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: 3/31/2021
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 95.3% | ||||||||
| Brazil | 2.8% | ||||||||
| Duratex SA | 592,741 | $ | 1,968,204 | |||||
| Lojas Americanas SA | 316,336 | 1,256,655 | ||||||
| Pagseguro Digital, Ltd., Class A (*) | 27,940 | 1,293,622 | ||||||
| Rumo SA (*) | 424,644 | 1,527,727 | ||||||
| 6,046,208 | ||||||||
| Canada | 1.6% | ||||||||
| First Quantum Minerals, Ltd. | 179,044 | 3,412,194 | ||||||
| China | 28.2% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 42,848 | 9,714,927 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 140,000 | 911,585 | ||||||
| Beijing Thunisoft Corp., Ltd., Class A | 585,665 | 1,699,111 | ||||||
| Chow Tai Seng Jewellery Co., Ltd., Class A | 434,800 | 2,327,603 | ||||||
| Jiangsu King’s Luck Brewery JSC, Ltd., Class A | 246,800 | 1,845,700 | ||||||
| Minth Group, Ltd. | 804,000 | 3,353,215 | ||||||
| Monalisa Group Co., Ltd., Class A | 326,500 | 1,953,651 | ||||||
| NetEase, Inc. ADR | 25,919 | 2,676,396 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 77,983 | 1,091,762 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 334,000 | 3,988,747 | ||||||
| Shenzhen Sunway Communication Co., Ltd., Class A | 192,300 | 835,472 | ||||||
| Tencent Holdings, Ltd. | 188,400 | 14,852,886 | ||||||
| Tencent Music Entertainment Group ADR (*) | 256,533 | 5,256,361 | ||||||
| Trip.com Group, Ltd. ADR (*) | 115,764 | 4,587,727 | ||||||
| Weibo Corp. Sponsored ADR (*) | 52,943 | 2,671,504 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 1,063,500 | 2,158,412 | ||||||
| Zhongsheng Group Holdings, Ltd. | 305,500 | 2,153,650 | ||||||
| 62,078,709 | ||||||||
| Colombia | 1.9% | ||||||||
| Bancolombia SA Sponsored ADR | 132,850 | 4,249,872 | ||||||
| Hong Kong | 2.3% | ||||||||
| China Gas Holdings, Ltd. | 560,200 | 2,294,891 | ||||||
| Techtronic Industries Co., Ltd. | 163,502 | 2,810,628 | ||||||
| 5,105,519 | ||||||||
| India | 9.5% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 60,049 | 4,665,207 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 422,252 | 6,768,699 | ||||||
| Motherson Sumi Systems, Ltd. (*) | 546,711 | 1,511,132 | ||||||
| Mphasis, Ltd. | 71,518 | 1,739,190 | ||||||
| Reliance Industries, Ltd. | 48,207 | 1,325,016 | ||||||
| Description | Shares | Fair Value | ||||||
| Shriram Transport Finance Co., Ltd. | 111,389 | $ | 2,174,642 | |||||
| UPL, Ltd. | 322,743 | 2,843,517 | ||||||
| 21,027,403 | ||||||||
| Indonesia | 2.7% | ||||||||
| PT Bank Central Asia Tbk | 1,155,100 | 2,475,635 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk (*) | 11,744,000 | 3,563,881 | ||||||
| 6,039,516 | ||||||||
| Macau | 1.6% | ||||||||
| SJM Holdings, Ltd. | 2,594,000 | 3,403,482 | ||||||
| Mexico | 2.1% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 837,357 | 4,716,598 | ||||||
| Peru | 1.4% | ||||||||
| Credicorp, Ltd. | 21,898 | 2,990,610 | ||||||
| Philippines | 1.7% | ||||||||
| BDO Unibank, Inc. | 1,062,085 | 2,232,658 | ||||||
| International Container Terminal Services, Inc. | 591,329 | 1,475,494 | ||||||
| 3,708,152 | ||||||||
| Poland | 0.6% | ||||||||
| InPost SA | 80,025 | 1,310,631 | ||||||
| Russia | 5.4% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 142,201 | 1,380,772 | ||||||
| Fix Price Group, Ltd. GDR | 26,874 | 262,290 | ||||||
| Mail.Ru Group, Ltd. GDR (*) | 107,865 | 2,470,755 | ||||||
| Novatek PJSC Sponsored GDR | 8,145 | 1,609,429 | ||||||
| Sberbank of Russia PJSC (‡) | 1,287,470 | 4,955,082 | ||||||
| Yandex NV Class A (*) | 19,645 | 1,258,459 | ||||||
| 11,936,787 | ||||||||
| South Africa | 3.3% | ||||||||
| Capitec Bank Holdings, Ltd. (*) | 41,772 | 4,018,801 | ||||||
| Standard Bank Group, Ltd. | 380,765 | 3,232,153 | ||||||
| 7,250,954 | ||||||||
| South Korea | 14.3% | ||||||||
| CJ Logistics Corp. (*) | 13,872 | 2,246,425 | ||||||
| NCSoft Corp. | 3,725 | 2,882,589 | ||||||
| Samsung Biologics Co., Ltd. (*) | 1,820 | 1,206,560 | ||||||
| Samsung Electronics Co., Ltd. | 187,827 | 13,566,956 | ||||||
| SK Hynix, Inc. | 56,711 | 6,678,147 | ||||||
| WONIK IPS Co., Ltd. | 107,725 | 4,935,125 | ||||||
| 31,515,802 | ||||||||
| Taiwan | 15.4% | ||||||||
| Airtac International Group | 57,000 | 2,024,343 | ||||||
| ASE Technology Holding Co., Ltd. | 1,017,289 | 3,878,751 | ||||||
| Bizlink Holding, Inc. | 305,000 | 2,856,277 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Chroma ATE, Inc. | 492,000 | $ | 3,282,741 | |||||
| Hiwin Technologies Corp. | 346,742 | 4,946,031 | ||||||
| Largan Precision Co., Ltd. | 16,860 | 1,904,185 | ||||||
| MediaTek, Inc. | 55,000 | 1,890,279 | ||||||
| RichWave Technology Corp. | 134,000 | 3,015,222 | ||||||
| Silicon Motion Technology Corp. ADR | 47,931 | 2,846,622 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 354,000 | 7,360,869 | ||||||
| 34,005,320 | ||||||||
| United Kingdom | 0.5% | ||||||||
| KAZ Minerals PLC | 99,311 | 1,187,562 | ||||||
| Total Common Stocks (Cost $147,840,200) | 209,985,319 | |||||||
| Preferred Stocks | 1.6% | ||||||||
| Brazil | 1.6% | ||||||||
| Banco Bradesco SA ADR (Cost $3,263,852) | 772,953 | 3,632,879 | ||||||
| Short-Term Investments | 2.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $6,009,230) | 6,009,230 | 6,009,230 | ||||||
| Total Investments | 99.6% (Cost $157,113,282) | $ | 219,627,428 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 810,634 | |||||||
| Net Assets | 100.0% | $ | 220,438,062 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 98.3% | ||||||||
| Argentina | 0.8% | ||||||||
| MercadoLibre, Inc. (*) | 1,109 | $ | 1,632,603 | |||||
| Brazil | 4.9% | ||||||||
| Azul SA ADR (*) | 37,415 | 755,409 | ||||||
| Banco BTG Pactual SA | 112,090 | 1,932,672 | ||||||
| Banco do Brasil SA | 257,700 | 1,394,112 | ||||||
| CCR SA | 255,330 | 586,084 | ||||||
| Lojas Renner SA | 160,536 | 1,214,719 | ||||||
| Pet Center Comercio e Participacoes SA | 446,881 | 1,571,207 | ||||||
| Rumo SA (*) | 351,658 | 1,265,148 | ||||||
| Telefonica Brasil SA ADR | 116,961 | 920,483 | ||||||
| 9,639,834 | ||||||||
| Canada | 0.8% | ||||||||
| Parex Resources, Inc. (*) | 84,664 | 1,509,764 | ||||||
| China | 35.0% | ||||||||
| 21Vianet Group, Inc. ADR (*) | 81,660 | 2,637,618 | ||||||
| Alibaba Group Holding, Ltd. (*) | 35,800 | 1,013,070 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 45,324 | 10,276,311 | ||||||
| Bilibili, Inc. Sponsored ADR (*) | 16,293 | 1,744,329 | ||||||
| Budweiser Brewing Co. APAC, Ltd. | 465,700 | 1,391,844 | ||||||
| China National Building Material Co., Ltd., Class H | 1,988,000 | 2,884,048 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 7,092,633 | 5,099,382 | ||||||
| JD.com, Inc. ADR (*) | 30,864 | 2,602,761 | ||||||
| Joinn Laboratories China Co., Ltd., Class H | 17,400 | 300,814 | ||||||
| Kingsoft Cloud Holdings, Ltd. ADR | 32,273 | 1,268,974 | ||||||
| Kuaishou Technology | 4,400 | 152,815 | ||||||
| Midea Group Co., Ltd., Class A | 86,700 | 1,088,216 | ||||||
| NetEase, Inc. | 40,400 | 834,966 | ||||||
| NetEase, Inc. ADR | 17,760 | 1,833,898 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 147,767 | 2,068,738 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,277,770 | 1,110,572 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 335,000 | 4,000,689 | ||||||
| Prosus NV | 7,742 | 863,158 | ||||||
| Shenzhen Sunway Communication Co., Ltd., Class A | 145,600 | 632,578 | ||||||
| Shenzhou International Group Holdings, Ltd. | 129,691 | 2,695,790 | ||||||
| Tencent Holdings, Ltd. | 221,800 | 17,486,041 | ||||||
| Tencent Music Entertainment Group ADR (*) | 57,383 | 1,175,778 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 61,200 | 2,510,146 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 127,000 | 1,601,980 | ||||||
| Description | Shares | Fair Value | ||||||
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 109,800 | $ | 1,330,585 | |||||
| 68,605,101 | ||||||||
| Hong Kong | 2.4% | ||||||||
| China Gas Holdings, Ltd. | 323,600 | 1,325,646 | ||||||
| Techtronic Industries Co., Ltd. | 202,000 | 3,472,415 | ||||||
| 4,798,061 | ||||||||
| India | 9.7% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 79,892 | 6,206,810 | ||||||
| Hindalco Industries, Ltd. | 581,892 | 2,611,896 | ||||||
| Infosys, Ltd. Sponsored ADR | 151,245 | 2,831,306 | ||||||
| Maruti Suzuki India, Ltd. | 14,178 | 1,332,832 | ||||||
| Motherson Sumi Systems, Ltd. (*) | 411,165 | 1,136,477 | ||||||
| Reliance Industries, Ltd. | 88,431 | 2,430,611 | ||||||
| UPL, Ltd. | 269,026 | 2,370,245 | ||||||
| 18,920,177 | ||||||||
| Indonesia | 1.2% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 3,197,300 | 1,356,372 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 39,680 | 938,035 | ||||||
| 2,294,407 | ||||||||
| Luxembourg | 1.2% | ||||||||
| Ternium SA Sponsored ADR (*) | 60,248 | 2,340,032 | ||||||
| Mexico | 2.4% | ||||||||
| Arca Continental SAB de CV | 205,545 | 1,014,174 | ||||||
| Gruma SAB de CV, Class B | 100,958 | 1,192,312 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR (*) | 11,486 | 1,208,212 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 214,700 | 1,209,345 | ||||||
| 4,624,043 | ||||||||
| Philippines | 0.7% | ||||||||
| BDO Unibank, Inc. | 699,201 | 1,469,823 | ||||||
| Poland | 1.9% | ||||||||
| CD Projekt SA (*) | 12,006 | 578,808 | ||||||
| KGHM Polska Miedz SA (*) | 66,373 | 3,194,459 | ||||||
| 3,773,267 | ||||||||
| Russia | 4.9% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 96,891 | 940,811 | ||||||
| LUKOIL PJSC Sponsored ADR | 52,483 | 4,245,473 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 53,682 | 827,240 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 152,449 | 2,349,487 | ||||||
| Yandex NV Class A (*) | 19,886 | 1,273,897 | ||||||
| 9,636,908 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| South Africa | 2.1% | ||||||||
| Mondi PLC | 89,217 | $ | 2,276,219 | |||||
| Naspers, Ltd., N Shares | 7,337 | 1,759,511 | ||||||
| 4,035,730 | ||||||||
| South Korea | 13.9% | ||||||||
| DB Insurance Co., Ltd. | 20,094 | 838,941 | ||||||
| LG Chem, Ltd. | 1,756 | 1,255,429 | ||||||
| NAVER Corp. | 4,483 | 1,499,451 | ||||||
| NCSoft Corp. | 3,432 | 2,655,851 | ||||||
| Orion Corp. | 11,220 | 1,303,156 | ||||||
| Samsung Electronics Co., Ltd. | 197,890 | 14,293,818 | ||||||
| Samsung SDI Co., Ltd. | 2,473 | 1,449,208 | ||||||
| SK Hynix, Inc. | 34,122 | 4,018,122 | ||||||
| 27,313,976 | ||||||||
| Taiwan | 13.8% | ||||||||
| Accton Technology Corp. | 114,000 | 1,104,017 | ||||||
| Largan Precision Co., Ltd. | 12,000 | 1,355,291 | ||||||
| Micro-Star International Co., Ltd. | 289,000 | 1,778,934 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 192,038 | 22,714,255 | ||||||
| 26,952,497 | ||||||||
| United Kingdom | 1.7% | ||||||||
| Anglo American PLC | 23,145 | 906,849 | ||||||
| Unilever PLC Sponsored ADR | 43,551 | 2,431,452 | ||||||
| 3,338,301 | ||||||||
| United States | 0.9% | ||||||||
| Yum China Holdings, Inc. | 30,228 | 1,789,800 | ||||||
| Total Common Stocks (Cost $121,540,742) | 192,674,324 | |||||||
| Preferred Stocks | 0.6% | ||||||||
| Brazil | 0.6% | ||||||||
| Itau Unibanco Holding SA Sponsored ADR (Cost $1,392,198) | 220,691 | 1,094,628 | ||||||
| Short-Term Investments | 0.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $866) | 866 | 866 | ||||||
| Total Investments | 98.9% (Cost $122,933,806) | $ | 193,769,818 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.1% | 2,169,113 | |||||||
| Net Assets | 100.0% | $ | 195,938,931 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 72.3% | ||||||||
| Brazil | 2.2% | ||||||||
| Ambev SA | 61,500 | $ | 167,062 | |||||
| B3 SA - Brasil Bolsa Balcao | 13,400 | 130,033 | ||||||
| Cia de Saneamento do Parana | 5,400 | 21,106 | ||||||
| Cia Siderurgica Nacional SA | 19,100 | 128,608 | ||||||
| Marfrig Global Foods SA (*) | 18,500 | 57,880 | ||||||
| Petroleo Brasileiro SA | 45,439 | 194,555 | ||||||
| Telefonica Brasil SA | 11,500 | 90,367 | ||||||
| Vale SA | 29,309 | 510,141 | ||||||
| WEG SA | 11,100 | 147,036 | ||||||
| 1,446,788 | ||||||||
| China | 28.1% | ||||||||
| Agricultural Bank of China, Ltd., Class H | 940,000 | 376,277 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 10,941 | 2,480,653 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 19,500 | 126,971 | ||||||
| Anhui Guangxin Agrochemical Co., Ltd., Class A (*) | 54,800 | 260,245 | ||||||
| Anhui Yingjia Distillery Co., Ltd., Class A | 27,700 | 149,316 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 2,291 | 498,407 | ||||||
| Bank of Beijing Co., Ltd., Class A | 272,200 | 199,433 | ||||||
| Bank of China, Ltd., Class H | 983,000 | 374,239 | ||||||
| Bank of Communications Co., Ltd., Class H | 1,345,000 | 857,095 | ||||||
| Bank of Jiangsu Co., Ltd., Class A | 137,700 | 135,879 | ||||||
| Baoshan Iron & Steel Co., Ltd., Class A | 74,200 | 91,810 | ||||||
| Bosideng International Holdings, Ltd. | 286,000 | 128,867 | ||||||
| BYD Co., Ltd. | 3,000 | 64,266 | ||||||
| China CITIC Bank Corp., Ltd., Class H | 232,000 | 117,897 | ||||||
| China Construction Bank Corp., Class H | 541,000 | 454,875 | ||||||
| China Everbright Bank Co., Ltd., Class H | 348,000 | 152,048 | ||||||
| China Feihe, Ltd. | 37,000 | 105,062 | ||||||
| China Life Insurance Co., Ltd., Class H | 33,000 | 68,319 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 124,000 | 169,496 | ||||||
| China Medical System Holdings, Ltd. | 84,000 | 166,959 | ||||||
| China Meidong Auto Holdings, Ltd. | 36,000 | 167,059 | ||||||
| China Merchants Bank Co., Ltd., Class H | 32,000 | 244,861 | ||||||
| China Minsheng Banking Corp., Ltd., Class H | 768,000 | 446,173 | ||||||
| China Pacific Insurance Group Co., Ltd., Class A | 15,200 | 87,983 | ||||||
| China Petroleum & Chemical Corp., Class H | 182,000 | 97,234 | ||||||
| China Resources Cement Holdings, Ltd. | 94,000 | 105,769 | ||||||
| China Resources Power Holdings Co., Ltd. | 52,000 | 69,146 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 119,500 | 246,790 | ||||||
| China Vanke Co., Ltd., Class H | 32,400 | 127,056 | ||||||
| COSCO SHIPPING Holdings Co., Ltd., Class H (*) | 95,500 | 123,689 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 209,840 | 254,581 | ||||||
| ENN Energy Holdings, Ltd. | 7,200 | 115,662 | ||||||
| Description | Shares | Fair Value | ||||||
| Focus Media Information Technology Co., Ltd., Class A | 48,000 | $ | 68,172 | |||||
| Guangdong Baolihua New Energy Stock Co., Ltd., Class A | 121,200 | 128,483 | ||||||
| Haitian International Holdings, Ltd. | 25,000 | 99,844 | ||||||
| Hansoh Pharmaceutical Group Co., Ltd. (*) | 30,000 | 143,919 | ||||||
| HBIS Resources Co., Ltd., Class A | 25,200 | 89,625 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 317,000 | 227,913 | ||||||
| JD.com, Inc. ADR (*) | 6,065 | 511,461 | ||||||
| Jiangsu Hengrui Medicine Co., Ltd., Class A | 5,760 | 81,122 | ||||||
| KWG Living Group Holdings, Ltd. | 79,000 | 80,700 | ||||||
| Li Ning Co., Ltd. | 43,500 | 284,186 | ||||||
| Meituan, Class B (*) | 17,800 | 685,732 | ||||||
| NanJi E-Commerce Co., Ltd., Class A | 49,900 | 69,856 | ||||||
| NetEase, Inc. ADR | 1,593 | 164,493 | ||||||
| New China Life Insurance Co., Ltd., Class H | 18,100 | 70,258 | ||||||
| New Oriental Education & Technology Group, Inc. Sponsored ADR (*) | 12,630 | 176,820 | ||||||
| NIO, Inc. ADR (*) | 4,806 | 187,338 | ||||||
| PetroChina Co., Ltd., Class H | 252,000 | 91,134 | ||||||
| Pharmaron Beijing Co., Ltd., Class H | 8,400 | 159,793 | ||||||
| Pinduoduo, Inc. ADR (*) | 2,037 | 272,714 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 55,500 | 662,801 | ||||||
| Sany Heavy Industry Co., Ltd., Class A | 29,300 | 153,305 | ||||||
| Shanghai Bairun Investment Holding Group Co., Ltd., Class A | 7,100 | 118,341 | ||||||
| Shanghai Liangxin Electrical Co., Ltd., Class A | 38,600 | 181,219 | ||||||
| Shenzhen Inovance Technology Co., Ltd., Class A | 5,900 | 77,136 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 1,400 | 85,564 | ||||||
| Shenzhou International Group Holdings, Ltd. | 10,400 | 216,177 | ||||||
| Silergy Corp. | 1,000 | 81,961 | ||||||
| Sinotruk Hong Kong, Ltd. | 36,000 | 108,087 | ||||||
| Sunac Services Holdings, Ltd. (*) | 64,000 | 203,457 | ||||||
| Sunny Optical Technology Group Co., Ltd. | 3,300 | 76,202 | ||||||
| TangShan Port Group Co., Ltd., Class A | 583,500 | 244,846 | ||||||
| Tencent Holdings, Ltd. | 31,900 | 2,514,899 | ||||||
| Tian Di Science & Technology Co., Ltd., Class A | 455,600 | 233,786 | ||||||
| Tianneng Power International, Ltd. | 42,000 | 79,685 | ||||||
| Vipshop Holdings, Ltd. ADR (*) | 8,245 | 246,196 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 9,500 | 119,833 | ||||||
| Yadea Group Holdings, Ltd. | 72,000 | 160,674 | ||||||
| Yuexiu Property Co., Ltd. | 938,000 | 212,859 | ||||||
| Zhejiang Runtu Co., Ltd., Class A | 100,000 | 149,992 | ||||||
| Zhongsheng Group Holdings, Ltd. | 26,500 | 186,814 | ||||||
| 18,771,514 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Greece | 0.3% | ||||||||
| Hellenic Telecommunications Organization SA | 13,497 | $ | 216,593 | |||||
| Hong Kong | 0.2% | ||||||||
| PAX Global Technology, Ltd. | 91,000 | 98,248 | ||||||
| Hungary | 0.9% | ||||||||
| MOL Hungarian Oil & Gas PLC (*) | 14,965 | 108,411 | ||||||
| Richter Gedeon Nyrt. | 17,385 | 513,175 | ||||||
| 621,586 | ||||||||
| India | 5.5% | ||||||||
| Axis Bank, Ltd. GDR (*) | 1,182 | 56,527 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 3,858 | 236,843 | ||||||
| GAIL India, Ltd. GDR | 6,350 | 71,743 | ||||||
| HDFC Bank, Ltd. ADR (*) | 5,457 | 423,954 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 20,251 | 324,624 | ||||||
| Infosys, Ltd. Sponsored ADR | 43,519 | 814,676 | ||||||
| MakeMyTrip, Ltd. (*) | 2,497 | 78,855 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 6,300 | 348,371 | ||||||
| State Bank of India GDR (*) | 3,516 | 174,366 | ||||||
| Tata Motors, Ltd. Sponsored ADR (*) | 10,855 | 225,675 | ||||||
| Vedanta, Ltd. ADR | 15,443 | 194,118 | ||||||
| Wipro, Ltd. ADR | 65,837 | 417,407 | ||||||
| WNS Holdings, Ltd. ADR (*) | 4,144 | 300,191 | ||||||
| 3,667,350 | ||||||||
| Indonesia | 1.0% | ||||||||
| Kalbe Farma Tbk PT | 1,552,700 | 167,920 | ||||||
| PT Bank Central Asia Tbk | 103,000 | 220,752 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 4,508 | 106,569 | ||||||
| Vale Indonesia Tbk PT (*) | 569,100 | 172,304 | ||||||
| 667,545 | ||||||||
| Malaysia | 1.4% | ||||||||
| Frontken Corp. Bhd | 81,800 | 100,576 | ||||||
| Hartalega Holdings Berhad | 51,300 | 110,324 | ||||||
| Hong Leong Financial Group Bhd | 22,500 | 94,204 | ||||||
| Inari Amertron Berhad | 237,100 | 188,225 | ||||||
| Petronas Chemicals Group Bhd | 70,900 | 136,857 | ||||||
| Public Bank Berhad | 134,000 | 135,866 | ||||||
| UWC BHD | 58,600 | 82,933 | ||||||
| VS Industry Berhad | 121,400 | 83,619 | ||||||
| 932,604 | ||||||||
| Mexico | 1.6% | ||||||||
| Arca Continental SAB de CV | 40,200 | 198,350 | ||||||
| Gruma SAB de CV, Class B | 5,120 | 60,467 | ||||||
| Grupo Mexico SAB de CV, Series B | 45,000 | 236,586 | ||||||
| Description | Shares | Fair Value | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 95,300 | $ | 162,863 | |||||
| Qualitas Controladora SAB de CV | 24,800 | 136,403 | ||||||
| Wal-Mart de Mexico SAB de CV | 80,800 | 254,858 | ||||||
| 1,049,527 | ||||||||
| Philippines | 0.3% | ||||||||
| International Container Terminal Services, Inc. | 39,690 | 99,035 | ||||||
| Metropolitan Bank & Trust Co. | 110,600 | 101,248 | ||||||
| 200,283 | ||||||||
| Poland | 1.3% | ||||||||
| Dino Polska SA (*) | 1,604 | 105,838 | ||||||
| KGHM Polska Miedz SA (*) | 2,921 | 140,585 | ||||||
| Orange Polska SA (*) | 59,141 | 98,553 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 284,051 | 432,340 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA (*) | 12,941 | 107,033 | ||||||
| 884,349 | ||||||||
| Russia | 2.0% | ||||||||
| Gazprom PJSC Sponsored ADR | 12,687 | 75,699 | ||||||
| LUKOIL PJSC Sponsored ADR | 4,211 | 340,638 | ||||||
| MMC Norilsk Nickel PJSC ADR | 4,239 | 132,231 | ||||||
| Novatek PJSC Sponsored GDR | 424 | 83,781 | ||||||
| PhosAgro PJSC GDR | 3,446 | 60,096 | ||||||
| Polymetal International PLC | 4,016 | 78,604 | ||||||
| Rosneft PJSC GDR | 24,083 | 181,933 | ||||||
| RusHydro PJSC ADR | 60,492 | 61,963 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 15,296 | 235,736 | ||||||
| Yandex NV Class A (*) | 1,049 | 67,199 | ||||||
| 1,317,880 | ||||||||
| Saudi Arabia | 0.8% | ||||||||
| Al Rajhi Bank | 5,242 | 138,112 | ||||||
| Dr Sulaiman Al Habib Medical Services Group Co. | 4,385 | 145,004 | ||||||
| Jarir Marketing Co. | 1,984 | 96,286 | ||||||
| Mobile Telecommunications Co. Saudi Arabia (*) | 38,690 | 154,804 | ||||||
| 534,206 | ||||||||
| South Africa | 1.7% | ||||||||
| African Rainbow Minerals, Ltd. | 4,411 | 83,377 | ||||||
| Anglo American Platinum, Ltd. | 670 | 98,183 | ||||||
| Impala Platinum Holdings, Ltd. | 6,453 | 119,585 | ||||||
| Mr Price Group, Ltd. | 7,453 | 97,769 | ||||||
| Naspers, Ltd., N Shares | 1,408 | 337,657 | ||||||
| Northam Platinum, Ltd. (*) | 5,084 | 88,670 | ||||||
| Sibanye Stillwater, Ltd. | 19,676 | 87,524 | ||||||
| Vodacom Group, Ltd. | 27,083 | 231,699 | ||||||
| 1,144,464 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| South Korea | 11.3% | ||||||||
| BNK Financial Group, Inc. | 13,910 | $ | 83,559 | |||||
| Celltrion, Inc. (*) | 297 | 85,572 | ||||||
| CJ Corp. | 1,078 | 89,841 | ||||||
| DB HiTek Co., Ltd. | 1,601 | 80,517 | ||||||
| DGB Financial Group, Inc. | 17,402 | 129,444 | ||||||
| DongKook Pharmaceutical Co., Ltd. | 3,264 | 80,953 | ||||||
| Hana Financial Group, Inc. | 15,998 | 603,591 | ||||||
| Hankook Tire & Technology Co., Ltd. | 2,284 | 99,440 | ||||||
| Hansol Chemical Co., Ltd. | 565 | 120,660 | ||||||
| Hyundai Glovis Co., Ltd. | 579 | 96,401 | ||||||
| Hyundai Mobis Co., Ltd. | 711 | 184,619 | ||||||
| KB Financial Group, Inc. ADR | 3,341 | 165,146 | ||||||
| Kia Motors Corp. | 5,803 | 427,058 | ||||||
| Korea Electric Power Corp. | 5,807 | 119,137 | ||||||
| Korea Electric Terminal Co., Ltd. | 1,289 | 82,576 | ||||||
| Korean Reinsurance Co. | 35,867 | 268,417 | ||||||
| KT Corp. | 7,376 | 184,313 | ||||||
| KT&G Corp. | 1,840 | 132,434 | ||||||
| LG Electronics, Inc. | 675 | 89,948 | ||||||
| LG Household & Health Care, Ltd. | 147 | 204,342 | ||||||
| LOTTE Fine Chemical Co., Ltd. | 4,087 | 212,583 | ||||||
| Mirae Asset Daewoo Co., Ltd. | 8,508 | 74,452 | ||||||
| NAVER Corp. | 689 | 230,453 | ||||||
| NCSoft Corp. | 180 | 139,293 | ||||||
| POSCO | 528 | 151,314 | ||||||
| Samsung Electro-Mechanics Co., Ltd. | 456 | 76,307 | ||||||
| Samsung Electronics Co., Ltd. GDR | 1,539 | 2,809,022 | ||||||
| SK Hynix, Inc. | 848 | 99,858 | ||||||
| SK Telecom Co., Ltd. | 491 | 119,593 | ||||||
| SNT Motiv Co., Ltd. | 2,692 | 148,273 | ||||||
| Webzen, Inc. (*) | 3,751 | 137,846 | ||||||
| 7,526,962 | ||||||||
| Taiwan | 11.7% | ||||||||
| Alchip Technologies, Ltd. | 4,000 | 127,905 | ||||||
| Asia Cement Corp. | 55,000 | 92,219 | ||||||
| China General Plastics Corp. | 145,000 | 190,230 | ||||||
| China Life Insurance Co., Ltd. | 311,000 | 281,434 | ||||||
| Delta Electronics, Inc. | 57,000 | 580,737 | ||||||
| eMemory Technology, Inc. | 4,000 | 125,316 | ||||||
| Evergreen Marine Corp. Taiwan, Ltd. (*) | 84,000 | 135,676 | ||||||
| Feng TAY Enterprise Co., Ltd. | 11,000 | 75,256 | ||||||
| Foxsemicon Integrated Technology, Inc. | 14,000 | 115,627 | ||||||
| Gigabyte Technology Co., Ltd. | 43,000 | 151,332 | ||||||
| Greatek Electronics, Inc. | 52,000 | 130,373 | ||||||
| Lotes Co., Ltd. | 6,000 | 105,768 | ||||||
| Description | Shares | Fair Value | ||||||
| MediaTek, Inc. | 7,000 | $ | 240,581 | |||||
| Micro-Star International Co., Ltd. | 48,000 | 295,463 | ||||||
| Nan Ya Printed Circuit Board Corp. | 12,000 | 150,377 | ||||||
| Nantex Industry Co., Ltd. | 58,000 | 223,889 | ||||||
| Nien Made Enterprise Co., Ltd. | 11,000 | 153,630 | ||||||
| Novatek Microelectronics Corp. | 17,000 | 346,395 | ||||||
| Rexon Industrial Corp., Ltd. | 39,000 | 129,379 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 26,509 | 3,135,485 | ||||||
| Thinking Electronic Industrial Co., Ltd. | 19,000 | 129,131 | ||||||
| United Microelectronics Corp. | 93,000 | 166,113 | ||||||
| Wan Hai Lines, Ltd. | 110,000 | 214,031 | ||||||
| Yuanta Financial Holding Co., Ltd. | 647,000 | 510,993 | ||||||
| 7,807,340 | ||||||||
| Thailand | 0.7% | ||||||||
| Chularat Hospital Public Co., Ltd NVDR | 1,352,600 | 126,489 | ||||||
| Com7 Public Co., Ltd. NVDR | 54,200 | 111,313 | ||||||
| Hana Microelectronics Public Co., Ltd. NVDR | 73,700 | 130,730 | ||||||
| PTT Exploration & Production Public Co., Ltd. | 34,900 | 127,315 | ||||||
| 495,847 | ||||||||
| Turkey | 0.8% | ||||||||
| BIM Birlesik Magazalar AS | 17,700 | 151,818 | ||||||
| Coca-Cola Icecek AS | 7,483 | 62,306 | ||||||
| Ford Otomotiv Sanayi AS | 4,364 | 101,865 | ||||||
| Turk Telekomunikasyon AS | 99,750 | 82,286 | ||||||
| Turkcell Iletisim Hizmetleri AS | 64,452 | 116,801 | ||||||
| 515,076 | ||||||||
| United States | 0.5% | ||||||||
| Yum China Holdings, Inc. | 6,088 | 360,470 | ||||||
| Total Common Stocks (Cost $42,835,979) | 48,258,632 | |||||||
| Preferred Stocks | 0.1% | ||||||||
| Brazil | 0.1% | ||||||||
| Banco Bradesco SA ADR (Cost $75,105) | 16,549 | 77,781 | ||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $602,727) | 602,727 | $ | 602,727 | |||||
| Total Investments | 73.3% (Cost $43,513,811) | $ | 48,939,140 | ||||||
| Cash and Other Assets in Excess of Liabilities | 26.7% | 17,834,024 | |||||||
| Net Assets | 100.0% | $ | 66,773,164 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 93.9% | ||||||||
| Brazil | 5.8% | ||||||||
| Banco do Brasil SA | 14,252,326 | $ | 77,102,560 | |||||
| BB Seguridade Participacoes SA | 11,313,817 | 48,743,493 | ||||||
| CCR SA | 26,296,917 | 60,361,928 | ||||||
| Engie Brasil Energia SA | 3,389,100 | 25,186,511 | ||||||
| Petrobras Distribuidora SA | 9,568,900 | 37,536,765 | ||||||
| 248,931,257 | ||||||||
| China | 16.9% | ||||||||
| AAC Technologies Holdings, Inc. | 4,840,165 | 24,536,252 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 10,562,451 | 68,775,504 | ||||||
| China Construction Bank Corp., Class H | 183,977,224 | 154,688,777 | ||||||
| China Merchants Bank Co., Ltd., Class H | 11,108,994 | 85,005,063 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 33,850,110 | 69,906,950 | ||||||
| China Vanke Co., Ltd., Class H | 13,861,000 | 54,355,551 | ||||||
| Hengan International Group Co., Ltd. | 10,165,500 | 66,799,687 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 6,230,500 | 74,406,848 | ||||||
| Sinopharm Group Co., Ltd., Class H | 26,253,614 | 63,599,261 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 16,030,000 | 29,485,078 | ||||||
| Weichai Power Co., Ltd., Class H | 12,689,288 | 31,560,424 | ||||||
| 723,119,395 | ||||||||
| Egypt | 1.1% | ||||||||
| Commercial International Bank Egypt SAE GDR | 12,751,021 | 45,454,878 | ||||||
| Greece | 0.5% | ||||||||
| OPAP SA | 1,599,391 | 21,610,986 | ||||||
| Hong Kong | 0.9% | ||||||||
| ASM Pacific Technology, Ltd. | 2,998,300 | 38,412,592 | ||||||
| Hungary | 2.0% | ||||||||
| OTP Bank Nyrt. (*) | 1,983,147 | 84,721,728 | ||||||
| India | 9.2% | ||||||||
| Axis Bank, Ltd. (*) | 5,998,199 | 57,433,661 | ||||||
| Bajaj Auto, Ltd. (*) | 521,020 | 26,189,756 | ||||||
| Bharat Petroleum Corp., Ltd. | 4,990,860 | 29,258,173 | ||||||
| Coal India, Ltd. | 16,017,972 | 28,607,688 | ||||||
| Hero MotoCorp, Ltd. | 631,700 | 25,201,511 | ||||||
| Indus Towers, Ltd. | 11,448,318 | 38,519,026 | ||||||
| Infosys, Ltd. Sponsored ADR | 1,077,858 | 20,177,502 | ||||||
| Oil and Natural Gas Corp., Ltd. | 27,897,927 | 38,991,676 | ||||||
| Power Grid Corp. of India, Ltd. | 11,061,324 | 32,665,231 | ||||||
| Tata Consultancy Services, Ltd. | 707,619 | 30,799,524 | ||||||
| UPL, Ltd. | 7,466,240 | 65,781,077 | ||||||
| 393,624,825 | ||||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 3.9% | ||||||||
| PT Astra International Tbk | 86,651,800 | $ | 31,621,192 | |||||
| PT Bank Mandiri (Persero) Tbk | 163,311,442 | 69,280,674 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 2,814,010 | 66,523,196 | ||||||
| 167,425,062 | ||||||||
| Luxembourg | 0.9% | ||||||||
| Ternium SA Sponsored ADR (*) | 929,964 | 36,119,802 | ||||||
| Mexico | 5.7% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 5,991,651 | 81,366,621 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 9,236,337 | 52,025,709 | ||||||
| Grupo Mexico SAB de CV, Series B | 15,432,642 | 81,136,608 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 17,163,795 | 29,331,997 | ||||||
| 243,860,935 | ||||||||
| Portugal | 1.1% | ||||||||
| Galp Energia SGPS SA | 4,023,024 | 46,757,472 | ||||||
| Russia | 9.1% | ||||||||
| ALROSA PAO (*), (‡) | 40,560,760 | 57,045,788 | ||||||
| Gazprom PJSC Sponsored ADR | 5,137,202 | 30,651,902 | ||||||
| LUKOIL PJSC Sponsored ADR | 1,098,116 | 88,829,177 | ||||||
| Magnit PJSC Sponsored GDR | 1,124,301 | 16,882,748 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 7,803,397 | 65,080,331 | ||||||
| Sberbank of Russia PJSC (‡) | 26,598,226 | 102,368,513 | ||||||
| X5 Retail Group NV GDR (London) | 807,886 | 26,083,464 | ||||||
| 386,941,923 | ||||||||
| South Africa | 6.9% | ||||||||
| Life Healthcare Group Holdings, Ltd. (*) | 26,491,478 | 33,209,866 | ||||||
| Mondi PLC | 1,250,595 | 31,906,794 | ||||||
| Nedbank Group, Ltd. | 5,922,570 | 56,151,477 | ||||||
| Sanlam, Ltd. | 7,759,696 | 31,290,223 | ||||||
| Shoprite Holdings, Ltd. | 3,590,378 | 38,224,723 | ||||||
| Standard Bank Group, Ltd. | 3,965,618 | 33,662,454 | ||||||
| The Bidvest Group, Ltd. | 3,626,221 | 41,840,051 | ||||||
| Vodacom Group, Ltd. | 3,221,801 | 27,563,019 | ||||||
| 293,848,607 | ||||||||
| South Korea | 15.4% | ||||||||
| Coway Co., Ltd. | 797,448 | 46,213,202 | ||||||
| Hyundai Mobis Co., Ltd. | 246,645 | 64,043,916 | ||||||
| KB Financial Group, Inc. | 1,643,520 | 81,454,619 | ||||||
| KT&G Corp. | 708,398 | 50,986,797 | ||||||
| Samsung Electronics Co., Ltd. | 2,448,833 | 176,881,968 | ||||||
| Shinhan Financial Group Co., Ltd. | 2,017,927 | 66,907,719 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| SK Hynix, Inc. | 1,445,354 | $ | 170,201,308 | |||||
| 656,689,529 | ||||||||
| Taiwan | 9.0% | ||||||||
| ASE Technology Holding Co., Ltd. | 7,366,000 | 28,085,313 | ||||||
| Catcher Technology Co., Ltd. | 3,878,000 | 28,816,214 | ||||||
| Globalwafers Co., Ltd. | 1,619,000 | 43,051,467 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 17,969,425 | 78,816,801 | ||||||
| Novatek Microelectronics Corp. | 4,584,000 | 93,404,390 | ||||||
| Quanta Computer, Inc. | 9,954,000 | 34,232,921 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,915,913 | 39,838,374 | ||||||
| Wiwynn Corp. | 1,232,000 | 36,690,019 | ||||||
| 382,935,499 | ||||||||
| Thailand | 2.6% | ||||||||
| Kasikornbank Public Co., Ltd. | 10,099,754 | 47,315,294 | ||||||
| The Siam Cement Public Co., Ltd. (‡) | 4,865,400 | 62,121,427 | ||||||
| 109,436,721 | ||||||||
| United Kingdom | 2.9% | ||||||||
| Anglo American PLC | 1,313,539 | 51,466,027 | ||||||
| Unilever PLC | 1,309,565 | 73,067,327 | ||||||
| 124,533,354 | ||||||||
| Total Common Stocks (Cost $3,240,296,936) | 4,004,424,565 | |||||||
| Exchange-Traded Funds | 5.0% | ||||||||
| iShares Core MSCI Emerging Markets ETF | 1,658,043 | 106,711,647 | ||||||
| Vanguard FTSE Emerging Markets ETF | 2,042,695 | 106,322,275 | ||||||
| Total Exchange-Traded Funds (Cost $165,947,670) | 213,033,922 | |||||||
| Short-Term Investments | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $44,151,918) | 44,151,918 | 44,151,918 | ||||||
| Total Investments l 99.9% (Cost $3,450,396,524) | $ | 4,261,610,405 | ||||||
| Cash and Other Assets in Excess of Liabilities l 0.1% | 5,727,367 | |||||||
| Net Assets l 100.0% | $ | 4,267,337,772 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.2% | ||||||||
| Brazil | 3.0% | ||||||||
| Banco BTG Pactual SA | 34,600 | $ | 596,578 | |||||
| Banco do Brasil SA | 105,357 | 569,963 | ||||||
| BB Seguridade Participacoes SA | 132,000 | 568,697 | ||||||
| Lojas Americanas SA | 146,000 | 579,990 | ||||||
| 2,315,228 | ||||||||
| China | 32.8% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 9,037 | 2,048,959 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 237,500 | 1,546,439 | ||||||
| ANTA Sports Products, Ltd. | 63,000 | 1,031,015 | ||||||
| Autohome, Inc. ADR | 9,750 | 909,383 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 6,121 | 1,331,624 | ||||||
| China Construction Bank Corp., Class H | 1,893,281 | 1,591,878 | ||||||
| China Merchants Bank Co., Ltd., Class H | 201,500 | 1,541,861 | ||||||
| China Vanke Co., Ltd., Class H | 285,000 | 1,117,620 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 634,000 | 769,179 | ||||||
| ENN Energy Holdings, Ltd. | 70,200 | 1,127,701 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 128,100 | 1,225,819 | ||||||
| Hengan International Group Co., Ltd. | 170,500 | 1,120,392 | ||||||
| JD.com, Inc. ADR (*) | 16,218 | 1,367,664 | ||||||
| NetEase, Inc. ADR | 10,813 | 1,116,550 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 129,000 | 1,540,564 | ||||||
| Sinopharm Group Co., Ltd., Class H | 334,800 | 811,052 | ||||||
| Tencent Holdings, Ltd. | 31,692 | 2,498,501 | ||||||
| Trip.com Group, Ltd. ADR (*) | 28,210 | 1,117,962 | ||||||
| Weichai Power Co., Ltd., Class H | 364,000 | 905,330 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 19,700 | 808,004 | ||||||
| 25,527,497 | ||||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank Egypt SAE GDR | 151,588 | 540,381 | ||||||
| Greece | 0.4% | ||||||||
| OPAP SA | 21,074 | 284,752 | ||||||
| Hong Kong | 2.5% | ||||||||
| Sands China, Ltd. (*) | 232,400 | 1,165,437 | ||||||
| Techtronic Industries Co., Ltd. | 46,782 | 804,191 | ||||||
| 1,969,628 | ||||||||
| Hungary | 0.7% | ||||||||
| OTP Bank Nyrt. (*) | 12,979 | 554,474 | ||||||
| India | 12.7% | ||||||||
| Axis Bank, Ltd. (*) | 118,033 | 1,130,184 | ||||||
| Description | Shares | Fair Value | ||||||
| HDFC Bank, Ltd. (*) | 104,897 | $ | 2,134,753 | |||||
| Hero MotoCorp, Ltd. | 22,891 | 913,231 | ||||||
| ITC, Ltd. | 256,205 | 766,566 | ||||||
| Reliance Industries, Ltd. | 68,589 | 1,885,235 | ||||||
| Tata Consultancy Services, Ltd. | 46,839 | 2,038,694 | ||||||
| UPL, Ltd. | 114,213 | 1,006,270 | ||||||
| 9,874,933 | ||||||||
| Indonesia | 2.4% | ||||||||
| PT Astra International Tbk | 982,300 | 358,463 | ||||||
| PT Bank Central Asia Tbk | 420,400 | 901,010 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 24,748 | 585,043 | ||||||
| 1,844,516 | ||||||||
| Mexico | 3.6% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 42,610 | 578,644 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 108,777 | 612,711 | ||||||
| Grupo Mexico SAB de CV, Series B | 197,699 | 1,039,396 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 339,874 | 580,826 | ||||||
| 2,811,577 | ||||||||
| Russia | 5.8% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 60,767 | 590,047 | ||||||
| LUKOIL PJSC Sponsored ADR | 21,841 | 1,766,770 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 69,661 | 580,973 | ||||||
| Sberbank of Russia PJSC (‡) | 257,236 | 990,023 | ||||||
| Yandex NV Class A (*) | 9,012 | 577,309 | ||||||
| 4,505,122 | ||||||||
| South Africa | 4.3% | ||||||||
| Capitec Bank Holdings, Ltd. (*) | 6,506 | 625,930 | ||||||
| Clicks Group, Ltd. | 36,470 | 594,465 | ||||||
| Mondi PLC | 46,147 | 1,177,362 | ||||||
| Shoprite Holdings, Ltd. | 36,921 | 393,077 | ||||||
| Vodacom Group, Ltd. | 65,951 | 564,221 | ||||||
| 3,355,055 | ||||||||
| South Korea | 11.5% | ||||||||
| Coway Co., Ltd. | 13,520 | 783,503 | ||||||
| Hyundai Mobis Co., Ltd. | 3,712 | 963,859 | ||||||
| NAVER Corp. | 2,770 | 926,495 | ||||||
| NCSoft Corp. | 944 | 730,514 | ||||||
| Samsung Electronics Co., Ltd. | 40,796 | 2,946,741 | ||||||
| Shinhan Financial Group Co., Ltd. | 31,402 | 1,041,185 | ||||||
| SK Hynix, Inc. | 12,913 | 1,520,603 | ||||||
| 8,912,900 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio (concluded) | ||||||||
| Taiwan | 11.1% | ||||||||
| CTBC Financial Holding Co., Ltd. | 1,842,000 | $ | 1,428,295 | |||||
| Globalwafers Co., Ltd. | 47,000 | 1,249,796 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 272,136 | 1,193,632 | ||||||
| Novatek Microelectronics Corp. | 62,000 | 1,263,323 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 170,387 | 3,542,928 | ||||||
| 8,677,974 | ||||||||
| Thailand | 1.6% | ||||||||
| CP ALL Public Co. Ltd. | 368,400 | 816,374 | ||||||
| The Siam Cement Public Co., Ltd. (‡) | 32,200 | 411,130 | ||||||
| 1,227,504 | ||||||||
| United Kingdom | 3.6% | ||||||||
| Anglo American PLC | 45,575 | 1,785,683 | ||||||
| Unilever PLC | 17,981 | 1,003,252 | ||||||
