UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 9/30/2021
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 96.8% | ||||||||
| Brazil | 3.1% | ||||||||
| Dexco SA | 525,941 | $ | 1,638,933 | |||||
| Pagseguro Digital, Ltd., Class A (*) | 39,482 | 2,042,009 | ||||||
| Rumo SA (*) | 535,644 | 1,651,464 | ||||||
| 5,332,406 | ||||||||
| Canada | 1.7% | ||||||||
| First Quantum Minerals, Ltd. | 158,867 | 2,941,285 | ||||||
| China | 20.2% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 53,803 | 7,965,534 | ||||||
| Chow Tai Seng Jewellery Co., Ltd., Class A | 446,250 | 1,370,938 | ||||||
| GoerTek, Inc., Class A | 307,100 | 2,033,878 | ||||||
| Jiangsu King’s Luck Brewery JSC, Ltd., Class A | 219,000 | 1,535,827 | ||||||
| Minth Group, Ltd. | 960,000 | 3,267,764 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 280,000 | 1,899,949 | ||||||
| Tencent Holdings, Ltd. | 125,100 | 7,335,141 | ||||||
| Trip.com Group, Ltd. ADR (*) | 102,718 | 3,158,579 | ||||||
| Weibo Corp. Sponsored ADR (*) | 27,585 | 1,310,012 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 42,300 | 1,437,040 | ||||||
| Xiabuxiabu Catering Management China Holdings Co., Ltd. | 944,000 | 922,727 | ||||||
| Zhongsheng Group Holdings, Ltd. | 270,500 | 2,174,118 | ||||||
| 34,411,507 | ||||||||
| Colombia | 2.4% | ||||||||
| Bancolombia SA Sponsored ADR | 117,879 | 4,080,971 | ||||||
| Hong Kong | 2.1% | ||||||||
| China Gas Holdings, Ltd. | 635,200 | 1,873,078 | ||||||
| Techtronic Industries Co., Ltd. | 83,002 | 1,627,126 | ||||||
| 3,500,204 | ||||||||
| Hungary | 0.8% | ||||||||
| Richter Gedeon Nyrt. | 52,966 | 1,441,725 | ||||||
| India | 13.0% | ||||||||
| Bajaj Finance, Ltd. | 22,774 | 2,337,937 | ||||||
| HDFC Bank, Ltd. ADR | 53,282 | 3,894,382 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 374,666 | 7,069,948 | ||||||
| Motherson Sumi Systems, Ltd. | 485,100 | 1,460,709 | ||||||
| Mphasis, Ltd. | 51,440 | 2,138,154 | ||||||
| Reliance Industries, Ltd. | 94,991 | 3,212,348 | ||||||
| UPL, Ltd. | 219,189 | 2,074,618 | ||||||
| 22,188,096 | ||||||||
| Indonesia | 3.5% | ||||||||
| PT Bank Central Asia Tbk | 1,025,000 | 2,507,154 | ||||||
| Description | Shares | Fair Value | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 12,818,649 | $ | 3,406,852 | |||||
| 5,914,006 | ||||||||
| Mexico | 2.8% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 742,957 | 4,771,640 | ||||||
| Peru | 0.7% | ||||||||
| Credicorp, Ltd. | 9,979 | 1,107,070 | ||||||
| Philippines | 2.4% | ||||||||
| BDO Unibank, Inc. | 942,385 | 2,036,469 | ||||||
| International Container Terminal Services, Inc. | 524,699 | 2,004,662 | ||||||
| 4,041,131 | ||||||||
| Poland | 1.0% | ||||||||
| InPost SA (*) | 106,752 | 1,760,894 | ||||||
| Russia | 8.2% | ||||||||
| Fix Price Group, Ltd. GDR | 221,545 | 1,976,019 | ||||||
| Mail.Ru Group, Ltd. GDR (*) | 95,709 | 1,955,167 | ||||||
| Novatek PJSC Sponsored GDR | 7,227 | 1,879,429 | ||||||
| Sberbank of Russia PJSC (‡) | 1,142,380 | 5,338,758 | ||||||
| Yandex NV Class A (*) | 34,721 | 2,766,916 | ||||||
| 13,916,289 | ||||||||
| South Africa | 5.5% | ||||||||
| Capitec Bank Holdings, Ltd. | 37,064 | 4,478,682 | ||||||
| Standard Bank Group, Ltd. | 337,855 | 3,208,213 | ||||||
| The Foschini Group, Ltd. (*) | 177,056 | 1,601,351 | ||||||
| 9,288,246 | ||||||||
| South Korea | 12.7% | ||||||||
| CJ Logistics Corp. (*) | 15,510 | 1,992,399 | ||||||
| NAVER Corp. | 3,710 | 1,208,883 | ||||||
| NCSoft Corp. | 1,911 | 967,512 | ||||||
| Samsung Electronics Co., Ltd. | 166,659 | 10,372,657 | ||||||
| SK Hynix, Inc. | 50,320 | 4,339,118 | ||||||
| WONIK IPS Co., Ltd. | 79,124 | 2,648,467 | ||||||
| 21,529,036 | ||||||||
| Taiwan | 15.5% | ||||||||
| Airtac International Group | 38,000 | 1,189,324 | ||||||
| ASE Technology Holding Co., Ltd. | 1,011,289 | 3,936,610 | ||||||
| Bizlink Holding, Inc. | 272,000 | 2,169,902 | ||||||
| Chroma ATE, Inc. | 335,000 | 2,098,145 | ||||||
| Hiwin Technologies Corp. | 238,844 | 2,623,205 | ||||||
| Lotes Co., Ltd. | 73,000 | 1,440,748 | ||||||
| MediaTek, Inc. | 49,000 | 1,579,432 | ||||||
| RichWave Technology Corp. | 235,000 | 1,975,062 | ||||||
| Silicon Motion Technology Corp. ADR | 42,529 | 2,933,650 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 315,000 | $ | 6,495,629 | |||||
| 26,441,707 | ||||||||
| United States | 1.2% | ||||||||
| JS Global Lifestyle Co., Ltd. | 902,000 | 2,093,901 | ||||||
| Total Common Stocks (Cost $125,520,283) | 164,760,114 | |||||||
| Preferred Stocks | 1.7% | ||||||||
| Brazil | 1.7% | ||||||||
| Banco Bradesco SA ADR (Cost $2,830,044) | 754,430 | 2,889,467 | ||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,957,547) | 1,957,547 | 1,957,547 | ||||||
| Total Investments | 99.6% (Cost $130,307,874) | $ | 169,607,128 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 622,569 | |||||||
| Net Assets | 100.0% | $ | 170,229,697 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Argentina | 1.0% | ||||||||
| MercadoLibre, Inc. (*) | 1,070 | $ | 1,796,958 | |||||
| Brazil | 5.9% | ||||||||
| Azul SA ADR (*) | 36,063 | 723,424 | ||||||
| Banco BTG Pactual SA | 368,596 | 1,702,957 | ||||||
| Banco do Brasil SA | 250,500 | 1,329,376 | ||||||
| CCR SA | 534,530 | 1,148,419 | ||||||
| Lojas Renner SA | 266,235 | 1,682,745 | ||||||
| Pet Center Comercio e Participacoes SA | 434,281 | 1,870,859 | ||||||
| Rumo SA (*) | 341,458 | 1,052,762 | ||||||
| Telefonica Brasil SA ADR | 113,574 | 881,334 | ||||||
| 10,391,876 | ||||||||
| Canada | 0.8% | ||||||||
| Parex Resources, Inc. | 82,202 | 1,495,290 | ||||||
| China | 30.5% | ||||||||
| 21Vianet Group, Inc. ADR (*) | 100,404 | 1,737,993 | ||||||
| Alibaba Group Holding, Ltd. (*) | 34,700 | 645,420 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 45,324 | 6,710,218 | ||||||
| Bilibili, Inc. Sponsored ADR (*) | 15,833 | 1,047,670 | ||||||
| Budweiser Brewing Co. APAC, Ltd. | 451,500 | 1,136,454 | ||||||
| China Mengniu Dairy Co., Ltd. | 228,000 | 1,466,743 | ||||||
| China National Building Material Co., Ltd., Class H | 875,741 | 1,181,493 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 6,877,633 | 3,796,786 | ||||||
| Innovent Biologics, Inc. (*) | 156,500 | 1,514,140 | ||||||
| JD.com, Inc. ADR (*) | 29,943 | 2,163,082 | ||||||
| Joinn Laboratories China Co., Ltd., Class H | 23,280 | 315,069 | ||||||
| Kingsoft Cloud Holdings, Ltd. ADR (*) | 31,348 | 887,775 | ||||||
| Midea Group Co., Ltd., Class A | 83,900 | 903,951 | ||||||
| NetEase, Inc. | 38,900 | 668,243 | ||||||
| NetEase, Inc. ADR | 17,236 | 1,471,954 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,241,770 | 1,198,137 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 324,000 | 2,198,512 | ||||||
| Prosus NV | 17,898 | 1,409,614 | ||||||
| Remegen Co., Ltd., Class H (*) | 90,000 | 1,136,364 | ||||||
| Shenzhou International Group Holdings, Ltd. | 125,991 | 2,633,497 | ||||||
| Tencent Holdings, Ltd. | 221,800 | 13,005,070 | ||||||
| Tencent Music Entertainment Group ADR (*) | 51,874 | 376,087 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 59,600 | 2,024,766 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 124,000 | 2,004,245 | ||||||
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 170,400 | 1,817,014 | ||||||
| Description | Shares | Fair Value | ||||||
| Zai Lab, Ltd. ADR (*) | 5,640 | $ | 594,400 | |||||
| 54,044,697 | ||||||||
| Hong Kong | 1.9% | ||||||||
| China Gas Holdings, Ltd. | 314,000 | 925,923 | ||||||
| Techtronic Industries Co., Ltd. | 122,500 | 2,401,423 | ||||||
| 3,327,346 | ||||||||
| India | 12.5% | ||||||||
| HDFC Bank, Ltd. ADR | 77,569 | 5,669,518 | ||||||
| Hindalco Industries, Ltd. | 565,016 | 3,700,059 | ||||||
| Infosys, Ltd. Sponsored ADR | 146,848 | 3,267,368 | ||||||
| Larsen & Toubro, Ltd. | 64,714 | 1,476,986 | ||||||
| Maruti Suzuki India, Ltd. | 13,760 | 1,358,584 | ||||||
| Motherson Sumi Systems, Ltd. | 399,233 | 1,202,151 | ||||||
| Reliance Industries, Ltd. | 85,864 | 2,903,697 | ||||||
| UPL, Ltd. | 262,908 | 2,488,417 | ||||||
| 22,066,780 | ||||||||
| Indonesia | 1.3% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 3,105,500 | 1,319,709 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 38,531 | 978,688 | ||||||
| 2,298,397 | ||||||||
| Mexico | 3.8% | ||||||||
| Arca Continental SAB de CV | 284,145 | 1,732,828 | ||||||
| Cemex SAB de CV Sponsored ADR (*) | 283,978 | 2,036,122 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 14,475 | 1,683,732 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 208,000 | 1,335,880 | ||||||
| 6,788,562 | ||||||||
| Philippines | 0.8% | ||||||||
| BDO Unibank, Inc. | 678,891 | 1,467,065 | ||||||
| Poland | 1.8% | ||||||||
| CD Projekt SA | 11,663 | 559,114 | ||||||
| KGHM Polska Miedz SA | 64,442 | 2,551,229 | ||||||
| 3,110,343 | ||||||||
| Russia | 6.2% | ||||||||
| Fix Price Group, Ltd. GDR | 93,020 | 829,670 | ||||||
| LUKOIL PJSC Sponsored ADR | 50,974 | 4,852,580 | ||||||
| Sberbank of Russia PJSC Sponsored ADR | 53,682 | 1,006,538 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 146,472 | 2,721,484 | ||||||
| Yandex NV Class A (*) | 19,310 | 1,538,814 | ||||||
| 10,949,086 | ||||||||
| South Africa | 1.7% | ||||||||
| Mondi PLC | 107,283 | 2,622,261 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| Naspers, Ltd., N Shares | 2,570 | $ | 423,505 | |||||
| 3,045,766 | ||||||||
| South Korea | 10.8% | ||||||||
| DB Insurance Co., Ltd. | 19,502 | 1,035,346 | ||||||
| LG Chem, Ltd. | 2,469 | 1,612,746 | ||||||
| NAVER Corp. | 4,358 | 1,420,029 | ||||||
| NCSoft Corp. | 2,257 | 1,142,687 | ||||||
| Orion Corp. | 10,892 | 1,070,901 | ||||||
| Samsung Electronics Co., Ltd. | 149,170 | 9,284,163 | ||||||
| Samsung SDI Co., Ltd. | 3,079 | 1,852,206 | ||||||
| SK Hynix, Inc. | 19,335 | 1,667,266 | ||||||
| 19,085,344 | ||||||||
| Taiwan | 15.1% | ||||||||
| Accton Technology Corp. | 110,000 | 1,034,213 | ||||||
| Eclat Textile Co., Ltd. | 62,789 | 1,357,870 | ||||||
| Micro-Star International Co., Ltd. | 251,000 | 1,147,357 | ||||||
| Realtek Semiconductor Corp. | 63,000 | 1,110,245 | ||||||
| Sea, Ltd. ADR (*) | 7,116 | 2,268,083 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 177,442 | 19,811,399 | ||||||
| 26,729,167 | ||||||||
| United Kingdom | 2.2% | ||||||||
| Anglo American PLC | 46,418 | 1,601,183 | ||||||
| Unilever PLC Sponsored ADR | 42,286 | 2,292,747 | ||||||
| 3,893,930 | ||||||||
| United States | 1.0% | ||||||||
| Yum China Holdings, Inc. | 29,407 | 1,708,841 | ||||||
| Total Common Stocks (Cost $126,165,586) | 172,199,448 | |||||||
| Preferred Stocks | 0.7% | ||||||||
| Brazil | 0.7% | ||||||||
| Itau Unibanco Holding SA Sponsored ADR (Cost $1,313,868) | 214,288 | 1,129,298 | ||||||
| Short-Term Investments | 2.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $3,600,356) | 3,600,356 | 3,600,356 | ||||||
| Total Investments | 100.0% (Cost $131,079,810) | $ | 176,929,102 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 14,897 | |||||||
| Net Assets | 100.0% | $ | 176,943,999 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 98.0% | ||||||||
| Brazil | 3.0% | ||||||||
| B3 SA - Brasil Bolsa Balcao | 59,700 | $ | 139,665 | |||||
| Banco do Brasil SA | 23,400 | 124,181 | ||||||
| Cia Siderurgica Nacional SA | 22,000 | 116,065 | ||||||
| Dexco SA | 31,700 | 98,783 | ||||||
| JBS SA | 20,100 | 136,824 | ||||||
| Marfrig Global Foods SA | 48,100 | 226,644 | ||||||
| Petroleo Brasileiro SA | 106,239 | 531,219 | ||||||
| Vale SA | 49,909 | 698,721 | ||||||
| 2,072,102 | ||||||||
| China | 33.7% | ||||||||
| 360 DigiTech, Inc. ADR (*) | 5,000 | 101,600 | ||||||
| Agricultural Bank of China, Ltd., Class H | 551,000 | 188,369 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 15,726 | 2,328,234 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 26,500 | 142,541 | ||||||
| Anhui Guangxin Agrochemical Co., Ltd., Class A | 24,600 | 123,267 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 3,891 | 598,241 | ||||||
| Bank of Beijing Co., Ltd., Class A | 272,200 | 183,671 | ||||||
| Bank of China, Ltd., Class H | 2,379,000 | 837,545 | ||||||
| Bank of Communications Co., Ltd., Class H | 960,000 | 566,271 | ||||||
| Baoshan Iron & Steel Co., Ltd., Class A | 95,300 | 127,714 | ||||||
| Beijing New Building Materials PLC, Class A | 32,000 | 156,724 | ||||||
| Bosideng International Holdings, Ltd. | 350,000 | 247,080 | ||||||
| BYD Co., Ltd., Class H | 10,000 | 308,835 | ||||||
| China CITIC Bank Corp., Ltd., Class H | 749,000 | 337,959 | ||||||
| China Construction Bank Corp., Class H | 741,000 | 525,627 | ||||||
| China Galaxy Securities Co., Ltd., Class H | 510,000 | 295,268 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 170,000 | 415,399 | ||||||
| China Medical System Holdings, Ltd. | 88,000 | 159,050 | ||||||
| China Meidong Auto Holdings, Ltd. | 22,000 | 110,125 | ||||||
| China Modern Dairy Holdings, Ltd. | 555,000 | 103,642 | ||||||
| China National Building Material Co., Ltd., Class H | 82,000 | 110,629 | ||||||
| China Petroleum & Chemical Corp., Class H | 1,224,000 | 602,409 | ||||||
| China Railway Group, Ltd., Class H | 356,000 | 177,134 | ||||||
| China Resources Cement Holdings, Ltd. | 128,000 | 123,136 | ||||||
| China Resources Mixc Lifestyle Services, Ltd. | 22,800 | 126,194 | ||||||
| China Resources Power Holdings Co., Ltd. | 112,000 | 322,356 | ||||||
| China World Trade Center Co., Ltd., Class A | 48,687 | 110,210 | ||||||
| China Yongda Automobiles Services Holdings, Ltd. | 119,500 | 172,028 | ||||||
| Chongqing Brewery Co., Ltd., Class A (*) | 10,800 | 216,672 | ||||||
| Description | Shares | Fair Value | ||||||
| Chongqing Zhifei Biological Products Co., Ltd., Class A | 4,800 | $ | 118,145 | |||||
| CITIC, Ltd. | 648,000 | 683,212 | ||||||
| Contemporary Amperex Technology Co., Ltd., Class A | 1,600 | 130,213 | ||||||
| COSCO SHIPPING Holdings Co., Ltd., Class H (*) | 170,300 | 257,846 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 259,840 | 308,454 | ||||||
| Daan Gene Co., Ltd., Class A | 90,680 | 259,798 | ||||||
| ENN Energy Holdings, Ltd. | 5,900 | 96,617 | ||||||
| GF Securities Co., Ltd., Class H | 124,000 | 216,182 | ||||||
| Gigadevice Semiconductor Beijing, Inc., Class A | 5,800 | 129,089 | ||||||
| Imeik Technology Development Co., Ltd., Class A | 1,100 | 100,972 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 714,000 | 394,162 | ||||||
| Intco Medical Technology Co., Ltd., Class A | 10,350 | 93,973 | ||||||
| JD.com, Inc. ADR (*) | 7,036 | 508,281 | ||||||
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 13,300 | 173,980 | ||||||
| Lenovo Group, Ltd. | 242,000 | 259,602 | ||||||
| Li Auto, Inc. ADR (*) | 3,892 | 102,321 | ||||||
| Li Ning Co., Ltd. | 54,500 | 628,708 | ||||||
| Meituan, Class B (*) | 24,400 | 761,931 | ||||||
| Metallurgical Corp. of China, Ltd., Class H | 321,000 | 98,592 | ||||||
| NetEase, Inc. ADR | 2,183 | 186,428 | ||||||
| New China Life Insurance Co., Ltd., Class H | 122,800 | 361,687 | ||||||
| NIO, Inc. ADR (*) | 6,587 | 234,695 | ||||||
| Oppein Home Group, Inc., Class A | 15,200 | 305,874 | ||||||
| PetroChina Co., Ltd., Class H | 752,000 | 352,011 | ||||||
| PharmaBlock Sciences Nanjing, Inc., Class A | 6,300 | 198,429 | ||||||
| Pharmaron Beijing Co., Ltd., Class H | 9,500 | 225,746 | ||||||
| Pinduoduo, Inc. ADR (*) | 2,792 | 253,151 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 30,500 | 206,959 | ||||||
| Shanghai Bairun Investment Holding Group Co., Ltd., Class A | 9,940 | 113,838 | ||||||
| Shenzhen Inovance Technology Co., Ltd., Class A | 10,600 | 103,377 | ||||||
| Shenzhen Overseas Chinese Town Co., Ltd., Class A | 85,800 | 99,476 | ||||||
| Silergy Corp. | 1,000 | 147,341 | ||||||
| Sinotruk Hong Kong, Ltd. | 49,500 | 73,351 | ||||||
| Sunny Optical Technology Group Co., Ltd. | 8,100 | 212,540 | ||||||
| Tencent Holdings, Ltd. | 47,300 | 2,773,399 | ||||||
| The People’s Insurance Co. Group of China, Ltd., Class H | 421,000 | 130,624 | ||||||
| Tian Di Science & Technology Co., Ltd., Class A | 305,600 | 245,351 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Topsports International Holdings, Ltd. | 86,000 | $ | 97,049 | |||||
| Vipshop Holdings, Ltd. ADR (*) | 10,089 | 112,391 | ||||||
| Weibo Corp. Sponsored ADR (*) | 1,549 | 73,562 | ||||||
| WuXi AppTec Co., Ltd., Class H | 9,200 | 214,761 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 32,000 | 517,225 | ||||||
| Yadea Group Holdings, Ltd. | 98,000 | 158,775 | ||||||
| Yuexiu Property Co., Ltd. | 168,400 | 157,970 | ||||||
| Zhejiang Orient Gene Biotech Co., Ltd., Class A | 4,889 | 118,314 | ||||||
| Zhongsheng Group Holdings, Ltd. | 29,000 | 233,085 | ||||||
| Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H | 112,600 | 100,534 | ||||||
| 23,147,951 | ||||||||
| Greece | 0.7% | ||||||||
| Hellenic Telecommunications Organization SA | 20,179 | 377,141 | ||||||
| National Bank of Greece SA (*) | 43,279 | 120,393 | ||||||
| 497,534 | ||||||||
| Hong Kong | 0.5% | ||||||||
| Kingboard Holdings, Ltd. | 23,000 | 103,398 | ||||||
| Kingboard Laminates Holdings, Ltd. | 82,000 | 133,684 | ||||||
| Nine Dragons Paper Holdings, Ltd. | 91,000 | 111,273 | ||||||
| 348,355 | ||||||||
| Hungary | 0.5% | ||||||||
| MOL Hungarian Oil & Gas PLC | 29,198 | 242,860 | ||||||
| Richter Gedeon Nyrt. | 4,789 | 130,356 | ||||||
| 373,216 | ||||||||
| India | 10.4% | ||||||||
| Axis Bank, Ltd. GDR (*) | 1,771 | 89,419 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 4,117 | 268,181 | ||||||
| GAIL India, Ltd. GDR | 20,902 | 272,940 | ||||||
| HDFC Bank, Ltd. ADR | 9,941 | 726,588 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 59,472 | 1,122,237 | ||||||
| Infosys, Ltd. Sponsored ADR | 62,840 | 1,398,190 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 9,420 | 636,750 | ||||||
| State Bank of India GDR | 5,271 | 323,465 | ||||||
| Tata Motors, Ltd. Sponsored ADR (*) | 17,272 | 387,065 | ||||||
| Vedanta, Ltd. ADR | 29,138 | 445,229 | ||||||
| Wipro, Ltd. ADR | 100,160 | 884,413 | ||||||
| WNS Holdings, Ltd. ADR (*) | 7,463 | 610,473 | ||||||
| 7,164,950 | ||||||||
| Indonesia | 1.0% | ||||||||
| Japfa Comfeed Indonesia Tbk PT | 876,100 | 120,444 | ||||||
| Kalbe Farma Tbk PT | 1,310,300 | 130,113 | ||||||
| Description | Shares | Fair Value | ||||||
| PT Astra International Tbk | 442,000 | $ | 168,861 | |||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 10,443 | 265,252 | ||||||
| 684,670 | ||||||||
| Luxembourg | 0.3% | ||||||||
| Ternium SA Sponsored ADR | 4,114 | 174,022 | ||||||
| Malaysia | 1.7% | ||||||||
| Frontken Corp. Bhd | 186,550 | 160,237 | ||||||
| Hong Leong Financial Group Bhd | 34,300 | 149,473 | ||||||
| Inari Amertron Berhad | 350,500 | 306,569 | ||||||
| Petronas Chemicals Group Bhd | 90,400 | 187,237 | ||||||
| Public Bank Berhad | 369,000 | 358,178 | ||||||
| 1,161,694 | ||||||||
| Mexico | 2.7% | ||||||||
| Arca Continental SAB de CV | 49,200 | 300,041 | ||||||
| Coca-Cola Femsa SAB de CV Sponsored ADR | 5,682 | 319,726 | ||||||
| Gruma SAB de CV, Class B | 14,385 | 164,677 | ||||||
| Grupo Mexico SAB de CV, Series B | 67,800 | 270,622 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 142,600 | 234,817 | ||||||
| Qualitas Controladora SAB de CV | 36,600 | 167,720 | ||||||
| Wal-Mart de Mexico SAB de CV | 121,600 | 413,139 | ||||||
| 1,870,742 | ||||||||
| Philippines | 0.2% | ||||||||
| International Container Terminal Services, Inc. | 43,910 | 167,762 | ||||||
| Poland | 1.6% | ||||||||
| KGHM Polska Miedz SA | 4,409 | 174,550 | ||||||
| Orange Polska SA (*) | 88,943 | 179,474 | ||||||
| Polski Koncern Naftowy ORLEN SA | 6,111 | 126,002 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 361,769 | 587,403 | ||||||
| 1,067,429 | ||||||||
| Russia | 3.6% | ||||||||
| Gazprom PJSC Sponsored ADR | 26,617 | 262,004 | ||||||
| LUKOIL PJSC Sponsored ADR | 5,436 | 517,536 | ||||||
| MMC Norilsk Nickel PJSC ADR | 3,494 | 103,431 | ||||||
| PhosAgro PJSC GDR | 5,109 | 115,389 | ||||||
| Polymetal International PLC | 5,843 | 98,954 | ||||||
| Ros Agro PLC GDR | 12,248 | 180,884 | ||||||
| Rosneft Oil Co. PJSC GDR | 44,949 | 374,759 | ||||||
| Sberbank of Russia PJSC Sponsored ADR (London) | 24,358 | 452,577 | ||||||
| Severstal PJSC GDR | 10,504 | 218,783 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Yandex NV Class A (*) | 1,544 | $ | 123,042 | |||||
| 2,447,359 | ||||||||
| Saudi Arabia | 3.0% | ||||||||
| Al Rajhi Bank | 18,920 | 618,418 | ||||||
| Arriyadh Development Co. | 26,066 | 190,949 | ||||||
| Bank Al-Jazira | 27,866 | 136,497 | ||||||
| Dr Sulaiman Al Habib Medical Services Group Co. | 2,582 | 119,660 | ||||||
| Jarir Marketing Co. | 3,455 | 193,099 | ||||||
| Leejam Sports Co. JSC | 4,494 | 125,154 | ||||||
| Saudi Basic Industries Corp. | 4,435 | 150,432 | ||||||
| Saudi Industrial Services Co. | 21,656 | 247,339 | ||||||
| Saudi Telecom Co. | 4,370 | 148,033 | ||||||
| United Electronics Co. | 3,270 | 124,272 | ||||||
| 2,053,853 | ||||||||
| South Africa | 2.2% | ||||||||
| Absa Group, Ltd. | 14,170 | 142,639 | ||||||
| Anglo American Platinum, Ltd. | 1,045 | 90,438 | ||||||
| Impala Platinum Holdings, Ltd. | 9,583 | 107,217 | ||||||
| MTN Group, Ltd. (*) | 18,421 | 172,886 | ||||||
| MultiChoice Group, Ltd. | 20,549 | 155,795 | ||||||
| Naspers, Ltd., N Shares | 2,115 | 348,527 | ||||||
| Sasol, Ltd. (*) | 9,955 | 188,193 | ||||||
| Sibanye Stillwater, Ltd. | 29,983 | 92,392 | ||||||
| Vodacom Group, Ltd. | 21,817 | 208,646 | ||||||
| 1,506,733 | ||||||||
| South Korea | 13.7% | ||||||||
| AfreecaTV Co., Ltd. | 2,279 | 286,486 | ||||||
| BNK Financial Group, Inc. | 19,064 | 140,203 | ||||||
| DB Insurance Co., Ltd. | 1,364 | 72,414 | ||||||
| DGB Financial Group, Inc. | 23,849 | 197,681 | ||||||
| Doosan Bobcat, Inc. (*) | 2,858 | 94,968 | ||||||
| Hana Financial Group, Inc. | 21,925 | 846,279 | ||||||
| Hankook Tire & Technology Co., Ltd. | 4,691 | 168,802 | ||||||
| HMM Co., Ltd. (*) | 3,645 | 102,556 | ||||||
| Kakao Corp. | 2,550 | 249,806 | ||||||
| KB Financial Group, Inc. | 3,298 | 153,351 | ||||||
| Kia Corp. | 8,366 | 565,254 | ||||||
| Korea Electric Power Corp. | 7,958 | 157,889 | ||||||
| Korea Electric Terminal Co., Ltd. | 1,767 | 112,200 | ||||||
| Korean Reinsurance Co. | 38,899 | 311,476 | ||||||
| KT Corp. | 23,595 | 643,841 | ||||||
| KT&G Corp. | 2,828 | 192,971 | ||||||
| Kumho Petrochemical Co., Ltd. | 694 | 110,033 | ||||||
| LG Chem, Ltd. | 160 | 104,512 | ||||||
| Description | Shares | Fair Value | ||||||
| LG Electronics, Inc. | 1,423 | $ | 150,967 | |||||
| LG Innotek Co., Ltd. | 662 | 114,628 | ||||||
| NAVER Corp. | 453 | 147,607 | ||||||
| Osstem Implant Co., Ltd. | 1,658 | 185,758 | ||||||
| POSCO | 1,092 | 303,506 | ||||||
| Samsung Electro-Mechanics Co., Ltd. | 1,162 | 170,940 | ||||||
| Samsung Electronics Co., Ltd. GDR | 2,109 | 3,278,292 | ||||||
| Samsung Securities Co., Ltd. | 4,633 | 185,080 | ||||||
| SK Hynix, Inc. | 3,837 | 330,866 | ||||||
| 9,378,366 | ||||||||
| Taiwan | 15.0% | ||||||||
| Adimmune Corp. | 76,000 | 141,165 | ||||||
| Cathay Financial Holding Co., Ltd. | 180,000 | 368,515 | ||||||
| Chailease Holding Co., Ltd. | 16,000 | 140,592 | ||||||
| Delta Electronics, Inc. | 78,000 | 701,707 | ||||||
| Evergreen Marine Corp. Taiwan, Ltd. | 47,000 | 206,588 | ||||||
| Formosa Chemicals & Fibre Corp. | 52,000 | 156,594 | ||||||
| Formosa Plastics Corp. | 106,000 | 426,203 | ||||||
| Fubon Financial Holding Co., Ltd. | 99,000 | 270,050 | ||||||
| MediaTek, Inc. | 10,000 | 322,333 | ||||||
| Nan Ya Plastics Corp. | 124,000 | 402,086 | ||||||
| Nan Ya Printed Circuit Board Corp. | 16,000 | 246,469 | ||||||
| Nantex Industry Co., Ltd. | 34,000 | 110,023 | ||||||
| Nien Made Enterprise Co., Ltd. | 15,000 | 212,038 | ||||||
| Novatek Microelectronics Corp. | 17,000 | 246,809 | ||||||
| Pegavision Corp. | 7,000 | 130,559 | ||||||
| Realtek Semiconductor Corp. | 8,000 | 140,984 | ||||||
| Silicon Motion Technology Corp. ADR | 2,105 | 145,203 | ||||||
| SinoPac Financial Holdings Co., Ltd. | 263,000 | 130,384 | ||||||
| Taiwan Hon Chuan Enterprise Co., Ltd. | 46,000 | 116,090 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 199,000 | 4,103,588 | ||||||
| Unimicron Technology Corp. | 22,000 | 102,410 | ||||||
| United Microelectronics Corp. | 127,000 | 289,795 | ||||||
| Vanguard International Semiconductor Corp. | 68,000 | 365,848 | ||||||
| Wan Hai Lines, Ltd. | 20,400 | 145,377 | ||||||
| Yuanta Financial Holding Co., Ltd. | 786,000 | 691,810 | ||||||
| 10,313,220 | ||||||||
| Thailand | 2.5% | ||||||||
| Chularat Hospital Public Co., Ltd. NVDR | 1,995,600 | 220,735 | ||||||
| Com7 Public Co., Ltd. NVDR | 146,700 | 290,802 | ||||||
| Hana Microelectronics Public Co., Ltd. NVDR | 108,900 | 253,436 | ||||||
| Kasikornbank Public Co., Ltd. NVDR | 59,600 | 233,883 | ||||||
| KCE Electronics Public Co., Ltd. NVDR | 74,900 | 173,552 | ||||||
| Mega Lifesciences Public Co., Ltd (‡) | 165,848 | 245,084 | ||||||
| Sri Trang Agro-Industry Public Co., Ltd. (‡) | 139,000 | 137,624 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| The Siam Commercial Bank Public Co. Ltd. NVDR | 43,000 | $ | 152,466 | |||||
| 1,707,582 | ||||||||
| Turkey | 1.1% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 50,402 | 121,244 | ||||||
| Coca-Cola Icecek AS | 11,026 | 105,074 | ||||||
| Ford Otomotiv Sanayi AS | 6,647 | 124,800 | ||||||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret Class D (*) | 163,311 | 118,344 | ||||||
| Turkcell Iletisim Hizmetleri AS | 95,937 | 165,357 | ||||||
| Turkiye Garanti Bankasi AS | 111,754 | 116,034 | ||||||
| 750,853 | ||||||||
| United States | 0.6% | ||||||||
| Yum China Holdings, Inc. | 6,947 | 403,690 | ||||||
| Total Common Stocks (Cost $68,264,367) | 67,292,083 | |||||||
| Preferred Stocks | 0.4% | ||||||||
| Brazil | 0.4% | ||||||||
| Cia Energetica de Minas Gerais (Cost $238,998) | 90,000 | 231,869 | ||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,199,812) | 1,199,812 | 1,199,812 | ||||||
| Total Investments | 100.1% (Cost $69,703,177) | $ | 68,723,764 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (44,262 | ) | ||||||
| Net Assets | 100.0% | $ | 68,679,502 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 92.9% | ||||||||
| Brazil | 7.0% | ||||||||
| Banco do Brasil SA | 13,616,926 | $ | 72,263,538 | |||||
| BB Seguridade Participacoes SA | 13,872,473 | 50,820,518 | ||||||
| CCR SA | 23,386,917 | 50,245,958 | ||||||
| Engie Brasil Energia SA | 3,675,800 | 25,284,941 | ||||||
| Petrobras Distribuidora SA | 6,658,700 | 28,722,006 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 4,063,040 | 42,011,834 | ||||||
| 269,348,795 | ||||||||
| China | 19.4% | ||||||||
| A-Living Smart City Services Co., Ltd. | 14,914,500 | 52,801,978 | ||||||
| AAC Technologies Holdings, Inc. | 5,513,165 | 26,173,469 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 10,518,451 | 56,577,769 | ||||||
| China Construction Bank Corp., Class H | 194,648,224 | 138,073,406 | ||||||
| China Merchants Bank Co., Ltd., Class H | 9,070,494 | 71,992,602 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 28,243,110 | 65,968,575 | ||||||
| China Vanke Co., Ltd., Class H | 19,031,900 | 52,018,902 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A (*) | 6,209,390 | 37,242,937 | ||||||
| Hengan International Group Co., Ltd. | 9,041,000 | 48,423,152 | ||||||
| Huayu Automotive Systems Co., Ltd., Class A | 3,336,417 | 11,713,084 | ||||||
| Lenovo Group, Ltd. | 9,404,000 | 10,087,988 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 9,096,000 | 61,721,195 | ||||||
| Sinopharm Group Co., Ltd., Class H | 23,719,614 | 61,607,732 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 14,260,000 | 26,496,599 | ||||||
| Weichai Power Co., Ltd., Class H | 13,223,288 | 27,389,552 | ||||||
| 748,288,940 | ||||||||
| Egypt | 1.1% | ||||||||
| Commercial International Bank Egypt SAE GDR (*) | 16,526,358 | 44,171,253 | ||||||
| Greece | 1.0% | ||||||||
| OPAP SA | 2,398,761 | 37,001,877 | ||||||
| Hong Kong | 1.1% | ||||||||
| ASM Pacific Technology, Ltd. | 4,015,200 | 43,724,879 | ||||||
| Hungary | 1.8% | ||||||||
| OTP Bank Nyrt. (*) | 1,216,824 | 71,335,152 | ||||||
| India | 6.5% | ||||||||
| Axis Bank, Ltd. (*) | 3,517,904 | 36,241,928 | ||||||
| Bajaj Auto, Ltd. | 552,516 | 28,350,384 | ||||||
| Bharat Petroleum Corp., Ltd. | 3,562,482 | 20,713,760 | ||||||
| Coal India, Ltd. | 11,776,532 | 29,128,002 | ||||||
| Hero MotoCorp, Ltd. | 726,268 | 27,510,977 | ||||||
| Indus Towers, Ltd. | 13,232,108 | 54,444,041 | ||||||
| Petronet LNG, Ltd. | 2,306,350 | 7,366,869 | ||||||
| Description | Shares | Fair Value | ||||||
| UPL, Ltd. | 4,953,942 | $ | 46,888,934 | |||||
| 250,644,895 | ||||||||
| Indonesia | 4.6% | ||||||||
| PT Astra International Tbk | 95,585,500 | 36,517,438 | ||||||
| PT Bank Mandiri (Persero) Tbk | 145,238,942 | 61,720,546 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 3,099,890 | 78,737,206 | ||||||
| 176,975,190 | ||||||||
| Mexico | 4.7% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 3,184,027 | 56,261,757 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 8,214,337 | 52,756,566 | ||||||
| Grupo Mexico SAB de CV, Series B | 10,476,842 | 41,818,037 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 18,091,095 | 29,790,292 | ||||||
| 180,626,652 | ||||||||
| Portugal | 2.0% | ||||||||
| Galp Energia SGPS SA | 6,823,030 | 77,270,455 | ||||||
| Russia | 10.1% | ||||||||
| ALROSA PAO (*), (‡) | 1,809,809 | 3,303,298 | ||||||
| Gazprom PJSC Sponsored ADR | 6,326,063 | 62,270,468 | ||||||
| LUKOIL PJSC Sponsored ADR | 1,182,714 | 112,600,658 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 7,817,726 | 75,362,879 | ||||||
| Sberbank of Russia PJSC (‡) | 18,973,662 | 88,670,829 | ||||||
| X5 Retail Group NV GDR | 1,507,712 | 48,604,740 | ||||||
| 390,812,872 | ||||||||
| South Africa | 6.6% | ||||||||
| Life Healthcare Group Holdings, Ltd. (*) | 23,559,888 | 35,632,102 | ||||||
| Mondi PLC | 1,112,200 | 27,184,906 | ||||||
| Nedbank Group, Ltd. | 5,267,168 | 60,793,549 | ||||||
| Sanlam, Ltd. | 6,900,995 | 29,286,383 | ||||||
| Standard Bank Group, Ltd. | 3,526,775 | 33,489,648 | ||||||
| The Bidvest Group, Ltd. | 3,224,936 | 41,685,305 | ||||||
| Vodacom Group, Ltd. | 2,865,271 | 27,401,856 | ||||||
| 255,473,749 | ||||||||
| South Korea | 13.3% | ||||||||
| Coway Co., Ltd. | 777,516 | 48,379,499 | ||||||
| Hyundai Mobis Co., Ltd. | 219,352 | 46,230,652 | ||||||
| KB Financial Group, Inc. | 1,461,647 | 67,963,807 | ||||||
| KT&G Corp. | 630,006 | 42,988,991 | ||||||
| Samsung Electronics Co., Ltd. | 2,177,841 | 135,546,222 | ||||||
| Shinhan Financial Group Co., Ltd. | 1,794,619 | 60,277,284 | ||||||
| SK Hynix, Inc. | 1,285,411 | 110,841,616 | ||||||
| 512,228,071 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Taiwan | 9.2% | ||||||||
| ASE Technology Holding Co., Ltd. | 17,573,000 | $ | 68,405,820 | |||||
| Globalwafers Co., Ltd. | 1,165,000 | 32,909,040 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 15,981,425 | 59,725,388 | ||||||
| Novatek Microelectronics Corp. | 4,076,000 | 59,175,997 | ||||||
| Quanta Computer, Inc. | 19,547,000 | 54,250,231 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1,702,913 | 35,115,845 | ||||||
| Wiwynn Corp. | 1,464,000 | 45,510,339 | ||||||
| 355,092,660 | ||||||||
| Thailand | 1.8% | ||||||||
| Kasikornbank Public Co., Ltd. | 8,982,254 | 35,080,187 | ||||||
| The Siam Cement Public Co., Ltd. (‡) | 2,993,500 | 35,566,337 | ||||||
| 70,646,524 | ||||||||
| United Kingdom | 2.7% | ||||||||
| Anglo American PLC | 1,168,180 | 40,296,211 | ||||||
| Unilever PLC | 1,164,646 | 62,818,016 | ||||||
| 103,114,227 | ||||||||
| Total Common Stocks (Cost $3,024,054,806) | 3,586,756,191 | |||||||
| Exchange-Traded Funds | 5.0% | ||||||||
| iShares Core MSCI Emerging Markets ETF | 1,560,675 | 96,387,288 | ||||||
| Vanguard FTSE Emerging Markets ETF | 1,907,096 | 95,373,871 | ||||||
| Total Exchange-Traded Funds (Cost $153,726,119) | 191,761,159 | |||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $41,092,668) | 41,092,668 | 41,092,668 | ||||||
| Total Investments | 99.0% (Cost $3,218,873,593) | $ | 3,819,610,018 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.0% | 40,332,888 | |||||||
| Net Assets | 100.0% | $ | 3,859,942,906 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio | ||||||||
| Common Stocks | 97.6% | ||||||||
| Brazil | 3.6% | ||||||||
| Banco BTG Pactual SA | 125,288 | $ | 578,845 | |||||
| BB Seguridade Participacoes SA | 111,300 | 407,737 | ||||||
| Odontoprev SA | 199,400 | 602,695 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 56,636 | 585,616 | ||||||
| 2,174,893 | ||||||||
| China | 29.5% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 10,302 | 1,525,211 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 202,000 | 1,086,539 | ||||||
| ANTA Sports Products, Ltd. | 53,000 | 993,090 | ||||||
| Autohome, Inc. ADR | 10,472 | 491,451 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 5,162 | 793,657 | ||||||
| China Construction Bank Corp., Class H | 1,596,281 | 1,132,319 | ||||||
| China Merchants Bank Co., Ltd., Class H | 170,000 | 1,349,292 | ||||||
| China Vanke Co., Ltd., Class H | 240,400 | 657,073 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 534,000 | 633,908 | ||||||
| ENN Energy Holdings, Ltd. | 52,900 | 866,282 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A (*) | 123,800 | 742,533 | ||||||
| Hengan International Group Co., Ltd. | 144,000 | 771,257 | ||||||
| JD.com, Inc. ADR (*) | 13,678 | 988,099 | ||||||
| NetEase, Inc. ADR | 9,120 | 778,848 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 119,500 | 810,871 | ||||||
| Sinopharm Group Co., Ltd., Class H | 282,400 | 733,487 | ||||||
| Tencent Holdings, Ltd. | 26,692 | 1,565,065 | ||||||
| Trip.com Group, Ltd. ADR (*) | 28,358 | 872,008 | ||||||
| Weichai Power Co., Ltd., Class H | 307,000 | 635,893 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 16,600 | 563,945 | ||||||
| 17,990,828 | ||||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank Egypt SAE GDR (*) | 170,465 | 455,615 | ||||||
| Greece | 0.6% | ||||||||
| OPAP SA | 25,593 | 394,783 | ||||||
| Hong Kong | 1.9% | ||||||||
| Sands China, Ltd. (*) | 196,000 | 401,672 | ||||||
| Techtronic Industries Co., Ltd. | 39,282 | 770,063 | ||||||
| 1,171,735 | ||||||||
| India | 13.6% | ||||||||
| HDFC Bank, Ltd. | 97,218 | 2,084,206 | ||||||
| Hero MotoCorp, Ltd. | 19,306 | 731,310 | ||||||
| ITC, Ltd. | 279,843 | 884,441 | ||||||
| Reliance Industries, Ltd. | 57,848 | 1,956,269 | ||||||
| Description | Shares | Fair Value | ||||||
| SBI Cards & Payment Services, Ltd. (*) | 31,506 | $ | 434,122 | |||||
| Tata Consultancy Services, Ltd. | 31,834 | 1,611,980 | ||||||
| UPL, Ltd. | 62,018 | 586,999 | ||||||
| 8,289,327 | ||||||||
| Indonesia | 2.9% | ||||||||
| PT Astra International Tbk | 1,006,800 | 384,637 | ||||||
| PT Bank Central Asia Tbk | 354,600 | 867,353 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 20,872 | 530,149 | ||||||
| 1,782,139 | ||||||||
| Mexico | 3.9% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 35,937 | 635,007 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 91,777 | 589,437 | ||||||
| Grupo Mexico SAB de CV, Series B | 166,699 | 665,375 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 286,674 | 472,061 | ||||||
| 2,361,880 | ||||||||
| Russia | 7.9% | ||||||||
| Fix Price Group, Ltd. GDR | 60,034 | 535,459 | ||||||
| LUKOIL PJSC Sponsored ADR | 18,421 | 1,753,777 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR | 58,752 | 566,370 | ||||||
| Sberbank of Russia PJSC (‡) | 252,244 | 1,178,828 | ||||||
| Yandex NV Class A (*) | 9,491 | 756,338 | ||||||
| 4,790,772 | ||||||||
| South Africa | 4.0% | ||||||||
| Capitec Bank Holdings, Ltd. | 4,389 | 530,351 | ||||||
| Mondi PLC | 38,920 | 951,301 | ||||||
| The Foschini Group, Ltd. (*) | 47,243 | 427,281 | ||||||
| Vodacom Group, Ltd. | 55,623 | 531,947 | ||||||
| 2,440,880 | ||||||||
| South Korea | 11.4% | ||||||||
| Coway Co., Ltd. | 11,403 | 709,531 | ||||||
| Hyundai Mobis Co., Ltd. | 3,131 | 659,890 | ||||||
