHS		80		18,706
23.230%, 02/19/18	GHS		490		116,686
22.490%, 04/23/18	GHS		160		37,923
23.470%, 05/21/18	GHS		420		100,474
19.040%, 09/24/18	GHS		50		11,482
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		450		107,997
21.000%, 01/07/19	GHS		3,000		704,274
Republic of Ghana:
9.250%, 09/15/22	USD		5,110		5,316,955
7.875%, 08/07/23	USD		2,430		2,351,025
8.125%, 01/18/26	USD		4,204		4,030,585
					12,884,724
Guatemala \| 0.3%
Republic of Guatemala, 5.750%, 06/06/22	USD		593		649,335
Hungary \| 1.0%
Hungary, 7.625%, 03/29/41	USD		1,660		2,407,000
Lebanon \| 2.4%
Lebanese Republic:
5.450%, 11/28/19	USD		870		887,400
6.375%, 03/09/20	USD		545		566,800
5.800%, 04/14/20	USD		1,225		1,249,310
8.250%, 04/12/21	USD		2,710		2,999,970
6.100%, 10/04/22	USD		375		384,844
					6,088,324

Description	Security Currency	Principal Amount (000)		Fair Value
Mexico \| 1.5%
United Mexican States:
4.350%, 01/15/47	USD		2,670	$	2,456,400
5.750%, 10/12/10	USD		1,200		1,194,000
					3,650,400
Mongolia \| 1.0%
Mongolia Government International Bonds:
10.875%, 04/06/21	USD		1,330		1,531,162
5.125%, 12/05/22	USD		1,115		1,048,100
					2,579,262
Morocco \| 0.5%
Kingdom of Morocco, 5.500%, 12/11/42	USD		1,130		1,202,038
Mozambique \| 1.4%
Mozambique International Bond, 10.500%, 01/18/23	USD		5,308		3,582,900
Oman \| 1.6%
Oman Government International Bond, 6.500%, 03/08/47 (d)	USD		3,840		4,051,200
Paraguay \| 0.6%
Republic of Paraguay:
4.625%, 01/25/23	USD		170		176,588
5.000%, 04/15/26 (d)	USD		470		488,800
4.700%, 03/27/27 (d)	USD		290		295,075
6.100%, 08/11/44 (d)	USD		255		271,575
6.100%, 08/11/44	USD		280		298,200
					1,530,238
Philippines \| 0.1%
Republic of Philippines, 3.700%, 03/01/41	USD		260		257,400
Portugal \| 2.8%
Republic of Portugal:
5.125%, 10/15/24	USD		4,318		4,185,006
5.125%, 10/15/24 (d)	USD		2,775		2,689,530
					6,874,536
Romania \| 0.5%
Romania Government Bond, 6.125%, 01/22/44	USD		1,010		1,242,300
Russia \| 1.0%
Russia Foreign Bond, 5.875%, 09/16/43	USD		2,200		2,499,200
Senegal \| 0.5%
Republic of Senegal, 8.750%, 05/13/21	USD		1,135		1,288,225

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Sri Lanka \| 0.2%
Republic of Sri Lanka, 6.250%, 10/04/20	USD		550	$	578,875
Ukraine \| 2.2%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		4,975		5,074,500
7.750%, 09/01/20	USD		260		259,610
					5,334,110
Uruguay \| 0.5%
Republica Orient Uruguay, 4.375%, 12/15/28	UYU		8,244		265,075
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		5,900		205,500
Uruguay Treasury Bills:
0.000%, 09/29/17	UYU		1,350		44,376
0.000%, 02/08/18	UYU		11,810		369,634
0.000%, 03/08/18	UYU		11,147		345,304
					1,229,889
Vietnam \| 0.5%
Socialist Republic of Vietnam, 6.750%, 01/29/20	USD		1,155		1,261,837
Total Foreign Government Obligations (Cost $109,030,989)					109,897,867
Quasi Government Bonds \| 3.5%
Mexico \| 1.0%
Petroleos Mexicanos, 4.770%, 03/11/22 (d), (e)	USD		2,250		2,418,750
South Africa \| 0.9%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		1,320		1,325,280
6.750%, 08/06/23	USD		1,015		1,027,180
					2,352,460
Ukraine \| 0.8%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		1,925		1,930,775
Venezuela \| 0.8%
Petroleos de Venezuela SA, 5.250%, 04/12/17	USD		2,050		1,960,825
Total Quasi Government Bonds (Cost $8,552,455)					8,662,810

Description		Shares		Fair Value
Warrants \| 0.0%
United Kingdom \| 0.0%
Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Cost $0)			96,000	$	0


Description		Shares		Fair Value
Short-Term Investment \| 34.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $85,615,957)			85,615,957	$	85,615,957

Description	Counterparty	Number of Contracts		Fair Value
Purchased Options \| 0.1%
USD vs BRL May 17 3.35 Put, Expires 05/18/17	JPMS		40,400	$	253,712
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		70,500		53,580
Total Purchased Options (Cost $178,200)					307,292
Total Investments \| 97.7% (Cost $241,344,092) (b), (g)				$	243,414,800
Cash and Other Assets in Excess of Liabilities \| 2.3%					5,692,112
Net Assets \| 100.0%				$	249,106,912

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	12,989,900	USD	770,000	CIT	04/05/17	$	73,838	$	—
ARS	5,016,375	USD	292,500	CIT	07/10/17		19,909		—
ARS	12,913,000	USD	740,000	CIT	07/10/17		64,195		—
ARS	13,720,000	USD	800,000	CIT	07/10/17		54,453		—
ARS	13,760,000	USD	800,000	CIT	07/11/17		56,522		—
ARS	13,097,700	USD	770,000	JPM	04/06/17		80,491		—
BRL	3,663,458	USD	1,156,249	BRC	04/04/17		13,961		—
BRL	509,813	USD	161,487	BRC	04/05/17		1,321		—
BRL	2,658,927	USD	816,122	BRC	04/05/17		32,997		—
BRL	3,354,372	USD	1,023,739	BRC	04/05/17		47,469		—
BRL	3,663,458	USD	1,137,437	BRC	04/05/17		32,476		—
BRL	4,543,002	USD	1,385,273	BRC	04/05/17		65,520		—
BRL	4,571,269	USD	1,392,003	BRC	04/05/17		67,816		—
BRL	9,828,378	USD	2,976,348	BRC	04/05/17		162,312		—
BRL	5,472,394	USD	1,727,506	BRC	05/10/17		6,234		—
BRL	5,472,394	USD	1,731,113	BRC	05/10/17		2,627		—
BRL	5,472,394	USD	1,733,361	BRC	05/10/17		379		—
BRL	1,831,729	USD	583,725	CIT	04/04/17		1,380		—
BRL	2,867,679	USD	910,692	CIT	05/03/17		—		711
BRL	5,472,395	USD	1,728,434	CIT	05/10/17		5,307		—
BRL	5,472,395	USD	1,730,566	CIT	05/10/17		3,175		—
BRL	5,702,107	USD	1,803,494	CIT	05/10/17		3,023		—
BRL	6,276,567	USD	1,900,550	JPM	04/05/17		103,851		—
BRL	317,852	USD	102,000	JPM	04/06/17		—		521
BRL	318,189	USD	102,000	JPM	04/06/17		—		413
BRL	321,677	USD	102,000	JPM	05/03/17		76		—
BRL	533,350	USD	170,000	JPM	05/03/17		—		756
BRL	5,472,394	USD	1,727,670	JPM	05/10/17		6,070		—
BRL	5,472,394	USD	1,730,839	JPM	05/10/17		2,901		—
BRL	5,472,394	USD	1,731,168	JPM	05/10/17		2,573		—
BRL	323,697	USD	102,000	SCB	04/04/17		1,398		—
BRL	323,697	USD	102,164	SCB	04/04/17		1,234		—
BRL	1,831,729	USD	583,725	SCB	04/04/17		1,380		—
BRL	3,199,698	USD	1,009,878	SCB	04/04/17		12,194		—
BRL	3,199,698	USD	1,011,922	SCB	04/04/17		10,150		—
BRL	693,896	USD	213,015	SCB	04/05/17		8,579		—
BRL	2,386,018	USD	723,102	SCB	04/05/17		38,866		—
BRL	317,322	USD	102,000	SCB	04/06/17		—		690
BRL	319,719	USD	102,000	SCB	04/06/17		75		—
BRL	323,697	USD	103,742	SCB	04/06/17		—		397
BRL	509,813	USD	160,309	SCB	04/06/17		2,457		—
BRL	1,688,151	USD	533,044	SCB	04/17/17		4,533		—
BRL	1,699,279	USD	537,951	SCB	04/17/17		3,170		—

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BRL		2,314,677	USD		741,907	SCB	04/17/17	$	—	$	4,819
BRL		5,472,394	USD		1,727,561	SCB	05/10/17		6,180		—
BRL		5,472,394	USD		1,730,401	SCB	05/10/17		3,339		—
BRL		5,472,394	USD		1,731,195	SCB	05/10/17		2,545		—
BRL		1,564,585	USD		468,846	SCB	02/09/18		1,172		—
BRL		1,706,683	USD		515,303	SCB	02/09/18		—		2,598
BRL		3,199,698	USD		950,876	SCB	02/09/18		10,346		—
BRL		2,950,848	USD		905,863	UBS	04/05/17		36,481		—
BRL		10,769,858	USD		3,277,997	UBS	04/05/17		161,322		—
BRL		10,792,670	USD		3,294,727	UBS	04/05/17		151,876		—
BRL		12,052,163	USD		3,676,261	UBS	04/05/17		172,557		—
BRL		313,650	USD		102,000	UBS	04/06/17		—		1,862
BRL		317,526	USD		102,000	UBS	04/06/17		—		625
BRL		319,240	USD		102,000	UBS	04/06/17		—		78
BRL		320,484	USD		102,000	UBS	04/06/17		320		—
BRL		5,472,395	USD		1,731,497	UBS	05/10/17		2,244		—
CAD		3,937,513	USD		2,964,548	BRC	04/04/17		—		3,634
CAD		2,269,439	USD		1,740,000	BRC	07/05/17		—		31,266
CAD		2,429,872	USD		1,817,406	JPM	04/04/17		9,799		—
CAD		1,214,936	USD		915,655	JPM	07/05/17		—		889
COP		555,505,017	USD		191,356	BRC	04/18/17		1,482		—
COP		1,222,163,000	USD		421,000	BRC	04/18/17		3,261		—
COP		1,236,056,000	USD		421,000	BRC	04/18/17		8,084		—
COP		1,472,379,000	USD		489,000	BRC	06/13/17		18,306		—
COP		3,124,668,814	USD		1,073,954	BRC	06/13/17		2,647		—
COP		1,439,616,000	USD		489,000	JPM	06/13/17		7,018		—
COP		1,447,929,000	USD		489,000	JPM	06/13/17		9,882		—
COP		1,453,063,500	USD		489,000	JPM	06/13/17		11,651		—
COP		1,472,379,000	USD		489,000	JPM	06/13/17		18,306		—
COP		1,477,269,000	USD		489,000	JPM	06/13/17		19,991		—
COP		1,482,159,000	USD		489,000	JPM	06/13/17		21,676		—
COP		1,229,741,000	USD		421,000	SCB	04/18/17		5,892		—
COP		1,230,162,000	USD		421,000	SCB	04/18/17		6,038		—
COP		1,241,318,500	USD		421,000	SCB	04/18/17		9,911		—
COP		1,256,685,000	USD		421,000	SCB	04/18/17		15,245		—
COP		1,488,273,945	USD		489,000	SCB	06/13/17		23,783		—
COP		2,786,552,331	USD		954,626	SCB	06/13/17		5,478		—
COP		1,222,163,000	USD		421,000	UBS	04/18/17		3,261		—
COP		1,228,899,000	USD		421,000	UBS	04/18/17		5,600		—
COP		1,229,741,000	USD		421,000	UBS	04/18/17		5,892		—
COP		3,189,364,984	USD		1,098,645	UBS	04/18/17		8,511		—
COP		1,429,836,000	USD		489,000	UBS	06/13/17		3,648		—
COP		1,440,594,000	USD		489,000	UBS	06/13/17		7,355		—
COP		3,245,347,685	USD		1,111,420	UBS	06/13/17		6,760		—
IDR		16,466,533,679	USD		1,157,577	BRC	12/11/17		46,392		—
IDR		20,850,173,612	USD		1,466,670	BRC	12/13/17		57,564		—

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR		16,466,533,679	USD		1,143,668	BRC	12/27/17	$	58,721	$	—
IDR		20,850,173,612	USD		1,448,029	BRC	12/27/17		74,454		—
IDR		4,090,882,320	USD		288,598	BRC	01/05/18		9,873		—
IDR		4,212,875,489	USD		297,205	BRC	01/05/18		10,167		—
IDR		6,831,024,849	USD		481,397	BRC	01/05/18		16,995		—
IDR		19,572,004,159	USD		1,384,159	BRC	01/05/18		43,816		—
IDR		7,372,454,723	USD		529,060	BRC	01/08/18		8,564		—
IDR		36,233,100,000	USD		2,540,000	CIT	12/14/17		108,571		—
IDR		36,052,500,000	USD		2,530,000	CIT	12/15/17		105,153		—
IDR		36,052,500,000	USD		2,502,082	CIT	12/27/17		130,477		—
IDR		36,195,000,000	USD		2,511,449	CIT	12/27/17		131,516		—
IDR		10,323,931,874	USD		728,159	CIT	01/05/18		25,075		—
IDR		25,824,820,312	USD		1,823,143	CIT	01/05/18		61,037		—
IDR		29,814,526,615	USD		2,101,402	CIT	01/05/18		73,868		—
IDR		31,671,900,570	USD		2,233,240	CIT	01/05/18		77,544		—
IDR		19,095,966,322	USD		1,342,423	JPM	12/11/17		53,800		—
IDR		15,273,493,015	USD		1,073,331	JPM	12/13/17		43,224		—
IDR		36,195,000,000	USD		2,540,000	JPM	12/14/17		105,786		—
IDR		15,273,493,015	USD		1,060,659	JPM	12/27/17		54,614		—
IDR		19,095,966,322	USD		1,327,030	JPM	12/27/17		67,360		—
IDR		20,613,813,710	USD		1,431,316	JPM	12/27/17		73,908		—
IDR		12,941,822,110	USD		912,681	JPM	01/05/18		31,555		—
IDR		12,964,968,135	USD		914,636	JPM	01/05/18		31,289		—
IDR		21,116,307,373	USD		1,492,698	JPM	01/05/18		47,949		—
IDR		8,438,736,985	USD		605,144	JPM	01/08/18		10,237		—
IDR		37,207,961,998	USD		2,707,018	JPM	01/08/18		6,313		—
IDR		9,695,909,874	USD		695,795	SCB	01/08/18		11,263		—
IDR		9,944,617,823	USD		722,982	SCB	01/08/18		2,213		—
IDR		12,941,822,110	USD		912,681	UBS	01/05/18		31,555		—
INR		35,481,200	USD		535,000	BRC	08/16/17		1,792		—
INR		35,631,000	USD		535,000	BRC	08/16/17		4,058		—
INR		141,741,946	USD		2,071,342	BRC	08/16/17		73,058		—
INR		35,288,600	USD		535,000	CIT	08/16/17		—		1,122
INR		34,125,377	USD		498,617	JPM	08/16/17		17,662		—
INR		35,524,000	USD		535,000	JPM	08/16/17		2,439		—
INR		35,524,000	USD		535,000	JPM	08/16/17		2,439		—
INR		68,473,600	USD		1,040,000	JPM	08/16/17		—		4,070
INR		32,169,564	USD		470,040	SCB	08/16/17		16,650		—
INR		35,478,525	USD		535,000	SCB	08/16/17		1,751		—
INR		35,497,250	USD		535,000	SCB	08/16/17		2,034		—
INR		35,537,375	USD		535,000	SCB	08/16/17		2,641		—
INR		35,288,600	USD		535,000	UBS	08/16/17		—		1,122
INR		35,387,575	USD		535,000	UBS	08/16/17		375		—
KRW		1,899,817,725	USD		1,573,948	BRC	04/05/17		124,923		—
KRW		3,526,254,321	USD		2,921,987	JPM	04/05/17		231,289		—
KRW		2,319,540,000	USD		2,010,000	JPM	07/06/17		66,428		—

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
KRW		1,858,682,576	USD		1,540,174	SCB	04/05/17	$	121,912	$	—
MXN		6,916,536	USD		360,000	BRC	04/18/17		8,623		—
MXN		6,935,508	USD		360,000	BRC	04/18/17		9,634		—
MXN		7,046,100	USD		360,000	BRC	04/18/17		15,528		—
MXN		6,805,080	USD		360,000	CIT	04/18/17		2,683		—
MXN		6,858,360	USD		360,000	JPM	04/18/17		5,523		—
MXN		6,906,560	USD		360,000	JPM	04/18/17		8,091		—
MXN		6,924,780	USD		360,000	SCB	04/18/17		9,063		—
MXN		37,068,696	USD		1,960,000	SCB	04/18/17		15,610		—
MXN		6,793,236	USD		360,000	UBS	04/18/17		2,052		—
MXN		6,838,560	USD		360,000	UBS	04/18/17		4,467		—
MXN		6,856,920	USD		360,000	UBS	04/18/17		5,446		—
PHP		26,964,000	USD		535,000	BRC	04/18/17		2,048		—
PHP		26,800,825	USD		535,000	JPM	04/18/17		—		1,202
PHP		26,811,525	USD		535,000	JPM	04/18/17		—		989
PHP		26,873,050	USD		535,000	JPM	04/18/17		237		—
PHP		26,961,325	USD		535,000	JPM	04/18/17		1,995		—
PHP		7,531,500	USD		150,000	SCB	04/18/17		7		—
PHP		26,811,525	USD		535,000	SCB	04/18/17		—		989
PHP		26,902,475	USD		535,000	SCB	04/18/17		823		—
PHP		26,808,850	USD		535,000	UBS	04/18/17		—		1,042
PHP		26,918,525	USD		535,000	UBS	04/18/17		1,142		—
PLN		17,674,628	USD		4,500,000	BRC	04/18/17		—		43,749
PLN		4,261,682	USD		1,090,000	SCB	04/18/17		—		15,515
RUB		36,066,922	USD		584,231	BRC	04/10/17		55,719		—
RUB		49,743,564	USD		823,103	BRC	04/10/17		59,518		—
RUB		50,186,785	USD		824,593	BRC	04/10/17		65,892		—
RUB		90,604,115	USD		1,495,204	BRC	04/10/17		112,423		—
RUB		109,150,064	USD		1,760,492	BRC	04/10/17		176,203		—
RUB		153,161,060	USD		2,516,257	BRC	04/10/17		201,343		—
RUB		124,680,558	USD		2,165,100	BRC	07/10/17		2,442		—
RUB		124,680,558	USD		2,165,157	CIT	07/10/17		2,386		—
RUB		42,206,011	USD		692,907	JPM	04/10/17		55,972		—
RUB		54,477,907	USD		893,743	JPM	04/10/17		72,882		—
RUB		113,149,563	USD		1,829,508	JPM	04/10/17		178,152		—
RUB		127,121,662	USD		2,094,796	JPM	04/10/17		160,776		—
RUB		166,189,465	USD		2,746,897	JPM	04/10/17		201,872		—
RUB		179,282,164	USD		2,905,769	JPM	04/10/17		275,309		—
RUB		124,680,558	USD		2,165,232	SCB	07/10/17		2,311		—
RUB		124,680,558	USD		2,165,984	UBS	07/10/17		1,559		—
SGD		9,238,313	USD		6,620,880	BRC	05/15/17		—		14,472
TRY		1,123,861	USD		308,000	BRC	04/18/17		—		102
TRY		1,124,262	USD		308,000	CIT	04/18/17		8		—
TRY		1,116,053	USD		308,000	JPM	04/18/17		—		2,241
TRY		1,122,706	USD		308,000	JPM	04/18/17		—		418
TRY		1,127,834	USD		308,000	JPM	04/18/17		987		—

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
TRY		1,126,125	USD		308,000	SCB	04/18/17	$	519	$	—
TRY		1,133,009	USD		308,000	SCB	04/18/17		2,405		—
TRY		1,158,373	USD		308,000	SCB	04/18/17		9,353		—
TRY		2,268,084	USD		620,000	SCB	04/18/17		1,375		—
TRY		1,119,826	USD		308,000	UBS	04/18/17		—		1,207
TRY		1,123,492	USD		308,000	UBS	04/18/17		—		203
TWD		79,112,077	USD		2,610,012	JPM	04/05/17		—		2,710
TWD		79,112,077	USD		2,448,532	JPM	04/05/17		158,770		—
TWD		57,678,600	USD		1,860,000	JPM	07/06/17		48,908		—
TWD		20,667,713	USD		681,855	SCB	04/05/17		—		708
TWD		20,667,713	USD		639,966	SCB	04/05/17		41,181		—
USD		274,010	ARS		4,263,601	CIT	04/05/17		—		2,958
USD		290,000	ARS		4,719,750	CIT	04/05/17		—		16,600
USD		162,767	ARS		2,524,517	CIT	04/06/17		—		1,161
USD		244,466	ARS		3,786,776	CIT	04/06/17		—		1,426
USD		325,324	ARS		5,049,034	CIT	04/06/17		—		2,531
USD		257,077	ARS		4,006,549	JPM	04/05/17		—		3,192
USD		111,944	ARS		1,737,373	JPM	04/06/17		—		871
USD		1,137,720	BRL		3,663,458	BRC	04/04/17		—		32,490
USD		1,132,270	BRL		3,663,458	BRC	04/05/17		—		37,644
USD		1,740,030	BRL		5,472,394	BRC	04/05/17		—		7,561
USD		1,743,634	BRL		5,472,394	BRC	04/05/17		—		3,957
USD		1,745,580	BRL		5,472,394	BRC	04/05/17		—		2,011
USD		161,415	BRL		509,813	BRC	04/06/17		—		1,351
USD		1,096,815	BRL		3,842,143	BRC	02/09/18		—		57,405
USD		578,124	BRL		1,831,729	CIT	04/04/17		—		6,980
USD		1,740,916	BRL		5,472,395	CIT	04/05/17		—		6,675
USD		1,742,801	BRL		5,472,395	CIT	04/05/17		—		4,790
USD		1,790,000	BRL		5,719,050	CIT	04/05/17		—		36,360
USD		915,314	BRL		2,867,679	CIT	04/06/17		—		238
USD		1,812,494	BRL		5,702,107	CIT	04/17/17		—		3,291
USD		579,239	BRL		1,831,729	CIT	05/10/17		—		1,081
USD		1,740,307	BRL		5,472,394	JPM	04/05/17		—		7,284
USD		1,743,078	BRL		5,472,394	JPM	04/05/17		—		4,513
USD		1,743,356	BRL		5,472,394	JPM	04/05/17		—		4,235
USD		1,788,990	BRL		6,285,615	JPM	02/09/18		—		99,274
USD		102,164	BRL		323,697	SCB	04/04/17		—		1,234
USD		103,816	BRL		323,697	SCB	04/04/17		418		—
USD		578,124	BRL		1,831,729	SCB	04/04/17		—		6,980
USD		1,009,878	BRL		3,199,698	SCB	04/04/17		—		12,194
USD		1,013,685	BRL		3,199,698	SCB	04/04/17		—		8,386
USD		1,740,030	BRL		5,472,394	SCB	04/05/17		—		7,561
USD		1,742,801	BRL		5,472,394	SCB	04/05/17		—		4,790
USD		1,743,356	BRL		5,472,394	SCB	04/05/17		—		4,235
USD		579,221	BRL		1,831,729	SCB	05/10/17		—		1,099
USD		505,206	BRL		1,769,331	SCB	02/09/18		—		26,320

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		1,743,912	BRL		5,472,395	UBS	04/05/17	$	—	$	3,680
USD		1,788,990	BRL		6,284,184	UBS	02/09/18		—		98,844
USD		2,934,588	CAD		3,937,513	BRC	04/04/17		—		26,326
USD		551,023	CAD		725,532	BRC	07/05/17		4,746		—
USD		630,938	CAD		840,290	BRC	07/05/17		—		1,743
USD		761,440	CAD		1,016,199	BRC	07/05/17		—		3,689
USD		1,471,187	CAD		1,951,184	BRC	07/05/17		2,077		—
USD		2,213,177	CAD		2,917,631	BRC	07/05/17		16,397		—
USD		2,967,765	CAD		3,937,513	BRC	07/05/17		3,084		—
USD		3,299,033	CAD		4,350,771	BRC	07/05/17		23,195		—
USD		1,069,062	CAD		1,422,755	CIT	07/05/17		—		2,177
USD		905,412	CAD		1,214,936	JPM	04/04/17		—		8,191
USD		914,655	CAD		1,214,936	JPM	04/04/17		1,052		—
USD		1,819,611	CAD		2,429,872	JPM	07/05/17		—		9,919
USD		2,328,813	CAD		3,088,938	JPM	07/05/17		3,051		—
USD		580,967	CAD		766,023	UBS	07/05/17		4,204		—
USD		893,560	CAD		1,192,277	UBS	07/05/17		—		4,144
USD		3,328,977	CAD		4,395,681	UBS	07/05/17		19,325		—
USD		2,240,463	HUF		637,579,693	BRC	05/05/17		34,199		—
USD		2,653,840	HUF		762,806,624	BRC	05/05/17		14,245		—
USD		2,239,597	HUF		637,579,694	CIT	05/05/17		33,333		—
USD		2,651,009	HUF		762,806,624	CIT	05/05/17		11,413		—
USD		2,239,872	HUF		637,579,693	JPM	05/05/17		33,609		—
USD		2,649,784	HUF		762,806,624	JPM	05/05/17		10,188		—
USD		2,236,376	HUF		637,579,693	SCB	05/05/17		30,112		—
USD		2,648,266	HUF		762,806,624	SCB	05/05/17		8,671		—
USD		1,146,295	IDR		16,466,533,679	BRC	12/11/17		—		57,673
USD		1,450,750	IDR		20,850,173,612	BRC	12/13/17		—		73,484
USD		154,000	IDR		2,148,762,000	BRC	01/08/18		—		2,695
USD		154,000	IDR		2,132,130,000	BRC	01/08/18		—		1,482
USD		154,000	IDR		2,115,960,000	BRC	01/08/18		—		303
USD		1,088,831	IDR		15,619,286,290	CIT	12/14/17		—		52,909
USD		2,516,163	IDR		36,195,000,000	CIT	12/14/17		—		129,623
USD		2,506,518	IDR		36,052,500,000	CIT	12/15/17		—		128,635
USD		1,840,000	IDR		25,944,000,000	CIT	01/05/18		—		52,876
USD		154,000	IDR		2,116,730,000	CIT	01/08/18		—		359
USD		1,329,340	IDR		19,095,966,322	JPM	12/11/17		—		66,883
USD		1,062,504	IDR		15,273,493,015	JPM	12/13/17		—		54,051
USD		1,433,506	IDR		20,613,813,710	JPM	12/14/17		—		73,325
USD		154,000	IDR		2,124,892,000	JPM	01/08/18		—		954
USD		154,000	IDR		2,119,810,000	JPM	01/08/18		—		584
USD		154,000	IDR		2,122,582,000	JPM	01/08/18		—		786
USD		154,000	IDR		2,126,740,000	SCB	01/08/18		—		1,089
USD		154,000	IDR		2,120,580,000	UBS	01/08/18		—		640
USD		154,000	IDR		2,125,970,000	UBS	01/08/18		—		1,033
USD		1,569,864	KRW		1,899,817,725	BRC	04/05/17		—		129,007