| 2,788,935 | ||||||||
| United States | 1.5% | ||||||||
| Yum China Holdings, Inc. | 19,521 | 1,155,838 | ||||||
| Total Common Stocks (Cost $68,302,828) | 76,346,314 | |||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,294,710) | 1,294,710 | 1,294,710 | ||||||
| Total Investments l 99.9% (Cost $69,597,538) | $ | 77,641,024 | ||||||
| Cash and Other Assets in Excess of Liabilities l 0.1% | 83,445 | |||||||
| Net Assets l 100.0% | $ | 77,724,469 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 91.6% | ||||||||
| Australia | 1.9% | ||||||||
| Transurban Group | 193,912 | $ | 1,966,678 | |||||
| Belgium | 2.9% | ||||||||
| Anheuser-Busch InBev SA/NV | 47,878 | 3,018,495 | ||||||
| France | 8.8% | ||||||||
| Bureau Veritas SA | 109,838 | 3,126,843 | ||||||
| EssilorLuxottica SA | 18,923 | 3,081,905 | ||||||
| Vinci SA | 28,470 | 2,917,584 | ||||||
| 9,126,332 | ||||||||
| Germany | 5.1% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 71,497 | 5,255,689 | ||||||
| Italy | 6.9% | ||||||||
| Atlantia SpA (*) | 100,008 | 1,876,326 | ||||||
| Snam SpA | 572,563 | 3,179,130 | ||||||
| Terna Rete Elettrica Nazionale SpA | 274,268 | 2,074,428 | ||||||
| 7,129,884 | ||||||||
| Luxembourg | 3.0% | ||||||||
| SES SA | 396,123 | 3,146,513 | ||||||
| Spain | 3.8% | ||||||||
| Ferrovial SA | 149,198 | 3,890,211 | ||||||
| United Kingdom | 6.8% | ||||||||
| National Grid PLC | 261,388 | 3,117,391 | ||||||
| Smith & Nephew PLC | 55,000 | 1,038,543 | ||||||
| United Utilities Group PLC | 221,795 | 2,831,323 | ||||||
| 6,987,257 | ||||||||
| United States | 52.4% | ||||||||
| Cisco Systems, Inc. | 58,337 | 3,016,606 | ||||||
| Cognizant Technology Solutions Corp., Class A | 26,144 | 2,042,369 | ||||||
| Consolidated Edison, Inc. | 27,453 | 2,053,484 | ||||||
| CVS Health Corp. | 77,946 | 5,863,878 | ||||||
| H&R Block, Inc. | 304,386 | 6,635,615 | ||||||
| Henry Schein, Inc. (*) | 30,521 | 2,113,274 | ||||||
| International Game Technology PLC (*) | 225,552 | 3,620,110 | ||||||
| McKesson Corp. | 27,421 | 5,348,192 | ||||||
| MEDNAX, Inc. (*) | 122,536 | 3,120,992 | ||||||
| Medtronic PLC | 25,959 | 3,066,537 | ||||||
| Nielsen Holdings PLC | 249,907 | 6,285,161 | ||||||
| Omnicom Group, Inc. | 73,957 | 5,483,911 | ||||||
| Oracle Corp. | 26,338 | 1,848,137 | ||||||
| Stericycle, Inc. (*) | 28,235 | 1,906,145 | ||||||
| Description | Shares | Fair Value | ||||||
| Tapestry, Inc. (*) | 44,123 | $ | 1,818,309 | |||||
| 54,222,720 | ||||||||
| Total Common Stocks (Cost $78,846,506) | 94,743,779 | |||||||
| Rights | 0.0% | ||||||||
| Italy | 0.0% | ||||||||
| Snam SpA Expires 04/07/2021 (Cost $0) | 532,563 | 548 | ||||||
| Short-Term Investments | 6.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $6,591,715) | 6,591,715 | 6,591,715 | ||||||
| Total Investments l 98.0% (Cost $85,438,221) | $ | 101,336,042 | ||||||
| Cash and Other Assets in Excess of Liabilities l 2.0% | 2,028,005 | |||||||
| Net Assets l 100.0% | $ | 103,364,047 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 96.4% | ||||||||
| Canada | 5.7% | ||||||||
| BRP, Inc. | 10,937 | $ | 948,361 | |||||
| CAE, Inc. (*) | 34,695 | 988,643 | ||||||
| Canadian National Railway Co. | 9,189 | 1,066,383 | ||||||
| Dollarama, Inc. | 26,485 | 1,170,086 | ||||||
| National Bank of Canada | 21,802 | 1,481,051 | ||||||
| 5,654,524 | ||||||||
| China | 4.3% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 8,739 | 1,981,393 | ||||||
| Tencent Holdings, Ltd. | 29,923 | 2,359,039 | ||||||
| 4,340,432 | ||||||||
| Denmark | 1.9% | ||||||||
| Carlsberg AS, Class B | 6,321 | 972,245 | ||||||
| Vestas Wind Systems A/S | 4,542 | 934,780 | ||||||
| 1,907,025 | ||||||||
| France | 2.3% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,851 | 1,233,491 | ||||||
| Pernod Ricard SA | 5,402 | 1,014,072 | ||||||
| 2,247,563 | ||||||||
| Germany | 1.6% | ||||||||
| Merck KGaA | 5,175 | 884,841 | ||||||
| Teamviewer AG (*) | 17,850 | 762,718 | ||||||
| 1,647,559 | ||||||||
| Hong Kong | 4.6% | ||||||||
| AIA Group, Ltd. | 140,183 | 1,705,396 | ||||||
| China Gas Holdings, Ltd. | 395,600 | 1,620,598 | ||||||
| Sands China, Ltd. (*) | 250,000 | 1,253,697 | ||||||
| 4,579,691 | ||||||||
| Japan | 4.5% | ||||||||
| BayCurrent Consulting, Inc. | 6,000 | 1,376,445 | ||||||
| Kansai Paint Co., Ltd. | 29,967 | 802,728 | ||||||
| Nintendo Co., Ltd. | 2,300 | 1,287,418 | ||||||
| Shimano, Inc. | 4,300 | 1,027,079 | ||||||
| 4,493,670 | ||||||||
| Netherlands | 4.0% | ||||||||
| NXP Semiconductors NV | 7,359 | 1,481,661 | ||||||
| Wolters Kluwer NV | 28,667 | 2,491,975 | ||||||
| 3,973,636 | ||||||||
| South Korea | 1.2% | ||||||||
| LG Household & Health Care, Ltd. | 868 | 1,206,590 | ||||||
| Description | Shares | Fair Value | ||||||
| Spain | 0.9% | ||||||||
| Industria de Diseno Textil SA | 28,545 | $ | 940,930 | |||||
| Sweden | 4.3% | ||||||||
| Assa Abloy AB, Class B | 26,568 | 762,953 | ||||||
| Epiroc AB, Class A | 89,657 | 2,030,991 | ||||||
| Hexagon AB, B Shares | 16,181 | 1,492,231 | ||||||
| 4,286,175 | ||||||||
| Switzerland | 2.7% | ||||||||
| ABB, Ltd. | 43,764 | 1,331,068 | ||||||
| Partners Group Holding AG | 1,058 | 1,351,869 | ||||||
| 2,682,937 | ||||||||
| Taiwan | 2.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 19,373 | 2,291,438 | ||||||
| United Kingdom | 8.7% | ||||||||
| Coca-Cola European Partners PLC | 21,011 | 1,095,934 | ||||||
| Diageo PLC | 43,366 | 1,783,465 | ||||||
| Prudential PLC | 55,946 | 1,186,028 | ||||||
| RELX PLC | 63,817 | 1,603,318 | ||||||
| Rio Tinto PLC | 12,617 | 965,224 | ||||||
| Unilever PLC | 36,400 | 2,031,355 | ||||||
| 8,665,324 | ||||||||
| United States | 47.4% | ||||||||
| Accenture PLC, Class A | 8,330 | 2,301,163 | ||||||
| Alphabet, Inc., Class A (*) | 1,566 | 3,229,906 | ||||||
| AmerisourceBergen Corp. | 12,627 | 1,490,870 | ||||||
| Aon PLC, Class A | 10,499 | 2,415,925 | ||||||
| Boston Scientific Corp. (*) | 28,760 | 1,111,574 | ||||||
| Dollar General Corp. | 8,057 | 1,632,509 | ||||||
| Honeywell International, Inc. | 4,201 | 911,911 | ||||||
| Intercontinental Exchange, Inc. | 16,858 | 1,882,701 | ||||||
| IQVIA Holdings, Inc. (*) | 13,296 | 2,567,990 | ||||||
| Johnson & Johnson | 12,751 | 2,095,627 | ||||||
| Lowe’s Cos., Inc. | 8,789 | 1,671,492 | ||||||
| McDonald’s Corp. | 6,738 | 1,510,255 | ||||||
| Microsoft Corp. | 13,471 | 3,176,058 | ||||||
| Motorola Solutions, Inc. | 9,136 | 1,718,025 | ||||||
| Palo Alto Networks, Inc. (*) | 2,983 | 960,705 | ||||||
| PTC, Inc. (*) | 11,497 | 1,582,562 | ||||||
| Rockwell Automation, Inc. | 4,479 | 1,188,906 | ||||||
| S&P Global, Inc. | 4,466 | 1,575,917 | ||||||
| Texas Instruments, Inc. | 9,528 | 1,800,697 | ||||||
| The Charles Schwab Corp. | 22,295 | 1,453,188 | ||||||
| The Coca-Cola Co. | 37,371 | 1,969,825 | ||||||
| The Procter & Gamble Co. | 10,978 | 1,486,751 | ||||||
| Thermo Fisher Scientific, Inc. | 6,574 | 3,000,242 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Visa, Inc., Class A | 8,967 | $ | 1,898,583 | |||||
| Warner Music Group Corp., Class A | 17,616 | 604,757 | ||||||
| Zoetis, Inc. | 13,332 | 2,099,523 | ||||||
| 47,337,662 | ||||||||
| Total Common Stocks (Cost $66,524,258) | 96,255,156 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Brazil | 0.9% | ||||||||
| Banco Bradesco SA ADR (Cost $961,724) | 191,544 | 900,257 | ||||||
| Short-Term Investments | 1.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,848,450) | 1,848,450 | 1,848,450 | ||||||
| Total Investments l 99.2% (Cost $69,334,432) | $ | 99,003,863 | ||||||
| Cash and Other Assets in Excess of Liabilities l 0.8% | 803,618 | |||||||
| Net Assets l 100.0% | $ | 99,807,481 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 90.5% | ||||||||
| Australia | 9.3% | ||||||||
| Atlas Arteria, Ltd. (^) | 48,907,421 | $ | 221,402,377 | |||||
| Spark Infrastructure Group | 86,140,619 | 142,175,017 | ||||||
| Transurban Group | 38,059,082 | 385,999,552 | ||||||
| 749,576,946 | ||||||||
| Canada | 0.8% | ||||||||
| Atco, Ltd., Class I | 1,898,489 | 63,026,149 | ||||||
| France | 6.2% | ||||||||
| Eutelsat Communications SA | 11,456,887 | 139,448,686 | ||||||
| Vinci SA | 3,546,463 | 363,438,838 | ||||||
| 502,887,524 | ||||||||
| Hong Kong | 3.8% | ||||||||
| CK Infrastructure Holdings, Ltd. | 17,556,000 | 104,392,381 | ||||||
| Power Assets Holdings, Ltd. | 34,989,465 | 206,689,423 | ||||||
| 311,081,804 | ||||||||
| Italy | 23.7% | ||||||||
| ASTM SpA (*) | 3,990,113 | 120,955,293 | ||||||
| Atlantia SpA (*) | 19,443,300 | 364,790,599 | ||||||
| Hera SpA | 53,573,901 | 205,912,590 | ||||||
| Italgas SpA | 34,322,945 | 223,220,156 | ||||||
| Snam SpA | 109,959,652 | 610,545,941 | ||||||
| Terna Rete Elettrica Nazionale SpA | 51,702,214 | 391,050,056 | ||||||
| 1,916,474,635 | ||||||||
| Luxembourg | 2.0% | ||||||||
| SES SA (^) | 20,569,089 | 163,385,889 | ||||||
| Portugal | 0.7% | ||||||||
| Redes Energeticas Nacionais SGPS SA | 21,468,951 | 59,948,246 | ||||||
| Spain | 7.4% | ||||||||
| Ferrovial SA | 23,060,842 | 601,291,903 | ||||||
| United Kingdom | 19.6% | ||||||||
| National Grid PLC | 52,478,267 | 625,871,271 | ||||||
| Pennon Group PLC (^) | 21,423,608 | 288,002,061 | ||||||
| Severn Trent PLC | 10,040,937 | 319,254,896 | ||||||
| United Utilities Group PLC | 27,714,883 | 353,794,232 | ||||||
| 1,586,922,460 | ||||||||
| United States | 17.0% | ||||||||
| Ameren Corp. | 2,060,500 | 167,642,280 | ||||||
| Consolidated Edison, Inc. | 5,190,755 | 388,268,474 | ||||||
| CSX Corp. | 3,970,311 | 382,817,387 | ||||||
| Norfolk Southern Corp. | 907,819 | 243,767,558 | ||||||
| Description | Shares | Fair Value | ||||||
| Southwest Gas Holdings, Inc. | 2,761,944 | $ | 189,773,172 | |||||
| 1,372,268,871 | ||||||||
| Total Common Stocks (Cost $6,829,628,383) | 7,326,864,427 | |||||||
| Rights | 0.0% | ||||||||
| Italy | 0.0% | ||||||||
| Snam SpA Expires 04/07/2021 (Cost $0) | 66,358,224 | 68,247 | ||||||
| Short-Term Investments | 7.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $636,965,026) | 636,965,026 | 636,965,026 | ||||||
| Total Investments l 98.4% (Cost $7,466,593,409) (») | $ | 7,963,897,700 | ||||||
| Cash and Other Assets in Excess of Liabilities l 1.6% | 133,232,345 | |||||||
| Net Assets l 100.0% | $ | 8,097,130,045 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | 164,359,005 | AUD | 210,827,222 | BNP | 06/24/21 | $ | 4,171,025 | $ | — | |||||||||||||
| USD | 131,088,026 | AUD | 168,234,120 | CIT | 06/24/21 | 3,262,580 | — | |||||||||||||||
| USD | 136,376,998 | AUD | 174,975,780 | HSB | 06/24/21 | 3,429,192 | — | |||||||||||||||
| USD | 49,365,092 | AUD | 64,816,997 | MSC | 06/24/21 | 116,689 | — | |||||||||||||||
| USD | 129,894,039 | AUD | 166,616,264 | SCB | 06/24/21 | 3,297,851 | — | |||||||||||||||
| USD | 143,183,555 | AUD | 183,700,548 | SSB | 06/24/21 | 3,606,610 | — | |||||||||||||||
| USD | 6,335,700 | CAD | 7,936,858 | BNP | 06/24/21 | 19,352 | — | |||||||||||||||
| USD | 16,387,599 | CAD | 20,528,991 | HSB | 06/24/21 | 50,120 | — | |||||||||||||||
| USD | 6,349,960 | CAD | 7,984,864 | MSC | 06/24/21 | — | 4,592 | |||||||||||||||
| USD | 13,242,332 | CAD | 16,590,656 | RBC | 06/24/21 | 39,078 | — | |||||||||||||||
| USD | 20,185,962 | CAD | 25,288,670 | SCB | 06/24/21 | 60,612 | — | |||||||||||||||
| USD | 371,379,276 | EUR | 311,045,214 | BNP | 06/24/21 | 6,005,222 | — | |||||||||||||||
| USD | 482,839,727 | EUR | 404,418,865 | CAN | 06/24/21 | 7,782,875 | — | |||||||||||||||
| USD | 427,210,251 | EUR | 357,965,120 | CIT | 06/24/21 | 6,721,006 | — | |||||||||||||||
| USD | 415,240,338 | EUR | 347,834,528 | HSB | 06/24/21 | 6,651,149 | — | |||||||||||||||
| USD | 409,646,404 | EUR | 343,204,717 | MEL | 06/24/21 | 6,495,695 | — | |||||||||||||||
| USD | 433,107,126 | EUR | 362,801,007 | RBC | 06/24/21 | 6,937,332 | — | |||||||||||||||
| USD | 234,326,618 | EUR | 196,047,386 | SSB | 06/24/21 | 4,036,535 | — | |||||||||||||||
| USD | 404,845,591 | EUR | 339,158,976 | SSB | 06/24/21 | 6,447,273 | — | |||||||||||||||
| USD | 421,117,342 | GBP | 302,563,560 | CAN | 06/24/21 | 3,901,223 | — | |||||||||||||||
| USD | 397,694,578 | GBP | 285,808,948 | HSB | 06/24/21 | 3,582,013 | — | |||||||||||||||
| USD | 70,449,510 | GBP | 51,231,864 | MSC | 06/24/21 | — | 196,008 | |||||||||||||||
| USD | 380,864,140 | GBP | 273,732,397 | RBC | 06/24/21 | 3,404,381 | — | |||||||||||||||
| USD | 319,865,387 | GBP | 229,862,497 | SSB | 06/24/21 | 2,899,461 | — | |||||||||||||||
| USD | 90,055,754 | HKD | 699,287,435 | BNP | 06/24/21 | 88,356 | — | |||||||||||||||
| USD | 87,646,358 | HKD | 680,580,106 | HSB | 06/24/21 | 85,767 | — | |||||||||||||||
| USD | 29,898,134 | HKD | 232,160,503 | SCB | 06/24/21 | 29,334 | — | |||||||||||||||
| USD | 81,206,313 | HKD | 630,588,624 | SSB | 06/24/21 | 77,417 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 83,198,148 | $ | 200,600 | ||||||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Brazil | 0.9% | ||||||||
| Lojas Renner SA | 6,751 | $ | 51,082 | |||||
| Canada | 2.4% | ||||||||
| TMX Group, Ltd. | 560 | 58,193 | ||||||
| Toromont Industries, Ltd. | 1,056 | 80,828 | ||||||
| 139,021 | ||||||||
| China | 3.8% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 571 | 129,463 | ||||||
| Tencent Holdings, Ltd. | 1,200 | 94,604 | ||||||
| 224,067 | ||||||||
| Denmark | 1.4% | ||||||||
| Genmab A/S (*) | 260 | 85,453 | ||||||
| France | 3.0% | ||||||||
| Pernod Ricard SA | 297 | 55,754 | ||||||
| Vivendi SE | 3,753 | 123,257 | ||||||
| 179,011 | ||||||||
| Germany | 2.9% | ||||||||
| Infineon Technologies AG | 1,953 | 82,827 | ||||||
| Merck KGaA | 513 | 87,715 | ||||||
| 170,542 | ||||||||
| Greece | 1.1% | ||||||||
| Public Power Corp. SA (*) | 5,992 | 63,971 | ||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group, Ltd. | 7,800 | 94,891 | ||||||
| India | 1.7% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 1,294 | 100,531 | ||||||
| Israel | 0.7% | ||||||||
| CyberArk Software, Ltd. (*) | 342 | 44,234 | ||||||
| Italy | 1.3% | ||||||||
| Enel SpA | 7,877 | 78,703 | ||||||
| Japan | 6.1% | ||||||||
| BayCurrent Consulting, Inc. | 400 | 91,763 | ||||||
| Digital Garage, Inc. | 1,200 | 49,010 | ||||||
| Nintendo Co., Ltd. | 200 | 111,949 | ||||||
| TechnoPro Holdings, Inc. | 800 | 67,049 | ||||||
| Z Holdings Corp. | 7,900 | 39,444 | ||||||
| 359,215 | ||||||||
| Netherlands | 1.4% | ||||||||
| Koninklijke DSM NV | 485 | 82,067 | ||||||
| Poland | 0.9% | ||||||||
| InPost SA | 3,165 | 51,836 | ||||||
| Description | Shares | Fair Value | ||||||
| Portugal | 1.1% | ||||||||
| Energias de Portugal SA | 10,870 | $ | 62,172 | |||||
| South Korea | 1.3% | ||||||||
| SK Hynix, Inc. | 654 | 77,013 | ||||||
| Spain | 2.2% | ||||||||
| Siemens Gamesa Renewable Energy SA | 3,282 | 127,059 | ||||||
| Sweden | 0.9% | ||||||||
| Nordnet AB publ | 3,474 | 56,085 | ||||||
| Switzerland | 3.4% | ||||||||
| ABB, Ltd. | 2,586 | 78,653 | ||||||
| Idorsia, Ltd. (*) | 1,100 | 29,498 | ||||||
| Partners Group Holding AG | 74 | 94,554 | ||||||
| 202,705 | ||||||||
| United Kingdom | 9.9% | ||||||||
| Clarivate PLC (*) | 2,399 | 63,310 | ||||||
| Informa PLC (*) | 8,616 | 66,519 | ||||||
| ITV PLC (*) | 61,780 | 102,321 | ||||||
| Linde PLC | 261 | 73,099 | ||||||
| RELX PLC | 5,726 | 143,858 | ||||||
| Rio Tinto PLC | 1,103 | 84,381 | ||||||
| THG PLC | 5,678 | 48,811 | ||||||
| 582,299 | ||||||||
| United States | 48.5% | ||||||||
| Accenture PLC, Class A | 314 | 86,743 | ||||||
| Adaptive Biotechnologies Corp. (*) | 717 | 28,867 | ||||||
| Adobe, Inc. (*) | 252 | 119,793 | ||||||
| Alphabet, Inc., Class A (*) | 110 | 226,877 | ||||||
| American Express Co. | 803 | 113,576 | ||||||
| Amphenol Corp., Class A Class A | 1,302 | 85,893 | ||||||
| Analog Devices, Inc. | 476 | 73,818 | ||||||
| Aon PLC, Class A | 526 | 121,038 | ||||||
| Applied Materials, Inc. | 803 | 107,281 | ||||||
| Bank of America Corp. | 3,091 | 119,591 | ||||||
| Danaher Corp. | 473 | 106,463 | ||||||
| Dollar General Corp. | 490 | 99,284 | ||||||
| Fidelity National Information Services, Inc. | 595 | 83,663 | ||||||
| Intercontinental Exchange, Inc. | 1,428 | 159,479 | ||||||
| Intuit, Inc. | 223 | 85,422 | ||||||
| IQVIA Holdings, Inc. (*) | 838 | 161,851 | ||||||
| Medtronic PLC | 729 | 86,117 | ||||||
| MetroMile, Inc. (*) | 3,256 | 33,504 | ||||||
| Microsoft Corp. | 1,122 | 264,534 | ||||||
| S&P Global, Inc. | 394 | 139,031 | ||||||
| Starbucks Corp. | 563 | 61,519 | ||||||
| Synopsys, Inc. (*) | 294 | 72,847 | ||||||
| The Coca-Cola Co. | 1,465 | 77,220 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Thermo Fisher Scientific, Inc. | 254 | $ | 115,921 | |||||
| UnitedHealth Group, Inc. | 234 | 87,064 | ||||||
| Visa, Inc., Class A | 403 | 85,327 | ||||||
| Zoetis, Inc. | 381 | 60,000 | ||||||
| 2,862,723 | ||||||||
| Total Common Stocks (Cost $4,521,772) | 5,694,680 | |||||||
| Preferred Stocks | 1.8% | ||||||||
| Germany | 1.8% | ||||||||
| Volkswagen AG (Cost $68,226) | 373 | 104,240 | ||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.01% (7 day yield) (Cost $126,256) | 126,256 | 126,256 | ||||||
| Total Investments l 100.4% (Cost $4,716,254) | $ | 5,925,176 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (24,312) | |||||||
| Net Assets | 100.0% | $ | 5,900,864 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 100.2% | ||||||||
| Australia | 6.0% | ||||||||
| Breville Group, Ltd. | 231 | $ | 4,751 | |||||
| Champion Iron, Ltd. (*) | 718 | 3,004 | ||||||
| Charter Hall Long Wale REIT | 1,306 | 4,693 | ||||||
| CSL, Ltd. | 121 | 24,383 | ||||||
| Domino’s Pizza Enterprises, Ltd. | 175 | 12,808 | ||||||
| Fortescue Metals Group, Ltd. | 3,085 | 47,095 | ||||||
| Goodman Group REIT | 1,010 | 13,914 | ||||||
| Inghams Group, Ltd. | 2,281 | 5,792 | ||||||
| Nick Scali, Ltd. | 392 | 2,973 | ||||||
| Nine Entertainment Co. Holdings, Ltd. | 5,619 | 11,862 | ||||||
| Santos, Ltd. | 5,122 | 27,718 | ||||||
| Stockland REIT | 1,983 | 6,648 | ||||||
| 165,641 | ||||||||
| Austria | 0.2% | ||||||||
| OMV AG | 52 | 2,638 | ||||||
| Raiffeisen Bank International AG | 103 | 2,260 | ||||||
| 4,898 | ||||||||
| Belgium | 1.2% | ||||||||
| Ageas SA | 563 | 34,010 | ||||||
| China | 1.0% | ||||||||
| S-Enjoy Service Group Co., Ltd. | 1,000 | 3,079 | ||||||
| SITC International Holdings Co., Ltd. | 6,000 | 20,424 | ||||||
| VSTECS Holdings, Ltd. | 4,000 | 3,654 | ||||||
| 27,157 | ||||||||
| Denmark | 3.4% | ||||||||
| Coloplast A/S, Class B | 120 | 18,066 | ||||||
| Novo Nordisk A/S, Class B | 1,074 | 72,529 | ||||||
| Pandora A/S | 27 | 2,893 | ||||||
| 93,488 | ||||||||
| Finland | 1.1% | ||||||||
| Nordea Bank Abp | 554 | 5,453 | ||||||
| Valmet Oyj | 712 | 25,950 | ||||||
| 31,403 | ||||||||
| France | 8.5% | ||||||||
| Air Liquide SA | 71 | 11,600 | ||||||
| Amundi SA | 35 | 2,800 | ||||||
| Cie de Saint-Gobain | 892 | 52,651 | ||||||
| Cie Generale des Etablissements Michelin SCA | 240 | 35,936 | ||||||
| Electricite de France SA | 690 | 9,259 | ||||||
| Elis SA (*) | 125 | 2,041 | ||||||
| Faurecia SE | 63 | 3,358 | ||||||
| Hermes International | 6 | 6,644 | ||||||
| Description | Shares | Fair Value | ||||||
| L’Oreal SA | 86 | $ | 32,963 | |||||
| Orange SA | 372 | 4,579 | ||||||
| Sartorius Stedim Biotech | 27 | 11,119 | ||||||
| Schneider Electric SE | 305 | 46,600 | ||||||
| Societe Generale SA | 550 | 14,371 | ||||||
| 233,921 | ||||||||
| Germany | 10.0% | ||||||||
| Allianz SE | 270 | 68,737 | ||||||
| Continental AG | 25 | 3,302 | ||||||
| Daimler AG | 666 | 59,340 | ||||||
| Deutsche Bank AG (*) | 1,814 | 21,674 | ||||||
| Deutsche Post AG | 1,167 | 63,939 | ||||||
| Draegerwerk AG & Co. KGaA (Preference Shares) | 37 | 2,976 | ||||||
| HelloFresh SE (*) | 31 | 2,313 | ||||||
| Muenchener Rueckversicherungs AG | 46 | 14,168 | ||||||
| SAP SE | 309 | 37,844 | ||||||
| 274,293 | ||||||||
| Hong Kong | 2.6% | ||||||||
| CK Hutchison Holdings, Ltd. | 2,000 | 15,958 | ||||||
| Hongkong Land Holdings, Ltd. | 2,200 | 10,815 | ||||||
| Jardine Matheson Holdings, Ltd. | 100 | 6,544 | ||||||
| Sun Hung Kai Properties, Ltd. | 1,500 | 22,754 | ||||||
| WH Group, Ltd. | 18,000 | 14,616 | ||||||
| 70,687 | ||||||||
| Ireland | 0.1% | ||||||||
| Kingspan Group PLC | 21 | 1,780 | ||||||
| Italy | 2.4% | ||||||||
| Banco BPM SpA | 3,351 | 9,605 | ||||||
| Buzzi Unicem SpA | 513 | 13,382 | ||||||
| De’ Longhi SpA | 71 | 2,871 | ||||||
| Enel SpA | 2,813 | 28,106 | ||||||
| Reply SpA | 60 | 7,590 | ||||||
| UniCredit SpA | 300 | 3,186 | ||||||
| 64,740 | ||||||||
| Japan | 25.0% | ||||||||
| Amada Co., Ltd. | 2,100 | 23,547 | ||||||
| Chugai Pharmaceutical Co., Ltd. | 100 | 4,070 | ||||||
| Credit Saison Co., Ltd. | 400 | 4,785 | ||||||
| Dai Nippon Printing Co., Ltd. | 500 | 10,527 | ||||||
| Dai-ichi Life Holdings, Inc. | 2,300 | 39,805 | ||||||
| Daikin Industries, Ltd. | 100 | 20,248 | ||||||
| Daito Trust Construction Co., Ltd. Sponsored ADR | 145 | 4,227 | ||||||
| DCM Holdings Co., Ltd. | 500 | 5,235 | ||||||
| East Japan Railway Co. ADR | 115 | 1,367 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| EDION Corp. | 600 | $ | 6,725 | |||||
| Electric Power Development Co., Ltd. | 1,000 | 17,507 | ||||||
| Hitachi Zosen Corp. | 2,500 | 20,181 | ||||||
| Honda Motor Co., Ltd. | 400 | 12,040 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 200 | 3,709 | ||||||
| Japan Post Bank Co., Ltd. | 900 | 8,638 | ||||||
| Japan Tobacco, Inc. | 900 | 17,307 | ||||||
| Kao Corp. | 100 | 6,625 | ||||||
| Kureha Corp. | 100 | 6,927 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 200 | 9,218 | ||||||
| Mitsubishi Estate Co., Ltd. | 200 | 3,507 | ||||||
| Murata Manufacturing Co., Ltd. | 300 | 24,188 | ||||||
| Nintendo Co., Ltd. ADR | 691 | 48,923 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 3,587 | ||||||
| Nitori Holdings Co., Ltd. ADR | 621 | 12,420 | ||||||
| Nitto Denko Corp. | 200 | 17,171 | ||||||
| Nitto Denko Corp. ADR | 321 | 13,854 | ||||||
| Nomura Holdings, Inc. | 2,000 | 10,572 | ||||||
| Nomura Real Estate Holdings, Inc. | 200 | 4,835 | ||||||
| Okamura Corp. | 300 | 3,517 | ||||||
| Ono Pharmaceutical Co., Ltd. | 300 | 7,858 | ||||||
| Open House Co., Ltd. | 100 | 4,277 | ||||||
| ORIX Corp. | 1,000 | 16,933 | ||||||
| Osaka Gas Co., Ltd. | 400 | 7,821 | ||||||
| Sekisui House, Ltd. | 1,500 | 32,264 | ||||||
| Seven & I Holdings Co., Ltd. | 500 | 20,206 | ||||||
| Shimano, Inc. ADR | 409 | 9,771 | ||||||
| Shimizu Corp. | 1,500 | 12,190 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 33 | 5,576 | ||||||
| Softbank Corp. | 3,600 | 46,851 | ||||||
| Suntory Beverage & Food, Ltd. | 800 | 29,788 | ||||||
| T&D Holdings, Inc. | 1,400 | 18,177 | ||||||
| Taiheiyo Cement Corp. | 800 | 21,105 | ||||||
| The 77 Bank, Ltd. | 200 | 2,816 | ||||||
| The Okinawa Electric Power Co., Inc. | 400 | 5,616 | ||||||
| The Shizuoka Bank, Ltd. | 300 | 2,355 | ||||||
| Tohoku Electric Power Co., Inc. | 700 | 6,628 | ||||||
| Tokyo Electron, Ltd. | 100 | 42,815 | ||||||
| Toray Industries, Inc. | 3,300 | 21,240 | ||||||
| Yamaha Corp. | 100 | 5,444 | ||||||
| 684,993 | ||||||||
| Malta | 0.2% | ||||||||
| Kindred Group PLC | 247 | 4,342 | ||||||
| Netherlands | 5.8% | ||||||||
| ASM International NV | 92 | 26,921 | ||||||
| Description | Shares | Fair Value | ||||||
| ASML Holding NV | 71 | $ | 43,305 | |||||
| Eurocommercial Properties NV | 197 | 4,352 | ||||||
| Koninklijke Ahold Delhaize NV | 605 | 16,852 | ||||||
| NN Group NV | 380 | 18,559 | ||||||
| Royal Dutch Shell PLC, A Shares | 2,234 | 43,491 | ||||||
| Signify NV | 80 | 4,125 | ||||||
| 157,605 | ||||||||
| New Zealand | 0.5% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd. | 669 | 15,022 | ||||||
| Norway | 1.0% | ||||||||
| DNB ASA | 78 | 1,661 | ||||||
| Yara International ASA | 485 | 25,228 | ||||||
| 26,889 | ||||||||
| Singapore | 1.3% | ||||||||
| AEM Holdings, Ltd. | 1,500 | 4,632 | ||||||
| BW LPG, Ltd. | 389 | 2,667 | ||||||
| DBS Group Holdings, Ltd. | 700 | 15,100 | ||||||
| Genting Singapore, Ltd. | 5,400 | 3,701 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 900 | 7,880 | ||||||
| UOL Group, Ltd. | 400 | 2,354 | ||||||
| 36,334 | ||||||||
| South Africa | 0.1% | ||||||||
| Investec PLC | 673 | 2,034 | ||||||
| Spain | 2.3% | ||||||||
| Iberdrola SA | 1,747 | 22,523 | ||||||
| Industria de Diseno Textil SA | 1,211 | 39,918 | ||||||
| Melia Hotels International SA (*) | 182 | 1,353 | ||||||
| 63,794 | ||||||||
| Sweden | 3.5% | ||||||||
| Essity AB, Class B | 407 | 12,859 | ||||||
| Evolution Gaming Group AB | 140 | 20,621 | ||||||
| Fortnox AB | 99 | 4,410 | ||||||
| Husqvarna AB, B Shares | 1,389 | 19,980 | ||||||
| Lundin Energy AB | 49 | 1,540 | ||||||
| Sandvik AB | 179 | 4,892 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 820 | 9,996 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 1,116 | 14,762 | ||||||
| Thule Group AB | 96 | 4,165 | ||||||
| Volvo AB, Class B | 51 | 1,290 | ||||||
| 94,515 | ||||||||
| Switzerland | 8.2% | ||||||||
| Credit Suisse Group AG | 1,053 | 11,117 | ||||||
| Geberit AG | 33 | 21,004 | ||||||
| Logitech International SA | 138 | 14,465 | ||||||
| Nestle SA | 40 | 4,458 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Novartis AG | 417 | $ | 35,622 | |||||
| Partners Group Holding AG | 9 | 11,500 | ||||||
| Roche Holding AG | 247 | 79,840 | ||||||
| Sonova Holding AG (*) | 109 | 28,875 | ||||||
| UBS Group AG | 1,062 | 16,443 | ||||||
| 223,324 | ||||||||
| United Kingdom | 14.3% | ||||||||
| AstraZeneca PLC | 54 | 5,385 | ||||||
| Barclays PLC | 16,958 | 43,483 | ||||||
| British American Tobacco PLC | 370 | 14,152 | ||||||
| BT Group PLC (*) | 14,974 | 31,963 | ||||||
| Computacenter PLC | 167 | 5,458 | ||||||
| GlaxoSmithKline PLC | 1,015 | 18,016 | ||||||
| Howden Joinery Group PLC | 172 | 1,739 | ||||||
| IMI PLC | 142 | 2,612 | ||||||
| Imperial Brands PLC | 1,866 | 38,390 | ||||||
| ITV PLC (*) | 2,391 | 3,960 | ||||||
| RELX PLC | 529 | 13,271 | ||||||
| Rio Tinto PLC | 604 | 46,207 | ||||||
| Rio Tinto, Ltd. | 129 | 10,910 | ||||||
| Royal Bank of Scotland Group PLC | 7,924 | 21,444 | ||||||
| Spirent Communications PLC | 1,016 | 3,342 | ||||||
| Standard Chartered PLC | 5,578 | 38,379 | ||||||
| Tate & Lyle PLC | 1,666 | 17,623 | ||||||
| Unilever PLC | 809 | 45,138 | ||||||
| Vodafone Group PLC | 16,371 | 29,792 | ||||||
| 391,264 | ||||||||
| United States | 1.5% | ||||||||
| ICON PLC (*) | 51 | 10,015 | ||||||
| Stellantis NV | 1,811 | 32,090 | ||||||
| 42,105 | ||||||||
| Total Common Stocks (Cost $2,337,649) | 2,744,239 | |||||||
| Short-Term Investments | 0.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class,0.01% (7 day yield) (Cost $21,208) | 21,208 | 21,208 | ||||||
| Total Investments | 101.0% (Cost $2,358,857) | $ | 2,765,447 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (28,609) | |||||||
| Net Assets | 100.0% | $ | 2,736,838 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Concentrated Portfolio | ||||||||
| Common Stocks | 89.2% | ||||||||
| Brazil | 2.8% | ||||||||
| Lojas Renner SA | 45,800 | $ | 346,552 | |||||
| Canada | 5.9% | ||||||||
| CAE, Inc. (*) | 6,437 | 183,424 | ||||||
| Toromont Industries, Ltd. | 7,097 | 543,217 | ||||||
| 726,641 | ||||||||
| China | 9.9% | ||||||||
| Autohome, Inc. ADR | 2,758 | 257,239 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 236,000 | 322,590 | ||||||
| Tencent Holdings, Ltd. | 8,218 | 647,882 | ||||||
| 1,227,711 | ||||||||
| France | 11.9% | ||||||||
| Engie SA | 45,927 | 652,149 | ||||||
| Safran SA | 1,653 | 225,024 | ||||||
| Sanofi | 5,991 | 592,138 | ||||||
| 1,469,311 | ||||||||
| Germany | 2.7% | ||||||||
| Vonovia SE | 5,097 | 332,927 | ||||||
| Hong Kong | 2.9% | ||||||||
| ESR Cayman, Ltd. (*) | 107,000 | 351,742 | ||||||
| India | 3.6% | ||||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 8,084 | 447,045 | ||||||
| Japan | 12.6% | ||||||||
| Digital Garage, Inc. | 12,100 | 494,181 | ||||||
| Hitachi, Ltd. | 14,900 | 676,855 | ||||||
| Ryohin Keikaku Co., Ltd. | 16,300 | 386,323 | ||||||
| 1,557,359 | ||||||||
| Luxembourg | 2.9% | ||||||||
| ArcelorMittal SA | 12,315 | 357,368 | ||||||
| Mexico | 5.9% | ||||||||
| Arca Continental SAB de CV | 148,196 | 731,210 | ||||||
| Russia | 2.0% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 19,435 | 188,714 | ||||||
| Fix Price Group, Ltd. GDR | 5,480 | 53,485 | ||||||
| 242,199 | ||||||||
| South Korea | 5.7% | ||||||||
| Samsung Electronics Co., Ltd. | 9,707 | 701,147 | ||||||
| Spain | 3.3% | ||||||||
| Siemens Gamesa Renewable Energy SA | 10,547 | 408,316 | ||||||
| United Kingdom | 11.0% | ||||||||
| Anglo American PLC | 5,897 | 231,052 | ||||||
| Description | Shares | Fair Value | ||||||
| Coca-Cola European Partners PLC | 4,878 | $ | 254,436 | |||||
| Prudential PLC | 17,787 | 377,076 | ||||||
| RELX PLC | 19,744 | 495,315 | ||||||
| 1,357,879 | ||||||||
| United States | 6.1% | ||||||||
| Aon PLC, Class A | 1,965 | 452,166 | ||||||
| Medtronic PLC | 2,518 | 297,451 | ||||||
| 749,617 | ||||||||
| Total Common Stocks (Cost $9,546,731) | 11,007,024 | |||||||
| Preferred Stocks | 7.0% | ||||||||
| Brazil | 2.6% | ||||||||
| Banco Bradesco SA ADR (Cost $331,340) | 69,013 | 324,361 | ||||||
| Germany | 4.4% | ||||||||
| Volkswagen AG (Cost $304,364) | 1,933 | 540,203 | ||||||
| Total Preferred Stocks (Cost $635,704) | 864,564 | |||||||
| Short-Term Investments | 3.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class,0.01% (7 day yield) (Cost $420,664) | 420,664 | 420,664 | ||||||
| Total Investments | 99.6% (Cost $10,603,099) | $ | 12,292,252 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 48,500 | |||||||
| Net Assets | 100.0% | $ | 12,340,752 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 95.3% | ||||||||
| Australia | 1.4% | ||||||||
| BHP Group PLC | 1,337,609 | $ | 38,618,503 | |||||
| Canada | 4.4% | ||||||||
| CAE, Inc. (*) | 565,583 | 16,116,438 | ||||||
| Canadian National Railway Co. | 283,368 | 32,884,849 | ||||||
| Suncor Energy, Inc. | 1,701,196 | 35,561,724 | ||||||
| TMX Group, Ltd. | 323,868 | 33,654,748 | ||||||
| 118,217,759 | ||||||||
| China | 3.6% | ||||||||
| Autohome, Inc. ADR | 330,563 | 30,831,611 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 11,719,000 | 16,018,788 | ||||||
| ENN Energy Holdings, Ltd. | 1,595,500 | 25,630,300 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 2,097,000 | 25,043,120 | ||||||
| 97,523,819 | ||||||||
| Denmark | 3.3% | ||||||||
| Carlsberg AS, Class B | 248,903 | 38,284,238 | ||||||
| Vestas Wind Systems A/S | 241,811 | 49,766,652 | ||||||
| 88,050,890 | ||||||||
| Finland | 2.0% | ||||||||
| Nordea Bank Abp | 3,494,917 | 34,396,241 | ||||||
| Sampo Oyj, A Shares | 435,061 | 19,660,549 | ||||||
| 54,056,790 | ||||||||
| France | 14.0% | ||||||||
| Air Liquide SA | 284,038 | 46,407,654 | ||||||
| Alstom SA (*) | 814,128 | 40,606,478 | ||||||
| Capgemini SE | 152,456 | 25,949,690 | ||||||
| Engie SA | 4,630,085 | 65,745,716 | ||||||
| Pernod Ricard SA | 179,933 | 33,777,312 | ||||||
| Safran SA | 259,670 | 35,349,144 | ||||||
| Sanofi | 668,979 | 66,120,490 | ||||||
| Vivendi SE | 1,931,445 | 63,433,157 | ||||||
| 377,389,641 | ||||||||
| Germany | 5.7% | ||||||||
| Continental AG | 205,871 | 27,190,441 | ||||||
| Infineon Technologies AG | 803,207 | 34,064,275 | ||||||
| Merck KGaA | 214,311 | 36,643,702 | ||||||
| ProSiebenSat.1 Media SE | 1,417,249 | 28,983,134 | ||||||
| Vonovia SE | 418,488 | 27,334,861 | ||||||
| 154,216,413 | ||||||||
| Hong Kong | 1.0% | ||||||||
| ESR Cayman, Ltd. (*) | 7,886,000 | 25,923,722 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 0.9% | ||||||||
| Reliance Industries, Ltd. | 882,841 | $ | 24,265,738 | |||||
| Ireland | 1.1% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 266,038 | 30,594,370 | ||||||
| Israel | 1.1% | ||||||||
| Bank Leumi Le-Israel BM (*) | 4,517,795 | 29,783,198 | ||||||
| Italy | 2.2% | ||||||||
| Enel SpA | 5,917,175 | 59,121,469 | ||||||
| Japan | 15.7% | ||||||||
| Daiwa House Industry Co., Ltd. | 1,331,681 | 39,130,418 | ||||||
| Fujitsu, Ltd. | 220,778 | 32,044,480 | ||||||
| Hitachi, Ltd. | 1,550,500 | 70,433,809 | ||||||
| Makita Corp. | 797,500 | 34,240,250 | ||||||
| Matsumotokiyoshi Holdings Co., Ltd. | 393,400 | 17,565,859 | ||||||
| Nexon Co., Ltd. | 1,446,382 | 47,030,108 | ||||||
| Nintendo Co., Ltd. | 66,900 | 37,447,082 | ||||||
| Ryohin Keikaku Co., Ltd. | 1,077,400 | 25,535,232 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 1,022,000 | 37,162,954 | ||||||
| Suzuki Motor Corp. | 742,300 | 33,801,244 | ||||||
| Yamaha Corp. | 448,200 | 24,400,392 | ||||||
| Z Holdings Corp. | 4,739,569 | 23,664,401 | ||||||
| 422,456,229 | ||||||||
| Mexico | 0.7% | ||||||||
| Arca Continental SAB de CV | 3,756,012 | 18,532,440 | ||||||
| Netherlands | 5.1% | ||||||||
| Akzo Nobel NV | 316,410 | 35,359,860 | ||||||
| JDE Peet’s NV | 434,891 | 15,962,577 | ||||||
| Koninklijke DSM NV | 310,090 | 52,470,733 | ||||||
| Wolters Kluwer NV | 367,894 | 31,980,417 | ||||||
| 135,773,587 | ||||||||
| Norway | 2.4% | ||||||||
| Equinor ASA | 1,544,405 | 30,159,845 | ||||||
| Telenor ASA | 1,971,899 | 34,720,811 | ||||||
| 64,880,656 | ||||||||
| Portugal | 1.1% | ||||||||
| Energias de Portugal SA | 1,788,174 | 10,227,605 | ||||||
| Galp Energia SGPS SA | 1,750,391 | 20,343,865 | ||||||
| 30,571,470 | ||||||||
| Singapore | 1.2% | ||||||||
| DBS Group Holdings, Ltd. | 1,478,820 | 31,901,005 | ||||||
| South Korea | 1.9% | ||||||||
| Samsung Electronics Co., Ltd. | 702,797 | 50,763,819 | ||||||
| Spain | 1.4% | ||||||||
| Banco Santander SA | 10,847,647 | 36,870,815 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Sweden | 2.3% | ||||||||
| Hexagon AB, B Shares | 245,465 | $ | 22,637,072 | |||||
| Sandvik AB | 1,398,869 | 38,227,076 | ||||||
| 60,864,148 | ||||||||
| Switzerland | 5.0% | ||||||||
| ABB, Ltd. | 2,096,948 | 63,778,012 | ||||||
| Flughafen Zuerich AG (*) | 36,755 | 6,040,449 | ||||||
| Novartis AG | 759,331 | 64,864,187 | ||||||
| 134,682,648 | ||||||||
| United Kingdom | 11.5% | ||||||||
| 3i Group PLC | 1,602,312 | 25,487,555 | ||||||
| Anglo American PLC | 603,337 | 23,639,465 | ||||||
| Barclays PLC | 13,953,266 | 35,778,214 | ||||||
| Informa PLC (*) | 3,012,987 | 23,261,417 | ||||||
| Prudential PLC | 2,100,832 | 44,536,625 | ||||||
| RELX PLC | 2,894,380 | 72,610,874 | ||||||
| Tesco PLC | 12,451,493 | 39,295,722 | ||||||
| Unilever PLC | 780,740 | 43,570,321 | ||||||
| 308,180,193 | ||||||||
| United States | 6.3% | ||||||||
| Aon PLC, Class A | 222,372 | 51,170,021 | ||||||
| Ferguson PLC | 329,848 | 39,423,406 | ||||||
| Medtronic PLC | 658,193 | 77,752,339 | ||||||
| 168,345,766 | ||||||||
| Total Common Stocks (Cost $2,006,384,128) | 2,561,585,088 | |||||||
| Preferred Stocks | 2.5% | ||||||||
| Germany | 2.5% | ||||||||
| Volkswagen AG (Cost $40,074,557) | 238,330 | 66,604,460 | ||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $25,544,039) | 25,544,039 | 25,544,039 | ||||||
| Total Investments | 98.7% (Cost $2,072,002,724) | $ | 2,653,733,587 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.3% | 36,275,389 | |||||||
| Net Assets | 100.0% | $ | 2,690,008,976 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 94.8% | ||||||||
| Australia | 1.4% | ||||||||
| BHP Group, Ltd. | 36,010 | $ | 1,245,630 | |||||
| Brazil | 2.0% | ||||||||
| BB Seguridade Participacoes SA | 108,500 | 467,452 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 70,700 | 517,502 | ||||||
| Lojas Renner SA | 103,900 | 786,175 | ||||||
| 1,771,129 | ||||||||
| Canada | 2.8% | ||||||||
| Canadian National Railway Co. | 8,319 | 965,419 | ||||||
| Suncor Energy, Inc. | 71,063 | 1,485,498 | ||||||
| 2,450,917 | ||||||||
| China | 10.2% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 24,400 | 690,472 | ||||||
| Autohome, Inc. ADR | 10,493 | 978,682 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 617,000 | 843,382 | ||||||
| ENN Energy Holdings, Ltd. | 90,500 | 1,453,803 | ||||||
| Ming Yang Smart Energy Group, Ltd., Class A | 137,900 | 368,679 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 164,500 | 1,964,518 | ||||||
| Tencent Holdings, Ltd. | 32,300 | 2,546,434 | ||||||
| 8,845,970 | ||||||||
| Denmark | 2.7% | ||||||||
| Carlsberg AS, Class B | 6,812 | 1,047,766 | ||||||
| Vestas Wind Systems A/S | 6,108 | 1,257,076 | ||||||
| 2,304,842 | ||||||||
| Finland | 1.3% | ||||||||
| Sampo Oyj, A Shares | 24,239 | 1,095,368 | ||||||
| France | 12.5% | ||||||||
| Air Liquide SA | 6,640 | 1,084,879 | ||||||
| Alstom SA (*) | 22,758 | 1,135,107 | ||||||
| BNP Paribas SA | 17,767 | 1,079,525 | ||||||
| Engie SA | 129,981 | 1,845,688 | ||||||
| Pernod Ricard SA | 4,747 | 891,114 | ||||||
| Safran SA | 10,769 | 1,465,995 | ||||||
| Sanofi | 19,592 | 1,936,432 | ||||||
| Vivendi SE | 44,639 | 1,466,049 | ||||||
| 10,904,789 | ||||||||
| Germany | 2.7% | ||||||||
| Continental AG | 3,879 | 512,319 | ||||||
| Knorr-Bremse AG | 7,153 | 892,208 | ||||||
