UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 9/30/2020
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 96.3% | ||||||||
| Brazil | 4.4% | ||||||||
| Duratex SA | 585,341 | $ | 1,868,830 | |||||
| Pagseguro Digital, Ltd., Class A (*) | 36,433 | 1,373,888 | ||||||
| Petroleo Brasileiro SA (Preference Shares) | 601,960 | 2,101,967 | ||||||
| Rumo SA (*) | 669,244 | 2,271,371 | ||||||
| 7,616,056 | ||||||||
| Canada | 1.3% | ||||||||
| First Quantum Minerals, Ltd. | 243,567 | 2,171,259 | ||||||
| China | 37.4% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 46,688 | 13,725,338 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 138,000 | 954,132 | ||||||
| Beijing Enterprises Water Group, Ltd. | 3,930,000 | 1,523,572 | ||||||
| Beijing Thunisoft Corp., Ltd. Class A | 363,500 | 1,275,979 | ||||||
| China State Construction International Holdings, Ltd. | 2,134,160 | 1,397,383 | ||||||
| Chow Tai Seng Jewellery Co., Ltd., Class A | 429,400 | 1,571,985 | ||||||
| CNOOC, Ltd. | 1,640,756 | 1,588,201 | ||||||
| Minth Group, Ltd. | 958,000 | 4,191,859 | ||||||
| NetEase, Inc. ADR | 6,593 | 2,997,639 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 14,776 | 2,209,012 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 329,500 | 3,399,199 | ||||||
| Shenzhen Inovance Technology Co., Ltd., Class A | 173,000 | 1,474,880 | ||||||
| Shenzhen Sunway Communication Co., Ltd., Class A | 189,900 | 1,530,692 | ||||||
| Tencent Holdings, Ltd. | 192,900 | 12,845,862 | ||||||
| Tencent Music Entertainment Group ADR (*) | 172,690 | 2,550,631 | ||||||
| Trip.com Group, Ltd. ADR (*) | 75,750 | 2,358,855 | ||||||
| Weibo Corp. Sponsored ADR (*) | 41,674 | 1,518,184 | ||||||
| Wuliangye Yibin Co., Ltd. Class A | 78,800 | 2,565,104 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 1,607,000 | 1,984,738 | ||||||
| Zhongsheng Group Holdings, Ltd. | 211,000 | 1,326,192 | ||||||
| ZTO Express Cayman, Inc. ADR | 56,622 | 1,694,130 | ||||||
| 64,683,567 | ||||||||
| Colombia | 0.9% | ||||||||
| Bancolombia SA Sponsored ADR | 63,573 | 1,624,290 | ||||||
| Hong Kong | 2.1% | ||||||||
| China Gas Holdings, Ltd. | 553,200 | 1,577,575 | ||||||
| Techtronic Industries Co., Ltd. | 161,002 | 2,117,121 | ||||||
| 3,694,696 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 9.7% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 70,934 | $ | 3,543,863 | |||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 293,070 | 2,880,878 | ||||||
| Motherson Sumi Systems, Ltd. | 1,132,060 | 1,773,609 | ||||||
| Mphasis, Ltd. | 95,359 | 1,790,011 | ||||||
| Reliance Industries, Ltd. | 90,011 | 2,741,486 | ||||||
| Shriram Transport Finance Co., Ltd. | 110,011 | 930,898 | ||||||
| UPL, Ltd. | 464,591 | 3,184,287 | ||||||
| 16,845,032 | ||||||||
| Indonesia | 2.6% | ||||||||
| PT Bank Central Asia Tbk | 1,140,900 | 2,082,113 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 11,598,800 | 2,379,382 | ||||||
| 4,461,495 | ||||||||
| Macau | 1.6% | ||||||||
| SJM Holdings, Ltd. | 2,277,000 | 2,689,072 | ||||||
| Mexico | 1.3% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 644,857 | 2,234,536 | ||||||
| Peru | 1.4% | ||||||||
| Credicorp, Ltd. | 19,875 | 2,464,301 | ||||||
| Philippines | 1.9% | ||||||||
| BDO Unibank, Inc. | 1,048,955 | 1,872,291 | ||||||
| International Container Terminal Services, Inc. | 584,009 | 1,325,645 | ||||||
| 3,197,936 | ||||||||
| Russia | 5.0% | ||||||||
| Mail.Ru Group, Ltd. GDR (*) | 74,143 | 2,026,543 | ||||||
| Novatek OAO Sponsored GDR | 8,044 | 1,100,658 | ||||||
| QIWI PLC Sponsored ADR | 109,189 | 1,894,429 | ||||||
| Sberbank of Russia PJSC (*), (‡) | 782,955 | 2,301,860 | ||||||
| Yandex NV Class A (*) | 19,402 | 1,265,981 | ||||||
| 8,589,471 | ||||||||
| South Africa | 2.5% | ||||||||
| Capitec Bank Holdings, Ltd. | 41,255 | 2,553,557 | ||||||
| Standard Bank Group, Ltd. | 266,094 | 1,713,603 | ||||||
| 4,267,160 | ||||||||
| South Korea | 11.0% | ||||||||
| NCSoft Corp. | 3,732 | 2,570,278 | ||||||
| Samsung Biologics Co., Ltd. (*) | 1,824 | 1,075,310 | ||||||
| Samsung Electronics Co., Ltd. | 188,153 | 9,480,216 | ||||||
| SK Hynix, Inc. | 38,095 | 2,733,382 | ||||||
| WONIK IPS Co., Ltd. (*) | 107,911 | 3,072,818 | ||||||
| 18,932,004 | ||||||||
| Taiwan | 12.3% | ||||||||
| Airtac International Group | 112,000 | 2,532,220 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| ASE Technology Holding Co., Ltd. | 823,289 | $ | 1,691,704 | |||||
| Bizlink Holding, Inc. | 302,000 | 2,365,982 | ||||||
| Chroma ATE, Inc. | 485,000 | 2,574,974 | ||||||
| Hiwin Technologies Corp. | 245,560 | 2,421,184 | ||||||
| Largan Precision Co., Ltd. | 15,860 | 1,853,042 | ||||||
| MediaTek, Inc. | 55,000 | 1,159,780 | ||||||
| Silicon Motion Technology Corp. ADR | 37,893 | 1,431,598 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 350,000 | 5,256,501 | ||||||
| 21,286,985 | ||||||||
| United Kingdom | 0.9% | ||||||||
| KAZ Minerals PLC | 242,807 | 1,639,664 | ||||||
| Total Common Stocks (Cost $138,440,808) | 166,397,524 | |||||||
| Preferred Stocks | 1.6% | ||||||||
| Brazil | 1.6% | ||||||||
| Banco Bradesco SA ADR (Cost $4,188,604) | 821,425 | 2,817,488 | ||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $377,717) | 377,717 | 377,717 | ||||||
| Total Investments | 98.1% (Cost $143,007,129) | $ | 169,592,729 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.9% | 3,249,090 | |||||||
| Net Assets | 100.0% | $ | 172,841,819 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 97.9% | ||||||||
| Argentina | 1.0% | ||||||||
| MercadoLibre, Inc. (*) | 1,689 | $ | 1,828,309 | |||||
| Brazil | 5.1% | ||||||||
| Azul SA ADR (*) | 48,715 | 641,090 | ||||||
| Banco BTG Pactual SA | 134,595 | 1,745,980 | ||||||
| Banco do Brasil SA | 342,200 | 1,804,869 | ||||||
| C&A Modas Ltda | 435,500 | 893,349 | ||||||
| CCR SA | 338,330 | 763,304 | ||||||
| Lojas Renner SA | 89,200 | 629,780 | ||||||
| Rumo SA (*) | 461,058 | 1,564,801 | ||||||
| Telefonica Brasil SA ADR | 155,199 | 1,190,376 | ||||||
| 9,233,549 | ||||||||
| Brazil | 1.0% | ||||||||
| Pet Center Comercio e Participacoes SA | 713,081 | 1,815,748 | ||||||
| Canada | 0.7% | ||||||||
| Parex Resources, Inc. (*) | 112,334 | 1,183,618 | ||||||
| China | 38.5% | ||||||||
| 21Vianet Group, Inc. ADR (*) | 107,106 | 2,480,575 | ||||||
| Alibaba Group Holding, Ltd. | 48,300 | 1,786,070 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 49,403 | 14,523,494 | ||||||
| Bilibili, Inc. Sponsored ADR (*) | 21,389 | 889,782 | ||||||
| Budweiser Brewing Co. APAC, Ltd. | 616,600 | 1,801,213 | ||||||
| China National Building Material Co., Ltd., Class H | 2,626,000 | 3,325,264 | ||||||
| China Overseas Land & Investment, Ltd. | 599,500 | 1,511,937 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 9,398,633 | 4,899,827 | ||||||
| Kingsoft Cloud Holdings, Ltd. ADR | 42,018 | 1,240,791 | ||||||
| Midea Group Co., Ltd., Class A | 115,800 | 1,238,115 | ||||||
| NetEase, Inc. | 53,800 | 965,057 | ||||||
| NetEase, Inc. ADR | 4,712 | 2,142,405 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 19,609 | 2,931,545 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,689,770 | 1,182,355 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 445,000 | 4,590,724 | ||||||
| Prosus NV (*) | 10,266 | 946,710 | ||||||
| Shenzhen Sunway Communication Co., Ltd., Class A | 193,800 | 1,562,128 | ||||||
| Shenzhou International Group Holdings, Ltd. | 172,191 | 2,923,852 | ||||||
| Tencent Holdings, Ltd. | 221,800 | 14,770,410 | ||||||
| Wuliangye Yibin Co., Ltd. Class A | 80,800 | 2,630,209 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 73,500 | 1,803,725 | ||||||
| 70,146,188 | ||||||||
| Description | Shares | Fair Value | ||||||
| Hong Kong | 2.6% | ||||||||
| China Gas Holdings, Ltd. | 429,400 | $ | 1,224,531 | |||||
| Techtronic Industries Co., Ltd. | 273,500 | 3,596,431 | ||||||
| 4,820,962 | ||||||||
| India | 10.2% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 105,998 | 5,295,660 | ||||||
| Hindalco Industries, Ltd. | 772,081 | 1,846,727 | ||||||
| Infosys, Ltd. Sponsored ADR | 200,661 | 2,771,128 | ||||||
| Maruti Suzuki India, Ltd. | 18,801 | 1,727,318 | ||||||
| Motherson Sumi Systems, Ltd. | 545,544 | 854,709 | ||||||
| Reliance Industries, Ltd. | 117,331 | 3,573,578 | ||||||
| UPL, Ltd. | 356,951 | 2,446,527 | ||||||
| 18,515,647 | ||||||||
| Indonesia | 1.3% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 4,243,700 | 1,424,031 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 52,651 | 914,548 | ||||||
| 2,338,579 | ||||||||
| Luxembourg | 0.9% | ||||||||
| Ternium SA Sponsored ADR (*) | 83,978 | 1,581,306 | ||||||
| Mexico | 2.5% | ||||||||
| Arca Continental SAB de CV | 272,645 | 1,180,888 | ||||||
| Gruma SAB de CV, Class B | 133,943 | 1,484,419 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 11,517 | 928,731 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 284,500 | 985,840 | ||||||
| 4,579,878 | ||||||||
| Peru | 0.6% | ||||||||
| Credicorp, Ltd. | 8,738 | 1,083,425 | ||||||
| Philippines | 0.9% | ||||||||
| BDO Unibank, Inc. | 927,701 | 1,655,863 | ||||||
| Poland | 0.9% | ||||||||
| CD Projekt SA (*) | 15,937 | 1,722,871 | ||||||
| Portugal | 0.5% | ||||||||
| Galp Energia SGPS SA | 104,039 | 964,347 | ||||||
| Russia | 4.0% | ||||||||
| LUKOIL PJSC Sponsored ADR | 69,651 | 4,027,147 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) (*) | 219,827 | 2,564,656 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (United States) (*) | 53,682 | 626,469 | ||||||
| 7,218,272 | ||||||||
| South Africa | 2.7% | ||||||||
| Mondi PLC | 104,564 | 2,200,599 | ||||||
| Naspers, Ltd., N Shares (*) | 9,752 | 1,720,025 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| The Bidvest Group, Ltd. | 113,870 | $ | 937,291 | |||||
| 4,857,915 | ||||||||
| South Korea | 10.6% | ||||||||
| DB Insurance Co., Ltd. | 26,647 | 1,038,939 | ||||||
| NCSoft Corp. | 4,563 | 3,142,599 | ||||||
| Orion Corp. | 10,827 | 1,221,785 | ||||||
| Samsung Electronics Co., Ltd. | 211,308 | 10,646,896 | ||||||
| SK Hynix, Inc. | 45,285 | 3,249,277 | ||||||
| 19,299,496 | ||||||||
| Taiwan | 11.1% | ||||||||
| Accton Technology Corp. | 151,000 | 1,166,561 | ||||||
| Largan Precision Co., Ltd. | 15,000 | 1,752,561 | ||||||
| Micro-Star International Co., Ltd. | 391,000 | 1,806,538 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 192,038 | 15,568,521 | ||||||
| 20,294,181 | ||||||||
| United Kingdom | 1.9% | ||||||||
| Unilever NV NY Shares | 57,788 | 3,490,395 | ||||||
| United States | 0.9% | ||||||||
| Yum China Holdings, Inc. | 32,234 | 1,706,790 | ||||||
| Total Common Stocks (Cost $144,746,622) | 178,337,339 | |||||||
| Preferred Stocks | 0.3% | ||||||||
| Brazil | 0.3% | ||||||||
| Itau Unibanco Holding SA Sponsored ADR (Cost $1,239,704) | 154,387 | 614,460 | ||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,225,675) | 2,225,675 | 2,225,675 | ||||||
| Total Investments | 99.4% (Cost $148,212,001) | $ | 181,177,474 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 1,055,054 | |||||||
| Net Assets | 100.0% | $ | 182,232,528 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.7% | ||||||||
| Argentina | 0.2% | ||||||||
| Globant SA (*) | 319 | $ | 57,171 | |||||
| Brazil | 2.1% | ||||||||
| Ambev SA | 21,400 | 47,785 | ||||||
| B3 SA - Brasil Bolsa Balcao | 4,300 | 42,120 | ||||||
| Minerva SA (*) | 25,000 | 52,263 | ||||||
| Pagseguro Digital, Ltd., Class A (*) | 1,451 | 54,717 | ||||||
| Petroleo Brasileiro SA (Preference Shares) | 17,439 | 60,895 | ||||||
| Totvs SA | 14,300 | 69,006 | ||||||
| Vale SA | 22,909 | 241,128 | ||||||
| 567,914 | ||||||||
| Brazil | 0.7% | ||||||||
| Afya, Ltd., Class A Class A (*) | 2,147 | 58,484 | ||||||
| Cia Paranaense de Energia (Preference Shares) | 4,300 | 47,480 | ||||||
| WEG SA | 6,500 | 76,043 | ||||||
| 182,007 | ||||||||
| China | 43.5% | ||||||||
| A-Living Services Co., Ltd., Class H | 6,250 | 31,825 | ||||||
| AECC Aero-Engine Control Co., Ltd., Class A | 47,900 | 139,121 | ||||||
| Agricultural Bank of China, Ltd., Class H | 355,000 | 111,153 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 8,526 | 2,506,473 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 27,000 | 186,678 | ||||||
| Anhui Guangxin Agrochemical Co., Ltd., Class A (*) | 39,900 | 105,814 | ||||||
| Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd., Class A | 60,700 | 52,170 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 550 | 69,625 | ||||||
| Bank of China, Ltd., Class H | 189,000 | 58,844 | ||||||
| Bank of Communications Co., Ltd., Class H | 271,000 | 130,322 | ||||||
| Bank of Jiangsu Co., Ltd., Class A | 100,400 | 89,681 | ||||||
| Brilliance China Automotive Holdings, Ltd. | 54,000 | 50,816 | ||||||
| C&S Paper Co., Ltd., Class A | 15,500 | 49,013 | ||||||
| China CITIC Bank Corp., Ltd., Class H | 170,000 | 65,997 | ||||||
| China Construction Bank Corp., Class H | 433,000 | 281,975 | ||||||
| China Everbright Bank Co., Ltd., Class H | 254,000 | 80,217 | ||||||
| China Feihe, Ltd. | 28,000 | 65,259 | ||||||
| China Lesso Group Holdings, Ltd. | 54,000 | 97,655 | ||||||
| China Life Insurance Co., Ltd., Class H | 25,000 | 56,745 | ||||||
| China Medical System Holdings, Ltd. | 61,000 | 67,705 | ||||||
| China Merchants Bank Co., Ltd., Class H | 51,500 | 245,242 | ||||||
| China Minsheng Banking Corp., Ltd., Class H | 560,000 | 293,780 | ||||||
| China Mobile, Ltd. | 38,500 | 247,503 | ||||||
| China Overseas Property Holdings, Ltd. | 65,000 | 53,290 | ||||||
| Description | Shares | Fair Value | ||||||
| China Pacific Insurance Group Co., Ltd., Class A | 11,100 | $ | 50,941 | |||||
| China Resources Cement Holdings, Ltd. | 68,000 | 93,276 | ||||||
| China Resources Land, Ltd. | 20,000 | 90,956 | ||||||
| China Resources Power Holdings Co., Ltd. | 38,000 | 42,060 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 70,000 | 126,143 | ||||||
| China Telecom Corp., Ltd., Class H | 230,000 | 68,990 | ||||||
| China Unicom Hong Kong, Ltd. | 46,000 | 30,160 | ||||||
| China Vanke Co., Ltd., Class H | 13,400 | 41,109 | ||||||
| China Yuhua Education Corp., Ltd. | 104,000 | 89,287 | ||||||
| CNOOC, Ltd. | 122,000 | 118,092 | ||||||
| Country Garden Services Holdings Co., Ltd. | 10,000 | 64,708 | ||||||
| CSC Financial Co., Ltd., Class H | 63,000 | 89,033 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 72,400 | 140,486 | ||||||
| Dali Foods Group Co., Ltd. | 74,500 | 45,559 | ||||||
| ENN Energy Holdings, Ltd. | 5,200 | 56,730 | ||||||
| G-bits Network Technology Xiamen Co., Ltd., Class A | 600 | 54,924 | ||||||
| Gansu Shangfeng Cement Co., Ltd., Class A | 18,700 | 66,290 | ||||||
| Great Wall Motor Co., Ltd. Class H | 131,500 | 167,572 | ||||||
| Guangdong South New Media Co., Ltd., Class A | 3,100 | 42,636 | ||||||
| Guangdong Tapai Group Co., Ltd., Class A | 18,900 | 38,617 | ||||||
| Guangzhou Wondfo Biotech Co., Ltd., Class A | 6,300 | 77,268 | ||||||
| Hansoh Pharmaceutical Group Co., Ltd. (*) | 14,000 | 68,562 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 231,000 | 120,428 | ||||||
| JD.com, Inc. ADR (*) | 4,641 | 360,188 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 4,160 | 55,067 | ||||||
| Jiangzhong Pharmaceutical Co., Ltd., Class A | 43,400 | 74,214 | ||||||
| Kunlun Energy Co., Ltd. | 72,000 | 47,453 | ||||||
| Li Ning Co., Ltd. | 33,500 | 157,195 | ||||||
| Lonking Holdings, Ltd. | 96,000 | 25,548 | ||||||
| Luxshare Precision Industry Co., Ltd., Class A | 7,629 | 64,433 | ||||||
| Meituan Dianping, Class B Class B (*) | 13,900 | 437,145 | ||||||
| NanJi E-Commerce Co., Ltd., Class A | 19,700 | 49,959 | ||||||
| NetEase, Inc. ADR | 352 | 160,044 | ||||||
| New China Life Insurance Co., Ltd. Class H | 13,200 | 49,793 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 520 | 77,740 | ||||||
| Pharmaron Beijing Co., Ltd., Class H | 8,400 | 105,025 | ||||||
| Pinduoduo, Inc. ADR (*) | 1,034 | 76,671 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 37,500 | 386,859 | ||||||
| Sany Heavy Industry Co., Ltd., Class A | 21,400 | 78,112 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 1,300 | 66,484 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Shenzhou International Group Holdings, Ltd. | 3,000 | $ | 50,941 | |||||
| Sinotruk Hong Kong, Ltd. | 26,000 | 66,854 | ||||||
| TAL Education Group ADR (*) | 1,087 | 82,655 | ||||||
| Tencent Holdings, Ltd. | 24,900 | 1,658,175 | ||||||
| Tencent Music Entertainment Group ADR (*) | 4,821 | 71,206 | ||||||
| Tian Di Science & Technology Co., Ltd., Class A | 139,800 | 62,392 | ||||||
| Vipshop Holdings, Ltd. ADR (*) | 6,581 | 102,927 | ||||||
| Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A | 12,400 | 72,418 | ||||||
| Xiaomi Corp., Class B Class B (*) | 54,600 | 145,829 | ||||||
| Zhongsheng Group Holdings, Ltd. | 10,500 | 65,995 | ||||||
| 11,572,052 | ||||||||
| Colombia | 0.3% | ||||||||
| Ecopetrol SA Sponsored ADR | 6,967 | 68,555 | ||||||
| Greece | 0.6% | ||||||||
| Hellenic Telecommunications Organization SA | 11,590 | 167,316 | ||||||
| Hong Kong | 0.4% | ||||||||
| Shimao Group Holdings, Ltd. | 16,000 | 66,491 | ||||||
| Vinda International Holdings, Ltd. | 15,000 | 49,445 | ||||||
| 115,936 | ||||||||
| Hungary | 0.6% | ||||||||
| Richter Gedeon Nyrt. | 7,181 | 151,595 | ||||||
| India | 6.5% | ||||||||
| Axis Bank, Ltd. GDR (*) | 870 | 25,473 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 4,286 | 298,134 | ||||||
| GAIL India, Ltd. GDR | 4,980 | 35,157 | ||||||
| HDFC Bank, Ltd. ADR (*) | 6,162 | 307,853 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 7,126 | 70,049 | ||||||
| Infosys, Ltd. Sponsored ADR | 29,594 | 408,693 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 3,961 | 240,685 | ||||||
| State Bank of India GDR (*) | 1,353 | 34,218 | ||||||
| Wipro, Ltd. ADR | 35,493 | 166,817 | ||||||
| WNS Holdings, Ltd. ADR (*) | 1,968 | 125,873 | ||||||
| 1,712,952 | ||||||||
| Indonesia | 1.9% | ||||||||
| Kalbe Farma Tbk PT | 536,800 | 56,067 | ||||||
| PT Bank Central Asia Tbk | 80,800 | 147,458 | ||||||
| PT Bank Mandiri (Persero) Tbk | 233,100 | 78,220 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 167,200 | 34,299 | ||||||
| PT Gudang Garam Tbk (*) | 15,500 | 41,788 | ||||||
| PT Indofood CBP Sukses Makmur Tbk | 109,500 | 74,198 | ||||||
| Description | Shares | Fair Value | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 3,476 | $ | 60,378 | |||||
| 492,408 | ||||||||
| Malaysia | 2.8% | ||||||||
| Frontken Corp. Bhd | 59,600 | 52,350 | ||||||
| Hartalega Holdings Berhad | 37,300 | 147,313 | ||||||
| Hong Leong Financial Group Bhd | 16,400 | 56,588 | ||||||
| Kossan Rubber Industries | 23,100 | 77,060 | ||||||
| MISC Bhd | 56,400 | 101,762 | ||||||
| Nestle Malaysia Berhad | 1,100 | 37,438 | ||||||
| Petronas Chemicals Group Bhd | 51,600 | 69,999 | ||||||
| Tenaga Nasional Bhd | 36,300 | 91,769 | ||||||
| Top Glove Corp. Berhad | 54,700 | 110,495 | ||||||
| 744,774 | ||||||||
| Mexico | 2.9% | ||||||||
| America Movil SAB de CV, Class | Sponsored ADR | 11,815 | 147,569 | ||||||
| Arca Continental SAB de CV | 31,500 | 136,434 | ||||||
| Coca-Cola Femsa SAB de CV Sponsored ADR | 1,734 | 70,608 | ||||||
| Gruma SAB de CV, Class B | 4,205 | 46,602 | ||||||
| Grupo Mexico SAB de CV, Series B | 19,900 | 50,624 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 30,300 | 48,098 | ||||||
| Qualitas Controladora SAB de CV | 31,100 | 117,289 | ||||||
| Wal-Mart de Mexico SAB de CV | 60,800 | 145,872 | ||||||
| 763,096 | ||||||||
| Philippines | 0.7% | ||||||||
| International Container Terminal Services, Inc. | 28,950 | 65,714 | ||||||
| Metropolitan Bank & Trust Co. | 35,700 | 28,132 | ||||||
| Puregold Price Club, Inc. | 93,300 | 94,305 | ||||||
| 188,151 | ||||||||
| Poland | 1.5% | ||||||||
| Dino Polska SA (*) | 1,471 | 86,569 | ||||||
| KGHM Polska Miedz SA (*) | 4,374 | 133,219 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 89,868 | 117,069 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA (*) | 9,935 | 54,414 | ||||||
| 391,271 | ||||||||
| Russia | 3.3% | ||||||||
| Gazprom PJSC Sponsored ADR | 10,209 | 44,415 | ||||||
| LUKOIL PJSC Sponsored ADR | 3,048 | 176,232 | ||||||
| MMC Norilsk Nickel PJSC ADR | 3,291 | 79,122 | ||||||
| PhosAgro PJSC GDR | 2,773 | 33,355 | ||||||
| Polyus PJSC GDR | 1,187 | 124,742 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| RusHydro PJSC ADR (*) | 45,854 | $ | 41,968 | |||||
| Sberbank of Russia PJSC Sponsored ADR (London) (*) | 19,668 | 229,461 | ||||||
| Tatneft PJSC Sponsored ADR | 2,360 | 84,316 | ||||||
| Yandex NV Class A (*) | 818 | 53,374 | ||||||
| 866,985 | ||||||||
| Singapore | 0.2% | ||||||||
| BOC Aviation, Ltd. | 9,000 | 61,310 | ||||||
| South Africa | 2.1% | ||||||||
| Anglo American Platinum, Ltd. | 581 | 40,304 | ||||||
| Clicks Group, Ltd. | 2,985 | 39,562 | ||||||
| FirstRand, Ltd. | 20,133 | 49,472 | ||||||
| Kumba Iron Ore, Ltd. | 1,941 | 57,370 | ||||||
| Naspers, Ltd., N Shares (*) | 1,219 | 215,003 | ||||||
| Ninety One, Ltd. (*) | 13,199 | 34,634 | ||||||
| Northam Platinum, Ltd. (*) | 3,789 | 38,445 | ||||||
| Sasol, Ltd. (*) | 6,312 | 48,383 | ||||||
| Sibanye Stillwater, Ltd. | 16,164 | 44,982 | ||||||
| 568,155 | ||||||||
| South Korea | 13.4% | ||||||||
| BGF retail Co., Ltd. | 271 | 28,505 | ||||||
| BNK Financial Group, Inc. | 10,143 | 43,583 | ||||||
| Celltrion, Inc. (*) | 418 | 91,967 | ||||||
| Coway Co Ltd. | 1,179 | 80,901 | ||||||
| DongKook Pharmaceutical Co., Ltd. | 2,381 | 55,649 | ||||||
| DoubleUGames Co., Ltd. | 911 | 57,987 | ||||||
| Hana Financial Group, Inc. | 9,730 | 231,573 | ||||||
| Hansol Chemical Co., Ltd. | 413 | 52,728 | ||||||
| Hyundai Mobis Co., Ltd. | 518 | 101,751 | ||||||
| Kakao Corp. | 201 | 62,570 | ||||||
| KB Financial Group, Inc. ADR | 3,291 | 105,707 | ||||||
| Kia Motors Corp. | 4,231 | 172,428 | ||||||
| Kolmar BNH Co., Ltd. | 887 | 46,739 | ||||||
| Korea Electric Power Corp. (*) | 2,438 | 42,497 | ||||||
| Korea Zinc Co., Ltd. | 315 | 102,532 | ||||||
| KT&G Corp. | 822 | 58,031 | ||||||
| LG Electronics, Inc. | 1,131 | 89,738 | ||||||
| LG Household & Health Care, Ltd. | 97 | 120,422 | ||||||
| LG Household & Health Care, Ltd. (Preference Shares) | 78 | 47,272 | ||||||
| LOTTE Fine Chemical Co., Ltd. | 4,414 | 186,458 | ||||||
| Mirae Asset Daewoo Co., Ltd. | 8,245 | 60,789 | ||||||
| NAVER Corp. | 438 | 110,898 | ||||||
| NCSoft Corp. | 131 | 90,221 | ||||||
| Orion Corp. | 394 | 44,461 | ||||||
| Samsung Electronics Co., Ltd. GDR | 996 | 1,261,157 | ||||||
| Description | Shares | Fair Value | ||||||
| Samsung Engineering Co., Ltd. (*) | 4,489 | $ | 40,451 | |||||
| Shinhan Financial Group Co., Ltd. | 4,213 | 97,975 | ||||||
| SK Telecom Co., Ltd. | 359 | 73,015 | ||||||
| 3,558,005 | ||||||||
| Taiwan | 14.0% | ||||||||
| Asia Cement Corp. | 40,000 | 57,493 | ||||||
| ASMedia Technology, Inc. | 1,000 | 50,725 | ||||||
| Delta Electronics, Inc. | 40,000 | 262,298 | ||||||
| Elan Microelectronics Corp. | 29,000 | 146,729 | ||||||
| eMemory Technology, Inc. | 3,000 | 53,191 | ||||||
| Evergreen Marine Corp. Taiwan, Ltd. (*) | 91,000 | 49,834 | ||||||
| Gigabyte Technology Co., Ltd. | 31,000 | 81,177 | ||||||
| International Games System Co., Ltd. | 4,000 | 106,888 | ||||||
| Lotes Co., Ltd. | 4,000 | 64,052 | ||||||
| Makalot Industrial Co., Ltd. | 12,000 | 71,324 | ||||||
| Micro-Star International Co., Ltd. | 25,000 | 115,508 | ||||||
| momo.com, Inc. | 2,000 | 48,828 | ||||||
| Nien Made Enterprise Co., Ltd. | 8,000 | 95,296 | ||||||
| Parade Technologies, Ltd. | 2,000 | 73,203 | ||||||
| Sensortek Technology Corp. | 1,342 | 37,056 | ||||||
| Standard Foods Corp. | 32,000 | 67,331 | ||||||
| Taiwan Cement Corp. | 33,600 | 48,174 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 22,519 | 1,825,615 | ||||||
| TXC Corp. | 21,000 | 52,728 | ||||||
| United Microelectronics Corp. | 201,000 | 197,016 | ||||||
| Voltronic Power Technology Corp. | 4,200 | 143,346 | ||||||
| Wan Hai Lines, Ltd. | 102,000 | 75,143 | ||||||
| 3,722,955 | ||||||||
| Thailand | 1.4% | ||||||||
| Carabao Group Public Co., Ltd., Class F (‡) | 13,600 | 50,215 | ||||||
| Com7 Public Co., Ltd. NVDR | 43,200 | 54,303 | ||||||
| Delta Electronics Thailand Public Co., Ltd. NVDR | 24,800 | 122,635 | ||||||
| Hana Microelectronics Public Co., Ltd. NVDR | 78,700 | 108,205 | ||||||
| PTT Exploration & Production Public Co., Ltd. (‡) | 13,200 | 32,909 | ||||||
| 368,267 | ||||||||
| Turkey | 0.4% | ||||||||
| BIM Birlesik Magazalar AS | 4,547 | 40,954 | ||||||
| Turk Telekomunikasyon AS | 43,138 | 39,846 | ||||||
| Turkcell Iletisim Hizmetleri AS | 18,844 | 37,044 | ||||||
| 117,844 | ||||||||
| United States | 0.2% | ||||||||
| Yum China Holdings, Inc. | 1,057 | 55,968 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Total Common Stocks (Cost $24,167,753) | $ | 26,494,687 | ||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.02% (7 day yield) (Cost $299,540) | 299,540 | 299,540 | ||||||
| Total Investments | 100.8% (Cost $24,467,293) | $ | 26,794,227 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.8)% | (209,650) | |||||||
| Net Assets | 100.0% | $ | 26,584,577 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Brazil | 3.1% | ||||||||
| Banco do Brasil SA | 110,657 | $ | 583,639 | |||||
| CCR SA | 199,130 | 449,256 | ||||||
| Cia de Saneamento do Parana | 45,800 | 207,474 | ||||||
| Construtora Tenda SA | 26,800 | 135,434 | ||||||
| Log-in Logistica Intermodal SA (*) | 63,800 | 167,910 | ||||||
| Pagseguro Digital, Ltd., Class A (*) | 20,369 | 768,115 | ||||||
| 2,311,828 | ||||||||
| Brazil | 0.5% | ||||||||
| Banco Pan SA (Preference Shares) | 120,600 | 174,375 | ||||||
| Lojas Quero Quero S/A | 81,142 | 201,558 | ||||||
| 375,933 | ||||||||
| Canada | 1.3% | ||||||||
| First Quantum Minerals, Ltd. | 110,203 | 982,396 | ||||||
| Chile | 0.1% | ||||||||
| Geopark, Ltd. | 14,903 | 109,686 | ||||||
| China | 29.4% | ||||||||
| 21Vianet Group, Inc. ADR (*) | 10,520 | 243,643 | ||||||
| 360 DigiTech, Inc. ADR (*) | 15,194 | 181,416 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 13,470 | 3,959,911 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 116,500 | 805,481 | ||||||
| Ausnutria Dairy Corp., Ltd. | 113,883 | 181,101 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 6,433 | 814,353 | ||||||
| China Aoyuan Group, Ltd. | 155,000 | 159,070 | ||||||
| China Construction Bank Corp., Class H | 1,753,281 | 1,141,758 | ||||||
| China Meidong Auto Holdings, Ltd. | 84,000 | 323,389 | ||||||
| China Merchants Bank Co., Ltd., Class H | 199,000 | 947,634 | ||||||
| China Mobile, Ltd. Sponsored ADR | 20,896 | 672,015 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 429,000 | 773,078 | ||||||
| CNOOC, Ltd. | 1,300,710 | 1,259,047 | ||||||
| Huami Corp. ADR (*) | 13,730 | 176,430 | ||||||
| JNBY Design, Ltd. | 211,000 | 204,075 | ||||||
| Kaisa Prosperity Holdings, Ltd. | 47,000 | 141,682 | ||||||
| NetEase, Inc. ADR | 3,419 | 1,554,517 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 232,000 | 2,393,366 | ||||||
| Precision Tsugami China Corp., Ltd. | 186,000 | 156,627 | ||||||
| Sinopharm Group Co., Ltd., Class H | 211,200 | 448,278 | ||||||
| Tencent Holdings, Ltd. | 39,592 | 2,636,565 | ||||||
| Tianyun International Holdings, Ltd. | 1,582,000 | 208,595 | ||||||
| West China Cement, Ltd. | 1,140,000 | 169,345 | ||||||
| Wuliangye Yibin Co., Ltd. Class A | 39,600 | 1,289,063 | ||||||
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 52,200 | 176,032 | ||||||
| Description | Shares | Fair Value | ||||||
| ZTO Express Cayman, Inc. ADR | 20,556 | $ | 615,035 | |||||
| 21,631,506 | ||||||||
| Colombia | 0.9% | ||||||||
| Bancolombia SA Sponsored ADR | 24,614 | 628,888 | ||||||
| Czech Republic | 0.3% | ||||||||
| Moneta Money Bank AS | 79,856 | 183,808 | ||||||
| Egypt | 1.3% | ||||||||
| Commercial International Bank Egypt SAE GDR | 141,190 | 605,948 | ||||||
| Credit Agricole Egypt SAE | 97,291 | 163,611 | ||||||
| Six of October Development & Investment | 237,220 | 189,298 | ||||||
| 958,857 | ||||||||
| Estonia | 0.2% | ||||||||
| Tallinna Sadam AS | 66,919 | 134,165 | ||||||
| Georgia | 0.5% | ||||||||
| Bank of Georgia Group PLC (*) | 16,368 | 187,829 | ||||||
| TBC Bank Group PLC (*) | 12,688 | 165,725 | ||||||
| 353,554 | ||||||||
| Greece | 0.3% | ||||||||
| OPAP SA | 22,056 | 209,191 | ||||||
| Hong Kong | 2.7% | ||||||||
| China Water Affairs Group, Ltd. | 238,000 | 187,428 | ||||||
| NewOcean Energy Holdings, Ltd. (*) | 496,000 | 44,256 | ||||||
| Techtronic Industries Co., Ltd. | 124,782 | 1,640,841 | ||||||
| TK Group Holdings, Ltd. | 308,000 | 102,600 | ||||||
| 1,975,125 | ||||||||
| Hungary | 0.9% | ||||||||
| OTP Bank Nyrt. (*) | 21,143 | 635,919 | ||||||
| India | 11.0% | ||||||||
| Axis Bank, Ltd. (*) | 178,862 | 1,038,261 | ||||||
| Bajaj Auto, Ltd. | 17,239 | 673,551 | ||||||
| Gujarat State Petronet, Ltd. | 80,616 | 229,154 | ||||||
| HCL Technologies, Ltd. | 53,167 | 585,301 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 125,199 | 1,230,706 | ||||||
| Infosys, Ltd. Sponsored ADR | 68,516 | 946,206 | ||||||
| Jubilant Life Sciences, Ltd. | 23,562 | 234,947 | ||||||
| Kiri Industries, Ltd. | 29,310 | 202,203 | ||||||
| Petronet LNG, Ltd. | 74,363 | 223,103 | ||||||
| Reliance Industries, Ltd. | 43,549 | 1,326,382 | ||||||
| Tata Consultancy Services, Ltd. | 24,780 | 840,447 | ||||||
| The South Indian Bank, Ltd. (*) | 748,459 | 68,651 | ||||||
| Uflex, Ltd. | 47,212 | 200,357 | ||||||
| UPL, Ltd. | 46,435 | 318,264 | ||||||
| 8,117,533 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (continued) | ||||||||
| Indonesia | 3.7% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,897,200 | $ | 636,631 | |||||
| PT Bank Pembangunan Daerah Jawa Timur Tbk | 4,641,000 | 159,502 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 4,828,059 | 990,430 | ||||||
| PT Bekasi Fajar Industrial Estate Tbk (*) | 9,411,600 | 107,655 | ||||||
| PT Erajaya Swasembada Tbk (*) | 1,270,800 | 132,451 | ||||||
| PT Media Nusantara Citra Tbk (*) | 4,012,500 | 195,048 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 29,247 | 508,020 | ||||||
| 2,729,737 | ||||||||
| Kenya | 0.2% | ||||||||
| KCB Group, Ltd. | 442,400 | 159,539 | ||||||
| Kuwait | 0.3% | ||||||||
| Human Soft Holding Co. KSC (*) | 22,392 | 190,104 | ||||||
| Mexico | 4.0% | ||||||||
| America Movil SAB de CV, Class | Sponsored ADR | 59,329 | 741,019 | ||||||
| Credito Real SAB de CV (*) | 164,400 | 81,414 | ||||||
| Genomma Lab Internacional SAB de CV, B Shares (*) | 236,000 | 230,968 | ||||||
| Grupo Cementos de Chihuahua SAB de CV | 50,000 | 232,978 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 143,690 | 497,910 | ||||||
| Grupo Mexico SAB de CV, Series B | 260,801 | 663,458 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 299,500 | 475,429 | ||||||
| 2,923,176 | ||||||||
| Oman | 0.2% | ||||||||
| Ooredoo | 160,160 | 161,304 | ||||||
| Pakistan | 0.3% | ||||||||
| Bank Alfalah, Ltd. | 875,631 | 183,764 | ||||||
| Poland | 0.3% | ||||||||
| Eurocash SA (*) | 24,650 | 91,734 | ||||||
| Warsaw Stock Exchange | 11,461 | 134,181 | ||||||
| 225,915 | ||||||||
| Romania | 0.2% | ||||||||
| NEPI Rockcastle PLC | 38,928 | 160,050 | ||||||
| Russia | 5.7% | ||||||||
| Detsky Mir PJSC (‡) | 148,650 | 224,625 | ||||||
| LSR Group PJSC GDR | 61,038 | 132,769 | ||||||
| LUKOIL PJSC Sponsored ADR | 12,543 | 720,094 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 81,704 | 713,276 | ||||||
| QIWI PLC Sponsored ADR | 13,468 | 233,670 | ||||||
| Sberbank of Russia PJSC (*), (‡) | 199,357 | 586,102 | ||||||
| Description | Shares | Fair Value | ||||||
| Sberbank of Russia PJSC Sponsored ADR (United States) (*) | 91,822 | $ | 1,071,563 | |||||
| Yandex NV Class A (*) | 7,333 | 478,478 | ||||||
| 4,160,577 | ||||||||
| South Africa | 0.6% | ||||||||
| Standard Bank Group, Ltd. | 72,805 | 468,853 | ||||||
| South Korea | 17.5% | ||||||||
| BGF retail Co., Ltd. | 1,897 | 199,532 | ||||||
| ELP Corp. | 8,031 | 68,626 | ||||||
| HS Industries Co., Ltd. | 42,467 | 306,021 | ||||||
| Hyundai Mobis Co., Ltd. | 4,007 | 787,097 | ||||||
| InBody Co., Ltd. | 15,377 | 208,909 | ||||||
| KT&G Corp. | 5,371 | 379,177 | ||||||
| MegaStudyEdu Co., Ltd. | 8,757 | 221,051 | ||||||
| NCSoft Corp. | 2,745 | 1,890,518 | ||||||
| Nice Information & Telecommunication, Inc. | 8,438 | 177,723 | ||||||
| Ray Co., Ltd. (*) | 5,008 | 179,261 | ||||||
| Samjin Pharmaceutical Co., Ltd. | 4,746 | 116,974 | ||||||
| Samsung Electronics Co., Ltd. | 89,331 | 4,501,003 | ||||||
| SFA Engineering Corp. | 9,193 | 299,971 | ||||||
| Shinhan Financial Group Co., Ltd. | 24,832 | 577,475 | ||||||
| SK Hynix, Inc. | 33,047 | 2,371,179 | ||||||
| TES Co., Ltd. | 6,430 | 141,101 | ||||||
| WONIK IPS Co., Ltd. (*) | 6,927 | 197,250 | ||||||
| Zinus, Inc. | 3,800 | 269,125 | ||||||
| 12,891,993 | ||||||||
| Taiwan | 9.8% | ||||||||
| Airtac International Group | 35,000 | 791,319 | ||||||
| Bizlink Holding, Inc. | 22,000 | 172,356 | ||||||
| Chailease Holding Co., Ltd. | 47,840 | 217,372 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 196,136 | 525,080 | ||||||
| Largan Precision Co., Ltd. | 4,614 | 539,088 | ||||||
| Lotes Co., Ltd. | 13,000 | 208,170 | ||||||
| Lotus Pharmaceutical Co., Ltd. (*) | 74,000 | 207,071 | ||||||
| MediaTek, Inc. | 20,000 | 421,738 | ||||||
| Powertech Technology, Inc. | 67,000 | 200,279 | ||||||
| Poya International Co., Ltd. | 10,000 | 191,148 | ||||||
| Sercomm Corp. | 77,000 | 193,051 | ||||||
| Silicon Motion Technology Corp. ADR | 19,786 | 747,515 | ||||||
| Simplo Technology Co., Ltd. | 17,000 | 176,653 | ||||||
| Sunny Friend Environmental Technology Co., Ltd. | 25,000 | 198,759 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 126,387 | 1,898,153 | ||||||
| Tripod Technology Corp. | 65,000 | 248,181 | ||||||
| TSC Auto ID Technology Co., Ltd. | 18,700 | 114,283 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Blend Portfolio (concluded) | ||||||||
| Wiwynn Corp. | 8,000 | $ | 181,714 | |||||
| 7,231,930 | ||||||||
| Ukraine | 0.2% | ||||||||
| Kernel Holding SA | 15,235 | 157,503 | ||||||
| United Kingdom | 1.0% | ||||||||
| Unilever NV | 11,926 | 719,975 | ||||||
| Total Common Stocks | ||||||||
| (Cost $68,607,711) | 70,972,809 | |||||||
| Preferred Stocks | 0.7% | ||||||||
| Brazil | 0.7% | ||||||||
| Banco Bradesco SA ADR (Cost $1,083,788) | 159,088 | 545,672 | ||||||
| Short-Term Investments | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,129,778) | 2,129,778 | 2,129,778 | ||||||
| Total Investments | 100.1% (Cost $71,821,277) | $ | 73,648,259 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (91,328) | |||||||
| Net Assets | 100.0% | $ | 73,556,931 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 94.0% | ||||||||
| Brazil | 4.0% | ||||||||
| Banco do Brasil SA | 13,654,426 | $ | 72,017,681 | |||||
| BB Seguridade Participacoes SA | 11,395,700 | 49,248,320 | ||||||
| CCR SA | 18,630,945 | 42,033,169 | ||||||
| 163,299,170 | ||||||||
| China | 20.9% | ||||||||
