N-Q 1 c89608_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: 9/30/2017

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments September 30, 2017 (unaudited)

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 90.3%
Air Freight & Logistics \| 4.9%
United Parcel Service, Inc., Class B		657,395	$	78,946,566
Auto Components \| 2.3%
Delphi Automotive PLC		368,870		36,296,808
Beverages \| 16.8%
Molson Coors Brewing Co., Class B		1,657,222		135,295,604
The Coca-Cola Co.		2,962,555		133,344,601
				268,640,205
Chemicals \| 3.1%
PPG Industries, Inc.		461,580		50,155,283
Communications Equipment \| 15.2%
Cisco Systems, Inc.		3,686,425		123,974,473
Motorola Solutions, Inc.		1,403,481		119,113,432
				243,087,905
Containers & Packaging \| 4.8%
Crown Holdings, Inc. (a)		1,298,960		77,573,891
Food Products \| 3.6%
Kellogg Co.		911,405		56,844,330
Health Care Equipment & Supplies \| 9.0%
Medtronic PLC		1,861,830		144,794,519
Internet Software & Services \| 13.5%
Alphabet, Inc., Class A (a)		140,183		136,498,991
eBay, Inc. (a)		2,065,595		79,442,783
				215,941,774
IT Services \| 5.0%
DXC Technology Co.		930,500		79,911,340
Machinery \| 0.5%
Wabtec Corp.		99,970		7,572,728
Media \| 2.0%
The Madison Square Garden Co., Class A (a)		152,275		32,602,078
Semiconductors & Semiconductor Equipment \| 3.9%
Skyworks Solutions, Inc.		610,625		62,222,687
Specialty Retail \| 3.3%
AutoZone, Inc. (a)		89,940		53,524,193
Textiles, Apparel & Luxury Goods \| 2.4%
Carter’s, Inc.		392,030		38,712,962
Total Common Stocks (Cost $1,329,584,804)				1,446,827,269
Short-Term Investments \| 9.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $144,305,174)		144,305,174		144,305,174

Description	Fair Value
Total Investments \| 99.3% (Cost $1,473,889,978)	$	1,591,132,443
Cash and Other Assets in Excess of Liabilities \| 0.7%		11,710,604
Net Assets \| 100.0%	$	1,602,843,047

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio
Common Stocks \| 96.0%
Aerospace & Defense \| 2.1%
United Technologies Corp.		14,975	$	1,738,298
Air Freight & Logistics \| 3.1%
United Parcel Service, Inc., Class B		21,375		2,566,924
Auto Components \| 1.1%
Delphi Automotive PLC		9,285		913,644
Banks \| 6.4%
Citigroup, Inc.		39,525		2,875,048
Citizens Financial Group, Inc.		26,300		995,981
SunTrust Banks, Inc.		25,250		1,509,193
				5,380,222
Beverages \| 6.9%
Molson Coors Brewing Co., Class B		27,790		2,268,776
The Coca-Cola Co.		77,550		3,490,525
				5,759,301
Biotechnology \| 1.9%
Biogen, Inc. (a)		2,850		892,392
Celgene Corp. (a)		4,750		692,645
				1,585,037
Building Products \| 0.9%
Johnson Controls International PLC		19,121		770,385
Capital Markets \| 4.0%
Intercontinental Exchange, Inc.		28,450		1,954,515
Morgan Stanley		29,700		1,430,649
				3,385,164
Chemicals \| 1.3%
Agrium, Inc.		4,100		439,561
PPG Industries, Inc.		6,100		662,826
				1,102,387
Commercial Services & Supplies \| 0.5%
Copart, Inc. (a)		12,845		441,483
Communications Equipment \| 6.6%
Cisco Systems, Inc.		89,225		3,000,637
Motorola Solutions, Inc.		23,320		1,979,168
Palo Alto Networks, Inc. (a)		3,970		572,077
				5,551,882
Containers & Packaging \| 2.0%
Crown Holdings, Inc. (a)		27,725		1,655,737
Diversified Telecommunication Services \| 2.5%
AT&T, Inc.		53,750		2,105,387
Electrical Equipment \| 1.8%
Eaton Corp. PLC		19,535		1,500,093

Description	Shares		Fair Value
Energy Equipment & Services \| 1.6%
Schlumberger, Ltd.		19,120	$	1,333,811
Equity Real Estate Investment Trusts (REITs) \| 1.4%
Prologis, Inc.		18,000		1,142,280
Food & Staples Retailing \| 0.2%
Walgreens Boots Alliance, Inc.		2,600		200,772
Food Products \| 1.9%
Kellogg Co.		25,150		1,568,605
Health Care Equipment & Supplies \| 3.9%
Medtronic PLC		33,750		2,624,737
Stryker Corp.		4,480		636,250
				3,260,987
Health Care Providers & Services \| 0.8%
Humana, Inc.		2,875		700,436
Hotels, Restaurants & Leisure \| 1.9%
McDonald’s Corp.		10,325		1,617,721
Industrial Conglomerates \| 1.9%
General Electric Co.		27,850		673,413
Honeywell International, Inc.		6,398		906,853
				1,580,266
Insurance \| 1.4%
Aon PLC		7,930		1,158,573
Internet Software & Services \| 7.8%
Alphabet, Inc., Class A (a)		4,021		3,915,328
Alphabet, Inc., Class C (a)		390		374,053
eBay, Inc. (a)		58,045		2,232,411
				6,521,792
IT Services \| 5.4%
CoreLogic, Inc. (a)		9,500		439,090
DXC Technology Co.		12,650		1,086,382
Vantiv, Inc., Class A (a)		12,700		894,969
Visa, Inc., Class A		20,020		2,106,905
				4,527,346
Machinery \| 1.0%
Deere & Co.		6,120		768,611
Wabtec Corp.		970		73,477
				842,088
Marine \| 0.4%
Kirby Corp. (a)		5,750		379,213
Media \| 1.1%
The Madison Square Garden Co., Class A (a)		4,408		943,753
Metals & Mining \| 0.5%
Steel Dynamics, Inc.		11,550		398,129

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio (concluded)
Multiline Retail \| 0.5%
Dollar Tree, Inc. (a)		5,000	$	434,100
Oil, Gas & Consumable Fuels \| 3.8%
Cimarex Energy Co.		4,000		454,680
ConocoPhillips		19,200		960,960
EOG Resources, Inc.		10,025		969,818
Pioneer Natural Resources Co.		5,235		772,372
				3,157,830
Pharmaceuticals \| 5.8%
Allergan PLC		3,185		652,766
Pfizer, Inc.		82,844		2,957,531
Zoetis, Inc.		19,404		1,237,199
				4,847,496
Semiconductors & Semiconductor Equipment \| 3.5%
Applied Materials, Inc.		13,055		680,035
Cypress Semiconductor Corp.		44,600		669,892
Skyworks Solutions, Inc.		15,885		1,618,681
				2,968,608
Software \| 3.2%
Microsoft Corp.		36,500		2,718,885
Specialty Retail \| 2.7%
AutoZone, Inc. (a)		1,880		1,118,807
Lowe’s Cos., Inc.		13,900		1,111,166
				2,229,973
Technology Hardware, Storage & Peripherals \| 2.4%
Apple, Inc.		13,252		2,042,398
Textiles, Apparel & Luxury Goods \| 1.8%
Carter’s, Inc.		8,495		838,881
Lululemon Athletica, Inc. (a)		10,725		667,631
				1,506,512
Total Common Stocks (Cost $69,839,413)				80,537,518
Short-Term Investments \| 3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $2,763,586)		2,763,586		2,763,586
Total Investments \| 99.3% (Cost $72,602,999)			$	83,301,104
Cash and Other Assets in Excess of Liabilities \| 0.7%				573,934
Net Assets \| 100.0%			$	83,875,038

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks \| 98.1%
Air Freight & Logistics \| 1.2%
Echo Global Logistics, Inc. (a)		125,803	$	2,371,387
Airlines \| 1.6%
Alaska Air Group, Inc.		41,250		3,146,138
Auto Components \| 1.6%
Fox Factory Holding Corp. (a)		7,538		324,888
Modine Manufacturing Co. (a)		153,450		2,953,912
				3,278,800
Banks \| 10.2%
Bank of the Ozarks, Inc.		42,000		2,018,100
BankUnited, Inc.		40,985		1,457,836
Comerica, Inc.		40,955		3,123,228
Commerce Bancshares, Inc.		62,575		3,614,958
FCB Financial Holdings, Inc., Class A (a)		68,675		3,317,003
Home Bancshares, Inc.		122,900		3,099,538
PacWest Bancorp		72,886		3,681,472
				20,312,135
Biotechnology \| 1.3%
Cellectis SA ADR (a)		52,925		1,505,716
Eagle Pharmaceuticals, Inc. (a)		18,950		1,130,178
				2,635,894
Building Products \| 2.0%
Owens Corning		23,175		1,792,586
PGT Innovations, Inc. (a)		140,030		2,093,449
				3,886,035
Capital Markets \| 1.4%
Morningstar, Inc.		32,365		2,750,701
Chemicals \| 3.9%
Ingevity Corp. (a)		30,575		1,910,020
Innospec, Inc.		44,550		2,746,508
Valvoline, Inc.		133,840		3,138,548
				7,795,076
Commercial Services & Supplies \| 1.5%
Deluxe Corp.		41,800		3,049,728
Communications Equipment \| 1.0%
Ciena Corp. (a)		87,765		1,928,197
Construction Materials \| 1.1%
Eagle Materials, Inc.		21,200		2,262,040
Containers & Packaging \| 3.3%
Crown Holdings, Inc. (a)		61,935		3,698,758
Graphic Packaging Holding Co.		211,465		2,949,937
				6,648,695

Description	Shares		Fair Value
Electric Utilities \| 1.5%
PNM Resources, Inc.		75,335	$	3,036,001
Electrical Equipment \| 4.1%
Atkore International Group, Inc. (a)		133,860		2,611,609
Generac Holdings, Inc. (a)		59,835		2,748,221
Regal-Beloit Corp.		34,730		2,743,670
				8,103,500
Electronic Equipment, Instruments & Components \| 2.5%
Belden, Inc.		29,900		2,407,847
FLIR Systems, Inc.		65,720		2,557,165
				4,965,012
Energy Equipment & Services \| 2.8%
NCS Multistage Holdings, Inc.		56,500		1,360,520
Oceaneering International, Inc.		72,315		1,899,715
Patterson-UTI Energy, Inc.		109,350		2,289,789
				5,550,024
Equity Real Estate Investment Trusts (REITs) \| 10.0%
American Campus Communities, Inc.		66,065		2,916,770
Camden Property Trust		25,250		2,309,112
DCT Industrial Trust, Inc.		49,513		2,867,793
Extra Space Storage, Inc.		38,560		3,081,715
Healthcare Realty Trust, Inc.		95,320		3,082,649
Kilroy Realty Corp.		36,275		2,579,878
UDR, Inc.		77,385		2,942,952
				19,780,869
Food & Staples Retailing \| 0.9%
Sprouts Farmers Market, Inc. (a)		97,355		1,827,353
Food Products \| 2.2%
The J.M. Smucker Co.		20,400		2,140,572
The Simply Good Foods Co. (a)		191,800		2,245,978
				4,386,550
Gas Utilities \| 1.1%
Northwest Natural Gas Co.		32,950		2,121,980
Health Care Equipment & Supplies \| 1.4%
STERIS PLC		31,110		2,750,124
Health Care Providers & Services \| 1.7%
AMN Healthcare Services, Inc. (a)		73,150		3,342,955
Household Durables \| 1.4%
Leggett & Platt, Inc.		57,060		2,723,474
Independent Power & Renewable Electricity Producers \| 1.7%
Pattern Energy Group, Inc.		137,175		3,305,917
Insurance \| 4.0%
Arch Capital Group, Ltd. (a)		34,375		3,385,938
Reinsurance Group of America, Inc.		23,525		3,282,443

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Validus Holdings, Ltd.		25,315	$	1,245,751
				7,914,132
Internet Software & Services \| 1.3%
j2 Global, Inc.		34,160		2,523,741
IT Services \| 3.7%
CoreLogic, Inc. (a)		60,945		2,816,878
Leidos Holdings, Inc.		45,875		2,716,717
Vantiv, Inc., Class A (a)		24,550		1,730,039
				7,263,634
Life Sciences Tools & Services \| 1.3%
INC Research Holdings, Inc., Class A (a)		51,075		2,671,223
Machinery \| 5.6%
Mueller Water Products, Inc., Class A		166,925		2,136,640
Proto Labs, Inc. (a)		24,110		1,936,033
Snap-on, Inc.		12,085		1,800,786
TriMas Corp. (a)		45,301		1,223,127
Wabtec Corp.		25,880		1,960,410
Woodward, Inc.		25,495		1,978,667
				11,035,663
Marine \| 1.4%
Kirby Corp. (a)		43,680		2,880,696
Media \| 2.4%
Emerald Expositions Events, Inc.		88,575		2,058,483
Scholastic Corp.		71,612		2,663,966
				4,722,449
Oil, Gas & Consumable Fuels \| 1.3%
HollyFrontier Corp.		27,800		999,966
Matador Resources Co. (a)		57,155		1,551,758
				2,551,724
Pharmaceuticals \| 1.0%
Catalent, Inc. (a)		47,955		1,914,364
Professional Services \| 1.4%
FTI Consulting, Inc. (a)		76,310		2,707,479
Semiconductors & Semiconductor Equipment \| 3.6%
Cypress Semiconductor Corp.		187,080		2,809,941
Microsemi Corp. (a)		38,690		1,991,761
Versum Materials, Inc.		61,980		2,406,064
				7,207,766
Software \| 2.4%
Bottomline Technologies de, Inc. (a)		92,885		2,956,530
BroadSoft, Inc. (a)		35,390		1,780,117
				4,736,647

Description	Shares		Fair Value
Specialty Retail \| 2.4%
Chico’s FAS, Inc.		135,425	$	1,212,054
Floor & Decor Holdings, Inc., Class A		31,200		1,214,616
Tractor Supply Co.		38,075		2,409,766
				4,836,436
Textiles, Apparel & Luxury Goods \| 3.3%
Carter’s, Inc.		27,050		2,671,187
Lululemon Athletica, Inc. (a)		26,450		1,646,513
Steven Madden, Ltd. (a)		53,455		2,314,601
				6,632,301
Thrifts & Mortgage Finance \| 1.6% Washington Federal, Inc.		95,745		3,221,819
Total Common Stocks (Cost $170,722,004)				194,778,659
Total Investments \| 98.1% (Cost $170,722,004)			$	194,778,659
Cash and Other Assets in Excess of Liabilities \| 1.9%				3,797,090
Net Assets \| 100.0%			$	198,575,749

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 95.5%
Australia \| 2.9%
BHP Billiton PLC		4,655,587	$	82,024,626
Caltex Australia, Ltd.		1,021,060		25,786,484
				107,811,110
Belgium \| 2.7%
Anheuser-Busch InBev SA/NV		581,240		69,473,621
KBC Group NV		358,932		30,423,551
				99,897,172
Brazil \| 1.0%
BB Seguridade Participacoes SA		4,155,400		37,563,457
Canada \| 4.8%
Canadian National Railway Co.		606,210		50,226,399
National Bank of Canada		1,202,100		57,853,020
Suncor Energy, Inc.		2,002,110		70,168,119
				178,247,538
Denmark \| 2.6%
AP Moller-Maersk A/S, Class B		27,782		52,782,719
Carlsberg A/S, Class B		414,494		45,406,202
				98,188,921
Finland \| 1.4%
Sampo Oyj, A Shares		1,023,100		54,114,567
France \| 11.0%
Air Liquide SA		502,544		66,976,831
Capgemini SE		740,035		86,676,201
Cie Generale des Etablissements Michelin		483,954		70,730,053
Safran SA		287,293		29,352,434
Valeo SA		866,793		64,413,867
Vinci SA		958,446		91,096,075
				409,245,461
Germany \| 4.2%
Deutsche Post AG		1,335,753		59,463,762
SAP SE		891,549		97,669,501
				157,133,263
Ireland \| 3.5%
Ryanair Holdings PLC Sponsored ADR (a)		441,749		46,569,180
Shire PLC		1,688,253		86,006,173
				132,575,353
Italy \| 1.7%
UniCredit SpA (a)		2,950,114		62,831,070
Japan \| 15.7%
Daiwa House Industry Co., Ltd.		3,124,480		107,951,652
Don Quijote Holdings Co., Ltd.		2,003,200		75,124,352

Description	Shares		Fair Value
Hoshizaki Corp.		285,400	$	25,100,010
Isuzu Motors, Ltd.		4,157,800		55,153,619
Kao Corp.		616,280		36,337,703
KDDI Corp.		1,723,700		45,474,839
Makita Corp.		1,413,400		57,146,259
Seven & I Holdings Co., Ltd.		781,400		30,181,057
Sony Corp.		1,318,000		49,057,975
Sumitomo Mitsui Financial Group, Inc.		1,517,500		58,374,640
United Arrows, Ltd.		726,600		26,417,077
Yamaha Corp.		502,500		18,540,832
				584,860,015
Luxembourg \| 0.6%
Tenaris SA		1,596,489		22,628,449
Netherlands \| 5.5%
Koninklijke KPN NV		8,977,638		30,834,077
Royal Dutch Shell PLC, A Shares		3,282,027		98,903,807
Wolters Kluwer NV		1,599,797		73,927,949
				203,665,833
Norway \| 2.9%
Statoil ASA		2,251,362		45,163,851
Telenor ASA		2,903,014		61,518,806
				106,682,657
Singapore \| 2.2%
DBS Group Holdings, Ltd.		3,544,300		54,535,762
NetLink NBN Trust		44,289,000		26,944,867
				81,480,629
Spain \| 1.1%
Red Electrica Corporacion SA		2,015,557		42,355,886
Sweden \| 3.9%
Assa Abloy AB, Class B		3,367,575		77,058,400
Nordea Bank AB		5,109,592		69,406,701
				146,465,101
Switzerland \| 6.4%
Ferguson PLC		1,186,014		77,821,977
Julius Baer Group, Ltd.		786,034		46,589,523
Novartis AG		1,313,069		112,676,188
				237,087,688
Taiwan \| 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		1,435,700		53,910,535
Turkey \| 0.7%
Turkiye Garanti Bankasi AS		9,278,344		25,228,510
United Kingdom \| 15.2%
British American Tobacco PLC		1,601,723		100,140,931
BT Group PLC		7,713,403		29,346,299

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
ConvaTec Group PLC		9,475,544	$	34,788,474
Diageo PLC		1,781,518		58,566,436
Howden Joinery Group PLC		4,753,043		27,476,265
Informa PLC		4,145,802		37,371,149
Prudential PLC		5,263,449		126,030,901
RELX PLC		3,370,619		73,946,802
Unilever PLC		1,332,823		77,146,435
				564,813,692
United States \| 4.1%
Aon PLC		585,075		85,479,458
Medtronic PLC		871,100		67,745,447
				153,224,905
Total Common Stocks (Cost $3,121,534,660)				3,560,011,812
Total Investments \| 95.5% (Cost $3,121,534,660)			$	3,560,011,812
Cash and Other Assets in Excess of Liabilities \| 4.5%				166,171,123
Net Assets \| 100.0%			$	3,726,182,935

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 95.8%
Australia \| 1.7%
BHP Billiton, Ltd.		44,039	$	890,336
Belgium \| 2.7%
Anheuser-Busch InBev SA/NV		8,168		976,293
KBC Group NV		4,982		422,281
				1,398,574
Brazil \| 3.1%
BB Seguridade Participacoes SA		81,300		734,926
Cia de Saneamento Basico do Estado de Sao Paulo		39,300		412,959
Cielo SA		68,340		474,279
				1,622,164
Canada \| 2.9%
Canadian National Railway Co.		8,400		695,966
Suncor Energy, Inc.		22,800		799,074
				1,495,040
China \| 2.5%
Tencent Holdings, Ltd.		30,200		1,305,611
Denmark \| 1.7%
Carlsberg A/S, Class B		7,812		855,774
Finland \| 2.0%
Sampo Oyj, A Shares		20,013		1,058,542
France \| 5.6%
Cie Generale des Etablissements Michelin		5,107		746,390
Valeo SA		15,541		1,154,896
Vinci SA		10,536		1,001,400
				2,902,686
Germany \| 4.5%
Continental AG		2,308		585,806
Deutsche Post AG		9,922		441,698
SAP SE		11,656		1,276,919
				2,304,423
India \| 1.0%
ICICI Bank, Ltd. Sponsored ADR		58,355		499,519
Indonesia \| 1.9%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		28,608		981,254
Ireland \| 2.9%
Ryanair Holdings PLC Sponsored ADR (a)		4,327		456,152
Shire PLC		20,644		1,051,686
				1,507,838

Description	Shares		Fair Value
Italy \| 0.7%
Banca Mediolanum SpA		42,424	$	371,425
Japan \| 12.4%
Daiwa House Industry Co., Ltd.		37,600		1,299,090
FANUC Corp.		1,800		364,966
Kao Corp.		6,700		395,052
KDDI Corp.		19,100		503,898
Makita Corp.		24,300		982,492
Ryohin Keikaku Co., Ltd.		3,400		1,002,036
Sony Corp.		14,400		535,990
Sumitomo Mitsui Financial Group, Inc.		20,176		776,123
Tokyo Electron, Ltd.		3,600		554,974
				6,414,621
Netherlands \| 3.8%
Royal Dutch Shell PLC, A Shares		33,334		1,007,996
Wolters Kluwer NV		20,988		969,873
				1,977,869
Norway \| 2.8%
Statoil ASA		37,647		755,224
Telenor ASA		31,697		671,703
				1,426,927
Philippines \| 0.6%
Alliance Global Group, Inc. (a)		1,045,000		329,955
Russia \| 0.9%
Yandex NV Class A (a)		14,355		472,997
Singapore \| 1.5%
DBS Group Holdings, Ltd.		49,300		758,574
South Africa \| 1.5%
Mr. Price Group, Ltd.		19,445		258,593
Sanlam, Ltd.		107,237		536,662
				795,255
South Korea \| 2.3%
Samsung Electronics Co., Ltd.		538		1,209,267
Spain \| 1.1%
Red Electrica Corporacion SA		27,156		570,669
Sweden \| 3.0%
Assa Abloy AB, Class B		44,162		1,010,535
Nordea Bank AB		39,371		534,800
				1,545,335
Switzerland \| 4.5%
Cie Financiere Richemont SA		4,621		422,330
Ferguson PLC		11,693		767,253
Novartis AG		12,956		1,111,771
				2,301,354

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Taiwan \| 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		207,341	$	1,491,223
Thailand \| 1.0%
Kasikornbank Public Co. Ltd.		78,100		501,887
Turkey \| 2.2%
KOC Holding AS		71,772		329,501
Turkcell Iletisim Hizmetleri AS		220,462		786,059
				1,115,560
United Kingdom \| 16.2%
Ashtead Group PLC		22,227		536,517
Associated British Foods PLC		14,830		635,024
British American Tobacco PLC		19,533		1,221,218
Compass Group PLC		39,053		829,128
ConvaTec Group PLC		101,408		372,309
London Stock Exchange Group PLC		12,296		631,667
Prudential PLC		64,030		1,533,169
RELX PLC		29,730		652,236
Unilever PLC		21,103		1,221,484
Worldpay Group PLC		138,418		754,926
				8,387,678
United States \| 5.9%
Accenture PLC, Class A		8,200		1,107,574
Aon PLC		6,560		958,416
Medtronic PLC		12,425		966,292
				3,032,282
Total Common Stocks (Cost $42,540,254)				49,524,639
Short-Term Investments \| 3.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $1,970,944)		1,970,944	$	1,970,944
Total Investments \| 99.6% (Cost $44,511,198)			$	51,495,583
Cash and Other Assets in Excess of Liabilities \| 0.4%				200,522
Net Assets \| 100.0%			$	51,696,105

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks \| 95.8%
Australia \| 2.8%
Amcor, Ltd.		153,958	$	1,842,212
Belgium \| 4.6%
Anheuser-Busch InBev SA/NV		24,782		2,962,107
Brazil \| 1.8%
Cia de Saneamento Basico do Estado de Sao Paulo		112,900		1,186,339
Canada \| 8.7%
National Bank of Canada		63,006		3,032,266
Suncor Energy, Inc.		73,735		2,584,197
				5,616,463
China \| 6.1%
Tencent Holdings, Ltd.		91,418		3,952,196
Denmark \| 2.2%
AP Moller-Maersk A/S, Class B		762		1,447,715
France \| 14.6%
Capgemini SE		18,126		2,122,998
Valeo SA		40,528		3,011,751
Vinci SA		27,301		2,594,840
Vivendi SA		69,420		1,757,982
				9,487,571
India \| 1.4%
ICICI Bank, Ltd. Sponsored ADR		105,705		904,835
Ireland \| 5.3%
Shire PLC		68,010		3,464,694
Japan \| 7.0%
Daifuku Co., Ltd.		42,300		2,087,661
Kao Corp.		41,280		2,433,991
				4,521,652
Netherlands \| 5.2%
Wolters Kluwer NV		72,307		3,341,367
Singapore \| 2.6%
DBS Group Holdings, Ltd.		107,800		1,658,707
South Korea \| 3.0%
Samsung Electronics Co., Ltd.		871		1,957,754
Taiwan \| 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		70,617		2,651,668
Turkey \| 4.1%
Turkcell Iletisim Hizmetleri AS		753,364		2,686,126
United Kingdom \| 15.2%
British American Tobacco PLC		50,075		3,130,727
ConvaTec Group PLC		486,020		1,784,372

Description	Shares		Fair Value
Prudential PLC		131,008	$	3,136,927
Rio Tinto PLC		39,009		1,815,843
				9,867,869
United States \| 7.1%
Aon PLC		13,820		2,019,102
Medtronic PLC		33,279		2,588,108
				4,607,210
Total Common Stocks (Cost $57,749,647)				62,156,485
Short-Term Investments \| 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $2,575,559)		2,575,559		2,575,559
Total Investments \| 99.8% (Cost $60,325,206)			$	64,732,044
Cash and Other Assets in Excess of Liabilities \| 0.2%				99,874
Net Assets \| 100.0%			$	64,831,918

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 94.2%
Brazil \| 0.7%
Cielo SA		6,655,040	$	46,185,933
Canada \| 5.4%
Bombardier, Inc., Class B (a)		30,123,800		54,562,042
CAE, Inc.		4,488,970		78,536,738
National Bank of Canada		2,578,520		124,095,473
Suncor Energy, Inc.		3,426,218		120,078,953
				377,273,206
China \| 2.6%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		448,800		77,512,248
Tencent Holdings, Ltd.		2,379,900		102,888,183
				180,400,431
Denmark \| 2.5%
Carlsberg A/S, Class B		1,560,309		170,925,770
Finland \| 4.0%
Metso OYJ		1,090,279		40,001,579
Sampo Oyj, A Shares		4,528,533		239,526,541
				279,528,120
France \| 6.7%
Faurecia		1,497,785		103,986,971
Safran SA		538,927		55,061,624
Television Francaise 1		3,756,861		54,878,309
Valeo SA		1,535,070		114,075,442
Vivendi SA		5,525,506		139,927,086
				467,929,432
Germany \| 3.5%
Fresenius SE & Co. KGaA		1,175,013		94,782,072
KION Group AG		1,515,495		145,030,558
				239,812,630
India \| 1.1%
Housing Development Finance Corp., Ltd.		2,961,260		79,055,836
Indonesia \| 0.1%
PT Media Nusantara Citra Tbk		91,780,900		8,991,864
Ireland \| 5.2%
Bank of Ireland Group PLC (a)		12,314,699		100,888,808
Kerry Group PLC, Class A		846,842		81,424,743
Shire PLC		3,526,847		179,671,301
				361,984,852
Italy \| 2.6%
UniCredit SpA (a)		8,397,721		178,853,359
Japan \| 17.6%
AEON Financial Service Co., Ltd.		5,218,500		109,455,390

Description	Shares		Fair Value
CyberAgent, Inc.		2,975,300	$	87,220,036
Daiwa House Industry Co., Ltd.		5,047,200		174,382,162
Don Quijote Holdings Co., Ltd.		4,731,100		177,426,528
FANUC Corp.		670,700		135,990,461
Hoshizaki Corp.		555,200		48,828,050
Kao Corp.		1,499,800		88,432,672
Makita Corp.		3,335,300		134,852,072
Shimano, Inc.		571,100		76,181,246
Tokyo Electron, Ltd.		923,100		142,304,548
Yamaha Corp.		1,351,100		49,851,778
				1,224,924,943
Luxembourg \| 0.7%
ArcelorMittal (a)		1,843,446		47,591,255
Netherlands \| 1.6%
Wolters Kluwer NV		2,344,172		108,326,136
New Zealand \| 1.0%
Z Energy, Ltd.		12,721,365		67,675,281
Norway \| 2.0%
Statoil ASA		7,010,781		140,641,029
Philippines \| 0.8%
GT Capital Holdings, Inc.		2,459,530		56,239,459
Singapore \| 1.6%
DBS Group Holdings, Ltd.		7,357,500		113,209,060
Sweden \| 3.5%
Assa Abloy AB, Class B		3,715,840		85,027,560
Hexagon AB, B Shares		1,639,167		81,442,341
Swedbank AB, A Shares		2,688,666		74,353,450
				240,823,351
Switzerland \| 4.8%
Cie Financiere Richemont SA		1,192,252		108,964,178
Julius Baer Group, Ltd.		2,727,901		161,687,161
Partners Group Holding AG		95,698		65,017,528
				335,668,867
Taiwan \| 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		14,689,000		105,645,168
United Kingdom \| 19.2%
Ashtead Group PLC		3,425,610		82,687,700
Associated British Foods PLC		906,150		38,801,520
British American Tobacco PLC		3,593,449		224,665,143
Coca-Cola European Partners PLC		3,340,085		140,096,858
Compass Group PLC		5,583,569		118,543,832
ConvaTec Group PLC		6,567,440		24,111,673
Diageo PLC		5,099,887		167,656,015
Informa PLC		19,269,642		173,700,690

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Merlin Entertainments PLC		10,453,465	$	62,442,766
Prudential PLC		9,949,973		238,247,594
Worldpay Group PLC		11,827,605		64,507,296
				1,335,461,087
United States \| 5.5%
Accenture PLC, Class A		995,860		134,510,810
Aon PLC		894,440		130,677,684
Medtronic PLC		1,465,700		113,987,489
				379,175,983
Total Common Stocks (Cost $5,529,931,497)				6,546,323,052
Short-Term Investment \| 4.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $341,361,463)		341,361,463		341,361,463
Total Investments \| 99.1% (Cost $5,871,292,960)			$	6,887,684,515
Cash and Other Assets in Excess of Liabilities \| 0.9%				64,500,208
Net Assets \| 100.0%			$	6,952,184,723

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 100.4%
Australia \| 6.6%
Aristocrat Leisure, Ltd.		2,235	$	36,968
BlueScope Steel, Ltd.		430		3,704
CIMIC Group, Ltd.		153		5,324
Cochlear, Ltd.		177		22,149
CSL, Ltd.		505		53,092
Fortescue Metals Group, Ltd.		2,807		11,365
Newcrest Mining, Ltd.		373		6,129
Qantas Airways, Ltd.		1,090		5,001
Resolute Mining, Ltd.		3,032		2,437
South32, Ltd.		4,046		10,430
Woodside Petroleum, Ltd.		482		11,047
				167,646
Austria \| 0.3%
Lenzing AG		52		7,549
Belgium \| 0.2%
Ontex Group NV		138		4,700
Denmark \| 3.5%
AP Moller-Maersk A/S, Class B		4		7,600
Nets A/S (a)		255		6,602
Novo Nordisk A/S, Class B		879		42,199
Vestas Wind Systems A/S		377		33,833
				90,234
Faeroe Islands \| 0.2%
Bakkafrost P/F		119		5,467
Finland \| 0.1%
Orion Oyj, Class B		76		3,528
France \| 9.2%
Air France-KLM (a)		599		9,446
AXA SA		1,534		46,407
BNP Paribas SA		47		3,793
Credit Agricole SA		1,826		33,202
Faurecia		129		8,956
Ipsen SA		45		5,987
Peugeot SA		1,091		25,986
Safran SA		57		5,824
Sanofi		217		21,571
Societe Generale SA		657		38,435
TOTAL SA		459		24,686
Unibail-Rodamco SE REIT		16		3,895
Valeo SA		86		6,391
				234,579
Germany \| 10.4%
Allianz SE		85		19,084

Description	Shares		Fair Value
BASF SE		193	$	20,539
Bayer AG		92		12,537
Continental AG		160		40,611
Covestro AG		344		29,578
Deutsche Lufthansa AG		943		26,203
Deutsche Post AG		115		5,119
Deutsche Telekom AG		1,128		21,044
E.ON SE		797		9,020
Infineon Technologies AG		748		18,804
Rheinmetall AG		74		8,343
SAP SE		376		41,191
Siltronic AG (a)		65		8,067
United Internet AG		85		5,295
				265,435
Hong Kong \| 3.4%
China Cord Blood Corp. (a)		300		3,336
CK Asset Holdings, Ltd.		500		4,159
CK Hutchison Holdings, Ltd.		500		6,417
I-CABLE Communications, Ltd. (a)		3,714		121
Jardine Matheson Holdings, Ltd.		247		15,651
The Wharf Holdings, Ltd.		3,814		33,993
WH Group, Ltd.		7,989		8,507
Wheelock & Co., Ltd.		1,000		7,033
Xinyi Glass Holdings, Ltd.		8,000		7,909
				87,126
India \| 0.2%
Vedanta Resources PLC		340		3,974
Ireland \| 0.4%
AerCap Holdings NV (a)		114		5,826
Ryanair Holdings PLC Sponsored ADR (a)		52		5,482
				11,308
Italy \| 1.7%
Assicurazioni Generali SpA		573		10,688
Banca Generali SpA		296		10,280
Intesa Sanpaolo SpA		4,701		16,624
Poste Italiane SpA		634		4,670
				42,262
Japan \| 23.6%
Adastria Co., Ltd.		200		4,523
Asahi Glass Co., Ltd.		1,000		37,138
Canon, Inc.		800		27,344
Daito Trust Construction Co., Ltd.		100		18,223
Daiwa House Industry Co., Ltd.		900		31,095
East Japan Railway Co. ADR		714		10,946
Fujitsu, Ltd.		1,000		7,451
Haseko Corp.		1,100		14,671

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Hitachi, Ltd.		2,000	$	14,108
Itochu Techno-Solutions Corp.		100		3,736
JXTG Holdings, Inc.		900		4,641
Kakaku.com, Inc.		300		3,825
Kanamoto Co., Ltd.		100		3,156
Kao Corp.		100		5,896
KDDI Corp.		700		18,468
Kobe Bussan Co., Ltd.		100		4,492
Kyushu Electric Power Co., Inc.		400		4,256
Lion Corp.		100		1,832
Maeda Corp.		1,000		12,222
Maruha Nichiro Corp.		300		8,829
Mitsubishi Chemical Holdings Corp.		2,200		20,985
Mitsubishi Electric Corp.		600		9,386
Mitsubishi UFJ Financial Group, Inc.		9,700		63,029
Morinaga Milk Industry Co., Ltd.		200		7,643
MS&AD Insurance Group Holdings, Inc.		300		9,682
Nippon Denko Co., Ltd.		1,200		4,810
Nippon Steel & Sumitomo Metal Corp.		200		4,597
Nippon Telegraph & Telephone Corp.		594		27,242
Nissan Motor Co., Ltd.		2,588		25,644
Nomura Holdings, Inc.		1,700		9,525
NTT DOCOMO, Inc.		700		16,000
ORIX Corp.		1,600		25,828
Penta-Ocean Construction Co., Ltd.		800		5,049
Prima Meat Packers, Ltd.		2,000		13,580
SBI Holdings, Inc.		1,500		22,608
Shionogi & Co., Ltd.		100		5,471
Sompo Holdings, Inc.		500		19,497
Start Today Co., Ltd.		300		9,518
Taisei Corp.		200		10,494
Teijin, Ltd.		700		13,808
Tokyo Electron, Ltd.		100		15,416
Tokyo Gas Co., Ltd.		200		4,904
Toyo Seikan Group Holdings, Ltd.		300		5,017
West Japan Railway Co.		201		13,981
				600,566
Luxembourg \| 0.5%
B&M European Value Retail SA		2,372		12,320
Netherlands \| 3.2%
Aegon NV		805		4,690
BE Semiconductor Industries NV		76		5,293
Royal Dutch Shell PLC, A Shares		1,724		51,953
Wolters Kluwer NV		445		20,564
				82,500

Description	Shares		Fair Value
New Zealand \| 0.2%
a2 Milk Co., Ltd. (a)		1,240	$	5,768
Norway \| 2.8%
Aker BP ASA		398		7,712
Salmar ASA		164		4,633
Statoil ASA		2,528		50,713
Telenor ASA		366		7,756
				70,814
Portugal \| 0.4%
Jeronimo Martins SGPS SA		462		9,113
Singapore \| 1.4%
United Overseas Bank, Ltd.		1,200		20,796
UOL Group, Ltd.		900		5,395
Venture Corp., Ltd.		800		10,419
				36,610
South Africa \| 0.2%
Mondi PLC		188		5,055
Spain \| 3.2%
Banco Bilbao Vizcaya Argentaria SA		1,828		16,292
Banco Santander SA		6,720		46,917
Industria de Diseno Textil SA		128		4,824
Siemens Gamesa Renewable Energy SA		366		4,778
Telefonica SA		725		7,886
				80,697
Sweden \| 3.5%
Bonava AB, B Shares		206		3,335
Electrolux AB, Series B		1,007		34,241
Husqvarna AB, B Shares		418		4,304
Sandvik AB		679		11,728
Swedish Orphan Biovitrum AB (a)		340		5,251
Volvo AB, Class B		1,502		28,957
				87,816
Switzerland \| 7.2%
Adecco Group AG		101		7,866
Logitech International SA		207		7,548
Nestle SA		600		50,251
Partners Group Holding AG		23		15,626
Roche Holding AG		334		85,253
Swiss Life Holding AG		29		10,215
UBS Group AG		308		5,264
				182,023
United Kingdom \| 16.8%
Admiral Group PLC		852		20,759
Ashtead Group PLC		324		7,821
Associated British Foods PLC		379		16,229

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
BT Group PLC		4,283	$	16,295
Centrica PLC		9,814		24,595
Crest Nicholson Holdings PLC		672		4,980
Dixons Carphone PLC		2,257		5,856
Electrocomponents PLC		647		5,385
Fevertree Drinks PLC		384		11,255
GlaxoSmithKline PLC		472		9,416
Hargreaves Lansdown PLC		608		12,060
Howden Joinery Group PLC		1,267		7,324
Imperial Brands PLC		96		4,097
International Consolidated Airlines Group SA		3,306		26,340
Land Securities Group PLC REIT		834		10,882
Lloyds Banking Group PLC		34,228		31,068
Persimmon PLC		417		14,428
Redrow PLC		718		5,701
Royal Bank of Scotland Group PLC (a)		3,693		13,280
Smith & Nephew PLC		996		18,009
SSE PLC		1,798		33,650
SSP Group PLC		780		5,619
Subsea 7 SA		870		14,302
Taylor Wimpey PLC		4,026		10,547
Unilever NV		1,317		77,976
Vodafone Group PLC		3,173		8,888
Wm Morrison Supermarkets PLC		3,198		10,033
				426,795
United States \| 1.2%
Carnival PLC		199		12,663
ICON PLC (a)		100		11,388
International Game Technology PLC		218		5,352
				29,403
Total Common Stocks (Cost $2,302,714)				2,553,288
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $29,303)		29,303		29,303
Total Investments \| 101.6% (Cost $2,332,017)			$	2,582,591
Liabilities in Excess of Cash and Other Assets \| (1.6)%				(40,400	)
Net Assets \| 100.0%			$	2,542,191

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 96.6%
Australia \| 3.8%
carsales.com, Ltd.		85,258	$	861,042
Hansen Technologies, Ltd.		273,500		719,997
MYOB Group, Ltd.		291,763		789,656
Pact Group Holdings, Ltd.		170,544		703,070
				3,073,765
Belgium \| 1.8%
Kinepolis Group NV		21,795		1,447,313
Canada \| 4.9%
Alaris Royalty Corp.		30,800		507,759
Altus Group, Ltd.		42,865		1,091,421
Intertape Polymer Group, Inc.		45,800		668,050
StorageVault Canada, Inc.		367,300		632,895
The Descartes Systems Group, Inc. (a)		37,400		1,020,014
				3,920,139
Denmark \| 0.9%
Dfds A/S		11,975		684,078
France \| 1.0%
Chargeurs SA		26,780		813,480
Germany \| 8.6%
Aroundtown SA		244,728		1,752,193
AURELIUS Equity Opportunities SE & Co. KGaA		15,655		1,028,885
CompuGroup Medical SE		20,147		1,141,059
Duerr AG		7,616		1,018,503
Norma Group SE		14,726		968,785
PATRIZIA Immobilien AG (a)		46,221		963,666
				6,873,091
Hong Kong \| 0.8%
Tongda Group Holdings, Ltd.		2,360,000		633,890
Ireland \| 2.0%
Dalata Hotel Group PLC (a)		140,025		915,151
Irish Continental Group PLC		107,568		718,997
				1,634,148
Israel \| 1.7%
Orbotech, Ltd. (a)		14,800		624,708
Taptica international, Ltd.		138,750		753,067
				1,377,775
Italy \| 2.4%
Cerved Information Solutions SpA		91,353		1,079,963
EI Towers SpA		14,123		835,433
				1,915,396

Description	Shares		Fair Value
Japan \| 27.1%
ABC-Mart, Inc.		11,700	$	617,789
Ai Holdings Corp.		32,860		823,409
Anicom Holdings, Inc.		32,300		833,943
Ariake Japan Co., Ltd.		14,400		1,036,244
CyberAgent, Inc.		23,500		688,896
Daikyonishikawa Corp.		63,500		1,023,492
Dip Corp.		35,700		815,980
Financial Products Group Co., Ltd.		102,137		1,134,348
GMO internet, Inc.		79,600		970,187
Iriso Electronics Co., Ltd.		28,082		1,470,825
Jafco Co., Ltd.		25,000		1,278,925
MISUMI Group, Inc.		30,900		816,570
Nissei ASB Machine Co., Ltd.		32,800		1,320,424
Persol Holdings Co., Ltd.		45,200		1,055,817
Sanwa Holdings Corp.		87,400		1,003,181
Sawai Pharmaceutical Co., Ltd.		11,100		630,584
Seria Co., Ltd.		20,400		1,135,467
Skylark Co., Ltd.		49,025		724,477
TechnoPro Holdings, Inc.		29,545		1,399,819
Toridoll Holdings Corp.		35,700		1,076,151
USS Co., Ltd.		47,800		964,721
Zenkoku Hosho Co., Ltd.		23,542		989,339
				21,810,588
Luxembourg \| 1.6%
Stabilus SA		14,438		1,310,366
Netherlands \| 1.5%
Aalberts Industries NV		24,574		1,188,206
New Zealand \| 0.9%
Z Energy, Ltd.		136,995		728,788
Portugal \| 0.8%
NOS SGPS SA		109,503		678,221
Singapore \| 1.9%
NetLink NBN Trust		946,000		575,535
XP Power, Ltd.		24,947		928,114
				1,503,649
South Korea \| 0.5%
Douzone Bizon Co., Ltd.		15,468		421,691
Spain \| 1.0%
Hispania Activos Inmobiliarios SOCIMI SA REIT		45,229		815,214
Sweden \| 7.7%
Alimak Group AB		47,592		867,768
Cloetta AB Class B		238,388		820,368
Granges AB		84,901		973,225
Indutrade AB		31,252		826,289

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Inwido AB		58,011	$	738,961
Lifco AB, B Shares		27,639		901,540
Loomis AB, B Shares		26,573		1,056,164
				6,184,315
Switzerland \| 1.3%
Kardex AG		8,775		1,044,883
Taiwan \| 2.4%
Elite Material Co., Ltd.		115,000		547,530
Primax Electronics, Ltd.		266,000		659,763
Silicon Motion Technology Corp. ADR		15,205		730,296
				1,937,589
Turkey \| 0.8%
Soda Sanayii AS		437,042		624,344
United Kingdom \| 19.4%
Arrow Global Group PLC		150,534		862,908
Ascential PLC		198,636		915,418
Auto Trader Group PLC		161,820		851,200
Burford Capital, Ltd.		36,595		507,741
Clinigen Healthcare, Ltd.		89,410		1,278,647
Dignity PLC		31,449		971,878
Equiniti Group PLC		304,660		1,229,558
Hunting PLC (a)		83,117		529,212
John Wood Group PLC		73,135		666,966
Polypipe Group PLC		210,411		1,188,872
Rentokil Initial PLC		281,812		1,136,154
Rightmove PLC		16,768		908,938
RPC Group PLC		127,584		1,693,553
Savills PLC		84,400		1,053,529
Smart Metering Systems PLC		118,901		1,106,567
Workspace Group PLC REIT		58,022		690,604
				15,591,745
United States \| 1.8%
Core Laboratories NV		6,560		647,472
Samsonite International SA		191,100		820,036
				1,467,508
Total Common Stocks (Cost $59,862,591)				77,680,182
Rights \| 0.2%
United Kingdom \| 0.2%
Equiniti Group PLC Expires 10/16/2017 (Cost $0)		65,284		100,603

Description	Shares		Fair Value
Short-Term Investments \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $1,888,812)		1,888,812	$	1,888,812
Total Investments \| 99.1% (Cost $61,751,403)			$	79,669,597
Cash and Other Assets in Excess of Liabilities \| 0.9%				755,883
Net Assets \| 100.0%			$	80,425,480

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 96.5%
Australia \| 4.5%
Computershare, Ltd.		19,777	$	225,345
Italy \| 8.1%
Atlantia SpA		7,207		227,532
Terna SpA		30,307		177,022
				404,554
Japan \| 2.5%
Miraca Holdings, Inc.		2,700		125,555
Luxembourg \| 6.1%
SES SA		13,959		305,222
United States \| 75.3%
Alphabet, Inc., Class C (a)		200		191,822
Cisco Systems, Inc.		6,700		225,321
Coach, Inc.		2,500		100,725
Emerson Electric Co.		800		50,280
Express Scripts Holding Co. (a)		4,800		303,984
H&R Block, Inc.		8,400		222,516
Intel Corp.		3,300		125,664
International Game Technology PLC		12,400		304,420
MasterCard, Inc., Class A		1,100		155,320
McKesson Corp.		1,000		153,610
Medtronic PLC		2,600		202,202
Microsoft Corp.		2,700		201,123
Monsanto Co.		1,700		203,694
Nielsen Holdings PLC		3,700		153,402
Norfolk Southern Corp.		800		105,792
Omnicom Group, Inc.		1,300		96,291
Oracle Corp.		4,700		227,292
QUALCOMM, Inc.		4,400		228,140
Stericycle, Inc. (a)		4,200		300,804
Visa, Inc., Class A		1,000		105,240
WW Grainger, Inc.		600		107,850
				3,765,492
Total Common Stocks (Cost $4,826,071)				4,826,168
Total Investments \| 96.5% (Cost $4,826,071)			$	4,826,168
Cash and Other Assets in Excess of Liabilities \| 3.5%				173,128
Net Assets \| 100.0%			$	4,999,296

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 96.7%
Australia \| 0.9%
Link Administration Holdings, Ltd.		77,935	$	462,076
Brazil \| 1.9%
Ambev SA		80,200		532,784
Cielo SA		58,320		404,741
				937,525
Canada \| 4.1%
CAE, Inc.		23,500		411,144
Canadian National Railway Co.		10,165		842,202
National Bank of Canada		17,295		832,350
				2,085,696
China \| 3.0%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		3,785		653,707
Tencent Holdings, Ltd.		19,320		835,245
				1,488,952
Denmark \| 1.1%
Carlsberg A/S, Class B		5,230		572,926
Finland \| 1.0%
Sampo Oyj, A Shares		9,093		480,954
France \| 1.1%
Ubisoft Entertainment SA (a)		7,767		533,365
Germany \| 2.9%
Continental AG		2,693		683,525
Symrise AG		9,985		758,772
				1,442,297
Hong Kong \| 1.4%
AIA Group, Ltd.		95,945		711,557
India \| 0.7%
Indiabulls Housing Finance, Ltd. GDR (b)		17,955		331,808
Ireland \| 1.5%
Shire PLC		15,029		765,636
Israel \| 0.8%
Israel Discount Bank, Ltd., Class A (a)		150,509		379,511
Japan \| 7.1%
AEON Financial Service Co., Ltd.		26,325		552,153
Daiwa House Industry Co., Ltd.		20,485		707,762
Kao Corp.		7,900		465,808
Ryohin Keikaku Co., Ltd.		2,860		842,889
TechnoPro Holdings, Inc.		12,700		601,716

Description	Shares		Fair Value
Yamaha Corp.		11,400	$	420,628
				3,590,956
Netherlands \| 1.5%
Wolters Kluwer NV		16,629		768,440
South Africa \| 0.6%
Sanlam, Ltd.		63,589		318,228
Sweden \| 3.1%
Assa Abloy AB, Class B		22,200		507,990
Hexagon AB, B Shares		11,151		554,040
Nordea Bank AB		37,849		514,126
				1,576,156
Switzerland \| 0.9%
Julius Baer Group, Ltd.		7,270		430,905
Taiwan \| 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		13,380		502,419
United Kingdom \| 10.9%
Ashtead Group PLC		25,888		624,887
British American Tobacco PLC		7,463		466,592
Coca-Cola European Partners PLC		14,590		607,236
Compass Group PLC		29,615		628,751
ConvaTec Group PLC		22,544		82,768
Diageo PLC		23,459		771,202
Prudential PLC		25,201		603,427
RELX NV		37,144		791,029
Rio Tinto PLC		8,000		372,395
Unilever PLC		8,854		512,487
				5,460,774
United States \| 51.2%
Accenture PLC, Class A		6,105		824,602
Alphabet, Inc., Class A (a)		1,274		1,240,519
Aon PLC		5,835		852,494
Apple, Inc.		6,047		931,964
Applied Materials, Inc.		6,425		334,678
AutoZone, Inc. (a)		729		433,835
Biogen, Inc. (a)		2,095		655,986
Cisco Systems, Inc.		14,975		503,609
Citigroup, Inc.		11,400		829,236
Comerica, Inc.		6,290		479,675
Commerce Bancshares, Inc.		5,950		343,732
Crown Holdings, Inc. (a)		8,360		499,259
DXC Technology Co.		4,835		415,230
Eaton Corp. PLC		6,790		521,404
eBay, Inc. (a)		7,295		280,566
Five Below, Inc. (a)		6,975		382,788
Honeywell International, Inc.		6,123		867,874

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Intercontinental Exchange, Inc.		13,035	$	895,504
Johnson Controls International PLC		14,300		576,147
Medtronic PLC		7,265		564,999
Microsoft Corp.		13,545		1,008,967
Molson Coors Brewing Co., Class B		6,404		522,823
Monsanto Co.		4,160		498,451
Motorola Solutions, Inc.		5,380		456,601
PPG Industries, Inc.		4,175		453,656
Quintiles IMS Holdings, Inc. (a)		7,530		715,877
Rockwell Automation, Inc.		4,295		765,412
S&P Global, Inc.		5,065		791,710
Schlumberger, Ltd.		10,401		725,574
Snap-on, Inc.		2,555		380,721
The Charles Schwab Corp.		15,465		676,439
The Coca-Cola Co.		25,640		1,154,056
The J.M. Smucker Co.		4,700		493,171
Thermo Fisher Scientific, Inc.		4,050		766,260
United Technologies Corp.		5,874		681,854
Vantiv, Inc., Class A (a)		13,840		975,305
Visa, Inc., Class A		7,433		782,249
Welbilt, Inc. (a)		20,545		473,562
Zoetis, Inc.		14,932		952,064
				25,708,853
Total Common Stocks (Cost $42,050,453)				48,549,034
Short-Term Investments \| 4.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $2,022,881)		2,022,881		2,022,881
Total Investments \| 100.7% (Cost $44,073,334)			$	50,571,915
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(344,371	)
Net Assets 100.0%			$	50,227,544

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks \| 97.2%
Canada \| 1.1%
Toromont Industries, Ltd.		1,340	$	61,450
China \| 2.7%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		867		149,740
Denmark \| 2.3%
AP Moller-Maersk A/S, Class B		26		49,397
Carlsberg A/S, Class B		709		77,668
				127,065
Finland \| 2.2%
Sampo Oyj, A Shares		2,256		119,326
France \| 4.9%
Faurecia		1,215		84,354
Ubisoft Entertainment SA (a)		1,436		98,611
Vivendi SA		3,510		88,887
				271,852
Greece \| 1.5%
OPAP SA		7,800		82,511
Hong Kong \| 1.9%
AIA Group, Ltd.		14,400		106,795
Indonesia \| 0.3%
PT Media Nusantara Citra Tbk		189,000		18,516
Ireland \| 1.8%
Shire PLC		1,933		98,475
Israel \| 1.4%
Israel Discount Bank, Ltd., Class A (a)		29,782		75,096
Japan \| 5.7%
Daiwa House Industry Co., Ltd.		3,600		124,381
Don Quijote Holdings Co., Ltd.		1,500		56,253
TechnoPro Holdings, Inc.		1,200		56,855
Tokyo Electron, Ltd.		500		77,080
				314,569
New Zealand \| 0.7%
Trade Me Group, Ltd.		11,079		36,594
Singapore \| 0.8%
NetLink NBN Trust (a)		68,100		41,431
South Africa \| 2.5%
Naspers, Ltd., N Shares		367		80,113
Sanlam, Ltd.		11,235		56,225
				136,338
Switzerland \| 1.5%
Partners Group Holding AG		124		84,246

Description	Shares		Fair Value
Taiwan \| 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,858	$	107,318
United Kingdom \| 10.1%
British American Tobacco PLC		2,357		147,361
Coca-Cola European Partners PLC		2,796		117,276
Dignity PLC		1,372		42,399
Informa PLC		13,158		118,609
London Stock Exchange Group PLC		1,272		65,345
Prudential PLC		2,817		67,452
				558,442
United States \| 53.9%
Accenture PLC, Class A		854		115,350
Activision Blizzard, Inc.		1,517		97,862
Alphabet, Inc., Class A (a)		215		209,350
Aon PLC		945		138,064
Bank of America Corp.		3,870		98,066
Biogen, Inc. (a)		359		112,410
Celgene Corp. (a)		672		97,991
Comerica, Inc.		1,050		80,073
Cypress Semiconductor Corp.		3,960		59,479
eBay, Inc. (a)		1,179		45,344
EOG Resources, Inc.		868		83,970
Halliburton Co.		1,369		63,015
Intercontinental Exchange, Inc.		1,305		89,653
Medtronic PLC		1,214		94,413
Microsoft Corp.		1,490		110,990
Molson Coors Brewing Co., Class B		1,831		149,483
Palo Alto Networks, Inc. (a)		547		78,823
PPG Industries, Inc.		715		77,692
Quintiles IMS Holdings, Inc. (a)		742		70,542
Raytheon Co.		663		123,703
Rockwell Automation, Inc.		323		57,562
S&P Global, Inc.		570		89,097
Snap-on, Inc.		415		61,839
The Coca-Cola Co.		3,433		154,519
The J.M. Smucker Co.		500		52,465
Union Pacific Corp.		702		81,411
Valvoline, Inc.		1,990		46,666
Vantiv, Inc., Class A (a)		1,302		91,752
Visa, Inc., Class A		1,355		142,600
Welbilt, Inc. (a)		4,688		108,058