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		549,253	KRW		657,455,350	BRC	07/06/17	$	—	$	39,295
USD		1,575,122	KRW		1,899,817,725	BRC	07/06/17		—		125,575
USD		1,977,157	KRW		2,380,121,802	BRC	07/06/17		—		153,503
USD		910,056	KRW		1,070,498,967	CIT	07/06/17		—		48,244
USD		911,421	KRW		1,098,080,406	CIT	07/06/17		—		71,569
USD		1,827,808	KRW		2,183,316,871	CIT	07/06/17		—		126,675
USD		1,836,179	KRW		2,184,318,764	CIT	07/06/17		—		119,200
USD		2,914,098	KRW		3,526,254,321	JPM	04/05/17		—		239,177
USD		862,558	KRW		1,033,042,800	JPM	07/06/17		—		62,211
USD		911,421	KRW		1,096,348,706	JPM	07/06/17		—		70,019
USD		918,090	KRW		1,093,077,478	JPM	07/06/17		—		60,422
USD		1,472,939	KRW		1,761,742,832	JPM	07/06/17		—		104,155
USD		2,924,896	KRW		3,526,254,321	JPM	07/06/17		—		231,771
USD		1,536,038	KRW		1,858,682,576	SCB	04/05/17		—		126,048
USD		692,444	KRW		814,521,783	SCB	07/06/17		—		36,708
USD		862,198	KRW		1,033,042,800	SCB	07/06/17		—		62,571
USD		1,015,731	KRW		1,208,374,791	SCB	07/06/17		—		65,993
USD		1,541,260	KRW		1,858,682,576	SCB	07/06/17		—		122,613
USD		49,962	RUB		2,987,043	BRC	04/10/17		—		3,039
USD		322,886	RUB		19,254,185	BRC	04/10/17		—		18,749
USD		481,000	RUB		28,491,073	BRC	04/10/17		—		24,529
USD		481,000	RUB		27,776,788	BRC	04/10/17		—		11,855
USD		652,216	RUB		39,003,515	BRC	04/10/17		—		39,839
USD		2,209,865	RUB		124,680,558	BRC	04/10/17		—		2,395
USD		2,209,865	RUB		124,680,558	CIT	04/10/17		—		2,395
USD		60,038	RUB		3,591,183	JPM	04/10/17		—		3,682
USD		387,114	RUB		22,968,626	JPM	04/10/17		—		20,428
USD		481,000	RUB		28,587,033	JPM	04/10/17		—		26,232
USD		481,000	RUB		28,838,596	JPM	04/10/17		—		30,695
USD		481,000	RUB		28,636,335	JPM	04/10/17		—		27,106
USD		481,000	RUB		28,013,440	JPM	04/10/17		—		16,054
USD		481,000	RUB		27,905,215	JPM	04/10/17		—		14,134
USD		481,000	RUB		27,641,868	JPM	04/10/17		—		9,461
USD		481,000	RUB		28,047,832	JPM	04/10/17		—		16,664
USD		587,784	RUB		35,143,586	JPM	04/10/17		—		35,784
USD		1,160,000	RUB		70,871,360	JPM	04/10/17		—		97,500
USD		481,000	RUB		28,762,598	SCB	04/10/17		—		29,347
USD		2,209,865	RUB		124,680,558	SCB	04/10/17		—		2,395
USD		3,367,000	RUB		196,096,774	SCB	04/10/17		—		112,427
USD		2,210,648	RUB		124,680,558	UBS	04/10/17		—		1,611
USD		1,457,239	SGD		2,074,235	BRC	05/15/17		—		26,066
USD		411,000	SGD		575,729	JPM	05/15/17		—		709
USD		411,000	SGD		573,962	JPM	05/15/17		554		—
USD		1,631,613	SGD		2,322,682	JPM	05/15/17		—		29,360
USD		411,000	SGD		580,320	SCB	05/15/17		—		3,992
USD		411,000	SGD		575,975	SCB	05/15/17		—		886

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		1,781,148	SGD		2,535,410	SCB	05/15/17	$	—	$	31,949
USD		758,297	TWD		23,844,649	BRC	07/06/17		—		30,856
USD		817,268	TWD		26,123,965	BRC	07/06/17		—		47,320
USD		818,912	TWD		26,098,715	BRC	07/06/17		—		44,841
USD		1,548,782	TWD		49,259,000	BRC	07/06/17		—		81,474
USD		1,671,743	TWD		53,211,577	BRC	07/06/17		—		89,326
USD		2,442,108	TWD		79,112,077	JPM	04/05/17		—		165,195
USD		2,610,012	TWD		79,112,077	JPM	04/05/17		2,710		—
USD		851,703	TWD		26,777,542	JPM	07/06/17		—		34,516
USD		905,276	TWD		28,851,161	JPM	07/06/17		—		49,570
USD		910,059	TWD		28,971,723	JPM	07/06/17		—		48,778
USD		1,549,269	TWD		49,259,000	JPM	07/06/17		—		80,987
USD		1,570,000	TWD		50,365,600	JPM	07/06/17		—		96,880
USD		2,453,088	TWD		79,112,077	JPM	07/06/17		—		165,174
USD		2,740,186	TWD		87,585,387	JPM	07/06/17		—		158,505
USD		637,892	TWD		20,667,713	SCB	04/05/17		—		43,255
USD		681,855	TWD		20,667,713	SCB	04/05/17		708		—
USD		242,546	TWD		7,760,266	SCB	07/06/17		—		14,284
USD		641,158	TWD		20,667,713	SCB	07/06/17		—		42,853
USD		1,268,198	TWD		40,320,588	SCB	07/06/17		—		66,236
USD		2,125,812	TWD		67,594,439	SCB	07/06/17		—		111,266
USD		1,985,796	ZAR		25,712,687	BRC	04/05/17		69,585		—
USD		2,490,000	ZAR		33,628,695	BRC	04/18/17		—		10,569
USD		5,990,000	ZAR		78,524,647	BRC	04/18/17		151,050		—
USD		1,985,536	ZAR		25,712,687	CIT	04/05/17		69,324		—
USD		1,985,229	ZAR		25,712,689	HSB	04/05/17		69,017		—
USD		770,000	ZAR		10,453,597	JPM	04/05/17		—		9,044
USD		1,982,474	ZAR		25,712,687	JPM	04/05/17		66,262		—
USD		964,000	ZAR		12,652,404	JPM	04/18/17		23,190		—
USD		1,982,321	ZAR		25,712,687	SCB	04/05/17		66,109		—
USD		161,000	ZAR		2,091,471	SCB	04/18/17		5,482		—
ZAR		1,559,266	USD		112,384	BRC	04/05/17		3,819		—
ZAR		3,905,462	USD		281,630	BRC	04/05/17		9,421		—
ZAR		5,703,507	USD		412,395	BRC	04/05/17		12,653		—
ZAR		13,847,954	USD		1,080,000	BRC	04/18/17		—		50,291
ZAR		25,712,687	USD		1,955,263	BRC	07/05/17		—		68,820
ZAR		2,685,673	USD		193,496	CIT	04/05/17		6,651		—
ZAR		12,180,796	USD		878,370	CIT	04/05/17		29,391		—
ZAR		17,537,530	USD		1,265,873	CIT	04/05/17		41,094		—
ZAR		25,712,687	USD		1,955,010	CIT	07/05/17		—		68,568
ZAR		25,712,689	USD		1,954,743	HSB	07/05/17		—		68,300
ZAR		2,773,611	USD		200,420	JPM	04/05/17		6,281		—
ZAR		12,687,585	USD		915,212	JPM	04/05/17		30,317		—
ZAR		13,542,120	USD		1,080,000	JPM	04/18/17		—		73,033
ZAR		13,678,200	USD		1,080,000	JPM	04/18/17		—		62,914
ZAR		13,757,472	USD		1,080,000	JPM	04/18/17		—		57,019

Lazard Explorer Total Return Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ZAR		25,712,687	USD		1,952,072	JPM	07/05/17	$	—	$	65,629
ZAR		10,698,960	USD		772,404	SCB	04/05/17		24,925		—
ZAR		11,008,690	USD		797,500	SCB	04/05/17		22,911		—
ZAR		17,440,047	USD		1,257,185	SCB	04/05/17		42,517		—
ZAR		17,537,530	USD		1,265,425	SCB	04/05/17		41,541		—
ZAR		23,298,377	USD		1,676,504	SCB	04/05/17		59,784		—
ZAR		13,662,864	USD		1,080,000	SCB	04/18/17		—		64,054
ZAR		13,843,116	USD		1,080,000	SCB	04/18/17		—		50,651
ZAR		14,155,020	USD		1,080,000	SCB	04/18/17		—		27,458
ZAR		25,712,687	USD		1,951,923	SCB	07/05/17		—		65,481
ZAR		13,528,987	USD		1,080,000	UBS	04/18/17		—		74,009
ZAR		13,619,880	USD		1,080,000	UBS	04/18/17		—		67,251
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	7,152,927	$	6,306,341

Written Options open at March 31, 2017:

Description		Counterparty		Number of Contracts				Strike Price				Expiration Date		Premium				Fair Value
USD vs BRL May 17 3.15 Put		JPMS			40,400				$3.38			05/18/17		$	30,037			$	(88,072	)

Credit Default Swap Agreements open at March 31, 2017:

Referenced
Obligation

Counterparty

Notional
Amount

Expiration
Date

Buy/
Sell

Receive
(Pay)
Rate

S&P
Credit
Rating

Fair
Value

Upfront
Premiums Paid
(Received)

Unrealized
Appreciation

Unrealized
Depreciation

CDX EM 27

BRC

83,080,000

06/20/22

Buy

(1.000)%

CCC-AA-

4,380,638

4,499,862

—

119,224

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 37.4%
Brazil \| 9.2%
Brazil Letras do Tesouro Nacional, 0.000%, 04/01/17		BRL		2,870	$	916,298
Brazil NTN-F, 10.000%, 01/01/27		BRL		880		280,573
						1,196,871
Indonesia \| 1.0%
Indonesia Government Bond, 8.250%, 07/15/21		IDR		1,684,000		132,246
Malaysia \| 5.2%
Malaysia Government Bonds:
3.314%, 10/31/17		MYR		1,240		280,195
4.240%, 02/07/18		MYR		1,540		350,501
3.580%, 09/28/18		MYR		190		42,991
						673,687
Mexico \| 7.4%
Mexican Bonos:
4.750%, 06/14/18		MXN		4,400		229,653
6.500%, 06/10/21		MXN		5,970		314,277
5.750%, 03/05/26		MXN		3,180		155,515
Mexico Cetes, 0.000%, 08/31/17		MXN		5,000		259,878
						959,323
Poland \| 3.3%
Poland Government Bond, 5.250%, 10/25/17		PLN		1,700		437,489
Romania \| 3.2%
Romania Government Bonds:
6.750%, 06/11/17		RON		720		170,596
5.850%, 04/26/23		RON		900		241,541
						412,137
Russia \| 3.4%
Russia Government Bonds - OFZ:
7.500%, 08/18/21		RUB		8,700		152,524
7.050%, 01/19/28		RUB		17,550		292,981
						445,505
Turkey \| 4.7%
Turkey Government Bonds:
10.500%, 01/15/20		TRY		1,900		518,593
8.500%, 09/14/22		TRY		390		97,112
						615,705
Total Foreign Government Obligations (Cost $4,780,130)						4,872,963

Description	Security Currency	Principal Amount (000)		Fair Value
Supranationals \| 1.6%
European Investment Bank, 7.200%, 07/09/19 (d) (Cost $212,983)	IDR		2,700,000	$	205,524
US Treasury Securities \| 54.4%
US Treasury Notes:
0.875%, 04/15/17	USD		500		500,039
0.875%, 04/30/17	USD		350		350,055
0.875%, 05/15/17	USD		400		400,094
0.625%, 05/31/17	USD		500		499,948
2.750%, 05/31/17	USD		500		501,561
0.875%, 06/15/17	USD		500		500,078
0.625%, 06/30/17	USD		350		349,836
0.750%, 06/30/17	USD		500		499,883
0.875%, 07/15/17	USD		500		500,039
0.500%, 07/31/17	USD		500		499,530
0.875%, 08/15/17	USD		500		500,039
0.625%, 08/31/17	USD		500		499,492
1.875%, 08/31/17	USD		500		502,111
1.000%, 09/15/17	USD		500		500,353
0.625%, 09/30/17	USD		500		499,357
Total US Treasury Securities (Cost $7,104,913)					7,102,415

Description

Fair
Value

Short-Term Investment | 16.2%

State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield)
(Cost $2,114,950)

2,114,950

Total Investments | 109.6%
(Cost $14,212,976) (b), (g)

14,295,852

Liabilities in Excess of Cash and Other Assets | (9.6)%

(1,255,458)

Net Assets | 100.0%

13,040,394

Lazard Emerging Markets Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	1,042,650	USD	66,602	BNP	04/03/17	$	1,158	$	—
ARS	1,008,330	USD	61,000	BNP	05/02/17		3,783		—
ARS	1,042,650	USD	67,739	CIT	04/03/17		20		—
ARS	1,124,930	USD	67,000	CIT	09/29/17		369		—
CLP	127,611,600	USD	193,000	HSB	04/24/17		191		—
CNY	886,400	USD	128,000	HSB	04/06/17		653		—
CNY	3,620,592	USD	522,000	HSB	04/06/17		3,495		—
CNY	3,464,500	USD	500,000	HSB	05/12/17		1,547		—
CNY	801,676	USD	116,000	HSB	05/26/17		—		79
CNY	4,570,830	USD	660,000	HSB	06/06/17		327		—
COP	213,768,000	USD	72,000	BNP	04/28/17		2,106		—
COP	225,060,000	USD	75,000	SCB	04/12/17		3,191		—
CZK	3,170,606	EUR	118,000	BNP	06/28/17		165		—
CZK	10,515,310	USD	429,021	CIT	10/30/17		—		5,258
CZK	4,600,710	USD	186,000	CIT	02/27/18		1,104		—
EUR	60,868	USD	66,254	CIT	05/15/17		—		1,199
HUF	58,485,200	USD	200,000	BNP	05/02/17		2,360		—
HUF	78,942,560	USD	272,000	BNP	05/02/17		1,143		—
HUF	2,848,600	USD	9,840	BNP	08/29/17		60		—
IDR	988,400,000	USD	70,000	CIT	05/02/17		4,131		—
IDR	1,257,414,500	USD	94,000	CIT	05/02/17		307		—
IDR	961,520,000	USD	68,000	HSB	05/09/17		4,071		—
INR	49,158,560	USD	748,000	HSB	05/23/17		7,370		—
INR	9,535,125	USD	141,000	JPM	04/10/17		6,055		—
INR	13,034,000	USD	190,000	JPM	04/17/17		10,955		—
KRW	1,344,326,880	USD	1,164,000	JPM	04/13/17		39,104		—
KZT	41,513,900	USD	131,000	SCB	05/31/17		—		67
MXN	3,964,423	USD	207,000	JPM	04/27/17		3,996		—
PEN	416,384	USD	128,514	CIT	04/03/17		—		336
PEN	367,102	USD	112,000	CIT	05/05/17		673		—
PEN	410,250	USD	125,000	SCB	04/21/17		1,082		—
PHP	9,557,640	USD	191,000	SCB	04/03/17		—		514
PHP	3,375,045	USD	67,299	SCB	04/11/17		—		67
PHP	5,261,550	USD	105,000	SCB	04/11/17		—		188
PLN	986,135	USD	242,112	CIT	05/19/17		6,442		—
PLN	1,663,140	USD	408,594	JPM	05/19/17		10,600		—
RON	271,602	EUR	60,000	JPM	08/01/17		—		595
RON	746,484	USD	174,923	CIT	08/01/17		392		—
RON	208,785	USD	53,287	CIT	08/29/17		—		4,230
RUB	37,206,310	USD	626,000	CIT	06/13/17		24,076		—
SGD	1,045,368	USD	736,693	SCB	05/15/17		10,860		—
THB	21,155,100	USD	604,000	SCB	04/10/17		11,607		—
TRY	99,727	USD	27,000	CIT	05/08/17		166		—
TRY	752,020	USD	196,033	CIT	05/08/17		8,823		—
TRY	1,091,912	USD	292,000	JPM	05/08/17		5,444		—

Lazard Emerging Markets Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
TWD	2,072,980	USD	66,957	SCB	04/13/17	$	1,358	$	—
USD	67,739	ARS	1,042,650	BNP	04/03/17		—		20
USD	67,311	ARS	1,042,650	CIT	04/03/17		—		448
USD	437,000	BRL	1,391,190	CIT	04/20/17		—		5,720
USD	654,373	CNY	4,506,992	HSB	04/06/17		225		—
USD	10,450	HUF	2,848,600	BNP	08/29/17		550		—
USD	128,000	PEN	416,384	CIT	04/03/17		—		177
USD	128,118	PEN	416,384	CIT	05/05/17		319		—
USD	67,286	PHP	3,375,045	SCB	04/03/17		20		—
USD	123,000	PHP	6,182,595	SCB	04/03/17		—		221
USD	215,000	PLN	876,188	JPM	05/19/17		—		5,843
USD	442,120	PLN	1,773,678	JPM	05/19/17		—		4,934
USD	53,275	RON	208,785	BNP	08/29/17		4,218		—
USD	179,925	RON	761,642	CIT	08/01/17		1,050		—
USD	254,792	RON	1,066,433	CIT	11/09/17		3,973		—
USD	61,000	RON	256,444	JPM	08/01/17		773		—
USD	518,364	TRY	1,909,807	JPM	05/08/17		—		1,881
USD	135,000	ZAR	1,731,645	HSB	04/28/17		6,462		—
ZAR	291,265	USD	23,000	HSB	04/26/17		—		1,372
ZAR	3,086,887	USD	242,871	HSB	04/28/17		—		13,735
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	196,774	$	46,884

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 96.5%
Aerospace & Defense \| 1.2%
Bombardier, Inc., 7.750%, 03/15/20 (d)	$	975	$	1,040,813
KLX, Inc., 5.875%, 12/01/22 (d)		1,400		1,443,750
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,351,000
				3,835,563
Auto Components \| 0.6%
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23		1,800		1,876,500
Automobiles \| 0.6%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		1,800		1,851,300
Beverages \| 0.3%
Constellation Brands, Inc., 7.250%, 05/15/17		950		955,278
Biotechnology \| 0.5%
Grifols Worldwide Operations, Ltd., 5.250%, 04/01/22		1,475		1,531,050
Building Products \| 0.8%
Griffon Corp., 5.250%, 03/01/22		1,800		1,811,250
USG Corp., 8.250%, 01/15/18		675		707,063
				2,518,313
Capital Markets \| 1.6%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,545,000
MPT Operating Partnership LP, 6.375%, 03/01/24		1,810		1,945,750
PetSmart, Inc., 7.125%, 03/15/23 (d)		1,600		1,520,000
				5,010,750
Chemicals \| 4.0%
CF Industries, Inc., 3.450%, 06/01/23		1,975		1,866,375
Chemtura Corp., 5.750%, 07/15/21		1,400		1,447,250
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,668,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		929,421
NOVA Chemicals Corp., 5.250%, 08/01/23 (d)		1,800		1,840,500

Description	Principal Amount (000)		Fair Value
Platform Specialty Products Corp., 6.500%, 02/01/22 (d)	$	1,700	$	1,763,750
Westlake Chemical Corp., 4.625%, 02/15/21 (d)		1,400		1,453,861
WR Grace & Co-Conn, 5.125%, 10/01/21 (d)		1,700		1,785,000
				12,754,157
Commercial Services & Supplies \| 3.2%
ACCO Brands Corp., 5.250%, 12/15/24 (d)		1,800		1,809,000
Ashtead Capital, Inc., 6.500%, 07/15/22 (d)		1,700		1,768,000
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (d)		1,600		1,545,040
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,780,625
The ADT Corp., 6.250%, 10/15/21		1,400		1,521,660
West Corp., 5.375%, 07/15/22 (d)		1,750		1,719,375
				10,143,700
Communications Equipment \| 1.0%
CommScope, Inc., 5.000%, 06/15/21 (d)		1,500		1,541,250
Plantronics, Inc., 5.500%, 05/31/23 (d)		1,750		1,765,313
				3,306,563
Construction Materials \| 0.6%
Standard Industries, Inc., 5.375%, 11/15/24 (d)		1,750		1,772,960
Containers & Packaging \| 4.4%
Ball Corp., 4.000%, 11/15/23		1,900		1,902,375
Cascades, Inc., 5.500%, 07/15/22 (d)		1,500		1,496,250
Crown Americas LLC, 4.500%, 01/15/23		1,800		1,840,500
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (d)		1,892		1,946,395
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,543,140
Sealed Air Corp., 4.875%, 12/01/22 (d)		1,700		1,771,179
Silgan Holdings, Inc., 5.000%, 04/01/20		1,475		1,486,062
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (d)		1,050		1,076,250

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25	$	750	$	885,000
				13,947,151
Diversified Consumer Services \| 0.6%
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (d)		1,800		1,845,000
Diversified Financial Services \| 1.6%
Herc Rentals, Inc., 7.750%, 06/01/24 (d)		1,529		1,628,385
INEOS Group Holdings SA, 5.625%, 08/01/24 (d)		1,700		1,704,250
Level 3 Financing, Inc., 5.125%, 05/01/23		1,800		1,840,500
				5,173,135
Diversified Telecommunication Services \| 2.8%
CenturyLink, Inc., 5.625%, 04/01/20		1,800		1,887,120
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,590,000
Hughes Satellite Systems Corp., 5.250%, 08/01/26 (d)		1,891		1,886,272
SBA Communications Corp., 4.875%, 09/01/24 (d)		1,800		1,777,140
Zayo Group LLC, 5.750%, 01/15/27 (d)		1,750		1,845,900
				8,986,432
Electronic Equipment, Instruments & Components \| 0.6%
Belden, Inc., 5.500%, 09/01/22 (d)		1,750		1,785,000
Energy Equipment & Services \| 0.8%
Transocean, Inc., 9.000%, 07/15/23 (d)		1,250		1,334,375
Weatherford International, Ltd., 8.250%, 06/15/23		1,250		1,359,375
				2,693,750
Equity Real Estate Investment Trusts (REITs) \| 3.3%
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,613,361
Equinix, Inc., 4.875%, 04/01/20		1,872		1,918,800
ESH Hospitality, Inc., 5.250%, 05/01/25 (d)		1,800		1,814,616
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,789,250
RHP Hotel Properties LP, 5.000%, 04/15/23		1,775		1,801,625

Description	Principal Amount (000)		Fair Value
Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (d)	$	1,700	$	1,763,750
				10,701,402
Food & Staples Retailing \| 1.7%
Albertsons Cos. LLC, 6.625%, 06/15/24 (d)		1,750		1,789,375
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,763,125
Performance Food Group, Inc., 5.500%, 06/01/24 (d)		1,805		1,845,613
				5,398,113
Food Products \| 2.3%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,511,250
Darling Ingredients, Inc., 5.375%, 01/15/22		850		879,750
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (d)		1,800		1,836,000
Post Holdings, Inc., 5.000%, 08/15/26 (d)		1,800		1,723,500
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,533,750
				7,484,250
Gas Utilities \| 1.4%
AmeriGas Partners LP, 5.625%, 05/20/24		1,800		1,809,000
Ferrellgas LP, 6.500%, 05/01/21		500		475,000
Ferrellgas Partners LP, 8.625%, 06/15/20		520		497,900
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,773,000
				4,554,900
Health Care Equipment & Supplies \| 1.2%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (d)		1,800		1,865,250
Hologic, Inc., 5.250%, 07/15/22 (d)		1,800		1,887,750
				3,753,000
Health Care Providers & Services \| 4.8%
Centene Corp., 6.125%, 02/15/24		1,750		1,879,062
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,372,000
DaVita, Inc., 5.125%, 07/15/24		1,800		1,818,000
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (d)		1,097		1,160,078

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
HCA, Inc., 6.500%, 02/15/20	$	1,600	$	1,751,008
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,801,000
LifePoint Health, Inc.:
5.500%, 12/01/21		1,400		1,452,500
5.875%, 12/01/23		400		412,000
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,758,446
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		715,190
4.375%, 10/01/21		1,250		1,250,000
				15,369,284
Hotels, Restaurants & Leisure \| 7.3%
1011778 BC ULC, 4.625%, 01/15/22 (d)		1,800		1,842,750
Boyd Gaming Corp., 6.875%, 05/15/23		1,700		1,831,750
Brinker International, Inc., 5.000%, 10/01/24 (d)		2,000		1,975,000
Cedar Fair LP, 5.250%, 03/15/21		1,800		1,845,000
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,818,900
Diamond Resorts International, Inc., 7.750%, 09/01/23 (d)		1,500		1,567,500
GLP Capital LP, 4.875%, 11/01/20		1,500		1,570,050
Hilton Worldwide Finance LLC, 4.625%, 04/01/25 (d)		2,000		2,020,000
International Game Technology PLC:
5.625%, 02/15/20 (d)		250		261,250
6.250%, 02/15/22 (d)		1,450		1,547,875
Landry’s, Inc., 6.750%, 10/15/24 (d)		1,622		1,682,825
MGM Resorts International:
6.625%, 12/15/21		1,000		1,107,500
4.625%, 09/01/26		800		776,000
Six Flags Entertainment Corp., 5.250%, 01/15/21 (d)		1,400		1,439,480
Wynn Las Vegas LLC, 5.375%, 03/15/22		2,007		2,054,666
				23,340,546
Household Durables \| 0.5%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,758,750
Household Products \| 1.1%
Energizer Holdings, Inc., 5.500%, 06/15/25 (d)		1,750		1,785,000

