UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2022
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.4% | ||||||||
| Brazil | 4.9% | ||||||||
| Banco Bradesco SA ADR | 573,040 | $ | 2,658,905 | |||||
| Dexco SA | 510,235 | 1,573,235 | ||||||
| Pagseguro Digital, Ltd., Class A (*) | 56,754 | 1,137,918 | ||||||
| Rumo SA (*) | 386,744 | 1,506,832 | ||||||
| 6,876,890 | ||||||||
| China | 27.4% | ||||||||
| Airtac International Group | 34,765 | 1,120,958 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 41,147 | 4,476,793 | ||||||
| Baidu, Inc. Class A (*) | 129,500 | 2,166,146 | ||||||
| China Tourism Group Duty Free Corp., Ltd. Class A | 64,200 | 1,648,270 | ||||||
| Chow Tai Seng Jewellery Co., Ltd., Class A | 393,550 | 839,874 | ||||||
| GoerTek, Inc., Class A | 467,900 | 2,522,239 | ||||||
| JD.com, Inc. Class A (*) | 70,359 | 2,060,663 | ||||||
| Jiangsu King’s Luck Brewery JSC, Ltd., Class A | 193,200 | 1,278,255 | ||||||
| Minth Group, Ltd. | 454,000 | 1,113,263 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 246,500 | 1,739,200 | ||||||
| Shanghai Liangxin Electrical Co., Ltd., Class A | 602,400 | 1,142,524 | ||||||
| Tencent Holdings, Ltd. | 134,500 | 6,345,090 | ||||||
| Topsports International Holdings, Ltd. | 1,047,000 | 870,951 | ||||||
| Trip.com Group, Ltd. ADR (*) | 90,590 | 2,094,441 | ||||||
| Weibo Corp. Sponsored ADR (*) | 24,327 | 596,255 | ||||||
| Wuliangye Yibin Co., Ltd., Class A | 76,800 | 1,865,995 | ||||||
| Xiaomi Corp., Class B (*) | 582,200 | 1,023,968 | ||||||
| Yadea Group Holdings, Ltd. | 618,000 | 951,122 | ||||||
| Zhongsheng Group Holdings, Ltd. | 411,000 | 2,893,899 | ||||||
| ZTO Express Cayman, Inc. ADR | 58,385 | 1,459,625 | ||||||
| 38,209,531 | ||||||||
| Colombia | 1.8% | ||||||||
| Bancolombia SA Sponsored ADR | 59,658 | 2,545,010 | ||||||
| Hong Kong | 1.3% | ||||||||
| Techtronic Industries Co., Ltd. | 110,502 | 1,780,164 | ||||||
| Hungary | 1.3% | ||||||||
| Richter Gedeon Nyrt. | 85,309 | 1,799,276 | ||||||
| India | 11.1% | ||||||||
| Motherson Sumi Wiring India Ltd. (*), (¢) | 440,465 | 374,635 | ||||||
| Bajaj Finance, Ltd. | 20,085 | 1,909,486 | ||||||
| HDFC Bank, Ltd. ADR | 46,991 | 2,881,958 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 194,419 | 3,682,296 | ||||||
| Mphasis, Ltd. | 27,199 | 1,205,736 | ||||||
| Description | Shares | Fair Value | ||||||
| Reliance Industries, Ltd. | 83,775 | $ | 2,899,627 | |||||
| UPL, Ltd. | 241,498 | 2,434,736 | ||||||
| 15,388,474 | ||||||||
| Indonesia | 4.8% | ||||||||
| PT Bank Central Asia Tbk | 4,519,900 | 2,504,203 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 12,810,949 | 4,124,925 | ||||||
| 6,629,128 | ||||||||
| Mexico | 2.8% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 525,657 | 3,952,338 | ||||||
| Peru | 1.1% | ||||||||
| Credicorp, Ltd. | 8,801 | 1,512,628 | ||||||
| Philippines | 2.5% | ||||||||
| BDO Unibank, Inc. | 831,115 | 2,122,804 | ||||||
| International Container Terminal Services, Inc. | 318,959 | 1,380,645 | ||||||
| 3,503,449 | ||||||||
| Poland | 0.4% | ||||||||
| InPost SA (*) | 94,148 | 591,771 | ||||||
| South Africa | 5.8% | ||||||||
| Capitec Bank Holdings, Ltd. | 13,508 | 2,158,135 | ||||||
| Standard Bank Group, Ltd. | 297,964 | 3,707,152 | ||||||
| The Foschini Group, Ltd. | 213,293 | 2,145,238 | ||||||
| 8,010,525 | ||||||||
| South Korea | 13.8% | ||||||||
| AfreecaTV Co., Ltd. | 9,211 | 1,116,481 | ||||||
| CJ Logistics Corp. (*) | 13,679 | 1,456,782 | ||||||
| NAVER Corp. | 6,615 | 1,849,708 | ||||||
| Samsung Electronics Co., Ltd. | 146,982 | 8,396,735 | ||||||
| SK Hynix, Inc. | 44,379 | 4,248,094 | ||||||
| WONIK IPS Co., Ltd. | 69,781 | 2,175,011 | ||||||
| 19,242,811 | ||||||||
| Taiwan | 15.6% | ||||||||
| ASE Technology Holding Co., Ltd. | 964,289 | 3,439,435 | ||||||
| Bizlink Holding, Inc. | 239,000 | 2,459,849 | ||||||
| Chroma ATE, Inc. | 295,000 | 1,844,503 | ||||||
| Hiwin Technologies Corp. | 133,844 | 1,115,461 | ||||||
| Lotes Co., Ltd. | 87,000 | 2,115,304 | ||||||
| MediaTek, Inc. | 72,000 | 2,244,880 | ||||||
| RichWave Technology Corp. | 208,000 | 1,364,222 | ||||||
| Silicon Motion Technology Corp. ADR | 20,864 | 1,394,132 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 278,000 | 5,747,493 | ||||||
| 21,725,279 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| United States | 1.1% | ||||||||
| JS Global Lifestyle Co., Ltd. | 1,303,000 | $ | 1,518,528 | |||||
| Zambia | 2.7% | ||||||||
| First Quantum Minerals, Ltd. | 107,743 | 3,730,046 | ||||||
| Total Common Stocks (Cost $113,936,121) | 137,015,848 | |||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $2,432,683) | 2,432,683 | 2,432,683 | ||||||
| Total Investments | 100.1% (Cost $116,368,804) | $ | 139,448,531 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (191,102) | |||||||
| Net Assets | 100.0% | $ | 139,257,429 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Austria | 1.3% | ||||||||
| Mondi PLC | 97,943 | $ | 1,898,743 | |||||
| Brazil | 8.6% | ||||||||
| Banco BTG Pactual SA | 336,596 | 1,840,972 | ||||||
| Banco do Brasil SA | 228,300 | 1,663,921 | ||||||
| Itau Unibanco Holding SA Sponsored ADR | 195,642 | 1,117,116 | ||||||
| Lojas Renner SA | 267,258 | 1,543,692 | ||||||
| MercadoLibre, Inc. (*) | 978 | 1,163,311 | ||||||
| Pet Center Comercio e Participacoes SA | 465,966 | 1,826,262 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 120,787 | 1,787,648 | ||||||
| Rumo SA (*) | 311,958 | 1,215,450 | ||||||
| 12,158,372 | ||||||||
| Canada | 1.5% | ||||||||
| Parex Resources, Inc. | 106,680 | 2,188,811 | ||||||
| China | 24.4% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 32,000 | 437,993 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 34,659 | 3,770,899 | ||||||
| Bilibili, Inc. Sponsored ADR (*) | 14,770 | 377,817 | ||||||
| Budweiser Brewing Co. APAC, Ltd. | 412,200 | 1,093,950 | ||||||
| China Mengniu Dairy Co., Ltd. | 207,000 | 1,111,546 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 8,019,633 | 4,915,916 | ||||||
| Innovent Biologics, Inc. (*) | 132,500 | 446,225 | ||||||
| JD.com, Inc. ADR (*) | 27,337 | 1,581,992 | ||||||
| JD.com, Inc., Class A (*) | 21,326 | 624,592 | ||||||
| Midea Group Co., Ltd., Class A | 76,500 | 684,274 | ||||||
| NetEase, Inc. | 35,500 | 639,982 | ||||||
| NetEase, Inc. ADR | 15,735 | 1,411,272 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 1,139,770 | 1,162,988 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 296,000 | 2,088,451 | ||||||
| Prosus NV | 16,341 | 865,049 | ||||||
| Remegen Co., Ltd., Class H (*) | 77,500 | 456,773 | ||||||
| Shenzhou International Group Holdings, Ltd. | 115,191 | 1,536,407 | ||||||
| Tencent Holdings, Ltd. | 147,400 | 6,953,652 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 113,500 | 920,737 | ||||||
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 155,900 | 1,428,715 | ||||||
| XPeng, Inc., Class A | 67,500 | 930,435 | ||||||
| Yum China Holdings, Inc. | 26,848 | 1,115,266 | ||||||
| 34,554,931 | ||||||||
| Hong Kong | 1.3% | ||||||||
| Techtronic Industries Co., Ltd. | 112,000 | 1,804,296 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 16.2% | ||||||||
| HDFC Bank, Ltd. ADR | 59,261 | $ | 3,634,477 | |||||
| Hindalco Industries, Ltd. | 371,124 | 2,766,232 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 59,803 | 1,132,669 | ||||||
| Infosys, Ltd. Sponsored ADR | 134,069 | 3,336,977 | ||||||
| Larsen & Toubro, Ltd. | 65,674 | 1,522,639 | ||||||
| Maruti Suzuki India, Ltd. | 12,563 | 1,246,166 | ||||||
| Motherson Sumi Systems, Ltd. | 364,491 | 664,440 | ||||||
| Motherson Sumi Wiring India Ltd. (*), (¢) | 372,381 | 316,727 | ||||||
| Reliance Industries, Ltd. | 78,396 | 2,713,449 | ||||||
| Star Health & Allied Insurance Co., Ltd. | 178,896 | 1,663,783 | ||||||
| UPL, Ltd. | 268,469 | 2,706,652 | ||||||
| WNS Holdings, Ltd. ADR (*) | 14,361 | 1,227,722 | ||||||
| 22,931,933 | ||||||||
| Indonesia | 2.9% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 3,845,400 | 2,109,991 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 62,244 | 1,988,696 | ||||||
| 4,098,687 | ||||||||
| Mexico | 5.1% | ||||||||
| Arca Continental SAB de CV | 259,245 | 1,762,840 | ||||||
| Cemex SAB de CV Sponsored ADR (*) | 366,368 | 1,938,087 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 13,214 | 2,130,493 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 190,100 | 1,429,334 | ||||||
| 7,260,754 | ||||||||
| Philippines | 1.1% | ||||||||
| BDO Unibank, Inc. | 619,831 | 1,583,150 | ||||||
| Poland | 2.0% | ||||||||
| CD Projekt SA | 10,648 | 437,514 | ||||||
| KGHM Polska Miedz SA | 58,835 | 2,391,914 | ||||||
| 2,829,428 | ||||||||
| Qatar | 0.8% | ||||||||
| Qatar National Bank QPSC | 188,772 | 1,194,628 | ||||||
| Russia | 0.0% | ||||||||
| Yandex NV, Class A (*), (¢) | 17,633 | 0 | ||||||
| South Africa | 1.8% | ||||||||
| Anglo American PLC | 42,838 | 2,209,432 | ||||||
| Naspers, Ltd., N Shares | 2,345 | 265,490 | ||||||
| 2,474,922 | ||||||||
| South Korea | 11.6% | ||||||||
| DB Insurance Co., Ltd. | 17,808 | 1,023,961 | ||||||
| LG Chem, Ltd. | 2,252 | 976,367 | ||||||
| LG Electronics, Inc. | 10,504 | 1,036,574 | ||||||
| NAVER Corp. | 3,978 | 1,112,341 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| NCSoft Corp. | 1,942 | $ | 743,136 | |||||
| Samsung Electronics Co., Ltd. | 142,934 | 8,165,483 | ||||||
| Samsung SDI Co., Ltd. | 2,807 | 1,369,661 | ||||||
| SK Hynix, Inc. | 21,001 | 2,010,280 | ||||||
| 16,437,803 | ||||||||
| Taiwan | 15.1% | ||||||||
| Accton Technology Corp. | 96,000 | 741,832 | ||||||
| ASE Technology Holding Co., Ltd. | 417,000 | 1,487,360 | ||||||
| Eclat Textile Co., Ltd. | 66,789 | 1,105,246 | ||||||
| Feng TAY Enterprise Co., Ltd. | 138,000 | 915,478 | ||||||
| Micro-Star International Co., Ltd. | 231,000 | 1,040,251 | ||||||
| Nien Made Enterprise Co., Ltd. | 79,000 | 921,154 | ||||||
| Realtek Semiconductor Corp. | 59,000 | 879,262 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 137,050 | 14,288,833 | ||||||
| 21,379,416 | ||||||||
| Thailand | 3.1% | ||||||||
| Home Product Center Public Co., Ltd. (‡) | 3,395,300 | 1,623,617 | ||||||
| PTT Exploration & Production Public Co., Ltd. (‡) | 644,400 | 2,790,785 | ||||||
| 4,414,402 | ||||||||
| United Kingdom | 0.7% | ||||||||
| Unilever PLC Sponsored ADR | 22,319 | 1,017,077 | ||||||
| Total Common Stocks (Cost $112,310,805) | 138,227,353 | |||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $3,575,459) | 3,575,459 | 3,575,459 | ||||||
| Total Investments | 100.0% (Cost $115,886,264) | $ | 141,802,812 | ||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (16,321) | |||||||
| Net Assets | 100.0% | 141,786,491 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 93.6% | ||||||||
| Brazil | 2.9% | ||||||||
| Banco do Brasil SA | 20,200 | $ | 147,224 | |||||
| Cia Paranaense de Energia (Preference Shares) | 73,900 | 117,345 | ||||||
| Cia Siderurgica Nacional SA | 15,800 | 86,383 | ||||||
| Gerdau SA (Preference Shares) | 15,600 | 100,952 | ||||||
| Marfrig Global Foods SA | 53,600 | 240,921 | ||||||
| TIM SA | 43,300 | 125,415 | ||||||
| Vale SA | 53,209 | 1,068,415 | ||||||
| 1,886,655 | ||||||||
| Chile | 0.2% | ||||||||
| Sociedad Quimica y Minera de Chile SA Sponsored ADR | 1,485 | 127,116 | ||||||
| China | 30.3% | ||||||||
| 360 DigiTech, Inc. ADR | 6,490 | 99,881 | ||||||
| Agricultural Bank of China, Ltd., Class H | 355,000 | 136,157 | ||||||
| Alibaba Group Holding, Ltd. (*) | 57,700 | 789,756 | ||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 8,067 | 877,690 | ||||||
| Baidu, Inc. Sponsored ADR (*) | 2,149 | 284,313 | ||||||
| Bank of Beijing Co., Ltd., Class A | 272,200 | 196,318 | ||||||
| Bank of China, Ltd., Class H | 2,680,000 | 1,076,109 | ||||||
| Bank of Communications Co., Ltd., Class H | 874,000 | 627,329 | ||||||
| Baoshan Iron & Steel Co., Ltd., Class A | 136,100 | 144,461 | ||||||
| Beijing Enterprises Holdings, Ltd. | 48,500 | 153,322 | ||||||
| Beijing New Building Materials PLC, Class A | 18,400 | 87,609 | ||||||
| Bosideng International Holdings, Ltd. | 236,000 | 109,715 | ||||||
| BYD Co., Ltd., Class H | 10,000 | 284,070 | ||||||
| China Construction Bank Corp., Class H | 576,000 | 432,689 | ||||||
| China Galaxy Securities Co., Ltd., Class H | 588,000 | 328,388 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 94,000 | 213,079 | ||||||
| China Meidong Auto Holdings, Ltd. | 44,000 | 167,016 | ||||||
| China Modern Dairy Holdings, Ltd. | 555,000 | 89,790 | ||||||
| China Petroleum & Chemical Corp., Class H | 1,318,000 | 659,023 | ||||||
| China Railway Group, Ltd., Class H | 659,000 | 368,356 | ||||||
| China Resources Mixc Lifestyle Services, Ltd. | 27,800 | 136,751 | ||||||
| China Resources Power Holdings Co., Ltd. | 110,000 | 204,971 | ||||||
| China Taiping Insurance Holdings Co., Ltd. | 128,000 | 155,948 | ||||||
| China World Trade Center Co., Ltd., Class A | 48,687 | 124,127 | ||||||
| China Yongda Automobiles Services Holdings, Ltd. | 119,500 | 129,959 | ||||||
| Chongqing Brewery Co., Ltd., Class A (*) | 5,600 | 94,367 | ||||||
| CITIC, Ltd. | 125,000 | 138,529 | ||||||
| COFCO Joycome Foods, Ltd. | 279,000 | 123,475 | ||||||
| Description | Shares | Fair Value | ||||||
| Contemporary Amperex Technology Co., Ltd., Class A | 1,400 | $ | 112,174 | |||||
| COSCO SHIPPING Holdings Co., Ltd., Class H (*) | 167,300 | 289,705 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 427,840 | 490,614 | ||||||
| Daan Gene Co., Ltd., Class A | 27,980 | 82,249 | ||||||
| East Money Information Co., Ltd. Class A | 66,195 | 261,977 | ||||||
| Ecovacs Robotics Co., Ltd., Class A | 5,400 | 91,708 | ||||||
| G-bits Network Technology Xiamen Co., Ltd., Class A | 1,700 | 95,771 | ||||||
| GD Power Development Co., Ltd., Class A | 234,500 | 92,669 | ||||||
| GF Securities Co., Ltd., Class H | 59,600 | 84,021 | ||||||
| Gigadevice Semiconductor Beijing, Inc., Class A | 5,800 | 127,876 | ||||||
| Greenland Holdings Corp., Ltd. | 185,800 | 157,558 | ||||||
| Haidilao International Holding, Ltd. | 43,000 | 83,549 | ||||||
| Haier Smart Home Co., Ltd. Class H | 50,400 | 162,993 | ||||||
| Industrial & Commercial Bank of China, Ltd., Class H | 522,000 | 319,978 | ||||||
| Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 31,600 | 183,481 | ||||||
| JD.com, Inc., Class A (*) | 17,654 | 517,047 | ||||||
| Lenovo Group, Ltd. | 402,000 | 435,994 | ||||||
| Li Auto, Inc. ADR (*) | 2,601 | 67,132 | ||||||
| Li Ning Co., Ltd. | 48,500 | 415,692 | ||||||
| Meituan, Class B (*) | 28,900 | 569,492 | ||||||
| Metallurgical Corp. of China, Ltd., Class H | 289,000 | 77,841 | ||||||
| NetEase, Inc. | 34,900 | 629,165 | ||||||
| New China Life Insurance Co., Ltd., Class H | 75,100 | 208,993 | ||||||
| NIO, Inc. ADR (*) | 4,167 | 87,715 | ||||||
| Nongfu Spring Co., Ltd., Class H | 43,200 | 229,362 | ||||||
| Oppein Home Group, Inc., Class A | 15,200 | 280,133 | ||||||
| PetroChina Co., Ltd., Class H | 1,062,000 | 543,850 | ||||||
| Pharmaron Beijing Co., Ltd., Class H | 8,200 | 99,093 | ||||||
| PICC Property & Casualty Co., Ltd., Class H | 384,000 | 391,822 | ||||||
| Pinduoduo, Inc. ADR (*) | 2,573 | 103,203 | ||||||
| Shanghai Bairun Investment Holding Group Co., Ltd., Class A | 9,940 | 56,302 | ||||||
| Shanghai Construction Group Co., Ltd. | 296,800 | 152,157 | ||||||
| Shanxi Taigang Stainless Steel Co., Ltd. Class A | 98,500 | 104,006 | ||||||
| Shenyang Xingqi Pharmaceutical Co., Ltd. Class A | 6,200 | 87,692 | ||||||
| Shenzhen Inovance Technology Co., Ltd., Class A | 8,800 | 78,767 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 1,800 | 86,902 | ||||||
| Sichuan Swellfun Co., Ltd. | 7,500 | 97,221 | ||||||
| Silergy Corp. | 2,000 | 235,574 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Sunny Optical Technology Group Co., Ltd. | 8,000 | $ | 128,135 | |||||
| Tencent Holdings, Ltd. | 43,200 | 2,037,977 | ||||||
| The People’s Insurance Co. Group of China, Ltd., Class H | 742,000 | 242,751 | ||||||
| WuXi AppTec Co., Ltd., Class H | 8,000 | 125,126 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 17,000 | 137,908 | ||||||
| Yadea Group Holdings, Ltd. | 96,000 | 147,747 | ||||||
| Yuexiu Property Co., Ltd. | 168,400 | 166,941 | ||||||
| Zhongsheng Group Holdings, Ltd. | 30,000 | 211,234 | ||||||
| 19,622,495 | ||||||||
| Colombia | 0.2% | ||||||||
| Bancolombia SA Sponsored ADR | 2,991 | 127,596 | ||||||
| Greece | 0.5% | ||||||||
| Hellenic Telecommunications Organization SA | 17,095 | 309,285 | ||||||
| Hungary | 0.5% | ||||||||
| MOL Hungarian Oil & Gas PLC | 23,788 | 209,937 | ||||||
| Richter Gedeon Nyrt. | 4,045 | 85,314 | ||||||
| 295,251 | ||||||||
| India | 11.4% | ||||||||
| Axis Bank, Ltd. GDR (*) | 1,771 | 87,608 | ||||||
| Dr Reddy’s Laboratories, Ltd. ADR | 7,219 | 402,315 | ||||||
| GAIL India, Ltd. GDR | 20,519 | 275,825 | ||||||
| HDFC Bank, Ltd. ADR | 16,905 | 1,036,784 | ||||||
| ICICI Bank, Ltd. Sponsored ADR | 67,245 | 1,273,620 | ||||||
| Infosys, Ltd. Sponsored ADR | 61,411 | 1,528,520 | ||||||
| Larsen & Toubro, Ltd. GDR | 18,672 | 432,161 | ||||||
| Reliance Industries, Ltd. Sponsored GDR (#) | 14,405 | 984,479 | ||||||
| State Bank of India GDR | 5,175 | 330,645 | ||||||
| Tata Motors, Ltd. Sponsored ADR (*) | 5,336 | 149,141 | ||||||
| Tata Steel, Ltd. GDR | 5,390 | 90,429 | ||||||
| Wipro, Ltd. ADR | 61,429 | 473,618 | ||||||
| WNS Holdings, Ltd. ADR (*) | 3,848 | 328,965 | ||||||
| 7,394,110 | ||||||||
| Indonesia | 2.4% | ||||||||
| Aneka Tambang Tbk | 435,900 | 73,815 | ||||||
| Kalbe Farma Tbk PT | 1,725,000 | 193,369 | ||||||
| PT Astra International Tbk | 1,017,100 | 464,666 | ||||||
| PT Bank Mandiri (Persero) Tbk | 534,600 | 293,338 | ||||||
| PT Bank Negara Indonesia (Persero) Tbk | 210,400 | 120,374 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 569,000 | 183,209 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 6,886 | 220,008 | ||||||
| 1,548,779 | ||||||||
| Description | Shares | Fair Value | ||||||
| Malaysia | 1.4% | ||||||||
| Frontken Corp. Bhd | 134,250 | $ | 95,246 | |||||
| Hibiscus Petroleum Bhd | 363,000 | 98,776 | ||||||
| Hong Leong Financial Group Bhd | 29,900 | 139,152 | ||||||
| Inari Amertron Bhd | 135,400 | 97,977 | ||||||
| Petronas Chemicals Group Bhd | 209,500 | 478,432 | ||||||
| 909,583 | ||||||||
| Mexico | 3.6% | ||||||||
| America Movil SAB de CV, Series L | 550,500 | 584,543 | ||||||
| Arca Continental SAB de CV | 43,000 | 292,396 | ||||||
| Coca-Cola Femsa SAB de CV Sponsored ADR | 5,221 | 286,894 | ||||||
| Gruma SAB de CV, Class B | 12,305 | 154,756 | ||||||
| Grupo Mexico SAB de CV, Series B | 74,800 | 447,521 | ||||||
| Qualitas Controladora SAB de CV | 19,400 | 111,182 | ||||||
| Wal-Mart de Mexico SAB de CV | 112,000 | 461,289 | ||||||
| 2,338,581 | ||||||||
| Philippines | 0.7% | ||||||||
| BDO Unibank, Inc. | 80,720 | 206,172 | ||||||
| International Container Terminal Services, Inc. | 61,790 | 267,464 | ||||||
| 473,636 | ||||||||
| Poland | 0.6% | ||||||||
| KGHM Polska Miedz SA | 2,218 | 90,172 | ||||||
| Orange Polska SA (*) | 70,403 | 132,093 | ||||||
| Polski Koncern Naftowy ORLEN SA | 9,380 | 168,731 | ||||||
| 390,996 | ||||||||
| Russia | 0.0% | ||||||||
| Gazprom PJSC Sponsored ADR (¢) | 55,393 | 0 | ||||||
| LUKOIL PJSC Sponsored ADR (¢) | 2,605 | 0 | ||||||
| MMC Norilsk Nickel PJSC ADR (¢) | 3,015 | 0 | ||||||
| PhosAgro PJSC GDR (¢) | 6,556 | 0 | ||||||
| Ros Agro PLC GDR (¢) | 11,042 | 0 | ||||||
| Rosneft Oil Co. PJSC GDR (¢) | 41,290 | 0 | ||||||
| Severstal PAO GDR (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 4.1% | ||||||||
| Al Rajhi Bank | 16,977 | 723,889 | ||||||
| Arriyadh Development Co. | 23,280 | 170,856 | ||||||
| Bank Al-Jazira | 23,513 | 164,519 | ||||||
| Leejam Sports Co. JSC | 3,848 | 128,934 | ||||||
| SABIC Agri-Nutrients Co. | 5,336 | 258,325 | ||||||
| Saudi Arabian Mining Co. (*) | 3,360 | 119,635 | ||||||
| Saudi Arabian Oil Co. | 11,649 | 133,713 | ||||||
| Saudi Basic Industries Corp. | 19,679 | 685,264 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Saudi Electricity Co. | 13,110 | $ | 92,839 | |||||
| Saudi Research & Media Group (*) | 3,004 | 201,690 | ||||||
| 2,679,664 | ||||||||
| South Africa | 4.0% | ||||||||
| Absa Group, Ltd. | 12,340 | 160,229 | ||||||
| Anglo American Platinum, Ltd. | 883 | 121,254 | ||||||
| FirstRand, Ltd. | 25,331 | 133,757 | ||||||
| Gold Fields, Ltd. Sponsored ADR | 9,225 | 142,619 | ||||||
| Harmony Gold Mining Co., Ltd. Sponsored ADR | 30,749 | 154,667 | ||||||
| Impala Platinum Holdings, Ltd. | 8,276 | 127,337 | ||||||
| MTN Group, Ltd. | 18,084 | 234,320 | ||||||
| MultiChoice Group, Ltd. | 22,508 | 202,257 | ||||||
| Naspers, Ltd., N Shares | 1,874 | 212,165 | ||||||
| Northam Platinum Holdings, Ltd. (*) | 8,161 | 121,899 | ||||||
| Sappi, Ltd. (*) | 24,145 | 93,709 | ||||||
| Sasol, Ltd. (*) | 8,676 | 210,259 | ||||||
| Shoprite Holdings, Ltd. | 23,174 | 373,965 | ||||||
| Sibanye Stillwater, Ltd. | 43,794 | 177,885 | ||||||
| Vodacom Group, Ltd. | 11,567 | 126,410 | ||||||
| 2,592,732 | ||||||||
| South Korea | 13.2% | ||||||||
| AfreecaTV Co., Ltd. | 1,554 | 188,363 | ||||||
| DGB Financial Group, Inc. | 23,412 | 179,680 | ||||||
| Foosung Co., Ltd. | 10,983 | 177,161 | ||||||
| Hana Financial Group, Inc. | 15,917 | 635,430 | ||||||
| Hankook Tire & Technology Co., Ltd. | 4,026 | 111,257 | ||||||
| HMM Co., Ltd. | 3,645 | 87,144 | ||||||
| Kakao Corp. | 2,154 | 187,073 | ||||||
| KB Financial Group, Inc. | 9,547 | 479,951 | ||||||
| Kia Corp. | 8,097 | 491,745 | ||||||
| Korea Electric Power Corp. (*) | 7,958 | 147,680 | ||||||
| Korean Reinsurance Co. | 38,187 | 309,089 | ||||||
| KT Corp. | 21,409 | 628,810 | ||||||
| KT&G Corp. | 1,235 | 82,193 | ||||||
| Kumho Petrochemical Co., Ltd. | 1,086 | 137,934 | ||||||
| LG Chem, Ltd. | 241 | 104,487 | ||||||
| LG Electronics, Inc. | 1,423 | 140,427 | ||||||
| LG Innotek Co., Ltd. | 662 | 209,484 | ||||||
| NHN Entertainment Corp. (*) | 5,076 | 153,155 | ||||||
| Osstem Implant Co., Ltd. (¢) | 1,628 | 161,713 | ||||||
| POSCO Holdings Inc | 317 | 76,134 | ||||||
| Samsung Electro-Mechanics Co., Ltd. | 2,079 | 280,647 | ||||||
| Samsung Electronics Co., Ltd. GDR | 1,941 | 2,741,937 | ||||||
| Samsung Securities Co., Ltd. | 4,548 | 156,506 | ||||||
| SK Hynix, Inc. | 3,508 | 335,796 | ||||||
| Description | Shares | Fair Value | ||||||
| Woori Financial Group, Inc. | 29,629 | $ | 371,696 | |||||
| 8,575,492 | ||||||||
| Taiwan | 14.9% | ||||||||
| Advanced Energy Solution Holding Co., Ltd. | 2,000 | 87,384 | ||||||
| ASPEED Technology, Inc. | 2,000 | 225,576 | ||||||
| Bizlink Holding, Inc. | 19,000 | 195,553 | ||||||
| Cathay Financial Holding Co., Ltd. | 149,000 | 334,145 | ||||||
| Chailease Holding Co., Ltd. | 16,000 | 140,795 | ||||||
| China Airlines, Ltd. (*) | 83,000 | 75,846 | ||||||
| Delta Electronics, Inc. | 56,000 | 520,924 | ||||||
| Evergreen Marine Corp. Taiwan, Ltd. | 46,000 | 215,121 | ||||||
| Global Unichip Corp. | 8,000 | 139,625 | ||||||
| International Games System Co., Ltd. | 4,000 | 106,581 | ||||||
| MediaTek, Inc. | 13,000 | 405,326 | ||||||
| Micro-Star International Co., Ltd. | 46,000 | 207,149 | ||||||
| Nan Ya Plastics Corp. | 47,000 | 152,320 | ||||||
| Nan Ya Printed Circuit Board Corp. | 16,000 | 289,105 | ||||||
| Novatek Microelectronics Corp. | 7,000 | 103,319 | ||||||
| Realtek Semiconductor Corp. | 8,000 | 119,222 | ||||||
| SinoPac Financial Holdings Co., Ltd. | 238,000 | 152,299 | ||||||
| TA Chen Stainless Pipe | 54,000 | 91,749 | ||||||
| Taishin Financial Holding Co., Ltd. | 175,000 | 124,948 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 218,000 | 4,507,027 | ||||||
| Unimicron Technology Corp. | 37,000 | 317,626 | ||||||
| United Microelectronics Corp. | 125,000 | 230,843 | ||||||
| Vanguard International Semiconductor Corp. | 22,000 | 94,776 | ||||||
| Voltronic Power Technology Corp. | 2,000 | 100,964 | ||||||
| Wan Hai Lines, Ltd. | 20,400 | 111,917 | ||||||
| Winbond Electronics Corp. | 117,000 | 125,946 | ||||||
| Yang Ming Marine Transport Corp. (*) | 51,000 | 219,782 | ||||||
| Yuanta Financial Holding Co., Ltd. | 263,000 | 241,781 | ||||||
| 9,637,649 | ||||||||
| Thailand | 2.2% | ||||||||
| Bangkok Bank Public Co. Ltd. | 59,500 | 243,646 | ||||||
| BEC World Public Co., Ltd NVDR (*) | 237,100 | 119,272 | ||||||
| Bumrungrad Hospital Public Co. Ltd. (‡) | 21,100 | 99,313 | ||||||
| Chularat Hospital Public Co., Ltd. NVDR | 1,029,300 | 119,393 | ||||||
| Com7 Public Co., Ltd. NVDR | 216,600 | 278,883 | ||||||
| Kasikornbank Public Co., Ltd. NVDR | 51,200 | 247,233 | ||||||
| Kiatnakin Phatra Bank Public Co., Ltd NVDR | 52,300 | 107,959 | ||||||
| Krung Thai Bank Public Co., Ltd. NVDR | 298,400 | 122,867 | ||||||
| Mega Lifesciences Public Co., Ltd. (‡) | 67,148 | 91,887 | ||||||
| 1,430,453 | ||||||||
| United States | 0.5% | ||||||||
| JBS SA | 28,200 | 220,516 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Parade Technologies, Ltd. | 2,000 | $ | 125,013 | |||||
| 345,529 | ||||||||
| Total Common Stocks (Cost $64,375,137) | 60,685,602 | |||||||
| Preferred Stocks | 1.3% | ||||||||
| Brazil | 1.3% | ||||||||
| Cia Energetica de Minas Gerais | 46,000 | 146,955 | ||||||
| Petroleo Brasileiro SA | 96,639 | 678,963 | ||||||
| Total Preferred Stocks (Cost $580,264) | 825,918 | |||||||
