UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2016
Item 1. Schedule of Investments.
| The Lazard Funds, Inc. Portfolios of Investments March 31, 2016 (unaudited) |
| Description | Shares | Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 92.0% | ||||||||
| Beverages | 4.9% | ||||||||
| Molson Coors Brewing Co., Class B | 513,637 | $ | 49,401,607 | |||||
| Commercial Services & Supplies | 6.5% | ||||||||
| Copart, Inc. (a) | 1,604,295 | 65,407,107 | ||||||
| Communications Equipment | 6.7% | ||||||||
| Cisco Systems, Inc. | 2,376,695 | 67,664,507 | ||||||
| Diversified Consumer Services | 3.1% | ||||||||
| Houghton Mifflin Harcourt Co. (a) | 1,580,577 | 31,516,705 | ||||||
| Food Products | 7.7% | ||||||||
| Kellogg Co. | 1,020,145 | 78,092,100 | ||||||
| Hotels, Restaurants & Leisure | 4.9% | ||||||||
| Norwegian Cruise Line Holdings, Ltd. (a) | 894,970 | 49,482,891 | ||||||
| Household Products | 4.9% | ||||||||
| The Procter & Gamble Co. | 596,800 | 49,122,608 | ||||||
| Internet Software & Services | 12.9% | ||||||||
| Alphabet, Inc., Class A (a) | 109,777 | 83,748,873 | ||||||
| eBay, Inc. (a) | 1,931,275 | 46,080,222 | ||||||
| 129,829,095 | ||||||||
| IT Services | 3.8% | ||||||||
| Fidelity National Information Services, Inc. | 609,375 | 38,579,531 | ||||||
| Media | 4.5% | ||||||||
| The Madison Square Garden Co. Class A (a) | 276,275 | 45,961,109 | ||||||
| Multiline Retail | 0.7% | ||||||||
| J.C. Penney Co., Inc. (a) | 614,345 | 6,794,656 | ||||||
| Pharmaceuticals | 14.1% | ||||||||
| Mallinckrodt PLC (a) | 150,000 | 9,192,000 | ||||||
| Pfizer, Inc. | 1,897,367 | 56,237,958 | ||||||
| Zoetis, Inc. | 1,734,781 | 76,902,841 | ||||||
| 142,332,799 | ||||||||
| Road & Rail | 4.1% | ||||||||
| Union Pacific Corp. | 518,075 | 41,212,866 | ||||||
| Specialty Retail | 5.4% | ||||||||
| Advance Auto Parts, Inc. | 339,815 | 54,485,937 | ||||||
| Technology Hardware, Storage & Peripherals | 4.9% | ||||||||
| Apple, Inc. | 450,332 | 49,081,685 | ||||||
| Textiles, Apparel & Luxury Goods | 2.9% | ||||||||
| Deckers Outdoor Corp. (a) | 494,047 | 29,598,356 | ||||||
| Total Common Stocks (Identified cost $861,522,985) | 928,563,559 | |||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 6.8% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $68,773,514) | 68,773,514 | $ | 68,773,514 | |||||
| Total Investments | 98.8%
(Identified cost $930,296,499) (b) | $ | 997,337,073 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 11,655,262 | |||||||
| Net Assets | 100.0% | $ | 1,008,992,335 |
| Description | Shares | Value | ||||||
| Lazard US Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.2% | ||||||||
| Aerospace & Defense | 3.7% | ||||||||
| Honeywell International, Inc. | 24,918 | $ | 2,792,062 | |||||
| United Technologies Corp. | 15,400 | 1,541,540 | ||||||
| 4,333,602 | ||||||||
| Airlines | 0.5% | ||||||||
| American Airlines Group, Inc. | 14,075 | 577,216 | ||||||
| Auto Components | 1.6% | ||||||||
| Delphi Automotive PLC | 25,725 | 1,929,890 | ||||||
| Banks | 5.5% | ||||||||
| Bank of America Corp. | 234,550 | 3,171,116 | ||||||
| Citigroup, Inc. | 27,350 | 1,141,862 | ||||||
| Wells Fargo & Co. | 44,825 | 2,167,737 | ||||||
| 6,480,715 | ||||||||
| Beverages | 2.8% | ||||||||
| Molson Coors Brewing Co., Class B | 34,060 | 3,275,891 | ||||||
| Capital Markets | 1.2% | ||||||||
| The Charles Schwab Corp. | 49,300 | 1,381,386 | ||||||
| Chemicals | 0.5% | ||||||||
| Monsanto Co. | 6,550 | 574,697 | ||||||
| Commercial Services & Supplies | 2.0% | ||||||||
| Copart, Inc. (a) | 25,225 | 1,028,423 | ||||||
| Tyco International PLC | 36,400 | 1,336,244 | ||||||
| 2,364,667 | ||||||||
| Communications Equipment | 4.0% | ||||||||
| Cisco Systems, Inc. | 162,575 | 4,628,510 | ||||||
| Diversified Consumer Services | 1.1% | ||||||||
| Houghton Mifflin Harcourt Co. (a) | 62,900 | 1,254,226 | ||||||
| Diversified Financial Services | 3.0% | ||||||||
| CBOE Holdings, Inc. | 18,775 | 1,226,571 | ||||||
| Intercontinental Exchange, Inc. | 9,875 | 2,322,007 | ||||||
| 3,548,578 | ||||||||
| Electrical Equipment | 2.8% | ||||||||
| Eaton Corp. PLC | 29,900 | 1,870,544 | ||||||
| Rockwell Automation, Inc. | 12,450 | 1,416,187 | ||||||
| 3,286,731 | ||||||||
| Energy Equipment & Services | 1.3% | ||||||||
| Schlumberger, Ltd. | 20,100 | 1,482,375 | ||||||
| Food & Staples Retailing | 1.8% | ||||||||
| CVS Health Corp. | 19,830 | 2,056,966 | ||||||
| Food Products | 3.0% | ||||||||
| Kellogg Co. | 46,075 | 3,527,041 | ||||||
| Description | Shares | Value | ||||||
| Health Care Equipment & Supplies | 1.6% | ||||||||
| Stryker Corp. | 17,300 | $ | 1,856,117 | |||||
| Health Care Providers & Services | 1.5% | ||||||||
| Aetna, Inc. | 15,150 | 1,702,103 | ||||||
| Hotels, Restaurants & Leisure | 2.2% | ||||||||
| Norwegian Cruise Line Holdings, Ltd. (a) | 46,450 | 2,568,221 | ||||||
| Household Products | 3.7% | ||||||||
| The Procter & Gamble Co. | 52,865 | 4,351,318 | ||||||
| Insurance | 3.5% | ||||||||
| Aon PLC | 19,750 | 2,062,887 | ||||||
| The Hartford Financial Services Group, Inc. | 44,300 | 2,041,344 | ||||||
| 4,104,231 | ||||||||
| Internet Software & Services | 6.1% | ||||||||
| Alphabet, Inc.,; Class A (a) | 5,736 | 4,375,994 | ||||||
| Class C (a) | 1,150 | 856,693 | ||||||
| eBay, Inc. (a) | 81,400 | 1,942,204 | ||||||
| 7,174,891 | ||||||||
| IT Services | 3.4% | ||||||||
| Fidelity National Information Services, Inc. | 19,650 | 1,244,041 | ||||||
| Visa, Inc., Class A | 35,145 | 2,687,890 | ||||||
| 3,931,931 | ||||||||
| Machinery | 0.8% | ||||||||
| Parker Hannifin Corp. | 8,450 | 938,626 | ||||||
| Media | 2.5% | ||||||||
| The Madison Square Garden Co. Class A (a) | 11,108 | 1,847,927 | ||||||
| Viacom, Inc., Class B | 25,575 | 1,055,736 | ||||||
| 2,903,663 | ||||||||
| Multiline Retail | 1.2% | ||||||||
| J.C. Penney Co., Inc. (a) | 128,375 | 1,419,828 | ||||||
| Oil, Gas & Consumable Fuels | 4.3% | ||||||||
| Chevron Corp. | 22,600 | 2,156,040 | ||||||
| EOG Resources, Inc. | 17,250 | 1,252,005 | ||||||
| Pioneer Natural Resources Co. | 11,200 | 1,576,288 | ||||||
| 4,984,333 | ||||||||
| Pharmaceuticals | 11.1% | ||||||||
| Eli Lilly & Co. | 27,375 | 1,971,274 | ||||||
| Mallinckrodt PLC (a) | 23,475 | 1,438,548 | ||||||
| Pfizer, Inc. | 159,709 | 4,733,775 | ||||||
| Zoetis, Inc. | 108,694 | 4,818,405 | ||||||
| 12,962,002 | ||||||||
| Real Estate Investment Trusts (REITs) | 2.5% | ||||||||
| Corrections Corp. of America REIT | 65,535 | 2,100,397 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Strategic Equity Portfolio (concluded) | ||||||||
| Host Hotels & Resorts, Inc. REIT | 50,800 | $ | 848,360 | |||||
| 2,948,757 | ||||||||
| Road & Rail | 1.5% | ||||||||
| Union Pacific Corp. | 21,825 | 1,736,179 | ||||||
| Semiconductors & Semiconductor Equipment | 5.0% | ||||||||
| Applied Materials, Inc. | 70,650 | 1,496,367 | ||||||
| NXP Semiconductors NV (a) | 19,600 | 1,588,972 | ||||||
| Skyworks Solutions, Inc. | 12,400 | 965,960 | ||||||
| Teradyne, Inc. | 83,200 | 1,796,288 | ||||||
| 5,847,587 | ||||||||
| Software | 2.5% | ||||||||
| Microsoft Corp. | 53,550 | 2,957,566 | ||||||
| Specialty Retail | 4.1% | ||||||||
| Advance Auto Parts, Inc. | 25,388 | 4,070,712 | ||||||
| The Gap, Inc. | 24,000 | 705,600 | ||||||
| 4,776,312 | ||||||||
| Technology Hardware, Storage & Peripherals | 5.3% | ||||||||
| Apple, Inc. | 56,402 | 6,147,254 | ||||||
| Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
| Deckers Outdoor Corp. (a) | 12,025 | 720,418 | ||||||
| Total Common Stocks (Identified cost $108,413,390) | 114,733,828 | |||||||
| Short-Term Investment | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,568,014) | 1,568,014 | 1,568,014 | ||||||
| Total Investments | 99.5%
(Identified cost $109,981,404) (b) | $ | 116,301,842 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 535,807 | |||||||
| Net Assets | 100.0% | $ | 116,837,649 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 89.4% | ||||||||
| Airlines | 1.9% | ||||||||
| American Airlines Group, Inc. | 11,525 | $ | 472,640 | |||||
| Banks | 6.8% | ||||||||
| Signature Bank (a) | 5,900 | 803,108 | ||||||
| SVB Financial Group (a) | 8,350 | 852,117 | ||||||
| 1,655,225 | ||||||||
| Beverages | 6.3% | ||||||||
| Molson Coors Brewing Co., Class B | 16,000 | 1,538,880 | ||||||
| Biotechnology | 2.5% | ||||||||
| United Therapeutics Corp. (a) | 5,400 | 601,722 | ||||||
| Chemicals | 3.1% | ||||||||
| Eastman Chemical Co. | 10,250 | 740,358 | ||||||
| Health Care Equipment & Supplies | 4.4% | ||||||||
| Natus Medical, Inc. (a) | 28,050 | 1,077,962 | ||||||
| Insurance | 9.4% | ||||||||
| Aon PLC | 9,450 | 987,052 | ||||||
| The Hartford Financial Services Group, Inc. | 27,825 | 1,282,176 | ||||||
| 2,269,228 | ||||||||
| IT Services | 6.7% | ||||||||
| Fidelity National Information Services, Inc. | 12,950 | 819,865 | ||||||
| Vantiv, Inc., Class A (a) | 15,100 | 813,588 | ||||||
| 1,633,453 | ||||||||
| Life Sciences Tools & Services | 4.4% | ||||||||
| Quintiles Transnational Holdings, Inc. (a) | 16,575 | 1,079,033 | ||||||
| Media | 9.1% | ||||||||
| AMC Networks, Inc., Class A (a) | 16,300 | 1,058,522 | ||||||
| MDC Partners, Inc., Class A | 23,700 | 559,320 | ||||||
| The Madison Square Garden Co. Class A (a) | 3,500 | 582,260 | ||||||
| 2,200,102 | ||||||||
| Oil, Gas & Consumable Fuels | 4.7% | ||||||||
| Pioneer Natural Resources Co. | 8,050 | 1,132,957 | ||||||
| Pharmaceuticals | 2.1% | ||||||||
| Zoetis, Inc. | 11,600 | 514,228 | ||||||
| Semiconductors & Semiconductor Equipment | 10.4% | ||||||||
| Applied Materials, Inc. | 50,050 | 1,060,059 | ||||||
| Skyworks Solutions, Inc. | 11,725 | 913,377 | ||||||
| Teradyne, Inc. | 25,200 | 544,068 | ||||||
| 2,517,504 | ||||||||
| Specialty Retail | 11.4% | ||||||||
| Advance Auto Parts, Inc. | 12,269 | 1,967,211 | ||||||
| Tiffany & Co. | 10,900 | 799,842 | ||||||
| 2,767,053 | ||||||||
| Description | Shares | Value | ||||||
| Technology Hardware, Storage & Peripherals | 2.9% | ||||||||
| NCR Corp. (a) | 23,500 | $ | 703,355 | |||||
| Textiles, Apparel & Luxury Goods | 3.3% | ||||||||
| Deckers Outdoor Corp. (a) | 13,350 | 799,799 | ||||||
| Total Common Stocks | ||||||||
| (Identified cost $20,609,313) | 21,703,499 | |||||||
| Short-Term Investment | 10.6% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $2,563,116) | 2,563,116 | $ | 2,563,116 | |||||
| Total
Investments | 100.0% (Identified cost $23,172,429) (b) | $ | 24,266,615 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 8,481 | |||||||
| Net Assets | 100.0% | $ | 24,275,096 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Aerospace & Defense | 1.4% | ||||||||
| B/E Aerospace, Inc. | 61,910 | $ | 2,855,289 | |||||
| Air Freight & Logistics | 1.3% | ||||||||
| Echo Global Logistics, Inc. (a) | 98,148 | 2,665,700 | ||||||
| Airlines | 1.7% | ||||||||
| Alaska Air Group, Inc. | 42,315 | 3,470,676 | ||||||
| Auto Components | 4.5% | ||||||||
| Fox Factory Holding Corp. (a) | 194,398 | 3,073,432 | ||||||
| Gentherm, Inc. (a) | 45,995 | 1,912,932 | ||||||
| Modine Manufacturing Co. (a) | 234,395 | 2,580,689 | ||||||
| Tenneco, Inc. (a) | 36,555 | 1,882,948 | ||||||
| 9,450,001 | ||||||||
| Banks | 8.7% | ||||||||
| East West Bancorp, Inc. | 82,765 | 2,688,207 | ||||||
| Home Bancshares, Inc. | 96,220 | 3,940,209 | ||||||
| PacWest Bancorp | 90,316 | 3,355,239 | ||||||
| Signature Bank (a) | 17,075 | 2,324,249 | ||||||
| SVB Financial Group (a) | 28,230 | 2,880,872 | ||||||
| Webster Financial Corp. | 87,250 | 3,132,275 | ||||||
| 18,321,051 | ||||||||
| Biotechnology | 2.2% | ||||||||
| Cellectis SA ADR (a) | 70,155 | 1,929,263 | ||||||
| United Therapeutics Corp. (a) | 23,775 | 2,649,248 | ||||||
| 4,578,511 | ||||||||
| Building Products | 2.4% | ||||||||
| Continental Building Products, Inc. (a) | 137,020 | 2,543,091 | ||||||
| PGT, Inc. (a) | 253,675 | 2,496,162 | ||||||
| 5,039,253 | ||||||||
| Chemicals | 1.8% | ||||||||
| Calgon Carbon Corp. | 144,405 | 2,024,558 | ||||||
| Eastman Chemical Co. | 23,600 | 1,704,628 | ||||||
| 3,729,186 | ||||||||
| Commercial Services & Supplies | 0.9% | ||||||||
| Pitney Bowes, Inc. | 88,330 | 1,902,628 | ||||||
| Communications Equipment | 1.0% | ||||||||
| Ciena Corp. (a) | 106,400 | 2,023,728 | ||||||
| Construction & Engineering | 0.7% | ||||||||
| EMCOR Group, Inc. | 30,275 | 1,471,365 | ||||||
| Consumer Finance | 1.2% | ||||||||
| OneMain Holdings, Inc. (a) | 89,590 | 2,457,454 | ||||||
| Diversified Financial Services | 3.2% | ||||||||
| CBOE Holdings, Inc. | 50,915 | 3,326,277 | ||||||
| Description | Shares | Value | ||||||
| Morningstar, Inc. | 39,080 | $ | 3,449,592 | |||||
| 6,775,869 | ||||||||
| Electrical Equipment | 2.2% | ||||||||
| Generac Holdings, Inc. (a) | 62,920 | 2,343,141 | ||||||
| Regal-Beloit Corp. | 36,150 | 2,280,703 | ||||||
| 4,623,844 | ||||||||
| Electronic Equipment, Instruments & Components | 4.3% | ||||||||
| FLIR Systems, Inc. | 115,340 | 3,800,453 | ||||||
| Littelfuse, Inc. | 28,650 | 3,527,101 | ||||||
| Universal Display Corp. (a) | 30,555 | 1,653,026 | ||||||
| 8,980,580 | ||||||||
| Gas Utilities | 1.5% | ||||||||
| New Jersey Resources Corp. | 88,940 | 3,240,084 | ||||||
| Health Care Equipment & Supplies | 1.8% | ||||||||
| DENTSPLY SIRONA, Inc. | 61,555 | 3,793,635 | ||||||
| Health Care Providers & Services | 1.1% | ||||||||
| Team Health Holdings, Inc. (a) | 53,465 | 2,235,372 | ||||||
| Hotels, Restaurants & Leisure | 1.3% | ||||||||
| Bloomin’ Brands, Inc. | 165,675 | 2,794,937 | ||||||
| Insurance | 6.5% | ||||||||
| Arch Capital Group, Ltd. (a) | 51,920 | 3,691,512 | ||||||
| Argo Group International Holdings, Ltd. | 65,025 | 3,731,785 | ||||||
| Brown & Brown, Inc. | 69,900 | 2,502,420 | ||||||
| Reinsurance Group of America, Inc. | 38,865 | 3,740,756 | ||||||
| 13,666,473 | ||||||||
| Internet Software & Services | 1.2% | ||||||||
| j2 Global, Inc. | 41,115 | 2,531,862 | ||||||
| IT Services | 3.1% | ||||||||
| Leidos Holdings, Inc. | 55,600 | 2,797,792 | ||||||
| Vantiv, Inc., Class A (a) | 69,115 | 3,723,916 | ||||||
| 6,521,708 | ||||||||
| Life Sciences Tools & Services | 2.5% | ||||||||
| Quintiles Transnational Holdings, Inc. (a) | 48,790 | 3,176,229 | ||||||
| VWR Corp. (a) | 78,200 | 2,116,092 | ||||||
| 5,292,321 | ||||||||
| Machinery | 4.3% | ||||||||
| Altra Industrial Motion Corp. | 101,304 | 2,814,225 | ||||||
| The Toro Co. | 19,310 | 1,662,977 | ||||||
| TriMas Corp. (a) | 166,351 | 2,914,470 | ||||||
| Woodward, Inc. | 33,385 | 1,736,688 | ||||||
| 9,128,360 | ||||||||
| Media | 5.3% | ||||||||
| AMC Networks, Inc., Class A (a) | 38,500 | 2,500,190 | ||||||
| Cable One, Inc. | 5,500 | 2,404,215 | ||||||
| Description | Shares | Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| MDC Partners, Inc., Class A | 145,600 | $ | 3,436,160 | |||||
| Scholastic Corp. | 77,235 | 2,886,272 | ||||||
| 11,226,837 | ||||||||
| Multi-Utilities | 1.7% | ||||||||
| CMS Energy Corp. | 82,475 | 3,500,239 | ||||||
| Oil, Gas & Consumable Fuels | 3.4% | ||||||||
| Matador Resources Co. (a) | 105,300 | 1,996,488 | ||||||
| Memorial Resource Development Corp. (a) | 200,640 | 2,042,515 | ||||||
| Newfield Exploration Co. (a) | 92,100 | 3,062,325 | ||||||
| 7,101,328 | ||||||||
| Pharmaceuticals | 0.7% | ||||||||
| Phibro Animal Health Corp., Class A | 53,880 | 1,456,915 | ||||||
| Professional Services | 0.6% | ||||||||
| On Assignment, Inc. (a) | 33,645 | 1,242,173 | ||||||
| Real Estate Investment Trusts (REITs) | 7.2% | ||||||||
| DCT Industrial Trust, Inc. REIT | 89,653 | 3,538,604 | ||||||
| Extra Space Storage, Inc. REIT | 38,505 | 3,598,677 | ||||||
| Kilroy Realty Corp. REIT | 63,670 | 3,939,263 | ||||||
| Tanger Factory Outlet Centers, Inc. REIT | 109,915 | 3,999,807 | ||||||
| 15,076,351 | ||||||||
| Real Estate Management & Development | 0.9% | ||||||||
| Jones Lang LaSalle, Inc. | 16,600 | 1,947,512 | ||||||
| Semiconductors & Semiconductor Equipment | 2.3% | ||||||||
| M/A-COM Technology Solutions Holdings, Inc. (a) | 58,090 | 2,543,761 | ||||||
| Microsemi Corp. (a) | 59,895 | 2,294,578 | ||||||
| 4,838,339 | ||||||||
| Software | 4.7% | ||||||||
| BroadSoft, Inc. (a) | 62,595 | 2,525,708 | ||||||
| Pegasystems, Inc. | 101,435 | 2,574,421 | ||||||
| RealPage, Inc. (a) | 122,950 | 2,562,278 | ||||||
| Red Hat, Inc. (a) | 30,300 | 2,257,653 | ||||||
| 9,920,060 | ||||||||
| Specialty Retail | 3.5% | ||||||||
| Advance Auto Parts, Inc. | 15,115 | 2,423,539 | ||||||
| Chico’s FAS, Inc. | 222,120 | 2,947,532 | ||||||
| Sally Beauty Holdings, Inc. (a) | 63,765 | 2,064,711 | ||||||
| 7,435,782 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.1% | ||||||||
| NCR Corp. (a) | 77,775 | 2,327,806 | ||||||
| Textiles, Apparel & Luxury Goods | 1.5% | ||||||||
| Steven Madden, Ltd. (a) | 85,680 | 3,173,587 | ||||||
| Description | Shares | Value | ||||||
| Trading Companies & Distributors | 3.2% | ||||||||
| Beacon Roofing Supply, Inc. (a) | 56,500 | $ | 2,317,065 | |||||
| MSC Industrial Direct Co., Inc. Class A | 27,925 | 2,130,957 | ||||||
| United Rentals, Inc. (a) | 35,285 | 2,194,374 | ||||||
| 6,642,396 | ||||||||
| Total
Common Stocks (Identified cost $194,971,715) | 203,439,212 | |||||||
| Description | Principal | Value | ||||||
| Repurchase Agreement | 3.8% | ||||||||
| State Street Bank and Trust Co., 0.01%, 04/01/16 (Dated 03/31/16, collateralized by $7,410,000 United States Treasury Note, 3.375%, 11/15/19, with a value of $8,120,085) Proceeds of $7,960,002 (Identified cost $7,960,000) | $ | 7,960 | $ | 7,960,000 | ||||
| Total Investments | 100.7% (Identified cost $202,931,715) (b) | $ | 211,399,212 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.7)% | (1,557,556 | ) | ||||||
| Net Assets | 100.0% | $ | 209,841,656 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 95.4% | ||||||||
| Australia | 2.3% | ||||||||
| BHP Billiton PLC | 555,734 | $ | 6,248,094 | |||||
| Caltex Australia, Ltd. | 652,052 | 17,004,237 | ||||||
| 23,252,331 | ||||||||
| Austria | 0.5% | ||||||||
| UNIQA Insurance Group AG | 755,876 | 5,312,907 | ||||||
| Belgium | 4.0% | ||||||||
| Anheuser-Busch InBev SA/NV | 256,899 | 31,936,541 | ||||||
| KBC Groep NV | 173,901 | 8,970,977 | ||||||
| 40,907,518 | ||||||||
| Brazil | 1.3% | ||||||||
| BB Seguridade Participacoes SA | 1,559,600 | 12,882,266 | ||||||
| Canada | 2.1% | ||||||||
| MacDonald Dettwiler & Associates, Ltd. | 138,800 | 8,816,939 | ||||||
| National Bank of Canada | 385,300 | 12,605,503 | ||||||
| 21,422,442 | ||||||||
| Denmark | 1.2% | ||||||||
| Carlsberg A/S, Class B | 125,962 | 12,002,793 | ||||||
| Finland | 1.9% | ||||||||
| Sampo Oyj, A Shares | 408,518 | 19,402,946 | ||||||
| France | 8.1% | ||||||||
| Cap Gemini SA | 224,893 | 21,132,693 | ||||||
| Iliad SA | 39,543 | 10,175,839 | ||||||
| TOTAL SA | 216,951 | 9,889,552 | ||||||
| Valeo SA | 133,834 | 20,833,229 | ||||||
| Vinci SA | 268,072 | 19,970,908 | ||||||
| 82,002,221 | ||||||||
| Germany | 2.5% | ||||||||
| Bayer AG | 219,513 | 25,802,666 | ||||||
| Ireland | 4.6% | ||||||||
| James Hardie Industries PLC | 778,902 | 10,663,625 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 118,363 | 10,157,913 | ||||||
| Shire PLC | 459,261 | 26,114,088 | ||||||
| 46,935,626 | ||||||||
| Israel | 2.2% | ||||||||
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 411,420 | 22,015,084 | ||||||
| Italy | 2.1% | ||||||||
| Atlantia SpA | 383,401 | 10,631,947 | ||||||
| Azimut Holding SpA | 454,644 | 10,476,121 | ||||||
| 21,108,068 | ||||||||
| Description | Shares | Value | ||||||
| Japan | 19.0% | ||||||||
| ABC-Mart, Inc. | 172,600 | $ | 11,057,319 | |||||
| Daiwa House Industry Co., Ltd. | 1,128,300 | 31,740,173 | ||||||
| Don Quijote Holdings Co., Ltd. | 592,600 | 20,587,907 | ||||||
| Isuzu Motors, Ltd. | 792,800 | 8,185,469 | ||||||
| Japan Tobacco, Inc. | 385,400 | 16,060,474 | ||||||
| KDDI Corp. | 844,600 | 22,558,688 | ||||||
| Makita Corp. | 160,100 | 9,929,344 | ||||||
| Seven & I Holdings Co., Ltd. | 407,400 | 17,346,491 | ||||||
| SoftBank Group Corp. | 279,900 | 13,345,270 | ||||||
| Sony Corp. | 580,000 | 14,909,059 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 579,000 | 17,553,405 | ||||||
| United Arrows, Ltd. | 214,900 | 8,888,529 | ||||||
| 192,162,128 | ||||||||
| Luxembourg | 0.7% | ||||||||
| RTL Group SA | 89,000 | 7,538,768 | ||||||
| Netherlands | 5.5% | ||||||||
| Koninklijke KPN NV | 2,728,254 | 11,433,799 | ||||||
| Royal Dutch Shell PLC, A Shares | 857,627 | 20,742,941 | ||||||
| Wolters Kluwer NV | 582,399 | 23,247,926 | ||||||
| 55,424,666 | ||||||||
| Norway | 1.4% | ||||||||
| Telenor ASA | 882,211 | 14,275,811 | ||||||
| Philippines | 0.8% | ||||||||
| Alliance Global Group, Inc. | 22,812,100 | 8,174,604 | ||||||
| Spain | 1.1% | ||||||||
| Red Electrica Corporacion SA | 123,291 | 10,704,341 | ||||||
| Sweden | 3.4% | ||||||||
| Assa Abloy AB, Class B | 1,023,388 | 20,194,840 | ||||||
| Swedbank AB, A Shares | 664,269 | 14,311,046 | ||||||
| 34,505,886 | ||||||||
| Switzerland | 6.4% | ||||||||
| Credit Suisse Group AG | 541,131 | 7,659,293 | ||||||
| Novartis AG | 507,214 | 36,766,487 | ||||||
| Wolseley PLC | 360,424 | 20,390,576 | ||||||
| 64,816,356 | ||||||||
| Taiwan | 2.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 768,800 | 20,142,560 | ||||||
| Thailand | 0.6% | ||||||||
| Krung Thai Bank Public Co. Ltd. (c) | 11,751,200 | 6,246,374 | ||||||
| Turkey | 1.3% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 3,145,513 | 13,228,167 | ||||||
| United Kingdom | 17.5% | ||||||||
| British American Tobacco PLC | 486,758 | 28,593,427 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Direct Line Insurance Group PLC | 1,538,732 | $ | 8,181,430 | |||||
| Howden Joinery Group PLC | 973,977 | 6,688,015 | ||||||
| Informa PLC | 1,359,431 | 13,550,223 | ||||||
| J Sainsbury PLC | 3,131,456 | 12,426,734 | ||||||
| Lloyds Banking Group PLC | 22,521,795 | 22,002,368 | ||||||
| Provident Financial PLC | 278,834 | 11,874,087 | ||||||
| Prudential PLC | 1,274,648 | 23,817,566 | ||||||
| RELX PLC | 1,024,313 | 19,036,923 | ||||||
| Rexam PLC | 1,865,198 | 16,984,157 | ||||||
| Unilever PLC | 315,381 | 14,279,744 | ||||||
| 177,434,674 | ||||||||
| United States | 2.9% | ||||||||
| Aon PLC | 177,875 | 18,579,044 | ||||||
| Signet Jewelers, Ltd. (c) | 87,070 | 10,799,293 | ||||||
| 29,378,337 | ||||||||
| Total Common Stocks (Identified cost $968,100,728) | 967,079,540 | |||||||
| Description | Principal | Value | ||||||
| Repurchase Agreement | 5.2% | ||||||||
| State Street Bank and Trust Co., 0.01%, 04/01/16 (Dated 03/31/16, collateralized by $49,450,000 United States Treasury Note, 3.375%, 11/15/19, with a value of $54,188,695) Proceeds of $53,123,015 (Identified cost $53,123,000) | $ | 53,123 | $ | 53,123,000 | ||||
| Total Investments | 100.6% (Identified cost $1,021,223,728) (b) | $ | 1,020,202,540 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (6,540,783 | ) | ||||||
| Net Assets | 100.0% | $ | 1,013,661,757 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 95.3% | ||||||||
| Australia | 1.3% | ||||||||
| BHP Billiton, Ltd. | 24,781 | $ | 320,271 | |||||
| Belgium | 3.7% | ||||||||
| Anheuser-Busch InBev SA/NV | 6,253 | 777,345 | ||||||
| KBC Groep NV | 3,375 | 174,105 | ||||||
| 951,450 | ||||||||
| Brazil | 4.0% | ||||||||
| Ambev SA | 40,600 | 212,505 | ||||||
| BB Seguridade Participacoes SA | 58,600 | 484,035 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 32,700 | 218,082 | ||||||
| Estacio Participacoes SA | 31,100 | 102,235 | ||||||
| 1,016,857 | ||||||||
| China | 2.2% | ||||||||
| Autohome, Inc. ADR (a) | 3,940 | 110,084 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 2,370 | 452,385 | ||||||
| 562,469 | ||||||||
| Denmark | 2.6% | ||||||||
| Carlsberg A/S, Class B | 2,773 | 264,237 | ||||||
| Novo Nordisk A/S, Class B | 7,154 | 388,043 | ||||||
| 652,280 | ||||||||
| Finland | 1.5% | ||||||||
| Sampo Oyj, A Shares | 7,963 | 378,210 | ||||||
| France | 3.3% | ||||||||
| Valeo SA | 2,236 | 348,066 | ||||||
| Vinci SA | 4,423 | 329,506 | ||||||
| Vivendi SA | 7,858 | 165,241 | ||||||
| 842,813 | ||||||||
| Germany | 3.6% | ||||||||
| Bayer AG | 4,351 | 511,438 | ||||||
| Continental AG | 907 | 206,415 | ||||||
| GEA Group AG | 4,217 | 206,337 | ||||||
| 924,190 | ||||||||
| India | 1.4% | ||||||||
| HCL Technologies, Ltd. | 28,556 | 350,749 | ||||||
| Indonesia | 1.6% | ||||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 8,104 | 412,088 | ||||||
| Ireland | 2.3% | ||||||||
| Ryanair Holdings PLC Sponsored ADR | 2,527 | 216,867 | ||||||
| Shire PLC | 6,287 | 357,486 | ||||||
| 574,353 | ||||||||
| Description | Shares | Value | ||||||
| Israel | 2.9% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 4,205 | $ | 367,811 | |||||
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 6,690 | 357,982 | ||||||
| 725,793 | ||||||||
| Italy | 0.8% | ||||||||
| Banca Mediolanum SpA | 24,208 | 193,099 | ||||||
| Japan | 15.3% | ||||||||
| Daiwa House Industry Co., Ltd. | 24,000 | 675,143 | ||||||
| FANUC Corp. | 1,500 | 233,040 | ||||||
| Japan Tobacco, Inc. | 11,100 | 462,562 | ||||||
| KDDI Corp. | 15,600 | 416,665 | ||||||
| Makita Corp. | 6,900 | 427,936 | ||||||
| Ryohin Keikaku Co., Ltd. | 1,200 | 253,765 | ||||||
| Seven & I Holdings Co., Ltd. | 7,717 | 328,579 | ||||||
| SoftBank Group Corp. | 8,200 | 390,965 | ||||||
| Sony Corp. | 10,100 | 259,623 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 11,276 | 341,852 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 38,000 | 111,287 | ||||||
| 3,901,417 | ||||||||
| Netherlands | 3.1% | ||||||||
| Royal Dutch Shell PLC, A Shares | 16,141 | 391,949 | ||||||
| Wolters Kluwer NV | 9,903 | 395,303 | ||||||
| 787,252 | ||||||||
| Norway | 0.9% | ||||||||
| Telenor ASA | 13,834 | 223,860 | ||||||
| Philippines | 0.8% | ||||||||
| Alliance Global Group, Inc. | 588,900 | 211,029 | ||||||
| Russia | 0.5% | ||||||||
| Mobile TeleSystems PJSC Sponsored ADR | 14,216 | 115,008 | ||||||
| South Africa | 3.2% | ||||||||
| Mediclinic International PLC (a) | 23,017 | 295,840 | ||||||
| Mr. Price Group, Ltd. | 11,131 | 133,772 | ||||||
| Nampak, Ltd. | 79,910 | 115,288 | ||||||
| Sanlam, Ltd. | 60,365 | 280,037 | ||||||
| 824,937 | ||||||||
| South Korea | 1.4% | ||||||||
| Samsung Electronics Co., Ltd. | 304 | 348,765 | ||||||
| Spain | 1.3% | ||||||||
| Red Electrica Corporacion SA | 3,842 | 333,569 | ||||||
| Sweden | 3.1% | ||||||||
| Assa Abloy AB, Class B | 24,887 | 491,103 | ||||||
| Swedbank AB, A Shares | 13,530 | 291,491 | ||||||
| 782,594 | ||||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Switzerland | 7.6% | ||||||||
| Actelion, Ltd. | 2,945 | $ | 440,119 | |||||
| Cie Financiere Richemont SA | 2,666 | 176,199 | ||||||
| Credit Suisse Group AG | 9,546 | 135,116 | ||||||
| Novartis AG | 10,995 | 796,996 | ||||||
| Wolseley PLC | 6,569 | 371,634 | ||||||
| 1,920,064 | ||||||||
| Taiwan | 3.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 182,341 | 917,824 | ||||||
| Thailand | 1.0% | ||||||||
| Kasikornbank Public Co. Ltd. | 49,400 | 245,736 | ||||||
| Turkey | 2.6% | ||||||||
| KOC Holding AS | 62,705 | 318,443 | ||||||
| Turkcell Iletisim Hizmetleri AS | 83,584 | 351,505 | ||||||
| 669,948 | ||||||||
| United Kingdom | 17.4% | ||||||||
| Ashtead Group PLC | 12,508 | 155,214 | ||||||
| Associated British Foods PLC | 5,632 | 270,899 | ||||||
| British American Tobacco PLC | 11,040 | 648,518 | ||||||
| Compass Group PLC | 22,810 | 402,303 | ||||||
| Informa PLC | 36,483 | 363,647 | ||||||
| Lloyds Banking Group PLC | 418,933 | 409,271 | ||||||
| London Stock Exchange Group PLC | 6,936 | 280,924 | ||||||
| Prudential PLC | 30,204 | 564,380 | ||||||
| RELX PLC | 16,754 | 311,374 | ||||||
| Rexam PLC | 37,812 | 344,309 | ||||||
| Unilever PLC | 9,510 | 430,592 | ||||||
| Worldpay Group PLC | 62,742 | 247,901 | ||||||
| 4,429,332 | ||||||||
| United States | 2.3% | ||||||||
| Aon PLC | 3,735 | 390,121 | ||||||
| Signet Jewelers, Ltd. (c) | 1,612 | 199,936 | ||||||
| 590,057 | ||||||||
| Total Common Stocks (Identified cost $25,067,615) | 24,206,014 | |||||||
| Short-Term Investment | 3.5% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $900,669) | 900,669 | 900,669 | ||||||
| Total Investments | 98.8% (Identified cost $25,968,284) (b) | $ | 25,106,683 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 306,586 | |||||||
| Net Assets | 100.0% | $ | 25,413,269 |
| Description | Shares | Value | ||||||
| Lazard International Equity Concentrated Portfolio | ||||||||
| Common Stocks | 94.3% | ||||||||
| Australia | 5.8% | ||||||||
| Asaleo Care, Ltd. | 270,576 | $ | 377,486 | |||||
| Spotless Group Holdings, Ltd. | 501,609 | 484,481 | ||||||
| 861,967 | ||||||||
| Belgium | 5.8% | ||||||||
| Anheuser-Busch InBev SA/NV | 6,979 | 867,598 | ||||||
| Brazil | 3.2% | ||||||||
| BB Seguridade Participacoes SA | 57,886 | 478,137 | ||||||
| Canada | 0.0% | ||||||||
| MacDonald Dettwiler & Associates, Ltd. | 16 | 1,017 | ||||||
| China | 2.0% | ||||||||
| Baidu, Inc. Sponsored ADR (a) | 1,572 | 300,064 | ||||||
| France | 8.6% | ||||||||
| Cap Gemini SA | 5,574 | 523,777 | ||||||
| Valeo SA | 4,843 | 753,884 | ||||||
| 1,277,661 | ||||||||
| Ireland | 2.3% | ||||||||
| Shire PLC | 5,923 | 336,788 | ||||||
| Japan | 20.6% | ||||||||
| ABC-Mart, Inc. | 6,843 | 438,385 | ||||||
| Daiwa House Industry Co., Ltd. | 24,000 | 675,143 | ||||||
| Isuzu Motors, Ltd. | 52,300 | 539,985 | ||||||
| KDDI Corp. | 25,800 | 689,100 | ||||||
| SoftBank Group Corp. | 8,200 | 390,965 | ||||||
| Sony Corp. | 12,600 | 323,887 | ||||||
| 3,057,465 | ||||||||
| Netherlands | 6.4% | ||||||||
| Wolters Kluwer NV | 23,654 | 944,209 | ||||||
| Switzerland | 9.4% | ||||||||
| Actelion, Ltd. | 4,653 | 695,373 | ||||||
| Novartis AG | 4,483 | 324,960 | ||||||
| Wolseley PLC | 6,549 | 370,502 | ||||||
| 1,390,835 | ||||||||
| Taiwan | 4.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 27,055 | 708,841 | ||||||
| United Kingdom | 21.3% | ||||||||
| British American Tobacco PLC | 13,680 | 803,599 | ||||||
| Howden Joinery Group PLC | 49,500 | 339,902 | ||||||
| Lloyds Banking Group PLC | 647,492 | 632,559 | ||||||
| Provident Financial PLC | 9,394 | 400,041 | ||||||
| Prudential PLC | 22,774 | 425,546 | ||||||
| Description | Shares | Value | ||||||
| The Weir Group PLC | 35,187 | $ | 559,953 | |||||
| 3,161,600 | ||||||||
| United States | 4.1% | ||||||||
| Aon PLC | 5,860 | 612,077 | ||||||
| Total Common Stocks (Identified cost $13,837,367) | 13,998,259 | |||||||
| Short-Term Investment | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $547,831) | 547,831 | 547,831 | ||||||
| Total Investments | 98.0% (Identified cost $14,385,198) (b) | $ | 14,546,090 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.0% | 302,610 | |||||||
| Net Assets | 100.0% | $ | 14,848,700 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 95.5% | ||||||||
| Australia | 4.8% | ||||||||
| Amcor, Ltd. | 15,606,583 | $ | 171,672,341 | |||||
| Caltex Australia, Ltd. | 5,481,634 | 142,950,259 | ||||||
| carsales.com, Ltd. | 4,980,054 | 44,893,346 | ||||||
| 359,515,946 | ||||||||
| Belgium | 2.0% | ||||||||
| Anheuser-Busch InBev SA/NV | 1,217,081 | 151,302,098 | ||||||
| Brazil | 0.9% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 7,088,800 | 47,276,410 | ||||||
| Estacio Participacoes SA | 6,620,400 | 21,763,277 | ||||||
| LPS Brasil Consultoria de Imoveis SA | 1,750,900 | 1,275,808 | ||||||
| 70,315,495 | ||||||||
| China | 0.8% | ||||||||
| Tencent Holdings, Ltd. | 2,930,100 | 59,868,492 | ||||||
| Denmark | 2.4% | ||||||||
| Carlsberg A/S, Class B | 1,892,169 | 180,302,887 | ||||||
| Finland | 3.5% | ||||||||
| Sampo Oyj, A Shares | 5,481,170 | 260,333,309 | ||||||
| France | 5.5% | ||||||||
| Iliad SA | 368,234 | 94,759,879 | ||||||
| Societe Television Francaise 1 | 7,429,318 | 96,204,466 | ||||||
| Valeo SA | 869,874 | 135,408,669 | ||||||
| Vivendi SA | 4,234,665 | 89,048,180 | ||||||
| 415,421,194 | ||||||||
| Germany | 5.4% | ||||||||
| Bayer AG | 1,507,537 | 177,203,511 | ||||||
| Fresenius SE & Co. KGaA | 1,022,598 | 74,715,659 | ||||||
| Symrise AG | 2,269,955 | 152,395,899 | ||||||
| 404,315,069 | ||||||||
| Indonesia | 0.3% | ||||||||
| PT Media Nusantara Citra Tbk | 142,499,900 | 23,427,585 | ||||||
| Ireland | 5.9% | ||||||||
| James Hardie Industries PLC | 7,141,191 | 97,767,094 | ||||||
| Kerry Group PLC, Class A | 1,824,935 | 170,031,449 | ||||||
| Shire PLC | 3,068,111 | 174,456,185 | ||||||
| 442,254,728 | ||||||||
| Israel | 3.7% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 1,568,270 | 137,176,577 | ||||||
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 2,674,035 | 143,087,613 | ||||||
| 280,264,190 | ||||||||
| Description | Shares | Value | ||||||
| Italy | 0.9% | ||||||||
| Azimut Holding SpA | 3,007,297 | $ | 69,295,554 | |||||
| Japan | 17.3% | ||||||||
| AEON Financial Service Co., Ltd. | 7,572,700 | 178,711,548 | ||||||
| Asics Corp. | 5,444,050 | 96,986,274 | ||||||
| Daiwa House Industry Co., Ltd. | 7,279,000 | 204,765,329 | ||||||
| Don Quijote Holdings Co., Ltd. | 5,991,000 | 208,137,279 | ||||||
| FANUC Corp. | 581,700 | 90,372,958 | ||||||
| Japan Tobacco, Inc. | 3,666,405 | 152,787,236 | ||||||
| KDDI Corp. | 5,582,500 | 149,104,758 | ||||||
| Makita Corp. | 1,551,400 | 96,217,264 | ||||||
| SoftBank Group Corp. | 2,635,000 | 125,633,391 | ||||||
| 1,302,716,037 | ||||||||
| Netherlands | 1.3% | ||||||||
| Wolters Kluwer NV | 2,414,001 | 96,360,945 | ||||||
| New Zealand | 0.8% | ||||||||
| Z Energy, Ltd. | 13,147,008 | 61,338,692 | ||||||
| Norway | 1.6% | ||||||||
| Telenor ASA | 7,409,301 | 119,896,238 | ||||||
| Philippines | 2.0% | ||||||||
| Alliance Global Group, Inc. | 216,735,300 | 77,666,032 | ||||||
| GT Capital Holdings, Inc. | 2,307,135 | 69,647,468 | ||||||
| 147,313,500 | ||||||||
| South Africa | 1.8% | ||||||||
| Mediclinic International PLC (a) | 7,641,118 | 98,212,077 | ||||||
| Nampak, Ltd. | 22,371,121 | 32,275,328 | ||||||
| 130,487,405 | ||||||||
| Sweden | 2.8% | ||||||||
| Assa Abloy AB, Class B | 6,900,472 | 136,169,201 | ||||||
| Swedbank AB, A Shares | 3,472,422 | 74,810,040 | ||||||
| 210,979,241 | ||||||||
| Switzerland | 6.4% | ||||||||
| Actelion, Ltd. | 1,079,599 | 161,341,975 | ||||||
| Cie Financiere Richemont SA | 1,495,201 | 98,819,639 | ||||||
| Credit Suisse Group AG | 3,859,549 | 54,628,945 | ||||||
| GAM Holding AG | 264,105 | 3,817,856 | ||||||
| Novartis AG | 2,261,207 | 163,908,406 | ||||||
| 482,516,821 | ||||||||
| Taiwan | 1.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 22,466,000 | 113,083,893 | ||||||
| Thailand | 0.7% | ||||||||
| Kasikornbank Public Co. Ltd. | 11,044,350 | 54,939,205 | ||||||
| Turkey | 1.0% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 17,302,508 | 72,764,114 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| United Kingdom | 18.0% | ||||||||
| ARM Holdings PLC | 3,955,632 | $ | 57,608,112 | |||||
| Associated British Foods PLC | 1,596,889 | 76,810,338 | ||||||
| British American Tobacco PLC | 4,199,338 | 246,680,001 | ||||||
| Compass Group PLC | 8,254,695 | 145,589,214 | ||||||
| Informa PLC | 17,942,807 | 178,846,176 | ||||||
| Lloyds Banking Group PLC | 163,754,431 | 159,977,715 | ||||||
| Merlin Entertainments PLC | 11,025,183 | 73,394,809 | ||||||
| Prudential PLC | 8,481,349 | 158,479,113 | ||||||
| SABMiller PLC | 1,903,915 | 116,380,167 | ||||||
| UBM PLC | 5,123,572 | 44,225,945 | ||||||
| Worldpay Group PLC | 23,795,365 | 94,018,380 | ||||||
| 1,352,009,970 | ||||||||
| United States | 4.2% | ||||||||
| Aon PLC | 1,981,260 | 206,942,607 | ||||||
| Signet Jewelers, Ltd. (c) | 845,970 | 104,925,674 | ||||||
| 311,868,281 | ||||||||
| Total Common Stocks (Identified cost $6,905,626,231) | 7,172,890,889 | |||||||
| Short-Term Investment | 4.0% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $300,289,010) | 300,289,010 | 300,289,010 | ||||||
| Total Investments | 99.5% (Identified cost $7,205,915,241) (b) | $ | 7,473,179,899 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 41,216,193 | |||||||
| Net Assets | 100.0% | $ | 7,514,396,092 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.6% | ||||||||
| Australia | 7.0% | ||||||||
| Amcor, Ltd. | 1,960 | $ | 21,560 | |||||
| Aristocrat Leisure, Ltd. | 825 | 6,514 | ||||||
| CSL, Ltd. | 658 | 51,165 | ||||||
| Evolution Mining, Ltd. | 9,056 | 10,551 | ||||||
| Magellan Financial Group, Ltd. | 705 | 12,257 | ||||||
| OZ Minerals, Ltd. | 1,005 | 3,875 | ||||||
| Qantas Airways, Ltd. | 6,555 | 20,451 | ||||||
| Sandfire Resources NL | 923 | 4,040 | ||||||
| TPG Telecom, Ltd. | 489 | 4,251 | ||||||
| 134,664 | ||||||||
| Austria | 1.0% | ||||||||
| Erste Group Bank AG (a) | 572 | 16,076 | ||||||
| Voestalpine AG | 82 | 2,744 | ||||||
| 18,820 | ||||||||
| Belgium | 0.2% | ||||||||
| Telenet Group Holding NV (a) | 81 | 4,100 | ||||||
| China | 0.2% | ||||||||
| Yangzijiang Shipbuilding Holdings, Ltd. | 5,700 | 4,144 | ||||||
| Denmark | 3.3% | ||||||||
| Novo Nordisk A/S, Class B | 1,041 | 56,465 | ||||||
| Vestas Wind Systems A/S | 120 | 8,466 | ||||||
| 64,931 | ||||||||
| Faeroe Islands | 0.4% | ||||||||
| Bakkafrost P/F | 203 | 7,863 | ||||||
| Finland | 2.0% | ||||||||
| Kone Oyj, Class B | 824 | 39,718 | ||||||
| France | 8.7% | ||||||||
| Airbus Group SE | 675 | 44,818 | ||||||
| AXA SA | 898 | 21,142 | ||||||
| BNP Paribas SA | 448 | 22,547 | ||||||