| Description | Shares | Fair Value |
||||||
| Merck KGaA | 5,629 | $ | 962,468 | |||||
| 2,366,995 | ||||||||
| Hong Kong | 2.0% | ||||||||
| ESR Cayman, Ltd. (*) | 216,200 | 710,716 | ||||||
| Sands China, Ltd. (*) | 206,800 | 1,037,059 | ||||||
| 1,747,775 | ||||||||
| India | 3.6% | ||||||||
| Hero MotoCorp, Ltd. | 10,520 | 419,693 | ||||||
| ICICI Bank, Ltd. Sponsored ADR (*) | 93,858 | 1,504,544 | ||||||
| Reliance Industries, Ltd. | 43,315 | 1,190,554 | ||||||
| 3,114,791 | ||||||||
| Indonesia | 1.0% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 763,200 | 323,768 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 24,172 | 571,426 | ||||||
| 895,194 | ||||||||
| Ireland | 1.1% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 8,666 | 996,590 | ||||||
| Italy | 1.9% | ||||||||
| Enel SpA | 164,618 | 1,644,781 | ||||||
| Japan | 12.7% | ||||||||
| Daiwa House Industry Co., Ltd. | 28,200 | 828,635 | ||||||
| Fujitsu, Ltd. | 5,700 | 827,318 | ||||||
| Hitachi, Ltd. | 35,200 | 1,599,013 | ||||||
| Makita Corp. | 26,500 | 1,137,764 | ||||||
| Nintendo Co., Ltd. | 2,800 | 1,567,292 | ||||||
| Ryohin Keikaku Co., Ltd. | 40,300 | 955,142 | ||||||
| Shimano, Inc. | 3,900 | 931,537 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 7,600 | 1,284,138 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 31,576 | 1,148,197 | ||||||
| Suzuki Motor Corp. | 16,600 | 755,895 | ||||||
| 11,034,931 | ||||||||
| Mexico | 1.6% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O (*) | 241,500 | 1,360,302 | ||||||
| Netherlands | 2.6% | ||||||||
| Koninklijke DSM NV | 7,381 | 1,248,949 | ||||||
| Wolters Kluwer NV | 11,200 | 973,597 | ||||||
| 2,222,546 | ||||||||
| Norway | 2.1% | ||||||||
| Equinor ASA | 42,433 | 828,651 | ||||||
| Telenor ASA | 58,163 | 1,024,123 | ||||||
| 1,852,774 | ||||||||
| Russia | 0.5% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 39,928 | 387,701 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Fix Price Group, Ltd. GDR | 5,034 | $ | 49,132 | |||||
| 436,833 | ||||||||
| Singapore | 1.1% | ||||||||
| DBS Group Holdings, Ltd. | 44,500 | 959,951 | ||||||
| South Africa | 1.1% | ||||||||
| Mr Price Group, Ltd. | 76,096 | 998,234 | ||||||
| South Korea | 4.3% | ||||||||
| LG Household & Health Care, Ltd. | 657 | 913,283 | ||||||
| Samsung Electronics Co., Ltd. | 39,366 | 2,843,450 | ||||||
| 3,756,733 | ||||||||
| Spain | 0.7% | ||||||||
| Industria de Diseno Textil SA | 18,857 | 621,584 | ||||||
| Sweden | 2.5% | ||||||||
| Hexagon AB, B Shares | 10,642 | 981,418 | ||||||
| Sandvik AB | 45,022 | 1,230,322 | ||||||
| 2,211,740 | ||||||||
| Switzerland | 5.1% | ||||||||
| ABB, Ltd. | 67,388 | 2,049,585 | ||||||
| Lonza Group AG | 1,319 | 737,147 | ||||||
| Novartis AG | 18,890 | 1,613,637 | ||||||
| 4,400,369 | ||||||||
| United Kingdom | 8.4% | ||||||||
| BP PLC | 391,273 | 1,587,457 | ||||||
| Prudential PLC | 59,012 | 1,251,026 | ||||||
| RELX PLC | 81,814 | 2,052,455 | ||||||
| Tesco PLC | 345,317 | 1,089,787 | ||||||
| Unilever PLC | 23,065 | 1,287,176 | ||||||
| 7,267,901 | ||||||||
| United States | 6.9% | ||||||||
| Accenture PLC, Class A | 5,109 | 1,411,361 | ||||||
| Aon PLC, Class A | 7,690 | 1,769,546 | ||||||
| Ferguson PLC | 8,967 | 1,071,735 | ||||||
| Medtronic PLC | 14,402 | 1,701,309 | ||||||
| 5,953,951 | ||||||||
| Total Common Stocks (Cost $67,420,856) | 82,462,620 | |||||||
| Description | Shares | Fair Value |
||||||
| Preferred Stocks | 3.9% | ||||||||
| Brazil | 1.0% | ||||||||
| Banco Bradesco SA ADR | 173,092 | $ | 813,533 | |||||
| Germany | 2.9% | ||||||||
| Volkswagen AG | 9,130 | 2,551,499 | ||||||
| Total Preferred Stocks (Cost $2,458,289) | 3,365,032 | |||||||
| Short-Term Investments | 2.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,978,233) | 1,978,233 | 1,978,233 | ||||||
| Total Investments | 101.0% (Cost $71,857,378) | $ | 87,805,885 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (862,234) | |||||||
| Net Assets | 100.0% | $ | 86,943,651 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Equity Value Portfolio | ||||||||
| Common Stocks | 98.9% | ||||||||
| France | 17.9% | ||||||||
| Bollore SA | 14,525 | $ | 70,170 | |||||
| Carrefour SA | 5,928 | 107,391 | ||||||
| Credit Agricole SA | 8,944 | 129,532 | ||||||
| Engie SA | 6,589 | 93,562 | ||||||
| Sanofi | 964 | 95,280 | ||||||
| Thales SA | 582 | 57,839 | ||||||
| 553,774 | ||||||||
| Germany | 7.0% | ||||||||
| KION Group AG | 1,030 | 101,713 | ||||||
| Siemens AG | 686 | 112,656 | ||||||
| 214,369 | ||||||||
| Japan | 24.2% | ||||||||
| Bridgestone Corp. | 1,800 | 73,115 | ||||||
| Hitachi, Ltd. | 2,800 | 127,194 | ||||||
| Nexon Co., Ltd. | 1,754 | 57,032 | ||||||
| Ryohin Keikaku Co., Ltd. | 3,000 | 71,102 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 491 | 82,962 | ||||||
| Sony Corp. Sponsored ADR | 776 | 82,264 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 2,600 | 94,544 | ||||||
| Toyota Industries Corp. | 986 | 88,166 | ||||||
| Universal Entertainment Corp. (*) | 2,885 | 70,425 | ||||||
| 746,804 | ||||||||
| Macau | 3.2% | ||||||||
| SJM Holdings, Ltd. | 74,306 | 97,494 | ||||||
| Mexico | 6.1% | ||||||||
| Arca Continental SAB de CV | 15,537 | 76,661 | ||||||
| Fomento Economico Mexicano SAB de CV Sponsored ADR | 1,470 | 110,735 | ||||||
| 187,396 | ||||||||
| Netherlands | 3.8% | ||||||||
| Akzo Nobel NV | 1,058 | 118,235 | ||||||
| South Korea | 6.8% | ||||||||
| Kangwon Land, Inc. (*) | 4,283 | 95,926 | ||||||
| SK Hynix, Inc. | 975 | 114,814 | ||||||
| 210,740 | ||||||||
| Spain | 2.0% | ||||||||
| Banco Santander SA | 17,670 | 60,060 | ||||||
| Sweden | 2.2% | ||||||||
| Sandvik AB | 2,525 | 69,001 | ||||||
| Switzerland | 12.4% | ||||||||
| Coca-Cola HBC AG | 4,145 | 131,955 | ||||||
| Credit Suisse Group AG | 8,874 | 93,689 | ||||||
| Description | Shares | Fair Value |
||||||
| Glencore PLC | 16,866 | $ | 66,081 | |||||
| The Swatch Group AG | 310 | 89,210 | ||||||
| 380,935 | ||||||||
| United Kingdom | 9.6% | ||||||||
| Barclays PLC | 36,588 | 93,817 | ||||||
| BP PLC | 23,590 | 95,708 | ||||||
| Prudential PLC | 5,085 | 107,800 | ||||||
| 297,325 | ||||||||
| United States | 3.7% | ||||||||
| Stellantis NV | 6,501 | 114,954 | ||||||
| Total Common Stocks (Cost $2,569,299) | 3,051,087 | |||||||
| Short-Term Investments | 4.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $145,557) | 145,557 | 145,557 | ||||||
| Total Investments | 103.6% (Cost $2,714,856) | $ | 3,196,644 | ||||||
| Liabilities in Excess of Cash and Other Assets | (3.6)% | (109,618) | |||||||
| Net Assets | 100.0% | $ | 3,087,026 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Canada | 9.1% | ||||||||
| BRP, Inc. | 6,125 | $ | 531,106 | |||||
| Dollarama, Inc. | 11,694 | 516,632 | ||||||
| National Bank of Canada | 8,016 | 544,542 | ||||||
| Toromont Industries, Ltd. | 10,830 | 828,947 | ||||||
| 2,421,227 | ||||||||
| China | 7.9% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 4,546 | 1,030,714 | ||||||
| Tencent Holdings, Ltd. | 13,600 | 1,072,183 | ||||||
| 2,102,897 | ||||||||
| Denmark | 6.1% | ||||||||
| Coloplast A/S, Class B | 2,655 | 399,710 | ||||||
| Demant A/S (*) | 13,105 | 555,958 | ||||||
| Genmab A/S (*) | 2,022 | 664,560 | ||||||
| 1,620,228 | ||||||||
| France | 7.4% | ||||||||
| Legrand SA | 5,575 | 518,699 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,188 | 791,673 | ||||||
| Pernod Ricard SA | 3,466 | 650,643 | ||||||
| 1,961,015 | ||||||||
| Germany | 4.8% | ||||||||
| SAP SE | 5,164 | 632,456 | ||||||
| Scout24 AG | 8,574 | 650,572 | ||||||
| 1,283,028 | ||||||||
| Hong Kong | 2.3% | ||||||||
| AIA Group, Ltd. | 49,400 | 600,976 | ||||||
| India | 3.8% | ||||||||
| HDFC Bank, Ltd. ADR (*) | 13,052 | 1,014,010 | ||||||
| Israel | 1.9% | ||||||||
| Check Point Software Technologies, Ltd. (*) | 4,477 | 501,290 | ||||||
| Japan | 9.3% | ||||||||
| Pigeon Corp. | 8,800 | 333,498 | ||||||
| Shimano, Inc. | 1,600 | 382,169 | ||||||
| SMS Co., Ltd. | 16,500 | 505,576 | ||||||
| Toei Animation Co., Ltd. | 7,900 | 849,766 | ||||||
| Workman Co., Ltd. | 5,500 | 394,504 | ||||||
| 2,465,513 | ||||||||
| Netherlands | 6.1% | ||||||||
| ASML Holding NV | 1,902 | 1,160,103 | ||||||
| Wolters Kluwer NV | 5,308 | 461,416 | ||||||
| 1,621,519 | ||||||||
| Description | Shares | Fair Value |
||||||
| Norway | 1.7% | ||||||||
| Gjensidige Forsikring ASA | 18,704 | $ | 439,134 | |||||
| South Africa | 2.0% | ||||||||
| Clicks Group, Ltd. | 31,943 | 520,674 | ||||||
| South Korea | 2.0% | ||||||||
| LG Household & Health Care, Ltd. | 387 | 537,961 | ||||||
| Spain | 1.2% | ||||||||
| Industria de Diseno Textil SA | 9,876 | 325,543 | ||||||
| Sweden | 5.0% | ||||||||
| Assa Abloy AB, Class B | 24,785 | 711,751 | ||||||
| Hexagon AB, B Shares | 6,773 | 624,614 | ||||||
| 1,336,365 | ||||||||
| Switzerland | 3.4% | ||||||||
| Partners Group Holding AG | 717 | 916,153 | ||||||
| Taiwan | 4.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 9,046 | 1,069,961 | ||||||
| United Kingdom | 15.6% | ||||||||
| Dechra Pharmaceuticals PLC | 8,826 | 417,410 | ||||||
| Diageo PLC | 15,089 | 620,549 | ||||||
| Intertek Group PLC | 5,753 | 444,411 | ||||||
| London Stock Exchange Group PLC | 5,558 | 531,929 | ||||||
| Prudential PLC | 27,298 | 578,705 | ||||||
| RELX PLC | 31,390 | 788,632 | ||||||
| Unilever PLC | 13,529 | 754,852 | ||||||
| 4,136,488 | ||||||||
| United States | 2.9% | ||||||||
| Aon PLC, Class A | 3,327 | 765,576 | ||||||
| Total Common Stocks (Cost $23,254,625) | 25,639,558 | |||||||
| Preferred Stocks | 1.8% | ||||||||
| Brazil | 1.8% | ||||||||
| Banco Bradesco SA ADR (Cost $495,876) | 105,046 | 493,716 | ||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $554,391) | 554,391 | 554,391 | ||||||
| Total Investments | 100.4% (Cost $24,304,892) | $ | 26,687,665 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (117,007) | |||||||
| Net Assets | 100.0% | $ | 26,570,658 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 97.7% | ||||||||
| Australia | 2.3% | ||||||||
| AUB Group, Ltd. | 30,141 | $ | 441,951 | |||||
| Bravura Solutions, Ltd. | 129,232 | 252,342 | ||||||
| carsales.com, Ltd. | 13,824 | 187,759 | ||||||
| 882,052 | ||||||||
| Austria | 1.5% | ||||||||
| BAWAG Group AG | 11,112 | 574,103 | ||||||
| Belgium | 2.7% | ||||||||
| Barco NV | 11,972 | 280,842 | ||||||
| Fagron | 15,737 | 349,261 | ||||||
| Shurgard Self Storage SA | 9,358 | 426,271 | ||||||
| 1,056,374 | ||||||||
| Canada | 3.7% | ||||||||
| Stelco Holdings, Inc. | 35,669 | 799,551 | ||||||
| The Descartes Systems Group, Inc. (*) | 4,172 | 254,530 | ||||||
| WPT Industrial Real Estate Investment Trust | 25,403 | 383,585 | ||||||
| 1,437,666 | ||||||||
| Denmark | 1.4% | ||||||||
| Royal Unibrew A/S | 5,049 | 528,094 | ||||||
| Finland | 2.9% | ||||||||
| Altia Oyj | 31,790 | 396,785 | ||||||
| Kemira Oyj | 26,040 | 400,090 | ||||||
| Kojamo Oyj | 17,070 | 334,021 | ||||||
| 1,130,896 | ||||||||
| France | 0.7% | ||||||||
| Gaztransport Et Technigaz SA | 3,514 | 280,274 | ||||||
| Germany | 13.2% | ||||||||
| Aroundtown SA | 68,425 | 487,047 | ||||||
| CompuGroup Medical SE & Co. KgaA | 4,210 | 355,733 | ||||||
| Covestro AG | 8,774 | 589,961 | ||||||
| Dermapharm Holding SE | 10,138 | 725,434 | ||||||
| flatexDEGIRO AG (*) | 11,120 | 1,028,691 | ||||||
| Friedrich Vorwerk Group SE | 3,232 | 191,214 | ||||||
| JOST Werke AG | 9,609 | 608,568 | ||||||
| LEG Immobilien SE | 3,123 | 410,757 | ||||||
| PATRIZIA AG | 12,965 | 328,399 | ||||||
| Teamviewer AG (*) | 9,251 | 395,288 | ||||||
| 5,121,092 | ||||||||
| Greece | 1.5% | ||||||||
| JUMBO SA | 17,527 | 321,416 | ||||||
| Terna Energy SA | 17,823 | 263,389 | ||||||
| 584,805 | ||||||||
| Description | Shares | Fair Value |
||||||
| Hong Kong | 1.0% | ||||||||
| ESR Cayman, Ltd. (*) | 114,200 | $ | 375,411 | |||||
| India | 0.4% | ||||||||
| Jubilant Pharmova, Ltd. (*) | 18,251 | 170,156 | ||||||
| Ireland | 1.2% | ||||||||
| Dalata Hotel Group PLC (*) | 91,056 | 451,191 | ||||||
| Italy | 3.4% | ||||||||
| Banca Generali SpA | 11,529 | 407,077 | ||||||
| Italgas SpA | 72,512 | 471,584 | ||||||
| Tinexta Spa | 15,889 | 421,787 | ||||||
| 1,300,448 | ||||||||
| Japan | 23.5% | ||||||||
| Ariake Japan Co., Ltd. | 6,500 | 394,580 | ||||||
| ARTERIA Networks Corp. | 26,600 | 395,229 | ||||||
| Bell System24 Holdings, Inc. | 21,200 | 363,007 | ||||||
| Broadleaf Co., Ltd. | 49,500 | 243,405 | ||||||
| Daiseki Co., Ltd. | 12,900 | 467,893 | ||||||
| Digital Garage, Inc. | 9,600 | 392,077 | ||||||
| DTS Corp. | 17,600 | 403,350 | ||||||
| GMO internet, Inc. | 12,700 | 368,063 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 236 | 405,333 | ||||||
| JAFCO Group Co., ltd. | 10,100 | 602,248 | ||||||
| Japan Lifeline Co., Ltd. | 25,500 | 323,553 | ||||||
| Nippon Shinyaku Co., Ltd. | 3,200 | 238,306 | ||||||
| Open House Co., Ltd. | 10,700 | 457,652 | ||||||
| Relo Group, Inc. | 14,800 | 314,199 | ||||||
| Roland Corp. | 12,400 | 449,158 | ||||||
| Sanwa Holdings Corp. | 31,200 | 409,927 | ||||||
| Seria Co., Ltd. | 12,400 | 432,483 | ||||||
| TechnoPro Holdings, Inc. | 5,845 | 489,876 | ||||||
| Trend Micro, Inc. | 6,300 | 315,808 | ||||||
| Trusco Nakayama Corp. | 13,600 | 361,519 | ||||||
| Tsuruha Holdings, Inc. | 3,100 | 399,468 | ||||||
| USS Co., Ltd. | 19,900 | 389,969 | ||||||
| Zenkoku Hosho Co., Ltd. | 10,342 | 476,303 | ||||||
| 9,093,406 | ||||||||
| Jersey | 1.6% | ||||||||
| JTC PLC | 71,790 | 611,799 | ||||||
| Luxembourg | 1.0% | ||||||||
| Stabilus SA | 5,385 | 378,904 | ||||||
| Netherlands | 7.2% | ||||||||
| Aalberts NV | 10,108 | 512,253 | ||||||
| Arcadis NV | 16,426 | 669,339 | ||||||
| ASM International NV | 3,349 | 979,971 | ||||||
| Meltwater Holding BV | 26,553 | 152,181 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Van Lanschot Kempen NV | 17,060 | $ | 477,192 | |||||
| 2,790,936 | ||||||||
| New Zealand | 1.1% | ||||||||
| Freightways, Ltd. | 54,754 | 431,659 | ||||||
| Norway | 0.9% | ||||||||
| Crayon Group Holding ASA (*) | 21,726 | 341,436 | ||||||
| Russia | 0.3% | ||||||||
| Fix Price Group, Ltd. GDR (#), (*) | 11,309 | 109,810 | ||||||
| Singapore | 0.9% | ||||||||
| XP Power, Ltd. | 5,595 | 362,485 | ||||||
| Spain | 1.8% | ||||||||
| Bankinter SA | 62,998 | 437,500 | ||||||
| Merlin Properties Socimi SA REIT | 27,266 | 278,615 | ||||||
| 716,115 | ||||||||
| Sweden | 5.0% | ||||||||
| Getinge AB, B Shares | 13,144 | 364,730 | ||||||
| Karnov Group AB | 96,310 | 575,491 | ||||||
| Lindab International AB | 18,581 | 375,471 | ||||||
| Nordnet AB publ | 11,591 | 187,129 | ||||||
| Stillfront Group AB (*) | 44,800 | 414,186 | ||||||
| 1,917,007 | ||||||||
| Switzerland | 1.2% | ||||||||
| Swissquote Group Holding SA | 3,471 | 448,007 | ||||||
| United Kingdom | 16.4% | ||||||||
| Ascential PLC (*) | 52,439 | 243,234 | ||||||
| Auto Trader Group PLC (*) | 59,314 | 453,468 | ||||||
| Bellway PLC | 10,021 | 470,231 | ||||||
| Britvic PLC | 32,098 | 370,571 | ||||||
| Bytes Technology Group PLC | 44,971 | 247,609 | ||||||
| Dechra Pharmaceuticals PLC | 5,745 | 271,700 | ||||||
| Electrocomponents PLC | 37,331 | 511,172 | ||||||
| GB Group PLC | 18,845 | 220,379 | ||||||
| JD Sports Fashion PLC (*) | 42,147 | 479,292 | ||||||
| Jet2 PLC (*) | 25,176 | 440,171 | ||||||
| Pennon Group PLC | 38,977 | 523,976 | ||||||
| Polypipe Group PLC | 72,546 | 555,096 | ||||||
| Smart Metering Systems PLC | 37,105 | 424,541 | ||||||
| Synthomer PLC | 99,922 | 639,315 | ||||||
| The Weir Group PLC (*) | 19,816 | 485,273 | ||||||
| 6,336,028 | ||||||||
| United States | 0.9% | ||||||||
| Nexteer Automotive Group, Ltd. | 281,000 | 346,572 | ||||||
| Total Common Stocks (Cost $29,094,442) | 37,776,726 | |||||||
| Description | Shares | Fair Value |
||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $712,788) | 712,788 | $ | 712,788 | |||||
| Total Investments | 99.5% (Cost $29,807,230) |
$ | 38,489,514 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 192,565 | |||||||
| Net Assets | 100.0% | $ | 38,682,079 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 91.8% | ||||||||
| Brazil | 0.7% | ||||||||
| Lojas Renner SA | 5,795,200 | $ | 43,850,225 | |||||
| Canada | 7.8% | ||||||||
| CAE, Inc. (*) | 6,186,752 | 176,293,140 | ||||||
| National Bank of Canada | 1,915,330 | 130,111,978 | ||||||
| Suncor Energy, Inc. | 4,511,747 | 94,313,355 | ||||||
| TMX Group, Ltd. | 744,599 | 77,375,017 | ||||||
| 478,093,490 | ||||||||
| China | 4.2% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 277,671 | 62,956,346 | ||||||
| Autohome, Inc. ADR | 436,990 | 40,758,057 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 28,891,000 | 39,491,322 | ||||||
| Kingsoft Cloud Holdings, Ltd. ADR | 589,327 | 23,172,338 | ||||||
| Ming Yang Smart Energy Group, Ltd., Class A | 12,720,538 | 34,008,658 | ||||||
| Ping An Bank Co., Ltd., Class A | 16,173,482 | 54,243,332 | ||||||
| 254,630,053 | ||||||||
| Denmark | 3.0% | ||||||||
| Carlsberg AS, Class B | 773,219 | 118,930,265 | ||||||
| Genmab A/S (*) | 191,008 | 62,777,588 | ||||||
| 181,707,853 | ||||||||
| Finland | 1.7% | ||||||||
| Sampo Oyj, A Shares | 2,244,854 | 101,445,686 | ||||||
| France | 11.5% | ||||||||
| Alstom SA (*) | 1,415,737 | 70,613,090 | ||||||
| Engie SA | 9,676,554 | 137,403,951 | ||||||
| Pernod Ricard SA | 577,206 | 108,354,037 | ||||||
| Safran SA | 553,106 | 75,294,890 | ||||||
| Sanofi | 1,750,509 | 173,016,660 | ||||||
| Vivendi SE | 4,280,537 | 140,582,816 | ||||||
| 705,265,444 | ||||||||
| Germany | 2.3% | ||||||||
| Infineon Technologies AG | 1,722,834 | 73,065,961 | ||||||
| Vonovia SE | 1,030,374 | 67,302,122 | ||||||
| 140,368,083 | ||||||||
| Hong Kong | 2.4% | ||||||||
| ESR Cayman, Ltd. (*) | 24,195,000 | 79,536,451 | ||||||
| Sands China, Ltd. (*) | 13,690,800 | 68,656,469 | ||||||
| 148,192,920 | ||||||||
| India | 1.2% | ||||||||
| Housing Development Finance Corp., Ltd. | 2,063,552 | 70,765,831 | ||||||
| Description | Shares | Fair Value |
||||||
| Ireland | 1.3% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 700,000 | $ | 80,500,000 | |||||
| Israel | 1.7% | ||||||||
| Bank Leumi Le-Israel BM (*) | 15,539,792 | 102,444,820 | ||||||
| Italy | 2.2% | ||||||||
| Enel SpA | 13,593,316 | 135,817,652 | ||||||
| Japan | 11.3% | ||||||||
| BayCurrent Consulting, Inc. | 366,300 | 84,031,971 | ||||||
| Daikin Industries, Ltd. | 276,100 | 55,904,100 | ||||||
| FANUC Corp. | 335,400 | 79,820,227 | ||||||
| Makita Corp. | 2,808,791 | 120,593,989 | ||||||
| Nexon Co., Ltd. | 3,014,635 | 98,022,935 | ||||||
| Nintendo Co., Ltd. | 209,050 | 117,015,135 | ||||||
| Suzuki Motor Corp. | 1,850,072 | 84,244,557 | ||||||
| Yamaha Corp. | 911,572 | 49,626,761 | ||||||
| 689,259,675 | ||||||||
| Mexico | 1.0% | ||||||||
| Arca Continental SAB de CV | 11,808,700 | 58,264,997 | ||||||
| Netherlands | 1.9% | ||||||||
| Akzo Nobel NV | 524,691 | 58,635,947 | ||||||
| JDE Peet’s NV | 1,507,297 | 55,324,999 | ||||||
| 113,960,946 | ||||||||
| Poland | 0.5% | ||||||||
| InPost SA | 2,042,272 | 33,447,849 | ||||||
| Portugal | 0.8% | ||||||||
| Energias de Portugal SA | 8,383,287 | 47,948,885 | ||||||
| Spain | 5.3% | ||||||||
| Bankinter SA | 12,002,661 | 83,354,403 | ||||||
| Industria de Diseno Textil SA | 3,777,328 | 124,512,258 | ||||||
| Siemens Gamesa Renewable Energy SA | 2,992,256 | 115,842,082 | ||||||
| 323,708,743 | ||||||||
| Sweden | 1.0% | ||||||||
| Hexagon AB, B Shares | 661,649 | 61,018,052 | ||||||
| Switzerland | 5.5% | ||||||||
| ABB, Ltd. | 4,708,436 | 143,205,595 | ||||||
| Idorsia, Ltd. (*) | 910,834 | 24,425,487 | ||||||
| Julius Baer Group, Ltd. | 1,668,068 | 106,581,879 | ||||||
| Partners Group Holding AG | 50,740 | 64,833,469 | ||||||
| 339,046,430 | ||||||||
| United Kingdom | 17.6% | ||||||||
| Coca-Cola European Partners PLC | 2,984,603 | 154,693,743 | ||||||
| Compass Group PLC (*) | 3,147,969 | 63,451,490 | ||||||
| Informa PLC (*) | 15,768,784 | 121,741,072 | ||||||
| InterContinental Hotels Group PLC (*) | 644,952 | 44,367,112 | ||||||
| Linde PLC | 236,382 | 66,204,184 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Prudential PLC | 6,407,396 | $ | 135,833,705 | |||||
| RELX PLC | 8,055,272 | 202,081,392 | ||||||
| Rio Tinto PLC | 2,285,122 | 174,816,058 | ||||||
| Tesco PLC | 28,801,118 | 90,893,575 | ||||||
| THG PLC | 2,521,939 | 21,680,069 | ||||||
| 1,075,762,400 | ||||||||
| United States | 6.9% | ||||||||
| Accenture PLC, Class A | 387,280 | 106,986,100 | ||||||
| Aon PLC, Class A | 726,956 | 167,279,845 | ||||||
| Medtronic PLC | 1,277,596 | 150,922,416 | ||||||
| 425,188,361 | ||||||||
| Total Common Stocks (Cost $4,224,709,174) | 5,610,688,395 | |||||||
| Preferred Stocks | 4.6% | ||||||||
| Brazil | 0.7% | ||||||||
| Banco Bradesco SA | 8,276,400 | 39,362,765 | ||||||
| Germany | 3.9% | ||||||||
| Volkswagen AG | 862,745 | 241,105,461 | ||||||
| Total Preferred Stocks (Cost $193,870,249) | 280,468,226 | |||||||
| Short-Term Investments | 3.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $204,321,993) | 204,321,993 | 204,321,993 | ||||||
| Total Investments | 99.7% (Cost $4,622,901,416) | $ | 6,095,478,614 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 20,171,019 | |||||||
| Net Assets | 100.0% | $ | 6,115,649,633 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 98.1% | ||||||||
| Australia | 1.2% | ||||||||
| Ansell, Ltd. | 2,173 | $ | 64,935 | |||||
| Charter Hall Long Wale REIT | 18,605 | 66,863 | ||||||
| CSL, Ltd. | 591 | 119,095 | ||||||
| Fortescue Metals Group, Ltd. | 3,081 | 47,034 | ||||||
| 297,927 | ||||||||
| Belgium | 0.9% | ||||||||
| Cofinimmo SA REIT | 416 | 60,612 | ||||||
| Etablissements Franz Colruyt NV | 1,882 | 112,255 | ||||||
| Proximus SADP | 2,838 | 61,784 | ||||||
| 234,651 | ||||||||
| Canada | 4.1% | ||||||||
| Allied Properties Real Estate Investment Trust | 2,009 | 64,968 | ||||||
| Constellation Software, Inc. | 68 | 94,965 | ||||||
| Empire Co., Ltd., Class A | 9,243 | 288,168 | ||||||
| Hydro One, Ltd. | 3,728 | 86,830 | ||||||
| Metro, Inc. | 2,480 | 113,136 | ||||||
| Quebecor, Inc., Class B | 7,450 | 200,018 | ||||||
| Rogers Communications, Inc., Class B | 3,896 | 179,656 | ||||||
| 1,027,741 | ||||||||
| Denmark | 1.7% | ||||||||
| Coloplast A/S, Class B | 648 | 97,556 | ||||||
| Novo Nordisk A/S, Class B | 4,806 | 324,559 | ||||||
| 422,115 | ||||||||
| Finland | 0.2% | ||||||||
| Elisa Oyj | 971 | 58,258 | ||||||
| France | 1.4% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 442 | 66,182 | ||||||
| La Francaise des Jeux SAEM | 1,544 | 70,115 | ||||||
| Orange SA | 11,520 | 141,804 | ||||||
| Sartorius Stedim Biotech | 166 | 68,365 | ||||||
| 346,466 | ||||||||
| Hong Kong | 2.0% | ||||||||
| CLP Holdings, Ltd. | 10,500 | 102,012 | ||||||
| Hysan Development Co., Ltd. | 16,000 | 62,598 | ||||||
| Jardine Matheson Holdings, Ltd. | 900 | 58,901 | ||||||
| Sun Hung Kai Properties, Ltd. | 18,000 | 273,044 | ||||||
| 496,555 | ||||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 57,777 | 61,859 | ||||||
| Description | Shares | Fair Value | ||||||
| Japan | 16.4% | ||||||||
| Activia Properties, Inc. REIT | 14 | $ | 61,544 | |||||
| Advance Residence Investment Corp. REIT | 55 | 172,581 | ||||||
| Ajinomoto Co., Inc. | 6,500 | 133,323 | ||||||
| Benesse Holdings, Inc. | 3,800 | 80,037 | ||||||
| Chubu Electric Power Co., Inc. | 5,300 | 68,413 | ||||||
| Dai-ichi Life Holdings, Inc. | 3,200 | 55,381 | ||||||
| Daito Trust Construction Co., Ltd. | 1,600 | 186,136 | ||||||
| Daiwa Securities Living Investments Corp. REIT | 111 | 109,004 | ||||||
| DCM Holdings Co., Ltd. | 14,100 | 147,616 | ||||||
| Electric Power Development Co., Ltd. | 8,100 | 141,809 | ||||||
| Fuji Media Holdings, Inc. | 4,300 | 52,806 | ||||||
| FUJIFILM Holdings Corp. | 1,100 | 65,516 | ||||||
| Hitachi Zosen Corp. | 28,100 | 226,833 | ||||||
| ITOCHU Corp. | 3,700 | 120,290 | ||||||
| Japan Logistics Fund, Inc. REIT | 49 | 138,001 | ||||||
| Japan Post Bank Co., Ltd. | 35,200 | 337,849 | ||||||
| Japan Post Holdings Co., Ltd. | 12,300 | 110,024 | ||||||
| Japan Real Estate Investment Corp. | 21 | 124,080 | ||||||
| K’s Holdings Corp. | 6,100 | 84,013 | ||||||
| KDDI Corp. | 2,100 | 64,527 | ||||||
| Kyudenko Corp. | 2,000 | 76,459 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 4,800 | 221,234 | ||||||
| Nintendo Co., Ltd. | 200 | 111,949 | ||||||
| Osaka Gas Co., Ltd. | 6,900 | 134,907 | ||||||
| Rengo Co., Ltd. | 6,400 | 55,662 | ||||||
| Sankyo Co., Ltd. | 2,200 | 58,258 | ||||||
| Seven & I Holdings Co., Ltd. | 2,000 | 80,824 | ||||||
| Shimano, Inc. | 300 | 71,657 | ||||||
| Shimizu Corp. | 12,100 | 98,334 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 1,600 | 55,694 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 2,400 | 76,663 | ||||||
| Teijin, Ltd. | 2,800 | 48,242 | ||||||
| The Hachijuni Bank, Ltd. | 19,700 | 71,619 | ||||||
| The Kansai Electric Power Co., Inc. | 10,500 | 113,967 | ||||||
| Tohoku Electric Power Co., Inc. | 20,100 | 190,317 | ||||||
| Tokyo Gas Co., Ltd. | 9,400 | 208,924 | ||||||
| 4,154,493 | ||||||||
| Netherlands | 1.5% | ||||||||
| Flow Traders | 1,432 | 59,879 | ||||||
| Koninklijke Ahold Delhaize NV | 6,896 | 192,081 | ||||||
| Wolters Kluwer NV | 1,359 | 118,136 | ||||||
| 370,096 | ||||||||
| New Zealand | 0.7% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 8,171 | 183,471 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Norway | 1.8% | ||||||||
| Orkla ASA | 21,532 | $ | 211,114 | |||||
| Telenor ASA | 10,275 | 180,920 | ||||||
| Yara International ASA | 1,331 | 69,234 | ||||||
| 461,268 | ||||||||
| Singapore | 0.3% | ||||||||
| Singapore Exchange, Ltd. | 9,300 | 69,087 | ||||||
| Spain | 0.4% | ||||||||
| Corporacion Financiera Alba SA | 395 | 19,612 | ||||||
| Iberdrola SA | 7,181 | 92,581 | ||||||
| 112,193 | ||||||||
| Sweden | 0.9% | ||||||||
| Axfood AB | 5,417 | 129,487 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 7,079 | 93,640 | ||||||
| 223,127 | ||||||||
| Switzerland | 3.2% | ||||||||
| Credit Suisse Group AG | 4,973 | 52,504 | ||||||
| Kuehne + Nagel International AG | 601 | 171,489 | ||||||
| Roche Holding AG | 1,116 | 360,735 | ||||||
| Swisscom AG | 326 | 174,884 | ||||||
| UBS Group AG | 4,139 | 64,085 | ||||||
| 823,697 | ||||||||
| United Kingdom | 3.0% | ||||||||
| BT Group PLC (*) | 29,645 | 63,280 | ||||||
| Genus PLC | 773 | 51,777 | ||||||
| GlaxoSmithKline PLC | 3,908 | 69,368 | ||||||
| HSBC Holdings PLC | 16,469 | 96,063 | ||||||
| Imperial Brands PLC | 3,918 | 80,607 | ||||||
| J Sainsbury PLC | 57,965 | 193,822 | ||||||
| Rio Tinto PLC | 716 | 54,775 | ||||||
| Rio Tinto, Ltd. | 517 | 43,724 | ||||||
| Standard Chartered PLC | 7,242 | 49,829 | ||||||
| Vodafone Group PLC | 28,213 | 51,342 | ||||||
| 754,587 | ||||||||
| United States | 58.2% | ||||||||
| 3M Co. | 666 | 128,325 | ||||||
| Accenture PLC, Class A | 424 | 117,130 | ||||||
| Activision Blizzard, Inc. | 626 | 58,218 | ||||||
| Aflac, Inc. | 1,259 | 64,436 | ||||||
| Agilent Technologies, Inc. | 560 | 71,198 | ||||||
| Altria Group, Inc. | 1,720 | 87,995 | ||||||
| Amdocs, Ltd. | 620 | 43,493 | ||||||
| Ameren Corp. | 646 | 52,559 | ||||||
| American Tower Corp. REIT | 335 | 80,085 | ||||||
| Description | Shares | Fair Value | ||||||
| American Water Works Co., Inc. | 512 | $ | 76,759 | |||||
| AmerisourceBergen Corp. | 1,080 | 127,516 | ||||||
| Amgen, Inc. | 359 | 89,323 | ||||||
| Aon PLC, Class A | 556 | 127,941 | ||||||
| Apartment Investment and Management Co. REIT, Class A | 12,166 | 74,699 | ||||||
| AptarGroup, Inc. | 1,392 | 197,205 | ||||||
| AT&T, Inc. | 3,439 | 104,099 | ||||||
| Atmos Energy Corp. | 1,276 | 126,133 | ||||||
| Automatic Data Processing, Inc. | 1,412 | 266,120 | ||||||
| AutoZone, Inc. (*) | 50 | 70,215 | ||||||
| Avery Dennison Corp. | 356 | 65,379 | ||||||
| Berkshire Hathaway, Inc. Class B (*) | 504 | 128,757 | ||||||
| Best Buy Co., Inc. | 609 | 69,919 | ||||||
| Booz Allen Hamilton Holding Corp. | 2,314 | 186,346 | ||||||
| Bristol-Myers Squibb Co. | 807 | 50,946 | ||||||
| Campbell Soup Co. | 1,807 | 90,838 | ||||||
| Cboe Global Markets, Inc. | 637 | 62,866 | ||||||
| Centene Corp. (*) | 942 | 60,203 | ||||||
| Charter Communications, Inc., Class A (*) | 78 | 48,128 | ||||||
| Chubb, Ltd. | 284 | 44,863 | ||||||
| Cisco Systems, Inc. | 3,564 | 184,294 | ||||||
| Colgate-Palmolive Co. | 3,969 | 312,876 | ||||||
| Comcast Corp., Class A | 915 | 49,511 | ||||||
| Costco Wholesale Corp. | 350 | 123,368 | ||||||
| CVS Health Corp. | 2,480 | 186,570 | ||||||
| Dolby Laboratories, Inc., Class A | 913 | 90,131 | ||||||
| Dollar General Corp. | 1,524 | 308,793 | ||||||
| Dominion Energy, Inc. | 838 | 63,654 | ||||||
| Domino’s Pizza, Inc. | 424 | 155,943 | ||||||
| DTE Energy Co. | 480 | 63,907 | ||||||
| Duke Energy Corp. | 1,039 | 100,295 | ||||||
| Eli Lilly & Co. | 704 | 131,521 | ||||||
| Evergy, Inc. | 1,148 | 68,340 | ||||||
| Exlservice Holdings, Inc. (*) | 744 | 67,079 | ||||||
| Extra Space Storage, Inc. REIT | 453 | 60,045 | ||||||
| FTI Consulting, Inc. (*) | 468 | 65,571 | ||||||
| General Mills, Inc. | 1,962 | 120,310 | ||||||
| Gilead Sciences, Inc. | 1,511 | 97,656 | ||||||
| Graco, Inc. | 1,481 | 106,069 | ||||||
| Hormel Foods Corp. | 3,106 | 148,405 | ||||||
| Humana, Inc. | 151 | 63,307 | ||||||
| Huntington Ingalls Industries, Inc. | 346 | 71,224 | ||||||
| IDEXX Laboratories, Inc. (*) | 147 | 71,929 | ||||||
| Intel Corp. | 924 | 59,136 | ||||||
| Intuit, Inc. | 167 | 63,971 | ||||||
| Jack Henry & Associates, Inc. | 799 | 121,224 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| JB Hunt Transport Services, Inc. | 494 | $ | 83,027 | |||||
| Johnson & Johnson | 2,105 | 345,957 | ||||||
| Kellogg Co. | 4,047 | 256,175 | ||||||
| Keysight Technologies, Inc. (*) | 705 | 101,097 | ||||||
| Kimberly-Clark Corp. | 2,257 | 313,836 | ||||||
| Lockheed Martin Corp. | 668 | 246,826 | ||||||
| Martin Marietta Materials, Inc. | 179 | 60,112 | ||||||
| McDonald’s Corp. | 231 | 51,776 | ||||||
| McKesson Corp. | 396 | 77,236 | ||||||
| MDU Resources Group, Inc. | 2,409 | 76,148 | ||||||
| Merck & Co., Inc. | 3,522 | 271,511 | ||||||
| Mettler-Toledo International, Inc. (*) | 57 | 65,874 | ||||||
| Microsoft Corp. | 226 | 53,284 | ||||||
| ModivCare, Inc. (*) | 362 | 53,619 | ||||||
| Moody’s Corp. | 203 | 60,618 | ||||||
| Motorola Solutions, Inc. | 320 | 60,176 | ||||||
| MYR Group, Inc. (*) | 923 | 66,151 | ||||||
| Newmont Corp. | 1,486 | 89,561 | ||||||
| Northrop Grumman Corp. | 579 | 187,388 | ||||||
| O’Reilly Automotive, Inc. (*) | 108 | 54,783 | ||||||
| Old Republic International Corp. | 4,356 | 95,135 | ||||||
| Oracle Corp. | 2,590 | 181,740 | ||||||
| Paychex, Inc. | 1,167 | 114,389 | ||||||
| PepsiCo, Inc. | 1,610 | 227,735 | ||||||
| Philip Morris International, Inc. | 1,371 | 121,663 | ||||||
| Portland General Electric Co. | 1,302 | 61,806 | ||||||
| Public Storage REIT | 795 | 196,174 | ||||||
| QUALCOMM, Inc. | 435 | 57,677 | ||||||
| Quanta Services, Inc. | 1,216 | 106,984 | ||||||
| Quest Diagnostics, Inc. | 670 | 85,988 | ||||||
| Realty Income Corp. REIT | 943 | 59,881 | ||||||
| Republic Services, Inc. | 3,065 | 304,508 | ||||||
| ResMed, Inc. | 268 | 51,997 | ||||||
| S&P Global, Inc. | 395 | 139,384 | ||||||
| SBA Communications Corp. REIT | 236 | 65,502 | ||||||
| Service Corp. International | 3,988 | 203,587 | ||||||
| Sirius XM Holdings, Inc. | 10,230 | 62,301 | ||||||
| Southwest Gas Holdings, Inc. | 3,092 | 212,451 | ||||||
| Stepan Co. | 503 | 63,936 | ||||||
| STERIS PLC | 443 | 84,383 | ||||||
| Synopsys, Inc. (*) | 202 | 50,052 | ||||||
| Target Corp. | 1,574 | 311,762 | ||||||
| Texas Instruments, Inc. | 340 | 64,257 | ||||||
| The Allstate Corp. | 918 | 105,478 | ||||||
| The Bank of New York Mellon Corp. | 2,857 | 135,108 | ||||||
| The Clorox Co. | 1,484 | 286,234 | ||||||
| Description | Shares | Fair Value | ||||||
| The Hanover Insurance Group, Inc. | 740 | $ | 95,800 | |||||
| The Hartford Financial Services Group, Inc. | 1,185 | 79,146 | ||||||
| The Hershey Co. | 1,060 | 167,650 | ||||||
| The Home Depot, Inc. | 270 | 82,418 | ||||||
| The J.M. Smucker Co. | 510 | 64,530 | ||||||
| The Kroger Co. | 3,244 | 116,752 | ||||||
| The Procter & Gamble Co. | 2,391 | 323,813 | ||||||
| Thermo Fisher Scientific, Inc. | 401 | 183,008 | ||||||
| Tractor Supply Co. | 558 | 98,811 | ||||||
| United Therapeutics Corp. (*) | 402 | 67,243 | ||||||
| UnitedHealth Group, Inc. | 188 | 69,949 | ||||||
| Verizon Communications, Inc. | 6,484 | 377,045 | ||||||
| Viatris, Inc. (*) | 2,852 | 39,842 | ||||||
| Walmart, Inc. | 2,268 | 308,062 | ||||||
| Waste Management, Inc. | 1,121 | 144,631 | ||||||
| Waters Corp. (*) | 306 | 86,956 | ||||||
| WD-40 Co. | 323 | 98,896 | ||||||
| WEC Energy Group, Inc. | 1,967 | 184,092 | ||||||
| Werner Enterprises, Inc. | 1,201 | 56,651 | ||||||
| West Pharmaceutical Services, Inc. | 330 | 92,987 | ||||||
| Xcel Energy, Inc. | 1,328 | 88,325 | ||||||
| Zoetis, Inc. | 890 | 140,157 | ||||||
| 14,718,854 | ||||||||
| Total Common Stocks (Cost $22,938,109) | 24,816,445 | |||||||
| Short-Term Investments | 2.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7
day yield) (Cost $505,796) | 505,796 | 505,796 | ||||||
| Total Investments | 100.1% (Cost $23,443,905) (») | $ | 25,322,241 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (14,605 | ) | ||||||
| Net Assets | 100.0% | $ | 25,307,636 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 98.9% | ||||||||
| Building Products | 2.9% | ||||||||
| Armstrong World Industries, Inc. | 607,411 | $ | 54,721,657 | |||||
| Capital Markets | 8.8% | ||||||||
| Intercontinental Exchange, Inc. | 757,540 | 84,602,067 | ||||||
| S&P Global, Inc. | 232,479 | 82,034,865 | ||||||
| 166,636,932 | ||||||||
| Commercial Services & Supplies | 4.4% | ||||||||
| Waste Management, Inc. | 646,363 | 83,393,754 | ||||||
| Construction Materials | 3.4% | ||||||||
| Vulcan Materials Co. | 384,838 | 64,941,412 | ||||||
| Distributors | 2.2% | ||||||||
| LKQ Corp. (*) | 985,976 | 41,736,364 | ||||||
| Electronic Equipment, Instruments & Components | 3.6% | ||||||||
| CDW Corp. | 137,772 | 22,835,709 | ||||||
| Zebra Technologies Corp., Class A (*) | 94,521 | 45,859,699 | ||||||
| 68,695,408 | ||||||||
| Entertainment | 0.7% | ||||||||
| Electronic Arts, Inc. | 93,197 | 12,616,078 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 9.2% | ||||||||
| Crown Castle International Corp., REIT | 423,781 | 72,945,424 | ||||||
| Public Storage REIT | 411,424 | 101,522,986 | ||||||
| 174,468,410 | ||||||||
| Food & Staples Retailing | 2.5% | ||||||||
| Sysco Corp. | 611,108 | 48,118,644 | ||||||
| Health Care Equipment & Supplies | 12.3% | ||||||||
| Baxter International, Inc. | 943,026 | 79,534,813 | ||||||
| Medtronic PLC | 1,302,175 | 153,825,933 | ||||||
| 233,360,746 | ||||||||
| Hotels, Restaurants & Leisure | 6.1% | ||||||||
| McDonald’s Corp. | 349,224 | 78,275,067 | ||||||
| Starbucks Corp. | 347,225 | 37,941,276 | ||||||
| 116,216,343 | ||||||||
| Interactive Media & Services | 8.3% | ||||||||
| Alphabet, Inc., Class A (*) | 75,918 | 156,582,393 | ||||||
| IT Services | 11.4% | ||||||||
| Fiserv, Inc. (*) | 1,161,091 | 138,216,273 | ||||||
| VeriSign, Inc. (*) | 113,505 | 22,560,254 | ||||||
| Visa, Inc., Class A | 263,735 | 55,840,611 | ||||||
| 216,617,138 | ||||||||
| Leisure Products | 0.3% | ||||||||
| Brunswick Corp. | 69,975 | 6,673,516 | ||||||
| Description | Shares | Fair Value | ||||||
| Life Sciences Tools & Services | 2.4% | ||||||||
| Sotera Health Co. | 1,861,463 | $ | 46,462,116 | |||||
| Multiline Retail | 3.7% | ||||||||
| Dollar Tree, Inc. (*) | 609,645 | 69,779,967 | ||||||
| Road & Rail | 1.9% | ||||||||
| Norfolk Southern Corp. | 136,776 | 36,727,091 | ||||||
| Semiconductors & Semiconductor Equipment | 10.7% | ||||||||
| Analog Devices, Inc. | 801,797 | 124,342,679 | ||||||
| Skyworks Solutions, Inc. | 424,772 | 77,937,166 | ||||||
| 202,279,845 | ||||||||
| Specialty Retail | 4.1% | ||||||||
| Lowe’s Cos., Inc. | 404,920 | 77,007,686 | ||||||
| Total Common Stocks (Cost $1,242,698,331) | 1,877,035,500 | |||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $22,497,842) | 22,497,842 | 22,497,842 | ||||||
| Total Investments | 100.1% (Cost $1,265,196,173) | $ | 1,899,533,342 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (2,535,269 | ) | ||||||
| Net Assets | 100.0% | $ | 1,896,998,073 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 97.8% | ||||||||
| Auto Components | 1.1% | ||||||||
| Aptiv PLC (*) | 5,402 | $ | 744,936 | |||||
| Banks | 6.4% | ||||||||
| Bank of America Corp. | 86,771 | 3,357,170 | ||||||
| Commerce Bancshares, Inc. | 12,413 | 950,960 | ||||||
| 4,308,130 | ||||||||
| Beverages | 3.1% | ||||||||
| The Coca-Cola Co. | 39,194 | 2,065,916 | ||||||
| Capital Markets | 4.4% | ||||||||
| Intercontinental Exchange, Inc. | 26,345 | 2,942,210 | ||||||
| Commercial Services & Supplies | 3.9% | ||||||||