| Short-Term Investments | 1.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $897,527) | 897,527 | 897,527 | ||||||
| Total Investments | 96.3% (Cost $65,852,928) | $ | 62,409,047 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.7% | 2,416,272 | |||||||
| Net Assets | 100.0% | $ | 64,825,319 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 97.7% | ||||||||
| Austria | 0.6% | ||||||||
| Mondi PLC | 1,021,953 | $ | 19,811,785 | |||||
| Brazil | 12.5% | ||||||||
| Banco do Brasil SA | 10,469,538 | 76,305,220 | ||||||
| BB Seguridade Participacoes SA | 15,288,217 | 82,075,766 | ||||||
| CCR SA | 21,489,317 | 61,835,865 | ||||||
| Engie Brasil Energia SA | 3,377,500 | 30,674,557 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 6,280,497 | 92,951,356 | ||||||
| Vale SA Sponsored ADR | 1,617,922 | 32,342,261 | ||||||
| Vibra Energia SA | 6,480,500 | 31,823,671 | ||||||
| 408,008,696 | ||||||||
| China | 22.2% | ||||||||
| A-Living Smart City Services Co., Ltd. | 14,312,250 | 19,906,945 | ||||||
| AAC Technologies Holdings, Inc. | 5,066,165 | 12,163,263 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 9,664,951 | 49,532,710 | ||||||
| China Construction Bank Corp., Class H | 178,853,224 | 134,353,858 | ||||||
| China Medical System Holdings, Ltd. | 15,602,000 | 24,419,925 | ||||||
| China Merchants Bank Co., Ltd., Class H | 5,873,994 | 45,919,171 | ||||||
| China Shenhua Energy Co., Ltd., Class H | 8,736,110 | 27,865,618 | ||||||
| China Vanke Co., Ltd., Class H | 19,484,800 | 43,841,758 | ||||||
| ENN Natural Gas Co., Ltd., Class A | 9,410,280 | 26,184,766 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 6,852,390 | 34,791,595 | ||||||
| Hengan International Group Co., Ltd. | 10,445,000 | 48,214,991 | ||||||
| Huayu Automotive Systems Co., Ltd., Class A | 7,281,480 | 22,831,358 | ||||||
| Lenovo Group, Ltd. | 49,834,000 | 54,048,066 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 8,358,000 | 58,970,525 | ||||||
| Sinopharm Group Co., Ltd., Class H | 27,130,414 | 61,705,239 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 17,608,000 | 29,530,657 | ||||||
| Weichai Power Co., Ltd., Class H | 19,644,288 | 30,878,720 | ||||||
| 725,159,165 | ||||||||
| Egypt | 1.1% | ||||||||
| Commercial International Bank Egypt SAE GDR (*) | 15,185,363 | 35,515,907 | ||||||
| Greece | 1.0% | ||||||||
| OPAP SA | 2,219,980 | 32,295,620 | ||||||
| Hong Kong | 1.2% | ||||||||
| ASM Pacific Technology, Ltd. | 3,689,400 | 37,314,501 | ||||||
| Hungary | 1.6% | ||||||||
| OTP Bank Nyrt (*) | 1,437,664 | 52,154,398 | ||||||
| India | 7.5% | ||||||||
| Axis Bank, Ltd. (*) | 3,232,451 | 32,127,840 | ||||||
| Bajaj Auto, Ltd. | 547,741 | 26,321,571 | ||||||
| Description | Shares | Fair Value | ||||||
| Bharat Petroleum Corp., Ltd. | 4,876,648 | $ | 23,039,668 | |||||
| Coal India, Ltd. | 11,239,476 | 27,069,526 | ||||||
| Hero MotoCorp, Ltd. | 667,337 | 20,081,412 | ||||||
| Indus Towers, Ltd. (*) | 15,021,008 | 43,539,719 | ||||||
| Petronet LNG, Ltd. | 11,999,296 | 30,556,853 | ||||||
| UPL, Ltd. | 4,157,126 | 41,911,337 | ||||||
| 244,647,926 | ||||||||
| Indonesia | 4.8% | ||||||||
| PT Astra International Tbk | 88,303,700 | 40,341,868 | ||||||
| PT Bank Mandiri (Persero) Tbk | 120,696,342 | 66,226,718 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 1,595,483 | 50,975,682 | ||||||
| 157,544,268 | ||||||||
| Mexico | 5.5% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 1,588,639 | 33,599,715 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 7,337,590 | 55,170,265 | ||||||
| Grupo Mexico SAB de CV, Series B | 9,389,734 | 56,177,896 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 17,316,984 | 24,360,443 | ||||||
| Ternium SA Sponsored ADR | 244,068 | 11,141,704 | ||||||
| 180,450,023 | ||||||||
| Portugal | 2.4% | ||||||||
| Galp Energia SGPS SA | 6,269,390 | 79,338,510 | ||||||
| Russia | 0.0% | ||||||||
| Gazprom PJSC Sponsored ADR (¢) | 4,541,699 | 4 | ||||||
| LUKOIL PJSC Sponsored ADR (¢) | 658,428 | 1 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR (¢) | 6,212,911 | 6 | ||||||
| Sberbank of Russia PJSC (‡) | 13,596,421 | 14 | ||||||
| X5 Retail Group NV GDR (¢) | 1,488,013 | 1 | ||||||
| 26 | ||||||||
| South Africa | 8.9% | ||||||||
| Anglo American PLC | 569,717 | 29,383,989 | ||||||
| Life Healthcare Group Holdings, Ltd. | 24,270,257 | 38,648,260 | ||||||
| Nedbank Group, Ltd. | 4,649,803 | 73,885,030 | ||||||
| Sanlam, Ltd. | 6,341,029 | 31,171,330 | ||||||
| Standard Bank Group, Ltd. | 3,592,200 | 44,692,755 | ||||||
| The Bidvest Group, Ltd. | 2,907,790 | 44,407,571 | ||||||
| Vodacom Group, Ltd. | 2,632,775 | 28,772,385 | ||||||
| 290,961,320 | ||||||||
| South Korea | 14.0% | ||||||||
| Coway Co., Ltd. | 714,426 | 40,274,906 | ||||||
| Hyundai Mobis Co., Ltd. | 201,553 | 35,597,219 | ||||||
| KB Financial Group, Inc. | 1,343,045 | 67,518,127 | ||||||
| KT Corp. | 65,996 | 1,938,389 | ||||||
| KT&G Corp. | 387,589 | 25,795,100 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Samsung Electronics Co., Ltd. | 2,001,125 | $ | 114,319,555 | |||||
| Shinhan Financial Group Co., Ltd. | 1,648,998 | 56,242,608 | ||||||
| SK Hynix, Inc. | 1,181,109 | 113,059,373 | ||||||
| 454,745,277 | ||||||||
| Taiwan | 11.3% | ||||||||
| ASE Technology Holding Co., Ltd. | 19,064,000 | 67,997,662 | ||||||
| Globalwafers Co., Ltd. | 902,000 | 20,959,014 | ||||||
| Hon Hai Precision Industry Co., Ltd. | 14,684,425 | 54,096,891 | ||||||
| MediaTek, Inc. | 711,000 | 22,168,189 | ||||||
| Novatek Microelectronics Corp. | 3,745,000 | 55,275,411 | ||||||
| Quanta Computer, Inc. | 19,033,000 | 58,296,710 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2,351,913 | 48,624,470 | ||||||
| Wiwynn Corp. | 1,181,000 | 41,797,831 | ||||||
| 369,216,178 | ||||||||
| Thailand | 1.7% | ||||||||
| Kasikornbank Public Co., Ltd. | 6,405,454 | 31,051,549 | ||||||
| The Siam Cement Public Co., Ltd. (‡) | 2,014,200 | 23,201,161 | ||||||
| 54,252,710 | ||||||||
| United Kingdom | 1.4% | ||||||||
| Unilever PLC | 970,324 | 43,921,147 | ||||||
| Total Common Stocks (Cost $2,893,901,536) | 3,185,337,457 | |||||||
| Short-Term Investments | 2.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $72,854,808) | 72,854,808 | 72,854,808 | ||||||
| Total Investments | 99.9% (Cost $2,966,756,344) | $ | 3,258,192,265 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 4,103,475 | |||||||
| Net Assets | 100.0% | $ | 3,262,295,740 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio | ||||||||
| Common Stocks | 95.9% | ||||||||
| Brazil | 7.0% | ||||||||
| Banco BTG Pactual SA | 128,188 | $ | 701,109 | |||||
| BB Seguridade Participacoes SA | 113,700 | 610,406 | ||||||
| Odontoprev SA | 203,600 | 536,256 | ||||||
| Petroleo Brasileiro SA Sponsored ADR | 68,516 | 1,014,037 | ||||||
| Vale SA Sponsored ADR | 55,780 | 1,115,042 | ||||||
| 3,976,850 | ||||||||
| China | 24.8% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 11,515 | 1,252,832 | ||||||
| Anhui Conch Cement Co., Ltd., Class H | 118,500 | 607,311 | ||||||
| ANTA Sports Products, Ltd. | 54,200 | 676,417 | ||||||
| China Construction Bank Corp., Class H | 1,628,281 | 1,223,158 | ||||||
| China Merchants Bank Co., Ltd., Class H | 173,500 | 1,356,313 | ||||||
| China Vanke Co., Ltd., Class H | 245,700 | 552,837 | ||||||
| CSPC Pharmaceutical Group, Ltd. | 544,000 | 623,817 | ||||||
| ENN Energy Holdings, Ltd. | 43,800 | 652,749 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 158,600 | 805,259 | ||||||
| JD.com, Inc. ADR (*) | 13,971 | 808,502 | ||||||
| JD.com, Inc., Class A (*) | 1,275 | 37,342 | ||||||
| NetEase, Inc. ADR | 9,806 | 879,500 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 121,500 | 857,253 | ||||||
| Sinopharm Group Co., Ltd., Class H | 288,400 | 655,935 | ||||||
| Tencent Holdings, Ltd. | 27,292 | 1,287,511 | ||||||
| Trip.com Group, Ltd. ADR (*) | 28,952 | 669,370 | ||||||
| Weichai Power Co., Ltd., Class H | 314,000 | 493,574 | ||||||
| Yum China Holdings, Inc. | 16,864 | 700,531 | ||||||
| 14,140,211 | ||||||||
| France | 1.1% | ||||||||
| Pernod Ricard SA Sponsored ADR | 14,566 | 638,137 | ||||||
| Greece | 0.7% | ||||||||
| OPAP SA | 26,348 | 383,303 | ||||||
| Hong Kong | 1.7% | ||||||||
| Techtronic Industries Co., Ltd. | 60,782 | 979,185 | ||||||
| India | 13.6% | ||||||||
| HDFC Bank, Ltd. | 99,204 | 1,914,721 | ||||||
| ITC, Ltd. | 230,884 | 760,955 | ||||||
| Reliance Industries, Ltd. | 51,152 | 1,770,477 | ||||||
| SBI Cards & Payment Services, Ltd. | 38,103 | 426,198 | ||||||
| State Bank of India | 106,304 | 687,240 | ||||||
| Tata Consultancy Services, Ltd. | 31,722 | 1,560,080 | ||||||
| Description | Shares | Fair Value | ||||||
| UPL, Ltd. | 63,464 | $ | 639,832 | |||||
| 7,759,503 | ||||||||
| Indonesia | 3.8% | ||||||||
| PT Astra International Tbk | 1,016,500 | 464,392 | ||||||
| PT Bank Central Asia Tbk | 1,809,300 | 1,002,424 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 21,351 | 682,164 | ||||||
| 2,148,980 | ||||||||
| Macau | 0.6% | ||||||||
| Sands China, Ltd. (*) | 145,600 | 349,450 | ||||||
| Mexico | 5.1% | ||||||||
| America Movil SAB de CV, Class L Sponsored ADR | 36,795 | 778,214 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 93,477 | 702,840 | ||||||
| Grupo Mexico SAB de CV, Series B | 170,699 | 1,021,276 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 291,274 | 409,746 | ||||||
| 2,912,076 | ||||||||
| Russia | 0.0% | ||||||||
| Fix Price Group, Ltd. GDR (¢) | 71,684 | 0 | ||||||
| LUKOIL PJSC Sponsored ADR (¢) | 13,813 | 0 | ||||||
| Mobile TeleSystems PJSC Sponsored ADR (¢) | 59,883 | 0 | ||||||
| Sberbank of Russia PJSC (‡) | 213,889 | 0 | ||||||
| Yandex NV, Class A (*), (¢) | 6,101 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 2.3% | ||||||||
| Arabian Internet & Communications Services Co. | 10,572 | 592,566 | ||||||
| The Saudi National Bank | 38,907 | 732,522 | ||||||
| 1,325,088 | ||||||||
| South Africa | 5.3% | ||||||||
| Anglo American PLC | 32,458 | 1,674,069 | ||||||
| Capitec Bank Holdings, Ltd. | 4,502 | 719,272 | ||||||
| Vodacom Group, Ltd. | 56,794 | 620,675 | ||||||
| 3,014,016 | ||||||||
| South Korea | 12.2% | ||||||||
| Coway Co., Ltd. | 11,685 | 658,728 | ||||||
| Hyundai Mobis Co., Ltd. | 3,195 | 564,284 | ||||||
| NAVER Corp. | 3,051 | 853,130 | ||||||
| Samsung Electronics Co., Ltd. | 35,097 | 2,005,009 | ||||||
| Shinhan Financial Group Co., Ltd. | 38,864 | 1,325,540 | ||||||
| SK Hynix, Inc. | 15,748 | 1,507,447 | ||||||
| 6,914,138 | ||||||||
| Taiwan | 15.1% | ||||||||
| ASE Technology Holding Co., Ltd. | 151,000 | 538,588 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio (concluded) | ||||||||
| CTBC Financial Holding Co., Ltd. | 1,395,000 | $ | 1,426,781 | |||||
| Hon Hai Precision Industry Co., Ltd. | 330,136 | 1,216,209 | ||||||
| MediaTek, Inc. | 24,000 | 748,293 | ||||||
| Novatek Microelectronics Corp. | 58,000 | 856,068 | ||||||
| Quanta Computer, Inc. | 247,000 | 756,543 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 146,387 | 3,026,469 | ||||||
| 8,568,951 | ||||||||
| Thailand | 1.1% | ||||||||
| CP ALL Public Co., Ltd. (‡) | 331,100 | 647,263 | ||||||
| United Kingdom | 1.5% | ||||||||
| Unilever PLC | 18,659 | 844,589 | ||||||
| Total Common Stocks (Cost $55,308,329) | 54,601,740 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Brazil | 0.9% | ||||||||
| Banco Bradesco SA (Cost $484,560) | 111,100 | 518,508 | ||||||
| Short-Term Investments | 3.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $1,726,954) | 1,726,954 | 1,726,954 | ||||||
| Total Investments | 99.8% (Cost $57,519,843) | $ | 56,847,202 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 94,529 | |||||||
| Net Assets | 100.0% | $ | 56,941,731 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 92.8% | ||||||||
| Belgium | 1.7% | ||||||||
| Anheuser-Busch InBev SA/NV | 31,641 | $ | 1,897,805 | |||||
| France | 2.0% | ||||||||
| Vinci SA | 21,483 | 2,196,371 | ||||||
| Germany | 4.9% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 81,359 | 5,456,142 | ||||||
| Italy | 6.4% | ||||||||
| Atlantia SpA (*) | 175,852 | 3,656,965 | ||||||
| Snam SpA | 605,829 | 3,498,650 | ||||||
| 7,155,615 | ||||||||
| Japan | 4.9% | ||||||||
| Secom Co., Ltd. | 61,001 | 4,419,930 | ||||||
| USS Co., Ltd. | 59,800 | 1,005,827 | ||||||
| 5,425,757 | ||||||||
| Luxembourg | 4.3% | ||||||||
| SES SA | 523,211 | 4,762,805 | ||||||
| Spain | 4.0% | ||||||||
| Ferrovial SA | 165,543 | 4,382,565 | ||||||
| United Kingdom | 5.1% | ||||||||
| National Grid PLC | 296,383 | 4,552,351 | ||||||
| Smith & Nephew PLC | 67,984 | 1,083,638 | ||||||
| 5,635,989 | ||||||||
| United States | 59.5% | ||||||||
| Cisco Systems, Inc. | 17,716 | 987,844 | ||||||
| CVS Health Corp. | 64,762 | 6,554,562 | ||||||
| Fiserv, Inc. (*) | 44,184 | 4,480,258 | ||||||
| H&R Block, Inc. | 257,265 | 6,699,180 | ||||||
| Intel Corp. | 67,975 | 3,368,841 | ||||||
| International Game Technology PLC | 259,020 | 6,392,614 | ||||||
| McKesson Corp. | 14,907 | 4,563,480 | ||||||
| MEDNAX, Inc. (*) | 141,154 | 3,314,296 | ||||||
| Medtronic PLC | 40,478 | 4,491,034 | ||||||
| Nielsen Holdings PLC | 278,113 | 7,575,798 | ||||||
| Omnicom Group, Inc. | 78,120 | 6,630,825 | ||||||
| Ross Stores, Inc. | 23,919 | 2,163,713 | ||||||
| Tapestry, Inc. | 118,871 | 4,416,058 | ||||||
| Visa, Inc., Class A | 20,500 | 4,546,285 | ||||||
| 66,184,788 | ||||||||
| Total Common Stocks (Cost $86,001,148) | 103,097,837 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 7.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $7,899,037) | 7,899,037 | $ | 7,899,037 | |||||
| Total Investments | 99.9% (Cost $93,900,185) | $ | 110,996,874 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 159,312 | |||||||
| Net Assets | 100.0% | $ | 111,156,186 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 97.1% | ||||||||
| Brazil | 0.9% | ||||||||
| Banco Bradesco SA ADR | 223,810 | $ | 1,038,478 | |||||
| Canada | 6.7% | ||||||||
| CAE, Inc. (*) | 36,851 | 959,190 | ||||||
| Canadian National Railway Co. | 9,868 | 1,323,732 | ||||||
| Dollarama, Inc. | 28,292 | 1,604,530 | ||||||
| National Bank of Canada | 23,403 | 1,793,952 | ||||||
| Toromont Industries, Ltd. | 17,881 | 1,695,059 | ||||||
| 7,376,463 | ||||||||
| China | 3.1% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 7,633 | 830,470 | ||||||
| NXP Semiconductors NV | 7,855 | 1,453,803 | ||||||
| Tencent Holdings, Ltd. | 25,523 | 1,204,058 | ||||||
| 3,488,331 | ||||||||
| Denmark | 0.7% | ||||||||
| Carlsberg AS, Class B | 6,688 | 816,567 | ||||||
| France | 4.3% | ||||||||
| Legrand SA | 9,675 | 919,773 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,971 | 1,403,489 | ||||||
| Pernod Ricard SA | 5,764 | 1,264,172 | ||||||
| Thales SA | 9,080 | 1,146,576 | ||||||
| 4,734,010 | ||||||||
| Germany | 1.0% | ||||||||
| Merck KGaA | 5,553 | 1,162,958 | ||||||
| Hong Kong | 1.1% | ||||||||
| AIA Group, Ltd. | 117,383 | 1,228,934 | ||||||
| India | 1.3% | ||||||||
| HDFC Bank, Ltd. ADR | 22,865 | 1,402,311 | ||||||
| Japan | 4.0% | ||||||||
| BayCurrent Consulting, Inc. | 2,700 | 978,914 | ||||||
| Nintendo Co., Ltd. | 2,600 | 1,311,863 | ||||||
| Olympus Corp. | 55,300 | 1,050,611 | ||||||
| Shimano, Inc. | 4,800 | 1,097,929 | ||||||
| 4,439,317 | ||||||||
| Netherlands | 2.5% | ||||||||
| Wolters Kluwer NV | 26,374 | 2,807,499 | ||||||
| South Korea | 0.6% | ||||||||
| LG Household & Health Care, Ltd. | 931 | 653,974 | ||||||
| Spain | 0.6% | ||||||||
| Industria de Diseno Textil SA | 30,369 | 660,794 | ||||||
| Sweden | 2.2% | ||||||||
| Assa Abloy AB, Class B | 28,539 | 769,512 | ||||||
| Description | Shares | Fair Value | ||||||
| Hexagon AB, B Shares | 120,781 | $ | 1,694,520 | |||||
| 2,464,032 | ||||||||
| Switzerland | 4.0% | ||||||||
| ABB, Ltd. | 46,904 | 1,517,511 | ||||||
| Partners Group Holding AG | 1,135 | 1,410,087 | ||||||
| The Swatch Group AG | 5,163 | 1,467,111 | ||||||
| 4,394,709 | ||||||||
| Taiwan | 2.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 20,735 | 2,161,831 | ||||||
| United Kingdom | 6.6% | ||||||||
| Coca-Cola Europacific Partners PLC | 22,375 | 1,087,649 | ||||||
| Diageo PLC | 46,371 | 2,343,738 | ||||||
| RELX PLC | 67,988 | 2,116,555 | ||||||
| Unilever PLC | 38,992 | 1,765,157 | ||||||
| 7,313,099 | ||||||||
| United States | 55.5% | ||||||||
| Accenture PLC, Class A | 8,895 | 2,999,661 | ||||||
| Alphabet, Inc., Class A (*) | 1,674 | 4,655,980 | ||||||
| Amphenol Corp., Class A | 16,034 | 1,208,162 | ||||||
| Aon PLC, Class A | 7,293 | 2,374,820 | ||||||
| Avery Dennison Corp. | 4,924 | 856,628 | ||||||
| Booz Allen Hamilton Holding Corp. | 19,473 | 1,710,508 | ||||||
| Boston Scientific Corp. (*) | 30,990 | 1,372,547 | ||||||
| BRP, Inc. | 11,638 | 952,898 | ||||||
| Deere & Co. | 3,065 | 1,273,385 | ||||||
| Dollar General Corp. | 8,599 | 1,914,395 | ||||||
| Honeywell International, Inc. | 4,462 | 868,216 | ||||||
| Intercontinental Exchange, Inc. | 18,055 | 2,385,427 | ||||||
| IQVIA Holdings, Inc. (*) | 12,406 | 2,868,391 | ||||||
| Johnson & Johnson | 13,625 | 2,414,759 | ||||||
| Lowe’s Cos., Inc. | 9,346 | 1,889,668 | ||||||
| McDonald’s Corp. | 7,187 | 1,777,201 | ||||||
| Microsoft Corp. | 14,405 | 4,441,206 | ||||||
| Motorola Solutions, Inc. | 9,791 | 2,371,380 | ||||||
| NIKE, Inc., Class B | 11,025 | 1,483,524 | ||||||
| PTC, Inc. (*) | 12,224 | 1,316,769 | ||||||
| Rockwell Automation, Inc. | 4,817 | 1,348,905 | ||||||
| S&P Global, Inc. | 4,757 | 1,951,226 | ||||||
| Texas Instruments, Inc. | 10,171 | 1,866,175 | ||||||
| The Charles Schwab Corp. | 23,939 | 2,018,297 | ||||||
| The Coca-Cola Co. | 39,955 | 2,477,210 | ||||||
| The Procter & Gamble Co. | 11,769 | 1,798,303 | ||||||
| Thermo Fisher Scientific, Inc. | 5,397 | 3,187,738 | ||||||
| TopBuild Corp. (*) | 3,556 | 645,023 | ||||||
| Visa, Inc., Class A | 9,531 | 2,113,690 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Warner Music Group Corp., Class A | 18,676 | $ | 706,887 | |||||
| Zoetis, Inc. | 11,749 | 2,215,744 | ||||||
| 61,464,723 | ||||||||
| Total Common Stocks (Cost $76,628,329) | 107,608,030 | |||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $3,113,383) | 3,113,383 | 3,113,383 | ||||||
| Total Investments | 99.9% (Cost $79,741,712) | $ | 110,721,413 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 88,094 | |||||||
| Net Assets | 100.0% | $ | 110,809,507 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 85.9% | ||||||||
| Australia | 5.8% | ||||||||
| Atlas Arteria, Ltd. (^) | 49,611,421 | $ | 241,318,128 | |||||
| Transurban Group | 21,380,512 | 215,400,656 | ||||||
| 456,718,784 | ||||||||
| Canada | 0.5% | ||||||||
| Atco, Ltd., Class I | 1,238,031 | 42,513,835 | ||||||
| France | 5.6% | ||||||||
| Eutelsat Communications SA (^) | 11,681,887 | 126,817,422 | ||||||
| Vinci SA | 3,124,769 | 319,468,932 | ||||||
| 446,286,354 | ||||||||
| Hong Kong | 4.1% | ||||||||
| CK Infrastructure Holdings, Ltd. | 19,026,500 | 127,314,064 | ||||||
| Power Assets Holdings, Ltd. | 30,421,965 | 198,160,718 | ||||||
| 325,474,782 | ||||||||
| Italy | 22.4% | ||||||||
| Atlantia SpA (*) | 18,112,900 | 376,670,374 | ||||||
| Hera SpA | 54,323,901 | 200,434,465 | ||||||
| Italgas SpA | 32,272,345 | 207,211,229 | ||||||
| Snam SpA | 107,404,480 | 620,258,718 | ||||||
| Terna - Rete Elettrica Nazionale | 42,609,996 | 366,472,551 | ||||||
| 1,771,047,337 | ||||||||
| Luxembourg | 2.4% | ||||||||
| SES SA (^) | 20,619,089 | 187,696,175 | ||||||
| Portugal | 0.8% | ||||||||
| Redes Energeticas Nacionais SGPS SA (*) | 21,082,951 | 66,433,610 | ||||||
| Spain | 7.0% | ||||||||
| Ferrovial SA | 20,915,821 | 553,722,838 | ||||||
| Switzerland | 1.9% | ||||||||
| Flughafen Zuerich AG (*) | 852,915 | 153,069,780 | ||||||
| United Kingdom | 17.2% | ||||||||
| National Grid PLC | 41,317,050 | 634,617,096 | ||||||
| Pennon Group PLC | 5,211,735 | 73,466,179 | ||||||
| Severn Trent PLC | 7,612,194 | 307,258,452 | ||||||
| United Utilities Group PLC | 23,503,583 | 346,429,101 | ||||||
| 1,361,770,828 | ||||||||
| United States | 18.2% | ||||||||
| Ameren Corp. | 1,840,900 | 172,602,784 | ||||||
| Consolidated Edison, Inc. | 3,146,155 | 297,877,955 | ||||||
| CSX Corp. | 8,034,881 | 300,906,294 | ||||||
| Norfolk Southern Corp. | 530,919 | 151,428,717 | ||||||
| NorthWestern Corp. | 2,529,238 | 152,993,607 | ||||||
| Description | Shares | Fair Value | ||||||
| Pinnacle West Capital Corp. | 4,624,679 | $ | 361,187,430 | |||||
| 1,436,996,787 | ||||||||
| Total Common Stocks (Cost $5,882,947,673) | 6,801,731,110 | |||||||
| Short-Term Investments | 13.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $1,090,977,441) | 1,090,977,441 | 1,090,977,441 | ||||||
| Total Investments | 99.7% (Cost $6,973,925,114) (») | $ | 7,892,708,551 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 21,685,553 | |||||||
| Net Assets | 100.0% | $ | 7,914,394,104 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| AUD | 48,570,912 | USD | 35,730,220 | MSC | 06/29/22 | $ | 670,840 | $ | — | |||||||||||||
| USD | 9,021,335 | AUD | 12,261,497 | BNP | 06/29/22 | — | 167,940 | |||||||||||||||
| USD | 123,776,790 | AUD | 168,234,120 | CIT | 06/29/22 | — | 2,304,851 | |||||||||||||||
| USD | 76,209,920 | AUD | 103,583,804 | HSB | 06/29/22 | — | 1,420,089 | |||||||||||||||
| USD | 146,608,226 | AUD | 199,296,149 | MSC | 06/29/22 | — | 2,752,591 | |||||||||||||||
| USD | 135,131,041 | AUD | 183,700,548 | SSB | 06/29/22 | — | 2,541,784 | |||||||||||||||
| USD | 6,204,645 | CAD | 7,936,858 | BNP | 06/29/22 | — | 142,663 | |||||||||||||||
| USD | 1,746,732 | CAD | 2,234,353 | HSB | 06/29/22 | — | 40,138 | |||||||||||||||
| USD | 12,952,075 | CAD | 16,568,294 | MSC | 06/29/22 | — | 298,014 | |||||||||||||||
| USD | 19,774,694 | CAD | 25,288,670 | SCB | 06/29/22 | — | 449,303 | |||||||||||||||
| USD | 40,735,462 | CHF | 38,214,344 | BNP | 06/29/22 | — | 775,418 | |||||||||||||||
| USD | 12,949,812 | CHF | 12,146,794 | HSB | 06/29/22 | — | 244,818 | |||||||||||||||
| USD | 35,972,878 | CHF | 33,744,646 | SCB | 06/29/22 | — | 682,729 | |||||||||||||||
| USD | 19,995,098 | CHF | 18,541,482 | SSB | 06/29/22 | — | 145,854 | |||||||||||||||
| USD | 44,338,306 | CHF | 41,595,760 | SSB | 06/29/22 | — | 845,686 | |||||||||||||||
| USD | 342,219,721 | EUR | 311,045,214 | BNP | 06/29/22 | — | 3,046,074 | |||||||||||||||
| USD | 236,925,395 | EUR | 215,416,097 | CAN | 06/29/22 | — | 2,190,356 | |||||||||||||||
| USD | 393,709,727 | EUR | 357,965,120 | CIT | 06/29/22 | — | 3,638,009 | |||||||||||||||
| USD | 382,741,810 | EUR | 347,834,528 | HSB | 06/29/22 | — | 3,360,786 | |||||||||||||||
| USD | 377,187,132 | EUR | 343,204,717 | MEL | 06/29/22 | — | 3,776,290 | |||||||||||||||
| USD | 536,662,764 | EUR | 487,948,432 | RBC | 06/29/22 | — | 4,968,792 | |||||||||||||||
| USD | 155,459,071 | EUR | 140,374,561 | SSB | 06/29/22 | — | 359,222 | |||||||||||||||
| USD | 485,455,176 | EUR | 441,365,018 | SSB | 06/29/22 | — | 4,467,949 | |||||||||||||||
| USD | 168,495,907 | GBP | 128,608,104 | CAN | 06/29/22 | — | 402,981 | |||||||||||||||
| USD | 224,339,364 | GBP | 171,244,886 | HSB | 06/29/22 | — | 553,703 | |||||||||||||||
| USD | 231,538,529 | GBP | 176,771,258 | MSC | 06/29/22 | — | 612,230 | |||||||||||||||
| USD | 358,661,979 | GBP | 273,732,397 | RBC | 06/29/22 | — | 826,234 | |||||||||||||||
| USD | 291,137,094 | GBP | 222,226,789 | SSB | 06/29/22 | — | 709,659 | |||||||||||||||
| USD | 89,544,782 | HKD | 699,287,435 | BNP | 06/29/22 | 154,611 | — | |||||||||||||||
| USD | 87,152,182 | HKD | 680,580,106 | HSB | 06/29/22 | 153,377 | — | |||||||||||||||
| USD | 38,196,598 | HKD | 298,311,611 | MSC | 06/29/22 | 63,315 | — | |||||||||||||||
| USD | 9,673,265 | HKD | 75,539,980 | SCB | 06/29/22 | 16,962 | — | |||||||||||||||
| USD | 15,944,478 | HKD | 124,645,510 | SSB | 06/29/22 | 10,997 | — | |||||||||||||||
| USD | 80,742,732 | HKD | 630,588,624 | SSB | 06/29/22 | 134,356 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 1,204,458 | $ | 41,724,163 | ||||||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Brazil | 0.9% | ||||||||
| Lojas Renner SA | 24,022 | $ | 138,752 | |||||
| Canada | 3.6% | ||||||||
| Canadian Pacific Railway, Ltd. | 1,905 | 157,227 | ||||||
| TMX Group, Ltd. | 1,525 | 156,849 | ||||||
| Toromont Industries, Ltd. | 2,777 | 263,250 | ||||||
| 577,326 | ||||||||
| China | 0.9% | ||||||||
| Tencent Holdings, Ltd. | 3,200 | 150,961 | ||||||
| Denmark | 1.6% | ||||||||
| Genmab A/S (*) | 686 | 248,511 | ||||||
| France | 3.0% | ||||||||
| Legrand SA | 2,293 | 217,989 | ||||||
| Pernod Ricard SA | 1,140 | 250,027 | ||||||
| 468,016 | ||||||||
| Germany | 4.5% | ||||||||
| Continental AG (*) | 1,321 | 95,285 | ||||||
| Hensoldt AG | 3,342 | 97,912 | ||||||
| Infineon Technologies AG | 5,138 | 175,531 | ||||||
| Merck KGaA | 1,613 | 337,809 | ||||||
| 706,537 | ||||||||
| Hong Kong | 1.4% | ||||||||
| AIA Group, Ltd. | 21,000 | 219,858 | ||||||
| India | 1.3% | ||||||||
| HDFC Bank, Ltd. ADR | 3,430 | 210,362 | ||||||
| Japan | 3.7% | ||||||||
| BayCurrent Consulting, Inc. | 600 | 217,537 | ||||||
| Digital Garage, Inc. | 3,200 | 119,560 | ||||||
| Olympus Corp. | 8,200 | 155,787 | ||||||
| TechnoPro Holdings, Inc. | 3,500 | 94,034 | ||||||
| 586,918 | ||||||||
| Netherlands | 3.5% | ||||||||
| Akzo Nobel NV | 1,515 | 130,163 | ||||||
| Universal Music Group NV | 15,917 | 422,558 | ||||||
| 552,721 | ||||||||
| Portugal | 1.5% | ||||||||