| Credit Agricole SA | 469 | 5,079 | ||||||
| Elis SA | 192 | 3,727 | ||||||
| L’Oreal SA | 79 | 14,154 | ||||||
| Orange SA | 338 | 5,921 | ||||||
| Orpea | 55 | 4,580 | ||||||
| Sanofi | 33 | 2,661 | ||||||
| Societe Generale SA | 665 | 24,578 | ||||||
| TOTAL SA | 292 | 13,311 | ||||||
| Valeo SA | 35 | 5,448 | ||||||
| 167,966 | ||||||||
| Germany | 6.9% | ||||||||
| Allianz SE | 49 | 7,970 | ||||||
| Description | Shares | Value | ||||||
| BASF SE | 241 | $ | 18,182 | |||||
| Bayer AG | 28 | 3,291 | ||||||
| Continental AG | 60 | 13,655 | ||||||
| Daimler AG | 141 | 10,809 | ||||||
| Deutsche Bank AG | 278 | 4,729 | ||||||
| Deutsche Lufthansa AG (a) | 270 | 4,364 | ||||||
| Deutsche Post AG | 108 | 3,001 | ||||||
| Hannover Rueck SE | 35 | 4,078 | ||||||
| Muenchener Rueckversicherungs AG | 86 | 17,492 | ||||||
| ProSiebenSat.1 Media SE | 475 | 24,423 | ||||||
| SAP SE | 106 | 8,576 | ||||||
| Stroeer SE & Co. KGaA | 132 | 8,299 | ||||||
| Suedzucker AG | 286 | 5,043 | ||||||
| 133,912 | ||||||||
| Hong Kong | 3.4% | ||||||||
| Link Real Estate Investment Trust | 1,500 | 8,885 | ||||||
| PCCW, Ltd. | 14,000 | 9,024 | ||||||
| The Wharf Holdings, Ltd. | 7,000 | 38,261 | ||||||
| Wheelock & Co., Ltd. | 2,000 | 8,933 | ||||||
| 65,103 | ||||||||
| Ireland | 1.7% | ||||||||
| AerCap Holdings NV (a) | 103 | 3,992 | ||||||
| Experian PLC | 409 | 7,314 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 167 | 14,332 | ||||||
| Shire PLC | 97 | 5,516 | ||||||
| Smurfit Kappa Group PLC | 103 | 2,655 | ||||||
| 33,809 | ||||||||
| Israel | 0.1% | ||||||||
| Teva Pharmaceutical Industries, Ltd. | 18 | 971 | ||||||
| Italy | 0.7% | ||||||||
| Enel SpA | 2,249 | 9,975 | ||||||
| Saras SpA (a) | 2,265 | 3,637 | ||||||
| 13,612 | ||||||||
| Japan | 23.8% | ||||||||
| Alfresa Holdings Corp. | 400 | 7,673 | ||||||
| Chubu Electric Power Co., Inc. | 600 | 8,378 | ||||||
| Daito Trust Construction Co., Ltd. | 100 | 14,199 | ||||||
| Foster Electric Co., Ltd. | 200 | 4,219 | ||||||
| Fuji Heavy Industries, Ltd. | 200 | 7,064 | ||||||
| Fujitsu, Ltd. | 1,000 | 3,702 | ||||||
| ITOCHU Corp. | 200 | 2,463 | ||||||
| JTEKT Corp. | 900 | 11,675 | ||||||
| Kakaku.com, Inc. | 200 | 3,714 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 100 | 6,051 | ||||||
| Kanamoto Co., Ltd. | 300 | 7,061 | ||||||
| KDDI Corp. | 300 | 8,013 |
| Description | Shares | Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Marubeni Corp. | 1,000 | $ | 5,065 | |||||
| Mazda Motor Corp. | 300 | 4,655 | ||||||
| Medipal Holdings Corp. | 800 | 12,667 | ||||||
| Minebea Co., Ltd. | 2,000 | 15,603 | ||||||
| Mitsubishi Electric Corp. | 3,000 | 31,441 | ||||||
| Mitsubishi Materials Corp. | 1,000 | 2,826 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 7,800 | 36,143 | ||||||
| Mitsui Chemicals, Inc. | 4,000 | 13,328 | ||||||
| Murata Manufacturing Co., Ltd. | 300 | 36,172 | ||||||
| Nippon Telegraph & Telephone Corp. | 900 | 38,768 | ||||||
| Nissan Motor Co., Ltd. | 3,800 | 35,165 | ||||||
| Nitto Denko Corp. | 100 | 5,560 | ||||||
| ORIX Corp. | 200 | 2,853 | ||||||
| Sanden Holdings Corp. | 1,000 | 2,861 | ||||||
| Sompo Japan Nipponkoa Holdings, Inc. | 1,100 | 31,159 | ||||||
| Start Today Co., Ltd. | 100 | 4,034 | ||||||
| Sumitomo Chemical Co., Ltd. | 4,000 | 18,090 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,300 | 39,412 | ||||||
| Sumitomo Rubber Industries, Ltd. | 600 | 9,271 | ||||||
| Suzuken Co., Ltd. | 200 | 6,797 | ||||||
| Takeuchi Manufacturing Co., Ltd. | 300 | 4,329 | ||||||
| TDK Corp. | 200 | 11,107 | ||||||
| The San-In Godo Bank, Ltd. | 1,000 | 6,184 | ||||||
| Yokogawa Electric Corp. | 300 | 3,100 | ||||||
| 460,802 | ||||||||
| Netherlands | 4.4% | ||||||||
| Aegon NV | 3,189 | 17,541 | ||||||
| Euronext NV | 157 | 6,519 | ||||||
| GrandVision NV | 142 | 4,048 | ||||||
| Heineken Holding NV | 55 | 4,292 | ||||||
| Koninklijke Ahold NV | 843 | 18,964 | ||||||
| NN Group NV | 369 | 12,074 | ||||||
| Royal Dutch Shell PLC, A Shares | 905 | 21,889 | ||||||
| 85,327 | ||||||||
| Norway | 2.5% | ||||||||
| DNB ASA | 439 | 5,191 | ||||||
| Statoil ASA | 2,486 | 39,147 | ||||||
| Yara International ASA | 97 | 3,650 | ||||||
| 47,988 | ||||||||
| Portugal | 0.6% | ||||||||
| Altri SGPS SA | 705 | 3,076 | ||||||
| Jeronimo Martins SGPS SA | 514 | 8,411 | ||||||
| 11,487 | ||||||||
| Singapore | 0.8% | ||||||||
| CapitaLand, Ltd. | 4,800 | 10,933 | ||||||
| Description | Shares | Value | ||||||
| Singapore Airlines, Ltd. | 600 | $ | 5,084 | |||||
| 16,017 | ||||||||
| Spain | 2.9% | ||||||||
| Amadeus IT Holding SA, A Shares | 169 | 7,248 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 777 | 5,165 | ||||||
| Banco de Sabadell SA | 467 | 841 | ||||||
| Banco Santander SA | 2,328 | 10,262 | ||||||
| CaixaBank SA | 4,008 | 11,844 | ||||||
| Endesa SA | 170 | 3,263 | ||||||
| Iberdrola SA | 971 | 6,476 | ||||||
| Industria de Diseno Textil SA | 336 | 11,304 | ||||||
| 56,403 | ||||||||
| Sweden | 1.7% | ||||||||
| Atlas Copco AB, Class A | 281 | 7,071 | ||||||
| Boliden AB | 275 | 4,400 | ||||||
| Hennes & Mauritz AB, B Shares | 48 | 1,601 | ||||||
| Svenska Cellulosa AB SCA, Class B | 386 | 12,063 | ||||||
| Volvo AB, Class B | 746 | 8,188 | ||||||
| 33,323 | ||||||||
| Switzerland | 8.7% | ||||||||
| Actelion, Ltd. | 117 | 17,485 | ||||||
| Adecco SA | 51 | 3,323 | ||||||
| Chocoladefabriken Lindt & Spruengli AG | 1 | 6,198 | ||||||
| Geberit AG | 13 | 4,858 | ||||||
| Nestle SA | 685 | 51,185 | ||||||
| Roche Holding AG | 275 | 67,696 | ||||||
| Swiss Life Holding AG | 27 | 7,180 | ||||||
| UBS Group AG | 602 | 9,698 | ||||||
| 167,623 | ||||||||
| United Kingdom | 18.0% | ||||||||
| Admiral Group PLC | 452 | 12,873 | ||||||
| Auto Trader Group PLC | 1,510 | 8,458 | ||||||
| Bellway PLC | 587 | 22,114 | ||||||
| Berkeley Group Holdings PLC | 108 | 4,992 | ||||||
| British American Tobacco PLC | 624 | 36,655 | ||||||
| BT Group PLC | 7,357 | 46,545 | ||||||
| Centrica PLC | 4,951 | 16,191 | ||||||
| Compass Group PLC | 1,437 | 25,345 | ||||||
| easyJet PLC | 285 | 6,218 | ||||||
| Hargreaves Lansdown PLC | 720 | 13,898 | ||||||
| Howden Joinery Group PLC | 676 | 4,642 | ||||||
| Imperial Brands PLC | 270 | 14,980 | ||||||
| International Consolidated Airlines Group SA | 1,638 | 13,022 | ||||||
| ITV PLC | 2,192 | 7,594 | ||||||
| J Sainsbury PLC | 1,548 | 6,143 | ||||||
| Just Eat PLC (a) | 722 | 3,912 |
| Description | Shares | Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Micro Focus International PLC | 198 | $ | 4,465 | |||||
| Moneysupermarket.com Group PLC | 719 | 3,281 | ||||||
| Provident Financial PLC | 235 | 10,007 | ||||||
| Reckitt Benckiser Group PLC | 80 | 7,733 | ||||||
| Rentokil Initial PLC | 6,402 | 16,257 | ||||||
| SSE PLC | 1,951 | 41,808 | ||||||
| Taylor Wimpey PLC | 1,880 | 5,138 | ||||||
| Unilever NV | 340 | 15,237 | ||||||
| 347,508 | ||||||||
| United States | 0.6% | ||||||||
| AVG Technologies NV (a) | 138 | 2,864 | ||||||
| ICON PLC (a) | 113 | 8,486 | ||||||
| 11,350 | ||||||||
| Total Common Stocks (Identified cost $2,043,755) | 1,927,441 | |||||||
| Short-Term Investment | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $34,165) | 34,165 | 34,165 | ||||||
| Total Investments | 101.4% (Identified cost $2,077,920) (b) | $ | 1,961,606 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.4)% | (26,859 | ) | ||||||
| Net Assets | 100.0% | $ | 1,934,747 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 96.2% | ||||||||
| Australia | 6.5% | ||||||||
| Ainsworth Game Technology, Ltd. | 527,191 | $ | 941,596 | |||||
| Asaleo Care, Ltd. | 1,168,263 | 1,629,869 | ||||||
| carsales.com, Ltd. | 147,374 | 1,328,522 | ||||||
| Macquarie Atlas Roads Group | 384,706 | 1,415,503 | ||||||
| Pact Group Holdings, Ltd. | 320,574 | 1,226,223 | ||||||
| Spotless Group Holdings, Ltd. | 877,240 | 847,285 | ||||||
| 7,388,998 | ||||||||
| Belgium | 1.4% | ||||||||
| Kinepolis Group NV | 36,090 | 1,565,672 | ||||||
| Canada | 7.6% | ||||||||
| AirBoss of America Corp. | 97,900 | 1,159,347 | ||||||
| Alaris Royalty Corp. | 37,800 | 814,937 | ||||||
| Altus Group, Ltd. | 113,365 | 1,812,967 | ||||||
| Element Financial Corp. | 137,701 | 1,484,361 | ||||||
| Genworth MI Canada, Inc. | 42,312 | 997,244 | ||||||
| Intertape Polymer Group, Inc. | 94,600 | 1,355,539 | ||||||
| MacDonald Dettwiler & Associates, Ltd. | 100 | 6,352 | ||||||
| Sandvine Corp. | 480,977 | 1,029,541 | ||||||
| 8,660,288 | ||||||||
| France | 1.1% | ||||||||
| Ingenico Group SA | 10,675 | 1,226,248 | ||||||
| Germany | 8.2% | ||||||||
| AURELIUS SE & Co. KGaA | 27,538 | 1,676,449 | ||||||
| CompuGroup Medical SE | 48,232 | 2,038,910 | ||||||
| CTS Eventim AG & Co. KGaA | 35,566 | 1,263,693 | ||||||
| Duerr AG | 20,840 | 1,637,914 | ||||||
| Grand City Properties SA | 58,916 | 1,354,218 | ||||||
| Norma Group SE | 24,290 | 1,360,697 | ||||||
| 9,331,881 | ||||||||
| Hong Kong | 1.3% | ||||||||
| EVA Precision Industrial Holdings, Ltd. | 4,184,000 | 620,263 | ||||||
| Pacific Textiles Holdings, Ltd. | 635,000 | 916,808 | ||||||
| 1,537,071 | ||||||||
| Ireland | 3.0% | ||||||||
| Cairn Homes PLC | 993,496 | 1,308,553 | ||||||
| Cairn Homes PLC (a), (c) | 212,892 | 9,084 | ||||||
| Greencore Group PLC | 263,833 | 1,420,987 | ||||||
| Permanent TSB Group Holdings PLC (a) | 203,565 | 630,283 | ||||||
| 3,368,907 | ||||||||
| Italy | 3.3% | ||||||||
| Azimut Holding SpA | 54,967 | 1,266,575 | ||||||
| Cerved Information Solutions SpA | 151,750 | 1,248,450 | ||||||
| Description | Shares | Value | ||||||
| EI Towers SpA | 21,309 | $ | 1,187,643 | |||||
| 3,702,668 | ||||||||
| Japan | 28.1% | ||||||||
| ABC-Mart, Inc. | 19,600 | 1,255,640 | ||||||
| Ai Holdings Corp. | 53,860 | 1,562,512 | ||||||
| Ain Holdings, Inc. | 30,600 | 1,568,812 | ||||||
| Anicom Holdings, Inc. (a) | 53,400 | 1,466,134 | ||||||
| Ariake Japan Co., Ltd. | 20,600 | 1,208,050 | ||||||
| Asics Corp. | 39,700 | 707,259 | ||||||
| Daikyonishikawa Corp. | 85,900 | 1,232,649 | ||||||
| Financial Products Group Co., Ltd. | 168,537 | 2,032,118 | ||||||
| Foster Electric Co., Ltd. | 52,200 | 1,101,096 | ||||||
| Gulliver International Co., Ltd. | 153,100 | 1,905,843 | ||||||
| Iriso Electronics Co., Ltd. | 23,291 | 1,154,772 | ||||||
| JAFCO Co., Ltd. | 29,300 | 900,777 | ||||||
| MISUMI Group, Inc. | 108,500 | 1,553,099 | ||||||
| Nissei ASB Machine Co., Ltd. | 70,900 | 1,399,794 | ||||||
| Rinnai Corp. | 11,600 | 1,024,515 | ||||||
| Santen Pharmaceutical Co., Ltd. | 64,800 | 974,778 | ||||||
| Sawai Pharmaceutical Co., Ltd. | 15,300 | 958,417 | ||||||
| Seria Co., Ltd. | 24,200 | 1,460,020 | ||||||
| Ship Healthcare Holdings, Inc. | 42,900 | 1,080,648 | ||||||
| Skylark Co., Ltd. | 109,800 | 1,449,756 | ||||||
| Suruga Bank, Ltd. | 64,500 | 1,133,600 | ||||||
| Temp Holdings Co., Ltd. | 103,300 | 1,497,939 | ||||||
| Topcon Corp. | 74,484 | 982,134 | ||||||
| USS Co., Ltd. | 78,600 | 1,255,700 | ||||||
| Zenkoku Hosho Co., Ltd. | 33,742 | 1,145,270 | ||||||
| 32,011,332 | ||||||||
| Mexico | 1.6% | ||||||||
| Nemak SAB de CV | 678,900 | 976,080 | ||||||
| Unifin Financiera SAB de CV SOFOM ENR | 315,117 | 882,947 | ||||||
| 1,859,027 | ||||||||
| Netherlands | 1.2% | ||||||||
| Aalberts Industries NV | 40,759 | 1,414,116 | ||||||
| New Zealand | 1.0% | ||||||||
| Z Energy, Ltd. | 239,434 | 1,117,103 | ||||||
| Norway | 1.3% | ||||||||
| Europris ASA | 305,508 | 1,436,217 | ||||||
| Singapore | 1.0% | ||||||||
| XP Power, Ltd. | 49,892 | 1,146,518 | ||||||
| Spain | 1.1% | ||||||||
| Euskaltel SA | 117,458 | 1,284,429 | ||||||
| Sweden | 5.6% | ||||||||
| Alimak Group AB | 125,651 | 1,284,640 | ||||||
| Description | Shares | Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Indutrade AB | 20,322 | $ | 1,247,119 | |||||
| Inwido AB | 129,402 | 1,593,964 | ||||||
| Loomis AB, B Shares | 39,025 | 1,103,223 | ||||||
| Nordax Group AB | 221,634 | 1,130,249 | ||||||
| 6,359,195 | ||||||||
| Switzerland | 2.4% | ||||||||
| Cembra Money Bank AG | 18,011 | 1,258,738 | ||||||
| Kardex AG | 18,311 | 1,508,222 | ||||||
| 2,766,960 | ||||||||
| Taiwan | 2.2% | ||||||||
| Cleanaway Co., Ltd. | 155,000 | 859,666 | ||||||
| Sporton International, Inc. | 163,882 | 837,640 | ||||||
| Zeng Hsing Industrial Co., Ltd. | 182,000 | 839,765 | ||||||
| 2,537,071 | ||||||||
| United Kingdom | 16.7% | ||||||||
| AA PLC | 179,664 | 683,296 | ||||||
| Arrow Global Group PLC | 307,830 | 1,106,407 | ||||||
| Ashtead Group PLC | 76,092 | 944,240 | ||||||
| Auto Trader Group PLC | 148,647 | 832,627 | ||||||
| Clinigen Healthcare, Ltd. (a) | 145,032 | 1,216,484 | ||||||
| CMC Markets PLC (a) | 205,472 | 723,017 | ||||||
| Dignity PLC | 40,199 | 1,431,270 | ||||||
| EMIS Group PLC | 57,668 | 839,852 | ||||||
| Hunting PLC | 137,185 | 630,995 | ||||||
| IG Group Holdings PLC | 152,182 | 1,748,570 | ||||||
| Polypipe Group PLC | 262,869 | 1,205,125 | ||||||
| Provident Financial PLC | 20,101 | 855,997 | ||||||
| Rightmove PLC | 27,487 | 1,662,426 | ||||||
| RPC Group PLC | 166,546 | 1,816,736 | ||||||
| Savills PLC | 120,957 | 1,320,305 | ||||||
| Telit Communications PLC (a) | 277,957 | 872,286 | ||||||
| Workspace Group PLC REIT | 96,518 | 1,085,425 | ||||||
| 18,975,058 | ||||||||
| United States | 1.6% | ||||||||
| Frank’s International NV | 46,100 | 759,728 | ||||||
| Samsonite International SA | 315,000 | 1,055,773 | ||||||
| 1,815,501 | ||||||||
| Total Common Stocks | ||||||||
| (Identified cost $95,910,420) | 109,504,260 | |||||||
| Short-Term Investment | 3.5% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $3,966,622) | 3,966,622 | 3,966,622 | ||||||
| Total Investments | 99.7% (Identified cost $99,877,042) (b) | $ | 113,470,882 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 365,450 | |||||||
| Net Assets | 100.0% | $ | 113,836,332 |
| Description | Shares | Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 94.8% | ||||||||
| Belgium | 2.6% | ||||||||
| Anheuser-Busch InBev SA/NV | 4,464 | $ | 554,945 | |||||
| China | 1.6% | ||||||||
| Autohome, Inc. ADR (a) | 6,165 | 172,250 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 850 | 162,248 | ||||||
| 334,498 | ||||||||
| Denmark | 2.3% | ||||||||
| Carlsberg A/S, Class B | 2,325 | 221,547 | ||||||
| Novo Nordisk A/S, Class B | 4,671 | 253,362 | ||||||
| 474,909 | ||||||||
| Finland | 2.0% | ||||||||
| Sampo Oyj, A Shares | 8,941 | 424,661 | ||||||
| Germany | 2.9% | ||||||||
| Continental AG | 1,131 | 257,393 | ||||||
| Symrise AG | 5,129 | 344,341 | ||||||
| 601,734 | ||||||||
| India | 0.5% | ||||||||
| Indiabulls Housing Finance, Ltd. GDR | 11,660 | 113,825 | ||||||
| Ireland | 2.1% | ||||||||
| Shire PLC | 7,745 | 440,389 | ||||||
| Israel | 2.1% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 2,080 | 181,938 | ||||||
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 4,650 | 248,821 | ||||||
| 430,759 | ||||||||
| Italy | 1.4% | ||||||||
| Davide Campari-Milano SpA | 30,196 | 301,853 | ||||||
| Japan | 5.9% | ||||||||
| AEON Financial Service Co., Ltd. | 13,340 | 314,817 | ||||||
| Daiwa House Industry Co., Ltd. | 17,570 | 494,261 | ||||||
| Recruit Holdings Co., Ltd. | 6,870 | 209,680 | ||||||
| Ryohin Keikaku Co., Ltd. | 1,000 | 211,471 | ||||||
| 1,230,229 | ||||||||
| Netherlands | 3.1% | ||||||||
| NXP Semiconductors NV (a) | 3,120 | 252,938 | ||||||
| Wolters Kluwer NV | 10,187 | 406,640 | ||||||
| 659,578 | ||||||||
| Norway | 0.4% | ||||||||
| Europris ASA | 18,663 | 87,736 | ||||||
| Russia | 0.6% | ||||||||
| Magnit PJSC Sponsored GDR | 3,052 | 121,927 | ||||||
| Description | Shares | Value | ||||||
| South Africa | 0.7% | ||||||||
| Sanlam, Ltd. | 31,965 | $ | 148,288 | |||||
| Sweden | 2.0% | ||||||||
| Assa Abloy AB, Class B | 21,441 | 423,102 | ||||||
| Switzerland | 2.3% | ||||||||
| Actelion, Ltd. | 3,167 | 473,296 | ||||||
| Taiwan | 1.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 9,160 | 239,992 | ||||||
| Thailand | 0.7% | ||||||||
| Kasikornbank Public Co. Ltd. | 29,700 | 147,740 | ||||||
| United Kingdom | 7.6% | ||||||||
| British American Tobacco PLC | 3,801 | 223,281 | ||||||
| Compass Group PLC | 12,405 | 218,789 | ||||||
| Henderson Group PLC | 40,149 | 148,946 | ||||||
| Provident Financial PLC | 2,355 | 100,287 | ||||||
| Prudential PLC | 12,904 | 241,119 | ||||||
| RELX NV | 25,468 | 444,698 | ||||||
| Unilever PLC | 4,688 | 212,262 | ||||||
| 1,589,382 | ||||||||
| United States | 52.9% | ||||||||
| Accenture PLC, Class A | 1,025 | 118,285 | ||||||
| Alphabet, Inc.,; Class A (a) | 732 | 558,443 | ||||||
| Class C (a) | 431 | 321,074 | ||||||
| Aon PLC | 2,890 | 301,861 | ||||||
| Apple, Inc. | 6,797 | 740,805 | ||||||
| Applied Materials, Inc. | 6,535 | 138,411 | ||||||
| AutoZone, Inc. (a) | 394 | 313,896 | ||||||
| Bristol-Myers Squibb Co. | 4,495 | 287,141 | ||||||
| Cisco Systems, Inc. | 12,055 | 343,206 | ||||||
| CVS Health Corp. | 4,425 | 459,005 | ||||||
| Eaton Corp. PLC | 3,475 | 217,396 | ||||||
| EOG Resources, Inc. | 2,130 | 154,595 | ||||||
| Fidelity National Information Services, Inc. | 3,130 | 198,160 | ||||||
| Honeywell International, Inc. | 4,963 | 556,104 | ||||||
| Intercontinental Exchange, Inc. | 1,291 | 303,566 | ||||||
| Kellogg Co. | 1,670 | 127,839 | ||||||
| MasterCard, Inc., Class A | 2,930 | 276,885 | ||||||
| McGraw Hill Financial, Inc. | 2,090 | 206,868 | ||||||
| McKesson Corp. | 1,388 | 218,263 | ||||||
| Mead Johnson Nutrition Co. | 2,105 | 178,862 | ||||||
| Microsoft Corp. | 4,650 | 256,820 | ||||||
| Molson Coors Brewing Co., Class B | 3,339 | 321,145 | ||||||
| Monsanto Co. | 2,220 | 194,783 | ||||||
| Quintiles Transnational Holdings, Inc. (a) | 7,590 | 494,109 | ||||||
| Description | Shares | Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Raytheon Co. | 1,945 | $ | 238,515 | |||||
| Reynolds American, Inc. | 10,360 | 521,212 | ||||||
| Rockwell Automation, Inc. | 2,820 | 320,775 | ||||||
| Schlumberger, Ltd. | 6,936 | 511,530 | ||||||
| The Charles Schwab Corp. | 7,360 | 206,227 | ||||||
| The Procter & Gamble Co. | 3,820 | 314,424 | ||||||
| Thermo Fisher Scientific, Inc. | 1,655 | 234,331 | ||||||
| Tyco International PLC | 5,920 | 217,323 | ||||||
| Union Pacific Corp. | 2,735 | 217,569 | ||||||
| United Technologies Corp. | 2,009 | 201,101 | ||||||
| Visa, Inc., Class A | 4,983 | 381,100 | ||||||
| Zoetis, Inc. | 9,977 | 442,280 | ||||||
| 11,093,909 | ||||||||
| Total Common Stocks (Identified cost $19,079,080) | 19,892,752 | |||||||
| Short-Term Investment | 6.5% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,356,760) | 1,356,760 | 1,356,760 | ||||||
| Total Investments | 101.3% (Identified cost $20,435,840) (b) | $ | 21,249,512 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.3)% | (266,851 | ) | ||||||
| Net Assets | 100.0% | $ | 20,982,661 | ||||||
| Description | Shares | Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 99.5% | ||||||||
| Australia | 1.8% | ||||||||
| Caltex Australia, Ltd. | 14,925 | $ | 389,215 | |||||
| Belgium | 1.5% | ||||||||
| Anheuser-Busch InBev SA/NV | 2,628 | 326,701 | ||||||
| China | 1.2% | ||||||||
| China Resources Beer Holdings Co., Ltd. (a) | 142,000 | 261,765 | ||||||
| Denmark | 1.8% | ||||||||
| Carlsberg A/S, Class B | 4,066 | 387,445 | ||||||
| Finland | 2.3% | ||||||||
| Sampo Oyj, A Shares | 10,326 | 490,443 | ||||||
| France | 1.7% | ||||||||
| Iliad SA | 796 | 204,839 | ||||||
| Vivendi SA | 6,864 | 144,339 | ||||||
| 349,178 | ||||||||
| Indonesia | 0.7% | ||||||||
| PT Media Nusantara Citra Tbk | 856,500 | 140,812 | ||||||
| Ireland | 2.4% | ||||||||
| Shire PLC | 8,825 | 501,799 | ||||||
| Israel | 2.6% | ||||||||
| Check Point Software Technologies, Ltd. (a) | 3,263 | 285,415 | ||||||
| Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 4,892 | 261,771 | ||||||
| 547,186 | ||||||||
| Japan | 6.3% | ||||||||
| Ain Holdings, Inc. | 3,000 | 153,805 | ||||||
| Asics Corp. | 12,800 | 228,033 | ||||||
| Daiwa House Industry Co., Ltd. | 16,500 | 464,161 | ||||||
| Don Quijote Holdings Co., Ltd. | 6,800 | 236,244 | ||||||
| Gulliver International Co., Ltd. | 19,500 | 242,743 | ||||||
| 1,324,986 | ||||||||
| Luxembourg | 1.0% | ||||||||
| B&M European Value Retail SA | 53,373 | 203,447 | ||||||
| New Zealand | 0.7% | ||||||||
| Z Energy, Ltd. | 33,405 | 155,854 | ||||||
| Norway | 1.0% | ||||||||
| Europris ASA | 43,704 | 205,456 | ||||||
| Philippines | 1.1% | ||||||||
| Alliance Global Group, Inc. | 643,000 | 230,416 | ||||||
| South Africa | 3.3% | ||||||||
| Mediclinic International PLC (a) | 19,231 | 247,178 | ||||||
| Nampak, Ltd. | 141,215 | 203,734 | ||||||
| Description | Shares | Value | ||||||
| Sanlam, Ltd. | 51,226 | $ | 237,641 | |||||
| 688,553 | ||||||||
| Switzerland | 2.2% | ||||||||
| Actelion, Ltd. | 3,071 | 458,949 | ||||||
| Taiwan | 1.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 14,890 | 390,118 | ||||||
| United Kingdom | 14.8% | ||||||||
| ARM Holdings PLC | 10,719 | 156,107 | ||||||
| British American Tobacco PLC | 8,894 | 522,457 | ||||||
| Informa PLC | 50,107 | 499,445 | ||||||
| Lloyds Banking Group PLC | 378,850 | 370,112 | ||||||
| Merlin Entertainments PLC | 43,827 | 291,757 | ||||||
| Prudential PLC | 18,850 | 352,224 | ||||||
| Rexam PLC | 25,221 | 229,658 | ||||||
| Spire Healthcare Group PLC | 75,258 | 388,040 | ||||||
| Worldpay Group PLC | 79,702 | 314,912 | ||||||
| 3,124,712 | ||||||||
| United States | 51.2% | ||||||||
| Advance Auto Parts, Inc. | 2,649 | 424,741 | ||||||
| Alphabet, Inc., Class A (a) | 1,316 | 1,003,976 | ||||||
| American Airlines Group, Inc. | 6,323 | 259,306 | ||||||
| Aon PLC | 4,305 | 449,657 | ||||||
| Apple, Inc. | 6,445 | 702,441 | ||||||
| Celgene Corp. (a) | 1,868 | 186,968 | ||||||
| Cisco Systems, Inc. | 21,352 | 607,891 | ||||||
| CVS Health Corp. | 3,123 | 323,949 | ||||||
| EOG Resources, Inc. | 1,101 | 79,911 | ||||||
| Fidelity National Information Services, Inc. | 3,393 | 214,811 | ||||||
| International Flavors & Fragrances, Inc. | 1,250 | 142,213 | ||||||
| Kellogg Co. | 4,090 | 313,090 | ||||||
| MasterCard, Inc., Class A | 4,527 | 427,801 | ||||||
| McKesson Corp. | 1,314 | 206,627 | ||||||
| Microsoft Corp. | 11,523 | 636,415 | ||||||
| Molson Coors Brewing Co., Class B | 6,719 | 646,233 | ||||||
| Morningstar, Inc. | 3,228 | 284,936 | ||||||
| Quintiles Transnational Holdings, Inc. (a) | 6,216 | 404,662 | ||||||
| Reynolds American, Inc. | 18,317 | 921,528 | ||||||
| Rockwell Automation, Inc. | 1,768 | 201,110 | ||||||
| The J.M. Smucker Co. | 3,179 | 412,761 | ||||||
| Union Pacific Corp. | 2,630 | 209,217 | ||||||
| United Therapeutics Corp. (a) | 2,840 | 316,461 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 2,352 | 186,960 | ||||||
| Visa, Inc., Class A | 8,665 | 662,699 | ||||||
| Description | Shares | Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Zoetis, Inc. | 12,654 | $ | 560,952 | |||||
| 10,787,316 | ||||||||
| Total Common Stocks (Identified cost $20,072,898) | 20,964,351 | |||||||
| Short-Term Investment | 0.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $93,007) | 93,007 | 93,007 | ||||||
| Total Investments | 99.9% (Identified cost $20,165,905) (b) | $ | 21,057,358 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 24,088 | |||||||
| Net Assets | 100.0% | $ | 21,081,446 | ||||||
| Description | Shares | Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 97.8% | ||||||||
| Australia | 6.6% | ||||||||
| Amcor, Ltd. | 2,004 | $ | 22,044 | |||||
| Aristocrat Leisure, Ltd. | 1,430 | 11,291 | ||||||
| Blackmores, Ltd. | 115 | 15,616 | ||||||
| carsales.com, Ltd. | 1,286 | 11,593 | ||||||
| CSL, Ltd. | 464 | 36,080 | ||||||
| Evolution Mining, Ltd. | 9,027 | 10,518 | ||||||
| Qantas Airways, Ltd. | 2,964 | 9,247 | ||||||
| Regis Resources, Ltd. | 2,774 | 5,188 | ||||||
| Sandfire Resources NL | 2,030 | 8,885 | ||||||
| Telstra Corp., Ltd. | 8,240 | 33,666 | ||||||
| Wesfarmers, Ltd. | 227 | 7,213 | ||||||
| 171,341 | ||||||||
| Belgium | 0.5% | ||||||||
| Telenet Group Holding NV (a) | 235 | 11,896 | ||||||
| Canada | 5.7% | ||||||||
| Canadian National Railway Co. | 269 | 16,810 | ||||||
| CI Financial Corp. | 226 | 4,994 | ||||||
| Cogeco Communications, Inc. | 189 | 10,079 | ||||||
| Colliers International Group, Inc. | 165 | 6,252 | ||||||
| Constellation Software, Inc. | 15 | 6,142 | ||||||
| Dollarama, Inc. | 495 | 34,832 | ||||||
| Imperial Oil, Ltd. | 148 | 4,944 | ||||||
| Intact Financial Corp. | 492 | 34,447 | ||||||
| Metro, Inc. | 421 | 14,607 | ||||||
| Transcontinental, Inc.Class A | 376 | 5,958 | ||||||
| Uni-Select, Inc. | 176 | 7,582 | ||||||
| 146,647 | ||||||||
| Denmark | 0.5% | ||||||||
| Novo Nordisk A/S, Class B | 257 | 13,940 | ||||||
| Finland | 0.3% | ||||||||
| Elisa Oyj | 237 | 9,215 | ||||||
| France | 0.2% | ||||||||
| Sopra Steria Group | 50 | 5,908 | ||||||
| Hong Kong | 5.6% | ||||||||
| CLP Holdings, Ltd. | 2,000 | 18,112 | ||||||
| Henderson Land Development Co., Ltd. | 2,100 | 12,872 | ||||||
| HK Electric Investments & HK Electric Investments, Ltd. | 12,500 | 10,990 | ||||||
| Hongkong Land Holdings, Ltd. | 1,000 | 5,990 | ||||||
| Link Real Estate Investment Trust | 6,500 | 38,502 | ||||||
| PCCW, Ltd. | 24,000 | 15,469 | ||||||
| Swire Pacific, Ltd., Class A | 1,000 | 10,770 | ||||||
| The Wharf Holdings, Ltd. | 4,000 | 21,863 | ||||||
| Description | Shares | Value | ||||||
| Wheelock & Co., Ltd. | 2,000 | $ | 8,934 | |||||
| 143,502 | ||||||||
| Ireland | 0.5% | ||||||||
| Paddy Power Betfair PLC | 33 | 4,604 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 97 | 8,324 | ||||||
| 12,928 | ||||||||
| Israel | 0.7% | ||||||||
| Bank Hapoalim BM | 933 | 4,844 | ||||||
| Israel Discount Bank, Ltd., Class A (a) | 3,874 | 6,559 | ||||||
| Orbotech, Ltd. (a) | 273 | 6,492 | ||||||
| 17,895 | ||||||||
| Japan | 10.0% | ||||||||
| Ai Holdings Corp. | 200 | 5,802 | ||||||
| Alfresa Holdings Corp. | 300 | 5,755 | ||||||
| Astellas Pharma, Inc. | 400 | 5,319 | ||||||
| Canon, Inc. | 200 | 5,962 | ||||||
| Daito Trust Construction Co., Ltd. | 200 | 28,398 | ||||||
| Daiwa House Industry Co., Ltd. | 200 | 5,626 | ||||||
| Electric Power Development Co., Ltd. | 200 | 6,246 | ||||||
| Fuji Heavy Industries, Ltd. | 100 | 3,532 | ||||||
| Heiwa Corp. | 200 | 4,146 | ||||||
| IT Holdings Corp. | 200 | 4,734 | ||||||
| Japan Airlines Co., Ltd. | 200 | 7,325 | ||||||
| JTEKT Corp. | 300 | 3,892 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 100 | 6,051 | ||||||
| Medipal Holdings Corp. | 300 | 4,750 | ||||||
| Megmilk Snow Brand Co., Ltd. | 200 | 5,027 | ||||||
| Mitsubishi Gas Chemical Co., Inc. | 1,000 | 5,385 | ||||||
| Mitsui Chemicals, Inc. | 1,000 | 3,332 | ||||||
| Murata Manufacturing Co., Ltd. | 200 | 24,115 | ||||||
| Nagoya Railroad Co., Ltd. | 1,000 | 4,674 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 8,615 | ||||||
| Nissan Motor Co., Ltd. | 1,400 | 12,956 | ||||||
| NTT Data Corp. | 200 | 10,040 | ||||||
| Rohto Pharmaceutical Co., Ltd. | 300 | 5,464 | ||||||
| Shimadzu Corp. | 1,000 | 15,683 | ||||||
| Shionogi & Co., Ltd. | 200 | 9,413 | ||||||
| Sumitomo Chemical Co., Ltd. | 1,000 | 4,523 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 200 | 6,063 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 2,000 | 7,855 | ||||||
| Sumitomo Rubber Industries, Ltd. | 300 | 4,635 | ||||||
| Taikisha, Ltd. | 300 | 7,234 | ||||||
| The San-In Godo Bank, Ltd. | 1,100 | 6,803 | ||||||
| Ube Industries, Ltd. | 4,000 | 7,073 | ||||||
| West Japan Railway Co. | 100 | 6,174 | ||||||
| Description | Shares | Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Yokogawa Electric Corp. | 500 | $ | 5,167 | |||||
| 257,769 | ||||||||
| Malta | 0.3% | ||||||||
| Unibet Group PLC SDR | 606 | 6,879 | ||||||
| Netherlands | 1.1% | ||||||||
| Aegon NV | 872 | 4,797 | ||||||
| Euronext NV | 137 | 5,688 | ||||||
| NN Group NV | 534 | 17,473 | ||||||
| 27,958 | ||||||||
| New Zealand | 1.8% | ||||||||
| Air New Zealand, Ltd. | 3,235 | 6,395 | ||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 1,618 | 10,960 | ||||||
| Spark New Zealand, Ltd. | 11,243 | 28,365 | ||||||
| 45,720 | ||||||||
| Norway | 1.6% | ||||||||
| Statoil ASA | 2,210 | 34,800 | ||||||
| Telenor ASA | 466 | 7,541 | ||||||
| 42,341 | ||||||||
| Puerto Rico | 0.2% | ||||||||
| EVERTEC, Inc. | 345 | 4,823 | ||||||
| Singapore | 3.3% | ||||||||
| Ascendas Real Estate Investment Trust | 8,500 | 15,072 | ||||||
| CapitaLand, Ltd. | 4,600 | 10,477 | ||||||
| ComfortDelGro Corp., Ltd. | 11,800 | 25,564 | ||||||
| Singapore Airlines, Ltd. | 1,100 | 9,320 | ||||||
| United Overseas Bank, Ltd. | 1,700 | 23,800 | ||||||
| 84,233 | ||||||||
| Spain | 0.1% | ||||||||
| Corporacion Financiera Alba SA | 60 | 2,321 | ||||||
| Sweden | 0.6% | ||||||||
| Axfood AB | 433 | 8,001 | ||||||
| Intrum Justitia AB | 181 | 6,385 | ||||||
| 14,386 | ||||||||
| Switzerland | 1.5% | ||||||||
| Actelion, Ltd. | 36 | 5,380 | ||||||
| Chocoladefabriken Lindt & Spruengli AG | 1 | 6,198 | ||||||
| dorma+kaba Holding AG | 9 | 5,752 | ||||||
| Roche Holding AG | 88 | 21,663 | ||||||
| 38,993 | ||||||||
| United Kingdom | 8.6% | ||||||||
| Admiral Group PLC | 343 | 9,769 | ||||||
| Auto Trader Group PLC | 2,112 | 11,830 | ||||||
| Bellway PLC | 145 | 5,463 | ||||||
| Description | Shares | Value | ||||||
| Berendsen PLC | 451 | $ | 7,792 | |||||
| BT Group PLC | 2,096 | 13,261 | ||||||
| Centrica PLC | 2,120 | 6,933 | ||||||
| Cineworld Group PLC | 1,208 | 9,326 | ||||||
| Compass Group PLC | 910 | 16,050 | ||||||
| Debenhams PLC | 6,087 | 6,574 | ||||||
| easyJet PLC | 214 | 4,669 | ||||||
| Greggs PLC | 493 | 7,697 | ||||||
| Hargreaves Lansdown PLC | 322 | 6,216 | ||||||
| ITV PLC | 1,624 | 5,626 | ||||||
| Micro Focus International PLC | 445 | 10,034 | ||||||
| Moneysupermarket.com Group PLC | 1,983 | 9,048 | ||||||
| National Grid PLC | 420 | 5,955 | ||||||
| Next PLC | 84 | 6,515 | ||||||
| Provident Financial PLC | 211 | 8,985 | ||||||
| Rentokil Initial PLC | 9,554 | 24,260 | ||||||
| SSE PLC | 1,767 | 37,865 | ||||||
| WH Smith PLC | 369 | 9,635 | ||||||
| 223,503 | ||||||||
| United States | 48.1% | ||||||||
| 3M Co. | 243 | 40,491 | ||||||
| Accenture PLC, Class A | 68 | 7,847 | ||||||
| Allison Transmission Holdings, Inc. | 197 | 5,315 | ||||||
| Alphabet, Inc., Class A (a) | 8 | 6,103 | ||||||
| Altria Group, Inc. | 101 | 6,329 | ||||||
| Amdocs, Ltd. | 144 | 8,700 | ||||||
| American Electric Power Co., Inc. | 561 | 37,250 | ||||||
| Amgen, Inc. | 39 | 5,847 | ||||||
| Aon PLC | 77 | 8,043 | ||||||
| Apple, Inc. | 52 | 5,667 | ||||||
| AT&T, Inc. | 1,119 | 43,831 | ||||||
| Automatic Data Processing, Inc. | 71 | 6,369 | ||||||
| Bank of America Corp. | 559 | 7,558 | ||||||
| Baxter International, Inc. | 149 | 6,121 | ||||||
| Cadence Design Systems, Inc. (a) | 307 | 7,239 | ||||||
| Carnival Corp. | 119 | 6,280 | ||||||
| CBOE Holdings, Inc. | 245 | 16,006 | ||||||
| Cirrus Logic, Inc. (a) | 304 | 11,069 | ||||||
| Coca-Cola Enterprises, Inc. | 348 | 17,658 | ||||||
| Colgate-Palmolive Co. | 105 | 7,418 | ||||||
| Comcast Corp., Class A | 101 | 6,169 | ||||||
| CR Bard, Inc. | 86 | 17,430 | ||||||
| Darden Restaurants, Inc. | 195 | 12,928 | ||||||
| Delta Air Lines, Inc. | 120 | 5,842 | ||||||
| Dr Pepper Snapple Group, Inc. | 343 | 30,671 | ||||||
| Edison International | 241 | 17,325 | ||||||
| Emerson Electric Co. | 151 | 8,211 | ||||||
| Description | Shares | Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Everest Re Group, Ltd. | 182 | $ | 35,932 | |||||
| Exelon Corp. | 406 | 14,559 | ||||||
| FactSet Research Systems, Inc. | 62 | 9,395 | ||||||
| Foot Locker, Inc. | 117 | 7,547 | ||||||
| General Dynamics Corp. | 98 | 12,874 | ||||||
| Gilead Sciences, Inc. | 68 | 6,246 | ||||||
| Global Payments, Inc. | 96 | 6,269 | ||||||
| HCA Holdings, Inc. (a) | 502 | 39,181 | ||||||
| HealthSouth Corp. | 145 | 5,456 | ||||||
| ICON PLC (a) | 83 | 6,233 | ||||||
| Intel Corp. | 383 | 12,390 | ||||||
| International Paper Co. | 176 | 7,223 | ||||||
| Intuit, Inc. | 55 | 5,721 | ||||||
| JetBlue Airways Corp. (a) | 624 | 13,179 | ||||||
| Johnson & Johnson | 364 | 39,385 | ||||||
| Lockheed Martin Corp. | 37 | 8,196 | ||||||
| Lowe’s Cos., Inc. | 84 | 6,363 | ||||||
| Marsh & McLennan Cos., Inc. | 133 | 8,085 | ||||||
| MasterCard, Inc., Class A | 80 | 7,560 | ||||||
| McDonald’s Corp. | 238 | 29,912 | ||||||
| McGraw Hill Financial, Inc. | 169 | 16,728 | ||||||
| MetLife, Inc. | 181 | 7,953 | ||||||
| Mettler-Toledo International, Inc. (a) | 23 | 7,929 | ||||||
| Monsanto Co. | 77 | 6,756 | ||||||
| Motorola Solutions, Inc. | 78 | 5,905 | ||||||
| National Fuel Gas Co. | 219 | 10,961 | ||||||
| NIKE, Inc., Class B | 338 | 20,777 | ||||||
| Nordstrom, Inc. | 112 | 6,408 | ||||||
| Northrop Grumman Corp. | 40 | 7,916 | ||||||
| O’Reilly Automotive, Inc. (a) | 68 | 18,609 | ||||||
| Orbital ATK, Inc. | 80 | 6,955 | ||||||
| PepsiCo, Inc. | 375 | 38,430 | ||||||
| PerkinElmer, Inc. | 118 | 5,836 | ||||||
| Pinnacle Entertainment, Inc. (a) | 237 | 8,319 | ||||||
| Pinnacle West Capital Corp. | 134 | 10,059 | ||||||
| Premier, Inc., Class A (a) | 437 | 14,578 | ||||||
| Public Service Enterprise Group, Inc. | 557 | 26,257 | ||||||
| PVH Corp. | 73 | 7,231 | ||||||
| Rockwell Automation, Inc. | 99 | 11,261 | ||||||
| Rockwell Collins, Inc. | 174 | 16,045 | ||||||
| Ross Stores, Inc. | 181 | 10,480 | ||||||
| Simon Property Group, Inc. REIT | 68 | 14,123 | ||||||
| Skyworks Solutions, Inc. | 90 | 7,011 | ||||||
| Spirit AeroSystems Holdings, Inc., Class A (a) | 112 | 5,080 | ||||||
| Starbucks Corp. | 285 | 17,014 | ||||||
| Target Corp. | 106 | 8,722 | ||||||
| Description | Shares | Value | ||||||
| The Clorox Co. | 141 | $ | 17,774 | |||||
| The Estee Lauder Cos., Inc., Class A | 70 | 6,602 | ||||||
| The Kroger Co. | 839 | 32,092 | ||||||
| The Southern Co. | 542 | 28,038 | ||||||
| The TJX Cos., Inc. | 280 | 21,938 | ||||||
| The Walt Disney Co. | 165 | 16,386 | ||||||
| Thermo Fisher Scientific, Inc. | 152 | 21,522 | ||||||
| Time Warner, Inc. | 205 | 14,873 | ||||||
| Time, Inc. | 410 | 6,330 | ||||||
| Triumph Group, Inc. | 235 | 7,398 | ||||||
| Tyson Foods, Inc., Class A | 282 | 18,798 | ||||||
| UnitedHealth Group, Inc. | 49 | 6,316 | ||||||
| Verizon Communications, Inc. | 682 | 36,883 | ||||||
| Visa, Inc., Class A | 85 | 6,501 | ||||||
| Waters Corp. (a) | 114 | 15,039 | ||||||
| Wyndham Worldwide Corp. | 111 | 8,484 | ||||||
| Xcel Energy, Inc. | 472 | 19,739 | ||||||
| 1,243,479 | ||||||||
| Total Common Stocks (Identified cost $2,434,599) | 2,525,677 | |||||||
| Short-Term Investment | 3.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $86,686) | 86,686 | 86,686 | ||||||
| Total Investments | 101.2% (Identified cost $2,521,285) (b) | $ | 2,612,363 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.2)% | (30,119 | ) | ||||||
| Net Assets | 100.0% | $ | 2,582,244 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 96.0% | ||||||||
| Argentina | 0.8% | ||||||||
| YPF SA Sponsored ADR | 4,347,081 | $ | 77,725,808 | |||||
| Brazil | 9.4% | ||||||||
| Ambev SA ADR | 29,576,540 | 153,206,477 | ||||||
| Banco do Brasil SA | 31,793,234 | 174,809,071 | ||||||
| BB Seguridade Participacoes SA | 20,242,100 | 167,199,358 | ||||||
| CCR SA | 32,846,934 | 128,166,669 | ||||||
| CEMIG SA Sponsored ADR | 6,438,240 | 14,550,422 | ||||||
| Cielo SA | 19,539,805 | 190,037,123 | ||||||
| Localiza Rent a Car SA | 8,173,507 | 67,558,474 | ||||||
| Natura Cosmeticos SA | 5,497,278 | 40,576,185 | ||||||
| Via Varejo SA | 10,905,055 | 16,892,956 | ||||||
| 952,996,735 | ||||||||
| China | 16.0% | ||||||||
| AAC Technologies Holdings, Inc. | 12,541,500 | 95,952,616 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 1,765,239 | 336,948,820 | ||||||
| China Construction Bank Corp., Class H | 639,234,220 | 408,722,274 | ||||||
| China Mobile, Ltd. Sponsored ADR | 4,800,704 | 266,199,037 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 43,573,110 | 68,639,858 | ||||||
| CNOOC, Ltd. | 102,966,000 | 121,716,594 | ||||||
| NetEase, Inc. ADR | 1,656,604 | 237,855,202 | ||||||
| Weichai Power Co., Ltd., Class H † | 70,802,644 | 78,950,012 | ||||||
| 1,614,984,413 | ||||||||
| Egypt | 0.9% | ||||||||
| Commercial International Bank Egypt SAE GDR | 24,456,038 | 86,818,935 | ||||||
| Hong Kong | 0.5% | ||||||||
| Huabao International Holdings, Ltd. (a) | 127,346,000 | 47,935,225 | ||||||
| Hungary | 1.8% | ||||||||
| OTP Bank Nyrt. | 7,151,178 | 179,559,091 | ||||||
| India | 9.6% | ||||||||
| Axis Bank, Ltd. | 26,963,374 | 181,391,266 | ||||||
| Bajaj Auto, Ltd. | 2,438,990 | 88,475,423 | ||||||
| Bharat Heavy Electricals, Ltd. | 23,730,934 | 40,780,404 | ||||||
| HCL Technologies, Ltd. | 11,078,594 | 136,076,535 | ||||||
| Hero MotoCorp, Ltd. | 3,378,411 | 149,987,215 | ||||||
| Punjab National Bank | 57,541,495 | 73,770,591 | ||||||
| Tata Consultancy Services, Ltd. | 7,682,828 | 293,518,892 | ||||||
| 964,000,326 | ||||||||
| Indonesia | 7.8% | ||||||||
| PT Astra International Tbk | 234,526,500 | 128,229,044 | ||||||
| PT Bank Mandiri (Persero) Tbk | 265,612,321 | 206,320,280 | ||||||
| PT Semen Indonesia (Persero) Tbk | 107,647,400 | 82,602,737 | ||||||
| Description | Shares | Value | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 5,704,255 | $ | 290,061,367 | |||||
| PT United Tractors Tbk | 65,794,484 | 75,916,712 | ||||||
| 783,130,140 | ||||||||
| Macau | 0.7% | ||||||||
| Wynn Macau, Ltd. (a) | 48,370,800 | 74,825,759 | ||||||