| Waste Management, Inc. | 20,635 | 2,662,328 | ||||||
| Communications Equipment | 2.4% | ||||||||
| Cisco Systems, Inc. | 31,650 | 1,636,621 | ||||||
| Consumer Finance | 4.2% | ||||||||
| American Express Co. | 19,817 | 2,802,916 | ||||||
| Food & Staples Retailing | 2.2% | ||||||||
| Sysco Corp. | 19,190 | 1,511,021 | ||||||
| Health Care Equipment & Supplies | 9.4% | ||||||||
| Danaher Corp. | 10,980 | 2,471,378 | ||||||
| Medtronic PLC | 32,446 | 3,832,846 | ||||||
| 6,304,224 | ||||||||
| Hotels, Restaurants & Leisure | 6.5% | ||||||||
| McDonald’s Corp. | 12,665 | 2,838,733 | ||||||
| Starbucks Corp. | 14,360 | 1,569,117 | ||||||
| 4,407,850 | ||||||||
| Industrial Conglomerates | 4.3% | ||||||||
| Honeywell International, Inc. | 13,256 | 2,877,480 | ||||||
| Insurance | 2.9% | ||||||||
| Marsh & McLennan Cos., Inc. | 16,206 | 1,973,891 | ||||||
| Interactive Media & Services | 7.9% | ||||||||
| Alphabet, Inc., Class A (*) | 2,565 | 5,290,364 | ||||||
| IT Services | 5.4% | ||||||||
| Visa, Inc., Class A | 17,075 | 3,615,290 | ||||||
| Life Sciences Tools & Services | 2.2% | ||||||||
| IQVIA Holdings, Inc. (*) | 7,675 | 1,482,349 | ||||||
| Multiline Retail | 2.7% | ||||||||
| Dollar General Corp. | 8,847 | 1,792,579 | ||||||
| Pharmaceuticals | 5.6% | ||||||||
| Johnson & Johnson | 23,053 | 3,788,761 | ||||||
| Road & Rail | 4.5% | ||||||||
| Norfolk Southern Corp. | 11,243 | 3,018,970 | ||||||
| Description | Shares | Fair Value | ||||||
| Semiconductors & Semiconductor Equipment | 4.7% | ||||||||
| Analog Devices, Inc. | 20,491 | $ | 3,177,744 | |||||
| Software | 8.9% | ||||||||
| Adobe, Inc. (*) | 2,129 | 1,012,063 | ||||||
| Microsoft Corp. | 21,066 | 4,966,731 | ||||||
| 5,978,794 | ||||||||
| Specialty Retail | 5.1% | ||||||||
| Lowe’s Cos., Inc. | 18,224 | 3,465,840 | ||||||
| Total Common Stocks (Cost $46,564,336) | 65,848,214 | |||||||
| Short-Term Investments | 2.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,544,947) | 1,544,947 | 1,544,947 | ||||||
| Total Investments | 100.1% (Cost $48,109,283) | $ | 67,393,161 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (68,691 | ) | ||||||
| Net Assets | 100.0% | $ | 67,324,470 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 98.3% | ||||||||
| Aerospace & Defense | 2.2% | ||||||||
| Curtiss-Wright Corp. | 14,376 | $ | 1,704,994 | |||||
| HEICO Corp. | 6,074 | 764,109 | ||||||
| 2,469,103 | ||||||||
| Air Freight & Logistics | 0.9% | ||||||||
| Echo Global Logistics, Inc. (*) | 32,535 | 1,021,924 | ||||||
| Airlines | 0.9% | ||||||||
| Alaska Air Group, Inc. (*) | 15,614 | 1,080,645 | ||||||
| Auto Components | 0.9% | ||||||||
| Gentherm, Inc. (*) | 13,202 | 978,400 | ||||||
| Banks | 9.2% | ||||||||
| Citizens Financial Group, Inc. | 29,293 | 1,293,286 | ||||||
| Commerce Bancshares, Inc. | 20,960 | 1,605,746 | ||||||
| East West Bancorp, Inc. | 19,862 | 1,465,816 | ||||||
| Home BancShares, Inc. | 90,340 | 2,443,697 | ||||||
| Pinnacle Financial Partners, Inc. | 22,572 | 2,001,233 | ||||||
| Prosperity Bancshares, Inc. NA | 23,106 | 1,730,408 | ||||||
| 10,540,186 | ||||||||
| Biotechnology | 3.9% | ||||||||
| Emergent Biosolutions, Inc. (*) | 9,301 | 864,156 | ||||||
| Exelixis, Inc. (*) | 77,239 | 1,744,829 | ||||||
| United Therapeutics Corp. (*) | 11,187 | 1,871,249 | ||||||
| 4,480,234 | ||||||||
| Building Products | 2.8% | ||||||||
| Armstrong World Industries, Inc. | 17,360 | 1,563,962 | ||||||
| PGT Innovations, Inc. (*) | 64,423 | 1,626,681 | ||||||
| 3,190,643 | ||||||||
| Capital Markets | 2.0% | ||||||||
| Fortress Value Acquisition Corp., Class A (*) | 114,398 | 1,140,548 | ||||||
| Morningstar, Inc. | 5,051 | 1,136,677 | ||||||
| 2,277,225 | ||||||||
| Chemicals | 2.2% | ||||||||
| Ingevity Corp. (*) | 19,724 | 1,489,754 | ||||||
| Innospec, Inc. | 10,005 | 1,027,413 | ||||||
| 2,517,167 | ||||||||
| Communications Equipment | 2.9% | ||||||||
| Ciena Corp. (*) | 24,863 | 1,360,504 | ||||||
| F5 Networks, Inc. (*) | 9,668 | 2,016,938 | ||||||
| 3,377,442 | ||||||||
| Construction & Engineering | 1.3% | ||||||||
| Valmont Industries, Inc. | 6,104 | 1,450,738 | ||||||
| Description | Shares | Fair Value | ||||||
| Construction Materials | 1.7% | ||||||||
| Eagle Materials, Inc. | 14,150 | $ | 1,901,901 | |||||
| Containers & Packaging | 2.4% | ||||||||
| Avery Dennison Corp. | 7,090 | 1,302,079 | ||||||
| Graphic Packaging Holding Co. | 80,315 | 1,458,520 | ||||||
| 2,760,599 | ||||||||
| Electrical Equipment | 1.9% | ||||||||
| Atkore, Inc. (*) | 12,926 | 929,379 | ||||||
| EnerSys | 14,113 | 1,281,461 | ||||||
| 2,210,840 | ||||||||
| Electronic Equipment, Instruments & Components | 1.1% | ||||||||
| Zebra Technologies Corp., Class A (*) | 2,718 | 1,318,719 | ||||||
| Energy Equipment & Services | 2.2% | ||||||||
| Cactus, Inc., Class A | 50,975 | 1,560,855 | ||||||
| Liberty Oilfield Services, Inc., Class A (*) | 88,939 | 1,004,121 | ||||||
| 2,564,976 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 7.4% | ||||||||
| Alexandria Real Estate Equities, Inc., REIT | 9,522 | 1,564,464 | ||||||
| Brixmor Property Group, Inc. REIT | 72,873 | 1,474,221 | ||||||
| Camden Property Trust REIT | 12,691 | 1,394,868 | ||||||
| Hudson Pacific Properties, Inc., REIT | 26,621 | 722,228 | ||||||
| PS Business Parks, Inc., REIT | 12,613 | 1,949,717 | ||||||
| Summit Hotel Properties, Inc. REIT (*) | 142,610 | 1,448,918 | ||||||
| 8,554,416 | ||||||||
| Food & Staples Retailing | 2.9% | ||||||||
| Casey’s General Stores, Inc. | 7,523 | 1,626,397 | ||||||
| US Foods Holding Corp. (*) | 44,813 | 1,708,272 | ||||||
| 3,334,669 | ||||||||
| Gas Utilities | 1.6% | ||||||||
| New Jersey Resources Corp. | 45,970 | 1,832,824 | ||||||
| Health Care Equipment & Supplies | 2.2% | ||||||||
| Ortho Clinical Diagnostics Holdings PLC | 52,527 | 1,013,508 | ||||||
| STERIS PLC | 7,908 | 1,506,316 | ||||||
| 2,519,824 | ||||||||
| Health Care Providers & Services | 1.5% | ||||||||
| Henry Schein, Inc. (*) | 24,121 | 1,670,138 | ||||||
| Hotels, Restaurants & Leisure | 1.7% | ||||||||
| Wyndham Hotels & Resorts, Inc. | 27,426 | 1,913,786 | ||||||
| Household Durables | 1.7% | ||||||||
| Helen of Troy, Ltd. (*) | 3,391 | 714,348 | ||||||
| Leggett & Platt, Inc. | 26,846 | 1,225,520 | ||||||
| 1,939,868 | ||||||||
| Industrial Conglomerates | 1.4% | ||||||||
| Carlisle Cos., Inc. | 9,772 | 1,608,276 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Insurance | 5.1% | ||||||||
| Arch Capital Group, Ltd. (*) | 52,845 | $ | 2,027,663 | |||||
| Brown & Brown, Inc. | 38,938 | 1,779,856 | ||||||
| MetroMile, Inc. (*) | 54,207 | 557,790 | ||||||
| Reinsurance Group of America, Inc. | 11,818 | 1,489,659 | ||||||
| 5,854,968 | ||||||||
| Interactive Media & Services | 1.9% | ||||||||
| Cars.com, Inc. (*) | 117,117 | 1,517,836 | ||||||
| MediaAlpha, Inc., Class A | 20,163 | 714,375 | ||||||
| 2,232,211 | ||||||||
| IT Services | 0.9% | ||||||||
| Amdocs, Ltd. | 14,466 | 1,014,790 | ||||||
| Leisure Products | 2.5% | ||||||||
| Brunswick Corp. | 10,952 | 1,044,492 | ||||||
| Hasbro, Inc. | 18,845 | 1,811,382 | ||||||
| 2,855,874 | ||||||||
| Life Sciences Tools & Services | 4.9% | ||||||||
| Adaptive Biotechnologies Corp. (*) | 36,057 | 1,451,655 | ||||||
| Charles River Laboratories International, Inc. (*) | 5,584 | 1,618,411 | ||||||
| ICON PLC (*) | 6,245 | 1,226,331 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A | 37,996 | 1,354,177 | ||||||
| 5,650,574 | ||||||||
| Machinery | 3.8% | ||||||||
| Altra Industrial Motion Corp. | 22,475 | 1,243,317 | ||||||
| Columbus McKinnon Corp. | 13,202 | 696,538 | ||||||
| Gates Industrial Corp. PLC (*) | 108,564 | 1,735,938 | ||||||
| Kennametal, Inc. | 18,587 | 742,922 | ||||||
| 4,418,715 | ||||||||
| Metals & Mining | 1.2% | ||||||||
| Schnitzer Steel Industries, Inc., Class A | 33,832 | 1,413,839 | ||||||
| Oil, Gas & Consumable Fuels | 1.3% | ||||||||
| Magnolia Oil & Gas Corp., Class A (*) | 131,969 | 1,515,004 | ||||||
| Paper & Forest Products | 1.3% | ||||||||
| Neenah, Inc. | 28,484 | 1,463,508 | ||||||
| Pharmaceuticals | 1.3% | ||||||||
| Catalent, Inc. (*) | 13,895 | 1,463,282 | ||||||
| Professional Services | 0.9% | ||||||||
| Leidos Holdings, Inc. | 10,462 | 1,007,281 | ||||||
| Semiconductors & Semiconductor Equipment | 3.0% | ||||||||
| CMC Materials, Inc. | 6,574 | 1,162,218 | ||||||
| MKS Instruments, Inc. | 12,346 | 2,289,195 | ||||||
| 3,451,413 | ||||||||
| Description | Shares | Fair Value | ||||||
| Software | 6.3% | ||||||||
| CyberArk Software, Ltd. (*) | 6,056 | $ | 783,283 | |||||
| Datto Holding Corp. | 38,344 | 878,461 | ||||||
| j2 Global, Inc. (*) | 10,984 | 1,316,542 | ||||||
| Pegasystems, Inc. | 14,049 | 1,606,363 | ||||||
| PTC, Inc. (*) | 10,788 | 1,484,968 | ||||||
| SolarWinds Corp. (*) | 66,344 | 1,157,040 | ||||||
| 7,226,657 | ||||||||
| Specialty Retail | 2.1% | ||||||||
| Designer Brands, Inc., Class A (*) | 51,647 | 898,658 | ||||||
| Floor & Decor Holdings, Inc., Class A (*) | 7,175 | 685,069 | ||||||
| Leslie’s, Inc. | 34,882 | 854,260 | ||||||
| 2,437,987 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.9% | ||||||||
| Carter’s, Inc. (*) | 12,753 | 1,134,124 | ||||||
| Tapestry, Inc. (*) | 26,573 | 1,095,074 | ||||||
| 2,229,198 | ||||||||
| Trading Companies & Distributors | 1.0% | ||||||||
| Air Lease Corp. | 23,127 | 1,133,223 | ||||||
| Total Common Stocks (Cost $82,819,448) | 112,883,067 | |||||||
| Total Investments | 98.3% (Cost $82,819,448) | $ | 112,883,067 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.7% | 1,956,023 | |||||||
| Net Assets | 100.0% | $ | 114,839,090 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 99.1% | ||||||||
| Auto Components | 0.9% | ||||||||
| Aptiv PLC (*) | 848 | $ | 116,939 | |||||
| Banks | 7.0% | ||||||||
| Commerce Bancshares, Inc. | 4,713 | 361,063 | ||||||
| The PNC Financial Services Group, Inc. | 2,944 | 516,407 | ||||||
| 877,470 | ||||||||
| Capital Markets | 4.5% | ||||||||
| Intercontinental Exchange, Inc. | 3,117 | 348,106 | ||||||
| The Charles Schwab Corp. | 3,443 | 224,415 | ||||||
| 572,521 | ||||||||
| Chemicals | 2.0% | ||||||||
| Ecolab, Inc. | 1,149 | 245,966 | ||||||
| Commercial Services & Supplies | 3.3% | ||||||||
| MSA Safety, Inc. | 573 | 85,962 | ||||||
| Waste Management, Inc. | 2,515 | 324,485 | ||||||
| 410,447 | ||||||||
| Communications Equipment | 2.1% | ||||||||
| Cisco Systems, Inc. | 5,140 | 265,789 | ||||||
| Containers & Packaging | 2.4% | ||||||||
| Ball Corp. | 3,640 | 308,454 | ||||||
| Electrical Equipment | 2.9% | ||||||||
| Rockwell Automation, Inc. | 1,394 | 370,023 | ||||||
| Entertainment | 1.9% | ||||||||
| The Walt Disney Co. (*) | 1,323 | 244,120 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.2% | ||||||||
| Prologis, Inc., REIT | 2,665 | 282,490 | ||||||
| Food & Staples Retailing | 1.3% | ||||||||
| Sysco Corp. | 2,097 | 165,118 | ||||||
| Food Products | 0.3% | ||||||||
| Vital Farms, Inc. | 1,609 | 35,141 | ||||||
| Health Care Equipment & Supplies | 8.4% | ||||||||
| Boston Scientific Corp. (*) | 5,571 | 215,319 | ||||||
| Danaher Corp. | 1,547 | 348,199 | ||||||
| Medtronic PLC | 4,240 | 500,871 | ||||||
| 1,064,389 | ||||||||
| Health Care Providers & Services | 5.2% | ||||||||
| Humana, Inc. | 399 | 167,281 | ||||||
| Laboratory Corp. of America Holdings (*) | 775 | 197,648 | ||||||
| UnitedHealth Group, Inc. | 774 | 287,982 | ||||||
| 652,911 | ||||||||
| Hotels, Restaurants & Leisure | 2.1% | ||||||||
| Starbucks Corp. | 2,394 | 261,592 | ||||||
| Description | Shares | Fair Value | ||||||
| Household Products | 2.3% | ||||||||
| The Procter & Gamble Co. | 2,141 | $ | 289,956 | |||||
| IT Services | 7.0% | ||||||||
| Accenture PLC, Class A | 1,571 | 433,989 | ||||||
| Visa, Inc., Class A | 2,093 | 443,151 | ||||||
| 877,140 | ||||||||
| Life Sciences Tools & Services | 5.1% | ||||||||
| Agilent Technologies, Inc. | 1,417 | 180,157 | ||||||
| IQVIA Holdings, Inc. (*) | 999 | 192,947 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A | 1,337 | 47,651 | ||||||
| Thermo Fisher Scientific, Inc. | 499 | 227,734 | ||||||
| 648,489 | ||||||||
| Machinery | 4.0% | ||||||||
| Deere & Co. | 871 | 325,876 | ||||||
| Watts Water Technologies, Inc., Class A | 702 | 83,404 | ||||||
| Xylem, Inc. | 871 | 91,612 | ||||||
| 500,892 | ||||||||
| Multiline Retail | 2.7% | ||||||||
| Dollar General Corp. | 1,694 | 343,238 | ||||||
| Pharmaceuticals | 4.6% | ||||||||
| Johnson & Johnson | 2,142 | 352,038 | ||||||
| Zoetis, Inc. | 1,446 | 227,716 | ||||||
| 579,754 | ||||||||
| Road & Rail | 2.6% | ||||||||
| Norfolk Southern Corp. | 1,198 | 321,687 | ||||||
| Semiconductors & Semiconductor Equipment | 6.2% | ||||||||
| Analog Devices, Inc. | 2,191 | 339,780 | ||||||
| Applied Materials, Inc. | 1,292 | 172,611 | ||||||
| Texas Instruments, Inc. | 1,446 | 273,280 | ||||||
| 785,671 | ||||||||
| Software | 12.5% | ||||||||
| Adobe, Inc. (*) | 275 | 130,727 | ||||||
| Intuit, Inc. | 498 | 190,764 | ||||||
| Microsoft Corp. | 4,015 | 946,617 | ||||||
| Palo Alto Networks, Inc. (*) | 251 | 80,837 | ||||||
| salesforce.com, Inc. (*) | 1,098 | 232,633 | ||||||
| 1,581,578 | ||||||||
| Specialty Retail | 5.6% | ||||||||
| Ross Stores, Inc. | 1,500 | 179,865 | ||||||
| The Home Depot, Inc. | 1,721 | 525,335 | ||||||
| 705,200 | ||||||||
| Total Common Stocks (Cost $10,161,379) | 12,506,975 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $227,013) | 227,013 | $ | 227,013 | |||||
| Total Investments | 100.9% (Cost $10,388,392) | $ | 12,733,988 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (117,678 | ) | ||||||
| Net Assets | 100.0% | $ | 12,616,310 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||
| Corporate Bonds | 7.8% | ||||||||||
| Brazil | 0.9% | ||||||||||
| MV24 Capital BV, 6.748%, 06/01/34 | USD | 189 | $ | 196,431 | ||||||
| India | 1.0% | ||||||||||
| Adani Ports & Special Economic Zone, Ltd., 4.200%, 08/04/27 | USD | 200 | 212,000 | |||||||
| Israel | 0.2% | ||||||||||
| Delek & Avner Tamar Bond, Ltd., 5.082%, 12/30/23 | USD | 50 | 51,728 | |||||||
| Kuwait | 1.0% | ||||||||||
| NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶) | USD | 200 | 207,312 | |||||||
| Malaysia | 0.7% | ||||||||||
| Petronas Energy Canada, Ltd., 2.112%, 03/23/28 (#) | USD | 150 | 148,068 | |||||||
| Mexico | 2.3% | ||||||||||
| Comision Federal de Electricidad, 3.348%, 02/09/31 (#) | USD | 200 | 191,937 | |||||||
| Petroleos Mexicanos: | ||||||||||
| 6.875%, 10/16/25 (#) | USD | 60 | 64,770 | |||||||
| 6.490%, 01/23/27 | USD | 30 | 31,235 | |||||||
| 5.350%, 02/12/28 | USD | 80 | 77,508 | |||||||
| 6.500%, 01/23/29 | USD | 35 | 35,337 | |||||||
| 7.690%, 01/23/50 | USD | 35 | 32,340 | |||||||
| 6.950%, 01/28/60 | USD | 85 | 72,569 | |||||||
| 505,696 | ||||||||||
| Peru | 1.7% | ||||||||||
| Banco de Credito del Peru, 3.125% (CMT 5 Year + 3.000%), 07/01/30 (#), (§) | USD | 100 | 99,835 | |||||||
| Fondo MIVIVIENDA SA, 7.000%, 02/14/24 | PEN | 180 | 54,755 | |||||||
| Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 | USD | 200 | 217,312 | |||||||
| 371,902 | ||||||||||
| Total Corporate Bonds (Cost $1,685,332) | 1,693,137 | |||||||||
| Foreign Government Obligations | 77.7% | ||||||||||
| Argentina | 0.5% | ||||||||||
| Republic of Argentina: | ||||||||||
| 1.000%, 07/09/29 | USD | 33 | 11,952 | |||||||
| 0.125%, 07/09/30 (Ø) | USD | 109 | 36,300 | |||||||
| 0.125%, 07/09/35 (Ø) | USD | 100 | 29,464 | |||||||
| 0.125%, 01/09/38 (Ø) | USD | 96 | 35,062 | |||||||
| 112,778 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Azerbaijan | 0.9% | ||||||||||
| Republic of Azerbaijan, 3.500%, 09/01/32 | USD | 200 | $ | 197,188 | ||||||
| Bahamas | 0.5% | ||||||||||
| Commonwealth of Bahamas, 8.950%, 10/15/32 | USD | 100 | 106,469 | |||||||
| Bahrain | 1.2% | ||||||||||
| Bahrain Government International Bonds, 6.750%, 09/20/29 | USD | 230 | 249,981 | |||||||
| Barbados | 0.0% | ||||||||||
| Barbados Government International Bonds, 6.500%, 10/01/29 (#) | USD | 10 | 10,172 | |||||||
| Belarus | 0.9% | ||||||||||
| Republic of Belarus, 5.875%, 02/24/26 | USD | 200 | 191,638 | |||||||
| Belize | 0.0% | ||||||||||
| Republic of Belize, 4.938%, 02/20/34 | USD | 16 | 6,035 | |||||||
| Brazil | 4.7% | ||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||
| 0.000%, 01/01/22 | BRL | 240 | 41,202 | |||||||
| 0.000%, 01/01/24 | BRL | 3,430 | 495,409 | |||||||
| Brazil NTN-F, 10.000%, 01/01/25 | BRL | 690 | 129,297 | |||||||
| Federal Republic of Brazil: | ||||||||||
| 2.875%, 06/06/25 | USD | 25 | 25,219 | |||||||
| 4.500%, 05/30/29 | USD | 115 | 118,630 | |||||||
| 3.875%, 06/12/30 | USD | 100 | 96,937 | |||||||
| 5.000%, 01/27/45 | USD | 55 | 52,164 | |||||||
| 5.625%, 02/21/47 | USD | 25 | 25,414 | |||||||
| 4.750%, 01/14/50 | USD | 30 | 27,141 | |||||||
| 1,011,413 | ||||||||||
| Chile | 0.5% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.500%, 03/01/26 | CLP | 20,000 | 30,773 | |||||||
| 2.300%, 10/01/28 | CLP | 25,000 | 33,098 | |||||||
| 2.800%, 10/01/33 | CLP | 25,000 | 30,097 | |||||||
| 6.000%, 01/01/43 | CLP | 10,000 | 16,549 | |||||||
| 110,517 | ||||||||||
| China | 7.5% | ||||||||||
| China Development Bank: | ||||||||||
| 1.860%, 04/09/23 | CNY | 1,780 | 265,184 | |||||||
| 3.500%, 08/13/26 | CNY | 3,050 | 466,311 | |||||||
| 3.450%, 09/20/29 | CNY | 390 | 58,634 | |||||||
| China Government Bonds: | ||||||||||
| 2.360%, 07/02/23 | CNY | 700 | 105,670 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 3.120%, 12/05/26 | CNY | 4,230 | $ | 646,504 | ||||||
| 2.680%, 05/21/30 | CNY | 460 | 66,992 | |||||||
| 1,609,295 | ||||||||||
| Colombia | 4.1% | ||||||||||
| Colombia Government International Bonds: | ||||||||||
| 3.000%, 01/30/30 | USD | 60 | 58,631 | |||||||
| 5.200%, 05/15/49 | USD | 40 | 44,000 | |||||||
| Colombian Titulos De Tesoreria: | ||||||||||
| 6.250%, 11/26/25 | COP | 768,300 | 217,609 | |||||||
| 7.500%, 08/26/26 | COP | 757,000 | 223,335 | |||||||
| 6.000%, 04/28/28 | COP | 289,800 | 77,245 | |||||||
| 7.000%, 06/30/32 | COP | 224,000 | 59,454 | |||||||
| Republic of Colombia: | ||||||||||
| 4.500%, 01/28/26 | USD | 65 | 71,297 | |||||||
| 3.875%, 04/25/27 | USD | 65 | 69,489 | |||||||
| 4.500%, 03/15/29 | USD | 30 | 32,766 | |||||||
| 3.125%, 04/15/31 | USD | 30 | 29,362 | |||||||
| 883,188 | ||||||||||
| Costa Rica | 0.4% | ||||||||||
| Republic of Costa Rica: | ||||||||||
| 4.250%, 01/26/23 | USD | 25 | 24,895 | |||||||
| 4.375%, 04/30/25 | USD | 25 | 24,594 | |||||||
| 7.158%, 03/12/45 | USD | 40 | 38,663 | |||||||
| 88,152 | ||||||||||
| Croatia | 1.0% | ||||||||||
| Croatia, 5.500%, 04/04/23 | USD | 200 | 218,563 | |||||||
| Czech Republic | 0.9% | ||||||||||
| Czech Republic: | ||||||||||
| 2.500%, 08/25/28 | CZK | 1,830 | 86,495 | |||||||
| 1.200%, 03/13/31 | CZK | 1,890 | 79,055 | |||||||
| 4.200%, 12/04/36 | CZK | 600 | 34,212 | |||||||
| 199,762 | ||||||||||
| Dominican Republic | 1.3% | ||||||||||
| Dominican Republic: | ||||||||||
| 5.500%, 01/27/25 | USD | 40 | 43,850 | |||||||
| 5.950%, 01/25/27 | USD | 10 | 11,212 | |||||||
| 7.450%, 04/30/44 | USD | 15 | 17,625 | |||||||
| 6.400%, 06/05/49 | USD | 25 | 26,180 | |||||||
| Dominican Republic International Bonds, 4.500%, 01/30/30 (#) | USD | 185 | 185,867 | |||||||
| 284,734 | ||||||||||
| Ecuador | 0.5% | ||||||||||
| Republic of Ecuador: | ||||||||||
| 0.000%, 07/31/30 | USD | 30 | 12,150 | |||||||
| 0.000%, 07/31/30 (#) | USD | 13 | 5,175 | |||||||
| 0.500%, 07/31/30 (#), (Ø) | USD | 29 | 16,907 | |||||||
| 0.500%, 07/31/35 (Ø) | USD | 80 | 36,600 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 0.500%, 07/31/35 (#), (Ø) | USD | 39 | $ | 17,977 | ||||||
| 0.500%, 07/31/40 (#), (Ø) | USD | 47 | 20,630 | |||||||
| 109,439 | ||||||||||
| Egypt | 2.3% | ||||||||||
| Arab Republic of Egypt, 5.577%, 02/21/23 | USD | 200 | 208,187 | |||||||
| Egypt Government Bonds: | ||||||||||
| 14.369%, 10/20/25 | EGP | 670 | 42,393 | |||||||
| 14.060%, 01/12/26 | EGP | 940 | 57,461 | |||||||
| Egypt Government International Bonds, 7.500%, 02/16/61 (#) | USD | 200 | 180,250 | |||||||
| 488,291 | ||||||||||
| El Salvador | 0.5% | ||||||||||
| Republic of El Salvador: | ||||||||||
| 5.875%, 01/30/25 | USD | 25 | 24,875 | |||||||
| 7.650%, 06/15/35 | USD | 20 | 19,550 | |||||||
| 7.125%, 01/20/50 | USD | 75 | 67,313 | |||||||
| 111,738 | ||||||||||
| Ghana | 1.0% | ||||||||||
| Republic of Ghana, 7.625%, 05/16/29 | USD | 225 | 220,359 | |||||||
| Guatemala | 0.9% | ||||||||||
| Guatemala Government Bonds, 5.375%, 04/24/32 | USD | 10 | 11,288 | |||||||
| Republic of Guatemala: | ||||||||||
| 4.500%, 05/03/26 | USD | 100 | 107,656 | |||||||
| 4.875%, 02/13/28 | USD | 25 | 27,414 | |||||||
| 5.375%, 04/24/32 (#) | USD | 20 | 22,575 | |||||||
| 6.125%, 06/01/50 (#) | USD | 15 | 17,353 | |||||||
| 186,286 | ||||||||||
| Honduras | 0.2% | ||||||||||
| Republic of Honduras, 6.250%, 01/19/27 | USD | 35 | 38,128 | |||||||
| Hungary | 1.9% | ||||||||||
| Hungary: | ||||||||||
| 5.375%, 03/25/24 | USD | 76 | 86,213 | |||||||
| 7.625%, 03/29/41 | USD | 18 | 29,109 | |||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 29,380 | 98,499 | |||||||
| 2.750%, 12/22/26 | HUF | 22,210 | 74,820 | |||||||
| 3.000%, 10/27/27 | HUF | 34,330 | 117,089 | |||||||
| 405,730 | ||||||||||
| Indonesia | 4.7% | ||||||||||
| Indonesia Government Bonds, 7.000%, 05/15/27 | IDR | 1,184,000 | 84,938 | |||||||
| Indonesia Treasury Bonds: | ||||||||||
| 8.375%, 09/15/26 | IDR | 5,392,000 | 410,572 | |||||||
| 8.250%, 05/15/29 | IDR | 1,545,000 | 116,207 | |||||||
| 7.000%, 09/15/30 | IDR | 1,032,000 | 72,230 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 6.500%, 02/15/31 | IDR | 497,000 | $ | 33,602 | ||||||
| 8.750%, 05/15/31 | IDR | 1,150,000 | 89,862 | |||||||
| 8.375%, 03/15/34 | IDR | 1,165,000 | 87,425 | |||||||
| 8.250%, 05/15/36 | IDR | 622,000 | 46,013 | |||||||
| 8.375%, 04/15/39 | IDR | 920,000 | 67,592 | |||||||
| 1,008,441 | ||||||||||
| Iraq | 1.0% | ||||||||||
| Republic of Iraq, 5.800%, 01/15/28 | USD | 219 | 205,693 | |||||||
| Ivory Coast | 0.9% | ||||||||||
| Ivory Coast, 6.125%, 06/15/33 | USD | 200 | 203,438 | |||||||
| Jamaica | 0.4% | ||||||||||
| Government of Jamaica: | ||||||||||
| 6.750%, 04/28/28 | USD | 25 | 29,242 | |||||||
| 8.000%, 03/15/39 | USD | 15 | 20,541 | |||||||
| 7.875%, 07/28/45 | USD | 20 | 26,944 | |||||||
| 76,727 | ||||||||||
| Kenya | 1.2% | ||||||||||
| Republic of Kenya, 8.000%, 05/22/32 | USD | 250 | 265,234 | |||||||
| Lebanon | 0.8% | ||||||||||
| Lebanese Republic: | ||||||||||
| 6.375%, 03/09/20 («) | USD | 107 | 12,120 | |||||||
| 8.250%, 04/12/21 («) | USD | 211 | 24,133 | |||||||
| 6.100%, 10/04/22 («) | USD | 227 | 26,247 | |||||||
| 6.000%, 01/27/23 («) | USD | 191 | 21,905 | |||||||
| 6.650%, 04/22/24 («) | USD | 87 | 9,706 | |||||||
| 6.250%, 11/04/24 («) | USD | 116 | 13,203 | |||||||
| 6.200%, 02/26/25 («) | USD | 37 | 4,220 | |||||||
| 6.600%, 11/27/26 («) | USD | 104 | 11,895 | |||||||
| 6.850%, 03/23/27 («) | USD | 124 | 13,797 | |||||||
| 6.750%, 11/29/27 («) | USD | 52 | 5,898 | |||||||
| 6.650%, 02/26/30 («) | USD | 109 | 12,160 | |||||||
| 7.000%, 03/23/32 («) | USD | 59 | 6,748 | |||||||
| 7.050%, 11/02/35 («) | USD | 60 | 6,681 | |||||||
| 7.250%, 03/23/37 («) | USD | 55 | 6,113 | |||||||
| 174,826 | ||||||||||
| Malaysia | 3.6% | ||||||||||
| Malaysia Government Bonds: | ||||||||||
| 4.160%, 07/15/21 | MYR | 590 | 143,285 | |||||||
| 4.048%, 09/30/21 | MYR | 500 | 121,931 | |||||||
| 3.882%, 03/10/22 | MYR | 286 | 70,212 | |||||||
| 3.478%, 06/14/24 | MYR | 91 | 22,701 | |||||||
| 3.955%, 09/15/25 | MYR | 610 | 154,994 | |||||||
| 3.906%, 07/15/26 | MYR | 260 | 66,105 | |||||||
| 3.899%, 11/16/27 | MYR | 240 | 60,774 | |||||||
| 3.844%, 04/15/33 | MYR | 240 | 57,028 | |||||||
| 4.893%, 06/08/38 | MYR | 330 | 85,115 | |||||||
| 782,145 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mexico | 5.7% | ||||||||||
| Mexican Bonos: | ||||||||||
| 10.000%, 12/05/24 | MXN | 361 | $ | 20,195 | ||||||
| 5.750%, 03/05/26 | MXN | 8,950 | 434,594 | |||||||
| 8.500%, 05/31/29 | MXN | 6,578 | 361,352 | |||||||
| 10.000%, 11/20/36 | MXN | 1,600 | 97,752 | |||||||
| 7.750%, 11/13/42 | MXN | 670 | 33,087 | |||||||
| Mexico Government International Bonds: | ||||||||||
| 3.900%, 04/27/25 | USD | 45 | 49,317 | |||||||
| 2.659%, 05/24/31 | USD | 25 | 23,711 | |||||||
| United Mexican States: | ||||||||||
| 4.125%, 01/21/26 | USD | 80 | 88,780 | |||||||
| 4.500%, 04/22/29 | USD | 45 | 49,753 | |||||||
| 4.500%, 01/31/50 | USD | 15 | 15,155 | |||||||
| 5.000%, 04/27/51 | USD | 60 | 64,912 | |||||||
| 1,238,608 | ||||||||||
| Mongolia | 0.5% | ||||||||||
| Mongolia International Bonds: | ||||||||||
| 10.875%, 04/06/21 | USD | 25 | 25,040 | |||||||
| 5.125%, 12/05/22 | USD | 85 | 87,763 | |||||||
| 112,803 | ||||||||||
| Mozambique | 0.8% | ||||||||||
| Republic of Mozambique, 5.000%, 09/15/31 (Ø) | USD | 200 | 163,000 | |||||||
| Oman | 1.2% | ||||||||||
| Oman Government International Bonds, 4.750%, 06/15/26 | USD | 245 | 251,048 | |||||||
| Pakistan | 0.9% | ||||||||||
| Islamic Republic of Pakistan SR, 6.000%, 04/08/26 | USD | 200 | 203,188 | |||||||
| Paraguay | 0.4% | ||||||||||
| Republic of Paraguay: | ||||||||||
| 5.000%, 04/15/26 | USD | 35 | 39,299 | |||||||
| 4.700%, 03/27/27 | USD | 35 | 39,003 | |||||||
| 78,302 | ||||||||||
| Peru | 1.3% | ||||||||||
| Peruvian Government International Bonds, 5.940%, 02/12/29 | PEN | 80 | 24,234 | |||||||
| Republic of Peru: | ||||||||||
| 5.700%, 08/12/24 | PEN | 330 | 100,194 | |||||||
| 6.950%, 08/12/31 | PEN | 285 | 88,181 | |||||||
| 6.900%, 08/12/37 | PEN | 170 | 48,928 | |||||||
| 5.350%, 08/12/40 | PEN | 55 | 13,367 | |||||||
| 274,904 | ||||||||||
| Poland | 0.6% | ||||||||||
| Republic of Poland Government Bonds, 2.750%, 04/25/28 | PLN | 470 | 131,049 | |||||||
| Romania | 2.6% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 4.250%, 06/28/23 | RON | 710 | 176,370 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 4.750%, 02/24/25 | RON | 320 | $ | 82,152 | ||||||
| 4.850%, 04/22/26 | RON | 130 | 34,184 | |||||||
| 5.800%, 07/26/27 | RON | 210 | 58,807 | |||||||
| 4.150%, 01/26/28 | RON | 180 | 46,441 | |||||||
| Romanian Government International Bonds: | ||||||||||
| 4.375%, 08/22/23 | USD | 48 | 52,095 | |||||||
| 3.000%, 02/14/31 | USD | 46 | 46,043 | |||||||
| 4.000%, 02/14/51 (#) | USD | 62 | 59,811 | |||||||
| 555,903 | ||||||||||
| Russia | 3.0% | ||||||||||
| Russia Government Bonds - OFZ: | ||||||||||
| 7.100%, 10/16/24 | RUB | 190 | 2,583 | |||||||
| 7.950%, 10/07/26 | RUB | 20,830 | 291,780 | |||||||
| 7.050%, 01/19/28 | RUB | 7,443 | 99,556 | |||||||
| 6.900%, 05/23/29 | RUB | 6,980 | 92,287 | |||||||
| 7.650%, 04/10/30 | RUB | 4,670 | 64,719 | |||||||
| 8.500%, 09/17/31 | RUB | 6,800 | 99,954 | |||||||
| 650,879 | ||||||||||
| South Africa | 8.0% | ||||||||||
| Republic of South Africa: | ||||||||||
| 10.500%, 12/21/26 | ZAR | 2,500 | 192,727 | |||||||
| 4.850%, 09/30/29 | USD | 10 | 10,041 | |||||||
| 8.000%, 01/31/30 | ZAR | 8,190 | 505,647 | |||||||
| 5.875%, 06/22/30 | USD | 85 | 91,083 | |||||||
| 8.250%, 03/31/32 | ZAR | 1,740 | 101,881 | |||||||
| 8.500%, 01/31/37 | ZAR | 8,020 | 433,075 | |||||||
| 5.650%, 09/27/47 | USD | 30 | 27,572 | |||||||
| 8.750%, 02/28/48 | ZAR | 1,445 | 76,585 | |||||||
| 6.300%, 06/22/48 | USD | 100 | 98,062 | |||||||
| 5.750%, 09/30/49 | USD | 35 | 32,222 | |||||||
| Republic of South Africa Government Bonds, 8.875%, 02/28/35 | ZAR | 1,750 | 100,599 | |||||||
| Republic of South Africa Government International Bonds, 4.850%, 09/27/27 | USD | 60 | 61,988 | |||||||
| 1,731,482 | ||||||||||
| Sri Lanka | 0.5% | ||||||||||
| Republic of Sri Lanka: | ||||||||||
| 5.750%, 04/18/23 | USD | 35 | 23,811 | |||||||
| 6.350%, 06/28/24 | USD | 40 | 25,537 | |||||||
| 6.125%, 06/03/25 | USD | 10 | 6,300 | |||||||
| 6.825%, 07/18/26 | USD | 5 | 3,052 | |||||||
| 6.200%, 05/11/27 | USD | 50 | 30,422 | |||||||
| 6.750%, 04/18/28 | USD | 35 | 21,284 | |||||||
| 110,406 | ||||||||||
| Suriname | 0.0% | ||||||||||
| Republic of Suriname, 9.250%, 10/26/26 | USD | 10 | 6,797 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Thailand | 2.0% | ||||||||||
| Thailand Government Bonds: | ||||||||||
| 3.650%, 06/20/31 | THB | 3,630 | $ | 133,794 | ||||||
| 3.775%, 06/25/32 | THB | 2,590 | 96,478 | |||||||
| 3.400%, 06/17/36 | THB | 3,390 | 120,480 | |||||||
| 3.300%, 06/17/38 | THB | 2,190 | 76,942 | |||||||
| 427,694 | ||||||||||
| Turkey | 2.3% | ||||||||||
| Republic of Turkey: | ||||||||||
| 6.250%, 09/26/22 | USD | 55 | 55,666 | |||||||
| 7.375%, 02/05/25 | USD | 95 | 97,880 | |||||||
| 4.875%, 10/09/26 | USD | 55 | 50,737 | |||||||
| 6.000%, 03/25/27 | USD | 80 | 76,475 | |||||||
| 6.625%, 02/17/45 | USD | 20 | 17,931 | |||||||
| 5.750%, 05/11/47 | USD | 80 | 64,900 | |||||||
| Turkey Government Bonds: | ||||||||||
| 10.700%, 08/17/22 | TRY | 350 | 38,551 | |||||||
| 8.000%, 03/12/25 | TRY | 600 | 51,882 | |||||||
| 10.500%, 08/11/27 | TRY | 410 | 34,956 | |||||||
| 488,978 | ||||||||||
| Ukraine | 2.6% | ||||||||||
| Government of Ukraine, 15.840%, 02/26/25 | UAH | 1,330 | 52,059 | |||||||
| Ukraine Government Bonds: | ||||||||||
| 7.750%, 09/01/21 | USD | 210 | 213,819 | |||||||
| 9.750%, 11/01/28 | USD | 260 | 302,738 | |||||||
| 568,616 | ||||||||||
| Venezuela | 0.5% | ||||||||||
| Republic of Venezuela: | ||||||||||
| 8.250%, 10/13/24 («) | USD | 1,038 | 103,800 | |||||||
| 7.000%, 03/31/38 («) | USD | 58 | 5,800 | |||||||
| 109,600 | ||||||||||
| Zambia | 0.5% | ||||||||||
| Republic of Zambia, 8.970%, 07/30/27 | USD | 200 | 112,188 | |||||||
| Total Foreign Government Obligations (Cost $17,478,693) | 16,771,805 | |||||||||
| Quasi Government Bonds | 0.2% | ||||||||||
| Mexico | 0.1% | ||||||||||
| Petroleos Mexicanos, 6.750%, 09/21/47 | USD | 20 | 17,004 | |||||||
| Venezuela | 0.1% | ||||||||||
| Petroleos de Venezuela SA: | ||||||||||
| 12.750%, 02/17/22 («) | USD | 273 | 11,944 | |||||||
| 6.000%, 11/15/26 («) | USD | 124 | 5,425 | |||||||
| 5.500%, 04/12/37 («) | USD | 100 | 4,375 | |||||||
| 21,744 | ||||||||||
| Total Quasi Government Bonds (Cost $260,831) | 38,748 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Supranational Bonds | 0.1% | ||||||||||
| International Finance Corp., 8.000%, 10/09/23 (Cost $14,301) | IDR | 200,000 | $ | 14,567 | ||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||||
| Purchased Options | 0.0% | ||||||||||||||||||
| Call | ||||||||||||||||||
| USD vs EUR Expires 05/04/21 | JPM | 1,100,000 | $ | 1.17 | $ | 1,100,000 | $ | 4,962 | ||||||||||
| Total Purchased Options (Cost $4,395) | 4,962 | |||||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 13.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,936,848) | 2,936,848 | $ | 2,936,848 | |||||
| Total Investments | 99.4% (Cost $22,380,400) (») | 21,460,067 | |||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 121,737 | |||||||
| Net Assets | 100.0% | $ | 21,581,804 | ||||||
Lazard Emerging Markets Debt Portfolio (continued)
| Forward Currency Contracts open at March 31, 2021: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 584,721 | USD | 108,524 | BOA | 04/05/21 | $ | — | $ | 4,641 | |||||||||
| BRL | 584,721 | USD | 107,338 | BOA | 04/05/21 | — | 3,455 | |||||||||||
| BRL | 584,721 | USD | 105,903 | BRC | 04/05/21 | — | 2,020 | |||||||||||
| BRL | 573,900 | USD | 100,732 | CIT | 04/05/21 | 1,228 | — | |||||||||||
| BRL | 277,950 | USD | 50,000 | HSB | 05/04/21 | — | 704 | |||||||||||
| BRL | 584,721 | USD | 105,883 | SCB | 04/05/21 | — | 2,000 | |||||||||||
| BRL | 784,000 | USD | 137,609 | SCB | 04/05/21 | 1,678 | — | |||||||||||
| BRL | 1,565,703 | USD | 274,815 | SCB | 04/05/21 | 3,352 | — | |||||||||||
| BRL | 225,880 | USD | 40,000 | SCB | 05/04/21 | 61 | — | |||||||||||
| BRL | 1,565,703 | USD | 284,829 | SCB | 05/04/21 | — | 7,141 | |||||||||||
| BRL | 584,721 | USD | 108,584 | UBS | 04/05/21 | — | 4,701 | |||||||||||
| CLP | 43,080,000 | USD | 60,000 | BOA | 04/22/21 | — | 195 | |||||||||||
| CLP | 56,714,204 | USD | 78,618 | BRC | 04/12/21 | 111 | — | |||||||||||
| CLP | 56,714,204 | USD | 78,701 | SCB | 04/12/21 | 28 | — | |||||||||||
| CLP | 56,714,204 | USD | 77,884 | SCB | 04/22/21 | 849 | — | |||||||||||
| CLP | 56,714,204 | USD | 77,825 | UBS | 04/22/21 | 908 | — | |||||||||||
| COP | 73,490,000 | USD | 20,000 | BOA | 05/03/21 | 63 | — | |||||||||||
| CZK | 222,220 | USD | 10,000 | BRC | 04/19/21 | — | 15 | |||||||||||
| CZK | 1,632,635 | USD | 74,911 | BRC | 04/19/21 | — | 1,553 | |||||||||||
| CZK | 3,265,269 | USD | 149,754 | CIT | 04/19/21 | — | 3,039 | |||||||||||
| HUF | 37,473,190 | USD | 121,575 | UBS | 05/25/21 | — | 321 | |||||||||||
| IDR | 1,588,510,000 | USD | 110,000 | BRC | 04/22/21 | — | 773 | |||||||||||
| IDR | 556,901,460 | USD | 38,580 | CIT | 04/19/21 | — | 278 | |||||||||||
| IDR | 289,240,000 | USD | 20,000 | UBS | 04/19/21 | — | 107 | |||||||||||
| KRW | 123,563,000 | USD | 110,000 | BOA | 04/22/21 | — | 835 | |||||||||||
| KZT | 47,055,000 | USD | 110,160 | BOA | 04/30/21 | — | 410 | |||||||||||
| MXN | 224,838 | USD | 10,833 | BRC | 04/19/21 | 151 | — | |||||||||||
| MXN | 1,273,828 | USD | 60,924 | UBS | 04/19/21 | 1,309 | — | |||||||||||
| PEN | 348,858 | USD | 95,732 | BOA | 04/22/21 | — | 2,542 | |||||||||||
| PLN | 754,775 | USD | 199,312 | CIT | 04/19/21 | — | 8,308 | |||||||||||
| PLN | 754,775 | USD | 199,339 | HSB | 04/19/21 | — | 8,334 | |||||||||||
| PLN | 866,594 | USD | 224,799 | HSB | 04/19/21 | — | 5,498 | |||||||||||
| PLN | 118,375 | USD | 30,000 | SCB | 04/19/21 | — | 44 | |||||||||||
| PLN | 419,320 | USD | 110,752 | UBS | 04/19/21 | — | 4,638 | |||||||||||
| RUB | 757,575 | USD | 10,000 | BRC | 04/26/21 | — | 10 | |||||||||||
| RUB | 6,253,548 | USD | 84,380 | BRC | 04/26/21 | — | 1,916 | |||||||||||
| THB | 7,545,976 | USD | 252,079 | CIT | 04/22/21 | — | 10,628 | |||||||||||
| THB | 937,560 | USD | 30,000 | SCB | 04/22/21 | — | 1 | |||||||||||
| THB | 7,545,976 | USD | 252,009 | SCB | 04/22/21 | — | 10,558 | |||||||||||
| TRY | 65,395 | USD | 8,649 | BOA | 04/05/21 | — | 753 | |||||||||||
| TRY | 1,085,763 | USD | 147,922 | BRC | 04/05/21 | — | 16,822 | |||||||||||
| TRY | 369,805 | USD | 50,000 | BRC | 05/05/21 | — | 6,291 | |||||||||||
| USD | 102,631 | BRL | 584,721 | BOA | 04/05/21 | — | 1,252 | |||||||||||
| USD | 102,631 | BRL | 584,721 | BOA | 04/05/21 | — | 1,252 | |||||||||||
| USD | 102,631 | BRL | 584,721 | BRC | 04/05/21 | — | 1,252 | |||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 100,000 | BRL | 573,900 | CIT | 04/05/21 | $ | — | $ | 1,960 | |||||||||
| USD | 102,631 | BRL | 584,721 | SCB | 04/05/21 | — | 1,252 | |||||||||||
| USD | 140,000 | BRL | 784,000 | SCB | 04/05/21 | 713 | — | |||||||||||
| USD | 285,192 | BRL | 1,565,703 | SCB | 04/05/21 | 7,025 | — | |||||||||||
| USD | 102,631 | BRL | 584,721 | UBS | 04/05/21 | — | 1,252 | |||||||||||
| USD | 50,000 | CLP | 36,097,500 | HSB | 04/22/21 | — | 112 | |||||||||||
| USD | 77,873 | CLP | 56,714,204 | SCB | 04/12/21 | — | 856 | |||||||||||
| USD | 77,819 | CLP | 56,714,204 | UBS | 04/12/21 | — | 910 | |||||||||||
| USD | 40,000 | CNH | 263,553 | SCB | 04/19/21 | — | 108 | |||||||||||
| USD | 306,756 | CNH | 1,990,431 | UBS | 04/19/21 | 3,846 | — | |||||||||||
| USD | 71,827 | COP | 255,709,752 | BRC | 05/03/21 | 2,019 | — | |||||||||||
| USD | 58,262 | IDR | 846,141,460 | BRC | 04/19/21 | 68 | — | |||||||||||
| USD | 38,564 | IDR | 556,901,460 | CIT | 04/22/21 | 271 | — | |||||||||||
| USD | 17,767 | MYR | 73,178 | SCB | 05/25/21 | 151 | — | |||||||||||
| USD | 10,000 | PEN | 36,539 | JPM | 04/22/21 | 239 | — | |||||||||||
| USD | 150,000 | PEN | 550,125 | SCB | 04/22/21 | 3,045 | — | |||||||||||
| USD | 65,275 | RON | 265,180 | BRC | 04/19/21 | 2,114 | — | |||||||||||
| USD | 120,000 | TRY | 966,000 | BRC | 04/05/21 | 3,361 | — | |||||||||||
| USD | 10,000 | TRY | 73,688 | HSB | 04/05/21 | 1,102 | — | |||||||||||
| USD | 44,064 | ZAR | 647,717 | BRC | 04/19/21 | 262 | — | |||||||||||
| USD | 156,842 | ZAR | 2,371,323 | CIT | 04/19/21 | — | 3,520 | |||||||||||
| USD | 18,712 | ZAR | 274,847 | JPM | 04/19/21 | 126 | — | |||||||||||
| USD | 47,224 | ZAR | 694,128 | SCB | 04/19/21 | 283 | — | |||||||||||
| USD | 108,222 | ZAR | 1,637,342 | SCB | 04/19/21 | — | 2,504 | |||||||||||
| USD | 145,050 | ZAR | 2,118,511 | SCB | 04/19/21 | 1,785 | — | |||||||||||
| USD | 108,294 | ZAR | 1,637,342 | UBS | 04/19/21 | — | 2,432 | |||||||||||
| USD | 144,954 | ZAR | 2,118,511 | UBS | 04/19/21 | 1,689 | — | |||||||||||
| ZAR | 2,496,690 | USD | 170,000 | BRC | 04/19/21 | — | 1,161 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 37,837 | $ | 128,354 | ||||||||||||||
Centrally Cleared Interest Rate Swap Agreements open at March 31, 2021:
| Currency | Notional Amount | Expiration Date | Receive (Pay) Rate | Payment Frequency Paid/Received | Variable Rate | Unrealized Depreciation | ||||||||||
