UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2018
Item 1. Schedule of Investments.
| The Lazard Funds, Inc. Portfolios of Investments March 31, 2018 (unaudited) |
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 94.8% | ||||||||
| Auto Components | 3.1% | ||||||||
| Aptiv PLC | 566,070 | $ | 48,098,968 | |||||
| Beverages | 18.7% | ||||||||
| Molson Coors Brewing Co., Class B | 1,402,442 | 105,645,956 | ||||||
| The Coca-Cola Co. | 4,286,345 | 186,155,963 | ||||||
| 291,801,919 | ||||||||
| Chemicals | 2.0% | ||||||||
| Sensient Technologies Corp. | 449,325 | 31,713,359 | ||||||
| Communications Equipment | 15.0% | ||||||||
| Cisco Systems, Inc. | 3,405,325 | 146,054,389 | ||||||
| Motorola Solutions, Inc. | 835,581 | 87,986,680 | ||||||
| 234,041,069 | ||||||||
| Diversified Telecommunication Services | 4.8% | ||||||||
| AT&T, Inc. | 2,091,700 | 74,569,105 | ||||||
| Energy Equipment & Services | 1.8% | ||||||||
| Schlumberger, Ltd. | 438,000 | 28,373,640 | ||||||
| Health Care Equipment & Supplies | 10.6% | ||||||||
| Medtronic PLC | 2,055,135 | 164,862,930 | ||||||
| Internet Software & Services | 9.7% | ||||||||
| Alphabet, Inc., Class A (*) | 72,226 | 74,908,474 | ||||||
| eBay, Inc. (*) | 1,879,765 | 75,641,743 | ||||||
| 150,550,217 | ||||||||
| IT Services | 4.9% | ||||||||
| DXC Technology Co. | 753,800 | 75,779,514 | ||||||
| Machinery | 5.8% | ||||||||
| Kennametal, Inc. | 1,094,090 | 43,938,654 | ||||||
| Wabtec Corp. | 568,100 | 46,243,340 | ||||||
| 90,181,994 | ||||||||
| Metals & Mining | 2.3% | ||||||||
| Steel Dynamics, Inc. | 823,001 | 36,393,104 | ||||||
| Semiconductors & Semiconductor Equipment | 8.2% | ||||||||
| Analog Devices, Inc. | 616,962 | 56,223,747 | ||||||
| Skyworks Solutions, Inc. | 706,501 | 70,833,790 | ||||||
| 127,057,537 | ||||||||
| Specialty Retail | 7.9% | ||||||||
| AutoZone, Inc. (*) | 65,280 | 42,346,483 | ||||||
| Lowe’s Cos., Inc. | 921,300 | 80,844,075 | ||||||
| 123,190,558 | ||||||||
| Total Common Stocks (Cost $1,371,872,613) | 1,476,613,914 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 3.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $51,396,937) | 51,396,937 | $ | 51,396,937 | |||||
| Total Investments | 98.1% (Cost $1,423,269,550) | $ | 1,528,010,851 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.9% | 30,040,972 | |||||||
| Net Assets | 100.0% | $ | 1,558,051,823 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.6% | ||||||||
| Aerospace & Defense | 2.2% | ||||||||
| United Technologies Corp. | 14,025 | $ | 1,764,626 | |||||
| Air Freight & Logistics | 1.0% | ||||||||
| United Parcel Service, Inc., Class B | 7,825 | 818,965 | ||||||
| Auto Components | 1.4% | ||||||||
| Aptiv PLC | 13,485 | 1,145,820 | ||||||
| Banks | 10.4% | ||||||||
| Citigroup, Inc. | 36,825 | 2,485,687 | ||||||
| Citizens Financial Group, Inc. | 49,300 | 2,069,614 | ||||||
| Commerce Bancshares, Inc. | 9,100 | 545,181 | ||||||
| Sterling Bancorp | 45,350 | 1,022,643 | ||||||
| SunTrust Banks, Inc. | 34,100 | 2,320,164 | ||||||
| 8,443,289 | ||||||||
| Beverages | 6.4% | ||||||||
| Molson Coors Brewing Co., Class B | 24,680 | 1,859,144 | ||||||
| The Coca-Cola Co. | 75,650 | 3,285,480 | ||||||
| 5,144,624 | ||||||||
| Biotechnology | 1.3% | ||||||||
| Biogen, Inc. (*) | 2,075 | 568,177 | ||||||
| Gilead Sciences, Inc. | 6,000 | 452,340 | ||||||
| 1,020,517 | ||||||||
| Building Products | 0.5% | ||||||||
| Johnson Controls International PLC | 10,300 | 362,972 | ||||||
| Capital Markets | 3.4% | ||||||||
| Intercontinental Exchange, Inc. | 26,650 | 1,932,658 | ||||||
| Morgan Stanley | 15,800 | 852,568 | ||||||
| 2,785,226 | ||||||||
| Chemicals | 1.0% | ||||||||
| Nutrien, Ltd. | 8,743 | 413,194 | ||||||
| Sensient Technologies Corp. | 5,800 | 409,364 | ||||||
| 822,558 | ||||||||
| Commercial Services & Supplies | 0.5% | ||||||||
| Copart, Inc. (*) | 8,670 | 441,563 | ||||||
| Communications Equipment | 7.0% | ||||||||
| Cisco Systems, Inc. | 80,125 | 3,436,561 | ||||||
| Motorola Solutions, Inc. | 15,720 | 1,655,316 | ||||||
| Palo Alto Networks, Inc. (*) | 3,075 | 558,174 | ||||||
| 5,650,051 | ||||||||
| Diversified Telecommunication Services | 2.8% | ||||||||
| AT&T, Inc. | 62,400 | 2,224,560 | ||||||
| Electrical Equipment | 2.2% | ||||||||
| Eaton Corp. PLC | 17,685 | 1,413,208 | ||||||
| Description | Shares | Fair Value | ||||||
| Rockwell Automation, Inc. | 2,300 | $ | 400,660 | |||||
| 1,813,868 | ||||||||
| Energy Equipment & Services | 1.8% | ||||||||
| Schlumberger, Ltd. | 22,600 | 1,464,028 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 1.5% | ||||||||
| Prologis, Inc. | 18,775 | 1,182,637 | ||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| Danaher Corp. | 6,125 | 599,699 | ||||||
| Medtronic PLC | 37,750 | 3,028,305 | ||||||
| 3,628,004 | ||||||||
| Health Care Providers & Services | 0.9% | ||||||||
| Humana, Inc. | 2,840 | 763,477 | ||||||
| Hotels, Restaurants & Leisure | 2.9% | ||||||||
| McDonald’s Corp. | 8,795 | 1,375,362 | ||||||
| Starbucks Corp. | 17,005 | 984,420 | ||||||
| 2,359,782 | ||||||||
| Household Durables | 0.9% | ||||||||
| Whirlpool Corp. | 4,525 | 692,823 | ||||||
| Industrial Conglomerates | 1.1% | ||||||||
| Honeywell International, Inc. | 5,873 | 848,707 | ||||||
| Insurance | 1.0% | ||||||||
| Aon PLC | 5,880 | 825,140 | ||||||
| Internet Software & Services | 7.1% | ||||||||
| Alphabet, Inc., Class A (*) | 3,746 | 3,885,126 | ||||||
| Alphabet, Inc., Class C (*) | 340 | 350,809 | ||||||
| eBay, Inc. (*) | 37,895 | 1,524,895 | ||||||
| 5,760,830 | ||||||||
| IT Services | 4.5% | ||||||||
| CoreLogic, Inc. (*) | 9,475 | 428,554 | ||||||
| DXC Technology Co. | 11,750 | 1,181,228 | ||||||
| Visa, Inc., Class A | 11,895 | 1,422,880 | ||||||
| Worldpay, Inc., Class A (*) | 7,675 | 631,192 | ||||||
| 3,663,854 | ||||||||
| Machinery | 2.9% | ||||||||
| Deere & Co. | 3,745 | 581,673 | ||||||
| Gates Industrial Corp. PLC | 22,500 | 393,975 | ||||||
| Kennametal, Inc. | 15,300 | 614,448 | ||||||
| Wabtec Corp. | 9,100 | 740,740 | ||||||
| 2,330,836 | ||||||||
| Media | 0.6% | ||||||||
| The Madison Square Garden Co., Class A (*) | 2,133 | 524,291 | ||||||
| Metals & Mining | 1.0% | ||||||||
| Steel Dynamics, Inc. | 17,400 | 769,428 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Strategic Equity Portfolio (concluded) | ||||||||
| Multiline Retail | 0.5% | ||||||||
| Dollar Tree, Inc. (*) | 4,600 | $ | 436,540 | |||||
| Oil, Gas & Consumable Fuels | 4.7% | ||||||||
| ConocoPhillips | 28,645 | 1,698,362 | ||||||
| EOG Resources, Inc. | 11,855 | 1,247,976 | ||||||
| Pioneer Natural Resources Co. | 4,925 | 846,016 | ||||||
| 3,792,354 | ||||||||
| Pharmaceuticals | 5.9% | ||||||||
| Johnson & Johnson | 3,730 | 477,999 | ||||||
| Pfizer, Inc. | 77,389 | 2,746,536 | ||||||
| Zoetis, Inc. | 18,104 | 1,511,865 | ||||||
| 4,736,400 | ||||||||
| Road & Rail | 0.5% | ||||||||
| Norfolk Southern Corp. | 2,975 | 403,946 | ||||||
| Semiconductors & Semiconductor Equipment | 5.2% | ||||||||
| Analog Devices, Inc. | 7,690 | 700,790 | ||||||
| Intel Corp. | 42,700 | 2,223,816 | ||||||
| Skyworks Solutions, Inc. | 12,655 | 1,268,790 | ||||||
| 4,193,396 | ||||||||
| Software | 3.3% | ||||||||
| Microsoft Corp. | 29,100 | 2,655,957 | ||||||
| Specialty Retail | 4.1% | ||||||||
| AutoZone, Inc. (*) | 1,740 | 1,128,721 | ||||||
| Lowe’s Cos., Inc. | 24,675 | 2,165,231 | ||||||
| 3,293,952 | ||||||||
| Technology Hardware, Storage & Peripherals | 3.6% | ||||||||
| Apple, Inc. | 17,542 | 2,943,197 | ||||||
| Total Common Stocks (Cost $68,082,929) | 79,708,218 | |||||||
| Short-Term Investments | 0.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $603,659) | 603,659 | 603,659 | ||||||
| Total Investments | 99.3% (Cost $68,686,588) | $ | 80,311,877 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 569,509 | |||||||
| Net Assets | 100.0% | $ | 80,881,386 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 95.2% | ||||||||
| Air Freight & Logistics | 0.7% | ||||||||
| Echo Global Logistics, Inc. (*) | 51,468 | $ | 1,420,517 | |||||
| Airlines | 0.8% | ||||||||
| Alaska Air Group, Inc. | 27,730 | 1,718,151 | ||||||
| Auto Components | 1.1% | ||||||||
| Modine Manufacturing Co. (*) | 109,170 | 2,308,946 | ||||||
| Banks | 14.5% | ||||||||
| Bank of the Ozarks, Inc. | 45,730 | 2,207,387 | ||||||
| Comerica, Inc. | 43,195 | 4,143,696 | ||||||
| Commerce Bancshares, Inc. | 75,572 | 4,527,519 | ||||||
| FCB Financial Holdings, Inc., Class A (*) | 58,325 | 2,980,408 | ||||||
| Home BancShares, Inc. | 91,900 | 2,096,239 | ||||||
| PacWest Bancorp | 57,221 | 2,834,156 | ||||||
| Sterling Bancorp | 147,000 | 3,314,850 | ||||||
| Texas Capital Bancshares, Inc. (*) | 36,445 | 3,276,405 | ||||||
| Wintrust Financial Corp. | 46,195 | 3,975,080 | ||||||
| 29,355,740 | ||||||||
| Biotechnology | 0.6% | ||||||||
| Cellectis SA ADR (*) | 41,990 | 1,323,105 | ||||||
| Building Products | 1.1% | ||||||||
| PGT Innovations, Inc. (*) | 115,485 | 2,153,795 | ||||||
| Capital Markets | 1.0% | ||||||||
| Morningstar, Inc. | 21,035 | 2,009,263 | ||||||
| Chemicals | 3.9% | ||||||||
| Ingevity Corp. (*) | 28,955 | 2,133,694 | ||||||
| Innospec, Inc. | 52,810 | 3,622,766 | ||||||
| Valvoline, Inc. | 100,995 | 2,235,019 | ||||||
| 7,991,479 | ||||||||
| Commercial Services & Supplies | 1.7% | ||||||||
| Deluxe Corp. | 46,455 | 3,438,135 | ||||||
| Communications Equipment | 1.5% | ||||||||
| Ciena Corp. (*) | 116,050 | 3,005,695 | ||||||
| Construction & Engineering | 1.0% | ||||||||
| Dycom Industries, Inc. (*) | 18,285 | 1,968,015 | ||||||
| Construction Materials | 1.1% | ||||||||
| Eagle Materials, Inc. | 21,735 | 2,239,792 | ||||||
| Containers & Packaging | 1.9% | ||||||||
| Graphic Packaging Holding Co. | 251,810 | 3,865,283 | ||||||
| Electric Utilities | 1.1% | ||||||||
| PNM Resources, Inc. | 58,360 | 2,232,270 | ||||||
| Electrical Equipment | 5.2% | ||||||||
| Atkore International Group, Inc. (*) | 159,040 | 3,156,944 | ||||||
| EnerSys | 29,370 | 2,037,397 | ||||||
| Description | Shares | Fair Value | ||||||
| Generac Holdings, Inc. (*) | 50,545 | $ | 2,320,521 | |||||
| Regal Beloit Corp. | 41,975 | 3,078,866 | ||||||
| 10,593,728 | ||||||||
| Electronic Equipment, Instruments & Components | 2.4% | ||||||||
| Belden, Inc. | 32,010 | 2,206,769 | ||||||
| FLIR Systems, Inc. | 51,780 | 2,589,518 | ||||||
| 4,796,287 | ||||||||
| Energy Equipment & Services | 4.5% | ||||||||
| NCS Multistage Holdings, Inc. | 114,505 | 1,717,575 | ||||||
| Oceaneering International, Inc. | 170,195 | 3,155,415 | ||||||
| Oil States International, Inc. (*) | 97,750 | 2,561,050 | ||||||
| U.S. Silica Holdings, Inc. | 62,885 | 1,604,825 | ||||||
| 9,038,865 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 7.3% | ||||||||
| Alexandria Real Estate Equities, Inc. | 16,500 | 2,060,685 | ||||||
| Brandywine Realty Trust | 163,835 | 2,601,700 | ||||||
| Camden Property Trust | 31,225 | 2,628,520 | ||||||
| DCT Industrial Trust, Inc. | 52,843 | 2,977,175 | ||||||
| Healthcare Realty Trust, Inc. | 68,065 | 1,886,081 | ||||||
| Kilroy Realty Corp. | 36,000 | 2,554,560 | ||||||
| 14,708,721 | ||||||||
| Food & Staples Retailing | 1.1% | ||||||||
| Sprouts Farmers Market, Inc. (*) | 92,060 | 2,160,648 | ||||||
| Food Products | 2.5% | ||||||||
| The J.M. Smucker Co. | 23,985 | 2,974,380 | ||||||
| The Simply Good Foods Co. (*) | 147,040 | 2,018,859 | ||||||
| 4,993,239 | ||||||||
| Health Care Equipment & Supplies | 1.9% | ||||||||
| Lantheus Holdings, Inc. (*) | 56,302 | 895,202 | ||||||
| STERIS PLC | 31,490 | 2,939,906 | ||||||
| 3,835,108 | ||||||||
| Health Care Providers & Services | 2.0% | ||||||||
| AMN Healthcare Services, Inc. (*) | 34,835 | 1,976,886 | ||||||
| Molina Healthcare, Inc. (*) | 26,700 | 2,167,506 | ||||||
| 4,144,392 | ||||||||
| Health Care Technology | 1.1% | ||||||||
| Evolent Health, Inc., Class A (*) | 151,920 | 2,164,860 | ||||||
| Household Durables | 2.7% | ||||||||
| Leggett & Platt, Inc. | 74,940 | 3,324,339 | ||||||
| Whirlpool Corp. | 14,330 | 2,194,066 | ||||||
| 5,518,405 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.0% | ||||||||
| Pattern Energy Group, Inc., Class A | 113,700 | 1,965,873 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Insurance | 2.9% | ||||||||
| Arch Capital Group, Ltd. (*) | 37,415 | $ | 3,202,350 | |||||
| Reinsurance Group of America, Inc. | 17,010 | 2,619,540 | ||||||
| 5,821,890 | ||||||||
| Internet Software & Services | 1.6% | ||||||||
| j2 Global, Inc. | 39,970 | 3,154,432 | ||||||
| IT Services | 3.1% | ||||||||
| CoreLogic, Inc. (*) | 66,740 | 3,018,650 | ||||||
| Leidos Holdings, Inc. | 50,785 | 3,321,339 | ||||||
| 6,339,989 | ||||||||
| Life Sciences Tools & Services | 1.1% | ||||||||
| Cambrex Corp. (*) | 44,500 | 2,327,350 | ||||||
| Machinery | 4.3% | ||||||||
| Gates Industrial Corp. PLC | 136,370 | 2,387,839 | ||||||
| Kennametal, Inc. | 56,490 | 2,268,638 | ||||||
| TriMas Corp. (*) | 64,376 | 1,689,870 | ||||||
| Wabtec Corp. | 30,050 | 2,446,070 | ||||||
| 8,792,417 | ||||||||
| Marine | 1.0% | ||||||||
| Kirby Corp. (*) | 26,995 | 2,077,265 | ||||||
| Media | 2.5% | ||||||||
| Emerald Expositions Events, Inc. | 103,955 | 2,025,043 | ||||||
| Scholastic Corp. | 80,522 | 3,127,475 | ||||||
| 5,152,518 | ||||||||
| Metals & Mining | 1.3% | ||||||||
| Steel Dynamics, Inc. | 57,675 | 2,550,388 | ||||||
| Pharmaceuticals | 1.3% | ||||||||
| Catalent, Inc. (*) | 63,080 | 2,590,065 | ||||||
| Professional Services | 1.4% | ||||||||
| FTI Consulting, Inc. (*) | 59,805 | 2,895,160 | ||||||
| Semiconductors & Semiconductor Equipment | 2.7% | ||||||||
| Cypress Semiconductor Corp. | 163,720 | 2,776,691 | ||||||
| Versum Materials, Inc. | 71,590 | 2,693,932 | ||||||
| 5,470,623 | ||||||||
| Software | 2.4% | ||||||||
| Bottomline Technologies de, Inc. (*) | 93,310 | 3,615,763 | ||||||
| CyberArk Software, Ltd. (*) | 25,260 | 1,288,765 | ||||||
| 4,904,528 | ||||||||
| Specialty Retail | 0.9% | ||||||||
| Floor & Decor Holdings, Inc., Class A | 35,980 | 1,875,278 | ||||||
| Technology Hardware, Storage & Peripherals | 0.3% | ||||||||
| NCR Corp. (*) | 21,740 | 683,882 | ||||||
| Description | Shares | Fair Value | ||||||
| Textiles, Apparel & Luxury Goods | 1.8% | ||||||||
| Carter’s, Inc. | 15,005 | $ | 1,562,021 | |||||
| Steven Madden, Ltd. | 45,945 | 2,016,985 | ||||||
| 3,579,006 | ||||||||
| Thrifts & Mortgage Finance | 1.7% | ||||||||
| Washington Federal, Inc. | 98,595 | 3,411,387 | ||||||
| Trading Companies & Distributors | 1.2% | ||||||||
| DXP Enterprises, Inc. (*) | 60,335 | 2,350,048 | ||||||
| Total Common Stocks (Cost $175,571,079) | 192,926,538 | |||||||
| Total Investments | 95.2% (Cost $175,571,079) | $ | 192,926,538 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 4.8% | 9,655,255 | |||||||
| Net Assets | 100.0% | $ | 202,581,793 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Australia | 3.1% | ||||||||
| BHP Billiton PLC | 4,506,582 | $ | 88,897,081 | |||||
| Caltex Australia, Ltd. | 988,380 | 24,000,735 | ||||||
| 112,897,816 | ||||||||
| Belgium | 1.7% | ||||||||
| Anheuser-Busch InBev SA/NV | 562,637 | 61,835,244 | ||||||
| Brazil | 0.9% | ||||||||
| Cielo SA | 5,371,300 | 33,661,633 | ||||||
| Canada | 4.2% | ||||||||
| Canadian National Railway Co. | 439,310 | 32,107,292 | ||||||
| National Bank of Canada | 1,163,600 | 54,768,273 | ||||||
| Suncor Energy, Inc. | 1,938,010 | 66,924,411 | ||||||
| 153,799,976 | ||||||||
| Denmark | 2.0% | ||||||||
| AP Moller-Maersk A/S, Class B | 16,420 | 25,595,809 | ||||||
| Carlsberg A/S, Class B | 401,227 | 47,946,184 | ||||||
| 73,541,993 | ||||||||
| Finland | 1.5% | ||||||||
| Sampo Oyj, A Shares | 990,354 | 55,236,191 | ||||||
| France | 11.9% | ||||||||
| Air Liquide SA | 421,901 | 51,733,275 | ||||||
| Capgemini SE | 567,499 | 70,778,191 | ||||||
| Cie de Saint-Gobain | 781,706 | 41,290,557 | ||||||
| Cie Generale des Etablissements Michelin SCA | 468,465 | 69,245,630 | ||||||
| Safran SA | 415,419 | 44,022,391 | ||||||
| Societe Generale SA | 811,177 | 44,132,316 | ||||||
| Valeo SA | 668,147 | 44,184,136 | ||||||
| Vinci SA | 750,598 | 73,904,696 | ||||||
| 439,291,192 | ||||||||
| Germany | 4.3% | ||||||||
| Deutsche Post AG | 779,480 | 34,086,119 | ||||||
| Fresenius SE & Co. KGaA | 452,023 | 34,526,809 | ||||||
| SAP SE | 863,015 | 90,311,096 | ||||||
| 158,924,024 | ||||||||
| India | 0.7% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 2,713,400 | 24,013,590 | ||||||
| Ireland | 3.8% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 465,239 | 57,154,611 | ||||||
| Shire PLC | 1,634,218 | 81,464,510 | ||||||
| 138,619,121 | ||||||||
| Japan | 19.5% | ||||||||
| Bridgestone Corp. | 793,400 | 34,832,432 | ||||||
| Description | Shares | Fair Value | ||||||
| Daiwa House Industry Co., Ltd. | 2,511,778 | $ | 96,678,749 | |||||
| Don Quijote Holdings Co., Ltd. | 1,939,100 | 111,031,381 | ||||||
| Hoshizaki Corp. | 2,300 | 205,285 | ||||||
| Isuzu Motors, Ltd. | 3,224,400 | 49,501,271 | ||||||
| Kao Corp. | 596,580 | 44,979,349 | ||||||
| KDDI Corp. | 1,668,500 | 42,849,225 | ||||||
| Makita Corp. | 1,539,100 | 76,510,400 | ||||||
| Nexon Co., Ltd. (*) | 2,697,800 | 45,765,299 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 445,700 | 46,334,203 | ||||||
| Sony Corp. | 783,600 | 38,160,754 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,468,900 | 62,287,958 | ||||||
| United Arrows, Ltd. | 703,300 | 26,679,882 | ||||||
| Yamaha Corp. | 1,023,500 | 44,753,751 | ||||||
| 720,569,939 | ||||||||
| Luxembourg | 0.7% | ||||||||
| Tenaris SA | 1,545,392 | 26,717,583 | ||||||
| Netherlands | 5.9% | ||||||||
| ABN AMRO Group NV | 875,733 | 26,403,106 | ||||||
| Royal Dutch Shell PLC, A Shares | 3,464,261 | 108,707,591 | ||||||
| Wolters Kluwer NV | 1,548,594 | 82,473,071 | ||||||
| 217,583,768 | ||||||||
| Norway | 3.1% | ||||||||
| Statoil ASA | 2,179,305 | 51,614,913 | ||||||
| Telenor ASA | 2,810,100 | 63,914,205 | ||||||
| 115,529,118 | ||||||||
| Singapore | 2.2% | ||||||||
| DBS Group Holdings, Ltd. | 2,621,520 | 55,300,786 | ||||||
| NetLink NBN Trust | 42,871,500 | 26,677,605 | ||||||
| 81,978,391 | ||||||||
| Spain | 1.3% | ||||||||
| Red Electrica Corporacion SA | 2,416,471 | 49,776,660 | ||||||
| Sweden | 3.3% | ||||||||
| Assa Abloy AB, Class B | 3,259,793 | 70,776,074 | ||||||
| Nordea Bank AB | 4,946,056 | 52,839,529 | ||||||
| 123,615,603 | ||||||||
| Switzerland | 6.6% | ||||||||
| Ferguson PLC | 1,148,053 | 86,355,878 | ||||||
| Julius Baer Group, Ltd. | 760,876 | 46,850,942 | ||||||
| Novartis AG | 1,362,136 | 110,199,594 | ||||||
| 243,406,414 | ||||||||
| Taiwan | 1.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 1,389,700 | 60,813,272 | ||||||
| Turkey | 1.0% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 9,882,358 | 37,793,856 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| United Kingdom | 13.1% | ||||||||
| British American Tobacco PLC | 1,550,459 | $ | 90,005,937 | |||||
| BT Group PLC | 7,466,529 | 23,857,909 | ||||||
| Compass Group PLC | 3,008,344 | 61,473,084 | ||||||
| Diageo PLC | 1,028,678 | 34,800,269 | ||||||
| Howden Joinery Group PLC | 4,600,918 | 29,778,434 | ||||||
| Informa PLC | 4,328,037 | 43,674,774 | ||||||
| Prudential PLC | 5,094,988 | 127,361,104 | ||||||
| Unilever PLC | 1,290,164 | 71,690,192 | ||||||
| 482,641,703 | ||||||||
| United States | 4.1% | ||||||||
| Aon PLC | 566,375 | 79,479,404 | ||||||
| Medtronic PLC | 913,310 | 73,265,728 | ||||||
| 152,745,132 | ||||||||
| Total
Common Stocks (Cost $3,104,869,054) | 3,564,992,219 | |||||||
| Short-Term Investments | 3.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $121,303,757) | 121,303,757 | 121,303,757 | ||||||
| Total
Investments | 99.8% (Cost $3,226,172,811) | $ | 3,686,295,976 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 7,772,937 | |||||||
| Net Assets | 100.0% | $ | 3,694,068,913 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 95.7% | ||||||||
| Australia | 1.8% | ||||||||
| BHP Billiton, Ltd. | 69,710 | $ | 1,542,009 | |||||
| Belgium | 1.7% | ||||||||
| Anheuser-Busch InBev SA/NV | 12,952 | 1,423,458 | ||||||
| Brazil | 3.0% | ||||||||
| BB Seguridade Participacoes SA | 108,000 | 957,506 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 62,200 | 659,407 | ||||||
| Cielo SA | 155,140 | 972,254 | ||||||
| 2,589,167 | ||||||||
| Canada | 3.1% | ||||||||
| Canadian National Railway Co. | 10,600 | 774,709 | ||||||
| National Bank of Canada | 13,700 | 644,831 | ||||||
| Suncor Energy, Inc. | 35,900 | 1,239,718 | ||||||
| 2,659,258 | ||||||||
| China | 4.9% | ||||||||
| 58.com, Inc. ADR (*) | 11,125 | 888,443 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 82,500 | 848,890 | ||||||
| Tencent Holdings, Ltd. | 46,500 | 2,475,252 | ||||||
| 4,212,585 | ||||||||
| Denmark | 2.4% | ||||||||
| Carlsberg A/S, Class B | 12,287 | 1,468,283 | ||||||
| Genmab A/S (*) | 2,568 | 552,851 | ||||||
| 2,021,134 | ||||||||
| Finland | 2.1% | ||||||||
| Sampo Oyj, A Shares | 31,695 | 1,767,763 | ||||||
| France | 7.5% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 8,301 | 1,227,003 | ||||||
| Safran SA | 11,353 | 1,203,089 | ||||||
| Ubisoft Entertainment SA (*) | 10,200 | 861,621 | ||||||
| Valeo SA | 21,847 | 1,444,728 | ||||||
| Vinci SA | 16,625 | 1,636,916 | ||||||
| 6,373,357 | ||||||||
| Germany | 5.4% | ||||||||
| Continental AG | 3,665 | 1,012,365 | ||||||
| Deutsche Post AG | 14,884 | 650,867 | ||||||
| Fresenius SE & Co. KGaA | 10,454 | 798,506 | ||||||
| SAP SE | 20,292 | 2,123,477 | ||||||
| 4,585,215 | ||||||||
| India | 1.2% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 114,455 | 1,012,927 | ||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 1.2% | ||||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 37,308 | $ | 985,677 | |||||
| Ireland | 3.3% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 9,682 | 1,189,434 | ||||||
| Shire PLC | 32,136 | 1,601,955 | ||||||
| 2,791,389 | ||||||||
| Japan | 11.9% | ||||||||
| Daiwa House Industry Co., Ltd. | 53,200 | 2,047,677 | ||||||
| Kao Corp. | 10,500 | 791,651 | ||||||
| KDDI Corp. | 30,200 | 775,575 | ||||||
| Makita Corp. | 37,000 | 1,839,312 | ||||||
| Ryohin Keikaku Co., Ltd. | 5,400 | 1,798,387 | ||||||
| Sony Corp. | 15,000 | 730,489 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 31,776 | 1,347,445 | ||||||
| Tokyo Electron, Ltd. | 4,200 | 775,669 | ||||||
| 10,106,205 | ||||||||
| Netherlands | 5.1% | ||||||||
| ABN AMRO Group NV | 26,654 | 803,611 | ||||||
| Royal Dutch Shell PLC, A Shares | 56,527 | 1,802,777 | ||||||
| Wolters Kluwer NV | 33,257 | 1,771,159 | ||||||
| 4,377,547 | ||||||||
| Norway | 3.0% | ||||||||
| Statoil ASA | 59,349 | 1,405,629 | ||||||
| Telenor ASA | 49,798 | 1,132,628 | ||||||
| 2,538,257 | ||||||||
| Philippines | 0.3% | ||||||||
| Alliance Global Group, Inc. (*) | 1,021,500 | 259,185 | ||||||
| Russia | 1.0% | ||||||||
| Yandex NV Class A (*) | 21,455 | 846,400 | ||||||
| Singapore | 1.9% | ||||||||
| DBS Group Holdings, Ltd. | 78,100 | 1,647,514 | ||||||
| South Africa | 2.3% | ||||||||
| Mr. Price Group, Ltd. | 30,773 | 741,840 | ||||||
| Sanlam, Ltd. | 168,655 | 1,217,196 | ||||||
| 1,959,036 | ||||||||
| South Korea | 1.5% | ||||||||
| Samsung Electronics Co., Ltd. | 563 | 1,311,991 | ||||||
| Spain | 1.2% | ||||||||
| Red Electrica Corporacion SA | 49,885 | 1,027,576 | ||||||
| Sweden | 2.9% | ||||||||
| Assa Abloy AB, Class B | 83,162 | 1,805,599 | ||||||
| Nordea Bank AB | 62,772 | 670,604 | ||||||
| 2,476,203 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Switzerland | 5.4% | ||||||||
| ABB, Ltd. | 35,301 | $ | 840,670 | |||||
| Cie Financiere Richemont SA | 7,355 | 660,702 | ||||||
| Ferguson PLC | 16,386 | 1,232,545 | ||||||
| Novartis AG | 22,589 | 1,827,496 | ||||||
| 4,561,413 | ||||||||
| Taiwan | 2.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 245,341 | 2,085,158 | ||||||
| Thailand | 1.0% | ||||||||
| Kasikornbank Public Co. Ltd. | 124,000 | 846,229 | ||||||
| Turkey | 1.9% | ||||||||
| KOC Holding AS | 113,491 | 468,706 | ||||||
| Turkcell Iletisim Hizmetleri AS | 310,840 | 1,188,769 | ||||||
| 1,657,475 | ||||||||
| United Kingdom | 10.1% | ||||||||
| Ashtead Group PLC | 34,847 | 950,224 | ||||||
| British American Tobacco PLC | 30,854 | 1,791,111 | ||||||
| Compass Group PLC | 74,145 | 1,515,093 | ||||||
| Prudential PLC | 101,183 | 2,529,305 | ||||||
| Unilever PLC | 33,265 | 1,848,427 | ||||||
| 8,634,160 | ||||||||
| United States | 6.1% | ||||||||
| Accenture PLC, Class A | 12,900 | 1,980,150 | ||||||
| Aon PLC | 10,460 | 1,467,852 | ||||||
| Medtronic PLC | 21,825 | 1,750,801 | ||||||
| 5,198,803 | ||||||||
| Total Common Stocks (Cost $74,727,886) | 81,497,091 | |||||||
| Short-Term Investments | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $3,109,849) | 3,109,849 | 3,109,849 | ||||||
| Total Investments | 99.4% (Cost $77,837,735) | $ | 84,606,940 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 0.6% | 517,856 | |||||||
| Net Assets | 100.0% | $ | 85,124,796 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Concentrated Portfolio | ||||||||
| Common Stocks | 98.4% | ||||||||
| Australia | 2.5% | ||||||||
| Amcor, Ltd. | 166,906 | $ | 1,831,610 | |||||
| Belgium | 4.0% | ||||||||
| Anheuser-Busch InBev SA/NV | 26,866 | 2,952,642 | ||||||
| Brazil | 2.2% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 153,700 | 1,629,435 | ||||||
| Canada | 9.3% | ||||||||
| National Bank of Canada | 73,737 | 3,470,650 | ||||||
| Suncor Energy, Inc. | 97,705 | 3,374,002 | ||||||
| 6,844,652 | ||||||||
| China | 5.9% | ||||||||
| 58.com, Inc. ADR (*) | 18,091 | 1,444,747 | ||||||
| Tencent Holdings, Ltd. | 54,018 | 2,875,444 | ||||||
| 4,320,191 | ||||||||
| France | 10.4% | ||||||||
| Safran SA | 34,019 | 3,605,029 | ||||||
| Societe Generale SA | 33,045 | 1,797,823 | ||||||
| Valeo SA | 33,615 | 2,222,939 | ||||||
| 7,625,791 | ||||||||
| Germany | 4.6% | ||||||||
| SAP SE | 32,238 | 3,373,579 | ||||||
| India | 2.0% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 169,817 | 1,502,880 | ||||||
| Ireland | 2.7% | ||||||||
| Shire PLC | 40,077 | 1,997,808 | ||||||
| Japan | 16.4% | ||||||||
| Bridgestone Corp. | 67,200 | 2,950,264 | ||||||
| Daifuku Co., Ltd. | 25,500 | 1,518,165 | ||||||
| Digital Garage, Inc. | 79,400 | 2,631,045 | ||||||
| Nexon Co., Ltd. (*) | 138,200 | 2,344,415 | ||||||
| Yamaha Corp. | 60,100 | 2,627,944 | ||||||
| 12,071,833 | ||||||||
| Netherlands | 8.4% | ||||||||
| ABN AMRO Group NV | 69,715 | 2,101,888 | ||||||
| Wolters Kluwer NV | 76,623 | 4,080,691 | ||||||
| 6,182,579 | ||||||||
| Taiwan | 4.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 76,546 | 3,349,653 | ||||||
| Turkey | 3.1% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 601,609 | 2,300,779 | ||||||
| Description | Shares | Fair Value | ||||||
| United Kingdom | 15.1% | ||||||||
| British American Tobacco PLC | 45,213 | $ | 2,624,667 | |||||
| Compass Group PLC | 138,848 | 2,837,247 | ||||||
| Prudential PLC | 140,024 | 3,500,226 | ||||||
| Rio Tinto PLC | 42,290 | 2,147,141 | ||||||
| 11,109,281 | ||||||||
| United States | 7.2% | ||||||||
| Aon PLC | 14,985 | 2,102,845 | ||||||
| Medtronic PLC | 39,363 | 3,157,700 | ||||||
| 5,260,545 | ||||||||
| Total Common Stocks (Cost $68,857,613) | 72,353,258 | |||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $899,811) | 899,811 | 899,811 | ||||||
| Total Investments | 99.6% (Cost $69,757,424) | $ | 73,253,069 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 291,004 | |||||||
| Net Assets | 100.0% | $ | 73,544,073 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 95.9% | ||||||||
| Brazil | 0.7% | ||||||||
| Cielo SA | 8,165,940 | $ | 51,175,483 | |||||
| Canada | 6.1% | ||||||||
| Bombardier, Inc., Class B (*) | 27,176,300 | 79,102,049 | ||||||
| CAE, Inc. | 6,052,470 | 112,654,349 | ||||||
| National Bank of Canada | 2,665,420 | 125,455,869 | ||||||
| Suncor Energy, Inc. | 3,785,928 | 130,737,716 | ||||||
| 447,949,983 | ||||||||
| China | 3.6% | ||||||||
| 58.com, Inc. ADR (*) | 485,900 | 38,803,974 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 463,900 | 85,144,206 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 6,938,500 | 71,394,252 | ||||||
| Tencent Holdings, Ltd. | 1,326,400 | 70,605,891 | ||||||
| 265,948,323 | ||||||||
| Denmark | 2.8% | ||||||||
| Carlsberg A/S, Class B | 1,107,075 | 132,294,243 | ||||||
| Genmab A/S (*) | 338,588 | 72,892,815 | ||||||
| 205,187,058 | ||||||||
| Finland | 3.6% | ||||||||
| Sampo Oyj, A Shares | 4,681,195 | 261,089,855 | ||||||
| France | 9.2% | ||||||||
| Cie de Saint-Gobain | 2,008,922 | 106,113,435 | ||||||
| Faurecia SA | 1,086,822 | 88,060,920 | ||||||
| Safran SA | 1,121,128 | 118,807,120 | ||||||
| Television Francaise 1 | 3,883,510 | 52,900,255 | ||||||
| Ubisoft Entertainment SA (*) | 1,575,898 | 133,120,242 | ||||||
| Vivendi SA | 6,886,296 | 178,234,857 | ||||||
| 677,236,829 | ||||||||
| Germany | 1.1% | ||||||||
| Fresenius SE & Co. KGaA | 1,021,554 | 78,029,216 | ||||||
| India | 1.2% | ||||||||
| Housing Development Finance Corp., Ltd. | 3,097,206 | 87,111,728 | ||||||
| Indonesia | 0.1% | ||||||||
| PT Media Nusantara Citra Tbk | 82,783,300 | 8,566,233 | ||||||
| Ireland | 4.0% | ||||||||
| Bank of Ireland Group PLC (*) | 12,729,843 | 111,578,250 | ||||||
| Kerry Group PLC, Class A | 730,879 | 74,319,734 | ||||||
| Shire PLC | 2,200,015 | 109,669,056 | ||||||
| 295,567,040 | ||||||||
| Italy | 1.1% | ||||||||
| UniCredit SpA (*) | 3,779,202 | 79,295,676 | ||||||
| Description | Shares | Fair Value | ||||||
| Japan | 19.4% | ||||||||
| AEON Financial Service Co., Ltd. | 5,069,900 | $ | 117,614,637 | |||||
| CyberAgent, Inc. | 1,577,700 | 81,844,103 | ||||||
| Daiwa House Industry Co., Ltd. | 5,230,000 | 201,303,561 | ||||||
| Don Quijote Holdings Co., Ltd. | 4,566,600 | 261,480,018 | ||||||
| FANUC Corp. | 384,800 | 97,934,933 | ||||||
| Hoshizaki Corp. | 10,200 | 910,393 | ||||||
| Kao Corp. | 1,568,700 | 118,272,663 | ||||||
| Makita Corp. | 3,688,400 | 183,354,532 | ||||||
| Nexon Co., Ltd. (*) | 7,263,600 | 123,219,226 | ||||||
| Shimano, Inc. | 507,400 | 73,490,995 | ||||||
| Tokyo Electron, Ltd. | 469,500 | 86,708,776 | ||||||
| Yamaha Corp. | 1,798,000 | 78,619,682 | ||||||
| 1,424,753,519 | ||||||||
| Luxembourg | 1.0% | ||||||||
| ArcelorMittal (*) | 2,318,315 | 73,532,667 | ||||||
| Netherlands | 3.7% | ||||||||
| ABN AMRO Group NV | 3,727,775 | 112,391,377 | ||||||
| Wolters Kluwer NV | 3,056,978 | 162,804,688 | ||||||
| 275,196,065 | ||||||||
| New Zealand | 0.9% | ||||||||
| Z Energy, Ltd. | 13,028,265 | 66,003,401 | ||||||
| Norway | 2.3% | ||||||||
| Statoil ASA | 7,247,124 | 171,641,726 | ||||||
| Philippines | 0.8% | ||||||||
| GT Capital Holdings, Inc. | 2,572,445 | 57,928,148 | ||||||
| Singapore | 2.0% | ||||||||
| DBS Group Holdings, Ltd. | 6,948,300 | 146,573,916 | ||||||
| Spain | 0.9% | ||||||||
| Bankia SA | 14,669,089 | 65,739,281 | ||||||
| Sweden | 3.0% | ||||||||
| Assa Abloy AB, Class B | 5,516,178 | 119,766,322 | ||||||
| Hexagon AB, B Shares | 1,694,426 | 101,515,139 | ||||||
| 221,281,461 | ||||||||
| Switzerland | 3.6% | ||||||||
| Julius Baer Group, Ltd. | 2,819,862 | 173,633,011 | ||||||
| Partners Group Holding AG | 117,056 | 87,117,198 | ||||||
| 260,750,209 | ||||||||
| Taiwan | 1.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12,933,000 | 109,917,819 | ||||||
| United Kingdom | 18.1% | ||||||||
| Ashtead Group PLC | 4,100,960 | 111,826,858 | ||||||
| British American Tobacco PLC | 3,993,916 | 231,851,442 | ||||||
| CNH Industrial NV | 5,302,124 | 65,597,575 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Coca-Cola European Partners PLC | 4,320,057 | $ | 179,833,347 | |||||
| Compass Group PLC | 5,771,798 | 117,942,038 | ||||||
| Diageo PLC | 4,899,572 | 165,752,960 | ||||||
| Informa PLC | 20,026,186 | 202,086,800 | ||||||
| Prudential PLC | 10,285,400 | 257,107,553 | ||||||
| 1,331,998,573 | ||||||||
| United States | 5.2% | ||||||||
| Accenture PLC, Class A | 1,162,780 | 178,486,730 | ||||||
| Aon PLC | 916,040 | 128,547,893 | ||||||
| Medtronic PLC | 897,000 | 71,957,340 | ||||||
| 378,991,963 | ||||||||
| Total Common Stocks (Cost $5,764,706,772) | 7,041,466,172 | |||||||
| Short-Term Investments | 4.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $314,851,566) | 314,851,566 | 314,851,566 | ||||||
| Total Investments | 100.2% (Cost $6,079,558,338) | $ | 7,356,317,738 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (16,957,769 | ) | ||||||
| Net Assets | 100.0% | $ | 7,339,359,969 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 100.7% | ||||||||
| Australia | 5.8% | ||||||||
| Aristocrat Leisure, Ltd. | 2,235 | $ | 41,667 | |||||
| BlueScope Steel, Ltd. | 613 | 7,208 | ||||||
| CIMIC Group, Ltd. | 153 | 5,278 | ||||||
| Cochlear, Ltd. | 82 | 11,506 | ||||||
| CSL, Ltd. | 526 | 63,250 | ||||||
| Fortescue Metals Group, Ltd. | 2,055 | 6,878 | ||||||
| Link Administration Holdings, Ltd. | 1,059 | 6,823 | ||||||
| Newcrest Mining, Ltd. | 201 | 3,022 | ||||||
| South32, Ltd. | 2,354 | 5,868 | ||||||
| 151,500 | ||||||||
| Austria | 0.2% | ||||||||
| Voestalpine AG | 87 | 4,565 | ||||||
| Denmark | 1.2% | ||||||||
| Novo Nordisk A/S, Class B | 520 | 25,586 | ||||||
| Vestas Wind Systems A/S | 85 | 6,086 | ||||||
| 31,672 | ||||||||
| France | 10.0% | ||||||||
| Air France-KLM (*) | 599 | 6,655 | ||||||
| AXA SA | 2,101 | 55,933 | ||||||
| BNP Paribas SA | 172 | 12,753 | ||||||
| Credit Agricole SA | 326 | 5,304 | ||||||
| Faurecia SA | 129 | 10,452 | ||||||
| Klepierre SA REIT | 73 | 2,946 | ||||||
| Peugeot SA | 1,091 | 26,274 | ||||||
| Safran SA | 85 | 9,008 | ||||||
| Schneider Electric SE | 43 | 3,782 | ||||||
| Societe Generale SA | 558 | 30,358 | ||||||
| Thales SA | 25 | 3,046 | ||||||
| TOTAL SA | 1,259 | 71,554 | ||||||
| Unibail-Rodamco SE REIT | 16 | 3,662 | ||||||
| Veolia Environnement SA | 722 | 17,122 | ||||||
| 258,849 | ||||||||
| Germany | 10.6% | ||||||||
| Allianz SE | 211 | 47,685 | ||||||
| BASF SE | 243 | 24,696 | ||||||
| Bayer AG | 41 | 4,636 | ||||||
| Continental AG | 160 | 44,196 | ||||||
| Covestro AG | 447 | 43,999 | ||||||
| Deutsche Lufthansa AG | 1,157 | 36,959 | ||||||
| Deutsche Telekom AG | 1,128 | 18,401 | ||||||
| Infineon Technologies AG | 213 | 5,706 | ||||||
| Rheinmetall AG | 74 | 10,521 | ||||||
| SAP SE | 187 | 19,569 | ||||||
| Description | Shares | Fair Value | ||||||
| Schaeffler AG (Preference Shares) | 418 | $ | 6,454 | |||||
| Siltronic AG (*) | 65 | 11,127 | ||||||
| 273,949 | ||||||||
| Hong Kong | 3.6% | ||||||||
| CK Asset Holdings, Ltd. | 1,500 | 12,693 | ||||||
| CK Hutchison Holdings, Ltd. | 500 | 6,011 | ||||||
| Global Cord Blood Corp. (*) | 300 | 3,060 | ||||||
| Jardine Matheson Holdings, Ltd. (Singapore) | 247 | 15,236 | ||||||
| The Wharf Holdings, Ltd. | 5,814 | 20,141 | ||||||
| WH Group, Ltd. | 3,989 | 4,288 | ||||||
| Wharf Real Estate Investment Co., Ltd. (*) | 3,814 | 24,969 | ||||||
| Wheelock & Co., Ltd. | 1,000 | 7,334 | ||||||
| 93,732 | ||||||||
| Italy | 2.9% | ||||||||
| Banca Generali SpA | 296 | 9,560 | ||||||
| Enel SpA | 4,181 | 25,618 | ||||||
| Intesa Sanpaolo SpA | 10,799 | 39,381 | ||||||
| 74,559 | ||||||||
| Japan | 25.6% | ||||||||
| Adastria Co., Ltd. | 200 | 4,116 | ||||||
| Asahi Glass Co., Ltd. | 1,000 | 41,914 | ||||||
| Canon, Inc. | 800 | 29,218 | ||||||
| Daicel Corp. | 700 | 7,669 | ||||||
| Daito Trust Construction Co., Ltd. | 100 | 16,993 | ||||||
| Daiwa House Industry Co., Ltd. | 900 | 34,641 | ||||||
| East Japan Railway Co. ADR | 714 | 11,163 | ||||||
| Fujitsu, Ltd. | 1,000 | 6,061 | ||||||
| Haseko Corp. | 1,100 | 16,965 | ||||||
| Hitachi, Ltd. | 2,000 | 14,591 | ||||||
| Itochu Techno-Solutions Corp. | 600 | 12,375 | ||||||
| Japan Tobacco, Inc. | 300 | 8,585 | ||||||
| Kakaku.com, Inc. | 300 | 5,293 | ||||||
| Kao Corp. | 100 | 7,540 | ||||||
| KDDI Corp. | 1,300 | 33,386 | ||||||
| Maeda Corp. | 600 | 6,998 | ||||||
| Mitsubishi Chemical Holdings Corp. | 1,000 | 9,711 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 9,700 | 64,380 | ||||||
| Morinaga Milk Industry Co., Ltd. | 100 | 4,068 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 900 | 27,982 | ||||||
| Nippon Light Metal Holdings Co., Ltd. | 900 | 2,352 | ||||||
| Nippon Steel & Sumitomo Metal Corp. | 100 | 2,198 | ||||||
| Nishimatsu Construction Co., Ltd. | 400 | 9,984 | ||||||
| Nissan Motor Co., Ltd. | 3,088 | 31,960 | ||||||
| Nitto Denko Corp. | 100 | 7,581 | ||||||
| Nomura Holdings, Inc. | 1,700 | 9,897 | ||||||
| NTT DOCOMO, Inc. | 1,700 | 43,281 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| ORIX Corp. | 1,900 | $ | 33,920 | |||||
| Penta-Ocean Construction Co., Ltd. | 800 | 5,905 | ||||||
| Prima Meat Packers, Ltd. | 2,000 | 11,301 | ||||||
| Seven & I Holdings Co., Ltd. | 100 | 4,290 | ||||||
| Shionogi & Co., Ltd. | 200 | 10,438 | ||||||
| Sompo Holdings, Inc. | 500 | 20,206 | ||||||
| Start Today Co., Ltd. | 300 | 7,837 | ||||||
| Taisei Corp. | 300 | 15,372 | ||||||
| Teijin, Ltd. | 700 | 13,328 | ||||||
| THK Co., Ltd. | 100 | 4,167 | ||||||
| Tokyo Electron, Ltd. | 200 | 36,937 | ||||||
| Tokyo Gas Co., Ltd. | 300 | 8,012 | ||||||
| Toyo Construction Co., Ltd. | 700 | 3,196 | ||||||
| Toyo Seikan Group Holdings, Ltd. | 300 | 4,484 | ||||||
| Yaskawa Electric Corp. | 300 | 13,623 | ||||||
| 663,918 | ||||||||
| Netherlands | 3.8% | ||||||||
| Aegon NV | 1,953 | 13,189 | ||||||
| Koninklijke Ahold Delhaize NV | 307 | 7,279 | ||||||
| Royal Dutch Shell PLC, A Shares | 1,724 | 54,099 | ||||||
| Wolters Kluwer NV | 445 | 23,699 | ||||||
| 98,266 | ||||||||
| New Zealand | 0.3% | ||||||||
| a2 Milk Co., Ltd. (*) | 725 | 6,514 | ||||||
| Norway | 3.1% | ||||||||
| Aker BP ASA | 154 | 4,166 | ||||||
| Salmar ASA | 164 | 6,765 | ||||||
| Statoil ASA | 2,528 | 59,873 | ||||||
| Telenor ASA | 366 | 8,324 | ||||||
| 79,128 | ||||||||
| Portugal | 0.8% | ||||||||
| Jeronimo Martins SGPS SA | 1,100 | 20,061 | ||||||
| Russia | 0.6% | ||||||||
| Evraz PLC | 2,498 | 15,246 | ||||||
| Singapore | 1.5% | ||||||||
| United Overseas Bank, Ltd. | 600 | 12,652 | ||||||
| Venture Corp., Ltd. | 1,200 | 25,916 | ||||||
| 38,568 | ||||||||
| South Africa | 0.1% | ||||||||
| Mondi PLC | 104 | 2,799 | ||||||
| Spain | 2.3% | ||||||||
| Amadeus IT Group SA | 50 | 3,696 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 3,135 | 24,821 | ||||||
| Description | Shares | Fair Value | ||||||
| Banco Santander SA | 4,800 | $ | 31,306 | |||||
| 59,823 | ||||||||
| Sweden | 3.3% | ||||||||
| Atlas Copco AB, Class A | 287 | 12,433 | ||||||
| Electrolux AB, Series B | 1,007 | 31,688 | ||||||
| Husqvarna AB, B Shares | 418 | 4,033 | ||||||
| Sandvik AB | 514 | 9,432 | ||||||
| Volvo AB, Class B | 1,502 | 27,422 | ||||||
| 85,008 | ||||||||
| Switzerland | 8.2% | ||||||||
| ABB, Ltd. | 138 | 3,286 | ||||||
| Adecco Group AG | 308 | 21,945 | ||||||
| Barry Callebaut AG | 1 | 1,955 | ||||||
| Logitech International SA | 147 | 5,391 | ||||||
| Nestle SA | 410 | 32,458 | ||||||
| Novartis AG | 626 | 50,645 | ||||||
| Partners Group Holding AG | 23 | 17,117 | ||||||
| Roche Holding AG | 342 | 78,501 | ||||||
| 211,298 | ||||||||
| United Kingdom | 15.8% | ||||||||
| Admiral Group PLC | 646 | 16,729 | ||||||
| Ashtead Group PLC | 693 | 18,897 | ||||||
| Associated British Foods PLC | 738 | 25,800 | ||||||
| AstraZeneca PLC | 108 | 7,428 | ||||||
| Cineworld Group PLC | 1,588 | 5,262 | ||||||
| Fevertree Drinks PLC | 299 | 11,055 | ||||||
| Hargreaves Lansdown PLC | 828 | 19,003 | ||||||
| Howden Joinery Group PLC | 1,267 | 8,200 | ||||||
| Imperial Brands PLC | 164 | 5,589 | ||||||
| International Consolidated Airlines Group SA | 3,306 | 28,611 | ||||||
| Lloyds Banking Group PLC | 34,228 | 31,103 | ||||||
| Persimmon PLC | 691 | 24,567 | ||||||
| Redrow PLC | 718 | 6,005 | ||||||
| Rio Tinto, Ltd. | 114 | 6,407 | ||||||
| Royal Bank of Scotland Group PLC (*) | 7,833 | 28,506 | ||||||
| SSE PLC | 1,798 | 32,225 | ||||||
| SSP Group PLC | 1,179 | 10,127 | ||||||
| Tate & Lyle PLC | 1,451 | 11,100 | ||||||
| Taylor Wimpey PLC | 4,026 | 10,444 | ||||||
| Unilever NV | 1,317 | 74,448 | ||||||
| Vodafone Group PLC | 5,440 | 14,896 | ||||||
| WH Smith PLC | 509 | 13,923 | ||||||
| 410,325 | ||||||||
| United States | 1.0% | ||||||||
| Carnival PLC | 324 | 20,877 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| ICON PLC (*) | 48 | $ | 5,671 | |||||
| 26,548 | ||||||||
| Total Common Stocks (Cost $2,370,724) | 2,606,328 | |||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $55,509) | 55,509 | 55,509 | ||||||
| Total Investments | 102.8% (Cost $2,426,233) | $ | 2,661,837 | ||||||
| Liabilities in Excess of Cash and Other Assets | (2.8)% | (71,356 | ) | ||||||
| Net Assets | 100.0% | $ | 2,590,481 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Australia | 5.1% | ||||||||
| carsales.com, Ltd. | 79,614 | $ | 831,720 | |||||
| Hansen Technologies, Ltd. | 255,397 | 815,588 | ||||||
| MYOB Group, Ltd. | 289,577 | 683,280 | ||||||
| Pact Group Holdings, Ltd. | 179,766 | 759,988 | ||||||
| SpeedCast International, Ltd. | 244,834 | 969,619 | ||||||
| 4,060,195 | ||||||||
| Belgium | 1.4% | ||||||||
| Kinepolis Group NV | 16,345 | 1,084,417 | ||||||
| Canada | 3.4% | ||||||||
| Alaris Royalty Corp. | 11,000 | 139,939 | ||||||
| Altus Group, Ltd. | 39,965 | 1,011,882 | ||||||
| StorageVault Canada, Inc. | 342,900 | 678,694 | ||||||
| The Descartes Systems Group, Inc. (*) | 30,500 | 871,665 | ||||||
| 2,702,180 | ||||||||
| China | 0.8% | ||||||||
| JNBY Design, Ltd. | 311,000 | 635,861 | ||||||
| Denmark | 1.9% | ||||||||
| Dfds A/S | 11,180 | 628,083 | ||||||
| Royal Unibrew A/S | 13,439 | 893,518 | ||||||
| 1,521,601 | ||||||||
| France | 2.2% | ||||||||
| Chargeurs SA | 33,287 | 973,378 | ||||||
| Kaufman & Broad SA | 14,964 | 788,907 | ||||||
| 1,762,285 | ||||||||
| Germany | 9.7% | ||||||||
| Aroundtown SA | 192,678 | 1,493,829 | ||||||
| AURELIUS Equity Opportunities SE & Co. KGaA | 12,246 | 852,947 | ||||||
| CompuGroup Medical SE | 18,811 | 1,018,905 | ||||||
| Corestate Capital Holding SA | 15,275 | 868,324 | ||||||
| Duerr AG | 6,203 | 681,527 | ||||||
| JOST Werke AG | 21,406 | 964,768 | ||||||
| Norma Group SE | 13,750 | 1,030,133 | ||||||
| PATRIZIA Immobilien AG (*) | 35,850 | 795,363 | ||||||
| 7,705,796 | ||||||||
| Hong Kong | 0.5% | ||||||||
| Tongda Group Holdings, Ltd. | 2,200,000 | 424,348 | ||||||
| Ireland | 2.1% | ||||||||
| Dalata Hotel Group PLC (*) | 130,756 | 999,544 | ||||||
| Glenveagh Properties PLC | 462,374 | 633,007 | ||||||
| 1,632,551 | ||||||||
| Description | Shares | Fair Value | ||||||
| Israel | 0.7% | ||||||||
| Taptica international, Ltd. | 129,566 | $ | 568,039 | |||||
| Italy | 4.3% | ||||||||
| Banca Generali SpA | 24,405 | 788,200 | ||||||
| Cerved Information Solutions SpA | 85,304 | 1,066,477 | ||||||
| Ei Towers SpA | 15,574 | 875,028 | ||||||
| OVS SpA | 111,777 | 686,913 | ||||||
| 3,416,618 | ||||||||
| Japan | 27.1% | ||||||||
| ABC-Mart, Inc. | 10,900 | 716,699 | ||||||
| Ai Holdings Corp. | 30,760 | 861,920 | ||||||
| Anicom Holdings, Inc. | 30,200 | 1,250,223 | ||||||
| Ariake Japan Co., Ltd. | 9,200 | 739,345 | ||||||
| CyberAgent, Inc. | 16,100 | 835,197 | ||||||
| Daikyonishikawa Corp. | 59,300 | 973,525 | ||||||
| Dip Corp. | 33,300 | 1,055,068 | ||||||
| Financial Products Group Co., Ltd. | 95,437 | 1,244,404 | ||||||
| GMO internet, Inc. | 42,600 | 922,133 | ||||||
| Iriso Electronics Co., Ltd. | 15,082 | 922,700 | ||||||
| Jafco Co., Ltd. | 20,900 | 976,488 | ||||||
| Macromill, Inc. | 26,400 | 814,961 | ||||||
| Nissei ASB Machine Co., Ltd. | 25,800 | 1,793,096 | ||||||
| Open House Co., Ltd. | 17,200 | 1,061,026 | ||||||
| Persol Holdings Co., Ltd. | 42,200 | 1,226,199 | ||||||
| Sanwa Holdings Corp. | 81,600 | 1,052,258 | ||||||
| Seria Co., Ltd. | 13,900 | 693,761 | ||||||
| TechnoPro Holdings, Inc. | 21,645 | 1,314,395 | ||||||
| Toridoll Holdings Corp. | 33,300 | 1,230,739 | ||||||
| USS Co., Ltd. | 44,700 | 915,869 | ||||||
| Zenkoku Hosho Co., Ltd. | 21,942 | 964,132 | ||||||
| 21,564,138 | ||||||||
| Jersey | 1.0% | ||||||||
| JTC PLC | 194,500 | 835,024 | ||||||
| Luxembourg | 2.2% | ||||||||
| Orion Engineered Carbons SA | 24,400 | 661,240 | ||||||
| Stabilus SA | 11,685 | 1,116,378 | ||||||
| 1,777,618 | ||||||||
| Netherlands | 2.2% | ||||||||
| Aalberts Industries NV | 16,565 | 845,714 | ||||||
| Van Lanschot Kempen NV | 27,475 | 873,608 | ||||||
| 1,719,322 | ||||||||
| New Zealand | 0.8% | ||||||||
| Z Energy, Ltd. | 127,929 | 648,110 | ||||||
| Singapore | 2.4% | ||||||||
| BOC Aviation, Ltd. | 103,300 | 615,771 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| NetLink NBN Trust | 883,400 | $ | 549,712 | |||||
| XP Power, Ltd. | 17,453 | 781,911 | ||||||
| 1,947,394 | ||||||||
| Spain | 1.3% | ||||||||
| Hispania Activos Inmobiliarios SOCIMI SA REIT | 47,403 | 1,008,505 | ||||||
| Sweden | 5.9% | ||||||||
| Alimak Group AB | 44,441 | 676,434 | ||||||
| Granges AB | 79,280 | 934,472 | ||||||
| Indutrade AB | 29,183 | 755,732 | ||||||
| Inwido AB | 60,251 | 538,817 | ||||||
| Lifco AB, B Shares | 25,812 | 993,753 | ||||||
| Loomis AB, B Shares | 21,698 | 781,481 | ||||||
| 4,680,689 | ||||||||
| Switzerland | 1.4% | ||||||||
| Kardex AG | 8,195 | 1,110,529 | ||||||
| Taiwan | 2.0% | ||||||||
| Elite Material Co., Ltd. | 150,000 | 498,906 | ||||||
| Primax Electronics, Ltd. | 215,000 | 480,344 | ||||||
| Silicon Motion Technology Corp. ADR | 13,005 | 625,801 | ||||||
| 1,605,051 | ||||||||
| United Kingdom | 17.1% | ||||||||
| Arrow Global Group PLC | 174,362 | 856,715 | ||||||
| Ascential PLC | 155,881 | 912,834 | ||||||
| Auto Trader Group PLC | 151,108 | 743,815 | ||||||
| Burford Capital, Ltd. | 40,258 | 758,133 | ||||||
| Clinigen Healthcare, Ltd. | 83,491 | 1,045,887 | ||||||
| Equiniti Group PLC | 253,256 | 1,062,911 | ||||||
| Hunting PLC (*) | 77,614 | 731,764 | ||||||
| Polypipe Group PLC | 196,485 | 959,681 | ||||||
| Rentokil Initial PLC | 172,684 | 658,978 | ||||||
| Rightmove PLC | 15,657 | 955,678 | ||||||
| RPC Group PLC | 119,139 | 1,296,256 | ||||||
| Savills PLC | 78,812 | 1,086,338 | ||||||
| Smart Metering Systems PLC | 112,798 | 1,162,231 | ||||||
| Victoria PLC (*) | 60,427 | 629,256 | ||||||
| Workspace Group PLC REIT | 54,182 | 754,824 | ||||||
| 13,615,301 | ||||||||
| United States | 1.8% | ||||||||
| Core Laboratories NV | 6,060 | 655,813 | ||||||
| Samsonite International SA | 178,500 | 816,221 | ||||||
| 1,472,034 | ||||||||
| Total Common Stocks (Cost $59,015,139) | 77,497,606 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $2,323,466) | 2,323,466 | $ | 2,323,466 | |||||
| Total Investments | 100.2% (Cost $61,338,605) | $ | 79,821,072 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (145,865 | ) | ||||||
| Net Assets | 100.0% | $ | 79,675,207 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 94.0% | ||||||||
| France | 3.9% | ||||||||
| Societe BIC SA | 2,213 | $ | 220,308 | |||||
| Italy | 7.8% | ||||||||
| Atlantia SpA | 6,684 | 207,213 | ||||||
| Terna SpA | 40,645 | 237,800 | ||||||
| 445,013 | ||||||||
| Luxembourg | 4.7% | ||||||||
| SES SA | 19,699 | 266,881 | ||||||
| United Kingdom | 8.6% | ||||||||
| National Grid PLC | 16,254 | 182,790 | ||||||
| United Utilities Group PLC | 30,224 | 303,680 | ||||||
| 486,470 | ||||||||
| United States | 69.0% | ||||||||
| Alphabet, Inc., Class C (*) | 101 | 104,211 | ||||||
| Cisco Systems, Inc. | 5,630 | 241,471 | ||||||
| Edison International | 2,871 | 182,768 | ||||||
| Express Scripts Holding Co. (*) | 3,573 | 246,823 | ||||||
| H&R Block, Inc. | 10,200 | 259,182 | ||||||
| Intel Corp. | 2,300 | 119,784 | ||||||
| International Game Technology PLC | 12,619 | 337,306 | ||||||
| McKesson Corp. | 1,512 | 212,995 | ||||||
| Medtronic PLC | 3,000 | 240,660 | ||||||
| Microsoft Corp. | 1,541 | 140,647 | ||||||
| Monsanto Co. | 1,882 | 219,611 | ||||||
| Nielsen Holdings PLC | 5,831 | 185,367 | ||||||
| Omnicom Group, Inc. | 3,011 | 218,809 | ||||||
| Oracle Corp. | 5,250 | 240,188 | ||||||
| PG&E Corp. | 6,857 | 301,228 | ||||||
| QUALCOMM, Inc. | 1,784 | 98,851 | ||||||
| Stericycle, Inc. (*) | 5,511 | 322,559 | ||||||
| Tapestry, Inc. | 2,221 | 116,847 | ||||||
| Visa, Inc., Class A | 933 | 111,605 | ||||||
| 3,900,912 | ||||||||
| Total Common Stocks (Cost $5,394,138) | 5,319,584 | |||||||
| Short-Term Investments | 5.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $308,929) | 308,929 | 308,929 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 99.5% (Cost $5,703,067) | $ | 5,628,513 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 27,121 | |||||||
| Net Assets | 100.0% | $ | 5,655,634 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 97.1% | ||||||||
| Belgium | 1.4% | ||||||||
| Anheuser-Busch InBev SA/NV | 7,541 | $ | 828,775 | |||||
| Brazil | 0.7% | ||||||||
| Cielo SA | 62,320 | 390,556 | ||||||
| Canada | 3.7% | ||||||||
| CAE, Inc. | 26,200 | 487,659 | ||||||
| Canadian National Railway Co. | 11,745 | 858,392 | ||||||
| National Bank of Canada | 19,280 | 907,470 | ||||||
| 2,253,521 | ||||||||
| China | 2.3% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 2,720 | 499,229 | ||||||
| Tencent Holdings, Ltd. | 16,920 | 900,672 | ||||||
| 1,399,901 | ||||||||
| Finland | 1.2% | ||||||||
| Sampo Oyj, A Shares | 12,986 | 724,284 | ||||||
| France | 1.2% | ||||||||
| Ubisoft Entertainment SA (*) | 8,737 | 738,037 | ||||||
| Germany | 2.3% | ||||||||
| Continental AG | 2,899 | 800,776 | ||||||
| Symrise AG | 7,421 | 597,541 | ||||||
| 1,398,317 | ||||||||
| Hong Kong | 1.5% | ||||||||
| AIA Group, Ltd. | 108,345 | 924,928 | ||||||
| India | 0.6% | ||||||||
| Indiabulls Housing Finance, Ltd. GDR | 17,955 | 341,145 | ||||||
| Ireland | 1.4% | ||||||||
| Shire PLC | 16,904 | 842,651 | ||||||
| Israel | 1.0% | ||||||||
| Israel Discount Bank, Ltd., Class A (*) | 207,446 | 596,596 | ||||||
| Japan | 6.1% | ||||||||
| Daiwa House Industry Co., Ltd. | 21,785 | 838,508 | ||||||
| Kao Corp. | 8,800 | 663,479 | ||||||
| Ryohin Keikaku Co., Ltd. | 2,660 | 885,872 | ||||||
| TechnoPro Holdings, Inc. | 11,100 | 674,049 | ||||||
| Yamaha Corp. | 13,200 | 577,186 | ||||||