| AAC Technologies Holdings, Inc. | 6,171,165 | 33,503,988 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 11,253,451 | 77,806,326 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 445,239 | 56,362,805 | ||||||
| China Construction Bank Corp., Class H (^) | 211,925,224 | 138,008,288 | ||||||
| China Merchants Bank Co., Ltd., Class H | 15,588,994 | 74,234,500 | ||||||
| China Mobile, Ltd. Sponsored ADR (^) | 2,433,441 | 78,259,463 | ||||||
| China Shenhua Energy Co., Ltd., Class H (^) | 29,235,610 | 52,683,946 | ||||||
| China Vanke Co., Ltd., Class H | 11,408,000 | 34,997,603 | ||||||
| CNOOC, Ltd. (^) | 48,997,532 | 47,428,085 | ||||||
| CRRC Corp., Ltd., Class H (^) | 117,585,000 | 47,082,596 | ||||||
| ENN Energy Holdings, Ltd. | 2,389,000 | 26,063,096 | ||||||
| Hengan International Group Co., Ltd. | 6,923,500 | 50,331,940 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 4,478,500 | 46,201,249 | ||||||
| Sinopharm Group Co., Ltd., Class H (^) | 18,323,614 | 38,892,400 | ||||||
| Weichai Power Co., Ltd., Class H | 22,694,288 | 45,753,978 | ||||||
| 847,610,263 | ||||||||
| Egypt | 1.2% | ||||||||
| Commercial International Bank Egypt SAE GDR | 11,666,352 | 50,068,693 | ||||||
| Hong Kong | 1.2% | ||||||||
| ASM Pacific Technology, Ltd. | 4,653,900 | 47,569,479 | ||||||
| Hungary | 1.7% | ||||||||
| OTP Bank Nyrt. (*) | 2,304,735 | 69,319,675 | ||||||
| India | 14.6% | ||||||||
| Axis Bank, Ltd. (*) | 9,141,196 | 53,062,980 | ||||||
| Bajaj Auto, Ltd. | 938,327 | 36,661,671 | ||||||
| Bharat Petroleum Corp., Ltd. | 6,363,466 | 30,592,848 | ||||||
| Bharti Infratel, Ltd. | 12,533,242 | 29,951,780 | ||||||
| Coal India, Ltd. | 12,604,595 | 19,872,683 | ||||||
| HCL Technologies, Ltd. | 8,675,802 | 95,509,469 | ||||||
| Hero MotoCorp, Ltd. | 928,408 | 39,755,383 | ||||||
| Infosys, Ltd. Sponsored ADR | 7,311,412 | 100,970,600 | ||||||
| Oil and Natural Gas Corp., Ltd. | 35,570,521 | 33,565,086 | ||||||
| Power Grid Corp. of India, Ltd. | 14,103,611 | 31,146,192 | ||||||
| Tata Consultancy Services, Ltd. | 2,134,704 | 72,401,387 | ||||||
| UPL, Ltd. | 7,069,720 | 48,455,568 | ||||||
| 591,945,647 | ||||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 3.9% | ||||||||
| PT Astra International Tbk | 110,483,100 | $ | 33,239,611 | |||||
| PT Bank Mandiri (Persero) Tbk | 208,226,042 | 69,873,094 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 3,119,433 | 54,184,551 | ||||||
| 157,297,256 | ||||||||
| Luxembourg | 0.8% | ||||||||
| Ternium SA Sponsored ADR (*) | 1,759,363 | 33,128,805 | ||||||
| Mexico | 4.1% | ||||||||
| America Movil SAB de CV, Class | Sponsored ADR | 6,663,211 | 83,223,505 | ||||||
| Grupo Mexico SAB de CV, Series B | 20,448,793 | 52,020,198 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 19,145,595 | 30,391,895 | ||||||
| 165,635,598 | ||||||||
| Portugal | 0.9% | ||||||||
| Galp Energia SGPS SA | 4,015,603 | 37,221,000 | ||||||
| Russia | 8.4% | ||||||||
| ALROSA PAO (*), (‡) | 51,715,860 | 49,176,818 | ||||||
| LUKOIL PJSC Sponsored ADR | 1,138,994 | 65,855,421 | ||||||
| Magnit PJSC Sponsored GDR | 2,292,344 | 34,201,328 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 7,297,480 | 63,707,000 | ||||||
| Novolipetsk Steel PJSC GDR | 550,191 | 12,169,876 | ||||||
| Sberbank of Russia PJSC (*), (‡) | 39,081,091 | 114,897,040 | ||||||
| 340,007,483 | ||||||||
| South Africa | 6.1% | ||||||||
| Life Healthcare Group Holdings, Ltd. | 25,777,474 | 26,277,365 | ||||||
| Mondi PLC | 1,751,946 | 36,870,542 | ||||||
| Nedbank Group, Ltd. | 5,002,741 | 30,040,354 | ||||||
| Sanlam, Ltd. | 8,426,948 | 26,102,986 | ||||||
| Shoprite Holdings, Ltd. | 4,577,818 | 37,309,523 | ||||||
| Standard Bank Group, Ltd. | 5,056,258 | 32,561,502 | ||||||
| The Bidvest Group, Ltd. | 3,580,206 | 29,469,537 | ||||||
| Vodacom Group, Ltd. | 4,107,873 | 30,195,457 | ||||||
| 248,827,266 | ||||||||
| South Korea | 15.3% | ||||||||
| Coway Co Ltd. | 852,149 | 58,473,334 | ||||||
| Hyundai Mobis Co., Ltd. | 314,478 | 61,773,108 | ||||||
| KB Financial Group, Inc. | 2,095,528 | 67,580,121 | ||||||
| KT&G Corp. | 481,521 | 33,994,024 | ||||||
| Samsung Electronics Co., Ltd. | 3,853,281 | 194,150,158 | ||||||
| Shinhan Financial Group Co., Ltd. | 2,572,905 | 59,833,665 | ||||||
| SK Hynix, Inc. | 2,030,374 | 145,682,847 | ||||||
| 621,487,257 | ||||||||
| Taiwan | 6.8% | ||||||||
| Catcher Technology Co., Ltd. | 4,066,000 | 25,599,096 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Globalwafers Co., Ltd. | 2,218,000 | $ | 29,527,810 | |||||
| Hon Hai Precision Industry Co., Ltd. | 21,163,425 | 56,657,087 | ||||||
| Novatek Microelectronics Corp. | 4,667,000 | 43,027,329 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 8,187,913 | 122,970,790 | ||||||
| 277,782,112 | ||||||||
| Thailand | 1.2% | ||||||||
| Kasikornbank Public Co. Ltd. (‡) | 10,353,754 | 25,226,744 | ||||||
| The Siam Cement Public Co. Ltd. (‡) | 2,494,500 | 25,348,450 | ||||||
| 50,575,194 | ||||||||
| United Kingdom | 2.9% | ||||||||
| Anglo American PLC | 1,228,538 | 29,667,477 | ||||||
| Unilever NV | 1,452,502 | 87,687,885 | ||||||
| 117,355,362 | ||||||||
| Total Common Stocks (Cost $3,805,387,888) | 3,819,130,260 | |||||||
| Exchange-Traded Funds | 5.1% | ||||||||
| iShares Core MSCI Emerging Markets ETF | 1,989,164 | 105,027,859 | ||||||
| Vanguard FTSE Emerging Markets ETF | 2,396,111 | 103,607,840 | ||||||
| Total Exchange-Traded Funds (Cost $172,619,378) | 208,635,699 | |||||||
| Rights | 0.0% | ||||||||
| Thailand | 0.0% | ||||||||
| Siam Cement Co. (Expires 09/20/30) (Cost $0) | 351,585 | 0 | ||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $51,406,495) | 51,406,495 | 51,406,495 | ||||||
| Total Investments | 100.4% (Cost $4,029,413,761) | $ | 4,079,172,454 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (15,750,970) | |||||||
| Net Assets | 100.0% | $ | 4,063,421,484 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 95.8% | ||||||||
| Belgium | 2.8% | ||||||||
| Anheuser-Busch InBev SA/NV | 36,615 | $ | 1,976,389 | |||||
| France | 7.4% | ||||||||
| Bureau Veritas SA (*) | 132,269 | 2,970,897 | ||||||
| EssilorLuxottica SA (*) | 16,163 | 2,197,933 | ||||||
| 5,168,830 | ||||||||
| Germany | 4.0% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 33,109 | 2,795,654 | ||||||
| Italy | 5.1% | ||||||||
| Atlantia SpA (*) | 88,899 | 1,394,076 | ||||||
| Snam SpA | 415,043 | 2,134,066 | ||||||
| 3,528,142 | ||||||||
| Luxembourg | 5.2% | ||||||||
| SES SA | 508,349 | 3,596,403 | ||||||
| Spain | 2.9% | ||||||||
| Ferrovial SA | 82,358 | 1,997,951 | ||||||
| United Kingdom | 6.3% | ||||||||
| National Grid PLC | 256,998 | 2,958,487 | ||||||
| United Utilities Group PLC | 127,930 | 1,414,643 | ||||||
| 4,373,130 | ||||||||
| United States | 62.1% | ||||||||
| Cisco Systems, Inc. | 70,367 | 2,771,756 | ||||||
| Cognizant Technology Solutions Corp., Class A | 30,280 | 2,102,038 | ||||||
| CVS Health Corp. | 61,111 | 3,568,882 | ||||||
| H&R Block, Inc. | 291,076 | 4,741,628 | ||||||
| Henry Schein, Inc. (*) | 32,554 | 1,913,524 | ||||||
| Intel Corp. | 41,374 | 2,142,346 | ||||||
| International Game Technology PLC | 172,796 | 1,923,220 | ||||||
| McKesson Corp. | 23,023 | 3,428,815 | ||||||
| MEDNAX, Inc. (*) | 131,236 | 2,136,522 | ||||||
| Medtronic PLC | 19,728 | 2,050,134 | ||||||
| Nielsen Holdings PLC | 249,413 | 3,536,676 | ||||||
| Omnicom Group, Inc. | 69,290 | 3,429,855 | ||||||
| Oracle Corp. | 34,092 | 2,035,292 | ||||||
| Stericycle, Inc. (*) | 60,553 | 3,818,472 | ||||||
| Tapestry, Inc. | 231,061 | 3,611,484 | ||||||
| 43,210,644 | ||||||||
| Total Common Stocks (Cost $68,775,721) | 66,647,143 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 4.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,874,644) | 2,874,644 | $ | 2,874,644 | |||||
| Total Investments | 99.9% (Cost $71,650,365) | $ | 69,521,787 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 66,614 | |||||||
| Net Assets | 100.0% | $ | 69,588,401 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 96.4% | ||||||||
| Canada | 4.6% | ||||||||
| CAE, Inc. | 53,977 | $ | 789,660 | |||||
| Canadian National Railway Co. | 8,864 | 944,016 | ||||||
| Dollarama, Inc. | 25,341 | 971,353 | ||||||
| National Bank of Canada | 21,021 | 1,044,143 | ||||||
| 3,749,172 | ||||||||
| China | 4.4% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 5,686 | 1,671,570 | ||||||
| Tencent Holdings, Ltd. | 28,723 | 1,912,762 | ||||||
| 3,584,332 | ||||||||
| Denmark | 1.4% | ||||||||
| Vestas Wind Systems A/S | 7,186 | 1,162,741 | ||||||
| Germany | 3.4% | ||||||||
| Merck KGaA | 4,958 | 723,981 | ||||||
| Symrise AG | 9,089 | 1,257,389 | ||||||
| Teamviewer AG (*) | 17,036 | 841,247 | ||||||
| 2,822,617 | ||||||||
| Hong Kong | 4.3% | ||||||||
| AIA Group, Ltd. | 134,383 | 1,323,831 | ||||||
| China Gas Holdings, Ltd. | 311,200 | 887,457 | ||||||
| Hang Seng Bank, Ltd. | 43,921 | 651,962 | ||||||
| Sands China, Ltd. | 180,800 | 703,546 | ||||||
| 3,566,796 | ||||||||
| Israel | 0.7% | ||||||||
| Bank Leumi Le-Israel BM | 129,921 | 571,578 | ||||||
| Japan | 4.4% | ||||||||
| Kansai Paint Co., Ltd. | 28,967 | 719,487 | ||||||
| Nintendo Co., Ltd. | 2,200 | 1,250,657 | ||||||
| Shimano, Inc. | 4,100 | 807,222 | ||||||
| Yamaha Corp. | 17,864 | 855,081 | ||||||
| 3,632,447 | ||||||||
| Netherlands | 3.9% | ||||||||
| NXP Semiconductors NV | 7,079 | 883,530 | ||||||
| Wolters Kluwer NV | 27,435 | 2,342,289 | ||||||
| 3,225,819 | ||||||||
| South Africa | 0.3% | ||||||||
| Sanlam, Ltd. | 88,494 | 274,116 | ||||||
| South Korea | 1.3% | ||||||||
| LG Household & Health Care, Ltd. | 827 | 1,026,692 | ||||||
| Sweden | 3.7% | ||||||||
| Assa Abloy AB, Class B | 25,687 | 599,562 | ||||||
| Epiroc AB, Class A | 86,351 | 1,253,330 | ||||||
| Description | Shares | Fair Value | ||||||
| Hexagon AB, B Shares (*) | 15,540 | $ | 1,174,450 | |||||
| 3,027,342 | ||||||||
| Switzerland | 3.0% | ||||||||
| ABB, Ltd. | 42,092 | 1,066,822 | ||||||
| Alcon, Inc. (*) | 7,996 | 453,965 | ||||||
| Partners Group Holding AG | 1,013 | 932,135 | ||||||
| 2,452,922 | ||||||||
| Taiwan | 1.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 18,626 | 1,510,010 | ||||||
| United Kingdom | 9.6% | ||||||||
| Coca-Cola European Partners PLC | 20,105 | 780,275 | ||||||
| Diageo PLC | 41,449 | 1,419,968 | ||||||
| Prudential PLC | 53,498 | 763,777 | ||||||
| RELX PLC | 60,970 | 1,359,748 | ||||||
| Tesco PLC | 497,048 | 1,362,700 | ||||||
| Unilever PLC | 35,030 | 2,158,475 | ||||||
| 7,844,943 | ||||||||
| United States | 49.6% | ||||||||
| Accenture PLC, Class A | 7,990 | 1,805,660 | ||||||
| Alphabet, Inc., Class A (*) | 1,499 | 2,196,934 | ||||||
| AmerisourceBergen Corp. | 12,059 | 1,168,758 | ||||||
| Aon PLC, Class A | 10,091 | 2,081,773 | ||||||
| Boston Scientific Corp. (*) | 27,712 | 1,058,876 | ||||||
| Dollar General Corp. | 6,300 | 1,320,606 | ||||||
| Honeywell International, Inc. | 4,033 | 663,872 | ||||||
| Intercontinental Exchange, Inc. | 16,155 | 1,616,308 | ||||||
| IQVIA Holdings, Inc. (*) | 12,738 | 2,007,891 | ||||||
| Johnson & Johnson | 12,231 | 1,820,951 | ||||||
| Kimberly-Clark Corp. | 7,443 | 1,099,033 | ||||||
| Lowe’s Cos., Inc. | 6,424 | 1,065,485 | ||||||
| McDonald’s Corp. | 6,436 | 1,412,638 | ||||||
| Microsoft Corp. | 12,924 | 2,718,305 | ||||||
| Motorola Solutions, Inc. | 8,788 | 1,378,046 | ||||||
| Palo Alto Networks, Inc. (*) | 3,311 | 810,367 | ||||||
| PTC, Inc. (*) | 13,650 | 1,129,128 | ||||||
| Rockwell Automation, Inc. | 4,307 | 950,469 | ||||||
| S&P Global, Inc. | 4,272 | 1,540,483 | ||||||
| Texas Instruments, Inc. | 9,124 | 1,302,816 | ||||||
| The Coca-Cola Co. | 35,714 | 1,763,200 | ||||||
| The Procter & Gamble Co. | 10,495 | 1,458,700 | ||||||
| Thermo Fisher Scientific, Inc. | 7,547 | 3,332,152 | ||||||
| Visa, Inc., Class A | 9,545 | 1,908,714 | ||||||
| Warner Music Group Corp., Class A | 16,946 | 487,028 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Zoetis, Inc. | 16,074 | $ | 2,658,157 | |||||
| 40,756,350 | ||||||||
| Total Common Stocks (Cost $62,168,223) | 79,207,877 | |||||||
| Short-Term Investments | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $2,368,099) | 2,368,099 | 2,368,099 | ||||||
| Total Investments | 99.3% (Cost $64,536,322) | $ | 81,575,976 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 543,995 | |||||||
| Net Assets | 100.0% | $ | 82,119,971 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 87.9% | ||||||||
| Australia | 8.7% | ||||||||
| Atlas Arteria, Ltd. (^) | 48,907,421 | $ | 215,043,096 | |||||
| Spark Infrastructure Group | 83,493,195 | 122,828,546 | ||||||
| Transurban Group | 28,680,116 | 290,656,917 | ||||||
| 628,528,559 | ||||||||
| Canada | 0.8% | ||||||||
| Atco, Ltd., Class I | 1,898,489 | 54,878,031 | ||||||
| France | 6.3% | ||||||||
| Eutelsat Communications SA | 11,456,887 | 111,316,751 | ||||||
| Vinci SA | 4,103,263 | 342,256,697 | ||||||
| 453,573,448 | ||||||||
| Germany | 1.6% | ||||||||
| Fraport AG (*) | 3,027,331 | 119,880,047 | ||||||
| Hong Kong | 2.5% | ||||||||
| Power Assets Holdings, Ltd. | 34,797,965 | 183,018,240 | ||||||
| Italy | 21.2% | ||||||||
| ASTM SpA (*) | 3,990,113 | 83,553,326 | ||||||
| Atlantia SpA (*) | 22,290,649 | 349,552,313 | ||||||
| Hera SpA | 48,018,401 | 177,506,759 | ||||||
| Italgas SpA | 34,322,945 | 216,754,781 | ||||||
| Snam SpA | 68,225,224 | 350,800,189 | ||||||
| Terna Rete Elettrica Nazionale SpA | 50,700,701 | 355,220,852 | ||||||
| 1,533,388,220 | ||||||||
| Luxembourg | 2.0% | ||||||||
| SES SA (^) | 20,569,089 | 145,519,585 | ||||||
| Portugal | 0.8% | ||||||||
| Redes Energeticas Nacionais SGPS SA | 21,468,951 | 59,544,570 | ||||||
| Spain | 7.3% | ||||||||
| Ferrovial SA | 21,946,874 | 532,416,627 | ||||||
| United Kingdom | 20.6% | ||||||||
| National Grid PLC | 54,935,167 | 632,397,777 | ||||||
| Pennon Group PLC (^) | 21,423,608 | 284,732,512 | ||||||
| Severn Trent PLC | 8,059,600 | 253,414,780 | ||||||
| United Utilities Group PLC | 29,133,020 | 322,151,429 | ||||||
| 1,492,696,498 | ||||||||
| United States | 16.1% | ||||||||
| Consolidated Edison, Inc. | 3,234,000 | 251,605,200 | ||||||
| CSX Corp. | 6,825,311 | 530,121,905 | ||||||
| Norfolk Southern Corp. | 983,190 | 210,392,829 | ||||||
| Description | Shares | Fair Value | ||||||
| Southwest Gas Holdings, Inc. (^) | 2,761,944 | $ | 174,278,666 | |||||
| 1,166,398,600 | ||||||||
| Total Common Stocks (Cost $6,566,449,366) | 6,369,842,425 | |||||||
| Short-Term Investments | 11.6% | ||||||||
| State Street Institutional Treasury
Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $836,256,384) | 836,256,384 | 836,256,384 | ||||||
| Total Investments | 99.5% (Cost $7,402,705,750) (») | $ | 7,206,098,809 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 34,190,573 | |||||||
| Net Assets | 100.0% | $ | 7,240,289,382 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
| Forward Currency Contracts open at September 30, 2020: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 38,509,106 | AUD | 54,512,275 | BNP | 12/23/20 | $ | — | $ | 544,070 | |||||||||
| USD | 102,773,043 | AUD | 140,787,883 | BNP | 12/23/20 | 1,911,100 | — | |||||||||||
| USD | 122,789,878 | AUD | 168,234,120 | CIT | 12/23/20 | 2,265,158 | — | |||||||||||
| USD | 47,709,535 | AUD | 67,823,176 | HSB | 12/23/20 | — | 879,713 | |||||||||||
| USD | 78,222,473 | AUD | 107,152,604 | HSB | 12/23/20 | 1,457,202 | — | |||||||||||
| USD | 42,208,500 | AUD | 60,000,000 | SCB | 12/23/20 | — | 776,141 | |||||||||||
| USD | 94,792,399 | AUD | 129,849,044 | SCB | 12/23/20 | 1,767,157 | — | |||||||||||
| USD | 134,100,481 | AUD | 183,700,548 | SSB | 12/23/20 | 2,495,447 | — | |||||||||||
| USD | 6,022,992 | CAD | 7,936,858 | BNP | 12/23/20 | 59,969 | — | |||||||||||
| USD | 20,401,476 | CAD | 26,884,453 | HSB | 12/23/20 | 202,976 | — | |||||||||||
| USD | 12,592,242 | CAD | 16,590,656 | RBC | 12/23/20 | 127,552 | — | |||||||||||
| USD | 19,191,305 | CAD | 25,288,670 | SCB | 12/23/20 | 191,729 | — | |||||||||||
| USD | 368,560,585 | EUR | 311,045,214 | BNP | 12/23/20 | 3,183,843 | — | |||||||||||
| USD | 355,415,385 | EUR | 299,974,160 | CAN | 12/23/20 | 3,043,523 | — | |||||||||||
| USD | 424,067,317 | EUR | 357,965,120 | CIT | 12/23/20 | 3,574,980 | — | |||||||||||
| USD | 412,089,305 | EUR | 347,834,528 | HSB | 12/23/20 | 3,497,111 | — | |||||||||||
| USD | 406,550,698 | EUR | 343,204,717 | MEL | 12/23/20 | 3,397,023 | — | |||||||||||
| USD | 490,272,409 | EUR | 413,794,845 | RBC | 12/23/20 | 4,198,342 | — | |||||||||||
| USD | 504,739,891 | EUR | 426,077,469 | SSB | 12/23/20 | 4,237,745 | — | |||||||||||
| USD | 304,533,945 | GBP | 235,078,752 | CAN | 12/23/20 | 1,030,161 | — | |||||||||||
| USD | 370,170,318 | GBP | 285,808,948 | HSB | 12/23/20 | 1,170,157 | — | |||||||||||
| USD | 354,638,113 | GBP | 273,732,397 | RBC | 12/23/20 | 1,229,659 | — | |||||||||||
| USD | 122,131,727 | GBP | 94,741,415 | SSB | 12/23/20 | — | 186,338 | |||||||||||
| USD | 321,017,289 | GBP | 247,815,167 | SSB | 12/23/20 | 1,069,866 | — | |||||||||||
| USD | 77,229,752 | HKD | 599,014,809 | BNP | 12/23/20 | — | 38,885 | |||||||||||
| USD | 43,640,271 | HKD | 338,487,470 | HSB | 12/23/20 | — | 22,198 | |||||||||||
| USD | 18,967,258 | HKD | 147,070,450 | SSB | 12/23/20 | — | 3,781 | |||||||||||
| USD | 46,661,208 | HKD | 361,922,996 | SSB | 12/23/20 | — | 24,276 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 40,110,700 | $ | 2,475,402 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Brazil | 0.9% | ||||||||
| Lojas Renner SA | 4,551 | $ | 32,131 | |||||
| Canada | 3.2% | ||||||||
| CAE, Inc. | 1,646 | 24,080 | ||||||
| TMX Group, Ltd. | 439 | 45,148 | ||||||
| Toromont Industries, Ltd. | 832 | 49,787 | ||||||
| 119,015 | ||||||||
| China | 4.5% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 370 | 108,773 | ||||||
| Tencent Holdings, Ltd. | 900 | 59,934 | ||||||
| 168,707 | ||||||||
| Denmark | 2.0% | ||||||||
| Genmab A/S (*) | 201 | 72,986 | ||||||
| France | 2.7% | ||||||||
| Safran SA (*) | 315 | 30,997 | ||||||
| Vivendi SA | 2,427 | 67,646 | ||||||
| 98,643 | ||||||||
| Germany | 2.6% | ||||||||
| Infineon Technologies AG | 1,513 | 42,798 | ||||||
| Teamviewer AG (*) | 1,081 | 53,380 | ||||||
| 96,178 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group, Ltd. | 6,000 | 59,107 | ||||||
| India | 1.1% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 808 | 40,368 | ||||||
| Israel | 1.0% | ||||||||
| CyberArk Software, Ltd. (*) | 344 | 35,576 | ||||||
| Italy | 1.4% | ||||||||
| Enel SpA | 6,079 | 52,785 | ||||||
| Japan | 4.8% | ||||||||
| Digital Garage, Inc. | 1,000 | 34,016 | ||||||
| Menicon Co., Ltd. | 700 | 46,584 | ||||||
| Nintendo Co., Ltd. | 100 | 56,848 | ||||||
| Z Holdings Corp. | 6,200 | 41,423 | ||||||
| 178,871 | ||||||||
| Netherlands | 2.4% | ||||||||
| ASML Holding NV | 77 | 28,393 | ||||||
| Koninklijke DSM NV | 375 | 61,798 | ||||||
| 90,191 | ||||||||
| Portugal | 1.9% | ||||||||
| Energias de Portugal SA | 14,462 | 71,082 | ||||||
| Description | Shares | Fair Value | ||||||
| Spain | 1.8% | ||||||||
| Siemens Gamesa Renewable Energy SA | 2,536 | $ | 68,355 | |||||
| Switzerland | 4.9% | ||||||||
| ABB, Ltd. | 1,996 | 50,589 | ||||||
| Idorsia, Ltd. (*) | 547 | 14,686 | ||||||
| Novartis AG | 720 | 62,569 | ||||||
| Partners Group Holding AG | 58 | 53,370 | ||||||
| 181,214 | ||||||||
| United Kingdom | 11.1% | ||||||||
| Clarivate PLC (*) | 2,152 | 66,690 | ||||||
| Coca-Cola European Partners PLC | 915 | 35,985 | ||||||
| Dechra Pharmaceuticals PLC | 945 | 39,269 | ||||||
| Informa PLC (*) | 11,591 | 56,199 | ||||||
| Linde PLC | 200 | 47,336 | ||||||
| RELX PLC | 2,453 | 54,707 | ||||||
| Rio Tinto PLC | 491 | 29,626 | ||||||
| Tesco PLC | 13,251 | 36,329 | ||||||
| THG Holdings, Ltd. | 5,760 | 44,461 | ||||||
| 410,602 | ||||||||
| United States | 50.6% | ||||||||
| Accenture PLC, Class A | 242 | 54,690 | ||||||
| Adobe, Inc. (*) | 132 | 64,737 | ||||||
| Alphabet, Inc., Class A (*) | 85 | 124,576 | ||||||
| American Express Co. | 350 | 35,088 | ||||||
| Analog Devices, Inc. | 364 | 42,493 | ||||||
| Aon PLC, Class A | 404 | 83,345 | ||||||
| Bank of America Corp. | 1,770 | 42,639 | ||||||
| Baxter International, Inc. | 573 | 46,081 | ||||||
| Danaher Corp. | 367 | 79,026 | ||||||
| Dollar General Corp. | 320 | 67,079 | ||||||
| Electronic Arts, Inc. (*) | 669 | 87,244 | ||||||
| Fidelity National Information Services, Inc. | 310 | 45,635 | ||||||
| Intercontinental Exchange, Inc. | 1,102 | 110,255 | ||||||
| IPG Photonics Corp. (*) | 129 | 21,926 | ||||||
| IQVIA Holdings, Inc. (*) | 564 | 88,903 | ||||||
| Medtronic PLC | 558 | 57,987 | ||||||
| Microsoft Corp. | 867 | 182,356 | ||||||
| Palo Alto Networks, Inc. (*) | 232 | 56,782 | ||||||
| S&P Global, Inc. | 306 | 110,344 | ||||||
| Starbucks Corp. | 548 | 47,084 | ||||||
| Synopsys, Inc. (*) | 230 | 49,215 | ||||||
| The Coca-Cola Co. | 1,487 | 73,413 | ||||||
| The Progressive Corp. | 772 | 73,085 | ||||||
| Thermo Fisher Scientific, Inc. | 197 | 86,980 | ||||||
| UnitedHealth Group, Inc. | 266 | 82,931 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Visa, Inc., Class A | 310 | $ | 61,991 | |||||
| 1,875,885 | ||||||||
| Total Common Stocks (Cost $2,826,357) | 3,651,696 | |||||||
| Preferred Stocks | 1.3% | ||||||||
| Germany | 1.3% | ||||||||
| Volkswagen AG (*) (Cost $51,228) | 306 | 49,247 | ||||||
| Short-Term Investments | 0.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $9,477) | 9,477 | 9,477 | ||||||
| Total Investments | 100.1% (Cost $2,887,062) | $ | 3,710,420 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (3,351) | |||||||
| Net Assets | 100.0% | $ | 3,707,069 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.8% | ||||||||
| Australia | 6.6% | ||||||||
| AGL Energy, Ltd. | 656 | $ | 6,411 | |||||
| ASX, Ltd. | 75 | 4,393 | ||||||
| BHP Group, Ltd. | 370 | 9,521 | ||||||
| Breville Group, Ltd. | 231 | 4,177 | ||||||
| Charter Hall Group REIT | 642 | 5,793 | ||||||
| CSL, Ltd. | 32 | 6,593 | ||||||
| Data#3, Ltd. | 650 | 3,094 | ||||||
| Fortescue Metals Group, Ltd. | 3,971 | 46,484 | ||||||
| IGO, Ltd. | 642 | 1,934 | ||||||
| Ingenia Communities Group REIT | 997 | 3,262 | ||||||
| Kogan.com, Ltd. | 349 | 5,065 | ||||||
| Netwealth Group, Ltd. | 766 | 8,420 | ||||||
| Omni Bridgeway, Ltd. | 666 | 1,879 | ||||||
| REA Group, Ltd. | 36 | 2,845 | ||||||
| Regis Resources, Ltd. | 2,955 | 10,667 | ||||||
| Santos, Ltd. | 4,223 | 14,820 | ||||||
| Stockland REIT | 4,642 | 12,609 | ||||||
| 147,967 | ||||||||
| Austria | 0.1% | ||||||||
| OMV AG (*) | 52 | 1,420 | ||||||
| Raiffeisen Bank International AG (*) | 103 | 1,575 | ||||||
| 2,995 | ||||||||
| China | 0.3% | ||||||||
| S-Enjoy Service Group Co., Ltd. | 2,000 | 5,173 | ||||||
| SITC International Holdings Co., Ltd. | 1,000 | 1,389 | ||||||
| 6,562 | ||||||||
| Denmark | 4.5% | ||||||||
| Coloplast A/S, Class B | 213 | 33,685 | ||||||
| Novo Nordisk A/S, Class B | 965 | 67,031 | ||||||
| 100,716 | ||||||||
| Finland | 1.1% | ||||||||
| Neles Oyj | 200 | 2,699 | ||||||
| Neste Oyj | 68 | 3,576 | ||||||
| UPM-Kymmene Oyj | 55 | 1,674 | ||||||
| Valmet Oyj | 712 | 17,628 | ||||||
| 25,577 | ||||||||
| France | 9.6% | ||||||||
| Air Liquide SA | 71 | 11,267 | ||||||
| Capgemini SE | 133 | 17,034 | ||||||
| Cie de Saint-Gobain (*) | 892 | 37,451 | ||||||
| Cie Generale des Etablissements Michelin SCA | 61 | 6,527 | ||||||
| Electricite de France SA | 626 | 6,623 | ||||||
| Description | Shares | Fair Value | ||||||
| Elis SA (*) | 125 | $ | 1,576 | |||||
| L’Oreal SA | 175 | 56,945 | ||||||
| Legrand SA | 34 | 2,714 | ||||||
| Orange SA | 451 | 4,693 | ||||||
| Peugeot SA (*) | 575 | 10,368 | ||||||
| Sartorius Stedim Biotech | 7 | 2,411 | ||||||
| Schneider Electric SE | 471 | 58,458 | ||||||
| 216,067 | ||||||||
| Germany | 8.0% | ||||||||
| Allianz SE | 253 | 48,530 | ||||||
| Continental AG | 28 | 3,035 | ||||||
| Daimler AG | 463 | 24,965 | ||||||
| Deutsche Bank AG (*) | 2,078 | 17,520 | ||||||
| Deutsche Post AG | 594 | 27,087 | ||||||
| DWS Group GmbH & Co. KGaA (*) | 145 | 4,997 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 81 | 6,840 | ||||||
| Muenchener Rueckversicherungs AG | 109 | 27,675 | ||||||
| SAP SE | 72 | 11,212 | ||||||
| Schaeffler AG (Preference Shares) | 713 | 4,402 | ||||||
| Siltronic AG | 24 | 2,154 | ||||||
| 178,417 | ||||||||
| Hong Kong | 2.3% | ||||||||
| Man Wah Holdings, Ltd. | 7,200 | 9,563 | ||||||
| Sun Hung Kai Properties, Ltd. | 1,000 | 12,820 | ||||||
| WH Group, Ltd. | 37,000 | 30,115 | ||||||
| 52,498 | ||||||||
| Ireland | 0.2% | ||||||||
| Kingspan Group PLC (*) | 55 | 5,002 | ||||||
| Israel | 0.3% | ||||||||
| Plus500, Ltd. | 370 | 7,476 | ||||||
| Italy | 1.2% | ||||||||
| Banca Generali SpA (*) | 78 | 2,370 | ||||||
| Buzzi Unicem SpA | 489 | 11,374 | ||||||
| Intesa Sanpaolo SpA (*) | 3,459 | 6,495 | ||||||
| Reply SpA | 60 | 6,905 | ||||||
| 27,144 | ||||||||
| Japan | 27.4% | ||||||||
| Amada Co., Ltd. | 600 | 5,623 | ||||||
| Chugai Pharmaceutical Co., Ltd. | 100 | 4,487 | ||||||
| Dai-ichi Life Holdings, Inc. | 900 | 12,702 | ||||||
| Daikin Industries, Ltd. | 100 | 18,439 | ||||||
| Daito Trust Construction Co., Ltd. Sponsored ADR | 435 | 9,896 | ||||||
| DCM Holdings Co., Ltd. | 200 | 2,769 | ||||||
| Dip Corp. | 200 | 4,110 | ||||||
| East Japan Railway Co. ADR | 3,417 | 35,127 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| EDION Corp. | 200 | $ | 2,092 | |||||
| Electric Power Development Co., Ltd. | 200 | 3,086 | ||||||
| Japan Tobacco, Inc. | 100 | 1,826 | ||||||
| Kao Corp. | 100 | 7,504 | ||||||
| KDDI Corp. | 400 | 10,118 | ||||||
| Kureha Corp. | 100 | 4,336 | ||||||
| Mizuho Financial Group, Inc. | 3,450 | 43,096 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 300 | 8,126 | ||||||
| Murata Manufacturing Co., Ltd. | 600 | 38,713 | ||||||
| Nikkiso Co., Ltd. | 200 | 2,030 | ||||||
| Nintendo Co., Ltd. ADR | 532 | 37,719 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 3,496 | ||||||
| Nitori Holdings Co., Ltd. ADR | 621 | 13,041 | ||||||
| Nitto Denko Corp. | 100 | 6,519 | ||||||
| Nitto Denko Corp. ADR | 230 | 7,498 | ||||||
| Nomura Research Institute, Ltd. N Ap | 200 | 5,878 | ||||||
| NTT DOCOMO, Inc. | 1,618 | 60,003 | ||||||
| Obayashi Corp. | 600 | 5,438 | ||||||
| Ono Pharmaceutical Co., Ltd. | 500 | 15,697 | ||||||
| Open House Co., Ltd. | 100 | 3,612 | ||||||
| Oracle Corp. Japan | 100 | 10,842 | ||||||
| ORIX Corp. | 1,000 | 12,449 | ||||||
| Osaka Gas Co., Ltd. | 400 | 7,793 | ||||||
| Otsuka Corp. | 300 | 15,353 | ||||||
| Sekisui Chemical Co., Ltd. | 600 | 9,591 | ||||||
| Sekisui House, Ltd. | 300 | 5,306 | ||||||
| Seria Co., Ltd. | 100 | 4,261 | ||||||
| Seven & I Holdings Co., Ltd. | 400 | 12,365 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 233 | 30,412 | ||||||
| Softbank Corp. | 2,800 | 31,374 | ||||||
| Sugi Holdings Co., Ltd. | 200 | 14,141 | ||||||
| T&D Holdings, Inc. | 1,400 | 13,846 | ||||||
| Taiheiyo Cement Corp. | 100 | 2,552 | ||||||
| The 77 Bank, Ltd. | 200 | 3,093 | ||||||
| The Gunma Bank, Ltd. | 1,000 | 3,335 | ||||||
| The Okinawa Electric Power Co., Inc. | 100 | 1,570 | ||||||
| The Shizuoka Bank, Ltd. | 300 | 2,075 | ||||||
| Tohoku Electric Power Co., Inc. | 200 | 2,004 | ||||||
| Tokyo Electron, Ltd. | 100 | 26,173 | ||||||
| Tokyu Construction Co., Ltd. | 400 | 1,744 | ||||||
| Trend Micro, Inc. | 400 | 24,407 | ||||||
| Trend Micro, Inc. Sponsored ADR | 84 | 5,134 | ||||||
| ZOZO, Inc. | 100 | 2,789 | ||||||
| 615,590 | ||||||||
| Description | Shares | Fair Value | ||||||
| Luxembourg | 0.1% | ||||||||
| ArcelorMittal SA (*) | 130 | $ | 1,734 | |||||
| Netherlands | 4.1% | ||||||||
| ASM International NV | 178 | 25,514 | ||||||
| ASML Holding NV | 48 | 17,699 | ||||||
| Koninklijke Ahold Delhaize NV | 1,102 | 32,614 | ||||||
| NN Group NV | 240 | 9,015 | ||||||
| Royal Dutch Shell PLC, A Shares | 408 | 5,050 | ||||||
| Signify NV (*) | 80 | 2,961 | ||||||
| 92,853 | ||||||||
| New Zealand | 0.7% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 669 | 14,726 | ||||||
| Norway | 1.4% | ||||||||
| DNB ASA (*) | 573 | 7,914 | ||||||
| Orkla ASA | 1,674 | 16,941 | ||||||
| Yara International ASA | 138 | 5,314 | ||||||
| 30,169 | ||||||||
| Singapore | 1.0% | ||||||||
| AEM Holdings, Ltd. | 3,200 | 9,056 | ||||||
| DBS Group Holdings, Ltd. | 400 | 5,883 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 1,200 | 7,455 | ||||||
| 22,394 | ||||||||
| South Africa | 0.1% | ||||||||
| Investec PLC | 673 | 1,238 | ||||||
| Spain | 2.6% | ||||||||
| Amadeus IT Group SA | 127 | 7,048 | ||||||
| EDP Renovaveis SA | 322 | 5,335 | ||||||
| Iberdrola SA | 1,193 | 14,683 | ||||||
| Industria de Diseno Textil SA | 1,111 | 30,889 | ||||||
| 57,955 | ||||||||
| Sweden | 4.9% | ||||||||
| Alfa Laval AB (*) | 281 | 6,202 | ||||||
| Assa Abloy AB, Class B | 526 | 12,277 | ||||||
| Axfood AB | 471 | 10,793 | ||||||
| Essity AB, Class B (*) | 407 | 13,753 | ||||||
| Evolution Gaming Group AB | 241 | 15,930 | ||||||
| Husqvarna AB, B Shares | 1,181 | 13,004 | ||||||
| Lundin Energy AB | 116 | 2,297 | ||||||
| Sandvik AB (*) | 179 | 3,492 | ||||||
| Skandinaviska Enskilda Banken AB, Class A (*) | 820 | 7,258 | ||||||
| Swedish Match AB | 258 | 21,050 | ||||||
| Volvo AB, Class B (*) | 198 | 3,803 | ||||||
| 109,859 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Switzerland | 10.4% | ||||||||
| Credit Suisse Group AG | 1,141 | $ | 11,420 | |||||
| Geberit AG | 18 | 10,665 | ||||||
| Logitech International SA | 170 | 13,155 | ||||||
| Nestle SA | 113 | 13,406 | ||||||
| Novartis AG | 905 | 78,646 | ||||||
| Partners Group Holding AG | 9 | 8,282 | ||||||
| Roche Holding AG | 247 | 84,505 | ||||||
| Sonova Holding AG (*) | 10 | 2,536 | ||||||
| UBS Group AG | 1,062 | 11,856 | ||||||
| 234,471 | ||||||||
| United Kingdom | 12.6% | ||||||||
| Associated British Foods PLC | 454 | 10,936 | ||||||
| AstraZeneca PLC | 54 | 5,877 | ||||||
| Auto Trader Group PLC | 1,088 | 7,870 | ||||||
| Barclays PLC (*) | 20,248 | 25,479 | ||||||
| Computacenter PLC | 78 | 2,384 | ||||||
| Fiat Chrysler Automobiles NV (*) | 470 | 5,754 | ||||||
| GlaxoSmithKline PLC | 1,015 | 19,013 | ||||||
| Howden Joinery Group PLC | 172 | 1,301 | ||||||
| IMI PLC | 645 | 8,691 | ||||||
| National Grid PLC | 2,363 | 27,202 | ||||||
| Nomad Foods, Ltd. (*) | 213 | 5,427 | ||||||
| Persimmon PLC | 936 | 29,729 | ||||||
| RELX PLC | 1,761 | 38,980 | ||||||
| Rio Tinto PLC | 50 | 3,017 | ||||||
| Royal Bank of Scotland Group PLC (*) | 7,924 | 10,819 | ||||||
| Softcat PLC | 127 | 1,979 | ||||||
| Spirent Communications PLC | 1,016 | 3,729 | ||||||
| Standard Chartered PLC (*) | 3,931 | 18,022 | ||||||
| Tate & Lyle PLC | 1,291 | 11,072 | ||||||
| Taylor Wimpey PLC | 1,059 | 1,474 | ||||||
| Unilever NV | 466 | 28,132 | ||||||
| Vodafone Group PLC | 11,680 | 15,496 | ||||||
| 282,383 | ||||||||
| United States | 0.3% | ||||||||
| Ferguson PLC | 49 | 4,930 | ||||||
| ICON PLC (*) | 12 | 2,293 | ||||||
| 7,223 | ||||||||
| Total Common Stocks (Cost $2,123,982) | 2,241,016 | |||||||
| Preferred Stocks | 0.4% | ||||||||
| Germany | 0.4% | ||||||||
| Porsche Automobil Holding SE (*) | 87 | 5,194 | ||||||
| Description | Shares | Fair Value | ||||||
| Volkswagen AG (*) | 27 | $ | 4,346 | |||||
| Total Preferred Stocks (Cost $11,376) | 9,540 | |||||||
| Short-Term Investments | 0.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $8,804) | 8,804 | 8,804 | ||||||
| Total Investments | 100.6% (Cost $2,144,162) | $ | 2,259,360 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (13,547) | |||||||
| Net Assets | 100.0% | $ | 2,245,813 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Concentrated Portfolio | ||||||||
| Common Stocks | 95.1% | ||||||||
| Canada | 2.2% | ||||||||
| Toromont Industries, Ltd. | 7,270 | $ | 435,037 | |||||
| China | 10.5% | ||||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 92,500 | 954,251 | ||||||
| Tencent Holdings, Ltd. | 16,618 | 1,106,649 | ||||||
| 2,060,900 | ||||||||
| France | 17.1% | ||||||||
| Engie SA (*) | 111,408 | 1,489,021 | ||||||
| Safran SA (*) | 7,514 | 739,406 | ||||||
| Sanofi | 11,247 | 1,127,726 | ||||||
| 3,356,153 | ||||||||
| Germany | 17.7% | ||||||||
| Beiersdorf AG | 8,193 | 931,691 | ||||||
| SAP SE | 6,422 | 1,000,056 | ||||||
| Vonovia SE | 22,534 | 1,548,503 | ||||||
| 3,480,250 | ||||||||
| Hong Kong | 6.2% | ||||||||
| China Gas Holdings, Ltd. | 193,000 | 550,383 | ||||||
| ESR Cayman, Ltd. | 217,200 | 677,662 | ||||||
| 1,228,045 | ||||||||
| India | 5.6% | ||||||||
| Reliance Industries, Ltd. Sponsored GDR | 18,112 | 1,101,210 | ||||||
| Japan | 10.7% | ||||||||
| Digital Garage, Inc. | 24,900 | 846,998 | ||||||
| Hitachi, Ltd. | 37,300 | 1,260,356 | ||||||
| 2,107,354 | ||||||||
| Luxembourg | 2.3% | ||||||||
| ArcelorMittal SA (*) | 33,771 | 450,368 | ||||||
| Mexico | 5.8% | ||||||||
| Arca Continental SAB de CV | 264,496 | 1,145,593 | ||||||
| South Korea | 5.0% | ||||||||
| Samsung Electronics Co., Ltd. | 19,704 | 992,799 | ||||||
| Spain | 3.1% | ||||||||
| Siemens Gamesa Renewable Energy SA | 22,609 | 609,396 | ||||||
| United Kingdom | 3.5% | ||||||||
| Prudential PLC | 47,998 | 685,255 | ||||||
| United States | 5.4% | ||||||||
| Aon PLC, Class A | 2,764 | 570,213 | ||||||
| Description | Shares | Fair Value | ||||||
| Medtronic PLC | 4,728 | $ | 491,334 | |||||
| 1,061,547 | ||||||||
| Total Common Stocks (Cost $17,582,197) | 18,713,907 | |||||||
| Preferred Stocks | 3.0% | ||||||||
| Germany | 3.0% | ||||||||
| Volkswagen AG (*) (Cost $581,685) | 3,630 | 584,207 | ||||||
| Short-Term Investments | 2.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $395,999) | 395,999 | 395,999 | ||||||
| Total
Investments | 100.1% (Cost $18,559,881) | $ | 19,694,113 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (16,331) | |||||||
| Net Assets | 100.0% | $ | 19,677,782 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Australia | 1.2% | ||||||||
| BHP Group PLC | 1,595,119 | $ | 34,006,052 | |||||
| Canada | 3.4% | ||||||||
| Canadian National Railway Co. | 337,921 | 35,988,567 | ||||||
| Suncor Energy, Inc. | 2,028,701 | 24,773,143 | ||||||
| TMX Group, Ltd. | 311,077 | 31,991,953 | ||||||
| 92,753,663 | ||||||||
| China | 3.3% | ||||||||
| Autohome, Inc. ADR | 309,060 | 29,669,760 | ||||||
| ENN Energy Holdings, Ltd. | 1,902,600 | 20,756,654 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 3,939,000 | 40,635,642 | ||||||
| 91,062,056 | ||||||||
| Denmark | 3.2% | ||||||||
| Carlsberg AS, Class B | 296,821 | 39,966,981 | ||||||
| Vestas Wind Systems A/S | 288,364 | 46,659,159 | ||||||
| 86,626,140 | ||||||||
| Finland | 2.4% | ||||||||
| Nordea Bank Abp | 4,167,742 | 31,747,270 | ||||||
| Sampo Oyj, A Shares | 841,052 | 33,273,574 | ||||||
| 65,020,844 | ||||||||
| France | 14.9% | ||||||||
| Air Liquide SA | 338,719 | 53,749,047 | ||||||
| Alstom SA (*) | 746,817 | 37,182,193 | ||||||
| BNP Paribas SA (*) | 503,538 | 18,241,178 | ||||||
| Engie SA (*) | 5,521,447 | 73,796,767 | ||||||
| Safran SA (*) | 446,232 | 43,910,919 | ||||||
| Sanofi | 797,768 | 79,991,431 | ||||||
| Vinci SA | 304,207 | 25,374,168 | ||||||