| BRL | 680,190 | 01/02/24 | 4.84 | % | Maturity | 1 month Brazilian Interbank Deposit Average | $ | (5,461 | ) | |||||||
| BRL | 838,319 | 01/02/24 | 5.84 | Maturity | 1 month Brazilian Interbank Deposit Average | (3,832 | ) | |||||||||
| Total gross unrealized depreciation on Centrally Cleared Interest Rate Swap Agreements | $ | (9,293 | ) | |||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 35.7% | ||||||||||
| Australia | 0.8% | ||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 100 | $ | 79,888 | ||||||
| Canada | 2.7% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 165 | 161,819 | |||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 120 | 98,561 | |||||||
| 260,380 | ||||||||||
| France | 1.0% | ||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 100 | 103,451 | |||||||
| Germany | 1.6% | ||||||||||
| BMW Finance NV, 0.875%, 08/16/22 | GBP | 45 | 62,353 | |||||||
| Daimler AG MTN, 0.750%, 09/10/30 | EUR | 80 | 95,654 | |||||||
| 158,007 | ||||||||||
| Switzerland | 0.1% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 7 | 8,452 | |||||||
| United Kingdom | 2.5% | ||||||||||
| Tesco Corporate Treasury Services PLC MTN, 2.750%, 04/27/30 | GBP | 100 | 145,008 | |||||||
| Unilever Capital Corp., 1.375%, 09/14/30 | USD | 105 | 98,546 | |||||||
| 243,554 | ||||||||||
| United States | 27.0% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 110 | 111,243 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 115 | 105,710 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 45 | 49,238 | |||||||
| American Express Credit Corp. MTN, 3.300%, 05/03/27 | USD | 75 | 82,055 | |||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 100 | 108,499 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 50 | 55,915 | |||||||
| Bank of America Corp., 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 60 | 60,991 | |||||||
| Bank of America Corp. MTN, 3.248%, 10/21/27 | USD | 90 | 96,758 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Citigroup, Inc., 1.560% (BBSW3M + 1.550%), 05/04/21 (§) | AUD | 135 | $ | 102,643 | ||||||
| Constellation Brands, Inc., 4.250%, 05/01/23 | USD | 85 | 91,183 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 75 | 87,732 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 125 | 103,685 | |||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 50 | 56,442 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 120 | 130,602 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 55 | 59,489 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 110 | 93,426 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 75 | 82,418 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 100 | 109,725 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 80 | 77,425 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 105 | 108,994 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 120 | 108,854 | |||||||
| Sealed Air Corp., 4.875%, 12/01/22 | USD | 45 | 46,800 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 60 | 63,225 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 85 | 98,621 | |||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 85 | 80,669 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 80 | 110,196 | |||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 60 | 55,523 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 100 | 99,318 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 60 | 63,202 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 125 | 139,056 | |||||||
| 2,639,637 | ||||||||||
| Total Corporate Bonds (Cost $3,465,009) | 3,493,369 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Foreign Government Obligations | 46.6% | ||||||||||
| Australia | 2.8% | ||||||||||
| New South Wales Treasury Corp.: | ||||||||||
| 1.250%, 11/20/30 | AUD | 155 | $ | 111,413 | ||||||
| 2.000%, 03/08/33 | AUD | 75 | 55,552 | |||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 155 | 109,765 | |||||||
| 276,730 | ||||||||||
| Bahamas | 1.3% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 5 | 4,992 | |||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 118 | 117,816 | |||||||
| 122,808 | ||||||||||
| Bermuda | 2.2% | ||||||||||
| Government of Bermuda, 3.717%, 01/25/27 | USD | 200 | 217,125 | |||||||
| Canada | 3.5% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 90 | 77,013 | |||||||
| Province of Quebec: | ||||||||||
| 2.500%, 04/20/26 | USD | 120 | 128,045 | |||||||
| 1.850%, 02/13/27 | CAD | 170 | 138,090 | |||||||
| 343,148 | ||||||||||
| Chile | 4.1% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.500%, 03/01/26 | CLP | 65,000 | 100,012 | |||||||
| 2.300%, 10/01/28 | CLP | 135,000 | 178,729 | |||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 120,825 | |||||||
| 399,566 | ||||||||||
| Colombia | 0.5% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 148,000 | 48,290 | |||||||
| Czech Republic | 2.9% | ||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 6,390 | 284,238 | |||||||
| Hungary | 3.6% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 29,290 | 98,198 | |||||||
| 2.750%, 12/22/26 | HUF | 29,190 | 98,334 | |||||||
| 3.000%, 10/27/27 | HUF | 28,970 | 98,808 | |||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 45 | 56,366 | |||||||
| 351,706 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Italy | 1.8% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 83 | $ | 102,573 | ||||||
| Italy Government International Bonds, 6.875%, 09/27/23 | USD | 65 | 74,635 | |||||||
| 177,208 | ||||||||||
| Mexico | 1.6% | ||||||||||
| Mexican Bonos, 7.500%, 06/03/27 | MXN | 1,890 | 98,508 | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 35 | 56,167 | |||||||
| 154,675 | ||||||||||
| Morocco | 1.1% | ||||||||||
| Morocco Government International Bonds, 1.500%, 11/27/31 | EUR | 100 | 110,344 | |||||||
| Netherlands | 2.0% | ||||||||||
| Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#) | USD | 200 | 195,588 | |||||||
| New Zealand | 2.9% | ||||||||||
| New Zealand Government Bonds, 4.500%, 04/15/27 | NZD | 290 | 235,644 | |||||||
| 2.000%, 04/15/37 | NZD | 80 | 49,050 | |||||||
| 284,694 | ||||||||||
| Norway | 3.7% | ||||||||||
| Oslo Kommune: | ||||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 120,463 | |||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 120,929 | |||||||
| 0.920% (NIBOR3M + 0.460%), 05/06/26 (§) | NOK | 1,000 | 117,981 | |||||||
| 359,373 | ||||||||||
| Panama | 1.9% | ||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 130 | 179,481 | |||||||
| Peru | 1.3% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 (#) | PEN | 450 | 130,228 | |||||||
| Poland | 2.0% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/27 | PLN | 365 | 100,351 | |||||||
| 2.750%, 10/25/29 | PLN | 345 | 96,649 | |||||||
| 197,000 | ||||||||||
| Romania | 3.9% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 4.000%, 10/27/21 | RON | 425 | 102,012 | |||||||
| 4.750%, 02/24/25 | RON | 695 | 178,424 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Romanian Government International Bonds, 2.375%, 04/19/27 | EUR | 82 | $ | 103,854 | ||||||
| 384,290 | ||||||||||
| Singapore | 1.0% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 110 | 94,365 | |||||||
| Spain | 1.0% | ||||||||||
| Spain Government Bonds, 1.200%, 10/31/40 | EUR | 83 | 101,261 | |||||||
| United Kingdom | 1.5% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 1.750%, 09/07/37 | GBP | 65 | 96,222 | |||||||
| 1.500%, 07/22/47 | GBP | 32 | 45,210 | |||||||
| 141,432 | ||||||||||
| Total Foreign Government Obligations (Cost $4,560,334) | 4,553,550 | |||||||||
| Quasi Government Bonds | 1.5% | ||||||||||
| Germany | 1.5% | ||||||||||
| Kreditanstalt fuer Wiederaufbau, 1.750%, 09/14/29 | ||||||||||
| (Cost $146,188) | USD | 145 | 145,500 | |||||||
| Supranational Bonds | 8.8% | ||||||||||
| African Development Bank, 0.750%, 04/03/23 | USD | 60 | 60,528 | |||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 110 | 115,953 | |||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 55 | 56,980 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,160,000 | 83,744 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.500%, 08/03/23 | CAD | 210 | 174,916 | |||||||
| 1.900%, 01/16/25 | CAD | 70 | 57,653 | |||||||
| 2.900%, 11/26/25 | AUD | 135 | 111,625 | |||||||
| International Finance Corp., 2.125%, 04/07/26 | USD | 120 | 126,371 | |||||||
| International Finance Corp. MTN, 1.500%, 04/15/35 | AUD | 102 | 68,102 | |||||||
| Total Supranational Bonds (Cost $821,896) | 855,872 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| US Municipal Bonds | 1.0% | ||||||||||
| California | 1.0% | ||||||||||
| State of California: | ||||||||||
| 4.500%, 04/01/33 | USD | 45 | $ | 52,158 | ||||||
| 7.550%, 04/01/39 | USD | 30 | 48,464 | |||||||
| 100,622 | ||||||||||
| Total US Municipal Bonds (Cost $96,817) | 100,622 | |||||||||
| US Treasury Securities | 2.1% | ||||||||||
| US Treasury Notes: | ||||||||||
| 2.875%, 08/15/28 | USD | 85 | 93,493 | |||||||
| 0.625%, 08/15/30 | USD | 120 | 108,750 | |||||||
| Total US Treasury Securities (Cost $211,674) | 202,243 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 6.2% | ||||||||||
| State Street Institutional Treasury Money
Market Fund, Premier Class, 0.01% (7 day yield) (Cost $602,149) |
602,149 | $ | 602,149 | |||||||
| Total Investments | 101.9% (Cost $9,904,067) (») |
$ | 9,953,305 | ||||||||
| Liabilities in Excess of Cash and Other Assets | (1.9)% | (184,019 | ) | ||||||||
| Net Assets | 100.0% | $ | 9,769,286 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
| Forward Currency Contracts open at March 31, 2021: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 34,850 | USD | 27,000 | HSB | 04/20/21 | $ | — | $ | 527 | |||||||||
| AUD | 108,142 | USD | 84,184 | HSB | 04/20/21 | — | 2,037 | |||||||||||
| AUD | 167,662 | USD | 129,896 | JPM | 04/20/21 | — | 2,537 | |||||||||||
| CAD | 67,184 | USD | 54,000 | HSB | 04/20/21 | — | 537 | |||||||||||
| CAD | 83,904 | USD | 66,079 | HSB | 04/20/21 | 689 | — | |||||||||||
| CAD | 86,474 | USD | 68,667 | HSB | 04/20/21 | 147 | — | |||||||||||
| CAD | 16,468 | USD | 13,027 | JPM | 04/20/21 | 78 | — | |||||||||||
| CAD | 213,281 | USD | 168,552 | MSC | 04/20/21 | 1,171 | — | |||||||||||
| CHF | 18,291 | USD | 19,800 | HSB | 04/20/21 | — | 440 | |||||||||||
| CHF | 24,165 | USD | 27,320 | HSB | 04/20/21 | — | 1,743 | |||||||||||
| CHF | 61,997 | USD | 70,087 | JPM | 04/20/21 | — | 4,467 | |||||||||||
| CLP | 2,103,950 | USD | 2,900 | CIT | 05/14/21 | 21 | — | |||||||||||
| CLP | 14,753,690 | USD | 20,294 | CIT | 05/14/21 | 190 | — | |||||||||||
| CNH | 271,998 | USD | 42,000 | HSB | 04/20/21 | — | 610 | |||||||||||
| CNH | 821,180 | USD | 126,000 | HSB | 04/20/21 | — | 1,040 | |||||||||||
| CNH | 2,165,719 | USD | 333,439 | HSB | 04/20/21 | — | 3,878 | |||||||||||
| CNH | 1,789,642 | USD | 274,603 | HSB | 06/04/21 | — | 3,185 | |||||||||||
| CZK | 415,130 | USD | 19,119 | HSB | 04/20/21 | — | 466 | |||||||||||
| EUR | 43,544 | USD | 52,722 | CIT | 04/20/21 | — | 1,644 | |||||||||||
| EUR | 25,857 | USD | 31,142 | HSB | 04/20/21 | — | 811 | |||||||||||
| EUR | 64,671 | USD | 78,480 | HSB | 04/20/21 | — | 2,618 | |||||||||||
| EUR | 308,237 | USD | 367,200 | HSB | 04/20/21 | — | 5,625 | |||||||||||
| EUR | 919,497 | USD | 1,113,300 | HSB | 04/20/21 | — | 34,692 | |||||||||||
| EUR | 116,271 | USD | 140,785 | JPM | 04/20/21 | — | 4,395 | |||||||||||
| EUR | 100,146 | USD | 120,861 | MSC | 04/20/21 | — | 3,386 | |||||||||||
| GBP | 5,436 | USD | 7,565 | HSB | 04/20/21 | — | 70 | |||||||||||
| GBP | 62,170 | USD | 86,400 | HSB | 04/20/21 | — | 689 | |||||||||||
| GBP | 13,707 | USD | 18,919 | JPM | 04/20/21 | — | 21 | |||||||||||
| GBP | 41,396 | USD | 56,267 | JPM | 04/20/21 | 805 | — | |||||||||||
| HUF | 13,781,035 | USD | 45,562 | HSB | 04/20/21 | — | 947 | |||||||||||
| IDR | 475,168,000 | USD | 33,044 | JPM | 04/13/21 | — | 349 | |||||||||||
| INR | 3,498,117 | USD | 47,408 | JPM | 04/16/21 | 361 | — | |||||||||||
| JPY | 44,497,629 | USD | 428,963 | CIT | 04/20/21 | — | 27,016 | |||||||||||
| JPY | 26,083,108 | USD | 239,400 | HSB | 04/20/21 | — | 3,792 | |||||||||||
| JPY | 85,119,655 | USD | 820,581 | HSB | 04/20/21 | — | 51,696 | |||||||||||
| JPY | 3,895,398 | USD | 35,900 | JPM | 04/20/21 | — | 713 | |||||||||||
| JPY | 5,417,882 | USD | 52,228 | JPM | 04/20/21 | — | 3,288 | |||||||||||
| KRW | 118,308,720 | USD | 106,668 | JPM | 05/20/21 | — | 2,145 | |||||||||||
| MXN | 535,448 | USD | 26,868 | HSB | 04/20/21 | — | 711 | |||||||||||
| NOK | 349,488 | USD | 40,871 | JPM | 04/20/21 | — | 10 | |||||||||||
| PHP | 2,245,608 | USD | 46,416 | HSB | 04/13/21 | — | 160 | |||||||||||
| PLN | 66,807 | USD | 17,730 | HSB | 04/20/21 | — | 824 | |||||||||||
| RON | 56,484 | USD | 13,910 | HSB | 04/20/21 | — | 458 | |||||||||||
| RON | 81,331 | USD | 19,800 | HSB | 04/20/21 | — | 429 | |||||||||||
| RON | 201,377 | USD | 48,800 | HSB | 04/20/21 | — | 838 | |||||||||||
Lazard Global Fixed Income Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| RUB | 1,899,971 | USD | 25,573 | JPM | 04/20/21 | $ | — | $ | 500 | |||||||||
| SEK | 525,094 | USD | 62,768 | JPM | 04/20/21 | — | 2,635 | |||||||||||
| SGD | 12,120 | USD | 9,100 | HSB | 04/20/21 | — | 91 | |||||||||||
| THB | 885,374 | USD | 29,477 | HSB | 04/20/21 | — | 1,147 | |||||||||||
| USD | 97,434 | AUD | 126,128 | CIT | 04/20/21 | 1,625 | — | |||||||||||
| USD | 9,200 | AUD | 11,836 | HSB | 04/20/21 | 209 | — | |||||||||||
| USD | 120,463 | AUD | 156,010 | HSB | 04/20/21 | 1,955 | — | |||||||||||
| USD | 150,404 | AUD | 194,652 | HSB | 04/20/21 | 2,543 | — | |||||||||||
| USD | 13,000 | AUD | 16,514 | JPM | 04/20/21 | 456 | — | |||||||||||
| USD | 24,488 | AUD | 31,449 | JPM | 04/20/21 | 599 | — | |||||||||||
| USD | 283,037 | AUD | 366,274 | JPM | 04/20/21 | 4,809 | — | |||||||||||
| USD | 69,448 | AUD | 89,222 | MSC | 04/20/21 | 1,673 | — | |||||||||||
| USD | 215,383 | CAD | 273,720 | CIT | 04/20/21 | — | 2,436 | |||||||||||
| USD | 12,582 | CAD | 15,686 | HSB | 04/20/21 | 99 | — | |||||||||||
| USD | 19,100 | CAD | 24,163 | HSB | 04/20/21 | — | 128 | |||||||||||
| USD | 375,095 | CAD | 476,581 | HSB | 04/20/21 | — | 4,155 | |||||||||||
| USD | 85,128 | CAD | 108,170 | JPM | 04/20/21 | — | 950 | |||||||||||
| USD | 106,707 | CAD | 135,589 | MSC | 04/20/21 | — | 1,191 | |||||||||||
| USD | 6,600 | CHF | 6,032 | HSB | 04/20/21 | 216 | — | |||||||||||
| USD | 11,652 | CLP | 8,447,947 | CIT | 05/14/21 | — | 77 | |||||||||||
| USD | 35,185 | CLP | 24,893,068 | CIT | 05/14/21 | 623 | — | |||||||||||
| USD | 49,485 | CLP | 34,852,478 | CIT | 05/14/21 | 1,096 | — | |||||||||||
| USD | 199,564 | CLP | 146,414,128 | CIT | 05/14/21 | — | 3,718 | |||||||||||
| USD | 28,400 | CNH | 185,073 | HSB | 04/20/21 | 237 | — | |||||||||||
| USD | 47,000 | CNH | 304,876 | HSB | 04/20/21 | 607 | — | |||||||||||
| USD | 35,036 | COP | 126,104,841 | CIT | 05/14/21 | 621 | — | |||||||||||
| USD | 54,873 | CZK | 1,204,258 | HSB | 04/20/21 | 763 | — | |||||||||||
| USD | 231,220 | CZK | 4,988,802 | JPM | 04/20/21 | 7,062 | — | |||||||||||
| USD | 42,800 | EUR | 36,105 | HSB | 04/20/21 | 447 | — | |||||||||||
| USD | 55,300 | EUR | 46,352 | HSB | 04/20/21 | 927 | — | |||||||||||
| USD | 70,550 | EUR | 59,191 | HSB | 04/20/21 | 1,116 | — | |||||||||||
| USD | 142,300 | EUR | 118,011 | HSB | 04/20/21 | 3,868 | — | |||||||||||
| USD | 89,300 | EUR | 74,533 | JPM | 04/20/21 | 1,869 | — | |||||||||||
| USD | 96,965 | EUR | 82,238 | JPM | 04/20/21 | 497 | — | |||||||||||
| USD | 110,000 | EUR | 91,702 | JPM | 04/20/21 | 2,430 | — | |||||||||||
| USD | 14,600 | GBP | 10,486 | HSB | 04/20/21 | 144 | — | |||||||||||
| USD | 25,100 | GBP | 17,934 | HSB | 04/20/21 | 375 | — | |||||||||||
| USD | 31,700 | GBP | 22,771 | HSB | 04/20/21 | 307 | — | |||||||||||
| USD | 36,476 | GBP | 26,231 | HSB | 04/20/21 | 313 | — | |||||||||||
| USD | 2,600 | HUF | 786,666 | HSB | 04/20/21 | 53 | — | |||||||||||
| USD | 54,978 | HUF | 16,978,512 | HSB | 04/20/21 | 11 | — | |||||||||||
| USD | 15,002 | HUF | 4,431,201 | JPM | 04/20/21 | 656 | — | |||||||||||
| USD | 244,317 | HUF | 72,163,989 | JPM | 04/20/21 | 10,691 | — | |||||||||||
| USD | 31,800 | IDR | 463,803,000 | JPM | 06/30/21 | 69 | — | |||||||||||
| USD | 65,100 | JPY | 7,054,626 | HSB | 04/20/21 | 1,376 | — | |||||||||||
| USD | 91,300 | JPY | 9,744,814 | HSB | 04/20/21 | 3,275 | — | |||||||||||
| USD | 4,600 | MXN | 95,529 | HSB | 04/20/21 | — | 67 | |||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 13,356 | MXN | 278,042 | HSB | 04/20/21 | $ | — | $ | 226 | |||||||||
| USD | 47,800 | MXN | 952,619 | HSB | 04/20/21 | 1,265 | — | |||||||||||
| USD | 17,800 | NOK | 152,842 | JPM | 04/20/21 | — | 70 | |||||||||||
| USD | 375,058 | NOK | 3,207,088 | JPM | 04/20/21 | 94 | — | |||||||||||
| USD | 83,164 | NZD | 116,322 | CIT | 04/20/21 | 1,926 | — | |||||||||||
| USD | 54,318 | NZD | 75,966 | HSB | 04/20/21 | 1,264 | — | |||||||||||
| USD | 56,233 | NZD | 78,466 | HSB | 04/20/21 | 1,434 | — | |||||||||||
| USD | 2,700 | NZD | 3,667 | JPM | 04/20/21 | 139 | — | |||||||||||
| USD | 83,156 | NZD | 116,270 | JPM | 04/20/21 | 1,955 | — | |||||||||||
| USD | 46,194 | PEN | 171,288 | JPM | 05/14/21 | 441 | — | |||||||||||
| USD | 81,925 | PEN | 298,306 | JPM | 05/14/21 | 2,245 | — | |||||||||||
| USD | 38,844 | PLN | 150,368 | HSB | 04/20/21 | 792 | — | |||||||||||
| USD | 129,651 | PLN | 486,361 | HSB | 04/20/21 | 6,571 | — | |||||||||||
| USD | 43,400 | PLN | 163,064 | JPM | 04/20/21 | 2,135 | — | |||||||||||
| USD | 6,600 | RON | 26,799 | HSB | 04/20/21 | 217 | — | |||||||||||
| USD | 11,958 | RON | 48,175 | HSB | 04/20/21 | 484 | — | |||||||||||
| USD | 59,739 | RON | 245,515 | HSB | 04/20/21 | 1,264 | — | |||||||||||
| USD | 140,752 | RON | 567,049 | HSB | 04/20/21 | 5,697 | — | |||||||||||
| USD | 4,600 | SEK | 38,748 | HSB | 04/20/21 | 163 | — | |||||||||||
| USD | 7,900 | SEK | 67,918 | JPM | 04/20/21 | 122 | — | |||||||||||
| USD | 17,642 | SGD | 23,761 | HSB | 04/20/21 | — | 20 | |||||||||||
| USD | 77,788 | SGD | 103,102 | JPM | 04/20/21 | 1,150 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 86,437 | $ | 186,205 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 88.3% | ||||||||
| Aerospace & Defense | 0.7% | ||||||||
| The Boeing Co., 4.875%, 05/01/25 | $ | 1,500 | $ | 1,670,172 | ||||
| Triumph Group, Inc., 6.250%, 09/15/24 (#) | 500 | 507,350 | ||||||
| 2,177,522 | ||||||||
| Airlines | 0.4% | ||||||||
| Continental Airlines Pass Through Trust, 4.150%, 10/11/25 | 1,262 | 1,317,913 | ||||||
| Auto Components | 2.6% | ||||||||
| BorgWarner, Inc., 5.000%, 10/01/25 (#) | 1,925 | 2,217,023 | ||||||
| Dana, Inc., 5.500%, 12/15/24 | 1,800 | 1,836,360 | ||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,100 | 1,979,250 | ||||||
| The Goodyear Tire & Rubber Co.: | ||||||||
| 5.125%, 11/15/23 | 1,550 | 1,555,347 | ||||||
| 5.000%, 05/31/26 | 250 | 256,788 | ||||||
| 7,844,768 | ||||||||
| Automobiles | 1.0% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 948,590 | ||||||
| Stellantis NV, 5.250%, 04/15/23 | 2,000 | 2,163,180 | ||||||
| 3,111,770 | ||||||||
| Building Products | 0.6% | ||||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,861,562 | ||||||
| Capital Markets | 0.7% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,571,250 | ||||||
| MPT Operating Partnership LP, 3.500%, 03/15/31 | 500 | 490,660 | ||||||
| 2,061,910 | ||||||||
| Chemicals | 2.1% | ||||||||
| CF Industries, Inc., 3.450%, 06/01/23 | 1,725 | 1,799,412 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,000 | 1,022,500 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 965,870 | ||||||
| NOVA Chemicals Corp., 5.250%, 08/01/23 (#) | 1,550 | 1,559,688 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| WR Grace & Co-Conn, 4.875%, 06/15/27 (#) | $ | 1,000 | $ | 1,035,200 | ||||
| 6,382,670 | ||||||||
| Commercial Services & Supplies | 5.2% | ||||||||
| ACCO Brands Corp., 4.250%, 03/15/29 (#) | 2,000 | 1,945,600 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 2,047,500 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,980,750 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 2,110,000 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,697,500 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,832,490 | ||||||
| Pitney Bowes, Inc., 6.875%, 03/15/27 (#) | 2,000 | 1,982,500 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,455,000 | ||||||
| The ADT Security Corp., 4.125%, 06/15/23 | 500 | 519,375 | ||||||
| 15,570,715 | ||||||||
| Communications Equipment | 0.6% | ||||||||
| Plantronics, Inc., 5.500%, 05/31/23 (#) | 1,750 | 1,757,411 | ||||||
| Construction Materials | 0.6% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,861,200 | ||||||
| Consumer Finance | 0.4% | ||||||||
| Ford Motor Credit Co. LLC, 4.125%, 08/17/27 | 1,000 | 1,032,500 | ||||||
| Containers & Packaging | 3.4% | ||||||||
| Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#) | 200 | 199,674 | ||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 1,229,676 | ||||||
| Ball Corp., 4.000%, 11/15/23 | 2,100 | 2,232,563 | ||||||
| Crown Americas LLC: | ||||||||
| 4.500%, 01/15/23 | 1,550 | 1,630,406 | ||||||
| 4.250%, 09/30/26 | 500 | 531,250 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,592,000 | ||||||
| Sealed Air Corp., 4.875%, 12/01/22 (#) | 1,700 | 1,768,000 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 100 | 102,732 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | $ | 750 | $ | 921,570 | ||||
| 10,207,871 | ||||||||
| Diversified Consumer Services | 0.7% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 2,107,500 | ||||||
| Diversified Financial Services | 1.2% | ||||||||
| INEOS Group Holdings SA, 5.625%, 08/01/24 (#) | 1,700 | 1,721,250 | ||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 1,011,310 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 968,750 | ||||||
| 3,701,310 | ||||||||
| Diversified Telecommunication Services | 2.7% | ||||||||
| Connect Finco Sarl, 6.750%, 10/01/26 (#) | 1,500 | 1,601,700 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 2,301,125 | ||||||
| Lumen Technologies, Inc., 4.000%, 02/15/27 (#) | 1,100 | 1,123,573 | ||||||
| SBA Communications Corp., 4.875%, 09/01/24 | 2,000 | 2,053,740 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 1,000 | 982,500 | ||||||
| 8,062,638 | ||||||||
| Electric Utilities | 0.2% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 500 | 487,500 | ||||||
| Electrical Equipment | 0.9% | ||||||||
| Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#) | 1,500 | 1,441,725 | ||||||
| Sensata Tech, Inc., 4.375%, 02/15/30 (#) | 1,100 | 1,152,250 | ||||||
| Sensata Technologies, Inc., 3.750%, 02/15/31 (#) | 250 | 246,485 | ||||||
| 2,840,460 | ||||||||
| Energy Equipment & Services | 0.3% | ||||||||
| Precision Drilling Corp., 5.250%, 11/15/24 | 1,000 | 925,000 | ||||||
| Entertainment | 0.9% | ||||||||
| Live Nation Entertainment, Inc.: | ||||||||
| 4.875%, 11/01/24 (#) | 1,550 | 1,577,435 | ||||||
| 3.750%, 01/15/28 (#) | 500 | 493,125 | ||||||
| Netflix, Inc., 4.375%, 11/15/26 | 500 | 558,625 | ||||||
| 2,629,185 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Equity Real Estate Investment Trusts (REITs) | 4.3% | ||||||||
| Equinix, Inc., 5.375%, 05/15/27 | $ | 2,200 | $ | 2,365,944 | ||||
| ESH Hospitality, Inc., 5.250%, 05/01/25 (#) | 2,000 | 2,040,000 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 506,225 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,235,750 | ||||||
| MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26 | 1,800 | 1,883,862 | ||||||
| RHP Hotel Properties L.P. / RHP Finance Corp., 4.500%, 02/15/29 (#) | 1,750 | 1,756,947 | ||||||
| Uniti Group LP, 6.000%, 04/15/23 (#) | 1,700 | 1,727,625 | ||||||
| VICI Properties LP, 4.250%, 12/01/26 (#) | 1,500 | 1,534,628 | ||||||
| 13,050,981 | ||||||||
| Food & Staples Retailing | 2.1% | ||||||||
| Albertsons Cos, Inc., 3.500%, 03/15/29 (#) | 1,500 | 1,427,460 | ||||||
| Ingles Markets, Inc., 5.750%, 06/15/23 | 633 | 637,748 | ||||||
| Kraft Heinz Foods Co., 4.250%, 03/01/31 | 2,350 | 2,587,200 | ||||||
| Performance Food Group, Inc., 5.500%, 06/01/24 (#) | 1,805 | 1,811,769 | ||||||
| 6,464,177 | ||||||||
| Food Products | 2.4% | ||||||||
| 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 | 2,075,440 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,978,000 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,762,372 | ||||||
| 7,357,062 | ||||||||
| Gas Utilities | 1.2% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,721,275 | ||||||
| Suburban Propane Partners LP, 5.500%, 06/01/24 | 1,800 | 1,827,630 | ||||||
| 3,548,905 | ||||||||
| Health Care Equipment & Supplies | 1.3% | ||||||||
| Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#) | 1,800 | 1,854,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | $ | 2,000 | $ | 2,100,000 | ||||
| 3,954,000 | ||||||||
| Health Care Providers & Services | 4.6% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,514,055 | ||||||
| DaVita, Inc., 4.625%, 06/01/30 (#) | 2,000 | 2,037,720 | ||||||
| Encompass Health Corp., 5.125%, 03/15/23 | 1,551 | 1,552,551 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 2,016,940 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,225,000 | ||||||
| Molina Healthcare, Inc., 5.375%, 11/15/22 | 1,700 | 1,782,518 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 750 | 765,517 | ||||||
| 4.875%, 01/01/26 (#) | 1,000 | 1,039,760 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25 | 1,900 | 2,098,930 | ||||||
| 14,032,991 | ||||||||
| Hotels, Restaurants & Leisure | 9.0% | ||||||||
| 1011778 BC ULC, 3.875%, 01/15/28 (#) | 2,100 | 2,122,554 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 6.375%, 04/01/26 | 750 | 774,375 | ||||||
| 4.750%, 12/01/27 | 850 | 866,346 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 2,087,500 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,588,750 | ||||||
| Cinemark USA, Inc., 4.875%, 06/01/23 | 1,550 | 1,540,622 | ||||||
| Diamond Resorts International, Inc., 7.750%, 09/01/23 (#) | 1,500 | 1,560,000 | ||||||
| Golden Nugget, Inc., 6.750%, 10/15/24 (#) | 1,622 | 1,640,118 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,941,200 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,541,370 | ||||||
| KFC Holding Co., 5.250%, 06/01/26 (#) | 2,400 | 2,473,392 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 838,924 | ||||||
| Scientific Games International, Inc., 5.000%, 10/15/25 (#) | 1,750 | 1,812,475 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | $ | 1,850 | $ | 1,867,797 | ||||
| Station Casinos LLC, 5.000%, 10/01/25 (#) | 899 | 910,238 | ||||||
| Travel + Leisure Co., 6.625%, 07/31/26 (#) | 100 | 113,535 | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,000 | 2,113,000 | ||||||
| Yum! Brands, Inc., 4.625%, 01/31/32 | 1,500 | 1,530,007 | ||||||
| 27,322,203 | ||||||||
| Household Durables | 0.3% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,000 | 995,000 | ||||||
| Household Products | 1.0% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,237,500 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,856,250 | ||||||
| 3,093,750 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.1% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,512,600 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,892,187 | ||||||
| 3,404,787 | ||||||||
| Interactive Media & Services | 0.4% | ||||||||
| Twitter, Inc., 3.875%, 12/15/27 (#) | 1,250 | 1,310,613 | ||||||
| IT Services | 0.5% | ||||||||
| VeriSign, Inc., 4.625%, 05/01/23 | 1,550 | 1,557,750 | ||||||
| Machinery | 3.0% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,907,726 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 795,937 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 1,012,500 | ||||||
| Meritor, Inc., 6.250%, 02/15/24 | 661 | 672,700 | ||||||
| Mueller Water Products, Inc., 5.500%, 06/15/26 (#) | 1,750 | 1,808,537 | ||||||
| Terex Corp.: | ||||||||
| 5.625%, 02/01/25 (#) | 1,790 | 1,840,353 | ||||||
| 5.000%, 05/15/29 (#) | 1,000 | 1,035,200 | ||||||
| 9,072,953 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Media | 11.1% | ||||||||
| AMC Networks, Inc., 4.250%, 02/15/29 | $ | 1,000 | $ | 972,500 | ||||
| CCO Holdings LLC: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 528,657 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,554,375 | ||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 2,011,500 | ||||||
| CSC Holdings LLC: | ||||||||
| 5.500%, 05/15/26 (#) | 1,000 | 1,031,000 | ||||||
| 7.500%, 04/01/28 (#) | 1,690 | 1,863,732 | ||||||
| Diamond Sports Group LLC, 5.375%, 08/15/26 (#) | 1,500 | 1,080,000 | ||||||
| Entercom Media Corp.: | ||||||||
| 7.250%, 11/01/24 (#) | 1,500 | 1,552,500 | ||||||
| 6.750%, 03/31/29 (#) | 1,500 | 1,557,675 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 255,938 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 (#) | 1,500 | 1,449,075 | ||||||
| Meredith Corp., 6.875%, 02/01/26 | 1,567 | 1,611,542 | ||||||
| Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,572,180 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,323,000 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| 5.125%, 02/15/27 (#) | 1,750 | 1,708,437 | ||||||
| 4.125%, 12/01/30 (#) | 1,000 | 963,750 | ||||||
| Sirius XM Radio, Inc., 5.000%, 08/01/27 (#) | 1,750 | 1,835,837 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,816,080 | ||||||
| The EW Scripps Co., 5.125%, 05/15/25 (#) | 1,800 | 1,833,750 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 2,025,000 | ||||||
| Videotron, Ltd.: | ||||||||
| 5.000%, 07/15/22 | 1,558 | 1,620,320 | ||||||
| 5.125%, 04/15/27 (#) | 500 | 528,438 | ||||||
| Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#) | 1,750 | 1,815,809 | ||||||
| 33,511,095 | ||||||||
| Metals & Mining | 3.7% | ||||||||
| Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#) | 1,800 | 1,860,300 | ||||||
| Anglo American Capital PLC, 4.875%, 05/14/25 (#) | 1,650 | 1,863,548 | ||||||
| FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,869,770 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Freeport-McMoRan, Inc., 4.550%, 11/14/24 | $ | 2,200 | $ | 2,405,117 | ||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,546,050 | ||||||
| Steel Dynamics, Inc., 5.000%, 12/15/26 | 1,550 | 1,629,736 | ||||||
| 11,174,521 | ||||||||
| Oil, Gas & Consumable Fuels | 5.4% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,503,750 | ||||||
| Energy Transfer Operating LP, 5.875%, 01/15/24 | 750 | 834,881 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 500 | 506,400 | ||||||
| Murphy Oil Corp., 6.875%, 08/15/24 | 1,500 | 1,533,750 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,699,250 | ||||||
| Ovintiv Exploration, Inc., 5.625%, 07/01/24 | 1,600 | 1,758,921 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 950 | 966,815 | ||||||
| Southwestern Energy Co., 6.450%, 01/23/25 | 1,800 | 1,932,165 | ||||||
| Sunoco LP, 5.500%, 02/15/26 | 1,700 | 1,746,393 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,220,812 | ||||||
| Targa Resources Partners LP, 4.000%, 01/15/32 (#) | 1,500 | 1,410,780 | ||||||
| WPX Energy, Inc.: | ||||||||
| 5.750%, 06/01/26 | 1,000 | 1,047,200 | ||||||
| 5.250%, 10/15/27 | 100 | 106,552 | ||||||
| 16,267,669 | ||||||||
| Pharmaceuticals | 0.5% | ||||||||
| Bausch Health Cos., Inc.: | ||||||||
| 5.000%, 02/15/29 (#) | 1,500 | 1,489,688 | ||||||
| 5.250%, 02/15/31 (#) | 100 | 99,522 | ||||||
| 1,589,210 | ||||||||
| Professional Services | 1.4% | ||||||||
| IHS Markit, Ltd., 5.000%, 11/01/22 (#) | 1,500 | 1,580,065 | ||||||
| Nielsen Finance LLC: | ||||||||
| 5.000%, 04/15/22 (#) | 556 | 556,114 | ||||||
| 5.625%, 10/01/28 (#) | 1,000 | 1,051,250 | ||||||
| 5.875%, 10/01/30 (#) | 1,000 | 1,083,750 | ||||||
| 4,271,179 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Software | 1.5% | ||||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | $ | 1,500 | $ | 1,466,550 | ||||
| J2 Global, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,515,000 | ||||||
| Nuance Communications, Inc., 5.625%, 12/15/26 | 1,500 | 1,573,125 | ||||||
| 4,554,675 | ||||||||
| Specialty Retail | 1.7% | ||||||||
| Asbury Automotive Group, Inc., 4.500%, 03/01/28 | 987 | 1,009,612 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 993,750 | ||||||
| Penske Automotive Group, Inc., 5.500%, 05/15/26 | 1,800 | 1,852,290 | ||||||
| QVC, Inc., 4.750%, 02/15/27 | 1,250 | 1,293,750 | ||||||
| 5,149,402 | ||||||||
| Technology Hardware, Storage & Peripherals | 2.3% | ||||||||
| Dell International LLC, 7.125%, 06/15/24 (#) | 1,525 | 1,569,797 | ||||||
| NCR Corp., 5.750%, 09/01/27 (#) | 1,000 | 1,058,125 | ||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 (#) | 2,083 | 2,118,723 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 2,204,900 | ||||||
| 6,951,545 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,856,584 | ||||||
| Trading Companies & Distributors | 2.8% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 1,100,000 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,554,375 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,596,300 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,895,000 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 1,000 | 1,066,500 | ||||||
| 3.875%, 11/15/27 | 1,100 | 1,139,875 | ||||||
| 8,352,050 | ||||||||
| Wireless Telecommunication Services | 0.9% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 575,625 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| T-Mobile USA, Inc., 3.500%, 04/15/31 | $ | 2,000 | $ | 2,015,000 | ||||
| 2,590,625 | ||||||||
| Total Corporate Bonds (Cost $261,648,253) | 267,375,132 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 7.8% | ||||||||
| Invesco Fundamental High Yield Corporate Bond ETF | ||||||||
| (Cost $23,042,937) | 1,222,805 | $ | 23,661,277 | |||||
| Short-Term Investments | 3.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $8,992,332) | 8,992,332 | 8,992,332 | ||||||
| Total Investments | 99.1% (Cost $293,683,522) | $ | 300,028,741 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.9% | 2,611,103 | |||||||
| Net Assets | 100.0% | $ | 302,639,844 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 4.7% | ||||||||
| Automobiles | 2.9% | ||||||||
| World Omni Automobile Lease Securitization Trust, 3.190%, 12/15/21 | $ | 71 | $ | 71,506 | ||||
| Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21 | 331 | 331,367 | ||||||
| Nissan Auto Lease Trust, 2.270%, 07/15/22 | 1,965 | 1,974,055 | ||||||
| 2,376,928 | ||||||||
| Specialty Retail | 1.8% | ||||||||
| Daimler Trucks Retail Trust, 1.220%, 09/15/23 | 1,400 | 1,413,223 | ||||||
| Total Asset-Backed Securities (Cost $3,766,636) | 3,790,151 | |||||||
| Corporate Bonds | 17.5% | ||||||||
| Banks | 3.4% | ||||||||
| Bank of America Corp., 3.300%, 01/11/23 | 2,650 | 2,784,005 | ||||||
| Biotechnology | 3.1% | ||||||||
| AbbVie, Inc., 2.300%, 05/14/21 | 2,497 | 2,498,158 | ||||||
| Capital Markets | 9.0% | ||||||||
| Morgan Stanley: | ||||||||
| 5.500%, 07/28/21 | 2,875 | 2,922,251 | ||||||
| 2.750%, 05/19/22 | 800 | 821,644 | ||||||
| The Goldman Sachs Group, Inc., 5.250%, 07/27/21 | 3,488 | 3,541,797 | ||||||
| 7,285,692 | ||||||||
| Internet & Direct Marketing Retail | 2.0% | ||||||||
| eBay, Inc., 2.750%, 01/30/23 | 1,545 | 1,608,835 | ||||||
| Total Corporate Bonds (Cost $14,013,135) | 14,176,690 | |||||||
| US Government Securities | 0.8% | ||||||||
| Mortgage-Backed Securities | 0.8% | ||||||||
| Federal National Mortgage Association: Pool# FM1033, 4.500%, 01/01/27 (Cost $661,967) | 638 | 671,675 | ||||||
| US Treasury Securities | 76.0% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 2.000%, 10/31/21 | 9,210 | 9,314,332 | ||||||
| 1.500%, 01/31/22 | 9,725 | 9,840,484 | ||||||
| 1.875%, 01/31/22 | 12,515 | 12,703,703 | ||||||
| 1.875%, 07/31/22 | 9,035 | 9,246,405 | ||||||
| 1.875%, 10/31/22 | 20,060 | 20,609,299 | ||||||
| Total US Treasury Securities (Cost $61,616,868) | 61,714,223 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) | ||||||||
| (Cost $395,983) | 395,983 | $ | 395,983 | |||||
| Total Investments | 99.5% (Cost $80,454,589) | $ | 80,748,722 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 391,328 | |||||||
| Net Assets | 100.0% | $ | 81,140,050 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.1% | ||||||||
| United States | 0.1% | ||||||||
| Alder Biopharmaceuticals, Inc. (*), (‡) | 3,247 | $ | 2,857 | |||||
| South Jersey Industries, Inc. NA (±) | 475 | 10,726 | ||||||
| 13,583 | ||||||||
| Total Common Stocks (Cost $13,184) | 13,583 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 196.2% | ||||||||||
| Austria | 1.3% | ||||||||||
| ams AG, 2.125%, 11/03/27 (±) | EUR | 200 | $ | 235,764 | ||||||
| Belgium | 0.7% | ||||||||||
| Umicore SA, 0.000%, 06/23/25 (±) | EUR | 100 | 123,091 | |||||||