| Malaysia | 0.6% | ||||||||
| British American Tobacco Malaysia Berhad | 4,623,500 | 64,040,482 | ||||||
| Mexico | 2.7% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 4,803,800 | 74,603,014 | ||||||
| Grupo Mexico SAB de CV, Series B | 40,099,747 | 96,738,030 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 42,350,795 | 102,315,612 | ||||||
| Telesites SAB de CV (a) | 4,663,800 | 2,631,919 | ||||||
| 276,288,575 | ||||||||
| Pakistan | 1.8% | ||||||||
| Habib Bank, Ltd. | 40,908,300 | 66,914,932 | ||||||
| Oil & Gas Development Co., Ltd. | 37,613,749 | 41,190,880 | ||||||
| Pakistan Petroleum, Ltd. | 58,903,102 | 71,996,430 | ||||||
| 180,102,242 | ||||||||
| Philippines | 1.3% | ||||||||
| Philippine Long Distance Telephone Co. Sponsored ADR | 3,102,750 | 134,380,103 | ||||||
| Russia | 8.5% | ||||||||
| ALROSA PAO (a) | 63,152,611 | 65,911,433 | ||||||
| Gazprom PAO Sponsored ADR | 32,869,932 | 141,768,016 | ||||||
| Lukoil PJSC Sponsored ADR | 4,206,448 | 161,590,700 | ||||||
| Magnit PJSC Sponsored GDR | 532,300 | 21,265,385 | ||||||
| Magnit PJSC Sponsored GDR (c), (d) | 1,211,865 | 48,414,007 | ||||||
| MegaFon OAO GDR | 825,494 | 9,080,434 | ||||||
| MegaFon OAO GDR (c), (d) | 4,619,460 | 50,814,060 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 13,728,043 | 111,059,868 | ||||||
| Sberbank of Russia PJSC (a) | 153,717,390 | 251,173,600 | ||||||
| 861,077,503 | ||||||||
| South Africa | 7.8% | ||||||||
| Imperial Holdings, Ltd. | 7,039,498 | 71,712,167 | ||||||
| Nedbank Group, Ltd. | 5,967,363 | 78,513,945 | ||||||
| PPC, Ltd. † | 33,597,210 | 27,762,998 | ||||||
| Sanlam, Ltd. | 20,556,325 | 95,362,133 | ||||||
| Shoprite Holdings, Ltd. | 12,211,501 | 143,605,846 | ||||||
| Standard Bank Group, Ltd. | 9,941,201 | 89,205,677 | ||||||
| The Bidvest Group, Ltd. | 3,974,408 | 100,411,764 | ||||||
| Vodacom Group, Ltd. | 8,036,959 | 87,387,895 | ||||||
| Woolworths Holdings, Ltd. | 15,636,026 | 94,967,908 | ||||||
| 788,930,333 | ||||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| South Korea | 12.8% | ||||||||
| Coway Co., Ltd. | 1,474,402 | $ | 124,413,950 | |||||
| Hanwha Life Insurance Co., Ltd. | 24,280,633 | 142,252,747 | ||||||
| Hyundai Mobis Co., Ltd. | 785,515 | 171,032,909 | ||||||
| KB Financial Group, Inc. | 3,469,642 | 96,631,775 | ||||||
| KT&G Corp. | 797,333 | 76,693,450 | ||||||
| Samsung Electronics Co., Ltd. | 271,726 | 311,738,818 | ||||||
| Shinhan Financial Group Co., Ltd. | 6,440,002 | 228,069,326 | ||||||
| SK Hynix, Inc. | 5,504,868 | 135,503,702 | ||||||
| 1,286,336,677 | ||||||||
| Taiwan | 5.6% | ||||||||
| Hon Hai Precision Industry Co., Ltd. | 41,045,120 | 108,147,718 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 90,097,284 | 453,509,819 | ||||||
| 561,657,537 | ||||||||
| Thailand | 2.8% | ||||||||
| CP All Public Co. Ltd. (c) | 58,381,800 | 75,922,892 | ||||||
| Kasikornbank Public Co. Ltd. | 16,848,754 | 83,812,733 | ||||||
| PTT Exploration & Production Public Co. Ltd. (c) | 26,767,570 | 53,451,444 | ||||||
| The Siam Cement Public Co. Ltd. | 5,384,900 | 71,635,395 | ||||||
| 284,822,464 | ||||||||
| Turkey | 4.6% | ||||||||
| Akbank TAS | 45,677,621 | 130,007,282 | ||||||
| KOC Holding AS | 22,646,033 | 115,006,293 | ||||||
| Turkcell Iletisim Hizmetleri AS | 27,822,366 | 117,004,414 | ||||||
| Turkiye Is Bankasi AS, C Shares | 60,153,963 | 99,480,967 | ||||||
| 461,498,956 | ||||||||
| Total Common
Stocks (Identified cost $11,169,802,847) | 9,681,111,304 | |||||||
| Short-Term Investment | 3.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $337,239,898) | 337,239,898 | 337,239,898 | ||||||
| Total Investments | 99.3% (Identified cost $11,507,042,745) (b) | $ | 10,018,351,202 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 66,962,968 | |||||||
| Net Assets | 100.0% | $ | 10,085,314,170 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 97.8% | ||||||||
| Brazil | 2.4% | ||||||||
| Braskem SA A Shares | 146,100 | $ | 951,205 | |||||
| CCR SA | 217,000 | 846,721 | ||||||
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 104,965 | 876,934 | ||||||
| 2,674,860 | ||||||||
| China | 22.9% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (a) | 22,100 | 1,746,563 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 7,754 | 1,480,084 | ||||||
| China Lesso Group Holdings, Ltd. | 2,046,000 | 1,097,199 | ||||||
| China Mobile, Ltd. Sponsored ADR | 42,100 | 2,334,445 | ||||||
| CT Environmental Group, Ltd. | 4,664,000 | 1,364,806 | ||||||
| ENN Energy Holdings, Ltd. | 320,000 | 1,765,551 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 6,995,633 | 3,922,861 | ||||||
| Lenovo Group, Ltd. | 1,208,000 | 943,683 | ||||||
| NetEase, Inc. ADR | 11,700 | 1,679,886 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,031,180 | 1,892,915 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 553,000 | 2,648,321 | ||||||
| Tencent Holdings, Ltd. | 131,600 | 2,688,882 | ||||||
| Vipshop Holdings, Ltd. ADR (a) | 103,705 | 1,335,720 | ||||||
| 24,900,916 | ||||||||
| Czech Republic | 0.8% | ||||||||
| Komercni banka AS | 3,988 | 880,812 | ||||||
| Hong Kong | 2.0% | ||||||||
| Haier Electronics Group Co., Ltd. | 482,000 | 836,332 | ||||||
| Techtronic Industries Co., Ltd. | 337,500 | 1,335,669 | ||||||
| 2,172,001 | ||||||||
| India | 11.1% | ||||||||
| Aurobindo Pharma, Ltd. | 96,965 | 1,090,852 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 22,933 | 1,036,342 | ||||||
| HDFC Bank, Ltd. ADR | 45,969 | 2,833,069 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 296,400 | 2,122,224 | ||||||
| Motherson Sumi Systems, Ltd. | 218,655 | 868,380 | ||||||
| Sun Pharmaceutical Industries, Ltd. | 64,999 | 810,837 | ||||||
| Tata Motors, Ltd. Sponsored ADR (a) | 66,257 | 1,924,766 | ||||||
| UPL, Ltd. | 191,946 | 1,385,484 | ||||||
| 12,071,954 | ||||||||
| Indonesia | 2.8% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,948,900 | 1,513,851 | ||||||
| Description | Shares | Value | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 30,000 | $ | 1,525,500 | |||||
| 3,039,351 | ||||||||
| Mexico | 11.2% | ||||||||
| Alsea SAB de CV | 434,800 | 1,632,027 | ||||||
| Arca Continental SAB de CV | 190,200 | 1,320,281 | ||||||
| Fibra Uno Administracion SA de CV REIT | 478,900 | 1,114,014 | ||||||
| Gruma SAB de CV, Class B | 153,223 | 2,429,890 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 19,000 | 1,685,490 | ||||||
| Grupo Bimbo SAB de CV, Series A (a) | 417,802 | 1,235,960 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 252,500 | 1,430,923 | ||||||
| Wal-Mart de Mexico SAB de CV | 576,471 | 1,364,673 | ||||||
| 12,213,258 | ||||||||
| Peru | 1.2% | ||||||||
| Credicorp, Ltd. | 9,650 | 1,264,247 | ||||||
| Philippines | 2.8% | ||||||||
| BDO Unibank, Inc. | 813,590 | 1,807,585 | ||||||
| GT Capital Holdings, Inc. | 43,045 | 1,299,437 | ||||||
| 3,107,022 | ||||||||
| Russia | 1.5% | ||||||||
| Magnit PJSC Sponsored GDR | 40,067 | 1,600,677 | ||||||
| South Africa | 4.9% | ||||||||
| FirstRand, Ltd. | 391,308 | 1,282,030 | ||||||
| Mondi PLC | 115,594 | 2,218,051 | ||||||
| Naspers, Ltd., N Shares | 13,450 | 1,877,602 | ||||||
| 5,377,683 | ||||||||
| South Korea | 11.3% | ||||||||
| Amorepacific Corp. | 4,513 | 1,525,249 | ||||||
| Cuckoo Electronics Co., Ltd. | 4,952 | 868,202 | ||||||
| Dongbu Insurance Co., Ltd. | 27,295 | 1,811,552 | ||||||
| Hyundai Department Store Co., Ltd. | 8,820 | 1,060,467 | ||||||
| KEPCO Plant Service & Engineering Co., Ltd. | 16,789 | 941,041 | ||||||
| Samsung Electronics Co., Ltd. | 3,715 | 4,262,050 | ||||||
| SK Hynix, Inc. | 73,031 | 1,797,676 | ||||||
| 12,266,237 | ||||||||
| Taiwan | 12.8% | ||||||||
| Advanced Semiconductor Engineering, Inc. ADR | 322,900 | 1,888,965 | ||||||
| Delta Electronics, Inc. | 186,669 | 823,608 | ||||||
| Far EasTone Telecommunications Co., Ltd. | 598,000 | 1,339,665 | ||||||
| Hermes Microvision, Inc. | 17,000 | 485,956 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 440,000 | 1,159,334 | ||||||
| Largan Precision Co., Ltd. | 22,000 | 1,705,506 | ||||||
| Mega Financial Holding Co., Ltd. | 2,238,186 | 1,592,545 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 187,749 | $ | 4,919,024 | |||||
| 13,914,603 | ||||||||
| Thailand | 4.8% | ||||||||
| Bangkok Bank Public Co. Ltd. | 161,400 | 834,986 | ||||||
| Bangkok Dusit Medical Services Public Co. Ltd., Class F | 1,802,589 | 1,188,745 | ||||||
| Kasikornbank Public Co. Ltd. | 376,900 | 1,874,858 | ||||||
| Thai Oil Public Co. Ltd. | 666,500 | 1,311,971 | ||||||
| 5,210,560 | ||||||||
| Turkey | 3.1% | ||||||||
| KOC Holding AS | 225,525 | 1,145,313 | ||||||
| TAV Havalimanlari Holding AS | 190,808 | 1,138,293 | ||||||
| Turk Traktor ve Ziraat Makineleri AS | 35,269 | 1,050,760 | ||||||
| 3,334,366 | ||||||||
| United Arab Emirates | 0.7% | ||||||||
| Emaar Properties PJSC | 490,145 | 803,341 | ||||||
| United Kingdom | 1.5% | ||||||||
| Unilever NV | 35,600 | 1,590,608 | ||||||
| Total Common Stocks (Identified cost $111,124,577) | 106,422,496 | |||||||
| Preferred Stock | 1.2% | ||||||||
| Brazil | 1.2% | ||||||||
| Itau Unibanco Holding SA Sponsored ADR (Identified cost $1,218,986) | 152,561 | 1,310,499 | ||||||
| Short-Term Investment | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund
(Identified cost $177,948) | 177,948 | 177,948 | ||||||
| Total Investments | 99.2% (Identified cost $112,521,511) (b) | $ | 107,910,943 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.8% | 882,506 | |||||||
| Net Assets | 100.0% | $ | 108,793,449 | ||||||
| Description | Shares | Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Argentina | 0.9% | ||||||||
| YPF SA Sponsored ADR | 173,820 | $ | 3,107,902 | |||||
| Brazil | 4.1% | ||||||||
| Cosan SA Industria e Comercio | 500,900 | 4,372,854 | ||||||
| Estacio Participacoes SA | 484,649 | 1,593,189 | ||||||
| Gerdau SA Sponsored ADR | 1,476,938 | 2,628,950 | ||||||
| Lojas Renner SA | 409,000 | 2,364,832 | ||||||
| Petroleo Brasileiro SA Sponsored ADR (a) | 614,900 | 2,785,497 | ||||||
| 13,745,322 | ||||||||
| Canada | 1.0% | ||||||||
| First Quantum Minerals, Ltd. | 668,230 | 3,519,302 | ||||||
| China | 28.7% | ||||||||
| AAC Technologies Holdings, Inc. | 600,200 | 4,592,015 | ||||||
| Agricultural Bank of China, Ltd., Class H | 8,340,500 | 2,999,735 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (a) | 99,710 | 7,880,081 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 2,904,000 | 7,786,577 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 45,750 | 8,732,760 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 2,994,889 | 3,100,151 | ||||||
| China Construction Bank Corp., Class H | 4,344,184 | 2,777,644 | ||||||
| China Medical System Holdings, Ltd. | 4,148,000 | 5,753,573 | ||||||
| China Merchants Bank Co., Ltd., Class H | 1,161,211 | 2,439,975 | ||||||
| China State Construction International Holdings, Ltd. | 7,041,340 | 10,493,002 | ||||||
| CNOOC, Ltd. | 4,875,000 | 5,762,761 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR | 186,114 | 6,437,683 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 2,110,000 | 10,104,804 | ||||||
| Tencent Holdings, Ltd. | 373,700 | 7,635,526 | ||||||
| Vipshop Holdings, Ltd. ADR (a) | 478,884 | 6,168,026 | ||||||
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 819,931 | 4,777,518 | ||||||
| 97,441,831 | ||||||||
| Colombia | 3.1% | ||||||||
| Bancolombia SA Sponsored ADR | 197,842 | 6,762,240 | ||||||
| Cemex Latam Holdings SA (a) | 865,001 | 3,718,872 | ||||||
| 10,481,112 | ||||||||
| Hong Kong | 2.8% | ||||||||
| Melco Crown Entertainment, Ltd. ADR | 199,800 | 3,298,698 | ||||||
| SMI Holdings Group, Ltd. | 21,616,000 | 2,117,754 | ||||||
| Techtronic Industries Co., Ltd. | 1,060,000 | 4,194,989 | ||||||
| 9,611,441 | ||||||||
| Description | Shares | Value | ||||||
| India | 12.5% | ||||||||
| Adani Ports & Special Economic Zone, Ltd. | 818,732 | $ | 3,069,820 | |||||
| Aurobindo Pharma, Ltd. | 851,944 | 9,584,330 | ||||||
| Glenmark Pharmaceuticals, Ltd. | 534,852 | 6,420,889 | ||||||
| HDFC Bank, Ltd. ADR | 157,155 | 9,685,463 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 619,075 | 4,432,577 | ||||||
| Reliance Industries, Ltd. | 263,475 | 4,157,671 | ||||||
| Shriram Transport Finance Co., Ltd. | 361,783 | 5,239,154 | ||||||
| 42,589,904 | ||||||||
| Indonesia | 2.0% | ||||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 8,036,500 | 6,924,360 | ||||||
| Mexico | 2.7% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 1,630,257 | 9,238,703 | ||||||
| Peru | 2.2% | ||||||||
| Credicorp, Ltd. | 57,455 | 7,527,179 | ||||||
| Poland | 0.8% | ||||||||
| Eurocash SA | 189,016 | 2,702,617 | ||||||
| Russia | 10.6% | ||||||||
| ALROSA PAO (a) | 2,679,479 | 2,796,532 | ||||||
| Novatek OAO Sponsored GDR | 69,646 | 6,257,693 | ||||||
| Sberbank of Russia PJSC (a) | 7,420,564 | 12,125,172 | ||||||
| TMK PAO GDR | 536,710 | 1,626,231 | ||||||
| X5 Retail Group NV GDR (a) | 347,214 | 7,360,937 | ||||||
| Yandex NV Class A (a) | 370,725 | 5,679,507 | ||||||
| 35,846,072 | ||||||||
| South Africa | 2.6% | ||||||||
| Petra Diamonds, Ltd. | 1,905,357 | 2,880,237 | ||||||
| Standard Bank Group, Ltd. | 673,816 | 6,046,373 | ||||||
| 8,926,610 | ||||||||
| South Korea | 7.1% | ||||||||
| CJ CGV Co., Ltd. | 50,484 | 4,357,092 | ||||||
| Hansae Co., Ltd. | 131,742 | 6,531,804 | ||||||
| Korea Aerospace Industries, Ltd. | 108,130 | 6,164,810 | ||||||
| Samlip General Foods Co., Ltd. | 10,266 | 1,921,060 | ||||||
| Samsung Electronics Co., Ltd. | 4,480 | 5,139,699 | ||||||
| 24,114,465 | ||||||||
| Taiwan | 10.0% | ||||||||
| Advanced Semiconductor Engineering, Inc. | 4,641,000 | 5,400,368 | ||||||
| Catcher Technology Co., Ltd. | 395,000 | 3,240,119 | ||||||
| Hiwin Technologies Corp. | 459,505 | 2,034,535 | ||||||
| Hota Industrial Manufacturing Co., Ltd. | 864,817 | 3,761,943 | ||||||
| Largan Precision Co., Ltd. | 71,000 | 5,504,133 | ||||||
| Silicon Motion Technology Corp. ADR | 184,800 | 7,172,088 | ||||||
| Description | Shares | Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,384,000 | $ | 6,966,443 | |||||
| 34,079,629 | ||||||||
| Turkey | 5.1% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 814,261 | 5,288,160 | ||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 5,189,204 | 5,285,334 | ||||||
| Turkiye Garanti Bankasi AS | 2,256,223 | 6,597,799 | ||||||
| 17,171,293 | ||||||||
| United States | 1.3% | ||||||||
| Freeport-McMoRan, Inc. | 436,220 | 4,510,515 | ||||||
| Total Common Stocks (Identified cost $342,962,058) |
331,538,257 | |||||||
| Preferred Stock | 1.3% | ||||||||
| Brazil | 1.3% | ||||||||
| Banco Bradesco SA ADR (Identified cost $6,145,160) | 605,855 | 4,513,620 | ||||||
| Short-Term Investment | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $4,331,125) | 4,331,125 | 4,331,125 | ||||||
| Total Investments | 100.1% (Identified cost $353,438,343) (b) |
$ | 340,383,002 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (334,200 | ) | ||||||
| Net Assets | 100.0% | $ | 340,048,802 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.5% | ||||||||
| Brazil | 3.2% | ||||||||
| Ambev SA ADR | 5,400 | $ | 27,972 | |||||
| Banco do Brasil SA | 1,100 | 6,048 | ||||||
| BB Seguridade Participacoes SA | 3,000 | 24,780 | ||||||
| BM&FBovespa SA | 1,700 | 7,271 | ||||||
| Braskem SA Sponsored ADR | 900 | 11,619 | ||||||
| JBS SA Sponsored ADR | 1,400 | 8,498 | ||||||
| Kroton Educacional SA | 1,700 | 5,428 | ||||||
| 91,616 | ||||||||
| Chile | 1.9% | ||||||||
| Banco Santander Chile ADR | 273 | 5,283 | ||||||
| Cia Cervecerias Unidas SA Sponsored ADR | 500 | 11,225 | ||||||
| Enersis Americas SA Sponsored ADR | 2,687 | 37,349 | ||||||
| 53,857 | ||||||||
| China | 23.2% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (a) | 400 | 31,612 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 70 | 13,362 | ||||||
| Bank of China, Ltd., Class H | 27,000 | 11,207 | ||||||
| Bank of Chongqing Co., Ltd., Class H | 6,000 | 4,857 | ||||||
| China Construction Bank Corp., Class H | 124,000 | 79,285 | ||||||
| China Everbright, Ltd. | 4,000 | 8,353 | ||||||
| China Lesso Group Holdings, Ltd. | 19,000 | 10,189 | ||||||
| China Life Insurance Co., Ltd., Class H | 6,000 | 14,804 | ||||||
| China Lilang, Ltd. | 8,000 | 4,899 | ||||||
| China Lodging Group, Ltd. Sponsored ADR | 200 | 7,642 | ||||||
| China Mengniu Dairy Co., Ltd. | 3,000 | 4,780 | ||||||
| China Merchants Bank Co., Ltd., Class H | 6,500 | 13,658 | ||||||
| China Mobile, Ltd. | 6,000 | 66,827 | ||||||
| China Overseas Land & Investment, Ltd. | 10,000 | 31,647 | ||||||
| China Petroleum & Chemical Corp. Class H | 18,000 | 11,834 | ||||||
| China Railway Construction Corp., Ltd., Class H | 4,000 | 4,759 | ||||||
| China Railway Group, Ltd., Class H | 8,000 | 6,054 | ||||||
| China Resources Land, Ltd. | 4,000 | 10,241 | ||||||
| China State Construction International Holdings, Ltd. | 2,000 | 2,980 | ||||||
| China Telecom Corp., Ltd. Class H | 18,000 | 9,514 | ||||||
| China Unicom Hong Kong, Ltd. | 12,000 | 15,840 | ||||||
| Chongqing Rural Commercial Bank Co., Ltd., Class H | 8,000 | 4,228 | ||||||
| CNOOC, Ltd. | 20,000 | 23,642 | ||||||
| Dali Foods Group Co., Ltd. | 11,000 | 6,650 | ||||||
| Dongfeng Motor Group Co., Ltd., Class H | 6,000 | 7,479 | ||||||
| Evergrande Real Estate Group, Ltd. | 7,000 | 5,396 | ||||||
| Description | Shares | Value | ||||||
| GF Securities Co., Ltd., Class H (a) | 2,600 | $ | 6,348 | |||||
| Great Wall Motor Co., Ltd. Class H | 11,500 | 9,340 | ||||||
| Guangzhou R&F Properties Co., Ltd., Class H | 4,000 | 5,713 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 65,000 | 36,449 | ||||||
| Longfor Properties Co., Ltd. | 3,000 | 4,270 | ||||||
| NetEase, Inc. ADR | 28 | 4,020 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR | 200 | 6,918 | ||||||
| PetroChina Co., Ltd., Class H | 10,000 | 6,652 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 4,000 | 7,343 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 4,500 | 21,551 | ||||||
| Shenzhou International Group Holdings, Ltd. | 2,000 | 10,893 | ||||||
| Sunny Optical Technology Group Co., Ltd. | 2,000 | 5,595 | ||||||
| Tencent Holdings, Ltd. | 5,000 | 102,161 | ||||||
| The People’s Insurance Co. Group of China, Ltd., Class H |
25,000 | 10,571 | ||||||
| Tianneng Power International, Ltd. (a) | 10,000 | 8,933 | ||||||
| TravelSky Technology, Ltd. Class H | 4,000 | 6,569 | ||||||
| Zijin Mining Group Co., Ltd. Class H | 18,000 | 5,523 | ||||||
| 670,588 | ||||||||
| Colombia | 0.5% | ||||||||
| Almacenes Exito SA | 1,044 | 5,456 | ||||||
| Ecopetrol SA Sponsored ADR | 900 | 7,749 | ||||||
| 13,205 | ||||||||
| Egypt | 0.4% | ||||||||
| Commercial International Bank Egypt SAE ADR | 3,250 | 11,537 | ||||||
| Greece | 0.6% | ||||||||
| Hellenic Telecommunications Organization SA | 615 | 5,563 | ||||||
| JUMBO SA (a) | 616 | 8,341 | ||||||
| Motor Oil (Hellas) Corinth Refineries SA | 418 | 4,500 | ||||||
| 18,404 | ||||||||
| Hong Kong | 1.1% | ||||||||
| Lee & Man Paper Manufacturing, Ltd. | 9,000 | 6,126 | ||||||
| Shimao Property Holdings, Ltd. | 7,500 | 11,060 | ||||||
| Sino Biopharmaceutical, Ltd. | 6,000 | 4,486 | ||||||
| Tongda Group Holdings, Ltd. | 50,000 | 9,991 | ||||||
| 31,663 | ||||||||
| Hungary | 1.6% | ||||||||
| MOL Hungarian Oil & Gas Nyrt. | 521 | 31,335 | ||||||
| Richter Gedeon Nyrt. | 667 | 13,297 | ||||||
| 44,632 |
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| India | 6.4% | ||||||||
| Axis Bank, Ltd. GDR | 193 | $ | 6,533 | |||||
| Cipla, Ltd. GDR | 668 | 5,164 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 460 | 20,787 | ||||||
| HDFC Bank, Ltd. ADR | 400 | 24,652 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 800 | 5,728 | ||||||
| Infosys, Ltd. Sponsored ADR | 2,600 | 49,452 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (d) | 813 | 24,919 | ||||||
| State Bank of India GDR | 166 | 4,864 | ||||||
| Tata Motors, Ltd. Sponsored ADR (a) | 606 | 17,604 | ||||||
| Tata Steel, Ltd. GDR | 1,034 | 4,612 | ||||||
| Wipro, Ltd. ADR | 500 | 6,290 | ||||||
| WNS Holdings, Ltd. ADR (a) | 500 | 15,320 | ||||||
| 185,925 | ||||||||
| Indonesia | 2.6% | ||||||||
| Bank Central Asia Tbk PT | 5,600 | 5,617 | ||||||
| Bank Negara Indonesia Persero Tbk PT | 12,400 | 4,863 | ||||||
| Bank Tabungan Negara Persero Tbk PT | 39,300 | 5,172 | ||||||
| PT Bank Mandiri (Persero) Tbk ADR | 1,900 | 14,691 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 22,500 | 19,386 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 400 | 20,340 | ||||||
| PT United Tractors Tbk | 3,900 | 4,500 | ||||||
| 74,569 | ||||||||
| Malaysia | 3.8% | ||||||||
| AirAsia Berhad | 12,100 | 5,675 | ||||||
| Astro Malaysia Holdings Berhad | 10,400 | 7,970 | ||||||
| Cahya Mata Sarawak Berhad | 4,000 | 4,870 | ||||||
| Dialog Group Berhad | 11,900 | 4,880 | ||||||
| Inari Amertron Berhad | 6,750 | 5,571 | ||||||
| MISC Berhad | 4,800 | 10,950 | ||||||
| My EG Services Berhad | 22,400 | 12,287 | ||||||
| Tenaga Nasional Berhad Sponsored ADR | 2,783 | 39,352 | ||||||
| Top Glove Corp. Berhad | 7,200 | 9,264 | ||||||
| VS Industry Berhad | 14,000 | 4,306 | ||||||
| Westports Holdings Berhad | 4,800 | 5,081 | ||||||
| 110,206 | ||||||||
| Mexico | 4.9% | ||||||||
| Alfa SAB de CV, Series A | 4,500 | 9,056 | ||||||
| America Movil SAB de CV, Series L | 26,800 | 20,848 | ||||||
| Controladora Vuela Cia de Aviacion SAB de CV ADR (a) | 372 | 7,838 | ||||||
| Fomento Economico Mexicano SAB de CV Sponsored ADR | 100 | 9,631 | ||||||
| Gentera SAB de CV | 12,600 | 24,869 | ||||||
| Gruma SAB de CV, Class B | 340 | 5,392 | ||||||
| Description | Shares | Value | ||||||
| Grupo Lala SAB de CV | 2,000 | $ | 5,436 | |||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 4,900 | 11,838 | ||||||
| Megacable Holdings SAB de CV | 1,000 | 4,150 | ||||||
| Nemak SAB de CV | 5,500 | 7,907 | ||||||
| Promotora y Operadora de Infraestructura SAB de CV | 1,700 | 22,533 | ||||||
| Wal-Mart de Mexico SAB de CV | 4,500 | 10,653 | ||||||
| 140,151 | ||||||||
| Peru | 0.9% | ||||||||
| Credicorp, Ltd. | 200 | 26,202 | ||||||
| Philippines | 1.8% | ||||||||
| BDO Unibank, Inc. | 6,300 | 13,997 | ||||||
| DMCI Holdings, Inc. | 26,600 | 7,741 | ||||||
| Globe Telecom, Inc. | 335 | 16,152 | ||||||
| JG Summit Holdings, Inc. | 8,770 | 15,113 | ||||||
| 53,003 | ||||||||
| Poland | 1.7% | ||||||||
| Ciech SA (a) | 279 | 5,238 | ||||||
| Enea SA | 3,196 | 10,210 | ||||||
| Energa SA | 1,830 | 6,430 | ||||||
| Polski Koncern Naftowy ORLEN SA | 533 | 10,557 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 4,919 | 7,014 | ||||||
| Tauron Polska Energia SA | 12,155 | 9,805 | ||||||
| 49,254 | ||||||||
| Russia | 2.8% | ||||||||
| Gazprom PAO Sponsored ADR | 2,500 | 10,782 | ||||||
| Lukoil PJSC Sponsored ADR | 289 | 11,102 | ||||||
| MMC Norilsk Nickel PJSC ADR | 603 | 7,785 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 608 | 4,919 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 4,837 | 33,665 | ||||||
| Tatneft PAO Sponsored ADR | 437 | 13,914 | ||||||
| 82,167 | ||||||||
| South Africa | 5.5% | ||||||||
| AVI, Ltd. | 811 | 4,772 | ||||||
| Barclays Africa Group, Ltd. | 533 | 5,401 | ||||||
| Capitec Bank Holdings, Ltd. | 297 | 11,528 | ||||||
| Clicks Group, Ltd. | 2,112 | 13,902 | ||||||
| FirstRand, Ltd. | 4,445 | 14,563 | ||||||
| Mr. Price Group, Ltd. | 732 | 8,797 | ||||||
| MTN Group, Ltd. | 658 | 6,026 | ||||||
| Naspers, Ltd., N Shares | 241 | 33,643 | ||||||
| Sasol, Ltd. | 1,164 | 34,812 | ||||||
| The Bidvest Group, Ltd. | 228 | 5,760 | ||||||
| Truworths International, Ltd. | 1,200 | 7,983 | ||||||
| Vodacom Group, Ltd. | 489 | 5,317 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Woolworths Holdings, Ltd. | 795 | $ | 4,829 | |||||
| 157,333 | ||||||||
| South Korea | 17.7% | ||||||||
| Amorepacific Corp. | 50 | 16,898 | ||||||
| BGF Retail Co., Ltd. | 51 | 7,314 | ||||||
| BNK Financial Group, Inc. | 822 | 6,972 | ||||||
| CJ CGV Co., Ltd. | 44 | 3,797 | ||||||
| Coway Co., Ltd. | 130 | 10,970 | ||||||
| Daishin Securities Co., Ltd. | 496 | 5,205 | ||||||
| Dongbu Insurance Co., Ltd. | 171 | 11,349 | ||||||
| Hanwha Chemical Corp. | 220 | 4,800 | ||||||
| Hyosung Corp. | 112 | 14,103 | ||||||
| Hyundai Development Co-Engineering & Construction | 138 | 5,545 | ||||||
| Hyundai Engineering & Construction Co., Ltd. | 159 | 5,860 | ||||||
| Hyundai Marine & Fire Insurance Co., Ltd. | 170 | 4,935 | ||||||
| Hyundai Motor Co. | 173 | 23,070 | ||||||
| Hyundai Steel Co. Sponsored GDR (a), (d) | 300 | 14,559 | ||||||
| Kangwon Land, Inc. | 256 | 9,156 | ||||||
| KB Financial Group, Inc. ADR (a) | 400 | 11,036 | ||||||
| Kia Motors Corp. | 104 | 4,392 | ||||||
| KIWOOM Securities Co., Ltd. | 102 | 5,958 | ||||||
| Korea Aerospace Industries, Ltd. | 98 | 5,587 | ||||||
| Korea Electric Power Corp. Sponsored ADR (a) | 1,600 | 41,200 | ||||||
| Korea PetroChemical Ind Co., Ltd. | 34 | 7,611 | ||||||
| KT&G Corp. GDR (a), (d) | 444 | 21,354 | ||||||
| LG Chem, Ltd. | 38 | 10,882 | ||||||
| LG Display Co., Ltd. ADR (a) | 776 | 8,870 | ||||||
| LG Electronics, Inc. | 97 | 5,225 | ||||||
| LG Household & Health Care, Ltd. | 6 | 4,958 | ||||||
| LG Uplus Corp. | 508 | 4,909 | ||||||
| Lotte Chemical Corp. | 65 | 19,410 | ||||||
| Naver Corp. | 15 | 8,355 | ||||||
| NCSoft Corp. | 53 | 11,748 | ||||||
| Samsung Electronics Co., Ltd. GDR | 223 | 126,999 | ||||||
| Samsung Fire & Marine Insurance Co., Ltd. | 62 | 15,993 | ||||||
| Shinhan Financial Group Co., Ltd. ADR (a) | 300 | 10,563 | ||||||
| SK Hynix, Inc. GDR (a) | 624 | 15,360 | ||||||
| SK Innovation Co., Ltd. | 45 | 6,768 | ||||||
| SK Telecom Co., Ltd. Sponsored ADR | 650 | 13,111 | ||||||
| Woori Bank | 781 | 6,461 | ||||||
| 511,283 | ||||||||
| Taiwan | 12.8% | ||||||||
| Advanced Semiconductor Engineering, Inc. | 5,000 | 5,818 | ||||||
| Catcher Technology Co., Ltd. | 2,000 | 16,406 | ||||||
| Description | Shares | Value | ||||||
| Chunghwa Telecom Co., Ltd. Sponsored ADR | 400 | $ | 13,504 | |||||
| Eclat Textile Co., Ltd. | 1,000 | 13,159 | ||||||
| Elite Material Co., Ltd. | 5,000 | 9,523 | ||||||
| Feng TAY Enterprise Co., Ltd. | 3,120 | 16,577 | ||||||
| FLEXium Interconnect, Inc. | 2,207 | 5,692 | ||||||
| Grape King Bio, Ltd. | 1,000 | 5,733 | ||||||
| Hon Hai Precision Industry Co., Ltd. GDR | 3,359 | 17,971 | ||||||
| Hotai Motor Co., Ltd. | 1,000 | 10,999 | ||||||
| Namchow Chemical Industrial Co., Ltd. | 3,000 | 5,816 | ||||||
| President Chain Store Corp. | 1,000 | 7,286 | ||||||
| Shin Zu Shing Co., Ltd. | 2,000 | 7,146 | ||||||
| St Shine Optical Co., Ltd. | 2,000 | 40,828 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 5,983 | 156,755 | ||||||
| Uni-President Enterprises Corp. | 3,000 | 5,267 | ||||||
| Vanguard International Semiconductor Corp. | 4,000 | 6,251 | ||||||
| Voltronic Power Technology Corp. | 1,050 | 16,541 | ||||||
| Zhen Ding Technology Holding, Ltd. | 4,000 | 8,948 | ||||||
| 370,220 | ||||||||
| Thailand | 4.2% | ||||||||
| Airports of Thailand Public Co. Ltd ADR | 123 | 14,055 | ||||||
| Bangkok Bank Public Co. Ltd NVDR | 3,600 | 18,420 | ||||||
| Beauty Community Public Co. Ltd NVDR | 32,524 | 4,992 | ||||||
| Delta Electronics Thailand Public Co. Ltd. (c) | 2,100 | 5,193 | ||||||
| Kasikornbank Public Co. Ltd. ADR | 572 | 11,223 | ||||||
| Pruksa Real Estate Public Co. Ltd. ADR | 543 | 8,107 | ||||||
| PTT Exploration & Production Public Co. Ltd. (c) | 2,700 | 5,392 | ||||||
| PTT Global Chemical Public Co. Ltd. ADR (c) | 734 | 6,311 | ||||||
| Srisawad Power 1979 Public Co. Ltd. NVDR | 5,800 | 6,966 | ||||||
| The Siam Cement Public Co. Ltd. | 2,400 | 31,927 | ||||||
| Tipco Asphalt Public Co. Ltd. NVDR | 13,100 | 9,309 | ||||||
| 121,895 | ||||||||
| Turkey | 1.9% | ||||||||
| Akbank TAS ADR | 1,693 | 9,616 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS ADR | 1,424 | 10,722 | ||||||
| Koza Altin Isletmeleri ADR | 522 | 3,350 | ||||||
| TAV Havalimanlari Holding AS ADR | 372 | 8,448 | ||||||
| Turk Hava Yollari AO ADR (a) | 152 | 4,074 | ||||||
| Turk Telekomunikasyon ADR | 2,817 | 12,451 | ||||||
| Turkiye Garanti Bankasi AS ADR | 2,056 | 6,003 | ||||||
| 54,664 | ||||||||
| Total Common Stocks | ||||||||
| (Identified cost $3,008,612) | 2,872,374 | |||||||
| Preferred Stocks | 1.6% | ||||||||
| Brazil | 1.4% | ||||||||
| Banco Bradesco SA ADR | 2,419 | 18,022 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Itau Unibanco Holding SA Sponsored ADR | 2,600 | $ | 22,334 | |||||
| 40,356 | ||||||||
| Colombia | 0.2% | ||||||||
| Banco Davivienda SA | 794 | 7,272 | ||||||
| Total Preferred Stocks (Identified cost $44,409) |
47,628 | |||||||
| Total Investments | 101.1% (Identified cost $3,053,021) (b) |
$ | 2,920,002 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.1)% | (31,950 | ) | ||||||
| Net Assets | 100.0% | $ | 2,888,052 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio | ||||||||
| Common Stocks | 96.2% | ||||||||
| Argentina | 1.1% | ||||||||
| YPF SA Sponsored ADR | 158,375 | $ | 2,831,745 | |||||
| Brazil | 5.8% | ||||||||
| Ambev SA ADR | 410,675 | 2,127,297 | ||||||
| Banco ABC Brasil SA | 385,719 | 1,319,468 | ||||||
| Banco do Brasil SA | 390,657 | 2,147,953 | ||||||
| CCR SA | 540,100 | 2,107,436 | ||||||
| Cielo SA Sponsored ADR | 276,396 | 2,661,693 | ||||||
| Estacio Participacoes SA | 263,600 | 866,534 | ||||||
| Iochpe Maxion SA | 456,700 | 1,606,735 | ||||||
| Localiza Rent a Car SA | 230,510 | 1,905,290 | ||||||
| Natura Cosmeticos SA | 75,395 | 556,501 | ||||||
| Tegma Gestao Logistica | 50,145 | 62,757 | ||||||
| 15,361,664 | ||||||||
| China | 24.5% | ||||||||
| AAC Technologies Holdings, Inc. | 412,640 | 3,157,030 | ||||||
| Agricultural Bank of China, Ltd., Class H | 7,969,726 | 2,866,383 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (a) | 41,494 | 3,279,271 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 779,500 | 2,090,095 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 44,592 | 8,511,721 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 2,133,373 | 2,208,355 | ||||||
| China Construction Bank Corp., Class H | 6,505,281 | 4,159,435 | ||||||
| China Lesso Group Holdings, Ltd. | 1,954,000 | 1,047,863 | ||||||
| China Medical System Holdings, Ltd. | 1,089,000 | 1,510,521 | ||||||
| China Mobile, Ltd. Sponsored ADR | 55,386 | 3,071,154 | ||||||
| China Pioneer Pharma Holdings, Ltd. | 2,136,000 | 558,964 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 1,147,500 | 1,807,634 | ||||||
| China State Construction International Holdings, Ltd. | 2,660,504 | 3,964,682 | ||||||
| CNOOC, Ltd. | 3,724,800 | 4,403,104 | ||||||
| Cosmo Lady China Holdings Co., Ltd. | 1,137,000 | 918,998 | ||||||
| CT Environmental Group, Ltd. | 3,368,801 | 985,798 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 2,374,679 | 1,129,582 | ||||||
| Minth Group, Ltd. | 592,000 | 1,372,139 | ||||||
| NetEase, Inc. ADR | 36,245 | 5,204,057 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR | 67,800 | 2,345,202 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 742,000 | 3,553,443 | ||||||
| Silergy Corp. | 46,427 | 633,279 | ||||||
| Tencent Holdings, Ltd. | 162,800 | 3,326,368 | ||||||
| Vipshop Holdings, Ltd. ADR (a) | 186,014 | 2,395,860 | ||||||
| 64,500,938 | ||||||||
| Description | Shares | Value | ||||||
| Colombia | 0.9% | ||||||||
| Bancolombia SA Sponsored ADR | 72,045 | $ | 2,462,498 | |||||
| Egypt | 0.5% | ||||||||
| Commercial International Bank Egypt SAE GDR | 402,051 | 1,427,281 | ||||||
| Georgia | 0.6% | ||||||||
| BGEO Group PLC | 49,642 | 1,445,929 | ||||||
| Hong Kong | 2.8% | ||||||||
| Man Wah Holdings, Ltd. | 1,244,000 | 1,579,586 | ||||||
| Pacific Textiles Holdings, Ltd. | 900,000 | 1,299,413 | ||||||
| PAX Global Technology, Ltd. | 1,469,000 | 1,469,502 | ||||||
| Techtronic Industries Co., Ltd. | 368,233 | 1,457,296 | ||||||
| Tongda Group Holdings, Ltd. | 7,489,114 | 1,496,403 | ||||||
| 7,302,200 | ||||||||
| Hungary | 1.0% | ||||||||
| OTP Bank Nyrt. | 102,703 | 2,578,772 | ||||||
| India | 9.5% | ||||||||
| Adani Ports & Special Economic Zone, Ltd. | 357,558 | 1,340,657 | ||||||
| Aurobindo Pharma, Ltd. | 332,547 | 3,741,138 | ||||||
| Axis Bank, Ltd. | 758,150 | 5,100,318 | ||||||
| Bajaj Auto, Ltd. | 54,293 | 1,969,502 | ||||||
| Balkrishna Industries, Ltd. | 128,773 | 1,230,901 | ||||||
| CCL Products India, Ltd. | 276,936 | 811,707 | ||||||
| Dewan Housing Finance Corp., Ltd. | 546,316 | 1,620,242 | ||||||
| HCL Technologies, Ltd. | 183,077 | 2,248,705 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 520,198 | 3,724,618 | ||||||
| Reliance Industries, Ltd. | 121,978 | 1,924,829 | ||||||
| UPL, Ltd. | 200,464 | 1,446,967 | ||||||
| 25,159,584 | ||||||||
| Indonesia | 5.5% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 4,084,300 | 3,172,571 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 4,965,718 | 4,278,531 | ||||||
| PT Pakuwon Jati Tbk | 37,417,600 | 1,365,771 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 79,915 | 4,063,678 | ||||||
| PT United Tractors Tbk | 1,459,580 | 1,684,131 | ||||||
| 14,564,682 | ||||||||
| Macau | 0.6% | ||||||||
| Wynn Macau, Ltd. (a) | 1,019,530 | 1,577,131 | ||||||
| Malaysia | 0.4% | ||||||||
| Berjaya Auto Berhad | 1,992,620 | 1,108,288 | ||||||
| Mexico | 4.8% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 88,345 | 1,371,998 | ||||||
| Credito Real SAB de CV | 586,515 | 1,241,118 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (concluded) | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 488,800 | $ | 2,770,041 | |||||
| Grupo Financiero Interacciones SA de CV, Class O | 182,671 | 1,035,095 | ||||||
| Grupo Mexico SAB de CV, Series B | 537,701 | 1,297,169 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 982,300 | 2,373,146 | ||||||
| Nemak SAB de CV | 884,700 | 1,271,966 | ||||||
| Telesites SAB de CV (a) | 90,145 | 50,871 | ||||||
| Unifin Financiera SAB de CV SOFOM ENR | 490,105 | 1,373,258 | ||||||
| 12,784,662 | ||||||||
| Peru | 0.8% | ||||||||
| Credicorp, Ltd. | 16,616 | 2,176,862 | ||||||
| Philippines | 0.5% | ||||||||
| Philippine Long Distance Telephone Co. Sponsored ADR | 31,202 | 1,351,359 | ||||||
| Russia | 8.3% | ||||||||
| Gazprom PAO Sponsored ADR | 365,818 | 1,577,773 | ||||||
| Lukoil PJSC Sponsored ADR | 52,473 | 2,015,750 | ||||||
| MegaFon OAO GDR | 8,370 | 92,070 | ||||||
| MegaFon OAO GDR (c), (d) | 78,679 | 865,469 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 200,100 | 1,618,809 | ||||||
| Novatek OAO Sponsored GDR | 29,223 | 2,625,687 | ||||||
| Sberbank of Russia PJSC (a) | 2,485,054 | 4,060,568 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 468,777 | 3,253,312 | ||||||
| X5 Retail Group NV GDR (a) | 152,212 | 3,226,895 | ||||||
| Yandex NV Class A (a) | 159,965 | 2,450,664 | ||||||
| 21,786,997 | ||||||||
| South Africa | 0.9% | ||||||||
| Standard Bank Group, Ltd. | 211,730 | 1,899,923 | ||||||
| Sun International, Ltd. | 126,136 | 586,947 | ||||||
| 2,486,870 | ||||||||
| South Korea | 9.1% | ||||||||
| Eugene Technology Co., Ltd. | 109,276 | 1,342,539 | ||||||
| Fila Korea, Ltd. | 15,870 | 1,321,112 | ||||||
| Hansae Co., Ltd. | 30,800 | 1,527,072 | ||||||
| Hanwha Life Insurance Co., Ltd. | 243,323 | 1,425,555 | ||||||
| Hyundai Mobis Co., Ltd. | 13,590 | 2,958,998 | ||||||
| Hyundai Wia Corp. | 12,159 | 1,116,383 | ||||||
| Koh Young Technology, Inc. | 34,097 | 1,216,472 | ||||||
| KT&G Corp. | 13,511 | 1,299,589 | ||||||
| Samsung Electronics Co., Ltd. | 4,956 | 5,685,792 | ||||||
| Shinhan Financial Group Co., Ltd. | 79,241 | 2,806,279 | ||||||
| SK Hynix, Inc. | 93,197 | 2,294,067 | ||||||
| Viatron Technologies, Inc. | 45,379 | 1,049,558 | ||||||
| 24,043,416 | ||||||||
| Description | Shares | Value | ||||||
| Taiwan | 11.0% | ||||||||
| Advanced Semiconductor Engineering, Inc. | 1,817,000 | $ | 2,114,301 | |||||
| Catcher Technology Co., Ltd. | 147,000 | 1,205,816 | ||||||
| Chailease Holding Co., Ltd. | 740,336 | 1,290,481 | ||||||
| Chicony Electronics Co., Ltd. | 640,452 | 1,647,695 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 705,247 | 1,858,220 | ||||||
| King Slide Works Co., Ltd. | 111,000 | 1,281,273 | ||||||
| Largan Precision Co., Ltd. | 33,000 | 2,558,259 | ||||||
| Macauto Industrial Co., Ltd. | 114,457 | 601,020 | ||||||
| Makalot Industrial Co., Ltd. | 156,009 | 937,974 | ||||||
| Silicon Motion Technology Corp. ADR | 61,200 | 2,375,172 | ||||||
| Sinmag Equipment Corp. | 241,615 | 874,601 | ||||||
| Sporton International, Inc. | 247,590 | 1,265,491 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,762,113 | 8,869,696 | ||||||
| Toung Loong Textile Manufacturing Co., Ltd. | 399,000 | 1,110,813 | ||||||
| Voltronic Power Technology Corp. | 58,981 | 929,138 | ||||||
| 28,919,950 | ||||||||
| Thailand | 0.6% | ||||||||
| KCE Electronics Public Co. Ltd. (c) | 258,062 | 579,502 | ||||||
| Supalai Public Co. Ltd. (c) | 1,742,800 | 926,389 | ||||||
| 1,505,891 | ||||||||
| Turkey | 5.4% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 305,825 | 1,986,159 | ||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 1,401,161 | 1,427,118 | ||||||
| KOC Holding AS ADR | 135,167 | 3,422,429 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR | 204,675 | 2,151,134 | ||||||
| Turkiye Garanti Bankasi AS | 742,965 | 2,172,628 | ||||||
| Turkiye Is Bankasi AS, C Shares | 1,027,838 | 1,699,810 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS | 2,391,915 | 1,400,617 | ||||||