| NAVER Corp. | 2,336 | 761,172 | ||||||
| NCSoft Corp. | 796 | 403,003 | ||||||
| Samsung Electronics Co., Ltd. | 34,407 | 2,141,451 | ||||||
| Shinhan Financial Group Co., Ltd. | 33,393 | 1,121,597 | ||||||
| SK Hynix, Inc. | 13,434 | 1,158,420 | ||||||
| 6,955,064 | ||||||||
| Taiwan | 10.8% | ||||||||
| CTBC Financial Holding Co., Ltd. | 1,365,000 | 1,113,074 | ||||||
| Globalwafers Co., Ltd. | 21,000 | 593,210 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 323,136 | 1,207,616 | ||||||
| Novatek Microelectronics Corp. | 48,000 | 696,872 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 143,387 | $ | 2,956,790 | |||||
| 6,567,562 | ||||||||
| Thailand | 1.4% | ||||||||
| CP ALL Public Co., Ltd. (‡) | 272,200 | 510,853 | ||||||
| The Siam Cement Public Co., Ltd. (‡) | 27,200 | 323,168 | ||||||
| 834,021 | ||||||||
| United Kingdom | 3.8% | ||||||||
| Anglo American PLC | 41,170 | 1,420,153 | ||||||
| Unilever PLC | 17,010 | 917,476 | ||||||
| 2,337,629 | ||||||||
| United States | 1.6% | ||||||||
| Yum China Holdings, Inc. | 16,464 | 956,723 | ||||||
| Total Common Stocks (Cost $57,179,793) | 59,503,851 | |||||||
| Preferred Stocks | 0.7% | ||||||||
| Brazil | 0.7% | ||||||||
| Banco Bradesco SA (Cost $472,103) | 108,100 | 413,483 | ||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,293,659) | 1,293,659 | 1,293,659 | ||||||
| Total Investments | 100.4% (Cost $58,945,555) | $ | 61,210,993 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (228,509 | ) | ||||||
| Net Assets | 100.0% | $ | 60,982,484 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 96.2% | ||||||||
| Belgium | 1.9% | ||||||||
| Anheuser-Busch InBev SA/NV | 33,614 | $ | 1,898,454 | |||||
| France | 1.9% | ||||||||
| Vinci SA | 18,538 | 1,920,238 | ||||||
| Germany | 4.9% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 70,275 | 4,952,395 | ||||||
| Italy | 6.8% | ||||||||
| Atlantia SpA (*) | 165,942 | 3,137,103 | ||||||
| Snam SpA | 506,022 | 2,804,911 | ||||||
| Terna - Rete Elettrica Nazionale | 130,270 | 923,984 | ||||||
| 6,865,998 | ||||||||
| Japan | 5.1% | ||||||||
| Secom Co., Ltd. | 54,801 | 3,976,587 | ||||||
| USS Co., Ltd. | 69,100 | 1,182,178 | ||||||
| 5,158,765 | ||||||||
| Luxembourg | 4.4% | ||||||||
| SES SA | 488,761 | 4,371,197 | ||||||
| Spain | 3.7% | ||||||||
| Ferrovial SA | 129,192 | 3,746,872 | ||||||
| United Kingdom | 5.9% | ||||||||
| National Grid PLC | 496,615 | 5,907,384 | ||||||
| United States | 61.6% | ||||||||
| Cisco Systems, Inc. | 17,436 | 949,041 | ||||||
| Cognizant Technology Solutions Corp., Class A | 40,720 | 3,021,831 | ||||||
| CVS Health Corp. | 71,916 | 6,102,792 | ||||||
| Dollar Tree, Inc. (*) | 47,474 | 4,544,211 | ||||||
| Fiserv, Inc. (*) | 18,893 | 2,049,890 | ||||||
| H&R Block, Inc. | 246,919 | 6,172,975 | ||||||
| Henry Schein, Inc. (*) | 39,655 | 3,020,125 | ||||||
| International Game Technology PLC (*) | 235,894 | 6,208,730 | ||||||
| McKesson Corp. | 30,317 | 6,044,603 | ||||||
| MEDNAX, Inc. (*) | 92,255 | 2,622,810 | ||||||
| Medtronic PLC | 19,189 | 2,405,341 | ||||||
| Nielsen Holdings PLC | 311,798 | 5,983,404 | ||||||
| Omnicom Group, Inc. | 70,433 | 5,103,575 | ||||||
| Stericycle, Inc. (*) | 44,916 | 3,052,941 | ||||||
| Tapestry, Inc. | 77,133 | 2,855,464 | ||||||
| Visa, Inc., Class A | 9,005 | 2,005,864 | ||||||
| 62,143,597 | ||||||||
| Total Common Stocks (Cost $84,039,803) | 96,964,900 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 3.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $3,665,196) | 3,665,196 | $ | 3,665,196 | |||||
| Total Investments | 99.8% (Cost $87,704,999) | $ | 100,630,096 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 251,702 | |||||||
| Net Assets | 100.0% | $ | 100,881,798 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Canada | 7.0% | ||||||||
| BRP, Inc. | 11,067 | $ | 1,024,392 | |||||
| CAE, Inc. (*) | 35,043 | 1,046,919 | ||||||
| Canadian National Railway Co. | 9,384 | 1,087,465 | ||||||
| Dollarama, Inc. | 26,905 | 1,167,031 | ||||||
| National Bank of Canada | 22,255 | 1,709,274 | ||||||
| Toromont Industries, Ltd. | 17,003 | 1,419,333 | ||||||
| 7,454,414 | ||||||||
| China | 2.3% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 7,258 | 1,074,547 | ||||||
| Tencent Holdings, Ltd. | 24,323 | 1,426,160 | ||||||
| 2,500,707 | ||||||||
| Denmark | 1.8% | ||||||||
| Carlsberg AS, Class B | 6,349 | 1,032,825 | ||||||
| Vestas Wind Systems A/S | 22,994 | 920,601 | ||||||
| 1,953,426 | ||||||||
| France | 2.4% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,875 | 1,340,745 | ||||||
| Pernod Ricard SA | 5,482 | 1,198,842 | ||||||
| 2,539,587 | ||||||||
| Germany | 2.0% | ||||||||
| adidas AG | 2,972 | 936,497 | ||||||
| Merck KGaA | 5,279 | 1,147,966 | ||||||
| 2,084,463 | ||||||||
| Hong Kong | 2.3% | ||||||||
| AIA Group, Ltd. | 111,583 | 1,284,782 | ||||||
| China Gas Holdings, Ltd. | 401,200 | 1,183,059 | ||||||
| 2,467,841 | ||||||||
| India | 1.5% | ||||||||
| HDFC Bank, Ltd. ADR | 21,743 | 1,589,196 | ||||||
| Japan | 4.2% | ||||||||
| BayCurrent Consulting, Inc. | 4,100 | 2,059,164 | ||||||
| Nintendo Co., Ltd. | 2,400 | 1,167,501 | ||||||
| Shimano, Inc. | 4,400 | 1,281,808 | ||||||
| 4,508,473 | ||||||||
| Netherlands | 4.3% | ||||||||
| NXP Semiconductors NV | 7,469 | 1,462,953 | ||||||
| Wolters Kluwer NV | 29,157 | 3,081,979 | ||||||
| 4,544,932 | ||||||||
| South Korea | 0.9% | ||||||||
| LG Household & Health Care, Ltd. | 885 | 994,785 | ||||||
| Description | Shares | Fair Value | ||||||
| Spain | 1.0% | ||||||||
| Industria de Diseno Textil SA | 28,878 | $ | 1,050,654 | |||||
| Sweden | 2.4% | ||||||||
| Assa Abloy AB, Class B | 27,139 | 786,901 | ||||||
| Hexagon AB, B Shares | 114,855 | 1,769,706 | ||||||
| 2,556,607 | ||||||||
| Switzerland | 4.2% | ||||||||
| ABB, Ltd. | 44,603 | 1,486,714 | ||||||
| Partners Group Holding AG | 1,079 | 1,679,690 | ||||||
| The Swatch Group AG | 4,910 | 1,287,091 | ||||||
| 4,453,495 | ||||||||
| Taiwan | 2.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 19,717 | 2,201,403 | ||||||
| United Kingdom | 8.3% | ||||||||
| Coca-Cola Europacific Partners PLC | 21,278 | 1,176,461 | ||||||
| Diageo PLC | 44,096 | 2,124,680 | ||||||
| Prudential PLC | 40,478 | 785,786 | ||||||
| RELX PLC | 64,652 | 1,866,871 | ||||||
| Rio Tinto PLC | 12,712 | 839,324 | ||||||
| Unilever PLC | 37,079 | 2,004,418 | ||||||
| 8,797,540 | ||||||||
| United States | 50.2% | ||||||||
| Accenture PLC, Class A | 8,459 | 2,706,203 | ||||||
| Alphabet, Inc., Class A (*) | 1,592 | 4,256,244 | ||||||
| Amphenol Corp., Class A | 15,247 | 1,116,538 | ||||||
| Aon PLC, Class A | 10,711 | 3,060,882 | ||||||
| Boston Scientific Corp. (*) | 29,470 | 1,278,703 | ||||||
| Dollar General Corp. | 8,178 | 1,734,881 | ||||||
| Honeywell International, Inc. | 4,244 | 900,916 | ||||||
| Intercontinental Exchange, Inc. | 17,169 | 1,971,345 | ||||||
| IQVIA Holdings, Inc. (*) | 13,533 | 3,241,695 | ||||||
| Johnson & Johnson | 12,956 | 2,092,394 | ||||||
| Lowe’s Cos., Inc. | 8,886 | 1,802,614 | ||||||
| McDonald’s Corp. | 6,834 | 1,647,746 | ||||||
| Microsoft Corp. | 13,699 | 3,862,022 | ||||||
| Motorola Solutions, Inc. | 9,311 | 2,163,132 | ||||||
| PTC, Inc. (*) | 11,624 | 1,392,439 | ||||||
| Rockwell Automation, Inc. | 4,581 | 1,346,997 | ||||||
| S&P Global, Inc. | 4,524 | 1,922,202 | ||||||
| Texas Instruments, Inc. | 9,673 | 1,859,247 | ||||||
| The Charles Schwab Corp. | 22,766 | 1,658,275 | ||||||
| The Coca-Cola Co. | 37,995 | 1,993,598 | ||||||
| The Procter & Gamble Co. | 11,192 | 1,564,642 | ||||||
| Thermo Fisher Scientific, Inc. | 6,684 | 3,818,770 | ||||||
| TopBuild Corp. (*) | 3,382 | 692,667 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Visa, Inc., Class A | 9,063 | $ | 2,018,783 | |||||
| Warner Music Group Corp., Class A | 17,759 | 759,020 | ||||||
| Zoetis, Inc. | 13,471 | 2,615,260 | ||||||
| 53,477,215 | ||||||||
| Total Common Stocks (Cost $69,007,827) | 103,174,738 | |||||||
| Preferred Stocks | 0.7% | ||||||||
| Brazil | 0.7% | ||||||||
| Banco Bradesco SA ADR (Cost $969,063) | 212,828 | 815,131 | ||||||
| Short-Term Investments | 3.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $3,524,876) | 3,524,876 | 3,524,876 | ||||||
| Total Investments | 100.9% (Cost $73,501,766) | $ | 107,514,745 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (1,009,896 | ) | ||||||
| Net Assets | 100.0% | $ | 106,504,849 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 90.8% | ||||||||
| Australia | 10.5% | ||||||||
| Atlas Arteria, Ltd. (^) | 49,611,421 | $ | 229,908,085 | |||||
| Spark Infrastructure Group | 87,586,619 | 177,223,183 | ||||||
| Transurban Group | 33,802,452 | 342,723,407 | ||||||
| 749,854,675 | ||||||||
| Canada | 0.5% | ||||||||
| Atco, Ltd., Class I | 1,238,031 | 39,713,564 | ||||||
| France | 6.8% | ||||||||
| Eutelsat Communications SA (^) | 11,681,887 | 160,580,984 | ||||||
| Vinci SA | 3,125,801 | 323,782,625 | ||||||
| 484,363,609 | ||||||||
| Hong Kong | 4.1% | ||||||||
| CK Infrastructure Holdings, Ltd. | 19,026,500 | 105,710,627 | ||||||
| Power Assets Holdings, Ltd. | 31,953,965 | 187,269,359 | ||||||
| 292,979,986 | ||||||||
| Italy | 22.7% | ||||||||
| Atlantia SpA (*) | 17,891,300 | 338,231,736 | ||||||
| Hera SpA | 54,323,901 | 221,895,375 | ||||||
| Italgas SpA | 32,272,345 | 206,638,117 | ||||||
| Snam SpA | 97,515,031 | 540,531,886 | ||||||
| Terna - Rete Elettrica Nazionale | 44,261,789 | 313,941,608 | ||||||
| 1,621,238,722 | ||||||||
| Luxembourg | 2.6% | ||||||||
| SES SA (^) | 20,619,089 | 184,405,277 | ||||||
| Portugal | 0.9% | ||||||||
| Redes Energeticas Nacionais SGPS SA | 21,082,951 | 62,168,595 | ||||||
| Spain | 8.2% | ||||||||
| Ferrovial SA | 20,192,771 | 585,637,911 | ||||||
| Switzerland | 1.1% | ||||||||
| Flughafen Zuerich AG (*) | 451,761 | 80,573,993 | ||||||
| United Kingdom | 18.2% | ||||||||
| National Grid PLC | 45,871,150 | 545,651,041 | ||||||
| Pennon Group PLC (*) | 9,816,361 | 148,652,298 | ||||||
| Severn Trent PLC | 8,570,194 | 299,688,161 | ||||||
| United Utilities Group PLC | 23,503,583 | 305,606,623 | ||||||
| 1,299,598,123 | ||||||||
| United States | 15.2% | ||||||||
| Ameren Corp. | 1,840,900 | 149,112,900 | ||||||
| Consolidated Edison, Inc. | 4,336,455 | 314,783,269 | ||||||
| CSX Corp. | 10,968,933 | 326,216,067 | ||||||
| Norfolk Southern Corp. | 619,019 | 148,100,296 | ||||||
| Description | Shares | Fair Value | ||||||
| Pinnacle West Capital Corp. | 2,089,300 | $ | 151,181,748 | |||||
| 1,089,394,280 | ||||||||
| Total Common Stocks (Cost $6,058,146,317) | 6,489,928,735 | |||||||
| Rights | 0.0% | ||||||||
| Australia | 0.0% | ||||||||
| Transurban Group Expires 10/08/2021 (Cost $0) | 3,755,828 | 2,851,039 | ||||||
| Short-Term Investments | 7.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $530,819,415) | 530,819,415 | 530,819,415 | ||||||
| Total Investments | 98.2% (Cost $6,588,965,732) (») | $ | 7,023,599,189 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.8% | 125,120,135 | |||||||
| Net Assets | 100.0% | $ | 7,148,719,324 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
| Forward Currency Contracts open at September 30, 2021: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 115,791,949 | USD | 83,446,279 | BNP | 12/22/21 | $ | 298,304 | $ | — | |||||||||
| CAD | 3,648,223 | USD | 2,882,501 | HSB | 12/22/21 | — | 2,109 | |||||||||||
| GBP | 114,564,062 | USD | 154,384,239 | HSB | 12/22/21 | 4,341 | — | |||||||||||
| USD | 154,974,453 | AUD | 210,827,222 | BNP | 12/22/21 | 2,497,205 | — | |||||||||||
| USD | 123,731,148 | AUD | 168,234,120 | CIT | 12/22/21 | 2,058,647 | — | |||||||||||
| USD | 128,376,231 | AUD | 174,975,780 | HSB | 12/22/21 | 1,827,936 | — | |||||||||||
| USD | 146,240,126 | AUD | 199,296,149 | MSC | 12/22/21 | 2,102,534 | — | |||||||||||
| USD | 150,520,487 | AUD | 204,626,078 | SCB | 12/22/21 | 2,528,113 | — | |||||||||||
| USD | 134,794,869 | AUD | 183,700,548 | SSB | 12/22/21 | 1,936,534 | — | |||||||||||
| USD | 6,270,379 | CAD | 7,936,858 | BNP | 12/22/21 | 3,969 | — | |||||||||||
| USD | 4,647,888 | CAD | 5,882,576 | HSB | 12/22/21 | 3,400 | — | |||||||||||
| USD | 13,090,739 | CAD | 16,568,294 | MSC | 12/22/21 | 9,526 | — | |||||||||||
| USD | 19,981,408 | CAD | 25,288,670 | SCB | 12/22/21 | 15,171 | — | |||||||||||
| USD | 10,615,731 | CHF | 9,825,071 | HSB | 12/22/21 | 51,462 | — | |||||||||||
| USD | 15,191,512 | CHF | 14,083,367 | HSB | 12/22/21 | 48,570 | — | |||||||||||
| USD | 36,813,412 | CHF | 33,744,646 | SCB | 12/22/21 | 529,958 | — | |||||||||||
| USD | 7,614,747 | CHF | 7,105,694 | SSB | 12/22/21 | — | 25,550 | |||||||||||
| USD | 11,381,866 | CHF | 10,432,732 | SSB | 12/22/21 | 164,218 | — | |||||||||||
| USD | 368,116,101 | EUR | 311,045,214 | BNP | 12/22/21 | 7,202,947 | — | |||||||||||
| USD | 254,942,797 | EUR | 215,416,097 | CAN | 12/22/21 | 4,990,380 | — | |||||||||||
| USD | 423,646,350 | EUR | 357,965,120 | CIT | 12/22/21 | 8,290,914 | — | |||||||||||
| USD | 411,662,164 | EUR | 347,834,528 | HSB | 12/22/21 | 8,061,495 | — | |||||||||||
| USD | 406,146,746 | EUR | 343,204,717 | MEL | 12/22/21 | 7,918,157 | — | |||||||||||
| USD | 577,533,325 | EUR | 487,948,432 | RBC | 12/22/21 | 11,355,163 | — | |||||||||||
| USD | 657,901,660 | EUR | 555,925,471 | SSB | 12/22/21 | 12,848,125 | — | |||||||||||
| USD | 177,915,808 | GBP | 128,608,104 | CAN | 12/22/21 | 4,601,226 | — | |||||||||||
| USD | 395,345,228 | GBP | 285,808,948 | HSB | 12/22/21 | 10,183,975 | — | |||||||||||
| USD | 244,535,106 | GBP | 176,771,258 | MSC | 12/22/21 | 6,314,995 | — | |||||||||||
| USD | 378,693,716 | GBP | 273,732,397 | RBC | 12/22/21 | 9,807,040 | — | |||||||||||
| USD | 317,981,664 | GBP | 229,862,497 | SSB | 12/22/21 | 8,214,850 | — | |||||||||||
| USD | 89,862,490 | HKD | 699,287,435 | BNP | 12/22/21 | 15,856 | — | |||||||||||
| USD | 87,463,660 | HKD | 680,580,106 | HSB | 12/22/21 | 20,602 | — | |||||||||||
| USD | 38,334,526 | HKD | 298,311,611 | MSC | 12/22/21 | 6,518 | — | |||||||||||
| USD | 9,707,201 | HKD | 75,539,980 | SCB | 12/22/21 | 1,588 | — | |||||||||||
| USD | 81,030,682 | HKD | 630,588,624 | SSB | 12/22/21 | 10,685 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 113,924,404 | $ | 27,659 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 93.9% | ||||||||
| Brazil | 0.8% | ||||||||
| Lojas Renner SA | 21,839 | $ | 138,034 | |||||
| Canada | 2.4% | ||||||||
| TMX Group, Ltd. | 1,525 | 164,456 | ||||||
| Toromont Industries, Ltd. | 2,876 | 240,075 | ||||||
| 404,531 | ||||||||
| China | 2.5% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 1,540 | 227,997 | ||||||
| Tencent Holdings, Ltd. | 3,200 | 187,630 | ||||||
| 415,627 | ||||||||
| Denmark | 1.8% | ||||||||
| Genmab A/S (*) | 708 | 309,314 | ||||||
| France | 2.4% | ||||||||
| Antin Infrastructure Partners SA (*) | 723 | 24,371 | ||||||
| Legrand SA | 1,951 | 209,251 | ||||||
| Pernod Ricard SA | 809 | 176,918 | ||||||
| 410,540 | ||||||||
| Germany | 5.8% | ||||||||
| adidas AG | 866 | 272,882 | ||||||
| Continental AG (*) | 1,770 | 194,047 | ||||||
| Infineon Technologies AG | 5,319 | 218,660 | ||||||
| Merck KGaA | 1,397 | 303,790 | ||||||
| 989,379 | ||||||||
| Hong Kong | 1.4% | ||||||||
| AIA Group, Ltd. | 21,000 | 241,797 | ||||||
| India | 1.5% | ||||||||
| HDFC Bank, Ltd. ADR | 3,524 | 257,569 | ||||||
| Israel | 0.9% | ||||||||
| CyberArk Software, Ltd. (*) | 932 | 147,088 | ||||||
| Japan | 6.8% | ||||||||
| BayCurrent Consulting, Inc. | 800 | 401,788 | ||||||
| Digital Garage, Inc. | 3,200 | 146,745 | ||||||
| Nintendo Co., Ltd. | 400 | 194,584 | ||||||
| TechnoPro Holdings, Inc. | 6,300 | 187,152 | ||||||
| Z Holdings Corp. | 33,800 | 216,912 | ||||||
| 1,147,181 | ||||||||
| Netherlands | 3.4% | ||||||||
| Koninklijke DSM NV | 1,321 | 264,040 | ||||||
| Universal Music Group NV (*) | 11,936 | 319,589 | ||||||
| 583,629 | ||||||||
| Description | Shares | Fair Value | ||||||
| Portugal | 0.9% | ||||||||
| Energias de Portugal SA | 29,604 | $ | 155,294 | |||||
| South Korea | 1.9% | ||||||||
| Osstem Implant Co., Ltd. | 1,449 | 162,342 | ||||||
| SK Hynix, Inc. | 1,760 | 151,766 | ||||||
| 314,108 | ||||||||
| Spain | 1.3% | ||||||||
| Siemens Gamesa Renewable Energy SA (*) | 8,939 | 225,951 | ||||||
| Switzerland | 1.8% | ||||||||
| ABB, Ltd. | 6,977 | 232,558 | ||||||
| Idorsia, Ltd. (*) | 3,155 | 76,289 | ||||||
| 308,847 | ||||||||
| United Kingdom | 8.3% | ||||||||
| Informa PLC (*) | 23,465 | 171,940 | ||||||
| ITV PLC (*) | 168,253 | 238,654 | ||||||
| Linde PLC (*) | 711 | 211,402 | ||||||
| RELX PLC | 15,595 | 450,316 | ||||||
| Rio Tinto PLC | 3,004 | 198,343 | ||||||
| THG PLC (*) | 19,398 | 131,599 | ||||||
| 1,402,254 | ||||||||
| United States | 50.0% | ||||||||
| Accenture PLC, Class A | 846 | 270,652 | ||||||
| Adaptive Biotechnologies Corp. (*) | 1,952 | 66,349 | ||||||
| Adobe, Inc. (*) | 678 | 390,338 | ||||||
| Alphabet, Inc., Class A (*) | 297 | 794,035 | ||||||
| Amphenol Corp., Class A | 3,504 | 256,598 | ||||||
| Analog Devices, Inc. | 1,963 | 328,763 | ||||||
| Aon PLC, Class A | 1,414 | 404,079 | ||||||
| Applied Materials, Inc. | 2,166 | 278,829 | ||||||
| Bank of America Corp. | 6,499 | 275,883 | ||||||
| Danaher Corp. | 1,270 | 386,639 | ||||||
| Dollar General Corp. | 1,334 | 282,995 | ||||||
| Fidelity National Information Services, Inc. | 1,620 | 197,122 | ||||||
| Intercontinental Exchange, Inc. | 3,658 | 420,012 | ||||||
| Intuit, Inc. | 608 | 328,022 | ||||||
| IQVIA Holdings, Inc. (*) | 2,133 | 510,939 | ||||||
| Medtronic PLC | 1,986 | 248,945 | ||||||
| MetroMile, Inc. (*) | 11,548 | 40,995 | ||||||
| Microsoft Corp. | 2,882 | 812,493 | ||||||
| S&P Global, Inc. | 1,073 | 455,907 | ||||||
| Synopsys, Inc. (*) | 1,135 | 339,830 | ||||||
| The Coca-Cola Co. | 4,202 | 220,479 | ||||||
| Thermo Fisher Scientific, Inc. | 691 | 394,789 | ||||||
| UnitedHealth Group, Inc. | 637 | 248,901 | ||||||
| Visa, Inc., Class A | 1,449 | 322,765 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Zoetis, Inc. | 1,038 | $ | 201,517 | |||||
| 8,477,876 | ||||||||
| Total Common Stocks (Cost $14,694,107) | 15,929,019 | |||||||
| Preferred Stocks | 1.4% | ||||||||
| Germany | 1.4% | ||||||||
| Volkswagen AG (Cost $254,475) | 1,016 | 227,599 | ||||||
| Short-Term Investments | 5.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $906,954) | 906,954 | 906,954 | ||||||
| Total Investments | 100.6% (Cost $15,855,536) | $ | 17,063,572 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (98,109 | ) | ||||||
| Net Assets | 100.0% | $ | 16,965,463 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 100.2% | ||||||||
| Australia | 5.8% | ||||||||
| ALS Ltd. | 1,115 | $ | 10,083 | |||||
| ASX, Ltd. | 116 | 6,776 | ||||||
| Champion Iron, Ltd. (*) | 718 | 2,465 | ||||||
| Collins Foods, Ltd. | 326 | 2,846 | ||||||
| CSL, Ltd. | 96 | 20,244 | ||||||
| Dexus REIT | 5,053 | 39,097 | ||||||
| Domino’s Pizza Enterprises, Ltd. | 134 | 15,450 | ||||||
| Fortescue Metals Group, Ltd. | 3,085 | 32,533 | ||||||
| Inghams Group, Ltd. | 2,281 | 6,766 | ||||||
| Newcrest Mining, Ltd. | 141 | 2,312 | ||||||
| Nick Scali, Ltd. | 530 | 4,345 | ||||||
| Premier Investments, Ltd. | 149 | 3,215 | ||||||
| Sonic Healthcare, Ltd. | 504 | 14,797 | ||||||
| WiseTech Global, Ltd. | 167 | 6,434 | ||||||
| 167,363 | ||||||||
| Austria | 0.2% | ||||||||
| OMV AG | 52 | 3,125 | ||||||
| Raiffeisen Bank International AG | 103 | 2,679 | ||||||
| 5,804 | ||||||||
| Belgium | 1.0% | ||||||||
| Ageas SA | 563 | 27,863 | ||||||
| China | 1.7% | ||||||||
| Chow Tai Fook Jewellery Group, Ltd. | 4,800 | 9,138 | ||||||
| S-Enjoy Service Group Co., Ltd. | 1,000 | 2,105 | ||||||
| SITC International Holdings Co., Ltd. | 6,000 | 21,391 | ||||||
| VSTECS Holdings, Ltd. | 4,000 | 3,588 | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. | 12,100 | 12,174 | ||||||
| 48,396 | ||||||||
| Denmark | 4.1% | ||||||||
| AP Moller-Maersk A/S, Class B | 7 | 18,935 | ||||||
| Coloplast A/S, Class B | 41 | 6,426 | ||||||
| GN Store Nord AS | 90 | 6,134 | ||||||
| Novo Nordisk A/S, Class B | 871 | 83,777 | ||||||
| Pandora A/S | 27 | 3,274 | ||||||
| 118,546 | ||||||||
| Finland | 1.1% | ||||||||
| Nokia oyj. Sponsored ADR (*) | 4,719 | 25,719 | ||||||
| Nordea Bank Abp | 208 | 2,669 | ||||||
| QT Group Oyj (*) | 19 | 3,168 | ||||||
| 31,556 | ||||||||
| France | 10.9% | ||||||||
| Air Liquide SA | 71 | 11,361 | ||||||
| Description | Shares | Fair | ||||||
| Airbus SE (*) | 69 | $ | 9,059 | |||||
| BNP Paribas SA | 232 | 14,861 | ||||||
| Cie de Saint-Gobain | 892 | 60,078 | ||||||
| Cie Generale des Etablissements Michelin SCA | 215 | 32,996 | ||||||
| Eiffage SA | 27 | 2,724 | ||||||
| Electricite de France SA | 2,151 | 27,012 | ||||||
| Kering SA | 54 | 38,406 | ||||||
| L’Oreal SA | 86 | 35,494 | ||||||
| La Francaise des Jeux SAEM | 443 | 22,788 | ||||||
| Nexity SA | 53 | 2,526 | ||||||
| Sartorius Stedim Biotech | 24 | 13,396 | ||||||
| Schneider Electric SE | 230 | 38,240 | ||||||
| Societe Generale SA | 206 | 6,468 | ||||||
| 315,409 | ||||||||
| Germany | 9.6% | ||||||||
| Allianz SE | 327 | 73,753 | ||||||
| BioNTech SE ADR (*) | 15 | 4,095 | ||||||
| Covestro AG | 87 | 5,975 | ||||||
| Daimler AG | 615 | 54,671 | ||||||
| Deutsche Bank AG (*) | 1,814 | 23,265 | ||||||
| Deutsche Post AG | 1,009 | 63,594 | ||||||
| Deutsche Telekom AG | 203 | 4,093 | ||||||
| Draegerwerk AG & Co. KGaA (Preference Shares) | 37 | 3,029 | ||||||
| Hapag-Lloyd AG | 20 | 4,374 | ||||||
| SAP SE | 288 | 39,016 | ||||||
| 275,865 | ||||||||
| Hong Kong | 1.9% | ||||||||
| Jardine Matheson Holdings, Ltd. | 100 | 5,259 | ||||||
| Sun Hung Kai Properties, Ltd. | 2,000 | 24,855 | ||||||
| WH Group, Ltd. | 10,000 | 7,114 | ||||||
| Xinyi Glass Holdings, Ltd. | 6,000 | 17,823 | ||||||
| 55,051 | ||||||||
| Ireland | 0.4% | ||||||||
| Bank of Ireland Group PLC (*) | 577 | 3,401 | ||||||
| James Hardie Industries PLC | 204 | 7,317 | ||||||
| 10,718 | ||||||||
| Israel | 0.3% | ||||||||
| Bank Hapoalim BM | 371 | 3,257 | ||||||
| Bank Leumi Le-Israel BM | 788 | 6,689 | ||||||
| 9,946 | ||||||||
| Italy | 1.7% | ||||||||
| De’ Longhi SpA | 71 | 2,552 | ||||||
| Enel SpA | 2,813 | 21,597 | ||||||
| Eni SpA | 724 | 9,640 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Reply SpA | 60 | $ | 11,053 | |||||
| UniCredit SpA | 300 | 3,968 | ||||||
| 48,810 | ||||||||
| Japan | 24.0% | ||||||||
| AGC, Inc. | 400 | 20,473 | ||||||
| Ajinomoto Co., Inc. | 200 | 5,918 | ||||||
| Chugai Pharmaceutical Co., Ltd. | 100 | 3,663 | ||||||
| CyberAgent, Inc. | 400 | 7,747 | ||||||
| Dai-ichi Life Holdings, Inc. | 1,800 | 39,193 | ||||||
| Daikin Industries, Ltd. | 200 | 43,018 | ||||||
| Daiwa House Industry Co., Ltd. | 300 | 10,019 | ||||||
| DCM Holdings Co., Ltd. | 600 | 5,819 | ||||||
| Disco Corp. | 100 | 27,992 | ||||||
| EDION Corp. | 600 | 5,665 | ||||||
| Electric Power Development Co., Ltd. | 1,000 | 14,344 | ||||||
| ENEOS Holdings, Inc. | 4,200 | 17,150 | ||||||
| GMO internet, Inc. | 300 | 7,686 | ||||||
| Honda Motor Co., Ltd. | 200 | 6,168 | ||||||
| Iida Group Holdings Co., Ltd. | 800 | 20,591 | ||||||
| ITOCHU Corp. | 400 | 11,717 | ||||||
| Japan Post Bank Co., Ltd. | 900 | 7,703 | ||||||
| Japan Post Holdings Co., Ltd. | 2,500 | 21,041 | ||||||
| Japan Tobacco, Inc. | 1,800 | 35,342 | ||||||
| KDDI Corp. | 1,000 | 33,047 | ||||||
| Kubota Corp. | 400 | 8,533 | ||||||
| Kureha Corp. | 100 | 6,790 | ||||||
| Macnica Fuji Electronics Holdings, Inc. | 100 | 2,331 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 100 | 4,720 | ||||||
| Mitsubishi Electric Corp. | 4,000 | 55,634 | ||||||
| Murata Manufacturing Co., Ltd. | 300 | 26,704 | ||||||
| NH Foods, Ltd. | 100 | 3,783 | ||||||
| Nintendo Co., Ltd. ADR | 431 | 25,537 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,529 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 3,205 | ||||||
| NTT Data Corp. | 400 | 7,750 | ||||||
| Okamura Corp. | 500 | 7,318 | ||||||
| ORIX Corp. | 1,000 | 18,688 | ||||||
| Panasonic Corp. | 900 | 11,171 | ||||||
| Sekisui House, Ltd. | 600 | 12,608 | ||||||
| Shimano, Inc. ADR | 409 | 11,980 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 33 | 5,566 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,600 | 6,154 | ||||||
| Softbank Corp. | 2,500 | 33,943 | ||||||
| Sumitomo Chemical Co., Ltd. | 900 | 4,695 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 3,499 | ||||||
| Description | Shares | Fair | ||||||
| Sumitomo Rubber Industries, Ltd. | 600 | $ | 7,630 | |||||
| Taiheiyo Cement Corp. | 300 | 6,240 | ||||||
| The Okinawa Electric Power Co., Inc. | 400 | 5,150 | ||||||
| Tokyo Electron, Ltd. | 100 | 44,080 | ||||||
| Toray Industries, Inc. | 2,300 | 14,689 | ||||||
| ZOZO, Inc. | 100 | 3,744 | ||||||
| 691,967 | ||||||||
| Luxembourg | 0.2% | ||||||||
| Eurofins Scientific SE | 57 | 7,310 | ||||||
| Malta | 0.4% | ||||||||
| Kindred Group PLC | 801 | 12,028 | ||||||
| Netherlands | 7.8% | ||||||||
| Adyen NV (*) | 6 | 16,684 | ||||||
| ASML Holding NV | 100 | 73,767 | ||||||
| Koninklijke Ahold Delhaize NV | 605 | 20,058 | ||||||
| NN Group NV | 380 | 19,831 | ||||||
| Royal Dutch Shell PLC, A Shares | 2,559 | 56,533 | ||||||
| Wolters Kluwer NV | 360 | 38,053 | ||||||
| 224,926 | ||||||||
| Norway | 0.1% | ||||||||
| Yara International ASA | 85 | 4,207 | ||||||
| Singapore | 0.8% | ||||||||
| DBS Group Holdings, Ltd. | 700 | 15,544 | ||||||
| Oversea-Chinese Banking Corp., Ltd. | 500 | 4,186 | ||||||
| Singapore Airlines, Ltd. (*) | 700 | 2,560 | ||||||
| 22,290 | ||||||||
| South Africa | 0.1% | ||||||||
| Investec PLC | 673 | 2,865 | ||||||
| Spain | 1.3% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 3,244 | 21,399 | ||||||
| Iberdrola SA | 1,747 | 17,448 | ||||||
| 38,847 | ||||||||
| Sweden | 2.5% | ||||||||
| Electrolux AB, Series B | 197 | 4,549 | ||||||
| Getinge AB, B Shares | 376 | 14,952 | ||||||
| Husqvarna AB, B Shares | 1,103 | 13,159 | ||||||
| Investor AB Class B | 210 | 4,496 | ||||||
| Nibe Industrier AB Class B | 681 | 8,554 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 820 | 11,554 | ||||||
| Swedish Match AB | 740 | 6,490 | ||||||
| Thule Group AB | 96 | 4,800 | ||||||
| Volvo AB, Class B | 166 | 3,730 | ||||||
| 72,284 | ||||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Switzerland | 8.2% | ||||||||
| Coca-Cola HBC AG | 433 | $ | 13,917 | |||||
| Logitech International SA | 138 | 12,222 | ||||||
| Nestle SA | 114 | 13,716 | ||||||
| Novartis AG | 172 | 14,111 | ||||||
| Partners Group Holding AG | 9 | 14,011 | ||||||
| Roche Holding AG | 247 | 90,131 | ||||||
| Sonova Holding AG | 89 | 33,566 | ||||||
| STMicroelectronics NV | 101 | 4,403 | ||||||
| Swissquote Group Holding SA | 17 | 3,110 | ||||||
| UBS Group AG | 2,309 | 36,898 | ||||||
| 236,085 | ||||||||
| United Kingdom | 14.9% | ||||||||
| Anglo American PLC | 540 | 18,627 | ||||||
| AstraZeneca PLC | 299 | 35,995 | ||||||
| Barclays PLC | 10,948 | 27,922 | ||||||
| BP PLC Sponsored ADR | 333 | 9,101 | ||||||
| British American Tobacco PLC | 273 | 9,525 | ||||||
| Computacenter PLC | 167 | 6,029 | ||||||
| Dunelm Group PLC | 227 | 4,301 | ||||||
| GlaxoSmithKline PLC | 3,357 | 63,365 | ||||||
| Halfords Group PLC | 585 | 2,397 | ||||||
| IMI PLC | 142 | 3,164 | ||||||
| Imperial Brands PLC | 1,866 | 38,942 | ||||||
| J Sainsbury PLC | 1,995 | 7,639 | ||||||
| Natwest Group PLC | 12,750 | 38,689 | ||||||
| Next PLC | 147 | 16,121 | ||||||
| RELX PLC | 52 | 1,499 | ||||||
| Rio Tinto PLC | 604 | 39,880 | ||||||
| Rio Tinto, Ltd. | 254 | 18,049 | ||||||
| Standard Chartered PLC | 3,609 | 21,151 | ||||||
| Unilever PLC | 740 | 39,914 | ||||||
| Virgin Money UK PLC (*) | 1,115 | 3,038 | ||||||
| Vodafone Group PLC | 16,371 | 24,763 | ||||||
| 430,111 | ||||||||
| United States | 1.2% | ||||||||
| Stellantis NV | 1,811 | 34,612 | ||||||
| Total Common Stocks (Cost $2,618,001) | 2,892,859 | |||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $32,040) | 32,040 | 32,040 | ||||||
| Description | Shares | Fair | ||||||
| Total Investments | 101.3% (Cost $2,650,041) | $ | 2,924,899 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.3)% | (38,174 | ) | ||||||
| Net Assets | 100.0% | $ | 2,886,725 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 94.7% | ||||||||
| Canada | 4.5% | ||||||||
| BRP, Inc. | 195,473 | $ | 18,093,522 | |||||
| CAE, Inc. (*) | 728,163 | 21,754,056 | ||||||
| Suncor Energy, Inc. | 1,493,329 | 30,960,698 | ||||||
| TMX Group, Ltd. | 250,497 | 27,013,568 | ||||||
| 97,821,844 | ||||||||
| China | 2.7% | ||||||||
| Autohome, Inc. ADR | 410,629 | 19,270,819 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 9,065,000 | 22,150,537 | ||||||
| ENN Energy Holdings, Ltd. | 964,600 | 15,796,130 | ||||||
| 57,217,486 | ||||||||
| Denmark | 3.2% | ||||||||
| Carlsberg AS, Class B | 192,515 | 31,317,431 | ||||||
| Vestas Wind Systems A/S | 913,813 | 36,585,927 | ||||||
| 67,903,358 | ||||||||
| Finland | 2.4% | ||||||||
| Nordea Bank Abp | 2,703,161 | 34,691,921 | ||||||
| Sampo Oyj, A Shares | 336,499 | 16,697,164 | ||||||
| 51,389,085 | ||||||||
| France | 9.9% | ||||||||
| Air Liquide SA | 219,691 | 35,152,116 | ||||||
| Alstom SA | 399,941 | 15,174,339 | ||||||
| Capgemini SE | 169,385 | 35,227,025 | ||||||
| Engie SA | 3,581,162 | 47,000,954 | ||||||
| Pernod Ricard SA | 139,170 | 30,434,674 | ||||||
| Sanofi | 517,424 | 49,809,604 | ||||||
| 212,798,712 | ||||||||
| Germany | 8.3% | ||||||||
| adidas AG | 57,144 | 18,006,463 | ||||||
| Continental AG (*) | 213,865 | 23,446,258 | ||||||
| Infineon Technologies AG | 621,245 | 25,538,852 | ||||||
| Merck KGaA | 165,759 | 36,045,772 | ||||||
| MTU Aero Engines AG | 164,078 | 37,100,015 | ||||||
| ProSiebenSat.1 Media SE | 1,096,177 | 20,171,424 | ||||||
| Vitesco Technologies Group AG (*) | 0 | 24 | ||||||
| Vonovia SE | 323,681 | 19,457,478 | ||||||
| 179,766,286 | ||||||||
| Hong Kong | 1.1% | ||||||||
| ESR Cayman, Ltd. (*) | 8,174,000 | 24,675,639 | ||||||
| India | 1.1% | ||||||||
| Reliance Industries, Ltd. | 682,836 | 23,091,735 | ||||||
| Description | Shares | Fair | ||||||
| Ireland | 1.4% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 269,581 | $ | 29,670,085 | |||||
| Israel | 1.4% | ||||||||
| Bank Leumi Le-Israel BM | 3,494,311 | 29,661,475 | ||||||
| Italy | 1.6% | ||||||||
| Enel SpA | 4,576,667 | 35,137,527 | ||||||
| Japan | 18.0% | ||||||||
| Asics Corp. | 671,200 | 15,227,986 | ||||||
| Bandai Namco Holdings, Inc. | 203,800 | 15,304,360 | ||||||
| Daikin Industries, Ltd. | 115,600 | 24,864,249 | ||||||
| Daiwa House Industry Co., Ltd. | 1,029,981 | 34,397,845 | ||||||
| Fujitsu, Ltd. | 170,778 | 31,015,092 | ||||||
| Hitachi, Ltd. | 870,300 | 51,603,400 | ||||||
| Makita Corp. | 616,800 | 33,659,746 | ||||||
| Matsumotokiyoshi Holdings Co., Ltd. | 596,400 | 26,652,070 | ||||||
| Nexon Co., Ltd. | 864,282 | 13,944,231 | ||||||
| Ryohin Keikaku Co., Ltd. | 1,064,600 | 23,685,377 | ||||||
| Shimano, Inc. | 113,800 | 33,152,213 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 790,500 | 27,655,945 | ||||||
| Suzuki Motor Corp. | 574,200 | 25,593,983 | ||||||
| Yamaha Corp. | 478,200 | 30,063,561 | ||||||
| 386,820,058 | ||||||||
| Mexico | 0.8% | ||||||||
| Arca Continental SAB de CV | 2,905,112 | 17,716,518 | ||||||
| Netherlands | 6.0% | ||||||||
| Akzo Nobel NV | 292,576 | 31,858,842 | ||||||
| JDE Peet’s NV | 336,368 | 9,991,221 | ||||||
| Koninklijke DSM NV | 182,892 | 36,556,238 | ||||||
| Universal Music Group NV (*) | 815,692 | 21,840,364 | ||||||
| Wolters Kluwer NV | 284,549 | 30,077,645 | ||||||
| 130,324,310 | ||||||||
| Norway | 2.6% | ||||||||
| Equinor ASA | 1,194,528 | 30,440,612 | ||||||
| Telenor ASA | 1,525,174 | 25,617,490 | ||||||
| 56,058,102 | ||||||||
| Portugal | 1.1% | ||||||||
| Galp Energia SGPS SA | 2,110,156 | 23,897,405 | ||||||
| Singapore | 1.2% | ||||||||
| DBS Group Holdings, Ltd. | 1,143,920 | 25,401,779 | ||||||
| South Korea | 1.7% | ||||||||
| Osstem Implant Co., Ltd. | 132,103 | 14,800,481 | ||||||
| SK Hynix, Inc. | 241,661 | 20,838,545 | ||||||
| 35,639,026 | ||||||||
| Spain | 3.0% | ||||||||
| Banco Santander SA | 8,390,165 | 30,390,055 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Industria de Diseno Textil SA | 931,720 | $ | 33,898,318 | |||||
| 64,288,373 | ||||||||
| Sweden | 1.1% | ||||||||
| Sandvik AB | 1,081,962 | 24,692,672 | ||||||
| Switzerland | 3.5% | ||||||||
| ABB, Ltd. | 1,236,953 | 41,230,292 | ||||||
| Novartis AG | 407,956 | 33,468,796 | ||||||
| 74,699,088 | ||||||||
| United Kingdom | 11.7% | ||||||||
| 3i Group PLC | 1,578,536 | 27,190,161 | ||||||
| Anglo American PLC | 747,751 | 25,793,570 | ||||||
| Barclays PLC | 10,792,220 | 27,524,327 | ||||||
| Petershill Partners PLC (*) | 3,501,837 | 16,514,315 | ||||||
| Prudential PLC | 1,296,237 | 25,163,414 | ||||||
| RELX PLC | 2,238,671 | 64,512,790 | ||||||
| Tesco PLC | 9,630,667 | 32,664,282 | ||||||
| Unilever PLC | 603,867 | 32,643,859 | ||||||
| 252,006,718 | ||||||||
| United States | 6.4% | ||||||||
| Aon PLC, Class A | 171,994 | 49,150,726 | ||||||
| Ferguson PLC | 176,176 | 24,422,019 | ||||||
| Medtronic PLC | 509,083 | 63,813,554 | ||||||
| 137,386,299 | ||||||||
| Total Common Stocks (Cost $1,636,716,735) | 2,038,063,580 | |||||||
| Preferred Stocks | 1.9% | ||||||||
| Germany | 1.9% | ||||||||
| Volkswagen AG (Cost $30,366,166) | 184,338 | 41,294,412 | ||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.01% (7 day yield) (Cost $44,150,033) | 44,150,033 | 44,150,033 | ||||||
| Total Investments | 98.7% (Cost $1,711,232,934) | $ | 2,123,508,025 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.3% | 28,946,753 | |||||||
| Net Assets | 100.0% | $ | 2,152,454,778 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 94.7% | ||||||||
| Australia | 1.1% | ||||||||
| BHP Group, Ltd. | 34,480 | $ | 926,730 | |||||
| Brazil | 1.5% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 67,300 | 476,658 | ||||||
| Lojas Renner SA | 128,671 | 813,268 | ||||||
| 1,289,926 | ||||||||
| Canada | 1.7% | ||||||||
| Suncor Energy, Inc. | 69,203 | 1,434,763 | ||||||
| China | 7.8% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 23,400 | 435,240 | ||||||
| Autohome, Inc. ADR | 16,563 | 777,302 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 597,000 | 1,458,783 | ||||||
| ENN Energy Holdings, Ltd. | 74,000 | 1,211,812 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 141,500 | 960,153 | ||||||
| Tencent Holdings, Ltd. | 31,300 | 1,835,251 | ||||||
| 6,678,541 | ||||||||
| Denmark | 3.3% | ||||||||
| Carlsberg AS, Class B | 7,281 | 1,184,439 | ||||||
| Vestas Wind Systems A/S | 40,199 | 1,609,429 | ||||||
| 2,793,868 | ||||||||
| Finland | 1.4% | ||||||||
| Sampo Oyj, A Shares | 23,501 | 1,166,125 | ||||||
| France | 10.3% | ||||||||
| Air Liquide SA | 8,785 | 1,405,662 | ||||||
| Alstom SA | 22,139 | 839,986 | ||||||
| Engie SA | 125,943 | 1,652,939 | ||||||
| Legrand SA | 6,326 | 678,485 | ||||||
| Pernod Ricard SA | 4,580 | 1,001,587 | ||||||
| Safran SA | 10,412 | 1,305,457 | ||||||
| Sanofi | 19,856 | 1,911,429 | ||||||
| 8,795,545 | ||||||||
| Germany | 3.6% | ||||||||
| adidas AG | 2,552 | 804,153 | ||||||
| Continental AG (*) | 9,441 | 1,035,027 | ||||||
| Merck KGaA | 5,448 | 1,184,716 | ||||||
| 3,023,896 | ||||||||
| Hong Kong | 1.0% | ||||||||
| ESR Cayman, Ltd. (*) | 288,400 | 870,621 | ||||||
| India | 3.7% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 91,069 | 1,718,472 | ||||||
| Description | Shares | Fair | ||||||
| Reliance Industries, Ltd. | 41,708 | $ | 1,410,456 | |||||
| 3,128,928 | ||||||||
| Indonesia | 1.7% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,988,800 | 845,158 | ||||||
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 23,547 | 598,094 | ||||||
| 1,443,252 | ||||||||
| Ireland | 1.1% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 8,413 | 925,935 | ||||||
| Italy | 1.4% | ||||||||
| Enel SpA | 159,035 | 1,220,997 | ||||||
| Japan | 11.2% | ||||||||
| Daiwa House Industry Co., Ltd. | 27,500 | 918,406 | ||||||
| Fujitsu, Ltd. | 5,500 | 998,858 | ||||||
| Hitachi, Ltd. | 33,000 | 1,956,696 | ||||||