| Energias de Portugal SA | 46,886 | 230,933 | ||||||
| South Korea | 2.8% | ||||||||
| Osstem Implant Co., Ltd. (¢) | 2,749 | 273,065 | ||||||
| SK Hynix, Inc. | 1,760 | 168,473 | ||||||
| 441,538 | ||||||||
| Description | Shares | Fair Value | ||||||
| Spain | 0.0% | ||||||||
| Siemens Gamesa Renewable Energy SA (*) | 364 | $ | 6,390 | |||||
| Switzerland | 2.7% | ||||||||
| ABB, Ltd. | 9,319 | 301,503 | ||||||
| Idorsia, Ltd. (*) | 6,134 | 122,153 | ||||||
| 423,656 | ||||||||
| Taiwan | 2.2% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 17,000 | 351,465 | ||||||
| United Kingdom | 7.5% | ||||||||
| Coca-Cola European Partners PLC | 3,756 | 184,660 | ||||||
| easyJet PLC (*) | 10,592 | 76,569 | ||||||
| Informa PLC (*) | 22,637 | 177,661 | ||||||
| Linde PLC (*) | 862 | 277,772 | ||||||
| RELX PLC | 15,201 | 473,227 | ||||||
| 1,189,889 | ||||||||
| United States | 56.4% | ||||||||
| Accenture PLC, Class A | 956 | 322,392 | ||||||
| Adobe, Inc. (*) | 795 | 362,218 | ||||||
| Alphabet, Inc., Class A (*) | 291 | 809,373 | ||||||
| Amphenol Corp., Class A | 3,504 | 264,026 | ||||||
| Analog Devices, Inc. | 1,920 | 317,146 | ||||||
| Aon PLC, Class A | 1,389 | 452,300 | ||||||
| Applied Materials, Inc. | 2,538 | 334,508 | ||||||
| Bank of America Corp. | 7,960 | 328,111 | ||||||
| Boston Scientific Corp. (*) | 7,462 | 330,492 | ||||||
| CyberArk Software, Ltd. (*) | 932 | 157,275 | ||||||
| Danaher Corp. | 1,245 | 365,196 | ||||||
| Dollar General Corp. | 1,296 | 288,529 | ||||||
| Helmerich & Payne, Inc. | 4,000 | 171,120 | ||||||
| Intercontinental Exchange, Inc. | 3,576 | 472,461 | ||||||
| Intuit, Inc. | 589 | 283,215 | ||||||
| IQVIA Holdings, Inc. (*) | 2,088 | 482,767 | ||||||
| Microsoft Corp. | 2,827 | 871,592 | ||||||
| S&P Global, Inc. | 1,047 | 429,458 | ||||||
| Synopsys, Inc. (*) | 1,105 | 368,263 | ||||||
| The Coca-Cola Co. | 4,202 | 260,524 | ||||||
| Thermo Fisher Scientific, Inc. | 485 | 286,465 | ||||||
| UnitedHealth Group, Inc. | 910 | 464,073 | ||||||
| Visa, Inc., Class A | 1,421 | 315,135 | ||||||
| Zoetis, Inc. | 1,011 | 190,665 | ||||||
| 8,927,304 | ||||||||
| Total Common Stocks (Cost $14,118,335) | 15,431,137 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $443,030) | 443,030 | $ | 443,030 | |||||
| Total Investments | 100.3% (Cost $14,561,365) | $ | 15,874,167 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (54,157) | |||||||
| Net Assets | 100.0% | $ | 15,820,010 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.2% | ||||||||
| Australia | 9.5% | ||||||||
| ALS Ltd. | 781 | $ | 7,730 | |||||
| Aristocrat Leisure, Ltd. | 435 | 11,793 | ||||||
| ASX, Ltd. | 24 | 1,457 | ||||||
| BHP Group, Ltd. | 1,079 | 42,027 | ||||||
| Brambles, Ltd. | 936 | 6,902 | ||||||
| CSL, Ltd. | 125 | 24,825 | ||||||
| Dexus REIT | 4,847 | 39,446 | ||||||
| Elders, Ltd. | 570 | 5,643 | ||||||
| Fortescue Metals Group, Ltd. | 966 | 14,824 | ||||||
| Goodman Group REIT | 349 | 5,928 | ||||||
| JB Hi-Fi, Ltd. | 111 | 4,481 | ||||||
| Lovisa Holdings, Ltd. | 207 | 2,861 | ||||||
| Newcrest Mining, Ltd. | 141 | 2,799 | ||||||
| Nick Scali, Ltd. | 530 | 4,470 | ||||||
| Rio Tinto PLC | 604 | 47,913 | ||||||
| Sonic Healthcare, Ltd. | 274 | 7,215 | ||||||
| West African Resources, Ltd. (*) | 8,320 | 7,724 | ||||||
| WiseTech Global, Ltd. | 493 | 18,573 | ||||||
| Woolworths Group, Ltd. | 310 | 8,610 | ||||||
| 265,221 | ||||||||
| Austria | 0.1% | ||||||||
| Raiffeisen Bank International AG | 103 | 1,456 | ||||||
| Belgium | 0.2% | ||||||||
| Sofina SA | 18 | 6,528 | ||||||
| China | 1.9% | ||||||||
| Chow Tai Fook Jewellery Group, Ltd. | 8,600 | 15,576 | ||||||
| SITC International Holdings Co., Ltd. | 6,000 | 21,180 | ||||||
| VSTECS Holdings, Ltd. | 4,000 | 3,753 | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. | 11,100 | 12,487 | ||||||
| 52,996 | ||||||||
| Denmark | 4.1% | ||||||||
| AP Moller-Maersk A/S, Class B | 7 | 21,099 | ||||||
| Coloplast A/S, Class B | 72 | 10,904 | ||||||
| Jyske Bank A/S (*) | 50 | 2,708 | ||||||
| Novo Nordisk A/S, Class B | 684 | 75,751 | ||||||
| Pandora A/S | 52 | 4,920 | ||||||
| 115,382 | ||||||||
| Finland | 0.5% | ||||||||
| Nokia Oyj. Sponsored ADR (*) | 2,225 | 12,148 | ||||||
| Nordea Bank Abp | 208 | 2,142 | ||||||
| 14,290 | ||||||||
| France | 9.8% | ||||||||
| Airbus SE (*) | 172 | 20,790 | ||||||
| Description | Shares | Fair Value | ||||||
| Arkema SA | 93 | $ | 11,095 | |||||
| BioMerieux | 67 | 7,141 | ||||||
| BNP Paribas SA | 232 | 13,209 | ||||||
| Capgemini SE | 20 | 4,449 | ||||||
| Carrefour SA | 685 | 14,860 | ||||||
| Cie de Saint-Gobain | 718 | 42,728 | ||||||
| Electricite de France SA | 1,099 | 10,354 | ||||||
| Kering SA | 54 | 34,112 | ||||||
| L’Oreal SA | 47 | 18,813 | ||||||
| La Francaise des Jeux SAEM | 381 | 15,102 | ||||||
| Nexity SA | 53 | 1,862 | ||||||
| Sanofi | 141 | 14,380 | ||||||
| Sartorius Stedim Biotech | 16 | 6,558 | ||||||
| Societe Generale SA | 1,569 | 41,973 | ||||||
| Vinci SA | 138 | 14,109 | ||||||
| 271,535 | ||||||||
| Germany | 8.1% | ||||||||
| Allianz SE | 262 | 62,564 | ||||||
| Mercedes-Benz Group AG | 210 | 14,750 | ||||||
| Daimler Truck Holding AG (*) | 124 | 3,445 | ||||||
| Deutsche Bank AG (*) | 1,814 | 23,163 | ||||||
| Deutsche Post AG | 1,080 | 51,860 | ||||||
| Hapag-Lloyd AG | 26 | 9,053 | ||||||
| Merck KGaA | 95 | 19,896 | ||||||
| Nemetschek SE | 222 | 21,535 | ||||||
| Rheinmetall AG | 17 | 3,608 | ||||||
| SAP SE | 137 | 15,287 | ||||||
| 225,161 | ||||||||
| Hong Kong | 1.1% | ||||||||
| Jardine Matheson Holdings, Ltd. | 300 | 16,455 | ||||||
| Kerry Properties, Ltd. | 1,500 | 4,227 | ||||||
| Swire Pacific, Ltd., Class A | 1,500 | 9,153 | ||||||
| 29,835 | ||||||||
| Indonesia | 0.3% | ||||||||
| Golden Agri-Resources, Ltd. | 33,000 | 7,377 | ||||||
| Israel | 0.7% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 3,835 | 6,568 | ||||||
| Check Point Software Technologies, Ltd. (*) | 67 | 9,264 | ||||||
| Perion Network, Ltd. (*) | 131 | 2,946 | ||||||
| 18,778 | ||||||||
| Italy | 1.5% | ||||||||
| Coca-Cola HBC AG (*) | 129 | 2,690 | ||||||
| Enel SpA | 1,959 | 13,082 | ||||||
| Reply SpA | 60 | 9,877 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| UniCredit SpA | 1,579 | $ | 17,049 | |||||
| 42,698 | ||||||||
| Japan | 21.8% | ||||||||
| AGC, Inc. | 400 | 15,987 | ||||||
| Asahi Kasei Corp. | 1,400 | 12,119 | ||||||
| Canon, Inc. | 500 | 12,171 | ||||||
| Dai-ichi Life Holdings, Inc. | 1,000 | 20,344 | ||||||
| Daikin Industries, Ltd. | 100 | 18,207 | ||||||
| Daiwa House Industry Co., Ltd. | 300 | 7,838 | ||||||
| Electric Power Development Co., Ltd. | 1,000 | 14,325 | ||||||
| ENEOS Holdings, Inc. | 2,300 | 8,645 | ||||||
| FANUC Corp. Sponsored ADR | 698 | 12,250 | ||||||
| Honda Motor Co., Ltd. | 300 | 8,525 | ||||||
| Iida Group Holdings Co., Ltd. | 800 | 13,848 | ||||||
| Japan Post Bank Co., Ltd. | 900 | 7,249 | ||||||
| Japan Post Holdings Co., Ltd. | 6,300 | 46,276 | ||||||
| Japan Tobacco, Inc. | 2,500 | 42,795 | ||||||
| Kaneka Corp. | 300 | 8,671 | ||||||
| KDDI Corp. | 200 | 6,569 | ||||||
| Mitsubishi Electric Corp. | 2,200 | 25,321 | ||||||
| Mitsui & Co., Ltd. | 2,200 | 59,927 | ||||||
| NEC Corp. | 100 | 4,195 | ||||||
| Nintendo Co., Ltd. ADR | 575 | 36,173 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,811 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 3,083 | ||||||
| Nisshinbo Holdings, Inc. | 1,400 | 12,144 | ||||||
| Okamura Corp. | 300 | 2,965 | ||||||
| Olympus Corp. | 100 | 1,900 | ||||||
| ORIX Corp. | 1,000 | 19,959 | ||||||
| Panasonic Corp. | 4,300 | 41,642 | ||||||
| Shimano, Inc. ADR | 409 | 9,354 | ||||||
| Shin-Etsu Chemical Co., Ltd. | 33 | 5,029 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,000 | 3,387 | ||||||
| Softbank Corp. | 2,000 | 23,376 | ||||||
| Sumitomo Chemical Co., Ltd. | 4,600 | 21,087 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 3,191 | ||||||
| The 77 Bank, Ltd. | 200 | 2,508 | ||||||
| Tokyo Electron, Ltd. | 100 | 51,347 | ||||||
| Yamaha Corp. | 400 | 17,443 | ||||||
| ZOZO, Inc. | 100 | 2,657 | ||||||
| 608,318 | ||||||||
| Luxembourg | 0.2% | ||||||||
| Eurofins Scientific SE (*) | 57 | 5,651 | ||||||
| Malta | 0.3% | ||||||||
| Kindred Group PLC | 721 | 7,867 | ||||||
| Description | Shares | Fair Value | ||||||
| Netherlands | 8.1% | ||||||||
| Adyen NV (*) | 9 | $ | 17,780 | |||||
| ASML Holding NV | 100 | 66,700 | ||||||
| Koninklijke Ahold Delhaize NV | 237 | 7,618 | ||||||
| NN Group NV | 254 | 12,802 | ||||||
| Shell PLC | 2,995 | 82,194 | ||||||
| Wolters Kluwer NV | 360 | 38,322 | ||||||
| 225,416 | ||||||||
| New Zealand | 0.1% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd. | 129 | 2,168 | ||||||
| Norway | 0.3% | ||||||||
| Aker BP ASA | 202 | 7,527 | ||||||
| Portugal | 0.7% | ||||||||
| Jeronimo Martins SGPS SA (*) | 856 | 20,507 | ||||||
| Singapore | 1.1% | ||||||||
| DBS Group Holdings, Ltd. | 700 | 18,404 | ||||||
| STMicroelectronics NV | 166 | 7,211 | ||||||
| United Overseas Bank, Ltd. | 200 | 4,691 | ||||||
| 30,306 | ||||||||
| South Africa | 0.8% | ||||||||
| Anglo American PLC | 449 | 23,158 | ||||||
| Spain | 3.4% | ||||||||
| Banco de Sabadell SA | 19,361 | 15,759 | ||||||
| Banco Santander SA | 8,620 | 29,247 | ||||||
| Iberdrola SA | 3,873 | 42,155 | ||||||
| Laboratorios Farmaceuticos Rovi SA (*) | 93 | 6,870 | ||||||
| 94,031 | ||||||||
| Sweden | 3.4% | ||||||||
| Betsson AB, Class B | 655 | 3,967 | ||||||
| Electrolux AB | 90 | 1,362 | ||||||
| Getinge AB, B Shares | 83 | 3,304 | ||||||
| Lundin Energy AB | 406 | 17,212 | ||||||
| Samhallsbyggnadsbolaget i Norden AB | 497 | 2,213 | ||||||
| Swedish Match AB | 2,583 | 19,430 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 2,133 | 19,517 | ||||||
| Thule Group AB | 96 | 3,796 | ||||||
| Volvo Car AB, Class B | 3,434 | 24,766 | ||||||
| 95,567 | ||||||||
| Switzerland | 7.4% | ||||||||
| Logitech International SA | 138 | 10,227 | ||||||
| Nestle SA | 114 | 14,800 | ||||||
| Novartis AG | 134 | 11,752 | ||||||
| Roche Holding AG | 247 | 97,682 | ||||||
| Sensirion Holding AG (*) | 43 | 5,300 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| UBS Group AG | 3,458 | $ | 67,559 | |||||
| 207,320 | ||||||||
| United Kingdom | 8.3% | ||||||||
| Barclays PLC | 5,312 | 10,319 | ||||||
| BP PLC Sponsored ADR | 333 | 9,790 | ||||||
| Computacenter PLC | 87 | 3,342 | ||||||
| Experian PLC | 118 | 4,551 | ||||||
| Halfords Group PLC | 585 | 1,886 | ||||||
| IMI PLC | 142 | 2,531 | ||||||
| Imperial Brands PLC | 1,066 | 22,446 | ||||||
| Investec PLC | 673 | 4,420 | ||||||
| J Sainsbury PLC | 1,995 | 6,606 | ||||||
| Natwest Group PLC | 4,651 | 13,087 | ||||||
| Next PLC | 147 | 11,592 | ||||||
| RELX PLC | 52 | 1,620 | ||||||
| Safestore Holdings PLC REIT | 409 | 7,178 | ||||||
| SSE PLC | 1,127 | 25,805 | ||||||
| Standard Chartered PLC | 3,609 | 23,933 | ||||||
| Unilever PLC | 747 | 33,812 | ||||||
| Virgin Money UK PLC | 1,115 | 2,491 | ||||||
| Vodafone Group PLC | 27,955 | 45,865 | ||||||
| 231,274 | ||||||||
| United States | 5.5% | ||||||||
| GlaxoSmithKline PLC | 3,565 | 76,875 | ||||||
| International Game Technology PLC | 336 | 8,292 | ||||||
| James Hardie Industries PLC | 315 | 9,480 | ||||||
| Schneider Electric SE | 84 | 14,024 | ||||||
| Stellantis NV | 2,714 | 43,954 | ||||||
| 152,625 | ||||||||
| Total Common Stocks (Cost $2,648,636) | 2,762,992 | |||||||
| Preferred Stocks | 0.3% | ||||||||
| Germany | 0.3% | ||||||||
| Sartorius AG (Cost $9,761) | 22 | 9,770 | ||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $26,470) | 26,470 | $ | 26,470 | |||||
| Total Investments | 100.5% (Cost $2,684,867) | $ | 2,799,232 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (15,120 | ) | ||||||
| Net Assets | 100.0% | $ | 2,784,112 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 96.1% | ||||||||
| Canada | 4.7% | ||||||||
| CAE, Inc. (*) | 595,902 | $ | 15,510,659 | |||||
| Suncor Energy, Inc. | 1,222,086 | 39,786,346 | ||||||
| TMX Group, Ltd. | 204,998 | 21,084,384 | ||||||
| 76,381,389 | ||||||||
| China | 4.7% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 832,000 | 11,387,818 | ||||||
| Autohome, Inc. ADR | 338,441 | 10,291,991 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 7,418,000 | 16,815,141 | ||||||
| ENN Energy Holdings, Ltd. | 1,123,000 | 16,736,000 | ||||||
| ESR Cayman, Ltd. (*) | 6,689,400 | 20,709,069 | ||||||
| 75,940,019 | ||||||||
| Denmark | 1.9% | ||||||||
| Carlsberg AS, Class B | 157,548 | 19,235,720 | ||||||
| Vestas Wind Systems A/S | 408,929 | 12,073,682 | ||||||
| 31,309,402 | ||||||||
| Finland | 2.2% | ||||||||
| Nordea Bank Abp | 2,212,170 | 22,780,318 | ||||||
| Sampo Oyj, A Shares | 275,379 | 13,441,782 | ||||||
| 36,222,100 | ||||||||
| France | 12.2% | ||||||||
| Air Liquide SA | 197,371 | 34,527,924 | ||||||
| Capgemini SE | 138,618 | 30,834,633 | ||||||
| Engie SA | 2,930,694 | 38,416,733 | ||||||
| Pernod Ricard SA | 113,892 | 24,979,026 | ||||||
| Sanofi | 483,398 | 49,298,984 | ||||||
| Thales SA | 157,802 | 19,926,425 | ||||||
| 197,983,725 | ||||||||
| Germany | 7.2% | ||||||||
| Continental AG (*) | 156,759 | 11,307,200 | ||||||
| Infineon Technologies AG | 556,153 | 19,000,087 | ||||||
| Merck KGaA | 160,285 | 33,568,301 | ||||||
| MTU Aero Engines AG | 146,460 | 34,029,474 | ||||||
| Vonovia SE | 406,658 | 19,014,196 | ||||||
| 116,919,258 | ||||||||
| India | 1.2% | ||||||||
| Reliance Industries, Ltd. | 558,807 | 19,341,472 | ||||||
| Ireland | 1.5% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 270,015 | 23,523,707 | ||||||
| Israel | 1.5% | ||||||||
| Bank Leumi Le-Israel BM | 2,222,859 | 23,862,513 | ||||||
| Description | Shares | Fair Value | ||||||
| Italy | 1.5% | ||||||||
| Enel SpA | 3,745,379 | $ | 25,011,809 | |||||
| Japan | 15.8% | ||||||||
| Asics Corp. | 834,500 | 16,094,176 | ||||||
| Bandai Namco Holdings, Inc. | 292,600 | 22,165,842 | ||||||
| Daikin Industries, Ltd. | 94,500 | 17,206,078 | ||||||
| Daiwa House Industry Co., Ltd. | 842,781 | 22,018,286 | ||||||
| Disco Corp. | 61,800 | 17,238,567 | ||||||
| Hitachi, Ltd. | 421,700 | 21,130,744 | ||||||
| Makita Corp. | 504,900 | 16,171,282 | ||||||
| MatsukiyoCocokara & Co. | 595,200 | 21,154,628 | ||||||
| Nexon Co., Ltd. | 874,482 | 20,925,743 | ||||||
| Olympus Corp. | 1,296,000 | 24,621,914 | ||||||
| Shimano, Inc. | 93,100 | 21,295,248 | ||||||
| Suzuki Motor Corp. | 572,100 | 19,610,593 | ||||||
| Yamaha Corp. | 391,300 | 17,063,825 | ||||||
| 256,696,926 | ||||||||
| Mexico | 1.0% | ||||||||
| Arca Continental SAB de CV | 2,377,312 | 16,165,483 | ||||||
| Netherlands | 5.9% | ||||||||
| Akzo Nobel NV | 272,045 | 23,373,057 | ||||||
| Koninklijke DSM NV (*) | 113,614 | 20,305,020 | ||||||
| Universal Music Group NV (*) | 1,058,992 | 28,113,694 | ||||||
| Wolters Kluwer NV | 232,865 | 24,788,361 | ||||||
| 96,580,132 | ||||||||
| Norway | 2.3% | ||||||||
| Equinor ASA | 512,472 | 19,229,562 | ||||||
| Telenor ASA | 1,248,147 | 17,939,233 | ||||||
| 37,168,795 | ||||||||
| Portugal | 1.4% | ||||||||
| Galp Energia SGPS SA | 1,726,875 | 21,853,432 | ||||||
| Singapore | 1.5% | ||||||||
| DBS Group Holdings, Ltd. | 936,120 | 24,610,913 | ||||||
| South Africa | 1.9% | ||||||||
| Anglo American PLC | 611,933 | 31,561,341 | ||||||
| South Korea | 1.8% | ||||||||
| Osstem Implant Co., Ltd. (¢) | 108,108 | 10,738,641 | ||||||
| SK Hynix, Inc. | 197,768 | 18,930,959 | ||||||
| 29,669,600 | ||||||||
| Spain | 1.0% | ||||||||
| Industria de Diseno Textil SA | 762,487 | 16,590,834 | ||||||
| Sweden | 1.2% | ||||||||
| Sandvik AB | 885,438 | 18,798,203 | ||||||
| Switzerland | 3.8% | ||||||||
| ABB, Ltd. | 1,012,278 | 32,750,786 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Novartis AG | 333,857 | $ | 29,279,747 | |||||
| 62,030,533 | ||||||||
| United Kingdom | 12.2% | ||||||||
| 3i Group PLC | 1,291,818 | 23,367,597 | ||||||
| Barclays PLC | 9,928,045 | 19,286,312 | ||||||
| Compass Group PLC | 969,472 | 20,893,152 | ||||||
| Petershill Partners PLC | 2,865,778 | 9,348,099 | ||||||
| Prudential PLC | 1,060,792 | 15,669,777 | ||||||
| RELX PLC | 1,832,048 | 57,064,915 | ||||||
| Smith & Nephew PLC | 991,743 | 15,807,984 | ||||||
| Tesco PLC | 4,040,661 | 14,608,362 | ||||||
| Unilever PLC | 494,184 | 22,371,573 | ||||||
| 198,417,771 | ||||||||
| United States | 7.7% | ||||||||
| Aon PLC, Class A | 140,754 | 45,833,725 | ||||||
| BRP, Inc. | 159,967 | 13,097,806 | ||||||
| Ferguson PLC | 144,177 | 19,570,579 | ||||||
| Medtronic PLC | 416,615 | 46,223,434 | ||||||
| 124,725,544 | ||||||||
| Total Common Stocks (Cost $1,336,474,318) |
1,561,364,901 | |||||||
| Preferred Stocks | 1.2% | ||||||||
| Germany | 1.2% | ||||||||
| Volkswagen AG (Cost $19,033,306) |
118,454 | 20,482,630 | ||||||
| Short-Term Investments | 1.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $30,596,002) |
30,596,002 | 30,596,002 | ||||||
| Total Investments | 99.2% (Cost $1,386,103,626) |
$ | 1,612,443,533 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 0.8% |
12,599,934 | |||||||
| Net Assets | 100.0% | $ | 1,625,043,467 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 95.5% | ||||||||
| Brazil | 3.2% | ||||||||
| Banco Bradesco SA ADR | 236,406 | $ | 1,096,924 | |||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 63,300 | 634,323 | ||||||
| Lojas Renner SA (*) | 131,548 | 759,826 | ||||||
| 2,491,073 | ||||||||
| Canada | 1.9% | ||||||||
| Suncor Energy, Inc. | 45,364 | 1,476,875 | ||||||
| China | 8.3% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 55,500 | 759,644 | ||||||
| Autohome, Inc. ADR | 15,581 | 473,818 | ||||||
| China Longyuan Power Group Corp., Ltd., Class H | 557,000 | 1,262,609 | ||||||
| ENN Energy Holdings, Ltd. | 69,000 | 1,028,303 | ||||||
| ESR Cayman, Ltd. (*) | 269,200 | 833,390 | ||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 96,000 | 677,336 | ||||||
| Tencent Holdings, Ltd. | 29,200 | 1,377,521 | ||||||
| 6,412,621 | ||||||||
| Denmark | 1.9% | ||||||||
| Carlsberg AS, Class B | 6,985 | 852,829 | ||||||
| Vestas Wind Systems A/S | 20,056 | 592,156 | ||||||
| 1,444,985 | ||||||||
| Finland | 1.4% | ||||||||
| Sampo Oyj, A Shares | 21,913 | 1,069,616 | ||||||
| France | 12.4% | ||||||||
| Air Liquide SA | 8,214 | 1,436,950 | ||||||
| Bureau Veritas SA | 21,515 | 614,539 | ||||||
| Engie SA | 117,503 | 1,540,277 | ||||||
| Legrand SA | 9,735 | 925,477 | ||||||
| Pernod Ricard SA | 4,299 | 942,865 | ||||||
| Safran SA | 9,698 | 1,139,808 | ||||||
| Sanofi | 19,888 | 2,028,263 | ||||||
| Thales SA | 7,173 | 905,770 | ||||||
| 9,533,949 | ||||||||
| Germany | 4.7% | ||||||||
| Continental AG | 6,100 | 440,000 | ||||||
| Infineon Technologies AG | 19,366 | 661,609 | ||||||
| Merck KGaA | 6,292 | 1,317,726 | ||||||
| MTU Aero Engines AG | 2,822 | 655,682 | ||||||
| Vonovia SE | 11,279 | 527,374 | ||||||
| 3,602,391 | ||||||||
| Hong Kong | 1.0% | ||||||||
| AIA Group, Ltd. | 74,800 | 783,114 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 3.9% | ||||||||
| ICICI Bank, Ltd. Sponsored ADR | 85,109 | $ | 1,611,965 | |||||
| Reliance Industries, Ltd. | 38,964 | 1,348,625 | ||||||
| 2,960,590 | ||||||||
| Indonesia | 2.2% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,860,600 | 1,020,921 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 22,042 | 704,242 | ||||||
| 1,725,163 | ||||||||
| Ireland | 0.9% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 7,903 | 688,509 | ||||||
| Italy | 1.3% | ||||||||
| Enel SpA | 148,777 | 993,539 | ||||||
| Japan | 9.3% | ||||||||
| Bandai Namco Holdings, Inc. | 14,400 | 1,090,869 | ||||||
| Daikin Industries, Ltd. | 2,900 | 528,017 | ||||||
| Disco Corp. | 2,800 | 781,036 | ||||||
| Fujitsu, Ltd. | 5,000 | 745,411 | ||||||
| Makita Corp. | 31,900 | 1,021,715 | ||||||
| Olympus Corp. | 63,400 | 1,204,498 | ||||||
| Shimano, Inc. | 5,600 | 1,280,917 | ||||||
| Suzuki Motor Corp. | 14,900 | 510,746 | ||||||
| 7,163,209 | ||||||||
| Mexico | 1.9% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 191,200 | 1,437,605 | ||||||
| Netherlands | 5.6% | ||||||||
| Akzo Nobel NV | 11,199 | 962,175 | ||||||
| Koninklijke DSM NV (*) | 6,636 | 1,185,981 | ||||||
| Universal Music Group NV (*) | 41,002 | 1,088,505 | ||||||
| Wolters Kluwer NV | 10,147 | 1,080,143 | ||||||
| 4,316,804 | ||||||||
| Norway | 2.0% | ||||||||
| Equinor ASA | 20,945 | 785,922 | ||||||
| Telenor ASA | 52,223 | 750,585 | ||||||
| 1,536,507 | ||||||||
| Singapore | 1.4% | ||||||||
| DBS Group Holdings, Ltd. | 40,100 | 1,054,243 | ||||||
| South Africa | 2.2% | ||||||||
| Anglo American PLC | 18,823 | 970,824 | ||||||
| Mr Price Group, Ltd. | 48,175 | 711,102 | ||||||
| 1,681,926 | ||||||||
| South Korea | 3.3% | ||||||||
| KB Financial Group, Inc. | 17,721 | 890,877 | ||||||
| LG Household & Health Care, Ltd. | 593 | 416,549 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| SK Hynix, Inc. | 12,599 | $ | 1,206,015 | |||||
| 2,513,441 | ||||||||
| Switzerland | 4.8% | ||||||||
| ABB, Ltd. | 45,148 | 1,460,698 | ||||||
| Cie Financiere Richemont SA, Class A | 5,617 | 712,508 | ||||||
| Novartis AG | 17,154 | 1,504,431 | ||||||
| 3,677,637 | ||||||||
| Taiwan | 2.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 79,000 | 1,633,280 | ||||||
| United Kingdom | 11.9% | ||||||||
| Barclays PLC | 320,487 | 622,581 | ||||||
| BP PLC | 450,273 | 2,200,499 | ||||||
| Compass Group PLC | 51,363 | 1,106,927 | ||||||
| Linde PLC (*) | 2,661 | 857,483 | ||||||
| Prudential PLC | 34,407 | 508,252 | ||||||
| RELX PLC | 73,909 | 2,302,129 | ||||||
| Tesco PLC | 159,851 | 577,916 | ||||||
| Unilever PLC | 20,834 | 943,150 | ||||||
| 9,118,937 | ||||||||
| United States | 7.9% | ||||||||
| Accenture PLC, Class A | 3,339 | 1,126,011 | ||||||
| Aon PLC, Class A | 5,822 | 1,895,818 | ||||||
| Clarivate PLC (*) | 45,385 | 760,652 | ||||||
| Ferguson PLC | 5,983 | 812,132 | ||||||
| Medtronic PLC | 13,127 | 1,456,441 | ||||||
| 6,051,054 | ||||||||
| Total Common Stocks (Cost $65,975,115) |
73,367,068 | |||||||
| Preferred Stocks | 1.1% | ||||||||
| Germany | 1.1% | ||||||||
| Volkswagen AG (Cost $810,481) |
4,868 | 841,757 | ||||||
| Short-Term Investments | 3.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $2,614,157) |
2,614,157 | 2,614,157 | ||||||
| Total Investments | 100.0% (Cost $69,399,753) |
$ | 76,822,982 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 0.0% |
9,131 | |||||||
| Net Assets | 100.0% | $ | 76,832,113 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Value Portfolio | ||||||||
| Common Stocks | 99.7% | ||||||||
| Australia | 3.9% | ||||||||
| Glencore PLC | 16,233 | $ | 105,495 | |||||
| Canada | 1.5% | ||||||||
| Onex Corp. | 610 | 40,880 | ||||||
| China | 1.9% | ||||||||
| Alibaba Group Holding, Ltd. (*) | 3,800 | 52,012 | ||||||
| France | 26.4% | ||||||||
| Airbus SE (*) | 806 | 97,424 | ||||||
| AXA SA | 3,856 | 112,610 | ||||||
| Bollore SE | 11,476 | 59,943 | ||||||
| Carrefour SA (*) | 4,158 | 90,202 | ||||||
| Sanofi | 1,342 | 136,863 | ||||||
| Thales SA | 855 | 107,965 | ||||||
| Veolia Environnement SA | 3,557 | 113,502 | ||||||
| 718,509 | ||||||||
| Germany | 3.0% | ||||||||
| Siemens AG | 585 | 81,059 | ||||||
| Italy | 3.9% | ||||||||
| Coca-Cola HBC AG | 1,850 | 38,580 | ||||||
| UniCredit SpA | 6,216 | 67,114 | ||||||
| 105,694 | ||||||||
| Japan | 19.9% | ||||||||
| AGC, Inc. | 1,537 | 61,429 | ||||||
| Bandai Namco Holdings, Inc. | 908 | 68,785 | ||||||
| Bridgestone Corp. | 1,948 | 75,390 | ||||||
| Nexon Co., Ltd. | 3,000 | 71,788 | ||||||
| Sony Group Corp. Sponsored ADR | 757 | 77,751 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 3,900 | 124,466 | ||||||
| Universal Entertainment Corp. (*) | 2,785 | 62,328 | ||||||
| 541,937 | ||||||||
| Macau | 2.4% | ||||||||
| Galaxy Entertainment Group, Ltd. | 11,000 | 65,376 | ||||||
| Mexico | 5.8% | ||||||||
| Arca Continental SAB de CV | 8,537 | 58,051 | ||||||
| Fomento Economico Mexicano SAB de CV Sponsored ADR | 1,194 | 98,923 | ||||||
| 156,974 | ||||||||
| Netherlands | 3.1% | ||||||||
| Akzo Nobel NV | 973 | 83,596 | ||||||
| South Korea | 4.2% | ||||||||
| Kangwon Land, Inc. (*) | 4,947 | 112,916 | ||||||
| Switzerland | 4.6% | ||||||||
| UBS Group AG | 6,466 | 126,326 | ||||||
| Description | Shares | Fair Value | ||||||
| United Kingdom | 16.0% | ||||||||
| 3i Group PLC | 4,204 | $ | 76,046 | |||||
| Barclays PLC | 38,203 | 74,214 | ||||||
| BP PLC | 33,076 | 161,643 | ||||||
| Prudential PLC | 5,448 | 80,477 | ||||||
| WH Smith PLC (*) | 2,324 | 43,502 | ||||||
| 435,882 | ||||||||
| United States | 3.1% | ||||||||
| Stellantis NV | 5,233 | 84,682 | ||||||
| Total Common Stocks (Cost $2,628,303) |
2,711,338 | |||||||
| Short-Term Investments | 0.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $12,182) |
12,182 | 12,182 | ||||||
| Total Investments | 100.1% (Cost $2,640,485) |
$ | 2,723,520 | ||||||
| Liabilities in
Excess of Cash and Other Assets | (0.1)% |
(3,432) | |||||||
| Net Assets | 100.0% | $ | 2,720,088 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Brazil | 2.0% | ||||||||
| Banco Bradesco SA ADR | 535,743 | $ | 2,485,848 | |||||
| Canada | 8.8% | ||||||||
| Dollarama, Inc. | 54,255 | 3,076,974 | ||||||
| National Bank of Canada | 37,331 | 2,861,601 | ||||||
| Toromont Industries, Ltd. | 50,324 | 4,770,545 | ||||||
| 10,709,120 | ||||||||
| China | 4.3% | ||||||||
| Alibaba Group Holding, Ltd. Sponsored ADR (*) | 21,128 | 2,298,726 | ||||||