| Brazil | 0.8% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±) | USD | 179 | 147,381 | |||||||
| Canada | 8.2% | ||||||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 345 | 301,875 | |||||||
| Canopy Growth Corp., 4.250%, 07/15/23 (#), (±) | CAD | 283 | 254,468 | |||||||
| Dye & Durham, Ltd., 3.750%, 03/01/26 | CAD | 125 | 101,951 | |||||||
| Element Fleet Management Corp., 4.250%, 06/30/24 (±) | CAD | 162 | 165,004 | |||||||
| Ivanhoe Mines, Ltd., 2.500%, 04/15/26 (±) | USD | 101 | 103,510 | |||||||
| Pretium Resources, Inc., 2.250%, 03/15/22 (±) | USD | 228 | 233,985 | |||||||
| Tilray, Inc., 5.000%, 10/01/23 (±) | USD | 78 | 71,614 | |||||||
| Tricon Residential, Inc., 5.750%, 03/31/22 (±) | USD | 276 | 289,800 | |||||||
| 1,522,207 | ||||||||||
| China | 2.3% | ||||||||||
| NIO, Inc.: | ||||||||||
| 0.000%, 02/01/26 (±) | USD | 245 | 208,569 | |||||||
| 0.500%, 02/01/27 (#), (±) | USD | 255 | 215,347 | |||||||
| 423,916 | ||||||||||
| Germany | 2.6% | ||||||||||
| Delivery Hero SE, 1.500%, 01/15/28 (±) | EUR | 300 | 373,038 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 100 | $ | 122,789 | ||||||
| 495,827 | ||||||||||
| Hong Kong | 0.6% | ||||||||||
| Seaspan Corp., 3.750%, 12/15/25 (±) | USD | 91 | 108,517 | |||||||
| Israel | 0.8% | ||||||||||
| Fiverr International, Ltd., 0.000%, 11/01/25 (±) | USD | 128 | 159,757 | |||||||
| Netherlands | 0.5% | ||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 100 | 97,852 | |||||||
| Norway | 1.0% | ||||||||||
| SFL Corp., Ltd., 5.750%, 10/15/21 (±) | USD | 189 | 189,000 | |||||||
| Panama | 1.8% | ||||||||||
| Copa Holdings SA, 4.500%, 04/15/25 (±) | USD | 193 | 333,523 | |||||||
| United States | 175.6% | ||||||||||
| 1Life Healthcare, Inc., 3.000%, 06/15/25 (±) | USD | 122 | 145,558 | |||||||
| Accolade, Inc., 0.500%, 04/01/26 (±) | USD | 63 | 68,946 | |||||||
| Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±) | USD | 232 | 238,478 | |||||||
| Air Transport Services Group, Inc., 1.125%, 10/15/24 (±) | USD | 271 | 302,842 | |||||||
| Airbnb, Inc., 0.000%, 03/15/26 (±) | USD | 293 | 305,892 | |||||||
| Akamai Technologies, Inc., 0.375%, 09/01/27 (±) | USD | 239 | 259,166 | |||||||
| Alteryx, Inc.: | ||||||||||
| 0.500%, 08/01/24 (±) | USD | 293 | 275,237 | |||||||
| 1.000%, 08/01/26 (±) | USD | 215 | 194,172 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 197 | 338,347 | |||||||
| Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±) | USD | 428 | 445,655 | |||||||
| Atlas Air Worldwide Holdings, Inc.: | ||||||||||
| 2.250%, 06/01/22 (±) | USD | 281 | 295,752 | |||||||
| 1.875%, 06/01/24 (±) | USD | 239 | 284,267 | |||||||
| Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±) | USD | 218 | 242,797 | |||||||
| Avaya Holdings Corp., 2.250%, 06/15/23 (±) | USD | 217 | 267,778 | |||||||
| Avid SPV LLC, 1.250%, 03/15/26 (±) | USD | 102 | 108,254 | |||||||
| Bandwidth, Inc., 0.500%, 04/01/28 (±) | USD | 61 | 59,170 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Bentley Systems, Inc., 0.125%, 01/15/26 (±) | USD | 358 | $ | 370,015 | ||||||
| Beyond Meat, Inc., 0.000%, 03/15/27 (±) | USD | 212 | 202,592 | |||||||
| BioMarin Pharmaceutical, Inc.: | ||||||||||
| 0.599%, 08/01/24 (±) | USD | 171 | 173,035 | |||||||
| 1.250%, 05/15/27 (±) | USD | 277 | 271,626 | |||||||
| Bridgebio Pharma, Inc., 2.250%, 02/01/29 (±) | USD | 185 | 175,731 | |||||||
| Centennial Resource Production LLC, 3.250%, 04/01/28 (±) | USD | 71 | 67,897 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 239 | 398,234 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 166 | 175,733 | |||||||
| Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±) | USD | 146 | 157,746 | |||||||
| CONMED Corp., 2.625%, 02/01/24 (±) | USD | 172 | 268,857 | |||||||
| Coupa Software, Inc., 0.375%, 06/15/26 (±) | USD | 204 | 230,520 | |||||||
| CryoPort, Inc., 3.000%, 06/01/25 (±) | USD | 160 | 370,608 | |||||||
| CSG Systems International, Inc., 4.250%, 03/15/36 (±) | USD | 325 | 339,625 | |||||||
| Cutera, Inc., 2.250%, 03/15/26 (±) | USD | 106 | 119,049 | |||||||
| CyberArk Software, Ltd., 0.000%, 11/15/24 (±) | USD | 101 | 108,888 | |||||||
| DexCom, Inc., 0.250%, 11/15/25 (±) | USD | 180 | 176,738 | |||||||
| DISH Network Corp.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 185 | 195,730 | |||||||
| 3.375%, 08/15/26 (±) | USD | 103 | 99,014 | |||||||
| DocuSign, Inc., 0.000%, 01/15/24 (±) | USD | 332 | 323,077 | |||||||
| DraftKings, Inc., 0.000%, 03/15/28 (±) | USD | 154 | 152,383 | |||||||
| Encore Capital Group, Inc.: | ||||||||||
| 3.250%, 03/15/22 (±) | USD | 394 | 427,741 | |||||||
| 3.250%, 10/01/25 (±) | USD | 263 | 323,489 | |||||||
| Envestnet, Inc., 0.750%, 08/15/25 (±) | USD | 185 | 184,305 | |||||||
| Eventbrite, Inc., 0.750%, 09/15/26 (±) | USD | 115 | 118,738 | |||||||
| Everbridge, Inc., 0.000%, 03/15/26 (±) | USD | 43 | 41,925 | |||||||
| Expedia Group, Inc., 0.000%, 02/15/26 (±) | USD | 281 | 306,711 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| EZCORP, Inc., 2.875%, 07/01/24 (±) | USD | 215 | $ | 197,004 | ||||||
| Fastly, Inc., 0.000%, 03/15/26 (±) | USD | 154 | 153,904 | |||||||
| Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±) | USD | 307 | 278,110 | |||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 231 | 197,938 | |||||||
| GEO Corrections Holdings, Inc., 6.500%, 02/23/26 (#), (±) | USD | 162 | 169,165 | |||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 152 | 134,900 | |||||||
| Green Plains, Inc., 2.250%, 03/15/27 (±) | USD | 125 | 139,850 | |||||||
| Groupon, Inc., 1.125%, 03/15/26 (±) | USD | 95 | 95,059 | |||||||
| Guess?, Inc., 2.000%, 04/15/24 (±) | USD | 368 | 419,051 | |||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc., 0.000%, 08/15/23 (±) | USD | 124 | 154,768 | |||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 92 | 155,940 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 266 | 306,219 | |||||||
| Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±) | USD | 266 | 277,139 | |||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 407 | 399,179 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 174 | 178,567 | |||||||
| IIP Operating Partnership LP, 3.750%, 02/21/24 (±) | USD | 204 | 557,508 | |||||||
| IMAX Corp., 0.500%, 04/01/26 (±) | USD | 109 | 107,779 | |||||||
| Impinj, Inc., 2.000%, 12/15/26 (±) | USD | 136 | 243,780 | |||||||
| Innoviva, Inc., 2.125%, 01/15/23 (±) | USD | 303 | 303,189 | |||||||
| Intercept Pharmaceuticals, Inc., 2.000%, 05/15/26 (±) | USD | 163 | 105,659 | |||||||
| Invacare Corp., 4.250%, 03/15/26 (±) | USD | 41 | 40,665 | |||||||
| Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21 (±) | USD | 244 | 247,202 | |||||||
| Ironwood Pharmaceuticals, Inc.: | ||||||||||
| 2.250%, 06/15/22 (±) | USD | 128 | 137,261 | |||||||
| 1.500%, 06/15/26 (±) | USD | 139 | 156,894 | |||||||
| Itron, Inc., 0.000%, 03/15/26 (±) | USD | 116 | 115,565 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| j2 Global, Inc., 3.250%, 06/15/29 (±) | USD | 479 | $ | 846,932 | ||||||
| Jazz Investments I, Ltd.: | ||||||||||
| 1.500%, 08/15/24 (±) | USD | 209 | 225,851 | |||||||
| 2.000%, 06/15/26 (±) | USD | 153 | 196,414 | |||||||
| JPMorgan Chase Financial Co. LLC, 0.250%, 05/01/23 (±) | USD | 47 | 52,053 | |||||||
| Kadmon Holdings, Inc., 3.625%, 02/15/27 (±) | USD | 77 | 66,951 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 292 | 316,528 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 266 | 271,703 | |||||||
| LendingTree, Inc., 0.500%, 07/15/25 (±) | USD | 396 | 359,122 | |||||||
| Liberty Broadband Corp.: | ||||||||||
| 1.250%, 09/30/50 (±) | USD | 536 | 524,208 | |||||||
| 2.750%, 09/30/50 (±) | USD | 307 | 310,196 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 246 | 187,951 | |||||||
| 3.750%, 02/15/30 (±) | USD | 257 | 197,156 | |||||||
| Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±) | USD | 204 | 258,672 | |||||||
| Liberty Media Corp.: | ||||||||||
| 2.125%, 03/31/48 (±) | USD | 208 | 214,115 | |||||||
| 2.750%, 12/01/49 (±) | USD | 327 | 339,099 | |||||||
| 0.500%, 12/01/50 (±) | USD | 141 | 163,137 | |||||||
| Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±) | USD | 338 | 349,845 | |||||||
| Live Nation Entertainment, Inc., 2.000%, 02/15/25 (±) | USD | 355 | 393,162 | |||||||
| LivePerson, Inc., 0.750%, 03/01/24 (±) | USD | 155 | 238,819 | |||||||
| Magnite, Inc., 0.250%, 03/15/26 (±) | USD | 119 | 114,242 | |||||||
| MannKind Corp., 2.500%, 03/01/26 (±) | USD | 165 | 166,444 | |||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 (±) | USD | 213 | 252,272 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 77 | 84,076 | |||||||
| MicroStrategy, Inc., 0.000%, 02/15/27 (±) | USD | 294 | 245,490 | |||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 131 | 130,591 | |||||||
| MP Materials Corp., 0.250%, 04/01/26 (±) | USD | 104 | 108,810 | |||||||
| Nevro Corp., 2.750%, 04/01/25 (±) | USD | 46 | 70,696 | |||||||
| Nuance Communications, Inc., 1.000%, 12/15/35 (±) | USD | 179 | 330,488 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Nutanix, Inc., 0.000%, 01/15/23 (±) | USD | 350 | $ | 342,344 | ||||||
| NuVasive, Inc., 1.000%, 06/01/23 (±) | USD | 307 | 325,228 | |||||||
| Oil States International, Inc., 4.750%, 04/01/26 (±) | USD | 47 | 43,941 | |||||||
| Omeros Corp., 5.250%, 02/15/26 (±) | USD | 185 | 229,178 | |||||||
| OSI Systems, Inc., 1.250%, 09/01/22 (±) | USD | 203 | 218,859 | |||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 (±) | USD | 210 | 259,350 | |||||||
| Parsons Corp., 0.250%, 08/15/25 (±) | USD | 195 | 214,012 | |||||||
| Patrick Industries, Inc., 1.000%, 02/01/23 (±) | USD | 287 | 334,714 | |||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 153 | 179,010 | |||||||
| Peloton Interactive, Inc., 0.000%, 02/15/26 (±) | USD | 296 | 279,905 | |||||||
| PennyMac Corp.: | ||||||||||
| 5.500%, 11/01/24 (±) | USD | 247 | 248,698 | |||||||
| 5.500%, 03/15/26 (±) | USD | 179 | 182,580 | |||||||
| Perficient, Inc., 1.250%, 08/01/25 (±) | USD | 162 | 208,860 | |||||||
| PetIQ, Inc., 4.000%, 06/01/26 (±) | USD | 163 | 230,951 | |||||||
| PRA Group, Inc., 3.500%, 06/01/23 (±) | USD | 266 | 284,786 | |||||||
| PROS Holdings, Inc.: | ||||||||||
| 1.000%, 05/15/24 (±) | USD | 169 | 169,634 | |||||||
| 2.250%, 09/15/27 (±) | USD | 89 | 111,751 | |||||||
| Pure Storage, Inc., 0.125%, 04/15/23 (±) | USD | 171 | 189,093 | |||||||
| Rambus, Inc., 1.375%, 02/01/23 (±) | USD | 149 | 177,504 | |||||||
| Rapid7, Inc., 0.250%, 03/15/27 (±) | USD | 226 | 219,926 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 135 | 137,531 | |||||||
| Redwood Trust, Inc., 4.750%, 08/15/23 (±) | USD | 384 | 383,040 | |||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27 (±) | USD | 185 | 207,321 | |||||||
| Royal Caribbean Cruises, Ltd., 2.875%, 11/15/23 (±) | USD | 215 | 279,285 | |||||||
| RWT Holdings, Inc., 5.750%, 10/01/25 (±) | USD | 102 | 101,623 | |||||||
| SMART Global Holdings, Inc., 2.250%, 02/15/26 (±) | USD | 179 | 234,830 | |||||||
| SmileDirectClub, Inc., 0.000%, 02/01/26 (±) | USD | 326 | 285,454 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Splunk, Inc., 1.125%, 06/15/27 (±) | USD | 358 | $ | 339,429 | ||||||
| Spotify USA, Inc., 0.000%, 03/15/26 (±) | USD | 9 | 8,537 | |||||||
| Stride, Inc., 1.125%, 09/01/27 (±) | USD | 187 | 171,816 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 179 | 197,236 | |||||||
| Synaptics, Inc., 0.500%, 06/15/22 (±) | USD | 179 | 329,807 | |||||||
| Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±) | USD | 130 | 131,300 | |||||||
| TechTarget, Inc., 0.125%, 12/15/25 (±) | USD | 153 | 180,571 | |||||||
| The Chefs’ Warehouse, Inc.: | ||||||||||
| 1.875%, 12/01/24 (#), (±) | USD | 145 | 146,417 | |||||||
| 1.875%, 12/01/24 (±) | USD | 239 | 242,790 | |||||||
| The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±) | USD | 231 | 251,212 | |||||||
| The Marcus Corp., 5.000%, 09/15/25 (±) | USD | 118 | 235,495 | |||||||
| The RealReal, Inc., 1.000%, 03/01/28 (±) | USD | 86 | 85,570 | |||||||
| Turning Point Brands, Inc., 2.500%, 07/15/24 (±) | USD | 283 | 341,192 | |||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 97 | 105,614 | |||||||
| Uber Technologies, Inc., 0.000%, 12/15/25 (±) | USD | 171 | 179,657 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 184 | 226,205 | |||||||
| Verint Systems, Inc., 1.500%, 06/01/21 (±) | USD | 311 | 350,279 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 280 | 304,500 | |||||||
| Wayfair, Inc., 0.625%, 10/01/25 (±) | USD | 280 | 298,900 | |||||||
| Winnebago Industries, Inc., 1.500%, 04/01/25 (±) | USD | 197 | 272,845 | |||||||
| Zogenix, Inc., 2.750%, 10/01/27 (±) | USD | 195 | 213,891 | |||||||
| Zynga, Inc., 0.000%, 12/15/26 (±) | USD | 150 | 159,094 | |||||||
| 32,751,401 | ||||||||||
| Total Convertible Corporate Bonds (Cost $34,594,407) | 36,588,236 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Purchased Options | 0.0% | ||||||||||||||||
| Call | ||||||||||||||||
| Hope Bancorp, Inc. Expires 04/16/21 | MSC | 1 | $ | 15 | $ | 100 | $ | 35 | ||||||||
| Put | ||||||||||||||||
| American Airlines Group, Inc. Expires 01/20/23 | MSC | 6 | 10 | 600 | 702 | |||||||||||
| Gol Linhas Aereas Inteligentes SA Expires 10/15/21 | MSC | 11 | 4 | 1,100 | 385 | |||||||||||
| Total Purchased Options (Cost $1,296) | 1,122 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 18.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $3,515,481) | 3,515,481 | $ | 3,515,481 | |||||
| Total Investments excluding Securities Sold Short | 215.2% (Cost $38,124,368) | $ | 40,118,422 | ||||||
| Securities Sold Short | (120.2)% | ||||||||
| Common Stocks | (80.0)% | ||||||||
| Belgium | (0.2)% | ||||||||
| Umicore SA | (578 | ) | (30,666 | ) | ||||
| (30,666 | ) | |||||||
| Brazil | (0.1)% | ||||||||
| Gol Linhas Aereas Inteligentes SA ADR | (3,369 | ) | (25,773 | ) | ||||
| (25,773 | ) | |||||||
| Canada | (1.7)% | ||||||||
| Atlas Corp. | (4,877 | ) | (66,571 | ) | ||||
| Canopy Growth Corp. | (2,911 | ) | (93,489 | ) | ||||
| Dye & Durham, Ltd. | (813 | ) | (25,664 | ) | ||||
| Element Fleet Management Corp. | (7,737 | ) | (84,653 | ) | ||||
| Ivanhoe Mines, Ltd., Class A | (5,696 | ) | (29,325 | ) | ||||
| Pretium Resources, Inc. | (1,642 | ) | (17,028 | ) | ||||
| (316,730 | ) | |||||||
| China | (0.5)% | ||||||||
| NIO, Inc. ADR | (2,287 | ) | (89,147 | ) | ||||
| (89,147 | ) | |||||||
| Germany | (0.7)% | ||||||||
| Delivery Hero SE | (1,007 | ) | (130,507 | ) | ||||
| (130,507 | ) | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Israel | (0.5)% | ||||||||
| Fiverr International, Ltd. | (470 | ) | $ | (102,075 | ) | |||
| (102,075 | ) | |||||||
| Italy | (0.1)% | ||||||||
| Kaleyra, Inc. | (635 | ) | (8,953 | ) | ||||
| (8,953 | ) | |||||||
| Netherlands | (0.1)% | ||||||||
| Pharming Group NV | (12,500 | ) | (16,192 | ) | ||||
| (16,192 | ) | |||||||
| Norway | (0.1)% | ||||||||
| SFL Corp., Ltd. | (1,155 | ) | (9,263 | ) | ||||
| (9,263 | ) | |||||||
| Panama | (1.4)% | ||||||||
| Copa Holdings SA, Class A | (3,249 | ) | (262,487 | ) | ||||
| (262,487 | ) | |||||||
| United States | (74.6)% | ||||||||
| 1Life Healthcare, Inc. | (1,887 | ) | (73,744 | ) | ||||
| Accolade, Inc. | (885 | ) | (40,152 | ) | ||||
| Aerie Pharmaceuticals, Inc. | (5,682 | ) | (101,537 | ) | ||||
| Air Transport Services Group, Inc. | (5,212 | ) | (152,503 | ) | ||||
| Airbnb, Inc., Class A | (525 | ) | (98,669 | ) | ||||
| Akamai Technologies, Inc. | (566 | ) | (57,675 | ) | ||||
| Alteryx, Inc., Class A | (299 | ) | (24,805 | ) | ||||
| American Airlines Group, Inc. | (10,751 | ) | (256,949 | ) | ||||
| ams AG | (1,276 | ) | (25,420 | ) | ||||
| Arbor Realty Trust, Inc. REIT | (6,050 | ) | (96,195 | ) | ||||
| Atlas Air Worldwide Holdings, Inc. | (3,879 | ) | (234,447 | ) | ||||
| Avadel Pharmaceuticals PLC ADR | (9,729 | ) | (87,950 | ) | ||||
| Avaya Holdings Corp. | (5,542 | ) | (155,342 | ) | ||||
| Avid Bioservices, Inc. | (3,378 | ) | (61,581 | ) | ||||
| Bandwidth, Inc., Class A | (236 | ) | (29,911 | ) | ||||
| Bentley Systems, Inc., Class B | (1,281 | ) | (60,117 | ) | ||||
| Beyond Meat, Inc. | (648 | ) | (84,318 | ) | ||||
| BioMarin Pharmaceutical, Inc. | (792 | ) | (59,804 | ) | ||||
| Bridgebio Pharma, Inc. | (1,249 | ) | (76,938 | ) | ||||
| Centennial Resource Development, Inc., Class A | (9,272 | ) | (38,942 | ) | ||||
| Charter Communications, Inc., Class A | (87 | ) | (53,681 | ) | ||||
| Cinemark Holdings, Inc. | (14,811 | ) | (302,293 | ) | ||||
| Coherus Biosciences, Inc. | (6,004 | ) | (87,718 | ) | ||||
| Collegium Pharmaceutical, Inc. | (3,539 | ) | (83,874 | ) | ||||
| CONMED Corp. | (1,606 | ) | (209,728 | ) | ||||
| Coupa Software, Inc. | (461 | ) | (117,315 | ) | ||||
| CryoPort, Inc. | (6,092 | ) | (316,845 | ) | ||||
| CSG Systems International, Inc. | (484 | ) | (21,727 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Cutera, Inc. | (2,396 | ) | $ | (72,000 | ) | |||
| CyberArk Software, Ltd. | (385 | ) | (49,796 | ) | ||||
| DexCom, Inc. | (56 | ) | (20,126 | ) | ||||
| DISH Network Corp., Class A | (3,951 | ) | (143,026 | ) | ||||
| DocuSign, Inc. | (62 | ) | (12,552 | ) | ||||
| DraftKings, Inc., Class A | (990 | ) | (60,717 | ) | ||||
| Encore Capital Group, Inc. | (9,400 | ) | (378,162 | ) | ||||
| Envestnet, Inc. | (681 | ) | (49,189 | ) | ||||
| Eventbrite, Inc., Class A | (2,962 | ) | (65,638 | ) | ||||
| Everbridge, Inc. | (131 | ) | (15,875 | ) | ||||
| Expedia Group, Inc. | (387 | ) | (66,610 | ) | ||||
| EZCORP, Inc. Class A | (6,790 | ) | (33,746 | ) | ||||
| Fastly, Inc., Class A | (935 | ) | (62,907 | ) | ||||
| Flexion Therapeutics, Inc. | (3,160 | ) | (28,282 | ) | ||||
| fuboTV, Inc. | (2,279 | ) | (50,412 | ) | ||||
| Gossamer Bio, Inc. | (7,700 | ) | (71,225 | ) | ||||
| Green Plains, Inc. | (2,807 | ) | (75,986 | ) | ||||
| Groupon, Inc. | (960 | ) | (48,523 | ) | ||||
| Guess?, Inc. | (9,631 | ) | (226,329 | ) | ||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (1,835 | ) | (102,944 | ) | ||||
| Health Catalyst, Inc. | (2,453 | ) | (114,727 | ) | ||||
| Helix Energy Solutions Group, Inc. | (31,094 | ) | (157,025 | ) | ||||
| Herbalife Nutrition, Ltd. | (1,464 | ) | (64,943 | ) | ||||
| Hope Bancorp, Inc. | (1,311 | ) | (19,744 | ) | ||||
| I3 Verticals, Inc., Class A | (3,011 | ) | (93,717 | ) | ||||
| IMAX Corp. | (2,274 | ) | (45,707 | ) | ||||
| Impinj, Inc. | (3,556 | ) | (202,230 | ) | ||||
| Innovative Industrial Properties, Inc. REIT | (2,896 | ) | (521,743 | ) | ||||
| Innoviva, Inc. | (3,207 | ) | (38,324 | ) | ||||
| Intercept Pharmaceuticals, Inc. | (976 | ) | (22,526 | ) | ||||
| Invacare Corp. | (3,240 | ) | (25,985 | ) | ||||
| Ironwood Pharmaceuticals, Inc. | (8,434 | ) | (94,292 | ) | ||||
| Itron, Inc. | (406 | ) | (35,992 | ) | ||||
| j2 Global, Inc. | (7,004 | ) | (839,499 | ) | ||||
| Jazz Pharmaceuticals PLC | (1,062 | ) | (174,561 | ) | ||||
| Just Eat Takeaway.com NV | (231 | ) | (21,352 | ) | ||||
| Kadmon Holdings, Inc. | (7,958 | ) | (30,957 | ) | ||||
| Kaman Corp. | (1,874 | ) | (96,117 | ) | ||||
| Karyopharm Therapeutics, Inc. | (10,420 | ) | (109,618 | ) | ||||
| LendingTree, Inc. | (203 | ) | (43,239 | ) | ||||
| Liberty Media Corp-Liberty Formula One, Class C | (4,129 | ) | (178,744 | ) | ||||
| Ligand Pharmaceuticals, Inc. | (551 | ) | (84,000 | ) | ||||
| Live Nation Entertainment, Inc. | (2,854 | ) | (241,591 | ) | ||||
| LivePerson, Inc. | (3,307 | ) | (174,411 | ) | ||||
| Magnite, Inc. | (1,154 | ) | (48,018 | ) | ||||
| MannKind Corp. | (24,978 | ) | (97,914 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Marriott Vacations Worldwide Corp. | (827 | ) | $ | (144,047 | ) | |||
| Mesa Laboratories, Inc. | (190 | ) | (46,265 | ) | ||||
| MicroStrategy, Inc., Class A | (124 | ) | (84,171 | ) | ||||
| Mitek Systems, Inc. | (3,751 | ) | (54,690 | ) | ||||
| MP Materials Corp. | (1,727 | ) | (62,086 | ) | ||||
| Nevro Corp. | (355 | ) | (49,523 | ) | ||||
| Nuance Communications, Inc. | (6,894 | ) | (300,854 | ) | ||||
| Nutanix, Inc., Class A | (451 | ) | (11,979 | ) | ||||
| NuVasive, Inc. | (1,733 | ) | (113,615 | ) | ||||
| Oil States International, Inc. | (1,414 | ) | (8,526 | ) | ||||
| Omeros Corp. | (7,958 | ) | (141,652 | ) | ||||
| OSI Systems, Inc. | (742 | ) | (71,306 | ) | ||||
| Palo Alto Networks, Inc. | (448 | ) | (144,283 | ) | ||||
| Parsons Corp. | (2,288 | ) | (92,527 | ) | ||||
| Patrick Industries, Inc. | (1,691 | ) | (143,735 | ) | ||||
| Pebblebrook Hotel Trust REIT | (4,102 | ) | (99,638 | ) | ||||
| Peloton Interactive, Inc., Class A | (474 | ) | (53,297 | ) | ||||
| PennyMac Mortgage Investment Trust REIT | (4,172 | ) | (81,771 | ) | ||||
| Perficient, Inc. | (2,394 | ) | (140,576 | ) | ||||
| PetIQ, Inc. | (4,551 | ) | (160,468 | ) | ||||
| PRA Group, Inc. | (2,661 | ) | (98,643 | ) | ||||
| PROS Holdings, Inc. | (3,015 | ) | (128,138 | ) | ||||
| Pure Storage, Inc., Class A | (2,224 | ) | (47,905 | ) | ||||
| Rambus, Inc. | (4,569 | ) | (88,821 | ) | ||||
| Rapid7, Inc. | (1,439 | ) | (107,364 | ) | ||||
| Redfin Corp. | (751 | ) | (50,009 | ) | ||||
| Redwood Trust, Inc. REIT | (2,100 | ) | (21,861 | ) | ||||
| Revance Therapeutics, Inc. | (4,743 | ) | (132,567 | ) | ||||
| Royal Caribbean Cruises, Ltd. | (1,807 | ) | (154,697 | ) | ||||
| Sirius XM Holdings, Inc. | (22,474 | ) | (136,867 | ) | ||||
| SMART Global Holdings, Inc. | (3,315 | ) | (152,556 | ) | ||||
| SmileDirectClub, Inc. | (9,337 | ) | (96,264 | ) | ||||
| Splunk, Inc. | (476 | ) | (64,488 | ) | ||||
| Stride, Inc. | (1,583 | ) | (47,664 | ) | ||||
| Summit Hotel Properties, Inc. REIT | (8,689 | ) | (88,280 | ) | ||||
| Synaptics, Inc. | (2,427 | ) | (328,664 | ) | ||||
| Tabula Rasa HealthCare, Inc. | (1,131 | ) | (52,083 | ) | ||||
| TechTarget, Inc. | (1,578 | ) | (109,592 | ) | ||||
| The Chefs’ Warehouse, Inc. | (3,721 | ) | (113,342 | ) | ||||
| The GEO Group, Inc. REIT | (14,915 | ) | (115,740 | ) | ||||
| The Greenbrier Cos., Inc. | (2,002 | ) | (94,534 | ) | ||||
| The Marcus Corp. | (9,528 | ) | (190,465 | ) | ||||
| The RealReal, Inc. | (1,648 | ) | (37,294 | ) | ||||
| Turning Point Brands, Inc. | (3,523 | ) | (183,795 | ) | ||||
| Two Harbors Investment Corp. REIT | (4,081 | ) | (29,914 | ) | ||||
| Uber Technologies, Inc. | (281 | ) | (15,317 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Varex Imaging Corp. | (7,159 | ) | $ | (146,688 | ) | |||
| Verint Systems, Inc. | (5,917 | ) | (269,164 | ) | ||||
| Vishay Intertechnology, Inc. | (3,351 | ) | (80,692 | ) | ||||
| Voya Financial, Inc. | (243 | ) | (15,465 | ) | ||||
| Wayfair, Inc., Class A | (443 | ) | (139,434 | ) | ||||
| Winnebago Industries, Inc. | (2,502 | ) | (191,928 | ) | ||||
| Zogenix, Inc. | (6,266 | ) | (122,312 | ) | ||||
| Zynga, Inc., Class A | (3,517 | ) | (35,909 | ) | ||||
| (13,914,666 | ) | |||||||
| Total Common Stock | ||||||||
| (Proceeds $13,917,532) | (14,906,459 | ) | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||||
| US Treasury Securities | (40.2)% | ||||||||||
| U.S. Treasury Bill, 0.000%, 06/03/21 (Proceeds $7,499,723) | USD | (7,500 | ) | $ | (7,499,803 | ) | ||||
| Total Securities Sold Short (Proceeds $22,417,255) | (22,406,262 | ) | ||||||||
| Total Investments | 95.0% (Cost and short proceeds $16,707,113) (») | 17,712,160 | |||||||||
| Cash and Other Assets in Excess of Liabilities | 5.0% | 934,821 | |||||||||
| Net Assets | 100.0% | $ | 18,646,981 | ||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
Forward Currency Contracts open at March 31, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 112,426 | CAD | 142,000 | SSB | 06/24/21 | $ | — | $ | 581 | |||||||||
| USD | 210,973 | CAD | 265,000 | SSB | 06/24/21 | 79 | — | |||||||||||
| USD | 712,445 | EUR | 599,000 | SSB | 06/24/21 | 8,820 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 8,899 | $ | 581 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 58.6% | ||||||||
| Australia | 0.9% | ||||||||
| Ansell, Ltd. | 111 | $ | 3,317 | |||||
| Charter Hall Long Wale REIT | 952 | 3,421 | ||||||
| CSL, Ltd. | 31 | 6,247 | ||||||
| Fortescue Metals Group, Ltd. | 3,376 | 51,538 | ||||||
| Goodman Group REIT | 1,042 | 14,355 | ||||||
| Nine Entertainment Co. Holdings, Ltd. | 10,151 | 21,430 | ||||||
| Santos, Ltd. | 5,978 | 32,350 | ||||||
| Scentre Group REIT | 4,183 | 8,981 | ||||||
| Stockland REIT | 4,209 | 14,111 | ||||||
| 155,750 | ||||||||
| Belgium | 0.2% | ||||||||
| Ageas SA | 394 | 23,801 | ||||||
| Cofinimmo SA REIT | 21 | 3,060 | ||||||
| Etablissements Franz Colruyt NV | 96 | 5,726 | ||||||
| Proximus SADP | 145 | 3,156 | ||||||
| 35,743 | ||||||||
| Canada | 2.0% | ||||||||
| Allied Properties Real Estate Investment Trust | 103 | 3,331 | ||||||
| ARC Resources, Ltd. | 2,730 | 16,771 | ||||||
| CAE, Inc. | 1,491 | 42,478 | ||||||
| Canadian National Railway Co. | 509 | 59,034 | ||||||
| Canadian Western Bank | 770 | 19,601 | ||||||
| Centerra Gold, Inc. | 934 | 8,264 | ||||||
| Constellation Software, Inc. | 4 | 5,586 | ||||||
| Empire Co., Ltd., Class A | 474 | 14,778 | ||||||
| Hydro One, Ltd. | 191 | 4,449 | ||||||
| Linamar Corp. | 514 | 30,303 | ||||||
| Magna International, Inc. | 429 | 37,783 | ||||||
| Metro, Inc. | 127 | 5,794 | ||||||
| Quebecor, Inc., Class B | 382 | 10,256 | ||||||
| Rogers Communications, Inc., Class B | 204 | 9,407 | ||||||
| Suncor Energy, Inc. | 938 | 19,608 | ||||||
| TFI International, Inc. | 214 | 16,041 | ||||||
| The Toronto-Dominion Bank | 900 | 58,689 | ||||||
| 362,173 | ||||||||
| Denmark | 0.8% | ||||||||
| Carlsberg A/S, Class B Sponsored ADR | 1,869 | 57,696 | ||||||
| Coloplast A/S, Class B | 33 | 4,968 | ||||||
| Novo Nordisk A/S, Class B | 488 | 32,955 | ||||||
| Vestas Wind Systems AS ADR | 597 | 41,653 | ||||||
| 137,272 | ||||||||
| Finland | 0.1% | ||||||||
| Elisa Oyj | 50 | 3,000 | ||||||
| Description | Shares | Fair Value | ||||||
| Neste Oyj | 250 | $ | 13,260 | |||||
| Nordea Bank Abp | 1,097 | 10,797 | ||||||
| 27,057 | ||||||||
| France | 1.2% | ||||||||
| BNP Paribas SA | 151 | 9,175 | ||||||
| Cie de Saint-Gobain | 391 | 23,079 | ||||||
| Cie Generale des Etablissements Michelin SCA | 185 | 27,701 | ||||||
| Credit Agricole SA | 646 | 9,356 | ||||||
| Electricite de France SA | 939 | 12,600 | ||||||
| Faurecia SE | 26 | 1,386 | ||||||
| La Francaise des Jeux SAEM | 276 | 12,534 | ||||||
| LVMH Moet Hennessy Louis Vuitton SA ADR | 346 | 46,309 | ||||||
| Orange SA | 590 | 7,262 | ||||||
| Pernod Ricard SA ADR | 1,070 | 39,975 | ||||||
| Sartorius Stedim Biotech | 9 | 3,706 | ||||||
| Societe Generale SA | 953 | 24,901 | ||||||
| 217,984 | ||||||||
| Germany | 1.4% | ||||||||
| Daimler AG | 1,051 | 93,643 | ||||||
| Deutsche Bank AG (*) | 1,088 | 13,000 | ||||||
| Deutsche Post AG | 1,125 | 61,637 | ||||||
| Merck KGaA Sponsored ADR | 1,193 | 40,741 | ||||||
| SAP SE | 117 | 14,330 | ||||||
| TeamViewer AG ADR (*) | 1,648 | 35,308 | ||||||
| 258,659 | ||||||||
| Hong Kong | 0.6% | ||||||||
| AIA Group, Ltd. Sponsored ADR | 1,571 | 77,121 | ||||||
| CLP Holdings, Ltd. | 500 | 4,858 | ||||||
| Hysan Development Co., Ltd. | 1,000 | 3,912 | ||||||
| Jardine Matheson Holdings, Ltd. | 43 | 2,814 | ||||||
| Sun Hung Kai Properties, Ltd. | 1,000 | 15,169 | ||||||
| 103,874 | ||||||||
| Israel | 0.0% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 2,957 | 3,166 | ||||||
| Italy | 0.2% | ||||||||
| Banco BPM SpA (*) | 3,503 | 10,041 | ||||||
| Buzzi Unicem SpA | 1,011 | 26,373 | ||||||
| 36,414 | ||||||||
| Japan | 4.8% | ||||||||
| Activia Properties, Inc. REIT | 3 | 13,188 | ||||||
| Advance Residence Investment Corp. REIT | 3 | 9,414 | ||||||
| Ajinomoto Co., Inc. | 300 | 6,153 | ||||||
| Benesse Holdings, Inc. | 200 | 4,212 | ||||||
| Chubu Electric Power Co., Inc. | 300 | 3,872 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Credit Saison Co., Ltd. | 1,400 | $ | 16,747 | |||||
| Dai-ichi Life Holdings, Inc. | 1,700 | 29,421 | ||||||
| Daito Trust Construction Co., Ltd. | 55 | 6,398 | ||||||
| Daiwa Securities Living Investments Corp. REIT | 6 | 5,892 | ||||||
| DCM Holdings Co., Ltd. | 700 | 7,328 | ||||||
| Dip Corp. | 300 | 7,874 | ||||||
| Electric Power Development Co., Ltd. | 2,900 | 50,771 | ||||||
| ENEOS Holdings, Inc. | 2,300 | 10,417 | ||||||
| Fuji Media Holdings, Inc. | 200 | 2,456 | ||||||
| FUJIFILM Holdings Corp. | 100 | 5,956 | ||||||
| Hitachi Zosen Corp. | 2,900 | 23,410 | ||||||
| Hokkaido Electric Power Co., Inc. | 1,700 | 7,777 | ||||||
| Inpex Corp. | 1,200 | 8,189 | ||||||
| ITOCHU Corp. | 200 | 6,502 | ||||||
| Japan Logistics Fund, Inc. REIT | 7 | 19,715 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 500 | 9,273 | ||||||
| Japan Post Bank Co., Ltd. | 4,200 | 40,312 | ||||||
| Japan Post Holdings Co., Ltd. | 600 | 5,367 | ||||||
| Japan Real Estate Investment Corp. | 1 | 5,909 | ||||||
| K’s Holdings Corp. | 300 | 4,132 | ||||||
| KDDI Corp. | 300 | 9,218 | ||||||
| Kureha Corp. | 100 | 6,927 | ||||||
| Kyudenko Corp. | 100 | 3,823 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 200 | 9,218 | ||||||
| Mitsubishi Estate Co., Ltd. | 500 | 8,768 | ||||||
| Mizuho Financial Group, Inc. | 2,060 | 29,709 | ||||||
| Nintendo Co., Ltd. ADR | 914 | 64,711 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 1,200 | 8,608 | ||||||
| Nitto Denko Corp. | 400 | 34,341 | ||||||
| Nomura Holdings, Inc. | 2,900 | 15,330 | ||||||
| Nomura Real Estate Holdings, Inc. | 1,700 | 41,098 | ||||||
| Osaka Gas Co., Ltd. | 1,200 | 23,462 | ||||||
| Rengo Co., Ltd. | 300 | 2,609 | ||||||
| Sankyo Co., Ltd. | 100 | 2,648 | ||||||
| Sekisui House, Ltd. | 1,400 | 30,113 | ||||||
| Seven & I Holdings Co., Ltd. | 600 | 24,247 | ||||||
| Shikoku Electric Power Co., Inc. | 1,500 | 11,692 | ||||||
| Shimano, Inc. ADR | 1,921 | 45,893 | ||||||
| Shimizu Corp. | 600 | 4,876 | ||||||
| Softbank Corp. | 1,300 | 16,918 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 100 | 3,481 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 300 | 9,583 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 300 | 10,640 | ||||||
| T&D Holdings, Inc. | 700 | 9,089 | ||||||
| Taiheiyo Cement Corp. | 800 | 21,105 | ||||||
| Description | Shares | Fair Value | ||||||
| Teijin, Ltd. | 200 | $ | 3,446 | |||||
| The Hachijuni Bank, Ltd. | 1,000 | 3,636 | ||||||
| The Kansai Electric Power Co., Inc. | 1,500 | 16,281 | ||||||
| Tohoku Electric Power Co., Inc. | 3,900 | 36,927 | ||||||
| Tokyo Gas Co., Ltd. | 500 | 11,113 | ||||||
| Toray Industries, Inc. | 3,500 | 22,527 | ||||||
| 852,722 | ||||||||
| Macau | 0.3% | ||||||||
| Sands China, Ltd. ADR (*) | 1,112 | 55,700 | ||||||
| Malta | 0.1% | ||||||||
| Kindred Group PLC | 584 | 10,266 | ||||||
| Netherlands | 1.5% | ||||||||
| ASML Holding NV | 49 | 29,887 | ||||||
| Eurocommercial Properties NV | 465 | 10,272 | ||||||
| Flow Traders | 73 | 3,052 | ||||||
| Koninklijke Ahold Delhaize NV | 361 | 10,055 | ||||||
| NXP Semiconductors NV | 332 | 66,845 | ||||||
| Royal Dutch Shell PLC, A Shares | 1,737 | 33,816 | ||||||
| Wolters Kluwer NV | 70 | 6,085 | ||||||
| Wolters Kluwer NV Sponsored ADR | 1,281 | 111,255 | ||||||
| 271,267 | ||||||||
| New Zealand | 0.1% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 428 | 9,610 | ||||||
| Norway | 0.2% | ||||||||
| Orkla ASA | 1,104 | 10,824 | ||||||
| Telenor ASA | 539 | 9,491 | ||||||
| Yara International ASA | 264 | 13,732 | ||||||
| 34,047 | ||||||||
| Singapore | 0.1% | ||||||||
| AEM Holdings, Ltd. | 1,700 | 5,250 | ||||||
| DBS Group Holdings, Ltd. | 700 | 15,100 | ||||||
| Singapore Exchange, Ltd. | 500 | 3,715 | ||||||
| 24,065 | ||||||||
| Spain | 0.3% | ||||||||
| Corporacion Financiera Alba SA | 20 | 993 | ||||||
| Iberdrola SA | 367 | 4,732 | ||||||
| Industria de Diseno Textil SA ADR | 2,482 | 41,052 | ||||||
| 46,777 | ||||||||
| Sweden | 1.2% | ||||||||
| Assa Abloy AB ADR | 2,893 | 41,601 | ||||||
| Axfood AB | 277 | 6,621 | ||||||
| Epiroc AB ADR | 4,070 | 92,063 | ||||||
| Hexagon AB ADR | 749 | 69,105 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 362 | $ | 4,789 | |||||
| 214,179 | ||||||||
| Switzerland | 0.8% | ||||||||
| ABB, Ltd. Sponsored ADR | 1,955 | 59,569 | ||||||
| Credit Suisse Group AG | 2,287 | 24,145 | ||||||
| Kuehne + Nagel International AG | 31 | 8,845 | ||||||
| Roche Holding AG | 133 | 42,991 | ||||||
| Swisscom AG | 17 | 9,120 | ||||||
| UBS Group AG | 200 | 3,097 | ||||||
| 147,767 | ||||||||
| United Kingdom | 3.3% | ||||||||
| Barclays PLC | 15,654 | 40,139 | ||||||
| BT Group PLC (*) | 6,497 | 13,869 | ||||||
| Coca-Cola European Partners PLC | 935 | 48,770 | ||||||
| Diageo PLC Sponsored ADR | 615 | 100,989 | ||||||
| Genus PLC | 40 | 2,679 | ||||||
| GlaxoSmithKline PLC | 200 | 3,550 | ||||||
| HSBC Holdings PLC | 843 | 4,917 | ||||||
| Imperial Brands PLC | 201 | 4,135 | ||||||
| J Sainsbury PLC | 3,036 | 10,152 | ||||||
| John Wood Group PLC (*) | 1,876 | 6,990 | ||||||
| Prudential PLC ADR | 1,809 | 77,226 | ||||||
| RELX PLC Sponsored ADR | 2,890 | 72,712 | ||||||
| Rio Tinto PLC | 37 | 2,831 | ||||||
| Rio Tinto PLC Sponsored ADR | 549 | 42,630 | ||||||
| Rio Tinto, Ltd. | 26 | 2,199 | ||||||
| Standard Chartered PLC | 7,977 | 54,886 | ||||||
| Unilever PLC Sponsored ADR | 1,586 | 88,546 | ||||||
| Vodafone Group PLC | 6,686 | 12,167 | ||||||
| 589,387 | ||||||||
| United States | 38.5% | ||||||||
| 3M Co. | 106 | 20,424 | ||||||
| Accenture PLC, Class A | 426 | 117,682 | ||||||
| Activision Blizzard, Inc. | 419 | 38,967 | ||||||
| Adobe, Inc. (*) | 127 | 60,372 | ||||||
| Adtalem Global Education, Inc. (*) | 228 | 9,015 | ||||||
| Advanced Micro Devices, Inc. (*) | 138 | 10,833 | ||||||
| Aflac, Inc. | 370 | 18,937 | ||||||
| AGCO Corp. | 339 | 48,697 | ||||||
| Agilent Technologies, Inc. | 135 | 17,164 | ||||||
| Allegion PLC | 71 | 8,919 | ||||||
| Alphabet, Inc., Class A (*) | 67 | 138,189 | ||||||
| Alphabet, Inc., Class C (*) | 43 | 88,951 | ||||||
| Altria Group, Inc. | 88 | 4,502 | ||||||
| Amazon.com, Inc. (*) | 62 | 191,833 | ||||||
| Description | Shares | Fair Value | ||||||
| Amdocs, Ltd. | 32 | $ | 2,245 | |||||
| Ameren Corp. | 33 | 2,685 | ||||||
| American Tower Corp. REIT | 17 | 4,064 | ||||||
| American Water Works Co., Inc. | 26 | 3,898 | ||||||
| AmerisourceBergen Corp. | 777 | 91,740 | ||||||
| Amgen, Inc. | 79 | 19,656 | ||||||
| Anthem, Inc. | 57 | 20,460 | ||||||
| Aon PLC, Class A | 497 | 114,365 | ||||||
| Apartment Investment and Management Co. REIT, Class A | 2,400 | 14,736 | ||||||
| Apple, Inc. | 2,738 | 334,447 | ||||||
| Applied Materials, Inc. | 597 | 79,759 | ||||||
| AptarGroup, Inc. | 70 | 9,917 | ||||||
| AT&T, Inc. | 176 | 5,328 | ||||||
| Atmos Energy Corp. | 67 | 6,623 | ||||||
| Automatic Data Processing, Inc. | 272 | 51,264 | ||||||
| AutoZone, Inc. (*) | 3 | 4,213 | ||||||
| Avery Dennison Corp. | 123 | 22,589 | ||||||
| Bank of America Corp. | 2,047 | 79,198 | ||||||
| Berkshire Hathaway, Inc. Class B (*) | 26 | 6,642 | ||||||
| Best Buy Co., Inc. | 126 | 14,466 | ||||||
| Booz Allen Hamilton Holding Corp. | 121 | 9,744 | ||||||
| Boston Scientific Corp. (*) | 1,336 | 51,636 | ||||||
| Bristol-Myers Squibb Co. | 385 | 24,305 | ||||||
| BRP, Inc. | 634 | 55,107 | ||||||
| Cabot Oil & Gas Corp. | 376 | 7,061 | ||||||
| Cadence Design Systems, Inc. (*) | 97 | 13,288 | ||||||
| Campbell Soup Co. | 92 | 4,625 | ||||||
| Cardinal Health, Inc. | 452 | 27,459 | ||||||
| Cboe Global Markets, Inc. | 217 | 21,416 | ||||||
| CDW Corp. | 240 | 39,780 | ||||||
| Centene Corp. (*) | 48 | 3,068 | ||||||
| Charter Communications, Inc., Class A (*) | 18 | 11,106 | ||||||
| Chubb, Ltd. | 15 | 2,370 | ||||||
| Cigna Corp. | 39 | 9,428 | ||||||
| Cisco Systems, Inc. | 1,393 | 72,032 | ||||||
| Citizens Financial Group, Inc. | 133 | 5,872 | ||||||
| Cognizant Technology Solutions Corp., Class A | 217 | 16,952 | ||||||
| Colgate-Palmolive Co. | 203 | 16,002 | ||||||
| Comcast Corp., Class A | 861 | 46,589 | ||||||
| ConocoPhillips | 386 | 20,446 | ||||||
| Costco Wholesale Corp. | 18 | 6,345 | ||||||
| Crocs, Inc. (*) | 129 | 10,378 | ||||||
| CVS Health Corp. | 577 | 43,408 | ||||||
| D.R. Horton, Inc. | 115 | 10,249 | ||||||
| DaVita, Inc. (*) | 167 | 17,998 | ||||||
| Deere & Co. | 222 | 83,059 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Devon Energy Corp. | 668 | $ | 14,596 | |||||
| Diamondback Energy, Inc. | 322 | 23,664 | ||||||
| Dolby Laboratories, Inc., Class A | 47 | 4,640 | ||||||
| Dollar General Corp. | 431 | 87,329 | ||||||
| Dominion Energy, Inc. | 43 | 3,266 | ||||||
| Domino’s Pizza, Inc. | 22 | 8,091 | ||||||
| Dover Corp. | 65 | 8,913 | ||||||
| DTE Energy Co. | 23 | 3,062 | ||||||
| Duke Energy Corp. | 53 | 5,116 | ||||||
| Eastman Chemical Co. | 152 | 16,738 | ||||||
| Electronic Arts, Inc. | 73 | 9,882 | ||||||
| Eli Lilly & Co. | 536 | 100,136 | ||||||
| Equitable Holdings, Inc. | 370 | 12,069 | ||||||
| Evergy, Inc. | 59 | 3,512 | ||||||
| Exlservice Holdings, Inc. (*) | 36 | 3,246 | ||||||