| Vivendi SA | 2,765,458 | 77,079,361 | ||||||
| 409,325,064 | ||||||||
| Germany | 10.2% | ||||||||
| Continental AG | 245,504 | 26,613,929 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 382,828 | 32,325,189 | ||||||
| Infineon Technologies AG | 957,837 | 27,094,091 | ||||||
| Merck KGaA | 255,569 | 37,318,895 | ||||||
| ProSiebenSat.1 Media SE (*) | 1,138,778 | 14,958,402 | ||||||
| SAP SE | 691,934 | 107,750,305 | ||||||
| Vonovia SE | 499,054 | 34,294,247 | ||||||
| 280,355,058 | ||||||||
| Hong Kong | 1.1% | ||||||||
| ESR Cayman, Ltd. | 9,404,200 | 29,340,990 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 1.0% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 317,254 | $ | 25,938,687 | |||||
| Israel | 0.9% | ||||||||
| Bank Leumi Le-Israel BM | 5,387,540 | 23,702,112 | ||||||
| Italy | 2.2% | ||||||||
| Enel SpA | 7,056,321 | 61,271,103 | ||||||
| Japan | 15.3% | ||||||||
| Daiwa House Industry Co., Ltd. | 1,587,981 | 40,800,758 | ||||||
| Hitachi, Ltd. | 1,435,100 | 48,491,601 | ||||||
| Kao Corp. | 456,880 | 34,284,336 | ||||||
| Makita Corp. | 951,000 | 45,360,138 | ||||||
| Nexon Co., Ltd. | 2,648,600 | 65,777,521 | ||||||
| Nintendo Co., Ltd. | 133,400 | 75,835,279 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,218,700 | 33,911,719 | ||||||
| Suzuki Motor Corp. | 606,200 | 25,964,476 | ||||||
| Yamaha Corp. | 534,500 | 25,584,451 | ||||||
| Z Holdings Corp. | 3,605,069 | 24,086,012 | ||||||
| 420,096,291 | ||||||||
| Luxembourg | 0.8% | ||||||||
| ArcelorMittal SA (*) | 1,593,963 | 21,257,021 | ||||||
| Mexico | 0.6% | ||||||||
| Arca Continental SAB de CV | 3,479,612 | 15,071,001 | ||||||
| Netherlands | 4.4% | ||||||||
| JDE Peet’s BV | 518,614 | 21,097,919 | ||||||
| Koninklijke DSM NV | 369,788 | 60,939,520 | ||||||
| Wolters Kluwer NV | 438,719 | 37,456,057 | ||||||
| 119,493,496 | ||||||||
| Norway | 2.4% | ||||||||
| Equinor ASA | 1,841,726 | 25,991,556 | ||||||
| Telenor ASA | 2,351,519 | 39,399,746 | ||||||
| 65,391,302 | ||||||||
| Portugal | 1.4% | ||||||||
| Energias de Portugal SA | 5,971,550 | 29,350,538 | ||||||
| Galp Energia SGPS SA | 869,698 | 8,061,312 | ||||||
| 37,411,850 | ||||||||
| Singapore | 0.9% | ||||||||
| DBS Group Holdings, Ltd. | 1,763,520 | 25,938,429 | ||||||
| South Korea | 1.5% | ||||||||
| Samsung Electronics Co., Ltd. | 838,096 | 42,228,031 | ||||||
| Spain | 0.8% | ||||||||
| Banco Santander SA | 12,389,387 | 23,080,925 | ||||||
| Sweden | 1.7% | ||||||||
| Hexagon AB, B Shares (*) | 292,721 | 22,122,672 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Sandvik AB (*) | 1,294,906 | $ | 25,259,859 | |||||
| 47,382,531 | ||||||||
| Switzerland | 5.9% | ||||||||
| ABB, Ltd. | 2,500,643 | 63,378,780 | ||||||
| Flughafen Zuerich AG (*) | 138,722 | 18,995,516 | ||||||
| Novartis AG | 905,513 | 78,690,228 | ||||||
| 161,064,524 | ||||||||
| United Arab Emirates | 0.1% | ||||||||
| Network International Holdings PLC | 1,114,047 | 3,935,512 | ||||||
| United Kingdom | 10.5% | ||||||||
| 3i Group PLC | 330,062 | 4,236,857 | ||||||
| Compass Group PLC | 1,838,614 | 27,599,727 | ||||||
| Informa PLC (*) | 4,843,401 | 23,483,330 | ||||||
| Prudential PLC | 2,505,274 | 35,767,158 | ||||||
| RELX PLC | 3,008,366 | 66,589,957 | ||||||
| RSA Insurance Group PLC | 3,785,936 | 22,023,547 | ||||||
| Tesco PLC | 18,808,223 | 51,564,354 | ||||||
| Unilever PLC | 931,045 | 57,369,034 | ||||||
| 288,633,964 | ||||||||
| United States | 6.4% | ||||||||
| Aon PLC, Class A | 265,182 | 54,707,047 | ||||||
| Ferguson PLC | 393,349 | 39,577,322 | ||||||
| Medtronic PLC | 784,906 | 81,567,431 | ||||||
| 175,851,800 | ||||||||
| Total Common
Stocks (Cost $2,373,732,205) | 2,646,238,446 | |||||||
| Preferred Stocks | 1.6% | ||||||||
| Germany | 1.6% | ||||||||
| Volkswagen AG (*) (Cost $48,126,746) | 284,212 | 45,740,653 | ||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $46,016,545) | 46,016,545 | 46,016,545 | ||||||
| Total
Investments | 99.8% (Cost $2,467,875,496) | $ | 2,737,995,644 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 4,506,810 | |||||||
| Net Assets | 100.0% | $ | 2,742,502,454 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 93.7% | ||||||||
| Australia | 1.2% | ||||||||
| BHP Group, Ltd. | 40,310 | $ | 1,037,289 | |||||
| Brazil | 1.5% | ||||||||
| BB Seguridade Participacoes SA | 119,800 | 517,735 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 43,900 | 365,840 | ||||||
| Lojas Renner SA | 53,000 | 374,196 | ||||||
| 1,257,771 | ||||||||
| Canada | 2.0% | ||||||||
| Canadian National Railway Co. | 9,504 | 1,012,176 | ||||||
| Suncor Energy, Inc. | 54,797 | 669,144 | ||||||
| 1,681,320 | ||||||||
| China | 9.0% | ||||||||
| Alibaba Group Holding, Ltd. | 27,300 | 1,009,518 | ||||||
| Autohome, Inc. ADR | 11,950 | 1,147,200 | ||||||
| ENN Energy Holdings, Ltd. | 101,700 | 1,109,509 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 184,500 | 1,903,345 | ||||||
| Tencent Holdings, Ltd. | 36,500 | 2,430,658 | ||||||
| 7,600,230 | ||||||||
| Denmark | 2.5% | ||||||||
| Carlsberg AS, Class B | 7,672 | 1,033,036 | ||||||
| Vestas Wind Systems A/S | 6,922 | 1,120,024 | ||||||
| 2,153,060 | ||||||||
| Finland | 2.2% | ||||||||
| Nordea Bank Abp | 106,409 | 810,558 | ||||||
| Sampo Oyj, A Shares | 27,348 | 1,081,937 | ||||||
| 1,892,495 | ||||||||
| France | 13.4% | ||||||||
| Air Liquide SA | 5,805 | 921,157 | ||||||
| Alstom SA (*) | 19,748 | 983,205 | ||||||
| BNP Paribas SA (*) | 19,978 | 723,723 | ||||||
| Engie SA (*) | 146,651 | 1,960,060 | ||||||
| Safran SA (*) | 16,285 | 1,602,506 | ||||||
| Sanofi | 22,091 | 2,215,043 | ||||||
| Vinci SA | 8,374 | 698,483 | ||||||
| Vivendi SA | 80,609 | 2,246,749 | ||||||
| 11,350,926 | ||||||||
| Germany | 6.9% | ||||||||
| Beiersdorf AG | 11,180 | 1,271,367 | ||||||
| Continental AG | 4,341 | 470,587 | ||||||
| Knorr-Bremse AG | 6,747 | 796,994 | ||||||
| Merck KGaA | 3,274 | 478,078 | ||||||
| Description | Shares | Fair Value | ||||||
| SAP SE | 18,341 | $ | 2,856,123 | |||||
| 5,873,149 | ||||||||
| Hong Kong | 0.9% | ||||||||
| ESR Cayman, Ltd. | 242,200 | 755,661 | ||||||
| India | 1.8% | ||||||||
| Hero MotoCorp, Ltd. | 11,790 | 504,860 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 106,578 | 1,047,662 | ||||||
| 1,552,522 | ||||||||
| Indonesia | 0.9% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 861,600 | 289,122 | ||||||
| PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 27,584 | 479,134 | ||||||
| 768,256 | ||||||||
| Ireland | 1.0% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 10,347 | 845,971 | ||||||
| Italy | 1.9% | ||||||||
| Enel SpA | 185,420 | 1,610,030 | ||||||
| Japan | 13.2% | ||||||||
| Daiwa House Industry Co., Ltd. | 27,600 | 709,140 | ||||||
| Hitachi, Ltd. | 38,600 | 1,304,283 | ||||||
| Kao Corp. | 11,100 | 832,945 | ||||||
| Makita Corp. | 29,200 | 1,392,761 | ||||||
| Nintendo Co., Ltd. | 4,300 | 2,444,466 | ||||||
| Ryohin Keikaku Co., Ltd. | 45,200 | 750,786 | ||||||
| Shimano, Inc. | 4,500 | 885,975 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 8,700 | 1,135,541 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 34,976 | 973,247 | ||||||
| Suzuki Motor Corp. | 18,500 | 792,383 | ||||||
| 11,221,527 | ||||||||
| Mexico | 1.1% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 273,600 | 948,069 | ||||||
| Netherlands | 3.7% | ||||||||
| JDE Peet’s BV | 17,022 | 692,478 | ||||||
| Koninklijke DSM NV | 8,314 | 1,370,113 | ||||||
| Wolters Kluwer NV | 12,643 | 1,079,408 | ||||||
| 3,141,999 | ||||||||
| Norway | 2.1% | ||||||||
| Equinor ASA | 47,911 | 676,149 | ||||||
| Telenor ASA | 65,531 | 1,097,973 | ||||||
| 1,774,122 | ||||||||
| Singapore | 0.9% | ||||||||
| DBS Group Holdings, Ltd. | 49,700 | 731,004 | ||||||
| South Africa | 0.7% | ||||||||
| Mr Price Group, Ltd. | 74,241 | 584,280 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| South Korea | 3.5% | ||||||||
| LG Household & Health Care, Ltd. | 624 | $ | 774,674 | |||||
| Samsung Electronics Co., Ltd. | 43,607 | 2,197,168 | ||||||
| 2,971,842 | ||||||||
| Spain | 0.5% | ||||||||
| Industria de Diseno Textil SA | 15,534 | 431,887 | ||||||
| Sweden | 2.2% | ||||||||
| Hexagon AB, B Shares (*) | 11,983 | 905,627 | ||||||
| Sandvik AB (*) | 50,852 | 991,975 | ||||||
| 1,897,602 | ||||||||
| Switzerland | 6.6% | ||||||||
| ABB, Ltd. | 76,160 | 1,930,274 | ||||||
| Flughafen Zuerich AG (*) | 3,144 | 430,515 | ||||||
| Lonza Group AG | 1,505 | 929,007 | ||||||
| Novartis AG | 26,275 | 2,283,331 | ||||||
| 5,573,127 | ||||||||
| United Kingdom | 7.1% | ||||||||
| Linde PLC | 3,222 | 762,591 | ||||||
| Prudential PLC | 66,463 | 948,875 | ||||||
| RELX PLC | 76,338 | 1,689,736 | ||||||
| Tesco PLC | 492,399 | 1,349,954 | ||||||
| Unilever PLC | 20,797 | 1,281,468 | ||||||
| 6,032,624 | ||||||||
| United States | 6.9% | ||||||||
| Accenture PLC, Class A | 5,806 | 1,312,098 | ||||||
| Aon PLC, Class A | 8,742 | 1,803,474 | ||||||
| Ferguson PLC | 10,096 | 1,015,822 | ||||||
| Medtronic PLC | 16,340 | 1,698,053 | ||||||
| 5,829,447 | ||||||||
| Total Common
Stocks (Cost $74,274,082) | 79,516,210 | |||||||
| Preferred Stocks | 2.0% | ||||||||
| Germany | 2.0% | ||||||||
| Volkswagen AG (*) (Cost $1,766,737) | 10,257 | 1,650,746 | ||||||
| Short-Term Investments | 5.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $4,451,120) | 4,451,120 | 4,451,120 | ||||||
| Description | Fair Value | |||||||
| Total
Investments | 100.9% (Cost $80,491,939) | $ | 85,618,076 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (767,204) | |||||||
| Net Assets | 100.0% | $ | 84,850,872 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Value Portfolio | ||||||||
| Common Stocks | 95.4% | ||||||||
| Austria | 2.7% | ||||||||
| BAWAG Group AG (*) | 1,817 | $ | 65,488 | |||||
| France | 23.0% | ||||||||
| Bollore SA | 22,422 | 83,692 | ||||||
| Carrefour SA | 6,075 | 97,238 | ||||||
| Credit Agricole SA (*) | 9,162 | 80,083 | ||||||
| Engie SA (*) | 10,949 | 146,339 | ||||||
| Sanofi | 894 | 89,640 | ||||||
| Thales SA | 791 | 59,229 | ||||||
| 556,221 | ||||||||
| Germany | 12.8% | ||||||||
| Allianz SE | 464 | 89,004 | ||||||
| KION Group AG | 948 | 81,415 | ||||||
| Siemens AG | 994 | 125,687 | ||||||
| Siemens Energy AG (*) | 497 | 13,402 | ||||||
| 309,508 | ||||||||
| Italy | 2.0% | ||||||||
| Pirelli & C SpA (*) | 11,161 | 47,805 | ||||||
| Japan | 20.9% | ||||||||
| Hitachi, Ltd. | 3,100 | 104,748 | ||||||
| Nexon Co., Ltd. | 2,700 | 67,054 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 815 | 106,376 | ||||||
| Sony Corp. Sponsored ADR | 703 | 53,955 | ||||||
| Suzuki Motor Corp. | 1,368 | 58,594 | ||||||
| Toyota Industries Corp. | 986 | 62,347 | ||||||
| Universal Entertainment Corp. (*) | 2,885 | 52,873 | ||||||
| 505,947 | ||||||||
| Macau | 3.8% | ||||||||
| SJM Holdings, Ltd. | 77,306 | 91,296 | ||||||
| Mexico | 3.1% | ||||||||
| Arca Continental SAB de CV | 17,494 | 75,771 | ||||||
| Netherlands | 6.2% | ||||||||
| Akzo Nobel NV | 842 | 85,273 | ||||||
| Koninklijke DSM NV | 398 | 65,589 | ||||||
| 150,862 | ||||||||
| Norway | 2.9% | ||||||||
| Equinor ASA | 4,912 | 69,321 | ||||||
| South Korea | 3.3% | ||||||||
| Kangwon Land, Inc. | 4,389 | 80,628 | ||||||
| Spain | 2.2% | ||||||||
| Banco Santander SA | 28,540 | 53,169 | ||||||
| Sweden | 2.3% | ||||||||
| Sandvik AB (*) | 2,878 | 56,141 | ||||||
| Description | Shares | Fair Value | ||||||
| Switzerland | 4.6% | ||||||||
| Coca-Cola HBC AG | 4,479 | $ | 110,717 | |||||
| United Kingdom | 5.6% | ||||||||
| Prudential PLC | 5,210 | 74,382 | ||||||
| Vodafone Group PLC | 46,021 | 61,055 | ||||||
| 135,437 | ||||||||
| Total Common Stocks (Cost $2,312,192) | 2,308,311 | |||||||
| Preferred Stocks | 3.5% | ||||||||
| Germany | 3.5% | ||||||||
| Volkswagen AG (*) (Cost $89,598) | 530 | 85,298 | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $12,827) | 12,827 | 12,827 | ||||||
| Total Investments | 99.4% (Cost $2,414,617) | $ | 2,406,436 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 13,928 | |||||||
| Net Assets | 100.0% | $ | 2,420,364 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 96.3% | ||||||||
| Canada | 8.2% | ||||||||
| CAE, Inc. | 9,811 | $ | 143,531 | |||||
| Dollarama, Inc. | 4,465 | 171,149 | ||||||
| National Bank of Canada | 3,060 | 151,995 | ||||||
| Toromont Industries, Ltd. | 4,135 | 247,438 | ||||||
| 714,113 | ||||||||
| China | 7.8% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 1,277 | 375,413 | ||||||
| Tencent Holdings, Ltd. | 4,500 | 299,670 | ||||||
| 675,083 | ||||||||
| Denmark | 6.9% | ||||||||
| Coloplast A/S, Class B | 1,008 | 159,413 | ||||||
| Demant A/S (*) | 5,003 | 157,382 | ||||||
| Genmab A/S (*) | 773 | 280,686 | ||||||
| 597,481 | ||||||||
| France | 4.4% | ||||||||
| Legrand SA | 2,129 | 169,966 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 453 | 211,775 | ||||||
| 381,741 | ||||||||
| Germany | 11.0% | ||||||||
| Rational AG | 256 | 200,770 | ||||||
| SAP SE | 1,587 | 247,133 | ||||||
| Scout24 AG | 3,274 | 285,766 | ||||||
| Symrise AG | 1,585 | 219,272 | ||||||
| 952,941 | ||||||||
| Hong Kong | 1.9% | ||||||||
| AIA Group, Ltd. | 16,600 | 163,529 | ||||||
| India | 2.9% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 4,983 | 248,951 | ||||||
| Israel | 1.7% | ||||||||
| Check Point Software Technologies, Ltd. (*) | 1,269 | 152,711 | ||||||
| Japan | 10.3% | ||||||||
| Pigeon Corp. | 2,900 | 129,564 | ||||||
| Shimano, Inc. | 600 | 118,130 | ||||||
| SMS Co., Ltd. | 8,400 | 244,528 | ||||||
| Toei Animation Co., Ltd. | 3,900 | 254,958 | ||||||
| Workman Co., Ltd. | 1,700 | 148,936 | ||||||
| 896,116 | ||||||||
| Netherlands | 5.1% | ||||||||
| ASML Holding NV | 727 | 268,070 | ||||||
| Wolters Kluwer NV | 2,026 | 172,972 | ||||||
| 441,042 | ||||||||
| Description | Shares | Fair Value | ||||||
| Norway | 1.7% | ||||||||
| Gjensidige Forsikring ASA | 7,141 | $ | 144,964 | |||||
| South Africa | 1.9% | ||||||||
| Clicks Group, Ltd. | 12,196 | 161,639 | ||||||
| South Korea | 1.8% | ||||||||
| LG Household & Health Care, Ltd. | 129 | 160,149 | ||||||
| Spain | 1.2% | ||||||||
| Industria de Diseno Textil SA | 3,771 | 104,844 | ||||||
| Sweden | 4.8% | ||||||||
| Assa Abloy AB, Class B | 9,462 | 220,853 | ||||||
| Hexagon AB, B Shares (*) | 2,586 | 195,439 | ||||||
| 416,292 | ||||||||
| Switzerland | 5.1% | ||||||||
| Geberit AG | 318 | 188,425 | ||||||
| Partners Group Holding AG | 274 | 252,127 | ||||||
| 440,552 | ||||||||
| Taiwan | 4.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 4,651 | 377,057 | ||||||
| United Kingdom | 12.3% | ||||||||
| Dechra Pharmaceuticals PLC | 3,308 | 137,463 | ||||||
| Diageo PLC | 5,761 | 197,361 | ||||||
| Intertek Group PLC | 2,177 | 177,082 | ||||||
| London Stock Exchange Group PLC | 2,123 | 242,873 | ||||||
| Prudential PLC | 7,241 | 103,378 | ||||||
| RELX PLC | 9,385 | 209,303 | ||||||
| 1,067,460 | ||||||||
| United States | 3.0% | ||||||||
| Aon PLC, Class A | 1,270 | 262,001 | ||||||
| Total Common Stocks (Cost $7,117,342) | 8,358,666 | |||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $109,251) | 109,251 | 109,251 | ||||||
| Total Investments | 97.6% (Cost $7,226,593) | $ | 8,467,917 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.4% | 209,728 | |||||||
| Net Assets | 100.0% | $ | 8,677,645 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 97.2% | ||||||||
| Australia | 2.5% | ||||||||
| Bravura Solutions, Ltd. | 194,176 | $ | 474,509 | |||||
| carsales.com, Ltd. | 20,775 | 308,497 | ||||||
| Domino’s Pizza Enterprises, Ltd. | 4,847 | 276,413 | ||||||
| 1,059,419 | ||||||||
| Austria | 1.2% | ||||||||
| BAWAG Group AG (*) | 14,913 | 537,492 | ||||||
| Belgium | 4.5% | ||||||||
| Barco NV | 17,988 | 376,812 | ||||||
| Fagron | 23,647 | 596,231 | ||||||
| Kinepolis Group NV (*) | 10,322 | 366,125 | ||||||
| Shurgard Self Storage SA | 14,060 | 613,212 | ||||||
| 1,952,380 | ||||||||
| Canada | 3.8% | ||||||||
| Altus Group, Ltd. | 9,211 | 382,745 | ||||||
| Stelco Holdings, Inc. | 49,746 | 424,404 | ||||||
| The Descartes Systems Group, Inc. (*) | 6,267 | 356,992 | ||||||
| WPT Industrial Real Estate Investment Trust | 38,169 | 484,746 | ||||||
| 1,648,887 | ||||||||
| Denmark | 1.6% | ||||||||
| Royal Unibrew A/S | 6,697 | 690,137 | ||||||
| Finland | 2.7% | ||||||||
| Altia Oyj | 52,046 | 592,365 | ||||||
| Kojamo Oyj | 25,647 | 550,696 | ||||||
| 1,143,061 | ||||||||
| France | 0.9% | ||||||||
| Kaufman & Broad SA | 10,169 | 402,949 | ||||||
| Germany | 13.0% | ||||||||
| Aroundtown SA (*) | 102,810 | 516,774 | ||||||
| CompuGroup Medical SE & Co. KgaA | 4,645 | 429,910 | ||||||
| Covestro AG | 10,227 | 507,789 | ||||||
| Dermapharm Holding SE | 15,236 | 814,522 | ||||||
| Flatex AG (*) | 21,217 | 1,060,631 | ||||||
| JOST Werke AG | 14,433 | 582,022 | ||||||
| LEG Immobilien AG | 3,965 | 566,012 | ||||||
| PATRIZIA AG | 19,480 | 531,332 | ||||||
| Teamviewer AG (*) | 12,049 | 594,986 | ||||||
| 5,603,978 | ||||||||
| Greece | 1.6% | ||||||||
| JUMBO SA | 19,125 | 336,076 | ||||||
| Terna Energy SA | 26,780 | 357,888 | ||||||
| 693,964 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 0.8% | ||||||||
| Jubilant Life Sciences, Ltd. | 32,519 | $ | 324,262 | |||||
| Ireland | 0.9% | ||||||||
| Dalata Hotel Group PLC | 136,815 | 396,718 | ||||||
| Israel | 0.7% | ||||||||
| Israel Discount Bank, Ltd., Class A | 112,161 | 302,319 | ||||||
| Italy | 3.0% | ||||||||
| Banca Generali SpA (*) | 17,322 | 526,300 | ||||||
| Cerved Group SpA (*) | 16,142 | 115,303 | ||||||
| Italgas SpA | 100,623 | 635,450 | ||||||
| 1,277,053 | ||||||||
| Japan | 25.6% | ||||||||
| Ariake Japan Co., Ltd. | 6,900 | 467,744 | ||||||
| ARTERIA Networks Corp. | 39,900 | 695,496 | ||||||
| Broadleaf Co., Ltd. | 74,900 | 388,633 | ||||||
| Daiseki Co., Ltd. | 19,600 | 488,618 | ||||||
| Digital Garage, Inc. | 14,400 | 489,830 | ||||||
| GMO internet, Inc. | 19,100 | 499,288 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 357 | 611,743 | ||||||
| Jafco Co., Ltd. | 15,300 | 644,492 | ||||||
| Japan Lifeline Co., Ltd. | 38,300 | 508,952 | ||||||
| KOMEDA Holdings Co., Ltd. | 26,400 | 493,259 | ||||||
| Nippon Shinyaku Co., Ltd. | 5,000 | 412,239 | ||||||
| Open House Co., Ltd. | 19,900 | 718,766 | ||||||
| Relo Group, Inc. | 17,800 | 426,671 | ||||||
| Sanwa Holdings Corp. | 46,800 | 496,470 | ||||||
| Seria Co., Ltd. | 10,500 | 447,393 | ||||||
| TechnoPro Holdings, Inc. | 8,845 | 546,953 | ||||||
| Trend Micro, Inc. | 6,400 | 390,514 | ||||||
| Trusco Nakayama Corp. | 20,400 | 515,614 | ||||||
| Tsuruha Holdings, Inc. | 4,800 | 679,317 | ||||||
| USS Co., Ltd. | 29,900 | 534,844 | ||||||
| Zenkoku Hosho Co., Ltd. | 14,442 | 568,628 | ||||||
| 11,025,464 | ||||||||
| Jersey | 1.9% | ||||||||
| JTC PLC | 132,407 | 830,390 | ||||||
| Luxembourg | 1.1% | ||||||||
| Stabilus SA | 8,092 | 476,074 | ||||||
| Netherlands | 5.9% | ||||||||
| Aalberts NV | 15,187 | 548,449 | ||||||
| Arcadis NV (*) | 24,680 | 534,576 | ||||||
| ASM International NV | 5,031 | 721,142 | ||||||
| Shop Apotheke Europe NV (*) | 1,605 | 281,109 | ||||||
| Van Lanschot Kempen NV | 25,632 | 472,270 | ||||||
| 2,557,546 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| New Zealand | 1.0% | ||||||||
| Freightways, Ltd. | 82,269 | $ | 422,598 | |||||
| Norway | 0.1% | ||||||||
| Crayon Group Holding ASA (*) | 2,077 | 27,182 | ||||||
| Singapore | 1.1% | ||||||||
| XP Power, Ltd. | 8,407 | 477,575 | ||||||
| Spain | 1.4% | ||||||||
| Bankinter SA | 61,177 | 263,219 | ||||||
| Merlin Properties Socimi SA REIT | 40,969 | 341,176 | ||||||
| 604,395 | ||||||||
| Sweden | 7.0% | ||||||||
| Getinge AB, B Shares | 19,748 | 429,508 | ||||||
| Granges AB (*) | 2,861 | 25,595 | ||||||
| Karnov Group AB | 144,707 | 872,411 | ||||||
| Lifco AB, B Shares | 3,972 | 307,143 | ||||||
| Lindab International AB | 38,538 | 671,703 | ||||||
| Stillfront Group AB (*) | 5,800 | 724,743 | ||||||
| 3,031,103 | ||||||||
| Switzerland | 1.0% | ||||||||
| Swissquote Group Holding SA | 5,217 | 423,716 | ||||||
| United Kingdom | 13.1% | ||||||||
| Ascential PLC (*) | 103,607 | 391,279 | ||||||
| Auto Trader Group PLC | 75,557 | 546,541 | ||||||
| Bellway PLC | 13,123 | 396,784 | ||||||
| Britvic PLC | 40,730 | 431,377 | ||||||
| Dechra Pharmaceuticals PLC | 8,632 | 358,699 | ||||||
| Electrocomponents PLC | 56,092 | 513,075 | ||||||
| GB Group PLC (*) | 28,312 | 255,702 | ||||||
| Hunting PLC | 123,923 | 205,915 | ||||||
| JD Sports Fashion PLC | 40,517 | 424,027 | ||||||
| Pennon Group PLC | 45,738 | 607,885 | ||||||
| Polypipe Group PLC (*) | 92,073 | 511,020 | ||||||
| Smart Metering Systems PLC | 55,747 | 468,111 | ||||||
| Synthomer PLC | 134,872 | 550,108 | ||||||
| 5,660,523 | ||||||||
| United States | 0.8% | ||||||||
| Nexteer Automotive Group, Ltd. | 508,000 | 356,698 | ||||||
| Total Common Stocks (Cost $37,584,792) | 41,925,883 | |||||||
| Short-Term Investments | 0.4% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.02% (7 day yield) (Cost $176,014) | 176,014 | 176,014 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 97.6% (Cost $37,760,806) | $ | 42,101,897 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.4% | 1,038,608 | |||||||
| Net Assets | 100.0% | $ | 43,140,505 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 95.6% | ||||||||
| Brazil | 0.4% | ||||||||
| Lojas Renner SA | 3,318,200 | $ | 23,427,524 | |||||
| Canada | 5.5% | ||||||||
| CAE, Inc. | 6,198,651 | 90,683,581 | ||||||
| National Bank of Canada | 1,988,901 | 98,791,568 | ||||||
| Suncor Energy, Inc. | 2,640,682 | 32,246,246 | ||||||
| TMX Group, Ltd. | 598,946 | 61,597,135 | ||||||
| 283,318,530 | ||||||||
| China | 5.8% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) |
288,337 | 84,765,311 | ||||||
| Autohome, Inc. ADR | 453,775 | 43,562,400 | ||||||
| Kingsoft Cloud Holdings, Ltd. ADR | 788,600 | 23,287,358 | ||||||
| Ping An Bank Co., Ltd., Class A | 26,313,982 | 58,668,241 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 4,848,248 | 50,015,656 | ||||||
| Tencent Holdings, Ltd. | 598,440 | 39,852,138 | ||||||
| 300,151,104 | ||||||||
| Denmark | 3.1% | ||||||||
| Carlsberg AS, Class B | 562,738 | 75,772,734 | ||||||
| Genmab A/S (*) | 231,997 | 84,240,972 | ||||||
| 160,013,706 | ||||||||
| Finland | 1.8% | ||||||||
| Sampo Oyj, A Shares | 2,331,083 | 92,221,958 | ||||||
| France | 10.5% | ||||||||
| Alstom SA (*) | 1,130,861 | 56,302,805 | ||||||
| Engie SA (*) | 8,968,053 | 119,862,297 | ||||||
| Safran SA (*) | 710,159 | 69,882,335 | ||||||
| Sanofi | 1,817,749 | 182,263,947 | ||||||
| Vivendi SA | 4,048,406 | 112,837,927 | ||||||
| 541,149,311 | ||||||||
| Germany | 7.8% | ||||||||
| Beiersdorf AG | 654,176 | 74,391,561 | ||||||
| Infineon Technologies AG | 1,789,011 | 50,605,298 | ||||||
| Rational AG | 67,083 | 52,610,400 | ||||||
| SAP SE | 804,899 | 125,341,598 | ||||||
| Vonovia SE | 1,447,887 | 99,496,635 | ||||||
| 402,445,492 | ||||||||
| Hong Kong | 2.2% | ||||||||
| ESR Cayman, Ltd. | 24,445,800 | 76,270,599 | ||||||
| Sands China, Ltd. | 9,513,200 | 37,018,658 | ||||||
| 113,289,257 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 0.8% | ||||||||
| Housing Development Finance Corp., Ltd. | 1,690,247 | $ | 40,115,515 | |||||
| Ireland | 1.5% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 926,686 | 75,765,847 | ||||||
| Israel | 1.4% | ||||||||
| Bank Leumi Le-Israel BM | 16,136,704 | 70,992,322 | ||||||
| Italy | 2.4% | ||||||||
| Enel SpA | 14,115,460 | 122,566,675 | ||||||
| Japan | 14.3% | ||||||||
| FANUC Corp. | 348,300 | 66,816,891 | ||||||
| Kao Corp. | 1,187,753 | 89,129,143 | ||||||
| Makita Corp. | 2,916,691 | 139,118,304 | ||||||
| Nexon Co., Ltd. | 3,933,035 | 97,676,241 | ||||||
| Nintendo Co., Ltd. | 346,750 | 197,120,561 | ||||||
| Suzuki Motor Corp. | 1,921,172 | 82,286,743 | ||||||
| Yamaha Corp. | 1,354,672 | 64,842,919 | ||||||
| 736,990,802 | ||||||||
| Mexico | 1.0% | ||||||||
| Arca Continental SAB de CV | 11,931,200 | 51,676,776 | ||||||
| Netherlands | 1.2% | ||||||||
| JDE Peet’s BV | 1,522,927 | 61,954,729 | ||||||
| Norway | 1.0% | ||||||||
| Equinor ASA | 3,580,636 | 50,532,109 | ||||||
| Portugal | 0.8% | ||||||||
| Energias de Portugal SA | 8,705,305 | 42,787,113 | ||||||
| Spain | 4.6% | ||||||||
| Bankinter SA | 10,140,741 | 43,631,421 | ||||||
| Industria de Diseno Textil SA | 3,218,164 | 89,473,664 | ||||||
| Siemens Gamesa Renewable Energy SA | 3,842,289 | 103,563,891 | ||||||
| 236,668,976 | ||||||||
| Sweden | 1.0% | ||||||||
| Hexagon AB, B Shares (*) | 687,064 | 51,925,525 | ||||||
| Switzerland | 5.8% | ||||||||
| ABB, Ltd. | 5,599,783 | 141,926,462 | ||||||
| Idorsia, Ltd. (*) | 788,811 | 21,178,715 | ||||||
| Julius Baer Group, Ltd. | 1,732,141 | 73,843,355 | ||||||
| Partners Group Holding AG | 68,834 | 63,339,194 | ||||||
| 300,287,726 | ||||||||
| United Kingdom | 15.2% | ||||||||
| Coca-Cola European Partners PLC | 2,513,202 | 98,839,058 | ||||||
| Compass Group PLC | 3,268,888 | 49,069,797 | ||||||
| Informa PLC (*) | 13,240,964 | 64,199,089 | ||||||
| InterContinental Hotels Group PLC (*) | 1,056,906 | 55,488,630 | ||||||
| Linde PLC | 245,462 | 58,096,578 | ||||||
| Prudential PLC | 6,653,516 | 94,990,552 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| RELX PLC | 4,239,340 | $ | 93,837,474 | |||||
| Rio Tinto PLC | 2,372,898 | 143,176,126 | ||||||
| Tesco PLC | 37,882,735 | 103,858,762 | ||||||
| THG Holdings, Ltd. | 2,618,811 | 20,214,259 | ||||||
| 781,770,325 | ||||||||
| United States | 7.5% | ||||||||
| Accenture PLC, Class A | 402,156 | 90,883,235 | ||||||
| Aon PLC, Class A | 754,880 | 155,731,744 | ||||||
| Medtronic PLC | 1,326,671 | 137,867,650 | ||||||
| 384,482,629 | ||||||||
| Total Common Stocks (Cost $4,217,694,137) | 4,924,533,951 | |||||||
| Preferred Stocks | 2.8% | ||||||||
| Germany | 2.8% | ||||||||
| Volkswagen AG (*) (Cost $164,578,051) | 910,681 | 146,563,632 | ||||||
| Short-Term Investments | 1.5% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.02% (7 day yield) (Cost $76,563,421) | 76,563,421 | 76,563,421 | ||||||
| Total Investments | 99.9% (Cost $4,458,835,609) | $ | 5,147,661,004 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 6,253,111 | |||||||
| Net Assets | 100.0% | $ | 5,153,914,115 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 97.4% | ||||||||
| Australia | 2.5% | ||||||||
| AGL Energy, Ltd. | 18,329 | $ | 179,127 | |||||
| ASX, Ltd. | 3,921 | 229,663 | ||||||
| Aurizon Holdings, Ltd. | 20,764 | 63,361 | ||||||
| CSL, Ltd. | 970 | 199,860 | ||||||
| Fortescue Metals Group, Ltd. | 5,904 | 69,111 | ||||||
| 741,122 | ||||||||
| Belgium | 0.6% | ||||||||
| Colruyt SA (*) | 1,487 | 96,490 | ||||||
| Telenet Group Holding NV | 1,762 | 68,301 | ||||||
| 164,791 | ||||||||
| Canada | 0.7% | ||||||||
| Quebecor, Inc., Class B | 7,977 | 199,552 | ||||||
| Denmark | 2.2% | ||||||||
| Coloplast A/S, Class B | 1,920 | 303,644 | ||||||
| Novo Nordisk A/S, Class B | 5,048 | 350,643 | ||||||
| 654,287 | ||||||||
| Finland | 0.5% | ||||||||
| Elisa Oyj | 1,392 | 82,047 | ||||||
| Valmet Oyj | 2,527 | 62,565 | ||||||
| 144,612 | ||||||||
| France | 0.5% | ||||||||
| L’Oreal SA | 236 | 76,795 | ||||||
| Orange SA | 6,982 | 72,651 | ||||||
| 149,446 | ||||||||
| Hong Kong | 0.9% | ||||||||
| Hysan Development Co., Ltd. | 21,000 | 62,834 | ||||||
| Sun Hung Kai Properties, Ltd. | 14,500 | 185,889 | ||||||
| 248,723 | ||||||||
| Italy | 0.3% | ||||||||
| Hera SpA | 24,795 | 91,658 | ||||||
| Japan | 18.7% | ||||||||
| Ajinomoto Co., Inc. | 8,000 | 164,461 | ||||||
| Chubu Electric Power Co., Inc. | 9,900 | 120,416 | ||||||
| Daito Trust Construction Co., Ltd. | 800 | 70,929 | ||||||
| Daiwa Securities Group, Inc. | 34,400 | 144,384 | ||||||
| DCM Holdings Co., Ltd. | 12,400 | 171,699 | ||||||
| East Japan Railway Co. | 3,800 | 234,148 | ||||||
| Electric Power Development Co., Ltd. | 13,000 | 200,611 | ||||||
| Fuji Media Holdings, Inc. | 4,700 | 45,364 | ||||||
| Japan Post Holdings Co., Ltd. | 15,500 | 105,725 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 1,300 | 59,693 | ||||||
| Kao Corp. | 2,500 | 187,600 | ||||||
| Description | Shares | Fair Value | ||||||
| KDDI Corp. | 6,000 | $ | 151,776 | |||||
| Kyudenko Corp. | 2,500 | 72,161 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 6,100 | 296,738 | ||||||
| Mitsubishi Heavy Industries, Ltd. | 3,100 | 68,855 | ||||||
| Mizuho Financial Group, Inc. | 32,460 | 405,476 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 5,300 | 143,551 | ||||||
| Nintendo Co., Ltd. | 200 | 113,696 | ||||||
| NTT DOCOMO, Inc. | 13,500 | 500,641 | ||||||
| Obayashi Corp. | 8,600 | 77,942 | ||||||
| Ono Pharmaceutical Co., Ltd. | 3,400 | 106,740 | ||||||
| Osaka Gas Co., Ltd. | 7,200 | 140,277 | ||||||
| Rengo Co., Ltd. | 8,200 | 61,911 | ||||||
| Secom Co., Ltd. | 1,600 | 146,198 | ||||||
| Seria Co., Ltd. | 1,600 | 68,174 | ||||||
| Seven & I Holdings Co., Ltd. | 5,600 | 173,113 | ||||||
| Shimachu Co., Ltd. | 2,500 | 84,833 | ||||||
| Ship Healthcare Holdings, Inc. | 2,100 | 102,767 | ||||||
| Sugi Holdings Co., Ltd. | 2,300 | 162,616 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 2,100 | 55,880 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 1,900 | 61,422 | ||||||
| Sundrug Co., Ltd. | 1,900 | 71,534 | ||||||
| The Chiba Bank, Ltd. | 16,500 | 91,056 | ||||||
| The Gunma Bank, Ltd. | 6,800 | 22,679 | ||||||
| The Hachijuni Bank, Ltd. | 16,300 | 64,128 | ||||||
| The Kansai Electric Power Co., Inc. | 13,300 | 128,924 | ||||||
| The Shizuoka Bank, Ltd. | 10,600 | 73,313 | ||||||
| Tohoku Electric Power Co., Inc. | 22,300 | 223,455 | ||||||
| Trend Micro, Inc. | 1,500 | 91,527 | ||||||
| West Japan Railway Co. | 1,200 | 59,311 | ||||||
| Yaoko Co., Ltd. | 1,400 | 104,318 | ||||||
| 5,430,042 | ||||||||
| Netherlands | 1.6% | ||||||||
| Flow Traders | 3,091 | 123,578 | ||||||
| Koninklijke Ahold Delhaize NV | 11,924 | 352,898 | ||||||
| 476,476 | ||||||||
| New Zealand | 0.6% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 7,520 | 165,529 | ||||||
| Norway | 2.0% | ||||||||
| Orkla ASA | 41,886 | 423,893 | ||||||
| Telenor ASA | 5,188 | 86,925 | ||||||
| Yara International ASA | 1,681 | 64,725 | ||||||
| 575,543 | ||||||||
| Singapore | 0.3% | ||||||||
| Singapore Exchange, Ltd. | 11,100 | 74,696 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Spain | 0.7% | ||||||||
| Corporacion Financiera Alba SA | 500 | $ | 20,892 | |||||
| Iberdrola SA | 9,868 | 121,454 | ||||||
| Viscofan SA | 830 | 55,369 | ||||||
| 197,715 | ||||||||
| Sweden | 1.0% | ||||||||
| Axfood AB | 6,882 | 157,700 | ||||||
| Swedish Match AB | 1,596 | 130,215 | ||||||
| 287,915 | ||||||||
| Switzerland | 4.2% | ||||||||
| Credit Suisse Group AG | 6,318 | 63,235 | ||||||
| Galenica AG | 940 | 65,518 | ||||||
| Novartis AG | 4,383 | 380,888 | ||||||
| Roche Holding AG | 1,486 | 508,401 | ||||||
| Swisscom AG | 272 | 144,283 | ||||||
| Tecan Group AG | 146 | 72,609 | ||||||
| 1,234,934 | ||||||||
| United Kingdom | 2.6% | ||||||||
| GlaxoSmithKline PLC | 4,936 | 92,461 | ||||||
| J Sainsbury PLC | 36,995 | 90,946 | ||||||
| National Grid PLC | 8,671 | 99,818 | ||||||
| RELX PLC | 3,513 | 77,760 | ||||||
| Rio Tinto, Ltd. | 1,875 | 126,944 | ||||||
| Vodafone Group PLC | 71,234 | 94,505 | ||||||
| Wm Morrison Supermarkets PLC | 82,172 | 180,382 | ||||||
| 762,816 | ||||||||
| United States | 57.5% | ||||||||
| 3M Co. | 1,741 | 278,873 | ||||||
| AbbVie, Inc. | 1,811 | 158,625 | ||||||
| Accenture PLC, Class A | 1,025 | 231,640 | ||||||
| Activision Blizzard, Inc. | 832 | 67,350 | ||||||
| Adobe, Inc. (*) | 232 | 113,780 | ||||||
| Agilent Technologies, Inc. | 707 | 71,365 | ||||||
| Akamai Technologies, Inc. (*) | 1,624 | 179,517 | ||||||
| Alphabet, Inc., Class C (*) | 114 | 167,534 | ||||||
| Altria Group, Inc. | 2,186 | 84,467 | ||||||
| Amazon.com, Inc. (*) | 32 | 100,759 | ||||||
| Amdocs, Ltd. | 1,547 | 88,813 | ||||||
| American Tower Corp. REIT | 280 | 67,684 | ||||||
| AmerisourceBergen Corp. | 1,369 | 132,683 | ||||||
| Apple, Inc. | 1,617 | 187,265 | ||||||
| AptarGroup, Inc. | 1,721 | 194,817 | ||||||
| AT&T, Inc. | 4,360 | 124,304 | ||||||
| Atmos Energy Corp. | 708 | 67,678 | ||||||
| Description | Shares | Fair Value | ||||||
| Best Buy Co., Inc. | 772 | $ | 85,916 | |||||
| Booz Allen Hamilton Holding Corp. | 3,325 | 275,909 | ||||||
| Bristol-Myers Squibb Co. | 3,993 | 240,738 | ||||||
| C.H. Robinson Worldwide, Inc. | 864 | 88,292 | ||||||
| Cadence Design Systems, Inc. (*) | 1,546 | 164,850 | ||||||
| Campbell Soup Co. | 3,127 | 151,253 | ||||||
| Charter Communications, Inc., Class A (*) | 354 | 221,016 | ||||||
| Church & Dwight Co., Inc. | 2,622 | 245,708 | ||||||
| Cisco Systems, Inc. | 6,183 | 243,548 | ||||||
| Colgate-Palmolive Co. | 3,235 | 249,580 | ||||||
| Comcast Corp., Class A | 3,003 | 138,919 | ||||||
| Costco Wholesale Corp. | 445 | 157,975 | ||||||
| Cummins, Inc. | 403 | 85,097 | ||||||
| CVS Health Corp. | 3,144 | 183,610 | ||||||
| DaVita, Inc. (*) | 1,176 | 100,724 | ||||||
| Dolby Laboratories, Inc., Class A | 2,057 | 136,338 | ||||||
| Dollar General Corp. | 1,649 | 345,663 | ||||||
| Domino’s Pizza, Inc. | 538 | 228,801 | ||||||
| Easterly Government Properties, Inc. REIT | 5,789 | 129,731 | ||||||
| Edwards Lifesciences Corp. (*) | 914 | 72,955 | ||||||
| Electronic Arts, Inc. (*) | 1,241 | 161,839 | ||||||
| Eli Lilly & Co. | 1,808 | 267,620 | ||||||
| F5 Networks, Inc. (*) | 778 | 95,515 | ||||||
| Facebook, Inc., Class A (*) | 492 | 128,855 | ||||||
| Flowers Foods, Inc. | 2,833 | 68,927 | ||||||
| General Mills, Inc. | 6,658 | 410,665 | ||||||
| Gilead Sciences, Inc. | 1,919 | 121,262 | ||||||
| Hormel Foods Corp. | 7,114 | 347,803 | ||||||
| IDEXX Laboratories, Inc. (*) | 382 | 150,168 | ||||||
| Intuit, Inc. | 212 | 69,157 | ||||||
| J.B. Hunt Transport Services, Inc. | 1,330 | 168,085 | ||||||
| Jack Henry & Associates, Inc. | 1,015 | 165,029 | ||||||
| Johnson & Johnson | 2,893 | 430,710 | ||||||
| Juniper Networks, Inc. | 2,829 | 60,824 | ||||||
| Kellogg Co. | 3,429 | 221,479 | ||||||
| Kimberly-Clark Corp. | 2,813 | 415,368 | ||||||
| Lockheed Martin Corp. | 1,091 | 418,158 | ||||||
| McKesson Corp. | 502 | 74,763 | ||||||
| Merck & Co., Inc. | 5,007 | 415,331 | ||||||
| Mettler-Toledo International, Inc. (*) | 72 | 69,534 | ||||||
| Microsoft Corp. | 891 | 187,404 | ||||||
| Northrop Grumman Corp. | 734 | 231,570 | ||||||
| PepsiCo, Inc. | 1,994 | 276,368 | ||||||
| Pfizer, Inc. | 5,710 | 209,557 | ||||||
| Pool Corp. | 426 | 142,514 | ||||||
| QUALCOMM, Inc. | 1,645 | 193,584 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 119 | 66,614 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Republic Services, Inc. | 2,716 | $ | 253,539 | |||||
| S&P Global, Inc. | 219 | 78,971 | ||||||
| Sempra Energy | 590 | 69,832 | ||||||
| Silgan Holdings, Inc. | 11,203 | 411,934 | ||||||
| Sirius XM Holdings, Inc. | 12,969 | 69,514 | ||||||
| Southwest Gas Holdings, Inc. | 1,015 | 64,047 | ||||||
| Sprouts Farmers Market, Inc. (*) | 2,639 | 55,234 | ||||||
| Synopsys, Inc. (*) | 1,201 | 256,990 | ||||||
| Target Corp. | 2,389 | 376,076 | ||||||