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Zoetis, Inc.		1,417	$	90,348
				2,972,590
Total Common Stocks (Cost $4,666,789)				5,362,354
Total Investments \| 97.2% (Cost $4,666,789)			$	5,362,354
Cash and Other Assets in Excess of Liabilities \| 2.8%				152,337
Net Assets \| 100.0%			$	5,514,691

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks \| 99.1%
Australia \| 5.8%
AGL Energy, Ltd.		605	$	11,124
Aristocrat Leisure, Ltd.		1,650		27,291
Cochlear, Ltd.		118		14,766
Computershare, Ltd.		956		10,893
CSL, Ltd.		456		47,941
Investa Office Fund REIT		2,906		10,292
Newcrest Mining, Ltd.		832		13,672
Qantas Airways, Ltd.		3,392		15,562
Resolute Mining, Ltd.		10,078		8,101
Sandfire Resources NL		2,040		9,228
Stockland REIT		15,644		52,930
Woodside Petroleum, Ltd.		726		16,639
				238,439
Austria \| 0.3%
Lenzing AG		77		11,178
Belgium \| 0.4%
Proximus SADP		436		15,042
Canada \| 9.5%
Alimentation Couche-Tard, Inc., Class B		510		23,257
BCE, Inc.		1,031		48,305
CAE, Inc.		741		12,964
Canadian Imperial Bank of Commerce		181		15,836
CI Financial Corp.		1,086		23,752
Colliers International Group, Inc.		225		11,162
Constellation Software, Inc.		20		10,912
Dollarama, Inc.		166		18,164
George Weston, Ltd.		105		9,143
Husky Energy, Inc. (a)		1,382		17,301
IAMGOLD Corp. (a)		1,909		11,674
Intact Financial Corp.		103		8,508
Kirkland Lake Gold, Ltd.		963		12,410
Magna International, Inc.		215		11,474
Metro, Inc.		325		11,177
Royal Bank of Canada		376		29,092
Saputo, Inc.		519		17,965
Suncor Energy, Inc.		1,132		39,673
The Toronto-Dominion Bank		206		11,598
Thomson Reuters Corp.		1,066		48,911
				393,278
Denmark \| 1.6%
Danske Bank A/S		291		11,638
Jyske Bank A/S		219		12,645
Novo Nordisk A/S, Class B		535		25,684

Description	Shares		Fair Value
Vestas Wind Systems A/S		165	$	14,808
				64,775
France \| 0.8%
Air France-KLM (a)		787		12,411
TOTAL SA		364		19,577
				31,988
Germany \| 1.9%
Covestro AG		132		11,350
Deutsche Lufthansa AG		1,122		31,176
Deutsche Telekom AG		670		12,500
Infineon Technologies AG		521		13,097
Rheinmetall AG		96		10,824
				78,947
Hong Kong \| 1.9%
CK Asset Holdings, Ltd.		1,000		8,317
I-CABLE Communications, Ltd. (a)		3,700		121
Jardine Matheson Holdings, Ltd.		100		6,337
The Wharf Holdings, Ltd.		3,000		26,738
Wheelock & Co., Ltd.		2,000		14,067
Xinyi Glass Holdings, Ltd.		14,000		13,841
Yue Yuen Industrial Holdings, Ltd.		2,500		9,531
				78,952
Ireland \| 0.2%
Ryanair Holdings PLC Sponsored ADR (a)		88		9,277
Israel \| 0.8%
Bank Hapoalim BM		1,975		13,822
Israel Discount Bank, Ltd., Class A (a)		3,335		8,409
Nice, Ltd.		115		9,267
				31,498
Japan \| 9.3%
Amano Corp.		500		11,836
ANA Holdings, Inc.		200		7,584
Asahi Glass Co., Ltd.		600		22,283
Central Japan Railway Co.		100		17,543
Daito Trust Construction Co., Ltd.		200		36,445
Daiwa House Industry Co., Ltd.		500		17,275
East Japan Railway Co.		100		9,238
Heiwa Corp.		500		9,916
Kaken Pharmaceutical Co., Ltd.		200		10,175
Kamigumi Co., Ltd.		500		11,607
Kao Corp.		200		11,793
Maeda Corp.		1,000		12,222
Maruha Nichiro Corp.		300		8,829
Megmilk Snow Brand Co., Ltd.		400		10,871
Morinaga Milk Industry Co., Ltd.		200		7,643

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
MS&AD Insurance Group Holdings, Inc.		300	$	9,682
Nichirei Corp.		600		15,069
Nippon Telegraph & Telephone Corp.		300		13,758
NTT DOCOMO, Inc.		400		9,143
Obayashi Corp.		800		9,597
Oji Holdings Corp.		2,000		10,799
Penta-Ocean Construction Co., Ltd.		1,700		10,730
Prima Meat Packers, Ltd.		2,000		13,580
Rengo Co., Ltd.		2,200		13,084
Shionogi & Co., Ltd.		200		10,941
Sompo Holdings, Inc.		400		15,598
Start Today Co., Ltd.		300		9,518
Taisei Corp.		200		10,494
Teijin, Ltd.		500		9,863
Tokyo Gas Co., Ltd.		600		14,713
				381,829
Luxembourg \| 0.3%
B&M European Value Retail SA		2,031		10,549
Malta \| 0.2%
Kindred Group PLC		876		10,079
Netherlands \| 1.0%
Royal Dutch Shell PLC, A Shares		1,366		41,164
Norway \| 3.0%
Aker BP ASA		950		18,408
Leroy Seafood Group ASA		1,865		11,932
Marine Harvest ASA		510		10,099
Statoil ASA		2,805		56,270
Telenor ASA		1,245		26,383
				123,092
Puerto Rico \| 0.2%
Popular, Inc.		271		9,740
Singapore \| 2.1%
CapitaLand, Ltd.		4,000		10,580
DBS Group Holdings, Ltd.		1,600		24,619
Singapore Airlines, Ltd.		2,500		18,532
Venture Corp., Ltd.		2,500		32,560
				86,291
Spain \| 0.1%
Corporacion Financiera Alba SA		82		5,009
Sweden \| 0.8%
Axfood AB		600		10,292
Electrolux AB, Series B		365		12,411
Hennes & Mauritz AB, B Shares		433		11,234
				33,937

Description	Shares		Fair Value
Switzerland \| 1.4%
Partners Group Holding AG		20	$	13,588
Roche Holding AG		127		32,421
Swiss Life Holding AG		33		11,624
				57,633
United Kingdom \| 4.1%
Admiral Group PLC		619		15,082
Centrica PLC		8,835		22,141
Compass Group PLC		1,015		21,549
G4S PLC		2,547		9,500
Hargreaves Lansdown PLC		433		8,589
International Consolidated Airlines Group SA		1,273		10,126
Lloyds Banking Group PLC		11,362		10,313
Moneysupermarket.com Group PLC		2,174		9,267
Smith & Nephew PLC		577		10,433
SSE PLC		1,544		28,896
Subsea 7 SA		777		12,774
Wm Morrison Supermarkets PLC		3,751		11,768
				170,438
United States \| 53.4%
3M Co.		296		62,130
Accenture PLC, Class A		312		42,142
Advanced Energy Industries, Inc. (a)		136		10,983
Akamai Technologies, Inc. (a)		216		10,524
Ally Financial, Inc.		469		11,378
Altria Group, Inc.		326		20,675
Amdocs, Ltd.		198		12,735
Ameren Corp.		1,060		61,310
American Axle & Manufacturing Holdings, Inc. (a)		829		14,574
American Electric Power Co., Inc.		208		14,610
Aon PLC		332		48,505
AT&T, Inc.		1,375		53,859
Atkore International Group, Inc. (a)		589		11,491
Benchmark Electronics, Inc. (a)		298		10,177
BGC Partners, Inc. Class A		759		10,983
Bloomin’ Brands, Inc.		502		8,835
C.R. Bard, Inc.		155		49,677
Campbell Soup Co.		424		19,852
Cardtronics PLC, Class A (a)		422		9,710
Carnival Corp.		422		27,249
Carnival PLC		376		23,926
Cigna Corp.		106		19,816
Cirrus Logic, Inc. (a)		147		7,838
CIT Group, Inc.		208		10,202
Comcast Corp., Class A		684		26,320
Consolidated Edison, Inc.		548		44,213

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Costco Wholesale Corp.		106	$	17,415
Cummins, Inc.		86		14,451
Darden Restaurants, Inc.		499		39,311
EchoStar Corp., Class A (a)		170		9,729
Eli Lilly & Co.		223		19,075
Everest Re Group, Ltd.		213		48,647
Eversource Energy		268		16,198
Exelon Corp.		216		8,137
F5 Networks, Inc. (a)		176		21,219
Fifth Third Bancorp		484		13,542
Fiserv, Inc. (a)		246		31,724
Fresh Del Monte Produce, Inc.		343		15,593
Genpact, Ltd.		466		13,398
GoDaddy, Inc., Class A (a)		248		10,790
Hasbro, Inc.		97		9,474
HCA Healthcare, Inc. (a)		165		13,132
Humana, Inc.		42		10,232
Huntington Ingalls Industries, Inc.		45		10,190
ICON PLC (a)		94		10,705
IDEXX Laboratories, Inc. (a)		63		9,796
Intel Corp.		672		25,590
Intuit, Inc.		118		16,773
J.B. Hunt Transport Services, Inc.		216		23,993
JetBlue Airways Corp. (a)		434		8,042
Johnson & Johnson		367		47,714
Kimberly-Clark Corp.		339		39,894
Lockheed Martin Corp.		56		17,376
Marsh & McLennan Cos., Inc.		430		36,038
Masimo Corp. (a)		110		9,522
MetLife, Inc.		417		21,663
NIKE, Inc., Class B		150		7,778
Northrop Grumman Corp.		142		40,856
O’Reilly Automotive, Inc. (a)		31		6,676
Omnicom Group, Inc.		348		25,776
Park Hotels & Resorts, Inc. REIT		496		13,670
Paychex, Inc.		392		23,504
PepsiCo, Inc.		521		58,055
PG&E Corp.		923		62,847
Pinnacle West Capital Corp.		181		15,305
Pioneer Natural Resources Co.		73		10,770
Quest Diagnostics, Inc.		89		8,334
Raytheon Co.		73		13,620
Regions Financial Corp.		643		9,793
Republic Services, Inc.		467		30,850
Ross Stores, Inc.		650		41,971
Royal Caribbean Cruises, Ltd.		88		10,432

Description	Shares		Fair Value
Silgan Holdings, Inc.		888	$	26,134
Simon Property Group, Inc. REIT		304		48,947
Skyworks Solutions, Inc.		120		12,228
Starbucks Corp.		383		20,571
Sysco Corp.		1,053		56,809
The Boeing Co.		42		10,677
The Estee Lauder Cos., Inc., Class A		257		27,715
The Kroger Co.		422		8,465
The Procter & Gamble Co.		99		9,007
The Scotts Miracle-Gro Co.		261		25,406
The TJX Cos., Inc.		802		59,131
The Toro Co.		611		37,919
Time Warner, Inc.		148		15,163
UnitedHealth Group, Inc.		212		41,520
Validus Holdings, Ltd.		318		15,649
Vantiv, Inc., Class A (a)		140		9,866
Versum Materials, Inc.		313		12,151
Wal-Mart Stores, Inc.		444		34,694
Waste Management, Inc.		594		46,492
WEC Energy Group, Inc.		155		9,731
Xcel Energy, Inc.		1,303		61,658
				2,203,247
Total Common Stocks (Cost $3,805,694)				4,086,382
Short-Term Investments \| 8.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $341,970)		341,970		341,970
Total Investments \| 107.4% (Cost $4,147,664)			$	4,428,352
Liabilities in Excess of Cash and Other Assets \| (7.4)%				(306,032	)
Net Assets \| 100.0%			$	4,122,320

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 98.8%
Argentina \| 1.7%
YPF SA Sponsored ADR		9,741,294	$	217,036,030
Brazil \| 11.0%
Ambev SA ADR		32,462,340		213,926,821
Banco do Brasil SA		31,713,434		349,462,086
BB Seguridade Participacoes SA		26,175,100		236,614,342
CCR SA		41,037,734		229,473,902
Cielo SA		38,301,019		265,808,818
Localiza Rent a Car SA		6,703,462		122,146,659
				1,417,432,628
China \| 17.8%
AAC Technologies Holdings, Inc.		6,707,500		113,295,035
Baidu, Inc. Sponsored ADR (a)		1,843,639		456,650,944
China Construction Bank Corp., Class H		659,798,220		549,762,196
China Mobile, Ltd. Sponsored ADR		7,670,300		387,887,071
China Shenhua Energy Co., Ltd., Class H		47,824,610		113,057,565
CNOOC, Ltd.		67,652,000		87,530,279
ENN Energy Holdings, Ltd.		14,378,000		104,530,585
Hengan International Group Co., Ltd.		2,028,500		18,782,317
NetEase, Inc. ADR		1,136,664		299,863,330
Weichai Power Co., Ltd., Class H (j)		149,000,288		163,908,137
				2,295,267,459
Egypt \| 0.8%
Commercial International Bank Egypt SAE GDR		24,394,545		110,883,062
Hungary \| 2.1%
OTP Bank Nyrt.		7,133,197		267,671,499
India \| 9.7%
Axis Bank, Ltd.		28,293,361		220,998,388
Bajaj Auto, Ltd.		2,676,966		127,672,457
Bharat Heavy Electricals, Ltd. (b)		9,679,619		12,447,765
Bharat Heavy Electricals, Ltd.		19,359,238		24,895,530
HCL Technologies, Ltd.		11,903,487		159,446,013
Hero MotoCorp, Ltd.		3,685,678		213,556,409
Punjab National Bank (a)		56,330,948		111,786,615
Tata Consultancy Services, Ltd.		10,295,925		384,146,467
				1,254,949,644
Indonesia \| 5.3%
PT Astra International Tbk		257,409,100		150,963,586
PT Bank Mandiri (Persero) Tbk		437,541,742		218,904,867
PT Semen Indonesia (Persero) Tbk		105,486,800		79,521,284
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		6,921,710		237,414,653
				686,804,390

Description	Shares		Fair Value
Malaysia \| 0.7%
British American Tobacco Malaysia Berhad		8,769,200	$	90,837,139
Mexico \| 3.5%
America Movil SAB de CV, Class L Sponsored ADR		15,717,308		278,982,217
Grupo Mexico SAB de CV, Series B		25,845,747		79,041,716
Kimberly-Clark de Mexico SAB de CV, Series A		49,216,495		100,135,703
				458,159,636
Pakistan \| 1.7%
Habib Bank, Ltd.		29,876,380		51,264,624
Oil & Gas Development Co., Ltd.		41,683,749		58,794,963
Pakistan Petroleum, Ltd.		64,204,202		106,818,254
				216,877,841
Philippines \| 0.8%
PLDT, Inc. Sponsored ADR		3,349,085		106,902,793
Russia \| 9.2%
ALROSA PAO		62,312,211		88,401,960
Gazprom PJSC Sponsored ADR		23,177,324		97,124,831
LUKOIL PJSC Sponsored ADR		4,539,007		240,251,801
Magnit PJSC Sponsored GDR (b), (c)		1,053,665		43,147,582
Magnit PJSC Sponsored GDR		1,737,092		71,062,356
Mobile TeleSystems PJSC Sponsored ADR		20,137,243		210,232,817
Sberbank of Russia PJSC		129,875,684		434,577,770
				1,184,799,117
South Africa \| 8.7%
Imperial Holdings, Ltd.		9,059,988		128,102,689
Life Healthcare Group Holdings, Ltd.		46,072,691		80,736,030
Nedbank Group, Ltd.		6,332,999		94,869,947
PPC, Ltd. (a), (j)		87,886,161		41,264,713
Sanlam, Ltd.		22,561,997		112,910,355
Shoprite Holdings, Ltd.		13,402,973		204,832,966
Standard Bank Group, Ltd.		9,916,205		115,720,573
The Bidvest Group, Ltd.		9,982,247		127,408,094
Vodacom Group, Ltd.		11,325,468		134,886,055
Woolworths Holdings, Ltd.		18,693,184		82,760,279
				1,123,491,701
South Korea \| 13.9%
Coway Co., Ltd.		1,954,066		160,403,871
Hanwha Life Insurance Co., Ltd.		17,453,179		104,624,370
Hyundai Mobis Co., Ltd.		862,160		180,674,170
KB Financial Group, Inc.		3,026,296		148,576,688
KT&G Corp.		819,304		75,460,746
Samsung Electronics Co., Ltd.		255,053		573,284,679
Shinhan Financial Group Co., Ltd.		4,886,454		215,573,598

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
SK Hynix, Inc.		4,591,571	$	333,437,535
				1,792,035,657
Taiwan \| 5.5%
Hon Hai Precision Industry Co., Ltd.		36,576,032		127,140,592
Taiwan Semiconductor Manufacturing Co., Ltd.		81,666,284		587,354,367
				714,494,959
Thailand \| 1.3%
Kasikornbank Public Co. Ltd.		11,928,554		76,655,411
The Siam Cement Public Co. Ltd.		5,910,500		88,962,219
				165,617,630
Turkey \| 5.1%
Akbank Turk		45,562,767		120,345,041
KOC Holding AS		24,855,589		114,110,534
Tupras-Turkiye Petrol Rafinerileri AS		2,955,339		101,051,544
Turk Telekomunikasyon AS (a)		49,639,338		94,692,720
Turkcell Iletisim Hizmetleri AS		30,536,982		108,879,882
Turkiye Is Bankasi AS, C Shares		60,002,711		114,283,073
				653,362,794
Total Common Stocks (Cost $10,998,958,285)				12,756,623,979
Short-Term Investments \| 0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $100,581,851)		100,581,851		100,581,851
Total Investments \| 99.6% (Cost $11,099,540,136)			$	12,857,205,830
Cash and Other Assets in Excess of Liabilities \| 0.4%				48,240,148
Net Assets \| 100.0%			$	12,905,445,978

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 97.5%
Argentina \| 0.8%
Grupo Supervielle SA Sponsored ADR		63,900	$	1,577,691
Brazil \| 7.6%
AES Tiete Energia SA		353,600		1,592,073
Azul SA ADR		70,800		1,943,460
Banco do Brasil SA		378,600		4,171,934
Braskem SA A Shares		188,950		2,531,345
CCR SA		373,300		2,087,411
Telefonica Brasil SA ADR		170,900		2,707,056
				15,033,279
China \| 22.5%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		50,000		8,635,500
Baidu, Inc. Sponsored ADR (a)		9,554		2,366,430
Industrial & Commercial Bank of China, Ltd., Class H		10,493,633		7,839,038
JD.com, Inc. ADR (a)		66,200		2,528,840
NetEase, Inc. ADR		8,600		2,268,766
New Oriental Education & Technology Group, Inc. Sponsored ADR		30,986		2,734,824
PICC Property & Casualty Co., Ltd., Class H		1,263,180		2,235,865
Ping An Insurance (Group) Co. of China, Ltd., Class H		427,500		3,298,516
Tencent Holdings, Ltd.		255,700		11,054,460
Vipshop Holdings, Ltd. ADR (a)		108,905		957,275
Wuxi Biologics Cayman, Inc.		83,500		422,566
				44,342,080
Colombia \| 1.9%
Bancolombia SA Sponsored ADR		42,800		1,959,812
Ecopetrol SA Sponsored ADR		188,200		1,786,018
				3,745,830
Hong Kong \| 1.0%
Techtronic Industries Co., Ltd.		379,500		2,029,481
Hungary \| 1.3%
MOL Hungarian Oil & Gas PLC		224,483		2,553,583
India \| 9.1%
HDFC Bank, Ltd. ADR		57,069		5,499,740
Hindalco Industries, Ltd.		528,694		1,953,828
Hindustan Zinc, Ltd.		476,442		2,158,529
Maruti Suzuki India, Ltd.		21,113		2,582,625
Motherson Sumi Systems, Ltd.		399,479		2,058,191
Tata Motors, Ltd. Sponsored ADR		57,157		1,787,299
UPL, Ltd.		156,199		1,864,441
				17,904,653

Description	Shares		Fair Value
Indonesia \| 2.2%
PT Bank Mandiri (Persero) Tbk		4,795,400	$	2,399,169
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		57,560		1,974,308
				4,373,477
Luxembourg \| 2.1%
Tenaris SA ADR		41,700		1,180,527
Ternium SA Sponsored ADR		93,600		2,895,048
				4,075,575
Mexico \| 3.6%
Arca Continental SAB de CV		233,745		1,597,835
Gruma SAB de CV, Class B		147,608		2,158,027
Grupo Aeroportuario del Pacifico SAB de CV ADR		12,900		1,322,637
Grupo Financiero Banorte SAB de CV, Class O		301,000		2,075,760
				7,154,259
Peru \| 1.4%
Credicorp, Ltd.		13,550		2,778,021
Philippines \| 1.6%
BDO Unibank, Inc.		750,611		1,930,978
GT Capital Holdings, Inc.		52,815		1,207,664
				3,138,642
Portugal \| 1.1%
Galp Energia SGPS SA		116,290		2,062,416
Russia \| 6.3%
LUKOIL PJSC Sponsored ADR (London)		90,534		4,792,008
LUKOIL PJSC Sponsored ADR (United States)		1,717		91,053
Sberbank of Russia PJSC Sponsored ADR (London)		331,184		4,721,306
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		766,042
Severstal PJSC GDR		135,587		2,025,718
				12,396,127
South Africa \| 5.2%
FirstRand, Ltd.		480,167		1,848,072
Mondi PLC		90,783		2,441,136
Naspers, Ltd., N Shares		16,428		3,586,099
Novus Holdings, Ltd.		5,630		2,716
The Bidvest Group, Ltd.		125,235		1,598,433
Woolworths Holdings, Ltd.		165,477		732,616
				10,209,072
South Korea \| 12.8%
Coway Co., Ltd.		18,589		1,525,920
Dongbu Insurance Co., Ltd.		29,957		1,911,490

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Korea Zinc Co., Ltd.		3,746	$	1,619,535
KT&G Corp.		10,071		927,574
Lotte Chemical Corp.		4,229		1,399,156
NCSoft Corp.		5,159		2,098,587
Samsung Electronics Co., Ltd.		5,383		12,099,412
SK Hynix, Inc.		51,481		3,738,524
				25,320,198
Taiwan \| 11.1%
Advanced Semiconductor Engineering, Inc. ADR		246,200		1,521,516
Far EasTone Telecommunications Co., Ltd.		733,000		1,742,939
Hon Hai Precision Industry Co., Ltd.		843,500		2,932,059
Largan Precision Co., Ltd.		23,000		4,076,239
Silicon Motion Technology Corp. ADR		36,310		1,743,969
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		262,149		9,843,695
				21,860,417
Thailand \| 1.3%
Bangkok Bank Public Co. Ltd.		191,500		1,120,415
Kasikornbank Public Co. Ltd.		224,000		1,439,471
				2,559,886
Turkey \| 2.6%
Arcelik		185,546		1,183,876
KOC Holding AS		226,375		1,039,274
Mavi Giyim Sanayi Ve Ticaret AS, Class B		70,839		1,034,033
Tofas Turk Otomobil Fabrikasi AS		222,421		1,928,076
				5,185,259
United Arab Emirates \| 0.7%
Emaar Properties PJSC		595,140		1,376,123
United Kingdom \| 1.3%
Unilever NV NY Shares		41,700		2,461,968
Total Common Stocks (Cost $147,820,670)				192,138,037
Preferred Stocks \| 1.4%
Brazil \| 1.4%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,648,488)		205,917		2,821,063
Short-Term Investments \| 1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $3,791,247)		3,791,247		3,791,247

Description	Fair Value
Total Investments \| 100.8% (Cost $153,260,405)	$	198,750,347
Liabilities in Excess of Cash and Other Assets \| (0.8)%		(1,621,892	)
Net Assets \| 100.0%	$	197,128,455

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 98.2%
Argentina \| 0.5%
YPF SA Sponsored ADR		63,720	$	1,419,682
Brazil \| 2.8%
Cosan SA Industria e Comercio		216,600		2,475,702
Petroleo Brasileiro SA Sponsored ADR (a)		500,600		4,835,796
				7,311,498
Canada \| 1.1%
First Quantum Minerals, Ltd.		256,755		2,882,899
China \| 34.3%
AAC Technologies Holdings, Inc.		112,640		1,902,580
Agricultural Bank of China, Ltd., Class H		6,628,500		2,980,513
Alibaba Group Holding, Ltd. Sponsored ADR (a)		55,510		9,587,132
Anhui Conch Cement Co., Ltd., Class H		1,053,500		4,214,211
Baidu, Inc. Sponsored ADR (a)		37,217		9,218,279
Beijing Enterprises Water Group, Ltd.		4,450,000		3,591,689
Brilliance China Automotive Holdings, Ltd.		2,331,827		6,267,472
China Medical System Holdings, Ltd.		2,611,000		4,569,380
China Merchants Bank Co., Ltd., Class H		1,179,211		4,160,502
China State Construction International Holdings, Ltd.		4,124,587		6,015,454
Li Ning Co., Ltd. (a)		3,892,500		3,479,803
Minth Group, Ltd.		859,020		4,508,769
New Oriental Education & Technology Group, Inc. Sponsored ADR		38,144		3,366,589
Ping An Insurance (Group) Co. of China, Ltd., Class H		749,000		5,779,154
TAL Education Group ADR		62,500		2,106,875
Tencent Holdings, Ltd.		212,000		9,165,215
Zhuzhou CRRC Times Electric Co., Ltd., Class H		587,600		3,296,103
ZTO Express Cayman, Inc. ADR		327,085		4,592,273
				88,801,993
Colombia \| 1.2%
Bancolombia SA Sponsored ADR		66,247		3,033,450
Hong Kong \| 3.8%
China Gas Holdings, Ltd.		1,056,000		3,179,330
SMI Holdings Group, Ltd.		2,375,200		1,249,277
Techtronic Industries Co., Ltd.		1,017,500		5,441,362
				9,869,969
India \| 9.8%
Aurobindo Pharma, Ltd.		186,118		1,976,718
HDFC Bank, Ltd. ADR		51,685		4,980,883
ICICI Bank, Ltd. Sponsored ADR		713,101		6,104,145
Petronet LNG, Ltd.		776,720		2,754,846

Description	Shares		Fair Value
Reliance Industries, Ltd.		164,214	$	1,967,358
Shriram Transport Finance Co., Ltd.		264,189		4,281,897
Tata Motors, Ltd. Sponsored ADR (a)		106,085		3,317,278
				25,383,125
Indonesia \| 2.6%
PT Bank Rakyat Indonesia (Persero) Tbk		6,006,700		6,825,532
Mexico \| 2.6%
Grupo Financiero Banorte SAB de CV, Class O		988,657		6,817,987
Peru \| 2.1%
Credicorp, Ltd.		25,955		5,321,294
Philippines \| 1.2%
BDO Unibank, Inc.		1,260,005		3,241,414
Portugal \| 2.1%
Galp Energia SGPS SA		305,884		5,424,886
Russia \| 9.1%
Mail.Ru Group, Ltd. GDR (a)		161,631		5,332,578
Novatek OAO Sponsored GDR (London)		6,496		762,054
Novatek OAO Sponsored GDR (United States)		18,525		2,172,983
Sberbank of Russia PJSC		1,818,726		6,085,592
X5 Retail Group NV GDR (a)		119,563		5,367,376
Yandex NV Class A (a)		116,235		3,829,943
				23,550,526
South Africa \| 2.8%
Capitec Bank Holdings, Ltd.		48,254		3,062,810
Petra Diamonds, Ltd. (a)		1,047,016		1,178,686
Standard Bank Group, Ltd.		260,433		3,039,213
				7,280,709
South Korea \| 8.6%
CJ CGV Co., Ltd.		40,347		2,272,246
Doosan Bobcat, Inc.		120,419		3,845,105
Korea Aerospace Industries, Ltd.		65,383		2,502,444
NCSoft Corp.		6,507		2,646,929
Partron Co., Ltd.		248,538		2,019,493
Samsung Electronics Co., Ltd.		3,307		7,433,171
SPC Samlip Co., Ltd.		13,243		1,497,599
				22,216,987
Taiwan \| 9.2%
Advanced Semiconductor Engineering, Inc.		3,090,578		3,790,752
Catcher Technology Co., Ltd.		195,670		1,827,958
Hiwin Technologies Corp.		439,407		3,888,215
Hota Industrial Manufacturing Co., Ltd.		554,766		2,622,121
Largan Precision Co., Ltd.		18,860		3,342,516
Silicon Motion Technology Corp. ADR		57,110		2,742,993

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co., Ltd.		771,000	$	5,545,131
				23,759,686
Turkey \| 3.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		243,174		1,797,867
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		3,468,181		2,609,094
Turkiye Garanti Bankasi AS		1,582,041		4,301,687
				8,708,648
United Kingdom \| 1.0%
KAZ Minerals PLC (a)		243,841		2,531,463
Total Common Stocks (Cost $196,843,558)				254,381,748
Preferred Stocks \| 1.1%
Brazil \| 1.1%
Banco Bradesco SA ADR (Cost $1,893,540)		267,679		2,963,206
Rights \| 0.0%
China \| 0.0%
China State Construction International Holdings, Ltd. Expires 10/03/2017 (Cost $0)		515,573		3,300
Short-Term Investments \| 1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $2,785,011)		2,785,011		2,785,011
Total Investments \| 100.4% (Cost $201,522,109)			$	260,133,265
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(1,138,272	)
Net Assets \| 100.0%			$	258,994,993

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 98.5%
Brazil \| 4.1%
Banco do Brasil SA		1,100	$	12,121
BB Seguridade Participacoes SA		1,000		9,040
Braskem SA Sponsored ADR		1,020		27,275
Cia de Saneamento de Minas Gerais-COPASA		700		9,460
Cia de Saneamento do Parana (Preference Shares)		2,900		9,907
EcoRodovias Infraestrutura e Logistica SA		2,000		7,205
M Dias Branco SA		700		10,985
Magazine Luiza SA		200		4,686
Petroleo Brasileiro SA (Preference Shares) (a)		6,000		28,985
Qualicorp SA		800		9,573
Sao Martinho SA		1,500		8,426
Vale SA		3,309		33,297
				170,960
Chile \| 0.2%
Enel Chile SA		1,452		8,712
China \| 27.0%
AAC Technologies Holdings, Inc.		500		8,445
Agricultural Bank of China, Ltd., Class H		13,000		5,846
Air China, Ltd.		8,000		6,650
Alibaba Group Holding, Ltd. Sponsored ADR (a)		931		160,793
Anhui Conch Cement Co., Ltd., Class H		3,000		12,001
Autohome, Inc. ADR (a)		115		6,909
Baidu, Inc. Sponsored ADR (a)		166		41,117
Bank of China, Ltd., Class H		69,000		34,128
Beijing Capital International Airport Co., Ltd., Class H		10,000		14,920
China Construction Bank Corp., Class H		102,000		84,989
China Lesso Group Holdings, Ltd.		12,000		8,196
China Mobile, Ltd.		3,500		35,406
China Overseas Land & Investment, Ltd.		10,000		32,608
China Petroleum & Chemical Corp., Class H		50,000		37,632
China Resources Gas Group, Ltd.		2,000		6,990
China Resources Land, Ltd.		4,000		12,280
China Shenhua Energy Co., Ltd., Class H		6,500		15,366
China Telecom Corp., Ltd. Class H		14,000		7,159
China Vanke Co., Ltd., Class H		2,200		7,247
Chongqing Rural Commercial Bank Co., Ltd., Class H		8,000		5,086
CNOOC, Ltd.		11,000		14,232
Country Garden Holdings Co., Ltd.		22,000		35,272
CSPC Pharmaceutical Group, Ltd.		10,000		16,797

Description	Shares		Fair Value
Dali Foods Group Co., Ltd.		10,500	$	7,530
Geely Automobile Holdings, Ltd.		15,000		42,469
Guangzhou Automobile Group Co., Ltd. Class H		8,000		18,555
Haitian International Holdings, Ltd.		3,000		8,648
Industrial & Commercial Bank of China, Ltd., Class H		86,000		64,244
JD.com, Inc. ADR (a)		483		18,451
Jiangsu Expressway Co., Ltd.,		6,000		9,196
Longfor Properties Co., Ltd.		6,500		16,492
Momo, Inc. Sponsored ADR (a)		182		5,704
NetEase, Inc. ADR		32		8,442
New Oriental Education & Technology Group, Inc. Sponsored ADR		200		17,652
PetroChina Co., Ltd., Class H		20,000		12,750
PICC Property & Casualty Co., Ltd., Class H		4,000		7,080
Sunny Optical Technology Group Co., Ltd.		2,000		32,093
Tencent Holdings, Ltd.		4,200		181,575
Tianneng Power International, Ltd.		10,000		10,358
Tingyi (Cayman Islands) Holding Corp.		6,000		9,040
TravelSky Technology, Ltd. Class H		5,000		13,039
Weibo Corp. Sponsored ADR (a)		150		14,841
YY, Inc. ADR (a)		100		8,678
Zhongsheng Group Holdings, Ltd.		5,000		10,911
				1,127,817
Colombia \| 0.9%
Bancolombia SA Sponsored ADR		657		30,084
Ecopetrol SA Sponsored ADR		731		6,937
				37,021
Egypt \| 0.6%
Commercial International Bank Egypt SAE ADR		5,456		25,371
Greece \| 0.6%
Hellenic Telecommunications Organization SA		300		3,627
JUMBO SA		723		11,961
Motor Oil (Hellas) Corinth Refineries SA		418		9,985
				25,573
Hong Kong \| 0.8%
K Wah International Holdings, Ltd.		11,000		6,631
Lee & Man Paper Manufacturing, Ltd.		9,000		11,573
Nine Dragons Paper Holdings, Ltd.		7,000		13,803
				32,007
Hungary \| 2.0%
Magyar Telekom Telecommunications PLC		8,117		14,774
MOL Hungarian Oil & Gas PLC		4,688		53,328

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Richter Gedeon Nyrt.		667	$	16,567
				84,669
India \| 6.8%
Axis Bank, Ltd. GDR		192		7,411
Dr Reddy’s Laboratories, Ltd. ADR		254		9,063
HDFC Bank, Ltd. ADR		503		48,474
ICICI Bank, Ltd. Sponsored ADR		880		7,533
Infosys, Ltd. Sponsored ADR		2,196		32,040
Reliance Industries, Ltd. Sponsored GDR (c)		617		14,704
State Bank of India GDR		442		16,990
Tata Motors, Ltd. Sponsored ADR (a)		719		22,483
Tata Steel, Ltd. GDR		2,396		23,840
Vedanta, Ltd. ADR		1,345		26,039
Wipro, Ltd. ADR		6,065		34,449
WNS Holdings, Ltd. ADR (a)		1,071		39,092
				282,118
Indonesia \| 3.7%
Hanjaya Mandala Sampoerna Tbk PT		22,600		6,476
Kalbe Farma Tbk PT		63,800		7,888
PT Adaro Energy Tbk		45,200		6,144
PT Bank Central Asia Tbk		10,200		15,377
PT Bank Negara Indonesia (Persero) Tbk		28,100		15,439
PT Bank Rakyat Indonesia (Persero) Tbk		26,100		29,658
PT Gudang Garam Tbk		1,100		5,374
PT Indofood CBP Sukses Makmur Tbk		8,500		5,512
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		1,596		54,743
PT United Tractors Tbk		3,400		8,082
				154,693
Luxembourg \| 0.7%
Ternium SA Sponsored ADR		909		28,115
Malaysia \| 2.3%
AirAsia Berhad		12,100		9,886
Astro Malaysia Holdings Berhad		17,700		11,822
Genting Malaysia Berhad		4,200		5,354
Hong Leong Bank Berhad		6,400		24,044
IOI Properties Group Berhad		9,800		4,689
Petronas Chemicals Group Berhad		10,100		17,453
Press Metal Aluminium Holdings Berhad		17,080		15,264
Sunway Construction Group Berhad		13,800		7,452
				95,964
Mexico \| 2.3%
Alfa SAB de CV, Series A		4,500		5,681
America Movil SAB de CV, Class L Sponsored ADR		856		15,194

Description	Shares		Fair Value
Cemex SAB de CV Sponsored ADR (a)		1,390	$	12,621
Gentera SAB de CV		12,600		20,419
Grupo Carso SAB de CV		1,500		5,913
Grupo Financiero Banorte SAB de CV, Class O		2,800		19,309
Wal-Mart de Mexico SAB de CV		8,000		18,320
				97,457
Philippines \| 2.4%
Ayala Land, Inc.		26,000		22,291
Cebu Air, Inc.		7,180		15,505
DMCI Holdings, Inc.		61,300		18,811
JG Summit Holdings, Inc.		8,770		12,959
Metro Pacific Investments Corp.		44,400		5,858
Semirara Mining & Power Corp.		25,160		23,144
				98,568
Poland \| 3.0%
Ciech SA (a)		279		4,986
Dino Polska SA		546		9,930
Enea SA		4,284		17,403
Grupa Lotos SA (a)		551		9,023
PGE Polska Grupa Energetyczna SA (a)		4,459		16,304
Polski Koncern Naftowy ORLEN SA		448		14,985
Polskie Gornictwo Naftowe i Gazownictwo SA		13,395		24,928
Powszechny Zaklad Ubezpieczen SA		1,836		23,148
Tauron Polska Energia SA (a)		6,287		6,461
				127,168
Russia \| 2.2%
Gazprom PJSC Sponsored ADR		2,566		10,753
LUKOIL PJSC Sponsored ADR		474		25,089
MMC Norilsk Nickel PJSC ADR		484		8,332
Sberbank of Russia PJSC Sponsored ADR		3,331		47,486
				91,660
Singapore \| 0.2%
China Yuchai International, Ltd.		416		9,260
South Africa \| 4.6%
AngloGold Ashanti, Ltd. Sponsored ADR		526		4,887
AVI, Ltd.		2,117		15,323
Barclays Africa Group, Ltd.		591		6,075
Barloworld, Ltd.		611		5,620
Coronation Fund Managers, Ltd.		2,369		11,786
FirstRand, Ltd.		1,464		5,635
Gold Fields, Ltd. Sponsored ADR		1,958		8,439
Mondi, Ltd.		593		15,833
Mr. Price Group, Ltd.		560		7,447
Naspers, Ltd., N Shares		241		52,608
Novus Holdings, Ltd.		83		40

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Sappi, Ltd.		1,663	$	11,322
Standard Bank Group, Ltd.		1,898		22,149
Tiger Brands, Ltd.		297		8,279
Vodacom Group, Ltd.		1,206		14,364
				189,807
South Korea \| 16.8%
Daewoo Engineering & Construction Co., Ltd. (a)		1,089		6,857
Dongbu Insurance Co., Ltd.		328		20,929
Hana Financial Group, Inc.		479		19,837
Hanwha Chemical Corp.		233		6,626
Hanwha General Insurance Co., Ltd.		1,852		13,012
Hyosung Corp.		97		12,315
Hyundai Engineering & Construction Co., Ltd.		159		5,332
Hyundai Marine & Fire Insurance Co., Ltd.		865		34,267
Industrial Bank of Korea		738		9,283
KB Financial Group, Inc.		265		13,010
KB Financial Group, Inc. ADR		1,028		50,403
Korea Electric Power Corp. Sponsored ADR		756		12,671
Korea PetroChemical Ind Co., Ltd.		34		7,367
KT&G Corp. GDR (c)		393		18,100
LG Chem, Ltd.		25		8,588
LG Electronics, Inc.		382		27,600
LG Household & Health Care, Ltd.		17		13,895
LG Uplus Corp.		1,433		16,712
Lotte Chemical Corp.		34		11,249
Lotte Himart Co., Ltd.		128		7,349
Meritz Fire & Marine Insurance Co., Ltd.		356		7,670
NAVER Corp.		11		7,171
Nexen Tire Corp.		781		9,039
NH Investment & Securities Co., Ltd.		528		6,304
POSCO		30		8,314
Samsung Electronics Co., Ltd. GDR		202		229,061
Samsung Fire & Marine Insurance Co., Ltd.		36		8,814
Shinhan Financial Group Co., Ltd. ADR		209		9,259
SK Holdings Co., Ltd.		27		6,801
SK Hynix, Inc.		781		56,716
SK Innovation Co., Ltd.		51		8,881
SK Telecom Co., Ltd. Sponsored ADR		650		15,983
Woori Bank		781		12,164
				701,579
Taiwan \| 12.3%
Airtac International Group		1,044		14,453
Asia Optical Co., Inc.		3,000		11,083
Chailease Holding Co., Ltd.		5,000		12,087
Charoen Pokphand Enterprise		10,000		21,254

Description	Shares		Fair Value
Chicony Power Technology Co., Ltd.		5,025	$	9,416
Formosa Chemicals & Fibre Corp.		2,000		6,087
Fubon Financial Holding Co., Ltd.		16,000		25,013
General Interface Solution Holding, Ltd.		1,000		9,986
HannStar Display Corp.		24,000		9,308
Hon Hai Precision Industry Co., Ltd. GDR		6,560		46,038
Innolux Corp.		76,000		35,474
Kung Long Batteries Industrial Co., Ltd.		2,000		9,739
St Shine Optical Co., Ltd.		1,000		21,202
Sunny Friend Environmental Technology Co., Ltd.		2,000		12,597
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,350		200,892
Tripod Technology Corp.		3,000		10,426
Winbond Electronics Corp.		18,000		15,735
Wowprime Corp.		2,000		10,605
Yuanta Financial Holding Co., Ltd.		76,000		32,752
				514,147
Thailand \| 2.7%
Advanced Info Service Public Co. Ltd. (b)		3,900		22,336
Bangkok Bank Public Co. Ltd. NVDR		3,600		20,136
Beauty Community Public Co. Ltd. NVDR		32,524		15,604
Central Pattana Public Co. Ltd. NVDR		4,200		9,822
GFPT Public Co. Ltd. (b)		14,000		8,354
Hana Microelectronics Public Co. Ltd. NVDR		7,900		11,253
Indorama Ventures Public Co. Ltd. NVDR		6,300		7,982
PTT Public Co. Ltd. (b)		600		7,340
Tisco Financial Group Public Co. Ltd. NVDR		4,100		9,475
				112,302
Turkey \| 1.8%
BIM Birlesik Magazalar AS		885		18,455
Turk Telekomunikasyon AS ADR (a)		3,902		14,633
Turkiye Garanti Bankasi AS ADR		7,348		20,280
Turkiye Halk Bankasi AS ADR		845		5,831
Turkiye Is Bankasi AS, C Shares		3,357		6,394
Turkiye Vakiflar Bankasi TAO, Class D		4,580		8,068
				73,661
United States \| 0.5%
Yum China Holdings, Inc. (a)		570		22,783
Total Common Stocks (Cost $3,192,690)				4,111,412
Preferred Stocks \| 1.6%
Brazil \| 1.6%
Banco Bradesco SA ADR		3,339		36,963

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Itau Unibanco Holding SA Sponsored ADR		2,071	$	28,372
Total Preferred Stocks (Cost $44,280)				65,335
Rights \| 0.0%
South Korea \| 0.0%
Hanwha Non Life Insurance Co., Ltd., Expires 11/02/2017 (Cost $0)		424		304
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $50,256)		50,256		50,256
Total Investments \| 101.3% (Cost $3,287,226)			$	4,227,307
Liabilities in Excess of Cash and Other Assets \| (1.3)%				(55,465	)
Net Assets \| 100.0%			$	4,171,842

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks \| 96.4%
Argentina \| 1.7%
Transportadora de Gas del Sur SA (a)		120,375	$	2,444,816
YPF SA Sponsored ADR		184,307		4,106,360
				6,551,176
Brazil \| 6.8%
Ambev SA ADR		369,975		2,438,135
Banco do Brasil SA		353,057		3,890,466
CCR SA		534,800		2,990,483
Cia de Saneamento do Parana (Preference Shares)		554,400		1,894,008
Cielo SA Sponsored ADR		441,150		3,079,227
Iochpe Maxion SA		350,345		2,377,189
JSL SA (a)		90,100		277,371
Localiza Rent a Car SA		186,435		3,397,112
Movida Participacoes SA		661,600		1,750,536
Petroleo Brasileiro SA Sponsored ADR (a)		345,900		3,341,394
				25,435,921
Canada \| 0.9%
First Quantum Minerals, Ltd.		315,915		3,547,160
Chile \| 0.1%
Geopark, Ltd. (a)		39,150		342,954
China \| 26.8%
AAC Technologies Holdings, Inc.		415,549		7,018,955
Agricultural Bank of China, Ltd., Class H		13,010,726		5,850,288
Alibaba Group Holding, Ltd. Sponsored ADR (a)		55,531		9,590,759
Anhui Conch Cement Co., Ltd., Class H		727,500		2,910,146
Baidu, Inc. Sponsored ADR (a)		54,104		13,401,020
Brilliance China Automotive Holdings, Ltd.		1,962,193		5,273,972
China Construction Bank Corp., Class H		6,724,281		5,602,858
China Medical System Holdings, Ltd.		1,831,000		3,204,341
China Mobile, Ltd. Sponsored ADR		74,716		3,778,388
China Shenhua Energy Co., Ltd., Class H		1,040,000		2,458,564
China State Construction International Holdings, Ltd.		3,317,555		4,838,448
CNOOC, Ltd.		1,181,800		1,529,050
Fufeng Group, Ltd.		3,906,000		2,676,257
Green Seal Holding, Ltd.		540,100		1,229,976
NetEase, Inc. ADR		20,405		5,383,043
New Oriental Education & Technology Group, Inc. Sponsored ADR		64,012		5,649,699
Noah Holdings, Ltd. Sponsored ADR (a)		61,300		1,968,343
Ping An Insurance (Group) Co. of China, Ltd., Class H		806,500		6,222,814
Tencent Holdings, Ltd.		217,100		9,385,699

Description	Shares		Fair Value
Tianyun International Holdings, Ltd.		3,216,000	$	436,482
Yestar Healthcare Holdings Co., Ltd.		4,312,500		1,906,184
				100,315,286
Colombia \| 0.8%
Bancolombia SA Sponsored ADR		64,792		2,966,826
Egypt \| 0.5%
Commercial International Bank Egypt SAE GDR		364,105		1,655,004
Credit Agricole Egypt SAE		154,105		401,721
				2,056,725
Georgia \| 0.6%
BGEO Group PLC		37,869		1,654,423
TBC Bank Group PLC		19,245		428,232
				2,082,655
Hong Kong \| 1.2%
Man Wah Holdings, Ltd.		2,129,305		1,908,121
NewOcean Energy Holdings, Ltd. (a)		826,000		225,234
TK Group Holdings, Ltd.		636,000		316,761
Tongda Group Holdings, Ltd.		8,389,114		2,253,295
				4,703,411
Hungary \| 0.9%
OTP Bank Nyrt.		92,572		3,473,742
India \| 8.0%
Axis Bank, Ltd.		684,839		5,349,252
Bajaj Auto, Ltd.		48,834		2,329,039
Dewan Housing Finance Corp., Ltd.		333,238		2,810,559
HCL Technologies, Ltd.		162,008		2,170,081
ICICI Bank, Ltd. Sponsored ADR		892,783		7,642,223
Kiri Industries, Ltd. (a)		61,864		345,797
Mirza International, Ltd.		109,825		267,850
Shriram Transport Finance Co., Ltd.		120,539		1,953,660
Tata Consultancy Services, Ltd.		80,543		3,005,102
Tata Motors, Ltd. Sponsored ADR (a)		108,468		3,391,794
The South Indian Bank, Ltd.		632,716		274,034
Uflex, Ltd.		56,983		377,179
				29,916,570
Indonesia \| 3.8%
PT Bank Mandiri (Persero) Tbk		6,267,500		3,135,669
PT Bank Pembangunan Daerah Jawa Timur Tbk		3,607,800		187,367
PT Bank Rakyat Indonesia (Persero) Tbk		6,803,918		7,731,427
PT Bekasi Fajar Industrial Estate Tbk		19,239,500		388,528
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		83,330		2,858,219
				14,301,210

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Kenya \| 0.1%
KCB Group, Ltd.		1,005,700	$	400,031
Kuwait \| 0.1%
Human Soft Holding Co. KSC		19,568		255,352
Mexico \| 3.2%
America Movil SAB de CV, Class L Sponsored ADR		96,368		1,710,532
Credito Real SAB de CV		169,900		287,738
Grupo Financiero Banorte SAB de CV, Class O		836,400		5,767,991
Grupo Mexico SAB de CV, Series B		330,101		1,009,518
Kimberly-Clark de Mexico SAB de CV, Series A		910,500		1,852,500
Nemak SAB de CV		1,765,600		1,517,388
				12,145,667
Morocco \| 0.1%
Residences Dar Saada		15,936		281,293
Oman \| 0.1%
Ooredoo		266,960		330,072
Pakistan \| 0.2%
Bank Alfalah, Ltd. (a)		782,000		314,799
Kohinoor Textile Mills, Ltd.		256,500		215,306
Pak Elektron, Ltd.		364,900		263,051
				793,156
Peru \| 1.0%
Credicorp, Ltd.		18,192		3,729,724
Philippines \| 0.2%
PLDT, Inc. Sponsored ADR		28,102		897,016
Portugal \| 1.4%
Galp Energia SGPS SA		293,045		5,197,185
Russia \| 9.0%
Gazprom PJSC Sponsored ADR		251,605		1,054,353
LUKOIL PJSC Sponsored ADR		47,073		2,496,281
Mobile TeleSystems PJSC Sponsored ADR		246,100		2,569,284
Novatek OAO Sponsored GDR (London)		29,275		3,434,287
Novatek OAO Sponsored GDR (United States)		362		42,463
Sberbank of Russia PJSC		1,836,185		6,144,011
Sberbank of Russia PJSC Sponsored ADR		385,847		5,506,037
X5 Retail Group NV GDR (a)		146,589		6,580,592
Yandex NV Class A (a)		178,999		5,898,017
				33,725,325

Description	Shares		Fair Value
Singapore \| 0.7%
BOC Aviation, Ltd.		473,900	$	2,575,950
South Africa \| 1.1%
Petra Diamonds, Ltd. (a)		1,566,487		1,763,484
Standard Bank Group, Ltd.		191,359		2,233,130
				3,996,614
South Korea \| 11.3%
Douzone Bizon Co., Ltd.		53,470		1,457,709
Eugene Technology Co., Ltd.		134,543		2,471,045
Hanwha Life Insurance Co., Ltd.		158,433		949,738
HS Industries Co., Ltd.		239,000		2,008,915
Hyundai Mobis Co., Ltd.		12,881		2,699,341
Innocean Worldwide, Inc.		38,390		2,242,888
KT&G Corp.		12,131		1,117,307
Mando Corp.		9,089		2,024,497
NCSoft Corp.		9,192		3,739,138
Nice Information & Telecommunication, Inc.		16,851		357,622
Samjin Pharmaceutical Co., Ltd.		13,558		386,888
Samsung Electronics Co., Ltd.		5,768		12,964,780
Shinhan Financial Group Co., Ltd.		71,529		3,155,614
SK Hynix, Inc.		68,183		4,951,415
Viatron Technologies, Inc.		100,004		1,663,369
				42,190,266
Taiwan \| 10.4%
Advanced Semiconductor Engineering, Inc.		2,880,122		3,532,617
Catcher Technology Co., Ltd.		135,000		1,261,176
Egis Technology, Inc. (a)		30,000		270,098
Elite Material Co., Ltd.		350,000		1,666,396
Gourmet Master Co., Ltd.		180,600		1,926,332
Hon Hai Precision Industry Co., Ltd.		550,671		1,914,167
Largan Precision Co., Ltd.		25,614		4,539,512
Primax Electronics, Ltd.		969,000		2,403,421
Realtek Semiconductor Corp.		608,000		2,099,401
Silicon Motion Technology Corp. ADR		102,651		4,930,328
Sunny Friend Environmental Technology Co., Ltd.		326,000		2,053,367
Taiwan Semiconductor Manufacturing Co., Ltd.		1,743,113		12,536,692
				39,133,507
Turkey \| 4.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		284,562		2,103,862
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		3,852,183		2,897,976
KOC Holding AS ADR		122,467		2,816,741
Soda Sanayii AS		1,303,949		1,862,780
Turk Tuborg Bira ve Malt Sanayii AS		154,075		465,948
Turkcell Iletisim Hizmetleri AS ADR		185,575		1,636,772

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Turkiye Garanti Bankasi AS		1,731,831	$	4,708,978
Turkiye Is Bankasi AS, C Shares		925,827		1,763,360
				18,256,417
Ukraine \| 0.1%
Kernel Holding SA		25,389		386,947
United Arab Emirates \| 0.4%
ADES International Holding, Ltd.		113,223		1,432,423
Total Common Stocks (Cost $288,604,762)				361,420,581
Warrants \| 0.0%
Brazil \| 0.0%
Iochpe Maxion SA Expires 06/03/2019 (Cost $0)		15,354		52,600
Rights \| 0.0%
China \| 0.0%
China State Construction International Holdings, Ltd. Expires 10/03/2017		394,694		2,526
Pakistan \| 0.0%
Kohinoor Textile Mills, Ltd. Expires 10/17/2017		15,390		3,286
Total Rights (Cost $0)				5,812
Short-Term Investments \| 3.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $13,361,719)		13,361,719		13,361,719
Total Investments \| 100.0% (Cost $301,966,481)			$	374,840,712
Cash and Other Assets in Excess of Liabilities \| 0.0%				8,933
Net Assets \| 100.0%			$	374,849,645