Description	Principal Amount (000)		Fair Value
Spectrum Brands, Inc., 5.750%, 07/15/25	$	1,800	$	1,903,500
				3,688,500
Independent Power & Renewable Electricity Producers \| 0.9%
AES Corp., 7.375%, 07/01/21		1,095		1,237,350
Calpine Corp., 6.000%, 01/15/22 (d)		1,500		1,563,750
				2,801,100
Internet & Direct Marketing Retail \| 0.5%
Netflix, Inc., 5.375%, 02/01/21		1,450		1,549,688
Internet Software & Services \| 0.6%
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,820,250
IT Services \| 0.5%
First Data Corp., 5.375%, 08/15/23 (d)		1,600		1,666,000
Machinery \| 2.2%
Amsted Industries, Inc., 5.000%, 03/15/22 (d)		1,700		1,708,500
SPX FLOW, Inc., 5.625%, 08/15/24 (d)		1,750		1,765,312
Terex Corp.:
6.500%, 04/01/20		1,600		1,626,000
5.625%, 02/01/25 (d)		1,790		1,816,850
				6,916,662
Media \| 13.7%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,507,500
Cable One, Inc., 5.750%, 06/15/22 (d)		1,750		1,820,000
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,563,750
CBS Radio, Inc., 7.250%, 11/01/24 (d)		1,500		1,575,000
CCO Holdings LLC, 5.250%, 03/15/21		1,950		2,003,625
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (d)		1,800		1,851,750
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,750		1,816,710
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,668,000
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,741,111
LIN Television Corp., 5.875%, 11/15/22		1,750		1,811,250

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (d)	$	1,800	$	1,800,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,530,000
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,552,500
Regal Entertainment Group, 5.750%, 03/15/22		1,850		1,930,937
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,942,750
Sirius XM Radio, Inc.:
5.750%, 08/01/21 (d)		1,500		1,558,500
5.375%, 04/15/25 (d)		400		409,400
TEGNA, Inc., 6.375%, 10/15/23		1,900		2,009,250
The McClatchy Co., 9.000%, 12/15/22		1,100		1,141,250
Time, Inc., 5.750%, 04/15/22 (d)		1,425		1,482,000
Tribune Media Co., 5.875%, 07/15/22		1,800		1,876,500
Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (d)		1,800		1,871,802
Univision Communications, Inc., 5.125%, 05/15/23 (d)		1,800		1,793,250
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,887,100
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (d)		1,900		1,911,875
WMG Acquisition Corp., 4.875%, 11/01/24 (d)		1,850		1,859,250
				43,915,060
Metals & Mining \| 3.2%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (d)		1,800		1,930,500
Anglo American Capital PLC, 4.875%, 05/14/25 (d)		1,900		1,937,050
ArcelorMittal, 6.250%, 03/01/21		1,400		1,512,000
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,046,000
Glencore Funding LLC, 4.625%, 04/29/24 (d)		2,000		2,077,080
Tronox Finance LLC, 6.375%, 08/15/20		650		652,437
				10,155,067
Multiline Retail \| 1.1%
Dollar Tree, Inc., 5.750%, 03/01/23		1,750		1,863,750

Description	Principal Amount (000)		Fair Value
J.C. Penney Corp., Inc., 5.875%, 07/01/23 (d)	$	1,800	$	1,800,000
				3,663,750
Oil, Gas & Consumable Fuels \| 11.7%
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,874,281
Cenovus Energy, Inc., 3.800%, 09/15/23		2,000		2,020,096
Continental Resources, Inc., 4.500%, 04/15/23		2,000		1,950,000
Diamondback Energy, Inc., 4.750%, 11/01/24 (d)		1,800		1,810,620
Energy Transfer Equity LP:
7.500%, 10/15/20		1,250		1,393,750
5.875%, 01/15/24		750		796,875
Gulfport Energy Corp., 6.000%, 10/15/24 (d)		1,700		1,649,000
Holly Energy Partners LP, 6.000%, 08/01/24 (d)		1,840		1,927,400
Kinder Morgan, Inc.:
7.000%, 06/15/17		650		656,968
5.000%, 02/15/21 (d)		1,275		1,361,552
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,590,000
Newfield Exploration Co., 5.625%, 07/01/24		1,900		2,002,125
Northern Tier Energy LLC, 7.125%, 11/15/20		1,250		1,300,000
ONEOK Partners LP, 5.000%, 09/15/23		2,000		2,143,602
PBF Holding Co. LLC:
8.250%, 02/15/20		900		918,000
7.000%, 11/15/23		900		902,250
Range Resources Corp., 5.000%, 08/15/22 (d)		1,700		1,683,000
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,404,060
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (d)		1,450		1,515,250
Southwestern Energy Co., 6.700%, 01/23/25		1,800		1,782,000
Sunoco LP, 6.375%, 04/01/23		1,700		1,725,500
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,840,500
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,446,964
Whiting Petroleum Corp., 5.750%, 03/15/21		900		894,375

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
WPX Energy, Inc., 6.000%, 01/15/22	$	900	$	918,000
				37,506,168
Personal Products \| 1.0%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (d)		1,500		1,470,000
Revlon Consumer Products Corp., 6.250%, 08/01/24		1,750		1,745,625
				3,215,625
Pharmaceuticals \| 1.0%
Endo Finance LLC, 5.750%, 01/15/22 (d)		1,600		1,456,000
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (d)		1,700		1,675,350
				3,131,350
Professional Services \| 1.1%
IHS Markit, Ltd., 5.000%, 11/01/22 (d)		1,750		1,833,125
Nielsen Finance LLC, 5.000%, 04/15/22 (d)		1,800		1,840,500
				3,673,625
Real Estate Management & Development \| 0.5%
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,456,000
Road & Rail \| 0.5%
The Hertz Corp., 5.500%, 10/15/24 (d)		1,800		1,563,750
Semiconductors & Semiconductor Equipment \| 0.4%
Amkor Technology, Inc., 6.625%, 06/01/21		1,400		1,428,000
Software \| 0.7%
Nuance Communications, Inc., 5.375%, 08/15/20 (d)		588		597,937
Inception Merger Sub, Inc., 8.625%, 11/15/24 (d)		1,500		1,580,550
				2,178,487
Specialty Retail \| 1.2%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,926,340
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,764,000
				3,690,340
Technology Hardware, Storage & Peripherals \| 2.3%
Diamond 1 Finance Corp., 7.125%, 06/15/24 (d)		1,775		1,962,170

Description	Principal Amount (000)		Fair Value
NCR Corp., 4.625%, 02/15/21	$	1,568	$	1,603,452
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,860,813
Western Digital Corp., 7.375%, 04/01/23 (d)		1,700		1,863,625
				7,290,060
Trading Companies & Distributors \| 2.4%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,590,000
HD Supply, Inc., 5.250%, 12/15/21 (d)		1,500		1,576,875
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,133,000
5.750%, 11/15/24		1,650		1,720,125
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,660,000
				7,680,000
Wireless Telecommunication Services \| 2.2%
Inmarsat Finance PLC, 4.875%, 05/15/22 (d)		1,750		1,732,500
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,574,563
T-Mobile USA, Inc.:
6.250%, 04/01/21		1,850		1,907,812
6.500%, 01/15/26		1,800		1,971,000
				7,185,875
Total Corporate Bonds (Cost $302,058,958)				308,522,204

Description	Shares		Fair Value
Short-Term Investment \| 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $9,289,583)		9,289,583	$	9,289,583
Total Investments \| 99.4% (Cost $311,348,541) (b)			$	317,811,787
Cash and Other Assets in Excess of Liabilities \| 0.6%				1,986,213
Net Assets \| 100.0%			$	319,798,000

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 20.5%
Automobiles \| 14.7%
Ally Auto Receivables Trust:
1.390%, 09/16/19	$	1,137	$	1,137,227
1.470%, 04/15/20		1,750		1,749,487
BMW Vehicle Lease Trust, 1.400%, 09/20/18		2,175		2,175,803
GM Financial Automobile Leasing Trust, 1.610%, 12/20/19		2,225		2,222,491
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (d)		2,250		2,251,302
Mercedes-Benz Auto Lease Trust, 1.350%, 08/15/19		2,630		2,622,874
World Omni Automobile Lease Securitization Trust, 1.450%, 08/15/19		2,475		2,461,558
				14,620,742
Banks \| 5.8%
Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		2,550		2,601,401
Wells Fargo Bank NA, 1.750%, 05/24/19		3,160		3,150,321
				5,751,722
Total Asset-Backed Securities (Cost $20,486,314)				20,372,464
Corporate Bonds \| 39.5%
Banks \| 12.6%
Bank of America Corp.:
2.000%, 01/11/18		3,287		3,295,424
5.650%, 05/01/18		900		936,335
Citigroup, Inc.:
1.800%, 02/05/18		2,235		2,236,167
2.050%, 06/07/19		2,493		2,490,644
JPMorgan Chase & Co., 6.300%, 04/23/19		3,325		3,612,177
				12,570,747
Biotechnology \| 4.4%
AbbVie, Inc., 1.800%, 05/14/18		2,100		2,102,268
Amgen, Inc., 5.700%, 02/01/19		2,103		2,247,787
				4,350,055
Capital Markets \| 7.8%
Morgan Stanley, 2.125%, 04/25/18		3,991		4,006,286
The Goldman Sachs Group, Inc., 7.500%, 02/15/19		3,475		3,813,392
				7,819,678

Description	Principal Amount (000)		Fair Value
Consumer Finance \| 2.6%
Ford Motor Credit Co. LLC, 5.000%, 05/15/18	$	2,475	$	2,556,989
Diversified Telecommunication Services \| 2.5%
Verizon Communications, Inc., 3.650%, 09/14/18		2,435		2,498,865
Food & Staples Retailing \| 3.9%
CVS Health Corp., 1.900%, 07/20/18		2,175		2,179,118
The Kroger Co., 2.300%, 01/15/19		1,700		1,710,380
				3,889,498
Media \| 1.6%
Comcast Corp., 5.875%, 02/15/18		1,553		1,611,930
Oil, Gas & Consumable Fuels \| 3.3%
Marathon Oil Corp., 6.000%, 10/01/17		1,959		2,001,802
ONEOK Partners LP, 2.000%, 10/01/17		1,300		1,301,529
				3,303,331
Semiconductors & Semiconductor Equipment \| 0.8%
QUALCOMM, Inc., 1.400%, 05/18/18		775		774,729
Total Corporate Bonds (Cost $39,443,418)				39,375,822
Municipal Bonds \| 2.0%
Kentucky \| 2.0%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 (Cost $1,960,036)		1,939		1,947,309
US Government Securities \| 22.1%
Mortgage-Backed Securities \| 22.1%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 3.077%, 05/01/40 (e)		565		600,452
Pool# 1B8709, 2.689%, 08/01/34 (e)		1,493		1,569,546
Pool# 1H2577, 2.861%, 09/01/35 (e)		878		928,276
Pool# 848138, 2.880%, 07/01/38 (e)		837		884,900
Pool# 848514, 2.983%, 03/01/32 (e)		1,692		1,779,592
Pool# 848517, 2.815%, 12/01/34 (e)		1,140		1,204,653
Pool# 849414, 2.833%, 07/01/35 (e)		1,469		1,549,788
Pool# G13867, 5.000%, 06/01/25		342		367,620
Federal National Mortgage Association:
Pool# 725296, 3.231%, 03/01/34 (e)		644		679,286
Pool# 725429, 5.000%, 05/01/19		184		189,441
Pool# 889735, 5.500%, 07/01/23		285		305,726
Pool# 889828, 5.000%, 10/01/19		135		138,376
Pool# 963058, 3.026%, 05/01/38 (e)		645		687,418
Pool# 995609, 3.160%, 04/01/35 (e)		767		814,525

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Pool# AD0701, 2.931%, 02/01/37 (e)	$	898	$	947,883
Pool# AE0149, 2.809%, 12/01/36 (e)		769		812,511
Pool# AE0315, 4.500%, 02/01/21		48		49,528
Pool# AE0887, 3.063%, 09/01/40 (e)		354		374,845
Pool# AL0345, 3.080%, 11/01/35 (e)		659		699,457
Pool# AL3232, 3.309%, 02/01/40 (e)		373		396,680
Pool# AL3260, 2.987%, 07/01/38 (e)		456		483,711
Pool# AL3739, 2.771%, 07/01/38 (e)		255		269,237
Pool# AL3746, 2.808%, 01/01/37 (e)		880		928,359
Pool# AL3941, 6.000%, 03/01/24		340		360,687
Pool# AL4118, 3.140%, 05/01/35 (e)		557		589,011
Pool# AL4545, 2.759%, 05/01/39 (e)		656		689,671
Pool# AL4660, 3.105%, 11/01/41 (e)		754		797,067
Pool# AL5574, 2.756%, 12/01/40 (e)		1,255		1,324,936
Pool# AL5642, 2.811%, 05/01/39 (e)		1,545		1,629,733
Total US Government Securities (Cost $22,068,197)				22,052,915
US Treasury Securities \| 14.1%
US Treasury Notes:
1.375%, 02/28/19		990		992,282
1.625%, 03/31/19		13,010		13,099,951
Total US Treasury Securities (Cost $14,170,674)				14,092,233


Description	Shares		Fair Value
Short-Term Investment \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $1,096,398)		1,096,398	$	1,096,398
Total Investments \| 99.3% (Cost $99,225,037) (b)			$	98,937,141
Cash and Other Assets in Excess of Liabilities \| 0.7%				744,985
Net Assets \| 100.0%			$	99,682,126

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 35.3%
Australia \| 1.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		20	$	15,836
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		35		27,639
					43,475
Belgium \| 1.5%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21	USD		55		55,409
Canada \| 2.7%
Shaw Communications, Inc., 5.650%, 10/01/19	CAD		55		45,134
The Toronto-Dominion Bank, 2.250%, 11/05/19	USD		55		55,360
					100,494
France \| 1.8%
Orange SA, 5.375%, 07/08/19	USD		65		69,555
Germany \| 2.4%
BMW Finance NV, 3.375%, 12/14/18	GBP		40		52,234
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		40		40,440
					92,674
Netherlands \| 1.6%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20	NZD		80		59,036
United Kingdom \| 2.9%
GKN Holdings PLC, 6.750%, 10/28/19	GBP		30		42,487
SSE PLC, 5.000%, 10/01/18	GBP		50		66,493
					108,980
United States \| 21.3%
Alphabet, Inc., 3.625%, 05/19/21	USD		25		26,542
Amazon.com, Inc., 3.800%, 12/05/24	USD		45		47,644
Apple, Inc., 3.850%, 05/04/43	USD		75		71,845
Citigroup, Inc., 3.320%, 05/04/21 (e)	AUD		95		73,467
Constellation Brands, Inc., 4.250%, 05/01/23	USD		25		26,346

Description	Security Currency	Principal Amount (000)		Fair Value
HCA, Inc., 6.500%, 02/15/20	USD		25	$	27,360
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		35		26,662
John Deere Capital Corp., 2.300%, 09/16/19	USD		40		40,425
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		45		48,491
Microsoft Corp., 4.450%, 11/03/45	USD		70		73,927
Nestle Holdings, Inc., 2.750%, 04/15/20	NOK		340		41,528
NIKE, Inc., 2.375%, 11/01/26	USD		40		37,401
Sealed Air Corp., 4.875%, 12/01/22	USD		10		10,419
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		110		79,979
3.625%, 01/22/23	USD		15		15,375
The Home Depot, Inc., 2.625%, 06/01/22	USD		45		45,362
Union Pacific Corp., 4.163%, 07/15/22	USD		40		43,184
United Rentals North America, Inc., 4.625%, 07/15/23	USD		45		46,350
Wells Fargo & Co., 3.090%, 07/27/21 (e)	AUD		35		27,064
					809,371
Total Corporate Bonds (Cost $1,397,477)					1,338,994
Foreign Government Obligations \| 44.0%
Australia \| 3.2%
Queensland Treasury Corp.:
5.500%, 06/21/21	AUD		55		47,276
3.000%, 03/22/24	AUD		45		34,743
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		45		40,840
					122,859
Bahamas \| 2.0%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		70		74,725
Bermuda \| 2.9%
Government of Bermuda, 5.603%, 07/20/20	USD		100		109,125
Canada \| 4.6%
City of Vancouver, 2.900%, 11/20/25	CAD		50		38,727
Province of Ontario, 2.450%, 06/29/22	USD		45		45,127
Province of Quebec:

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
3.500%, 07/29/20	USD		65	$	68,146
1.650%, 03/03/22	CAD		30		22,527
					174,527
Chile \| 1.6%
Republic of Chile, 5.500%, 08/05/20	CLP		37,500		59,824
Czech Republic \| 1.7%
Czech Republic, 0.060%, 12/09/20 (e)	CZK		1,650		65,897
Hungary \| 2.3%
Hungary Government Bond, 5.500%, 06/24/25	HUF		21,540		87,420
Ireland \| 1.0%
Irish Treasury, 3.400%, 03/18/24	EUR		30		38,294
Mexico \| 3.5%
Mexican Bonos:
6.500%, 06/09/22	MXN		990		51,893
7.750%, 05/29/31	MXN		450		25,000
United Mexican States, 6.750%, 02/06/24	GBP		38		57,906
					134,799
New Zealand \| 1.8%
New Zealand Government Bonds:
6.000%, 12/15/17	NZD		50		35,976
6.000%, 05/15/21	NZD		40		31,151
					67,127
Norway \| 3.2%
Oslo Kommune, 3.550%, 02/12/21	NOK		1,000		123,447
Philippines \| 3.2%
Republic of Philippines, 4.950%, 01/15/21	PHP		6,000		120,478
Poland \| 3.9%
Poland Government Bond, 1.810%, 01/25/21 (e)	PLN		375		93,503
Republic of Poland, 3.000%, 03/17/23	USD		55		54,931
					148,434
Romania \| 2.4%
Romanian Government Bonds:
3.625%, 04/24/24	EUR		28		33,515
4.750%, 02/24/25	RON		225		56,806
					90,321

Description	Security Currency	Principal Amount (000)		Fair Value
Singapore \| 3.6%
Singapore Government Bond, 3.000%, 09/01/24	SGD		180	$	136,655
Spain \| 3.1%
Spain Government Bonds:
1.600%, 04/30/25	EUR		40		43,692
1.950%, 07/30/30	EUR		70		73,963
					117,655
Total Foreign Government Obligations (Cost $1,779,943)					1,671,587
Quasi Government Bonds \| 0.8%
Canada \| 0.8%
Hydro-Quebec, 9.625%, 07/15/22	CAD		30		31,350
Total Quasi Government Bonds (Cost $35,530)					31,350
Supranationals \| 8.7%
Asian Development Bank, 2.125%, 03/19/25	USD		60		57,900
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		44		46,887
European Bank for Reconstruction & Development, 10.000%, 11/16/18	IDR		300,000		23,540
European Investment Bank, 1.125%, 09/16/21 (d)	CAD		75		55,457
Inter-American Development Bank, 6.000%, 09/05/17	INR		1,550		23,865
International Bank for Reconstruction & Development, 3.500%, 01/22/21	NZD		20		14,226
International Finance Corp.:
6.450%, 10/30/18	INR		4,160		64,729
3.625%, 05/20/20	NZD		60		42,872
Total Supranationals (Cost $334,755)					329,476
US Municipal Bonds \| 7.1%
Alaska \| 2.3%
Alaska State Qualified School Construction Bond, 5.342%, 08/01/27	USD		75		88,265
California \| 1.3%
California State Build America Bond, 7.500%, 04/01/34	USD		35		49,587
Texas \| 3.5%
University of Texas Build America Bond Series B, 6.276%, 08/15/41	USD		70		76,590

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Texas State Build America Bond Series A, 4.123%, 04/01/25	USD		50	$	54,915
					131,505
Total US Municipal Bonds (Cost $274,460)					269,357
US Treasury Securities \| 5.0%
US Treasury Notes:
2.125%, 05/15/25	USD		25		24,617
1.625%, 05/15/26	USD		135		126,605
2.500%, 05/15/46	USD		45		40,285
Total US Treasury Securities (Cost $191,211)					191,507


Description	Shares		Fair Value
Short-Term Investment \| 0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $15,711)		15,711	$	15,711
Total Investments \| 101.3% (Cost $4,029,087) (b), (g)			$	3,847,982
Liabilities in Excess of Cash and Other Assets \| (1.3)%				(48,400)
Net Assets \| 100.0%			$	3,799,582

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	102,340	USD	78,685	HSB	05/24/17	$	—	$	568
CAD	35,489	USD	26,553	CIT	05/24/17		152		—
CAD	46,783	USD	34,930	HSB	05/24/17		273		—
CHF	34,943	USD	34,965	HSB	05/24/17		21		—
CZK	133,183	USD	5,480	CIT	07/11/17		—		158
CZK	112,388	USD	4,411	HSB	07/11/17		80		—
DKK	395,118	USD	56,692	HSB	05/24/17		106		—
EUR	15,056	USD	16,117	CIT	05/24/17		—		19
EUR	38,367	USD	40,900	CIT	05/24/17		123		—
EUR	52,935	USD	56,800	HSB	05/24/17		—		201
EUR	18,499	USD	19,508	SSB	05/24/17		272		—
EUR	134,375	USD	143,290	SSB	05/24/17		389		—
EUR	550,448	USD	586,965	SSB	05/24/17		1,592		—
GBP	21,064	USD	26,263	CIT	05/24/17		158		—
GBP	59,230	USD	72,403	CIT	05/24/17		1,892		—
JPY	38,817,503	USD	347,809	CIT	05/24/17		1,495		—
JPY	4,222,249	USD	37,900	HSB	05/24/17		94		—
JPY	47,947,718	USD	429,526	HSB	05/24/17		1,938		—
KRW	61,521,900	USD	52,542	HSB	04/20/17		2,484		—
MXN	226,306	USD	11,500	HSB	05/24/17		495		—
MXN	426,660	USD	21,300	HSB	05/24/17		1,314		—
NOK	419,619	USD	49,993	SSB	05/24/17		—		1,097
NZD	67,653	USD	47,344	SSB	05/24/17		21		—
PHP	5,009,421	USD	99,728	HSB	05/24/17		—		121
PLN	178,317	USD	43,567	HSB	05/24/17		1,376		—
RON	33,569	USD	7,766	HSB	04/27/17		102		—
SEK	235,453	USD	26,522	CIT	05/24/17		—		184
SEK	564,827	USD	63,630	HSB	05/24/17		—		448
USD	10,800	AUD	14,280	CIT	05/24/17		—		100
USD	20,700	AUD	26,915	CIT	05/24/17		156		—
USD	54,920	AUD	71,702	CIT	05/24/17		189		—
USD	34,497	AUD	44,923	HSB	05/24/17		206		—
USD	173,745	AUD	226,847	HSB	05/24/17		589		—
USD	134,111	CAD	175,475	CIT	05/24/17		2,070		—
USD	6,900	CAD	9,238	HSB	05/24/17		—		51
USD	20,293	CAD	26,551	HSB	05/24/17		314		—
USD	22,892	CAD	29,969	HSB	05/24/17		341		—
USD	59,268	CLP	38,743,280	CIT	08/14/17		920		—
USD	20,168	CZK	500,190	HSB	07/11/17		179		—
USD	54,374	CZK	1,291,220	JPM	07/11/17		2,772		—
USD	6,500	DKK	45,556	HSB	05/24/17		—		49
USD	59,000	EUR	54,447	HSB	05/24/17		784		—
USD	42,802	EUR	40,249	SSB	05/24/17		—		234
USD	95,700	EUR	90,251	SSB	05/24/17		—		799
USD	62,945	GBP	50,346	CIT	05/24/17		—		206

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	15,948	GBP	12,752	HSB	05/24/17	$	—	$	48
USD	26,300	GBP	21,463	HSB	05/24/17		—		622
USD	86,201	HUF	24,922,344	JPM	05/24/17		—		92
USD	33,600	INR	2,188,032	CIT	04/13/17		—		55
USD	52,125	INR	3,607,824	CIT	04/13/17		—		3,369
USD	27,600	JPY	3,114,328	CIT	05/24/17		—		425
USD	41,500	JPY	4,604,176	HSB	05/24/17		69		—
USD	82,600	JPY	9,419,530	HSB	05/24/17		—		2,163
USD	39,500	MXN	762,860	HSB	05/24/17		—		933
USD	54,670	MXN	1,128,215	SSB	05/24/17		—		5,127
USD	216,504	NOK	1,813,673	HSB	05/24/17		5,167		—
USD	5,400	NZD	7,699	SSB	05/24/17		10		—
USD	22,562	NZD	31,568	SSB	05/24/17		461		—
USD	261,032	NZD	365,222	SSB	05/24/17		5,339		—
USD	99,690	PHP	5,009,421	HSB	05/24/17		83		—
USD	123,877	PLN	501,587	HSB	05/24/17		—		2,542
USD	12,801	RON	54,073	HSB	04/27/17		127		—
USD	50,612	RON	208,910	HSB	04/27/17		1,646		—
USD	12,400	SEK	111,389	HSB	05/24/17		—		60
USD	128,852	SGD	183,316	SSB	05/24/17		—		2,248
USD	31,635	ZAR	425,630	HSB	04/19/17		—		8
ZAR	425,630	USD	31,000	HSB	04/19/17		644		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	36,443	$	21,927

Description	Shares		Fair Value
Lazard US Realty Income Portfolio
Preferred Stocks \| 36.8%
Equity Real Estate Investment Trusts (REITs) \| 35.3%
Alexandria Real Estate Equities, Inc., Series D, 7.000%		35,339	$	1,231,564
American Homes 4 Rent, Series E, 6.350%		31,176		798,106
Ashford Hospitality Prime, Inc., Series b, 5.500%		43,591		857,435
Ashford Hospitality Trust, Inc., Series G, 7.375%		24,490		586,781
CBL & Associates Properties, Inc., Series D, 7.375%		33,264		798,003
City Office REIT, Inc., Series A, 6.625%		9,600		240,960
Colony NorthStar, Inc., Series H, 7.125%		8,040		200,759
DDR Corp., Series K, 6.250%		22,541		568,033
Digital Realty Trust, Inc., Series G, 5.875%		43,838		1,111,293
Equity LifeStyle Properties, Inc., Series C, 6.750%		4,300		110,037
Hersha Hospitality Trust, Series E, 6.500%		7,400		182,797
Kilroy Realty Corp., Series H, 6.375%		17,700		450,465
Kimco Realty Corp., Series J, 5.500%		38,700		965,178
National Retail Properties, Inc., Series F, 5.200%		15,300		354,807
Pebblebrook Hotel Trust, Series C, 6.500%		36,949		933,332
PS Business Parks, Inc., Series U, 5.750%		45,223		1,150,021
Public Storage, Series E, 4.900%		25,900		582,491
Rexford Industrial Realty, Inc., Series A, 5.875%		16,400		397,208
STAG Industrial, Inc., Series B, 6.625%		8,600		217,838
Taubman Centers, Inc., Series K, 6.250%		26,467		661,410
Washington Prime Group, Inc., Series I, 6.875%		8,900		222,055
				12,620,573
Mortgage Real Estate Investment Trusts (REITs) \| 1.5%
Apollo Commercial Real Estate Finance, Inc., Series A, 8.625%		21,300		542,745