| Makita Corp. | 25,000 | 1,364,289 | ||||||
| Ryohin Keikaku Co., Ltd. | 44,500 | 990,043 | ||||||
| Shimano, Inc. | 5,200 | 1,514,864 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 30,176 | 1,055,719 | ||||||
| Suzuki Motor Corp. | 15,900 | 708,715 | ||||||
| 9,507,590 | ||||||||
| Mexico | 1.5% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 205,000 | 1,316,612 | ||||||
| Netherlands | 5.9% | ||||||||
| Akzo Nobel NV | 11,970 | 1,303,423 | ||||||
| Koninklijke DSM NV | 7,112 | 1,421,538 | ||||||
| Universal Music Group NV (*) | 43,952 | 1,176,827 | ||||||
| Wolters Kluwer NV | 10,886 | 1,150,681 | ||||||
| 5,052,469 | ||||||||
| Norway | 2.3% | ||||||||
| Equinor ASA | 41,009 | 1,045,048 | ||||||
| Telenor ASA | 56,063 | 941,659 | ||||||
| 1,986,707 | ||||||||
| Singapore | 1.1% | ||||||||
| DBS Group Holdings, Ltd. | 42,700 | 948,192 | ||||||
| South Africa | 0.8% | ||||||||
| Mr Price Group, Ltd. | 51,381 | 686,368 | ||||||
| South Korea | 4.4% | ||||||||
| KB Financial Group, Inc. | 13,924 | 647,440 | ||||||
| LG Household & Health Care, Ltd. | 635 | 713,772 | ||||||
| Samsung Electronics Co., Ltd. | 24,360 | 1,516,137 | ||||||
| SK Hynix, Inc. | 10,204 | 879,896 | ||||||
| 3,757,245 | ||||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Spain | 1.3% | ||||||||
| Industria de Diseno Textil SA | 31,548 | $ | 1,147,796 | |||||
| Sweden | 2.5% | ||||||||
| Hexagon AB, B Shares | 72,225 | 1,112,855 | ||||||
| Sandvik AB | 43,565 | 994,246 | ||||||
| 2,107,101 | ||||||||
| Switzerland | 5.1% | ||||||||
| ABB, Ltd. | 65,079 | 2,169,223 | ||||||
| Cie Financiere Richemont SA, Class A | 6,060 | 624,867 | ||||||
| Novartis AG | 18,373 | 1,507,325 | ||||||
| 4,301,415 | ||||||||
| United Kingdom | 11.1% | ||||||||
| Anglo American PLC | 20,276 | 699,418 | ||||||
| Barclays PLC | 342,695 | 874,004 | ||||||
| BP PLC | 481,330 | 2,180,447 | ||||||
| Prudential PLC | 56,898 | 1,104,542 | ||||||
| RELX PLC | 78,927 | 2,274,475 | ||||||
| Tesco PLC | 333,222 | 1,130,187 | ||||||
| Unilever PLC | 22,275 | 1,204,143 | ||||||
| 9,467,216 | ||||||||
| United States | 7.9% | ||||||||
| Accenture PLC, Class A | 5,001 | 1,599,920 | ||||||
| Aon PLC, Class A | 7,502 | 2,143,846 | ||||||
| Ferguson PLC | 8,697 | 1,205,603 | ||||||
| Medtronic PLC | 14,042 | 1,760,165 | ||||||
| 6,709,534 | ||||||||
| Total Common Stocks (Cost $68,028,753) | 80,687,372 | |||||||
| Preferred Stocks | 2.9% | ||||||||
| Brazil | 1.2% | ||||||||
| Banco Bradesco SA ADR | 252,185 | 965,868 | ||||||
| Germany | 1.7% | ||||||||
| Volkswagen AG | 6,542 | 1,465,504 | ||||||
| Total Preferred Stocks (Cost $2,255,084) | 2,431,372 | |||||||
| Description | Shares | Fair | ||||||
| Short-Term Investments | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.01% (7 day yield) (Cost $2,680,101) | 2,680,101 | $ | 2,680,101 | |||||
| Total Investments | 100.7% (Cost $72,963,938) | $ | 85,798,845 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.7)% | (608,710 | ) | ||||||
| Net Assets | 100.0% | $ | 85,190,135 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Equity Value Portfolio | ||||||||
| Common Stocks | 100.6% | ||||||||
| Canada | 2.1% | ||||||||
| Onex Corp. | 903 | $ | 63,836 | |||||
| France | 20.9% | ||||||||
| AXA SA | 3,699 | 102,906 | ||||||
| Bollore SA | 14,088 | 81,463 | ||||||
| Carrefour SA | 5,750 | 103,503 | ||||||
| Engie SA | 7,274 | 95,468 | ||||||
| Sanofi | 1,402 | 134,963 | ||||||
| Thales SA | 1,085 | 104,781 | ||||||
| 623,084 | ||||||||
| Germany | 6.7% | ||||||||
| KION Group AG | 909 | 85,061 | ||||||
| Siemens AG | 697 | 114,571 | ||||||
| 199,632 | ||||||||
| Italy | 3.3% | ||||||||
| UniCredit SpA | 7,469 | 98,796 | ||||||
| Japan | 25.4% | ||||||||
| Bandai Namco Holdings, Inc. | 608 | 45,658 | ||||||
| Bridgestone Corp. | 2,095 | 99,358 | ||||||
| Hitachi, Ltd. | 1,600 | 94,870 | ||||||
| Ryohin Keikaku Co., Ltd. | 4,300 | 95,667 | ||||||
| Sony Group Corp. Sponsored ADR | 1,201 | 132,806 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 3,500 | 122,449 | ||||||
| Toyota Industries Corp. | 1,286 | 105,653 | ||||||
| Universal Entertainment Corp. (*) | 2,785 | 62,957 | ||||||
| 759,418 | ||||||||
| Macau | 2.4% | ||||||||
| SJM Holdings, Ltd. (*) | 108,306 | 73,279 | ||||||
| Mexico | 6.0% | ||||||||
| Arca Continental SAB de CV | 14,037 | 85,603 | ||||||
| Fomento Economico Mexicano SAB de CV Sponsored ADR | 1,065 | 92,357 | ||||||
| 177,960 | ||||||||
| Netherlands | 3.7% | ||||||||
| Akzo Nobel NV | 1,020 | 111,069 | ||||||
| South Korea | 6.9% | ||||||||
| Kangwon Land, Inc. (*) | 4,154 | 99,649 | ||||||
| SK Telecom Co., Ltd. (*) | 386 | 105,256 | ||||||
| 204,905 | ||||||||
| Spain | 2.3% | ||||||||
| Banco Santander SA | 18,639 | 67,512 | ||||||
| Switzerland | 4.1% | ||||||||
| Coca-Cola HBC AG | 2,168 | 69,683 | ||||||
| Description | Shares | Fair | ||||||
| Glencore PLC | 11,207 | $ | 52,926 | |||||
| 122,609 | ||||||||
| United Kingdom | 13.4% | ||||||||
| 3i Group PLC | 4,295 | 73,981 | ||||||
| Barclays PLC | 41,330 | 105,408 | ||||||
| BP PLC | 26,140 | 118,415 | ||||||
| Prudential PLC | 5,247 | 101,858 | ||||||
| 399,662 | ||||||||
| United States | 3.4% | ||||||||
| Stellantis NV | 5,324 | 101,865 | ||||||
| Total Common Stocks (Cost $2,726,346) | 3,003,627 | |||||||
| Short-Term Investments | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $30,407) | 30,407 | 30,407 | ||||||
| Total Investments | 101.6% (Cost $2,756,753) | $ | 3,034,034 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.6)% | (47,097 | ) | ||||||
| Net Assets | 100.0% | $ | 2,986,937 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 96.2% | ||||||||
| Canada | 9.0% | ||||||||
| BRP, Inc. | 6,936 | $ | 642,015 | |||||
| Dollarama, Inc. | 13,240 | 574,298 | ||||||
| National Bank of Canada | 9,076 | 697,074 | ||||||
| Toromont Industries, Ltd. | 12,262 | 1,023,576 | ||||||
| 2,936,963 | ||||||||
| China | 5.1% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 5,147 | 762,013 | ||||||
| Tencent Holdings, Ltd. | 15,400 | 902,967 | ||||||
| 1,664,980 | ||||||||
| Denmark | 6.8% | ||||||||
| Coloplast A/S, Class B | 3,006 | 471,158 | ||||||
| Demant A/S (*) | 14,837 | 747,201 | ||||||
| Genmab A/S (*) | 2,289 | 1,000,028 | ||||||
| 2,218,387 | ||||||||
| France | 7.7% | ||||||||
| Legrand SA | 6,312 | 676,983 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,344 | 961,046 | ||||||
| Pernod Ricard SA | 3,924 | 858,128 | ||||||
| 2,496,157 | ||||||||
| Germany | 4.5% | ||||||||
| SAP SE | 5,846 | 791,979 | ||||||
| Scout24 AG | 9,707 | 673,790 | ||||||
| 1,465,769 | ||||||||
| Hong Kong | 2.0% | ||||||||
| AIA Group, Ltd. | 56,000 | 644,792 | ||||||
| India | 3.3% | ||||||||
| HDFC Bank, Ltd. ADR | 14,776 | 1,079,978 | ||||||
| Israel | 1.8% | ||||||||
| Check Point Software Technologies, Ltd. (*) | 5,069 | 573,000 | ||||||
| Japan | 8.3% | ||||||||
| Pigeon Corp. | 10,100 | 235,210 | ||||||
| Shimano, Inc. | 1,700 | 495,244 | ||||||
| SMS Co., Ltd. | 18,700 | 676,507 | ||||||
| Toei Animation Co., Ltd. | 4,800 | 886,233 | ||||||
| Workman Co., Ltd. | 6,200 | 392,895 | ||||||
| 2,686,089 | ||||||||
| Netherlands | 8.8% | ||||||||
| ASML Holding NV | 2,150 | 1,585,995 | ||||||
| Universal Music Group NV (*) | 23,886 | 639,554 | ||||||
| Wolters Kluwer NV | 6,010 | 635,274 | ||||||
| 2,860,823 | ||||||||
| Description | Shares | Fair | ||||||
| Norway | 1.4% | ||||||||
| Gjensidige Forsikring ASA | 21,177 | $ | 468,976 | |||||
| South Africa | 2.1% | ||||||||
| Clicks Group, Ltd. | 36,164 | 665,792 | ||||||
| South Korea | 1.5% | ||||||||
| LG Household & Health Care, Ltd. | 439 | 493,458 | ||||||
| Spain | 2.2% | ||||||||
| Industria de Diseno Textil SA | 19,326 | 703,128 | ||||||
| Sweden | 5.1% | ||||||||
| Assa Abloy AB, Class B | 28,062 | 813,664 | ||||||
| Hexagon AB, B Shares | 53,679 | 827,095 | ||||||
| 1,640,759 | ||||||||
| Switzerland | 3.9% | ||||||||
| Partners Group Holding AG | 812 | 1,264,049 | ||||||
| Taiwan | 3.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 10,223 | 1,141,398 | ||||||
| United Kingdom | 15.9% | ||||||||
| Dechra Pharmaceuticals PLC | 9,991 | 650,821 | ||||||
| Diageo PLC | 17,083 | 823,111 | ||||||
| Intertek Group PLC | 9,153 | 611,053 | ||||||
| London Stock Exchange Group PLC | 6,293 | 628,718 | ||||||
| Prudential PLC | 30,906 | 599,968 | ||||||
| RELX PLC | 35,539 | 1,026,213 | ||||||
| Unilever PLC | 15,317 | 826,160 | ||||||
| 5,166,044 | ||||||||
| United States | 3.3% | ||||||||
| Aon PLC, Class A | 3,767 | 1,076,496 | ||||||
| Total Common Stocks (Cost $27,769,080) | 31,247,038 | |||||||
| Preferred Stocks | 1.5% | ||||||||
| Brazil | 1.5% | ||||||||
| Banco Bradesco SA ADR (Cost $558,614) | 130,824 | 501,056 | ||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $808,360) | 808,360 | 808,360 | ||||||
| Total Investments | 100.2% (Cost $29,136,054) | $ | 32,556,454 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (63,030 | ) | ||||||
| Net Assets | 100.0% | $ | 32,493,424 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 98.8% | ||||||||
| Australia | 3.2% | ||||||||
| AUB Group, Ltd. | 17,185 | $ | 295,446 | |||||
| GUD Holdings, Ltd. | 36,031 | 266,441 | ||||||
| SmartGroup Corp., Ltd. | 51,953 | 356,138 | ||||||
| 918,025 | ||||||||
| Austria | 1.6% | ||||||||
| BAWAG Group AG | 7,234 | 453,678 | ||||||
| Belgium | 1.8% | ||||||||
| Fagron | 10,245 | 199,567 | ||||||
| Shurgard Self Storage SA | 6,091 | 334,433 | ||||||
| 534,000 | ||||||||
| Canada | 3.6% | ||||||||
| Dream Industrial Real Estate Investment Trust | 21,515 | 275,180 | ||||||
| Stelco Holdings, Inc. | 18,416 | 539,714 | ||||||
| The Descartes Systems Group, Inc. (*) | 2,716 | 221,080 | ||||||
| 1,035,974 | ||||||||
| Denmark | 1.4% | ||||||||
| Royal Unibrew A/S | 3,287 | 395,799 | ||||||
| Finland | 2.6% | ||||||||
| Anora Group Oyj | 20,696 | 240,106 | ||||||
| Kemira Oyj | 16,952 | 260,117 | ||||||
| Kojamo Oyj | 12,217 | 252,396 | ||||||
| 752,619 | ||||||||
| France | 0.8% | ||||||||
| Gaztransport Et Technigaz SA | 2,955 | 220,785 | ||||||
| Germany | 14.2% | ||||||||
| Aroundtown SA | 44,546 | 307,751 | ||||||
| Bike24 Holding AG (*) | 11,873 | 317,417 | ||||||
| Cherry AG (*) | 6,875 | 255,029 | ||||||
| CompuGroup Medical SE & Co. KgaA | 2,741 | 225,707 | ||||||
| Covestro AG | 7,588 | 521,155 | ||||||
| Dermapharm Holding SE | 6,599 | 637,435 | ||||||
| FlatexDEGIRO AG (*) | 19,793 | 421,253 | ||||||
| Friedrich Vorwerk Group SE (*) | 3,704 | 184,831 | ||||||
| JOST Werke AG | 6,686 | 378,566 | ||||||
| LEG Immobilien SE | 2,640 | 373,512 | ||||||
| Sirius Real Estate, Ltd. | 178,901 | 315,171 | ||||||
| Teamviewer AG (*) | 6,023 | 177,598 | ||||||
| 4,115,425 | ||||||||
| Greece | 1.4% | ||||||||
| JUMBO SA | 15,525 | 252,493 | ||||||
| Description | Shares | Fair | ||||||
| Terna Energy SA | 11,603 | $ | 153,217 | |||||
| 405,710 | ||||||||
| Hong Kong | 0.8% | ||||||||
| ESR Cayman, Ltd. (*) | 74,400 | 224,598 | ||||||
| Ireland | 1.2% | ||||||||
| Dalata Hotel Group PLC (*) | 72,039 | 338,817 | ||||||
| Israel | 1.0% | ||||||||
| Strauss Group, Ltd. | 9,929 | 289,703 | ||||||
| Italy | 5.3% | ||||||||
| Banca Generali SpA (*) | 7,506 | 329,184 | ||||||
| Italgas SpA | 59,284 | 379,592 | ||||||
| Stevanato Group SpA (*) | 15,611 | 395,115 | ||||||
| Tinexta Spa | 10,343 | 432,602 | ||||||
| 1,536,493 | ||||||||
| Japan | 25.5% | ||||||||
| Ariake Japan Co., Ltd. | 5,200 | 327,311 | ||||||
| ARTERIA Networks Corp. | 17,400 | 256,957 | ||||||
| Bell System24 Holdings, Inc. | 21,800 | 325,473 | ||||||
| Daiseki Co., Ltd. | 8,820 | 385,473 | ||||||
| Digital Garage, Inc. | 6,300 | 288,905 | ||||||
| DTS Corp. | 11,500 | 264,802 | ||||||
| GMO internet, Inc. | 8,300 | 212,641 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 153 | 277,913 | ||||||
| JAFCO Group Co., ltd. | 5,600 | 359,379 | ||||||
| Matsumotokiyoshi Holdings Co., Ltd. | 7,700 | 344,100 | ||||||
| Nippon Shinyaku Co., Ltd. | 3,900 | 324,910 | ||||||
| Open House Co., Ltd. | 6,900 | 403,964 | ||||||
| Pigeon Corp. | 10,400 | 242,196 | ||||||
| Relo Group, Inc. | 15,600 | 323,614 | ||||||
| Roland Corp. | 8,100 | 367,460 | ||||||
| Ryohin Keikaku Co., Ltd. | 17,000 | 378,219 | ||||||
| Sanwa Holdings Corp. | 20,300 | 263,986 | ||||||
| Seria Co., Ltd. | 8,100 | 283,198 | ||||||
| TechnoPro Holdings, Inc. | 14,935 | 443,669 | ||||||
| Trend Micro, Inc. | 6,100 | 340,295 | ||||||
| Trusco Nakayama Corp. | 12,000 | 311,905 | ||||||
| USS Co., Ltd. | 15,800 | 270,310 | ||||||
| Zenkoku Hosho Co., Ltd. | 7,742 | 377,630 | ||||||
| 7,374,310 | ||||||||
| Jersey | 1.9% | ||||||||
| JTC PLC | 55,379 | 551,898 | ||||||
| Luxembourg | 0.9% | ||||||||
| Stabilus SA | 3,747 | 262,771 | ||||||
| Netherlands | 7.7% | ||||||||
| Aalberts NV | 8,078 | 461,311 | ||||||
| Description | Shares | Fair | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Arcadis NV | 11,430 | $ | 569,833 | |||||
| ASM International NV | 2,180 | 851,158 | ||||||
| Van Lanschot Kempen NV | 11,106 | 341,588 | ||||||
| 2,223,890 | ||||||||
| New Zealand | 1.1% | ||||||||
| Freightways, Ltd. | 35,645 | 313,153 | ||||||
| Norway | 1.1% | ||||||||
| Crayon Group Holding ASA (*) | 17,441 | 325,888 | ||||||
| Singapore | 0.9% | ||||||||
| XP Power, Ltd. | 3,642 | 252,586 | ||||||
| Spain | 2.3% | ||||||||
| Bankinter SA | 79,519 | 465,493 | ||||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 101,530 | 199,349 | ||||||
| 664,842 | ||||||||
| Sweden | 2.5% | ||||||||
| Cary Group AB (*) | 9,145 | 92,971 | ||||||
| Lindab International AB | 12,095 | 305,348 | ||||||
| Nordnet AB publ | 7,545 | 135,546 | ||||||
| Stillfront Group AB (*) | 29,164 | 184,987 | ||||||
| 718,852 | ||||||||
| United Kingdom | 15.2% | ||||||||
| Ascential PLC (*) | 34,138 | 188,391 | ||||||
| Auto Trader Group PLC | 38,613 | 305,541 | ||||||
| Britvic PLC | 20,897 | 249,922 | ||||||
| Bytes Technology Group PLC (*) | 30,041 | 204,092 | ||||||
| ConvaTec Group PLC | 97,484 | 283,675 | ||||||
| Electrocomponents PLC | 24,303 | 349,672 | ||||||
| GB Group PLC | 12,268 | 141,358 | ||||||
| Genuit Group. PLC | 47,228 | 441,039 | ||||||
| ITV PLC (*) | 158,588 | 224,945 | ||||||
| JD Sports Fashion PLC | 29,810 | 419,692 | ||||||
| Jet2 PLC (*) | 16,389 | 282,330 | ||||||
| Pennon Group PLC | 15,163 | 229,618 | ||||||
| Smart Metering Systems PLC | 24,156 | 270,914 | ||||||
| Synthomer PLC | 76,145 | 505,039 | ||||||
| Weir Group PLC (*) | 12,901 | 291,438 | ||||||
| 4,387,666 | ||||||||
| United States | 0.8% | ||||||||
| Nexteer Automotive Group, Ltd. | 244,000 | 248,763 | ||||||
| Total Common Stocks (Cost $22,102,627) | 28,546,245 | |||||||
| Description | Shares | Fair | ||||||
| Short-Term Investments | 0.7% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.01% (7 day yield) (Cost $215,508) | 215,508 | $ | 215,508 | |||||
| Total Investments | 99.5% (Cost $22,318,135) | $ | 28,761,753 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 147,781 | |||||||
| Net Assets | 100.0% | $ | 28,909,534 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 93.5% | ||||||||
| Brazil | 0.6% | ||||||||
| Lojas Renner SA | 6,540,375 | $ | 41,338,605 | |||||
| Canada | 8.7% | ||||||||
| BRP, Inc. | 692,402 | 64,090,645 | ||||||
| CAE, Inc. (*) | 6,186,752 | 184,830,803 | ||||||
| National Bank of Canada | 1,915,330 | 147,105,086 | ||||||
| Suncor Energy, Inc. | 4,511,747 | 93,540,562 | ||||||
| TMX Group, Ltd. | 744,599 | 80,297,472 | ||||||
| 569,864,568 | ||||||||
| China | 4.4% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 303,397 | 44,917,926 | ||||||
| Autohome, Inc. ADR | 436,990 | 20,507,941 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 38,344,000 | 93,694,449 | ||||||
| Ming Yang Smart Energy Group, Ltd., Class A | 21,042,755 | 81,253,266 | ||||||
| Ping An Bank Co., Ltd., Class A | 16,173,482 | 44,898,036 | ||||||
| 285,271,618 | ||||||||
| Denmark | 3.5% | ||||||||
| Carlsberg AS, Class B | 874,732 | 142,297,272 | ||||||
| Genmab A/S (*) | 191,008 | 83,448,412 | ||||||
| 225,745,684 | ||||||||
| Finland | 1.7% | ||||||||
| Sampo Oyj, A Shares | 2,244,854 | 111,390,209 | ||||||
| France | 7.5% | ||||||||
| Engie SA | 9,676,554 | 126,999,916 | ||||||
| Pernod Ricard SA | 577,206 | 126,227,465 | ||||||
| Safran SA | 553,106 | 69,348,464 | ||||||
| Sanofi | 1,750,509 | 168,512,016 | ||||||
| 491,087,861 | ||||||||
| Germany | 3.2% | ||||||||
| adidas AG | 134,409 | 42,353,191 | ||||||
| Infineon Technologies AG | 2,531,694 | 104,075,780 | ||||||
| Vonovia SE | 1,030,374 | 61,939,005 | ||||||
| 208,367,976 | ||||||||
| Hong Kong | 1.4% | ||||||||
| ESR Cayman, Ltd. (*) | 29,220,400 | 88,210,429 | ||||||
| India | 1.2% | ||||||||
| Housing Development Finance Corp., Ltd. | 2,063,552 | 75,515,189 | ||||||
| Ireland | 1.2% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 700,000 | 77,042,000 | ||||||
| Description | Shares | Fair Value | ||||||
| Israel | 2.0% | ||||||||
| Bank Leumi Le-Israel BM | 15,539,792 | $ | 131,909,594 | |||||
| Italy | 1.3% | ||||||||
| Enel SpA | 11,325,022 | 86,948,267 | ||||||
| Japan | 15.3% | ||||||||
| BayCurrent Consulting, Inc. | 251,800 | 126,462,798 | ||||||
| Daikin Industries, Ltd. | 766,600 | 164,886,968 | ||||||
| Demae-Can Co., Ltd. (*) | 2,459,300 | 36,968,823 | ||||||
| FANUC Corp. | 335,400 | 73,423,608 | ||||||
| Kobe Bussan Co., Ltd. | 1,807,400 | 59,008,480 | ||||||
| Makita Corp. | 3,673,491 | 200,468,182 | ||||||
| Nexon Co., Ltd. | 2,280,435 | 36,792,288 | ||||||
| Shimano, Inc. | 457,800 | 133,366,284 | ||||||
| Suzuki Motor Corp. | 1,850,072 | 82,463,795 | ||||||
| Yamaha Corp. | 1,299,272 | 81,682,859 | ||||||
| 995,524,085 | ||||||||
| Mexico | 1.1% | ||||||||
| Arca Continental SAB de CV | 11,808,700 | 72,014,105 | ||||||
| Netherlands | 3.4% | ||||||||
| Akzo Nobel NV | 939,258 | 102,276,578 | ||||||
| Universal Music Group NV (*) | 4,482,399 | 120,017,390 | ||||||
| 222,293,968 | ||||||||
| Poland | 0.5% | ||||||||
| InPost SA (*) | 2,042,272 | 33,687,650 | ||||||
| South Korea | 1.1% | ||||||||
| NHN KCP Corp. (*) | 657,905 | 28,769,305 | ||||||
| SK Hynix, Inc. | 474,092 | 40,881,184 | ||||||
| 69,650,489 | ||||||||
| Spain | 4.7% | ||||||||
| Bankinter SA | 12,002,661 | 70,261,858 | ||||||
| Industria de Diseno Textil SA | 3,777,328 | 137,428,697 | ||||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 12,002,661 | 23,566,660 | ||||||
| Siemens Gamesa Renewable Energy SA (*) | 2,992,256 | 75,635,320 | ||||||
| 306,892,535 | ||||||||
| Sweden | 1.1% | ||||||||
| Hexagon AB, B Shares | 4,631,543 | 71,363,620 | ||||||
| Switzerland | 4.9% | ||||||||
| ABB, Ltd. | 4,708,436 | 156,942,253 | ||||||
| Idorsia, Ltd. (*) | 910,834 | 22,024,182 | ||||||
| Julius Baer Group, Ltd. | 1,668,068 | 110,328,325 | ||||||
| The Swatch Group AG | 107,279 | 28,121,761 | ||||||
| 317,416,521 | ||||||||
| United Kingdom | 17.1% | ||||||||
| Coca-Cola European Partners PLC | 2,984,603 | 163,474,749 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Compass Group PLC (*) | 3,147,969 | $ | 64,408,425 | |||||
| Informa PLC (*) | 15,768,784 | 115,545,899 | ||||||
| InterContinental Hotels Group PLC (*) | 993,523 | 63,707,784 | ||||||
| Linde PLC (*) | 367,009 | 109,122,923 | ||||||
| Petershill Partners PLC (*) | 10,489,785 | 49,468,784 | ||||||
| Prudential PLC | 6,407,396 | 124,384,627 | ||||||
| RELX PLC | 8,055,272 | 232,132,400 | ||||||
| Rio Tinto PLC | 2,285,122 | 150,877,815 | ||||||
| THG PLC (*) | 6,221,957 | 42,210,718 | ||||||
| 1,115,334,124 | ||||||||
| United States | 7.6% | ||||||||
| Accenture PLC, Class A | 387,280 | 123,898,618 | ||||||
| Aon PLC, Class A | 726,956 | 207,742,216 | ||||||
| Medtronic PLC | 1,277,596 | 160,146,658 | ||||||
| 491,787,492 | ||||||||
| Total Common Stocks (Cost $4,634,593,237) | 6,088,656,589 | |||||||
| Preferred Stocks | 2.6% | ||||||||
| Brazil | 0.5% | ||||||||
| Banco Bradesco SA | 9,104,040 | 34,822,963 | ||||||
| Germany | 2.1% | ||||||||
| Volkswagen AG | 602,820 | 135,040,509 | ||||||
| Total Preferred Stocks (Cost $147,644,957) | 169,863,472 | |||||||
| Short-Term Investments | 5.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $343,018,691) | 343,018,691 | 343,018,691 | ||||||
| Total Investments | 101.4% (Cost $5,125,256,885) | $ | 6,601,538,752 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.4)% | (91,453,806 | ) | ||||||
| Net Assets | 100.0% | $ | 6,510,084,946 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 97.9% | ||||||||
| Australia | 1.4% | ||||||||
| Charter Hall Long Wale REIT | 20,459 | $ | 72,690 | |||||
| CSL, Ltd. | 650 | 137,070 | ||||||
| Dexus REIT | 15,556 | 120,363 | ||||||
| Fortescue Metals Group, Ltd. | 6,730 | 70,972 | ||||||
| 401,095 | ||||||||
| Belgium | 1.5% | ||||||||
| Ageas SA | 1,604 | 79,382 | ||||||
| Cofinimmo SA REIT | 457 | 68,974 | ||||||
| Etablissements Franz Colruyt NV | 3,194 | 162,711 | ||||||
| Proximus SADP | 3,121 | 61,704 | ||||||
| Warehouses De Pauw CVA REIT | 1,708 | 69,042 | ||||||
| 441,813 | ||||||||
| Canada | 5.8% | ||||||||
| Canadian Pacific Railway, Ltd. | 1,013 | 66,150 | ||||||
| Empire Co., Ltd., Class A | 5,883 | 179,286 | ||||||
| Hydro One, Ltd. | 7,030 | 166,176 | ||||||
| Loblaw Cos., Ltd. | 5,427 | 372,426 | ||||||
| Metro, Inc. | 7,209 | 352,254 | ||||||
| Quebecor, Inc., Class B | 10,382 | 250,902 | ||||||
| Thomson Reuters Corp. | 2,810 | 310,706 | ||||||
| 1,697,900 | ||||||||
| Denmark | 1.9% | ||||||||
| Coloplast A/S, Class B | 513 | 80,407 | ||||||
| Novo Nordisk A/S, Class B | 4,863 | 467,748 | ||||||
| 548,155 | ||||||||
| Finland | 0.2% | ||||||||
| Elisa Oyj | 1,068 | 66,309 | ||||||
| France | 1.6% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 486 | 74,587 | ||||||
| Hermes International | 52 | 71,868 | ||||||
| La Francaise des Jeux SAEM | 1,698 | 87,346 | ||||||
| Orange SA | 17,621 | 190,894 | ||||||
| Sartorius Stedim Biotech | 100 | 55,818 | ||||||
| 480,513 | ||||||||
| Germany | 0.3% | ||||||||
| Merck KGaA | 382 | 83,069 | ||||||
| Hong Kong | 0.4% | ||||||||
| Hysan Development Co., Ltd. | 10,000 | 32,543 | ||||||
| Sun Hung Kai Properties, Ltd. | 8,000 | 99,419 | ||||||
| 131,962 | ||||||||
| Description | Shares | Fair | ||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 62,681 | $ | 73,946 | |||||
| Japan | 14.6% | ||||||||
| Advance Residence Investment Corp. REIT | 27 | 87,833 | ||||||
| Ajinomoto Co., Inc. | 6,400 | 189,375 | ||||||
| Benesse Holdings, Inc. | 3,000 | 67,847 | ||||||
| Chubu Electric Power Co., Inc. | 8,200 | 97,269 | ||||||
| Daito Trust Construction Co., Ltd. | 600 | 70,052 | ||||||
| Daiwa House Industry Co., Ltd. | 4,200 | 140,266 | ||||||
| Daiwa Securities Living Investments Corp. REIT | 94 | 94,049 | ||||||
| DCM Holdings Co., Ltd. | 8,500 | 82,433 | ||||||
| Electric Power Development Co., Ltd. | 13,200 | 189,343 | ||||||
| FUJIFILM Holdings Corp. | 1,800 | 155,214 | ||||||
| Iida Group Holdings Co., Ltd. | 5,700 | 146,709 | ||||||
| Iwatani Corp. | 1,100 | 64,663 | ||||||
| Japan Logistics Fund, Inc. REIT | 44 | 130,765 | ||||||
| Japan Post Bank Co., Ltd. | 38,100 | 326,074 | ||||||
| Japan Post Holdings Co., Ltd. | 30,500 | 256,705 | ||||||
| Japan Real Estate Investment Corp. | 23 | 137,772 | ||||||
| KDDI Corp. | 9,100 | 300,732 | ||||||
| Kyudenko Corp. | 2,200 | 73,006 | ||||||
| Kyushu Electric Power Co., Inc. | 15,000 | 114,117 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 7,400 | 349,283 | ||||||
| Mizuho Financial Group, Inc. | 5,900 | 83,060 | ||||||
| Nippon Express Co., Ltd. | 2,500 | 172,244 | ||||||
| Nippon Telegraph & Telephone Corp. | 3,800 | 105,051 | ||||||
| Osaka Gas Co., Ltd. | 7,600 | 139,693 | ||||||
| Rengo Co., Ltd. | 10,600 | 82,862 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 2,600 | 72,581 | ||||||
| The Hachijuni Bank, Ltd. | 21,600 | 77,006 | ||||||
| Tohoku Electric Power Co., Inc. | 27,600 | 203,356 | ||||||
| Tokyo Gas Co., Ltd. | 11,700 | 217,889 | ||||||
| Yamazaki Baking Co., Ltd. | 4,500 | 78,370 | ||||||
| 4,305,619 | ||||||||
| Netherlands | 2.4% | ||||||||
| ASML Holding NV | 102 | 75,242 | ||||||
| Flow Traders | 2,848 | 110,195 | ||||||
| Koninklijke Ahold Delhaize NV | 6,528 | 216,425 | ||||||
| Royal Dutch Shell PLC, A Shares | 3,532 | 78,029 | ||||||
| Wolters Kluwer NV | 2,093 | 221,236 | ||||||
| 701,127 | ||||||||
| New Zealand | 0.3% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 3,390 | 74,540 |
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Norway | 1.3% | ||||||||
| Orkla ASA | 18,572 | $ | 170,200 | |||||
| Telenor ASA | 8,091 | 135,900 | ||||||
| Yara International ASA | 1,463 | 72,409 | ||||||
| 378,509 | ||||||||
| Spain | 0.3% | ||||||||
| Corporacion Financiera Alba SA | 428 | 23,403 | ||||||
| Iberdrola SA | 7,897 | 78,872 | ||||||
| 102,275 | ||||||||
| Sweden | 0.8% | ||||||||
| Axfood AB | 3,706 | 88,616 | ||||||
| Swedish Match AB | 7,170 | 62,882 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 7,954 | 89,899 | ||||||
| 241,397 | ||||||||
| Switzerland | 3.3% | ||||||||
| PSP Swiss Property AG | 677 | 81,444 | ||||||
| Roche Holding AG | 1,433 | 522,907 | ||||||
| Swisscom AG | 524 | 300,875 | ||||||
| Tecan Group AG | 139 | 78,440 | ||||||
| 983,666 | ||||||||
| United Kingdom | 4.6% | ||||||||
| Anglo American PLC | 2,687 | 92,688 | ||||||
| Genus PLC | 1,146 | 84,003 | ||||||
| GlaxoSmithKline PLC | 6,254 | 118,047 | ||||||
| HSBC Holdings PLC | 32,001 | 167,414 | ||||||
| Imperial Brands PLC | 4,309 | 89,926 | ||||||
| J Sainsbury PLC | 52,691 | 201,770 | ||||||
| National Grid PLC | 9,487 | 112,851 | ||||||
| Rightmove PLC | 7,554 | 69,292 | ||||||
| Rio Tinto PLC | 4,527 | 298,900 | ||||||
| Rio Tinto, Ltd. | 1,806 | 128,334 | ||||||
| 1,363,225 | ||||||||
| United States | 57.0% | ||||||||
| 3M Co. | 383 | 67,186 | ||||||
| Accenture PLC, Class A | 466 | 149,083 | ||||||
| Adobe, Inc. (*) | 213 | 122,628 | ||||||
| Agilent Technologies, Inc. | 608 | 95,778 | ||||||
| Akamai Technologies, Inc. (*) | 590 | 61,708 | ||||||
| Alleghany Corp. (*) | 131 | 81,798 | ||||||
| Alphabet, Inc., Class C (*) | 28 | 74,629 | ||||||
| Altria Group, Inc. | 1,866 | 84,940 | ||||||
| Amdocs, Ltd. | 1,039 | 78,663 | ||||||
| AMERCO | 155 | 100,135 | ||||||
| Ameren Corp. | 1,053 | 85,293 | ||||||
| Description | Shares | Fair Value | ||||||
| American Electric Power Co., Inc. | 1,331 | $ | 108,051 | |||||
| AmerisourceBergen Corp. | 755 | 90,185 | ||||||
| Amgen, Inc. | 390 | 82,934 | ||||||
| AMN Healthcare Services, Inc. (*) | 1,139 | 130,700 | ||||||
| Aon PLC, Class A | 730 | 208,612 | ||||||
| Automatic Data Processing, Inc. | 1,244 | 248,701 | ||||||
| AutoZone, Inc. (*) | 54 | 91,691 | ||||||
| Badger Meter, Inc. | 717 | 72,517 | ||||||
| Bio-Rad Laboratories, Inc. Class A (*) | 132 | 98,465 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 2,596 | 142,572 | ||||||
| Booz Allen Hamilton Holding Corp. | 2,544 | 201,866 | ||||||
| Bristol-Myers Squibb Co. | 1,403 | 83,016 | ||||||
| Cable One, Inc. | 36 | 65,273 | ||||||
| Cabot Oil & Gas Corp. | 4,119 | 89,629 | ||||||
| Cboe Global Markets, Inc. | 483 | 59,824 | ||||||
| CDW Corp. | 460 | 83,729 | ||||||
| Charter Communications, Inc., Class A (*) | 85 | 61,843 | ||||||
| Chemed Corp. | 294 | 136,745 | ||||||
| Chubb, Ltd. | 477 | 82,750 | ||||||
| Ciena Corp. (*) | 1,277 | 65,574 | ||||||
| Cigna Corp. | 308 | 61,649 | ||||||
| Cirrus Logic, Inc. (*) | 890 | 73,292 | ||||||
| Cisco Systems, Inc. | 812 | 44,197 | ||||||
| Cognizant Technology Solutions Corp., Class A | 963 | 71,464 | ||||||
| Colgate-Palmolive Co. | 4,911 | 371,173 | ||||||
| Comcast Corp., Class A | 1,493 | 83,504 | ||||||
| Costco Wholesale Corp. | 305 | 137,052 | ||||||
| Crown Castle International Corp., REIT | 492 | 85,273 | ||||||
| CVS Health Corp. | 1,629 | 138,237 | ||||||
| Deckers Outdoor Corp. (*) | 198 | 71,320 | ||||||
| Deere & Co. | 177 | 59,307 | ||||||
| Dillard’s, Inc. Class A | 599 | 103,340 | ||||||
| Dolby Laboratories, Inc., Class A | 1,289 | 113,432 | ||||||
| Dollar General Corp. | 996 | 211,291 | ||||||
| Domino’s Pizza, Inc. | 466 | 222,263 | ||||||
| Eli Lilly & Co. | 983 | 227,122 | ||||||
| Everest Re Group, Ltd. | 278 | 69,717 | ||||||
| Evergy, Inc. | 1,245 | 77,439 | ||||||
| Exlservice Holdings, Inc. (*) | 763 | 93,941 | ||||||
| Extra Space Storage, Inc. REIT | 700 | 117,593 | ||||||
| Facebook, Inc., Class A (*) | 357 | 121,162 | ||||||
| Flowers Foods, Inc. | 4,059 | 95,914 | ||||||
| FTI Consulting, Inc. (*) | 508 | 68,428 | ||||||
| Generac Holdings, Inc. (*) | 141 | 57,622 | ||||||
| General Mills, Inc. | 1,677 | 100,318 | ||||||
| Graco, Inc. | 1,629 | 113,981 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| H&R Block, Inc. | 2,888 | $ | 72,200 | |||||
| Home Depot, Inc. | 293 | 96,180 | ||||||
| Hormel Foods Corp. | 1,448 | 59,368 | ||||||
| IDEXX Laboratories, Inc. (*) | 228 | 141,793 | ||||||
| Intel Corp. | 1,823 | 97,129 | ||||||
| Intuit, Inc. | 184 | 99,270 | ||||||
| Jack Henry & Associates, Inc. | 879 | 144,209 | ||||||
| John Wiley & Sons, Inc. Class A Class A | 1,825 | 95,283 | ||||||
| Johnson & Johnson | 2,278 | 367,897 | ||||||
| Kellogg Co. | 2,584 | 165,169 | ||||||
| Keysight Technologies, Inc. (*) | 1,110 | 182,362 | ||||||
| KLA Corp. | 221 | 73,927 | ||||||
| Life Storage, Inc. REIT | 854 | 97,988 | ||||||
| Lockheed Martin Corp. | 513 | 177,036 | ||||||
| Markel Corp. (*) | 37 | 44,220 | ||||||
| Martin Marietta Materials, Inc. | 194 | 66,286 | ||||||
| Matson, Inc. | 1,028 | 82,970 | ||||||
| McDonald’s Corp. | 957 | 230,742 | ||||||
| MDU Resources Group, Inc. | 3,470 | 102,955 | ||||||
| Merck & Co., Inc. | 986 | 74,058 | ||||||
| Mettler-Toledo International, Inc. (*) | 62 | 85,396 | ||||||
| Microsoft Corp. | 733 | 206,647 | ||||||
| Monolithic Power Systems, Inc. | 202 | 97,905 | ||||||
| Moody’s Corp. | 221 | 78,479 | ||||||
| Motorola Solutions, Inc. | 728 | 169,129 | ||||||
| MYR Group, Inc. (*) | 620 | 61,690 | ||||||
| Newmont Corp. | 893 | 48,490 | ||||||
| Northrop Grumman Corp. | 511 | 184,037 | ||||||
| O’Reilly Automotive, Inc. (*) | 118 | 72,105 | ||||||
| Oracle Corp. | 1,057 | 92,096 | ||||||
| OSI Systems, Inc. (*) | 725 | 68,730 | ||||||
| Paychex, Inc. | 1,284 | 144,386 | ||||||
| PepsiCo, Inc. | 2,303 | 346,394 | ||||||
| Philip Morris International, Inc. | 890 | 84,363 | ||||||
| Portland General Electric Co. | 1,413 | 66,397 | ||||||
| Premier, Inc., Class A | 2,060 | 79,846 | ||||||
| Public Storage REIT | 692 | 205,593 | ||||||
| Qorvo, Inc. (*) | 262 | 43,804 | ||||||
| QUALCOMM, Inc. | 500 | 64,490 | ||||||
| Quest Diagnostics, Inc. | 490 | 71,202 | ||||||
| Quidel Corp. (*) | 620 | 87,513 | ||||||
| Republic Services, Inc. | 3,314 | 397,879 | ||||||
| ResMed, Inc. | 500 | 131,775 | ||||||
| S&P Global, Inc. | 253 | 107,497 | ||||||
| SBA Communications Corp. REIT | 514 | 169,913 | ||||||
| Service Corp. International | 4,293 | 258,696 | ||||||
| Description | Shares | Fair Value | ||||||
| Southwest Gas Holdings, Inc. | 1,688 | $ | 112,893 | |||||
| STERIS PLC | 480 | 98,054 | ||||||
| Synopsys, Inc. (*) | 509 | 152,400 | ||||||
| Target Corp. | 584 | 133,602 | ||||||
| Texas Instruments, Inc. | 369 | 70,926 | ||||||
| The Allstate Corp. | 489 | 62,255 | ||||||
| The Hartford Financial Services Group, Inc. | 1,286 | 90,342 | ||||||
| The Hershey Co. | 1,822 | 308,374 | ||||||
| The Interpublic Group of Cos., Inc. | 2,353 | 86,285 | ||||||
| The J.M. Smucker Co. | 553 | 66,377 | ||||||
| The Kroger Co. | 3,568 | 144,254 | ||||||
| The New York Times Co. Class A | 1,441 | 70,998 | ||||||
| The Procter & Gamble Co. | 3,097 | 432,961 | ||||||
| Thermo Fisher Scientific, Inc. | 441 | 251,957 | ||||||
| Tractor Supply Co. | 614 | 124,403 | ||||||
| Turning Point Brands, Inc. | 1,492 | 71,243 | ||||||
| Tyler Technologies, Inc. (*) | 162 | 74,301 | ||||||
| Tyson Foods, Inc., Class A | 866 | 68,362 | ||||||
| United Therapeutics Corp. (*) | 818 | 150,986 | ||||||
| UnitedHealth Group, Inc. | 204 | 79,711 | ||||||
| Verizon Communications, Inc. | 7,021 | 379,204 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 463 | 83,984 | ||||||
| Walmart, Inc. | 2,837 | 395,421 | ||||||
| Waste Management, Inc. | 600 | 89,616 | ||||||
| Waters Corp. (*) | 336 | 120,053 | ||||||
| Watts Water Technologies, Inc., Class A | 621 | 104,384 | ||||||
| WD-40 Co. | 1,255 | 290,507 | ||||||
| WEC Energy Group, Inc. | 1,261 | 111,220 | ||||||
| Werner Enterprises, Inc. | 1,959 | 86,725 | ||||||
| West Pharmaceutical Services, Inc. | 155 | 65,804 | ||||||
| White Mountains Insurance Group, Ltd. | 58 | 62,037 | ||||||
| Zoetis, Inc. | 1,398 | 271,408 | ||||||
| 16,803,090 | ||||||||
| Total Common Stocks (Cost $27,376,144) | 28,878,210 | |||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $494,503) | 494,503 | 494,503 | ||||||
| Total Investments | 99.6% (Cost $27,870,647) | $ | 29,372,713 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 128,318 | |||||||
| Net Assets | 100.0% | $ | 29,501,031 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 94.1% | ||||||||
| Building Products | 2.3% | ||||||||
| Armstrong World Industries, Inc. | 444,620 | $ | 42,447,871 | |||||
| Capital Markets | 8.5% | ||||||||
| Intercontinental Exchange, Inc. | 704,745 | 80,918,821 | ||||||
| S&P Global, Inc. | 185,429 | 78,786,928 | ||||||
| 159,705,749 | ||||||||
| Commercial Services & Supplies | 4.7% | ||||||||
| Waste Management, Inc. | 591,514 | 88,348,531 | ||||||
| Construction Materials | 3.2% | ||||||||
| Vulcan Materials Co. | 350,377 | 59,269,773 | ||||||
| Distributors | 3.1% | ||||||||
| LKQ Corp. (*) | 1,164,835 | 58,614,497 | ||||||
| Electronic Equipment, Instruments & Components | 1.2% | ||||||||
| CDW Corp. | 128,797 | 23,443,630 | ||||||
| Entertainment | 0.7% | ||||||||
| Electronic Arts, Inc. | 87,126 | 12,393,674 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 7.9% | ||||||||
| Crown Castle International Corp., REIT | 386,357 | 66,963,395 | ||||||
| Public Storage REIT | 278,448 | 82,726,901 | ||||||
| 149,690,296 | ||||||||
| Food & Staples Retailing | 6.0% | ||||||||
| Sysco Corp. | 1,429,057 | 112,180,974 | ||||||
| Health Care Equipment & Supplies | 10.1% | ||||||||
| Baxter International, Inc. | 498,196 | 40,069,904 | ||||||
| Medtronic PLC | 1,202,664 | 150,753,933 | ||||||
| 190,823,837 | ||||||||
| Interactive Media & Services | 9.0% | ||||||||
| Alphabet, Inc., Class A (*) | 63,655 | 170,182,916 | ||||||
| IT Services | 13.9% | ||||||||
| Fiserv, Inc. (*) | 1,400,701 | 151,976,059 | ||||||
| LiveRamp Holdings, Inc. (*) | 596,532 | 28,174,206 | ||||||
| VeriSign, Inc. (*) | 129,606 | 26,570,526 | ||||||
| Visa, Inc., Class A | 246,556 | 54,920,349 | ||||||
| 261,641,140 | ||||||||
| Life Sciences Tools & Services | 2.4% | ||||||||
| Sotera Health Co. (*) | 1,740,213 | 45,506,570 | ||||||
| Multiline Retail | 3.6% | ||||||||
| Dollar Tree, Inc. (*) | 715,818 | 68,518,099 | ||||||
| Professional Services | 2.3% | ||||||||
| Verisk Analytics, Inc., Class A | 216,127 | 43,283,754 | ||||||
| Road & Rail | 1.6% | ||||||||
| Norfolk Southern Corp. | 127,866 | 30,591,941 | ||||||
| Description | Shares | Fair Value | ||||||
| Semiconductors & Semiconductor Equipment | 10.6% | ||||||||
| Analog Devices, Inc. | 737,463 | $ | 123,510,303 | |||||
| Skyworks Solutions, Inc. | 467,729 | 77,072,385 | ||||||
| 200,582,688 | ||||||||
| Specialty Retail | 3.0% | ||||||||
| Lowe’s Cos., Inc. | 276,690 | 56,129,333 | ||||||
| Total Common Stocks (Cost $1,174,745,034) | 1,773,355,273 | |||||||
| Short-Term Investments | 6.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $119,856,572) | 119,856,572 | 119,856,572 | ||||||
| Total Investments | 100.5% (Cost $1,294,601,606) | $ | 1,893,211,845 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (8,812,480 | ) | ||||||
| Net Assets | 100.0% | $ | 1,884,399,365 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 98.3% | ||||||||
| Auto Components | 1.1% | ||||||||
| Aptiv PLC (*) | 5,376 | $ | 800,863 | |||||
| Banks | 5.9% | ||||||||
| Bank of America Corp. | 83,330 | 3,537,358 | ||||||
| Commerce Bancshares, Inc. | 12,291 | 856,437 | ||||||
| 4,393,795 | ||||||||
| Capital Markets | 4.1% | ||||||||