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio
Common Stocks \| 63.4%
Argentina \| 1.1%
Transportadora de Gas del Sur SA (a)		45,870	$	931,620
YPF SA Sponsored ADR		78,881		1,757,468
				2,689,088
Brazil \| 4.3%
Ambev SA ADR		155,500		1,024,745
Banco do Brasil SA		148,445		1,635,771
CCR SA		226,100		1,264,301
Cia de Saneamento do Parana (Preference Shares)		211,200		721,527
Cielo SA Sponsored ADR		185,343		1,293,694
Iochpe Maxion SA		133,549		906,167
JSL SA (a)		43,400		133,606
Localiza Rent a Car SA		75,984		1,384,537
Movida Participacoes SA		252,400		667,828
Petroleo Brasileiro SA Sponsored ADR (a)		151,000		1,458,660
				10,490,836
Canada \| 0.6%
First Quantum Minerals, Ltd.		137,969		1,549,145
Chile \| 0.1%
Geopark, Ltd. (a)		18,755		164,294
China \| 17.8%
AAC Technologies Holdings, Inc.		180,893		3,055,427
Agricultural Bank of China, Ltd., Class H		5,681,090		2,554,509
Alibaba Group Holding, Ltd. Sponsored ADR (a)		24,255		4,189,081
Anhui Conch Cement Co., Ltd., Class H		317,500		1,270,064
Baidu, Inc. Sponsored ADR (a)		23,261		5,761,517
Brilliance China Automotive Holdings, Ltd.		857,313		2,304,281
China Construction Bank Corp., Class H		2,835,065		2,362,255
China Medical System Holdings, Ltd.		800,000		1,400,040
China Mobile, Ltd. Sponsored ADR		31,738		1,604,991
China Shenhua Energy Co., Ltd., Class H		438,986		1,037,764
China State Construction International Holdings, Ltd.		1,447,616		2,111,258
CNOOC, Ltd.		498,000		644,328
Fufeng Group, Ltd.		1,488,000		1,019,527
Green Seal Holding, Ltd.		205,700		468,443
NetEase, Inc. ADR		8,565		2,259,533
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		27,943		2,466,249
Noah Holdings, Ltd. Sponsored ADR (a)		23,400		751,374
Ping An Insurance (Group) Co. of China, Ltd., Class H		351,400		2,711,341
Tencent Holdings, Ltd.		94,752		4,096,332

Description	Shares		Fair Value
Tianyun International Holdings, Ltd.		1,542,000	$	209,283
Yestar Healthcare Holdings Co., Ltd.		1,642,500		726,008
				43,003,605
Colombia \| 0.5%
Bancolombia SA Sponsored ADR		28,280		1,294,941
Egypt \| 0.4%
Commercial International Bank Egypt SAE GDR		153,168		696,210
Credit Agricole Egypt SAE		74,080		193,112
				889,322
Georgia \| 0.3%
BGEO Group PLC		14,413		629,676
TBC Bank Group PLC		9,404		209,254
				838,930
Hong Kong \| 0.8%
Man Wah Holdings, Ltd.		811,760		727,437
NewOcean Energy Holdings, Ltd. (a)		398,000		108,527
TK Group Holdings, Ltd.		306,000		152,404
Tongda Group Holdings, Ltd.		3,200,049		859,525
				1,847,893
Hungary \| 0.6%
OTP Bank Nyrt.		39,061		1,465,755
India \| 5.2%
Axis Bank, Ltd.		288,592		2,254,181
Bajaj Auto, Ltd.		20,527		978,994
Dewan Housing Finance Corp., Ltd.		126,958		1,070,775
HCL Technologies, Ltd.		68,132		912,621
ICICI Bank, Ltd. Sponsored ADR		389,862		3,337,219
Kiri Industries, Ltd. (a)		29,770		166,403
Mirza International, Ltd.		52,811		128,800
Shriram Transport Finance Co., Ltd.		45,961		744,922
Tata Consultancy Services, Ltd.		33,628		1,254,679
Tata Motors, Ltd. Sponsored ADR (a)		47,346		1,480,510
The South Indian Bank, Ltd.		303,931		131,635
Uflex, Ltd.		27,401		181,371
				12,642,110
Indonesia \| 2.6%
PT Bank Mandiri (Persero) Tbk		2,644,400		1,323,010
PT Bank Pembangunan Daerah Jawa Timur Tbk		1,733,800		90,043
PT Bank Rakyat Indonesia (Persero) Tbk		2,971,100		3,376,120
PT Bekasi Fajar Industrial Estate Tbk		9,246,400		186,724
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		35,184		1,206,811
				6,182,708

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Kenya \| 0.1%
KCB Group, Ltd.		483,500	$	192,319
Kuwait \| 0.1%
Human Soft Holding Co. KSC		9,409		122,783
Mexico \| 2.1%
America Movil SAB de CV, Class L Sponsored ADR		40,644		721,431
Credito Real SAB de CV		81,700		138,365
Grupo Financiero Banorte SAB de CV, Class O		365,200		2,518,496
Grupo Mexico SAB de CV, Series B		139,809		427,565
Kimberly-Clark de Mexico SAB de CV, Series A		386,235		785,832
Nemak SAB de CV		672,800		578,217
				5,169,906
Morocco \| 0.1%
Residences Dar Saada		7,658		135,174
Oman \| 0.1%
Ooredoo		128,359		158,705
Pakistan \| 0.2%
Bank Alfalah, Ltd. (a)		376,000		151,361
Kohinoor Textile Mills, Ltd.		123,000		103,246
Pak Elektron, Ltd.		175,500		126,516
				381,123
Peru \| 0.7%
Credicorp, Ltd.		7,913		1,622,323
Philippines \| 0.2%
PLDT, Inc. Sponsored ADR		11,840		377,933
Portugal \| 0.9%
Galp Energia SGPS SA		127,968		2,269,526
Russia \| 6.0%
Gazprom PJSC Sponsored ADR		106,727		447,241
LUKOIL PJSC Sponsored ADR		19,758		1,047,767
Mobile TeleSystems PJSC Sponsored ADR		103,610		1,081,688
Novatek OAO Sponsored GDR		12,942		1,518,242
Sberbank of Russia PJSC		801,829		2,682,979
Sberbank of Russia PJSC Sponsored ADR (London)		3,482		49,639
Sberbank of Russia PJSC Sponsored ADR (United States)		160,430		2,289,336
X5 Retail Group NV GDR (a)		63,904		2,868,754
Yandex NV Class A (a)		78,104		2,573,527
				14,559,173

Description	Shares		Fair Value
Singapore \| 0.4%
BOC Aviation, Ltd.		180,800	$	982,764
South Africa \| 0.7%
Petra Diamonds, Ltd. (a)		597,688		672,852
Standard Bank Group, Ltd.		80,836		943,343
				1,616,195
South Korea \| 7.3%
Douzone Bizon Co., Ltd.		20,400		556,149
Eugene Technology Co., Ltd.		51,267		941,581
Hanwha Life Insurance Co., Ltd.		64,650		387,549
HS Industries Co., Ltd.		91,092		765,674
Hyundai Mobis Co., Ltd.		5,460		1,144,197
Innocean Worldwide, Inc.		14,610		853,571
KT&G Corp.		5,156		474,885
Mando Corp.		3,460		770,685
NCSoft Corp.		4,014		1,632,822
Nice Information & Telecommunication, Inc.		8,109		172,094
Samjin Pharmaceutical Co., Ltd.		6,516		185,939
Samsung Electronics Co., Ltd.		2,490		5,596,793
Shinhan Financial Group Co., Ltd.		30,193		1,332,012
SK Hynix, Inc.		28,776		2,089,698
Viatron Technologies, Inc.		38,156		634,650
				17,538,299
Taiwan \| 6.7%
Advanced Semiconductor Engineering, Inc.		1,255,618		1,540,080
Catcher Technology Co., Ltd.		59,000		551,181
Egis Technology, Inc. (a)		14,000		126,046
Elite Material Co., Ltd.		134,000		637,992
Gourmet Master Co., Ltd.		68,500		730,641
Hon Hai Precision Industry Co., Ltd. GDR		114,105		800,790
Largan Precision Co., Ltd.		10,648		1,887,121
Primax Electronics, Ltd.		370,000		917,715
Realtek Semiconductor Corp.		232,000		801,087
Silicon Motion Technology Corp. ADR		42,517		2,042,091
Sunny Friend Environmental Technology Co., Ltd.		124,000		781,035
Taiwan Semiconductor Manufacturing Co., Ltd.		383,668		2,759,389
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		70,385		2,642,957
				16,218,125
Turkey \| 3.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		124,263		918,718
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		1,682,179		1,265,494
KOC Holding AS ADR		51,504		1,184,592
Soda Sanayii AS		496,726		709,607


Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Turk Tuborg Bira ve Malt Sanayii AS		74,047	$	223,930
Turkcell Iletisim Hizmetleri AS ADR		78,627		693,490
Turkiye Garanti Bankasi AS		756,260		2,056,328
Turkiye Is Bankasi AC, C Shares		390,698		744,136
				7,796,295
Ukraine \| 0.1%
Kernel Holding SA		12,214		186,150
United Arab Emirates \| 0.2%
ADES International Holding, Ltd.		43,156		545,981
Total Common Stocks (Cost $128,155,394)				152,931,401


Description	Security Currency		Principal Amount (000)		Fair Value
Corporate Bonds \| 3.2%
Argentina \| 0.2%
AES Argentina Generacion SA, 7.750%, 02/02/24 (c)		USD		120	$	128,618
Generacion Mediterranea SA, 9.625%, 07/27/23		USD		250		279,425
Genneia SA, 8.750%, 01/20/22 (c)		USD		95		103,805
						511,848
Bangladesh \| 0.1%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19		USD		175		182,630
Brazil \| 0.6%
Gerdau Trade, Inc., 4.750%, 04/15/23		USD		48		49,113
GTL Trade Finance, Inc., 5.893%, 04/29/24		USD		25		26,775
Petrobras Global Finance BV, 8.375%, 05/23/21		USD		1,300		1,503,613
						1,579,501
Canada \| 0.0%
First Quantum Minerals, Ltd., 7.000%, 02/15/21 (c)		USD		50		51,438
Chile \| 0.3%
AES Gener SA, 8.375%, 12/18/73 (d)		USD		200		212,272
Guanay Finance, Ltd., 6.000%, 12/15/20		USD		117		119,454
VTR Finance BV, 6.875%, 01/15/24		USD		315		333,113
						664,839

Description	Security Currency		Principal Amount (000)		Fair Value
China \| 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (c)		USD		200	$	174,000
Colombia \| 0.2%
Ecopetrol SA, 5.875%, 09/18/23		USD		130		144,560
Transportadora de Gas Internacional SA, 5.700%, 03/20/22		USD		265		273,082
						417,642
Guatemala \| 0.1%
Comcel Trust, 6.875%, 02/06/24		USD		165		175,312
Israel \| 0.1%
Altice Financing SA, 6.625%, 02/15/23 (c)		USD		280		296,800
Mauritius \| 0.1%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (c)		USD		270		284,395
Mexico \| 0.1%
Banco Mercantil del Norte SA:
6.875%, (CMT 5 Year + 5.035%) 07/06/22 (c), (d), (g)		USD		125		132,969
7.625%, (CMT 10 Year + 5.353%) 01/10/28 (c), (d), (g)		USD		50		54,550
						187,519
Nigeria \| 0.1%
IHS Netherlands Holdco BV:
9.500%, 10/27/21 (c)		USD		155		162,253
9.500%, 10/27/21		USD		200		209,359
						371,612
Peru \| 0.2%
Inkia Energy, Ltd., 8.375%, 04/04/21		USD		250		256,875
InRetail Shopping Malls, 6.500%, 07/09/21		USD		175		184,187
						441,062
Russia \| 0.3%
GTH Finance BV, 7.250%, 04/26/23		USD		200		226,888
Sberbank of Russia, 5.500% (CMT 5 Year + 4.023%), 02/26/24 (d)		USD		200		204,250
TMK OAO Via TMK Capital SA, 6.750%, 04/03/20		USD		200		210,460
						641,598

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Saudi Arabia \| 0.1%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (c)		USD		250	$	257,636
Singapore \| 0.2%
Puma International Financing SA, 6.750%, 02/01/21		USD		400		412,000
South Korea \| 0.2%
Harvest Operations Corp., 6.875%, 10/01/17		USD		203		203,000
SK E&S Co., Ltd., 4.875% (CMT 5 Year + 3.226%), 11/26/19 (d), (g)		USD		90		90,225
Woori Bank, 4.500% (CMT 5 Year + 3.306%), 09/27/21 (d), (g)		USD		90		89,544
						382,769
Turkey \| 0.1%
Turkiye Is Bankasi, 5.000%, 04/30/20		USD		200		203,250
United Arab Emirates \| 0.1%
MAF Global Securities, Ltd., 7.125% (USD Swap 5 Year + 5.702%), 10/29/18 (d), (g)		USD		260		271,050
United States \| 0.0%
Sable International Finance, Ltd., 6.875%, 08/01/22 (c)		USD		65		69,875
Total Corporate Bonds (Cost $7,323,133)						7,576,776
Foreign Government Obligations \| 11.7%
Argentina \| 1.0%
Argentina POM Politica Monetaria, 26.250%, (ARPP7DRR) 06/21/20 (d)		ARS		13,420		816,351
Republic of Argentina:
24.112%, (BADLARPP + 2.750%) 03/01/18 (d)		ARS		3,350		193,036
22.750%, 03/05/18		ARS		3,400		195,123
23.913%, (BADLARPP + 2.500%) 03/11/19 (d)		ARS		1,300		75,715
7.500%, 04/22/26		USD		55		61,820
7.125%, 06/28/17 (c)		USD		1,180		1,177,640
						2,519,685
Belize \| 0.2%
Republic of Belize, 4.938%, 02/20/34 (e)		USD		766		497,900
Brazil \| 0.9%
Brazil NTN-B: 6.000%, 05/15/35		BRL		410		430,723

Description	Security Currency		Principal Amount (000)		Fair Value
6.000%, 08/15/50		BRL		470	$	502,241
Brazil NTN-F:
10.000%, 01/01/21		BRL		962		314,824
10.000%, 01/01/27		BRL		2,760		887,756
						2,135,544
Congo \| 0.3%
Republic of Congo, 6.000%, 06/30/29 (e)		USD		1,075		849,566
Dominican Republic \| 0.1%
Dominican Republic Bonds:
15.950%, 06/04/21 (c)		DOP		4,200		104,960
10.500%, 04/07/23 (c)		DOP		5,000		107,299
						212,259
Ecuador \| 0.3%
Republic of Ecuador:
10.500%, 03/24/20		USD		200		215,500
8.750%, 06/02/23		USD		250		257,500
9.625%, 06/02/27		USD		200		209,000
						682,000
Egypt \| 0.9%
Arab Republic of Egypt, 8.500%, 01/31/47 (c)		USD		620		692,230
Egypt Treasury Bills:
0.000%, 11/07/17		EGP		17,600		980,154
0.000%, 01/02/18		EGP		2,600		140,899
0.000%, 07/10/18		EGP		300		14,881
0.000%, 07/24/18		EGP		6,600		325,307
						2,153,471
Ghana \| 0.5%
Ghana Government Bonds:
23.230%, 02/19/18		GHS		120		27,711
22.490%, 04/23/18		GHS		20		4,644
23.470%, 05/21/18		GHS		100		23,389
Ghana Treasury Notes:
22.500%, 12/10/18		GHS		160		37,917
21.000%, 01/07/19		GHS		870		203,724
Republic of Ghana:
7.875%, 08/07/23		USD		335		354,681
8.125%, 01/18/26		USD		431		457,399
						1,109,465
India \| 0.3%
India Government Bonds, 7.720%, 05/25/25		INR		50,000		799,518
Indonesia \| 0.4%
Indonesia Government Bonds:
7.875%, 04/15/19		IDR		5,678,000		432,943
8.250%, 07/15/21		IDR		3,084,000		244,082

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
8.375%, 09/15/26		IDR		4,071,000	$	338,822
						1,015,847
Malaysia \| 0.5%
Malaysia Government Bonds:
3.314%, 10/31/17		MYR		1,320		312,663
4.240%, 02/07/18		MYR		1,490		354,230
3.580%, 09/28/18		MYR		2,240		532,571
						1,199,464
Mexico \| 0.4%
Mexican Bonos:
6.500%, 06/10/21		MXN		13,750		749,397
5.750%, 03/05/26		MXN		5,910		302,252
						1,051,649
Mozambique \| 0.5%
Mozambique International Bonds, 10.500%, 01/18/23		USD		1,592		1,241,760
Paraguay \| 0.1%
Republic of Paraguay, 6.100%, 08/11/44		USD		150		168,375
Peru \| 0.5%
Republic of Peru, 6.350%, 08/12/28		PEN		3,470		1,149,714
Russia \| 1.6%
Russia Government Bonds - OFZ:
7.500%, 08/18/21		RUB		33,000		573,716
7.750%, 09/16/26		RUB		183,600		3,244,132
						3,817,848
South Africa \| 1.6%
Republic of South Africa:
7.750%, 02/28/23		ZAR		5,600		410,846
10.500%, 12/21/26		ZAR		24,960		2,067,996
8.250%, 03/31/32		ZAR		10,000		675,158
8.750%, 02/28/48		ZAR		9,400		627,955
						3,781,955
Turkey \| 0.5%
Republic of Turkey:
6.750%, 05/30/40		USD		330		366,568
6.000%, 01/14/41		USD		255		262,012
6.625%, 02/17/45		USD		105		115,763
Turkey Government Bonds, 2.000%, 10/26/22		TRY		1,688		455,486
						1,199,829
Ukraine \| 0.7%
Ukraine Government Bonds:
7.750%, 09/01/19		USD		990		1,042,965
7.750%, 09/01/20		USD		420		445,200
7.750%, 09/01/27		USD		155		158,875

Description	Security Currency		Principal Amount (000)		Fair Value
7.375%, 09/25/32 (c)		USD		110	$	107,112
						1,754,152
Uruguay \| 0.3%
Republica Orient Uruguay, 5.000%, 09/14/18		UYU		9,108		318,904
Uruguay Notas del Tesoro, 13.250%, 04/08/18		UYU		1,600		56,102
Uruguay Treasury Bills:
0.000%, 02/08/18		UYU		2,490		82,829
0.000%, 03/08/18		UYU		3,022		99,790
0.000%, 04/05/18		UYU		920		30,234
0.000%, 06/01/18		UYU		680		22,042
						609,901
Venezuela \| 0.1%
Republic of Venezuela:
8.250%, 10/13/24		USD		170		57,800
7.650%, 04/21/25		USD		180		60,750
9.250%, 05/07/28		USD		170		58,225
9.375%, 01/13/34		USD		165		57,750
7.000%, 03/31/38		USD		185		61,512
						296,037
Total Foreign Government Obligations (Cost $27,957,174)						28,245,939
Quasi Government Bonds \| 0.3%
Ukraine \| 0.2%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22		USD		450		481,824
Venezuela \| 0.1%
Petroleos de Venezuela SA:
6.000%, 05/16/24		USD		270		82,080
6.000%, 11/15/26		USD		280		84,980
5.375%, 04/12/27		USD		280		84,000
5.500%, 04/12/37		USD		275		83,188
						334,248
Total Quasi Government Bonds (Cost $881,195)						816,072
Supranationals \| 0.1%
European Investment Bank, 7.200%, 07/09/19 (c) (Cost $230,649)		IDR		3,000,000		226,912
US Treasury Securities \| 11.9%
US Treasury Bills:
0.000%, 10/05/17		USD		780		779,953
0.000%, 11/16/17		USD		15,940		15,920,943
0.875%, 10/15/17		USD		1,000		999,944
0.625%, 11/30/17		USD		3,400		3,397,388
0.750%, 12/31/17		USD		1,500		1,498,529
0.875%, 01/31/18		USD		3,500		3,496,598

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

Lazard Emerging Markets Multi-Asset Portfolio (continued)

1.000%, 02/15/18

USD

2,500

2,498,330

Total US Treasury Securities
(Cost $28,592,636)

28,591,685

Description

Fair
Value

Rights | 0.0%

China | 0.0%

China State Construction International Holdings, Ltd.
Expires 10/03/2017

154,452

989

Pakistan | 0.0%

Kohinoor Textile Mills, Ltd.
Expires 10/17/2017

7,380

1,576

Total Rights
(Cost $0)

2,565

Warrants | 0.0%

Brazil | 0.0%

Iochpe Maxion SA
Expires 06/03/2019
(Cost $0)

5,284

18,102

Short-Term Investments | 8.2%

State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield)
(Cost $19,813,173)

19,813,173

Description

Counterparty

Number of
Contracts

Fair
Value

Purchased Options | 0.0%

Call

USD vs INR Oct 17 66.17,
Expires 10/30/17
(Notional Amount $2,550,000)

JPMS

25,500

9,690

USD vs INR Dec 17 68.06,
Expires 12/27/17
(Notional Amount $1,190,000)

JPMS

11,900

4,786

Put

EUR vs PLN Jul 18 4.2,
Expires 07/30/18
(Notional Amount $3,537,000)

JPMS

35,370

29,681

EUR vs PLN Sep 18 4.2,
Expires 09/28/18
(Notional Amount $1,652,000)

JPMS

16,520

16,987

Total Purchased Options
(Cost $77,887)

61,144

Description	Fair Value
Total Investments \| 98.8% (Cost $213,031,241) (f)	$	238,283,769
Cash and Other Assets in Excess of Liabilities \| 1.2%		2,889,077
Net Assets \| 100.0%	$	241,172,846

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	2,474,815	USD	136,128	CIT	10/02/17	$	6,834	$	—
ARS	2,711,800	USD	154,541	CIT	10/02/17		2,110		—
ARS	5,447,440	USD	310,441	CIT	10/02/17		4,239		—
ARS	2,748,050	USD	149,027	CIT	10/12/17		8,925		—
ARS	7,770,274	USD	460,000	CIT	10/25/17		—		16,590
ARS	7,774,000	USD	460,000	CIT	10/27/17		—		16,867
ARS	7,267,000	USD	430,000	CIT	11/13/17		—		19,541
ARS	5,723,250	USD	316,902	CIT	12/22/17		—		132
ARS	3,982,780	USD	223,000	HSB	11/02/17		3,277		—
ARS	3,081,715	USD	169,000	HSB	11/29/17		3,604		—
ARS	5,684,425	USD	328,105	JPM	10/02/17		265		—
ARS	3,956,000	USD	226,835	JPM	10/12/17		546		—
ARS	7,074,270	USD	404,186	SCB	10/23/17		—		47
BRL	1,122,281	USD	360,630	BRC	11/03/17		—		7,817
BRL	1,122,280	USD	360,723	SCB	11/03/17		—		7,910
BRL	309,225	USD	92,663	SCB	02/09/18		3,365		—
BRL	363,944	USD	109,887	SCB	02/09/18		3,134		—
CAD	533,143	USD	425,251	BRC	10/05/17		2,043		—
CAD	789,695	USD	631,127	BRC	10/05/17		1,783		—
CAD	791,564	USD	631,127	BRC	10/05/17		3,281		—
CAD	176,984	USD	141,826	BRC	10/12/17		27		—
CAD	214,148	USD	176,549	BRC	10/12/17		—		4,909
CAD	262,306	USD	209,638	BRC	10/12/17		601		—
CAD	696,648	USD	559,552	BRC	10/12/17		—		1,186
CAD	195,043	USD	156,016	CIT	10/05/17		304		—
CAD	195,672	USD	156,016	CIT	10/05/17		808		—
CAD	286,247	USD	228,737	CIT	10/12/17		692		—
CAD	276,637	USD	227,408	CIT	10/16/17		—		5,676
CAD	277,577	USD	225,000	CIT	10/16/17		—		2,515
CAD	579,710	USD	462,578	JPM	10/05/17		2,037		—
CAD	631,464	USD	480,000	JPM	10/05/17		26,094		—
CAD	285,441	USD	228,737	JPM	10/12/17		45		—
CAD	566,877	USD	456,175	JPM	10/12/17		—		1,820
CAD	403,644	USD	322,170	SCB	10/05/17		1,335		—
CAD	228,964	USD	184,273	SCB	10/12/17		—		757
CAD	436,243	USD	348,768	SCB	10/12/17		883		—
CAD	519,964	USD	416,580	SCB	10/12/17		174		—
CAD	219,649	USD	170,000	UBS	10/12/17		6,049		—
CLP	140,560,700	USD	226,000	SCB	10/25/17		—		6,485
CNY	2,456,775	USD	358,000	CIT	01/17/18		10,094		—
CNY	2,135,484	USD	322,629	SCB	10/10/17		—		1,156
CNY	2,038,736	USD	303,000	SCB	10/23/17		3,691		—
CNY	2,225,808	USD	328,000	SCB	10/23/17		6,833		—
CNY	2,135,484	USD	319,827	SCB	11/10/17		1,142		—
COP	932,042,000	USD	316,000	CIT	11/28/17		—		681
COP	1,343,222,400	USD	458,000	SCB	10/11/17		—		1,077

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CZK	8,242,634	EUR	317,000	BNP	10/30/17	$	277	$	—
CZK	11,145,762	EUR	428,000	CIT	10/30/17		1,144		—
CZK	4,867,984	EUR	187,000	CIT	11/30/17		421		—
CZK	23,749,650	EUR	890,000	CIT	02/27/18		30,280		—
DOP	10,294,200	USD	215,000	CIT	10/11/17		244		—
DOP	10,687,200	USD	219,000	CIT	01/19/18		617		—
EGP	7,067,700	USD	371,495	CIT	02/28/18		13,269		—
EUR	753,607	CZK	20,185,374	CIT	02/27/18		—		29,102
EUR	277,000	RON	1,275,890	JPM	10/10/17		—		836
EUR	689,313	USD	786,120	BRC	10/10/17		28,889		—
EUR	206,563	USD	242,313	JPM	10/10/17		1,916		—
EUR	424,351	USD	483,880	JPM	10/10/17		17,851		—
HUF	67,562,950	EUR	217,000	BNP	11/30/17		—		443
HUF	92,165,316	USD	359,000	BNP	10/03/17		—		9,529
HUF	32,256,298	USD	119,260	BRC	11/06/17		3,221		—
HUF	50,159,137	USD	191,732	BRC	11/06/17		—		1,273
HUF	55,674,349	USD	214,355	BRC	11/06/17		—		2,953
HUF	55,775,373	USD	214,035	BRC	11/06/17		—		2,250
HUF	78,001,923	USD	299,256	BRC	11/06/17		—		3,074
HUF	80,313,163	USD	309,659	BRC	11/06/17		—		4,701
HUF	111,366,386	USD	427,832	BRC	11/06/17		—		4,961
HUF	122,764,500	USD	450,000	BRC	11/06/17		16,151		—
HUF	51,591,309	USD	190,740	CIT	11/06/17		5,158		—
HUF	60,719,892	USD	232,735	CIT	11/06/17		—		2,175
HUF	73,710,000	USD	270,000	CIT	11/06/17		9,885		—
HUF	122,098,605	USD	468,835	CIT	11/06/17		—		5,212
HUF	122,236,330	USD	471,191	CIT	11/06/17		—		7,046
HUF	122,411,502	USD	469,315	CIT	11/06/17		—		4,505
HUF	181,691,772	USD	700,341	CIT	11/06/17		—		10,437
HUF	184,512,409	USD	704,934	CIT	11/06/17		—		4,320
HUF	132,127,648	USD	522,000	CIT	11/07/17		—		20,274
HUF	90,987,620	USD	346,000	CIT	11/30/17		—		142
HUF	84,208,581	USD	324,454	SCB	11/06/17		—		4,705
HUF	117,338,879	USD	449,897	SCB	11/06/17		—		4,348
IDR	4,808,227,813	USD	338,013	BRC	12/11/17		16,835		—
IDR	6,156,547,287	USD	433,072	BRC	12/13/17		21,199		—
IDR	1,242,162,768	USD	91,021	BRC	12/27/17		517		—
IDR	4,808,227,813	USD	333,951	BRC	12/27/17		20,380		—
IDR	6,156,547,287	USD	427,568	BRC	12/27/17		26,125		—
IDR	1,226,945,617	USD	86,557	BRC	01/05/18		3,785		—
IDR	1,266,633,065	USD	89,357	BRC	01/05/18		3,908		—
IDR	2,001,159,224	USD	141,026	BRC	01/05/18		6,323		—
IDR	4,923,572,126	USD	358,992	BRC	01/05/18		3,540		—
IDR	5,746,673,598	USD	406,413	BRC	01/05/18		16,726		—
IDR	2,296,338,338	USD	164,789	BRC	01/08/18		4,246		—
IDR	10,413,450,000	USD	730,000	CIT	12/14/17		38,303		—
IDR	10,402,500,000	USD	730,000	CIT	12/15/17		37,425		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR	10,402,500,000	USD	721,794	CIT	12/27/17	$	44,794	$	—
IDR	10,402,500,000	USD	721,945	CIT	12/27/17		44,644		—
IDR	3,006,712,151	USD	212,067	CIT	01/05/18		9,323		—
IDR	5,088,006,866	USD	371,008	CIT	01/05/18		3,631		—
IDR	7,582,606,799	USD	535,306	CIT	01/05/18		23,016		—
IDR	9,231,275,977	USD	650,643	CIT	01/05/18		29,073		—
IDR	9,278,332,055	USD	654,231	CIT	01/05/18		28,950		—
IDR	5,576,022,188	USD	391,988	JPM	12/11/17		19,523		—
IDR	4,509,889,709	USD	316,928	JPM	12/13/17		15,841		—
IDR	10,402,500,000	USD	730,000	JPM	12/14/17		37,495		—
IDR	1,625,016,001	USD	118,979	JPM	12/27/17		773		—
IDR	4,509,889,709	USD	313,187	JPM	12/27/17		19,159		—
IDR	5,576,022,188	USD	387,493	JPM	12/27/17		23,419		—
IDR	5,835,916,604	USD	405,216	JPM	12/27/17		24,849		—
IDR	3,775,879,942	USD	266,376	JPM	01/05/18		11,649		—
IDR	3,791,326,736	USD	267,371	JPM	01/05/18		11,791		—
IDR	6,200,107,251	USD	438,282	JPM	01/05/18		18,244		—
IDR	2,628,459,024	USD	188,488	JPM	01/08/18		4,996		—
IDR	10,088,456,136	USD	733,973	JPM	01/08/18		8,648		—
IDR	2,144,800,000	USD	160,000	SCB	11/08/17		—		1,249
IDR	2,696,354,136	USD	196,027	SCB	01/08/18		2,454		—
IDR	3,020,037,513	USD	216,723	SCB	01/08/18		5,584		—
IDR	3,791,326,736	USD	267,371	UBS	01/05/18		11,791		—
INR	20,328,468	USD	313,943	BRC	11/01/17		—		3,801
INR	34,912,692	USD	539,192	BRC	11/01/17		—		6,545
INR	11,111,750	USD	169,000	BRC	01/05/18		—		697
INR	14,847,270	USD	225,300	BRC	01/05/18		—		418
INR	15,134,628	USD	229,800	BRC	01/05/18		—		566
INR	28,919,999	USD	442,689	BRC	03/19/18		—		8,246
INR	43,635,771	USD	674,000	CIT	11/21/17		—		9,781
INR	15,134,610	USD	229,000	CIT	12/28/17		437		—
INR	13,543,616	USD	207,311	CIT	03/19/18		—		3,855
INR	13,845,816	USD	216,000	JPM	10/11/17		—		4,226
INR	20,328,469	USD	314,026	JPM	11/01/17		—		3,883
INR	34,912,692	USD	539,192	JPM	11/01/17		—		6,545
INR	36,289,154	USD	547,265	JPM	12/29/17		2,808		—
INR	42,651,883	USD	642,735	JPM	12/29/17		3,785		—
INR	11,126,960	USD	169,000	JPM	01/05/18		—		467
INR	31,104,736	USD	471,800	JPM	01/05/18		—		677
INR	20,328,468	USD	313,977	SCB	11/01/17		—		3,835
INR	34,912,692	USD	539,359	SCB	11/01/17		—		6,711
INR	14,833,752	USD	225,300	SCB	01/05/18		—		623
INR	15,132,330	USD	229,800	SCB	01/05/18		—		600
KRW	234,692,635	USD	210,524	BRC	01/08/18		—		5,356
KRW	783,739,151	USD	705,372	BRC	01/08/18		—		20,226
KRW	233,043,288	USD	209,703	BRC	01/12/18		—		5,961
KRW	233,441,725	USD	209,703	BRC	01/12/18		—		5,612

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
KRW	233,693,369	USD	209,703	BRC	01/12/18	$	—	$	5,392
KRW	234,745,266	USD	210,524	BRC	01/12/18		—		5,294
KRW	321,369,486	USD	287,888	CIT	01/12/18		—		6,924
KRW	397,995,662	USD	357,483	CIT	01/12/18		—		9,527
KRW	449,445,489	USD	404,628	JPM	01/08/18		—		11,721
KRW	676,375,299	USD	605,663	JPM	01/08/18		—		14,374
KRW	253,750,491	USD	228,316	JPM	01/12/18		—		6,470
KRW	512,150,554	USD	459,472	JPM	01/12/18		—		11,714
KRW	542,018,659	USD	485,675	JPM	01/12/18		—		11,805
KRW	501,219,160	USD	442,000	SCB	10/13/17		—		4,350
KRW	193,753,972	USD	173,289	SCB	01/08/18		—		3,908
KRW	99,640,826	USD	89,396	SCB	01/12/18		—		2,283
KRW	213,050,194	USD	191,385	SCB	01/12/18		—		5,122
KRW	356,293,592	USD	320,552	SCB	01/12/18		—		9,055
KZT	91,927,000	USD	274,000	CIT	11/28/17		—		7,241
KZT	79,288,320	USD	232,000	SCB	10/16/17		304		—
KZT	39,515,400	USD	116,000	SCB	10/27/17		—		513
KZT	81,340,000	USD	245,000	SCB	10/27/17		—		7,278
KZT	85,539,300	USD	253,000	SCB	11/08/17		—		3,677
KZT	82,871,250	USD	245,000	SCB	01/29/18		—		7,673
MAD	1,146,960	USD	118,000	CIT	10/27/17		2,797		—
MAD	837,980	USD	89,768	SCB	10/05/17		—		1,047
MAD	1,155,340	USD	122,000	SCB	12/28/17		—		1,946
MXN	36,808,005	USD	2,038,096	BOA	10/10/17		—		19,233
MXN	2,857,316	USD	149,000	CIT	11/27/17		6,515		—
MXN	36,808,005	USD	2,038,547	JPM	10/10/17		—		19,684
MXN	2,534,897	USD	140,364	SCB	10/10/17		—		1,328
PEN	259,039	USD	79,766	BOA	11/09/17		—		509
PEN	313,950	USD	96,481	BOA	11/09/17		—		424
PEN	1,418,892	USD	436,448	BOA	11/09/17		—		2,319
PEN	6,470	USD	1,989	BRC	11/09/17		—		10
PEN	103,984	USD	32,000	BRC	11/09/17		—		185
PEN	104,560	USD	32,000	BRC	11/09/17		—		9
PEN	104,560	USD	32,000	BRC	11/09/17		—		9
PEN	104,720	USD	32,000	BRC	11/09/17		40		—
PEN	347,742	USD	107,025	BRC	11/09/17		—		629
PEN	404,142	USD	123,327	BRC	11/09/17		326		—
PEN	790,090	USD	243,000	CIT	10/20/17		—		1,101
PEN	361,105	USD	111,000	CIT	11/06/17		—		499
PEN	513,105	USD	156,673	CIT	11/09/17		318		—
PEN	1,706,838	USD	525,187	CIT	11/09/17		—		2,957
PEN	577,101	USD	177,788	JPM	11/09/17		—		1,217
PEN	1,476,483	USD	454,060	JPM	11/09/17		—		2,311
PEN	1,018,930	USD	312,000	SCB	10/16/17		—		6
PEN	104,384	USD	32,000	SCB	11/09/17		—		62
PEN	1,638,240	USD	503,951	SCB	11/09/17		—		2,710
PHP	34,282,905	USD	669,000	JPM	11/14/17		4,359		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PLN	1,553,477	USD	437,796	BOA	11/20/17	$	—	$	12,082
PLN	1,553,477	USD	437,781	BRC	11/20/17		—		12,067
PLN	2,797,603	USD	779,000	CIT	10/18/17		—		12,353
PLN	1,553,476	USD	437,722	CIT	11/20/17		—		12,008
PLN	1,553,477	USD	437,494	JPM	11/20/17		—		11,780
PLN	1,553,477	USD	437,482	SCB	11/20/17		—		11,768
RON	1,055,254	EUR	231,000	JPM	10/10/17		—		1,556
RON	1,495,402	USD	392,000	CIT	11/01/17		—		7,212
RON	1,955,128	USD	462,074	CIT	11/09/17		40,955		—
RSD	21,733,560	USD	219,000	CIT	10/31/17		—		3,816
RUB	23,132,644	USD	397,759	BOA	10/05/17		3,973		—
RUB	23,132,644	USD	397,741	BRC	10/05/17		3,990		—
RUB	122,191,746	USD	2,021,954	BRC	10/05/17		100,083		—
RUB	23,132,643	USD	397,810	CIT	10/05/17		3,922		—
RUB	23,132,644	USD	397,605	JPM	10/05/17		4,127		—
RUB	23,132,644	USD	398,564	SCB	10/05/17		3,168		—
RUB	19,865,403	USD	347,000	SCB	10/11/17		—		2,398
THB	22,136,800	USD	670,000	SCB	10/18/17		—		6,148
TRY	1,338,011	USD	378,504	BRC	10/19/17		—		4,847
TRY	1,338,012	USD	378,451	CIT	10/19/17		—		4,794
TRY	1,437,443	USD	407,000	CIT	11/30/17		—		10,404
TRY	2,667,540	USD	749,962	JPM	10/19/17		—		5,017
TRY	1,338,011	USD	378,397	SCB	10/19/17		—		4,740
TRY	2,222,968	USD	630,000	SCB	12/15/17		—		19,255
TWD	6,330,067	USD	209,258	BRC	01/08/18		514		—
TWD	27,435,466	USD	914,668	BRC	01/08/18		—		5,484
TWD	5,185,275	USD	172,097	BRC	01/12/18		—		227
TWD	9,061,017	USD	300,990	BRC	01/12/18		—		657
TWD	9,066,736	USD	300,990	BRC	01/12/18		—		467
TWD	9,862,396	USD	326,003	CIT	01/08/18		827		—
TWD	3,361,600	USD	110,000	CIT	01/12/18		1,422		—
TWD	26,922,474	USD	897,461	JPM	01/08/18		—		5,277
TWD	6,853,961	USD	227,706	JPM	01/12/18		—		527
TWD	6,858,515	USD	227,706	JPM	01/12/18		—		376
TWD	16,773,260	USD	556,475	JPM	01/12/18		—		514
TWD	5,849,571	USD	193,310	SCB	01/08/18		539		—
TWD	5,957,129	USD	198,936	SCB	01/08/18		—		1,522
TWD	5,974,038	USD	198,936	SCB	01/12/18		—		922
TWD	6,014,227	USD	199,875	SCB	01/12/18		—		529
TWD	6,019,224	USD	199,875	SCB	01/12/18		—		363
USD	141,036	ARS	2,474,815	CIT	10/02/17		—		1,926
USD	149,000	ARS	2,711,800	CIT	10/02/17		—		7,652
USD	298,000	ARS	5,447,440	CIT	10/02/17		—		16,681
USD	67,438	ARS	1,232,770	CIT	10/12/17		—		3,418
USD	298,000	ARS	5,471,280	CIT	10/12/17		—		16,476
USD	36,572	ARS	675,124	CIT	10/25/17		—		1,954
USD	149,000	ARS	2,749,050	CIT	10/25/17		—		7,874

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	180,000	ARS	3,298,500	CIT	10/25/17	$	—	$	8,229
USD	7,577	ARS	139,800	CIT	10/27/17		—		392
USD	410,000	ARS	7,634,200	CIT	10/27/17		—		25,164
USD	108,073	ARS	2,018,800	CIT	11/13/17		—		5,954
USD	130,000	ARS	2,449,200	CIT	11/13/17		—		8,337
USD	150,000	ARS	2,799,000	CIT	11/13/17		—		8,095
USD	323,947	ARS	5,684,425	JPM	10/02/17		—		4,424
USD	60,000	ARS	1,047,600	JPM	10/25/17		219		—
USD	100,000	ARS	1,987,000	JPM	02/14/18		—		6,750
USD	285,850	BRL	1,001,331	BRC	02/09/18		—		25,108
USD	61,000	BRL	200,208	CIT	10/17/17		—		2,087
USD	215,000	BRL	691,225	CIT	10/17/17		—		2,811
USD	466,242	BRL	1,638,143	JPM	02/09/18		—		42,474
USD	131,666	BRL	461,119	SCB	02/09/18		—		11,532
USD	466,242	BRL	1,637,770	UBS	02/09/18		—		42,358
USD	186,697	CAD	226,464	BRC	10/05/17		5,195		—
USD	737,791	CAD	973,368	BRC	10/05/17		—		42,326
USD	738,808	CAD	973,368	BRC	10/12/17		—		41,351
USD	738,137	CAD	973,367	CIT	10/05/17		—		41,979
USD	738,983	CAD	973,367	CIT	10/12/17		—		41,175
USD	437,000	CAD	554,214	CIT	10/16/17		—		7,217
USD	737,875	CAD	973,368	JPM	10/05/17		—		42,242
USD	738,822	CAD	973,368	JPM	10/12/17		—		41,337
USD	737,707	CAD	973,368	SCB	10/05/17		—		42,410
USD	738,637	CAD	973,368	SCB	10/12/17		—		41,522
USD	321,029	CNY	2,135,484	SCB	10/10/17		—		445
USD	146,000	CZK	3,564,276	CIT	02/27/18		—		17,758
USD	701,011	EUR	599,943	BRC	10/10/17		—		8,333
USD	11,480	EUR	9,738	CIT	10/10/17		—		34
USD	147,574	EUR	123,119	CIT	10/30/17		1,850		—
USD	588,990	EUR	503,983	JPM	10/10/17		—		6,895
USD	720,759	HUF	205,380,379	BOA	11/06/17		—		59,093
USD	242,378	HUF	69,235,239	BRC	11/06/17		—		20,516
USD	359,975	HUF	102,690,189	BRC	11/06/17		—		29,951
USD	720,835	HUF	205,380,379	BRC	11/06/17		—		59,017
USD	349,641	HUF	92,165,316	CIT	10/03/17		170		—
USD	337,622	HUF	96,384,366	CIT	11/06/17		—		28,360
USD	359,988	HUF	102,690,191	CIT	11/06/17		—		29,938
USD	720,812	HUF	205,380,379	CIT	11/06/17		—		59,040
USD	359,988	HUF	102,690,189	SCB	11/06/17		—		29,938
USD	720,380	HUF	205,380,379	SCB	11/06/17		—		59,472
USD	360,114	HUF	102,690,189	UBS	11/06/17		—		29,812
USD	360,114	HUF	102,690,189	UBS	11/06/17		—		29,812
USD	720,709	HUF	205,380,379	UBS	11/06/17		—		59,144
USD	334,718	IDR	4,808,227,813	BRC	12/11/17		—		20,129
USD	428,371	IDR	6,156,547,287	BRC	12/13/17		—		25,900
USD	1,441,669	IDR	19,559,121,695	BRC	12/27/17		305		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	174,700	IDR	2,371,552,500	BRC	01/05/18	$	78	$	—
USD	233,000	IDR	3,169,382,500	BRC	01/05/18		—		368
USD	234,695	IDR	3,193,024,523	BRC	01/05/18		—		413
USD	236,700	IDR	3,216,279,600	BRC	01/05/18		—		121
USD	48,000	IDR	669,744,000	BRC	01/08/18		—		1,300
USD	48,000	IDR	664,560,000	BRC	01/08/18		—		919
USD	48,000	IDR	659,520,000	BRC	01/08/18		—		548
USD	319,103	IDR	4,577,533,396	CIT	12/14/17		—		18,627
USD	723,149	IDR	10,402,500,000	CIT	12/14/17		—		44,346
USD	723,225	IDR	10,402,500,000	CIT	12/15/17		—		44,201
USD	286,801	IDR	3,893,897,041	CIT	12/27/17		—		151
USD	304,628	IDR	4,144,469,654	CIT	01/05/18		—		537
USD	48,000	IDR	659,760,000	CIT	01/08/18		—		566
USD	136,000	IDR	1,893,120,000	HSB	04/26/18		—		1,985
USD	388,167	IDR	5,576,022,188	JPM	12/11/17		—		23,343
USD	313,731	IDR	4,509,889,709	JPM	12/13/17		—		19,038
USD	405,836	IDR	5,835,916,604	JPM	12/14/17		—		24,738
USD	400,000	IDR	5,352,000,000	JPM	12/27/17		5,597		—
USD	441,530	IDR	5,993,948,127	JPM	12/27/17		—		180
USD	174,700	IDR	2,375,920,000	JPM	01/05/18		—		243
USD	420,000	IDR	5,700,660,000	JPM	01/05/18		250		—
USD	1,180,000	IDR	16,289,900,000	JPM	01/05/18		—		19,456
USD	48,000	IDR	662,304,000	JPM	01/08/18		—		753
USD	48,000	IDR	660,720,000	JPM	01/08/18		—		636
USD	48,000	IDR	661,584,000	JPM	01/08/18		—		700
USD	211,877	IDR	2,884,700,590	SCB	01/05/18		—		529
USD	233,000	IDR	3,167,635,000	SCB	01/05/18		—		239
USD	236,700	IDR	3,216,753,000	SCB	01/05/18		—		156
USD	48,000	IDR	662,880,000	SCB	01/08/18		—		795
USD	48,000	IDR	660,960,000	UBS	01/08/18		—		654
USD	48,000	IDR	662,640,000	UBS	01/08/18		—		778
USD	535,183	INR	34,912,692	BRC	01/05/18		6,383		—
USD	840,357	INR	53,917,278	CIT	10/18/17		16,377		—
USD	130,000	INR	8,553,350	JPM	01/05/18		448		—
USD	535,183	INR	34,912,692	JPM	01/05/18		6,383		—
USD	50,000	INR	3,276,500	JPM	03/19/18		780		—
USD	535,348	INR	34,912,692	SCB	01/05/18		6,547		—
USD	653,325	KRW	744,379,235	BRC	01/08/18		2,587		—
USD	14,992	KRW	16,731,206	BRC	01/12/18		365		—
USD	652,976	KRW	744,379,235	BRC	01/12/18		2,187		—
USD	653,279	KRW	744,379,234	CIT	01/08/18		2,541		—
USD	652,564	KRW	744,379,233	CIT	01/12/18		1,775		—
USD	653,451	KRW	744,379,235	JPM	01/08/18		2,713		—
USD	652,861	KRW	744,379,235	JPM	01/12/18		2,073		—
USD	653,538	KRW	744,379,235	SCB	01/08/18		2,799		—
USD	653,136	KRW	744,379,235	SCB	01/12/18		2,348		—
USD	252,508	MXN	4,586,384	BRC	10/10/17		952		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	300,000	MXN	5,344,830	JPM	10/10/17	$	6,844	$	—
USD	280,000	MXN	5,072,396	SCB	10/10/17		1,787		—
USD	68,167	PEN	227,745	BRC	11/09/17		—		1,515
USD	41,833	PEN	139,828	JPM	11/09/17		—		949
USD	270,000	PEN	877,095	JPM	11/09/17		1,641		—
USD	220,000	PLN	783,213	JPM	11/20/17		5,369		—
USD	467,119	RON	1,955,128	CIT	11/09/17		—		35,910
USD	391,425	RUB	23,132,644	BOA	01/10/18		—		3,840
USD	20,356	RUB	1,228,308	BRC	10/05/17		—		975
USD	42,137	RUB	2,558,975	BRC	10/05/17		—		2,303
USD	104,534	RUB	6,346,258	BRC	10/05/17		—		5,678
USD	222,516	RUB	13,346,004	BRC	10/05/17		—		9,257
USD	553,422	RUB	33,373,826	BRC	10/05/17		—		26,163
USD	391,415	RUB	23,132,644	BRC	01/10/18		—		3,850
USD	105,861	RUB	6,440,994	CIT	10/05/17		—		5,996
USD	108,077	RUB	6,558,016	CIT	10/05/17		—		5,812
USD	189,401	RUB	11,544,744	CIT	10/05/17		—		11,090
USD	553,248	RUB	33,373,826	CIT	10/05/17		—		26,337
USD	391,465	RUB	23,132,643	CIT	01/10/18		—		3,800
USD	507,484	RUB	30,361,665	JPM	10/05/17		—		19,791
USD	553,142	RUB	33,373,825	JPM	10/05/17		—		26,443
USD	391,299	RUB	23,132,644	JPM	01/10/18		—		3,966
USD	105,628	RUB	6,440,994	SCB	10/05/17		—		6,229
USD	111,398	RUB	6,762,954	SCB	10/05/17		—		6,051
USD	209,339	RUB	12,770,750	SCB	10/05/17		—		12,443
USD	553,266	RUB	33,373,826	SCB	10/05/17		—		26,319
USD	272,000	RUB	15,811,360	SCB	10/11/17		—		2,277
USD	392,218	RUB	23,132,644	SCB	01/10/18		—		3,047
USD	274,228	TRY	946,839	BRC	10/19/17		9,811		—
USD	160,000	TRY	559,280	JPM	10/19/17		3,814		—
USD	206,000	TRY	736,759	SCB	11/30/17		2,726		—
USD	650,806	TWD	19,751,953	BRC	01/08/18		—		3,754
USD	650,206	TWD	19,751,954	CIT	01/08/18		—		4,354
USD	1,299,086	TWD	39,503,906	CIT	01/12/18		—		10,298
USD	650,913	TWD	19,751,953	JPM	01/08/18		—		3,647
USD	639,675	TWD	19,436,520	JPM	01/12/18		—		4,562
USD	650,591	TWD	19,751,953	SCB	01/08/18		—		3,969
USD	661,090	TWD	20,067,387	UBS	01/12/18		—		4,057
USD	590,862	ZAR	8,027,149	BOA	11/20/17		2,514		—
USD	44,635	ZAR	583,964	BRC	10/05/17		1,517		—
USD	393,926	ZAR	5,182,840	BRC	10/05/17		11,236		—
USD	590,796	ZAR	8,027,149	BRC	11/20/17		2,449		—
USD	231,423	ZAR	3,047,825	CIT	10/05/17		6,379		—
USD	378,084	ZAR	4,947,117	CIT	10/05/17		12,800		—
USD	1,000,785	ZAR	13,189,246	JPM	10/05/17		26,921		—
USD	591,515	ZAR	8,027,149	JPM	11/20/17		3,167		—
USD	86,056	ZAR	1,133,032	SCB	10/05/17		2,396		—

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	134,651	ZAR	1,768,887	SCB	10/05/17	$	4,041	$	—
USD	227,818	ZAR	3,003,259	SCB	10/05/17		6,064		—
USD	277,281	ZAR	3,626,082	SCB	10/05/17		9,539		—
USD	393,389	ZAR	5,145,840	SCB	10/05/17		13,432		—
USD	707,030	ZAR	9,313,709	SCB	10/05/17		19,327		—
USD	1,000,588	ZAR	13,189,246	SCB	10/05/17		26,723		—
USD	1,033,403	ZAR	13,559,016	SCB	10/05/17		32,235		—
USD	140,610	ZAR	1,822,963	SCB	10/10/17		6,117		—
USD	156,970	ZAR	2,044,466	SCB	10/10/17		6,136		—
USD	181,993	ZAR	2,355,315	SCB	10/10/17		8,225		—
USD	590,644	ZAR	8,027,149	SCB	11/20/17		2,297		—
USD	150,000	ZAR	1,976,006	UBS	10/05/17		4,096		—
UYU	6,489,280	USD	224,000	CIT	10/17/17		—		1,276
UYU	936,640	USD	32,000	CIT	02/07/18		—		629
UYU	939,200	USD	32,000	CIT	02/07/18		—		543
UYU	940,160	USD	32,000	CIT	02/07/18		—		511
UYU	942,400	USD	32,000	CIT	02/07/18		—		436
UYU	945,280	USD	32,000	CIT	02/07/18		—		340
ZAR	8,027,149	USD	595,265	BOA	10/05/17		—		2,558
ZAR	1,570,500	USD	119,940	BRC	10/05/17		—		3,977
ZAR	6,207,048	USD	468,068	BRC	10/05/17		—		9,753
ZAR	8,027,149	USD	595,199	BRC	10/05/17		—		2,492
ZAR	1,476,602	USD	108,081	BRC	10/10/17		858		—
ZAR	1,570,499	USD	120,200	CIT	10/05/17		—		4,238
ZAR	2,911,922	USD	224,000	CIT	10/13/17		—		9,271
ZAR	6,065,439	USD	445,000	CIT	10/31/17		976		—
ZAR	3,166,611	USD	238,158	HSB	10/05/17		—		4,343
ZAR	1,570,500	USD	120,087	JPM	10/05/17		—		4,125
ZAR	5,895,496	USD	444,527	JPM	10/05/17		—		9,217
ZAR	6,207,048	USD	468,138	JPM	10/05/17		—		9,824
ZAR	8,027,149	USD	595,928	JPM	10/05/17		—		3,221
ZAR	1,570,500	USD	120,248	SCB	10/05/17		—		4,286
ZAR	5,955,069	USD	446,484	SCB	10/05/17		—		6,775
ZAR	8,027,149	USD	595,044	SCB	10/05/17		—		2,338
ZAR	5,817,051	USD	438,612	UBS	10/05/17		—		9,094
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	1,330,065	$	2,414,049

Written Options open at September 30, 2017:

Description	Counterparty	Number of Contracts	Strike Price		Expiration Date	Notional Amount		Premiums		Fair Value
Put
USD vs INR Oct 17 63.92	JPMS	25,500	$	63.92	10/30/17	$	2,550,000	$	11,835	$	(1,530	)
USD vs INR Dec 17 65.39	JPMS	11,900		65.39	12/27/17		1,190,000		6,793		(8,530	)
Total Written Options		37,400						$	18,628	$	(10,060	)

Lazard Emerging Markets Multi-Asset Portfolio (concluded)

Interest Rate Swap Agreements open at September 30, 2017:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Appreciation (Depreciation)

BRL

JPM

$6,551,695

01/02/20

8.75

Maturity

Brazil Cetip Interbank Deposit Rate

(32,891

)

BRL

JPM

523,863

07/01/20

10.01

Maturity

Brazil Cetip Interbank Deposit Rate

7,687

BRL

JPM

972,619

07/01/20

10.02

Maturity

Brazil Cetip Interbank Deposit Rate

14,366

BRL

JPM

5,430,548

01/02/21

10.53

Maturity

Brazil Cetip Interbank Deposit Rate

5,632

BRL

JPM

4,535,265

01/04/21

10.29

Maturity

Brazil Cetip Interbank Deposit Rate

1,976

BRL

JPM

4,534,446

01/04/21

10.31

Maturity

Brazil Cetip Interbank Deposit Rate

2,203

BRL

JPM

3,618,409

01/04/21

10.59

Maturity

Brazil Cetip Interbank Deposit Rate

4,296

BRL

JPM

3,614,645

01/04/21

10.71

Maturity

Brazil Cetip Interbank Deposit Rate

4,825

BRL

JPM

6,851,853

01/04/21

11.05

Maturity

Brazil Cetip Interbank Deposit Rate

125,219

ZAR

JPM

6,150,000

06/01/27

7.85

Quarterly

South Africa Interbank Deposit Rate

(1,036

)

ZAR

JPM

1,240,000

06/01/27

8.13

Quarterly

South Africa Interbank Deposit Rate

(1,395

)