Description	Shares		Fair Value
Total Preferred Stocks (Cost $13,051,908)			$	13,163,318
Real Estate Investment Trusts \| 59.7%
Equity Real Estate Investment Trusts (REITs) \| 53.7%
Colony NorthStar, Inc.		100,203		1,293,621
Education Realty Trust, Inc.		19,124		781,215
EPR Properties		7,249		533,744
Extra Space Storage, Inc.		19,805		1,473,294
GGP, Inc.		54,967		1,274,135
Life Storage, Inc.		14,006		1,150,173
National Health Investors, Inc.		2,491		180,921
National Storage Affiliates Trust		62,208		1,486,771
Park Hotels & Resorts, Inc.		29,000		744,430
Pennsylvania Real Estate Investment Trust		41,150		623,011
Physicians Realty Trust		90,383		1,795,910
Retail Opportunity Investments Corp.		40,851		859,097
Simon Property Group, Inc.		9,095		1,564,613
Spirit Realty Capital, Inc.		36,100		365,693
Sun Communities, Inc.		16,110		1,294,116
The Macerich Co.		7,900		508,760
Uniti Group, Inc.		45,179		1,167,877
VEREIT, Inc.		184,422		1,565,743
Vornado Realty Trust		5,200		521,612
				19,184,736
Mortgage Real Estate Investment Trusts (REITs) \| 6.0%
Blackstone Mortgage Trust, Inc., Class A		28,773		890,812
Starwood Property Trust, Inc.		55,258		1,247,726
				2,138,538
Total Real Estate Investment Trusts (Cost $22,002,943)				21,323,274
Short-Term Investment \| 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $716,484)		716,484		716,484
Total Investments \| 98.5% (Cost $35,771,335) (b)			$	35,203,076
Cash and Other Assets in Excess of Liabilities \| 1.5%				543,740
Net Assets \| 100.0%			$	35,746,816

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Real Estate Investment Trusts \| 98.2%
Acadia Realty Trust		10,946	$	329,037
Alexandria Real Estate Equities, Inc.		19,366		2,140,330
American Homes 4 Rent, Class A		123,353		2,832,185
American Tower Corp.		44,845		5,450,461
Apartment Investment & Management Co., Class A		66,863		2,965,374
AvalonBay Communities, Inc.		16,642		3,055,471
Boston Properties, Inc.		33,191		4,394,820
Colony Starwood Homes		45,815		1,555,419
Digital Realty Trust, Inc.		25,310		2,692,731
Education Realty Trust, Inc.		43,923		1,794,255
Empire State Realty Trust, Inc., Class A		96,405		1,989,799
Equinix, Inc.		9,918		3,970,870
Equity LifeStyle Properties, Inc.		35,609		2,744,030
Essex Property Trust, Inc.		10,490		2,428,750
Extra Space Storage, Inc.		11,995		892,308
Federal Realty Investment Trust		12,690		1,694,115
GGP, Inc.		112,861		2,616,118
HCP, Inc.		53,575		1,675,826
Host Hotels & Resorts, Inc.		66,803		1,246,544
Invitation Homes, Inc.		36,800		803,344
National Storage Affiliates Trust		82,358		1,968,356
Physicians Realty Trust		155,392		3,087,639
Prologis, Inc.		60,158		3,120,997
PS Business Parks, Inc.		13,700		1,572,212
Public Storage		14,727		3,223,888
Retail Opportunity Investments Corp.		100,644		2,116,543
Simon Property Group, Inc.		34,292		5,899,253
SL Green Realty Corp.		9,381		1,000,202
Sun Communities, Inc.		15,561		1,250,015
Sunstone Hotel Investors, Inc.		96,156		1,474,071
VEREIT, Inc.		110,400		937,296
Vornado Realty Trust		15,100		1,514,681
Total Real Estate Investment Trusts (Cost $65,602,700)				74,436,940
Short-Term Investment \| 0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $430,266)		430,266		430,266

Description	Shares	Fair Value
Total Investments \| 98.8% (Cost $66,032,966) (b)		$	74,867,206
Cash and Other Assets in Excess of Liabilities \| 1.2%			884,339
Net Assets \| 100.0%		$	75,751,545

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio
Common Stocks \| 21.3%
Brazil \| 0.7%
BR Properties SA (a)		11,840	$	34,643
Canada \| 0.2%
StorageVault Canada, Inc.		6,500		10,851
China \| 2.1%
China Overseas Land & Investment, Ltd.		18,000		51,403
China Resources Land, Ltd.		20,000		54,031
				105,434
Germany \| 3.7%
Vonovia SE		5,266		185,580
Hong Kong \| 3.2%
Sun Hung Kai Properties, Ltd.		11,000		161,606
Japan \| 8.1%
Hulic Co., Ltd.		13,200		124,406
Mitsubishi Estate Co., Ltd.		5,000		91,434
Mitsui Fudosan Co., Ltd.		8,680		185,693
				401,533
Philippines \| 1.8%
Megaworld Corp.		1,292,000		87,039
Singapore \| 1.5%
Frasers Centrepoint, Ltd.		38,200		47,395
Global Logistic Properties, Ltd.		13,100		26,056
				73,451
Total Common Stocks (Cost $1,117,760)				1,060,137
Real Estate Investment Trusts \| 76.2%
Australia \| 5.5%
Goodman Group		6,348		37,545
Investa Office Fund		7,876		28,576
Mirvac Group		46,153		77,211
The GPT Group		13,611		53,604
Westfield Corp.		11,481		77,876
				274,812
Canada \| 1.0%
Boardwalk Real Estate Investment Trust		1,402		49,729
France \| 2.9%
Klepierre		1,779		69,208
Unibail-Rodamco SE		323		75,461
				144,669

Description	Shares		Fair Value
Hong Kong \| 3.6%
Link Real Estate Investment Trust		25,519	$	178,764
Japan \| 1.2%
Activia Properties, Inc.		13		62,003
Mexico \| 3.4%
Concentradora Fibra Danhos SA de CV		30,870		51,114
PLA Administradora Industrial S de RL de CV		39,900		65,107
Prologis Property Mexico SA de CV		31,400		53,836
				170,057
Spain \| 1.5%
Merlin Properties Socimi SA		6,561		73,356
United Kingdom \| 6.7%
Big Yellow Group PLC		7,335		67,216
Great Portland Estates PLC		16,413		133,738
Land Securities Group PLC		3,931		52,186
The Unite Group PLC		6,857		54,740
Workspace Group PLC		2,580		25,418
				333,298
United States \| 50.4%
Alexandria Real Estate Equities, Inc.		850		93,942
American Homes 4 Rent, Class A		5,567		127,818
American Tower Corp.		437		53,113
Apartment Investment & Management Co., Class A		1,627		72,158
AvalonBay Communities, Inc.		574		105,386
Boston Properties, Inc.		1,193		157,965
Colony Starwood Homes		1,459		49,533
Digital Realty Trust, Inc.		907		96,496
Education Realty Trust, Inc.		2,258		92,239
Empire State Realty Trust, Inc., Class A		3,871		79,897
Equinix, Inc.		193		77,271
Equity Lifestyle Properties, Inc.		1,425		109,811
Essex Property Trust, Inc.		406		94,001
GGP, Inc.		4,557		105,631
HCP, Inc.		2,059		64,406
Host Hotels & Resorts, Inc.		2,450		45,717
Invitation Homes, Inc.		2,260		49,336
National Storage Affiliates Trust		4,408		105,351
Physicians Realty Trust		6,353		126,234
Prologis, Inc.		2,364		122,644

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio (concluded)
PS Business Parks, Inc.		377	$	43,265
Public Storage		535		117,117
Retail Opportunity Investments Corp.		4,015		84,436
Simon Property Group, Inc.		1,543		265,442
Sun Communities, Inc.		633		50,849
Sunstone Hotel Investors, Inc.		5,130		78,643
Vornado Realty Trust		458		45,942
				2,514,643
Total Real Estate Investment Trusts (Cost $3,595,399)				3,801,331
Short-Term Investment \| 1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $88,768)		88,768	$	88,768
Total Investments \| 99.3% (Cost $4,801,927) (b)			$	4,950,236
Cash and Other Assets in Excess of Liabilities \| 0.7%				37,127
Net Assets \| 100.0%			$	4,987,363

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 93.8%
Australia \| 13.5%
AusNet Services		15,829,521	$	20,351,943
DUET Group		77,642,136		165,464,347
Macquarie Atlas Roads Group		19,276,851		75,384,698
Spark Infrastructure Group		59,279,701		107,316,104
Transurban Group		20,739,050		184,822,853
				553,339,945
France \| 15.7%
Aeroports de Paris		991,968		122,574,638
Eutelsat Communications SA		8,751,921		195,664,067
Vinci SA		4,082,431		323,966,538
				642,205,243
Germany \| 3.6%
Fraport AG		2,094,050		148,208,574
Italy \| 25.9%
ASTM SpA		955,619		14,333,526
Atlantia SpA		12,758,572		329,385,999
Hera SpA		21,854,051		60,714,961
Italgas SpA (a)		27,781,187		121,667,565
Snam SpA		43,446,547		187,900,129
Societa Iniziative Autostradali e Servizi SpA		2,166,147		20,682,064
Terna SpA		65,305,540		323,958,765
				1,058,643,009
Luxembourg \| 4.8%
SES SA		8,384,712		195,180,037
Portugal \| 0.7%
REN - Redes Energeticas Nacionais SGPS SA		8,766,610		26,380,390
Spain \| 7.1%
Abertis Infraestructuras SA		12,010,390		193,481,167
Red Electrica Corporacion SA		5,100,000		97,798,643
				291,279,810
United Kingdom \| 3.7%
Pennon Group PLC		13,515,868		149,257,536
United States \| 18.8%
Ameren Corp.		2,199,600		120,076,164
CSX Corp.		2,597,659		120,921,026
Norfolk Southern Corp.		1,616,437		180,992,451
PG&E Corp.		2,739,699		181,806,426

Description	Shares		Fair Value
Union Pacific Corp.		1,550,000	$	164,176,000
				767,972,067
Total Common Stocks (Cost $3,467,079,393)				3,832,466,611
Short-Term Investment \| 7.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $285,577,996)		285,577,996	$	285,577,996
Total Investments \| 100.8% (Cost $3,752,657,389) (b), (g)			$	4,118,044,607
Liabilities in Excess of Cash and Other Assets \| (0.8)%				(33,053,508)
Net Assets \| 100.0%			$	4,084,991,099

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	24,627,771	AUD	32,511,909	BNP	06/28/17	$	—	$	172,714
USD	124,378,835	AUD	164,290,393	CIT	06/28/17		—		943,905
USD	209,391,550	AUD	276,500,412	HSB	06/28/17		—		1,526,377
USD	48,904,548	AUD	64,566,426	RBC	06/28/17		—		347,519
USD	69,359,650	AUD	91,563,894	SCB	06/28/17		—		486,419
USD	54,099,221	AUD	71,427,072	SSB	06/28/17		—		386,231
USD	109,900,595	EUR	101,458,254	BNP	06/28/17		1,225,347		—
USD	541,073,844	EUR	504,869,642	BNP	06/28/17		291,484		—
USD	223,448,869	EUR	208,456,665	CAN	06/28/17		164,128		—
USD	317,694,439	EUR	296,381,359	CIT	06/28/17		230,687		—
USD	553,469,118	EUR	516,382,525	HSB	06/28/17		354,933		—
USD	118,873,378	EUR	110,910,038	MEL	06/28/17		74,015		—
USD	219,468,080	EUR	204,842,719	RBC	06/28/17		54,354		—
USD	163,608,257	EUR	152,656,668	SSB	06/28/17		92,715		—
USD	56,928,504	GBP	46,460,680	CIT	06/28/17		—		1,402,197
USD	40,023,507	GBP	32,655,190	HSB	06/28/17		—		974,604
USD	45,773,518	GBP	37,342,208	SSB	06/28/17		—		1,109,075
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	2,487,663	$	7,349,041

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio
Common Stocks \| 53.8%
Australia \| 2.9%
Aristocrat Leisure, Ltd.		783	$	10,744
AusNet Services		8,831		11,354
Credit Corp. Group, Ltd.		907		11,933
CSL, Ltd.		792		75,626
Domino’s Pizza Enterprises, Ltd.		225		9,980
DUET Group		48,404		103,154
Harvey Norman Holdings, Ltd.		4,788		16,498
Macquarie Atlas Roads Group		9,549		37,343
Ramsay Health Care, Ltd.		685		36,561
Telstra Corp., Ltd.		16,795		59,776
Transurban Group		12,880		114,784
				487,753
Belgium \| 0.4%
Aedifica SA REIT		160		12,040
Befimmo SA REIT		73		4,144
Cofinimmo SA REIT		273		31,192
Ontex Group NV		386		12,395
Warehouses De Pauw CVA REIT		128		11,914
				71,685
Canada \| 3.6%
Agnico Eagle Mines, Ltd.		673		28,562
Atco, Ltd., Class I		429		16,681
Barrick Gold Corp.		1,663		31,588
BCE, Inc.		1,245		55,123
Canadian Apartment Properties REIT		771		19,306
Canadian Imperial Bank of Commerce		416		35,871
Canadian National Railway Co.		626		46,207
Chartwell Retirement Residences		289		3,388
CI Financial Corp.		1,792		35,615
Constellation Software, Inc.		17		8,354
Dollarama, Inc.		617		51,133
Fortis, Inc.		293		9,710
Granite Real Estate Investment Trust REIT		771		26,971
Great-West Lifeco, Inc.		445		12,331
H&R Real Estate Investment Trust REIT		771		13,375
Killam Apartment Real Estate Investment Trust REIT		675		6,436
Laurentian Bank of Canada		315		13,873
Lundin Mining Corp.		2,675		15,066

Description	Shares		Fair Value
Magna International, Inc.		499	$	21,535
Pure Industrial Real Estate Trust REIT		4,440		20,333
Royal Bank of Canada		700		51,001
Suncor Energy, Inc.		663		20,356
TELUS Corp.		479		15,549
The Toronto-Dominion Bank		952		47,684
				606,048
Denmark \| 0.1%
Vestas Wind Systems A/S		144		11,720
France \| 2.0%
Aeroports de Paris		502		62,031
Eutelsat Communications SA		5,559		124,281
Gecina SA REIT		37		5,021
ICADE REIT		74		5,416
L’Oreal SA		83		15,952
Mercialys SA REIT		538		10,036
Vinci SA		1,384		109,829
				332,566
Germany \| 1.1%
alstria office REIT-AG		1,315		16,090
Deutsche EuroShop AG		164		6,705
Deutsche Wohnen AG		138		4,544
Fraport AG		1,243		87,975
GAGFAH SA (a)		312		6,626
Hamborner REIT AG		1,031		10,498
LEG Immobilien AG		126		10,329
TAG Immobilien AG		965		12,987
thyssenKrupp AG		624		15,280
TLG Immobilien AG		524		10,211
				181,245
Hong Kong \| 1.5%
ASM Pacific Technology, Ltd.		1,244		16,918
Champion REIT		40,000		24,518
CLP Holdings, Ltd.		5,500		57,537
Hongkong Land Holdings, Ltd.		1,100		8,380
Hysan Development Co., Ltd.		5,000		22,686
Jardine Matheson Holdings, Ltd.		672		42,671
Link Real Estate Investment Trust		1,500		10,508
PCCW, Ltd.		17,000		10,028
Prosperity REIT		19,000		7,508
Swire Properties, Ltd.		3,400		10,892
The Wharf Holdings, Ltd.		1,000		8,581
Xinyi Glass Holdings, Ltd.		32,000		28,210
				248,437

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Ireland \| 0.3%
CRH PLC		914	$	32,218
Irish Residential Properties REIT PLC		4,097		5,420
Ryanair Holdings PLC Sponsored ADR (a)		124		10,289
				47,927
Italy \| 2.8%
ASTM SpA		846		12,689
Atlantia SpA		4,594		118,603
Hera SpA		12,962		36,011
Italgas SpA (a)		16,557		72,511
Snam SpA		25,272		109,298
Societa Iniziative Autostradali e Servizi SpA		2,082		19,879
Terna Rete Elettrica Nazionale SpA		22,472		111,476
				480,467
Japan \| 2.5%
Advance Residence Investment Corp. REIT		3		8,202
Asahi Glass Co., Ltd.		3,000		24,368
Central Japan Railway Co.		100		16,345
Daikyo, Inc.		3,000		5,963
Daiwa House REIT Investment Corp. REIT		7		18,205
Industrial & Infrastructure Fund Investment Corp. REIT		1		4,500
Japan Excellent, Inc. REIT		3		3,684
Japan Logistics Fund, Inc. REIT		11		23,673
Japan Prime Realty Investment Corp. REIT		2		7,744
Japan Retail Fund Investment Corp.		2		3,926
JFE Holdings, Inc.		1,400		24,089
KDDI Corp.		600		15,765
Kenedix Office Investment Corp. REIT		2		11,785
Mitsubishi UFJ Financial Group, Inc.		1,200		7,575
Mori Trust Sogo Reit, Inc. REIT		3		4,641
Morinaga & Co., Ltd.		500		22,186
MS&AD Insurance Group Holdings, Inc.		500		15,958
Nichirei Corp.		700		17,329
Nippon Accommodations Fund, Inc. REIT		5		21,714

Description	Shares		Fair Value
Nippon Steel & Sumitomo Metal Corp.		1,100	$	25,453
Nitto Denko Corp.		200		15,486
Nomura Real Estate Master Fund, Inc. REIT		3		4,659
Obayashi Corp.		1,100		10,320
Okamura Corp.		1,000		8,899
Premier Investment Corp. REIT		7		7,916
S Foods, Inc.		500		14,566
The Nisshin Oillio Group, Ltd.		2,000		11,388
TOC Co., Ltd.		200		1,653
Tokio Marine Holdings, Inc.		100		4,234
Tokyu REIT, Inc.		3		3,773
Toshiba Plant Systems & Services Corp.		700		10,235
West Japan Railway Co.		600		39,081
				415,315
Luxembourg \| 0.9%
SES SA		5,612		130,570
Tenaris SA ADR		604		20,621
				151,191
Netherlands \| 0.1%
NN Group NV		696		22,637
New Zealand \| 0.2%
Air New Zealand, Ltd.		8,502		14,657
Spark New Zealand, Ltd.		5,874		14,365
				29,022
Norway \| 0.2%
Entra ASA		1,357		14,815
Statoil ASA		1,440		24,750
				39,565
Singapore \| 1.3%
Ascendas Real Estate Investment Trust		8,100		14,592
CapitaMall Trust REIT		18,600		26,210
DBS Group Holdings, Ltd.		1,459		20,248
Lippo Malls Indonesia Retail Trust REIT		18,700		5,281
Mapletree Logistics Trust REIT		36,300		28,415
SATS, Ltd.		6,900		24,077
Singapore Airlines, Ltd.		5,200		37,434
United Overseas Bank, Ltd.		3,700		58,524
				214,781
Spain \| 0.8%
Abertis Infraestructuras SA		6,888		110,962

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Red Electrica Corporacion SA		1,300	$	24,929
				135,891
Sweden \| 0.0%
JM AB		164		5,178
Switzerland \| 0.9%
Actelion, Ltd. (a)		44		12,396
Allreal Holding AG		126		20,580
ALSO Holding AG		83		10,201
Flughafen Zuerich AG		114		24,303
Mobimo Holding AG		57		14,753
Partners Group Holding AG		54		29,032
PSP Swiss Property AG		60		5,460
Swiss Prime Site AG		506		44,538
				161,263
United Kingdom \| 3.1%
Assura PLC REIT		7,286		5,281
Bellway PLC		580		19,656
Big Yellow Group PLC REIT		701		6,424
Centrica PLC		5,963		16,213
Compass Group PLC		1,042		19,633
CVS Group PLC		700		10,019
Debenhams PLC		8,395		5,716
Electrocomponents PLC		1,988		11,760
Grainger PLC		1,296		3,996
Great Portland Estates PLC REIT		752		6,128
Halma PLC		664		8,519
Hansteen Holdings PLC REIT		8,275		12,389
Land Securities Group PLC REIT		370		4,912
LondonMetric Property PLC REIT		7,101		14,228
National Grid PLC		5,921		75,097
Pennon Group PLC		7,820		86,357
Provident Financial PLC		294		11,048
Reckitt Benckiser Group PLC		499		45,479
Safestore Holdings PLC REIT		2,476		11,763
Shaftesbury PLC REIT		1,130		12,938
SSE PLC		3,025		55,950
UBM PLC		1,617		15,505
Unilever NV		394		19,574
Workspace Group PLC REIT		771		7,596
WPP PLC		1,506		33,061
				519,242
United States \| 29.1%
3M Co.		387		74,045

Description	Shares		Fair Value
Agree Realty Corp. REIT		771	$	36,977
Alphabet, Inc., Class A (a)		11		9,326
Ameren Corp.		1,354		73,915
American Campus Communities, Inc. REIT		675		32,123
American Electric Power Co., Inc.		329		22,086
American Homes 4 Rent, Class A REIT		1,350		30,996
American Tower Corp. REIT		920		111,817
Anadarko Petroleum Corp.		295		18,290
Antero Resources Corp. (a)		778		17,746
Aon PLC		187		22,195
Apartment Investment & Management Co., Class A REIT		193		8,560
Apple Hospitality REIT, Inc.		1,350		25,785
Apple, Inc.		226		32,467
AT&T, Inc.		1,809		75,164
Automatic Data Processing, Inc.		389		39,830
AutoZone, Inc. (a)		39		28,199
AvalonBay Communities, Inc. REIT		289		53,060
Biogen, Inc. (a)		36		9,843
Brinker International, Inc.		276		12,133
Bristol-Myers Squibb Co.		276		15,009
Brixmor Property Group, Inc. REIT		482		10,344
Camden Property Trust REIT		289		23,253
Campbell Soup Co.		956		54,721
Cardinal Health, Inc.		382		31,152
Carnival Corp.		387		22,798
CBOE Holdings, Inc.		240		19,457
Chevron Corp.		96		10,308
Cimarex Energy Co.		147		17,565
Columbia Property Trust, Inc. REIT		289		6,430
Comcast Corp., Class A		984		36,989
Concho Resources, Inc. (a)		109		13,989
Consolidated Edison, Inc.		458		35,568
Core Laboratories NV		216		24,952
CoreCivic, Inc. REIT		289		9,080
Cracker Barrel Old Country Store, Inc.		74		11,785
Crown Castle International Corp. REIT		780		73,671
Crown Holdings, Inc. (a)		289		15,303
CSX Corp.		2,069		96,312
CubeSmart REIT		675		17,523

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Darden Restaurants, Inc.		624	$	52,210
Deere & Co.		200		21,772
Delta Air Lines, Inc.		232		10,663
Diamondback Energy, Inc. (a)		197		20,432
Digital Realty Trust, Inc. REIT		578		61,493
Douglas Emmett, Inc. REIT		675		25,920
DuPont Fabros Technology, Inc. REIT		289		14,332
EchoStar Corp., Class A (a)		300		17,085
Edison International		293		23,326
Education Realty Trust, Inc. REIT		771		31,495
Eli Lilly & Co.		135		11,355
Empire State Realty Trust, Inc., Class A REIT		289		5,965
EOG Resources, Inc.		209		20,388
EPR Properties REIT		289		21,279
EQT Corp.		278		16,986
Equinix, Inc. REIT		79		31,629
Equity Commonwealth REIT (a)		578		18,045
Equity Lifestyle Properties, Inc. REIT		578		44,541
Equity Residential REIT		289		17,982
Essex Property Trust, Inc. REIT		193		44,685
Everest Re Group, Ltd.		63		14,730
Extra Space Storage, Inc. REIT		289		21,499
F5 Networks, Inc. (a)		228		32,506
Federal Realty Investment Trust REIT		289		38,581
Finisar Corp. (a)		268		7,327
First Potomac Realty Trust REIT		482		4,955
Gaming and Leisure Properties, Inc. REIT		386		12,900
General Dynamics Corp.		90		16,848
General Mills, Inc.		913		53,876
Getty Realty Corp. REIT		1,257		31,764
GGP, Inc.		193		4,474
Halliburton Co.		376		18,503
Hasbro, Inc.		177		17,668
HCA Holdings, Inc. (a)		215		19,133
Healthcare Realty Trust, Inc. REIT		771		25,057
Helix Energy Solutions Group, Inc. (a)		3,034		23,574
Highwoods Properties, Inc. REIT		193		9,482
Hilltop Holdings, Inc.		289		7,939
HollyFrontier Corp.		472		13,376

Description	Shares		Fair Value
Honeywell International, Inc.		196	$	24,475
Hormel Foods Corp.		300		10,389
Hospitality Properties Trust REIT		289		9,112
Huntington Ingalls Industries, Inc.		53		10,613
Intel Corp.		1,181		42,599
International Paper Co.		292		14,828
Intuit, Inc.		119		13,803
J.B. Hunt Transport Services, Inc.		95		8,715
Johnson & Johnson		634		78,965
Kinder Morgan, Inc.		4,614		100,308
LaSalle Hotel Properties REIT		289		8,367
Lear Corp.		237		33,554
Life Storage, Inc. REIT		96		7,884
Lockheed Martin Corp.		113		30,239
LTC Properties, Inc. REIT		289		13,843
LyondellBasell Industries NV, Class A		304		27,722
Mack-Cali Realty Corp. REIT		578		15,571
Marathon Petroleum Corp.		210		10,613
Marriott International, Inc., Class A		77		7,252
Marsh & McLennan Cos., Inc.		551		40,713
Martin Marietta Materials, Inc.		102		22,262
MasterCard, Inc., Class A		158		17,770
McCormick & Co., Inc.		91		8,877
McDonald’s Corp.		542		70,249
McKesson Corp.		91		13,492
Medical Properties Trust, Inc. REIT		482		6,213
Merck & Co., Inc.		136		8,641
Mettler-Toledo International, Inc. (a)		68		32,566
Microsoft Corp.		458		30,164
Monmouth Real Estate Investment Corp. REIT		771		11,002
Motorola Solutions, Inc.		344		29,660
National HealthCare Corp.		96		6,845
National Retail Properties, Inc. REIT		96		4,188
New Senior Investment Group, Inc. REIT		482		4,916
NIKE, Inc., Class B		315		17,555
Norfolk Southern Corp.		874		97,862
Northrop Grumman Corp.		224		53,276
O’Reilly Automotive, Inc. (a)		169		45,603
Olin Corp.		498		16,369
Omnicom Group, Inc.		852		73,451

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Paychex, Inc.		523	$	30,805
PepsiCo, Inc.		410		45,863
PG&E Corp.		1,469		97,483
Physicians Realty Trust REIT		289		5,742
Pioneer Natural Resources Co.		111		20,672
Pool Corp.		281		33,532
PPG Industries, Inc.		106		11,138
Prudential Financial, Inc.		127		13,548
PS Business Parks, Inc. REIT		289		33,166
Public Storage REIT		96		21,015
Quality Care Properties, Inc. REIT (a)		77		1,452
Quest Diagnostics, Inc.		150		14,729
Quintiles IMS Holdings, Inc. (a)		136		10,952
Ramco-Gershenson Properties Trust REIT		289		4,052
Range Resources Corp.		724		21,068
Raytheon Co.		65		9,913
Realty Income Corp. REIT		193		11,489
Regency Centers Corp. REIT		193		12,813
Regions Financial Corp.		1,376		19,993
Republic Services, Inc.		1,255		78,827
Retail Opportunity Investments Corp. REIT		964		20,273
Rexford Industrial Realty, Inc. REIT		289		6,508
Rockwell Collins, Inc.		170		16,517
Ryman Hospitality Properties, Inc. REIT		289		17,869
Saul Centers, Inc. REIT		289		17,808
Schlumberger, Ltd.		246		19,213
Select Income REIT		289		7,453
Simon Property Group, Inc. REIT		193		33,202
Skyworks Solutions, Inc.		178		17,440
Southwest Gas Holdings, Inc.		724		60,027
Spirit AeroSystems Holdings, Inc., Class A		300		17,376
Starbucks Corp.		983		57,397
Steel Dynamics, Inc.		315		10,949
STORE Capital Corp. REIT		578		13,803
Summit Hotel Properties, Inc. REIT		386		6,168
Sun Communities, Inc. REIT		289		23,215
Sunstone Hotel Investors, Inc. REIT		386		5,917
Sysco Corp.		1,102		57,216