| TD Ameritrade Holding Corp. | 1,837 | 71,919 | ||||||
| The Bank of New York Mellon Corp. | 1,991 | 68,371 | ||||||
| The Clorox Co. | 1,848 | 388,394 | ||||||
| The Hershey Co. | 1,344 | 192,649 | ||||||
| The Home Depot, Inc. | 343 | 95,255 | ||||||
| The J.M. Smucker Co. | 657 | 75,897 | ||||||
| The Kroger Co. | 4,113 | 139,472 | ||||||
| The Procter & Gamble Co. | 3,174 | 441,154 | ||||||
| The Progressive Corp. | 1,039 | 98,362 | ||||||
| The Western Union Co. | 3,732 | 79,977 | ||||||
| Thermo Fisher Scientific, Inc. | 507 | 223,851 | ||||||
| Tractor Supply Co. | 1,325 | 189,926 | ||||||
| UnitedHealth Group, Inc. | 237 | 73,889 | ||||||
| Verizon Communications, Inc. | 7,343 | 436,835 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 253 | 68,846 | ||||||
| Walmart, Inc. | 3,034 | 424,487 | ||||||
| Waste Management, Inc. | 593 | 67,110 | ||||||
| Weis Markets, Inc. | 1,182 | 56,736 | ||||||
| Werner Enterprises, Inc. | 1,522 | 63,909 | ||||||
| West Pharmaceutical Services, Inc. | 419 | 115,183 | ||||||
| WW Grainger, Inc. | 260 | 92,760 | ||||||
| Xcel Energy, Inc. | 1,192 | 82,260 | ||||||
| Zoetis, Inc. | 550 | 90,954 | ||||||
| 16,706,813 | ||||||||
| Total Common Stocks (Cost $26,670,317) | 28,306,670 | |||||||
| Short-Term Investments | 2.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $673,814) | 673,814 | 673,814 | ||||||
| Total Investments | 99.7% (Cost $27,344,131) | $ | 28,980,484 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 78,172 | |||||||
| Net Assets | 100.0% | $ | 29,058,656 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 97.2% | ||||||||
| Building Products | 3.6% | ||||||||
| Armstrong World Industries, Inc. | 935,874 | $ | 64,397,490 | |||||
| Capital Markets | 9.9% | ||||||||
| Intercontinental Exchange, Inc. | 886,001 | 88,644,400 | ||||||
| S&P Global, Inc. | 245,239 | 88,433,183 | ||||||
| 177,077,583 | ||||||||
| Commercial Services & Supplies | 3.1% | ||||||||
| Waste Management, Inc. | 494,964 | 56,015,076 | ||||||
| Communications Equipment | 1.1% | ||||||||
| Motorola Solutions, Inc. | 125,105 | 19,617,715 | ||||||
| Construction Materials | 5.0% | ||||||||
| Vulcan Materials Co. | 659,725 | 89,419,127 | ||||||
| Electronic Equipment, Instruments & Components | 2.8% | ||||||||
| CDW Corp. | 156,835 | 18,746,487 | ||||||
| Zebra Technologies Corp., Class A (*) | 127,582 | 32,209,352 | ||||||
| 50,955,839 | ||||||||
| Entertainment | 1.0% | ||||||||
| Electronic Arts, Inc. (*) | 136,239 | 17,766,928 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 9.7% | ||||||||
| Crown Castle International Corp. | 427,410 | 71,163,765 | ||||||
| Public Storage | 464,841 | 103,529,388 | ||||||
| 174,693,153 | ||||||||
| Health Care Equipment & Supplies | 13.8% | ||||||||
| Baxter International, Inc. | 1,077,178 | 86,626,655 | ||||||
| Medtronic PLC | 1,553,825 | 161,473,494 | ||||||
| 248,100,149 | ||||||||
| Hotels, Restaurants & Leisure | 7.6% | ||||||||
| McDonald’s Corp. | 440,172 | 96,613,352 | ||||||
| Starbucks Corp. | 459,085 | 39,444,583 | ||||||
| 136,057,935 | ||||||||
| Interactive Media & Services | 7.7% | ||||||||
| Alphabet, Inc., Class A (*) | 94,944 | 139,149,926 | ||||||
| IT Services | 9.8% | ||||||||
| Fiserv, Inc. (*) | 1,332,773 | 137,342,258 | ||||||
| Visa, Inc., Class A | 195,158 | 39,025,745 | ||||||
| 176,368,003 | ||||||||
| Leisure Products | 1.9% | ||||||||
| Brunswick Corp. | 587,579 | 34,614,279 | ||||||
| Multiline Retail | 2.8% | ||||||||
| Dollar Tree, Inc. (*) | 553,842 | 50,587,928 | ||||||
| Road & Rail | 2.2% | ||||||||
| Norfolk Southern Corp. | 186,246 | 39,854,782 | ||||||
| Description | Shares | Fair Value | ||||||
| Semiconductors & Semiconductor Equipment | 10.9% | ||||||||
| Analog Devices, Inc. | 916,040 | $ | 106,938,510 | |||||
| Skyworks Solutions, Inc. | 606,665 | 88,269,757 | ||||||
| 195,208,267 | ||||||||
| Specialty Retail | 4.3% | ||||||||
| Lowe’s Cos., Inc. | 462,377 | 76,689,849 | ||||||
| Total Common Stocks (Cost $1,333,522,306) | 1,746,574,029 | |||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $38,611,129) | 38,611,129 | 38,611,129 | ||||||
| Total Investments | 99.3% (Cost $1,372,133,435) | $ | 1,785,185,158 | ||||||
| Cash and Other Assets in Excess of
Liabilities | 0.7% | 13,071,993 | |||||||
| Net Assets | 100.0% | $ | 1,798,257,151 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 98.2% | ||||||||
| Auto Components | 0.9% | ||||||||
| Aptiv PLC | 4,099 | $ | 375,796 | |||||
| Banks | 4.9% | ||||||||
| Bank of America Corp. | 64,615 | 1,556,575 | ||||||
| Commerce Bancshares, Inc. | 8,953 | 503,965 | ||||||
| 2,060,540 | ||||||||
| Beverages | 3.9% | ||||||||
| The Coca-Cola Co. | 33,440 | 1,650,933 | ||||||
| Capital Markets | 5.8% | ||||||||
| Intercontinental Exchange, Inc. | 19,956 | 1,996,598 | ||||||
| The Charles Schwab Corp. | 12,181 | 441,317 | ||||||
| 2,437,915 | ||||||||
| Commercial Services & Supplies | 1.6% | ||||||||
| Waste Management, Inc. | 5,805 | 656,952 | ||||||
| Communications Equipment | 2.7% | ||||||||
| Cisco Systems, Inc. | 28,824 | 1,135,377 | ||||||
| Consumer Finance | 2.3% | ||||||||
| American Express Co. | 9,542 | 956,586 | ||||||
| Entertainment | 1.4% | ||||||||
| Electronic Arts, Inc. (*) | 4,423 | 576,803 | ||||||
| Health Care Equipment & Supplies | 9.9% | ||||||||
| Danaher Corp. | 8,306 | 1,788,531 | ||||||
| Medtronic PLC | 23,097 | 2,400,240 | ||||||
| 4,188,771 | ||||||||
| Hotels, Restaurants & Leisure | 6.8% | ||||||||
| McDonald’s Corp. | 8,800 | 1,931,512 | ||||||
| Starbucks Corp. | 10,895 | 936,098 | ||||||
| 2,867,610 | ||||||||
| Household Products | 4.1% | ||||||||
| The Procter & Gamble Co. | 12,405 | 1,724,171 | ||||||
| Industrial Conglomerates | 3.9% | ||||||||
| Honeywell International, Inc. | 10,032 | 1,651,368 | ||||||
| Insurance | 3.0% | ||||||||
| Marsh & McLennan Cos., Inc. | 11,111 | 1,274,432 | ||||||
| Interactive Media & Services | 6.7% | ||||||||
| Alphabet, Inc., Class A (*) | 1,942 | 2,846,195 | ||||||
| IT Services | 4.8% | ||||||||
| Visa, Inc., Class A | 10,248 | 2,049,293 | ||||||
| Life Sciences Tools & Services | 2.0% | ||||||||
| IQVIA Holdings, Inc. (*) | 5,394 | 850,256 | ||||||
| Multiline Retail | 1.7% | ||||||||
| Dollar Tree, Inc. (*) | 7,777 | 710,351 | ||||||
| Description | Shares | Fair Value | ||||||
| Pharmaceuticals | 6.1% | ||||||||
| Johnson & Johnson | 17,475 | $ | 2,601,678 | |||||
| Road & Rail | 4.3% | ||||||||
| Norfolk Southern Corp. | 8,522 | 1,823,623 | ||||||
| Semiconductors & Semiconductor Equipment | 4.8% | ||||||||
| Analog Devices, Inc. | 17,335 | 2,023,688 | ||||||
| Software | 7.3% | ||||||||
| Microsoft Corp. | 14,778 | 3,108,257 | ||||||
| Specialty Retail | 6.0% | ||||||||
| Lowe’s Cos., Inc. | 10,858 | 1,800,908 | ||||||
| Ross Stores, Inc. | 8,090 | 754,959 | ||||||
| 2,555,867 | ||||||||
| Technology Hardware, Storage & Peripherals | 3.3% | ||||||||
| Apple, Inc. | 11,932 | 1,381,845 | ||||||
| Total Common Stocks (Cost $28,964,995) | 41,508,307 | |||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $776,139) | 776,139 | 776,139 | ||||||
| Total Investments | 100.0% (Cost $29,741,134) | $ | 42,284,446 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 11,710 | |||||||
| Net Assets | 100.0% | $ | 42,296,156 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Aerospace & Defense | 2.1% | ||||||||
| Curtiss-Wright Corp. | 15,857 | $ | 1,478,824 | |||||
| HEICO Corp. | 7,945 | 831,524 | ||||||
| 2,310,348 | ||||||||
| Air Freight & Logistics | 1.0% | ||||||||
| Echo Global Logistics, Inc. (*) | 41,946 | 1,080,948 | ||||||
| Airlines | 0.7% | ||||||||
| Alaska Air Group, Inc. | 20,497 | 750,805 | ||||||
| Auto Components | 0.8% | ||||||||
| Gentherm, Inc. (*) | 22,170 | 906,753 | ||||||
| Banks | 6.2% | ||||||||
| Citizens Financial Group, Inc. | 41,540 | 1,050,131 | ||||||
| Comerica, Inc. | 29,061 | 1,111,583 | ||||||
| Commerce Bancshares, Inc. | 21,205 | 1,193,630 | ||||||
| Home BancShares, Inc. | 113,509 | 1,720,796 | ||||||
| PacWest Bancorp | 35,137 | 600,140 | ||||||
| TCF Financial Corp. | 47,553 | 1,110,838 | ||||||
| 6,787,118 | ||||||||
| Biotechnology | 4.3% | ||||||||
| Emergent Biosolutions, Inc. (*) | 17,687 | 1,827,598 | ||||||
| Exelixis, Inc. (*) | 66,356 | 1,622,404 | ||||||
| United Therapeutics Corp. (*) | 12,793 | 1,292,093 | ||||||
| 4,742,095 | ||||||||
| Building Products | 2.5% | ||||||||
| Armstrong World Industries, Inc. | 20,660 | 1,421,615 | ||||||
| PGT Innovations, Inc. (*) | 72,808 | 1,275,596 | ||||||
| 2,697,211 | ||||||||
| Capital Markets | 1.5% | ||||||||
| Morningstar, Inc. | 10,420 | 1,673,556 | ||||||
| Chemicals | 2.4% | ||||||||
| Ingevity Corp. (*) | 25,644 | 1,267,839 | ||||||
| Innospec, Inc. | 21,253 | 1,345,740 | ||||||
| 2,613,579 | ||||||||
| Communications Equipment | 2.1% | ||||||||
| Ciena Corp. (*) | 19,143 | 759,786 | ||||||
| F5 Networks, Inc. (*) | 12,663 | 1,554,636 | ||||||
| 2,314,422 | ||||||||
| Construction & Engineering | 2.0% | ||||||||
| Valmont Industries, Inc. | 17,917 | 2,224,933 | ||||||
| Construction Materials | 1.3% | ||||||||
| Eagle Materials, Inc. | 16,246 | 1,402,355 | ||||||
| Description | Shares | Fair Value | ||||||
| Containers & Packaging | 3.1% | ||||||||
| Avery Dennison Corp. | 13,130 | $ | 1,678,539 | |||||
| Graphic Packaging Holding Co. | 120,901 | 1,703,495 | ||||||
| 3,382,034 | ||||||||
| Electric Utilities | 1.6% | ||||||||
| PNM Resources, Inc. | 41,050 | 1,696,597 | ||||||
| Electrical Equipment | 2.1% | ||||||||
| Atkore International Group, Inc. (*) | 48,825 | 1,109,792 | ||||||
| EnerSys | 18,330 | 1,230,310 | ||||||
| 2,340,102 | ||||||||
| Electronic Equipment, Instruments & Components | 1.4% | ||||||||
| Zebra Technologies Corp., Class A (*) | 6,034 | 1,523,344 | ||||||
| Energy Equipment & Services | 1.1% | ||||||||
| Cactus, Inc., Class A | 60,874 | 1,168,172 | ||||||
| Entertainment | 1.5% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 7,622 | 1,259,307 | ||||||
| The Marcus Corp. | 44,775 | 346,111 | ||||||
| 1,605,418 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 8.9% | ||||||||
| Alexandria Real Estate Equities, Inc. | 12,328 | 1,972,480 | ||||||
| Camden Property Trust | 15,040 | 1,338,259 | ||||||
| Healthcare Realty Trust, Inc. | 61,765 | 1,860,362 | ||||||
| Hudson Pacific Properties, Inc. | 35,845 | 786,081 | ||||||
| Invitation Homes, Inc. | 31,716 | 887,731 | ||||||
| PS Business Parks, Inc. | 14,431 | 1,766,210 | ||||||
| STAG Industrial, Inc. | 36,565 | 1,114,867 | ||||||
| 9,725,990 | ||||||||
| Food & Staples Retailing | 1.6% | ||||||||
| Casey’s General Stores, Inc. | 9,793 | 1,739,726 | ||||||
| Food Products | 1.4% | ||||||||
| Flowers Foods, Inc. | 61,910 | 1,506,270 | ||||||
| Health Care Equipment & Supplies | 1.7% | ||||||||
| STERIS PLC | 10,797 | 1,902,323 | ||||||
| Health Care Providers & Services | 2.8% | ||||||||
| Henry Schein, Inc. (*) | 27,476 | 1,615,039 | ||||||
| Laboratory Corp. of America Holdings (*) | 7,484 | 1,409,013 | ||||||
| 3,024,052 | ||||||||
| Hotels, Restaurants & Leisure | 1.6% | ||||||||
| Wyndham Hotels & Resorts, Inc. | 35,757 | 1,805,729 | ||||||
| Household Durables | 2.1% | ||||||||
| Helen of Troy, Ltd. (*) | 4,422 | 855,745 | ||||||
| Leggett & Platt, Inc. | 35,139 | 1,446,673 | ||||||
| 2,302,418 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Industrial Conglomerates | 1.4% | ||||||||
| Carlisle Cos., Inc. | 12,761 | $ | 1,561,564 | |||||
| Insurance | 4.5% | ||||||||
| Arch Capital Group, Ltd. (*) | 57,772 | 1,689,831 | ||||||
| Brown & Brown, Inc. | 43,927 | 1,988,575 | ||||||
| Reinsurance Group of America, Inc. | 12,682 | 1,207,200 | ||||||
| 4,885,606 | ||||||||
| Interactive Media & Services | 0.9% | ||||||||
| Cars.com, Inc. (*) | 124,931 | 1,009,442 | ||||||
| IT Services | 3.8% | ||||||||
| Amdocs, Ltd. | 18,606 | 1,068,170 | ||||||
| Leidos Holdings, Inc. | 19,514 | 1,739,673 | ||||||
| NIC, Inc. | 68,424 | 1,347,953 | ||||||
| 4,155,796 | ||||||||
| Leisure Products | 2.4% | ||||||||
| Brunswick Corp. | 19,578 | 1,153,340 | ||||||
| Hasbro, Inc. | 17,629 | 1,458,271 | ||||||
| 2,611,611 | ||||||||
| Life Sciences Tools & Services | 4.7% | ||||||||
| Adaptive Biotechnologies Corp. (*) | 30,843 | 1,499,895 | ||||||
| Charles River Laboratories International, Inc. (*) | 8,878 | 2,010,423 | ||||||
| ICON PLC (*) | 8,286 | 1,583,372 | ||||||
| 5,093,690 | ||||||||
| Machinery | 3.7% | ||||||||
| Altra Industrial Motion Corp. | 29,993 | 1,108,841 | ||||||
| Ingersoll Rand, Inc. (*) | 32,360 | 1,152,016 | ||||||
| Kennametal, Inc. | 33,679 | 974,670 | ||||||
| TriMas Corp. (*) | 35,656 | 812,957 | ||||||
| 4,048,484 | ||||||||
| Oil, Gas & Consumable Fuels | 0.9% | ||||||||
| Concho Resources, Inc. | 21,903 | 966,360 | ||||||
| Pharmaceuticals | 1.4% | ||||||||
| Catalent, Inc. (*) | 18,266 | 1,564,666 | ||||||
| Professional Services | 1.0% | ||||||||
| FTI Consulting, Inc. (*) | 10,046 | 1,064,575 | ||||||
| Semiconductors & Semiconductor Equipment | 3.1% | ||||||||
| CMC Materi’als, Inc. | 11,126 | 1,588,904 | ||||||
| MKS Instruments, Inc. | 16,036 | 1,751,612 | ||||||
| 3,340,516 | ||||||||
| Software | 5.9% | ||||||||
| j2 Global, Inc. (*) | 26,533 | 1,836,614 | ||||||
| PTC, Inc. (*) | 14,070 | 1,163,871 | ||||||
| Description | Shares | Fair Value | ||||||
| RealPage, Inc. (*) | 17,313 | $ | 997,921 | |||||
| SolarWinds Corp. (*) | 87,156 | 1,772,753 | ||||||
| Vertex, Inc., Class A | 31,848 | 732,504 | ||||||
| 6,503,663 | ||||||||
| Specialty Retail | 3.0% | ||||||||
| Floor & Decor Holdings, Inc., Class A (*) | 18,675 | 1,396,890 | ||||||
| The Children’s Place, Inc. | 30,504 | 864,788 | ||||||
| The Gap, Inc. | 59,287 | 1,009,658 | ||||||
| 3,271,336 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.8% | ||||||||
| Carter’s, Inc. | 16,986 | 1,470,648 | ||||||
| Tapestry, Inc. | 33,746 | 527,450 | ||||||
| 1,998,098 | ||||||||
| Trading Companies & Distributors | 1.0% | ||||||||
| Air Lease Corp. | 37,895 | 1,114,871 | ||||||
| Total Common Stocks (Cost $100,339,929) | 106,416,576 | |||||||
| Total Investments | 97.3% (Cost $100,339,929) | $ | 106,416,576 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.7% | 2,925,304 | |||||||
| Net Assets | 100.0% | $ | 109,341,880 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Auto Components | 0.8% | ||||||||
| Aptiv PLC | 923 | $ | 84,621 | |||||
| Banks | 5.4% | ||||||||
| Commerce Bancshares, Inc. | 4,333 | 243,905 | ||||||
| The PNC Financial Services Group, Inc. | 2,850 | 313,243 | ||||||
| 557,148 | ||||||||
| Capital Markets | 3.9% | ||||||||
| Intercontinental Exchange, Inc. | 2,942 | 294,347 | ||||||
| The Charles Schwab Corp. | 2,890 | 104,705 | ||||||
| 399,052 | ||||||||
| Chemicals | 1.9% | ||||||||
| Ecolab, Inc. | 989 | 197,642 | ||||||
| Commercial Services & Supplies | 3.2% | ||||||||
| MSA Safety, Inc. | 554 | 74,330 | ||||||
| Waste Management, Inc. | 2,266 | 256,443 | ||||||
| 330,773 | ||||||||
| Communications Equipment | 2.5% | ||||||||
| Cisco Systems, Inc. | 4,124 | 162,444 | ||||||
| Motorola Solutions, Inc. | 597 | 93,616 | ||||||
| 256,060 | ||||||||
| Containers & Packaging | 2.2% | ||||||||
| Ball Corp. | 2,764 | 229,744 | ||||||
| Electrical Equipment | 2.9% | ||||||||
| Rockwell Automation, Inc. | 1,353 | 298,580 | ||||||
| Entertainment | 1.4% | ||||||||
| The Walt Disney Co. | 1,197 | 148,524 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.5% | ||||||||
| Prologis, Inc. | 2,564 | 257,990 | ||||||
| Food Products | 0.2% | ||||||||
| Vital Farms, Inc. | 641 | 25,980 | ||||||
| Health Care Equipment & Supplies | 8.4% | ||||||||
| Boston Scientific Corp. (*) | 2,569 | 98,162 | ||||||
| Danaher Corp. | 1,477 | 318,042 | ||||||
| Envista Holdings Corp. (*) | 1,977 | 48,792 | ||||||
| Medtronic PLC | 3,886 | 403,833 | ||||||
| 868,829 | ||||||||
| Health Care Providers & Services | 4.7% | ||||||||
| Humana, Inc. | 315 | 130,375 | ||||||
| Laboratory Corp. of America Holdings (*) | 1,071 | 201,637 | ||||||
| UnitedHealth Group, Inc. | 471 | 146,844 | ||||||
| 478,856 | ||||||||
| Description | Shares | Fair Value | ||||||
| Hotels, Restaurants & Leisure | 2.3% | ||||||||
| Starbucks Corp. | 2,719 | $ | 233,616 | |||||
| Household Products | 3.1% | ||||||||
| The Procter & Gamble Co. | 2,311 | 321,206 | ||||||
| IT Services | 6.4% | ||||||||
| Accenture PLC, Class A | 1,416 | 320,002 | ||||||
| Visa, Inc., Class A | 1,669 | 333,750 | ||||||
| 653,752 | ||||||||
| Life Sciences Tools & Services | 4.8% | ||||||||
| Agilent Technologies, Inc. | 1,365 | 137,783 | ||||||
| IQVIA Holdings, Inc. (*) | 894 | 140,921 | ||||||
| Thermo Fisher Scientific, Inc. | 488 | 215,462 | ||||||
| 494,166 | ||||||||
| Machinery | 3.2% | ||||||||
| Deere & Co. | 848 | 187,942 | ||||||
| Watts Water Technologies, Inc., Class A | 656 | 65,699 | ||||||
| Xylem, Inc. | 851 | 71,586 | ||||||
| 325,227 | ||||||||
| Multiline Retail | 2.9% | ||||||||
| Dollar General Corp. | 1,415 | 296,612 | ||||||
| Pharmaceuticals | 7.8% | ||||||||
| Johnson & Johnson | 2,011 | 299,398 | ||||||
| Pfizer, Inc. | 7,283 | 267,286 | ||||||
| Zoetis, Inc. | 1,400 | 231,518 | ||||||
| 798,202 | ||||||||
| Road & Rail | 2.8% | ||||||||
| Norfolk Southern Corp. | 1,336 | 285,890 | ||||||
| Semiconductors & Semiconductor Equipment | 5.3% | ||||||||
| Analog Devices, Inc. | 1,842 | 215,035 | ||||||
| Applied Materials, Inc. | 2,740 | 162,893 | ||||||
| Texas Instruments, Inc. | 1,183 | 168,921 | ||||||
| 546,849 | ||||||||
| Software | 12.1% | ||||||||
| Intuit, Inc. | 425 | 138,639 | ||||||
| Microsoft Corp. | 3,664 | 770,649 | ||||||
| Palo Alto Networks, Inc. (*) | 284 | 69,509 | ||||||
| salesforce.com, Inc. (*) | 1,053 | 264,640 | ||||||
| 1,243,437 | ||||||||
| Specialty Retail | 5.8% | ||||||||
| Ross Stores, Inc. | 1,447 | 135,034 | ||||||
| The Home Depot, Inc. | 1,651 | 458,499 | ||||||
| 593,533 | ||||||||
| Total Common Stocks (Cost $9,341,148) | 9,926,289 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 3.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $373,332) | 373,332 | $ | 373,332 | |||||
| Total Investments | 100.1% (Cost $9,714,480) | $ | 10,299,621 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (12,683) | |||||||
| Net Assets | 100.0% | $ | 10,286,938 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||
| Corporate Bonds | 6.8% | ||||||||||
| Chile | 0.5% | ||||||||||
| Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#) | USD | 104 | $ | 122,297 | ||||||
| Colombia | 1.5% | ||||||||||
| AI Candelaria Spain SLU, 7.500%, 12/15/28 (#) | USD | 375 | 405,000 | |||||||
| Kazakhstan | 0.9% | ||||||||||
| KazMunayGas National Co. JSC, 5.750%, 04/19/47 | USD | 210 | 248,872 | |||||||
| Kuwait | 0.7% | ||||||||||
| NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 11/27/25 (§), (¶) | USD | 200 | 197,250 | |||||||
| Mexico | 2.6% | ||||||||||
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, 04/17/25 | USD | 150 | 166,102 | |||||||
| Petroleos Mexicanos: | ||||||||||
| 6.875%, 08/04/26 | USD | 70 | 67,368 | |||||||
| 6.490%, 01/23/27 | USD | 110 | 102,933 | |||||||
| 5.350%, 02/12/28 | USD | 130 | 111,891 | |||||||
| 6.500%, 01/23/29 | USD | 15 | 13,431 | |||||||
| 6.840%, 01/23/30 | USD | 120 | 107,100 | |||||||
| 7.690%, 01/23/50 | USD | 35 | 29,295 | |||||||
| 6.950%, 01/28/60 (#) | USD | 135 | 104,423 | |||||||
| 702,543 | ||||||||||
| Peru | 0.6% | ||||||||||
| Banco de Credito del Peru, 3.125% (CMT 5 Year + 3.000%), 07/01/30 (#), (§) | USD | 100 | 100,000 | |||||||
| Fondo MIVIVIENDA SA, 7.000%, 02/14/24 | PEN | 180 | 55,679 | |||||||
| 155,679 | ||||||||||
| Total Corporate Bonds (Cost $1,758,992) | 1,831,641 | |||||||||
| Foreign Government Obligations | 85.0% | ||||||||||
| Angola | 2.0% | ||||||||||
| Republic of Angola: | ||||||||||
| 9.500%, 11/12/25 | USD | 102 | 88,676 | |||||||
| 8.000%, 11/26/29 | USD | 560 | 442,400 | |||||||
| 531,076 | ||||||||||
| Argentina | 1.9% | ||||||||||
| Republic of Argentina: | ||||||||||
| 1.000%, 07/09/29 | USD | 73 | 33,275 | |||||||
| 0.125%, 07/09/30 (Ø) | USD | 474 | 196,825 | |||||||
| 0.125%, 07/09/35 (Ø) | USD | 576 | 215,091 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 0.125%, 01/09/38 (Ø) | USD | 154 | $ | 65,545 | ||||||
| 510,736 | ||||||||||
| Azerbaijan | 0.7% | ||||||||||
| Republic of Azerbaijan, 3.500%, 09/01/32 | USD | 200 | 192,250 | |||||||
| Bahrain | 1.2% | ||||||||||
| Kingdom of Bahrain, 7.000%, 01/26/26 | USD | 290 | 321,356 | |||||||
| Barbados | 0.0% | ||||||||||
| Barbados Government International Bonds, 6.500%, 10/01/29 (#) | USD | 10 | 9,631 | |||||||
| Belarus | 0.7% | ||||||||||
| Republic of Belarus, 5.875%, 02/24/26 | USD | 200 | 185,700 | |||||||
| Belize | 0.0% | ||||||||||
| Republic of Belize, 4.938%, 02/20/34 | USD | 15 | 6,686 | |||||||
| Brazil | 5.3% | ||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/24 | BRL | 3,850 | 568,774 | |||||||
| Brazil NTN-F, 10.000%, 01/01/25 | BRL | 2,920 | 588,201 | |||||||
| Federal Republic of Brazil: | ||||||||||
| 2.875%, 06/06/25 | USD | 25 | 25,225 | |||||||
| 4.500%, 05/30/29 | USD | 115 | 122,403 | |||||||
| 3.875%, 06/12/30 | USD | 60 | 60,000 | |||||||
| 5.625%, 02/21/47 | USD | 25 | 27,195 | |||||||
| 4.750%, 01/14/50 | USD | 30 | 29,269 | |||||||
| 1,421,067 | ||||||||||
| Chile | 1.0% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.000%, 03/01/23 (#) | CLP | 35,000 | 48,193 | |||||||
| 4.500%, 03/01/26 | CLP | 65,000 | 95,053 | |||||||
| 5.000%, 03/01/35 | CLP | 50,000 | 75,897 | |||||||
| 6.000%, 01/01/43 | CLP | 20,000 | 34,918 | |||||||
| 254,061 | ||||||||||
| China | 4.4% | ||||||||||
| China Development Bank: | ||||||||||
| 1.860%, 04/09/23 | CNY | 3,710 | 524,018 | |||||||
| 3.500%, 08/13/26 | CNY | 3,960 | 577,849 | |||||||
| 3.450%, 09/20/29 | CNY | 370 | 52,895 | |||||||
| China Government Bonds, 2.680%, 05/21/30 | CNY | 100 | 14,114 | |||||||
| 1,168,876 | ||||||||||
| Colombia | 3.1% | ||||||||||
| Colombian Titulos De Tesoreria: 6.250%, 11/26/25 | COP | 584,300 | 166,777 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 7.500%, 08/26/26 | COP | 1,182,000 | $ | 354,903 | ||||||
| 6.000%, 04/28/28 | COP | 289,800 | 79,633 | |||||||
| 7.000%, 06/30/32 | COP | 318,000 | 89,573 | |||||||
| Republic of Colombia: | ||||||||||
| 4.500%, 01/28/26 | USD | 65 | 71,845 | |||||||
| 3.875%, 04/25/27 | USD | 65 | 70,200 | |||||||
| 832,931 | ||||||||||
| Costa Rica | 0.9% | ||||||||||
| Republic of Costa Rica: | ||||||||||
| 9.200%, 02/23/22 | USD | 29 | 28,674 | |||||||
| 4.250%, 01/26/23 | USD | 40 | 38,000 | |||||||
| 4.375%, 04/30/25 | USD | 55 | 51,459 | |||||||
| 7.000%, 04/04/44 | USD | 30 | 27,169 | |||||||
| 7.158%, 03/12/45 | USD | 115 | 105,045 | |||||||
| 250,347 | ||||||||||
| Czech Republic | 1.2% | ||||||||||
| Czech Republic: | ||||||||||
| 2.500%, 08/25/28 | CZK | 1,120 | 55,205 | |||||||
| 4.200%, 12/04/36 | CZK | 4,240 | 270,705 | |||||||
| 325,910 | ||||||||||
| Dominican Republic | 1.5% | ||||||||||
| Dominican Republic: | ||||||||||
| 5.500%, 01/27/25 | USD | 40 | 42,500 | |||||||
| 6.875%, 01/29/26 | USD | 25 | 27,828 | |||||||
| 4.500%, 01/30/30 | USD | 135 | 132,258 | |||||||
| 7.450%, 04/30/44 | USD | 15 | 16,842 | |||||||
| 6.400%, 06/05/49 | USD | 170 | 170,478 | |||||||
| 389,906 | ||||||||||
| Ecuador | 1.2% | ||||||||||
| Republic of Ecuador: | ||||||||||
| 0.000%, 07/31/30 (#) | USD | 32 | 14,754 | |||||||
| 0.500%, 07/31/30 (#), (Ø) | USD | 100 | 67,537 | |||||||
| 0.500%, 07/31/35 (#), (Ø) | USD | 293 | 163,511 | |||||||
| 0.500%, 07/31/40 (#), (Ø) | USD | 133 | 66,649 | |||||||
| 312,451 | ||||||||||
| Egypt | 1.5% | ||||||||||
| Arab Republic of Egypt: | ||||||||||
| 5.577%, 02/21/23 | USD | 200 | 205,188 | |||||||
| 6.200%, 03/01/24 (#) | USD | 190 | 197,184 | |||||||
| 402,372 | ||||||||||
| El Salvador | 0.5% | ||||||||||
| Republic of El Salvador: | ||||||||||
| 5.875%, 01/30/25 | USD | 25 | 21,844 | |||||||
| 7.650%, 06/15/35 | USD | 50 | 42,922 | |||||||
| 7.125%, 01/20/50 | USD | 75 | 58,476 | |||||||
| 123,242 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Ghana | 0.7% | ||||||||||
| Republic of Ghana, 6.375%, 02/11/27 | USD | 200 | $ | 180,250 | ||||||
| Guatemala | 0.4% | ||||||||||
| Republic of Guatemala: | ||||||||||
| 5.375%, 04/24/32 (#) | USD | 50 | 57,438 | |||||||
| 6.125%, 06/01/50 (#) | USD | 50 | 59,781 | |||||||
| 117,219 | ||||||||||
| Honduras | 0.2% | ||||||||||
| Republic of Honduras, 6.250%, 01/19/27 | USD | 35 | 37,920 | |||||||
| Hungary | 1.2% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 46,110 | 154,430 | |||||||
| 3.000%, 10/27/27 | HUF | 46,350 | 160,188 | |||||||
| 314,618 | ||||||||||
| Indonesia | 6.2% | ||||||||||
| Indonesia Government Bonds: | ||||||||||
| 8.375%, 09/15/26 | IDR | 3,096,000 | 230,431 | |||||||
| 7.000%, 05/15/27 | IDR | 1,184,000 | 81,002 | |||||||
| 9.000%, 03/15/29 | IDR | 1,275,000 | 96,182 | |||||||
| 8.250%, 05/15/29 | IDR | 1,545,000 | 113,020 | |||||||
| 8.750%, 05/15/31 | IDR | 2,590,000 | 193,119 | |||||||
| 7.500%, 08/15/32 | IDR | 3,513,000 | 238,095 | |||||||
| 8.375%, 03/15/34 | IDR | 1,165,000 | 83,774 | |||||||
| 8.250%, 05/15/36 | IDR | 622,000 | 44,205 | |||||||
| 8.375%, 04/15/39 | IDR | 920,000 | 65,754 | |||||||
| Republic of Indonesia: | ||||||||||
| 5.875%, 01/15/24 | USD | 60 | 69,037 | |||||||
| 4.125%, 01/15/25 | USD | 75 | 83,789 | |||||||
| 4.750%, 01/08/26 | USD | 160 | 185,900 | |||||||
| 4.625%, 04/15/43 | USD | 30 | 35,053 | |||||||
| 3.700%, 10/30/49 | USD | 125 | 133,711 | |||||||
| 1,653,072 | ||||||||||
| Iraq | 0.8% | ||||||||||
| Republic of Iraq, 5.800%, 01/15/28 | USD | 234 | 208,154 | |||||||
| Ivory Coast | 1.1% | ||||||||||
| Ivory Coast: | ||||||||||
| 5.750%, 12/31/32 (Ø) | USD | 112 | 103,611 | |||||||
| 6.125%, 06/15/33 | USD | 200 | 187,250 | |||||||
| 290,861 | ||||||||||
| Jamaica | 0.4% | ||||||||||
| Government of Jamaica: | ||||||||||
| 6.750%, 04/28/28 | USD | 25 | 28,438 | |||||||
| 8.000%, 03/15/39 | USD | 30 | 38,831 | |||||||
| 7.875%, 07/28/45 | USD | 20 | 25,306 | |||||||
| 92,575 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Kenya | 0.9% | ||||||||||
| Republic of Kenya, 8.000%, 05/22/32 | USD | 250 | $ | 246,797 | ||||||
| Lebanon | 1.2% | ||||||||||
| Lebanese Republic: | ||||||||||
| 8.250%, 04/12/21 («) | USD | 422 | 70,685 | |||||||
| 6.100%, 10/04/22 («) | USD | 227 | 36,887 | |||||||
| 6.000%, 01/27/23 («) | USD | 265 | 41,075 | |||||||
| 6.650%, 04/22/24 («) | USD | 236 | 35,990 | |||||||
| 6.250%, 11/04/24 («) | USD | 116 | 17,545 | |||||||
| 6.200%, 02/26/25 («) | USD | 37 | 5,596 | |||||||
| 6.600%, 11/27/26 («) | USD | 104 | 15,600 | |||||||
| 6.850%, 03/23/27 («) | USD | 124 | 18,600 | |||||||
| 6.750%, 11/29/27 («) | USD | 52 | 7,800 | |||||||
| 6.650%, 02/26/30 («) | USD | 109 | 15,805 | |||||||
| 7.000%, 03/23/32 («) | USD | 183 | 26,993 | |||||||
| 7.050%, 11/02/35 («) | USD | 60 | 9,000 | |||||||
| 7.250%, 03/23/37 («) | USD | 55 | 8,250 | |||||||
| 6.375%, 03/09/49 («) | USD | 107 | 18,993 | |||||||
| 328,819 | ||||||||||
| Malaysia | 3.8% | ||||||||||
| Malaysia Government Bonds: | ||||||||||
| 3.441%, 02/15/21 | MYR | 120 | 29,058 | |||||||
| 4.160%, 07/15/21 | MYR | 70 | 17,144 | |||||||
| 3.882%, 03/10/22 | MYR | 706 | 174,819 | |||||||
| 3.800%, 08/17/23 | MYR | 760 | 191,643 | |||||||
| 3.478%, 06/14/24 | MYR | 91 | 22,912 | |||||||
| 3.955%, 09/15/25 | MYR | 610 | 158,280 | |||||||
| 3.899%, 11/16/27 | MYR | 240 | 63,036 | |||||||
| 3.844%, 04/15/33 | MYR | 550 | 142,603 | |||||||
| 4.893%, 06/08/38 | MYR | 730 | 207,486 | |||||||
| 1,006,981 | ||||||||||
| Mexico | 5.4% | ||||||||||
| Mexican Bonos: | ||||||||||
| 5.750%, 03/05/26 | MXN | 15,650 | 724,586 | |||||||
| 8.500%, 05/31/29 | MXN | 4,838 | 258,457 | |||||||
| 10.000%, 11/20/36 | MXN | 3,270 | 196,921 | |||||||
| 7.750%, 11/13/42 | MXN | 670 | 32,763 | |||||||
| United Mexican States: | ||||||||||
| 4.125%, 01/21/26 | USD | 80 | 88,880 | |||||||
| 4.500%, 01/31/50 | USD | 60 | 63,150 | |||||||
| 5.000%, 04/27/51 | USD | 60 | 67,260 | |||||||
| 1,432,017 | ||||||||||
| Mongolia | 0.2% | ||||||||||
| Mongolia International Bonds: | ||||||||||
| 10.875%, 04/06/21 | USD | 25 | 26,000 | |||||||
| 5.125%, 12/05/22 | USD | 35 | 35,667 | |||||||
| 61,667 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mozambique | 0.6% | ||||||||||
| Republic of Mozambique, 5.000%, 09/15/31 | USD | 200 | $ | 163,063 | ||||||
| Nigeria | 2.1% | ||||||||||
| Republic of Nigeria: | ||||||||||
| 6.500%, 11/28/27 | USD | 200 | 190,375 | |||||||
| 7.875%, 02/16/32 | USD | 200 | 190,687 | |||||||
| 7.625%, 11/28/47 | USD | 200 | 178,500 | |||||||
| 559,562 | ||||||||||
| Oman | 1.5% | ||||||||||
| Oman Government International Bonds: | ||||||||||
| 4.750%, 06/15/26 | USD | 245 | 223,869 | |||||||
| 5.625%, 01/17/28 | USD | 200 | 183,500 | |||||||
| 407,369 | ||||||||||
| Panama | 1.5% | ||||||||||
| Republic of Panama: | ||||||||||
| 3.750%, 03/16/25 | USD | 65 | 71,013 | |||||||
| 2.252%, 09/29/32 | USD | 330 | 334,455 | |||||||
| 405,468 | ||||||||||
| Paraguay | 0.5% | ||||||||||
| Republic of Paraguay: | ||||||||||
| 5.000%, 04/15/26 | USD | 25 | 28,492 | |||||||
| 4.950%, 04/28/31 (#) | USD | 45 | 51,975 | |||||||
| 5.400%, 03/30/50 | USD | 40 | 48,425 | |||||||
| 128,892 | ||||||||||
| Peru | 2.4% | ||||||||||
| Republic of Peru: | ||||||||||
| 8.200%, 08/12/26 | PEN | 290 | 106,730 | |||||||
| 4.125%, 08/25/27 | USD | 55 | 64,092 | |||||||
| 6.350%, 08/12/28 | PEN | 390 | 131,223 | |||||||
| 6.950%, 08/12/31 | PEN | 585 | 198,370 | |||||||
| 6.900%, 08/12/37 | PEN | 290 | 95,916 | |||||||
| 5.350%, 08/12/40 | PEN | 150 | 41,521 | |||||||
| 637,852 | ||||||||||
| Philippines | 0.6% | ||||||||||
| Republic of Philippines: | ||||||||||
| 4.200%, 01/21/24 | USD | 70 | 77,678 | |||||||
| 3.625%, 09/09/25 | PHP | 3,145 | 66,954 | |||||||
| 3.700%, 02/02/42 | USD | 15 | 17,348 | |||||||
| 161,980 | ||||||||||
| Qatar | 1.0% | ||||||||||
| State of Qatar, 3.400%, 04/16/25 | USD | 250 | 274,297 | |||||||
| Romania | 3.0% | ||||||||||
| Romania Government Bonds, 3.000%, 02/14/31 (#) | USD | 100 | 102,625 | |||||||
| Romanian Government Bonds: | ||||||||||
| 4.250%, 06/28/23 | RON | 710 | 175,610 | |||||||
| 4.375%, 08/22/23 | USD | 48 | 52,185 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 4.750%, 02/24/25 | RON | 320 | $ | 81,190 | ||||||
| 4.850%, 04/22/26 | RON | 320 | 82,870 | |||||||
| 5.800%, 07/26/27 | RON | 380 | 104,696 | |||||||
| 3.000%, 02/14/31 | USD | 46 | 47,208 | |||||||
| 5.125%, 06/15/48 | USD | 34 | 41,554 | |||||||
| 4.000%, 02/14/51 (#) | USD | 96 | 98,790 | |||||||
| 786,728 | ||||||||||
| Russia | 4.8% | ||||||||||
| Russia Government Bonds - OFZ: | ||||||||||
| 7.100%, 10/16/24 | RUB | 190 | 2,614 | |||||||
| 7.950%, 10/07/26 | RUB | 29,900 | 429,809 | |||||||
| 7.050%, 01/19/28 | RUB | 10,153 | 139,219 | |||||||
| 8.500%, 09/17/31 | RUB | 31,270 | 472,984 | |||||||
| Russian Foreign Bond - Eurobond, 5.100%, 03/28/35 | USD | 200 | 245,125 | |||||||
| 1,289,751 | ||||||||||
| South Africa | 6.7% | ||||||||||
| Republic of South Africa: | ||||||||||
| 4.665%, 01/17/24 | USD | 75 | 76,664 | |||||||
| 10.500%, 12/21/26 | ZAR | 7,840 | 544,079 | |||||||
| 8.000%, 01/31/30 | ZAR | 4,060 | 221,221 | |||||||
| 5.875%, 06/22/30 | USD | 105 | 107,133 | |||||||
| 8.250%, 03/31/32 | ZAR | 7,340 | 375,512 | |||||||
| 8.500%, 01/31/37 | ZAR | 4,230 | 197,807 | |||||||
| 8.750%, 02/28/48 | ZAR | 2,525 | 115,779 | |||||||
| 6.300%, 06/22/48 | USD | 150 | 136,500 | |||||||
| 1,774,695 | ||||||||||
| Sri Lanka | 2.3% | ||||||||||
| Republic of Sri Lanka: | ||||||||||
| 5.750%, 01/18/22 | USD | 60 | 49,181 | |||||||
| 5.750%, 04/18/23 | USD | 245 | 181,453 | |||||||
| 6.850%, 03/14/24 | USD | 180 | 131,962 | |||||||
| 6.350%, 06/28/24 | USD | 40 | 28,863 | |||||||
| 6.125%, 06/03/25 | USD | 10 | 7,009 | |||||||
| 6.850%, 11/03/25 | USD | 100 | 70,625 | |||||||
| 6.825%, 07/18/26 | USD | 5 | 3,509 | |||||||
| 6.200%, 05/11/27 | USD | 70 | 47,338 | |||||||
| 6.750%, 04/18/28 | USD | 35 | 23,702 | |||||||
| 7.550%, 03/28/30 | USD | 90 | 60,750 | |||||||
| 604,392 | ||||||||||
| Suriname | 0.0% | ||||||||||
| Republic of Suriname, 9.250%, 10/26/26 | USD | 10 | 5,903 | |||||||
| Thailand | 2.6% | ||||||||||
| Thailand Government Bonds: | ||||||||||
| 3.650%, 06/20/31 | THB | 5,400 | 207,104 | |||||||
| 3.775%, 06/25/32 | THB | 5,700 | 223,949 | |||||||
| 3.400%, 06/17/36 | THB | 4,780 | 185,468 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 3.300%, 06/17/38 | THB | 2,190 | $ | 83,655 | ||||||
| 700,176 | ||||||||||
| Turkey | 1.7% | ||||||||||
| Republic of Turkey: | ||||||||||
| 5.750%, 03/22/24 | USD | 60 | 58,800 | |||||||
| 7.375%, 02/05/25 | USD | 95 | 98,414 | |||||||
| 4.250%, 03/13/25 | USD | 200 | 184,062 | |||||||
| 4.875%, 10/09/26 | USD | 55 | 50,170 | |||||||
| 5.750%, 05/11/47 | USD | 15 | 11,925 | |||||||
| Turkey Government International Bond, 5.250%, 03/13/30 | USD | 45 | 39,952 | |||||||
| 443,323 | ||||||||||
| Ukraine | 2.3% | ||||||||||
| Emirate of Dubai Government International Bonds, 5.250%, 01/30/43 | USD | 200 | 227,688 | |||||||
| Government of Ukraine, 15.840%, 02/26/25 | UAH | 1,960 | 77,333 | |||||||
| Ukraine Government Bonds: 15.840%, 02/26/25 | UAH | 800 | 31,565 | |||||||
| 9.750%, 11/01/28 | USD | 260 | 280,637 | |||||||
| 617,223 | ||||||||||
| United Arab Emirates | 0.5% | ||||||||||
| Emirate of Dubai Government International Bonds, 5.250%, 01/30/43 | USD | 110 | 125,228 | |||||||
| Uruguay | 0.3% | ||||||||||
| Republica Orient Uruguay: | ||||||||||
| 4.375%, 10/27/27 | USD | 35 | 40,425 | |||||||
| 4.375%, 01/23/31 | USD | 40 | 47,563 | |||||||
| 87,988 | ||||||||||
| Venezuela | 0.3% | ||||||||||
| Republic of Venezuela: | ||||||||||
| 8.250%, 10/13/24 («) | USD | 1,038 | 80,445 | |||||||
| 7.000%, 03/31/38 («) | USD | 58 | 4,495 | |||||||
| 84,940 | ||||||||||
| Zambia | 0.7% | ||||||||||
| Republic of Zambia: | ||||||||||
| 5.375%, 09/20/22 | USD | 200 | 99,250 | |||||||
| 8.970%, 07/30/27 | USD | 200 | 96,688 | |||||||
| 195,938 | ||||||||||
| Total Foreign Government Obligations (Cost $23,320,091) | 22,664,316 | |||||||||
| Quasi Government Bonds | 1.8% | ||||||||||
| Mexico | 0.4% | ||||||||||
| Petroleos Mexicanos, 6.750%, 09/21/47 | USD | 140 | 107,905 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Turkey | 0.4% | ||||||||||
| Export Credit Bank of Turkey, 5.375%, 02/08/21 | USD | 105 | $ | 105,066 | ||||||
| Ukraine | 0.9% | ||||||||||
| Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25 | USD | 250 | 253,500 | |||||||
| Venezuela | 0.1% | ||||||||||
| Petroleos de Venezuela SA: | ||||||||||
| 12.750%, 02/17/22 («) | USD | 273 | 7,507 | |||||||
| 6.000%, 11/15/26 («) | USD | 124 | 3,410 | |||||||
| 5.500%, 04/12/37 («) | USD | 100 | 2,750 | |||||||
| 13,667 | ||||||||||
| Total Quasi Government Bonds (Cost $700,104) | 480,138 | |||||||||
| Supranational Bonds | 0.1% | ||||||||||
| International Finance Corp., 8.000%, 10/09/23 (Cost $14,358) | IDR | 200,000 | 14,171 | |||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 5.6% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $1,487,621) | 1,487,621 | 1,487,621 | ||||||||