| Tencent Holdings, Ltd. | 61,600 | 2,906,004 | ||||||
| 5,204,730 | ||||||||
| Denmark | 6.6% | ||||||||
| Coloplast A/S, Class B | 12,314 | 1,864,986 | ||||||
| Demant A/S (*) | 60,945 | 2,756,941 | ||||||
| Genmab A/S (*) | 9,379 | 3,397,648 | ||||||
| 8,019,575 | ||||||||
| France | 8.1% | ||||||||
| Legrand SA | 25,837 | 2,456,245 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 5,518 | 3,929,200 | ||||||
| Pernod Ricard SA | 16,093 | 3,529,550 | ||||||
| 9,914,995 | ||||||||
| Germany | 4.1% | ||||||||
| SAP SE | 23,933 | 2,670,523 | ||||||
| Scout24 SE | 39,762 | 2,280,916 | ||||||
| 4,951,439 | ||||||||
| Hong Kong | 1.9% | ||||||||
| AIA Group, Ltd. | 224,600 | 2,351,435 | ||||||
| India | 3.0% | ||||||||
| HDFC Bank, Ltd. ADR | 60,655 | 3,719,971 | ||||||
| Israel | 2.4% | ||||||||
| Check Point Software Technologies, Ltd. (*) | 20,782 | 2,873,319 | ||||||
| Japan | 5.8% | ||||||||
| Pigeon Corp. | 39,800 | 700,838 | ||||||
| Shimano, Inc. | 7,500 | 1,715,514 | ||||||
| SMS Co., Ltd. | 75,000 | 2,058,601 | ||||||
| Toei Animation Co., Ltd. | 19,400 | 1,593,782 | ||||||
| Workman Co., Ltd. | 24,500 | 998,331 | ||||||
| 7,067,066 | ||||||||
| Netherlands | 9.1% | ||||||||
| ASML Holding NV | 8,825 | 5,886,269 | ||||||
| Universal Music Group NV (*) | 97,624 | 2,591,683 | ||||||
| Description | Shares | Fair Value | ||||||
| Wolters Kluwer NV | 24,650 | $ | 2,623,980 | |||||
| 11,101,932 | ||||||||
| Norway | 1.7% | ||||||||
| Gjensidige Forsikring ASA | 84,826 | 2,104,373 | ||||||
| South Africa | 2.6% | ||||||||
| Clicks Group, Ltd. | 148,906 | 3,154,955 | ||||||
| South Korea | 1.0% | ||||||||
| LG Household & Health Care, Ltd. | 1,758 | 1,234,895 | ||||||
| Spain | 1.4% | ||||||||
| Industria de Diseno Textil SA | 78,955 | 1,717,969 | ||||||
| Sweden | 5.1% | ||||||||
| Assa Abloy AB, Class B | 115,251 | 3,107,572 | ||||||
| Hexagon AB, B Shares | 220,289 | 3,090,586 | ||||||
| 6,198,158 | ||||||||
| Switzerland | 3.4% | ||||||||
| Partners Group Holding AG | 3,335 | 4,143,294 | ||||||
| Taiwan | 3.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 41,956 | 4,374,333 | ||||||
| United Kingdom | 16.6% | ||||||||
| Dechra Pharmaceuticals PLC | 41,069 | 2,174,516 | ||||||
| Diageo PLC | 70,135 | 3,544,847 | ||||||
| Intertek Group PLC | 37,395 | 2,553,718 | ||||||
| London Stock Exchange Group PLC | 25,824 | 2,697,981 | ||||||
| Prudential PLC | 127,023 | 1,876,355 | ||||||
| RELX PLC | 145,752 | 4,537,450 | ||||||
| Unilever PLC | 62,918 | 2,847,946 | ||||||
| 20,232,813 | ||||||||
| United States | 6.0% | ||||||||
| Aon PLC, Class A | 15,439 | 5,027,402 | ||||||
| BRP, Inc. | 28,411 | 2,326,241 | ||||||
| 7,353,643 | ||||||||
| Total Common Stocks (Cost $122,196,513) |
118,913,863 | |||||||
| Short-Term Investments | 2.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $3,236,851) |
3,236,851 | 3,236,851 | ||||||
| Total Investments | 100.2% (Cost $125,433,364) |
$ | 122,150,714 | ||||||
| Liabilities in
Excess of Cash and Other Assets | (0.2)% |
(199,611) | |||||||
| Net Assets | 100.0% | $ | 121,951,103 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Australia | 5.5% | ||||||||
| ALS Ltd. | 24,097 | $ | 238,510 | |||||
| Ansell, Ltd. | 10,798 | 207,369 | ||||||
| AUB Group, Ltd. | 14,444 | 243,457 | ||||||
| GUD Holdings, Ltd. | 35,937 | 309,709 | ||||||
| SmartGroup Corp., Ltd. | 43,666 | 277,633 | ||||||
| 1,276,678 | ||||||||
| Austria | 1.9% | ||||||||
| BAWAG Group AG | 8,719 | 439,861 | ||||||
| Belgium | 3.3% | ||||||||
| Fagron (*) | 8,611 | 157,006 | ||||||
| Recticel SA | 12,549 | 298,459 | ||||||
| Shurgard Self Storage SA | 5,119 | 317,849 | ||||||
| 773,314 | ||||||||
| Canada | 4.0% | ||||||||
| Dream Industrial Real Estate Investment Trust | 22,032 | 284,443 | ||||||
| Stelco Holdings, Inc. | 11,462 | 476,671 | ||||||
| The Descartes Systems Group, Inc. (*) | 2,282 | 167,077 | ||||||
| 928,191 | ||||||||
| China | 0.8% | ||||||||
| ESR Cayman, Ltd. (*) | 62,200 | 192,559 | ||||||
| Denmark | 1.3% | ||||||||
| Royal Unibrew A/S | 3,219 | 299,208 | ||||||
| Finland | 1.4% | ||||||||
| Anora Group Oyj | 11,927 | 115,707 | ||||||
| Kemira Oyj | 15,315 | 200,114 | ||||||
| 315,821 | ||||||||
| France | 1.6% | ||||||||
| Gaztransport Et Technigaz SA | 3,431 | 384,416 | ||||||
| Germany | 11.0% | ||||||||
| Aroundtown SA | 37,440 | 215,063 | ||||||
| CompuGroup Medical SE & Co. KgaA | 2,923 | 178,600 | ||||||
| Covestro AG | 6,815 | 344,349 | ||||||
| CTS Eventim AG & Co. KGaA (*) | 3,298 | 226,296 | ||||||
| Dermapharm Holding SE | 4,343 | 277,608 | ||||||
| flatexDEGIRO AG (*) | 9,562 | 193,682 | ||||||
| Hensoldt AG (*) | 5,871 | 172,005 | ||||||
| JOST Werke AG | 6,180 | 248,549 | ||||||
| LEG Immobilien SE | 2,410 | 275,227 | ||||||
| Sirius Real Estate, Ltd. | 177,054 | 290,342 | ||||||
| Stabilus SA | 3,150 | 156,516 | ||||||
| 2,578,237 | ||||||||
| Description | Shares | Fair Value | ||||||
| Greece | 1.2% | ||||||||
| JUMBO SA | 18,702 | $ | 278,555 | |||||
| Ireland | 1.1% | ||||||||
| Dalata Hotel Group PLC (*) | 60,547 | 264,520 | ||||||
| Israel | 0.9% | ||||||||
| Strauss Group, Ltd. | 6,809 | 202,811 | ||||||
| Italy | 6.0% | ||||||||
| Ariston Holding NV | 20,045 | 208,738 | ||||||
| Banca Generali SpA | 6,308 | 233,793 | ||||||
| Italgas SpA | 56,790 | 364,632 | ||||||
| Sesa SpA | 478 | 78,194 | ||||||
| Stevanato Group SpA | 10,953 | 220,374 | ||||||
| Tinexta Spa | 10,640 | 309,803 | ||||||
| 1,415,534 | ||||||||
| Japan | 24.0% | ||||||||
| Ariake Japan Co., Ltd. | 4,400 | 187,082 | ||||||
| ARTERIA Networks Corp. | 17,700 | 189,652 | ||||||
| Bell System24 Holdings, Inc. | 21,400 | 239,980 | ||||||
| Daiseki Co., Ltd. | 7,320 | 275,082 | ||||||
| Digital Garage, Inc. | 5,300 | 198,021 | ||||||
| GMO internet, Inc. | 11,000 | 250,745 | ||||||
| Hulic Co., Ltd. | 27,500 | 246,914 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 128 | 193,827 | ||||||
| JAFCO Group Co., ltd. (*) | 17,500 | 267,063 | ||||||
| MatsukiyoCocokara & Co. | 6,900 | 245,240 | ||||||
| Nippon Gas Co., Ltd. | 19,400 | 235,948 | ||||||
| Nippon Shinyaku Co., Ltd. | 3,400 | 231,177 | ||||||
| Open House Group Co., Ltd. | 4,900 | 216,829 | ||||||
| Pigeon Corp. | 12,700 | 223,634 | ||||||
| Relo Group, Inc. | 13,100 | 195,140 | ||||||
| Roland Corp. | 6,700 | 221,424 | ||||||
| Rorze Corp. | 2,700 | 268,144 | ||||||
| Ryohin Keikaku Co., Ltd. | 16,700 | 194,761 | ||||||
| Seria Co., Ltd. | 9,900 | 224,366 | ||||||
| TechnoPro Holdings, Inc. | 10,935 | 293,790 | ||||||
| Trend Micro, Inc. | 5,000 | 291,871 | ||||||
| Trusco Nakayama Corp. | 10,200 | 199,549 | ||||||
| USS Co., Ltd. | 15,400 | 259,026 | ||||||
| Zenkoku Hosho Co., Ltd. | 7,242 | 278,482 | ||||||
| 5,627,747 | ||||||||
| Jersey | 1.6% | ||||||||
| JTC PLC | 33,829 | 373,110 | ||||||
| Netherlands | 5.4% | ||||||||
| Aalberts NV (*) | 6,791 | 350,981 | ||||||
| Arcadis NV | 9,607 | 431,729 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| ASM International NV | 667 | $ | 241,788 | |||||
| Van Lanschot Kempen NV | 9,335 | 246,822 | ||||||
| 1,271,320 | ||||||||
| New Zealand | 1.1% | ||||||||
| Freightways, Ltd. | 29,959 | 255,898 | ||||||
| Norway | 1.2% | ||||||||
| Crayon Group Holding ASA (*) | 14,635 | 275,462 | ||||||
| Spain | 3.4% | ||||||||
| Bankinter SA | 92,813 | 541,231 | ||||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 169,343 | 260,086 | ||||||
| 801,317 | ||||||||
| Sweden | 3.9% | ||||||||
| Byggfakta Group Nordic Holdco AB | 30,984 | 154,546 | ||||||
| Cibus Nordic Real Estate AB | 6,927 | 184,060 | ||||||
| Lindab International AB | 8,661 | 220,468 | ||||||
| Nordnet AB publ | 6,342 | 113,950 | ||||||
| Synsam AB | 33,437 | 243,114 | ||||||
| 916,138 | ||||||||
| Switzerland | 1.0% | ||||||||
| Logitech International SA | 3,199 | 237,082 | ||||||
| United Kingdom | 16.5% | ||||||||
| Ascential PLC (*) | 28,693 | 130,437 | ||||||
| Auto Trader Group PLC | 28,053 | 232,227 | ||||||
| Britvic PLC | 22,530 | 237,946 | ||||||
| Bytes Technology Group PLC | 25,249 | 164,503 | ||||||
| ConvaTec Group PLC | 110,365 | 310,849 | ||||||
| Dr. Martens PLC | 60,536 | 188,325 | ||||||
| Electrocomponents PLC | 20,427 | 288,841 | ||||||
| Genuit Group. PLC | 43,551 | 280,009 | ||||||
| IG Group Holdings PLC | 17,213 | 184,722 | ||||||
| JD Sports Fashion PLC | 125,275 | 242,595 | ||||||
| Jet2 PLC (*) | 17,659 | 264,632 | ||||||
| Life Science REIT PLC | 210,930 | 277,053 | ||||||
| Marlowe PLC (*) | 21,709 | 256,203 | ||||||
| Pennon Group PLC | 5,531 | 77,967 | ||||||
| Smart Metering Systems PLC | 20,303 | 209,934 | ||||||
| Synthomer PLC | 70,217 | 280,996 | ||||||
| Weir Group PLC | 10,842 | 231,702 | ||||||
| 3,858,941 | ||||||||
| United States | 0.9% | ||||||||
| BRP, Inc. | 2,682 | 219,597 | ||||||
| Total Common Stocks (Cost $22,126,767) |
23,186,317 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $109,495) |
109,495 | $ | 109,495 | |||||
| Total Investments | 99.5% (Cost $22,236,262) |
$ | 23,295,812 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 0.5% |
109,676 | |||||||
| Net Assets | 100.0% | $ | 23,405,488 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 94.5% | ||||||||
| Australia | 2.3% | ||||||||
| Rio Tinto PLC | 1,700,025 | $ | 134,856,061 | |||||
| Brazil | 0.7% | ||||||||
| Lojas Renner SA (*) | 7,078,412 | 40,885,168 | ||||||
| Canada | 9.5% | ||||||||
| CAE, Inc. (*) | 6,086,985 | 158,437,381 | ||||||
| Canadian Pacific Railway, Ltd. | 691,986 | 57,112,439 | ||||||
| National Bank of Canada | 1,884,443 | 144,451,604 | ||||||
| Suncor Energy, Inc. | 3,383,474 | 110,152,695 | ||||||
| TMX Group, Ltd. | 732,592 | 75,348,302 | ||||||
| 545,502,421 | ||||||||
| China | 4.8% | ||||||||
| China Longyuan Power Group Corp., Ltd., Class H | 37,726,000 | 85,517,391 | ||||||
| ESR Cayman, Ltd. (*) | 28,749,200 | 89,001,879 | ||||||
| Ming Yang Smart Energy Group, Ltd., Class A | 18,201,579 | 63,099,860 | ||||||
| Ping An Bank Co., Ltd., Class A (*) | 15,912,682 | 38,479,442 | ||||||
| 276,098,572 | ||||||||
| Denmark | 3.4% | ||||||||
| Carlsberg AS, Class B | 1,035,505 | 126,429,304 | ||||||
| Genmab A/S (*) | 187,928 | 68,079,034 | ||||||
| 194,508,338 | ||||||||
| Finland | 2.5% | ||||||||
| Sampo Oyj, A Shares | 2,208,654 | 107,808,679 | ||||||
| Valmet Oyj | 1,195,009 | 37,095,731 | ||||||
| 144,904,410 | ||||||||
| France | 10.6% | ||||||||
| Airbus SE | 689,417 | 83,332,269 | ||||||
| Bureau Veritas SA | 1,391,589 | 39,748,351 | ||||||
| Engie SA | 9,520,510 | 124,798,730 | ||||||
| Pernod Ricard SA | 484,230 | 106,202,315 | ||||||
| Sanofi | 1,722,280 | 175,645,438 | ||||||
| Thales SA | 648,558 | 81,896,571 | ||||||
| 611,623,674 | ||||||||
| Germany | 4.3% | ||||||||
| Continental AG | 958,741 | 69,155,051 | ||||||
| Infineon Technologies AG | 2,812,503 | 96,084,711 | ||||||
| Vonovia SE | 1,710,511 | 79,978,734 | ||||||
| 245,218,496 | ||||||||
| India | 1.1% | ||||||||
| Housing Development Finance Corp., Ltd. | 2,030,275 | 63,575,718 | ||||||
| Ireland | 1.6% | ||||||||
| Ryanair Holdings PLC Sponsored ADR (*) | 1,072,044 | 93,396,473 | ||||||
| Description | Shares | Fair Value | ||||||
| Israel | 2.8% | ||||||||
| Bank Leumi Le-Israel BM | 15,289,198 | $ | 164,130,376 | |||||
| Italy | 1.3% | ||||||||
| Enel SpA | 11,142,395 | 74,409,413 | ||||||
| Japan | 12.9% | ||||||||
| BayCurrent Consulting, Inc. | 249,000 | 90,277,584 | ||||||
| Daikin Industries, Ltd. | 525,500 | 95,680,360 | ||||||
| Demae-Can Co., Ltd. (*) | 2,629,900 | 16,754,813 | ||||||
| Kobe Bussan Co., Ltd. | 1,778,300 | 54,626,372 | ||||||
| Makita Corp. | 2,286,591 | 73,236,497 | ||||||
| Olympus Corp. | 4,507,200 | 85,629,544 | ||||||
| Shimano, Inc. | 450,400 | 103,022,337 | ||||||
| Suzuki Motor Corp. | 1,493,272 | 51,186,767 | ||||||
| Tokyo Electron, Ltd. | 196,600 | 100,949,036 | ||||||
| Yamaha Corp. | 1,621,672 | 70,717,933 | ||||||
| 742,081,243 | ||||||||
| Mexico | 1.4% | ||||||||
| Arca Continental SAB de CV | 11,618,300 | 79,003,272 | ||||||
| Netherlands | 3.8% | ||||||||
| Akzo Nobel NV | 1,178,484 | 101,250,797 | ||||||
| Universal Music Group NV (*) | 4,410,116 | 117,077,987 | ||||||
| 218,328,784 | ||||||||
| South Korea | 0.6% | ||||||||
| NHN KCP Corp. (*) | 1,457,848 | 32,035,875 | ||||||
| Spain | 3.6% | ||||||||
| Bankinter SA | 11,809,107 | 68,863,703 | ||||||
| Industria de Diseno Textil SA | 4,203,218 | 91,457,156 | ||||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 11,809,107 | 18,137,079 | ||||||
| Siemens Gamesa Renewable Energy SA (*) | 1,673,187 | 29,372,701 | ||||||
| 207,830,639 | ||||||||
| Sweden | 1.8% | ||||||||
| Hexagon AB, B Shares | 5,664,783 | 79,475,142 | ||||||
| Volvo Car AB, Class B (*) | 3,743,752 | 27,000,355 | ||||||
| 106,475,497 | ||||||||
| Switzerland | 3.1% | ||||||||
| ABB, Ltd. | 4,632,508 | 149,878,075 | ||||||
| Idorsia, Ltd. (*) | 1,425,602 | 28,389,684 | ||||||
| 178,267,759 | ||||||||
| Taiwan | 0.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2,609,000 | 53,939,599 | ||||||
| United Kingdom | 12.6% | ||||||||
| Coca-Cola European Partners PLC | 2,936,473 | 144,368,994 | ||||||
| Compass Group PLC | 3,927,493 | 84,641,649 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Informa PLC (*) | 11,312,928 | $ | 88,786,611 | |||||
| Linde PLC (*) | 361,091 | 116,358,308 | ||||||
| Petershill Partners PLC (*) | 10,320,627 | 33,665,636 | ||||||
| RELX PLC | 6,195,105 | 192,966,089 | ||||||
| Smith & Nephew PLC | 3,936,405 | 62,744,710 | ||||||
| 723,531,997 | ||||||||
| United States | 8.9% | ||||||||
| Accenture PLC, Class A | 381,035 | 128,496,433 | ||||||
| Aon PLC, Class A | 715,233 | 232,901,322 | ||||||
| BRP, Inc. | 681,236 | 55,778,360 | ||||||
| Medtronic PLC | 875,013 | 97,082,692 | ||||||
| 514,258,807 | ||||||||
| Total Common Stocks (Cost $4,519,861,985) |
5,444,862,592 | |||||||
| Preferred Stocks | 1.3% | ||||||||
| Germany | 1.3% | ||||||||
| Volkswagen AG (Cost $79,545,242) |
443,903 | 76,758,073 | ||||||
| Short-Term Investments | 3.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17% (7 day yield) (Cost $219,643,485) |
219,643,485 | 219,643,485 | ||||||
| Total Investments | 99.6% (Cost $4,819,050,712) |
$ | 5,741,264,150 | ||||||
| Cash and Other
Assets in Excess of Liabilities | 0.4% |
24,061,155 | |||||||
| Net Assets | 100.0% | $ | 5,765,325,305 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 98.3% | ||||||||
| Australia | 3.3% | ||||||||
| BHP Group, Ltd. | 3,194 | $ | 124,406 | |||||
| Charter Hall Long Wale REIT | 20,515 | 81,272 | ||||||
| CSL, Ltd. | 1,323 | 262,744 | ||||||
| Dexus REIT | 15,366 | 125,052 | ||||||
| Northern Star Resources, Ltd. | 10,827 | 85,809 | ||||||
| Rio Tinto PLC | 2,971 | 235,677 | ||||||
| Shopping Centres Australasia Property Group REIT | 35,844 | 77,705 | ||||||
| 992,665 | ||||||||
| Belgium | 0.9% | ||||||||
| Proximus SADP | 4,723 | 87,905 | ||||||
| UCB SA (*) | 636 | 76,137 | ||||||
| Warehouses De Pauw CVA REIT | 2,796 | 120,483 | ||||||
| 284,525 | ||||||||
| Canada | 6.2% | ||||||||
| Empire Co., Ltd., Class A | 5,809 | 206,032 | ||||||
| Granite Real Estate Investment Trust | 904 | 69,694 | ||||||
| Hydro One, Ltd. | 6,940 | 186,969 | ||||||
| Loblaw Cos., Ltd. | 5,685 | 510,133 | ||||||
| Metro, Inc. | 7,606 | 437,810 | ||||||
| Quebecor, Inc., Class B | 3,361 | 80,116 | ||||||
| Thomson Reuters Corp. | 3,667 | 398,130 | ||||||
| 1,888,884 | ||||||||
| Denmark | 1.6% | ||||||||
| Novo Nordisk A/S, Class B | 4,385 | 485,624 | ||||||
| France | 0.9% | ||||||||
| Hermes International | 52 | 73,756 | ||||||
| Orange SA | 17,388 | 205,608 | ||||||
| 279,364 | ||||||||
| Israel | 0.3% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 57,279 | 98,104 | ||||||
| Japan | 12.0% | ||||||||
| Ajinomoto Co., Inc. | 1,300 | 36,916 | ||||||
| Chubu Electric Power Co., Inc. | 8,200 | 84,957 | ||||||
| Daiwa House Industry Co., Ltd. | 4,200 | 109,728 | ||||||
| Electric Power Development Co., Ltd. | 17,700 | 253,546 | ||||||
| ENEOS Holdings, Inc. | 35,800 | 134,555 | ||||||
| FUJIFILM Holdings Corp. | 1,700 | 104,001 | ||||||
| Japan Post Bank Co., Ltd. | 37,600 | 302,830 | ||||||
| Japan Post Holdings Co., Ltd. | 52,600 | 386,369 | ||||||
| Japan Real Estate Investment Corp. REIT | 23 | 120,520 | ||||||
| KDDI Corp. | 7,300 | 239,778 | ||||||
| Description | Shares | Fair Value | ||||||
| Kyushu Electric Power Co., Inc. | 15,000 | $ | 100,607 | |||||
| Lawson, Inc. | 1,900 | 72,616 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 7,200 | 299,888 | ||||||
| Mitsui & Co., Ltd. | 5,800 | 157,990 | ||||||
| Nihon Kohden Corp. | 2,600 | 62,488 | ||||||
| Nintendo Co., Ltd. | 100 | 50,456 | ||||||
| Nippon Express Holdings, Inc. | 1,700 | 116,854 | ||||||
| Nippon Telegraph & Telephone Corp. | 4,700 | 136,567 | ||||||
| Osaka Gas Co., Ltd. | 11,100 | 190,565 | ||||||
| Rengo Co., Ltd. | 10,700 | 68,410 | ||||||
| The Hachijuni Bank, Ltd. | 21,700 | 72,012 | ||||||
| Tohoku Electric Power Co., Inc. | 9,300 | 54,414 | ||||||
| Tokyo Gas Co., Ltd. | 22,300 | 408,500 | ||||||
| Yamazaki Baking Co., Ltd. | 6,800 | 83,606 | ||||||
| 3,648,173 | ||||||||
| Netherlands | 1.5% | ||||||||
| ASML Holding NV | 102 | 68,034 | ||||||
| Shell PLC | 4,668 | 128,107 | ||||||
| Wolters Kluwer NV | 2,473 | 263,250 | ||||||
| 459,391 | ||||||||
| New Zealand | 0.7% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd. | 3,398 | 57,098 | ||||||
| Mainfreight, Ltd. | 1,119 | 64,695 | ||||||
| Spark New Zealand, Ltd. | 23,489 | 74,420 | ||||||
| 196,213 | ||||||||
| Norway | 0.7% | ||||||||
| Orkla ASA | 18,337 | 163,077 | ||||||
| Telenor ASA | 4,173 | 59,977 | ||||||
| 223,054 | ||||||||
| Portugal | 0.4% | ||||||||
| Jeronimo Martins SGPS SA | 4,485 | 107,446 | ||||||
| South Africa | 0.3% | ||||||||
| Anglo American PLC | 1,499 | 77,313 | ||||||
| Spain | 0.1% | ||||||||
| Corporacion Financiera Alba SA | 428 | 24,981 | ||||||
| Sweden | 0.4% | ||||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 13,067 | 119,563 | ||||||
| Switzerland | 3.2% | ||||||||
| PSP Swiss Property AG | 1,184 | 155,387 | ||||||
| Roche Holding AG | 1,152 | 455,587 | ||||||
| Swisscom AG | 518 | 311,001 | ||||||
| Tecan Group AG | 140 | 55,176 | ||||||
| 977,151 | ||||||||
| United Kingdom | 2.3% | ||||||||
| BP PLC | 13,575 | 66,341 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Howden Joinery Group PLC | 6,512 | $ | 65,315 | |||||
| HSBC Holdings PLC | 14,339 | 98,252 | ||||||
| J Sainsbury PLC | 39,693 | 131,435 | ||||||
| National Grid PLC | 9,100 | 139,773 | ||||||
| SSE PLC | 4,682 | 107,206 | ||||||
| Vodafone Group PLC | 55,666 | 91,329 | ||||||
| 699,651 | ||||||||
| United States | 63.5% | ||||||||
| Accenture PLC, Class A | 327 | 110,274 | ||||||
| Activision Blizzard, Inc. | 1,425 | 114,157 | ||||||
| Adobe, Inc. (*) | 213 | 97,047 | ||||||
| Agilent Technologies, Inc. | 608 | 80,457 | ||||||
| Akamai Technologies, Inc. (*) | 1,289 | 153,894 | ||||||
| Alleghany Corp. (*) | 104 | 88,088 | ||||||
| Allison Transmission Holdings, Inc. | 1,697 | 66,624 | ||||||
| Alphabet, Inc., Class C (*) | 129 | 360,296 | ||||||
| Amdocs, Ltd. | 1,706 | 140,250 | ||||||
| AMERCO | 155 | 92,526 | ||||||
| American Electric Power Co., Inc. | 1,679 | 167,514 | ||||||
| AmerisourceBergen Corp. | 756 | 116,961 | ||||||
| Amgen, Inc. | 390 | 94,310 | ||||||
| AMN Healthcare Services, Inc. (*) | 1,140 | 118,936 | ||||||
| Aon PLC, Class A | 720 | 234,454 | ||||||
| Assurant, Inc. | 545 | 99,097 | ||||||
| Automatic Data Processing, Inc. | 470 | 106,944 | ||||||
| AutoZone, Inc. (*) | 68 | 139,031 | ||||||
| Baxter International, Inc. | 2,697 | 209,125 | ||||||
| Becton, Dickinson & Co. | 823 | 218,918 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 1,134 | 76,670 | ||||||
| Bristol-Myers Squibb Co. | 2,648 | 193,383 | ||||||
| Cadence Design Systems, Inc. (*) | 788 | 129,594 | ||||||
| Cboe Global Markets, Inc. | 510 | 58,354 | ||||||
| Cerner Corp. | 993 | 92,905 | ||||||
| CF Industries Holdings, Inc. | 823 | 84,818 | ||||||
| Charter Communications, Inc., Class A (*) | 208 | 113,468 | ||||||
| Chubb, Ltd. | 477 | 102,030 | ||||||
| Cigna Corp. | 316 | 75,717 | ||||||
| CMS Energy Corp. | 1,154 | 80,711 | ||||||
| Cognizant Technology Solutions Corp., Class A | 964 | 86,442 | ||||||
| Colgate-Palmolive Co. | 5,640 | 427,681 | ||||||
| Comcast Corp., Class A | 3,387 | 158,579 | ||||||
| Corteva, Inc. | 1,377 | 79,150 | ||||||
| CorVel Corp. (*) | 548 | 92,305 | ||||||
| Costco Wholesale Corp. | 301 | 173,331 | ||||||
| Description | Shares | Fair Value | ||||||
| Coterra Energy, Inc. | 7,752 | $ | 209,071 | |||||
| CSG Systems International, Inc. | 1,390 | 88,362 | ||||||
| CVS Health Corp. | 1,221 | 123,577 | ||||||
| Danaher Corp. | 555 | 162,798 | ||||||
| Deere & Co. | 182 | 75,614 | ||||||
| Digital Realty Trust, Inc. REIT | 923 | 130,881 | ||||||
| Dolby Laboratories, Inc., Class A | 851 | 66,565 | ||||||
| Dollar General Corp. | 982 | 218,623 | ||||||
| Duke Energy Corp. | 656 | 73,249 | ||||||
| Electronic Arts, Inc. | 493 | 62,369 | ||||||
| Eli Lilly & Co. | 762 | 218,214 | ||||||
| Everest Re Group, Ltd. | 276 | 83,181 | ||||||
| Exlservice Holdings, Inc. (*) | 763 | 109,315 | ||||||
| Extra Space Storage, Inc. REIT | 847 | 174,143 | ||||||
| FactSet Research Systems, Inc. | 470 | 204,050 | ||||||
| Flowers Foods, Inc. | 10,175 | 261,599 | ||||||
| FOX Corp., Class B | 1,956 | 70,964 | ||||||
| General Mills, Inc. | 1,463 | 99,074 | ||||||
| Gilead Sciences, Inc. | 2,246 | 133,525 | ||||||
| GlaxoSmithKline PLC | 6,177 | 133,200 | ||||||
| Grand Canyon Education, Inc. (*) | 879 | 85,360 | ||||||
| Henry Schein, Inc. (*) | 872 | 76,030 | ||||||
| Home Depot, Inc. | 250 | 74,833 | ||||||
| Hormel Foods Corp. | 1,450 | 74,733 | ||||||
| Houlihan Lokey, Inc. | 717 | 62,953 | ||||||
| ICU Medical, Inc. (*) | 491 | 109,316 | ||||||
| Incyte Corp. (*) | 1,080 | 85,774 | ||||||
| Ingles Markets, Inc., Class A | 1,012 | 90,119 | ||||||
| Intel Corp. | 4,105 | 203,444 | ||||||
| Inter Parfums, Inc. | 734 | 64,629 | ||||||
| Intercontinental Exchange, Inc. | 1,462 | 193,159 | ||||||
| Jack Henry & Associates, Inc. | 868 | 171,039 | ||||||
| JB Hunt Transport Services, Inc. | 383 | 76,903 | ||||||
| Johnson & Johnson | 2,218 | 393,096 | ||||||
| Kellogg Co. | 3,898 | 251,382 | ||||||
| Keysight Technologies, Inc. (*) | 1,096 | 173,135 | ||||||
| Kforce, Inc. | 996 | 73,674 | ||||||
| Life Storage, Inc. REIT | 1,259 | 176,801 | ||||||
| Lockheed Martin Corp. | 642 | 283,379 | ||||||
| Markel Corp. (*) | 61 | 89,990 | ||||||
| Matson, Inc. | 1,029 | 124,118 | ||||||
| McDonald’s Corp. | 1,369 | 338,526 | ||||||
| Merck & Co., Inc. | 942 | 77,291 | ||||||
| Mettler-Toledo International, Inc. (*) | 41 | 56,301 | ||||||
| Microsoft Corp. | 1,090 | 336,058 | ||||||
| Monolithic Power Systems, Inc. | 404 | 196,215 | ||||||
| Motorola Solutions, Inc. | 719 | 174,142 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| National Fuel Gas Co. | 1,109 | $ | 76,188 | |||||
| Northrop Grumman Corp. | 230 | 102,861 | ||||||
| NVR, Inc. (*) | 14 | 62,542 | ||||||
| Omnicom Group, Inc. | 1,564 | 132,752 | ||||||
| Otter Tail Corp. | 1,524 | 95,250 | ||||||
| Paychex, Inc. | 1,540 | 210,164 | ||||||
| PepsiCo, Inc. | 1,905 | 318,859 | ||||||
| Philip Morris International, Inc. | 855 | 80,319 | ||||||
| Pinnacle West Capital Corp. | 2,093 | 163,463 | ||||||
| PNM Resources, Inc. | 1,531 | 72,983 | ||||||
| Portland General Electric Co. | 2,389 | 131,753 | ||||||
| Power Integrations, Inc. | 795 | 73,681 | ||||||
| Premier, Inc., Class A | 1,968 | 70,041 | ||||||
| Public Storage REIT | 682 | 266,171 | ||||||
| QUALCOMM, Inc. | 501 | 76,563 | ||||||
| Quidel Corp. (*) | 637 | 71,637 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 119 | 83,112 | ||||||
| Republic Services, Inc. | 3,224 | 427,180 | ||||||
| ResMed, Inc. | 494 | 119,800 | ||||||
| S&P Global, Inc. | 253 | 103,776 | ||||||
| SBA Communications Corp. REIT | 506 | 174,115 | ||||||
| Service Corp. International | 2,306 | 151,781 | ||||||
| Sirius XM Holdings, Inc. | 11,230 | 74,343 | ||||||
| SLM Corp. | 3,972 | 72,926 | ||||||
| Southwest Gas Holdings, Inc. (*) | 1,692 | 132,467 | ||||||
| Sturm Ruger & Co., Inc. | 1,338 | 93,152 | ||||||
| Synopsys, Inc. (*) | 502 | 167,302 | ||||||
| Target Corp. | 652 | 138,367 | ||||||
| Tetra Tech, Inc. | 434 | 71,584 | ||||||
| Texas Instruments, Inc. | 575 | 105,501 | ||||||
| The Coca-Cola Co. | 1,171 | 72,602 | ||||||
| The Hartford Financial Services Group, Inc. | 1,287 | 92,419 | ||||||
| The Hershey Co. | 1,798 | 389,501 | ||||||
| The Interpublic Group of Cos., Inc. | 2,356 | 83,520 | ||||||
| The Kroger Co. | 1,273 | 73,032 | ||||||
| The Procter & Gamble Co. | 3,018 | 461,150 | ||||||
| The Progressive Corp. | 674 | 76,829 | ||||||
| The TJX Cos., Inc. | 1,058 | 64,094 | ||||||
| The Toro Co. | 719 | 61,467 | ||||||
| The Travelers Cos., Inc. | 388 | 70,899 | ||||||
| Thermo Fisher Scientific, Inc. | 182 | 107,498 | ||||||
| Tractor Supply Co. | 432 | 100,816 | ||||||
| Tyson Foods, Inc., Class A | 1,769 | 158,555 | ||||||
| UnitedHealth Group, Inc. | 263 | 134,122 | ||||||
| Verizon Communications, Inc. | 8,805 | 448,527 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 806 | 210,342 | ||||||
| Description | Shares | Fair Value | ||||||
| Virtu Financial, Inc., Class A | 4,090 | $ | 152,230 | |||||
| Visa, Inc., Class A | 568 | 125,965 | ||||||