| Intercontinental Exchange, Inc. | 26,124 | 2,999,558 | ||||||
| Commercial Services & Supplies | 4.1% | ||||||||
| Waste Management, Inc. | 20,467 | 3,056,951 | ||||||
| Communications Equipment | 2.6% | ||||||||
| Cisco Systems, Inc. | 34,636 | 1,885,237 | ||||||
| Consumer Finance | 4.5% | ||||||||
| American Express Co. | 19,622 | 3,287,274 | ||||||
| Food & Staples Retailing | 2.9% | ||||||||
| Sysco Corp. | 27,107 | 2,127,900 | ||||||
| Health Care Equipment & Supplies | 9.9% | ||||||||
| Danaher Corp. | 10,878 | 3,311,698 | ||||||
| Medtronic PLC | 32,168 | 4,032,259 | ||||||
| 7,343,957 | ||||||||
| Health Care Providers & Services | 1.3% | ||||||||
| Humana, Inc. | 2,547 | 991,165 | ||||||
| Hotels, Restaurants & Leisure | 5.9% | ||||||||
| McDonald’s Corp. | 12,571 | 3,030,994 | ||||||
| Starbucks Corp. | 11,994 | 1,323,058 | ||||||
| 4,354,052 | ||||||||
| Industrial Conglomerates | 3.8% | ||||||||
| Honeywell International, Inc. | 13,116 | 2,784,264 | ||||||
| Insurance | 4.0% | ||||||||
| Marsh & McLennan Cos., Inc. | 19,340 | 2,928,656 | ||||||
| Interactive Media & Services | 7.7% | ||||||||
| Alphabet, Inc., Class A (*) | 2,124 | 5,678,556 | ||||||
| Internet & Direct Marketing Retail | 4.2% | ||||||||
| Amazon.com, Inc. (*) | 946 | 3,107,648 | ||||||
| IT Services | 5.1% | ||||||||
| Visa, Inc., Class A | 16,940 | 3,773,385 | ||||||
| Life Sciences Tools & Services | 2.5% | ||||||||
| IQVIA Holdings, Inc. (*) | 7,608 | 1,822,420 | ||||||
| Multiline Retail | 3.4% | ||||||||
| Dollar General Corp. | 11,712 | 2,484,584 | ||||||
| Pharmaceuticals | 5.0% | ||||||||
| Johnson & Johnson | 22,884 | 3,695,766 | ||||||
| Description | Shares | Fair Value | ||||||
| Road & Rail | 3.6% | ||||||||
| Norfolk Southern Corp. | 11,151 | $ | 2,667,877 | |||||
| Semiconductors & Semiconductor Equipment | 4.6% | ||||||||
| Analog Devices, Inc. | 20,341 | 3,406,711 | ||||||
| Software | 8.9% | ||||||||
| Microsoft Corp. | 17,630 | 4,970,250 | ||||||
| salesforce.com, Inc. (*) | 5,846 | 1,585,552 | ||||||
| 6,555,802 | ||||||||
| Specialty Retail | 3.2% | ||||||||
| Lowe’s Cos., Inc. | 11,726 | 2,378,736 | ||||||
| Total Common Stocks (Cost $48,096,447) | 72,525,157 | |||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,359,062) | 1,359,062 | 1,359,062 | ||||||
| Total Investments | 100.1% (Cost $49,455,509) | $ | 73,884,219 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (67,579 | ) | ||||||
| Net Assets | 100.0% | $ | 73,816,640 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Aerospace & Defense | 2.2% | ||||||||
| Curtiss-Wright Corp. | 13,616 | $ | 1,718,067 | |||||
| HEICO Corp. | 5,744 | 757,461 | ||||||
| 2,475,528 | ||||||||
| Air Freight & Logistics | 1.0% | ||||||||
| Echo Global Logistics, Inc. (*) | 23,240 | 1,108,780 | ||||||
| Airlines | 0.9% | ||||||||
| Alaska Air Group, Inc. (*) | 17,494 | 1,025,148 | ||||||
| Auto Components | 0.7% | ||||||||
| Gentherm, Inc. (*) | 9,599 | 776,847 | ||||||
| Banks | 8.1% | ||||||||
| Commerce Bancshares, Inc. | 19,851 | 1,383,218 | ||||||
| East West Bancorp, Inc. | 25,401 | 1,969,594 | ||||||
| Home BancShares, Inc. | 78,397 | 1,844,681 | ||||||
| Pinnacle Financial Partners, Inc. | 21,376 | 2,011,054 | ||||||
| Prosperity Bancshares, Inc. | 24,679 | 1,755,417 | ||||||
| 8,963,964 | ||||||||
| Biotechnology | 2.9% | ||||||||
| Exelixis, Inc. (*) | 73,150 | 1,546,391 | ||||||
| United Therapeutics Corp. (*) | 9,259 | 1,709,026 | ||||||
| 3,255,417 | ||||||||
| Building Products | 4.0% | ||||||||
| Armstrong World Industries, Inc. | 14,603 | 1,394,149 | ||||||
| Carlisle Cos., Inc. | 7,533 | 1,497,485 | ||||||
| PGT Innovations, Inc. (*) | 79,553 | 1,519,462 | ||||||
| 4,411,096 | ||||||||
| Capital Markets | 1.1% | ||||||||
| Morningstar, Inc. | 4,783 | 1,238,940 | ||||||
| Chemicals | 2.2% | ||||||||
| Ashland Global Holdings, Inc. | 10,540 | 939,325 | ||||||
| Ingevity Corp. (*) | 21,278 | 1,518,611 | ||||||
| 2,457,936 | ||||||||
| Communications Equipment | 2.6% | ||||||||
| Ciena Corp. (*) | 26,940 | 1,383,369 | ||||||
| F5 Networks, Inc. (*) | 7,794 | 1,549,291 | ||||||
| 2,932,660 | ||||||||
| Construction & Engineering | 0.8% | ||||||||
| Valmont Industries, Inc. | 3,821 | 898,394 | ||||||
| Construction Materials | 1.4% | ||||||||
| Eagle Materials, Inc. | 11,593 | 1,520,538 | ||||||
| Containers & Packaging | 2.3% | ||||||||
| Avery Dennison Corp. | 5,453 | 1,129,916 | ||||||
| Description | Shares | Fair | ||||||
| Graphic Packaging Holding Co. | 76,063 | $ | 1,448,240 | |||||
| 2,578,156 | ||||||||
| Electrical Equipment | 1.9% | ||||||||
| Atkore, Inc. (*) | 12,241 | 1,063,988 | ||||||
| EnerSys | 13,366 | 994,965 | ||||||
| 2,058,953 | ||||||||
| Energy Equipment & Services | 2.7% | ||||||||
| Cactus, Inc., Class A | 36,471 | 1,375,686 | ||||||
| Liberty Oilfield Services, Inc., Class A (*) | 134,564 | 1,632,261 | ||||||
| 3,007,947 | ||||||||
| Entertainment | 1.1% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 8,139 | 1,253,976 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 8.0% | ||||||||
| Alexandria Real Estate Equities, Inc. | 7,227 | 1,380,863 | ||||||
| Brixmor Property Group, Inc. | 69,016 | 1,525,944 | ||||||
| Camden Property Trust | 8,138 | 1,200,111 | ||||||
| Hudson Pacific Properties, Inc. | 58,793 | 1,544,492 | ||||||
| PS Business Parks, Inc. | 11,946 | 1,872,416 | ||||||
| Summit Hotel Properties, Inc. (*) | 135,062 | 1,300,647 | ||||||
| 8,824,473 | ||||||||
| Food & Staples Retailing | 1.6% | ||||||||
| US Foods Holding Corp. (*) | 50,403 | 1,746,968 | ||||||
| Food Products | 2.1% | ||||||||
| Hostess Brands, Inc. (*) | 72,858 | 1,265,543 | ||||||
| Utz Brands, Inc. | 62,276 | 1,066,788 | ||||||
| 2,332,331 | ||||||||
| Gas Utilities | 1.3% | ||||||||
| New Jersey Resources Corp. | 41,407 | 1,441,378 | ||||||
| Health Care Equipment & Supplies | 1.5% | ||||||||
| Ortho Clinical Diagnostics Holdings PLC (*) | 88,425 | 1,634,094 | ||||||
| Health Care Providers & Services | 1.1% | ||||||||
| Henry Schein, Inc. (*) | 16,698 | 1,271,720 | ||||||
| Health Care Technology | 0.4% | ||||||||
| Certara, Inc. (*) | 12,600 | 417,060 | ||||||
| Hotels, Restaurants & Leisure | 2.5% | ||||||||
| Brinker International, Inc. (*) | 21,218 | 1,040,743 | ||||||
| Wyndham Hotels & Resorts, Inc. | 23,172 | 1,788,647 | ||||||
| 2,829,390 | ||||||||
| Household Durables | 0.8% | ||||||||
| Leggett & Platt, Inc. | 20,562 | 922,000 | ||||||
| Insurance | 2.8% | ||||||||
| Brown & Brown, Inc. | 32,697 | 1,813,049 | ||||||
| Reinsurance Group of America, Inc. | 11,192 | 1,245,222 | ||||||
| 3,058,271 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Interactive Media & Services | 2.0% | ||||||||
| Cars.com, Inc. (*) | 119,908 | $ | 1,516,836 | |||||
| MediaAlpha, Inc., Class A (*) | 40,339 | 753,533 | ||||||
| 2,270,369 | ||||||||
| IT Services | 4.3% | ||||||||
| Amdocs, Ltd. | 13,743 | 1,040,482 | ||||||
| LiveRamp Holdings, Inc. (*) | 22,321 | 1,054,221 | ||||||
| Remitly Global, Inc. (*) | 17,929 | 657,994 | ||||||
| SolarWinds Corp. | 73,668 | 1,232,466 | ||||||
| Squarespace, Inc. Class A (*) | 20,203 | 780,644 | ||||||
| 4,765,807 | ||||||||
| Leisure Products | 2.3% | ||||||||
| Brunswick Corp. | 10,330 | 984,139 | ||||||
| Hasbro, Inc. | 17,848 | 1,592,399 | ||||||
| 2,576,538 | ||||||||
| Life Sciences Tools & Services | 5.3% | ||||||||
| Adaptive Biotechnologies Corp. (*) | 43,641 | 1,483,358 | ||||||
| ICON PLC (*) | 5,915 | 1,549,848 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 14,230 | 698,408 | ||||||
| Sotera Health Co. (*) | 48,551 | 1,269,609 | ||||||
| Stevanato Group SpA (*) | 36,591 | 926,118 | ||||||
| 5,927,341 | ||||||||
| Machinery | 4.5% | ||||||||
| Altra Industrial Motion Corp. | 17,527 | 970,120 | ||||||
| Columbus McKinnon Corp. | 31,138 | 1,505,522 | ||||||
| Gates Industrial Corp. PLC (*) | 102,819 | 1,672,865 | ||||||
| Kennametal, Inc. | 24,231 | 829,427 | ||||||
| 4,977,934 | ||||||||
| Metals & Mining | 0.9% | ||||||||
| Schnitzer Steel Industries, Inc., Class A | 22,129 | 969,471 | ||||||
| Multiline Retail | 1.4% | ||||||||
| Kohl’s Corp. | 32,731 | 1,541,303 | ||||||
| Oil, Gas & Consumable Fuels | 1.8% | ||||||||
| Magnolia Oil & Gas Corp., Class A | 111,606 | 1,985,471 | ||||||
| Paper & Forest Products | 1.3% | ||||||||
| Neenah, Inc. | 30,712 | 1,431,486 | ||||||
| Pharmaceuticals | 1.2% | ||||||||
| Catalent, Inc. (*) | 9,664 | 1,285,988 | ||||||
| Professional Services | 0.9% | ||||||||
| Leidos Holdings, Inc. | 9,908 | 952,456 | ||||||
| Semiconductors & Semiconductor Equipment | 2.3% | ||||||||
| CMC Materials, Inc. | 8,716 | 1,074,073 | ||||||
| Description | Shares | Fair | ||||||
| MKS Instruments, Inc. | 9,930 | $ | 1,498,536 | |||||
| 2,572,609 | ||||||||
| Software | 6.9% | ||||||||
| CyberArk Software, Ltd. (*) | 5,742 | 906,202 | ||||||
| Datto Holding Corp. (*) | 35,723 | 853,780 | ||||||
| Dolby Laboratories, Inc., Class A | 13,756 | 1,210,528 | ||||||
| j2 Global, Inc. (*) | 10,403 | 1,421,258 | ||||||
| N-Able, Inc. (*) | 87,545 | 1,086,434 | ||||||
| Pegasystems, Inc. | 10,221 | 1,299,089 | ||||||
| PTC, Inc. (*) | 6,994 | 837,811 | ||||||
| 7,615,102 | ||||||||
| Specialty Retail | 2.2% | ||||||||
| Floor & Decor Holdings, Inc., Class A (*) | 6,795 | 820,768 | ||||||
| Leslie’s, Inc. (*) | 48,979 | 1,006,029 | ||||||
| Urban Outfitters, Inc. (*) | 21,789 | 646,915 | ||||||
| 2,473,712 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.8% | ||||||||
| Tapestry, Inc. | 24,064 | 890,849 | ||||||
| Trading Companies & Distributors | 0.8% | ||||||||
| Air Lease Corp. | 21,902 | 861,625 | ||||||
| Total Common Stocks (Cost $85,388,157) | 107,540,026 | |||||||
| Total Investments | 96.9% (Cost $85,388,157) | $ | 107,540,026 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.1% | 3,384,780 | |||||||
| Net Assets | 100.0% | $ | 110,924,806 |
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 97.6% | ||||||||
| Auto Components | 0.9% | ||||||||
| Aptiv PLC (*) | 840 | $ | 125,135 | |||||
| Banks | 6.5% | ||||||||
| Commerce Bancshares, Inc. | 4,669 | 325,336 | ||||||
| The PNC Financial Services Group, Inc. | 2,916 | 570,486 | ||||||
| 895,822 | ||||||||
| Capital Markets | 4.4% | ||||||||
| Intercontinental Exchange, Inc. | 3,088 | 354,564 | ||||||
| The Charles Schwab Corp. | 3,411 | 248,457 | ||||||
| 603,021 | ||||||||
| Chemicals | 1.7% | ||||||||
| Ecolab, Inc. | 1,138 | 237,410 | ||||||
| Commercial Services & Supplies | 3.4% | ||||||||
| MSA Safety, Inc. | 629 | 91,645 | ||||||
| Waste Management, Inc. | 2,491 | 372,056 | ||||||
| 463,701 | ||||||||
| Communications Equipment | 2.0% | ||||||||
| Cisco Systems, Inc. | 5,092 | 277,158 | ||||||
| Containers & Packaging | 2.3% | ||||||||
| Ball Corp. | 3,606 | 324,432 | ||||||
| Electrical Equipment | 2.9% | ||||||||
| Rockwell Automation, Inc. | 1,381 | 406,069 | ||||||
| Entertainment | 1.6% | ||||||||
| The Walt Disney Co. (*) | 1,311 | 221,782 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.4% | ||||||||
| Prologis, Inc., REIT | 2,640 | 331,135 | ||||||
| Food & Staples Retailing | 1.7% | ||||||||
| Sysco Corp. | 2,961 | 232,438 | ||||||
| Food Products | 0.3% | ||||||||
| Oatly Group AB ADR (*) | 2,894 | 43,757 | ||||||
| Health Care Equipment & Supplies | 8.5% | ||||||||
| Boston Scientific Corp. (*) | 5,519 | 239,469 | ||||||
| Danaher Corp. | 1,351 | 411,299 | ||||||
| Medtronic PLC | 4,200 | 526,470 | ||||||
| 1,177,238 | ||||||||
| Health Care Providers & Services | 5.0% | ||||||||
| Humana, Inc. | 450 | 175,117 | ||||||
| Laboratory Corp. of America Holdings (*) | 768 | 216,146 | ||||||
| UnitedHealth Group, Inc. | 767 | 299,698 | ||||||
| 690,961 | ||||||||
| Hotels, Restaurants & Leisure | 1.9% | ||||||||
| Starbucks Corp. | 2,371 | 261,545 | ||||||
| Description | Shares | Fair | ||||||
| Household Products | 2.1% | ||||||||
| The Procter & Gamble Co. | 2,121 | $ | 296,516 | |||||
| IT Services | 6.9% | ||||||||
| Accenture PLC, Class A | 1,556 | 497,795 | ||||||
| Visa, Inc., Class A | 2,073 | 461,761 | ||||||
| 959,556 | ||||||||
| Life Sciences Tools & Services | 5.3% | ||||||||
| Agilent Technologies, Inc. | 1,404 | 221,172 | ||||||
| IQVIA Holdings, Inc. (*) | 990 | 237,145 | ||||||
| Thermo Fisher Scientific, Inc. | 494 | 282,237 | ||||||
| 740,554 | ||||||||
| Machinery | 3.5% | ||||||||
| Deere & Co. | 791 | 265,040 | ||||||
| Watts Water Technologies, Inc., Class A | 695 | 116,823 | ||||||
| Xylem, Inc. | 863 | 106,736 | ||||||
| 488,599 | ||||||||
| Multiline Retail | 2.6% | ||||||||
| Dollar General Corp. | 1,678 | 355,971 | ||||||
| Pharmaceuticals | 4.5% | ||||||||
| Johnson & Johnson | 2,122 | 342,703 | ||||||
| Zoetis, Inc. | 1,432 | 278,008 | ||||||
| 620,711 | ||||||||
| Road & Rail | 2.1% | ||||||||
| Norfolk Southern Corp. | 1,225 | 293,081 | ||||||
| Semiconductors & Semiconductor Equipment | 5.8% | ||||||||
| Analog Devices, Inc. | 2,170 | 363,432 | ||||||
| Applied Materials, Inc. | 1,280 | 164,774 | ||||||
| Texas Instruments, Inc. | 1,432 | 275,245 | ||||||
| 803,451 | ||||||||
| Software | 14.4% | ||||||||
| Adobe, Inc. (*) | 272 | 156,596 | ||||||
| Intuit, Inc. | 493 | 265,978 | ||||||
| Microsoft Corp. | 3,977 | 1,121,196 | ||||||
| Palo Alto Networks, Inc. (*) | 249 | 119,271 | ||||||
| salesforce.com, Inc. (*) | 1,212 | 328,719 | ||||||
| 1,991,760 | ||||||||
| Specialty Retail | 4.9% | ||||||||
| Home Depot, Inc. | 1,573 | 516,353 | ||||||
| Ross Stores, Inc. | 1,486 | 161,751 | ||||||
| 678,104 | ||||||||
| Total Common Stocks (Cost $10,102,223) | 13,519,907 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 2.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $353,860) | 353,860 | $ | 353,860 | |||||
| Total Investments | 100.2% (Cost $10,456,083) | $ | 13,873,767 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (26,665 | ) | ||||||
| Net Assets | 100.0% | $ | 13,847,102 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||||
| Corporate Bonds | 4.4% | ||||||||||||
| Brazil | 0.9% | ||||||||||||
| MV24 Capital BV, 6.748%, 06/01/34 | USD | 187 | $ | 197,168 | ||||||||
| Israel | 0.2% | ||||||||||||
| Delek & Avner Tamar Bond, Ltd., 5.082%, 12/30/23 | USD | 50 | 50,140 | |||||||||
| Kuwait | 1.0% | ||||||||||||
| NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶) | USD | 200 | 206,100 | |||||||||
| Mexico | 1.8% | ||||||||||||
| Comision Federal de Electricidad, 3.348%, 02/09/31 (#) | USD | 200 | 196,225 | |||||||||
| Petroleos Mexicanos: | ||||||||||||
| 4.625%, 09/21/23 | USD | 10 | 10,333 | |||||||||
| 6.875%, 10/16/25 (#) | USD | 60 | 65,700 | |||||||||
| 6.490%, 01/23/27 | USD | 30 | 31,554 | |||||||||
| 6.500%, 01/23/29 | USD | 35 | 35,867 | |||||||||
| 7.690%, 01/23/50 | USD | 35 | 32,966 | |||||||||
| 6.950%, 01/28/60 | USD | 20 | 17,328 | |||||||||
| 389,973 | ||||||||||||
| Peru | 0.5% | ||||||||||||
| Banco de Credito del Peru, 3.125% (CMT 5 Year + 3.000%), 07/01/30 (#), (§) | USD | 100 | 98,375 | |||||||||
| Total Corporate Bonds (Cost $934,639) | 941,756 | |||||||||||
| Foreign Government Obligations | 87.6% | ||||||||||||
| Angola | 1.0% | ||||||||||||
| Angolan Government International Bond MTN, 9.125%, 11/26/49 | USD | 200 | 202,537 | |||||||||
| Argentina | 0.6% | ||||||||||||
| Republic of Argentina: | ||||||||||||
| 1.000%, 07/09/29 | USD | 33 | 12,782 | |||||||||
| 0.500%, 07/09/30 (Ø) | USD | 109 | 39,886 | |||||||||
| 1.125%, 07/09/35 (Ø) | USD | 100 | 32,561 | |||||||||
| 2.000%, 01/09/38 (Ø) | USD | 96 | 37,094 | |||||||||
| 122,323 | ||||||||||||
| Azerbaijan | 1.0% | ||||||||||||
| Republic of Azerbaijan, 3.500%, 09/01/32 | USD | 200 | 203,725 | |||||||||
| Bahamas | 0.4% | ||||||||||||
| Commonwealth of Bahamas, 8.950%, 10/15/32 | USD | 100 | 93,000 | |||||||||
| Description | Security | Principal | Fair Value | |||||||||
| Bahrain | 1.2% | ||||||||||||
| Bahrain Government International Bonds, 6.750%, 09/20/29 | USD | 230 | $ | 246,359 | ||||||||
| Barbados | 0.0% | ||||||||||||
| Barbados Government International Bonds, 6.500%, 10/01/29 (#) | USD | 10 | 10,058 | |||||||||
| Belarus | 0.9% | ||||||||||||
| Republic of Belarus, 5.875%, 02/24/26 | USD | 200 | 187,000 | |||||||||
| Brazil | 4.4% | ||||||||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/24 | BRL | 2,600 | 385,412 | |||||||||
| Brazil NTN-F: | ||||||||||||
| 10.000%, 01/01/25 | BRL | 690 | 125,772 | |||||||||
| 10.000%, 01/01/27 | BRL | 1,250 | 223,650 | |||||||||
| Federal Republic of Brazil: | ||||||||||||
| 2.875%, 06/06/25 | USD | 25 | 25,550 | |||||||||
| 4.500%, 05/30/29 | USD | 55 | 56,661 | |||||||||
| 3.875%, 06/12/30 | USD | 45 | 43,574 | |||||||||
| 5.000%, 01/27/45 | USD | 25 | 23,317 | |||||||||
| 5.625%, 02/21/47 | USD | 40 | 39,870 | |||||||||
| 4.750%, 01/14/50 | USD | 25 | 22,083 | |||||||||
| 945,889 | ||||||||||||
| Chile | 1.6% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||||
| 2.300%, 10/01/28 | CLP | 25,000 | 25,213 | |||||||||
| 5.000%, 10/01/28 | CLP | 110,000 | 131,558 | |||||||||
| 2.800%, 10/01/33 | CLP | 25,000 | 23,683 | |||||||||
| 6.000%, 01/01/43 | CLP | 10,000 | 12,440 | |||||||||
| Chile Government International Bond: | ||||||||||||
| 3.100%, 05/07/41 | USD | 25 | 24,137 | |||||||||
| 3.100%, 01/22/61 | USD | 135 | 121,736 | |||||||||
| 338,767 | ||||||||||||
| China | 5.3% | ||||||||||||
| China Development Bank: | ||||||||||||
| 1.860%, 04/09/23 | CNY | 1,100 | 168,088 | |||||||||
| 3.500%, 08/13/26 | CNY | 1,440 | 226,946 | |||||||||
| 3.450%, 09/20/29 | CNY | 390 | 60,934 | |||||||||
| China Government Bonds: | ||||||||||||
| 3.120%, 12/05/26 | CNY | 2,470 | 389,628 | |||||||||
| 2.680%, 05/21/30 | CNY | 1,360 | 205,345 | |||||||||
| 3.810%, 09/14/50 | CNY | 460 | 75,357 | |||||||||
| 1,126,298 | ||||||||||||
| Colombia | 4.1% | ||||||||||||
| Colombia Government International Bonds: | ||||||||||||
| 3.000%, 01/30/30 | USD | 50 | 47,103 | |||||||||
| 5.200%, 05/15/49 | USD | 40 | 39,845 | |||||||||
| 4.125%, 05/15/51 | USD | 50 | 43,087 | |||||||||
| Colombian Titulos De Tesoreria: | ||||||||||||
| Description | Security | Principal | Fair | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 6.250%, 11/26/25 | COP | 301,300 | $ | 79,114 | ||||||||
| 7.500%, 08/26/26 | COP | 757,000 | 205,607 | |||||||||
| 5.750%, 11/03/27 | COP | 375,000 | 92,535 | |||||||||
| 6.000%, 04/28/28 | COP | 217,800 | 53,713 | |||||||||
| 7.000%, 06/30/32 | COP | 240,000 | 59,508 | |||||||||
| Republic of Colombia: | ||||||||||||
| 4.500%, 01/28/26 | USD | 65 | 69,603 | |||||||||
| 3.875%, 04/25/27 | USD | 65 | 67,389 | |||||||||
| 4.500%, 03/15/29 | USD | 35 | 36,866 | |||||||||
| 3.125%, 04/15/31 | USD | 30 | 28,046 | |||||||||
| 5.000%, 06/15/45 | USD | 50 | 48,681 | |||||||||
| 871,097 | ||||||||||||
| Costa Rica | 0.6% | ||||||||||||
| Republic of Costa Rica: | ||||||||||||
| 4.250%, 01/26/23 | USD | 25 | 25,497 | |||||||||
| 4.375%, 04/30/25 | USD | 25 | 25,325 | |||||||||
| 7.000%, 04/04/44 | USD | 35 | 34,514 | |||||||||
| 7.158%, 03/12/45 | USD | 40 | 40,008 | |||||||||
| 125,344 | ||||||||||||
| Czech Republic | 0.7% | ||||||||||||
| Czech Republic: | ||||||||||||
| 2.500%, 08/25/28 | CZK | 810 | 37,992 | |||||||||
| 1.200%, 03/13/31 | CZK | 1,890 | 79,880 | |||||||||
| 4.200%, 12/04/36 | CZK | 600 | 34,690 | |||||||||
| 152,562 | ||||||||||||
| Dominican Republic | 1.5% | ||||||||||||
| Dominican Republic: | ||||||||||||
| 5.500%, 01/27/25 | USD | 40 | 43,683 | |||||||||
| 5.950%, 01/25/27 | USD | 10 | 11,225 | |||||||||
| 4.500%, 01/30/30 (#) | USD | 170 | 172,476 | |||||||||
| 7.450%, 04/30/44 | USD | 15 | 17,918 | |||||||||
| 6.850%, 01/27/45 | USD | 20 | 22,316 | |||||||||
| 6.400%, 06/05/49 | USD | 50 | 52,947 | |||||||||
| 320,565 | ||||||||||||
| Ecuador | 0.7% | ||||||||||||
| Ecuador Government International Bonds: | ||||||||||||
| 0.000%, 07/31/30 | USD | 11 | 5,720 | |||||||||
| 5.000%, 07/31/30 (Ø) | USD | 60 | 50,250 | |||||||||
| 1.000%, 07/31/35 (Ø) | USD | 120 | 78,000 | |||||||||
| 0.500%, 07/31/40 (Ø) | USD | 40 | 23,170 | |||||||||
| 157,140 | ||||||||||||
| Egypt | 2.7% | ||||||||||||
| Arab Republic of Egypt: | ||||||||||||
| 5.577%, 02/21/23 | USD | 200 | 205,270 | |||||||||
| 7.500%, 02/16/61 (#) | USD | 200 | 174,000 | |||||||||
| Egypt Government Bonds: | ||||||||||||
| 14.369%, 10/20/25 | EGP | 1,060 | 67,184 | |||||||||
| 14.060%, 01/12/26 | EGP | 1,320 | 81,048 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| 14.563%, 07/06/26 | EGP | 830 | $ | 52,744 | ||||||||
| 580,246 | ||||||||||||
| El Salvador | 0.5% | ||||||||||||
| Republic of El Salvador: | ||||||||||||
| 5.875%, 01/30/25 | USD | 25 | 19,313 | |||||||||
| 6.375%, 01/18/27 | USD | 50 | 37,375 | |||||||||
| 7.650%, 06/15/35 | USD | 35 | 25,550 | |||||||||
| 7.625%, 02/01/41 | USD | 15 | 10,650 | |||||||||
| 7.125%, 01/20/50 | USD | 20 | 13,800 | |||||||||
| 106,688 | ||||||||||||
| Ghana | 1.0% | ||||||||||||
| Republic of Ghana, 7.625%, 05/16/29 | USD | 225 | 213,441 | |||||||||
| Guatemala | 0.6% | ||||||||||||
| Republic of Guatemala: | ||||||||||||
| 4.500%, 05/03/26 | USD | 55 | 58,672 | |||||||||
| 4.875%, 02/13/28 | USD | 25 | 26,942 | |||||||||
| 5.375%, 04/24/32 | USD | 10 | 11,180 | |||||||||
| 5.375%, 04/24/32 (#) | USD | 10 | 11,180 | |||||||||
| 6.125%, 06/01/50 (#) | USD | 15 | 17,248 | |||||||||
| 125,222 | ||||||||||||
| Honduras | 0.2% | ||||||||||||
| Republic of Honduras, 6.250%, 01/19/27 | USD | 35 | 37,861 | |||||||||
| Hungary | 1.8% | ||||||||||||
| Hungary Government Bonds: | ||||||||||||
| 2.750%, 12/22/26 | HUF | 15,670 | 50,514 | |||||||||
| 3.000%, 10/27/27 | HUF | 34,330 | 111,586 | |||||||||
| 3.000%, 04/25/41 | HUF | 3,940 | 11,256 | |||||||||
| Hungary Government International Bond: | ||||||||||||
| 2.125%, 09/22/31 (#) | USD | 50 | 49,228 | |||||||||
| 7.625%, 03/29/41 | USD | 68 | 113,190 | |||||||||
| 3.125%, 09/21/51 (#) | USD | 50 | 49,043 | |||||||||
| 384,817 | ||||||||||||
| Indonesia | 6.9% | ||||||||||||
| Indonesia Government International Bonds: | ||||||||||||
| 2.150%, 07/28/31 | USD | 395 | 385,168 | |||||||||
| 3.050%, 03/12/51 | USD | 50 | 47,234 | |||||||||
| 3.350%, 03/12/71 | USD | 60 | 55,296 | |||||||||
| Indonesia Treasury Bonds: | ||||||||||||
| 8.375%, 09/15/26 | IDR | 4,849,000 | 384,024 | |||||||||
| 9.000%, 03/15/29 | IDR | 818,000 | 66,783 | |||||||||
| 8.250%, 05/15/29 | IDR | 1,545,000 | 121,438 | |||||||||
| 7.000%, 09/15/30 | IDR | 1,032,000 | 75,581 | |||||||||
| 6.500%, 02/15/31 | IDR | 770,000 | 54,209 | |||||||||
| 8.750%, 05/15/31 | IDR | 1,150,000 | 93,607 | |||||||||
| 8.375%, 03/15/34 | IDR | 912,000 | 71,686 | |||||||||
| 8.250%, 05/15/36 | IDR | 648,000 | 50,369 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 8.375%, 04/15/39 | IDR | 920,000 | $ | 71,993 | ||||||||
| 1,477,388 | ||||||||||||
| Ivory Coast | 1.0% | ||||||||||||
| Ivory Coast, 6.125%, 06/15/33 | USD | 200 | 210,662 | |||||||||
| Jamaica | 0.4% | ||||||||||||
| Government of Jamaica: | ||||||||||||
| 6.750%, 04/28/28 | USD | 25 | 29,098 | |||||||||
| 8.000%, 03/15/39 | USD | 15 | 21,000 | |||||||||
| 7.875%, 07/28/45 | USD | 20 | 27,748 | |||||||||
| 77,846 | ||||||||||||
| Kazakhstan | 1.4% | ||||||||||||
| Republic of Kazakhstan, 6.500%, 07/21/45 | USD | 200 | 288,725 | |||||||||
| Kenya | 1.3% | ||||||||||||
| Republic of Kenya, 8.000%, 05/22/32 | USD | 250 | 275,437 | |||||||||
| Lebanon | 1.1% | ||||||||||||
| Lebanese Republic: | ||||||||||||
| 6.375%, 03/09/20 («) | USD | 97 | 15,963 | |||||||||
| 8.250%, 04/12/21 («) | USD | 170 | 28,475 | |||||||||
| 6.100%, 10/04/22 («) | USD | 201 | 33,165 | |||||||||
| 6.000%, 01/27/23 («) | USD | 191 | 31,515 | |||||||||
| 6.650%, 04/22/24 («) | USD | 87 | 14,355 | |||||||||
| 6.250%, 11/04/24 («) | USD | 116 | 19,140 | |||||||||
| 6.200%, 02/26/25 («) | USD | 37 | 6,105 | |||||||||
| 6.600%, 11/27/26 («) | USD | 104 | 17,160 | |||||||||
| 6.850%, 03/23/27 («) | USD | 114 | 18,810 | |||||||||
| 6.750%, 11/29/27 («) | USD | 41 | 6,765 | |||||||||
| 6.650%, 02/26/30 («) | USD | 99 | 16,335 | |||||||||
| 7.000%, 03/23/32 («) | USD | 49 | 8,085 | |||||||||
| 7.050%, 11/02/35 («) | USD | 60 | 9,900 | |||||||||
| 7.250%, 03/23/37 («) | USD | 44 | 7,920 | |||||||||
| 233,693 | ||||||||||||
| Malaysia | 4.4% | ||||||||||||
| Malaysia Government Bonds: | ||||||||||||
| 3.620%, 11/30/21 | MYR | 1,080 | 258,578 | |||||||||
| 3.955%, 09/15/25 | MYR | 610 | 152,395 | |||||||||
| 3.906%, 07/15/26 | MYR | 260 | 64,824 | |||||||||
| 3.899%, 11/16/27 | MYR | 1,080 | 267,667 | |||||||||
| 4.498%, 04/15/30 | MYR | 100 | 25,730 | |||||||||
| 3.844%, 04/15/33 | MYR | 330 | 78,667 | |||||||||
| 3.828%, 07/05/34 | MYR | 20 | 4,732 | |||||||||
| 4.893%, 06/08/38 | MYR | 330 | 85,505 | |||||||||
| 938,098 | ||||||||||||
| Mexico | 4.9% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 5.750%, 03/05/26 | MXN | 6,280 | 290,646 | |||||||||
| 8.500%, 05/31/29 | MXN | 5,408 | 280,581 | |||||||||
| 10.000%, 11/20/36 | MXN | 1,600 | 94,010 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| 7.750%, 11/13/42 | MXN | 1,840 | $ | 88,305 | ||||||||
| Mexico Government International Bonds: | ||||||||||||
| 3.900%, 04/27/25 | USD | 45 | 49,382 | |||||||||
| 2.659%, 05/24/31 | USD | 25 | 24,114 | |||||||||
| United Mexican States: | ||||||||||||
| 4.125%, 01/21/26 | USD | 55 | 61,545 | |||||||||
| 4.500%, 04/22/29 | USD | 45 | 50,535 | |||||||||
| 4.500%, 01/31/50 | USD | 15 | 15,364 | |||||||||
| 5.000%, 04/27/51 | USD | 40 | 43,870 | |||||||||
| 5.750%, 10/12/2110 | USD | 44 | 49,989 | |||||||||
| 1,048,341 | ||||||||||||
| Mongolia | 0.2% | ||||||||||||
| Mongolia International Bonds, 4.450%, 07/07/31 (#) | USD | 50 | 48,318 | |||||||||
| Oman | 1.2% | ||||||||||||
| Oman Government International Bonds, 4.750%, 06/15/26 | USD | 245 | 250,099 | |||||||||
| Pakistan | 0.9% | ||||||||||||
| Islamic Republic of Pakistan SR, 6.000%, 04/08/26 (#) | USD | 200 | 198,022 | |||||||||
| Panama | 1.3% | ||||||||||||
| Republic of Panama: | ||||||||||||
| 3.160%, 01/23/30 | USD | 55 | 56,695 | |||||||||
| 4.500%, 04/16/50 | USD | 30 | 32,574 | |||||||||
| 4.500%, 04/01/56 | USD | 75 | 81,413 | |||||||||
| 3.870%, 07/23/60 | USD | 105 | 102,493 | |||||||||
| 273,175 | ||||||||||||
| Paraguay | 0.6% | ||||||||||||
| Republic of Paraguay: | ||||||||||||
| 5.000%, 04/15/26 | USD | 35 | 38,747 | |||||||||
| 4.700%, 03/27/27 | USD | 35 | 38,704 | |||||||||
| 6.100%, 08/11/44 | USD | 40 | 48,620 | |||||||||
| 126,071 | ||||||||||||
| Peru | 0.7% | ||||||||||||
| Peruvian Government International Bonds, 5.940%, 02/12/29 | PEN | 80 | 19,378 | |||||||||
| Republic of Peru: | ||||||||||||
| 6.950%, 08/12/31 | PEN | 285 | 71,223 | |||||||||
| 6.900%, 08/12/37 | PEN | 170 | 39,229 | |||||||||
| 5.350%, 08/12/40 | PEN | 55 | 10,546 | |||||||||
| 140,376 | ||||||||||||
| Philippines | 0.5% | ||||||||||||
| Philippine Government International Bond, 3.200%, 07/06/46 | USD | 115 | 113,144 | |||||||||
| Poland | 0.6% | ||||||||||||
| Republic of Poland Government Bonds, 2.750%, 04/25/28 | PLN | 440 | 117,869 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| Qatar | 1.4% | ||||||||||||
| Qatar Government International Bond, 6.400%, 01/20/40 | USD | 200 | $ | 292,225 | ||||||||
| Romania | 2.3% | ||||||||||||
| Romanian Government Bonds: | ||||||||||||
| 4.250%, 06/28/23 | RON | 710 | 169,637 | |||||||||
| 4.750%, 02/24/25 | RON | 320 | 77,846 | |||||||||
| 4.850%, 04/22/26 | RON | 130 | 31,869 | |||||||||
| 5.800%, 07/26/27 | RON | 210 | 53,851 | |||||||||
| 4.150%, 01/26/28 | RON | 180 | 42,460 | |||||||||
| Romanian Government International Bonds: | ||||||||||||
| 4.375%, 08/22/23 | USD | 48 | 51,189 | |||||||||
| 4.000%, 02/14/51 (#) | USD | 62 | 61,605 | |||||||||
| 488,457 | ||||||||||||
| Russia | 6.8% | ||||||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 7.750%, 09/16/26 | RUB | 10,370 | 146,001 | |||||||||
| 7.950%, 10/07/26 | RUB | 21,600 | 306,629 | |||||||||
| 6.700%, 03/14/29 | RUB | 28,360 | 377,311 | |||||||||
| 8.500%, 09/17/31 | RUB | 7,040 | 105,481 | |||||||||
| 7.700%, 03/23/33 | RUB | 3,820 | 54,124 | |||||||||
| Russian Foreign Bond - Eurobond, 4.375%, 03/21/29 | USD | 400 | 453,400 | |||||||||
| 1,442,946 | ||||||||||||
| Saudi Arabia | 1.9% | ||||||||||||
| Saudi Government International Bond MTN, 2.250%, 02/02/33 | USD | 415 | 403,587 | |||||||||
| South Africa | 7.4% | ||||||||||||
| Republic of South Africa: | ||||||||||||
| 10.500%, 12/21/26 | ZAR | 420 | 31,304 | |||||||||
| 4.850%, 09/30/29 | USD | 10 | 10,264 | |||||||||
| 8.000%, 01/31/30 | ZAR | 7,760 | 478,776 | |||||||||
| 5.875%, 06/22/30 | USD | 75 | 82,678 | |||||||||
| 8.250%, 03/31/32 | ZAR | 1,980 | 117,492 | |||||||||
| 8.500%, 01/31/37 | ZAR | 8,020 | 446,131 | |||||||||
| 5.650%, 09/27/47 | USD | 85 | 80,846 | |||||||||
| 8.750%, 02/28/48 | ZAR | 1,445 | 78,979 | |||||||||
| 6.300%, 06/22/48 | USD | 90 | 92,689 | |||||||||
| 5.750%, 09/30/49 | USD | 35 | 33,300 | |||||||||
| Republic of South Africa Government Bonds, 8.875%, 02/28/35 | ZAR | 1,020 | 60,107 | |||||||||
| Republic of South Africa Government International Bonds, 4.850%, 09/27/27 | USD | 60 | 62,880 | |||||||||
| 1,575,446 | ||||||||||||
| Sri Lanka | 0.5% | ||||||||||||
| Republic of Sri Lanka: | ||||||||||||
| 5.750%, 04/18/23 | USD | 35 | 23,030 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| 6.350%, 06/28/24 | USD | 40 | $ | 25,507 | ||||||||
| 6.125%, 06/03/25 | USD | 10 | 6,268 | |||||||||
| 6.825%, 07/18/26 | USD | 5 | 3,096 | |||||||||
| 6.200%, 05/11/27 | USD | 50 | 30,369 | |||||||||
| 6.750%, 04/18/28 | USD | 35 | 21,335 | |||||||||
| 109,605 | ||||||||||||
| Suriname | 0.0% | ||||||||||||
| Republic of Suriname, 9.250%, 10/26/26 | USD | 10 | 6,543 | |||||||||
| Thailand | 1.6% | ||||||||||||
| Thailand Government Bonds: | ||||||||||||
| 3.650%, 06/20/31 | THB | 1,440 | 49,214 | |||||||||
| 3.775%, 06/25/32 | THB | 2,590 | 90,166 | |||||||||
| 3.400%, 06/17/36 | THB | 3,390 | 112,997 | |||||||||
| 3.300%, 06/17/38 | THB | 2,690 | 88,257 | |||||||||
| 340,634 | ||||||||||||
| Turkey | 2.5% | ||||||||||||
| Republic of Turkey: | ||||||||||||
| 6.250%, 09/26/22 | USD | 55 | 56,650 | |||||||||
| 7.375%, 02/05/25 | USD | 95 | 100,629 | |||||||||
| 4.875%, 10/09/26 | USD | 65 | 62,128 | |||||||||
| 6.000%, 03/25/27 | USD | 60 | 59,805 | |||||||||
| 6.000%, 01/14/41 | USD | 15 | 12,954 | |||||||||
| 6.625%, 02/17/45 | USD | 30 | 27,484 | |||||||||
| 5.750%, 05/11/47 | USD | 80 | 66,090 | |||||||||
| Turkey Government Bonds: | ||||||||||||
| 8.000%, 03/12/25 | TRY | 600 | 50,939 | |||||||||
| 12.600%, 10/01/25 | TRY | 700 | 67,143 | |||||||||
| 10.500%, 08/11/27 | TRY | 410 | 34,047 | |||||||||
| 537,869 | ||||||||||||
| Ukraine | 1.8% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 15.840%, 02/26/25 | UAH | 1,330 | 53,400 | |||||||||
| 9.750%, 11/01/28 | USD | 200 | 234,725 | |||||||||
| 0.000%, 05/31/40 (§) | USD | 92 | 99,866 | |||||||||
| 387,991 | ||||||||||||
| Uruguay | 1.1% | ||||||||||||
| Republica Orient Uruguay: | ||||||||||||
| 4.375%, 10/27/27 | USD | 30 | 34,430 | |||||||||
| 4.375%, 01/23/31 | USD | 60 | 69,349 | |||||||||
| 5.100%, 06/18/50 | USD | 45 | 57,257 | |||||||||
| 4.975%, 04/20/55 | USD | 60 | 74,974 | |||||||||
| 236,010 | ||||||||||||
| Uzbekistan | 0.9% | ||||||||||||
| Republic of Uzbekistan International Bond, 3.900%, 10/19/31 (#) | USD | 200 | 194,498 | |||||||||
| Venezuela | 0.5% | ||||||||||||
| Republic of Venezuela: | ||||||||||||
| 8.250%, 10/13/24 («) | USD | 1,038 | 103,800 | |||||||||
| Description | Security | Principal | Fair | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 7.000%, 03/31/38 («) | USD | 58 | $ | 5,873 | ||||||||
| 109,673 | ||||||||||||
| Zambia | 0.7% | ||||||||||||
| Republic of Zambia, 8.500%, 04/14/24 | USD | 200 | 156,000 | |||||||||
| Total Foreign Government Obligations (Cost $19,468,010) | 18,649,687 | |||||||||||
| Quasi Government Bonds | 0.2% | ||||||||||||
| Mexico | 0.1% | ||||||||||||
| Petroleos Mexicanos, 6.750%, 09/21/47 | USD | 20 | 17,327 | |||||||||
| Venezuela | 0.1% | ||||||||||||
| Petroleos de Venezuela SA: | ||||||||||||
| 12.750%, 02/17/22 («) | USD | 273 | 15,015 | |||||||||
| 6.000%, 11/15/26 («) | USD | 124 | 6,820 | |||||||||
| 5.500%, 04/12/37 («) | USD | 100 | 5,500 | |||||||||
| 27,335 | ||||||||||||
| Total Quasi Government Bonds (Cost $260,849) | 44,662 | |||||||||||
| Supranational Bonds | 0.1% | ||||||||||||
| International Finance Corp., 8.000%, 10/09/23 | ||||||||||||
| (Cost $14,243) | IDR | 200,000 | 14,821 | |||||||||
| Description | Shares | Fair | ||||||
| Short-Term Investments | 5.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,265,614) |
1,265,614 | $ | 1,265,614 | |||||
| Total Investments | 98.2% (Cost $21,943,355) (») |
$ | 20,916,540 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.8% | 386,682 | |||||||
| Net Assets | 100.0% | $ | 21,303,222 | ||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at September 30, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 102,770 | USD | 20,000 | BRC | 10/04/21 | $ | — | $ | 1,128 | |||||||||
| BRL | 213,120 | USD | 40,000 | BRC | 10/04/21 | — | 865 | |||||||||||
| BRL | 521,130 | USD | 95,807 | BRC | 10/04/21 | — | 112 | |||||||||||
| BRL | 218,680 | USD | 40,000 | BRC | 11/03/21 | — | 27 | |||||||||||
| BRL | 521,130 | USD | 97,079 | BRC | 11/03/21 | — | 1,821 | |||||||||||
| BRL | 582,835 | USD | 107,151 | CIT | 10/04/21 | — | 125 | |||||||||||
| BRL | 586,135 | USD | 107,757 | CIT | 10/04/21 | — | 126 | |||||||||||
| BRL | 1,374,210 | USD | 254,069 | SCB | 10/04/21 | — | 1,724 | |||||||||||
| CLP | 71,534,658 | USD | 90,867 | BRC | 11/24/21 | — | 3,054 | |||||||||||
| CNY | 195,339 | USD | 30,000 | SCB | 11/19/21 | 136 | — | |||||||||||
| COP | 37,750,000 | USD | 10,000 | BRC | 11/08/21 | — | 111 | |||||||||||
| COP | 77,185,000 | USD | 20,000 | BRC | 11/08/21 | 220 | — | |||||||||||
| COP | 38,810,000 | USD | 10,000 | SCB | 11/08/21 | 167 | — | |||||||||||
| CZK | 1,791,964 | USD | 83,321 | BRC | 11/19/21 | — | 1,543 | |||||||||||
| CZK | 5,419,244 | USD | 252,569 | BRC | 11/19/21 | — | 5,257 | |||||||||||
| CZK | 6,656,499 | USD | 310,254 | HSB | 11/19/21 | — | 6,479 | |||||||||||
| CZK | 20,250 | USD | 926 | SCB | 11/19/21 | — | 2 | |||||||||||
| CZK | 652,266 | USD | 30,000 | SCB | 11/19/21 | — | 233 | |||||||||||
| EUR | 229,082 | USD | 270,000 | CIT | 11/19/21 | — | 4,412 | |||||||||||
| HUF | 15,294,704 | USD | 51,604 | BRC | 11/19/21 | — | 2,391 | |||||||||||
| HUF | 63,727,935 | USD | 216,452 | BRC | 11/19/21 | — | 11,397 | |||||||||||
| HUF | 6,057,480 | USD | 20,000 | SCB | 11/19/21 | — | 509 | |||||||||||
| HUF | 65,427,347 | USD | 222,385 | UBS | 11/19/21 | — | 11,862 | |||||||||||
| IDR | 573,680,000 | USD | 40,000 | JPM | 10/29/21 | — | 15 | |||||||||||
| IDR | 438,690,000 | USD | 30,000 | SCB | 10/29/21 | 577 | — | |||||||||||
| IDR | 285,740,000 | USD | 20,000 | UBS | 10/29/21 | — | 84 | |||||||||||
| KRW | 100,902,510 | USD | 87,515 | BRC | 10/08/21 | — | 2,299 | |||||||||||
| KRW | 116,770,000 | USD | 100,000 | BRC | 10/18/21 | — | 1,401 | |||||||||||
| KRW | 116,770,000 | USD | 98,260 | BRC | 11/08/21 | 304 | — | |||||||||||
| KRW | 126,900,715 | USD | 106,764 | BRC | 11/08/21 | 351 | — | |||||||||||
| KRW | 87,031,134 | USD | 75,430 | JPM | 10/07/21 | — | 1,928 | |||||||||||
| KRW | 133,754,490 | USD | 116,109 | JPM | 10/08/21 | — | 3,149 | |||||||||||
| KRW | 39,869,581 | USD | 34,570 | SCB | 10/07/21 | — | 898 | |||||||||||
| KZT | 7,540,750 | USD | 17,274 | BRC | 10/26/21 | 319 | — | |||||||||||
| KZT | 47,055,000 | USD | 107,665 | BRC | 10/26/21 | 2,115 | — | |||||||||||
| KZT | 14,004,250 | USD | 32,168 | CIT | 10/26/21 | 504 | — | |||||||||||
| MXN | 182,556 | USD | 8,907 | BRC | 11/19/21 | — | 122 | |||||||||||
| MXN | 3,934,970 | USD | 195,843 | BRC | 11/19/21 | — | 6,486 | |||||||||||
| MYR | 254,760 | USD | 60,000 | BOA | 10/04/21 | 853 | — | |||||||||||
| MYR | 477,138 | USD | 112,737 | BOA | 10/04/21 | 1,233 | — | |||||||||||
| MYR | 84,170 | USD | 20,000 | BOA | 12/22/21 | 36 | — | |||||||||||
| MYR | 774,321 | USD | 183,924 | BOA | 12/22/21 | 398 | — | |||||||||||