Total net unrealized appreciation (depreciation) on Interest Rate Swap Agreements

130,881

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds \| 3.3%
Argentina \| 0.7%
AES Argentina Generacion SA, 7.750%, 02/02/24 (c)		USD		480	$	514,473
Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22		USD		875		956,900
Genneia SA, 8.750%, 01/20/22 (c)		USD		320		349,658
						1,821,031
Brazil \| 0.8%
Petrobras Global Finance BV, 8.375%, 05/23/21		USD		1,973		2,282,021
Chile \| 0.2%
AES Gener SA, 8.375%, 12/18/73		USD		590		626,203
Georgia \| 0.1%
BGEO Group JSC, 6.000%, 07/26/23		USD		375		386,250
Guatemala \| 0.1%
Comcel Trust, 6.875%, 02/06/24		USD		295		313,438
India \| 0.2%
Neerg Energy, Ltd., 6.000%, 02/13/22 (c)		USD		200		205,500
Vedanta Resources PLC, 6.375%, 07/30/22 (c)		USD		450		468,000
						673,500
Mauritius \| 0.2%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (c)		USD		490		516,125
Peru \| 0.1%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24		PEN		960		306,213
Russia \| 0.4%
GTH Finance BV, 7.250%, 04/26/23		USD		500		567,220
Sberbank of Russia, 5.500%, 02/26/24		USD		600		612,750
						1,179,970
Turkey \| 0.5%
TC Ziraat Bankasi AS, 5.125%, 05/03/22		USD		675		685,600

Description	Security Currency		Principal Amount (000)		Fair Value
Turkiye Is Bankasi, 5.500%, 04/21/19		USD		590	$	604,750
						1,290,350
Total Corporate Bonds (Cost $8,962,907)						9,395,101
Foreign Government Obligations \| 85.2%
Angola \| 0.4%
Republic of Angola:
9.500% (ARPP7DRR), 11/12/25 (c), (d)		USD		387		414,090
9.500%, 11/12/25		USD		510		545,700
Republic of Angola Northern Lights III BV, 7.000%, 08/17/19		USD		163		167,544
						1,127,334
Argentina \| 4.6%
Argentina POM Politica Monetaria, 26.250%, 06/21/20 (d)		ARS		30,400		1,849,280
Republic of Argentina:
24.112% (BADLARPP + 2.750%), 03/01/18 (d)		ARS		4,080		235,101
22.750%, 03/05/18		ARS		15,700		900,999
23.913% (BADLARPP + 2.500%), 03/11/19 (d)		ARS		1,010		58,825
5.625%, 01/26/22		USD		1,500		1,575,000
7.500%, 04/22/26		USD		1,910		2,146,840
15.500%, 10/17/26		ARS		11,780		721,657
6.875%, 01/26/27		USD		345		372,773
7.125%, 07/06/36		USD		605		635,250
7.625%, 04/22/46		USD		1,365		1,515,150
7.125%, 06/28/17 (c)		USD		2,280		2,275,440
7.125%, 06/28/17		USD		730		728,540
						13,014,855
Azerbaijan \| 0.4%
Republic of Azerbaijan, 4.750%, 03/18/24		USD		1,150		1,182,775
Belarus \| 0.2%
Republic of Belarus, 6.875%, 02/28/23 (c)		USD		460		493,925
Belize \| 0.0%
Republic of Belize, 6.767%, 02/20/34 (e)		USD		185		120,250
Brazil \| 9.7%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/19		BRL		4,950		1,432,867
0.000%, 01/01/20		BRL		18,880		5,005,926
0.000%, 07/01/20		BRL		16,700		4,221,979
Brazil NTN-B, 6.000%, 08/15/50		BRL		3,148		3,363,957
Brazil NTN-F:
10.000%, 01/01/21		BRL		14,050		4,597,993
10.000%, 01/01/23		BRL		8,550		2,781,683
10.000%, 01/01/25		BRL		4,040		1,325,247

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
10.000%, 01/01/27		BRL		6,465	$	2,079,470
Federal Republic of Brazil:
4.250%, 01/07/25		USD		375		379,214
6.000%, 04/07/26		USD		610		677,710
8.250%, 01/20/34		USD		610		797,575
5.000%, 01/27/45		USD		1,170		1,086,930
						27,750,551
Cameroon \| 0.1%
Republic of Cameroon, 9.500%, 11/19/25		USD		225		265,500
Chile \| 1.0%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 02/28/21		CLP		110,000		176,981
4.500%, 03/01/26		CLP		1,185,000		1,865,285
5.000%, 03/01/35		CLP		500,000		792,762
						2,835,028
Colombia \| 4.4%
Colombian Titulos De Tesoreria:
11.000%, 07/24/20		COP		2,467,000		953,074
7.000%, 05/04/22		COP		5,440,000		1,920,348
10.000%, 07/24/24		COP		15,887,500		6,489,896
7.500%, 08/26/26		COP		6,127,000		2,215,189
6.000%, 04/28/28		COP		2,755,000		893,771
						12,472,278
Czech Republic \| 1.5%
Czech Republic:
1.500%, 10/29/19		CZK		13,680		642,304
2.500%, 08/25/28		CZK		69,040		3,514,773
						4,157,077
Dominican Republic \| 1.1%
Dominican Republic:
7.500%, 05/06/21		USD		535		593,181
5.500%, 01/27/25		USD		705		743,775
6.875%, 01/29/26 (c)		USD		405		461,700
6.875%, 01/29/26		USD		210		239,400
7.450%, 04/30/44		USD		655		778,631
6.850%, 01/27/45		USD		355		395,825
						3,212,512
Ecuador \| 1.7%
Republic of Ecuador:
10.500%, 03/24/20 (c)		USD		210		226,275
10.500%, 03/24/20		USD		200		215,500
10.750%, 03/28/22 (c)		USD		325		361,563
10.750%, 03/28/22		USD		1,423		1,583,087
8.750%, 06/02/23		USD		460		473,800
7.950%, 06/20/24		USD		410		403,850

Description	Security Currency		Principal Amount (000)		Fair Value
9.650%, 12/13/26		USD		1,480	$	1,554,000
						4,818,075
Egypt \| 2.3%
Arab Republic of Egypt:
8.500%, 01/31/47 (c)		USD		1,290		1,440,285
8.500%, 01/31/47		USD		2,640		2,947,560
Egypt Government International Bonds, 7.500%, 01/31/27		USD		510		555,262
Egypt Treasury Bills:
0.000%, 07/10/18		EGP		1,500		74,403
0.000%, 07/24/18		EGP		29,000		1,429,380
						6,446,890
El Salvador \| 1.2%
Republic of El Salvador:
7.375%, 12/01/19		USD		1,725		1,785,375
7.750%, 01/24/23		USD		345		370,013
5.875%, 01/30/25		USD		236		230,985
6.375%, 01/18/27		USD		220		217,250
8.625%, 02/28/29		USD		155		173,600
8.250%, 04/10/32		USD		145		158,231
7.650%, 06/15/35		USD		280		287,700
7.625%, 02/01/41		USD		170		173,400
						3,396,554
Ethiopia \| 0.1%
Federal Republic of Ethiopia, 6.625%, 12/11/24		USD		270		276,750
Gabon \| 0.2%
Gabonese Republic, 6.375%, 12/12/24		USD		620		604,500
Ghana \| 1.1%
Ghana Government Bonds:
23.230%, 02/19/18		GHS		460		106,224
22.490%, 04/23/18		GHS		150		34,832
23.470%, 05/21/18		GHS		390		91,216
19.040%, 09/24/18		GHS		50		11,436
Ghana Treasury Notes:
22.500%, 12/10/18		GHS		440		104,274
21.000%, 01/07/19		GHS		2,930		686,106
Republic of Ghana:
9.250%, 09/15/22		USD		895		992,331
7.875%, 08/07/23		USD		215		227,631
8.125%, 01/18/26		USD		780		827,775
						3,081,825
Guatemala \| 0.2%
Republic of Guatemala, 4.500%, 05/03/26		USD		671		676,033
Honduras \| 0.2%
Republic of Honduras:
8.750%, 12/16/20		USD		310		353,400

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.250%, 01/19/27 (c)		USD		155	$	166,774
						520,174
Hungary \| 0.6%
Hungary Government Bonds:
6.000%, 11/24/23		HUF		311,220		1,487,827
5.500%, 06/24/25		HUF		70,150		326,732
						1,814,559
India \| 1.3%
India Government Bonds, 7.720%, 05/25/25		INR		240,000		3,837,686
Indonesia \| 5.4%
Indonesia Government Bonds:
7.875%, 04/15/19		IDR		20,328,000		1,549,993
8.375%, 03/15/24		IDR		16,703,000		1,362,567
8.375%, 09/15/26		IDR		37,074,000		3,085,601
9.000%, 03/15/29		IDR		8,440,000		727,824
8.750%, 05/15/31		IDR		39,099,000		3,339,773
8.375%, 03/15/34		IDR		14,838,000		1,212,906
8.250%, 05/15/36		IDR		25,137,000		2,053,381
Indonesia Treasury Bonds, 7.500%, 08/15/32		IDR		22,532,000		1,754,431
Republic of Indonesia, 6.750%, 01/15/44		USD		275		367,382
						15,453,858
Iraq \| 0.2%
Iraq International Bonds, 6.752%, 03/09/23 (c)		USD		310		307,675
Republic of Iraq, 5.800%, 01/15/28		USD		425		397,375
						705,050
Ivory Coast \| 0.5%
Ivory Coast:
5.750%, 12/31/32		USD		1,273		1,245,787
6.125%, 06/15/33 (c) (e)		USD		200		196,250
						1,442,037
Jordan \| 0.2%
Kingdom of Jordan:
6.125%, 01/29/26 (c)		USD		155		156,744
5.750%, 01/31/27 (c)		USD		400		392,231
						548,975

Description	Security Currency		Principal Amount (000)		Fair Value
Kazakhstan \| 0.4%
Republic of Kazakhstan, 6.500%, 07/21/45 (c)		USD		845	$	1,041,463
Kenya \| 0.4%
Republic of Kenya, 6.875%, 06/24/24		USD		1,240		1,266,350
Lebanon \| 1.0%
Lebanese Republic, 6.650%, 04/22/24		USD		1,370		1,369,315
Lebanon Government International Bonds, 6.000%, 01/27/23		USD		1,425		1,401,844
						2,771,159
Malaysia \| 3.4%
Malaysia Government Bonds:
3.260%, 03/01/18		MYR		1,540		364,941
3.654%, 10/31/19		MYR		4,130		984,318
4.048%, 09/30/21		MYR		18,570		4,477,206
3.620%, 11/30/21		MYR		1,330		315,222
3.795%, 09/30/22		MYR		7,300		1,733,092
3.955%, 09/15/25		MYR		1,420		336,546
4.498%, 04/15/30		MYR		4,070		978,008
4.254%, 05/31/35		MYR		2,950		676,599
						9,865,932
Mexico \| 6.3%
Mexican Bonos:
5.000%, 12/11/19		MXN		135,532		7,178,561
10.000%, 12/05/24		MXN		8,857		575,262
7.500%, 06/03/27		MXN		17,700		1,013,320
7.750%, 05/29/31		MXN		45,880		2,666,985
10.000%, 11/20/36		MXN		34,719		2,460,939
7.750%, 11/13/42		MXN		37,780		2,196,350
United Mexican States:
6.050%, 01/11/40		USD		580		696,290
5.750%, 10/12/10		USD		1,024		1,100,800
						17,888,507
Mongolia \| 0.2%
Mongolia International Bonds:
10.875%, 04/06/21		USD		145		168,173
5.125%, 12/05/22		USD		285		276,290
8.750%, 03/09/24 (c)		USD		220		246,727
						691,190
Mozambique \| 0.5%
Mozambique International Bonds, 10.500%, 01/18/23		USD		1,913		1,492,140
Namibia \| 0.2%
Republic of Namibia, 5.250%, 10/29/25 (c)		USD		495		502,425

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Nigeria \| 0.2%
Republic of Nigeria, 7.875%, 02/16/32 (c)		USD		485	$	528,650
Oman \| 0.5%
Oman Government International Bonds:
6.500%, 03/08/47 (c)		USD		1,110		1,141,211
6.500%, 03/08/47		USD		205		210,894
						1,352,105
Pakistan \| 0.4%
Islamic Republic of Pakistan:
7.250%, 04/15/19		USD		240		251,026
8.250%, 04/15/24		USD		670		761,247
						1,012,273
Paraguay \| 1.4%
Republic of Paraguay:
4.625%, 01/25/23		USD		1,310		1,382,050
5.000%, 04/15/26 (c)		USD		415		443,531
5.000%, 04/15/26		USD		235		251,156
4.700%, 03/27/27 (c)		USD		680		707,200
6.100%, 08/11/44		USD		1,335		1,498,538
						4,282,475
Peru \| 1.7%
Republic of Peru:
6.950%, 08/12/31		PEN		5,730		1,972,042
6.900%, 08/12/37		PEN		8,490		2,874,730
						4,846,772
Philippines \| 0.2%
Republic of Philippines, 3.625%, 09/09/25		PHP		29,000		539,631
Poland \| 3.7%
Poland Government Bonds:
0.000%, 10/25/18		PLN		14,330		3,865,683
1.500%, 04/25/20		PLN		2,690		727,944
5.250%, 10/25/20		PLN		1,900		568,001
5.750%, 09/23/22		PLN		1,860		581,274
3.250%, 07/25/25		PLN		17,300		4,769,282
						10,512,184
Romania \| 0.3%
Romania Government Bonds, 5.950%, 06/11/21		RON		3,470		996,322
Russia \| 5.5%
Russia Foreign Bonds:
4.750%, 05/27/26 (c)		USD		400		424,000
5.625%, 04/04/42		USD		600		666,750
Russia Government Bonds - OFZ:
7.500%, 08/18/21		RUB		199,690		3,471,678

Description	Security Currency		Principal Amount (000)		Fair Value
7.000%, 08/16/23		RUB		69,790	$	1,184,442
7.750%, 09/16/26		RUB		176,540		3,119,384
7.050%, 01/19/28		RUB		162,900		2,746,574
8.500%, 09/17/31		RUB		214,500		4,016,099
						15,628,927
South Africa \| 6.1%
Republic of South Africa:
7.750%, 02/28/23		ZAR		18,357		1,346,768
5.875%, 09/16/25		USD		260		281,125
10.500%, 12/21/26		ZAR		96,530		7,997,744
4.300%, 10/12/28		USD		210		197,825
8.250%, 03/31/32		ZAR		68,150		4,601,199
8.500%, 01/31/37		ZAR		20,230		1,345,173
5.375%, 07/24/44		USD		565		549,463
8.750%, 02/28/48		ZAR		16,680		1,114,287
						17,433,584
Sri Lanka \| 1.1%
Republic of Sri Lanka:
6.250%, 07/27/21		USD		210		225,931
5.750%, 01/18/22 (c)		USD		470		496,607
5.750%, 01/18/22		USD		200		211,278
5.875%, 07/25/22		USD		200		212,590
6.125%, 06/03/25		USD		535		565,762
6.850%, 11/03/25 (c)		USD		1,040		1,141,826
6.850%, 11/03/25		USD		235		258,009
						3,112,003
Suriname \| 0.1%
Republic of Suriname, 9.250%, 10/26/26 (c)		USD		150		162,000
Tajikistan \| 0.1%
Republic of Tajikistan International Bonds, 7.125%, 09/14/27 (c)		USD		190		185,939
Thailand \| 2.2%
Thailand Government Bonds:
3.625%, 06/16/23		THB		4,210		138,077
3.850%, 12/12/25		THB		88,353		2,954,676
3.580%, 12/17/27		THB		18,170		598,334
4.875%, 06/22/29		THB		34,800		1,284,655
3.650%, 06/20/31		THB		41,550		1,378,082
						6,353,824
Turkey \| 6.8%
Republic of Turkey:
4.875%, 10/09/26		USD		680		674,900
6.000%, 03/25/27		USD		945		1,014,694
6.875%, 03/17/36		USD		625		704,687
6.000%, 01/14/41		USD		115		118,163
4.875%, 04/16/43		USD		920		816,500
6.625%, 02/17/45		USD		2,115		2,331,787

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
5.750%, 05/11/47		USD		385	$	378,262
Turkey Government Bonds:
8.500%, 07/10/19		TRY		14,780		3,941,873
10.700%, 02/17/21		TRY		9,755		2,700,254
9.500%, 01/12/22		TRY		860		229,787
7.100%, 03/08/23		TRY		4,050		966,762
9.000%, 07/24/24		TRY		4,460		1,147,875
8.000%, 03/12/25		TRY		18,350		4,430,482
						19,456,026
Ukraine \| 2.7%
Ukraine Government Bonds:
7.750%, 09/01/19 (c)		USD		36		37,926
7.750%, 09/01/19		USD		1,375		1,448,562
7.750%, 09/01/20 (c)		USD		182		192,922
7.750%, 09/01/20		USD		965		1,022,900
7.750%, 09/01/21		USD		100		106,150
7.750%, 09/01/22		USD		1,585		1,679,307
7.750%, 09/01/24		USD		710		741,240
7.750%, 09/01/26		USD		1,385		1,422,395
7.750%, 09/01/27		USD		690		707,250
7.375%, 09/25/32 (c)		USD		430		418,713
						7,777,365
Uruguay \| 0.1%
Republica Orient Uruguay, 9.875%, 06/20/22 (c)		UYU		10,930		406,509
Venezuela \| 0.4%
Republic of Venezuela:
7.000%, 12/01/18		USD		84		54,600
7.750%, 10/13/19		USD		245		109,638
6.000%, 12/09/20		USD		121		46,585
12.750%, 08/23/22		USD		290		134,125
9.000%, 05/07/23		USD		156		54,600
8.250%, 10/13/24		USD		304		103,360
7.650%, 04/21/25		USD		270		91,125
11.750%, 10/21/26		USD		254		97,790
9.250%, 09/15/27		USD		322		127,995
9.250%, 05/07/28		USD		252		86,310
11.950%, 08/05/31		USD		392		156,800
9.375%, 01/13/34		USD		296		103,600
7.000%, 03/31/38		USD		170		56,525
						1,223,053
Zambia \| 0.7%
Republic of Zambia:
5.375%, 09/20/22		USD		215		204,788
8.500%, 04/14/24		USD		1,680		1,791,300
						1,996,088
Total Foreign Government Obligations (Cost $237,842,525)						243,579,947

Description	Security Currency		Principal Amount (000)		Fair Value
Quasi Government Bonds \| 6.2%
Azerbaijan \| 0.1%
State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23		USD		330	$	330,330
Brazil \| 0.2%
Caixa Economica Federal:
3.500%, 11/07/22		USD		290		284,200
7.250%, 07/23/24		USD		270		281,475
						565,675
Ecuador \| 0.1%
EP Petroecuador, 6.961% (USD LIBOR 3 Month + 5.630%), 09/24/19 (d)		USD		242		243,316
Indonesia \| 0.5%
PT Perusahaan Listrik Negara, 5.250%, 05/15/47 (c)		USD		670		697,784
PT Pertamina Persero, 6.000%, 05/03/42		USD		630		709,897
						1,407,681
Kazakhstan \| 0.0%
Kazakhstan Temir Zholy National Co. JSC, 6.375%, 10/06/20		USD		1		1,082
Mexico \| 1.0%
Petroleos Mexicanos:
4.967% (USD LIBOR 3 Month + 3.650%), 03/11/22 (c), (d)		USD		635		691,388
5.375%, 03/13/22 (c)		USD		635		678,466
5.500%, 06/27/44		USD		1,525		1,418,250
						2,788,104
Oman \| 0.4%
Lamar Funding, Ltd., 3.958%, 05/07/25		USD		1,185		1,112,419
Peru \| 0.3%
Corp. Financiera de Desarrollo SA, 4.750%, 07/15/25		USD		655		704,125
Petroleos del Peru SA, 5.625%, 06/19/47 (c)		USD		230		239,775
						943,900
Russia \| 0.2%
Russian Railways via RZD Capital PLC, 5.700%, 04/05/22		USD		550		596,387
South Africa \| 1.2%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21		USD		1,850		1,877,750
6.750%, 08/06/23		USD		950		981,825
7.850%, 04/02/26		ZAR		9,000		589,366
						3,448,941

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (concluded)
Tunisia \| 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25		USD		360	$	350,550
Turkey \| 1.0%
Export Credit Bank of Turkey:
5.875%, 04/24/19		USD		500		517,500
5.375%, 02/08/21		USD		1,265		1,309,275
4.250%, 09/18/22 (c)		USD		925		911,125
TC Ziraat Bankasi AS, 4.750%, 04/29/21		USD		280		283,856
						3,021,756
Ukraine \| 0.7%
Ukreximbank Via Biz Finance PLC:
9.625%, 04/27/22		USD		265		283,741
9.750%, 01/22/25		USD		1,495		1,606,183
						1,889,924
Venezuela \| 0.4%
Petroleos de Venezuela SA:
8.500%, 10/27/20		USD		294		244,020
9.000%, 11/17/21		USD		325		133,656
12.750%, 02/17/22		USD		273		127,314
6.000%, 05/16/24		USD		346		105,184
6.000%, 11/15/26		USD		474		143,859
5.375%, 04/12/27		USD		578		173,400
9.750%, 05/17/35		USD		430		145,662
5.500%, 04/12/37		USD		290		87,725
						1,160,820
Total Quasi Government Bonds (Cost $18,045,825)						17,860,885

Description

Fair
Value

Short-Term Investments | 6.4%

State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield)
(Cost $18,327,069)

18,327,069

Total Investments | 101.1%
(Cost $283,178,326) (f)

289,163,002

Liabilities in Excess of Cash and Other Assets | (1.1)%

(3,117,021

)

Net Assets | 100.0%

286,045,981

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	6,106,925	USD	348,024	BOA	10/02/17	$	4,753	$	—
ARS	4,192,900	USD	230,000	CIT	12/05/17		4,106		—
ARS	6,106,925	USD	352,492	JPM	10/02/17		285		—
ARS	2,580,000	USD	147,936	JPM	10/12/17		356		—
ARS	16,245,110	USD	927,492	JPM	11/01/17		—		4,036
BRL	4,407,752	USD	1,396,626	BOA	10/03/17		—		4,917
BRL	3,131,073	USD	988,344	BRC	10/03/17		265		—
BRL	3,146,109	USD	1,010,960	BRC	11/03/17		—		21,913
BRL	1,942,358	USD	574,322	SCB	10/03/17		38,960		—
BRL	3,939,760	USD	1,157,255	SCB	10/03/17		86,690		—
BRL	4,407,752	USD	1,397,512	SCB	10/03/17		—		5,802
BRL	11,566,549	USD	3,651,057	SCB	10/03/17		980		—
BRL	3,146,108	USD	1,011,220	SCB	11/03/17		—		22,173
CAD	1,090	USD	899	BRC	10/05/17		—		25
CAD	484,675	USD	386,592	BRC	10/05/17		1,857		—
CAD	723,768	USD	578,438	BRC	10/05/17		1,634		—
CAD	725,480	USD	578,438	BRC	10/05/17		3,007		—
CAD	15,995	USD	13,187	BRC	10/12/17		—		367
CAD	162,208	USD	129,986	BRC	10/12/17		25		—
CAD	240,408	USD	192,137	BRC	10/12/17		551		—
CAD	638,594	USD	512,923	BRC	10/12/17		—		1,087
CAD	178,760	USD	142,991	CIT	10/05/17		279		—
CAD	179,336	USD	142,991	CIT	10/05/17		740		—
CAD	262,350	USD	209,641	CIT	10/12/17		634		—
CAD	527,009	USD	420,526	JPM	10/05/17		1,852		—
CAD	261,611	USD	209,641	JPM	10/12/17		41		—
CAD	519,638	USD	418,160	JPM	10/12/17		—		1,669
CAD	366,949	USD	292,882	SCB	10/05/17		1,214		—
CAD	209,884	USD	168,917	SCB	10/12/17		—		694
CAD	399,824	USD	319,651	SCB	10/12/17		809		—
CAD	476,555	USD	381,802	SCB	10/12/17		160		—
CLP	250,635,000	USD	372,000	BRC	11/24/17		19,155		—
CLP	333,445,000	USD	490,000	BRC	11/24/17		30,393		—
CLP	469,795,694	USD	720,490	BRC	11/24/17		12,699		—
CLP	250,356,000	USD	372,000	CIT	11/24/17		18,719		—
CLP	1,049,641,757	USD	1,609,510	SCB	11/24/17		28,619		—
CZK	7,867,776	USD	337,311	BOA	11/03/17		21,165		—
CZK	7,867,776	USD	337,311	BRC	11/03/17		21,165		—
CZK	32,672,014	USD	1,340,000	BRC	11/03/17		148,620		—
CZK	21,827,993	USD	986,759	BRC	11/20/17		8,676		—
CZK	13,861,648	USD	629,046	BRC	12/04/17		3,564		—
CZK	18,453,161	USD	835,325	BRC	12/04/17		6,830		—
CZK	23,612,009	USD	1,069,675	CIT	12/04/17		7,916		—
CZK	28,166,694	USD	1,275,954	CIT	12/04/17		9,500		—
CZK	30,559,865	USD	1,381,861	JPM	11/20/17		11,778		—
CZK	10,645,715	USD	481,380	SCB	11/20/17		4,103		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CZK	15,746,148	USD	680,000	SCB	12/04/17	$	38,613	$	—
EUR	754,444	USD	860,399	BRC	10/10/17		31,619		—
EUR	464,447	USD	529,601	JPM	10/10/17		19,538		—
EUR	267,639	USD	314,886	SCB	11/20/17		2,242		—
HUF	26,013,145	USD	96,178	BRC	11/06/17		2,597		—
HUF	37,386,272	USD	142,908	BRC	11/06/17		—		949
HUF	41,572,350	USD	159,532	BRC	11/06/17		—		1,677
HUF	42,996,031	USD	165,541	BRC	11/06/17		—		2,280
HUF	58,138,981	USD	223,052	BRC	11/06/17		—		2,291
HUF	62,024,027	USD	239,143	BRC	11/06/17		—		3,630
HUF	83,007,288	USD	318,886	BRC	11/06/17		—		3,698
HUF	41,605,894	USD	153,822	CIT	11/06/17		4,160		—
HUF	45,257,763	USD	173,470	CIT	11/06/17		—		1,621
HUF	91,006,581	USD	349,447	CIT	11/06/17		—		3,885
HUF	91,239,800	USD	349,806	CIT	11/06/17		—		3,358
HUF	94,400,336	USD	363,890	CIT	11/06/17		—		5,441
HUF	137,526,907	USD	525,425	CIT	11/06/17		—		3,220
HUF	140,316,418	USD	540,857	CIT	11/06/17		—		8,060
HUF	1,202,096,502	USD	4,653,067	CIT	11/06/17		—		88,571
HUF	65,032,371	USD	250,569	SCB	11/06/17		—		3,634
HUF	87,458,903	USD	335,332	SCB	11/06/17		—		3,240
HUF	420,176,200	USD	1,640,000	SCB	11/06/17		—		44,544
IDR	1,181,885,492	USD	80,951	BRC	11/27/17		6,382		—
IDR	1,183,598,492	USD	81,375	BRC	11/27/17		6,084		—
IDR	1,183,598,492	USD	81,319	BRC	11/27/17		6,140		—
IDR	3,495,163,916	USD	236,303	BRC	11/27/17		21,964		—
IDR	1,758,932,382	USD	119,696	BRC	12/04/17		10,196		—
IDR	1,758,932,382	USD	119,982	BRC	12/04/17		9,910		—
IDR	2,970,541,910	USD	208,899	BRC	12/13/17		10,287		—
IDR	3,481,660,980	USD	244,929	BRC	12/13/17		11,971		—
IDR	4,663,694,640	USD	329,473	BRC	12/13/17		14,645		—
IDR	3,463,076,484	USD	242,682	BRC	12/14/17		12,823		—
IDR	49,496,392	USD	3,438	BRC	12/27/17		209		—
IDR	3,463,076,484	USD	240,425	BRC	12/27/17		14,779		—
IDR	4,160,167,116	USD	288,951	BRC	12/27/17		17,623		—
IDR	4,519,497,530	USD	313,876	BRC	12/27/17		19,178		—
IDR	5,382,705,420	USD	394,424	BRC	12/27/17		2,242		—
IDR	17,409,600,000	USD	1,240,000	BRC	12/27/17		42,960		—
IDR	787,199,695	USD	55,534	BRC	01/05/18		2,429		—
IDR	1,345,140,199	USD	94,795	BRC	01/05/18		4,250		—
IDR	1,530,229,664	USD	107,953	BRC	01/05/18		4,721		—
IDR	1,821,047,253	USD	132,778	BRC	01/05/18		1,309		—
IDR	3,956,043,386	USD	279,777	BRC	01/05/18		11,514		—
IDR	7,151,754,174	USD	529,172	BRC	01/05/18		—		2,575
IDR	3,868,555,224	USD	272,242	BRC	01/08/18		12,526		—
IDR	4,147,970,000	USD	302,000	BRC	01/08/18		3,336		—
IDR	7,573,887,656	USD	543,515	BRC	01/08/18		14,005		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR	470,249,986	USD	34,138	BRC	03/20/18	$	246	$	—
IDR	1,998,039,428	USD	140,776	CIT	12/15/17		6,625		—
IDR	5,720,399,663	USD	402,137	CIT	12/15/17		19,875		—
IDR	7,905,986,130	USD	549,599	CIT	12/20/17		33,385		—
IDR	4,648,750,990	USD	324,294	CIT	12/21/17		18,472		—
IDR	6,893,584,028	USD	480,724	CIT	12/21/17		27,560		—
IDR	1,933,997,070	USD	134,259	CIT	12/27/17		8,263		—
IDR	1,941,599,724	USD	134,974	CIT	12/27/17		8,108		—
IDR	4,641,509,626	USD	321,768	CIT	12/27/17		20,277		—
IDR	7,718,439,091	USD	535,668	CIT	12/27/17		33,125		—
IDR	7,905,986,130	USD	548,912	CIT	12/27/17		33,701		—
IDR	11,542,335,018	USD	801,551	CIT	12/27/17		49,035		—
IDR	1,881,865,525	USD	137,222	CIT	01/05/18		1,343		—
IDR	1,929,085,187	USD	136,061	CIT	01/05/18		5,981		—
IDR	5,219,910,437	USD	368,508	CIT	01/05/18		15,844		—
IDR	6,236,713,482	USD	439,761	CIT	01/05/18		19,459		—
IDR	11,152,379,368	USD	786,047	CIT	01/05/18		35,123		—
IDR	12,730,560,000	USD	894,000	CIT	01/05/18		43,375		—
IDR	5,795,816,130	USD	406,867	CIT	01/08/18		19,769		—
IDR	11,575,279,472	USD	812,528	CIT	01/08/18		39,538		—
IDR	4,966,950,788	USD	339,853	JPM	12/04/17		26,942		—
IDR	3,253,670,937	USD	226,816	JPM	12/22/17		13,065		—
IDR	33,065,552	USD	2,301	JPM	12/27/17		136		—
IDR	3,253,670,937	USD	226,059	JPM	12/27/17		13,713		—
IDR	3,885,945,948	USD	269,296	JPM	12/27/17		17,070		—
IDR	7,041,735,915	USD	515,576	JPM	12/27/17		3,349		—
IDR	2,422,577,808	USD	170,905	JPM	01/05/18		7,474		—
IDR	2,548,455,691	USD	179,722	JPM	01/05/18		7,926		—
IDR	4,268,189,847	USD	301,716	JPM	01/05/18		12,559		—
IDR	16,339,780,007	USD	1,208,564	JPM	01/05/18		—		5,435
IDR	8,669,303,615	USD	621,678	JPM	01/08/18		16,477		—
IDR	2,561,179,325	USD	185,862	JPM	03/20/18		1,407		—
IDR	2,925,300,000	USD	210,000	JPM	03/20/18		3,893		—
IDR	4,998,722,517	USD	351,528	SCB	12/15/17		17,244		—
IDR	3,938,200,000	USD	290,000	SCB	12/18/17		454		—
IDR	3,872,854,298	USD	268,389	SCB	12/27/17		17,012		—
IDR	4,004,739,672	USD	278,688	SCB	12/27/17		16,433		—
IDR	4,998,722,517	USD	346,580	SCB	12/27/17		21,789		—
IDR	7,085,400,000	USD	490,000	SCB	12/27/17		32,142		—
IDR	4,077,400,000	USD	290,000	SCB	01/05/18		10,227		—
IDR	12,882,540,000	USD	894,000	SCB	01/05/18		54,565		—
IDR	13,140,158,637	USD	972,265	SCB	01/05/18		—		4,730
IDR	9,960,825,372	USD	714,806	SCB	01/08/18		18,419		—
IDR	2,548,455,691	USD	179,722	UBS	01/05/18		7,926		—
INR	9,362,800	USD	142,400	BRC	01/05/18		—		588
INR	12,514,410	USD	189,900	BRC	01/05/18		—		352
INR	12,763,668	USD	193,800	BRC	01/05/18		—		477

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
INR	23,024,843	USD	352,844	BRC	01/05/18	$	—	$	4,102
INR	9,375,616	USD	142,400	JPM	01/05/18		—		394
INR	26,226,079	USD	397,800	JPM	01/05/18		—		570
INR	12,503,016	USD	189,900	SCB	01/05/18		—		525
INR	12,761,730	USD	193,800	SCB	01/05/18		—		506
KRW	198,510,853	USD	178,069	BRC	01/08/18		—		4,530
KRW	716,662,378	USD	645,003	BRC	01/08/18		—		18,495
KRW	198,555,370	USD	178,069	BRC	01/12/18		—		4,478
KRW	207,149,587	USD	186,403	BRC	01/12/18		—		5,298
KRW	207,503,753	USD	186,403	BRC	01/12/18		—		4,989
KRW	207,727,436	USD	186,403	BRC	01/12/18		—		4,793
KRW	285,661,762	USD	255,901	CIT	01/12/18		—		6,155
KRW	353,773,917	USD	317,762	CIT	01/12/18		—		8,468
KRW	410,979,433	USD	369,997	JPM	01/08/18		—		10,718
KRW	572,100,772	USD	512,290	JPM	01/08/18		—		12,158
KRW	225,555,996	USD	202,948	JPM	01/12/18		—		5,751
KRW	455,244,941	USD	408,420	JPM	01/12/18		—		10,413
KRW	481,794,362	USD	431,712	JPM	01/12/18		—		10,493
KRW	163,883,562	USD	146,573	SCB	01/08/18		—		3,306
KRW	88,569,627	USD	79,463	SCB	01/12/18		—		2,029
KRW	189,377,951	USD	170,120	SCB	01/12/18		—		4,553
KRW	316,705,419	USD	284,935	SCB	01/12/18		—		8,049
MXN	79,434,043	USD	4,378,220	CIT	10/10/17		—		21,384
MXN	79,434,043	USD	4,376,652	JPM	10/10/17		—		19,816
MXN	3,763,862	USD	210,000	SCB	10/10/17		—		3,558
MYR	4,187,148	USD	980,000	SCB	10/19/17		11,053		—
PEN	833,226	USD	256,574	BOA	11/09/17		—		1,638
PEN	839,394	USD	256,578	BOA	11/09/17		246		—
PEN	1,053,196	USD	321,931	BOA	11/09/17		309		—
PEN	16,579	USD	5,097	BRC	11/09/17		—		25
PEN	324,934	USD	99,262	BRC	11/09/17		156		—
PEN	897,260	USD	276,151	BRC	11/09/17		—		1,623
PEN	637,940	USD	194,850	CIT	11/09/17		336		—
PEN	4,404,063	USD	1,355,111	CIT	11/09/17		—		7,630
PEN	1,489,062	USD	458,738	JPM	11/09/17		—		3,139
PEN	3,783,489	USD	1,163,529	JPM	11/09/17		—		5,921
PEN	4,197,989	USD	1,291,374	SCB	11/09/17		—		6,944
PHP	25,750,000	USD	500,000	BRC	10/19/17		6,454		—
PLN	3,686,207	USD	1,038,836	BOA	11/20/17		—		28,670
PLN	3,686,207	USD	1,038,800	BRC	11/20/17		—		28,633
PLN	3,686,205	USD	1,038,660	CIT	11/20/17		—		28,494
PLN	3,686,207	USD	1,038,120	JPM	11/20/17		—		27,953
PLN	3,686,207	USD	1,038,090	SCB	11/20/17		—		27,924
RON	9,570,818	USD	2,499,495	JPM	12/18/17		—		38,060
RON	6,292,534	USD	1,642,831	SCB	12/18/17		—		24,508
RUB	32,522,221	USD	559,209	BOA	10/05/17		5,586		—
RUB	10,285,512	USD	175,882	BRC	10/05/17		2,741		—

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
RUB	32,522,221	USD	559,185	BRC	10/05/17	$	5,610	$	—
RUB	104,043,247	USD	1,721,644	BRC	10/05/17		85,218		—
RUB	32,522,223	USD	559,282	CIT	10/05/17		5,514		—
RUB	66,071,665	USD	1,130,184	CIT	10/05/17		17,247		—
RUB	32,522,221	USD	558,993	JPM	10/05/17		5,802		—
RUB	17,771,023	USD	303,934	SCB	10/05/17		4,686		—
RUB	32,522,221	USD	560,342	SCB	10/05/17		4,454		—
THB	75,122,712	USD	2,218,431	BRC	10/19/17		34,424		—
THB	4,314,310	USD	130,000	SCB	10/19/17		—		618
TRY	106,406	USD	27,733	BOA	01/31/18		1,124		—
TRY	986,420	USD	256,466	BOA	01/31/18		11,047		—
TRY	1,142,595	USD	300,335	BOA	01/31/18		9,532		—
TRY	2,376,232	USD	624,617	BOA	01/31/18		19,806		—
TRY	2,475,897	USD	647,446	BOA	01/31/18		24,007		—
TRY	3,438,092	USD	893,824	BOA	01/31/18		38,572		—
TRY	3,084,147	USD	893,244	BRC	10/19/17		—		31,956
TWD	5,746,708	USD	189,974	BRC	01/08/18		466		—
TWD	12,414,238	USD	413,877	BRC	01/08/18		—		2,481
TWD	30,020,000	USD	1,000,000	BRC	01/08/18		—		5,167
TWD	4,707,416	USD	156,237	BRC	01/12/18		—		206
TWD	8,225,982	USD	273,252	BRC	01/12/18		—		596
TWD	8,231,174	USD	273,252	BRC	01/12/18		—		424
TWD	8,953,508	USD	295,959	CIT	01/08/18		751		—
TWD	12,182,115	USD	406,091	JPM	01/08/18		—		2,388
TWD	6,222,322	USD	206,722	JPM	01/12/18		—		479
TWD	6,226,456	USD	206,722	JPM	01/12/18		—		342
TWD	15,227,489	USD	505,192	JPM	01/12/18		—		466
TWD	2,695,533	USD	90,016	SCB	01/08/18		—		689
TWD	5,310,493	USD	175,495	SCB	01/08/18		489		—
TWD	2,703,185	USD	90,016	SCB	01/12/18		—		417
TWD	5,459,975	USD	181,455	SCB	01/12/18		—		480
TWD	5,464,511	USD	181,455	SCB	01/12/18		—		330
USD	345,610	ARS	6,106,925	BOA	10/02/17		—		7,167
USD	348,024	ARS	6,106,925	JPM	10/02/17		—		4,753
USD	1,391,336	BRL	4,407,752	BOA	10/03/17		—		373
USD	1,390,919	BRL	4,407,752	BOA	11/03/17		5,247		—
USD	990,000	BRL	3,131,073	BRC	10/03/17		1,391		—
USD	94,370	BRL	299,766	BRC	11/03/17		132		—
USD	547,126	BRL	1,847,646	BRC	11/03/17		—		33,721
USD	419,246	BRL	1,468,619	BRC	02/09/18		—		36,825
USD	683,822	BRL	2,402,610	JPM	02/09/18		—		62,295
USD	613,118	BRL	1,942,358	SCB	10/03/17		—		165
USD	1,243,611	BRL	3,939,760	SCB	10/03/17		—		334
USD	1,391,336	BRL	4,407,752	SCB	10/03/17		—		373
USD	3,602,052	BRL	11,566,549	SCB	10/03/17		—		49,985
USD	215,630	BRL	684,841	SCB	11/03/17		336		—
USD	388,392	BRL	1,311,794	SCB	11/03/17		—		23,999

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	682,470	BRL	2,167,388	SCB	11/03/17	$	1,105	$	—
USD	1,081,073	BRL	3,675,217	SCB	11/03/17		—		74,310
USD	1,083,927	BRL	3,590,292	SCB	11/03/17		—		44,758
USD	1,391,797	BRL	4,407,752	SCB	11/03/17		6,126		—
USD	193,109	BRL	676,308	SCB	02/09/18		—		16,914
USD	1,544,481	BRL	5,214,942	UBS	11/03/17		—		94,948
USD	683,822	BRL	2,402,063	UBS	02/09/18		—		62,125
USD	603,932	CAD	796,767	BRC	10/05/17		—		34,647
USD	604,764	CAD	796,767	BRC	10/12/17		—		33,849
USD	604,215	CAD	796,766	CIT	10/05/17		—		34,363
USD	604,907	CAD	796,766	CIT	10/12/17		—		33,705
USD	604,000	CAD	796,767	JPM	10/05/17		—		34,578
USD	604,775	CAD	796,767	JPM	10/12/17		—		33,837
USD	603,863	CAD	796,767	SCB	10/05/17		—		34,715
USD	604,624	CAD	796,767	SCB	10/12/17		—		33,989
USD	371,458	CLP	247,093,853	BOA	11/24/17		—		14,170
USD	322,443	CLP	215,214,908	BRC	11/24/17		—		13,433
USD	371,933	CLP	247,093,854	BRC	11/24/17		—		13,695
USD	709,848	CLP	446,317,194	BRC	11/24/17		13,301		—
USD	170,000	CLP	106,564,500	SCB	11/24/17		3,690		—
USD	1,260,152	CLP	791,690,230	SCB	11/24/17		24,596		—
USD	106,836	COP	314,364,667	BRC	10/19/17		11		—
USD	772,010	COP	2,270,674,695	JPM	10/19/17		409		—
USD	284,031	CZK	6,238,707	SCB	11/03/17		—		221
USD	283,788	CZK	6,219,419	SCB	12/04/17		—		50
USD	3,070,317	EUR	2,627,659	BRC	10/10/17		—		36,497
USD	1,085,979	EUR	923,471	BRC	11/20/17		—		8,249
USD	2,579,683	EUR	2,207,366	JPM	10/10/17		—		30,198
USD	2,078,907	EUR	1,768,003	JPM	11/20/17		—		16,015
USD	121,189	HUF	34,617,618	BRC	11/06/17		—		10,258
USD	292,798	HUF	83,526,344	BRC	11/06/17		—		24,361
USD	586,314	HUF	167,052,688	BRC	11/06/17		—		48,004
USD	168,811	HUF	48,192,184	CIT	11/06/17		—		14,180
USD	292,808	HUF	83,526,345	CIT	11/06/17		—		24,351
USD	586,253	HUF	167,052,690	CIT	11/06/17		—		48,065
USD	586,296	HUF	167,052,688	CIT	11/06/17		—		48,022
USD	292,808	HUF	83,526,344	SCB	11/06/17		—		24,351
USD	585,944	HUF	167,052,688	SCB	11/06/17		—		48,374
USD	292,910	HUF	83,526,344	UBS	11/06/17		—		24,248
USD	292,910	HUF	83,526,344	UBS	11/06/17		—		24,249
USD	586,211	HUF	167,052,688	UBS	11/06/17		—		48,106
USD	3,454	IDR	49,496,392	BRC	11/27/17		—		203
USD	490,000	IDR	6,994,750,000	BRC	11/27/17		—		26,861
USD	314,465	IDR	4,519,497,530	BRC	12/13/17		—		19,013
USD	240,826	IDR	3,463,076,484	BRC	12/14/17		—		14,679
USD	230,000	IDR	3,133,750,000	BRC	12/18/17		—		1,124
USD	1,250,000	IDR	17,525,000,000	BRC	12/18/17		—		42,522

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	384,450	IDR	5,217,753,767	BRC	12/27/17	$	—	$	60
USD	665,000	IDR	9,010,750,000	BRC	12/27/17		974		—
USD	665,000	IDR	9,022,055,000	BRC	12/27/17		140		—
USD	913,517	IDR	12,400,986,801	BRC	12/27/17		—		346
USD	913,517	IDR	12,400,986,801	BRC	12/27/17		—		346
USD	112,200	IDR	1,523,115,000	BRC	01/05/18		50		—
USD	149,600	IDR	2,034,934,000	BRC	01/05/18		—		236
USD	150,715	IDR	2,050,472,541	BRC	01/05/18		—		265
USD	152,000	IDR	2,065,376,000	BRC	01/05/18		—		77
USD	2,437,364	IDR	33,360,205,722	BRC	01/08/18		—		18,310
USD	536,618	IDR	7,718,439,091	CIT	12/15/17		—		32,796
USD	549,408	IDR	7,905,986,130	CIT	12/20/17		—		33,576
USD	802,108	IDR	11,542,335,018	CIT	12/21/17		—		48,942
USD	195,624	IDR	2,661,464,520	CIT	01/05/18		—		345
USD	1,542,636	IDR	21,118,682,185	CIT	01/08/18		—		11,930
USD	2,308	IDR	33,065,552	JPM	12/04/17		—		134
USD	590,000	IDR	8,451,750,000	JPM	12/04/17		—		34,137
USD	226,185	IDR	3,253,670,937	JPM	12/22/17		—		13,696
USD	815,372	IDR	11,075,195,995	JPM	12/27/17		—		789
USD	914,190	IDR	12,400,986,799	JPM	12/27/17		328		—
USD	112,200	IDR	1,525,920,000	JPM	01/05/18		—		156
USD	460,000	IDR	6,596,400,000	SCB	12/13/17		—		26,726
USD	347,134	IDR	4,998,722,517	SCB	12/15/17		—		21,638
USD	914,123	IDR	12,400,986,801	SCB	12/27/17		260		—
USD	136,061	IDR	1,852,475,416	SCB	01/05/18		—		340
USD	149,600	IDR	2,033,812,000	SCB	01/05/18		—		153
USD	152,000	IDR	2,065,680,000	SCB	01/05/18		—		100
USD	7,725	INR	498,919	BRC	01/05/18		168		—
USD	580,000	INR	37,584,000	BRC	01/05/18		10,739		—
USD	4,033,712	INR	258,802,933	CIT	10/18/17		78,608		—
USD	1,232,844	INR	80,449,243	CIT	01/05/18		14,331		—
USD	579,222	KRW	659,948,011	BRC	01/08/18		2,294		—
USD	13,326	KRW	14,872,184	BRC	01/12/18		324		—
USD	578,912	KRW	659,948,011	BRC	01/12/18		1,939		—
USD	579,181	KRW	659,948,011	CIT	01/08/18		2,253		—
USD	578,547	KRW	659,948,010	CIT	01/12/18		1,574		—
USD	579,334	KRW	659,948,011	JPM	01/08/18		2,406		—
USD	578,810	KRW	659,948,011	JPM	01/12/18		1,838		—
USD	579,410	KRW	659,948,011	SCB	01/08/18		2,482		—
USD	579,054	KRW	659,948,011	SCB	01/12/18		2,081		—
USD	626,057	MXN	11,381,371	SCB	10/10/17		1,806		—
USD	153,017	MYR	642,825	SCB	10/19/17		867		—
USD	610,000	MYR	2,577,860	SCB	10/19/17		—		152
USD	865,521	MYR	3,726,499	SCB	10/19/17		—		16,501
USD	367,948	PEN	1,200,063	BRC	11/09/17		773		—
USD	372,824	PEN	1,213,544	BRC	11/09/17		1,525		—
USD	1,220,801	PEN	4,078,698	BRC	11/09/17		—		27,130

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	731,990	PEN	2,392,509	CIT	11/09/17	$	—	$	30
USD	1,057,176	PEN	3,440,049	CIT	11/09/17		4,647		—
USD	1,415,000	PEN	4,643,323	CIT	11/09/17		—		5,685
USD	591,544	PEN	1,934,052	JPM	11/09/17		—		205
USD	749,199	PEN	2,504,196	JPM	11/09/17		—		16,993
USD	550,000	PHP	28,045,600	BRC	10/19/17		—		1,604
USD	1,165,019	PLN	4,245,434	SCB	11/20/17		1,602		—
USD	550,305	RUB	32,522,221	BOA	01/10/18		—		5,399
USD	707,175	RUB	42,414,700	BRC	10/05/17		—		29,418
USD	719,972	RUB	43,417,548	BRC	10/05/17		—		34,037
USD	746,045	RUB	45,499,020	BRC	10/05/17		—		44,112
USD	550,291	RUB	32,522,221	BRC	01/10/18		—		5,413
USD	44,407	RUB	2,706,775	CIT	10/05/17		—		2,600
USD	719,745	RUB	43,417,548	CIT	10/05/17		—		34,264
USD	550,361	RUB	32,522,223	CIT	01/10/18		—		5,343
USD	719,608	RUB	43,417,549	JPM	10/05/17		—		34,401
USD	1,612,826	RUB	96,491,866	JPM	10/05/17		—		62,896
USD	550,128	RUB	32,522,221	JPM	01/10/18		—		5,576
USD	719,769	RUB	43,417,548	SCB	10/05/17		—		34,240
USD	551,420	RUB	32,522,221	SCB	01/10/18		—		4,284
USD	1,091,904	THB	36,316,721	BRC	10/19/17		2,802		—
USD	908,208	THB	30,313,273	SCB	10/19/17		—		856
USD	848,481	TRY	3,032,250	SCB	10/19/17		1,686		—
USD	579,031	TWD	17,573,597	BRC	01/08/18		—		3,340
USD	578,498	TWD	17,573,597	CIT	01/08/18		—		3,874
USD	1,155,816	TWD	35,147,194	CIT	01/12/18		—		9,162
USD	579,127	TWD	17,573,597	JPM	01/08/18		—		3,245
USD	569,128	TWD	17,292,951	JPM	01/12/18		—		4,059
USD	578,840	TWD	17,573,597	SCB	01/08/18		—		3,531
USD	588,181	TWD	17,854,243	UBS	01/12/18		—		3,610
USD	147,044	ZAR	1,997,660	BOA	11/20/17		626		—
USD	98,198	ZAR	1,284,720	BRC	10/05/17		3,337		—
USD	186,071	ZAR	2,450,735	BRC	10/05/17		5,114		—
USD	383,559	ZAR	5,046,450	BRC	10/05/17		10,941		—
USD	740,000	ZAR	9,705,322	BRC	10/05/17		23,381		—
USD	1,375,006	ZAR	18,785,331	BRC	10/10/17		—		10,920
USD	147,027	ZAR	1,997,660	BRC	11/20/17		609		—
USD	225,333	ZAR	2,967,619	CIT	10/05/17		6,211		—
USD	831,785	ZAR	10,883,656	CIT	10/05/17		28,160		—
USD	147,206	ZAR	1,997,660	JPM	11/20/17		788		—
USD	131,108	ZAR	1,722,337	SCB	10/05/17		3,934		—
USD	610,017	ZAR	7,977,381	SCB	10/05/17		20,986		—
USD	454,503	ZAR	6,144,426	SCB	10/10/17		1,185		—
USD	939,772	ZAR	12,183,858	SCB	10/10/17		40,883		—
USD	1,042,922	ZAR	13,583,573	SCB	10/10/17		40,766		—
USD	1,214,178	ZAR	15,713,646	SCB	10/10/17		54,871		—
USD	146,989	ZAR	1,997,660	SCB	11/20/17		572		—

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	460,000	ZAR	6,133,071	UBS	10/05/17	$	7,148	$	—
ZAR	1,997,660	USD	148,139	BOA	10/05/17		—		637
ZAR	1,997,660	USD	148,123	BRC	10/05/17		—		620
ZAR	2,253,144	USD	170,000	BRC	10/05/17		—		3,633
ZAR	4,857,690	USD	366,314	BRC	10/05/17		—		7,633
ZAR	6,553,618	USD	500,502	BRC	10/05/17		—		16,597
ZAR	6,553,616	USD	501,589	CIT	10/05/17		—		17,685
ZAR	1,997,660	USD	148,304	JPM	10/05/17		—		802
ZAR	4,857,689	USD	366,369	JPM	10/05/17		—		7,688
ZAR	6,553,618	USD	501,118	JPM	10/05/17		—		17,213
ZAR	1,997,660	USD	148,085	SCB	10/05/17		—		582
ZAR	6,553,618	USD	501,789	SCB	10/05/17		—		17,885
ZAR	20,780,664	USD	1,590,000	SCB	10/10/17		—		56,864
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	2,361,661	$	2,926,715

Interest Rate Swap Agreements open at September 30, 2017:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/
Received

Variable Rate

Unrealized
Appreciation

BRL

JPM

$ 19,955,166

01/04/21

10.29

Maturity

Brazil Cetip Interbank Deposit Rate

8,693

BRL

JPM

19,951,562

01/04/21

10.31

Maturity

Brazil Cetip Interbank Deposit Rate

9,691

BRL

JPM

16,282,839

01/04/21

10.59

Maturity

Brazil Cetip Interbank Deposit Rate

19,334

BRL

JPM

16,265,903

01/04/21

10.71

Maturity

Brazil Cetip Interbank Deposit Rate

21,712

Total gross unrealized appreciation on Interest Rate Swap Agreements

59,430

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio
Corporate Bonds \| 12.6%
Argentina \| 0.7%
AES Argentina Generacion SA, 7.750%, 02/02/24 (c)	USD		430	$	460,883
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		750		838,275
Genneia SA, 8.750%, 01/20/22 (c)	USD		330		360,584
					1,659,742
Bangladesh \| 0.2%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		600		626,160
Brazil \| 2.9%
Gerdau Trade, Inc., 4.750%, 04/15/23	USD		350		358,117
GTL Trade Finance, Inc., 5.893%, 04/29/24	USD		175		187,425
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		5,896		6,819,461
					7,365,003
Canada \| 0.1%
First Quantum Minerals, Ltd., 7.000%, 02/15/21 (c)	USD		260		267,475
Chile \| 0.9%
AES Gener SA, 8.375%, 12/18/73 (d)	USD		600		636,817
Empresa Electrica Angamos SA, 4.875%, 05/25/29	USD		650		659,818
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		377		386,469
VTR Finance BV, 6.875%, 01/15/24	USD		600		634,500
					2,317,604
China \| 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (c)	USD		400		348,000
Colombia \| 0.8%
Ecopetrol SA, 5.875%, 09/18/23	USD		620		689,440
Millicom International Cellular SA, 6.625%, 10/15/21	USD		440		454,300
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		905		932,602
					2,076,342
Georgia \| 0.1%
BGEO Group JSC, 6.000%, 07/26/23	USD		350		360,500