| VMware, Inc., Class A | 589 | 67,069 | ||||||
| Walmart, Inc. | 2,803 | 417,423 | ||||||
| Washington Federal, Inc. | 2,086 | 68,463 | ||||||
| WD-40 Co. | 277 | 50,755 | ||||||
| Zoetis, Inc. | 1,380 | 260,254 | ||||||
| 19,312,980 | ||||||||
| Total Common Stocks (Cost $27,642,706) | 29,875,082 | |||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $398,239) | 398,239 | 398,239 | ||||||
Total Investments | 99.6% (Cost $28,040,945) | $ | 30,273,321 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 121,763 | |||||||
| Net Assets | 100.0% | $ | 30,395,084 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 98.8% | ||||||||
| Building Products | 2.1% | ||||||||
| Armstrong World Industries, Inc. | 404,480 | $ | 36,407,245 | |||||
| Capital Markets | 9.7% | ||||||||
| Intercontinental Exchange, Inc. | 641,121 | 84,704,906 | ||||||
| S&P Global, Inc. | 209,822 | 86,064,788 | ||||||
| 170,769,694 | ||||||||
| Commercial Services & Supplies | 4.9% | ||||||||
| Waste Management, Inc. | 538,112 | 85,290,752 | ||||||
| Construction Materials | 3.3% | ||||||||
| Vulcan Materials Co. | 318,746 | 58,553,640 | ||||||
| Distributors | 4.0% | ||||||||
| LKQ Corp. | 1,559,930 | 70,836,421 | ||||||
| Entertainment | 1.1% | ||||||||
| Electronic Arts, Inc. | 153,808 | 19,458,250 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 7.7% | ||||||||
| Crown Castle International Corp. REIT | 514,870 | 95,045,002 | ||||||
| Public Storage REIT | 100,606 | 39,264,510 | ||||||
| 134,309,512 | ||||||||
| Food & Staples Retailing | 7.3% | ||||||||
| Sysco Corp. | 1,559,224 | 127,310,640 | ||||||
| Health Care Equipment & Supplies | 6.3% | ||||||||
| Medtronic PLC | 989,128 | 109,743,752 | ||||||
| Hotels, Restaurants & Leisure | 2.3% | ||||||||
| Vail Resorts, Inc. | 155,696 | 40,522,998 | ||||||
| Interactive Media & Services | 7.0% | ||||||||
| Alphabet, Inc., Class A (*) | 44,004 | 122,390,525 | ||||||
| IT Services | 13.6% | ||||||||
| Fiserv, Inc. (*) | 1,226,357 | 124,352,600 | ||||||
| LiveRamp Holdings, Inc. (*) | 643,234 | 24,050,519 | ||||||
| VeriSign, Inc. (*) | 155,522 | 34,597,424 | ||||||
| Visa, Inc., Class A | 248,078 | 55,016,258 | ||||||
| 238,016,801 | ||||||||
| Life Sciences Tools & Services | 1.9% | ||||||||
| Sotera Health Co. (*) | 1,583,107 | 34,290,098 | ||||||
| Machinery | 4.3% | ||||||||
| Otis Worldwide Corp. | 974,325 | 74,974,309 | ||||||
| Multiline Retail | 5.0% | ||||||||
| Dollar Tree, Inc. (*) | 542,362 | 86,859,274 | ||||||
| Professional Services | 2.8% | ||||||||
| Verisk Analytics, Inc., Class A | 227,231 | 48,770,590 | ||||||
| Semiconductors & Semiconductor Equipment | 11.1% | ||||||||
| Analog Devices, Inc. | 670,885 | 110,816,784 | ||||||
| Description | Shares | Fair Value | ||||||
| Skyworks Solutions, Inc. | 624,748 | $ | 83,266,414 | |||||
| 194,083,198 | ||||||||
| Specialty Retail | 4.4% | ||||||||
| Lowe’s Cos., Inc. | 263,690 | 53,315,481 | ||||||
| Warby Parker, Inc., Class A (*) | 680,857 | 23,019,775 | ||||||
| 76,335,256 | ||||||||
| Total Common Stocks (Cost $1,225,608,867) | 1,728,922,955 | |||||||
| Short-Term Investments | 0.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $5,516,435) | 5,516,435 | 5,516,435 | ||||||
| Total Investments | 99.1% (Cost $1,231,125,302) | $ | 1,734,439,390 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.9% | 15,426,991 | |||||||
| Net Assets | 100.0% | $ | 1,749,866,381 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Auto Components | 0.9% | ||||||||
| Aptiv PLC (*) | 6,305 | $ | 754,771 | |||||
| Banks | 5.8% | ||||||||
| Bank of America Corp. | 87,973 | 3,626,247 | ||||||
| Commerce Bancshares, Inc. | 22,182 | 1,588,009 | ||||||
| 5,214,256 | ||||||||
| Capital Markets | 4.5% | ||||||||
| Intercontinental Exchange, Inc. | 30,622 | 4,045,779 | ||||||
| Commercial Services & Supplies | 4.3% | ||||||||
| Waste Management, Inc. | 24,036 | 3,809,706 | ||||||
| Communications Equipment | 2.8% | ||||||||
| Cisco Systems, Inc. | 44,495 | 2,481,041 | ||||||
| Consumer Finance | 4.8% | ||||||||
| American Express Co. | 23,033 | 4,307,171 | ||||||
| Food & Staples Retailing | 2.9% | ||||||||
| Sysco Corp. | 31,821 | 2,598,185 | ||||||
| Health Care Equipment & Supplies | 5.2% | ||||||||
| Medtronic PLC | 41,580 | 4,613,301 | ||||||
| Health Care Providers & Services | 1.5% | ||||||||
| Humana, Inc. | 2,976 | 1,295,066 | ||||||
| Hotels, Restaurants & Leisure | 5.1% | ||||||||
| McDonald’s Corp. | 13,581 | 3,358,309 | ||||||
| Starbucks Corp. | 13,610 | 1,238,102 | ||||||
| 4,596,411 | ||||||||
| Industrial Conglomerates | 3.4% | ||||||||
| Honeywell International, Inc. | 15,432 | 3,002,759 | ||||||
| Insurance | 4.3% | ||||||||
| Marsh & McLennan Cos., Inc. | 22,700 | 3,868,534 | ||||||
| Interactive Media & Services | 7.2% | ||||||||
| Alphabet, Inc., Class A (*) | 2,321 | 6,455,513 | ||||||
| Internet & Direct Marketing Retail | 4.8% | ||||||||
| Amazon.com, Inc. (*) | 1,327 | 4,325,954 | ||||||
| IT Services | 4.9% | ||||||||
| Visa, Inc., Class A | 19,897 | 4,412,558 | ||||||
| Life Sciences Tools & Services | 6.5% | ||||||||
| Danaher Corp. | 12,757 | 3,742,011 | ||||||
| IQVIA Holdings, Inc. (*) | 8,930 | 2,064,705 | ||||||
| 5,806,716 | ||||||||
| Multiline Retail | 2.6% | ||||||||
| Dollar General Corp. | 10,482 | 2,333,608 | ||||||
| Pharmaceuticals | 5.3% | ||||||||
| Johnson & Johnson | 26,862 | 4,760,752 | ||||||
| Description | Shares | Fair Value | ||||||
| Road & Rail | 4.2% | ||||||||
| Norfolk Southern Corp. | 13,076 | $ | 3,729,537 | |||||
| Semiconductors & Semiconductor Equipment | 4.4% | ||||||||
| Analog Devices, Inc. | 23,834 | 3,936,900 | ||||||
| Software | 8.8% | ||||||||
| Microsoft Corp. | 20,698 | 6,381,400 | ||||||
| salesforce.com, Inc. (*) | 6,958 | 1,477,323 | ||||||
| 7,858,723 | ||||||||
| Specialty Retail | 3.1% | ||||||||
| Lowe’s Cos., Inc. | 13,749 | 2,779,910 | ||||||
| Total Common Stocks (Cost $61,003,515) | 86,987,151 | |||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $2,244,445) | 2,244,445 | 2,244,445 | ||||||
| Total Investments | 99.8% (Cost $63,247,960) | $ | 89,231,596 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 157,713 | |||||||
| Net Assets | 100.0% | $ | 89,389,309 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 96.6% | ||||||||
| Aerospace & Defense | 2.3% | ||||||||
| Curtiss-Wright Corp. | 9,147 | $ | 1,373,513 | |||||
| HEICO Corp. | 4,740 | 727,780 | ||||||
| 2,101,293 | ||||||||
| Airlines | 1.4% | ||||||||
| Alaska Air Group, Inc. (*) | 21,534 | 1,249,187 | ||||||
| Banks | 8.6% | ||||||||
| Commerce Bancshares, Inc. | 21,391 | 1,531,382 | ||||||
| East West Bancorp, Inc. | 20,772 | 1,641,403 | ||||||
| Home BancShares, Inc. | 74,916 | 1,693,102 | ||||||
| Pinnacle Financial Partners, Inc. | 17,437 | 1,605,599 | ||||||
| Wintrust Financial Corp. | 13,157 | 1,222,680 | ||||||
| 7,694,166 | ||||||||
| Biotechnology | 1.5% | ||||||||
| United Therapeutics Corp. (*) | 7,551 | 1,354,725 | ||||||
| Building Products | 4.1% | ||||||||
| Armstrong World Industries, Inc. | 13,911 | 1,252,129 | ||||||
| Carlisle Cos., Inc. | 4,907 | 1,206,730 | ||||||
| PGT Innovations, Inc. (*) | 67,579 | 1,215,070 | ||||||
| 3,673,929 | ||||||||
| Capital Markets | 1.2% | ||||||||
| Morningstar, Inc. | 3,859 | 1,054,163 | ||||||
| Chemicals | 2.0% | ||||||||
| Ashland Global Holdings, Inc. | 10,076 | 991,579 | ||||||
| Ingevity Corp. (*) | 13,078 | 837,908 | ||||||
| 1,829,487 | ||||||||
| Communications Equipment | 2.3% | ||||||||
| Ciena Corp. (*) | 19,414 | 1,177,071 | ||||||
| F5, Inc. (*) | 4,359 | 910,813 | ||||||
| 2,087,884 | ||||||||
| Construction & Engineering | 0.7% | ||||||||
| Valmont Industries, Inc. | 2,477 | 591,012 | ||||||
| Construction Materials | 0.9% | ||||||||
| Eagle Materials, Inc. | 5,979 | 767,464 | ||||||
| Containers & Packaging | 2.4% | ||||||||
| Avery Dennison Corp. | 5,312 | 924,129 | ||||||
| Graphic Packaging Holding Co. | 62,648 | 1,255,466 | ||||||
| 2,179,595 | ||||||||
| Electrical Equipment | 4.4% | ||||||||
| Array Technologies, Inc. (*) | 66,078 | 744,699 | ||||||
| Atkore, Inc. (*) | 10,005 | 984,892 | ||||||
| EnerSys | 15,793 | 1,177,684 | ||||||
| Description | Shares | Fair Value | ||||||
| GrafTech International, Ltd. | 109,766 | $ | 1,055,949 | |||||
| 3,963,224 | ||||||||
| Electronic Equipment, Instruments & Components | 1.5% | ||||||||
| Cognex Corp. | 9,433 | 727,756 | ||||||
| Littelfuse, Inc. | 2,477 | 617,788 | ||||||
| 1,345,544 | ||||||||
| Energy Equipment & Services | 2.5% | ||||||||
| Cactus, Inc., Class A | 17,413 | 988,014 | ||||||
| Liberty Oilfield Services, Inc., Class A (*) | 85,159 | 1,262,056 | ||||||
| 2,250,070 | ||||||||
| Entertainment | 1.4% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 8,242 | 1,267,125 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 8.1% | ||||||||
| Alexandria Real Estate Equities, Inc. | 5,908 | 1,188,985 | ||||||
| Brixmor Property Group, Inc. | 48,761 | 1,258,521 | ||||||
| Camden Property Trust | 6,670 | 1,108,554 | ||||||
| Hudson Pacific Properties, Inc. | 41,424 | 1,149,516 | ||||||
| PS Business Parks, Inc. | 8,504 | 1,429,352 | ||||||
| Summit Hotel Properties, Inc. (*) | 110,409 | 1,099,674 | ||||||
| 7,234,602 | ||||||||
| Food & Staples Retailing | 1.5% | ||||||||
| US Foods Holding Corp. (*) | 35,517 | 1,336,505 | ||||||
| Food Products | 2.2% | ||||||||
| Hostess Brands, Inc. (*) | 40,567 | 890,040 | ||||||
| Utz Brands, Inc. | 70,033 | 1,035,088 | ||||||
| 1,925,128 | ||||||||
| Gas Utilities | 1.8% | ||||||||
| New Jersey Resources Corp. | 35,016 | 1,605,834 | ||||||
| Health Care Equipment & Supplies | 2.2% | ||||||||
| Nevro Corp. (*) | 8,742 | 632,309 | ||||||
| Ortho Clinical Diagnostics Holdings PLC (*) | 71,938 | 1,342,363 | ||||||
| 1,974,672 | ||||||||
| Health Care Providers & Services | 1.3% | ||||||||
| Henry Schein, Inc. (*) | 13,649 | 1,190,056 | ||||||
| Health Care Technology | 0.9% | ||||||||
| Certara, Inc. (*) | 36,326 | 780,282 | ||||||
| Hotels, Restaurants & Leisure | 2.3% | ||||||||
| Brinker International, Inc. (*) | 27,251 | 1,039,898 | ||||||
| Wyndham Hotels & Resorts, Inc. | 12,196 | 1,032,879 | ||||||
| 2,072,777 | ||||||||
| Household Durables | 1.1% | ||||||||
| Leggett & Platt, Inc. | 28,513 | 992,252 | ||||||
| Insurance | 3.2% | ||||||||
| Brown & Brown, Inc. | 22,749 | 1,644,070 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Reinsurance Group of America, Inc. | 11,029 | $ | 1,207,235 | |||||
| 2,851,305 | ||||||||
| Interactive Media & Services | 3.0% | ||||||||
| Cars.com, Inc. (*) | 68,270 | 985,136 | ||||||
| MediaAlpha, Inc., Class A (*) | 32,896 | 544,429 | ||||||
| Ziff Davis, Inc. (*) | 11,624 | 1,124,971 | ||||||
| 2,654,536 | ||||||||
| IT Services | 3.1% | ||||||||
| Amdocs, Ltd. | 10,854 | 892,307 | ||||||
| LiveRamp Holdings, Inc. (*) | 21,534 | 805,156 | ||||||
| Remitly Global, Inc. | 44,574 | 439,945 | ||||||
| Squarespace, Inc., Class A (*) | 24,096 | 617,340 | ||||||
| 2,754,748 | ||||||||
| Leisure Products | 2.2% | ||||||||
| Brunswick Corp. | 8,480 | 685,947 | ||||||
| Hasbro, Inc. | 15,936 | 1,305,477 | ||||||
| 1,991,424 | ||||||||
| Life Sciences Tools & Services | 3.7% | ||||||||
| AbCellera Biologics, Inc. (*) | 65,221 | 635,905 | ||||||
| ICON PLC (*) | 4,907 | 1,193,481 | ||||||
| Sotera Health Co. (*) | 32,396 | 701,697 | ||||||
| Stevanato Group SpA | 40,233 | 809,488 | ||||||
| 3,340,571 | ||||||||
| Machinery | 3.3% | ||||||||
| Altra Industrial Motion Corp. | 22,106 | 860,586 | ||||||
| Columbus McKinnon Corp. | 25,369 | 1,075,646 | ||||||
| Gates Industrial Corp. PLC (*) | 69,628 | 1,048,598 | ||||||
| 2,984,830 | ||||||||
| Multiline Retail | 0.5% | ||||||||
| Kohl’s Corp. | 7,504 | 453,692 | ||||||
| Oil, Gas & Consumable Fuels | 2.9% | ||||||||
| Antero Resources Corp. (*) | 49,555 | 1,512,914 | ||||||
| Magnolia Oil & Gas Corp., Class A | 44,416 | 1,050,439 | ||||||
| 2,563,353 | ||||||||
| Paper & Forest Products | 1.2% | ||||||||
| Neenah, Inc. | 26,340 | 1,044,644 | ||||||
| Pharmaceuticals | 1.4% | ||||||||
| Catalent, Inc. (*) | 10,934 | 1,212,581 | ||||||
| Professional Services | 2.5% | ||||||||
| Leidos Holdings, Inc. | 10,362 | 1,119,303 | ||||||
| Sterling Check Corp. | 41,924 | 1,108,052 | ||||||
| 2,227,355 | ||||||||
| Description | Shares | Fair Value | ||||||
| Semiconductors & Semiconductor Equipment | 1.8% | ||||||||
| MKS Instruments, Inc. | 10,529 | $ | 1,579,350 | |||||
| Software | 5.1% | ||||||||
| CyberArk Software, Ltd. (*) | 6,050 | 1,020,938 | ||||||
| Dolby Laboratories, Inc., Class A | 15,984 | 1,250,268 | ||||||
| N-Able, Inc. (*) | 81,109 | 738,092 | ||||||
| Pegasystems, Inc. | 8,361 | 674,315 | ||||||
| PTC, Inc. (*) | 8,099 | 872,424 | ||||||
| 4,556,037 | ||||||||
| Specialty Retail | 3.0% | ||||||||
| Five Below, Inc. (*) | 5,332 | 844,429 | ||||||
| Leslie’s, Inc. (*) | 58,456 | 1,131,708 | ||||||
| Warby Parker, Inc., Class A (*) | 22,147 | 748,790 | ||||||
| 2,724,927 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.1% | ||||||||
| Tapestry, Inc. | 26,703 | 992,016 | ||||||
| Total Common Stocks (Cost $70,189,113) | 86,452,345 | |||||||
| Total Investments | 96.6% (Cost $70,189,113) | $ | 86,452,345 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.4% | 3,086,982 | |||||||
| Net Assets | 100.0% | $ | 89,539,327 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Auto Components | 0.7% | ||||||||
| Aptiv PLC (*) | 844 | $ | 101,035 | |||||
| Banks | 6.4% | ||||||||
| Commerce Bancshares, Inc. | 5,159 | 369,333 | ||||||
| The PNC Financial Services Group, Inc. | 2,937 | 541,730 | ||||||
| 911,063 | ||||||||
| Biotechnology | 0.6% | ||||||||
| Vertex Pharmaceuticals, Inc. (*) | 349 | 91,079 | ||||||
| Capital Markets | 4.9% | ||||||||
| Intercontinental Exchange, Inc. | 3,109 | 410,761 | ||||||
| The Charles Schwab Corp. | 3,427 | 288,931 | ||||||
| 699,692 | ||||||||
| Chemicals | 1.8% | ||||||||
| Ecolab, Inc. | 1,434 | 253,187 | ||||||
| Commercial Services & Supplies | 3.5% | ||||||||
| MSA Safety, Inc. | 722 | 95,809 | ||||||
| Waste Management, Inc. | 2,515 | 398,628 | ||||||
| 494,437 | ||||||||
| Communications Equipment | 2.0% | ||||||||
| Cisco Systems, Inc. | 5,119 | 285,435 | ||||||
| Containers & Packaging | 2.3% | ||||||||
| Ball Corp. | 3,639 | 327,510 | ||||||
| Electrical Equipment | 2.2% | ||||||||
| Rockwell Automation, Inc. | 1,137 | 318,394 | ||||||
| Electronic Equipment, Instruments & Components | 0.7% | ||||||||
| Cognex Corp. | 1,256 | 96,900 | ||||||
| Entertainment | 1.3% | ||||||||
| The Walt Disney Co. (*) | 1,322 | 181,326 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.6% | ||||||||
| Prologis, Inc. REIT | 2,317 | 374,149 | ||||||
| Food & Staples Retailing | 1.7% | ||||||||
| Sysco Corp. | 2,982 | 243,480 | ||||||
| Food Products | 0.2% | ||||||||
| Oatly Group AB ADR | 4,886 | 24,479 | ||||||
| Health Care Equipment & Supplies | 5.1% | ||||||||
| Boston Scientific Corp. (*) | 5,556 | 246,075 | ||||||
| Medtronic PLC | 4,237 | 470,095 | ||||||
| 716,170 | ||||||||
| Health Care Providers & Services | 5.6% | ||||||||
| Humana, Inc. | 447 | 194,521 | ||||||
| Laboratory Corp. of America Holdings (*) | 773 | 203,809 | ||||||
| Description | Shares | Fair Value | ||||||
| UnitedHealth Group, Inc. | 770 | $ | 392,677 | |||||
| 791,007 | ||||||||
| Hotels, Restaurants & Leisure | 1.5% | ||||||||
| Starbucks Corp. | 2,383 | 216,782 | ||||||
| Household Products | 2.3% | ||||||||
| The Procter & Gamble Co. | 2,143 | 327,450 | ||||||
| IT Services | 6.8% | ||||||||
| Accenture PLC, Class A | 1,419 | 478,530 | ||||||
| Visa, Inc., Class A | 2,164 | 479,910 | ||||||
| 958,440 | ||||||||
| Life Sciences Tools & Services | 7.9% | ||||||||
| Agilent Technologies, Inc. | 1,417 | 187,512 | ||||||
| Danaher Corp. | 1,371 | 402,155 | ||||||
| IQVIA Holdings, Inc. (*) | 998 | 230,747 | ||||||
| Thermo Fisher Scientific, Inc. | 498 | 294,144 | ||||||
| 1,114,558 | ||||||||
| Machinery | 3.5% | ||||||||
| Deere & Co. | 795 | 330,291 | ||||||
| Watts Water Technologies, Inc., Class A | 696 | 97,154 | ||||||
| Xylem, Inc. | 865 | 73,750 | ||||||
| 501,195 | ||||||||
| Multiline Retail | 1.7% | ||||||||
| Dollar General Corp. | 1,078 | 239,995 | ||||||
| Pharmaceuticals | 4.6% | ||||||||
| Johnson & Johnson | 2,142 | 379,627 | ||||||
| Zoetis, Inc. | 1,440 | 271,569 | ||||||
| 651,196 | ||||||||
| Road & Rail | 2.5% | ||||||||
| Norfolk Southern Corp. | 1,245 | 355,099 | ||||||
| Semiconductors & Semiconductor Equipment | 5.6% | ||||||||
| Analog Devices, Inc. | 2,189 | 361,579 | ||||||
| Applied Materials, Inc. | 1,294 | 170,549 | ||||||
| Texas Instruments, Inc. | 1,445 | 265,129 | ||||||
| 797,257 | ||||||||
| Software | 14.0% | ||||||||
| Adobe, Inc. (*) | 274 | 124,840 | ||||||
| Intuit, Inc. | 423 | 203,395 | ||||||
| Microsoft Corp. | 4,010 | 1,236,323 | ||||||
| Palo Alto Networks, Inc. (*) | 250 | 155,628 | ||||||
| salesforce.com, Inc. (*) | 1,221 | 259,243 | ||||||
| 1,979,429 | ||||||||
| Specialty Retail | 3.4% | ||||||||
| Home Depot, Inc. | 1,594 | 477,132 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Textiles, Apparel & Luxury Goods | 1.1% | ||||||||
| NIKE, Inc., Class B | 1,104 | $ | 148,554 | |||||
| Total Common Stocks (Cost $10,229,313) | 13,676,430 | |||||||
| Short-Term Investments | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $441,728) | 441,728 | 441,728 | ||||||
| Total Investments | 99.6% (Cost $10,671,041) | $ | 14,118,158 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 49,980 | |||||||
| Net Assets | 100.0% | $ | 14,168,138 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Common Stocks | 98.7% | ||||||||
| Aerospace & Defense | 1.0% | ||||||||
| Aerojet Rocketdyne Holdings, Inc. (*) | 273 | $ | 10,742 | |||||
| AerSale Corp. (*) | 614 | 9,652 | ||||||
| Park Aerospace Corp. | 1,095 | 14,290 | ||||||
| RADA Electronic Industries, Ltd. (*) | 743 | 10,350 | ||||||
| 45,034 | ||||||||
| Air Freight & Logistics | 0.6% | ||||||||
| Atlas Air Worldwide Holdings, Inc. (*) | 199 | 17,187 | ||||||
| Radiant Logistics, Inc. (*) | 1,510 | 9,619 | ||||||
| 26,806 | ||||||||
| Auto Components | 0.6% | ||||||||
| Fox Factory Holding Corp. (*) | 78 | 7,640 | ||||||
| Patrick Industries, Inc. | 152 | 9,165 | ||||||
| Visteon Corp. (*) | 74 | 8,076 | ||||||
| 24,881 | ||||||||
| Automobiles | 0.4% | ||||||||
| Thor Industries, Inc. | 141 | 11,097 | ||||||
| Winnebago Industries, Inc. | 106 | 5,727 | ||||||
| 16,824 | ||||||||
| Banks | 4.6% | ||||||||
| Banner Corp. | 127 | 7,433 | ||||||
| Berkshire Hills Bancorp, Inc. | 268 | 7,764 | ||||||
| Capital Bancorp, Inc. | 177 | 4,046 | ||||||
| Civista Bancshares, Inc. | 318 | 7,664 | ||||||
| Coastal Financial Corp. (*) | 205 | 9,379 | ||||||
| CrossFirst Bankshares, Inc. (*) | 510 | 8,038 | ||||||
| Financial Institutions, Inc. | 248 | 7,472 | ||||||
| Fulton Financial Corp. | 453 | 7,529 | ||||||
| FVCBankcorp, Inc. (*) | 184 | 3,818 | ||||||
| Hancock Whitney Corp. | 150 | 7,822 | ||||||
| HomeStreet, Inc. | 167 | 7,912 | ||||||
| Meta Financial Group, Inc. | 164 | 9,007 | ||||||
| Metrocity Bankshares, Inc. | 161 | 3,780 | ||||||
| Metropolitan Bank Holding Corp. (*) | 132 | 13,434 | ||||||
| Midland States Bancorp, Inc. | 307 | 8,860 | ||||||
| Pacific Premier Bancorp, Inc. | 198 | 6,999 | ||||||
| PCB Bancorp | 338 | 7,757 | ||||||
| Peapack-Gladstone Financial Corp. | 225 | 7,819 | ||||||
| Peoples Financial Services Corp. | 72 | 3,635 | ||||||
| Popular, Inc. | 86 | 7,030 | ||||||
| RBB Bancorp | 186 | 4,369 | ||||||
| Red River Bancshares, Inc. | 60 | 3,175 | ||||||
| SouthState Corp. | 96 | 7,833 | ||||||
| Synovus Financial Corp. | 163 | 7,987 | ||||||
| Description | Shares | Fair Value | ||||||
| The First Bancorp, Inc. | 66 | $ | 1,985 | |||||
| Umpqua Holdings Corp. | 454 | 8,562 | ||||||
| United Bankshares, Inc. | 197 | 6,871 | ||||||
| Veritex Holdings, Inc. | 195 | 7,443 | ||||||
| Washington Trust Bancorp, Inc. | 141 | 7,403 | ||||||
| West BanCorp, Inc. | 97 | 2,639 | ||||||
| 205,465 | ||||||||
| Beverages | 0.3% | ||||||||
| Coca-Cola Consolidated, Inc. | 10 | 4,969 | ||||||
| National Beverage Corp. | 160 | 6,960 | ||||||
| 11,929 | ||||||||
| Biotechnology | 8.9% | ||||||||
| ADMA Biologics, Inc. (*) | 6,235 | 11,410 | ||||||
| Albireo Pharma, Inc. (*) | 353 | 10,530 | ||||||
| Alector, Inc. (*) | 366 | 5,215 | ||||||
| Alkermes PLC (*) | 384 | 10,103 | ||||||
| Amicus Therapeutics, Inc. (*) | 785 | 7,434 | ||||||
| Avid Bioservices, Inc. (*) | 253 | 5,154 | ||||||
| Biohaven Pharmaceutical Holding Co., Ltd. (*) | 74 | 8,774 | ||||||
| CareDx, Inc. (*) | 418 | 15,462 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 2,038 | 16,895 | ||||||
| Celularity, Inc. (*) | 1,582 | 13,779 | ||||||
| Chinook Therapeutics, Inc. (*) | 714 | 11,681 | ||||||
| CRISPR Therapeutics AG (*) | 168 | 10,545 | ||||||
| Dynavax Technologies Corp. (*) | 777 | 8,423 | ||||||
| Eagle Pharmaceuticals, Inc. (*) | 257 | 12,719 | ||||||
| Editas Medicine, Inc. (*) | 567 | 10,784 | ||||||
| Epizyme, Inc. (*) | 6,411 | 7,373 | ||||||
| Exelixis, Inc. (*) | 298 | 6,756 | ||||||
| Fate Therapeutics, Inc. (*) | 292 | 11,321 | ||||||
| Global Blood Therapeutics, Inc. (*) | 259 | 8,972 | ||||||
| Immatics NV (*) | 1,419 | 11,338 | ||||||
| Insmed, Inc. (*) | 294 | 6,909 | ||||||
| Ionis Pharmaceuticals, Inc. (*) | 302 | 11,186 | ||||||
| Ironwood Pharmaceuticals, Inc. (*) | 913 | 11,486 | ||||||
| iTeos Therapeutics, Inc. (*) | 467 | 15,028 | ||||||
| Karuna Therapeutics, Inc. (*) | 96 | 12,172 | ||||||
| Keros Therapeutics, Inc. (*) | 181 | 9,843 | ||||||
| Kiniksa Pharmaceuticals, Ltd., Class A (*) | 965 | 9,592 | ||||||
| MeiraGTx Holdings PLC (*) | 746 | 10,332 | ||||||
| Organogenesis Holdings, Inc. (*) | 1,164 | 8,870 | ||||||
| PTC Therapeutics, Inc. (*) | 224 | 8,357 | ||||||
| Radius Health, Inc. (*) | 1,191 | 10,516 | ||||||
| REGENXBIO, Inc. (*) | 602 | 19,980 | ||||||
| Syndax Pharmaceuticals, Inc. (*) | 547 | 9,507 | ||||||
| uniQure NV (*) | 598 | 10,806 | ||||||
| United Therapeutics Corp. (*) | 44 | 7,894 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Vanda Pharmaceuticals, Inc. (*) | 16 | $ | 181 | |||||
| Veracyte, Inc. (*) | 192 | 5,293 | ||||||
| Vericel Corp. (*) | 352 | 13,453 | ||||||
| XOMA Corp. (*) | 41 | 1,147 | ||||||
| Zymeworks, Inc. (*) | 1,481 | 9,701 | ||||||
| 396,921 | ||||||||
| Building Products | 2.7% | ||||||||
| A O Smith Corp. | 112 | 7,156 | ||||||
| Advanced Drainage Systems, Inc. | 76 | 9,030 | ||||||
| Apogee Enterprises, Inc. | 84 | 3,987 | ||||||
| Builders FirstSource, Inc. (*) | 274 | 17,684 | ||||||
| Gibraltar Industries, Inc. (*) | 206 | 8,848 | ||||||
| Insteel Industries, Inc. | 473 | 17,496 | ||||||
| Owens Corning | 131 | 11,986 | ||||||
| Quanex Building Products Corp. | 546 | 11,461 | ||||||
| Simpson Manufacturing Co., Inc. | 60 | 6,542 | ||||||
| Tecnoglass, Inc. | 493 | 12,443 | ||||||
| UFP Industries, Inc. | 190 | 14,660 | ||||||
| 121,293 | ||||||||
| Capital Markets | 1.4% | ||||||||
| Affiliated Managers Group, Inc. | 56 | 7,893 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 69 | 2,715 | ||||||
| Cboe Global Markets, Inc. | 52 | 5,950 | ||||||
| CI Financial Corp. | 59 | 938 | ||||||
| Janus Henderson Group PLC | 178 | 6,234 | ||||||
| Open Lending Corp. Class A (*) | 283 | 5,351 | ||||||
| Oppenheimer Holdings, Inc. Class A | 141 | 6,145 | ||||||
| PennantPark Floating Rate Capital, Ltd. | 660 | 8,917 | ||||||
| Saratoga Investment Corp. | 320 | 8,723 | ||||||
| TriplePoint Venture Growth BDC Corp. | 523 | 9,132 | ||||||
| 61,998 | ||||||||
| Chemicals | 3.7% | ||||||||
| AdvanSix, Inc. | 503 | 25,698 | ||||||
| CF Industries Holdings, Inc. | 211 | 21,746 | ||||||
| FutureFuel Corp. | 1,688 | 16,424 | ||||||
| Hawkins, Inc. | 470 | 21,573 | ||||||
| Huntsman Corp. | 275 | 10,315 | ||||||
| Olin Corp. | 399 | 20,860 | ||||||
| The Chemours Co. | 281 | 8,846 | ||||||
| Tredegar Corp. | 464 | 5,563 | ||||||
| Valhi, Inc. | 391 | 11,460 | ||||||
| Valvoline, Inc. | 255 | 8,048 | ||||||
| Description | Shares | Fair Value | ||||||
| Westlake Corp. | 121 | $ | 14,932 | |||||
| 165,465 | ||||||||
| Commercial Services & Supplies | 1.9% | ||||||||
| ABM Industries, Inc. | 213 | 9,806 | ||||||
| Brady Corp. Class A | 292 | 13,511 | ||||||
| Ennis, Inc. | 760 | 14,037 | ||||||
| Heritage-Crystal Clean, Inc. (*) | 657 | 19,454 | ||||||
| NL Industries, Inc. | 130 | 935 | ||||||
| SP Plus Corp. (*) | 519 | 16,276 | ||||||
| Vidler Water Resouces, Inc. (*) | 800 | 12,352 | ||||||
| 86,371 | ||||||||
| Communications Equipment | 1.2% | ||||||||
| Clearfield, Inc. (*) | 347 | 22,632 | ||||||
| Digi International, Inc. (*) | 608 | 13,084 | ||||||
| Ituran Location and Control, Ltd. | 508 | 11,694 | ||||||
| Juniper Networks, Inc. | 133 | 4,942 | ||||||
| 52,352 | ||||||||
| Construction & Engineering | 1.6% | ||||||||
| API Group Corp. (*) | 515 | 10,830 | ||||||
| Argan, Inc. | 167 | 6,779 | ||||||
| Concrete Pumping Holdings, Inc. (*) | 1,006 | 6,740 | ||||||
| IES Holdings, Inc. (*) | 262 | 10,532 | ||||||
| MYR Group, Inc. (*) | 162 | 15,235 | ||||||
| NV5 Global, Inc. (*) | 83 | 11,064 | ||||||
| Sterling Construction Co., Inc. (*) | 359 | 9,621 | ||||||
| 70,801 | ||||||||
| Construction Materials | 0.6% | ||||||||
| Eagle Materials, Inc. | 146 | 18,740 | ||||||
| United States Lime & Minerals, Inc. | 73 | 8,471 | ||||||