Description	Shares		Fair Value
Tanger Factory Outlet Centers, Inc. REIT		289	$	9,471
Taubman Centers, Inc. REIT		96		6,338
Terreno Realty Corp. REIT		386		10,808
Texas Instruments, Inc.		187		15,065
The Allstate Corp.		357		29,092
The Boeing Co.		240		42,446
The Cheesecake Factory, Inc.		155		9,821
The Kroger Co.		918		27,072
PNC Financial Services Group, Inc.		127		15,270
The TJX Cos., Inc.		333		26,334
The Travelers Cos., Inc.		173		20,853
Thermo Fisher Scientific, Inc.		269		41,318
Tyson Foods, Inc., Class A		721		44,493
UDR, Inc. REIT		578		20,958
Union Pacific Corp.		946		100,200
UnitedHealth Group, Inc.		106		17,385
Universal Health Realty Income Trust REIT		193		12,449
Urban Edge Properties REIT		578		15,201
Urstadt Biddle Properties, Inc. Class A REIT		675		13,878
Valero Energy Corp.		150		9,944
Ventas, Inc. REIT		482		31,349
Visa, Inc., Class A		298		26,483
VMware, Inc., Class A (a)		113		10,412
Vornado Realty Trust REIT		193		19,360
Vulcan Materials Co.		125		15,060
Wal-Mart Stores, Inc.		124		8,938
Washington Real Estate Investment Trust		771		24,117
Waste Management, Inc.		557		40,616
Waters Corp. (a)		117		18,288
Welltower, Inc. REIT		289		20,467
Westlake Chemical Corp.		363		23,976
Weyerhaeuser Co. REIT		477		16,208
Xenia Hotels & Resorts, Inc. REIT		482		8,228
				4,905,568
Total Common Stocks (Cost $8,668,783)				9,067,501
Closed-End Management Investment Companies \| 0.1%
F&C Commercial Property Trust, Ltd.		4,397		7,971
The Picton Property Income, Ltd.		5,615		5,892

Description			Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
UK Commercial Property Trust, Ltd.				8,025	$	8,647
Total Closed-End Management Investment Companies (Cost $21,137)						22,510
Exchange-Traded Notes \| 7.2%
Guernsey \| 7.2%
iPath Bloomberg Commodity Index Total Return ETN (a) (Cost $1,223,935)				51,455		1,210,222

Description	Security Currency		Principal Amount (000)		Fair Value
Foreign Government Obligations \| 14.4%
Australia \| 0.7%
Australia Government Bond, 3.000%, 09/20/25		AUD		108	$	115,940
Canada \| 0.5%
Canadian Government Real Return Bond, 2.000%, 12/01/41		CAD		90		87,247
France \| 2.0%
French Republic Government Bond OAT, 1.850%, 07/25/27		EUR		257		335,880
Italy \| 0.8%
Italy Buoni Poliennali Del Tesoro, 3.100%, 09/15/26		EUR		115		143,899
Mexico \| 1.5%
Mexican Udibonos, 2.500%, 12/10/20		MXN		847		252,834
New Zealand \| 0.8%
New Zealand Government Bond, 3.000%, 09/20/30		NZD		165		131,633
Spain \| 1.0%
Spain Government Inflation Linked Bond, 1.800%, 11/30/24		EUR		140		167,893
United Kingdom \| 7.1%
United Kingdom Gilt Inflation Linked:
0.750%, 03/22/34		GBP		221		416,737
1.125%, 11/22/37		GBP		118		254,732
0.125%, 03/22/44		GBP		251		508,116
0.250%, 03/22/52		GBP		9		22,335
						1,201,920
Total Foreign Government Obligations (Cost $2,393,520)						2,437,246
US Treasury Securities \| 11.0%
Treasury Inflation Protected Securities:
1.125%, 01/15/21		USD		621		653,799
2.375%, 01/15/25		USD		183		210,960

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

2.500%, 01/15/29

USD

565

691,450

2.125%, 02/15/40

USD

244

307,579

Total US Treasury Securities
(Cost $1,850,392)

1,863,788

Description

Fair
Value

Short-Term Investment | 6.6%

State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield)
(Cost $1,104,772)

1,104,772

Total Investments | 93.1%
(Cost $15,262,539) (b), (g)

15,706,039

Cash and Other Assets in Excess of Liabilities | 6.9%

1,159,596

Net Assets | 100.0%

16,865,635

Lazard Real Assets and Pricing Opportunities Portfolio (continued)

Forward Currency Contracts open at March 31, 2017

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
CHF	2,212	USD	2,237	CIT	06/28/17	$	—	$	14
EUR	11,258	USD	12,000	HSB	05/24/17		70		—
GBP	8,034	USD	10,000	HSB	05/24/17		83		—
MXN	202,692	USD	10,300	HSB	05/24/17		380		—
MXN	355,840	USD	18,450	HSB	05/24/17		299		—
MXN	961,442	USD	49,850	HSB	05/24/17		807		—
MXN	1,148,652	USD	58,370	HSB	05/24/17		2,151		—
PLN	11,952	USD	2,932	HSB	05/24/17		82		—
USD	28,464	AUD	37,286	CIT	06/28/17		29		—
USD	233,800	AUD	304,943	CIT	06/28/17		1,240		—
USD	8,000	AUD	10,457	HSB	05/24/17		20		—
USD	117,142	AUD	153,544	HSB	05/24/17		—		29
USD	187,406	AUD	245,642	HSB	05/24/17		—		46
USD	18,729	CAD	24,443	CIT	05/24/17		370		—
USD	24,000	CAD	31,401	HSB	05/24/17		415		—
USD	70,482	CAD	91,977	HSB	05/24/17		1,399		—
USD	419,300	CAD	547,174	HSB	05/24/17		8,323		—
USD	1,570	CHF	1,574	CIT	06/28/17		—		12
USD	3,311	CHF	3,281	CIT	06/28/17		14		—
USD	21,521	CHF	21,301	CIT	06/28/17		110		—
USD	21,000	CHF	20,947	HSB	05/24/17		—		8
USD	94,158	CHF	94,293	HSB	05/24/17		—		411
USD	29,789	EUR	27,498	CIT	06/28/17		255		—
USD	45,231	EUR	42,343	CIT	06/28/17		—		247
USD	135,487	EUR	125,670	CIT	06/28/17		512		—
USD	907,161	EUR	840,781	CIT	06/28/17		4,126		—
USD	252,577	EUR	237,884	HSB	05/24/17		—		2,468
USD	642,361	EUR	604,993	HSB	05/24/17		—		6,275
USD	28,451	GBP	22,772	CIT	05/24/17		—		128
USD	132,698	GBP	105,573	CIT	05/24/17		204		—
USD	28,201	GBP	22,585	CIT	06/28/17		—		169
USD	131,122	GBP	105,819	CIT	06/28/17		—		1,801
USD	252,357	GBP	202,668	HSB	05/24/17		—		1,991
USD	361,214	GBP	289,073	HSB	05/24/17		—		1,571
USD	754,633	GBP	603,918	HSB	05/24/17		—		3,283
USD	15,000	HKD	116,310	HSB	05/24/17		17		—
USD	143,153	HKD	1,109,624	HSB	05/24/17		212		—
USD	34,000	JPY	3,822,898	HSB	05/24/17		—		371
USD	267,567	JPY	30,457,863	HSB	05/24/17		—		6,274
USD	227,082	MXN	4,674,410	HSB	05/24/17		—		19,205
USD	132,764	NZD	189,606	CIT	05/24/17		190		—
USD	2,926	PLN	11,952	HSB	05/24/17		—		88

Lazard Real Assets and Pricing Opportunities Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	191,925	SGD	272,448	HSB	05/24/17	$	—	$	3,190
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	21,308	$	47,581

Futures Contracts open at March 31, 2017:

Type	Number of Contracts	Expiration Date	Notional Amount	Fair Value			Unrealized Depreciation
Sugar 11	1	04/28/2017	22,595	$	18,771	$	3,823
Light Sweet Crude Oil	1	04/20/2017	54,314		50,600		3,714
Total gross unrealized depreciation on Futures Contracts						$	7,537

Description	Shares		Fair Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 83.4%
Equity Funds \| 51.1%
Financial Select Sector SPDR Fund		619,755	$	14,706,786
iShares Core MSCI Europe ETF		201,500		8,859,955
iShares Global Financials ETF		175,200		10,669,680
iShares Global Materials ETF		152,500		9,029,525
iShares Latin America 40 ETF		132,800		4,211,088
iShares MSCI Europe Financials ETF		150,500		3,058,160
iShares MSCI Japan ETF		142,600		7,343,900
iShares Nasdaq Biotechnology ETF		12,898		3,782,596
iShares North American Tech ETF		57,600		7,975,296
PowerShares Dynamic Oil & Gas Services Portfolio		538,400		6,301,703
				75,938,689
Fixed-Income Funds \| 32.3%
iShares 20+ Year Treasury Bond ETF		253,800		30,636,198
iShares iBoxx $ Investment Grade Corporate Bond ETF		60,695		7,156,548
PowerShares Fundamental High Yield Corporate Bond Portfolio		391,010		7,354,898
VanEck Vectors Fallen Angel High Yield Bond ETF		101,834		3,010,213
				48,157,857
Total Exchange-Traded Funds (Cost $118,320,686)				124,096,546
Closed-End Management Investment Companies \| 10.0%
Royce Value Trust, Inc.		536,500		7,511,000
Templeton Emerging Markets Fund		525,700		7,370,314
Total Closed-End Management Investment Companies (Cost $13,829,086)				14,881,314
Short-Term Investment \| 5.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $8,721,128)		8,721,128		8,721,128

Total Investments \| 99.3% (Cost $140,870,900) (b)	$	147,698,988
Cash and Other Assets in Excess of Liabilities \| 0.7%		988,886
Net Assets \| 100.0%	$	148,687,874

Lazard Capital Allocator Opportunistic Strategies Portfolio (continued)

Total Return Swap Agreements open at March 31, 2017:

Pay

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Unrealized
Depreciation

1 Month USD LIBOR plus 0.45%

USD

GSC

5,559,644

03/08/18

Appreciation, and dividends paid, on securities in a custom momentum basket

21,321*

*Includes accrued dividends and financing charges of $2,397.

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

The following table represents the weighting of the individual securities and related fair values underlying the custom momentum basket total return swap agreements with GSC, as of March 31, 2017:

Securities	Shares		Fair Value
American Airlines Group, Inc.		5,901	$	249,613
Advance Auto Parts, Inc.		1,285		190,521
ABB, Ltd. - Reg		8,168		191,566
Delphi Automotive PLC		2,148		172,867
Eaton Corp. PLC		7,606		563,974
Honeywell International, Inc.		4,168		520,447
Illinois Tool Works, Inc.		2,043		270,616
Johnson Controls International PLC		5,242		220,810
3M Co.		1,546		295,807
Parker Hannifin Corp.		4,232		678,451
Rockwell Automation, Inc.		4,163		648,172
Raytheon Co.		3,537		539,347
Schneider Electric SE		2,471		181,372
Union Pacific Corp.		5,522		584,903
United Technologies Corp.		2,070		232,254
Total Fair Value			$	5,540,720

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio
Common Stocks \| 81.4%
Australia \| 3.0%
AGL Energy, Ltd.		1,207	$	24,317
Aristocrat Leisure, Ltd.		12,353		169,498
Cochlear, Ltd.		1,460		150,764
Computershare, Ltd.		1,909		20,428
Credit Corp. Group, Ltd.		4,177		54,957
CSL, Ltd.		4,519		431,509
Fortescue Metals Group, Ltd.		16,377		77,851
Goodman Group REIT		3,228		19,092
Harvey Norman Holdings, Ltd.		6,544		22,548
Investa Office Fund REIT		5,798		21,037
JB Hi-Fi, Ltd.		1,297		24,385
Newcrest Mining, Ltd.		4,869		83,685
Ramsay Health Care, Ltd.		671		35,814
Resolute Mining, Ltd.		20,111		20,324
Sandfire Resources NL		4,070		19,818
Saracen Mineral Holdings, Ltd. (a)		20,620		15,743
Stockland REIT		55,111		195,545
Telstra Corp., Ltd.		9,043		32,185
The GPT Group REIT		7,239		28,509
Whitehaven Coal, Ltd. (a)		34,765		79,360
				1,527,369
Austria \| 0.1%
Lenzing AG		231		38,851
Belgium \| 0.1%
Ontex Group NV		1,077		34,584
Canada \| 3.2%
Alimentation Couche-Tard, Inc., Class B		524		23,673
Atco, Ltd., Class I		1,388		53,971
BCE, Inc.		2,058		91,119
Canadian Imperial Bank of Commerce		361		31,128
Canadian National Railway Co.		2,070		153,035
CI Financial Corp.		10,434		207,370
Colliers International Group, Inc.		448		21,193
Constellation Software, Inc.		40		19,656
Dollarama, Inc.		330		27,348
Enbridge, Inc.		7,836		328,265
First Quantum Minerals, Ltd.		3,018		32,067
Genworth MI Canada, Inc.		3,479		96,194
George Weston, Ltd.		210		18,323
Intact Financial Corp.		205		14,580
Kirkland Lake Gold, Ltd. (a)		7,016		51,756

Description	Shares		Fair Value
Magna International, Inc.		429	$	18,514
Metro, Inc.		1,498		46,015
Pembina Pipeline Corp.		746		23,639
Quebecor, Inc., Class B		759		23,406
Royal Bank of Canada		4,513		328,808
Saputo, Inc.		1,037		35,784
Transcontinental, Inc., Class A		671		12,402
				1,658,246
Denmark \| 0.9%
Carlsberg A/S, Class B Sponsored ADR		6,295		116,772
Danske Bank A/S		581		19,816
DONG Energy A/S		476		18,343
Jyske Bank A/S		437		22,092
Nets A/S (a)		4,950		79,851
Novo Nordisk A/S Sponsored ADR		2,155		73,873
Novo Nordisk A/S, Class B		468		16,089
Pandora A/S		169		18,725
Vestas Wind Systems A/S		1,216		98,969
				464,530
Finland \| 0.5%
Neste Oyj		1,003		39,117
Orion Oyj, Class B		684		35,661
Sampo Oyj, A Shares ADR		8,625		204,413
				279,191
France \| 1.7%
AXA SA		6,699		173,356
BNP Paribas SA		325		21,648
CNP Assurances		1,974		40,182
Faurecia		2,957		140,581
L’Oreal SA		458		88,025
Peugeot SA (a)		2,290		46,174
Societe Generale SA		3,499		177,946
TOTAL SA		2,688		135,795
Valeo SA		676		45,083
				868,790
Germany \| 2.0%
Allianz SE		1,036		191,907
Bayer AG		1,853		213,594
Continental AG Sponsored ADR		4,420		194,524
Deutsche Lufthansa AG		2,236		36,258
Infineon Technologies AG		4,093		83,575
MTU Aero Engines AG		358		46,574
Muenchener Rueckversicherungs AG		97		18,981

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
ProSiebenSat.1 Media SE		648	$	28,692
Rheinmetall AG		418		35,075
Symrise AG ADR		9,540		158,269
				1,007,449
Hong Kong \| 2.0%
AIA Group, Ltd. Sponsored ADR		5,740		145,653
ASM Pacific Technology, Ltd.		2,600		35,360
CLP Holdings, Ltd.		6,205		64,912
Jardine Matheson Holdings, Ltd.		655		42,085
Link Real Estate Investment Trust		6,590		46,164
The Wharf Holdings, Ltd.		29,435		252,574
WH Group, Ltd.		132,500		114,202
Wheelock & Co., Ltd.		28,504		225,351
Xinyi Glass Holdings, Ltd.		86,000		75,815
Yue Yuen Industrial Holdings, Ltd.		5,090		20,019
				1,022,135
Ireland \| 0.5%
Experian PLC		1,060		21,638
Ryanair Holdings PLC Sponsored ADR (a)		295		24,479
Shire PLC ADR		1,310		228,241
				274,358
Israel \| 0.2%
Bank Hapoalim BM		3,942		24,014
Israel Discount Bank, Ltd., ADR (a)		800		18,752
Israel Discount Bank, Ltd., Class A (a)		10,677		25,070
Nice, Ltd.		631		42,815
				110,651
Italy \| 0.1%
Intesa Sanpaolo SpA		14,273		38,767
Recordati SpA		772		26,165
				64,932
Japan \| 7.8%
Amano Corp.		1,933		38,674
ANA Holdings, Inc.		17,000		51,965
Asahi Glass Co., Ltd.		10,000		81,227
Astellas Pharma, Inc.		3,355		44,272
Azbil Corp.		800		26,913
Central Japan Railway Co.		378		61,785
Daito Trust Construction Co., Ltd.		2,318		318,767
Daiwa House Industry Co., Ltd.		2,200		63,321

Description	Shares		Fair Value
Daiwa House Industry Co., Ltd. ADR		6,815	$	196,442
Foster Electric Co., Ltd.		1,226		21,075
Fujitsu, Ltd.		13,000		79,759
GS Yuasa Corp.		4,000		18,690
Haseko Corp.		7,602		82,568
Hazama Ando Corp.		2,600		17,519
Heiwa Corp.		1,000		24,880
Hitachi High-Technologies Corp.		900		36,746
Hitachi, Ltd.		6,000		32,592
Idemitsu Kosan Co., Ltd.		4,200		146,408
Kaken Pharmaceutical Co., Ltd.		500		28,292
KDDI Corp.		1,400		36,785
KDDI Corp. ADR		13,295		174,962
Kuraray Co., Ltd.		2,500		38,020
Kyushu Electric Power Co., Inc.		5,100		54,519
Maruha Nichiro Corp.		600		18,203
MCJ Co., Ltd.		3,051		35,814
Mebuki Financial Group, Inc.		7,100		28,461
Mitsubishi Chemical Holdings Corp.		5,600		43,454
Mitsubishi UFJ Financial Group, Inc.		44,377		280,126
Mitsui Chemicals, Inc.		4,000		19,816
Morinaga & Co., Ltd.		500		22,186
MS&AD Insurance Group Holdings, Inc.		1,038		33,128
Nichirei Corp.		2,313		57,261
Nihon Chouzai Co., Ltd.		1,375		46,793
Nippon Telegraph & Telephone Corp.		5,108		218,191
Nissan Chemical Industries, Ltd.		582		16,979
Nissan Motor Co., Ltd.		21,976		212,446
Nitto Denko Corp.		175		13,551
Obayashi Corp.		2,000		18,764
Oji Holdings Corp.		6,000		28,132
ORIX Corp.		5,413		80,355
Osaka Gas Co., Ltd.		5,000		19,026
Osaki Electric Co., Ltd.		3,000		26,091
Rengo Co., Ltd.		6,752		38,987
Ryohin Keikaku Co., Ltd. ADR		3,625		158,965
Sanyo Special Steel Co., Ltd.		8,752		46,572
Shimadzu Corp.		1,100		17,519
Showa Shell Sekiyu KK		3,500		35,511
Sumitomo Mitsui Financial Group, Inc.		13,950		508,626
Takeuchi Manufacturing Co., Ltd.		1,913		36,221

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Teijin, Ltd.		6,875	$	129,950
The Kansai Electric Power Co., Inc.		3,000		36,899
Tohoku Electric Power Co., Inc.		1,413		19,169
TOMONY Holdings, Inc.		6,800		36,159
TonenGeneral Sekiyu KK (c)		2,000		25,044
Unitika, Ltd. (a)		28,000		23,448
West Japan Railway Co.		300		19,540
Yodogawa Steel Works, Ltd.		863		23,463
				4,051,031
Luxembourg \| 0.1%
SES SA		1,453		33,823
Malta \| 0.0%
Kindred Group PLC		1,745		18,066
Netherlands \| 0.6%
AMG Advanced Metallurgical Group NV		1,297		30,046
NN Group NV		2,639		85,833
Wolters Kluwer NV		423		17,578
Wolters Kluwer NV Sponsored ADR		3,970		164,954
				298,411
Norway \| 0.7%
Aker BP ASA		8,226		131,846
DNB ASA		1,636		25,936
Leroy Seafood Group ASA		2,272		99,534
Marine Harvest ASA		1,005		15,311
Salmar ASA		2,333		50,307
Yara International ASA		474		18,254
				341,188
Portugal \| 0.1%
EDP - Energias de Portugal SA		6,736		22,832
Galp Energia SGPS SA		2,772		42,104
				64,936
Russia \| 0.1%
Evraz PLC (a)		11,931		32,335
Singapore \| 0.7%
Best World International, Ltd.		19,600		35,441
BOC Aviation, Ltd.		13,700		73,061
CapitaLand Commercial Trust REIT		21,400		23,679
CapitaLand, Ltd.		8,000		20,760
DBS Group Holdings, Ltd.		11,300		156,824
SATS, Ltd.		5,500		19,192

Description	Shares		Fair Value
Singapore Airlines, Ltd.		6,130	$	44,129
				373,086
South Africa \| 0.0%
Mediclinic International PLC		1,414		12,606
Spain \| 0.8%
Banco Santander SA		26,066		159,750
CaixaBank SA		30,628		131,641
Corporacion Financiera Alba SA		163		7,651
Iberdrola SA		11,877		84,954
Repsol SA		2,299		35,501
				419,497
Sweden \| 0.9%
Assa Abloy AB ADR		16,615		170,470
Axfood AB		1,198		18,003
Electrolux AB, Series B		3,951		109,868
Hexagon AB ADR (c)		2,440		98,271
Intrum Justitia AB		654		24,435
Mycronic AB		3,535		36,223
				457,270
Switzerland \| 2.1%
Actelion, Ltd. (a)		128		36,062
Julius Baer Group, Ltd. ADR		8,745		86,925
Partners Group Holding AG		563		302,688
Roche Holding AG		2,276		580,620
STMicroelectronics NV		5,078		77,719
Swiss Life Holding AG		66		21,298
				1,105,312
United Kingdom \| 6.1%
Admiral Group PLC		1,667		41,544
Ashtead Group PLC ADR		1,555		130,496
Bellway PLC		634		21,486
BP PLC		11,092		63,696
British American Tobacco PLC Sponsored ADR		3,110		206,255
BT Group PLC		20,260		80,778
Centrica PLC		127,111		345,610
Cineworld Group PLC		9,389		77,936
Coca-Cola European Partners PLC		2,340		88,195
Compass Group PLC		3,021		56,920
Compass Group PLC Sponsored ADR		7,445		143,391
Crest Nicholson Holdings PLC		5,117		34,847
CVS Group PLC		1,877		26,864
Diageo PLC Sponsored ADR		1,380		159,500
Fevertree Drinks PLC		1,879		35,471

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
G4S PLC		24,023	$	91,593
Hargreaves Lansdown PLC		3,072		50,100
Informa PLC		2,332		19,072
International Consolidated Airlines Group SA		14,750		97,567
International Consolidated Airlines Group SA Sponsored ADR		1,296		17,198
JD Sports Fashion PLC		14,746		71,139
Lloyds Banking Group PLC		204,451		170,106
Persimmon PLC		3,514		92,279
Phoenix Group Holdings		2,297		21,515
Prudential PLC ADR		3,195		135,340
Reckitt Benckiser Group PLC		803		73,185
RELX NV Sponsored ADR		8,920		165,555
Rightmove PLC		531		26,533
SSE PLC		13,394		247,734
Subsea 7 SA (a)		10,954		169,845
Taylor Wimpey PLC		14,390		34,846
TechnipFMC PLC (a)		764		24,862
Unilever PLC Sponsored ADR		2,165		106,821
Wm Morrison Supermarkets PLC		7,494		22,535
				3,150,814
United States \| 47.1%
3M Co.		3,369		644,591
AbbVie, Inc.		2,140		139,442
Accenture PLC, Class A		3,696		443,076
Adobe Systems, Inc. (a)		758		98,639
Air Lease Corp.		888		34,410
Akamai Technologies, Inc. (a)		271		16,179
Alaska Air Group, Inc.		717		66,122
Allergan PLC		310		74,065
Alphabet, Inc., Class A (a)		325		275,535
Alphabet, Inc., Class C (a)		167		138,537
AMC Networks, Inc., Class A (a)		594		34,856
Amdocs, Ltd.		395		24,091
Ameren Corp.		1,452		79,265
American Electric Power Co., Inc.		416		27,926
American Express Co.		2,861		226,334
Ameriprise Financial, Inc.		604		78,327
Amgen, Inc.		1,662		272,684
Aon PLC		2,041		242,246
Apple, Inc.		4,790		688,131
Applied Materials, Inc.		4,400		171,160
AT&T, Inc.		13,653		567,282

Description	Shares		Fair Value
Atkore International Group, Inc.		1,581	$	41,549
Automatic Data Processing, Inc.		448		45,871
AutoZone, Inc. (a)		170		122,918
Baker Hughes, Inc.		3,373		201,773
Bank of America Corp.		12,154		286,713
Benchmark Electronics, Inc. (a)		595		18,921
Biogen, Inc. (a)		355		97,064
Bloomin’ Brands, Inc.		1,002		19,769
C.R. Bard, Inc.		520		129,241
Cardinal Health, Inc.		270		22,018
Carnival Corp.		2,259		133,078
Carnival PLC		348		19,919
Carrizo Oil & Gas, Inc. (a)		1,007		28,861
CBOE Holdings, Inc.		688		55,776
Celgene Corp. (a)		1,528		190,129
Cirrus Logic, Inc. (a)		933		56,624
Cisco Systems, Inc.		6,210		209,898
Citigroup, Inc.		5,359		320,575
Colgate-Palmolive Co.		279		20,420
Comcast Corp., Class A		15,015		564,414
Comerica, Inc.		1,470		100,813
Commerce Bancshares, Inc.		1,435		80,590
Crown Holdings, Inc. (a)		1,985		105,106
Darden Restaurants, Inc.		894		74,801
Dick’s Sporting Goods, Inc.		932		45,351
DTE Energy Co.		233		23,792
Eaton Corp. PLC		1,640		121,606
eBay, Inc. (a)		1,730		58,076
EchoStar Corp., Class A (a)		967		55,071
EOG Resources, Inc.		1,130		110,231
Everest Re Group, Ltd.		447		104,513
Exelon Corp.		1,134		40,801
F5 Networks, Inc. (a)		1,046		149,128
Facebook, Inc., Class A (a)		2,758		391,774
FactSet Research Systems, Inc.		349		57,554
FedEx Corp.		1,209		235,936
Fidelity National Information Services, Inc.		1,555		123,809
Fifth Third Bancorp		966		24,536
Finisar Corp. (a)		1,031		28,188
Fiserv, Inc. (a)		767		88,443
Five Below, Inc. (a)		2,530		109,574
Foot Locker, Inc.		432		32,318
Fresh Del Monte Produce, Inc.		555		32,873
General Mills, Inc.		1,319		77,834
General Motors Co.		4,894		173,052
Gilead Sciences, Inc.		425		28,866