| Total Investments l 99.3% (Cost $27,281,166) (») | $ | 26,477,887 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 181,034 | |||||||||
| Net Assets | 100.0% | $ | 26,658,921 | ||||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at September 30, 2020:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 690,985 | USD | 122,500 | BOA | 10/02/20 | $ | 541 | $ | — | |||||||||
| BRL | 706,636 | USD | 126,940 | BOA | 10/02/20 | — | 1,112 | |||||||||||
| BRL | 690,985 | USD | 125,422 | BOA | 11/04/20 | — | 2,482 | |||||||||||
| BRL | 53,040 | USD | 9,403 | BRC | 10/02/20 | 42 | — | |||||||||||
| BRL | 273,252 | USD | 49,096 | BRC | 10/02/20 | — | 439 | |||||||||||
| BRL | 976,452 | USD | 174,968 | BRC | 10/02/20 | — | 1,095 | |||||||||||
| BRL | 563,548 | USD | 99,907 | CIT | 10/02/20 | 441 | — | |||||||||||
| BRL | 706,636 | USD | 126,963 | CIT | 10/02/20 | — | 1,135 | |||||||||||
| BRL | 690,195 | USD | 122,360 | SCB | 10/02/20 | 540 | — | |||||||||||
| BRL | 910,839 | USD | 162,682 | SCB | 10/02/20 | — | 492 | |||||||||||
| BRL | 1,251,156 | USD | 221,809 | SCB | 10/02/20 | 980 | — | |||||||||||
| BRL | 690,195 | USD | 127,709 | SCB | 11/04/20 | — | 4,910 | |||||||||||
| BRL | 1,251,156 | USD | 223,802 | SCB | 11/04/20 | — | 1,198 | |||||||||||
| BRL | 976,452 | USD | 175,079 | UBS | 10/02/20 | — | 1,207 | |||||||||||
| CLP | 7,753,000 | USD | 10,000 | BOA | 10/20/20 | — | 123 | |||||||||||
| CLP | 23,578,500 | USD | 30,000 | BRC | 10/20/20 | 39 | — | |||||||||||
| CLP | 29,177,711 | USD | 37,369 | BRC | 10/20/20 | — | 197 | |||||||||||
| CLP | 38,677,431 | USD | 49,323 | UBS | 10/20/20 | — | 48 | |||||||||||
| CZK | 2,285,889 | USD | 103,158 | BOA | 10/20/20 | — | 4,107 | |||||||||||
| CZK | 2,408,438 | USD | 106,660 | BOA | 10/20/20 | — | 2,298 | |||||||||||
| CZK | 3,154,526 | USD | 141,348 | BOA | 10/20/20 | — | 4,657 | |||||||||||
| CZK | 788,631 | USD | 35,318 | BRC | 10/20/20 | — | 1,145 | |||||||||||
| CZK | 2,285,889 | USD | 103,139 | BRC | 10/20/20 | — | 4,088 | |||||||||||
| CZK | 752,265 | USD | 33,340 | JPM | 10/20/20 | — | 743 | |||||||||||
| CZK | 2,628,772 | USD | 117,746 | SCB | 10/20/20 | — | 3,837 | |||||||||||
| CZK | 2,285,889 | USD | 103,093 | UBS | 10/20/20 | — | 4,041 | |||||||||||
| HUF | 29,658,179 | USD | 98,221 | BRC | 10/26/20 | — | 2,590 | |||||||||||
| HUF | 33,070,026 | USD | 109,709 | BRC | 10/26/20 | — | 3,077 | |||||||||||
| HUF | 12,607,128 | USD | 41,779 | JPM | 10/26/20 | — | 1,128 | |||||||||||
| HUF | 33,070,026 | USD | 109,777 | UBS | 10/26/20 | — | 3,145 | |||||||||||
| IDR | 441,150,000 | USD | 30,000 | BRC | 11/25/20 | — | 500 | |||||||||||
| IDR | 1,955,949,678 | USD | 131,977 | BRC | 11/25/20 | — | 1,181 | |||||||||||
| IDR | 298,640,000 | USD | 20,000 | SCB | 11/25/20 | — | 30 | |||||||||||
| INR | 10,322,917 | USD | 139,109 | BRC | 10/08/20 | 767 | — | |||||||||||
| INR | 10,322,917 | USD | 139,032 | UBS | 10/08/20 | 844 | — | |||||||||||
| KRW | 83,706,000 | USD | 70,612 | UBS | 10/08/20 | 961 | — | |||||||||||
| MXN | 456,596 | USD | 21,507 | BOA | 10/20/20 | — | 900 | |||||||||||
| MXN | 595,862 | USD | 26,795 | BRC | 10/20/20 | 97 | — | |||||||||||
| MXN | 515,664 | USD | 23,205 | JPM | 10/20/20 | 67 | — | |||||||||||
| MXN | 2,831,784 | USD | 129,839 | UBS | 10/20/20 | — | 2,038 | |||||||||||
| MYR | 83,863 | USD | 20,152 | SCB | 11/24/20 | — | 10 | |||||||||||
| MYR | 406,724 | USD | 97,966 | SCB | 11/24/20 | — | 280 | |||||||||||
| PEN | 71,430 | USD | 20,000 | BRC | 10/21/20 | — | 178 | |||||||||||
| PEN | 571,200 | USD | 160,000 | BRC | 10/21/20 | — | 1,494 | |||||||||||
| PLN | 557,266 | USD | 148,850 | BOA | 11/17/20 | — | 4,667 | |||||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| PLN | 566,873 | USD | 151,741 | BOA | 11/17/20 | $ | — | $ | 5,072 | |||||||||
| PLN | 576,215 | USD | 157,393 | BOA | 11/17/20 | — | 8,307 | |||||||||||
| PLN | 77,315 | USD | 20,000 | BRC | 11/17/20 | 4 | — | |||||||||||
| PLN | 557,266 | USD | 148,806 | BRC | 11/17/20 | — | 4,624 | |||||||||||
| PLN | 566,873 | USD | 152,176 | BRC | 11/17/20 | — | 5,508 | |||||||||||
| PLN | 576,215 | USD | 157,357 | BRC | 11/17/20 | — | 8,272 | |||||||||||
| PLN | 672,013 | USD | 182,682 | JPM | 11/17/20 | — | 8,810 | |||||||||||
| PLN | 576,215 | USD | 157,298 | SCB | 11/17/20 | — | 8,212 | |||||||||||
| PLN | 200,616 | USD | 53,492 | UBS | 11/17/20 | — | 1,586 | |||||||||||
| PLN | 566,873 | USD | 152,179 | UBS | 11/17/20 | — | 5,511 | |||||||||||
| RUB | 5,621,558 | USD | 74,622 | BOA | 10/08/20 | — | 2,320 | |||||||||||
| RUB | 1,553,838 | USD | 20,000 | BRC | 10/08/20 | — | 15 | |||||||||||
| RUB | 2,974,740 | USD | 40,000 | BRC | 10/08/20 | — | 1,740 | |||||||||||
| RUB | 5,621,558 | USD | 74,583 | UBS | 10/08/20 | — | 2,280 | |||||||||||
| THB | 3,793,421 | USD | 121,463 | BOA | 10/21/20 | — | 1,756 | |||||||||||
| THB | 6,811,056 | USD | 217,800 | HSB | 10/21/20 | — | 2,866 | |||||||||||
| THB | 694,918 | USD | 22,319 | JPM | 10/21/20 | — | 389 | |||||||||||
| THB | 2,498,716 | USD | 80,252 | JPM | 10/21/20 | — | 1,400 | |||||||||||
| THB | 3,405,527 | USD | 109,390 | JPM | 10/21/20 | — | 1,923 | |||||||||||
| THB | 3,405,528 | USD | 108,848 | JPM | 10/21/20 | — | 1,381 | |||||||||||
| THB | 311,100 | USD | 10,000 | SCB | 10/21/20 | — | 183 | |||||||||||
| TRY | 385,680 | USD | 50,000 | BRC | 10/26/20 | — | 355 | |||||||||||
| TRY | 1,496,346 | USD | 193,887 | BRC | 10/26/20 | — | 1,277 | |||||||||||
| TRY | 234,813 | USD | 30,000 | BRC | 10/30/20 | 191 | — | |||||||||||
| USD | 125,274 | BRL | 706,636 | BOA | 10/02/20 | — | 553 | |||||||||||
| USD | 125,519 | BRL | 690,985 | BOA | 10/02/20 | 2,479 | — | |||||||||||
| USD | 10,000 | BRL | 53,040 | BRC | 10/02/20 | 555 | — | |||||||||||
| USD | 48,443 | BRL | 273,252 | BRC | 10/02/20 | — | 214 | |||||||||||
| USD | 173,108 | BRL | 976,452 | BRC | 10/02/20 | — | 764 | |||||||||||
| USD | 20,000 | BRL | 112,690 | BRC | 11/04/20 | — | 50 | |||||||||||
| USD | 130,000 | BRL | 734,825 | BRC | 11/04/20 | — | 739 | |||||||||||
| USD | 102,867 | BRL | 563,548 | CIT | 10/02/20 | 2,519 | — | |||||||||||
| USD | 125,274 | BRL | 706,636 | CIT | 10/02/20 | — | 553 | |||||||||||
| USD | 127,814 | BRL | 690,195 | SCB | 10/02/20 | 4,914 | — | |||||||||||
| USD | 161,476 | BRL | 910,839 | SCB | 10/02/20 | — | 713 | |||||||||||
| USD | 223,981 | BRL | 1,251,156 | SCB | 10/02/20 | 1,193 | — | |||||||||||
| USD | 245,889 | BRL | 1,301,343 | SSB | 10/02/20 | 14,164 | — | |||||||||||
| USD | 338,283 | BRL | 1,910,096 | SSB | 11/04/20 | — | 1,560 | |||||||||||
| USD | 173,108 | BRL | 976,452 | UBS | 10/02/20 | — | 764 | |||||||||||
| USD | 20,000 | CLP | 15,756,000 | BRC | 10/20/20 | — | 73 | |||||||||||
| USD | 20,000 | CNH | 136,993 | SCB | 10/20/20 | — | 184 | |||||||||||
| USD | 100,118 | CNH | 687,330 | SCB | 10/20/20 | — | 1,150 | |||||||||||
| USD | 15,977 | COP | 60,205,752 | BRC | 11/20/20 | 285 | — | |||||||||||
| USD | 39,529 | CZK | 868,490 | BRC | 10/20/20 | 1,896 | — | |||||||||||
| USD | 20,000 | CZK | 447,867 | SCB | 10/20/20 | 593 | — | |||||||||||
| USD | 30,471 | CZK | 669,526 | SCB | 10/20/20 | 1,459 | — | |||||||||||
| USD | 31,349 | HUF | 9,784,863 | BRC | 10/26/20 | — | 202 | |||||||||||
| Lazard Emerging Markets Debt Portfolio (concluded) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 40,000 | IDR | 604,800,000 | SCB | 11/25/20 | $ | — | $ | 443 | |||||||||
| USD | 34,147 | INR | 2,512,878 | BRC | 10/08/20 | 97 | — | |||||||||||
| USD | 36,836 | INR | 2,712,999 | BRC | 10/08/20 | 75 | — | |||||||||||
| USD | 139,563 | INR | 10,340,249 | BRC | 10/08/20 | — | 547 | |||||||||||
| USD | 35,853 | INR | 2,637,705 | SCB | 10/08/20 | 112 | — | |||||||||||
| USD | 33,164 | INR | 2,442,003 | UBS | 10/08/20 | 74 | — | |||||||||||
| USD | 1,846 | KRW | 2,169,877 | BRC | 10/08/20 | — | 9 | |||||||||||
| USD | 34,384 | KRW | 40,046,812 | BRC | 10/08/20 | 141 | — | |||||||||||
| USD | 35,616 | KRW | 41,489,311 | SCB | 10/08/20 | 140 | — | |||||||||||
| USD | 10,000 | MXN | 221,232 | BRC | 10/20/20 | 16 | — | |||||||||||
| USD | 40,000 | MXN | 854,280 | SCB | 10/20/20 | 1,445 | — | |||||||||||
| USD | 150,000 | MYR | 621,150 | BOA | 11/24/20 | 814 | — | |||||||||||
| USD | 102,970 | PEN | 368,108 | BOA | 10/21/20 | 821 | — | |||||||||||
| USD | 20,000 | PEN | 71,960 | BRC | 10/21/20 | 31 | — | |||||||||||
| USD | 102,985 | PEN | 368,108 | BRC | 10/21/20 | 836 | — | |||||||||||
| USD | 57,255 | PEN | 204,505 | UBS | 10/21/20 | 506 | — | |||||||||||
| USD | 118,311 | PEN | 422,643 | UBS | 10/21/20 | 1,029 | — | |||||||||||
| USD | 42,074 | PHP | 2,074,576 | SCB | 10/13/20 | — | 709 | |||||||||||
| USD | 200,349 | PLN | 753,254 | BRC | 11/17/20 | 5,458 | — | |||||||||||
| USD | 89,651 | PLN | 337,059 | JPM | 11/17/20 | 2,442 | — | |||||||||||
| USD | 30,000 | PLN | 112,674 | SCB | 11/17/20 | 848 | — | |||||||||||
| USD | 16,243 | RON | 67,105 | BRC | 10/20/20 | 121 | — | |||||||||||
| USD | 30,000 | RON | 124,868 | BRC | 10/20/20 | 1 | — | |||||||||||
| USD | 16,244 | RON | 67,105 | UBS | 10/20/20 | 122 | — | |||||||||||
| USD | 30,000 | RUB | 2,260,350 | BRC | 10/08/20 | 928 | — | |||||||||||
| USD | 30,000 | THB | 940,125 | SCB | 10/21/20 | 333 | — | |||||||||||
| USD | 40,000 | THB | 1,265,300 | SCB | 10/21/20 | 71 | — | |||||||||||
| USD | 120,453 | ZAR | 2,048,155 | BOA | 10/20/20 | — | 1,560 | |||||||||||
| USD | 164,104 | ZAR | 2,792,939 | CIT | 10/20/20 | — | 2,277 | |||||||||||
| USD | 40,000 | ZAR | 676,050 | SCB | 10/20/20 | — | 274 | |||||||||||
| USD | 120,411 | ZAR | 2,048,155 | SCB | 10/20/20 | — | 1,602 | |||||||||||
| USD | 120,421 | ZAR | 2,048,155 | UBS | 10/20/20 | — | 1,592 | |||||||||||
| ZAR | 703,791 | USD | 41,673 | UBS | 10/20/20 | 253 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 52,285 | $ | 150,891 | ||||||||||||||
Centrally Cleared Interest Rate Swap Agreements open at September 30, 2020:
| Currency | Notional Amount | Expiration Date | Receive (Pay) Rate | Payment Frequency Paid/Received | Variable Rate | Unrealized Depreciation | ||||||||||||
| BRL | $ | 575,890 | 01/02/23 | 6.14 | % | Maturity | 1 month Brazilian Interbank Deposit Average | $ | 2,365 | |||||||||
| BRL | 680,190 | 01/02/24 | 4.84 | Maturity | 1 month Brazilian Interbank Deposit Average | 2,053 | ||||||||||||
| Total gross unrealized depreciation on Centrally Cleared Interest Rate Swap Agreements | $ | 4,418 | ||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 38.1% | ||||||||||
| Australia | 1.1% | ||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 130 | $ | 98,785 | ||||||
| Canada | 2.3% | ||||||||||
| Canadian Imperial Bank of Commerce, 2.900%, 09/14/21 | CAD | 132 | 101,505 | |||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 115 | 95,217 | |||||||
| 196,722 | ||||||||||
| France | 1.3% | ||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 105 | 110,034 | |||||||
| Germany | 2.2% | ||||||||||
| BMW Finance NV, 0.875%, 08/16/22 | GBP | 60 | 77,833 | |||||||
| Daimler AG, 0.033% (Euribor 3 Month + 0.450%), 07/03/24 (§) | EUR | 100 | 115,105 | |||||||
| 192,938 | ||||||||||
| Switzerland | 0.7% | ||||||||||
| ABB Finance USA, Inc., 3.375%, 04/03/23 | USD | 55 | 58,852 | |||||||
| United Kingdom | 1.2% | ||||||||||
| Unilever Capital Corp., 3.250%, 03/07/24 | USD | 100 | 108,831 | |||||||
| United States | 29.3% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 85 | 91,664 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 90 | 89,109 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 80 | 91,172 | |||||||
| American Express Co., 3.000%, 10/30/24 | USD | 95 | 103,051 | |||||||
| Apple, Inc., 3.850%, 05/04/43 | USD | 115 | 143,163 | |||||||
| Bank of America Corp.: | ||||||||||
| 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§) | USD | 95 | 96,770 | |||||||
| 1.486% (SOFRRATE + 1.460%), 05/19/24 (§) | USD | 45 | 45,770 | |||||||
| Citigroup, Inc., 1.650% (BBSW 3 Month + 1.550%), 05/04/21 (§) | AUD | 165 | 118,822 | |||||||
| Constellation Brands, Inc., 4.250%, 05/01/23 | USD | 65 | 70,889 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 55 | 63,003 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| HCA, Inc., 5.000%, 03/15/24 | USD | 45 | $ | 50,427 | ||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 105 | 83,275 | |||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 70 | 84,739 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 95 | 106,394 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 40 | 46,048 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/40 | USD | 30 | 39,300 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 120 | 97,434 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 70 | 86,119 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 75 | 84,721 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 125 | 134,039 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 60 | 66,630 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 45 | 43,883 | |||||||
| Sealed Air Corp., 4.875%, 12/01/22 | USD | 45 | 46,930 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 45 | 47,663 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 115 | 139,425 | |||||||
| The Goldman Sachs Group, Inc., 3.625%, 01/22/23 | USD | 95 | 101,545 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 60 | 90,214 | |||||||
| The Procter & Gamble Co., 2.450%, 03/25/25 | USD | 38 | 41,146 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 85 | 89,521 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 45 | 47,250 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 95 | 112,263 | |||||||
| 2,552,379 | ||||||||||
| Total Corporate Bonds (Cost $3,136,994) | 3,318,541 | |||||||||
| Foreign Government Obligations | 40.9% | ||||||||||
| Australia | 2.1% | ||||||||||
| New South Wales Treasury Corp.: | ||||||||||
| 3.000%, 02/20/30 | AUD | 110 | 91,983 | |||||||
| 2.000%, 03/08/33 | AUD | 55 | 41,758 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Queensland Treasury Corp., 3.000%, 03/22/24 | AUD | 64 | $ | 50,082 | ||||||
| 183,823 | ||||||||||
| Bahamas | 1.2% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 118 | 105,521 | |||||||
| Bermuda | 2.5% | ||||||||||
| Government of Bermuda, 3.717%, 01/25/27 | USD | 200 | 219,000 | |||||||
| Canada | 5.2% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 85 | 70,128 | |||||||
| Province of British Columbia, 4.700%, 06/18/37 | CAD | 120 | 128,832 | |||||||
| Province of Quebec: | ||||||||||
| 1.650%, 03/03/22 | CAD | 115 | 88,031 | |||||||
| 2.500%, 04/20/26 | USD | 95 | 103,771 | |||||||
| 1.850%, 02/13/27 | CAD | 80 | 63,752 | |||||||
| 454,514 | ||||||||||
| Chile | 2.4% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26 | CLP | 65,000 | 95,053 | |||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 117,282 | |||||||
| 212,335 | ||||||||||
| Colombia | 0.6% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 148,000 | 49,971 | |||||||
| Czech Republic | 3.0% | ||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 5,320 | 260,191 | |||||||
| France | 2.4% | ||||||||||
| Government of France, 1.750%, 06/25/39 | EUR | 139 | 212,840 | |||||||
| Hungary | 3.9% | ||||||||||
| Hungary, 5.750%, 11/22/23 | USD | 56 | 64,208 | |||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 26,530 | 88,854 | |||||||
| 2.750%, 12/22/26 | HUF | 24,540 | 83,210 | |||||||
| 3.000%, 10/27/27 | HUF | 29,180 | 100,847 | |||||||
| 337,119 | ||||||||||
| Italy | 0.8% | ||||||||||
| Italy Government International Bonds, 6.875%, 09/27/23 | USD | 60 | 70,044 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mexico | 0.6% | ||||||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 35 | $ | 52,289 | ||||||
| Morocco | 1.3% | ||||||||||
| Morocco Government International Bond, 1.500%, 11/27/31 | EUR | 100 | 110,100 | |||||||
| New Zealand | 2.1% | ||||||||||
| New Zealand Government Bonds, 4.500%, 04/15/27 | NZD | 225 | 186,248 | |||||||
| Norway | 2.6% | ||||||||||
| Oslo Kommune: | ||||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 112,877 | |||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 113,816 | |||||||
| 226,693 | ||||||||||
| Peru | 1.0% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 (#) | PEN | 270 | 85,673 | |||||||
| Poland | 3.0% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/27 | PLN | 310 | 88,184 | |||||||
| 0.690%, 05/25/28 (§) | PLN | 340 | 86,205 | |||||||
| 2.750%, 10/25/29 | PLN | 295 | 86,056 | |||||||
| 260,445 | ||||||||||
| Romania | 3.6% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 4.000%, 10/27/21 | RON | 380 | 92,583 | |||||||
| 4.750%, 02/24/25 | RON | 520 | 131,933 | |||||||
| Romanian Government International Bonds, 2.375%, 04/19/27 | EUR | 72 | 89,350 | |||||||
| 313,866 | ||||||||||
| Spain | 1.0% | ||||||||||
| Spain Government Bonds, 1.200%, 10/31/40 | EUR | 70 | 87,851 | |||||||
| United Kingdom | 1.6% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 1.750%, 09/07/37 | GBP | 67 | 102,015 | |||||||
| 1.500%, 07/22/47 | GBP | 25 | 37,976 | |||||||
| 139,991 | ||||||||||
| Total Foreign Government Obligations (Cost $3,434,037) | 3,568,514 | |||||||||
| Quasi Government Bonds | 1.0% | ||||||||||
| Canada | 1.0% | ||||||||||
| Export Development Canada, 1.800%, 09/01/22 (Cost $84,076) | CAD | 115 | 88,765 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Supranational Bonds | 10.6% | ||||||||||
| African Development Bank, 0.750%, 04/03/23 | USD | 115 | $ | 116,401 | ||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 102 | 109,705 | |||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 50 | 52,511 | |||||||
| European Investment Bank, 1.125%, 09/16/21 (#) | CAD | 85 | 64,275 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,160,000 | 81,769 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.500%, 08/03/23 | CAD | 200 | 158,845 | |||||||
| 1.900%, 01/16/25 | CAD | 65 | 51,479 | |||||||
| 2.900%, 11/26/25 | AUD | 110 | 87,967 | |||||||
| International Finance Corp.: | ||||||||||
| 2.700%, 03/15/23 | AUD | 125 | 94,677 | |||||||
| 2.125%, 04/07/26 | USD | 100 | 108,809 | |||||||
| Total Supranational Bonds (Cost $890,492) | 926,438 | |||||||||
| US Municipal Bonds | 1.6% | ||||||||||
| California | 1.6% | ||||||||||
| California State Build America Bonds, 7.500%, 04/01/34 | USD | 20 | 33,239 | |||||||
| State of California: | ||||||||||
| 4.500%, 04/01/33 | USD | 45 | 53,792 | |||||||
| 7.550%, 04/01/39 | USD | 30 | 52,489 | |||||||
| 139,520 | ||||||||||
| Total US Municipal Bonds (Cost $125,166) | 139,520 | |||||||||
| US Treasury Securities | 3.2% | ||||||||||
| US Treasury Notes: | ||||||||||
| 2.125%, 05/15/25 | USD | 80 | 86,853 | |||||||
| 2.875%, 08/15/28 | USD | 161 | 190,037 | |||||||
| Total US Treasury Securities (Cost $264,622) | 276,890 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 7.1% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $617,837) | 617,837 | 617,837 | ||||||||
| Description | Fair Value | |||||||||
| Total Investments l 102.5% (Cost $8,553,224) (») | $ | 8,936,505 | ||||||||
| Liabilities in Excess of Cash and Other Assets | (2.5)% | (219,075 | ) | ||||||||
| Net Assets | 100.0% | $ | 8,717,430 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at September 30, 2020:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CAD | 158,753 | USD | 118,517 | JPM | 01/20/21 | $ | 772 | $ | — | |||||||||
| CHF | 24,165 | USD | 26,715 | HSB | 01/20/21 | — | 387 | |||||||||||
| CHF | 86,443 | USD | 95,565 | JPM | 01/20/21 | — | 1,386 | |||||||||||
| CNH | 1,361,959 | USD | 199,821 | HSB | 01/20/21 | — | 414 | |||||||||||
| CNH | 1,361,959 | USD | 199,096 | HSB | 03/04/21 | — | 243 | |||||||||||
| CZK | 99,804 | USD | 4,330 | JPM | 10/22/20 | — | 5 | |||||||||||
| EUR | 64,671 | RON | 317,527 | HSB | 01/22/21 | 229 | — | |||||||||||
| EUR | 71,274 | USD | 84,379 | CIT | 01/20/21 | — | 597 | |||||||||||
| EUR | 881,145 | USD | 1,042,641 | HSB | 01/20/21 | — | 6,858 | |||||||||||
| GBP | 37,590 | USD | 48,865 | JPM | 01/20/21 | — | 323 | |||||||||||
| GBP | 82,116 | USD | 104,536 | JPM | 01/20/21 | 1,504 | — | |||||||||||
| HUF | 12,908,367 | EUR | 37,238 | JPM | 10/22/20 | — | 2,053 | |||||||||||
| IDR | 475,168,000 | USD | 32,000 | JPM | 10/19/20 | — | 116 | |||||||||||
| JPY | 44,497,629 | USD | 424,624 | CIT | 01/20/21 | — | 1,997 | |||||||||||
| JPY | 85,119,655 | USD | 812,513 | HSB | 01/20/21 | — | 4,068 | |||||||||||
| JPY | 12,991,927 | USD | 123,995 | JPM | 01/20/21 | — | 601 | |||||||||||
| KRW | 118,308,720 | USD | 99,614 | JPM | 11/30/20 | 1,551 | — | |||||||||||
| MXN | 535,448 | USD | 24,513 | JPM | 01/20/21 | — | 595 | |||||||||||
| NOK | 811,192 | USD | 87,435 | HSB | 10/22/20 | — | 466 | |||||||||||
| PHP | 2,245,608 | USD | 45,156 | HSB | 10/16/20 | 1,150 | — | |||||||||||
| PLN | 42,779 | USD | 11,375 | HSB | 01/20/21 | — | 305 | |||||||||||
| RUB | 1,118,958 | USD | 14,475 | JPM | 01/20/21 | — | 239 | |||||||||||
| SEK | 250,376 | USD | 28,347 | JPM | 01/20/21 | — | 348 | |||||||||||
| SGD | 138,385 | USD | 102,013 | JPM | 01/20/21 | — | 617 | |||||||||||
| THB | 885,374 | USD | 28,275 | HSB | 01/20/21 | — | 337 | |||||||||||
| USD | 70,584 | AUD | 96,649 | CIT | 01/20/21 | 1,339 | — | |||||||||||
| USD | 91,657 | AUD | 125,455 | HSB | 01/20/21 | 1,773 | — | |||||||||||
| USD | 41,278 | AUD | 58,034 | JPM | 01/20/21 | — | 301 | |||||||||||
| USD | 238,095 | AUD | 325,906 | JPM | 01/20/21 | 4,595 | — | |||||||||||
| USD | 153,741 | CAD | 202,899 | CIT | 01/20/21 | 1,280 | — | |||||||||||
| USD | 310,506 | CAD | 409,656 | HSB | 01/20/21 | 2,686 | — | |||||||||||
| USD | 38,008 | CAD | 50,716 | JPM | 01/20/21 | — | 100 | |||||||||||
| USD | 339,430 | CAD | 447,786 | JPM | 01/20/21 | 2,960 | — | |||||||||||
| USD | 58,448 | CAD | 77,121 | MSC | 01/20/21 | 498 | — | |||||||||||
| USD | 83,579 | CLP | 65,729,298 | CIT | 10/19/20 | — | 159 | |||||||||||
| USD | 51,832 | COP | 194,179,641 | CIT | 02/16/21 | 1,457 | — | |||||||||||
| USD | 39,700 | CZK | 920,325 | JPM | 10/22/20 | — | 180 | |||||||||||
| USD | 128,261 | CZK | 2,987,473 | JPM | 10/22/20 | — | 1,192 | |||||||||||
| USD | 32,829 | EUR | 27,731 | CIT | 01/20/21 | 232 | — | |||||||||||
| USD | 269,891 | EUR | 228,087 | HSB | 01/20/21 | 1,775 | — | |||||||||||
| USD | 277,561 | HUF | 85,072,356 | JPM | 10/22/20 | 3,233 | — | |||||||||||
| USD | 216,245 | NOK | 2,006,974 | JPM | 10/22/20 | 1,073 | — | |||||||||||
| USD | 78,052 | NZD | 116,322 | CIT | 01/20/21 | 1,107 | — | |||||||||||
| USD | 73,270 | NZD | 109,222 | HSB | 01/20/21 | 1,022 | — | |||||||||||
| USD | 25,340 | NZD | 37,764 | JPM | 01/20/21 | 360 | — | |||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 36,900 | PEN | 131,962 | JPM | 10/19/20 | $ | 281 | $ | — | |||||||||
| USD | 47,404 | PEN | 166,345 | JPM | 10/19/20 | 1,244 | — | |||||||||||
| USD | 3,502 | PLN | 13,642 | HSB | 01/20/21 | — | 29 | |||||||||||
| USD | 43,200 | PLN | 165,538 | HSB | 01/20/21 | 360 | — | |||||||||||
| USD | 128,293 | PLN | 482,469 | HSB | 01/20/21 | 3,435 | — | |||||||||||
| USD | 62,029 | RON | 266,022 | HSB | 01/22/21 | — | 1,471 | |||||||||||
| USD | 82,400 | SGD | 112,871 | JPM | 01/20/21 | — | 302 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 35,916 | $ | 25,689 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 88.9% | ||||||||
| Aerospace & Defense | 0.7% | ||||||||
| The Boeing Co., 4.875%, 05/01/25 | $ | 1,500 | $ | 1,636,291 | ||||
| Triumph Group, Inc., 6.250%, 09/15/24 (#) | 500 | 425,520 | ||||||
| 2,061,811 | ||||||||
| Airlines | 0.4% | ||||||||
| Continental Airlines Pass Through Trust, 4.150%, 04/11/24 | 1,311 | 1,284,383 | ||||||
| Auto Components | 2.5% | ||||||||
| Dana, Inc., 5.500%, 12/15/24 | 1,800 | 1,836,000 | ||||||
| Delphi Technologies PLC, 5.000%, 10/01/25 (#) | 1,925 | 2,199,312 | ||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,100 | 1,554,000 | ||||||
| The Goodyear Tire & Rubber Co.: | ||||||||
| 5.125%, 11/15/23 | 1,550 | 1,546,125 | ||||||
| 5.000%, 05/31/26 | 250 | 242,905 | ||||||
| 7,378,342 | ||||||||
| Automobiles | 1.0% | ||||||||
| Fiat Chrysler Automobiles NV, 5.250%, 04/15/23 | 2,000 | 2,100,000 | ||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 825,000 | ||||||
| 2,925,000 | ||||||||
| Building Products | 0.6% | ||||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,826,703 | ||||||
| Capital Markets | 1.1% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,563,750 | ||||||
| MPT Operating Partnership LP, 6.375%, 03/01/24 | 1,560 | 1,602,120 | ||||||
| 3,165,870 | ||||||||
| Chemicals | 2.7% | ||||||||
| CF Industries, Inc., 3.450%, 06/01/23 | 1,725 | 1,768,125 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,000 | 995,000 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 962,465 | ||||||
| NOVA Chemicals Corp., 5.250%, 08/01/23 (#) | 1,550 | 1,526,750 | ||||||
| Valvoline, Inc., 4.375%, 08/15/25 | 1,500 | 1,543,125 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| WR Grace & Co-Conn, 4.875%, 06/15/27 (#) | $ | 1,000 | $ | 1,032,700 | ||||
| 7,828,165 | ||||||||
| Commercial Services & Supplies | 4.0% | ||||||||
| ACCO Brands Corp., 5.250%, 12/15/24 (#) | 1,800 | 1,842,750 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 2,028,800 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,976,000 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 2,075,000 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,799,964 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,441,875 | ||||||
| The ADT Security Corp., 4.125%, 06/15/23 | 500 | 524,062 | ||||||
| 11,688,451 | ||||||||
| Communications Equipment | 0.5% | ||||||||
| Plantronics, Inc., 5.500%, 05/31/23 (#) | 1,750 | 1,557,500 | ||||||
| Construction Materials | 0.6% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,834,800 | ||||||
| Consumer Finance | 0.3% | ||||||||
| Ford Motor Credit Co. LLC, 4.125%, 08/17/27 | 1,000 | 972,500 | ||||||
| Containers & Packaging | 3.4% | ||||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 1,216,500 | ||||||
| Ball Corp., 4.000%, 11/15/23 | 2,100 | 2,229,150 | ||||||
| Crown Americas LLC: | ||||||||
| 4.500%, 01/15/23 | 1,550 | 1,608,125 | ||||||
| 4.250%, 09/30/26 | 500 | 518,750 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,600,000 | ||||||
| Sealed Air Corp., 4.875%, 12/01/22 (#) | 1,700 | 1,772,896 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 100 | 102,000 | ||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | 750 | 903,750 | ||||||
| 9,951,171 | ||||||||
| Diversified Consumer Services | 1.4% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 2,118,380 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#) | $ | 1,800 | $ | 1,840,500 | ||||
| 3,958,880 | ||||||||
| Diversified Financial Services | 1.3% | ||||||||
| INEOS Group Holdings SA, 5.625%, 08/01/24 (#) | 1,700 | 1,714,875 | ||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 1,015,320 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 987,500 | ||||||
| 3,717,695 | ||||||||
| Diversified Telecommunication Services | 2.7% | ||||||||
| CenturyLink, Inc., 4.000%, 02/15/27 (#) | 1,100 | 1,117,501 | ||||||
| Connect Finco Sarl, 6.750%, 10/01/26 (#) | 1,500 | 1,504,725 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 2,223,068 | ||||||
| SBA Communications Corp., 4.875%, 09/01/24 | 2,000 | 2,049,800 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 1,000 | 984,225 | ||||||
| 7,879,319 | ||||||||
| Electrical Equipment | 0.5% | ||||||||
| Sensata Tech, Inc., 4.375%, 02/15/30 (#) | 1,100 | 1,155,000 | ||||||
| Sensata Technologies, Inc., 3.750%, 02/15/31 (#) | 250 | 248,438 | ||||||
| 1,403,438 | ||||||||
| Energy Equipment & Services | 0.2% | ||||||||
| Precision Drilling Corp., 5.250%, 11/15/24 | 1,000 | 670,000 | ||||||
| Entertainment | 1.2% | ||||||||
| Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#) | 1,550 | 1,499,625 | ||||||
| Netflix, Inc.: | ||||||||
| 5.375%, 02/01/21 | 1,550 | 1,565,500 | ||||||
| 4.375%, 11/15/26 | 500 | 544,375 | ||||||
| 3,609,500 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 4.3% | ||||||||
| Equinix, Inc., 5.375%, 05/15/27 | 2,200 | 2,399,777 | ||||||
| ESH Hospitality, Inc., 5.250%, 05/01/25 (#) | 2,000 | 2,020,000 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 508,750 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,256,894 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26 |
$ | 1,800 | $ | 1,826,127 | ||||
| RHP Hotel Properties LP, 5.000%, 04/15/23 | 1,525 | 1,493,387 | ||||||
| Uniti Group LP, 6.000%, 04/15/23 (#) | 1,700 | 1,709,562 | ||||||
| VICI Properties LP, 4.250%, 12/01/26 (#) | 1,500 | 1,506,975 | ||||||
| 12,721,472 | ||||||||
| Food & Staples Retailing | 0.8% | ||||||||
| Ingles Markets, Inc., 5.750%, 06/15/23 | 633 | 641,989 | ||||||
| Performance Food Group, Inc., 5.500%, 06/01/24 (#) | 1,805 | 1,805,000 | ||||||
| 2,446,989 | ||||||||
| Food Products | 2.0% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,541,250 | ||||||
| Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#) | 2,000 | 2,085,000 | ||||||
| Post Holdings, Inc., 5.000%, 08/15/26 (#) | 1,800 | 1,845,000 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 500 | 505,690 | ||||||
| 5,976,940 | ||||||||
| Gas Utilities | 1.2% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,639,729 | ||||||
| Suburban Propane Partners LP, 5.500%, 06/01/24 | 1,800 | 1,811,286 | ||||||
| 3,451,015 | ||||||||
| Health Care Equipment & Supplies | 1.4% | ||||||||
| Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#) | 1,800 | 1,862,914 | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | 2,000 | 2,100,760 | ||||||
| 3,963,674 | ||||||||
| Health Care Providers & Services | 4.3% | ||||||||
| Centene Corp.: | ||||||||
| 4.750%, 01/15/25 | 500 | 513,900 | ||||||
| 3.375%, 02/15/30 | 1,500 | 1,556,250 | ||||||
| DaVita, Inc., 4.625%, 06/01/30 (#) | 2,000 | 2,052,800 | ||||||
| Encompass Health Corp., 5.125%, 03/15/23 | 1,551 | 1,558,755 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 2,036,423 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| LifePoint Health, Inc., 4.375%, 02/15/27 (#) | $ | 1,250 | $ | 1,251,562 | ||||
| Molina Healthcare, Inc., 5.375%, 11/15/22 | 1,700 | 1,776,500 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 750 | 751,875 | ||||||
| 4.875%, 01/01/26 (#) | 1,000 | 1,015,000 | ||||||
| 12,513,065 | ||||||||
| Hotels, Restaurants & Leisure | 8.7% | ||||||||
| 1011778 BC ULC, 3.875%, 01/15/28 (#) | 2,100 | 2,139,480 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 6.375%, 04/01/26 | 750 | 780,893 | ||||||
| 4.750%, 12/01/27 | 850 | 834,063 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 2,036,900 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,542,250 | ||||||
| Cinemark USA, Inc., 4.875%, 06/01/23 | 1,550 | 1,325,250 | ||||||
| Diamond Resorts International, Inc., 7.750%, 09/01/23 (#) | 1,500 | 1,440,000 | ||||||
| Golden Nugget, Inc., 6.750%, 10/15/24 (#) | 1,622 | 1,354,370 | ||||||
| Hilton Worldwide Finance LLC, 4.625%, 04/01/25 | 2,015 | 2,025,075 | ||||||
| International Game Technology PLC, 6.250%, 02/15/22 (#) | 1,450 | 1,480,812 | ||||||
| KFC Holding Co., 5.250%, 06/01/26 (#) | 2,400 | 2,493,600 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 796,000 | ||||||
| Scientific Games International, Inc., 5.000%, 10/15/25 (#) | 1,750 | 1,760,937 | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | 1,850 | 1,740,295 | ||||||
| Station Casinos LLC, 5.000%, 10/01/25 (#) | 1,700 | 1,672,035 | ||||||
| Wyndham Destinations, Inc., 6.625%, 07/31/26 (#) | 100 | 104,761 | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,000 | 1,920,000 | ||||||
| 25,446,721 | ||||||||
| Household Durables | 0.6% | ||||||||
| Tempur Sealy International, Inc., 5.625%, 10/15/23 | 1,750 | 1,767,868 | ||||||
| Household Products | 1.1% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,241,880 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | $ | 1,800 | $ | 1,855,800 | ||||
| 3,097,680 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.8% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,536,210 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,881,250 | ||||||
| The AES Corp., 5.125%, 09/01/27 | 1,700 | 1,810,670 | ||||||
| 5,228,130 | ||||||||
| Interactive Media & Services | 0.4% | ||||||||
| Twitter, Inc., 3.875%, 12/15/27 (#) | 1,250 | 1,305,000 | ||||||
| IT Services | 0.5% | ||||||||
| VeriSign, Inc., 4.625%, 05/01/23 | 1,550 | 1,557,905 | ||||||
| Machinery | 3.1% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,846,606 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 797,865 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 1,032,500 | ||||||
| Meritor, Inc., 6.250%, 02/15/24 | 1,700 | 1,734,000 | ||||||
| Mueller Water Products, Inc., 5.500%, 06/15/26 (#) | 1,750 | 1,806,875 | ||||||
| Terex Corp., 5.625%, 02/01/25 (#) | 1,790 | 1,772,100 | ||||||
| 8,989,946 | ||||||||
| Media | 9.9% | ||||||||
| AMC Networks, Inc., 4.750%, 12/15/22 | 1,000 | 999,875 | ||||||
| CCO Holdings LLC: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 526,110 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,588,125 | ||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 1,920,500 | ||||||
| CSC Holdings LLC: | ||||||||
| 5.500%, 05/15/26 (#) | 1,000 | 1,040,000 | ||||||
| 7.500%, 04/01/28 (#) | 1,690 | 1,866,994 | ||||||
| Diamond Sports Group LLC, 5.375%, 08/15/26 (#) | 1,500 | 1,061,250 | ||||||
| Entercom Media Corp., 7.250%, 11/01/24 (#) | 1,500 | 1,252,500 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 253,128 | ||||||
| Lamar Media Corp., 5.750%, 02/01/26 | 1,726 | 1,782,095 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Meredith Corp., 6.875%, 02/01/26 | $ | 1,950 | $ | 1,628,250 | ||||
| Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,573,425 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,242,500 | ||||||
| Sinclair Television Group, Inc., 5.125%, 02/15/27 (#) | 1,750 | 1,623,475 | ||||||
| Sirius XM Radio, Inc., 5.000%, 08/01/27 (#) | 1,750 | 1,827,997 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 (#) | 250 | 246,875 | ||||||
| The EW Scripps Co., 5.125%, 05/15/25 (#) | 1,800 | 1,759,500 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 1,895,000 | ||||||
| Videotron, Ltd.: | ||||||||
| 5.000%, 07/15/22 | 1,558 | 1,626,162 | ||||||
| 5.125%, 04/15/27 (#) | 500 | 526,000 | ||||||
| Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#) | 1,750 | 1,824,375 | ||||||
| 29,064,136 | ||||||||
| Metals & Mining | 4.0% | ||||||||
| Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#) | 1,800 | 1,856,250 | ||||||
| Anglo American Capital PLC, 4.875%, 05/14/25 (#) | 1,650 | 1,878,994 | ||||||
| FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,868,143 | ||||||
| Freeport-McMoRan, Inc., 4.550%, 11/14/24 | 2,200 | 2,349,160 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,463,955 | ||||||
| Steel Dynamics, Inc.: | ||||||||
| 4.125%, 09/15/25 | 500 | 511,359 | ||||||
| 5.000%, 12/15/26 | 1,550 | 1,656,226 | ||||||
| 11,584,087 | ||||||||
| Oil, Gas & Consumable Fuels | 6.4% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,445,625 | ||||||