| MYR | 42,423 | USD | 10,000 | SCB | 10/04/21 | 133 | — | |||||||||||
| PEN | 237,645 | USD | 59,895 | BOA | 10/25/21 | — | 2,445 | |||||||||||
| PLN | 673,113 | USD | 176,149 | BRC | 11/19/21 | — | 6,930 | |||||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| PLN | 1,155,510 | USD | 303,460 | CIT | 11/19/21 | $ | — | $ | 12,969 | |||||||||
| PLN | 157,111 | USD | 40,000 | SCB | 11/19/21 | — | 503 | |||||||||||
| PLN | 641,950 | USD | 168,633 | SCB | 11/19/21 | — | 7,249 | |||||||||||
| PLN | 673,113 | USD | 176,217 | SCB | 11/19/21 | — | 6,998 | |||||||||||
| PLN | 641,950 | USD | 168,566 | UBS | 11/19/21 | — | 7,182 | |||||||||||
| PLN | 682,334 | USD | 178,636 | UBS | 11/19/21 | — | 7,100 | |||||||||||
| RON | 42,312 | USD | 10,000 | SCB | 11/19/21 | — | 121 | |||||||||||
| RUB | 1,461,830 | USD | 20,000 | BOA | 10/25/21 | 10 | — | |||||||||||
| RUB | 4,901,522 | USD | 66,846 | BOA | 10/25/21 | 250 | — | |||||||||||
| RUB | 2,215,950 | USD | 30,000 | BRC | 10/25/21 | 333 | — | |||||||||||
| RUB | 4,901,522 | USD | 66,837 | UBS | 10/25/21 | 259 | — | |||||||||||
| THB | 746,660 | USD | 22,792 | BRC | 11/23/21 | — | 731 | |||||||||||
| THB | 11,032,302 | USD | 334,130 | CIT | 11/23/21 | — | 8,174 | |||||||||||
| THB | 322,370 | USD | 10,000 | SCB | 11/23/21 | — | 475 | |||||||||||
| THB | 414,255 | USD | 12,646 | SCB | 11/23/21 | — | 406 | |||||||||||
| THB | 667,676 | USD | 20,000 | SCB | 11/23/21 | — | 273 | |||||||||||
| THB | 5,940,471 | USD | 179,932 | SCB | 11/23/21 | — | 4,418 | |||||||||||
| TRY | 196,275 | USD | 22,266 | BRC | 10/28/21 | — | 503 | |||||||||||
| TRY | 88,401 | USD | 10,000 | SCB | 10/28/21 | — | 198 | |||||||||||
| USD | 18,894 | BRL | 102,770 | BRC | 10/04/21 | 22 | — | |||||||||||
| USD | 39,181 | BRL | 213,120 | BRC | 10/04/21 | 46 | — | |||||||||||
| USD | 97,535 | BRL | 521,130 | BRC | 10/04/21 | 1,840 | — | |||||||||||
| USD | 110,000 | BRL | 582,835 | CIT | 10/04/21 | 2,974 | — | |||||||||||
| USD | 110,000 | BRL | 586,135 | CIT | 10/04/21 | 2,368 | — | |||||||||||
| USD | 252,640 | BRL | 1,374,210 | SCB | 10/04/21 | 295 | — | |||||||||||
| USD | 38,405 | CLP | 30,276,491 | HSB | 11/24/21 | 1,239 | — | |||||||||||
| USD | 38,429 | CLP | 30,276,491 | HSB | 11/24/21 | 1,263 | — | |||||||||||
| USD | 6,409 | CLP | 5,043,010 | SCB | 11/24/21 | 218 | — | |||||||||||
| USD | 30,000 | CNY | 194,234 | BRC | 11/19/21 | 34 | — | |||||||||||
| USD | 91,367 | CNY | 591,611 | JPM | 11/19/21 | 96 | — | |||||||||||
| USD | 54,604 | COP | 213,128,924 | SCB | 11/08/21 | — | 1,229 | |||||||||||
| USD | 110,000 | CZK | 2,403,005 | BRC | 11/19/21 | 337 | — | |||||||||||
| USD | 624,297 | EUR | 527,235 | BRC | 11/19/21 | 13,045 | — | |||||||||||
| USD | 20,000 | EUR | 17,038 | SCB | 11/19/21 | 247 | — | |||||||||||
| USD | 270,000 | HUF | 80,314,740 | BOA | 11/19/21 | 11,574 | — | |||||||||||
| USD | 30,000 | IDR | 430,500,000 | CIT | 10/29/21 | — | 6 | |||||||||||
| USD | 31,416 | IDR | 450,978,816 | SCB | 10/29/21 | — | 17 | |||||||||||
| USD | 58,257 | KRW | 66,774,400 | BOA | 10/08/21 | 1,864 | — | |||||||||||
| USD | 106,819 | KRW | 126,900,715 | BRC | 10/07/21 | — | 355 | |||||||||||
| USD | 59,012 | KRW | 67,633,800 | BRC | 10/08/21 | 1,893 | — | |||||||||||
| USD | 98,291 | KRW | 116,770,000 | BRC | 10/18/21 | — | 308 | |||||||||||
| USD | 28,460 | KRW | 32,614,900 | JPM | 10/08/21 | 915 | — | |||||||||||
| USD | 59,007 | KRW | 67,633,900 | SCB | 10/08/21 | 1,888 | — | |||||||||||
| USD | 184,670 | MYR | 774,321 | BOA | 10/04/21 | — | 287 | |||||||||||
| USD | 10,000 | MYR | 42,037 | SCB | 12/22/21 | — | 7 | |||||||||||
| USD | 10,000 | PEN | 40,875 | BRC | 10/25/21 | 119 | — | |||||||||||
| USD | 90,000 | PLN | 357,539 | BRC | 11/19/21 | 116 | — | |||||||||||
| Lazard Emerging Markets Debt Portfolio (concluded) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized | Unrealized | |||||||||||
| USD | 76,504 | RON | 320,613 | BRC | 11/19/21 | $ | 1,648 | $ | — | |||||||||
| USD | 49,649 | RUB | 3,666,795 | BOA | 10/25/21 | — | 544 | |||||||||||
| USD | 70,000 | RUB | 5,110,070 | CIT | 10/25/21 | 50 | — | |||||||||||
| USD | 9,971 | THB | 329,180 | SCB | 11/23/21 | 245 | — | |||||||||||
| USD | 60,620 | UAH | 1,672,500 | BOA | 11/17/21 | — | 1,562 | |||||||||||
| USD | 50,000 | ZAR | 743,370 | BRC | 10/20/21 | 739 | — | |||||||||||
| USD | 110,100 | ZAR | 1,583,198 | BRC | 10/20/21 | 5,187 | — | |||||||||||
| USD | 137,748 | ZAR | 1,978,998 | BRC | 10/20/21 | 6,607 | — | |||||||||||
| USD | 50,000 | ZAR | 740,250 | CIT | 10/20/21 | 946 | — | |||||||||||
| USD | 137,703 | ZAR | 1,978,998 | SCB | 10/20/21 | 6,562 | — | |||||||||||
| USD | 109,946 | ZAR | 1,583,198 | UBS | 10/20/21 | 5,033 | — | |||||||||||
| UYU | 439,830 | USD | 10,090 | HSB | 12/07/21 | 62 | — | |||||||||||
| ZAR | 762,491 | USD | 51,371 | BOA | 10/20/21 | — | 843 | |||||||||||
| ZAR | 452,242 | USD | 30,000 | BRC | 10/20/21 | — | 31 | |||||||||||
| ZAR | 107,752 | USD | 7,564 | CIT | 10/20/21 | — | 423 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 77,670 | $ | 141,847 | ||||||||||||||
Centrally Cleared Interest Rate Swap Agreements open at September 30, 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 | $ | (10,302 | ) | |||||||
| BRL | 838,319 | 01/02/24 | 5.84 | Maturity | 1 month Brazilian Interbank Deposit Average | (9,589 | ) | |||||||||
| Total gross unrealized depreciation on Centrally Cleared Interest Rate Swap Agreements | $ | (19,891 | ) | |||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| Lazard Global Fixed Income Portfolio | |||||||||||
| Corporate Bonds | 37.5% | |||||||||||
| Canada | 2.5% | |||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 |
USD | 125 | $ | 124,012 | |||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 |
CAD | 120 | 97,876 | ||||||||
| 221,888 | |||||||||||
| France | 1.2% | |||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 100 | 102,508 | ||||||||
| Germany | 1.1% | |||||||||||
| Daimler AG MTN, 0.750%, 09/10/30 | EUR | 80 | 95,008 | ||||||||
| Netherlands | 1.5% | |||||||||||
| ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§) |
GBP | 100 | 130,694 | ||||||||
| Switzerland | 0.1% | |||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 7 | 8,902 | ||||||||
| United Kingdom | 2.7% | |||||||||||
| Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 |
GBP | 100 | 140,989 | ||||||||
| Unilever Capital Corp., 1.375%, 09/14/30 | USD | 105 | 100,359 | ||||||||
| 241,348 | |||||||||||
| United States | 28.4% | |||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 110 | 113,779 | ||||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 95 | 89,746 | ||||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 45 | 49,478 | ||||||||
| American Express Credit Corp., 3.300%, 05/03/27 | USD | 75 | 83,169 | ||||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 80 | 87,580 | ||||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 50 | 55,125 | ||||||||
| Bank of America Corp.: | |||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 60 | 60,889 | ||||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 125 | 98,499 | ||||||||
| Clean Harbors, Inc. Co., 4.875%, 07/15/27 | USD | 45 | 46,687 | ||||||||
| Constellation Brands, Inc., 4.250%, 05/01/23 | USD | 85 | 89,811 | ||||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 85 | 102,749 | ||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 125 | $ | 101,905 | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 50 | 48,531 | ||||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 100 | 109,224 | ||||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 55 | 60,381 | ||||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 110 | 91,545 | ||||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 65 | 74,805 | ||||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 80 | 88,187 | ||||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 50 | 51,760 | ||||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 80 | 81,492 | ||||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 90 | 95,034 | ||||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 105 | 98,337 | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 60 | 62,925 | ||||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 70 | 85,589 | ||||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) |
USD | 85 | 81,968 | ||||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 70 | 98,735 | ||||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 60 | 57,078 | ||||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 100 | 101,577 | ||||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 60 | 63,434 | ||||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 125 | 140,198 | ||||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 45 | 43,807 | ||||||||
| 2,514,024 | |||||||||||
| Total Corporate Bonds (Cost $3,274,486) |
3,314,372 | ||||||||||
| Foreign Government Obligations | 48.4% | |||||||||||
| Australia | 2.4% | |||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 155 | 107,681 | ||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| Lazard Global Fixed Income Portfolio (continued) | |||||||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 155 | $ | 107,052 | |||||||
| 214,733 | |||||||||||
| Bahamas | 1.2% | |||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 5 | 4,450 | ||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 118 | 105,020 | ||||||||
| 109,470 | |||||||||||
| Bermuda | 2.5% | |||||||||||
| Government of Bermuda, 3.717%, 01/25/27 | USD | 200 | 216,662 | ||||||||
| Canada | 5.0% | |||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 90 | 75,699 | ||||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 120 | 96,888 | ||||||||
| Province of British Columbia Canada, 3.200%, 06/18/44 | CAD | 50 | 43,217 | ||||||||
| Province of Quebec: | |||||||||||
| 2.500%, 04/20/26 | USD | 85 | 90,648 | ||||||||
| 1.850%, 02/13/27 | CAD | 170 | 137,501 | ||||||||
| 443,953 | |||||||||||
| Chile | 3.7% | |||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | |||||||||||
| 4.500%, 03/01/26 | CLP | 35,000 | 42,064 | ||||||||
| 2.300%, 10/01/28 | CLP | 165,000 | 166,404 | ||||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 115,459 | ||||||||
| 323,927 | |||||||||||
| Colombia | 1.0% | |||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 288,000 | 85,982 | ||||||||
| Czech Republic | 2.9% | |||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 5,590 | 252,649 | ||||||||
| Hungary | 3.4% | |||||||||||
| Hungary Government Bonds: | |||||||||||
| 2.750%, 12/22/26 | HUF | 25,370 | 81,783 | ||||||||
| 3.000%, 10/27/27 | HUF | 25,210 | 81,942 | ||||||||
| 2.250%, 04/20/33 | HUF | 28,620 | 83,102 | ||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 45 | 54,677 | ||||||||
| 301,504 | |||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| Italy | 1.1% | |||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 83 | $ | 98,870 | |||||||
| Japan | 2.3% | |||||||||||
| Japan International Cooperation Agency, 1.750%, 04/28/31 | USD | 200 | 200,134 | ||||||||
| Mexico | 1.5% | |||||||||||
| Mexican Bonos, 7.500%, 06/03/27 | MXN | 1,630 | 80,374 | ||||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 35 | 53,298 | ||||||||
| 133,672 | |||||||||||
| Morocco | 1.2% | |||||||||||
| Morocco Government International Bonds, 1.500%, 11/27/31 | EUR | 100 | 106,916 | ||||||||
| Netherlands | 2.2% | |||||||||||
| Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#) | USD | 200 | 196,696 | ||||||||
| New Zealand | 3.3% | |||||||||||
| Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28 | NZD | 120 | 88,655 | ||||||||
| New Zealand Local Government Funding Agency Bonds: | |||||||||||
| 1.500%, 04/20/29 | NZD | 240 | 156,015 | ||||||||
| 2.000%, 04/15/37 | NZD | 80 | 48,529 | ||||||||
| 293,199 | |||||||||||
| Norway | 2.6% | |||||||||||
| Oslo Kommune: | |||||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 116,545 | ||||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 116,662 | ||||||||
| 233,207 | |||||||||||
| Panama | 2.0% | |||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 130 | 177,109 | ||||||||
| Peru | 1.0% | |||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 (#) | PEN | 365 | 85,322 | ||||||||
| Poland | 0.9% | |||||||||||
| Poland Government Bonds, 2.750%, 10/25/29 | PLN | 299 | 79,684 | ||||||||
| Romania | 3.5% | |||||||||||
| Romanian Government Bonds: | |||||||||||
| 4.750%, 02/24/25 | RON | 695 | 169,071 | ||||||||
| 3.650%, 09/24/31 | RON | 360 | 79,209 | ||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| Lazard Global Fixed Income Portfolio (continued) | |||||||||||
| Romanian Government International Bonds, 3.875%, 10/29/35 | EUR | 50 | $ | 64,932 | |||||||
| 313,212 | |||||||||||
| Singapore | 1.1% | |||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 110 | 94,745 | ||||||||
| Spain | 1.0% | |||||||||||
| Spain Government Bond, 1.000%, 07/30/42 | EUR | 80 | 91,398 | ||||||||
| Thailand | 1.0% | |||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 3,110 | 83,741 | ||||||||
| United Kingdom | 1.6% | |||||||||||
| United Kingdom Gilt: | |||||||||||
| 1.750%, 09/07/37 | GBP | 65 | 93,185 | ||||||||
| 1.500%, 07/22/47 | GBP | 32 | 44,050 | ||||||||
| 137,235 | |||||||||||
| Total Foreign Government Obligations (Cost $4,504,107) | 4,274,020 | ||||||||||
| Supranational Bonds | 11.1% | |||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 60 | 62,931 | ||||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 55 | 56,678 | ||||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 130 | 99,365 | ||||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,840,000 | 134,511 | ||||||||
| International Bank for Reconstruction & Development: | |||||||||||
| 2.500%, 08/03/23 | CAD | 135 | 110,286 | ||||||||
| 1.900%, 01/16/25 | CAD | 70 | 56,867 | ||||||||
| 2.900%, 11/26/25 | AUD | 135 | 105,671 | ||||||||
| 1.250%, 03/16/26 | NOK | 810 | 91,394 | ||||||||
| 1.125%, 09/13/28 | USD | 45 | 44,162 | ||||||||
| International Finance Corp., 2.125%, 04/07/26 | USD | 120 | 126,208 | ||||||||
| International Finance Corp. MTN, 1.500%, 04/15/35 | AUD | 142 | 94,303 | ||||||||
| Total Supranational Bonds (Cost $977,151) | 982,376 | ||||||||||
| US Municipal Bonds | 1.1% | |||||||||||
| California | 1.1% | |||||||||||
| State of California: | |||||||||||
| 4.500%, 04/01/33 | USD | 45 | 52,381 | ||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | ||||||||
| 7.550%, 04/01/39 | USD | 30 | $ | 50,551 | |||||||
| 102,932 | |||||||||||
| Total US Municipal Bonds (Cost $96,321) | 102,932 | ||||||||||
| Description | Shares | Fair Value | |||||||||
| Short-Term Investments | 1.9% | |||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $166,017) | 166,017 | $ | 166,017 | ||||||||
| Total Investments | 100.0% (Cost $9,018,082) (») | $ | 8,839,717 | |||||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (2,927 | ) | |||||||||
| Net Assets | 100.0% | $ | 8,836,790 | |||||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at September 30, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 132,576 | USD | 98,965 | HSB | 10/20/21 | $ | — | $ | 3,113 | |||||||||
| CAD | 77,692 | USD | 62,086 | MSC | 10/20/21 | — | 748 | |||||||||||
| CHF | 20,804 | USD | 22,802 | HSB | 10/20/21 | — | 471 | |||||||||||
| CHF | 61,997 | USD | 67,953 | JPM | 10/20/21 | — | 1,403 | |||||||||||
| CNH | 278,676 | USD | 42,800 | HSB | 10/20/21 | 375 | — | |||||||||||
| CNH | 2,768,949 | USD | 424,298 | HSB | 10/20/21 | 4,693 | — | |||||||||||
| CNH | 1,789,642 | USD | 274,911 | HSB | 12/03/21 | 1,391 | — | |||||||||||
| EUR | 43,544 | USD | 51,550 | CIT | 10/20/21 | — | 1,096 | |||||||||||
| EUR | 62,212 | USD | 74,000 | HSB | 10/20/21 | — | 1,916 | |||||||||||
| EUR | 87,993 | USD | 104,229 | HSB | 10/20/21 | — | 2,272 | |||||||||||
| EUR | 823,996 | USD | 975,502 | HSB | 10/20/21 | — | 20,744 | |||||||||||
| EUR | 44,804 | USD | 53,042 | JPM | 10/20/21 | — | 1,128 | |||||||||||
| EUR | 100,146 | USD | 118,560 | MSC | 10/20/21 | — | 2,521 | |||||||||||
| GBP | 103,474 | USD | 143,738 | JPM | 10/20/21 | — | 4,315 | |||||||||||
| HUF | 4,095,980 | USD | 13,600 | HSB | 10/20/21 | — | 406 | |||||||||||
| INR | 3,498,117 | USD | 46,776 | JPM | 01/28/22 | — | 224 | |||||||||||
| JPY | 37,770,641 | USD | 343,406 | CIT | 10/20/21 | — | 3,997 | |||||||||||
| JPY | 8,837,464 | USD | 81,000 | HSB | 10/20/21 | — | 1,586 | |||||||||||
| JPY | 86,963,894 | USD | 790,380 | HSB | 10/20/21 | — | 8,916 | |||||||||||
| JPY | 9,313,280 | USD | 84,637 | JPM | 10/20/21 | — | 947 | |||||||||||
| KRW | 118,308,720 | USD | 102,729 | JPM | 11/05/21 | — | 2,862 | |||||||||||
| MXN | 990,716 | USD | 49,260 | JPM | 10/20/21 | — | 1,382 | |||||||||||
| NOK | 198,895 | USD | 22,659 | JPM | 10/20/21 | 91 | — | |||||||||||
| PHP | 2,245,608 | USD | 43,520 | HSB | 11/29/21 | 417 | — | |||||||||||
| PLN | 337,751 | USD | 85,788 | JPM | 10/20/21 | — | 869 | |||||||||||
| RUB | 1,899,971 | USD | 25,164 | JPM | 10/20/21 | 867 | — | |||||||||||
| SEK | 418,428 | USD | 48,848 | JPM | 10/20/21 | — | 1,046 | |||||||||||
| USD | 94,155 | AUD | 126,128 | CIT | 10/20/21 | 2,966 | — | |||||||||||
| USD | 45,400 | AUD | 62,442 | HSB | 10/20/21 | 255 | — | |||||||||||
| USD | 208,899 | AUD | 279,845 | HSB | 10/20/21 | 6,572 | — | |||||||||||
| USD | 66,602 | AUD | 89,222 | MSC | 10/20/21 | 2,094 | — | |||||||||||
| USD | 191,633 | CAD | 239,796 | CIT | 10/20/21 | 2,317 | — | |||||||||||
| USD | 45,306 | CAD | 57,872 | HSB | 10/20/21 | — | 383 | |||||||||||
| USD | 98,491 | CAD | 125,996 | HSB | 10/20/21 | — | 982 | |||||||||||
| USD | 180,379 | CAD | 225,685 | HSB | 10/20/21 | 2,203 | — | |||||||||||
| USD | 324,337 | CAD | 405,894 | JPM | 10/20/21 | 3,887 | — | |||||||||||
| USD | 22,000 | CLP | 17,497,480 | CIT | 01/13/22 | 616 | — | |||||||||||
| USD | 189,305 | CLP | 151,207,189 | CIT | 01/13/22 | 4,515 | — | |||||||||||
| USD | 47,700 | CNH | 313,535 | HSB | 10/20/21 | — | 876 | |||||||||||
| USD | 54,300 | CNH | 355,396 | HSB | 10/20/21 | — | 761 | |||||||||||
| USD | 10,750 | COP | 41,398,250 | CIT | 11/05/21 | — | 97 | |||||||||||
| USD | 21,000 | COP | 80,711,400 | CIT | 11/05/21 | — | 148 | |||||||||||
| USD | 32,086 | COP | 126,104,841 | CIT | 11/05/21 | — | 956 | |||||||||||
| USD | 19,816 | CZK | 430,458 | HSB | 10/20/21 | 150 | — | |||||||||||
| USD | 55,200 | CZK | 1,202,058 | JPM | 10/20/21 | 282 | — | |||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 133,082 | CZK | 2,892,142 | JPM | 10/20/21 | $ | 949 | $ | — | |||||||||
| USD | 95,678 | EUR | 80,774 | HSB | 10/20/21 | 2,086 | — | |||||||||||
| USD | 70,500 | EUR | 60,301 | JPM | 10/20/21 | 630 | — | |||||||||||
| USD | 28,524 | GBP | 20,534 | JPM | 10/20/21 | 856 | — | |||||||||||
| USD | 137,115 | GBP | 99,928 | JPM | 10/20/21 | 2,469 | — | |||||||||||
| USD | 101,998 | HUF | 30,952,740 | HSB | 10/20/21 | 2,291 | — | |||||||||||
| USD | 125,392 | HUF | 38,077,297 | JPM | 10/20/21 | 2,735 | — | |||||||||||
| USD | 35,588 | IDR | 515,847,348 | JPM | 01/28/22 | — | 43 | |||||||||||
| USD | 39,317 | MXN | 790,743 | JPM | 10/20/21 | 1,103 | — | |||||||||||
| USD | 342,957 | NOK | 3,010,441 | JPM | 10/20/21 | — | 1,378 | |||||||||||
| USD | 80,717 | NZD | 116,322 | CIT | 10/20/21 | 421 | — | |||||||||||
| USD | 60,070 | NZD | 86,560 | HSB | 10/20/21 | 318 | — | |||||||||||
| USD | 101,550 | NZD | 146,307 | JPM | 10/20/21 | 555 | — | |||||||||||
| USD | 85,061 | PEN | 346,707 | JPM | 11/05/21 | 1,268 | — | |||||||||||
| USD | 43,500 | PLN | 171,520 | HSB | 10/20/21 | 376 | — | |||||||||||
| USD | 90,442 | PLN | 347,130 | HSB | 10/20/21 | 3,165 | — | |||||||||||
| USD | 15,845 | PLN | 60,841 | JPM | 10/20/21 | 548 | — | |||||||||||
| USD | 130,930 | RON | 550,310 | HSB | 10/20/21 | 2,225 | — | |||||||||||
| USD | 8,583 | SGD | 11,641 | HSB | 10/20/21 | 10 | — | |||||||||||
| USD | 76,010 | SGD | 103,102 | JPM | 10/20/21 | 79 | — | |||||||||||
| USD | 17,172 | THB | 561,820 | HSB | 10/20/21 | 569 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 56,344 | $ | 67,586 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 84.9% | ||||||||
| Aerospace & Defense | 1.0% | ||||||||
| Howmet Aerospace, Inc., 3.000%, 01/15/29 | $ | 1,000 | $ | 1,008,600 | ||||
| The Boeing Co., 4.875%, 05/01/25 | 1,500 | 1,669,367 | ||||||
| Triumph Group, Inc., 6.250%, 09/15/24 (#) | 500 | 499,735 | ||||||
| 3,177,702 | ||||||||
| Airlines | 0.4% | ||||||||
| United Airlines Pass Through Trust, 4.150%, 04/11/24 | 1,213 | 1,280,296 | ||||||
| Auto Components | 2.0% | ||||||||
| BorgWarner, Inc., 5.000%, 10/01/25 (#) | 1,925 | 2,202,261 | ||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,100 | 2,068,280 | ||||||
| The Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 256,562 | ||||||
| 5.250%, 07/15/31 (#) | 1,500 | 1,597,500 | ||||||
| 6,124,603 | ||||||||
| Automobiles | 1.0% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 970,000 | ||||||
| Stellantis NV, 5.250%, 04/15/23 | 2,000 | 2,133,260 | ||||||
| 3,103,260 | ||||||||
| Building Products | 0.6% | ||||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,837,500 | ||||||
| Capital Markets | 1.2% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,567,500 | ||||||
| MPT Operating Partnership LP, 3.500%, 03/15/31 | 500 | 510,000 | ||||||
| MSCI, Inc., 3.250%, 08/15/33 (#) | 1,750 | 1,770,055 | ||||||
| 3,847,555 | ||||||||
| Chemicals | 2.7% | ||||||||
| Ashland LLC, 3.375%, 09/01/31 (#) | 1,000 | 1,008,750 | ||||||
| CF Industries, Inc., 3.450%, 06/01/23 | 1,150 | 1,200,312 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,000 | 1,081,250 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | $ | 775 | $ | 975,722 | ||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,750,000 | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | 1,500 | 1,481,250 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 1,028,750 | ||||||
| 8,526,034 | ||||||||
| Commercial Services & Supplies | 5.1% | ||||||||
| ACCO Brands Corp., 4.250%, 03/15/29 (#) | 2,000 | 2,008,200 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 2,046,900 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,991,162 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 2,075,000 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,760,937 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,820,250 | ||||||
| Pitney Bowes, Inc., 6.875%, 03/15/27 (#) | 2,000 | 2,105,000 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,439,070 | ||||||
| The ADT Security Corp.: | ||||||||
| 4.125%, 06/15/23 | 500 | 523,135 | ||||||
| 4.125%, 08/01/29 (#) | 250 | 248,473 | ||||||
| 16,018,127 | ||||||||
| Construction Materials | 0.6% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,848,000 | ||||||
| Consumer Finance | 0.7% | ||||||||
| Ford Motor Credit Co. LLC: | ||||||||
| 2.700%, 08/10/26 | 1,000 | 1,002,000 | ||||||
| 4.125%, 08/17/27 | 1,000 | 1,060,500 | ||||||
| 2,062,500 | ||||||||
| Containers & Packaging | 3.6% | ||||||||
| Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#) | 1,200 | 1,213,500 | ||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 1,245,600 | ||||||
| Ball Corp., 4.000%, 11/15/23 | 2,100 | 2,212,875 | ||||||
| Crown Americas LLC: | ||||||||
| 4.500%, 01/15/23 | 1,550 | 1,625,950 | ||||||
| 4.250%, 09/30/26 | 500 | 535,945 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | $ | 1,600 | $ | 1,624,000 | ||||
| Sealed Air Corp., 4.875%, 12/01/22 (#) | 1,700 | 1,761,625 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 100 | 102,750 | ||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | 750 | 929,100 | ||||||
| 11,251,345 | ||||||||
| Diversified Consumer Services | 0.7% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 2,097,500 | ||||||
| Diversified Financial Services | 1.7% | ||||||||
| INEOS Group Holdings SA, 5.625%, 08/01/24 (#) | 1,700 | 1,704,250 | ||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 1,007,730 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 968,750 | ||||||
| Suburban Propane Partners LP, 5.000%, 06/01/31 (#) | 1,750 | 1,815,625 | ||||||
| 5,496,355 | ||||||||
| Diversified Telecommunication Services | 2.9% | ||||||||
| Connect Finco SARL, 6.750%, 10/01/26 (#) | 1,500 | 1,571,250 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 2,357,602 | ||||||
| Lumen Technologies, Inc., 4.000%, 02/15/27 (#) | 1,100 | 1,123,980 | ||||||
| SBA Communications Corp., 4.875%, 09/01/24 | 2,000 | 2,033,450 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 2,000 | 1,990,460 | ||||||
| 9,076,742 | ||||||||
| Electric Utilities | 0.5% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,473,375 | ||||||
| Electrical Equipment | 1.6% | ||||||||
| Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#) | 2,000 | 1,930,440 | ||||||
| Sensata Tech, Inc., 4.375%, 02/15/30 (#) | 1,100 | 1,183,556 | ||||||
| Sensata Technologies, Inc., 3.750%, 02/15/31 (#) | 250 | 251,710 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,509,195 | ||||||
| 4,874,901 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Entertainment | 1.4% | ||||||||
| Live Nation Entertainment, Inc.: | ||||||||
| 4.875%, 11/01/24 (#) | $ | 1,550 | $ | 1,567,314 | ||||
| 3.750%, 01/15/28 (#) | 500 | 497,031 | ||||||
| Netflix, Inc., 4.375%, 11/15/26 | 500 | 558,750 | ||||||
| WMG Acquisition Corp., 3.000%, 02/15/31 (#) | 1,800 | 1,757,250 | ||||||
| 4,380,345 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.2% | ||||||||
| HAT Holdings I LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,522,500 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 523,750 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,267,875 | ||||||
| MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26 | 1,800 | 1,957,500 | ||||||
| Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#) | 1,500 | 1,543,837 | ||||||
| RHP Hotel Properties LP, 4.500%, 02/15/29 (#) | 1,750 | 1,753,535 | ||||||
| VICI Properties LP, 4.250%, 12/01/26 (#) | 1,500 | 1,566,495 | ||||||
| 10,135,492 | ||||||||
| Food & Staples Retailing | 1.9% | ||||||||
| Albertsons Cos, Inc., 3.500%, 03/15/29 (#) | 1,500 | 1,496,962 | ||||||
| Kraft Heinz Foods Co., 4.250%, 03/01/31 | 2,350 | 2,656,725 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,804,500 | ||||||
| 5,958,187 | ||||||||
| Food Products | 2.3% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,535,775 | ||||||
| Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#) | 2,000 | 2,034,160 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,976,260 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,712,673 | ||||||
| 7,258,868 | ||||||||
| Gas Utilities | 0.5% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,677,875 | ||||||
| Health Care Equipment & Supplies | 1.4% | ||||||||
| Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#) | 1,800 | 1,882,170 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | $ | 2,000 | $ | 2,105,000 | ||||
| Mozart Debt Merger Sub, Inc., 3.875%, 04/01/29 | 500 | 500,000 | ||||||
| 4,487,170 | ||||||||
| Health Care Providers & Services | 4.1% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,552,950 | ||||||
| DaVita, Inc., 4.625%, 06/01/30 (#) | 2,000 | 2,057,222 | ||||||
| Encompass Health Corp., 5.125%, 03/15/23 | 517 | 517,000 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 2,118,780 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,246,875 | ||||||
| Molina Healthcare, Inc., 5.375%, 11/15/22 | 1,700 | 1,752,615 | ||||||
| PRA Health Sciences, Inc., 2.875%, 07/15/26 (#) | 200 | 202,000 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 309 | 313,635 | ||||||
| 4.875%, 01/01/26 (#) | 1,000 | 1,034,920 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25 | 1,900 | 2,078,125 | ||||||
| 12,874,122 | ||||||||
| Hotels, Restaurants & Leisure | 6.8% | ||||||||
| 1011778 BC ULC, 3.875%, 01/15/28 (#) | 2,100 | 2,120,685 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 876,086 | ||||||
| 4.750%, 06/15/31 (#) | 250 | 257,813 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 2,117,500 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,592,625 | ||||||
| Golden Nugget, Inc., 6.750%, 10/15/24 (#) | 1,622 | 1,624,109 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,970,000 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,559,055 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 839,000 | ||||||
| Scientific Games International, Inc., 5.000%, 10/15/25 (#) | 1,750 | 1,800,312 | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | 1,850 | 1,867,344 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Station Casinos LLC, 5.000%, 10/01/25 (#) | $ | 899 | $ | 911,766 | ||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,000 | 2,040,000 | ||||||
| Yum! Brands, Inc., 4.625%, 01/31/32 | 1,500 | 1,601,250 | ||||||
| 21,177,545 | ||||||||
| Household Durables | 0.3% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,000 | 1,030,000 | ||||||
| Household Products | 1.0% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,220,694 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,845,000 | ||||||
| 3,065,694 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.1% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,530,000 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,881,250 | ||||||
| 3,411,250 | ||||||||
| Interactive Media & Services | 0.4% | ||||||||
| Twitter, Inc., 3.875%, 12/15/27 (#) | 1,250 | 1,334,375 | ||||||
| IT Services | 0.5% | ||||||||
| Square, Inc., 3.500%, 06/01/31 (#) | 1,450 | 1,487,309 | ||||||
| Machinery | 1.5% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,866,800 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 782,640 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 1,027,500 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 1,000 | 1,036,250 | ||||||
| 4,713,190 | ||||||||
| Media | 10.0% | ||||||||
| AMC Networks, Inc., 4.250%, 02/15/29 | 1,000 | 995,000 | ||||||
| CCO Holdings LLC: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 520,655 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,568,213 | ||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 2,069,620 | ||||||
| CSC Holdings LLC: | ||||||||
| 7.500%, 04/01/28 (#) | 1,690 | 1,826,513 | ||||||
| 4.500%, 11/15/31 (#) | 1,000 | 987,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Diamond Sports Group LLC, 5.375%, 08/15/26 (#) | $ | 1,500 | $ | 990,000 | ||||
| Entercom Media Corp., 6.750%, 03/31/29 (#) | 1,500 | 1,511,880 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 262,450 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,500,000 | ||||||
| Meredith Corp., 6.875%, 02/01/26 | 1,567 | 1,617,928 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,586,963 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,358,995 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,505,235 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| 5.125%, 02/15/27 (#) | 1,750 | 1,736,875 | ||||||
| 4.125%, 12/01/30 (#) | 1,000 | 977,500 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,828,750 | ||||||
| 3.875%, 09/01/31 (#) | 1,000 | 976,875 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,802,587 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 2,029,200 | ||||||
| Videotron, Ltd., 5.125%, 04/15/27 (#) | 500 | 517,500 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 2,032,500 | ||||||
| 31,202,739 | ||||||||
| Metals & Mining | 3.0% | ||||||||
| Anglo American Capital PLC, 4.875%, 05/14/25 (#) | 1,650 | 1,844,122 | ||||||
| FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,850,538 | ||||||
| Freeport-McMoRan, Inc., 4.550%, 11/14/24 | 2,200 | 2,378,750 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,579,050 | ||||||
| Steel Dynamics, Inc., 5.000%, 12/15/26 | 1,550 | 1,598,895 | ||||||
| 9,251,355 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | 1,743 | 1,756,073 | ||||||
| Oil, Gas & Consumable Fuels | 6.6% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,522,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | $ | 1,350 | $ | 1,390,500 | ||||
| Energy Transfer Operating LP, 5.875%, 01/15/24 | 750 | 824,267 | ||||||
| EQT Corp., 3.625%, 05/15/31 (#) | 1,750 | 1,823,500 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,870,812 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 1,000 | 1,014,000 | ||||||
| Murphy Oil Corp., 6.875%, 08/15/24 | 1,085 | 1,107,785 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,794,852 | ||||||
| Ovintiv Exploration, Inc., 5.625%, 07/01/24 | 1,600 | 1,774,154 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 950 | 966,920 | ||||||
| Southwestern Energy Co., 6.450%, 01/23/25 | 1,800 | 1,981,926 | ||||||
| Sunoco LP, 5.500%, 02/15/26 | 1,700 | 1,734,170 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,279,688 | ||||||
| Targa Resources Partners LP, 4.000%, 01/15/32 (#) | 1,500 | 1,550,175 | ||||||
| 20,635,249 | ||||||||
| Pharmaceuticals | 0.5% | ||||||||
| Bausch Health Cos., Inc.: | ||||||||
| 5.000%, 02/15/29 (#) | 1,500 | 1,396,875 | ||||||
| 5.250%, 02/15/31 (#) | 100 | 91,961 | ||||||
| 1,488,836 | ||||||||
| Professional Services | 1.2% | ||||||||
| IHS Markit, Ltd., 5.000%, 11/01/22 (#) | 1,500 | 1,554,150 | ||||||
| Nielsen Finance LLC: | ||||||||
| 5.625%, 10/01/28 (#) | 1,000 | 1,037,500 | ||||||
| 5.875%, 10/01/30 (#) | 1,000 | 1,052,870 | ||||||
| 3,644,520 | ||||||||
| Software | 1.9% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 1,200,000 | ||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 1,500 | 1,494,975 | ||||||
| J2 Global, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,593,750 | ||||||
| Nuance Communications, Inc., 5.625%, 12/15/26 | 1,500 | 1,552,500 | ||||||
| 5,841,225 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Specialty Retail | 2.1% | ||||||||
| Asbury Automotive Group, Inc., 4.500%, 03/01/28 | $ | 987 | $ | 1,012,909 | ||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 1,017,500 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,759,852 | ||||||
| QVC, Inc., 4.750%, 02/15/27 | 1,250 | 1,325,000 | ||||||
| The Gap, Inc., 3.625%, 10/01/29 (#) | 1,500 | 1,503,750 | ||||||
| 6,619,011 | ||||||||
| Technology Hardware, Storage & Peripherals | 2.2% | ||||||||
| Dell International LLC, 7.125%, 06/15/24 (#) | 1,525 | 1,559,313 | ||||||
| NCR Corp., 5.750%, 09/01/27 (#) | 1,000 | 1,054,600 | ||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | 2,083 | 2,181,942 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 2,215,040 | ||||||
| 7,010,895 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,844,990 | ||||||
| Trading Companies & Distributors | 2.7% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 1,123,375 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,563,435 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,573,837 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,903,400 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 1,000 | 1,049,630 | ||||||
| 3.875%, 11/15/27 | 1,100 | 1,152,250 | ||||||
| 8,365,927 | ||||||||
| Wireless Telecommunication Services | 0.8% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 569,100 | ||||||
| T-Mobile USA, Inc., 3.500%, 04/15/31 | 2,000 | 2,109,269 | ||||||
| 2,678,369 | ||||||||
| Total Corporate Bonds (Cost $258,580,407) | 265,426,406 | |||||||
| Description | Shares | Fair | ||||||
| Exchange-Traded Funds | 7.6% | ||||||||
| Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937) | 1,222,805 | $ | 23,820,242 | |||||
| Short-Term Investments | 6.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $21,372,691) | 21,372,691 | $ | 21,372,691 | |||||
| Total Investments | 99.3% (Cost $302,996,035) | $ | 310,619,339 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 2,122,307 | |||||||
| Net Assets | 100.0% | $ | 312,741,646 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 1.6% | ||||||||
| Automobiles | 0.2% | ||||||||
| Nissan Auto Lease Trust, 2.270%, 07/15/22 | $ | 137 | $ | 136,725 | ||||
| Specialty Retail | 1.4% | ||||||||
| Daimler Trucks Retail Trust, 1.220%, 09/15/23 | 1,213 | 1,219,548 | ||||||
| Total Asset-Backed Securities (Cost $1,349,331) | 1,356,273 | |||||||