| 3,639,094 | ||||||||
| Netherlands | 2.0% | ||||||||
| Wolters Kluwer NV | 22,457 | 1,195,987 | ||||||
| Singapore | 1.3% | ||||||||
| Oversea-Chinese Banking Corp., Ltd. | 82,300 | 810,671 | ||||||
| Description | Shares | Fair Value | ||||||
| South Africa | 0.9% | ||||||||
| Sanlam, Ltd. | 71,295 | $ | 514,542 | |||||
| Sweden | 2.9% | ||||||||
| Assa Abloy AB, Class B | 23,795 | 516,633 | ||||||
| Hexagon AB, B Shares | 12,611 | 755,540 | ||||||
| Nordea Bank AB | 42,844 | 457,710 | ||||||
| 1,729,883 | ||||||||
| Switzerland | 0.8% | ||||||||
| Julius Baer Group, Ltd. | 8,228 | 506,639 | ||||||
| Taiwan | 1.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 14,875 | 650,930 | ||||||
| United Kingdom | 12.7% | ||||||||
| Ashtead Group PLC | 29,113 | 793,867 | ||||||
| British American Tobacco PLC | 8,422 | 488,907 | ||||||
| Coca-Cola European Partners PLC | 16,340 | 680,724 | ||||||
| Compass Group PLC | 33,316 | 680,786 | ||||||
| Diageo PLC | 26,470 | 895,482 | ||||||
| Prudential PLC | 28,481 | 711,949 | ||||||
| RELX NV | 49,951 | 1,036,284 | ||||||
| Rio Tinto PLC | 9,121 | 463,090 | ||||||
| RSA Insurance Group PLC | 70,000 | 619,253 | ||||||
| Unilever PLC | 22,480 | 1,249,140 | ||||||
| 7,619,482 | ||||||||
| United States | 52.0% | ||||||||
| Accenture PLC, Class A | 7,000 | 1,074,500 | ||||||
| Alphabet, Inc., Class A (*) | 1,524 | 1,580,601 | ||||||
| Aon PLC | 8,225 | 1,154,214 | ||||||
| Apple, Inc. | 6,492 | 1,089,228 | ||||||
| Applied Materials, Inc. | 7,340 | 408,177 | ||||||
| AutoZone, Inc. (*) | 894 | 579,929 | ||||||
| Biogen, Inc. (*) | 4,035 | 1,104,864 | ||||||
| Cisco Systems, Inc. | 17,030 | 730,417 | ||||||
| Citigroup, Inc. | 13,120 | 885,600 | ||||||
| Comerica, Inc. | 7,180 | 688,777 | ||||||
| Crown Holdings, Inc. (*) | 9,270 | 470,453 | ||||||
| DXC Technology Co. | 5,455 | 548,391 | ||||||
| Eaton Corp. PLC | 7,915 | 632,488 | ||||||
| eBay, Inc. (*) | 14,735 | 592,936 | ||||||
| Five Below, Inc. (*) | 7,865 | 576,819 | ||||||
| Honeywell International, Inc. | 7,033 | 1,016,339 | ||||||
| Intercontinental Exchange, Inc. | 14,405 | 1,044,651 | ||||||
| IQVIA Holdings, Inc. (*) | 10,435 | 1,023,778 | ||||||
| Johnson & Johnson | 8,030 | 1,029,045 | ||||||
| Johnson Controls International PLC | 15,810 | 557,144 | ||||||
| Microsoft Corp. | 15,045 | 1,373,157 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Molson Coors Brewing Co., Class B | 7,704 | $ | 580,342 | |||||
| Motorola Solutions, Inc. | 6,310 | 664,443 | ||||||
| Rockwell Automation, Inc. | 3,545 | 617,539 | ||||||
| S&P Global, Inc. | 4,595 | 877,921 | ||||||
| Schlumberger, Ltd. | 12,056 | 780,988 | ||||||
| Snap-on, Inc. | 3,655 | 539,259 | ||||||
| Starbucks Corp. | 8,315 | 481,355 | ||||||
| The Charles Schwab Corp. | 18,115 | 945,965 | ||||||
| The Coca-Cola Co. | 29,295 | 1,272,282 | ||||||
| The J.M. Smucker Co. | 5,405 | 670,274 | ||||||
| Thermo Fisher Scientific, Inc. | 5,255 | 1,084,947 | ||||||
| United Technologies Corp. | 5,499 | 691,884 | ||||||
| Visa, Inc., Class A | 8,408 | 1,005,765 | ||||||
| Welbilt, Inc. (*) | 23,235 | 451,921 | ||||||
| Worldpay, Inc., Class A (*) | 16,260 | 1,337,222 | ||||||
| Zoetis, Inc. | 13,232 | 1,105,004 | ||||||
| 31,268,619 | ||||||||
| Total Common Stocks (Cost $49,532,059) | 58,374,558 | |||||||
| Short-Term Investments | 2.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $1,542,036) | 1,542,036 | 1,542,036 | ||||||
| Total Investments | 99.7% (Cost $51,074,095) | $ | 59,916,594 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 197,893 | |||||||
| Net Assets | 100.0% | $ | 60,114,487 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 99.3% | ||||||||
| Canada | 1.5% | ||||||||
| Toromont Industries, Ltd. | 1,020 | $ | 44,280 | |||||
| China | 2.2% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 352 | 64,606 | ||||||
| Denmark | 2.6% | ||||||||
| Carlsberg A/S, Class B | 238 | 28,441 | ||||||
| Genmab A/S (*) | 218 | 46,932 | ||||||
| 75,373 | ||||||||
| Finland | 2.0% | ||||||||
| Sampo Oyj, A Shares | 1,040 | 58,005 | ||||||
| France | 4.4% | ||||||||
| Ubisoft Entertainment SA (*) | 778 | 65,720 | ||||||
| Vivendi SA | 2,398 | 62,066 | ||||||
| 127,786 | ||||||||
| Germany | 1.6% | ||||||||
| OSRAM Licht AG | 305 | 22,458 | ||||||
| Siemens AG | 195 | 24,872 | ||||||
| 47,330 | ||||||||
| Greece | 1.2% | ||||||||
| OPAP SA | 3,137 | 35,969 | ||||||
| Hong Kong | 3.6% | ||||||||
| AIA Group, Ltd. | 7,000 | 59,758 | ||||||
| Techtronic Industries Co., Ltd. | 7,363 | 43,493 | ||||||
| 103,251 | ||||||||
| India | 1.5% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 5,000 | 44,250 | ||||||
| Indonesia | 0.3% | ||||||||
| PT Media Nusantara Citra Tbk | 83,600 | 8,651 | ||||||
| Israel | 1.4% | ||||||||
| Israel Discount Bank, Ltd., Class A (*) | 13,808 | 39,711 | ||||||
| Japan | 8.6% | ||||||||
| Daiwa House Industry Co., Ltd. | 1,500 | 57,735 | ||||||
| Digital Garage, Inc. | 1,000 | 33,137 | ||||||
| Don Quijote Holdings Co., Ltd. | 700 | 40,081 | ||||||
| Nexon Co., Ltd. (*) | 3,000 | 50,892 | ||||||
| TechnoPro Holdings, Inc. | 500 | 30,362 | ||||||
| Tokyo Electron, Ltd. | 200 | 36,937 | ||||||
| 249,144 | ||||||||
| Netherlands | 1.4% | ||||||||
| ABN AMRO Group NV | 1,321 | 39,828 | ||||||
| Description | Shares | Fair Value | ||||||
| New Zealand | 0.9% | ||||||||
| Trade Me Group, Ltd. | 8,160 | $ | 26,174 | |||||
| South Africa | 3.1% | ||||||||
| Naspers, Ltd., N Shares | 239 | 58,545 | ||||||
| Sanlam, Ltd. | 4,284 | 30,918 | ||||||
| 89,463 | ||||||||
| Switzerland | 3.3% | ||||||||
| Partners Group Holding AG | 71 | 52,841 | ||||||
| The Swatch Group AG | 100 | 44,122 | ||||||
| 96,963 | ||||||||
| Taiwan | 1.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 1,005 | 43,979 | ||||||
| United Kingdom | 8.9% | ||||||||
| British American Tobacco PLC | 1,101 | 63,914 | ||||||
| Coca-Cola European Partners PLC | 1,374 | 57,196 | ||||||
| Informa PLC | 6,748 | 68,095 | ||||||
| Prudential PLC | 1,672 | 41,796 | ||||||
| Rio Tinto PLC | 537 | 27,264 | ||||||
| 258,265 | ||||||||
| United States | 49.3% | ||||||||
| Accenture PLC, Class A | 420 | 64,470 | ||||||
| Activision Blizzard, Inc. | 765 | 51,607 | ||||||
| Alphabet, Inc., Class A (*) | 116 | 120,308 | ||||||
| Aon PLC | 464 | 65,113 | ||||||
| Bank of America Corp. | 2,004 | 60,100 | ||||||
| Biogen, Inc. (*) | 177 | 48,466 | ||||||
| Comerica, Inc. | 669 | 64,177 | ||||||
| Danaher Corp. | 400 | 39,164 | ||||||
| Deere & Co. | 267 | 41,471 | ||||||
| eBay, Inc. (*) | 584 | 23,500 | ||||||
| EOG Resources, Inc. | 427 | 44,950 | ||||||
| Halliburton Co. | 673 | 31,591 | ||||||
| Intercontinental Exchange, Inc. | 956 | 69,329 | ||||||
| IQVIA Holdings, Inc. (*) | 509 | 49,938 | ||||||
| Medtronic PLC | 301 | 24,146 | ||||||
| Microsoft Corp. | 1,045 | 95,377 | ||||||
| Molson Coors Brewing Co., Class B | 395 | 29,756 | ||||||
| Palo Alto Networks, Inc. (*) | 179 | 32,492 | ||||||
| Raytheon Co. | 326 | 70,357 | ||||||
| S&P Global, Inc. | 345 | 65,916 | ||||||
| Starbucks Corp. | 481 | 27,845 | ||||||
| The Coca-Cola Co. | 1,688 | 73,310 | ||||||
| Union Pacific Corp. | 267 | 35,893 | ||||||
| Visa, Inc., Class A | 645 | 77,155 | ||||||
| Welbilt, Inc. (*) | 1,504 | 29,253 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Worldpay, Inc., Class A (*) | 551 | $ | 45,314 | |||||
| Zoetis, Inc. | 598 | 49,939 | ||||||
| 1,430,937 | ||||||||
| Total Common Stocks (Cost $2,475,682) | 2,883,965 | |||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $80,480) | 80,480 | 80,480 | ||||||
| Total Investments | 102.1%
(Cost $2,556,162) | $ | 2,964,445 | ||||||
| Liabilities in Excess of Cash and Other Assets | (2.1)% | (59,907 | ) | ||||||
| Net Assets | 100.0% | $ | 2,904,538 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 98.2% | ||||||||
| Australia | 5.1% | ||||||||
| Aristocrat Leisure, Ltd. | 4,552 | $ | 84,863 | |||||
| Computershare, Ltd. | 3,939 | 52,712 | ||||||
| CSL, Ltd. | 1,899 | 228,348 | ||||||
| Flight Centre Travel Group, Ltd. | 1,007 | 44,309 | ||||||
| Investa Office Fund REIT | 11,979 | 39,825 | ||||||
| Link Administration Holdings, Ltd. | 6,616 | 42,627 | ||||||
| Metcash, Ltd. | 17,737 | 42,869 | ||||||
| Newcrest Mining, Ltd. | 4,480 | 67,351 | ||||||
| Platinum Asset Management, Ltd. | 7,820 | 35,527 | ||||||
| Qantas Airways, Ltd. | 8,794 | 39,563 | ||||||
| Sandfire Resources NL | 8,409 | 47,670 | ||||||
| Stockland REIT | 44,898 | 139,245 | ||||||
| Woodside Petroleum, Ltd. | 2,230 | 50,382 | ||||||
| 915,291 | ||||||||
| Belgium | 0.3% | ||||||||
| Proximus SADP | 1,797 | 55,801 | ||||||
| Canada | 7.7% | ||||||||
| Air Canada (*) | 2,100 | 43,635 | ||||||
| Alimentation Couche-Tard, Inc., Class B | 1,484 | 66,428 | ||||||
| BCE, Inc. | 1,123 | 48,325 | ||||||
| CAE, Inc. | 3,620 | 67,379 | ||||||
| Canadian Imperial Bank of Commerce | 710 | 62,670 | ||||||
| Canadian National Railway Co. | 1,368 | 99,981 | ||||||
| CI Financial Corp. | 2,259 | 48,394 | ||||||
| Colliers International Group, Inc. | 926 | 64,285 | ||||||
| Constellation Software, Inc. | 107 | 72,600 | ||||||
| Detour Gold Corp. (*) | 4,028 | 40,769 | ||||||
| Husky Energy, Inc. | 3,044 | 43,568 | ||||||
| Kinross Gold Corp. (*) | 11,900 | 47,014 | ||||||
| Kirkland Lake Gold, Ltd. | 2,342 | 36,302 | ||||||
| Quebecor, Inc., Class B | 3,732 | 71,346 | ||||||
| Royal Bank of Canada | 1,898 | 146,613 | ||||||
| Suncor Energy, Inc. | 4,668 | 161,198 | ||||||
| Teck Resources, Ltd., Class B | 1,497 | 38,554 | ||||||
| The Toronto-Dominion Bank | 848 | 48,122 | ||||||
| Thomson Reuters Corp. | 4,395 | 169,851 | ||||||
| 1,377,034 | ||||||||
| Denmark | 0.5% | ||||||||
| Danske Bank A/S | 2,320 | 86,703 | ||||||
| France | 1.5% | ||||||||
| Air France-KLM (*) | 3,246 | 36,063 | ||||||
| AXA SA | 3,875 | 103,160 | ||||||
| Description | Shares | Fair Value | ||||||
| TOTAL SA | 2,153 | $ | 122,363 | |||||
| 261,586 | ||||||||
| Germany | 1.4% | ||||||||
| Covestro AG | 543 | 53,448 | ||||||
| Deutsche Lufthansa AG | 3,291 | 105,127 | ||||||
| Rheinmetall AG | 395 | 56,157 | ||||||
| Schaeffler AG (Preference Shares) | 2,284 | 35,268 | ||||||
| 250,000 | ||||||||
| Hong Kong | 3.5% | ||||||||
| CK Asset Holdings, Ltd. | 7,000 | 59,235 | ||||||
| Kerry Properties, Ltd. | 10,000 | 45,402 | ||||||
| Sun Hung Kai Properties, Ltd. | 6,000 | 95,579 | ||||||
| Swire Pacific, Ltd., Class A | 4,500 | 45,658 | ||||||
| Swire Properties, Ltd. | 17,600 | 61,889 | ||||||
| Techtronic Industries Co., Ltd. | 10,500 | 62,023 | ||||||
| The Wharf Holdings, Ltd. | 23,000 | 79,677 | ||||||
| Wharf Real Estate Investment Co., Ltd. (*) | 7,959 | 52,105 | ||||||
| Wheelock & Co., Ltd. | 9,000 | 66,004 | ||||||
| Yue Yuen Industrial Holdings, Ltd. | 16,000 | 63,903 | ||||||
| 631,475 | ||||||||
| Israel | 1.1% | ||||||||
| Bank Leumi Le-Israel BM | 11,802 | 71,281 | ||||||
| Israel Discount Bank, Ltd., Class A (*) | 25,557 | 73,500 | ||||||
| Nice, Ltd. | 476 | 44,660 | ||||||
| 189,441 | ||||||||
| Italy | 1.2% | ||||||||
| Enel SpA | 18,490 | 113,291 | ||||||
| FinecoBank Banca Fineco SpA | 3,051 | 36,755 | ||||||
| Intesa Sanpaolo SpA | 20,036 | 73,067 | ||||||
| 223,113 | ||||||||
| Japan | 5.9% | ||||||||
| Amano Corp. | 1,900 | 50,856 | ||||||
| Central Japan Railway Co. | 300 | 57,169 | ||||||
| Daicel Corp. | 3,700 | 40,536 | ||||||
| Daito Trust Construction Co., Ltd. | 400 | 67,972 | ||||||
| East Japan Railway Co. | 1,000 | 93,315 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 1,000 | 59,062 | ||||||
| Kamigumi Co., Ltd. | 3,000 | 67,219 | ||||||
| Kao Corp. | 500 | 37,698 | ||||||
| KDDI Corp. | 2,300 | 59,067 | ||||||
| Megmilk Snow Brand Co., Ltd. | 1,500 | 40,932 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 1,200 | 37,309 | ||||||
| NOF Corp. | 1,700 | 51,405 | ||||||
| NTT DOCOMO, Inc. | 2,500 | 63,649 | ||||||
| Prima Meat Packers, Ltd. | 7,000 | 39,553 | ||||||
| Shionogi & Co., Ltd. | 800 | 41,753 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Sompo Holdings, Inc. | 1,700 | $ | 68,701 | |||||
| Subaru Corp. | 1,500 | 49,648 | ||||||
| Taisei Corp. | 900 | 46,115 | ||||||
| Tokyo Gas Co., Ltd. | 1,500 | 40,061 | ||||||
| Toyobo Co., Ltd. | 2,400 | 47,337 | ||||||
| 1,059,357 | ||||||||
| Malta | 0.3% | ||||||||
| Kindred Group PLC | 3,613 | 49,440 | ||||||
| Netherlands | 1.2% | ||||||||
| Euronext NV | 617 | 45,155 | ||||||
| Royal Dutch Shell PLC, A Shares | 5,632 | 176,731 | ||||||
| 221,886 | ||||||||
| New Zealand | 0.6% | ||||||||
| Spark New Zealand, Ltd. | 40,437 | 97,979 | ||||||
| Norway | 4.6% | ||||||||
| Aker BP ASA | 3,915 | 105,903 | ||||||
| Leroy Seafood Group ASA | 7,689 | 47,783 | ||||||
| Marine Harvest ASA | 3,106 | 62,409 | ||||||
| Norsk Hydro ASA | 8,172 | 48,190 | ||||||
| Statoil ASA | 11,564 | 273,883 | ||||||
| Telenor ASA | 12,179 | 277,005 | ||||||
| 815,173 | ||||||||
| Portugal | 0.4% | ||||||||
| Jeronimo Martins SGPS SA | 3,656 | 66,674 | ||||||
| Russia | 0.2% | ||||||||
| Evraz PLC | 7,141 | 43,582 | ||||||
| Singapore | 2.5% | ||||||||
| City Developments, Ltd. | 10,700 | 106,669 | ||||||
| Singapore Airlines, Ltd. | 10,400 | 86,370 | ||||||
| UOL Group, Ltd. | 9,600 | 62,921 | ||||||
| Venture Corp., Ltd. | 9,200 | 198,686 | ||||||
| 454,646 | ||||||||
| Spain | 0.1% | ||||||||
| Corporacion Financiera Alba SA | 337 | 20,366 | ||||||
| Sweden | 1.8% | ||||||||
| Atlas Copco AB, Class B | 1,426 | 55,505 | ||||||
| Axfood AB | 2,475 | 42,348 | ||||||
| Boliden AB | 1,645 | 57,992 | ||||||
| Electrolux AB, Series B | 1,506 | 47,390 | ||||||
| Hennes & Mauritz AB, B Shares | 1,786 | 26,791 | ||||||
| Svenska Cellulosa AB SCA, Class B | 9,283 | 98,969 | ||||||
| 328,995 | ||||||||
| Description | Shares | Fair Value | ||||||
| Switzerland | 1.9% | ||||||||
| Georg Fischer AG | 53 | $ | 70,975 | |||||
| Novartis AG | 510 | 41,260 | ||||||
| Partners Group Holding AG | 84 | 62,516 | ||||||
| Roche Holding AG | 524 | 120,185 | ||||||
| Swiss Life Holding AG | 137 | 48,809 | ||||||
| 343,745 | ||||||||
| United Kingdom | 4.1% | ||||||||
| Admiral Group PLC | 2,552 | 66,087 | ||||||
| Compass Group PLC | 7,473 | 152,705 | ||||||
| Hargreaves Lansdown PLC | 2,558 | 58,708 | ||||||
| Howden Joinery Group PLC | 7,076 | 45,798 | ||||||
| IG Group Holdings PLC | 4,199 | 47,055 | ||||||
| International Consolidated Airlines Group SA | 5,249 | 45,335 | ||||||
| Persimmon PLC | 1,690 | 60,084 | ||||||
| SSE PLC | 6,366 | 114,095 | ||||||
| Tate & Lyle PLC | 5,054 | 38,662 | ||||||
| WH Smith PLC | 2,146 | 58,700 | ||||||
| Wm Morrison Supermarkets PLC | 15,464 | 46,337 | ||||||
| 733,566 | ||||||||
| United States | 52.3% | ||||||||
| 3M Co. | 1,142 | 250,692 | ||||||
| Accenture PLC, Class A | 1,288 | 197,708 | ||||||
| Ally Financial, Inc. | 1,933 | 52,481 | ||||||
| Amdocs, Ltd. | 817 | 54,510 | ||||||
| Ameren Corp. | 1,330 | 75,318 | ||||||
| American Electric Power Co., Inc. | 858 | 58,850 | ||||||
| Ameriprise Financial, Inc. | 267 | 39,500 | ||||||
| Anthem, Inc. | 235 | 51,630 | ||||||
| Aon PLC | 1,910 | 268,030 | ||||||
| AT&T, Inc. | 970 | 34,581 | ||||||
| Atkore International Group, Inc. (*) | 2,427 | 48,176 | ||||||
| Automatic Data Processing, Inc. | 377 | 42,782 | ||||||
| Avery Dennison Corp. | 1,557 | 165,431 | ||||||
| Berry Plastics Group, Inc. (*) | 1,510 | 82,763 | ||||||
| BGC Partners, Inc., Class A | 4,220 | 56,759 | ||||||
| Biogen, Inc. (*) | 205 | 56,133 | ||||||
| Bristol-Myers Squibb Co. | 704 | 44,528 | ||||||
| Campbell Soup Co. | 3,574 | 154,790 | ||||||
| Carnival Corp. | 2,007 | 131,619 | ||||||
| Carnival PLC | 1,548 | 99,747 | ||||||
| Carter’s, Inc. | 381 | 39,662 | ||||||
| Centene Corp. (*) | 414 | 44,244 | ||||||
| Cerner Corp. (*) | 560 | 32,480 | ||||||
| Cigna Corp. | 565 | 94,773 | ||||||
| Comcast Corp., Class A | 3,764 | 128,616 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Consolidated Edison, Inc. | 3,588 | $ | 279,649 | |||||
| Costco Wholesale Corp. | 352 | 66,327 | ||||||
| Cracker Barrel Old Country Store, Inc. | 487 | 77,530 | ||||||
| Crown Holdings, Inc. (*) | 891 | 45,218 | ||||||
| Cummins, Inc. | 356 | 57,704 | ||||||
| CVS Health Corp. | 579 | 36,020 | ||||||
| Darden Restaurants, Inc. | 2,055 | 175,189 | ||||||
| Deckers Outdoor Corp. (*) | 477 | 42,944 | ||||||
| Discovery Communications, Inc., Class C (*) | 2,128 | 41,539 | ||||||
| Eastman Chemical Co. | 814 | 85,942 | ||||||
| Eli Lilly & Co. | 1,370 | 105,997 | ||||||
| Evercore, Inc., Class A | 468 | 40,810 | ||||||
| Exelon Corp. | 890 | 34,719 | ||||||
| Express Scripts Holding Co. (*) | 849 | 58,649 | ||||||
| F5 Networks, Inc. (*) | 725 | 104,842 | ||||||
| Facebook, Inc., Class A (*) | 278 | 44,422 | ||||||
| Fiserv, Inc. (*) | 2,032 | 144,902 | ||||||
| HCA Healthcare, Inc. | 908 | 88,076 | ||||||
| Hubbell, Inc. | 465 | 56,628 | ||||||
| Humana, Inc. | 269 | 72,315 | ||||||
| ICON PLC (*) | 542 | 64,032 | ||||||
| Insperity, Inc. | 644 | 44,790 | ||||||
| Intel Corp. | 2,162 | 112,597 | ||||||
| IQVIA Holdings, Inc. (*) | 602 | 59,062 | ||||||
| Johnson & Johnson | 769 | 98,547 | ||||||
| Kimberly-Clark Corp. | 1,396 | 153,741 | ||||||
| Lamb Weston Holdings, Inc. | 769 | 44,771 | ||||||
| Lockheed Martin Corp. | 258 | 87,186 | ||||||
| Lowe’s Cos., Inc. | 1,205 | 105,739 | ||||||
| LPL Financial Holdings, Inc. | 685 | 41,833 | ||||||
| Marsh & McLennan Cos., Inc. | 2,605 | 215,147 | ||||||
| MasterCard, Inc., Class A | 495 | 86,704 | ||||||
| Maxim Integrated Products, Inc. | 1,906 | 114,779 | ||||||
| Michael Kors Holdings, Ltd. (*) | 735 | 45,629 | ||||||
| Nordstrom, Inc. | 889 | 43,036 | ||||||
| Northrop Grumman Corp. | 480 | 167,578 | ||||||
| NVR, Inc. (*) | 16 | 44,800 | ||||||
| Omnicom Group, Inc. | 3,319 | 241,192 | ||||||
| Owens Corning | 681 | 54,752 | ||||||
| Park Hotels & Resorts, Inc. REIT | 1,443 | 38,990 | ||||||
| Paychex, Inc. | 2,278 | 140,302 | ||||||
| PepsiCo, Inc. | 2,360 | 257,594 | ||||||
| PG&E Corp. | 2,939 | 129,110 | ||||||
| PNM Resources, Inc. | 990 | 37,868 | ||||||
| Raytheon Co. | 301 | 64,962 | ||||||
| Red Hat, Inc. (*) | 815 | 121,851 | ||||||
| Description | Shares | Fair Value | ||||||
| Republic Services, Inc. | 1,243 | $ | 82,324 | |||||
| Ross Stores, Inc. | 2,943 | 229,495 | ||||||
| Royal Caribbean Cruises, Ltd. | 666 | 78,415 | ||||||
| Simon Property Group, Inc. REIT | 1,549 | 239,088 | ||||||
| Skyworks Solutions, Inc. | 493 | 49,428 | ||||||
| Starbucks Corp. | 2,561 | 148,256 | ||||||
| Sysco Corp. | 2,392 | 143,424 | ||||||
| TE Connectivity, Ltd. | 449 | 44,855 | ||||||
| Teradyne, Inc. | 1,775 | 81,135 | ||||||
| Texas Instruments, Inc. | 584 | 60,672 | ||||||
| The Boeing Co. | 414 | 135,742 | ||||||
| The Clorox Co. | 308 | 40,998 | ||||||
| The Estee Lauder Cos., Inc., Class A | 1,598 | 239,253 | ||||||
| The Gap, Inc. | 1,428 | 44,554 | ||||||
| The Procter & Gamble Co. | 836 | 66,278 | ||||||
| The TJX Cos., Inc. | 662 | 53,993 | ||||||
| The Toro Co. | 626 | 39,094 | ||||||
| Time Warner, Inc. | 609 | 57,599 | ||||||
| UnitedHealth Group, Inc. | 873 | 186,822 | ||||||
| Visa, Inc., Class A | 355 | 42,465 | ||||||
| Walmart, Inc. | 1,796 | 159,790 | ||||||
| Waste Management, Inc. | 3,259 | 274,147 | ||||||
| WW Grainger, Inc. | 493 | 139,159 | ||||||
| Zoetis, Inc. | 1,914 | 159,838 | ||||||
| 9,378,641 | ||||||||
| Total Common Stocks (Cost $17,405,174) | 17,604,494 | |||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $381,559) | 381,559 | 381,559 | ||||||
| Total Investments | 100.3% (Cost $17,786,733) | $ | 17,986,053 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (56,134 | ) | ||||||
| Net Assets | 100.0% | $ | 17,929,919 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Argentina | 1.5% | ||||||||
| YPF SA Sponsored ADR | 9,289,994 | $ | 200,849,670 | |||||
| Brazil | 10.9% | ||||||||
| Ambev SA ADR | 30,958,640 | 225,069,313 | ||||||
| Banco do Brasil SA | 30,244,534 | 375,875,215 | ||||||
| BB Seguridade Participacoes SA | 24,962,600 | 221,313,454 | ||||||
| CCR SA | 39,136,834 | 148,180,474 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 7,665,000 | 81,259,749 | ||||||
| Cielo SA | 36,526,919 | 228,912,131 | ||||||
| Localiza Rent a Car SA | 4,785,581 | 41,630,764 | ||||||
| Petrobras Distribuidora SA | 18,841,100 | 131,772,706 | ||||||
| 1,454,013,806 | ||||||||
| China | 16.3% | ||||||||
| AAC Technologies Holdings, Inc. | 5,748,000 | 105,103,709 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 1,126,739 | 251,476,877 | ||||||
| China Construction Bank Corp., Class H | 629,235,220 | 653,836,901 | ||||||
| China Mobile, Ltd. Sponsored ADR | 7,315,000 | 334,661,250 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 36,120,610 | 90,760,664 | ||||||
| CNOOC, Ltd. | 64,517,000 | 95,209,143 | ||||||
| ENN Energy Holdings, Ltd. | 15,589,000 | 139,815,963 | ||||||
| Hengan International Group Co., Ltd. | 10,258,500 | 95,598,034 | ||||||
| NetEase, Inc. ADR | 872,964 | 244,770,376 | ||||||
| Weichai Power Co., Ltd., Class H (^) | 142,098,288 | 160,617,607 | ||||||
| 2,171,850,524 | ||||||||
| Egypt | 0.9% | ||||||||
| Commercial International Bank Egypt SAE GDR | 23,264,559 | 118,261,710 | ||||||
| Hungary | 1.8% | ||||||||
| OTP Bank Nyrt. | 5,457,797 | 246,012,725 | ||||||
| India | 8.9% | ||||||||
| Axis Bank, Ltd. | 26,982,778 | 212,562,368 | ||||||
| Bajaj Auto, Ltd. | 2,552,965 | 107,829,529 | ||||||
| HCL Technologies, Ltd. | 11,352,102 | 169,814,913 | ||||||
| Hero MotoCorp, Ltd. | 3,514,953 | 191,787,601 | ||||||
| Punjab National Bank (*) | 53,721,628 | 79,190,268 | ||||||
| Tata Consultancy Services, Ltd. | 9,819,005 | 430,462,069 | ||||||
| 1,191,646,748 | ||||||||
| Indonesia | 4.7% | ||||||||
| PT Astra International Tbk | 245,485,600 | 130,768,317 | ||||||
| PT Bank Mandiri (Persero) Tbk | 417,274,342 | 233,386,998 | ||||||
| PT Semen Indonesia (Persero) Tbk | 118,904,700 | 89,607,778 | ||||||
| Description | Shares | Fair Value | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 6,601,210 | $ | 174,403,968 | |||||
| 628,167,061 | ||||||||
| Malaysia | 0.4% | ||||||||
| British American Tobacco Malaysia Berhad | 8,363,100 | 56,953,677 | ||||||
| Mexico | 3.4% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 15,125,471 | 288,745,241 | ||||||
| Grupo Mexico SAB de CV, Series B | 24,648,547 | 83,320,763 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 46,936,795 | 88,568,821 | ||||||
| 460,634,825 | ||||||||
| Pakistan | 1.7% | ||||||||
| Habib Bank, Ltd. | 28,492,480 | 51,481,366 | ||||||
| Oil & Gas Development Co., Ltd. | 39,752,949 | 60,090,223 | ||||||
| Pakistan Petroleum, Ltd. | 61,230,202 | 113,532,690 | ||||||
| 225,104,279 | ||||||||
| Philippines | 0.7% | ||||||||
| PLDT, Inc. Sponsored ADR | 3,193,885 | 90,610,517 | ||||||
| Russia | 10.7% | ||||||||
| ALROSA PAO | 126,706,643 | 201,005,391 | ||||||
| Gazprom PJSC Sponsored ADR | 22,103,721 | 107,809,993 | ||||||
| LUKOIL PJSC Sponsored ADR | 4,328,754 | 298,631,419 | ||||||
| Magnit PJSC Sponsored GDR (‡) ,(#) | 904,765 | 16,679,343 | ||||||
| Magnit PJSC Sponsored GDR | 1,737,092 | 32,032,449 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 19,204,443 | 218,738,606 | ||||||
| Sberbank of Russia PJSC (Russia) | 2,989,408 | 13,252,465 | ||||||
| Sberbank of Russia PJSC (Unites States) | 123,922,818 | 548,386,228 | ||||||
| 1,436,535,894 | ||||||||
| South Africa | 11.5% | ||||||||
| Imperial Holdings, Ltd. | 8,640,318 | 170,727,544 | ||||||
| Life Healthcare Group Holdings, Ltd. | 44,740,232 | 104,993,525 | ||||||
| Nedbank Group, Ltd. | 6,039,648 | 145,928,422 | ||||||
| PPC, Ltd. (*), (^) | 83,815,165 | 55,735,833 | ||||||
| Sanlam, Ltd. | 21,516,897 | 155,289,104 | ||||||
| Shoprite Holdings, Ltd. | 12,782,130 | 273,010,283 | ||||||
| Standard Bank Group, Ltd. | 9,456,875 | 174,912,099 | ||||||
| The Bidvest Group, Ltd. | 10,099,059 | 191,521,081 | ||||||
| Vodacom Group, Ltd. | 13,374,365 | 173,071,834 | ||||||
| Woolworths Holdings, Ltd. | 17,827,293 | 90,451,291 | ||||||
| 1,535,641,016 | ||||||||
| South Korea | 14.0% | ||||||||
| Coway Co., Ltd. | 1,863,551 | 154,283,979 | ||||||
| Hanwha Life Insurance Co., Ltd. | 16,644,726 | 98,291,862 | ||||||
| Hyundai Mobis Co., Ltd. | 822,225 | 196,307,975 | ||||||
| KB Financial Group, Inc. | 2,957,243 | 171,175,357 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| KT&G Corp. | 781,353 | $ | 73,238,997 | |||||
| Samsung Electronics Co., Ltd. | 243,239 | 566,833,699 | ||||||
| Shinhan Financial Group Co., Ltd. | 4,660,107 | 198,464,169 | ||||||
| SK Hynix, Inc. | 5,352,079 | 409,871,958 | ||||||
| 1,868,467,996 | ||||||||
| Taiwan | 4.6% | ||||||||
| Hon Hai Precision Industry Co., Ltd. | 34,882,032 | 109,001,092 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 59,499,284 | 505,685,576 | ||||||
| 614,686,668 | ||||||||
| Thailand | 1.3% | ||||||||
| Kasikornbank Public Co. Ltd. | 11,376,054 | 77,635,039 | ||||||
| The Siam Cement Public Co. Ltd. | 5,636,700 | 89,184,295 | ||||||
| 166,819,334 | ||||||||
| Turkey | 4.0% | ||||||||
| Akbank Turk AS | 43,447,498 | 105,403,016 | ||||||
| KOC Holding AS | 23,704,247 | 97,896,053 | ||||||
| Tupras Turkiye Petrol Rafinerileri AS | 2,818,444 | 78,683,964 | ||||||
| Turk Telekomunikasyon AS (*) | 65,008,543 | 111,311,851 | ||||||
| Turkcell Iletisim Hizmetleri AS | 10,106,171 | 38,649,801 | ||||||
| Turkiye Is Bankasi AS, C Shares | 57,223,312 | 103,570,801 | ||||||
| 535,515,486 | ||||||||
| Total Common Stocks (Cost $10,625,030,944) | 13,001,771,936 | |||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $332,929,823) | 332,929,823 | 332,929,823 | ||||||
| Total Investments | 99.8% (Cost $10,957,960,767) | $ | 13,334,701,759 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 33,105,149 | |||||||
| Net Assets | 100.0% | $ | 13,367,806,908 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Argentina | 1.6% | ||||||||
| Grupo Supervielle SA Sponsored ADR | 87,800 | $ | 2,663,852 | |||||
| Loma Negra Cia Industrial Argentina SA Sponsored ADR | 99,500 | 2,121,340 | ||||||
| 4,785,192 | ||||||||
| Brazil | 8.5% | ||||||||
| AES Tiete Energia SA | 481,100 | 1,769,088 | ||||||
| Azul SA ADR | 97,400 | 3,384,650 | ||||||
| Banco do Brasil SA | 518,700 | 6,446,338 | ||||||
| Braskem SA A Shares | 334,742 | 4,866,836 | ||||||
| CCR SA | 507,700 | 1,922,261 | ||||||
| Rumo SA (*) | 768,300 | 3,060,214 | ||||||
| Telefonica Brasil SA ADR | 234,100 | 3,595,776 | ||||||
| 25,045,163 | ||||||||
| China | 24.4% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 68,800 | 12,627,552 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 13,054 | 2,913,522 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 862,000 | 1,813,042 | ||||||
| China National Building Material Co., Ltd., Class H | 2,540,000 | 2,795,555 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 14,380,633 | 12,470,340 | ||||||
| JD.com, Inc. ADR (*) | 91,100 | 3,688,639 | ||||||
| NetEase, Inc. ADR | 12,000 | 3,364,680 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR | 42,786 | 3,750,193 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,725,180 | 3,051,134 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 586,000 | 6,029,694 | ||||||
| Tencent Holdings, Ltd. | 350,200 | 18,641,574 | ||||||
| Wuxi Biologics Cayman, Inc. | 113,000 | 1,097,782 | ||||||
| 72,243,707 | ||||||||
| Colombia | 1.9% | ||||||||
| Bancolombia SA Sponsored ADR | 58,600 | 2,462,372 | ||||||
| Ecopetrol SA Sponsored ADR | 164,258 | 3,175,107 | ||||||
| 5,637,479 | ||||||||
| Hong Kong | 1.0% | ||||||||
| Techtronic Industries Co., Ltd. | 522,500 | 3,086,402 | ||||||
| Hungary | 1.1% | ||||||||
| MOL Hungarian Oil & Gas PLC | 307,577 | 3,370,298 | ||||||
| India | 8.2% | ||||||||
| HDFC Bank, Ltd. ADR | 78,369 | 7,740,506 | ||||||
| Hindalco Industries, Ltd. | 726,583 | 2,409,773 | ||||||
| Hindustan Zinc, Ltd. | 658,396 | 3,048,054 | ||||||
| Description | Shares | Fair Value |
||||||
| Maruti Suzuki India, Ltd. | 28,788 | $ | 3,932,794 | |||||
| Motherson Sumi Systems, Ltd. | 546,970 | 2,624,074 | ||||||
| Tata Motors, Ltd. Sponsored ADR (*) | 78,557 | 2,018,915 | ||||||
| UPL, Ltd. | 213,676 | 2,404,248 | ||||||
| 24,178,364 | ||||||||
| Indonesia | 2.0% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 6,597,400 | 3,690,012 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 79,760 | 2,107,259 | ||||||
| 5,797,271 | ||||||||
| Luxembourg | 2.1% | ||||||||
| Tenaris SA ADR | 56,400 | 1,955,388 | ||||||
| Ternium SA Sponsored ADR | 128,700 | 4,181,463 | ||||||
| 6,136,851 | ||||||||
| Mexico | 3.0% | ||||||||
| Arca Continental SAB de CV | 320,745 | 2,227,243 | ||||||
| Gruma SAB de CV, Class B | 204,253 | 2,347,735 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 17,500 | 1,743,700 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 412,200 | 2,531,150 | ||||||
| 8,849,828 | ||||||||
| Peru | 1.0% | ||||||||
| Credicorp, Ltd. | 12,850 | 2,917,464 | ||||||
| Philippines | 1.5% | ||||||||
| BDO Unibank, Inc. | 1,025,371 | 2,741,353 | ||||||
| GT Capital Holdings, Inc. | 72,915 | 1,641,952 | ||||||
| 4,383,305 | ||||||||
| Portugal | 1.0% | ||||||||
| Galp Energia SGPS SA | 158,680 | 2,993,078 | ||||||
| Russia | 7.2% | ||||||||
| LUKOIL PJSC Sponsored ADR (London) | 124,349 | 8,578,570 | ||||||
| LUKOIL PJSC Sponsored ADR (United States) | 1,717 | 118,851 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 474,430 | 8,860,471 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (United States) | 53,682 | 1,001,169 | ||||||
| Severstal PJSC GDR | 184,762 | 2,791,499 | ||||||
| 21,350,560 | ||||||||
| South Africa | 6.1% | ||||||||
| Barloworld, Ltd. | 162,885 | 2,288,969 | ||||||
| FirstRand, Ltd. | 653,813 | 3,700,222 | ||||||
| Mondi PLC | 123,664 | 3,327,851 | ||||||
| Naspers, Ltd., N Shares | 22,518 | 5,515,934 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| The Bidvest Group, Ltd. | 172,439 | $ | 3,270,176 | |||||
| 18,103,152 | ||||||||
| South Korea | 11.3% | ||||||||
| Coway Co., Ltd. | 25,457 | 2,107,593 | ||||||
| DB Insurance Co., Ltd. | 41,240 | 2,555,054 | ||||||
| KT&G Corp. | 13,694 | 1,283,587 | ||||||
| Lotte Chemical Corp. | 5,789 | 2,367,026 | ||||||
| NCSoft Corp. | 7,072 | 2,740,399 | ||||||
| Samsung Electronics Co., Ltd. | 7,371 | 17,177,061 | ||||||
| SK Hynix, Inc. | 70,300 | 5,383,702 | ||||||
| 33,614,422 | ||||||||
| Taiwan | 10.7% | ||||||||
| Advanced Semiconductor Engineering, Inc. ADR | 335,500 | 2,435,730 | ||||||
| Far EasTone Telecommunications Co., Ltd. | 994,000 | 2,633,020 | ||||||
| Formosa Plastics Corp. | 676,000 | 2,406,755 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 1,158,500 | 3,620,138 | ||||||
| Largan Precision Co., Ltd. | 28,000 | 3,239,675 | ||||||
| Silicon Motion Technology Corp. ADR | 50,210 | 2,416,105 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 342,378 | 14,982,461 | ||||||
| 31,733,884 | ||||||||
| Thailand | 1.3% | ||||||||
| Bangkok Bank Public Co. Ltd. | 260,600 | 1,786,130 | ||||||
| Kasikornbank Public Co. Ltd. | 307,300 | 2,097,146 | ||||||
| 3,883,276 | ||||||||
| Turkey | 1.5% | ||||||||
| Arcelik AS | 252,097 | 1,143,922 | ||||||
| KOC Holding AS | 308,409 | 1,273,697 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 303,820 | 2,041,953 | ||||||
| 4,459,572 | ||||||||
| United Arab Emirates | 0.4% | ||||||||
| Emaar Properties PJSC | 812,186 | 1,285,945 | ||||||
| United Kingdom | 1.1% | ||||||||
| Unilever NV NY Shares | 57,300 | 3,231,147 | ||||||
| Total Common Stocks (Cost $233,625,349) | 287,086,360 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Brazil | 0.9% | ||||||||
| Itau Unibanco Holding SA Sponsored ADR (Cost $1,879,816) | 178,729 | 2,788,172 | ||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $6,727,116) | 6,727,116 | $ | 6,727,116 | |||||
| Total Investments | 100.1% (Cost $242,232,281) | $ | 296,601,648 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (319,713 | ) | ||||||
| Net Assets | 100.0% | $ | 296,281,935 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 95.6% | ||||||||
| Argentina | 0.9% | ||||||||
| YPF SA Sponsored ADR | 120,420 | $ | 2,603,480 | |||||
| Brazil | 4.8% | ||||||||
| CVC Brasil Operadora e Agencia de Viagens SA | 131,100 | 2,408,401 | ||||||
| Petrobras Distribuidora SA | 719,400 | 5,031,409 | ||||||
| Petroleo Brasileiro SA Sponsored ADR (*) | 518,400 | 6,734,016 | ||||||
| 14,173,826 | ||||||||
| Canada | 1.6% | ||||||||
| First Quantum Minerals, Ltd. | 336,955 | 4,731,258 | ||||||
| China | 29.5% | ||||||||
| AAC Technologies Holdings, Inc. | 117,140 | 2,141,936 | ||||||
| Agricultural Bank of China, Ltd., Class H | 8,526,500 | 4,903,284 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 57,710 | 10,592,093 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 1,091,500 | 6,021,238 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 38,217 | 8,529,652 | ||||||
| Beijing Enterprises Water Group, Ltd. | 3,278,000 | 1,843,648 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 1,227,827 | 2,582,486 | ||||||
| China Medical System Holdings, Ltd. | 2,577,000 | 5,898,559 | ||||||
| China Merchants Bank Co., Ltd., Class H | 1,197,211 | 4,966,379 | ||||||
| China State Construction International Holdings, Ltd. | 4,778,160 | 5,868,047 | ||||||
| Kingsoft Corp., Ltd. | 1,466,000 | 4,713,472 | ||||||
| Li Ning Co., Ltd. (*) | 4,030,500 | 4,161,902 | ||||||
| Minth Group, Ltd. | 43,020 | 197,215 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 619,000 | 6,369,250 | ||||||
| Qudian, Inc. Sponsored ADR | 71,000 | 830,700 | ||||||
| Tencent Holdings, Ltd. | 198,400 | 10,561,074 | ||||||
| Vipshop Holdings, Ltd. ADR (*) | 125,300 | 2,082,486 | ||||||
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 608,500 | 2,970,462 | ||||||
| ZTO Express Cayman, Inc. ADR | 128,085 | 1,919,994 | ||||||
| 87,153,877 | ||||||||
| Colombia | 1.0% | ||||||||
| Bancolombia SA Sponsored ADR | 67,347 | 2,829,921 | ||||||
| Hong Kong | 4.6% | ||||||||
| China Gas Holdings, Ltd. | 1,407,200 | 5,162,077 | ||||||
| SMI Holdings Group, Ltd. | 2,207,200 | 958,940 | ||||||
| Techtronic Industries Co., Ltd. | 1,281,500 | 7,569,806 | ||||||
| 13,690,823 | ||||||||
| India | 7.8% | ||||||||
| HDFC Bank, Ltd. ADR | 42,985 | 4,245,628 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 722,401 | 6,393,249 | ||||||
| Description | Shares | Fair Value | ||||||
| Petronet LNG, Ltd. | 157,239 | $ | 560,110 | |||||
| Reliance Industries, Ltd. | 424,626 | 5,774,025 | ||||||
| Shriram Transport Finance Co., Ltd. | 268,135 | 5,947,735 | ||||||
| 22,920,747 | ||||||||
| Indonesia | 2.7% | ||||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 30,482,200 | 8,000,651 | ||||||
| Luxembourg | 0.8% | ||||||||
| Tenaris SA ADR | 65,700 | 2,277,819 | ||||||
| Mexico | 1.0% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 493,557 | 3,030,730 | ||||||
| Peru | 2.0% | ||||||||
| Credicorp, Ltd. | 26,255 | 5,960,935 | ||||||
| Philippines | 0.9% | ||||||||
| BDO Unibank, Inc. | 1,012,755 | 2,707,624 | ||||||
| Portugal | 2.0% | ||||||||
| Galp Energia SGPS SA | 316,765 | 5,974,933 | ||||||
| Russia | 7.5% | ||||||||
| Mail.Ru Group, Ltd. GDR (*) | 162,378 | 5,694,296 | ||||||
| Novatek OAO Sponsored GDR (London) | 6,612 | 907,011 | ||||||
| Novatek OAO Sponsored GDR (United States) | 18,525 | 2,537,925 | ||||||
| Sberbank of Russia PJSC | 1,681,560 | 7,441,279 | ||||||
| X5 Retail Group NV GDR (United States) (*) | 106,156 | 3,573,326 | ||||||
| Yandex NV Class A (*) | 51,835 | 2,044,891 | ||||||
| 22,198,728 | ||||||||
| South Africa | 3.8% | ||||||||
| Capitec Bank Holdings, Ltd. | 57,920 | 4,266,425 | ||||||
| Petra Diamonds, Ltd. (*) | 1,084,266 | 998,565 | ||||||
| Standard Bank Group, Ltd. | 321,482 | 5,946,054 | ||||||
| 11,211,044 | ||||||||
| South Korea | 8.0% | ||||||||
| Doosan Bobcat, Inc. | 94,420 | 2,810,205 | ||||||
| Korea Aerospace Industries, Ltd. (*) | 47,096 | 2,221,930 | ||||||
| NCSoft Corp. | 9,490 | 3,677,373 | ||||||
| Netmarble Games Corp. | 16,636 | 2,320,097 | ||||||
| Partron Co., Ltd. | 257,380 | 2,067,440 | ||||||
| Samsung Electronics Co., Ltd. | 4,077 | 9,500,866 | ||||||
| SPC Samlip Co., Ltd. | 8,695 | 1,019,793 | ||||||
| 23,617,704 | ||||||||
| Taiwan | 12.4% | ||||||||
| Advanced Semiconductor Engineering, Inc. | 3,350,578 | 4,830,020 | ||||||
| Airtac International Group | 184,000 | 3,318,510 | ||||||
| Catcher Technology Co., Ltd. | 204,670 | 2,565,102 | ||||||
| Hiwin Technologies Corp. | 464,407 | 6,693,034 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Largan Precision Co., Ltd. | 19,860 | $ | 2,297,855 | |||||
| MediaTek, Inc. | 576,000 | 6,620,760 | ||||||
| Silicon Motion Technology Corp. ADR | 95,310 | 4,586,317 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 674,000 | 5,728,339 | ||||||
| 36,639,937 | ||||||||
| Turkey | 3.3% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 251,826 | 1,961,423 | ||||||
| Turkcell Iletisim Hizmetleri AS | 588,628 | 2,251,135 | ||||||
| Turkiye Garanti Bankasi AS | 1,953,047 | 5,402,570 | ||||||
| 9,615,128 | ||||||||
| United Kingdom | 1.0% | ||||||||
| KAZ Minerals PLC (*) | 252,517 | 3,046,305 | ||||||
| Total Common Stocks (Cost $215,279,374) | 282,385,470 | |||||||
| Preferred Stocks | 1.7% | ||||||||
| Brazil | 1.7% | ||||||||
| Banco Bradesco SA ADR (Cost $3,988,408) | 435,079 | 5,168,738 | ||||||
| Short-Term Investments | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $8,606,447) | 8,606,447 | 8,606,447 | ||||||
| Total Investments | 100.2% (Cost $227,874,229) | $ | 296,160,655 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (684,606 | ) | ||||||
| Net Assets | 100.0% | $ | 295,476,049 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Brazil | 4.2% | ||||||||
| Ambev SA ADR | 2,017 | $ | 14,664 | |||||
| Banco do Brasil SA | 500 | 6,214 | ||||||
| BB Seguridade Participacoes SA | 3,700 | 32,803 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 700 | 7,421 | ||||||
| Cia de Saneamento de Minas Gerais-COPASA | 700 | 10,194 | ||||||
| EcoRodovias Infraestrutura e Logistica SA | 2,000 | 5,301 | ||||||
| Estacio Participacoes SA | 900 | 9,533 | ||||||
| Fibria Celulose SA | 1,200 | 23,637 | ||||||
| Guararapes Confeccoes SA | 200 | 9,118 | ||||||
| M Dias Branco SA | 700 | 10,816 | ||||||
| Petroleo Brasileiro SA (Preference Shares) (*) | 6,000 | 38,910 | ||||||
| Vale SA | 3,309 | 42,307 | ||||||
| 210,918 | ||||||||
| Chile | 0.5% | ||||||||
| Enel Chile SA ADR | 2,669 | 17,082 | ||||||
| Sociedad Quimica y Minera de Chile SA Sponsored ADR | 190 | 9,339 | ||||||
| 26,421 | ||||||||
| China | 28.7% | ||||||||
| AAC Technologies Holdings, Inc. | 500 | 9,143 | ||||||
| Agile Group Holdings, Ltd. | 6,000 | 12,565 | ||||||
| Agricultural Bank of China, Ltd., Class H | 13,000 | 7,476 | ||||||
| Air China, Ltd., Class H | 8,000 | 10,312 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 970 | 178,034 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 3,000 | 16,549 | ||||||
| ANTA Sports Products, Ltd. | 2,000 | 10,181 | ||||||
| Autohome, Inc. ADR | 86 | 7,391 | ||||||
| BAIC Motor Corp., Ltd., Class H | 6,500 | 8,046 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 166 | 37,049 | ||||||
| Bank of China, Ltd., Class H | 51,000 | 27,718 | ||||||
| Bank of Communications Co., Ltd., Class H | 12,000 | 9,480 | ||||||
| Beijing Capital International Airport Co., Ltd., Class H | 10,000 | 13,536 | ||||||
| China Construction Bank Corp., Class H | 77,000 | 80,010 | ||||||
| China Evergrande Group (*) | 5,000 | 15,999 | ||||||
| China Huarong Asset Management Co., Ltd., Class H | 26,000 | 11,014 | ||||||
| China Merchants Bank Co., Ltd., Class H | 5,500 | 22,816 | ||||||
| China Mobile, Ltd. | 6,000 | 54,897 | ||||||
| China Overseas Land & Investment, Ltd. | 4,000 | 14,062 | ||||||
| China Petroleum & Chemical Corp., Class H | 36,000 | 31,920 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 10,000 | 25,127 | ||||||
| Description | Shares | Fair Value | ||||||
| China Telecom Corp., Ltd. Class H | 14,000 | $ | 6,208 | |||||
| CIFI Holdings Group Co., Ltd. | 20,000 | 17,669 | ||||||
| CNOOC, Ltd. | 26,000 | 38,369 | ||||||
| Country Garden Holdings Co., Ltd. | 22,000 | 45,942 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 18,000 | 48,457 | ||||||
| Dali Foods Group Co., Ltd. | 10,500 | 8,673 | ||||||
| Dongfeng Motor Group Co., Ltd., Class H | 12,000 | 14,002 | ||||||
| Geely Automobile Holdings, Ltd. | 12,000 | 35,050 | ||||||
| Guangzhou Automobile Group Co., Ltd. Class H | 8,000 | 14,860 | ||||||
| Haitian International Holdings, Ltd. | 6,000 | 18,249 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 86,000 | 74,576 | ||||||
| JD.com, Inc. ADR (*) | 302 | 12,228 | ||||||
| Jiangsu Expressway Co., Ltd., Class H | 6,000 | 8,537 | ||||||
| Longfor Properties Co., Ltd. | 6,500 | 20,073 | ||||||
| MMG, Ltd. (*) | 16,000 | 9,909 | ||||||
| NetEase, Inc. ADR | 41 | 11,496 | ||||||
| PetroChina Co., Ltd., Class H | 34,000 | 23,652 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 3,500 | 36,013 | ||||||
| Sunny Optical Technology Group Co., Ltd. | 900 | 16,980 | ||||||
| Tencent Holdings, Ltd. | 4,600 | 244,864 | ||||||
| Tianneng Power International, Ltd. | 10,000 | 11,968 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 10,000 | 20,909 | ||||||
| TravelSky Technology, Ltd. Class H | 5,000 | 14,649 | ||||||
| Vipshop Holdings, Ltd. ADR (*) | 769 | 12,781 | ||||||
| Weibo Corp. Sponsored ADR (*) | 61 | 7,292 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 5,500 | 10,540 | ||||||
| YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H | 1,600 | 7,427 | ||||||
| YY, Inc. ADR (*) | 166 | 17,463 | ||||||
| Zhongsheng Group Holdings, Ltd. | 5,000 | 13,738 | ||||||
| 1,425,899 | ||||||||
| Colombia | 0.5% | ||||||||
| Bancolombia SA Sponsored ADR | 160 | 6,723 | ||||||
| Ecopetrol SA Sponsored ADR | 804 | 15,541 | ||||||
| 22,264 | ||||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank Egypt SAE ADR | 6,521 | 34,333 | ||||||
| Greece | 0.3% | ||||||||
| JUMBO SA | 450 | 8,058 | ||||||
| Motor Oil (Hellas) Corinth Refineries SA | 317 | 7,154 | ||||||
| 15,212 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Hong Kong | 1.3% | ||||||||
| Haier Electronics Group Co., Ltd. | 3,000 | $ | 10,802 | |||||
| Kingboard Chemical Holdings, Ltd. | 1,500 | 6,963 | ||||||
| Lee & Man Paper Manufacturing, Ltd. | 9,000 | 9,597 | ||||||
| Nine Dragons Paper Holdings, Ltd. | 7,000 | 10,611 | ||||||
| Sino Biopharmaceutical, Ltd. | 13,000 | 25,909 | ||||||
| 63,882 | ||||||||
| Hungary | 1.3% | ||||||||
| Magyar Telekom Telecommunications PLC | 8,117 | 14,508 | ||||||
| MOL Hungarian Oil & Gas PLC | 3,808 | 41,726 | ||||||
| OTP Bank Nyrt. | 202 | 9,105 | ||||||
| 65,339 | ||||||||
| India | 6.0% | ||||||||
| Cipla, Ltd. GDR | 1,102 | 9,202 | ||||||
| GAIL India, Ltd. GDR | 575 | 23,589 | ||||||
| HDFC Bank, Ltd. ADR | 503 | 49,681 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 880 | 7,788 | ||||||
| Infosys, Ltd. Sponsored ADR | 3,116 | 55,621 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 979 | 26,547 | ||||||
| State Bank of India GDR | 225 | 8,692 | ||||||
| Tata Motors, Ltd. Sponsored ADR (*) | 719 | 18,478 | ||||||
| Tata Steel, Ltd. GDR | 1,811 | 15,732 | ||||||
| Vedanta, Ltd. ADR | 512 | 8,996 | ||||||
| Wipro, Ltd. ADR | 6,065 | 31,296 | ||||||
| WNS Holdings, Ltd. ADR (*) | 940 | 42,610 | ||||||
| 298,232 | ||||||||
| Indonesia | 3.3% | ||||||||
| Kalbe Farma Tbk PT | 63,800 | 6,967 | ||||||
| PT Adaro Energy Tbk | 45,200 | 7,037 | ||||||
| PT Bank Central Asia Tbk | 10,200 | 17,318 | ||||||
| PT Bank Mandiri (Persero) Tbk | 16,200 | 9,061 | ||||||
| PT Bank Negara Indonesia (Persero) Tbk | 28,100 | 17,781 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 130,500 | 34,252 | ||||||
| PT Bank Tabungan Negara (Persero) Tbk | 53,200 | 14,723 | ||||||
| PT Gudang Garam Tbk | 2,500 | 13,200 | ||||||
| PT Hanjaya Mandala Sampoerna Tbk | 35,800 | 10,388 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 659 | 17,411 | ||||||
| PT Unilever Indonesia Tbk | 2,600 | 9,368 | ||||||
| PT United Tractors Tbk | 3,400 | 7,934 | ||||||
| 165,440 | ||||||||
| Luxembourg | 0.1% | ||||||||
| Ternium SA Sponsored ADR | 205 | 6,660 | ||||||
| Description | Shares | Fair Value | ||||||
| Malaysia | 2.8% | ||||||||
| AirAsia Berhad | 12,100 | $ | 12,521 | |||||
| Astro Malaysia Holdings Berhad | 16,900 | 8,957 | ||||||
| Hartalega Holdings Berhad | 7,200 | 10,980 | ||||||
| Hong Leong Bank Berhad | 4,300 | 20,913 | ||||||
| Inari Amertron Berhad | 16,900 | 12,326 | ||||||
| Nestle Malaysia Berhad | 800 | 31,276 | ||||||
| Petronas Chemicals Group Berhad | 12,600 | 26,625 | ||||||
| SKP Resources Berhad | 18,500 | 7,608 | ||||||
| Sunway Construction Group Berhad | 13,800 | 7,339 | ||||||
| 138,545 | ||||||||
| Mexico | 2.1% | ||||||||
| Alfa SAB de CV, Series A | 8,300 | 10,728 | ||||||
| America Movil SAB de CV, Class L Sponsored ADR | 1,447 | 27,623 | ||||||
| Grupo Carso SAB de CV, Series A1 | 1,500 | 5,326 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 2,800 | 17,194 | ||||||
| Grupo Mexico SAB de CV, Series B | 2,600 | 8,789 | ||||||
| Wal-Mart de Mexico SAB de CV | 13,400 | 34,283 | ||||||
| 103,943 | ||||||||
| Peru | 0.4% | ||||||||
| Cia de Minas Buenaventura SAA ADR | 588 | 8,955 | ||||||
| Credicorp, Ltd. | 39 | 8,855 | ||||||
| 17,810 | ||||||||
| Philippines | 1.2% | ||||||||
| Ayala Land, Inc. | 35,100 | 27,734 | ||||||
| Cebu Air, Inc. | 7,180 | 13,024 | ||||||
| DMCI Holdings, Inc. | 61,300 | 14,329 | ||||||
| JG Summit Holdings, Inc. | 5,570 | 6,708 | ||||||
| 61,795 | ||||||||
| Poland | 2.0% | ||||||||
| Ciech SA (*) | 279 | 4,818 | ||||||
| Dino Polska SA | 546 | 13,833 | ||||||
| Enea SA | 6,921 | 18,661 | ||||||
| Grupa Lotos SA | 551 | 8,513 | ||||||
| Jastrzebska Spolka Weglowa SA (*) | 283 | 6,713 | ||||||
| PGE Polska Grupa Energetyczna SA (*) | 2,094 | 6,088 | ||||||
| Polski Koncern Naftowy ORLEN SA | 801 | 19,723 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 8,666 | 14,316 | ||||||
| Tauron Polska Energia SA (*) | 11,891 | 8,452 | ||||||
| 101,117 | ||||||||
| Russia | 4.7% | ||||||||
| Gazprom PJSC Sponsored ADR | 4,299 | 20,968 | ||||||
| LUKOIL PJSC Sponsored ADR | 534 | 36,839 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Novolipetsk Steel PJSC GDR | 916 | $ | 22,851 | |||||
| RusHydro PJSC ADR | 7,122 | 8,979 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 4,580 | 85,536 | ||||||
| Tatneft PAO Sponsored ADR | 741 | 46,835 | ||||||
| United Co. RUSAL PLC | 15,000 | 9,140 | ||||||
| 231,148 | ||||||||
| Singapore | 0.2% | ||||||||
| China Yuchai International, Ltd. | 416 | 8,807 | ||||||
| South Africa | 4.9% | ||||||||
| Astral Foods, Ltd. | 589 | 15,564 | ||||||
| AVI, Ltd. | 2,117 | 19,805 | ||||||
| Barclays Africa Group, Ltd. | 725 | 11,640 | ||||||
| Clicks Group, Ltd. | 761 | 11,779 | ||||||
| Coronation Fund Managers, Ltd. | 1,426 | 9,724 | ||||||
| Dis-Chem Pharmacies, Ltd. | 4,625 | 13,482 | ||||||
| FirstRand, Ltd. | 2,508 | 14,194 | ||||||
| Mr. Price Group, Ltd. | 764 | 18,418 | ||||||
| Naspers, Ltd., N Shares | 279 | 68,343 | ||||||
| Sanlam, Ltd. | 1,711 | 12,348 | ||||||
| Sappi, Ltd. | 982 | 6,325 | ||||||
| Standard Bank Group, Ltd. | 1,858 | 34,365 | ||||||
| Tiger Brands, Ltd. | 297 | 9,331 | ||||||
| 245,318 | ||||||||
| South Korea | 16.5% | ||||||||
| Celltrion, Inc. (*) | 62 | 18,314 | ||||||
| DB Insurance Co., Ltd. | 231 | 14,312 | ||||||
| Hana Financial Group, Inc. | 479 | 20,572 | ||||||
| Hanwha General Insurance Co., Ltd. | 1,852 | 14,665 | ||||||
| Hyundai Development Co-Engineering & Construction | 254 | 9,075 | ||||||
| Hyundai Marine & Fire Insurance Co., Ltd. | 865 | 31,951 | ||||||
| Industrial Bank of Korea | 738 | 10,845 | ||||||
| KB Financial Group, Inc. | 265 | 15,339 | ||||||
| KB Financial Group, Inc. ADR (*) | 946 | 54,811 | ||||||
| KCC Corp. | 69 | 21,639 | ||||||
| Korea Electric Power Corp. Sponsored ADR (*) | 756 | 11,635 | ||||||
| Korea PetroChemical Ind Co., Ltd. | 34 | 9,398 | ||||||
| Korea United Pharm, Inc. | 333 | 8,673 | ||||||
| Korean Air Lines Co., Ltd. | 295 | 9,116 | ||||||
| LG Chem, Ltd. | 25 | 9,156 | ||||||
| LG Corp. | 122 | 10,005 | ||||||
| LG Electronics, Inc. | 382 | 39,363 | ||||||
| LG Household & Health Care, Ltd. | 11 | 12,354 | ||||||
| LG Uplus Corp. | 1,735 | 20,138 | ||||||
| Description | Shares | Fair Value | ||||||
| Loen Entertainment, Inc. | 151 | $ | 15,743 | |||||
| Lotte Chemical Corp. | 34 | 13,902 | ||||||
| Lotte Shopping Co., Ltd. | 81 | 17,926 | ||||||
| Meritz Fire & Marine Insurance Co., Ltd. | 997 | 19,828 | ||||||
| NAVER Corp. | 11 | 8,157 | ||||||
| NCSoft Corp. | 22 | 8,525 | ||||||
| NH Investment & Securities Co., Ltd. | 901 | 11,921 | ||||||
| OCI Co., Ltd. | 63 | 9,408 | ||||||
| POSCO | 30 | 9,474 | ||||||
| Samsung Electronics Co., Ltd. GDR | 207 | 237,738 | ||||||
| Samsung SDS Co., Ltd. | 70 | 16,750 | ||||||
| Shinhan Financial Group Co., Ltd. ADR (*) | 537 | 22,769 | ||||||
| SK Hynix, Inc. | 706 | 54,067 | ||||||
| SK Telecom Co., Ltd. Sponsored ADR | 819 | 19,795 | ||||||
| SKCKOLONPI, Inc. | 249 | 10,506 | ||||||
| 817,870 | ||||||||
| Taiwan | 11.9% | ||||||||
| Advantech Co., Ltd. | 2,000 | 14,455 | ||||||
| Chailease Holding Co., Ltd. | 8,000 | 27,727 | ||||||
| China General Plastics Corp. | 8,000 | 8,634 | ||||||
| Chroma ATE, Inc. | 2,000 | 12,467 | ||||||
| E Ink Holdings, Inc. | 6,000 | 10,068 | ||||||
| Eva Airways Corp. | 17,000 | 8,767 | ||||||
| Feng TAY Enterprise Co., Ltd. | 3,000 | 13,747 | ||||||
| Formosa Chemicals & Fibre Corp. | 4,000 | 15,103 | ||||||
| Fubon Financial Holding Co., Ltd. | 11,000 | 19,094 | ||||||
| Gigabyte Technology Co., Ltd. | 9,000 | 21,359 | ||||||
| Grape King Bio, Ltd. | 3,000 | 26,560 | ||||||
| HannStar Display Corp. | 24,000 | 8,361 | ||||||
| Hiwin Technologies Corp. | 1,000 | 14,412 | ||||||
| Hua Nan Financial Holdings Co., Ltd. | 16,000 | 9,654 | ||||||
| Kung Long Batteries Industrial Co., Ltd. | 2,000 | 10,026 | ||||||
| St Shine Optical Co., Ltd. | 1,000 | 29,701 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 5,633 | 246,500 | ||||||
| Walsin Lihwa Corp. | 25,000 | 15,395 | ||||||
| Yageo Corp. | 2,000 | 36,284 | ||||||