| 27,211 | ||||||||
| Consumer Finance | 0.2% | ||||||||
| OneMain Holdings, Inc. | 217 | 10,288 | ||||||
| Containers & Packaging | 0.4% | ||||||||
| Greif, Inc. Class A | 292 | 18,998 | ||||||
| Distributors | 0.3% | ||||||||
| Funko, Inc. Class A (*) | 702 | 12,110 | ||||||
| Diversified Consumer Services | 1.1% | ||||||||
| American Public Education, Inc. (*) | 816 | 17,332 | ||||||
| Grand Canyon Education, Inc. (*) | 118 | 11,459 | ||||||
| Service Corp. International | 126 | 8,293 | ||||||
| Vasta Platform, Ltd. (*) | 1,737 | 9,936 | ||||||
| Vitru, Ltd. (*) | 238 | 3,760 | ||||||
| 50,780 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Diversified Telecommunication Services | 0.5% | ||||||||
| Anterix, Inc. (*) | 264 | $ | 15,286 | |||||
| Ooma, Inc. (*) | 389 | 5,831 | ||||||
| 21,117 | ||||||||
| Electric Utilities | 0.2% | ||||||||
| Otter Tail Corp. | 159 | 9,938 | ||||||
| Electrical Equipment | 1.7% | ||||||||
| Acuity Brands, Inc. | 67 | 12,683 | ||||||
| Allied Motion Technologies, Inc. | 179 | 5,341 | ||||||
| Atkore, Inc. (*) | 173 | 17,030 | ||||||
| Encore Wire Corp. | 64 | 7,301 | ||||||
| GrafTech International, Ltd. | 1,087 | 10,457 | ||||||
| nVent Electric PLC | 345 | 11,999 | ||||||
| Preformed Line Products Co. | 170 | 10,782 | ||||||
| 75,593 | ||||||||
| Electronic Equipment, Instruments & Components | 1.4% | ||||||||
| Arrow Electronics, Inc. (*) | 67 | 7,948 | ||||||
| Badger Meter, Inc. | 139 | 13,859 | ||||||
| Belden, Inc. | 198 | 10,969 | ||||||
| Kimball Electronics, Inc. (*) | 530 | 10,595 | ||||||
| ScanSource, Inc. (*) | 244 | 8,489 | ||||||
| Vishay Intertechnology, Inc. | 473 | 9,271 | ||||||
| 61,131 | ||||||||
| Energy Equipment & Services | 0.1% | ||||||||
| North American Construction Group, Ltd. | 272 | 3,928 | ||||||
| Entertainment | 1.3% | ||||||||
| Liberty Media Corp-Liberty Braves Class C (*) | 617 | 17,220 | ||||||
| Sciplay Corp. Class A (*) | 691 | 8,928 | ||||||
| Skillz, Inc. (*) | 4,108 | 12,324 | ||||||
| The Madison Square Garden Co., Class A (*) | 53 | 9,506 | ||||||
| The Marcus Corp. (*) | 577 | 10,213 | ||||||
| 58,191 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 4.3% | ||||||||
| American Assets Trust, Inc. | 197 | 7,464 | ||||||
| Brixmor Property Group, Inc. REIT | 325 | 8,388 | ||||||
| City Office REIT, Inc. | 529 | 9,342 | ||||||
| Community Healthcare Trust, Inc. REIT | 193 | 8,147 | ||||||
| CTO Realty Growth, Inc. | 147 | 9,749 | ||||||
| Douglas Emmett, Inc. | 241 | 8,054 | ||||||
| Easterly Government Properties, Inc. REIT | 434 | 9,175 | ||||||
| EastGroup Properties, Inc. REIT | 34 | 6,912 | ||||||
| Federal Realty Investment Trust REIT | 60 | 7,324 | ||||||
| Global Medical REIT, Inc. | 482 | 7,866 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 188 | 5,892 | ||||||
| Description | Shares | Fair Value | ||||||
| JBG SMITH Properties | 283 | $ | 8,269 | |||||
| Kimco Realty Corp. REIT | 323 | 7,978 | ||||||
| Kite Realty Group Trust | 289 | 6,581 | ||||||
| Life Storage, Inc. REIT | 84 | 11,796 | ||||||
| MGM Growth Properties LLC, Class A REIT | 202 | 7,818 | ||||||
| National Storage Affiliates Trust | 161 | 10,104 | ||||||
| Park Hotels & Resorts, Inc. REIT | 429 | 8,378 | ||||||
| Plymouth Industrial REIT, Inc. | 400 | 10,840 | ||||||
| Rayonier, Inc., REIT | 230 | 9,458 | ||||||
| Terreno Realty Corp. | 83 | 6,146 | ||||||
| Universal Health Realty Income Trust | 99 | 5,779 | ||||||
| Urstadt Biddle Properties, Inc. Class A REIT | 493 | 9,273 | ||||||
| 190,733 | ||||||||
| Food & Staples Retailing | 1.6% | ||||||||
| Albertsons Cos., Inc. Class A | 459 | 15,262 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 176 | 11,899 | ||||||
| HF Foods Group, Inc. (*) | 1,022 | 6,806 | ||||||
| Ingles Markets, Inc., Class A | 271 | 24,133 | ||||||
| United Natural Foods, Inc. (*) | 173 | 7,154 | ||||||
| Village Super Market, Inc. Class A | 258 | 6,321 | ||||||
| 71,575 | ||||||||
| Food Products | 2.4% | ||||||||
| Adecoagro SA (*) | 1,553 | 18,760 | ||||||
| Hostess Brands, Inc. (*) | 463 | 10,158 | ||||||
| Ingredion, Inc. | 95 | 8,279 | ||||||
| John B Sanfilippo & Son, Inc. | 120 | 10,013 | ||||||
| Mission Produce, Inc. (*) | 640 | 8,096 | ||||||
| Pilgrim’s Pride Corp. (*) | 340 | 8,534 | ||||||
| Post Holdings, Inc. (*) | 89 | 6,164 | ||||||
| Sanderson Farms, Inc. | 97 | 18,187 | ||||||
| Seaboard Corp. | 2 | 8,411 | ||||||
| Whole Earth Brands, Inc. (*) | 1,456 | 10,425 | ||||||
| 107,027 | ||||||||
| Gas Utilities | 0.2% | ||||||||
| UGI Corp. | 307 | 11,120 | ||||||
| Health Care Equipment & Supplies | 4.0% | ||||||||
| AngioDynamics, Inc. (*) | 315 | 6,785 | ||||||
| Apollo Endosurgery, Inc. (*) | 939 | 5,681 | ||||||
| Apyx Medical Corp. (*) | 478 | 3,121 | ||||||
| Axogen, Inc. (*) | 368 | 2,922 | ||||||
| Bioventus, Inc. Class A (*) | 764 | 10,772 | ||||||
| Cerus Corp. (*) | 1,218 | 6,687 | ||||||
| Co-Diagnostics, Inc. (*) | 1,264 | 7,812 | ||||||
| CONMED Corp. | 70 | 10,399 | ||||||
| Cutera, Inc. (*) | 233 | 16,077 | ||||||
| Envista Holdings Corp. (*) | 221 | 10,765 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Globus Medical, Inc., Class A (*) | 98 | $ | 7,230 | |||||
| iRadimed Corp. | 226 | 10,134 | ||||||
| LeMaitre Vascular, Inc. | 169 | 7,853 | ||||||
| Masimo Corp. (*) | 64 | 9,315 | ||||||
| NuVasive, Inc. (*) | 170 | 9,639 | ||||||
| Orthofix Medical, Inc. (*) | 269 | 8,796 | ||||||
| OrthoPediatrics Corp. (*) | 181 | 9,772 | ||||||
| Sanara Medtech, Inc. (*) | 127 | 3,524 | ||||||
| Shockwave Medical, Inc. (*) | 41 | 8,502 | ||||||
| Tandem Diabetes Care, Inc. (*) | 82 | 9,536 | ||||||
| Utah Medical Products, Inc. | 147 | 13,209 | ||||||
| 178,531 | ||||||||
| Health Care Providers & Services | 1.2% | ||||||||
| Cross Country Healthcare, Inc. (*) | 906 | 19,633 | ||||||
| DocGo, Inc. (*) | 1,166 | 10,786 | ||||||
| Invitae Corp. (*) | 884 | 7,045 | ||||||
| Select Medical Holdings Corp. | 231 | 5,542 | ||||||
| U.S. Physical Therapy, Inc. | 105 | 10,442 | ||||||
| 53,448 | ||||||||
| Health Care Technology | 0.9% | ||||||||
| Computer Programs and Systems, Inc. (*) | 237 | 8,165 | ||||||
| HealthStream, Inc. (*) | 138 | 2,749 | ||||||
| Multiplan Corp. (*) | 2,570 | 12,028 | ||||||
| NextGen Healthcare, Inc. (*) | 573 | 11,981 | ||||||
| Omnicell, Inc. (*) | 47 | 6,086 | ||||||
| 41,009 | ||||||||
| Hotels, Restaurants & Leisure | 1.4% | ||||||||
| Century Casinos, Inc. (*) | 799 | 9,548 | ||||||
| Everi Holdings, Inc. (*) | 452 | 9,492 | ||||||
| PlayAGS, Inc. (*) | 1,423 | 9,491 | ||||||
| RCI Hospitality Holdings, Inc. | 127 | 7,805 | ||||||
| Ruth’s Hospitality Group, Inc. | 403 | 9,221 | ||||||
| The Wendy’s Co. | 347 | 7,624 | ||||||
| Wyndham Hotels & Resorts, Inc. | 99 | 8,384 | ||||||
| 61,565 | ||||||||
| Household Durables | 1.6% | ||||||||
| Century Communities, Inc. | 129 | 6,910 | ||||||
| Ethan Allen Interiors, Inc. | 300 | 7,821 | ||||||
| Landsea Homes Corp. (*) | 1,618 | 13,834 | ||||||
| Legacy Housing Corp. (*) | 479 | 10,279 | ||||||
| M/I Homes, Inc. (*) | 254 | 11,265 | ||||||
| Meritage Homes Corp. (*) | 125 | 9,904 | ||||||
| Tri Pointe Homes, Inc. (*) | 560 | 11,245 | ||||||
| 71,258 | ||||||||
| Description | Shares | Fair Value | ||||||
| Household Products | 0.4% | ||||||||
| Central Garden & Pet Co., Class A (*) | 164 | $ | 6,688 | |||||
| Oil-Dri Corp. of America | 70 | 2,005 | ||||||
| Reynolds Consumer Products, Inc. | 343 | 10,064 | ||||||
| 18,757 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.5% | ||||||||
| Montauk Renewables, Inc. (*) | 1,088 | 12,186 | ||||||
| TransAlta Corp. | 889 | 9,210 | ||||||
| 21,396 | ||||||||
| Insurance | 0.9% | ||||||||
| Investors Title Co. | 34 | 6,909 | ||||||
| Palomar Holdings, Inc. (*) | 152 | 9,726 | ||||||
| Stewart Information Services Corp. | 224 | 13,577 | ||||||
| The Hanover Insurance Group, Inc. | 58 | 8,672 | ||||||
| 38,884 | ||||||||
| Interactive Media & Services | 0.6% | ||||||||
| Cargurus, Inc. (*) | 378 | 16,050 | ||||||
| QuinStreet, Inc. (*) | 437 | 5,069 | ||||||
| Yelp, Inc. (*) | 234 | 7,982 | ||||||
| 29,101 | ||||||||
| Internet & Direct Marketing Retail | 0.6% | ||||||||
| Betterware de Mexico S.A.B. de C.V. | 149 | 2,537 | ||||||
| Duluth Holdings, Inc. Class B (*) | 796 | 9,735 | ||||||
| Liquidity Services, Inc. (*) | 829 | 14,193 | ||||||
| 26,465 | ||||||||
| IT Services | 3.3% | ||||||||
| CSG Systems International, Inc. | 251 | 15,956 | ||||||
| DigitalOcean Holdings, Inc. (*) | 169 | 9,777 | ||||||
| EVERTEC, Inc. | 244 | 9,987 | ||||||
| Exlservice Holdings, Inc. (*) | 91 | 13,038 | ||||||
| Grid Dynamics Holdings, Inc. (*) | 1,496 | 21,064 | ||||||
| I3 Verticals, Inc. Class A (*) | 498 | 13,874 | ||||||
| IBEX Holdings, Ltd. (*) | 187 | 2,981 | ||||||
| Information Services Group, Inc. | 2,418 | 16,467 | ||||||
| International Money Express, Inc. (*) | 599 | 12,345 | ||||||
| Pagseguro Digital, Ltd., Class A (*) | 818 | 16,401 | ||||||
| Perficient, Inc. (*) | 70 | 7,706 | ||||||
| TTEC Holdings, Inc. | 122 | 10,067 | ||||||
| 149,663 | ||||||||
| Leisure Products | 1.1% | ||||||||
| Malibu Boats, Inc. Class A (*) | 174 | 10,094 | ||||||
| Marine Products Corp. | 319 | 3,684 | ||||||
| MasterCraft Boat Holdings, Inc. (*) | 484 | 11,911 | ||||||
| Smith & Wesson Brands, Inc. | 589 | 8,912 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Vista Outdoor, Inc. (*) | 474 | $ | 16,917 | |||||
| 51,518 | ||||||||
| Life Sciences Tools & Services | 0.7% | ||||||||
| Bruker Corp. | 156 | 10,031 | ||||||
| Medpace Holdings, Inc. (*) | 68 | 11,124 | ||||||
| Syneos Health, Inc. (*) | 124 | 10,038 | ||||||
| 31,193 | ||||||||
| Machinery | 2.6% | ||||||||
| AGCO Corp. | 91 | 13,289 | ||||||
| Allison Transmission Holdings, Inc. | 445 | 17,471 | ||||||
| Donaldson Co., Inc. | 153 | 7,945 | ||||||
| Enerpac Tool Group Corp. | 490 | 10,726 | ||||||
| Gates Industrial Corp. PLC (*) | 541 | 8,147 | ||||||
| Helios Technologies, Inc. | 126 | 10,111 | ||||||
| Hillenbrand, Inc. | 270 | 11,926 | ||||||
| Mueller Industries, Inc. | 262 | 14,193 | ||||||
| REV Group, Inc. | 741 | 9,929 | ||||||
| Titan International, Inc. (*) | 887 | 13,066 | ||||||
| 116,803 | ||||||||
| Marine | 4.3% | ||||||||
| Costamare, Inc. | 701 | 11,952 | ||||||
| Diana Shipping, Inc. | 2,262 | 12,215 | ||||||
| Eagle Bulk Shipping, Inc. | 409 | 27,857 | ||||||
| Genco Shipping & Trading, Ltd. | 962 | 22,722 | ||||||
| Grindrod Shipping Holdings, Ltd. | 1,026 | 26,101 | ||||||
| Matson, Inc. | 172 | 20,747 | ||||||
| Pangaea Logistics Solutions, Ltd. | 1,898 | 10,553 | ||||||
| Safe Bulkers, Inc. | 2,229 | 10,610 | ||||||
| Star Bulk Carriers Corp. | 611 | 18,141 | ||||||
| ZIM Integrated Shipping Services, Ltd. | 441 | 32,065 | ||||||
| 192,963 | ||||||||
| Media | 0.7% | ||||||||
| Entravision Communications Corp., Class A | 3,331 | 21,352 | ||||||
| Scholastic Corp. | 252 | 10,150 | ||||||
| 31,502 | ||||||||
| Multi-Utilities | 0.2% | ||||||||
| Avista Corp. N Ap | 225 | 10,159 | ||||||
| Oil, Gas & Consumable Fuels | 2.1% | ||||||||
| Brigham Minerals, Inc. Class A | 407 | 10,399 | ||||||
| DTE Midstream LLC (*) | 194 | 10,526 | ||||||
| Enerplus Corp. | 933 | 11,849 | ||||||
| Flex LNG, Ltd. (*) | 221 | 6,303 | ||||||
| Magnolia Oil & Gas Corp., Class A | 477 | 11,281 | ||||||
| Riley Exploration Permian, Inc. | 270 | 6,772 | ||||||
| Description | Shares | Fair Value | ||||||
| Sabine Royalty Trust | 96 | $ | 5,544 | |||||
| San Juan Basin Royalty Trust | 1,576 | 13,821 | ||||||
| Texas Pacific Land Corp. | 9 | 12,169 | ||||||
| World Fuel Services Corp. | 146 | 3,948 | ||||||
| 92,612 | ||||||||
| Paper & Forest Products | 0.8% | ||||||||
| Louisiana-Pacific Corp. | 259 | 16,089 | ||||||
| Resolute Forest Products, Inc. | 1,705 | 22,012 | ||||||
| 38,101 | ||||||||
| Personal Products | 0.4% | ||||||||
| BellRing Brands, Inc. (*) | 112 | 2,585 | ||||||
| Herbalife Nutrition, Ltd. (*) | 104 | 3,157 | ||||||
| Medifast, Inc. | 44 | 7,514 | ||||||
| Nature’s Sunshine Products, Inc. (*) | 352 | 5,921 | ||||||
| 19,177 | ||||||||
| Pharmaceuticals | 1.1% | ||||||||
| Antares Pharma, Inc. (*) | 3,831 | 15,707 | ||||||
| Atea Pharmaceuticals, Inc. (*) | 799 | 5,769 | ||||||
| SIGA Technologies, Inc. (*) | 2,664 | 18,888 | ||||||
| Supernus Pharmaceuticals, Inc. (*) | 288 | 9,308 | ||||||
| 49,672 | ||||||||
| Professional Services | 2.9% | ||||||||
| Atlas Technical Consultants, Inc. (*) | 847 | 10,198 | ||||||
| CRA International, Inc. | 248 | 20,896 | ||||||
| Franklin Covey Co. (*) | 205 | 9,270 | ||||||
| Heidrick & Struggles International, Inc. | 413 | 16,347 | ||||||
| HireQuest, Inc. | 276 | 5,277 | ||||||
| Kelly Services, Inc. Class A | 569 | 12,342 | ||||||
| Korn Ferry | 218 | 14,157 | ||||||
| ManpowerGroup, Inc. | 82 | 7,701 | ||||||
| Resources Connection, Inc. | 966 | 16,557 | ||||||
| Science Applications International Corp. | 86 | 7,927 | ||||||
| TriNet Group, Inc. (*) | 84 | 8,262 | ||||||
| 128,934 | ||||||||
| Real Estate Management & Development | 0.8% | ||||||||
| Five Point Holdings LLC Class A (*) | 1,577 | 9,636 | ||||||
| Forestar Group, Inc. (*) | 282 | 5,008 | ||||||
| FRP Holdings, Inc. (*) | 124 | 7,167 | ||||||
| Jones Lang LaSalle, Inc. (*) | 24 | 5,747 | ||||||
| The RMR Group, Inc. Class A | 241 | 7,495 | ||||||
| 35,053 | ||||||||
| Road & Rail | 0.8% | ||||||||
| AMERCO | 20 | 11,939 | ||||||
| ArcBest Corp. | 97 | 7,808 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 168 | 8,477 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Ryder System, Inc. | 127 | $ | 10,075 | |||||
| 38,299 | ||||||||
| Semiconductors & Semiconductor Equipment | 2.9% | ||||||||
| Alpha & Omega Semiconductor, Ltd. (*) | 240 | 13,116 | ||||||
| Amkor Technology, Inc. | 397 | 8,623 | ||||||
| Axcelis Technologies, Inc. (*) | 388 | 29,306 | ||||||
| Diodes, Inc. (*) | 96 | 8,351 | ||||||
| Kulicke & Soffa Industries, Inc. | 111 | 6,218 | ||||||
| Lattice Semiconductor Corp. (*) | 150 | 9,142 | ||||||
| Nova, Ltd. (*) | 95 | 10,343 | ||||||
| Onto Innovation, Inc. (*) | 100 | 8,689 | ||||||
| Semtech Corp. (*) | 100 | 6,934 | ||||||
| SMART Global Holdings, Inc. (*) | 372 | 9,609 | ||||||
| Ultra Clean Holdings, Inc. (*) | 461 | 19,542 | ||||||
| 129,873 | ||||||||
| Software | 7.9% | ||||||||
| Absolute Software Corp. | 539 | 4,571 | ||||||
| Alarm.com Holdings, Inc. (*) | 81 | 5,383 | ||||||
| American Software, Inc. Class A | 529 | 11,024 | ||||||
| Anaplan, Inc. (*) | 220 | 14,311 | ||||||
| AvidXchange Holdings, Inc. (*) | 516 | 4,154 | ||||||
| Blackbaud, Inc. (*) | 115 | 6,885 | ||||||
| Blackline, Inc. (*) | 69 | 5,052 | ||||||
| Cerence, Inc. (*) | 116 | 4,188 | ||||||
| ChannelAdvisor Corp. (*) | 477 | 7,904 | ||||||
| Coupa Software, Inc. (*) | 67 | 6,809 | ||||||
| Datto Holding Corp. (*) | 494 | 13,200 | ||||||
| Digital Turbine, Inc. (*) | 134 | 5,870 | ||||||
| Docebo, Inc. (*) | 167 | 8,654 | ||||||
| Dolby Laboratories, Inc., Class A | 141 | 11,029 | ||||||
| Domo, Inc. Class B (*) | 88 | 4,450 | ||||||
| Duck Creek Technologies, Inc. (*) | 355 | 7,853 | ||||||
| Elastic NV (*) | 125 | 11,119 | ||||||
| Everbridge, Inc. (*) | 141 | 6,153 | ||||||
| EverCommerce, Inc. (*) | 889 | 11,735 | ||||||
| Gitlab, Inc. Class A (*) | 151 | 8,222 | ||||||
| InterDigital, Inc. | 126 | 8,039 | ||||||
| Jamf Holding Corp. (*) | 295 | 10,269 | ||||||
| JFrog, Ltd. (*) | 222 | 5,983 | ||||||
| KnowBe4, Inc., Class A (*) | 506 | 11,648 | ||||||
| Magic Software Enterprises, Ltd. | 581 | 10,011 | ||||||
| Mimecast, Ltd. (*) | 177 | 14,082 | ||||||
| nCino, Inc. (*) | 186 | 7,622 | ||||||
| PagerDuty, Inc. (*) | 261 | 8,924 | ||||||
| Progress Software Corp. | 262 | 12,337 | ||||||
| Description | Shares | Fair Value | ||||||
| Q2 Holdings, Inc. (*) | 108 | $ | 6,658 | |||||
| Qualys, Inc. (*) | 65 | 9,257 | ||||||
| Rapid7, Inc. (*) | 157 | 17,465 | ||||||
| SEMrush Holdings, Inc. Class A (*) | 467 | 5,576 | ||||||
| Smartsheet, Inc. Class A (*) | 128 | 7,012 | ||||||
| Sprout Social, Inc. Class A (*) | 127 | 10,175 | ||||||
| SPS Commerce, Inc. (*) | 125 | 16,400 | ||||||
| Tenable Holdings, Inc. (*) | 288 | 16,643 | ||||||
| The Descartes Systems Group, Inc. (*) | 137 | 10,037 | ||||||
| Veritone, Inc. (*) | 344 | 6,288 | ||||||
| 352,992 | ||||||||
| Specialty Retail | 2.8% | ||||||||
| Arhaus, Inc. (*) | 821 | 6,987 | ||||||
| AutoNation, Inc. (*) | 91 | 9,062 | ||||||
| Boot Barn Holdings, Inc. (*) | 80 | 7,583 | ||||||
| Floor & Decor Holdings, Inc., Class A (*) | 74 | 5,994 | ||||||
| Genesco, Inc. (*) | 158 | 10,050 | ||||||
| Group 1 Automotive, Inc. | 49 | 8,224 | ||||||
| MarineMax, Inc. (*) | 252 | 10,146 | ||||||
| Murphy USA, Inc. | 58 | 11,598 | ||||||
| OneWater Marine, Inc. Class A | 318 | 10,955 | ||||||
| RH (*) | 22 | 7,174 | ||||||
| Signet Jewelers, Ltd. | 131 | 9,524 | ||||||
| Sleep Number Corp. (*) | 154 | 7,809 | ||||||
| The Cato Corp. Class A | 837 | 12,270 | ||||||
| Zumiez, Inc. (*) | 183 | 6,992 | ||||||
| 124,368 | ||||||||
| Technology Hardware, Storage & Peripherals | 0.5% | ||||||||
| Super Micro Computer, Inc. (*) | 377 | 14,352 | ||||||
| Xerox Holdings Corp. | 435 | 8,774 | ||||||
| 23,126 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.3% | ||||||||
| Crocs, Inc. (*) | 138 | 10,543 | ||||||
| Deckers Outdoor Corp. (*) | 20 | 5,475 | ||||||
| Movado Group, Inc. | 486 | 18,978 | ||||||
| Oxford Industries, Inc. | 175 | 15,838 | ||||||
| Steven Madden, Ltd. | 234 | 9,042 | ||||||
| 59,876 | ||||||||
| Thrifts & Mortgage Finance | 0.7% | ||||||||
| Bridgewater Bancshares, Inc. (*) | 531 | 8,857 | ||||||
| Essent Group, Ltd. | 182 | 7,500 | ||||||
| Mr Cooper Group, Inc. (*) | 192 | 8,769 | ||||||
| TrustCo Bank Corp. | 231 | 7,376 | ||||||
| 32,502 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Tobacco | 0.2% | ||||||||
| Vector Group, Ltd. | 608 | $ | 7,320 | |||||
| Trading Companies & Distributors | 3.3% | ||||||||
| Air Lease Corp. | 208 | 9,287 | ||||||
| BlueLinx Holdings, Inc. (*) | 146 | 10,495 | ||||||
| Boise Cascade Co. | 209 | 14,519 | ||||||
| GMS, Inc. (*) | 279 | 13,886 | ||||||
| MRC Global, Inc. (*) | 1,169 | 13,923 | ||||||
| NOW, Inc. (*) | 1,043 | 11,504 | ||||||
| Textainer Group Holdings, Ltd. | 303 | 11,535 | ||||||
| Titan Machinery, Inc. (*) | 501 | 14,158 | ||||||
| Triton International, Ltd. | 233 | 16,352 | ||||||
| Univar Solutions, Inc. (*) | 485 | 15,588 | ||||||
| Veritiv Corp. (*) | 122 | 16,298 | ||||||
| 147,545 | ||||||||
| Water Utilities | 0.0% | ||||||||
| Global Water Resources, Inc. | 111 | 1,847 | ||||||
| Total Common Stocks (Cost $4,534,803) | 4,421,392 | |||||||
| Rights | 0.0% | ||||||||
| Biotechnology | 0.0% | ||||||||
| Adamas Pharmaceuticals, Inc. CVR | ||||||||
| Expires 2024 (¢) | 1,139 | 0 | ||||||
| Expires 2025 (¢) | 1,139 | 0 | ||||||
| Total Rights (Cost $137) | 0 | |||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $125,355) | 125,355 | 125,355 | ||||||
| Total Investments | 101.5% (Cost $4,660,295) | $ | 4,546,747 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.5)% | (66,618) | |||||||
| Net Assets | 100.0% | $ | 4,480,129 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||||
| Corporate Bonds | 5.8% | ||||||||||||
| Brazil | 1.0% | ||||||||||||
| MV24 Capital BV, 6.748%, 06/01/34 | USD | 181 | $ | 175,649 | ||||||||
| China | 0.8% | ||||||||||||
| Country Garden Holdings Co., Ltd., 3.125%, 10/22/25 | USD | 200 | 147,000 | |||||||||
| Kuwait | 1.1% | ||||||||||||
| NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶) | USD | 200 | 195,320 | |||||||||
| Mexico | 2.9% | ||||||||||||
| Banco Mercantil del Norte SA, 6.750% (CMT 5 Year + 4.967%), 09/27/24 (§), (¶) | USD | 200 | 194,850 | |||||||||
| Comision Federal de Electricidad, 3.348%, 02/09/31 (#) | USD | 200 | 175,350 | |||||||||
| Petroleos Mexicanos: | ||||||||||||
| 6.500%, 01/23/29 | USD | 35 | 34,611 | |||||||||
| 6.840%, 01/23/30 | USD | 70 | 69,475 | |||||||||
| 6.700%, 02/16/32 | USD | 22 | 20,900 | |||||||||
| 6.950%, 01/28/60 | USD | 20 | 16,198 | |||||||||
| 511,384 | ||||||||||||
| Total Corporate Bonds (Cost $1,104,036) | 1,029,353 | |||||||||||
| Foreign Government Obligations | 87.9% | ||||||||||||
| Argentina | 0.9% | ||||||||||||
| Republic of Argentina: | ||||||||||||
| 0.500%, 07/09/30 (Ø) | USD | 94 | 31,490 | |||||||||
| 1.125%, 07/09/35 (Ø) | USD | 100 | 30,413 | |||||||||
| 2.000%, 01/09/38 (Ø) | USD | 133 | 50,292 | |||||||||
| 2.500%, 07/09/41 (Ø) | USD | 112 | 39,480 | |||||||||
| 151,675 | ||||||||||||
| Bahamas | 0.4% | ||||||||||||
| Commonwealth of Bahamas, 8.950%, 10/15/32 | USD | 95 | 75,751 | |||||||||
| Bahrain | 1.4% | ||||||||||||
| Bahrain Government International Bonds, 6.750%, 09/20/29 | USD | 230 | 242,334 | |||||||||
| Barbados | 0.1% | ||||||||||||
| Barbados Government International Bonds, 6.500%, 10/01/29 (#) | USD | 10 | 9,605 | |||||||||
| Brazil | 7.4% | ||||||||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||||
| 0.000%, 07/01/23 | BRL | 900 | 162,938 | |||||||||
| 0.000%, 01/01/24 | BRL | 1,970 | 338,691 | |||||||||
| Brazil NTN-F: | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 10.000%, 01/01/25 | BRL | 420 | $ | 85,430 | ||||||||
| 10.000%, 01/01/27 | BRL | 330 | 66,144 | |||||||||
| 10.000%, 01/01/29 | BRL | 860 | 169,085 | |||||||||
| 10.000%, 01/01/31 | BRL | 590 | 113,968 | |||||||||
| Federal Republic of Brazil: | ||||||||||||
| 3.875%, 06/12/30 | USD | 155 | 142,871 | |||||||||
| 5.625%, 01/07/41 | USD | 110 | 106,618 | |||||||||
| 5.000%, 01/27/45 | USD | 50 | 44,353 | |||||||||
| 4.750%, 01/14/50 | USD | 80 | 67,090 | |||||||||
| 1,297,188 | ||||||||||||
| Chile | 3.2% | ||||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||||
| 4.500%, 03/01/26 | CLP | 65,000 | 76,930 | |||||||||
| 2.300%, 10/01/28 | CLP | 25,000 | 25,069 | |||||||||
| 5.000%, 10/01/28 | CLP | 80,000 | 95,028 | |||||||||
| 6.000%, 01/01/43 | CLP | 10,000 | 12,631 | |||||||||
| Chile Government International Bond: | ||||||||||||
| 2.750%, 01/31/27 | USD | 75 | 73,350 | |||||||||
| 4.000%, 01/31/52 | USD | 290 | 285,795 | |||||||||
| 568,803 | ||||||||||||
| China | 4.0% | ||||||||||||
| China Development Bank, 3.500%, 08/13/26 | CNY | 1,910 | 308,092 | |||||||||
| China Government Bonds: | ||||||||||||
| 3.120%, 12/05/26 | CNY | 610 | 98,302 | |||||||||
| 2.680%, 05/21/30 | CNY | 1,360 | 210,733 | |||||||||
| 3.810%, 09/14/50 | CNY | 460 | 77,209 | |||||||||
| 694,336 | ||||||||||||
| Colombia | 4.7% | ||||||||||||
| Colombian Titulos De Tesoreria: | ||||||||||||
| 6.250%, 11/26/25 | COP | 301,300 | 72,854 | |||||||||
| 7.500%, 08/26/26 | COP | 757,000 | 187,892 | |||||||||
| 5.750%, 11/03/27 | COP | 798,000 | 179,129 | |||||||||
| 6.000%, 04/28/28 | COP | 217,800 | 48,831 | |||||||||
| 7.000%, 06/30/32 | COP | 240,000 | 52,476 | |||||||||
| Republic of Colombia: | ||||||||||||
| 4.500%, 03/15/29 | USD | 50 | 48,119 | |||||||||
| 3.125%, 04/15/31 | USD | 120 | 101,535 | |||||||||
| 6.125%, 01/18/41 | USD | 25 | 24,255 | |||||||||
| 5.000%, 06/15/45 | USD | 125 | 105,336 | |||||||||
| 820,427 | ||||||||||||
| Costa Rica | 0.7% | ||||||||||||
| Costa Rica Government International Bond, 6.125%, 02/19/31 | USD | 5 | 5,059 | |||||||||
| Republic of Costa Rica: | ||||||||||||
| 4.250%, 01/26/23 | USD | 25 | 25,255 | |||||||||
| 4.375%, 04/30/25 | USD | 15 | 15,148 | |||||||||
| 7.000%, 04/04/44 | USD | 70 | 68,613 | |||||||||
| 114,075 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| Czech Republic | 0.9% | ||||||||||||
| Czech Republic: | ||||||||||||
| 2.500%, 08/25/28 | CZK | 2,280 | $ | 94,998 | ||||||||
| 2.000%, 10/13/33 | CZK | 480 | 18,256 | |||||||||
| 4.200%, 12/04/36 | CZK | 1,120 | 53,405 | |||||||||
| 166,659 | ||||||||||||
| Dominican Republic | 2.0% | ||||||||||||
| Dominican Republic: | ||||||||||||
| 5.500%, 01/27/25 | USD | 25 | 25,656 | |||||||||
| 5.950%, 01/25/27 | USD | 10 | 10,075 | |||||||||
| 4.500%, 01/30/30 (#) | USD | 120 | 110,197 | |||||||||
| 7.450%, 04/30/44 | USD | 15 | 15,758 | |||||||||
| 6.850%, 01/27/45 | USD | 20 | 19,822 | |||||||||
| 6.400%, 06/05/49 | USD | 50 | 46,744 | |||||||||
| Dominican Republic International Bond: | ||||||||||||
| 5.500%, 02/22/29 (#) | USD | 45 | 44,446 | |||||||||
| 6.000%, 02/22/33 (#) | USD | 85 | 82,732 | |||||||||
| 355,430 | ||||||||||||
| Ecuador | 1.3% | ||||||||||||
| Ecuador Government International Bonds: | ||||||||||||
| 0.000%, 07/31/30 | USD | 356 | 196,979 | |||||||||
| 5.000%, 07/31/30 (Ø) | USD | 37 | 30,833 | |||||||||
| 227,812 | ||||||||||||
| Egypt | 2.1% | ||||||||||||
| Arab Republic of Egypt, 7.500%, 01/31/27 | USD | 200 | 197,000 | |||||||||
| Egypt Government International Bond MTN, 8.750%, 09/30/51 | USD | 200 | 172,000 | |||||||||
| 369,000 | ||||||||||||
| Gabon | 1.1% | ||||||||||||
| Gabon Government International Bond, 7.000%, 11/24/31 (#) | USD | 200 | 190,250 | |||||||||
| Ghana | 0.8% | ||||||||||||
| Republic of Ghana, 8.627%, 06/16/49 | USD | 200 | 139,000 | |||||||||
| Guatemala | 0.4% | ||||||||||||
| Republic of Guatemala: | ||||||||||||
| 4.875%, 02/13/28 | USD | 25 | 25,536 | |||||||||
| 5.375%, 04/24/32 (#) | USD | 10 | 10,458 | |||||||||
| 5.375%, 04/24/32 | USD | 10 | 10,458 | |||||||||
| 6.125%, 06/01/50 (#) | USD | 15 | 15,701 | |||||||||
| 62,153 | ||||||||||||
| Hungary | 1.6% | ||||||||||||
| Hungary Government Bonds: | ||||||||||||
| 3.000%, 10/27/27 | HUF | 34,330 | 87,066 | |||||||||