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
GoDaddy, Inc., Class A (a)		494	$	18,723
Great Plains Energy, Inc.		2,362		69,018
Hasbro, Inc.		2,445		244,060
HCA Holdings, Inc. (a)		1,180		105,008
Honeywell International, Inc.		1,520		189,802
HRG Group, Inc. (a)		6,567		126,874
Huntington Ingalls Industries, Inc.		90		18,022
IDEXX Laboratories, Inc. (a)		126		19,481
II-VI, Inc. (a)		530		19,107
Intel Corp.		421		15,185
Intercontinental Exchange, Inc.		3,115		186,495
International Business Machines Corp.		562		97,867
International Game Technology PLC		1,245		29,506
Intuit, Inc.		353		40,944
Iron Mountain, Inc. REIT		525		18,727
J.B. Hunt Transport Services, Inc.		3,815		349,988
Johnson & Johnson		4,923		613,160
Johnson Controls International PLC		3,433		144,598
JPMorgan Chase & Co.		6,694		588,001
Juniper Networks, Inc.		1,912		53,211
KB Home		1,350		26,838
Kellogg Co.		1,040		75,514
Kimberly-Clark Corp.		535		70,422
Koppers Holdings, Inc. (a)		787		33,329
Lear Corp.		555		78,577
Lowe’s Cos., Inc.		1,860		152,911
Marsh & McLennan Cos., Inc.		860		63,545
MasterCard, Inc., Class A		164		18,445
McKesson Corp.		2,038		302,154
Medtronic PLC		1,070		86,199
Merck & Co., Inc.		907		57,631
MetLife, Inc.		3,744		197,758
Microsoft Corp.		8,561		563,827
Molson Coors Brewing Co., Class B		1,545		147,872
Monsanto Co.		855		96,786
Morgan Stanley		2,922		125,178
Motorola Solutions, Inc.		1,300		112,086
MSCI, Inc.		715		69,491
Newfield Exploration Co. (a)		974		35,950
NIKE, Inc., Class B		579		32,268
Nordstrom, Inc.		501		23,332

Description	Shares		Fair Value
Northrop Grumman Corp.		549	$	130,574
O’Reilly Automotive, Inc. (a)		124		33,460
Omnicom Group, Inc.		695		59,916
ONEOK, Inc.		863		47,845
Paychex, Inc.		781		46,001
PayPal Holdings, Inc. (a)		505		21,725
PepsiCo, Inc.		3,794		424,397
Phillips 66		1,488		117,879
Pinnacle West Capital Corp.		361		30,100
Pool Corp.		344		41,050
PPG Industries, Inc.		1,000		105,080
Primerica, Inc.		208		17,098
Prudential Financial, Inc.		3,841		409,758
Quest Diagnostics, Inc.		178		17,478
Quintiles IMS Holdings, Inc. (a)		1,810		145,759
Red Hat, Inc. (a)		885		76,552
Regions Financial Corp.		2,425		35,235
Republic Services, Inc.		932		58,539
Rice Energy, Inc. (a)		1,711		40,551
Rockwell Automation, Inc.		1,030		160,381
Ross Stores, Inc.		8,048		530,122
Royal Caribbean Cruises, Ltd.		768		75,348
S&P Global, Inc.		1,672		218,597
Sanchez Energy Corp. (a)		3,001		28,630
Schlumberger, Ltd.		2,490		194,469
Simon Property Group, Inc. REIT		675		116,120
Sirius XM Holdings, Inc.		16,620		85,593
Skyworks Solutions, Inc.		2,145		210,167
Snap-on, Inc.		690		116,382
Spirit AeroSystems Holdings, Inc., Class A		621		35,968
Starbucks Corp.		2,412		140,837
SunTrust Banks, Inc.		315		17,420
Synopsys, Inc. (a)		484		34,911
Sysco Corp.		13,493		700,557
Tailored Brands, Inc.		2,714		40,547
Tallgrass Energy GP LP		1,420		40,839
Teradata Corp. (a)		795		24,740
Tesoro Corp.		562		45,556
Texas Instruments, Inc.		4,852		390,877
The Boeing Co.		2,022		357,611
The Charles Schwab Corp.		3,540		144,467
The Chemours Co.		2,053		79,040
The Clorox Co.		180		24,269
The Coca-Cola Co.		3,455		146,630
The Kroger Co.		4,252		125,391
The Procter & Gamble Co.		199		17,880

Description	Shares		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
The Scotts Miracle-Gro Co.		1,227	$	114,590
The TJX Cos., Inc.		6,999		553,481
The Toro Co.		1,705		106,494
The Walt Disney Co.		1,263		143,212
The Williams Cos., Inc.		2,455		72,643
Thermo Fisher Scientific, Inc.		950		145,920
Time Warner, Inc.		2,605		254,535
Tyson Foods, Inc., Class A		1,024		63,191
Ubiquiti Networks, Inc. (a)		512		25,733
United Continental Holdings, Inc. (a)		492		34,755
United Rentals, Inc. (a)		549		68,652
United Technologies Corp.		1,410		158,216
UnitedHealth Group, Inc.		2,682		439,875
Unum Group		886		41,545
Validus Holdings, Ltd.		480		27,067
Vantiv, Inc., Class A (a)		2,415		154,850
Verizon Communications, Inc.		5,128		249,990
Versum Materials, Inc. (a)		1,163		35,588
Visa, Inc., Class A		1,895		168,409
Wal-Mart Stores, Inc.		724		52,186
Waste Management, Inc.		776		56,586
Welbilt, Inc. (a)		4,825		94,715
WellCare Health Plans, Inc. (a)		155		21,733
Whirlpool Corp.		478		81,896
Xcel Energy, Inc.		6,930		308,038
Zoetis, Inc.		3,570		190,531
				24,347,732
Total Common Stocks (Cost $40,109,514)				42,057,193

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 5.2%
Australia \| 0.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		60	$	47,510
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		25		19,742
					67,252
Belgium \| 0.3%
Anheuser-Busch InBev Finance, Inc.:
2.375%, 01/25/18	CAD		70		53,143
2.650%, 02/01/21	USD		75		75,557
					128,700

Description	Security Currency	Principal Amount (000)		Fair Value
Canada \| 0.3%
The Bank of Nova Scotia, 2.125%, 09/11/19	USD		85	$	85,389
The Toronto-Dominion Bank:
2.250%, 11/05/19	USD		55		55,360
2.621%, 12/22/21	CAD		45		34,971
					175,720
Denmark \| 0.2%
Carlsberg Breweries A/S, 2.500%, 05/28/24	EUR		100		116,524
France \| 0.2%
Orange SA, 5.375%, 07/08/19	USD		108		115,567
Germany \| 0.3%
BMW Finance NV, 3.375%, 12/14/18	GBP		100		130,585
Netherlands \| 0.1%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20	NZD		80		59,036
New Zealand \| 0.2%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24	AUD		100		83,593
Norway \| 0.1%
Statoil ASA, 3.700%, 03/01/24	USD		60		62,474
Spain \| 0.2%
Iberdrola International BV, 1.125%, 04/21/26	EUR		100		105,084
United Kingdom \| 0.4%
Centrica PLC, 7.000%, 09/19/18	GBP		50		68,131
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		50		70,226
SSE PLC, 5.000%, 10/01/18	GBP		50		66,493
					204,850
United States \| 2.8%
Alphabet, Inc., 3.625%, 05/19/21	USD		40		42,468
Amazon.com, Inc., 3.800%, 12/05/24	USD		85		89,993
Apple, Inc.:
2.850%, 02/23/23	USD		17		17,154
3.850%, 05/04/43	USD		105		100,583
Citigroup, Inc., 3.320%, 05/04/21 (e)	AUD		135		104,400
General Electric Co., 4.250%, 01/17/18	NZD		115		81,582
John Deere Canada Funding, Inc.:

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
2.300%, 01/17/18	CAD		55	$	41,760
2.050%, 09/17/20	CAD		50		38,089
John Deere Capital Corp., 2.300%, 09/16/19	USD		40		40,425
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		60		64,655
Microsoft Corp., 4.450%, 11/03/45	USD		127		134,125
Morgan Stanley, 2.500%, 01/24/19	USD		120		121,184
NIKE, Inc., 2.375%, 11/01/26	USD		60		56,101
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		120		87,250
3.625%, 01/22/23	USD		70		71,750
The Home Depot, Inc., 2.625%, 06/01/22	USD		80		80,643
Union Pacific Corp., 4.163%, 07/15/22	USD		75		80,970
Valero Energy Corp., 6.125%, 02/01/20	USD		45		49,541
Wells Fargo & Co., 3.090%, 07/27/21 (e)	AUD		145		112,123
Wells Fargo Canada Corp., 3.040%, 01/29/21	CAD		35		27,518
					1,442,314
Total Corporate Bonds (Cost $2,700,125)					2,691,699
Foreign Government Obligations \| 7.7%
Australia \| 1.0%
Queensland Treasury Corp.:
5.500%, 06/21/21	AUD		145		124,636
3.000%, 03/22/24	AUD		100		77,206
Treasury Corp. of Victoria, 6.000%, 10/17/22	AUD		145		130,901
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		185		167,899
					500,642
Bermuda \| 0.4%
Government of Bermuda, 4.854%, 02/06/24	USD		200		210,666
Canada \| 1.0%
Province of Alberta, 4.000%, 12/01/19	CAD		95		76,662
Province of British Columbia, 3.700%, 12/18/20	CAD		115		93,662
Province of Ontario, 1.950%, 01/27/23	CAD		165		124,529
Province of Quebec: 3.500%, 07/29/20	USD		105		110,082

Description	Security Currency	Principal Amount (000)		Fair Value
1.650%, 03/03/22	CAD		55	$	41,299
2.500%, 04/20/26	USD		90		87,953
					534,187
Cayman Islands \| 0.2%
Cayman Islands Government Bond, 5.950%, 11/24/19	USD		100		108,500
Chile \| 0.4%
Republic of Chile, 3.125%, 01/21/26	USD		200		203,100
Colombia \| 0.1%
Republic of Colombia, 2.625%, 03/15/23	USD		70		67,200
Czech Republic \| 0.3%
Czech Republic, 0.060%, 12/09/20 (e)	CZK		3,360		134,189
Hungary \| 0.2%
Hungary Government Bond, 5.500%, 06/24/25	HUF		22,620		91,803
Ireland \| 0.3%
Irish Treasury, 3.400%, 03/18/24	EUR		130		165,942
Mexico \| 0.5%
Mexican Bonos:
5.000%, 12/11/19	MXN		490		25,021
6.500%, 06/09/22	MXN		1,490		78,102
United Mexican States, 6.750%, 02/06/24	GBP		100		152,384
					255,507
New Zealand \| 0.4%
New Zealand Government Bonds:
6.000%, 12/15/17	NZD		85		61,160
6.000%, 05/15/21	NZD		215		167,435
					228,595
Norway \| 0.6%
Kommunalbanken AS, 1.375%, 10/26/20 (d)	USD		200		195,923
Oslo Kommune, 1.600%, 05/05/22	NOK		1,000		113,793
					309,716
Poland \| 0.6%
Poland Government Bond, 1.810%, 01/25/21 (e)	PLN		1,144		285,246
Romania \| 0.1%
Romanian Government Bond, 2.875%, 10/28/24	EUR		57		65,216

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi Asset Portfolio (continued)
Singapore \| 0.7%
Singapore Government Bond, 3.000%, 09/01/24	SGD		491	$	372,765
Spain \| 0.3%
Spain Government Bonds:
1.600%, 04/30/25	EUR		71		77,553
1.950%, 07/30/30	EUR		73		77,133
					154,686
Sweden \| 0.6%
Kommuninvest I Sverige AB, 1.500%, 04/23/19	USD		200		199,074
Svensk Exportkredit AB, 1.875%, 12/21/18	GBP		65		83,269
					282,343
Total Foreign Government Obligations (Cost $3,970,205)					3,970,303
Quasi Government Bonds \| 0.7%
Canada \| 0.5%
Hydro-Quebec:
1.084%, 12/01/19 (e)	CAD		260		196,156
9.625%, 07/15/22	CAD		55		57,495
					253,651
Germany \| 0.2%
KFW, 1.125%, 12/23/19	GBP		100		127,376
Total Quasi Government Bonds (Cost $379,894)					381,027
Supranationals \| 0.9%
African Development Bank, 2.375%, 09/23/21	USD		50		50,427
Asian Development Bank, 2.125%, 03/19/25	USD		115		110,976
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		85		90,577
European Investment Bank, 1.125%, 09/16/21 (d)	CAD		135		99,822
International Bank for Reconstruction & Development, 3.500%, 01/22/21	NZD		45		32,009
International Finance Corp., 3.625%, 05/20/20	NZD		115		82,172
Total Supranationals (Cost $472,257)					465,983
US Municipal Bonds \| 0.5%
California \| 0.3%
California State Build America Bond, 7.500%, 04/01/34	USD		95		134,594

Description	Security Currency	Principal Amount (000)		Fair Value
Georgia \| 0.2%
Georgia State Build America Bond Series B, 2.380%, 02/01/27	USD		100	$	94,540
Total US Municipal Bonds (Cost $244,387)					229,134
US Treasury Securities \| 1.1%
US Treasury Notes:
2.125%, 05/15/25	USD		300		295,406
1.625%, 05/15/26	USD		215		201,630
2.500%, 05/15/46	USD		100		89,523
Total US Treasury Securities (Cost $589,352)					586,559

Description	Shares		Fair Value
Short-Term Investment \| 2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $1,124,533)		1,124,533	$	1,124,533
Total Investments \| 99.7% (Cost $49,590,267) (b), (g)			$	51,506,431
Cash and Other Assets in Excess of Liabilities \| 0.3%				133,731
Net Assets \| 100.0%			$	51,640,162

Lazard Global Dynamic Multi Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	5,956	USD	4,562	CIT	05/24/17	$	—	$	16
AUD	71,367	USD	54,864	CIT	05/24/17		—		389
CHF	57,321	USD	57,357	HSB	05/24/17		35		—
CHF	32,883	USD	33,598	SSB	06/28/17		—		602
CZK	1,246,946	USD	50,132	JPM	07/11/17		—		299
DKK	757,497	USD	108,687	HSB	05/24/17		202		—
EUR	107,221	USD	114,300	CIT	05/24/17		344		—
EUR	115,934	USD	124,400	HSB	05/24/17		—		439
EUR	1,263,738	USD	1,347,575	SSB	05/24/17		3,655		—
EUR	453,494	USD	494,648	SSB	06/28/17		—		8,896
GBP	9,020	USD	11,278	CIT	05/24/17		37		—
GBP	158,591	USD	199,458	SSB	06/28/17		—		350
JPY	32,745,660	USD	293,404	CIT	05/24/17		1,261		—
JPY	8,990,383	USD	80,700	HSB	05/24/17		201		—
JPY	133,686,142	USD	1,197,588	HSB	05/24/17		5,402		—
KRW	158,523,420	USD	135,386	HSB	04/20/17		6,492		—
MXN	822,574	USD	41,800	HSB	05/24/17		1,798		—
NZD	62,512	USD	43,724	SSB	05/24/17		40		—
SEK	627,438	USD	70,677	CIT	05/24/17		—		492
SEK	844,102	USD	95,091	HSB	05/24/17		—		670
SEK	6,023	USD	689	SSB	06/28/17		—		14
USD	45,500	AUD	59,160	CIT	05/24/17		342		—
USD	76,673	AUD	99,828	CIT	05/24/17		473		—
USD	697,976	AUD	911,255	CIT	05/24/17		2,401		—
USD	312,280	AUD	410,085	SSB	06/28/17		—		538
USD	41,992	CAD	54,942	CIT	05/24/17		649		—
USD	623,632	CAD	815,979	CIT	05/24/17		9,626		—
USD	29,425	CAD	38,498	HSB	05/24/17		456		—
USD	274,148	CAD	366,125	SSB	06/28/17		—		1,489
USD	11,525	CZK	285,823	HSB	07/11/17		102		—
USD	86,523	CZK	2,210,429	HSB	07/11/17		—		1,814
USD	91,622	CZK	2,175,756	JPM	07/11/17		4,670		—
USD	49,586	DKK	338,201	SSB	06/28/17		880		—
USD	118,600	EUR	109,447	HSB	05/24/17		1,575		—
USD	197,776	EUR	185,472	SSB	05/24/17		—		536
USD	255,511	GBP	204,369	CIT	05/24/17		—		838
USD	229,088	HKD	1,776,240	SSB	06/28/17		129		—
USD	96,148	HUF	27,798,276	JPM	05/24/17		—		103
USD	66,342	ILS	238,757	SSB	06/28/17		253		—
USD	26,600	JPY	3,001,490	CIT	05/24/17		—		409
USD	93,000	JPY	10,317,792	HSB	05/24/17		154		—
USD	238,715	JPY	26,227,423	SSB	06/28/17		2,339		—
USD	39,200	KRW	45,942,400	HSB	04/20/17		—		1,918
USD	44,600	MXN	861,355	HSB	05/24/17		—		1,053
USD	68,988	MXN	1,423,676	SSB	05/24/17		—		6,469

Lazard Global Dynamic Multi Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation	Unrealized Depreciation
USD	119,129	NOK	998,214	CIT	05/24/17	$	2,812	$	—
USD	110,518	NOK	939,779	SSB	06/28/17		969		—
USD	10,060	NZD	14,075	SSB	05/24/17		206		—
USD	559,286	NZD	782,524	SSB	05/24/17		11,439		—
USD	15,811	NZD	22,532	SSB	06/28/17		50		—
USD	263,725	PLN	1,068,878	CIT	05/24/17		—		5,672
USD	355,778	SGD	506,161	SSB	05/24/17		—		6,207
USD	152,864	SGD	212,767	SSB	06/28/17		665		—
USD	53,678	ZAR	722,198	HSB	04/19/17		—		14
USD	14,911	ZAR	202,383	HSB	05/24/17		—		44
ZAR	722,198	USD	52,600	HSB	04/19/17		1,092		—
ZAR	202,383	USD	14,952	HSB	05/24/17		3		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	60,752	$	39,271


Description		Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 8.2%
Canada \| 0.1%
ECN Capital Corp.			6,028	$	16,273
France \| 0.8%
Valeo SA			1,525		101,704
Israel \| 0.1%
Israel Discount Bank, Ltd., Class A (a)			5,141		12,071
Italy \| 0.1%
UniCredit SpA			854		13,164
Mexico \| 0.1%
Cemex SAB de CV Sponsored ADR (a)			1,700		15,419
United States \| 7.0%
Air Lease Corp.			524		20,305
AK Steel Holding Corp. (a)			5,300		38,107
Alaska Air Group, Inc.			305		28,127
Altra Industrial Motion Corp.			9,379		365,312
American Homes 4 Rent, Class A REIT			1,200		27,552
Atlas Air Worldwide Holdings, Inc. (a)			309		17,134
Bank of America Corp.			2,440		57,560
BroadSoft, Inc. (a)			800		32,160
CalAtlantic Group, Inc.			600		22,470
Chesapeake Energy Corp. (a)			1,400		8,316
Cisco Systems, Inc.			4,810		162,578
Ford Motor Co.			469		5,459
Green Plains, Inc.			2,300		56,925
Southwest Airlines Co.			305		16,397
The Greenbrier Cos., Inc.			600		25,860
United Continental Holdings, Inc. (a)			305		21,545
Workday, Inc. Class A (a)			400		33,312
					939,119
Total Common Stocks (Cost $985,328)					1,097,750

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 156.9%
Bermuda \| 0.8%
Golar LNG, Ltd., 2.750%, 02/15/22 (i)	USD		105	$	106,181
Canada \| 4.1%
Element Fleet Management Corp.:
5.125%, 06/30/19	CAD		220		180,321

Description	Security Currency	Principal Amount (000)		Fair Value
4.250%, 06/30/20	CAD		387	$	295,375
Pretium Resources, Inc., 2.250%, 03/15/22 (d)	USD		80		80,350
					556,046
China \| 0.6%
Ctrip.com International, Ltd., 1.250%, 09/15/22 (i), (d)	USD		80		82,800
Greece \| 3.0%
Aegean Marine Petroleum Network, Inc.:
4.000%, 11/01/18 (i)	USD		128		142,160
4.250%, 12/15/21 (i)	USD		245		260,925
					403,085
Israel \| 0.5%
Nice Systems, Inc., 1.250%, 01/15/24 (i), (d)	USD		61		63,440
Japan \| 0.7%
Mirait Holdings Corp., 0.000%, 12/30/21	JPY		10,000		94,269
Mexico \| 3.8%
Cemex SAB de CV:
3.750%, 03/15/18 (i)	USD		186		217,039
3.720%, 03/15/20 (i)	USD		256		289,440
					506,479
United States \| 143.4%
Advanced Micro Devices, Inc., 2.125%, 09/01/26 (i)	USD		135		266,625
Aerojet Rocketdyne Holdings, Inc., 2.250%, 12/15/23 (i), (d)	USD		222		239,344
AK Steel Corp., 5.000%, 11/15/19 (i)	USD		185		292,531
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (i)	USD		183		183,458
AMAG Pharmaceuticals, Inc., 2.500%, 02/15/19 (i)	USD		205		223,322
American Residential Properties OP LP, 3.250%, 11/15/18 (i), (d)	USD		264		350,460
Amicus Therapeutics, Inc., 3.000%, 12/15/23 (i), (d)	USD		186		250,867
AmTrust Financial Services, Inc., 2.750%, 12/15/44 (i)	USD		183		137,708
Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22 (i)	USD		63		66,701
BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20 (i)	USD		230		271,544
Blackhawk Network Holdings, Inc., 1.500%, 01/15/22 (i), (d)	USD		152		162,165
Blucora, Inc., 4.250%, 04/01/19	USD		208		208,520

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Bottomline Technologies de, Inc., 1.500%, 12/01/17 (i)	USD		173	$	173,865
BroadSoft, Inc., 1.000%, 09/01/22 (i)	USD		134		160,130
CalAtlantic Group, Inc., 1.250%, 08/01/32 (i)	USD		210		216,956
Carbonite, Inc., 2.500%, 04/01/22	USD		13		13,739
Carriage Services, Inc., 2.750%, 03/15/21 (i)	USD		97		125,979
Chesapeake Energy Corp., 5.500%, 09/15/26 (i), (d)	USD		203		210,232
Citrix Systems, Inc., 0.500%, 04/15/19 (i)	USD		178		222,945
Clovis Oncology, Inc., 2.500%, 09/15/21 (i)	USD		202		260,075
Colony NorthStar, Inc., 3.875%, 01/15/21 (i)	USD		61		60,085
Colony Starwood Homes:
3.000%, 07/01/19 (i)	USD		213		252,006
3.500%, 01/15/22 (i), (d)	USD		271		286,752
Cornerstone OnDemand, Inc., 1.500%, 07/01/18 (i)	USD		78		79,609
Cowen Group, Inc., 3.000%, 03/15/19 (i)	USD		143		144,609
CSG Systems International, Inc., 4.250%, 03/15/36 (i)	USD		302		313,702
Cypress Semiconductor Corp., 4.500%, 01/15/22 (i)	USD		214		261,214
DISH Network Corp.:
2.375%, 03/15/24 (i)	USD		123		125,844
3.375%, 08/15/26 (i), (d)	USD		245		295,991
Dycom Industries, Inc., 0.750%, 09/15/21 (i)	USD		85		99,184
Emergent BioSolutions, Inc., 2.875%, 01/15/21 (i)	USD		202		240,380
Encore Capital Group, Inc.:
3.000%, 11/27/17 (i)	USD		47		51,847
3.250%, 03/15/22 (i)	USD		216		198,990
Ensco Jersey Finance, Ltd., 3.000%, 01/31/24 (i)	USD		134		130,734
FireEye, Inc., 1.625%, 06/01/35	USD		61		54,633
Forest City Realty Trust, Inc.:
4.250%, 08/15/18 (i)	USD		144		160,740
3.625%, 08/15/20 (i)	USD		335		358,450
Global Brokerage, Inc., 2.250%, 06/15/18	USD		147		49,245
Green Plains, Inc.:
3.250%, 10/01/18 (i)	USD		322		425,442
4.125%, 09/01/22 (i), (d)	USD		236		262,402

Description	Security Currency	Principal Amount (000)		Fair Value
HCI Group, Inc., 4.250%, 03/01/37 (i), (d)	USD		39	$	37,708
HealthSouth Corp., 2.000%, 12/01/43 (i)	USD		61		74,496
Herbalife, Ltd., 2.000%, 08/15/19 (i)	USD		122		116,739
Hercules Capital, Inc., 4.375%, 02/01/22 (i), (d)	USD		72		73,710
Hologic, Inc., 0.000%, 12/15/43 (f), (i)	USD		260		321,750
Horizon Global Corp., 2.750%, 07/01/22 (i)	USD		208		188,630
Iconix Brand Group, Inc., 1.500%, 03/15/18 (i)	USD		303		286,335
Innoviva, Inc., 2.125%, 01/15/23 (i)	USD		169		159,494
Inphi Corp., 0.750%, 09/01/21 (i), (d)	USD		122		134,963
Insulet Corp., 1.250%, 09/15/21 (i), (d)	USD		192		192,720
Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23 (i)	USD		122		113,689
InterDigital, Inc., 1.500%, 03/01/20 (i)	USD		110		143,481
j2 Global, Inc., 3.250%, 06/15/29 (i)	USD		122		164,700
Knowles Corp., 3.250%, 11/01/21 (i), (d)	USD		251		314,377
LGI Homes, Inc., 4.250%, 11/15/19 (i)	USD		136		223,380
Liberty Interactive LLC, 4.000%, 11/15/29	USD		236		144,009
Liberty Media Corp., 1.375%, 10/15/23	USD		150		169,594
M/I Homes, Inc., 3.250%, 09/15/17 (i)	USD		157		177,018
Meritage Homes Corp., 1.875%, 09/15/32	USD		168		167,475
Microchip Technology, Inc.:
1.625%, 02/15/25 (i)	USD		61		87,459
1.625%, 02/15/27 (i)	USD		308		312,042
2.250%, 02/15/37 (i)	USD		123		124,999
Micron Technology, Inc., 3.000%, 11/15/43 (i)	USD		33		36,981
Molina Healthcare, Inc., 1.125%, 01/15/20 (i)	USD		150		191,250
Nabors Industries, Inc., 0.750%, 01/15/24 (i), (d)	USD		62		57,931
Navistar International Corp.:
4.500%, 10/15/18 (i)	USD		32		31,460
4.750%, 04/15/19 (i)	USD		369		354,240