| Yuanta Financial Holding Co., Ltd. | 96,000 | 44,283 | ||||||
| 592,597 | ||||||||
| Thailand | 3.6% | ||||||||
| Advanced Info Service Public Co. Ltd. (‡) | 5,500 | 36,233 | ||||||
| Bangkok Bank Public Co. Ltd. NVDR | 1,900 | 12,058 | ||||||
| Beauty Community Public Co. Ltd. NVDR | 32,524 | 22,253 | ||||||
| Bumrungrad Hospital Public Co. Ltd. (‡) | 1,400 | 9,268 | ||||||
| Central Pattana Public Co. Ltd. NVDR | 6,400 | 16,105 | ||||||
| CP All Public Co. Ltd. (‡) | 8,500 | 23,717 | ||||||
| Hana Microelectronics Public Co. Ltd. NVDR | 7,900 | 8,221 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Indorama Ventures Public Co. Ltd. NVDR | 6,300 | $ | 11,487 | |||||
| PTT Global Chemical Public Co. Ltd. (‡) | 3,700 | 11,211 | ||||||
| PTT Public Co. Ltd. (‡) | 600 | 10,515 | ||||||
| Srisawad Corp. Public Co. Ltd. (‡) | 4,447 | 8,675 | ||||||
| Tisco Financial Group Public Co. Ltd. NVDR | 4,100 | 11,573 | ||||||
| 181,316 | ||||||||
| Turkey | 1.5% | ||||||||
| BIM Birlesik Magazalar AS | 885 | 15,998 | ||||||
| Ford Otomotiv Sanayi AS | 581 | 9,089 | ||||||
| Turk Telekomunikasyon AS ADR (*) | 5,381 | 18,403 | ||||||
| Turkiye Garanti Bankasi AS ADR | 7,348 | 20,868 | ||||||
| Turkiye Vakiflar Bankasi TAO, Class D | 4,580 | 7,557 | ||||||
| 71,915 | ||||||||
| United States | 0.3% | ||||||||
| Yum China Holdings, Inc. | 409 | 16,973 | ||||||
| Total Common Stocks (Cost $3,837,966) |
4,923,754 | |||||||
| Preferred Stocks | 1.2% | ||||||||
| Brazil | 1.2% | ||||||||
| Banco Bradesco SA ADR | 1,834 | 21,788 | ||||||
| Itau Unibanco Holding SA Sponsored ADR | 2,415 | 37,674 | ||||||
| Total Preferred Stocks (Cost $38,412) | 59,462 | |||||||
| Short-Term Investments | 1.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $72,247) | 72,247 | 72,247 | ||||||
| Total Investments | 101.7% (Cost $3,948,625) | $ | 5,055,463 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.7)% | (82,517 | ) | ||||||
| Net Assets | 100.0% | $ | 4,972,946 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio | ||||||||
| Common Stocks | 96.0% | ||||||||
| Argentina | 2.1% | ||||||||
| Transportadora de Gas del Sur SA (*) | 93,775 | $ | 1,907,383 | |||||
| YPF SA Sponsored ADR | 298,167 | 6,446,371 | ||||||
| 8,353,754 | ||||||||
| Brazil | 9.3% | ||||||||
| Ambev SA ADR | 434,675 | 3,160,087 | ||||||
| Banco do Brasil SA | 414,757 | 5,154,547 | ||||||
| CCR SA | 628,300 | 2,378,879 | ||||||
| Cia de Saneamento do Parana | 137,900 | 2,506,172 | ||||||
| Cielo SA Sponsored ADR | 518,250 | 3,223,515 | ||||||
| Iochpe Maxion SA | 290,445 | 2,302,305 | ||||||
| JSL SA (*) | 188,300 | 362,746 | ||||||
| Localiza Rent a Car SA | 280,005 | 2,435,822 | ||||||
| Movida Participacoes SA | 903,100 | 1,972,270 | ||||||
| Petrobras Distribuidora SA | 917,500 | 6,416,900 | ||||||
| Petroleo Brasileiro SA Sponsored ADR (*) | 522,400 | 6,785,976 | ||||||
| 36,699,219 | ||||||||
| Canada | 1.2% | ||||||||
| First Quantum Minerals, Ltd. | 347,415 | 4,878,129 | ||||||
| Chile | 0.2% | ||||||||
| Geopark, Ltd. (*) | 51,450 | 637,980 | ||||||
| China | 25.0% | ||||||||
| Agricultural Bank of China, Ltd., Class H | 7,167,000 | 4,121,484 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 54,431 | 9,990,266 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 1,227,500 | 6,771,479 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 51,504 | 11,495,178 | ||||||
| Beijing Enterprises Water Group, Ltd. | 3,398,000 | 1,911,140 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 1,044,193 | 2,196,249 | ||||||
| China Construction Bank Corp., Class H | 7,899,281 | 8,208,125 | ||||||
| China Medical System Holdings, Ltd. | 2,571,000 | 5,884,826 | ||||||
| China Meidong Auto Holdings, Ltd. | 1,028,000 | 417,040 | ||||||
| China Mobile, Ltd. Sponsored ADR | 87,816 | 4,017,582 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 1,221,500 | 3,069,277 | ||||||
| China State Construction International Holdings, Ltd. | 4,890,249 | 6,005,703 | ||||||
| CNOOC, Ltd. | 1,388,800 | 2,049,482 | ||||||
| Fufeng Group, Ltd. | 3,452,000 | 2,062,956 | ||||||
| JNBY Design, Ltd. | 241,500 | 493,764 | ||||||
| Kingsoft Corp., Ltd. | 1,813,000 | 5,829,144 | ||||||
| Minth Group, Ltd. | 48,000 | 220,044 | ||||||
| NetEase, Inc. ADR | 20,805 | 5,833,514 | ||||||
| Noah Holdings, Ltd. Sponsored ADR (*) | 43,135 | 2,036,403 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 694,500 | 7,146,113 | ||||||
| Description | Shares | Fair Value | ||||||
| RISE Education Cayman, Ltd. ADR | 141,700 | $ | 2,169,427 | |||||
| Tianyun International Holdings, Ltd. | 3,678,000 | 657,752 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 998,000 | 1,912,492 | ||||||
| Yestar Healthcare Holdings Co., Ltd. | 3,812,500 | 1,327,380 | ||||||
| ZTO Express Cayman, Inc. ADR | 178,030 | 2,668,670 | ||||||
| 98,495,490 | ||||||||
| Colombia | 0.7% | ||||||||
| Bancolombia SA Sponsored ADR | 63,792 | 2,680,540 | ||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank Egypt SAE GDR | 427,778 | 2,174,542 | ||||||
| Credit Agricole Egypt SAE | 202,461 | 574,080 | ||||||
| 2,748,622 | ||||||||
| Georgia | 0.6% | ||||||||
| BGEO Group PLC | 39,265 | 1,961,922 | ||||||
| TBC Bank Group PLC | 18,892 | 487,969 | ||||||
| 2,449,891 | ||||||||
| Greece | 0.4% | ||||||||
| OPAP SA | 145,436 | 1,667,585 | ||||||
| Hong Kong | 4.4% | ||||||||
| China Gas Holdings, Ltd. | 1,195,200 | 4,384,391 | ||||||
| China Water Affairs Group, Ltd. | 2,320,000 | 2,372,587 | ||||||
| Man Wah Holdings, Ltd. | 2,083,305 | 1,667,664 | ||||||
| NewOcean Energy Holdings, Ltd. (*) | 1,086,000 | 248,959 | ||||||
| Techtronic Industries Co., Ltd. | 1,098,000 | 6,485,873 | ||||||
| TK Group Holdings, Ltd. | 502,000 | 394,634 | ||||||
| Tongda Group Holdings, Ltd. | 8,389,114 | 1,618,139 | ||||||
| 17,172,247 | ||||||||
| Hungary | 0.8% | ||||||||
| OTP Bank Nyrt. | 72,746 | 3,279,060 | ||||||
| India | 8.1% | ||||||||
| Axis Bank, Ltd. | 804,600 | 6,338,402 | ||||||
| Bajaj Auto, Ltd. | 57,374 | 2,423,304 | ||||||
| Dewan Housing Finance Corp., Ltd. | 256,386 | 2,050,663 | ||||||
| HCL Technologies, Ltd. | 190,339 | 2,847,261 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 713,983 | 6,318,750 | ||||||
| Kiri Industries, Ltd. (*) | 64,219 | 415,770 | ||||||
| Mirza International, Ltd. | 144,543 | 281,231 | ||||||
| NIIT Technologies, Ltd. | 106,475 | 1,429,262 | ||||||
| Reliance Industries, Ltd. | 362,132 | 4,924,238 | ||||||
| Tata Consultancy Services, Ltd. | 94,628 | 4,148,462 | ||||||
| The South Indian Bank, Ltd. | 830,850 | 291,957 | ||||||
| Uflex, Ltd. | 74,798 | 394,684 | ||||||
| 31,863,984 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (continued) | ||||||||
| Indonesia | 4.1% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 7,363,500 | $ | 4,118,502 | |||||
| PT Bank Pembangunan Daerah Jawa Timur Tbk | 4,745,100 | 217,469 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 33,460,890 | 8,782,467 | ||||||
| PT Bekasi Fajar Industrial Estate Tbk | 25,289,900 | 531,600 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 97,930 | 2,587,310 | ||||||
| 16,237,348 | ||||||||
| Kenya | 0.1% | ||||||||
| KCB Group, Ltd. | 737,100 | 379,241 | ||||||
| Kuwait | 0.1% | ||||||||
| Human Soft Holding Co. KSC | 37,725 | 492,012 | ||||||
| Mexico | 2.7% | ||||||||
| Alpek SAB de CV | 1,880,200 | 2,616,956 | ||||||
| America Movil SAB de CV, Class L Sponsored ADR | 114,243 | 2,180,899 | ||||||
| Credito Real SAB de CV (*) | 223,600 | 323,278 | ||||||
| Grupo Mexico SAB de CV, Series B | 387,801 | 1,310,904 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 1,080,500 | 2,038,882 | ||||||
| Nemak SAB de CV | 2,623,100 | 2,166,533 | ||||||
| 10,637,452 | ||||||||
| Morocco | 0.1% | ||||||||
| Residences Dar Saada | 20,923 | 259,182 | ||||||
| Oman | 0.1% | ||||||||
| Ooredoo | 350,869 | 458,112 | ||||||
| Pakistan | 0.2% | ||||||||
| Bank Alfalah, Ltd. | 1,028,000 | 468,493 | ||||||
| Kohinoor Textile Mills, Ltd. | 356,390 | 203,743 | ||||||
| Pak Elektron, Ltd. | 478,400 | 195,271 | ||||||
| 867,507 | ||||||||
| Philippines | 0.2% | ||||||||
| PLDT, Inc. Sponsored ADR | 33,102 | 939,104 | ||||||
| Russia | 8.4% | ||||||||
| Gazprom PJSC Sponsored ADR | 295,604 | 1,441,796 | ||||||
| LUKOIL PJSC Sponsored ADR | 55,273 | 3,825,997 | ||||||
| Mail.Ru Group, Ltd. GDR (*) | 155,498 | 5,453,027 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 289,100 | 3,292,849 | ||||||
| Sberbank of Russia PJSC | 1,409,374 | 6,236,796 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 453,247 | 8,453,057 | ||||||
| X5 Retail Group NV GDR (London) (*) | 111,063 | 3,738,501 | ||||||
| Description | Shares | Fair Value | ||||||
| X5 Retail Group NV GDR (United States) (*) | 15,362 | $ | 516,163 | |||||
| 32,958,186 | ||||||||
| Singapore | 1.1% | ||||||||
| BOC Aviation, Ltd. | 455,100 | 2,712,848 | ||||||
| China Yuchai International, Ltd. | 82,200 | 1,740,174 | ||||||
| 4,453,022 | ||||||||
| South Africa | 1.7% | ||||||||
| Petra Diamonds, Ltd. (*) | 2,520,634 | 2,321,401 | ||||||
| Standard Bank Group, Ltd. | 224,823 | 4,158,272 | ||||||
| 6,479,673 | ||||||||
| South Korea | 11.5% | ||||||||
| ELP Corp. | 12,182 | 287,805 | ||||||
| Eugene Technology Co., Ltd. | 106,757 | 1,895,448 | ||||||
| Hanwha Life Insurance Co., Ltd. | 186,139 | 1,099,204 | ||||||
| HS Industries Co., Ltd. | 239,000 | 1,901,012 | ||||||
| Hyundai Elevator Co., Ltd. | 13,127 | 982,790 | ||||||
| Hyundai Mobis Co., Ltd. | 15,383 | 3,672,724 | ||||||
| Innocean Worldwide, Inc. | 31,685 | 1,921,818 | ||||||
| KT&G Corp. | 14,253 | 1,335,984 | ||||||
| Nasmedia Co., Ltd. | 16,222 | 1,434,879 | ||||||
| NCSoft Corp. | 9,588 | 3,715,348 | ||||||
| Nice Information & Telecommunication, Inc. | 22,120 | 479,310 | ||||||
| Samjin Pharmaceutical Co., Ltd. | 14,144 | 579,595 | ||||||
| Samsung Electronics Co., Ltd. | 6,138 | 14,303,731 | ||||||
| Shinhan Financial Group Co., Ltd. | 84,037 | 3,578,959 | ||||||
| SK Hynix, Inc. | 90,350 | 6,919,168 | ||||||
| Viatron Technologies, Inc. | 100,004 | 1,402,005 | ||||||
| 45,509,780 | ||||||||
| Taiwan | 9.0% | ||||||||
| Catcher Technology Co., Ltd. | 257,000 | 3,220,947 | ||||||
| Elite Material Co., Ltd. | 594,000 | 1,975,669 | ||||||
| Gourmet Master Co., Ltd. | 122,600 | 1,609,178 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 646,671 | 2,020,749 | ||||||
| Largan Precision Co., Ltd. | 24,614 | 2,847,906 | ||||||
| MediaTek, Inc. | 286,000 | 3,287,391 | ||||||
| Primax Electronics, Ltd. | 969,000 | 2,164,898 | ||||||
| Realtek Semiconductor Corp. | 608,000 | 2,650,782 | ||||||
| Silicon Motion Technology Corp. ADR | 124,381 | 5,985,214 | ||||||
| Sunny Friend Environmental Technology Co., Ltd. | 198,000 | 1,534,986 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 966,720 | 8,216,172 | ||||||
| 35,513,892 | ||||||||
| Turkey | 3.1% | ||||||||
| KOC Holding AS ADR | 143,867 | 2,965,099 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (concluded) | ||||||||
| Turkcell Iletisim Hizmetleri AS ADR | 218,075 | $ | 2,084,797 | |||||
| Turkiye Garanti Bankasi AS | 1,849,909 | 5,117,267 | ||||||
| Turkiye Is Bankasi AS, C Shares | 1,087,732 | 1,968,730 | ||||||
| 12,135,893 | ||||||||
| Ukraine | 0.1% | ||||||||
| Kernel Holding SA | 33,366 | 488,205 | ||||||
| Total Common Stocks (Cost $323,409,761) | 378,735,110 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Brazil | 0.9% | ||||||||
| Banco Bradesco SA ADR (Cost $3,979,335) | 310,900 | 3,693,492 | ||||||
| Warrants | 0.0% | ||||||||
| Brazil | 0.0% | ||||||||
| Iochpe Maxion SA, Expires 06/03/19 (Cost $0) | 15,354 | 65,063 | ||||||
| Short-Term Investments | 4.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $15,945,777) | 15,945,777 | 15,945,777 | ||||||
| Total Investments | 100.9% (Cost $343,334,873) | $ | 398,439,442 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (3,693,584 | ) | ||||||
| Net Assets | 100.0% | $ | 394,745,858 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Multi-Asset Portfolio | ||||||||
| Common Stocks | 66.0% | ||||||||
| Argentina | 1.4% | ||||||||
| Transportadora de Gas del Sur SA (*) | 20,370 | $ | 414,326 | |||||
| YPF SA Sponsored ADR | 76,656 | 1,657,303 | ||||||
| 2,071,629 | ||||||||
| Brazil | 6.4% | ||||||||
| Ambev SA ADR | 112,700 | 819,329 | ||||||
| Banco do Brasil SA | 107,245 | 1,332,827 | ||||||
| CCR SA | 162,100 | 613,746 | ||||||
| Cia de Saneamento do Parana | 30,020 | 545,578 | ||||||
| Cielo SA Sponsored ADR | 134,043 | 833,748 | ||||||
| Iochpe Maxion SA | 63,149 | 500,571 | ||||||
| JSL SA (*) | 41,600 | 80,139 | ||||||
| Localiza Rent a Car SA | 84,276 | 733,134 | ||||||
| Movida Participacoes SA | 196,500 | 429,134 | ||||||
| Petrobras Distribuidora SA | 234,600 | 1,640,768 | ||||||
| Petroleo Brasileiro SA Sponsored ADR (*) | 133,000 | 1,727,670 | ||||||
| 9,256,644 | ||||||||
| Canada | 0.9% | ||||||||
| First Quantum Minerals, Ltd. | 88,869 | 1,247,829 | ||||||
| Chile | 0.1% | ||||||||
| Geopark, Ltd. (*) | 11,355 | 140,802 | ||||||
| China | 17.3% | ||||||||
| Agricultural Bank of China, Ltd., Class H | 1,829,000 | 1,051,792 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 13,855 | 2,542,947 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 314,000 | 1,732,175 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 13,161 | 2,937,404 | ||||||
| Beijing Enterprises Water Group, Ltd. | 866,000 | 487,065 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 261,313 | 549,619 | ||||||
| China Construction Bank Corp., Class H | 2,043,065 | 2,122,944 | ||||||
| China Medical System Holdings, Ltd. | 641,000 | 1,467,201 | ||||||
| China Meidong Auto Holdings, Ltd. | 226,000 | 91,684 | ||||||
| China Mobile, Ltd. Sponsored ADR | 22,738 | 1,040,264 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 315,986 | 793,982 | ||||||
| China State Construction International Holdings, Ltd. | 1,250,068 | 1,535,205 | ||||||
| CNOOC, Ltd. | 361,000 | 532,736 | ||||||
| Fufeng Group, Ltd. | 749,000 | 447,611 | ||||||
| JNBY Design, Ltd. | 53,000 | 108,362 | ||||||
| Kingsoft Corp., Ltd. | 463,000 | 1,488,634 | ||||||
| Minth Group, Ltd. | 16,000 | 73,348 | ||||||
| NetEase, Inc. ADR | 5,365 | 1,504,292 | ||||||
| Noah Holdings, Ltd. Sponsored ADR (*) | 9,345 | 441,177 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 176,900 | 1,820,227 | ||||||
| Description | Shares | Fair Value | ||||||
| RISE Education Cayman, Ltd. ADR | 30,700 | $ | 470,017 | |||||
| Tianyun International Holdings, Ltd. | 812,000 | 145,213 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 216,500 | 414,884 | ||||||
| Yestar Healthcare Holdings Co., Ltd. | 1,130,000 | 393,427 | ||||||
| ZTO Express Cayman, Inc. ADR | 45,460 | 681,445 | ||||||
| 24,873,655 | ||||||||
| Colombia | 0.5% | ||||||||
| Bancolombia SA Sponsored ADR | 16,380 | 688,288 | ||||||
| Egypt | 0.5% | ||||||||
| Commercial International Bank Egypt SAE GDR | 110,760 | 563,031 | ||||||
| Credit Agricole Egypt SAE | 44,686 | 126,707 | ||||||
| 689,738 | ||||||||
| Georgia | 0.4% | ||||||||
| BGEO Group PLC | 8,524 | 425,912 | ||||||
| TBC Bank Group PLC | 4,169 | 107,683 | ||||||
| 533,595 | ||||||||
| Greece | 0.2% | ||||||||
| OPAP SA | 31,575 | 362,042 | ||||||
| Hong Kong | 2.9% | ||||||||
| China Gas Holdings, Ltd. | 305,000 | 1,118,841 | ||||||
| China Water Affairs Group, Ltd. | 504,000 | 515,424 | ||||||
| Man Wah Holdings, Ltd. | 453,360 | 362,910 | ||||||
| NewOcean Energy Holdings, Ltd. (*) | 240,000 | 55,019 | ||||||
| Techtronic Industries Co., Ltd. | 280,500 | 1,656,910 | ||||||
| TK Group Holdings, Ltd. | 110,000 | 86,474 | ||||||
| Tongda Group Holdings, Ltd. | 1,820,049 | 351,061 | ||||||
| 4,146,639 | ||||||||
| Hungary | 0.6% | ||||||||
| OTP Bank Nyrt. | 18,794 | 847,148 | ||||||
| India | 5.5% | ||||||||
| Axis Bank, Ltd. | 203,238 | 1,601,049 | ||||||
| Bajaj Auto, Ltd. | 14,541 | 614,168 | ||||||
| Dewan Housing Finance Corp., Ltd. | 55,780 | 446,148 | ||||||
| HCL Technologies, Ltd. | 48,080 | 719,224 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 182,162 | 1,612,134 | ||||||
| Kiri Industries, Ltd. (*) | 14,151 | 91,617 | ||||||
| Mirza International, Ltd. | 31,873 | 62,014 | ||||||
| NIIT Technologies, Ltd. | 23,120 | 310,350 | ||||||
| Reliance Industries, Ltd. | 90,952 | 1,236,757 | ||||||
| Tata Consultancy Services, Ltd. | 23,881 | 1,046,935 | ||||||
| The South Indian Bank, Ltd. | 183,141 | 64,355 | ||||||
| Uflex, Ltd. | 16,512 | 87,128 | ||||||
| 7,891,879 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Multi-Asset Portfolio (continued) | ||||||||
| Indonesia | 2.9% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,906,300 | $ | 1,066,218 | |||||
| PT Bank Pembangunan Daerah Jawa Timur Tbk | 1,045,200 | 47,902 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 8,551,400 | 2,244,483 | ||||||
| PT Bekasi Fajar Industrial Estate Tbk | 5,572,100 | 117,127 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 25,384 | 670,645 | ||||||
| 4,146,375 | ||||||||
| Kenya | 0.1% | ||||||||
| KCB Group, Ltd. | 285,700 | 146,994 | ||||||
| Kuwait | 0.1% | ||||||||
| Human Soft Holding Co. KSC | 8,317 | 108,471 | ||||||
| Mexico | 1.8% | ||||||||
| Alpek SAB de CV | 408,700 | 568,849 | ||||||
| America Movil SAB de CV, Class L Sponsored ADR | 29,613 | 565,312 | ||||||
| Credito Real SAB de CV (*) | 49,200 | 71,133 | ||||||
| Grupo Mexico SAB de CV, Series B | 100,709 | 340,432 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 279,035 | 526,533 | ||||||
| Nemak SAB de CV | 569,000 | 469,962 | ||||||
| 2,542,221 | ||||||||
| Morocco | 0.0% | ||||||||
| Residences Dar Saada | 4,610 | 57,106 | ||||||
| Oman | 0.1% | ||||||||
| Ooredoo | 77,458 | 101,133 | ||||||
| Pakistan | 0.1% | ||||||||
| Bank Alfalah, Ltd. | 226,500 | 103,223 | ||||||
| Kohinoor Textile Mills, Ltd. | 78,880 | 45,095 | ||||||
| Pak Elektron, Ltd. | 106,000 | 43,267 | ||||||
| 191,585 | ||||||||
| Philippines | 0.2% | ||||||||
| PLDT, Inc. Sponsored ADR | 8,540 | 242,280 | ||||||
| Russia | 5.9% | ||||||||
| Gazprom PJSC Sponsored ADR | 76,300 | 372,150 | ||||||
| LUKOIL PJSC Sponsored ADR | 14,258 | 986,939 | ||||||
| Mail.Ru Group, Ltd. GDR (*) | 39,676 | 1,391,364 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 74,610 | 849,808 | ||||||
| Sberbank of Russia PJSC | 360,212 | 1,594,019 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 3,482 | 65,030 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (United States) | 113,730 | 2,121,064 | ||||||
| Description | Shares | Fair Value | ||||||
| X5 Retail Group NV GDR (*) | 32,260 | $ | 1,085,906 | |||||
| 8,466,280 | ||||||||
| Singapore | 0.7% | ||||||||
| BOC Aviation, Ltd. | 98,800 | 588,946 | ||||||
| China Yuchai International, Ltd. | 17,800 | 376,826 | ||||||
| 965,772 | ||||||||
| South Africa | 1.1% | ||||||||
| Petra Diamonds, Ltd. (*) | 547,714 | 504,422 | ||||||
| Standard Bank Group, Ltd. | 58,130 | 1,075,159 | ||||||
| 1,579,581 | ||||||||
| South Korea | 7.9% | ||||||||
| ELP Corp. | 2,685 | 63,434 | ||||||
| Eugene Technology Co., Ltd. | 23,231 | 412,462 | ||||||
| Hanwha Life Insurance Co., Ltd. | 48,224 | 284,776 | ||||||
| HS Industries Co., Ltd. | 51,983 | 413,474 | ||||||
| Hyundai Elevator Co., Ltd. | 2,850 | 213,373 | ||||||
| Hyundai Mobis Co., Ltd. | 3,983 | 950,950 | ||||||
| Innocean Worldwide, Inc. | 6,875 | 416,995 | ||||||
| KT&G Corp. | 3,695 | 346,345 | ||||||
| Nasmedia Co., Ltd. | 3,603 | 318,695 | ||||||
| NCSoft Corp. | 2,452 | 950,150 | ||||||
| Nice Information & Telecommunication, Inc. | 4,883 | 105,808 | ||||||
| Samjin Pharmaceutical Co., Ltd. | 3,118 | 127,770 | ||||||
| Samsung Electronics Co., Ltd. | 1,577 | 3,674,973 | ||||||
| Shinhan Financial Group Co., Ltd. | 21,779 | 927,522 | ||||||
| SK Hynix, Inc. | 23,369 | 1,789,641 | ||||||
| Viatron Technologies, Inc. | 21,739 | 304,770 | ||||||
| 11,301,138 | ||||||||
| Taiwan | 6.1% | ||||||||
| Catcher Technology Co., Ltd. | 66,000 | 827,169 | ||||||
| Elite Material Co., Ltd. | 129,000 | 429,059 | ||||||
| Gourmet Master Co., Ltd. | 26,500 | 347,824 | ||||||
| Hon Hai Precision Industry Co., Ltd. GDR | 83,324 | 519,177 | ||||||
| Largan Precision Co., Ltd. | 6,648 | 769,191 | ||||||
| MediaTek, Inc. | 73,000 | 839,089 | ||||||
| Primax Electronics, Ltd. | 210,000 | 469,173 | ||||||
| Realtek Semiconductor Corp. | 132,000 | 575,499 | ||||||
| Silicon Motion Technology Corp. ADR | 30,142 | 1,450,433 | ||||||
| Sunny Friend Environmental Technology Co., Ltd. | 43,000 | 333,356 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 49,785 | 2,178,592 | ||||||
| 8,738,562 | ||||||||
| Turkey | 2.2% | ||||||||
| KOC Holding AS ADR | 37,204 | 766,775 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Multi-Asset Portfolio (continued) | ||||||||
| Turkcell Iletisim Hizmetleri AS ADR | 56,327 | $ | 538,486 | |||||
| Turkiye Garanti Bankasi AS | 470,552 | 1,301,653 | ||||||
| Turkiye Is Bankasi AS, C Shares | 280,566 | 507,808 | ||||||
| 3,114,722 | ||||||||
| Ukraine | 0.1% | ||||||||
| Kernel Holding SA | 7,362 | 107,719 | ||||||
| Total Common Stocks (Cost $84,874,607) | 94,559,827 | |||||||
| Preferred Stocks | 0.6% | ||||||||
| Brazil | 0.6% | ||||||||
| Banco Bradesco SA ADR (Cost $1,023,108) | 79,400 | 943,272 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Corporate Bonds | 2.9% | ||||||||||||
| Argentina | 0.3% | ||||||||||||
| Generacion Mediterranea SA, 9.625%, 07/27/23 | USD | 250 | $ | 271,875 | ||||||||
| Genneia SA, 8.750%, 01/20/22 (#) | USD | 95 | 102,091 | |||||||||
| 373,966 | ||||||||||||
| Bangladesh | 0.1% | ||||||||||||
| Banglalink Digital Communications, Ltd., 8.625%, 05/06/19 | USD | 200 | 205,078 | |||||||||
| Brazil | 0.3% | ||||||||||||
| Itau Unibanco Holding SA, 6.125%, 12/12/22 (#), (§), (¶) | USD | 200 | 195,750 | |||||||||
| Petrobras Global Finance BV, 8.375%, 05/23/21 | USD | 184 | 209,484 | |||||||||
| 405,234 | ||||||||||||
| Byelorussian Ssr | 0.1% | ||||||||||||
| Eurotorg LLC Via Bonitron DAC, 8.750%, 10/30/22 (#) | USD | 200 | 202,540 | |||||||||
| Canada | 0.2% | ||||||||||||
| First Quantum Minerals, Ltd.: | ||||||||||||
| 7.000%, 02/15/21 (#) | USD | 50 | 50,125 | |||||||||
| 7.500%, 04/01/25 (#) | USD | 200 | 196,375 | |||||||||
| 246,500 | ||||||||||||
| Chile | 0.2% | ||||||||||||
| AES Gener SA, 8.375%, 12/18/73 | USD | 200 | 208,000 | |||||||||
| Guanay Finance, Ltd., 6.000%, 12/15/20 | USD | 100 | 101,788 | |||||||||
| 309,788 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| China | 0.1% | ||||||||||||
| G3 Exploration, Ltd., 10.000%, 11/20/18 (#), (Ø) | USD | 200 | $ | 94,000 | ||||||||
| Colombia | 0.2% | ||||||||||||
| Transportadora de Gas Internacional SA, 5.700%, 03/20/22 | USD | 265 | 269,306 | |||||||||
| Guatemala | 0.1% | ||||||||||||
| Comcel Trust, 6.875%, 02/06/24 | USD | 165 | 172,219 | |||||||||
| Israel | 0.2% | ||||||||||||
| Altice Financing SA, 6.625%, 02/15/23 | USD | 280 | 277,200 | |||||||||
| Delek & Avner Tamar Bonds, Ltd., 5.082%, 12/30/23 | USD | 25 | 25,336 | |||||||||
| 302,536 | ||||||||||||
| Mauritius | 0.2% | ||||||||||||
| HTA Group, Ltd., 9.125%, 03/08/22 | USD | 200 | 212,000 | |||||||||
| Nigeria | 0.3% | ||||||||||||
| IHS Netherlands Holdco BV: | ||||||||||||
| 9.500%, 10/27/21 (#) | USD | 155 | 162,546 | |||||||||
| 9.500%, 10/27/21 | USD | 200 | 209,736 | |||||||||
| 372,282 | ||||||||||||
| Peru | 0.1% | ||||||||||||
| Peru LNG Srl, 5.375%, 03/22/30 (#) | USD | 200 | 200,550 | |||||||||
| Russia | 0.3% | ||||||||||||
| Gazprombank OJSC Via GPB Eurobonds Finance PLC, 7.496%, 12/28/23 (§) | USD | 200 | 203,436 | |||||||||
| Sberbank of Russia, 5.500%, 02/26/24 (§) | USD | 200 | 202,100 | |||||||||
| 405,536 | ||||||||||||
| Turkey | 0.2% | ||||||||||||
| Akbank Turk AS, 6.797%, 04/27/28 (#), (§) | USD | 80 | 79,000 | |||||||||
| Petkim Petrokimya Holding AS, 5.875%, 01/26/23 (#) | USD | 200 | 195,500 | |||||||||
| 274,500 | ||||||||||||
| United States | 0.0% | ||||||||||||
| Sable International Finance, Ltd., 6.875%, 08/01/22 (#) | USD | 65 | 68,128 | |||||||||
| Total Corporate Bonds (Cost $4,205,778) | 4,114,163 | |||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Multi-Asset Portfolio (continued) | ||||||||||||
| Foreign Government Obligations | 16.7% | ||||||||||||
| Angola | 0.6% | ||||||||||||
| Republic of Angola, 9.500%, 11/12/25 | USD | 695 | $ | 783,612 | ||||||||
| Argentina | 1.8% | ||||||||||||
| Argentina Treasury Bills, 0.000%, 06/15/18 | ARS | 5,420 | 251,304 | |||||||||
| Republic of Argentina: | ||||||||||||
| 6.875%, 01/26/27 | USD | 145 | 147,900 | |||||||||
| 5.875%, 01/11/28 | USD | 570 | 536,370 | |||||||||
| 7.625%, 04/22/46 | USD | 210 | 207,690 | |||||||||
| 6.875%, 01/11/48 | USD | 455 | 414,050 | |||||||||
| 7.125%, 06/28/2117 (#) | USD | 530 | 487,070 | |||||||||
| 7.125%, 06/28/2117 | USD | 575 | 528,425 | |||||||||
| 2,572,809 | ||||||||||||
| Brazil | 1.4% | ||||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19 | BRL | 2,490 | 720,373 | |||||||||
| Brazil NTN-B: | ||||||||||||
| 6.000%, 05/15/35 | BRL | 280 | 286,869 | |||||||||
| 6.000%, 08/15/50 | BRL | 110 | 114,505 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/21 | BRL | 2,542 | 811,237 | |||||||||
| 10.000%, 01/01/27 | BRL | 300 | 93,028 | |||||||||
| 2,026,012 | ||||||||||||
| Congo | 0.3% | ||||||||||||
| Republic of Congo, 6.000%, 06/30/29 (Ø) | USD | 505 | 403,788 | |||||||||
| Costa Rica | 0.2% | ||||||||||||
| Republic of Costa Rica, 7.158%, 03/12/45 | USD | 235 | 246,750 | |||||||||
| Dominican Republic | 0.6% | ||||||||||||
| Dominican Republic Bonds: | ||||||||||||
| 15.950%, 06/04/21 (#) | DOP | 4,200 | 101,783 | |||||||||
| 8.900%, 02/15/23 (#) | DOP | 12,000 | 248,394 | |||||||||
| 7.450%, 04/30/44 | USD | 95 | 108,062 | |||||||||
| 6.850%, 01/27/45 | USD | 120 | 129,300 | |||||||||
| 6.500%, 02/15/48 (#) | USD | 300 | 311,625 | |||||||||
| 899,164 | ||||||||||||
| Egypt | 1.6% | ||||||||||||
| Arab Republic of Egypt: | ||||||||||||
| 6.588%, 02/21/28 (#) | USD | 165 | 167,475 | |||||||||
| 8.500%, 01/31/47 (#) | USD | 105 | 117,075 | |||||||||
| 8.500%, 01/31/47 | USD | 280 | 312,200 | |||||||||
| 7.903%, 02/21/48 (#) | USD | 365 | 384,162 | |||||||||
| Egypt Treasury Bills: | ||||||||||||
| 0.000%, 06/26/18 | EGP | 2,750 | 149,612 | |||||||||
| 0.000%, 07/03/18 | EGP | 7,850 | 426,304 | |||||||||
| 0.000%, 07/10/18 | EGP | 300 | 16,127 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 0.000%, 07/24/18 | EGP | 2,600 | $ | 138,856 | ||||||||
| 0.000%, 08/21/18 | EGP | 5,900 | 311,100 | |||||||||
| 0.000%, 01/08/19 | EGP | 6,275 | 314,416 | |||||||||
| 2,337,327 | ||||||||||||
| El Salvador | 0.3% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 7.375%, 12/01/19 | USD | 75 | 78,375 | |||||||||
| 5.875%, 01/30/25 | USD | 145 | 142,463 | |||||||||
| 7.650%, 06/15/35 | USD | 160 | 168,600 | |||||||||
| 389,438 | ||||||||||||
| Ghana | 0.2% | ||||||||||||
| Ghana Government Bonds: | ||||||||||||
| 22.490%, 04/23/18 | GHS | 20 | 4,538 | |||||||||
| 23.470%, 05/21/18 | GHS | 100 | 22,815 | |||||||||
| 24.500%, 04/22/19 | GHS | 80 | 19,508 | |||||||||
| 24.500%, 05/27/19 | GHS | 50 | 12,268 | |||||||||
| 24.000%, 09/09/19 | GHS | 200 | 49,508 | |||||||||
| Ghana Treasury Notes: | ||||||||||||
| 23.000%, 11/12/18 | GHS | 350 | 82,114 | |||||||||
| 22.500%, 12/10/18 | GHS | 280 | 65,773 | |||||||||
| 21.000%, 01/07/19 | GHS | 170 | 39,682 | |||||||||
| 296,206 | ||||||||||||
| India | 0.5% | ||||||||||||
| India Government Bonds, 7.720%, 05/25/25 | INR | 50,000 | 774,447 | |||||||||
| Indonesia | 0.3% | ||||||||||||
| Indonesia Government Bonds: | ||||||||||||
| 8.250%, 07/15/21 | IDR | 3,084,000 | 238,062 | |||||||||
| 8.375%, 09/15/26 | IDR | 1,571,000 | 126,547 | |||||||||
| 364,609 | ||||||||||||
| Jordan | 0.1% | ||||||||||||
| Kingdom of Jordan, 7.375%, 10/10/47 | USD | 200 | 202,500 | |||||||||
| Kenya | 0.3% | ||||||||||||
| Republic of Kenya, 8.250%, 02/28/48 (#) | USD | 460 | 492,775 | |||||||||
| Lebanon | 1.0% | ||||||||||||
| Lebanese Republic: | ||||||||||||
| 5.450%, 11/28/19 | USD | 55 | 54,656 | |||||||||
| 6.375%, 03/09/20 | USD | 24 | 24,120 | |||||||||
| 6.150%, 06/19/20 | USD | 27 | 26,956 | |||||||||
| 8.250%, 04/12/21 | USD | 81 | 85,354 | |||||||||
| 6.100%, 10/04/22 | USD | 55 | 54,106 | |||||||||
| 6.000%, 01/27/23 | USD | 110 | 107,525 | |||||||||
| 6.650%, 04/22/24 | USD | 94 | 93,295 | |||||||||
| 6.250%, 11/04/24 | USD | 132 | 127,380 | |||||||||
| 6.200%, 02/26/25 | USD | 75 | 71,625 | |||||||||
| 6.600%, 11/27/26 | USD | 159 | 152,640 | |||||||||
| 6.850%, 03/23/27 | USD | 120 | 116,100 | |||||||||
| 6.650%, 11/03/28 | USD | 213 | 199,688 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Multi-Asset Portfolio (continued) | ||||||||||||
| 6.650%, 02/26/30 | USD | 200 | $ | 185,000 | ||||||||
| 7.000%, 03/23/32 | USD | 50 | 46,875 | |||||||||
| 7.250%, 03/23/37 | USD | 50 | 47,125 | |||||||||
| 1,392,445 | ||||||||||||
| Malaysia | 0.4% | ||||||||||||
| Malaysia Government Bonds: | ||||||||||||
| 3.580%, 09/28/18 | MYR | 490 | 126,883 | |||||||||
| 3.759%, 03/15/19 | MYR | 1,298 | 337,433 | |||||||||
| 3.654%, 10/31/19 | MYR | 350 | 90,914 | |||||||||
| 555,230 | ||||||||||||
| Mexico | 0.4% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.500%, 06/10/21 | MXN | 7,750 | 417,319 | |||||||||
| 5.750%, 03/05/26 | MXN | 3,310 | 165,461 | |||||||||
| 582,780 | ||||||||||||
| Mozambique | 0.4% | ||||||||||||
| Mozambique International Bonds, 10.500%, 01/18/23 | USD | 637 | 510,396 | |||||||||
| Nigeria | 0.5% | ||||||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 10/04/18 | NGN | 12,830 | 32,885 | |||||||||
| 0.000%, 11/01/18 | NGN | 21,400 | 54,221 | |||||||||
| 0.000%, 01/03/19 | NGN | 41,660 | 103,526 | |||||||||
| 0.000%, 01/17/19 | NGN | 33,960 | 83,911 | |||||||||
| 0.000%, 01/31/19 | NGN | 18,000 | 44,222 | |||||||||
| Republic of Nigeria, 7.625%, 11/28/47 (#) | USD | 440 | 456,500 | |||||||||
| 775,265 | ||||||||||||
| Romania | 0.2% | ||||||||||||
| Romania Government Bonds: | ||||||||||||
| 5.850%, 04/26/23 | RON | 380 | 108,377 | |||||||||
| 5.800%, 07/26/27 | RON | 730 | 211,259 | |||||||||
| 319,636 | ||||||||||||
| Russia | 1.7% | ||||||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 7.750%, 09/16/26 | RUB | 115,880 | 2,136,197 | |||||||||
| 7.050%, 01/19/28 | RUB | 16,900 | 297,182 | |||||||||
| 2,433,379 | ||||||||||||
| South Africa | 2.2% | ||||||||||||
| Republic of South Africa: | ||||||||||||
| 6.750%, 03/31/21 | ZAR | 3,780 | 317,091 | |||||||||
| 7.750%, 02/28/23 | ZAR | 13,630 | 1,169,354 | |||||||||
| 10.500%, 12/21/26 | ZAR | 9,440 | 921,806 | |||||||||
| 8.250%, 03/31/32 | ZAR | 4,560 | 375,719 | |||||||||
| 8.500%, 01/31/37 | ZAR | 1,100 | 90,457 | |||||||||
| 8.750%, 02/28/48 | ZAR | 3,700 | 309,069 | |||||||||
| 3,183,496 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Sri Lanka | 0.0% | ||||||||||||
| Sri Lanka Government Bonds, 9.250%, 05/01/20 | LKR | 8,000 | $ | 50,869 | ||||||||
| Turkey | 0.5% | ||||||||||||
| Turkey Government Bonds: | ||||||||||||
| 10.400%, 03/27/19 | TRY | 840 | 206,418 | |||||||||
| 2.000%, 10/26/22 | TRY | 1,799 | 434,540 | |||||||||
| 640,958 | ||||||||||||
| Ukraine | 0.5% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 7.750%, 09/01/20 | USD | 295 | 309,750 | |||||||||
| 7.750%, 09/01/23 | USD | 135 | 139,860 | |||||||||
| 7.750%, 09/01/27 | USD | 5 | 5,132 | |||||||||
| 7.375%, 09/25/32 | USD | 295 | 285,265 | |||||||||
| 740,007 | ||||||||||||
| Uruguay | 0.3% | ||||||||||||
| Republica Orient Uruguay, 5.000%, 09/14/18 | UYU | 9,533 | 340,760 | |||||||||
| Uruguay Treasury Bills: | ||||||||||||
| 0.000%, 06/01/18 | UYU | 680 | 23,621 | |||||||||
| 0.000%, 01/11/19 | UYU | 820 | 26,859 | |||||||||
| 0.000%, 03/08/19 | UYU | 2,850 | 91,968 | |||||||||
| 483,208 | ||||||||||||
| Venezuela | 0.2% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 12.750%, 08/23/22 (П) | USD | 58 | 19,430 | |||||||||
| 9.000%, 05/07/23 (П) | USD | 21 | 6,195 | |||||||||
| 8.250%, 10/13/24 | USD | 126 | 37,170 | |||||||||
| 7.650%, 04/21/25 (П) | USD | 101 | 29,795 | |||||||||
| 11.750%, 10/21/26 (П) | USD | 83 | 27,805 | |||||||||
| 9.250%, 09/15/27 | USD | 54 | 17,415 | |||||||||
| 9.250%, 05/07/28 (П) | USD | 95 | 28,025 | |||||||||
| 11.950%, 08/05/31 (П) | USD | 48 | 16,080 | |||||||||
| 9.375%, 01/13/34 (П) | USD | 139 | 47,955 | |||||||||
| 7.000%, 03/31/38 | USD | 192 | 58,320 | |||||||||
| 288,190 | ||||||||||||
| Zambia | 0.2% | ||||||||||||
| Republic of Zambia, 8.970%, 07/30/27 | USD | 210 | 221,813 | |||||||||
| Total Foreign Government Obligations (Cost $24,052,010) |
23,967,109 | |||||||||||
| Quasi Government Bonds | 0.9% | ||||||||||||
| Argentina | 0.4% | ||||||||||||
| Letras Banco Cent Argentina, 0.000%, 05/16/18 | ARS | 13,270 | 631,663 | |||||||||
| Brazil | 0.1% | ||||||||||||
| Cemig Geracao e Transmissao SA, 9.250%, 12/05/24 (#) | USD | 200 | 214,500 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Multi-Asset Portfolio (continued) | ||||||||||||
| Russia | 0.2% | ||||||||||||
| VTB Bank PJSC Via VTB Eurasia DAC, 9.500%, 12/06/22 (§), (Ø), (¶) | USD | 200 | $ | 220,210 | ||||||||
| Ukraine | 0.1% | ||||||||||||
| Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22 | USD | 150 | 158,175 | |||||||||
| Venezuela | 0.1% | ||||||||||||
| Petroleos de Venezuela SA: | ||||||||||||
| 6.000%, 05/16/24 (П) | USD | 95 | 25,531 | |||||||||
| 6.000%, 11/15/26 (П) | USD | 95 | 25,436 | |||||||||
| 5.375%, 04/12/27 (П) | USD | 75 | 20,738 | |||||||||
| 5.500%, 04/12/37 (П) | USD | 85 | 23,162 | |||||||||
| 94,867 | ||||||||||||
| Total Quasi Government Bonds (Cost $1,343,366) | 1,319,415 | |||||||||||
| Supranational Bonds | 0.1% | ||||||||||||
| European Investment Bank, 7.200%, 07/09/19 (#) (Cost $222,368) | IDR | 3,000,000 | 220,105 | |||||||||
| US Treasury Securities | 3.7% | ||||||||||||
| US Treasury Notes: | ||||||||||||
| 0.750%, 04/30/18 | USD | 800 | 799,478 | |||||||||
| 0.625%, 06/30/18 | USD | 900 | 897,383 | |||||||||
| 0.750%, 07/31/18 | USD | 1,100 | 1,096,090 | |||||||||
| 1.500%, 08/31/18 | USD | 700 | 698,830 | |||||||||
| 1.375%, 09/30/18 | USD | 200 | 199,444 | |||||||||
| 0.875%, 10/15/18 | USD | 1,600 | 1,590,562 | |||||||||
| Total US Treasury Securities (Cost $5,283,763) | 5,281,787 | |||||||||||
| Description | Shares | Fair Value | ||||||
| Warrants | 0.0% | ||||||||
| Brazil | 0.0% | ||||||||
Iochpe
Maxion SA, | 5,284 | $ | 22,391 | |||||
| Short-Term Investments | 7.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $11,129,222) | 11,129,222 | 11,129,222 | ||||||
| Description | Counterparty | Notional Amount (000s) | Number of Contracts | Fair Value | ||||||||||
| Purchased Options | 0.1% | ||||||||||||||
| Put | ||||||||||||||
| EUR vs PLN Jul 18 4.2, Expires 07/30/18 | BRC | $ | 1,494 | 14,940 | $ | 11,949 | ||||||||
| Description | Counterparty | Notional Amount (000s) | Number of Contracts | Fair Value | ||||||||||
| EUR vs PLN Sep 18 4.2, Expires 09/28/18 | HSB | $ | 922 | 9,220 | $ | 9,189 | ||||||||
| USD vs BRL Apr 18 3.1, Expires 04/13/18 | JPMS | 1,460 | 14,600 | 292 | ||||||||||
| USD vs BRL Apr 18 3.15, Expires 04/02/18 | JPMS | 1,170 | 11,700 | 0 | ||||||||||
| USD vs EUR Apr 18 1.25, Expires 04/19/18 | JPMS | 1,160 | 11,600 | 1,972 | ||||||||||
| USD vs EUR Jun 18 1.24, Expires 06/21/18 | JPMS | 2,040 | 20,400 | 25,704 | ||||||||||
| EUR vs HUF Sep 18 308, Expires 09/28/18 | JPMS | 1,410 | 14,100 | 10,063 | ||||||||||
| USD vs MXN Apr 18 18.25, Expires 04/12/18 | JPMS | 2,310 | 23,100 | 21,021 | ||||||||||
| Total Purchased Options (Cost $155,526) | 80,190 | |||||||||||||
| Total Investments | 98.8% (Cost $132,289,748) (¤) | $ | 141,637,481 | ||||||||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 1,709,369 | |||||||||||||
| Net Assets | 100.0% | $ | 143,346,850 | ||||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| ARS | 4,070,990 | USD | 187,000 | CIT | 08/21/18 | $ | 954 | $ | — | |||||||||
| ARS | 4,679,400 | USD | 220,000 | HSB | 06/15/18 | 3,779 | — | |||||||||||
| ARS | 4,272,320 | USD | 208,000 | SCB | 04/27/18 | 1,650 | — | |||||||||||
| BRL | 1,030,887 | USD | 316,000 | CIT | 04/09/18 | — | 3,905 | |||||||||||
| BRL | 989,032 | USD | 293,560 | CIT | 10/16/18 | 968 | — | |||||||||||
| BRL | 700,208 | USD | 214,000 | HSB | 04/20/18 | — | 2,203 | |||||||||||
| BRL | 199,402 | USD | 60,221 | SCB | 06/04/18 | — | 124 | |||||||||||
| CLP | 137,032,560 | USD | 228,000 | HSB | 04/20/18 | — | 1,067 | |||||||||||
| CNY | 2,729,855 | USD | 430,000 | CIT | 05/09/18 | 4,183 | — | |||||||||||
| CNY | 1,988,405 | USD | 314,000 | HSB | 05/09/18 | 2,255 | — | |||||||||||
| COP | 1,421,437,200 | USD | 501,000 | CIT | 04/12/18 | 7,661 | — | |||||||||||
| COP | 593,580,000 | USD | 208,000 | SCB | 05/09/18 | 4,304 | — | |||||||||||
| CZK | 9,612,540 | EUR | 378,000 | CIT | 04/26/18 | 299 | — | |||||||||||
| CZK | 12,955,058 | USD | 610,000 | BRC | 04/05/18 | 17,573 | — | |||||||||||
| CZK | 1,585,916 | USD | 77,859 | BRC | 06/20/18 | — | 722 | |||||||||||
| CZK | 1,585,916 | USD | 77,871 | CIT | 06/20/18 | — | 734 | |||||||||||
| CZK | 1,585,916 | USD | 77,871 | JPM | 06/20/18 | — | 734 | |||||||||||
| CZK | 1,585,916 | USD | 77,878 | SCB | 06/20/18 | — | 741 | |||||||||||
| EUR | 109,154 | USD | 135,000 | CIT | 04/26/18 | — | 481 | |||||||||||
| EUR | 205,691 | USD | 257,000 | CIT | 05/25/18 | — | 2,987 | |||||||||||
| GHS | 509,490 | USD | 111,000 | CIT | 05/07/18 | 2,580 | — | |||||||||||
| GHS | 482,830 | USD | 106,000 | SCB | 04/23/18 | 2,286 | — | |||||||||||
| GHS | 578,400 | USD | 120,000 | SCB | 07/09/18 | 5,824 | — | |||||||||||
| HUF | 27,330,393 | USD | 108,609 | BOA | 06/20/18 | — | 408 | |||||||||||
| HUF | 27,330,393 | USD | 108,605 | BRC | 06/20/18 | — | 403 | |||||||||||
| HUF | 95,839,025 | USD | 382,000 | JPM | 04/27/18 | — | 3,943 | |||||||||||
| HUF | 27,330,391 | USD | 108,670 | JPM | 06/20/18 | — | 468 | |||||||||||
| HUF | 27,330,393 | USD | 108,702 | SCB | 06/20/18 | — | 501 | |||||||||||
| HUF | 27,330,393 | USD | 108,665 | UBS | 06/20/18 | — | 464 | |||||||||||
| IDR | 4,295,070,194 | USD | 311,124 | BRC | 06/05/18 | 334 | — | |||||||||||
| IDR | 7,052,486,574 | USD | 511,346 | BRC | 06/05/18 | 67 | — | |||||||||||
| IDR | 7,959,261,301 | USD | 577,051 | CIT | 05/21/18 | 837 | — | |||||||||||
| IDR | 4,295,070,194 | USD | 311,463 | CIT | 06/05/18 | — | 4 | |||||||||||
| IDR | 1,346,845,000 | USD | 97,000 | CIT | 01/07/19 | — | 1,271 | |||||||||||
| IDR | 1,702,510,000 | USD | 122,000 | HSB | 01/07/19 | — | 991 | |||||||||||
| IDR | 7,959,261,301 | USD | 577,093 | JPM | 05/21/18 | 795 | — | |||||||||||
| IDR | 4,295,070,194 | USD | 311,237 | JPM | 06/05/18 | 221 | — | |||||||||||
| IDR | 7,052,486,574 | USD | 511,309 | JPM | 06/05/18 | 104 | — | |||||||||||
| IDR | 2,736,162,000 | USD | 198,000 | SCB | 04/06/18 | 979 | — | |||||||||||
| IDR | 7,959,261,301 | USD | 576,883 | SCB | 05/21/18 | 1,004 | — | |||||||||||
| IDR | 4,295,070,194 | USD | 311,327 | SCB | 06/05/18 | 131 | — | |||||||||||
| IDR | 7,959,261,302 | USD | 576,758 | UBS | 05/21/18 | 1,129 | — | |||||||||||
| INR | 68,132,881 | USD | 1,064,784 | CIT | 04/09/18 | — | 18,640 | |||||||||||
| INR | 16,669,350 | USD | 255,000 | CIT | 05/08/18 | 228 | — | |||||||||||
| INR | 12,344,608 | USD | 189,538 | HSB | 04/09/18 | 7 | — | |||||||||||
| INR | 2,646,294 | USD | 41,354 | SCB | 04/09/18 | — | 722 | |||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| INR | 68,132,881 | USD | 1,064,659 | SCB | 04/09/18 | $ | — | $ | 18,515 | |||||||||
| INR | 60,081,620 | USD | 931,000 | SCB | 04/20/18 | — | 8,999 | |||||||||||
| INR | 2,646,294 | USD | 41,334 | UBS | 04/09/18 | — | 701 | |||||||||||
| KRW | 483,332,640 | USD | 452,000 | SCB | 04/12/18 | 3,052 | — | |||||||||||
| KZT | 102,640,000 | USD | 320,000 | CIT | 04/06/18 | 1,432 | — | |||||||||||
| KZT | 84,485,700 | USD | 261,000 | CIT | 04/26/18 | 2,724 | — | |||||||||||
| KZT | 41,540,580 | USD | 129,000 | SCB | 05/25/18 | 128 | — | |||||||||||
| NGN | 50,735,000 | USD | 139,000 | CIT | 06/19/18 | 7,234 | — | |||||||||||
| NGN | 54,750,000 | USD | 146,000 | HSB | 12/27/18 | 4,192 | — | |||||||||||
| NGN | 43,036,000 | USD | 116,000 | JPM | 09/19/18 | 5,010 | — | |||||||||||
| NGN | 50,526,500 | USD | 139,000 | SCB | 05/21/18 | 8,021 | — | |||||||||||
| NGN | 35,886,250 | USD | 95,000 | SCB | 12/27/18 | 3,445 | — | |||||||||||
| PEN | 1,733,291 | USD | 528,910 | BOA | 04/16/18 | 8,113 | — | |||||||||||
| PEN | 1,733,291 | USD | 528,716 | BRC | 04/16/18 | 8,307 | — | |||||||||||
| PEN | 1,733,292 | USD | 528,765 | HSB | 04/16/18 | 8,258 | — | |||||||||||
| PEN | 1,193,368 | USD | 365,000 | HSB | 05/18/18 | 4,354 | — | |||||||||||
| PEN | 1,034,552 | USD | 316,000 | SCB | 04/16/18 | 4,534 | — | |||||||||||
| PEN | 1,733,291 | USD | 528,749 | SCB | 04/16/18 | 8,274 | — | |||||||||||
| PEN | 1,733,291 | USD | 528,845 | UBS | 04/16/18 | 8,178 | — | |||||||||||
| PHP | 34,298,550 | USD | 676,000 | JPM | 04/12/18 | — | 19,424 | |||||||||||
| PLN | 1,103,907 | USD | 321,305 | BOA | 05/18/18 | 1,401 | — | |||||||||||
| PLN | 1,103,907 | USD | 321,262 | BRC | 05/18/18 | 1,444 | — | |||||||||||
| PLN | 1,103,907 | USD | 321,165 | CIT | 05/18/18 | 1,542 | — | |||||||||||
| PLN | 2,290,478 | USD | 675,000 | JPM | 04/16/18 | — | 5,824 | |||||||||||
| PLN | 469,809 | USD | 138,000 | SCB | 04/30/18 | — | 704 | |||||||||||
| PLN | 1,103,907 | USD | 321,155 | SCB | 05/18/18 | 1,551 | — | |||||||||||
| PLN | 1,103,906 | USD | 321,309 | UBS | 05/18/18 | 1,397 | — | |||||||||||
| RUB | 17,736,246 | USD | 307,862 | BRC | 04/16/18 | 1,197 | — | |||||||||||
| RUB | 27,431,500 | USD | 478,607 | JPM | 04/16/18 | — | 605 | |||||||||||
| RUB | 12,553,200 | USD | 220,000 | SCB | 04/16/18 | — | 1,257 | |||||||||||
| RUB | 20,886,684 | USD | 364,000 | SCB | 05/16/18 | — | 1,411 | |||||||||||
| SGD | 18,177 | USD | 13,900 | BRC | 04/30/18 | — | 28 | |||||||||||
| SGD | 72,750 | USD | 55,620 | BRC | 04/30/18 | — | 101 | |||||||||||
| SGD | 72,942 | USD | 55,620 | BRC | 04/30/18 | 46 | — | |||||||||||
| SGD | 164,701 | USD | 125,705 | BRC | 04/30/18 | — | 12 | |||||||||||
| SGD | 16,360 | USD | 12,510 | CIT | 04/30/18 | — | 25 | |||||||||||
| SGD | 92,712 | USD | 70,900 | CIT | 04/30/18 | — | 146 | |||||||||||
| SGD | 36,470 | USD | 27,810 | JPM | 04/30/18 | 22 | — | |||||||||||
| SGD | 54,660 | USD | 41,800 | JPM | 04/30/18 | — | 86 | |||||||||||
| SGD | 72,692 | USD | 55,620 | JPM | 04/30/18 | — | 145 | |||||||||||
| SGD | 106,226 | USD | 80,969 | JPM | 04/30/18 | 97 | — | |||||||||||
| SGD | 72,681 | USD | 55,620 | SCB | 04/30/18 | — | 153 | |||||||||||
| SGD | 72,754 | USD | 55,600 | SCB | 04/30/18 | — | 77 | |||||||||||
| SGD | 109,376 | USD | 83,430 | SCB | 04/30/18 | 41 | — | |||||||||||
| SGD | 249,580 | USD | 191,000 | SCB | 05/31/18 | — | 407 | |||||||||||
| SGD | 111,865 | USD | 85,403 | UBS | 04/30/18 | — | 32 | |||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| SGD | 127,231 | USD | 97,300 | UBS | 04/30/18 | $ | — | $ | 202 | |||||||||
| SGD | 163,585 | USD | 125,140 | UBS | 04/30/18 | — | 299 | |||||||||||
| SGD | 164,005 | USD | 125,140 | UBS | 04/30/18 | 21 | — | |||||||||||
| THB | 14,649,061 | USD | 470,562 | BRC | 04/20/18 | — | 1,834 | |||||||||||
| THB | 8,448,199 | USD | 271,350 | JPM | 04/20/18 | — | 1,031 | |||||||||||
| THB | 16,749,674 | USD | 538,089 | SCB | 04/20/18 | — | 2,147 | |||||||||||
| THB | 26,582,885 | USD | 854,000 | SCB | 05/16/18 | — | 2,677 | |||||||||||
| TRY | 1,523,544 | USD | 354,849 | HSB | 11/13/18 | 5,854 | — | |||||||||||
| TRY | 1,413,406 | USD | 326,000 | SCB | 11/13/18 | 8,627 | — | |||||||||||
| UAH | 3,357,300 | USD | 114,000 | SCB | 07/26/18 | 7,436 | — | |||||||||||
| USD | 100,000 | ARS | 2,059,000 | SCB | 04/27/18 | — | 1,039 | |||||||||||
| USD | 317,000 | AUD | 413,865 | SCB | 06/04/18 | — | 898 | |||||||||||
| USD | 60,000 | BRL | 199,380 | BRC | 06/04/18 | — | 90 | |||||||||||
| USD | 298,000 | BRL | 989,032 | HSB | 10/16/18 | 3,473 | — | |||||||||||
| USD | 550,126 | BRL | 1,790,990 | JPM | 04/09/18 | 7,915 | — | |||||||||||
| USD | 100,000 | CLP | 60,874,800 | HSB | 04/20/18 | — | 812 | |||||||||||
| USD | 230,000 | CNY | 1,474,760 | HSB | 05/09/18 | — | 4,560 | |||||||||||
| USD | 112,000 | COP | 311,696,000 | CIT | 04/12/18 | 460 | — | |||||||||||
| USD | 155,000 | COP | 442,160,750 | CIT | 04/12/18 | — | 3,227 | |||||||||||
| USD | 77,541 | CZK | 1,585,916 | BRC | 04/05/18 | 716 | — | |||||||||||
| USD | 77,551 | CZK | 1,585,916 | CIT | 04/05/18 | 725 | — | |||||||||||
| USD | 50,000 | CZK | 1,028,134 | HSB | 04/05/18 | 195 | — | |||||||||||
| USD | 77,551 | CZK | 1,585,916 | JPM | 04/05/18 | 725 | — | |||||||||||
| USD | 100,000 | CZK | 2,054,075 | JPM | 04/26/18 | 393 | — | |||||||||||
| USD | 60,000 | CZK | 1,241,373 | SCB | 04/05/18 | — | 135 | |||||||||||
| USD | 60,000 | CZK | 1,241,510 | SCB | 04/05/18 | — | 142 | |||||||||||
| USD | 60,000 | CZK | 1,237,938 | SCB | 04/05/18 | 31 | — | |||||||||||
| USD | 77,551 | CZK | 1,585,916 | SCB | 04/05/18 | 725 | — | |||||||||||
| USD | 90,000 | CZK | 1,862,439 | UBS | 04/05/18 | — | 221 | |||||||||||
| USD | 429,000 | EUR | 346,765 | CIT | 05/25/18 | 771 | — | |||||||||||
| USD | 150,000 | GHS | 670,125 | SCB | 04/23/18 | — | 291 | |||||||||||
| USD | 50,000 | HUF | 12,581,625 | BRC | 06/20/18 | 189 | — | |||||||||||
| USD | 60,000 | HUF | 15,137,328 | SCB | 06/20/18 | 71 | — | |||||||||||
| USD | 60,000 | HUF | 15,118,347 | SCB | 06/20/18 | 146 | — | |||||||||||
| USD | 70,000 | HUF | 17,616,340 | SCB | 06/20/18 | 257 | — | |||||||||||
| USD | 136,000 | IDR | 1,893,120,000 | HSB | 04/26/18 | — | 1,728 | |||||||||||
| USD | 450,000 | IDR | 6,229,350,000 | JPM | 05/21/18 | — | 2,286 | |||||||||||
| USD | 460,000 | IDR | 6,363,180,000 | JPM | 05/21/18 | — | 2,003 | |||||||||||
| USD | 540,000 | IDR | 7,476,300,000 | JPM | 05/21/18 | — | 2,822 | |||||||||||
| USD | 217,000 | IDR | 3,006,752,000 | SCB | 04/06/18 | — | 1,657 | |||||||||||
| USD | 480,000 | IDR | 6,649,920,000 | UBS | 06/05/18 | — | 2,221 | |||||||||||
| USD | 190,000 | INR | 12,396,550 | HSB | 04/09/18 | — | 342 | |||||||||||
| USD | 1,510,000 | INR | 98,414,250 | JPM | 04/09/18 | — | 1,098 | |||||||||||
| USD | 135,000 | INR | 8,850,600 | SCB | 04/20/18 | — | 820 | |||||||||||
| USD | 275,000 | INR | 17,941,000 | SCB | 04/20/18 | — | 319 | |||||||||||
| USD | 191,000 | JPY | 20,123,951 | HSB | 05/29/18 | 1,210 | — | |||||||||||
| USD | 200,000 | KRW | 213,880,000 | SCB | 04/12/18 | — | 1,366 | |||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 200,000 | KZT | 64,360,000 | SCB | 04/06/18 | $ | — | $ | 1,552 | |||||||||
| USD | 150,000 | MXN | 2,789,766 | HSB | 04/16/18 | — | 3,148 | |||||||||||
| USD | 270,000 | MXN | 5,096,056 | JPM | 04/16/18 | — | 9,756 | |||||||||||
| USD | 100,000 | MXN | 1,866,780 | SCB | 04/16/18 | — | 2,480 | |||||||||||
| USD | 256,000 | MXN | 4,856,448 | SCB | 05/23/18 | — | 9,070 | |||||||||||
| USD | 79,743 | MXN | 1,460,600 | UBS | 04/16/18 | — | 439 | |||||||||||
| USD | 140,000 | PEN | 455,000 | BRC | 04/16/18 | — | 972 | |||||||||||
| USD | 140,000 | PEN | 454,860 | BRC | 04/16/18 | — | 929 | |||||||||||
| USD | 140,000 | PEN | 453,950 | BRC | 04/16/18 | — | 647 | |||||||||||
| USD | 147,185 | PEN | 480,926 | BRC | 04/16/18 | — | 1,820 | |||||||||||
| USD | 150,000 | PEN | 485,625 | BRC | 04/16/18 | — | 460 | |||||||||||
| USD | 250,000 | PEN | 816,000 | BRC | 04/16/18 | — | 2,820 | |||||||||||
| USD | 112,815 | PEN | 368,421 | CIT | 04/16/18 | — | 1,332 | |||||||||||
| USD | 151,820 | PEN | 493,112 | JPM | 04/16/18 | — | 960 | |||||||||||
| USD | 150,000 | PEN | 490,905 | SCB | 04/16/18 | — | 2,096 | |||||||||||
| USD | 155,000 | PEN | 502,123 | SCB | 04/16/18 | — | 572 | |||||||||||
| USD | 208,180 | PEN | 675,023 | SCB | 04/16/18 | — | 962 | |||||||||||
| USD | 240,000 | PEN | 785,448 | SCB | 04/16/18 | — | 3,354 | |||||||||||
| USD | 240,000 | PEN | 786,120 | SCB | 05/16/18 | — | 3,323 | |||||||||||
| USD | 135,000 | PHP | 7,087,500 | JPM | 04/12/18 | — | 676 | |||||||||||
| USD | 140,000 | PHP | 7,282,800 | JPM | 04/12/18 | 586 | — | |||||||||||
| USD | 270,000 | PLN | 921,530 | CIT | 05/18/18 | 609 | — | |||||||||||
| USD | 150,000 | PLN | 513,960 | JPM | 04/16/18 | — | 156 | |||||||||||
| USD | 150,000 | PLN | 514,325 | JPM | 04/16/18 | — | 263 | |||||||||||
| USD | 60,000 | PLN | 205,453 | SCB | 05/18/18 | — | 60 | |||||||||||
| USD | 180,000 | PLN | 619,693 | SCB | 05/18/18 | — | 1,155 | |||||||||||
| USD | 190,000 | PLN | 651,244 | SCB | 05/18/18 | — | 379 | |||||||||||
| USD | 50,000 | RON | 189,725 | CIT | 03/15/19 | — | 68 | |||||||||||
| USD | 218,676 | RON | 823,688 | CIT | 03/15/19 | 1,306 | — | |||||||||||
| USD | 200,851 | RUB | 11,545,919 | BOA | 06/19/18 | 1,153 | — | |||||||||||
| USD | 89,023 | RUB | 5,135,052 | BRC | 04/16/18 | — | 457 | |||||||||||
| USD | 145,930 | RUB | 8,426,559 | BRC | 06/19/18 | 184 | — | |||||||||||
| USD | 145,998 | RUB | 8,426,558 | BRC | 06/19/18 | 252 | — | |||||||||||
| USD | 200,823 | RUB | 11,545,919 | BRC | 06/19/18 | 1,125 | — | |||||||||||
| USD | 1,323,922 | RUB | 75,990,000 | JPM | 04/16/18 | — | 227 | |||||||||||
| USD | 125,000 | RUB | 7,220,000 | SCB | 04/16/18 | — | 811 | |||||||||||
| USD | 125,000 | RUB | 7,159,375 | SCB | 04/16/18 | 246 | — | |||||||||||
| USD | 200,718 | RUB | 11,545,919 | SCB | 06/19/18 | 1,020 | — | |||||||||||
| USD | 200,781 | RUB | 11,545,918 | UBS | 06/19/18 | 1,083 | — | |||||||||||
| USD | 18,761 | THB | 583,403 | BRC | 04/20/18 | 94 | — | |||||||||||
| USD | 41,884 | THB | 1,303,920 | BRC | 04/20/18 | 163 | — | |||||||||||
| USD | 47,665 | THB | 1,485,003 | BRC | 04/20/18 | 149 | — | |||||||||||
| USD | 148,828 | THB | 4,649,083 | BRC | 04/20/18 | 70 | — | |||||||||||
| USD | 70,000 | THB | 2,179,170 | HSB | 04/20/18 | 273 | — | |||||||||||
| USD | 99,770 | THB | 3,105,129 | JPM | 04/20/18 | 414 | — | |||||||||||
| USD | 111,050 | THB | 3,468,947 | JPM | 04/20/18 | 53 | — | |||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 148,650 | THB | 4,625,315 | JPM | 04/20/18 | $ | 653 | $ | — | |||||||||
| USD | 167,450 | THB | 5,227,538 | JPM | 04/20/18 | 184 | — | |||||||||||