| Corporate Bonds | 6.2% | ||||||||
| Banks | 3.3% | ||||||||
| Bank of America Corp., 3.300%, 01/11/23 | 2,650 | 2,750,109 | ||||||
| Capital Markets | 1.0% | ||||||||
| Morgan Stanley, 2.750%, 05/19/22 | 800 | 812,912 | ||||||
| Internet & Direct Marketing Retail | 1.9% | ||||||||
| eBay, Inc., 2.750%, 01/30/23 | 1,545 | 1,589,694 | ||||||
| Total Corporate Bonds (Cost $5,066,743) | 5,152,715 | |||||||
| US Government Securities | 0.6% | ||||||||
| Mortgage-Backed Securities | 0.6% | ||||||||
| Federal National Mortgage Association: Pool# FM1033, 4.500%, 01/01/27 (Cost $496,252) | 479 | 501,316 | ||||||
| US Treasury Securities | 90.8% | ||||||||
| US Treasury Notes: | ||||||||
| 1.500%, 01/31/22 | 3,125 | 3,140,039 | ||||||
| 1.875%, 01/31/22 | 6,090 | 6,126,878 | ||||||
| 1.875%, 07/31/22 | 9,035 | 9,169,819 | ||||||
| 1.875%, 10/31/22 | 20,060 | 20,441,610 | ||||||
| 2.000%, 11/30/22 | 14,590 | 14,906,876 | ||||||
| 0.125%, 01/31/23 | 14,240 | 14,232,769 | ||||||
| 1.625%, 04/30/23 | 7,555 | 7,724,102 | ||||||
| Total US Treasury Securities (Cost $75,733,048) | 75,742,093 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $401,858) | 401,858 | $ | 401,858 | |||||
| Total Investments | 99.7% (Cost $83,047,232) | $ | 83,154,255 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 289,574 | |||||||
| Net Assets | 100.0% | $ | 83,443,829 | ||||||
| Description | Shares | Fair Value | ||||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||||
| Common Stocks | 0.1% | ||||||||||
| United States | 0.1% | ||||||||||
| Alder Biopharmaceuticals, Inc. (*), (‡) | 3,247 | $ | 2,857 | |||||||
| Apollo Commercial Real Estate Finance, Inc. | 676 | 10,025 | ||||||||
| Kaman Corp. (±) | 7 | 250 | ||||||||
| KKR Real Estate Finance Trust, Inc. REIT | 542 | 11,436 | ||||||||
| Mesa Laboratories, Inc. (±) | 5 | 1,512 | ||||||||
| Pebblebrook Hotel Trust | 23 | 516 | ||||||||
| Starwood Property Trust, Inc. REIT | 191 | 4,662 | ||||||||
| Vishay Intertechnology, Inc. | 297 | 5,967 | ||||||||
| 37,225 | ||||||||||
| Total Common Stocks (Cost $37,144) | 37,225 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 127.4% | ||||||||||
| Australia | 0.8% | ||||||||||
| Afterpay, Ltd., 0.000%, 03/12/26 (±) | AUD | 400 | $ | 287,445 | ||||||
| Zip Co., Ltd., 0.000%, 04/23/28 (±) | AUD | 200 | 133,127 | |||||||
| 420,572 | ||||||||||
| Austria | 1.1% | ||||||||||
| ams AG, 2.125%, 11/03/27 (±) | EUR | 500 | 575,179 | |||||||
| Brazil | 0.8% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±) | USD | 452 | 413,279 | |||||||
| Canada | 4.3% | ||||||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 632 | 534,040 | |||||||
| Canopy Growth Corp., 4.250%, 07/15/23 (#), (±) | CAD | 662 | 504,366 | |||||||
| Dye & Durham, Ltd., 3.750%, 03/01/26 | CAD | 142 | 113,445 | |||||||
| Ivanhoe Mines, Ltd., 2.500%, 04/15/26 (±) | USD | 382 | 448,474 | |||||||
| Pretium Resources, Inc., 2.250%, 03/15/22 (±) | USD | 560 | 557,424 | |||||||
| 2,157,749 | ||||||||||
| China | 2.6% | ||||||||||
| Li Auto, Inc., 0.250%, 05/01/28 (#), (±) | USD | 313 | 369,536 | |||||||
| NIO, Inc.: | ||||||||||
| 0.000%, 02/01/26 (±) | USD | 661 | 569,704 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 0.500%, 02/01/27 (#), (±) | USD | 455 | $ | 372,668 | ||||||
| 1,311,908 | ||||||||||
| Germany | 1.8% | ||||||||||
| Delivery Hero SE, 1.500%, 01/15/28 (±) | EUR | 400 | 478,000 | |||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 400 | 449,750 | |||||||
| 927,750 | ||||||||||
| Israel | 0.8% | ||||||||||
| Fiverr International, Ltd., 0.000%, 11/01/25 (±) | USD | 342 | 389,880 | |||||||
| Italy | 0.5% | ||||||||||
| Kaleyra, Inc., 6.125%, 06/01/26 (±) | USD | 264 | 276,670 | |||||||
| Netherlands | 0.6% | ||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 300 | 298,837 | |||||||
| Singapore | 1.2% | ||||||||||
| SGX Treasury I Pte, Ltd., 0.000%, 03/01/24 (±) | EUR | 500 | 593,654 | |||||||
| Taiwan | 0.3% | ||||||||||
| Sea, Ltd., 0.250%, 09/15/26 (±) | USD | 150 | 152,550 | |||||||
| United States | 112.6% | ||||||||||
| 1Life Healthcare, Inc., 3.000%, 06/15/25 (±) | USD | 354 | 337,535 | |||||||
| Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±) | USD | 221 | 200,834 | |||||||
| Air Transport Services Group, Inc., 1.125%, 10/15/24 (±) | USD | 320 | 346,109 | |||||||
| Airbnb, Inc., 0.000%, 03/15/26 (±) | USD | 282 | 277,770 | |||||||
| Alphatec Holdings, Inc., 0.750%, 08/01/26 (±) | USD | 346 | 336,485 | |||||||
| Alteryx, Inc., 0.500%, 08/01/24 (±) | USD | 463 | 441,375 | |||||||
| Apollo Commercial Real Estate Finance, Inc., 4.750%, 08/23/22 (±) | USD | 436 | 440,104 | |||||||
| Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±) | USD | 770 | 859,994 | |||||||
| Atlas Air Worldwide Holdings, Inc.: | ||||||||||
| 2.250%, 06/01/22 (±) | USD | 706 | 841,022 | |||||||
| 1.875%, 06/01/24 (±) | USD | 463 | 673,954 | |||||||
| Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±) | USD | 510 | 589,560 | |||||||
| Avaya Holdings Corp., 2.250%, 06/15/23 (±) | USD | 649 | 683,072 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Avid SPV LLC, 1.250%, 03/15/26 (±) | USD | 349 | $ | 445,467 | ||||||
| Bandwidth, Inc., 0.500%, 04/01/28 (±) | USD | 170 | 145,946 | |||||||
| Bentley Systems, Inc., 0.125%, 01/15/26 (±) | USD | 414 | 478,382 | |||||||
| Beyond Meat, Inc., 0.000%, 03/15/27 (±) | USD | 424 | 365,435 | |||||||
| BigCommerce Holdings, Inc., 0.250%, 10/01/26 (±) | USD | 141 | 142,838 | |||||||
| BioMarin Pharmaceutical, Inc., 1.250%, 05/15/27 (±) | USD | 502 | 504,923 | |||||||
| Braemar Hotels & Resorts, Inc., 4.500%, 06/01/26 (±) | USD | 178 | 195,830 | |||||||
| Brookdale Senior Living, Inc., 2.000%, 10/15/26 | USD | 137 | 145,391 | |||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 198 | 201,366 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 360 | 575,677 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 450 | 501,462 | |||||||
| Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±) | USD | 360 | 359,461 | |||||||
| CSG Systems International, Inc., 4.250%, 03/15/36 (±) | USD | 863 | 892,220 | |||||||
| Cutera, Inc., 2.250%, 03/15/26 (±) | USD | 158 | 249,550 | |||||||
| DISH Network Corp., 3.375%, 08/15/26 (±) | USD | 538 | 560,596 | |||||||
| DraftKings, Inc., 0.000%, 03/15/28 (±) | USD | 419 | 371,024 | |||||||
| Dynavax Technologies Corp., 2.500%, 05/15/26 (±) | USD | 395 | 798,887 | |||||||
| Encore Capital Group, Inc.: | ||||||||||
| 3.250%, 03/15/22 (±) | USD | 394 | 452,115 | |||||||
| 3.250%, 10/01/25 (±) | USD | 203 | 283,365 | |||||||
| EZCORP, Inc., 2.875%, 07/01/24 (±) | USD | 370 | 386,419 | |||||||
| Fastly, Inc., 0.000%, 03/15/26 (±) | USD | 621 | 525,521 | |||||||
| FireEye, Inc., 0.875%, 06/01/24 (±) | USD | 452 | 482,792 | |||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 422 | 416,352 | |||||||
| Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±) | USD | 294 | 263,130 | |||||||
| Fortive Corp., 0.875%, 02/15/22 (±) | USD | 588 | 592,410 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 520 | $ | 473,223 | ||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 288 | 300,573 | |||||||
| Groupon, Inc., 1.125%, 03/15/26 (±) | USD | 506 | 393,251 | |||||||
| Guess?, Inc., 2.000%, 04/15/24 (±) | USD | 388 | 432,620 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 282 | 294,745 | |||||||
| Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±) | USD | 700 | 709,625 | |||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 967 | 965,123 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 348 | 324,510 | |||||||
| IIP Operating Partnership LP, 3.750%, 02/21/24 (±) | USD | 120 | 422,664 | |||||||
| Impinj, Inc., 2.000%, 12/15/26 (±) | USD | 258 | 471,805 | |||||||
| Innoviva, Inc., 2.125%, 01/15/23 (±) | USD | 884 | 953,062 | |||||||
| Inotiv, Inc., 3.250%, 10/15/27 (±) | USD | 207 | 202,188 | |||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 454 | 498,549 | |||||||
| Intercept Pharmaceuticals, Inc., 3.500%, 02/15/26 (±) | USD | 440 | 445,055 | |||||||
| Ironwood Pharmaceuticals, Inc., 1.500%, 06/15/26 (±) | USD | 285 | 344,116 | |||||||
| JetBlue Airways Corp., 0.500%, 04/01/26 (±) | USD | 142 | 139,848 | |||||||
| JPMorgan Chase Bank NA, 0.000%, 12/28/23 (±) | USD | 500 | 497,750 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 523 | 533,067 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 288 | 216,743 | |||||||
| KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±) | USD | 251 | 267,603 | |||||||
| LendingTree, Inc., 0.500%, 07/15/25 (±) | USD | 415 | 355,008 | |||||||
| Liberty Broadband Corp.: | ||||||||||
| 1.250%, 09/30/50 (±) | USD | 752 | 767,416 | |||||||
| 2.750%, 09/30/50 (±) | USD | 767 | 811,596 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 497 | 390,058 | |||||||
| 3.750%, 02/15/30 (±) | USD | 398 | 310,185 | |||||||
| Liberty Media Corp-Liberty Formula One, 1.000%, 01/30/23 (±) | USD | 373 | 530,846 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Liberty Media Corp.: | ||||||||||
| 1.375%, 10/15/23 (±) | USD | 172 | $ | 235,032 | ||||||
| 2.125%, 03/31/48 (±) | USD | 755 | 783,312 | |||||||
| 2.750%, 12/01/49 (±) | USD | 654 | 680,814 | |||||||
| Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±) | USD | 422 | 424,830 | |||||||
| Live Nation Entertainment, Inc., 2.000%, 02/15/25 (±) | USD | 443 | 509,893 | |||||||
| Magnite, Inc., 0.250%, 03/15/26 (±) | USD | 689 | 593,933 | |||||||
| MannKind Corp., 2.500%, 03/01/26 (±) | USD | 475 | 530,008 | |||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 (±) | USD | 339 | 380,951 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 202 | 247,665 | |||||||
| MicroStrategy, Inc., 0.000%, 02/15/27 (±) | USD | 423 | 313,520 | |||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 390 | 437,931 | |||||||
| MP Materials Corp., 0.250%, 04/01/26 (±) | USD | 506 | 516,064 | |||||||
| Nutanix, Inc., 0.250%, 10/01/27 (±) | USD | 339 | 335,517 | |||||||
| NuVasive, Inc.: | ||||||||||
| 1.000%, 06/01/23 (±) | USD | 773 | 791,842 | |||||||
| 0.375%, 03/15/25 (±) | USD | 166 | 160,709 | |||||||
| Omeros Corp., 5.250%, 02/15/26 (±) | USD | 335 | 361,230 | |||||||
| Opendoor Technologies, Inc., 0.250%, 08/15/26 (±) | USD | 621 | 779,743 | |||||||
| OSI Systems, Inc., 1.250%, 09/01/22 (±) | USD | 557 | 577,539 | |||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 99 | 107,044 | |||||||
| PAR Technology Corp., 1.500%, 10/15/27 (±) | USD | 330 | 355,162 | |||||||
| Parsons Corp., 0.250%, 08/15/25 (±) | USD | 452 | 455,502 | |||||||
| Patrick Industries, Inc., 1.000%, 02/01/23 (±) | USD | 577 | 658,501 | |||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 476 | 533,834 | |||||||
| PennyMac Corp.: | ||||||||||
| 5.500%, 11/01/24 (±) | USD | 721 | 739,025 | |||||||
| 5.500%, 03/15/26 (±) | USD | 490 | 503,935 | |||||||
| PetIQ, Inc., 4.000%, 06/01/26 (±) | USD | 188 | 226,408 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (±) | USD | 354 | 354,443 | |||||||
| PRA Group, Inc., 3.500%, 06/01/23 (±) | USD | 638 | 708,331 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Pure Storage, Inc., 0.125%, 04/15/23 (±) | USD | 111 | $ | 128,660 | ||||||
| Radius Global Infrastructure, Inc., 2.500%, 09/15/26 (±) | USD | 400 | 396,651 | |||||||
| Rapid7, Inc., 0.250%, 03/15/27 (±) | USD | 424 | 530,381 | |||||||
| Realogy Group LLC, 0.250%, 06/15/26 (±) | USD | 369 | 372,921 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 194 | 174,483 | |||||||
| Redwood Trust, Inc., 4.750%, 08/15/23 (±) | USD | 838 | 858,950 | |||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27 (±) | USD | 508 | 585,927 | |||||||
| Royal Caribbean Cruises, Ltd., 2.875%, 11/15/23 (±) | USD | 597 | 774,607 | |||||||
| Shift Technologies, Inc., 4.750%, 05/15/26 (±) | USD | 365 | 407,690 | |||||||
| Shift4 Payments, Inc., 0.500%, 08/01/27 (±) | USD | 60 | 59,848 | |||||||
| SmileDirectClub, Inc., 0.000%, 02/01/26 (±) | USD | 721 | 512,593 | |||||||
| SoFi Technologies, Inc., 0.010%, 10/15/26 | USD | 228 | 234,413 | |||||||
| Spirit Airlines, Inc., 1.000%, 05/15/26 (±) | USD | 263 | 247,724 | |||||||
| Splunk, Inc., 1.125%, 06/15/27 (±) | USD | 498 | 490,841 | |||||||
| Spotify USA, Inc., 0.000%, 03/15/26 (±) | USD | 124 | 112,034 | |||||||
| Starwood Property Trust, Inc., 4.375%, 04/01/23 (±) | USD | 196 | 206,439 | |||||||
| Stride, Inc., 1.125%, 09/01/27 (±) | USD | 423 | 422,408 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 432 | 455,881 | |||||||
| Sunnova Energy International, Inc., 0.250%, 12/01/26 (±) | USD | 424 | 484,526 | |||||||
| SunPower Corp., 4.000%, 01/15/23 (±) | USD | 335 | 414,952 | |||||||
| Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±) | USD | 353 | 297,226 | |||||||
| TechTarget, Inc., 0.125%, 12/15/25 (±) | USD | 391 | 518,768 | |||||||
| The Beauty Health Co., 1.250%, 10/01/26 (±) | USD | 520 | 577,200 | |||||||
| The Chefs’ Warehouse, Inc.: | ||||||||||
| 1.875%, 12/01/24 (±) | USD | 233 | 249,490 | |||||||
| 1.875%, 12/01/24 (#), (±) | USD | 667 | 714,205 | |||||||
| The Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 472 | 493,712 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| The Marcus Corp., 5.000%, 09/15/25 (±) | USD | 128 | $ | 231,040 | ||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 396 | 407,333 | |||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 338 | 465,172 | |||||||
| Upwork, Inc., 0.250%, 08/15/26 (±) | USD | 456 | 466,916 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 526 | 809,914 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 387 | 399,501 | |||||||
| Vroom, Inc., 0.750%, 07/01/26 (±) | USD | 472 | 380,528 | |||||||
| Wayfair, Inc., 0.625%, 10/01/25 (±) | USD | 482 | 484,169 | |||||||
| Workday, Inc., 0.250%, 10/01/22 | USD | 198 | 339,449 | |||||||
| Zogenix, Inc., 2.750%, 10/01/27 (±) | USD | 515 | 493,347 | |||||||
| 56,918,219 | ||||||||||
| Total Convertible Corporate Bonds (Cost $63,735,629) | 64,436,247 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Purchased Options | 0.0% | ||||||||||||||||
| Call | ||||||||||||||||
| 1Life Healthcare, Inc. Expires 10/15/21 | MSC | 4 | $ | 30 | $ | 400 | $ | 20 | ||||||||
| Alteryx, Inc. Expires 10/15/21 | MSC | 3 | 80 | 300 | 183 | |||||||||||
| Alteryx, Inc. Expires 10/15/21 | MSC | 3 | 85 | 300 | 93 | |||||||||||
| Carnival Corp. Expires 01/21/22 | MSC | 8 | 30 | 800 | 848 | |||||||||||
| Cinemark Holdings, Inc. Expires 01/21/22 | MSC | 15 | 25 | 1,500 | 1,275 | |||||||||||
| Gol Linhas Aereas Inteligents Expires 01/21/22 | MSC | 23 | 9 | 2,300 | 1,265 | |||||||||||
| Gol Linhas Aereas Inteligents Expires 10/15/21 | MSC | 23 | 10 | 2,300 | 115 | |||||||||||
| Helix Energy Solutions Group, Inc. Expires 12/17/21 | MSC | 16 | 5 | 1,600 | 240 | |||||||||||
| Karyopharm Therapeutics, Inc. Expires 11/19/21 | MSC | 7 | 8 | 700 | 315 | |||||||||||
| Norwegian Cruise Line Holdings Expires 01/21/22 | MSC | 15 | 33 | 1,500 | 1,830 | |||||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| NuVasive, Inc. Expires 12/17/21 | MSC | 5 | $ | 70 | $ | 500 | $ | 425 | ||||||||
| Pebblebrook Hotel Trust Expires 12/17/21 | MSC | 8 | 30 | 800 | 40 | |||||||||||
| PetIQ, Inc. Expires 10/15/21 | MSC | 4 | 29 | 400 | 20 | |||||||||||
| PetIQ, Inc. Expires 10/15/21 | MSC | 4 | 30 | 400 | 40 | |||||||||||
| SmileDirectClub, Inc. Expires 10/15/21 | MSC | 23 | 6 | 2,300 | 529 | |||||||||||
| SmileDirectClub, Inc. Expires 10/15/21 | MSC | 15 | 7 | 1,500 | 225 | |||||||||||
| SmileDirectClub, Inc. Expires 10/01/21 | MSC | 9 | 7 | 900 | 9 | |||||||||||
| Spirit Airlines, Inc. Expires 01/21/22 | MSC | 8 | 30 | 800 | 1,232 | |||||||||||
| Vroom, Inc., Expires 12/17/21 | MSC | 2 | 35 | 200 | 60 | |||||||||||
| Zogenix, Inc. Expires 12/17/21 | MSC | 4 | 19 | 400 | 40 | |||||||||||
| Put | ||||||||||||||||
| Alphatec Holdings, Inc. Expires 10/15/21 | MSC | 4 | 13 | 400 | 80 | |||||||||||
| American Airlines Group Expires 01/20/23 | MSC | 7 | 10 | 700 | 490 | |||||||||||
| Braemar Hotels & Resorts, Inc. Expires 10/15/21 | MSC | 1 | 5 | 100 | 25 | |||||||||||
| The chef’s Warehouse, Inc. Expires 10/15/21 | MSC | 23 | 25 | 2,300 | 460 | |||||||||||
| Cinemark Holdings, Inc. Expires 01/21/22 | MSC | 33 | 10 | 3,300 | 660 | |||||||||||
| Coherus Biosciences, Inc. Expires 11/19/21 | MSC | 1 | 13 | 100 | 15 | |||||||||||
| DraftKings, Inc. Expires 10/15/21 | MSC | 6 | 50 | 600 | 1,704 | |||||||||||
| Gol Linhas Aereas Inteligents Expires 10/15/21 | MSC | 11 | 4 | 1100 | 0 | |||||||||||
| Gossamer Bio, Inc. Expires 11/19/21 | MSC | 8 | 10 | 800 | 440 | |||||||||||
| Gossamer Bio, Inc. Expires 10/15/21 | MSC | 8 | 10 | 800 | 200 | |||||||||||
| The Greenbrier Cos., Inc. Expires 10/15/21 | MSC | 8 | 40 | 800 | 360 | |||||||||||
| Guess?, Inc.. Expires 10/15/21 | MSC | 8 | 19 | 800 | 200 | |||||||||||
| Insmed, Inc. Expires 11/19/21 | MSC | 1 | 21 | 100 | 20 | |||||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||
| Kaleyra, Inc. Expires 10/15/21 | MSC | 4 | $ | 10 | $ | 400 | $ | 60 | ||||||||
| The Marcus Corp. Expires 12/17/21 | MSC | 6 | 10 | 600 | 30 | |||||||||||
| Oil States International, Inc. Expires 10/15/21 | MSC | 15 | 5 | 1,500 | 150 | |||||||||||
| Realogy Holdings Corp. Expires 10/15/21 | MSC | 31 | 15 | 3,100 | 124 | |||||||||||
| Total Purchased Options (Cost $22,851) | 13,822 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 32.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $16,532,532) | 16,532,532 | $ | 16,532,532 | |||||
| Total Investments excluding Securities Sold Short | 160.2% (Cost $80,328,156) | $ | 81,019,826 | ||||||
| Securities Sold Short | (57.3)% | ||||||||
| Common Stocks | (41.7)% | ||||||||
| Australia | (0.2)% | ||||||||
| Afterpay, Ltd. | (770 | ) | (66,614 | ) | ||||
| Zip Co., Ltd. | (7,993 | ) | (39,557 | ) | ||||
| (106,171 | ) | |||||||
| Austria | (0.3)% | ||||||||
| ams AG | (7,361 | ) | (134,390 | ) | ||||
| Brazil | 0.0% | ||||||||
| Gol Linhas Aereas Inteligentes SA ADR | (270 | ) | (2,060 | ) | ||||
| Canada | (0.6)% | ||||||||
| Canopy Growth Corp. | (2,389 | ) | (33,102 | ) | ||||
| Dye & Durham, Ltd. | (717 | ) | (23,289 | ) | ||||
| Ivanhoe Mines, Ltd., Class A | (34,854 | ) | (222,894 | ) | ||||
| Pretium Resources, Inc. | (736 | ) | (7,095 | ) | ||||
| (286,380 | ) | |||||||
| China | (0.8)% | ||||||||
| Li Auto, Inc. ADR | (8,503 | ) | (223,544 | ) | ||||
| NIO, Inc. ADR | (5,704 | ) | (203,233 | ) | ||||
| (426,777 | ) | |||||||
| Germany | (0.5)% | ||||||||
| Delivery Hero SE | (1,618 | ) | (207,193 | ) | ||||
| Just Eat Takeaway.com NV | (1,063 | ) | (77,461 | ) | ||||
| (284,654 | ) | |||||||
| Description | Shares | Fair Value | ||||||
| Israel | (0.4)% | ||||||||
| Fiverr International, Ltd. | (1,171 | ) | $ | (213,918 | ) | |||
| Netherlands | (0.1)% | ||||||||
| Pharming Group NV | (29,509 | ) | (27,806 | ) | ||||
| Singapore | 0.0% | ||||||||
| Singapore Exchange, Ltd. | (900 | ) | (6,586 | ) | ||||
| Taiwan | (0.1)% | ||||||||
| Sea, Ltd. ADR | (176 | ) | (56,096 | ) | ||||
| United States | (38.7)% | ||||||||
| 1Life Healthcare, Inc. | (2,394 | ) | (48,479 | ) | ||||
| Aerie Pharmaceuticals, Inc. | (3,237 | ) | (36,902 | ) | ||||
| Air Transport Services Group, Inc. | (5,396 | ) | (139,271 | ) | ||||
| Airbnb, Inc., Class A | (250 | ) | (41,938 | ) | ||||
| Alphatec Holdings, Inc. | (12,843 | ) | (156,556 | ) | ||||
| Alteryx, Inc., Class A | (436 | ) | (31,872 | ) | ||||
| Atlas Air Worldwide Holdings, Inc. | (13,130 | ) | (1,072,458 | ) | ||||
| Avadel Pharmaceuticals PLC ADR | (21,186 | ) | (207,623 | ) | ||||
| Avaya Holdings Corp. | (9,347 | ) | (184,977 | ) | ||||
| Avid Bioservices, Inc. | (12,968 | ) | (279,720 | ) | ||||
| Bandwidth, Inc., Class A | (582 | ) | (52,543 | ) | ||||
| BigCommerce Holdings, Inc. | (1,116 | ) | (56,514 | ) | ||||
| BioMarin Pharmaceutical, Inc. | (1,273 | ) | (98,390 | ) | ||||
| Braemar Hotels & Resorts, Inc. REIT | (16,554 | ) | (80,287 | ) | ||||
| Brookdale Senior Living, Inc. | (10,824 | ) | (68,191 | ) | ||||
| Century Aluminum Co. | (8,834 | ) | (118,817 | ) | ||||
| Charter Communications, Inc., Class A | (654 | ) | (475,824 | ) | ||||
| Coherus Biosciences, Inc. | (16,828 | ) | (270,426 | ) | ||||
| Collegium Pharmaceutical, Inc. | (7,934 | ) | (156,617 | ) | ||||
| CSG Systems International, Inc. | (2,325 | ) | (112,065 | ) | ||||
| Cutera, Inc. | (4,087 | ) | (190,454 | ) | ||||
| DISH Network Corp., Class A | (4,892 | ) | (212,606 | ) | ||||
| DraftKings, Inc., Class A | (2,824 | ) | (136,004 | ) | ||||
| Dynavax Technologies Corp. | (33,983 | ) | (652,813 | ) | ||||
| Encore Capital Group, Inc. | (9,691 | ) | (477,476 | ) | ||||
| EZCORP, Inc. Class A | (22,884 | ) | (173,232 | ) | ||||
| Fastly, Inc., Class A | (2,185 | ) | (88,361 | ) | ||||
| FireEye, Inc. | (9,582 | ) | (170,560 | ) | ||||
| Fisker, Inc. | (1,790 | ) | (26,224 | ) | ||||
| Flexion Therapeutics, Inc. | (2,515 | ) | (15,342 | ) | ||||
| fuboTV, Inc. | (5,431 | ) | (130,127 | ) | ||||
| Gossamer Bio, Inc. | (16,113 | ) | (202,540 | ) | ||||
| Groupon, Inc. | (3,184 | ) | (72,627 | ) | ||||
| Guess?, Inc. | (9,239 | ) | (194,111 | ) | ||||
| Helix Energy Solutions Group, Inc. | (29,642 | ) | (115,011 | ) | ||||
| Herbalife Nutrition, Ltd. | (2,943 | ) | (124,724 | ) | ||||
| I3 Verticals, Inc., Class A | (4,276 | ) | (103,522 | ) | ||||
| Impinj, Inc. | (6,677 | ) | (381,457 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Innovative Industrial Properties, Inc. REIT | (1,792 | ) | $ | (414,257 | ) | |||
| Innoviva, Inc. | (19,227 | ) | (321,283 | ) | ||||
| Inotiv, Inc. | (2,848 | ) | (83,276 | ) | ||||
| Insmed, Inc. | (10,831 | ) | (298,286 | ) | ||||
| Intercept Pharmaceuticals, Inc. | (15,824 | ) | (234,986 | ) | ||||
| Ironwood Pharmaceuticals, Inc. | (15,774 | ) | (206,008 | ) | ||||
| JetBlue Airways Corp. | (1,222 | ) | (18,684 | ) | ||||
| Karyopharm Therapeutics, Inc. | (10,743 | ) | (62,524 | ) | ||||
| LendingTree, Inc. | (220 | ) | (30,763 | ) | ||||
| Liberty Media Corp-Liberty Formula One, Class A | (688 | ) | (32,370 | ) | ||||
| Liberty Media Corp-Liberty Formula One, Class C | (9,070 | ) | (466,289 | ) | ||||
| Liberty Media Corp-Liberty SiriusXM, Class A | (3,048 | ) | (143,774 | ) | ||||
| Ligand Pharmaceuticals, Inc. | (356 | ) | (49,598 | ) | ||||
| Live Nation Entertainment, Inc. | (2,484 | ) | (226,367 | ) | ||||
| Magnite, Inc. | (6,393 | ) | (179,004 | ) | ||||
| MannKind Corp. | (69,943 | ) | (304,252 | ) | ||||
| Marriott Vacations Worldwide Corp. | (1,347 | ) | (211,924 | ) | ||||
| MicroStrategy, Inc., Class A | (219 | ) | (126,670 | ) | ||||
| Mitek Systems, Inc. | (13,866 | ) | (256,521 | ) | ||||
| Nutanix, Inc., Class A | (3,456 | ) | (130,291 | ) | ||||
| NuVasive, Inc. | (3,781 | ) | (226,293 | ) | ||||
| Omeros Corp. | (14,189 | ) | (195,666 | ) | ||||
| Opendoor Technologies, Inc. | (24,736 | ) | (507,830 | ) | ||||
| OSI Systems, Inc. | (1,794 | ) | (170,071 | ) | ||||
| Pacira BioSciences, Inc. | (809 | ) | (45,304 | ) | ||||
| PAR Technology Corp. | (3,240 | ) | (199,292 | ) | ||||
| Parsons Corp. | (5,128 | ) | (173,121 | ) | ||||
| Patrick Industries, Inc. | (4,205 | ) | (350,277 | ) | ||||
| PennyMac Mortgage Investment Trust REIT | (103 | ) | (2,028 | ) | ||||
| PetIQ, Inc. | (4,559 | ) | (113,838 | ) | ||||
| Porch Group, Inc. | (8,780 | ) | (155,230 | ) | ||||
| PRA Group, Inc. | (6,568 | ) | (276,776 | ) | ||||
| Pure Storage, Inc., Class A | (2,236 | ) | (56,258 | ) | ||||
| Radius Global Infrastructure, Inc. | (11,462 | ) | (187,174 | ) | ||||
| Rapid7, Inc. | (3,176 | ) | (358,952 | ) | ||||
| Realogy Holdings Corp. | (10,021 | ) | (175,768 | ) | ||||
| Redfin Corp. | (1,160 | ) | (58,116 | ) | ||||
| Revance Therapeutics, Inc. | (12,242 | ) | (341,062 | ) | ||||
| Royal Caribbean Cruises, Ltd. | (5,450 | ) | (484,778 | ) | ||||
| Shift Technologies, Inc. | (32,653 | ) | (226,612 | ) | ||||
| Shift4 Payments, Inc., Class A | (313 | ) | (24,264 | ) | ||||
| Sirius XM Holdings, Inc. | (5,071 | ) | (30,933 | ) | ||||
| SmileDirectClub, Inc. | (21,549 | ) | (114,641 | ) | ||||
| SoFi Technologies, Inc. | (6,572 | ) | (104,363 | ) | ||||
| Description | Shares | Fair Value | ||||||||
| Spirit Airlines, Inc. | (3,120 | ) | $ | (80,933 | ) | |||||
| Splunk, Inc. | (875 | ) | (126,621 | ) | ||||||
| Spotify Technology SA | (82 | ) | (18,478 | ) | ||||||
| Stride, Inc. | (5,448 | ) | (195,801 | ) | ||||||
| Summit Hotel Properties, Inc. REIT | (22,493 | ) | (216,608 | ) | ||||||
| Sunnova Energy International, Inc. | (10,304 | ) | (339,414 | ) | ||||||
| SunPower Corp. | (8,309 | ) | (188,448 | ) | ||||||
| Tabula Rasa HealthCare, Inc. | (2,378 | ) | (62,327 | ) | ||||||
| TechTarget, Inc. | (4,500 | ) | (370,890 | ) | ||||||
| The Chefs’ Warehouse, Inc. | (10,691 | ) | (348,206 | ) | ||||||
| The Marcus Corp. | (10,384 | ) | (181,201 | ) | ||||||
| Upstart Holdings, Inc. | (929 | ) | (293,973 | ) | ||||||
| Upwork, Inc. | (4,255 | ) | (191,603 | ) | ||||||
| Varex Imaging Corp. | (21,869 | ) | (616,706 | ) | ||||||
| Vroom, Inc. | (4,220 | ) | (93,135 | ) | ||||||
| Wayfair, Inc., Class A | (626 | ) | (159,949 | ) | ||||||
| Workday, Inc., Class A | (1,278 | ) | (319,359 | ) | ||||||
| Zogenix, Inc. | (14,769 | ) | (224,341 | ) | ||||||
| (19,560,428 | ) | |||||||||
| Total Common Stock (Proceeds $21,057,972) |
(21,105,266 | ) | ||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| US Treasury Securities | (15.6)% | ||||||||||
| U.S. Treasury Bills 0.000%, 10/19/21 | USD | (7,500 | ) | $ | (7,499,733 | ) | ||||
| U.S. Treasury Notes 1.250%, 08/15/31 | USD | (401 | ) | (391,288 | ) | |||||
| (Proceeds $7,895,979) | (7,891,021 | ) | ||||||||
| Total Securities Sold Short (Proceeds $28,953,951) | (28,996,287 | ) | ||||||||
| Total Investments | 102.9% (Cost and short proceeds $51,374,205) | 52,023,539 | |||||||||
| Liabilities in Excess of Cash and Other Assets | (2.9)% | (1,458,585 | ) | ||||||||
| Net Assets | 100.0% | $ | 50,564,954 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at September 30, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | 113,772 | AUD | 157,000 | SSB | 12/22/21 | $ | 224 | $ | — | |||||||||||||
| USD | 318,140 | CAD | 407,000 | SSB | 12/22/21 | — | 3,200 | |||||||||||||||
| USD | 1,819,411 | EUR | 1,548,000 | SSB | 12/22/21 | 23,230 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 23,454 | $ | 3,200 | ||||||||||||||||||
Written Options open at September 30, 2021:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||
| Put | ||||||||||||||||||||||
| Carnival Corp. | MSC | 8 | $ 22.50 | 01/21/22 | $ | 8 | $ | 823 | $ | (1,168 | ) | |||||||||||
| Cinemark Holdings, Inc. | MSC | 15 | 15.00 | 01/21/22 | 15 | 1,276 | (1,500 | ) | ||||||||||||||
| Gol Linhas Aereas Inteligents | MSC | 23 | 7.00 | 01/21/22 | 23 | 1,179 | (1,725 | ) | ||||||||||||||
| Norwegian Cruise Line Holdings | MSC | 15 | 25.00 | 01/21/22 | 15 | 2,475 | (3,375 | ) | ||||||||||||||
| NuVasive, Inc. | MSC | 5 | 60.00 | 12/17/21 | 5 | 1,264 | (2,250 | ) | ||||||||||||||
| Spirit Airlines, Inc. | MSC | 8 | 22.50 | 01/21/22 | 8 | 871 | (1,168 | ) | ||||||||||||||
| Total Written Options | 74 | $ | 7,888 | $ | (11,186 | ) | ||||||||||||||||
Total Return Swap Agreements open at September 30, 2021
| Currency | Reference Entity | Counterparty | Notional Amount | Final Valuation Date | Receive | Receive | Payable | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | Arbor Realty Trust, Inc. | BOA | 496,580 | 9/23/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | $ | — | $ | 4,081 | |||||||||||||||
| USD | ApolloCommercial Real Estate Finance, Inc. | BOA | 55,139 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 847 | — | |||||||||||||||||
| USD | The Beauty Health Co. | BOA | 313,869 | 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | — | |||||||||||||||||
| USD | Bentley Systems, Inc. Class B | BOA | 289,177 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 15,812 | — | |||||||||||||||||
| USD | Beyond Meat, Inc. | BOA | 125,046 | 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | — | |||||||||||||||||
| USD | Cinemark Holdings, Inc. | BOA | 409,192 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 8,030 | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Reference Entity | Counter party | Notional Amount | Final Valuation Date | Receive | Receive | Payable | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | Fisker, Inc. | BOA | 253,109 | 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | — | |||||||||||||||||
| USD | Fortive Corp. | BOA | 11,868 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 435 | — | |||||||||||||||||
| USD | Gol Linhas Aereas Inteligentes SA ADR | BOA | 58,394 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 4,175 | — | |||||||||||||||||
| USD | The Greenbrier Cos., Inc. | BOA | 243,495 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 172 | |||||||||||||||||
| USD | Hope Bancorp, Inc. | BOA | 83,494 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 1,977 | |||||||||||||||||
| USD | Kaleyra, Inc. | BOA | 82,501 | 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | — | |||||||||||||||||
| USD | KKR Real Estate Finance Trust, Inc. | BOA | 93,768 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 2,068 | — | |||||||||||||||||
| USD | Mesa Laboratories, Inc. | BOA | 180,643 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 9,507 | — | |||||||||||||||||
| USD | MP Materials Corp. | BOA | 282,571 | 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | — | |||||||||||||||||
| USD | Pebblebrook Hotel Trust | BOA | 313,656 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 11,950 | — | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
| Currency | Reference Entity | Counter party | Notional Amount | Final Valuation Date | Receive | Receive | Payable | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | PennyMac Mortgage Investment Trust REIT | BOA | 337,973 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 892 | |||||||||||||||||
| USD | Redwood Trust, Inc. | BOA | 109,559 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 96 | |||||||||||||||||
| USD | Sirius XM Holdings, Inc. | BOA | 300,313 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | — | 2,107 | |||||||||||||||||
| USD | Starwood Property Trust, Inc. | BOA | 76,167 | 9/26/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 2,961 | — | |||||||||||||||||
| USD | Two Harbors Investment Corp. | BOA | 139,602 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 5,981 | — | |||||||||||||||||
| USD | Vishay Intertechnology, Inc. | BOA | 55,643 | 9/26/2022- 9/30/2022 | Depreciation, and dividend expenses (if applicable) | 0.00% | Appreciation, and Dividends paid. | At maturity | 1,621 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | 55,357 | 17,355 | |||||||||||||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 68.5% | ||||||||
| Australia | 1.0% | ||||||||
| Champion Iron, Ltd. (*) | 2,003 | $ | 6,877 | |||||
| Charter Hall Long Wale REIT | 901 | 3,201 | ||||||
| CSL, Ltd. | 28 | 5,905 | ||||||
| Dexus REIT | 8,321 | 64,383 | ||||||
| Domino’s Pizza Enterprises, Ltd. | 99 | 11,414 | ||||||
| Fortescue Metals Group, Ltd. | 2,962 | 31,236 | ||||||
| Healius, Ltd. | 3,250 | 11,163 | ||||||
| Santos, Ltd. | 3,064 | 15,797 | ||||||
| Sonic Healthcare, Ltd. | 403 | 11,832 | ||||||
| 161,808 | ||||||||
| Belgium | 0.2% | ||||||||
| Ageas SA | 333 | 16,480 | ||||||
| Cofinimmo SA REIT | 19 | 2,868 | ||||||
| Etablissements Franz Colruyt NV | 135 | 6,877 | ||||||
| Proximus SADP | 137 | 2,709 | ||||||
| Warehouses De Pauw CVA REIT | 72 | 2,910 | ||||||
| 31,844 | ||||||||
| Canada | 2.6% | ||||||||
| CAE, Inc. (*) | 1,308 | 39,070 | ||||||
| Canadian National Railway Co. | 447 | 51,696 | ||||||
| Canadian Pacific Railway, Ltd. | 40 | 2,612 | ||||||
| Canadian Western Bank | 553 | 16,010 | ||||||
| Empire Co., Ltd., Class A | 252 | 7,680 | ||||||
| Enbridge, Inc. | 289 | 11,513 | ||||||
| H&R Real Estate Investment Trust | 1,265 | 15,610 | ||||||
| Hydro One, Ltd. | 298 | 7,044 | ||||||
| Labrador Iron Ore Royalty Corp. | 502 | 13,959 | ||||||
| Loblaw Cos., Ltd. | 611 | 41,930 | ||||||
| Manulife Financial Corp. | 1,143 | 22,001 | ||||||
| Metro, Inc. | 308 | 15,050 | ||||||
| Quebecor, Inc., Class B | 446 | 10,778 | ||||||
| Shopify, Inc. Class A (*) | 9 | 12,216 | ||||||
| Suncor Energy, Inc. | 2,414 | 50,049 | ||||||
| The Toronto-Dominion Bank | 789 | 52,192 | ||||||
| Thomson Reuters Corp. | 121 | 13,379 | ||||||
| Tourmaline Oil Corp. | 1,192 | 41,644 | ||||||
| Vermilion Energy, Inc. (*) | 1,600 | 15,816 | ||||||
| 440,249 | ||||||||
| China | 0.2% | ||||||||
| SITC International Holdings Co., Ltd. | 8,000 | 28,521 | ||||||
| Denmark | 0.9% | ||||||||
| AP Moller-Maersk A/S, Class B | 4 | 10,820 | ||||||
| Carlsberg A/S, Class B Sponsored ADR | 1,639 | 53,776 | ||||||
| Description | Shares | Fair Value | ||||||
| Coloplast A/S, Class B | 23 | $ | 3,605 | |||||
| Novo Nordisk A/S, Class B | 504 | 48,477 | ||||||
| Vestas Wind Systems A/S ADR | 2,618 | 35,395 | ||||||
| 152,073 | ||||||||
| Finland | 0.0% | ||||||||
| Elisa Oyj | 41 | 2,546 | ||||||
| France | 2.0% | ||||||||
| Arkema SA | 93 | 12,302 | ||||||
| BNP Paribas SA | 945 | 60,532 | ||||||
| Bureau Veritas SA ADR (*) | 601 | 37,196 | ||||||
| Cie de Saint-Gobain | 478 | 32,194 | ||||||
| Cie Generale des Etablissements Michelin SCA | 61 | 9,362 | ||||||
| Credit Agricole SA | 788 | 10,872 | ||||||
| Electricite de France SA | 2,526 | 31,721 | ||||||
| Hermes International | 2 | 2,764 | ||||||
| La Francaise des Jeux SAEM | 315 | 16,204 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 304 | 43,557 | ||||||
| Orange SA | 745 | 8,071 | ||||||
| Pernod Ricard SA ADR | 939 | 41,363 | ||||||
| Sartorius Stedim Biotech | 4 | 2,233 | ||||||
| Societe Generale SA | 796 | 24,992 | ||||||
| 333,363 | ||||||||
| Germany | 1.3% | ||||||||
| adidas AG Sponsored ADR | 213 | 33,680 | ||||||
| Daimler AG | 180 | 16,001 | ||||||
| Deutsche Bank AG (*) | 2,328 | 29,857 | ||||||
| Deutsche Post AG | 1,373 | 86,535 | ||||||
| Merck KGaA | 17 | 3,697 | ||||||
| Merck KGaA Sponsored ADR | 1,046 | 45,470 | ||||||
| 215,240 | ||||||||
| Hong Kong | 0.4% | ||||||||
| AIA Group, Ltd. Sponsored ADR | 941 | 43,295 | ||||||
| Hysan Development Co., Ltd. | 1,000 | 3,254 | ||||||
| Orient Overseas International, Ltd. | 500 | 8,631 | ||||||
| Sun Hung Kai Properties, Ltd. | 500 | 6,214 | ||||||
| Xinyi Glass Holdings, Ltd. | 3,000 | 8,912 | ||||||
| 70,306 | ||||||||
| Ireland | 0.1% | ||||||||
| James Hardie Industries PLC | 497 | 17,827 | ||||||
| Israel | 0.3% | ||||||||
| Bank Hapoalim BM | 1,403 | 12,317 | ||||||
| Bank Leumi Le-Israel BM | 1,459 | 12,385 | ||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 2,797 | 3,300 | ||||||
| Perion Network, Ltd. (*) | 555 | 9,618 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| ZIM Integrated Shipping Services, Ltd. | 225 | $ | 11,407 | |||||
| 49,027 | ||||||||
| Italy | 0.1% | ||||||||
| Banco BPM SpA | 4,276 | 13,431 | ||||||
| Buzzi Unicem SpA | 500 | 11,416 | ||||||
| 24,847 | ||||||||
| Japan | 5.3% | ||||||||
| Activia Properties, Inc. REIT | 3 | 12,324 | ||||||
| Advance Residence Investment Corp. REIT | 5 | 16,265 | ||||||
| AGC, Inc. | 300 | 15,355 | ||||||
| Ajinomoto Co., Inc. | 200 | 5,918 | ||||||
| Benesse Holdings, Inc. | 100 | 2,262 | ||||||
| Chubu Electric Power Co., Inc. | 300 | 3,559 | ||||||
| Credit Saison Co., Ltd. | 1,800 | 23,712 | ||||||
| CyberAgent, Inc. | 600 | 11,620 | ||||||
| Dai-ichi Life Holdings, Inc. | 1,800 | 39,193 | ||||||
| Daito Trust Construction Co., Ltd. | 55 | 6,421 | ||||||
| Daiwa House Industry Co., Ltd. | 1,000 | 33,397 | ||||||
| Daiwa Securities Living Investments Corp. REIT | 4 | 4,002 | ||||||
| DCM Holdings Co., Ltd. | 300 | 2,909 | ||||||
| Electric Power Development Co., Ltd. | 2,100 | 30,123 | ||||||
| ENEOS Holdings, Inc. | 10,900 | 44,510 | ||||||
| FUJIFILM Holdings Corp. | 100 | 8,623 | ||||||
| Hokkaido Electric Power Co., Inc. | 2,100 | 10,062 | ||||||
| Iida Group Holdings Co., Ltd. | 200 | 5,148 | ||||||
| Inpex Corp. | 1,500 | 11,739 | ||||||