| 14,259,895 | ||||||||
| United States | 1.6% | ||||||||
| Freeport-McMoRan, Inc. | 255,980 | 2,646,833 | ||||||
| Nexteer Automotive Group, Ltd. | 1,425,000 | 1,473,248 | ||||||
| 4,120,081 | ||||||||
| Total Common Stocks (Identified cost $270,843,283) | 253,756,695 | |||||||
| Short-Term Investment | 3.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $8,870,036) | 8,870,036 | 8,870,036 | ||||||
| Total Investments |
99.6% (Identified cost $279,713,319) (b) | $ | 262,626,731 | ||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 1,157,143 | |||
| Net Assets | 100.0% | $ | 263,783,874 |
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi Asset Portfolio | ||||||||
| Common Stocks | 69.3% | ||||||||
| Argentina | 0.6% | ||||||||
| YPF SA Sponsored ADR | 62,130 | $ | 1,110,884 | |||||
| Brazil | 4.1% | ||||||||
| Ambev SA ADR | 186,700 | 967,106 | ||||||
| Banco ABC Brasil SA | 132,478 | 453,181 | ||||||
| Banco do Brasil SA | 178,045 | 978,947 | ||||||
| Braskem SA A Shares | 55,640 | 362,252 | ||||||
| CCR SA | 310,500 | 1,211,551 | ||||||
| Cielo SA Sponsored ADR | 125,530 | 1,208,854 | ||||||
| Estacio Participacoes SA | 77,840 | 255,884 | ||||||
| Iochpe Maxion SA | 157,600 | 554,459 | ||||||
| Localiza Rent a Car SA | 105,438 | 871,502 | ||||||
| Natura Cosmeticos SA | 33,355 | 246,198 | ||||||
| Tegma Gestao Logistica | 17,312 | 21,666 | ||||||
| 7,131,600 | ||||||||
| China | 16.9% | ||||||||
| AAC Technologies Holdings, Inc. | 124,500 | 952,526 | ||||||
| Agricultural Bank of China, Ltd., Class H | 2,423,090 | 871,486 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (a) | 12,426 | 982,027 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 240,500 | 644,859 | ||||||
| Baidu, Inc. Sponsored ADR (a) | 21,160 | 4,039,021 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 631,717 | 653,920 | ||||||
| China Construction Bank Corp., Class H | 2,956,065 | 1,890,089 | ||||||
| China Lesso Group Holdings, Ltd. | 632,775 | 339,335 | ||||||
| China Medical System Holdings, Ltd. | 329,000 | 456,347 | ||||||
| China Mobile, Ltd. Sponsored ADR | 38,556 | 2,137,930 | ||||||
| China Pioneer Pharma Holdings, Ltd. | 802,000 | 209,873 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 522,986 | 823,850 | ||||||
| China State Construction International Holdings, Ltd. | 806,125 | 1,201,287 | ||||||
| CNOOC, Ltd. | 1,431,000 | 1,691,592 | ||||||
| Cosmo Lady China Holdings Co., Ltd. | 392,000 | 316,840 | ||||||
| CT Environmental Group, Ltd. | 2,931,536 | 857,843 | ||||||
| ENN Energy Holdings, Ltd. | 80,000 | 441,388 | ||||||
| Greatview Aseptic Packaging Co., Ltd. | 819,978 | 390,045 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 2,190,000 | 1,228,061 | ||||||
| Minth Group, Ltd. | 204,000 | 472,832 | ||||||
| NetEase, Inc. ADR | 16,455 | 2,362,609 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR | 20,297 | 702,073 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 330,000 | 605,774 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 423,850 | 2,029,820 | ||||||
| Silergy Corp. | 15,814 | 215,708 | ||||||
| Description | Shares | Value | ||||||
| Tencent Holdings, Ltd. | 88,200 | $ | 1,802,123 | |||||
| Vipshop Holdings, Ltd. ADR (a) | 88,542 | 1,140,421 | ||||||
| 29,459,679 | ||||||||
| Colombia | 0.4% | ||||||||
| Bancolombia SA Sponsored ADR | 21,547 | 736,477 | ||||||
| Egypt | 0.4% | ||||||||
| Commercial International Bank Egypt SAE GDR | 182,229 | 646,913 | ||||||
| Georgia | 0.3% | ||||||||
| BGEO Group PLC | 17,098 | 498,016 | ||||||
| Hong Kong | 1.6% | ||||||||
| Man Wah Holdings, Ltd. | 429,200 | 544,982 | ||||||
| Pacific Textiles Holdings, Ltd. | 310,000 | 447,576 | ||||||
| PAX Global Technology, Ltd. | 485,000 | 485,166 | ||||||
| Techtronic Industries Co., Ltd. | 212,610 | 841,412 | ||||||
| Tongda Group Holdings, Ltd. | 2,530,049 | 505,530 | ||||||
| 2,824,666 | ||||||||
| Hungary | 0.7% | ||||||||
| OTP Bank Nyrt. | 46,655 | 1,171,462 | ||||||
| India | 7.2% | ||||||||
| Adani Ports & Special Economic Zone, Ltd. | 107,860 | 404,419 | ||||||
| Aurobindo Pharma, Ltd. | 100,319 | 1,128,584 | ||||||
| Axis Bank, Ltd. | 344,752 | 2,319,257 | ||||||
| Bajaj Auto, Ltd. | 24,717 | 896,620 | ||||||
| Balkrishna Industries, Ltd. | 44,416 | 424,559 | ||||||
| CCL Products India, Ltd. | 88,934 | 260,668 | ||||||
| Dewan Housing Finance Corp., Ltd. | 188,547 | 559,185 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 11,636 | 525,831 | ||||||
| HCL Technologies, Ltd. | 83,370 | 1,024,020 | ||||||
| HDFC Bank, Ltd. ADR | 34,477 | 2,124,817 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 155,781 | 1,115,392 | ||||||
| Reliance Industries, Ltd. | 36,535 | 576,527 | ||||||
| Tata Motors, Ltd. Sponsored ADR (a) | 22,957 | 666,901 | ||||||
| UPL, Ltd. | 69,275 | 500,033 | ||||||
| 12,526,813 | ||||||||
| Indonesia | 3.8% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 2,789,323 | 2,166,669 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 1,498,800 | 1,291,387 | ||||||
| PT Pakuwon Jati Tbk | 12,787,960 | 466,770 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 44,192 | 2,247,163 | ||||||
| PT United Tractors Tbk | 391,315 | 451,517 | ||||||
| 6,623,506 | ||||||||
| Macau | 0.4% | ||||||||
| Wynn Macau, Ltd. (a) | 464,800 | 719,008 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi Asset Portfolio (continued) | ||||||||
| Malaysia | 0.2% | ||||||||
| Berjaya Auto Berhad | 674,660 | $ | 375,243 | |||||
| Mexico | 4.7% | ||||||||
| Alsea SAB de CV | 109,400 | 410,634 | ||||||
| America Movil SAB de CV, Class L Sponsored ADR | 40,220 | 624,617 | ||||||
| Credito Real SAB de CV | 208,220 | 440,612 | ||||||
| Fibra Uno Administracion SA de CV REIT | 236,804 | 550,852 | ||||||
| Gruma SAB de CV, Class B | 44,178 | 700,598 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 4,655 | 412,945 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 290,165 | 1,644,372 | ||||||
| Grupo Financiero Interacciones SA de CV, Class O | 62,787 | 355,779 | ||||||
| Grupo Mexico SAB de CV, Series B | 243,609 | 587,691 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 445,635 | 1,076,613 | ||||||
| Nemak SAB de CV | 305,300 | 438,941 | ||||||
| Telesites SAB de CV (a) | 29,620 | 16,715 | ||||||
| Unifin Financiera SAB de CV SOFOM ENR | 168,320 | 471,627 | ||||||
| Wal-Mart de Mexico SAB de CV | 175,842 | 416,269 | ||||||
| 8,148,265 | ||||||||
| Peru | 0.7% | ||||||||
| Credicorp, Ltd. | 9,677 | 1,267,784 | ||||||
| Philippines | 0.9% | ||||||||
| BDO Unibank, Inc. | 402,529 | 894,315 | ||||||
| Philippine Long Distance Telephone Co. Sponsored ADR | 14,240 | 616,734 | ||||||
| 1,511,049 | ||||||||
| Russia | 4.9% | ||||||||
| Gazprom PAO Sponsored ADR | 166,707 | 719,007 | ||||||
| Lukoil PJSC Sponsored ADR | 23,758 | 912,664 | ||||||
| Magnit PJSC Sponsored GDR | 14,672 | 586,146 | ||||||
| MegaFon OAO GDR | 10,520 | 115,720 | ||||||
| MegaFon OAO GDR (c), (d) | 31,823 | 350,053 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 91,210 | 737,889 | ||||||
| Novatek OAO Sponsored GDR | 8,717 | 783,223 | ||||||
| Sberbank of Russia PJSC (a) | 753,101 | 1,230,564 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 213,212 | 1,479,691 | ||||||
| X5 Retail Group NV GDR (a) | 45,249 | 959,279 | ||||||
| Yandex NV Class A (a) | 48,370 | 741,028 | ||||||
| 8,615,264 | ||||||||
| South Africa | 2.1% | ||||||||
| FirstRand, Ltd. | 124,421 | 407,637 | ||||||
| Mondi PLC | 44,532 | 854,493 | ||||||
| Description | Shares | Value | ||||||
| Naspers, Ltd., N Shares | 9,949 | $ | 1,388,867 | |||||
| Standard Bank Group, Ltd. | 96,028 | 861,691 | ||||||
| Sun International, Ltd. | 43,344 | 201,692 | ||||||
| 3,714,380 | ||||||||
| South Korea | 6.7% | ||||||||
| Amorepacific Corp. | 1,592 | 538,045 | ||||||
| Eugene Technology Co., Ltd. | 37,652 | 462,584 | ||||||
| Fila Korea, Ltd. | 5,477 | 455,938 | ||||||
| Hansae Co., Ltd. | 9,226 | 457,428 | ||||||
| Hanwha Life Insurance Co., Ltd. | 125,282 | 733,989 | ||||||
| Hyundai Mobis Co., Ltd. | 6,190 | 1,347,770 | ||||||
| Hyundai Wia Corp. | 4,239 | 389,205 | ||||||
| Koh Young Technology, Inc. | 11,571 | 412,816 | ||||||
| KT&G Corp. | 6,147 | 591,264 | ||||||
| Samsung Electronics Co., Ltd. | 2,607 | 2,990,892 | ||||||
| Shinhan Financial Group Co., Ltd. | 35,993 | 1,274,673 | ||||||
| SK Hynix, Inc. | 64,004 | 1,575,474 | ||||||
| Viatron Technologies, Inc. | 15,646 | 361,872 | ||||||
| 11,591,950 | ||||||||
| Taiwan | 7.3% | ||||||||
| Advanced Semiconductor Engineering, Inc. | 546,000 | 635,337 | ||||||
| Catcher Technology Co., Ltd. | 44,000 | 360,925 | ||||||
| Chailease Holding Co., Ltd. | 252,280 | 439,750 | ||||||
| Chicony Electronics Co., Ltd. | 223,702 | 575,520 | ||||||
| Delta Electronics, Inc. | 43,100 | 190,163 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 166,950 | 439,888 | ||||||
| Hon Hai Precision Industry Co., Ltd. GDR | 159,177 | 851,597 | ||||||
| King Slide Works Co., Ltd. | 39,000 | 450,177 | ||||||
| Largan Precision Co., Ltd. | 10,000 | 775,230 | ||||||
| Macauto Industrial Co., Ltd. | 39,747 | 208,714 | ||||||
| Makalot Industrial Co., Ltd. | 53,489 | 321,592 | ||||||
| Silicon Motion Technology Corp. ADR | 18,300 | 710,223 | ||||||
| Sinmag Equipment Corp. | 82,334 | 298,033 | ||||||
| Sporton International, Inc. | 85,930 | 439,208 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 196,668 | 989,940 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 165,930 | 4,347,366 | ||||||
| Toung Loong Textile Manufacturing Co., Ltd. | 136,820 | 380,906 | ||||||
| Voltronic Power Technology Corp. | 21,085 | 332,155 | ||||||
| 12,746,724 | ||||||||
| Thailand | 0.8% | ||||||||
| Kasikornbank Public Co. Ltd. | 98,720 | 491,075 | ||||||
| KCE Electronics Public Co. Ltd. (c) | 89,028 | 199,921 | ||||||
| Supalai Public Co. Ltd. (c) | 608,500 | 323,449 | ||||||
| Description | Shares | Value | ||||||
| Lazard Emerging Markets Multi Asset Portfolio (continued) | ||||||||
| Thai Oil Public Co. Ltd. | 205,000 | $ | 403,532 | |||||
| 1,417,977 | ||||||||
| Turkey | 3.3% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 91,527 | 594,416 | ||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 421,440 | 429,247 | ||||||
| KOC Holding AS ADR | 61,404 | 1,554,749 | ||||||
| TAV Havalimanlari Holding AS | 57,827 | 344,975 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR | 92,927 | 976,663 | ||||||
| Turkiye Garanti Bankasi AS | 213,960 | 625,676 | ||||||
| Turkiye Is Bankasi AS, C Shares | 468,384 | 774,601 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS | 828,993 | 485,428 | ||||||
| 5,785,755 | ||||||||
| United Arab Emirates | 0.2% | ||||||||
| Emaar Properties PJSC | 166,477 | 272,854 | ||||||
| United Kingdom | 0.3% | ||||||||
| Unilever NV | 12,015 | 536,830 | ||||||
| United States | 0.8% | ||||||||
| Freeport-McMoRan, Inc. | 76,690 | 792,974 | ||||||
| Nexteer Automotive Group, Ltd. | 489,000 | 505,557 | ||||||
| 1,298,531 | ||||||||
| Total Common Stocks (Identified cost $129,241,061) | 120,731,630 | |||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Corporate Bonds | 0.3% | ||||||||||
| Argentina | 0.1% | ||||||||||
| YPF SA, 8.500%, 03/23/21 | USD | 150 | $ | 149,972 | ||||||
| Brazil | 0.1% | ||||||||||
| Petrobras Global Finance BV: | ||||||||||
| 8.375%, 12/10/18 | USD | 11 | 10,963 | |||||||
| 5.750%, 01/20/20 | USD | 70 | 60,305 | |||||||
| 6.850%, 06/05/15 | USD | 110 | 75,286 | |||||||
| 146,554 | ||||||||||
| Bulgaria | 0.0% | ||||||||||
| ContourGlobal Power Holdings SA, | ||||||||||
| 7.125%, 06/01/19 (d) | USD | 25 | 24,344 | |||||||
| China | 0.1% | ||||||||||
| Green Dragon Gas, Ltd., 10.000%, 11/20/17 | USD | 200 | 150,000 | |||||||
| Total Corporate Bonds (Identified cost $512,142) | 470,870 | |||||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Foreign Government Obligations | 17.6% | ||||||||||
| Angola | 0.1% | ||||||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 149 | $ | 144,957 | ||||||
| Argentina | 1.1% | ||||||||||
| Republic of Argentina: | ||||||||||
| 8.750%, 06/02/17 (e) | USD | 155 | 183,288 | |||||||
| 8.280%, 12/31/33 (e) | USD | 953 | 1,139,296 | |||||||
| 2.500%, 12/31/38 (e) | USD | 920 | 614,100 | |||||||
| 1,936,684 | ||||||||||
| Belize | 0.1% | ||||||||||
| Republic of Belize, 5.000%, 02/20/38 (f) | USD | 316 | 154,840 | |||||||
| Brazil | 2.0% | ||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19 | BRL | 1,050 | 204,821 | |||||||
| Brazil NTN-B: | ||||||||||
| 6.000%, 08/15/16 | BRL | 680 | 535,150 | |||||||
| 6.000%, 08/15/18 | BRL | 270 | 211,303 | |||||||
| 6.000%, 08/15/50 | BRL | 440 | 324,919 | |||||||
| Brazil NTN-F, 10.000%, 01/01/18 | BRL | 1,370 | 361,409 | |||||||
| Federal Republic of Brazil: | ||||||||||
| 6.000%, 04/07/26 | USD | 1,560 | 1,583,400 | |||||||
| 5.000%, 01/27/45 | USD | 385 | 307,519 | |||||||
| 3,528,521 | ||||||||||
| Chile | 0.0% | ||||||||||
| Republic of Chile, 3.625%, 10/30/42 | USD | 30 | 28,500 | |||||||
| Colombia | 0.6% | ||||||||||
| Colombian Titulos De Tesoreria, 7.000%, 05/04/22 | COP | 790,000 | 253,131 | |||||||
| Republic of Colombia: | ||||||||||
| 2.625%, 03/15/23 | USD | 65 | 60,450 | |||||||
| 4.000%, 02/26/24 | USD | 150 | 150,750 | |||||||
| 4.500%, 01/28/26 | USD | 300 | 306,750 | |||||||
| 7.375%, 09/18/37 | USD | 50 | 59,250 | |||||||
| 6.125%, 01/18/41 | USD | 155 | 163,525 | |||||||
| 5.625%, 02/26/44 | USD | 130 | 129,350 | |||||||
| 1,123,206 | ||||||||||
| Congo | 0.2% | ||||||||||
| Republic of Congo, 4.000%, 06/30/29 (f) | USD | 564 | 412,929 | |||||||
| Croatia | 0.4% | ||||||||||
| Croatia: | ||||||||||
| 6.250%, 04/27/17 | USD | 50 | 51,925 | |||||||
| 6.750%, 11/05/19 | USD | 150 | 164,475 | |||||||
| 6.625%, 07/14/20 | USD | 50 | 54,850 | |||||||
| 5.500%, 04/04/23 | USD | 200 | 211,400 | |||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Lazard Emerging Markets Multi Asset Portfolio (continued) | ||||||||||
| 6.000%, 01/26/24 | USD | 210 | $ | 229,215 | ||||||
| 711,865 | ||||||||||
| Dominican Republic | 0.4% | ||||||||||
| Dominican Republic: | ||||||||||
| 7.500%, 05/06/21 | USD | 205 | 222,425 | |||||||
| 7.450%, 04/30/44 | USD | 285 | 299,250 | |||||||
| 6.850%, 01/27/45 (d) | USD | 180 | 176,400 | |||||||
| 698,075 | ||||||||||
| Egypt | 0.2% | ||||||||||
| Arab Republic of Egypt: | ||||||||||
| 5.875%, 06/11/25 (d) | USD | 145 | 129,050 | |||||||
| 5.875%, 06/11/25 | USD | 200 | 178,000 | |||||||
| 307,050 | ||||||||||
| Ghana | 0.1% | ||||||||||
| Republic of Ghana, 8.125%, 01/18/26 | USD | 200 | 156,000 | |||||||
| Guatemala | 0.1% | ||||||||||
| Republic of Guatemala: | ||||||||||
| 5.750%, 06/06/22 | USD | 59 | 64,605 | |||||||
| 4.875%, 02/13/28 | USD | 75 | 76,388 | |||||||
| 140,993 | ||||||||||
| Hungary | 1.1% | ||||||||||
| Hungary: | ||||||||||
| 6.375%, 03/29/21 | USD | 180 | 204,525 | |||||||
| 5.375%, 02/21/23 | USD | 592 | 656,380 | |||||||
| 5.750%, 11/22/23 | USD | 320 | 364,000 | |||||||
| 5.375%, 03/25/24 | USD | 314 | 350,895 | |||||||
| 7.625%, 03/29/41 | USD | 200 | 283,250 | |||||||
| 1,859,050 | ||||||||||
| Indonesia | 0.8% | ||||||||||
| Indonesia Government Bond, 7.875%, 04/15/19 | IDR | 5,678,000 | 430,682 | |||||||
| Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (d) | USD | 325 | 323,375 | |||||||
| Republic of Indonesia: | ||||||||||
| 8.500%, 10/12/35 | USD | 100 | 135,500 | |||||||
| 6.625%, 02/17/37 | USD | 125 | 145,000 | |||||||
| 7.750%, 01/17/38 | USD | 100 | 128,500 | |||||||
| 5.250%, 01/17/42 | USD | 130 | 130,650 | |||||||
| 6.750%, 01/15/44 | USD | 120 | 144,622 | |||||||
| 1,438,329 | ||||||||||
| Ivory Coast | 0.5% | ||||||||||
| Ivory Coast: | ||||||||||
| 6.375%, 03/03/28 (d) | USD | 250 | 235,937 | |||||||
| 6.375%, 03/03/28 | USD | 300 | 283,125 | |||||||
| 5.750%, 12/31/32 | USD | 350 | 322,875 | |||||||
| 841,937 | ||||||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Jamaica | 0.1% | ||||||||||
| Government of Jamaica: | ||||||||||
| 8.000%, 06/24/19 | USD | 75 | $ | 81,563 | ||||||
| 6.750%, 04/28/28 | USD | 75 | 77,156 | |||||||
| 158,719 | ||||||||||
| Jordan | 0.0% | ||||||||||
| Kingdom of Jordan, 6.125%, 01/29/26 (d) | USD | 70 | 73,500 | |||||||
| Lithuania | 0.4% | ||||||||||
| Republic of Lithuania: | ||||||||||
| 7.375%, 02/11/20 | USD | 270 | 319,067 | |||||||
| 6.625%, 02/01/22 | USD | 300 | 362,286 | |||||||
| 681,353 | ||||||||||
| Mexico | 1.3% | ||||||||||
| Mexican Bonos: | ||||||||||
| 6.500%, 06/10/21 | MXN | 5,260 | 319,766 | |||||||
| 5.750%, 03/05/26 | MXN | 2,680 | 152,694 | |||||||
| Mexican Udibonos, 2.500%, 12/10/20 | MXN | 11,760 | 685,600 | |||||||
| United Mexican States: | ||||||||||
| 5.625%, 01/15/17 | USD | 60 | 61,890 | |||||||
| 4.000%, 10/02/23 | USD | 280 | 293,300 | |||||||
| 3.600%, 01/30/25 | USD | 150 | 152,775 | |||||||
| 6.050%, 01/11/40 | USD | 238 | 279,055 | |||||||
| 4.750%, 03/08/44 | USD | 204 | 204,000 | |||||||
| 5.550%, 01/21/45 | USD | 163 | 180,522 | |||||||
| 2,329,602 | ||||||||||
| Morocco | 0.1% | ||||||||||
| Kingdom of Morocco, 5.500%, 12/11/42 | USD | 200 | 208,000 | |||||||
| Pakistan | 0.1% | ||||||||||
| Islamic Republic of Pakistan: | ||||||||||
| 8.250%, 04/15/24 (d) | USD | 5 | 5,309 | |||||||
| 8.250%, 04/15/24 | USD | 200 | 212,353 | |||||||
| 217,662 | ||||||||||
| Panama | 1.1% | ||||||||||
| Republic of Panama: | ||||||||||
| 3.750%, 03/16/25 | USD | 620 | 639,375 | |||||||
| 7.125%, 01/29/26 | USD | 30 | 38,812 | |||||||
| 8.875%, 09/30/27 | USD | 220 | 315,700 | |||||||
| 3.875%, 03/17/28 | USD | 430 | 433,870 | |||||||
| 9.375%, 04/01/29 | USD | 55 | 81,950 | |||||||
| 6.700%, 01/26/36 | USD | 300 | 382,500 | |||||||
| 1,892,207 | ||||||||||
| Paraguay | 0.2% | ||||||||||
| Republic of Paraguay, 5.000%, 04/15/26 (d) | USD | 80 | 80,400 | |||||||
| 6.100%, 08/11/44 | USD | 205 | 209,100 | |||||||
| 289,500 | ||||||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Lazard Emerging Markets Multi Asset Portfolio (continued) | ||||||||||
| Peru | 0.6% | ||||||||||
| Republic of Peru: | ||||||||||
| 7.350%, 07/21/25 | USD | 95 | $ | 125,400 | ||||||
| 8.750%, 11/21/33 | USD | 591 | 874,680 | |||||||
| 1,000,080 | ||||||||||
| Portugal | 0.6% | ||||||||||
| Republic of Portugal, 5.125%, 10/15/24 | USD | 1,075 | 1,091,297 | |||||||
| Romania | 0.4% | ||||||||||
| Romania Government Bonds: | ||||||||||
| 5.850%, 04/26/23 | RON | 1,180 | 353,610 | |||||||
| 4.750%, 02/24/25 | RON | 920 | 258,743 | |||||||
| 612,353 | ||||||||||
| Russia | 0.2% | ||||||||||
| Russia Foreign Bond, 4.875%, 09/16/23 | USD | 400 | 417,400 | |||||||
| Rwanda | 0.1% | ||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 225 | 217,563 | |||||||
| Senegal | 0.1% | ||||||||||
| Republic of Senegal, 8.750%, 05/13/21 | USD | 200 | 215,250 | |||||||
| Serbia | 0.3% | ||||||||||
| Republic of Serbia: | ||||||||||
| 5.875%, 12/03/18 | USD | 200 | 209,000 | |||||||
| 7.250%, 09/28/21 | USD | 200 | 223,500 | |||||||
| 432,500 | ||||||||||
| Slovenia | 1.2% | ||||||||||
| Republic of Slovenia: | ||||||||||
| 5.850%, 05/10/23 | USD | 930 | 1,069,451 | |||||||
| 5.250%, 02/18/24 | USD | 910 | 1,019,026 | |||||||
| 2,088,477 | ||||||||||
| South Africa | 0.6% | ||||||||||
| Republic of South Africa: | ||||||||||
| 7.250%, 01/15/20 | ZAR | 6,790 | 440,260 | |||||||
| 6.750%, 03/31/21 | ZAR | 3,530 | 220,561 | |||||||
| 10.500%, 12/21/26 | ZAR | 5,100 | 377,522 | |||||||
| 1,038,343 | ||||||||||
| Sri Lanka | 0.2% | ||||||||||
| Republic of Sri Lanka: | ||||||||||
| 6.250%, 07/27/21 | USD | 40 | 39,100 | |||||||
| 6.125%, 06/03/25 | USD | 150 | 137,250 | |||||||
| 6.850%, 11/03/25 | USD | 100 | 95,625 | |||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| 6.850%, 11/03/25 (d) | USD | 140 | $ | 133,875 | ||||||
| 405,850 | ||||||||||
| Turkey | 0.7% | ||||||||||
| Republic of Turkey: | ||||||||||
| 7.500%, 07/14/17 | USD | 100 | 106,875 | |||||||
| 7.000%, 06/05/20 | USD | 63 | 71,190 | |||||||
| 7.375%, 02/05/25 | USD | 260 | 311,350 | |||||||
| 4.875%, 10/09/26 | USD | 445 | 449,450 | |||||||
| 4.875%, 04/16/43 | USD | 250 | 232,187 | |||||||
| 6.625%, 02/17/45 | USD | 55 | 65,588 | |||||||
| 1,236,640 | ||||||||||
| Uganda | 0.1% | ||||||||||
| Uganda Government Bond, 12.875%, 05/19/16 | UGX | 519,600 | 153,514 | |||||||
| Ukraine | 0.5% | ||||||||||
| Ukraine Government Bonds: | ||||||||||
| 7.750%, 09/01/19 (d) | USD | 53 | 49,770 | |||||||
| 7.750%, 09/01/20 (d) | USD | 577 | 540,088 | |||||||
| 7.750%, 09/01/21 (d) | USD | 84 | 77,784 | |||||||
| 7.750%, 09/01/27 (d) | USD | 100 | 88,125 | |||||||
| 0.000%, 05/31/40 (g) | USD | 250 | 82,500 | |||||||
| 838,267 | ||||||||||
| Uruguay | 0.6% | ||||||||||
| Republica Orient Uruguay: | ||||||||||
| 5.000%, 09/14/18 | UYU | 7,647 | 239,681 | |||||||
| 4.500%, 08/14/24 | USD | 260 | 274,950 | |||||||
| 7.875%, 01/15/33 | USD | 280 | 361,900 | |||||||
| 5.100%, 06/18/50 | USD | 239 | 222,270 | |||||||
| 1,098,801 | ||||||||||
| Venezuela | 0.2% | ||||||||||
| Republic of Venezuela: | ||||||||||
| 7.650%, 04/21/25 | USD | 85 | 28,263 | |||||||
| 9.250%, 09/15/27 | USD | 195 | 78,000 | |||||||
| 9.250%, 05/07/28 | USD | 105 | 37,013 | |||||||
| 11.950%, 08/05/31 | USD | 90 | 35,550 | |||||||
| 9.375%, 01/13/34 | USD | 163 | 57,457 | |||||||
| 7.000%, 03/31/38 | USD | 130 | 43,550 | |||||||
| 279,833 | ||||||||||
| Vietnam | 0.2% | ||||||||||
| Socialist Republic of Vietnam: | ||||||||||
| 6.750%, 01/29/20 | USD | 120 | 133,050 | |||||||
| 4.800%, 11/19/24 | USD | 125 | 125,156 | |||||||
| 258,206 | ||||||||||
| Total Foreign Government Obligations (Identified cost $30,776,807) | 30,717,853 | |||||||||
| Quasi Government Bonds | 1.1% | ||||||||||
| Chile | 0.4% | ||||||||||
| Corp. Nacional del Cobre de Chile, 4.500%, 09/16/25 | USD | 635 | 646,430 | |||||||
| Description | Security Currency | Principal Amount (000) |
Value | |||||||
| Lazard Emerging Markets Multi Asset Portfolio (continued) | ||||||||||
| Indonesia | 0.1% | ||||||||||
| Majapahit holding BV, 7.750%, 01/20/20 | USD | 125 | $ | 142,969 | ||||||
| Malaysia | 0.2% | ||||||||||
| Petronas Capital, Ltd., 3.500%, 03/18/25 | USD | 422 | 428,471 | |||||||
| Mexico | 0.2% | ||||||||||
| Petroleos Mexicanos: | ||||||||||
| 8.000%, 05/03/19 | USD | 120 | 133,674 | |||||||
| 6.500%, 06/02/41 | USD | 79 | 73,707 | |||||||
| 5.500%, 06/27/44 | USD | 44 | 36,199 | |||||||
| 5.625%, 01/23/46 | USD | 46 | 38,180 | |||||||
| 281,760 | ||||||||||
| Tunisia | 0.0% | ||||||||||
| Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (d) | USD | 80 | 69,300 | |||||||
| Venezuela | 0.2% | ||||||||||
| Petroleos de Venezuela SA: | ||||||||||
| 8.500%, 11/02/17 | USD | 193 | 102,467 | |||||||
| 6.000%, 05/16/24 | USD | 265 | 82,282 | |||||||
| 5.375%, 04/12/27 | USD | 390 | 123,298 | |||||||
| 9.750%, 05/17/35 | USD | 85 | 31,595 | |||||||
| 5.500%, 04/12/37 | USD | 107 | 33,973 | |||||||
| 373,615 | ||||||||||
| Total Quasi Government Bonds (Identified cost $1,961,997) | 1,942,545 | |||||||||
| US Treasury Securities | 6.3% | ||||||||||
| US Treasury Notes: | ||||||||||
| 0.375%, 04/30/16 | USD | 3,100 | 3,100,310 | |||||||
| 1.750%, 05/31/16 | USD | 1,130 | 1,132,680 | |||||||
| 1.500%, 06/30/16 | USD | 3,800 | 3,811,134 | |||||||
| 0.625%, 07/15/16 | USD | 3,000 | 3,002,343 | |||||||
| Total US Treasury Securities (Identified cost $11,043,177) | 11,046,467 | |||||||||
| Description | Shares | Value | ||||||||
| Warrant | 0.0% | ||||||||||
| Iraq | 0.0% | ||||||||||
| Gulf Keystone Petroleum, Ltd.
Expires 04/18/17 (Identified cost $0) | 64,000 | $ | 0 | |||||||
| Short-Term Investment | 4.5% | ||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $7,772,285) | 7,772,285 | 7,772,285 |
| Description | Number of Contracts | Value | ||||||||
| Purchased Options | 0.0% | ||||||||||
| USD vs EUR April 16 1.1 Call: | ||||||||||
| Expires 04/12/16 | 25,000 | $ | 500 | |||||||
| Expires 04/14/16 | 18,900 | 378 | ||||||||
| USD vs MXN July 16 18.5 Put, | ||||||||||
| Expires 07/26/16 | 6,400 | 46,464 | ||||||||
| Total Purchased Options (Identified cost $48,449) | 47,342 | |||||||||
| Total Investments | 99.1% (Identified cost $181,355,918) (b), (h) | 172,728,992 | |||||||||
| Cash and Other Assets in Excess of Liabilities | 0.9% | 1,540,138 | |||||||||
| Net Assets | 100.0% | $ | 174,269,130 | ||||||||
Lazard Emerging Markets Multi Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
Currency |
Counterparty | Settlement Date |
Quantity | Cost on Origination Date^ |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||
| BRL | BRC | 04/04/16 | 513,426 | 139,027 | $ | 3,764 | $ | — | ||||||||||||
| BRL | BRC | 04/04/16 | 770,139 | 216,398 | — | 2,212 | ||||||||||||||
| BRL | JPM | 04/04/16 | 513,426 | 139,027 | 3,764 | — | ||||||||||||||
| BRL | JPM | 04/04/16 | 770,139 | 216,398 | — | 2,212 | ||||||||||||||
| BRL | SCB | 04/04/16 | 513,426 | 139,046 | 3,745 | — | ||||||||||||||
| CAD | BRC | 04/18/16 | 345,112 | 260,000 | 5,735 | — | ||||||||||||||
| CAD | BRC | 04/18/16 | 373,791 | 280,000 | 7,818 | — | ||||||||||||||
| CAD | SCB | 04/18/16 | 187,189 | 140,000 | 4,135 | — | ||||||||||||||
| CLP | SCB | 04/08/16 | 119,842,660 | 173,761 | 5,083 | — | ||||||||||||||
| CLP | SCB | 05/23/16 | 113,484,000 | 168,000 | 673 | — | ||||||||||||||
| CNH | HSB | 04/14/16 | 2,208,583 | 344,000 | — | 2,446 | ||||||||||||||
| CNY | SCB | 04/29/16 | 3,364,644 | 514,000 | 5,714 | — | ||||||||||||||
| COP | CIT | 05/18/16 | 544,464,000 | 171,000 | 9,928 | — | ||||||||||||||
| COP | SCB | 04/22/16 | 530,964,000 | 172,000 | 4,877 | — | ||||||||||||||
| DOP | CIT | 04/04/16 | 17,336,000 | 374,914 | 2,221 | — | ||||||||||||||
| DOP | CIT | 04/11/16 | 3,710,610 | 80,108 | 637 | — | ||||||||||||||
| DOP | CIT | 05/09/16 | 6,501,600 | 141,308 | 65 | — | ||||||||||||||
| DOP | CIT | 06/02/16 | 2,200,000 | 47,430 | 219 | — | ||||||||||||||
| DOP | CIT | 06/30/16 | 4,827,240 | 100,526 | 3,581 | — | ||||||||||||||
| DOP | CIT | 07/01/16 | 17,336,000 | 377,116 | — | 3,303 | ||||||||||||||
| EGP | BNP | 11/30/16 | 1,641,750 | 165,000 | — | 1,544 | ||||||||||||||
| EGP | BNP | 02/24/17 | 1,840,050 | 174,000 | 2,476 | — | ||||||||||||||
| EUR | JPM | 04/04/16 | 469,632 | 1,512,215 | TRY | — | 1,804 | |||||||||||||
| EUR | JPM | 05/02/16 | 154,000 | 656,516 | PLN | — | 488 | |||||||||||||
| EUR | JPM | 05/20/16 | 268,000 | 1,140,875 | PLN | — | 175 | |||||||||||||
| EUR | SCB | 04/18/16 | 490,000 | 2,088,620 | PLN | — | 1,818 | |||||||||||||
| HUF | CIT | 04/13/16 | 94,135,493 | 343,000 | — | 1,814 | ||||||||||||||
| HUF | CIT | 04/13/16 | 162,062,282 | 597,289 | — | 9,907 | ||||||||||||||
| HUF | JPM | 06/01/16 | 51,999,750 | 164,999 | EUR | 237 | — | |||||||||||||
| HUF | JPM | 06/30/16 | 90,922,290 | 288,999 | EUR | — | 535 | |||||||||||||
| IDR | BRC | 04/18/16 | 492,283,137 | 37,436 | — | 389 | ||||||||||||||
| IDR | CIT | 03/22/17 | 2,280,370,000 | 163,000 | — | 1,622 | ||||||||||||||
| IDR | JPM | 04/18/16 | 1,480,216,863 | 112,564 | — | 1,170 | ||||||||||||||
| INR | BRC | 04/18/16 | 8,815,879 | 129,798 | 2,985 | — | ||||||||||||||
| INR | BRC | 04/18/16 | 9,247,253 | 136,712 | 2,568 | — | ||||||||||||||
| INR | JPM | 04/18/16 | 9,247,253 | 136,652 | 2,628 | — | ||||||||||||||
| INR | JPM | 04/18/16 | 11,556,717 | 170,202 | 3,863 | — | ||||||||||||||
| INR | JPM | 04/25/16 | 23,997,600 | 360,000 | 984 | — | ||||||||||||||
| INR | JPM | 04/25/16 | 32,168,730 | 472,999 | 10,899 | — | ||||||||||||||
| INR | JPM | 07/13/16 | 22,398,770 | 331,000 | 1,258 | — | ||||||||||||||
| INR | SCB | 04/18/16 | 9,247,253 | 136,672 | 2,608 | — | ||||||||||||||
| INR | UBS | 04/18/16 | 9,247,251 | 136,642 | 2,638 | — | ||||||||||||||
| JPY | SCB | 04/19/16 | 25,770,848 | 228,447 | 644 | — | ||||||||||||||
| JPY | SCB | 04/19/16 | 25,908,960 | 231,000 | — | 681 | ||||||||||||||
Lazard Emerging Markets Multi Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2016 (continued):
Currency |
Counterparty | Settlement Date |
Quantity | Cost on Origination Date^ |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||
| Forward Currency Purchase Contracts (continued) | ||||||||||||||||||||
| KRW | CIT | 04/04/16 | 417,860,000 | 340,000 | $ | 25,390 | $ | — | ||||||||||||
| KRW | CIT | 04/07/16 | 208,911,200 | 172,000 | 10,664 | — | ||||||||||||||
| KRW | CIT | 06/03/16 | 417,860,000 | 365,271 | — | 450 | ||||||||||||||
| KRW | HSB | 05/18/16 | 193,590,000 | 162,000 | 7,087 | — | ||||||||||||||
| KZT | CIT | 04/04/16 | 4,893,000 | 13,980 | 199 | — | ||||||||||||||
| KZT | CIT | 06/06/16 | 33,638,000 | 121,000 | — | 25,463 | ||||||||||||||
| KZT | JPM | 06/06/16 | 33,638,000 | 121,000 | — | 25,463 | ||||||||||||||
| MYR | JPM | 05/23/16 | 364,500 | 90,000 | 3,064 | — | ||||||||||||||
| MYR | JPM | 06/14/16 | 1,036,867 | 257,000 | 7,278 | — | ||||||||||||||
| NGN | SCB | 04/25/16 | 15,429,760 | 67,086 | 10,256 | — | ||||||||||||||
| PHP | CIT | 06/14/16 | 3,891,720 | 84,000 | 179 | — | ||||||||||||||
| PHP | HSB | 04/25/16 | 17,142,950 | 369,540 | 2,282 | — | ||||||||||||||
| PHP | HSB | 06/14/16 | 3,961,850 | 85,000 | 696 | — | ||||||||||||||
| PHP | HSB | 06/14/16 | 3,991,600 | 85,000 | 1,340 | — | ||||||||||||||
| PHP | SCB | 05/04/16 | 11,059,345 | 233,000 | 6,755 | — | ||||||||||||||
| PLN | BRC | 04/18/16 | 744,963 | 172,572 | EUR | 3,153 | — | |||||||||||||
| PLN | CIT | 05/20/16 | 2,558,369 | 674,000 | 11,190 | — | ||||||||||||||
| PLN | HSB | 04/18/16 | 744,963 | 172,592 | EUR | 3,129 | — | |||||||||||||
| PLN | JPM | 04/18/16 | 744,963 | 172,572 | EUR | 3,152 | — | |||||||||||||
| PLN | JPM | 05/02/16 | 1,097,460 | 251,999 | EUR | 7,003 | — | |||||||||||||
| PLN | SCB | 04/18/16 | 744,963 | 172,542 | EUR | 3,186 | — | |||||||||||||
| PLN | UBS | 04/18/16 | 744,965 | 172,545 | EUR | 3,183 | — | |||||||||||||
| RUB | BNP | 05/24/16 | 25,912,320 | 336,000 | 44,507 | — | ||||||||||||||
| RUB | CIT | 04/28/16 | 14,316,040 | 186,516 | 25,046 | — | ||||||||||||||
| RUB | CIT | 04/28/16 | 25,561,600 | 320,000 | 57,749 | — | ||||||||||||||
| RUB | JPM | 06/14/16 | 12,914,266 | 180,392 | 8,314 | — | ||||||||||||||
| RUB | SCB | 04/18/16 | 5,667,166 | 83,093 | 913 | — | ||||||||||||||
| RUB | UBS | 04/18/16 | 5,667,165 | 83,089 | 918 | — | ||||||||||||||
| THB | BRC | 04/18/16 | 14,587,305 | 416,027 | — | 1,518 | ||||||||||||||
| THB | CIT | 05/23/16 | 5,806,590 | 167,000 | — | 2,135 | ||||||||||||||
| THB | CIT | 09/12/16 | 3,046,120 | 86,000 | 343 | — | ||||||||||||||
| THB | CIT | 09/12/16 | 6,028,200 | 170,000 | 872 | — | ||||||||||||||
| THB | SCB | 04/18/16 | 16,293,509 | 463,974 | — | 982 | ||||||||||||||
| THB | SCB | 09/12/16 | 12,191,935 | 343,000 | 2,585 | — | ||||||||||||||
| TRY | JPM | 04/04/16 | 1,512,216 | 466,999 | EUR | 4,800 | — | |||||||||||||
| TRY | JPM | 05/02/16 | 1,532,914 | 471,999 | EUR | 1,721 | — | |||||||||||||
| TWD | BRC | 04/18/16 | 4,164,547 | 128,417 | 996 | — | ||||||||||||||
| TWD | CIT | 04/18/16 | 10,206,841 | 314,057 | 3,118 | — | ||||||||||||||
| TWD | JPM | 04/18/16 | 5,059,002 | 155,710 | 1,498 | — | ||||||||||||||
| TWD | JPM | 04/18/16 | 5,432,698 | 167,521 | 1,299 | — | ||||||||||||||
| TWD | SCB | 04/18/16 | 12,866,637 | 395,872 | 3,956 | — | ||||||||||||||
| UGX | BRC | 06/06/16 | 634,800,000 | 184,000 | — | 376 | ||||||||||||||
| UYU | CIT | 04/14/16 | 4,170,240 | 128,000 | 2,860 | — | ||||||||||||||
| UYU | HSB | 04/11/16 | 5,438,496 | 168,000 | 2,850 | — | ||||||||||||||
Lazard Emerging Markets Multi Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2016 (continued):
Currency |
Counterparty | Settlement Date |
Quantity | Cost on Origination Date^ |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||
| Forward Currency Purchase Contracts (concluded) | ||||||||||||||||||||
| UYU | HSB | 04/14/16 | 2,452,500 | 75,000 | $ | 1,958 | $ | — | ||||||||||||
| UYU | JPM | 05/17/16 | 4,339,790 | 133,000 | 1,438 | — | ||||||||||||||
| ZAR | BRC | 04/18/16 | 1,340,226 | 87,313 | 3,216 | — | ||||||||||||||
| ZAR | BRC | 05/23/16 | 2,765,340 | 180,000 | 5,508 | — | ||||||||||||||
| ZAR | CIT | 04/18/16 | 1,978,271 | 123,000 | 10,628 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 1,729,513 | 112,687 | 4,138 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 2,428,618 | 158,000 | 6,048 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 2,591,974 | 167,000 | 8,082 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 3,009,797 | 176,999 | EUR | 1,811 | — | |||||||||||||
| ZAR | SCB | 04/18/16 | 1,115,135 | 70,000 | 5,325 | — | ||||||||||||||
| ZMW | BRC | 04/25/16 | 1,208,165 | 105,104 | 3,195 | — | ||||||||||||||
| ZMW | BRC | 04/25/16 | 2,151,000 | 186,073 | 6,740 | — | ||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 427,365 | $ | 88,507 | ||||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||
| BRL | BRC | 04/04/16 | 513,426 | 144,265 | $ | 1,474 | $ | — | ||||||||||||
| BRL | BRC | 04/04/16 | 770,139 | 190,713 | — | 23,473 | ||||||||||||||
| BRL | BRC | 05/03/16 | 513,426 | 138,025 | — | 3,630 | ||||||||||||||
| BRL | BRC | 10/04/16 | 190,559 | 48,036 | — | 2,267 | ||||||||||||||
| BRL | CIT | 09/21/16 | 725,517 | 169,000 | — | 23,249 | ||||||||||||||
| BRL | JPM | 04/04/16 | 513,426 | 144,265 | 1,474 | — | ||||||||||||||
| BRL | JPM | 04/04/16 | 770,139 | 190,713 | — | 23,473 | ||||||||||||||
| BRL | JPM | 05/03/16 | 513,426 | 138,025 | — | 3,630 | ||||||||||||||
| BRL | SCB | 04/04/16 | 513,426 | 144,265 | 1,474 | — | ||||||||||||||
| BRL | SCB | 05/03/16 | 513,426 | 138,047 | — | 3,608 | ||||||||||||||
| BRL | UBS | 10/04/16 | 245,563 | 61,964 | — | 2,859 | ||||||||||||||
| BRL | UBS | 01/20/17 | 3,554,310 | 771,000 | — | 140,967 | ||||||||||||||
| CAD | BRC | 04/18/16 | 454,076 | 342,495 | — | 7,142 | ||||||||||||||
| CAD | JPM | 04/18/16 | 454,076 | 342,547 | — | 7,090 | ||||||||||||||
| CNH | SCB | 04/14/16 | 2,208,583 | 333,673 | — | 7,881 | ||||||||||||||
| DOP | CIT | 04/04/16 | 17,336,000 | 383,116 | 5,981 | — | ||||||||||||||
| EGP | BNP | 04/11/16 | 259,200 | 32,000 | 2,971 | — | ||||||||||||||
| EGP | BNP | 04/11/16 | 435,200 | 53,728 | 4,988 | — | ||||||||||||||
| EGP | BNP | 05/09/16 | 797,050 | 95,000 | 7,548 | — | ||||||||||||||
| EGP | BNP | 05/09/16 | 1,305,700 | 156,371 | 13,111 | — | ||||||||||||||
| EUR | JPM | 06/30/16 | 590,881 | 661,054 | — | 13,127 | ||||||||||||||
| HUF | JPM | 04/13/16 | 76,069,832 | 259,575 | — | 16,134 | ||||||||||||||
| HUF | JPM | 04/13/16 | 85,992,450 | 310,000 | — | 1,673 | ||||||||||||||
| IDR | JPM | 04/18/16 | 491,620,225 | 37,400 | 403 | — | ||||||||||||||
| IDR | JPM | 05/24/16 | 178,944,000 | 13,475 | 82 | — | ||||||||||||||
| IDR | SCB | 04/18/16 | 491,620,225 | 37,457 | 460 | — | ||||||||||||||
| IDR | SCB | 04/18/16 | 983,240,450 | 74,629 | 635 | — | ||||||||||||||
| INR | BRC | 04/18/16 | 10,424,976 | 154,536 | — | 2,483 | ||||||||||||||
| INR | JPM | 04/18/16 | 13,780,368 | 204,396 | — | 3,162 | ||||||||||||||
| INR | SCB | 04/18/16 | 4,120,533 | 61,068 | — | 994 | ||||||||||||||
Lazard Emerging Markets Multi Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2016 (concluded):
Currency |
Counterparty | Settlement Date |
Quantity | Cost on Origination Date^ |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||
| JPY | CIT | 04/07/16 | 19,502,444 | 172,000 | $ | — | $ | 1,305 | ||||||||||||
| JPY | SCB | 04/19/16 | 51,679,808 | 439,828 | — | 19,582 | ||||||||||||||
| KRW | CIT | 04/04/16 | 417,860,000 | 365,902 | 512 | — | ||||||||||||||
| KZT | CIT | 04/04/16 | 4,893,000 | 14,000 | — | 179 | ||||||||||||||
| KZT | CIT | 06/06/16 | 67,276,000 | 177,042 | — | 14,031 | ||||||||||||||
| MXN | JPM | 05/23/16 | 3,027,785 | 172,000 | — | 2,474 | ||||||||||||||
| NGN | SCB | 04/25/16 | 15,429,760 | 64,695 | — | 12,647 | ||||||||||||||
| RON | JPM | 06/29/16 | 2,428,936 | 609,221 | — | 9,854 | ||||||||||||||
| RUB | CIT | 04/28/16 | 2,913,300 | 39,000 | — | 4,053 | ||||||||||||||
| RUB | JPM | 04/18/16 | 3,790,056 | 53,517 | — | 2,665 | ||||||||||||||
| RUB | JPM | 04/28/16 | 4,058,610 | 59,000 | — | 978 | ||||||||||||||
| RUB | SCB | 04/18/16 | 7,544,275 | 106,484 | — | 5,348 | ||||||||||||||
| THB | SCB | 04/18/16 | 38,433,426 | 1,088,226 | — | 3,887 | ||||||||||||||
| TWD | BRC | 04/18/16 | 11,320,170 | 344,476 | — | 7,296 | ||||||||||||||
| TWD | JPM | 04/18/16 | 11,320,170 | 344,550 | — | 7,222 | ||||||||||||||
| TWD | SCB | 04/18/16 | 11,320,170 | 343,974 | — | 7,798 | ||||||||||||||
| TWD | UBS | 04/18/16 | 11,320,169 | 344,288 | — | 7,484 | ||||||||||||||
| UGX | CIT | 06/06/16 | 532,287,000 | 153,000 | — | 970 | ||||||||||||||
| UYU | HSB | 04/11/16 | 7,309,400 | 225,126 | — | 4,498 | ||||||||||||||
| ZAR | BRC | 04/18/16 | 372,636 | 24,009 | — | 1,162 | ||||||||||||||
| ZAR | BRC | 04/18/16 | 1,518,913 | 99,461 | — | 3,138 | ||||||||||||||
| ZAR | CIT | 04/18/16 | 2,849,055 | 186,000 | — | 6,447 | ||||||||||||||
| ZAR | CIT | 04/18/16 | 7,517,415 | 470,000 | — | 37,784 | ||||||||||||||
| ZAR | JPM | 04/18/16 | 372,635 | 24,030 | — | 1,141 | ||||||||||||||
| ZAR | JPM | 04/18/16 | 1,096,991 | 70,000 | — | 4,099 | ||||||||||||||
| ZAR | JPM | 04/18/16 | 3,074,572 | 191,969 | — | 15,711 | ||||||||||||||
| ZAR | SCB | 04/18/16 | 372,636 | 24,001 | — | 1,170 | ||||||||||||||
| ZAR | SCB | 04/18/16 | 1,537,959 | 100,539 | — | 3,347 | ||||||||||||||
| Total Forward Currency Sale Contracts | 41,113 | 473,112 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 468,478 | $ | 561,619 | ||||||||||||||||
^ In USD unless otherwise indicated.