| USD | 32,123 | THB | 1,003,862 | SCB | 04/20/18 | 2 | — | |||||||||||
| USD | 76,885 | THB | 2,398,812 | SCB | 04/20/18 | 130 | — | |||||||||||
| USD | 124,589 | THB | 3,880,940 | SCB | 04/20/18 | 410 | — | |||||||||||
| USD | 150,346 | THB | 4,680,200 | SCB | 04/20/18 | 593 | — | |||||||||||
| USD | 185,000 | THB | 5,759,975 | SCB | 05/16/18 | 536 | — | |||||||||||
| USD | 195,000 | THB | 6,065,085 | SCB | 05/16/18 | 764 | — | |||||||||||
| USD | 90,000 | TRY | 357,498 | CIT | 04/05/18 | — | 534 | |||||||||||
| USD | 100,000 | TRY | 394,610 | CIT | 04/05/18 | 68 | — | |||||||||||
| USD | 260,000 | TRY | 999,011 | CIT | 04/05/18 | 7,007 | — | |||||||||||
| USD | 220,000 | TRY | 851,620 | SCB | 04/05/18 | 4,333 | — | |||||||||||
| USD | 220,000 | TRY | 855,019 | SCB | 04/05/18 | 3,472 | — | |||||||||||
| USD | 50,000 | UAH | 1,382,500 | SCB | 07/26/18 | — | 6 | |||||||||||
| USD | 80,000 | UYU | 2,326,400 | CIT | 08/07/18 | — | 148 | |||||||||||
| USD | 230,277 | UYU | 6,697,600 | HSB | 04/18/18 | — | 5,184 | |||||||||||
| USD | 175,206 | ZAR | 2,096,879 | BOA | 05/18/18 | — | 835 | |||||||||||
| USD | 156,216 | ZAR | 1,882,175 | BRC | 04/20/18 | — | 2,403 | |||||||||||
| USD | 247,516 | ZAR | 2,935,515 | JPM | 05/18/18 | 1,069 | — | |||||||||||
| USD | 155,887 | ZAR | 1,882,175 | SCB | 04/20/18 | — | 2,732 | |||||||||||
| USD | 155,887 | ZAR | 1,882,175 | SCB | 04/20/18 | — | 2,732 | |||||||||||
| USD | 200,000 | ZAR | 2,352,940 | SCB | 04/20/18 | 1,708 | — | |||||||||||
| USD | 445,000 | ZAR | 5,373,420 | SCB | 04/20/18 | — | 7,840 | |||||||||||
| USD | 618,602 | ZAR | 7,528,700 | SCB | 04/20/18 | — | 15,872 | |||||||||||
| USD | 618,602 | ZAR | 7,528,700 | SCB | 04/20/18 | — | 15,872 | |||||||||||
| USD | 52,103 | ZAR | 615,309 | SCB | 05/16/18 | 432 | — | |||||||||||
| USD | 120,000 | ZAR | 1,449,828 | SCB | 05/18/18 | — | 1,718 | |||||||||||
| USD | 156,001 | ZAR | 1,882,175 | UBS | 04/20/18 | — | 2,618 | |||||||||||
| USD | 256,577 | ZAR | 3,103,572 | UBS | 04/20/18 | — | 4,974 | |||||||||||
| USD | 618,729 | ZAR | 7,528,700 | UBS | 04/20/18 | — | 15,745 | |||||||||||
| UYU | 4,703,680 | USD | 160,098 | CIT | 08/07/18 | 1,950 | — | |||||||||||
| UYU | 6,697,600 | USD | 230,000 | JPM | 04/18/18 | 5,461 | — | |||||||||||
| ZAR | 2,500,784 | USD | 208,000 | CIT | 05/16/18 | 2,005 | — | |||||||||||
| ZAR | 1,927,632 | USD | 160,000 | JPM | 05/18/18 | 1,832 | — | |||||||||||
| ZAR | 520,991 | USD | 43,753 | SCB | 04/20/18 | 153 | — | |||||||||||
| ZAR | 1,924,979 | USD | 160,000 | SCB | 04/20/18 | 2,226 | — | |||||||||||
| ZAR | 2,559,429 | USD | 218,000 | SCB | 04/20/18 | — | 2,306 | |||||||||||
| ZAR | 2,996,847 | USD | 254,220 | SCB | 04/20/18 | — | 1,664 | |||||||||||
| ZAR | 6,610,944 | USD | 554,230 | SCB | 04/20/18 | 2,901 | — | |||||||||||
| ZAR | 4,844,303 | USD | 402,002 | SCB | 05/18/18 | 4,695 | — | |||||||||||
| ZAR | 520,990 | USD | 43,731 | UBS | 04/20/18 | 175 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 245,625 | $ | 270,559 | ||||||||||||||
Lazard Emerging Markets Multi-Asset Portfolio (concluded)
Written Options open at March 31, 2018:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||
| Put | ||||||||||||||||||||||
| USD vs INR Apr 18 63.1 | GSC | 30,300 | $ | 63.10 | 04/05/18 | $ | 3,030,000 | $ | 10,888 | $ | — | |||||||||||
Credit Default Swap Agreements open at March 31, 2018:
| 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 Depreciation | ||||||||||||||||||||
| MEX USD SR 4Y | BRC | $ | 530,000 | 12/20/22 | Sell | (1.000 | )% | Quarterly | BBB+ | $ | (746 | ) | $ | 589 | $ | 1,335 | ||||||||||||||
| MEX USD SR 5Y | BRC | 5,040,000 | 06/20/23 | Buy | (1.000 | ) | Quarterly | BBB+ | 19,174 | 45,065 | 25,891 | |||||||||||||||||||
| Total Credit Default Swap Agreements | $ | 18,428 | $ | 45,654 | $ | 27,226 | ||||||||||||||||||||||||
Interest Rate Swap Agreements open at March 31, 2018:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Payment Frequency Paid/Received | Variable Rate | Unrealized Appreciation | |||||||||||
| BRL | JPM | $ 3,036,290 | 01/04/21 | 9.16 | % | Maturity | Brazil Cetip Interbank Deposit Rate | $ | 40,367 | |||||||||
| BRL | JPM | 4,534,446 | 01/04/21 | 10.31 | Maturity | Brazil Cetip Interbank Deposit Rate | 9,864 | |||||||||||
| BRL | JPM | 13,582,487 | 01/04/21 | 10.48 | Maturity | Brazil Cetip Interbank Deposit Rate | 35,383 | |||||||||||
| BRL | JPM | 5,416,880 | 01/04/21 | 10.81 | Maturity | Brazil Cetip Interbank Deposit Rate | 18,631 | |||||||||||
| Total gross unrealized appreciation on Interest Rate Swap Agreements | $ | 104,245 | ||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||||
| Corporate Bonds | 4.5% | ||||||||||||
| Argentina | 0.7% | ||||||||||||
| AES Argentina Generacion SA, 7.750%, 02/02/24 | USD | 480 | $ | 503,400 | ||||||||
| Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22 | USD | 875 | 942,623 | |||||||||
| Genneia SA, 8.750%, 01/20/22 (#) | USD | 320 | 343,885 | |||||||||
| 1,789,908 | ||||||||||||
| Brazil | 0.4% | ||||||||||||
| Petrobras Global Finance BV: | ||||||||||||
| 8.375%, 05/23/21 | USD | 460 | 523,710 | |||||||||
| 8.750%, 05/23/26 | USD | 225 | 264,103 | |||||||||
| 5.750%, 02/01/29 | USD | 310 | 299,965 | |||||||||
| 1,087,778 | ||||||||||||
| Canada | 0.4% | ||||||||||||
| First Quantum Minerals, Ltd.: | ||||||||||||
| 7.250%, 05/15/22 (#) | USD | 650 | 650,000 | |||||||||
| 7.250%, 04/01/23 (#) | USD | 300 | 296,250 | |||||||||
| 946,250 | ||||||||||||
| Chile | 0.4% | ||||||||||||
| AES Gener SA, 8.375%, 12/18/73 | USD | 590 | 613,600 | |||||||||
| VTR Finance BV, 6.875%, 01/15/24 | USD | 375 | 390,566 | |||||||||
| 1,004,166 | ||||||||||||
| Costa Rica | 0.1% | ||||||||||||
| Banco Nacional de Costa Rica, 5.875%, 04/25/21 | USD | 250 | 260,000 | |||||||||
| Guatemala | 0.4% | ||||||||||||
| Comcel Trust, 6.875%, 02/06/24 | USD | 1,020 | 1,064,625 | |||||||||
| India | 0.3% | ||||||||||||
| Neerg Energy, Ltd., 6.000%, 02/13/22 (#) | USD | 200 | 198,000 | |||||||||
| Vedanta Resources PLC, 6.375%, 07/30/22 (#) | USD | 450 | 458,437 | |||||||||
| 656,437 | ||||||||||||
| Israel | 0.1% | ||||||||||||
| Altice Financing SA, 6.625%, 02/15/23 (#) | USD | 375 | 371,250 | |||||||||
| Mauritius | 0.5% | ||||||||||||
| HTA Group, Ltd., 9.125%, 03/08/22 | USD | 600 | 636,000 | |||||||||
| Liquid Telecommunications Financing PLC: | ||||||||||||
| 8.500%, 07/13/22 | USD | 200 | 209,964 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 8.500%, 07/13/22 (#) | USD | 490 | $ | 514,410 | ||||||||
| 1,360,374 | ||||||||||||
| Nigeria | 0.1% | ||||||||||||
| IHS Netherlands Holdco BV, 9.500%, 10/27/21 | USD | 350 | 367,039 | |||||||||
| Peru | 0.5% | ||||||||||||
| Banco de Credito del Peru, 4.850%, 10/30/20 (#) | PEN | 2,300 | 712,768 | |||||||||
| Fondo MIVIVIENDA SA, 7.000%, 02/14/24 | PEN | 960 | 327,521 | |||||||||
| Inkia Energy, Ltd., 5.875%, 11/09/27 | USD | 400 | 388,500 | |||||||||
| 1,428,789 | ||||||||||||
| Russia | 0.2% | ||||||||||||
| Sberbank of Russia, 5.500%, 02/26/24 (§) | USD | 600 | 606,300 | |||||||||
| Turkey | 0.3% | ||||||||||||
| Turkiye Garanti Bankasi AS, 6.125%, 05/24/27 (§) | USD | 275 | 266,406 | |||||||||
| Turkiye Is Bankasi AS, 5.500%, 04/21/19 | USD | 590 | 594,425 | |||||||||
| 860,831 | ||||||||||||
| United States | 0.1% | ||||||||||||
| Sable International Finance, Ltd., 6.875%, 08/01/22 (#) | USD | 350 | 366,844 | |||||||||
| Total Corporate Bonds (Cost $12,117,812) | 12,170,591 | |||||||||||
| Foreign Government Obligations | 85.7% | ||||||||||||
| Angola | 2.0% | ||||||||||||
| Republic of Angola, 9.500%, 11/12/25 | USD | 4,827 | 5,442,442 | |||||||||
| Argentina | 5.5% | ||||||||||||
| Argentina Treasury Bills: | ||||||||||||
| 0.000%, 04/13/18 | ARS | 1,782 | 83,203 | |||||||||
| 0.000%, 09/19/18 | ARS | 2,000 | 87,900 | |||||||||
| Provincia de Buenos Aires, 7.875%, 06/15/27 | USD | 775 | 792,438 | |||||||||
| Republic of Argentina: | ||||||||||||
| 21.200%, 09/19/18 | ARS | 3,380 | 165,857 | |||||||||
| 25.420% (BADLARPP + 2.500%), 03/11/19 (§) | ARS | 1,010 | 50,992 | |||||||||
| 5.625%, 01/26/22 | USD | 1,755 | 1,777,815 | |||||||||
| 7.500%, 04/22/26 | USD | 1,240 | 1,324,940 | |||||||||
| 15.500%, 10/17/26 | ARS | 7,540 | 366,927 | |||||||||
| 6.875%, 01/26/27 | USD | 2,120 | 2,162,400 | |||||||||
| 5.875%, 01/11/28 | USD | 580 | 545,780 | |||||||||
| 6.625%, 07/06/28 | USD | 250 | 247,500 | |||||||||
| 7.125%, 07/06/36 | USD | 605 | 584,430 | |||||||||
| 7.625%, 04/22/46 | USD | 2,120 | 2,096,680 | |||||||||
| 6.875%, 01/11/48 | USD | 580 | 527,800 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 7.125%, 06/28/2117 | USD | 1,885 | $ | 1,732,315 | ||||||||
| 7.125%, 06/28/2117 (#) | USD | 2,280 | 2,095,320 | |||||||||
| 14,642,297 | ||||||||||||
| Azerbaijan | 0.2% | ||||||||||||
| Republic of Azerbaijan, 4.750%, 03/18/24 | USD | 540 | 542,025 | |||||||||
| Belarus | 0.3% | ||||||||||||
| Republic of Belarus: | ||||||||||||
| 6.875%, 02/28/23 (#) | USD | 260 | 275,210 | |||||||||
| 6.200%, 02/28/30 (#) | USD | 430 | 425,163 | |||||||||
| 700,373 | ||||||||||||
| Belize | 0.0% | ||||||||||||
| Republic of Belize, 4.938%, 02/20/34 (Ø) | USD | 185 | 110,075 | |||||||||
| Brazil | 7.6% | ||||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||||
| 0.000%, 01/01/20 | BRL | 13,400 | 3,598,066 | |||||||||
| 0.000%, 07/01/20 | BRL | 16,700 | 4,291,193 | |||||||||
| Brazil NTN-B, 6.000%, 08/15/50 | BRL | 2,688 | 2,798,114 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/21 | BRL | 9,340 | 2,965,556 | |||||||||
| 10.000%, 01/01/23 | BRL | 6,320 | 1,994,931 | |||||||||
| 10.000%, 01/01/25 | BRL | 4,560 | 1,427,750 | |||||||||
| 10.000%, 01/01/27 | BRL | 715 | 222,459 | |||||||||
| 10.000%, 01/01/29 | BRL | 900 | 278,162 | |||||||||
| Federal Republic of Brazil: | ||||||||||||
| 4.625%, 01/13/28 | USD | 1,101 | 1,078,980 | |||||||||
| 8.250%, 01/20/34 | USD | 610 | 769,820 | |||||||||
| 5.000%, 01/27/45 | USD | 970 | 873,000 | |||||||||
| 20,298,031 | ||||||||||||
| Chile | 0.8% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||||
| 5.000%, 03/01/35 | CLP | 330,000 | 545,708 | |||||||||
| 6.000%, 01/01/43 | CLP | 835,000 | 1,536,447 | |||||||||
| 2,082,155 | ||||||||||||
| Colombia | 4.5% | ||||||||||||
| Colombian Titulos De Tesoreria: | ||||||||||||
| 11.000%, 07/24/20 | COP | 1,489,000 | 599,375 | |||||||||
| 7.000%, 05/04/22 | COP | 5,440,000 | 2,039,797 | |||||||||
| 10.000%, 07/24/24 | COP | 10,400,500 | 4,467,459 | |||||||||
| 7.500%, 08/26/26 | COP | 3,827,000 | 1,466,444 | |||||||||
| 6.000%, 04/28/28 | COP | 2,022,000 | 696,373 | |||||||||
| Republic of Colombia: | ||||||||||||
| 7.375%, 09/18/37 | USD | 1,200 | 1,549,800 | |||||||||
| 5.000%, 06/15/45 | USD | 1,135 | 1,149,188 | |||||||||
| 11,968,436 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Costa Rica | 0.5% | ||||||||||||
| Republic of Costa Rica: | ||||||||||||
| 4.250%, 01/26/23 | USD | 675 | $ | 652,219 | ||||||||
| 7.158%, 03/12/45 | USD | 605 | 635,250 | |||||||||
| 1,287,469 | ||||||||||||
| Czech Republic | 0.8% | ||||||||||||
| Czech Republic, 2.500%, 08/25/28 | CZK | 43,800 | 2,244,506 | |||||||||
| Dominican Republic | 2.1% | ||||||||||||
| Dominican Republic: | ||||||||||||
| 5.500%, 01/27/25 | USD | 1,345 | 1,378,625 | |||||||||
| 6.875%, 01/29/26 (#) | USD | 235 | 260,263 | |||||||||
| 6.875%, 01/29/26 | USD | 690 | 764,175 | |||||||||
| 7.450%, 04/30/44 | USD | 1,070 | 1,217,125 | |||||||||
| 6.850%, 01/27/45 | USD | 355 | 382,512 | |||||||||
| 6.500%, 02/15/48 (#) | USD | 1,490 | 1,547,737 | |||||||||
| 5,550,437 | ||||||||||||
| Ecuador | 1.2% | ||||||||||||
| Republic of Ecuador: | ||||||||||||
| 10.500%, 03/24/20 | USD | 200 | 216,000 | |||||||||
| 10.750%, 03/28/22 | USD | 263 | 291,273 | |||||||||
| 10.750%, 03/28/22 (#) | USD | 325 | 359,937 | |||||||||
| 8.750%, 06/02/23 | USD | 460 | 480,700 | |||||||||
| 7.950%, 06/20/24 | USD | 200 | 201,000 | |||||||||
| 9.650%, 12/13/26 | USD | 1,230 | 1,314,870 | |||||||||
| 8.875%, 10/23/27 (#) | USD | 460 | 469,430 | |||||||||
| 3,333,210 | ||||||||||||
| Egypt | 4.3% | ||||||||||||
| Arab Republic of Egypt: | ||||||||||||
| 5.577%, 02/21/23 (#) | USD | 520 | 528,450 | |||||||||
| 7.500%, 01/31/27 | USD | 510 | 552,713 | |||||||||
| 6.588%, 02/21/28 (#) | USD | 845 | 857,675 | |||||||||
| 8.500%, 01/31/47 (#) | USD | 1,065 | 1,187,475 | |||||||||
| 8.500%, 01/31/47 | USD | 4,725 | 5,268,375 | |||||||||
| 7.903%, 02/21/48 (#) | USD | 1,410 | 1,484,025 | |||||||||
| Egypt Treasury Bills: | ||||||||||||
| 0.000%, 07/10/18 | EGP | 1,500 | 80,634 | |||||||||
| 0.000%, 07/24/18 | EGP | 29,000 | 1,548,775 | |||||||||
| 11,508,122 | ||||||||||||
| El Salvador | 2.2% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 7.375%, 12/01/19 | USD | 1,165 | 1,217,425 | |||||||||
| 7.750%, 01/24/23 | USD | 955 | 1,039,756 | |||||||||
| 5.875%, 01/30/25 | USD | 936 | 919,620 | |||||||||
| 6.375%, 01/18/27 | USD | 880 | 872,300 | |||||||||
| 8.625%, 02/28/29 | USD | 450 | 517,500 | |||||||||
| 8.250%, 04/10/32 | USD | 485 | 543,806 | |||||||||
| 7.650%, 06/15/35 | USD | 280 | 295,050 | |||||||||
| 7.625%, 02/01/41 | USD | 445 | 469,475 | |||||||||
| 5,874,932 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| Gabon | 0.1% | ||||||||||||
| Gabonese Republic, 6.375%, 12/12/24 | USD | 420 | $ | 416,850 | ||||||||
| Ghana | 0.7% | ||||||||||||
| Ghana Government Bonds: | ||||||||||||
| 22.490%, 04/23/18 | GHS | 150 | 34,036 | |||||||||
| 23.470%, 05/21/18 | GHS | 390 | 88,980 | |||||||||
| 19.040%, 09/24/18 | GHS | 50 | 11,461 | |||||||||
| 24.500%, 04/22/19 | GHS | 60 | 14,631 | |||||||||
| Ghana Treasury Notes: | ||||||||||||
| 22.500%, 12/10/18 | GHS | 720 | 169,129 | |||||||||
| 21.000%, 01/07/19 | GHS | 3,010 | 702,606 | |||||||||
| Republic of Ghana: | ||||||||||||
| 9.250%, 09/15/22 | USD | 470 | 534,625 | |||||||||
| 7.875%, 08/07/23 | USD | 215 | 234,888 | |||||||||
| 1,790,356 | ||||||||||||
| Honduras | 0.2% | ||||||||||||
| Republic of Honduras: | ||||||||||||
| 8.750%, 12/16/20 | USD | 310 | 342,550 | |||||||||
| 6.250%, 01/19/27 | USD | 155 | 163,719 | |||||||||
| 506,269 | ||||||||||||
| India | 1.4% | ||||||||||||
| India Government Bonds, 7.720%, 05/25/25 | INR | 240,000 | 3,717,346 | |||||||||
| Indonesia | 4.0% | ||||||||||||
| Indonesia Government Bonds: | ||||||||||||
| 7.875%, 04/15/19 | IDR | 20,328,000 | 1,511,219 | |||||||||
| 8.375%, 03/15/24 | IDR | 7,060,000 | 559,595 | |||||||||
| 8.375%, 09/15/26 | IDR | 1,473,000 | 118,653 | |||||||||
| 7.000%, 05/15/27 | IDR | 2,543,000 | 187,758 | |||||||||
| 6.125%, 05/15/28 | IDR | 15,075,000 | 1,049,803 | |||||||||
| 9.000%, 03/15/29 | IDR | 8,440,000 | 704,687 | |||||||||
| 8.750%, 05/15/31 | IDR | 33,261,000 | 2,737,866 | |||||||||
| 7.500%, 08/15/32 | IDR | 22,532,000 | 1,690,207 | |||||||||
| 8.375%, 03/15/34 | IDR | 14,838,000 | 1,178,795 | |||||||||
| 8.250%, 05/15/36 | IDR | 12,883,000 | 1,012,954 | |||||||||
| 10,751,537 | ||||||||||||
| Iraq | 0.3% | ||||||||||||
| Republic of Iraq: | ||||||||||||
| 6.752%, 03/09/23 (#) | USD | 125 | 127,031 | |||||||||
| 6.752%, 03/09/23 | USD | 250 | 254,063 | |||||||||
| 5.800%, 01/15/28 | USD | 425 | 406,937 | |||||||||
| 788,031 | ||||||||||||
| Ivory Coast | 0.3% | ||||||||||||
| Ivory Coast, 5.750%, 12/31/32 (Ø) | USD | 906 | 872,270 | |||||||||
| Jordan | 0.5% | ||||||||||||
| Kingdom of Jordan: | ||||||||||||
| 6.125%, 01/29/26 (#) | USD | 155 | 155,969 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 5.750%, 01/31/27 (#) | USD | 400 | $ | 389,000 | ||||||||
| 7.375%, 10/10/47 (#) | USD | 740 | 749,250 | |||||||||
| 1,294,219 | ||||||||||||
| Kenya | 1.4% | ||||||||||||
| Republic of Kenya: | ||||||||||||
| 6.875%, 06/24/24 | USD | 565 | 591,131 | |||||||||
| 8.250%, 02/28/48 (#) | USD | 2,885 | 3,090,556 | |||||||||
| 3,681,687 | ||||||||||||
| Lebanon | 2.9% | ||||||||||||
| Lebanese Republic: | ||||||||||||
| 6.375%, 03/09/20 | USD | 785 | 788,925 | |||||||||
| 6.150%, 06/19/20 | USD | 130 | 129,788 | |||||||||
| 8.250%, 04/12/21 | USD | 267 | 281,351 | |||||||||
| 6.000%, 01/27/23 | USD | 1,820 | 1,779,050 | |||||||||
| 6.650%, 04/22/24 | USD | 2,047 | 2,031,648 | |||||||||
| 6.250%, 11/04/24 | USD | 919 | 886,835 | |||||||||
| 6.600%, 11/27/26 | USD | 499 | 479,040 | |||||||||
| 6.850%, 03/23/27 | USD | 670 | 648,225 | |||||||||
| 6.650%, 11/03/28 | USD | 702 | 658,125 | |||||||||
| 7,682,987 | ||||||||||||
| Malaysia | 2.7% | ||||||||||||
| Malaysia Treasury Bills, 0.000%, 01/18/19 | MYR | 4,590 | 1,156,922 | |||||||||
| Malaysia Government Bonds: | ||||||||||||
| 3.759%, 03/15/19 | MYR | 5,906 | 1,535,345 | |||||||||
| 5.734%, 07/30/19 | MYR | 2,973 | 792,523 | |||||||||
| 3.882%, 03/10/22 | MYR | 380 | 99,313 | |||||||||
| 3.795%, 09/30/22 | MYR | 7,300 | 1,892,474 | |||||||||
| 3.955%, 09/15/25 | MYR | 480 | 124,002 | |||||||||
| 4.498%, 04/15/30 | MYR | 4,070 | 1,062,314 | |||||||||
| 3.844%, 04/15/33 | MYR | 580 | 139,985 | |||||||||
| 4.254%, 05/31/35 | MYR | 1,590 | 393,779 | |||||||||
| 7,196,657 | ||||||||||||
| Mexico | 4.3% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.500%, 06/09/22 | MXN | 4,260 | 228,153 | |||||||||
| 10.000%, 12/05/24 | MXN | 1,977 | 124,710 | |||||||||
| 7.500%, 06/03/27 | MXN | 10,820 | 601,857 | |||||||||
| 7.750%, 05/29/31 | MXN | 29,440 | 1,658,550 | |||||||||
| 10.000%, 11/20/36 | MXN | 34,719 | 2,370,965 | |||||||||
| 7.750%, 11/13/42 | MXN | 49,580 | 2,768,433 | |||||||||
| Mexico Cetes, 0.000%, 07/19/18 | MXN | 696,690 | 3,746,299 | |||||||||
| 11,498,967 | ||||||||||||
| Mongolia | 0.3% | ||||||||||||
| Mongolia International Bonds: | ||||||||||||
| 10.875%, 04/06/21 | USD | 145 | 166,707 | |||||||||
| 5.125%, 12/05/22 | USD | 285 | 277,989 | |||||||||
| 8.750%, 03/09/24 (#) | USD | 220 | 246,818 | |||||||||
| 691,514 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| Mozambique | 0.7% | ||||||||||||
| Mozambique International Bonds, 10.500%, 01/18/23 | USD | 2,268 | $ | 1,817,235 | ||||||||
| Namibia | 0.0% | ||||||||||||
| Republic of Namibia, 5.250%, 10/29/25 | USD | 95 | 94,288 | |||||||||
| Nigeria | 1.4% | ||||||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 10/04/18 | NGN | 62,070 | 159,092 | |||||||||
| 0.000%, 11/01/18 | NGN | 103,500 | 262,237 | |||||||||
| 0.000%, 01/03/19 | NGN | 124,140 | 308,491 | |||||||||
| 0.000%, 01/17/19 | NGN | 56,840 | 140,445 | |||||||||
| Republic of Nigeria: | ||||||||||||
| 6.500%, 11/28/27 (#) | USD | 800 | 812,000 | |||||||||
| 7.875%, 02/16/32 (#) | USD | 485 | 527,437 | |||||||||
| 7.625%, 11/28/47 | USD | 405 | 420,188 | |||||||||
| 7.625%, 11/28/47 (#) | USD | 970 | 1,006,375 | |||||||||
| 3,636,265 | ||||||||||||
| Paraguay | 1.0% | ||||||||||||
| Republic of Paraguay: | ||||||||||||
| 6.100%, 08/11/44 | USD | 1,750 | 1,890,000 | |||||||||
| 5.600%, 03/13/48 (#) | USD | 740 | 758,500 | |||||||||
| 2,648,500 | ||||||||||||
| Peru | 0.8% | ||||||||||||
| Republic of Peru: | ||||||||||||
| 6.950%, 08/12/31 | PEN | 4,700 | 1,709,069 | |||||||||
| 6.900%, 08/12/37 | PEN | 1,580 | 565,340 | |||||||||
| 2,274,409 | ||||||||||||
| Philippines | 0.1% | ||||||||||||
| Republic of Philippines, 3.625%, 09/09/25 | PHP | 15,300 | 253,520 | |||||||||
| Poland | 1.1% | ||||||||||||
| Poland Government Bonds, 3.250%, 07/25/25 | PLN | 10,180 | 3,043,785 | |||||||||
| Russia | 6.1% | ||||||||||||
| Russia Foreign Bonds: | ||||||||||||
| 5.250%, 06/23/47 (#) | USD | 200 | 199,700 | |||||||||
| 5.250%, 06/23/47 | USD | 1,400 | 1,397,900 | |||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 7.600%, 04/14/21 | RUB | 77,100 | 1,390,404 | |||||||||
| 7.500%, 08/18/21 | RUB | 72,920 | 1,314,603 | |||||||||
| 7.000%, 12/15/21 | RUB | 80,950 | 1,437,897 | |||||||||
| 7.000%, 08/16/23 | RUB | 69,790 | 1,247,656 | |||||||||
| 7.750%, 09/16/26 | RUB | 234,830 | 4,328,988 | |||||||||
| 7.050%, 01/19/28 | RUB | 174,410 | 3,066,952 | |||||||||
| 8.500%, 09/17/31 | RUB | 97,660 | 1,912,039 | |||||||||
| 16,296,139 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| South Africa | 11.4% | ||||||||||||
| Republic of South Africa: | ||||||||||||
| 7.250%, 01/15/20 | ZAR | 24,420 | $ | 2,078,710 | ||||||||
| 7.750%, 02/28/23 | ZAR | 129,840 | 11,139,322 | |||||||||
| 5.875%, 09/16/25 | USD | 760 | 809,400 | |||||||||
| 10.500%, 12/21/26 | ZAR | 65,160 | 6,362,800 | |||||||||
| 8.250%, 03/31/32 | ZAR | 59,520 | 4,904,124 | |||||||||
| 8.500%, 01/31/37 | ZAR | 30,850 | 2,536,916 | |||||||||
| 5.650%, 09/27/47 | USD | 1,280 | 1,267,200 | |||||||||
| 8.750%, 02/28/48 | ZAR | 16,680 | 1,393,315 | |||||||||
| 30,491,787 | ||||||||||||
| Sri Lanka | 1.1% | ||||||||||||
| Republic of Sri Lanka: | ||||||||||||
| 5.750%, 01/18/22 | USD | 200 | 202,820 | |||||||||
| 5.875%, 07/25/22 | USD | 200 | 202,760 | |||||||||
| 6.125%, 06/03/25 | USD | 535 | 533,085 | |||||||||
| 6.850%, 11/03/25 (#) | USD | 1,040 | 1,079,000 | |||||||||
| 6.850%, 11/03/25 | USD | 880 | 913,000 | |||||||||
| 6.825%, 07/18/26 | USD | 130 | 134,062 | |||||||||
| 3,064,727 | ||||||||||||
| Suriname | 0.1% | ||||||||||||
| Republic of Suriname, 9.250%, 10/26/26 | USD | 150 | 153,750 | |||||||||
| Tajikistan | 0.1% | ||||||||||||
| Tajikistan International Bonds, 7.125%, 09/14/27 (#) | USD | 190 | 175,750 | |||||||||
| Thailand | 0.7% | ||||||||||||
| Thailand Government Bonds: | ||||||||||||
| 3.625%, 06/16/23 | THB | 4,210 | 146,024 | |||||||||
| 3.850%, 12/12/25 | THB | 51,543 | 1,828,301 | |||||||||
| 1,974,325 | ||||||||||||
| Turkey | 4.1% | ||||||||||||
| Republic of Turkey: | ||||||||||||
| 5.125%, 02/17/28 | USD | 530 | 500,850 | |||||||||
| 6.625%, 02/17/45 | USD | 308 | 304,150 | |||||||||
| 5.750%, 05/11/47 | USD | 385 | 343,131 | |||||||||
| Turkey Government Bonds: | ||||||||||||
| 8.500%, 07/10/19 | TRY | 7,980 | 1,901,300 | |||||||||
| 10.700%, 02/17/21 | TRY | 9,755 | 2,304,428 | |||||||||
| 9.500%, 01/12/22 | TRY | 860 | 193,731 | |||||||||
| 10.700%, 08/17/22 | TRY | 8,160 | 1,898,685 | |||||||||
| 7.100%, 03/08/23 | TRY | 4,050 | 814,558 | |||||||||
| 9.000%, 07/24/24 | TRY | 4,460 | 967,673 | |||||||||
| 8.000%, 03/12/25 | TRY | 8,390 | 1,703,391 | |||||||||
| 10,931,897 | ||||||||||||
| Ukraine | 2.7% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 7.750%, 09/01/19 | USD | 625 | 649,375 | |||||||||
| 7.750%, 09/01/20 | USD | 965 | 1,013,250 | |||||||||
| 7.750%, 09/01/21 | USD | 100 | 105,100 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 7.750%, 09/01/22 | USD | 1,585 | $ | 1,653,947 | ||||||||
| 7.750%, 09/01/24 | USD | 710 | 732,010 | |||||||||
| 7.750%, 09/01/26 | USD | 1,385 | 1,423,088 | |||||||||
| 7.750%, 09/01/27 | USD | 1,190 | 1,221,535 | |||||||||
| 7.375%, 09/25/32 (#) | USD | 430 | 415,810 | |||||||||
| 7,214,115 | ||||||||||||
| Uruguay | 1.1% | ||||||||||||
| Republica Orient Uruguay: | ||||||||||||
| 4.125%, 11/20/45 | USD | 1,335 | 1,246,556 | |||||||||
| 5.100%, 06/18/50 | USD | 155 | 159,069 | |||||||||
| Uruguay Treasury Bills: | ||||||||||||
| 0.000%, 06/08/18 | UYU | 24,060 | 835,138 | |||||||||
| 0.000%, 07/27/18 | UYU | 12,030 | 412,488 | |||||||||
| 0.000%, 09/21/18 | UYU | 13,000 | 438,677 | |||||||||
| 3,091,928 | ||||||||||||
| Venezuela | 0.8% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 7.750%, 10/13/19 (П) | USD | 245 | 72,888 | |||||||||
| 6.000%, 12/09/20 (П) | USD | 121 | 35,695 | |||||||||
| 12.750%, 08/23/22 (П) | USD | 711 | 238,185 | |||||||||
| 9.000%, 05/07/23 (П) | USD | 620 | 182,900 | |||||||||
| 8.250%, 10/13/24 | USD | 717 | 211,515 | |||||||||
| 7.650%, 04/21/25 (П) | USD | 607 | 179,065 | |||||||||
| 11.750%, 10/21/26 (П) | USD | 682 | 228,470 | |||||||||
| 9.250%, 09/15/27 | USD | 768 | 247,680 | |||||||||
| 9.250%, 05/07/28 (П) | USD | 656 | 193,520 | |||||||||
| 11.950%, 08/05/31 (П) | USD | 822 | 275,370 | |||||||||
| 9.375%, 01/13/34 (П) | USD | 446 | 153,870 | |||||||||
| 7.000%, 03/31/38 | USD | 586 | 177,997 | |||||||||
| 2,197,155 | ||||||||||||
| Zambia | 1.3% | ||||||||||||
| Republic of Zambia: | ||||||||||||
| 5.375%, 09/20/22 | USD | 215 | 204,250 | |||||||||
| 8.500%, 04/14/24 | USD | 2,485 | 2,603,037 | |||||||||
| 8.970%, 07/30/27 | USD | 530 | 559,813 | |||||||||
| 3,367,100 | ||||||||||||
| Total Foreign Government Obligations
(Cost $224,493,499) | 229,199,875 | |||||||||||
| Quasi Government Bonds | 6.4% | ||||||||||||
| Argentina | 1.6% | ||||||||||||
| Letras Banco Cent Argentina: | ||||||||||||
| 0.000%, 04/18/18 | ARS | 13,260 | 643,430 | |||||||||
| 0.000%, 05/16/18 | ARS | 44,470 | 2,116,807 | |||||||||
| 0.000%, 06/21/18 | ARS | 15,350 | 715,565 | |||||||||
| 0.000%, 08/15/18 | ARS | 17,400 | 781,572 | |||||||||
| 4,257,374 | ||||||||||||
| Azerbaijan | 0.1% | ||||||||||||
| State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23 | USD | 330 | 328,763 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Brazil | 0.6% | ||||||||||||
| Caixa Economica Federal: | ||||||||||||
| 3.500%, 11/07/22 | USD | 290 | $ | 276,820 | ||||||||
| 7.250%, 07/23/24 (§) | USD | 270 | 278,437 | |||||||||
| Cemig Geracao e Transmissao SA, 9.250%, 12/05/24 | USD | 850 | 911,625 | |||||||||
| 1,466,882 | ||||||||||||
| Ecuador | 0.1% | ||||||||||||
| EP Petroecuador, 7.925% (USD LIBOR 3 Month + 5.630%), 09/24/19 (§) | USD | 182 | 182,033 | |||||||||
| Indonesia | 0.6% | ||||||||||||
| PT Pertamina Persero: | ||||||||||||
| 5.625%, 05/20/43 | USD | 310 | 316,441 | |||||||||
| 6.450%, 05/30/44 | USD | 570 | 642,378 | |||||||||
| PT Perusahaan Listrik Negara, 5.250%, 05/15/47 (#) | USD | 670 | 655,763 | |||||||||
| 1,614,582 | ||||||||||||
| Mexico | 0.4% | ||||||||||||
| Petroleos Mexicanos, 5.500%, 06/27/44 | USD | 1,345 | 1,195,705 | |||||||||
| South Africa | 1.0% | ||||||||||||
| Eskom Holdings SOC, Ltd.: | ||||||||||||
| 5.750%, 01/26/21 | USD | 1,265 | 1,254,247 | |||||||||
| 6.750%, 08/06/23 | USD | 685 | 692,535 | |||||||||
| 7.850%, 04/02/26 | ZAR | 9,000 | 705,408 | |||||||||
| 2,652,190 | ||||||||||||
| Tunisia | 0.1% | ||||||||||||
| Banque Centrale de Tunisie SA, 5.750%, 01/30/25 | USD | 360 | 342,450 | |||||||||
| Turkey | 0.9% | ||||||||||||
| Export Credit Bank of Turkey: | ||||||||||||
| 5.375%, 02/08/21 | USD | 535 | 538,344 | |||||||||
| 4.250%, 09/18/22 (#) | USD | 925 | 877,593 | |||||||||
| TC Ziraat Bankasi AS: | ||||||||||||
| 4.750%, 04/29/21 | USD | 280 | 275,100 | |||||||||
| 5.125%, 05/03/22 | USD | 675 | 661,500 | |||||||||
| 2,352,537 | ||||||||||||
| Ukraine | 0.7% | ||||||||||||
| Ukreximbank Via Biz Finance PLC: | ||||||||||||
| 9.625%, 04/27/22 | USD | 265 | 279,442 | |||||||||
| 9.750%, 01/22/25 | USD | 1,495 | 1,592,175 | |||||||||
| 1,871,617 | ||||||||||||
| Venezuela | 0.3% | ||||||||||||
| Petroleos de Venezuela SA: | ||||||||||||
| 8.500%, 10/27/20 | USD | 221 | 188,583 | |||||||||
| 9.000%, 11/17/21 (П) | USD | 251 | 80,948 | |||||||||
| 12.750%, 02/17/22 (П) | USD | 273 | 92,615 | |||||||||
| 6.000%, 05/16/24 (П) | USD | 346 | 92,987 | |||||||||
| 6.000%, 11/15/26 (П) | USD | 414 | 110,848 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 5.375%, 04/12/27 (П) | USD | 292 | $ | 80,738 | ||||||||
| 9.750%, 05/17/35 (П) | USD | 295 | 91,302 | |||||||||
| 5.500%, 04/12/37 (П) | USD | 100 | 27,250 | |||||||||
| 765,271 | ||||||||||||
| Total Quasi Government Bonds (Cost $17,764,908) | 17,029,404 | |||||||||||
| Description | Shares | Fair Value | ||||||||||
| Short-Term Investments | 1.2% | ||||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $3,090,956) | 3,090,956 | $ | 3,090,956 | |||||||||
| Total Investments | 97.8% (Cost $257,467,175) (¤) | $ | 261,490,826 | ||||||||||
| Cash and Other Assets in Excess of Liabilities | 2.2% | 5,956,025 | |||||||||||
| Net Assets | 100.0% | $ | 267,446,851 | ||||||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| ARS | 16,691,700 | USD | 824,485 | BRC | 05/10/18 | $ | — | $ | 10,926 | |||||||||
| ARS | 14,003,000 | USD | 670,000 | CIT | 05/21/18 | 8,637 | — | |||||||||||
| ARS | 1,441,862 | USD | 73,602 | HSB | 05/10/18 | — | 3,325 | |||||||||||
| ARS | 2,915,175 | USD | 148,961 | HSB | 05/10/18 | — | 6,875 | |||||||||||
| BRL | 1,196,835 | USD | 361,877 | SCB | 06/04/18 | — | 1,167 | |||||||||||
| BRL | 2,642,741 | USD | 805,174 | SCB | 06/04/18 | — | 8,688 | |||||||||||
| CLP | 368,379,000 | USD | 607,806 | BOA | 04/16/18 | 2,235 | — | |||||||||||
| CLP | 422,456,581 | USD | 697,054 | BOA | 04/16/18 | 2,540 | — | |||||||||||
| CLP | 383,290,307 | USD | 644,185 | BRC | 04/09/18 | — | 9,476 | |||||||||||
| CLP | 368,379,000 | USD | 610,000 | JPM | 04/13/18 | 31 | — | |||||||||||
| CLP | 39,166,274 | USD | 65,815 | UBS | 04/09/18 | — | 957 | |||||||||||
| CLP | 398,640,000 | USD | 660,000 | UBS | 04/16/18 | 154 | — | |||||||||||
| COP | 701,541,654 | USD | 243,760 | BRC | 04/20/18 | 7,264 | — | |||||||||||
| COP | 1,912,381,000 | USD | 670,000 | BRC | 04/20/18 | 14,284 | — | |||||||||||
| COP | 3,020,160,000 | USD | 1,059,594 | CIT | 04/20/18 | 21,073 | — | |||||||||||
| COP | 1,141,269,886 | USD | 396,240 | SCB | 04/20/18 | 12,127 | — | |||||||||||
| COP | 1,165,383,822 | USD | 406,482 | UBS | 04/20/18 | 10,513 | — | |||||||||||
| CZK | 32,514,613 | USD | 1,582,297 | BOA | 06/20/18 | — | 825 | |||||||||||
| CZK | 12,287,590 | USD | 591,432 | BRC | 04/05/18 | 3,808 | — | |||||||||||
| CZK | 3,071,898 | USD | 150,812 | BRC | 06/20/18 | — | 1,399 | |||||||||||
| CZK | 32,514,613 | USD | 1,582,374 | BRC | 06/20/18 | — | 902 | |||||||||||
| CZK | 3,071,898 | USD | 150,835 | CIT | 06/20/18 | — | 1,421 | |||||||||||
| CZK | 3,071,896 | USD | 150,835 | JPM | 06/20/18 | — | 1,421 | |||||||||||
| CZK | 2,666,391 | USD | 130,000 | SCB | 06/20/18 | — | 310 | |||||||||||
| CZK | 3,071,898 | USD | 150,849 | SCB | 06/20/18 | — | 1,436 | |||||||||||
| CZK | 32,514,613 | USD | 1,582,220 | SCB | 06/20/18 | — | 748 | |||||||||||
| CZK | 32,514,613 | USD | 1,582,874 | UBS | 06/20/18 | — | 1,403 | |||||||||||
| EUR | 2,190,000 | RON | 10,255,770 | BRC | 05/21/18 | — | 5,690 | |||||||||||
| EUR | 1,090,000 | RON | 5,104,034 | JPM | 05/21/18 | — | 2,717 | |||||||||||
| EUR | 232,248 | USD | 290,000 | HSB | 06/20/18 | — | 2,606 | |||||||||||
| HUF | 329,548,096 | USD | 1,309,601 | BOA | 06/20/18 | — | 4,916 | |||||||||||
| HUF | 329,548,096 | USD | 1,309,549 | BRC | 06/20/18 | — | 4,864 | |||||||||||
| HUF | 329,548,097 | USD | 1,310,330 | JPM | 06/20/18 | — | 5,645 | |||||||||||
| HUF | 329,548,096 | USD | 1,310,721 | SCB | 06/20/18 | — | 6,036 | |||||||||||
| HUF | 329,548,096 | USD | 1,310,278 | UBS | 06/20/18 | — | 5,593 | |||||||||||
| IDR | 9,385,449,000 | USD | 690,000 | BRC | 06/05/18 | — | 11,906 | |||||||||||
| IDR | 27,452,321,644 | USD | 1,988,578 | BRC | 06/05/18 | — | 5,162 | |||||||||||
| IDR | 19,583,878,815 | USD | 1,450,658 | CIT | 04/05/18 | — | 28,422 | |||||||||||
| IDR | 27,452,321,644 | USD | 1,990,741 | CIT | 06/05/18 | — | 7,325 | |||||||||||
| IDR | 8,026,668,010 | USD | 586,702 | JPM | 04/16/18 | — | 4,290 | |||||||||||
| IDR | 27,452,321,644 | USD | 1,989,299 | JPM | 06/05/18 | — | 5,883 | |||||||||||
| IDR | 1,276,411,990 | USD | 93,298 | SCB | 04/16/18 | — | 682 | |||||||||||
| IDR | 27,452,321,644 | USD | 1,989,875 | SCB | 06/05/18 | — | 6,460 | |||||||||||
| INR | 45,381,000 | USD | 700,000 | SCB | 05/16/18 | — | 7,790 | |||||||||||
| MXN | 15,263,510 | USD | 819,900 | HSB | 04/20/18 | 17,499 | — | |||||||||||
| MXN | 19,927,494 | USD | 1,058,334 | SCB | 04/20/18 | 34,944 | — | |||||||||||
Lazard Emerging Markets Debt Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| MYR | 2,346,600 | USD | 598,673 | SCB | 04/27/18 | $ | 7,483 | $ | — | |||||||||
| PEN | 3,972,677 | USD | 1,219,361 | BOA | 05/16/18 | 10,278 | — | |||||||||||
| PEN | 3,972,678 | USD | 1,219,361 | BRC | 05/16/18 | 10,278 | — | |||||||||||
| PEN | 3,972,678 | USD | 1,219,136 | SCB | 05/16/18 | 10,502 | — | |||||||||||
| PHP | 6,377,367 | USD | 122,186 | BRC | 04/20/18 | — | 67 | |||||||||||
| PHP | 6,377,367 | USD | 122,125 | UBS | 04/20/18 | — | 6 | |||||||||||
| PLN | 2,257,682 | EUR | 537,000 | BRC | 04/13/18 | — | 1,614 | |||||||||||
| PLN | 9,254,524 | EUR | 2,190,000 | BRC | 05/21/18 | 1,800 | — | |||||||||||
| PLN | 2,914,696 | EUR | 693,000 | JPM | 04/13/18 | — | 1,747 | |||||||||||
| PLN | 4,629,514 | EUR | 1,090,000 | JPM | 05/21/18 | 7,731 | — | |||||||||||
| PLN | 7,812,193 | USD | 2,273,829 | BOA | 05/18/18 | 9,916 | — | |||||||||||
| PLN | 7,812,193 | USD | 2,273,526 | BRC | 05/18/18 | 10,219 | — | |||||||||||
| PLN | 7,812,193 | USD | 2,272,836 | CIT | 05/18/18 | 10,909 | — | |||||||||||
| PLN | 7,812,193 | USD | 2,272,770 | SCB | 05/18/18 | 10,975 | — | |||||||||||
| PLN | 7,812,195 | USD | 2,273,862 | UBS | 05/18/18 | 9,883 | — | |||||||||||
| RON | 3,011,464 | USD | 797,211 | BOA | 06/20/18 | — | 1,289 | |||||||||||
| RON | 3,011,464 | USD | 797,359 | BRC | 06/20/18 | — | 1,436 | |||||||||||
| RON | 9,034,391 | USD | 2,392,202 | JPM | 06/20/18 | — | 4,436 | |||||||||||
| RUB | 18,987,375 | USD | 330,000 | BRC | 04/16/18 | 949 | — | |||||||||||
| SGD | 121,091 | USD | 92,600 | BRC | 04/30/18 | — | 189 | |||||||||||
| SGD | 484,618 | USD | 370,510 | BRC | 04/30/18 | — | 671 | |||||||||||
| SGD | 485,902 | USD | 370,510 | BRC | 04/30/18 | 309 | — | |||||||||||
| SGD | 1,097,177 | USD | 837,401 | BRC | 04/30/18 | — | 83 | |||||||||||
| SGD | 109,416 | USD | 83,667 | CIT | 04/30/18 | — | 166 | |||||||||||
| SGD | 617,470 | USD | 472,200 | CIT | 04/30/18 | — | 974 | |||||||||||
| SGD | 242,948 | USD | 185,260 | JPM | 04/30/18 | 147 | — | |||||||||||
| SGD | 363,396 | USD | 277,900 | JPM | 04/30/18 | — | 572 | |||||||||||
| SGD | 484,234 | USD | 370,510 | JPM | 04/30/18 | — | 963 | |||||||||||
| SGD | 707,638 | USD | 539,390 | JPM | 04/30/18 | 649 | — | |||||||||||
| SGD | 484,164 | USD | 370,510 | SCB | 04/30/18 | — | 1,017 | |||||||||||
| SGD | 484,807 | USD | 370,500 | SCB | 04/30/18 | — | 517 | |||||||||||
| SGD | 728,609 | USD | 555,770 | SCB | 04/30/18 | 273 | — | |||||||||||
| SGD | 745,203 | USD | 568,923 | UBS | 04/30/18 | — | 216 | |||||||||||
| SGD | 847,860 | USD | 648,400 | UBS | 04/30/18 | — | 1,350 | |||||||||||
| SGD | 1,089,789 | USD | 833,670 | UBS | 04/30/18 | — | 1,990 | |||||||||||
| SGD | 1,092,570 | USD | 833,660 | UBS | 04/30/18 | 142 | — | |||||||||||
| THB | 26,961,970 | USD | 867,502 | BOA | 04/20/18 | — | 4,796 | |||||||||||
| THB | 41,439,785 | USD | 1,333,906 | CIT | 04/20/18 | — | 7,951 | |||||||||||
| THB | 61,156,652 | USD | 1,967,686 | JPM | 04/20/18 | — | 10,847 | |||||||||||
| THB | 56,327,804 | USD | 1,812,641 | SCB | 04/20/18 | — | 10,311 | |||||||||||
| THB | 88,261,472 | USD | 2,840,730 | UBS | 04/20/18 | — | 16,614 | |||||||||||
| TRY | 1,554,329 | USD | 390,000 | SCB | 04/20/18 | 1,846 | — | |||||||||||
| USD | 840,000 | BRL | 2,803,500 | BRC | 06/04/18 | — | 4,937 | |||||||||||
| USD | 970,000 | BRL | 3,244,844 | BRC | 06/04/18 | — | 7,952 | |||||||||||
| USD | 1,220,000 | BRL | 4,082,120 | BRC | 06/04/18 | — | 10,295 | |||||||||||
| USD | 2,009,483 | BRL | 6,580,053 | BRC | 06/04/18 | 26,345 | — | |||||||||||
Lazard Emerging Markets Debt Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 490,000 | BRL | 1,638,413 | JPM | 06/04/18 | $ | — | $ | 3,795 | |||||||||
| USD | 697,008 | CLP | 422,456,581 | BOA | 04/09/18 | — | 2,559 | |||||||||||
| USD | 607,786 | CLP | 368,379,000 | BOA | 04/13/18 | — | 2,245 | |||||||||||
| USD | 1,347,517 | CLP | 814,614,405 | BOA | 05/16/18 | — | 1,507 | |||||||||||
| USD | 538,050 | CLP | 324,632,467 | BRC | 04/16/18 | 454 | — | |||||||||||
| USD | 390,000 | CLP | 232,089,000 | BRC | 05/16/18 | 5,654 | — | |||||||||||
| USD | 1,461,950 | CLP | 882,286,825 | JPM | 04/16/18 | 869 | — | |||||||||||
| USD | 1,379,793 | CLP | 823,115,586 | SCB | 05/16/18 | 16,691 | — | |||||||||||
| USD | 250,000 | COP | 692,540,000 | JPM | 04/20/18 | 2,197 | — | |||||||||||
| USD | 1,481,419 | COP | 4,253,893,280 | JPM | 04/20/18 | — | 40,700 | |||||||||||
| USD | 716,659 | COP | 2,056,094,470 | SCB | 04/20/18 | — | 19,048 | |||||||||||
| USD | 63,341 | COP | 181,345,483 | UBS | 04/20/18 | — | 1,548 | |||||||||||
| USD | 790,000 | COP | 2,260,190,000 | UBS | 04/20/18 | — | 18,736 | |||||||||||
| USD | 150,197 | CZK | 3,071,898 | BRC | 04/05/18 | 1,387 | — | |||||||||||
| USD | 150,215 | CZK | 3,071,898 | CIT | 04/05/18 | 1,405 | — | |||||||||||
| USD | 150,215 | CZK | 3,071,896 | JPM | 04/05/18 | 1,405 | — | |||||||||||
| USD | 150,215 | CZK | 3,071,898 | SCB | 04/05/18 | 1,405 | — | |||||||||||
| USD | 1,796,785 | EUR | 1,442,641 | BRC | 06/20/18 | 11,598 | — | |||||||||||
| USD | 1,796,355 | EUR | 1,442,641 | SCB | 06/20/18 | 11,168 | — | |||||||||||
| USD | 1,796,570 | EUR | 1,442,640 | UBS | 06/20/18 | 11,384 | — | |||||||||||
| USD | 440,000 | HUF | 110,278,740 | HSB | 06/20/18 | 3,405 | — | |||||||||||
| USD | 209,342 | IDR | 2,887,250,438 | BRC | 06/05/18 | 740 | — | |||||||||||
| USD | 322,035 | IDR | 4,480,472,148 | BRC | 06/05/18 | — | 1,677 | |||||||||||
| USD | 560,658 | IDR | 7,568,878,815 | SCB | 04/05/18 | 10,985 | — | |||||||||||
| USD | 260,000 | IDR | 3,580,070,000 | SCB | 04/16/18 | 231 | — | |||||||||||
| USD | 874,645 | IDR | 12,015,000,000 | UBS | 04/05/18 | 2,082 | — | |||||||||||
| USD | 166,331 | INR | 10,941,271 | BRC | 05/16/18 | — | 559 | |||||||||||
| USD | 3,765,193 | INR | 248,465,074 | BRC | 05/16/18 | — | 24,718 | |||||||||||
| USD | 533,669 | INR | 35,104,729 | CIT | 05/16/18 | — | 1,794 | |||||||||||
| USD | 227,329 | MYR | 889,027 | SCB | 04/27/18 | — | 2,318 | |||||||||||
| USD | 46,688 | PEN | 152,741 | BRC | 05/16/18 | — | 589 | |||||||||||
| USD | 1,353,312 | PEN | 4,426,683 | JPM | 05/16/18 | — | 16,852 | |||||||||||
| USD | 683,333 | PEN | 2,218,100 | UBS | 05/16/18 | — | 3,222 | |||||||||||
| USD | 683,333 | PEN | 2,222,542 | UBS | 05/16/18 | — | 4,596 | |||||||||||
| USD | 683,333 | PEN | 2,224,250 | UBS | 05/16/18 | — | 5,125 | |||||||||||
| USD | 830,000 | PLN | 2,814,391 | HSB | 05/18/18 | 7,267 | — | |||||||||||
| USD | 130,000 | PLN | 445,016 | SCB | 05/18/18 | — | 92 | |||||||||||
| USD | 260,000 | RON | 984,997 | SCB | 06/20/18 | — | 332 | |||||||||||
| USD | 419,435 | RUB | 24,193,995 | BRC | 04/16/18 | — | 2,266 | |||||||||||
| USD | 398,593 | RUB | 22,916,279 | BRC | 06/19/18 | 1,981 | — | |||||||||||
| USD | 398,648 | RUB | 22,916,279 | BRC | 06/19/18 | 2,037 | — | |||||||||||
| USD | 690,257 | RUB | 39,858,135 | BRC | 06/19/18 | 434 | — | |||||||||||
| USD | 690,579 | RUB | 39,858,134 | BRC | 06/19/18 | 755 | — | |||||||||||
| USD | 398,385 | RUB | 22,916,279 | SCB | 06/19/18 | 1,773 | — | |||||||||||
| USD | 398,509 | RUB | 22,916,280 | UBS | 06/19/18 | 1,898 | — | |||||||||||
| USD | 124,982 | THB | 3,886,425 | BRC | 04/20/18 | 627 | — | |||||||||||
| USD | 279,018 | THB | 8,686,254 | BRC | 04/20/18 | 1,083 | — | |||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 317,527 | THB | 9,892,564 | BRC | 04/20/18 | $ | 993 | $ | — | |||||||||
| USD | 991,438 | THB | 30,970,532 | BRC | 04/20/18 | 469 | — | |||||||||||
| USD | 664,629 | THB | 20,685,261 | JPM | 04/20/18 | 2,760 | — | |||||||||||
| USD | 739,773 | THB | 23,108,887 | JPM | 04/20/18 | 355 | — | |||||||||||
| USD | 990,253 | THB | 30,812,203 | JPM | 04/20/18 | 4,350 | — | |||||||||||
| USD | 1,115,492 | THB | 34,823,993 | JPM | 04/20/18 | 1,224 | — | |||||||||||
| USD | 213,989 | THB | 6,687,373 | SCB | 04/20/18 | 12 | — | |||||||||||
| USD | 512,180 | THB | 15,980,031 | SCB | 04/20/18 | 865 | — | |||||||||||
| USD | 829,966 | THB | 25,853,440 | SCB | 04/20/18 | 2,730 | — | |||||||||||
| USD | 1,001,552 | THB | 31,177,827 | SCB | 04/20/18 | 3,951 | — | |||||||||||
| USD | 1,427,754 | TRY | 5,534,937 | BRC | 04/20/18 | 32,397 | — | |||||||||||
| USD | 456,711 | ZAR | 5,514,334 | BOA | 04/20/18 | — | 8,004 | |||||||||||
| USD | 1,812,361 | ZAR | 22,057,335 | BOA | 04/20/18 | — | 46,501 | |||||||||||
| USD | 914,963 | ZAR | 10,950,373 | BOA | 05/18/18 | — | 4,360 | |||||||||||
| USD | 457,676 | ZAR | 5,514,334 | BRC | 04/20/18 | — | 7,039 | |||||||||||
| USD | 824,028 | ZAR | 9,833,544 | BRC | 05/18/18 | — | 1,533 | |||||||||||
| USD | 1,250,963 | ZAR | 14,836,301 | JPM | 05/18/18 | 5,402 | — | |||||||||||
| USD | 456,711 | ZAR | 5,514,334 | SCB | 04/20/18 | — | 8,004 | |||||||||||
| USD | 1,812,361 | ZAR | 22,057,335 | SCB | 04/20/18 | — | 46,501 | |||||||||||
| USD | 824,008 | ZAR | 9,833,544 | SCB | 05/18/18 | — | 1,554 | |||||||||||
| USD | 278,221 | ZAR | 3,268,359 | UBS | 04/20/18 | 2,783 | — | |||||||||||
| USD | 457,045 | ZAR | 5,514,332 | UBS | 04/20/18 | — | 7,670 | |||||||||||
| USD | 584,988 | ZAR | 6,869,445 | UBS | 04/20/18 | 6,072 | — | |||||||||||
| USD | 875,680 | ZAR | 10,388,667 | UBS | 04/20/18 | 185 | — | |||||||||||
| USD | 1,329,223 | ZAR | 16,078,369 | UBS | 04/20/18 | — | 25,767 | |||||||||||
| USD | 1,812,733 | ZAR | 22,057,335 | UBS | 04/20/18 | — | 46,129 | |||||||||||
| USD | 823,725 | ZAR | 9,833,543 | UBS | 05/18/18 | — | 1,837 | |||||||||||
| ZAR | 5,100,000 | USD | 437,050 | CIT | 04/20/18 | — | 7,252 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 431,206 | $ | 626,701 | ||||||||||||||
Interest Rate Swap Agreements open at March 31, 2018:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Payment Frequency Paid/Received | Variable Rate | Unrealized Appreciation | |||||||||
| BRL | JPM | $ | 19,951,562 | 01/04/21 | 10.31 | % | Maturity | Brazil Cetip Interbank Deposit Rate | $ | 43,400 | ||||||
| BRL | JPM | 16,282,839 | 01/04/21 | 10.59 | Maturity | Brazil Cetip Interbank Deposit Rate | 46,946 | |||||||||
| BRL | JPM | 6,325,629 | 01/04/21 | 10.71 | Maturity | Brazil Cetip Interbank Deposit Rate | 18,152 | |||||||||
| Total gross unrealized appreciation on Interest Rate Swap Agreements | $ | 108,498 | ||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Explorer Total Return Portfolio | ||||||||||||
| Corporate Bonds | 15.2% | ||||||||||||
| Argentina | 1.5% | ||||||||||||
| Generacion Mediterranea SA: | ||||||||||||
| 9.625%, 07/27/23 (#) | USD | 175 | $ | 190,313 | ||||||||
| 9.625%, 07/27/23 | USD | 1,000 | 1,087,500 | |||||||||
| Genneia SA, 8.750%, 01/20/22 (#) | USD | 330 | 354,631 | |||||||||
| Rio Energy SA, 6.875%, 02/01/25 (#) | USD | 575 | 566,519 | |||||||||
| YPF SA, 7.000%, 12/15/47 (#) | USD | 475 | 426,312 | |||||||||
| 2,625,275 | ||||||||||||
| Bangladesh | 0.4% | ||||||||||||
| Banglalink Digital Communications, Ltd., 8.625%, 05/06/19 | USD | 650 | 666,503 | |||||||||
| Brazil | 2.2% | ||||||||||||
| Aegea Finance Sarl, 5.750%, 10/10/24 (#) | USD | 325 | 321,344 | |||||||||
| GTL Trade Finance, Inc., 5.893%, 04/29/24 | USD | 175 | 185,937 | |||||||||
| Itau Unibanco Holding SA, 6.125%, 12/12/22 (#), (§), (¶) | USD | 475 | 464,906 | |||||||||
| Petrobras Global Finance BV: | ||||||||||||
| 8.375%, 05/23/21 | USD | 996 | 1,133,946 | |||||||||
| 5.750%, 02/01/29 | USD | 540 | 522,520 | |||||||||
| Rumo Luxembourg Sarl, 5.875%, 01/18/25 (#) | USD | 450 | 443,959 | |||||||||
| Vrio Finco 1 LLC, 6.875%, 04/04/28 (#) | USD | 850 | 854,250 | |||||||||
| 3,926,862 | ||||||||||||
| Byelorussian Ssr | 0.3% | ||||||||||||
| Eurotorg LLC Via Bonitron DAC, 8.750%, 10/30/22 (#) | USD | 450 | 455,715 | |||||||||
| Canada | 0.9% | ||||||||||||
| First Quantum Minerals, Ltd.: | ||||||||||||
| 7.000%, 02/15/21 (#) | USD | 260 | 260,650 | |||||||||
| 7.500%, 04/01/25 (#) | USD | 675 | 662,766 | |||||||||
| Gran Tierra Energy International Holdings, Ltd., 6.250%, 02/15/25 (#) |
USD | 725 | 707,092 | |||||||||
| 1,630,508 | ||||||||||||
| Chile | 0.8% | ||||||||||||
| AES Gener SA, 8.375%, 12/18/73 | USD | 600 | 624,000 | |||||||||
| Guanay Finance, Ltd., 6.000%, 12/15/20 | USD | 323 | 329,313 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| VTR Finance BV, 6.875%, 01/15/24 | USD | 400 | $ | 416,604 | ||||||||
| 1,369,917 | ||||||||||||
| China | 0.1% | ||||||||||||
| G3 Exploration, Ltd., 10.000%, 11/20/18 (#), (Ø) | USD | 400 | 188,000 | |||||||||
| Georgia | 0.2% | ||||||||||||
| BGEO Group JSC, 6.000%, 07/26/23 | USD | 350 | 352,625 | |||||||||
| Guatemala | 0.7% | ||||||||||||
| Comcel Trust, 6.875%, 02/06/24 | USD | 1,185 | 1,236,844 | |||||||||
| India | 0.2% | ||||||||||||
| JSW Steel, Ltd., 4.750%, 11/12/19 | USD | 320 | 321,200 | |||||||||
| Israel | 0.5% | ||||||||||||
| Altice Financing SA: | ||||||||||||
| 6.625%, 02/15/23 (#) | USD | 300 | 297,000 | |||||||||
| 7.500%, 05/15/26 | USD | 615 | 602,700 | |||||||||
| 899,700 | ||||||||||||
| Mauritius | 1.1% | ||||||||||||
| HTA Group, Ltd., 9.125%, 03/08/22 | USD | 625 | 662,500 | |||||||||
| Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (#) | USD | 1,200 | 1,259,780 | |||||||||
| 1,922,280 | ||||||||||||
| Nigeria | 0.8% | ||||||||||||
| IHS Netherlands Holdco BV: | ||||||||||||
| 9.500%, 10/27/21 | USD | 625 | 655,426 | |||||||||
| 9.500%, 10/27/21 (#) | USD | 725 | 760,295 | |||||||||
| 1,415,721 | ||||||||||||
| Peru | 0.8% | ||||||||||||
| Inkia Energy, Ltd., 5.875%, 11/09/27 (#) | USD | 250 | 242,813 | |||||||||
| InRetail Shopping Malls, 6.500%, 07/09/21 | USD | 600 | 618,000 | |||||||||
| Peru LNG Srl, 5.375%, 03/22/30 (#) | USD | 450 | 451,237 | |||||||||
| 1,312,050 | ||||||||||||
| Russia | 2.2% | ||||||||||||
| Gazprombank OJSC Via GPB Eurobond Finance PLC, 7.496%, 12/28/23 (§) | USD | 550 | 559,449 | |||||||||
| GTH Finance BV, 7.250%, 04/26/23 | USD | 800 | 869,856 | |||||||||
| Sberbank of Russia: | ||||||||||||
| 4.150%, 03/06/19 | USD | 1,775 | 1,779,899 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||||
| 5.500%, 02/26/24 (§) | USD | 620 | $ | 626,510 | ||||||||
| 3,835,714 | ||||||||||||
| Saudi Arabia | 0.5% | ||||||||||||
| Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (#) | USD | 875 | 902,344 | |||||||||
| Singapore | 0.2% | ||||||||||||
| Puma International Financing SA, 5.125%, 10/06/24 (#) | USD | 350 | 346,938 | |||||||||
| South Korea | 0.2% | ||||||||||||
| SK E&S Co., Ltd., 4.875%, 11/26/19 (§), (¶) | USD | 310 | 306,900 | |||||||||
| Thailand | 0.1% | ||||||||||||
| PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 | USD | 213 | 213,799 | |||||||||
| Turkey | 0.9% | ||||||||||||
| Petkim Petrokimya Holding AS, 5.875%, 01/26/23 (#) | USD | 550 | 537,625 | |||||||||
| Turkiye Garanti Bankasi AS, 6.125% (USD Swap 5 Year + 4.220%), 05/24/27 (§) | USD | 325 | 314,844 | |||||||||
| Turkiye Is Bankasi AS, 5.000%, 04/30/20 | USD | 455 | 453,293 | |||||||||
| Turkiye Vakiflar Bankasi TAO, 3.750%, 04/15/18 | USD | 320 | 319,392 | |||||||||
| 1,625,154 | ||||||||||||
| United Arab Emirates | 0.4% | ||||||||||||
| MAF Global Securities, Ltd., 7.125%, 10/29/18 (§), (¶) | USD | 710 | 722,425 | |||||||||
| United States | 0.2% | ||||||||||||
| Terraform Global Operating LLC, 6.125%, 03/01/26 (#) | USD | 400 | 403,000 | |||||||||
| Total Corporate Bonds (Cost $26,796,417) | 26,679,474 | |||||||||||
| Foreign Government Obligations | 57.3% | ||||||||||||
| Angola | 2.3% | ||||||||||||
| Republic of Angola, 9.500%, 11/12/25 | USD | 3,540 | 3,991,350 | |||||||||
| Argentina | 7.7% | ||||||||||||
| Provincia de Buenos Aires, 7.875%, 06/15/27 | USD | 150 | 153,375 | |||||||||
| Republic of Argentina: | ||||||||||||
| 6.875%, 01/26/27 | USD | 920 | 938,400 | |||||||||
| 5.875%, 01/11/28 | USD | 3,110 | 2,926,510 | |||||||||
| 7.625%, 04/22/46 | USD | 1,205 | 1,191,745 | |||||||||
| 6.875%, 01/11/48 | USD | 2,235 | 2,033,850 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 7.125%, 06/28/2117 (#) | USD | 3,005 | $ | 2,761,595 | ||||||||
| 7.125%, 06/28/2117 | USD | 3,715 | 3,414,085 | |||||||||
| 13,419,560 | ||||||||||||
| Brazil | 4.1% | ||||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19 | BRL | 15,530 | 4,492,927 | |||||||||
| Brazil NTN-B: | ||||||||||||
| 6.000%, 05/15/35 | BRL | 500 | 512,231 | |||||||||
| 6.000%, 08/15/50 | BRL | 1,210 | 1,259,559 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/21 | BRL | 2,500 | 793,781 | |||||||||
| 10.000%, 01/01/27 | BRL | 645 | 200,666 | |||||||||
| 7,259,164 | ||||||||||||
| Congo | 1.6% | ||||||||||||
| Republic of Congo, 6.000%, 06/30/29 (Ø) | USD | 3,497 | 2,797,256 | |||||||||
| Costa Rica | 1.0% | ||||||||||||
| Republic of Costa Rica, 7.158%, 03/12/45 | USD | 1,610 | 1,690,500 | |||||||||
| Dominican Republic | 1.8% | ||||||||||||
| Dominican Republic Bonds: | ||||||||||||
| 7.450%, 04/30/44 | USD | 230 | 261,625 | |||||||||
| 6.850%, 01/27/45 | USD | 725 | 781,188 | |||||||||
| 6.500%, 02/15/48 (#) | USD | 2,055 | 2,134,631 | |||||||||
| 3,177,444 | ||||||||||||
| Egypt | 4.6% | ||||||||||||
| Arab Republic of Egypt: | ||||||||||||
| 6.588%, 02/21/28 (#) | USD | 1,065 | 1,080,975 | |||||||||
| 8.500%, 01/31/47 (#) | USD | 745 | 830,675 | |||||||||
| 8.500%, 01/31/47 | USD | 1,095 | 1,220,925 | |||||||||
| 7.903%, 02/21/48 (#) | USD | 2,240 | 2,357,600 | |||||||||
| Egypt Treasury Bills: | ||||||||||||
| 0.000%, 07/10/18 | EGP | 1,300 | 69,883 | |||||||||
| 0.000%, 07/24/18 | EGP | 22,400 | 1,196,295 | |||||||||
| 0.000%, 01/08/19 | EGP | 11,300 | 566,198 | |||||||||
| 0.000%, 02/05/19 | EGP | 14,100 | 699,314 | |||||||||
| 8,021,865 | ||||||||||||
| El Salvador | 1.3% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 7.375%, 12/01/19 | USD | 420 | 438,900 | |||||||||
| 5.875%, 01/30/25 | USD | 610 | 599,325 | |||||||||
| 7.650%, 06/15/35 | USD | 1,125 | 1,185,469 | |||||||||
| 2,223,694 | ||||||||||||
| Ghana | 1.2% | ||||||||||||
| Ghana Government Bonds: | ||||||||||||
| 22.490%, 04/23/18 | GHS | 160 | 36,305 | |||||||||
| 23.470%, 05/21/18 | GHS | 420 | 95,825 | |||||||||
| 19.040%, 09/24/18 | GHS | 50 | 11,461 | |||||||||
| 24.500%, 04/22/19 | GHS | 730 | 178,014 | |||||||||
| 24.500%, 05/27/19 | GHS | 150 | 36,803 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||||
| 24.000%, 09/09/19 | GHS | 750 | $ | 185,656 | ||||||||
| Ghana Treasury Notes: | ||||||||||||
| 23.000%, 11/12/18 | GHS | 1,450 | 340,186 | |||||||||
| 22.500%, 12/10/18 | GHS | 1,670 | 392,286 | |||||||||
| 21.000%, 01/07/19 | GHS | 3,300 | 770,298 | |||||||||
| 2,046,834 | ||||||||||||
| Jordan | 0.7% | ||||||||||||
| Kingdom of Jordan: | ||||||||||||
| 7.375%, 10/10/47 | USD | 445 | 450,563 | |||||||||
| 7.375%, 10/10/47 (#) | USD | 720 | 729,000 | |||||||||
| 1,179,563 | ||||||||||||
| Kenya | 1.5% | ||||||||||||
| Republic of Kenya, 8.250%, 02/28/48 (#) | USD | 2,465 | 2,640,631 | |||||||||