Description	Security Currency	Principal Amount (000)		Fair Value
Guatemala \| 0.4%
Comcel Trust, 6.875%, 02/06/24	USD		985	$	1,046,562
India \| 0.2%
JSW Steel, Ltd., 4.750%, 11/12/19	USD		320		326,183
Vedanta Resources PLC, 6.375%, 07/30/22 (c)	USD		225		234,000
					560,183
Israel \| 0.3%
Altice Financing SA, 7.500%, 05/15/26 (c)	USD		615		676,500
Mauritius \| 0.4%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (c)	USD		1,040		1,095,449
Mexico \| 0.3%
Banco Mercantil del Norte SA:
6.875%, 07/06/22 (c), (d), (g)	USD		450		478,688
7.625%, 01/10/28 (c), (d), (g)	USD		200		218,200
					696,888
Nigeria \| 0.4%
IHS Netherlands Holdco BV:
9.500%, 10/27/21	USD		200		209,359
9.500%, 10/27/21 (c)	USD		725		758,925
					968,284
Peru \| 1.0%
Cia Minera Ares SAC, 7.750%, 01/23/21	USD		840		880,950
Inkia Energy, Ltd., 8.375%, 04/04/21	USD		880		904,200
InRetail Shopping Malls, 6.500%, 07/09/21	USD		600		631,500
					2,416,650
Russia \| 1.1%
Evraz Group SA, 6.500%, 04/22/20	USD		310		329,762
Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21	USD		370		399,600
GTH Finance BV:
6.250%, 04/26/20	USD		300		317,832
7.250%, 04/26/23	USD		1,000		1,134,440
Sberbank of Russia, 5.500% (CMT 5 Year + 4.023%), 02/26/24 (d)	USD		620		633,175
					2,814,809

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
Saudi Arabia \| 0.4%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (c)		USD		875	$	901,726
Singapore \| 0.5%
Puma International Financing SA, 6.750%, 02/01/21		USD		1,100		1,133,000
South Africa \| 0.3%
MTN Mauritius Investment, Ltd., 5.373%, 02/13/22 (c)		USD		650		673,426
South Korea \| 0.5%
Harvest Operations Corp., 6.875%, 10/01/17		USD		700		700,000
SK E&S Co., Ltd., 4.875% (CMT 5 Year + 3.226%), 11/26/19 (d), (g)		USD		310		310,775
Woori Bank, 4.500% (CMT 5 Year + 3.306%), 09/27/21 (d), (g)		USD		320		318,377
						1,329,152
Thailand \| 0.1%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (d), (g)		USD		213		216,801
Turkey \| 0.4%
Turkiye Is Bankasi, 5.000%, 04/30/20		USD		655		665,644
Turkiye Vakiflar Bankasi TAO, 3.750%, 04/15/18		USD		320		320,400
						986,044
United Arab Emirates \| 0.4%
MAF Global Securities, Ltd., 7.125% (USD Swap 5 Year + 5.702%), 10/29/18 (d), (g)		USD		910		948,675
United States \| 0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (c)		USD		220		236,500
Total Corporate Bonds (Cost $30,380,683)						31,721,475
Foreign Government Obligations \| 32.2%
Argentina \| 4.1%
Argentina POM Politica Monetaria, 26.250%, 06/21/20 (ARPP7DRR) (d)		ARS		58,600		3,564,691
Republic of Argentina:
24.112%, 03/01/18 (BADLARPP + 2.750%) (d)		ARS		19,320		1,113,268
22.750%, 03/05/18		ARS		10,930		627,264

Description	Security Currency	Principal Amount (000)		Fair Value
23.913%, 03/11/19 (BADLARPP + 2.50%) (d)	ARS		4,030	$	234,718
7.500%, 04/22/26	USD		200		224,800
7.125%, 06/28/2117 (c)	USD		4,630		4,620,740
					10,385,481
Belize \| 0.6%
Republic of Belize, 6.767%, 02/20/34 (e)	USD		2,538		1,649,700
Brazil \| 2.1%
Brazil NTN-B:
6.000%, 05/15/35	BRL		970		1,019,023
6.000%, 08/15/50	BRL		2,470		2,639,434
Brazil NTN-F:
10.000%, 01/01/21	BRL		2,500		818,450
10.000%, 01/01/27	BRL		2,405		773,570
					5,250,477
Congo \| 1.3%
Republic of Congo, 6.000%, 06/30/29 (e)	USD		4,051		3,200,132
Ecuador \| 1.0%
Republic of Ecuador:
10.500%, 03/24/20	USD		200		215,500
10.750%, 03/28/22	USD		280		311,500
8.750%, 06/02/23	USD		600		618,000
7.950%, 06/20/24	USD		215		211,775
9.650%, 12/13/26	USD		290		304,500
9.625%, 06/02/27 (c)	USD		200		209,000
9.625%, 06/02/27	USD		570		595,650
					2,465,925
Egypt \| 1.5%
Arab Republic of Egypt, 8.500%, 01/31/47 (c)	USD		2,240		2,500,960
Egypt Treasury Bills:
0.000%, 07/10/18	EGP		1,300		64,483
0.000%, 07/24/18	EGP		25,300		1,247,010
					3,812,453
Ghana \| 1.7%
Ghana Government Bonds:
23.230%, 02/19/18	GHS		490		113,152
22.490%, 04/23/18	GHS		160		37,154
23.470%, 05/21/18	GHS		420		98,233
19.040%, 09/24/18	GHS		50		11,436
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		450		106,643
21.000%, 01/07/19	GHS		3,000		702,497
Republic of Ghana:
9.250%, 09/15/22	USD		425		471,219
7.875%, 08/07/23	USD		655		693,481

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Explorer Total Return Portfolio (continued)
8.125%, 01/18/26	USD		1,864	$	1,978,170
					4,211,985
Mozambique \| 1.6%
Mozambique International Bonds, 10.500%, 01/18/23	USD		5,308		4,140,240
Paraguay \| 0.2%
Republic of Paraguay:
6.100%, 08/11/44	USD		130		145,925
6.100%, 08/11/44 (c)	USD		255		286,238
					432,163
Peru \| 1.8%
Republic of Peru, 6.350%, 08/12/28	PEN		13,360		4,426,566
Russia \| 5.0%
Russia Government Bonds - OFZ, 7.750%, 09/16/26	RUB		713,910		12,614,477
South Africa \| 6.2%
Republic of South Africa:
7.750%, 02/28/23	ZAR		21,600		1,584,692
10.500%, 12/21/26	ZAR		109,010		9,031,742
8.250%, 03/31/32	ZAR		38,750		2,616,236
8.750%, 02/28/48	ZAR		36,600		2,445,017
					15,677,687
Turkey \| 1.2%
Republic of Turkey:
6.750%, 05/30/40	USD		920		1,021,947
6.000%, 01/14/41	USD		1,515		1,556,662
6.625%, 02/17/45	USD		320		352,800
5.750%, 05/11/47	USD		125		122,813
					3,054,222
Ukraine \| 3.0%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		4,175		4,398,363
7.750%, 09/01/20	USD		2,055		2,178,300
7.750%, 09/01/27	USD		600		615,000
7.375%, 09/25/32 (c)	USD		420		408,975
					7,600,638
Uruguay \| 0.5%
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		5,900		206,876
Uruguay Treasury Bills:
0.000%, 11/10/17	UYU		3,210		109,134
0.000%, 02/08/18	UYU		11,810		392,856
0.000%, 03/08/18	UYU		11,147		368,088
0.000%, 04/05/18	UYU		3,530		116,008
0.000%, 06/01/18	UYU		2,570		83,304
					1,276,266

Description	Security Currency		Principal Amount (000)		Fair Value
Venezuela \| 0.4%
Republic of Venezuela:
8.250%, 10/13/24		USD		630	$	214,200
7.650%, 04/21/25		USD		650		219,375
9.250%, 05/07/28		USD		625		214,063
9.375%, 01/13/34		USD		590		206,500
7.000%, 03/31/38		USD		670		222,775
						1,076,913
Total Foreign Government Obligations (Cost $80,051,220)						81,275,325
Quasi Government Bonds \| 1.2%
Ukraine \| 0.7%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22		USD		1,725		1,846,992
Venezuela \| 0.5%
Petroleos de Venezuela SA:
6.000%, 05/16/24		USD		970		294,880
6.000%, 11/15/26		USD		1,005		305,017
5.375%, 04/12/27		USD		995		298,500
5.500%, 04/12/37		USD		1,000		302,500
						1,200,897
Total Quasi Government Bonds (Cost $3,274,084)						3,047,889
US Treasury Securities \| 44.2%
US Treasury Bills:
0.000%, 10/05/17		USD		3,110		3,109,813
0.000%, 10/19/17		USD		16,000		15,993,087
0.000%, 10/26/17		USD		9,550		9,544,031
0.000%, 11/02/17		USD		44,030		43,993,805
0.000%, 11/16/17		USD		38,720		38,673,709
Total US Treasury Securities (Cost $111,308,795)						111,314,445

Description	Shares		Fair Value
Short-Term Investments \| 8.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $21,783,054)		21,783,054	$	21,783,054

Description

Counterparty

Number of
Contracts

Fair
Value

Purchased Options | 0.1%

Call

USD vs INR Oct 17 66.17,
Expires 10/30/17
(Notional Amount $9,880,000)

JPMS

98,800

37,544

USD vs INR Dec 17 68.06,
Expires 12/27/17
(Notional Amount $5,030,000)

JPMS

50,300

20,230

Description

Counterparty

Number of
Contracts

Fair
Value

Lazard Explorer Total Return Portfolio (continued)

Put

EUR vs PLN Jul 18 4.2,
Expires 07/30/18
(Notional Amount $13,711,000)

JPMS

137,110

115,056

EUR vs PLN Sep 18 4.2,
Expires 09/28/18
(Notional Amount $6,976,000)

JPMS

69,760

71,731

Total Purchased Options
(Cost $310,141)

244,561

Total Investments | 98.9%
(Cost $247,107,977) (f)

249,386,749

Cash and Other Assets in Excess of Liabilities | 1.1%

2,839,012

Net Assets | 100.0%

252,225,761

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	56,665	USD	3,117	CIT	10/02/17	$	156	$	—
ARS	10,537,800	USD	600,533	CIT	10/02/17		8,201		—
ARS	21,168,240	USD	1,206,346	CIT	10/02/17		16,474		—
ARS	1,843,130	USD	100,828	CIT	10/12/17		5,111		—
ARS	5,657,750	USD	306,819	CIT	10/12/17		18,374		—
ARS	28,378,392	USD	1,680,000	CIT	10/25/17		—		60,590
ARS	1,569,000	USD	85,041	CIT	10/27/17		4,395		—
ARS	28,223,000	USD	1,670,000	CIT	10/27/17		—		61,234
ARS	4,056,000	USD	240,000	CIT	11/13/17		—		10,906
ARS	22,477,000	USD	1,330,000	CIT	11/13/17		—		60,439
ARS	31,649,375	USD	1,826,804	JPM	10/02/17		1,477		—
ARS	13,760,000	USD	788,991	JPM	10/12/17		1,900		—
BRL	3,254,632	USD	1,045,833	BRC	11/03/17		—		22,669
BRL	3,254,632	USD	1,046,102	SCB	11/03/17		—		22,938
BRL	1,564,585	USD	468,846	SCB	02/09/18		17,027		—
BRL	1,706,683	USD	515,303	SCB	02/09/18		14,698		—
BRL	3,199,698	USD	950,876	SCB	02/09/18		42,772		—
CAD	954,765	USD	787,110	BRC	10/05/17		—		21,903
CAD	2,000,388	USD	1,595,571	BRC	10/05/17		7,664		—
CAD	3,019,759	USD	2,413,403	BRC	10/05/17		6,818		—
CAD	3,026,905	USD	2,413,403	BRC	10/05/17		12,546		—
CAD	676,778	USD	542,338	BRC	10/12/17		103		—
CAD	1,003,048	USD	801,648	BRC	10/12/17		2,300		—
CAD	2,711,123	USD	2,177,591	BRC	10/12/17		—		4,614
CAD	745,836	USD	596,597	CIT	10/05/17		1,162		—
CAD	748,240	USD	596,597	CIT	10/05/17		3,089		—
CAD	1,094,596	USD	874,679	CIT	10/12/17		2,645		—
CAD	2,175,111	USD	1,735,625	JPM	10/05/17		7,644		—
CAD	1,091,512	USD	874,679	JPM	10/12/17		173		—
CAD	2,206,098	USD	1,775,281	JPM	10/12/17		—		7,084
CAD	1,514,499	USD	1,208,804	SCB	10/05/17		5,009		—
CAD	891,052	USD	717,128	SCB	10/12/17		—		2,945
CAD	1,668,175	USD	1,333,673	SCB	10/12/17		3,377		—
CAD	1,988,321	USD	1,592,983	SCB	10/12/17		666		—
CAD	1,847,632	USD	1,430,000	UBS	10/12/17		50,885		—
EUR	2,670,408	USD	3,045,440	BRC	10/10/17		111,918		—
EUR	1,643,942	USD	1,874,560	JPM	10/10/17		69,155		—
HUF	168,565,175	USD	623,231	BRC	11/06/17		16,830		—
HUF	194,389,967	USD	743,053	BRC	11/06/17		—		4,932
HUF	213,877,692	USD	823,462	BRC	11/06/17		—		11,344
HUF	216,155,486	USD	829,485	BRC	11/06/17		—		8,718
HUF	302,293,705	USD	1,159,757	BRC	11/06/17		—		11,913
HUF	312,505,673	USD	1,204,911	BRC	11/06/17		—		18,292
HUF	431,596,501	USD	1,658,048	BRC	11/06/17		—		19,227
HUF	235,317,800	USD	901,957	CIT	11/06/17		—		8,428
HUF	269,606,193	USD	996,769	CIT	11/06/17		26,956		—

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
HUF	270,270,000	USD	990,000	CIT	11/06/17	$	36,246	$	—
HUF	469,581,154	USD	1,810,119	CIT	11/06/17		—		27,067
HUF	473,188,835	USD	1,816,952	CIT	11/06/17		—		20,201
HUF	474,401,456	USD	1,818,815	CIT	11/06/17		—		17,459
HUF	706,978,876	USD	2,725,089	CIT	11/06/17		—		40,611
HUF	715,071,328	USD	2,731,947	CIT	11/06/17		—		16,741
HUF	323,494,351	USD	1,246,419	SCB	11/06/17		—		18,074
HUF	454,742,679	USD	1,743,558	SCB	11/06/17		—		16,849
IDR	16,466,533,679	USD	1,157,577	BRC	12/11/17		57,653		—
IDR	20,850,173,612	USD	1,466,670	BRC	12/13/17		71,793		—
IDR	4,791,199,405	USD	351,081	BRC	12/27/17		1,996		—
IDR	16,466,533,679	USD	1,143,668	BRC	12/27/17		69,795		—
IDR	20,850,173,612	USD	1,448,029	BRC	12/27/17		88,476		—
IDR	4,090,882,320	USD	288,598	BRC	01/05/18		12,621		—
IDR	4,212,875,489	USD	297,205	BRC	01/05/18		12,997		—
IDR	6,831,024,849	USD	481,397	BRC	01/05/18		21,584		—
IDR	13,624,131,130	USD	993,374	BRC	01/05/18		9,796		—
IDR	19,572,004,159	USD	1,384,159	BRC	01/05/18		56,964		—
IDR	7,372,454,723	USD	529,060	BRC	01/08/18		13,633		—
IDR	36,233,100,000	USD	2,540,000	CIT	12/14/17		133,273		—
IDR	36,052,500,000	USD	2,530,000	CIT	12/15/17		129,707		—
IDR	36,052,500,000	USD	2,502,082	CIT	12/27/17		154,724		—
IDR	36,195,000,000	USD	2,511,449	CIT	12/27/17		155,858		—
IDR	10,323,931,874	USD	728,159	CIT	01/05/18		32,011		—
IDR	14,079,142,244	USD	1,026,626	CIT	01/05/18		10,048		—
IDR	25,824,820,312	USD	1,823,143	CIT	01/05/18		78,387		—
IDR	29,814,526,615	USD	2,101,402	CIT	01/05/18		93,897		—
IDR	31,671,900,570	USD	2,233,240	CIT	01/05/18		98,821		—
IDR	19,095,966,322	USD	1,342,423	JPM	12/11/17		66,860		—
IDR	15,273,493,015	USD	1,073,331	JPM	12/13/17		53,648		—
IDR	36,195,000,000	USD	2,540,000	JPM	12/14/17		130,462		—
IDR	6,267,918,707	USD	458,919	JPM	12/27/17		2,981		—
IDR	15,273,493,015	USD	1,060,659	JPM	12/27/17		64,886		—
IDR	19,095,966,322	USD	1,327,030	JPM	12/27/17		80,203		—
IDR	20,613,813,710	USD	1,431,316	JPM	12/27/17		87,771		—
IDR	12,941,822,110	USD	912,681	JPM	01/05/18		40,249		—
IDR	12,964,968,135	USD	914,636	JPM	01/05/18		39,999		—
IDR	21,116,307,373	USD	1,492,698	JPM	01/05/18		62,135		—
IDR	8,438,736,985	USD	605,144	JPM	01/08/18		16,039		—
IDR	37,207,961,998	USD	2,707,018	JPM	01/08/18		31,894		—
IDR	9,695,909,874	USD	695,795	SCB	01/08/18		17,929		—
IDR	9,944,617,823	USD	722,982	SCB	01/08/18		9,050		—
IDR	12,941,822,110	USD	912,681	UBS	01/05/18		40,249		—
INR	79,206,491	USD	1,223,228	BRC	11/01/17		—		14,810
INR	135,247,132	USD	2,088,759	BRC	11/01/17		—		25,353
INR	39,785,325	USD	605,100	BRC	01/05/18		—		2,497
INR	53,168,120	USD	806,800	BRC	01/05/18		—		1,497

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
INR	54,222,538	USD	823,300	BRC	01/05/18	$	—	$	2,026
INR	112,565,534	USD	1,723,083	BRC	03/19/18		—		32,095
INR	52,715,920	USD	806,917	CIT	03/19/18		—		15,006
INR	79,206,492	USD	1,223,550	JPM	11/01/17		—		15,131
INR	135,247,131	USD	2,088,759	JPM	11/01/17		—		25,353
INR	153,390,291	USD	2,313,230	JPM	12/29/17		11,871		—
INR	180,284,848	USD	2,716,770	JPM	12/29/17		16,001		—
INR	39,839,784	USD	605,100	JPM	01/05/18		—		1,672
INR	111,391,611	USD	1,689,600	JPM	01/05/18		—		2,423
INR	79,206,491	USD	1,223,361	SCB	11/01/17		—		14,942
INR	135,247,132	USD	2,089,404	SCB	11/01/17		—		25,998
INR	53,119,712	USD	806,800	SCB	01/05/18		—		2,230
INR	54,214,305	USD	823,300	SCB	01/05/18		—		2,151
KRW	956,372,483	USD	857,887	BRC	01/08/18		—		21,824
KRW	3,036,106,605	USD	2,732,523	BRC	01/08/18		—		78,352
KRW	921,640,119	USD	829,335	BRC	01/12/18		—		23,573
KRW	923,215,856	USD	829,335	BRC	01/12/18		—		22,195
KRW	924,211,058	USD	829,335	BRC	01/12/18		—		21,325
KRW	956,586,955	USD	857,887	BRC	01/12/18		—		21,572
KRW	1,270,952,760	USD	1,138,541	CIT	01/12/18		—		27,385
KRW	1,573,994,148	USD	1,413,774	CIT	01/12/18		—		37,678
KRW	1,741,095,155	USD	1,567,477	JPM	01/08/18		—		45,407
KRW	2,756,229,331	USD	2,468,075	JPM	01/08/18		—		58,573
KRW	1,003,533,017	USD	902,945	JPM	01/12/18		—		25,586
KRW	2,025,454,168	USD	1,817,121	JPM	01/12/18		—		46,327
KRW	2,143,576,609	USD	1,920,750	JPM	01/12/18		—		46,686
KRW	789,547,411	USD	706,151	SCB	01/08/18		—		15,927
KRW	394,059,775	USD	353,544	SCB	01/12/18		—		9,029
KRW	842,571,384	USD	756,891	SCB	01/12/18		—		20,256
KRW	1,409,070,702	USD	1,267,720	SCB	01/12/18		—		35,812
MXN	129,619,127	USD	7,177,139	BOA	10/10/17		—		67,728
MXN	604,188	USD	33,301	CIT	10/10/17		—		163
MXN	604,188	USD	33,290	JPM	10/10/17		—		151
MXN	129,619,127	USD	7,178,729	JPM	10/10/17		—		69,318
MXN	8,926,622	USD	494,290	SCB	10/10/17		—		4,678
PEN	1,017,625	USD	312,731	BOA	11/09/17		—		1,375
PEN	1,025,366	USD	315,740	BOA	11/09/17		—		2,016
PEN	4,549,129	USD	1,399,302	BOA	11/09/17		—		7,436
PEN	25,138	USD	7,729	BRC	11/09/17		—		38
PEN	402,938	USD	124,000	BRC	11/09/17		—		716
PEN	405,170	USD	124,000	BRC	11/09/17		—		33
PEN	405,170	USD	124,000	BRC	11/09/17		—		33
PEN	405,790	USD	124,000	BRC	11/09/17		157		—
PEN	1,360,915	USD	418,851	BRC	11/09/17		—		2,462
PEN	2,193,911	USD	669,488	BRC	11/09/17		1,768		—
PEN	2,785,428	USD	850,512	CIT	11/09/17		1,726		—
PEN	6,679,847	USD	2,055,360	CIT	11/09/17		—		11,573

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PEN	2,258,530	USD	695,789	JPM	11/09/17	$	—	$	4,762
PEN	5,736,753	USD	1,764,213	JPM	11/09/17		—		8,978
PEN	404,488	USD	124,000	SCB	11/09/17		—		242
PEN	6,365,244	USD	1,958,058	SCB	11/09/17		—		10,528
PLN	6,091,657	USD	1,716,733	BOA	11/20/17		—		47,378
PLN	6,091,657	USD	1,716,673	BRC	11/20/17		—		47,318
PLN	6,091,655	USD	1,716,443	CIT	11/20/17		—		47,088
PLN	6,091,657	USD	1,715,549	JPM	11/20/17		—		46,194
PLN	6,091,657	USD	1,715,501	SCB	11/20/17		—		46,146
RUB	82,228,057	USD	1,413,886	BOA	10/05/17		14,124		—
RUB	82,228,057	USD	1,413,825	BRC	10/05/17		14,185		—
RUB	483,101,382	USD	7,994,066	BRC	10/05/17		395,691		—
RUB	82,228,056	USD	1,414,068	CIT	10/05/17		13,942		—
RUB	82,228,057	USD	1,413,339	JPM	10/05/17		14,671		—
RUB	82,228,057	USD	1,416,748	SCB	10/05/17		11,262		—
TRY	5,604,815	USD	1,585,521	BRC	10/19/17		—		20,304
TRY	5,604,816	USD	1,585,297	CIT	10/19/17		—		20,080
TRY	9,068,665	USD	2,549,598	JPM	10/19/17		—		17,057
TRY	5,604,815	USD	1,585,072	SCB	10/19/17		—		19,855
TRY	8,644,874	USD	2,450,000	SCB	12/15/17		—		74,880
TWD	24,463,848	USD	808,722	BRC	01/08/18		1,985		—
TWD	106,141,734	USD	3,538,648	BRC	01/08/18		—		21,216
TWD	20,039,563	USD	665,103	BRC	01/12/18		—		879
TWD	35,018,165	USD	1,163,240	BRC	01/12/18		—		2,539
TWD	35,040,266	USD	1,163,240	BRC	01/12/18		—		1,806
TWD	38,115,258	USD	1,259,904	CIT	01/08/18		3,197		—
TWD	27,198,400	USD	890,000	CIT	01/12/18		11,509		—
TWD	104,157,082	USD	3,472,076	JPM	01/08/18		—		20,414
TWD	26,488,544	USD	880,018	JPM	01/12/18		—		2,037
TWD	26,506,145	USD	880,018	JPM	01/12/18		—		1,454
TWD	64,823,716	USD	2,150,611	JPM	01/12/18		—		1,985
TWD	22,606,871	USD	747,088	SCB	01/08/18		2,082		—
TWD	23,046,811	USD	769,638	SCB	01/08/18		—		5,890
TWD	23,112,230	USD	769,638	SCB	01/12/18		—		3,568
TWD	23,243,220	USD	772,457	SCB	01/12/18		—		2,044
TWD	23,262,531	USD	772,457	SCB	01/12/18		—		1,404
USD	3,229	ARS	56,665	CIT	10/02/17		—		44
USD	579,000	ARS	10,537,800	CIT	10/02/17		—		29,734
USD	1,158,000	ARS	21,168,240	CIT	10/02/17		—		64,820
USD	1,158,000	ARS	21,260,880	CIT	10/12/17		—		64,023
USD	273,651	ARS	5,051,592	CIT	10/25/17		—		14,618
USD	579,000	ARS	10,682,550	CIT	10/25/17		—		30,599
USD	690,000	ARS	12,644,250	CIT	10/25/17		—		31,543
USD	1,600,000	ARS	29,792,000	CIT	10/27/17		—		98,202
USD	420,000	ARS	7,837,200	CIT	11/13/17		—		22,666
USD	490,000	ARS	9,231,600	CIT	11/13/17		—		31,425
USD	506,649	ARS	9,464,200	CIT	11/13/17		—		27,914

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	1,803,650	ARS	31,649,375	JPM	10/02/17	$	—	$	24,631
USD	500,000	ARS	9,935,000	JPM	02/14/18		—		33,748
USD	1,096,815	BRL	3,842,143	BRC	02/09/18		—		96,341
USD	1,788,990	BRL	6,285,615	JPM	02/09/18		—		162,973
USD	505,206	BRL	1,769,331	SCB	02/09/18		—		44,250
USD	1,788,990	BRL	6,284,184	UBS	02/09/18		—		162,529
USD	2,688,074	CAD	3,546,376	BRC	10/05/17		—		154,211
USD	818,518	CAD	992,833	BRC	10/12/17		22,758		—
USD	2,691,777	CAD	3,546,376	BRC	10/12/17		—		150,660
USD	2,689,337	CAD	3,546,375	CIT	10/05/17		—		152,947
USD	2,692,417	CAD	3,546,374	CIT	10/12/17		—		150,018
USD	2,688,380	CAD	3,546,376	JPM	10/05/17		—		153,905
USD	2,691,828	CAD	3,546,376	JPM	10/12/17		—		150,608
USD	2,687,768	CAD	3,546,376	SCB	10/05/17		—		154,517
USD	2,691,154	CAD	3,546,376	SCB	10/12/17		—		151,283
USD	2,711,661	EUR	2,320,711	BRC	10/10/17		—		32,233
USD	52,017	EUR	44,124	CIT	10/10/17		—		153
USD	2,278,339	EUR	1,949,515	JPM	10/10/17		—		26,670
USD	1,309,568	HUF	373,436,351	BOA	11/06/17		—		108,412
USD	919,364	HUF	262,616,421	BRC	11/06/17		—		77,820
USD	1,309,063	HUF	373,436,351	BRC	11/06/17		—		108,917
USD	2,621,342	HUF	746,872,703	BRC	11/06/17		—		214,618
USD	1,280,636	HUF	365,595,871	CIT	11/06/17		—		107,573
USD	1,309,109	HUF	373,436,352	CIT	11/06/17		—		108,871
USD	2,621,066	HUF	746,872,701	CIT	11/06/17		—		214,894
USD	2,621,258	HUF	746,872,703	CIT	11/06/17		—		214,702
USD	1,309,109	HUF	373,436,351	SCB	11/06/17		—		108,871
USD	2,619,687	HUF	746,872,703	SCB	11/06/17		—		216,273
USD	1,309,568	HUF	373,436,351	UBS	11/06/17		—		108,412
USD	2,620,882	HUF	746,872,703	UBS	11/06/17		—		215,078
USD	1,146,295	IDR	16,466,533,679	BRC	12/11/17		—		68,935
USD	1,450,750	IDR	20,850,173,612	BRC	12/13/17		—		87,713
USD	5,514,217	IDR	74,811,387,194	BRC	12/27/17		1,165		—
USD	669,000	IDR	9,081,675,000	BRC	01/05/18		299		—
USD	892,000	IDR	12,133,430,000	BRC	01/05/18		—		1,407
USD	898,414	IDR	12,222,924,783	BRC	01/05/18		—		1,583
USD	906,200	IDR	12,313,445,600	BRC	01/05/18		—		462
USD	154,000	IDR	2,148,762,000	BRC	01/08/18		—		4,172
USD	154,000	IDR	2,132,130,000	BRC	01/08/18		—		2,948
USD	154,000	IDR	2,115,960,000	BRC	01/08/18		—		1,758
USD	1,088,831	IDR	15,619,286,290	CIT	12/14/17		—		63,557
USD	2,516,163	IDR	36,195,000,000	CIT	12/14/17		—		154,300
USD	2,506,518	IDR	36,052,500,000	CIT	12/15/17		—		153,189
USD	1,096,981	IDR	14,893,707,643	CIT	12/27/17		—		577
USD	1,166,120	IDR	15,865,065,321	CIT	01/05/18		—		2,054
USD	1,840,000	IDR	25,944,000,000	CIT	01/05/18		—		70,305
USD	154,000	IDR	2,116,730,000	CIT	01/08/18		—		1,814

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	1,329,340	IDR	19,095,966,322	JPM	12/11/17	$	—	$	79,943
USD	1,062,504	IDR	15,273,493,015	JPM	12/13/17		—		64,475
USD	1,433,506	IDR	20,613,813,710	JPM	12/14/17		—		87,379
USD	1,688,802	IDR	22,926,160,906	JPM	12/27/17		—		689
USD	669,000	IDR	9,098,400,000	JPM	01/05/18		—		932
USD	154,000	IDR	2,124,892,000	JPM	01/08/18		—		2,415
USD	154,000	IDR	2,119,810,000	JPM	01/08/18		—		2,041
USD	154,000	IDR	2,122,582,000	JPM	01/08/18		—		2,245
USD	811,066	IDR	11,042,658,552	SCB	01/05/18		—		2,026
USD	892,000	IDR	12,126,740,000	SCB	01/05/18		—		914
USD	906,200	IDR	12,315,258,000	SCB	01/05/18		—		595
USD	154,000	IDR	2,126,740,000	SCB	01/08/18		—		2,551
USD	154,000	IDR	2,120,580,000	UBS	01/08/18		—		2,098
USD	154,000	IDR	2,125,970,000	UBS	01/08/18		—		2,495
USD	2,073,230	INR	135,247,132	BRC	01/05/18		24,728		—
USD	2,073,230	INR	135,247,131	JPM	01/05/18		24,728		—
USD	2,073,865	INR	135,247,132	SCB	01/05/18		25,364		—
USD	2,586,433	KRW	2,946,904,635	BRC	01/08/18		10,243		—
USD	59,291	KRW	66,168,600	BRC	01/12/18		1,442		—
USD	2,585,049	KRW	2,946,904,635	BRC	01/12/18		8,659		—
USD	2,586,252	KRW	2,946,904,634	CIT	01/08/18		10,061		—
USD	2,583,418	KRW	2,946,904,634	CIT	01/12/18		7,027		—
USD	2,586,933	KRW	2,946,904,635	JPM	01/08/18		10,742		—
USD	2,584,596	KRW	2,946,904,635	JPM	01/12/18		8,206		—
USD	2,587,274	KRW	2,946,904,635	SCB	01/08/18		11,083		—
USD	2,585,685	KRW	2,946,904,635	SCB	01/12/18		9,294		—
USD	650,000	MXN	11,775,205	SCB	10/10/17		4,148		—
USD	309,848	PEN	1,035,202	BRC	11/09/17		—		6,886
USD	190,152	PEN	635,583	JPM	11/09/17		—		4,313
USD	1,391,373	RUB	82,228,057	BOA	01/10/18		—		13,650
USD	81,426	RUB	4,913,232	BRC	10/05/17		—		3,900
USD	163,491	RUB	9,928,823	BRC	10/05/17		—		8,937
USD	408,020	RUB	24,770,878	BRC	10/05/17		—		22,163
USD	835,197	RUB	50,093,223	BRC	10/05/17		—		34,744
USD	2,055,245	RUB	123,940,546	BRC	10/05/17		—		97,162
USD	1,391,338	RUB	82,228,057	BRC	01/10/18		—		13,686
USD	406,640	RUB	24,741,596	CIT	10/05/17		—		23,034
USD	415,422	RUB	25,207,374	CIT	10/05/17		—		22,341
USD	729,109	RUB	44,442,130	CIT	10/05/17		—		42,693
USD	2,054,598	RUB	123,940,546	CIT	10/05/17		—		97,809
USD	1,391,514	RUB	82,228,056	CIT	01/10/18		—		13,509
USD	1,904,803	RUB	113,960,221	JPM	10/05/17		—		74,282
USD	2,054,206	RUB	123,940,547	JPM	10/05/17		—		98,201
USD	1,390,926	RUB	82,228,057	JPM	01/10/18		—		14,097
USD	405,746	RUB	24,741,596	SCB	10/05/17		—		23,927
USD	432,088	RUB	26,232,064	SCB	10/05/17		—		23,470
USD	810,562	RUB	49,448,344	SCB	10/05/17		—		48,180

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	2,054,666	RUB	123,940,546	SCB	10/05/17	$	—	$	97,741
USD	1,394,192	RUB	82,228,057	SCB	01/10/18		—		10,831
USD	1,078,917	TRY	3,725,231	BRC	10/19/17		38,598		—
USD	2,574,415	TWD	78,133,483	BRC	01/08/18		—		14,852
USD	2,572,042	TWD	78,133,483	CIT	01/08/18		—		17,225
USD	5,138,839	TWD	156,266,965	CIT	01/12/18		—		40,734
USD	2,574,839	TWD	78,133,483	JPM	01/08/18		—		14,427
USD	2,530,384	TWD	76,885,711	JPM	01/12/18		—		18,045
USD	2,573,567	TWD	78,133,483	SCB	01/08/18		—		15,700
USD	2,615,097	TWD	79,381,255	UBS	01/12/18		—		16,049
USD	2,457,485	ZAR	33,386,161	BOA	11/20/17		10,457		—
USD	176,628	ZAR	2,310,827	BRC	10/05/17		6,002		—
USD	1,534,237	ZAR	20,185,798	BRC	10/05/17		43,763		—
USD	2,457,214	ZAR	33,386,161	BRC	11/20/17		10,186		—
USD	901,332	ZAR	11,870,476	CIT	10/05/17		24,843		—
USD	1,496,133	ZAR	19,576,447	CIT	10/05/17		50,652		—
USD	3,885,712	ZAR	51,209,413	JPM	10/05/17		104,524		—
USD	2,460,201	ZAR	33,386,161	JPM	11/20/17		13,173		—
USD	347,810	ZAR	4,579,338	SCB	10/05/17		9,682		—
USD	524,431	ZAR	6,889,348	SCB	10/05/17		15,737		—
USD	882,795	ZAR	11,637,627	SCB	10/05/17		23,499		—
USD	1,097,239	ZAR	14,348,925	SCB	10/05/17		37,747		—
USD	1,518,481	ZAR	19,862,942	SCB	10/05/17		51,846		—
USD	2,763,862	ZAR	36,408,354	SCB	10/05/17		75,551		—
USD	3,884,946	ZAR	51,209,413	SCB	10/05/17		103,758		—
USD	3,975,081	ZAR	52,156,041	SCB	10/05/17		123,996		—
USD	549,090	ZAR	7,118,789	SCB	10/10/17		23,887		—
USD	610,145	ZAR	7,946,853	SCB	10/10/17		23,850		—
USD	710,129	ZAR	9,190,346	SCB	10/10/17		32,092		—
USD	2,456,581	ZAR	33,386,161	SCB	11/20/17		9,553		—
UYU	3,629,480	USD	124,000	CIT	02/07/18		—		2,438
UYU	3,639,400	USD	124,000	CIT	02/07/18		—		2,105
UYU	3,643,120	USD	124,000	CIT	02/07/18		—		1,981
UYU	3,651,800	USD	124,000	CIT	02/07/18		—		1,690
UYU	3,662,960	USD	124,000	CIT	02/07/18		—		1,316
ZAR	33,386,161	USD	2,475,800	BOA	10/05/17		—		10,641
ZAR	7,774,855	USD	593,768	BRC	10/05/17		—		19,690
ZAR	17,811,529	USD	1,343,151	BRC	10/05/17		—		27,988
ZAR	33,386,161	USD	2,475,524	BRC	10/05/17		—		10,365
ZAR	5,637,933	USD	412,673	BRC	10/10/17		3,277		—
ZAR	7,774,853	USD	595,058	CIT	10/05/17		—		20,981
ZAR	7,774,855	USD	594,499	JPM	10/05/17		—		20,421
ZAR	17,811,529	USD	1,343,354	JPM	10/05/17		—		28,191
ZAR	22,916,256	USD	1,727,912	JPM	10/05/17		—		35,827
ZAR	33,386,161	USD	2,478,557	JPM	10/05/17		—		13,398
ZAR	7,774,855	USD	595,295	SCB	10/05/17		—		21,218
ZAR	23,064,078	USD	1,729,240	SCB	10/05/17		—		26,240

Lazard Explorer Total Return Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ZAR	33,386,161	USD	2,474,882	SCB	10/05/17	$	—	$	9,723
ZAR	22,611,335	USD	1,704,920	UBS	10/05/17		—		35,350
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	4,074,951	$	8,009,064

Written Options open at September 30, 2017:

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date		Notional Amount		Premiums		Fair Value
Put

USD vs INR Oct 17 63.92	JPMS		98,800	$	63.92		10/30/17	$	9,880,000	$	45,853	$	(5,928	)
USD vs INR Dec 17 65.39	JPMS		50,300		65.39		12/27/17		5,030,000		28,716		(36,055	)
Total Written Options			149,100							$	74,569	$	(41,983	)

Credit Default Swap Agreements open at September 30, 2017:

Referenced
Obligation

Counterparty

Notional
Amount

Expiration
Date

Buy/
Sell

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

S&P
Credit
Rating

Fair
Value

Upfront
Premiums Paid
(Received)

Unrealized
Appreciation

CDX EM 27

BRC

6,280,000

06/20/22

Sell

1.000

Quarterly

CCC- A+

253,430

259,364

5,934

Interest Rate Swap Agreements open at September 30, 2017:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive
(Pay)
Rate

Payment
Frequency
Paid/Received

Variable Rate

Unrealized
Appreciation
(Depreciation)

BRL

JPM

25,387,816

01/02/20

8.75

Maturity

Brazil Cetip Interbank Deposit Rate

(127,453

)

BRL

JPM

2,020,613

07/01/20

10.01

Maturity

Brazil Cetip Interbank Deposit Rate

29,650

BRL

JPM

3,965,293

07/01/20

10.02

Maturity

Brazil Cetip Interbank Deposit Rate

58,568

BRL

JPM

20,817,099

01/02/21

10.53

Maturity

Brazil Cetip Interbank Deposit Rate

21,588

BRL

JPM

17,234,007

01/04/21

10.29

Maturity

Brazil Cetip Interbank Deposit Rate

7,508

BRL

JPM

17,230,894

01/04/21

10.31

Maturity

Brazil Cetip Interbank Deposit Rate

8,370

BRL

JPM

14,473,634

01/04/21

10.59

Maturity

Brazil Cetip Interbank Deposit Rate

17,186

BRL

JPM

14,458,581

01/04/21

10.71

Maturity

Brazil Cetip Interbank Deposit Rate

19,299

BRL

JPM

25,351,856

01/04/21

11.05

Maturity

Brazil Cetip Interbank Deposit Rate

463,311

INR

JPM

185,440,000

07/25/22

6.10

Semi-Annual

India Interbank Deposite Rate

(19,248

)

ZAR

JPM

4,790,000

06/01/27

8.13

Quarterly

South Africa Interbank Deposit Rate

(5,390

)

ZAR

JPM

22,140,000

06/01/27

7.85

Quarterly

South Africa Interbank Deposit Rate

(3,731

)

Total net unrealized appreciation (depreciation) on Interest Rate Swap Agreements

469,658

Futures Contracts open at September 30, 2017:

Type	Number of Contracts		Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Depreciation
10-Year US Treasury Notes		18	$	1,800,000	12/19/17	$	2,257,080	$	2,255,625	$	1,455
5-Year US Treasury Notes		28		2,800,000	12/29/17		3,292,480		3,290,000		2,480
Total gross unrealized depreciation on Futures Contracts										$	3,935

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations \| 35.6%
Brazil \| 6.5%
Brazil NTN-F:
10.000%, 01/01/18		BRL		1,400	$	444,449
10.000%, 01/01/27		BRL		440		141,528
						585,977
Egypt \| 7.0%
Egypt Treasury Bills:
0.000%, 11/21/17		EGP		7,200		398,211
0.000%, 01/02/18		EGP		4,400		238,444
						636,655
Indonesia \| 1.5%
Indonesia Government Bonds, 8.250%, 07/15/21		IDR		1,684,000		133,280
Malaysia \| 6.4%
Malaysia Government Bonds:
4.240%, 02/07/18		MYR		1,540		366,117
3.580%, 09/28/18		MYR		890		211,602
						577,719
Mexico \| 8.0%
Mexican Bonos:
4.750%, 06/14/18		MXN		4,400		237,838
6.500%, 06/10/21		MXN		5,970		325,374
5.750%, 03/05/26		MXN		3,180		162,633
						725,845
Poland \| 5.1%
Poland Government Bonds, 5.250%, 10/25/17		PLN		1,700		466,929
Turkey \| 1.1%
Turkey Government Bonds, 2.000%, 10/26/22		TRY		377		101,671
Total Foreign Government Obligations (Cost $3,155,722)						3,228,076
Supranationals \| 2.2%
European Investment Bank, 7.200%, 07/09/19 (c) (Cost $212,710)		IDR		2,700,000		204,053
US Treasury Securities \| 52.4%
US Treasury Notes:
0.875%, 10/15/17		USD		250		249,986
1.875%, 10/31/17		USD		300		300,191
4.250%, 11/15/17		USD		250		250,941
0.625%, 11/30/17		USD		200		199,846
0.875%, 11/30/17		USD		250		249,908
1.000%, 12/15/17		USD		500		499,855
0.750%, 12/31/17		USD		500		499,510

Description	Security Currency		Principal Amount (000)		Fair Value
2.750%, 12/31/17		USD		500	$	501,941
0.875%, 01/15/18		USD		500		499,592
0.875%, 01/31/18		USD		500		499,514
2.625%, 01/31/18		USD		500		502,374
1.000%, 02/15/18		USD		500		499,666
Total US Treasury Securities (Cost $4,753,762)						4,753,324

Description	Shares		Fair Value
Short-Term Investments \| 8.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $812,066)		812,066	$	812,066
Total Investments \| 99.1% (Cost $8,934,260) (f)			$	8,997,519
Cash and Other Assets in Excess of Liabilities \| 0.9%				81,109
Net Assets \| 100.0%			$	9,078,628

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS	1,625,260	USD	91,000	HSB	11/02/17	$	1,337	$	—
ARS	729,400	USD	40,000	HSB	11/29/17		853		—
ARS	1,419,615	USD	81,109	SCB	10/23/17		—		9
CLP	29,231,650	USD	47,000	SCB	10/25/17		—		1,349
CNY	1,015,650	USD	148,000	CIT	01/17/18		3,781		—
CNY	4,332,582	USD	654,567	SCB	10/10/17		—		2,345
CNY	882,180	USD	130,000	SCB	10/23/17		2,689		—
CNY	3,498,820	USD	520,000	SCB	10/23/17		6,258		—
CNY	4,332,582	USD	648,881	SCB	11/10/17		1,612		—
COP	289,051,000	USD	98,000	CIT	11/28/17		—		211
COP	11,731,200	USD	4,000	SCB	10/11/17		—		9
CZK	78,125	EUR	3,000	CIT	10/30/17		8		—
CZK	2,082,560	EUR	80,000	CIT	11/30/17		180		—
CZK	10,515,310	USD	429,021	CIT	10/30/17		49,984		—
CZK	4,600,710	USD	186,000	CIT	02/27/18		25,376		—
DOP	6,588,000	USD	135,000	CIT	01/19/18		380		—
EGP	3,122,900	USD	170,385	CIT	03/12/18		—		928
EUR	61,000	CZK	1,586,122	BNP	10/30/17		—		53
EUR	171,764	CZK	4,600,710	CIT	02/27/18		—		6,633
HUF	19,303,700	EUR	62,000	BNP	11/30/17		—		127
HUF	32,604,443	USD	127,000	BNP	10/03/17		—		3,371
HUF	16,796,000	USD	65,000	CIT	11/07/17		—		1,221
HUF	42,776,959	USD	169,000	CIT	11/07/17		—		6,564
HUF	12,359,590	USD	47,000	CIT	11/30/17		—		19
IDR	3,173,760,000	USD	228,000	HSB	04/26/18		2,244		—
ILS	228,451	USD	65,157	BNP	10/03/17		—		528
ILS	148,060	USD	42,000	BNP	11/02/17		—		72
INR	35,348,859	USD	546,000	CIT	11/21/17		—		8,232
INR	198,270	USD	3,000	CIT	12/28/17		4		—
INR	9,807,453	USD	153,000	JPM	10/11/17		—		3,085
KRW	916,255,840	USD	808,000	SCB	10/13/17		—		7,742
KZT	38,247,000	USD	114,000	CIT	11/28/17		—		2,918
KZT	24,948,480	USD	73,000	SCB	10/16/17		58		—
KZT	47,350,350	USD	139,000	SCB	10/27/17		—		666
MAD	1,321,920	USD	136,000	CIT	10/27/17		3,223		—
MXN	4,103,796	USD	214,000	CIT	11/27/17		9,358		—
PEN	348,092	USD	107,000	CIT	11/06/17		—		481
PHP	7,071,810	USD	138,000	JPM	11/14/17		602		—
RON	774,404	USD	203,000	CIT	11/01/17		—		3,735
RON	1,066,433	USD	252,040	CIT	11/09/17		22,339		—
RSD	6,252,120	USD	63,000	CIT	10/31/17		—		1,098
RUB	5,403,300	USD	93,000	SCB	10/11/17		653		—
RUB	37,211,850	USD	650,000	SCB	10/11/17		—		5,024
SGD	638,524	USD	474,210	SCB	11/17/17		—		3,242
THB	14,438,480	USD	437,000	SCB	10/18/17		—		4,010
TRY	1,893,045	USD	536,000	CIT	11/30/17		—		13,702

Lazard Emerging Markets Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
TWD	2,355,600	USD	78,000	SCB	10/16/17	$	—	$	443
USD	40,000	BRL	127,796	CIT	10/17/17		—		270
USD	70,000	BRL	225,050	CIT	10/17/17		—		915
USD	105,000	BRL	344,621	CIT	10/17/17		—		3,593
USD	651,320	CNY	4,332,582	SCB	10/10/17		—		902
USD	400,000	CNY	2,647,000	SCB	10/23/17		1,864		—
USD	41,000	CZK	907,313	CIT	10/30/17		—		331
USD	173,220	EGP	3,122,900	CIT	01/02/18		532		—
USD	170,000	EGP	3,122,900	HSB	03/12/18		543		—
USD	129,978	EUR	108,439	CIT	10/30/17		1,629		—
USD	140,769	EUR	120,000	JPM	10/10/17		—		1,113
USD	77,000	HUF	19,824,813	BNP	10/03/17		1,829		—
USD	48,481	HUF	12,779,631	CIT	10/03/17		24		—
USD	91,000	IDR	1,219,855,000	SCB	11/08/17		717		—
USD	64,734	ILS	228,451	BNP	10/03/17		105		—
USD	35,000	MXN	650,686	CIT	11/27/17		—		415
USD	81,000	MXN	1,467,299	CIT	11/27/17		1,139		—
USD	30,000	PEN	97,542	CIT	10/20/17		136		—
USD	67,000	PLN	240,615	CIT	10/18/17		1,063		—
USD	54,000	RON	208,467	CIT	11/01/17		359		—
USD	254,792	RON	1,066,433	CIT	11/09/17		—		19,587
USD	100,000	RON	387,300	JPM	10/10/17		329		—
USD	113,000	RUB	6,568,690	SCB	10/11/17		—		852
USD	162,000	TRY	573,205	CIT	11/30/17		3,851		—
USD	95,000	TRY	339,768	SCB	11/30/17		1,257		—
UYU	1,969,960	USD	68,000	CIT	10/17/17		—		387
ZAR	1,208,967	USD	93,000	CIT	10/13/17		—		3,849
ZAR	1,158,567	USD	85,000	CIT	10/31/17		186		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	146,502	$	110,031

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds \| 96.0%
Aerospace & Defense \| 1.1%
Bombardier, Inc., 7.750%, 03/15/20 (c)	$	975	$	1,038,375
KLX, Inc., 5.875%, 12/01/22 (c)		1,400		1,466,780
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,377,040
				3,882,195
Auto Components \| 2.3%
Dana, Inc., 5.500%, 12/15/24		1,800		1,890,000
Delphi Jersey Holdings PLC, 5.000%, 10/01/25 (c)		1,500		1,526,250
Tenneco, Inc., 5.000%, 07/15/26		2,400		2,460,000
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,800		1,883,250
5.000%, 05/31/26		250		260,625
				8,020,125
Automobiles \| 0.7%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,300		2,449,500
Building Products \| 1.0%
Griffon Corp., 5.250%, 03/01/22		1,800		1,818,000
USG Corp., 4.875%, 06/01/27 (c)		1,750		1,826,563
				3,644,563
Capital Markets \| 1.0%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,547,925
MPT Operating Partnership LP, 6.375%, 03/01/24		1,810		1,952,538
				3,500,463
Chemicals \| 3.7%
CF Industries, Inc., 3.450%, 06/01/23		1,975		1,950,312
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,694,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		928,445
NOVA Chemicals Corp., 5.250%, 08/01/23 (c)		1,800		1,854,000
Platform Specialty Products Corp., 6.500%, 02/01/22 (c)		1,700		1,761,625
Valvoline, Inc., 4.375%, 08/15/25 (c)		1,500		1,526,400

Description	Principal Amount (000)		Fair Value
Westlake Chemical Corp., 4.625%, 02/15/21	$	1,400	$	1,442,000
WR Grace & Co-Conn, 5.125%, 10/01/21 (c)		1,700		1,844,500
				13,001,282
Commercial Services & Supplies \| 4.0%
ACCO Brands Corp., 5.250%, 12/15/24 (c)		1,800		1,867,500
Aramark Services, Inc., 5.000%, 04/01/25 (c)		2,500		2,675,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (c)		1,900		1,957,000
Avis Budget Car Rental LLC, 5.125%, 06/01/22 (c)		1,600		1,622,000
KAR Auction Services, Inc., 5.125%, 06/01/25 (c)		1,800		1,872,000
The ADT Corp.:
6.250%, 10/15/21		1,400		1,552,250
4.125%, 06/15/23		500		510,625
West Corp., 5.375%, 07/15/22 (c)		1,750		1,767,500
				13,823,875
Communications Equipment \| 1.0%
CommScope, Inc., 5.000%, 06/15/21 (c)		1,500		1,537,500
Plantronics, Inc., 5.500%, 05/31/23 (c)		1,750		1,815,625
				3,353,125
Construction Materials \| 0.5%
Standard Industries, Inc., 5.375%, 11/15/24 (c)		1,750		1,859,900
Containers & Packaging \| 4.3%
Ball Corp., 4.000%, 11/15/23		2,400		2,454,000
Cascades, Inc., 5.500%, 07/15/22 (c)		1,500		1,556,250
Crown Americas LLC:
4.500%, 01/15/23		1,800		1,894,500
4.250%, 09/30/26		500		505,000
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (c)		2,392		2,532,530
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,526,325
Sealed Air Corp., 4.875%, 12/01/22 (c)		1,700		1,808,375
Silgan Holdings, Inc., 5.000%, 04/01/20		826		837,357
Smurfit Kappa Acquisitions ULC, 4.875%, 09/15/18 (c)		1,050		1,071,000

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25	$	750	$	913,950
				15,099,287
Diversified Consumer Services \| 0.5%
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (c)		1,800		1,849,500
Diversified Financial Services \| 1.8%
Altice US Finance I Corp., 5.500%, 05/15/26 (c)		1,000		1,055,000
Herc Rentals, Inc., 7.750%, 06/01/24 (c)		1,529		1,658,965
INEOS Group Holdings SA, 5.625%, 08/01/24 (c)		1,700		1,765,875
Level 3 Financing, Inc., 5.125%, 05/01/23		1,800		1,830,375
				6,310,215
Diversified Telecommunication Services \| 3.6%
CenturyLink, Inc., Series V, 5.625%, 04/01/20		1,800		1,878,210
CyrusOne LP, 5.000%, 03/15/24 (c)		2,300		2,420,750
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,515,000
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,391		2,486,640
SBA Communications Corp., 4.875%, 09/01/24		2,300		2,366,125
Zayo Group LLC, 5.750%, 01/15/27 (c)		1,750		1,855,000
				12,521,725
Energy Equipment & Services \| 0.8%
Transocean, Inc., 9.000%, 07/15/23 (c)		1,250		1,346,875
Weatherford International, Ltd., 8.250%, 06/15/23		1,250		1,287,500
				2,634,375
Equity Real Estate Investment Trusts (REITs) \| 3.3%
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,632,405
Equinix, Inc., 5.375%, 05/15/27		500		543,750
ESH Hospitality, Inc., 5.250%, 05/01/25 (c)		2,300		2,377,625
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,799,875
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,827,000

Description	Principal Amount (000)		Fair Value
RHP Hotel Properties LP, 5.000%, 04/15/23	$	1,775	$	1,837,125
Uniti Group LP, 6.000%, 04/15/23 (c)		1,700		1,627,750
				11,645,530
Food & Staples Retailing \| 1.5%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,629,688
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,710,625
Performance Food Group, Inc., 5.500%, 06/01/24 (c)		1,805		1,863,662
				5,203,975
Food Products \| 2.3%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,528,125
Darling Ingredients, Inc., 5.375%, 01/15/22		850		881,875
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (c)		2,300		2,397,750
Post Holdings, Inc., 5.000%, 08/15/26 (c)		1,800		1,796,625
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,550,625
				8,155,000
Gas Utilities \| 1.3%
AmeriGas Partners LP, 5.625%, 05/20/24		1,800		1,896,750
Ferrellgas LP, 6.500%, 05/01/21		500		485,000
Ferrellgas Partners LP, 8.625%, 06/15/20		520		494,000
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,809,000
				4,684,750
Health Care Equipment & Supplies \| 1.1%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (c)		1,800		1,899,000
Hologic, Inc., 5.250%, 07/15/22 (c)		1,800		1,890,000
				3,789,000
Health Care Providers & Services \| 4.7%
Centene Corp.:
6.125%, 02/15/24		1,750		1,892,187
4.750%, 01/15/25		500		518,750
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,363,250
DaVita, Inc., 5.125%, 07/15/24		1,800		1,792,125