Written Option open at March 31, 2016:
| Number | ||||||||||||||||
| Description | of Contracts | Strike Price | Expiration Date | Premium | Value | |||||||||||
| USD vs MXN July 16 17.5 Put | 6,400 | $ 17.50 | 07/26/16 | $ | 8,058 | $ | (20,608 | ) | ||||||||
Lazard Emerging Markets Multi Asset Portfolio (concluded)
Credit Default Swap Agreements open at March 31, 2016:
| Referenced Obligation | Counterparty | Notional Amount |
Expiration Date | Buy/ Sell | Receive (Pay) Rate | S&P Credit Rating | Value | Upfront Premiums Paid (Received) |
Unrealized Depreciation |
||||||||||||||||||||||
| Republic of South Africa | BRC | 2,140,000 | 06/20/21 | Buy | (1.000 | )% | BBB- | $ | 198,201 | $ | 233,723 | $ | 35,522 | ||||||||||||||||||
| Republic of South Africa | JPM | 600,000 | 06/20/21 | Buy | (1.000 | ) | BBB- | 55,571 | 65,314 | 9,743 | |||||||||||||||||||||
| Total Credit Default Swap Agreements | $ | 253,772 | $ | 299,037 | $ | 45,265 | |||||||||||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||
| Foreign Government Obligations | 92.6% | ||||||||||
| Angola | 0.4% | ||||||||||
| Republic of Angola, 9.500%, 11/12/25 (d) | USD | 767 | $ | 698,929 | ||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 284 | 277,123 | |||||||
| 976,052 | ||||||||||
| Argentina | 4.2% | ||||||||||
| Republic of Argentina: | ||||||||||
| 8.750%, 06/02/17 (e) | USD | 1,675 | 1,980,687 | |||||||
| 8.280%, 12/31/33 (e) | USD | 4,585 | 5,463,252 | |||||||
| 2.500%, 12/31/38 (e) | USD | 5,020 | 3,350,850 | |||||||
| 10,794,789 | ||||||||||
| Azerbaijan | 0.4% | ||||||||||
| Republic of Azerbaijan, 4.750%, 03/18/24 | USD | 1,105 | 1,051,131 | |||||||
| Belarus | 0.1% | ||||||||||
| Republic of Belarus, 8.950%, 01/26/18 | USD | 315 | 327,600 | |||||||
| Belize | 0.2% | ||||||||||
| Republic of Belize, 5.000%, 02/20/38 (f) | USD | 1,095 | 536,550 | |||||||
| Brazil | 8.8% | ||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19 | BRL | 43,390 | 8,463,971 | |||||||
| Brazil NTN-B, 6.000%, 08/15/50 | BRL | 2,978 | 2,197,469 | |||||||
| Brazil NTN-F, 10.000%, 01/01/25 | BRL | 3,340 | 754,232 | |||||||
| Federal Republic of Brazil: | ||||||||||
| 4.875%, 01/22/21 | USD | 1,119 | 1,130,190 | |||||||
| 2.625%, 01/05/23 | USD | 2,416 | 2,065,680 | |||||||
| 4.250%, 01/07/25 | USD | 4,307 | 3,945,212 | |||||||
| 6.000%, 04/07/26 | USD | 2,470 | 2,507,050 | |||||||
| 8.250%, 01/20/34 | USD | 661 | 736,189 | |||||||
| 5.000%, 01/27/45 | USD | 700 | 559,125 | |||||||
| 22,359,118 | ||||||||||
| Cameroon | 0.1% | ||||||||||
| Republic of Cameroon, 9.500%, 11/19/25 | USD | 300 | 282,750 | |||||||
| Chile | 0.1% | ||||||||||
| Republic of Chile, 5.500%, 08/05/20 | CLP | 110,000 | 169,288 | |||||||
| Colombia | 4.1% | ||||||||||
| Colombian Titulos De Tesoreria: | ||||||||||
| 10.000%, 07/24/24 | COP | 14,355,500 | 5,359,433 | |||||||
| 6.000%, 04/28/28 | COP | 2,394,000 | 657,121 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Republic of Colombia: | ||||||||||
| 4.375%, 07/12/21 | USD | 600 | $ | 625,500 | ||||||
| 4.000%, 02/26/24 | USD | 1,290 | 1,296,450 | |||||||
| 4.500%, 01/28/26 | USD | 1,025 | 1,048,062 | |||||||
| 7.375%, 09/18/37 | USD | 1,080 | 1,279,800 | |||||||
| 6.125%, 01/18/41 | USD | 60 | 63,300 | |||||||
| 10,329,666 | ||||||||||
| Costa Rica | 0.3% | ||||||||||
| Republic of Costa Rica: | ||||||||||
| 4.250%, 01/26/23 | USD | 110 | 100,375 | |||||||
| 5.625%, 04/30/43 | USD | 650 | 501,313 | |||||||
| 7.000%, 04/04/44 | USD | 45 | 40,950 | |||||||
| 642,638 | ||||||||||
| Croatia | 1.9% | ||||||||||
| Croatia: | ||||||||||
| 6.750%, 11/05/19 | USD | 1,485 | 1,628,302 | |||||||
| 6.625%, 07/14/20 | USD | 720 | 789,840 | |||||||
| 6.375%, 03/24/21 | USD | 950 | 1,037,875 | |||||||
| 6.000%, 01/26/24 | USD | 1,235 | 1,348,003 | |||||||
| 4,804,020 | ||||||||||
| Dominican Republic | 2.7% | ||||||||||
| Dominican Republic: | ||||||||||
| 7.500%, 05/06/21 | USD | 1,545 | 1,676,325 | |||||||
| 5.500%, 01/27/25 | USD | 745 | 743,138 | |||||||
| 6.875%, 01/29/26 (d) | USD | 1,730 | 1,833,800 | |||||||
| 7.450%, 04/30/44 | USD | 1,765 | 1,853,250 | |||||||
| 6.850%, 01/27/45 | USD | 745 | 730,100 | |||||||
| 6,836,613 | ||||||||||
| Ecuador | 0.3% | ||||||||||
| Republic of Ecuador: | ||||||||||
| 10.500%, 03/24/20 (d) | USD | 210 | 189,000 | |||||||
| 10.500%, 03/24/20 | USD | 150 | 135,000 | |||||||
| 7.950%, 06/20/24 (d) | USD | 585 | 485,550 | |||||||
| 809,550 | ||||||||||
| Egypt | 0.4% | ||||||||||
| Arab Republic of Egypt: | ||||||||||
| 5.875%, 06/11/25 (d) | USD | 1,000 | 890,000 | |||||||
| 5.875%, 06/11/25 | USD | 260 | 231,400 | |||||||
| 1,121,400 | ||||||||||
| Gabon | 0.3% | ||||||||||
| Gabonese Republic, 6.375%, 12/12/24 | USD | 840 | 697,200 | |||||||
| Ghana | 0.3% | ||||||||||
| Republic of Ghana, 7.875%, 08/07/23 | USD | 975 | 773,906 | |||||||
| Guatemala | 0.2% | ||||||||||
| Republic of Guatemala: | ||||||||||
| 5.750%, 06/06/22 | USD | 280 | 306,600 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 4.875%, 02/13/28 | USD | 175 | $ | 178,238 | ||||||
| 484,838 | ||||||||||
| Honduras | 0.2% | ||||||||||
| Honduras Government Bond, 7.500%, 03/15/24 | USD | 200 | 211,750 | |||||||
| Republic of Honduras, 8.750%, 12/16/20 | USD | 200 | 223,500 | |||||||
| 435,250 | ||||||||||
| Hungary | 5.6% | ||||||||||
| Hungary: | ||||||||||
| 6.250%, 01/29/20 | USD | 200 | 222,250 | |||||||
| 6.375%, 03/29/21 | USD | 833 | 946,496 | |||||||
| 5.375%, 02/21/23 | USD | 2,588 | 2,869,445 | |||||||
| 5.750%, 11/22/23 | USD | 1,060 | 1,205,750 | |||||||
| 5.375%, 03/25/24 | USD | 1,748 | 1,953,390 | |||||||
| 7.625%, 03/29/41 | USD | 320 | 453,200 | |||||||
| Hungary Government Bonds: | ||||||||||
| 6.500%, 06/24/19 | HUF | 203,710 | 853,479 | |||||||
| 3.500%, 06/24/20 | HUF | 46,750 | 181,193 | |||||||
| 6.000%, 11/24/23 | HUF | 521,020 | 2,328,346 | |||||||
| 5.500%, 06/24/25 | HUF | 743,210 | 3,286,686 | |||||||
| 14,300,235 | ||||||||||
| Indonesia | 8.6% | ||||||||||
| Indonesia Government Bonds: | ||||||||||
| 7.875%, 04/15/19 | IDR | 53,855,000 | 4,084,959 | |||||||
| 8.375%, 03/15/24 | IDR | 26,980,000 | 2,105,905 | |||||||
| 8.375%, 09/15/26 | IDR | 20,472,000 | 1,611,823 | |||||||
| 9.000%, 03/15/29 | IDR | 3,987,000 | 318,220 | |||||||
| 8.750%, 05/15/31 | IDR | 26,698,000 | 2,123,155 | |||||||
| 8.375%, 03/15/34 | IDR | 20,635,000 | 1,563,576 | |||||||
| Perusahaan Penerbit SBSN Indonesia III: | ||||||||||
| 4.325%, 05/28/25 (d) | USD | 760 | 756,200 | |||||||
| 4.550%, 03/29/26 | USD | 830 | 831,038 | |||||||
| Republic of Indonesia: | ||||||||||
| 5.875%, 03/13/20 | USD | 915 | 1,017,937 | |||||||
| 3.750%, 04/25/22 | USD | 450 | 453,773 | |||||||
| 3.375%, 04/15/23 | USD | 975 | 951,844 | |||||||
| 5.875%, 01/15/24 | USD | 580 | 652,500 | |||||||
| 4.125%, 01/15/25 (d) | USD | 650 | 653,250 | |||||||
| 4.750%, 01/08/26 | USD | 550 | 576,125 | |||||||
| 7.750%, 01/17/38 | USD | 2,160 | 2,775,600 | |||||||
| 5.250%, 01/17/42 | USD | 210 | 211,050 | |||||||
| 5.125%, 01/15/45 | USD | 1,295 | 1,288,525 | |||||||
| 21,975,480 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Ivory Coast | 2.3% | ||||||||||
| Ivory Coast, 5.750%, 12/31/32 | USD | 6,245 | $ | 5,761,013 | ||||||
| Jamaica | 0.8% | ||||||||||
| Government of Jamaica: | ||||||||||
| 8.000%, 06/24/19 | USD | 1,335 | 1,451,812 | |||||||
| 6.750%, 04/28/28 | USD | 440 | 452,650 | |||||||
| 8.500%, 02/28/36 | USD | 115 | 122,044 | |||||||
| 2,026,506 | ||||||||||
| Jordan | 0.3% | ||||||||||
| Kingdom of Jordan, 6.125%, 01/29/26 (d) | USD | 820 | 861,000 | |||||||
| Kazakhstan | 0.7% | ||||||||||
| Republic of Kazakhstan: | ||||||||||
| 3.875%, 10/14/24 (d) | USD | 235 | 224,660 | |||||||
| 3.875%, 10/14/24 | USD | 225 | 215,100 | |||||||
| 4.875%, 10/14/44 | USD | 140 | 122,850 | |||||||
| 6.500%, 07/21/45 (d) | USD | 1,045 | 1,086,800 | |||||||
| 1,649,410 | ||||||||||
| Kenya | 0.3% | ||||||||||
| Republic of Kenya, 6.875%, 06/24/24 | USD | 920 | 869,400 | |||||||
| Malaysia | 3.4% | ||||||||||
| Malaysia Government Bonds: | ||||||||||
| 3.654%, 10/31/19 | MYR | 4,620 | 1,193,642 | |||||||
| 4.048%, 09/30/21 | MYR | 19,720 | 5,150,516 | |||||||
| 3.795%, 09/30/22 | MYR | 2,490 | 640,264 | |||||||
| 3.955%, 09/15/25 | MYR | 6,540 | 1,695,638 | |||||||
| 8,680,060 | ||||||||||
| Mexico | 5.2% | ||||||||||
| Mexican Bonos: | ||||||||||
| 5.000%, 12/11/19 | MXN | 93,820 | 5,408,233 | |||||||
| 10.000%, 12/05/24 | MXN | 49,877 | 3,706,028 | |||||||
| 10.000%, 11/20/36 | MXN | 18,329 | 1,460,037 | |||||||
| United Mexican States: | ||||||||||
| 5.625%, 01/15/17 | USD | 480 | 495,120 | |||||||
| 5.950%, 03/19/19 | USD | 734 | 818,410 | |||||||
| 6.750%, 09/27/34 | USD | 315 | 405,563 | |||||||
| 6.050%, 01/11/40 | USD | 628 | 736,330 | |||||||
| 4.750%, 03/08/44 | USD | 80 | 80,000 | |||||||
| 4.600%, 01/23/46 | USD | 224 | 219,520 | |||||||
| 13,329,241 | ||||||||||
| Morocco | 0.3% | ||||||||||
| Kingdom of Morocco, 4.250%, 12/11/22 | USD | 865 | 883,381 | |||||||
| Namibia | 0.2% | ||||||||||
| Republic of Namibia, 5.250%, 10/29/25 (d) | USD | 495 | 478,665 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Pakistan | 0.7% | ||||||||||
| Islamic Republic of Pakistan: | ||||||||||
| 7.250%, 04/15/19 | USD | 580 | $ | 608,081 | ||||||
| 8.250%, 04/15/24 | USD | 555 | 589,280 | |||||||
| 8.250%, 09/30/25 (d) | USD | 650 | 690,641 | |||||||
| 1,888,002 | ||||||||||
| Panama | 3.4% | ||||||||||
| Republic of Panama: | ||||||||||
| 5.200%, 01/30/20 | USD | 843 | 929,407 | |||||||
| 4.000%, 09/22/24 | USD | 150 | 157,500 | |||||||
| 3.750%, 03/16/25 | USD | 525 | 541,406 | |||||||
| 7.125%, 01/29/26 | USD | 710 | 918,563 | |||||||
| 8.875%, 09/30/27 | USD | 686 | 984,410 | |||||||
| 3.875%, 03/17/28 | USD | 1,310 | 1,321,790 | |||||||
| 9.375%, 04/01/29 | USD | 645 | 961,050 | |||||||
| 6.700%, 01/26/36 | USD | 2,240 | 2,856,000 | |||||||
| 8,670,126 | ||||||||||
| Paraguay | 1.0% | ||||||||||
| Republic of Paraguay: | ||||||||||
| 4.625%, 01/25/23 | USD | 1,440 | 1,456,200 | |||||||
| 5.000%, 04/15/26 (d) | USD | 730 | 733,650 | |||||||
| 6.100%, 08/11/44 (d) | USD | 420 | 428,400 | |||||||
| 2,618,250 | ||||||||||
| Peru | 1.6% | ||||||||||
| Republic of Peru: | ||||||||||
| 4.125%, 08/25/27 | USD | 1,935 | 2,026,913 | |||||||
| 6.950%, 08/12/31 | PEN | 400 | 110,563 | |||||||
| 6.900%, 08/12/37 | PEN | 3,870 | 1,122,412 | |||||||
| 5.625%, 11/18/50 | USD | 640 | 720,000 | |||||||
| 3,979,888 | ||||||||||
| Philippines | 2.0% | ||||||||||
| Republic of Philippines: | ||||||||||
| 4.200%, 01/21/24 | USD | 260 | 292,825 | |||||||
| 10.625%, 03/16/25 | USD | 437 | 714,495 | |||||||
| 3.625%, 09/09/25 | PHP | 29,000 | 630,608 | |||||||
| 5.500%, 03/30/26 | USD | 520 | 648,700 | |||||||
| 9.500%, 02/02/30 | USD | 405 | 682,931 | |||||||
| 6.375%, 10/23/34 | USD | 469 | 662,463 | |||||||
| 3.700%, 03/01/41 | USD | 1,303 | 1,374,665 | |||||||
| 5,006,687 | ||||||||||
| Poland | 3.7% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/18 | PLN | 650 | 178,163 | |||||||
| 5.500%, 10/25/19 | PLN | 6,003 | 1,820,287 | |||||||
| 1.500%, 04/25/20 | PLN | 330 | 87,096 | |||||||
| 5.250%, 10/25/20 | PLN | 2,590 | 793,625 | |||||||
| 5.750%, 09/23/22 | PLN | 14,330 | 4,622,377 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| 3.250%, 07/25/25 | PLN | 6,720 | $ | 1,880,382 | ||||||
| 9,381,930 | ||||||||||
| Romania | 1.3% | ||||||||||
| Romania Government Bonds: | ||||||||||
| 6.750%, 02/07/22 | USD | 948 | 1,123,617 | |||||||
| 4.875%, 01/22/24 | USD | 240 | 264,240 | |||||||
| 4.750%, 02/24/25 | RON | 4,320 | 1,214,968 | |||||||
| 6.125%, 01/22/44 | USD | 530 | 646,600 | |||||||
| 3,249,425 | ||||||||||
| Russia | 5.6% | ||||||||||
| Russia Foreign Bonds: | ||||||||||
| 5.000%, 04/29/20 | USD | 900 | 944,550 | |||||||
| 4.875%, 09/16/23 | USD | 2,200 | 2,295,700 | |||||||
| 12.750%, 06/24/28 | USD | 680 | 1,129,650 | |||||||
| 7.500%, 03/31/30 | USD | 259 | 315,767 | |||||||
| 5.625%, 04/04/42 | USD | 1,400 | 1,414,000 | |||||||
| Russia Government Bonds - OFZ: | ||||||||||
| 7.500%, 02/27/19 | RUB | 197,740 | 2,822,044 | |||||||
| 7.600%, 04/14/21 | RUB | 39,600 | 556,829 | |||||||
| 7.000%, 08/16/23 | RUB | 286,320 | 3,824,120 | |||||||
| 7.050%, 01/19/28 | RUB | 63,690 | 823,244 | |||||||
| 14,125,904 | ||||||||||
| Rwanda | 0.4% | ||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 1,175 | 1,136,160 | |||||||
| Senegal | 0.4% | ||||||||||
| Republic of Senegal: | ||||||||||
| 8.750%, 05/13/21 | USD | 525 | 565,031 | |||||||
| 6.250%, 07/30/24 | USD | 525 | 485,625 | |||||||
| 1,050,656 | ||||||||||
| Serbia | 1.2% | ||||||||||
| Republic of Serbia: | ||||||||||
| 5.875%, 12/03/18 | USD | 1,855 | 1,938,475 | |||||||
| 4.875%, 02/25/20 | USD | 1,060 | 1,074,575 | |||||||
| 3,013,050 | ||||||||||
| Slovenia | 3.3% | ||||||||||
| Republic of Slovenia: | ||||||||||
| 4.125%, 02/18/19 | USD | 705 | 739,851 | |||||||
| 5.500%, 10/26/22 | USD | 1,930 | 2,175,598 | |||||||
| 5.850%, 05/10/23 | USD | 3,971 | 4,566,442 | |||||||
| 5.250%, 02/18/24 | USD | 860 | 963,036 | |||||||
| 8,444,927 | ||||||||||
| South Africa | 3.2% | ||||||||||
| Republic of South Africa: | ||||||||||
| 5.500%, 03/09/20 | USD | 625 | 663,125 | |||||||
| 4.665%, 01/17/24 | USD | 129 | 130,161 | |||||||
| 10.500%, 12/21/26 | ZAR | 51,060 | 3,779,667 | |||||||
| 8.250%, 03/31/32 | ZAR | 45,160 | 2,710,190 | |||||||
| 6.250%, 03/08/41 | USD | 450 | 492,750 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 5.375%, 07/24/44 | USD | 470 | $ | 468,825 | ||||||
| 8,244,718 | ||||||||||
| Sri Lanka | 1.0% | ||||||||||
| Republic of Sri Lanka: | ||||||||||
| 6.125%, 06/03/25 | USD | 500 | 457,500 | |||||||
| 6.850%, 11/03/25 (d) | USD | 2,195 | 2,098,969 | |||||||
| 2,556,469 | ||||||||||
| Tanzania | 0.1% | ||||||||||
| United Republic of Tanzania, 6.892%, 03/09/20 (g) | USD | 209 | 210,978 | |||||||
| Thailand | 2.3% | ||||||||||
| Thailand Government Bonds: | ||||||||||
| 3.875%, 06/13/19 | THB | 46,080 | 1,411,874 | |||||||
| 3.850%, 12/12/25 | THB | 129,520 | 4,376,590 | |||||||
| 5,788,464 | ||||||||||
| Turkey | 5.5% | ||||||||||
| Republic of Turkey: | ||||||||||
| 7.000%, 03/11/19 | USD | 450 | 497,475 | |||||||
| 7.500%, 11/07/19 | USD | 870 | 992,887 | |||||||
| 7.375%, 02/05/25 | USD | 1,205 | 1,442,987 | |||||||
| 4.250%, 04/14/26 | USD | 1,195 | 1,159,150 | |||||||
| 4.875%, 10/09/26 | USD | 650 | 656,500 | |||||||
| 6.000%, 01/14/41 | USD | 1,065 | 1,150,200 | |||||||
| Turkey Government Bonds: | ||||||||||
| 0.000%, 12/14/16 | TRY | 2,360 | 781,963 | |||||||
| 6.300%, 02/14/18 | TRY | 5,500 | 1,836,717 | |||||||
| 8.000%, 03/12/25 | TRY | 16,880 | 5,379,459 | |||||||
| 13,897,338 | ||||||||||
| Ukraine | 1.2% | ||||||||||
| Ukraine Government Bonds: | ||||||||||
| 7.750%, 09/01/19 (d) | USD | 57 | 53,452 | |||||||
| 7.750%, 09/01/20 (d) | USD | 848 | 793,728 | |||||||
| 7.750%, 09/01/21 (d) | USD | 142 | 131,492 | |||||||
| 7.750%, 09/01/22 (d) | USD | 233 | 213,778 | |||||||
| 0.000%, 11/28/22 | USD | 280 | 222,600 | |||||||
| 7.750%, 09/01/23 (d) | USD | 142 | 128,794 | |||||||
| 9.250%, 07/17/24 | USD | 200 | 159,001 | |||||||
| 7.750%, 09/01/24 (d) | USD | 713 | 638,135 | |||||||
| 7.750%, 09/01/26 (d) | USD | 254 | 224,282 | |||||||
| 7.750%, 09/01/27 (d) | USD | 565 | 497,906 | |||||||
| 3,063,168 | ||||||||||
| Uruguay | 0.7% | ||||||||||
| Republica Orient Uruguay: | ||||||||||
| 4.375%, 10/27/27 | USD | 1,086 | 1,107,720 | |||||||
| 7.625%, 03/21/36 | USD | 525 | 673,313 | |||||||
| 1,781,033 | ||||||||||
| Venezuela | 0.8% | ||||||||||
| Republic of Venezuela: | ||||||||||
| 6.000%, 12/09/20 | USD | 1,425 | 477,375 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| 9.000%, 05/07/23 | USD | 915 | $ | 320,250 | ||||||
| 7.650%, 04/21/25 | USD | 726 | 241,395 | |||||||
| 11.750%, 10/21/26 | USD | 275 | 107,937 | |||||||
| 9.250%, 09/15/27 | USD | 905 | 362,000 | |||||||
| 11.950%, 08/05/31 | USD | 752 | 297,040 | |||||||
| 9.375%, 01/13/34 | USD | 95 | 33,488 | |||||||
| 7.000%, 03/31/38 | USD | 382 | 127,970 | |||||||
| 1,967,455 | ||||||||||
| Vietnam | 0.5% | ||||||||||
| Socialist Republic of Vietnam: | ||||||||||
| 6.750%, 01/29/20 | USD | 440 | 487,850 | |||||||
| 4.800%, 11/19/24 | USD | 715 | 715,894 | |||||||
| 1,203,744 | ||||||||||
| Total Foreign Government Obligations (Identified cost $237,336,628) | 235,525,122 | |||||||||
| Quasi Government Bonds | 5.7% | ||||||||||
| Chile | 0.8% | ||||||||||
| Corp. Nacional del Cobre de Chile: | ||||||||||
| 3.875%, 11/03/21 | USD | 640 | 652,672 | |||||||
| 3.000%, 07/17/22 | USD | 702 | 675,394 | |||||||
| 4.500%, 09/16/25 | USD | 665 | 676,970 | |||||||
| 2,005,036 | ||||||||||
| Ecuador | 0.1% | ||||||||||
| EP Petroecuador, 6.258%, 09/24/19 (g) | USD | 424 | 369,135 | |||||||
| Indonesia | 0.4% | ||||||||||
| Pertamina Persero PT: | ||||||||||
| 4.875%, 05/03/22 | USD | 592 | 603,100 | |||||||
| 4.300%, 05/20/23 | USD | 350 | 341,250 | |||||||
| 944,350 | ||||||||||
| Kazakhstan | 0.9% | ||||||||||
| KazMunayGas National Co. JSC, 9.125%, 07/02/18 | USD | 2,050 | 2,234,500 | |||||||
| Mexico | 1.9% | ||||||||||
| Petroleos Mexicanos: | ||||||||||
| 8.000%, 05/03/19 | USD | 1,732 | 1,929,361 | |||||||
| 5.500%, 06/27/44 | USD | 1,835 | 1,509,655 | |||||||
| 6.375%, 01/23/45 | USD | 1,373 | 1,269,956 | |||||||
| 5.625%, 01/23/46 | USD | 169 | 140,270 | |||||||
| 4,849,242 | ||||||||||
| South Africa | 0.8% | ||||||||||
| Eskom Holdings SOC, Ltd., 7.850%, 04/02/26 | ZAR | 9,000 | 521,322 | |||||||
| Transnet SOC, Ltd., 9.500%, 05/13/21 (d) | ZAR | 24,000 | 1,477,869 | |||||||
| 1,999,191 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Tunisia | 0.1% | ||||||||||
| Banque Centrale de Tunisie SA, 5.750%, 01/30/25 | USD | 360 | $ | 311,850 | ||||||
| Venezuela | 0.7% | ||||||||||
| Petroleos de Venezuela SA: | ||||||||||
| 5.125%, 10/28/16 | USD | 525 | 403,200 | |||||||
| 5.250%, 04/12/17 | USD | 893 | 455,876 | |||||||
| 9.000%, 11/17/21 | USD | 590 | 218,300 | |||||||
| 12.750%, 02/17/22 | USD | 335 | 152,593 | |||||||
| 6.000%, 05/16/24 | USD | 450 | 139,725 | |||||||
| 6.000%, 11/15/26 | USD | 625 | 192,813 | |||||||
| 9.750%, 05/17/35 | USD | 280 | 104,076 | |||||||
| 5.500%, 04/12/37 | USD | 695 | 220,662 | |||||||
| 1,887,245 | ||||||||||
| Total Quasi Government Bonds (Identified cost $16,302,482) | 14,600,549 | |||||||||
| Description | Shares | Value | ||||||||
| Short-Term Investment | 0.2% | ||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $396,101) | 396,101 | $ | 396,101 | |||||||
| Total Investments | 98.5% (Identified cost $254,035,211) (b), (h) | $ | 250,521,772 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 1.5% | 3,759,671 | |||||||||
| Net Assets | 100.0% | $ | 254,281,443 | ||||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||
| BRL | BRC | 04/04/16 | 1,459,685 | 395,257 | $ | 10,701 | $ | — | ||||||||||||
| BRL | BRC | 04/04/16 | 4,379,056 | 1,230,452 | — | 12,576 | ||||||||||||||
| BRL | BRC | 05/03/16 | 1,408,425 | 384,553 | 4,034 | — | ||||||||||||||
| BRL | JPM | 04/04/16 | 1,459,686 | 395,258 | 10,701 | — | ||||||||||||||
| BRL | JPM | 05/03/16 | 3,096,450 | 845,447 | 8,868 | — | ||||||||||||||
| BRL | SCB | 04/04/16 | 1,459,685 | 395,311 | 10,648 | — | ||||||||||||||
| COP | SCB | 04/18/16 | 1,322,250,000 | 410,000 | 30,527 | — | ||||||||||||||
| INR | BRC | 04/18/16 | 43,680,166 | 645,774 | 12,129 | — | ||||||||||||||
| INR | JPM | 04/18/16 | 43,680,166 | 645,488 | 12,415 | — | ||||||||||||||
| INR | SCB | 04/18/16 | 43,680,166 | 645,584 | 12,319 | — | ||||||||||||||
| INR | UBS | 04/18/16 | 43,680,165 | 645,440 | 12,463 | — | ||||||||||||||
| MXN | BRC | 04/18/16 | 6,810,070 | 378,896 | 14,729 | — | ||||||||||||||
| MXN | JPM | 04/18/16 | 6,810,069 | 379,091 | 14,534 | — | ||||||||||||||
| MXN | SCB | 04/18/16 | 6,810,070 | 379,311 | 14,314 | — | ||||||||||||||
| RON | BRC | 04/18/16 | 96,539 | 24,170 | 418 | — | ||||||||||||||
| RON | BRC | 04/18/16 | 96,539 | 24,170 | 418 | — | ||||||||||||||
| RON | BRC | 04/18/16 | 3,462,871 | 856,680 | 25,299 | — | ||||||||||||||
| RON | UBS | 04/18/16 | 3,462,870 | 857,761 | 24,217 | — | ||||||||||||||
| RUB | SCB | 04/18/16 | 51,168,520 | 749,502 | 8,988 | — | ||||||||||||||
| THB | BRC | 04/18/16 | 30,626,400 | 868,034 | 2,237 | — | ||||||||||||||
| THB | JPM | 04/18/16 | 45,228,800 | 1,280,000 | 5,208 | — | ||||||||||||||
| TRY | BRC | 04/18/16 | 1,084,422 | 367,663 | 15,324 | — | ||||||||||||||
| TRY | JPM | 04/18/16 | 1,084,422 | 367,532 | 15,455 | — | ||||||||||||||
| TRY | SCB | 04/18/16 | 1,084,422 | 367,787 | 15,200 | — | ||||||||||||||
| ZAR | BRC | 04/18/16 | 3,931,726 | 253,318 | 12,261 | — | ||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 293,407 | $ | 12,576 | ||||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||
| BRL | BRC | 04/04/16 | 1,459,685 | 410,151 | $ | 4,192 | $ | — | ||||||||||||
| BRL | BRC | 04/04/16 | 4,379,056 | 1,084,408 | — | 133,468 | ||||||||||||||
| BRL | BRC | 05/03/16 | 1,459,685 | 392,409 | — | 10,320 | ||||||||||||||
| BRL | BRC | 05/03/16 | 1,482,926 | 401,659 | — | 7,482 | ||||||||||||||
| BRL | JPM | 04/04/16 | 1,459,686 | 410,151 | 4,192 | — | ||||||||||||||
| BRL | JPM | 05/03/16 | 1,459,686 | 392,410 | — | 10,320 | ||||||||||||||
| BRL | JPM | 05/03/16 | 3,169,852 | 858,340 | — | 16,227 | ||||||||||||||
| BRL | SCB | 04/04/16 | 1,459,685 | 410,151 | 4,192 | — | ||||||||||||||
| BRL | SCB | 05/03/16 | 1,459,685 | 392,473 | — | 10,257 | ||||||||||||||
| COP | BRC | 04/18/16 | 2,104,280,000 | 658,854 | — | 42,219 | ||||||||||||||
| HUF | BRC | 05/18/16 | 132,753,344 | 476,707 | — | 4,147 | ||||||||||||||
| HUF | JPM | 05/18/16 | 132,753,344 | 477,581 | — | 3,273 | ||||||||||||||
| HUF | SCB | 05/18/16 | 132,753,344 | 477,770 | — | 3,084 | ||||||||||||||
| IDR | JPM | 04/18/16 | 9,335,825,000 | 710,219 | 7,648 | — | ||||||||||||||
| IDR | SCB | 04/18/16 | 9,335,825,000 | 711,301 | 8,730 | — | ||||||||||||||
| IDR | SCB | 04/18/16 | 18,671,650,000 | 1,417,203 | 12,061 | — | ||||||||||||||
| INR | BRC | 04/18/16 | 30,778,502 | 456,248 | — | 7,332 | ||||||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||
| INR | BRC | 04/18/16 | 90,624,200 | 1,340,000 | $ | — | $ | 24,965 | ||||||||||||
| INR | JPM | 04/18/16 | 40,684,896 | 603,455 | — | 9,334 | ||||||||||||||
| INR | SCB | 04/18/16 | 12,165,383 | 180,297 | — | 2,935 | ||||||||||||||
| PEN | HSB | 06/17/16 | 1,858,368 | 552,592 | — | 2,701 | ||||||||||||||
| PEN | JPM | 06/17/16 | 395,664 | 117,408 | — | 819 | ||||||||||||||
| PHP | SCB | 04/18/16 | 7,484,800 | 160,000 | — | 2,402 | ||||||||||||||
| RON | BRC | 04/18/16 | 801,640 | 200,000 | — | 4,174 | ||||||||||||||
| RON | SCB | 04/18/16 | 1,785,623 | 450,000 | — | 4,791 | ||||||||||||||
| RUB | JPM | 04/18/16 | 26,293,508 | 371,273 | — | 18,486 | ||||||||||||||
| RUB | SCB | 04/18/16 | 52,338,411 | 738,728 | — | 37,104 | ||||||||||||||
| THB | BRC | 04/18/16 | 24,336,300 | 690,000 | — | 1,533 | ||||||||||||||
| THB | JPM | 04/18/16 | 45,107,200 | 1,280,000 | — | 1,753 | ||||||||||||||
| Total Forward Currency Sale Contracts | 41,015 | 359,126 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 334,422 | $ | 371,702 | ||||||||||||||||
^ In USD unless otherwise indicated.
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Explorer Total Return Portfolio | ||||||||||
| Corporate Bonds | 1.3% | ||||||||||
| Argentina | 0.5% | ||||||||||
| YPF SA, 8.500%, 03/23/21 | USD | 1,200 | $ | 1,199,778 | ||||||
| Brazil | 0.5% | ||||||||||
| Petrobras Global Finance BV: | ||||||||||
| 8.375%, 12/10/18 | USD | 92 | 91,689 | |||||||
| 5.750%, 01/20/20 | USD | 600 | 516,900 | |||||||
| 6.850%, 06/05/15 | USD | 920 | 629,666 | |||||||
| 1,238,255 | ||||||||||
| Bulgaria | 0.1% | ||||||||||
| ContourGlobal Power Holdings SA, 7.125%, 06/01/19 (d) | USD | 250 | 243,438 | |||||||
| China | 0.1% | ||||||||||
| Green Dragon Gas, Ltd., 10.000%, 11/20/17 | USD | 400 | 300,000 | |||||||
| Iraq | 0.1% | ||||||||||
| Genel Energy Finance PLC, 7.500%, 05/14/19 | USD | 600 | 359,250 | |||||||
| Total Corporate Bonds (Identified cost $3,591,244) | 3,340,721 | |||||||||
| Foreign Government Obligations | 88.7% | ||||||||||
| Angola | 0.5% | ||||||||||
| Republic of Angola Northern Lights III BV, 7.000%, 08/16/19 | USD | 1,247 | 1,215,080 | |||||||
| Argentina | 6.5% | ||||||||||
| Republic of Argentina: | ||||||||||
| 8.750%, 06/02/17 (e) | USD | 1,560 | 1,844,700 | |||||||
| 8.280%, 12/31/33 (e) | USD | 7,760 | 9,273,535 | |||||||
| 2.500%, 12/31/38 (e) | USD | 7,450 | 4,972,875 | |||||||
| 16,091,110 | ||||||||||
| Belize | 0.6% | ||||||||||
| Republic of Belize, 5.000%, 02/20/38 (f) | USD | 2,774 | 1,359,260 | |||||||
| Brazil | 8.6% | ||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/19 | BRL | 11,190 | 2,182,803 | |||||||
| Brazil NTN-B, 6.000%, 08/15/50 | BRL | 4,140 | 3,061,493 | |||||||
| Federal Republic of Brazil: | ||||||||||
| 6.000%, 04/07/26 | USD | 13,200 | 13,398,000 | |||||||
| 5.000%, 01/27/45 | USD | 3,230 | 2,579,963 | |||||||
| 21,222,259 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Chile | 0.1% | ||||||||||
| Republic of Chile, 3.625%, 10/30/42 | USD | 265 | $ | 251,750 | ||||||
| Colombia | 3.0% | ||||||||||
| Republic of Colombia: | ||||||||||
| 2.625%, 03/15/23 | USD | 555 | 516,150 | |||||||
| 4.000%, 02/26/24 | USD | 1,745 | 1,753,725 | |||||||
| 4.500%, 01/28/26 | USD | 1,715 | 1,753,587 | |||||||
| 7.375%, 09/18/37 | USD | 1,215 | 1,439,775 | |||||||
| 6.125%, 01/18/41 | USD | 955 | 1,007,525 | |||||||
| 5.625%, 02/26/44 | USD | 585 | 582,075 | |||||||
| 5.000%, 06/15/45 | USD | 280 | 262,500 | |||||||
| 7,315,337 | ||||||||||
| Congo | 1.3% | ||||||||||
| Republic of Congo, 4.000%, 06/30/29 (f) | USD | 4,456 | 3,260,612 | |||||||
| Croatia | 2.4% | ||||||||||
| Croatia: | ||||||||||
| 6.250%, 04/27/17 | USD | 250 | 259,625 | |||||||
| 6.750%, 11/05/19 | USD | 1,420 | 1,557,030 | |||||||
| 6.625%, 07/14/20 | USD | 1,025 | 1,124,425 | |||||||
| 5.500%, 04/04/23 | USD | 1,370 | 1,448,090 | |||||||
| 6.000%, 01/26/24 | USD | 1,325 | 1,446,237 | |||||||
| 5,835,407 | ||||||||||
| Dominican Republic | 2.5% | ||||||||||
| Dominican Republic: | ||||||||||
| 7.500%, 05/06/21 | USD | 920 | 998,200 | |||||||
| 5.500%, 01/27/25 (d) | USD | 600 | 598,500 | |||||||
| 5.500%, 01/27/25 | USD | 1,200 | 1,197,000 | |||||||
| 7.450%, 04/30/44 | USD | 575 | 603,750 | |||||||
| 6.850%, 01/27/45 (d) | USD | 1,500 | 1,470,000 | |||||||
| 6.850%, 01/27/45 | USD | 1,315 | 1,288,700 | |||||||
| 6,156,150 | ||||||||||
| Egypt | 1.0% | ||||||||||
| Arab Republic of Egypt: | ||||||||||
| 5.875%, 06/11/25 (d) | USD | 1,325 | 1,179,250 | |||||||
| 5.875%, 06/11/25 | USD | 1,485 | 1,321,650 | |||||||
| 2,500,900 | ||||||||||
| Ghana | 0.5% | ||||||||||
| Republic of Ghana: | ||||||||||
| 7.875%, 08/07/23 | USD | 1,575 | 1,250,156 | |||||||
| 8.125%, 01/18/26 | USD | 65 | 50,700 | |||||||
| 1,300,856 | ||||||||||
| Guatemala | 0.5% | ||||||||||
| Republic of Guatemala: | ||||||||||
| 5.750%, 06/06/22 | USD | 678 | 742,410 | |||||||
| 4.875%, 02/13/28 | USD | 560 | 570,360 | |||||||
| 1,312,770 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||
| Hungary | 6.4% | ||||||||||
| Hungary: | ||||||||||
| 6.375%, 03/29/21 | USD | 1,170 | $ | 1,329,413 | ||||||
| 5.375%, 02/21/23 | USD | 5,770 | 6,397,487 | |||||||
| 5.750%, 11/22/23 | USD | 1,914 | 2,177,175 | |||||||
| 5.375%, 03/25/24 | USD | 2,876 | 3,213,930 | |||||||
| 7.625%, 03/29/41 | USD | 1,798 | 2,546,417 | |||||||
| 15,664,422 | ||||||||||
| Indonesia | 3.3% | ||||||||||
| Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/25 (d) | USD | 2,750 | 2,736,250 | |||||||
| Republic of Indonesia: | ||||||||||
| 3.375%, 04/15/23 | USD | 625 | 610,156 | |||||||
| 8.500%, 10/12/35 | USD | 375 | 508,125 | |||||||
| 6.625%, 02/17/37 | USD | 470 | 545,200 | |||||||
| 7.750%, 01/17/38 | USD | 570 | 732,450 | |||||||
| 5.250%, 01/17/42 | USD | 1,050 | 1,055,250 | |||||||
| 6.750%, 01/15/44 | USD | 1,135 | 1,367,885 | |||||||
| 5.125%, 01/15/45 | USD | 620 | 616,900 | |||||||
| 8,172,216 | ||||||||||
| Ivory Coast | 3.0% | ||||||||||
| Ivory Coast: | ||||||||||
| 6.375%, 03/03/28 (d) | USD | 1,105 | 1,042,844 | |||||||
| 6.375%, 03/03/28 | USD | 1,700 | 1,604,375 | |||||||
| 5.750%, 12/31/32 | USD | 5,150 | 4,750,875 | |||||||
| 7,398,094 | ||||||||||
| Jamaica | 0.5% | ||||||||||
| Government of Jamaica, 6.750%, 04/28/28 | USD | 1,285 | 1,321,944 | |||||||
| Jordan | 0.3% | ||||||||||
| Kingdom of Jordan, 6.125%, 01/29/26 (d) | USD | 590 | 619,500 | |||||||
| Lithuania | 2.8% | ||||||||||
| Republic of Lithuania: | ||||||||||
| 7.375%, 02/11/20 | USD | 1,980 | 2,339,825 | |||||||
| 6.625%, 02/01/22 | USD | 3,675 | 4,438,004 | |||||||
| 6,777,829 | ||||||||||
| Mexico | 3.8% | ||||||||||
| United Mexican States: | ||||||||||
| 5.625%, 01/15/17 | USD | 570 | 587,955 | |||||||
| 4.000%, 10/02/23 | USD | 1,690 | 1,770,275 | |||||||
| 3.600%, 01/30/25 | USD | 1,225 | 1,247,662 | |||||||
| 6.050%, 01/11/40 | USD | 1,824 | 2,138,640 | |||||||
| 4.750%, 03/08/44 | USD | 1,356 | 1,356,000 | |||||||
| 5.550%, 01/21/45 | USD | 1,184 | 1,311,280 | |||||||
| 4.600%, 01/23/46 | USD | 934 | 915,320 | |||||||
| 9,327,132 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Morocco | 0.7% | ||||||||||
| Kingdom of Morocco, 5.500%, 12/11/42 | USD | 1,745 | $ | 1,814,800 | ||||||
| Pakistan | 1.0% | ||||||||||
| Islamic Republic of Pakistan, 8.250%, 04/15/24 | USD | 2,400 | 2,548,236 | |||||||
| Panama | 6.4% | ||||||||||
| Republic of Panama: | ||||||||||
| 4.000%, 09/22/24 | USD | 265 | 278,250 | |||||||
| 3.750%, 03/16/25 | USD | 3,555 | 3,666,093 | |||||||
| 7.125%, 01/29/26 | USD | 285 | 368,719 | |||||||
| 8.875%, 09/30/27 | USD | 1,595 | 2,288,825 | |||||||
| 3.875%, 03/17/28 | USD | 3,610 | 3,642,490 | |||||||
| 9.375%, 04/01/29 | USD | 500 | 745,000 | |||||||
| 6.700%, 01/26/36 | USD | 3,710 | 4,730,250 | |||||||
| 15,719,627 | ||||||||||
| Paraguay | 1.0% | ||||||||||
| Republic of Paraguay: | ||||||||||
| 4.625%, 01/25/23 | USD | 650 | 657,313 | |||||||
| 5.000%, 04/15/26 (d) | USD | 710 | 713,550 | |||||||
| 6.100%, 08/11/44 (d) | USD | 550 | 561,000 | |||||||
| 6.100%, 08/11/44 | USD | 480 | 489,600 | |||||||
| 2,421,463 | ||||||||||
| Peru | 3.4% | ||||||||||
| Republic of Peru: | ||||||||||
| 7.350%, 07/21/25 | USD | 885 | 1,168,200 | |||||||
| 8.750%, 11/21/33 | USD | 4,905 | 7,259,400 | |||||||
| 8,427,600 | ||||||||||
| Portugal | 3.7% | ||||||||||
| Republic of Portugal: | ||||||||||
| 5.125%, 10/15/24 | USD | 6,210 | 6,304,144 | |||||||
| 5.125%, 10/15/24 (d) | USD | 2,775 | 2,817,069 | |||||||
| 9,121,213 | ||||||||||
| Russia | 1.5% | ||||||||||
| Russia Foreign Bonds: | ||||||||||
| 4.500%, 04/04/22 | USD | 600 | 614,100 | |||||||
| 4.875%, 09/16/23 | USD | 1,800 | 1,878,300 | |||||||
| 5.625%, 04/04/42 | USD | 1,200 | 1,212,000 | |||||||
| 3,704,400 | ||||||||||
| Rwanda | 0.8% | ||||||||||
| Republic of Rwanda, 6.625%, 05/02/23 | USD | 1,915 | 1,851,700 | |||||||
| Senegal | 0.5% | ||||||||||
| Republic of Senegal: | ||||||||||
| 8.750%, 05/13/21 | USD | 655 | 704,944 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||
| 6.250%, 07/30/24 | USD | 550 | $ | 508,750 | ||||||
| 1,213,694 | ||||||||||
| Serbia | 1.7% | ||||||||||
| Republic of Serbia: | ||||||||||
| 5.875%, 12/03/18 | USD | 815 | 851,675 | |||||||
| 4.875%, 02/25/20 | USD | 500 | 506,875 | |||||||
| 7.250%, 09/28/21 | USD | 2,475 | 2,765,813 | |||||||
| 4,124,363 | ||||||||||
| Slovenia | 7.3% | ||||||||||
| Republic of Slovenia: | ||||||||||
| 5.850%, 05/10/23 | USD | 9,505 | 10,930,252 | |||||||
| 5.250%, 02/18/24 | USD | 6,150 | 6,886,824 | |||||||
| 17,817,076 | ||||||||||
| Sri Lanka | 1.5% | ||||||||||
| Republic of Sri Lanka: | ||||||||||
| 5.125%, 04/11/19 | USD | 310 | 302,469 | |||||||
| 6.250%, 10/04/20 | USD | 550 | 545,187 | |||||||
| 6.250%, 07/27/21 | USD | 170 | 166,175 | |||||||
| 5.875%, 07/25/22 | USD | 350 | 329,437 | |||||||
| 6.125%, 06/03/25 | USD | 900 | 823,500 | |||||||
| 6.850%, 11/03/25 | USD | 210 | 200,813 | |||||||
| 6.850%, 11/03/25 (d) | USD | 1,300 | 1,243,125 | |||||||
| 3,610,706 | ||||||||||
| Turkey | 4.2% | ||||||||||
| Republic of Turkey: | ||||||||||
| 7.500%, 07/14/17 | USD | 910 | 972,563 | |||||||
| 7.000%, 06/05/20 | USD | 570 | 644,100 | |||||||
| 7.375%, 02/05/25 | USD | 2,157 | 2,583,007 | |||||||
| 4.875%, 10/09/26 | USD | 3,570 | 3,605,700 | |||||||
| 4.875%, 04/16/43 | USD | 2,095 | 1,945,731 | |||||||
| 6.625%, 02/17/45 | USD | 525 | 626,063 | |||||||
| 10,377,164 | ||||||||||
| Ukraine | 2.4% | ||||||||||
| Ukraine Government Bonds: | ||||||||||
| 0.000%, 11/21/16 | USD | 225 | 181,125 | |||||||
| 7.750%, 09/01/19 (d) | USD | 1,163 | 1,092,860 | |||||||
| 7.750%, 09/01/20 (d) | USD | 951 | 890,136 | |||||||
| 7.750%, 09/01/21 (d) | USD | 1,126 | 1,042,676 | |||||||
| 7.750%, 09/01/22 (d) | USD | 453 | 415,628 | |||||||
| 7.750%, 09/01/25 (d) | USD | 505 | 446,925 | |||||||
| 7.750%, 09/01/26 (d) | USD | 385 | 339,955 | |||||||
| 7.750%, 09/01/27 (d) | USD | 1,005 | 885,656 | |||||||
| 0.000%, 05/31/40 (g) | USD | 1,994 | 658,020 | |||||||
| 5,952,981 | ||||||||||
| Uruguay | 3.0% | ||||||||||
| Republica Orient Uruguay: | ||||||||||
| 4.500%, 08/14/24 | USD | 2,205 | 2,331,787 | |||||||
| 7.875%, 01/15/33 | USD | 2,330 | 3,011,525 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| 5.100%, 06/18/50 | USD | 2,085 | $ | 1,939,050 | ||||||
| 7,282,362 | ||||||||||
| Venezuela | 1.0% | ||||||||||
| Republic of Venezuela: | ||||||||||
| 7.650%, 04/21/25 | USD | 830 | 275,975 | |||||||
| 9.250%, 09/15/27 | USD | 1,680 | 672,000 | |||||||
| 9.250%, 05/07/28 | USD | 1,145 | 403,612 | |||||||
| 11.950%, 08/05/31 | USD | 805 | 317,975 | |||||||
| 9.375%, 01/13/34 | USD | 905 | 319,013 | |||||||
| 7.000%, 03/31/38 | USD | 1,225 | 410,375 | |||||||
| 2,398,950 | ||||||||||
| Vietnam | 1.0% | ||||||||||
| Socialist Republic of Vietnam: | ||||||||||
| 6.750%, 01/29/20 | USD | 1,155 | 1,280,607 | |||||||
| 4.800%, 11/19/24 | USD | 1,265 | 1,266,581 | |||||||
| 2,547,188 | ||||||||||
| Total Foreign Government Obligations (Identified cost $215,296,621) | 218,036,151 | |||||||||
| Quasi Government Bonds | 7.1% | ||||||||||
| Chile | 2.2% | ||||||||||
| Corp. Nacional del Cobre de Chile, 4.500%, 09/16/25 | USD | 5,295 | 5,390,310 | |||||||
| Croatia | 0.3% | ||||||||||
| Hrvatska Elektroprivreda, 5.875%, 10/23/22 (d) | USD | 590 | 605,488 | |||||||
| Indonesia | 0.6% | ||||||||||
| Majapahit holding BV, 7.750%, 01/20/20 | USD | 785 | 897,844 | |||||||
| Perusahaan Listrik Negara PT, 5.500%, 11/22/21 | USD | 555 | 598,012 | |||||||
| 1,495,856 | ||||||||||
| Malaysia | 1.5% | ||||||||||
| Petronas Capital, Ltd., 3.500%, 03/18/25 | USD | 3,565 | 3,619,670 | |||||||
| Mexico | 1.0% | ||||||||||
| Petroleos Mexicanos: | ||||||||||
| 8.000%, 05/03/19 | USD | 1,085 | 1,208,636 | |||||||
| 6.500%, 06/02/41 | USD | 697 | 650,301 | |||||||
| 5.500%, 06/27/44 | USD | 388 | 319,207 | |||||||
| 5.625%, 01/23/46 | USD | 405 | 336,150 | |||||||
| 2,514,294 | ||||||||||
| Tunisia | 0.2% | ||||||||||
| Banque Centrale de Tunisie SA, 5.750%, 01/30/25 (d) | USD | 700 | 606,375 | |||||||
| Venezuela | 1.3% | ||||||||||
| Petroleos de Venezuela SA: | ||||||||||
| 8.500%, 11/02/17 | USD | 1,560 | 826,800 | |||||||
| 6.000%, 05/16/24 | USD | 2,095 | 650,497 | |||||||
| 5.375%, 04/12/27 | USD | 3,675 | 1,161,851 | |||||||
| 9.750%, 05/17/35 | USD | 715 | 265,766 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Explorer Total Return Portfolio (continued) | ||||||||||
| 5.500%, 04/12/37 | USD | 701 | $ | 222,568 | ||||||
| 3,127,482 | ||||||||||
| Total Quasi Government Bonds (Identified cost $17,519,337) | 17,359,475 | |||||||||
| Description | Shares | Value | ||||||||
| Warrants | 0.0% | ||||||||||
| Iraq | 0.0% | ||||||||||
| Gulf Keystone Petroleum, Ltd. Expires 04/18/17 (Identified cost $0) |
96,000 | $ | 0 | |||||||
| Short-Term Investment | 2.1% | ||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $5,257,500) |
5,257,500 | 5,257,500 | ||||||||
| Description | Number of Contracts | Value | ||||||||
| Purchased Options | 0.2% | ||||||||||
| USD vs EUR April 16 1.1 Call: | ||||||||||
| Expires 04/12/16 | 211,600 | $ | 4,232 | |||||||
| Expires 04/14/16 | 160,300 | 3,206 | ||||||||
| USD vs MXN July 16 18.5 Put, Expires 07/26/16 | 57,200 | 415,272 | ||||||||
| Total Purchased Options (Identified cost $420,709) | 422,710 | |||||||||
| Total Investments | 99.4% (Identified cost $242,085,411) (b), (h) | $ | 244,416,557 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 1,575,820 | |||||||||
| Net Assets | 100.0% | $ | 245,992,377 | ||||||||
Lazard Explorer Total Return Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| Forward Currency Purchase Contracts | |||||||||||||||||||
| BRL | BRC | 04/04/16 | 4,754,895 | 1,287,543 | $ | 34,859 | $ | — | |||||||||||
| BRL | BRC | 04/04/16 | 7,132,342 | 2,004,086 | — | 20,483 | |||||||||||||
| BRL | JPM | 04/04/16 | 4,754,894 | 1,287,543 | 34,859 | — | |||||||||||||
| BRL | JPM | 04/04/16 | 7,132,342 | 2,004,086 | — | 20,483 | |||||||||||||
| BRL | SCB | 04/04/16 | 4,754,895 | 1,287,717 | 34,685 | — | |||||||||||||
| CAD | BRC | 04/18/16 | 2,906,901 | 2,190,000 | 48,303 | — | |||||||||||||
| CAD | BRC | 04/18/16 | 3,243,972 | 2,430,000 | 67,847 | — | |||||||||||||
| CAD | SCB | 04/18/16 | 1,617,845 | 1,210,000 | 35,735 | — | |||||||||||||
| EUR | SCB | 04/18/16 | 4,310,000 | 18,371,331 | PLN | — | 15,991 | ||||||||||||
| IDR | BRC | 04/18/16 | 4,364,911,060 | 331,932 | — | 3,449 | |||||||||||||
| IDR | JPM | 04/18/16 | 13,124,588,940 | 998,068 | — | 10,372 | |||||||||||||
| INR | BRC | 04/18/16 | 72,290,206 | 1,064,343 | 24,479 | — | |||||||||||||
| INR | BRC | 04/18/16 | 80,363,448 | 1,188,106 | 22,314 | — | |||||||||||||
| INR | JPM | 04/18/16 | 80,363,448 | 1,187,579 | 22,841 | — | |||||||||||||
| INR | JPM | 04/18/16 | 94,765,081 | 1,395,656 | 31,678 | — | |||||||||||||
| INR | SCB | 04/18/16 | 80,363,448 | 1,187,754 | 22,666 | — | |||||||||||||
| INR | UBS | 04/18/16 | 80,363,446 | 1,187,491 | 22,929 | — | |||||||||||||
| NGN | SCB | 04/25/16 | 94,782,810 | 412,099 | 63,001 | — | |||||||||||||
| PLN | BRC | 04/18/16 | 6,453,724 | 1,495,015 | EUR | 27,314 | — | ||||||||||||
| PLN | HSB | 04/18/16 | 6,453,724 | 1,495,198 | EUR | 27,105 | — | ||||||||||||
| PLN | JPM | 04/18/16 | 6,453,724 | 1,495,024 | EUR | 27,302 | — | ||||||||||||
| PLN | SCB | 04/18/16 | 6,453,724 | 1,494,765 | EUR | 27,598 | — | ||||||||||||
| PLN | UBS | 04/18/16 | 6,453,725 | 1,494,783 | EUR | 27,578 | — | ||||||||||||
| RUB | SCB | 04/18/16 | 47,816,707 | 701,099 | 7,706 | — | |||||||||||||
| RUB | UBS | 04/18/16 | 47,816,707 | 701,063 | 7,742 | — | |||||||||||||
| THB | BRC | 04/18/16 | 127,970,446 | 3,649,687 | — | 13,317 | |||||||||||||
| THB | SCB | 04/18/16 | 142,938,514 | 4,070,313 | — | 8,614 | |||||||||||||
| TWD | BRC | 04/18/16 | 32,993,266 | 1,017,369 | 7,889 | — | |||||||||||||
| TWD | CIT | 04/18/16 | 80,862,822 | 2,488,087 | 24,706 | — | |||||||||||||
| TWD | JPM | 04/18/16 | 40,079,507 | 1,233,595 | 11,866 | — | |||||||||||||
| TWD | JPM | 04/18/16 | 43,040,078 | 1,327,169 | 10,292 | — | |||||||||||||
| TWD | SCB | 04/18/16 | 101,934,822 | 3,136,263 | 31,337 | — | |||||||||||||
| ZAR | BRC | 04/18/16 | 11,324,912 | 737,799 | 27,173 | — | |||||||||||||
| ZAR | JPM | 04/18/16 | 14,614,388 | 952,201 | 34,967 | — | |||||||||||||
| ZAR | SCB | 04/18/16 | 9,717,605 | 610,000 | 46,402 | — | |||||||||||||
| Total Forward Currency Purchase Contracts | $ | 813,173 | $ | 92,709 | |||||||||||||||
| Forward Currency Sale Contracts | |||||||||||||||||||
| BRL | BRC | 04/04/16 | 4,754,895 | 1,336,057 | $ | 13,655 | $ | — | |||||||||||
| BRL | BRC | 04/04/16 | 7,132,342 | 1,766,218 | — | 217,385 | |||||||||||||
| BRL | BRC | 05/03/16 | 4,754,895 | 1,278,266 | — | 33,617 | |||||||||||||
| BRL | BRC | 10/04/16 | 1,593,764 | 401,755 | — | 18,962 | |||||||||||||
| BRL | JPM | 04/04/16 | 4,754,894 | 1,336,057 | 13,655 | — | |||||||||||||
| BRL | JPM | 04/04/16 | 7,132,342 | 1,766,218 | — | 217,385 | |||||||||||||
| BRL | JPM | 05/03/16 | 4,754,894 | 1,278,266 | — | 33,617 | |||||||||||||
Lazard Explorer Total Return Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||
| BRL | SCB | 04/04/16 | 4,754,895 | 1,336,057 | $ | 13,655 | $ | — | ||||||||||
| BRL | SCB | 05/03/16 | 4,754,895 | 1,278,472 | — | 33,411 | ||||||||||||
| BRL | UBS | 10/04/16 | 2,053,803 | 518,245 | — | 23,913 | ||||||||||||
| CAD | BRC | 04/18/16 | 3,858,796 | 2,910,568 | — | 60,691 | ||||||||||||
| CAD | JPM | 04/18/16 | 3,858,796 | 2,911,007 | — | 60,252 | ||||||||||||
| IDR | JPM | 04/18/16 | 4,389,469,801 | 333,927 | 3,596 | — | ||||||||||||
| IDR | SCB | 04/18/16 | 4,389,469,802 | 334,436 | 4,105 | — | ||||||||||||
| IDR | SCB | 04/18/16 | 8,778,939,602 | 666,333 | 5,671 | — | ||||||||||||
| INR | BRC | 04/18/16 | 89,108,726 | 1,320,912 | — | 21,227 | ||||||||||||
| INR | JPM | 04/18/16 | 117,789,337 | 1,747,098 | — | 27,024 | ||||||||||||
| INR | SCB | 04/18/16 | 35,220,746 | 521,990 | — | 8,498 | ||||||||||||
| NGN | SCB | 04/25/16 | 94,782,810 | 397,412 | — | 77,688 | ||||||||||||
| RUB | JPM | 04/18/16 | 31,978,591 | 451,547 | — | 22,483 | ||||||||||||
| RUB | SCB | 04/18/16 | 63,654,823 | 898,452 | — | 45,127 | ||||||||||||
| THB | UBS | 04/18/16 | 333,008,459 | 9,441,691 | — | 20,979 | ||||||||||||
| TWD | BRC | 04/18/16 | 90,899,550 | 2,766,099 | — | 58,583 | ||||||||||||
| TWD | JPM | 04/18/16 | 90,899,550 | 2,766,688 | — | 57,993 | ||||||||||||
| TWD | SCB | 04/18/16 | 90,899,550 | 2,762,065 | — | 62,617 | ||||||||||||
| TWD | UBS | 04/18/16 | 90,899,550 | 2,764,585 | — | 60,097 | ||||||||||||
| ZAR | BRC | 04/18/16 | 3,140,786 | 202,359 | — | 9,794 | ||||||||||||
| ZAR | BRC | 04/18/16 | 12,834,818 | 840,449 | — | 26,514 | ||||||||||||
| ZAR | JPM | 04/18/16 | 3,140,787 | 202,536 | — | 9,617 | ||||||||||||
| ZAR | SCB | 04/18/16 | 3,140,786 | 202,293 | — | 9,860 | ||||||||||||
| ZAR | SCB | 04/18/16 | 12,995,754 | 849,551 | — | 28,282 | ||||||||||||
| Total Forward Currency Sale Contracts | 54,337 | 1,245,616 | ||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 867,510 | $ | 1,338,325 | ||||||||||||||
^ In USD unless otherwise indicated.