| Japan Logistics Fund, Inc. REIT | 7 | 20,803 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 600 | 11,293 | ||||||
| Japan Post Bank Co., Ltd. | 4,600 | 39,368 | ||||||
| Japan Post Holdings Co., Ltd. | 5,900 | 49,658 | ||||||
| Japan Real Estate Investment Corp. | 1 | 5,990 | ||||||
| KDDI Corp. | 1,000 | 33,048 | ||||||
| Kyudenko Corp. | 100 | 3,318 | ||||||
| Kyushu Electric Power Co., Inc. | 600 | 4,565 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 300 | 14,160 | ||||||
| Mitsubishi Electric Corp. | 3,700 | 51,461 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 2,300 | 13,428 | ||||||
| Mizuho Financial Group, Inc. | 2,960 | 41,671 | ||||||
| Nintendo Co., Ltd. ADR | 730 | 43,252 | ||||||
| Nippon Express Co., Ltd. | 100 | 6,890 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,529 | ||||||
| Nippon Yusen KK | 200 | 15,044 | ||||||
| Nissan Motor Co., Ltd. (*) | 7,200 | 36,109 | ||||||
| Osaka Gas Co., Ltd. | 1,300 | 23,895 | ||||||
| Description | Shares | Fair Value | ||||||
| Rengo Co., Ltd. | 500 | $ | 3,909 | |||||
| Shimano, Inc. ADR | 1,684 | 49,324 | ||||||
| Softbank Corp. | 1,600 | 21,724 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 300 | 10,496 | ||||||
| Sumitomo Mitsui Trust Holdings, Inc. | 300 | 10,274 | ||||||
| Sumitomo Osaka Cement Co., Ltd. | 100 | 2,792 | ||||||
| Sumitomo Realty & Development Co., Ltd. | 400 | 14,596 | ||||||
| Sumitomo Rubber Industries, Ltd. | 1,200 | 15,260 | ||||||
| Taiheiyo Cement Corp. | 800 | 16,640 | ||||||
| The Hachijuni Bank, Ltd. | 900 | 3,209 | ||||||
| Tohoku Electric Power Co., Inc. | 1,200 | 8,842 | ||||||
| Tokyo Gas Co., Ltd. | 500 | 9,311 | ||||||
| Toyota Motor Corp. | 1,500 | 26,832 | ||||||
| Yamazaki Baking Co., Ltd. | 200 | 3,483 | ||||||
| 903,316 | ||||||||
| Malta | 0.1% | ||||||||
| Kindred Group PLC | 713 | 10,706 | ||||||
| Netherlands | 1.9% | ||||||||
| ASML Holding NV | 74 | 54,588 | ||||||
| Eurocommercial Properties NV REIT | 599 | 12,792 | ||||||
| Flow Traders | 125 | 4,836 | ||||||
| Koninklijke Ahold Delhaize NV | 270 | 8,951 | ||||||
| NXP Semiconductors NV | 292 | 57,194 | ||||||
| Royal Dutch Shell PLC, A Shares | 2,258 | 49,884 | ||||||
| Wolters Kluwer NV | 89 | 9,408 | ||||||
| Wolters Kluwer NV Sponsored ADR | 1,123 | 118,881 | ||||||
| 316,534 | ||||||||
| New Zealand | 0.0% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd., Class C | 131 | 2,880 | ||||||
| Norway | 0.1% | ||||||||
| Orkla ASA | 794 | 7,276 | ||||||
| Telenor ASA | 346 | 5,812 | ||||||
| Yara International ASA | 58 | 2,871 | ||||||
| 15,959 | ||||||||
| Spain | 0.3% | ||||||||
| Corporacion Financiera Alba SA | 19 | 1,039 | ||||||
| Iberdrola SA | 348 | 3,475 | ||||||
| Industria de Diseno Textil SA ADR | 2,176 | 39,995 | ||||||
| 44,509 | ||||||||
| Sweden | 1.1% | ||||||||
| Assa Abloy AB ADR | 2,536 | 36,671 | ||||||
| Axfood AB | 157 | 3,754 | ||||||
| Epiroc AB ADR | 3,568 | 73,572 | ||||||
| Hexagon AB ADR | 4,597 | 70,794 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Swedish Match AB | 303 | $ | 2,657 | |||||
| Telefonaktiebolaget LM Ericsson, B Shares | 336 | 3,798 | ||||||
| 191,246 | ||||||||
| Switzerland | 1.4% | ||||||||
| ABB, Ltd. Sponsored ADR | 1,714 | 57,179 | ||||||
| PSP Swiss Property AG | 29 | 3,489 | ||||||
| Roche Holding AG | 303 | 110,566 | ||||||
| Swatch Group AG ADR | 3,544 | 46,249 | ||||||
| Swisscom AG | 22 | 12,632 | ||||||
| Tecan Group AG | 6 | 3,386 | ||||||
| 233,501 | ||||||||
| United Kingdom | 3.6% | ||||||||
| Anglo American PLC | 727 | 25,078 | ||||||
| Barclays PLC | 12,029 | 30,678 | ||||||
| Coca-Cola Europacific Partners PLC | 820 | 45,338 | ||||||
| Diageo PLC Sponsored ADR | 539 | 104,027 | ||||||
| Genus PLC | 45 | 3,298 | ||||||
| GlaxoSmithKline PLC | 244 | 4,606 | ||||||
| HSBC Holdings PLC | 1,355 | 7,089 | ||||||
| Imperial Brands PLC | 190 | 3,965 | ||||||
| J Sainsbury PLC | 2,230 | 8,539 | ||||||
| Linde PLC | 47 | 13,789 | ||||||
| Lloyds Banking Group PLC | 17,302 | 10,763 | ||||||
| National Grid PLC | 389 | 4,627 | ||||||
| Natwest Group PLC | 8,385 | 25,444 | ||||||
| Prudential PLC ADR | 1,263 | 49,484 | ||||||
| RELX PLC Sponsored ADR | 2,534 | 73,131 | ||||||
| Rightmove PLC | 294 | 2,697 | ||||||
| Rio Tinto PLC | 408 | 26,939 | ||||||
| Rio Tinto PLC Sponsored ADR | 482 | 32,207 | ||||||
| Rio Tinto, Ltd. | 318 | 22,597 | ||||||
| Standard Chartered PLC | 5,762 | 33,769 | ||||||
| Unilever PLC Sponsored ADR | 1,390 | 75,366 | ||||||
| 603,431 | ||||||||
| United States | 45.6% | ||||||||
| 3M Co. | 17 | 2,982 | ||||||
| Accenture PLC, Class A | 587 | 187,793 | ||||||
| Adobe, Inc. (*) | 164 | 94,418 | ||||||
| Adtalem Global Education, Inc. (*) | 278 | 10,511 | ||||||
| Advanced Micro Devices, Inc. (*) | 169 | 17,390 | ||||||
| AGCO Corp. | 65 | 7,964 | ||||||
| Agilent Technologies, Inc. | 93 | 14,650 | ||||||
| Akamai Technologies, Inc. (*) | 26 | 2,719 | ||||||
| Align Technology, Inc. (*) | 21 | 13,974 | ||||||
| Alleghany Corp. (*) | 6 | 3,746 | ||||||
| Description | Shares | Fair Value | ||||||
| Allegion PLC | 87 | $ | 11,500 | |||||
| Alphabet, Inc., Class A (*) | 59 | 157,738 | ||||||
| Alphabet, Inc., Class C (*) | 52 | 138,596 | ||||||
| Altria Group, Inc. | 83 | 3,778 | ||||||
| Amazon.com, Inc. (*) | 51 | 167,537 | ||||||
| Amdocs, Ltd. | 46 | 3,483 | ||||||
| AMERCO | 27 | 17,443 | ||||||
| Ameren Corp. | 46 | 3,726 | ||||||
| American Electric Power Co., Inc. | 59 | 4,790 | ||||||
| American Express Co. | 140 | 23,454 | ||||||
| AmerisourceBergen Corp. | 30 | 3,584 | ||||||
| Amgen, Inc. | 17 | 3,615 | ||||||
| AMN Healthcare Services, Inc. (*) | 48 | 5,508 | ||||||
| Amphenol Corp., Class A | 835 | 61,147 | ||||||
| Anthem, Inc. | 74 | 27,587 | ||||||
| Aon PLC, Class A | 441 | 126,025 | ||||||
| Apple, Inc. | 3,342 | 472,893 | ||||||
| Applied Materials, Inc. | 425 | 54,710 | ||||||
| Automatic Data Processing, Inc. | 95 | 18,992 | ||||||
| AutoZone, Inc. (*) | 19 | 32,262 | ||||||
| Badger Meter, Inc. | 32 | 3,236 | ||||||
| Bank of America Corp. | 1,112 | 47,204 | ||||||
| Berkshire Hathaway, Inc. Class B (*) | 41 | 11,191 | ||||||
| Bio-Rad Laboratories, Inc. Class A (*) | 6 | 4,476 | ||||||
| Bio-Techne Corp. | 99 | 47,972 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 306 | 16,806 | ||||||
| Booz Allen Hamilton Holding Corp. | 108 | 8,570 | ||||||
| Boston Scientific Corp. (*) | 1,171 | 50,810 | ||||||
| Bristol-Myers Squibb Co. | 308 | 18,224 | ||||||
| Broadcom, Inc. | 89 | 43,159 | ||||||
| BRP, Inc. | 556 | 51,530 | ||||||
| Bruker Corp. | 150 | 11,715 | ||||||
| Brunswick Corp. | 118 | 11,242 | ||||||
| Cable One, Inc. | 1 | 1,813 | ||||||
| Cabot Oil & Gas Corp. | 184 | 4,004 | ||||||
| Cadence Design Systems, Inc. (*) | 143 | 21,656 | ||||||
| Cboe Global Markets, Inc. | 244 | 30,222 | ||||||
| CDW Corp. | 21 | 3,822 | ||||||
| Charles River Laboratories International, Inc. (*) | 36 | 14,856 | ||||||
| Charter Communications, Inc., Class A (*) | 72 | 52,384 | ||||||
| Chemed Corp. | 13 | 6,047 | ||||||
| Chubb, Ltd. | 20 | 3,470 | ||||||
| Ciena Corp. (*) | 50 | 2,568 | ||||||
| Cigna Corp. | 13 | 2,602 | ||||||
| Cirrus Logic, Inc. (*) | 35 | 2,882 | ||||||
| Cisco Systems, Inc. | 507 | 27,596 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Citigroup, Inc. | 438 | $ | 30,739 | |||||
| Citizens Financial Group, Inc. | 425 | 19,966 | ||||||
| Cognizant Technology Solutions Corp., Class A | 790 | 58,626 | ||||||
| Cohen & Steers, Inc. | 166 | 13,906 | ||||||
| Colgate-Palmolive Co. | 208 | 15,721 | ||||||
| Comcast Corp., Class A | 65 | 3,635 | ||||||
| Costco Wholesale Corp. | 13 | 5,842 | ||||||
| Crowdstrike Holdings, Inc., Class A (*) | 46 | 11,306 | ||||||
| Crown Castle International Corp., REIT | 19 | 3,293 | ||||||
| Cummins, Inc. | 61 | 13,698 | ||||||
| CVS Health Corp. | 615 | 52,189 | ||||||
| D.R. Horton, Inc. | 64 | 5,374 | ||||||
| Darden Restaurants, Inc. | 78 | 11,815 | ||||||
| DaVita, Inc. (*) | 86 | 9,998 | ||||||
| Deckers Outdoor Corp. (*) | 36 | 12,967 | ||||||
| Deere & Co. | 75 | 25,130 | ||||||
| Devon Energy Corp. | 817 | 29,012 | ||||||
| Diamondback Energy, Inc. | 245 | 23,194 | ||||||
| Dick’s Sporting Goods, Inc. | 80 | 9,582 | ||||||
| Dillard’s, Inc. Class A | 25 | 4,313 | ||||||
| DocuSign, Inc. (*) | 57 | 14,674 | ||||||
| Dolby Laboratories, Inc., Class A | 57 | 5,016 | ||||||
| Dollar General Corp. | 351 | 74,461 | ||||||
| Domino’s Pizza, Inc. | 74 | 35,295 | ||||||
| DTE Energy Co. | 82 | 9,160 | ||||||
| Eli Lilly & Co. | 313 | 72,319 | ||||||
| EPAM Systems, Inc. (*) | 36 | 20,537 | ||||||
| Equitable Holdings, Inc. | 834 | 24,720 | ||||||
| Everest Re Group, Ltd. | 12 | 3,009 | ||||||
| Evergy, Inc. | 56 | 3,483 | ||||||
| Exlservice Holdings, Inc. (*) | 34 | 4,186 | ||||||
| Extra Space Storage, Inc. REIT | 28 | 4,704 | ||||||
| Facebook, Inc., Class A (*) | 202 | 68,557 | ||||||
| FedEx Corp. | 42 | 9,210 | ||||||
| Flagstar Bancorp, Inc. | 227 | 11,527 | ||||||
| Flowers Foods, Inc. | 176 | 4,159 | ||||||
| FNB Corp. | 975 | 11,330 | ||||||
| Fortinet, Inc. (*) | 73 | 21,319 | ||||||
| FOX Corp., Class B | 1,123 | 41,686 | ||||||
| FTI Consulting, Inc. (*) | 23 | 3,098 | ||||||
| Generac Holdings, Inc. (*) | 45 | 18,390 | ||||||
| General Mills, Inc. | 69 | 4,128 | ||||||
| Graco, Inc. | 72 | 5,038 | ||||||
| H&R Block, Inc. | 125 | 3,125 | ||||||
| HCA Healthcare, Inc. | 204 | 49,515 | ||||||
| Description | Shares | Fair Value | ||||||
| Home Depot, Inc. | 237 | $ | 77,798 | |||||
| Honeywell International, Inc. | 229 | 48,612 | ||||||
| Hormel Foods Corp. | 61 | 2,501 | ||||||
| ICON PLC (*) | 58 | 15,197 | ||||||
| IDEXX Laboratories, Inc. (*) | 112 | 69,653 | ||||||
| Intel Corp. | 756 | 40,280 | ||||||
| Intercontinental Exchange, Inc. | 738 | 84,737 | ||||||
| Intuit, Inc. | 139 | 74,992 | ||||||
| Intuitive Surgical, Inc. (*) | 12 | 11,930 | ||||||
| IQVIA Holdings, Inc. (*) | 521 | 124,800 | ||||||
| Jack Henry & Associates, Inc. | 171 | 28,054 | ||||||
| John Wiley & Sons, Inc. Class A Class A | 72 | 3,759 | ||||||
| Johnson & Johnson | 1,351 | 218,186 | ||||||
| JPMorgan Chase & Co. | 147 | 24,062 | ||||||
| Kellogg Co. | 101 | 6,456 | ||||||
| Keysight Technologies, Inc. (*) | 47 | 7,722 | ||||||
| Kimco Realty Corp. REIT | 519 | 10,769 | ||||||
| KLA Corp. | 161 | 53,856 | ||||||
| Laboratory Corp. of America Holdings (*) | 131 | 36,869 | ||||||
| Life Storage, Inc. REIT | 38 | 4,360 | ||||||
| Lockheed Martin Corp. | 233 | 80,408 | ||||||
| Louisiana-Pacific Corp. | 184 | 11,292 | ||||||
| Lowe’s Cos., Inc. | 428 | 86,824 | ||||||
| Manhattan Associates, Inc. (*) | 87 | 13,314 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 281 | 13,791 | ||||||
| Markel Corp. (*) | 2 | 2,390 | ||||||
| Martin Marietta Materials, Inc. | 9 | 3,075 | ||||||
| Match Group, Inc. (*) | 133 | 20,880 | ||||||
| Matson, Inc. | 46 | 3,713 | ||||||
| McDonald’s Corp. | 354 | 85,353 | ||||||
| MDU Resources Group, Inc. | 593 | 17,594 | ||||||
| Medtronic PLC | 189 | 23,691 | ||||||
| Merck & Co., Inc. | 43 | 3,230 | ||||||
| MetLife, Inc. | 455 | 28,087 | ||||||
| Mettler-Toledo International, Inc. (*) | 13 | 17,906 | ||||||
| Microsoft Corp. | 1,522 | 429,082 | ||||||
| Moderna, Inc. (*) | 73 | 28,095 | ||||||
| Mohawk Industries, Inc. (*) | 72 | 12,773 | ||||||
| Monolithic Power Systems, Inc. | 9 | 4,362 | ||||||
| Moody’s Corp. | 156 | 55,397 | ||||||
| Motorola Solutions, Inc. | 461 | 107,100 | ||||||
| MYR Group, Inc. (*) | 27 | 2,687 | ||||||
| Netflix, Inc. (*) | 80 | 48,827 | ||||||
| Newmont Corp. | 35 | 1,901 | ||||||
| News Corp. Class A | 1,059 | 24,918 | ||||||
| Northrop Grumman Corp. | 230 | 82,834 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| NVIDIA Corp. | 492 | $ | 101,923 | |||||
| O’Reilly Automotive, Inc. (*) | 5 | 3,055 | ||||||
| Old Dominion Freight Line, Inc. | 142 | 40,609 | ||||||
| Oracle Corp. | 353 | 30,757 | ||||||
| OSI Systems, Inc. (*) | 31 | 2,939 | ||||||
| Ovintiv, Inc. | 663 | 21,799 | ||||||
| Owens Corning | 111 | 9,491 | ||||||
| Paychex, Inc. | 336 | 37,783 | ||||||
| Paycom Software, Inc. (*) | 24 | 11,898 | ||||||
| PayPal Holdings, Inc. (*) | 87 | 22,638 | ||||||
| PennyMac Financial Services, Inc. | 373 | 22,801 | ||||||
| PepsiCo, Inc. | 245 | 36,850 | ||||||
| Philip Morris International, Inc. | 35 | 3,318 | ||||||
| Portland General Electric Co. | 55 | 2,584 | ||||||
| Premier, Inc., Class A | 92 | 3,566 | ||||||
| PTC, Inc. (*) | 443 | 53,067 | ||||||
| Public Storage REIT | 29 | 8,616 | ||||||
| Qorvo, Inc. (*) | 11 | 1,839 | ||||||
| QUALCOMM, Inc. | 478 | 61,652 | ||||||
| Quest Diagnostics, Inc. | 218 | 31,678 | ||||||
| Quidel Corp. (*) | 27 | 3,811 | ||||||
| Regions Financial Corp. | 581 | 12,381 | ||||||
| Republic Services, Inc. | 393 | 47,184 | ||||||
| ResMed, Inc. | 22 | 5,798 | ||||||
| Rockwell Automation, Inc. | 179 | 52,633 | ||||||
| Roku, Inc. (*) | 26 | 8,147 | ||||||
| RPM International, Inc. | 104 | 8,076 | ||||||
| S&P Global, Inc. | 192 | 81,579 | ||||||
| SBA Communications Corp. REIT | 22 | 7,273 | ||||||
| Select Medical Holdings Corp. | 317 | 11,466 | ||||||
| Service Corp. International | 182 | 10,967 | ||||||
| ServiceNow, Inc. (*) | 24 | 14,934 | ||||||
| Southwest Gas Holdings, Inc. | 72 | 4,815 | ||||||
| Starbucks Corp. | 220 | 24,268 | ||||||
| State Street Corp. | 351 | 29,737 | ||||||
| STERIS PLC | 21 | 4,290 | ||||||
| Synopsys, Inc. (*) | 363 | 108,686 | ||||||
| Target Corp. | 286 | 65,428 | ||||||
| Tenet Healthcare Corp. (*) | 166 | 11,029 | ||||||
| Teradyne, Inc. | 88 | 9,607 | ||||||
| Tesla, Inc. (*) | 155 | 120,199 | ||||||
| Texas Instruments, Inc. | 391 | 75,154 | ||||||
| Texas Pacific Land Corp. | 7 | 8,466 | ||||||
| The Allstate Corp. | 107 | 13,622 | ||||||
| The Charles Schwab Corp. | 778 | 56,670 | ||||||
| The Coca-Cola Co. | 1,749 | 91,770 | ||||||
| Description | Shares | Fair Value | ||||||
| The Hartford Financial Services Group, Inc. | 58 | $ | 4,075 | |||||
| The Hershey Co. | 148 | 25,049 | ||||||
| The Interpublic Group of Cos., Inc. | 1,295 | 47,488 | ||||||
| The J.M. Smucker Co. | 25 | 3,001 | ||||||
| The Kroger Co. | 157 | 6,348 | ||||||
| The Mosaic Co. | 363 | 12,966 | ||||||
| The New York Times Co. Class A | 61 | 3,005 | ||||||
| The Procter & Gamble Co. | 698 | 97,580 | ||||||
| Thermo Fisher Scientific, Inc. | 252 | 143,975 | ||||||
| TopBuild Corp. (*) | 123 | 25,192 | ||||||
| Tractor Supply Co. | 150 | 30,391 | ||||||
| Trimble, Inc. (*) | 135 | 11,104 | ||||||
| Turning Point Brands, Inc. | 59 | 2,817 | ||||||
| Tyler Technologies, Inc. (*) | 7 | 3,211 | ||||||
| Tyson Foods, Inc., Class A | 184 | 14,525 | ||||||
| Ulta Beauty, Inc. (*) | 64 | 23,099 | ||||||
| United Parcel Service, Inc., Class B | 93 | 16,935 | ||||||
| United Therapeutics Corp. (*) | 36 | 6,645 | ||||||
| UnitedHealth Group, Inc. | 103 | 40,246 | ||||||
| Veeva Systems, Inc. Class A (*) | 52 | 14,985 | ||||||
| Verizon Communications, Inc. | 3,173 | 171,374 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 18 | 3,265 | ||||||
| Visa, Inc., Class A | 359 | 79,967 | ||||||
| Walmart, Inc. | 618 | 86,137 | ||||||
| Warner Music Group Corp., Class A | 697 | 29,790 | ||||||
| Waste Management, Inc. | 26 | 3,883 | ||||||
| Waters Corp. (*) | 14 | 5,002 | ||||||
| Watts Water Technologies, Inc., Class A | 27 | 4,538 | ||||||
| WD-40 Co. | 49 | 11,343 | ||||||
| WEC Energy Group, Inc. | 52 | 4,586 | ||||||
| Werner Enterprises, Inc. | 85 | 3,763 | ||||||
| West Pharmaceutical Services, Inc. | 7 | 2,972 | ||||||
| Westlake Chemical Corp. | 130 | 11,848 | ||||||
| White Mountains Insurance Group, Ltd. | 2 | 2,139 | ||||||
| Williams-Sonoma, Inc. | 86 | 15,250 | ||||||
| Workday, Inc., Class A (*) | 62 | 15,493 | ||||||
| Zoetis, Inc. | 527 | 102,312 | ||||||
| 7,714,793 | ||||||||
| Total Common Stocks (Cost $8,784,537) | 11,564,526 | |||||||
| Preferred Stocks | 0.1% | ||||||||
| Germany | 0.1% | ||||||||
| Volkswagen AG (Cost $22,002) | 92 | 20,609 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Corporate Bonds | 9.4% | ||||||||||
| Canada | 0.6% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 65 | $ | 64,486 | ||||||
| Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 44 | 35,888 | |||||||
| 100,374 | ||||||||||
| France | 0.3% | ||||||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 50 | 51,254 | |||||||
| Germany | 0.3% | ||||||||||
| Daimler AG, 0.750%, 09/10/30 | EUR | 45 | 53,442 | |||||||
| Switzerland | 0.1% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 12 | 15,260 | |||||||
| United Kingdom | 0.6% | ||||||||||
| Unilever Capital Corp., 1.375%, 09/14/30 | USD | 100 | 95,580 | |||||||
| United States | 7.5% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 50 | 51,718 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 55 | 51,958 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 50 | 54,975 | |||||||
| American Express Credit Corp., 3.300%, 05/03/27 | USD | 45 | 49,901 | |||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 50 | 54,737 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 25 | 27,563 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 25 | 25,370 | |||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 55 | 43,340 | |||||||
| Clean Harbors, Inc. Co., 4.875%, 07/15/27 | USD | 25 | 25,938 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 55 | 66,485 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 65 | 52,990 | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 25 | 24,266 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 60 | 65,534 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 38 | $ | 41,718 | ||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 35 | 29,128 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 30 | 34,525 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 50 | 55,117 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 25 | 25,880 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 35 | 35,653 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 45 | 47,517 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 50 | 46,827 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 25 | 26,219 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 40 | 48,908 | |||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 50 | 48,217 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 30 | 42,315 | |||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 25 | 23,783 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 50 | 50,788 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 25 | 26,431 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 59 | 66,173 | |||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 25 | 24,337 | |||||||
| 1,268,311 | ||||||||||
| Total Corporate Bonds (Cost $1,521,812) | 1,584,221 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 5.0% | ||||||||
| iShares MSCI World ETF (Cost $566,538) | 6,723 | $ | 850,191 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Foreign Government Obligations | 10.9% | ||||||||||
| Australia | 0.6% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 70 | $ | 48,630 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 70 | $ | 48,346 | ||||||
| 96,976 | ||||||||||
| Bahamas | 0.4% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 80 | 71,200 | |||||||
| Canada | 1.2% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 40 | 33,644 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 65 | 52,481 | |||||||
| Province of British Columbia Canada, 3.200%, 06/18/44 | CAD | 25 | 21,609 | |||||||
| Province of Quebec: | ||||||||||
| 2.500%, 04/20/26 | USD | 40 | 42,658 | |||||||
| 1.850%, 02/13/27 | CAD | 75 | 60,662 | |||||||
| 211,054 | ||||||||||
| Chile | 1.3% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.500%, 03/01/26 | CLP | 20,000 | 24,037 | |||||||
| 2.300%, 10/01/28 | CLP | 85,000 | 85,723 | |||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 115,458 | |||||||
| 225,218 | ||||||||||
| Colombia | 0.2% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 136,000 | 40,603 | |||||||
| Czech Republic | 0.8% | ||||||||||
| Czech Republic, 2.000%, 10/13/33 | CZK | 2,870 | 129,714 | |||||||
| Hungary | 0.9% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 2.750%, 12/22/26 | HUF | 12,990 | 41,874 | |||||||
| 3.000%, 10/27/27 | HUF | 12,740 | 41,410 | |||||||
| 2.250%, 04/20/33 | HUF | 14,530 | 42,190 | |||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 20 | 24,301 | |||||||
| 149,775 | ||||||||||
| Italy | 0.3% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 40 | 47,648 | |||||||
| Mexico | 0.3% | ||||||||||
| Mexican Bonos, 7.500%, 06/03/27 | MXN | 900 | 44,378 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 5 | $ | 7,614 | ||||||
| 51,992 | ||||||||||
| New Zealand | 1.0% | ||||||||||
| Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28 | NZD | 80 | 59,103 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 1.500%, 04/20/29 | NZD | 120 | 78,008 | |||||||
| 2.000%, 04/15/37 | NZD | 40 | 24,264 | |||||||
| 161,375 | ||||||||||
| Norway | 0.7% | ||||||||||
| Oslo Kommune, 2.350%, 09/04/24 | NOK | 1,000 | 116,662 | |||||||
| Panama | 0.6% | ||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 70 | 95,366 | |||||||
| Peru | 0.2% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 165 | 38,570 | |||||||
| Poland | 0.3% | ||||||||||
| Poland Government Bonds, 2.750%, 10/25/29 | PLN | 168 | 44,772 | |||||||
| Romania | 1.0% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 4.750%, 02/24/25 | RON | 370 | 90,009 | |||||||
| 3.650%, 09/24/31 | RON | 180 | 39,605 | |||||||
| Romanian Government International Bonds, 3.875%, 10/29/35 | EUR | 25 | 32,466 | |||||||
| 162,080 | ||||||||||
| Singapore | 0.3% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 55 | 47,373 | |||||||
| Spain | 0.2% | ||||||||||
| Spain Government Bond, 1.000%, 07/30/42 | EUR | 35 | 39,987 | |||||||
| Thailand | 0.2% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 1,580 | 42,544 | |||||||
| United Kingdom | 0.4% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 1.750%, 09/07/37 | GBP | 30 | 43,009 | |||||||
| 1.500%, 07/22/47 | GBP | 15 | 20,648 | |||||||
| 63,657 | ||||||||||
| Total Foreign Government Obligations (Cost $1,913,960) |
1,836,566 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Supranational Bonds | 2.6% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 13 | $ | 13,635 | ||||||
| European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 25 | 25,763 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 60 | 45,861 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 900,000 | 65,794 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.500%, 08/03/23 | CAD | 70 | 57,185 | |||||||
| 1.900%, 01/16/25 | CAD | 40 | 32,496 | |||||||
| 2.900%, 11/26/25 | AUD | 55 | 43,051 | |||||||
| 1.125%, 09/13/28 | USD | 22 | 21,590 | |||||||
| International Bank for Reconstruction & Development
MTN, 1.250%, 03/16/26 | NOK | 410 | 46,261 | |||||||
| International Finance Corp., 2.125%, 04/07/26 | USD | 40 | 42,069 | |||||||
| International Finance Corp. MTN, 1.500%, 04/15/35 | AUD | 72 | 47,815 | |||||||
| Total Supranational Bonds (Cost $427,697) | 441,520 | |||||||||
| US Municipal Bonds | 1.3% | ||||||||||
| California | 1.0% | ||||||||||
| State of California: | ||||||||||
| 7.550%, 04/01/39 | USD | 105 | 176,930 | |||||||
| New York | 0.3% | ||||||||||
| New York State Urban Development Corp., Series B, 3.900%, 03/15/33 | USD | 40 | 44,554 | |||||||
| Total US Municipal Bonds (Cost $216,887) | 221,484 | |||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $362,414) | 362,414 | $ | 362,414 | |||||
| Total Investments | 99.9% (Cost $13,815,847) | $ | 16,881,531 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 15,775 | |||||||
| Net Assets | 100.0% | $ | 16,897,306 | ||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at September 30, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 60,000 | USD | 43,799 | HSB | 10/20/21 | $ | — | $ | 419 | |||||||||
| AUD | 734,521 | USD | 548,305 | HSB | 10/20/21 | — | 17,250 | |||||||||||
| CAD | 3,326 | USD | 2,604 | HSB | 10/20/21 | 22 | — | |||||||||||
| CAD | 1,012,581 | USD | 809,311 | HSB | 10/20/21 | — | 9,886 | |||||||||||
| CHF | 42,211 | USD | 46,266 | HSB | 10/20/21 | — | 955 | |||||||||||
| CNH | 126,316 | USD | 19,400 | HSB | 10/20/21 | 170 | — | |||||||||||
| CNH | 2,412,973 | USD | 370,663 | HSB | 12/03/21 | 1,876 | — | |||||||||||
| EUR | 477,379 | USD | 565,155 | CIT | 10/20/21 | — | 12,019 | |||||||||||
| EUR | 15,319 | USD | 18,136 | HSB | 10/20/21 | — | 386 | |||||||||||
| EUR | 34,300 | USD | 40,800 | HSB | 10/20/21 | — | 1,056 | |||||||||||
| EUR | 41,346 | USD | 48,975 | HSB | 10/20/21 | — | 1,068 | |||||||||||
| EUR | 24,424 | USD | 28,914 | JPM | 10/20/21 | — | 615 | |||||||||||
| EUR | 44,183 | USD | 51,904 | JPM | 12/22/21 | — | 638 | |||||||||||
| GBP | 108,643 | USD | 149,073 | JPM | 10/20/21 | — | 2,685 | |||||||||||
| HUF | 2,258,402 | USD | 7,500 | JPM | 10/20/21 | — | 225 | |||||||||||
| HUF | 96,761,295 | USD | 318,645 | JPM | 10/20/21 | — | 6,950 | |||||||||||
| INR | 1,717,927 | USD | 22,972 | JPM | 01/28/22 | — | 141 | |||||||||||
| JPY | 37,508,382 | USD | 341,022 | CIT | 10/20/21 | — | 3,969 | |||||||||||
| JPY | 3,360,418 | USD | 30,800 | HSB | 10/20/21 | — | 603 | |||||||||||
| JPY | 48,265,932 | USD | 438,670 | HSB | 10/20/21 | — | 4,948 | |||||||||||
| KRW | 57,139,887 | USD | 49,615 | JPM | 11/05/21 | — | 1,393 | |||||||||||
| MXN | 396,324 | USD | 19,706 | JPM | 10/20/21 | — | 553 | |||||||||||
| NOK | 1,010,517 | USD | 116,016 | HSB | 10/20/21 | — | 433 | |||||||||||
| NOK | 2,660,322 | USD | 303,071 | JPM | 10/20/21 | 1,217 | — | |||||||||||
| PLN | 122,435 | USD | 31,899 | HSB | 10/20/21 | — | 1,116 | |||||||||||
| PLN | 134,888 | USD | 34,261 | JPM | 10/20/21 | — | 347 | |||||||||||
| RUB | 2,127,197 | USD | 28,173 | JPM | 10/20/21 | 985 | — | |||||||||||
| SEK | 191,749 | USD | 22,389 | HSB | 10/20/21 | — | 484 | |||||||||||
| SGD | 17,923 | USD | 13,213 | JPM | 10/20/21 | — | 14 | |||||||||||
| USD | 26,300 | AUD | 36,172 | HSB | 10/20/21 | 148 | — | |||||||||||
| USD | 104,441 | AUD | 139,911 | HSB | 10/20/21 | 3,286 | — | |||||||||||
| USD | 174,008 | AUD | 233,105 | HSB | 10/20/21 | 5,474 | — | |||||||||||
| USD | 425,395 | AUD | 569,868 | HSB | 10/20/21 | 13,383 | — | |||||||||||
| USD | 492,825 | CAD | 616,684 | CIT | 10/20/21 | 5,958 | — | |||||||||||
| USD | 27,124 | CAD | 34,703 | CIT | 12/22/21 | — | 275 | |||||||||||
| USD | 43,336 | CAD | 55,438 | HSB | 10/20/21 | — | 432 | |||||||||||
| USD | 622,110 | CAD | 778,545 | JPM | 10/20/21 | 7,455 | — | |||||||||||
| USD | 6,991 | CHF | 6,443 | SSB | 12/22/21 | 63 | — | |||||||||||
| USD | 114,444 | CLP | 91,412,070 | CIT | 01/13/22 | 2,729 | — | |||||||||||
| USD | 14,175 | CNH | 92,503 | HSB | 10/20/21 | — | 157 | |||||||||||
| USD | 22,300 | CNH | 146,579 | HSB | 10/20/21 | — | 409 | |||||||||||
| USD | 43,800 | CNH | 286,673 | HSB | 10/20/21 | — | 614 | |||||||||||
| USD | 37,380 | COP | 146,911,407 | CIT | 11/05/21 | — | 1,113 | |||||||||||
| USD | 53,469 | CZK | 1,161,482 | HSB | 10/20/21 | 405 | — | |||||||||||
| USD | 27,211 | CZK | 591,339 | JPM | 10/20/21 | 194 | — | |||||||||||
| USD | 27,700 | CZK | 603,207 | JPM | 10/20/21 | 141 | — | |||||||||||
| Lazard Global Dynamic Multi-Asset Portfolio (concluded) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 12,481 | DKK | 79,017 | SSB | 12/22/21 | $ | 153 | $ | — | |||||||||
| USD | 41,859 | EUR | 35,339 | HSB | 10/20/21 | 912 | — | |||||||||||
| USD | 79,300 | EUR | 67,828 | JPM | 10/20/21 | 708 | — | |||||||||||
| USD | 1,994 | GBP | 1,459 | SSB | 12/22/21 | 27 | — | |||||||||||
| USD | 435,709 | HUF | 132,309,678 | JPM | 10/20/21 | 9,504 | — | |||||||||||
| USD | 17,663 | IDR | 256,025,212 | JPM | 01/28/22 | 20 | — | |||||||||||
| USD | 178,475 | JPY | 19,630,142 | CIT | 10/20/21 | 2,077 | — | |||||||||||
| USD | 92,686 | JPY | 10,122,334 | JPM | 12/22/21 | 1,666 | — | |||||||||||
| USD | 14,951 | JPY | 1,642,241 | SSB | 12/22/21 | 184 | — | |||||||||||
| USD | 18,447 | MXN | 371,001 | JPM | 10/20/21 | 518 | — | |||||||||||
| USD | 578,474 | NOK | 5,077,782 | JPM | 10/20/21 | — | 2,324 | |||||||||||
| USD | 14,055 | NOK | 122,066 | SSB | 12/22/21 | 101 | — | |||||||||||
| USD | 91,837 | NZD | 132,336 | HSB | 10/20/21 | 487 | — | |||||||||||
| USD | 41,201 | NZD | 59,360 | JPM | 10/20/21 | 225 | — | |||||||||||
| USD | 38,953 | PEN | 158,498 | CIT | 11/05/21 | 647 | — | |||||||||||
| USD | 21,500 | PLN | 84,774 | HSB | 10/20/21 | 186 | — | |||||||||||
| USD | 81,891 | PLN | 314,438 | JPM | 10/20/21 | 2,834 | — | |||||||||||
| USD | 8,273 | RON | 34,771 | HSB | 10/20/21 | 141 | — | |||||||||||
| USD | 60,049 | RON | 252,384 | JPM | 10/20/21 | 1,023 | — | |||||||||||
| USD | 18,428 | RUB | 1,391,392 | JPM | 10/20/21 | — | 644 | |||||||||||
| USD | 47,310 | SGD | 64,172 | JPM | 10/20/21 | 49 | — | |||||||||||
| USD | 8,145 | THB | 266,474 | HSB | 10/20/21 | 270 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 65,238 | $ | 74,121 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 98.4% | ||||||||
| Equity Funds | 81.2% | ||||||||
| First Trust NASDAQ Cybersecurity ETF | 38,599 | $ | 1,880,543 | |||||
| Franklin FTSE Japan ETF | 80,286 | 2,480,035 | ||||||
| Health Care Select Sector SPDR Fund | 40,638 | 5,173,217 | ||||||
| iShares Core Dividend Growth ETF | 53,455 | 2,685,579 | ||||||
| iShares Core MSCI EAFE ETF | 28,592 | 2,122,956 | ||||||
| iShares Core MSCI Europe ETF | 38,032 | 2,132,074 | ||||||
| iShares Expanded Tech Sector ETF | 4,597 | 1,855,579 | ||||||
| iShares Expanded Tech-Software Sector ETF | 4,791 | 1,912,280 | ||||||
| iShares MSCI Eurozone ETF | 104,962 | 5,050,771 | ||||||
| iShares MSCI USA Quality Factor ETF | 48,444 | 6,381,528 | ||||||
| iShares Russell 2000 ETF | 11,273 | 2,465,969 | ||||||
| SPDR S&P Regional Banking ETF | 37,617 | 2,548,552 | ||||||
| Vanguard Consumer Staples ETF | 20,496 | 3,673,293 | ||||||
| Vanguard FTSE Emerging Markets ETF | 32,719 | 1,636,277 | ||||||
| Vanguard Industrials ETF | 21,208 | 3,984,771 | ||||||
| Vanguard S&P 500 ETF | 28,978 | 11,428,923 | ||||||
| Vanguard S&P 500 Growth ETF | 11,672 | 3,112,689 | ||||||
| Vanguard S&P 500 Value ETF | 28,425 | 3,997,692 | ||||||
| 64,522,728 | ||||||||
| Fixed-Income Funds | 17.2% | ||||||||
| iShares 1-3 Year Treasury Bond ETF | 38,261 | 3,296,185 | ||||||
| iShares iBoxx High Yield Corporate Bond ETF | 28,101 | 2,458,557 | ||||||
| iShares iBoxx Investment Grade Corporate Bond ETF | 18,203 | 2,421,545 | ||||||
| iShares JPMorgan USD Emerging Markets Bond ETF | 14,584 | 1,605,115 | ||||||
| Vanguard Intermediate-Term Corporate Bond ETF | 41,420 | 3,910,462 | ||||||
| 13,691,864 | ||||||||
| Total Exchange-Traded Funds (Cost $65,581,118) | 78,214,592 | |||||||
| Short-Term Investments | 3.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $2,890,730) | 2,890,730 | 2,890,730 | ||||||
| Total Investments excluding Securities Sold Short | 102.0% (Cost $68,471,848) | $ | 81,105,322 | ||||||
| Description | Shares | Fair Value | ||||||
| Securities Sold Short | (2.0)% | ||||||||
| Exchange-Traded Funds | (2.0)% | ||||||||
| iShares 20+ Year Treasury Bond ETF (Proceeds $1,648,703) | (11,035 | ) | $ | (1,592,571 | ) | |||
| Total Investments | 100.0% (Cost and short proceeds $66,823,145) | $ | 79,512,751 | ||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (12,249 | ) | ||||||
| Net Assets | 100.0% | $ | 79,500,502 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 57.0% | ||||||||
| Australia | 4.0% | ||||||||
| Abacus Property Group REIT | 10,546 | $ | 27,026 | |||||
| Atlas Arteria, Ltd. | 46,839 | 217,060 | ||||||
| Aventus Group REIT | 11,141 | 25,840 | ||||||
| Charter Hall Group REIT | 8,618 | 105,428 | ||||||
| Charter Hall Long Wale REIT | 9,563 | 33,977 | ||||||
| Dexus REIT | 11,233 | 86,914 | ||||||
| Goodman Group REIT | 9,033 | 140,223 | ||||||
| Growthpoint Properties Australia, Ltd. REIT | 9,385 | 27,736 | ||||||
| Ingenia Communities Group REIT | 11,718 | 55,883 | ||||||
| Mirvac Group REIT | 28,259 | 60,625 | ||||||
| Stockland REIT | 6,189 | 19,791 | ||||||
| Transurban Group | 57,928 | 587,332 | ||||||
| 1,387,835 | ||||||||
| Belgium | 0.3% | ||||||||
| Cofinimmo SA REIT | 181 | 27,318 | ||||||
| Shurgard Self Storage SA | 559 | 30,693 | ||||||
| Warehouses De Pauw CVA REIT | 935 | 37,795 | ||||||
| 95,806 | ||||||||
| Canada | 0.9% | ||||||||
| Agnico Eagle Mines, Ltd. | 1,138 | 59,005 | ||||||
| Allied Properties REIT | 877 | 27,848 | ||||||
| Altus Group, Ltd. | 1,079 | 52,647 | ||||||
| Atco, Ltd., Class I | 1,601 | 51,357 | ||||||
| Choice Properties REIT | 5,593 | 62,924 | ||||||
| FirstService Corp. | 219 | 39,595 | ||||||
| True North Commercial REIT | 5,151 | 29,444 | ||||||
| 322,820 | ||||||||
| China | 1.7% | ||||||||
| Agile Group Holdings, Ltd. | 30,000 | 27,933 | ||||||
| China Resources Land, Ltd. | 16,000 | 67,298 | ||||||
| China Resources Mixc Lifestyle Services, Ltd. | 5,400 | 29,888 | ||||||
| Country Garden Holdings Co., Ltd. | 23,000 | 23,680 | ||||||
| Country Garden Services Holdings Co., Ltd. | 4,000 | 31,391 | ||||||
| Gemdale Properties & Investment Corp., Ltd. | 154,000 | 16,574 | ||||||
| Hopson Development Holdings, Ltd. | 19,600 | 69,512 | ||||||
| Jinke Smart Services Group Co., Ltd., Class H | 4,900 | 27,337 | ||||||
| KWG Group Holdings, Ltd. | 18,000 | 17,520 | ||||||
| Logan Group Co., Ltd. | 29,000 | 30,195 | ||||||
| Longfor Group Holdings, Ltd. | 14,500 | 66,636 | ||||||
| Powerlong Real Estate Holdings, Ltd. | 61,000 | 45,645 | ||||||
| Shenzhen Investment, Ltd. | 82,000 | 20,583 | ||||||
| Sunac Services Holdings, Ltd. | 9,000 | 18,517 | ||||||
| Description | Shares | Fair Value | ||||||
| Suning Universal Co., Ltd., Class A (*) | 33,700 | $ | 25,042 | |||||
| Yuexiu Property Co., Ltd. | 29,400 | 27,579 | ||||||
| Zhongliang Holdings Group Co., Ltd. | 50,500 | 26,012 | ||||||
| 571,342 | ||||||||
| France | 3.1% | ||||||||
| Eutelsat Communications SA | 11,623 | 159,772 | ||||||
| Gecina SA REIT | 196 | 26,275 | ||||||
| ICADE REIT | 829 | 64,629 | ||||||
| Klepierre SA REIT | 1,407 | 31,327 | ||||||
| Nexity SA | 859 | 40,933 | ||||||
| Vinci SA | 7,300 | 756,162 | ||||||
| 1,079,098 | ||||||||
| Germany | 1.2% | ||||||||
| alstria office REIT-AG | 1,621 | 29,495 | ||||||
| Aroundtown SA | 3,692 | 25,507 | ||||||
| Deutsche Wohnen SE (*) | 1,657 | 101,535 | ||||||
| Deutsche Wohnen SE | 160 | 9,808 | ||||||
| Sirius Real Estate, Ltd. | 23,598 | 41,573 | ||||||
| TAG Immobilien AG | 1,309 | 38,362 | ||||||
| Vonovia SE | 2,696 | 162,065 | ||||||
| 408,345 | ||||||||
| Hong Kong | 2.0% | ||||||||
| CK Infrastructure Holdings, Ltd. | 21,500 | 119,453 | ||||||
| ESR Cayman, Ltd. (*) | 8,400 | 25,358 | ||||||
| Henderson Land Development Co., Ltd. | 27,000 | 102,494 | ||||||
| Kerry Properties, Ltd. | 10,000 | 26,319 | ||||||
| Link REIT | 3,400 | 29,057 | ||||||
| New World Development Co., Ltd. | 12,000 | 48,693 | ||||||
| Power Assets Holdings, Ltd. | 39,000 | 228,563 | ||||||
| Sun Hung Kai Properties, Ltd. | 9,500 | 118,060 | ||||||
| 697,997 | ||||||||
| Israel | 0.3% | ||||||||
| Adgar Investment and Development, Ltd. | 6,997 | 14,952 | ||||||
| Azrieli Group, Ltd. | 348 | 31,292 | ||||||
| Gav-Yam Lands Corp., Ltd. | 2,462 | 25,047 | ||||||
| Israel Canada T.R, Ltd. | 6,534 | 28,244 | ||||||
| Property & Building Corp., Ltd. (*) | 57 | 8,100 | ||||||
| 107,635 | ||||||||
| Italy | 6.2% | ||||||||
| Atlantia SpA (*) | 26,767 | 506,025 | ||||||
| Hera SpA | 55,348 | 226,079 | ||||||
| Italgas SpA | 31,362 | 200,809 | ||||||
| Snam SpA | 120,148 | 665,988 | ||||||
| Terna - Rete Elettrica Nazionale | 76,073 | 539,573 | ||||||
| 2,138,474 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Japan | 2.6% | ||||||||
| Advance Residence Investment Corp. REIT | 10 | $ | 32,531 | |||||
| Daito Trust Construction Co., Ltd. | 400 | 46,701 | ||||||
| Daiwa House Industry Co., Ltd. | 3,400 | 113,548 | ||||||
| Frontier Real Estate Investment Corp. REIT | 26 | 114,077 | ||||||