| Lebanon | 4.1% | ||||||||||||
| Lebanese Republic: | ||||||||||||
| 5.450%, 11/28/19 | USD | 135 | 134,156 | |||||||||
| 6.375%, 03/09/20 | USD | 101 | 101,505 | |||||||||
| 6.150%, 06/19/20 | USD | 114 | 113,814 | |||||||||
| 8.250%, 04/12/21 | USD | 356 | 375,135 | |||||||||
| 6.100%, 10/04/22 | USD | 495 | 486,956 | |||||||||
| 6.000%, 01/27/23 | USD | 460 | 449,650 | |||||||||
| 6.650%, 04/22/24 | USD | 374 | 371,195 | |||||||||
| 6.250%, 11/04/24 | USD | 166 | 160,190 | |||||||||
| 6.200%, 02/26/25 | USD | 240 | 229,200 | |||||||||
| 6.600%, 11/27/26 | USD | 672 | 645,120 | |||||||||
| 6.850%, 03/23/27 | USD | 990 | 957,825 | |||||||||
| 6.650%, 11/03/28 | USD | 1,742 | 1,633,125 | |||||||||
| 6.650%, 02/26/30 | USD | 1,330 | 1,230,250 | |||||||||
| 7.000%, 03/23/32 | USD | 195 | 182,813 | |||||||||
| 7.250%, 03/23/37 | USD | 195 | 183,788 | |||||||||
| 7,254,722 | ||||||||||||
| Mozambique | 2.2% | ||||||||||||
| Mozambique International Bonds, 10.500%, 01/18/23 | USD | 4,778 | 3,828,372 | |||||||||
| Nigeria | 2.2% | ||||||||||||
| Nigeria Treasury Bills: | ||||||||||||
| 0.000%, 10/04/18 | NGN | 51,840 | 132,871 | |||||||||
| 0.000%, 11/01/18 | NGN | 86,450 | 219,038 | |||||||||
| 0.000%, 01/03/19 | NGN | 173,680 | 431,599 | |||||||||
| 0.000%, 01/17/19 | NGN | 144,830 | 357,858 | |||||||||
| 0.000%, 01/31/19 | NGN | 98,000 | 240,764 | |||||||||
| Republic of Nigeria: | ||||||||||||
| 7.625%, 11/28/47 | USD | 320 | 332,000 | |||||||||
| 7.625%, 11/28/47 (#) | USD | 2,120 | 2,199,500 | |||||||||
| 3,913,630 | ||||||||||||
| Russia | 7.0% | ||||||||||||
| Russia Government Bonds - OFZ, 7.750%, 09/16/26 | RUB | 669,420 | 12,340,465 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| South Africa | 9.5% | ||||||||||||
| Republic of South Africa: | ||||||||||||
| 7.750%, 02/28/23 | ZAR | 75,540 | $ | 6,480,779 | ||||||||
| 10.500%, 12/21/26 | ZAR | 55,850 | 5,453,689 | |||||||||
| 8.250%, 03/31/32 | ZAR | 30,730 | 2,531,985 | |||||||||
| 8.500%, 01/31/37 | ZAR | 3,700 | 304,265 | |||||||||
| 8.750%, 02/28/48 | ZAR | 22,970 | 1,918,733 | |||||||||
| 16,689,451 | ||||||||||||
| Ukraine | 2.1% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 7.750%, 09/01/19 | USD | 265 | 275,335 | |||||||||
| 7.750%, 09/01/20 | USD | 1,295 | 1,359,750 | |||||||||
| 7.750%, 09/01/23 | USD | 790 | 818,440 | |||||||||
| 7.750%, 09/01/27 | USD | 350 | 359,275 | |||||||||
| 7.375%, 09/25/32 (#) | USD | 270 | 261,090 | |||||||||
| 7.375%, 09/25/32 | USD | 690 | 667,230 | |||||||||
| 3,741,120 | ||||||||||||
| Uruguay | 0.5% | ||||||||||||
| Uruguay Treasury Bills: 0.000%, 06/01/18 | UYU | 2,570 | 89,275 | |||||||||
| 0.000%, 09/21/18 | UYU | 3,460 | 116,756 | |||||||||
| 0.000%, 01/11/19 | UYU | 12,890 | 422,201 | |||||||||
| 0.000%, 02/08/19 | UYU | 3,400 | 110,481 | |||||||||
| 0.000%, 03/08/19 | UYU | 3,880 | 125,205 | |||||||||
| 863,918 | ||||||||||||
| Venezuela | 0.9% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 12.750%, 08/23/22 (П) | USD | 294 | 98,490 | |||||||||
| 9.000%, 05/07/23 (П) | USD | 321 | 94,695 | |||||||||
| 8.250%, 10/13/24 | USD | 651 | 192,045 | |||||||||
| 7.650%, 04/21/25 (П) | USD | 973 | 287,035 | |||||||||
| 11.750%, 10/21/26 (П) | USD | 295 | 98,825 | |||||||||
| 9.250%, 09/15/27 | USD | 310 | 99,975 | |||||||||
| 9.250%, 05/07/28 (П) | USD | 604 | 178,180 | |||||||||
| 11.950%, 08/05/31 (П) | USD | 296 | 99,160 | |||||||||
| 9.375%, 01/13/34 (П) | USD | 483 | 166,635 | |||||||||
| 7.000%, 03/31/38 | USD | 699 | 212,321 | |||||||||
| 1,527,361 | ||||||||||||
| Zambia | 1.0% | ||||||||||||
| Republic of Zambia: | ||||||||||||
| 8.500%, 04/14/24 | USD | 580 | 607,550 | |||||||||
| 8.970%, 07/30/27 | USD | 1,130 | 1,193,562 | |||||||||
| 1,801,112 | ||||||||||||
| Total Foreign Government Obligations (Cost $98,714,662) | 100,408,012 | |||||||||||
| Quasi Government Bonds | 3.8% | ||||||||||||
| Argentina | 1.9% | ||||||||||||
| Letras Banco Cent Argentina, 0.000%, 05/16/18 | ARS | 67,630 | 3,219,241 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||||
| Brazil | 0.7% | ||||||||||||
| Cemig Geracao e Transmissao SA, 9.250%, 12/05/24 (#) | USD | 1,175 | $ | 1,260,188 | ||||||||
| Russia | 0.4% | ||||||||||||
| VTB Bank PJSC Via VTB Eurasia DAC, 9.500%, 12/06/22 (§), (Ø), (¶) | USD | 550 | 605,579 | |||||||||
| Ukraine | 0.5% | ||||||||||||
| Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22 | USD | 830 | 875,235 | |||||||||
| Venezuela | 0.3% | ||||||||||||
| Petroleos de Venezuela SA: | ||||||||||||
| 6.000%, 05/16/24 (П) | USD | 575 | 154,530 | |||||||||
| 6.000%, 11/15/26 (П) | USD | 575 | 153,956 | |||||||||
| 5.375%, 04/12/27 (П) | USD | 560 | 154,840 | |||||||||
| 5.500%, 04/12/37 (П) | USD | 470 | 128,075 | |||||||||
| 591,401 | ||||||||||||
| Total Quasi Government Bonds (Cost $6,731,958) | 6,551,644 | |||||||||||
| US Treasury Securities | 12.1% | ||||||||||||
| US Treasury Bills: | ||||||||||||
| 0.000%, 04/05/18 | USD | 10,000 | 9,998,645 | |||||||||
| 0.000%, 04/19/18 | USD | 3,620 | 3,617,271 | |||||||||
| 0.000%, 04/26/18 | USD | 7,600 | 7,591,936 | |||||||||
| Total US Treasury Securities (Cost $21,207,509) | 21,207,852 | |||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 14.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $25,521,253) | 25,521,253 | $ | 25,521,253 | |||||
| Description | Counterparty | Notional Amount (000s) | Number of Contracts | Fair Value | ||||||||||||
| Purchased Options | 0.3% | ||||||||||||||||
| Call | ||||||||||||||||
| USD vs INR Apr 18 65.7, Expires 04/05/18 | GSC | $ | 12,950 | 129,500 | $ | 5,180 | ||||||||||
| Put | ||||||||||||||||
| EUR vs HUF Sep 18 308, Expires 09/28/18 | JPMS | 5,900 | 59,000 | 42,106 | ||||||||||||
| EUR vs PLN Jul 18 4.2, Expires 07/30/18 | BRC | 5,788 | 57,880 | 46,292 | ||||||||||||
| EUR vs PLN Jul 18 4.2, Expires 07/30/18 | HSB | 2,529 | 25,290 | 20,227 | ||||||||||||
| EUR vs PLN Jul 18 4.2, Expires 07/30/18 | JPMS | 1,024 | 10,240 | 8,190 | ||||||||||||
| Description | Counterparty | Notional Amount (000s) | Number of Contracts | Fair Value | ||||||||||||
| EUR vs PLN Sep 17 4.2, Expires 09/28/18 | JPMS | $ | 6,976 | 69,760 | $ | 69,527 | ||||||||||
| USD vs BRL Apr 18 3.1, Expires 04/13/18 | JPMS | 12,530 | 125,300 | 2,506 | ||||||||||||
| USD vs BRL Apr 18 3.15, Expires 04/02/18 | JPMS | 10,680 | 106,800 | 0 | ||||||||||||
| USD vs EUR Apr 18 1.25, Expires 04/19/18 | JPMS | 9,550 | 95,500 | 16,235 | ||||||||||||
| USD vs EUR Jun 18 1.24, Expires 06/21/18 | JPMS | 8,540 | 85,400 | 107,604 | ||||||||||||
| USD vs MXN Apr 18 18.25, Expires 04/12/18 | JPMS | 20,920 | 209,200 | 190,372 | ||||||||||||
| Total Purchased Options (Cost $1,165,688) | 508,239 | |||||||||||||||
| Total Investments | 103.3% (Cost $180,137,487) (¤) | $ | 180,876,474 | ||||||||||||||
| Liabilities in Excess of Cash and Other Assets | (3.3)% | (5,709,676 | ) | ||||||||||||||
| Net Assets | 100.0% | $ | 175,166,798 | ||||||||||||||
Lazard Explorer Total Return Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 797,606 | USD | 240,885 | SCB | 06/04/18 | $ | — | $ | 497 | |||||||||
| BRL | 1,429,750 | USD | 430,000 | UBS | 06/04/18 | 907 | — | |||||||||||
| CZK | 52,032,610 | USD | 2,450,000 | BRC | 04/05/18 | 70,581 | — | |||||||||||
| CZK | 8,950,789 | USD | 439,432 | BRC | 06/20/18 | — | 4,076 | |||||||||||
| CZK | 8,950,789 | USD | 439,497 | CIT | 06/20/18 | — | 4,141 | |||||||||||
| CZK | 8,950,789 | USD | 439,497 | JPM | 06/20/18 | — | 4,141 | |||||||||||
| CZK | 8,950,789 | USD | 439,540 | SCB | 06/20/18 | — | 4,184 | |||||||||||
| HUF | 97,609,144 | USD | 387,892 | BOA | 06/20/18 | — | 1,456 | |||||||||||
| HUF | 97,609,144 | USD | 387,877 | BRC | 06/20/18 | — | 1,441 | |||||||||||
| HUF | 97,609,143 | USD | 388,108 | JPM | 06/20/18 | — | 1,672 | |||||||||||
| HUF | 97,609,144 | USD | 388,224 | SCB | 06/20/18 | — | 1,788 | |||||||||||
| HUF | 97,609,144 | USD | 388,093 | UBS | 06/20/18 | — | 1,657 | |||||||||||
| IDR | 21,966,640,509 | USD | 1,591,209 | BRC | 06/05/18 | — | 4,131 | |||||||||||
| IDR | 25,702,762,702 | USD | 1,863,599 | BRC | 06/05/18 | — | 6,588 | |||||||||||
| IDR | 22,681,076,510 | USD | 1,644,390 | CIT | 05/21/18 | — | 3,483 | |||||||||||
| IDR | 21,966,640,509 | USD | 1,592,940 | CIT | 06/05/18 | — | 5,862 | |||||||||||
| IDR | 22,681,076,510 | USD | 1,644,510 | JPM | 05/21/18 | — | 3,603 | |||||||||||
| IDR | 21,966,640,509 | USD | 1,591,786 | JPM | 06/05/18 | — | 4,707 | |||||||||||
| IDR | 25,702,762,702 | USD | 1,863,464 | JPM | 06/05/18 | — | 6,453 | |||||||||||
| IDR | 22,681,076,510 | USD | 1,643,914 | SCB | 05/21/18 | — | 3,007 | |||||||||||
| IDR | 21,966,640,509 | USD | 1,592,247 | SCB | 06/05/18 | — | 5,169 | |||||||||||
| IDR | 22,681,076,511 | USD | 1,643,556 | UBS | 05/21/18 | — | 2,649 | |||||||||||
| INR | 288,330,450 | USD | 4,506,043 | CIT | 04/09/18 | — | 88,172 | |||||||||||
| INR | 125,355,927 | USD | 1,958,962 | SCB | 04/09/18 | — | 38,227 | |||||||||||
| INR | 288,330,450 | USD | 4,505,515 | SCB | 04/09/18 | — | 87,643 | |||||||||||
| INR | 125,355,927 | USD | 1,957,998 | UBS | 04/09/18 | — | 37,263 | |||||||||||
| PEN | 7,782,526 | USD | 2,374,821 | BOA | 04/16/18 | 36,428 | — | |||||||||||
| PEN | 7,782,526 | USD | 2,373,952 | BRC | 04/16/18 | 37,297 | — | |||||||||||
| PEN | 7,782,526 | USD | 2,374,169 | HSB | 04/16/18 | 37,080 | — | |||||||||||
| PEN | 7,782,526 | USD | 2,374,097 | SCB | 04/16/18 | 37,152 | — | |||||||||||
| PEN | 7,782,526 | USD | 2,374,531 | UBS | 04/16/18 | 36,718 | — | |||||||||||
| PLN | 3,922,371 | USD | 1,141,651 | BOA | 05/18/18 | 4,979 | — | |||||||||||
| PLN | 3,922,371 | USD | 1,141,499 | BRC | 05/18/18 | 5,131 | — | |||||||||||
| PLN | 3,922,371 | USD | 1,141,153 | CIT | 05/18/18 | 5,477 | — | |||||||||||
| PLN | 3,922,371 | USD | 1,141,120 | SCB | 05/18/18 | 5,510 | — | |||||||||||
| PLN | 3,922,371 | USD | 1,141,668 | UBS | 05/18/18 | 4,962 | — | |||||||||||
| RUB | 59,996,394 | USD | 1,040,000 | BRC | 04/16/18 | 5,736 | — | |||||||||||
| SGD | 104,091 | USD | 79,600 | BRC | 04/30/18 | — | 162 | |||||||||||
| SGD | 416,682 | USD | 318,570 | BRC | 04/30/18 | — | 577 | |||||||||||
| SGD | 417,785 | USD | 318,570 | BRC | 04/30/18 | 266 | — | |||||||||||
| SGD | 943,362 | USD | 720,005 | BRC | 04/30/18 | — | 72 | |||||||||||
| SGD | 94,103 | USD | 71,958 | CIT | 04/30/18 | — | 143 | |||||||||||
| SGD | 530,773 | USD | 405,900 | CIT | 04/30/18 | — | 837 | |||||||||||
| SGD | 208,891 | USD | 159,290 | JPM | 04/30/18 | 127 | — | |||||||||||
| SGD | 312,528 | USD | 239,000 | JPM | 04/30/18 | — | 492 | |||||||||||
| SGD | 416,352 | USD | 318,570 | JPM | 04/30/18 | — | 828 | |||||||||||
Lazard Explorer Total Return Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| SGD | 608,433 | USD | 463,772 | JPM | 04/30/18 | $ | 558 | $ | — | |||||||||
| SGD | 416,291 | USD | 318,570 | SCB | 04/30/18 | — | 875 | |||||||||||
| SGD | 416,894 | USD | 318,600 | SCB | 04/30/18 | — | 444 | |||||||||||
| SGD | 626,470 | USD | 477,860 | SCB | 04/30/18 | 234 | — | |||||||||||
| SGD | 640,732 | USD | 489,165 | UBS | 04/30/18 | — | 186 | |||||||||||
| SGD | 728,998 | USD | 557,500 | UBS | 04/30/18 | — | 1,161 | |||||||||||
| SGD | 937,002 | USD | 716,790 | UBS | 04/30/18 | — | 1,711 | |||||||||||
| SGD | 939,403 | USD | 716,790 | UBS | 04/30/18 | 122 | — | |||||||||||
| THB | 79,768,715 | USD | 2,562,356 | BRC | 04/20/18 | — | 9,985 | |||||||||||
| THB | 46,003,084 | USD | 1,477,583 | JPM | 04/20/18 | — | 5,616 | |||||||||||
| THB | 91,207,207 | USD | 2,930,060 | SCB | 04/20/18 | — | 11,689 | |||||||||||
| USD | 437,638 | CZK | 8,950,789 | BRC | 04/05/18 | 4,041 | — | |||||||||||
| USD | 190,000 | CZK | 3,926,354 | CIT | 04/05/18 | — | 202 | |||||||||||
| USD | 310,000 | CZK | 6,353,416 | CIT | 04/05/18 | 2,226 | — | |||||||||||
| USD | 437,691 | CZK | 8,950,789 | CIT | 04/05/18 | 4,094 | — | |||||||||||
| USD | 437,691 | CZK | 8,950,789 | JPM | 04/05/18 | 4,094 | — | |||||||||||
| USD | 290,000 | CZK | 5,949,684 | SCB | 04/05/18 | 1,783 | — | |||||||||||
| USD | 437,691 | CZK | 8,950,789 | SCB | 04/05/18 | 4,094 | — | |||||||||||
| USD | 190,000 | HUF | 47,755,854 | JPM | 06/20/18 | 934 | — | |||||||||||
| USD | 1,220,000 | IDR | 16,897,000,000 | UBS | 06/05/18 | — | 799 | |||||||||||
| USD | 1,220,000 | MXN | 23,026,622 | JPM | 04/16/18 | — | 44,082 | |||||||||||
| USD | 430,000 | MXN | 8,027,154 | SCB | 04/16/18 | — | 10,663 | |||||||||||
| USD | 428,617 | MXN | 7,850,725 | UBS | 04/16/18 | — | 2,360 | |||||||||||
| USD | 740,000 | PEN | 2,412,770 | BOA | 04/16/18 | — | 7,545 | |||||||||||
| USD | 593,333 | PEN | 1,927,740 | BRC | 04/16/18 | — | 3,936 | |||||||||||
| USD | 593,333 | PEN | 1,928,333 | BRC | 04/16/18 | — | 4,119 | |||||||||||
| USD | 593,333 | PEN | 1,923,883 | BRC | 04/16/18 | — | 2,741 | |||||||||||
| USD | 656,670 | PEN | 2,145,668 | BRC | 04/16/18 | — | 8,120 | |||||||||||
| USD | 980,000 | PEN | 3,198,720 | BRC | 04/16/18 | — | 11,055 | |||||||||||
| USD | 1,580,000 | PEN | 5,146,060 | BRC | 04/16/18 | — | 14,396 | |||||||||||
| USD | 503,330 | PEN | 1,643,726 | CIT | 04/16/18 | — | 5,943 | |||||||||||
| USD | 366,899 | PEN | 1,191,687 | JPM | 04/16/18 | — | 2,320 | |||||||||||
| USD | 490,000 | PEN | 1,604,015 | SCB | 04/16/18 | — | 6,970 | |||||||||||
| USD | 503,101 | PEN | 1,631,306 | SCB | 04/16/18 | — | 2,324 | |||||||||||
| USD | 510,000 | PLN | 1,746,831 | SCB | 05/18/18 | — | 652 | |||||||||||
| USD | 247,226 | RUB | 14,211,815 | BOA | 06/19/18 | 1,263 | — | |||||||||||
| USD | 362,939 | RUB | 20,935,212 | BRC | 04/16/18 | — | 1,961 | |||||||||||
| USD | 247,192 | RUB | 14,211,815 | BRC | 06/19/18 | 1,229 | — | |||||||||||
| USD | 599,834 | RUB | 34,636,771 | BRC | 06/19/18 | 377 | — | |||||||||||
| USD | 600,114 | RUB | 34,636,771 | BRC | 06/19/18 | 656 | — | |||||||||||
| USD | 4,701,064 | RUB | 269,830,000 | JPM | 04/16/18 | — | 2,065 | |||||||||||
| USD | 1,740,000 | RUB | 100,789,500 | SCB | 05/18/18 | — | 10,519 | |||||||||||
| USD | 247,063 | RUB | 14,211,815 | SCB | 06/19/18 | 1,100 | — | |||||||||||
| USD | 247,141 | RUB | 14,211,815 | UBS | 06/19/18 | 1,177 | — | |||||||||||
| USD | 107,460 | THB | 3,341,582 | BRC | 04/20/18 | 539 | — | |||||||||||
| USD | 239,902 | THB | 7,468,517 | BRC | 04/20/18 | 931 | — | |||||||||||
Lazard Explorer Total Return Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 273,013 | THB | 8,505,713 | BRC | 04/20/18 | $ | 854 | $ | — | |||||||||
| USD | 852,447 | THB | 26,628,734 | BRC | 04/20/18 | 403 | — | |||||||||||
| USD | 571,454 | THB | 17,785,368 | JPM | 04/20/18 | 2,373 | — | |||||||||||
| USD | 636,063 | THB | 19,869,223 | JPM | 04/20/18 | 305 | — | |||||||||||
| USD | 851,428 | THB | 26,492,602 | JPM | 04/20/18 | 3,740 | — | |||||||||||
| USD | 959,110 | THB | 29,941,975 | JPM | 04/20/18 | 1,052 | — | |||||||||||
| USD | 183,990 | THB | 5,749,862 | SCB | 04/20/18 | 10 | — | |||||||||||
| USD | 440,377 | THB | 13,739,771 | SCB | 04/20/18 | 744 | — | |||||||||||
| USD | 713,612 | THB | 22,229,014 | SCB | 04/20/18 | 2,347 | — | |||||||||||
| USD | 861,144 | THB | 26,806,969 | SCB | 04/20/18 | 3,397 | — | |||||||||||
| USD | 727,930 | ZAR | 8,789,022 | BOA | 04/20/18 | — | 12,757 | |||||||||||
| USD | 2,888,631 | ZAR | 35,156,087 | BOA | 04/20/18 | — | 74,116 | |||||||||||
| USD | 642,420 | ZAR | 7,688,543 | BOA | 05/18/18 | — | 3,061 | |||||||||||
| USD | 729,467 | ZAR | 8,789,022 | BRC | 04/20/18 | — | 11,220 | |||||||||||
| USD | 883,754 | ZAR | 10,481,236 | JPM | 05/18/18 | 3,816 | — | |||||||||||
| USD | 727,930 | ZAR | 8,789,022 | SCB | 04/20/18 | — | 12,757 | |||||||||||
| USD | 1,430,000 | ZAR | 16,823,521 | SCB | 04/20/18 | 12,213 | — | |||||||||||
| USD | 2,888,631 | ZAR | 35,156,087 | SCB | 04/20/18 | — | 74,116 | |||||||||||
| USD | 728,461 | ZAR | 8,789,020 | UBS | 04/20/18 | — | 12,225 | |||||||||||
| USD | 1,106,113 | ZAR | 13,379,611 | UBS | 04/20/18 | — | 21,442 | |||||||||||
| USD | 2,889,225 | ZAR | 35,156,087 | UBS | 04/20/18 | — | 73,523 | |||||||||||
| UYU | 18,226,760 | USD | 620,380 | CIT | 08/07/18 | 7,557 | — | |||||||||||
| ZAR | 10,481,499 | USD | 870,000 | JPM | 05/18/18 | 9,960 | — | |||||||||||
| ZAR | 23,349,678 | USD | 1,960,905 | SCB | 04/20/18 | 6,868 | — | |||||||||||
| ZAR | 37,657,406 | USD | 3,130,000 | SCB | 04/20/18 | 43,544 | — | |||||||||||
| ZAR | 23,349,678 | USD | 1,959,951 | UBS | 04/20/18 | 7,822 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 424,808 | $ | 794,777 | ||||||||||||||
Written Options open at March 31, 2018:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||||||
| Put | ||||||||||||||||||||||||||
| USD vs INR Apr 18 63.1 | GSC | 129,500 | $ | 63.10 | 04/05/18 | $ | 12,950,000 | $ | 46,534 | $ | — | |||||||||||||||
Credit Default Swap Agreements open at March 31, 2018:
| 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 | Unrealized Depreciation | |||||||||||||||||||||||
| MEX USD SR 4Y | BRC | $ | 2,290,000 | 12/20/22 | Sell | (1.000 | )% | Quarterly | BBB+ | $ | (3,223 | ) | $ | 2,542 | $ | — | $ | 5,765 | ||||||||||||||||
| MEX USD SR 5Y | BRC | 21,760,000 | 06/20/23 | Buy | (1.000 | ) | Quarterly | BBB+ | 82,785 | 194,569 | — | 111,784 | ||||||||||||||||||||||
| Total Credit Default Swap Agreements | $ | 79,562 | $ | 197,111 | $ | — | $ | 117,549 | ||||||||||||||||||||||||||
Lazard Explorer Total Return Portfolio (concluded)
Interest Rate Swap Agreements open at March 31, 2018:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive (Pay) Rate | Payment Frequency Paid/Received | Variable Rate | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
| BRL | JPM | $ | 25,387,816 | 01/02/20 | (8.75 | )% | Maturity | Brazil Cetip Interbank Deposit Rate | $ | — | $ | 178 | ||||||||||||
| BRL | JPM | 8,349,799 | 01/04/21 | 9.16 | Maturity | Brazil Cetip Interbank Deposit Rate | — | 18,981 | ||||||||||||||||
| BRL | JPM | 50,707,958 | 01/04/21 | 10.48 | Maturity | Brazil Cetip Interbank Deposit Rate | 132,098 | — | ||||||||||||||||
| BRL | JPM | 14,473,634 | 01/04/21 | 10.59 | Maturity | Brazil Cetip Interbank Deposit Rate | 21 | — | ||||||||||||||||
| BRL | JPM | 13,554,920 | 01/04/21 | 10.71 | Maturity | Brazil Cetip Interbank Deposit Rate | 35,198 | — | ||||||||||||||||
| BRL | JPM | 24,375,959 | 01/04/21 | 10.81 | Maturity | Brazil Cetip Interbank Deposit Rate | 83,838 | — | ||||||||||||||||
| BRL | JPM | 25,351,856 | 01/04/21 | 11.05 | Maturity | Brazil Cetip Interbank Deposit Rate | 107,668 | — | ||||||||||||||||
| Total gross unrealized appreciation/depreciation on Interest Rate Swap Agreements | $ | 358,823 | $ | 19,159 | ||||||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Income Portfolio | ||||||||||||
| Foreign Government Obligations | 35.5% | ||||||||||||
| Argentina | 1.0% | ||||||||||||
| Argentina Treasury Bills, 0.000%, 06/15/18 | ARS | 1,390 | $ | 64,449 | ||||||||
| Brazil | 5.9% | ||||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 07/01/18 | BRL | 800 | 238,604 | |||||||||
| Brazil NTN-F, 10.000%, 01/01/21 | BRL | 420 | 136,467 | |||||||||
| 375,071 | ||||||||||||
| Dominican Republic | 0.9% | ||||||||||||
| Dominican Republic Bonds, 10.500%, 04/07/23 (#) | DOP | 2,600 | 54,730 | |||||||||
| Egypt | 7.8% | ||||||||||||
| Egypt Treasury Bills: | ||||||||||||
| 0.000%, 06/26/18 | EGP | 1,475 | 80,247 | |||||||||
| 0.000%, 08/21/18 | EGP | 7,900 | 416,557 | |||||||||
| 496,804 | ||||||||||||
| Indonesia | 2.1% | ||||||||||||
| Indonesia Government Bonds, 8.250%, 07/15/21 | IDR | 1,684,000 | 129,992 | |||||||||
| Malaysia | 5.2% | ||||||||||||
| Malaysia Government Bonds, 3.654%, 10/31/19 | MYR | 1,260 | 327,292 | |||||||||
| Mexico | 6.0% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 6.500%, 06/10/21 | MXN | 5,970 | 321,470 | |||||||||
| 5.750%, 03/05/26 | MXN | 1,180 | 58,986 | |||||||||
| 380,456 | ||||||||||||
| Romania | 1.7% | ||||||||||||
| Romania Government Bonds: | ||||||||||||
| 5.850%, 04/26/23 | RON | 180 | 51,337 | |||||||||
| 5.800%, 07/26/27 | RON | 200 | 57,879 | |||||||||
| 109,216 | ||||||||||||
| Russia | 1.1% | ||||||||||||
| Russia Government Bonds - OFZ, 7.050%, 01/19/28 | RUB | 4,000 | 70,339 | |||||||||
| South Africa | 1.0% | ||||||||||||
| Republic of South Africa, 6.750%, 03/31/21 | ZAR | 730 | 61,237 | |||||||||
| Turkey | 2.8% | ||||||||||||
| Turkey Government Bonds: | ||||||||||||
| 10.400%, 03/27/19 | TRY | 340 | 83,550 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 2.000%, 10/26/22 | TRY | 402 | $ | 96,996 | ||||||||
| 180,546 | ||||||||||||
| Total Foreign Government Obligations (Cost $2,267,601) | 2,250,132 | |||||||||||
| Supranational Bonds | 3.1% | ||||||||||||
| European Investment Bank, 7.200%, 07/09/19 (#) (Cost $206,936) | IDR | 2,700,000 | 198,095 | |||||||||
| US Treasury Securities | 53.5% | ||||||||||||
| US Treasury Notes: | ||||||||||||
| 0.750%, 04/15/18 | USD | 300 | 299,911 | |||||||||
| 0.750%, 04/30/18 | USD | 300 | 299,804 | |||||||||
| 1.000%, 05/15/18 | USD | 300 | 299,759 | |||||||||
| 0.875%, 05/31/18 | USD | 300 | 299,593 | |||||||||
| 1.125%, 06/15/18 | USD | 275 | 274,637 | |||||||||
| 0.625%, 06/30/18 | USD | 275 | 274,200 | |||||||||
| 0.875%, 07/15/18 | USD | 250 | 249,322 | |||||||||
| 0.750%, 07/31/18 | USD | 300 | 298,934 | |||||||||
| 1.500%, 08/31/18 | USD | 300 | 299,498 | |||||||||
| 1.000%, 09/15/18 | USD | 250 | 249,014 | |||||||||
| 1.375%, 09/30/18 | USD | 250 | 249,305 | |||||||||
| 0.875%, 10/15/18 | USD | 300 | 298,231 | |||||||||
| Total US Treasury Securities (Cost $3,393,296) | 3,392,208 | |||||||||||
| Description | Shares | Fair Value | ||||||||||
| Short-Term Investments | 8.4% | ||||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $531,167) | 531,167 | 531,167 | ||||||||||
| Total Investments | 100.5% (Cost $6,399,000) (¤) | $ | 6,371,602 | ||||||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (29,079 | ) | ||||||||||
| Net Assets | 100.0% | $ | 6,342,523 | ||||||||||
Lazard Emerging Markets Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| ARS | 718,410 | USD | 33,000 | CIT | 08/21/18 | $ | 168 | $ | — | |||||||||
| ARS | 1,276,200 | USD | 60,000 | HSB | 06/15/18 | 1,031 | — | |||||||||||
| ARS | 1,684,280 | USD | 82,000 | SCB | 04/27/18 | 651 | — | |||||||||||
| BRL | 58,721 | USD | 18,000 | CIT | 04/09/18 | — | 222 | |||||||||||
| BRL | 630,000 | USD | 186,994 | CIT | 10/16/18 | 616 | — | |||||||||||
| BRL | 94,888 | USD | 29,000 | HSB | 04/20/18 | — | 299 | |||||||||||
| CLP | 36,061,200 | USD | 60,000 | HSB | 04/20/18 | — | 281 | |||||||||||
| CNY | 76,182 | USD | 12,000 | CIT | 05/09/18 | 117 | — | |||||||||||
| CNY | 4,413,753 | USD | 697,000 | HSB | 05/09/18 | 5,006 | — | |||||||||||
| COP | 308,674,800 | USD | 108,000 | CIT | 05/29/18 | 2,302 | — | |||||||||||
| COP | 74,197,500 | USD | 26,000 | SCB | 05/09/18 | 538 | — | |||||||||||
| CZK | 2,581,680 | USD | 126,129 | CIT | 04/26/18 | — | 937 | |||||||||||
| CZK | 1,992,453 | USD | 97,000 | JPM | 04/26/18 | — | 381 | |||||||||||
| DOP | 1,570,240 | USD | 32,000 | CIT | 04/20/18 | — | 312 | |||||||||||
| EGP | 3,174,500 | USD | 179,916 | CIT | 04/02/18 | 146 | — | |||||||||||
| EUR | 102,655 | USD | 128,263 | CIT | 05/25/18 | — | 1,491 | |||||||||||
| GHS | 142,290 | USD | 31,000 | CIT | 05/07/18 | 720 | — | |||||||||||
| GHS | 149,420 | USD | 31,000 | SCB | 07/09/18 | 1,504 | — | |||||||||||
| HUF | 36,127,800 | USD | 144,000 | JPM | 04/27/18 | — | 1,486 | |||||||||||
| IDR | 874,755,000 | USD | 63,000 | CIT | 01/07/19 | — | 825 | |||||||||||
| IDR | 3,173,760,000 | USD | 228,000 | HSB | 04/26/18 | 2,897 | — | |||||||||||
| INR | 4,183,680 | USD | 64,000 | CIT | 05/08/18 | 57 | — | |||||||||||
| INR | 10,181,120 | USD | 156,320 | HSB | 04/09/18 | 6 | — | |||||||||||
| INR | 20,134,764 | USD | 312,000 | SCB | 04/20/18 | — | 3,016 | |||||||||||
| KRW | 579,571,440 | USD | 542,000 | SCB | 04/12/18 | 3,660 | — | |||||||||||
| KZT | 10,304,640 | USD | 32,000 | SCB | 05/25/18 | 32 | — | |||||||||||
| MXN | 2,314,401 | USD | 122,000 | SCB | 05/23/18 | 4,322 | — | |||||||||||
| NGN | 8,395,000 | USD | 23,000 | CIT | 06/19/18 | 1,197 | — | |||||||||||
| NGN | 23,625,000 | USD | 63,000 | HSB | 12/27/18 | 1,809 | — | |||||||||||
| NGN | 7,049,000 | USD | 19,000 | JPM | 09/19/18 | 821 | — | |||||||||||
| NGN | 8,360,500 | USD | 23,000 | SCB | 05/21/18 | 1,327 | — | |||||||||||
| NGN | 23,420,500 | USD | 62,000 | SCB | 12/27/18 | 2,248 | — | |||||||||||
| PEN | 173,284 | USD | 53,000 | HSB | 05/18/18 | 632 | — | |||||||||||
| PHP | 3,247,200 | USD | 64,000 | JPM | 04/12/18 | — | 1,839 | |||||||||||
| PHP | 1,460,435 | USD | 27,868 | SCB | 04/12/18 | 89 | — | |||||||||||
| PLN | 977,270 | USD | 288,000 | JPM | 04/16/18 | — | 2,485 | |||||||||||
| PLN | 241,713 | USD | 71,000 | SCB | 04/30/18 | — | 362 | |||||||||||
| RUB | 23,468,829 | USD | 409,000 | SCB | 05/16/18 | — | 1,586 | |||||||||||
| SGD | 500,661 | USD | 380,575 | HSB | 04/13/18 | 1,364 | — | |||||||||||
| SGD | 92,776 | USD | 71,000 | SCB | 05/31/18 | — | 151 | |||||||||||
| THB | 10,147,565 | USD | 326,000 | SCB | 05/16/18 | — | 1,022 | |||||||||||
| TRY | 394,540 | USD | 91,000 | SCB | 11/13/18 | 2,408 | — | |||||||||||
| TWD | 1,022,000 | USD | 35,000 | SCB | 04/12/18 | 128 | — | |||||||||||
| USD | 63,000 | AUD | 82,251 | SCB | 06/04/18 | — | 178 | |||||||||||
| USD | 226,000 | BRL | 750,071 | HSB | 10/16/18 | 2,633 | — | |||||||||||
Lazard Emerging Markets Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 65,000 | CNY | 416,780 | HSB | 05/09/18 | $ | — | $ | 1,289 | |||||||||
| USD | 65,000 | COP | 180,895,000 | CIT | 04/12/18 | 267 | — | |||||||||||
| USD | 175,000 | EGP | 3,174,500 | CIT | 04/02/18 | — | 5,062 | |||||||||||
| USD | 185,000 | EGP | 3,379,710 | CIT | 08/29/18 | — | 240 | |||||||||||
| USD | 127,000 | EUR | 102,655 | CIT | 05/25/18 | 228 | — | |||||||||||
| USD | 21,000 | IDR | 290,199,000 | SCB | 04/06/18 | — | 104 | |||||||||||
| USD | 60,000 | IDR | 831,360,000 | SCB | 04/06/18 | — | 458 | |||||||||||
| USD | 231,239 | IDR | 3,173,760,000 | SCB | 04/26/18 | 342 | — | |||||||||||
| USD | 64,000 | JPY | 6,743,104 | HSB | 05/29/18 | 405 | — | |||||||||||
| USD | 59,911 | RON | 225,668 | CIT | 03/15/19 | 358 | — | |||||||||||
| USD | 4,000 | TRY | 15,369 | CIT | 04/05/18 | 108 | — | |||||||||||
| USD | 30,000 | TRY | 116,130 | SCB | 04/05/18 | 591 | — | |||||||||||
| USD | 31,037 | UYU | 902,720 | HSB | 04/18/18 | — | 711 | |||||||||||
| UYU | 902,720 | USD | 31,000 | JPM | 04/18/18 | 749 | — | |||||||||||
| ZAR | 768,594 | USD | 65,083 | SCB | 05/16/18 | — | 539 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 41,477 | $ | 25,276 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 95.6% | ||||||||
| Aerospace & Defense | 1.1% | ||||||||
| Bombardier, Inc., 7.750%, 03/15/20 (#) | $ | 975 | $ | 1,042,031 | ||||
| KLX, Inc., 5.875%, 12/01/22 (#) | 1,400 | 1,442,420 | ||||||
| Triumph Group, Inc., 4.875%, 04/01/21 | 1,400 | 1,368,500 | ||||||
| 3,852,951 | ||||||||
| Auto Components | 2.4% | ||||||||
| Dana, Inc., 5.500%, 12/15/24 | 1,800 | 1,827,000 | ||||||
| Delphi Technologies PLC, 5.000%, 10/01/25 (#) | 1,925 | 1,845,594 | ||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,400 | 2,328,720 | ||||||
| The Goodyear Tire & Rubber Co.: | ||||||||
| 5.125%, 11/15/23 | 1,800 | 1,811,250 | ||||||
| 5.000%, 05/31/26 | 250 | 243,125 | ||||||
| 8,055,689 | ||||||||
| Automobiles | 1.0% | ||||||||
| Fiat Chrysler Automobiles NV, 5.250%, 04/15/23 | 2,300 | 2,357,500 | ||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 941,250 | ||||||
| 3,298,750 | ||||||||
| Building Products | 1.1% | ||||||||
| Griffon Corp., 5.250%, 03/01/22 | 1,800 | 1,807,290 | ||||||
| USG Corp., 4.875%, 06/01/27 (#) | 1,900 | 1,919,000 | ||||||
| 3,726,290 | ||||||||
| Capital Markets | 1.0% | ||||||||
| Icahn Enterprises LP, 6.000%, 08/01/20 | 1,500 | 1,530,000 | ||||||
| MPT Operating Partnership LP, 6.375%, 03/01/24 | 1,810 | 1,900,536 | ||||||
| 3,430,536 | ||||||||
| Chemicals | 3.3% | ||||||||
| CF Industries, Inc., 3.450%, 06/01/23 | 1,975 | 1,896,000 | ||||||
| Huntsman International LLC, 4.875%, 11/15/20 | 1,600 | 1,630,000 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 913,370 | ||||||
| NOVA Chemicals Corp., 5.250%, 08/01/23 (#) | 1,800 | 1,811,250 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Platform Specialty Products Corp., 6.500%, 02/01/22 (#) | $ | 1,700 | $ | 1,727,625 | ||||
| Valvoline, Inc., 4.375%, 08/15/25 | 1,500 | 1,456,875 | ||||||
| WR Grace & Co-Conn, 5.125%, 10/01/21 (#) | 1,700 | 1,740,375 | ||||||
| 11,175,495 | ||||||||
| Commercial Services & Supplies | 3.9% | ||||||||
| ACCO Brands Corp., 5.250%, 12/15/24 (#) | 1,800 | 1,809,000 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,500 | 2,519,500 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,805,000 | ||||||
| Avis Budget Car Rental LLC, 5.125%, 06/01/22 (#) | 1,600 | 1,600,080 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,791,000 | ||||||
| Multi-Color Corp., 4.875%, 11/01/25 (#) | 2,000 | 1,870,000 | ||||||
| The ADT Corp.: | ||||||||
| 6.250%, 10/15/21 | 1,400 | 1,459,500 | ||||||
| 4.125%, 06/15/23 | 500 | 470,000 | ||||||
| 13,324,080 | ||||||||
| Communications Equipment | 0.9% | ||||||||
| CommScope, Inc., 5.000%, 06/15/21 (#) | 1,500 | 1,520,625 | ||||||
| Plantronics, Inc., 5.500%, 05/31/23 (#) | 1,750 | 1,734,775 | ||||||
| 3,255,400 | ||||||||
| Construction Materials | 1.0% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,707,200 | ||||||
| Standard Industries, Inc., 5.375%, 11/15/24 (#) | 1,750 | 1,771,875 | ||||||
| 3,479,075 | ||||||||
| Containers & Packaging | 4.2% | ||||||||
| Ball Corp., 4.000%, 11/15/23 | 2,400 | 2,340,000 | ||||||
| Cascades, Inc., 5.500%, 07/15/22 (#) | 1,500 | 1,509,375 | ||||||
| Crown Americas LLC: | ||||||||
| 4.500%, 01/15/23 | 1,800 | 1,786,500 | ||||||
| 4.250%, 09/30/26 | 500 | 462,500 | ||||||
| Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#) | 2,392 | 2,415,203 | ||||||
| Reynolds Group Issuer, Inc., 5.750%, 10/15/20 | 1,454 | 1,471,832 | ||||||
| Sealed Air Corp., 4.875%, 12/01/22 (#) | 1,700 | 1,717,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Silgan Holdings, Inc., 5.000%, 04/01/20 | $ | 826 | $ | 826,330 | ||||
| Smurfit Kappa Acquisitions ULC, 4.875%, 09/15/18 (#) | 1,050 | 1,051,838 | ||||||
| Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25 | 750 | 901,875 | ||||||
| 14,482,453 | ||||||||
| Diversified Consumer Services | 1.1% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 1,930,000 | ||||||
| The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#) | 1,800 | 1,741,500 | ||||||
| 3,671,500 | ||||||||
| Diversified Financial Services | 1.7% | ||||||||
| Altice US Finance I Corp., 5.500%, 05/15/26 (#) | 1,000 | 975,000 | ||||||
| Herc Rentals, Inc., 7.750%, 06/01/24 (#) | 1,359 | 1,471,117 | ||||||
| INEOS Group Holdings SA, 5.625%, 08/01/24 (#) | 1,700 | 1,714,960 | ||||||
| Level 3 Financing, Inc., 5.125%, 05/01/23 | 1,800 | 1,766,250 | ||||||
| 5,927,327 | ||||||||
| Diversified Telecommunication Services | 3.6% | ||||||||
| CenturyLink, Inc., Series V, 5.625%, 04/01/20 | 1,800 | 1,813,500 | ||||||
| CyrusOne LP, 5.000%, 03/15/24 | 2,300 | 2,302,875 | ||||||
| Frontier Communications Corp., 8.125%, 10/01/18 | 1,500 | 1,515,300 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,391 | 2,343,180 | ||||||
| SBA Communications Corp., 4.875%, 09/01/24 | 2,300 | 2,256,875 | ||||||
| Zayo Group LLC, 5.750%, 01/15/27 (#) | 2,250 | 2,196,562 | ||||||
| 12,428,292 | ||||||||
| Energy Equipment & Services | 1.3% | ||||||||
| Precision Drilling Corp., 5.250%, 11/15/24 | 1,500 | 1,406,250 | ||||||
| Transocean, Inc., 9.000%, 07/15/23 (#) | 1,750 | 1,861,563 | ||||||
| Weatherford International, Ltd., 8.250%, 06/15/23 | 1,250 | 1,087,500 | ||||||
| 4,355,313 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Equity Real Estate Investment Trusts (REITs) | 3.5% | ||||||||
| Equinix, Inc., 5.375%, 05/15/27 | $ | 2,700 | $ | 2,740,500 | ||||
| ESH Hospitality, Inc., 5.250%, 05/01/25 (#) | 2,300 | 2,237,440 | ||||||
| Iron Mountain, Inc., 6.000%, 08/15/23 | 1,700 | 1,757,137 | ||||||
| MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26 | 1,800 | 1,719,000 | ||||||
| RHP Hotel Properties LP, 5.000%, 04/15/23 | 1,775 | 1,779,437 | ||||||
| Uniti Group LP, 6.000%, 04/15/23 (#) | 1,700 | 1,636,250 | ||||||
| 11,869,764 | ||||||||
| Food & Staples Retailing | 1.5% | ||||||||
| Albertsons Cos. LLC, 6.625%, 06/15/24 | 1,750 | 1,568,438 | ||||||
| Ingles Markets, Inc., 5.750%, 06/15/23 | 1,750 | 1,749,475 | ||||||
| Performance Food Group, Inc., 5.500%, 06/01/24 (#) | 1,805 | 1,814,025 | ||||||
| 5,131,938 | ||||||||
| Food Products | 2.3% | ||||||||
| B&G Foods, Inc., 4.625%, 06/01/21 | 1,500 | 1,488,750 | ||||||
| Darling Ingredients, Inc., 5.375%, 01/15/22 | 850 | 864,875 | ||||||
| Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#) | 2,300 | 2,279,875 | ||||||
| Post Holdings, Inc., 5.000%, 08/15/26 (#) | 1,800 | 1,710,000 | ||||||
| TreeHouse Foods, Inc., 4.875%, 03/15/22 | 1,500 | 1,494,375 | ||||||
| 7,837,875 | ||||||||
| Gas Utilities | 1.2% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,800 | 1,788,750 | ||||||
| Ferrellgas LP, 6.500%, 05/01/21 | 500 | 478,750 | ||||||
| Suburban Propane Partners LP, 5.500%, 06/01/24 | 1,800 | 1,732,500 | ||||||
| 4,000,000 | ||||||||
| Health Care Equipment & Supplies | 1.2% | ||||||||
| Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (#) | 1,800 | 1,863,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | $ | 2,300 | $ | 2,208,000 | ||||
| 4,071,000 | ||||||||
| Health Care Providers & Services | 4.0% | ||||||||
| Centene Corp.: | ||||||||
| 6.125%, 02/15/24 | 1,750 | 1,821,225 | ||||||
| 4.750%, 01/15/25 | 500 | 487,500 | ||||||
| DaVita, Inc., 5.125%, 07/15/24 | 1,800 | 1,757,250 | ||||||
| Encompass Health Corp., 5.125%, 03/15/23 | 1,801 | 1,823,512 | ||||||
| HCA, Inc., 6.500%, 02/15/20 | 1,600 | 1,678,000 | ||||||
| LifePoint Health, Inc.: | ||||||||
| 5.500%, 12/01/21 | 1,400 | 1,414,000 | ||||||
| 5.875%, 12/01/23 | 900 | 908,730 | ||||||
| Molina Healthcare, Inc., 5.375%, 11/15/22 | 1,700 | 1,678,750 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.750%, 06/01/20 | 700 | 705,250 | ||||||
| 4.375%, 10/01/21 | 1,250 | 1,228,125 | ||||||
| 13,502,342 | ||||||||
| Hotels, Restaurants & Leisure | 8.7% | ||||||||
| 1011778 BC ULC, 4.625%, 01/15/22 (#) | 1,800 | 1,804,500 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 6.875%, 05/15/23 | 1,700 | 1,793,500 | ||||||
| 6.375%, 04/01/26 | 750 | 785,228 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 1,960,000 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 (#) | 1,800 | 1,782,000 | ||||||
| Cinemark USA, Inc., 4.875%, 06/01/23 | 1,800 | 1,777,140 | ||||||
| Diamond Resorts International, Inc., 7.750%, 09/01/23 (#) | 1,500 | 1,629,600 | ||||||
| GLP Capital LP, 4.875%, 11/01/20 | 1,500 | 1,527,225 | ||||||
| Golden Nugget, Inc., 6.750%, 10/15/24 (#) | 1,622 | 1,634,165 | ||||||
| Hilton Worldwide Finance LLC, 4.625%, 04/01/25 | 2,315 | 2,312,106 | ||||||
| International Game Technology PLC: | ||||||||
| 5.625%, 02/15/20 (#) | 250 | 256,250 | ||||||
| 6.250%, 02/15/22 (#) | 1,450 | 1,518,875 | ||||||
| KFC Holding Co., 5.250%, 06/01/26 (#) | 2,900 | 2,889,125 | ||||||
| MGM Resorts International: | ||||||||
| 6.625%, 12/15/21 | 1,000 | 1,078,750 | ||||||
| 4.625%, 09/01/26 | 800 | 764,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | $ | 2,150 | $ | 2,093,562 | ||||
| Station Casinos LLC, 5.000%, 10/01/25 (#) | 1,700 | 1,615,000 | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,300 | 2,311,500 | ||||||
| 29,532,526 | ||||||||
| Household Durables | 0.5% | ||||||||
| Tempur Sealy International, Inc., 5.625%, 10/15/23 | 1,750 | 1,755,775 | ||||||
| Household Products | 1.0% | ||||||||
| Energizer Holdings, Inc., 5.500%, 06/15/25 (#) | 1,750 | 1,763,125 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,836,000 | ||||||
| 3,599,125 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.4% | ||||||||
| AES Corp., 5.125%, 09/01/27 | 2,000 | 2,035,000 | ||||||
| Calpine Corp., 6.000%, 01/15/22 (#) | 1,500 | 1,538,100 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,250 | 1,178,125 | ||||||
| 4,751,225 | ||||||||
| Internet & Direct Marketing Retail | 0.5% | ||||||||
| Netflix, Inc., 5.375%, 02/01/21 | 1,550 | 1,606,188 | ||||||
| Internet Software & Services | 1.5% | ||||||||
| j2 Cloud Services LLC, 6.000%, 07/15/25 (#) | 1,800 | 1,842,750 | ||||||
| Travelport Corporate Finance PLC, 6.000%, 03/15/26 (#) | 1,500 | 1,505,625 | ||||||
| VeriSign, Inc., 4.625%, 05/01/23 | 1,800 | 1,797,210 | ||||||
| 5,145,585 | ||||||||
| IT Services | 0.6% | ||||||||
| First Data Corp.: | ||||||||
| 5.375%, 08/15/23 (#) | 1,600 | 1,628,000 | ||||||
| 5.000%, 01/15/24 (#) | 500 | 500,000 | ||||||
| 2,128,000 | ||||||||
| Machinery | 2.0% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,691,788 | ||||||
| Amsted Industries, Inc., 5.000%, 03/15/22 (#) | 1,700 | 1,704,250 | ||||||
| SPX FLOW, Inc., 5.625%, 08/15/24 (#) | 1,750 | 1,780,625 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Terex Corp., 5.625%, 02/01/25 (#) | $ | 1,790 | $ | 1,792,237 | ||||
| 6,968,900 | ||||||||
| Media | 12.2% | ||||||||
| AMC Networks, Inc., 4.750%, 12/15/22 | 1,500 | 1,511,250 | ||||||
| Cable One, Inc., 5.750%, 06/15/22 (#) | 1,750 | 1,785,000 | ||||||
| CBS Radio, Inc., 7.250%, 11/01/24 (#) | 1,500 | 1,528,125 | ||||||
| CCO Holdings LLC: | ||||||||
| 5.250%, 03/15/21 | 1,950 | 1,964,625 | ||||||
| 5.125%, 05/01/27 (#) | 500 | 474,700 | ||||||
| Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (#) | 1,260 | 1,282,050 | ||||||
| Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/22 | 1,750 | 1,780,625 | ||||||
| DISH DBS Corp., 5.125%, 05/01/20 | 1,600 | 1,598,160 | ||||||
| Lamar Media Corp., 5.750%, 02/01/26 | 1,026 | 1,063,193 | ||||||
| LIN Television Corp., 5.875%, 11/15/22 | 1,750 | 1,800,312 | ||||||
| Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#) | 1,800 | 1,755,000 | ||||||
| Mediacom Broadband LLC, 5.500%, 04/15/21 | 1,500 | 1,505,625 | ||||||
| Meredith Corp., 6.875%, 02/01/26 (#) | 2,000 | 2,052,500 | ||||||
| Outfront Media Capital LLC, 5.250%, 02/15/22 | 1,500 | 1,526,250 | ||||||
| Sinclair Television Group, Inc., 5.375%, 04/01/21 | 1,900 | 1,916,625 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.375%, 04/15/25 (#) | 400 | 397,000 | ||||||
| 5.000%, 08/01/27 (#) | 2,000 | 1,880,000 | ||||||
| TEGNA, Inc., 6.375%, 10/15/23 | 1,900 | 1,973,530 | ||||||
| The EW Scripps Co., 5.125%, 05/15/25 (#) | 1,800 | 1,674,000 | ||||||
| Tribune Media Co., 5.875%, 07/15/22 | 1,800 | 1,824,750 | ||||||
| Unitymedia Hessen GmbH & Co. KG, 5.000%, 01/15/25 (#) | 1,700 | 1,729,750 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,300 | 2,144,750 | ||||||
| Videotron, Ltd.: | ||||||||
| 5.000%, 07/15/22 | 1,808 | 1,835,120 | ||||||
| 5.125%, 04/15/27 (#) | 500 | 490,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (#) | $ | 2,400 | $ | 2,310,000 | ||||
| WMG Acquisition Corp., 4.875%, 11/01/24 (#) | 1,850 | 1,836,125 | ||||||
| 41,639,065 | ||||||||
| Metals & Mining | 3.8% | ||||||||
| Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#) | 2,300 | 2,461,000 | ||||||
| Anglo American Capital PLC, 4.875%, 05/14/25 (#) | 1,900 | 1,946,115 | ||||||
| ArcelorMittal, 5.750%, 03/01/21 | 1,400 | 1,471,750 | ||||||
| Freeport-McMoRan, Inc., 4.550%, 11/14/24 | 2,700 | 2,652,750 | ||||||
| Glencore Funding LLC, 4.625%, 04/29/24 (#) | 2,000 | 2,046,600 | ||||||
| Steel Dynamics, Inc.: | ||||||||
| 4.125%, 09/15/25 | 500 | 476,250 | ||||||
| 5.000%, 12/15/26 | 1,800 | 1,800,000 | ||||||
| 12,854,465 | ||||||||
| Multiline Retail | 1.2% | ||||||||
| Dollar Tree, Inc., 5.750%, 03/01/23 | 2,250 | 2,351,790 | ||||||
| J.C. Penney Corp., Inc., 5.875%, 07/01/23 (#) | 1,800 | 1,723,500 | ||||||
| 4,075,290 | ||||||||
| Oil, Gas & Consumable Fuels | 10.5% | ||||||||
| Andeavor Logistics LP, 4.250%, 12/01/27 | 1,500 | 1,461,318 | ||||||
| Antero Resources Corp., 5.125%, 12/01/22 | 1,850 | 1,863,875 | ||||||
| Cenovus Energy, Inc., 3.800%, 09/15/23 | 2,500 | 2,470,147 | ||||||
| Cheniere Energy Partners LP, 5.250%, 10/01/25 (#) | 1,250 | 1,232,813 | ||||||
| Continental Resources, Inc., 4.500%, 04/15/23 | 2,500 | 2,528,125 | ||||||
| Diamondback Energy, Inc., 4.750%, 11/01/24 | 1,800 | 1,779,750 | ||||||
| Energy Transfer Equity LP: | ||||||||
| 7.500%, 10/15/20 | 1,250 | 1,346,094 | ||||||
| 5.875%, 01/15/24 | 750 | 774,375 | ||||||
| Gulfport Energy Corp., 6.000%, 10/15/24 | 1,700 | 1,612,875 | ||||||
| Holly Energy Partners LP, 6.000%, 08/01/24 (#) | 2,340 | 2,386,800 | ||||||
| Murphy Oil Corp., 6.875%, 08/15/24 | 1,500 | 1,563,750 | ||||||
| Newfield Exploration Co., 5.625%, 07/01/24 | 1,900 | 2,004,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| ONEOK Partners LP, 5.000%, 09/15/23 | $ | 2,000 | $ | 2,108,862 | ||||
| PBF Holding Co. LLC, 7.000%, 11/15/23 | 900 | 931,500 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 1,700 | 1,644,750 | ||||||
| Rockies Express Pipeline LLC, 6.850%, 07/15/18 (#) | 1,450 | 1,461,020 | ||||||
| Southwestern Energy Co., 6.700%, 01/23/25 | 1,800 | 1,746,000 | ||||||
| Sunoco LP, 5.500%, 02/15/26 (#) | 2,000 | 1,930,000 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,260,937 | ||||||
| Targa Resources Partners LP, 5.250%, 05/01/23 | 1,800 | 1,813,500 | ||||||
| Whiting Petroleum Corp., 5.750%, 03/15/21 | 900 | 908,982 | ||||||
| WPX Energy, Inc., 6.000%, 01/15/22 | 900 | 924,750 | ||||||
| 35,754,723 | ||||||||
| Personal Products | 0.4% | ||||||||
| First Quality Finance Co., Inc., 4.625%, 05/15/21 (#) | 1,500 | 1,492,500 | ||||||
| Pharmaceuticals | 0.8% | ||||||||
| Endo Finance LLC, 5.750%, 01/15/22 (#) | 1,600 | 1,312,000 | ||||||
| Mallinckrodt International Finance SA, 5.750%, 08/01/22 (#) | 1,700 | 1,474,750 | ||||||
| 2,786,750 | ||||||||
| Professional Services | 1.1% | ||||||||
| IHS Markit, Ltd., 5.000%, 11/01/22 (#) | 1,750 | 1,815,625 | ||||||
| Nielsen Finance LLC, 5.000%, 04/15/22 (#) | 1,800 | 1,798,596 | ||||||
| 3,614,221 | ||||||||
| Road & Rail | 0.4% | ||||||||
| The Hertz Corp., 5.500%, 10/15/24 (#) | 1,800 | 1,521,000 | ||||||
| Semiconductors & Semiconductor Equipment | 0.2% | ||||||||
| Amkor Technology, Inc., 6.625%, 06/01/21 | 700 | 703,850 | ||||||
| Software | 0.7% | ||||||||
| Nuance Communications, Inc., 5.375%, 08/15/20 (#) | 588 | 591,763 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Rackspace Hosting, Inc., 8.625%, 11/15/24 (#) | $ | 2,000 | $ | 1,975,000 | ||||
| 2,566,763 | ||||||||
| Specialty Retail | 1.1% | ||||||||
| Group 1 Automotive, Inc., 5.000%, 06/01/22 | 1,912 | 1,926,914 | ||||||
| Penske Automotive Group, Inc., 5.500%, 05/15/26 | 1,800 | 1,768,500 | ||||||
| 3,695,414 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.6% | ||||||||
| Dell International LLC, 7.125%, 06/15/24 (#) | 1,775 | 1,894,812 | ||||||
| NCR Corp., 4.625%, 02/15/21 | 1,568 | 1,560,160 | ||||||
| Seagate HDD Cayman, 4.750%, 01/01/25 | 1,900 | 1,859,214 | ||||||
| 5,314,186 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.5% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,712,813 | ||||||
| Trading Companies & Distributors | 1.8% | ||||||||
| Aircastle, Ltd., 5.125%, 03/15/21 | 1,500 | 1,537,500 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 4.625%, 07/15/23 | 1,100 | 1,119,250 | ||||||
| 5.750%, 11/15/24 | 1,650 | 1,717,732 | ||||||
| WESCO Distribution, Inc., 5.375%, 12/15/21 | 1,600 | 1,626,000 | ||||||
| 6,000,482 | ||||||||
| Wireless Telecommunication Services | 1.8% | ||||||||
| Inmarsat Finance PLC, 4.875%, 05/15/22 (#) | 1,750 | 1,701,875 | ||||||
| Sprint Capital Corp., 6.900%, 05/01/19 | 1,475 | 1,519,250 | ||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 487,500 | ||||||
| T-Mobile USA, Inc., 6.500%, 01/15/26 | 2,300 | 2,443,750 | ||||||
| 6,152,375 | ||||||||
| Total Corporate Bonds (Cost $329,179,257) | 326,247,291 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $8,377,479) | 8,377,479 | $ | 8,377,479 | |||||
| Description | Fair Value | |||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Total Investments | 98.1% (Cost $337,556,736) |
$ | 334,624,770 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.9% | 6,471,364 | |||||||
| Net Assets | 100.0% | $ | 341,096,134 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 5.2% | ||||||||
| Automobiles | 5.2% | ||||||||
| GM Financial Automobile Leasing Trust, 2.610%, 01/20/21 | $ | 2,150 | $ | 2,143,330 | ||||
| GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (#) | 2,250 | 2,247,741 | ||||||
| World Omni Automobile Lease Securitization Trust, 2.830%, 07/15/21 | 750 | 749,904 | ||||||
| Total Asset-Backed Securities (Cost $5,150,581) | 5,140,975 | |||||||
| Corporate Bonds | 50.8% | ||||||||
| Banks | 15.5% | ||||||||
| Bank of America Corp., 2.250%, 04/21/20 | 4,241 | 4,172,946 | ||||||
| Citigroup, Inc.: | ||||||||
| 2.050%, 06/07/19 | 1,463 | 1,449,440 | ||||||
| 2.400%, 02/18/20 | 2,640 | 2,610,974 | ||||||
| JPMorgan Chase & Co.: | ||||||||
| 6.300%, 04/23/19 | 950 | 985,621 | ||||||
| 4.400%, 07/22/20 | 2,725 | 2,807,938 | ||||||
| Wells Fargo & Co., 2.600%, 07/22/20 | 3,425 | 3,391,852 | ||||||
| 15,418,771 | ||||||||
| Biotechnology | 5.7% | ||||||||
| AbbVie, Inc.: | ||||||||
| 1.800%, 05/14/18 | 2,375 | 2,373,268 | ||||||
| 2.500%, 05/14/20 | 1,050 | 1,036,287 | ||||||
| Amgen, Inc., 5.700%, 02/01/19 | 2,203 | 2,256,279 | ||||||
| 5,665,834 | ||||||||
| Capital Markets | 7.7% | ||||||||
| Morgan Stanley, 5.500%, 01/26/20 | 3,700 | 3,861,271 | ||||||
| The Goldman Sachs Group, Inc., 7.500%, 02/15/19 | 3,675 | 3,822,666 | ||||||
| 7,683,937 | ||||||||
| Consumer Finance | 2.9% | ||||||||
| Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 2,825 | 2,831,868 | ||||||
| Electronic Equipment, Instruments & Components | 2.4% | ||||||||
| Amphenol Corp.: | ||||||||
| 2.550%, 01/30/19 | 1,825 | 1,820,486 | ||||||
| 2.200%, 04/01/20 | 517 | 509,566 | ||||||
| 2,330,052 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Food & Staples Retailing | 4.6% | ||||||||
| CVS Health Corp., 1.900%, 07/20/18 | $ | 2,175 | $ | 2,170,435 | ||||
| The Kroger Co., 2.300%, 01/15/19 | 2,395 | 2,388,737 | ||||||
| 4,559,172 | ||||||||
| Internet Software & Services | 1.1% | ||||||||
| eBay, Inc., 3.250%, 10/15/20 | 1,129 | 1,131,912 | ||||||
| IT Services | 1.9% | ||||||||
| Fiserv, Inc., 2.700%, 06/01/20 | 1,935 | 1,922,468 | ||||||
| Life Sciences Tools & Services | 2.0% | ||||||||
| Thermo Fisher Scientific, Inc., 2.400%, 02/01/19 | 1,960 | 1,952,962 | ||||||
| Media | 2.2% | ||||||||
| 21st Century Fox America, Inc., 6.900%, 03/01/19 | 2,097 | 2,173,377 | ||||||
| Oil, Gas & Consumable Fuels | 4.8% | ||||||||
| Enterprise Products Operating LLC, 2.550%, 10/15/19 | 2,400 | 2,384,839 | ||||||
| Valero Energy Corp., 6.125%, 02/01/20 | 2,250 | 2,374,275 | ||||||
| 4,759,114 | ||||||||
| Total Corporate Bonds (Cost $50,894,778) | 50,429,467 | |||||||
| Municipal Bonds | 0.9% | ||||||||
| Kentucky | 0.9% | ||||||||
| Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 (Cost $880,765) | 881 | 880,818 | ||||||
| US Government Securities | 16.7% | ||||||||
| Mortgage-Backed Securities | 16.7% | ||||||||
| Federal Home Loan Mortgage Corp.: | ||||||||
| Pool# 1B4676, 3.668%, 05/01/40 (§) | 498 | 523,433 | ||||||
| Pool# 1B8709, 3.273%, 08/01/34 (§) | 1,100 | 1,146,573 | ||||||
| Pool# 1H2577, 3.446%, 09/01/35 (§) | 599 | 629,693 | ||||||
| Pool# 848138, 3.494%, 07/01/38 (§) | 641 | 674,265 | ||||||
| Pool# 848514, 3.554%, 03/01/32 (§) | 1,421 | 1,495,059 | ||||||
| Pool# 848517, 3.399%, 12/01/34 (§) | 900 | 948,942 | ||||||
| Pool# 849414, 3.352%, 07/01/35 (§) | 1,132 | 1,195,210 | ||||||
| Pool# G13867, 5.000%, 06/01/25 | 266 | 278,447 | ||||||
| Federal National Mortgage Association: | ||||||||
| Pool# 725296, 3.547%, 03/01/34 (§) | 569 | 594,809 | ||||||
| Pool# 963058, 3.651%, 05/01/38 (§) | 433 | 458,008 | ||||||
| Pool# 995609, 3.583%, 04/01/35 (§) | 610 | 643,089 | ||||||
| Pool# AD0701, 3.371%, 02/01/37 (§) | 700 | 731,168 | ||||||
| Pool# AE0149, 3.408%, 12/01/36 (§) | 621 | 654,059 | ||||||
| Pool# AE0315, 4.500%, 02/01/21 | 20 | 19,773 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio (concluded) | ||||||||
| Pool# AE0887, 3.517%, 09/01/40 (§) | $ | 242 | $ | 252,171 | ||||
| Pool# AL0345, 3.590%, 11/01/35 (§) | 491 | 517,339 | ||||||
| Pool# AL3232, 3.523%, 02/01/40 (§) | 312 | 325,639 | ||||||
| Pool# AL3260, 3.485%, 07/01/38 (§) | 288 | 302,233 | ||||||
| Pool# AL3739, 3.259%, 07/01/38 (§) | 195 | 205,377 | ||||||
| Pool# AL3746, 3.397%, 01/01/37 (§) | 713 | 751,598 | ||||||
| Pool# AL3941, 6.000%, 03/01/24 | 207 | 215,341 | ||||||
| Pool# AL4118, 3.417%, 05/01/35 (§) | 454 | 475,207 | ||||||
| Pool# AL4545, 3.296%, 05/01/39 (§) | 523 | 551,576 | ||||||
| Pool# AL4660, 3.497%, 11/01/41 (§) | 593 | 618,319 | ||||||
| Pool# AL5574, 3.274%, 12/01/40 (§) | 1,023 | 1,079,834 | ||||||
| Pool# AL5642, 3.335%, 05/01/39 (§) | 1,239 | 1,308,419 | ||||||
| Total US Government Securities (Cost $16,639,227) | 16,595,581 | |||||||
| US Treasury Securities | 25.0% | ||||||||
| US Treasury Notes: | ||||||||
| 1.625%, 12/31/19 | 255 | 252,189 | ||||||
| 1.625%, 07/31/20 | 24,890 | 24,486,833 | ||||||
| Total US Treasury Securities (Cost $25,075,890) | 24,739,022 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $674,253) | 674,253 | $ | 674,253 | |||||
| Total Investments | 99.3% (Cost $99,315,494) | $ | 98,460,116 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 741,579 | |||||||
| Net Assets | 100.0% | $ | 99,201,695 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Global Fixed Income Portfolio | ||||||||||||
| Corporate Bonds | 31.6% | ||||||||||||
| Australia | 1.8% | ||||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 50 | $ | 39,984 | ||||||||
| Toyota Finance Australia, Ltd., 4.250%, 05/15/19 | AUD | 45 | 35,256 | |||||||||
| 75,240 | ||||||||||||
| Belgium | 1.2% | ||||||||||||
| Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21 | USD | 50 | 49,600 | |||||||||
| Canada | 2.5% | ||||||||||||
| Shaw Communications, Inc., 5.650%, 10/01/19 | CAD | 45 | 36,620 | |||||||||