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (c)	$	1,097	$	1,163,735
HCA, Inc., 6.500%, 02/15/20		1,600		1,742,000
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,861,243
LifePoint Health, Inc.:
5.500%, 12/01/21		1,400		1,446,375
5.875%, 12/01/23		900		950,895
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,752,020
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		721,000
4.375%, 10/01/21		1,250		1,267,188
				16,470,768
Hotels, Restaurants & Leisure \| 8.4%
1011778 BC ULC, 4.625%, 01/15/22 (c)		1,800		1,847,250
Boyd Gaming Corp., 6.875%, 05/15/23		1,700		1,817,946
Brinker International, Inc., 5.000%, 10/01/24 (c)		2,000		1,982,500
Cedar Fair LP, 5.375%, 04/15/27 (c)		1,800		1,890,000
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,818,000
Diamond Resorts International, Inc., 7.750%, 09/01/23 (c)		1,500		1,612,500
GLP Capital LP, 4.875%, 11/01/20		1,500		1,584,375
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,315		2,384,450
International Game Technology PLC:
5.625%, 02/15/20 (c)		250		264,063
6.250%, 02/15/22 (c)		1,450		1,602,975
KFC Holding Co., 5.250%, 06/01/26 (c)		2,900		3,074,000
Landry’s, Inc., 6.750%, 10/15/24 (c)		1,622		1,640,247
MGM Resorts International:
6.625%, 12/15/21		1,000		1,125,000
4.625%, 09/01/26		800		810,000
Six Flags Entertainment Corp., 4.875%, 07/31/24 (c)		2,150		2,187,625
Station Casinos LLC, 5.000%, 10/01/25 (c)		1,250		1,253,000
Wynn Las Vegas LLC, 5.500%, 03/01/25 (c)		2,300		2,394,875
				29,288,806

Description	Principal Amount (000)		Fair Value
Household Durables \| 0.5%
Tempur Sealy International, Inc., 5.625%, 10/15/23	$	1,750	$	1,839,688
Household Products \| 1.1%
Energizer Holdings, Inc., 5.500%, 06/15/25 (c)		1,750		1,841,875
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,917,000
				3,758,875
Independent Power & Renewable Electricity Producers \| 1.2%
AES Corp., 7.375%, 07/01/21		1,095		1,251,147
Calpine Corp., 6.000%, 01/15/22 (c)		1,500		1,552,500
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (c)		1,250		1,273,437
				4,077,084
Internet & Direct Marketing Retail \| 0.5%
Netflix, Inc., 5.375%, 02/01/21		1,450		1,555,125
Internet Software & Services \| 1.1%
j2 Cloud Services LLC, 6.000%, 07/15/25 (c)		1,800		1,883,250
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,858,500
				3,741,750
IT Services \| 0.6%
First Data Corp.:
5.375%, 08/15/23 (c)		1,600		1,673,600
5.000%, 01/15/24 (c)		500		519,150
				2,192,750
Machinery \| 1.6%
Amsted Industries, Inc., 5.000%, 03/15/22 (c)		1,700		1,755,250
SPX FLOW, Inc., 5.625%, 08/15/24 (c)		1,750		1,833,125
Terex Corp., 5.625%, 02/01/25 (c)		1,790		1,886,212
				5,474,587
Media \| 13.2%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,542,660
Cable One, Inc., 5.750%, 06/15/22 (c)		1,750		1,828,750
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,539,375

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
CBS Radio, Inc., 7.250%, 11/01/24 (c)	$	1,500	$	1,601,250
CCO Holdings LLC:
5.250%, 03/15/21		1,950		2,008,500
5.125%, 05/01/27 (c)		500		506,875
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (c)		1,260		1,286,775
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/22		1,750		1,802,500
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,677,520
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,735,550
LIN Television Corp., 5.875%, 11/15/22		1,750		1,824,375
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (c)		1,800		1,863,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,530,000
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,550,625
Regal Entertainment Group, 5.750%, 03/15/22		1,850		1,910,125
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,947,500
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (c)		400		422,000
5.000%, 08/01/27 (c)		2,000		2,040,000
TEGNA, Inc., 6.375%, 10/15/23		1,900		2,021,125
The EW Scripps Co., 5.125%, 05/15/25 (c)		1,800		1,836,000
Time, Inc., 5.750%, 04/15/22 (c)		1,425		1,458,844
Tribune Media Co., 5.875%, 07/15/22		1,800		1,872,000
Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (c)		1,620		1,672,650
Univision Communications, Inc., 5.125%, 02/15/25 (c)		1,800		1,815,750
Videotron, Ltd.:
5.000%, 07/15/22		1,808		1,952,640
5.125%, 04/15/27 (c)		500		520,000
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (c)		2,400		2,499,000
WMG Acquisition Corp., 4.875%, 11/01/24 (c)		1,850		1,900,875
				46,166,264

Description	Principal Amount (000)		Fair Value
Metals & Mining \| 3.8%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (c)	$	2,300	$	2,547,250
Anglo American Capital PLC, 4.875%, 05/14/25 (c)		1,900		2,013,647
ArcelorMittal, 6.000%, 03/01/21		1,400		1,536,500
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,700		2,702,700
Glencore Funding LLC, 4.625%, 04/29/24 (c)		2,000		2,118,500
Steel Dynamics, Inc.:
4.125%, 09/15/25 (c)		500		504,060
5.000%, 12/15/26		1,800		1,921,500
				13,344,157
Multiline Retail \| 1.2%
Dollar Tree, Inc., 5.750%, 03/01/23		2,250		2,372,850
J.C. Penney Corp., Inc., 5.875%, 07/01/23 (c)		1,800		1,818,000
				4,190,850
Oil, Gas & Consumable Fuels \| 11.0%
Andeavor Logistics LP, 6.125%, 10/15/21		1,383		1,426,219
Antero Resources Corp., 5.125%, 12/01/22		1,850		1,891,625
Cenovus Energy, Inc., 3.800%, 09/15/23		2,500		2,511,683
Cheniere Energy Partners LP, 5.250%, 10/01/25 (c)		1,250		1,278,125
Continental Resources, Inc., 4.500%, 04/15/23		2,500		2,506,250
Diamondback Energy, Inc., 4.750%, 11/01/24		1,800		1,836,000
Energy Transfer Equity LP:
7.500%, 10/15/20		1,250		1,407,813
5.875%, 01/15/24		750		805,313
Energy Transfer LP, 5.750%, 09/01/20		1,300		1,398,585
Gulfport Energy Corp., 6.000%, 10/15/24		1,700		1,712,750
Holly Energy Partners LP, 6.000%, 08/01/24 (c)		1,840		1,929,700
Kinder Morgan, Inc., 5.000%, 02/15/21 (c)		1,275		1,367,630
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,599,360
Newfield Exploration Co., 5.625%, 07/01/24		1,900		2,037,750
ONEOK Partners LP, 5.000%, 09/15/23		2,000		2,159,041

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
PBF Holding Co. LLC, 7.000%, 11/15/23	$	900	$	927,000
Range Resources Corp., 5.000%, 08/15/22 (c)		1,700		1,697,875
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (c)		1,450		1,497,125
Southwestern Energy Co., 6.700%, 01/23/25		1,800		1,827,000
Sunoco LP, 6.375%, 04/01/23		1,700		1,806,250
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (c)		1,250		1,270,313
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,836,000
Whiting Petroleum Corp., 5.750%, 03/15/21		900		884,250
WPX Energy, Inc., 6.000%, 01/15/22		900		930,375
				38,544,032
Personal Products \| 0.8%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (c)		1,500		1,515,450
Revlon Consumer Products Corp., 6.250%, 08/01/24		1,750		1,351,875
				2,867,325
Pharmaceuticals \| 0.9%
Endo Finance LLC, 5.750%, 01/15/22 (c)		1,600		1,404,000
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (c)		1,700		1,661,750
				3,065,750
Professional Services \| 1.1%
IHS Markit, Ltd., 5.000%, 11/01/22 (c)		1,750		1,885,625
Nielsen Finance LLC, 5.000%, 04/15/22 (c)		1,800		1,865,250
				3,750,875
Road & Rail \| 0.5%
The Hertz Corp., 5.500%, 10/15/24 (c)		1,800		1,620,000
Semiconductors & Semiconductor Equipment \| 0.2%
Amkor Technology, Inc., 6.625%, 06/01/21		700		714,525
Software \| 0.6%
Nuance Communications, Inc., 5.375%, 08/15/20 (c)		588		597,996

Description	Principal Amount (000)		Fair Value
Rackspace Hosting, Inc., 8.625%, 11/15/24 (c)	$	1,500	$	1,599,375
				2,197,371
Specialty Retail \| 1.1%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,981,310
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,861,020
				3,842,330
Technology Hardware, Storage & Peripherals \| 2.1%
Dell International LLC, 7.125%, 06/15/24 (c)		1,775		1,960,896
NCR Corp., 4.625%, 02/15/21		1,568		1,595,440
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,848,997
Western Digital Corp., 7.375%, 04/01/23 (c)		1,700		1,862,350
				7,267,683
Textiles, Apparel & Luxury Goods \| 0.5%
Hanesbrands, Inc., 4.625%, 05/15/24 (c)		1,750		1,822,188
Trading Companies & Distributors \| 1.8%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,597,500
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,148,125
5.750%, 11/15/24		1,650		1,751,062
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,652,000
				6,148,687
Wireless Telecommunication Services \| 1.7%
Inmarsat Finance PLC, 4.875%, 05/15/22 (c)		1,750		1,785,000
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,572,719
T-Mobile USA, Inc., 6.500%, 01/15/26		2,300		2,538,625
				5,896,344
Total Corporate Bonds (Cost $325,857,301)				335,266,199

Description	Shares		Fair Value
Short-Term Investments \| 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $10,091,896)		10,091,896		10,091,896

Description	Fair Value
Lazard US Corporate Income Portfolio (concluded)
Total Investments \| 98.9% (Cost $335,949,197)	$	345,358,095
Cash and Other Assets in Excess of Liabilities \| 1.1%		4,001,431
Net Assets \| 100.0%	$	349,359,526

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 9.0%
Automobiles \| 9.0%
Ally Auto Receivables Trust, 1.470%, 04/15/20	$	1,497	$	1,496,163
GM Financial Automobile Leasing Trust, 1.610%, 12/20/19		2,225		2,222,088
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (c)		2,250		2,250,460
Mercedes-Benz Auto Lease Trust, 1.350%, 08/15/19		2,630		2,622,754
World Omni Automobile Lease Securitization Trust, 1.450%, 08/15/19		2,475		2,468,047
				11,059,512
Total Asset-Backed Securities (Cost $11,073,760)				11,059,512
Corporate Bonds \| 31.6%
Banks \| 14.0%
Bank of America Corp.:
5.650%, 05/01/18		900		920,541
2.250%, 04/21/20		3,091		3,097,365
Citigroup, Inc.:
2.050%, 06/07/19		3,093		3,095,065
2.400%, 02/18/20		1,925		1,937,940
JPMorgan Chase & Co.:
6.300%, 04/23/19		3,325		3,547,696
4.400%, 07/22/20		1,050		1,114,963
Wells Fargo & Co., 2.600%, 07/22/20		3,425		3,472,436
				17,186,006
Biotechnology \| 3.7%
AbbVie, Inc., 1.800%, 05/14/18		2,375		2,378,277
Amgen, Inc., 5.700%, 02/01/19		2,103		2,208,829
				4,587,106
Capital Markets \| 7.3%
Morgan Stanley:
6.625%, 04/01/18		666		682,271
2.125%, 04/25/18		3,991		4,002,300
The Goldman Sachs Group, Inc., 7.500%, 02/15/19		3,950		4,241,987
				8,926,558
Consumer Finance \| 2.4%
Ford Motor Credit Co. LLC, 5.000%, 05/15/18		2,825		2,880,709

Description	Principal Amount (000)		Fair Value
Electronic Equipment, Instruments & Components \| 0.5%
Amphenol Corp., 2.550%, 01/30/19	$	575	$	578,687
Food & Staples Retailing \| 3.7%
CVS Health Corp., 1.900%, 07/20/18		2,175		2,180,157
The Kroger Co., 2.300%, 01/15/19		2,395		2,404,128
				4,584,285
Total Corporate Bonds (Cost $38,757,809)				38,743,351
Municipal Bonds \| 0.7%
Kentucky \| 0.7%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 (Cost $885,533)		881		887,344
US Government Securities \| 15.6%
Mortgage-Backed Securities \| 15.6%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 3.660%, 05/01/40 (d)		536		564,022
Pool# 1B8709, 3.274%, 08/01/34 (d)		1,230		1,284,424
Pool# 1H2577, 3.068%, 09/01/35 (d)		712		749,821
Pool# 848138, 3.076%, 07/01/38 (d)		741		782,155
Pool# 848514, 3.193%, 03/01/32 (d)		1,549		1,632,670
Pool# 848517, 3.039%, 12/01/34 (d)		1,002		1,057,454
Pool# 849414, 3.140%, 07/01/35 (d)		1,272		1,341,124
Pool# G13867, 5.000%, 06/01/25		310		331,862
Federal National Mortgage Association:
Pool# 725296, 3.227%, 03/01/34 (d)		616		647,960
Pool# 725429, 5.000%, 05/01/19		119		122,422
Pool# 889735, 5.500%, 07/01/23		224		237,205
Pool# 889828, 5.000%, 10/01/19		86		88,113
Pool# 963058, 3.646%, 05/01/38 (d)		502		530,416
Pool# 995609, 3.446%, 04/01/35 (d)		685		725,836
Pool# AD0701, 3.319%, 02/01/37 (d)		787		826,481
Pool# AE0149, 2.959%, 12/01/36 (d)		682		719,425
Pool# AE0315, 4.500%, 02/01/21		32		32,805
Pool# AE0887, 3.422%, 09/01/40 (d)		290		303,519
Pool# AL0345, 3.511%, 11/01/35 (d)		558		589,389
Pool# AL3232, 3.308%, 02/01/40 (d)		348		365,493
Pool# AL3260, 3.468%, 07/01/38 (d)		360		379,201
Pool# AL3739, 3.087%, 07/01/38 (d)		220		231,057
Pool# AL3746, 3.054%, 01/01/37 (d)		796		840,312
Pool# AL3941, 6.000%, 03/01/24		267		281,878
Pool# AL4118, 3.191%, 05/01/35 (d)		489		514,215
Pool# AL4545, 2.994%, 05/01/39 (d)		577		608,369
Pool# AL4660, 3.378%, 11/01/41 (d)		655		685,309
Pool# AL5574, 3.032%, 12/01/40 (d)		1,131		1,193,190
Pool# AL5642, 3.103%, 05/01/39 (d)		1,366		1,441,820
Total US Government Securities (Cost $19,155,853)				19,107,947

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
US Treasury Securities \| 39.1%
US Treasury Notes:
1.625%, 12/31/19	$	19,875	$	19,916,924
1.625%, 07/31/20		28,025		28,033,758
Total US Treasury Securities (Cost $48,077,453)				47,950,682

Description	Shares		Fair Value
Short-Term Investments \| 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $1,951,140)		1,951,140		1,951,140
Total Investments \| 97.6% (Cost $119,901,548)			$	119,699,976
Cash and Other Assets in Excess of Liabilities \| 2.4%				3,001,809
Net Assets \| 100.0%			$	122,701,785

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds \| 34.4%
Australia \| 1.6%
Telstra Corp., Ltd., 4.000%, 09/16/22		AUD		50	$	40,508
Toyota Finance Australia, Ltd., 4.250%, 05/15/19		AUD		45		36,239
						76,747
Belgium \| 1.4%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		USD		70		71,120
Canada \| 2.7%
Shaw Communications, Inc., 5.650%, 10/01/19		CAD		70		59,707
The Toronto-Dominion Bank, 2.250%, 11/05/19		USD		70		70,528
						130,235
France \| 0.9%
Orange SA, 5.375%, 07/08/19		USD		40		42,322
Germany \| 2.5%
BMW Finance NV, 3.375%, 12/14/18		GBP		50		68,896
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20		USD		50		52,324
						121,220
Netherlands \| 1.6%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20		NZD		100		76,406
United Kingdom \| 1.4%
SSE PLC, 5.000%, 10/01/18		GBP		50		69,647
United States \| 22.3%
Alphabet, Inc., 3.625%, 05/19/21		USD		30		31,726
Amazon.com, Inc., 3.800%, 12/05/24		USD		60		64,104
Apple, Inc., 3.850%, 05/04/43		USD		95		95,647
Citigroup, Inc., 3.240% (BBSW 3 Month + 1.550%), 05/04/21 (d)		AUD		95		75,798
Constellation Brands, Inc., 4.250%, 05/01/23		USD		35		37,504
HCA, Inc., 6.500%, 02/15/20		USD		30		32,662
John Deere Canada Funding, Inc., 2.050%, 09/17/20		CAD		45		35,843

Description	Security Currency		Principal Amount (000)		Fair Value
John Deere Capital Corp., 2.300%, 09/16/19		USD		50	$	50,544
Johnson & Johnson, 3.625%, 03/03/37		USD		30		31,296
JPMorgan Chase & Co., 4.500%, 01/24/22		USD		55		59,577
Microsoft Corp., 4.450%, 11/03/45		USD		90		101,298
Morgan Stanley, 3.625%, 01/20/27		USD		50		50,696
Nestle Holdings, Inc., 2.750%, 04/15/20		NOK		340		44,609
NIKE, Inc., 2.375%, 11/01/26		USD		50		47,417
Sealed Air Corp., 4.875%, 12/01/22		USD		10		10,638
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19		NZD		110		82,957
3.625%, 01/22/23		USD		20		20,715
The Home Depot, Inc., 2.625%, 06/01/22		USD		55		55,858
Union Pacific Corp., 4.163%, 07/15/22		USD		50		53,912
United Rentals North America, Inc., 4.625%, 07/15/23		USD		60		62,625
Wells Fargo & Co., 3.010% (BBSW 3 Month + 1.320%), 07/27/21 (d)		AUD		45		35,726
						1,081,152
Total Corporate Bonds (Cost $1,671,390)						1,668,849
Foreign Government Obligations \| 46.2%
Australia \| 3.4%
Queensland Treasury Corp.:
5.500%, 06/21/21		AUD		70		60,893
3.000%, 03/22/24		AUD		60		47,469
Western Australian Treasury Corp., 6.000%, 10/16/23		AUD		60		55,205
						163,567
Bahamas \| 2.0%
Commonwealth of Bahamas, 6.950%, 11/20/29		USD		90		97,650
Bermuda \| 2.3%
Government of Bermuda, 5.603%, 07/20/20		USD		100		108,750
Canada \| 5.9%
City of Vancouver, 2.900%, 11/20/25		CAD		50		40,131

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Province of Ontario:
2.450%, 06/29/22		USD		75	$	75,624
1.950%, 01/27/23		CAD		70		55,077
Province of Quebec:
3.500%, 07/29/20		USD		85		88,616
1.650%, 03/03/22		CAD		40		31,454
						290,902
Chile \| 1.3%
Republic of Chile, 5.500%, 08/05/20		CLP		37,500		62,052
Czech Republic \| 1.5%
Czech Republic, 2.500%, 08/25/28		CZK		1,450		73,818
France \| 1.0%
Government of France, 1.750%, 06/25/39		EUR		40		49,008
Hungary \| 2.6%
Hungary Government Bonds, 5.500%, 06/24/25		HUF		27,470		127,945
Ireland \| 0.6%
Irish Treasury, 3.400%, 03/18/24		EUR		20		28,384
Mexico \| 4.4%
Mexican Bonos:
6.500%, 06/09/22		MXN		1,850		100,618
7.750%, 05/29/31		MXN		860		49,992
United Mexican States, 6.750%, 02/06/24		GBP		38		62,886
						213,496
New Zealand \| 1.8%
New Zealand Government Bonds:
6.000%, 05/15/21		NZD		50		39,992
4.500%, 04/15/27		NZD		65		49,113
						89,105
Norway \| 2.8%
Oslo Kommune, 3.550%, 02/12/21		NOK		1,000		134,163
Philippines \| 1.5%
Philippine Government Bonds, 4.250%, 04/11/20		PHP		3,650		72,779
Poland \| 4.7%
Poland Government Bonds:
1.810% (WIBOR 6 Month), 01/25/21 (d)		PLN		375		102,389
2.500%, 07/25/26		PLN		200		51,497
Republic of Poland, 3.000%, 03/17/23		USD		70		71,662
						225,548

Description	Security Currency		Principal Amount (000)		Fair Value
Romania \| 2.7%
Romanian Government Bonds:
3.625%, 04/24/24		EUR		39	$	52,893
4.750%, 02/24/25		RON		285		77,870
						130,763
Singapore \| 3.7%
Singapore Government Bonds, 3.000%, 09/01/24		SGD		230		180,836
Spain \| 3.0%
Spain Government Bonds:
1.600%, 04/30/25		EUR		50		61,475
1.950%, 07/30/30		EUR		70		82,681
						144,156
United Kingdom \| 1.0%
United Kingdom Gilt, 1.500%, 07/22/47		GBP		40		48,565
Total Foreign Government Obligations (Cost $2,216,716)						2,241,487
Quasi Government Bonds \| 0.3%
Canada \| 0.3%
Export Development Canada, 1.800%, 09/01/22 (Cost $11,962)		CAD		15		11,857
Supranationals \| 6.8%
Asian Development Bank, 2.125%, 03/19/25		USD		75		73,630
European Bank for Reconstruction & Development, 10.000%, 11/16/18		IDR		300,000		23,148
European Investment Bank:
7.200%, 07/09/19		IDR		170,000		12,858
1.125%, 09/16/21 (c)		CAD		75		57,948
International Bank for Reconstruction & Development:
5.750%, 10/28/19		INR		1,500		22,925
3.500%, 01/22/21		NZD		25		18,466
International Finance Corp.:
6.450%, 10/30/18		INR		4,160		64,349
3.625%, 05/20/20		NZD		75		55,549
Total Supranationals (Cost $329,305)						328,873
US Municipal Bonds \| 5.6%
Alaska \| 1.8%
Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27		USD		75		88,300
California \| 1.1%
California State Build America Bonds, 7.500%, 04/01/34		USD		35		50,852
Texas \| 2.7%
University of Texas Build America Bonds Series B, 6.276%, 08/15/41		USD		70		75,406

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Texas State Build America Bonds Series A, 4.123%, 04/01/25		USD		50	$	54,797
						130,203
Total US Municipal Bonds (Cost $273,348)						269,355
US Treasury Securities \| 5.9%
US Treasury Notes:
1.625%, 05/15/26		USD		170		161,174
3.125%, 11/15/41		USD		50		52,867
2.500%, 05/15/46		USD		80		74,291
Total US Treasury Securities (Cost $285,383)						288,332

Description	Shares		Fair Value
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $60,026)		60,026	$	60,026
Total Investments \| 100.4% (Cost $4,848,130) (f)			$	4,868,779
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(17,015	)
Net Assets \| 100.0%			$	4,851,764

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	4,983	USD	3,900	CIT	11/22/17	$	6	$	—
CAD	50,060	USD	40,000	HSB	11/22/17		133		—
CHF	44,156	USD	45,952	HSB	11/22/17		—		206
CZK	133,183	USD	5,833	CIT	10/10/17		227		—
EUR	20,439	USD	24,700	CIT	11/22/17		—		479
EUR	32,274	USD	38,800	HSB	11/22/17		—		554
EUR	209,554	USD	247,489	HSB	11/22/17		839		—
EUR	572,822	USD	676,520	HSB	11/22/17		2,293		—
GBP	56,467	USD	73,024	CIT	11/22/17		2,756		—
JPY	47,228,754	USD	433,283	CIT	11/22/17		—		12,631
JPY	10,549,085	USD	98,100	HSB	11/22/17		—		4,143
JPY	59,977,242	USD	550,212	HSB	11/22/17		—		16,013
KRW	75,433,200	USD	65,628	HSB	10/13/17		238		—
MXN	885,527	USD	48,700	HSB	11/22/17		—		465
NZD	18,014	USD	13,164	HSB	11/22/17		—		165
SEK	235,453	USD	29,211	CIT	11/22/17		—		224
SEK	533,614	USD	66,202	HSB	11/22/17		—		507
USD	145,363	AUD	184,006	CIT	11/22/17		1,114		—
USD	146,969	AUD	186,043	HSB	11/22/17		1,123		—
USD	11,926	CAD	14,979	CIT	11/22/17		—		83
USD	123,674	CAD	155,215	CIT	11/22/17		—		762
USD	71,446	CAD	89,658	HSB	11/22/17		—		433
USD	13,782	CHF	13,244	HSB	11/22/17		62		—
USD	59,637	CLP	38,743,280	CIT	11/10/17		—		847
USD	18,804	CZK	428,852	HSB	10/10/17		—		712
USD	56,566	CZK	1,291,220	JPM	10/10/17		—		2,192
USD	48,000	EUR	40,827	CIT	11/22/17		—		381
USD	21,409	EUR	18,128	HSB	11/22/17		—		73
USD	67,397	GBP	52,116	CIT	11/22/17		—		2,543
USD	125,035	HUF	32,147,693	JPM	11/22/17		2,880		—
USD	14,300	IDR	189,560,800	HSB	11/15/17		278		—
USD	41,360	INR	2,711,376	CIT	10/10/17		—		117
USD	47,300	INR	3,052,742	CIT	10/10/17		602		—
USD	29,000	JPY	3,270,736	CIT	11/22/17		—		131
USD	64,000	JPY	7,168,064	CIT	11/22/17		156		—
USD	151,100	JPY	16,357,904	HSB	11/22/17		5,405		—
USD	118,813	MXN	2,129,547	HSB	11/22/17		2,816		—
USD	22,764	MXN	408,092	JPM	11/22/17		535		—
USD	176,553	NOK	1,394,054	HSB	11/22/17		1,334		—
USD	341,370	NZD	467,163	HSB	11/22/17		4,274		—
USD	70,684	PHP	3,657,195	HSB	10/17/17		—		1,253
USD	144,265	PLN	524,278	HSB	11/22/17		592		—
USD	75,626	RON	294,700	HSB	10/27/17		—		206
USD	174,335	SGD	236,897	JPM	11/22/17		—		406
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	27,663	$	45,526

Description	Shares		Fair Value
Lazard US Realty Income Portfolio
Preferred Stocks \| 34.4%
Equity Real Estate Investment Trusts (REITs) \| 34.4%
Alexandria Real Estate Equities, Inc., Series D, 7.000%		35,339	$	1,263,369
American Homes 4 Rent, Series G, 5.875%		5,851		150,371
Ashford Hospitality Prime, Inc., Series b, 5.500%		43,591		881,410
Ashford Hospitality Trust, Inc., Series G, 7.375%		24,490		621,556
CBL & Associates Properties, Inc.:
Series E, 6.625%		7,511		184,545
Series D, 7.375%		46,403		1,134,089
Colony NorthStar, Inc., Series J, 7.125%		21,300		533,565
Crown Castle International Corp., Series A, 6.875%		334		356,712
Hersha Hospitality Trust, Series E, 6.500%		35,087		890,157
iStar, Inc., Series I, 7.500%		40,000		1,004,000
Kimco Realty Corp., Series J, 5.500%		12,015		304,700
National Retail Properties, Inc., Series F, 5.200%		15,300		383,724
Pebblebrook Hotel Trust, Series C, 6.500%		5,745		148,049
PS Business Parks, Inc.:
Series X, 5.250%		12,200		308,172
Series U, 5.750%		12,103		304,391
Public Storage, Series E, 4.900%		25,900		644,910
Rexford Industrial Realty, Inc., Series A, 5.875%		5,800		148,190
Taubman Centers, Inc., Series K, 6.250%		5,869		147,136
Washington Prime Group, Inc., Series I, 6.875%		28,100		704,748
Total Preferred Stocks (Cost $9,940,141)				10,113,794
Real Estate Investment Trusts \| 61.0%
Equity Real Estate Investment Trusts (REITs) \| 52.2%
Colony NorthStar, Inc., Class A		72,703		913,150
Education Realty Trust, Inc.		3,924		140,989
Extra Space Storage, Inc.		12,373		988,850
GGP, Inc.		86,567		1,797,997
HCP, Inc.		10,451		290,851
Healthcare Realty Trust, Inc.		9,700		313,698
National Health Investors, Inc.		2,391		184,800

Description	Shares		Fair Value
National Storage Affiliates Trust		61,608	$	1,493,378
Park Hotels & Resorts, Inc.		49,100		1,353,196
PS Business Parks, Inc.		1,100		146,850
Public Storage		2,753		589,115
Realty Income Corp.		28,100		1,607,039
Retail Opportunity Investments Corp.		39,551		751,865
Simon Property Group, Inc.		1,400		225,414
STAG Industrial, Inc.		12,600		346,122
Sun Communities, Inc.		13,610		1,166,105
Uniti Group, Inc.		75,879		1,112,386
Ventas, Inc.		4,390		285,921
VEREIT, Inc.		197,722		1,639,115
				15,346,841
Mortgage Real Estate Investment Trusts (REITs) \| 8.8%
Blackstone Mortgage Trust, Inc., Class A		34,673		1,075,556
Starwood Property Trust, Inc.		69,958		1,519,488
				2,595,044

Total Real Estate Investment Trusts (Cost $19,071,335)				17,941,885
Short-Term Investments \| 3.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $1,140,864)		1,140,864		1,140,864
Total Investments \| 99.3% (Cost $30,152,340)			$	29,196,543
Cash and Other Assets in Excess of Liabilities \| 0.7%				215,215
Net Assets \| 100.0%			$	29,411,758

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Real Estate Investment Trusts \| 95.2%
Equity Real Estate Investment Trusts (REITs) \| 95.2%
Acadia Realty Trust		26,746	$	765,471
Alexandria Real Estate Equities, Inc.		23,822		2,834,103
American Homes 4 Rent, Class A		138,013		2,996,262
American Tower Corp.		25,565		3,494,224
Apartment Investment & Management Co., Class A		25,763		1,129,965
AvalonBay Communities, Inc.		16,642		2,969,266
Boston Properties, Inc.		31,891		3,918,766
Digital Realty Trust, Inc.		14,110		1,669,636
Equinix, Inc.		10,318		4,604,923
Equity LifeStyle Properties, Inc.		30,189		2,568,480
Essex Property Trust, Inc.		10,490		2,664,775
Extra Space Storage, Inc.		6,945		555,044
Federal Realty Investment Trust		14,290		1,774,961
GGP, Inc.		154,261		3,204,001
HCP, Inc.		93,675		2,606,975
Healthcare Realty Trust, Inc.		16,300		527,142
Host Hotels & Resorts, Inc.		28,893		534,232
Invitation Homes, Inc.		45,400		1,028,310
National Storage Affiliates Trust		70,658		1,712,750
Park Hotels & Resorts, Inc.		53,600		1,477,216
Physicians Realty Trust		29,592		524,666
Prologis, Inc.		66,258		4,204,733
PS Business Parks, Inc.		17,571		2,345,729
Public Storage		16,427		3,515,214
Retail Opportunity Investments Corp.		137,344		2,610,909
Simon Property Group, Inc.		13,342		2,148,195
SL Green Realty Corp.		8,581		869,427
Starwood Waypoint Homes		35,815		1,302,592
Sun Communities, Inc.		11,261		964,842
Sunstone Hotel Investors, Inc.		96,156		1,545,227
Uniti Group, Inc.		47,100		690,486
VEREIT, Inc.		80,400		666,516
Total Real Estate Investment Trusts (Cost $57,454,127)				64,425,038
Short-Term Investments \| 4.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $3,137,874)		3,137,874		3,137,874

Description	Fair Value
Total Investments \| 99.8% (Cost $60,592,001)	$	67,562,912
Cash and Other Assets in Excess of Liabilities \| 0.2%		102,588
Net Assets \| 100.0%	$	67,665,500

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio
Common Stocks \| 32.7%
Brazil \| 1.4%
BR Properties SA		19,640	$	69,267
Canada \| 0.8%
StorageVault Canada, Inc.		22,728		39,163
China \| 3.3%
China Overseas Land & Investment, Ltd.		22,000		71,737
China Resources Land, Ltd.		18,000		55,261
SOHO China, Ltd.		64,000		36,672
				163,670
Germany \| 4.9%
ADO Properties SA		1,120		55,373
alstria office REIT-AG		3,478		49,685
Vonovia SE		3,252		138,386
				243,444
Hong Kong \| 6.6%
CK Asset Holdings, Ltd.		7,000		58,221
I-CABLE Communications, Ltd. (a)		4,598		150
Shimao Property Holdings, Ltd.		18,500		40,488
Sun Hung Kai Properties, Ltd.		11,000		179,533
The Wharf Holdings, Ltd.		6,000		53,476
				331,868
India \| 0.5%
DLF, Ltd.		9,612		24,290
Japan \| 7.1%
Hulic Co., Ltd.		12,300		120,606
Mitsubishi Estate Co., Ltd.		3,700		64,384
Mitsui Fudosan Co., Ltd.		7,780		168,857
				353,847
Philippines \| 1.9%
Megaworld Corp.		918,000		94,668
Singapore \| 2.1%
Frasers Centrepoint, Ltd.		35,900		55,320
Global Logistic Properties, Ltd.		20,600		50,119
				105,439
Sweden \| 1.4%
Hufvudstaden AB, Class A		4,250		72,573
United Arab Emirates \| 1.1%
Emaar Properties PJSC		22,883		52,912
United States \| 1.6%
Acadia Realty Trust		880		25,186

Description	Shares		Fair Value
Federal Realty Investment Trust		450	$	55,894
				81,080
Total Common Stocks (Cost $1,581,868)				1,632,221
Real Estate Investment Trusts \| 65.7%
Australia \| 2.6%
Goodman Group		5,969		38,749
Investa Office Fund		3,350		11,864
Mirvac Group		21,882		39,443
The GPT Group		9,864		38,523
				128,579
Canada \| 0.5%
Boardwalk Real Estate Investment Trust		737		22,451
France \| 3.0%
Gecina SA		322		52,217
Klepierre		1,238		48,597
Unibail-Rodamco SE		204		49,661
				150,475
Hong Kong \| 2.9%
Link Real Estate Investment Trust		18,019		146,199
Japan \| 2.4%
Activia Properties, Inc.		3		12,463
Nippon Prologis REIT, Inc.		50		105,377
				117,840
Mexico \| 2.2%
Concentradora Fibra Danhos SA de CV		14,070		24,076
Macquarie Mexico Real Estate Management SA de CV		33,300		44,052
Prologis Property Mexico SA de CV		22,000		43,517
				111,645
Spain \| 1.7%
Merlin Properties Socimi SA		6,166		85,470
United Kingdom \| 5.9%
Derwent London PLC		1,797		67,283
Great Portland Estates PLC		16,686		136,724
Land Securities Group PLC		1,268		16,543
Segro PLC		6,408		46,068
The Unite Group PLC		2,881		26,543
				293,161
United States \| 44.5%
Alexandria Real Estate Equities, Inc.		764		90,893
American Homes 4 Rent, Class A		6,389		138,705

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio (concluded)
American Tower Corp.		880	$	120,278
Apartment Investment & Management Co., Class A		759		33,290
AvalonBay Communities, Inc.		735		131,139
Boston Properties, Inc.		1,175		144,384
Digital Realty Trust, Inc.		392		46,385
Equinix, Inc.		367		163,792
Equity Lifestyle Properties, Inc.		1,579		134,341
Essex Property Trust, Inc.		374		95,007
GGP, Inc.		4,813		99,966
HCP, Inc.		3,543		98,602
Invitation Homes, Inc.		2,783		63,035
National Storage Affiliates Trust		4,736		114,801
Prologis, Inc.		2,398		152,177
PS Business Parks, Inc.		594		79,299
Public Storage		804		172,048
Retail Opportunity Investments Corp.		4,046		76,915
Simon Property Group, Inc.		464		74,709
SL Green Realty Corp.		206		20,872
Sun Communities, Inc.		519		44,468
Sunstone Hotel Investors, Inc.		4,817		77,409
Uniti Group, Inc.		3,287		48,187
				2,220,702
Total Real Estate Investment Trusts (Cost $3,075,856)				3,276,522
Short-Term Investment \| 2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $116,887)		116,887		116,887
Total Investments \| 100.7% (Cost $4,774,611)			$	5,025,630
Liabilities in Excess of Cash and Other Assets \| (0.7)%				(33,198	)
Net Assets \| 100.0%			$	4,992,432

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 89.5%
Australia \| 8.3%
Macquarie Atlas Roads Group		18,168,653	$	77,640,800
Spark Infrastructure Group		65,498,901		129,924,632
Transurban Group		25,527,050		238,728,577
				446,294,009
France \| 14.4%
Aeroports de Paris		544,669		88,073,229
Eutelsat Communications SA		8,851,921		262,314,958
Vinci SA		4,407,831		418,944,943
				769,333,130
Germany \| 4.0%
Fraport AG		2,244,050		213,162,429
Italy \| 25.9%
ASTM SpA		955,619		24,807,191
Atlantia SpA		13,190,572		416,439,404
Hera SpA		23,817,851		74,932,427
Italgas SpA		30,296,287		170,226,501
Snam SpA (a)		51,251,915		247,002,253
Societa Iniziative Autostradali e Servizi SpA		2,166,147		34,606,918
Terna SpA		71,824,866		419,525,571
				1,387,540,265
Luxembourg \| 4.1%
SES SA		10,084,712		220,508,269
Portugal \| 1.0%
REN - Redes Energeticas Nacionais SGPS SA		16,538,778		53,840,481
Spain \| 8.7%
Abertis Infraestructuras SA		12,798,510		258,665,270
Enagas SA		1,883,891		53,048,914
Red Electrica Corporacion SA		7,268,600		152,745,862
				464,460,046
United Kingdom \| 9.4%
National Grid PLC		8,796,700		108,908,330
Pennon Group PLC		16,794,748		179,308,857
United Utilities Group PLC		18,900,670		216,442,683
				504,659,870
United States \| 13.7%
Genesee & Wyoming, Inc., Class A (a)		1,227,900		90,876,879
Norfolk Southern Corp.		1,827,837		241,713,165
PG&E Corp.		2,751,649		187,359,780

Description	Shares		Fair Value
Union Pacific Corp.		1,833,000	$	212,573,010
				732,522,834
Total Common Stocks (Cost $4,066,589,945)				4,792,321,333
Rights \| 0.0%
Australia \| 0.0%
Macquarie Atlas Roads Group Expires 10/04/2017 (Cost $0)		2,744,509		667,366
Short-Term Investments \| 8.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $476,020,820)		476,020,820		476,020,820
Total Investments \| 98.4% (Cost $4,542,610,765) (f)			$	5,269,009,519
Cash and Other Assets in Excess of Liabilities \| 1.6%				83,838,537
Net Assets \| 100.0%			$	5,352,848,056

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	39,810,771	USD	31,124,857	SCB	12/28/17	$	71,910	$	—
USD	57,211,480	AUD	72,174,476	BNP	12/28/17		653,663		—
USD	115,944,521	AUD	146,288,022	CIT	12/28/17		1,309,381		—
USD	94,831,892	AUD	119,650,370	HSB	12/28/17		1,070,716		—
USD	51,175,285	AUD	64,566,426	RBC	12/28/17		579,336		—
USD	102,482,044	AUD	129,283,887	SCB	12/28/17		1,171,791		—
USD	56,617,383	AUD	71,427,072	SSB	12/28/17		645,251		—
USD	498,310,207	EUR	415,274,079	BNP	12/28/17		5,099,308		—
USD	298,304,747	EUR	248,642,197	CAN	12/28/17		2,998,471		—
USD	469,225,322	EUR	391,239,544	CIT	12/28/17		4,559,654		—
USD	619,528,385	EUR	516,382,525	HSB	12/28/17		6,233,450		—
USD	492,777,699	EUR	410,910,038	MEL	12/28/17		4,749,865		—
USD	476,705,902	EUR	397,502,695	RBC	12/28/17		4,601,642		—
USD	401,884,703	EUR	335,079,836	SSB	12/28/17		3,918,551		—
USD	126,839,659	GBP	93,215,791	CIT	12/28/17		1,594,444		—
USD	176,259,300	GBP	129,526,235	HSB	12/28/17		2,227,187		—
USD	94,830,048	GBP	69,686,216	RBC	12/28/17		1,199,291		—
USD	42,026,753	GBP	31,079,681	SSB	12/28/17		267,934		—
USD	73,046,777	GBP	53,672,979	SSB	12/28/17		931,488		—
Total gross unrealized appreciation on Forward Currency Contracts						$	43,883,333	$	—

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (i)
Common Stocks \| 62.9%
Australia \| 2.9%
Aristocrat Leisure, Ltd.		783	$	12,951
AusNet Services		8,831		11,752
BlueScope Steel, Ltd.		1,730		14,903
Credit Corp. Group, Ltd.		907		13,736
CSL, Ltd.		755		79,376
Goodman Group REIT		6,438		41,794
Harvey Norman Holdings, Ltd.		4,788		14,621
Macquarie Atlas Roads Group		9,549		40,806
Ramsay Health Care, Ltd.		604		29,619
Telstra Corp., Ltd.		16,795		46,062
Transurban Group		13,380		125,130
Woolworths, Ltd.		1,961		38,858
				469,608
Canada \| 5.3%
Agnico Eagle Mines, Ltd.		438		19,802
Alimentation Couche-Tard, Inc., Class B		883		40,267
Atco, Ltd., Class I		1,399		51,352
Barrick Gold Corp.		639		10,283
BCE, Inc.		1,245		58,331
BRP, Inc.		486		15,720
Canadian Imperial Bank of Commerce		416		36,397
Canadian National Railway Co.		626		51,866
Capital Power Corp.		1,078		21,314
CI Financial Corp.		2,825		61,787
Constellation Software, Inc.		17		9,275
Dollarama, Inc.		574		62,808
Fortis, Inc.		293		10,515
Great-West Lifeco, Inc.		445		12,807
Laurentian Bank of Canada		315		15,225
Magna International, Inc.		499		26,631
Metro, Inc.		530		18,227
Northland Power, Inc.		1,485		27,564
Royal Bank of Canada		700		54,160
StorageVault Canada, Inc.		22,834		39,345
Suncor Energy, Inc.		663		23,236
TELUS Corp.		479		17,229
The Bank of Nova Scotia		266		17,097
The Toronto-Dominion Bank		952		53,599
Thomson Reuters Corp.		1,264		57,996
TMX Group, Ltd.		461		26,047
TransAlta Corp.		3,798		22,220
				861,100

Description	Shares		Fair Value
China \| 0.6%
China Resources Land, Ltd.		32,000	$	98,242
Denmark \| 0.1%
Vestas Wind Systems A/S		193		17,321
France \| 2.8%
Aeroports de Paris		432		69,855
Air Liquide SA		85		11,328
Eutelsat Communications SA		5,059		149,917
Gecina SA REIT		257		41,676
L’Oreal SA		83		17,636
Peugeot SA		493		11,742
TOTAL SA Sponsored ADR		200		10,704
Vinci SA		1,434		136,295
				449,153
Germany \| 1.7%
ADO Properties SA		556		27,488
alstria office REIT-AG		1,897		27,100
Deutsche Lufthansa AG		1,008		28,009
Fraport AG		843		80,076
thyssenkrupp AG		624		18,493
Vonovia SE		1,933		82,257
WCM Beteiligungs & Grundbesitz-AG		1,481		5,864
				269,287
Hong Kong \| 2.6%
ASM Pacific Technology, Ltd.		844		12,203
CLP Holdings, Ltd.		5,500		56,417
Hongkong Land Holdings, Ltd.		1,100		7,923
I-CABLE Communications, Ltd. (a)		277		9
Jardine Matheson Holdings, Ltd. (Singapore)		172		10,899
Jardine Matheson Holdings, Ltd. (United States)		100		6,297
Link Real Estate Investment Trust		15,000		121,704
Man Wah Holdings, Ltd.		14,800		13,263
PCCW, Ltd.		46,000		24,925
Sun Hung Kai Properties, Ltd.		8,000		130,569
Xinyi Glass Holdings, Ltd.		32,000		31,637
				415,846
Ireland \| 0.2%
CRH PLC		559		21,158
Ryanair Holdings PLC Sponsored ADR (a)		124		13,072
				34,230
Italy \| 3.6%
ASTM SpA		446		11,578
Atlantia SpA		4,394		138,723
Hera SpA		12,962		40,779
Italgas SpA		17,157		96,400

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Snam SpA		27,472	$	132,398
Societa Iniziative Autostradali e Servizi SpA		2,082		33,263
Terna SpA		22,472		131,258
				584,399
Japan \| 3.4%
Asahi Glass Co., Ltd.		600		22,283
Central Japan Railway Co.		100		17,543
Hulic Co., Ltd.		11,200		109,820
KDDI Corp.		600		15,829
Mitsubishi UFJ Financial Group, Inc.		1,800		11,696
Mitsui Fudosan Co., Ltd.		5,000		108,520
MS&AD Insurance Group Holdings, Inc.		500		16,137
Nichirei Corp.		500		12,558
Nippon Prologis REIT, Inc.		26		54,796
Nippon Steel & Sumitomo Metal Corp.		600		13,790
Nishi-Nippon Railroad Co., Ltd.		800		19,254
Nitto Denko Corp.		200		16,697
Obayashi Corp.		1,100		13,196
Okamura Corp.		1,000		11,427
S Foods, Inc.		500		19,418
Shin-Etsu Chemical Co., Ltd.		300		26,848
The Nisshin Oillio Group, Ltd.		400		13,123
Tokio Marine Holdings, Inc.		300		11,751
West Japan Railway Co.		600		41,733
				556,419
Luxembourg \| 0.8%
SES SA (France)		1,600		34,985
SES SA (Luxembourg)		4,012		85,400
Tenaris SA ADR		604		17,099
				137,484
Mexico \| 0.3%
Macquarie Mexico Real Estate Management SA de CV REIT		20,300		26,855
Prologis Property Mexico SA de CV REIT		13,200		26,110
				52,965
Netherlands \| 0.3%
Akzo Nobel NV		177		16,345
NN Group NV		696		29,171
				45,516
New Zealand \| 0.2%
Air New Zealand, Ltd.		8,502		20,718
Spark New Zealand, Ltd.		5,874		15,506
				36,224

Description	Shares		Fair Value
Norway \| 0.1%
Statoil ASA		1,090	$	21,866
Philippines \| 0.4%
Megaworld Corp.		660,000		68,062
Singapore \| 1.4%
DBS Group Holdings, Ltd.		1,459		22,450
Frasers Centrepoint, Ltd.		27,200		41,914
Global Logistic Properties, Ltd.		16,700		40,630
SATS, Ltd.		4,000		13,619
Singapore Airlines, Ltd.		5,200		38,546
United Overseas Bank, Ltd.		3,700		64,120
				221,279
Spain \| 1.7%
Abertis Infraestructuras SA		6,888		139,210
Enagas SA		1,043		29,370
Merlin Properties Socimi SA REIT		3,965		54,961
Red Electrica Corporacion SA		2,500		52,536
				276,077
Sweden \| 0.4%
Hennes & Mauritz AB, B Shares		869		22,546
Hufvudstaden AB, Class A		2,380		40,641
				63,187
Switzerland \| 0.5%
ALSO Holding AG		83		11,727
Flughafen Zuerich AG		114		25,796
Partners Group Holding AG		54		36,688
Swiss Life Holding AG		33		11,624
				85,835
United Kingdom \| 3.7%
Admiral Group PLC		1,395		33,989
Ashtead Group PLC		442		10,669
Bellway PLC		297		13,122
Centrica PLC		7,747		19,415
CVS Group PLC		700		13,629
Derwent London PLC REIT		738		27,632
Electrocomponents PLC		1,988		16,546
Great Portland Estates PLC REIT		13,434		110,078
National Grid PLC		5,427		67,189
Pennon Group PLC		6,587		70,326
Persimmon PLC		311		10,761
Reckitt Benckiser Group PLC		460		42,032
SSE PLC		3,025		56,614
Unilever NV		394		23,328
United Utilities Group PLC		8,325		95,334
				610,664

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
United States \| 29.9%
3M Co.		387	$	81,231
Alcoa Corp. (a)		232		10,816
Alexandria Real Estate Equities, Inc. REIT		692		82,327
Ameren Corp.		1,354		78,315
American Axle & Manufacturing Holdings, Inc. (a)		1,081		19,004
American Electric Power Co., Inc.		329		23,109
American Homes 4 Rent, Class A REIT		4,358		94,612
American Tower Corp. REIT		1,717		234,680
Aon PLC		187		27,321
Apple, Inc.		226		34,831
AT&T, Inc.		1,809		70,859
Automatic Data Processing, Inc.		389		42,525
AutoZone, Inc. (a)		33		19,639
AvalonBay Communities, Inc. REIT		305		54,418
Biogen, Inc. (a)		36		11,272
Boston Properties, Inc. REIT		670		82,330
Brinker International, Inc.		276		8,793
Bristol-Myers Squibb Co.		276		17,592
Campbell Soup Co.		956		44,760
Carnival Corp.		387		24,989
Chevron Corp.		96		11,280
Cimarex Energy Co.		147		16,709
Comcast Corp., Class A		1,433		55,142
ConAgra Foods, Inc.		305		10,291
Concho Resources, Inc. (a)		109		14,357
CONSOL Energy, Inc. (a)		906		15,348
Consolidated Edison, Inc.		458		36,951
Cracker Barrel Old Country Store, Inc.		74		11,220
Crown Castle International Corp. REIT		780		77,984
Crown Holdings, Inc. (a)		170		10,152
CSX Corp.		969		52,578
Darden Restaurants, Inc.		624		49,159
Deere & Co.		160		20,094
Delta Air Lines, Inc.		232		11,187
Diamondback Energy, Inc. (a)		197		19,298
DowDuPont, Inc.		236		16,338
EchoStar Corp., Class A (a)		300		17,169
Edison International		293		22,611
Eli Lilly & Co.		397		33,959
EOG Resources, Inc.		209		20,219
Equinix, Inc. REIT		219		97,740
Equity Lifestyle Properties, Inc. REIT		1,118		95,119
Essex Property Trust, Inc. REIT		322		81,798
F5 Networks, Inc. (a)		228		27,488

Description	Shares		Fair Value
Finisar Corp. (a)		443	$	9,821
General Dynamics Corp.		90		18,502
General Mills, Inc.		913		47,257
Genesee & Wyoming, Inc., Class A (a)		420		31,084
GGP, Inc. REIT		3,298		68,499
Halliburton Co.		451		20,760
Hasbro, Inc.		177		17,288
HCA Healthcare, Inc. (a)		215		17,112
HCP, Inc. REIT		1,946		54,157
Helix Energy Solutions Group, Inc. (a)		1,734		12,814
Honeywell International, Inc.		196		27,781
Hormel Foods Corp.		300		9,642
Huntington Ingalls Industries, Inc.		81		18,342
Intel Corp.		1,181		44,972
International Paper Co.		292		16,591
Intuit, Inc.		64		9,097
Invitation Homes, Inc.		1,826		41,359
Johnson & Johnson		634		82,426
Kinder Morgan, Inc.		3,514		67,399
Lear Corp.		237		41,020
Lockheed Martin Corp.		217		67,333
Marsh & McLennan Cos., Inc.		281		23,551
Martin Marietta Materials, Inc.		102		21,035
MasterCard, Inc., Class A		158		22,310
McCormick & Co., Inc.		91		9,340
McDonald’s Corp.		460		72,073
Merck & Co., Inc.		136		8,708
Mettler-Toledo International, Inc. (a)		68		42,579
Microsoft Corp.		222		16,537
Motorola Solutions, Inc.		344		29,195
National Storage Affiliates Trust REIT		2,831		68,623
Newmont Mining Corp.		279		10,465
NIKE, Inc., Class B		315		16,333
Norfolk Southern Corp.		1,044		138,059
Northrop Grumman Corp.		258		74,232
O’Reilly Automotive, Inc. (a)		150		32,306
Olin Corp.		684		23,427
Omnicom Group, Inc.		852		63,108
Paychex, Inc.		523		31,359
PG&E Corp.		1,469		100,024
Pioneer Natural Resources Co.		111		16,377
Pool Corp.		281		30,396
PPG Industries, Inc.		188		20,428
Prologis, Inc.		1,497		95,000
PS Business Parks, Inc. REIT		708		94,518
Public Storage REIT		256		54,781
Quest Diagnostics, Inc.		86		8,053


Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Quintiles IMS Holdings, Inc. (a)		136	$	12,930
Range Resources Corp.		831		16,263
Raytheon Co.		156		29,106
Regions Financial Corp.		1,376		20,956
Republic Services, Inc.		525		34,681
Retail Opportunity Investments Corp. REIT		4,267		81,116
Schlumberger, Ltd.		216		15,068
Skyworks Solutions, Inc.		178		18,138
Southwest Gas Holdings, Inc.		624		48,435
Spirit AeroSystems Holdings, Inc., Class A		300		23,316
Starbucks Corp.		983		52,797
Steel Dynamics, Inc.		315		10,858
Sunstone Hotel Investors, Inc. REIT		4,308		69,230
Sysco Corp.		1,520		82,004
Texas Instruments, Inc.		187		16,763
The Allstate Corp.		357		32,812
The Boeing Co.		240		61,010
The PNC Financial Services Group, Inc.		127		17,116
The TJX Cos., Inc.		333		24,552
The Travelers Cos., Inc.		139		17,030
Thermo Fisher Scientific, Inc.		269		50,895
TreeHouse Foods, Inc. (a)		179		12,124
Tyson Foods, Inc., Class A		426		30,012
Union Pacific Corp.		946		109,708
UnitedHealth Group, Inc.		106		20,760
Visa, Inc., Class A		298		31,362
VMware, Inc., Class A (a)		113		12,338
Vulcan Materials Co.		125		14,950
Wal-Mart Stores, Inc.		712		55,636
Waste Management, Inc.		557		43,596
Waters Corp. (a)		117		21,004
Westlake Chemical Corp.		363		30,162
Weyerhaeuser Co. REIT		477		16,232
				4,866,647
Total Common Stocks (Cost $9,407,470)				10,241,411
Exchange-Traded Funds \| 0.1%
iShares Gold Trust (a) (Cost $15,599)		1,260		15,510