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
New York Mortgage Trust, Inc., 6.250%, 01/15/22 (i)	USD		71	$	69,491
Nuance Communications, Inc.:
1.250%, 04/01/25 (i)	USD		62		61,884
2.750%, 11/01/31 (i)	USD		61		61,343
ON Semiconductor Corp., 1.625%, 10/15/23 (i)	USD		123		127,536
OSI Systems, Inc., 1.250%, 09/01/22 (i), (d)	USD		119		113,050
Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 (i)	USD		117		121,168
PDL BioPharma, Inc., 2.750%, 12/01/21 (i)	USD		222		192,724
PRA Group, Inc., 3.000%, 08/01/20 (i)	USD		221		197,933
Proofpoint, Inc., 0.750%, 06/15/20	USD		49		55,768
PTC Therapeutics, Inc., 3.000%, 08/15/22 (i)	USD		147		92,334
Quidel Corp., 3.250%, 12/15/20 (i)	USD		137		140,339
Redwood Trust, Inc., 4.625%, 04/15/18 (i)	USD		295		295,369
Rovi Corp., 0.500%, 03/01/20 (i)	USD		110		108,144
RTI International Metals, Inc., 1.625%, 10/15/19 (i)	USD		56		65,030
RWT Holdings, Inc., 5.625%, 11/15/19 (i)	USD		134		137,518
ServiceNow, Inc., 0.000%, 11/01/18 (i)	USD		190		244,387
Shutterfly, Inc., 0.250%, 05/15/18 (i)	USD		43		42,946
Silicon Laboratories, Inc., 1.375%, 03/01/22 (i)	USD		123		130,457
Starwood Property Trust, Inc.:
3.750%, 10/15/17 (i)	USD		582		590,730
4.375%, 04/01/23 (i)	USD		219		218,179
Sucampo Pharmaceuticals, Inc., 3.250%, 12/15/21 (i)	USD		197		194,907
TerraVia Holdings, Inc., 5.000%, 10/01/19 (i)	USD		216		89,640
Tesla, Inc.:
0.250%, 03/01/19 (i)	USD		226		226,000
2.375%, 03/15/22 (i)	USD		122		127,109
The Greenbrier Cos., Inc.:
3.500%, 04/01/18 (i)	USD		138		178,279
2.875%, 02/01/24 (i), (d)	USD		202		206,292
The KeyW Holding Corp., 2.500%, 07/15/19 (i)	USD		173		165,972

Description	Security Currency	Principal Amount (000)		Fair Value
The Medicines Co., 2.750%, 07/15/23 (i), (d)	USD		146	$	175,930
The Priceline Group, Inc.:
1.000%, 03/15/18 (i)	USD		163		306,847
0.900%, 09/15/21 (i)	USD		91		102,318
Trinity Industries, Inc., 3.875%, 06/01/36 (i)	USD		24		29,145
VEREIT, Inc., 3.000%, 08/01/18	USD		294		294,184
Viavi Solutions, Inc., 1.000%, 03/01/24 (i), (d)	USD		197		206,604
Vitamin Shoppe, Inc., 2.250%, 12/01/20 (i)	USD		92		77,970
Weatherford International, Ltd., 5.875%, 07/01/21 (i)	USD		91		116,878
WebMD Health Corp.:
1.500%, 12/01/20	USD		189		224,083
2.625%, 06/15/23	USD		154		146,204
Workday, Inc., 1.500%, 07/15/20	USD		80		98,150
World Wrestling Entertainment, Inc., 3.375%, 12/15/23	USD		185		202,691
Wright Medical Group NV, 2.250%, 11/15/21 (d)	USD		170		265,837
Wright Medical Group, Inc., 2.000%, 02/15/20	USD		207		246,847
Zillow Group, Inc., 2.000%, 12/01/21	USD		154		152,749
					19,190,621
Total Corporate Bonds (Cost $20,435,391)					21,002,921

Description		Shares		Fair Value
Preferred Stocks \| 1.5%
United States \| 1.5%
Virtus Investment Partners, Inc. (i)			952	$	93,144
William Lyon Homes (a)			1,056		106,471
Total Preferred Stocks (Cost $197,644)					199,615
Exchange-Traded Funds \| 0.4%
SPDR S&P Retail ETF (Cost $51,974)			1,200		50,688

Description	Counterparty	Number of Contracts		Fair Value
Purchased Options \| 0.1%
Advanced Micro Devices, Inc. 15 Call, Expires 04/13/17	RBS		6	$	231

Description	Counterparty	Number of Contracts		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Advanced Micro Devices, Inc. 15.5 Call, Expires 04/13/17	RBS		6	$	152
Cemex SAB de CV 10 Call, Expires 04/21/17	RBS		62		248
Cypress Semiconductor Corp. 15 Call, Expires 05/19/17	RBS		36		1,260
Intercept Pharmaceuticals, Inc. 130 Call, Expires 06/16/17	RBS		2		780
Navistar International Corp. 28 Call, Expires 04/21/17	RBS		2		20
Nice, Ltd. 75 Call, Expires 05/19/17	RBS		2		10
Pandora Media, Inc. 15 Call, Expires 06/16/17	RBS		1		21
Pandora Media, Inc. 15 Put, Expires 06/16/17	RBS		4		1,280
PTC Therapeutics, Inc. 11 Put, Expires 04/21/17	RBS		7		910
Shutterfly, Inc. 50 Call, Expires 04/21/17	RBS		3		75
Teck Resources, Ltd. 24 Call, Expires 05/19/17	RBS		12		1,080
VanEck Vectors Gold Miners ETF 25 Call, Expires 06/16/17	RBS		38		2,698
WebMD Health Corp. 55 Call, Expires 06/16/17	RBS		6		1,260
Total Purchased Options (Cost $18,402)					10,025

Description		Shares		Fair Value
Short-Term Investment \| 12.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $1,682,844)			1,682,844	$	1,682,844
Total Investments excluding Securities Sold Short \| 179.7% (Cost $23,371,583)					24,043,843
Securities Sold Short \| (75.3)%
Common Stocks \| (70.9)%
Bermuda \| (0.4)%
Golar LNG, Ltd.			(1,894)		(52,899)

Description	Shares			Fair Value
Canada \| (1.2)%
ECN Capital Corp.		(1,495	)	$	(4,036	)
Element Fleet Management Corp.		(11,623	)		(107,591	)
Pretium Resources, Inc. (a)		(4,123	)		(44,157	)
					(155,784	)
China \| (0.2)%
Ctrip.com International, Ltd. ADR (a)		(540	)		(26,541	)
Greece \| (1.3)%
Aegean Marine Petroleum Network, Inc.		(13,955	)		(168,158	)
Israel \| (0.1)%
Nice, Ltd. Sponsored ADR		(267	)		(18,151	)
Japan \| (0.1)%
Mirait Holdings Corp.		(1,900	)		(18,693	)
Mexico \| (1.4)%
Cemex SAB de CV Sponsored ADR (a)		(20,834	)		(188,964	)
United States \| (66.2)%
Advanced Micro Devices, Inc. (a)		(15,156	)		(220,520	)
Aerojet Rocketdyne Holdings, Inc. (a)		(5,570	)		(120,869	)
AK Steel Holding Corp. (a)		(33,243	)		(239,017	)
Allscripts Healthcare Solutions, Inc. (a)		(3,131	)		(39,701	)
Altra Industrial Motion Corp.		(9,379	)		(365,312	)
AMAG Pharmaceuticals, Inc. (a)		(4,512	)		(101,746	)
American Homes 4 Rent Class A REIT		(10,508	)		(241,264	)
Amicus Therapeutics, Inc. (a)		(25,774	)		(183,769	)
AmTrust Financial Services, Inc.		(2,227	)		(41,110	)
Arconic, Inc.		(1,277	)		(33,636	)
Atlas Air Worldwide Holdings, Inc. (a)		(922	)		(51,125	)
BioMarin Pharmaceutical, Inc. (a)		(1,500	)		(131,670	)
Blackhawk Network Holdings, Inc. (a)		(1,558	)		(63,255	)
Bottomline Technologies de, Inc. (a)		(1,211	)		(28,640	)
BroadSoft, Inc. (a)		(2,950	)		(118,590	)
CalAtlantic Group, Inc.		(975	)		(36,514	)
Carbonite, Inc. (a)		(269	)		(5,461	)
Carriage Services, Inc.		(3,462	)		(93,889	)
Chesapeake Energy Corp. (a)		(16,825	)		(99,941	)
Cisco Systems, Inc.		(4,810	)		(162,578	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Citrix Systems, Inc. (a)		(1,554	)	$	(129,588	)
Clovis Oncology, Inc. (a)		(2,449	)		(155,928	)
Colony NorthStar, Inc. REIT		(1,525	)		(19,688	)
Colony Starwood Homes REIT		(7,512	)		(255,032	)
Cornerstone OnDemand, Inc. (a)		(342	)		(13,300	)
Cowen Group, Inc.,Class A (a)		(3,322	)		(49,664	)
CSG Systems International, Inc.		(2,321	)		(87,757	)
Cypress Semiconductor Corp.		(9,287	)		(127,789	)
DISH Network Corp., Class A (a)		(3,996	)		(253,706	)
Dycom Industries, Inc. (a)		(630	)		(58,559	)
Emergent BioSolutions, Inc. (a)		(4,630	)		(134,455	)
Encore Capital Group, Inc. (a)		(3,451	)		(106,291	)
Ensco PLC Class A		(7,133	)		(63,840	)
Ford Motor Co.		(469	)		(5,459	)
Forest City Realty Trust, Inc., Class A REIT		(11,628	)		(253,258	)
Green Plains, Inc.		(19,618	)		(485,546	)
HCI Group, Inc.		(721	)		(32,863	)
HealthSouth Corp.		(1,217	)		(52,100	)
Herbalife, Ltd. (a)		(629	)		(36,570	)
Hercules Capital, Inc.		(981	)		(14,843	)
Hologic, Inc. (a)		(629	)		(26,764	)
Horizon Global Corp. (a)		(3,024	)		(41,973	)
Iconix Brand Group, Inc. (a)		(1,472	)		(11,069	)
Innoviva, Inc. (a)		(4,090	)		(56,565	)
Inphi Corp. (a)		(1,364	)		(66,590	)
Insulet Corp. (a)		(1,969	)		(84,844	)
Intercept Pharmaceuticals, Inc. (a)		(377	)		(42,639	)
InterDigital, Inc.		(1,118	)		(96,483	)
j2 Global, Inc.		(1,343	)		(112,691	)
Knowles Corp. (a)		(10,595	)		(200,775	)
LGI Homes, Inc. (a)		(5,273	)		(178,807	)
Liberty Media Corp-Liberty SiriusXM (a)		(1,286	)		(50,051	)
M/I Homes, Inc. (a)		(3,133	)		(76,759	)
Microchip Technology, Inc.		(5,607	)		(413,684	)
Micron Technology, Inc. (a)		(797	)		(23,033	)
Molina Healthcare, Inc. (a)		(2,539	)		(115,778	)
Nabors Industries, Ltd.		(1,210	)		(15,815	)
Navistar International Corp. (a)		(2,362	)		(58,152	)
New York Mortgage Trust, Inc. REIT		(3,619	)		(22,329	)
Nuance Communications, Inc. (a)		(660	)		(11,425	)

Description	Shares			Fair Value
ON Semiconductor Corp. (a)		(2,362	)	$	(36,587	)
OSI Systems, Inc. (a)		(551	)		(40,217	)
Pacira Pharmaceuticals, Inc. (a)		(1,051	)		(47,926	)
PDL BioPharma, Inc.		(42,288	)		(95,994	)
PRA Group, Inc. (a)		(1,184	)		(39,250	)
PTC Therapeutics, Inc. (a)		(1,957	)		(19,257	)
Quidel Corp. (a)		(2,092	)		(47,363	)
Redwood Trust, Inc. REIT		(2,950	)		(49,000	)
ServiceNow, Inc. (a)		(1,029	)		(90,007	)
Shutterfly, Inc. (a)		(184	)		(8,885	)
Silicon Laboratories, Inc. (a)		(132	)		(9,709	)
Starwood Property Trust, Inc. REIT		(3,609	)		(81,491	)
Sucampo Pharmaceuticals, Inc., Class A (a)		(8,285	)		(91,135	)
TerraVia Holdings, Inc. (a)		(21,377	)		(15,488	)
Tesla Motors, Inc. (a)		(508	)		(141,376	)
The Greenbrier Cos., Inc.		(2,775	)		(119,603	)
The KeyW Holding Corp. (a)		(5,334	)		(50,353	)
The Medicines Co. (a)		(2,395	)		(117,116	)
The Priceline Group, Inc. (a)		(190	)		(338,194	)
TiVo Corp.		(1,446	)		(27,112	)
Trinity Industries, Inc.		(535	)		(14,204	)
Viavi Solutions, Inc. (a)		(8,761	)		(93,918	)
Virtus Investment Partners, Inc.		(476	)		(50,408	)
Vitamin Shoppe, Inc. (a)		(1,170	)		(23,575	)
Weatherford International PLC (a)		(8,658	)		(57,576	)
WebMD Health Corp. (a)		(2,622	)		(138,127	)
William Lyon Homes Class A (a)		(3,585	)		(73,923	)
Workday, Inc.,Class A (a)		(1,019	)		(84,862	)
World Wrestling Entertainment, Inc., Class A		(3,545	)		(78,770	)
Wright Medical Group NV (a)		(10,003	)		(311,293	)
Zillow Group, Inc. Class C (a)		(1,486	)		(50,034	)
					(8,863,822	)
Total Common Stocks (Proceeds $9,092,876)					(9,493,012	)

Description	Security Currency	Principal Amount (000)			Fair Value
Corporate Bond \| (0.3)%
United States \| (0.3)%
Air Lease Corp 3,875%, 12/01/18
(Proceeds $27,220)	USD		(22,000	)	$	(31,405	)

Description	Shares			Fair Value
Exchange-Traded Funds \| (4.1)%
United States \| (4.1)%
iShares 7-10 Year Treasury Bond ETF		(3,122	)	$	(329,652	)
SPDR S&P 500 ETF Trust		(430	)		(101,605	)
SPDR S&P Retail ETF		(1,840	)		(77,722	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
VanEck Vectors Gold Miners ETF		(1,619	)	$	(36,929)
Total Exchange-Traded Funds (Proceeds $543,308)					(545,908)
Total Securities Sold Short (Proceeds $9,663,404)					(10,070,325)
Total Investments \| 104.4% (Cost and short proceeds $13,708,179) (b), (g)				$	13,973,518
Liabilities in Excess of Cash and Other Assets \| (4.4)%					(588,949)
Net Assets \| 100.0%				$	13,384,569

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at March 31, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	397,752	CAD	530,000	SSB	05/24/17	$	—	$	1,062
USD	81,956	EUR	76,000	SSB	05/24/17		694		—
USD	74,007	JPY	8,360,000	SSB	05/24/17		—		1,221
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	694	$	2,283

Written Options open at March 31, 2017:

Description	Counterparty	Number of Contracts	Strike Price		Expiration Date	Premium		Fair Value
Advanced Micro Devices, Inc. 14 Put	RBS	12	$	14.00	04/13/17	$	311	$	(311	)
Cemex SAB de CV 8 Put	RBS	62		8.00	04/21/17		879		(186	)
Intercept Pharmaceuticals, Inc. 100 Put	RBS	3		100.00	06/16/17		1,222		(750	)
Navistar International Corp. 25 Put	RBS	2		25.00	04/21/17		153		(200	)
Nice, Ltd. 65 Put	RBS	2		65.00	05/19/17		223		(140	)
Pandora Media, Inc. 12 Put	RBS	5		12.00	06/16/17		335		(550	)
PTC Therapeutics, Inc. 9 Put	RBS	10		9.00	04/21/17		1,383		(300	)
Shutterfly, Inc. 45 Put	RBS	3		45.00	04/21/17		134		(30	)
Teck Resources, Ltd. 21 Put	RBS	12		21.00	05/19/17		2,206		(1,296	)
Trinity Industries, Inc. 28 Put	RBS	2		28.00	04/21/17		303		(350	)
VanEck Vectors Gold Miners ETF18 Put	RBS	41		18.00	06/16/17		4,422		(533	)
WebMD Health Corp. 45 Put	RBS	5		45.00	06/16/17		458		(150	)
WebMD Health Corp. 50 Put	RBS	6		50.00	06/16/17		841		(906	)
Total Written Options						$	12,870	$	(5,702	)

Description	Shares		Fair Value
Lazard Fundamental Long/Short Portfolio
Common Stocks \| 88.2%
Air Freight & Logistics \| 1.0%
United Parcel Service, Inc., Class B		11,600	$	1,244,680
Banks \| 8.2%
Bank of America Corp. (i)		184,000		4,340,560
Comerica, Inc. (i)		47,955		3,288,754
TCF Financial Corp. (i)		133,800		2,277,276
				9,906,590
Beverages \| 3.7%
Molson Coors Brewing Co., Class B (i)		46,141		4,416,155
Biotechnology \| 2.1%
BioMarin Pharmaceutical, Inc. (a)		6,835		599,976
Celgene Corp. (a)		10,595		1,318,336
Incyte Corp. (a)		4,022		537,621
				2,455,933
Building Products \| 4.6%
JELD-WEN Holding, Inc.		59,691		1,960,849
Johnson Controls International PLC (i)		84,755		3,569,881
				5,530,730
Capital Markets \| 7.8%
Intercontinental Exchange, Inc. (i)		106,860		6,397,708
The Charles Schwab Corp. (i)		73,961		3,018,349
				9,416,057
Communications Equipment \| 5.6%
Cisco Systems, Inc. (i)		82,960		2,804,048
Motorola Solutions, Inc. (i)		45,717		3,941,720
				6,745,768
Diversified Telecommunication Services \| 2.5%
AT&T, Inc. (i)		71,605		2,975,188
Electrical Equipment \| 3.7%
Eaton Corp. PLC		16,600		1,230,890
Rockwell Automation, Inc. (i)		20,956		3,263,059
				4,493,949
Energy Equipment & Services \| 2.4%
Halliburton Co. (i)		34,800		1,712,508
Schlumberger, Ltd.		15,400		1,202,740
				2,915,248

Description	Shares		Fair Value
Food & Staples Retailing \| 3.0%
Walgreens Boots Alliance, Inc. (i)		42,875	$	3,560,769
Health Care Equipment & Supplies \| 1.6%
Medtronic PLC (i)		24,400		1,965,664
Health Care Providers & Services \| 3.1%
Humana, Inc. (i)		17,990		3,708,459
Industrial Conglomerates \| 1.9%
Honeywell International, Inc. (i)		17,964		2,243,165
Insurance \| 1.4%
Aon PLC (i)		14,236		1,689,671
Internet Software & Services \| 6.4%
Alphabet, Inc., Class C (a), (i)		4,551		3,775,328
eBay, Inc. (a), (i)		85,525		2,871,074
Facebook, Inc., Class A (a)		7,528		1,069,352
				7,715,754
IT Services \| 1.2%
Visa, Inc., Class A		16,484		1,464,933
Life Sciences Tools & Services \| 2.5%
INC Research Holdings, Inc., Class A (a)		23,100		1,059,135
Thermo Fisher Scientific, Inc. (i)		12,844		1,972,838
				3,031,973
Machinery \| 4.0%
Dover Corp. (i)		26,900		2,161,415
Parker Hannifin Corp. (i)		16,480		2,642,073
				4,803,488
Media \| 4.3%
Comcast Corp., Class A (i)		136,000		5,112,240
Pharmaceuticals \| 2.2%
Allergan PLC		5,754		1,374,745
Pfizer, Inc.		38,275		1,309,388
				2,684,133
Semiconductors & Semiconductor Equipment \| 4.6%
Applied Materials, Inc. (i)		67,100		2,610,190
Cypress Semiconductor Corp. (i)		84,086		1,157,023
Skyworks Solutions, Inc. (i)		18,472		1,809,887
				5,577,100
Software \| 1.8%
Red Hat, Inc. (a), (i)		24,516		2,120,634
Specialty Retail \| 8.6%
AutoZone, Inc. (a), (i)		8,287		5,991,915

Description	Shares		Fair Value
Lazard Fundamental Long/Short Portfolio (continued)
Lowe’s Cos., Inc. (i)		52,482	$	4,314,545
				10,306,460
Total Common Stocks (Cost $94,448,344)				106,084,741
Short-Term Investment \| 70.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.53% (7 day yield) (Cost $84,128,296)		84,128,296		84,128,296
Total Investments excluding Securities Sold Short \| 158.2% (Cost $178,576,640)			$	190,213,037
Securities Sold Short \| (58.2)%
Aerospace & Defense \| (2.2)%
Lockheed Martin Corp.		(2,695)		(721,182)
The Boeing Co.		(10,700)		(1,892,402)
				(2,613,584)
Auto Components \| (0.7)%
Gentherm, Inc. (a)		(20,400)		(800,700)
Banks \| (4.2)%
Fifth Third Bancorp		(47,800)		(1,214,120)
Glacier Bancorp, Inc.		(17,500)		(593,775)
People’s United Financial, Inc.		(94,233)		(1,715,041)
Umpqua Holdings Corp.		(85,500)		(1,516,770)
				(5,039,706)
Biotechnology \| (3.7)%
Amgen, Inc.		(6,602)		(1,083,190)
Gilead Sciences, Inc.		(16,600)		(1,127,472)
Ligand Pharmaceuticals, Inc. (a)		(11,600)		(1,227,744)
Regeneron Pharmaceuticals, Inc. (a)		(2,535)		(982,338)
				(4,420,744)
Capital Markets \| (3.3)%
Federated Investors, Inc., Class B		(34,700)		(913,998)
Franklin Resources, Inc.		(25,785)		(1,086,580)
T Rowe Price Group, Inc.		(17,300)		(1,178,995)
Waddell & Reed Financial, Inc., Class A		(47,863)		(813,671)
				(3,993,244)
Consumer Finance \| (0.6)%
LendingClub Corp. (a)		(122,600)		(673,074)
Containers & Packaging \| (1.5)%
Bemis Co., Inc.		(12,200)		(596,092)

Description	Shares			Fair Value
International Paper Co.		(11,600	)	$	(589,048	)
WestRock Co.		(11,800	)		(613,954	)
					(1,799,094	)
Diversified Financial Services \| (0.9)%
Voya Financial, Inc.		(28,805	)		(1,093,438	)
Equity Real Estate Investment Trusts (REITs) \| (2.0)%
CBL & Associates Properties, Inc.		(126,200	)		(1,203,948	)
Taubman Centers, Inc.		(9,178	)		(605,931	)
The Macerich Co.		(9,345	)		(601,818	)
					(2,411,697	)
Food & Staples Retailing \| (3.2)%
Casey’s General Stores, Inc.		(5,200	)		(583,700	)
Wal-Mart Stores, Inc.		(45,020	)		(3,245,042	)
					(3,828,742	)
Food Products \| (0.8)%
Snyder’s-Lance, Inc.		(22,650	)		(913,021	)
Health Care Equipment & Supplies \| (1.4)%
Baxter International, Inc.		(14,190	)		(735,893	)
Zimmer Biomet Holdings, Inc.		(7,900	)		(964,669	)
					(1,700,562	)
Health Care Providers & Services \| (3.1)%
Community Health Systems, Inc. (a)		(62,566	)		(554,961	)
Express Scripts Holding Co. (a)		(12,599	)		(830,400	)
Fresenius Medical Care AG & Co. KGaA ADR		(29,700	)		(1,251,261	)
Owens & Minor, Inc.		(32,189	)		(1,113,739	)
					(3,750,361	)
Health Care Technology \| (0.5)%
athenahealth, Inc. (a)		(5,445	)		(613,597	)
Hotels, Restaurants & Leisure \| (1.7)%
McDonald’s Corp.		(10,315	)		(1,336,927	)
Starbucks Corp.		(12,000	)		(700,680	)
					(2,037,607	)
Household Durables \| (1.1)%
CalAtlantic Group, Inc.		(18,948	)		(709,603	)
Newell Brands, Inc.		(12,300	)		(580,191	)
					(1,289,794	)
Industrial Conglomerates \| (0.8)%
Carlisle Cos., Inc.		(9,500	)		(1,010,895	)
Insurance \| (3.4)%
Aflac, Inc.		(18,315	)		(1,326,372	)
The Progressive Corp.		(21,100	)		(826,698	)

Description	Shares			Fair value
Lazard Fundamental Long/Short Portfolio (concluded)
The Travelers Cos., Inc.		(16,438	)	$	(1,981,437	)
					(4,134,507	)
Internet & Direct Marketing Retail \| (0.6)%
Expedia, Inc.		(5,700	)		(719,169	)
IT Services \| (9.0)%
Alliance Data Systems Corp.		(4,239	)		(1,055,511	)
Amdocs, Ltd.		(34,246	)		(2,088,664	)
Genpact, Ltd.		(28,240	)		(699,222	)
International Business Machines Corp.		(16,909	)		(2,944,533	)
Paychex, Inc.		(10,600	)		(624,340	)
PayPal Holdings, Inc. (a)		(27,900	)		(1,200,258	)
Teradata Corp. (a)		(70,500	)		(2,193,960	)
					(10,806,488	)
Leisure Products \| (0.5)%
Polaris Industries, Inc.		(7,109	)		(595,734	)
Life Sciences Tools & Services \| (1.2)%
PAREXEL International Corp. (a)		(22,800	)		(1,438,908	)
Multiline Retail \| (1.0)%
Dollar Tree, Inc. (a)		(8,000	)		(627,680	)
Target Corp.		(10,856	)		(599,143	)
					(1,226,823	)
Oil, Gas & Consumable Fuels \| (1.5)%
Range Resources Corp.		(20,600	)		(599,460	)
Southwestern Energy Co. (a)		(139,800	)		(1,142,166	)
					(1,741,626	)
Pharmaceuticals \| (2.2)%
Sanofi ADR		(47,200	)		(2,135,800	)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		(17,100	)		(548,739	)
					(2,684,539	)
Semiconductors & Semiconductor Equipment \| (1.5)%
Ambarella, Inc. (a)		(11,200	)		(612,752	)
Intel Corp.		(33,440	)		(1,206,181	)
					(1,818,933	)
Software \| (2.6)%
Intuit, Inc.		(6,165	)		(715,078	)
Oracle Corp.		(34,200	)		(1,525,662	)
Snap, Inc., Class A		(40,000	)		(901,200	)
					(3,141,940	)
Specialty Retail \| (1.6)%
GameStop Corp., Class A		(27,500	)		(620,125	)
Murphy USA, Inc. (a)		(9,500	)		(697,490	)

Description	Shares			Fair value
The Gap, Inc.		(24,135	)	$	(586,239)
					(1,903,854)
Thrifts & Mortgage Finance \| (1.4)%
New York Community Bancorp, Inc.		(123,380	)		(1,723,619)
Total Securities Sold Short (Proceeds $67,141,782)					(69,926,000)
Total Investments \| 100.0% (Cost and short proceeds $111,434,858) (b)				$	120,287,037
Liabilities in Excess of Cash and Other Assets \| 0.0%					(40,023)
Net Assets \| 100.0%				$	120,247,014

The Lazard Funds, Inc. Notes to Portfolios of Investments March 31, 2017 (unaudited)

(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	$1,392,322,100	$141,930,006	$6,837,455	$135,092,551
US Strategic Equity	71,963,861	10,974,630	303,883	10,670,747
US Small-Mid Cap Equity	193,328,014	26,948,228	3,381,424	23,566,804
International Equity	3,212,394,381	185,052,692	62,458,528	122,594,164
International Equity Select	35,960,470	2,950,177	754,923	2,195,254
International Equity Concentrated	36,785,226	1,880,786	217,104	1,663,682
International Strategic Equity	6,090,155,201	572,703,393	214,142,018	358,561,375
International Equity Advantage	2,141,874	202,567	62,170	140,397
International Small Cap Equity	70,419,455	9,364,750	1,780,394	7,584,356
Global Equity Select	31,572,431	3,600,047	326,040	3,274,007
Global Strategic Equity	16,322,892	1,537,255	259,321	1,277,934
Managed Equity Volatility	2,666,839	272,087	55,031	217,056
Emerging Markets Equity	11,897,835,498	1,975,769,940	1,105,928,517	869,841,423
Emerging Markets Core Equity	118,426,563	22,643,001	2,660,581	19,982,420
Developing Markets Equity	182,152,607	37,343,270	3,312,255	34,031,015
Emerging Markets Equity Advantage	2,991,518	551,374	107,370	444,004
Emerging Markets Equity Blend	286,380,819	52,027,723	9,760,521	42,267,202
Emerging Markets Multi Asset	196,008,066	18,188,533	2,549,186	15,639,347
Emerging Markets Debt	256,027,493	7,458,449	7,537,931	(79,482)
Explorer Total Return	241,344,092	4,987,711	2,917,003	2,070,708
Emerging Markets Income	14,212,976	154,743	71,867	82,876
US Corporate Income	311,348,541	8,216,159	1,752,913	6,463,246
US Short Duration Fixed Income	99,225,037	103,140	391,036	(287,896)
Global Fixed Income	4,029,087	24,048	205,153	(181,105)
US Realty Income	35,771,335	994,168	1,562,427	(568,259)
US Realty Equity	66,032,966	9,675,353	841,113	8,834,240
Global Realty Equity	4,801,927	322,924	174,615	148,309
Global Listed Infrastructure	3,752,657,389	426,800,822	61,413,604	365,387,218
Real Assets and Pricing Opportunities	15,262,539	545,539	102,039	443,500
Capital Allocator Opportunistic Strategies	140,870,900	7,694,703	866,615	6,828,088
Global Dynamic Multi Asset	49,590,267	2,527,166	611,002	1,916,164
Enhanced Opportunities	13,708,179	1,300,409	1,035,070	265,339
Fundamental Long/Short	111,434,858	14,724,447	5,872,268	8,852,179

(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 hierarchy.