| Extra Space Storage, Inc. REIT | 23 | 3,049 | ||||||
| Exxon Mobil Corp. | 492 | 27,468 | ||||||
| Facebook, Inc., Class A (*) | 296 | 87,181 | ||||||
| Fifth Third Bancorp | 554 | 20,747 | ||||||
| Flagstar Bancorp, Inc. | 186 | 8,389 | ||||||
| FormFactor, Inc. (*) | 186 | 8,390 | ||||||
| FTI Consulting, Inc. (*) | 24 | 3,363 | ||||||
| General Mills, Inc. | 100 | 6,132 | ||||||
| Gilead Sciences, Inc. | 77 | 4,977 | ||||||
| Graco, Inc. | 76 | 5,443 | ||||||
| HCA Healthcare, Inc. | 167 | 31,453 | ||||||
| Honeywell International, Inc. | 261 | 56,655 | ||||||
| Hormel Foods Corp. | 159 | 7,597 | ||||||
| Humana, Inc. | 82 | 34,379 | ||||||
| Huntington Ingalls Industries, Inc. | 66 | 13,586 | ||||||
| IDEXX Laboratories, Inc. (*) | 59 | 28,869 | ||||||
| Intel Corp. | 1,080 | 69,120 | ||||||
| Intercontinental Exchange, Inc. | 842 | 94,035 | ||||||
| Intuit, Inc. | 144 | 55,161 | ||||||
| IQVIA Holdings, Inc. (*) | 595 | 114,918 | ||||||
| Jack Henry & Associates, Inc. | 150 | 22,758 | ||||||
| JB Hunt Transport Services, Inc. | 25 | 4,202 | ||||||
| Johnson & Johnson | 1,410 | 231,733 | ||||||
| Kellogg Co. | 207 | 13,103 | ||||||
| Keysight Technologies, Inc. (*) | 36 | 5,162 | ||||||
| Kimberly-Clark Corp. | 116 | 16,130 | ||||||
| KLA Corp. | 29 | 9,582 | ||||||
| LHC Group, Inc. (*) | 23 | 4,398 | ||||||
| Lockheed Martin Corp. | 130 | 48,035 | ||||||
| Lowe’s Cos., Inc. | 488 | 92,808 | ||||||
| Martin Marietta Materials, Inc. | 37 | 12,425 | ||||||
| Description | Shares | Fair Value | ||||||
| MasterCard, Inc., Class A | 29 | $ | 10,325 | |||||
| McAfee Corp., Class A Class A | 399 | 9,073 | ||||||
| McDonald’s Corp. | 370 | 82,932 | ||||||
| McKesson Corp. | 237 | 46,224 | ||||||
| MDU Resources Group, Inc. | 482 | 15,236 | ||||||
| Medtronic PLC | 216 | 25,516 | ||||||
| Merck & Co., Inc. | 1,006 | 77,553 | ||||||
| MetLife, Inc. | 869 | 52,827 | ||||||
| Mettler-Toledo International, Inc. (*) | 3 | 3,467 | ||||||
| Microsoft Corp. | 1,410 | 332,436 | ||||||
| ModivCare, Inc. (*) | 19 | 2,814 | ||||||
| Mohawk Industries, Inc. (*) | 59 | 11,346 | ||||||
| Moody’s Corp. | 72 | 21,500 | ||||||
| Motorola Solutions, Inc. | 511 | 96,094 | ||||||
| MYR Group, Inc. (*) | 47 | 3,368 | ||||||
| Netflix, Inc. (*) | 87 | 45,384 | ||||||
| Newmont Corp. | 76 | 4,581 | ||||||
| Northrop Grumman Corp. | 65 | 21,037 | ||||||
| NRG Energy, Inc. | 229 | 8,640 | ||||||
| NVIDIA Corp. | 135 | 72,081 | ||||||
| O’Reilly Automotive, Inc. (*) | 6 | 3,044 | ||||||
| Occidental Petroleum Corp. | 423 | 11,260 | ||||||
| Old Dominion Freight Line, Inc. | 116 | 27,888 | ||||||
| Old Republic International Corp. | 223 | 4,870 | ||||||
| Oracle Corp. | 854 | 59,925 | ||||||
| Ovintiv, Inc. | 477 | 11,362 | ||||||
| Palo Alto Networks, Inc. (*) | 131 | 42,190 | ||||||
| Paychex, Inc. | 206 | 20,192 | ||||||
| Paycom Software, Inc. (*) | 18 | 6,661 | ||||||
| PayPal Holdings, Inc. (*) | 189 | 45,897 | ||||||
| PepsiCo, Inc. | 81 | 11,457 | ||||||
| Philip Morris International, Inc. | 594 | 52,712 | ||||||
| Pioneer Natural Resources Co. | 39 | 6,194 | ||||||
| Portland General Electric Co. | 67 | 3,180 | ||||||
| PTC, Inc. (*) | 504 | 69,376 | ||||||
| Public Storage REIT | 41 | 10,117 | ||||||
| PulteGroup, Inc. | 180 | 9,439 | ||||||
| QUALCOMM, Inc. | 253 | 33,545 | ||||||
| Quanta Services, Inc. | 295 | 25,954 | ||||||
| Quest Diagnostics, Inc. | 34 | 4,364 | ||||||
| Realty Income Corp. REIT | 48 | 3,048 | ||||||
| Regions Financial Corp. | 1,236 | 25,536 | ||||||
| Rent-A-Center, Inc. | 147 | 8,476 | ||||||
| Republic Services, Inc. | 157 | 15,598 | ||||||
| ResMed, Inc. | 14 | 2,716 | ||||||
| Rockwell Automation, Inc. | 204 | 54,150 | ||||||
| RPM International, Inc. | 86 | 7,899 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| S&P Global, Inc. | 297 | $ | 104,802 | |||||
| SBA Communications Corp. REIT | 12 | 3,331 | ||||||
| Select Medical Holdings Corp. (*) | 260 | 8,866 | ||||||
| Service Corp. International | 204 | 10,414 | ||||||
| ServiceNow, Inc. (*) | 19 | 9,502 | ||||||
| Sirius XM Holdings, Inc. | 524 | 3,191 | ||||||
| Skyworks Solutions, Inc. | 166 | 30,458 | ||||||
| SLM Corp. | 619 | 11,123 | ||||||
| Southwest Gas Holdings, Inc. | 158 | 10,856 | ||||||
| Spirit Realty Capital, Inc. REIT | 222 | 9,435 | ||||||
| Starbucks Corp. | 88 | 9,616 | ||||||
| Stellantis NV | 516 | 9,124 | ||||||
| Stepan Co. | 24 | 3,051 | ||||||
| STERIS PLC | 23 | 4,381 | ||||||
| Synopsys, Inc. (*) | 289 | 71,608 | ||||||
| Targa Resources Corp. | 366 | 11,621 | ||||||
| Target Corp. | 295 | 58,431 | ||||||
| Tesla, Inc. (*) | 107 | 71,469 | ||||||
| Texas Instruments, Inc. | 444 | 83,912 | ||||||
| The Allstate Corp. | 47 | 5,400 | ||||||
| The Bank of New York Mellon Corp. | 146 | 6,904 | ||||||
| The Charles Schwab Corp. | 887 | 57,815 | ||||||
| The Clorox Co. | 75 | 14,466 | ||||||
| The Coca-Cola Co. | 1,995 | 105,156 | ||||||
| The Hanover Insurance Group, Inc. | 38 | 4,919 | ||||||
| The Hartford Financial Services Group, Inc. | 61 | 4,074 | ||||||
| The Hershey Co. | 56 | 8,857 | ||||||
| The Home Depot, Inc. | 197 | 60,134 | ||||||
| The J.M. Smucker Co. | 26 | 3,290 | ||||||
| The Kroger Co. | 166 | 5,974 | ||||||
| The Mosaic Co. | 297 | 9,388 | ||||||
| The Procter & Gamble Co. | 770 | 104,281 | ||||||
| The Sherwin-Williams Co. | 27 | 19,926 | ||||||
| Thermo Fisher Scientific, Inc. | 286 | 130,525 | ||||||
| Tractor Supply Co. | 29 | 5,135 | ||||||
| Trimble, Inc. (*) | 111 | 8,635 | ||||||
| Ubiquiti, Inc. | 56 | 16,705 | ||||||
| United Parcel Service, Inc., Class B | 76 | 12,919 | ||||||
| United Therapeutics Corp. (*) | 21 | 3,513 | ||||||
| UnitedHealth Group, Inc. | 71 | 26,417 | ||||||
| Universal Health Services, Inc., Class B | 58 | 7,737 | ||||||
| Verizon Communications, Inc. | 2,689 | 156,365 | ||||||
| Viatris, Inc. (*) | 138 | 1,928 | ||||||
| Visa, Inc., Class A | 404 | 85,539 | ||||||
| Vistra Corp. | 579 | 10,237 | ||||||
| Walmart, Inc. | 257 | 34,908 | ||||||
| Description | Shares | Fair Value | ||||||
| Warner Music Group Corp., Class A | 794 | $ | 27,258 | |||||
| Waste Management, Inc. | 59 | 7,612 | ||||||
| Waters Corp. (*) | 16 | 4,547 | ||||||
| WD-40 Co. | 17 | 5,205 | ||||||
| WEC Energy Group, Inc. | 101 | 9,453 | ||||||
| Werner Enterprises, Inc. | 61 | 2,877 | ||||||
| West Pharmaceutical Services, Inc. | 17 | 4,790 | ||||||
| Williams-Sonoma, Inc. | 70 | 12,544 | ||||||
| WW Grainger, Inc. | 26 | 10,424 | ||||||
| Xcel Energy, Inc. | 68 | 4,523 | ||||||
| Zoetis, Inc. | 579 | 91,181 | ||||||
| 6,874,247 | ||||||||
| Total Common Stocks (Cost $7,702,028) | 10,468,126 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 12.8% | ||||||||||
| Australia | 0.4% | ||||||||||
| Telstra Corp., Ltd., 4.000%, 09/16/22 | AUD | 100 | $ | 79,888 | ||||||
| Canada | 0.9% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 105 | 102,976 | |||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 70 | 57,494 | |||||||
| 160,470 | ||||||||||
| France | 0.4% | ||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 60 | 62,070 | |||||||
| Germany | 0.6% | ||||||||||
| BMW Finance NV, 0.875%, 08/16/22 | GBP | 25 | 34,641 | |||||||
| Daimler AG, 0.750%, 09/10/30 | EUR | 55 | 65,762 | |||||||
| 100,403 | ||||||||||
| Switzerland | 0.1% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 17 | 20,525 | |||||||
| United Kingdom | 1.3% | ||||||||||
| Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 | GBP | 100 | 145,008 | |||||||
| Unilever Capital Corp., 1.375%, 09/14/30 | USD | 100 | 93,853 | |||||||
| 238,861 | ||||||||||
| United States | 9.1% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 60 | 60,678 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 70 | $ | 64,345 | ||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 60 | 65,650 | |||||||
| American Express Credit Corp., 3.300%, 05/03/27 | USD | 55 | 60,174 | |||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 60 | 65,100 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 35 | 39,141 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 35 | 35,578 | |||||||
| 3.248%, 10/21/27 | USD | 60 | 64,505 | |||||||
| Citigroup, Inc., 1.560% (BBSW3M + 1.550%), 05/04/21 (§) | AUD | 83 | 63,106 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 45 | 52,639 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 80 | 66,359 | |||||||
| Johnson & Johnson, 3.625%, 03/03/37 | USD | 28 | 31,608 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 75 | 81,626 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 48 | 51,918 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 80 | 67,946 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 40 | 43,956 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 60 | 65,835 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 45 | 43,552 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 60 | 62,282 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 70 | 63,498 | |||||||
| Sealed Air Corp., 4.875%, 12/01/22 | USD | 35 | 36,400 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 35 | 36,881 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 50 | 58,013 | |||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) |
USD | 65 | 61,688 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 45 | $ | 61,985 | ||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 35 | 32,389 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 75 | 74,488 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 35 | 36,868 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 74 | 82,321 | |||||||
| 1,630,529 | ||||||||||
| Total Corporate Bonds (Cost $2,199,221) | 2,292,746 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Exchange-Traded Funds | 5.1% | ||||||||||
| iShares MSCI World ETF (Cost $641,284) | 7,610 | $ | 901,709 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Foreign Government Obligations | 18.7% | ||||||||||
| Australia | 0.7% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 90 | $ | 64,691 | ||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 90 | 63,735 | |||||||
| 128,426 | ||||||||||
| Bahamas | 0.6% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 110 | 109,828 | |||||||
| Bermuda | 1.1% | ||||||||||
| Government of Bermuda, 2.375%, 08/20/30 (#) | USD | 200 | 194,611 | |||||||
| Canada | 1.0% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 50 | 42,785 | |||||||
| Province of Quebec: | ||||||||||
| 2.500%, 04/20/26 | USD | 55 | 58,687 | |||||||
| 1.850%, 02/13/27 | CAD | 95 | 77,168 | |||||||
| 178,640 | ||||||||||
| Chile | 1.8% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.500%, 03/01/26 | CLP | 40,000 | 61,546 | |||||||
| 2.300%, 10/01/28 | CLP | 105,000 | 139,012 | |||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 120,825 | |||||||
| 321,383 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Colombia | 0.4% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 190,000 | $ | 61,994 | ||||||
| Czech Republic | 1.0% | ||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 4,180 | 185,933 | |||||||
| Hungary | 1.2% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 2.500%, 10/24/24 | HUF | 19,000 | 63,699 | |||||||
| 2.750%, 12/22/26 | HUF | 18,770 | 63,231 | |||||||
| 3.000%, 10/27/27 | HUF | 18,400 | 62,757 | |||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 |
EUR | 25 | 31,315 | |||||||
| 221,002 | ||||||||||
| Italy | 0.7% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 50 | 61,791 | |||||||
| Italy Government International Bonds, 6.875%, 09/27/23 | USD | 60 | 68,894 | |||||||
| 130,685 | ||||||||||
| Mexico | 0.4% | ||||||||||
| Mexican Bonos, 7.500%, 06/03/27 | MXN | 1,300 | 67,756 | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 5 | 8,024 | |||||||
| 75,780 | ||||||||||
| Morocco | 0.6% | ||||||||||
| Morocco Government International Bonds, 1.500%, 11/27/31 |
EUR | 100 | 110,344 | |||||||
| Netherlands | 1.1% | ||||||||||
| Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#) | USD | 200 | 195,588 | |||||||
| New Zealand | 0.9% | ||||||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 4.500%, 04/15/27 | NZD | 165 | 134,073 | |||||||
| 2.000%, 04/15/37 | NZD | 50 | 30,656 | |||||||
| 164,729 | ||||||||||
| Norway | 1.3% | ||||||||||
| Oslo Kommune: | ||||||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 120,929 | |||||||
| 0.920% (NIBOR3M + 0.460%), 05/06/26 | NOK | 1,000 | 117,981 | |||||||
| 238,910 | ||||||||||
| Panama | 0.4% | ||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 50 | 69,031 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Peru | 0.7% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 400 | $ | 115,758 | ||||||
| Philippines | 1.2% | ||||||||||
| Republic of Philippines, 3.900%, 11/26/22 | PHP | 10,000 | 209,321 | |||||||
| Poland | 0.8% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/27 | PLN | 250 | 68,733 | |||||||
| 2.750%, 10/25/29 | PLN | 240 | 67,235 | |||||||
| 135,968 | ||||||||||
| Romania | 1.6% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 4.000%, 10/27/21 | RON | 290 | 69,608 | |||||||
| 4.750%, 02/24/25 | RON | 535 | 137,348 | |||||||
| Romanian Government International Bonds, 2.375%, 04/19/27 |
EUR | 55 | 69,659 | |||||||
| 276,615 | ||||||||||
| Singapore | 0.3% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 70 | 60,051 | |||||||
| Spain | 0.3% | ||||||||||
| Spain Government Bonds, 1.200%, 10/31/40 | EUR | 49 | 59,780 | |||||||
| United Kingdom | 0.6% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 1.750%, 09/07/37 | GBP | 45 | 66,615 | |||||||
| 1.500%, 07/22/47 | GBP | 25 | 35,321 | |||||||
| 101,936 | ||||||||||
| Total Foreign Government Obligations (Cost $3,284,613) | 3,346,313 | |||||||||
| Supranational Bonds | 2.6% | ||||||||||
| African Development Bank, 0.750%, 04/03/23 | USD | 45 | 45,396 | |||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 68 | 71,680 | |||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 |
USD | 35 | 36,260 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,190,000 | 85,909 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.500%, 08/03/23 | CAD | 85 | 70,800 | |||||||
| 1.900%, 01/16/25 | CAD | 50 | 41,181 | |||||||
| 2.900%, 11/26/25 | AUD | 85 | 70,283 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| International Finance Corp., 2.125%, 04/07/26 | USD | 35 | $ | 36,858 | ||||||
| International Finance Corp. MTN, 1.500%, 04/15/35 | AUD | 2 | 1,335 | |||||||
| Total Supranational Bonds (Cost $427,602) | 459,702 | |||||||||
| US Municipal Bonds | 1.2% | ||||||||||
| California | 1.0% | ||||||||||
| State of California, 7.550%, 04/01/39 | USD | 105 | 169,622 | |||||||
| New York | 0.2% | ||||||||||
| New York State Urban Development Corp., Series B, 3.900%, 03/15/33 | USD | 40 | 43,946 | |||||||
| Total US Municipal Bonds (Cost $218,520) | 213,568 | |||||||||
| US Treasury Securities | 0.6% | ||||||||||
| US Treasury Notes: | ||||||||||
| 2.875%, 08/15/28 | USD | 48 | 52,796 | |||||||
| 0.625%, 08/15/30 | USD | 60 | 54,375 | |||||||
| Total US Treasury Securities (Cost $113,557) | 107,171 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 0.4% | ||||||||||
| State Street Institutional Treasury Money
Market Fund, Premier Class, 0.01% (7 day yield) (Cost $77,299) | 77,299 | $ | 77,299 | |||||||
| Total Investments | 100.0% (Cost $14,664,124) (») |
$ | 17,866,634 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 3,409 | |||||||||
| Net Assets | 100.0% | $ | 17,870,043 | ||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 151,310 | USD | 115,332 | HSB | 04/20/21 | $ | — | $ | 394 | |||||||||
| AUD | 165,000 | USD | 125,409 | HSB | 04/20/21 | — | 72 | |||||||||||
| AUD | 213,076 | USD | 165,139 | HSB | 04/20/21 | — | 3,283 | |||||||||||
| AUD | 976,146 | USD | 749,742 | HSB | 04/20/21 | — | 8,245 | |||||||||||
| AUD | 279,787 | USD | 216,764 | JPM | 04/20/21 | — | 4,233 | |||||||||||
| CAD | 141,706 | USD | 111,531 | HSB | 04/20/21 | 1,235 | — | |||||||||||
| CAD | 188,764 | USD | 151,440 | HSB | 04/20/21 | — | 1,227 | |||||||||||
| CAD | 218,181 | USD | 173,253 | HSB | 04/20/21 | 370 | — | |||||||||||
| CAD | 367,631 | USD | 287,322 | HSB | 04/20/21 | 5,229 | — | |||||||||||
| CAD | 487,456 | USD | 389,067 | HSB | 04/20/21 | — | 1,163 | |||||||||||
| CAD | 1,218,308 | USD | 969,388 | HSB | 04/20/21 | 108 | — | |||||||||||
| CAD | 30,721 | USD | 24,406 | JPM | 04/20/21 | 41 | — | |||||||||||
| CAD | 258,002 | USD | 204,093 | JPM | 04/20/21 | 1,218 | — | |||||||||||
| CAD | 293,665 | USD | 231,393 | JPM | 04/20/21 | 2,298 | — | |||||||||||
| CAD | 18,748 | USD | 14,912 | SSB | 06/24/21 | 8 | — | |||||||||||
| CHF | 117,159 | USD | 132,454 | HSB | 04/20/21 | — | 8,449 | |||||||||||
| CHF | 127,727 | USD | 144,394 | JPM | 04/20/21 | — | 9,204 | |||||||||||
| CHF | 29,703 | USD | 31,830 | SSB | 06/24/21 | — | 335 | |||||||||||
| CLP | 6,529,500 | USD | 9,000 | CIT | 05/14/21 | 66 | — | |||||||||||
| CLP | 334,315,960 | USD | 467,000 | CIT | 05/14/21 | — | 2,835 | |||||||||||
| CNH | 563,425 | USD | 87,000 | HSB | 04/20/21 | — | 1,263 | |||||||||||
| CNH | 5,527,417 | USD | 851,013 | HSB | 04/20/21 | — | 9,899 | |||||||||||
| CNH | 5,684,063 | USD | 872,163 | HSB | 06/04/21 | — | 10,117 | |||||||||||
| COP | 532,734,000 | USD | 150,000 | CIT | 05/14/21 | — | 4,609 | |||||||||||
| CZK | 1,666,795 | USD | 75,903 | HSB | 04/20/21 | — | 1,010 | |||||||||||
| CZK | 1,926,264 | USD | 89,370 | HSB | 04/20/21 | — | 2,819 | |||||||||||
| CZK | 9,266,254 | USD | 420,633 | HSB | 04/20/21 | — | 4,281 | |||||||||||
| DKK | 324,034 | USD | 51,562 | SSB | 06/24/21 | — | 408 | |||||||||||
| EUR | 703,541 | USD | 851,836 | CIT | 04/20/21 | — | 26,555 | |||||||||||
| EUR | 60,255 | USD | 72,555 | HSB | 04/20/21 | — | 1,873 | |||||||||||
| EUR | 375,632 | USD | 448,166 | HSB | 04/20/21 | — | 7,535 | |||||||||||
| EUR | 750,442 | USD | 892,849 | HSB | 04/20/21 | — | 12,550 | |||||||||||
| EUR | 1,865,928 | USD | 2,259,210 | HSB | 04/20/21 | — | 70,401 | |||||||||||
| EUR | 665,573 | USD | 805,902 | JPM | 04/20/21 | — | 25,159 | |||||||||||
| EUR | 200,230 | USD | 239,263 | SSB | 06/24/21 | — | 4,060 | |||||||||||
| GBP | 34,433 | USD | 47,015 | HSB | 04/20/21 | 457 | — | |||||||||||
| GBP | 47,847 | USD | 66,452 | HSB | 04/20/21 | — | 487 | |||||||||||
| GBP | 138,227 | USD | 187,871 | HSB | 04/20/21 | 2,697 | — | |||||||||||
| GBP | 377,838 | USD | 521,205 | HSB | 04/20/21 | — | 294 | |||||||||||
| GBP | 249,711 | USD | 339,413 | JPM | 04/20/21 | 4,854 | — | |||||||||||
| GBP | 45,075 | USD | 62,405 | SSB | 06/24/21 | — | 249 | |||||||||||
| HKD | 343,605 | USD | 44,243 | SSB | 06/24/21 | — | 37 | |||||||||||
| HUF | 23,475,981 | USD | 76,156 | HSB | 04/20/21 | — | 155 | |||||||||||
| HUF | 23,740,286 | USD | 80,331 | HSB | 04/20/21 | — | 3,474 | |||||||||||
| HUF | 30,591,186 | USD | 103,734 | HSB | 04/20/21 | — | 4,697 | |||||||||||
| HUF | 32,493,300 | USD | 110,076 | HSB | 04/20/21 | — | 4,881 | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| HUF | 131,201,569 | USD | 425,890 | HSB | 04/20/21 | $ | — | $ | 1,134 | |||||||||
| IDR | 1,376,400,000 | USD | 95,716 | JPM | 04/13/21 | — | 1,324 | |||||||||||
| INR | 9,952,180 | USD | 134,875 | JPM | 04/16/21 | 811 | — | |||||||||||
| JPY | 41,588,686 | USD | 400,921 | CIT | 04/20/21 | — | 25,250 | |||||||||||
| JPY | 3,950,844 | USD | 36,300 | HSB | 04/20/21 | — | 612 | |||||||||||
| JPY | 358,136,816 | USD | 3,452,553 | HSB | 04/20/21 | — | 217,507 | |||||||||||
| JPY | 28,964,000 | USD | 266,682 | SSB | 06/24/21 | — | 4,889 | |||||||||||
| KRW | 332,739,488 | USD | 300,000 | JPM | 05/20/21 | — | 4,945 | |||||||||||
| MXN | 566,021 | USD | 27,333 | HSB | 04/20/21 | 317 | — | |||||||||||
| MXN | 852,102 | USD | 42,756 | HSB | 04/20/21 | — | 1,131 | |||||||||||
| MXN | 3,134,708 | USD | 151,377 | HSB | 04/20/21 | 1,753 | — | |||||||||||
| NOK | 3,071,590 | USD | 359,017 | HSB | 04/20/21 | 105 | — | |||||||||||
| NOK | 470,119 | USD | 54,710 | SSB | 06/24/21 | 252 | — | |||||||||||
| NZD | 69,430 | USD | 50,020 | HSB | 04/20/21 | — | 1,531 | |||||||||||
| NZD | 94,139 | USD | 67,754 | HSB | 04/20/21 | — | 2,008 | |||||||||||
| NZD | 520,424 | USD | 366,074 | HSB | 04/20/21 | — | 2,617 | |||||||||||
| PEN | 971,208 | USD | 262,000 | CIT | 05/14/21 | — | 2,581 | |||||||||||
| PHP | 4,857,000 | USD | 100,000 | HSB | 04/13/21 | — | 12 | |||||||||||
| PLN | 222,833 | USD | 57,865 | HSB | 04/20/21 | — | 1,474 | |||||||||||
| PLN | 223,038 | USD | 59,456 | HSB | 04/20/21 | — | 3,013 | |||||||||||
| PLN | 1,223,388 | USD | 315,093 | HSB | 04/20/21 | — | 5,499 | |||||||||||
| PLN | 159,244 | USD | 42,503 | JPM | 04/20/21 | — | 2,204 | |||||||||||
| RON | 131,619 | USD | 31,800 | HSB | 04/20/21 | — | 452 | |||||||||||
| RON | 200,168 | USD | 49,686 | HSB | 04/20/21 | — | 2,011 | |||||||||||
| RON | 346,891 | USD | 84,513 | HSB | 04/20/21 | — | 1,893 | |||||||||||
| RON | 1,950,711 | USD | 473,967 | HSB | 04/20/21 | — | 9,363 | |||||||||||
| RON | 254,422 | USD | 62,438 | JPM | 04/20/21 | — | 1,842 | |||||||||||
| RUB | 5,285,107 | USD | 71,136 | JPM | 04/20/21 | — | 1,363 | |||||||||||
| SEK | 485,220 | USD | 57,953 | HSB | 04/20/21 | — | 2,386 | |||||||||||
| SEK | 1,074,313 | USD | 128,419 | JPM | 04/20/21 | — | 5,391 | |||||||||||
| SGD | 35,483 | USD | 26,374 | HSB | 04/20/21 | 1 | — | |||||||||||
| SGD | 187,714 | USD | 139,850 | HSB | 04/20/21 | — | 318 | |||||||||||
| SGD | 25,133 | USD | 18,813 | JPM | 04/20/21 | — | 131 | |||||||||||
| THB | 3,235,757 | USD | 107,729 | HSB | 04/20/21 | — | 4,193 | |||||||||||
| USD | 108,082 | AUD | 139,911 | CIT | 04/20/21 | 1,803 | — | |||||||||||
| USD | 32,300 | AUD | 42,456 | HSB | 04/20/21 | 49 | — | |||||||||||
| USD | 40,900 | AUD | 52,774 | HSB | 04/20/21 | 812 | — | |||||||||||
| USD | 214,000 | AUD | 276,197 | HSB | 04/20/21 | 4,196 | — | |||||||||||
| USD | 347,422 | AUD | 449,632 | HSB | 04/20/21 | 5,873 | — | |||||||||||
| USD | 43,400 | AUD | 55,131 | JPM | 04/20/21 | 1,521 | — | |||||||||||
| USD | 195,904 | AUD | 251,594 | JPM | 04/20/21 | 4,789 | — | |||||||||||
| USD | 544,388 | AUD | 704,485 | JPM | 04/20/21 | 9,250 | — | |||||||||||
| USD | 180,095 | AUD | 233,105 | MSC | 04/20/21 | 3,025 | — | |||||||||||
| USD | 497,116 | CAD | 631,761 | CIT | 04/20/21 | — | 5,623 | |||||||||||
| USD | 57,000 | CAD | 72,881 | HSB | 04/20/21 | — | 997 | |||||||||||
| USD | 76,700 | CAD | 95,710 | HSB | 04/20/21 | 537 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 415,000 | CAD | 519,597 | HSB | 04/20/21 | $ | 1,519 | $ | — | |||||||||
| USD | 797,595 | CAD | 1,013,392 | HSB | 04/20/21 | — | 8,835 | |||||||||||
| USD | 911,131 | CAD | 1,157,748 | JPM | 04/20/21 | — | 10,173 | |||||||||||
| USD | 30,011 | CAD | 37,580 | SSB | 06/24/21 | 104 | — | |||||||||||
| USD | 19,000 | CHF | 17,023 | HSB | 04/20/21 | 982 | — | |||||||||||
| USD | 28,100 | CHF | 26,051 | HSB | 04/20/21 | 527 | — | |||||||||||
| USD | 143,000 | CHF | 131,965 | JPM | 04/20/21 | 3,324 | — | |||||||||||
| USD | 39,186 | CHF | 36,146 | SSB | 06/24/21 | 859 | — | |||||||||||
| USD | 77,406 | CLP | 54,764,751 | CIT | 05/14/21 | 1,371 | — | |||||||||||
| USD | 98,971 | CLP | 69,704,956 | CIT | 05/14/21 | 2,192 | — | |||||||||||
| USD | 489,822 | CLP | 359,367,727 | CIT | 05/14/21 | — | 9,125 | |||||||||||
| USD | 123,500 | CNH | 802,079 | HSB | 04/20/21 | 1,447 | — | |||||||||||
| USD | 186,700 | CNH | 1,216,623 | HSB | 04/20/21 | 1,565 | — | |||||||||||
| USD | 530,000 | CNH | 3,455,780 | HSB | 04/20/21 | 4,129 | — | |||||||||||
| USD | 500,000 | CNH | 3,271,090 | HSB | 06/04/21 | 3,906 | — | |||||||||||
| USD | 20,000 | COP | 71,735,800 | CIT | 05/14/21 | 422 | — | |||||||||||
| USD | 173,251 | COP | 623,572,647 | CIT | 05/14/21 | 3,069 | — | |||||||||||
| USD | 688,471 | CZK | 14,840,745 | HSB | 04/20/21 | 21,645 | — | |||||||||||
| USD | 3,516 | CZK | 75,852 | JPM | 04/20/21 | 107 | — | |||||||||||
| USD | 71,000 | CZK | 1,551,007 | JPM | 04/20/21 | 1,310 | — | |||||||||||
| USD | 64,749 | DKK | 403,051 | SSB | 06/24/21 | 1,121 | — | |||||||||||
| USD | 32,400 | EUR | 27,394 | HSB | 04/20/21 | 266 | — | |||||||||||
| USD | 419,900 | EUR | 348,169 | HSB | 04/20/21 | 11,484 | — | |||||||||||
| USD | 526,900 | EUR | 441,549 | HSB | 04/20/21 | 8,946 | — | |||||||||||
| USD | 2,905,000 | EUR | 2,432,469 | HSB | 04/20/21 | 51,616 | — | |||||||||||
| USD | 66,663 | EUR | 56,538 | JPM | 04/20/21 | 342 | — | |||||||||||
| USD | 284,000 | EUR | 236,757 | JPM | 04/20/21 | 6,275 | — | |||||||||||
| USD | 290,000 | EUR | 242,045 | JPM | 04/20/21 | 6,071 | — | |||||||||||
| USD | 168,940 | EUR | 142,769 | SSB | 06/24/21 | 1,234 | — | |||||||||||
| USD | 8,400 | GBP | 6,131 | HSB | 04/20/21 | — | 53 | |||||||||||
| USD | 94,000 | GBP | 67,163 | HSB | 04/20/21 | 1,404 | — | |||||||||||
| USD | 96,900 | GBP | 70,897 | HSB | 04/20/21 | — | 844 | |||||||||||
| USD | 125,300 | GBP | 90,181 | HSB | 04/20/21 | 971 | — | |||||||||||
| USD | 150,998 | GBP | 109,421 | JPM | 04/20/21 | 144 | — | |||||||||||
| USD | 687,000 | GBP | 495,449 | JPM | 04/20/21 | 3,944 | — | |||||||||||
| USD | 42,246 | GBP | 30,861 | SSB | 06/24/21 | — | 310 | |||||||||||
| USD | 55,563 | HKD | 431,445 | SSB | 06/24/21 | 55 | — | |||||||||||
| USD | 85,000 | HUF | 26,110,045 | HSB | 04/20/21 | 471 | — | |||||||||||
| USD | 424,448 | HUF | 125,292,673 | HSB | 04/20/21 | 18,822 | — | |||||||||||
| USD | 465,394 | HUF | 137,463,470 | JPM | 04/20/21 | 20,366 | — | |||||||||||
| USD | 20,000 | IDR | 288,440,000 | JPM | 04/13/21 | 219 | — | |||||||||||
| USD | 73,300 | IDR | 1,031,917,400 | JPM | 04/13/21 | 2,532 | — | |||||||||||
| USD | 35,500 | IDR | 517,767,500 | JPM | 06/30/21 | 373 | — | |||||||||||
| USD | 100,000 | INR | 7,274,400 | JPM | 04/16/21 | 822 | — | |||||||||||
| USD | 118,900 | JPY | 12,940,362 | HSB | 04/20/21 | 2,010 | — | |||||||||||
| USD | 219,428 | JPY | 22,761,483 | HSB | 04/20/21 | 13,824 | — | |||||||||||
| USD | 258,400 | JPY | 27,115,100 | HSB | 04/20/21 | 13,470 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 355,500 | JPY | 38,786,116 | HSB | 04/20/21 | $ | 5,145 | $ | — | |||||||||
| USD | 1,889,000 | JPY | 205,504,310 | HSB | 04/20/21 | 32,681 | — | |||||||||||
| USD | 376,352 | JPY | 40,894,362 | SSB | 06/24/21 | 6,726 | — | |||||||||||
| USD | 22,000 | KRW | 24,814,020 | JPM | 05/20/21 | — | 4 | |||||||||||
| USD | 200,000 | KRW | 225,420,000 | JPM | 05/20/21 | 109 | — | |||||||||||
| USD | 15,200 | MXN | 308,977 | HSB | 04/20/21 | 107 | — | |||||||||||
| USD | 20,400 | MXN | 422,923 | HSB | 04/20/21 | — | 260 | |||||||||||
| USD | 100,000 | MXN | 2,062,273 | HSB | 04/20/21 | — | 742 | |||||||||||
| USD | 106,975 | MXN | 2,131,931 | HSB | 04/20/21 | 2,830 | — | |||||||||||
| USD | 18,701 | NOK | 159,909 | JPM | 04/20/21 | 5 | — | |||||||||||
| USD | 28,000 | NOK | 238,077 | JPM | 04/20/21 | 165 | — | |||||||||||
| USD | 66,000 | NOK | 566,716 | JPM | 04/20/21 | — | 259 | |||||||||||
| USD | 481,011 | NOK | 4,113,080 | JPM | 04/20/21 | 120 | — | |||||||||||
| USD | 76,449 | NOK | 650,210 | SSB | 06/24/21 | 432 | — | |||||||||||
| USD | 192,021 | NZD | 268,582 | CIT | 04/20/21 | 4,446 | — | |||||||||||
| USD | 28,000 | NZD | 39,085 | HSB | 04/20/21 | 703 | — | |||||||||||
| USD | 45,693 | NZD | 63,904 | HSB | 04/20/21 | 1,064 | — | |||||||||||
| USD | 24,100 | NZD | 32,728 | JPM | 04/20/21 | 1,244 | — | |||||||||||
| USD | 356,209 | NZD | 498,056 | JPM | 04/20/21 | 8,373 | — | |||||||||||
| USD | 389,955 | PEN | 1,420,686 | CIT | 05/14/21 | 10,476 | — | |||||||||||
| USD | 284,712 | PHP | 13,774,368 | HSB | 04/13/21 | 1,149 | — | |||||||||||
| USD | 13,300 | PLN | 49,476 | HSB | 04/20/21 | 779 | — | |||||||||||
| USD | 446,538 | PLN | 1,675,107 | HSB | 04/20/21 | 22,631 | — | |||||||||||
| USD | 28,000 | PLN | 107,814 | JPM | 04/20/21 | 716 | — | |||||||||||
| USD | 132,100 | PLN | 496,330 | JPM | 04/20/21 | 6,497 | — | |||||||||||
| USD | 20,900 | RON | 84,782 | HSB | 04/20/21 | 707 | — | |||||||||||
| USD | 25,500 | RON | 104,672 | HSB | 04/20/21 | 570 | — | |||||||||||
| USD | 636,641 | RON | 2,564,835 | HSB | 04/20/21 | 25,770 | — | |||||||||||
| USD | 143,000 | RON | 586,894 | JPM | 04/20/21 | 3,219 | — | |||||||||||
| USD | 42,000 | RUB | 3,157,910 | JPM | 04/20/21 | 310 | — | |||||||||||
| USD | 25,900 | SEK | 222,828 | HSB | 04/20/21 | 382 | — | |||||||||||
| USD | 128,000 | SEK | 1,090,045 | JPM | 04/20/21 | 3,171 | — | |||||||||||
| USD | 28,000 | SGD | 37,525 | HSB | 04/20/21 | 107 | — | |||||||||||
| USD | 207,464 | SGD | 274,977 | JPM | 04/20/21 | 3,067 | — | |||||||||||
| USD | 71,000 | THB | 2,191,770 | HSB | 04/20/21 | 869 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 413,505 | $ | 580,552 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 92.5% | ||||||||
| Equity Funds | 74.8% | ||||||||
| First Trust NASDAQ Cybersecurity ETF | 38,599 | $ | 1,614,210 | |||||
| Franklin FTSE Japan ETF | 80,286 | 2,441,497 | ||||||
| Health Care Select Sector SPDR Fund | 40,638 | 4,744,080 | ||||||
| iShares Core Dividend Growth ETF | 53,455 | 2,580,273 | ||||||
| iShares Core MSCI EAFE ETF | 28,592 | 2,060,054 | ||||||
| iShares Core MSCI Europe ETF | 38,032 | 2,052,587 | ||||||
| iShares Expanded Tech Sector ETF | 4,597 | 1,658,827 | ||||||
| iShares Expanded Tech-Software Sector ETF | 4,791 | 1,635,743 | ||||||
| iShares MSCI Eurozone ETF | 46,344 | 2,151,752 | ||||||
| iShares Russell 2000 ETF | 29,942 | 6,615,386 | ||||||
| SPDR S&P Regional Banking ETF | 37,617 | 2,495,512 | ||||||
| Vanguard Consumer Staples ETF | 20,496 | 3,653,002 | ||||||
| Vanguard Industrials ETF | 37,797 | 7,153,838 | ||||||
| Vanguard S&P 500 ETF (±) | 37,072 | 13,505,330 | ||||||
| Vanguard S&P 500 Value ETF | 51,625 | 7,056,621 | ||||||
| 61,418,712 | ||||||||
| Fixed-Income Funds | 17.7% | ||||||||
| Goldman Sachs Access Treasury 0-1 Year ETF | 26,759 | 2,679,379 | ||||||
| iShares 1-3 Year Treasury Bond ETF | 92,079 | 7,941,814 | ||||||
| Vanguard Intermediate-Term Corporate Bond ETF | 41,420 | 3,853,302 | ||||||
| 14,474,495 | ||||||||
| Total Exchange-Traded Funds (Cost $63,686,899) | 75,893,207 | |||||||
| Short-Term Investments | 11.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $9,259,618) | 9,259,618 | 9,259,618 | ||||||
| Total Investments excluding Securities Sold Short | 103.7% (Cost $72,946,517) | $ | 85,152,825 | ||||||
| Securities Sold Short | (3.6)% | ||||||||
| Exchange-Traded Funds | (3.6)% | ||||||||
| iShares 20+ Year Treasury Bond ETF (Proceeds $3,238,623) | (21,732 | ) | (2,943,599 | ) | ||||
| Total Investments | 100.2% (Cost and short proceeds $69,707,894) | $ | 82,209,226 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (126,651 | ) | ||||||
| Net Assets l 100.0% | $ | 82,082,575 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 58.6% | ||||||||
| Australia | 4.5% | ||||||||
| Abacus Property Group REIT | 8,328 | $ | 17,834 | |||||
| Atlas Arteria, Ltd. | 54,839 | 248,255 | ||||||
| Aventus Group REIT | 8,831 | 19,345 | ||||||
| BWP Trust REIT | 12,585 | 37,791 | ||||||
| Charter Hall Group REIT | 9,841 | 96,353 | ||||||
| Charter Hall Long Wale REIT | 8,720 | 31,338 | ||||||
| Dexus REIT | 4,404 | 32,681 | ||||||
| Goodman Group REIT | 8,237 | 113,473 | ||||||
| Growthpoint Properties Australia, Ltd. REIT | 7,168 | 18,934 | ||||||
| Ingenia Communities Group REIT | 9,248 | 35,614 | ||||||
| Scentre Group REIT | 8,975 | 19,271 | ||||||
| Stockland REIT | 5,644 | 18,922 | ||||||
| Transurban Group | 59,195 | 600,362 | ||||||
| 1,290,173 | ||||||||
| Belgium | 0.2% | ||||||||
| Shurgard Self Storage SA | 447 | 20,361 | ||||||
| VGP NV | 121 | 19,364 | ||||||
| Warehouses De Pauw CVA REIT | 736 | 24,323 | ||||||
| 64,048 | ||||||||
| Canada | 1.1% | ||||||||
| Agnico Eagle Mines, Ltd. | 1,355 | 78,332 | ||||||
| Allied Properties Real Estate Investment Trust | 800 | 25,871 | ||||||
| Altus Group, Ltd. | 884 | 42,515 | ||||||
| Atco, Ltd., Class I | 1,493 | 49,565 | ||||||
| FirstService Corp. | 200 | 29,687 | ||||||
| Granite Real Estate Investment Trust | 884 | 53,756 | ||||||
| True North Commercial Real Estate Investment Trust | 4,197 | 22,944 | ||||||
| 302,670 | ||||||||
| China | 2.1% | ||||||||
| Agile Group Holdings, Ltd. | 24,000 | 39,398 | ||||||
| China Resources Land, Ltd. | 8,000 | 38,755 | ||||||
| CIFI Holdings Group Co., Ltd. | 50,000 | 48,650 | ||||||
| Country Garden Holdings Co., Ltd. | 21,000 | 27,002 | ||||||
| Gemdale Properties & Investment Corp., Ltd. | 140,000 | 21,275 | ||||||
| Gree Real Estate Co., Ltd., Class A (*) | 19,800 | 17,210 | ||||||
| KWG Group Holdings, Ltd. | 28,500 | 48,893 | ||||||
| Logan Group Co., Ltd. | 43,000 | 72,576 | ||||||
| Longfor Group Holdings, Ltd. | 13,000 | 86,563 | ||||||
| Powerlong Commercial Management Holdings, Ltd. | 8,000 | 26,547 | ||||||
| Powerlong Real Estate Holdings, Ltd. | 62,000 | 61,859 | ||||||
| Shenzhen Investment, Ltd. | 62,000 | 21,566 | ||||||
| Sunac China Holdings, Ltd. | 7,000 | 30,151 | ||||||
| Description | Shares | Fair Value | ||||||
| Yuexiu Property Co., Ltd. | 114,000 | $ | 25,870 | |||||
| Zhongliang Holdings Group Co., Ltd. | 25,000 | 17,007 | ||||||
| 583,322 | ||||||||
| France | 2.9% | ||||||||
| Eutelsat Communications SA | 12,123 | 147,556 | ||||||
| Gecina SA REIT | 179 | 24,648 | ||||||
| Klepierre SA REIT | 829 | 19,311 | ||||||
| Nexity SA | 689 | 33,998 | ||||||
| Unibail-Rodamco-Westfield REIT (*) | 103 | 8,254 | ||||||
| Unibail-Rodamco-Westfield REIT (*) | 120 | 9,617 | ||||||
| Vinci SA | 5,736 | 587,821 | ||||||
| 831,205 | ||||||||
| Germany | 1.2% | ||||||||
| Aroundtown SA | 3,367 | 23,966 | ||||||
| Deutsche Wohnen SE | 1,657 | 77,297 | ||||||
| Sirius Real Estate, Ltd. | 21,519 | 26,298 | ||||||
| TAG Immobilien AG | 1,194 | 34,087 | ||||||
| Vonovia SE | 2,604 | 170,089 | ||||||
| 331,737 | ||||||||
| Hong Kong | 2.7% | ||||||||
| CK Infrastructure Holdings, Ltd. | 17,500 | 104,059 | ||||||
| ESR Cayman, Ltd. (*) | 7,600 | 24,984 | ||||||
| Henderson Land Development Co., Ltd. | 22,000 | 98,901 | ||||||
| Hopson Development Holdings, Ltd. | 16,000 | 57,714 | ||||||
| Link Real Estate Investment Trust | 3,100 | 28,261 | ||||||
| New World Development Co., Ltd. | 7,000 | 36,259 | ||||||
| Power Assets Holdings, Ltd. | 35,000 | 206,752 | ||||||
| Shimao Group Holdings, Ltd. | 7,000 | 22,037 | ||||||
| Shoucheng Holdings, Ltd. | 96,000 | 23,146 | ||||||
| Sun Hung Kai Properties, Ltd. | 8,500 | 128,937 | ||||||
| Wharf Real Estate Investment Co., Ltd. | 9,000 | 50,555 | ||||||
| 781,605 | ||||||||
| Ireland | 0.1% | ||||||||
| Hibernia REIT PLC | 22,336 | 28,865 | ||||||
| Israel | 0.1% | ||||||||
| Adgar Investment and Development, Ltd. | 6,380 | 11,369 | ||||||
| Property & Building Corp., Ltd. | 133 | 12,268 | ||||||
| 23,637 | ||||||||
| Italy | 7.8% | ||||||||
| ASTM SpA (*) | 3,512 | 106,462 | ||||||
| Atlantia SpA (*) | 20,567 | 385,873 | ||||||
| Hera SpA | 60,048 | 230,796 | ||||||
| Italgas SpA | 32,162 | 209,166 | ||||||
| Snam SpA | 119,004 | 660,764 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (continued) (•) | ||||||||
| Terna Rete Elettrica Nazionale SpA | 81,473 | $ | 616,222 | |||||
| 2,209,283 | ||||||||
| Japan | 3.0% | ||||||||
| Advance Residence Investment Corp. REIT | 9 | 28,240 | ||||||
| Daito Trust Construction Co., Ltd. | 400 | 46,534 | ||||||
| Daiwa House Industry Co., Ltd. | 1,900 | 55,830 | ||||||
| Daiwa House REIT Investment Corp. | 11 | 29,578 | ||||||
| Frontier Real Estate Investment Corp. REIT | 21 | 89,568 | ||||||
| GLP J-Reit | 40 | 65,744 | ||||||
| Japan Logistics Fund, Inc. REIT | 9 | 25,347 | ||||||
| Japan Metropolitan Fund Invest REIT | 51 | 52,139 | ||||||
| Japan Real Estate Investment Corp. | 8 | 47,269 | ||||||
| Katitas Co., Ltd. | 1,100 | 30,768 | ||||||
| Keihanshin Building Co., Ltd. | 2,100 | 28,227 | ||||||
| LaSalle Logiport REIT | 25 | 37,892 | ||||||
| Mitsubishi Estate Co., Ltd. | 5,500 | 96,452 | ||||||
| Mitsui Fudosan Co., Ltd. | 1,900 | 43,370 | ||||||
| Nippon Building Fund, Inc. REIT | 5 | 29,464 | ||||||
| NIPPON REIT Investment Corp. | 11 | 42,044 | ||||||
| Open House Co., Ltd. | 700 | 29,940 | ||||||
| Orix JREIT, Inc. | 21 | 36,591 | ||||||
| SRE Holdings Corp. (*) | 600 | 24,816 | ||||||
| 839,813 | ||||||||
| Luxembourg | 0.6% | ||||||||
| SES SA | 21,299 | 169,184 | ||||||
| Mexico | 0.2% | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 20,800 | 43,575 | ||||||
| Fibra Uno Administracion SA de CV REIT | 20,900 | 24,469 | ||||||
| 68,044 | ||||||||
| Netherlands | 0.1% | ||||||||
| Eurocommercial Properties NV | 1,940 | 42,855 | ||||||
| Norway | 0.1% | ||||||||
| Entra ASA | 1,467 | 32,579 | ||||||
| Singapore | 0.8% | ||||||||
| Keppel DC REIT | 21,600 | 43,406 | ||||||
| Keppel Pacific Oak US REIT | 29,400 | 21,163 | ||||||
| Mapletree Commercial Trust REIT | 11,500 | 18,167 | ||||||
| Mapletree Industrial Trust REIT | 31,900 | 65,073 | ||||||
| Mapletree Logistics Trust REIT | 17,500 | 25,162 | ||||||