Written Option open at March 31, 2016:
| Description | Number of Contracts | Strike Price | Expiration Date | Premium | Value | ||||||||||||
| USD vs MXN July 16 17.5 Put | 57,200 | $ | 17.50 | 07/26/16 | $ | 72,015 | $ | (184,184 | ) | ||||||||
Credit Default Swap Agreements open at March 31, 2016:
| Referenced Obligation | Counterparty | Notional Amount | Expiration Date | Buy/ Sell | Receive (Pay) Rate | S&P Credit Rating | Value | Upfront Premiums Paid (Received) | Unrealized Depreciation | |||||||||||||||
| Republic of South Africa | BRC | 19,050,000 | 06/20/21 | Buy | (1.000 | )% | BBB- | $ | 1,764,362 | $ | 2,080,568 | $ | 316,206 | |||||||||||
| Republic of South Africa | JPM | 5,500,000 | 06/20/21 | Buy | (1.000 | ) | BBB- | 509,396 | 598,711 | 89,315 | ||||||||||||||
| Total Credit Default Swap Agreements | $ | 2,273,758 | $ | 2,679,279 | $ | 405,521 | ||||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Emerging Markets Income Portfolio | ||||||||||
| Foreign Government Obligations | 31.9% | ||||||||||
| Brazil | 9.1% | ||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||
| 0.000%, 04/01/16 | BRL | 500 | $ | 138,987 | ||||||
| 0.000%, 10/01/16 | BRL | 2,600 | 677,628 | |||||||
| Brazil NTN-B, 6.000%, 08/15/16 | BRL | 220 | 173,137 | |||||||
| Brazil NTN-F, 10.000%, 01/01/17 | BRL | 940 | 254,690 | |||||||
| 1,244,442 | ||||||||||
| Colombia | 1.0% | ||||||||||
| Colombian Titulos De Tesoreria, 7.000%, 05/04/22 | COP | 410,000 | 131,372 | |||||||
| Indonesia | 0.4% | ||||||||||
| Indonesia Government Bond, 7.875%, 04/15/19 | IDR | 650,000 | 49,303 | |||||||
| Mexico | 7.9% | ||||||||||
| Mexican Bonos: | ||||||||||
| 6.250%, 06/16/16 | MXN | 5,000 | 290,490 | |||||||
| 4.750%, 06/14/18 | MXN | 4,400 | 255,865 | |||||||
| 6.500%, 06/10/21 | MXN | 2,150 | 130,703 | |||||||
| 5.750%, 03/05/26 | MXN | 1,750 | 99,707 | |||||||
| Mexican Udibonos, 2.500%, 12/10/20 | MXN | 5,281 | 307,885 | |||||||
| 1,084,650 | ||||||||||
| Romania | 2.0% | ||||||||||
| Romania Government Bond, 5.850%, 04/26/23 | RON | 920 | 275,695 | |||||||
| Russia | 9.4% | ||||||||||
| Russia Government Bond - OFZ, 7.400%, 04/19/17 | RUB | 88,000 | 1,280,149 | |||||||
| South Africa | 2.1% | ||||||||||
| Republic of South Africa: | ||||||||||
| 7.250%, 01/15/20 | ZAR | 2,290 | 148,482 | |||||||
| 10.500%, 12/21/26 | ZAR | 1,930 | 142,867 | |||||||
| 291,349 | ||||||||||
| Total Foreign Government Obligations (Identified cost $4,488,071) | 4,356,960 | |||||||||
| Supranationals | 0.3% | ||||||||||
| European Investment Bank, 7.200%, 07/09/19 (d) (Identified cost $51,194) | IDR | 600,000 | 44,069 | |||||||
| US Treasury Securities | 59.7% | ||||||||||
| US Treasury Notes: | ||||||||||
| 0.250%, 04/15/16 | USD | 500 | 500,006 | |||||||
| 0.375%, 04/30/16 | USD | 500 | 500,050 | |||||||
| 2.000%, 04/30/16 | USD | 500 | 500,704 | |||||||
| 2.625%, 04/30/16 | USD | 500 | 500,951 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| 0.250%, 05/15/16 | USD | 625 | $ | 624,969 | ||||||
| 1.750%, 05/31/16 | USD | 625 | 626,483 | |||||||
| 3.250%, 05/31/16 | USD | 600 | 602,900 | |||||||
| 0.500%, 06/15/16 | USD | 600 | 600,235 | |||||||
| 0.500%, 06/30/16 | USD | 400 | 400,187 | |||||||
| 1.500%, 06/30/16 | USD | 600 | 601,758 | |||||||
| 0.625%, 07/15/16 | USD | 600 | 600,469 | |||||||
| 0.500%, 07/31/16 | USD | 400 | 400,187 | |||||||
| 0.625%, 08/15/16 | USD | 400 | 400,356 | |||||||
| 1.000%, 08/31/16 | USD | 650 | 651,625 | |||||||
| 0.875%, 09/15/16 | USD | 650 | 651,295 | |||||||
| Total US Treasury Securities (Identified cost $8,160,536) | 8,162,175 | |||||||||
| Description | Shares | Value | ||||||||
| Short-Term Investment | 18.7% | ||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $2,549,205) |
2,549,205 | $ | 2,549,205 | |||||||
| Total Investments | 110.6% (Identified cost $15,249,006) (b), (h) |
$ | 15,112,409 | ||||||||
| Liabilities in Excess of Cash and Other Assets | (10.6)% |
(1,453,573 | ) | ||||||||
| Net Assets | 100.0% | $ | 13,658,836 | ||||||||
Lazard Emerging Markets Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| Forward Currency Purchase Contracts | |||||||||||||||||||
| BRL | CIT | 05/16/16 | 131,768 | 35,000 | $ | 1,233 | $ | — | |||||||||||
| CLP | SCB | 04/08/16 | 58,990,300 | 85,530 | 2,502 | — | |||||||||||||
| CLP | SCB | 05/23/16 | 87,815,000 | 130,000 | 521 | — | |||||||||||||
| CNY | CIT | 04/13/16 | 1,280,600 | 190,000 | 8,177 | — | |||||||||||||
| CNY | CIT | 07/13/16 | 960,840 | 153,000 | — | 5,176 | |||||||||||||
| CNY | SCB | 04/29/16 | 877,164 | 134,000 | 1,604 | — | |||||||||||||
| CNY | SCB | 04/29/16 | 7,807,751 | 1,169,000 | 38,031 | — | |||||||||||||
| COP | SCB | 05/18/16 | 510,867,000 | 159,000 | 10,764 | — | |||||||||||||
| CZK | JPM | 08/16/16 | 3,113,501 | 128,000 | 3,490 | — | |||||||||||||
| CZK | JPM | 08/16/16 | 10,308,600 | 434,760 | 596 | — | |||||||||||||
| EUR | JPM | 05/02/16 | 119,000 | 507,308 | PLN | — | 377 | ||||||||||||
| EUR | JPM | 05/20/16 | 238,000 | 1,013,165 | PLN | — | 156 | ||||||||||||
| HUF | CIT | 04/13/16 | 19,131,991 | 70,512 | — | 1,170 | |||||||||||||
| HUF | CIT | 04/13/16 | 35,538,390 | 123,000 | 5,806 | — | |||||||||||||
| HUF | CIT | 04/13/16 | 35,952,623 | 131,000 | — | 693 | |||||||||||||
| HUF | JPM | 04/13/16 | 152,289,855 | 549,000 | 2,962 | — | |||||||||||||
| HUF | JPM | 06/01/16 | 37,818,000 | 119,999 | EUR | 172 | — | ||||||||||||
| HUF | JPM | 06/30/16 | 39,640,860 | 125,999 | EUR | — | 233 | ||||||||||||
| IDR | CIT | 03/22/17 | 1,986,580,000 | 142,000 | — | 198 | |||||||||||||
| IDR | JPM | 05/24/16 | 5,501,298,000 | 414,254 | 1,821 | — | |||||||||||||
| ILS | JPM | 05/31/16 | 264,219 | 67,558 | 2,865 | — | |||||||||||||
| INR | JPM | 04/25/16 | 19,858,920 | 292,000 | 6,935 | — | |||||||||||||
| INR | JPM | 04/25/16 | 52,594,740 | 789,000 | 2,706 | — | |||||||||||||
| INR | JPM | 07/13/16 | 15,496,430 | 229,000 | 1,431 | — | |||||||||||||
| KRW | CIT | 04/04/16 | 154,854,000 | 126,000 | 9,409 | — | |||||||||||||
| KRW | CIT | 04/07/16 | 1,368,460,060 | 1,133,000 | 62,661 | — | |||||||||||||
| KRW | CIT | 06/03/16 | 154,854,000 | 135,366 | — | 397 | |||||||||||||
| KRW | HSB | 05/18/16 | 148,180,000 | 124,000 | 5,205 | — | |||||||||||||
| MXN | JPM | 05/23/16 | 3,872,748 | 220,000 | 3,164 | — | |||||||||||||
| MYR | JPM | 04/11/16 | 1,904,714 | 461,000 | 30,152 | — | |||||||||||||
| MYR | JPM | 05/23/16 | 567,000 | 140,000 | 6,224 | — | |||||||||||||
| PEN | BNP | 08/03/16 | 392,840 | 112,000 | 4,691 | — | |||||||||||||
| PHP | HSB | 04/25/16 | 7,678,110 | 165,512 | 1,347 | — | |||||||||||||
| PLN | CIT | 05/20/16 | 3,127,739 | 824,000 | 13,680 | — | |||||||||||||
| RUB | BNP | 05/24/16 | 18,431,680 | 239,000 | 31,737 | — | |||||||||||||
| RUB | CIT | 04/28/16 | 9,266,080 | 116,000 | 20,965 | — | |||||||||||||
| RUB | CIT | 04/28/16 | 87,787,228 | 1,143,733 | 153,877 | — | |||||||||||||
| SGD | SCB | 04/04/16 | 1,301,552 | 929,000 | 36,651 | — | |||||||||||||
| SGD | SCB | 05/04/16 | 926,113 | 684,741 | 2,271 | — | |||||||||||||
| THB | CIT | 09/12/16 | 4,574,340 | 129,000 | 661 | — | |||||||||||||
| THB | SCB | 09/12/16 | 23,169,576 | 657,881 | — | 1,130 | |||||||||||||
| TRY | JPM | 04/04/16 | 416,436 | 140,000 | 7,659 | — | |||||||||||||
| TRY | JPM | 05/02/16 | 400,428 | 140,000 | 865 | — | |||||||||||||
| TRY | JPM | 05/02/16 | 1,183,288 | 392,376 | 23,889 | — | |||||||||||||
Lazard Emerging Markets Income Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation |
Unrealized Depreciation | ||||||||||||||
| Forward Currency Purchase Contracts (concluded) | ||||||||||||||||||||
| TWD | SCB | 04/08/16 | 8,249,370 | 249,000 | $ | 7,396 | $ | — | ||||||||||||
| ZAR | BRC | 05/23/16 | 2,089,368 | 136,000 | 4,162 | — | ||||||||||||||
| ZAR | CIT | 04/18/16 | 289,503 | 18,000 | 1,555 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 1,904,504 | 111,999 | EUR | 1,146 | — | |||||||||||||
| ZAR | JPM | 04/18/16 | 2,048,746 | 132,000 | 6,388 | — | ||||||||||||||
| ZAR | JPM | 04/18/16 | 4,088,686 | 266,000 | 10,181 | — | ||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 537,552 | $ | 9,530 | ||||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||
| BRL | CIT | 05/16/16 | 2,436,513 | 679,698 | $ | 9,723 | $ | — | ||||||||||||
| BRL | UBS | 09/30/16 | 620,542 | 137,000 | — | 27,000 | ||||||||||||||
| CNY | SCB | 07/13/16 | 960,840 | 144,923 | — | 2,901 | ||||||||||||||
| COP | CIT | 05/18/16 | 435,656,000 | 142,000 | — | 2,771 | ||||||||||||||
| CZK | JPM | 08/16/16 | 3,983,399 | 161,000 | — | 7,228 | ||||||||||||||
| CZK | JPM | 09/01/16 | 2,473,884 | 100,000 | — | 4,535 | ||||||||||||||
| HUF | JPM | 04/13/16 | 163,394,381 | 559,168 | — | 33,042 | ||||||||||||||
| ILS | JPM | 05/31/16 | 264,219 | 68,064 | — | 2,359 | ||||||||||||||
| INR | JPM | 04/25/16 | 8,475,091 | 127,000 | — | 575 | ||||||||||||||
| KRW | CIT | 04/04/16 | 154,854,000 | 135,599 | 190 | — | ||||||||||||||
| PEN | CIT | 06/20/16 | 375,760 | 110,000 | — | 2,236 | ||||||||||||||
| RON | JPM | 06/29/16 | 902,782 | 226,435 | — | 3,662 | ||||||||||||||
| RUB | CIT | 04/28/16 | 1,045,800 | 14,000 | — | 1,458 | ||||||||||||||
| RUB | CIT | 04/28/16 | 89,246,080 | 1,317,334 | — | 1,840 | ||||||||||||||
| RUB | JPM | 04/28/16 | 15,477,750 | 225,000 | — | 3,781 | ||||||||||||||
| SGD | SCB | 04/04/16 | 177,571 | 131,001 | — | 743 | ||||||||||||||
| SGD | SCB | 04/04/16 | 197,869 | 143,001 | — | 3,803 | ||||||||||||||
| SGD | SCB | 04/04/16 | 926,113 | 684,853 | — | 2,251 | ||||||||||||||
| THB | SCB | 09/12/16 | 604,265 | 17,000 | — | 128 | ||||||||||||||
| TRY | JPM | 04/04/16 | 416,436 | 146,736 | — | 923 | ||||||||||||||
| ZAR | CIT | 04/18/16 | 207,929 | 13,000 | — | 1,045 | ||||||||||||||
| ZAR | CIT | 04/18/16 | 1,945,323 | 127,000 | — | 4,402 | ||||||||||||||
| ZAR | JPM | 04/18/16 | 2,119,259 | 132,321 | — | 10,830 | ||||||||||||||
| ZAR | JPM | 04/18/16 | 4,090,209 | 261,000 | — | 15,284 | ||||||||||||||
| Total Forward Currency Sale Contracts | 9,913 | 132,797 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 547,465 | $ | 142,327 | ||||||||||||||||
^ In USD unless otherwise indicated.
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 97.8% | ||||||||
| Aerospace & Defense | 1.4% | ||||||||
| Bombardier,
Inc., 7.750%, 03/15/20 (d) | $ | 975 | $ | 838,500 | ||||
| KLX, Inc., 5.875%, 12/01/22 (d) | 1,400 | 1,386,000 | ||||||
| Triumph Group,
Inc., 4.875%, 04/01/21 | 1,400 | 1,270,360 | ||||||
| 3,494,860 | ||||||||
| Auto Components | 0.8% | ||||||||
| The Goodyear
Tire & Rubber Co., 5.125%, 11/15/23 | 1,800 | 1,840,500 | ||||||
| Automobiles | 0.7% | ||||||||
| Fiat Chrysler
Automobiles NV, 5.250%, 04/15/23 | 1,800 | 1,790,100 | ||||||
| Beverages | 0.4% | ||||||||
| Constellation
Brands, Inc., 7.250%, 05/15/17 | 950 | 1,004,625 | ||||||
| Biotechnology | 0.6% | ||||||||
| Grifols Worldwide
Operations, Ltd., 5.250%, 04/01/22 | 1,475 | 1,515,563 | ||||||
| Building Products | 1.2% | ||||||||
| Griffon Corp., 5.250%, 03/01/22 | 1,400 | 1,396,500 | ||||||
| Masco Corp., 6.125%, 10/03/16 | 1,500 | 1,536,375 | ||||||
| 2,932,875 | ||||||||
| Capital Markets | 1.7% | ||||||||
| Argos Merger
Sub, Inc., 7.125%, 03/15/23 (d) | 1,600 | 1,696,000 | ||||||
| Icahn Enterprises
LP, 6.000%, 08/01/20 | 1,500 | 1,458,750 | ||||||
| MPT Operating
Partnership LP, 6.375%, 03/01/24 | 1,010 | 1,063,025 | ||||||
| 4,217,775 | ||||||||
| Chemicals | 4.2% | ||||||||
| Chemtura Corp., 5.750%, 07/15/21 | 1,400 | 1,379,000 | ||||||
| Eagle Spinco,
Inc., 4.625%, 02/15/21 | 1,400 | 1,354,640 | ||||||
| Huntsman International
LLC, 4.875%, 11/15/20 | 1,600 | 1,584,000 | ||||||
| Mosaic Global
Holdings, Inc., 7.300%, 01/15/28 | 775 | 922,488 | ||||||
| NOVA Chemicals
Corp., 5.250%, 08/01/23 (d) | 1,800 | 1,759,500 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Platform Specialty Products Corp., 6.500%, 02/01/22 (d) | $ | 1,700 | $ | 1,434,375 | ||||
| WR Grace & Co-Conn, 5.125%, 10/01/21 (d) | 1,700 | 1,768,000 | ||||||
| 10,202,003 | ||||||||
| Commercial Services & Supplies | 5.3% | ||||||||
| ACCO Brands Corp., 6.750%, 04/30/20 | 1,750 | 1,850,625 | ||||||
| Ashtead Capital, Inc., 6.500%, 07/15/22 (d) | 1,700 | 1,806,250 | ||||||
| Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (d) | 1,600 | 1,518,000 | ||||||
| Clean Harbors, Inc., 5.250%, 08/01/20 | 1,750 | 1,793,575 | ||||||
| First Data Corp.: | ||||||||
| 6.750%, 11/01/20 (d) | 260 | 273,390 | ||||||
| 5.375%, 08/15/23 (d) | 1,600 | 1,640,000 | ||||||
| R.R. Donnelley & Sons Co., 7.250%, 05/15/18 | 1,016 | 1,065,530 | ||||||
| The ADT Corp., 6.250%, 10/15/21 | 1,400 | 1,407,000 | ||||||
| West Corp., 5.375%, 07/15/22 (d) | 1,750 | 1,605,275 | ||||||
| 12,959,645 | ||||||||
| Communications Equipment | 1.3% | ||||||||
| CommScope, Inc., 5.000%, 06/15/21 (d) | 1,500 | 1,511,250 | ||||||
| Plantronics, Inc., 5.500%, 05/31/23 (d) | 1,750 | 1,719,375 | ||||||
| 3,230,625 | ||||||||
| Construction Materials | 1.0% | ||||||||
| Standard Industries, Inc., 5.375%, 11/15/24 (d) | 1,750 | 1,776,250 | ||||||
| USG Corp., 9.750%, 01/15/18 | 675 | 754,988 | ||||||
| 2,531,238 | ||||||||
| Consumer Finance | 1.1% | ||||||||
| Aircastle, Ltd., 5.125%, 03/15/21 | 1,500 | 1,561,875 | ||||||
| International Lease Finance Corp.: | ||||||||
| 5.750%, 05/15/16 | 500 | 501,250 | ||||||
| 8.750%, 03/15/17 | 500 | 526,700 | ||||||
| 2,589,825 | ||||||||
| Containers & Packaging | 5.6% | ||||||||
| Ball Corp., 4.000%, 11/15/23 | 1,900 | 1,871,500 | ||||||
| Cascades, Inc., 5.500%, 07/15/22 (d) | 1,500 | 1,442,812 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Crown Americas LLC, 4.500%, 01/15/23 | $ | 1,800 | $ | 1,836,000 | ||||
| Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (d) | 1,892 | 1,934,721 | ||||||
| Reynolds Group Issuer, Inc., 5.750%, 10/15/20 | 1,500 | 1,539,375 | ||||||
| Sealed Air Corp., 4.875%, 12/01/22 (d) | 1,700 | 1,768,000 | ||||||
| Silgan Holdings, Inc., 5.000%, 04/01/20 | 1,475 | 1,504,500 | ||||||
| Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (d) | 1,050 | 1,085,438 | ||||||
| Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25 | 750 | 834,375 | ||||||
| 13,816,721 | ||||||||
| Diversified Financial Services | 2.2% | ||||||||
| Level 3 Financing, Inc., 5.125%, 05/01/23 | 1,800 | 1,820,250 | ||||||
| Schaeffler Finance BV, 4.750%, 05/15/21 (d) | 1,850 | 1,896,250 | ||||||
| Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (d) | 1,629 | 1,698,232 | ||||||
| 5,414,732 | ||||||||
| Diversified Telecommunication Services | 2.7% | ||||||||
| CenturyLink, Inc., 5.625%, 04/01/20 | 1,800 | 1,823,418 | ||||||
| DigitalGlobe, Inc., 5.250%, 02/01/21 (d) | 1,750 | 1,592,500 | ||||||
| Frontier Communications Corp., 8.125%, 10/01/18 | 1,500 | 1,601,250 | ||||||
| SBA Telecommunications, Inc., 5.750%, 07/15/20 | 1,500 | 1,548,750 | ||||||
| 6,565,918 | ||||||||
| Electrical Equipment | 0.7% | ||||||||
| Belden, Inc., 5.500%, 09/01/22 (d) | 1,750 | 1,758,750 | ||||||
| Food & Staples Retailing | 0.7% | ||||||||
| Ingles Markets, Inc., 5.750%, 06/15/23 | 1,750 | 1,776,250 | ||||||
| Food Products | 2.3% | ||||||||
| B&G Foods, Inc., 4.625%, 06/01/21 | 1,500 | 1,522,500 | ||||||
| Darling Ingredients, Inc., 5.375%, 01/15/22 | 850 | 869,660 | ||||||
| Post Holdings, Inc., 7.375%, 02/15/22 | 1,650 | 1,744,875 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| TreeHouse Foods, Inc., 4.875%, 03/15/22 | $ | 1,500 | $ | 1,533,750 | ||||
| 5,670,785 | ||||||||
| Gas Utilities | 1.0% | ||||||||
| AmeriGas Finance LLC, 6.750%, 05/20/20 | 1,525 | 1,563,125 | ||||||
| Ferrellgas LP, 6.500%, 05/01/21 | 500 | 443,750 | ||||||
| Ferrellgas Partners LP, 8.625%, 06/15/20 | 520 | 481,000 | ||||||
| 2,487,875 | ||||||||
| Health Care Equipment & Supplies | 1.5% | ||||||||
| Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (d) | 1,800 | 1,863,000 | ||||||
| Hologic, Inc., 5.250%, 07/15/22 (d) | 1,800 | 1,876,500 | ||||||
| 3,739,500 | ||||||||
| Health Care Providers & Services | 5.4% | ||||||||
| Centene Escrow Corp., 6.125%, 02/15/24 (d) | 1,750 | 1,841,875 | ||||||
| Community Health Systems, Inc., 8.000%, 11/15/19 | 1,400 | 1,363,250 | ||||||
| Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (d) | 1,097 | 1,196,759 | ||||||
| HCA, Inc., 6.500%, 02/15/20 | 1,600 | 1,756,000 | ||||||
| HealthSouth Corp., 5.125%, 03/15/23 | 1,801 | 1,794,246 | ||||||
| LifePoint Health, Inc., 5.500%, 12/01/21 | 1,400 | 1,463,000 | ||||||
| Molina Healthcare, Inc., 5.375%, 11/15/22 (d) | 1,700 | 1,746,750 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.750%, 06/01/20 | 700 | 717,500 | ||||||
| 4.375%, 10/01/21 | 1,250 | 1,253,125 | ||||||
| 13,132,505 | ||||||||
| Hotels, Restaurants & Leisure | 7.3% | ||||||||
| 1011778 BC ULC, 4.625%, 01/15/22 (d) | 1,800 | 1,831,500 | ||||||
| Cedar Fair LP, 5.250%, 03/15/21 | 1,800 | 1,865,250 | ||||||
| Cinemark USA, Inc., 4.875%, 06/01/23 | 1,800 | 1,815,210 | ||||||
| GLP Capital LP, 4.875%, 11/01/20 | 1,500 | 1,560,000 | ||||||
| Hilton Worldwide Finance LLC, 5.625%, 10/15/21 | 1,750 | 1,813,350 | ||||||
| International Game Technology PLC: | ||||||||
| 5.625%, 02/15/20 (d) | 250 | 259,375 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| 6.250%, 02/15/22 (d) | $ | 1,450 | $ | 1,475,375 | ||||
| MGM Resorts International, 6.625%, 12/15/21 | 1,000 | 1,072,500 | ||||||
| Pinnacle Entertainment, Inc., 6.375%, 08/01/21 | 1,250 | 1,325,000 | ||||||
| Regal Entertainment Group, 5.750%, 03/15/22 | 1,450 | 1,500,750 | ||||||
| Six Flags Entertainment Corp., 5.250%, 01/15/21 (d) | 1,400 | 1,438,500 | ||||||
| Wynn Las Vegas LLC, 5.375%, 03/15/22 | 2,007 | 2,023,939 | ||||||
| 17,980,749 | ||||||||
| Household Durables | 0.7% | ||||||||
| Tempur Sealy International, Inc., 5.625%, 10/15/23 (d) | 1,750 | 1,800,313 | ||||||
| Independent Power Producers & Energy Traders | 1.1% | ||||||||
| AES Corp., 7.375%, 07/01/21 | 1,095 | 1,226,400 | ||||||
| Calpine Corp., 6.000%, 01/15/22 (d) | 1,500 | 1,579,688 | ||||||
| 2,806,088 | ||||||||
| Internet Software & Services | 1.5% | ||||||||
| Equinix, Inc., 4.875%, 04/01/20 | 1,872 | 1,936,584 | ||||||
| VeriSign, Inc., 4.625%, 05/01/23 | 1,800 | 1,818,000 | ||||||
| 3,754,584 | ||||||||
| IT Services | 1.5% | ||||||||
| IHS, Inc., 5.000%, 11/01/22 | 1,750 | 1,813,437 | ||||||
| Iron Mountain, Inc., 6.000%, 08/15/23 | 1,700 | 1,785,000 | ||||||
| 3,598,437 | ||||||||
| Machinery | 1.3% | ||||||||
| Amsted Industries, Inc., 5.000%, 03/15/22 (d) | 1,700 | 1,687,250 | ||||||
| Terex Corp., 6.500%, 04/01/20 | 1,600 | 1,544,000 | ||||||
| 3,231,250 | ||||||||
| Marine | 0.9% | ||||||||
| Hapag-Lloyd AG, 9.750%, 10/15/17 (d) | 533 | 539,663 | ||||||
| Hornbeck Offshore Services, Inc., 5.000%, 03/01/21 | 1,600 | 960,000 | ||||||
| Teekay Corp., 8.500%, 01/15/20 | 1,025 | 707,250 | ||||||
| 2,206,913 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Media | 15.4% | ||||||||
| AMC Networks, Inc., 4.750%, 12/15/22 | $ | 1,500 | $ | 1,503,750 | ||||
| Cable One, Inc., 5.750%, 06/15/22 (d) | 1,750 | 1,793,750 | ||||||
| Cablevision Systems Corp., 7.750%, 04/15/18 | 1,500 | 1,563,750 | ||||||
| CCO Holdings LLC, 5.250%, 03/15/21 | 1,950 | 2,018,250 | ||||||
| Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (d) | 1,800 | 1,782,000 | ||||||
| Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22 | 1,750 | 1,741,250 | ||||||
| DISH DBS Corp., 5.125%, 05/01/20 | 1,600 | 1,588,000 | ||||||
| Lamar Media Corp., 5.875%, 02/01/22 | 1,685 | 1,773,462 | ||||||
| LIN Television Corp., 5.875%, 11/15/22 | 1,750 | 1,771,875 | ||||||
| Mediacom Broadband LLC, 5.500%, 04/15/21 | 1,500 | 1,511,250 | ||||||
| Netflix, Inc., 5.375%, 02/01/21 | 1,450 | 1,513,437 | ||||||
| Outfront Media Capital LLC, 5.250%, 02/15/22 | 1,500 | 1,537,500 | ||||||
| Sinclair Television Group, Inc., 5.375%, 04/01/21 | 1,900 | 1,961,750 | ||||||
| Sirius XM Radio, Inc., 5.750%, 08/01/21 (d) | 1,500 | 1,569,375 | ||||||
| Starz LLC, 5.000%, 09/15/19 | 725 | 739,500 | ||||||
| TEGNA, Inc.: | ||||||||
| 7.125%, 09/01/18 | 469 | 478,380 | ||||||
| 6.375%, 10/15/23 | 1,500 | 1,612,500 | ||||||
| The McClatchy Co., 9.000%, 12/15/22 | 1,100 | 1,025,063 | ||||||
| Time, Inc., 5.750%, 04/15/22 (d) | 1,425 | 1,264,688 | ||||||
| Tribune Media Co., 5.875%, 07/15/22 (d) | 1,800 | 1,755,000 | ||||||
| Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (d) | 1,800 | 1,845,000 | ||||||
| Univision Communications, Inc., 5.125%, 05/15/23 (d) | 1,800 | 1,791,000 | ||||||
| Videotron, Ltd., 5.000%, 07/15/22 | 1,808 | 1,875,236 | ||||||
| WMG Acquisition Corp., 6.000%, 01/15/21 (d) | 1,620 | 1,656,450 | ||||||
| 37,672,216 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Metals & Mining | 2.6% | ||||||||
| ArcelorMittal, 6.500%, 03/01/21 | $ | 1,400 | $ | 1,379,000 | ||||
| Glencore Funding LLC, 4.625%, 04/29/24 (d) | 2,000 | 1,661,000 | ||||||
| Steel Dynamics, Inc., 6.125%, 08/15/19 | 1,800 | 1,858,500 | ||||||
| Tronox Finance LLC, 6.375%, 08/15/20 | 650 | 500,500 | ||||||
| United States Steel Corp., 6.050%, 06/01/17 | 950 | 928,297 | ||||||
| 6,327,297 | ||||||||
| Multiline Retail | 0.8% | ||||||||
| Dollar Tree, Inc., 5.750%, 03/01/23 (d) | 1,750 | 1,853,906 | ||||||
| Oil, Gas & Consumable Fuels | 9.5% | ||||||||
| Antero Resources Corp., 5.125%, 12/01/22 | 1,850 | 1,674,250 | ||||||
| Energy Transfer Equity LP, 7.500%, 10/15/20 | 1,250 | 1,203,125 | ||||||
| Kinder Morgan, Inc.: | ||||||||
| 7.000%, 06/15/17 | 650 | 682,009 | ||||||
| 5.000%, 02/15/21 (d) | 1,275 | 1,301,644 | ||||||
| Newfield Exploration Co., 5.625%, 07/01/24 | 1,900 | 1,781,250 | ||||||
| Northern Tier Energy LLC, 7.125%, 11/15/20 | 1,250 | 1,225,000 | ||||||
| ONEOK Partners LP, 5.000%, 09/15/23 | 2,000 | 1,905,888 | ||||||
| PBF Holding Co. LLC: | ||||||||
| 8.250%, 02/15/20 | 900 | 931,500 | ||||||
| 7.000%, 11/15/23 (d) | 900 | 853,875 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 1,700 | 1,466,250 | ||||||
| Regency Energy Partners LP, 5.750%, 09/01/20 | 1,300 | 1,299,658 | ||||||
| Rockies Express Pipeline LLC, 6.850%, 07/15/18 (d) | 1,450 | 1,446,375 | ||||||
| Suburban Propane Partners LP, 7.375%, 08/01/21 | 1,531 | 1,557,792 | ||||||
| Sunoco LP, 6.375%, 04/01/23 (d) | 1,700 | 1,701,054 | ||||||
| Targa Resources Partners LP, 5.250%, 05/01/23 | 1,800 | 1,665,000 | ||||||
| Tesoro Logistics LP, 6.125%, 10/15/21 | 1,383 | 1,383,000 | ||||||
| Whiting Petroleum Corp., 5.750%, 03/15/21 | 900 | 598,500 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| WPX Energy, Inc., 6.000%, 01/15/22 | $ | 900 | $ | 657,000 | ||||
| 23,333,170 | ||||||||
| Personal Products | 0.6% | ||||||||
| First Quality Finance Co., Inc., 4.625%, 05/15/21 (d) | 1,500 | 1,447,500 | ||||||
| Pharmaceuticals | 1.3% | ||||||||
| Endo Finance LLC, 5.750%, 01/15/22 (d) | 1,600 | 1,512,000 | ||||||
| Mallinckrodt International Finance SA, 5.750%, 08/01/22 (d) | 1,700 | 1,566,125 | ||||||
| 3,078,125 | ||||||||
| Professional Services | 0.8% | ||||||||
| Nielsen Finance LLC, 5.000%, 04/15/22 (d) | 1,800 | 1,845,000 | ||||||
| Real Estate Investment Trusts (REITs) | 1.4% | ||||||||
| Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (d) | 1,700 | 1,653,250 | ||||||
| RHP Hotel Properties LP, 5.000%, 04/15/23 | 1,775 | 1,814,938 | ||||||
| 3,468,188 | ||||||||
| Real Estate Management & Development | 0.6% | ||||||||
| DuPont Fabros Technology LP, 5.875%, 09/15/21 | 1,400 | 1,466,500 | ||||||
| Semiconductors & Semiconductor Equipment | 0.5% | ||||||||
| Amkor Technologies, Inc., 6.625%, 06/01/21 | 1,400 | 1,330,000 | ||||||
| Software | 1.2% | ||||||||
| Activision Blizzard, Inc., 5.625%, 09/15/21 (d) | 1,400 | 1,471,750 | ||||||
| Nuance Communications, Inc., 5.375%, 08/15/20 (d) | 1,373 | 1,392,737 | ||||||
| 2,864,487 | ||||||||
| Specialty Retail | 0.8% | ||||||||
| Group 1 Automotive, Inc., 5.000%, 06/01/22 | 1,912 | 1,892,880 | ||||||
| Technology Hardware, Storage & Peripherals | 1.2% | ||||||||
| Denali Borrower Finance Corp., 5.625%, 10/15/20 (d) | 1,400 | 1,476,825 | ||||||
| NCR Corp., 4.625%, 02/15/21 | 1,568 | 1,560,160 | ||||||
| 3,036,985 | ||||||||
| Trading Companies & Distributors | 2.1% | ||||||||
| HD Supply, Inc., 5.250%, 12/15/21 (d) | 1,500 | 1,575,000 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 7.375%, 05/15/20 | 750 | 784,687 | ||||||
| 4.625%, 07/15/23 | 1,100 | 1,093,125 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| WESCO Distribution, Inc., 5.375%, 12/15/21 | $ | 1,600 | $ | 1,616,000 | ||||
| 5,068,812 | ||||||||
| Wireless Telecommunication Services | 2.9% | ||||||||
| Crown Castle International Corp., 4.875%, 04/15/22 | 1,500 | 1,605,300 | ||||||
| Inmarsat Finance PLC, 4.875%, 05/15/22 (d) | 1,750 | 1,648,281 | ||||||
| Intelsat Jackson Holdings SA, 7.250%, 04/01/19 | 750 | 553,125 | ||||||
| Sprint Capital Corp., 6.900%, 05/01/19 | 1,475 | 1,275,875 | ||||||
| T-Mobile USA, Inc., 6.250%, 04/01/21 | 1,850 | 1,942,130 | ||||||
| 7,024,711 | ||||||||
| Total Corporate Bonds (Identified cost $242,247,938) | 239,760,781 | |||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,297,075) | 1,297,075 | $ | 1,297,075 | |||||
| Total Investments | 98.3% (Identified cost $243,545,013) (b) | $ | 241,057,856 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.7% | 4,162,292 | |||||||
| Net Assets | 100.0% | $ | 245,220,148 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 12.9% | ||||||||
| Automobiles | 10.0% | ||||||||
| Ally Auto Receivables Trust: | ||||||||
| 1.390%, 09/16/19 | $ | 1,275 | $ | 1,277,423 | ||||
| 1.470%, 04/15/20 | 1,750 | 1,753,202 | ||||||
| BMW Vehicle Lease Trust 1.400%, 09/20/18 | 2,175 | 2,177,976 | ||||||
| GM Financial Automobile Leasing Trust: | ||||||||
| 1.530%, 09/20/18 | 1,460 | 1,461,417 | ||||||
| 1.680%, 12/20/18 | 1,625 | 1,630,489 | ||||||
| GMF Floorplan Owner Revolving Trust 1.650%, 05/15/20 (d) | 1,200 | 1,197,479 | ||||||
| 9,497,986 | ||||||||
| Banks | 2.9% | ||||||||
| Citibank Credit Card Issuance Trust 5.650%, 09/20/19 | 2,550 | 2,712,732 | ||||||
| Total Asset-Backed Securities (Identified cost $12,244,854) | 12,210,718 | |||||||
| Corporate Bonds | 22.3% | ||||||||
| Consumer Finance | 2.3% | ||||||||
| Ford Motor Credit Co. LLC, 8.000%, 12/15/16 | 2,030 | 2,119,178 | ||||||
| Diversified Telecommunication Services | 2.4% | ||||||||
| AT&T, Inc., 2.400%, 03/15/17 | 2,262 | 2,288,506 | ||||||
| Food & Staples Retailing | 5.5% | ||||||||
| CVS Health Corp.: | ||||||||
| 1.200%, 12/05/16 | 2,280 | 2,285,116 | ||||||
| 1.900%, 07/20/18 | 600 | 608,841 | ||||||
| The Kroger Co., 1.200%, 10/17/16 | 2,280 | 2,284,015 | ||||||
| 5,177,972 | ||||||||
| IT Services | 2.7% | ||||||||
| The Western Union Co., 5.930%, 10/01/16 | 2,526 | 2,582,274 | ||||||
| Media | 2.0% | ||||||||
| Time Warner Cable, Inc., 5.850%, 05/01/17 | 1,835 | 1,912,966 | ||||||
| Oil, Gas & Consumable Fuels | 5.7% | ||||||||
| Anadarko Petroleum Corp., 6.375%, 09/15/17 | 2,025 | 2,120,618 | ||||||
| Marathon Oil Corp., 6.000%, 10/01/17 | 1,959 | 1,985,907 | ||||||
| ONEOK Partners LP, 2.000%, 10/01/17 | 1,300 | 1,259,102 | ||||||
| 5,365,627 | ||||||||
| Description | Principal Amount (000) | Value | ||||||
| Road & Rail | 1.7% | ||||||||
| CSX Corp., 7.900%, 05/01/17 | $ | 1,525 | $ | 1,631,884 | ||||
| Total Corporate Bonds (Identified cost $21,222,464) | 21,078,407 | |||||||
| Municipal Bonds | 3.8% | ||||||||
| Illinois | 0.5% | ||||||||
| Railsplitter Illinois Tobacco Settlement Authority, 4.125%, 06/01/16 | 500 | 502,600 | ||||||
| Kentucky | 3.3% | ||||||||
| Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 | 3,053 | 3,093,977 | ||||||
| Total Municipal Bonds (Identified cost $3,621,809) | 3,596,577 | |||||||
| US Government Securities | 38.5% | ||||||||
| Mortgage-Backed Securities | 38.5% | ||||||||
| Federal Home Loan Mortgage Corp.: | ||||||||
| Pool# 1B4676, 2.570%, 05/01/40 (g) | 726 | 764,557 | ||||||
| Pool# 1B8709, 2.188%, 08/01/34 (g) | 1,892 | 1,988,543 | ||||||
| Pool# 1H2577, 2.587%, 09/01/35 (g) | 1,107 | 1,166,470 | ||||||
| Pool# 848138, 2.613%, 07/01/38 (g) | 1,008 | 1,064,450 | ||||||
| Pool# 848514, 2.705%, 03/01/32 (g) | 2,088 | 2,197,899 | ||||||
| Pool# 848517, 2.555%, 12/01/34 (g) | 1,474 | 1,552,558 | ||||||
| Pool# 849414, 2.540%, 07/01/35 (g) | 1,886 | 1,983,368 | ||||||
| Pool# G13867, 5.000%, 06/01/25 | 445 | 479,626 | ||||||
| Series 2628, Class QN, 3.750%, 06/15/32 | 734 | 750,608 | ||||||
| Series 2976, Class LF, 0.776%, 05/15/35 (g) | 1,337 | 1,339,982 | ||||||
| Series 3153, Class FJ, 0.816%, 05/15/36 (g) | 812 | 816,007 | ||||||
| Series 3725, Class A, 3.500%, 09/15/24 | 237 | 242,733 | ||||||
| Federal National Mortgage Association: | ||||||||
| Pool# 725296, 2.558%, 03/01/34 (g) | 827 | 863,800 | ||||||
| Pool# 725429, 5.000%, 05/01/19 | 358 | 371,631 | ||||||
| Pool# 889735, 5.500%, 07/01/23 | 396 | 431,227 | ||||||
| Pool# 889828, 5.000%, 10/01/19 | 265 | 276,973 | ||||||
| Pool# 963058, 2.527%, 05/01/38 (g) | 765 | 810,960 | ||||||
| Pool# 995609, 2.611%, 04/01/35 (g) | 979 | 1,034,692 | ||||||
| Pool# AD0278, 4.274%, 09/01/39 (g) | 223 | 236,243 | ||||||
| Pool# AD0701, 2.357%, 02/01/37 (g) | 1,150 | 1,209,493 | ||||||
| Pool# AE0149, 2.513%, 12/01/36 (g) | 987 | 1,038,704 | ||||||
| Pool# AE0315, 4.500%, 02/01/21 | 94 | 97,200 | ||||||
| Pool# AE0887, 2.522%, 09/01/40 (g) | 405 | 428,140 | ||||||
| Pool# AL0345, 2.542%, 11/01/35 (g) | 876 | 923,849 | ||||||
| Pool# AL3232, 2.641%, 02/01/40 (g) | 457 | 483,395 | ||||||
| Pool# AL3260, 2.480%, 07/01/38 (g) | 586 | 621,027 | ||||||
| Pool# AL3739, 2.473%, 07/01/38 (g) | 325 | 342,675 | ||||||
| Pool# AL3746, 2.523%, 01/01/37 (g) | 1,071 | 1,125,613 | ||||||
| Pool# AL3941, 6.000%, 03/01/24 | 531 | 573,314 | ||||||
| Description | Principal Amount (000) | Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio (concluded) | ||||||||
| Pool# AL4118, 2.512%, 05/01/35 (g) | $ | 691 | $ | 727,190 | ||||
| Pool# AL4545, 2.503%, 05/01/39 (g) | 885 | 929,575 | ||||||
| Pool# AL4660, 2.527%, 11/01/41 (g) | 930 | 983,128 | ||||||
| Pool# AL5574, 2.483%, 12/01/40 (g) | 1,496 | 1,573,432 | ||||||
| Pool# AL5642, 2.525%, 05/01/39 (g) | 1,985 | 2,088,525 | ||||||
| Series 2005-45, Class XA, 0.773%, 06/25/35 (g) | 1,464 | 1,467,455 | ||||||
| Series 2006-101, Class FA, 0.853%, 10/25/36 (g) | 1,652 | 1,661,516 | ||||||
| Series 2007-85, Class FL, 0.973%, 09/25/37 (g) | 721 | 723,108 | ||||||
| Series 2009-70, Class NL, 3.000%, 08/25/19 | 1,045 | 1,062,867 | ||||||
| Total US
Government Securities (Identified cost $36,602,677) | 36,432,533 | |||||||
| US Treasury Security | 20.4% | ||||||||
| US Treasury Note, 0.750%, 01/31/18 (Identified cost $19,257,245) | 19,315 | 19,322,552 | ||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $2,930,330) | 2,930,330 | $ | 2,930,330 | |||||
| Total Investments | 101.0% (Identified cost $95,879,379) (b) | $ | 95,571,117 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (943,271 | ) | ||||||
| Net Assets | 100.0% | $ | 94,627,846 | ||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 36.3% | ||||||||||
| Australia | 2.2% | ||||||||||
| Telstra Corp., Ltd., 4.000%, 11/15/17 | AUD | 100 | $ | 77,895 | ||||||
| Toyota Finance Australia, Ltd., 4.250%, 05/15/19 | AUD | 35 | 27,594 | |||||||
| 105,489 | ||||||||||
| Belgium | 0.9% | ||||||||||
| Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21 | USD | 45 | 46,262 | |||||||
| Canada | 5.1% | ||||||||||
| John Deere Canada Funding, Inc.: | ||||||||||
| 2.300%, 01/17/18 | CAD | 30 | 23,410 | |||||||
| 2.050%, 09/17/20 | CAD | 30 | 23,258 | |||||||
| Shaw Communications, Inc., 5.650%, 10/01/19 | CAD | 35 | 29,740 | |||||||
| Suncor Energy, Inc., 6.100%, 06/01/18 | USD | 50 | 53,458 | |||||||
| The Bank of Nova Scotia, 2.125%, 09/11/19 | USD | 55 | 55,877 | |||||||
| The Toronto-Dominion Bank: | ||||||||||
| 2.250%, 11/05/19 | USD | 45 | 45,616 | |||||||
| 2.621%, 12/22/21 | CAD | 80 | 63,911 | |||||||
| 295,270 | ||||||||||
| France | 1.3% | ||||||||||
| Orange SA, 5.375%, 07/08/19 | USD | 55 | 61,184 | |||||||
| Germany | 1.9% | ||||||||||
| BMW Finance NV, 3.375%, 12/14/18 | GBP | 60 | 90,563 | |||||||
| Italy | 1.5% | ||||||||||
| Atlantia SpA, 4.375%, 09/16/25 | EUR | 50 | 72,672 | |||||||
| Netherlands | 1.1% | ||||||||||
| Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20 | NZD | 70 | 51,907 | |||||||
| Norway | 1.1% | ||||||||||
| Statoil ASA, 3.700%, 03/01/24 | USD | 50 | 52,246 | |||||||
| United Kingdom | 4.3% | ||||||||||
| GKN Holdings PLC, 6.750%, 10/28/19 | GBP | 30 | 48,801 | |||||||
| Rolls-Royce PLC, 6.750%, 04/30/19 | GBP | 50 | 82,713 | |||||||
| SSE PLC, 5.000%, 10/01/18 | GBP | 50 | 77,984 | |||||||
| 209,498 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| United States | 16.9% | ||||||||||
| Apple, Inc., 3.850%, 05/04/43 | USD | 80 | $ | 77,809 | ||||||
| Constellation Brands, Inc., 7.250%, 05/15/17 | USD | 50 | 52,875 | |||||||
| Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20 | USD | 30 | 30,525 | |||||||
| General Electric Co., 5.500%, 02/01/17 | NZD | 90 | 63,451 | |||||||
| Google, Inc., 3.625%, 05/19/21 | USD | 25 | 27,540 | |||||||
| HCA, Inc., 6.500%, 02/15/20 | USD | 40 | 43,900 | |||||||
| John Deere Capital Corp., 2.300%, 09/16/19 | USD | 30 | 30,740 | |||||||
| JPMorgan Chase & Co., 4.500%, 01/24/22 | USD | 35 | 38,644 | |||||||
| Nestle Holdings, Inc.: | ||||||||||
| 2.500%, 07/10/17 | NOK | 250 | 30,757 | |||||||
| 2.750%, 04/15/20 | NOK | 340 | 43,537 | |||||||
| Sealed Air Corp., 4.875%, 12/01/22 | USD | 20 | 20,800 | |||||||
| The Goldman Sachs Group, Inc.: | ||||||||||
| 5.200%, 12/17/19 | NZD | 95 | 68,571 | |||||||
| 3.625%, 01/22/23 | USD | 50 | 51,586 | |||||||
| The Home Depot, Inc., 2.625%, 06/01/22 | USD | 45 | 46,562 | |||||||
| Union Pacific Corp., 4.163%, 07/15/22 | USD | 45 | 50,355 | |||||||
| United Rentals North America, Inc., 4.625%, 07/15/23 | USD | 35 | 34,781 | |||||||
| Valero Energy Corp., 6.125%, 02/01/20 | USD | 25 | 27,459 | |||||||
| Verizon Communications, Inc., 4.400%, 11/01/34 | USD | 35 | 35,391 | |||||||
| 775,283 | ||||||||||
| Total
Corporate Bonds (Identified cost $1,822,756) | 1,760,374 | |||||||||
| Foreign Government Obligations | 45.2% | ||||||||||
| Australia | 1.5% | ||||||||||
| Queensland Treasury Corp., 5.500%, 06/21/21 | AUD | 45 | 39,586 | |||||||
| Western Australian Treasury Corp., 6.000%, 10/16/23 | AUD | 35 | 32,590 | |||||||
| 72,176 | ||||||||||
| Bahamas | 1.9% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 80 | 90,480 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Bermuda | 2.2% | ||||||||||
| Government of Bermuda, 5.603%, 07/20/20 | USD | 100 | $ | 109,750 | ||||||
| Canada | 5.3% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 40 | 31,775 | |||||||
| Province of Alberta, 4.000%, 12/01/19 | CAD | 55 | 46,559 | |||||||
| Province of British Columbia, 3.700%, 12/18/20 | CAD | 60 | 51,347 | |||||||
| Province of Ontario: | ||||||||||
| 2.450%, 06/29/22 | USD | 30 | 30,780 | |||||||
| 1.950%, 01/27/23 | CAD | 65 | 50,613 | |||||||
| Province of Quebec, 3.500%, 07/29/20 | USD | 45 | 48,501 | |||||||
| 259,575 | ||||||||||
| Chile | 1.2% | ||||||||||
| Republic of Chile, 5.500%, 08/05/20 | CLP | 37,500 | 57,712 | |||||||
| Colombia | 2.3% | ||||||||||
| Republic of Colombia, 7.375%, 03/18/19 | USD | 100 | 113,250 | |||||||
| Hungary | 1.9% | ||||||||||
| Hungary Government Bond, 5.500%, 06/24/25 | HUF | 21,160 | 93,576 | |||||||
| Ireland | 1.6% | ||||||||||
| Irish Treasury, 3.400%, 03/18/24 | EUR | 55 | 76,537 | |||||||
| Italy | 1.0% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.500%, 06/01/25 | EUR | 40 | 46,936 | |||||||
| Mexico | 6.4% | ||||||||||
| Mexican Bonos: | ||||||||||
| 4.750%, 06/14/18 | MXN | 860 | 50,010 | |||||||
| 6.500%, 06/09/22 | MXN | 970 | 58,810 | |||||||
| 7.750%, 05/29/31 | MXN | 960 | 62,652 | |||||||
| Mexican Udibonos, 2.500%, 12/10/20 | MXN | 1,034 | 60,307 | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 48 | 81,522 | |||||||
| 313,301 | ||||||||||
| New Zealand | 2.4% | ||||||||||
| New Zealand Government Bonds: | ||||||||||
| 3.000%, 04/15/20 | NZD | 110 | 78,410 | |||||||
| 6.000%, 05/15/21 | NZD | 10 | 7,850 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| New Zealand Local Government Funding Agency, 6.000%, 12/15/17 | NZD | 40 | $ | 29,259 | ||||||
| 115,519 | ||||||||||
| Norway | 5.3% | ||||||||||
| Oslo Kommune: | ||||||||||
| 3.550%, 02/12/21 | NOK | 1,000 | 131,606 | |||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 124,319 | |||||||
| 255,925 | ||||||||||
| Philippines | 2.8% | ||||||||||
| Republic of Philippines, 4.950%, 01/15/21 | PHP | 6,000 | 134,683 | |||||||
| Poland | 4.1% | ||||||||||
| Poland Government Bond, 1.750%, 01/25/21 (g) | PLN | 618 | 163,413 | |||||||
| Republic of Poland, 3.000%, 03/17/23 | USD | 35 | 35,087 | |||||||
| 198,500 | ||||||||||
| Portugal | 0.6% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 2.875%, 10/15/25 | EUR | 25 | 28,692 | |||||||
| Romania | 0.8% | ||||||||||
| Romanian Government Bond, 3.625%, 04/24/24 | EUR | 32 | 40,418 | |||||||
| Singapore | 2.6% | ||||||||||
| Singapore Government Bond, 3.000%, 09/01/24 | SGD | 154 | 124,653 | |||||||
| Spain | 1.3% | ||||||||||
| Spain Government Bond, 1.600%, 04/30/25 | EUR | 55 | 64,230 | |||||||
| Total Foreign Government Obligations (Identified cost $2,233,166) | 2,195,913 | |||||||||
| Quasi Government Bonds | 3.9% | ||||||||||
| Canada | 0.7% | ||||||||||
| Hydro-Quebec, 9.625%, 07/15/22 | CAD | 30 | 33,927 | |||||||
| Chile | 2.2% | ||||||||||
| Corp. Nacional del Cobre de Chile, 3.750%, 11/04/20 | USD | 100 | 104,568 | |||||||
| Germany | 0.4% | ||||||||||
| Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17 | NOK | 160 | 19,729 | |||||||
| South Korea | 0.6% | ||||||||||
| The Korea Development Bank, 4.500%, 11/22/19 | AUD | 40 | 31,679 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Total
Quasi Government Bonds (Identified cost $192,838) | $ | 189,903 | ||||||||
| Supranationals | 5.3% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 60 | 60,856 | |||||||
| Corporacion Andina de Fomento, 4.375%, 06/15/22 | USD | 85 | 93,386 | |||||||
| Inter-American Development Bank, 6.000%, 12/15/17 | NZD | 55 | 40,116 | |||||||
| International Finance Corp., 6.450%, 10/30/18 | INR | 4,160 | 62,426 | |||||||
| Total
Supranationals (Identified cost $261,936) | 256,784 | |||||||||
| US Municipal Bonds | 4.7% | ||||||||||
| Alaska | 1.9% | ||||||||||
| Alaska State Qualified School Construction Bond, 5.342%, 08/01/27 | USD | 75 | 92,020 | |||||||
| Texas | 2.8% | ||||||||||
| Texas State Build America Bond Series A, 4.123%, 04/01/25 | USD | 50 | 57,533 | |||||||
| University of Texas Build America Bond Series B, 6.276%, 08/15/41 | USD | 70 | 79,385 | |||||||
| 136,918 | ||||||||||
| Total
US Municipal Bonds (Identified cost $222,293) | 228,938 | |||||||||
| US Treasury Security | 2.5% | ||||||||||
| US Treasury Note, 2.125%, 05/15/25 (Identified cost $114,566) | USD | 115 | 118,607 | |||||||
| Description | Shares | Value | ||||||||
| Short-Term Investment | 0.3% | ||||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $16,846) |
16,846 | $ | 16,846 | |||||||
| Total Investments l 98.2% (Identified cost $4,864,401) (b), (h) |
$ | 4,767,365 | ||||||||
| Cash and Other Assets in Excess of Liabilities l 1.8% |
88,078 | |||||||||
| Net Assets l 100.0% | $ | 4,855,443 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||
| AUD | CAN | 05/18/16 | 5,081 | 3,595 | $ | 292 | $ | — | ||||||||||||
| AUD | HSB | 05/18/16 | 30,857 | 22,968 | 638 | — | ||||||||||||||
| AUD | HSB | 05/18/16 | 112,715 | 83,501 | 2,727 | — | ||||||||||||||
| CAD | CIT | 05/18/16 | 84,160 | 65,078 | — | 274 | ||||||||||||||
| CAD | RBC | 05/18/16 | 35,957 | 25,935 | 1,752 | — | ||||||||||||||
| CAD | RBC | 05/18/16 | 48,485 | 36,418 | 915 | — | ||||||||||||||
| CLP | JPM | 04/06/16 | 20,839,680 | 30,512 | 592 | — | ||||||||||||||
| CZK | CIT | 05/18/16 | 133,183 | 5,506 | 103 | — | ||||||||||||||
| EUR | CIT | 05/18/16 | 73,195 | 83,000 | 399 | — | ||||||||||||||
| EUR | CIT | 05/18/16 | 682,800 | 764,668 | 13,314 | — | ||||||||||||||
| EUR | HSB | 05/18/16 | 45,328 | 50,073 | 1,574 | — | ||||||||||||||
| EUR | HSB | 05/18/16 | 46,117 | 50,615 | 1,930 | — | ||||||||||||||
| EUR | HSB | 05/18/16 | 86,464 | 94,712 | 3,805 | — | ||||||||||||||
| EUR | HSB | 05/18/16 | 177,092 | 198,339 | 3,439 | — | ||||||||||||||
| GBP | CIT | 05/18/16 | 91,271 | 129,242 | 1,863 | — | ||||||||||||||
| GBP | HSB | 05/18/16 | 93,110 | 131,822 | 1,925 | — | ||||||||||||||
| HUF | JPM | 05/18/16 | 2,121,090 | 7,653 | 30 | — | ||||||||||||||
| HUF | JPM | 05/18/16 | 3,581,028 | 12,786 | 185 | — | ||||||||||||||
| HUF | JPM | 05/18/16 | 5,237,336 | 18,807 | 163 | — | ||||||||||||||
| JPY | CIT | 05/18/16 | 5,747,853 | 51,000 | 134 | — | ||||||||||||||
| JPY | CIT | 05/18/16 | 6,534,971 | 58,100 | 36 | — | ||||||||||||||
| JPY | CIT | 05/18/16 | 63,192,821 | 556,155 | 6,016 | — | ||||||||||||||
| JPY | HSB | 05/18/16 | 45,327,908 | 398,799 | 4,443 | — | ||||||||||||||
| KRW | CIT | 06/09/16 | 103,693,200 | 85,651 | 4,867 | — | ||||||||||||||
| MXN | HSB | 05/18/16 | 182,168 | 10,157 | 345 | — | ||||||||||||||
| MXN | HSB | 05/18/16 | 519,966 | 28,900 | 1,076 | — | ||||||||||||||
| MXN | HSB | 05/18/16 | 1,084,658 | 58,900 | 3,630 | — | ||||||||||||||
| MYR | HSB | 05/12/16 | 136,469 | 33,003 | 1,870 | — | ||||||||||||||
| PLN | HSB | 05/18/16 | 81,022 | 20,492 | 1,208 | — | ||||||||||||||
| SEK | CIT | 05/18/16 | 370,064 | 43,697 | 1,958 | — | ||||||||||||||
| SEK | HSB | 05/18/16 | 375,368 | 44,300 | 2,009 | — | ||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 63,238 | $ | 274 | ||||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||
| AUD | CAN | 05/18/16 | 187,555 | 132,714 | $ | — | $ | 10,766 | ||||||||||||
| AUD | CIT | 05/18/16 | 32,619 | 24,000 | — | 954 | ||||||||||||||
| AUD | HSB | 05/18/16 | 4,756 | 3,400 | — | 238 | ||||||||||||||
| AUD | HSB | 05/18/16 | 5,002 | 3,800 | — | 26 | ||||||||||||||
| AUD | HSB | 05/18/16 | 47,262 | 33,439 | — | 2,716 | ||||||||||||||
| CAD | CIT | 05/18/16 | 65,448 | 49,000 | — | 1,396 | ||||||||||||||
| CAD | HSB | 05/18/16 | 5,580 | 4,300 | 3 | — | ||||||||||||||
| CAD | RBC | 05/18/16 | 7,983 | 6,000 | — | 147 | ||||||||||||||
| CAD | RBC | 05/18/16 | 41,611 | 31,000 | — | 1,041 | ||||||||||||||
| CAD | RBC | 05/18/16 | 61,554 | 45,939 | — | 1,458 | ||||||||||||||
| CAD | RBC | 05/18/16 | 291,963 | 210,592 | — | 14,223 | ||||||||||||||
Lazard Global Fixed Income Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||
| CLP | CIT | 06/24/16 | 38,743,280 | 56,800 | $ | — | $ | 622 | ||||||||||||
| CLP | JPM | 04/06/16 | 20,839,680 | 28,784 | — | 2,320 | ||||||||||||||
| EUR | CIT | 05/18/16 | 38,140 | 42,000 | — | 1,456 | ||||||||||||||
| EUR | CIT | 05/18/16 | 165,519 | 182,000 | — | 6,592 | ||||||||||||||
| EUR | HSB | 05/18/16 | 23,064 | 26,100 | — | 180 | ||||||||||||||
| EUR | HSB | 05/18/16 | 101,340 | 111,900 | — | 3,567 | ||||||||||||||
| GBP | CIT | 05/18/16 | 11,244 | 16,000 | — | 152 | ||||||||||||||
| GBP | CIT | 05/18/16 | 40,250 | 57,000 | — | 816 | ||||||||||||||
| GBP | CIT | 05/18/16 | 48,453 | 69,464 | — | 136 | ||||||||||||||
| GBP | CIT | 05/18/16 | 63,256 | 89,572 | — | 1,291 | ||||||||||||||
| GBP | HSB | 05/18/16 | 7,658 | 11,100 | 99 | — | ||||||||||||||
| GBP | HSB | 05/18/16 | 26,357 | 37,500 | — | 361 | ||||||||||||||
| GBP | HSB | 05/18/16 | 67,624 | 97,021 | — | 116 | ||||||||||||||
| HUF | JPM | 05/18/16 | 1,579 | 6 | — | — | ||||||||||||||
| HUF | JPM | 05/18/16 | 35,298,548 | 126,070 | — | 1,787 | ||||||||||||||
| JPY | CIT | 05/18/16 | 8,319,956 | 73,000 | — | 1,015 | ||||||||||||||
| JPY | CIT | 05/18/16 | 16,434,518 | 145,000 | — | 1,204 | ||||||||||||||
| JPY | HSB | 05/18/16 | 2,412,534 | 21,700 | 238 | — | ||||||||||||||
| MXN | CIT | 05/18/16 | 269,740 | 15,000 | — | 550 | ||||||||||||||
| MXN | CIT | 05/18/16 | 379,841 | 20,056 | — | 1,842 | ||||||||||||||
| MXN | HSB | 05/18/16 | 1,386,821 | 77,000 | — | 2,950 | ||||||||||||||
| MXN | HSB | 05/18/16 | 2,604,448 | 137,530 | — | 12,615 | ||||||||||||||
| MXN | JPM | 05/18/16 | 873,602 | 46,104 | — | 4,259 | ||||||||||||||
| NOK | HSB | 05/18/16 | 251,865 | 29,400 | — | 1,031 | ||||||||||||||
| NOK | HSB | 05/18/16 | 1,020,715 | 118,654 | — | 4,673 | ||||||||||||||
| NOK | HSB | 05/18/16 | 1,582,683 | 183,383 | — | 7,843 | ||||||||||||||
| NZD | CAN | 05/18/16 | 89,801 | 59,197 | — | 2,731 | ||||||||||||||
| NZD | CAN | 05/18/16 | 365,255 | 240,776 | — | 11,107 | ||||||||||||||
| NZD | CIT | 05/18/16 | 17,828 | 12,000 | — | 294 | ||||||||||||||
| NZD | CIT | 05/18/16 | 23,845 | 15,707 | — | 737 | ||||||||||||||
| NZD | HSB | 05/18/16 | 4,684 | 3,086 | — | 144 | ||||||||||||||
| NZD | HSB | 05/18/16 | 7,070 | 4,800 | — | 76 | ||||||||||||||
| NZD | HSB | 05/18/16 | 11,581 | 7,913 | — | 73 | ||||||||||||||
| PHP | HSB | 06/09/16 | 5,021,615 | 106,323 | — | 2,325 | ||||||||||||||
| PLN | HSB | 05/18/16 | 98,722 | 24,788 | — | 1,652 | ||||||||||||||
| PLN | HSB | 05/18/16 | 546,044 | 137,973 | — | 8,274 | ||||||||||||||
| SEK | CIT | 05/18/16 | 93,358 | 11,000 | — | 518 | ||||||||||||||
| SEK | HSB | 05/18/16 | 54,879 | 6,700 | — | 70 | ||||||||||||||
| SGD | SCB | 05/18/16 | 27,096 | 19,232 | — | 867 | ||||||||||||||
| SGD | SCB | 05/18/16 | 126,675 | 89,904 | — | 4,059 | ||||||||||||||
| Total Forward Currency Sale Contracts | 340 | 123,270 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 63,578 | $ | 123,544 | ||||||||||||||||
^ In USD unless otherwise indicated.