| Cheniere Energy Partners LP, 5.250%, 10/01/25 | 1,250 | 1,278,750 | ||||||
| Energy Transfer Operating LP, 5.875%, 01/15/24 | 750 | 824,871 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 500 | 490,000 | ||||||
| Murphy Oil Corp., 6.875%, 08/15/24 | 1,500 | 1,387,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Newfield Exploration Co., 5.625%, 07/01/24 | $ | 1,600 | $ | 1,556,197 | ||||
| Parsley Energy LLC, 5.625%, 10/15/27 (#) | 1,700 | 1,691,500 | ||||||
| PBF Holding Co. LLC, 6.000%, 02/15/28 (#) | 1,500 | 1,006,575 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 950 | 916,465 | ||||||
| Southwestern Energy Co., 6.450%, 01/23/25 | 1,800 | 1,746,504 | ||||||
| Sunoco LP, 5.500%, 02/15/26 | 1,700 | 1,697,875 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,125,000 | ||||||
| Targa Resources Partners LP, 5.250%, 05/01/23 | 1,550 | 1,546,435 | ||||||
| WPX Energy, Inc.: | ||||||||
| 6.000%, 01/15/22 | 900 | 927,000 | ||||||
| 5.750%, 06/01/26 | 1,000 | 1,035,000 | ||||||
| 5.250%, 10/15/27 | 100 | 101,500 | ||||||
| 18,776,797 | ||||||||
| Professional Services | 1.8% | ||||||||
| IHS Markit, Ltd., 5.000%, 11/01/22 (#) | 1,500 | 1,609,724 | ||||||
| Nielsen Finance LLC: | ||||||||
| 5.000%, 04/15/22 (#) | 1,550 | 1,553,875 | ||||||
| 5.625%, 10/01/28 (#) | 1,000 | 1,027,500 | ||||||
| 5.875%, 10/01/30 (#) | 1,000 | 1,035,000 | ||||||
| 5,226,099 | ||||||||
| Semiconductors & Semiconductor Equipment | 0.4% | ||||||||
| Qorvo, Inc., 5.500%, 07/15/26 | 1,000 | 1,060,560 | ||||||
| Software | 1.4% | ||||||||
| j2 Cloud Services LLC, 6.000%, 07/15/25 (#) | 1,550 | 1,612,000 | ||||||
| Nuance Communications, Inc., 5.625%, 12/15/26 | 1,500 | 1,582,500 | ||||||
| Rackspace Technology Global, Inc., 8.625%, 11/15/24 (#) | 1,000 | 1,047,200 | ||||||
| 4,241,700 | ||||||||
| Specialty Retail | 1.7% | ||||||||
| Asbury Automotive Group, Inc., 4.500%, 03/01/28 (#) | 987 | 993,169 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 982,500 | ||||||
| Penske Automotive Group, Inc., 5.500%, 05/15/26 | 1,800 | 1,856,844 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| QVC, Inc., 4.750%, 02/15/27 | $ | 1,250 | $ | 1,283,762 | ||||
| 5,116,275 | ||||||||
| Technology Hardware, Storage & Peripherals | 2.4% | ||||||||
| Dell International LLC, 7.125%, 06/15/24 (#) | 1,525 | 1,586,457 | ||||||
| NCR Corp., 5.750%, 09/01/27 (#) | 1,000 | 1,045,490 | ||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 (#) | 2,083 | 2,313,646 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 2,160,000 | ||||||
| 7,105,593 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,819,633 | ||||||
| Trading Companies & Distributors | 4.1% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) |
1,100 | 1,117,875 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,352,910 | ||||||
| HD Supply, Inc., 5.375%, 10/15/26 (#) | 2,000 | 2,100,000 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,551,975 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,973,990 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 1,000 | 1,063,750 | ||||||
| 3.875%, 11/15/27 | 1,100 | 1,133,000 | ||||||
| WESCO Distribution, Inc., 5.375%, 12/15/21 | 1,600 | 1,600,000 | ||||||
| 11,893,500 | ||||||||
| Wireless Telecommunication Services | 0.9% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 575,305 | ||||||
| T-Mobile USA, Inc., 6.500%, 01/15/26 | 2,000 | 2,090,000 | ||||||
| 2,665,305 | ||||||||
| Total Corporate Bonds (Cost $259,918,222) | 260,733,618 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 7.7% | ||||||||
Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937) |
$ | 1,222,805 | $ | 22,670,805 | ||||
| Short-Term Investments | 2.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $7,168,493) | 7,168,493 | 7,168,493 | ||||||
| Total Investments | 99.0% (Cost $290,129,652) | $ | 290,572,916 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.0% | 2,896,095 | |||||||
| Net Assets | 100.0% | $ | 293,469,011 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 7.1% | ||||||||
| Automobiles | 5.6% | ||||||||
| Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21 | $ | 1,669 | $ | 1,680,601 | ||||
| Nissan Auto Lease Trust, 2.270%, 07/15/22 | 2,550 | 2,582,173 | ||||||
| World Omni Automobile Lease Securitization Trust, 3.190%, 12/15/21 |
1,033 | 1,041,553 | ||||||
| 5,304,327 | ||||||||
| Specialty Retail | 1.5% | ||||||||
| Daimler Trucks Retail Trust, 1.220%, 09/15/23 | 1,400 | 1,415,378 | ||||||
| Total Asset-Backed Securities (Cost $6,651,075) | 6,719,705 | |||||||
| Corporate Bonds | 26.4% | ||||||||
| Banks | 12.2% | ||||||||
| Bank of America Corp.: | ||||||||
| 2.625%, 10/19/20 | 1,473 | 1,474,605 | ||||||
| 3.300%, 01/11/23 | 2,650 | 2,813,478 | ||||||
| Citigroup, Inc., 2.650%, 10/26/20 | 3,626 | 3,631,825 | ||||||
| Wells Fargo & Co., 2.625%, 07/22/22 | 3,575 | 3,708,541 | ||||||
| 11,628,449 | ||||||||
| Biotechnology | 2.6% | ||||||||
| AbbVie, Inc., 2.300%, 05/14/21 | 2,497 | 2,519,602 | ||||||
| Capital Markets | 8.5% | ||||||||
| Morgan Stanley: | ||||||||
| 5.500%, 07/28/21 | 3,475 | 3,621,040 | ||||||
| 2.750%, 05/19/22 | 800 | 829,035 | ||||||
| The Goldman Sachs Group, Inc., 5.250%, 07/27/21 | 3,488 | 3,623,971 | ||||||
| 8,074,046 | ||||||||
| Food & Staples Retailing | 1.7% | ||||||||
| The Kroger Co., 3.300%, 01/15/21 | 1,584 | 1,593,646 | ||||||
| Internet & Direct Marketing Retail | 1.4% | ||||||||
| eBay, Inc., 2.750%, 01/30/23 | 1,325 | 1,389,433 | ||||||
| Total Corporate Bonds (Cost $24,913,666) | 25,205,176 | |||||||
| US Government Securities | 0.9% | ||||||||
| Mortgage-Backed Securities | 0.9% | ||||||||
| Federal National Mortgage Association: | ||||||||
| Pool# AE0315, 4.500%, 02/01/21 | —(‡‡) | 6 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Pool# FM1033, 4.500%, 01/01/27 | $ | 824 | $ | 874,475 | ||||
| Total US Government Securities (Cost $854,685) | 874,481 | |||||||
| US Treasury Securities | 64.7% | ||||||||
| US Treasury Notes: | ||||||||
| 1.125%, 08/31/21 | 11,445 | 11,545,144 | ||||||
| 1.125%, 09/30/21 | 7,775 | 7,850,320 | ||||||
| 2.000%, 10/31/21 | 19,580 | 19,970,835 | ||||||
| 1.500%, 01/31/22 | 9,235 | 9,401,663 | ||||||
| 1.875%, 01/31/22 | 12,715 | 13,009,034 | ||||||
| Total US Treasury Securities (Cost $61,338,453) | 61,776,996 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $386,224) | 386,224 | 386,224 | ||||||
| Total Investments | 99.5% (Cost $94,144,103) | $ | 94,962,582 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 492,169 | |||||||
| Net Assets | 100.0% | $ | 95,454,751 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.1% | ||||||||
| United States | 0.1% | ||||||||
| Alder Biopharmaceuticals, Inc. (‡) | 3,247 | $ | 2,857 | |||||
| Cardtronics PLC, Class A (*), (±) | 780 | 15,444 | ||||||
| Total Common Stocks (Cost $20,817) | 18,301 | |||||||
| Preferred Stocks | 0.2% | ||||||||
| United States | 0.2% | ||||||||
| Sabre Corp. (±) (Cost $41,500) | 415 | 38,587 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 157.2% | ||||||||||
| Canada | 10.8% | ||||||||||
| Air Canada, 4.000%, 07/01/25 (±) | USD | 78 | $ | 88,265 | ||||||
| Aphria, Inc., 5.250%, 06/01/24 (±) | USD | 345 | 264,356 | |||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 490 | 210,700 | |||||||
| Canadian Solar, Inc., 2.500%, 10/01/25 (#), (±) | USD | 119 | 138,590 | |||||||
| Canopy Growth Corp., 4.250%, 07/15/23 (#), (±) | CAD | 324 | 205,002 | |||||||
| Colliers International Group, Inc., 4.000%, 06/01/25 (#), (±) | USD | 155 | 217,581 | |||||||
| Element Fleet Management Corp., 4.250%, 06/30/24 (±) | CAD | 165 | 141,561 | |||||||
| Pretium Resources, Inc., 2.250%, 03/15/22 (±) | USD | 152 | 164,586 | |||||||
| Shopify, Inc., 0.125%, 11/01/25 (±) | USD | 155 | 172,990 | |||||||
| Tilray, Inc., 5.000%, 10/01/23 (±) | USD | 198 | 79,200 | |||||||
| Tricon Residential, Inc., 5.750%, 03/31/22 (±) | USD | 123 | 125,448 | |||||||
| 1,808,279 | ||||||||||
| Chile | 0.8% | ||||||||||
| Liberty Latin America, Ltd., 2.000%, 07/15/24 (±) | USD | 171 | 139,807 | |||||||
| Israel | 1.1% | ||||||||||
| Nice, Ltd., 0.000%, 09/15/25 (±) | USD | 34 | 34,275 | |||||||
| Wix.com, Ltd., 0.000%, 08/15/25 (±) | USD | 155 | 155,577 | |||||||
| 189,852 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Norway | 1.7% | ||||||||||
| SFL Corp., Ltd., 5.750%, 10/15/21 (±) | USD | 282 | $ | 275,715 | ||||||
| Panama | 1.2% | ||||||||||
| Copa Holdings SA, 4.500%, 04/15/25 (±) | USD | 165 | 193,517 | |||||||
| United States | 141.6% | ||||||||||
| 1Life Healthcare, Inc., 3.000%, 06/15/25 (±) | USD | 146 | 145,079 | |||||||
| 8x8, Inc., 0.500%, 02/01/24 (±) | USD | 158 | 147,012 | |||||||
| Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±) | USD | 199 | 160,249 | |||||||
| Air Transport Services Group, Inc., 1.125%, 10/15/24 (±) | USD | 172 | 181,225 | |||||||
| Allscripts Healthcare Solutions, Inc., 0.875%, 01/01/27 (±) | USD | 149 | 128,701 | |||||||
| Alteryx, Inc., 0.500%, 08/01/24 (±) | USD | 156 | 156,238 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 158 | 145,656 | |||||||
| Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±) | USD | 123 | 131,456 | |||||||
| Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±) | USD | 254 | 241,293 | |||||||
| Atlas Air Worldwide Holdings, Inc.: | ||||||||||
| 2.250%, 06/01/22 (±) | USD | 182 | 198,607 | |||||||
| 1.875%, 06/01/24 (±) | USD | 171 | 205,734 | |||||||
| Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±) | USD | 187 | 169,936 | |||||||
| Avaya Holdings Corp., 2.250%, 06/15/23 (±) | USD | 200 | 187,800 | |||||||
| BioMarin Pharmaceutical, Inc.: | ||||||||||
| 1.500%, 10/15/20 (±) | USD | 134 | 133,832 | |||||||
| 0.599%, 08/01/24 (±) | USD | 190 | 199,377 | |||||||
| Bloomin’ Brands, Inc., 5.000%, 05/01/25 (±) | USD | 171 | 260,376 | |||||||
| Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±) | USD | 157 | 178,092 | |||||||
| Cardlytics, Inc., 1.000%, 09/15/25 (±) | USD | 83 | 90,572 | |||||||
| Chart Industries, Inc., 1.000%, 11/15/24 (±) | USD | 128 | 177,405 | |||||||
| Chegg, Inc., 0.000%, 09/01/26 (±) | USD | 79 | 78,724 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 155 | 154,126 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 153 | 178,535 | |||||||
| Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±) | USD | 146 | 144,540 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| CONMED Corp., 2.625%, 02/01/24 (±) | USD | 153 | $ | 171,290 | ||||||
| Coupa Software, Inc., 0.375%, 06/15/26 (±) | USD | 155 | 182,609 | |||||||
| CryoPort, Inc., 3.000%, 06/01/25 (±) | USD | 108 | 228,727 | |||||||
| CSG Systems International, Inc., 4.250%, 03/15/36 (±) | USD | 289 | 299,147 | |||||||
| CyberArk Software, Ltd., 0.000%, 11/15/24 (±) | USD | 90 | 87,845 | |||||||
| Encore Capital Group, Inc.: | ||||||||||
| 2.875%, 03/15/21 (±) | USD | 216 | 214,920 | |||||||
| 3.250%, 03/15/22 (±) | USD | 294 | 317,296 | |||||||
| 3.250%, 10/01/25 (±) | USD | 77 | 87,622 | |||||||
| Envestnet, Inc.: | ||||||||||
| 1.750%, 06/01/23 (±) | USD | 146 | 186,909 | |||||||
| 0.750%, 08/15/25 (±) | USD | 79 | 79,337 | |||||||
| Envista Holdings Corp., 2.375%, 06/01/25 (±) | USD | 232 | 321,956 | |||||||
| Everbridge, Inc., 0.125%, 12/15/24 (±) | USD | 161 | 213,770 | |||||||
| EZCORP, Inc., 2.875%, 07/01/24 (±) | USD | 81 | 71,458 | |||||||
| FireEye, Inc., 0.875%, 06/01/24 (±) | USD | 99 | 91,757 | |||||||
| Five9, Inc., 0.500%, 06/01/25 (±) | USD | 158 | 190,941 | |||||||
| Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±) | USD | 232 | 183,504 | |||||||
| Fortive Corp., 0.875%, 02/15/22 (±) | USD | 94 | 94,178 | |||||||
| FTI Consulting, Inc., 2.000%, 08/15/23 (±) | USD | 155 | 189,882 | |||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 97 | 98,993 | |||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc., 0.000%, 08/15/23 (±) | USD | 154 | 159,808 | |||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 148 | 205,921 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 164 | 134,150 | |||||||
| Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±) | USD | 354 | 353,779 | |||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 265 | 216,134 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 174 | 151,594 | |||||||
| II-VI, Inc., 0.250%, 09/01/22 (±) | USD | 233 | 262,416 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| IIP Operating Partnership LP, 3.750%, 02/21/24 (±) | USD | 187 | $ | 368,064 | ||||||
| Illumina, Inc., 0.000%, 08/15/23 (±) | USD | 156 | 165,021 | |||||||
| Impinj, Inc., 2.000%, 12/15/26 (±) | USD | 136 | 132,266 | |||||||
| Innoviva, Inc., 2.125%, 01/15/23 (±) | USD | 262 | 250,753 | |||||||
| Insmed, Inc., 1.750%, 01/15/25 (±) | USD | 140 | 151,931 | |||||||
| Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±) | USD | 143 | 133,839 | |||||||
| Intercept Pharmaceuticals, Inc.: | ||||||||||
| 3.250%, 07/01/23 (±) | USD | 156 | 125,420 | |||||||
| 2.000%, 05/15/26 (±) | USD | 143 | 98,298 | |||||||
| Ironwood Pharmaceuticals, Inc.: | ||||||||||
| 2.250%, 06/15/22 (±) | USD | 144 | 148,927 | |||||||
| 1.500%, 06/15/26 (±) | USD | 172 | 166,770 | |||||||
| j2 Global, Inc., 1.750%, 11/01/26 (±) | USD | 108 | 95,496 | |||||||
| Jazz Investments I, Ltd., 2.000%, 06/15/26 (±) | USD | 155 | 181,007 | |||||||
| K12, Inc., 1.125%, 09/01/27 (±) | USD | 128 | 106,743 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 233 | 229,093 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 144 | 170,741 | |||||||
| KBR, Inc., 2.500%, 11/01/23 (±) | USD | 254 | 286,385 | |||||||
| Knowles Corp., 3.250%, 11/01/21 (±) | USD | 157 | 166,685 | |||||||
| LendingTree, Inc., 0.500%, 07/15/25 (±) | USD | 90 | 87,810 | |||||||
| Liberty Broadband Corp., 2.750%, 09/30/50 (±) | USD | 42 | 45,181 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 193 | 142,670 | |||||||
| 3.750%, 02/15/30 (±) | USD | 42 | 31,311 | |||||||
| Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±) | USD | 153 | 181,504 | |||||||
| Liberty Media Corp.: | ||||||||||
| 2.125%, 03/31/48 (±) | USD | 156 | 152,786 | |||||||
| 2.250%, 12/01/48 (±) | USD | 351 | 375,058 | |||||||
| 2.750%, 12/01/49 (±) | USD | 227 | 220,417 | |||||||
| Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±) | USD | 146 | 131,669 | |||||||
| LivaNova USA, Inc., 3.000%, 12/15/25 (±) | USD | 8 | 8,366 | |||||||
| Live Nation Entertainment, Inc.: | ||||||||||
| 2.500%, 03/15/23 (±) | USD | 194 | 216,090 | |||||||
| 2.000%, 02/15/25 (±) | USD | 150 | 135,474 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| LivePerson, Inc., 0.750%, 03/01/24 (±) | USD | 155 | $ | 234,244 | ||||||
| Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±) | USD | 297 | 291,941 | |||||||
| Medallia, Inc., 0.125%, 09/15/25 (±) | USD | 41 | 41,135 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 78 | 84,947 | |||||||
| MongoDB, Inc., 0.250%, 01/15/26 (±) | USD | 165 | 215,503 | |||||||
| National Vision Holdings, Inc., 2.500%, 05/15/25 (±) | USD | 174 | 247,515 | |||||||
| NCL Corp., Ltd.: | ||||||||||
| 6.000%, 05/15/24 (±) | USD | 164 | 239,893 | |||||||
| 5.375%, 08/01/25 (±) | USD | 119 | 139,310 | |||||||
| Nevro Corp., 2.750%, 04/01/25 (±) | USD | 85 | 130,507 | |||||||
| Nuance Communications, Inc., 1.000%, 12/15/35 (±) | USD | 155 | 225,137 | |||||||
| Nutanix, Inc., 0.000%, 01/15/23 (±) | USD | 118 | 110,625 | |||||||
| NuVasive, Inc.: | ||||||||||
| 2.250%, 03/15/21 (±) | USD | 135 | 138,530 | |||||||
| 1.000%, 06/01/23 (±) | USD | 205 | 195,464 | |||||||
| 0.375%, 03/15/25 (±) | USD | 12 | 10,514 | |||||||
| Okta, Inc., 0.375%, 06/15/26 (±) | USD | 152 | 173,581 | |||||||
| Omeros Corp., 5.250%, 02/15/26 (±) | USD | 20 | 16,947 | |||||||
| OSI Systems, Inc., 1.250%, 09/01/22 (±) | USD | 194 | 194,115 | |||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 (±) | USD | 152 | 160,933 | |||||||
| Patrick Industries, Inc., 1.000%, 02/01/23 (±) | USD | 262 | 257,735 | |||||||
| PennyMac Corp., 5.500%, 11/01/24 (±) | USD | 218 | 204,343 | |||||||
| Perficient, Inc., 1.250%, 08/01/25 (±) | USD | 227 | 240,973 | |||||||
| PetIQ, Inc., 4.000%, 06/01/26 (±) | USD | 163 | 218,761 | |||||||
| Pluralsight, Inc., 0.375%, 03/01/24 (±) | USD | 153 | 134,334 | |||||||
| PRA Group, Inc., 3.500%, 06/01/23 (±) | USD | 194 | 212,153 | |||||||
| PROS Holdings, Inc.: | ||||||||||
| 1.000%, 05/15/24 (±) | USD | 114 | 98,480 | |||||||
| 2.250%, 09/15/27 (±) | USD | 83 | 84,279 | |||||||
| Pure Storage, Inc., 0.125%, 04/15/23 (±) | USD | 246 | 238,237 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Radius Health, Inc., 3.000%, 09/01/24 (±) | USD | 119 | $ | 97,498 | ||||||
| Rambus, Inc., 1.375%, 02/01/23 (±) | USD | 190 | 197,431 | |||||||
| Redfin Corp., 1.750%, 07/15/23 (±) | USD | 213 | 369,022 | |||||||
| Redwood Trust, Inc.: | ||||||||||
| 4.750%, 08/15/23 (±) | USD | 347 | 316,810 | |||||||
| 5.625%, 07/15/24 (±) | USD | 38 | 34,770 | |||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27 (±) | USD | 169 | 178,115 | |||||||
| RH, 0.000%, 09/15/24 (±) | USD | 166 | 316,412 | |||||||
| RingCentral, Inc., 0.000%, 03/15/26 (±) | USD | 97 | 95,242 | |||||||
| Royal Caribbean Cruises, Ltd., 4.250%, 06/15/23 (±) | USD | 78 | 91,021 | |||||||
| Sabre GLBL, Inc., 4.000%, 04/15/25 (±) | USD | 114 | 133,934 | |||||||
| SailPoint Technologies Holding, Inc., 0.125%, 09/15/24 (±) | USD | 164 | 251,193 | |||||||
| SEACOR Holdings, Inc., 3.250%, 05/15/30 (±) | USD | 22 | 16,518 | |||||||
| Silicon Laboratories, Inc., 0.625%, 06/15/25 (±) | USD | 153 | 163,672 | |||||||
| Slack Technologies, Inc., 0.500%, 04/15/25 (±) | USD | 152 | 176,311 | |||||||
| SMART Global Holdings, Inc., 2.250%, 02/15/26 (±) | USD | 194 | 178,841 | |||||||
| Snap, Inc., 0.250%, 05/01/25 (±) | USD | 176 | 243,980 | |||||||
| SolarEdge Technologies, Inc., 0.000%, 09/15/25 (±) | USD | 83 | 95,078 | |||||||
| Square, Inc., 0.125%, 03/01/25 (±) | USD | 20 | 30,391 | |||||||
| Synaptics, Inc., 0.500%, 06/15/22 (±) | USD | 219 | 270,855 | |||||||
| Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±) | USD | 155 | 143,794 | |||||||
| The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±) | USD | 175 | 137,999 | |||||||
| The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±) | USD | 112 | 102,451 | |||||||
| The Marcus Corp., 5.000%, 09/15/25 (±) | USD | 73 | 74,713 | |||||||
| The Middleby Corp., 1.000%, 09/01/25 (±) | USD | 155 | 152,675 | |||||||
| TTM Technologies, Inc., 1.750%, 12/15/20 (±) | USD | 163 | 192,641 | |||||||
| Turning Point Brands, Inc., 2.500%, 07/15/24 (±) | USD | 218 | 192,385 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Under Armour, Inc., 1.500%, 06/01/24 (±) | USD | 136 | $ | 169,954 | ||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 102 | 91,589 | |||||||
| Verint Systems, Inc., 1.500%, 06/01/21 (±) | USD | 210 | 212,100 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 194 | 187,731 | |||||||
| Wayfair, Inc., 0.625%, 10/01/25 (±) | USD | 192 | 195,300 | |||||||
| Winnebago Industries, Inc., 1.500%, 04/01/25 (±) | USD | 155 | 167,602 | |||||||
| Workiva, Inc., 1.125%, 08/15/26 (±) | USD | 62 | 61,756 | |||||||
| Zillow Group, Inc., 1.500%, 07/01/23 (±) | USD | 180 | 256,828 | |||||||
| Zogenix, Inc., 2.750%, 10/01/27 (±) | USD | 105 | 104,257 | |||||||
| Zscaler, Inc., 0.125%, 07/01/25 (±) | USD | 192 | 226,579 | |||||||
| 23,763,867 | ||||||||||
| Total Convertible Corporate Bonds (Cost $25,692,800) | 26,371,037 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 4.7% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $784,572) | 784,572 | 784,572 | ||||||||
| Total Investments excluding Securities Sold Short | 162.2% (Cost $26,539,689) | $ | 27,212,497 | ||||||||
| Securities Sold Short | (66.5)% | ||||||||||
| Common Stocks | (64.5)% | ||||||||||
| Canada | (3.0)% | ||||||||||
| Air Canada | (4,296 | ) | (50,621 | ) | ||||||
| Aphria, Inc. | (8,392 | ) | (37,176 | ) | ||||||
| Aurora Cannabis, Inc. | (250 | ) | (1,162 | ) | ||||||
| Canadian Solar, Inc. | (2,520 | ) | (88,452 | ) | ||||||
| Canopy Growth Corp. | (1,054 | ) | (15,111 | ) | ||||||
| Colliers International Group, Inc. | (2,136 | ) | (142,450 | ) | ||||||
| Element Fleet Management Corp. | (7,610 | ) | (63,324 | ) | ||||||
| Pretium Resources, Inc. | (4,301 | ) | (55,225 | ) | ||||||
| Shopify, Inc., Class A | (39 | ) | (39,896 | ) | ||||||
| Description | Shares | Fair Value | ||||||||
| Tricon Capital Group, Inc. | (118 | ) | $ | (978 | ) | |||||
| (494,395 | ) | |||||||||
| Chile | (0.2)% | ||||||||||
| Liberty Latin America, Ltd., Class C | (2,952 | ) | (24,029 | ) | ||||||
| Israel | (0.2)% | ||||||||||
| Wix.com, Ltd. | (128 | ) | (32,621 | ) | ||||||
| Norway | (0.0)% | ||||||||||
| SFL Corp., Ltd. | (157 | ) | (1,176 | ) | ||||||
| Panama | (0.8)% | ||||||||||
| Copa Holdings SA, Class A | (2,747 | ) | (138,284 | ) | ||||||
| United States | (60.3)% | ||||||||||
| 1Life Healthcare, Inc. | (2,052 | ) | (58,195 | ) | ||||||
| 8x8, Inc. | (3,536 | ) | (54,985 | ) | ||||||
| Aerie Pharmaceuticals, Inc. | (2,840 | ) | (33,427 | ) | ||||||
| Air Transport Services Group, Inc. | (3,343 | ) | (83,776 | ) | ||||||
| Allscripts Healthcare Solutions, Inc. | (7,709 | ) | (62,751 | ) | ||||||
| American Airlines Group, Inc. | (8,875 | ) | (109,074 | ) | ||||||
| Apellis Pharmaceuticals, Inc. | (2,380 | ) | (71,805 | ) | ||||||
| Arbor Realty Trust, Inc. REIT | (2,676 | ) | (30,694 | ) | ||||||
| Atlas Air Worldwide Holdings, Inc. | (3,436 | ) | (209,252 | ) | ||||||
| Avadel Pharmaceuticals PLC ADR | (7,100 | ) | (35,784 | ) | ||||||
| Avaya Holdings Corp. | (2,951 | ) | (44,855 | ) | ||||||
| BioMarin Pharmaceutical, Inc. | (238 | ) | (18,107 | ) | ||||||
| Bloomin’ Brands, Inc. | (12,900 | ) | (196,983 | ) | ||||||
| Bridgebio Pharma, Inc. | (3,059 | ) | (114,774 | ) | ||||||
| Cardlytics, Inc. | (748 | ) | (52,786 | ) | ||||||
| Chart Industries, Inc. | (1,766 | ) | (124,097 | ) | ||||||
| Chegg, Inc. | (27 | ) | (1,929 | ) | ||||||
| Cinemark Holdings, Inc. | (8,791 | ) | (87,910 | ) | ||||||
| Coherus Biosciences, Inc. | (6,753 | ) | (123,850 | ) | ||||||
| Collegium Pharmaceutical, Inc. | (3,707 | ) | (77,180 | ) | ||||||
| CONMED Corp. | (1,058 | ) | (83,233 | ) | ||||||
| Coupa Software, Inc. | (386 | ) | (105,857 | ) | ||||||
| CryoPort, Inc. | (4,105 | ) | (194,577 | ) | ||||||
| CSG Systems International, Inc. | (1,036 | ) | (42,424 | ) | ||||||
| CyberArk Software, Ltd. | (301 | ) | (31,129 | ) | ||||||
| Encore Capital Group, Inc. | (5,838 | ) | (225,288 | ) | ||||||
| Envestnet, Inc. | (1,463 | ) | (112,885 | ) | ||||||
| Envista Holdings Corp. | (8,967 | ) | (221,306 | ) | ||||||
| Everbridge, Inc. | (1,077 | ) | (135,411 | ) | ||||||
| EZCORP, Inc. Class A | (4,344 | ) | (21,850 | ) | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| FireEye, Inc. | (1,202 | ) | (14,839 | ) | ||||
| Five9, Inc. | (818 | ) | (106,078 | ) | ||||
| Flexion Therapeutics, Inc. | (4,556 | ) | (47,428 | ) | ||||
| FTI Consulting, Inc. | (1,110 | ) | (117,627 | ) | ||||
| Gossamer Bio, Inc. | (5,080 | ) | (63,043 | ) | ||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (1,017 | ) | (42,989 | ) | ||||
| Health Catalyst, Inc. | (4,091 | ) | (149,731 | ) | ||||
| Helix Energy Solutions Group, Inc. | (7,642 | ) | (18,417 | ) | ||||
| Herbalife Nutrition, Ltd. | (3,136 | ) | (146,294 | ) | ||||
| I3 Verticals, Inc., Class A | (3,065 | ) | (77,391 | ) | ||||
| II-VI, Inc. | (2,895 | ) | (117,421 | ) | ||||
| Illumina, Inc. | (66 | ) | (20,399 | ) | ||||
| Impinj, Inc. | (3,228 | ) | (85,058 | ) | ||||
| Innovative Industrial Properties, Inc. REIT | (2,508 | ) | (311,268 | ) | ||||
| Innoviva, Inc. | (2,663 | ) | (27,828 | ) | ||||
| Insmed, Inc. | (2,383 | ) | (76,590 | ) | ||||
| Integra LifeSciences Holdings Corp. | (1,055 | ) | (49,817 | ) | ||||
| Intercept Pharmaceuticals, Inc. | (1,123 | ) | (46,560 | ) | ||||
| Ironwood Pharmaceuticals, Inc. | (12,169 | ) | (109,460 | ) | ||||
| j2 Global, Inc. | (493 | ) | (34,125 | ) | ||||
| Jazz Pharmaceuticals PLC | (664 | ) | (94,680 | ) | ||||
| K12, Inc. | (1,524 | ) | (40,142 | ) | ||||
| Kaman Corp. | (1,063 | ) | (41,425 | ) | ||||
| Karyopharm Therapeutics, Inc. | (6,889 | ) | (100,579 | ) | ||||
| KBR, Inc. | (6,403 | ) | (143,171 | ) | ||||
| Knowles Corp. | (2,714 | ) | (40,439 | ) | ||||
| LendingTree, Inc. | (78 | ) | (23,937 | ) | ||||
| Liberty Media Corp-Liberty Formula One, Class C | (2,657 | ) | (96,369 | ) | ||||
| Liberty Media Corp.-Liberty SiriusXM, Class A | (1,095 | ) | (36,321 | ) | ||||
| Ligand Pharmaceuticals, Inc. | (84 | ) | (8,007 | ) | ||||
| LivaNova PLC | (88 | ) | (3,978 | ) | ||||
| Live Nation Entertainment, Inc. | (4,731 | ) | (254,906 | ) | ||||
| LivePerson, Inc. | (3,194 | ) | (166,056 | ) | ||||
| Marriott Vacations Worldwide Corp. | (930 | ) | (84,453 | ) | ||||
| Medallia, Inc. | (661 | ) | (18,125 | ) | ||||
| Mesa Laboratories, Inc. | (211 | ) | (53,754 | ) | ||||
| MongoDB, Inc. | (611 | ) | (141,453 | ) | ||||
| National Vision Holdings, Inc. | (4,899 | ) | (187,338 | ) | ||||
| Nevro Corp. | (692 | ) | (96,396 | ) | ||||
| Norwegian Cruise Line Holdings, Ltd. | (16,130 | ) | (275,984 | ) | ||||
| Nuance Communications, Inc. | (5,385 | ) | (178,728 | ) | ||||
| Nutanix, Inc., Class A | (22 | ) | (488 | ) | ||||
| NuVasive, Inc. | (1,192 | ) | (57,895 | ) | ||||
| Okta, Inc. | (455 | ) | (97,302 | ) | ||||
| Omeros Corp. | (400 | ) | (4,042 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Omnicell, Inc. | (6 | ) | (448 | ) | ||||
| OSI Systems, Inc. | (698 | ) | (54,172 | ) | ||||
| Palo Alto Networks, Inc. | (115 | ) | (28,146 | ) | ||||
| Patrick Industries, Inc. | (1,389 | ) | (79,895 | ) | ||||
| PennyMac Mortgage Investment Trust REIT | (2,791 | ) | (44,851 | ) | ||||
| Perficient, Inc. | (2,334 | ) | (99,755 | ) | ||||
| PetIQ, Inc. | (4,539 | ) | (149,424 | ) | ||||
| Pluralsight, Inc., Class A | (1,640 | ) | (28,093 | ) | ||||
| PRA Group, Inc. | (1,463 | ) | (58,447 | ) | ||||
| PROS Holdings, Inc. | (2,212 | ) | (70,651 | ) | ||||
| Pure Storage, Inc., Class A | (2,991 | ) | (46,031 | ) | ||||
| Radius Health, Inc. | (1,049 | ) | (11,896 | ) | ||||
| Rambus, Inc. | (4,036 | ) | (55,253 | ) | ||||
| Redfin Corp. | (5,853 | ) | (292,240 | ) | ||||
| Redwood Trust, Inc. REIT | (2,613 | ) | (19,650 | ) | ||||
| Revance Therapeutics, Inc. | (4,054 | ) | (101,918 | ) | ||||
| RH | (709 | ) | (271,278 | ) | ||||
| Royal Caribbean Cruises, Ltd. | (831 | ) | (53,791 | ) | ||||
| Sabre Corp. | (9,831 | ) | (64,000 | ) | ||||
| SailPoint Technologies Holding, Inc. | (4,950 | ) | (195,872 | ) | ||||
| SEACOR Holdings, Inc. | (145 | ) | (4,217 | ) | ||||
| Silicon Laboratories, Inc. | (234 | ) | (22,897 | ) | ||||
| Sirius XM Holdings, Inc. | (12,683 | ) | (67,981 | ) | ||||
| Slack Technologies, Inc., Class A | (3,036 | ) | (81,547 | ) | ||||
| SMART Global Holdings, Inc. | (3,675 | ) | (100,475 | ) | ||||
| Snap, Inc., Class A | (6,008 | ) | (156,869 | ) | ||||
| SolarEdge Technologies, Inc. | (221 | ) | (52,675 | ) | ||||
| Square, Inc. Class A | (134 | ) | (21,782 | ) | ||||
| Synaptics, Inc. | (1,764 | ) | (141,861 | ) | ||||
| Tabula Rasa HealthCare, Inc. | (1,543 | ) | (62,908 | ) | ||||
| The Chefs’ Warehouse, Inc. | (1,621 | ) | (23,569 | ) | ||||
| The Greenbrier Cos., Inc. | (800 | ) | (23,520 | ) | ||||
| The Marcus Corp. | (3,439 | ) | (26,583 | ) | ||||
| The Middleby Corp. | (464 | ) | (41,625 | ) | ||||
| TTM Technologies, Inc. | (11,452 | ) | (130,667 | ) | ||||
| Turning Point Brands, Inc. | (1,699 | ) | (47,402 | ) | ||||
| Under Armour, Inc., Class C | (10,950 | ) | (107,748 | ) | ||||
| Varex Imaging Corp. | (3,708 | ) | (47,166 | ) | ||||
| Verint Systems, Inc. | (290 | ) | (13,972 | ) | ||||
| Wayfair, Inc., Class A | (296 | ) | (86,139 | ) | ||||
| Winnebago Industries, Inc. | (1,743 | ) | (90,061 | ) | ||||
| Workiva, Inc. | (550 | ) | (30,668 | ) | ||||
| Zillow Group, Inc. Class C | (1,708 | ) | (173,516 | ) | ||||
| Zogenix, Inc. | (2,596 | ) | (46,546 | ) | ||||
| Zscaler, Inc. | (877 | ) | (123,385 | ) | ||||
| (10,126,095 | ) | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (concluded) | ||||||||
| Total Common Stocks (Proceeds $10,142,747) | $ | (10,816,600 | ) | |||||
| Exchange-Traded Fund | (2.0)% | ||||||||
| United States | (2.0)% | ||||||||
| iShares 7-10 Year Treasury Bond ETF | (2,772 | ) | (337,685 | ) | ||||
| Total Exchange-Traded Funds (Proceeds $313,153) | (337,685 | ) | ||||||
| Total Securities Sold Short (Proceeds $10,455,900) | (11,154,285 | ) | ||||||
| Total Investments | 95.7% (Cost and short proceeds $16,083,789) (») | $ | 16,058,212 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 4.3% | 724,045 | |||||||
| Net Assets | 100.0% | $ | 16,782,257 | ||||||
Lazard Enhanced Opportunities Portfolio (concluded)
Forward Currency Contracts open at September 30, 2020: | ||||||||||||||
Currency |
Quantity |
Currency |
Quantity |
Counterparty |
Settlement |
Unrealized |
||||||||
| USD | 201,151 | CAD | 265,000 | SSB | 12/23/20 | $ | 2,054 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 43.7% | ||||||||
| Australia | 0.6% | ||||||||
| AGL Energy, Ltd. | 2,443 | $ | 23,875 | |||||
| ASX, Ltd. | 522 | 30,575 | ||||||
| Aurizon Holdings, Ltd. | 2,770 | 8,452 | ||||||
| Charter Hall Group REIT | 2,751 | 24,822 | ||||||
| CSL, Ltd. | 130 | 26,785 | ||||||
| Fortescue Metals Group, Ltd. | 10,519 | 123,134 | ||||||
| Goodman Group REIT | 1,804 | 23,218 | ||||||
| Ingenia Communities Group REIT | 7,012 | 22,942 | ||||||
| Santos, Ltd. | 11,061 | 38,817 | ||||||
| Stockland REIT | 9,799 | 26,618 | ||||||
| 349,238 | ||||||||
| Belgium | 0.0% | ||||||||
| Colruyt SA (*) | 200 | 12,978 | ||||||
| Telenet Group Holding NV | 235 | 9,109 | ||||||
| 22,087 | ||||||||
| Canada | 1.2% | ||||||||
| CAE, Inc. | 8,568 | 125,264 | ||||||
| Canadian National Railway Co. | 1,586 | 168,845 | ||||||
| Magna International, Inc. | 1,190 | 54,453 | ||||||
| Parex Resources, Inc. (*) | 1,658 | 17,470 | ||||||
| Quebecor, Inc., Class B | 1,062 | 26,567 | ||||||
| Real Matters, Inc. (*) | 1,326 | 25,842 | ||||||
| TFI International, Inc. | 2,218 | 92,748 | ||||||
| The Toronto-Dominion Bank | 2,803 | 129,611 | ||||||
| 640,800 | ||||||||
| Denmark | 0.5% | ||||||||
| Coloplast A/S, Class B | 327 | 51,714 | ||||||
| Novo Nordisk A/S, Class B | 675 | 46,887 | ||||||
| Vestas Wind Systems AS ADR | 3,088 | 166,227 | ||||||
| 264,828 | ||||||||
| Finland | 0.2% | ||||||||
| Elisa Oyj | 187 | 11,022 | ||||||
| Neste Oyj | 610 | 32,076 | ||||||
| Valmet Oyj | 2,171 | 53,751 | ||||||
| 96,849 | ||||||||
| France | 0.4% | ||||||||
| Cie de Saint-Gobain (*) | 571 | 23,974 | ||||||
| Cie Generale des Etablissements Michelin SCA | 433 | 46,333 | ||||||
| L’Oreal SA | 31 | 10,087 | ||||||
| Orange SA | 911 | 9,479 | ||||||
| Peugeot SA (*) | 793 | 14,298 | ||||||
| Schneider Electric SE | 831 | 103,140 | ||||||
| Description | Shares | Fair Value | ||||||
| Veolia Environnement SA | 1,099 | $ | 23,701 | |||||
| 231,012 | ||||||||
| Germany | 0.9% | ||||||||
| Deutsche Bank AG (*) | 2,779 | 23,431 | ||||||
| Merck KGaA Sponsored ADR | 3,713 | 108,865 | ||||||
| SAP SE | 198 | 30,833 | ||||||
| Symrise AG ADR | 5,316 | 183,987 | ||||||
| TeamViewer AG ADR (*) | 5,132 | 126,584 | ||||||
| 473,700 | ||||||||
| Hong Kong | 0.6% | ||||||||
| AIA Group, Ltd. Sponsored ADR | 4,890 | 194,866 | ||||||
| Hang Seng Bank, Ltd. Sponsored ADR | 6,611 | 98,438 | ||||||
| Hysan Development Co., Ltd. | 3,000 | 8,976 | ||||||
| Sun Hung Kai Properties, Ltd. | 2,000 | 25,640 | ||||||
| 327,920 | ||||||||
| Israel | 0.1% | ||||||||
| Israel Discount Bank, Ltd., ADR | 2,954 | 76,656 | ||||||
| Italy | 0.1% | ||||||||
| Hera SpA | 9,535 | 35,247 | ||||||
| Ivory Coast | 0.0% | ||||||||
| Endeavour Mining Corp. (*) | 934 | 23,253 | ||||||
| Japan | 4.1% | ||||||||
| Ajinomoto Co., Inc. | 1,100 | 22,613 | ||||||
| Brother Industries, Ltd. | 2,200 | 34,942 | ||||||
| Chubu Electric Power Co., Inc. | 1,300 | 15,812 | ||||||
| Credit Saison Co., Ltd. | 1,800 | 19,104 | ||||||
| Daito Trust Construction Co., Ltd. | 155 | 13,742 | ||||||
| Daiwa Securities Group, Inc. | 4,600 | 19,307 | ||||||
| DCM Holdings Co., Ltd. | 1,700 | 23,539 | ||||||
| Dip Corp. | 700 | 14,384 | ||||||
| East Japan Railway Co. | 500 | 30,809 | ||||||
| Electric Power Development Co., Ltd. | 4,500 | 69,442 | ||||||
| Fuji Media Holdings, Inc. | 700 | 6,756 | ||||||
| Hokkaido Electric Power Co., Inc. | 8,600 | 36,750 | ||||||
| Hokuriku Electric Power Co. | 3,000 | 22,522 | ||||||
| Hulic Co., Ltd. | 2,700 | 25,325 | ||||||
| Inpex Corp. | 3,600 | 19,259 | ||||||
| Japan Post Holdings Co., Ltd. | 2,000 | 13,642 | ||||||
| Kaken Pharmaceutical Co., Ltd. | 200 | 9,184 | ||||||
| Kao Corp. | 300 | 22,512 | ||||||
| KDDI Corp. | 6,300 | 159,364 | ||||||
| Kenedix, Inc. | 4,700 | 24,788 | ||||||
| Kureha Corp. | 300 | 13,007 | ||||||
| Kyudenko Corp. | 300 | 8,659 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 800 | 38,916 | ||||||
| Mitsubishi Heavy Industries, Ltd. | 400 | 8,884 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Mizuho Financial Group, Inc. | 17,280 | $ | 215,854 | |||||
| MS&AD Insurance Group Holdings, Inc. | 700 | 18,960 | ||||||
| Nintendo Co., Ltd. ADR | 2,590 | 183,631 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 3,300 | 23,074 | ||||||
| Nomura Real Estate Holdings, Inc. | 3,400 | 64,669 | ||||||
| NTT DOCOMO, Inc. | 2,318 | 85,962 | ||||||
| Obayashi Corp. | 1,200 | 10,876 | ||||||
| Ono Pharmaceutical Co., Ltd. | 400 | 12,558 | ||||||
| Open House Co., Ltd. | 600 | 21,671 | ||||||
| Optorun Co., Ltd. | 1,000 | 20,246 | ||||||
| Osaka Gas Co., Ltd. | 1,000 | 19,483 | ||||||
| Rengo Co., Ltd. | 1,100 | 8,305 | ||||||
| Sankyu, Inc. | 500 | 19,712 | ||||||
| Secom Co., Ltd. | 200 | 18,275 | ||||||
| Sekisui House, Ltd. | 1,200 | 21,223 | ||||||
| Seria Co., Ltd. | 200 | 8,522 | ||||||
| Seven & I Holdings Co., Ltd. | 2,200 | 68,009 | ||||||
| Shikoku Electric Power Co., Inc. | 4,100 | 31,302 | ||||||
| Shimachu Co., Ltd. | 300 | 10,180 | ||||||
| Shimano, Inc. ADR | 5,980 | 117,985 | ||||||
| Ship Healthcare Holdings, Inc. | 300 | 14,681 | ||||||
| Softbank Corp. | 1,800 | 20,169 | ||||||
| Sugi Holdings Co., Ltd. | 300 | 21,211 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,100 | 30,609 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 300 | 7,983 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 300 | 9,698 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 800 | 23,668 | ||||||
| Sundrug Co., Ltd. | 300 | 11,295 | ||||||
| The Chiba Bank, Ltd. | 8,200 | 45,252 | ||||||
| The Gunma Bank, Ltd. | 9,900 | 33,017 | ||||||
| The Hachijuni Bank, Ltd. | 2,200 | 8,655 | ||||||
| The Kansai Electric Power Co., Inc. | 4,300 | 41,682 | ||||||
| The Shizuoka Bank, Ltd. | 1,400 | 9,683 | ||||||
| Tohoku Electric Power Co., Inc. | 7,800 | 78,159 | ||||||
| Tokyo Electron, Ltd. | 100 | 26,173 | ||||||
| Trend Micro, Inc. | 200 | 12,204 | ||||||
| West Japan Railway Co. | 200 | 9,885 | ||||||
| Yamaha Corp. Sponsored ADR | 3,827 | 184,347 | ||||||