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

Foreign Government Obligations | 10.6%

Australia | 0.7%

Australia Government Bonds,
3.000%, 09/20/25

AUD

108

117,268

Description	Security Currency		Principal Amount (000)		Fair Value
Canada \| 0.4%
Canadian Government Real Return Bonds, 2.000%, 12/01/41		CAD		61	$	61,113
France \| 2.4%
French Republic Government Bonds OAT, 1.850%, 07/25/27		EUR		259		384,435
Italy \| 1.9%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22		EUR		117		140,592
3.100%, 09/15/26		EUR		116		164,204
						304,796
Mexico \| 1.6%
Mexican Udibonos, 2.500%, 12/10/20		MXN		847		266,219
New Zealand \| 0.9%
New Zealand Government Bonds, 3.000%, 09/20/30		NZD		165		139,307
Spain \| 2.0%
Spain Government Inflation Linked Bonds:
0.300%, 11/30/21		EUR		109		136,299
1.800%, 11/30/24		EUR		140		189,427
						325,726
United Kingdom \| 0.7%
United Kingdom Gilt Inflation Linked, 0.750%, 03/22/34		GBP		63		120,860
Total Foreign Government Obligations (Cost $1,563,026)						1,719,724
US Treasury Securities \| 17.0%
Treasury Inflation Protected Securities:
0.125%, 04/15/20		USD		721		724,640
1.125%, 01/15/21		USD		1,107		1,150,968
2.375%, 01/15/25		USD		184		210,553
2.500%, 01/15/29		USD		570		687,631
Total US Treasury Securities (Cost $2,789,016)						2,773,792

Description	Shares		Fair Value
Rights \| 0.0%
Australia \| 0.0%
Macquarie Atlas Roads Group Expires 10/04/2017		1,442	$	351
Singapore \| 0.0%
Mapletree Logistics Trust Expires 10/04/2017		2,800		196
Total Rights (Cost $0)				547

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Short-Term Investments \| 22.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $3,589,938)		3,589,938	$	3,589,938
Total Investments \| 112.6% (Cost $17,365,049) (f)			$	18,340,922
Liabilities in Excess of Cash and Other Assets \| (12.6)%				(2,052,033	)
Net Assets \| 100.0%			$	16,288,889

Lazard Real Assets and Pricing Opportunities Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CHF	2,771	USD	2,875	CIT	12/28/17	$	2	$	—
EUR	10,549	USD	12,486	CIT	12/28/17		36		—
JPY	30,356	USD	278	HSB	11/22/17		—		8
JPY	8,871,555	USD	82,500	HSB	11/22/17		—		3,575
JPY	23,033,782	USD	214,200	HSB	11/22/17		—		9,282
MXN	816,430	USD	44,900	HSB	11/22/17		—		287
SEK	436,957	USD	54,210	HSB	11/22/17		—		488
SEK	785,488	USD	97,450	HSB	11/22/17		—		877
USD	175,202	AUD	221,054	CIT	12/28/17		2,081		—
USD	119,577	AUD	151,369	HSB	11/22/17		981		—
USD	233,767	AUD	295,919	HSB	11/22/17		1,918		—
USD	19,476	CAD	24,443	CIT	11/22/17		—		69
USD	42,060	CAD	52,782	HSB	11/22/17		—		145
USD	731,485	CAD	917,940	HSB	11/22/17		—		2,517
USD	28,121	CHF	27,140	CIT	12/28/17		—		60
USD	119,926	CHF	115,240	HSB	11/22/17		592		—
USD	1,387,128	EUR	1,156,586	CIT	12/28/17		14,185		—
USD	308,056	EUR	260,836	HSB	11/22/17		—		886
USD	1,017,542	EUR	861,571	HSB	11/22/17		—		2,926
USD	88,017	GBP	68,061	CIT	11/22/17		—		3,318
USD	221,411	GBP	162,717	CIT	12/28/17		2,791		—
USD	32,392	GBP	25,046	HSB	11/22/17		—		1,219
USD	363,461	GBP	281,038	HSB	11/22/17		—		13,681
USD	157,020	HKD	1,225,935	HSB	11/22/17		—		126
USD	49,400	JPY	5,532,849	CIT	11/22/17		177		—
USD	30,000	JPY	3,382,981	HSB	11/22/17		—		96
USD	135,000	JPY	15,223,413	HSB	11/22/17		—		434
USD	336,287	JPY	36,657,790	HSB	11/22/17		10,164		—
USD	7,200	MXN	132,449	HSB	11/22/17		—		38
USD	265,340	MXN	4,755,819	HSB	11/22/17		5,461		—
USD	138,553	NZD	189,606	CIT	11/22/17		1,727		—
USD	1,104	NZD	1,511	HSB	11/22/17		14		—
USD	19,270	NZD	26,371	HSB	11/22/17		240		—
USD	200,527	SGD	272,448	HSB	11/22/17		—		281
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	40,369	$	40,313

Futures Contracts open at September 30, 2017:

Type	Number of Contracts	Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation (Depreciation)
Light Sweet Crude Oil	2	$	2,000	10/20/2017	$	99,507	$	103,340	$	3,833
Lean Hogs	1		40,000	12/14/2017		24,484		23,980		(504	)
Corn	1		5,000	12/14/2017		19,491		17,762		(1,729	)
Wheat	1		5,000	12/14/2017		24,529		22,413		(2,116	)
Total net unrealized appreciation (depreciation) on Futures Contracts									$	(516	)

Lazard Real Assets and Pricing Opportunities Portfolio (continued)

Total Return Swap Agreements open at September 30, 2017:

Pay

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Payment
Frequency

Unrealized Appreciation
(Depreciation)

0.15%

USD

GSC

1,166,727

08/17/18

Appreciation, and dividends paid, on futures in the Bloomberg Commodity Index

Maturity

27,283

Lazard Real Assets and Pricing Opportunities Portfolio (concluded)

The following table represents the weighting of the individual futures and related fair values underlying the Bloomberg Commodity Index total return swap agreements with GSC, as of September 30, 2017:

Futures	Weight			Fair Value
Brent Crude Jan 18		7.66	%	$	91,461
Coffee “C” Dec 17		2.11			25,194
Copper Dec 17		8.71			103,998
Corn Dec 17		7.27			86,805
Cotton No.2 Dec 17		1.32			15,761
Gasoline Rbob Nov 17		3.57			42,626
Gold 100 OZ Dec 17		12.09			144,356
KC HRW Wheat Dec 17		1.21			14,448
Lean Hogs Dec 17		1.94			23,164
Live Cattle Dec 17		3.95			47,163
LME Nickel Nov 17		2.57			30,686
LME Primary Aluminum Nov 17		5.51			65,790
LME Zinc Nov 17		3.22			38,447
Natural Gas Nov 17		7.21			86,088
NY Harb ULSD Nov 17		3.99			47,641
Sliver Dec 17		4.11			49,074
Soybean Nov 17		5.62			67,103
Soybean Meal Dec 17		2.91			34,746
Soybean Oil Dec 17		2.60			31,044
Sugar #11 (World) Mar 18		2.28			27,223
Wheat (CBT) Dec 17		3.47			41,432
WIT Crude Nov 17		6.68			79,760
Total Futures		100.00	%	$	1,194,010

Description	Shares			Fair Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 84.4%
Equity Funds \| 66.9%
Deutsche X-trackers MSCI Japan Hedged Equity ETF		77,000		$	3,120,810
Financial Select Sector SPDR Fund		382,955			9,903,216
Guggenheim S&P 500 Equal Weight ETF		95,100			9,085,854
iShares Core MSCI Europe ETF		201,500			10,010,520
iShares Global Financials ETF		188,400			12,570,048
iShares Global Materials ETF		150,300			9,828,117
iShares Latin America 40 ETF		132,800			4,659,952
iShares MSCI Europe Financials ETF		150,500			3,533,740
iShares MSCI Eurozone ETF		73,700			3,192,684
iShares MSCI Japan ETF		142,600			7,944,246
iShares Nasdaq Biotechnology ETF		18,950			6,321,531
iShares North American Tech ETF		41,100			6,382,008
PowerShares Dynamic Oil & Gas Services Portfolio		316,700			3,138,497
SPDR S&P Regional Banking ETF		112,900			6,408,204
Vanguard FTSE Emerging Markets ETF		133,490			5,816,159
					101,915,586
Fixed-Income Funds \| 17.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF		60,695			7,358,055
Vanguard Short-Term Corporate Bond ETF		241,700			19,367,421
					26,725,476
Total Exchange-Traded Funds (Cost $117,219,155)					128,641,062
Closed-End Management Investment Companies \| 5.0%
Royce Value Trust, Inc. (Cost $6,579,772)		485,400			7,664,466
Short-Term Investments \| 7.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $11,601,280)		11,601,280			11,601,280
Total Investments excluding Securities Sold Short \| 97.0% (Cost $135,400,207)					147,906,808
Securities Sold Short \| (6.8)%
Exchange-Traded Funds \| (6.8)%
Fixed-Income Funds \| (6.8)%
iShares 20+ Year Treasury Bond ETF (Proceeds $10,365,419)		(83,300	)		(10,392,508	)

Description	Fair Value
Total Investments \| 90.2% (Cost and short proceeds $125,034,788)	$	137,514,300
Cash and Other Assets in Excess of Liabilities \| 9.8%		14,941,633
Net Assets \| 100.0%	$	152,455,933

Lazard Capital Allocator Opportunistic Strategies Portfolio (continued)

Total Return Swap Agreements open at September 30, 2017:

Pay

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Payment
Frequency

Unrealized
Appreciation
(Depreciation)

Month JPY LIBOR plus 0.40%

JPY

GSC

6,727,796

06/14/18

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

Monthly

197,337

Month USD LIBOR plus 0.45%

USD

GSC

7,934,595

07/06/18

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

Monthly

106,515

Total gross unrealized appreciation (depreciation) on Total Return Swap Agreements

303,852

* Include accrued dividends and financing charges of $28,314.

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

The following tables represent the weighting of the individual securities and related fair values underlying the custom momentum basket total return swap agreements with GSC, as of September 30, 2017:

Securities	Shares		Fair Value
3M Co.		2,091	$	438,993
ABB, Ltd.		11,050		273,155
American Airlines Group, Inc.		7,983		379,096
Delphi Automotive PLC		2,905		285,881
Eaton Corp PLC		10,289		790,083
Honeywell International, Inc.		5,638		799,154
Illinois Tool Works, Inc.		2,763		408,884
Johnson Controls International PLC		7,092		285,725
Parker-Hannifin Corp.		5,725		1,001,933
Raytheon Co.		4,784		892,654
Rockwell Automation, Inc.		5,631		1,003,520
Schneider Electric SE		3,343		290,706
Union Pacific Corp.		7,470		866,307
United Technologies Corp.		2,800		325,019
Total Fair Value			$	8,041,110

Securities	Shares		Fair Value
Air Water, Inc.		10,465	$	192,842
Asahi Kasei Corp.		36,525		449,028
Daicel Corp.		16,416		197,585
DIC Corp.		5,335		192,977
Hitachi Chemical Co., Ltd.		6,566		179,808
Kansai Paint Co., Ltd.		8,618		216,644
Kuraray Co., Ltd.		10,260		191,611
Mitsubishi Chemical Holdings Corp.		70,588		671,670
Mitsubishi Gas Chemical Co., Inc.		9,234		216,136
Mitsui Chemical, Inc.		7,182		218,021
Nippon Paint Holdings Co., Ltd.		14,569		494,644
Nitto Denko Corp.		4,514		375,943
Shin-Etsu Chemical Co., Ltd.		9,644		861,190
Showa Denko K. K.		13,953		434,111
Sumitomo Chemical Co., Ltd.		70,178		437,910
Taiyo Nippon Sanso Corp.		18,057		213,496
Tokai Carbon Co., Ltd.		31,806		298,690
Tokuyama Corp.		8,085		191,105
Toray Industries Inc.		22,777		220,674
Tosoh Corp.		19,186		431,881
Zeon Corp.		18,468		239,167
Total Fair Value			$	6,925,133

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks \| 83.2%
Australia \| 2.2%
AGL Energy, Ltd.		1,407	$	25,870
Aristocrat Leisure, Ltd.		13,147		217,455
Cochlear, Ltd.		896		112,119
Computershare, Ltd.		2,237		25,489
CSL, Ltd.		3,691		388,047
Investa Office Fund REIT		6,693		23,704
Newcrest Mining, Ltd.		1,955		32,126
Qantas Airways, Ltd.		36,528		167,590
Resolute Mining, Ltd.		23,743		19,085
Sandfire Resources NL		4,802		21,723
Stockland REIT		64,634		218,682
Woodside Petroleum, Ltd.		1,699		38,940
Woolworths, Ltd.		7,702		152,620
				1,443,450
Austria \| 0.2%
Erste Group Bank AG		2,018		87,438
Lenzing AG		453		65,760
				153,198
Belgium \| 0.1%
Proximus SADP		1,021		35,225
Canada \| 3.7%
Alimentation Couche-Tard, Inc., Class B		1,193		54,403
Atco, Ltd., Class I		1,621		59,500
BCE, Inc.		2,413		113,055
CAE, Inc.		9,169		160,673
Canadian Imperial Bank of Commerce		428		37,447
Canadian National Railway Co.		2,475		205,054
CI Financial Corp.		2,549		55,750
Colliers International Group, Inc.		529		26,243
Constellation Software, Inc.		46		25,096
Dollarama, Inc.		393		43,002
Genworth MI Canada, Inc.		4,062		120,550
George Weston, Ltd.		243		21,160
Husky Energy, Inc. (a)		6,654		83,298
IAMGOLD Corp. (a)		4,469		27,328
Intact Financial Corp.		238		19,660
Kirkland Lake Gold, Ltd.		2,254		29,048
Magna International, Inc.		513		27,378
Metro, Inc.		751		25,827
National Bank of Canada		6,158		296,364
Royal Bank of Canada		880		68,087
Saputo, Inc.		1,206		41,745
Suncor Energy, Inc.		8,181		286,720
Teck Resources, Ltd., Class B		4,031		84,868

Description	Shares		Fair Value
The Bank of Nova Scotia		2,560	$	164,546
The Toronto-Dominion Bank		482		27,137
Thomson Reuters Corp.		4,830		221,613
TransCanada Corp.		1,600		79,080
				2,404,632
Denmark \| 1.1%
AP Moller-Maersk A/S, Class B		56		106,394
Carlsberg A/S, Class B Sponsored ADR		7,515		165,555
Danske Bank A/S		675		26,995
Jyske Bank A/S		518		29,910
Nets A/S (a)		2,909		75,310
Novo Nordisk A/S, Class B		4,372		209,893
Vestas Wind Systems A/S		1,427		128,064
				742,121
Finland \| 0.3%
Outokumpu OYJ		4,135		42,959
Sampo Oyj, A Shares ADR		5,020		132,829
				175,788
France \| 2.2%
Air France-KLM (a)		11,235		177,178
AXA SA		4,962		150,113
Credit Agricole SA		13,724		249,545
Faurecia		2,251		156,280
Peugeot SA		4,754		113,233
Societe Generale SA		716		41,886
TOTAL SA		7,391		397,513
Ubisoft Entertainment SA ADR (a)		10,810		148,746
				1,434,494
Germany \| 2.3%
Bayer AG		1,582		215,585
Continental AG		691		175,387
Continental AG Sponsored ADR		3,830		194,985
Covestro AG		1,410		121,236
Deutsche Lufthansa AG		8,628		239,742
Deutsche Telekom AG		4,851		90,502
Infineon Technologies AG		1,207		30,343
Rheinmetall AG		712		80,277
SAP SE		411		45,025
Siltronic AG (a)		989		122,734
Symrise AG ADR		11,285		214,415
				1,530,231
Hong Kong \| 1.4%
AIA Group, Ltd. Sponsored ADR		6,795		202,083
CK Asset Holdings, Ltd.		16,000		133,076
I-CABLE Communications, Ltd. (a)		49,581		1,620
Jardine Matheson Holdings, Ltd.		255		16,158

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Sun Hung Kai Properties, Ltd.		8,000	$	130,569
The Wharf Holdings, Ltd.		26,435		235,605
Wheelock & Co., Ltd.		23,504		165,311
Xinyi Glass Holdings, Ltd.		34,000		33,615
Yue Yuen Industrial Holdings, Ltd.		6,090		23,218
				941,255
Ireland \| 0.4%
Ryanair Holdings PLC Sponsored ADR (a)		209		22,033
Shire PLC ADR		1,555		238,132
				260,165
Israel \| 0.3%
Bank Hapoalim BM		3,942		27,588
Israel Discount Bank, Ltd., ADR (a)		4,300		105,995
Israel Discount Bank, Ltd., Class A (a)		7,816		19,708
Nice, Ltd.		266		21,434
				174,725
Italy \| 0.2%
Assicurazioni Generali SpA		2,602		48,536
Intesa Sanpaolo SpA		30,629		108,312
				156,848
Japan \| 7.5%
Amano Corp.		1,095		25,920
ANA Holdings, Inc.		3,500		132,721
Asahi Glass Co., Ltd.		6,000		222,828
Central Japan Railway Co.		190		33,332
Chugai Pharmaceutical Co., Ltd.		1,100		45,685
Daito Trust Construction Co., Ltd.		455		82,912
Daiwa House Industry Co., Ltd.		1,300		44,915
Daiwa House Industry Co., Ltd. ADR		5,800		202,304
Dexerials Corp.		3,500		42,813
East Japan Railway Co.		300		27,714
Ferrotec Holdings Corp.		2,600		44,121
Haseko Corp.		9,002		120,059
Heiwa Corp.		1,100		21,815
Hitachi Maxell, Ltd.		2,000		44,910
Itochu Techno-Solutions Corp.		2,500		93,399
Japan Petroleum Exploration Co., Ltd.		3,400		73,707
Juki Corp.		5,900		84,467
Kaken Pharmaceutical Co., Ltd.		500		25,437
Kamigumi Co., Ltd.		1,000		23,213
Kao Corp.		400		23,585
Kao Corp. Sponsored ADR		2,169		127,711
KDDI Corp. ADR		15,815		207,967
Kinden Corp.		2,700		43,514
Kobe Bussan Co., Ltd.		800		35,935

Description	Shares		Fair Value
Maeda Corp.		3,000	$	36,667
Maruha Nichiro Corp.		700		20,601
Marvelous, Inc.		4,900		41,636
MCJ Co., Ltd.		3,451		37,369
Megmilk Snow Brand Co., Ltd.		800		21,742
Mitsubishi Gas Chemical Co., Inc.		1,900		44,571
Mitsubishi UFJ Financial Group, Inc.		75,277		489,135
Mitsui Chemicals, Inc.		1,200		36,492
Morinaga Milk Industry Co., Ltd.		600		22,930
MS&AD Insurance Group Holdings, Inc.		700		22,592
Nichirei Corp.		1,425		35,789
Nippon Steel & Sumitomo Metal Corp.		12,400		284,990
Nippon Telegraph & Telephone Corp.		795		36,460
Nishimatsu Construction Co., Ltd.		1,600		46,229
Nitto Denko Corp.		500		41,742
Nomura Holdings, Inc.		7,400		41,463
NTT DOCOMO, Inc.		2,900		66,286
Obayashi Corp.		2,000		23,994
Oji Holdings Corp.		5,000		26,997
Omron Corp.		800		40,748
ORIX Corp.		3,813		61,552
Penta-Ocean Construction Co., Ltd.		3,900		24,615
Prima Meat Packers, Ltd.		4,000		27,160
Rengo Co., Ltd.		5,080		30,212
Ryohin Keikaku Co., Ltd. ADR		4,215		249,570
SBI Holdings, Inc.		16,400		247,182
Sekisui Chemical Co., Ltd.		6,600		129,978
Shionogi & Co., Ltd.		400		21,882
Showa Corp.		4,200		51,767
Showa Denko KK		800		25,071
Sompo Holdings, Inc.		2,000		77,988
Start Today Co., Ltd.		2,200		69,796
Taisei Corp.		600		31,483
Takeuchi Manufacturing Co., Ltd.		1,913		40,075
Teijin, Ltd.		4,175		82,355
The Chugoku Electric Power Co., Inc.		3,631		38,580
Tokyo Electron, Ltd.		800		123,328
Tokyo Gas Co., Ltd.		1,927		47,263
Topcon Corp.		2,400		42,330
V Technology Co., Ltd.		200		33,535
Yamaha Corp. Sponsored ADR		3,515		131,988
Yaskawa Electric Corp.		2,700		85,977
				4,923,104
Luxembourg \| 0.2%
B&M European Value Retail SA		22,157		115,085
Malta \| 0.0%
Kindred Group PLC		2,047		23,552

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Netherlands \| 1.4%
Royal Dutch Shell PLC, A Shares		21,914	$	660,378
Wolters Kluwer NV		445		20,564
Wolters Kluwer NV Sponsored ADR		4,720		218,819
				899,761
Norway \| 1.6%
Aker BP ASA		9,638		186,748
DNB ASA		1,721		34,682
Leroy Seafood Group ASA		4,372		27,970
Marine Harvest ASA		1,189		23,545
Statoil ASA		36,603		734,281
Telenor ASA		2,919		61,857
				1,069,083
Puerto Rico \| 0.0%
Popular, Inc.		634		22,786
Singapore \| 0.8%
Best World International, Ltd.		45,700		44,816
CapitaLand, Ltd.		9,200		24,334
DBS Group Holdings, Ltd.		3,700		56,931
Singapore Airlines, Ltd.		5,930		43,957
United Overseas Bank, Ltd.		8,100		140,371
UOL Group, Ltd.		21,600		129,472
Venture Corp., Ltd.		5,800		75,540
				515,421
Spain \| 0.6%
Banco Santander SA		36,731		256,446
Corporacion Financiera Alba SA		190		11,606
Mapfre SA		11,954		38,911
Telefonica SA		7,271		79,093
				386,056
Sweden \| 1.1%
Assa Abloy AB ADR		12,720		145,135
Axfood AB		1,381		23,689
Electrolux AB, Series B		4,620		157,095
Hennes & Mauritz AB, B Shares		1,016		26,360
Hexagon AB ADR		3,190		158,607
Mycronic AB		3,718		51,048
Nordea Bank AB Sponsored ADR		10,440		141,880
Swedish Orphan Biovitrum AB (a)		2,798		43,208
				747,022
Switzerland \| 1.7%
Julius Baer Group, Ltd. ADR		10,245		120,994
Partners Group Holding AG		395		268,364
Roche Holding AG		2,492		636,162

Description	Shares		Fair Value
STMicroelectronics NV		2,619	$	50,800
Swiss Life Holding AG		79		27,828
				1,104,148
United Kingdom \| 5.7%
Admiral Group PLC		1,456		35,476
Ashtead Group PLC ADR		1,850		178,432
Associated British Foods PLC		2,234		95,660
British American Tobacco PLC Sponsored ADR		4,800		299,760
Centrica PLC		110,142		276,024
Coca-Cola European Partners PLC		4,040		168,145
Compass Group PLC		2,376		50,444
Compass Group PLC Sponsored ADR		8,487		183,455
Crest Nicholson Holdings PLC		5,974		44,271
CVS Group PLC		2,191		42,660
Diageo PLC Sponsored ADR		1,635		216,033
Electrocomponents PLC		16,848		140,225
Fevertree Drinks PLC		3,254		95,377
G4S PLC		5,946		22,177
Hargreaves Lansdown PLC		1,031		20,450
International Consolidated Airlines Group SA (EUR)		17,222		137,214
International Consolidated Airlines Group SA (GBP)(a)		3,001		23,871
Land Securities Group PLC REIT		2,909		37,940
Lloyds Banking Group PLC		77,412		70,265
Moneysupermarket.com Group PLC		5,090		21,697
Persimmon PLC		2,155		74,564
Prudential PLC ADR		3,805		182,298
Redrow PLC		11,897		94,462
RELX NV Sponsored ADR		10,535		224,712
Rio Tinto PLC Sponsored ADR		2,245		105,942
Smith & Nephew PLC		1,351		24,428
SSE PLC		18,879		353,324
SSP Group PLC		6,811		49,063
Subsea 7 SA		1,806		29,690
Taylor Wimpey PLC (a)		34,927		91,501
Unilever PLC		2,613		151,246
Unilever PLC Sponsored ADR		2,555		148,088
Wm Morrison Supermarkets PLC		8,834		27,715
				3,716,609
United States \| 48.2%
3M Co.		3,938		826,586
AbbVie, Inc.		3,768		334,824
Accenture PLC, Class A		4,387		592,552
Adobe Systems, Inc. (a)		1,211		180,657
Advanced Energy Industries, Inc. (a)		316		25,520
Air Lease Corp.		1,037		44,197

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Akamai Technologies, Inc. (a)		501	$	24,409
Allergan PLC		362		74,192
Ally Financial, Inc.		4,609		111,814
Alphabet, Inc., Class A (a)		353		343,723
Alphabet, Inc., Class C (a)		144		138,112
Altria Group, Inc.		764		48,453
Amazon.com, Inc. (a)		45		43,261
Amdocs, Ltd.		468		30,102
Ameren Corp.		9,469		547,687
American Axle & Manufacturing Holdings, Inc. (a)		7,042		123,798
American Electric Power Co., Inc.		494		34,699
American Equity Investment Life Holding Co.		3,023		87,909
American Express Co.		3,070		277,712
Ameriprise Financial, Inc.		1,991		295,683
Amgen, Inc.		384		71,597
Anthem, Inc.		980		186,082
Aon PLC		2,410		352,101
Apple, Inc.		5,023		774,145
Applied Materials, Inc.		6,687		348,326
Argan, Inc.		1,000		67,250
AT&T, Inc.		24,987		978,741
Atkore International Group, Inc. (a)		1,359		26,514
AutoZone, Inc. (a)		215		127,949
Bank of America Corp.		7,618		193,040
Baxter International, Inc.		749		47,000
Benchmark Electronics, Inc. (a)		704		24,042
BGC Partners, Inc. Class A		1,777		25,713
Biogen, Inc. (a)		570		178,478
Bloomin’ Brands, Inc.		1,157		20,363
Bristol-Myers Squibb Co.		3,166		201,801
C.R. Bard, Inc.		363		116,342
Campbell Soup Co.		999		46,773
Cardtronics PLC, Class A (a)		988		22,734
Carnival Corp.		2,650		171,111
Carnival PLC		1,562		99,394
Celgene Corp. (a)		1,784		260,143
Centene Corp. (a)		1,107		107,124
Cigna Corp.		1,219		227,880
Cirrus Logic, Inc. (a)		343		18,289
Cisco Systems, Inc.		4,125		138,724
CIT Group, Inc.		488		23,936
Citigroup, Inc.		6,757		491,504
Cognizant Technology Solutions Corp., Class A		1,197		86,830
Comcast Corp., Class A		18,012		693,102
Comerica, Inc.		2,825		215,435

Description	Shares		Fair Value
Commerce Bancshares, Inc.		1,660	$	95,898
Consolidated Edison, Inc.		1,284		103,593
Costco Wholesale Corp.		948		155,747
Crown Holdings, Inc. (a)		2,365		141,238
Cummins, Inc.		1,319		221,632
CVS Health Corp.		1,281		104,171
Darden Restaurants, Inc.		1,167		91,936
DaVita, Inc. (a)		1,080		64,141
DXC Technology Co.		2,295		197,095
Eaton Corp. PLC		1,955		150,124
eBay, Inc. (a)		3,805		146,340
EchoStar Corp., Class A (a)		1,054		60,320
Eli Lilly & Co.		2,326		198,966
Everest Re Group, Ltd.		799		182,484
Eversource Energy		627		37,896
Exelon Corp.		505		19,023
F5 Networks, Inc. (a)		410		49,430
Facebook, Inc., Class A (a)		2,720		464,766
Fifth Third Bancorp		2,777		77,700
Fiserv, Inc. (a)		1,328		171,259
Five Below, Inc. (a)		2,005		110,034
Fresh Del Monte Produce, Inc.		808		36,732
General Motors Co.		1,780		71,876
Genpact, Ltd.		1,091		31,366
GoDaddy, Inc., Class A (a)		581		25,279
Hasbro, Inc.		1,215		118,669
HCA Healthcare, Inc. (a)		2,493		198,418
Honeywell International, Inc.		1,795		254,423
HRG Group, Inc. (a)		9,876		154,164
Humana, Inc.		533		129,855
Huntington Ingalls Industries, Inc.		578		130,882
ICON PLC (a)		221		25,167
IDEXX Laboratories, Inc. (a)		380		59,086
Intel Corp.		4,487		170,865
Intercontinental Exchange, Inc.		3,710		254,877
Intuit, Inc.		914		129,916
IPG Photonics Corp. (a)		474		87,718
J.B. Hunt Transport Services, Inc.		507		56,318
JetBlue Airways Corp. (a)		1,025		18,993
Johnson & Johnson		6,763		879,258
Johnson Controls International PLC		4,043		162,892
JPMorgan Chase & Co.		5,719		546,222
Kimberly-Clark Corp.		793		93,320
Koppers Holdings, Inc. (a)		919		42,412
Las Vegas Sands Corp.		1,635		104,902
Lear Corp.		470		81,348
Lincoln National Corp.		6,393		469,758

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Lockheed Martin Corp.		585	$	181,520
Marsh & McLennan Cos., Inc.		1,004		84,145
Masimo Corp. (a)		258		22,332
Medtronic PLC		2,040		158,651
Merck & Co., Inc.		1,760		112,693
MetLife, Inc.		4,381		227,593
Microsoft Corp.		3,750		279,338
Mitel Networks Corp. (a)		5,143		43,150
Molson Coors Brewing Co., Class B		1,820		148,585
Monsanto Co.		1,035		124,014
Morgan Stanley		1,800		86,706
Motorola Solutions, Inc.		1,550		131,549
NIKE, Inc., Class B		345		17,888
Northrop Grumman Corp.		1,545		444,527
NVIDIA Corp.		700		125,139
O’Reilly Automotive, Inc. (a)		74		15,937
Omnicom Group, Inc.		817		60,515
Park Hotels & Resorts, Inc. REIT		1,161		31,997
Paychex, Inc.		920		55,163
PayPal Holdings, Inc. (a)		531		34,000
PepsiCo, Inc.		9,942		1,107,837
PG&E Corp.		6,154		419,026
Pinnacle West Capital Corp.		424		35,853
Pioneer Natural Resources Co.		171		25,229
PPG Industries, Inc.		1,230		133,652
Prudential Financial, Inc.		1,093		116,208
Quest Diagnostics, Inc.		205		19,196
Quintiles IMS Holdings, Inc. (a)		2,145		203,925
Radian Group, Inc.		2,500		46,725
Raytheon Co.		172		32,092
Regions Financial Corp.		5,781		88,045
Republic Services, Inc.		1,093		72,204
Rockwell Automation, Inc.		1,225		218,307
Ross Stores, Inc.		7,808		504,163
Royal Caribbean Cruises, Ltd.		1,101		130,513
S&P Global, Inc.		1,440		225,086
Sabra Health Care REIT, Inc.		1,715		37,627
Schlumberger, Ltd.		2,910		203,002
Silgan Holdings, Inc.		2,072		60,979
Simon Property Group, Inc. REIT		3,467		558,222
Sirius XM Holdings, Inc.		19,404		107,110
Skyworks Solutions, Inc.		1,107		112,803
Snap-on, Inc.		820		122,188
Southwest Airlines Co.		736		41,201
Starbucks Corp.		3,521		189,113
Synopsys, Inc. (a)		1,732		139,478

Description	Shares		Fair Value
Sysco Corp.		4,993	$	269,372
Tallgrass Energy GP LP		3,362		94,977
Taylor Morrison Home Corp., Class A (a)		3,579		78,917
The Boeing Co.		1,572		399,618
The Charles Schwab Corp.		4,205		183,927
The Chemours Co.		1,604		81,178
The Coca-Cola Co.		7,135		321,146
The Estee Lauder Cos., Inc., Class A		1,928		207,916
The Home Depot, Inc.		545		89,140
The J.M. Smucker Co.		1,430		150,050
The Kroger Co.		989		19,839
The Procter & Gamble Co.		237		21,562
The Scotts Miracle-Gro Co.		617		60,059
The TJX Cos., Inc.		9,870		727,715
The Toro Co.		1,427		88,560
The Walt Disney Co.		3,363		331,491
Thermo Fisher Scientific, Inc.		1,115		210,958
Time Warner, Inc.		1,659		169,965
United Continental Holdings, Inc. (a)		574		34,945
United Rentals, Inc. (a)		659		91,430
United Technologies Corp.		1,635		189,791
UnitedHealth Group, Inc.		3,934		770,474
Validus Holdings, Ltd.		745		36,661
Vantiv, Inc., Class A (a)		4,354		306,826
Versum Materials, Inc.		2,082		80,823
Visa, Inc., Class A		2,261		237,948
VMware, Inc., Class A (a)		1,231		134,413
Wal-Mart Stores, Inc.		3,240		253,174
Waste Management, Inc.		1,392		108,952
WEC Energy Group, Inc.		357		22,412
Welbilt, Inc. (a)		5,760		132,768
Wells Fargo & Co.		800		44,120
Xcel Energy, Inc.		8,764		414,713
Zoetis, Inc.		4,225		269,386
				31,677,314
Total Common Stocks (Cost $50,098,609)				54,652,073

Description

Security
Currency

Principal
Amount
(000)

Fair
Value

Corporate Bonds | 4.8%

Australia | 0.1%

Telstra Corp., Ltd.,
4.000%, 09/16/22

AUD

72,915

Toyota Finance Australia, Ltd.,
4.250%, 05/15/19

AUD

20,132

93,047

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Belgium \| 0.2%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21		USD		95	$	96,519
Canada \| 0.4%
The Bank of Nova Scotia, 2.125%, 09/11/19		USD		105		105,312
The Toronto-Dominion Bank:
2.250%, 11/05/19		USD		70		70,528
2.621%, 12/22/21		CAD		130		105,122
						280,962
Denmark \| 0.2%
Carlsberg Breweries A/S, 2.500%, 05/28/24		EUR		100		129,947
France \| 0.2%
Orange SA, 5.375%, 07/08/19		USD		133		140,719
Germany \| 0.2%
BMW Finance NV, 3.375%, 12/14/18		GBP		100		137,792
Netherlands \| 0.1%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20		NZD		80		61,125
New Zealand \| 0.1%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24		AUD		100		85,940
Norway \| 0.1%
Statoil ASA, 3.700%, 03/01/24		USD		80		84,445
Spain \| 0.2%
Iberdrola International BV, 1.125%, 04/21/26		EUR		100		117,644
United Kingdom \| 0.2%
Rolls-Royce PLC, 6.750%, 04/30/19		GBP		50		72,983
SSE PLC, 5.000%, 10/01/18		GBP		50		69,648
						142,631
United States \| 2.8%
Alphabet, Inc., 3.625%, 05/19/21		USD		50		52,877
Amazon.com, Inc., 3.800%, 12/05/24		USD		105		112,182
Apple, Inc.:
2.850%, 02/23/23		USD		22		22,524
3.850%, 05/04/43		USD		130		130,886

Description	Security Currency		Principal Amount (000)		Fair Value
Citigroup, Inc., 3.240% (BBSW 3 Month + 1.550%), 05/04/21 (d)		AUD		165	$	131,650
General Electric Co., 4.250%, 01/17/18		NZD		140		101,665
John Deere Canada Funding, Inc., 2.050%, 09/17/20		CAD		105		83,634
John Deere Capital Corp., 2.300%, 09/16/19		USD		40		40,435
Johnson & Johnson, 3.625%, 03/03/37		USD		65		67,809
JPMorgan Chase & Co., 4.500%, 01/24/22		USD		75		81,242
Microsoft Corp., 4.450%, 11/03/45		USD		157		176,708
Morgan Stanley, 3.625%, 01/20/27		USD		105		106,461
NIKE, Inc., 2.375%, 11/01/26		USD		110		104,317
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19		NZD		145		109,352
3.625%, 01/22/23		USD		85		88,041
The Home Depot, Inc., 2.625%, 06/01/22		USD		100		101,560
Union Pacific Corp., 4.163%, 07/15/22		USD		95		102,433
Wells Fargo & Co., 3.010% (BBSW 3 Month + 1.320%), 07/27/21 (d)		AUD		175		138,933
Wells Fargo Canada Corp., 3.040%, 01/29/21		CAD		75		61,432
						1,814,141
Total Corporate Bonds (Cost $3,095,547)						3,184,912
Foreign Government Obligations \| 7.1%
Australia \| 0.9%
Queensland Treasury Corp.:
5.500%, 06/21/21		AUD		175		152,232
3.000%, 03/22/24		AUD		125		98,893
Treasury Corp. of Victoria, 6.000%, 10/17/22		AUD		175		159,629
Western Australian Treasury Corp., 6.000%, 10/16/23		AUD		225		207,019
						617,773
Bermuda \| 0.3%
Government of Bermuda, 4.854%, 02/06/24		USD		200		217,564

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Canada \| 0.9%
Province of Alberta, 4.000%, 12/01/19		CAD		95	$	79,712
Province of British Columbia, 3.700%, 12/18/20		CAD		115		97,203
Province of Ontario, 1.950%, 01/27/23		CAD		165		129,825
Province of Quebec:
3.500%, 07/29/20		USD		105		109,466
1.650%, 03/03/22		CAD		55		43,250
2.500%, 04/20/26		USD		90		89,110
						548,566
Cayman Islands \| 0.2%
Cayman Islands Government Bonds, 5.950%, 11/24/19		USD		100		108,000
Chile \| 0.3%
Republic of Chile, 3.125%, 01/21/26		USD		200		205,000
Czech Republic \| 0.2%
Czech Republic, 2.500%, 08/25/28		CZK		2,830		144,073
France \| 0.2%
Government of France, 1.750%, 06/25/39		EUR		85		104,141
Hungary \| 0.2%
Hungary Government Bonds, 5.500%, 06/24/25		HUF		27,460		127,898
Ireland \| 0.3%
Irish Treasury, 3.400%, 03/18/24		EUR		158		224,230
Mexico \| 0.5%
Mexican Bonos, 6.500%, 06/09/22		MXN		2,330		126,725
United Mexican States, 6.750%, 02/06/24		GBP		100		165,490
						292,215
New Zealand \| 0.4%
New Zealand Government Bonds:
6.000%, 05/15/21		NZD		260		207,958
4.500%, 04/15/27		NZD		110		83,114
						291,072
Norway \| 0.5%
Kommunalbanken AS, 1.375%, 10/26/20 (c)		USD		200		197,168
Oslo Kommune, 1.600%, 05/05/22		NOK		1,000		123,603
						320,771

Description	Security Currency		Principal Amount (000)		Fair Value
Poland \| 0.5%
Poland Government Bonds:
1.810% (WIBOR 6 Month), 01/25/21 (d)		PLN		799	$	218,156
2.500%, 07/25/26		PLN		425		109,431
						327,587
Romania \| 0.2%
Romanian Government Bonds, 2.875%, 10/28/24		EUR		92		119,337
Singapore \| 0.7%
Singapore Government Bonds, 3.000%, 09/01/24		SGD		596		468,601
Spain \| 0.3%
Spain Government Bonds:
1.600%, 04/30/25		EUR		94		115,572
1.950%, 07/30/30		EUR		88		103,942
						219,514
Sweden \| 0.3%
Kommuninvest I Sverige AB, 1.500%, 04/23/19		USD		200		199,524
United Kingdom \| 0.2%
United Kingdom Gilt, 1.500%, 07/22/47		GBP		85		103,201
Total Foreign Government Obligations (Cost $4,453,496)						4,639,067
Quasi Government Bonds \| 0.8%
Canada \| 0.6%
Canada Housing Trust No. 1, 2.400%, 12/15/22		CAD		130		105,484
Export Development Canada, 1.800%, 09/01/22		CAD		35		27,666
Hydro-Quebec:
1.484% (CDOR 3 Month + 0.14%), 12/01/19 (d)		CAD		260		209,458
9.625%, 07/15/22		CAD		55		58,755
						401,363
Germany \| 0.2%
KFW, 1.125%, 12/23/19		GBP		100		135,360
Total Quasi Government Bonds (Cost $511,721)						536,723
Supranationals \| 0.8%
African Development Bank, 2.375%, 09/23/21		USD		50		50,808
Asian Development Bank:
1.875%, 04/12/19		USD		100		100,375
2.125%, 03/19/25		USD		115		112,899
European Investment Bank, 1.125%, 09/16/21 (c)		CAD		135		104,306
International Bank for Reconstruction & Development, 3.500%, 01/22/21		NZD		55		40,626

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
International Finance Corp., 3.625%, 05/20/20		NZD		140	$	103,692
Total Supranationals (Cost $507,245)						512,706
US Municipal Bonds \| 0.3%
California \| 0.2%
California State Build America Bonds, 7.500%, 04/01/34		USD		95		138,028
Georgia \| 0.1%
Georgia State Build America Bonds Series B, 2.380%, 02/01/27		USD		100		96,957
Total US Municipal Bonds (Cost $243,303)						234,985
US Treasury Securities \| 1.6%
US Treasury Notes:
2.125%, 05/15/25		USD		365		362,519
1.625%, 05/15/26		USD		426		403,885
3.125%, 11/15/41		USD		100		105,734
2.500%, 05/15/46		USD		180		167,154
Total US Treasury Securities (Cost $1,037,495)						1,039,292

Description	Shares		Fair Value
Short-Term Investments \| 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $905,924)		905,924	$	905,924
Total Investments \| 100.0% (Cost $60,853,340) (f)			$	65,705,682
Cash and Other Assets in Excess of Liabilities \| 0.0%				15,331
Net Assets \| 100.0%			$	65,721,013

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	10,030	USD	7,923	CIT	11/22/17	$	—	$	61
AUD	13,161	USD	10,300	CIT	11/22/17		17		—
CAD	143,923	USD	115,000	HSB	11/22/17		383		—
CHF	57,321	USD	59,653	HSB	11/22/17		—		267
CHF	42,302	USD	43,811	SSB	12/28/17		134		—
EUR	43,443	USD	52,500	CIT	11/22/17		—		1,019
EUR	69,456	USD	83,500	HSB	11/22/17		—		1,192
EUR	419,434	USD	495,365	HSB	11/22/17		1,679		—
EUR	1,078,266	USD	1,273,464	HSB	11/22/17		4,316		—
EUR	574,538	USD	680,151	SSB	12/28/17		2,213		—
GBP	66,949	USD	86,579	CIT	11/22/17		3,267		—
GBP	158,428	USD	213,297	SSB	12/28/17		—		432
JPY	71,504,224	USD	655,990	CIT	11/22/17		—		19,124
JPY	22,367,072	USD	208,000	HSB	11/22/17		—		8,783
JPY	156,283,646	USD	1,433,695	HSB	11/22/17		—		41,725
JPY	1,896,504	USD	16,985	SSB	12/28/17		—		58
KRW	112,581,020	USD	97,948	HSB	10/13/17		381		—
MXN	1,883,790	USD	103,600	HSB	11/22/17		—		989
NOK	81,138	USD	10,276	HSB	11/22/17		—		78
NZD	6,759	USD	4,851	SSB	12/28/17		23		—
SEK	776,721	USD	96,364	CIT	11/22/17		—		739
SEK	844,102	USD	104,722	HSB	11/22/17		—		802
USD	960,916	AUD	1,216,365	CIT	11/22/17		7,364		—
USD	338,015	AUD	429,394	SSB	12/28/17		1,530		—
USD	27,827	CAD	34,952	CIT	11/22/17		—		194
USD	30,675	CAD	38,498	CIT	11/22/17		—		189
USD	845,716	CAD	1,061,399	CIT	11/22/17		—		5,208
USD	50,584	CAD	63,309	HSB	11/22/17		—		170
USD	654,409	CAD	809,214	SSB	12/28/17		5,509		—
USD	61,365	CZK	1,399,557	HSB	10/10/17		—		2,323
USD	72,347	CZK	1,651,455	JPM	10/10/17		—		2,804
USD	61,543	DKK	386,658	SSB	12/28/17		—		188
USD	117,000	EUR	99,515	CIT	11/22/17		—		929
USD	188,535	EUR	159,636	HSB	11/22/17		—		639
USD	131,842	GBP	101,950	CIT	11/22/17		—		4,975
USD	96,293	GBP	74,456	HSB	11/22/17		—		3,628
USD	199,186	HKD	1,552,286	SSB	12/28/17		47		—
USD	131,737	HUF	33,870,980	JPM	11/22/17		3,034		—
USD	62,473	ILS	219,857	SSB	12/28/17		81		—
USD	66,000	JPY	7,443,744	CIT	11/22/17		—		299
USD	143,000	JPY	16,016,143	CIT	11/22/17		349		—
USD	321,300	JPY	34,783,552	HSB	11/22/17		11,494		—
USD	101,956	MXN	1,827,404	HSB	11/22/17		2,416		—
USD	126,421	NOK	998,214	HSB	11/22/17		955		—
USD	101,640	NOK	800,364	SSB	12/28/17		946		—
USD	61,607	NZD	84,308	CIT	11/22/17		772		—

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	658,807	NZD	901,573	HSB	11/22/17	$	8,249	$	—
USD	162,315	PLN	590,074	CIT	11/22/17		611		—
USD	149,557	PLN	543,512	HSB	11/22/17		613		—
USD	818	SEK	6,624	SSB	12/28/17		1		—
USD	456,484	SGD	620,207	HSB	11/22/17		—		996
USD	105,897	SGD	143,409	SSB	12/28/17		72		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	56,456	$	97,811

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 8.0%
Austria \| 0.0%
IMMOFINANZ AG		695	$	1,796
Canada \| 0.1%
ECN Capital Corp.		1,495		4,745
Element Fleet Management Corp.		48		356
Teck Resources, Ltd., Class B		639		13,476
				18,577
China \| 0.0%
ZhongAn Online P&C Insurance Co., Ltd.		900		7,310
France \| 0.4%
Cie Generale des Etablissements Michelin (h)		455		66,498
Mexico \| 0.3%
Cemex SAB de CV Sponsored ADR (a)		4,468		40,570
United States \| 7.2%
AK Steel Holding Corp. (a)		9,600		53,664
Altra Industrial Motion Corp.		9,379		451,130
American Homes 4 Rent, Class A REIT		1,200		26,052
Atlas Air Worldwide Holdings, Inc. (a)		309		20,332
Bottomline Technologies de, Inc. (a)		200		6,366
BroadSoft, Inc. (a)		800		40,240
CalAtlantic Group, Inc.		600		21,978
Chesapeake Energy Corp. (a), (h)		10,727		46,126
Cisco Systems, Inc.		4,810		161,760
DISH Network Corp., Class A (a)		400		21,692
Dycom Industries, Inc. (a)		100		8,588
Ford Motor Co.		469		5,614
Green Plains, Inc.		2,300		46,345
Impax Laboratories, Inc. (a), (h)		655		13,297
Intercept Pharmaceuticals, Inc. (a)		500		29,020
Marriott Vacations Worldwide Corp. (h)		331		41,220
Navistar International Corp. (a)		200		8,814
Pandora Media, Inc. (a)		500		3,850
PRA Group, Inc. (a)		100		2,865
Shutterfly, Inc. (a)		179		8,678
SM Energy Co. (h)		16		284
The Greenbrier Cos., Inc.		600		28,890
Trinity Industries, Inc.		200		6,380
Waste Management, Inc. (h)		983		76,939
Workday, Inc., Class A (a)		400		42,156
				1,172,280
Total Common Stocks (Cost $1,145,156)				1,307,031

Description	Security Currency		Principal Amount (000)		Fair Value
Corporate Bonds \| 99.0%
Bermuda \| 0.8%
Golar LNG, Ltd., 2.750%, 02/15/22 (h)		USD		132	$	124,493
Canada \| 3.2%
Element Fleet Management Corp.:
5.125%, 06/30/19 (h)		CAD		294		238,569
4.250%, 06/30/20 (h)		CAD		234		185,193
Pretium Resources, Inc., 2.250%, 03/15/22 (c), (h)		USD		106		98,448
						522,210
Japan \| 3.5%
Kansai Paint Co., Ltd., 0.000%, 06/17/22 (h)		JPY		10,000		96,312
Kyushu Electric Power Co., Inc.:
0.000%, 03/31/20 (h)		JPY		10,000		91,135
0.000%, 03/31/22 (h)		JPY		10,000		91,868
Mirait Holdings Corp., 0.000%, 12/30/21 (h)		JPY		10,000		101,844
Mitsubishi Chemical Holdings Corp.:
0.000%, 03/30/22 (h)		JPY		10,000		95,757
0.000%, 03/29/24		JPY		10,000		97,845
						574,761
Mexico \| 1.2%
Cemex SAB de CV, 3.720%, 03/15/20 (h)		USD		178		199,360
United States \| 90.3%
Aerojet Rocketdyne Holdings, Inc., 2.250%, 12/15/23 (c), (h)		USD		114		169,789
Air Transport Services Group, Inc., 1.125%, 10/15/24 (h)		USD		131		135,339
AK Steel Corp., 5.000%, 11/15/19 (h)		USD		144		192,420
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (h)		USD		67		70,936
AMAG Pharmaceuticals, Inc., 3.250%, 06/01/22 (h)		USD		29		28,203
American Residential Properties OP LP, 3.250%, 11/15/18 (c), (h)		USD		177		219,369
Amicus Therapeutics, Inc., 3.000%, 12/15/23 (c), (h)		USD		186		481,275
AmTrust Financial Services, Inc., 2.750%, 12/15/44 (h)		USD		153		112,455
Apollo Commercial Real Estate Finance, Inc., 4.750%, 08/23/22 (h)		USD		91		92,536
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (h)		USD		134		170,682
BioMarin Pharmaceutical, Inc., 0.599%, 08/01/24 (h)		USD		175		177,814

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Bottomline Technologies de, Inc., 1.500%, 12/01/17 (h)		USD		132	$	140,663
BroadSoft, Inc., 1.000%, 09/01/22 (h)		USD		196		274,767
CalAmp Corp., 1.625%, 05/15/20 (h)		USD		105		111,956
Carbonite, Inc., 2.500%, 04/01/22 (h)		USD		99		112,241
Carriage Services, Inc., 2.750%, 03/15/21 (h)		USD		97		121,189
Colony NorthStar, Inc., 3.875%, 01/15/21 (h)		USD		156		156,488
Cowen, Inc., 3.000%, 03/15/19 (h)		USD		128		134,320
Cypress Semiconductor Corp., 4.500%, 01/15/22 (h)		USD		67		87,477
Dermira, Inc., 3.000%, 05/15/22 (c), (h)		USD		88		94,710
DexCom, Inc., 0.750%, 05/15/22 (h)		USD		131		116,836
DISH Network Corp., 2.375%, 03/15/24 (c), (h)		USD		146		145,088
Dycom Industries, Inc., 0.750%, 09/15/21 (h)		USD		65		73,856
Electronics For Imaging, Inc., 0.750%, 09/01/19 (h)		USD		72		74,835
Emergent BioSolutions, Inc., 2.875%, 01/15/21 (h)		USD		134		192,541
Encore Capital Group, Inc.:
3.000%, 11/27/17 (h)		USD		47		65,124
3.250%, 03/15/22 (h)		USD		212		244,462
Ensco Jersey Finance, Ltd., 3.000%, 01/31/24 (c), (h)		USD		63		53,550
Euronet Worldwide, Inc., 1.500%, 10/01/44 (h)		USD		33		44,633
EZCORP, Inc., 2.875%, 07/01/24 (c), (h)		USD		201		233,914
FireEye, Inc., 1.625%, 06/01/35 (h)		USD		61		56,578
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (h)		USD		151		169,875
Forest City Realty Trust, Inc.:
4.250%, 08/15/18 (h)		USD		144		172,530
3.625%, 08/15/20 (h)		USD		335		388,181
Global Brokerage, Inc., 2.250%, 06/15/18 (h)		USD		73		30,614
Green Plains, Inc.:
3.250%, 10/01/18 (h)		USD		269		317,084
4.125%, 09/01/22 (h)		USD		197		202,209

Description	Security Currency		Principal Amount (000)		Fair Value
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 4.125%, 09/01/22 (h)		USD		26	$	26,910
HCI Group, Inc., 4.250%, 03/01/37 (c), (h)		USD		40		35,800
Hercules Capital, Inc., 4.375%, 02/01/22 (c), (h)		USD		87		88,359
Horizon Global Corp., 2.750%, 07/01/22 (h)		USD		131		135,258
HubSpot, Inc., 0.250%, 06/01/22 (c), (h)		USD		130		143,894
IAC FinanceCo, Inc., 0.875%, 10/01/22		USD		196		203,962
II-VI, Inc., 0.250%, 09/01/22 (c), (h)		USD		111		123,904
Innoviva, Inc.:
2.125%, 01/15/23 (h)		USD		200		195,125
2.500%, 08/15/25 (h)		USD		67		70,392
Inphi Corp., 1.125%, 12/01/20 (h)		USD		134		164,066
Insulet Corp., 1.250%, 09/15/21 (c), (h)		USD		104		117,650
Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23 (h)		USD		65		50,213
InterDigital, Inc., 1.500%, 03/01/20 (h)		USD		100		117,250
Invacare Corp., 5.000%, 02/15/21 (h)		USD		178		212,487
iStar, Inc., 3.125%, 09/15/22 (h)		USD		99		99,866
Kaman Corp., 3.250%, 05/01/24 (h)		USD		165		178,612
Knowles Corp., 3.250%, 11/01/21 (h)		USD		134		150,918
Liberty Expedia Holdings, Inc., 1.000%, 06/30/47 (h)		USD		33		35,239
Liberty Interactive LLC, 4.000%, 11/15/29 (h)		USD		236		167,269
Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (c), (h)		USD		126		149,783
Liberty Media Corp., 2.250%, 09/30/46 (h)		USD		59		62,688
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (c), (h)		USD		66		68,929
Microchip Technology, Inc.:
1.625%, 02/15/27 (h)		USD		215		261,091
2.250%, 02/15/37 (h)		USD		26		31,444
Micron Technology, Inc., 3.000%, 11/15/43 (h)		USD		72		99,495
Navistar International Corp.:
4.500%, 10/15/18 (h)		USD		51		53,104
4.750%, 04/15/19 (h)		USD		131		143,609

Description	Security Currency		Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (c), (h)		USD		66	$	75,116
New York Mortgage Trust, Inc., 6.250%, 01/15/22 (h)		USD		52		51,805
NextEra Energy Partners LP, 1.500%, 09/15/20 (h)		USD		99		96,773
Nuance Communications, Inc., 1.250%, 04/01/25 (h)		USD		112		108,220
ON Semiconductor Corp., 1.625%, 10/15/23 (c), (h)		USD		72		83,610
OSI Systems, Inc., 1.250%, 09/01/22 (c), (h)		USD		92		99,360
Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 (h)		USD		99		96,649
PDL BioPharma, Inc., 2.750%, 12/01/21 (h)		USD		94		101,873
PRA Group, Inc.:
3.000%, 08/01/20 (h)		USD		198		182,036
3.500%, 06/01/23 (h)		USD		180		164,813
Quidel Corp., 3.250%, 12/15/20 (h)		USD		134		202,926
Radius Health, Inc., 3.000%, 09/01/24 (h)		USD		218		218,272
RealPage, Inc., 1.500%, 11/15/22 (h)		USD		92		106,950
Red Hat, Inc., 0.250%, 10/01/19 (h)		USD		99		152,336
Redwood Trust, Inc., 4.750%, 08/15/23 (h)		USD		101		100,621
Rovi Corp., 0.500%, 03/01/20 (h)		USD		129		129,564
RTI International Metals, Inc., 1.625%, 10/15/19 (h)		USD		99		110,199
RWT Holdings, Inc., 5.625%, 11/15/19 (h)		USD		138		142,140
Silicon Laboratories, Inc., 1.375%, 03/01/22 (h)		USD		99		109,704
Square, Inc., 0.375%, 03/01/22 (c), (h)		USD		98		137,506
Starwood Property Trust, Inc.:
3.750%, 10/15/17 (h)		USD		334		334,000
4.375%, 04/01/23 (h)		USD		176		177,980
Starwood Waypoint Homes:
3.000%, 07/01/19 (h)		USD		213		261,591
3.500%, 01/15/22 (c), (h)		USD		216		242,595
Sucampo Pharmaceuticals, Inc., 3.250%, 12/15/21 (h)		USD		170		175,631
Synaptics, Inc., 0.500%, 06/15/22 (h)		USD		66		59,854