| 2.250%, 04/20/33 | HUF | 18,510 | 39,257 | |||||||||
| 3.000%, 04/25/41 | HUF | 3,940 | 7,850 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Hungary Government International Bond: | ||||||||||||
| 2.125%, 09/22/31 (#) | USD | 50 | $ | 45,322 | ||||||||
| 7.625%, 03/29/41 | USD | 34 | 49,434 | |||||||||
| 3.125%, 09/21/51 (#) | USD | 55 | 46,262 | |||||||||
| 275,191 | ||||||||||||
| Indonesia | 5.2% | ||||||||||||
| Indonesia Government International Bonds: | ||||||||||||
| 2.150%, 07/28/31 | USD | 350 | 324,663 | |||||||||
| 3.050%, 03/12/51 | USD | 50 | 45,193 | |||||||||
| 3.350%, 03/12/71 | USD | 60 | 50,557 | |||||||||
| Indonesia Treasury Bonds: | ||||||||||||
| 8.375%, 09/15/26 | IDR | 386,000 | 29,751 | |||||||||
| 9.000%, 03/15/29 | IDR | 818,000 | 64,159 | |||||||||
| 8.250%, 05/15/29 | IDR | 1,545,000 | 117,092 | |||||||||
| 7.000%, 09/15/30 | IDR | 1,032,000 | 72,967 | |||||||||
| 8.750%, 05/15/31 | IDR | 324,000 | 25,491 | |||||||||
| 8.375%, 03/15/34 | IDR | 912,000 | 69,595 | |||||||||
| 8.250%, 05/15/36 | IDR | 648,000 | 48,952 | |||||||||
| 8.375%, 04/15/39 | IDR | 920,000 | 70,846 | |||||||||
| 919,266 | ||||||||||||
| Iraq | 1.1% | ||||||||||||
| Republic of Iraq, 6.752%, 03/09/23 | USD | 200 | 200,100 | |||||||||
| Ivory Coast | 1.1% | ||||||||||||
| Ivory Coast, 6.125%, 06/15/33 | USD | 200 | 192,663 | |||||||||
| Kazakhstan | 1.3% | ||||||||||||
| Republic of Kazakhstan, 6.500%, 07/21/45 | USD | 200 | 230,700 | |||||||||
| Lebanon | 0.7% | ||||||||||||
| Lebanese Republic: | ||||||||||||
| 6.375%, 03/09/20 («) | USD | 97 | 11,355 | |||||||||
| 8.250%, 04/12/21 («) | USD | 106 | 12,376 | |||||||||
| 6.000%, 01/27/23 («) | USD | 121 | 14,127 | |||||||||
| 6.650%, 04/22/24 («) | USD | 87 | 10,266 | |||||||||
| 6.250%, 11/04/24 («) | USD | 116 | 13,543 | |||||||||
| 6.200%, 02/26/25 («) | USD | 37 | 4,355 | |||||||||
| 6.600%, 11/27/26 («) | USD | 104 | 12,272 | |||||||||
| 6.850%, 03/23/27 («) | USD | 114 | 13,416 | |||||||||
| 6.750%, 11/29/27 («) | USD | 41 | 4,825 | |||||||||
| 6.650%, 02/26/30 («) | USD | 55 | 6,421 | |||||||||
| 7.000%, 03/23/32 («) | USD | 49 | 5,644 | |||||||||
| 7.050%, 11/02/35 («) | USD | 60 | 6,836 | |||||||||
| 7.250%, 03/23/37 («) | USD | 44 | 5,302 | |||||||||
| 120,738 | ||||||||||||
| Malaysia | 4.6% | ||||||||||||
| Malaysia Government Bonds: | ||||||||||||
| 3.800%, 09/30/22 | MYR | 840 | 201,722 | |||||||||
| 3.906%, 07/15/26 | MYR | 120 | 29,062 | |||||||||
| 3.899%, 11/16/27 | MYR | 1,347 | 325,680 | |||||||||
| 4.498%, 04/15/30 | MYR | 350 | 86,367 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 3.844%, 04/15/33 | MYR | 330 | $ | 76,245 | ||||||||
| 3.828%, 07/05/34 | MYR | 20 | 4,565 | |||||||||
| 4.893%, 06/08/38 | MYR | 330 | 82,685 | |||||||||
| 806,326 | ||||||||||||
| Mexico | 4.9% | ||||||||||||
| Mexican Bonos: | ||||||||||||
| 5.750%, 03/05/26 | MXN | 5,220 | 239,357 | |||||||||
| 7.500%, 06/03/27 | MXN | 930 | 45,026 | |||||||||
| 8.500%, 05/31/29 | MXN | 2,998 | 152,165 | |||||||||
| 10.000%, 11/20/36 | MXN | 1,250 | 71,968 | |||||||||
| 7.750%, 11/13/42 | MXN | 3,100 | 145,751 | |||||||||
| Mexico Government International Bonds: | ||||||||||||
| 3.500%, 02/12/34 | USD | 125 | 116,250 | |||||||||
| 4.400%, 02/12/52 | USD | 16 | 14,728 | |||||||||
| Mexico Government International Bonds, 2.659%, 05/24/31 | USD | 25 | 22,775 | |||||||||
| United Mexican States, 5.750%, 10/12/10 | USD | 44 | 44,770 | |||||||||
| 852,790 | ||||||||||||
| Mongolia | 0.2% | ||||||||||||
| Mongolia International Bonds, 4.450%, 07/07/31 (#) | USD | 45 | 40,392 | |||||||||
| Nigeria | 1.1% | ||||||||||||
| Republic of Nigeria, 8.747%, 01/21/31 | USD | 200 | 201,100 | |||||||||
| Oman | 2.6% | ||||||||||||
| Oman Government International Bonds: | ||||||||||||
| 4.750%, 06/15/26 | USD | 245 | 245,919 | |||||||||
| 6.250%, 01/25/31 | USD | 200 | 211,000 | |||||||||
| 456,919 | ||||||||||||
| Panama | 1.9% | ||||||||||||
| Panama Government International Bond: | ||||||||||||
| 3.298%, 01/19/33 | USD | 5 | 4,795 | |||||||||
| 4.500%, 01/19/63 | USD | 80 | 77,040 | |||||||||
| Republic of Panama: | ||||||||||||
| 3.160%, 01/23/30 | USD | 105 | 102,624 | |||||||||
| 4.500%, 04/16/50 | USD | 30 | 29,753 | |||||||||
| 4.500%, 04/01/56 | USD | 75 | 73,655 | |||||||||
| 3.870%, 07/23/60 | USD | 60 | 52,717 | |||||||||
| 340,584 | ||||||||||||
| Paraguay | 0.9% | ||||||||||||
| Paraguay Government International Bond, 3.849%, 06/28/33 (#) | USD | 53 | 50,973 | |||||||||
| Republic of Paraguay: | ||||||||||||
| 5.000%, 04/15/26 | USD | 25 | 26,059 | |||||||||
| 4.700%, 03/27/27 | USD | 35 | 36,418 | |||||||||
| 6.100%, 08/11/44 | USD | 40 | 44,345 | |||||||||
| 157,795 | ||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Peru | 3.4% | ||||||||||||
| Republic of Peru: | ||||||||||||
| 6.350%, 08/12/28 | PEN | 190 | $ | 51,523 | ||||||||
| 5.940%, 02/12/29 | PEN | 80 | 21,116 | |||||||||
| 2.844%, 06/20/30 | USD | 100 | 96,175 | |||||||||
| 2.783%, 01/23/31 | USD | 130 | 122,631 | |||||||||
| 6.950%, 08/12/31 | PEN | 75 | 20,877 | |||||||||
| 6.900%, 08/12/37 | PEN | 730 | 195,844 | |||||||||
| 5.350%, 08/12/40 | PEN | 55 | 12,349 | |||||||||
| 3.300%, 03/11/41 | USD | 85 | 77,350 | |||||||||
| 597,865 | ||||||||||||
| Philippines | 1.6% | ||||||||||||
| Philippine Government International Bond: | ||||||||||||
| 2.650%, 12/10/45 | USD | 40 | 33,054 | |||||||||
| 3.200%, 07/06/46 | USD | 40 | 35,954 | |||||||||
| Republic of Philippines: | ||||||||||||
| 3.750%, 01/14/29 | USD | 105 | 109,343 | |||||||||
| 3.950%, 01/20/40 | USD | 35 | 35,048 | |||||||||
| 3.700%, 03/01/41 | USD | 35 | 34,085 | |||||||||
| 3.700%, 02/02/42 | USD | 35 | 33,998 | |||||||||
| 281,482 | ||||||||||||
| Poland | 1.8% | ||||||||||||
| Poland Government Bonds, 2.500%, 07/25/27 | PLN | 790 | 163,029 | |||||||||
| Republic of Poland Government Bonds, 3.750%, 05/25/27 | PLN | 92 | 20,129 | |||||||||
| Republic of Poland Government Bonds: | ||||||||||||
| 2.500%, 07/25/26 | PLN | 190 | 39,914 | |||||||||
| 2.750%, 04/25/28 | PLN | 300 | 61,753 | |||||||||
| 1.250%, 10/25/30 | PLN | 220 | 38,682 | |||||||||
| 323,507 | ||||||||||||
| Qatar | 1.8% | ||||||||||||
| Qatar Government International Bond, 6.400%, 01/20/40 | USD | 235 | 313,725 | |||||||||
| Romania | 1.1% | ||||||||||||
| Romanian Government Bonds: | ||||||||||||
| 5.800%, 07/26/27 | RON | 210 | 46,498 | |||||||||
| 4.150%, 01/26/28 | RON | 220 | 44,750 | |||||||||
| Romanian Government International Bonds, 3.625%, 03/27/32 (#) | USD | 48 | 45,420 | |||||||||
| Romanian Government International Bonds: | ||||||||||||
| 3.000%, 02/14/31 | USD | 24 | 22,230 | |||||||||
| 5.125%, 06/15/48 | USD | 28 | 29,085 | |||||||||
| 187,983 | ||||||||||||
| Russia | 0.1% | ||||||||||||
| Russia Government Bonds - OFZ: | ||||||||||||
| 6.700%, 03/14/29 | RUB | 20,897 | 7,716 | |||||||||
| 8.500%, 09/17/31 | RUB | 3,090 | 1,141 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||||
| 7.700%, 03/23/33 | RUB | 3,820 | $ | 1,410 | ||||||||
| 10,267 | ||||||||||||
| Saudi Arabia | 2.2% | ||||||||||||
| Saudi Government International Bond, 2.250%, 02/02/33 | USD | 415 | 380,763 | |||||||||
| Senegal | 1.1% | ||||||||||||
| Republic of Senegal, 6.250%, 05/23/33 | USD | 200 | 188,500 | |||||||||
| South Africa | 8.0% | ||||||||||||
| Republic of South Africa: | ||||||||||||
| 4.850%, 09/30/29 | USD | 10 | 9,752 | |||||||||
| 8.000%, 01/31/30 | ZAR | 4,660 | 291,425 | |||||||||
| 5.875%, 06/22/30 | USD | 55 | 57,520 | |||||||||
| 8.250%, 03/31/32 | ZAR | 1,510 | 92,289 | |||||||||
| 8.875%, 02/28/35 | ZAR | 1,520 | 93,549 | |||||||||
| 8.500%, 01/31/37 | ZAR | 6,840 | 399,705 | |||||||||
| 5.375%, 07/24/44 | USD | 200 | 175,850 | |||||||||
| 5.650%, 09/27/47 | USD | 30 | 26,134 | |||||||||
| 8.750%, 02/28/48 | ZAR | 1,445 | 83,025 | |||||||||
| 6.300%, 06/22/48 | USD | 25 | 23,591 | |||||||||
| 5.750%, 09/30/49 | USD | 90 | 78,486 | |||||||||
| Republic of South Africa Government International Bonds: | ||||||||||||
| 4.850%, 09/27/27 | USD | 60 | 60,292 | |||||||||
| 5.000%, 10/12/46 | USD | 25 | 20,856 | |||||||||
| 1,412,474 | ||||||||||||
| Sri Lanka | 0.4% | ||||||||||||
| Republic of Sri Lanka: | ||||||||||||
| 5.750%, 04/18/23 | USD | 15 | 7,352 | |||||||||
| 6.125%, 06/03/25 | USD | 10 | 5,001 | |||||||||
| 6.825%, 07/18/26 | USD | 5 | 2,407 | |||||||||
| 6.200%, 05/11/27 | USD | 50 | 23,631 | |||||||||
| 6.750%, 04/18/28 | USD | 35 | 16,541 | |||||||||
| 7.850%, 03/14/29 | USD | 15 | 7,089 | |||||||||
| 62,021 | ||||||||||||
| Suriname | 0.0% | ||||||||||||
| Republic of Suriname, 9.250%, 10/26/26 | USD | 10 | 6,961 | |||||||||
| Thailand | 0.9% | ||||||||||||
| Thailand Government Bonds: | ||||||||||||
| 3.400%, 06/17/36 | THB | 2,330 | 72,888 | |||||||||
| 3.300%, 06/17/38 | THB | 2,690 | 82,434 | |||||||||
| 155,322 | ||||||||||||
| Turkey | 2.3% | ||||||||||||
| Hazine Mustesarligi Varlik Kiralama AS, 7.250%, 02/24/27 (#) | USD | 125 | 125,414 | |||||||||
| Republic of Turkey: | ||||||||||||
| 7.375%, 02/05/25 | USD | 95 | 95,938 | |||||||||
| 4.875%, 10/09/26 | USD | 65 | 58,431 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 6.000%, 03/25/27 | USD | 60 | $ | 55,699 | ||||||||
| 5.750%, 05/11/47 | USD | 95 | 70,674 | |||||||||
| 406,156 | ||||||||||||
| Ukraine | 0.7% | ||||||||||||
| Ukraine Government Bonds: | ||||||||||||
| 9.750%, 11/01/28 | USD | 200 | 84,000 | |||||||||
| 0.000%, 05/31/40 (§) | USD | 137 | 41,785 | |||||||||
| 125,785 | ||||||||||||
| Uruguay | 1.6% | ||||||||||||
| Republica Orient Uruguay: | ||||||||||||
| 4.375%, 10/27/27 | USD | 30 | 31,778 | |||||||||
| 4.375%, 01/23/31 | USD | 55 | 59,840 | |||||||||
| 4.125%, 11/20/45 | USD | 30 | 32,668 | |||||||||
| 5.100%, 06/18/50 | USD | 85 | 100,608 | |||||||||
| 4.975%, 04/20/55 | USD | 50 | 58,384 | |||||||||
| 283,278 | ||||||||||||
| Uzbekistan | 1.0% | ||||||||||||
| Republic of Uzbekistan International Bond, 3.900%, 10/19/31 (#) | USD | 200 | 177,000 | |||||||||
| Venezuela | 0.5% | ||||||||||||
| Republic of Venezuela, 8.250%, 10/13/24 («) | USD | 1,038 | 93,420 | |||||||||
| Zambia | 0.8% | ||||||||||||
| Republic of Zambia, 8.500%, 04/14/24 | USD | 200 | 141,750 | |||||||||
| Total Foreign Government Obligations (Cost $17,097,053) | 15,427,321 | |||||||||||
| Quasi Government Bonds | 0.3% | ||||||||||||
| Mexico | 0.1% | ||||||||||||
| Petroleos Mexicanos, 6.750%, 09/21/47 | USD | 16 | 12,847 | |||||||||
| Venezuela | 0.2% | ||||||||||||
| Petroleos de Venezuela SA: | ||||||||||||
| 12.750%, 02/17/22 («) | USD | 273 | 18,428 | |||||||||
| 6.000%, 11/15/26 («) | USD | 124 | 8,370 | |||||||||
| 5.500%, 04/12/37 («) | USD | 100 | 6,750 | |||||||||
| 33,548 | ||||||||||||
| Total Quasi Government Bonds (Cost $257,470) | 46,395 | |||||||||||
| Supranational Bonds | 0.1% | ||||||||||||
International Finance Corp., (Cost $14,183) | IDR | 200,000 | 14,594 | |||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||
| Short-Term Investments | 4.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $868,066) | 868,066 | $ | 868,066 | |||||
| Total Investments l 99.0% (Cost $19,340,808) (») | $ | 17,385,729 | ||||||
| Cash and Other Assets in Excess of Liabilities l 1.0% | 167,016 | |||||||
| Net Assets l 100.0% | $ | 17,552,745 | ||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at March 31, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 197,918 | USD | 39,783 | BOA | 04/04/22 | $ | 1,788 | $ | — | |||||||||
| BRL | 363,820 | USD | 76,791 | BOA | 04/04/22 | — | 375 | |||||||||||
| BRL | 105,200 | USD | 22,204 | BRC | 04/04/22 | — | 108 | |||||||||||
| BRL | 51,335 | USD | 10,000 | CIT | 04/04/22 | 782 | — | |||||||||||
| BRL | 197,918 | USD | 39,743 | SCB | 04/04/22 | 1,828 | — | |||||||||||
| BRL | 381,491 | USD | 73,338 | SSB | 04/04/22 | 6,789 | — | |||||||||||
| CLP | 77,439,924 | USD | 94,040 | CIT | 05/24/22 | 3,544 | — | |||||||||||
| CNY | 1,617,757 | USD | 254,613 | BOA | 05/20/22 | — | 248 | |||||||||||
| COP | 656,386,425 | USD | 173,006 | BRC | 04/08/22 | 864 | — | |||||||||||
| CZK | 2,642,630 | USD | 110,867 | SCB | 05/20/22 | 8,243 | — | |||||||||||
| CZK | 2,642,630 | USD | 110,780 | UBS | 05/20/22 | 8,330 | — | |||||||||||
| EUR | 135,995 | USD | 150,000 | CIT | 05/20/22 | 677 | — | |||||||||||
| EUR | 4,065 | USD | 4,492 | HSB | 05/20/22 | 11 | — | |||||||||||
| EUR | 72,173 | USD | 80,000 | HSB | 05/20/22 | — | 35 | |||||||||||
| HUF | 54,769,308 | USD | 153,868 | BRC | 05/20/22 | 10,010 | — | |||||||||||
| IDR | 1,854,450,000 | USD | 130,000 | BRC | 04/11/22 | — | 919 | |||||||||||
| IDR | 431,400,000 | USD | 30,000 | BRC | 06/13/22 | — | 50 | |||||||||||
| IDR | 1,853,410,000 | USD | 130,000 | CIT | 04/11/22 | — | 991 | |||||||||||
| IDR | 5,219,724,855 | USD | 362,940 | CIT | 06/13/22 | — | 565 | |||||||||||
| IDR | 1,183,317,436 | USD | 81,976 | SCB | 04/11/22 | 391 | — | |||||||||||
| IDR | 1,357,930,000 | USD | 95,000 | SCB | 04/11/22 | — | 480 | |||||||||||
| IDR | 1,366,100,000 | USD | 95,000 | SCB | 04/11/22 | 89 | — | |||||||||||
| IDR | 2,911,983,000 | USD | 204,264 | SCB | 04/11/22 | — | 1,572 | |||||||||||
| IDR | 5,219,724,855 | USD | 362,859 | SCB | 06/13/22 | — | 484 | |||||||||||
| IDR | 144,300,000 | USD | 10,000 | SCB | 09/02/22 | — | 25 | |||||||||||
| MXN | 2,322,380 | USD | 108,209 | BOA | 04/20/22 | 8,227 | — | |||||||||||
| MXN | 151,743 | USD | 7,549 | BOA | 05/20/22 | 18 | — | |||||||||||
| MXN | 754,725 | USD | 37,264 | BOA | 05/20/22 | 374 | — | |||||||||||
| MXN | 2,939,046 | USD | 139,971 | BOA | 05/20/22 | 6,599 | — | |||||||||||
| MXN | 2,322,380 | USD | 108,108 | SCB | 04/20/22 | 8,328 | — | |||||||||||
| MYR | 1,616,362 | USD | 385,675 | BOA | 05/23/22 | — | 1,782 | |||||||||||
| PEN | 223,096 | USD | 55,998 | BOA | 04/18/22 | 4,581 | — | |||||||||||
| PLN | 609,148 | USD | 135,273 | SCB | 05/20/22 | 9,058 | — | |||||||||||
| PLN | 609,148 | USD | 135,362 | UBS | 05/20/22 | 8,969 | — | |||||||||||
| RON | 692,670 | USD | 150,433 | BOA | 05/31/22 | 3,441 | — | |||||||||||
| RON | 89,016 | USD | 20,000 | SCB | 04/28/22 | — | 136 | |||||||||||
| THB | 9,061,447 | USD | 274,589 | CIT | 04/25/22 | — | 2,046 | |||||||||||
| THB | 4,565,718 | USD | 138,418 | JPM | 04/25/22 | — | 1,094 | |||||||||||
| THB | 546,078 | USD | 16,738 | SCB | 04/25/22 | — | 313 | |||||||||||
| THB | 997,613 | USD | 30,000 | SCB | 04/25/22 | 5 | — | |||||||||||
| THB | 1,617,950 | USD | 49,430 | SCB | 04/25/22 | — | 767 | |||||||||||
| THB | 9,061,447 | USD | 272,344 | UBS | 04/25/22 | 199 | — | |||||||||||
| USD | 41,774 | BRL | 197,918 | BOA | 04/04/22 | 204 | — | |||||||||||
| USD | 71,130 | BRL | 363,820 | BOA | 04/04/22 | — | 5,286 | |||||||||||
| USD | 39,479 | BRL | 197,918 | BOA | 05/03/22 | — | 1,759 | |||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 20,000 | BRL | 105,200 | BRC | 04/04/22 | $ | — | $ | 2,096 | |||||||||
| USD | 20,000 | BRL | 95,840 | BRC | 05/03/22 | 31 | — | |||||||||||
| USD | 10,835 | BRL | 51,335 | CIT | 04/04/22 | 53 | — | |||||||||||
| USD | 41,774 | BRL | 197,918 | SCB | 04/04/22 | 204 | — | |||||||||||
| USD | 39,439 | BRL | 197,918 | SCB | 05/03/22 | — | 1,799 | |||||||||||
| USD | 70,955 | BRL | 359,642 | SSB | 04/04/22 | — | 4,584 | |||||||||||
| USD | 76,344 | CLP | 62,655,844 | BRC | 05/24/22 | — | 2,610 | |||||||||||
| USD | 116,610 | CNY | 740,917 | SCB | 05/20/22 | 114 | — | |||||||||||
| USD | 10,000 | COP | 39,200,000 | BRC | 04/08/22 | — | 384 | |||||||||||
| USD | 20,000 | COP | 79,520,000 | BRC | 04/08/22 | — | 1,064 | |||||||||||
| USD | 42,615 | COP | 171,353,924 | BRC | 04/08/22 | — | 2,775 | |||||||||||
| USD | 171,391 | COP | 656,386,425 | BRC | 06/13/22 | — | 920 | |||||||||||
| USD | 97,475 | COP | 366,312,501 | CIT | 04/08/22 | 443 | — | |||||||||||
| USD | 80,000 | EGP | 1,292,000 | CIT | 04/18/22 | 9,432 | — | |||||||||||
| USD | 235,266 | EUR | 212,233 | BRC | 05/20/22 | 120 | — | |||||||||||
| USD | 20,000 | HUF | 6,644,198 | SCB | 05/20/22 | 120 | — | |||||||||||
| USD | 363,693 | IDR | 5,219,724,855 | CIT | 04/11/22 | 368 | — | |||||||||||
| USD | 6,109 | IDR | 87,740,726 | SCB | 04/11/22 | 1 | — | |||||||||||
| USD | 363,617 | IDR | 5,219,724,855 | SCB | 04/11/22 | 292 | — | |||||||||||
| USD | 37,465 | MXN | 754,725 | BOA | 04/20/22 | — | 374 | |||||||||||
| USD | 190,000 | MXN | 3,890,035 | CIT | 04/20/22 | — | 5,032 | |||||||||||
| USD | 172,883 | MYR | 727,578 | SCB | 05/23/22 | 80 | — | |||||||||||
| USD | 10,000 | PEN | 37,650 | BOA | 04/18/22 | — | 223 | |||||||||||
| USD | 24,310 | PEN | 93,812 | CIT | 04/18/22 | — | 1,164 | |||||||||||
| USD | 80,000 | PEN | 299,000 | CIT | 04/18/22 | — | 1,190 | |||||||||||
| USD | 18,996 | PEN | 73,135 | GSC | 04/18/22 | — | 863 | |||||||||||
| USD | 13,472 | PEN | 52,170 | JPM | 04/18/22 | — | 694 | |||||||||||
| USD | 8,077 | PEN | 31,274 | SCB | 04/18/22 | — | 415 | |||||||||||
| USD | 33,122 | PLN | 143,120 | BOA | 05/20/22 | — | 789 | |||||||||||
| USD | 100,000 | RON | 451,941 | BRC | 05/31/22 | — | 397 | |||||||||||
| USD | 70,000 | THB | 2,297,050 | SCB | 04/25/22 | 911 | — | |||||||||||
| USD | 6,286 | UAH | 180,843 | BOA | 04/18/22 | 307 | — | |||||||||||
| USD | 10,698 | UYU | 439,830 | HSB | 04/04/22 | 4 | — | |||||||||||
| USD | 22,173 | UYU | 911,622 | HSB | 04/04/22 | 8 | — | |||||||||||
| USD | 84,426 | UYU | 3,471,157 | HSB | 04/04/22 | 31 | — | |||||||||||
| USD | 113,263 | UYU | 4,822,609 | HSB | 04/04/22 | — | 3,991 | |||||||||||
| USD | 163,265 | ZAR | 2,505,782 | BRC | 05/20/22 | — | 7,218 | |||||||||||
| UYU | 439,830 | USD | 10,214 | HSB | 04/04/22 | 480 | — | |||||||||||
| UYU | 911,622 | USD | 20,590 | HSB | 04/04/22 | 1,574 | — | |||||||||||
| UYU | 3,471,157 | USD | 80,988 | HSB | 04/04/22 | 3,407 | — | |||||||||||
| UYU | 4,822,609 | USD | 117,296 | HSB | 04/04/22 | — | 42 | |||||||||||
| UYU | 4,822,609 | USD | 112,554 | HSB | 05/04/22 | 3,981 | — | |||||||||||
| ZAR | 293,998 | USD | 20,000 | SCB | 05/20/22 | 2 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 115,312 | $ | 57,659 | ||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 37.9% | ||||||||||
| Canada | 1.5% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 115 | $ | 105,794 | ||||||
| Germany | 1.1% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 75 | 77,777 | |||||||
| Netherlands | 1.7% | ||||||||||
| ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | 100 | 117,655 | |||||||
| Switzerland | 0.4% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 27 | 28,764 | |||||||
| United Kingdom | 1.9% | ||||||||||
| Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 | GBP | 100 | 126,972 | |||||||
| United States | 31.3% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 80 | 75,690 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 90 | 78,651 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 40 | 40,513 | |||||||
| American Express Co., 3.300%, 05/03/27 (#) | USD | 55 | 55,263 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 80 | 78,533 | |||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 75 | 75,864 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 45 | 46,599 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 55 | 54,197 | |||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 115 | 84,583 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 85 | 80,887 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 40 | 39,900 | |||||||
| DaVita, Inc., 4.625%, 06/01/30 | USD | 35 | 32,683 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 70 | 76,247 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 115 | 89,866 | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 80 | 71,422 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 95 | $ | 95,249 | ||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 50 | 50,583 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 100 | 79,626 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 30 | 30,693 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 75 | 75,645 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 45 | 42,625 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 40 | 37,055 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 85 | 82,524 | |||||||
| Prologis LP REIT, 1.250%, 10/15/30 | USD | 125 | 106,426 | |||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 95 | 95,694 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 55 | 55,481 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 30 | 32,062 | |||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 80 | 69,302 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 40 | 50,665 | |||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 40 | 34,836 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 80 | 74,198 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 55 | 55,869 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 90 | 93,631 | |||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 40 | 36,230 | |||||||
| 2,179,292 | ||||||||||
| Total Corporate Bonds (Cost $2,819,336) | 2,636,254 | |||||||||
| Foreign Government Obligations | 46.7% | ||||||||||
| Australia | 2.2% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 120 | 77,075 | |||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 120 | 76,806 | |||||||
| 153,881 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Bahamas | 1.3% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 113 | $ | 92,152 | ||||||
| Bermuda | 2.9% | ||||||||||
| Government of Bermuda, 3.717%, 01/25/27 | USD | 200 | 202,413 | |||||||
| Canada | 5.0% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 85 | 68,254 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 120 | 94,155 | |||||||
| Province of British Columbia Canada, 3.200%, 06/18/44 | CAD | 90 | 70,901 | |||||||
| Province of Quebec, 1.850%, 02/13/27 | CAD | 155 | 118,788 | |||||||
| 352,098 | ||||||||||
| Chile | 3.5% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 55,000 | 68,604 | |||||||
| 2.300%, 10/01/28 | CLP | 75,000 | 75,208 | |||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 101,222 | |||||||
| 245,034 | ||||||||||
| Colombia | 1.1% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 288,000 | 78,326 | |||||||
| Czech Republic | 1.7% | ||||||||||
| Czech Republic, 1.000%, 06/26/26 | CZK | 2,930 | 115,977 | |||||||
| Hungary | 1.4% | ||||||||||
| Hungary Government Bonds, 2.750%, 12/22/26 | HUF | 21,880 | 56,116 | |||||||
| Hungary Government International Bond, 1.750%, 06/05/35 | EUR | 40 | 41,327 | |||||||
| 97,443 | ||||||||||
| Italy | 1.4% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 98 | 99,481 | |||||||
| Japan | 2.6% | ||||||||||
| Japan International Cooperation Agency, 1.750%, 04/28/31 | USD | 200 | 183,323 | |||||||
| Mexico | 2.6% | ||||||||||
| Mexican Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 1,400 | 69,782 | |||||||
| 7.500%, 06/03/27 | MXN | 1,520 | 73,590 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 25 | $ | 34,931 | ||||||
| 178,303 | ||||||||||
| Morocco | 1.3% | ||||||||||
| Morocco Government International Bond, 1.500%, 11/27/31 | EUR | 100 | 90,768 | |||||||
| New Zealand | 6.3% | ||||||||||
| Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28 | NZD | 120 | 81,048 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 230 | 155,846 | |||||||
| 1.500%, 04/20/29 | NZD | 220 | 130,631 | |||||||
| 2.000%, 04/15/37 | NZD | 130 | 68,876 | |||||||
| 436,401 | ||||||||||
| Norway | 3.2% | ||||||||||
| Oslo Kommune: | ||||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 112,749 | |||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 112,299 | |||||||
| 225,048 | ||||||||||
| Panama | 2.2% | ||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 120 | 153,060 | |||||||
| Peru | 1.6% | ||||||||||
| Peru Government Bonds: | ||||||||||
| 6.150%, 08/12/32 (#) | PEN | 285 | 74,649 | |||||||
| 3.000%, 01/15/34 | USD | 40 | 37,480 | |||||||
| 112,129 | ||||||||||
| Poland | 1.1% | ||||||||||
| Poland Government Bonds, 2.020% (WIBOR 6 Month), 05/25/28 (§) | PLN | 325 | 74,124 | |||||||
| Singapore | 1.2% | ||||||||||
| Singapore Government Bond, 3.375%, 09/01/33 | SGD | 100 | 80,607 | |||||||
| Spain | 1.4% | ||||||||||
| Spain Government Bond, 1.000%, 07/30/42 | EUR | 100 | 95,652 | |||||||
| Thailand | 1.1% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 2,890 | 73,857 | |||||||
| United Kingdom | 1.6% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 0.875%, 07/31/33 | GBP | 60 | 72,277 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| 1.500%, 07/22/47 | GBP | 30 | $ | 36,976 | ||||||
| 109,253 | ||||||||||
Total Foreign Government Obligations | 3,249,330 | |||||||||
| Quasi Government Bonds | 1.6% | ||||||||||
| Germany | 1.6% | ||||||||||
Kreditanstalt fuer Wiederaufbau, (Cost $122,615) | USD | 120 | 114,020 | |||||||
| Supranational Bonds | 11.0% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 55 | 54,438 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 120 | 86,480 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,840,000 | 132,518 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 1.900%, 01/16/25 | CAD | 150 | 117,659 | |||||||
| 2.900%, 11/26/25 | AUD | 100 | 74,513 | |||||||
| 1.250%, 03/16/26 | NOK | 700 | 75,165 | |||||||
| 1.125%, 09/13/28 | USD | 40 | 36,648 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 110 | 108,321 | |||||||
| 1.500%, 04/15/35 | AUD | 132 | 76,997 | |||||||