| Yaoko Co., Ltd. | 200 | 14,903 | ||||||
| 2,257,033 | ||||||||
| Macau | 0.2% | ||||||||
| Sands China, Ltd. ADR | 2,589 | 100,867 | ||||||
| Netherlands | 1.1% | ||||||||
| ASM International NV | 191 | 27,378 | ||||||
| Flow Traders | 412 | 16,472 | ||||||
| Description | Shares | Fair Value | ||||||
| Koninklijke Ahold Delhaize NV | 2,593 | $ | 76,742 | |||||
| NXP Semiconductors NV | 1,035 | 129,178 | ||||||
| Wolters Kluwer NV Sponsored ADR | 3,987 | 341,566 | ||||||
| 591,336 | ||||||||
| New Zealand | 0.0% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 1,003 | 22,078 | ||||||
| Norway | 0.1% | ||||||||
| Orkla ASA | 5,599 | 56,663 | ||||||
| Telenor ASA | 695 | 11,645 | ||||||
| Yara International ASA | 225 | 8,663 | ||||||
| 76,971 | ||||||||
| Puerto Rico | 0.0% | ||||||||
| Popular, Inc. | 565 | 20,493 | ||||||
| Singapore | 0.1% | ||||||||
| AEM Holdings, Ltd. | 13,800 | 39,052 | ||||||
| Singapore Exchange, Ltd. | 1,500 | 10,094 | ||||||
| 49,146 | ||||||||
| Spain | 0.1% | ||||||||
| Corporacion Financiera Alba SA | 66 | 2,758 | ||||||
| Iberdrola SA | 1,314 | 16,172 | ||||||
| Viscofan SA | 110 | 7,338 | ||||||
| 26,268 | ||||||||
| Sweden | 1.0% | ||||||||
| Assa Abloy AB ADR | 9,008 | 105,304 | ||||||
| Axfood AB | 916 | 20,990 | ||||||
| Boliden AB | 1,051 | 31,248 | ||||||
| Epiroc AB ADR | 12,670 | 183,842 | ||||||
| Hexagon AB ADR (*) | 2,333 | 176,118 | ||||||
| Lundin Energy AB | 805 | 15,944 | ||||||
| Swedish Match AB | 211 | 17,215 | ||||||
| 550,661 | ||||||||
| Switzerland | 1.2% | ||||||||
| ABB, Ltd. Sponsored ADR | 6,086 | 154,889 | ||||||
| Alcon, Inc. (*) | 1,208 | 68,796 | ||||||
| Credit Suisse Group AG | 5,293 | 52,976 | ||||||
| Galenica AG | 125 | 8,713 | ||||||
| Novartis AG | 2,901 | 252,101 | ||||||
| Roche Holding AG | 293 | 100,243 | ||||||
| Swisscom AG | 36 | 19,096 | ||||||
| Tecan Group AG | 20 | 9,946 | ||||||
| 666,760 | ||||||||
| United Kingdom | 2.6% | ||||||||
| Coca-Cola European Partners PLC | 2,912 | 113,015 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Diageo PLC Sponsored ADR | 1,914 | $ | 263,481 | |||||
| Fiat Chrysler Automobiles NV (*) | 484 | 5,925 | ||||||
| GlaxoSmithKline PLC | 661 | 12,382 | ||||||
| J Sainsbury PLC | 4,926 | 12,110 | ||||||
| National Grid PLC | 1,159 | 13,342 | ||||||
| Prudential PLC ADR | 5,631 | 160,990 | ||||||
| RELX PLC | 470 | 10,404 | ||||||
| RELX PLC Sponsored ADR | 8,998 | 201,285 | ||||||
| Rio Tinto, Ltd. | 251 | 16,994 | ||||||
| Standard Chartered PLC (*) | 14,370 | 65,880 | ||||||
| Tesco PLC Sponsored ADR | 25,545 | 210,235 | ||||||
| Unilever PLC Sponsored ADR | 4,937 | 304,514 | ||||||
| Vodafone Group PLC | 9,486 | 12,585 | ||||||
| Wm Morrison Supermarkets PLC | 11,000 | 24,147 | ||||||
| 1,427,289 | ||||||||
| United States | 28.6% | ||||||||
| 3M Co. | 448 | 71,761 | ||||||
| AbbVie, Inc. | 1,101 | 96,437 | ||||||
| Accenture PLC, Class A | 1,395 | 315,256 | ||||||
| Activision Blizzard, Inc. | 398 | 32,218 | ||||||
| Adobe, Inc. (*) | 79 | 38,744 | ||||||
| Advanced Micro Devices, Inc. (*) | 286 | 23,449 | ||||||
| Agilent Technologies, Inc. | 95 | 9,589 | ||||||
| Akamai Technologies, Inc. (*) | 496 | 54,828 | ||||||
| Alphabet, Inc., Class A (*) | 210 | 307,776 | ||||||
| Alphabet, Inc., Class C (*) | 87 | 127,855 | ||||||
| Altria Group, Inc. | 291 | 11,244 | ||||||
| Amazon.com, Inc. (*) | 176 | 554,176 | ||||||
| Amdocs, Ltd. | 206 | 11,826 | ||||||
| American Tower Corp. REIT | 38 | 9,186 | ||||||
| AmerisourceBergen Corp. | 2,423 | 234,837 | ||||||
| Anthem, Inc. | 135 | 36,260 | ||||||
| Aon PLC, Class A | 1,455 | 300,166 | ||||||
| Apple, Inc. | 10,470 | 1,212,531 | ||||||
| Applied Materials, Inc. | 1,003 | 59,628 | ||||||
| AptarGroup, Inc. | 230 | 26,036 | ||||||
| AT&T, Inc. | 582 | 16,593 | ||||||
| Atmos Energy Corp. | 95 | 9,081 | ||||||
| Best Buy Co., Inc. | 1,363 | 151,688 | ||||||
| Booz Allen Hamilton Holding Corp. | 443 | 36,760 | ||||||
| Boston Scientific Corp. (*) | 4,158 | 158,877 | ||||||
| Bristol-Myers Squibb Co. | 536 | 32,315 | ||||||
| C.H. Robinson Worldwide, Inc. | 116 | 11,854 | ||||||
| Cabot Oil & Gas Corp. | 1,006 | 17,464 | ||||||
| Cadence Design Systems, Inc. (*) | 425 | 45,318 | ||||||
| Campbell Soup Co. | 416 | 20,122 | ||||||
| Description | Shares | Fair Value | ||||||
| Charter Communications, Inc., Class A (*) | 47 | $ | 29,344 | |||||
| Church & Dwight Co., Inc. | 351 | 32,892 | ||||||
| Cisco Systems, Inc. | 830 | 32,694 | ||||||
| Citizens Financial Group, Inc. | 1,548 | 39,133 | ||||||
| Colgate-Palmolive Co. | 431 | 33,252 | ||||||
| Comcast Corp., Class A | 1,153 | 53,338 | ||||||
| ConocoPhillips | 1,034 | 33,957 | ||||||
| Costco Wholesale Corp. | 59 | 20,945 | ||||||
| Cummins, Inc. | 431 | 91,010 | ||||||
| CVS Health Corp. | 1,617 | 94,433 | ||||||
| DaVita, Inc. (*) | 157 | 13,447 | ||||||
| Dolby Laboratories, Inc., Class A | 274 | 18,161 | ||||||
| Dollar General Corp. | 1,155 | 242,111 | ||||||
| Domino’s Pizza, Inc. | 72 | 30,620 | ||||||
| Easterly Government Properties, Inc. REIT | 774 | 17,345 | ||||||
| Eaton Corp. PLC | 228 | 23,263 | ||||||
| eBay, Inc. | 3,288 | 171,305 | ||||||
| Edwards Lifesciences Corp. (*) | 122 | 9,738 | ||||||
| Electronic Arts, Inc. (*) | 872 | 113,718 | ||||||
| Eli Lilly & Co. | 577 | 85,408 | ||||||
| F5 Networks, Inc. (*) | 104 | 12,768 | ||||||
| Facebook, Inc., Class A (*) | 1,815 | 475,348 | ||||||
| Flowers Foods, Inc. | 378 | 9,197 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 583 | 21,530 | ||||||
| General Mills, Inc. | 888 | 54,772 | ||||||
| Gilead Sciences, Inc. | 256 | 16,177 | ||||||
| HCA Healthcare, Inc. | 182 | 22,692 | ||||||
| Honeywell International, Inc. | 814 | 133,993 | ||||||
| Hormel Foods Corp. | 949 | 46,397 | ||||||
| Humana, Inc. | 149 | 61,670 | ||||||
| IDEXX Laboratories, Inc. (*) | 113 | 44,421 | ||||||
| Intercontinental Exchange, Inc. | 2,622 | 262,331 | ||||||
| Intuit, Inc. | 304 | 99,168 | ||||||
| IQVIA Holdings, Inc. (*) | 1,851 | 291,773 | ||||||
| J.B. Hunt Transport Services, Inc. | 177 | 22,369 | ||||||
| Jack Henry & Associates, Inc. | 135 | 21,950 | ||||||
| Jefferies Financial Group, Inc. | 1,318 | 23,724 | ||||||
| Johnson & Johnson | 2,597 | 386,641 | ||||||
| Juniper Networks, Inc. | 378 | 8,127 | ||||||
| Kellogg Co. | 460 | 29,711 | ||||||
| Keysight Technologies, Inc. (*) | 354 | 34,968 | ||||||
| Kimberly-Clark Corp. | 2,009 | 296,649 | ||||||
| LHC Group, Inc. (*) | 236 | 50,164 | ||||||
| Lockheed Martin Corp. | 359 | 137,598 | ||||||
| Lowe’s Cos., Inc. | 1,416 | 234,858 | ||||||
| Lululemon Athletica, Inc. (*) | 34 | 11,199 | ||||||
| MasterCard, Inc., Class A | 421 | 142,370 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| McDonald’s Corp. | 1,113 | $ | 244,292 | |||||
| McKesson Corp. | 67 | 9,978 | ||||||
| MDU Resources Group, Inc. | 961 | 21,623 | ||||||
| Medtronic PLC | 672 | 69,834 | ||||||
| Merck & Co., Inc. | 1,004 | 83,282 | ||||||
| Mettler-Toledo International, Inc. (*) | 10 | 9,658 | ||||||
| Microsoft Corp. | 4,051 | 852,047 | ||||||
| Monolithic Power Systems, Inc. | 181 | 50,609 | ||||||
| Moody’s Corp. | 485 | 140,577 | ||||||
| Motorola Solutions, Inc. | 1,539 | 241,331 | ||||||
| Northrop Grumman Corp. | 192 | 60,574 | ||||||
| NVIDIA Corp. | 159 | 86,054 | ||||||
| Old Dominion Freight Line, Inc. | 311 | 56,266 | ||||||
| Palo Alto Networks, Inc. (*) | 476 | 116,501 | ||||||
| PayPal Holdings, Inc. (*) | 665 | 131,025 | ||||||
| PepsiCo, Inc. | 1,047 | 145,114 | ||||||
| Pfizer, Inc. | 761 | 27,929 | ||||||
| Phillips 66 | 278 | 14,412 | ||||||
| Pioneer Natural Resources Co. | 760 | 65,352 | ||||||
| Pool Corp. | 57 | 19,069 | ||||||
| PTC, Inc. (*) | 1,973 | 163,207 | ||||||
| QUALCOMM, Inc. | 1,383 | 162,751 | ||||||
| Quest Diagnostics, Inc. | 391 | 44,766 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 16 | 8,956 | ||||||
| Republic Services, Inc. | 363 | 33,886 | ||||||
| Rockwell Automation, Inc. | 636 | 140,352 | ||||||
| S&P Global, Inc. | 737 | 265,762 | ||||||
| Sempra Energy | 79 | 9,350 | ||||||
| ServiceNow, Inc. (*) | 101 | 48,985 | ||||||
| Silgan Holdings, Inc. | 1,503 | 55,265 | ||||||
| Sirius XM Holdings, Inc. | 1,734 | 9,294 | ||||||
| Southwest Gas Holdings, Inc. | 136 | 8,582 | ||||||
| Sprouts Farmers Market, Inc. (*) | 352 | 7,367 | ||||||
| Square, Inc., Class A (*) | 168 | 27,308 | ||||||
| Synopsys, Inc. (*) | 1,251 | 267,689 | ||||||
| T Rowe Price Group, Inc. | 175 | 22,439 | ||||||
| Target Corp. | 767 | 120,741 | ||||||
| TD Ameritrade Holding Corp. | 242 | 9,474 | ||||||
| Teradyne, Inc. | 522 | 41,478 | ||||||
| Tesla, Inc. (*) | 297 | 127,416 | ||||||
| Texas Instruments, Inc. | 1,327 | 189,482 | ||||||
| The Bank of New York Mellon Corp. | 265 | 9,100 | ||||||
| The Clorox Co. | 247 | 51,912 | ||||||
| The Coca-Cola Co. | 6,211 | 306,637 | ||||||
| The Hershey Co. | 180 | 25,801 | ||||||
| The Home Depot, Inc. | 918 | 254,938 | ||||||
| Description | Shares | Fair Value | ||||||
| The J.M. Smucker Co. | 88 | $ | 10,166 | |||||
| The Kroger Co. | 549 | 18,617 | ||||||
| The Procter & Gamble Co. | 2,440 | 339,136 | ||||||
| The Progressive Corp. | 138 | 13,064 | ||||||
| The Sherwin-Williams Co. | 117 | 81,519 | ||||||
| The Western Union Co. | 500 | 10,715 | ||||||
| Thermo Fisher Scientific, Inc. | 1,184 | 522,760 | ||||||
| Tractor Supply Co. | 658 | 94,318 | ||||||
| Union Pacific Corp. | 143 | 28,152 | ||||||
| United Parcel Service, Inc., Class B | 344 | 57,321 | ||||||
| UnitedHealth Group, Inc. | 585 | 182,385 | ||||||
| Verizon Communications, Inc. | 5,941 | 353,430 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 209 | 56,873 | ||||||
| Visa, Inc., Class A | 1,567 | 313,353 | ||||||
| Vistra Corp. | 1,549 | 29,214 | ||||||
| Walmart, Inc. | 805 | 112,628 | ||||||
| Warner Music Group Corp., Class A | 2,471 | 71,017 | ||||||
| Waste Management, Inc. | 79 | 8,940 | ||||||
| Weis Markets, Inc. | 157 | 7,536 | ||||||
| Werner Enterprises, Inc. | 203 | 8,524 | ||||||
| West Pharmaceutical Services, Inc. | 56 | 15,394 | ||||||
| WW Grainger, Inc. | 105 | 37,461 | ||||||
| Xcel Energy, Inc. | 159 | 10,973 | ||||||
| Zoetis, Inc. | 2,382 | 393,911 | ||||||
| 15,808,426 | ||||||||
| Total Common Stocks (Cost $21,462,694) | 24,138,918 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 20.6% | ||||||||||
| Australia | 0.5% | ||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 380 | $ | 288,756 | ||||||
| Canada | 1.5% | ||||||||||
| Canadian Imperial Bank of Commerce, 2.900%, 09/14/21 | CAD | 585 | 449,851 | |||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 450 | 372,589 | |||||||
| 822,440 | ||||||||||
| France | 0.6% | ||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 305 | 319,621 | |||||||
| Germany | 1.1% | ||||||||||
| BMW Finance NV, 0.875%, 08/16/22 | GBP | 225 | 291,873 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Daimler AG, 0.033% (Euribor 3 Month + 0.450%), 07/03/24 (§) | EUR | 300 | $ | 345,315 | ||||||
| 637,188 | ||||||||||
| Netherlands | 0.4% | ||||||||||
| Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#) | USD | 200 | 212,184 | |||||||
| Switzerland | 0.4% | ||||||||||
| ABB Finance USA, Inc., 3.375%, 04/03/23 | USD | 237 | 253,600 | |||||||
| United Kingdom | 1.0% | ||||||||||
| Unilever Capital Corp., 3.250%, 03/07/24 | USD | 500 | 544,154 | |||||||
| United States | 15.1% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 255 | 274,991 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 280 | 277,229 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 305 | 347,592 | |||||||
| American Express Co., 3.000%, 10/30/24 | USD | 315 | 341,694 | |||||||
| Apple, Inc., 3.850%, 05/04/43 | USD | 360 | 448,163 | |||||||
| Bank of America Corp.: | ||||||||||
| 3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§) | USD | 349 | 355,503 | |||||||
| 1.486% (SOFRRATE + 1.460%), 05/19/24 (§) | USD | 135 | 137,311 | |||||||
| Citigroup, Inc., 1.650% (BBSW 3 Month + 1.550%), 05/04/21 (§) | AUD | 548 | 394,634 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 190 | 217,646 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 640 | 507,583 | |||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 278 | 336,533 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 305 | 341,579 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 198 | 227,936 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/40 | USD | 110 | 144,099 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 585 | 474,990 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 235 | 289,113 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 305 | $ | 344,533 | ||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 370 | 396,755 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 245 | 272,074 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 150 | 146,278 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 430 | 521,329 | |||||||
| The Goldman Sachs Group, Inc., 3.625%, 01/22/23 | USD | 313 | 334,563 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 245 | 368,376 | |||||||
| The Procter & Gamble Co., 2.450%, 03/25/25 | USD | 130 | 140,763 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 305 | 321,223 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 309 | 365,152 | |||||||
| 8,327,642 | ||||||||||
| Total Corporate Bonds (Cost $10,891,198) | 11,405,585 | |||||||||
| Foreign Government Obligations | 20.0% | ||||||||||
| Australia | 1.6% | ||||||||||
| New South Wales Treasury Corp., 3.000%, 02/20/30 | AUD | 830 | 694,055 | |||||||
| Queensland Treasury Corp., 3.000%, 03/22/24 | AUD | 235 | 183,896 | |||||||
| 877,951 | ||||||||||
| Bermuda | 1.3% | ||||||||||
| Government of Bermuda: | ||||||||||
| 3.717%, 01/25/27 | USD | 200 | 219,000 | |||||||
| 2.375%, 08/20/30 (#) | USD | 500 | 505,000 | |||||||
| 724,000 | ||||||||||
| Canada | 4.1% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 198 | 163,356 | |||||||
| Province of British Columbia, 4.700%, 06/18/37 | CAD | 545 | 585,111 | |||||||
| Province of Quebec: | ||||||||||
| 1.650%, 03/03/22 | CAD | 385 | 294,714 | |||||||
| 3.000%, 09/01/23 | CAD | 720 | 583,570 | |||||||
| 2.500%, 04/20/26 | USD | 465 | 507,933 | |||||||
| 1.850%, 02/13/27 | CAD | 175 | 139,457 | |||||||
| 2,274,141 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Chile | 1.5% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26 | CLP | 130,000 | $ | 190,106 | ||||||
| Republic of Chile: | ||||||||||
| 3.125%, 01/21/26 | USD | 400 | 443,000 | |||||||
| 0.830%, 07/02/31 | EUR | 150 | 175,923 | |||||||
| 809,029 | ||||||||||
| Czech Republic | 1.6% | ||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 17,850 | 873,008 | |||||||
| France | 1.0% | ||||||||||
| Government of France, 1.750%, 06/25/39 | EUR | 361 | 552,771 | |||||||
| Hungary | 2.1% | ||||||||||
| Hungary, 5.750%, 11/22/23 | USD | 190 | 217,847 | |||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 93,620 | 313,550 | |||||||
| 2.750%, 12/22/26 | HUF | 93,020 | 315,411 | |||||||
| 3.000%, 10/27/27 | HUF | 96,120 | 332,195 | |||||||
| 1,179,003 | ||||||||||
| Japan | 0.7% | ||||||||||
| Japan Bank for International Cooperation, 0.625%, 05/22/23 | USD | 200 | 201,184 | |||||||
| Japan International Cooperation Agency, 2.125%, 10/20/26 | USD | 200 | 215,427 | |||||||
| 416,611 | ||||||||||
| Mexico | 0.1% | ||||||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 30 | 44,819 | |||||||
| New Zealand | 1.3% | ||||||||||
| New Zealand Government Bonds, 4.500%, 04/15/27 | NZD | 845 | 699,465 | |||||||
| Norway | 0.8% | ||||||||||
| Oslo Kommune: | ||||||||||
| 2.350%, 09/04/24 | NOK | 2,000 | 227,632 | |||||||
| 0.750% (NIBOR 3 Month + 0.460%), 05/06/26 (§) | NOK | 2,000 | 215,411 | |||||||
| 443,043 | ||||||||||
| Panama | 0.8% | ||||||||||
| Republic of Panama, 4.000%, 09/22/24 | USD | 400 | 438,000 | |||||||
| Poland | 1.7% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/27 | PLN | 1,180 | 335,669 | |||||||
| 0.690%, 05/25/28 (§) | PLN | 1,145 | 290,308 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 2.750%, 10/25/29 | PLN | 1,000 | $ | 291,716 | ||||||
| 917,693 | ||||||||||
| Spain | 0.5% | ||||||||||
| Spain Government Bonds, 1.200%, 10/31/40 | EUR | 239 | 299,948 | |||||||
| United Kingdom | 0.9% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 1.750%, 09/07/37 | GBP | 225 | 342,587 | |||||||
| 1.500%, 07/22/47 | GBP | 100 | 151,903 | |||||||
| 494,490 | ||||||||||
| Total Foreign Government Obligations (Cost $10,478,747) | 11,043,972 | |||||||||
| Quasi Government Bonds | 0.5% | ||||||||||
| Canada | 0.5% | ||||||||||
| Export Development Canada, 1.800%, 09/01/22 (Cost $276,912) | CAD | 380 | 293,312 | |||||||
| Supranational Bonds | 4.6% | ||||||||||
| African Development Bank, 0.750%, 04/03/23 | USD | 500 | 506,093 | |||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 383 | 411,934 | |||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 150 | 157,532 | |||||||
| European Investment Bank, 1.125%, 09/16/21 (#) | CAD | 140 | 105,864 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 2,100,000 | 148,030 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.500%, 08/03/23 | CAD | 840 | 667,149 | |||||||
| 1.900%, 01/16/25 | CAD | 195 | 154,436 | |||||||
| 2.900%, 11/26/25 | AUD | 350 | 279,895 | |||||||
| International Finance Corp., 2.700%, 03/15/23 | AUD | 142 | 107,553 | |||||||
| Total Supranational Bonds (Cost $2,456,058) | 2,538,486 | |||||||||
| US Municipal Bonds | 0.7% | ||||||||||
| California | 0.6% | ||||||||||
| California State Build America Bonds, 7.500%, 04/01/34 | USD | 35 | 58,168 | |||||||
| State of California: | ||||||||||
| 4.500%, 04/01/33 | USD | 100 | 119,538 | |||||||
| 7.550%, 04/01/39 | USD | 105 | 183,710 | |||||||
| 361,416 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| New York | 0.1% | ||||||||||
| New York State Urban Development Corp., Series B, 3.900%, 03/15/33 | USD | 40 | $ | 45,376 | ||||||
| Total US Municipal Bonds (Cost $372,556) | 406,792 | |||||||||
| US Treasury Securities | 3.0% | ||||||||||
| US Treasury Notes: | ||||||||||
| 2.125%, 05/15/25 | USD | 545 | 591,687 | |||||||
| 2.875%, 08/15/28 | USD | 895 | 1,056,415 | |||||||
| Total US Treasury Securities (Cost $1,576,119) | 1,648,102 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 5.0% | ||||||||
| iShares MSCI World ETF (Cost $2,339,474) | 27,760 | 2,762,675 | ||||||
| Short-Term Investments | 2.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $1,421,629) | 1,421,629 | 1,421,629 | ||||||
| Total Investments | 100.7% (Cost $51,275,387) (») | $ | 55,659,471 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.7)% | (361,298 | ) | ||||||
| Net Assets | 100.0% | $ | 55,298,173 | ||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at September 30, 2020:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CAD | 600,693 | USD | 448,446 | JPM | 01/20/21 | $ | 2,921 | $ | — | |||||||||
| CAD | 117,300 | USD | 89,176 | SSB | 12/23/20 | — | 1,048 | |||||||||||
| CHF | 117,159 | USD | 129,522 | HSB | 01/20/21 | — | 1,877 | |||||||||||
| CHF | 287,406 | USD | 317,736 | JPM | 01/20/21 | — | 4,607 | |||||||||||
| CNH | 4,557,766 | USD | 668,696 | HSB | 01/20/21 | — | 1,385 | |||||||||||
| CNH | 4,557,766 | USD | 666,272 | HSB | 03/04/21 | — | 813 | |||||||||||
| CZK | 1,481,143 | USD | 65,898 | JPM | 10/22/20 | — | 1,717 | |||||||||||
| CZK | 2,133,557 | USD | 91,600 | JPM | 10/22/20 | 852 | — | |||||||||||
| CZK | 2,953,441 | USD | 128,126 | JPM | 10/22/20 | — | 147 | |||||||||||
| EUR | 703,541 | USD | 832,901 | CIT | 01/20/21 | — | 5,891 | |||||||||||
| EUR | 2,647,892 | USD | 3,133,198 | HSB | 01/20/21 | — | 20,608 | |||||||||||
| EUR | 144,302 | USD | 169,368 | JPM | 01/20/21 | 259 | — | |||||||||||
| EUR | 511,946 | USD | 605,840 | JPM | 01/20/21 | — | 4,048 | |||||||||||
| EUR | 207,797 | USD | 246,605 | SSB | 12/23/20 | — | 2,511 | |||||||||||
| GBP | 56,777 | USD | 73,829 | HSB | 01/20/21 | — | 510 | |||||||||||
| GBP | 128,306 | USD | 163,338 | JPM | 01/20/21 | 2,350 | — | |||||||||||
| GBP | 264,355 | USD | 343,646 | JPM | 01/20/21 | — | 2,271 | |||||||||||
| GBP | 45,075 | USD | 58,500 | SSB | 12/23/20 | — | 305 | |||||||||||
| HKD | 256,356 | USD | 33,052 | SSB | 12/23/20 | 16 | — | |||||||||||
| HUF | 43,183,994 | EUR | 124,577 | JPM | 10/22/20 | — | 6,868 | |||||||||||
| HUF | 19,800,285 | USD | 66,980 | JPM | 10/22/20 | — | 3,131 | |||||||||||
| JPY | 41,588,686 | USD | 396,865 | CIT | 01/20/21 | — | 1,866 | |||||||||||
| JPY | 401,259,085 | USD | 3,830,233 | HSB | 01/20/21 | — | 19,175 | |||||||||||
| JPY | 34,800,832 | USD | 332,140 | JPM | 01/20/21 | — | 1,610 | |||||||||||
| KRW | 405,734,820 | USD | 341,623 | JPM | 11/30/20 | 6,359 | — | |||||||||||
| MXN | 574,902 | USD | 26,324 | HSB | 01/20/21 | — | 645 | |||||||||||
| MXN | 852,102 | USD | 39,009 | JPM | 01/20/21 | — | 948 | |||||||||||
| NOK | 2,330,734 | USD | 251,221 | HSB | 10/22/20 | — | 1,338 | |||||||||||
| PLN | 418,565 | USD | 107,395 | JPM | 01/20/21 | 925 | — | |||||||||||
| SEK | 485,220 | USD | 54,942 | HSB | 01/20/21 | — | 681 | |||||||||||
| SEK | 306,575 | USD | 34,710 | JPM | 01/20/21 | — | 427 | |||||||||||
| SGD | 524,963 | USD | 386,987 | JPM | 01/20/21 | — | 2,342 | |||||||||||
| SGD | 13,162 | USD | 9,699 | SSB | 12/23/20 | — | 56 | |||||||||||
| THB | 3,235,757 | USD | 103,336 | HSB | 01/20/21 | — | 1,233 | |||||||||||
| USD | 102,179 | AUD | 139,911 | CIT | 01/20/21 | 1,938 | — | |||||||||||
| USD | 290,179 | AUD | 397,179 | HSB | 01/20/21 | 5,614 | — | |||||||||||
| USD | 18,100 | AUD | 25,734 | JPM | 01/20/21 | — | 338 | |||||||||||
| USD | 928,864 | AUD | 1,271,433 | JPM | 01/20/21 | 17,926 | — | |||||||||||
| USD | 150,303 | AUD | 205,737 | MSC | 01/20/21 | 2,900 | — | |||||||||||
| USD | 78,182 | AUD | 106,880 | SSB | 12/23/20 | 1,612 | — | |||||||||||
| USD | 478,698 | CAD | 631,761 | CIT | 01/20/21 | 3,987 | — | |||||||||||
| USD | 937,446 | CAD | 1,236,791 | HSB | 01/20/21 | 8,109 | — | |||||||||||
| USD | 37,600 | CAD | 50,294 | JPM | 01/20/21 | — | 192 | |||||||||||
| USD | 119,454 | CAD | 159,392 | JPM | 01/20/21 | — | 315 | |||||||||||
| USD | 1,248,549 | CAD | 1,647,121 | JPM | 01/20/21 | 10,886 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation |
|||||||||||
| USD | 534 | CAD | 705 | MSC | 01/20/21 | $ | 4 | $ | — | |||||||||
| USD | 1,577,440 | CAD | 2,081,414 | MSC | 01/20/21 | 13,445 | — | |||||||||||
| USD | 20,900 | CHF | 19,343 | JPM | 01/20/21 | — | 174 | |||||||||||
| USD | 72,110 | CHF | 65,333 | SSB | 12/23/20 | 997 | — | |||||||||||
| USD | 173,983 | CLP | 136,825,112 | CIT | 10/19/20 | — | 332 | |||||||||||
| USD | 62,800 | CNH | 432,255 | HSB | 01/20/21 | — | 487 | |||||||||||
| USD | 15,300 | CZK | 356,996 | HSB | 10/22/20 | — | 169 | |||||||||||
| USD | 47,600 | CZK | 1,065,207 | HSB | 10/22/20 | 1,442 | — | |||||||||||
| USD | 622,497 | CZK | 14,496,455 | HSB | 10/22/20 | — | 5,665 | |||||||||||
| USD | 166,100 | CZK | 3,850,530 | JPM | 10/22/20 | — | 752 | |||||||||||
| USD | 64,287 | DKK | 403,051 | SSB | 12/23/20 | 704 | — | |||||||||||
| USD | 284,407 | EUR | 240,355 | HSB | 01/20/21 | 1,871 | — | |||||||||||
| USD | 266,600 | EUR | 228,642 | JPM | 01/20/21 | — | 2,168 | |||||||||||
| USD | 67,000 | GBP | 52,544 | JPM | 01/20/21 | — | 853 | |||||||||||
| USD | 402,097 | HUF | 123,163,455 | HSB | 10/22/20 | 4,939 | — | |||||||||||
| USD | 653,989 | HUF | 200,447,750 | JPM | 10/22/20 | 7,617 | — | |||||||||||
| USD | 216,300 | JPY | 22,806,196 | JPM | 01/20/21 | — | 308 | |||||||||||
| USD | 406,345 | JPY | 42,493,954 | SSB | 12/23/20 | 2,950 | — | |||||||||||
| USD | 15,300 | KRW | 17,968,932 | JPM | 11/30/20 | — | 111 | |||||||||||
| USD | 28,166 | KRW | 33,451,600 | JPM | 11/30/20 | — | 524 | |||||||||||
| USD | 33,600 | NOK | 306,868 | HSB | 10/22/20 | 700 | — | |||||||||||
| USD | 309,307 | NOK | 2,870,693 | JPM | 10/22/20 | 1,534 | — | |||||||||||
| USD | 16,700 | NOK | 159,909 | JPM | 01/20/21 | — | 450 | |||||||||||
| USD | 33,130 | NOK | 299,748 | SSB | 12/23/20 | 986 | — | |||||||||||
| USD | 180,219 | NZD | 268,582 | CIT | 01/20/21 | 2,557 | — | |||||||||||
| USD | 138,582 | NZD | 206,581 | HSB | 01/20/21 | 1,933 | — | |||||||||||
| USD | 347,211 | NZD | 517,452 | JPM | 01/20/21 | 4,925 | — | |||||||||||
| USD | 15,300 | PLN | 59,845 | HSB | 01/20/21 | — | 187 | |||||||||||
| USD | 178,000 | PLN | 682,078 | HSB | 01/20/21 | 1,485 | — | |||||||||||
| USD | 485,351 | PLN | 1,825,245 | HSB | 01/20/21 | 12,995 | — | |||||||||||
| USD | 40,960 | PLN | 154,040 | JPM | 01/20/21 | 1,096 | — | |||||||||||
| USD | 17,652 | SGD | 23,945 | JPM | 01/20/21 | 107 | — | |||||||||||
| USD | 303,600 | SGD | 415,871 | JPM | 01/20/21 | — | 1,112 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 128,941 | $ | 102,195 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 80.8% | ||||||||
| Equity Funds | 44.0% | ||||||||
| Franklin FTSE Japan ETF | 77,950 | $ | 2,039,952 | |||||
| Health Care Select Sector SPDR Fund | 39,455 | 4,161,713 | ||||||
| iShares Core Dividend Growth ETF | 51,900 | 2,065,101 | ||||||
| iShares Core MSCI EAFE ETF | 27,760 | 1,673,373 | ||||||
| iShares Core MSCI Europe ETF | 36,925 | 1,650,917 | ||||||
| iShares Expanded Tech Sector ETF | 7,932 | 2,451,464 | ||||||
| iShares Expanded Tech-Software Sector ETF | 6,424 | 1,998,635 | ||||||
| iShares MSCI Eurozone ETF | 44,995 | 1,706,210 | ||||||
| Vanguard Consumer Staples ETF | 19,900 | 3,250,864 | ||||||
| Vanguard S&P 500 ETF | 28,739 | 8,841,553 | ||||||
| Vanguard S&P 500 Value ETF | 28,419 | 3,095,398 | ||||||
| 32,935,180 | ||||||||
| Fixed-Income Funds | 36.8% | ||||||||
| Goldman Sachs Access Treasury 0-1 Year ETF | 25,980 | 2,609,171 | ||||||
| iShares 1-3 Year Treasury Bond ETF | 89,400 | 7,733,994 | ||||||
| iShares 20+ Year Treasury Bond ETF | 22,954 | 3,747,470 | ||||||
| Vanguard Intermediate-Term Corporate Bond ETF | 40,215 | 3,852,597 | ||||||
| Vanguard Intermediate-Term Treasury ETF | 135,300 | 9,535,944 | ||||||
| 27,479,176 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $54,307,854) | 60,414,356 | |||||||
| Short-Term Investments | 19.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Cost $14,338,336) | 14,338,336 | 14,338,336 | ||||||
| Total Investments | 100.0% (Cost $68,646,190) | $ | 74,752,692 | ||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (1,394 | ) | ||||||
| Net Assets | 100.0% | $ | 74,751,298 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 69.4% | ||||||||
| Australia | 5.0% | ||||||||
| Atlas Arteria, Ltd. | 54,839 | $ | 241,124 | |||||
| Aventus Group REIT | 12,701 | 21,589 | ||||||
| BWP Trust REIT | 7,233 | 20,969 | ||||||
| Charter Hall Group REIT | 11,051 | 99,712 | ||||||
| Charter Hall Long Wale REIT | 8,670 | 31,225 | ||||||
| Goodman Group REIT | 8,189 | 105,393 | ||||||
| Ingenia Communities Group REIT | 11,412 | 37,338 | ||||||
| Scentre Group REIT | 38,479 | 60,885 | ||||||
| Stockland REIT | 12,293 | 33,392 | ||||||
| Transurban Group | 45,078 | 456,840 | ||||||
| 1,108,467 | ||||||||
| Belgium | 0.2% | ||||||||
| Shurgard Self Storage SA (‡) | 444 | 19,365 | ||||||
| Warehouses De Pauw CVA REIT | 1,015 | 36,938 | ||||||
| 56,303 | ||||||||
| Brazil | 0.1% | ||||||||
| JHSF Participacoes SA | 18,900 | 23,558 | ||||||
| Canada | 1.5% | ||||||||
| Agnico Eagle Mines, Ltd. | 968 | 77,062 | ||||||
| Altus Group, Ltd. | 879 | 36,525 | ||||||
| Atco, Ltd., Class I | 1,493 | 43,157 | ||||||
| Barrick Gold Corp. | 2,906 | 81,688 | ||||||
| Granite Real Estate Investment Trust | 879 | 51,015 | ||||||
| Real Matters, Inc. (*) | 1,418 | 27,635 | ||||||
| True North Commercial Real Estate Investment Trust | 5,912 | 25,352 | ||||||
| 342,434 | ||||||||
| China | 2.8% | ||||||||
| Agile Group Holdings, Ltd. | 24,000 | 31,535 | ||||||
| Central China Real Estate, Ltd. | 42,000 | 19,274 | ||||||
| China Aoyuan Group, Ltd. | 12,000 | 12,315 | ||||||
| China Overseas Property Holdings, Ltd. | 25,000 | 20,496 | ||||||
| CIFI Holdings Group Co., Ltd. | 50,000 | 36,943 | ||||||
| Country Garden Holdings Co., Ltd. | 21,000 | 25,875 | ||||||
| Gemdale Properties & Investment Corp., Ltd. | 140,000 | 23,782 | ||||||
| Gree Real Estate Co., Ltd., Class A (*) | 19,700 | 31,831 | ||||||
| KWG Group Holdings, Ltd. | 28,000 | 47,894 | ||||||
| Logan Group Co., Ltd. | 42,000 | 66,633 | ||||||
| Longfor Group Holdings, Ltd. | 13,000 | 73,073 | ||||||
| Powerlong Commercial Management Holdings, Ltd. | 8,000 | 26,900 | ||||||
| Powerlong Real Estate Holdings, Ltd. | 88,000 | 66,019 | ||||||
| Shanghai Wanye Enterprises Co., Ltd., Class A (*) | 5,800 | 15,296 | ||||||
| Description | Shares | Fair Value | ||||||
| Shenzhen Investment, Ltd. | 134,000 | $ | 39,148 | |||||
| Sichuan Languang Justbon Services Group Co., Ltd., Class H | 2,800 | 15,828 | ||||||
| Sunac China Holdings, Ltd. | 11,000 | 43,211 | ||||||
| Times China Holdings, Ltd. | 12,000 | 16,692 | ||||||
| Yuexiu Property Co., Ltd. | 112,000 | 21,914 | ||||||
| 634,659 | ||||||||
| Finland | 0.1% | ||||||||
| Citycon Oyj | 2,542 | 20,008 | ||||||
| France | 2.8% | ||||||||
| Eutelsat Communications SA | 12,123 | 117,789 | ||||||
| Gecina SA REIT | 178 | 23,549 | ||||||
| Unibail-Rodamco-Westfield REIT | 698 | 25,776 | ||||||
| Vinci SA | 5,436 | 453,421 | ||||||
| 620,535 | ||||||||
| Germany | 2.3% | ||||||||
| Aroundtown SA (*) | 5,750 | 28,902 | ||||||
| Deutsche EuroShop AG (*) | 1,337 | 16,614 | ||||||
| Deutsche Wohnen SE | 1,648 | 82,460 | ||||||
| Fraport AG (*) | 4,838 | 191,581 | ||||||
| Sirius Real Estate, Ltd. | 21,395 | 20,116 | ||||||
| TAG Immobilien AG | 1,187 | 35,820 | ||||||
| Vonovia SE | 1,940 | 133,314 | ||||||
| 508,807 | ||||||||
| Hong Kong | 2.4% | ||||||||
| CK Asset Holdings, Ltd. | 2,500 | 12,198 | ||||||
| Fortune Real Estate Investment Trust | 19,000 | 15,921 | ||||||
| Hang Lung Properties, Ltd. | 14,000 | 35,700 | ||||||
| Henderson Land Development Co., Ltd. | 12,000 | 44,270 | ||||||
| Link Real Estate Investment Trust | 7,000 | 57,221 | ||||||
| Power Assets Holdings, Ltd. | 39,500 | 207,748 | ||||||
| Shimao Group Holdings, Ltd. | 11,500 | 47,790 | ||||||
| Sun Hung Kai Properties, Ltd. | 5,500 | 70,509 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 9,000 | 36,843 | ||||||
| 528,200 | ||||||||
| Israel | 0.1% | ||||||||
| Adgar Investment and Development, Ltd. | 6,343 | 7,573 | ||||||
| Property & Building Corp., Ltd. | 292 | 20,000 | ||||||
| 27,573 | ||||||||
| Italy | 8.7% | ||||||||
| ASTM SpA (*) | 3,512 | 73,542 | ||||||
| Atlantia SpA (*) | 30,275 | 474,759 | ||||||
| Hera SpA | 44,948 | 166,157 | ||||||
| Italgas SpA | 30,962 | 195,530 | ||||||
| Snam SpA | 108,704 | 558,934 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Terna Rete Elettrica Nazionale SpA | 67,473 | $ | 472,731 | |||||
| 1,941,653 | ||||||||
| Japan | 3.8% | ||||||||
| Advance Residence Investment Corp. REIT | 26 | 76,803 | ||||||
| Daito Trust Construction Co., Ltd. | 400 | 35,465 | ||||||
| Daiwa House Industry Co., Ltd. | 1,800 | 46,248 | ||||||
| Daiwa House REIT Investment Corp. | 11 | 28,168 | ||||||
| GLP J-Reit | 40 | 61,749 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 14 | 23,990 | ||||||
| Japan Logistics Fund, Inc. REIT | 9 | 25,817 | ||||||
| Japan Real Estate Investment Corp. | 7 | 35,790 | ||||||
| Katitas Co., Ltd. | 1,100 | 31,225 | ||||||
| Keihanshin Building Co., Ltd. | 2,100 | 34,086 | ||||||
| Kenedix, Inc. | 4,200 | 22,151 | ||||||
| LaSalle Logiport REIT | 25 | 41,748 | ||||||
| MCUBS MidCity Investment Corp. REIT | 51 | 39,400 | ||||||
| Mitsubishi Estate Co., Ltd. | 6,000 | 90,684 | ||||||
| Mitsui Fudosan Co., Ltd. | 3,300 | 57,479 | ||||||
| Nippon Accommodations Fund, Inc. REIT | 12 | 69,278 | ||||||
| Nippon Building Fund, Inc. REIT | 5 | 28,385 | ||||||
| NIPPON REIT Investment Corp. | 11 | 37,538 | ||||||
| Open House Co., Ltd. | 700 | 25,283 | ||||||
| Orix JREIT, Inc. | 16 | 24,683 | ||||||
| SRE Holdings Corp. | 700 | 24,489 | ||||||
| 860,459 | ||||||||
| Luxembourg | 0.7% | ||||||||
| SES SA | 21,299 | 150,684 | ||||||
| Mexico | 0.2% | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 16,500 | 24,864 | ||||||
| Fibra Uno Administracion SA de CV REIT | 20,800 | 16,424 | ||||||
| 41,288 | ||||||||
| Netherlands | 0.1% | ||||||||
| Eurocommercial Properties NV | 1,929 | 22,300 | ||||||
| Norway | 0.1% | ||||||||
| Entra ASA | 1,458 | 20,541 | ||||||
| Singapore | 1.1% | ||||||||
| Keppel DC REIT | 21,500 | 45,950 | ||||||
| Manulife US Real Estate Investment Trust | 64,400 | 47,839 | ||||||
| Mapletree Commercial Trust REIT | 11,400 | 16,315 | ||||||
| Mapletree Industrial Trust REIT | 48,900 | 115,481 | ||||||
| Sasseur Real Estate Investment Trust | 33,600 | 18,964 | ||||||
| 244,549 | ||||||||
| Description | Shares | Fair Value | ||||||
| South Africa | 0.1% | ||||||||
| Growthpoint Properties, Ltd. REIT | 25,901 | $ | 18,918 | |||||
| Spain | 2.7% | ||||||||
| Ferrovial SA | 24,541 | 595,348 | ||||||
| Sweden | 0.9% | ||||||||
| Castellum AB | 2,292 | 52,128 | ||||||
| Catena AB | 610 | 26,963 | ||||||
| Fabege AB | 1,477 | 20,482 | ||||||
| Fastighets AB Balder, B Shares (*) | 436 | 22,145 | ||||||
| Klovern AB, Class B | 13,865 | 25,532 | ||||||
| Nyfosa AB (*) | 3,953 | 35,087 | ||||||
| Sagax AB, Class D | 3,483 | 12,716 | ||||||
| 195,053 | ||||||||
| Switzerland | 0.1% | ||||||||
| Allreal Holding AG | 81 | 17,460 | ||||||
| Turkey | 0.0% | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 36,774 | 8,227 | ||||||
| United Arab Emirates | 0.2% | ||||||||
| Aldar Properties PJSC | 71,233 | 39,013 | ||||||
| United Kingdom | 7.4% | ||||||||
| Civitas Social Housing PLC REIT | 28,671 | 39,067 | ||||||
| Great Portland Estates PLC REIT | 5,508 | 42,505 | ||||||
| Linde PLC | 152 | 36,196 | ||||||
| National Grid PLC | 58,241 | 670,454 | ||||||
| Pennon Group PLC | 13,876 | 184,420 | ||||||
| Savills PLC (*) | 2,158 | 21,715 | ||||||
| Segro PLC REIT | 13,009 | 156,382 | ||||||
| Severn Trent PLC | 8,004 | 251,667 | ||||||
| United Utilities Group PLC | 23,606 | 261,034 | ||||||
| 1,663,440 | ||||||||
| United States | 26.0% | ||||||||
| Agree Realty Corp. REIT | 610 | 38,820 | ||||||
| Alexandria Real Estate Equities, Inc. | 485 | 77,600 | ||||||
| American Tower Corp. REIT | 1,805 | 436,323 | ||||||
| Americold Realty Trust REIT | 1,361 | 48,656 | ||||||
| Apple Hospitality REIT, Inc. | 2,334 | 22,430 | ||||||
| AvalonBay Communities, Inc. REIT | 243 | 36,290 | ||||||
| Boston Properties, Inc. REIT | 702 | 56,371 | ||||||
| Brandywine Realty Trust REIT | 2,462 | 25,457 | ||||||
| Brixmor Property Group, Inc. REIT | 3,052 | 35,678 | ||||||
| Brookfield Property REIT, Inc., Class A | 1,706 | 20,881 | ||||||
| Bunge, Ltd. | 855 | 39,074 | ||||||
| Camden Property Trust REIT | 610 | 54,278 | ||||||
| CBRE Group, Inc., Class A (*) | 1,831 | 86,002 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| CF Industries Holdings, Inc. | 731 | $ | 22,449 | |||||
| Community Healthcare Trust, Inc. REIT | 610 | 28,524 | ||||||
| Consolidated Edison, Inc. | 6,340 | 493,252 | ||||||
| CoreSite Realty Corp. REIT | 485 | 57,657 | ||||||