(d) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2017, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity	0.3	%
Emerging Markets Equity Advantage	0.9
Emerging Markets Multi Asset	2.8
Emerging Markets Debt	10.0
Explorer Total Return	9.9
Emerging Markets Income	1.6
US Corporate Income	42.5
US Short Duration Fixed Income	2.3
Global Fixed Income	1.5
Global Dynamic Multi Asset	0.6
Enhanced Opportunities	29.1

(e) Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2017.

(f) Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2017 which may step up at a future date.

(g) The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

(h) Date shown is the next perpetual call date.

(i) Some or all of this security position has been pledged to cover collateral requirements on securities sold short.

† The Investment Company Act of 1940 defines “affiliated companies” to include a portfolio company in which a Portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated companies” for Emerging Markets Equity Portfolio for the period ended March 31, 2017 were as follows:

Non-Controlled Affiliates	Number of Shares Held at December 31, 2016	Gross Additions	Gross Reductions	Number of Shares Held at March 31, 2017	Fair Value at March 31, 2017		Investment Income		Realized Gain (Loss)
PPC, Ltd.	86,074,258	14,374,275	-	100,448,533	$	48,701,896	$	-	$	-
Weichai Power Co., Ltd., Class H	71,090,644	8,939,000	-	80,029,644		141,228,539		-		-
Total Affiliated Securities (Fair Value is 1.49% of Net Assets)					$	189,930,435	$	-	$	-

Security Abbreviations:

ADR	- American Depositary Receipt	NTN-B	- Brazil Sovereign “Nota do Tesouro Nacional” Series B
ETF	- Exchange-Traded Fund	NTN-F	- Brazil Sovereign “Nota do Tesouro Nacional” Series F
ETN	- Exchange-Traded Note	NVDR	- Non – Voting Depository Receipt
GDR	- Global Depositary Receipt	PJSC	- Public Joint Stock Company
JSC	- Joint Stock Company	REIT	- Real Estate Investment Trust
LIBOR	- London Interbank Offered Rate

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

Counterparty Abbreviations:
BNP	- BNP Paribas SA	MEL	- The Bank of New York Mellon Corp.
BRC	- Barclays Bank PLC	RBC	- Royal Bank of Canada
CAN	- Canadian Imperial Bank of Commerce	SCB	- Standard Chartered Bank
CIT	- Citibank NA	SSB	- State Street Bank and Trust Co.
GSC	- Goldman Sachs International	UBS	- UBS AG
HSB	- HSBC Bank USA NA
JPM	- JPMorgan Chase Bank NA
JPMS	- JPMorgan Securities LLC

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*
Aerospace & Defense	0.8	%	—	%	3.1	%	—	%	0.5	%	—	%
Air Freight & Logistics	—		—		—		—		0.2		—
Airlines	1.1		0.8		—		—		1.1		0.9
Auto Components	4.3		3.3		6.7		4.1		3.0		1.8
Automobiles	1.6		—		2.7		—		2.9		—
Banks	8.9		5.5		5.3		6.7		11.4		—
Beverages	5.4		3.6		5.3		6.7		0.2		—
Biotechnology	2.6		2.3		6.5		3.1		2.8		—
Building Products	2.0		2.0		—		2.0		1.1		3.7
Capital Markets	0.7		1.1		—		2.3		2.9		4.0
Chemicals	1.7		—		—		—		3.0		1.7
Commercial Services & Suppliers	—		—		—		—		0.6		3.2
Construction & Engineering	2.2		1.8		5.1		—		0.2		—
Construction Materials	1.0		—		—		—		—		—
Consumer Finance	1.0		—		2.8		2.2		—		—
Containers & Packaging	—		0.4		—		1.6		0.4		4.3
Diversified Consumer Services	—		0.8		2.6		—		—		1.1
Diversified Financial Services	—		0.7		—		0.9		1.3		4.6
Diversified Telecommunication Services	3.1		3.1		—		3.2		2.4		1.2
Electric Utilities	0.9		1.1		—		—		2.3		—
Electrical Equipment	—		—		—		—		3.5		1.2
Electronic Equipment, Instruments & Components	—		—		—		1.0		0.8		4.7
Energy Equipment & Services	—		—		—		—		0.9		3.0
Equity Real Estate Investment Trusts (REITs)	—		—		—		—		0.5		0.8
Food & Staples Retailing	2.0		1.2		—		—		0.4		1.4
Food Products	—		0.7		—		2.8		4.9		1.3
Gas Utilities	—		—		—		—		0.1		—
Health Care Equipment & Supplies	—		1.3		—		2.5		1.1		—
Health Care Providers & Services	—		—		—		1.9		—		1.5
Health Care Technology	—		—		—		—		—		1.3
Hotels, Restaurants & Leisure	—		1.7		—		3.1		2.5		2.2
Household Durables	2.5		1.3		—		—		2.9		1.7
Household Products	—		—		—		—		1.8		—
Independent Power and Renewable Electricity Producers	—		—		—		—		0.5		—
Industrial Conglomerates	0.2		1.2		—		0.5		1.5		—
Insurance	7.9		9.5		6.5		8.4		6.0		1.0
Internet Software & Services	—		2.8		4.9		2.0		0.7		4.6
IT Services	2.0		3.8		3.0		3.8		1.1		1.1
Leisure Products	—		—		—		1.3		—		—
Life Sciences Tools & Services	—		—		—		—		—		1.3
Machinery	2.1		2.7		—		4.7		0.4		10.2
Marine	0.7		—		1.8		—		0.2		1.9
Media	1.7		—		—		5.4		0.4		4.7
Metals & Mining	2.1		1.7		2.7		0.5		2.5		1.1
Multiline Retail	2.1		1.6		—		3.0		0.3		3.0
Multi-Utilities	—		—		—		—		0.9		—
Oil, Gas & Consumable Fuels	6.7		4.8		4.3		6.2		2.4		1.0
Personal Products	1.9		2.3		—		—		1.8		—
Pharmaceuticals	2.9		2.1		—		—		6.7		0.9
Professional Services	3.9		3.1		4.1		1.4		0.8		4.8

Real Estate Management & Development	2.7		2.3		—		3.0		4.1		6.2
Road & Rail	1.3		1.3		—		—		1.2		—
Semiconductors & Semiconductor Equipment	2.5		5.0		4.9		2.9		1.2		1.0
Software	2.6		2.5		—		—		1.1		3.3
Specialty Retail	1.6		0.5		2.9		—		0.9		2.2
Technology Hardware, Storage & Peripherals	—		2.1		4.0		—		0.6		1.0
Textiles, Apparel & Luxury Goods	—		0.8		—		2.3		0.6		1.0
Thrifts & Mortgage Finance	—		—		—		1.0		—		—
Tobacco	3.1		2.8		3.6		3.6		—		—
Trading Companies & Distributors	3.0		2.6		3.2		0.7		1.5		2.5
Water Utilities	—		0.9		—		—		—		—
Wireless Telecommunication Services	1.3		4.8		6.5		0.9		2.0		—
Subtotal	94.1		93.9		92.5		95.7		95.1		98.4
Short-Term Investments	—		6.3		8.3		0.9		5.0		1.5
Total Investments	99.4	%	100.2	%	100.8	%	96.6	%	100.1	%	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	1.4	%	2.1	%	1.8	%
Air Freight & Logistics	—		—		0.4
Airlines	—		—		1.9
Auto Components	1.8		1.2		0.8
Automobiles	—		—		0.4
Banks	4.8		6.2		4.0
Beverages	7.0		7.4		1.3
Biotechnology	2.7		3.9		1.9
Building Products	2.8		—		0.6
Capital Markets	5.3		4.6		4.0
Chemicals	3.4		2.5		1.6
Commercial Services & Suppliers	—		—		2.1
Communications Equipment	2.7		1.6		0.9
Construction & Engineering	—		—		0.4
Consumer Finance	1.1		—		0.2
Containers & Packaging	0.9		0.8		0.2
Distributors	—		—		0.3
Diversified Consumer Services	—		0.7		—
Diversified Financial Services	—		—		0.1
Diversified Telecommunication Services	—		0.8		3.8
Electric Utilities	—		—		4.3
Electrical Equipment	2.5		1.0		1.2
Electronic Equipment, Instruments & Components	1.0		—		1.2
Energy Equipment & Services	1.8		1.1		0.6
Equity Real Estate Investment Trusts (REITs)	—		—		3.5
Food & Staples Retailing	—		1.5		4.5
Food Products	0.6		0.8		4.0
Gas Utilities	—		—		0.3
Health Care Equipment & Supplies	1.3		1.6		1.5
Health Care Providers & Services	—		0.8		2.0
Hotels, Restaurants & Leisure	1.2		1.2		4.3
Household Durables	—		—		0.5
Household Products	—		—		1.7
Industrial Conglomerates	1.6		0.4		1.8
Insurance	5.7		6.8		6.2
Internet & Catalog Retail	—		0.8		—
Internet Software & Services	5.5		4.0		0.4
IT Services	6.9		6.9		3.2
Leisure Products	—		—		0.3
Life Sciences Tools & Services	2.6		1.2		—
Machinery	1.8		3.0		0.8
Marine	—		0.7		—
Media	—		3.9		2.9
Metals & Mining	—		—		1.0
Multiline Retail	1.3		1.9		0.9
Multi-Utilities	—		—		2.2
Oil, Gas & Consumable Fuels	0.8		4.1		1.9
Paper & Forest Products	—		—		0.3
Personal Products	0.9		—		0.2
Pharmaceuticals	2.3		1.5		4.2
Professional Services	4.0		2.0		—

Real Estate Management & Development	1.7		2.1		3.6
Road & Rail	1.6		1.7		0.4
Semiconductors & Semiconductor Equipment	2.8		3.3		1.7
Software	2.9		5.4		0.8
Specialty Retail	2.1		1.1		3.6
Technology Hardware, Storage & Peripherals	3.1		—		—
Textiles, Apparel & Luxury Goods	—		0.7		1.2
Thrifts & Mortgage Finance	0.7		—		—
Tobacco	1.0		3.2		—
Trading Companies & Distributors	1.1		—		—
Transportation Infrastructure	—		—		0.2
Wireless Telecommunication Services	—		—		0.4
Subtotal	92.7		94.5		94.5
Short-Term Investments	6.5		5.6		3.2
Total Investments	99.2	%	100.1	%	97.7	%

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*
Aerospace & Defense	—	%	—	%	3.2	%	—	%	0.8	%	0.3	%
Air Freight & Logistics	—		—		0.8		—		—		—
Airlines	—		—		—		0.8		0.1		—
Auto Components	1.5		0.9		1.4		0.7		2.0		1.1
Automobiles	3.8		3.5		3.4		1.6		2.9		1.5
Banks	24.2		19.4		22.6		17.6		22.3		13.8
Beverages	1.5		1.0		—		—		0.8		0.5
Building Products	—		—		—		0.3		—		—
Capital Markets	—		—		—		0.4		—		0.1
Chemicals	—		2.9		—		2.9		2.6		1.4
Commercial Services & Suppliers	—		—		—		—		0.6		0.3
Communications Equipment	—		—		—		—		—		0.2
Construction & Engineering	—		—		2.4		0.8		1.3		0.6
Construction Materials	1.7		—		3.0		1.2		0.9		0.7
Consumer Finance	—		—		2.0		0.9		—		—
Containers & Packaging	—		—		—		—		0.1		0.1
Distributors	0.9		—		—		—		—		—
Diversified Consumer Services	—		1.1		3.6		0.4		1.7		0.8
Diversified Financial Services	—		1.8		—		1.6		—		0.3
Diversified Telecommunication Services	2.2		2.7		—		2.9		0.9		1.1
Electric Utilities	—		—		—		3.7		—		0.6
Electrical Equipment	0.5		—		—		0.8		0.1		—
Electronic Equipment, Instruments & Components	1.9		4.2		3.7		3.4		4.6		2.3
Energy Equipment & Services	—		0.9		—		—		—		0.1
Equity Real Estate Investment Trusts (REITs)	—		—		0.7		0.2		0.4		0.2
Food & Staples Retailing	2.4		—		1.1		1.2		1.0		0.4
Food Products	—		0.6		1.2		2.5		0.1		0.2
Health Care Equipment & Supplies	—		—		—		0.6		0.3		0.1
Health Care Providers & Services	0.6		0.6		—		—		0.6		0.3
Hotels, Restaurants & Leisure	—		—		—		1.0		0.6		0.3
Household Durables	1.2		1.6		1.6		0.8		0.5		0.3
Household Products	0.9		—		—		—		0.7		0.4
Independent Power and Renewable Electricity Producers	—		1.0		—		—		—		0.5
Industrial Conglomerates	1.7		1.2		—		1.6		0.9		0.6
Insurance	3.8		3.7		3.0		2.9		1.8		1.0
Internet & Catalog Retail	—		0.9		1.7		0.4		—		—
Internet Software & Services	5.2		10.4		9.0		7.9		8.6		4.9
IT Services	6.7		1.0		—		2.5		2.6		1.6
Machinery	1.1		—		2.5		0.3		0.7		0.4
Media	—		1.7		2.2		1.9		0.6		0.8
Metals & Mining	1.6		4.9		3.5		3.8		1.5		1.6
Multiline Retail	0.8		0.5		—		0.2		—		0.1
Oil, Gas & Consumable Fuels	8.9		6.0		9.8		8.8		7.7		6.5
Paper & Forest Products	—		2.2		—		0.4		—		0.1
Personal Products	0.6		1.6		—		0.1		0.3		0.3
Pharmaceuticals	—		0.8		6.0		1.4		2.4		1.1
Real Estate Management & Development	—		0.7		—		2.5		0.1		0.2
Road & Rail	1.0		—		—		—		1.6		0.9

Semiconductors & Semiconductor Equipment	5.9		8.7		4.2		6.8		8.2		4.7
Software	—		1.0		1.8		—		2.0		0.9
Specialty Retail	—		—		—		1.1		0.5		0.3
Technology Hardware, Storage & Peripherals	4.4		6.7		4.6		5.7		4.7		2.8
Textiles, Apparel & Luxury Goods	—		—		—		0.7		0.8		0.4
Thrifts & Mortgage Finance	—		—		—		—		0.8		0.4
Tobacco	1.2		0.5		—		0.7		0.4		0.2
Trading Companies & Distributors	—		—		—		0.1		—		—
Transportation Infrastructure	1.9		2.2		—		0.5		1.1		0.9
Water Utilities	—		—		—		0.1		0.6		0.3
Wireless Telecommunication Services	8.9		1.1		—		1.8		3.3		2.5
Subtotal	97.0		98.0		99.0		98.5		97.1		62.0
Foreign Government Obligations	—		—		—		—		—		18.0
Supranationals	—		—		—		—		—		0.1
US Treasury Securities	—		—		—		—		—		5.4
Short-Term Investments	3.0		1.5		0.7		1.6		3.2		14.4
Total Investments	100.0	%	99.5	%	99.7	%	100.1	%	100.3	%	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 Emerging Markets Debt Portfolio		Lazard Explorer Total Return Portfolio
Industry*
Banks	2.2	%	1.9	%
Capital Markets	—		0.1
Communications Equipment	—		0.4
Construction Materials	0.2		0.7
Diversified Financial Services	0.9		0.4
Diversified Telecommunication Services	0.2		0.8
Electric Utilities	2.0		2.0
Energy Equipment & Services	0.3		—
Hotels, Restaurants & Leisure	—		0.3
Independent Power and Renewable Electricity Producers	0.8		1.4
Media	0.2		0.5
Metals & Mining	0.7		1.9
Multiline Retail	—		0.3
Oil, Gas & Consumable Fuels	6.0		6.4
Road & Rail	0.2		—
Transportation Infrastructure	0.8		—
Wireless Telecommunication Services	0.4		2.0
Subtotal	14.9		19.1
Foreign Government Obligations	79.5		44.1
Purchased Options	0.1		0.1
Short-Term Investments	2.3		34.4
Total Investments	96.8	%	97.7	%

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

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

	Lazard Global Fixed Income Portfolio
Industry*
Automobiles	3.2	%
Banks	6.9
Beverages	2.2
Capital Markets	2.5
Containers & Packaging	0.3
Diversified Telecommunication Services	2.2
Electric Utilities	1.8
Food Products	1.1
Health Care Providers & Services	1.8
Independent Power and Renewable Electricity Producers	0.8
Internet & Catalog Retail	1.3
Internet Software & Services	0.7
Machinery	1.8
Media	1.2
Road & Rail	1.1
Software	1.9
Specialty Retail	1.2
Technology Hardware, Storage & Peripherals	1.9
Textiles, Apparel & Luxury Goods	1.0
Trading Companies & Distributors	1.2
Subtotal	36.1
Foreign Government Obligations	44.0
Supranationals	8.7
US Municipal Bonds	7.1
US Treasury Securities	5.0
Short-Term Investment	0.4
Total Investments	101.3	%

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

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

	Lazard Global Realty Equity Portfolio		Lazard Global Listed Infrastructure Portfolio
Industry*
Construction & Engineering	—	%	7.9	%
Electric Utilities	—		17.9
Equity Real Estate Investment Trusts (REITs)	76.2		—
Gas Utilities	—		3.0
Media	—		9.6
Multi-Utilities	—		9.1
Oil, Gas & Consumable Fuels	—		4.6
Real Estate Management & Development	21.3		—
Road & Rail	—		11.4
Transportation Infrastructure	—		26.7
Water Utilities	—		3.6
Subtotal	97.5		93.8
Short-Term Investments	1.8		7.0
Total Investments	99.3	%	100.8	%

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 (continued):

	Lazard Real Assets and Pricing Opportunities Portfolio
Industry*
Aerospace & Defense	1.2	%
Airlines	0.4
Auto Components	0.5
Banks	1.6
Beverages	0.3
Biotechnology	0.6
Building Products	0.1
Capital Markets	0.5
Chemicals	0.6
Commercial Services & Suppliers	0.8
Communications Equipment	0.5
Construction & Engineering	0.8
Construction Materials	0.4
Consumer Finance	0.1
Containers & Packaging	0.2
Distributors	0.2
Diversified Telecommunication Services	1.4
Electric Utilities	2.4
Electrical Equipment	0.1
Electronic Equipment, Instruments & Components	0.2
Energy Equipment & Services	0.6
Equity Real Estate Investment Trusts (REITs)	11.6
Food & Staples Retailing	0.5
Food Products	1.4
Gas Utilities	0.8
Health Care Providers & Services	0.9
Hotels, Restaurants & Leisure	1.7
Household Durables	0.1
Household Products	0.3
Industrial Conglomerates	0.8
Insurance	1.2
Internet Software & Services	0.1
IT Services	0.7
Leisure Products	0.1
Life Sciences Tools & Services	0.6
Machinery	0.1
Media	2.5
Metals & Mining	0.9
Multiline Retail	0.4
Multi-Utilities	2.1
Oil, Gas & Consumable Fuels	2.7
Personal Products	0.3
Pharmaceuticals	0.7
Real Estate Management & Development	1.4
Road & Rail	2.4
Semiconductors & Semiconductor Equipment	0.5
Software	0.4
Specialty Retail	0.6
Technology Hardware, Storage & Peripherals	0.2

Textiles, Apparel & Luxury Goods	0.1
Transportation Infrastructure	3.6
Water Utilities	0.5
Wireless Telecommunication Services	0.1
Subtotal	53.9
Exchange Traded Notes	7.2
Foreign Government Obligations	14.5
US Treasury Securities	11.0
Short-Term Investments	6.6
Total Investments	93.1	%

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

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

	Lazard Global Dynamic Multi Asset Portfolio
Industry*
Aerospace & Defense	1.6	%
Air Freight & Logistics	0.5
Airlines	0.7
Auto Components	1.1
Automobiles	1.1
Banks	8.3
Beverages	2.6
Biotechnology	2.8
Building Products	0.8
Capital Markets	3.6
Chemicals	1.8
Commercial Services & Suppliers	0.5
Communications Equipment	1.2
Construction & Engineering	0.1
Consumer Finance	0.5
Containers & Packaging	0.3
Distributors	0.1
Diversified Financial Services	0.2
Diversified Telecommunication Services	2.7
Electric Utilities	2.3
Electrical Equipment	0.9
Electronic Equipment, Instruments & Components	0.7
Energy Equipment & Services	1.1
Equity Real Estate Investment Trusts (REITs)	0.9
Food & Staples Retailing	2.0
Food Products	1.4
Health Care Equipment & Supplies	0.8
Health Care Providers & Services	1.9
Hotels, Restaurants & Leisure	1.7
Household Durables	1.0
Household Products	0.6
Independent Power and Renewable Electricity Producers	0.5
Industrial Conglomerates	1.9
Insurance	4.3
Internet & Catalog Retail	0.2
Internet Software & Services	1.9
IT Services	2.8
Leisure Products	0.5
Life Sciences Tools & Services	0.6
Machinery	0.9
Media	2.6
Metals & Mining	0.8
Multiline Retail	0.4
Multi-Utilities	1.2
Oil, Gas & Consumable Fuels	3.4
Paper & Forest Products	0.1
Personal Products	0.5
Pharmaceuticals	3.8
Professional Services	0.7

Real Estate Management & Development	2.1
Road & Rail	1.3
Semiconductors & Semiconductor Equipment	2.1
Software	2.0
Specialty Retail	3.5
Technology Hardware, Storage & Peripherals	1.6
Textiles, Apparel & Luxury Goods	0.3
Thrifts & Mortgage Finance	0.2
Tobacco	0.4
Trading Companies & Distributors	0.6
Wireless Telecommunication Services	0.4
Subtotal	87.4
Foreign Government Obligations	7.7
Supranationals	0.9
US Municipal Bonds	0.4
US Treasury Securities	1.1
Short-Term Investments	2.2
Total Investments	99.7	%

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

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

	Lazard
	Enhanced Opportunities Portfolio
Industry*	Long		Short
Aerospace & Defense	3.0	%	-1.5	%
Air Freight & Logistics	0.6		-0.4
Airlines	0.5		-
Auto Components	2.2		-0.3
Automobiles	2.7		-1.1
Banks	0.6		-
Biotechnology	12.3		-6.6
Capital Markets	2.7		-0.9
Chemicals	0.7		-0.1
Communications Equipment	3.8		-2.6
Construction & Engineering	1.4		-0.6
Construction Materials	3.9		-1.4
Consumer Finance	3.3		-1.1
Diversified Consumer Services	0.9		-0.7
Diversified Financial Services	3.7		-0.8
Electronic Equipment, Instruments & Components	3.2		-1.8
Energy Equipment & Services	1.3		-1.0
Equity Real Estate Investment Trusts (REITs)	14.5		-5.7
Health Care Equipment & Supplies	8.7		-3.5
Health Care Providers & Services	2.0		-1.3
Health Care Technology	1.4		-0.3
Household Durables	6.8		-2.7
Insurance	1.3		-0.6
Internet & Direct Marketing Retail	4.0		-2.8
Internet Software & Services	7.4		-2.4
IT Services	3.5		-1.1
Machinery	8.9		-4.2
Media	7.0		-2.9
Metals & Mining	3.6		-2.1
Mortgage Real Estate Investment Trusts (REITs)	8.8		-1.1
Oil, Gas & Consumable Fuels	12.0		-6.0
Personal Products	0.9		-0.3
Pharmaceuticals	4.9		-2.3
Semiconductors & Semiconductor Equipment	11.1		-6.7
Software	10.2		-3.8
Specialty Retail	0.6		-0.2
Textiles, Apparel & Luxury Goods	2.1		-0.1
Trading Companies & Distributors	0.1		-0.2
Subtotal	166.6		-71.2
Exchange-Traded Funds	0.4		-4.1
Purchased Options	0.1		-
Short-Term Investment	12.6		-
Total Investments	179.7	%	-75.3	%

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

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about The Lazard Funds, Inc.’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

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/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: May 9, 2017

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/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: May 9, 2017

By:	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer

Date: May 9, 2017