| GLP J-REIT | 49 | 80,545 | ||||||
| Hoshino Resorts REIT, Inc. REIT | 5 | 33,057 | ||||||
| Japan Metropolitan Fund Invest REIT | 56 | 53,836 | ||||||
| Japan Real Estate Investment Corp. | 10 | 59,901 | ||||||
| Katitas Co., Ltd. | 800 | 28,314 | ||||||
| Kenedix Office Investment Corp. REIT | 4 | 27,512 | ||||||
| Mitsubishi Estate Co., Ltd. | 3,300 | 52,553 | ||||||
| Mitsui Fudosan Co., Ltd. | 2,100 | 50,022 | ||||||
| Nippon Building Fund, Inc. REIT | 5 | 32,479 | ||||||
| NIPPON REIT Investment Corp. | 13 | 50,525 | ||||||
| Nomura Real Estate Holdings, Inc. | 1,300 | 33,878 | ||||||
| Open House Co., Ltd. | 800 | 46,836 | ||||||
| Orix JREIT, Inc. | 26 | 45,290 | ||||||
| 901,605 | ||||||||
| Luxembourg | 0.6% | ||||||||
| SES SA | 21,499 | 192,275 | ||||||
| Mexico | 0.2% | ||||||||
| Corp Inmobiliaria Vesta SAB de CV | 25,700 | 45,071 | ||||||
| Fibra Uno Administracion SA de CV REIT | 22,900 | 26,060 | ||||||
| 71,131 | ||||||||
| Netherlands | 0.1% | ||||||||
| Eurocommercial Properties NV REIT | 1,962 | 41,901 | ||||||
| Norway | 0.1% | ||||||||
| Entra ASA | 1,609 | 34,338 | ||||||
| Singapore | 1.0% | ||||||||
| Keppel DC REIT | 12,200 | 22,242 | ||||||
| Keppel Pacific Oak US REIT | 32,200 | 25,241 | ||||||
| Mapletree Commercial Trust REIT | 22,000 | 33,416 | ||||||
| Mapletree Industrial Trust REIT | 39,500 | 80,755 | ||||||
| Mapletree Logistics Trust REIT | 19,200 | 28,640 | ||||||
| Parkway Life REIT | 11,400 | 38,926 | ||||||
| Propnex, Ltd. | 19,800 | 24,841 | ||||||
| Sasseur REIT | 78,600 | 49,425 | ||||||
| UOL Group, Ltd. | 8,300 | 41,723 | ||||||
| 345,209 | ||||||||
| South Korea | 0.1% | ||||||||
| Korea Asset In Trust Co., Ltd. | 6,228 | 23,893 | ||||||
| Spain | 2.0% | ||||||||
| Ferrovial SA | 23,584 | 683,992 | ||||||
| Description | Shares | Fair Value | ||||||
| Sweden | 1.2% | ||||||||
| Atrium Ljungberg AB, B Shares | 1,645 | $ | 34,398 | |||||
| Castellum AB | 2,528 | 61,545 | ||||||
| Catena AB | 479 | 25,740 | ||||||
| Cibus Nordic Real Estate AB | 1,569 | 37,108 | ||||||
| Dios Fastigheter AB | 2,713 | 26,302 | ||||||
| Fabege AB | 1,629 | 24,622 | ||||||
| Fastighets AB Balder, B Shares (*) | 480 | 28,791 | ||||||
| Kungsleden AB | 2,344 | 30,778 | ||||||
| NP3 Fastigheter AB | 1,086 | 28,171 | ||||||
| Nyfosa AB | 1,869 | 26,318 | ||||||
| Sagax AB Class B | 1,057 | 32,836 | ||||||
| Sagax AB, Class D | 7,588 | 27,838 | ||||||
| Wallenstam AB Class B | 1,690 | 24,928 | ||||||
| 409,375 | ||||||||
| Switzerland | 0.3% | ||||||||
| Flughafen Zuerich AG (*) | 504 | 89,891 | ||||||
| United Arab Emirates | 0.3% | ||||||||
| Aldar Properties PJSC | 88,185 | 97,926 | ||||||
| United Kingdom | 5.4% | ||||||||
| Anglo American PLC | 2,172 | 74,923 | ||||||
| Big Yellow Group PLC REIT | 1,609 | 30,111 | ||||||
| National Grid PLC | 60,673 | 721,724 | ||||||
| Pennon Group PLC | 9,638 | 145,951 | ||||||
| Safestore Holdings PLC REIT | 1,949 | 27,414 | ||||||
| Segro PLC REIT | 12,140 | 194,803 | ||||||
| Severn Trent PLC | 8,844 | 309,263 | ||||||
| United Utilities Group PLC | 26,706 | 347,246 | ||||||
| 1,851,435 | ||||||||
| United States | 23.4% | ||||||||
| Agree Realty Corp. REIT | 452 | 29,936 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 424 | 81,014 | ||||||
| Ameren Corp. | 2,400 | 194,400 | ||||||
| American Tower Corp. REIT | 1,652 | 438,457 | ||||||
| Apartment Investment and Management Co. REIT, Class A (*) | 4,716 | 32,305 | ||||||
| AvalonBay Communities, Inc. REIT | 598 | 132,541 | ||||||
| Boston Properties, Inc. REIT | 665 | 72,053 | ||||||
| Brandywine Realty Trust REIT | 1,620 | 21,740 | ||||||
| Brixmor Property Group, Inc. REIT | 3,054 | 67,524 | ||||||
| Bunge, Ltd. | 1,223 | 99,454 | ||||||
| Camden Property Trust REIT | 782 | 115,321 | ||||||
| CareTrust REIT, Inc. | 1,298 | 26,375 | ||||||
| CBRE Group, Inc., Class A (*) | 1,926 | 187,515 | ||||||
| CF Industries Holdings, Inc. | 2,700 | 150,714 | ||||||
| Consolidated Edison, Inc. | 5,840 | 423,926 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Crown Castle International Corp., REIT | 2,025 | $ | 350,973 | |||||
| CSX Corp. | 15,186 | 451,632 | ||||||
| CubeSmart REIT | 987 | 47,820 | ||||||
| Digital Realty Trust, Inc. REIT | 1,047 | 151,239 | ||||||
| Duke Realty Corp. REIT | 1,535 | 73,480 | ||||||
| Easterly Government Properties, Inc. REIT | 1,915 | 39,564 | ||||||
| EastGroup Properties, Inc. REIT | 360 | 59,987 | ||||||
| Equinix, Inc. REIT | 322 | 254,422 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 1,180 | 92,158 | ||||||
| Equity Residential REIT | 1,335 | 108,028 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 877 | 24,486 | ||||||
| Essex Property Trust, Inc. REIT | 182 | 58,193 | ||||||
| Extra Space Storage, Inc. REIT | 712 | 119,609 | ||||||
| Federal Realty Investment Trust REIT | 439 | 51,798 | ||||||
| First Industrial Realty Trust, Inc. | 658 | 34,269 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 1,259 | 58,317 | ||||||
| Getty Realty Corp. REIT | 1,103 | 32,329 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 1,472 | 43,659 | ||||||
| Healthpeak Properties, Inc. REIT | 2,176 | 72,852 | ||||||
| Highwoods Properties, Inc. REIT | 1,079 | 47,325 | ||||||
| Hilton Worldwide Holdings, Inc. (*) | 2,362 | 312,044 | ||||||
| Host Hotels & Resorts, Inc. REIT (*) | 1,866 | 30,472 | ||||||
| Hudson Pacific Properties, Inc. REIT | 1,206 | 31,682 | ||||||
| Innovative Industrial Properties, Inc. REIT | 75 | 17,338 | ||||||
| Invitation Homes, Inc., REIT | 1,610 | 61,711 | ||||||
| Iron Mountain, Inc. REIT | 1,564 | 67,956 | ||||||
| Jones Lang LaSalle, Inc. (*) | 329 | 81,622 | ||||||
| Kimco Realty Corp. REIT | 1,864 | 38,678 | ||||||
| Lamar Advertising Co., Class A REIT | 555 | 62,965 | ||||||
| Life Storage, Inc. REIT | 507 | 58,173 | ||||||
| Medical Properties Trust, Inc. REIT | 4,140 | 83,090 | ||||||
| MGM Growth Properties LLC, REIT Class A | 1,426 | 54,616 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 885 | 165,274 | ||||||
| National Retail Properties, Inc. REIT | 1,239 | 53,512 | ||||||
| Norfolk Southern Corp. | 755 | 180,634 | ||||||
| Omega Healthcare Investors, Inc. REIT | 1,157 | 34,664 | ||||||
| Pennsylvania Real Estate Investment Trust (*) | 4,711 | 9,139 | ||||||
| Pinnacle West Capital Corp. | 2,500 | 180,900 | ||||||
| Prologis, Inc., REIT | 3,228 | 404,888 | ||||||
| PS Business Parks, Inc. REIT | 218 | 34,169 | ||||||
| Public Storage REIT | 790 | 234,709 | ||||||
| Rayonier, Inc., REIT | 1,341 | 47,847 | ||||||
| Realty Income Corp. REIT | 1,682 | 109,094 | ||||||
| Description | Shares | Fair Value | ||||||
| Regency Centers Corp. REIT | 1,171 | $ | 78,843 | |||||
| Sabra Health Care REIT, Inc. | 2,049 | 30,161 | ||||||
| SBA Communications Corp. REIT | 557 | 184,127 | ||||||
| Simon Property Group, Inc. REIT | 1,461 | 189,886 | ||||||
| SL Green Realty Corp. REIT | 768 | 54,405 | ||||||
| Spirit Realty Capital, Inc. REIT | 768 | 35,359 | ||||||
| STAG Industrial, Inc., REIT | 719 | 28,221 | ||||||
| STORE Capital Corp. REIT | 1,159 | 37,123 | ||||||
| Sun Communities, Inc. REIT | 388 | 71,819 | ||||||
| The Macerich Co. REIT | 1,864 | 31,147 | ||||||
| The St. Joe Co. | 939 | 39,532 | ||||||
| UDR, Inc. REIT | 1,535 | 81,324 | ||||||
| Ventas, Inc. REIT | 1,460 | 80,607 | ||||||
| VEREIT, Inc. REIT | 1,615 | 73,046 | ||||||
| VICI Properties, Inc. REIT | 2,120 | 60,229 | ||||||
| Vulcan Materials Co. | 407 | 68,848 | ||||||
| Welltower, Inc. REIT | 1,274 | 104,978 | ||||||
| Weyerhaeuser Co. REIT | 2,119 | 75,373 | ||||||
| WP Carey, Inc. REIT | 1,219 | 89,036 | ||||||
| 8,014,656 | ||||||||
| Total Common Stocks (Cost $17,433,857) | 19,566,979 | |||||||
| Exchange-Traded Funds | 4.0% | ||||||||
| Aberdeen Standard Physical Silver Shares ETF (Δ) | 5,500 | 117,535 | ||||||
| SPDR Gold Shares (Δ) | 7,510 | 1,233,292 | ||||||
| Total Exchange-Traded Funds (Cost $1,417,020) | 1,350,827 | |||||||
| Rights | 0.0% | ||||||||
| Australia | 0.0% | ||||||||
| Transurban Group Expires 10/08/2021 (Cost $0) | 8,275 | 6,282 | ||||||
| Short-Term Investments | 34.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Δ) (Cost $11,718,988) | 11,718,988 | 11,718,988 | ||||||
| Total Investments | 95.1% (Cost $30,569,865) (») | $ | 32,643,076 | ||||||
| Cash and Other Assets in Excess of Liabilities | 4.9% | 1,683,444 | |||||||
| Net Assets | 100.0% | $ | 34,326,520 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at September 30, 2021:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 318,302 | USD | 229,112 | CIT | 12/22/21 | $ | 1,064 | $ | — | |||||||||
| EUR | 454,269 | USD | 527,075 | HSB | 12/22/21 | — | 225 | |||||||||||
| GBP | 273,575 | USD | 368,664 | HSB | 12/22/21 | — | 126 | |||||||||||
| HKD | 358,791 | USD | 46,075 | CIT | 12/22/21 | 20 | — | |||||||||||
| USD | 293,475 | AUD | 399,030 | CIT | 12/22/21 | 4,922 | — | |||||||||||
| USD | 291,143 | AUD | 396,825 | HSB | 12/22/21 | 4,184 | — | |||||||||||
| USD | 247,792 | AUD | 337,660 | JPM | 12/22/21 | 3,618 | — | |||||||||||
| USD | 204,427 | AUD | 278,596 | SSB | 12/22/21 | 2,964 | — | |||||||||||
| USD | 34,122 | CAD | 43,193 | CIT | 12/22/21 | 30 | — | |||||||||||
| USD | 9,270 | CAD | 11,733 | HSB | 12/22/21 | 10 | — | |||||||||||
| USD | 9,250 | CAD | 11,709 | JPM | 12/22/21 | 8 | — | |||||||||||
| USD | 8,690 | CHF | 8,108 | HSB | 12/22/21 | — | 10 | |||||||||||
| USD | 11,645 | CHF | 10,778 | HSB | 12/22/21 | 81 | — | |||||||||||
| USD | 16,772 | CHF | 15,549 | HSB | 12/22/21 | 89 | — | |||||||||||
| USD | 54,025 | CHF | 49,520 | SSB | 12/22/21 | 893 | — | |||||||||||
| USD | 1,116,087 | EUR | 943,051 | CIT | 12/22/21 | 22,361 | — | |||||||||||
| USD | 1,635,214 | EUR | 1,381,676 | HSB | 12/22/21 | 32,782 | — | |||||||||||
| USD | 773,688 | EUR | 653,746 | JPM | 12/22/21 | 15,491 | — | |||||||||||
| USD | 1,015,849 | EUR | 858,390 | SSB | 12/22/21 | 20,311 | — | |||||||||||
| USD | 1,105,716 | GBP | 799,361 | HSB | 12/22/21 | 28,881 | — | |||||||||||
| USD | 522,107 | GBP | 377,415 | JPM | 12/22/21 | 13,684 | — | |||||||||||
| USD | 342,764 | GBP | 247,777 | SSB | 12/22/21 | 8,978 | — | |||||||||||
| USD | 241,459 | HKD | 1,878,987 | CIT | 12/22/21 | 56 | — | |||||||||||
| USD | 155,651 | HKD | 1,211,292 | SSB | 12/22/21 | 30 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 160,457 | $ | 361 | ||||||||||||||
Futures Contracts open at September 30, 2021 (Δ):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Natural Gas | 25 | $ | 250,000 | 10/27/2021 | $ | 1,012,025 | $ | 1,466,750 | $ | 454,725 | $ | — | ||||||||||||
| Low Sulphur Gasoil | 6 | 600 | 11/11/2021 | 357,306 | 405,300 | 47,994 | — | |||||||||||||||||
| Cotton No. 2 | 1 | 50,000 | 12/08/2021 | 42,465 | 52,900 | 10,435 | — | |||||||||||||||||
| Soybean Oil | 1 | 60,000 | 12/14/2021 | 37,620 | 35,214 | — | 2,406 | |||||||||||||||||
| Sugar 11 | 2 | 224,000 | 02/28/2022 | 43,749 | 45,561 | 1,812 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 514,966 | $ | 2,406 | ||||||||||||||||||||
Total Return Swap Agreements open at September 30, 2021 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Appreciation | ||||||||||||||
| USD | GSC | $ | 7,995,091 | 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) | $ | 2,666,838 | ||||||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
Lazard Real Assets Portfolio (•) (concluded)
| The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2021: | ||||||||
| Commodity | Commodity Index Ticker Symbol | Commodity Exposure Expressed as a Percentage of Notional Amount |
||||||
| Aluminum | BCOMAL | 5.05 | % | |||||
| Bean Oil | BCOMBO | 4.41 | ||||||
| Brent Crude | BCOMCO | 12.44 | ||||||
| Coffee | BCOMKC | 4.78 | ||||||
| Copper | BCOMHG | 7.45 | ||||||
| Corn | BCOMCN | 6.69 | ||||||
| Cotton | BCOMCT | 0.74 | ||||||
| Crude Oil | BCOMCL | 14.47 | ||||||
| Gasoline (RBOB) | BCOMRB | 4.77 | ||||||
| Gold | BCOMGC | 0.05 | ||||||
| Heating Oil | BCOMHO | 2.14 | ||||||
| Kansas Wheat | BCOMKW | 2.10 | ||||||
| Lean Hogs | BCOMLH | 0.26 | ||||||
| Live Cattle | BCOMLC | 5.13 | ||||||
| Natural Gas | BCOMNG | 6.33 | ||||||
| Nickel | BCOMNI | 1.00 | ||||||
| Silver | BCOMSI | 2.31 | ||||||
| Soy Meal | BCOMSM | 2.87 | ||||||
| Soybeans | BCOMSY | 6.59 | ||||||
| Sugar | BCOMSB | 4.45 | ||||||
| Wheat | BCOMWH | 3.56 | ||||||
| Zinc | BCOMZS | 2.41 | ||||||
| Total | 100.00 | % | ||||||
The Lazard Funds, Inc. Notes to Portfolios of Investments
September 30, 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 September 30, 2021, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets |
| Emerging Markets Equity Advantage | 0.9% |
| Emerging Markets Debt | 6.3% |
| Global Fixed Income | 3.8% |
| U.S. Corporate Income | 55.4% |
| Enhanced Opportunities | 4.7% |
| Global Dynamic Multi Asset | 0.2% |
| (^) | 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 Global Listed Infrastructure Portfolio for the period ended September 30, 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 September 30, 2021 | Values at September 30, 2021 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Atlas Arteria, Ltd. | $ | 245,363,263 | $ | 4,645,171 | $ | (1,457,800 | ) | $ | (267,548 | ) | $ | (18,375,001 | ) | $ | 10,416,584 | 49,611,421 | $ | 229,908,085 | ||||||||||||||
| Eutelsat Communications SA | 129,664,643 | 2,974,011 | (292,855 | ) | 24,856 | 28,210,329 | - | 11,681,887 | 160,580,984 | |||||||||||||||||||||||
| SES SA | 194,564,135 | 2,412,030 | (2,139,832 | ) | (401,288 | ) | (10,029,768 | ) | 8,421,914 | 20,619,089 | 184,405,277 | |||||||||||||||||||||
| Total Securities | $ | 569,592,041 | $ | 10,031,212 | $ | (3,890,487 | ) | $ | (643,980 | ) | $ | (194,440 | ) | $ | 18,838,498 | $ | 81,912,397 | $ | 574,894,346 | |||||||||||||
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 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 September 30, 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 | NTN-F | - Brazil Sovereign “Nota do Tesouro |
| CDOR | - Canadian Dollar Offered Rate | NVDR | - Non-Voting Depository Receipt |
| CMT | - Constant Maturity Treasury | PJSC | - Public Joint Stock Company |
| ETF | - Exchange-Traded Fund | REIT | - Real Estate Investment Trust |
| GDR | - Global Depositary Receipt | SOFR | - Secured Overnight Financing Rate |
| JSC | - Joint Stock Company | SONIA | - Sterling Overnight Index Average |
| LIBOR | - London Interbank Offered Rate | ||
| Currency Abbreviations: | |||
| AUD | - Australian Dollar | KZT | - Kazakhstan Tenge |
| BRL | - Brazilian Real | MXN | - Mexican New Peso |
| CAD | - Canadian Dollar | MYR | - Malaysian Ringgit |
| CHF | - Swiss Franc | NOK | - Norwegian Krone |
| CLP | - Chilean Peso | NZD | - New Zealand Dollar |
| CNH | - Chinese Yuan Renminbi | PEN | - Peruvian Nuevo Sol |
| CNY | - Chinese Renminbi | PHP | - Philippine Peso |
| COP | - Colombian Peso | PLN | - Polish Zloty |
| CZK | - Czech Koruna | RON | - New Romanian Leu |
| DKK | - Danish Krone | RUB | - Russian Ruble |
| EGP | - Egyptian Pound | SEK | - Swedish Krona |
| EUR | - Euro | SGD | - Singapore Dollar |
| GBP | - British Pound Sterling | THB | - Thai Baht |
| HKD | - Hong-Kong Dollar | TRY | - New Turkish Lira |
| HUF | - Hungarian Forint | UAH | - Ukrainian Hryvnia |
| IDR | - Indonesian Rupiah | USD | - United States Dollar |
| INR | - Indian Rupee | UYU | - Uruguayan Peso |
| JPY | - Japanese Yen | ZAR | - South African Rand |
| KRW | - South Korean Won |
| Counterparty Abbreviations: | |||
| BNP | - BNP Paribas SA | JPM | - JPMorgan Chase Bank NA |
| BOA | - Bank of America | MEL | - The Bank of New York Mellon Corp. |
| BRC | - Barclays Bank PLC | MSC | - Morgan Stanley & Co. |
| CAN | - Canadian Imperial Bank of Commerce | RBC | - Royal Bank of Canada |
| CIT | - Citibank NA | SCB | - Standard Chartered Bank |
| GSC | - Goldman Sachs International | SSB | - State Street Bank and Trust Co. |
| HSB | - HSBC Bank USA NA | UBS | - UBS AG |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Developing Markets Equity Portfolio |
Lazard Emerging Markets Core Equity Portfolio |
Lazard Emerging Markets Equity Advantage Portfolio |
Lazard Emerging Markets Equity Portfolio |
Lazard Emerging Markets Strategic Equity Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Air Freight & Logistics | 1.0 | % | — | % | — | % | — | % | — | % | |||||
| Airlines | — | 0.4 | — | — | — | ||||||||||
| Auto Components | 2.8 | 0.7 | 0.4 | 1.5 | 1.1 | ||||||||||
| Automobiles | — | 0.8 | 3.0 | 2.4 | 1.8 | ||||||||||
| Banks | 26.3 | 11.2 | 13.6 | 23.2 | 17.8 | ||||||||||
| Beverages | 1.7 | 2.8 | 1.7 | — | 0.9 | ||||||||||
| Biotechnology | — | 1.8 | 1.1 | — | — | ||||||||||
| Building Products | — | — | 0.2 | — | — | ||||||||||
| Capital Markets | — | 1.0 | 1.2 | — | 1.0 | ||||||||||
| Chemicals | 1.2 | 2.3 | 3.0 | 1.2 | 1.0 | ||||||||||
| Commercial Services & Suppliers | — | — | 0.2 | — | — | ||||||||||
| Communications Equipment | — | 0.6 | — | — | — | ||||||||||
| Construction & Engineering | — | 0.8 | 0.4 | — | — | ||||||||||
| Construction Materials | — | 1.8 | 0.5 | 2.4 | 2.3 | ||||||||||
| Consumer Finance | 1.4 | — | 0.1 | — | 0.7 | ||||||||||
| Containers & Packaging | — | — | 0.2 | — | — | ||||||||||
| Diversified Financial Services | — | — | 1.2 | — | — | ||||||||||
| Diversified Telecommunication Services | — | 1.0 | 2.3 | 3.4 | 0.9 | ||||||||||
| Electric Utilities | — | — | 0.6 | — | — | ||||||||||
| Electrical Equipment | 1.3 | — | 0.4 | — | — | ||||||||||
| Electronic Equipment, Instruments & Components | 3.3 | 2.1 | 3.7 | 2.2 | 2.0 | ||||||||||
| Entertainment | 0.6 | 4.3 | 0.3 | — | 1.9 | ||||||||||
| Food & Staples Retailing | — | — | 0.6 | 1.3 | 0.8 | ||||||||||
| Food Products | — | 1.4 | 1.4 | 0.7 | — | ||||||||||
| Gas Utilities | 1.1 | 0.5 | 0.5 | — | 1.4 | ||||||||||
| Health Care Equipment & Supplies | — | — | 0.6 | — | — | ||||||||||
| Health Care Providers & Services | — | — | 0.5 | 2.5 | 2.2 | ||||||||||
| Hotels, Restaurants & Leisure | 2.4 | 1.0 | 0.9 | 1.0 | 4.3 | ||||||||||
| Household Durables | 1.2 | 0.5 | 1.0 | 2.2 | 2.4 | ||||||||||
| Household Products | — | — | 0.3 | 0.8 | 0.8 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 1.1 | 0.6 | — | ||||||||||
| Industrial Conglomerates | — | — | 1.0 | 1.1 | — | ||||||||||
| Insurance | 1.1 | 2.5 | 2.7 | 3.7 | 2.0 | ||||||||||
| Interactive Media & Services | 8.6 | 9.0 | 6.2 | — | 7.2 | ||||||||||
| Internet & Direct Marketing Retail | 4.7 | 7.4 | 6.3 | — | 4.1 | ||||||||||
| IT Services | 2.5 | 3.3 | 4.2 | — | 2.6 | ||||||||||
| Life Sciences Tools & Services | — | 1.3 | 1.4 | — | — | ||||||||||
| Machinery | 3.2 | 1.4 | 1.2 | 0.7 | 2.3 | ||||||||||
| Marine | — | — | 1.0 | — | — | ||||||||||
| Media | — | — | 0.2 | — | — | ||||||||||
| Metals & Mining | 1.7 | 4.4 | 4.6 | 2.2 | 3.4 | ||||||||||
| Multiline Retail | 1.2 | 1.4 | — | — | 0.9 | ||||||||||
| Oil, Gas & Consumable Fuels | 3.0 | 5.2 | 6.2 | 10.8 | 7.0 | ||||||||||
| Paper & Forest Products | 1.0 | 1.5 | 0.3 | 0.7 | 1.6 | ||||||||||
| Personal Products | — | 1.3 | — | 2.9 | 2.8 | ||||||||||
| Pharmaceuticals | 0.8 | — | 2.1 | — | 1.0 | ||||||||||
| Real Estate Management & Development | — | — | 0.9 | 2.7 | 1.1 | ||||||||||
| Road & Rail | 2.1 | 0.6 | — | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 14.0 | 12.8 | 9.1 | 9.1 | 8.9 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Specialty Retail | 2.2 | 1.1 | 1.8 | 0.7 | 0.7 | ||||||||||
| Technology Hardware, Storage & Peripherals | 6.1 | 5.9 | 5.2 | 6.4 | 3.5 | ||||||||||
| Textiles, Apparel & Luxury Goods | 0.8 | 2.3 | 1.3 | — | 1.6 | ||||||||||
| Tobacco | — | — | 0.3 | 1.1 | 1.5 | ||||||||||
| Transportation Infrastructure | 1.2 | 1.6 | 0.6 | 1.3 | — | ||||||||||
| Wireless Telecommunication Services | — | — | 0.8 | 4.1 | 2.8 | ||||||||||
| Subtotal | 98.5 | 98.0 | 98.4 | 92.9 | 98.3 | ||||||||||
| Exchange Traded Funds | — | — | — | 5.0 | — | ||||||||||
| Short-Term Investments | 1.1 | 2.0 | 1.7 | 1.1 | 2.1 | ||||||||||
| Total Investments | 99.6 | % | 100.0 | % | 100.1 | % | 99.0 | % | 100.4 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
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 | % | — | % | — | % | 0.3 | % | |||||
| Air Freight & Logistics | — | — | — | — | 2.2 | ||||||||||
| Airlines | — | — | — | — | 0.1 | ||||||||||
| Auto Components | — | — | — | 1.2 | 1.4 | ||||||||||
| Automobiles | — | — | — | 1.3 | 3.3 | ||||||||||
| Banks | — | 3.9 | — | 3.2 | 7.0 | ||||||||||
| Beverages | 1.9 | 7.1 | — | 2.3 | 0.5 | ||||||||||
| Biotechnology | — | — | — | 2.3 | 0.8 | ||||||||||
| Building Products | — | 0.7 | — | — | 5.2 | ||||||||||
| Capital Markets | — | 6.8 | — | 6.3 | 3.0 | ||||||||||
| Chemicals | — | — | — | 2.8 | 1.8 | ||||||||||
| Commercial Services & Suppliers | 7.0 | — | — | — | 0.3 | ||||||||||
| Communications Equipment | 0.9 | 2.0 | — | — | 0.9 | ||||||||||
| Construction & Engineering | 5.6 | — | 12.7 | — | 0.1 | ||||||||||
| Construction Materials | — | — | — | — | 0.5 | ||||||||||
| Diversified Consumer Services | 6.1 | — | — | — | — | ||||||||||
| Diversified Financial Services | — | — | — | — | 0.8 | ||||||||||
| Diversified Telecommunication Services | — | — | — | — | 0.3 | ||||||||||
| Electric Utilities | 0.9 | — | 13.1 | 0.9 | 2.5 | ||||||||||
| Electrical Equipment | — | 3.5 | — | 3.9 | 3.3 | ||||||||||
| Electronic Equipment, Instruments & Components | — | 2.7 | — | 1.5 | 1.1 | ||||||||||
| Entertainment | — | 1.8 | — | 3.0 | 0.9 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.4 | ||||||||||
| Food & Staples Retailing | — | — | — | — | 1.0 | ||||||||||
| Food Products | — | — | — | — | 1.3 | ||||||||||
| Gas Utilities | 2.8 | 1.1 | 10.5 | — | — | ||||||||||
| Health Care Equipment & Supplies | 2.4 | 1.2 | — | 4.7 | 2.2 | ||||||||||
| Health Care Providers & Services | 22.6 | — | — | 1.5 | 0.5 | ||||||||||
| Hotels, Restaurants & Leisure | 6.2 | 1.6 | — | — | 2.0 | ||||||||||
| Household Durables | — | 0.7 | — | — | 2.2 | ||||||||||
| Household Products | — | 1.5 | — | — | — | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.5 | ||||||||||
| Industrial Conglomerates | — | 0.8 | — | — | 0.2 | ||||||||||
| Insurance | — | 4.8 | — | 4.1 | 6.3 | ||||||||||
| Interactive Media & Services | — | 5.3 | — | 7.1 | — | ||||||||||
| Internet & Direct Marketing Retail | — | 1.0 | — | 2.1 | 0.1 | ||||||||||
| IT Services | 7.0 | 4.4 | — | 5.5 | 1.7 | ||||||||||
| Leisure Products | — | 2.2 | — | — | 0.6 | ||||||||||
| Life Sciences Tools & Services | — | 6.6 | — | 5.7 | 0.7 | ||||||||||
| Machinery | — | — | — | — | 1.0 | ||||||||||
| Marine | — | — | — | — | 1.5 | ||||||||||
| Media | 9.4 | — | 4.8 | 2.4 | 0.5 | ||||||||||
| Metals & Mining | — | 0.8 | — | 1.2 | 3.9 | ||||||||||
| Multiline Retail | 4.5 | 2.7 | — | 2.5 | 0.6 | ||||||||||
| Multi-Utilities | 5.9 | — | 18.7 | — | — | ||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 3.3 | ||||||||||
| Personal Products | — | 2.8 | — | — | 2.6 | ||||||||||
| Pharmaceuticals | — | 5.5 | — | 3.0 | 10.1 | ||||||||||
| Professional Services | 5.9 | 6.6 | — | 6.1 | 1.7 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Real Estate Management & Development | — | — | — | — | 1.4 | ||||||||||
| Road & Rail | — | 1.0 | 6.6 | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | — | 5.2 | — | 5.8 | 5.2 | ||||||||||
| Software | — | 4.9 | — | 11.9 | 1.7 | ||||||||||
| Specialty Retail | 1.2 | 2.7 | — | — | 1.2 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 0.4 | ||||||||||
| Textiles, Apparel & Luxury Goods | 2.8 | 3.4 | — | 1.6 | 1.4 | ||||||||||
| Tobacco | — | — | — | — | 3.1 | ||||||||||
| Trading Companies & Distributors | — | 1.3 | — | 1.4 | 0.4 | ||||||||||
| Transportation Infrastructure | 3.1 | — | 13.9 | — | — | ||||||||||
| Water Utilities | — | — | 10.5 | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | — | 3.2 | ||||||||||
| Subtotal | 96.2 | 97.6 | 90.8 | 95.3 | 100.2 | ||||||||||
| Short-Term Investments | 3.6 | 3.3 | 7.4 | 5.3 | 1.1 | ||||||||||
| Total Investments | 99.8 | % | 100.9 | % | 98.2 | % | 100.6 | % | 101.3 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Equity Portfolio |
Lazard International Equity Select Portfolio |
Lazard International Equity Value Portfolio |
Lazard International Quality Growth Portfolio |
Lazard International Small Cap Equity Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | 2.7 | % | 1.5 | % | 3.5 | % | — | % | — | % | |||||
| Air Freight & Logistics | — | — | — | — | 1.1 | ||||||||||
| Airlines | 1.4 | 1.1 | — | — | 1.0 | ||||||||||
| Auto Components | 1.1 | 1.2 | 6.9 | — | 1.8 | ||||||||||
| Automobiles | 3.1 | 2.6 | 3.4 | — | — | ||||||||||
| Banks | 8.1 | 9.8 | 13.2 | 7.0 | 3.2 | ||||||||||
| Beverages | 3.7 | 2.6 | 8.3 | 5.2 | 3.1 | ||||||||||
| Biotechnology | — | — | — | 3.1 | — | ||||||||||
| Building Products | 1.2 | — | — | 2.5 | 3.5 | ||||||||||
| Capital Markets | 2.5 | — | 4.6 | 5.8 | 7.4 | ||||||||||
| Chemicals | 4.8 | 4.8 | 3.7 | — | 4.4 | ||||||||||
| Commercial Services & Suppliers | — | — | — | — | 2.6 | ||||||||||
| Construction & Engineering | — | — | — | — | 2.0 | ||||||||||
| Diversified Financial Services | 0.8 | — | — | — | 1.3 | ||||||||||
| Diversified Telecommunication Services | 1.2 | 1.8 | — | — | 0.9 | ||||||||||
| Electric Utilities | 1.6 | 1.4 | — | — | — | ||||||||||
| Electrical Equipment | 3.6 | 5.2 | — | 2.1 | 0.9 | ||||||||||
| Electronic Equipment, Instruments & Components | — | 1.3 | — | 2.5 | — | ||||||||||
| Entertainment | 1.7 | 1.4 | 2.7 | 4.7 | 0.6 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.9 | ||||||||||
| Food & Staples Retailing | 2.8 | 1.3 | 3.5 | 2.0 | 1.2 | ||||||||||
| Food Products | 0.5 | — | — | — | 2.1 | ||||||||||
| Gas Utilities | 0.7 | 1.4 | — | — | 1.3 | ||||||||||
| Health Care Equipment & Supplies | 3.7 | 2.1 | — | 3.7 | 1.0 | ||||||||||
| Health Care Providers & Services | — | — | — | — | 0.7 | ||||||||||
| Health Care Technology | — | — | — | — | 0.8 | ||||||||||
| Hotels, Restaurants & Leisure | — | — | 5.8 | — | 1.2 | ||||||||||
| Household Durables | — | — | 4.4 | — | 1.4 | ||||||||||
| Household Products | — | — | — | 0.7 | 0.8 | ||||||||||
| Independent Power & Renewable Electricity Producers | 1.0 | 1.7 | — | — | 0.5 | ||||||||||
| Industrial Conglomerates | 2.4 | 2.3 | 7.0 | — | — | ||||||||||
| Insurance | 4.2 | 6.3 | 6.9 | 8.6 | 1.7 | ||||||||||
| Interactive Media & Services | 0.9 | 3.1 | — | 4.9 | 1.0 | ||||||||||
| Internet & Direct Marketing Retail | — | 0.5 | — | 2.3 | 1.1 | ||||||||||
| IT Services | 3.1 | 3.1 | — | — | 3.8 | ||||||||||
| Leisure Products | 4.5 | 1.8 | 3.6 | 3.5 | 1.3 | ||||||||||
| Life Sciences Tools & Services | — | — | — | — | 1.4 | ||||||||||
| Machinery | 3.4 | 3.8 | 2.9 | — | 4.8 | ||||||||||
| Media | 0.9 | — | — | — | 1.4 | ||||||||||
| Metals & Mining | 1.2 | 1.9 | 1.8 | — | 1.9 | ||||||||||
| Multiline Retail | 1.1 | 2.1 | 3.2 | 1.8 | 2.3 | ||||||||||
| Multi-Utilities | 2.2 | 1.9 | 3.2 | — | — | ||||||||||
| Oil, Gas & Consumable Fuels | 5.0 | 7.1 | 4.0 | — | 1.4 | ||||||||||
| Personal Products | 1.5 | 2.3 | — | 4.1 | — | ||||||||||
| Pharmaceuticals | 5.5 | 5.4 | 4.5 | 2.0 | 3.3 | ||||||||||
| Professional Services | 4.4 | 4.0 | — | 9.1 | 4.3 | ||||||||||
| Real Estate Management & Development | 3.7 | 2.1 | — | — | 7.4 | ||||||||||
| Semiconductors & Semiconductor Equipment | 2.2 | 1.0 | — | 8.4 | 2.9 | ||||||||||
| Software | — | — | — | 4.2 | 4.9 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Specialty Retail | 1.6 | 2.2 | — | 3.4 | 3.2 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | 1.8 | — | — | 0.9 | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.5 | 1.7 | — | 3.0 | — | ||||||||||
| Trading Companies & Distributors | 1.1 | 1.4 | — | 3.1 | 2.3 | ||||||||||
| Water Utilities | — | 0.6 | — | — | 0.8 | ||||||||||
| Wireless Telecommunication Services | — | — | 3.5 | — | — | ||||||||||
| Subtotal | 96.6 | 97.6 | 100.6 | 97.7 | 98.8 | ||||||||||
| Short-Term Investments | 2.1 | 3.1 | 1.0 | 2.5 | 0.7 | ||||||||||
| Total Investments | 98.7 | % | 100.7 | % | 101.6 | % | 100.2 | % | 99.5 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Strategic Equity Portfolio |
Lazard Managed Equity Volatility Portfolio |
Lazard Emerging Markets Debt Portfolio |
Lazard Global Fixed Income Portfolio |
Lazard Global Dynamic Multi-Asset Portfolio | ||||||||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | |||||||||||||||
| Aerospace & Defense | 3.9 | % | 1.2 | % | — | % | — | % | 1.2 | % | |||||
| Air Freight & Logistics | 0.5 | — | — | — | 0.7 | ||||||||||
| Airlines | 1.2 | — | — | — | — | ||||||||||
| Auto Components | — | 0.3 | — | — | 0.1 | ||||||||||
| Automobiles | 3.3 | — | — | 2.2 | 1.9 | ||||||||||
| Banks | 6.6 | 2.2 | 1.4 | 5.9 | 4.6 | ||||||||||
| Beverages | 7.7 | 1.2 | — | 1.9 | 2.4 | ||||||||||
| Biotechnology | 1.6 | 1.8 | — | — | 0.3 | ||||||||||
| Building Products | 2.5 | — | — | 0.6 | 0.8 | ||||||||||
| Capital Markets | 2.9 | 1.2 | — | 4.0 | 3.8 | ||||||||||
| Chemicals | 3.3 | 0.2 | — | — | 0.4 | ||||||||||
| Commercial Services & Suppliers | — | 1.7 | — | 0.5 | 0.5 | ||||||||||
| Communications Equipment | — | 1.3 | — | — | 0.8 | ||||||||||
| Construction & Engineering | — | 0.5 | — | — | — | ||||||||||
| Construction Materials | — | 0.5 | — | — | 0.3 | ||||||||||
| Consumer Finance | — | — | — | — | 0.3 | ||||||||||
| Containers & Packaging | — | 0.3 | — | 0.6 | 0.2 | ||||||||||
| Diversified Consumer Services | — | 1.4 | — | 0.7 | 0.3 | ||||||||||
| Diversified Financial Services | 0.8 | 0.1 | — | — | 0.2 | ||||||||||
| Diversified Telecommunication Services | — | 4.5 | — | 1.6 | 1.6 | ||||||||||
| Electric Utilities | 1.3 | 3.1 | — | — | 0.5 | ||||||||||
| Electrical Equipment | 4.8 | 0.2 | — | 1.2 | 1.6 | ||||||||||
| Electronic Equipment, Instruments & Components | 1.1 | 1.4 | — | 0.1 | 1.0 | ||||||||||
| Entertainment | 2.4 | — | — | — | 0.8 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | 4.9 | — | 1.1 | 1.5 | ||||||||||
| Food & Staples Retailing | 0.9 | 8.1 | — | 1.6 | 1.2 | ||||||||||
| Food Products | — | 4.4 | — | — | 0.5 | ||||||||||
| Gas Utilities | — | 1.6 | — | — | 0.2 | ||||||||||
| Health Care Equipment & Supplies | 2.5 | 2.3 | — | — | 1.1 | ||||||||||
| Health Care Providers & Services | — | 2.7 | — | — | 1.9 | ||||||||||
| Health Care Technology | — | — | — | — | 0.1 | ||||||||||
| Hotels, Restaurants & Leisure | 2.0 | 3.0 | — | 2.0 | 1.7 | ||||||||||
| Household Durables | — | 0.5 | — | — | 0.3 | ||||||||||
| Household Products | — | 3.7 | — | 1.3 | 1.1 | ||||||||||
| Independent Power & Renewable Electricity Producers | 1.4 | 0.6 | — | — | 0.2 | ||||||||||
| Industrial Conglomerates | — | 0.2 | — | — | 0.3 | ||||||||||
| Insurance | 7.2 | 3.5 | — | — | 2.4 | ||||||||||
| Interactive Media & Services | 0.3 | 0.9 | — | 1.0 | 2.6 | ||||||||||
| Internet & Direct Marketing Retail | 1.9 | — | — | 0.6 | 1.3 | ||||||||||
| IT Services | 2.4 | 3.4 | — | 0.5 | 3.0 | ||||||||||
| Leisure Products | 4.3 | — | — | — | 0.7 | ||||||||||
| Life Sciences Tools & Services | — | 2.7 | — | — | 2.5 | ||||||||||
| Machinery | 4.2 | 0.9 | — | 1.8 | 1.2 | ||||||||||
| Marine | — | 0.3 | — | — | 0.5 | ||||||||||
| Media | 1.8 | 2.4 | — | — | 1.2 | ||||||||||
| Metals & Mining | 2.3 | 2.2 | — | — | 1.0 | ||||||||||
| Multiline Retail | 0.6 | 1.5 | — | — | 0.9 | ||||||||||
| Multi-Utilities | 2.0 | 1.4 | — | — | 0.2 | ||||||||||
| Oil, Gas & Consumable Fuels | 1.4 | 0.8 | 2.3 | — | 2.0 | ||||||||||
| Paper & Forest Products | — | — | — | — | 0.1 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Personal Products | — | — | — | — | 0.4 | ||||||||||
| Pharmaceuticals | 2.6 | 7.5 | — | 1.1 | 4.0 | ||||||||||
| Professional Services | 5.5 | 2.7 | — | — | 1.6 | ||||||||||
| Real Estate Management & Development | 2.3 | 1.4 | — | — | 0.4 | ||||||||||
| Road & Rail | — | 1.4 | — | — | 0.7 | ||||||||||
| Semiconductors & Semiconductor Equipment | 2.2 | 2.0 | — | — | 3.4 | ||||||||||
| Software | — | 2.9 | — | 2.1 | 6.0 | ||||||||||
| Specialty Retail | 2.1 | 1.6 | — | 1.1 | 2.1 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | 0.5 | — | 2.2 | 3.6 | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.1 | 0.5 | — | — | 0.8 | ||||||||||
| Thrifts & Mortgage Finance | 1.2 | — | — | — | 0.2 | ||||||||||
| Tobacco | — | 1.3 | — | — | 0.1 | ||||||||||
| Trading Companies & Distributors | — | — | — | 0.7 | 0.2 | ||||||||||
| Transportation Infrastructure | — | — | 0.9 | — | — | ||||||||||
| Wireless Telecommunication Services | — | 1.0 | — | 1.1 | 0.5 | ||||||||||
| Subtotal | 96.1 | 97.9 | 4.6 | 37.5 | 78.0 | ||||||||||
| Exchange Traded Funds | — | — | — | — | 5.0 | ||||||||||
| Foreign Government Obligations | — | — | 87.6 | 48.4 | 10.9 | ||||||||||
| Supranational Bonds | — | — | 0.1 | 11.1 | 2.6 | ||||||||||
| US Municipal Bonds | — | — | — | 1.1 | 1.3 | ||||||||||
| Short-Term Investments | 5.3 | 1.7 | 5.9 | 1.9 | 2.1 | ||||||||||
| Total Investments | 101.4 | % | 99.6 | % | 98.2 | % | 100.0 | % | 99.9. | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Real Assets Portfolio |
||||
| Common Stocks | |||||
| Chemicals | 0.4 | % | |||
| Construction & Engineering | 4.2 | ||||
| Construction Materials | 0.2 | ||||
| Electric Utilities | 3.1 | ||||
| Equity Real Estate Investment Trusts (REITs) | 22.6 | ||||
| Food Products | 0.3 | ||||
| Gas Utilities | 2.5 | ||||
| Hotels, Restaurants & Leisure | 0.9 | ||||
| Household Durables | 0.1 | ||||
| Media | 1.0 | ||||
| Metals & Mining | 0.4 | ||||
| Multi-Utilities | 4.7 | ||||
| Real Estate Management & Development | 8.3 | ||||
| Road & Rail | 1.9 | ||||
| Transportation Infrastructure | 4.1 | ||||
| Water Utilities | 2.3 | ||||
| Subtotal | 57.0 | ||||
| Exchange Traded Funds | 4.0 | ||||
| Short-Term Investments | 34.1 | ||||
| Total Investments | 95.1 | % | |||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for the Portfolio previously presented by country:
| Industry† | Lazard Enhanced Opportunities Portfolio | ||||
| Long | Short | ||||
| Common Stocks and Convertible Corporate Bonds | |||||
| Aerospace & Defense | 2.0 | % | -0.3 | % | |
| Air Freight & Logistics | 3.7 | -2.4 | |||
| Airlines | 1.6 | -0.2 | |||
| Auto Components | 1.3 | -0.7 | |||
| Automobiles | 3.4 | -0.9 | |||
| Banks | 2.9 | — | |||
| Biotechnology | 11.0 | -5.3 | |||
| Consumer Finance | 6.0 | -2.8 | |||
| Diversified Consumer Services | 0.8 | -0.4 | |||
| Diversified Financial Services | 2.3 | — | |||
| Diversified Telecommunication Services | 1.1 | -0.5 | |||
| Electronic Equipment, Instruments & Components | 2.6 | -0.7 | |||
| Energy Equipment & Services | 0.6 | -0.2 | |||
| Entertainment | 2.9 | -1.9 | |||
| Equity Real Estate Investment Trusts (REITs) | 3.2 | -1.4 | |||
| Food & Staples Retailing | 1.9 | -0.7 | |||
| Food Products | 0.7 | — | |||
| Health Care Equipment & Supplies | 6.2 | -2.6 | |||
| Health Care Providers & Services | 1.4 | -0.5 | |||
| Health Care Technology | 0.6 | -0.1 | |||
| Hotels, Restaurants & Leisure | 3.6 | -1.7 | |||
| Independent Power & Renewable Electricity Producers | 1.0 | -0.7 | |||
| Interactive Media & Services | 1.7 | -0.3 | |||
| Internet & Direct Marketing Retail | 4.5 | -1.7 | |||
| IT Services | 4.4 | -0.9 | |||
| Life Sciences Tools & Services | 0.4 | -0.2 | |||
| Machinery | 2.2 | ||||
| Media | 12.2 | -2.8 | |||
| Metals & Mining | 3.4 | -0.7 | |||
| Mortgage Real Estate Investment Trusts (REITs) | 8.5 | — | |||
| Personal Products | 2.5 | -0.2 | |||
| Pharmaceuticals | 8.1 | -3.1 | |||
| Professional Services | 0.9 | -0.4 | |||
| Real Estate Management & Development | 2.6 | -1.5 | |||
| Semiconductors & Semiconductor Equipment | 2.9 | -1.4 | |||
| Software | 9.7 | -3.4 | |||
| Specialty Retail | 2.4 | -1.0 | |||
| Technology Hardware, Storage & Peripherals | 0.3 | -0.1 | |||
| Subtotal | 127.5 | -41.7 | |||
| US Treasury Securities | — | -15.6 | |||
| Short-Term Investments | 32.7 | — | |||
| Total Investments | 160.2 | % | -57.3 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: November 24, 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: November 24, 2021
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: November 24, 2021