| Crown Castle International Corp., REIT | 2,137 | 355,810 | ||||||
| CSX Corp. | 7,055 | 547,962 | ||||||
| Digital Realty Trust, Inc. REIT | 1,159 | 170,095 | ||||||
| Easterly Government Properties, Inc. REIT | 2,332 | 52,260 | ||||||
| Equinix, Inc. REIT | 292 | 221,958 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 1,268 | 77,728 | ||||||
| Equity Residential REIT | 1,219 | 62,571 | ||||||
| Essex Property Trust, Inc. REIT | 165 | 33,130 | ||||||
| Extra Space Storage, Inc. REIT | 447 | 47,825 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 1,666 | 61,525 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 1,335 | 34,710 | ||||||
| Healthpeak Properties, Inc. REIT | 1,972 | 53,540 | ||||||
| Highwoods Properties, Inc. REIT | 879 | 29,508 | ||||||
| Hilton Worldwide Holdings, Inc. | 2,142 | 182,755 | ||||||
| Host Hotels & Resorts, Inc. REIT | 2,190 | 23,630 | ||||||
| Innovative Industrial Properties, Inc. REIT | 176 | 21,843 | ||||||
| Invitation Homes, Inc., REIT | 1,460 | 40,865 | ||||||
| Iron Mountain, Inc. REIT | 1,219 | 32,657 | ||||||
| Lamar Advertising Co., Class A REIT | 403 | 26,667 | ||||||
| Life Storage, Inc. REIT | 306 | 32,213 | ||||||
| Medical Properties Trust, Inc. REIT | 3,356 | 59,166 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 802 | 92,992 | ||||||
| National Retail Properties, Inc. REIT | 1,024 | 35,338 | ||||||
| Norfolk Southern Corp. | 1,055 | 225,759 | ||||||
| Office Properties Income Trust REIT | 667 | 13,820 | ||||||
| Omega Healthcare Investors, Inc. REIT | 1,384 | 41,437 | ||||||
| Pennsylvania Real Estate Investment Trust | 4,271 | 2,366 | ||||||
| PotlatchDeltic Corp. REIT | 1,055 | 44,416 | ||||||
| Prologis, Inc., REIT | 3,027 | 304,577 | ||||||
| PS Business Parks, Inc., REIT | 306 | 37,451 | ||||||
| Public Storage | 616 | 137,196 | ||||||
| Rayonier, Inc., REIT | 1,759 | 46,508 | ||||||
| Realty Income Corp. REIT | 1,525 | 92,644 | ||||||
| Description | Shares | Fair Value | ||||||
| Redfin Corp. (*) | 528 | $ | 26,363 | |||||
| Regency Centers Corp. REIT | 565 | 21,481 | ||||||
| Retail Value, Inc. REIT | 610 | 7,668 | ||||||
| Sabra Health Care REIT, Inc. | 1,857 | 25,599 | ||||||
| SBA Communications Corp. REIT | 306 | 97,455 | ||||||
| Simon Property Group, Inc. REIT | 1,333 | 86,218 | ||||||
| Southwest Gas Holdings, Inc. | 2,900 | 182,990 | ||||||
| STORE Capital Corp. REIT | 952 | 26,113 | ||||||
| Sun Communities, Inc. REIT | 243 | 34,168 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 3,164 | 25,122 | ||||||
| Tyson Foods, Inc., Class A | 361 | 21,472 | ||||||
| Uniti Group, Inc. REIT | 2,638 | 27,791 | ||||||
| Universal Health Realty Income Trust REIT | 359 | 20,459 | ||||||
| Ventas, Inc. REIT | 1,525 | 63,989 | ||||||
| VEREIT, Inc. REIT | 5,340 | 34,710 | ||||||
| VICI Properties, Inc. REIT | 1,326 | 30,989 | ||||||
| Vulcan Materials Co. | 285 | 38,629 | ||||||
| Welltower, Inc. REIT | 1,354 | 74,592 | ||||||
| Weyerhaeuser Co. REIT | 1,722 | 49,111 | ||||||
| WP Carey, Inc. REIT | 1,006 | 65,551 | ||||||
| Xenia Hotels & Resorts, Inc. REIT | 2,335 | 20,494 | ||||||
| 5,803,628 | ||||||||
| Total Common Stocks (Cost $15,415,402) | 15,493,105 | |||||||
| Exchange-Traded Funds | 5.1% | ||||||||
| SPDR Gold Shares (*),(Δ) (Cost $999,927) | 6,424 | 1,137,819 | ||||||
| Short-Term Investments | 22.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.02% (7 day yield) (Δ) (Cost $4,985,690) | 4,985,690 | 4,985,690 | ||||||
| Total Investments | 96.8% (Cost $21,401,019) (») | $ | 21,616,614 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.2% | 710,677 | |||||||
| Net Assets | 100.0% | $ | 22,327,291 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at September 30, 2020:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 108,177 | USD | 77,128 | JPM | 12/23/20 | $ | 356 | $ | — | |||||||||
| USD | 163,912 | AUD | 224,575 | CIT | 12/23/20 | 3,058 | — | |||||||||||
| USD | 440,612 | AUD | 603,614 | JPM | 12/23/20 | 8,267 | — | |||||||||||
| USD | 60,331 | AUD | 85,421 | SSB | 12/23/20 | — | 853 | |||||||||||
| USD | 141,017 | AUD | 193,175 | SSB | 12/23/20 | 2,653 | — | |||||||||||
| USD | 30,443 | CAD | 40,118 | CIT | 12/23/20 | 321 | — | |||||||||||
| USD | 13,968 | CAD | 18,406 | HSB | 12/23/20 | 148 | — | |||||||||||
| USD | 896,350 | EUR | 756,630 | CIT | 12/23/20 | 7,640 | — | |||||||||||
| USD | 2,009,947 | EUR | 1,696,547 | HSB | 12/23/20 | 17,244 | — | |||||||||||
| USD | 845,723 | EUR | 713,919 | SSB | 12/23/20 | 7,179 | — | |||||||||||
| USD | 761,781 | GBP | 588,172 | HSB | 12/23/20 | 1,641 | — | |||||||||||
| USD | 488,920 | GBP | 377,415 | JPM | 12/23/20 | 1,157 | — | |||||||||||
| USD | 128,067 | GBP | 98,864 | SSB | 12/23/20 | 298 | — | |||||||||||
| USD | 158,441 | HKD | 1,228,910 | CIT | 12/23/20 | — | 81 | |||||||||||
| USD | 56,475 | HKD | 438,039 | SSB | 12/23/20 | — | 30 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 49,962 | $ | 964 | ||||||||||||||
Futures Contracts open at September 30, 2020 (Δ)
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
| Natural Gas | 12 | $ | 120,000 | 10/28/20 | $ | 335,988 | $ | 303,240 | $ | — | $ | 32,748 | ||||||||||||||||
| Low Sulphur Gasoil | 1 | 100 | 11/12/20 | 39,051 | 33,375 | — | 5,676 | |||||||||||||||||||||
| Cotton No. 2 | 1 | 50,000 | 12/08/20 | 30,805 | 32,895 | 2,090 | — | |||||||||||||||||||||
| Soybean Oil | 1 | 60,000 | 12/14/20 | 18,036 | 19,878 | 1,842 | — | |||||||||||||||||||||
| Sugar 11 | 2 | 224,000 | 02/26/21 | 28,963 | 30,262 | 1,299 | — | |||||||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 5,231 | $ | 38,424 | ||||||||||||||||||||||||
Total Return Swap Agreements open at September 30, 2020 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Depreciation | ||||||||||||||
| USD | GSC | $ | 4,730,614 | 01/02/23 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation, and dividend expense (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) | $ | 273,117 | ||||||||||||
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
Lazard Real Assets Portfolio (•) (concluded)
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2020:
| Commodity | Commodity Index Ticker Symbol |
Commodity Exposure Expressed as a Percentage of Notional Amount | ||
| Aluminum | BCOMAL | 4.16 | % | |
| Bean Oil | BCOMBO | 2.49 | ||
| Brent Crude | BCOMCO | 5.47 | ||
| Coffee | BCOMKC | 4.74 | ||
| Copper | BCOMHG | 12.00 | ||
| Corn | BCOMCN | 7.81 | ||
| Cotton | BCOMCT | 0.01 | ||
| Crude Oil | BCOMCL | 6.52 | ||
| Gasoline (RBOB) | BCOMRB | 0.78 | ||
| Gold | BCOMGC | 2.12 | ||
| Heating Oil | BCOMHO | 2.23 | ||
| Kansas Wheat | BCOMKW | 3.17 | ||
| Lean Hogs | BCOMLH | 3.44 | ||
| Live Cattle | BCOMLC | 4.24 | ||
| Natural Gas | BCOMNG | 4.12 | ||
| Nickel | BCOMNI | 2.97 | ||
| Silver | BCOMSI | 8.24 | ||
| Soy Meal | BCOMSM | 5.03 | ||
| Soybeans | BCOMSY | 8.86 | ||
| Sugar | BCOMSB | 2.35 | ||
| Wheat | BCOMWH | 5.34 | ||
| Zinc | BCOMZS | 3.91 | ||
| Total | 100.00 | % | ||
The Lazard Funds, Inc. Notes to Portfolios of Investments September 30, 2020 (unaudited)
| (*) | Non-income producing security. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2020, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets | |
| Emerging Markets Equity Advantage | 0.9% | |
| Emerging Markets Debt | 6.3% | |
| Global Fixed Income | 1.7% | |
| US Corporate Income | 51.2% | |
| Enhanced Opportunities | 3.3% | |
| Global Dynamic Multi-Asset | 1.5% |
| (^) | The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Emerging Markets Equity Portfolio and Global Listed Infrastructure Portfolio for the period ended September 30, 2020 were as follows: |
| Issue | Value at December 31, 2019 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at September 30, 2020 | Value at September 30, 2020 | ||||||||||||||||||||||||
| Emerging Markets Equity | ||||||||||||||||||||||||||||||||
| China Construction Bank Corp., Class H | $ | 407,702,657 | $ | — | $ | (205,128,922 | ) | $ | 22,578,181 | $ | (87,143,628 | ) | $ | 9,366,366 | 211,925,224 | $ | 138,008,288 | |||||||||||||||
| China Mobile, Ltd. Sponsored ADR | 226,590,237 | — | (107,635,333 | ) | (28,571,720 | ) | (12,123,721 | ) | 5,440,765 | 2,433,441 | 78,259,463 | |||||||||||||||||||||
| China Shenhua Energy Co., Ltd., Class H | 53,631,255 | 27,045,933 | (20,367,418 | ) | (6,342,278 | ) | (1,283,546 | ) | 4,309,026 | 29,235,610 | 52,683,946 | |||||||||||||||||||||
| CNOOC, Ltd. | 89,345,601 | 85,617,768 | (60,827,989 | ) | (31,819,953 | ) | (34,887,342 | ) | 4,482,115 | 48,997,532 | 47,428,085 | |||||||||||||||||||||
| CRRC Corp., Ltd., Class H | — | 66,732,549 | (8,792,756 | ) | (1,339,409 | ) | (9,517,788 | ) | 1,049,033 | 117,585,000 | 47,082,596 | |||||||||||||||||||||
| Sinopharm Group Co., Ltd., Class H | 14,232,500 | 69,821,048 | (21,183,371 | ) | (8,259,840 | ) | (15,717,937 | ) | 1,590,878 | 18,323,614 | 38,892,400 | |||||||||||||||||||||
| Total Securities | $ | 791,502,250 | $ | 249,217,298 | $ | (423,935,789 | ) | $ | (53,755,019 | ) | $ | (160,673,962 | ) | $ | 26,238,183 | 428,500,421 | $ | 402,354,778 | ||||||||||||||
| Issue | Value at December 31, 2019 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at September 30, 2020 | Value at September 30, 2020 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Atlas Arteria, Ltd. | $ | 178,635,535 | $ | 71,231,023 | $ | — | $ | — | $ | (34,823,462 | ) | $ | 3,772,596 | 48,907,421 | $ | 215,043,096 | ||||||||||||||||
| Pennon Group PLC | 248,515,390 | 42,000,457 | — | — | (5,783,335 | ) | 11,458,588 | 21,423,608 | 284,732,512 | |||||||||||||||||||||||
| SES SA | 255,862,642 | 20,542,754 | (7,442,627 | ) | (12,355,921 | ) | (111,087,263 | ) | 7,569,638 | 20,569,089 | 145,519,585 | |||||||||||||||||||||
| Southwest Gas Holdings, Inc. | — | 220,708,074 | (26,338,286 | ) | (518,073 | ) | (19,573,049 | ) | 2,197,863 | 2,761,944 | 174,278,666 | |||||||||||||||||||||
| Total Securities | $ | 683,013,567 | $ | 354,482,308 | $ | (33,780,913 | ) | $ | (12,873,994 | ) | $ | (171,267,109 | ) | $ | 24,998,685 | $ | 93,662,062 | $ | 819,573,859 | |||||||||||||
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2020 which may step up at a future date. |
| («) | Issue in default. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2020. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (¶) | Date shown is the next perpetual call date. |
| (‡‡) | Amount is less than $1,000. |
| (•) | Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (Δ) | The security is owned by Lazard Real Assets Portfolio, Ltd., a wholly owned subsidiary of the Portfolio. |
| Security Abbreviations: | |||
| ADR | - American Depositary Receipt | NIBOR | - Norway Interbank Offered Rate |
| BBSW | - Bank Bill Swap Reference Rate | NTN-F | - Brazil Sovereign “Nota do Tesouro |
| CMT | - Constant maturity Treasury | NVDR | - Non-Voting Depository Receipt |
| ETF | - Exchange-Traded Fund | PJSC | - Public Joint Stock Company |
| EURIBOR | - Euro Interbank Offer Rate | REIT | - Real Estate Investment Trust |
| GDR | - Global Depositary Receipt | SOFTRATE | - Secured Overnight Financing Rate |
| JSC | - Joint Stock Company | WIBOR | - Warsaw Interbank Offered Rate |
| LIBOR | - London Interbank Offered Rate | ||
| Currency Abbreviations: | ||||
| AUD | - Australian Dollar | KRW | - South Korean Won | |
| BRL | - Brazilian Real | MXN | - Mexican New Peso | |
| CAD | - Canadian Dollar | MYR | - Malaysian Ringgit | |
| CHF | - Swiss Franc | NOK | - Norwegian Krone | |
| CLP | - Chilean Peso | NZD | - New Zealand Dollar | |
| CNH | - Chinese Yuan Renminbi | PEN | - Peruvian Nuevo Sol | |
| CNY | - Chinese Renminbi | PHP | - Philippine Peso | |
| COP | - Colombian Peso | PLN | - Polish Zloty |
| CZK | - Czech Koruna | RON | - New Romanian Leu |
| DKK | - Danish Krone | RUB | - Russian Ruble |
| EUR | - Euro | SEK | - Swedish Krona |
| GBP | - British Pound Sterling | SGD | - Singapore Dollar |
| HKD | - Hong Kong Dollar | THB | - Thai Baht |
| HUF | - Hungarian Forint | TRY | - New Turkish Lira |
| IDR | - Indonesian Rupiah | UAH | - Ukranian Hrynia |
| INR | - Indian Rupee | USD | - United States Dollar |
| JPY | - Japanese Yen | ZAR | - South African Rand |
| Counterparty Abbreviations: | ||||
| BNP | - BNP Paribas SA | JPM | - JPMorgan Chase Bank NA | |
| BOA | - Bank of America | MEL | - The Bank of New York Mellon Corp. | |
| BRC | - Barclays Bank PLC | MSC | - Morgan Stanley & Co. | |
| CAN | - Canadian Imperial Bank of Commerce | RBC | - Royal Bank of Canada | |
| CIT | - Citibank NA | SCB | - Standard Chartered Bank | |
| GSC | - Goldman Sachs International | SSB | - State Street Bank and Trust Co. | |
| HSB | - HSBC Bank USA NA | UBS | - UBS AG | |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Developing Markets Equity Portfolio |
Lazard Emerging Markets Core Equity Portfolio |
Lazard Emerging Markets Equity Advantage Portfolio |
Lazard Emerging Markets Equity Blend Portfolio |
Lazard Emerging Markets Equity Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | — | % | — | % | 0.5 | % | — | % | — | % | |||||
| Air Freight & Logistics | 1.0 | — | — | 0.8 | — | ||||||||||
| Airlines | — | 0.4 | — | — | — | ||||||||||
| Auto Components | 3.4 | 0.5 | 0.4 | 1.1 | 1.5 | ||||||||||
| Automobiles | — | 0.9 | 1.5 | 0.9 | 2.7 | ||||||||||
| Banks | 16.5 | 11.5 | 11.4 | 18.5 | 21.1 | ||||||||||
| Beverages | 1.5 | 3.1 | 1.1 | 1.7 | — | ||||||||||
| Biotechnology | — | — | 0.3 | — | — | ||||||||||
| Building Products | — | — | 0.4 | — | — | ||||||||||
| Capital Markets | — | 1.0 | 0.9 | 0.2 | — | ||||||||||
| Chemicals | 1.8 | 1.3 | 1.9 | 0.7 | 1.2 | ||||||||||
| Commercial Services & Suppliers | — | — | 0.6 | 0.3 | — | ||||||||||
| Communications Equipment | 0.9 | 1.5 | — | 0.3 | — | ||||||||||
| Construction & Engineering | 0.8 | — | 0.2 | — | — | ||||||||||
| Construction Materials | 0.5 | 1.8 | 1.8 | 1.6 | 2.5 | ||||||||||
| Consumer Finance | 0.5 | — | — | 0.4 | — | ||||||||||
| Containers & Packaging | — | — | — | 0.3 | — | ||||||||||
| Diversified Consumer Services | 1.3 | 1.6 | 1.2 | 0.6 | — | ||||||||||
| Diversified Financial Services | — | — | 0.2 | 0.3 | — | ||||||||||
| Diversified Telecommunication Services | — | 1.2 | 1.4 | 0.7 | 2.1 | ||||||||||
| Electric Utilities | — | — | 0.8 | — | 0.8 | ||||||||||
| Electrical Equipment | 1.4 | — | 0.8 | 0.5 | — | ||||||||||
| Electronic Equipment, Instruments & Components | 2.6 | 1.0 | 2.7 | 2.7 | 2.2 | ||||||||||
| Entertainment | 4.7 | 4.9 | 2.1 | 4.7 | — | ||||||||||
| Food & Staples Retailing | — | — | 1.6 | 0.4 | 1.8 | ||||||||||
| Food Products | — | 1.5 | 1.6 | 0.7 | — | ||||||||||
| Gas Utilities | 0.9 | 0.7 | 0.5 | 0.3 | 0.6 | ||||||||||
| Health Care Equipment & Supplies | — | — | 1.8 | 0.5 | — | ||||||||||
| Health Care Providers & Services | — | — | — | 0.6 | 1.6 | ||||||||||
| Hotels, Restaurants & Leisure | 2.7 | 0.9 | 0.4 | 0.3 | — | ||||||||||
| Household Durables | — | 0.7 | 1.0 | 0.5 | 1.4 | ||||||||||
| Household Products | — | — | 0.6 | 0.6 | 0.8 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.2 | — | — | ||||||||||
| Industrial Conglomerates | — | 0.5 | — | — | 0.7 | ||||||||||
| Insurance | 2.0 | 3.7 | 2.5 | 3.3 | 3.0 | ||||||||||
| Interactive Media & Services | 10.2 | 8.1 | 7.4 | 5.3 | 1.4 | ||||||||||
| Internet & Direct Marketing Retail | 9.3 | 11.4 | 14.1 | 5.4 | — | ||||||||||
| IT Services | 2.9 | 3.6 | 2.8 | 5.2 | 6.6 | ||||||||||
| Life Sciences Tools & Services | 0.6 | 1.0 | 0.4 | — | — | ||||||||||
| Machinery | 4.9 | 2.0 | 0.9 | 4.1 | 2.3 | ||||||||||
| Marine | — | — | 0.9 | 0.2 | — | ||||||||||
| Media | — | — | 0.3 | 0.3 | — | ||||||||||
| Metals & Mining | 2.2 | 1.9 | 3.4 | 2.2 | 4.3 | ||||||||||
| Multiline Retail | — | 0.3 | — | 0.3 | — | ||||||||||
| Oil, Gas & Consumable Fuels | 4.4 | 5.3 | 4.2 | 6.1 | 7.1 | ||||||||||
| Paper & Forest Products | 1.1 | 1.2 | — | — | 0.9 | ||||||||||
| Personal Products | — | 1.9 | 0.8 | 1.0 | 3.4 | ||||||||||
| Pharmaceuticals | — | — | 3.6 | 1.1 | — | ||||||||||
| Real Estate Management & Development | — | 0.8 | 0.9 | 1.2 | 0.9 | ||||||||||
| Road & Rail | 1.3 | 0.9 | — | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 8.9 | 10.3 | 8.8 | 8.2 | 9.6 | ||||||||||
| Software | 0.7 | — | 0.5 | — | — | ||||||||||
| Specialty Retail | 0.8 | 1.5 | 0.5 | 1.0 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | 5.5 | 6.8 | 6.0 | 6.5 | 5.4 | ||||||||||
| Textiles, Apparel & Luxury Goods | 0.9 | 1.6 | 1.1 | 0.7 | — | ||||||||||
| Tobacco | — | — | 0.4 | 0.5 | 0.8 | ||||||||||
| Trading Companies & Distributors | — | — | 0.2 | — | — | ||||||||||
| Transportation Infrastructure | 0.8 | 0.9 | 0.2 | 0.8 | 1.0 | ||||||||||
| Water Utilities | 0.9 | — | — | 0.5 | — | ||||||||||
| Wireless Telecommunication Services | — | — | 1.9 | 3.1 | 6.3 | ||||||||||
| Subtotal | 97.9 | 98.2 | 99.7 | 97.2 | 94.0 | ||||||||||
| Exchange Traded Funds | — | — | — | — | 5.1 | ||||||||||
| Short-Term Investments | 0.2 | 1.2 | 1.1 | 2.9 | 1.3 | ||||||||||
| Total Investments | 98.1 | % | 99.4 | % | 100.8 | % | 100.1 | % | 100.4 | % |
| † | 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:
| Industry† | Lazard Equity Franchise Portfolio |
Lazard Global Equity Select Portfolio |
Lazard Global Listed Infrastructure Portfolio |
Lazard Global Strategic Equity Portfolio |
Lazard International Equity Advantage Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | — | % | 1.0 | % | — | % | 1.5 | % | — | % | |||||
| Air Freight & Logistics | — | — | — | — | 1.2 | ||||||||||
| Auto Components | — | — | — | — | 0.6 | ||||||||||
| Automobiles | — | — | — | 1.3 | 2.2 | ||||||||||
| Banks | — | 2.8 | — | 2.2 | 6.5 | ||||||||||
| Beverages | 2.8 | 4.8 | — | 3.0 | — | ||||||||||
| Biotechnology | — | — | — | 2.4 | 0.3 | ||||||||||
| Building Products | — | 0.7 | — | — | 3.7 | ||||||||||
| Capital Markets | — | 5.0 | — | 8.6 | 3.1 | ||||||||||
| Chemicals | — | 2.4 | — | 2.9 | 2.9 | ||||||||||
| Commercial Services & Suppliers | 5.5 | — | — | — | 0.3 | ||||||||||
| Communications Equipment | 4.0 | 1.7 | — | — | 0.2 | ||||||||||
| Construction & Engineering | 2.9 | — | 12.1 | — | 0.3 | ||||||||||
| Construction Materials | — | — | — | — | 0.6 | ||||||||||
| Consumer Finance | — | — | — | 1.0 | — | ||||||||||
| Diversified Consumer Services | 6.8 | — | — | — | — | ||||||||||
| Diversified Financial Services | — | — | — | — | 1.0 | ||||||||||
| Diversified Telecommunication Services | — | — | — | — | 0.2 | ||||||||||
| Electric Utilities | — | — | 9.1 | 3.3 | 1.1 | ||||||||||
| Electrical Equipment | — | 3.9 | — | 3.2 | 2.9 | ||||||||||
| Electronic Equipment, Instruments & Components | — | 1.4 | — | 0.6 | 1.7 | ||||||||||
| Entertainment | — | 2.1 | — | 5.7 | 1.7 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.0 | ||||||||||
| Food & Staples Retailing | — | 1.7 | — | 1.0 | 3.1 | ||||||||||
| Food Products | — | — | — | — | 3.9 | ||||||||||
| Gas Utilities | 3.1 | 1.1 | 10.2 | — | 0.3 | ||||||||||
| Health Care Equipment & Supplies | 2.9 | 1.8 | — | 6.2 | 2.3 | ||||||||||
| Health Care Providers & Services | 19.9 | 1.4 | — | 2.2 | 0.3 | ||||||||||
| Hotels, Restaurants & Leisure | 2.8 | 2.6 | — | 1.3 | 0.7 | ||||||||||
| Household Durables | — | — | — | — | 3.2 | ||||||||||
| Household Products | — | 3.1 | — | — | 0.6 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.4 | ||||||||||
| Industrial Conglomerates | — | 0.8 | — | — | — | ||||||||||
| Insurance | — | 5.4 | — | 5.8 | 5.3 | ||||||||||
| Interactive Media & Services | — | 5.0 | — | 6.1 | 0.7 | ||||||||||
| Internet & Direct Marketing Retail | — | 2.0 | — | 4.1 | 0.3 | ||||||||||
| IT Services | 3.0 | 4.5 | — | 5.3 | 2.7 | ||||||||||
| Leisure Products | — | 2.0 | — | — | — | ||||||||||
| Life Sciences Tools & Services | — | 6.5 | — | 4.7 | 0.2 | ||||||||||
| Machinery | — | 1.5 | — | — | 2.2 | ||||||||||
| Marine | — | — | — | — | 0.1 | ||||||||||
| Media | 10.1 | — | 3.6 | 1.5 | — | ||||||||||
| Metals & Mining | — | — | — | 0.8 | 3.3 | ||||||||||
| Multiline Retail | — | 2.8 | — | 2.7 | 0.2 | ||||||||||
| Multi-Utilities | 4.3 | — | 16.2 | — | 1.5 | ||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 1.2 | ||||||||||
| Paper & Forest Products | — | — | — | — | 0.1 | ||||||||||
| Personal Products | — | 3.9 | — | — | 4.1 | ||||||||||
| Pharmaceuticals | — | 6.3 | — | 2.8 | 12.3 | ||||||||||
| Professional Services | 9.4 | 4.5 | — | 3.3 | 1.7 | ||||||||||
| Real Estate Management & Development | — | — | — | — | 1.2 | ||||||||||
| Road & Rail | — | 1.2 | 10.2 | — | 1.6 | ||||||||||
| Semiconductors & Semiconductor Equipment | 3.1 | 4.5 | — | 3.1 | 3.6 | ||||||||||
| Software | 2.9 | 6.7 | — | 11.9 | 2.3 | ||||||||||
| Specialty Retail | — | 1.3 | — | — | 2.2 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 0.6 | ||||||||||
| Textiles, Apparel & Luxury Goods | 8.3 | — | — | — | — | ||||||||||
| Tobacco | — | — | — | — | 1.0 | ||||||||||
| Trading Companies & Distributors | — | — | — | 1.3 | 0.3 | ||||||||||
| Transportation Infrastructure | 2.0 | — | 14.6 | — | — | ||||||||||
| Water Utilities | 2.0 | — | 11.9 | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | — | 5.2 | ||||||||||
| Subtotal | 95.8 | 96.4 | 87.9 | 99.8 | 100.2 | ||||||||||
| Short-Term Investments | 4.1 | 2.9 | 11.6 | 0.3 | 0.4 | ||||||||||
| Total Investments | 99.9 | % | 99.3 | % | 99.5 | % | 100.1 | % | 100.6 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Equity Concentrated Portfolio |
Lazard International Equity Portfolio |
Lazard International Equity Select Portfolio |
Lazard International Equity Value Portfolio |
Lazard International Quality Growth Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | 3.8 | % | 1.6 | % | 1.9 | % | 2.5 | % | 1.7 | % | |||||
| Airlines | — | 1.0 | 1.0 | — | — | ||||||||||
| Auto Components | — | 1.0 | 0.6 | 4.6 | — | ||||||||||
| Automobiles | 3.0 | 2.6 | 3.5 | 5.9 | — | ||||||||||
| Banks | — | 5.7 | 6.5 | 8.2 | 4.6 | ||||||||||
| Beverages | 5.8 | 2.0 | 1.2 | 7.7 | 2.3 | ||||||||||
| Biotechnology | — | — | — | — | 3.2 | ||||||||||
| Building Products | — | — | — | — | 4.7 | ||||||||||
| Capital Markets | — | 1.3 | — | — | 5.7 | ||||||||||
| Chemicals | — | 4.2 | 4.9 | 10.6 | 2.5 | ||||||||||
| Construction & Engineering | — | 0.9 | 0.8 | — | — | ||||||||||
| Diversified Telecommunication Services | — | 1.4 | 1.9 | — | — | ||||||||||
| Electric Utilities | — | 3.3 | 1.9 | — | — | ||||||||||
| Electrical Equipment | 3.1 | 4.0 | 3.6 | — | 2.0 | ||||||||||
| Electronic Equipment, Instruments & Components | 6.4 | 2.6 | 2.6 | 4.3 | 2.3 | ||||||||||
| Energy Equipment & Services | — | — | — | 0.6 | — | ||||||||||
| Entertainment | — | 8.0 | 5.5 | 6.2 | 2.9 | ||||||||||
| Food & Staples Retailing | — | 1.9 | 1.6 | 4.0 | 1.9 | ||||||||||
| Food Products | — | 0.8 | 0.8 | — | — | ||||||||||
| Gas Utilities | 2.8 | 0.8 | 1.3 | — | — | ||||||||||
| Health Care Equipment & Supplies | 2.5 | 3.0 | 2.0 | — | 3.6 | ||||||||||
| Health Care Providers & Services | — | 1.2 | — | — | — | ||||||||||
| Hotels, Restaurants & Leisure | — | 1.0 | — | 7.1 | — | ||||||||||
| Household Durables | — | — | — | 2.2 | — | ||||||||||
| Household Products | — | — | — | — | 1.5 | ||||||||||
| Industrial Conglomerates | — | — | — | 5.2 | — | ||||||||||
| Insurance | 11.2 | 6.8 | 7.4 | 6.8 | 7.8 | ||||||||||
| Interactive Media & Services | 5.6 | 2.0 | 4.2 | — | 6.7 | ||||||||||
| Internet & Direct Marketing Retail | — | — | 1.2 | — | 4.3 | ||||||||||
| IT Services | 4.3 | 0.1 | 1.6 | — | — | ||||||||||
| Leisure Products | — | 0.9 | 1.0 | 2.2 | 1.4 | ||||||||||
| Life Sciences Tools & Services | — | — | 1.1 | — | — | ||||||||||
| Machinery | — | 3.9 | 4.9 | 5.7 | 2.3 | ||||||||||
| Media | — | 1.4 | — | — | — | ||||||||||
| Metals & Mining | 2.3 | 2.0 | 1.2 | — | — | ||||||||||
| Multiline Retail | — | — | 1.3 | — | 2.0 | ||||||||||
| Multi-Utilities | 7.6 | 2.7 | 2.3 | 6.0 | — | ||||||||||
| Oil, Gas & Consumable Fuels | 5.6 | 2.1 | 1.6 | 2.9 | — | ||||||||||
| Personal Products | 4.7 | 3.3 | 4.9 | — | 1.8 | ||||||||||
| Pharmaceuticals | 5.7 | 7.2 | 5.9 | 3.7 | 1.6 | ||||||||||
| Professional Services | — | 3.8 | 3.3 | — | 9.3 | ||||||||||
| Real Estate Management & Development | 11.3 | 3.8 | 1.7 | — | — | ||||||||||
| Road & Rail | — | 1.3 | 1.2 | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | — | 1.0 | — | — | 7.4 | ||||||||||
| Software | 5.1 | 3.9 | 3.4 | — | 4.6 | ||||||||||
| Specialty Retail | — | — | 1.2 | — | 2.9 | ||||||||||
| Technology Hardware, Storage & Peripherals | 5.1 | 1.5 | 2.6 | — | — | ||||||||||
| Textiles, Apparel & Luxury Goods | — | — | — | — | 2.4 | ||||||||||
| Trading Companies & Distributors | 2.2 | 1.4 | 1.2 | — | 2.9 | ||||||||||
| Transportation Infrastructure | — | 0.7 | 0.5 | — | — | ||||||||||
| Water Utilities | — | — | 0.4 | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | 2.5 | — | ||||||||||
| Subtotal | 98.1 | 98.1 | 95.7 | 98.9 | 96.3 | ||||||||||
| Short-Term Investments | 2.0 | 1.7 | 5.2 | 0.5 | 1.3 | ||||||||||
| Total Investments | 100.1 | % | 99.8 | % | 100.9 | % | 99.4 | % | 97.6 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Small Cap Equity Portfolio |
Lazard International Strategic Equity Portfolio |
Lazard Managed Equity Volatility Portfolio |
Lazard Emerging Markets Debt Portfolio |
Lazard Global Fixed Income Portfolio | ||||||||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | |||||||||||||||
| Aerospace & Defense | — | % | 3.1 | % | 2.2 | % | — | % | — | % | |||||
| Air Freight & Logistics | 1.0 | — | 0.3 | — | — | ||||||||||
| Airlines | — | 1.5 | — | — | — | ||||||||||
| Auto Components | 0.8 | — | — | — | — | ||||||||||
| Automobiles | — | 4.4 | — | — | 3.2 | ||||||||||
| Banks | 3.6 | 5.3 | 2.5 | 3.1 | 5.4 | ||||||||||
| Beverages | 4.0 | 4.4 | 1.0 | — | 2.4 | ||||||||||
| Biotechnology | — | 2.0 | 2.1 | — | — | ||||||||||
| Building Products | 3.9 | — | — | — | — | ||||||||||
| Capital Markets | 6.2 | 3.9 | 2.9 | — | 2.1 | ||||||||||
| Chemicals | 2.5 | 1.1 | 0.2 | — | — | ||||||||||
| Commercial Services & Suppliers | 2.2 | — | 1.6 | — | — | ||||||||||
| Communications Equipment | — | — | 1.4 | — | — | ||||||||||
| Construction & Engineering | 1.2 | — | 0.5 | — | — | ||||||||||
| Construction Materials | — | — | 0.2 | — | — | ||||||||||
| Consumer Finance | — | — | — | — | 1.2 | ||||||||||
| Containers & Packaging | — | — | 2.3 | — | 0.5 | ||||||||||
| Distributors | — | — | 0.5 | — | — | ||||||||||
| Diversified Consumer Services | — | — | — | — | 0.6 | ||||||||||
| Diversified Financial Services | 1.6 | — | 0.1 | — | 1.7 | ||||||||||
| Diversified Telecommunication Services | 1.6 | — | 3.3 | — | 2.4 | ||||||||||
| Electric Utilities | — | 3.2 | 2.3 | — | — | ||||||||||
| Electrical Equipment | 1.1 | 4.8 | — | — | 1.3 | ||||||||||
| Electronic Equipment, Instruments & Components | 0.9 | 1.0 | 0.5 | — | — | ||||||||||
| Energy Equipment & Services | 0.5 | — | — | — | — | ||||||||||
| Entertainment | 2.5 | 7.9 | 1.2 | — | — | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.3 | — | 0.7 | — | 0.5 | ||||||||||
| Food & Staples Retailing | 1.6 | 2.0 | 7.6 | — | — | ||||||||||
| Food Products | 1.1 | 1.2 | 7.3 | — | — | ||||||||||
| Gas Utilities | 1.5 | — | 0.9 | — | — | ||||||||||
| Health Care Equipment & Supplies | 2.2 | 2.7 | 2.8 | — | — | ||||||||||
| Health Care Providers & Services | 1.4 | — | 2.5 | — | 0.6 | ||||||||||
| Health Care Technology | 1.0 | — | — | — | — | ||||||||||
| Hotels, Restaurants & Leisure | 2.7 | 2.8 | 1.8 | — | 2.7 | ||||||||||
| Household Durables | 1.9 | — | — | — | — | ||||||||||
| Household Products | — | — | 6.0 | — | 1.0 | ||||||||||
| Independent Power & Renewable Electricity Producers | 0.8 | — | 0.7 | — | — | ||||||||||
| Industrial Conglomerates | 0.7 | — | 1.0 | — | — | ||||||||||
| Insurance | — | 7.6 | 1.2 | — | — | ||||||||||
| Interactive Media & Services | 4.0 | 1.6 | 1.0 | — | 1.0 | ||||||||||
| Internet & Direct Marketing Retail | 0.6 | 2.0 | 0.3 | — | 1.0 | ||||||||||
| IT Services | 2.3 | 2.2 | 3.5 | — | — | ||||||||||
| Leisure Products | — | 1.3 | — | — | — | ||||||||||
| Life Sciences Tools & Services | — | — | 1.5 | — | — | ||||||||||
| Machinery | 3.7 | 6.1 | 0.7 | — | 1.0 | ||||||||||
| Media | 0.9 | 1.3 | 2.6 | — | — | ||||||||||
| Metals & Mining | 1.0 | 2.8 | 0.7 | 0.4 | — | ||||||||||
| Multiline Retail | 1.0 | 0.5 | 2.7 | — | — | ||||||||||
| Multi-Utilities | — | 2.3 | 1.5 | — | — | ||||||||||
| Oil, Gas & Consumable Fuels | — | 1.6 | — | 4.9 | — | ||||||||||
| Personal Products | — | 3.2 | 0.9 | — | 1.3 | ||||||||||
| Pharmaceuticals | 4.4 | 3.5 | 10.9 | — | 1.7 | ||||||||||
| Professional Services | 3.2 | 1.8 | 0.3 | — | — | ||||||||||
| Real Estate Management & Development | 10.0 | 3.4 | 1.1 | — | — | ||||||||||
| Road & Rail | — | — | 2.0 | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 1.7 | 1.0 | 0.7 | — | — | ||||||||||
| Software | 5.8 | 2.4 | 3.0 | — | 2.0 | ||||||||||
| Specialty Retail | 3.0 | 1.7 | 2.2 | — | 1.5 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | 0.6 | — | 2.4 | ||||||||||
| Thrifts & Mortgage Finance | — | 0.8 | — | 0.2 | — | ||||||||||
| Tobacco | — | — | 0.7 | — | — | ||||||||||
| Trading Companies & Distributors | 2.4 | — | 0.3 | — | 0.5 | ||||||||||
| Water Utilities | 1.4 | — | — | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | 2.6 | — | 1.1 | ||||||||||
| Subtotal | 97.2 | 98.4 | 97.4 | 8.6 | 39.1 | ||||||||||
| Foreign Government Obligations | — | — | — | 85.0 | 40.9 | ||||||||||
| Supranational Bonds | — | — | — | 0.1 | 10.6 | ||||||||||
| Municipal Bonds | — | — | — | — | 1.6 | ||||||||||
| US Treasury Securities | — | — | — | — | 3.2 | ||||||||||
| Short-Term Investments | 0.4 | 1.5 | 2.3 | 5.6 | 7.1 | ||||||||||
| Total Investments | 97.6 | % | 99.9 | % | 99.7 | % | 99.3 | % | 102.5 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Global Dynamic Multi-Asset Portfolio |
Lazard Real Assets Portfolio | |||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | |||||||
| Aerospace & Defense | 0.6 | % | — | % | |||
| Air Freight & Logistics | 0.1 | — | |||||
| Auto Components | 0.2 | — | |||||
| Automobiles | 2.0 | — | |||||
| Banks | 4.9 | — | |||||
| Beverages | 2.2 | — | |||||
| Biotechnology | 0.4 | — | |||||
| Building Products | 0.2 | — | |||||
| Capital Markets | 2.8 | — | |||||
| Chemicals | 0.5 | 0.3 | |||||
| Commercial Services & Suppliers | 0.1 | — | |||||
| Communications Equipment | 0.5 | — | |||||
| Construction & Engineering | — | 4.7 | |||||
| Construction Materials | — | 0.2 | |||||
| Consumer Finance | 0.7 | — | |||||
| Containers & Packaging | 0.2 | — | |||||
| Diversified Financial Services | 1.0 | — | |||||
| Diversified Telecommunication Services | 1.9 | — | |||||
| Electric Utilities | 0.5 | 3.0 | |||||
| Electrical Equipment | 1.6 | — | |||||
| Electronic Equipment, Instruments & Components | 0.4 | — | |||||
| Entertainment | 0.7 | — | |||||
| Equity Real Estate Investment Trusts (REITs) | 0.5 | 25.2 | |||||
| Food & Staples Retailing | 1.2 | — | |||||
| Food Products | 0.5 | 0.3 | |||||
| Gas Utilities | 0.1 | 4.2 | |||||
| Health Care Equipment & Supplies | 0.8 | — | |||||
| Health Care Providers & Services | 1.4 | — | |||||
| Hotels, Restaurants & Leisure | 2.6 | 0.8 | |||||
| Household Products | 2.0 | — | |||||
| Independent Power & Renewable Electricity Producers | 0.2 | — | |||||
| Industrial Conglomerates | 0.4 | — | |||||
| Insurance | 1.3 | — | |||||
| Interactive Media & Services | 2.2 | — | |||||
| Internet & Direct Marketing Retail | 1.9 | — | |||||
| IT Services | 1.9 | — | |||||
| Leisure Products | 0.5 | — | |||||
| Life Sciences Tools & Services | 1.5 | — | |||||
| Machinery | 1.5 | — | |||||
| Media | 0.2 | 1.2 | |||||
| Metals & Mining | 0.4 | 0.7 | |||||
| Multiline Retail | 0.7 | — | |||||
| Multi-Utilities | 0.2 | 6.2 | |||||
| Oil, Gas & Consumable Fuels | 0.5 | — | |||||
| Personal Products | 1.6 | — | |||||
| Pharmaceuticals | 3.9 | — | |||||
| Professional Services | 1.0 | — | |||||
| Real Estate Management & Development | 0.4 | 9.6 | |||||
| Road & Rail | 0.8 | 3.5 | |||||
| Semiconductors & Semiconductor Equipment | 1.6 | — | |||||
| Software | 4.3 | — | |||||
| Specialty Retail | 2.3 | — | |||||
| Technology Hardware, Storage & Peripherals | 3.5 | — | |||||
| Tobacco | 0.1 | — | |||||
| Trading Companies & Distributors | 0.1 | — | |||||
| Transportation Infrastructure | — | 6.4 | |||||
| Water Utilities | — | 3.1 | |||||
| Wireless Telecommunication Services | 1.2 | — | |||||
| Subtotal | 64.8 | 69.4 | |||||
| Foreign Government Obligations | 20.0 | — | |||||
| Exchange Traded Funds | 5.0 | 5.1 | |||||
| Supranational Bonds | 4.6 | — | |||||
| Municipal Bonds | 0.7 | — | |||||
| US Treasury Securities | 3.0 | — | |||||
| Short-Term Investments | 2.6 | 22.3 | |||||
| Total Investments | 100.7 | % | 96.8 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country (concluded):
| Industry† | Long | Short | ||
| Common Stocks & Preferred Stocks and Convertible Corporate Bonds | ||||
| Aerospace & Defense | 1.4 | % | -0.3 | % |
| Air Freight & Logistics | 3.5 | -1.8 | ||
| Airlines | 2.6 | -1.8 | ||
| Automobiles | 1.0 | -0.6 | ||
| Banks | 1.3 | — | ||
| Biotechnology | 13.1 | -4.7 | ||
| Building Products | 1.5 | -0.5 | ||
| Consumer Finance | 5.9 | -2.0 | ||
| Diversified Consumer Services | 1.1 | -0.3 | ||
| Diversified Financial Services | 1.9 | -0.4 | ||
| Diversified Telecommunication Services | 0.8 | -0.1 | ||
| Electronic Equipment, Instruments & Components | 6.0 | -2.0 | ||
| Energy Equipment & Services | 0.9 | -0.1 | ||
| Entertainment | 3.5 | -2.8 | ||
| Equity Real Estate Investment Trusts (REITs) | 2.2 | -1.9 | ||
| Food & Staples Retailing | 0.8 | -0.1 | ||
| Health Care Equipment & Supplies | 9.0 | -4.8 | ||
| Health Care Providers & Services | 2.2 | -1.2 | ||
| Health Care Technology | 2.9 | -1.6 | ||
| Hotels, Restaurants & Leisure | 6.1 | -3.7 | ||
| Interactive Media & Services | 3.0 | -2.0 | ||
| Internet & Direct Marketing Retail | 1.2 | -0.5 | ||
| IT Services | 11.4 | -4.5 | ||
| Life Sciences Tools & Services | 1.0 | -0.1 | ||
| Machinery | 3.1 | -1.1 | ||
| Media | 7.4 | -0.9 | ||
| Metals & Mining | 1.0 | -0.3 | ||
| Mortgage Real Estate Investment Trusts (REITs) | 5.7 | -0.8 | ||
| Oil, Gas & Consumable Fuels | 1.6 | 0.0 | ||
| Personal Products | 2.1 | -0.9 | ||
| Pharmaceuticals | 10.7 | -2.8 | ||
| Professional Services | 1.1 | -0.7 | ||
| Real Estate Management & Development | 4.2 | -2.6 | ||
| Semiconductors & Semiconductor Equipment | 7.0 | -3.3 | ||
| Software | 22.4 | -9.4 | ||
| Specialty Retail | 3.4 | -2.7 | ||
| Technology Hardware, Storage & Peripherals | 1.4 | -0.3 | ||
| Textiles, Apparel & Luxury Goods | 1.0 | -0.6 | ||
| Tobacco | 1.1 | -0.3 | ||
| Subtotal | 157.5 | -64.5 | ||
| Exchange-Traded Funds | — | -2.0 | ||
| Short-Term Investments | 4.7 | — | ||
| Total Investments | 162.2 | % | -66.5 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer | |
| Date: | November 27, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer | |
| Date: | November 27, 2020 |
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer | |
| Date: | November 27, 2020 |