| The Toronto-Dominion Bank, 2.250%, 11/05/19 | USD | 70 | 69,417 | |||||||||
| 106,037 | ||||||||||||
| France | 1.0% | ||||||||||||
| Orange SA, 5.375%, 07/08/19 | USD | 40 | 41,244 | |||||||||
| Germany | 2.2% | ||||||||||||
| BMW Finance NV, 3.375%, 12/14/18 | GBP | 30 | 42,742 | |||||||||
| Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20 | USD | 50 | 50,858 | |||||||||
| 93,600 | ||||||||||||
| Netherlands | 0.8% | ||||||||||||
| Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20 | NZD | 45 | 34,275 | |||||||||
| United States | 22.1% | ||||||||||||
| Alphabet, Inc., 3.625%, 05/19/21 | USD | 30 | 30,911 | |||||||||
| Amazon.com, Inc., 3.800%, 12/05/24 | USD | 60 | 61,492 | |||||||||
| Apple, Inc., 3.850%, 05/04/43 | USD | 67 | 65,915 | |||||||||
| Caterpillar Financial Services Corp., 2.550%, 11/29/22 | USD | 25 | 24,280 | |||||||||
| Citigroup, Inc., 3.320% (BBSW 3 Month + 1.550%), 05/04/21 (§) |
AUD | 60 | 46,885 | |||||||||
| Constellation Brands, Inc., 4.250%, 05/01/23 | USD | 35 | 35,839 | |||||||||
| HCA, Inc., 6.500%, 02/15/20 | USD | 30 | 31,463 | |||||||||
| John Deere Canada Funding, Inc., 2.050%, 09/17/20 | CAD | 45 | 34,588 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| John Deere Capital Corp., 2.300%, 09/16/19 | USD | 50 | $ | 49,710 | ||||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 45 | 44,731 | |||||||||
| JPMorgan Chase & Co., 4.500%, 01/24/22 | USD | 55 | 57,171 | |||||||||
| Microsoft Corp., 4.450%, 11/03/45 | USD | 62 | 68,514 | |||||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 50 | 48,909 | |||||||||
| Nestle Holdings, Inc., 2.750%, 04/15/20 | NOK | 340 | 44,545 | |||||||||
| NIKE, Inc., 2.375%, 11/01/26 | USD | 50 | 46,060 | |||||||||
| Sealed Air Corp., 4.875%, 12/01/22 | USD | 20 | 20,200 | |||||||||
| Starbucks Corp., 3.100%, 03/01/23 | USD | 25 | 25,048 | |||||||||
| The Goldman Sachs Group, Inc.: | ||||||||||||
| 5.200%, 12/17/19 | NZD | 45 | 33,681 | |||||||||
| 3.625%, 01/22/23 | USD | 35 | 35,109 | |||||||||
| The Home Depot, Inc., 2.625%, 06/01/22 | USD | 55 | 54,162 | |||||||||
| United Parcel Service, Inc., 2.350%, 05/16/22 | USD | 25 | 24,386 | |||||||||
| United Rentals North America, Inc., 4.625%, 07/15/23 | USD | 20 | 20,350 | |||||||||
| Wells Fargo & Co., 3.100% (BBSW 3 Month + 1.320%), 07/27/21 (§) |
AUD | 45 | 35,035 | |||||||||
| 938,984 | ||||||||||||
| Total Corporate Bonds (Cost $1,357,703) | 1,338,980 | |||||||||||
| Foreign Government Obligations | 45.1% | ||||||||||||
| Australia | 3.0% | ||||||||||||
| Queensland Treasury Corp.: | ||||||||||||
| 5.500%, 06/21/21 | AUD | 49 | 41,280 | |||||||||
| 3.000%, 03/22/24 | AUD | 54 | 42,031 | |||||||||
| Western Australian Treasury Corp., 6.000%, 10/16/23 | AUD | 47 | 42,158 | |||||||||
| 125,469 | ||||||||||||
| Bahamas | 2.0% | ||||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 78 | 84,789 | |||||||||
| Bermuda | 2.5% | ||||||||||||
| Government of Bermuda, 5.603%, 07/20/20 | USD | 100 | 105,750 | |||||||||
| Canada | 4.8% | ||||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 50 | 39,127 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||||
| Province of British Columbia, 4.700%, 06/18/37 | CAD | 45 | $ | 44,000 | ||||||||
| Province of Ontario: | ||||||||||||
| 2.450%, 06/29/22 | USD | 45 | 44,045 | |||||||||
| 1.950%, 01/27/23 | CAD | 60 | 45,675 | |||||||||
| Province of Quebec, 1.650%, 03/03/22 | CAD | 40 | 30,364 | |||||||||
| 203,211 | ||||||||||||
| Cayman Islands | 2.5% | ||||||||||||
| Cayman Islands Government Bonds, 5.950%, 11/24/19 | USD | 100 | 105,204 | |||||||||
| Chile | 2.5% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos, 5.000%, 03/01/35 | CLP | 25,000 | 41,341 | |||||||||
| Republic of Chile, 5.500%, 08/05/20 | CLP | 37,500 | 64,897 | |||||||||
| 106,238 | ||||||||||||
| Czech Republic | 1.6% | ||||||||||||
| Czech Republic, 2.500%, 08/25/28 | CZK | 1,340 | 68,668 | |||||||||
| France | 2.1% | ||||||||||||
| Government of France, 1.750%, 06/25/39 | EUR | 67 | 88,946 | |||||||||
| Hungary | 1.1% | ||||||||||||
| Hungary Government Bonds, 5.500%, 06/24/25 | HUF | 9,470 | 46,072 | |||||||||
| Italy | 1.1% | ||||||||||||
| Italy Buoni Poliennali Del Tesoro, 2.250%, 09/01/36 | EUR | 40 | 47,928 | |||||||||
| Mexico | 3.9% | ||||||||||||
| Mexican Bonos, 6.500%, 06/09/22 | MXN | 1,850 | 99,081 | |||||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 38 | 65,776 | |||||||||
| 164,857 | ||||||||||||
| New Zealand | 2.1% | ||||||||||||
| New Zealand Government Bonds: | ||||||||||||
| 6.000%, 05/15/21 | NZD | 50 | 39,779 | |||||||||
| 4.500%, 04/15/27 | NZD | 65 | 49,893 | |||||||||
| 89,672 | ||||||||||||
| Norway | 3.2% | ||||||||||||
| Oslo Kommune, 3.550%, 02/12/21 | NOK | 1,000 | 133,672 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Philippines | 1.6% | ||||||||||||
| Philippine Government Bonds, 4.250%, 04/11/20 | PHP | 3,650 | $ | 69,818 | ||||||||
| Poland | 3.2% | ||||||||||||
| Poland Government Bonds: | ||||||||||||
| 1.810% (WIBOR 6 Month), 01/25/21 (§) | PLN | 150 | 44,113 | |||||||||
| 2.500%, 07/25/26 | PLN | 330 | 92,861 | |||||||||
| 136,974 | ||||||||||||
| Romania | 3.2% | ||||||||||||
| Romanian Government Bonds: | ||||||||||||
| 3.625%, 04/24/24 | EUR | 30 | 42,220 | |||||||||
| 4.750%, 02/24/25 | RON | 340 | 92,398 | |||||||||
| 134,618 | ||||||||||||
| Singapore | 2.5% | ||||||||||||
| Singapore Government Bonds, 3.000%, 09/01/24 | SGD | 135 | 107,957 | |||||||||
| Spain | 1.1% | ||||||||||||
| Spain Government Bonds, 1.600%, 04/30/25 | EUR | 35 | 45,916 | |||||||||
| United Kingdom | 1.1% | ||||||||||||
| United Kingdom Gilt, 1.500%, 07/22/47 | GBP | 36 | 48,108 | |||||||||
| Total Foreign Government Obligations (Cost $1,896,714) | 1,913,867 | |||||||||||
| Quasi Government Bonds | 0.3% | ||||||||||||
| Canada | 0.3% | ||||||||||||
| Export Development Canada, 1.800%, 09/01/22 (Cost $11,964) | CAD | 15 | 11,467 | |||||||||
| Supranational Bonds | 8.8% | ||||||||||||
| African Development Bank, 2.375%, 09/23/21 | USD | 50 | 49,497 | |||||||||
| Asian Development Bank: | ||||||||||||
| 1.000%, 12/15/22 | GBP | 35 | 48,553 | |||||||||
| 2.125%, 03/19/25 | USD | 45 | 42,407 | |||||||||
| European Bank for Reconstruction & Development, 10.000%, 11/16/18 | IDR | 300,000 | 22,249 | |||||||||
| European Investment Bank: | ||||||||||||
| 7.200%, 07/09/19 | IDR | 170,000 | 12,473 | |||||||||
| 1.125%, 09/16/21 (#) | CAD | 75 | 56,194 | |||||||||
| International Bank for Reconstruction & Development: | ||||||||||||
| 5.750%, 10/28/19 | INR | 1,500 | 22,713 | |||||||||
| 3.500%, 01/22/21 | NZD | 25 | 18,500 | |||||||||
| International Finance Corp.: | ||||||||||||
| 6.450%, 10/30/18 | INR | 4,160 | 64,062 | |||||||||
| 3.625%, 05/20/20 | NZD | 45 | 33,311 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||||
| 5.850%, 11/25/22 | INR | 300 | $ | 4,510 | ||||||||
| Total Supranational Bonds (Cost $379,543) | 374,469 | |||||||||||
| US Municipal Bonds | 3.2% | ||||||||||||
| Alaska | 2.0% | ||||||||||||
| Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27 | USD | 75 | 87,085 | |||||||||
| California | 1.2% | ||||||||||||
| California State Build America Bonds, 7.500%, 04/01/34 | USD | 35 | 50,484 | |||||||||
| Total US Municipal Bonds (Cost $141,384) | 137,569 | |||||||||||
| US Treasury Securities | 10.6% | ||||||||||||
| US Treasury Notes: | ||||||||||||
| 1.750%, 05/15/23 | USD | 105 | 100,786 | |||||||||
| 2.125%, 05/15/25 | USD | 138 | 132,816 | |||||||||
| 1.625%, 05/15/26 | USD | 97 | 89,161 | |||||||||
| 3.125%, 11/15/41 | USD | 123 | 126,829 | |||||||||
| Total US Treasury Securities (Cost $453,377) | 449,592 | |||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $12,478) | 12,478 | $ | 12,478 | |||||
| Total Investments | 99.9% (Cost $4,253,163) (¤) | $ | 4,238,422 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 3,659 | |||||||
| Net Assets | 100.0% | $ | 4,242,081 | ||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 18,808 | USD | 14,592 | HSB | 05/23/18 | $ | — | $ | 146 | |||||||||
| CHF | 30,913 | USD | 33,650 | HSB | 05/23/18 | — | 1,185 | |||||||||||
| CZK | 117,886 | USD | 5,747 | HSB | 05/29/18 | — | 20 | |||||||||||
| CZK | 152,312 | USD | 7,446 | JPM | 05/29/18 | — | 46 | |||||||||||
| EUR | 815,990 | USD | 1,003,963 | HSB | 04/20/18 | 1,209 | — | |||||||||||
| EUR | 21,712 | USD | 27,000 | HSB | 05/23/18 | — | 192 | |||||||||||
| EUR | 24,409 | USD | 30,237 | HSB | 05/23/18 | — | 97 | |||||||||||
| EUR | 41,251 | USD | 51,000 | HSB | 05/23/18 | — | 65 | |||||||||||
| GBP | 11,149 | USD | 15,730 | CIT | 05/23/18 | — | 57 | |||||||||||
| GBP | 3,682 | USD | 5,098 | HSB | 05/23/18 | 79 | — | |||||||||||
| GBP | 20,530 | USD | 28,422 | HSB | 05/23/18 | 439 | — | |||||||||||
| INR | 141,047 | USD | 2,145 | CIT | 05/02/18 | 10 | — | |||||||||||
| JPY | 49,739,198 | USD | 468,411 | CIT | 04/20/18 | — | 503 | |||||||||||
| JPY | 5,612,442 | USD | 53,800 | CIT | 05/23/18 | — | 892 | |||||||||||
| JPY | 43,269,700 | USD | 407,511 | HSB | 04/20/18 | — | 463 | |||||||||||
| KRW | 24,254,900 | USD | 22,504 | HSB | 06/07/18 | 303 | — | |||||||||||
| KRW | 31,979,745 | USD | 30,100 | HSB | 06/07/18 | — | 29 | |||||||||||
| MXN | 594,443 | USD | 32,300 | HSB | 05/23/18 | 145 | — | |||||||||||
| NZD | 31,081 | USD | 22,391 | HSB | 05/23/18 | 67 | — | |||||||||||
| NZD | 127,644 | USD | 92,492 | HSB | 05/23/18 | — | 259 | |||||||||||
| PLN | 29,687 | USD | 8,733 | HSB | 05/23/18 | — | 53 | |||||||||||
| PLN | 134,699 | USD | 39,600 | HSB | 05/23/18 | — | 220 | |||||||||||
| SEK | 235,453 | USD | 29,299 | CIT | 05/23/18 | — | 1,001 | |||||||||||
| SEK | 320,176 | USD | 39,856 | HSB | 05/23/18 | — | 1,375 | |||||||||||
| SGD | 41,882 | USD | 31,827 | HSB | 05/23/18 | 151 | — | |||||||||||
| USD | 143,524 | AUD | 180,856 | CIT | 05/23/18 | 4,609 | — | |||||||||||
| USD | 5,100 | AUD | 6,569 | HSB | 05/23/18 | 54 | — | |||||||||||
| USD | 98,315 | AUD | 123,902 | HSB | 05/23/18 | 3,146 | — | |||||||||||
| USD | 134,170 | CAD | 168,205 | CIT | 05/23/18 | 3,489 | — | |||||||||||
| USD | 9,200 | CAD | 11,785 | HSB | 05/23/18 | 44 | — | |||||||||||
| USD | 48,518 | CAD | 60,830 | HSB | 05/23/18 | 1,258 | — | |||||||||||
| USD | 2,500 | CHF | 2,349 | HSB | 05/23/18 | 33 | — | |||||||||||
| USD | 41,678 | CLP | 25,204,692 | CIT | 05/08/18 | — | 64 | |||||||||||
| USD | 61,080 | CLP | 38,743,280 | CIT | 05/08/18 | — | 3,083 | |||||||||||
| USD | 24,332 | CZK | 497,262 | HSB | 05/29/18 | 175 | — | |||||||||||
| USD | 53,027 | CZK | 1,084,732 | JPM | 05/29/18 | 330 | — | |||||||||||
| USD | 83,700 | EUR | 68,352 | CIT | 05/23/18 | — | 698 | |||||||||||
| USD | 58,259 | EUR | 47,351 | HSB | 04/20/18 | — | 70 | |||||||||||
| USD | 15,500 | EUR | 12,524 | HSB | 05/23/18 | 36 | — | |||||||||||
| USD | 91,700 | EUR | 74,614 | HSB | 05/23/18 | — | 430 | |||||||||||
| USD | 19,200 | GBP | 13,913 | HSB | 05/23/18 | — | 359 | |||||||||||
| USD | 35,893 | HUF | 9,026,681 | JPM | 05/23/18 | 227 | — | |||||||||||
| USD | 34,329 | IDR | 477,659,800 | HSB | 06/05/18 | — | 181 | |||||||||||
| USD | 71,640 | INR | 4,607,168 | CIT | 05/02/18 | 1,248 | — | |||||||||||
| USD | 15,500 | JPY | 1,644,697 | CIT | 04/20/18 | 28 | — | |||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 11,200 | JPY | 1,182,219 | HSB | 05/23/18 | $ | 55 | $ | — | |||||||||
| USD | 11,700 | JPY | 1,235,122 | HSB | 05/23/18 | 57 | — | |||||||||||
| USD | 67,300 | JPY | 7,159,939 | HSB | 05/23/18 | — | 196 | |||||||||||
| USD | 1,100 | MXN | 20,948 | HSB | 05/23/18 | — | 43 | |||||||||||
| USD | 59,033 | MXN | 1,108,543 | HSB | 05/23/18 | — | 1,472 | |||||||||||
| USD | 21,727 | MXN | 408,092 | JPM | 05/23/18 | — | 547 | |||||||||||
| USD | 178,700 | NOK | 1,394,054 | HSB | 05/23/18 | 596 | — | |||||||||||
| USD | 49,494 | NZD | 67,093 | CIT | 05/23/18 | 1,014 | — | |||||||||||
| USD | 277,407 | NZD | 375,882 | HSB | 05/23/18 | 5,804 | — | |||||||||||
| USD | 72,374 | PHP | 3,657,195 | HSB | 04/12/18 | 2,316 | — | |||||||||||
| USD | 1,100 | PLN | 3,763 | HSB | 05/23/18 | — | — | |||||||||||
| USD | 135,060 | PLN | 452,398 | HSB | 05/23/18 | 2,799 | — | |||||||||||
| USD | 15,724 | RON | 58,938 | HSB | 04/26/18 | 158 | — | |||||||||||
| USD | 57,817 | RON | 218,051 | HSB | 04/26/18 | 228 | — | |||||||||||
| USD | 1,400 | RON | 5,334 | HSB | 05/23/18 | — | 9 | |||||||||||
| USD | 5,100 | SEK | 41,907 | HSB | 05/23/18 | 63 | — | |||||||||||
| USD | 43,100 | SEK | 357,032 | HSB | 05/23/18 | 190 | — | |||||||||||
| USD | 135,137 | SGD | 177,854 | JPM | 05/23/18 | — | 659 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 30,360 | $ | 14,414 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Realty Income Portfolio | ||||||||
| Preferred Stocks | 31.6% | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 31.6% | ||||||||
| American Homes 4 Rent, Series F, 5.875% | 20,938 | $ | 492,043 | |||||
| CBL & Associates Properties, Inc.: | ||||||||
| Series E, 6.625% | 9,126 | 145,103 | ||||||
| Series D, 7.375% | 48,274 | 829,347 | ||||||
| Cedar Realty Trust, Inc., Series C, 6.500% | 16,120 | 336,263 | ||||||
| Colony NorthStar, Inc.: | ||||||||
| Series J, 7.125% | 27,600 | 634,524 | ||||||
| Series I, 7.150% | 27,560 | 632,778 | ||||||
| Federal Realty Investment Trust, Series C, 5.000% | 20,836 | 474,853 | ||||||
| Hersha Hospitality Trust: | ||||||||
| Series E, 6.500% | 25,847 | 600,684 | ||||||
| Series D, 6.500% | 25,858 | 603,526 | ||||||
| iStar, Inc., Series I, 7.500% | 24,100 | 595,270 | ||||||
| National Storage Affiliates Trust, Series A, 6.000% | 11,800 | 288,982 | ||||||
| PS Business Parks, Inc., Series X, 5.250% | 12,200 | 285,724 | ||||||
| Summit Hotel Properties, Inc., Series E, 6.250% | 17,000 | 408,663 | ||||||
| Taubman Centers, Inc., Series K, 6.250% | 9,639 | 231,722 | ||||||
| Washington Prime Group, Inc., Series I, 6.875% | 28,100 | 576,050 | ||||||
| Total Preferred Stocks (Cost $7,982,387) | 7,135,532 | |||||||
| Real Estate Investment Trusts | 65.8% | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 59.8% | ||||||||
| Alexandria Real Estate Equities, Inc. | 5,500 | 686,895 | ||||||
| Americold Realty Trust | 48,700 | 929,196 | ||||||
| Crown Castle International Corp. | 6,100 | 668,621 | ||||||
| Equinix, Inc. | 2,256 | 943,324 | ||||||
| Essex Property Trust, Inc. | 3,200 | 770,176 | ||||||
| Gaming and Leisure Properties, Inc. | 6,900 | 230,943 | ||||||
| GGP, Inc. | 64,567 | 1,321,041 | ||||||
| Healthcare Realty Trust, Inc. | 16,970 | 470,239 | ||||||
| Healthcare Trust of America, Inc. Class A | 8,900 | 235,405 | ||||||
| Hudson Pacific Properties, Inc. | 14,200 | 461,926 | ||||||
| Iron Mountain, Inc. | 7,000 | 230,020 | ||||||
| Medical Properties Trust, Inc. | 17,600 | 228,800 | ||||||
| National Storage Affiliates Trust | 36,108 | 905,588 | ||||||
| Park Hotels & Resorts, Inc. | 8,570 | 231,561 | ||||||
| PS Business Parks, Inc. | 4,200 | 474,768 | ||||||
| Public Storage | 4,453 | 892,336 | ||||||
| Description | Shares | Fair Value | ||||||
| Retail Opportunity Investments Corp. | 32,451 | $ | 573,409 | |||||
| RLJ Lodging Trust | 10,900 | 211,896 | ||||||
| Simon Property Group, Inc. | 5,820 | 898,317 | ||||||
| Sun Communities, Inc. | 8,510 | 777,559 | ||||||
| Ventas, Inc. | 4,590 | 227,343 | ||||||
| VEREIT, Inc. | 32,922 | 229,137 | ||||||
| Weyerhaeuser Co. | 26,200 | 917,000 | ||||||
| 13,515,500 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 6.0% | ||||||||
| Blackstone Mortgage Trust, Inc., Class A | 21,773 | 684,108 | ||||||
| Starwood Property Trust, Inc. | 32,658 | 684,185 | ||||||
| 1,368,293 | ||||||||
| Total Real Estate Investment Trusts (Cost $15,293,494) |
14,883,793 | |||||||
| Short-Term Investments | 3.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $688,969) | 688,969 | 688,969 | ||||||
| Total Investments | 100.4% (Cost $23,964,850) | $ | 22,708,294 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (99,128 | ) | ||||||
| Net Assets | 100.0% | $ | 22,609,166 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Realty Equity Portfolio | ||||||||
| Common Stocks | 4.3% | ||||||||
| Hotels, Restaurants & Leisure | 4.3% | ||||||||
| Hilton Worldwide Holdings, Inc. | 12,300 | $ | 968,748 | |||||
| Marriott International, Inc., Class A | 10,500 | 1,427,790 | ||||||
| Total Common Stocks (Cost $2,335,181) | 2,396,538 | |||||||
| Real Estate Investment Trusts | 92.9% | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 92.9% | ||||||||
| Acadia Realty Trust | 23,246 | 571,852 | ||||||
| Alexandria Real Estate Equities, Inc. | 20,822 | 2,600,460 | ||||||
| American Homes 4 Rent, Class A | 114,262 | 2,294,381 | ||||||
| American Tower Corp. | 17,665 | 2,567,431 | ||||||
| Americold Realty Trust | 80,600 | 1,537,848 | ||||||
| Apartment Investment & Management Co., Class A | 17,463 | 711,617 | ||||||
| AvalonBay Communities, Inc. | 14,942 | 2,457,361 | ||||||
| Boston Properties, Inc. | 27,191 | 3,350,475 | ||||||
| CoreSite Realty Corp. | 11,100 | 1,112,886 | ||||||
| Crown Castle International Corp. | 5,142 | 563,615 | ||||||
| Equinix, Inc. | 8,796 | 3,677,959 | ||||||
| Equity LifeStyle Properties, Inc. | 23,889 | 2,096,738 | ||||||
| Essex Property Trust, Inc. | 12,091 | 2,910,062 | ||||||
| Federal Realty Investment Trust | 14,290 | 1,659,212 | ||||||
| GGP, Inc. | 146,161 | 2,990,454 | ||||||
| Healthcare Realty Trust, Inc. | 30,300 | 839,613 | ||||||
| Hudson Pacific Properties, Inc. | 18,200 | 592,046 | ||||||
| Invitation Homes, Inc. | 30,535 | 697,114 | ||||||
| National Storage Affiliates Trust | 45,855 | 1,150,043 | ||||||
| Park Hotels & Resorts, Inc. | 21,220 | 573,364 | ||||||
| Prologis, Inc. | 60,058 | 3,783,053 | ||||||
| PS Business Parks, Inc. | 17,571 | 1,986,226 | ||||||
| Public Storage | 15,326 | 3,071,177 | ||||||
| Retail Opportunity Investments Corp. | 137,344 | 2,426,869 | ||||||
| Simon Property Group, Inc. | 7,292 | 1,125,520 | ||||||
| Sun Communities, Inc. | 13,661 | 1,248,206 | ||||||
| Sunstone Hotel Investors, Inc. | 78,356 | 1,192,578 | ||||||
| Vornado Realty Trust | 13,000 | 874,900 | ||||||
| Weyerhaeuser Co. | 50,805 | 1,778,175 | ||||||
| Total Real Estate Investment Trusts (Cost $48,127,501) | 52,441,235 | |||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $973,973) |
973,973 | 973,973 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 98.9% (Cost $51,436,655) | $ | 55,811,746 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.1% | 629,572 | |||||||
| Net Assets | 100.0% | $ | 56,441,318 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Realty Equity Portfolio | ||||||||
| Common Stocks | 38.8% | ||||||||
| Brazil | 2.1% | ||||||||
| BR Properties SA | 18,840 | $ | 51,588 | |||||
| MRV Engenharia e Participacoes SA | 11,100 | 54,635 | ||||||
| 106,223 | ||||||||
| Canada | 2.1% | ||||||||
| StorageVault Canada, Inc. | 26,843 | 53,130 | ||||||
| Tricon Capital Group, Inc. | 6,600 | 50,694 | ||||||
| 103,824 | ||||||||
| China | 3.8% | ||||||||
| China Overseas Land & Investment, Ltd. | 22,000 | 77,339 | ||||||
| SOHO China, Ltd. | 212,500 | 111,937 | ||||||
| 189,276 | ||||||||
| Germany | 5.0% | ||||||||
| ADO Properties SA | 2,073 | 116,616 | ||||||
| Vonovia SE | 2,673 | 132,560 | ||||||
| 249,176 | ||||||||
| Hong Kong | 6.2% | ||||||||
| CK Asset Holdings, Ltd. | 11,000 | 93,083 | ||||||
| Sun Hung Kai Properties, Ltd. | 8,000 | 127,439 | ||||||
| Wharf Real Estate Investment Co., Ltd. (*) | 13,200 | 86,416 | ||||||
| 306,938 | ||||||||
| India | 1.9% | ||||||||
| DLF, Ltd. | 13,372 | 41,612 | ||||||
| Oberoi Realty, Ltd. | 6,421 | 50,478 | ||||||
| 92,090 | ||||||||
| Indonesia | 0.9% | ||||||||
| PT Pakuwon Jati Tbk | 1,023,000 | 46,908 | ||||||
| Japan | 7.0% | ||||||||
| Hulic Co., Ltd. | 9,600 | 104,816 | ||||||
| Mitsubishi Estate Co., Ltd. | 5,300 | 88,108 | ||||||
| Mitsui Fudosan Co., Ltd. | 6,480 | 156,283 | ||||||
| 349,207 | ||||||||
| Malaysia | 0.8% | ||||||||
| Mah Sing Group Berhad | 147,200 | 38,514 | ||||||
| Mexico | 1.7% | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 57,700 | 85,636 | ||||||
| Philippines | 2.3% | ||||||||
| Ayala Land, Inc. | 57,000 | 45,038 | ||||||
| Megaworld Corp. | 768,000 | 69,230 | ||||||
| 114,268 | ||||||||
| Singapore | 2.0% | ||||||||
| Ascendas India Trust | 62,000 | 47,813 | ||||||
| Description | Shares | Fair Value | ||||||
| City Developments, Ltd. | 5,300 | $ | 52,836 | |||||
| 100,649 | ||||||||
| United Arab Emirates | 1.0% | ||||||||
| Emaar Properties PJSC | 31,030 | 49,130 | ||||||
| United Kingdom | 0.5% | ||||||||
| Grainger PLC | 6,614 | 26,850 | ||||||
| United States | 1.5% | ||||||||
| Marriott International, Inc., Class A | 541 | 73,565 | ||||||
| Total Common Stocks (Cost $1,912,900) |
1,932,254 | |||||||
| Real Estate Investment Trusts | 60.2% | ||||||||
| Australia | 1.6% | ||||||||
| Goodman Group | 12,296 | 79,914 | ||||||
| Canada | 1.0% | ||||||||
| Granite Real Estate Investment Trust | 1,300 | 51,269 | ||||||
| France | 3.7% | ||||||||
| Gecina SA | 482 | 83,776 | ||||||
| Unibail-Rodamco SE | 434 | 99,346 | ||||||
| 183,122 | ||||||||
| Germany | 1.0% | ||||||||
| alstria office REIT-AG | 3,335 | 52,291 | ||||||
| Hong Kong | 2.3% | ||||||||
| Link Real Estate Investment Trust | 13,519 | 115,944 | ||||||
| Italy | 1.5% | ||||||||
| COIMA RES SpA | 7,027 | 72,872 | ||||||
| Japan | 3.3% | ||||||||
| GLP J-Reit | 69 | 76,471 | ||||||
| Nippon Prologis REIT, Inc. | 40 | 86,829 | ||||||
| 163,300 | ||||||||
| Singapore | 0.5% | ||||||||
| CapitaLand Mall Trust | 16,700 | 26,575 | ||||||
| Spain | 1.2% | ||||||||
| Merlin Properties Socimi SA | 4,067 | 62,270 | ||||||
| United Kingdom | 4.5% | ||||||||
| Derwent London PLC | 1,913 | 83,310 | ||||||
| Great Portland Estates PLC | 9,391 | 87,737 | ||||||
| Segro PLC | 6,144 | 51,880 | ||||||
| 222,927 | ||||||||
| United States | 39.6% | ||||||||
| Alexandria Real Estate Equities, Inc. | 1,005 | 125,515 | ||||||
| American Homes 4 Rent, Class A | 5,125 | 102,910 | ||||||
| American Tower Corp. | 871 | 126,591 | ||||||
| Americold Realty Trust | 3,500 | 66,780 | ||||||
| AvalonBay Communities, Inc. | 314 | 51,641 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Realty Equity Portfolio (concluded) | ||||||||
| Boston Properties, Inc. | 1,028 | $ | 126,670 | |||||
| CoreSite Realty Corp. | 730 | 73,190 | ||||||
| Equinix, Inc. | 493 | 206,143 | ||||||
| Equity Lifestyle Properties, Inc. | 1,364 | 119,718 | ||||||
| Essex Property Trust, Inc. | 541 | 130,208 | ||||||
| Federal Realty Investment Trust | 431 | 50,043 | ||||||
| GGP, Inc. | 4,612 | 94,362 | ||||||
| Hudson Pacific Properties, Inc. | 2,348 | 76,381 | ||||||
| National Storage Affiliates Trust | 2,553 | 64,029 | ||||||
| Prologis, Inc. | 2,298 | 144,751 | ||||||
| PS Business Parks, Inc. | 452 | 51,094 | ||||||
| Public Storage | 565 | 113,220 | ||||||
| Retail Opportunity Investments Corp. | 4,205 | 74,302 | ||||||
| Simon Property Group, Inc. | 483 | 74,551 | ||||||
| Weyerhaeuser Co. | 2,880 | 100,800 | ||||||
| 1,972,899 | ||||||||
| Total Real Estate Investment Trusts (Cost $2,866,600) | 3,003,383 | |||||||
| Short-Term Investments | 1.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $81,271) |
81,271 | 81,271 | ||||||
| Total Investments | 100.6% (Cost $4,860,771) | $ | 5,016,908 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (30,143 | ) | ||||||
| Net Assets | 100.0% | $ | 4,986,765 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 94.5% | ||||||||
| Australia | 8.9% | ||||||||
| Macquarie Atlas Roads Group | 19,712,150 | $ | 87,985,613 | |||||
| Spark Infrastructure Group | 67,522,901 | 124,410,833 | ||||||
| Transurban Group | 25,957,218 | 228,601,168 | ||||||
| 440,997,614 | ||||||||
| France | 7.6% | ||||||||
| Eutelsat Communications SA | 8,891,952 | 176,325,383 | ||||||
| Vinci SA | 2,040,331 | 200,893,209 | ||||||
| 377,218,592 | ||||||||
| Germany | 3.4% | ||||||||
| Fraport AG | 1,706,250 | 168,385,281 | ||||||
| Italy | 26.3% | ||||||||
| ASTM SpA | 955,619 | 24,141,316 | ||||||
| Atlantia SpA | 12,513,072 | 387,922,599 | ||||||
| Hera SpA | 13,875,465 | 50,856,007 | ||||||
| Italgas SpA | 25,711,781 | 153,841,688 | ||||||
| Snam SpA | 52,235,262 | 240,281,845 | ||||||
| Societa Iniziative Autostradali e Servizi SpA | 2,146,011 | 40,087,365 | ||||||
| Terna SpA | 69,492,241 | 406,574,471 | ||||||
| 1,303,705,291 | ||||||||
| Luxembourg | 3.7% | ||||||||
| SES SA | 13,550,012 | 183,574,418 | ||||||
| Portugal | 1.3% | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 20,694,113 | 63,886,270 | ||||||
| Spain | 7.8% | ||||||||
| Abertis Infraestructuras SA | 6,249,810 | 140,178,765 | ||||||
| Enagas SA | 878,958 | 24,057,049 | ||||||
| Red Electrica Corporacion SA | 10,858,983 | 223,683,177 | ||||||
| 387,918,991 | ||||||||
| United Kingdom | 18.0% | ||||||||
| National Grid PLC | 35,578,914 | 400,114,553 | ||||||
| Pennon Group PLC | 16,794,748 | 151,791,079 | ||||||
| Severn Trent PLC | 3,573,892 | 92,569,994 | ||||||
| United Utilities Group PLC | 24,422,709 | 245,390,972 | ||||||
| 889,866,598 | ||||||||
| United States | 17.5% | ||||||||
| CSX Corp. | 2,900,000 | 161,559,000 | ||||||
| Edison International | 3,742,809 | 238,267,221 | ||||||
| Genesee & Wyoming, Inc., Class A (*) | 348,828 | 24,693,534 | ||||||
| Norfolk Southern Corp. | 1,451,237 | 197,048,960 | ||||||
| Description | Shares | Fair Value | ||||||
| PG&E Corp. | 5,562,549 | $ | 244,362,777 | |||||
| 865,931,492 | ||||||||
| Total Common Stocks (Cost $4,543,458,893) | 4,681,484,547 | |||||||
| Short-Term Investments | 4.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $243,008,032) |
243,008,032 | 243,008,032 | ||||||
| Total Investments | 99.4% (Cost $4,786,466,925) (¤) |
$ | 4,924,492,579 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 29,068,668 | |||||||
| Net Assets | 100.0% | $ | 4,953,561,247 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 86,264,663 | AUD | 111,775,092 | BNP | 06/28/18 | $ | 395,893 | $ | — | |||||||||
| USD | 79,519,818 | AUD | 103,062,752 | CIT | 06/28/18 | 344,113 | — | |||||||||||
| USD | 75,144,106 | AUD | 97,377,919 | HSB | 06/28/18 | 335,649 | — | |||||||||||
| USD | 49,812,094 | AUD | 64,566,426 | RBC | 06/28/18 | 210,349 | — | |||||||||||
| USD | 23,723,671 | AUD | 30,910,079 | SCB | 06/28/18 | — | 22,321 | |||||||||||
| USD | 69,026,720 | AUD | 89,473,116 | SCB | 06/28/18 | 290,955 | — | |||||||||||
| USD | 55,122,771 | AUD | 71,427,072 | SSB | 06/28/18 | 250,486 | — | |||||||||||
| USD | 296,430,220 | EUR | 238,532,819 | BNP | 06/28/18 | 1,063,984 | — | |||||||||||
| USD | 367,193,284 | EUR | 295,444,570 | CAN | 06/28/18 | 1,355,362 | — | |||||||||||
| USD | 372,357,413 | EUR | 299,603,256 | CIT | 06/28/18 | 1,369,946 | — | |||||||||||
| USD | 423,458,512 | EUR | 340,800,708 | HSB | 06/28/18 | 1,457,787 | — | |||||||||||
| USD | 452,278,247 | EUR | 363,977,344 | MEL | 06/28/18 | 1,578,765 | — | |||||||||||
| USD | 251,926,261 | EUR | 202,665,722 | RBC | 06/28/18 | 972,904 | — | |||||||||||
| USD | 416,440,571 | EUR | 335,079,836 | SSB | 06/28/18 | 1,523,787 | — | |||||||||||
| USD | 9,550,238 | GBP | 6,768,543 | BNP | 06/28/18 | 19,960 | — | |||||||||||
| USD | 105,445,102 | GBP | 74,517,927 | BNP | 06/28/18 | 521,995 | — | |||||||||||
| USD | 131,895,031 | GBP | 93,215,791 | CIT | 06/28/18 | 644,862 | — | |||||||||||
| USD | 201,690,130 | GBP | 142,549,284 | HSB | 06/28/18 | 977,169 | — | |||||||||||
| USD | 174,230,595 | GBP | 123,105,932 | RBC | 06/28/18 | 894,359 | — | |||||||||||
| USD | 203,044,358 | GBP | 143,484,613 | SSB | 06/28/18 | 1,014,429 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 15,222,754 | $ | 22,321 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets and Pricing Opportunities Portfolio (•) | ||||||||
| Common Stocks | 59.8% | ||||||||
| Australia | 2.8% | ||||||||
| AusNet Services | 28,031 | $ | 36,302 | |||||
| BlueScope Steel, Ltd. | 2,149 | 25,271 | ||||||
| CSL, Ltd. | 437 | 52,548 | ||||||
| Goodman Group REIT | 9,820 | 63,822 | ||||||
| Macquarie Atlas Roads Group | 10,360 | 46,242 | ||||||
| Ramsay Health Care, Ltd. | 341 | 16,418 | ||||||
| Sydney Airport | 6,978 | 36,176 | ||||||
| Telstra Corp., Ltd. | 12,930 | 31,372 | ||||||
| Transurban Group | 10,734 | 94,533 | ||||||
| Wesfarmers, Ltd. | 1,627 | 52,204 | ||||||
| Woolworths Group, Ltd. | 2,131 | 43,189 | ||||||
| 498,077 | ||||||||
| Brazil | 0.4% | ||||||||
| BR Properties SA | 23,400 | 64,074 | ||||||
| Canada | 4.9% | ||||||||
| Agnico Eagle Mines, Ltd. | 543 | 22,844 | ||||||
| Alimentation Couche-Tard, Inc., Class B | 983 | 44,002 | ||||||
| BCE, Inc. | 1,345 | 57,878 | ||||||
| BRP, Inc. | 778 | 29,880 | ||||||
| Canadian Imperial Bank of Commerce | 416 | 36,719 | ||||||
| Canadian National Railway Co. | 640 | 46,775 | ||||||
| Capital Power Corp. | 1,178 | 22,164 | ||||||
| CI Financial Corp. | 3,025 | 64,804 | ||||||
| Dollarama, Inc. | 536 | 65,143 | ||||||
| Great-West Lifeco, Inc. | 445 | 11,357 | ||||||
| Magna International, Inc. | 499 | 28,107 | ||||||
| Martinrea International, Inc. | 1,062 | 12,554 | ||||||
| Metro, Inc. | 530 | 16,908 | ||||||
| Northland Power, Inc. | 1,585 | 28,308 | ||||||
| Royal Bank of Canada | 1,279 | 98,798 | ||||||
| Spin Master Corp. (*) | 293 | 12,062 | ||||||
| StorageVault Canada, Inc. | 25,089 | 49,658 | ||||||
| Suncor Energy, Inc. | 823 | 28,420 | ||||||
| TELUS Corp. | 479 | 16,820 | ||||||
| The Bank of Nova Scotia | 266 | 16,385 | ||||||
| The Toronto-Dominion Bank | 1,141 | 64,748 | ||||||
| TMX Group, Ltd. | 597 | 34,638 | ||||||
| TransAlta Corp. | 3,379 | 18,307 | ||||||
| Tricon Capital Group, Inc. | 6,400 | 49,158 | ||||||
| 876,437 | ||||||||
| Chile | 0.3% | ||||||||
| Parque Arauco SA | 19,805 | 59,667 | ||||||
| Description | Shares | Fair Value | ||||||
| China | 0.5% | ||||||||
| SOHO China, Ltd. | 164,000 | $ | 86,389 | |||||
| Denmark | 0.3% | ||||||||
| Danske Bank A/S | 470 | 17,565 | ||||||
| Novo Nordisk A/S, Class B | 223 | 10,973 | ||||||
| Scandinavian Tobacco Group A/S | 625 | 11,004 | ||||||
| Vestas Wind Systems A/S | 143 | 10,238 | ||||||
| 49,780 | ||||||||
| Finland | 0.1% | ||||||||
| DNA Oyj | 859 | 18,660 | ||||||
| France | 2.5% | ||||||||
| Air Liquide SA | 168 | 20,600 | ||||||
| AXA SA | 566 | 15,068 | ||||||
| Eutelsat Communications SA | 5,140 | 101,925 | ||||||
| Gecina SA REIT | 365 | 63,441 | ||||||
| L’Oreal SA | 90 | 20,332 | ||||||
| Peugeot SA | 536 | 12,908 | ||||||
| Renault SA | 112 | 13,607 | ||||||
| TOTAL SA Sponsored ADR | 316 | 18,230 | ||||||
| Unibail-Rodamco SE REIT | 307 | 70,274 | ||||||
| Vinci SA | 1,117 | 109,981 | ||||||
| 446,366 | ||||||||
| Germany | 1.7% | ||||||||
| ADO Properties SA | 1,164 | 65,480 | ||||||
| Deutsche Lufthansa AG | 1,096 | 35,010 | ||||||
| Fraport AG | 862 | 85,069 | ||||||
| Schaeffler AG (Preference Shares) | 618 | 9,543 | ||||||
| thyssenkrupp AG | 775 | 20,212 | ||||||
| Vonovia SE | 1,648 | 81,728 | ||||||
| 297,042 | ||||||||
| Hong Kong | 2.5% | ||||||||
| CLP Holdings, Ltd. | 6,000 | 61,334 | ||||||
| Hong Kong Exchanges & Clearing, Ltd. | 300 | 9,861 | ||||||
| Jardine Matheson Holdings, Ltd. (Singapore) | 172 | 10,610 | ||||||
| Jardine Matheson Holdings, Ltd. (United States) | 100 | 6,216 | ||||||
| Link Real Estate Investment Trust | 14,500 | 124,357 | ||||||
| Sun Hung Kai Properties, Ltd. | 8,000 | 127,439 | ||||||
| Wharf Real Estate Investment Co., Ltd. (*) | 14,000 | 91,653 | ||||||
| Xinyi Glass Holdings, Ltd. | 16,000 | 24,415 | ||||||
| 455,885 | ||||||||
| Ireland | 0.2% | ||||||||
| CRH PLC | 694 | 23,596 | ||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 124 | 15,233 | ||||||
| 38,829 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets and Pricing Opportunities Portfolio (continued) | ||||||||
| Italy | 3.8% | ||||||||
| ASTM SpA | 1,076 | $ | 27,182 | |||||
| Atlantia SpA | 4,029 | 124,905 | ||||||
| COIMA RES SpA REIT | 6,115 | 63,414 | ||||||
| Enel SpA | 3,598 | 22,046 | ||||||
| FinecoBank Banca Fineco SpA | 1,207 | 14,540 | ||||||
| Hera SpA | 7,562 | 27,716 | ||||||
| Italgas SpA | 14,665 | 87,745 | ||||||
| Snam SpA | 29,422 | 135,341 | ||||||
| Societa Iniziative Autostradali e Servizi SpA | 1,884 | 35,193 | ||||||
| Terna SpA | 23,041 | 134,805 | ||||||
| 672,887 | ||||||||
| Japan | 2.2% | ||||||||
| Central Japan Railway Co. | 100 | 19,056 | ||||||
| East Japan Railway Co. | 200 | 18,663 | ||||||
| GLP J-Reit REIT | 59 | 65,389 | ||||||
| Hulic Co., Ltd. | 6,000 | 65,510 | ||||||
| KDDI Corp. | 700 | 17,977 | ||||||
| Mitsui Fudosan Co., Ltd. | 4,200 | 101,295 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 700 | 21,764 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 300 | 31,187 | ||||||
| Sompo Holdings, Inc. | 300 | 12,124 | ||||||
| Tokio Marine Holdings, Inc. | 300 | 13,664 | ||||||
| West Japan Railway Co. | 400 | 28,270 | ||||||
| 394,899 | ||||||||
| Luxembourg | 0.7% | ||||||||
| SES SA (France) | 3,200 | 43,353 | ||||||
| SES SA (Luxembourg) | 4,012 | 53,016 | ||||||
| Tenaris SA ADR | 750 | 26,002 | ||||||
| 122,371 | ||||||||
| Mexico | 0.5% | ||||||||
| Alpek SAB de CV | 14,500 | 20,182 | ||||||
| Corp Inmobiliaria Vesta SAB de CV | 48,000 | 71,240 | ||||||
| 91,422 | ||||||||
| Netherlands | 0.4% | ||||||||
| Aegon NV | 1,741 | 11,757 | ||||||
| Akzo Nobel NV | 219 | 20,704 | ||||||
| Intertrust NV | 657 | 13,620 | ||||||
| NN Group NV | 624 | 27,712 | ||||||
| 73,793 | ||||||||
| New Zealand | 0.3% | ||||||||
| Air New Zealand, Ltd. | 9,240 | 21,620 | ||||||
| Contact Energy, Ltd. | 2,218 | 8,446 | ||||||
| Description | Shares | Fair Value | ||||||
| Spark New Zealand, Ltd. | 8,557 | $ | 20,734 | |||||
| 50,800 | ||||||||
| Norway | 0.2% | ||||||||
| Statoil ASA | 1,354 | 32,068 | ||||||
| Philippines | 0.4% | ||||||||
| Megaworld Corp. | 892,000 | 80,407 | ||||||
| Singapore | 1.7% | ||||||||
| Ascendas India Trust | 57,000 | 43,957 | ||||||
| City Developments, Ltd. | 4,800 | 47,852 | ||||||
| DBS Group Holdings, Ltd. | 1,559 | 32,887 | ||||||
| SATS, Ltd. | 4,300 | 16,907 | ||||||
| Singapore Airlines, Ltd. | 5,700 | 47,337 | ||||||
| United Overseas Bank, Ltd. | 4,000 | 84,348 | ||||||
| Venture Corp., Ltd. | 1,100 | 23,756 | ||||||
| 297,044 | ||||||||
| Spain | 1.5% | ||||||||
| Abertis Infraestructuras SA | 3,388 | 75,990 | ||||||
| Enagas SA | 437 | 11,961 | ||||||
| Merlin Properties Socimi SA REIT | 3,907 | 59,820 | ||||||
| Red Electrica Corporacion SA | 5,500 | 113,294 | ||||||
| 261,065 | ||||||||
| Sweden | 0.1% | ||||||||
| Hennes & Mauritz AB, B Shares | 944 | 14,161 | ||||||
| Switzerland | 0.6% | ||||||||
| Flughafen Zuerich AG | 114 | 25,165 | ||||||
| Partners Group Holding AG | 59 | 43,910 | ||||||
| Roche Holding AG | 142 | 32,569 | ||||||
| Swiss Life Holding AG | 36 | 12,826 | ||||||
| 114,470 | ||||||||
| United Arab Emirates | 0.3% | ||||||||
| Emaar Properties PJSC | 39,688 | 62,839 | ||||||
| United Kingdom | 5.1% | ||||||||
| Admiral Group PLC | 1,516 | 39,258 | ||||||
| Ashtead Group PLC | 480 | 13,089 | ||||||
| Centrica PLC | 6,970 | 13,918 | ||||||
| Cineworld Group PLC | 3,544 | 11,743 | ||||||
| Derwent London PLC REIT | 811 | 35,319 | ||||||
| Electrocomponents PLC | 1,194 | 10,065 | ||||||
| Fiat Chrysler Automobiles NV (*) | 654 | 13,409 | ||||||
| Great Portland Estates PLC REIT | 11,187 | 104,513 | ||||||
| Hargreaves Lansdown PLC | 866 | 19,875 | ||||||
| Howden Joinery Group PLC | 4,032 | 26,096 | ||||||
| Imperial Brands PLC | 889 | 30,296 | ||||||
| International Consolidated Airlines Group SA | 1,554 | 13,449 | ||||||
| National Grid PLC | 16,058 | 180,585 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets and Pricing Opportunities Portfolio (continued) | ||||||||
| Pagegroup PLC | 1,621 | $ | 12,216 | |||||
| Pennon Group PLC | 8,887 | 80,321 | ||||||
| Persimmon PLC | 338 | 12,017 | ||||||
| Severn Trent PLC | 1,985 | 51,415 | ||||||
| SSE PLC | 3,288 | 58,929 | ||||||
| Unilever NV | 428 | 24,194 | ||||||
| United Utilities Group PLC | 15,716 | 157,909 | ||||||
| 908,616 | ||||||||
| United States | 25.8% | ||||||||
| 3M Co. | 387 | 84,954 | ||||||
| Agilent Technologies, Inc. | 172 | 11,507 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 671 | 83,801 | ||||||
| Ameren Corp. | 1,004 | 56,856 | ||||||
| American Homes 4 Rent, Class A REIT | 4,088 | 82,087 | ||||||
| American Tower Corp. REIT | 1,268 | 184,291 | ||||||
| Americold Realty Trust REIT | 3,600 | 68,688 | ||||||
| Aon PLC | 364 | 51,080 | ||||||
| Apple, Inc. | 226 | 37,918 | ||||||
| Automatic Data Processing, Inc. | 389 | 44,144 | ||||||
| Biogen, Inc. (*) | 36 | 9,858 | ||||||
| Boston Properties, Inc. REIT | 736 | 90,690 | ||||||
| Bristol-Myers Squibb Co. | 276 | 17,457 | ||||||
| Campbell Soup Co. | 1,056 | 45,735 | ||||||
| Carnival Corp. | 387 | 25,379 | ||||||
| Carnival PLC | 178 | 11,470 | ||||||
| Cisco Systems, Inc. | 294 | 12,610 | ||||||
| Comcast Corp., Class A | 1,533 | 52,383 | ||||||
| ConAgra Foods, Inc. | 305 | 11,248 | ||||||
| Concho Resources, Inc. (*) | 135 | 20,295 | ||||||
| Consolidated Edison, Inc. | 718 | 55,961 | ||||||
| Costco Wholesale Corp. | 179 | 33,729 | ||||||
| Cracker Barrel Old Country Store, Inc. | 74 | 11,781 | ||||||
| Crown Castle International Corp. REIT | 500 | 54,805 | ||||||
| CSX Corp. | 1,469 | 81,838 | ||||||
| Darden Restaurants, Inc. | 253 | 21,568 | ||||||
| Deere & Co. | 199 | 30,909 | ||||||
| Diamondback Energy, Inc. (*) | 268 | 33,907 | ||||||
| DowDuPont, Inc. | 292 | 18,603 | ||||||
| EchoStar Corp., Class A (*) | 300 | 15,831 | ||||||
| Edison International | 2,023 | 128,784 | ||||||
| Eli Lilly & Co. | 397 | 30,716 | ||||||
| EOG Resources, Inc. | 308 | 32,423 | ||||||
| Equinix, Inc. REIT | 330 | 137,986 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 932 | 81,802 | ||||||
| Essex Property Trust, Inc. REIT | 530 | 127,560 | ||||||
| F5 Networks, Inc. (*) | 228 | 32,971 | ||||||
| Description | Shares | Fair Value | ||||||
| Fortune Brands Home & Security, Inc. | 260 | $ | 15,311 | |||||
| General Dynamics Corp. | 90 | 19,881 | ||||||
| General Mills, Inc. | 1,013 | 45,646 | ||||||
| Genesee & Wyoming, Inc., Class A (*) | 350 | 24,776 | ||||||
| GGP, Inc. REIT | 3,024 | 61,871 | ||||||
| Halliburton Co. | 560 | 26,286 | ||||||
| Hasbro, Inc. | 168 | 14,162 | ||||||
| HCA Healthcare, Inc. | 215 | 20,855 | ||||||
| Helix Energy Solutions Group, Inc. (*) | 2,153 | 12,466 | ||||||
| Honeywell International, Inc. | 196 | 28,324 | ||||||
| Intel Corp. | 1,281 | 66,714 | ||||||
| IQVIA Holdings, Inc. (*) | 136 | 13,343 | ||||||
| Johnson & Johnson | 511 | 65,485 | ||||||
| Kimberly-Clark Corp. | 190 | 20,925 | ||||||
| Kinder Morgan, Inc. | 2,264 | 34,096 | ||||||
| Las Vegas Sands Corp. | 160 | 11,504 | ||||||
| Lockheed Martin Corp. | 217 | 73,331 | ||||||
| Lowe’s Cos., Inc. | 116 | 10,179 | ||||||
| Marriott International, Inc., Class A | 877 | 119,254 | ||||||
| Marsh & McLennan Cos., Inc. | 281 | 23,208 | ||||||
| Martin Marietta Materials, Inc. | 126 | 26,120 | ||||||
| MasterCard, Inc., Class A | 411 | 71,991 | ||||||
| Mettler-Toledo International, Inc. (*) | 68 | 39,102 | ||||||
| Motorola Solutions, Inc. | 344 | 36,223 | ||||||
| National Storage Affiliates Trust REIT | 2,611 | 65,484 | ||||||
| Newmont Mining Corp. | 706 | 27,583 | ||||||
| Norfolk Southern Corp. | 744 | 101,020 | ||||||
| Northrop Grumman Corp. | 164 | 57,256 | ||||||
| Olin Corp. | 850 | 25,831 | ||||||
| Owens Corning | 312 | 25,085 | ||||||
| Palo Alto Networks, Inc. (*) | 110 | 19,967 | ||||||
| Paychex, Inc. | 612 | 37,693 | ||||||
| PG&E Corp. | 2,914 | 128,012 | ||||||
| Pool Corp. | 89 | 13,014 | ||||||
| PPG Industries, Inc. | 141 | 15,736 | ||||||
| Prologis, Inc. | 1,645 | 103,619 | ||||||
| PS Business Parks, Inc. REIT | 495 | 55,955 | ||||||
| Quest Diagnostics, Inc. | 138 | 13,841 | ||||||
| Raytheon Co. | 156 | 33,668 | ||||||
| Retail Opportunity Investments Corp. REIT | 4,688 | 82,837 | ||||||
| Schlumberger, Ltd. | 269 | 17,426 | ||||||
| Skyworks Solutions, Inc. | 178 | 17,846 | ||||||
| Spirit AeroSystems Holdings, Inc., Class A | 248 | 20,758 | ||||||
| Starbucks Corp. | 1,083 | 62,695 | ||||||
| Steel Dynamics, Inc. | 391 | 17,290 | ||||||
| Sysco Corp. | 1,229 | 73,691 | ||||||
| Teradyne, Inc. | 289 | 13,210 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets and Pricing Opportunities Portfolio (continued) | ||||||||
| Texas Instruments, Inc. | 187 | $ | 19,427 | |||||
| The Allstate Corp. | 357 | 33,844 | ||||||
| The Boeing Co. | 240 | 78,691 | ||||||
| The Hershey Co. | 113 | 11,182 | ||||||
| The Procter & Gamble Co. | 721 | 57,161 | ||||||
| The TJX Cos., Inc. | 333 | 27,159 | ||||||
| The Travelers Cos., Inc. | 139 | 19,302 | ||||||
| Thermo Fisher Scientific, Inc. | 269 | 55,538 | ||||||
| Tyson Foods, Inc., Class A | 426 | 31,179 | ||||||
| Union Pacific Corp. | 420 | 56,461 | ||||||
| UnitedHealth Group, Inc. | 106 | 22,684 | ||||||
| Virtu Financial, Inc., Class A | 436 | 14,388 | ||||||
| Visa, Inc., Class A | 339 | 40,551 | ||||||
| Vulcan Materials Co. | 156 | 17,811 | ||||||
| Walmart, Inc. | 812 | 72,244 | ||||||
| Waste Management, Inc. | 557 | 46,855 | ||||||
| Waters Corp. (*) | 117 | 23,242 | ||||||
| Westlake Chemical Corp. | 451 | 50,129 | ||||||
| Weyerhaeuser Co. REIT | 2,612 | 91,420 | ||||||
| 4,613,463 | ||||||||
| Total Common Stocks (Cost $10,142,440) | 10,681,511 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Foreign Government Obligations | 9.5% | ||||||||||||
| Australia | 0.3% | ||||||||||||
| Australia Government Bonds, 3.000%, 09/20/25 | AUD | 46 | $ | 49,810 | ||||||||
| Canada | 0.4% | ||||||||||||
| Canadian Government Real Return Bonds, 2.000%, 12/01/41 | CAD | 73 | 75,236 | |||||||||
| France | 1.3% | ||||||||||||
| French Republic Government Bonds OAT, 1.850%, 07/25/27 | EUR | 146 | 228,116 | |||||||||
| Italy | 1.3% | ||||||||||||
| Italy Buoni Poliennali Del Tesoro: | ||||||||||||
| 0.100%, 05/15/22 | EUR | 128 | 163,528 | |||||||||
| 3.100%, 09/15/26 | EUR | 46 | 70,927 | |||||||||
| 234,455 | ||||||||||||
| Mexico | 1.7% | ||||||||||||
| Mexican Udibonos, 2.500%, 12/10/20 | MXN | 947 | 303,941 | |||||||||
| New Zealand | 0.9% | ||||||||||||
| New Zealand Government Bonds, 3.000%, 09/20/30 | NZD | 175 | 151,883 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Spain | 1.4% | ||||||||||||
| Spain Government Inflation Linked Bonds: | ||||||||||||
| 0.300%, 11/30/21 | EUR | 119 | $ | 156,885 | ||||||||
| 1.800%, 11/30/24 | EUR | 69 | 100,360 | |||||||||
| 257,245 | ||||||||||||
| Sweden | 0.3% | ||||||||||||
| Sweden Inflation Linked Bonds, 3.500%, 12/01/28 | SEK | 190 | 44,169 | |||||||||
| United Kingdom | 1.9% | ||||||||||||
| United Kingdom Gilt Inflation Linked: | ||||||||||||
| 2.500%, 04/16/20 | GBP | 40 | 203,182 | |||||||||
| 0.750%, 03/22/34 | GBP | 70 | 141,247 | |||||||||
| 344,429 | ||||||||||||
| Total Foreign Government Obligations (Cost $1,510,350) | 1,689,284 | |||||||||||
| US Treasury Securities | 14.6% | ||||||||||||
| Treasury Inflation Protected Securities: | ||||||||||||
| 0.125%, 04/15/20 | USD | 773 | 769,340 | |||||||||
| 1.125%, 01/15/21 | USD | 858 | 876,968 | |||||||||
| 2.375%, 01/15/25 | USD | 220 | 245,690 | |||||||||
| 2.500%, 01/15/29 | USD | 603 | 712,953 | |||||||||
| Total US Treasury Securities (Cost $2,622,269) | 2,604,951 | |||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 13.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Δ) (Cost $2,402,281) | 2,402,281 | $ | 2,402,281 | |||||
| Total Investments | 97.4% (Cost $16,677,340) (¤) | $ | 17,378,027 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.6% | 470,031 | |||||||
| Net Assets | 100.0% | $ | 17,848,058 | ||||||
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CHF | 1,852 | USD | 1,967 | SSB | 06/28/18 | $ | — | $ | 18 | |||||||||
| JPY | 7,475,366 | USD | 71,200 | HSB | 05/23/18 | — | 691 | |||||||||||
| NZD | 112,406 | USD | 82,957 | HSB | 05/23/18 | — | 1,882 | |||||||||||
| SEK | 244,935 | USD | 30,490 | HSB | 05/23/18 | — | 1,096 | |||||||||||
| SEK | 276,454 | USD | 34,413 | HSB | 05/23/18 | — | 1,237 | |||||||||||
| USD | 51,233 | AUD | 64,566 | HSB | 05/23/18 | 1,707 | — | |||||||||||
| USD | 370,544 | AUD | 466,980 | HSB | 05/23/18 | 12,348 | — | |||||||||||
| USD | 173,034 | AUD | 224,214 | SSB | 06/28/18 | 1,025 | — | |||||||||||
| USD | 25,710 | CAD | 32,232 | CIT | 05/23/18 | 703 | — | |||||||||||
| USD | 6,080 | CAD | 7,844 | HSB | 05/23/18 | — | 6 | |||||||||||
| USD | 42,099 | CAD | 52,782 | HSB | 05/23/18 | 1,148 | — | |||||||||||
| USD | 851,904 | CAD | 1,068,083 | HSB | 05/23/18 | 23,227 | — | |||||||||||
| USD | 64,183 | CHF | 58,962 | HSB | 05/23/18 | 2,329 | — | |||||||||||
| USD | 29,471 | CHF | 27,744 | SSB | 06/28/18 | 272 | — | |||||||||||
| USD | 16,646 | EUR | 13,498 | CIT | 05/23/18 | 1 | — | |||||||||||
| USD | 130,177 | EUR | 105,558 | CIT | 05/23/18 | 7 | — | |||||||||||
| USD | 1,265,187 | EUR | 1,017,985 | CIT | 06/28/18 | 6,301 | — | |||||||||||
| USD | 5,300 | EUR | 4,263 | HSB | 05/23/18 | 43 | — | |||||||||||
| USD | 112,000 | EUR | 90,094 | HSB | 05/23/18 | 900 | — | |||||||||||
| USD | 374,463 | EUR | 303,638 | HSB | 05/23/18 | 33 | — | |||||||||||
| USD | 698,645 | EUR | 566,504 | HSB | 05/23/18 | 61 | — | |||||||||||
| USD | 96,027 | GBP | 68,061 | CIT | 05/23/18 | 412 | — | |||||||||||
| USD | 254,058 | GBP | 180,042 | HSB | 05/23/18 | 1,125 | — | |||||||||||
| USD | 396,573 | GBP | 281,038 | HSB | 05/23/18 | 1,756 | — | |||||||||||
| USD | 417,987 | GBP | 295,377 | SSB | 06/28/18 | 2,368 | — | |||||||||||
| USD | 157,108 | HKD | 1,225,935 | HSB | 05/23/18 | 651 | — | |||||||||||
| USD | 539,074 | JPY | 57,122,728 | HSB | 05/23/18 | 284 | — | |||||||||||
| USD | 43,355 | MXN | 814,121 | HSB | 05/23/18 | — | 946 | |||||||||||
| USD | 291,740 | MXN | 5,478,347 | HSB | 05/23/18 | — | 6,367 | |||||||||||
| USD | 121,210 | NZD | 164,309 | CIT | 05/23/18 | 2,698 | — | |||||||||||
| USD | 146,197 | NZD | 198,181 | CIT | 05/23/18 | 3,254 | — | |||||||||||
| USD | 10,132 | NZD | 13,728 | HSB | 05/23/18 | 230 | — | |||||||||||
| USD | 267,150 | SGD | 351,623 | HSB | 05/23/18 | — | 1,312 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 62,883 | $ | 13,555 | ||||||||||||||
Futures Contracts open at March 31, 2018 (Δ):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Copper | 1 | $ | 25,000 | 05/29/18 | $ | 81,104 | $ | 75,638 | $ | — | $ | 5,466 | ||||||||||||
| Corn | 4 | 20,000 | 12/14/18 | 81,216 | 82,300 | 1,084 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 1,084 | $ | 5,466 | ||||||||||||||||||||
Lazard Real Assets and Pricing Opportunities
Portfolio (concluded)
Total Return Swap Agreements open at March 31, 2018 (Δ):
| Pay | Currency | Counterparty | Notional Amount | Expiration Date | Receive | Payment Frequency | Unrealized Appreciation | |||||||||||
| 0.00% | USD | GSC | $ | 2,257,212 | 10/24/18 | Appreciation, and dividends paid, on commodities in a custom momentum basket | Maturity | $ | 41,981 | |||||||||
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of March 31, 2018:
| Commodity | Commodity Exposure Expressed as a Percentage of Notional Amount | ||
| Aluminum | 4.31 | % | |
| Bean Oil | 1.36 | ||
| Brent Crude | 11.11 | ||
| Coffee | 1.60 | ||
| Copper | 6.46 | ||
| Corn | 7.39 | ||
| Cotton | 1.17 | ||
| Crude Oil | 12.37 | ||
| Gasoline (RBOB) | 1.12 | ||
| Gold | 11.61 | ||
| Heating Oil | 2.26 | ||
| Kansas Wheat | 1.06 | ||
| Lean Hogs | 1.71 | ||
| Live Cattle | 2.99 | ||
| Natural Gas | 8.57 | ||
| Nickel | 2.32 | ||
| Silver | 3.62 | ||
| Soy Meal | 2.79 | ||
| Soybeans | 5.79 | ||
| Sugar | 1.61 | ||
| Wheat | 4.46 | ||
| Zinc | 4.32 | ||
| Total | 100.00 | % | |
| Description | Shares | Fair Value | ||||||
| Lazard Capital Allocator Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 76.1% | ||||||||
| Equity Funds | 70.7% | ||||||||
| Energy Select Sector SPDR Fund | 98,900 | $ | 6,666,849 | |||||
| Financial Select Sector SPDR Fund | 253,035 | 6,976,175 | ||||||
| Industrial Select Sector SPDR Fund | 59,800 | 4,442,542 | ||||||
| iShares Core MSCI Europe ETF | 201,500 | 10,010,520 | ||||||
| iShares Global Financials ETF | 188,400 | 13,035,396 | ||||||
| iShares Global Materials ETF | 150,300 | 10,161,783 | ||||||
| iShares Latin America 40 ETF | 69,300 | 2,603,601 | ||||||
| iShares MSCI Europe Financials ETF | 150,500 | 3,476,550 | ||||||
| iShares MSCI Eurozone ETF | 258,200 | 11,192,970 | ||||||
| iShares North American Tech ETF | 20,400 | 3,660,372 | ||||||
| iShares North American Tech-Software ETF | 25,000 | 4,242,500 | ||||||
| SPDR S&P Bank ETF | 94,900 | 4,544,761 | ||||||
| Vanguard FTSE Emerging Markets ETF | 133,490 | 6,271,360 | ||||||
| Vanguard Utilities ETF | 53,600 | 5,993,016 | ||||||
| 93,278,395 | ||||||||
| Fixed-Income Fund | 5.4% | ||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 60,695 | 7,124,986 | ||||||
| Total Exchange-Traded Funds (Cost $90,825,664) | 100,403,381 | |||||||
| Closed-End Management Investment Companies | 4.0% | ||||||||
| Royce Value Trust, Inc. (Cost $4,585,987) | 338,290 | 5,263,792 | ||||||
| Short-Term Investments | 17.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $22,987,471) | 22,987,471 | 22,987,471 | ||||||
| Total Investments | 97.5% (Cost $118,399,122) | $ | 128,654,644 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.5% | 3,288,339 | |||||||
| Net Assets | 100.0% | $ | 131,942,983 | ||||||
Lazard Capital Allocator Opportunistic Strategies Portfolio (continued)
Total Return Swap Agreements open at March 31, 2018:
| Pay | Currency | Counterparty | Notional Amount | Expiration Date | Receive | Payment Frequency | Unrealized Depreciation | |||||||||||
| 1 Month JPY LIBOR plus 0.40% | JPY | GSC | $ | 7,399,962 | 06/14/18 | Appreciation, and dividends paid, on securities in a custom momentum basket | Monthly | $ | 261,450 | |||||||||
| 1 Month USD LIBOR plus 0.45% | USD | GSC | 8,609,640 | 07/06/18 | Appreciation, and dividends paid, on securities in a custom momentum basket | Monthly | 240,399 | |||||||||||
| Total gross unrealized depreciation on Total Return Swap Agreements | $ | 501,849 | * | |||||||||||||||
* Include accrued dividends and financing charges of $5,791.
Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)
The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of March 31, 2018:
| Security | Shares | Fair Value | ||||||
| 3M Co. | 2,208 | $ | 484,786 | |||||
| ABB, Ltd. | 11,668 | 272,725 | ||||||
| American Airlines Group, Inc. | 8,429 | 437,973 | ||||||
| Aptiv PLC | 3,068 | 260,668 | ||||||
| Delphi Technologies PLC | 1,022 | 48,707 | ||||||
| Eaton Corp. PLC | 10,864 | 868,162 | ||||||
| Honeywell International, Inc. | 5,953 | 860,335 | ||||||
| Illinois Tool Works, Inc. | 2,918 | 457,136 | ||||||
| Johnson Controls International PLC | 7,488 | 263,887 | ||||||
| Parker-Hannifin Corp. | 6,045 | 1,033,843 | ||||||
| Raytheon Co. | 5,052 | 1,090,288 | ||||||
| Rockwell Automation, Inc. | 5,946 | 1,035,794 | ||||||
| Schneider Electric SE | 3,529 | 303,383 | ||||||
| Union Pacific Corp. | 7,888 | 1,060,361 | ||||||
| United Technologies Corp. | 2,957 | 371,991 | ||||||
| Total Fair Value | $ | 8,850,039 | ||||||
| Security | Shares | Fair Value | ||||||
| Air Water, Inc. | 11,395 | $ | 209,944 | |||||
| Asahi Kasei Corp. | 39,770 | 493,790 | ||||||
| Daicel Corp. | 17,874 | 184,332 | ||||||
| DIC Corp. | 5,809 | 183,797 | ||||||
| Hitachi Chemical Co., Ltd. | 7,150 | 153,875 | ||||||
| Kansai Paint Co., Ltd. | 9,384 | 206,374 | ||||||
| Kuraray Co., Ltd. | 11,171 | 179,256 | ||||||
| Mitsubishi Chemical Holdings Corp. | 76,859 | 702,929 | ||||||
| Mitsubishi Gas Chemical Co., Inc. | 10,054 | 227,451 | ||||||
| Mitsui Chemicals, Inc. | 7,820 | 232,844 | ||||||
| Nippon Paint Holdings Co., Ltd. | 15,863 | 549,774 | ||||||
| Nitto Denko Corp. | 4,915 | 348,034 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 10,501 | 1,025,635 | ||||||
| Showa Denko K. K. | 15,193 | 606,773 | ||||||
| Sumitomo Chemical Co., Ltd. | 76,412 | 420,458 | ||||||
| Taiyo Nippon Sanso Corp. | 19,662 | 281,114 | ||||||
| Tokai Carbon Co., Ltd. | 34,631 | 507,439 | ||||||
| Tokuyama Corp. | 8,803 | 264,460 | ||||||
| Toray Industries, Inc. | 24,800 | 221,535 | ||||||
| Tosoh Corp. | 20,890 | 387,121 | ||||||
| Zeon Corp. | 20,108 | 274,476 | ||||||
| Total Fair Value | $ | 7,661,411 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 74.7% | ||||||||
| Australia | 2.3% | ||||||||
| Aristocrat Leisure, Ltd. | 10,687 | $ | 199,237 | |||||
| BlueScope Steel, Ltd. | 5,714 | 67,193 | ||||||
| Cochlear, Ltd. | 468 | 65,667 | ||||||
| Computershare, Ltd. | 3,649 | 48,831 | ||||||
| CSL, Ltd. | 4,881 | 586,923 | ||||||
| Flight Centre Travel Group, Ltd. | 933 | 41,052 | ||||||
| Investa Office Fund REIT | 11,098 | 36,896 | ||||||
| Link Administration Holdings, Ltd. | 6,130 | 39,495 | ||||||
| Metcash, Ltd. | 16,432 | 39,715 | ||||||
| Newcrest Mining, Ltd. | 3,113 | 46,800 | ||||||
| Platinum Asset Management, Ltd. | 20,215 | 91,840 | ||||||
| Qantas Airways, Ltd. | 8,147 | 36,653 | ||||||
| Sandfire Resources NL | 14,180 | 80,386 | ||||||
| Stockland REIT | 41,601 | 129,020 | ||||||
| Woodside Petroleum, Ltd. | 2,066 | 46,677 | ||||||
| 1,556,385 | ||||||||
| Austria | 0.1% | ||||||||
| Erste Group Bank AG | 1,294 | 65,078 | ||||||
| Lenzing AG | 173 | 21,370 | ||||||
| 86,448 | ||||||||
| Belgium | 0.4% | ||||||||
| Anheuser-Busch InBev SA/NV Sponsored ADR | 1,760 | 193,494 | ||||||
| Proximus SADP | 1,665 | 51,703 | ||||||
| 245,197 | ||||||||
| Canada | 3.3% | ||||||||
| Air Canada (*) | 1,920 | 39,895 | ||||||
| Alimentation Couche-Tard, Inc., Class B | 1,375 | 61,549 | ||||||
| Bank of Montreal | 778 | 58,769 | ||||||
| BCE, Inc. | 1,040 | 44,753 | ||||||
| CAE, Inc. | 9,693 | 180,254 | ||||||
| Canadian Imperial Bank of Commerce | 657 | 57,992 | ||||||
| Canadian National Railway Co. | 3,608 | 263,797 | ||||||
| Canfor Corp. (*) | 1,512 | 34,445 | ||||||
| CI Financial Corp. | 2,093 | 44,838 | ||||||
| Colliers International Group, Inc. | 858 | 59,564 | ||||||
| Constellation Software, Inc. | 99 | 67,172 | ||||||
| Detour Gold Corp. (*) | 2,790 | 28,239 | ||||||
| Genworth MI Canada, Inc. | 2,572 | 81,850 | ||||||
| Husky Energy, Inc. | 1,888 | 27,023 | ||||||
| Kinross Gold Corp. (*) | 10,981 | 43,384 | ||||||
| Kirkland Lake Gold, Ltd. | 1,438 | 22,290 | ||||||
| National Bank of Canada | 2,214 | 104,208 | ||||||
| Norbord, Inc. | 730 | 26,467 | ||||||
| Description | Shares | Fair Value | ||||||
| Parex Resources, Inc. (*) | 2,100 | $ | 29,535 | |||||
| Quebecor, Inc., Class B | 3,488 | 66,682 | ||||||
| Royal Bank of Canada | 3,440 | 265,727 | ||||||
| Suncor Energy, Inc. | 7,620 | 263,138 | ||||||
| Teck Resources, Ltd., Class B | 4,114 | 105,951 | ||||||
| The Bank of Nova Scotia | 2,654 | 163,481 | ||||||
| The Toronto-Dominion Bank | 786 | 44,603 | ||||||
| Thomson Reuters Corp. | 2,813 | 108,712 | ||||||
| 2,294,318 | ||||||||
| Denmark | 0.2% | ||||||||
| Danske Bank A/S | 2,150 | 80,350 | ||||||
| Vestas Wind Systems A/S | 664 | 47,541 | ||||||
| 127,891 | ||||||||
| Finland | 0.3% | ||||||||
| Outokumpu OYJ | 2,652 | 18,118 | ||||||
| Sampo Oyj, A Shares ADR | 6,065 | 169,062 | ||||||
| 187,180 | ||||||||
| France | 1.9% | ||||||||
| Air France-KLM (*) | 3,007 | 33,408 | ||||||
| AXA SA | 7,457 | 198,520 | ||||||
| Faurecia SA | 196 | 15,881 | ||||||
| Peugeot SA | 3,049 | 73,427 | ||||||
| Schneider Electric SE | 1,291 | 113,558 | ||||||
| Societe Generale SA | 459 | 24,972 | ||||||
| TOTAL SA | 12,008 | 682,458 | ||||||
| Ubisoft Entertainment SA ADR (*) | 10,215 | 173,042 | ||||||
| Veolia Environnement SA | 1,281 | 30,378 | ||||||
| 1,345,644 | ||||||||
| Germany | 2.1% | ||||||||
| Allianz SE | 276 | 62,374 | ||||||
| Bayer AG | 1,014 | 114,656 | ||||||
| Continental AG | 443 | 122,368 | ||||||
| Continental AG Sponsored ADR | 3,620 | 200,584 | ||||||
| Covestro AG | 2,201 | 216,648 | ||||||
| Deutsche Lufthansa AG | 7,253 | 231,687 | ||||||
| Deutsche Telekom AG | 2,105 | 34,339 | ||||||
| Rheinmetall AG | 587 | 83,454 | ||||||
| RWE AG (*) | 1,293 | 31,940 | ||||||
| SAP SE | 263 | 27,522 | ||||||
| Schaeffler AG (Preference Shares) | 3,946 | 60,932 | ||||||
| Siltronic AG (*) | 634 | 108,529 | ||||||
| Symrise AG ADR | 6,915 | 139,061 | ||||||
| 1,434,094 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group, Ltd. Sponsored ADR | 6,420 | 220,752 | ||||||
| CK Asset Holdings, Ltd. | 15,696 | 132,821 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Kerry Properties, Ltd. | 9,500 | $ | 43,132 | |||||
| Sun Hung Kai Properties, Ltd. | 6,000 | 95,579 | ||||||
| Swire Pacific, Ltd., Class A | 4,500 | 45,659 | ||||||
| Swire Properties, Ltd. | 16,200 | 56,966 | ||||||
| Techtronic Industries Co., Ltd. | 10,000 | 59,070 | ||||||
| The Wharf Holdings, Ltd. | 48,006 | 166,303 | ||||||
| Wharf Real Estate Investment Co., Ltd. (*) | 7,585 | 49,656 | ||||||
| Wheelock & Co., Ltd. | 21,739 | 159,429 | ||||||
| Yue Yuen Industrial Holdings, Ltd. | 14,590 | 58,271 | ||||||
| 1,087,638 | ||||||||
| Ireland | 0.3% | ||||||||
| Shire PLC ADR | 1,470 | 219,603 | ||||||
| Israel | 0.4% | ||||||||
| Bank Leumi Le-Israel BM | 10,934 | 66,039 | ||||||
| Israel Discount Bank, Ltd., ADR (*) | 4,855 | 138,635 | ||||||
| Israel Discount Bank, Ltd., Class A (*) | 23,677 | 68,093 | ||||||
| Nice, Ltd. | 441 | 41,376 | ||||||
| 314,143 | ||||||||
| Italy | 0.6% | ||||||||
| Assicurazioni Generali SpA | 1,669 | 32,177 | ||||||
| Enel SpA | 34,802 | 213,238 | ||||||
| FinecoBank Banca Fineco SpA | 1,953 | 23,527 | ||||||
| Intesa Sanpaolo SpA | 38,114 | 138,994 | ||||||
| 407,936 | ||||||||
| Japan | 5.8% | ||||||||
| Amano Corp. | 1,795 | 48,046 | ||||||
| Asahi Glass Co., Ltd. | 1,400 | 58,679 | ||||||
| Central Japan Railway Co. | 190 | 36,207 | ||||||
| Daicel Corp. | 9,167 | 100,431 | ||||||
| Daito Trust Construction Co., Ltd. | 355 | 60,325 | ||||||
| Daiwa House Industry Co., Ltd. ADR | 5,480 | 211,446 | ||||||
| Dexerials Corp. | 2,300 | 23,788 | ||||||
| East Japan Railway Co. | 2,600 | 242,620 | ||||||
| Haseko Corp. | 5,802 | 89,482 | ||||||
| Itochu Techno-Solutions Corp. | 3,500 | 72,186 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 3,600 | 82,297 | ||||||
| Juki Corp. | 1,400 | 19,738 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 600 | 35,437 | ||||||
| Kamigumi Co., Ltd. | 2,800 | 62,738 | ||||||
| Kao Corp. | 500 | 37,698 | ||||||
| Kao Corp. Sponsored ADR | 2,049 | 154,525 | ||||||
| KDDI Corp. | 5,610 | 144,072 | ||||||
| Keyence Corp. | 100 | 62,594 | ||||||
| Kinden Corp. | 1,700 | 28,302 | ||||||
| Description | Shares | Fair Value | ||||||
| Kobe Bussan Co., Ltd. | 500 | $ | 22,732 | |||||
| Marvelous, Inc. | 3,100 | 26,813 | ||||||
| Maxell Holdings, Ltd. | 1,300 | 25,010 | ||||||
| Megmilk Snow Brand Co., Ltd. | 1,400 | 38,203 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 48,277 | 320,422 | ||||||
| Mitsui Chemicals, Inc. | 800 | 25,464 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 2,854 | 88,733 | ||||||
| Nikkiso Co., Ltd. | 3,300 | 34,751 | ||||||
| Nishimatsu Construction Co., Ltd. | 1,000 | 24,959 | ||||||
| Nissan Motor Co., Ltd. | 3,100 | 32,084 | ||||||
| Nitto Denko Corp. | 300 | 22,744 | ||||||
| NOF Corp. | 1,500 | 45,357 | ||||||
| Nomura Holdings, Inc. | 9,400 | 54,727 | ||||||
| NTT DOCOMO, Inc. | 7,418 | 188,859 | ||||||
| ORIX Corp. | 2,413 | 43,078 | ||||||
| Prima Meat Packers, Ltd. | 6,000 | 33,902 | ||||||
| Ryohin Keikaku Co., Ltd. ADR | 3,235 | 216,486 | ||||||
| Sekisui Chemical Co., Ltd. | 5,100 | 89,240 | ||||||
| Seven & I Holdings Co., Ltd. | 1,700 | 72,938 | ||||||
| Shionogi & Co., Ltd. | 500 | 26,096 | ||||||
| Showa Corp. | 2,700 | 46,312 | ||||||
| Sompo Holdings, Inc. | 5,304 | 214,346 | ||||||
| Start Today Co., Ltd. | 900 | 23,511 | ||||||
| Subaru Corp. | 1,300 | 43,028 | ||||||
| Sumitomo Heavy Industries, Ltd. | 800 | 30,605 | ||||||
| Taisei Corp. | 800 | 40,991 | ||||||
| Takeuchi Manufacturing Co., Ltd. | 1,213 | 26,871 | ||||||
| Teijin, Ltd. | 1,995 | 37,986 | ||||||
| The Chugoku Electric Power Co., Inc. | 2,331 | 28,424 | ||||||
| Tokyo Gas Co., Ltd. | 7,227 | 193,013 | ||||||
| Tokyu Fudosan Holdings Corp. | 4,300 | 30,962 | ||||||
| Topcon Corp. | 1,600 | 31,557 | ||||||
| Toyobo Co., Ltd. | 2,200 | 43,393 | ||||||
| V Technology Co., Ltd. | 200 | 57,962 | ||||||
| Yamaha Corp. Sponsored ADR | 3,320 | 146,943 | ||||||
| 3,999,113 | ||||||||
| Malta | 0.1% | ||||||||
| Kindred Group PLC | 3,347 | 45,800 | ||||||
| Netherlands | 1.3% | ||||||||
| Euronext NV | 572 | 41,861 | ||||||
| Royal Dutch Shell PLC, A Shares | 17,835 | 559,658 | ||||||
| Wolters Kluwer NV | 286 | 15,231 | ||||||
| Wolters Kluwer NV Sponsored ADR | 5,270 | 281,102 | ||||||
| 897,852 | ||||||||
| New Zealand | 0.1% | ||||||||
| Spark New Zealand, Ltd. | 25,877 | 62,700 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Norway | 1.7% | ||||||||
| Aker BP ASA | 6,009 | $ | 162,548 | |||||
| Leroy Seafood Group ASA | 7,123 | 44,265 | ||||||
| Marine Harvest ASA | 2,877 | 57,807 | ||||||
| Norsk Hydro ASA | 7,572 | 44,652 | ||||||
| Statoil ASA | 26,044 | 616,829 | ||||||
| Telenor ASA | 11,283 | 256,626 | ||||||
| 1,182,727 | ||||||||
| Portugal | 0.1% | ||||||||
| Jeronimo Martins SGPS SA | 3,387 | 61,769 | ||||||
| Russia | 0.1% | ||||||||
| Evraz PLC | 12,863 | 78,504 | ||||||
| Singapore | 1.0% | ||||||||
| Best World International, Ltd. | 29,300 | 41,420 | ||||||
| City Developments, Ltd. | 9,900 | 98,694 | ||||||
| Oversea-Chinese Banking Corp., Ltd. ADR | 9,495 | 188,238 | ||||||
| Singapore Airlines, Ltd. | 9,730 | 80,806 | ||||||
| UOL Group, Ltd. | 8,900 | 58,332 | ||||||
| Venture Corp., Ltd. | 10,714 | 231,383 | ||||||
| 698,873 | ||||||||
| Spain | 0.2% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 3,284 | 26,001 | ||||||
| Banco Santander SA | 10,562 | 68,886 | ||||||
| Corporacion Financiera Alba SA | 312 | 18,855 | ||||||
| Mapfre SA | 7,667 | 25,501 | ||||||
| 139,243 | ||||||||
| Sweden | 1.3% | ||||||||
| Assa Abloy AB ADR | 12,020 | 130,177 | ||||||
| Atlas Copco AB, Class A | 1,378 | 59,697 | ||||||
| Atlas Copco AB, Class B | 1,321 | 51,418 | ||||||
| Axfood AB | 2,293 | 39,234 | ||||||
| Boliden AB | 2,564 | 90,390 | ||||||
| Electrolux AB, Series B | 3,980 | 125,241 | ||||||
| Hennes & Mauritz AB, B Shares | 1,655 | 24,826 | ||||||
| Hexagon AB ADR | 3,015 | 178,443 | ||||||
| Nordea Bank AB Sponsored ADR | 9,865 | 105,309 | ||||||
| Svenska Cellulosa AB SCA, Class B | 8,600 | 91,687 | ||||||
| Swedish Orphan Biovitrum AB (*) | 1,795 | 32,048 | ||||||
| 928,470 | ||||||||
| Switzerland | 1.5% | ||||||||
| Adecco Group AG | 373 | 26,577 | ||||||
| Georg Fischer AG | 49 | 65,618 | ||||||
| Julius Baer Group, Ltd. ADR | 9,680 | 118,628 | ||||||
| Novartis AG | 1,801 | 145,705 | ||||||
| Partners Group Holding AG | 301 | 224,015 | ||||||
| Description | Shares | Fair Value | ||||||
| Roche Holding AG | 1,896 | $ | 434,866 | |||||
| Swiss Life Holding AG | 127 | 45,246 | ||||||
| 1,060,655 | ||||||||
| United Kingdom | 5.0% | ||||||||
| Admiral Group PLC | 2,364 | 61,218 | ||||||
| Ashtead Group PLC ADR | 1,750 | 193,480 | ||||||
| BP PLC | 11,139 | 75,004 | ||||||
| British American Tobacco PLC Sponsored ADR | 4,535 | 261,624 | ||||||
| Centrica PLC | 28,670 | 57,249 | ||||||
| Coca-Cola European Partners PLC | 3,820 | 159,141 | ||||||
| Compass Group PLC | 6,924 | 141,486 | ||||||
| Compass Group PLC Sponsored ADR | 8,022 | 167,138 | ||||||
| Crest Nicholson Holdings PLC | 3,831 | 24,447 | ||||||
| CVS Group PLC | 1,405 | 19,252 | ||||||
| Diageo PLC Sponsored ADR | 1,545 | 209,224 | ||||||
| Electrocomponents PLC | 2,571 | 21,673 | ||||||
| Fevertree Drinks PLC | 965 | 35,679 | ||||||
| Hargreaves Lansdown PLC | 2,370 | 54,393 | ||||||
| Howden Joinery Group PLC | 6,555 | 42,426 | ||||||
| IG Group Holdings PLC | 3,890 | 43,593 | ||||||
| International Consolidated Airlines Group SA | 18,338 | 158,619 | ||||||
| Land Securities Group PLC REIT | 1,866 | 24,568 | ||||||
| Lloyds Banking Group PLC | 32,519 | 29,550 | ||||||
| Persimmon PLC | 3,877 | 137,837 | ||||||
| Prudential PLC ADR | 3,595 | 183,812 | ||||||
| RELX NV Sponsored ADR | 11,620 | 241,580 | ||||||
| Rio Tinto PLC Sponsored ADR | 2,120 | 109,244 | ||||||
| Rio Tinto, Ltd. | 594 | 33,386 | ||||||
| RSA Insurance Group PLC ADR | 16,245 | 145,149 | ||||||
| SSE PLC | 16,392 | 293,786 | ||||||
| SSP Group PLC | 4,369 | 37,527 | ||||||
| Tate & Lyle PLC | 4,682 | 35,817 | ||||||
| Taylor Wimpey PLC | 22,403 | 58,115 | ||||||
| Unilever PLC Sponsored ADR | 5,185 | 288,079 | ||||||
| WH Smith PLC | 1,988 | 54,379 | ||||||
| Wm Morrison Supermarkets PLC | 14,326 | 42,927 | ||||||
| 3,441,402 | ||||||||
| United States | 43.0% | ||||||||
| 3M Co. | 3,266 | 716,952 | ||||||
| AbbVie, Inc. | 986 | 93,325 | ||||||
| Accenture PLC, Class A | 5,091 | 781,468 | ||||||
| Adobe Systems, Inc. (*) | 1,103 | 238,336 | ||||||
| Air Lease Corp. | 703 | 29,962 | ||||||
| Ally Financial, Inc. | 4,268 | 115,876 | ||||||
| Alphabet, Inc., Class A (*) | 333 | 345,368 | ||||||
| Alphabet, Inc., Class C (*) | 170 | 175,404 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Amazon.com, Inc. (*) | 122 | $ | 176,575 | |||||
| Amdocs, Ltd. | 756 | 50,440 | ||||||
| Ameren Corp. | 1,232 | 69,768 | ||||||
| American Electric Power Co., Inc. | 795 | 54,529 | ||||||
| American Express Co. | 1,990 | 185,627 | ||||||
| Ameriprise Financial, Inc. | 355 | 52,519 | ||||||
| Amgen, Inc. | 420 | 71,602 | ||||||
| Anthem, Inc. | 894 | 196,412 | ||||||
| Aon PLC | 3,700 | 519,221 | ||||||
| Apple, Inc. | 3,692 | 619,444 | ||||||
| Applied Materials, Inc. | 4,910 | 273,045 | ||||||
| Aptiv PLC | 650 | 55,231 | ||||||
| AT&T, Inc. | 5,348 | 190,656 | ||||||
| Atkore International Group, Inc. (*) | 1,659 | 32,931 | ||||||
| Automatic Data Processing, Inc. | 350 | 39,718 | ||||||
| AutoZone, Inc. (*) | 205 | 132,981 | ||||||
| Avery Dennison Corp. | 2,047 | 217,494 | ||||||
| Bank of America Corp. | 4,886 | 146,531 | ||||||
| Baxter International, Inc. | 461 | 29,983 | ||||||
| Berry Plastics Group, Inc. (*) | 1,399 | 76,679 | ||||||
| Best Buy Co., Inc. | 732 | 51,233 | ||||||
| BGC Partners, Inc., Class A | 3,910 | 52,590 | ||||||
| Biogen, Inc. (*) | 1,115 | 305,309 | ||||||
| Booking Holdings, Inc. (*) | 66 | 137,306 | ||||||
| Bristol-Myers Squibb Co. | 2,532 | 160,149 | ||||||
| Campbell Soup Co. | 3,312 | 143,443 | ||||||
| Carnival Corp. | 3,082 | 202,118 | ||||||
| Carnival PLC | 1,950 | 125,650 | ||||||
| Carrizo Oil & Gas, Inc. (*) | 3,489 | 55,824 | ||||||
| Carter’s, Inc. | 353 | 36,747 | ||||||
| Caterpillar, Inc. | 318 | 46,867 | ||||||
| Celgene Corp. (*) | 1,162 | 103,662 | ||||||
| Centene Corp. (*) | 1,454 | 155,389 | ||||||
| Cerner Corp. (*) | 519 | 30,102 | ||||||
| Cigna Corp. | 1,224 | 205,314 | ||||||
| Cisco Systems, Inc. | 3,900 | 167,271 | ||||||
| Citigroup, Inc. | 4,668 | 315,090 | ||||||
| Comcast Corp., Class A | 13,576 | 463,892 | ||||||
| Comerica, Inc. | 2,670 | 256,133 | ||||||
| ConocoPhillips | 588 | 34,863 | ||||||
| Consolidated Edison, Inc. | 3,324 | 259,073 | ||||||
| Costco Wholesale Corp. | 688 | 129,640 | ||||||
| Cracker Barrel Old Country Store, Inc. | 452 | 71,958 | ||||||
| Crown Holdings, Inc. (*) | 2,842 | 144,232 | ||||||
| Cummins, Inc. | 1,049 | 170,032 | ||||||
| CVS Health Corp. | 331 | 20,592 | ||||||
| Description | Shares | Fair Value | ||||||
| Darden Restaurants, Inc. | 1,904 | $ | 162,316 | |||||
| Deckers Outdoor Corp. (*) | 442 | 39,793 | ||||||
| Discovery Communications, Inc., Class C (*) | 1,972 | 38,493 | ||||||
| DXC Technology Co. | 2,170 | 218,150 | ||||||
| Eastman Chemical Co. | 2,541 | 268,279 | ||||||
| Eaton Corp. PLC | 1,850 | 147,834 | ||||||
| eBay, Inc. (*) | 3,595 | 144,663 | ||||||
| EchoStar Corp., Class A (*) | 388 | 20,475 | ||||||
| Eli Lilly & Co. | 1,269 | 98,183 | ||||||
| Energizer Holdings, Inc. | 954 | 56,839 | ||||||
| Evercore, Inc., Class A | 434 | 37,845 | ||||||
| Exelon Corp. | 824 | 32,144 | ||||||
| Express Scripts Holding Co. (*) | 1,122 | 77,508 | ||||||
| F5 Networks, Inc. (*) | 957 | 138,392 | ||||||
| Facebook, Inc., Class A (*) | 1,983 | 316,864 | ||||||
| Fifth Third Bancorp | 1,040 | 33,020 | ||||||
| Fiserv, Inc. (*) | 1,883 | 134,277 | ||||||
| Five Below, Inc. (*) | 1,895 | 138,979 | ||||||
| HCA Healthcare, Inc. | 2,207 | 214,079 | ||||||
| Honeywell International, Inc. | 1,695 | 244,944 | ||||||
| Hubbell, Inc. | 431 | 52,487 | ||||||
| Humana, Inc. | 1,039 | 279,314 | ||||||
| Huntsman Corp. | 1,176 | 34,398 | ||||||
| ICON PLC (*) | 343 | 40,522 | ||||||
| IDEXX Laboratories, Inc. (*) | 196 | 37,512 | ||||||
| Insperity, Inc. | 597 | 41,521 | ||||||
| Intel Corp. | 2,355 | 122,648 | ||||||
| Intercontinental Exchange, Inc. | 3,505 | 254,183 | ||||||
| Intuit, Inc. | 367 | 63,619 | ||||||
| IPG Photonics Corp. (*) | 314 | 73,281 | ||||||
| IQVIA Holdings, Inc. (*) | 2,998 | 294,134 | ||||||
| Johnson & Johnson | 4,326 | 554,377 | ||||||
| Johnson Controls International PLC | 3,823 | 134,723 | ||||||
| JPMorgan Chase & Co. | 3,627 | 398,861 | ||||||
| Kimberly-Clark Corp. | 1,293 | 142,398 | ||||||
| KLA-Tencor Corp. | 1,007 | 109,773 | ||||||
| Kohl’s Corp. | 588 | 38,520 | ||||||
| Koppers Holdings, Inc. (*) | 604 | 24,824 | ||||||
| L Brands, Inc. | 504 | 19,258 | ||||||
| Lam Research Corp. | 245 | 49,774 | ||||||
| Lamb Weston Holdings, Inc. | 712 | 41,453 | ||||||
| Las Vegas Sands Corp. | 1,037 | 74,560 | ||||||
| Lear Corp. | 311 | 57,874 | ||||||
| Lockheed Martin Corp. | 877 | 296,365 | ||||||
| Lowe’s Cos., Inc. | 2,248 | 197,262 | ||||||
| LPL Financial Holdings, Inc. | 635 | 38,779 | ||||||
| Marsh & McLennan Cos., Inc. | 2,413 | 199,290 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| MasterCard, Inc., Class A | 2,106 | $ | 368,887 | |||||
| Maxim Integrated Products, Inc. | 1,766 | 106,349 | ||||||
| MetLife, Inc. | 1,390 | 63,787 | ||||||
| Michael Kors Holdings, Ltd. (*) | 681 | 42,276 | ||||||
| Micron Technology, Inc. (*) | 2,267 | 118,201 | ||||||
| Microsoft Corp. | 5,036 | 459,636 | ||||||
| Molson Coors Brewing Co., Class B | 1,720 | 129,568 | ||||||
| Motorola Solutions, Inc. | 1,465 | 154,265 | ||||||
| NetApp, Inc. | 1,428 | 88,093 | ||||||
| Newfield Exploration Co. (*) | 1,979 | 48,327 | ||||||
| Nordstrom, Inc. | 823 | 39,841 | ||||||
| Northrop Grumman Corp. | 1,061 | 370,416 | ||||||
| NVIDIA Corp. | 727 | 168,366 | ||||||
| NVR, Inc. (*) | 17 | 47,600 | ||||||
| Omnicom Group, Inc. | 4,693 | 341,040 | ||||||
| Owens Corning | 631 | 50,732 | ||||||
| Palo Alto Networks, Inc. (*) | 593 | 107,641 | ||||||
| Park Hotels & Resorts, Inc. REIT | 924 | 24,966 | ||||||
| Paychex, Inc. | 4,974 | 306,349 | ||||||
| PayPal Holdings, Inc. (*) | 278 | 21,092 | ||||||
| PepsiCo, Inc. | 4,833 | 527,522 | ||||||
| Pfizer, Inc. | 8,340 | 295,987 | ||||||
| PG&E Corp. | 5,299 | 232,785 | ||||||
| PNM Resources, Inc. | 663 | 25,360 | ||||||
| PotlatchDeltic Corp. REIT | 672 | 34,978 | ||||||
| Prudential Financial, Inc. | 1,399 | 144,866 | ||||||
| Radian Group, Inc. | 1,595 | 30,369 | ||||||
| Raytheon Co. | 279 | 60,214 | ||||||
| Red Hat, Inc. (*) | 1,847 | 276,145 | ||||||
| Regions Financial Corp. | 2,732 | 50,761 | ||||||
| Republic Services, Inc. | 1,152 | 76,297 | ||||||
| Rockwell Automation, Inc. | 830 | 144,586 | ||||||
| Ross Stores, Inc. | 6,735 | 525,195 | ||||||
| Royal Caribbean Cruises, Ltd. | 1,262 | 148,588 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 2,115 | 163,807 | ||||||
| S&P Global, Inc. | 1,653 | 315,822 | ||||||
| Sabra Health Care REIT, Inc. | 1,104 | 19,486 | ||||||
| Schlumberger, Ltd. | 2,750 | 178,145 | ||||||
| Simon Property Group, Inc. REIT | 3,344 | 516,146 | ||||||
| Sirius XM Holdings, Inc. | 12,432 | 77,576 | ||||||
| Skyworks Solutions, Inc. | 1,031 | 103,368 | ||||||
| Snap-on, Inc. | 865 | 127,622 | ||||||
| Southwest Airlines Co. | 295 | 16,898 | ||||||
| Starbucks Corp. | 6,153 | 356,197 | ||||||
| Sysco Corp. | 2,216 | 132,871 | ||||||
| T-Mobile US, Inc. (*) | 1,176 | 71,783 | ||||||
| Description | Shares | Fair Value | ||||||
| TE Connectivity, Ltd. | 820 | $ | 81,918 | |||||
| Teradyne, Inc. | 2,450 | 111,990 | ||||||
| Texas Instruments, Inc. | 877 | 91,112 | ||||||
| The Boeing Co. | 2,109 | 691,499 | ||||||
| The Charles Schwab Corp. | 3,975 | 207,574 | ||||||
| The Clorox Co. | 286 | 38,069 | ||||||
| The Coca-Cola Co. | 6,745 | 292,935 | ||||||
| The Estee Lauder Cos., Inc., Class A | 1,932 | 289,259 | ||||||
| The Gap, Inc. | 2,415 | 75,348 | ||||||
| The Home Depot, Inc. | 506 | 90,189 | ||||||
| The J.M. Smucker Co. | 1,350 | 167,414 | ||||||
| The Procter & Gamble Co. | 775 | 61,442 | ||||||
| The TJX Cos., Inc. | 2,547 | 207,733 | ||||||
| The Toro Co. | 580 | 36,221 | ||||||
| The Walt Disney Co. | 1,099 | 110,384 | ||||||
| Thermo Fisher Scientific, Inc. | 1,235 | 254,978 | ||||||
| Time Warner, Inc. | 1,493 | 141,208 | ||||||
| U.S. Silica Holdings, Inc. | 1,007 | 25,699 | ||||||
| United Continental Holdings, Inc. (*) | 314 | 21,814 | ||||||
| United Rentals, Inc. (*) | 386 | 66,674 | ||||||
| United Technologies Corp. | 1,265 | 159,162 | ||||||
| UnitedHealth Group, Inc. | 2,554 | 546,556 | ||||||
| Universal Health Services, Inc., Class B | 588 | 69,625 | ||||||
| Unum Group | 1,428 | 67,987 | ||||||
| Verizon Communications, Inc. | 4,424 | 211,556 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 168 | 27,381 | ||||||
| Visa, Inc., Class A | 4,061 | 485,777 | ||||||
| VMware, Inc., Class A (*) | 194 | 23,526 | ||||||
| Walmart, Inc. | 3,301 | 293,690 | ||||||
| Waste Management, Inc. | 3,019 | 253,958 | ||||||
| Welbilt, Inc. (*) | 5,445 | 105,905 | ||||||
| Wells Fargo & Co. | 504 | 26,415 | ||||||
| Worldpay, Inc., Class A (*) | 3,805 | 312,923 | ||||||
| WW Grainger, Inc. | 457 | 128,997 | ||||||
| Zoetis, Inc. | 4,833 | 403,604 | ||||||
| 29,658,671 | ||||||||
| Total Common Stocks (Cost $47,495,708) | 51,562,256 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Corporate Bonds | 7.2% | ||||||||||||
| Australia | 0.2% | ||||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 130 | $ | 103,959 | ||||||||
| Toyota Finance Australia, Ltd., 4.250%, 05/15/19 | AUD | 25 | 19,586 | |||||||||
| 123,545 | ||||||||||||
| 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 | 155 | $ | 153,760 | ||||||||
| Canada | 0.6% | ||||||||||||
| The Bank of Nova Scotia, 2.125%, 09/11/19 | USD | 130 | 129,119 | |||||||||
| The Toronto-Dominion Bank: | ||||||||||||
| 2.250%, 11/05/19 | USD | 120 | 119,001 | |||||||||
| 2.621%, 12/22/21 | CAD | 215 | 166,868 | |||||||||
| 414,988 | ||||||||||||
| Denmark | 0.2% | ||||||||||||
| Carlsberg Breweries A/S, 2.500%, 05/28/24 | EUR | 100 | 134,482 | |||||||||
| France | 0.4% | ||||||||||||
| Orange SA, 5.375%, 07/08/19 | USD | 228 | 235,093 | |||||||||
| Germany | 0.3% | ||||||||||||
| BMW Finance NV, 3.375%, 12/14/18 | GBP | 135 | 192,341 | |||||||||
| Mexico | 0.2% | ||||||||||||
| America Movil SAB de CV, 6.450%, 12/05/22 | MXN | 2,800 | 142,845 | |||||||||
| Netherlands | 0.1% | ||||||||||||
| Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20 | NZD | 113 | 86,069 | |||||||||
| New Zealand | 0.1% | ||||||||||||
| Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24 | AUD | 100 | 85,127 | |||||||||
| Spain | 0.2% | ||||||||||||
| Iberdrola International BV, 1.125%, 04/21/26 | EUR | 100 | 122,526 | |||||||||
| United Kingdom | 0.2% | ||||||||||||
| Rolls-Royce PLC, 6.750%, 04/30/19 | GBP | 100 | 148,524 | |||||||||
| United States | 4.5% | ||||||||||||
| Alphabet, Inc., 3.625%, 05/19/21 | USD | 85 | 87,580 | |||||||||
| Amazon.com, Inc., 3.800%, 12/05/24 | USD | 180 | 184,475 | |||||||||
| Apple, Inc.: | ||||||||||||
| 2.850%, 02/23/23 | USD | 28 | 27,753 | |||||||||
| 3.850%, 05/04/43 | USD | 220 | 216,437 | |||||||||
| Caterpillar Financial Services Corp., 2.550%, 11/29/22 | USD | 270 | 262,223 | |||||||||
| Citigroup, Inc., 3.320% (BBSW 3 Month + 1.550%), 05/04/21 (§) |
AUD | 242 | 189,105 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| John Deere Canada Funding, Inc., 2.050%, 09/17/20 | CAD | 230 | $ | 176,784 | ||||||||
| John Deere Capital Corp., 2.300%, 09/16/19 | USD | 70 | 69,594 | |||||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 180 | 178,925 | |||||||||
| JPMorgan Chase & Co., 4.500%, 01/24/22 | USD | 125 | 129,934 | |||||||||
| Microsoft Corp., 4.450%, 11/03/45 | USD | 262 | 289,528 | |||||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 175 | 171,180 | |||||||||
| NIKE, Inc., 2.375%, 11/01/26 | USD | 190 | 175,029 | |||||||||
| Starbucks Corp., 3.100%, 03/01/23 | USD | 85 | 85,163 | |||||||||
| The Goldman Sachs Group, Inc.: | ||||||||||||
| 5.200%, 12/17/19 | NZD | 180 | 134,726 | |||||||||
| 3.625%, 01/22/23 | USD | 145 | 145,452 | |||||||||
| The Home Depot, Inc., 2.625%, 06/01/22 | USD | 175 | 172,333 | |||||||||
| United Parcel Service, Inc., 2.350%, 05/16/22 | USD | 95 | 92,666 | |||||||||
| Wells Fargo & Co., 3.100% (BBSW 3 Month + 1.320%), 07/27/21 (§) |
AUD | 290 | 225,783 | |||||||||
| Wells Fargo Canada Corp., 3.040%, 01/29/21 | CAD | 125 | 98,222 | |||||||||
| 3,112,892 | ||||||||||||
| Total Corporate Bonds (Cost $4,914,046) | 4,952,192 | |||||||||||
| Foreign Government Obligations | 10.6% | ||||||||||||
| Australia | 0.7% | ||||||||||||
| Queensland Treasury Corp.: | ||||||||||||
| 5.500%, 06/21/21 | AUD | 200 | 168,488 | |||||||||
| 3.000%, 03/22/24 | AUD | 205 | 159,565 | |||||||||
| Western Australian Treasury Corp., 6.000%, 10/16/23 | AUD | 205 | 183,881 | |||||||||
| 511,934 | ||||||||||||
| Bermuda | 0.3% | ||||||||||||
| Government of Bermuda, 4.854%, 02/06/24 | USD | 200 | 210,500 | |||||||||
| Canada | 1.4% | ||||||||||||
| Province of British Columbia, 4.700%, 06/18/37 | CAD | 175 | 171,110 | |||||||||
| Province of Ontario: | ||||||||||||
| 2.450%, 06/29/22 | USD | 175 | 171,285 | |||||||||
| 1.950%, 01/27/23 | CAD | 275 | 209,342 | |||||||||
| Province of Quebec: | ||||||||||||
| 3.500%, 07/29/20 | USD | 195 | 198,722 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||||
| 1.650%, 03/03/22 | CAD | 95 | $ | 72,116 | ||||||||
| 2.500%, 04/20/26 | USD | 175 | 166,980 | |||||||||
| 989,555 | ||||||||||||
| Cayman Islands | 0.2% | ||||||||||||
| Cayman Islands Government Bonds, 5.950%, 11/24/19 | USD | 100 | 105,205 | |||||||||
| Chile | 0.5% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26 |
CLP | 100,000 | 167,305 | |||||||||
| Republic of Chile, 3.125%, 01/21/26 | USD | 200 | 196,250 | |||||||||
| 363,555 | ||||||||||||
| Czech Republic | 0.8% | ||||||||||||
| Czech Republic: | ||||||||||||
| 1.100% (PRIBOR 1 Year + 0.650%), 04/18/23 (§) |
CZK | 4,990 | 254,940 | |||||||||
| 2.500%, 08/25/28 | CZK | 5,220 | 267,496 | |||||||||
| 522,436 | ||||||||||||
| France | 0.5% | ||||||||||||
| Government of France, 1.750%, 06/25/39 | EUR | 281 | 373,043 | |||||||||
| Hungary | 0.4% | ||||||||||||
| Hungary Government Bonds: | ||||||||||||
| 6.375%, 03/29/21 | USD | 114 | 124,260 | |||||||||
| 5.500%, 06/24/25 | HUF | 35,430 | 172,370 | |||||||||
| 296,630 | ||||||||||||
| Italy | 0.3% | ||||||||||||
| Italy Buoni Poliennali Del Tesoro, 2.250%, 09/01/36 | EUR | 150 | 179,732 | |||||||||
| Japan | 0.3% | ||||||||||||
| Japan International Cooperation Agency, 2.125%, 10/20/26 |
USD | 200 | 184,074 | |||||||||
| Mexico | 0.8% | ||||||||||||
| Mexican Bonos, 6.500%, 06/09/22 | MXN | 6,690 | 358,298 | |||||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 100 | 173,095 | |||||||||
| 531,393 | ||||||||||||
| New Zealand | 0.7% | ||||||||||||
| New Zealand Government Bonds: | ||||||||||||
| 6.000%, 05/15/21 | NZD | 425 | 338,116 | |||||||||
| 4.500%, 04/15/27 | NZD | 180 | 138,166 | |||||||||
| 476,282 | ||||||||||||
| Norway | 1.0% | ||||||||||||
| City of Oslo Norway: | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 4.600%, 06/22/20 | NOK | 1,000 | $ | 135,894 | ||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 129,436 | |||||||||
| Kommunalbanken AS, 1.375%, 10/26/20 (#) | USD | 200 | 194,008 | |||||||||
| Oslo Kommune: | ||||||||||||
| 1.600%, 05/05/22 | NOK | 1,000 | 125,863 | |||||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 127,352 | |||||||||
| 712,553 | ||||||||||||
| Panama | 0.3% | ||||||||||||
| Republic of Panama, 4.000%, 09/22/24 | USD | 200 | 205,000 | |||||||||
| Poland | 0.8% | ||||||||||||
| Poland Government Bonds: | ||||||||||||
| 1.810% (WIBOR 6 Month), 01/25/21 (§) | PLN | 593 | 174,394 | |||||||||
| 2.500%, 07/25/26 | PLN | 1,245 | 350,338 | |||||||||
| 524,732 | ||||||||||||
| Romania | 0.2% | ||||||||||||
| Romanian Government Bonds, 2.875%, 10/28/24 | EUR | 127 | 172,284 | |||||||||
| Singapore | 0.6% | ||||||||||||
| Singapore Government Bonds, 3.000%, 09/01/24 | SGD | 511 | 408,636 | |||||||||
| Spain | 0.2% | ||||||||||||
| Spain Government Bonds, 1.600%, 04/30/25 | EUR | 131 | 171,857 | |||||||||
| Sweden | 0.3% | ||||||||||||
| Kommuninvest I Sverige AB, 1.500%, 04/23/19 | USD | 200 | 198,415 | |||||||||
| United Kingdom | 0.3% | ||||||||||||
| United Kingdom Gilt, 1.500%, 07/22/47 | GBP | 138 | 184,414 | |||||||||
| Total Foreign Government Obligations (Cost $7,154,420) | 7,322,230 | |||||||||||
| Quasi Government Bonds | 0.6% | ||||||||||||
| Canada | 0.4% | ||||||||||||
| Canada Housing Trust No. 1, 2.400%, 12/15/22 | CAD | 220 | 171,789 | |||||||||
| Export Development Canada, 1.800%, 09/01/22 | CAD | 85 | 64,982 | |||||||||
| Hydro-Quebec, 9.625%, 07/15/22 | CAD | 55 | 55,231 | |||||||||
| 292,002 | ||||||||||||
| Germany | 0.2% | ||||||||||||
| KFW, 1.125%, 12/23/19 | GBP | 100 | 140,905 | |||||||||
| Total Quasi Government Bonds (Cost $423,198) | 432,907 | |||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||||
| Supranational Bonds | 1.4% | ||||||||||||
| African Development Bank, 2.375%, 09/23/21 | USD | 180 | $ | 178,189 | ||||||||
| Asian Development Bank: | ||||||||||||
| 1.875%, 04/12/19 | USD | 140 | 139,377 | |||||||||
| 1.000%, 12/15/22 | GBP | 90 | 124,851 | |||||||||
| 2.125%, 03/19/25 | USD | 195 | 183,764 | |||||||||
| European Investment Bank, 1.125%, 09/16/21 (#) | CAD | 220 | 164,835 | |||||||||
| International Bank for Reconstruction & Development, 3.500%, 01/22/21 | NZD | 70 | 51,799 | |||||||||
| International Finance Corp., 3.625%, 05/20/20 | NZD | 175 | 129,542 | |||||||||
| Total Supranational Bonds (Cost $976,330) | 972,357 | |||||||||||
| US Municipal Bonds | 0.5% | ||||||||||||
| California | 0.4% | ||||||||||||
| California State Build America Bonds, 7.500%, 04/01/34 | USD | 170 | 245,208 | |||||||||
| Georgia | 0.1% | ||||||||||||
| Georgia State Build America Bonds Series B, 2.380%, 02/01/27 |
USD | 100 | 94,378 | |||||||||
| Total US Municipal Bonds (Cost $349,248) | 339,586 | |||||||||||
| US Government Securities | 0.3% | ||||||||||||
| Federal National Mortgage Association 2.625%, 09/06/24 (Cost $173,105) | 175,000 | 173,379 | ||||||||||
| US Treasury Securities | 2.7% | ||||||||||||
| US Treasury Notes: | ||||||||||||
| 1.750%, 05/15/23 | USD | 540 | 518,327 | |||||||||
| 2.125%, 05/15/25 | USD | 540 | 519,716 | |||||||||
| 1.625%, 05/15/26 | USD | 381 | 350,209 | |||||||||
| 3.125%, 11/15/41 | USD | 475 | 489,787 | |||||||||
| Total US Treasury Securities (Cost $1,885,505) | 1,878,039 | |||||||||||
| Description | Shares | Fair Value | ||||||||||
| Short-Term Investments | 1.3% | ||||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $869,816) |
869,816 | $ | 869,816 | |||||||||
| Description | Fair Value | |||||||||||
| Total Investments | 99.3% (Cost $64,241,376) (¤) |
$ | 68,502,762 | ||||||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 497,767 | |||||||||||
| Net Assets | 100.0% | $ | 69,000,529 | ||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CHF | 90,827 | USD | 98,869 | HSB | 05/23/18 | $ | — | $ | 3,483 | |||||||||
| CHF | 42,302 | USD | 45,162 | SSB | 06/28/18 | — | 591 | |||||||||||
| EUR | 701,978 | USD | 863,679 | CIT | 04/20/18 | 1,048 | — | |||||||||||
| EUR | 1,663,732 | USD | 2,046,992 | HSB | 04/20/18 | 2,466 | — | |||||||||||
| EUR | 133,889 | USD | 166,500 | HSB | 05/23/18 | — | 1,181 | |||||||||||
| EUR | 164,601 | USD | 203,500 | HSB | 05/23/18 | — | 259 | |||||||||||
| EUR | 710,095 | USD | 889,492 | SSB | 06/28/18 | — | 10,208 | |||||||||||
| GBP | 49,977 | USD | 71,430 | SSB | 06/28/18 | — | 1,062 | |||||||||||
| JPY | 77,748,049 | USD | 732,180 | CIT | 04/20/18 | — | 786 | |||||||||||
| JPY | 22,533,228 | USD | 216,000 | CIT | 05/23/18 | — | 3,582 | |||||||||||
| JPY | 238,230,267 | USD | 2,243,634 | HSB | 04/20/18 | — | 2,547 | |||||||||||
| JPY | 28,667,680 | USD | 274,744 | SSB | 06/28/18 | — | 3,770 | |||||||||||
| KRW | 84,156,120 | USD | 78,081 | HSB | 06/07/18 | 1,263 | — | |||||||||||
| KRW | 124,731,630 | USD | 117,400 | HSB | 06/07/18 | 200 | — | |||||||||||
| MXN | 2,263,670 | USD | 123,000 | HSB | 05/23/18 | 554 | — | |||||||||||
| PLN | 547,301 | USD | 160,900 | HSB | 05/23/18 | — | 893 | |||||||||||
| SEK | 776,721 | USD | 96,654 | CIT | 05/23/18 | — | 3,303 | |||||||||||
| SEK | 1,100,889 | USD | 137,039 | HSB | 05/23/18 | — | 4,728 | |||||||||||
| SGD | 235,586 | USD | 179,027 | HSB | 05/23/18 | 850 | — | |||||||||||
| USD | 656,322 | AUD | 827,039 | CIT | 05/23/18 | 21,076 | — | |||||||||||
| USD | 68,552 | AUD | 86,393 | HSB | 05/23/18 | 2,194 | — | |||||||||||
| USD | 232,203 | AUD | 292,565 | JPM | 05/23/18 | 7,485 | — | |||||||||||
| USD | 331,904 | AUD | 429,394 | SSB | 06/28/18 | 2,032 | — | |||||||||||
| USD | 551,574 | CAD | 691,491 | CIT | 05/23/18 | 14,345 | — | |||||||||||
| USD | 159,381 | CAD | 199,825 | HSB | 05/23/18 | 4,134 | — | |||||||||||
| USD | 283,296 | CAD | 355,252 | JPM | 05/23/18 | 7,296 | — | |||||||||||
| USD | 520,670 | CAD | 669,163 | SSB | 06/28/18 | 428 | — | |||||||||||
| USD | 167,070 | CLP | 101,035,338 | CIT | 05/08/18 | — | 257 | |||||||||||
| USD | 131,540 | CZK | 2,690,099 | CIT | 05/29/18 | 852 | — | |||||||||||
| USD | 209,077 | CZK | 4,272,807 | HSB | 05/29/18 | 1,500 | — | |||||||||||
| USD | 171,623 | CZK | 3,510,761 | JPM | 05/29/18 | 1,067 | — | |||||||||||
| USD | 65,046 | DKK | 386,658 | SSB | 06/28/18 | 816 | — | |||||||||||
| USD | 300,900 | EUR | 245,725 | CIT | 05/23/18 | — | 2,509 | |||||||||||
| USD | 23,072 | GBP | 16,353 | CIT | 05/23/18 | 83 | — | |||||||||||
| USD | 38,998 | GBP | 27,637 | HSB | 05/23/18 | 147 | — | |||||||||||
| USD | 35,493 | GBP | 25,150 | JPM | 05/23/18 | 137 | — | |||||||||||
| USD | 198,435 | HKD | 1,552,286 | SSB | 06/28/18 | 97 | — | |||||||||||
| USD | 173,897 | HUF | 43,732,901 | JPM | 05/23/18 | 1,100 | — | |||||||||||
| USD | 63,199 | ILS | 219,857 | SSB | 06/28/18 | 191 | — | |||||||||||
| USD | 55,800 | JPY | 5,920,910 | CIT | 04/20/18 | 101 | — | |||||||||||
| USD | 140,806 | MXN | 2,644,344 | CIT | 05/23/18 | — | 3,525 | |||||||||||
| USD | 221,744 | MXN | 4,163,950 | HSB | 05/23/18 | — | 5,529 | |||||||||||
| USD | 72,630 | MXN | 1,364,175 | JPM | 05/23/18 | — | 1,828 | |||||||||||
| USD | 273,112 | NOK | 2,130,162 | CIT | 05/23/18 | 963 | — | |||||||||||
| USD | 117,557 | NOK | 917,076 | HSB | 05/23/18 | 392 | — | |||||||||||
| USD | 131,672 | NOK | 1,012,434 | HSB | 05/23/18 | 2,324 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 338,745 | NOK | 2,594,535 | SSB | 06/28/18 | $ | 6,861 | $ | — | |||||||||
| USD | 106,059 | NZD | 143,771 | CIT | 05/23/18 | 2,174 | — | |||||||||||
| USD | 670,795 | NZD | 908,918 | HSB | 05/23/18 | 14,034 | — | |||||||||||
| USD | 117,691 | NZD | 159,484 | JPM | 05/23/18 | 2,452 | — | |||||||||||
| USD | 176,181 | PLN | 590,074 | CIT | 05/23/18 | 3,670 | — | |||||||||||
| USD | 215,317 | PLN | 721,227 | HSB | 05/23/18 | 4,463 | — | |||||||||||
| USD | 107,178 | PLN | 359,171 | JPM | 05/23/18 | 2,172 | — | |||||||||||
| USD | 156,000 | SEK | 1,292,273 | HSB | 05/23/18 | 687 | — | |||||||||||
| USD | 114,476 | SEK | 931,534 | SSB | 06/28/18 | 2,199 | — | |||||||||||
| USD | 584,731 | SGD | 769,623 | HSB | 05/23/18 | — | 2,898 | |||||||||||
| USD | 109,673 | SGD | 143,409 | SSB | 06/28/18 | 76 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 113,929 | $ | 52,939 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Fundamental Long/Short Portfolio | ||||||||
| Common Stocks | 81.1% | ||||||||
| Aerospace & Defense | 1.0% | ||||||||
| United Technologies Corp. | 4,018 | $ | 505,545 | |||||
| Banks | 17.7% | ||||||||
| Citigroup, Inc. (±) | 23,651 | 1,596,442 | ||||||
| Citizens Financial Group, Inc. (±) | 46,499 | 1,952,028 | ||||||
| Comerica, Inc. (±) | 22,749 | 2,182,312 | ||||||
| Sterling Bancorp (±) | 63,843 | 1,439,660 | ||||||
| SunTrust Banks, Inc. (±) | 24,738 | 1,683,173 | ||||||
| 8,853,615 | ||||||||
| Biotechnology | 5.0% | ||||||||
| Agios Pharmaceuticals, Inc. (*) | 6,085 | 497,631 | ||||||
| Biogen, Inc. (*), (±) | 2,707 | 741,231 | ||||||
| BioMarin Pharmaceutical, Inc. (*) | 3,257 | 264,045 | ||||||
| Gilead Sciences, Inc. (±) | 13,047 | 983,613 | ||||||
| 2,486,520 | ||||||||
| Capital Markets | 3.2% | ||||||||
| Intercontinental Exchange, Inc. (±) | 22,353 | 1,621,040 | ||||||
| Communications Equipment | 4.4% | ||||||||
| Cisco Systems, Inc. (±) | 20,554 | 881,561 | ||||||
| Motorola Solutions, Inc. (±) | 12,375 | 1,303,088 | ||||||
| 2,184,649 | ||||||||
| Diversified Telecommunication Services | 2.0% | ||||||||
| AT&T, Inc. (±) | 27,992 | 997,915 | ||||||
| Electrical Equipment | 1.0% | ||||||||
| Eaton Corp. PLC | 6,503 | 519,655 | ||||||
| Energy Equipment & Services | 1.0% | ||||||||
| Halliburton Co. | 10,632 | 499,066 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 1.0% | ||||||||
| Prologis, Inc. | 8,355 | 526,281 | ||||||
| Health Care Equipment & Supplies | 3.1% | ||||||||
| Danaher Corp. (±) | 7,944 | 777,797 | ||||||
| Medtronic PLC (±) | 9,757 | 782,707 | ||||||
| 1,560,504 | ||||||||
| Health Care Providers & Services | 2.6% | ||||||||
| Humana, Inc. (±) | 2,812 | 755,950 | ||||||
| Molina Healthcare, Inc. (*) | 6,603 | 536,031 | ||||||
| 1,291,981 | ||||||||
| Internet Software & Services | 1.9% | ||||||||
| Alphabet, Inc., Class C (*) | 536 | 553,039 | ||||||
| eBay, Inc. (*), (±) | 9,871 | 397,209 | ||||||
| 950,248 | ||||||||
| Description | Shares | Fair Value | ||||||
| IT Services | 4.4% | ||||||||
| CoreLogic, Inc. (*) | 11,738 | $ | 530,910 | |||||
| DXC Technology Co. (±) | 16,717 | 1,680,560 | ||||||
| 2,211,470 | ||||||||
| Machinery | 7.1% | ||||||||
| Caterpillar, Inc. (±) | 4,951 | 729,678 | ||||||
| Deere & Co. (±) | 6,289 | 976,807 | ||||||
| Gates Industrial Corp. PLC (±) | 56,292 | 985,673 | ||||||
| Kennametal, Inc. (±) | 21,223 | 852,316 | ||||||
| 3,544,474 | ||||||||
| Media | 1.6% | ||||||||
| Comcast Corp., Class A (±) | 23,116 | 789,874 | ||||||
| Metals & Mining | 1.9% | ||||||||
| Steel Dynamics, Inc. (±) | 20,966 | 927,117 | ||||||
| Multiline Retail | 3.0% | ||||||||
| Dollar Tree, Inc. (*), (±) | 16,076 | 1,525,612 | ||||||
| Oil, Gas & Consumable Fuels | 7.5% | ||||||||
| ConocoPhillips (±) | 33,796 | 2,003,765 | ||||||
| EOG Resources, Inc. (±) | 16,406 | 1,727,059 | ||||||
| 3,730,824 | ||||||||
| Road & Rail | 1.0% | ||||||||
| Norfolk Southern Corp. | 3,656 | 496,412 | ||||||
| Semiconductors & Semiconductor Equipment | 4.2% | ||||||||
| Analog Devices, Inc. | 6,186 | 563,730 | ||||||
| Intel Corp. (±) | 29,113 | 1,516,205 | ||||||
| 2,079,935 | ||||||||
| Software | 1.7% | ||||||||
| CyberArk Software, Ltd. (*), (±) | 16,837 | 859,024 | ||||||
| Specialty Retail | 4.8% | ||||||||
| Floor & Decor Holdings, Inc., Class A | 21,946 | 1,143,826 | ||||||
| Lowe’s Cos., Inc. (±) | 14,090 | 1,236,397 | ||||||
| 2,380,223 | ||||||||
| Total Common Stocks (Cost $36,898,636) | 40,541,984 | |||||||
| Short-Term Investments | 62.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $31,217,388) | 31,217,388 | 31,217,388 | ||||||
| Total Investments excluding Securities Sold Short | 143.5% (Cost $68,116,024) | 71,759,372 | |||||||
| Securities Sold Short | (45.2)% | ||||||||
| Common Stocks | (45.2)% | ||||||||
| Automobiles | (1.3)% | ||||||||
| Tesla, Inc. (*) | (2,482 | ) | (660,535 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Fundamental Long/Short Portfolio (continued) | ||||||||
| Banks | (0.9)% | ||||||||
| United Bankshares, Inc. | (12,550 | ) | $ | (442,387 | ) | |||
| Biotechnology | (1.5)% | ||||||||
| Amgen, Inc. | (2,767 | ) | (471,718 | ) | ||||
| Intrexon Corp. (*) | (18,967 | ) | (290,764 | ) | ||||
| (762,482 | ) | |||||||
| Capital Markets | (2.4)% | ||||||||
| Janus Henderson Group PLC | (21,531 | ) | (712,461 | ) | ||||
| Waddell & Reed Financial, Inc., Class A | (23,218 | ) | (469,236 | ) | ||||
| (1,181,697 | ) | |||||||
| Commercial Services & Supplies | (2.0)% | ||||||||
| Ritchie Bros Auctioneers, Inc. | (24,552 | ) | (772,651 | ) | ||||
| Stericycle, Inc. (*) | (3,805 | ) | (222,707 | ) | ||||
| (995,358 | ) | |||||||
| Communications Equipment | (0.6)% | ||||||||
| Infinera Corp. (*) | (29,695 | ) | (322,488 | ) | ||||
| Construction & Engineering | (1.7)% | ||||||||
| Fluor Corp. | (14,570 | ) | (833,695 | ) | ||||
| Containers & Packaging | (0.7)% | ||||||||
| Owens-Illinois, Inc. (*) | (15,816 | ) | (342,575 | ) | ||||
| Electrical Equipment | (0.5)% | ||||||||
| Acuity Brands, Inc. | (1,760 | ) | (244,974 | ) | ||||
| Equity Real Estate Investment Trusts (REITs) | (3.2)% | ||||||||
| AvalonBay Communities, Inc. | (4,809 | ) | (790,888 | ) | ||||
| Mid-America Apartment Communities, Inc. | (8,590 | ) | (783,752 | ) | ||||
| (1,574,640 | ) | |||||||
| Food Products | (0.5)% | ||||||||
| Post Holdings, Inc. (*) | (3,461 | ) | (262,205 | ) | ||||
| Health Care Equipment & Supplies | (0.9)% | ||||||||
| Integra LifeSciences Holdings Corp. (*) | (8,424 | ) | (466,184 | ) | ||||
| Health Care Technology | (0.7)% | ||||||||
| athenahealth, Inc. (*) | (2,334 | ) | (333,832 | ) | ||||
| Hotels, Restaurants & Leisure | (3.3)% | ||||||||
| Cracker Barrel Old Country Store, Inc. | (7,009 | ) | (1,115,833 | ) | ||||
| Jack in the Box, Inc. | (2,965 | ) | (253,003 | ) | ||||
| The Wendy’s Co. | (14,813 | ) | (259,968 | ) | ||||
| (1,628,804 | ) | |||||||
| Internet Software & Services | (0.5)% | ||||||||
| TrueCar, Inc. (*) | (28,734 | ) | (271,824 | ) | ||||
| IT Services | (4.0)% | ||||||||
| Amdocs, Ltd. | (8,996 | ) | (600,213 | ) | ||||
| Cognizant Technology Solutions Corp., Class A | (3,610 | ) | (290,605 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Convergys Corp. | (21,884 | ) | $ | (495,016 | ) | |||
| Infosys, Ltd. Sponsored ADR | (17,158 | ) | (306,270 | ) | ||||
| Square, Inc. Class A (*) | (6,443 | ) | (316,996 | ) | ||||
| (2,009,100 | ) | |||||||
| Machinery | (1.2)% | ||||||||
| Flowserve Corp. | (5,911 | ) | (256,124 | ) | ||||
| Graco, Inc. | (7,935 | ) | (362,788 | ) | ||||
| (618,912 | ) | |||||||
| Media | (2.0)% | ||||||||
| Omnicom Group, Inc. | (8,636 | ) | (627,578 | ) | ||||
| The Interpublic Group of Cos., Inc. | (15,555 | ) | (358,232 | ) | ||||
| (985,810 | ) | |||||||
| Multiline Retail | (2.3)% | ||||||||
| Macy’s, Inc. | (27,193 | ) | (808,720 | ) | ||||
| Target Corp. | (4,874 | ) | (338,402 | ) | ||||
| (1,147,122 | ) | |||||||
| Pharmaceuticals | (3.3)% | ||||||||
| Eli Lilly & Co. | (4,677 | ) | (361,859 | ) | ||||
| GlaxoSmithKline PLC Sponsored ADR | (11,036 | ) | (431,176 | ) | ||||
| Roche Holding AG Sponsored ADR | (12,609 | ) | (360,933 | ) | ||||
| Sanofi ADR | (12,670 | ) | (507,814 | ) | ||||
| (1,661,782 | ) | |||||||
| Professional Services | (0.6)% | ||||||||
| Equifax, Inc. | (2,526 | ) | (297,588 | ) | ||||
| Road & Rail | (0.7)% | ||||||||
| Canadian National Railway Co. | (4,729 | ) | (345,832 | ) | ||||
| Semiconductors & Semiconductor Equipment | (0.6)% | ||||||||
| Cree, Inc. (*) | (7,213 | ) | (290,756 | ) | ||||
| Software | (2.5)% | ||||||||
| Blackline, Inc. (*) | (9,469 | ) | (371,279 | ) | ||||
| Workiva, Inc. (*) | (24,018 | ) | (569,227 | ) | ||||
| Zendesk, Inc. (*) | (6,713 | ) | (321,351 | ) | ||||
| (1,261,857 | ) | |||||||
| Specialty Retail | (0.5)% | ||||||||
| Sally Beauty Holdings, Inc. (*) | (14,696 | ) | (241,749 | ) | ||||
| Textiles, Apparel & Luxury Goods | (3.4)% | ||||||||
| Hanesbrands, Inc. | (27,056 | ) | (498,371 | ) | ||||
| NIKE, Inc., Class B | (11,600 | ) | (770,704 | ) | ||||
| VF Corp. | (5,881 | ) | (435,900 | ) | ||||
| (1,704,975 | ) | |||||||
| Thrifts & Mortgage Finance | (1.0)% | ||||||||
| New York Community Bancorp, Inc. | (38,728 | ) | (504,626 | ) | ||||
| Trading Companies & Distributors | (2.4)% | ||||||||
| HD Supply Holdings, Inc. (*) | (9,721 | ) | (368,815 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Fundamental Long/Short Portfolio (concluded) | ||||||||
| MSC Industrial Direct Co., Inc., Class A | (3,791 | ) | $ | (347,673 | ) | |||
| WW Grainger, Inc. | (1,679 | ) | (473,931 | ) | ||||
| (1,190,419 | ) | |||||||
| Total Securities Sold Short (Proceeds $21,590,746) | (22,584,208 | ) | ||||||
| Total Investments | 98.3%
(Cost and short proceeds $46,525,278) | $ | 49,175,164 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.7% | 835,772 | |||||||
| Net Assets | 100.0% | $ | 50,010,936 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 6.2% | ||||||||
| Austria | 0.0% | ||||||||
| IMMOFINANZ AG | 695 | $ | 1,810 | |||||
| Canada | 0.1% | ||||||||
| ECN Capital Corp. | 1,495 | 3,992 | ||||||
| Element Fleet Management Corp. | 48 | 154 | ||||||
| Teck Resources, Ltd., Class B | 639 | 16,461 | ||||||
| 20,607 | ||||||||
| China | 0.0% | ||||||||
| Vipshop Holdings, Ltd. ADR (*) | 100 | 1,662 | ||||||
| Mexico | 0.2% | ||||||||
| Cemex SAB de CV Sponsored ADR (*) | 5,668 | 37,522 | ||||||
| United States | 5.9% | ||||||||
| AK Steel Holding Corp. (*) | 9,600 | 43,488 | ||||||
| Allscripts Healthcare Solutions, Inc. (*) | 300 | 3,705 | ||||||
| Altra Industrial Motion Corp. | 9,379 | 430,965 | ||||||
| American Homes 4 Rent, Class A REIT | 1,200 | 24,096 | ||||||
| Atlas Air Worldwide Holdings, Inc. (*) | 309 | 18,679 | ||||||
| Bottomline Technologies de, Inc. (*) | 587 | 22,746 | ||||||
| Chesapeake Energy Corp. (*), (±) | 1,400 | 4,228 | ||||||
| Cisco Systems, Inc. | 4,810 | 206,301 | ||||||
| DISH Network Corp., Class A (*) | 400 | 15,156 | ||||||
| Dycom Industries, Inc. (*) | 100 | 10,763 | ||||||
| Encore Capital Group, Inc. (*) | 449 | 20,295 | ||||||
| Ford Motor Co. | 469 | 5,197 | ||||||
| Green Plains, Inc. | 2,300 | 38,640 | ||||||
| II-VI, Inc. (*) | 200 | 8,180 | ||||||
| Intercept Pharmaceuticals, Inc. (*) | 600 | 36,912 | ||||||
| Lennar Corp., Class A | 531 | 31,297 | ||||||
| Lennar Corp., Class B | 11 | 506 | ||||||
| Marriott Vacations Worldwide Corp. | 331 | 44,089 | ||||||
| Molson Coors Brewing Co., Class B | 300 | 22,599 | ||||||
| Navistar International Corp. (*) | 200 | 6,994 | ||||||
| Pandora Media, Inc. (*) | 500 | 2,515 | ||||||
| PRA Group, Inc. (*) | 100 | 3,800 | ||||||
| Shutterfly, Inc. (*) | 179 | 14,544 | ||||||
| The Greenbrier Cos., Inc. | 600 | 30,150 | ||||||
| Trinity Industries, Inc. | 200 | 6,526 | ||||||
| Western Digital Corp. (±) | 112 | 10,334 | ||||||
| Workday, Inc., Class A (*) | 400 | 50,844 | ||||||
| 1,113,549 | ||||||||
| Total Common Stocks (Cost $1,023,403) | 1,175,150 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Convertible Corporate Bonds | 62.9% | ||||||||||||
| Bermuda | 0.7% | ||||||||||||
| Golar LNG, Ltd., 2.750%, 02/15/22 (±) | USD | 31 | $ | 31,597 | ||||||||
| Teekay Corp., 5.000%, 01/15/23 (±) | USD | 112 | 107,794 | |||||||||
| 139,391 | ||||||||||||
| Canada | 1.8% | ||||||||||||
| Element Fleet Management Corp.: | ||||||||||||
| 5.125%, 06/30/19 (±) | CAD | 301 | 226,273 | |||||||||
| 4.250%, 06/30/20 (±) | CAD | 57 | 40,924 | |||||||||
| First Majestic Silver Corp., 1.875%, 03/01/23 (#), (±) | USD | 75 | 71,108 | |||||||||
| 338,305 | ||||||||||||
| China | 2.1% | ||||||||||||
| China Lodging Group, Ltd., 0.375%, 11/01/22 (#), (±) | USD | 90 | 94,169 | |||||||||
| Ctrip.com International, Ltd., 1.250%, 09/15/22 (±) | USD | 169 | 175,555 | |||||||||
| Vipshop Holdings, Ltd., 1.500%, 03/15/19 (±) | USD | 19 | 20,394 | |||||||||
| Weibo Corp., 1.250%, 11/15/22 (#), (±) | USD | 92 | 106,993 | |||||||||
| 397,111 | ||||||||||||
| Germany | 1.2% | ||||||||||||
| Deutsche Bank AG, 1.000%, 05/01/23 (±) | USD | 229 | 232,469 | |||||||||
| Japan | 2.9% | ||||||||||||
| ANA Holdings, Inc., 0.000%, 09/16/22 (±) | JPY | 10,000 | 96,800 | |||||||||
| Kyushu Electric Power Co., Inc.: | ||||||||||||
| 0.000%, 03/31/20 (*), (±) | JPY | 10,000 | 97,387 | |||||||||
| 0.000%, 03/31/22 (*), (±) | JPY | 10,000 | 98,327 | |||||||||
| Mirait Holdings Corp., 0.000%, 12/30/21 (±) | JPY | 5,000 | 59,208 | |||||||||
| Mitsubishi Chemical Holdings Corp.: | ||||||||||||
| 0.000%, 03/30/22 (±) | JPY | 10,000 | 99,385 | |||||||||
| 0.000%, 03/29/24 (±) | JPY | 10,000 | 101,029 | |||||||||
| 552,136 | ||||||||||||
| Mexico | 0.6% | ||||||||||||
| Cemex SAB de CV, 3.720%, 03/15/20 (±) | USD | 106 | 108,916 | |||||||||
| Monaco | 0.3% | ||||||||||||
| Endeavour Mining Corp., 3.000%, 02/15/23 (#), (±) | USD | 62 | 64,672 | |||||||||
| Netherlands | 0.6% | ||||||||||||
| Fugro NV, 4.000%, 10/26/21 (±) | EUR | 100 | 115,355 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||
| Russia | 0.3% | ||||||||||||
| Yandex NV, 1.125%, 12/15/18 (±) | USD | 56 | $ | 56,685 | ||||||||
| United States | 52.4% | ||||||||||||
| AK Steel Corp., 5.000%, 11/15/19 (±) | USD | 30 | 35,574 | |||||||||
| Alder Biopharmaceuticals, Inc., 2.500%, 02/01/25 (±) | USD | 91 | 83,652 | |||||||||
| Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (±) | USD | 151 | 151,472 | |||||||||
| American Residential Properties OP LP, 3.250%, 11/15/18 (#), (±) |
USD | 232 | 264,384 | |||||||||
| Amicus Therapeutics, Inc., 3.000%, 12/15/23 (#), (±) | USD | 191 | 492,246 | |||||||||
| Apptio, Inc., 0.875%, 04/01/23 (±) | USD | 81 | 79,542 | |||||||||
| Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±) | USD | 7 | 8,333 | |||||||||
| CalAmp Corp., 1.625%, 05/15/20 (±) | USD | 125 | 133,291 | |||||||||
| Carbonite, Inc., 2.500%, 04/01/22 (±) | USD | 66 | 85,928 | |||||||||
| Carriage Services, Inc., 2.750%, 03/15/21 (±) | USD | 97 | 127,135 | |||||||||
| Chart Industries, Inc., 1.000%, 11/15/24 (±) | USD | 67 | 78,453 | |||||||||
| Chegg, Inc., 0.250%, 05/15/23 (#) | USD | 114 | 114,520 | |||||||||
| Cheniere Energy, Inc., 4.250%, 03/15/45 (±) | USD | 75 | 58,211 | |||||||||
| Cleveland-Cliffs, Inc., 1.500%, 01/15/25 (±) | USD | 131 | 141,360 | |||||||||
| Colony NorthStar, Inc., 3.875%, 01/15/21 (±) | USD | 279 | 261,144 | |||||||||
| Corium International, Inc., 5.000%, 03/15/25 (±) | USD | 77 | 75,861 | |||||||||
| Cowen, Inc., 3.000%, 12/15/22 (±) | USD | 134 | 135,241 | |||||||||
| CSG Systems International, Inc., 4.250%, 03/15/36 (±) | USD | 94 | 103,310 | |||||||||
| Cypress Semiconductor Corp., 4.500%, 01/15/22 (±) | USD | 31 | 43,251 | |||||||||
| Encore Capital Group, Inc.: | ||||||||||||
| 2.875%, 03/15/21 (±) | USD | 107 | 106,786 | |||||||||
| 3.250%, 03/15/22 (±) | USD | 212 | 246,874 | |||||||||
| Ensco Jersey Finance, Ltd., 3.000%, 01/31/24 (±) | USD | 66 | 52,718 | |||||||||
| Envestnet, Inc., 1.750%, 12/15/19 (±) | USD | 38 | 41,686 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Everbridge, Inc., 1.500%, 11/01/22 (±) | USD | 38 | $ | 47,591 | ||||||||
| EZCORP, Inc.: | ||||||||||||
| 2.125%, 06/15/19 (±) | USD | 266 | 279,674 | |||||||||
| 2.875%, 07/01/24 (#), (±) | USD | 23 | 33,736 | |||||||||
| Forest City Realty Trust, Inc.: | ||||||||||||
| 4.250%, 08/15/18 (±) | USD | 159 | 163,739 | |||||||||
| 3.625%, 08/15/20 (±) | USD | 81 | 84,137 | |||||||||
| Green Plains, Inc., 3.250%, 10/01/18 (±) | USD | 269 | 282,953 | |||||||||
| GSV Capital Corp., 4.750%, 03/28/23 | USD | 30 | 29,896 | |||||||||
| HCI Group, Inc., 4.250%, 03/01/37 (#), (±) | USD | 40 | 36,656 | |||||||||
| Herbalife, Ltd.: | ||||||||||||
| 2.000%, 08/15/19 (±) | USD | 190 | 230,166 | |||||||||
| 2.625%, 03/15/24 (±) | USD | 114 | 114,115 | |||||||||
| Horizon Global Corp., 2.750%, 07/01/22 (±) | USD | 79 | 64,753 | |||||||||
| HubSpot, Inc., 0.250%, 06/01/22 (#), (±) | USD | 30 | 38,647 | |||||||||
| IH Merger Sub LLC, 3.000%, 07/01/19 (±) | USD | 345 | 432,542 | |||||||||
| Innoviva, Inc.: | ||||||||||||
| 2.125%, 01/15/23 (±) | USD | 188 | 201,237 | |||||||||
| 2.500%, 08/15/25 (±) | USD | 41 | 47,993 | |||||||||
| Intel Corp., 3.250%, 08/01/39 (±) | USD | 40 | 99,498 | |||||||||
| Invacare Corp., 5.000%, 02/15/21 (±) | USD | 250 | 314,526 | |||||||||
| Jazz Investments I, Ltd., 1.500%, 08/15/24 (±) | USD | 75 | 73,133 | |||||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 139 | 157,687 | |||||||||
| Knowles Corp., 3.250%, 11/01/21 (±) | USD | 76 | 78,947 | |||||||||
| Liberty Interactive LLC: | ||||||||||||
| 4.000%, 11/15/29 (±) | USD | 235 | 165,832 | |||||||||
| 3.750%, 02/15/30 (±) | USD | 185 | 126,598 | |||||||||
| Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±) | USD | 76 | 79,692 | |||||||||
| Ligand Pharmaceuticals, Inc., 0.750%, 08/15/19 (±) | USD | 15 | 32,824 | |||||||||
| Live Nation Entertainment, Inc., 2.500%, 03/15/23 (±) | USD | 150 | 151,002 | |||||||||
| Microchip Technology, Inc., 1.625%, 02/15/27 (±) | USD | 125 | 147,778 | |||||||||
| Nabors Industries, Inc., 0.750%, 01/15/24 (#), (±) | USD | 23 | 17,214 | |||||||||
| Navistar International Corp.: | ||||||||||||
| 4.500%, 10/15/18 (±) | USD | 94 | 95,081 | |||||||||
| 4.750%, 04/15/19 (±) | USD | 167 | 171,591 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||
| Nutanix, Inc., 0.000%, 01/15/23 (±) | USD | 38 | $ | 45,631 | ||||||||
| NuVasive, Inc., 2.250%, 03/15/21 (±) | USD | 106 | 116,434 | |||||||||
| ON Semiconductor Corp., 1.000%, 12/01/20 (±) | USD | 95 | 135,582 | |||||||||
| OSI Systems, Inc., 1.250%, 09/01/22 (±) | USD | 38 | 34,485 | |||||||||
| Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 | USD | 30 | 27,521 | |||||||||
| Palo Alto Networks, Inc., 0.000%, 07/01/19 (±) | USD | 84 | 138,603 | |||||||||
| PDL BioPharma, Inc., 2.750%, 12/01/21 (±) | USD | 127 | 129,283 | |||||||||
| PRA Group, Inc.: | ||||||||||||
| 3.000%, 08/01/20 (±) | USD | 210 | 202,387 | |||||||||
| 3.500%, 06/01/23 (±) | USD | 182 | 194,904 | |||||||||
| Q2 Holdings, Inc., 0.750%, 02/15/23 (±) | USD | 106 | 108,363 | |||||||||
| Quidel Corp., 3.250%, 12/15/20 (±) | USD | 36 | 62,269 | |||||||||
| Radius Health, Inc., 3.000%, 09/01/24 (±) | USD | 182 | 182,910 | |||||||||
| Redwood Trust, Inc., 4.750%, 08/15/23 (±) | USD | 64 | 62,035 | |||||||||
| RH, 0.000%, 06/15/19 (±) | USD | 94 | 97,304 | |||||||||
| RWT Holdings, Inc., 5.625%, 11/15/19 (±) | USD | 154 | 154,770 | |||||||||
| Sarepta Therapeutics, Inc., 1.500%, 11/15/24 (±) | USD | 76 | 94,712 | |||||||||
| SEACOR Holdings, Inc., 3.000%, 11/15/28 (±) | USD | 136 | 131,415 | |||||||||
| ServiceNow, Inc., 0.000%, 06/01/22 (±) | USD | 46 | 60,934 | |||||||||
| Silicon Laboratories, Inc., 1.375%, 03/01/22 (±) | USD | 19 | 21,945 | |||||||||
| Starwood Property Trust, Inc., 4.375%, 04/01/23 (±) | USD | 31 | 31,155 | |||||||||
| Team, Inc., 5.000%, 08/01/23 (±) | USD | 94 | 92,831 | |||||||||
| Teladoc, Inc., 3.000%, 12/15/22 (±) | USD | 77 | 90,985 | |||||||||
| TerraVia Holdings, Inc., 5.000%, 10/01/19 (П) | USD | 216 | 22,680 | |||||||||
| Tesla, Inc.: | ||||||||||||
| 0.250%, 03/01/19 | USD | 105 | 104,656 | |||||||||
| 2.375%, 03/15/22 (±) | USD | 76 | 79,170 | |||||||||
| The Medicines Co.: | ||||||||||||
| 2.500%, 01/15/22 (±) | USD | 114 | 131,124 | |||||||||
| 2.750%, 07/15/23 (±) | USD | 21 | 20,163 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Transocean, Inc., 0.500%, 01/30/23 (±) | USD | 77 | $ | 87,408 | ||||||||
| Trinity Industries, Inc., 3.875%, 06/01/36 (±) | USD | 76 | 103,579 | |||||||||
| Tutor Perini Corp., 2.875%, 06/15/21 (±) | USD | 135 | 142,233 | |||||||||
| Veeco Instruments, Inc., 2.700%, 01/15/23 (±) | USD | 189 | 171,555 | |||||||||
| Verint Systems, Inc., 1.500%, 06/01/21 (±) | USD | 49 | 47,702 | |||||||||
| Vishay Intertechnology, Inc.: | ||||||||||||
| 2.250%, 11/15/40 (±) | USD | 19 | 27,908 | |||||||||
| 2.250%, 05/15/41 (±) | USD | 33 | 36,960 | |||||||||
| Wayfair, Inc., 0.375%, 09/01/22 (±) | USD | 61 | 57,920 | |||||||||
| 9,969,726 | ||||||||||||
| Total Convertible Corporate Bonds (Cost $11,806,592) | 11,974,766 | |||||||||||
| Description | Shares | Fair Value | ||||||||||
| Preferred Stocks | 1.0% | ||||||||||||
| China | 0.8% | ||||||||||||
| Mandatory Exchangeable Trust (#) | 752 | 153,837 | ||||||||||
| United States | 0.2% | ||||||||||||
| Virtus Investment Partners, Inc. (±) | 304 | 32,716 | ||||||||||
| Total Preferred Stocks (Cost $184,729) | 186,553 | |||||||||||
| Exchange-Traded Funds | 5.3% | ||||||||||||
| Energy Select Sector SPDR Fund | 1,200 | 80,892 | ||||||||||
| iShares Russell 2000 ETF | 1,200 | 182,196 | ||||||||||
| PowerShares QQQ Trust Series 1 | 429 | 68,696 | ||||||||||
| SPDR S&P 500 ETF Trust (±) | 2,400 | 631,560 | ||||||||||
| SPDR S&P Retail ETF | 1,200 | 53,160 | ||||||||||
| Total Exchange-Traded
Funds (Cost $992,676) | 1,016,504 | |||||||||||
| Description | Counterparty | Notional Amount | Number of Contracts | Fair Value | ||||||||||||
| Purchased Options | 0.0% | ||||||||||||||||
| Call | ||||||||||||||||
| Navistar International Corp. 35, Expires 04/20/18 | RBS | $ | 400 | 4 | $ | 616 | ||||||||||
| Navistar International Corp. 40, Expires 04/20/18 | RBS | 300 | 3 | 15 | ||||||||||||
| ON Semiconductor Corp. 26, Expires 04/20/18 | RBS | 500 | 5 | 200 | ||||||||||||
| Description | Counterparty | Notional Amount | Number of Contracts | Fair Value | ||||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||
| Red Hat, Inc. 155, Expires 04/20/18 | RBS | $ | 200 | 2 | $ | 430 | ||||||||||
| ZIillow Group, Inc. 60, Expires 04/20/18 | RBS | 400 | 4 | 80 | ||||||||||||
| Put | ||||||||||||||||
| Teradyne, Inc. 45, Expires 04/20/18 | RBS | 400 | 4 | 440 | ||||||||||||
| Total Purchased
Options (Cost $2,393) | 1,781 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 71.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 1.51% (7 day yield) (Cost $13,517,374) | 13,517,374 | $ | 13,517,374 | |||||
| Total Investments excluding Securities Sold Short | 146.5% (Cost $27,527,167) | 27,872,128 | |||||||
| Securities Sold Short | (43.9)% | ||||||||
| Common Stocks | (34.5)% | ||||||||
| Austria | 0.0% | ||||||||
| IMMOFINANZ AG | (695 | ) | (1,810 | ) | ||||
| Bermuda | (0.3)% | ||||||||
| Golar LNG, Ltd. | (481 | ) | (13,160 | ) | ||||
| Teekay Corp. | (5,405 | ) | (43,727 | ) | ||||
| (56,887 | ) | |||||||
| Canada | (0.2)% | ||||||||
| ECN Capital Corp. | (1,495 | ) | (3,992 | ) | ||||
| Element Fleet Management Corp. | (48 | ) | (154 | ) | ||||
| First Majestic Silver Corp. (*) | (4,465 | ) | (27,281 | ) | ||||
| Teck Resources, Ltd., Class B | (639 | ) | (16,461 | ) | ||||
| (47,888 | ) | |||||||
| China | (1.4)% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | (749 | ) | (137,471 | ) | ||||
| China Lodging Group, Ltd. Sponsored ADR | (237 | ) | (31,215 | ) | ||||
| Ctrip.com International, Ltd. ADR (*) | (558 | ) | (26,014 | ) | ||||
| Vipshop Holdings, Ltd. ADR (*) | (452 | ) | (7,512 | ) | ||||
| Weibo Corp. Sponsored ADR (*) | (488 | ) | (58,336 | ) | ||||
| (260,548 | ) | |||||||
| Japan | (1.0)% | ||||||||
| ANA Holdings, Inc. | (600 | ) | (23,211 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Kyushu Electric Power Co., Inc. | (5,500 | ) | $ | (66,438 | ) | |||
| Mirait Holdings Corp. | (2,800 | ) | (44,922 | ) | ||||
| Mitsubishi Chemical Holdings Corp. | (6,700 | ) | (65,067 | ) | ||||
| (199,638 | ) | |||||||
| Mexico | (0.3)% | ||||||||
| Cemex SAB de CV Sponsored ADR (*) | (9,118 | ) | (60,361 | ) | ||||
| Monaco | (0.2)% | ||||||||
| Endeavour Mining Corp. (Canada) (*) | (1,038 | ) | (19,151 | ) | ||||
| Endeavour Mining Corp. (United States) (*) | (622 | ) | (11,383 | ) | ||||
| (30,534 | ) | |||||||
| Netherlands | (0.2)% | ||||||||
| Fugro NV (*) | (2,469 | ) | (32,703 | ) | ||||
| Russia | (0.1)% | ||||||||
| Yandex NV Class A (*) | (294 | ) | (11,598 | ) | ||||
| United States | (30.8)% | ||||||||
| AK Steel Holding Corp. (*) | (14,349 | ) | (65,001 | ) | ||||
| Alder Biopharmaceuticals, Inc. (*) | (3,146 | ) | (39,954 | ) | ||||
| Allscripts Healthcare Solutions, Inc. (*) | (3,136 | ) | (38,730 | ) | ||||
| Altra Industrial Motion Corp. | (9,379 | ) | (430,965 | ) | ||||
| American Homes 4 Rent, Class A REIT | (10,777 | ) | (216,402 | ) | ||||
| Amicus Therapeutics, Inc. (*) | (29,017 | ) | (436,416 | ) | ||||
| Apptio, Inc., Class A (*) | (1,268 | ) | (35,935 | ) | ||||
| Atlas Air Worldwide Holdings, Inc. (*) | (384 | ) | (23,213 | ) | ||||
| Bottomline Technologies de, Inc. (*) | (587 | ) | (22,746 | ) | ||||
| CalAmp Corp. (*) | (2,430 | ) | (55,598 | ) | ||||
| Carbonite, Inc. (*) | (1,774 | ) | (51,091 | ) | ||||
| Carriage Services, Inc. | (3,193 | ) | (88,318 | ) | ||||
| Chart Industries, Inc. (*) | (797 | ) | (47,047 | ) | ||||
| Chegg, Inc. (*) | (1,616 | ) | (33,387 | ) | ||||
| Cheniere Energy, Inc. (*) | (216 | ) | (11,545 | ) | ||||
| Chesapeake Energy Corp. (*) | (1,400 | ) | (4,228 | ) | ||||
| Cisco Systems, Inc. | (4,810 | ) | (206,301 | ) | ||||
| Cleveland-Cliffs, Inc. (*) | (13,151 | ) | (91,399 | ) | ||||
| Corium International, Inc. (*) | (3,144 | ) | (36,062 | ) | ||||
| Cowen, Inc. (*) | (5,130 | ) | (67,716 | ) | ||||
| CSG Systems International, Inc. | (619 | ) | (28,035 | ) | ||||
| Cypress Semiconductor Corp. | (1,681 | ) | (28,510 | ) | ||||
| DISH Network Corp., Class A (*) | (400 | ) | (15,156 | ) | ||||
| Dycom Industries, Inc. (*) | (100 | ) | (10,763 | ) | ||||
| Encore Capital Group, Inc. (*) | (3,975 | ) | (179,670 | ) | ||||
| Ensco PLC | (2,445 | ) | (10,734 | ) | ||||
| Envestnet, Inc. (*) | (325 | ) | (18,623 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Everbridge, Inc. (*) | (871 | ) | $ | (31,879 | ) | |||
| EZCORP, Inc. Class A (*) | (7,670 | ) | (101,244 | ) | ||||
| Ford Motor Co. | (469 | ) | (5,197 | ) | ||||
| Forest City Realty Trust, Inc., Class A REIT | (3,786 | ) | (76,704 | ) | ||||
| Green Plains, Inc. | (8,907 | ) | (149,638 | ) | ||||
| GSV Capital Corp. (*) | (1,135 | ) | (8,558 | ) | ||||
| HCI Group, Inc. | (461 | ) | (17,592 | ) | ||||
| Herbalife, Ltd. (*) | (2,193 | ) | (213,752 | ) | ||||
| Horizon Global Corp. (*) | (1,592 | ) | (13,118 | ) | ||||
| HubSpot, Inc. (*) | (236 | ) | (25,559 | ) | ||||
| II-VI, Inc. (*) | (200 | ) | (8,180 | ) | ||||
| Innoviva, Inc. (*) | (7,190 | ) | (119,857 | ) | ||||
| Intel Corp. | (1,941 | ) | (101,087 | ) | ||||
| Intercept Pharmaceuticals, Inc. (*) | (600 | ) | (36,912 | ) | ||||
| Invacare Corp. | (11,860 | ) | (206,364 | ) | ||||
| Invitation Homes, Inc. REIT | (14,942 | ) | (341,126 | ) | ||||
| Jazz Pharmaceuticals PLC (*) | (176 | ) | (26,574 | ) | ||||
| Kaman Corp. | (1,235 | ) | (76,718 | ) | ||||
| Knowles Corp. (*) | (2,211 | ) | (27,836 | ) | ||||
| Lennar Corp., Class A | (531 | ) | (31,297 | ) | ||||
| Lennar Corp., Class B | (11 | ) | (506 | ) | ||||
| Liberty Media Corp-Liberty Formula One (*) | (1,350 | ) | (41,648 | ) | ||||
| Ligand Pharmaceuticals, Inc. (*) | (132 | ) | (21,801 | ) | ||||
| Live Nation Entertainment, Inc. (*) | (315 | ) | (13,274 | ) | ||||
| Marriott Vacations Worldwide Corp. | (331 | ) | (44,089 | ) | ||||
| Meritor, Inc. (*) | (102 | ) | (2,097 | ) | ||||
| Microchip Technology, Inc. | (1,370 | ) | (125,163 | ) | ||||
| Molson Coors Brewing Co., Class B | (300 | ) | (22,599 | ) | ||||
| Nabors Industries, Ltd. | (201 | ) | (1,405 | ) | ||||
| Navistar International Corp. (*) | (750 | ) | (26,228 | ) | ||||
| Nutanix, Inc., Class A (*) | (584 | ) | (28,680 | ) | ||||
| NuVasive, Inc. (*) | (734 | ) | (38,322 | ) | ||||
| ON Semiconductor Corp. (*) | (4,159 | ) | (101,729 | ) | ||||
| OSI Systems, Inc. (*) | (199 | ) | (12,989 | ) | ||||
| Pacira Pharmaceuticals, Inc. (*) | (225 | ) | (6,997 | ) | ||||
| Palo Alto Networks, Inc. (*) | (726 | ) | (131,784 | ) | ||||
| Pandora Media, Inc. (*) | (500 | ) | (2,515 | ) | ||||
| PDL BioPharma, Inc. (*) | (24,186 | ) | (71,107 | ) | ||||
| PRA Group, Inc. (*) | (3,033 | ) | (115,254 | ) | ||||
| Q2 Holdings, Inc. (*) | (1,068 | ) | (48,647 | ) | ||||
| Quidel Corp. (*) | (1,230 | ) | (63,726 | ) | ||||
| Radius Health, Inc. (*) | (2,632 | ) | (94,594 | ) | ||||
| Redwood Trust, Inc. REIT | (1,114 | ) | (17,234 | ) | ||||
| RH (*) | (329 | ) | (31,347 | ) | ||||
| Sarepta Therapeutics, Inc. (*) | (833 | ) | (61,717 | ) | ||||
| SEACOR Holdings, Inc. (*) | (490 | ) | (25,039 | ) | ||||
| Description | Shares | Fair Value | ||||||
| ServiceNow, Inc. (*) | (261 | ) | $ | (43,182 | ) | |||
| Shutterfly, Inc. (*) | (179 | ) | (14,544 | ) | ||||
| Silicon Laboratories, Inc. (*) | (135 | ) | (12,136 | ) | ||||
| Starwood Property Trust, Inc. REIT | (255 | ) | (5,342 | ) | ||||
| Team, Inc. (*) | (2,946 | ) | (40,508 | ) | ||||
| Teladoc, Inc. (*) | (1,250 | ) | (50,375 | ) | ||||
| Tesla, Inc. (*) | (238 | ) | (63,339 | ) | ||||
| The Greenbrier Cos., Inc. | (600 | ) | (30,150 | ) | ||||
| The Medicines Co. (*) | (2,645 | ) | (87,126 | ) | ||||
| Transocean, Ltd. (*) | (5,536 | ) | (54,806 | ) | ||||
| Trinity Industries, Inc. | (2,863 | ) | (93,420 | ) | ||||
| Tutor Perini Corp. (*) | (1,980 | ) | (43,659 | ) | ||||
| Veeco Instruments, Inc. (*) | (2,202 | ) | (37,434 | ) | ||||
| Verint Systems, Inc. (*) | (280 | ) | (11,928 | ) | ||||
| Virtus Investment Partners, Inc. | (198 | ) | (24,512 | ) | ||||
| Vishay Intertechnology, Inc. | (2,897 | ) | (53,884 | ) | ||||
| Voya Financial, Inc. | (1,145 | ) | (57,823 | ) | ||||
| Wayfair, Inc., Class A (*) | (358 | ) | (24,176 | ) | ||||
| Workday, Inc., Class A (*) | (400 | ) | (50,844 | ) | ||||
| (5,862,416 | ) | |||||||
| Total Common Stocks (Proceeds $6,233,013) | (6,564,383 | ) | ||||||
| Exchange-Traded Funds | (9.3)% | ||||||||
| Energy Select Sector SPDR Fund | (1,200 | ) | (80,892 | ) | ||||
| iShares 7-10 Year Treasury Bond ETF | (7,977 | ) | (823,147 | ) | ||||
| iShares Russell 2000 ETF | (1,200 | ) | (182,196 | ) | ||||
| SPDR S&P 500 ETF Trust | (2,400 | ) | (631,560 | ) | ||||
| SPDR S&P Retail ETF | (1,200 | ) | (53,160 | ) | ||||
| Total Exchange-Traded Funds (Proceeds $1,757,778) | (1,770,955 | ) | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Convertible Corporate Bonds | (0.1)% | ||||||||||||
| United States | (0.1)% | ||||||||||||
| Western Digital Corp. 1.500%, 02/01/24 (Proceeds $25,982) |
USD | (23 | ) | $ | (24,876 | ) | ||||||
| Total Securities Sold Short (Proceeds $8,016,773) |
(8,360,214 | ) | ||||||||||
| Total Investments | 102.6% (Cost and short proceeds $19,510,394) (¤) |
$ | 19,511,914 | ||||||||||
| Liabilities in Excess of Cash and Other Assets | (2.6)% | (487,948 | ) | ||||||||||
| Net Assets | 100.0% | $ | 19,023,966 | ||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
Forward Currency Contracts open at March 31, 2018:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CAD | 203,000 | USD | 156,860 | SSB | 06/15/18 | $ | 921 | $ | — | |||||||||
| USD | 401,522 | CAD | 515,000 | SSB | 06/15/18 | 1,241 | — | |||||||||||
| USD | 27,391 | EUR | 22,000 | SSB | 06/15/18 | 178 | — | |||||||||||
| USD | 383,876 | JPY | 40,789,000 | SSB | 06/15/18 | — | 1,295 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 2,340 | $ | 1,295 | ||||||||||||||
Written Options open at March 31, 2018:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||
| Put | ||||||||||||||||||||||
| Navistar International Corp. 31 | RBS | 4 | $ | 31.00 | 04/20/18 | $ | 400 | $ | 278 | $ | (180 | ) | ||||||||||
| ON Semiconductor Corp. 25 | RBS | 5 | 25.00 | 04/20/18 | 500 | 351 | (625 | ) | ||||||||||||||
| Red Hat, Inc. 135 | RBS | 2 | 135.00 | 04/20/18 | 200 | 290 | (144 | ) | ||||||||||||||
| Zillow Group, Inc. 50 | RBS | 4 | 50.00 | 04/20/18 | 400 | 194 | (268 | ) | ||||||||||||||
| Total Written Options | 15 | $ | 1,113 | $ | (1,217 | ) | ||||||||||||||||
The Lazard Funds, Inc. Notes to Portfolios of Investments March 31, 2018 (unaudited)
| (*) | Non-income producing security. |
| (‡) | 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. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2018, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets | |||
| Emerging Markets Equity | 0.1 | % | ||
| Emerging Markets Equity Advantage | 0.5 | |||
| Emerging Markets Multi-Asset | 3.3 | |||
| Emerging Markets Debt | 9.2 | |||
| Explorer Total Return | 15.6 | |||
| Emerging Markets Income | 4.0 | |||
| US Corporate Income | 44.7 | |||
| US Short Duration Fixed Income | 2.3 | |||
| Global Fixed Income | 1.3 | |||
| Global Dynamic Multi-Asset | 0.5 | |||
| Enhanced Opportunities | 7.8 | |||
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2018. |
| ( ¶) | Date shown is the next perpetual call date. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2018 which may step up at a future date. |
| (П) | Issue in default. |
| (¤) | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (•) | Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (∆) | The security is owned by Lazard Real Assets and Pricing Opportunities Portfolio, Ltd., a wholly-owned subsidiary of the Portfolio. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (^) | The Investment Company Act of 1940 defines “affiliated 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 March 31, 2018 were as follows: |
| Non-Controlled Affiliates | Number of Shares Held at December 31, 2017 | Gross Additions | Gross Reductions | Number of Shares Held at March 31, 2018 | Fair Value at March 31, 2018 | Investment Income | Realized Gain (Loss) | |||||||||||||
| PPC, Ltd. | 83,815,165 | — | — | 83,815,165 | $ | 55,735,833 | $ | — | $ | — | ||||||||||
| Weichai Power Co., Ltd., Class H | 142,098,288 | — | — | 142,098,288 | 160,617,607 | — | — | |||||||||||||
| Total Affiliated Securities (Fair Value is 1.62% of Net Assets) | $ | 216,353,440 | $ | — | $ | — | ||||||||||||||
Security Abbreviations:
| ADR | - | American Depositary Receipt | 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 Reference Rate | NVDR | - | Non-Voting Depository Receipt | |
| ETF | - | Exchange-Traded Fund | PJSC | - | Public Joint Stock Company | |
| GDR | - | Global Depositary Receipt | PRIBOR | - | Prague Interbank Offered Rate | |
| JSC | - | Joint Stock Company | REIT | - | Real Estate Investment Trust | |
| LIBOR | - | London Interbank Offered Rate | WIBOR | - | Warsaw Interbank Offered Rate |
Currency Abbreviations:
| ARS | - | Argentinian Peso | KZT | - | Kazakhstan Tenge | |
| AUD | - | Australian Dollar | LKR | - | Sri Lankan Rupee | |
| BRL | - | Brazilian Real | MXN | - | Mexican New Peso | |
| CAD | - | Canadian Dollar | MYR | - | Malaysian Ringgit | |
| CHF | - | Swiss Franc | NGN | - | Nigerian Naira | |
| CLP | - | Chilean Peso | NOK | - | Norwegian Krone | |
| 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 | RUB | - | Russian Ruble | |
| EUR | - | Euro | SEK | - | Swedish Krona | |
| GBP | - | British Pound Sterling | SGD | - | Singapore Dollar | |
| GHS | - | Ghanaian Cedi | THB | - | Thai Baht | |
| HKD | - | Hong Kong Dollar | TRY | - | New Turkish Lira | |
| HUF | - | Hungarian Forint | TWD | - | Taiwan Dollar | |
| IDR | - | Indonesian Rupiah | UAH | - | Ukranian Hrynia | |
| ILS | - | Israeli Shekel | USD | - | United States Dollar | |
| INR | - | Indian Rupee | UYU | - | Uruguayan Peso | |
| JPY | - | Japanese Yen | ZAR | - | South African Rand | |
| KRW | - | South Korean Won |
Counterparty Abbreviations:
| BNP | - | BNP Paribas SA | JPMS | - | JPMorgan 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 | 1.2 | % | 1.4 | % | 4.9 | % | |||||||
| Air Freight & Logistics | 0.9 | 0.8 | — | ||||||||||
| Airlines | 1.6 | 1.4 | — | ||||||||||
| Auto Components | 4.0 | 4.3 | 7.0 | ||||||||||
| Automobiles | 1.3 | — | — | ||||||||||
| Banks | 8.7 | 8.2 | 12.1 | ||||||||||
| Beverages | 3.9 | 3.4 | 4.0 | ||||||||||
| Biotechnology | 2.2 | 2.5 | 2.7 | ||||||||||
| Building Products | 3.0 | 2.1 | — | ||||||||||
| Capital Markets | 1.3 | — | — | ||||||||||
| Chemicals | 2.7 | — | — | ||||||||||
| Construction & Engineering | 2.0 | 1.9 | — | ||||||||||
| Containers & Packaging | — | — | 2.5 | ||||||||||
| Diversified Telecommunication Services | 3.1 | 2.5 | — | ||||||||||
| Electric Utilities | 1.4 | 1.2 | — | ||||||||||
| Electrical Equipment | — | 1.0 | — | ||||||||||
| Energy Equipment & Services | 0.7 | — | — | ||||||||||
| Health Care Equipment & Supplies | 2.0 | 2.1 | 4.3 | ||||||||||
| Health Care Providers & Services | 0.9 | 0.9 | — | ||||||||||
| Hotels, Restaurants & Leisure | 1.7 | 1.8 | 3.9 | ||||||||||
| Household Durables | 1.0 | 0.9 | — | ||||||||||
| Industrial Conglomerates | — | 0.8 | — | ||||||||||
| Insurance | 7.1 | 10.3 | 7.6 | ||||||||||
| Internet Software & Services | — | 4.9 | 5.9 | ||||||||||
| IT Services | 2.8 | 3.5 | 3.6 | ||||||||||
| Leisure Products | 1.2 | — | 3.6 | ||||||||||
| Machinery | 2.1 | 2.2 | 2.1 | ||||||||||
| Marine | 0.7 | — | — | ||||||||||
| Media | 1.2 | — | — | ||||||||||
| Metals & Mining | 2.4 | 1.8 | 2.9 | ||||||||||
| Multiline Retail | 3.0 | 2.1 | — | ||||||||||
| Oil, Gas & Consumable Fuels | 6.8 | 5.2 | 4.6 | ||||||||||
| Personal Products | 3.2 | 3.1 | — | ||||||||||
| Pharmaceuticals | 3.0 | 2.1 | — | ||||||||||
| Professional Services | 2.2 | 2.1 | 5.5 | ||||||||||
| Real Estate Management & Development | 2.6 | 2.4 | — | ||||||||||
| Road & Rail | 0.9 | 0.9 | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 1.6 | 3.4 | 4.5 | ||||||||||
| Software | 3.7 | 3.5 | 7.8 | ||||||||||
| Specialty Retail | 0.7 | 0.9 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | — | 1.5 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | — | 0.8 | — | ||||||||||
| Tobacco | 2.4 | 2.1 | 3.6 | ||||||||||
| Trading Companies & Distributors | 3.1 | 2.6 | — | ||||||||||
| Water Utilities | — | 0.8 | 2.2 | ||||||||||
| Wireless Telecommunication Services | 2.2 | 2.3 | 3.1 | ||||||||||
| Subtotal | 96.5 | 95.7 | 98.4 | ||||||||||
| Short-Term Investments | 3.3 | 3.7 | 1.2 | ||||||||||
| Total Investments | 99.8 | % | 99.4 | % | 99.6 | % | |||||||
| † | 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:
| Lazard International Strategic Equity Portfolio | Lazard International Equity Advantage Portfolio | Lazard International Small Cap Equity Portfolio |
|||||||||||
| Industry† | |||||||||||||
| Aerospace & Defense | 4.2 | % | 0.5 | % | — | % | |||||||
| Airlines | — | 2.8 | — | ||||||||||
| Auto Components | 1.2 | 2.4 | 1.2 | ||||||||||
| Automobiles | — | 2.3 | — | ||||||||||
| Banks | 8.7 | 10.9 | 1.1 | ||||||||||
| Beverages | 6.5 | 0.4 | 1.1 | ||||||||||
| Biotechnology | 2.5 | 2.4 | — | ||||||||||
| Building Products | 3.1 | 1.6 | 3.2 | ||||||||||
| Capital Markets | 3.6 | 2.2 | 4.4 | ||||||||||
| Chemicals | — | 4.1 | 0.8 | ||||||||||
| Commercial Services & Suppliers | — | — | 1.8 | ||||||||||
| Construction & Engineering | — | 1.8 | — | ||||||||||
| Consumer Finance | 1.6 | — | 1.1 | ||||||||||
| Containers & Packaging | — | 0.2 | 2.6 | ||||||||||
| Diversified Financial Services | 0.8 | 1.3 | 4.1 | ||||||||||
| Diversified Telecommunication Services | — | 1.0 | 3.0 | ||||||||||
| Electric Utilities | — | 2.2 | — | ||||||||||
| Electrical Equipment | — | 0.5 | 1.0 | ||||||||||
| Electronic Equipment, Instruments & Components | 1.4 | 2.1 | 4.9 | ||||||||||
| Energy Equipment & Services | — | — | 1.7 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | 0.3 | 2.2 | ||||||||||
| Food & Staples Retailing | — | 1.2 | — | ||||||||||
| Food Products | 1.0 | 4.0 | 0.9 | ||||||||||
| Gas Utilities | — | 0.3 | — | ||||||||||
| Health Care Equipment & Supplies | 1.0 | 0.4 | — | ||||||||||
| Health Care Providers & Services | 1.1 | 0.1 | 1.2 | ||||||||||
| Health Care Technology | — | — | 1.3 | ||||||||||
| Hotels, Restaurants & Leisure | 1.6 | 2.8 | 2.8 | ||||||||||
| Household Durables | — | 3.6 | 2.6 | ||||||||||
| Industrial Conglomerates | — | 1.2 | — | ||||||||||
| Insurance | 9.8 | 7.0 | 1.6 | ||||||||||
| Internet & Catalog Retail | — | 0.3 | — | ||||||||||
| Internet Software & Services | 2.6 | 0.2 | 5.7 | ||||||||||
| IT Services | 3.1 | 1.1 | 1.3 | ||||||||||
| Leisure Products | 2.1 | — | — | ||||||||||
| Life Sciences Tools & Services | — | 0.2 | 1.3 | ||||||||||
| Machinery | 4.7 | 2.1 | 10.3 | ||||||||||
| Marine | — | — | 0.8 | ||||||||||
| Media | 7.1 | 0.2 | 5.3 | ||||||||||
| Metals & Mining | 1.0 | 2.1 | 1.2 | ||||||||||
| Multiline Retail | 3.6 | — | 0.9 | ||||||||||
| Multi-Utilities | — | 0.7 | — | ||||||||||
| Oil, Gas & Consumable Fuels | 5.0 | 7.3 | 0.8 | ||||||||||
| Paper & Forest Products | — | 0.1 | — | ||||||||||
| Personal Products | 1.6 | 3.2 | — | ||||||||||
| Pharmaceuticals | — | 6.8 | — | ||||||||||
| Professional Services | 2.2 | 1.8 | 4.2 | ||||||||||
| Real Estate Management & Development | 2.7 | 4.5 | 8.8 | ||||||||||
| Road & Rail | — | 0.4 | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 2.7 | 2.1 | 0.8 | ||||||||||
| Software | 3.5 | 0.8 | 3.0 | ||||||||||
| Specialty Retail | — | 0.7 | 2.1 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | 1.3 | 0.6 | ||||||||||
| Textiles, Apparel & Luxury Goods | — | — | 3.9 | ||||||||||
| Thrifts & Mortgage Finance | 1.2 | — | — | ||||||||||
| Tobacco | 3.2 | 0.6 | — | ||||||||||
| Trading Companies & Distributors | 1.5 | 1.1 | 1.7 | ||||||||||
| Wireless Telecommunication Services | — | 3.5 | — | ||||||||||
| Subtotal | 95.9 | 100.7 | 97.3 | ||||||||||
| Short-Term Investments | 4.3 | 2.1 | 2.9 | ||||||||||
| Total Investments | 100.2 | % | 102.8 | % | 100.2 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| 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 | — | % | 2.0 | % | 2.4 | % | 2.9 | % | — | % | — | % | ||||||||||||
| Airlines | — | — | — | 2.0 | — | 1.1 | ||||||||||||||||||
| Auto Components | — | 1.3 | — | 0.2 | 1.5 | 0.9 | ||||||||||||||||||
| Automobiles | — | — | — | 0.3 | 3.2 | 3.3 | ||||||||||||||||||
| Banks | — | 7.2 | 8.5 | 3.3 | 26.2 | 20.3 | ||||||||||||||||||
| Beverages | — | 7.1 | 6.5 | 1.4 | 1.7 | 0.8 | ||||||||||||||||||
| Biotechnology | — | 3.2 | 3.3 | 1.6 | — | — | ||||||||||||||||||
| Building Products | — | 1.8 | — | 0.3 | — | — | ||||||||||||||||||
| Capital Markets | — | 5.6 | 6.5 | 3.6 | — | — | ||||||||||||||||||
| Chemicals | 3.9 | 1.0 | — | 1.6 | — | 4.1 | ||||||||||||||||||
| Commercial Services & Suppliers | 9.6 | — | — | 2.0 | — | — | ||||||||||||||||||
| Communications Equipment | 4.2 | 2.3 | 1.1 | 0.6 | — | — | ||||||||||||||||||
| Construction & Engineering | — | — | — | 0.3 | — | — | ||||||||||||||||||
| Construction Materials | — | — | — | — | 1.8 | 1.7 | ||||||||||||||||||
| Consumer Finance | — | — | — | 0.3 | — | — | ||||||||||||||||||
| Containers & Packaging | — | 0.8 | — | 1.6 | — | — | ||||||||||||||||||
| Distributors | — | — | — | — | 1.3 | — | ||||||||||||||||||
| Diversified Consumer Services | 4.6 | — | — | — | — | 1.3 | ||||||||||||||||||
| Diversified Financial Services | — | — | — | 0.1 | — | 1.8 | ||||||||||||||||||
| Diversified Telecommunication Services | — | — | — | 2.9 | 2.1 | 1.9 | ||||||||||||||||||
| Electric Utilities | 12.6 | — | — | 2.7 | — | — | ||||||||||||||||||
| Electrical Equipment | — | 2.1 | 0.8 | 0.6 | — | — | ||||||||||||||||||
| Electronic Equipment, Instruments & Components | — | 1.3 | — | 1.6 | 1.6 | 2.3 | ||||||||||||||||||
| Energy Equipment & Services | — | 1.3 | 1.1 | — | — | 0.7 | ||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | 2.6 | — | — | ||||||||||||||||||
| Food & Staples Retailing | — | — | — | 3.7 | 2.4 | — | ||||||||||||||||||
| Food Products | — | 1.1 | — | 2.4 | — | 0.8 | ||||||||||||||||||
| Gas Utilities | — | — | — | 0.2 | 1.0 | — | ||||||||||||||||||
| Health Care Equipment & Supplies | 4.3 | — | 2.2 | — | — | — | ||||||||||||||||||
| Health Care Providers & Services | 8.1 | — | — | 3.3 | 0.8 | — | ||||||||||||||||||
| Health Care Technology | — | — | — | 0.2 | — | — | ||||||||||||||||||
| Hotels, Restaurants & Leisure | 6.0 | 1.9 | 2.2 | 5.8 | — | — | ||||||||||||||||||
| Household Durables | — | — | 1.5 | 1.2 | 1.2 | 2.1 | ||||||||||||||||||
| Household Products | — | — | — | 1.5 | 0.7 | — | ||||||||||||||||||
| Independent Power and Renewable Electricity Producers | — | — | — | — | — | 0.6 | ||||||||||||||||||
| Industrial Conglomerates | — | 1.7 | 0.9 | 1.7 | 2.2 | 1.5 | ||||||||||||||||||
| Insurance | — | 7.7 | 8.8 | 4.5 | 3.6 | 3.9 | ||||||||||||||||||
| Internet & Catalog Retail | — | — | 0.9 | — | — | 1.2 | ||||||||||||||||||
| Internet Software & Services | 1.8 | 5.9 | 7.2 | 0.3 | 3.7 | 12.7 | ||||||||||||||||||
| IT Services | 2.0 | 7.2 | 7.6 | 4.5 | 6.2 | — | ||||||||||||||||||
| Leisure Products | — | 1.0 | — | — | — | — | ||||||||||||||||||
| Life Sciences Tools & Services | — | 3.5 | 1.7 | 0.7 | — | 0.4 | ||||||||||||||||||
| Machinery | — | 1.7 | 2.4 | 1.2 | 1.2 | — | ||||||||||||||||||
| Media | 8.6 | — | 6.8 | 3.0 | — | 1.9 | ||||||||||||||||||
| Metals & Mining | — | 0.8 | 0.9 | 2.4 | 2.1 | 4.2 | ||||||||||||||||||
| Multiline Retail | — | 1.5 | 1.4 | 0.2 | 0.7 | — | ||||||||||||||||||
| Multi-Utilities | 3.2 | — | — | 2.0 | — | — | ||||||||||||||||||
| Oil, Gas & Consumable Fuels | — | — | 1.6 | 5.2 | 7.8 | 6.2 | ||||||||||||||||||
| Paper & Forest Products | — | — | — | 0.6 | — | 1.1 | ||||||||||||||||||
| Personal Products | — | 3.2 | — | 1.5 | 0.7 | 1.1 | ||||||||||||||||||
| Pharmaceuticals | — | 3.6 | 1.7 | 3.7 | — | — | ||||||||||||||||||
| Professional Services | 3.3 | 4.8 | 1.0 | 0.3 | — | — | ||||||||||||||||||
| Real Estate Management & Development | — | 1.4 | 2.0 | 4.5 | — | 0.4 | ||||||||||||||||||
| Road & Rail | — | 1.4 | 1.2 | 1.4 | 0.3 | 1.0 | ||||||||||||||||||
| Semiconductors & Semiconductor Equipment | 3.9 | 1.8 | 2.8 | 2.3 | 6.8 | 8.5 | ||||||||||||||||||
| Software | 6.7 | 3.5 | 9.1 | 1.3 | — | 0.9 | ||||||||||||||||||
| Specialty Retail | — | 1.9 | — | 2.9 | 1.0 | — | ||||||||||||||||||
| Technology Hardware, Storage & Peripherals | — | 1.8 | — | — | 4.2 | 5.8 | ||||||||||||||||||
| Textiles, Apparel & Luxury Goods | 2.1 | — | 1.5 | 1.1 | — | — | ||||||||||||||||||
| Thrifts & Mortgage Finance | — | 0.6 | — | — | — | — | ||||||||||||||||||
| Tobacco | — | 0.8 | 2.2 | — | 1.0 | 0.4 | ||||||||||||||||||
| Trading Companies & Distributors | — | 1.3 | 1.5 | 1.0 | — | 0.8 | ||||||||||||||||||
| Transportation Infrastructure | 3.7 | — | — | 0.4 | 1.1 | 1.2 | ||||||||||||||||||
| Water Utilities | 5.4 | — | — | — | 0.6 | — | ||||||||||||||||||
| Wireless Telecommunication Services | — | — | — | 0.7 | 8.6 | 0.9 | ||||||||||||||||||
| Subtotal | 94.0 | 97.1 | 99.3 | 98.2 | 97.3 | 97.8 | ||||||||||||||||||
| Short-Term Investments | 5.5 | 2.6 | 2.8 | 2.1 | 2.5 | 2.3 | ||||||||||||||||||
| Total Investments | 99.5 | % | 99.7 | % | 102.1 | % | 100.3 | % | 99.8 | % | 100.1 | % |
| † | 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:
| Lazard Developing Markets Equity Portfolio | Lazard Emerging Markets Equity Advantage Portfolio | |||||||
| Industry† | ||||||||
| Aerospace & Defense | 1.4 | % | — | % | ||||
| Air Freight & Logistics | 0.6 | — | ||||||
| Airlines | — | 1.1 | ||||||
| Auto Components | 0.1 | 0.2 | ||||||
| Automobiles | 0.9 | 2.0 | ||||||
| Banks | 24.1 | 17.3 | ||||||
| Beverages | — | 0.3 | ||||||
| Biotechnology | — | 0.4 | ||||||
| Building Products | — | 0.4 | ||||||
| Capital Markets | — | 1.5 | ||||||
| Chemicals | — | 2.8 | ||||||
| Construction & Engineering | 2.0 | 0.3 | ||||||
| Construction Materials | 2.0 | 0.3 | ||||||
| Consumer Finance | 2.3 | 0.2 | ||||||
| Diversified Consumer Services | — | 0.2 | ||||||
| Diversified Financial Services | — | 1.2 | ||||||
| Diversified Telecommunication Services | — | 1.5 | ||||||
| Electric Utilities | — | 1.4 | ||||||
| Electrical Equipment | 1.0 | 0.5 | ||||||
| Electronic Equipment, Instruments & Components | 2.2 | 2.4 | ||||||
| Energy Equipment & Services | 0.8 | — | ||||||
| Food & Staples Retailing | 1.2 | 2.3 | ||||||
| Food Products | 0.3 | 2.3 | ||||||
| Gas Utilities | 1.7 | 0.5 | ||||||
| Health Care Equipment & Supplies | — | 0.8 | ||||||
| Health Care Providers & Services | — | 0.2 | ||||||
| Hotels, Restaurants & Leisure | 0.8 | 0.6 | ||||||
| Household Durables | 2.6 | 1.0 | ||||||
| Household Products | — | 0.2 | ||||||
| Industrial Conglomerates | — | 0.9 | ||||||
| Insurance | 2.2 | 3.3 | ||||||
| Internet & Catalog Retail | 0.7 | 0.5 | ||||||
| Internet Software & Services | 12.7 | 10.3 | ||||||
| IT Services | — | 3.2 | ||||||
| Machinery | 4.3 | 1.0 | ||||||
| Media | 0.3 | 1.9 | ||||||
| Metals & Mining | 3.0 | 3.0 | ||||||
| Multiline Retail | — | 0.4 | ||||||
| Oil, Gas & Consumable Fuels | 8.5 | 8.5 | ||||||
| Paper & Forest Products | — | 1.0 | ||||||
| Personal Products | — | 0.8 | ||||||
| Pharmaceuticals | 2.0 | 2.1 | ||||||
| Real Estate Management & Development | — | 3.4 | ||||||
| Semiconductors & Semiconductor Equipment | 7.4 | 6.0 | ||||||
| Software | 3.6 | 0.2 | ||||||
| Specialty Retail | 1.7 | 1.3 | ||||||
| Technology Hardware, Storage & Peripherals | 4.1 | 5.5 | ||||||
| Textiles, Apparel & Luxury Goods | 1.4 | 0.7 | ||||||
| Tobacco | — | 0.5 | ||||||
| Transportation Infrastructure | — | 0.6 | ||||||
| Water Utilities | 0.6 | 0.4 | ||||||
| Wireless Telecommunication Services | 0.8 | 2.8 | ||||||
| Subtotal | 97.3 | 100.2 | ||||||
| Short-Term Investments | 2.9 | 1.5 | ||||||
| Total Investments | 100.2 | % | 101.7 | % |
| † | 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:
| Lazard Emerging Markets Equity Blend Portfolio | ||||
| Industry† | ||||
| Air Freight & Logistics | 0.7 | % | ||
| Auto Components | 1.5 | |||
| Automobiles | 1.2 | |||
| Banks | 22.5 | |||
| Beverages | 0.8 | |||
| Capital Markets | 0.5 | |||
| Chemicals | 1.3 | |||
| Commercial Services & Suppliers | 0.4 | |||
| Construction & Engineering | 1.5 | |||
| Construction Materials | 1.7 | |||
| Consumer Finance | 0.1 | |||
| Containers & Packaging | 0.1 | |||
| Diversified Consumer Services | 0.7 | |||
| Diversified Telecommunication Services | 0.7 | |||
| Electronic Equipment, Instruments & Components | 2.1 | |||
| Food & Staples Retailing | 1.1 | |||
| Food Products | 0.3 | |||
| Gas Utilities | 1.1 | |||
| Health Care Equipment & Supplies | 0.3 | |||
| Hotels, Restaurants & Leisure | 1.3 | |||
| Household Durables | 2.1 | |||
| Household Products | 0.5 | |||
| Industrial Conglomerates | 0.8 | |||
| Insurance | 2.1 | |||
| Internet Software & Services | 8.3 | |||
| IT Services | 2.7 | |||
| Machinery | 1.4 | |||
| Media | 0.9 | |||
| Metals & Mining | 2.2 | |||
| Oil, Gas & Consumable Fuels | 7.9 | |||
| Pharmaceuticals | 1.6 | |||
| Real Estate Management & Development | 0.2 | |||
| Road & Rail | 1.2 | |||
| Semiconductors & Semiconductor Equipment | 7.8 | |||
| Software | 2.8 | |||
| Specialty Retail | 1.7 | |||
| Technology Hardware, Storage & Peripherals | 5.0 | |||
| Textiles, Apparel & Luxury Goods | 0.7 | |||
| Thrifts & Mortgage Finance | 0.5 | |||
| Tobacco | 0.3 | |||
| Trading Companies & Distributors | 0.7 | |||
| Transportation Infrastructure | 0.6 | |||
| Water Utilities | 1.7 | |||
| Wireless Telecommunication Services | 3.3 | |||
| Subtotal | 96.9 | |||
| Short-Term Investments | 4.0 | |||
| Total Investments | 100.9 | % | ||
| † | 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:
| Lazard Emerging Markets Multi-Asset Portfolio | Lazard Emerging Markets Debt Portfolio | |||||||
| Industry† | ||||||||
| Air Freight & Logistics | 0.5 | % | — | % | ||||
| Auto Components | 1.0 | — | ||||||
| Automobiles | 0.8 | — | ||||||
| Banks | 16.6 | 2.8 | ||||||
| Beverages | 0.6 | — | ||||||
| Capital Markets | 0.4 | — | ||||||
| Chemicals | 0.9 | — | ||||||
| Commercial Services & Suppliers | 0.2 | — | ||||||
| Communications Equipment | 0.3 | 0.1 | ||||||
| Construction & Engineering | 1.1 | — | ||||||
| Construction Materials | 1.2 | — | ||||||
| Consumer Finance | 0.1 | — | ||||||
| Containers & Packaging | 0.1 | — | ||||||
| Diversified Consumer Services | 0.4 | — | ||||||
| Diversified Financial Services | 0.6 | 1.7 | ||||||
| Diversified Telecommunication Services | 0.5 | 0.4 | ||||||
| Electric Utilities | 0.3 | 1.9 | ||||||
| Electronic Equipment, Instruments & Components | 1.4 | — | ||||||
| Energy Equipment & Services | — | 0.1 | ||||||
| Food & Staples Retailing | 0.9 | — | ||||||
| Food Products | 0.2 | — | ||||||
| Gas Utilities | 0.8 | — | ||||||
| Health Care Equipment & Supplies | 0.3 | — | ||||||
| Hotels, Restaurants & Leisure | 0.8 | — | ||||||
| Household Durables | 1.4 | — | ||||||
| Household Products | 0.4 | — | ||||||
| Independent Power and Renewable Electricity Producers | 0.2 | 0.7 | ||||||
| Industrial Conglomerates | 0.5 | — | ||||||
| Insurance | 1.5 | — | ||||||
| Internet Software & Services | 5.8 | — | ||||||
| IT Services | 1.9 | — | ||||||
| Machinery | 0.8 | — | ||||||
| Media | 0.5 | 0.2 | ||||||
| Metals & Mining | 1.8 | 0.8 | ||||||
| Oil, Gas & Consumable Fuels | 6.2 | 1.7 | ||||||
| Pharmaceuticals | 1.1 | — | ||||||
| Real Estate Management & Development | 0.1 | — | ||||||
| Road & Rail | 0.9 | — | ||||||
| Semiconductors & Semiconductor Equipment | 5.3 | — | ||||||
| Software | 1.9 | — | ||||||
| Specialty Retail | 1.2 | — | ||||||
| Technology Hardware, Storage & Peripherals | 3.5 | — | ||||||
| Textiles, Apparel & Luxury Goods | 0.4 | — | ||||||
| Thrifts & Mortgage Finance | 0.3 | 0.1 | ||||||
| Tobacco | 0.2 | — | ||||||
| Trading Companies & Distributors | 0.4 | — | ||||||
| Transportation Infrastructure | 0.4 | — | ||||||
| Water Utilities | 1.1 | — | ||||||
| Wireless Telecommunication Services | 2.6 | 0.4 | ||||||
| Subtotal | 70.4 | 10.9 | ||||||
| Foreign Government Obligations | 16.7 | 85.7 | ||||||
| Supranational Bonds | 0.1 | — | ||||||
| US Treasury Securities | 3.7 | — | ||||||
| Purchased Options | 0.1 | — | ||||||
| Short-Term Investments | 7.8 | 1.2 | ||||||
| Total Investments | 98.8 | % | 97.8 | % |
| † | 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:
| Lazard Explorer Total Return Portfolio | ||||
| Industry† | ||||
| Banks | 3.6 | % | ||
| Capital Markets | 0.2 | |||
| Chemicals | 0.3 | |||
| Communications Equipment | 0.8 | |||
| Diversified Financial Services | 2.3 | |||
| Diversified Telecommunication Services | 0.7 | |||
| Electric Utilities | 2.6 | |||
| Energy Equipment & Services | 0.2 | |||
| Food & Staples Retailing | 0.3 | |||
| Independent Power and Renewable Electricity Producers | 0.7 | |||
| Media | 0.7 | |||
| Metals & Mining | 1.2 | |||
| Multiline Retail | 0.4 | |||
| Oil, Gas & Consumable Fuels | 2.9 | |||
| Road & Rail | 0.3 | |||
| Water Utilities | 0.2 | |||
| Wireless Telecommunication Services | 1.6 | |||
| Subtotal | 19.0 | |||
| Foreign Government Obligations | 57.3 | |||
| US Treasury Securities | 12.1 | |||
| Purchased Options | 0.3 | |||
| Short-Term Investments | 14.6 | |||
| Total Investments | 103.3 | % | ||
| † | 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:
| Lazard Global Fixed Income Portfolio | Lazard Global Realty Equity Portfolio | |||||||
| Industry† | ||||||||
| Air Freight & Logistics | 0.6 | % | — | % | ||||
| Automobiles | 1.8 | — | ||||||
| Banks | 5.7 | — | ||||||
| Beverages | 2.0 | — | ||||||
| Capital Markets | 2.8 | — | ||||||
| Consumer Finance | 0.6 | — | ||||||
| Containers & Packaging | 0.5 | — | ||||||
| Diversified Financial Services | 0.3 | — | ||||||
| Diversified Telecommunication Services | 1.9 | — | ||||||
| Equity Real Estate Investment Trusts (REITs) | — | 60.2 | ||||||
| Food Products | 1.0 | — | ||||||
| Health Care Providers & Services | 1.9 | — | ||||||
| Hotels, Restaurants & Leisure | 0.6 | 1.5 | ||||||
| Household Durables | — | 1.1 | ||||||
| Internet & Catalog Retail | 1.4 | — | ||||||
| Internet Software & Services | 0.7 | — | ||||||
| Machinery | 2.0 | — | ||||||
| Media | 0.9 | — | ||||||
| Pharmaceuticals | 1.1 | — | ||||||
| Real Estate Management & Development | — | 36.2 | ||||||
| Software | 1.6 | — | ||||||
| Specialty Retail | 1.3 | — | ||||||
| Technology Hardware, Storage & Peripherals | 1.6 | — | ||||||
| Textiles, Apparel & Luxury Goods | 1.1 | — | ||||||
| Trading Companies & Distributors | 0.5 | — | ||||||
| Subtotal | 31.9 | 99.0 | ||||||
| Foreign Government Obligations | 45.1 | — | ||||||
| Supranational Bonds | 8.8 | — | ||||||
| US Municipal Bonds | 3.2 | — | ||||||
| US Treasury Securities | 10.6 | — | ||||||
| Short-Term Investments | 0.3 | 1.6 | ||||||
| Total Investments | 99.9 | % | 100.6 | % | ||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Lazard Global Listed Infrastructure Portfolio | Lazard Real Assets and Pricing Opportunities Portfolio | |||||||
| Industry† | ||||||||
| Aerospace & Defense | — | % | 1.6 | % | ||||
| Airlines | — | 0.7 | ||||||
| Auto Components | — | 0.4 | ||||||
| Automobiles | — | 0.2 | ||||||
| Banks | — | 2.1 | ||||||
| Biotechnology | — | 0.3 | ||||||
| Building Products | — | 0.2 | ||||||
| Capital Markets | — | 1.1 | ||||||
| Chemicals | — | 1.1 | ||||||
| Commercial Services & Suppliers | — | 0.3 | ||||||
| Communications Equipment | — | 0.7 | ||||||
| Construction & Engineering | 4.1 | 0.6 | ||||||
| Construction Materials | — | 0.4 | ||||||
| Distributors | — | 0.1 | ||||||
| Diversified Telecommunication Services | — | 0.8 | ||||||
| Electric Utilities | 25.0 | 3.9 | ||||||
| Electrical Equipment | — | 0.1 | ||||||
| Electronic Equipment, Instruments & Components | — | 0.2 | ||||||
| Energy Equipment & Services | — | 0.5 | ||||||
| Equity Real Estate Investment Trusts (REITs) | — | 11.3 | ||||||
| Food & Staples Retailing | — | 1.9 | ||||||
| Food Products | — | 0.8 | ||||||
| Gas Utilities | 3.1 | 0.5 | ||||||
| Health Care Providers & Services | — | 0.4 | ||||||
| Hotels, Restaurants & Leisure | — | 1.5 | ||||||
| Household Durables | — | 0.1 | ||||||
| Household Products | — | 0.4 | ||||||
| Independent Power and Renewable Electricity Producers | — | 0.4 | ||||||
| Industrial Conglomerates | — | 0.7 | ||||||
| Insurance | — | 1.6 | ||||||
| IT Services | — | 1.1 | ||||||
| Leisure Products | — | 0.3 | ||||||
| Life Sciences Tools & Services | — | 0.8 | ||||||
| Machinery | — | 0.2 | ||||||
| Media | 7.3 | 1.5 | ||||||
| Metals & Mining | — | 0.6 | ||||||
| Multiline Retail | — | 0.4 | ||||||
| Multi-Utilities | 10.4 | 1.9 | ||||||
| Oil, Gas & Consumable Fuels | 5.3 | 1.9 | ||||||
| Personal Products | — | 0.2 | ||||||
| Pharmaceuticals | — | 0.9 | ||||||
| Professional Services | — | 0.1 | ||||||
| Real Estate Management & Development | — | 6.4 | ||||||
| Road & Rail | 7.7 | 2.1 | ||||||
| Semiconductors & Semiconductor Equipment | — | 0.7 | ||||||
| Specialty Retail | — | 0.3 | ||||||
| Technology Hardware, Storage & Peripherals | — | 0.2 | ||||||
| Tobacco | — | 0.2 | ||||||
| Trading Companies & Distributors | — | 0.2 | ||||||
| Transportation Infrastructure | 21.7 | 3.2 | ||||||
| Water Utilities | 9.9 | 1.6 | ||||||
| Wireless Telecommunication Services | — | 0.1 | ||||||
| Subtotal | 94.5 | 59.8 | ||||||
| Foreign Government Obligations | — | 9.5 | ||||||
| US Treasury Securities | — | 14.6 | ||||||
| Short-Term Investments | 4.9 | 13.5 | ||||||
| Total Investments | 99.4 | % | 97.4 | % |
| † | 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:
| Lazard Global Dynamic Multi-Asset Portfolio | ||||
| Industry† | ||||
| Aerospace & Defense | 2.8 | % | ||
| Air Freight & Logistics | 0.1 | |||
| Airlines | 0.9 | |||
| Auto Components | 0.8 | |||
| Automobiles | 0.5 | |||
| Banks | 6.5 | |||
| Beverages | 2.7 | |||
| Biotechnology | 2.1 | |||
| Building Products | 0.5 | |||
| Capital Markets | 3.2 | |||
| Chemicals | 1.4 | |||
| Commercial Services & Suppliers | 0.5 | |||
| Communications Equipment | 0.9 | |||
| Construction & Engineering | 0.1 | |||
| Consumer Finance | 0.8 | |||
| Containers & Packaging | 0.6 | |||
| Diversified Financial Services | 0.3 | |||
| Diversified Telecommunication Services | 1.7 | |||
| Electric Utilities | 1.5 | |||
| Electrical Equipment | 0.8 | |||
| Electronic Equipment, Instruments & Components | 1.2 | |||
| Energy Equipment & Services | 0.3 | |||
| Equity Real Estate Investment Trusts (REITs) | 1.4 | |||
| Food & Staples Retailing | 1.3 | |||
| Food Products | 0.9 | |||
| Gas Utilities | 0.3 | |||
| Health Care Equipment & Supplies | 0.2 | |||
| Health Care Providers & Services | 2.6 | |||
| Hotels, Restaurants & Leisure | 2.7 | |||
| Household Durables | 1.2 | |||
| Household Products | 0.4 | |||
| Independent Power and Renewable Electricity Producers | 0.1 | |||
| Industrial Conglomerates | 1.5 | |||
| Insurance | 3.5 | |||
| Internet & Catalog Retail | 0.8 | |||
| Internet Software & Services | 1.6 | |||
| IT Services | 4.2 | |||
| Leisure Products | 0.2 | |||
| Life Sciences Tools & Services | 0.9 | |||
| Machinery | 1.4 | |||
| Media | 1.8 | |||
| Metals & Mining | 1.1 | |||
| Multiline Retail | 0.4 | |||
| Multi-Utilities | 0.6 | |||
| Oil, Gas & Consumable Fuels | 3.9 | |||
| Paper & Forest Products | 0.2 | |||
| Personal Products | 1.2 | |||
| Pharmaceuticals | 3.5 | |||
| Professional Services | 0.9 | |||
| Real Estate Management & Development | 1.8 | |||
| Road & Rail | 0.8 | |||
| Semiconductors & Semiconductor Equipment | 2.0 | |||
| Software | 2.4 | |||
| Specialty Retail | 2.4 | |||
| Technology Hardware, Storage & Peripherals | 1.4 | |||
| Textiles, Apparel & Luxury Goods | 0.5 | |||
| Thrifts & Mortgage Finance | 0.2 | |||
| Tobacco | 0.4 | |||
| Trading Companies & Distributors | 0.7 | |||
| Transportation Infrastructure | 0.1 | |||
| Wireless Telecommunication Services | 0.8 | |||
| Subtotal | 82.5 | |||
| Foreign Government Obligations | 10.6 | |||
| Supranational Bonds | 1.4 | |||
| US Municipal Bonds | 0.5 | |||
| US Government Securities | 0.3 | |||
| US Treasury Securities | 2.7 | |||
| Short-Term Investments | 1.3 | |||
| Total Investments | 99.3 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country (concluded):
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Industry† | Long | Short | ||||||
| Air Freight & Logistics | 0.1 | % | -0.1 | % | ||||
| Airlines | 0.5 | -0.1 | ||||||
| Auto Components | 0.3 | -0.1 | ||||||
| Automobiles | 1.0 | -0.4 | ||||||
| Banks | 1.2 | — | ||||||
| Beverages | 0.1 | -0.1 | ||||||
| Biotechnology | 5.5 | -4.0 | ||||||
| Capital Markets | 1.0 | -0.5 | ||||||
| Chemicals | 1.2 | -0.3 | ||||||
| Commercial Services & Supplies | 0.5 | -0.2 | ||||||
| Communications Equipment | 2.5 | -2.1 | ||||||
| Construction & Engineering | 1.1 | -0.5 | ||||||
| Construction Materials | 0.8 | -0.3 | ||||||
| Consumer Finance | 5.7 | -2.1 | ||||||
| Diversified Consumer Services | 1.3 | -0.6 | ||||||
| Diversified Financial Services | 2.6 | -0.3 | ||||||
| Electric Utilities | 1.0 | -0.4 | ||||||
| Electronic Equipment, Instruments & Components | 1.0 | -0.5 | ||||||
| Energy Equipment & Services | 1.9 | -0.7 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 7.3 | -3.3 | ||||||
| Health Care Equipment & Supplies | 2.6 | -1.6 | ||||||
| Health Care Technology | 1.3 | -0.5 | ||||||
| Hotels, Restaurants & Leisure | 0.7 | -0.4 | ||||||
| Household Durables | 0.2 | -0.2 | ||||||
| Insurance | 0.2 | -0.1 | ||||||
| Internet & Direct Marketing Retail | 1.4 | -0.4 | ||||||
| Internet Software & Services | 2.8 | -2.1 | ||||||
| IT Services | 0.5 | -0.1 | ||||||
| Machinery | 4.9 | -3.3 | ||||||
| Media | 2.8 | -0.4 | ||||||
| Metals & Mining | 2.0 | -1.2 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.5 | -0.1 | ||||||
| Oil, Gas & Consumable Fuels | 3.0 | -1.2 | ||||||
| Personal Products | 1.8 | -1.1 | ||||||
| Pharmaceuticals | 2.7 | -1.5 | ||||||
| Semiconductors & Semiconductor Equipment | 3.3 | -2.1 | ||||||
| Software | 1.4 | -1.0 | ||||||
| Specialty Retail | 0.5 | -0.2 | ||||||
| Technology Hardware, Storage & Peripherals | 0.1 | -0.1 | ||||||
| Trading Companies & Distributors | 0.8 | -0.4 | ||||||
| Subtotal | 70.1 | -34.6 | ||||||
| Exchange-Traded Funds | 5.3 | -9.3 | ||||||
| Short-Term Investments | 71.1 | — | ||||||
| Total Investments | 146.5 | % | -43.9 | % | ||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about The Lazard Funds, Inc.’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 25, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 25, 2018
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: May 25, 2018
Exhibit 99.Cert
Rule 30a-2(a) CERTIFICATIONS
I, Nathan A. Paul, certify that:
1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| By: | /s/ Nathan A. Paul | |
| Nathan A. Paul | ||
| Chief Executive Officer | ||
| Date: | May 25, 2018 |
Rule 30a-2(a) CERTIFICATIONS
I, Christopher Snively, certify that:
1. I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| By: | /s/ Christopher Snively | |
| Christopher Snively | ||
| Chief Financial Officer | ||
| Date: | May 25, 2018 |