Description	Security Currency		Principal Amount (000)		Fair Value
Team, Inc., 5.000%, 08/01/23 (h)		USD		132	$	125,235
Teladoc, Inc., 3.000%, 12/15/22 (h)		USD		159		172,614
Teradyne, Inc., 1.250%, 12/15/23 (c), (h)		USD		85		113,103
TerraVia Holdings, Inc., 5.000%, 10/01/19 (h)		USD		216		21,600
Tesla, Inc., 2.375%, 03/15/22 (h)		USD		229		281,241
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (c), (h)		USD		60		67,425
The KeyW Holding Corp., 2.500%, 07/15/19 (h)		USD		65		60,978
The Medicines Co., 2.750%, 07/15/23 (h)		USD		78		81,998
The Priceline Group, Inc., 0.900%, 09/15/21 (h)		USD		66		75,735
Trinity Industries, Inc., 3.875%, 06/01/36 (h)		USD		13		17,428
Wayfair, Inc., 0.375%, 09/01/22 (h)		USD		165		159,844
Weatherford International, Ltd., 5.875%, 07/01/21 (h)		USD		137		149,587
Workday, Inc., 0.250%, 10/01/22 (h)		USD		198		196,886
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 (h)		USD		66		75,529
Wright Medical Group NV, 2.250%, 11/15/21 (h)		USD		164		220,067
Wright Medical Group, Inc., 2.000%, 02/15/20 (h)		USD		260		280,962
						14,676,212
Total Corporate Bonds (Cost $15,436,214)						16,097,036

Description	Shares		Fair Value
Preferred Stocks \| 0.8%
United States \| 0.8%
Virtus Investment Partners, Inc. (h) (Cost $135,340)		1,340	$	139,052
Exchange-Traded Funds \| 6.0%
Energy Select Sector SPDR Fund		1,200		82,176
Financial Select Sector SPDR Fund (h)		1,310		33,877
iShares Russell 2000 ETF		1,200		177,816
SPDR S&P Regional Banking ETF (h)		375		21,285
SPDR S&P 500 ETF Trust		2,400		602,952

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
SPDR S&P Retail ETF		1,200	$	50,124
Total Exchange-Traded Funds (Cost $938,104)				968,230

Description	Counterparty	Number of Contracts		Fair Value
Purchased Options \| 0.1%
Call
Allscripts Healthcare Solutions, Inc.14, Expires 10/20/17 (Notional Amount $300)	RBS	3	$	135
BroadSoft, Inc. 50, Expires 11/17/17 (Notional Amount $200)	RBS	2		550
Illumina, Inc. 220, Expires 10/20/17 (Notional Amount $400)	RBS	4		140
Incyte Corp. 135, Expires 01/19/18 (Notional Amount $700)	RBS	7		4,774
Intercept Pharmaceuticals, Inc. 125, Expires 10/20/17 (Notional Amount $100)	RBS	1		34
Molson Coors Brewing Co. 92.5, Expires 10/20/17 (Notional Amount $200)	RBS	2		10
Nabors Industries, Inc. 9, Expires 12/15/17 (Notional Amount $1,100)	RBS	11		440
Navistar International Corp. 45, Expires 10/20/17 (Notional Amount $1,200)	RBS	12		1,200
Oasis Petroleum, Inc. 10, Expires 11/17/17 (Notional Amount $1,200)	RBS	12		480
PDC Energy, Inc. 50, Expires 11/17/17 (Notional Amount $1,300)	RBS	13		3,250
Team, Inc. 15, Expires 12/15/17 (Notional Amount $500)	RBS	5		275
Twitter, Inc. 19, Expires 10/20/17 (Notional Amount $2,700)	RBS	27		270
Yandex NV 34, Expires 01/19/18 (Notional Amount $1,100)	RBS	11		2,530
Zillow Group, Inc. 55, Expires 11/17/17 (Notional Amount $1,400)	RBS	14		42

Description

Counterparty

Number of
Contracts

Fair
Value

Put

HCI Group, Inc. 22.5,
Expires 10/20/17
(Notional Amount $200)

RBS

SPDR S&P 500 ETF Trust 23,
Expires 12/15/17
(Notional Amount $1,300)

RBS

1,274

Total Purchased Options
(Cost $29,858)

15,414

Description	Shares			Fair Value
Short-Term Investments \| 46.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $7,591,396)		7,591,396		$	7,591,396
Total Investments excluding Securities Sold Short \| 160.6% (Cost $25,276,068)					26,118,159
Securities Sold Short \| (62.6)%
Common Stocks \| (50.8)%
Austria \| 0.0%
IMMOFINANZ AG		(695	)		(1,796	)
Bermuda \| (0.2)%
Golar LNG, Ltd.		(1,847	)		(41,761	)
Canada \| (0.6)%
ECN Capital Corp.		(1,495	)		(4,745	)
Element Fleet Management Corp.		(6,090	)		(45,147	)
Pretium Resources, Inc. (a)		(3,663	)		(33,919	)
Teck Resources, Ltd., Class B		(639	)		(13,477	)
					(97,288	)
Japan \| (0.7)%
Kansai Paint Co., Ltd.		(700	)		(17,633	)
Kyushu Electric Power Co., Inc.		(6,500	)		(69,161	)
Mirait Holdings Corp.		(2,000	)		(24,057	)
					(110,851	)
Mexico \| (0.7)%
Cemex SAB de CV Sponsored ADR (a)		(12,496	)		(113,464	)
Russia \| (0.1)%
Yandex NV Class A (a)		(378	)		(12,455	)
United States \| (48.5)%
Aerojet Rocketdyne Holdings, Inc. (a)		(3,630	)		(127,086	)
Air Transport Services Group, Inc. (a)		(1,316	)		(32,031	)
AK Steel Holding Corp. (a)		(28,796	)		(160,970	)
Allscripts Healthcare Solutions, Inc. (a)		(1,550	)		(22,056	)
Altra Industrial Motion Corp.		(9,379	)		(451,130	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
AMAG Pharmaceuticals, Inc. (a)		(856	)	$	(15,793	)
American Homes 4 Rent, Class A REIT		(10,008	)		(217,274	)
Amicus Therapeutics, Inc. (a)		(27,818	)		(419,495	)
AmTrust Financial Services, Inc.		(1,403	)		(18,884	)
Arconic, Inc.		(1,242	)		(30,901	)
Atlas Air Worldwide Holdings, Inc. (a)		(2,018	)		(132,784	)
BioMarin Pharmaceutical, Inc. (a)		(609	)		(56,680	)
Bottomline Technologies de, Inc. (a)		(1,121	)		(35,681	)
BroadSoft, Inc. (a)		(4,680	)		(235,404	)
CalAmp Corp. (a)		(1,381	)		(32,108	)
CalAtlantic Group, Inc.		(600	)		(21,978	)
Carbonite, Inc. (a)		(2,098	)		(46,156	)
Carriage Services, Inc.		(3,128	)		(80,077	)
Chesapeake Energy Corp. (a)		(1,400	)		(6,020	)
Cisco Systems, Inc.		(4,810	)		(161,760	)
Colony NorthStar, Inc., Class A REIT		(2,652	)		(33,309	)
Cowen, Inc. (a)		(2,589	)		(46,084	)
Cypress Semiconductor Corp.		(3,234	)		(48,575	)
Dermira, Inc. (a)		(1,524	)		(41,148	)
DexCom, Inc. (a)		(660	)		(32,290	)
DISH Network Corp., Class A (a)		(1,318	)		(71,475	)
Dycom Industries, Inc. (a)		(412	)		(35,383	)
Electronics For Imaging, Inc. (a)		(460	)		(19,633	)
Emergent BioSolutions, Inc. (a)		(2,864	)		(115,849	)
Encore Capital Group, Inc. (a)		(3,997	)		(177,067	)
Ensco PLC Class A		(1,228	)		(7,331	)
Euronet Worldwide, Inc. (a)		(343	)		(32,513	)
Expedia, Inc.		(57	)		(8,205	)
EZCORP, Inc., Class A (a)		(12,365	)		(117,468	)
Flexion Therapeutics, Inc. (a)		(4,279	)		(103,466	)
Ford Motor Co.		(469	)		(5,614	)
Forest City Realty Trust, Inc., Class A REIT		(12,522	)		(319,436	)
Green Plains, Inc.		(13,213	)		(266,242	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(89	)		(2,169	)
HCI Group, Inc.		(640	)		(24,480	)
Hercules Capital, Inc.		(892	)		(11,507	)
Horizon Global Corp. (a)		(3,148	)		(55,531	)
HubSpot, Inc. (a)		(802	)		(67,408	)
IAC/InterActiveCorp (a)		(208	)		(24,457	)
II-VI, Inc. (a)		(1,348	)		(55,470	)
Illumina, Inc. (a)		(217	)		(43,226	)
ImmunoGen, Inc. (a)		(709	)		(5,424	)
Incyte Corp. (a)		(583	)		(68,059	)

Description	Shares			Fair Value
Innoviva, Inc. (a)		(7,650	)	$	(108,018	)
Inphi Corp. (a)		(2,169	)		(86,088	)
Insulet Corp. (a)		(1,277	)		(70,337	)
Intercept Pharmaceuticals, Inc. (a)		(869	)		(50,437	)
InterDigital, Inc.		(762	)		(56,197	)
Invacare Corp.		(6,733	)		(106,045	)
iStar, Inc. REIT (a)		(2,129	)		(25,122	)
Kaman Corp.		(1,137	)		(63,422	)
KB Home		(298	)		(7,188	)
Knowles Corp. (a)		(4,304	)		(65,722	)
Liberty Media Corp-Liberty Formula One (a)		(2,331	)		(88,788	)
Marriott Vacations Worldwide Corp.		(437	)		(54,420	)
Meritage Homes Corp. (a)		(199	)		(8,836	)
Microchip Technology, Inc.		(2,667	)		(239,443	)
Micron Technology, Inc. (a)		(2,165	)		(85,149	)
Molson Coors Brewing Co., Class B		(300	)		(24,492	)
Navistar International Corp. (a)		(1,436	)		(63,285	)
Neurocrine Biosciences, Inc. (a)		(481	)		(29,476	)
New York Mortgage Trust, Inc. REIT		(1,927	)		(11,851	)
Nuance Communications, Inc. (a)		(2,902	)		(45,619	)
ON Semiconductor Corp. (a)		(749	)		(13,834	)
OSI Systems, Inc. (a)		(188	)		(17,178	)
Pacira Pharmaceuticals, Inc. (a)		(666	)		(25,008	)
Pandora Media, Inc. (a)		(500	)		(3,850	)
PDL BioPharma, Inc. (a)		(20,484	)		(69,441	)
PRA Group, Inc. (a)		(3,000	)		(85,950	)
Quidel Corp. (a)		(3,366	)		(147,633	)
Radius Health, Inc. (a)		(3,126	)		(120,507	)
RealPage, Inc. (a)		(1,316	)		(52,508	)
Red Hat, Inc. (a)		(1,130	)		(125,272	)
Redwood Trust, Inc. REIT		(2,749	)		(44,781	)
Shutterfly, Inc. (a)		(179	)		(8,678	)
Silicon Laboratories, Inc. (a)		(575	)		(45,942	)
Square, Inc., Class A (a)		(3,211	)		(92,509	)
Starwood Property Trust, Inc. REIT		(1,309	)		(28,431	)
Starwood Waypoint Homes REIT		(8,576	)		(311,909	)
Sucampo Pharmaceuticals, Inc., Class A (a)		(5,942	)		(70,116	)
Synaptics, Inc. (a)		(405	)		(15,868	)
Team, Inc. (a)		(3,526	)		(47,072	)
Teladoc, Inc. (a)		(2,415	)		(80,057	)
Teradyne, Inc.		(1,609	)		(60,000	)
Tesla, Inc. (a)		(528	)		(180,101	)
The Greenbrier Cos., Inc.		(999	)		(48,102	)
The KeyW Holding Corp. (a)		(1,972	)		(15,007	)
The Medicines Co. (a)		(1,055	)		(39,077	)
The Priceline Group, Inc. (a)		(15	)		(27,462	)
TiVo Corp.		(1,609	)		(31,939	)

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Trinity Industries, Inc.		(517	)	$	(16,492	)
Twitter, Inc. (a)		(1,226	)		(20,683	)
Virtus Investment Partners, Inc.		(883	)		(102,472	)
Wayfair, Inc., Class A (a)		(784	)		(52,842	)
Weatherford International PLC (a)		(7,843	)		(35,921	)
Workday, Inc., Class A (a)		(928	)		(97,802	)
World Wrestling Entertainment, Inc., Class A		(1,139	)		(26,823	)
Wright Medical Group NV (a)		(10,796	)		(279,293	)
Zillow Group, Inc., Class C (a)		(371	)		(14,918	)
					(7,888,500	)
Total Common Stocks (Proceeds $7,590,837)					(8,266,115	)
Exchange-Traded Funds \| (11.8)%
Energy Select Sector SPDR Fund		(1,200	)		(82,176	)
iShares 7-10 Year Treasury Bond ETF		(8,792	)		(936,524	)
iShares Nasdaq Biotechnology ETF		(200	)		(66,718	)
iShares Russell 2000 ETF		(1,200	)		(177,816	)
SPDR S&P 500 ETF Trust		(2,400	)		(602,952	)
SPDR S&P Retail ETF		(1,200	)		(50,124	)
Total Exchange-Traded Funds (Proceeds $1,895,842)					(1,916,310	)
Total Securities Sold Short (Proceeds $9,486,679)					(10,182,425	)
Total Investments \| 98.0% (Cost and short proceeds $15,789,389) (f)				$	15,935,734
Cash and Other Assets in Excess of Liabilities \| 2.0%					319,964
Net Assets \| 100.0%				$	16,255,698

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at September 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	423,102	CAD	515,000	SSB	12/20/17	$	10,153	$	—
USD	26,455	EUR	22,000	SSB	12/20/17		339		—
USD	232,967	JPY	26,047,000	SSB	12/20/17		608		—
USD	234,939	JPY	25,933,000	SSB	12/20/17		3,597		—
Total gross unrealized appreciation on Forward Currency Contracts						$	14,697	$	—

Written Options open at September 30, 2017:

Description	Counterparty	Number of Contracts	Strike Price		Expiration Date	Notional Amount		Premiums		Fair Value
Put
Bottomline Technologies de, Inc. 30	RBS	6	$	30.00	12/15/17	$	600	$	1,254	$	(510	)
BroadSoft, Inc. 40	RBS	2		40.00	11/17/17		200		236		(80	)
Illumina, Inc. 200	RBS	4		200.00	10/20/17		400		1,578		(2,120	)
Incyte Corp. 120	RBS	7		120.00	01/19/18		700		7,025		(10,199	)
Intercept Pharmaceuticals, Inc. 95	RBS	1		95.00	10/20/17		100		339		(3,520	)
Microchip Technology, Inc. 85	RBS	3		85.00	11/17/17		300		578		(495	)
Molson Coors Brewing Co. 92.5	RBS	3		92.50	10/20/17		300		1,062		(3,150	)
Nabors Industries, Ltd. 6	RBS	11		6.00	12/15/17		1,100		609		(132	)
Navistar International Corp. 42	RBS	12		42.00	10/20/17		1,200		845		(540	)
Oasis Petroleum, Inc. 8	RBS	12		8.00	11/17/17		1,200		402		(300	)
PDC Energy, Inc. 45	RBS	13		45.00	01/19/18		1,300		3,720		(3,185	)
Team, Inc.10	RBS	5		10.00	12/15/17		500		210		(75	)
Twitter, Inc. 17	RBS	27		17.00	10/20/17		2,700		855		(1,512	)
Yandex NV 29	RBS	11		29.00	01/19/18		1,100		2,707		(1,320	)
Zillow Group, Inc. 40	RBS	7		40.00	11/17/17		700		1,414		(1,435	)
Total Written Options		124						$	22,834	$	(28,573	)

Description	Shares		Fair Value
Lazard Fundamental Long/Short Portfolio
Common Stocks \| 94.8%
Air Freight & Logistics \| 2.3%
United Parcel Service, Inc., Class B (a), (h)		18,125	$	2,176,631
Airlines \| 1.1%
Alaska Air Group, Inc.		13,500		1,029,645
Banks \| 11.9%
Citigroup, Inc. (a), (h)		42,585		3,097,633
Citizens Financial Group, Inc. (a), (h)		70,470		2,668,699
Comerica, Inc. (a), (h)		41,055		3,130,854
SunTrust Banks, Inc. (a), (h)		43,700		2,611,949
				11,509,135
Beverages \| 1.0%
Molson Coors Brewing Co., Class B		11,740		958,454
Biotechnology \| 5.7%
Agios Pharmaceuticals, Inc. (a), (h)		18,205		1,215,184
Biogen, Inc. (a), (h)		3,698		1,157,918
BioMarin Pharmaceutical, Inc.		5,835		543,063
Celgene Corp. (a), (h)		17,695		2,580,285
				5,496,450
Building Products \| 1.5%
Johnson Controls International PLC (a), (h)		35,455		1,428,482
Capital Markets \| 6.5%
Intercontinental Exchange, Inc. (a), (h)		91,260		6,269,562
Communications Equipment \| 7.8%
Cisco Systems, Inc. (a), (h)		65,560		2,204,783
Motorola Solutions, Inc. (a), (h)		50,017		4,244,943
Palo Alto Networks, Inc.		7,690		1,108,129
				7,557,855
Diversified Telecommunication Services \| 4.1%
AT&T, Inc. (a), (h)		99,770		3,907,991
Electrical Equipment \| 5.0%
Eaton Corp. PLC (a), (h)		20,650		1,585,713
Rockwell Automation, Inc. (a), (h)		17,956		3,199,939
				4,785,652
Energy Equipment & Services \| 1.1%
NCS Multistage Holdings, Inc.		42,400		1,020,992
Equity Real Estate Investment Trusts (REITs) \| 2.2%
Prologis, Inc. (a), (h)		33,035		2,096,401
Food & Staples Retailing \| 0.3%
Walgreens Boots Alliance, Inc. (a), (h)		4,125		318,532
Health Care Equipment & Supplies \| 2.4%
Medtronic PLC (a), (h)		30,100		2,340,877

Description	Shares		Fair Value
Health Care Providers & Services \| 1.6%
Humana, Inc. (a), (h)		6,470	$	1,576,286
Industrial Conglomerates \| 2.3%
Honeywell International, Inc. (a), (h)		15,264		2,163,519
Internet Software & Services \| 5.7%
Alphabet, Inc., Class C (a), (h)		1,635		1,568,145
eBay, Inc. (a), (h)		73,025		2,808,541
Facebook, Inc., Class A (a), (h)		6,786		1,159,524
				5,536,210
IT Services \| 5.1%
DXC Technology Co. (a), (h)		27,501		2,361,786
FleetCor Technologies, Inc.		6,935		1,073,330
Visa, Inc., Class A (a), (h)		13,984		1,471,676
				4,906,792
Life Sciences Tools & Services \| 1.5%
Thermo Fisher Scientific, Inc. (a), (h)		7,844		1,484,085
Machinery \| 5.9%
Deere & Co. (a), (h)		9,100		1,142,869
Dover Corp. (a), (h)		23,000		2,101,970
Parker-Hannifin Corp. (a), (h)		14,180		2,481,784
				5,726,623
Media \| 3.6%
Comcast Corp., Class A (a), (h)		90,085		3,466,471
Oil, Gas & Consumable Fuels \| 3.1%
ConocoPhillips (a), (h)		60,520		3,029,026
Pharmaceuticals \| 1.0%
Allergan PLC		4,900		1,004,255
Semiconductors & Semiconductor Equipment \| 4.1%
Applied Materials, Inc. (a), (h)		20,600		1,073,054
Cypress Semiconductor Corp. (a)		124,286		1,866,776
Skyworks Solutions, Inc.		9,472		965,197
				3,905,027
Specialty Retail \| 5.9%
Floor & Decor Holdings, Inc., Class A (a), (h)		54,700		2,129,471
Lowe’s Cos., Inc. (a), (h)		44,882		3,587,867
				5,717,338
Textiles, Apparel & Luxury Goods \| 2.1%
Lululemon Athletica, Inc. (a), (h)		32,610		2,029,972
Total Common Stocks (Cost $79,119,833)				91,442,263
Short-Term Investments \| 68.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.92% (7 day yield) (Cost $66,140,136)		66,140,136		66,140,136

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (continued)
Total Investments excluding Securities Sold Short \| 163.4% (Cost $145,259,969)				$	157,582,399
Securities Sold Short \| (63.7)%
Air Freight & Logistics \| (0.6)%
Expeditors International of Washington, Inc.		(9,498	)		(568,550	)
Airlines \| (1.0)%
JetBlue Airways Corp. (a)		(53,100	)		(983,943	)
Auto Components \| (1.3)%
Adient PLC		(15,447	)		(1,297,394	)
Banks \| (7.5)%
Glacier Bancorp, Inc.		(14,800	)		(558,848	)
People’s United Financial, Inc.		(114,733	)		(2,081,257	)
Signature Bank (a)		(5,803	)		(743,016	)
Umpqua Holdings Corp.		(73,300	)		(1,430,083	)
United Bankshares, Inc.		(22,485	)		(835,318	)
Wells Fargo & Co.		(28,343	)		(1,563,116	)
					(7,211,638	)
Biotechnology \| (2.3)%
Acorda Therapeutics, Inc. (a)		(27,885	)		(659,480	)
Seattle Genetics, Inc. (a)		(14,700	)		(799,827	)
United Therapeutics Corp. (a)		(6,400	)		(750,016	)
					(2,209,323	)
Capital Markets \| (5.0)%
Federated Investors, Inc., Class B		(29,600	)		(879,120	)
Franklin Resources, Inc.		(22,185	)		(987,454	)
T Rowe Price Group, Inc.		(12,135	)		(1,100,038	)
The Charles Schwab Corp.		(23,400	)		(1,023,516	)
Waddell & Reed Financial, Inc., Class A		(41,063	)		(824,135	)
					(4,814,263	)
Chemicals \| (0.7)%
The Mosaic Co.		(29,600	)		(639,064	)
Commercial Services & Supplies \| (0.5)%
Stericycle, Inc. (a)		(6,610	)		(473,408	)
Communications Equipment \| (0.5)%
Infinera Corp. (a)		(53,814	)		(477,330	)
Construction & Engineering \| (1.1)%
Fluor Corp.		(25,654	)		(1,080,033	)
Consumer Finance \| (0.8)%
Synchrony Financial		(24,500	)		(760,725	)
Containers & Packaging \| (1.2)%
International Paper Co.		(10,000	)		(568,200	)

Description	Shares			Fair Value
WestRock Co.		(9,900	)	$	(561,627	)
					(1,129,827	)
Diversified Financial Services \| (1.0)%
Voya Financial, Inc.		(24,705	)		(985,482	)
Electronic Equipment, Instruments & Components \| (1.7)%
AU Optronics Corp. Sponsored ADR		(203,900	)		(823,756	)
LG Display Co., Ltd. ADR		(59,100	)		(793,122	)
					(1,616,878	)
Food & Staples Retailing \| (0.5)%
Casey’s General Stores, Inc.		(4,500	)		(492,525	)
Food Products \| (1.5)%
Snyder’s-Lance, Inc.		(37,015	)		(1,411,752	)
Health Care Equipment & Supplies \| (1.0)%
DexCom, Inc. (a)		(10,600	)		(518,605	)
Glaukos Corp. (a)		(12,500	)		(412,500	)
					(931,105	)
Health Care Providers & Services \| (2.6)%
Fresenius Medical Care AG & Co. KGaA ADR		(25,400	)		(1,241,806	)
LifePoint Health, Inc. (a)		(12,935	)		(748,937	)
McKesson Corp.		(3,150	)		(483,871	)
					(2,474,614	)
Hotels, Restaurants & Leisure \| (2.7)%
Cracker Barrel Old Country Store, Inc.		(9,878	)		(1,497,702	)
The Cheesecake Factory, Inc.		(26,850	)		(1,130,922	)
					(2,628,624	)
Industrial Conglomerates \| (1.8)%
Carlisle Cos., Inc.		(7,955	)		(797,807	)
General Electric Co.		(39,350	)		(951,483	)
					(1,749,290	)
Internet Software & Services \| (1.0)%
MuleSoft, Inc.		(22,785	)		(458,890	)
TrueCar, Inc. (a)		(31,000	)		(489,490	)
					(948,380	)
IT Services \| (6.7)%
Acxiom Corp. (a)		(21,835	)		(538,014	)
Alliance Data Systems Corp.		(3,632	)		(804,670	)
Amdocs, Ltd.		(16,046	)		(1,032,079	)
International Business Machines Corp.		(6,740	)		(977,839	)
Paychex, Inc.		(18,255	)		(1,094,570	)
Teradata Corp. (a)		(60,100	)		(2,030,779	)
					(6,477,951	)
Leisure Products \| (1.9)%
Polaris Industries, Inc.		(17,721	)		(1,854,148	)

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (concluded)
Life Sciences Tools & Services \| (1.1)%
Waters Corp. (a)		(5,769	)	$	(1,035,651	)
Machinery \| (0.6)%
Graco, Inc.		(4,717	)		(583,446	)
Multiline Retail \| (1.1)%
Macy’s, Inc.		(47,856	)		(1,044,218	)
Pharmaceuticals \| (3.1)%
Merck & Co., Inc.		(9,434	)		(604,059	)
Roche Holding AG Sponsored ADR		(31,900	)		(1,020,800	)
Sanofi ADR		(12,207	)		(607,787	)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		(40,200	)		(707,520	)
					(2,940,166	)
Semiconductors & Semiconductor Equipment \| (2.1)%
Intel Corp.		(28,517	)		(1,085,927	)
ON Semiconductor Corp. (a)		(52,600	)		(971,522	)
					(2,057,449	)
Software \| (1.8)%
Appian Corp.		(22,480	)		(639,781	)
Blackline, Inc.		(9,200	)		(313,904	)
Manhattan Associates, Inc. (a)		(11,495	)		(477,847	)
Zendesk, Inc. (a)		(11,800	)		(343,498	)
					(1,775,030	)
Specialty Retail \| (3.8)%
The Children’s Place, Inc.		(7,400	)		(874,310	)
Tractor Supply Co.		(12,355	)		(781,948	)
Urban Outfitters, Inc. (a)		(30,300	)		(724,170	)
Williams-Sonoma, Inc.		(26,590	)		(1,325,777	)
					(3,706,205	)
Textiles, Apparel & Luxury Goods \| (1.5)%
Hanesbrands, Inc.		(35,363	)		(871,344	)
PVH Corp.		(4,806	)		(605,845	)
					(1,477,189	)
Thrifts & Mortgage Finance \| (2.0)%
New York Community Bancorp, Inc.		(149,880	)		(1,931,953	)
Trading Companies & Distributors \| (1.7)%
HD Supply Holdings, Inc. (a)		(17,600	)		(634,832	)
MSC Industrial Direct Co., Inc., Class A		(6,700	)		(506,319	)

Description	Shares			Fair Value
WW Grainger, Inc.		(2,888	)	$	(519,118	)
					(1,660,269	)
Total Securities Sold Short (Proceeds $59,065,275)					(61,427,823	)
Total Investments \| 99.7% (Cost and short proceeds $86,194,694)				$	96,154,576
Cash and Other Assets in Excess of Liabilities \| 0.3%					292,524
Net Assets \| 100.0%				$	96,447,100

The Lazard Funds, Inc. Notes to Portfolios of Investments September 30, 2017 (unaudited)

(a) Non-income producing security.

(b) 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.

(c) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 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		0.8
Emerging Markets Multi-Asset		1.7
Emerging Markets Debt		7.1
Explorer Total Return		5.8
Emerging Markets Income		2.2
US Corporate Income		44.8
US Short Duration Fixed Income		1.8
Global Fixed Income		1.2
Global Dynamic Multi-Asset		0.5
Enhanced Opportunities		18.7

(d) 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 September 30, 2017.

(e) Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2017 which may step up at a future date.

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

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

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

(i) Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.

(j) The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a Portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Emerging Markets Equity Portfolio for the period ended September 30, 2017 were as follows:

Non-Controlled Affiliates	Number of Shares Held at December 31, 2016	Gross Additions	Gross Reductions	Number of Shares Held at September 30, 2017	Fair Value at September 30, 2017		Investment Income		Realized Gain (Loss)
PPC, Ltd.	86,074,258	14,374,275	(12,562,372)	87,886,161	$	41,264,713	$	—	$	(21,530,651	)
Weichai Power Co., Ltd., Class H	71,090,644	88,968,644	(11,059,000)	149,000,288		163,908,137		4,549,165		(3,521,347	)
Total Affiliated Securities (Fair Value is 1.59% of Net Assets)					$	205,172,850	$	4,549,165	$	(25,051,998	)

Security Abbreviations:

ADR	-	American Depositary Receipt	LIBOR	-	London Interbank Offered Rate
ARPP7DRR	-	Argentina Central bank 7 Day Repo Referrence Rate	NTN-B	-	Brazil Sovereign “Nota do Tesouro Nacional” Series B
BADLARPP	-	Argentina Deposit Rates Badlar Private Banks	NTN-F	-	Brazil Sovereign “Nota do Tesouro Nacional” Series F
BBSW	-	Bank Bill Swap Rate	NVDR	-	Non-Voting Depository Receipt
CMT	-	Constant Maturity Treasury	PJSC	-	Public Joint Stock Company
ETF	-	Exchange-Traded Fund	REIT	-	Real Estate Investment Trust
GDR	-	Global Depositary Receipt	WIBOR	-	Warsaw Interbank Offered Rate
JIBAR	-	Johannesburg Interbank Average Rate
JSC	-	Joint Stock Company

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

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

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

	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio
Industry*
Aerospace & Defense		0.8	%		—	%		—	%
Air Freight & Logistics		1.6			0.9			—
Airlines		1.3			0.9			—
Auto Components		3.6			4.8			4.7
Automobiles		1.5			—			—
Banks		9.6			6.8			8.6
Beverages		4.7			3.6			4.6
Biotechnology		2.3			2.0			5.3
Building Products		2.1			2.0			—
Capital Markets		1.3			1.2			—
Chemicals		1.8			—			—
Construction & Engineering		2.4			1.9			4.0
Containers & Packaging		—			—			2.8
Diversified Financial Services		—			0.7			—
Diversified Telecommunication Services		4.0			3.2			—
Electric Utilities		1.1			1.1			—
Energy Equipment & Services		0.6			—			—
Food & Staples Retailing		0.8			—			—
Food Products		—			1.2			—
Health Care Equipment & Supplies		2.8			2.6			6.7
Hotels, Restaurants & Leisure		—			1.6			—
Household Durables		1.3			1.0			—
Industrial Conglomerates		—			1.3			—
Insurance		8.1			9.3			8.0
Internet Software & Services		—			3.4			6.1
IT Services		2.3			4.5			3.3
Leisure Products		0.5			—			—
Machinery		2.2			2.6			3.2
Marine		1.4			—			2.2
Media		1.0			—			2.7
Metals & Mining		2.2			1.7			2.8
Multiline Retail		2.0			1.9			—
Oil, Gas & Consumable Fuels		6.4			5.0			4.0
Personal Products		3.0			3.1			3.8
Pharmaceuticals		3.0			2.2			—
Professional Services		4.0			3.1			5.2
Real Estate Management & Development		2.9			2.5			—
Road & Rail		1.4			1.4			—
Semiconductors & Semiconductor Equipment		1.5			4.0			4.1
Software		2.6			2.5			—
Specialty Retail		0.7			0.5			—
Technology Hardware, Storage & Peripherals		—			2.3			3.0
Textiles, Apparel & Luxury Goods		—			0.8			—
Tobacco		2.7			2.4			4.8
Trading Companies & Distributors		2.8			2.5			—
Water Utilities		—			0.8			1.8
Wireless Telecommunication Services		1.2			2.5			4.1
Subtotal		95.5			95.8			95.8
Short-Term Investments		—			3.8			4.0
Total Investments		95.5	%		99.6	%		99.8	%

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

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

	Lazard International Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Small Cap Equity Portfolio
Industry*
Aerospace & Defense		2.7	%		0.2	%		—	%
Air Freight & Logistics		—			0.2			—
Airlines		—			2.8			—
Auto Components		3.1			2.5			1.3
Automobiles		—			2.0			—
Banks		8.5			11.1			—
Beverages		6.9			0.4			—
Biotechnology		2.6			2.3			—
Building Products		1.2			1.5			3.6
Capital Markets		3.3			3.0			4.1
Chemicals		—			3.6			0.8
Commercial Services & Suppliers		—			—			2.7
Construction & Engineering		—			1.3			—
Consumer Finance		1.6			—			1.1
Containers & Packaging		—			0.2			3.8
Diversified Consumer Services		—			—			1.2
Diversified Financial Services		0.8			1.0			4.0
Diversified Telecommunication Services		—			3.2			1.8
Electric Utilities		—			1.5			—
Electrical Equipment		—			1.9			1.2
Electronic Equipment, Instruments & Components		1.2			1.2			6.5
Energy Equipment & Services		—			0.6			2.3
Equity Real Estate Investment Trusts (REITs)		—			0.6			1.9
Food & Staples Retailing		—			0.9			—
Food Products		1.7			4.8			2.3
Gas Utilities		—			0.2			—
Health Care Equipment & Supplies		2.0			1.6			—
Health Care Providers & Services		1.4			0.1			1.1
Health Care Technology		—			—			1.4
Hotels, Restaurants & Leisure		2.6			2.4			3.4
Household Durables		—			3.6			—
Household Products		—			0.1			—
Industrial Conglomerates		—			1.2			—
Insurance		8.7			5.7			1.0
Internet & Catalog Retail		—			0.4			—
Internet Software & Services		2.6			0.4			5.5
IT Services		3.5			0.7			1.7
Leisure Products		1.8			—			—
Life Sciences Tools & Services		—			0.4			1.6
Machinery		7.3			1.6			9.6
Marine		—			0.3			1.7
Media		6.7			—			5.6
Metals & Mining		0.7			1.9			1.2
Multiline Retail		2.5			0.5			1.4
Multi-Utilities		—			1.3			—
Oil, Gas & Consumable Fuels		4.7			5.9			0.9
Paper & Forest Products		—			0.2			—
Personal Products		1.3			3.5			—
Pharmaceuticals		—			7.3			0.8
Professional Services		1.6			1.1			3.1
Real Estate Management & Development		2.5			3.9			6.8

Road & Rail	—		1.0		—
Semiconductors & Semiconductor Equipment	3.6		1.9		0.9
Software	—		1.6		3.7
Specialty Retail	—		0.6		2.0
Technology Hardware, Storage & Peripherals	—		1.4		0.8
Textiles, Apparel & Luxury Goods	1.6		—		2.0
Thrifts & Mortgage Finance	1.1		—		—
Tobacco	3.2		0.2		—
Trading Companies & Distributors	1.2		0.9		2.0
Wireless Telecommunication Services	—		1.7		—
Subtotal	94.2		100.4		96.8
Short-Term Investments	4.9		1.2		2.3
Total Investments	99.1	%	101.6	%	99.1	%

*	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 Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio
Industry*
Aerospace & Defense		—	%		2.2	%		2.2	%		2.6	%		—	%		—	%
Airlines		—			—			—			2.7			—			1.0
Auto Components		—			1.4			1.5			1.0			1.4			1.0
Automobiles		—			—			—			—			3.8			3.2
Banks		—			6.7			4.6			4.4			24.8			20.9
Beverages		—			8.3			9.0			1.4			1.7			0.8
Biotechnology		—			2.8			5.6			1.2			—			—
Building Products		—			2.2			—			0.5			—			—
Capital Markets		—			5.6			6.0			2.6			—			—
Chemicals		4.1			3.4			2.3			1.4			—			2.9
Commercial Services & Suppliers		6.0			—			—			2.1			—			—
Communications Equipment		4.5			1.9			1.4			0.8			—			—
Construction & Engineering		—			—			—			1.0			—			—
Construction Materials		—			—			—			—			1.6			—
Consumer Finance		—			1.1			—			0.3			—			—
Containers & Packaging		—			1.0			—			1.0			—			—
Distributors		—			—			—			—			1.0			—
Diversified Consumer Services		4.4			—			0.8			—			—			1.4
Diversified Financial Services		—			—			—			0.1			—			1.6
Diversified Telecommunication Services		—			—			0.8			4.1			2.6			2.4
Electric Utilities		3.5			—			—			5.0			—			—
Electrical Equipment		1.0			2.6			1.0			0.6			0.3			—
Electronic Equipment, Instruments & Components		—			1.1			—			1.3			1.9			3.6
Energy Equipment & Services		—			1.4			1.1			0.3			—			0.6
Equity Real Estate Investment Trusts (REITs)		—			—			—			3.1			—			—
Food & Staples Retailing		—			—			—			4.4			2.5			—
Food Products		—			1.0			1.0			3.2			—			1.1
Gas Utilities		—			—			—			0.4			0.8			—
Health Care Equipment & Supplies		4.0			1.3			1.7			2.3			—			—
Health Care Providers & Services		11.7			—			—			2.3			0.6			—
Hotels, Restaurants & Leisure		6.1			1.2			1.5			4.6			—			—
Household Durables		—			—			—			0.3			1.2			2.4
Household Products		—			—			—			1.2			0.8			—
Independent Power and Renewable Electricity Producers		—			—			—			—			—			0.8
Industrial Conglomerates		—			1.7			—			1.9			1.9			1.3
Insurance		—			5.9			8.8			5.6			3.5			3.8
Internet & Catalog Retail		—			—			0.7			0.2			—			1.8
Internet Software & Services		3.8			6.0			7.3			0.7			5.9			12.3
IT Services		9.7			7.7			6.3			3.7			6.3			—
Leisure Products		—			0.8			—			0.5			—			—
Life Sciences Tools & Services		—			3.0			1.3			0.3			—			0.2
Machinery		—			1.7			3.1			1.3			1.3			—
Marine		—			—			0.9			—			—			—
Media		8.0			—			5.6			1.6			—			1.8
Metals & Mining		—			0.7			—			1.3			1.3			5.4
Multiline Retail		—			1.7			1.0			0.7			0.6			0.4
Multi-Utilities		—			—			—			3.6			—			—
Oil, Gas & Consumable Fuels		—			—			1.5			5.3			7.9			5.7
Paper & Forest Products		—			—			—			0.3			—			1.2
Personal Products		—			1.9			—			1.0			0.1			1.2

Pharmaceuticals	—		1.9		1.6		3.5		—		—
Professional Services	3.1		4.3		1.0		—		—		—
Real Estate Management & Development	—		1.4		2.3		3.0		—		0.7
Road & Rail	2.1		1.7		1.5		1.2		0.9		—
Semiconductors & Semiconductor Equipment	7.1		1.7		4.4		2.0		7.1		8.6
Software	8.6		3.1		5.6		0.9		—		1.1
Specialty Retail	—		1.6		—		2.9		—		—
Technology Hardware, Storage & Peripherals	—		1.9		—		—		4.4		6.1
Textiles, Apparel & Luxury Goods	2.0		—		—		0.4		—		0.5
Thrifts & Mortgage Finance	—		0.7		—		—		—		—
Tobacco	—		0.9		2.7		0.5		1.3		0.5
Trading Companies & Distributors	2.2		1.2		1.1		—		—		—
Transportation Infrastructure	4.6		—		—		0.3		1.8		1.7
Wireless Telecommunication Services	—		—		—		0.2		9.5		0.9
Subtotal	96.5		96.7		97.2		99.1		98.8		98.9
Short-Term Investments	—		4.0		—		8.3		0.8		1.9
Total Investments	96.5	%	100.7	%	97.2	%	107.4	%	99.6	%	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 Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio
Industry*
Aerospace & Defense		1.7	%		—	%
Air Freight & Logistics		1.8			—
Airlines		—			0.8
Auto Components		2.7			0.5
Automobiles		3.7			2.0
Banks		24.3			18.5
Building Products		—			0.2
Capital Markets		—			1.2
Chemicals		—			2.6
Commercial Services & Suppliers		—			0.3
Construction & Engineering		2.3			0.5
Construction Materials		1.6			0.6
Consumer Finance		1.7			0.5
Diversified Consumer Services		2.1			0.4
Diversified Financial Services		—			1.2
Diversified Telecommunication Services		—			2.7
Electric Utilities		—			1.5
Electrical Equipment		1.3			0.5
Electronic Equipment, Instruments & Components		2.8			4.2
Equity Real Estate Investment Trusts (REITs)		1.0			—
Food & Staples Retailing		2.1			1.1
Food Products		0.6			2.3
Gas Utilities		1.2			0.2
Health Care Equipment & Supplies		—			0.5
Health Care Providers & Services		—			0.2
Hotels, Restaurants & Leisure		—			0.9
Household Durables		2.1			0.7
Industrial Conglomerates		—			1.2
Insurance		2.2			3.0
Internet & Catalog Retail		—			0.4
Internet Software & Services		14.3			10.4
IT Services		—			2.8
Machinery		3.0			0.8
Media		1.4			1.5
Metals & Mining		2.5			3.7
Multiline Retail		—			0.1
Oil, Gas & Consumable Fuels		8.4			8.0
Paper & Forest Products		—			1.3
Personal Products		—			0.3
Pharmaceuticals		2.5			1.2
Real Estate Management & Development		—			3.5
Semiconductors & Semiconductor Equipment		4.7			6.5
Software		1.0			—
Specialty Retail		—			1.3
Technology Hardware, Storage & Peripherals		3.6			5.5
Textiles, Apparel & Luxury Goods		1.3			—
Tobacco		—			0.7

Trading Companies & Distributors	—		0.1
Transportation Infrastructure	—		0.7
Water Utilities	1.4		0.5
Wireless Telecommunication Services	—		2.5
Subtotal	99.3		100.1
Short-Term Investments	1.1		1.2
Total Investments	100.4	%	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 Emerging Markets Equity Blend Portfolio
Industry*
Aerospace & Defense	0.6	%
Auto Components	1.7
Automobiles	2.9
Banks	22.4
Beverages	0.8
Capital Markets	0.5
Chemicals	1.6
Commercial Services & Suppliers	0.5
Construction & Engineering	1.3
Construction Materials	0.8
Consumer Finance	0.6
Containers & Packaging	0.1
Diversified Consumer Services	1.6
Diversified Telecommunication Services	0.8
Electrical Equipment	0.1
Electronic Equipment, Instruments & Components	4.7
Energy Equipment & Services	0.4
Equity Real Estate Investment Trusts (REITs)	0.8
Food & Staples Retailing	1.8
Food Products	0.2
Health Care Equipment & Supplies	0.5
Hotels, Restaurants & Leisure	0.5
Household Durables	0.5
Household Products	0.5
Industrial Conglomerates	0.7
Insurance	1.9
Internet Software & Services	11.6
IT Services	2.3
Machinery	0.7
Media	0.6
Metals & Mining	1.7
Oil, Gas & Consumable Fuels	7.1
Pharmaceuticals	1.0
Real Estate Management & Development	0.2
Road & Rail	1.4
Semiconductors & Semiconductor Equipment	8.6
Software	1.4
Technology Hardware, Storage & Peripherals	4.4
Textiles, Apparel & Luxury Goods	0.7
Thrifts & Mortgage Finance	0.7
Tobacco	0.3
Trading Companies & Distributors	0.7
Transportation Infrastructure	0.8
Water Utilities	0.5
Wireless Telecommunication Services	2.9
Subtotal	96.4
Short-Term Investments	3.6
Total Investments	100.0	%

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

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

	Lazard Emerging Markets Multi-Asset Portfolio			Lazard Emerging Markets Debt Portfolio
Industry*
Aerospace & Defense		0.4	%		—	%
Auto Components		1.0			—
Automobiles		2.0			—
Banks		15.5			3.0
Beverages		0.5			—
Capital Markets		0.4			—
Chemicals		1.0			—
Commercial Services & Suppliers		0.3			—
Communications Equipment		0.1			—
Construction & Engineering		0.9			—
Construction Materials		0.5			—
Consumer Finance		0.4			—
Containers & Packaging		0.1			—
Diversified Consumer Services		1.1			—
Diversified Financial Services		0.1			—
Diversified Telecommunication Services		0.6			0.2
Electric Utilities		0.4			2.2
Electrical Equipment		0.1			—
Electronic Equipment, Instruments & Components		3.1			—
Energy Equipment & Services		0.3			0.1
Equity Real Estate Investment Trusts (REITs)		0.5			—
Food & Staples Retailing		1.2			—
Food Products		0.2			—
Health Care Equipment & Supplies		0.3			—
Hotels, Restaurants & Leisure		0.3			—
Household Durables		0.3			—
Household Products		0.3			—
Independent Power and Renewable Electricity Producers		0.3			0.5
Industrial Conglomerates		0.5			—
Insurance		1.3			—
Internet Software & Services		7.8			—
IT Services		1.5			—
Machinery		0.4			—
Media		0.5			—
Metals & Mining		1.1			0.2
Multiline Retail		0.1			—
Oil, Gas & Consumable Fuels		6.0			2.7
Pharmaceuticals		0.7			—
Real Estate Management & Development		0.1			—
Road & Rail		0.9			0.2
Semiconductors & Semiconductor Equipment		5.6			—
Software		0.9			—
Technology Hardware, Storage & Peripherals		2.9			—
Textiles, Apparel & Luxury Goods		0.4			—
Thrifts & Mortgage Finance		0.4			0.1
Tobacco		0.2			—
Trading Companies & Distributors		0.4			—
Transportation Infrastructure		0.5			—

Water Utilities	0.3		—
Wireless Telecommunication Services	2.2		0.3
Subtotal	66.9		9.5
Foreign Government Obligations	11.7		85.2
Supranationals	0.1		—
US Treasury Securities	11.9		—
Short-Term Investments	8.2		6.4
Total Investments	98.8	%	101.1	%

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

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

	Lazard Explorer Total Return Portfolio
Industry*
Banks	1.9	%
Capital Markets	0.2
Communications Equipment	0.4
Diversified Financial Services	0.3
Diversified Telecommunication Services	0.4
Electric Utilities	1.5
Independent Power and Renewable Electricity Producers	0.9
Media	0.3
Metals & Mining	1.0
Multiline Retail	0.3
Oil, Gas & Consumable Fuels	4.9
Wireless Telecommunication Services	1.7
Subtotal	13.8
Foreign Government Obligations	32.2
US Treasury Securities	44.2
Short-Term Investments	8.6
Purchased Options	0.1
Total Investments	98.9	%

*	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 Fixed Income Portfolio		Lazard Global Realty Equity Portfolio
Industry*
Automobiles	2.2	%	—	%
Banks	6.9		—
Beverages	2.2		—
Capital Markets	3.2		—
Containers & Packaging	0.2		—
Diversified Telecommunication Services	1.7		—
Electric Utilities	1.4		—
Equity Real Estate Investment Trusts (REITs)	—		65.7
Food Products	0.9		—
Health Care Providers & Services	1.8		—
Internet & Catalog Retail	1.3		—
Internet Software & Services	0.7		—
Machinery	1.8		—
Media	1.2		—
Pharmaceuticals	0.6		—
Real Estate Management & Development	—		32.7
Road & Rail	1.1		—
Software	2.1		—
Specialty Retail	1.1		—
Technology Hardware, Storage & Peripherals	2.0		—
Textiles, Apparel & Luxury Goods	1.0		—
Trading Companies & Distributors	1.3		—
Subtotal	34.7		98.4
Foreign Government Obligations	46.2		—
Supranationals	6.8		—
US Municipal Bonds	5.6		—
US Treasury Securities	5.9		—
Short-Term Investments	1.2		2.3
Total Investments	100.4	%	100.7	%

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

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

	Lazard Global Listed Infrastructure Portfolio		Lazard Real Assets and Pricing Opportunities Portfolio
Industry*
Aerospace & Defense	—	%	1.8	%
Airlines	—		0.7
Auto Components	—		0.7
Automobiles	—		0.1
Banks	—		1.9
Biotechnology	—		0.6
Building Products	—		0.1
Capital Markets	—		1.1
Chemicals	—		1.0
Commercial Services & Suppliers	—		0.5
Communications Equipment	—		0.5
Construction & Engineering	7.8		0.9
Construction Materials	—		0.3
Consumer Finance	—		0.1
Containers & Packaging	—		0.2
Distributors	—		0.2
Diversified Telecommunication Services	—		1.4
Electric Utilities	16.6		2.9
Electrical Equipment	—		0.1
Electronic Equipment, Instruments & Components	—		0.2
Energy Equipment & Services	—		0.4
Equity Real Estate Investment Trusts (REITs)	—		12.8
Food & Staples Retailing	—		1.4
Food Products	—		1.3
Gas Utilities	3.2		0.9
Health Care Providers & Services	—		0.5
Hotels, Restaurants & Leisure	—		1.4
Household Durables	—		0.2
Household Products	—		0.3
Independent Power and Renewable Electricity Producers	—		0.4
Industrial Conglomerates	—		0.8
Insurance	—		1.3
IT Services	—		0.8
Leisure Products	—		0.2
Life Sciences Tools & Services	—		0.8
Machinery	—		0.1
Media	9.0		2.4
Metals & Mining	—		0.7
Multiline Retail	—		0.5
Multi-Utilities	4.4		1.8
Oil, Gas & Consumable Fuels	5.6		2.5
Personal Products	—		0.3
Pharmaceuticals	—		0.9
Real Estate Management & Development	—		4.9
Road & Rail	10.2		2.8
Semiconductors & Semiconductor Equipment	—		0.6
Software	—		0.3

Specialty Retail	—		0.6
Technology Hardware, Storage & Peripherals	—		0.2
Textiles, Apparel & Luxury Goods	—		0.1
Trading Companies & Distributors	—		0.1
Transportation Infrastructure	25.3		4.2
Water Utilities	7.4		1.0
Wireless Telecommunication Services	—		0.1
Subtotal	89.5		62.9
Exchange-Traded Funds	—		0.1
Foreign Government Obligations	—		10.6
US Treasury Securities	—		17.0
Short-Term Investments	8.9		22.0
Total Investments	98.4	%	112.6	%

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

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

	Lazard Global Dynamic Multi-Asset Portfolio
Industry*
Aerospace & Defense	2.5	%
Airlines	1.6
Auto Components	1.3
Automobiles	0.5
Banks	7.8
Beverages	3.7
Biotechnology	2.3
Building Products	0.8
Capital Markets	3.6
Chemicals	1.6
Commercial Services & Suppliers	0.3
Communications Equipment	0.6
Construction & Engineering	0.4
Consumer Finance	0.6
Containers & Packaging	0.4
Diversified Financial Services	0.2
Diversified Telecommunication Services	2.5
Electric Utilities	2.3
Electrical Equipment	0.8
Electronic Equipment, Instruments & Components	1.2
Energy Equipment & Services	0.4
Equity Real Estate Investment Trusts (REITs)	1.4
Food & Staples Retailing	1.7
Food Products	1.0
Gas Utilities	0.1
Health Care Equipment & Supplies	0.8
Health Care Providers & Services	2.7
Hotels, Restaurants & Leisure	2.0
Household Durables	1.4
Household Products	0.4
Independent Power and Renewable Electricity Producers	0.4
Industrial Conglomerates	1.9
Insurance	3.8
Internet & Catalog Retail	0.3
Internet Software & Services	1.9
IT Services	3.0
Leisure Products	0.4
Life Sciences Tools & Services	0.7
Machinery	1.2
Marine	0.2
Media	2.1
Metals & Mining	1.0
Multiline Retail	0.6
Multi-Utilities	1.6
Oil, Gas & Consumable Fuels	4.2
Personal Products	1.1
Pharmaceuticals	4.5
Professional Services	0.7

Real Estate Management & Development	1.8
Road & Rail	0.6
Semiconductors & Semiconductor Equipment	1.9
Software	2.0
Specialty Retail	2.6
Technology Hardware, Storage & Peripherals	1.5
Textiles, Apparel & Luxury Goods	0.2
Thrifts & Mortgage Finance	0.3
Tobacco	0.5
Trading Companies & Distributors	0.5
Wireless Telecommunication Services	0.4
Subtotal	88.8
Foreign Government Obligations	7.1
Supranationals	0.8
US Municipal Bonds	0.3
US Treasury Securities	1.6
Short-Term Investments	1.4
Total Investments	100.0	%

*	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		1.4	%	-1.1	%
Air Freight & Logistics		2.0		-1.0
Auto Components		1.2		-0.3
Automobiles		1.8		-1.1
Beverages		—		-0.1
Biotechnology		9.4		-6.5
Capital Markets		2.4		-1.0
Chemicals		1.9		-0.1
Commercial Services & Supplies		1.2		-0.3
Communications Equipment		2.4		-1.5
Construction & Engineering		1.1		-0.4
Construction Materials		1.5		-0.7
Consumer Finance		5.5		-2.3
Diversified Consumer Services		0.7		-0.5
Diversified Financial Services		2.6		-0.3
Electric Utilities		1.1		-0.4
Electronic Equipment, Instruments & Components		2.3		-0.8
Energy Equipment & Services		0.9		-0.3
Equity Real Estate Investment Trusts (REITs)		10.5		-5.6
Health Care Equipment & Supplies		7.1		-3.9
Health Care Providers & Services		1.1		-0.5
Health Care Technology		0.4		-0.1
Hotels, Restaurants & Leisure		0.7		-0.3
Household Durables		0.1		-0.2
Independent Power & Renewable Electricity Producers		0.6		—
Insurance		1.0		-0.3
Internet & Direct Marketing Retail		1.7		-0.6
Internet Software & Services		2.0		-0.8
IT Services		1.1		-0.8
Life Sciences Tools & Services		—		-0.3
Machinery		4.8		-3.6
Media		3.8		-1.2
Metals & Mining		2.9		-1.3
Mortgage Real Estate Investment Trusts (REITs)		4.8		-0.5
Oil, Gas & Consumable Fuels		4.9		-1.9
Pharmaceuticals		4.5		-1.7
Semiconductors & Semiconductor Equipment		6.2		-3.7
Software		8.6		-4.3
Technology Hardware, Storage & Peripherals		0.5		-0.1
Trading Companies & Distributors		1.1		-0.4
Subtotal		107.8		-50.8
Exchange-Traded Funds		6.0		-11.8
Purchased Options		0.1		—
Short-Term Investments		46.7		—
Total Investments		160.6	%	-62.6	%

*	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: November 27, 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: November 27, 2017

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

Date: November 27, 2017