| Description | Shares | Value | ||||||
| Lazard US Realty Income Portfolio | ||||||||
| Preferred Stocks | 20.9% | ||||||||
| Real Estate Investment Trusts (REITs) | 20.9% | ||||||||
| DDR Corp., Series K, 6.250% | 32,441 | $ | 843,790 | |||||
| Digital Realty Trust, Inc., Series G, 5.875% | 36,325 | 911,031 | ||||||
| General Growth Properties, Inc., Series A, 6.375% | 49,885 | 1,292,021 | ||||||
| Kilroy Realty Corp., Series H, 6.375% | 17,700 | 458,961 | ||||||
| Kimco Realty Corp., Series J, 5.500% | 58,500 | 1,501,695 | ||||||
| National Retail Properties, Inc., Series E, 5.700% | 30,800 | 801,416 | ||||||
| Pebblebrook Hotel Trust, Series C, 6.500% | 73,386 | 1,869,875 | ||||||
| PS Business Parks, Inc., Series U, 5.750% | 45,223 | 1,148,212 | ||||||
| Taubman Centers, Inc., Series K, 6.250% | 26,467 | 671,468 | ||||||
| VEREIT, Inc., Series F, 6.700% | 88,833 | 2,250,140 | ||||||
| Vornado Realty Trust, Series K, 5.700% | 27,106 | 693,914 | ||||||
| Total Preferred Stocks (Identified cost $11,746,278) | 12,442,523 | |||||||
| Real Estate Investment Trusts | 78.7% | ||||||||
| Apartment Investment & Management Co., Class A | 23,710 | 991,552 | ||||||
| Ashford Hospitality Trust, Inc. | 498,200 | 3,178,516 | ||||||
| Blackstone Mortgage Trust, Inc., Class A | 104,973 | 2,819,575 | ||||||
| Chesapeake Lodging Trust | 69,200 | 1,831,032 | ||||||
| Colony Capital, Inc., Class A | 187,135 | 3,138,254 | ||||||
| Columbia Property Trust, Inc. | 68,247 | 1,500,752 | ||||||
| Communications Sales & Leasing, Inc. | 41,938 | 933,120 | ||||||
| Education Realty Trust, Inc. | 12,346 | 513,594 | ||||||
| EPR Properties | 9,231 | 614,969 | ||||||
| Essex Property Trust, Inc. | 2,950 | 689,887 | ||||||
| Farmland Partners, Inc. | 155,500 | 1,668,515 | ||||||
| HCP, Inc. | 20,654 | 672,907 | ||||||
| LaSalle Hotel Properties | 113,035 | 2,860,916 | ||||||
| Medical Properties Trust, Inc. | 205,006 | 2,660,978 | ||||||
| National Storage Affiliates Trust | 44,600 | 945,520 | ||||||
| NorthStar Realty Finance Corp. | 245,720 | 3,223,846 | ||||||
| Pebblebrook Hotel Trust | 76,500 | 2,223,855 | ||||||
| Pennsylvania Real Estate Investment Trust | 56,900 | 1,243,265 | ||||||
| Prologis, Inc. | 9,103 | 402,171 | ||||||
| Ramco-Gershenson Properties Trust | 29,100 | 524,673 |
| Description | Shares | Value | ||||||
| Retail Opportunity Investments Corp. | 27,900 | $ | 561,348 | |||||
| Simon Property Group, Inc. | 3,984 | 827,437 | ||||||
| STAG Industrial, Inc. | 129,772 | 2,642,158 | ||||||
| Starwood Property Trust, Inc. | 152,532 | 2,887,431 | ||||||
| Sun Communities, Inc. | 6,500 | 465,465 | ||||||
| The GEO Group, Inc. | 60,400 | 2,094,068 | ||||||
| VEREIT, Inc. | 118,700 | 1,052,869 | ||||||
| Weyerhaeuser Co. | 16,200 | 501,876 | ||||||
| WP Glimcher, Inc. | 351,625 | 3,336,921 | ||||||
| Total Real Estate Investment Trusts (Identified cost $56,385,035) | 47,007,470 | |||||||
| Short-Term Investment | 0.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $184,450) | 184,450 | 184,450 | ||||||
| Total Investments | 99.9% (Identified cost $68,315,763) (b) | $ | 59,634,443 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 88,861 | |||||||
| Net Assets | 100.0% | $ | 59,723,304 |
| Description | Shares | Value | ||||||
| Lazard US Realty Equity Portfolio | ||||||||
| Common Stocks | 4.5% | ||||||||
| Real Estate Management & Development | 4.5% | ||||||||
| CBRE Group, Inc., Class A (a) | 71,320 | $ | 2,055,442 | |||||
| Realogy Holdings Corp. (a) | 56,908 | 2,054,948 | ||||||
| 4,110,390 | ||||||||
| Total Common Stocks (Identified cost $4,367,907) | 4,110,390 | |||||||
| Real Estate Investment Trusts | 94.6% | ||||||||
| Acadia Realty Trust | 11,789 | 414,148 | ||||||
| American Homes 4 Rent, Class A | 193,090 | 3,070,131 | ||||||
| American Tower Corp. | 68,453 | 7,007,534 | ||||||
| Apartment Investment & Management Co., Class A | 104,971 | 4,389,887 | ||||||
| AvalonBay Communities, Inc. | 31,789 | 6,046,268 | ||||||
| Boston Properties, Inc. | 24,520 | 3,116,002 | ||||||
| Empire State Realty Trust, Inc., Class A | 116,898 | 2,049,222 | ||||||
| Equinix, Inc. | 13,163 | 4,353,136 | ||||||
| Equity Lifestyle Properties, Inc. | 44,105 | 3,207,757 | ||||||
| Essex Property Trust, Inc. | 22,445 | 5,248,988 | ||||||
| Extra Space Storage, Inc. | 44,680 | 4,175,793 | ||||||
| Federal Realty Investment Trust | 8,815 | 1,375,581 | ||||||
| General Growth Properties, Inc. | 61,909 | 1,840,554 | ||||||
| Host Hotels & Resorts, Inc. | 116,847 | 1,951,345 | ||||||
| NorthStar Realty Finance Corp. | 89,969 | 1,180,393 | ||||||
| Parkway Properties, Inc. | 94,866 | 1,485,601 | ||||||
| Pebblebrook Hotel Trust | 77,445 | 2,251,326 | ||||||
| Prologis, Inc. | 73,995 | 3,269,099 | ||||||
| Public Storage | 22,963 | 6,333,884 | ||||||
| Retail Opportunity Investments Corp. | 68,537 | 1,378,964 | ||||||
| Rexford Industrial Realty, Inc. | 81,793 | 1,485,361 | ||||||
| Simon Property Group, Inc. | 41,022 | 8,519,859 | ||||||
| SL Green Realty Corp. | 16,568 | 1,605,108 | ||||||
| Sunstone Hotel Investors, Inc. | 164,351 | 2,300,914 | ||||||
| Ventas, Inc. | 53,611 | 3,375,348 | ||||||
| Welltower, Inc. | 38,667 | 2,681,170 | ||||||
| Weyerhaeuser Co. | 61,750 | 1,913,015 | ||||||
| WP Glimcher, Inc. | 116,410 | 1,104,731 | ||||||
| Total Real Estate Investment Trusts (Identified cost $73,635,293) | 87,131,119 | |||||||
| Short-Term Investment | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $1,086,905) | 1,086,905 | 1,086,905 |
| Total Investments | 100.3% (Identified cost $79,090,105) (b) | $ | 92,328,414 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (241,980 | ) | ||||||
| Net Assets | 100.0% | $ | 92,086,434 |
| Description | Shares | Value | ||||||
| Lazard Global Realty Equity Portfolio | ||||||||
| Common Stocks | 26.5% | ||||||||
| Brazil | 1.7% | ||||||||
| BR Properties SA | 12,940 | $ | 31,670 | |||||
| Multiplan Empreendimentos Imobiliarios SA | 4,500 | 67,206 | ||||||
| 98,876 | ||||||||
| China | 1.0% | ||||||||
| China Overseas Land & Investment, Ltd. | 18,000 | 56,965 | ||||||
| China Resources Land, Ltd. | 20,000 | 51,203 | ||||||
| 108,168 | ||||||||
| Germany | 3.5% | ||||||||
| Vonovia SE | 5,522 | 198,715 | ||||||
| Hong Kong | 5.7% | ||||||||
| Cheung Kong Property Holdings, Ltd. | 22,000 | 141,517 | ||||||
| China Overseas Property Holdings, Ltd. (a) | 6,000 | 874 | ||||||
| Sun Hung Kai Properties, Ltd. | 11,000 | 134,357 | ||||||
| 276,748 | ||||||||
| India | 0.8% | ||||||||
| DLF, Ltd. | 25,867 | 44,920 | ||||||
| Japan | 5.5% | ||||||||
| Hulic Co., Ltd. | 13,000 | 124,288 | ||||||
| Mitsui Fudosan Co., Ltd. | 7,680 | 191,616 | ||||||
| 315,904 | ||||||||
| Mexico | 1.4% | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 52,960 | 79,361 | ||||||
| Philippines | 2.9% | ||||||||
| Ayala Land, Inc. | 94,125 | 72,058 | ||||||
| SM Prime Holdings, Inc. | 194,250 | 92,600 | ||||||
| 164,658 | ||||||||
| Singapore | 0.8% | ||||||||
| Frasers Centrepoint, Ltd. | 40,400 | 48,857 | ||||||
| United Arab Emirates | 1.4% | ||||||||
| Emaar Properties PJSC | 48,800 | 79,983 | ||||||
| United States | 1.8% | ||||||||
| CBRE Group, Inc., Class A (a) | 1,745 | 50,291 | ||||||
| Realogy Holdings Corp. (a) | 1,478 | 53,371 | ||||||
| 103,662 | ||||||||
| Total Common Stocks | ||||||||
| (Identified cost $1,639,842) | 1,519,852 | |||||||
| Real Estate Investment Trusts | 70.4% | ||||||||
| Australia | 3.9% | ||||||||
| Charter Hall Group | 11,166 | 39,715 | ||||||
| Westfield Corp. | 24,205 | 185,358 | ||||||
| 225,073 |
| Description | Shares | Value | ||||||
| Canada | 2.2% | ||||||||
| Boardwalk Real Estate Investment Trust | 3,215 | $ | 128,204 | |||||
| France | 1.3% | ||||||||
| Klepierre | 864 | 41,390 | ||||||
| Unibail-Rodamco SE | 124 | 34,118 | ||||||
| 75,508 | ||||||||
| Hong Kong | 3.1% | ||||||||
| Link Real Estate Investment Trust | 29,519 | 174,853 | ||||||
| Italy | 0.8% | ||||||||
| Beni Stabili SpA | 62,962 | 47,250 | ||||||
| Japan | 9.0% | ||||||||
| Activia Properties, Inc. | 13 | 67,458 | ||||||
| Invincible Investment Corp. | 337 | 252,724 | ||||||
| Kenedix Retail REIT Corp. | 55 | 133,364 | ||||||
| LaSalle Logiport REIT | 10 | 9,658 | ||||||
| Premier Investment Corp. | 45 | 55,618 | ||||||
| 518,822 | ||||||||
| Singapore | 0.5% | ||||||||
| CapitaMall Trust | 16,300 | 25,275 | ||||||
| United Kingdom | 4.8% | ||||||||
| Big Yellow Group PLC | 6,090 | 67,744 | ||||||
| Great Portland Estates PLC | 8,720 | 91,175 | ||||||
| Land Securities Group PLC | 4,454 | 70,432 | ||||||
| Workspace Group PLC | 4,244 | 47,727 | ||||||
| 277,078 | ||||||||
| United States | 44.8% | ||||||||
| American Homes 4 Rent, Class A | 8,789 | 139,745 | ||||||
| American Tower Corp. | 449 | 45,964 | ||||||
| Apartment Investment & Management Co., Class A | 2,354 | 98,444 | ||||||
| AvalonBay Communities, Inc. | 886 | 168,517 | ||||||
| Boston Properties, Inc. | 584 | 74,215 | ||||||
| Equinix, Inc. | 408 | 134,930 | ||||||
| Equity Lifestyle Properties, Inc. | 1,674 | 121,750 | ||||||
| Essex Property Trust, Inc. | 873 | 204,160 | ||||||
| Extra Space Storage, Inc. | 788 | 73,646 | ||||||
| General Growth Properties, Inc. | 2,050 | 60,946 | ||||||
| Host Hotels & Resorts, Inc. | 3,348 | 55,912 | ||||||
| Pebblebrook Hotel Trust | 3,786 | 110,059 | ||||||
| Prologis, Inc. | 3,453 | 152,554 | ||||||
| Public Storage | 865 | 238,593 | ||||||
| Retail Opportunity Investments Corp. | 4,787 | 96,314 | ||||||
| Rexford Industrial Realty, Inc. | 4,319 | 78,433 | ||||||
| Simon Property Group, Inc. | 1,537 | 319,220 | ||||||
| SL Green Realty Corp. | 522 | 50,571 | ||||||
| Sunstone Hotel Investors, Inc. | 6,228 | 87,192 |
| Description | Shares | Value | ||||||
| Lazard Global Realty Equity Portfolio (concluded) | ||||||||
| Ventas, Inc. | 1,246 | $ | 78,448 | |||||
| VEREIT, Inc. | 3,324 | 29,484 | ||||||
| Welltower, Inc. | 1,329 | 92,153 | ||||||
| WP Glimcher, Inc. | 6,431 | 61,030 | ||||||
| 2,572,280 | ||||||||
| Total Real Estate Investment Trusts (Identified cost $3,580,829) | 4,044,343 | |||||||
| Short-Term Investment | 3.0% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $174,394) | 174,394 | 174,394 | ||||||
| Total Investments | 99.9% (Identified cost $5,395,065) (b) | $ | 5,738,589 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 5,266 | |||||||
| Net Assets | 100.0% | $ | 5,743,855 | ||||||
| Description | Shares | Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 95.6% | ||||||||
| Australia | 10.9% | ||||||||
| DUET Group (c) | 62,019,959 | $ | 104,591,107 | |||||
| Macquarie Atlas Roads Group | 10,243,472 | 37,690,250 | ||||||
| Spark Infrastructure Group | 47,864,987 | 75,950,195 | ||||||
| Transurban Group | 12,270,116 | 106,754,240 | ||||||
| 324,985,792 | ||||||||
| Austria | 0.3% | ||||||||
| Flughafen Wien AG | 84,870 | 9,271,062 | ||||||
| France | 12.1% | ||||||||
| Aeroports de Paris | 606,868 | 75,028,798 | ||||||
| Eutelsat Communications SA | 4,385,679 | 141,679,252 | ||||||
| Vinci SA | 1,932,031 | 143,933,025 | ||||||
| 360,641,075 | ||||||||
| Germany | 3.1% | ||||||||
| Fraport AG | 1,504,050 | 91,237,837 | ||||||
| Italy | 22.8% | ||||||||
| ASTM SpA | 834,619 | 9,639,585 | ||||||
| Atlantia SpA | 8,848,572 | 245,376,371 | ||||||
| Hera SpA | 15,340,703 | 45,839,936 | ||||||
| Snam SpA | 23,896,547 | 149,691,278 | ||||||
| Societa Iniziative Autostradali e Servizi SpA | 2,166,147 | 22,183,724 | ||||||
| Terna SpA | 36,337,575 | 207,362,825 | ||||||
| 680,093,719 | ||||||||
| Luxembourg | 4.9% | ||||||||
| SES SA | 4,944,712 | 144,800,211 | ||||||
| Portugal | 0.6% | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 5,584,800 | 18,314,945 | ||||||
| Spain | 4.9% | ||||||||
| Abertis Infraestructuras SA | 8,909,896 | 146,502,321 | ||||||
| Switzerland | 1.4% | ||||||||
| Flughafen Zuerich AG | 48,240 | 43,195,507 | ||||||
| United Kingdom | 3.0% | ||||||||
| Pennon Group PLC | 7,610,711 | 88,649,418 | ||||||
| United States | 31.6% | ||||||||
| Ameren Corp. | 1,834,600 | 91,913,460 | ||||||
| CSX Corp. | 9,356,659 | 240,933,969 | ||||||
| Genesee & Wyoming, Inc., Class A (a) | 1,400,000 | 87,780,000 | ||||||
| Great Plains Energy, Inc. | 3,442,382 | 111,016,820 | ||||||
| Norfolk Southern Corp. | 1,751,437 | 145,807,130 | ||||||
| PG&E Corp. | 2,024,699 | 120,915,024 | ||||||
| SJW Corp. | 62,366 | 2,267,004 | ||||||
| Description | Shares | Value | ||||||
| Union Pacific Corp. | 1,770,000 | $ | 140,803,500 | |||||
| 941,436,907 | ||||||||
| Total Common Stocks (Identified cost $2,663,635,027) | 2,849,128,794 | |||||||
| Short-Term Investment | 5.3% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $156,621,673) | 156,621,673 | 156,621,673 | ||||||
| Total Investments | 100.9% (Identified cost $2,820,256,700) (b), (h) | $ | 3,005,750,467 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (26,888,209 | ) | ||||||
| Net Assets | 100.0% | $ | 2,978,862,258 | ||||||
Lazard Global Listed Infrastructure Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Purchase Contracts | ||||||||||||||||||||
| CHF | BNP | 06/29/16 | 6,163,453 | 6,349,362 | $ | 85,317 | $ | — | ||||||||||||
| CHF | BNP | 06/29/16 | 8,384,561 | 8,770,003 | — | 16,474 | ||||||||||||||
| JPY | BNP | 06/29/16 | 5,451,544,944 | 48,062,103 | 502,192 | — | ||||||||||||||
| JPY | CAN | 06/29/16 | 1,347,393,867 | 12,104,986 | — | 101,924 | ||||||||||||||
| JPY | CIT | 06/29/16 | 87,726,692 | 788,696 | — | 7,196 | ||||||||||||||
| JPY | CSF | 06/29/16 | 899,762,045 | 8,089,203 | — | 73,804 | ||||||||||||||
| JPY | HSB | 06/29/16 | 880,524,538 | 7,910,710 | — | 66,685 | ||||||||||||||
| JPY | JPM | 06/29/16 | 991,859,340 | 8,911,440 | — | 75,606 | ||||||||||||||
| JPY | MEL | 06/29/16 | 837,687,193 | 7,522,875 | — | 60,461 | ||||||||||||||
| JPY | RBC | 06/29/16 | 296,518,898 | 2,614,378 | 27,117 | — | ||||||||||||||
| JPY | SSB | 06/29/16 | 790,067,041 | 7,100,768 | — | 62,571 | ||||||||||||||
| Total Forward Currency Purchase Contracts | $ | 614,626 | $ | 464,721 | ||||||||||||||||
| Forward Currency Sale Contracts | ||||||||||||||||||||
| AUD | BNP | 06/29/16 | 63,775,615 | 47,119,338 | $ | — | $ | 1,576,334 | ||||||||||||
| AUD | CAN | 06/29/16 | 21,544,869 | 15,917,781 | — | 532,737 | ||||||||||||||
| AUD | CIT | 06/29/16 | 45,187,929 | 33,381,001 | — | 1,122,101 | ||||||||||||||
| AUD | CSF | 06/29/16 | 70,997,329 | 52,473,417 | — | 1,736,373 | ||||||||||||||
| AUD | HSB | 06/29/16 | 46,567,933 | 34,391,815 | — | 1,164,985 | ||||||||||||||
| AUD | RBC | 06/29/16 | 64,566,426 | 47,707,487 | — | 1,592,007 | ||||||||||||||
| AUD | SCB | 06/29/16 | 68,776,830 | 50,806,476 | — | 1,707,858 | ||||||||||||||
| AUD | SSB | 06/29/16 | 52,630,670 | 38,885,276 | — | 1,300,708 | ||||||||||||||
| CHF | CAN | 06/29/16 | 11,954,629 | 12,161,372 | — | 319,327 | ||||||||||||||
| CHF | CSF | 06/29/16 | 15,763,230 | 16,035,350 | — | 421,550 | ||||||||||||||
| CHF | JPM | 06/29/16 | 2,754,140 | 2,801,662 | — | 73,676 | ||||||||||||||
| CHF | RBC | 06/29/16 | 18,099,951 | 18,412,559 | — | 483,890 | ||||||||||||||
| CHF | SCB | 06/29/16 | 6,761,227 | 6,877,386 | — | 181,373 | ||||||||||||||
| EUR | BNP | 06/29/16 | 271,268,362 | 302,027,481 | — | 7,472,873 | ||||||||||||||
| EUR | CAN | 06/29/16 | 132,697,938 | 147,772,425 | — | 3,627,682 | ||||||||||||||
| EUR | CIT | 06/29/16 | 52,980,050 | 58,988,359 | — | 1,458,588 | ||||||||||||||
| EUR | CIT | 06/29/16 | 77,209,917 | 87,268,439 | — | 823,281 | ||||||||||||||
| EUR | CSF | 06/29/16 | 67,868,702 | 75,563,656 | — | 1,870,319 | ||||||||||||||
| EUR | HSB | 06/29/16 | 60,328,808 | 67,158,029 | — | 1,673,394 | ||||||||||||||
| EUR | MEL | 06/29/16 | 110,910,038 | 123,487,236 | — | 3,054,229 | ||||||||||||||
| EUR | RBC | 06/29/16 | 204,842,719 | 228,067,991 | — | 5,644,830 | ||||||||||||||
| EUR | SCB | 06/29/16 | 105,239,706 | 117,184,413 | — | 2,887,556 | ||||||||||||||
| EUR | SSB | 06/29/16 | 152,656,668 | 169,990,833 | — | 4,180,945 | ||||||||||||||
| GBP | BNP | 06/29/16 | 8,884,897 | 12,506,647 | — | 258,121 | ||||||||||||||
| GBP | CAN | 06/29/16 | 4,889,732 | 6,928,750 | — | 96,238 | ||||||||||||||
| GBP | CIT | 06/29/16 | 4,486,232 | 6,313,699 | — | 131,588 | ||||||||||||||
| GBP | HSB | 06/29/16 | 4,564,871 | 6,425,330 | — | 132,936 | ||||||||||||||
| GBP | JPM | 06/29/16 | 1,929,593 | 2,716,309 | — | 55,902 | ||||||||||||||
| GBP | SCB | 06/29/16 | 25,668,263 | 36,131,545 | — | 745,576 | ||||||||||||||
| GBP | SSB | 06/29/16 | 11,281,971 | 15,878,077 | — | 330,524 | ||||||||||||||
| JPY | BNP | 06/29/16 | 2,177,164,983 | 19,194,399 | — | 200,559 | ||||||||||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||
| Forward Currency Sale Contracts (concluded) | ||||||||||||||||||||
| JPY | BNP | 06/29/16 | 3,274,379,961 | 29,403,820 | $ | 234,482 | $ | — | ||||||||||||
| JPY | CAN | 06/29/16 | 1,347,393,867 | 11,879,161 | — | 123,901 | ||||||||||||||
| JPY | CIT | 06/29/16 | 87,726,692 | 773,420 | — | 8,081 | ||||||||||||||
| JPY | CSF | 06/29/16 | 899,762,045 | 7,932,311 | — | 83,088 | ||||||||||||||
| JPY | HSB | 06/29/16 | 880,524,538 | 7,762,713 | — | 81,312 | ||||||||||||||
| JPY | JPM | 06/29/16 | 991,859,340 | 8,742,701 | — | 93,134 | ||||||||||||||
| JPY | MEL | 06/29/16 | 837,687,193 | 7,384,278 | — | 78,137 | ||||||||||||||
| JPY | RBC | 06/29/16 | 296,518,898 | 2,662,555 | 21,060 | — | ||||||||||||||
| JPY | SSB | 06/29/16 | 790,067,041 | 6,965,177 | — | 73,020 | ||||||||||||||
| Total Forward Currency Sale Contracts | 255,542 | 47,398,733 | ||||||||||||||||||
| Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 870,168 | $ | 47,863,454 | ||||||||||||||||
^ In USD unless otherwise indicated.
| Description | Shares | Value | ||||||
| Lazard Capital Allocator Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 74.9% | ||||||||
| Equity | 50.0% | ||||||||
| iShares Latin America 40 ETF | 133,300 | $ | 3,353,828 | |||||
| iShares MSCI Europe Small-Cap ETF | 144,400 | 6,473,452 | ||||||
| iShares MSCI Japan ETF | 579,100 | 6,607,531 | ||||||
| iShares MSCI Japan Small-Cap ETF | 178,400 | 10,331,144 | ||||||
| iShares MSCI USA Value Factor ETF | 219,100 | 13,441,785 | ||||||
| iShares North American Tech ETF | 42,100 | 4,658,365 | ||||||
| iShares U.S. Consumer Services ETF | 64,200 | 9,361,644 | ||||||
| PowerShares Aerospace & Defense Portfolio | 254,300 | 8,974,247 | ||||||
| SPDR S&P 500 ETF Trust | 97,800 | 20,103,768 | ||||||
| 83,305,764 | ||||||||
| Fixed Income | 24.9% | ||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 209,300 | 24,869,026 | ||||||
| Market Vectors Fallen Angel High Yield Bond ETF | 322,300 | 8,292,779 | ||||||
| PowerShares Fundamental High Yield Corporate Bond Portfolio | 474,800 | 8,451,440 | ||||||
| 41,613,245 | ||||||||
| Total Exchange-Traded Funds (Identified cost $122,467,048) | 124,919,009 | |||||||
| Closed-End Management Investment Companies | 10.0% | ||||||||
| Eaton Vance Limited Duration Income Fund | 632,000 | 8,329,760 | ||||||
| Prudential Global Short Duration High Yield Fund, Inc. | 560,800 | 8,344,704 | ||||||
| Total Closed-End Management Investment Companies (Identified cost $16,196,516) | 16,674,464 | |||||||
| Short-Term Investment | 14.6% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $24,290,522) | 24,290,522 | 24,290,522 | ||||||
| Description | Number of Contracts | Value | ||||||
| Purchased Options | 0.1% | ||||||||
| Energy Select Sector SPDR Fund 62 Call, Expires 04/15/16 | 82,500 | $ | 85,800 | |||||
| Description | Number of Contracts | Value | ||||||
| SPDR S&P 500 ETF Trust 185 Put, Expires 04/15/16 | 100,000 | $ | 6,000 | |||||
| Total Purchased Options (Identified cost $306,731) | 91,800 | |||||||
| Total Investments l 99.6% (Identified cost $163,260,817) (b), (h) | $ | 165,975,795 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 716,209 | |||||||
| Net Assets | 100.0% | $ | 166,692,004 | ||||||
Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)
Forward Currency Purchase Contract open at March 31, 2016:
| Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Depreciation | |||||||||||
| JPY | SSB | 05/18/16 | 533,436,639 | 4,763,010 | $ | 17,492 | ||||||||||
^ In USD unless otherwise indicated.
Written Option open at March 31, 2016:
| Description | Number of Contracts | Strike Price | Expiration Date | Premium | Value | ||||||||||||
| SPDR S&P 500 ETF Trust 170 Put | 1,000 | $ | 170.00 | 04/15/16 | $ | 55,749 | $ | (2,000 | ) | ||||||||
Total Return Swap Agreements open at March 31, 2016:
| Pay | Currency | Counterparty | Notional Amount (000) | Expiration Date | Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| 1 Month USD LIBOR plus 0.45% | USD | GSC | 6,678 | 03/03/17 | Appreciation, and dividends paid, on securities in a basket of domestic equity securities | $ | 175,929 | $ | — | |||||||||||
| 1 Month USD LIBOR minus 0.40% | USD | GSC | 13,250 | 03/09/17 | Appreciation, and dividends paid, on securities in a custom momentum basket | — | 311,010 | |||||||||||||
| 1 Month USD LIBOR plus 0.40% | EUR | GSC | 5,899 | 11/16/25 | Appreciation, and dividends paid, on securities in a basket of domestic equity securities | 13,241 | — | |||||||||||||
| Gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 189,170 | $ | 311,010 | ||||||||||||||||
| Description | Shares | Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 1.4% | ||||||||
| United States | 1.4% | ||||||||
| American Homes 4 Rent, Class A REIT | 1,463 | $ | 23,261 | |||||
| AmTrust Financial Services, Inc. | 94 | 2,433 | ||||||
| ANI Pharmaceuticals, Inc. (a) | 238 | 8,011 | ||||||
| Atlas Air Worldwide Holdings, Inc. (a) | 22 | 930 | ||||||
| Blucora, Inc. (a) | 174 | 898 | ||||||
| Bunge, Ltd. | 467 | 26,465 | ||||||
| Exelixis, Inc. (a) | 10,844 | 43,376 | ||||||
| Forest City Realty Trust, Inc. Class A REIT | 100 | 2,109 | ||||||
| FXCM, Inc. Class A (a) | 23 | 247 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 600 | 18,000 | ||||||
| Gramercy Property Trust REIT | 22 | 186 | ||||||
| Hovnanian Enterprises, Inc. Class A (a) | 709 | 1,106 | ||||||
| Innoviva, Inc. | 1,311 | 16,505 | ||||||
| JAKKS Pacific, Inc. (a) | 193 | 1,436 | ||||||
| Nuance Communications, Inc. (a) | 199 | 3,719 | ||||||
| Red Hat, Inc. (a) | 233 | 17,361 | ||||||
| Sequenom, Inc. (a) | 270 | 381 | ||||||
| SolarCity Corp. (a) | 783 | 19,246 | ||||||
| Solazyme, Inc. (a) | 3,270 | 6,638 | ||||||
| SunEdison, Inc. (a) | 20,379 | 11,009 | ||||||
| The Greenbrier Cos., Inc. | 36 | 995 | ||||||
| TiVo, Inc. (a) | 400 | 3,804 | ||||||
| Trinity Industries, Inc. | 173 | 3,167 | ||||||
| Violin Memory, Inc. (a) | 5,940 | 3,102 | ||||||
| Voya Financial, Inc. | 74 | 2,203 | ||||||
| WebMD Health Corp. (a) | 1,244 | 77,912 | ||||||
| Workday, Inc. Class A (a) | 232 | 17,827 | ||||||
| 312,327 | ||||||||
| Total Common Stocks (Identified cost $315,537) | 312,327 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Corporate Bonds | 16.8% | ||||||||||
| Canada | 1.5% | ||||||||||
| Element Financial Corp.: | ||||||||||
| 5.125%, 06/30/19 | CAD | 141 | $ | 115,080 | ||||||
| 4.250%, 06/30/20 | CAD | 289 | 218,627 | |||||||
| 333,707 | ||||||||||
| Greece | 0.2% | ||||||||||
| Aegean Marine Petroleum Network, Inc., 4.000%, 11/01/18 |
USD | 47 | 37,747 | |||||||
| Mexico | 1.0% | ||||||||||
| Cemex SAB de CV: | ||||||||||
| 3.750%, 03/15/18 | USD | 100 | 104,187 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| 3.720%, 03/15/20 | USD | 127 | $ | 116,401 | ||||||
| 220,588 | ||||||||||
| United States | 14.1% | ||||||||||
| Aceto Corp., 2.000%, 11/01/20 (d) | USD | 27 | 25,667 | |||||||
| Altra Industrial Motion Corp., 2.750%, 03/01/31 | USD | 20 | 22,812 | |||||||
| AMAG Pharmaceuticals, Inc.: | ||||||||||
| 2.500%, 02/15/19 | USD | 9 | 9,748 | |||||||
| 7.875%, 09/01/23 (d) | USD | 25 | 22,063 | |||||||
| ANI Pharmaceuticals, Inc., 3.000%, 12/01/19 | USD | 18 | 16,099 | |||||||
| Ascent Capital Group, Inc., 4.000%, 07/15/20 | USD | 55 | 34,203 | |||||||
| Atlas Air Worldwide Holdings, Inc., 2.250%, 06/01/22 | USD | 85 | 72,516 | |||||||
| Bottomline Technologies de, Inc., 1.500%, 12/01/17 | USD | 24 | 27,330 | |||||||
| Broadsoft, Inc., 1.000%, 09/01/22 (d) | USD | 26 | 31,216 | |||||||
| Carriage Services, Inc., 2.750%, 03/15/21 | USD | 32 | 35,060 | |||||||
| Colony Starwood Homes, 3.000%, 07/01/19 | USD | 246 | 243,694 | |||||||
| Encore Capital Group, Inc., 3.000%, 11/27/17 | USD | 64 | 63,280 | |||||||
| Forest City Realty Trust, Inc., 3.625%, 08/15/20 | USD | 257 | 271,617 | |||||||
| FXCM, Inc., 2.250%, 06/15/18 | USD | 55 | 33,000 | |||||||
| Harmonic, Inc., 4.000%, 12/01/20 (d) | USD | 25 | 19,797 | |||||||
| Iconix Brand Group, Inc., 1.500%, 03/15/18 | USD | 269 | 182,920 | |||||||
| Innoviva, Inc., 2.125%, 01/15/23 | USD | 26 | 20,264 | |||||||
| Invacare Corp., 5.000%, 02/15/21 (d) | USD | 91 | 91,853 | |||||||
| Ironwood Pharmaceuticals, Inc., 2.250%, 06/15/22 (d) | USD | 31 | 28,307 | |||||||
| JAKKS Pacific, Inc., 4.875%, 06/01/20 (d) | USD | 25 | 23,406 | |||||||
| LGI Homes, Inc., 4.250%, 11/15/19 | USD | 115 | 144,469 | |||||||
| Liberty Interactive LLC, 1.000%, 09/30/43 (d) | USD | 139 | 119,540 | |||||||
| LinkedIn Corp., 0.500%, 11/01/19 | USD | 116 | 105,052 | |||||||
| M/I Homes, Inc., 3.250%, 09/15/17 | USD | 140 | 140,875 | |||||||
| Description | Security Currency | Principal Amount (000) | Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Molina Healthcare, Inc., 1.625%, 08/15/44 | USD | 1 | $ | 1,255 | ||||||
| Navistar International Corp., 4.750%, 04/15/19 | USD | 34 | 20,230 | |||||||
| Nuance Communications, Inc.: | ||||||||||
| 2.750%, 11/01/31 | USD | 95 | 95,178 | |||||||
| 1.000%, 12/15/35 (d) | USD | 1 | 921 | |||||||
| NuVasive, Inc., 2.250%, 03/15/21 | USD | 47 | 50,290 | |||||||
| PDL BioPharma, Inc., 4.000%, 02/01/18 | USD | 65 | 58,703 | |||||||
| PRA Group, Inc., 3.000%, 08/01/20 | USD | 2 | 1,594 | |||||||
| RAIT Financial Trust, 4.000%, 10/01/33 | USD | 46 | 38,295 | |||||||
| Shutterfly, Inc., 0.250%, 05/15/18 | USD | 146 | 145,726 | |||||||
| SolarCity Corp., 1.625%, 11/01/19 | USD | 29 | 16,621 | |||||||
| Solazyme, Inc., 5.000%, 10/01/19 | USD | 144 | 71,640 | |||||||
| Starwood Property Trust, Inc.: | ||||||||||
| 3.750%, 10/15/17 | USD | 61 | 60,161 | |||||||
| 4.550%, 03/01/18 | USD | 35 | 35,087 | |||||||
| Toll Brothers Finance Corp., 0.500%, 09/15/32 | USD | 228 | 221,160 | |||||||
| Trinity Industries, Inc., 3.875%, 06/01/36 | USD | 67 | 71,104 | |||||||
| Twitter, Inc., 1.000%, 09/15/21 | USD | 123 | 103,320 | |||||||
| Violin Memory, Inc., 4.250%, 10/01/19 | USD | 40 | 13,600 | |||||||
| Vitamin Shoppe, Inc., 2.250%, 12/01/20 (d) | USD | 23 | 22,569 | |||||||
| Wabash National Corp., 3.375%, 05/01/18 | USD | 174 | 221,632 | |||||||
| Wright Medical Group, Inc., 2.000%, 02/15/20 | USD | 67 | 59,839 | |||||||
| 3,093,713 | ||||||||||
| Total Corporate Bonds (Identified cost $3,684,573) | 3,685,755 | |||||||||
| Description | Shares | Value | ||||||||
| Preferred Stock | 0.5% | ||||||||||
| United States | 0.5% | ||||||||||
| Bunge, Ltd. (Identified cost $89,317) |
1,109 | $ | 95,097 | |||||||
| Description | Shares | Value | ||||||
| Short-Term Investment | 58.8% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $12,913,667) | 12,913,667 | $ | 12,913,667 | |||||
| Description | Number of Contracts | Value | ||||||
| Purchased Options | 0.1% | ||||||||
| Bunge, Ltd. 57.5 Call, Expires 07/15/16 | 8 | $ | 2,120 | |||||
| iShares MSCI Emerging Markets ETF 32 Call, Expires 04/15/16 | 17 | 3,927 | ||||||
| Netsuite, Inc. 70 Call, Expires 04/15/16 | 1 | 90 | ||||||
| Red Hat, Inc. 80 Call: | ||||||||
| Expires 04/15/16 | 4 | 36 | ||||||
| Expires 05/20/16 | 4 | 288 | ||||||
| Shutterfly, Inc. 50 Call, Expires 06/17/16 | 4 | 460 | ||||||
| SPDR S&P 500 ETF Trust 180 Put, Expires 04/15/16 | 41 | 164 | ||||||
| SPDR S&P 500 ETF Trust 200 Put, Expires 04/15/16 | 41 | 2,050 | ||||||
| Toll Brothers, Inc. 33 Call, Expires 06/17/16 | 7 | 303 | ||||||
| WebMD Health Corp. 65 Call, Expires 06/17/16 | 13 | 4,940 | ||||||
| Total Purchased Options (Identified cost $15,975) | 14,378 | |||||||
| Total Investments l 77.6% (Identified cost $17,019,069) (b) | 17,021,224 | |||||||
| Cash and Other Assets in Excess of Liabilities | 22.4% | 4,927,381 | |||||||
| Net Assets | 100.0% | $ | 21,948,605 | ||||||
Lazard Enhanced Opportunities Portfolio (continued)
Written Options open at March 31, 2016:
| Description | Number of Contracts | Strike Price | Expiration Date | Premium | Value | ||||||||||||
| Bunge, Ltd. 47.5 Put | 4 | $ | 47.50 | 07/15/16 | $ | 665 | $ | (280 | ) | ||||||||
| Bunge, Ltd. 50 Put | 4 | 50.00 | 07/15/16 | 919 | (420 | ) | |||||||||||
| iShares MSCI Emerging Markets ETF 30.5 Put | 17 | 30.50 | 04/15/16 | 1,153 | (51 | ) | |||||||||||
| Netsuite, Inc. 50 Put | 2 | 55.00 | 04/15/16 | 147 | (50 | ) | |||||||||||
| Red Hat, Inc. 60 Put | 4 | 60.00 | 06/17/16 | 939 | (180 | ) | |||||||||||
| Red Hat, Inc. 65 Put | 4 | 65.00 | 04/15/16 | 346 | (20 | ) | |||||||||||
| Red Hat, Inc. 67.5 Put | 4 | 67.50 | 05/20/16 | 283 | (283 | ) | |||||||||||
| Shutterfly, Inc. 42.5 Put | 4 | 42.50 | 06/17/16 | 678 | (380 | ) | |||||||||||
| SPDR S&P 500 ETF Trust 190 Put | 83 | 190.00 | 04/15/16 | 3,166 | (747 | ) | |||||||||||
| Toll Brothers, Inc. 26 Put | 7 | 26.00 | 06/17/16 | 304 | (304 | ) | |||||||||||
| WebMD Health Corp. 50 Put | 13 | 50.00 | 06/17/16 | 2,621 | (779 | ) | |||||||||||
| Total Written Options | $ | 11,221 | $ | (3,494 | ) | ||||||||||||
Total Return Swap Agreements open at March 31, 2016:
| Pay | Currency | Counterparty | Notional Amount (000) |
Expiration Date | Receive | Unrealized Appreciation | Unrealized Depreciation | ||||||||||
| 1 Month JPY LIBOR plus 1.00% | JPY | DUB | 216 | 12/05/16 | Unicharm Corp. | $ | — | $ | 5,716 | ||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 225 | 09/28/16 | Aceto Corp. | 6,153 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 139 | 09/28/16 | Aegean Marine Petroleum Network, Inc. | 3,219 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 55 | 09/28/16 | AK Steel Corp. | 21,171 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 233 | 09/28/16 | Allscripts Healthcare Solutions, Inc. | — | 6,936 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 275 | 09/28/16 | Alon USA Energy, Inc. | — | 29,319 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 240 | 09/28/16 | Altra Industrial Motion Corp. | 11,858 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 221 | 09/28/16 | AMAG Pharmaceuticals, Inc. | — | 6,418 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 278 | 09/28/16 | American Residential Properties OP LP | 12,877 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 245 | 09/28/16 | AmTrust Financial Services, Inc. | — | 17,265 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 95 | 09/28/16 | ANI Pharmaceuticals, Inc. | — | 1,399 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 12 | 09/28/16 | Ascent Capital Group, Inc. | — | 3,254 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 27 | 09/28/16 | Atlas Air Worldwide Holdings, Inc. | 2,169 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 31 | 09/28/16 | Blucora, Inc. | 1,751 | — | ||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Total Return Swap Agreements open at March 31, 2016 (continued):
|
Pay |
Currency |
Counterparty |
Notional |
Expiration |
Receive |
Unrealized |
Unrealized |
||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 249 | 09/28/16 | Bottomline Technologies de, Inc. | $ | 6,895 | $ | — | ||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 233 | 09/28/16 | BroadSoft, Inc. | 31,174 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 260 | 09/28/16 | CalAtlantic Group, Inc. | 7,194 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 271 | 09/28/16 | Carriage Services, Inc. | 1,799 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 323 | 09/28/16 | Cemex S.A.B. de C.V. | 42,429 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 40 | 09/28/16 | Cobalt International Energy, Inc. | — | 1,288 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 20 | 09/28/16 | Colony Starwood Homes | 184 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 69 | 09/28/16 | Cowen Group, Inc. | — | 8,456 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 43 | 09/28/16 | Encore Capital Group, Inc. | — | 1,516 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 57 | 09/28/16 | Encore Capital Group, Inc. | — | 14,756 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 309 | 09/28/16 | Exelixis, Inc. | — | 1,708 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 26 | 09/28/16 | Forest City Realty Trust, Inc. | 2,906 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 288 | 09/28/16 | GPT Property Trust LP | 27,556 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 261 | 09/28/16 | Green Plains, Inc. | — | 12,149 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 224 | 09/28/16 | HealthSouth Corp. | — | 1,171 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 475 | 09/28/16 | Hologic, Inc. | 6,837 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 21 | 09/28/16 | Iconix Brand Group, Inc. | 12,167 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 157 | 09/28/16 | Innoviva, Inc. | 533 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 305 | 09/28/16 | Integra LifeSciences Holdings Corp. | 21,317 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 102 | 09/28/16 | Ironwood Pharmaceuticals, Inc. | 9,968 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 78 | 09/28/16 | JAKKS Pacific, Inc. | 4,446 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 44 | 09/28/16 | K Hovnanian Enterprises, Inc. | — | 9,861 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 44 | 09/28/16 | LGI Homes, Inc. | 6,529 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 96 | 09/28/16 | Liberty Interactive LLC | 1,389 | — |
Lazard Enhanced Opportunities Portfolio (continued)
Total Return Swap Agreements open at March 31, 2016 (continued):
|
Pay |
Currency |
Counterparty |
Notional |
Expiration |
Receive |
Unrealized |
Unrealized |
||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 238 | 09/28/16 | Liberty Media Corp. | $ | 10,474 | $ | — | ||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 84 | 09/28/16 | LinkedIn Corp. | 695 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 45 | 09/28/16 | M/I Homes, Inc. | 1,916 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 250 | 09/28/16 | MercadoLibre, Inc. | 21,235 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 249 | 09/28/16 | Molina Healthcare, Inc. | 3,717 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 30 | 09/28/16 | Navistar International Corp. | 4,959 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 211 | 09/28/16 | Netsuite, Inc. | 7,618 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 35 | 09/28/16 | Nuance Communications, Inc. | 2,874 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 178 | 09/28/16 | Nuance Communications, Inc. | — | 4,286 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 40 | 09/28/16 | PDL BioPharma, Inc. | — | 3,051 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 43 | 09/28/16 | PRA Group, Inc. | — | 8,987 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 62 | 09/28/16 | PTC Therapeutics, Inc. | — | 20,352 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 62 | 09/28/16 | Quidel Corp. | — | 9,841 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 4 | 09/28/16 | Rait Financial Trust | — | 129 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 331 | 09/28/16 | Red Hat, Inc. | 19,978 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 126 | 09/28/16 | Restoration Hardware Holdings, Inc. | 1,262 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 45 | 09/28/16 | RWT Holdings, Inc. | 2,385 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 23 | 09/28/16 | Sequenom, Inc. | — | 6,447 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 144 | 09/28/16 | Shutterfly, Inc. | 2,178 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 188 | 09/28/16 | SolarCity Corp. | — | 29,014 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 137 | 09/28/16 | SolarCity Corp. | — | 34,909 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 69 | 09/28/16 | Solazyme, Inc. | — | 6,504 | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 102 | 09/28/16 | Starwood Property Trust, Inc. | 1,933 | — | ||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 144 | 09/28/16 | Starwood Property Trust, Inc. | 1,210 | — |
Lazard Enhanced Opportunities Portfolio (continued)
Total Return Swap Agreements open at March 31, 2016 (continued):
Pay |
Currency |
Counterparty |
Notional |
Expiration |
Receive |
Unrealized |
Unrealized |
|||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 145 | 09/28/16 | SunEdison, Inc. | $ | — | $ | 127,639 | |||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 34 | 09/28/16 | SunEdison, Inc. | — | 31,751 | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 6 | 09/28/16 | SunEdison, Inc. | — | 5,692 | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 238 | 09/28/16 | The Greenbrier Cos., Inc. | 4,934 | — | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 476 | 09/28/16 | Trinity Industries, Inc. | — | 17,311 | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 29 | 09/28/16 | Violin Memory, Inc. | — | 16,755 | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 30 | 09/28/16 | Wabash National Corp. | 3,329 | — | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 342 | 09/28/16 | WebMD Health Corp. | 31,042 | — | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 214 | 09/28/16 | Workday, Inc. | 24,451 | — | |||||||||||
| 1 Month USD LIBOR plus 1.00% | USD | DUB | 172 | 09/28/16 | Wright Medical Group, Inc. | — | 12,462 | |||||||||||
| 388,711 | 456,342 | |||||||||||||||||
Receive |
Currency |
Counterparty |
Notional |
Expiration |
Pay |
Unrealized |
Unrealized |
|||||||||||
| 1 Month JPY LIBOR less 0.40% | JPY | DUB | 109 | 12/05/16 | Unicharm Corp. | $ | 2,299 | $ | — | |||||||||
| CAD CDOR less 0.30% | CAD | DUB | 97 | 01/20/17 | Element Financial Corp. | 2,184 | — | |||||||||||
| USD FED OPEN less 0.25% | USD | DUB | 21 | 09/29/16 | NuVasive, Inc. | — | 1,058 | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 112 | 09/29/16 | Aceto Corp. | — | 7,446 | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 76 | 09/29/16 | Aegean Marine Petroleum Network, Inc. | — | 2,040 | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 97 | 09/29/16 | Allscripts Healthcare Solutions, Inc. | 588 | — | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 120 | 09/29/16 | Alon USA Energy, Inc. | 12,068 | — | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 148 | 09/29/16 | Altra Industrial Motion Corp. | — | 18,881 | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 139 | 09/29/16 | AMAG Pharmaceuticals, Inc. | 6,298 | — | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 116 | 09/29/16 | American Homes 4 Rent | — | 10,236 | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 39 | 09/29/16 | ANI Pharmaceuticals, Inc. | 1,907 | — | |||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 15 | 09/29/16 | Ascent Capital Group, Inc. | — | 5,163 |
Lazard Enhanced Opportunities Portfolio (continued)
Total Return Swap Agreements open at March 31, 2016 (continued):
|
Receive |
Currency |
Counterparty |
Notional |
Expiration |
Pay |
Unrealized |
Unrealized |
||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 44 | 09/29/16 | Atlas Air Worldwide Holdings, Inc. | $ | — | $ | 4,277 | ||||||||
| USD FED OPEN less 0.30% | USD | DUB | 7 | 09/29/16 | Blucora, Inc. | 1,092 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 163 | 09/29/16 | Bottomline Technologies de, Inc. | — | 8,838 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 69 | 09/29/16 | Bunge, Ltd. | — | 7,732 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 54 | 09/29/16 | CalAtlantic Group, Inc. | — | 6,463 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 188 | 09/29/16 | Carriage Services, Inc. | — | 4,065 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 230 | 09/29/16 | Cemex SAB de CV | — | 33,937 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 10 | 09/29/16 | Cobalt International Energy, Inc. | — | 1,192 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 89 | 09/29/16 | Colony Starwood Homes | — | 2,983 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 32 | 09/29/16 | Cowen Group, Inc. | 1,264 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 69 | 09/29/16 | Encore Capital Group, Inc. | — | 839 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 72 | 09/29/16 | Forest City Realty Trust, Inc. REIT | — | 1,209 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 3 | 09/29/16 | FXCM, Inc. | 593 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 174 | 09/29/16 | Gramercy Property Trust REIT | — | 19,155 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 68 | 09/29/16 | Green Plains, Inc. | — | 13,292 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 12 | 09/29/16 | Harmonic, Inc. | 1,757 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 107 | 09/29/16 | HealthSouth Corp. | — | 6,517 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 50 | 09/29/16 | Hologic, Inc. | — | 1,880 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 15 | 09/29/16 | Hovnanian Enterprises, Inc. | 5,343 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 67 | 09/29/16 | Iconix Brand Group, Inc. | — | 7,528 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 257 | 09/29/16 | Integra LifeSciences Holdings Corp. | — | 18,597 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 50 | 09/29/16 | Invacare Corp. | — | 3,696 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 63 | 09/29/16 | Ironwood Pharmaceuticals, Inc. | — | 7,340 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 14 | 09/29/16 | iShares MSCI Emerging Markets ETF | — | 425 |