| Parkway Life Real Estate Investment Trust | 9,000 | 27,276 | ||||||
| Sasseur Real Estate Investment Trust | 63,500 | 42,061 | ||||||
| 242,308 | ||||||||
| South Korea | 0.1% | ||||||||
| Korea Asset In Trust Co., Ltd. | 5,679 | 23,485 | ||||||
| Description | Shares | Fair Value | ||||||
| Spain | 2.2% | ||||||||
| Ferrovial SA | 23,786 | $ | 620,200 | |||||
| Sweden | 0.7% | ||||||||
| Castellum AB | 2,305 | 50,839 | ||||||
| Catena AB | 437 | 19,258 | ||||||
| Cibus Nordic Real Estate AB | 1,237 | 23,228 | ||||||
| Fabege AB | 1,485 | 20,014 | ||||||
| Fastighets AB Balder, B Shares (*) | 438 | 21,684 | ||||||
| Nyfosa AB | 1,704 | 17,514 | ||||||
| Sagax AB, Class D | 4,562 | 16,899 | ||||||
| Wallenstam AB Class B | 1,541 | 21,048 | ||||||
| 190,484 | ||||||||
| Switzerland | 0.1% | ||||||||
| Allreal Holding AG | 123 | 24,776 | ||||||
| Turkey | 0.1% | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 62,582 | 14,550 | ||||||
| United Arab Emirates | 0.3% | ||||||||
| Aldar Properties PJSC | 71,647 | 73,393 | ||||||
| United Kingdom | 6.7% | ||||||||
| Anglo American PLC | 2,585 | 101,283 | ||||||
| Big Yellow Group PLC REIT | 1,293 | 19,851 | ||||||
| Civitas Social Housing PLC REIT | 35,663 | 53,004 | ||||||
| Great Portland Estates PLC REIT | 1,783 | 16,713 | ||||||
| National Grid PLC | 55,041 | 656,435 | ||||||
| Pennon Group PLC | 20,476 | 275,263 | ||||||
| Segro PLC REIT | 9,873 | 127,638 | ||||||
| Severn Trent PLC | 10,304 | 327,619 | ||||||
| United Utilities Group PLC | 25,806 | 329,427 | ||||||
| 1,907,233 | ||||||||
| United States | 20.9% | ||||||||
| Agree Realty Corp. REIT | 412 | 27,732 | ||||||
| Alexandria Real Estate Equities, Inc., REIT | 487 | 80,014 | ||||||
| Ameren Corp. | 2,400 | 195,264 | ||||||
| American Tower Corp. REIT | 1,606 | 383,930 | ||||||
| Americold Realty Trust REIT | 1,368 | 52,627 | ||||||
| AvalonBay Communities, Inc. REIT | 245 | 45,205 | ||||||
| Boston Properties, Inc. REIT | 606 | 61,364 | ||||||
| Brandywine Realty Trust REIT | 2,477 | 31,978 | ||||||
| Brixmor Property Group, Inc. REIT | 2,085 | 42,180 | ||||||
| Bunge, Ltd. | 1,456 | 115,417 | ||||||
| Camden Property Trust REIT | 613 | 67,375 | ||||||
| CareTrust REIT, Inc. REIT | 984 | 22,912 | ||||||
| CBRE Group, Inc., Class A (*) | 1,356 | 107,273 | ||||||
| Community Healthcare Trust, Inc. REIT | 613 | 28,272 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (continued) (•) | ||||||||
| Consolidated Edison, Inc. | 5,840 | $ | 436,832 | |||||
| CoreSite Realty Corp. REIT | 487 | 58,367 | ||||||
| Crown Castle International Corp., REIT | 1,747 | 300,711 | ||||||
| CSX Corp. | 2,555 | 246,353 | ||||||
| CubeSmart REIT | 900 | 34,047 | ||||||
| Digital Realty Trust, Inc. REIT | 1,155 | 162,670 | ||||||
| Easterly Government Properties, Inc. REIT | 2,346 | 48,633 | ||||||
| EastGroup Properties, Inc. REIT | 328 | 46,996 | ||||||
| Equinix, Inc. REIT | 294 | 199,799 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 1,276 | 81,205 | ||||||
| Equity Residential REIT | 1,117 | 80,011 | ||||||
| Essex Property Trust, Inc. REIT | 166 | 45,125 | ||||||
| Extra Space Storage, Inc. REIT | 449 | 59,515 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 1,148 | 48,710 | ||||||
| Getty Realty Corp. REIT | 606 | 17,162 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 1,342 | 37,012 | ||||||
| Healthpeak Properties, Inc. REIT | 1,984 | 62,972 | ||||||
| Highwoods Properties, Inc. REIT | 884 | 37,959 | ||||||
| Hilton Worldwide Holdings, Inc. (*) | 2,154 | 260,462 | ||||||
| Host Hotels & Resorts, Inc. REIT (*) | 1,702 | 28,679 | ||||||
| Innovative Industrial Properties, Inc. REIT | 68 | 12,251 | ||||||
| Invitation Homes, Inc., REIT | 1,468 | 46,961 | ||||||
| Iron Mountain, Inc. REIT | 1,226 | 45,374 | ||||||
| Lamar Advertising Co., Class A REIT | 406 | 38,132 | ||||||
| Life Storage, Inc. REIT | 462 | 39,709 | ||||||
| Medical Properties Trust, Inc. REIT | 3,375 | 71,820 | ||||||
| MGM Growth Properties LLC, REIT Class A | 1,000 | 32,620 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 807 | 116,499 | ||||||
| National Retail Properties, Inc. REIT | 1,030 | 45,392 | ||||||
| Norfolk Southern Corp. | 655 | 175,881 | ||||||
| Omega Healthcare Investors, Inc. REIT | 955 | 34,982 | ||||||
| Park Hotels & Resorts, Inc. REIT (*) | 900 | 19,422 | ||||||
| Pennsylvania Real Estate Investment Trust | 4,296 | 8,248 | ||||||
| PotlatchDeltic Corp. REIT | 1,061 | 56,148 | ||||||
| Prologis, Inc., REIT | 2,844 | 301,464 | ||||||
| PS Business Parks, Inc., REIT | 99 | 15,303 | ||||||
| Public Storage REIT | 620 | 152,991 | ||||||
| Rayonier, Inc., REIT | 1,223 | 39,442 | ||||||
| Realty Income Corp. REIT | 1,534 | 97,409 | ||||||
| Redfin Corp. (*) | 422 | 28,101 | ||||||
| Regency Centers Corp. REIT | 568 | 32,211 | ||||||
| Sabra Health Care REIT, Inc. | 1,868 | 32,428 | ||||||
| SBA Communications Corp. REIT | 308 | 85,485 | ||||||
| Simon Property Group, Inc. REIT | 1,232 | 140,165 | ||||||
| Spirit Realty Capital, Inc. REIT | 600 | 25,500 | ||||||
| Description | Shares | Fair Value | ||||||
| STAG Industrial, Inc., REIT | 656 | $ | 22,048 | |||||
| STORE Capital Corp. REIT | 957 | 32,060 | ||||||
| Sun Communities, Inc. REIT | 354 | 53,114 | ||||||
| Sunstone Hotel Investors, Inc. REIT (*) | 2,183 | 27,200 | ||||||
| The St. Joe Co. | 756 | 32,432 | ||||||
| Tyson Foods, Inc., Class A | 615 | 45,694 | ||||||
| Ventas, Inc. REIT | 1,131 | 60,328 | ||||||
| VEREIT, Inc. REIT | 1,073 | 41,439 | ||||||
| VICI Properties, Inc. REIT | 1,333 | 37,644 | ||||||
| Vulcan Materials Co. | 485 | 81,844 | ||||||
| Welltower, Inc. REIT | 1,162 | 83,234 | ||||||
| Weyerhaeuser Co. REIT | 2,132 | 75,899 | ||||||
| WP Carey, Inc. REIT | 1,012 | 71,609 | ||||||
| 5,913,246 | ||||||||
| Total Common Stocks (Cost $14,777,814) | 16,608,695 | |||||||
| Exchange-Traded Funds | 5.2% | ||||||||
| Aberdeen Standard Physical Silver Shares ETF (Δ) | 5,500 | 129,855 | ||||||
| SPDR Gold Shares (Δ) | 8,278 | 1,324,149 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $1,492,281) | 1,454,004 | |||||||
| Rights | 0.0% | ||||||||
| Italy | 0.0% | ||||||||
| Snam SpA Expires 04/07/2021 (Cost $0) | 134,204 | 138 | ||||||
| Short-Term Investments | 31.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Δ) (Cost $8,937,940) | 8,937,940 | 8,937,940 | ||||||
| Total Investments | 95.3% (Cost $25,208,035) (») | $ | 27,000,777 | ||||||
| Cash and Other Assets in Excess of Liabilities | 4.7% | 1,337,470 | |||||||
| Net Assets l 100.0% | $ | 28,338,247 | ||||||
Lazard Real Assets Portfolio (continued) (•)
Forward Currency Contracts open at March 31, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| AUD | 62,912 | USD | 47,934 | JPM | 06/24/21 | $ | — | $ | 13 | |||||||||||||
| CAD | 3,970 | USD | 3,168 | CIT | 06/24/21 | — | 10 | |||||||||||||||
| EUR | 253,446 | USD | 303,102 | HSB | 06/24/21 | — | 4,920 | |||||||||||||||
| USD | 222,722 | AUD | 285,834 | CIT | 06/24/21 | 4,998 | — | |||||||||||||||
| USD | 225,566 | AUD | 289,408 | HSB | 06/24/21 | 5,120 | — | |||||||||||||||
| USD | 230,890 | AUD | 296,192 | JPM | 06/24/21 | 5,277 | — | |||||||||||||||
| USD | 217,149 | AUD | 278,596 | SSB | 06/24/21 | 4,939 | — | |||||||||||||||
| USD | 5,602 | CAD | 7,045 | CIT | 06/24/21 | — | 2 | |||||||||||||||
| USD | 32,015 | CAD | 40,118 | CIT | 06/24/21 | 101 | — | |||||||||||||||
| USD | 14,692 | CAD | 18,406 | JPM | 06/24/21 | 50 | — | |||||||||||||||
| USD | 902,993 | EUR | 756,630 | CIT | 06/24/21 | 12,810 | — | |||||||||||||||
| USD | 1,798,481 | EUR | 1,506,534 | HSB | 06/24/21 | 26,027 | — | |||||||||||||||
| USD | 353,050 | EUR | 295,674 | JPM | 06/24/21 | 5,186 | — | |||||||||||||||
| USD | 1,024,639 | EUR | 858,390 | SSB | 06/24/21 | 14,733 | — | |||||||||||||||
| USD | 897,788 | GBP | 645,208 | HSB | 06/24/21 | 7,312 | — | |||||||||||||||
| USD | 525,188 | GBP | 377,415 | JPM | 06/24/21 | 4,304 | — | |||||||||||||||
| USD | 137,574 | GBP | 98,864 | SSB | 06/24/21 | 1,128 | — | |||||||||||||||
| USD | 158,257 | HKD | 1,228,910 | CIT | 06/24/21 | 164 | — | |||||||||||||||
| USD | 155,988 | HKD | 1,211,292 | SSB | 06/24/21 | 162 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 92,311 | $ | 4,945 | ||||||||||||||||||
Futures Contracts open at March 31, 2021 (Δ):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Natural Gas | 11 | $ | 110,000 | 06/28/2021 | $ | 304,051 | $ | 300,520 | $ | — | $ | 3,531 | ||||||||||||
| Sugar 11 | 2 | 224,000 | 06/30/2021 | 33,177 | 33,085 | — | 92 | |||||||||||||||||
| Cotton No. 2 | 1 | 50,000 | 07/08/2021 | 40,826 | 41,085 | 259 | — | |||||||||||||||||
| Low Sulphur Gasoil | 6 | 600 | 07/12/2021 | 306,456 | 306,900 | 444 | — | |||||||||||||||||
| Soybean Oil | 1 | 60,000 | 07/14/2021 | 28,987 | 30,456 | 1,469 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 2,172 | $ | 3,623 | ||||||||||||||||||||
Total Return Swap Agreements open at March 31, 2021 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Appreciation | ||||||||||||
| USD | GSC | $ | 7,840,025 | 10/22/21 | 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) | $ | 1,171,461 | ||||||||||
| (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 March 31, 2021:
| Commodity | Commodity Index Ticker Symbol | Commodity Exposure Expressed as a Percentage of Notional Amount |
|||||
| Aluminum | BCOMAL | 4.79 | % | ||||
| Bean Oil | BCOMBO | 5.18 | |||||
| Brent Crude | BCOMCO | 10.62 | |||||
| Corn | BCOMCN | 7.42 | |||||
| Cotton | BCOMCT | 0.74 | |||||
| Crude Oil | BCOMCL | 12.66 | |||||
| Gold | BCOMGC | 0.05 | |||||
| Copper | BCOMHG | 8.70 | |||||
| Heating Oil | BCOMHO | 2.04 | |||||
| Coffee | BCOMKC | 2.25 | |||||
| Kansas Wheat | BCOMKW | 2.24 | |||||
| Live Cattle | BCOMLC | 3.83 | |||||
| Lean Hogs | BCOMLH | 1.22 | |||||
| Natural Gas | BCOMNG | 7.65 | |||||
| Nickel | BCOMNI | 1.73 | |||||
| Gasoline (RBOB) | BCOMRB | 3.64 | |||||
| Soybeans | BCOMSY | 8.50 | |||||
| Sugar | BCOMSB | 2.26 | |||||
| Silver | BCOMSI | 3.16 | |||||
| Soy Meal | BCOMSM | 4.46 | |||||
| Wheat | BCOMWH | 3.85 | |||||
| Zinc | BCOMZS | 3.01 | |||||
| 100.00 | % | ||||||
The Lazard Funds, Inc. Notes to Portfolios of Investments
March 31, 2021 (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 US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2021, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets | |||
| Developing Markets Equity | 0.6 | % | ||
| Emerging Markets Core Equity | 0.5 | % | ||
| Emerging Markets Equity Advantage | 0.5 | % | ||
| Emerging Markets Strategic Equity | 0.8 | % | ||
| International Equity Concentrated | 5.2 | % | ||
| International Equity Select | 0.5 | % | ||
| International Small Cap Equity | 0.3 | % | ||
| Emerging Markets Debt | 4.8 | % | ||
| Global Fixed Income | 3.3 | % | ||
| U.S. Corporate Income | 53.8 | % | ||
| Enhanced Opportunities | 5.0 | % | ||
| Global Dynamic Multi Asset | 2.2 | % | ||
| (^) | 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 March 31, 2021 were as follows: |
| Issue | Value at December 31, 2020 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at March 31, 2021 | Values at March 31, 2021 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Atlas Arteria, Ltd. | $ | 245,363,263 | $ | - | $ | - | $ | - | $ | (23,960,886 | ) | $ | 4,836,503 | 48,907,421 | $ | 221,402,377 | ||||||||||||||||
| Pennon Group PLC | 279,091,668 | - | - | - | 8,910,393 | 1,990,935 | 21,423,608 | 288,002,061 | ||||||||||||||||||||||||
| SES SA | 194,564,135 | - | - | - | (31,178,246 | ) | - | 20,569,089 | 163,385,889 | |||||||||||||||||||||||
| Total Securities | $ | 719,019,066 | $ | - | $ | - | $ | - | $ | (46,228,739 | ) | $ | 6,827,438 | 90,900,118 | $ | 672,790,327 | ||||||||||||||||
| (») | 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 March 31, 2021 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 March 31, 2021. |
| (±) | 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. |
| (•) | 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 Lazard Real Assets 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 |
| ETF | - Exchange-Traded Fund | NVDR | - Non-Voting Depository Receipt |
| GDR | - Global Depositary Receipt | PJSC | - Public Joint Stock Company |
| JSC | - Joint Stock Company | REIT | - Real Estate Investment Trust |
| LIBOR | - London Interbank Offered Rate | SOFR | - Secured Overnight Financing Rate |
| Currency Abbreviations: | |||
| AUD | - Australian Dollar | KRW | - South Korean Won |
| BRL | - Brazilian Real | KZT | - Kazakhstan Tenge |
| CAD | - Canadian Dollar | MXN | - Mexican New Peso |
| CHF | - Swiss Franc | MYR | - Malaysian Ringgit |
| CLP | - Chilean Peso | NOK | - Norwegian Krone |
| CNH | - Chinese Yuan Renminbi | NZD | - New Zealand Dollar |
| CNY | - Chinese Yuan | PEN | - Peruvian Nuevo Sol |
| COP | - Colombian Peso | PHP | - Philippine Peso |
| CZK | - Czech Koruna | PLN | - Polish Zloty |
| DKK | - Danish Krone | RON | - New Romanian Leu |
| EUR | - Euro | RUB | - Russian Ruble |
| GBP | - British Pound Sterling | SEK | - Swedish Krona |
| HKD | - Hong Kong Dollar | SGD | - Singapore Dollar |
| HUF | - Hungarian Forint | THB | - Thai Baht |
| IDR | - Indonesian Rupiah | TRY | - New Turkish Lira |
| INR | - Indian Rupee | USD | - United States Dollar |
| JPY | - Japanese Yen | ZAR | - South African Rand |
| Counterparty Abbreviations: | |||
| BNP | - BNP Paribas SA | 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 |
| JPM | - JPMorgan Chase Bank NA | ||
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 Portfolio | Lazard Emerging Markets Strategic Equity Portfolio | |||||||||||||||
| Common & Preferred Stocks | ||||||||||||||||||||
| Air Freight & Logistics | 0.6 | — | 0.1 | — | — | |||||||||||||||
| Airlines | — | 0.4 | — | — | — | |||||||||||||||
| Auto Components | 2.2 | 0.6 | 0.8 | 1.5 | 1.2 | |||||||||||||||
| Automobiles | — | 0.7 | 1.7 | 1.9 | 1.6 | |||||||||||||||
| Banks | 21.5 | 10.7 | 10.0 | 23.7 | 17.6 | |||||||||||||||
| Beverages | 0.8 | 2.5 | 1.0 | — | 1.0 | |||||||||||||||
| Biotechnology | — | — | 0.1 | — | — | |||||||||||||||
| Building Products | 0.9 | — | — | — | — | |||||||||||||||
| Capital Markets | — | 1.0 | 0.3 | — | 0.8 | |||||||||||||||
| Chemicals | 1.3 | 1.9 | 2.0 | 1.5 | 1.3 | |||||||||||||||
| Commercial Services & Suppliers | — | — | 0.2 | — | — | |||||||||||||||
| Communications Equipment | 0.4 | 0.9 | — | — | — | |||||||||||||||
| Construction Materials | 0.4 | 1.5 | 0.5 | 3.1 | 2.5 | |||||||||||||||
| Consumer Finance | 1.0 | — | — | — | — | |||||||||||||||
| Diversified Consumer Services | 0.5 | 1.1 | 0.3 | — | — | |||||||||||||||
| Diversified Financial Services | — | — | 0.8 | — | — | |||||||||||||||
| Diversified Telecommunication Services | — | 0.9 | 1.2 | 2.5 | 0.8 | |||||||||||||||
| Electric Utilities | — | — | 0.3 | 0.8 | — | |||||||||||||||
| Electrical Equipment | 1.3 | — | 0.6 | — | — | |||||||||||||||
| Electronic Equipment, Instruments & Components | 2.4 | 2.1 | 2.4 | 2.4 | 1.5 | |||||||||||||||
| Entertainment | 4.9 | 4.5 | 0.7 | — | 2.4 | |||||||||||||||
| Food & Staples Retailing | — | — | 0.8 | 1.9 | 2.3 | |||||||||||||||
| Food Products | — | 1.3 | 0.3 | 0.7 | — | |||||||||||||||
| Gas Utilities | 1.0 | 0.7 | 0.3 | — | 1.5 | |||||||||||||||
| Health Care Equipment & Supplies | — | — | 0.3 | — | — | |||||||||||||||
| Health Care Providers & Services | — | — | 0.4 | 2.3 | 1.1 | |||||||||||||||
| Hotels, Restaurants & Leisure | 2.5 | 0.9 | 0.7 | 0.5 | 3.4 | |||||||||||||||
| Household Durables | — | 0.5 | 0.4 | 1.1 | 2.6 | |||||||||||||||
| Household Products | — | — | 0.2 | 0.7 | 0.8 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.5 | 0.6 | — | |||||||||||||||
| Industrial Conglomerates | — | — | 0.1 | 1.0 | — | |||||||||||||||
| Insurance | 1.8 | 3.0 | 2.4 | 3.6 | 2.7 | |||||||||||||||
| Interactive Media & Services | 9.6 | 10.4 | 5.0 | — | 8.0 | |||||||||||||||
| Internet & Direct Marketing Retail | 6.5 | 9.3 | 6.8 | — | 5.8 | |||||||||||||||
| IT Services | 1.4 | 3.4 | 2.3 | 1.2 | 2.6 | |||||||||||||||
| Life Sciences Tools & Services | 0.5 | 1.0 | 0.4 | — | — | |||||||||||||||
| Machinery | 4.4 | 1.8 | 1.3 | 0.7 | 2.2 | |||||||||||||||
| Marine | — | — | 0.7 | — | — | |||||||||||||||
| Media | — | — | 0.2 | — | — | |||||||||||||||
| Metals & Mining | 2.1 | 4.6 | 3.6 | 5.3 | 3.6 | |||||||||||||||
| Multiline Retail | 1.3 | 1.1 | — | — | 1.5 | |||||||||||||||
| Oil, Gas & Consumable Fuels | 1.3 | 4.2 | 3.5 | 7.8 | 4.7 | |||||||||||||||
| Paper & Forest Products | 0.9 | 1.2 | — | 0.7 | 1.5 | |||||||||||||||
| Personal Products | — | 1.2 | 0.3 | 3.3 | 2.7 | |||||||||||||||
| Pharmaceuticals | — | — | 2.5 | — | 1.0 | |||||||||||||||
| Real Estate Management & Development | — | — | 0.9 | 1.3 | 1.4 | |||||||||||||||
| Road & Rail | 1.7 | 0.6 | — | — | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 13.9 | 13.6 | 7.0 | 9.7 | 9.8 | |||||||||||||||
| Software | 0.8 | — | — | — | — | |||||||||||||||
| Specialty Retail | 1.0 | 0.8 | 1.0 | 0.9 | — | |||||||||||||||
| Technology Hardware, Storage & Peripherals | 6.2 | 8.2 | 4.9 | 6.5 | 3.8 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 1.1 | 1.4 | 1.0 | — | 1.3 | |||||||||||||||
| Tobacco | — | — | 0.2 | 1.2 | 1.0 | |||||||||||||||
| Transportation Infrastructure | 0.7 | 0.9 | 0.5 | 1.4 | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | 0.9 | 4.1 | 2.2 | |||||||||||||||
| Subtotal | 96.9 | 98.9 | 72.4 | 93.9 | 98.2 | |||||||||||||||
| Exchange-Traded Funds | — | — | — | 5.0 | — | |||||||||||||||
| Short-Term Investments | 2.7 | — | 0.9 | 1.0 | 1.7 | |||||||||||||||
| Total Investments | 99.6 | % | 98.9 | % | 73.3 | % | 99.9 | % | 99.9 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| 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 | % | — | % | — | % | — | % | ||||||||||
| Air Freight & Logistics | — | — | — | 0.9 | 2.3 | |||||||||||||||
| Auto Components | — | — | — | — | 1.6 | |||||||||||||||
| Automobiles | — | — | — | 1.8 | 3.8 | |||||||||||||||
| Banks | — | 2.4 | — | 3.7 | 6.9 | |||||||||||||||
| Beverages | 2.9 | 6.8 | — | 2.3 | 1.1 | |||||||||||||||
| Biotechnology | — | — | — | 1.9 | 0.9 | |||||||||||||||
| Building Products | — | 0.8 | — | — | 3.5 | |||||||||||||||
| Capital Markets | — | 6.3 | — | 8.6 | 2.8 | |||||||||||||||
| Chemicals | — | 0.8 | — | 2.6 | 3.7 | |||||||||||||||
| Commercial Services & Suppliers | 1.8 | — | — | — | 0.7 | |||||||||||||||
| Communications Equipment | 2.9 | 1.7 | — | — | 0.7 | |||||||||||||||
| Construction & Engineering | 6.6 | — | 11.9 | — | 0.4 | |||||||||||||||
| Construction Materials | — | — | — | — | 1.3 | |||||||||||||||
| Consumer Finance | — | — | — | 1.9 | 0.2 | |||||||||||||||
| Diversified Consumer Services | 6.4 | — | — | — | — | |||||||||||||||
| Diversified Financial Services | — | — | — | — | 0.6 | |||||||||||||||
| Diversified Telecommunication Services | — | — | — | — | 1.3 | |||||||||||||||
| Electric Utilities | 2.0 | — | 10.4 | 3.5 | 2.6 | |||||||||||||||
| Electrical Equipment | — | 3.4 | — | 3.5 | 1.8 | |||||||||||||||
| Electronic Equipment, Instruments & Components | — | 1.5 | — | 1.5 | 1.0 | |||||||||||||||
| Entertainment | — | 1.9 | — | 4.0 | 1.8 | |||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.1 | |||||||||||||||
| Food & Staples Retailing | — | — | — | — | 1.4 | |||||||||||||||
| Food Products | — | — | — | — | 1.5 | |||||||||||||||
| Gas Utilities | 3.1 | 1.6 | 12.7 | — | 0.3 | |||||||||||||||
| Health Care Equipment & Supplies | 4.0 | 1.1 | — | 3.3 | 2.4 | |||||||||||||||
| Health Care Providers & Services | 21.0 | 1.5 | — | 1.5 | — | |||||||||||||||
| Hotels, Restaurants & Leisure | 3.5 | 2.8 | — | 1.0 | 1.9 | |||||||||||||||
| Household Durables | — | — | — | — | 2.3 | |||||||||||||||
| Household Products | — | 1.5 | — | — | 0.5 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.6 | |||||||||||||||
| Industrial Conglomerates | — | 0.9 | — | — | 0.8 | |||||||||||||||
| Insurance | — | 5.3 | — | 4.2 | 7.1 | |||||||||||||||
| Interactive Media & Services | — | 5.6 | — | 6.1 | — | |||||||||||||||
| Internet & Direct Marketing Retail | — | 2.0 | — | 3.0 | 0.1 | |||||||||||||||
| IT Services | 2.0 | 4.2 | — | 5.2 | 0.5 | |||||||||||||||
| Leisure Products | — | 2.0 | — | — | 0.7 | |||||||||||||||
| Life Sciences Tools & Services | — | 5.6 | — | 5.2 | 0.8 | |||||||||||||||
| Machinery | — | 2.0 | — | — | 2.9 | |||||||||||||||
| Marine | — | — | — | — | 0.7 | |||||||||||||||
| Media | 8.4 | — | 3.7 | 2.9 | 0.6 | |||||||||||||||
| Metals & Mining | — | 1.0 | — | 1.4 | 3.9 | |||||||||||||||
| Multiline Retail | — | 2.8 | — | 2.5 | — | |||||||||||||||
| Multi-Utilities | 5.0 | — | 18.7 | — | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 3.0 | |||||||||||||||
| Personal Products | — | 3.2 | — | — | 3.1 | |||||||||||||||
| Pharmaceuticals | — | 5.1 | — | 2.5 | 8.2 | |||||||||||||||
| Professional Services | 9.1 | 5.5 | — | 6.2 | 0.5 | |||||||||||||||
| Real Estate Management & Development | — | — | — | — | 1.8 | |||||||||||||||
| Road & Rail | — | 1.1 | 7.7 | — | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | — | 5.6 | — | 5.8 | 4.3 | |||||||||||||||
| Software | 1.8 | 6.5 | — | 9.9 | 1.5 | |||||||||||||||
| Specialty Retail | — | 2.6 | — | — | 2.5 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 0.5 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 4.7 | 1.2 | — | — | 0.3 | |||||||||||||||
| Tobacco | — | — | — | — | 2.5 | |||||||||||||||
| Trading Companies & Distributors | — | — | — | 1.4 | 0.1 | |||||||||||||||
| Transportation Infrastructure | 3.7 | — | 13.5 | — | — | |||||||||||||||
| Water Utilities | 2.7 | — | 11.9 | — | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | — | — | 2.8 | |||||||||||||||
| Subtotal | 91.6 | 97.3 | 90.5 | 98.3 | 100.2 | |||||||||||||||
| Short-Term Investments | 6.4 | 1.9 | 7.9 | 2.1 | 0.8 | |||||||||||||||
| Total Investments | 98.0 | % | 99.2 | % | 98.4 | % | 100.4 | % | 101.0 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| 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 | 3.3 | % | 1.9 | % | 1.7 | % | 1.9 | % | — | % | ||||||||||
| Airlines | — | 1.1 | 1.1 | — | — | |||||||||||||||
| Auto Components | — | 1.0 | 0.6 | 5.2 | — | |||||||||||||||
| Automobiles | 4.4 | 3.7 | 4.3 | 3.7 | — | |||||||||||||||
| Banks | 2.6 | 7.7 | 8.3 | 12.3 | 7.7 | |||||||||||||||
| Beverages | 8.0 | 3.4 | 2.2 | 10.4 | 4.8 | |||||||||||||||
| Biotechnology | — | — | — | — | 2.5 | |||||||||||||||
| Building Products | — | — | — | — | 2.7 | |||||||||||||||
| Capital Markets | — | 2.2 | — | 3.0 | 5.4 | |||||||||||||||
| Chemicals | — | 5.0 | 4.2 | 6.5 | — | |||||||||||||||
| Diversified Telecommunication Services | — | 1.3 | 1.8 | — | — | |||||||||||||||
| Electric Utilities | — | 2.6 | 1.9 | — | — | |||||||||||||||
| Electrical Equipment | 3.3 | 4.2 | 4.2 | — | 1.9 | |||||||||||||||
| Electronic Equipment, Instruments & Components | 5.5 | 3.5 | 3.0 | 4.1 | 2.3 | |||||||||||||||
| Entertainment | — | 5.5 | 3.5 | 4.1 | 3.2 | |||||||||||||||
| Food & Staples Retailing | — | 2.1 | 1.2 | 3.5 | 2.0 | |||||||||||||||
| Food Products | — | 0.6 | — | — | — | |||||||||||||||
| Gas Utilities | — | 1.0 | 1.7 | — | — | |||||||||||||||
| Health Care Equipment & Supplies | 2.4 | 2.9 | 2.0 | — | 3.6 | |||||||||||||||
| Hotels, Restaurants & Leisure | — | — | 1.2 | 6.3 | — | |||||||||||||||
| Household Durables | — | — | — | 2.7 | — | |||||||||||||||
| Household Products | — | — | — | — | 1.2 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | 2.6 | 0.6 | 1.0 | — | — | |||||||||||||||
| Industrial Conglomerates | — | — | — | 3.7 | — | |||||||||||||||
| Insurance | 6.7 | 5.2 | 7.5 | 3.5 | 9.0 | |||||||||||||||
| Interactive Media & Services | 7.3 | 2.0 | 4.0 | — | 6.5 | |||||||||||||||
| Internet & Direct Marketing Retail | — | — | 0.8 | — | 3.9 | |||||||||||||||
| IT Services | 4.0 | 2.2 | 2.6 | — | — | |||||||||||||||
| Leisure Products | — | 0.9 | 1.1 | 2.3 | 3.4 | |||||||||||||||
| Life Sciences Tools & Services | — | — | 0.8 | — | — | |||||||||||||||
| Machinery | — | 4.2 | 5.0 | 5.5 | — | |||||||||||||||
| Media | — | 1.9 | — | — | — | |||||||||||||||
| Metals & Mining | 4.8 | 2.3 | 1.4 | 2.1 | — | |||||||||||||||
| Multiline Retail | 7.9 | 1.0 | 2.5 | 2.3 | 1.9 | |||||||||||||||
| Multi-Utilities | 5.3 | 2.5 | 2.1 | 3.0 | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | 3.6 | 4.1 | 5.9 | 3.1 | — | |||||||||||||||
| Personal Products | — | 1.6 | 2.5 | — | 4.9 | |||||||||||||||
| Pharmaceuticals | 4.8 | 6.2 | 5.2 | 3.1 | 1.6 | |||||||||||||||
| Professional Services | 4.0 | 3.9 | 3.5 | — | 8.3 | |||||||||||||||
| Real Estate Management & Development | 5.6 | 3.4 | 1.8 | — | — | |||||||||||||||
| Road & Rail | — | 1.2 | 1.1 | — | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | — | 1.3 | — | 3.7 | 8.4 | |||||||||||||||
| Software | — | — | — | — | 4.3 | |||||||||||||||
| Specialty Retail | — | — | 1.9 | — | 2.7 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | 5.7 | 1.9 | 3.3 | — | — | |||||||||||||||
| Textiles, Apparel & Luxury Goods | — | — | — | 2.9 | 3.0 | |||||||||||||||
| Trading Companies & Distributors | 4.4 | 1.5 | 1.2 | — | 3.1 | |||||||||||||||
| Transportation Infrastructure | — | 0.2 | — | — | — | |||||||||||||||
| Water Utilities | — | — | 0.6 | — | — | |||||||||||||||
| Subtotal | 96.2 | 97.8 | 98.7 | 98.9 | 98.3 | |||||||||||||||
| Short-Term Investments | 3.4 | 0.9 | 2.3 | 4.7 | 2.1 | |||||||||||||||
| Total Investments | 99.6 | % | 98.7 | % | 101.0 | % | 103.6 | % | 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 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 | ||||||||||||||||||||
| Aerospace & Defense | — | % | 4.1 | % | 2.0 | % | — | % | — | % | ||||||||||
| Air Freight & Logistics | 1.1 | 0.6 | — | — | — | |||||||||||||||
| Airlines | 1.1 | 1.3 | — | — | — | |||||||||||||||
| Auto Components | 0.9 | — | 0.3 | — | — | |||||||||||||||
| Automobiles | — | 5.3 | — | — | 2.6 | |||||||||||||||
| Banks | 3.9 | 6.7 | 2.4 | 1.4 | 5.7 | |||||||||||||||
| Beverages | 3.4 | 7.2 | 0.9 | — | 1.7 | |||||||||||||||
| Biotechnology | — | 1.4 | 1.7 | — | — | |||||||||||||||
| Building Products | 3.5 | 0.9 | — | — | — | |||||||||||||||
| Capital Markets | 8.5 | 4.1 | 2.5 | — | 3.8 | |||||||||||||||
| Chemicals | 4.2 | 2.0 | 0.7 | — | — | |||||||||||||||
| Commercial Services & Suppliers | 3.3 | — | 1.8 | — | — | |||||||||||||||
| Communications Equipment | — | — | 1.3 | — | — | |||||||||||||||
| Construction & Engineering | 1.7 | — | 1.4 | — | — | |||||||||||||||
| Construction Materials | — | — | 0.5 | — | — | |||||||||||||||
| Consumer Finance | — | — | — | — | 1.5 | |||||||||||||||
| Containers & Packaging | — | — | 1.3 | — | 1.0 | |||||||||||||||
| Diversified Consumer Services | — | — | 1.1 | — | 0.6 | |||||||||||||||
| Diversified Financial Services | 1.2 | — | 0.6 | 0.2 | — | |||||||||||||||
| Diversified Telecommunication Services | 1.0 | — | 4.8 | — | 2.2 | |||||||||||||||
| Electric Utilities | — | 3.0 | 3.8 | — | — | |||||||||||||||
| Electrical Equipment | 0.9 | 4.8 | — | — | 1.1 | |||||||||||||||
| Electronic Equipment, Instruments & Components | 0.7 | 1.0 | 0.8 | — | 0.1 | |||||||||||||||
| Entertainment | 1.1 | 5.8 | 0.7 | — | — | |||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 2.8 | — | 5.3 | — | 1.1 | |||||||||||||||
| Food & Staples Retailing | 1.0 | 1.5 | 6.5 | — | 1.5 | |||||||||||||||
| Food Products | 1.0 | 0.9 | 4.7 | — | — | |||||||||||||||
| Gas Utilities | 1.2 | — | 2.7 | — | — | |||||||||||||||
| Health Care Equipment & Supplies | 1.8 | 2.5 | 2.6 | — | — | |||||||||||||||
| Health Care Providers & Services | 0.9 | — | 2.9 | — | — | |||||||||||||||
| Health Care Technology | 0.9 | — | — | — | — | |||||||||||||||
| Hotels, Restaurants & Leisure | 1.2 | 2.9 | 2.0 | — | 2.0 | |||||||||||||||
| Household Durables | 2.4 | — | — | — | — | |||||||||||||||
| Household Products | — | — | 5.3 | — | 1.2 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | 1.2 | 0.7 | 0.6 | — | — | |||||||||||||||
| Industrial Conglomerates | — | — | 0.7 | — | — | |||||||||||||||
| Insurance | 1.1 | 6.6 | 3.1 | — | — | |||||||||||||||
| Interactive Media & Services | 3.1 | 0.7 | — | — | 1.1 | |||||||||||||||
| Internet & Direct Marketing Retail | — | 1.4 | — | — | 0.5 | |||||||||||||||
| IT Services | 3.0 | 2.1 | 2.9 | — | — | |||||||||||||||
| Leisure Products | 1.2 | 0.8 | 0.5 | — | — | |||||||||||||||
| Life Sciences Tools & Services | — | — | 1.9 | — | — | |||||||||||||||
| Machinery | 5.1 | 4.4 | 1.3 | — | 1.1 | |||||||||||||||
| Marine | — | — | 0.7 | — | — | |||||||||||||||
| Media | 0.6 | 2.0 | 1.6 | — | — | |||||||||||||||
| Metals & Mining | 2.1 | 2.9 | 0.9 | — | — | |||||||||||||||
| Multiline Retail | 1.4 | 0.7 | 2.4 | — | — | |||||||||||||||
| Multi-Utilities | — | 2.3 | 1.7 | — | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | 0.7 | 1.5 | — | 4.5 | — | |||||||||||||||
| Pharmaceuticals | 3.6 | 2.8 | 6.8 | — | 1.7 | |||||||||||||||
| Professional Services | 2.8 | 4.7 | 1.5 | — | — | |||||||||||||||
| Real Estate Management & Development | 6.9 | 2.4 | 2.1 | — | — | |||||||||||||||
| Road & Rail | — | — | 0.5 | — | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 2.5 | 1.2 | 0.7 | — | — | |||||||||||||||
| Software | 5.9 | — | 1.8 | — | 2.0 | |||||||||||||||
| Specialty Retail | 3.1 | 2.0 | 2.4 | — | 1.1 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | — | 0.3 | — | 2.0 | |||||||||||||||
| Thrifts & Mortgage Finance | — | 1.2 | — | — | — | |||||||||||||||
| Tobacco | — | — | 1.1 | — | — | |||||||||||||||
| Trading Companies & Distributors | 2.3 | — | 0.5 | — | 0.6 | |||||||||||||||
| Transportation Infrastructure | — | — | — | 1.9 | — | |||||||||||||||
| Water Utilities | 1.4 | — | 0.3 | — | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | 1.2 | — | 1.0 | |||||||||||||||
| Subtotal | 97.7 | 96.4 | 98.1 | 8.0 | 37.2 | |||||||||||||||
| Foreign Government Obligations | — | — | — | 77.7 | 46.6 | |||||||||||||||
| Supranationals | — | — | — | 0.1 | 8.8 | |||||||||||||||
| Municipal Bonds | — | — | — | — | 1.0 | |||||||||||||||
| US Treasury Securities | — | — | — | — | 2.1 | |||||||||||||||
| Short-Term Investments | 1.8 | 3.3 | 2.0 | 13.6 | 6.2 | |||||||||||||||
| Total Investments | 99.5 | % | 99.7 | % | 100.1 | % | 99.4 | % | 101.9 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Global Dynamic Multi-Asset Portfolio | Lazard Real Assets Portfolio |
||||||||||||||||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | ||||||||||||||||||||
| Aerospace & Defense | 0.7 | % | — | % | ||||||||||||||||
| Air Freight & Logistics | 0.4 | — | ||||||||||||||||||
| Auto Components | 0.5 | — | ||||||||||||||||||
| Automobiles | 2.0 | — | ||||||||||||||||||
| Banks | 4.6 | — | ||||||||||||||||||
| Beverages | 2.3 | — | ||||||||||||||||||
| Biotechnology | 0.2 | — | ||||||||||||||||||
| Building Products | 0.4 | — | ||||||||||||||||||
| Capital Markets | 3.6 | — | ||||||||||||||||||
| Chemicals | 0.8 | — | ||||||||||||||||||
| Commercial Services & Suppliers | 0.1 | — | ||||||||||||||||||
| Communications Equipment | 1.1 | — | ||||||||||||||||||
| Construction & Engineering | 0.2 | 4.3 | ||||||||||||||||||
| Construction Materials | 0.4 | 0.3 | ||||||||||||||||||
| Consumer Finance | 0.2 | — | ||||||||||||||||||
| Containers & Packaging | 0.6 | — | ||||||||||||||||||
| Diversified Consumer Services | 0.3 | — | ||||||||||||||||||
| Diversified Financial Services | 0.1 | — | ||||||||||||||||||
| Diversified Telecommunication Services | 2.1 | — | ||||||||||||||||||
| Electric Utilities | 0.7 | 3.3 | ||||||||||||||||||
| Electrical Equipment | 1.2 | — | ||||||||||||||||||
| Electronic Equipment, Instruments & Components | 0.8 | — | ||||||||||||||||||
| Entertainment | 1.0 | — | ||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | 1.3 | 20.9 | ||||||||||||||||||
| Food & Staples Retailing | 1.5 | — | ||||||||||||||||||
| Food Products | 0.3 | 0.6 | ||||||||||||||||||
| Gas Utilities | 0.3 | 3.1 | ||||||||||||||||||
| Health Care Equipment & Supplies | 0.8 | — | ||||||||||||||||||
| Health Care Providers & Services | 2.1 | — | ||||||||||||||||||
| Hotels, Restaurants & Leisure | 1.8 | 0.9 | ||||||||||||||||||
| Household Durables | 0.3 | 0.1 | ||||||||||||||||||
| Household Products | 1.4 | — | ||||||||||||||||||
| Independent Power & Renewable Electricity Producers | 0.3 | — | ||||||||||||||||||
| Industrial Conglomerates | 0.5 | — | ||||||||||||||||||
| Insurance | 2.4 | — | ||||||||||||||||||
| Interactive Media & Services | 2.2 | — | ||||||||||||||||||
| Internet & Direct Marketing Retail | 1.4 | — | ||||||||||||||||||
| IT Services | 2.1 | — | ||||||||||||||||||
| Leisure Products | 0.6 | — | ||||||||||||||||||
| Life Sciences Tools & Services | 1.5 | — | ||||||||||||||||||
| Machinery | 1.8 | — | ||||||||||||||||||
| Marine | 0.1 | — | ||||||||||||||||||
| Media | 0.5 | 1.1 | ||||||||||||||||||
| Metals & Mining | 0.6 | 0.6 | ||||||||||||||||||
| Multiline Retail | 0.8 | — | ||||||||||||||||||
| Multi-Utilities | 0.2 | 5.5 | ||||||||||||||||||
| Oil, Gas & Consumable Fuels | 1.6 | — | ||||||||||||||||||
| Personal Products | 0.5 | — | ||||||||||||||||||
| Pharmaceuticals | 4.2 | — | ||||||||||||||||||
| Professional Services | 1.1 | — | ||||||||||||||||||
| Real Estate Management & Development | 0.5 | 8.4 | ||||||||||||||||||
| Road & Rail | 0.6 | 1.5 | ||||||||||||||||||
| Semiconductors & Semiconductor Equipment | 2.8 | — | ||||||||||||||||||
| Software | 5.0 | — | ||||||||||||||||||
| Specialty Retail | 1.8 | — | ||||||||||||||||||
| Technology Hardware, Storage & Peripherals | 2.6 | — | ||||||||||||||||||
| Textiles, Apparel & Luxury Goods | 0.3 | — | ||||||||||||||||||
| Thrifts & Mortgage Finance | 0.1 | — | ||||||||||||||||||
| Tobacco | 0.3 | — | ||||||||||||||||||
| Trading Companies & Distributors | 0.3 | — | ||||||||||||||||||
| Transportation Infrastructure | — | 4.7 | ||||||||||||||||||
| Water Utilities | — | 3.3 | ||||||||||||||||||
| Wireless Telecommunication Services | 0.6 | — | ||||||||||||||||||
| Subtotal | 71.4 | 58.6 | ||||||||||||||||||
| Exchange Traded Funds | 5.1 | 5.2 | ||||||||||||||||||
| Foreign Government Obligations | 18.7 | — | ||||||||||||||||||
| Supranational Bonds | 2.6 | — | ||||||||||||||||||
| US Municipal Bonds | 1.2 | — | ||||||||||||||||||
| US Treasury Securities | 0.6 | — | ||||||||||||||||||
| Short-Term Investments | 0.4 | 31.5 | ||||||||||||||||||
| Total Investments | 100.0 | % | 95.3 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country (concluded):
| Industry† | Long | Short | ||||||
| Common Stocks and Convertible Corporate Bonds | ||||||||
| Aerospace & Defense | 2.9 | % | -1.0 | % | ||||
| Air Freight & Logistics | 4.7 | -2.1 | ||||||
| Airlines | 4.4 | -2.9 | ||||||
| Auto Components | 1.8 | -0.8 | ||||||
| Automobiles | 3.7 | -1.5 | ||||||
| Banks | 2.1 | -0.1 | ||||||
| Biotechnology | 15.7 | -4.5 | ||||||
| Capital Markets | 0.3 | — | ||||||
| Chemicals | 0.7 | -0.2 | ||||||
| Consumer Finance | 8.5 | -3.0 | ||||||
| Diversified Consumer Services | 0.9 | -0.3 | ||||||
| Diversified Financial Services | 3.6 | -0.5 | ||||||
| Diversified Telecommunication Services | 0.3 | -0.2 | ||||||
| Electronic Equipment, Instruments & Components | 3.4 | -1.0 | ||||||
| Energy Equipment & Services | 1.9 | -0.9 | ||||||
| Entertainment | 6.9 | -5.3 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 5.0 | -4.4 | ||||||
| Food & Staples Retailing | 2.1 | -0.6 | ||||||
| Food Products | 1.1 | -0.4 | ||||||
| Gas Utilities | 0.1 | — | ||||||
| Health Care Equipment & Supplies | 10.6 | -5.9 | ||||||
| Health Care Providers & Services | 2.4 | -1.5 | ||||||
| Health Care Technology | 1.5 | -0.9 | ||||||
| Hotels, Restaurants & Leisure | 7.0 | -2.8 | ||||||
| Interactive Media & Services | 1.5 | -0.3 | ||||||
| Internet & Direct Marketing Retail | 5.9 | -2.8 | ||||||
| IT Services | 6.1 | -2.0 | ||||||
| Leisure Product | 1.5 | -0.3 | ||||||
| Machinery | 1.3 | -0.5 | ||||||
| Marine | — | -0.4 | ||||||
| Media | 14.3 | -2.4 | ||||||
| Metals & Mining | 2.4 | -0.6 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 8.2 | -1.8 | ||||||
| Oil, Gas & Consumable Fuels | 2.7 | -0.7 | ||||||
| Personal Products | 1.5 | -0.3 | ||||||
| Pharmaceuticals | 12.9 | -5.2 | ||||||
| Real Estate Management & Development | 2.3 | -0.3 | ||||||
| Road & Rail | 1.0 | -0.1 | ||||||
| Semiconductors & Semiconductor Equipment | 6.6 | -4.3 | ||||||
| Software | 31.5 | -14.7 | ||||||
| Specialty Retail | 2.2 | -1.2 | ||||||
| Technology Hardware, Storage & Peripherals | 1.0 | -0.3 | ||||||
| Tobacco | 1.8 | -1.0 | ||||||
| Subtotal | 196.3 | -80.0 | ||||||
| US Treasury Securities | — | -40.2 | ||||||
| Short-Term Investments | 18.9 | — | ||||||
| Total Investments | 215.2 | % | -120.2 | % | ||||
| † | 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: May 21, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 21, 2021
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: May 21, 2021