Lazard Enhanced Opportunities Portfolio (continued)
Total Return Swap Agreements open at March 31, 2016 (continued):
|
Receive |
Currency |
Counterparty |
Notional |
Expiration |
Pay |
Unrealized |
Unrealized |
||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 122 | 09/29/16 | Liberty Media Corp. | $ | — | $ | 9,713 | ||||||||
| USD FED OPEN less 0.30% | USD | DUB | 65 | 09/29/16 | M/I Homes, Inc. | — | 2,642 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 121 | 09/29/16 | MercadoLibre, Inc. | — | 20,663 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 159 | 09/29/16 | Molina Healthcare, Inc. | — | 3,822 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 29 | 09/29/16 | Navistar International Corp. | — | 14,072 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 46 | 09/29/16 | NetSuite, Inc. | — | 7,034 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 94 | 09/29/16 | Nuance Communications, Inc. | 1,694 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 13 | 09/29/16 | PRA Group, Inc. | 3,983 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 23 | 09/29/16 | PTC Therapeutics, Inc. | 1,260 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 20 | 09/29/16 | Quidel Corp. | 4,252 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 5 | 09/29/16 | RAIT Financial Trust | — | 1,039 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 189 | 09/29/16 | Red Hat, Inc. | — | 21,675 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 4 | 09/29/16 | Redwood Trust, Inc. | — | 1,317 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 30 | 09/29/16 | Restoration Hardware Holdings, Inc. | 1,573 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 73 | 09/29/16 | Shutterfly, Inc. | — | 631 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 81 | 09/29/16 | The Greenbrier Cos., Inc. | — | 5,462 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 2 | 09/29/16 | TiVo, Inc. | — | 177 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 128 | 09/29/16 | Trinity Industries, Inc. | 3,702 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 22 | 09/29/16 | Violin Memory, Inc. | 17,015 | — | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 15 | 09/29/16 | Vitamin Shoppe, Inc. | — | 333 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 145 | 09/29/16 | Wabash National Corp. | — | 12,584 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 204 | 09/29/16 | WebMD Health Corp. | — | 25,087 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 79 | 09/29/16 | Workday, Inc. | — | 26,758 | ||||||||||
| USD FED OPEN less 0.30% | USD | DUB | 82 | 09/29/16 | Wright Medical Group NV | 12,971 | — |
Lazard Enhanced Opportunities Portfolio (concluded)
Total Return Swap Agreements open at March 31, 2016 (concluded):
|
Receive |
Currency |
Counterparty |
Notional |
Expiration |
Pay |
Unrealized |
Unrealized |
|||||||||||
| USD FED OPEN less 0.75% | USD | DUB | 303 | 09/29/16 | iShares Russell 2000 ETF | $ | — | $ | 19,249 | |||||||||
| USD FED OPEN less 0.85% | USD | DUB | 170 | 09/29/16 | BroadSoft, Inc. | — | 33,380 | |||||||||||
| USD FED OPEN less 1.13% | USD | DUB | 143 | 09/29/16 | LGI Homes, Inc. | — | 6,503 | |||||||||||
| USD FED OPEN less 2.50% | USD | DUB | 12 | 09/29/16 | PDL BioPharma, Inc. | 18 | — | |||||||||||
| USD FED OPEN less 2.93% | USD | DUB | 44 | 09/29/16 | AK Steel Holding Corp. | — | 19,457 | |||||||||||
| USD FED OPEN less 3.00% | USD | DUB | 137 | 09/29/16 | AmTrust Financial Services, Inc. | 5,268 | — | |||||||||||
| USD FED OPEN less 3.00% | USD | DUB | 200 | 09/29/16 | Exelixis, Inc. | 10,539 | — | |||||||||||
| USD FED OPEN less 3.00% | USD | DUB | 70 | 09/29/16 | JAKKS Pacific, Inc. | 1,383 | — | |||||||||||
| USD FED OPEN less 7.00% | USD | DUB | 121 | 09/29/16 | Innoviva, Inc. | 4,853 | — | |||||||||||
| USD FED OPEN less 15.00% | USD | DUB | 88 | 09/29/16 | SunEdison, Inc. | 70,872 | — | |||||||||||
| USD FED OPEN less 15.40% | USD | DUB | 9 | 09/29/16 | Sequenom, Inc. | 2,393 | — | |||||||||||
| USD FED OPEN less 44.00% | USD | DUB | 52 | 09/29/16 | Solazyme, Inc. | 17,613 | — | |||||||||||
| USD FED OPEN less 51.25% | USD | DUB | 141 | 09/29/16 | SolarCity Corp. | 29,262 | — | |||||||||||
| 224,044 | 426,387 | |||||||||||||||||
| Gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 612,755 | $ | 882,729 | ||||||||||||||
| Description | Shares | Value | ||||||
| Lazard Fundamental Long/Short Portfolio | ||||||||
| Common Stocks | 88.2% | ||||||||
| Aerospace & Defense | 5.1% | ||||||||
| Honeywell International, Inc. (i) | 108,479 | $ | 12,155,072 | |||||
| Raytheon Co. (i) | 30,580 | 3,750,025 | ||||||
| 15,905,097 | ||||||||
| Airlines | 2.5% | ||||||||
| Alaska Air Group, Inc. (i) | 95,435 | 7,827,579 | ||||||
| Banks | 5.5% | ||||||||
| Signature Bank (a), (i) | 49,959 | 6,800,419 | ||||||
| SVB Financial Group (a), (i) | 34,920 | 3,563,586 | ||||||
| Wells Fargo & Co. (i) | 139,145 | 6,729,052 | ||||||
| 17,093,057 | ||||||||
| Beverages | 3.5% | ||||||||
| Molson Coors Brewing Co., Class B (i) | 113,685 | 10,934,223 | ||||||
| Biotechnology | 2.0% | ||||||||
| United Therapeutics Corp. (a), (i) | 28,275 | 3,150,683 | ||||||
| Vertex Pharmaceuticals, Inc. (a), (i) | 39,110 | 3,108,854 | ||||||
| 6,259,537 | ||||||||
| Capital Markets | 2.0% | ||||||||
| The Charles Schwab Corp. (i) | 222,056 | 6,222,009 | ||||||
| Diversified Financial Services | 3.0% | ||||||||
| Intercontinental Exchange, Inc. (i) | 38,872 | 9,140,362 | ||||||
| Electrical Equipment | 2.3% | ||||||||
| Eaton Corp. PLC (i) | 56,105 | 3,509,929 | ||||||
| Rockwell Automation, Inc. (i) | 31,070 | 3,534,212 | ||||||
| 7,044,141 | ||||||||
| Energy Equipment & Services | 0.5% | ||||||||
| Schlumberger, Ltd. (i) | 21,250 | 1,567,188 | ||||||
| Food & Staples Retailing | 3.2% | ||||||||
| CVS Health Corp. (i) | 94,583 | 9,811,095 | ||||||
| Health Care Equipment & Supplies | 3.1% | ||||||||
| Natus Medical, Inc. (a), (i) | 102,804 | 3,950,758 | ||||||
| Stryker Corp. (i) | 52,450 | 5,627,360 | ||||||
| 9,578,118 | ||||||||
| Health Care Providers & Services | 1.6% | ||||||||
| McKesson Corp. (i) | 31,134 | 4,895,822 | ||||||
| Insurance | 6.4% | ||||||||
| Aon PLC (i) | 79,366 | 8,289,779 | ||||||
| The Hartford Financial Services Group, Inc. (i) | 248,093 | 11,432,125 | ||||||
| 19,721,904 | ||||||||
| Internet Software & Services | 5.2% | ||||||||
| Alphabet, Inc., Class C (a), (i) | 13,266 | 9,882,506 |
| Description | Shares | Value | ||||||
| Facebook, Inc., Class A (a), (i) | 53,268 | $ | 6,077,879 | |||||
| 15,960,385 | ||||||||
| IT Services | 6.6% | ||||||||
| Accenture PLC, Class A (i) | 36,765 | 4,242,681 | ||||||
| Vantiv, Inc., Class A (a), (i) | 144,665 | 7,794,550 | ||||||
| Visa, Inc., Class A (i) | 110,859 | 8,478,497 | ||||||
| 20,515,728 | ||||||||
| Life Sciences Tools & Services | 3.5% | ||||||||
| Quintiles Transnational Holdings, Inc. (a), (i) | 107,947 | 7,027,350 | ||||||
| Thermo Fisher Scientific, Inc. (i) | 27,829 | 3,940,308 | ||||||
| 10,967,658 | ||||||||
| Media | 8.0% | ||||||||
| AMC Networks, Inc., Class A (a), (i) | 118,340 | 7,685,000 | ||||||
| MDC Partners, Inc., Class A (i) | 407,196 | 9,609,826 | ||||||
| The Madison Square Garden Co. Class A (a), (i) | 45,515 | 7,571,875 | ||||||
| 24,866,701 | ||||||||
| Oil, Gas & Consumable Fuels | 1.5% | ||||||||
| Pioneer Natural Resources Co. (i) | 32,050 | 4,510,717 | ||||||
| Pharmaceuticals | 7.3% | ||||||||
| Bristol-Myers Squibb Co. (i) | 115,225 | 7,360,573 | ||||||
| Pfizer, Inc. (i) | 258,620 | 7,665,497 | ||||||
| Zoetis, Inc. (i) | 170,134 | 7,542,040 | ||||||
| 22,568,110 | ||||||||
| Real Estate Investment Trusts (REITs) | 1.4% | ||||||||
| Extra Space Storage, Inc. REIT (i) | 44,950 | 4,201,027 | ||||||
| Semiconductors & Semiconductor Equipment | 1.6% | ||||||||
| Skyworks Solutions, Inc. (i) | 61,985 | 4,828,632 | ||||||
| Specialty Retail | 5.9% | ||||||||
| Advance Auto Parts, Inc. (i) | 67,784 | 10,868,486 | ||||||
| Tiffany & Co. (i) | 99,065 | 7,269,390 | ||||||
| 18,137,876 | ||||||||
| Textiles, Apparel & Luxury Goods | 3.6% | ||||||||
| Deckers Outdoor Corp. (a), (i) | 71,530 | 4,285,362 | ||||||
| VF Corp. (i) | 105,330 | 6,821,171 | ||||||
| 11,106,533 | ||||||||
| Tobacco | 2.9% | ||||||||
| Reynolds American, Inc. (i) | 175,450 | 8,826,889 | ||||||
| Total Common Stocks (Identified cost $262,059,595) | 272,490,388 | |||||||
| Short-Term Investment | 82.4% | ||||||||
| State Street Institutional Treasury Money Market Fund (Identified cost $254,811,819) | 254,811,819 | 254,811,819 | ||||||
| Description | Shares | Value | ||||||
| Lazard Fundamental Long/Short Portfolio (continued) | ||||||||
| Total
Investments excluding Securities Sold Short | 170.6% (Identified cost $516,871,414) | $ | 527,302,207 | ||||||
| Securities Sold Short | (66.8)% | ||||||||
| Air Freight & Logistics | (1.1)% | ||||||||
| CH Robinson Worldwide, Inc. | (45,295 | ) | (3,362,248 | ) | ||||
| Automobiles | (1.2)% | ||||||||
| Harley-Davidson, Inc. | (72,970 | ) | (3,745,550 | ) | ||||
| Banks | (3.9)% | ||||||||
| BOK Financial Corp. | (47,235 | ) | (2,579,976 | ) | ||||
| US Bancorp | (147,917 | ) | (6,003,951 | ) | ||||
| Valley National Bancorp | (363,835 | ) | (3,470,986 | ) | ||||
| (12,054,913 | ) | |||||||
| Biotechnology | (2.8)% | ||||||||
| Amgen, Inc. | (40,210 | ) | (6,028,685 | ) | ||||
| Exact Sciences Corp. (a) | (393,685 | ) | (2,653,437 | ) | ||||
| (8,682,122 | ) | |||||||
| Building Products | (1.4)% | ||||||||
| AO Smith Corp. | (57,275 | ) | (4,370,655 | ) | ||||
| Capital Markets | (3.9)% | ||||||||
| Eaton Vance Corp. | (108,774 | ) | (3,646,105 | ) | ||||
| T Rowe Price Group, Inc. | (61,187 | ) | (4,494,797 | ) | ||||
| The Goldman Sachs Group, Inc. | (25,188 | ) | (3,954,012 | ) | ||||
| (12,094,914 | ) | |||||||
| Construction & Engineering | (1.0)% | ||||||||
| KBR, Inc. | (191,569 | ) | (2,965,488 | ) | ||||
| Consumer Finance | (1.6)% | ||||||||
| Capital One Financial Corp. | (69,212 | ) | (4,797,084 | ) | ||||
| Electronic Equipment, Instruments & Components | (1.0)% | ||||||||
| Cognex Corp. | (79,195 | ) | (3,084,645 | ) | ||||
| Energy Equipment & Services | (1.1)% | ||||||||
| National Oilwell Varco, Inc. | (108,725 | ) | (3,381,348 | ) | ||||
| Food & Staples Retailing | (1.2)% | ||||||||
| Wal-Mart Stores, Inc. | (53,265 | ) | (3,648,120 | ) | ||||
| Food Products | (2.1)% | ||||||||
| B&G Foods, Inc. | (104,286 | ) | (3,630,196 | ) | ||||
| The WhiteWave Foods Co. (a) | (66,785 | ) | (2,714,142 | ) | ||||
| (6,344,338 | ) | |||||||
| Health Care Equipment & Supplies | (7.7)% | ||||||||
| ABIOMED, Inc. (a) | (43,880 | ) | (4,160,263 | ) | ||||
| Baxter International, Inc. | (104,222 | ) | (4,281,440 | ) | ||||
| DexCom, Inc. (a) | (40,895 | ) | (2,777,179 | ) | ||||
| IDEXX Laboratories, Inc. (a) | (46,765 | ) | (3,662,635 | ) | ||||
| Description | Shares | Value | ||||||
| Varian Medical Systems, Inc. (a) | (56,027 | ) | $ | (4,483,280 | ) | |||
| Zeltiq Aesthetics, Inc. (a) | (165,155 | ) | (4,485,610 | ) | ||||
| (23,850,407 | ) | |||||||
| Health Care Providers & Services | (1.7)% | ||||||||
| Express Scripts Holding Co. (a) | (46,405 | ) | (3,187,560 | ) | ||||
| Owens & Minor, Inc. | (53,489 | ) | (2,162,025 | ) | ||||
| (5,349,585 | ) | |||||||
| Hotels, Restaurants & Leisure | (3.8)% | ||||||||
| Brinker International, Inc. | (97,615 | ) | (4,485,409 | ) | ||||
| Jack in the Box, Inc. | (29,200 | ) | (1,865,004 | ) | ||||
| Wynn Resorts, Ltd. | (58,570 | ) | (5,472,195 | ) | ||||
| (11,822,608 | ) | |||||||
| Insurance | (5.8)% | ||||||||
| CNO Financial Group, Inc. | (144,635 | ) | (2,591,859 | ) | ||||
| Lincoln National Corp. | (79,709 | ) | (3,124,593 | ) | ||||
| Prudential Financial, Inc. | (54,588 | ) | (3,942,345 | ) | ||||
| The Travelers Cos., Inc. | (47,038 | ) | (5,489,805 | ) | ||||
| Unum Group | (92,765 | ) | (2,868,294 | ) | ||||
| (18,016,896 | ) | |||||||
| Internet & Catalog Retail | (0.9)% | ||||||||
| Netflix, Inc. (a) | (25,893 | ) | (2,647,041 | ) | ||||
| Internet Software & Services | (1.5)% | ||||||||
| Demandware, Inc. (a) | (64,255 | ) | (2,512,371 | ) | ||||
| Pandora Media, Inc. (a) | (247,235 | ) | (2,212,753 | ) | ||||
| (4,725,124 | ) | |||||||
| IT Services | (2.2)% | ||||||||
| Amdocs, Ltd. | (83,646 | ) | (5,053,891 | ) | ||||
| PayPal Holdings, Inc. (a) | (47,000 | ) | (1,814,200 | ) | ||||
| (6,868,091 | ) | |||||||
| Life Sciences Tools & Services | (2.4)% | ||||||||
| Illumina, Inc. (a) | (26,597 | ) | (4,311,640 | ) | ||||
| PerkinElmer, Inc. | (62,790 | ) | (3,105,593 | ) | ||||
| (7,417,233 | ) | |||||||
| Machinery | (1.2)% | ||||||||
| Dover Corp. | (57,467 | ) | (3,696,852 | ) | ||||
| Media | (1.4)% | ||||||||
| Discovery Communications, Inc., Class A (a) | (146,880 | ) | (4,205,174 | ) | ||||
| Multiline Retail | (3.5)% | ||||||||
| Big Lots, Inc. | (132,896 | ) | (6,018,860 | ) | ||||
| Nordstrom, Inc. | (84,845 | ) | (4,853,982 | ) | ||||
| (10,872,842 | ) | |||||||
| Pharmaceuticals | (3.1)% | ||||||||
| Novartis AG Sponsored ADR | (70,205 | ) | (5,085,650 | ) |
| Description | Shares |
|
Value | |||||
| Lazard Fundamental Long/Short Portfolio (concluded) | ||||||||
| Novo Nordisk A/S Sponsored ADR | (83,170 | ) | $ | (4,506,983 | ) | |||
| (9,592,633 | ) | |||||||
| Road & Rail | (1.3)% | ||||||||
| Canadian National Railway Co. | (66,180 | ) | (4,133,603 | ) | ||||
| Semiconductors & Semiconductor Equipment | (2.3)% | ||||||||
| Cavium, Inc. (a) | (61,589 | ) | (3,766,783 | ) | ||||
| Linear Technology Corp. | (76,430 | ) | (3,405,721 | ) | ||||
| (7,172,504 | ) | |||||||
| Software | (2.0)% | ||||||||
| Paylocity Holding Corp. (a) | (101,491 | ) | (3,322,815 | ) | ||||
| Zendesk, Inc. (a) | (137,400 | ) | (2,875,782 | ) | ||||
| (6,198,597 | ) | |||||||
| Specialty Retail | (1.7)% | ||||||||
| Bed Bath & Beyond, Inc. (a) | (53,755 | ) | (2,668,398 | ) | ||||
| Williams-Sonoma, Inc. | (47,875 | ) | (2,620,678 | ) | ||||
| (5,289,076 | ) | |||||||
| Textiles, Apparel & Luxury Goods | (1.0)% | ||||||||
| Under Armour, Inc., Class A (a) | (34,815 | ) | (2,953,357 | ) | ||||
| Thrifts & Mortgage Finance | (1.0)% | ||||||||
| BofI Holding, Inc. (a) | (149,910 | ) | (3,199,079 | ) | ||||
| Total Securities Sold Short | ||||||||
| (Proceeds $201,803,100) | (206,542,127 | ) | ||||||
| Total Investments | 103.8% (Identified cost and short proceeds $315,068,314) (b) | $ | 320,760,080 | ||||||
| Liabilities in Excess of Cash and Other Assets | (3.8)% | (11,655,259 | ) | ||||||
| Net Assets | 100.0% | $ | 309,104,821 | ||||||
The Lazard Funds, Inc. Notes to Portfolios of Investments March 31, 2016 (unaudited)
| (a) | Non-income producing security. |
| (b) | For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows: |
| Portfolio | Aggregate Cost | Aggregate
Gross Unrealized Appreciation | Aggregate
Gross Unrealized Depreciation | Net
Unrealized Appreciation (Depreciation) |
|||||||||||||
| US Equity Concentrated | $ | 930,296,499 | $ | 72,323,712 | $ | 5,283,138 | $ | 67,040,574 | |||||||||
| US Strategic Equity | 109,981,404 | 10,290,165 | 3,969,727 | 6,320,438 | |||||||||||||
| US Mid Cap Equity | 23,172,429 | 1,565,762 | 471,576 | 1,094,186 | |||||||||||||
| US Small-Mid Cap Equity | 202,931,715 | 18,281,095 | 9,813,598 | 8,467,497 | |||||||||||||
| International Equity | 1,021,223,728 | 59,930,365 | 60,951,553 | (1,021,188 | ) | ||||||||||||
| International Equity Select | 25,968,284 | 1,385,698 | 2,247,299 | (861,601 | ) | ||||||||||||
| International Equity Concentrated | 14,385,198 | 1,055,698 | 894,806 | 160,892 | |||||||||||||
| International Strategic Equity | 7,205,915,241 | 677,828,534 | 410,563,876 | 267,264,658 | |||||||||||||
| International Equity Advantage | 2,077,920 | 65,519 | 181,833 | (116,314 | ) | ||||||||||||
| International Small Cap Equity | 99,877,042 | 18,223,645 | 4,629,805 | 13,593,840 | |||||||||||||
| Global Equity Select | 20,435,840 | 1,599,854 | 786,182 | 813,672 | |||||||||||||
| Global Strategic Equity | 20,165,905 | 1,341,239 | 449,786 | 891,453 | |||||||||||||
| Managed Equity Volatility | 2,521,285 | 180,587 | 89,509 | 91,078 | |||||||||||||
| Emerging Markets Equity | 11,507,042,745 | 1,109,560,600 | 2,598,252,143 | (1,488,691,543 | ) | ||||||||||||
| Emerging Markets Core Equity | 112,521,511 | 3,748,460 | 8,359,028 | (4,610,568 | ) | ||||||||||||
| Developing Markets Equity | 353,438,343 | 25,500,967 | 38,556,308 | (13,055,341 | ) | ||||||||||||
| Emerging Markets Equity Advantage | 3,053,021 | 159,373 | 292,392 | (133,019 | ) | ||||||||||||
| Emerging Markets Equity Blend | 279,713,319 | 20,256,356 | 37,342,944 | (17,086,588 | ) | ||||||||||||
| Emerging Markets Multi Asset | 181,355,918 | 7,317,050 | 15,943,976 | (8,626,926 | ) | ||||||||||||
| Emerging Markets Debt | 254,035,211 | 6,229,698 | 9,743,137 | (3,513,439 | ) | ||||||||||||
| Explorer Total Return | 242,085,411 | 7,039,919 | 4,708,773 | 2,331,146 | |||||||||||||
| Emerging Markets Income | 15,249,006 | 65,755 | 202,352 | (136,597 | ) | ||||||||||||
| US Corporate Income | 243,545,013 | 3,438,578 | 5,925,735 | (2,487,157 | ) | ||||||||||||
| US Short Duration Fixed Income | 95,879,379 | 169,282 | 477,544 | (308,262 | ) | ||||||||||||
| Global Fixed Income | 4,864,401 | 91,670 | 188,706 | (97,036 | ) | ||||||||||||
| US Realty Income | 68,315,763 | 2,195,570 | 10,876,890 | (8,681,320 | ) | ||||||||||||
| US Realty Equity | 79,090,105 | 15,447,426 | 2,209,117 | 13,238,309 | |||||||||||||
| Global Realty Equity | 5,395,065 | 660,152 | 316,628 | 343,524 | |||||||||||||
| Global Listed Infrastructure | 2,820,256,700 | 243,807,800 | 58,314,033 | 185,493,767 | |||||||||||||
| Capital Allocator Opportunistic Strategies | 163,260,817 | 4,287,758 | 1,572,780 | 2,714,978 | |||||||||||||
| Enhanced Opportunities | 17,019,069 | 143,935 | 141,780 | 2,155 | |||||||||||||
| Fundamental Long/Short | 315,068,314 | 17,780,924 | 12,089,158 | 5,691,766 | |||||||||||||
| (c) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy. |
| (d) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2016, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets | |||
| Emerging Markets Equity | 1.0 | % | ||
| Emerging Markets Equity Advantage | 2.1 | |||
| Emerging Markets Equity Blend | 0.3 | |||
| Emerging Markets Multi Asset | 1.4 | |||
| Emerging Markets Debt | 6.4 | |||
| Explorer Total Return | 7.9 | |||
| Emerging Markets Income | 0.3 | |||
| US Corporate Income | 37.1 | |||
| US Short Duration Fixed Income | 1.3 | |||
| Enhanced Opportunities | 1.8 | |||
| (e) | Issue in default. |
| (f) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2016 which may step up at a future date. |
| (g) | Variable and floating rate securities are securities which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2016. |
| (h) | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (i) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| † | The Investment Company Act of 1940 defines “affiliated companies” to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting securities. Investments in “affiliated companies” for Emerging Markets Equity Portfolio for the period ended March 31, 2016 were as follows: |
| Non-Controlled Affiliates | Number of Shares Held at December 31, 2015 | Gross Additions | Gross Reductions | Number of Shares Held at March 31, 2016 | Value at March 31, 2016 | Investment Income | Realized Gain (Loss) | |||||||||||||||||||||
| PPC, Ltd. | 33,848,906 | — | (251,696 | ) | 33,597,210 | $ | 27,762,998 | $ | 607,607 | $ | (820,952 | ) | ||||||||||||||||
| Weichai Power Co., Ltd., Class H | 57,549,000 | 13,253,644 | — | 70,802,644 | 78,950,012 | — | — | |||||||||||||||||||||
| Total Affiliated Securities (Value is 1.05% of Net Assets) | $ | 106,713,010 | $ | 607,607 | $ | (820,952 | ) | |||||||||||||||||||||
| Security Abbreviations: | |
| ADR — American Depositary Receipt | NTN-B — Brazil Sovereign “Nota do Tesouro Nacional” Series B |
| CDOR — Canadian Dealer Offered Rate | NTN-F — Brazil Sovereign “Nota do Tesouro Nacional” Series F |
| ETF — Exchange-Traded Fund | NVDR — Open Joint Stock Company |
| FED OPEN — Federal Funds Effective Rate | PJSC — Public Joint Stock Company |
| GDR — Global Depositary Receipt | REIT — Real Estate Investment Trust |
| LIBOR — London Interbank Offered Rate | SDR — Swedish Depositary Receipt |
| Currency Abbreviations: | |
| AUD — Australian Dollar | MXN — Mexican New Peso |
| BRL — Brazilian Real | MYR — Malaysian Ringgit |
| CAD — Canadian Dollar | NGN — Nigerian Naira |
| CHF — Swiss Franc | NOK — Norwegian Krone |
| CLP — Chilean Peso | NZD — New Zealand Dollar |
| CNH — Yuan Renminbi | PEN — Peruvian Nuevo Sol |
| CNY — Chinese Renminbi | PHP — Philippine Peso |
| COP — Colombian Peso | PLN — Polish Zloty |
| CZK — Czech Koruna | RON — New Romanian Leu |
| DOP — Dominican Republic Peso | RUB — Russian Ruble |
| EGP — Egyptian Pound | SEK — Swedish Krona |
| EUR — Euro | SGD — Singapore Dollar |
| GBP — British Pound Sterling | THB — Thai Baht |
| HUF — Hungarian Forint | TRY — New Turkish Lira |
| IDR — Indonesian Rupiah | TWD — Taiwan Dollar |
| ILS — Israeli Shekel | UGX — Ugandan Shilling |
| INR — Indian Rupee | USD — United States Dollar |
| JPY — Japanese Yen | UYU — Uruguayan Peso |
| KRW — South Korean Won | ZAR — South African Rand |
| KZT — Kazakhstan Tenge | ZMW — Zambian Kwacha |
| Counterparty Abbreviations: | |
| BNP — BNP Paribas SA | HSB — HSBC Bank USA NA |
| BRC — Barclays Bank PLC | JPM — JPMorgan Chase Bank NA |
| CAN — Canadian Imperial Bank of Commerce | MEL — The Bank of New York Mellon Corp. |
| CIT — Citibank NA | RBC — Royal Bank of Canada |
| CSF — Credit Suisse International | SCB — Standard Chartered Bank |
| DUB — Deutsche Bank AG | SSB — State Street Bank and Trust Co. |
| GSC — Goldman Sachs International | UBS — UBS AG |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Lazard International Equity Portfolio | Lazard International Equity Select Portfolio | Lazard International Equity Concentrated Portfolio | Lazard International Strategic Equity Portfolio | Lazard International Equity Advantage Portfolio | Lazard International Small Cap Equity Portfolio | |||||||||||||||||||
| Industry* | ||||||||||||||||||||||||
| Aerospace & Defense | 0.9 | % | — | % | — | % | — | % | 2.3 | % | — | % | ||||||||||||
| Air Freight & Logistics | — | — | — | — | 0.2 | — | ||||||||||||||||||
| Airlines | 1.0 | 0.9 | — | — | 3.3 | — | ||||||||||||||||||
| Auto Components | 2.1 | 2.2 | 5.1 | 1.9 | 1.6 | 1.9 | ||||||||||||||||||
| Automobiles | 0.8 | — | 3.6 | — | 3.0 | — | ||||||||||||||||||
| Banks | 8.1 | 6.2 | 4.3 | 3.9 | 9.5 | 2.5 | ||||||||||||||||||
| Beverages | 4.3 | 4.9 | 5.8 | 6.0 | 0.2 | — | ||||||||||||||||||
| Biotechnology | — | 1.7 | 4.7 | 2.1 | 3.5 | — | ||||||||||||||||||
| Building Products | 2.0 | 1.9 | — | 1.8 | 0.3 | 2.5 | ||||||||||||||||||
| Capital Markets | 1.8 | 0.5 | — | 1.7 | 2.1 | 4.7 | ||||||||||||||||||
| Chemicals | — | — | — | 2.0 | 3.0 | 1.0 | ||||||||||||||||||
| Commercial Services & Suppliers | — | — | 3.3 | — | 1.0 | 2.5 | ||||||||||||||||||
| Communications Equipment | — | — | — | — | — | 2.7 | ||||||||||||||||||
| Construction & Engineering | 2.0 | 1.3 | — | — | — | — | ||||||||||||||||||
| Construction Materials | 1.1 | — | — | 1.3 | — | — | ||||||||||||||||||
| Consumer Finance | 1.2 | — | 2.7 | 2.4 | 0.5 | 3.6 | ||||||||||||||||||
| Containers & Packaging | 1.7 | 1.8 | — | 2.7 | 1.3 | 3.9 | ||||||||||||||||||
| Diversified Consumer Services | — | 0.4 | — | 0.3 | — | 1.9 | ||||||||||||||||||
| Diversified Financial Services | — | 1.9 | — | 0.9 | 0.5 | 6.7 | ||||||||||||||||||
| Diversified Telecommunications Services | 3.5 | 2.5 | — | 2.9 | 5.4 | 1.1 | ||||||||||||||||||
| Electric Utilities | 1.1 | 1.3 | — | — | 3.6 | — | ||||||||||||||||||
| Electrical Equipment | — | — | — | — | 2.1 | 1.0 | ||||||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | — | 2.6 | 4.3 | ||||||||||||||||||
| Energy Equipment & Services | — | — | — | — | — | 1.2 | ||||||||||||||||||
| Food & Staples Retailing | 2.9 | 1.3 | — | — | 1.7 | 1.4 | ||||||||||||||||||
| Food Products | — | 1.1 | — | 3.3 | 3.6 | 2.3 | ||||||||||||||||||
| Health Care Providers & Services | — | 1.2 | — | 2.3 | 1.6 | 0.9 | ||||||||||||||||||
| Health Care Technology | — | — | — | — | — | 2.5 | ||||||||||||||||||
| Hotels, Restaurants & Leisure | — | 1.6 | — | 2.9 | 1.6 | 2.1 | ||||||||||||||||||
| Household Durables | 1.5 | 1.0 | 2.2 | — | 1.9 | 3.8 | ||||||||||||||||||
| Household Products | — | — | — | — | 1.0 | — | ||||||||||||||||||
| Industrial Conglomerates | 0.8 | 2.1 | — | 1.0 | — | — | ||||||||||||||||||
| Insurance | 8.7 | 8.3 | 10.2 | 8.3 | 6.8 | 1.3 | ||||||||||||||||||
| Internet & Catalog Retail | — | — | — | — | 0.2 | — | ||||||||||||||||||
| Internet Software & Services | — | 2.2 | 2.0 | 1.4 | 1.0 | 3.4 | ||||||||||||||||||
| IT Services | 2.1 | 2.4 | 3.5 | 1.3 | 0.6 | — | ||||||||||||||||||
| Life Sciences Tools & Services | — | — | — | — | 0.4 | 1.1 | ||||||||||||||||||
| Machinery | 1.0 | 3.4 | 3.8 | 2.5 | 4.7 | 8.1 | ||||||||||||||||||
| Media | 6.3 | 4.9 | 6.4 | 7.0 | 2.3 | 2.5 | ||||||||||||||||||
| Metals & Mining | 0.6 | 1.3 | — | — | 1.5 | — | ||||||||||||||||||
| Multiline Retail | 2.0 | 1.0 | — | 2.8 | — | 2.5 | ||||||||||||||||||
| Multi-Utilities | — | — | — | — | 0.8 | — | ||||||||||||||||||
| Oil, Gas & Consumable Fuels | 4.7 | 1.5 | — | 2.7 | 4.0 | 1.0 | ||||||||||||||||||
| Paper & Forest Products | — | — | — | — | 0.2 | — | ||||||||||||||||||
| Personal Products | 1.4 | 1.7 | 2.5 | — | 1.5 | 1.4 | ||||||||||||||||||
| Pharmaceuticals | 10.9 | 9.5 | 4.5 | 8.8 | 7.4 | 1.7 | ||||||||||||||||||
| Professional Services | — | — | — | — | 0.5 | 2.1 | ||||||||||||||||||
| Real Estate Investment Trusts (REITs) | — | — | — | — | 0.5 | 1.0 | ||||||||||||||||||
| Real Estate Management & Development | 3.1 | 2.7 | 4.5 | 2.7 | 3.7 | 3.9 | ||||||||||||||||||
| Semiconductors & Semiconductor Equipment | 2.0 | 3.5 | 4.8 | 2.3 | — | — | ||||||||||||||||||
| Software | — | 1.4 | — | 1.8 | 0.8 | — | ||||||||||||||||||
| Specialty Retail | 3.7 | 1.2 | 5.2 | 1.4 | 1.1 | 3.9 | ||||||||||||||||||
| Technology Hardware, Storage & Peripherals | — | 1.4 | — | — | — | — | ||||||||||||||||||
| Textiles, Apparel & Luxury Goods | — | 0.7 | — | 2.7 | — | 2.4 | ||||||||||||||||||
| Thrifts & Mortgage Finance | — | — | — | — | — | 0.9 | ||||||||||||||||||
| Tobacco | 4.3 | 4.4 | 5.4 | 5.3 | 2.8 | — | ||||||||||||||||||
| Trading Companies & Distributors | 2.0 | 2.1 | 2.5 | — | 1.0 | 3.3 | ||||||||||||||||||
| Transportation Infrastructure | 1.0 | — | — | — | — | 1.2 | ||||||||||||||||||
| Water Utilities | — | 0.9 | — | 0.6 | — | — | ||||||||||||||||||
| Wireless Telecommunication Services | 4.8 | 5.0 | 7.3 | 4.5 | 0.4 | — | ||||||||||||||||||
| Subtotal | 95.4 | 95.3 | 94.3 | 95.5 | 99.6 | 96.2 | ||||||||||||||||||
| Repurchase Agreement | 5.2 | — | — | — | — | — | ||||||||||||||||||
| Short-Term Investments | — | 3.5 | 3.7 | 4.0 | 1.8 | 3.5 | ||||||||||||||||||
| Total Investments | 100.6 | % | 98.8 | % | 98.0 | % | 99.5 | % | 101.4 | % | 99.7 | % |
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Lazard Global Equity Select Portfolio | Lazard Global Strategic Equity Portfolio | Lazard Managed Equity Volatility Portfolio | ||||||||||
| Industry* | ||||||||||||
| Aerospace & Defense | 4.7 | % | — | % | 2.5 | % | ||||||
| Airlines | — | 1.2 | 2.5 | |||||||||
| Auto Components | 1.2 | — | 0.2 | |||||||||
| Automobiles | — | — | 0.6 | |||||||||
| Banks | 0.7 | 1.8 | 2.2 | |||||||||
| Beverages | 6.7 | 7.7 | 3.4 | |||||||||
| Biotechnology | 2.3 | 5.5 | 2.1 | |||||||||
| Building Products | 2.0 | — | — | |||||||||
| Capital Markets | 1.7 | — | 0.4 | |||||||||
| Chemicals | 2.6 | 0.7 | 1.0 | |||||||||
| Commercial Services & Suppliers | 1.0 | — | 1.9 | |||||||||
| Communications Equipment | 1.6 | 2.9 | 0.2 | |||||||||
| Construction & Engineering | — | — | 0.3 | |||||||||
| Construction Materials | — | — | 0.3 | |||||||||
| Consumer Finance | 2.0 | — | 0.3 | |||||||||
| Containers & Packaging | — | 2.1 | 1.1 | |||||||||
| Distributors | — | — | 0.3 | |||||||||
| Diversified Financial Services | 2.4 | 1.4 | 1.9 | |||||||||
| Diversified Telecommunications Services | — | 1.0 | 7.6 | |||||||||
| Electric Utilities | — | — | 7.5 | |||||||||
| Electrical Equipment | 2.6 | 1.0 | 0.8 | |||||||||
| Electronic Equipment, Instruments & Components | — | — | 2.2 | |||||||||
| Energy Equipment & Services | 2.4 | — | — | |||||||||
| Food & Staples Retailing | 2.8 | 2.3 | 2.7 | |||||||||
| Food Products | 1.5 | 3.4 | 1.2 | |||||||||
| Gas Utilities | — | — | 0.4 | |||||||||
| Health Care Equipment & Supplies | — | — | 1.3 | |||||||||
| Health Care Providers & Services | 1.0 | 4.0 | 2.9 | |||||||||
| Hotels, Restaurants & Leisure | 1.0 | 1.4 | 4.7 | |||||||||
| Household Durables | — | — | 0.2 | |||||||||
| Household Products | 1.5 | — | 1.0 | |||||||||
| Independent Power Producers & Energy Traders | — | — | 0.2 | |||||||||
| Industrial Conglomerates | — | 1.1 | 1.6 | |||||||||
| Insurance | 5.3 | 7.3 | 4.9 | |||||||||
| Internet Software & Services | 5.8 | 4.8 | 1.5 | |||||||||
| IT Services | 4.6 | 7.7 | 2.7 | |||||||||
| Leisure Products | — | — | 0.2 | |||||||||
| Life Sciences Tools & Services | 3.5 | 1.9 | 2.2 | |||||||||
| Machinery | — | — | 0.4 | |||||||||
| Media | 4.1 | 3.7 | 3.1 | |||||||||
| Metals & Mining | — | — | 1.0 | |||||||||
| Multiline Retail | 1.4 | 3.1 | 2.4 | |||||||||
| Multi-Utilities | — | — | 1.5 | |||||||||
| Oil, Gas & Consumable Fuels | 0.7 | 3.0 | 1.5 | |||||||||
| Personal Products | 1.0 | — | 0.9 | |||||||||
| Pharmaceuticals | 8.0 | 6.3 | 3.9 | |||||||||
| Professional Services | 1.0 | — | — | |||||||||
| Real Estate Investment Trusts (REITs) | — | — | 2.6 | |||||||||
| Real Estate Management & Development | 2.4 | 2.2 | 4.3 | |||||||||
| Road & Rail | 1.0 | 1.0 | 2.1 | |||||||||
| Semiconductors & Semiconductor Equipment | 3.0 | 2.6 | 1.2 | |||||||||
| Software | 2.1 | 4.3 | 1.1 | |||||||||
| Specialty Retail | 1.5 | 3.1 | 2.9 | |||||||||
| Technology Hardware, Storage & Peripherals | 3.6 | 3.2 | 0.5 | |||||||||
| Textiles, Apparel & Luxury Goods | — | 1.1 | 1.1 | |||||||||
| Thrifts & Mortgage Finance | 0.5 | — | — | |||||||||
| Tobacco | 3.6 | 6.7 | 0.3 | |||||||||
| Subtotal | 94.8 | 99.5 | 97.8 | |||||||||
| Short-Term Investments | 6.5 | 0.4 | 3.4 | |||||||||
| Total Investments | 101.3 | % | 99.9 | % | 101.2 | % |
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Lazard Emerging Markets Equity Portfolio | Lazard Emerging Markets Core Equity Portfolio | Lazard Developing Markets Equity Portfolio | Lazard Emerging Markets Equity Advantage Portfolio | Lazard Emerging Markets Equity Blend Portfolio | Lazard Emerging Markets Multi Asset Portfolio | |||||||||||||||||||
| Industry* | ||||||||||||||||||||||||
| Aerospace & Defense | — | % | — | % | 3.4 | % | 0.2 | % | 0.8 | % | 0.3 | % | ||||||||||||
| Airlines | — | — | — | 0.6 | — | — | ||||||||||||||||||
| Auto Components | 1.7 | 0.8 | 1.1 | 0.6 | 3.8 | 2.2 | ||||||||||||||||||
| Automobiles | 3.6 | 1.8 | 0.9 | 2.1 | 1.6 | 1.3 | ||||||||||||||||||
| Banks | 24.2 | 19.6 | 24.1 | 16.7 | 21.6 | 16.4 | ||||||||||||||||||
| Beverages | 1.5 | 1.2 | — | 1.7 | 0.8 | 0.5 | ||||||||||||||||||
| Building Products | — | 1.0 | — | 0.4 | 0.4 | 0.2 | ||||||||||||||||||
| Capital Markets | — | — | — | 0.9 | 0.4 | 0.2 | ||||||||||||||||||
| Chemicals | 0.5 | 2.1 | — | 2.8 | 0.5 | 0.5 | ||||||||||||||||||
| Commercial Services & Suppliers | — | 1.7 | — | — | — | — | ||||||||||||||||||
| Construction & Engineering | — | — | 3.1 | 1.0 | 1.5 | 0.7 | ||||||||||||||||||
| Construction Materials | 1.8 | — | 3.4 | 1.4 | 0.8 | 0.4 | ||||||||||||||||||
| Consumer Finance | — | — | 1.5 | 1.1 | 1.0 | 0.5 | ||||||||||||||||||
| Containers & Packaging | — | — | — | — | 0.4 | 0.2 | ||||||||||||||||||
| Distributors | 0.7 | — | — | — | — | — | ||||||||||||||||||
| Diversified Consumer Services | — | — | 2.4 | 0.4 | 1.2 | 0.5 | ||||||||||||||||||
| Diversified Financial Services | — | 2.4 | — | 0.8 | 0.5 | 0.5 | ||||||||||||||||||
| Diversified Telecommunications Services | 3.4 | 1.4 | — | 2.8 | 1.9 | 1.5 | ||||||||||||||||||
| Electric Utilities | 0.1 | — | — | 5.0 | — | 0.1 | ||||||||||||||||||
| Electrical Equipment | 0.4 | — | 1.4 | 0.6 | 0.4 | 0.2 | ||||||||||||||||||
| Electronic Equipment, Instruments & Components | 2.0 | 3.4 | 3.0 | 2.8 | 4.2 | 2.5 | ||||||||||||||||||
| Energy Equipment & Services | — | — | 0.5 | — | — | — | ||||||||||||||||||
| Food & Staples Retailing | 2.9 | 2.7 | 3.0 | 1.5 | 1.2 | 1.1 | ||||||||||||||||||
| Food Products | — | 3.4 | 0.5 | 1.6 | 0.3 | 0.5 | ||||||||||||||||||
| Gas Utilities | — | 1.6 | — | — | — | 0.2 | ||||||||||||||||||
| Health Care Equipment & Supplies | — | — | — | 1.7 | — | — | ||||||||||||||||||
| Health Care Providers & Services | — | 1.1 | — | — | 0.2 | 0.1 | ||||||||||||||||||
| Hotels, Restaurants & Leisure | 0.7 | 1.5 | 1.0 | 0.6 | 0.8 | 0.8 | ||||||||||||||||||
| Household Durables | 1.2 | 2.8 | 1.2 | 0.6 | 1.2 | 0.8 | ||||||||||||||||||
| Household Products | 1.0 | — | — | 0.4 | 0.9 | 0.6 | ||||||||||||||||||
| Industrial Conglomerates | 2.2 | 1.1 | — | 1.5 | 1.3 | 0.9 | ||||||||||||||||||
| Insurance | 4.0 | 5.8 | 3.0 | 3.9 | 1.9 | 1.9 | ||||||||||||||||||
| Internet & Catalog Retail | — | 1.2 | 1.8 | — | 0.9 | 0.7 | ||||||||||||||||||
| Internet Software & Services | 5.7 | 7.0 | 8.8 | 5.5 | 8.6 | 5.7 | ||||||||||||||||||
| IT Services | 6.1 | — | — | 3.1 | 1.9 | 1.3 | ||||||||||||||||||
| Machinery | 1.6 | 1.0 | 0.6 | 0.4 | 2.1 | 1.0 | ||||||||||||||||||
| Marine | — | — | — | 0.4 | — | — | ||||||||||||||||||
| Media | — | 1.7 | 1.9 | 1.7 | — | 0.8 | ||||||||||||||||||
| Metals & Mining | 1.6 | — | 4.8 | 1.6 | 1.5 | 1.2 | ||||||||||||||||||
| Multiline Retail | 0.9 | 1.0 | 0.7 | 0.2 | — | — | ||||||||||||||||||
| Multi-Utilities | — | — | — | — | — | — | ||||||||||||||||||
| Oil, Gas & Consumable Fuels | 7.3 | 1.2 | 7.8 | 7.3 | 6.5 | 4.9 | ||||||||||||||||||
| Paper & Forest Products | — | 2.0 | — | 0.2 | — | 0.5 | ||||||||||||||||||
| Personal Products | 0.4 | 2.9 | — | 1.0 | 0.2 | 0.8 | ||||||||||||||||||
| Pharmaceuticals | — | 2.7 | 6.4 | 1.5 | 2.0 | 1.2 | ||||||||||||||||||
| Professional Services | — | — | — | — | 0.5 | 0.3 | ||||||||||||||||||
| Real Estate Investment Trusts (REITs) | — | 1.0 | 1.5 | — | 0.5 | 0.6 | ||||||||||||||||||
| Real Estate Management & Development | — | 0.7 | — | 2.7 | 0.9 | 0.6 | ||||||||||||||||||
| Road & Rail | 0.7 | — | — | — | 0.7 | 0.5 | ||||||||||||||||||
| Semiconductors & Semiconductor Equipment | 5.9 | 8.4 | 5.7 | 6.4 | 7.5 | 5.6 | ||||||||||||||||||
| Software | — | — | — | 0.4 | — | — | ||||||||||||||||||
| Specialty Retail | 0.2 | — | — | 1.4 | 0.4 | 0.2 | ||||||||||||||||||
| Technology Hardware, Storage & Peripherals | 3.1 | 4.8 | 2.5 | 5.0 | 3.2 | 2.3 | ||||||||||||||||||
| Textiles, Apparel & Luxury Goods | — | — | 1.9 | 1.6 | 2.7 | 1.4 | ||||||||||||||||||
| Thrifts & Mortgage Finance | — | — | — | — | 0.6 | 0.3 | ||||||||||||||||||
| Tobacco | 1.4 | — | — | 0.7 | 0.5 | 0.3 | ||||||||||||||||||
| Trading Companies & Distributors | — | — | — | — | — | — | ||||||||||||||||||
| Transportation Infrastructure | 1.3 | 3.4 | 0.9 | 1.7 | 1.3 | 1.4 | ||||||||||||||||||
| Water Utilities | — | 1.2 | — | — | 0.4 | 0.5 | ||||||||||||||||||
| Wireless Telecommunication Services | 7.9 | 3.4 | — | 4.6 | 3.7 | 3.0 | ||||||||||||||||||
| Subtotal | 96.0 | 99.0 | 98.8 | 101.1 | 96.2 | 70.7 | ||||||||||||||||||
| Foreign Government Obligations | — | — | — | — | — | 17.6 | ||||||||||||||||||
| US Treasury Securities | — | — | — | — | — | 6.3 | ||||||||||||||||||
| Short-Term Investments | 3.3 | 0.2 | 1.3 | — | 3.4 | 4.5 | ||||||||||||||||||
| Total Investments | 99.3 | % | 99.2 | % | 100.1 | % | 101.1 | % | 99.6 | % | 99.1 | % |
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Lazard Emerging Markets Debt Portfolio | Lazard Explorer Total Return Portfolio | |||||||
| Industry* | ||||||||
| Banks | 0.1 | % | 0.2 | % | ||||
| Electric Utilities | 0.2 | 1.0 | ||||||
| Metals & Mining | 0.8 | 2.2 | ||||||
| Oil, Gas & Consumable Fuels | 4.0 | 5.0 | ||||||
| Transportation Infrastructure | 0.6 | — | ||||||
| Subtotal | 5.7 | 8.4 | ||||||
| Foreign Government Obligations | 92.6 | 88.7 | ||||||
| Purchased Options | — | 0.2 | ||||||
| Short-Term Investments | 0.2 | 2.1 | ||||||
| Total Investments | 98.5 | % | 99.4 | % | ||||
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Lazard Global Fixed Income Portfolio | ||||
| Industry* | ||||
| Aerospace & Defense | 1.7 | % | ||
| Automobiles | 3.5 | |||
| Banks | 6.3 | |||
| Beverages | 2.1 | |||
| Capital Markets | 2.5 | |||
| Containers & Packaging | 0.4 | |||
| Diversified Telecommunications Services | 3.6 | |||
| Electric Utilities | 1.6 | |||
| Food Products | 1.5 | |||
| Health Care Providers & Services | 1.5 | |||
| Independent Power Producers & Energy Traders | 0.7 | |||
| Industrial Conglomerates | 1.3 | |||
| Internet Software & Services | 0.6 | |||
| Machinery | 1.6 | |||
| Media | 0.6 | |||
| Metals & Mining | 2.2 | |||
| Oil, Gas & Consumable Fuels | 2.7 | |||
| Road & Rail | 1.0 | |||
| Specialty Retail | 1.0 | |||
| Technology Hardware, Storage & Peripherals | 1.6 | |||
| Trading Companies & Distributors | 0.7 | |||
| Transportation Infrastructure | 1.5 | |||
| Subtotal | 40.2 | |||
| Foreign Government Obligations | 45.2 | |||
| Supranationals | 5.3 | |||
| US Municipal Bonds | 4.7 | |||
| US Treasury Securities | 2.5 | |||
| Short-Term Investment | 0.3 | |||
| Total Investments | 98.2 | % | ||
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):
| Lazard Global Realty Equity Portfolio | Lazard Global Listed Infrastructure Portfolio | |||||||
| Industry* | ||||||||
| Construction & Engineering | — | % | 4.8 | % | ||||
| Electric Utilities | — | 17.3 | ||||||
| Gas Utilities | — | 5.0 | ||||||
| Media | — | 9.6 | ||||||
| Multi-Utilities | — | 8.7 | ||||||
| Real Estate Investment Trusts (REITs) | 70.4 | — | ||||||
| Real Estate Management & Development | 26.5 | — | ||||||
| Road & Rail | — | 20.7 | ||||||
| Transportation Infrastructure | — | 26.4 | ||||||
| Water Utilities | — | 3.1 | ||||||
| Subtotal | 96.9 | 95.6 | ||||||
| Short-Term Investments | 3.0 | 5.3 | ||||||
| Total Investments | 99.9 | % | 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 (concluded):
| Lazard Enhanced Opportunities Portfolio | ||||
| Industry* | ||||
| Air Freight & Logistics | 0.3 | % | ||
| Biotechnology | 0.7 | |||
| Capital Markets | 0.2 | |||
| Chemicals | 0.4 | |||
| Communications Equipment | 0.1 | |||
| Construction Materials | 1.0 | |||
| Consumer Finance | 0.3 | |||
| Diversified Consumer Services | 0.3 | |||
| Diversified Financial Services | 1.5 | |||
| Electrical Equipment | 0.2 | |||
| Food Products | 0.6 | |||
| Health Care Equipment & Supplies | 0.9 | |||
| Health Care Providers & Services | 0.1 | |||
| Household Durables | 2.3 | |||
| Internet & Catalog Retail | 0.7 | |||
| Internet Software & Services | 1.3 | |||
| Leisure Products | 0.1 | |||
| Life Sciences Tools & Services | 0.1 | |||
| Machinery | 1.6 | |||
| Media | 0.5 | |||
| Oil, Gas & Consumable Fuels | 0.2 | |||
| Pharmaceuticals | 0.2 | |||
| Real Estate Investment Trusts (REITs) | 1.9 | |||
| Real Estate Management & Development | 1.2 | |||
| Semiconductors & Semiconductor Equipment | 0.1 | |||
| Software | 0.9 | |||
| Specialty Retail | 0.1 | |||
| Technology Hardware, Storage & Peripherals | 0.1 | |||
| Textiles, Apparel & Luxury Goods | 0.8 | |||
| Subtotal | 18.7 | |||
| Purchased Options | 0.1 | |||
| Short-Term Investment | 58.8 | |||
| Total Investments | 77.6 | % | ||
| * | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about The Lazard Funds, Inc.’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Charles L. Carroll | |
| Charles L. Carroll | ||
| Chief Executive Officer |
Date: May 27, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Charles L. Carroll | |
| Charles L. Carroll | ||
| Chief Executive Officer |
Date: May 27, 2016
| By: | /s/ Christopher Snively | |
| Christopher Snively | ||
| Chief Financial Officer |
Date: May 27, 2016