| Total Supranational Bonds (Cost $806,693) |
762,739 | |||||||||
| US Municipal Bonds | 1.3% | ||||||||||
| California | 1.3% | ||||||||||
| State of California: | ||||||||||
| 4.500%, 04/01/33 | USD | 45 | 48,868 | |||||||
| 7.550%, 04/01/39 | USD | 30 | 44,486 | |||||||
| 93,354 | ||||||||||
| Total US Municipal Bonds (Cost $95,818) |
93,354 | |||||||||
| US Treasury Securities | 2.2% | ||||||||||
U.S. Treasury Bond, (Cost $163,822) | USD | 180 | 156,009 | |||||||
| Total Investments | 100.7% (Cost $7,613,116) (») |
$ | 7,011,706 | ||||||||
| Liabilities in Excess of Cash and Other Assets | (0.7)% | (49,826) | |||||||||
| Net Assets | 100.0% | $ | 6,961,880 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
| Forward Currency Contracts open at March 31, 2022: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized | Unrealized | |||||||||||
| AUD | 69,006 | USD | 49,100 | HSB | 04/13/22 | $ | 2,542 | $ | — | |||||||||
| AUD | 37,194 | USD | 27,042 | JPM | 04/13/22 | 793 | — | |||||||||||
| CAD | 5,487 | USD | 4,300 | JPM | 04/13/22 | 89 | — | |||||||||||
| CAD | 80,311 | USD | 63,280 | JPM | 04/13/22 | 959 | — | |||||||||||
| CHF | 20,804 | USD | 22,819 | HSB | 04/13/22 | — | 299 | |||||||||||
| CHF | 61,997 | USD | 67,999 | JPM | 04/13/22 | — | 887 | |||||||||||
| CLP | 8,011,500 | USD | 10,000 | CIT | 04/13/22 | 167 | — | |||||||||||
| CLP | 17,182,750 | USD | 22,100 | CIT | 04/13/22 | — | 294 | |||||||||||
| CNH | 2,378,693 | USD | 372,342 | HSB | 04/13/22 | 1,799 | — | |||||||||||
| CNH | 214,099 | USD | 33,300 | HSB | 06/02/22 | 273 | — | |||||||||||
| CNH | 1,789,642 | USD | 276,848 | HSB | 06/02/22 | 3,789 | — | |||||||||||
| CZK | 1,579,672 | USD | 69,215 | HSB | 04/13/22 | 2,300 | — | |||||||||||
| CZK | 339,238 | USD | 14,511 | JPM | 04/13/22 | 847 | — | |||||||||||
| CZK | 409,406 | USD | 18,700 | JPM | 04/13/22 | — | 165 | |||||||||||
| CZK | 687,979 | USD | 31,627 | JPM | 04/13/22 | — | 481 | |||||||||||
| EUR | 105,834 | USD | 120,097 | CIT | 04/13/22 | — | 2,989 | |||||||||||
| EUR | 36,501 | USD | 41,305 | HSB | 04/13/22 | — | 915 | |||||||||||
| EUR | 862,284 | USD | 978,477 | HSB | 04/13/22 | — | 24,337 | |||||||||||
| EUR | 28,749 | USD | 31,944 | JPM | 04/13/22 | — | 132 | |||||||||||
| EUR | 37,349 | USD | 41,700 | JPM | 04/13/22 | — | 372 | |||||||||||
| EUR | 100,146 | USD | 113,634 | MSC | 04/13/22 | — | 2,820 | |||||||||||
| GBP | 59,210 | USD | 77,936 | HSB | 04/13/22 | — | 161 | |||||||||||
| GBP | 12,100 | USD | 16,130 | JPM | 04/13/22 | — | 236 | |||||||||||
| HUF | 1,600,763 | USD | 4,708 | HSB | 04/13/22 | 106 | — | |||||||||||
| HUF | 1,536,162 | USD | 4,442 | JPM | 04/13/22 | 178 | — | |||||||||||
| HUF | 7,634,390 | USD | 23,000 | JPM | 04/13/22 | — | 39 | |||||||||||
| HUF | 22,870,033 | USD | 69,860 | JPM | 04/13/22 | — | 1,077 | |||||||||||
| IDR | 169,146,900 | USD | 11,700 | JPM | 04/28/22 | 66 | — | |||||||||||
| INR | 3,498,117 | USD | 46,465 | JPM | 04/28/22 | — | 413 | |||||||||||
| JPY | 37,770,641 | USD | 330,944 | CIT | 04/13/22 | — | 20,641 | |||||||||||
| JPY | 78,485,624 | USD | 687,740 | HSB | 04/13/22 | — | 42,945 | |||||||||||
| JPY | 6,663,756 | USD | 57,800 | JPM | 04/13/22 | — | 3,054 | |||||||||||
| JPY | 9,313,280 | USD | 81,594 | JPM | 04/13/22 | — | 5,081 | |||||||||||
| KRW | 118,308,720 | USD | 99,158 | JPM | 04/28/22 | — | 1,594 | |||||||||||
| MXN | 110,175 | USD | 5,275 | HSB | 04/13/22 | 255 | — | |||||||||||
| MXN | 199,973 | USD | 9,707 | HSB | 04/13/22 | 331 | — | |||||||||||
| MXN | 818,881 | USD | 38,900 | JPM | 04/13/22 | 2,206 | — | |||||||||||
| NOK | 107,992 | USD | 12,137 | JPM | 04/13/22 | 128 | — | |||||||||||
| NOK | 712,559 | USD | 80,000 | JPM | 04/13/22 | 929 | — | |||||||||||
| NZD | 37,699 | USD | 25,612 | HSB | 04/13/22 | 512 | — | |||||||||||
| NZD | 26,304 | USD | 17,400 | JPM | 05/10/22 | 820 | — | |||||||||||
| PEN | 24,793 | USD | 6,500 | JPM | 05/02/22 | 224 | — | |||||||||||
| PEN | 59,728 | USD | 16,000 | JPM | 05/02/22 | 198 | — | |||||||||||
| PLN | 24,527 | USD | 5,672 | HSB | 04/13/22 | 161 | — | |||||||||||
| PLN | 73,015 | USD | 17,400 | HSB | 04/13/22 | — | 36 | |||||||||||
Lazard Global Fixed Income Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized | Unrealized | |||||||||||
| PLN | 301,628 | USD | 75,583 | HSB | 04/13/22 | $ | — | $ | 3,852 | |||||||||
| RON | 49,545 | USD | 11,050 | HSB | 04/13/22 | 28 | — | |||||||||||
| RON | 315,801 | USD | 72,581 | HSB | 04/13/22 | — | 1,970 | |||||||||||
| RON | 492,041 | USD | 107,619 | HSB | 04/13/22 | 2,399 | — | |||||||||||
| RON | 157,463 | USD | 34,900 | HSB | 07/13/22 | — | 123 | |||||||||||
| RUB | 1,899,971 | USD | 24,290 | JPM | 04/13/22 | — | 1,069 | |||||||||||
| SEK | 418,428 | USD | 46,467 | JPM | 04/13/22 | — | 1,957 | |||||||||||
| SGD | 11,401 | USD | 8,399 | JPM | 04/13/22 | 13 | — | |||||||||||
| THB | 195,960 | USD | 6,000 | HSB | 04/12/22 | — | 107 | |||||||||||
| USD | 91,427 | AUD | 126,128 | CIT | 04/13/22 | — | 2,964 | |||||||||||
| USD | 98,588 | AUD | 136,011 | HSB | 04/13/22 | — | 3,200 | |||||||||||
| USD | 8,800 | AUD | 12,144 | JPM | 04/13/22 | — | 288 | |||||||||||
| USD | 31,200 | AUD | 43,937 | JPM | 04/13/22 | — | 1,681 | |||||||||||
| USD | 64,676 | AUD | 89,222 | MSC | 04/13/22 | — | 2,095 | |||||||||||
| USD | 191,192 | CAD | 239,796 | CIT | 04/13/22 | — | 613 | |||||||||||
| USD | 246,375 | CAD | 309,029 | HSB | 04/13/22 | — | 809 | |||||||||||
| USD | 16,500 | CAD | 21,036 | JPM | 04/13/22 | — | 326 | |||||||||||
| USD | 41,953 | CAD | 53,056 | JPM | 04/13/22 | — | 485 | |||||||||||
| USD | 186,358 | CAD | 233,745 | JPM | 04/13/22 | — | 607 | |||||||||||
| USD | 6,500 | CHF | 5,965 | JPM | 04/13/22 | 42 | — | |||||||||||
| USD | 41,400 | CLP | 33,457,410 | CIT | 04/13/22 | — | 1,059 | |||||||||||
| USD | 117,675 | CLP | 98,794,950 | CIT | 04/13/22 | — | 7,702 | |||||||||||
| USD | 49,700 | CNH | 315,016 | HSB | 04/13/22 | 152 | — | |||||||||||
| USD | 65,054 | COP | 248,214,491 | HSB | 05/02/22 | — | 489 | |||||||||||
| USD | 2,300 | CZK | 52,776 | JPM | 04/13/22 | — | 89 | |||||||||||
| USD | 211,245 | CZK | 4,595,153 | JPM | 04/13/22 | 3,213 | — | |||||||||||
| USD | 39,400 | EUR | 35,176 | JPM | 04/13/22 | 476 | — | |||||||||||
| USD | 53,800 | EUR | 48,906 | JPM | 04/13/22 | — | 316 | |||||||||||
| USD | 109,500 | EUR | 98,300 | JPM | 04/13/22 | 729 | — | |||||||||||
| USD | 128,300 | EUR | 113,615 | JPM | 04/13/22 | 2,582 | — | |||||||||||
| USD | 104,058 | EUR | 91,707 | MSC | 04/13/22 | 2,582 | — | |||||||||||
| USD | 28,400 | GBP | 21,332 | JPM | 04/13/22 | 379 | — | |||||||||||
| USD | 115,423 | GBP | 84,931 | JPM | 04/13/22 | 3,862 | — | |||||||||||
| USD | 12,680 | HUF | 3,952,002 | HSB | 04/13/22 | 794 | — | |||||||||||
| USD | 22,200 | HUF | 7,066,420 | JPM | 04/13/22 | 947 | — | |||||||||||
| USD | 109,325 | HUF | 34,100,521 | JPM | 04/13/22 | 6,764 | — | |||||||||||
| USD | 8,200 | IDR | 118,244,000 | JPM | 04/28/22 | — | 25 | |||||||||||
| USD | 35,652 | IDR | 515,847,348 | JPM | 04/28/22 | — | 230 | |||||||||||
| USD | 3,500 | INR | 266,980 | JPM | 04/28/22 | — | 15 | |||||||||||
| USD | 42,165 | INR | 3,231,137 | JPM | 04/28/22 | — | 372 | |||||||||||
| USD | 82,200 | JPY | 9,433,830 | JPM | 04/13/22 | 4,697 | — | |||||||||||
| USD | 110,500 | JPY | 13,330,731 | JPM | 04/13/22 | 982 | — | |||||||||||
| USD | 7,100 | KRW | 8,542,720 | JPM | 04/28/22 | 55 | — | |||||||||||
| USD | 69,615 | MXN | 1,390,524 | HSB | 04/13/22 | — | 187 | |||||||||||
| USD | 73,463 | MXN | 1,513,367 | HSB | 04/13/22 | — | 2,505 | |||||||||||
| USD | 323,588 | NOK | 2,811,546 | JPM | 04/13/22 | 4,267 | — | |||||||||||
| USD | 78,634 | NZD | 116,322 | CIT | 04/13/22 | — | 1,975 | |||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 146,689 | NZD | 217,019 | HSB | 04/13/22 | $ | — | $ | 3,701 | |||||||||
| USD | 26,965 | NZD | 38,787 | HSB | 05/10/22 | 99 | — | |||||||||||
| USD | 48,905 | NZD | 69,858 | HSB | 05/10/22 | 517 | — | |||||||||||
| USD | 3,500 | NZD | 5,190 | JPM | 04/13/22 | — | 96 | |||||||||||
| USD | 98,915 | NZD | 146,307 | JPM | 04/13/22 | — | 2,474 | |||||||||||
| USD | 35,712 | NZD | 49,982 | JPM | 05/10/22 | 1,092 | — | |||||||||||
| USD | 89,542 | PEN | 346,707 | JPM | 05/02/22 | — | 4,483 | |||||||||||
| USD | 500 | PLN | 2,142 | HSB | 04/13/22 | — | 9 | |||||||||||
| USD | 23,100 | PLN | 93,403 | HSB | 04/13/22 | 888 | — | |||||||||||
| USD | 125,685 | PLN | 501,572 | HSB | 04/13/22 | 6,405 | — | |||||||||||
| USD | 2,300 | RON | 10,287 | HSB | 04/13/22 | — | — | |||||||||||
| USD | 87,900 | RON | 392,852 | HSB | 04/13/22 | 60 | — | |||||||||||
| USD | 104,490 | RON | 454,247 | HSB | 04/13/22 | 2,923 | — | |||||||||||
| USD | 11,088 | RUB | 905,680 | JPM | 04/13/22 | 19 | — | |||||||||||
| USD | 12,600 | RUB | 994,291 | JPM | 04/13/22 | 448 | — | |||||||||||
| USD | 2,900 | SEK | 27,989 | JPM | 04/13/22 | — | 77 | |||||||||||
| USD | 8,614 | SGD | 11,641 | HSB | 04/13/22 | 26 | — | |||||||||||
| USD | 1,100 | SGD | 1,495 | JPM | 04/13/22 | — | 3 | |||||||||||
| USD | 25,305 | SGD | 34,200 | JPM | 04/13/22 | 73 | — | |||||||||||
| USD | 41,100 | SGD | 55,834 | JPM | 04/13/22 | — | 93 | |||||||||||
| USD | 16,916 | THB | 561,820 | HSB | 04/12/22 | 19 | — | |||||||||||
| USD | 34,900 | THB | 1,150,112 | HSB | 04/12/22 | 310 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 67,514 | $ | 157,014 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 87.6% | ||||||||
| Aerospace & Defense | 1.0% | ||||||||
| Howmet Aerospace, Inc., 3.000%, 01/15/29 | $ | 1,000 | $ | 913,125 | ||||
| The Boeing Co., 4.875%, 05/01/25 | 1,500 | 1,547,505 | ||||||
| Triumph Group, Inc., 6.250%, 09/15/24 (#) | 500 | 497,375 | ||||||
| 2,958,005 | ||||||||
| Airlines | 0.4% | ||||||||
| United Airlines Pass Through Trust, 4.150%, 10/11/25 | 1,163 | 1,166,907 | ||||||
| Auto Components | 1.3% | ||||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,100 | 2,065,875 | ||||||
| The Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 248,125 | ||||||
| 5.250%, 07/15/31 (#) | 1,500 | 1,387,050 | ||||||
| 3,701,050 | ||||||||
| Automobiles | 1.0% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 872,500 | ||||||
| Stellantis NV, 5.250%, 04/15/23 | 2,000 | 2,041,540 | ||||||
| 2,914,040 | ||||||||
| Building Products | 0.6% | ||||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,682,625 | ||||||
| Capital Markets | 1.2% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,530,000 | ||||||
| MPT Operating Partnership LP, 3.500%, 03/15/31 | 500 | 464,356 | ||||||
| MSCI, Inc., 3.250%, 08/15/33 (#) | 1,750 | 1,572,922 | ||||||
| 3,567,278 | ||||||||
| Chemicals | 2.7% | ||||||||
| Ashland LLC, 3.375%, 09/01/31 (#) | 1,000 | 882,500 | ||||||
| CF Industries, Inc., 3.450%, 06/01/23 | 1,150 | 1,166,100 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,000 | 1,005,000 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 897,536 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | $ | 1,750 | $ | 1,612,433 | ||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | 1,500 | 1,295,820 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 978,450 | ||||||
| 7,837,839 | ||||||||
| Commercial Services & Supplies | 5.3% | ||||||||
| ACCO Brands Corp., 4.250%, 03/15/29 (#) | 2,000 | 1,846,830 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 2,003,840 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,923,788 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 1,995,000 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,642,979 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,822,500 | ||||||
| Pitney Bowes, Inc., 6.875%, 03/15/27 (#) | 2,000 | 1,891,640 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,372,335 | ||||||
| The ADT Security Corp.: | ||||||||
| 4.125%, 06/15/23 | 500 | 505,445 | ||||||
| 4.125%, 08/01/29 (#) | 250 | 232,187 | ||||||
| 15,236,544 | ||||||||
| Construction Materials | 0.6% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,732,562 | ||||||
| Consumer Finance | 0.7% | ||||||||
| Ford Motor Credit Co. LLC: | ||||||||
| 2.700%, 08/10/26 | 1,000 | 930,010 | ||||||
| 4.125%, 08/17/27 | 1,000 | 977,450 | ||||||
| 1,907,460 | ||||||||
| Containers & Packaging | 3.2% | ||||||||
| Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#) | 1,200 | 1,081,380 | ||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 1,156,110 | ||||||
| Ball Corp., 4.000%, 11/15/23 | 2,100 | 2,121,000 | ||||||
| Crown Americas LLC, 4.250%, 09/30/26 | 500 | 501,250 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,504,000 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 1,996 | 1,916,160 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | $ | 750 | $ | 865,435 | ||||
| 9,145,335 | ||||||||
| Diversified Consumer Services | 0.7% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 2,017,500 | ||||||
| Diversified Financial Services | 1.2% | ||||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 918,008 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 875,000 | ||||||
| Suburban Propane Partners LP, 5.000%, 06/01/31 (#) | 1,750 | 1,640,625 | ||||||
| 3,433,633 | ||||||||
| Diversified Telecommunication Services | 2.3% | ||||||||
| Connect Finco SARL, 6.750%, 10/01/26 (#) | 1,500 | 1,528,500 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 2,127,592 | ||||||
| Lumen Technologies, Inc., 4.000%, 02/15/27 (#) | 1,100 | 1,024,469 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 2,000 | 1,840,460 | ||||||
| 6,521,021 | ||||||||
| Electric Utilities | 0.5% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,319,385 | ||||||
| Electrical Equipment | 1.6% | ||||||||
| Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#) | 2,000 | 1,789,250 | ||||||
| Sensata Technologies, Inc.: | ||||||||
| 4.375%, 02/15/30 (#) | 1,100 | 1,051,979 | ||||||
| 3.750%, 02/15/31 (#) | 250 | 231,250 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,417,500 | ||||||
| 4,489,979 | ||||||||
| Energy Equipment & Services | 0.3% | ||||||||
| DCP Midstream Operating LP, 3.250%, 02/15/32 | 1,050 | 945,000 | ||||||
| Entertainment | 1.9% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | 1,500 | 1,400,820 | ||||||
| Live Nation Entertainment, Inc.: | ||||||||
| 4.875%, 11/01/24 (#) | 1,550 | 1,556,212 | ||||||
| 3.750%, 01/15/28 (#) | 500 | 469,940 | ||||||
| Netflix, Inc., 4.375%, 11/15/26 | 500 | 519,967 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| WMG Acquisition Corp., 3.000%, 02/15/31 (#) | $ | 1,800 | $ | 1,611,000 | ||||
| 5,557,939 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.3% | ||||||||
| HAT Holdings I LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,425,000 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 475,935 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,154,387 | ||||||
| MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26 | 1,800 | 1,809,000 | ||||||
| Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#) | 1,500 | 1,406,175 | ||||||
| RHP Hotel Properties LP, 4.500%, 02/15/29 (#) | 1,750 | 1,645,000 | ||||||
| VICI Properties LP, 4.250%, 12/01/26 (#) | 1,500 | 1,493,700 | ||||||
| 9,409,197 | ||||||||
| Food & Staples Retailing | 2.3% | ||||||||
| Albertsons Cos, Inc., 3.500%, 03/15/29 (#) | 1,500 | 1,353,705 | ||||||
| Kraft Heinz Foods Co., 4.250%, 03/01/31 | 2,350 | 2,410,583 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,640,250 | ||||||
| US Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,387,672 | ||||||
| 6,792,210 | ||||||||
| Food Products | 2.3% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,466,520 | ||||||
| Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#) | 2,000 | 1,867,670 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,771,980 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,481,769 | ||||||
| 6,587,939 | ||||||||
| Gas Utilities | 0.5% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,581,000 | ||||||
| Health Care Equipment & Supplies | 1.7% | ||||||||
| Avantor Funding, Inc., 3.875%, 11/01/29 (#) | 1,500 | 1,410,000 | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | 2,000 | 2,025,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Mozart Debt Merger Sub, Inc., 3.875%, 04/01/29 (#) | $ | 1,500 | $ | 1,387,500 | ||||
| 4,822,500 | ||||||||
| Health Care Providers & Services | 5.1% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,411,402 | ||||||
| DaVita, Inc., 4.625%, 06/01/30 (#) | 2,000 | 1,867,600 | ||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,730,738 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 1,932,128 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,207,619 | ||||||
| Molina Healthcare, Inc., 3.875%, 05/15/32 (#) | 1,750 | 1,664,162 | ||||||
| PRA Health Sciences, Inc., 2.875%, 07/15/26 (#) | 200 | 190,312 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 309 | 310,329 | ||||||
| 4.875%, 01/01/26 (#) | 1,000 | 1,008,750 | ||||||
| 4.375%, 01/15/30 (#) | 1,500 | 1,439,895 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25 | 1,900 | 1,998,686 | ||||||
| 14,761,621 | ||||||||
| Hotels, Restaurants & Leisure | 7.5% | ||||||||
| 1011778 BC ULC, 3.875%, 01/15/28 (#) | 2,100 | 1,989,823 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 845,750 | ||||||
| 4.750%, 06/15/31 (#) | 1,250 | 1,204,688 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 1,995,000 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,534,500 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,815,000 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,481,250 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 788,000 | ||||||
| Scientific Games International, Inc., 5.000%, 10/15/25 (#) | 1,750 | 1,793,750 | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | 1,850 | 1,850,000 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,600,725 | ||||||
| Travel + Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,390,980 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | $ | 2,000 | $ | 2,000,040 | ||||
| Yum! Brands, Inc., 4.625%, 01/31/32 | 1,500 | 1,450,935 | ||||||
| 21,740,441 | ||||||||
| Household Durables | 0.5% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,750 | 1,589,569 | ||||||
| Household Products | 1.0% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,089,930 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,833,750 | ||||||
| 2,923,680 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.1% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,463,220 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,741,871 | ||||||
| 3,205,091 | ||||||||
| Interactive Media & Services | 1.3% | ||||||||
| Twitter Inc, 5.000%, 03/01/30 (#) | 1,000 | 995,000 | ||||||
| Twitter, Inc., 3.875%, 12/15/27 (#) | 1,250 | 1,214,063 | ||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,428,337 | ||||||
| 3,637,400 | ||||||||
| IT Services | 0.5% | ||||||||
| Block, Inc., 3.500%, 06/01/31 (#) | 1,450 | 1,326,750 | ||||||
| Machinery | 2.7% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,765,831 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 751,875 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 947,730 | ||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 | 2,000 | 1,894,460 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 1,000 | 958,470 | ||||||
| Vertiv Group Corp., 4.125%, 11/15/28 (#) | 1,750 | 1,597,076 | ||||||
| 7,915,442 | ||||||||
| Media | 10.2% | ||||||||
| AMC Networks, Inc., 4.250%, 02/15/29 | 1,000 | 933,195 | ||||||
| CCO Holdings LLC: | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| 5.125%, 05/01/27 (#) | $ | 500 | $ | 500,738 | ||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,440,360 | ||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 1,978,380 | ||||||
| CSC Holdings LLC: | ||||||||
| 7.500%, 04/01/28 (#) | 1,690 | 1,660,425 | ||||||
| 4.500%, 11/15/31 (#) | 1,000 | 896,270 | ||||||
| DISH DBS Corp.: | ||||||||
| 5.250%, 12/01/26 (#) | 1,000 | 952,500 | ||||||
| 5.750%, 12/01/28 (#) | 750 | 709,688 | ||||||
| Entercom Media Corp., 6.750%, 03/31/29 (#) | 1,500 | 1,400,625 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 244,065 | ||||||
| Gray Escrow II, Inc., 5.375%, 11/15/31 (#) | 1,000 | 956,215 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,377,195 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,518,300 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,248,434 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,393,875 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| 5.125%, 02/15/27 (#) | 1,750 | 1,588,125 | ||||||
| 4.125%, 12/01/30 (#) | 1,000 | 891,670 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,745,625 | ||||||
| 3.875%, 09/01/31 (#) | 1,000 | 910,000 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,754,280 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 2,001,680 | ||||||
| Videotron, Ltd., 5.125%, 04/15/27 (#) | 500 | 505,988 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,865,000 | ||||||
| 29,472,633 | ||||||||
| Metals & Mining | 2.5% | ||||||||
| Anglo American Capital PLC, 4.875%, 05/14/25 (#) | 1,650 | 1,706,795 | ||||||
| FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,718,570 | ||||||
| Freeport-McMoRan, Inc., 4.550%, 11/14/24 | 2,200 | 2,266,000 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,456,298 | ||||||
| 7,147,663 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | $ | 1,743 | $ | 1,664,338 | ||||
| Oil, Gas & Consumable Fuels | 7.0% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,436,940 | ||||||
| Cheniere Energy Partners L.P., 3.250%, 01/31/32 (#) | 1,750 | 1,591,257 | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | 1,350 | 1,292,625 | ||||||
| EQT Corp., 3.625%, 05/15/31 (#) | 1,750 | 1,671,250 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,745,660 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 1,000 | 948,740 | ||||||
| Murphy Oil Corp., 6.875%, 08/15/24 | 670 | 675,025 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,739,062 | ||||||
| Ovintiv Exploration, Inc., 5.625%, 07/01/24 | 1,600 | 1,682,180 | ||||||
| Range Resources Corp., 5.000%, 08/15/22 | 950 | 950,000 | ||||||
| Southwestern Energy Co.: | ||||||||
| 5.950%, 01/23/25 | 1,800 | 1,881,738 | ||||||
| 4.750%, 02/01/32 | 250 | 249,688 | ||||||
| Sunoco LP, 4.500%, 04/30/30 (#) | 2,000 | 1,842,570 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,209,375 | ||||||
| Targa Resources Partners LP, 4.000%, 01/15/32 | 1,500 | 1,442,978 | ||||||
| 20,359,088 | ||||||||
| Pharmaceuticals | 0.4% | ||||||||
| Bausch Health Cos., Inc.: | ||||||||
| 5.000%, 02/15/29 (#) | 1,500 | 1,168,508 | ||||||
| 5.250%, 02/15/31 (#) | 100 | 77,836 | ||||||
| 1,246,344 | ||||||||
| Professional Services | 0.7% | ||||||||
| Nielsen Finance LLC: | ||||||||
| 5.625%, 10/01/28 (#) | 1,000 | 1,007,200 | ||||||
| 5.875%, 10/01/30 (#) | 1,000 | 1,002,500 | ||||||
| 2,009,700 | ||||||||
| Software | 2.0% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 1,144,524 | ||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 1,500 | 1,376,250 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| NCR Corp.: | ||||||||
| 5.750%, 09/01/27 (#) | $ | 1,000 | $ | 1,000,000 | ||||
| 5.125%, 04/15/29 (#) | 750 | 721,005 | ||||||
| Nuance Communications, Inc., 5.625%, 12/15/26 | 1,500 | 1,542,195 | ||||||
| 5,783,974 | ||||||||
| Specialty Retail | 2.3% | ||||||||
| Asbury Automotive Group, Inc.: | ||||||||
| 4.500%, 03/01/28 | 987 | 948,112 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 697,155 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 931,250 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,565,498 | ||||||
| QVC, Inc., 4.750%, 02/15/27 | 1,250 | 1,196,875 | ||||||
| The Gap, Inc., 3.625%, 10/01/29 (#) | 1,500 | 1,336,500 | ||||||
| 6,675,390 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.4% | ||||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | 2,083 | 2,020,614 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 2,031,320 | ||||||
| 4,051,934 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,776,250 | ||||||
| Trading Companies & Distributors | 2.8% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) |
1,100 | 1,056,759 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,498,380 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,521,000 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,750,000 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 1,000 | 1,034,300 | ||||||
| 3.875%, 11/15/27 | 1,100 | 1,089,275 | ||||||
| 7,949,714 | ||||||||
| Wireless Telecommunication Services | 0.8% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 536,275 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| T-Mobile USA, Inc., 3.500%, 04/15/31 | $ | 2,000 | $ | 1,881,960 | ||||
| 2,418,235 | ||||||||
| Total Corporate Bonds (Cost $263,204,191) | 252,982,205 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 7.8% | ||||||||
| Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937) | 1,222,805 | $ | 22,462,928 | |||||
| Short-Term Investments | 3.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $9,364,614) | 9,364,614 | 9,364,614 | ||||||
| Total Investments | 98.6% (Cost $295,611,742) | $ | 284,809,747 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.4% | 4,121,492 | |||||||
| Net Assets | 100.0% | $ | 288,931,239 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 0.9% | ||||||||
| Specialty Retail | 0.9% | ||||||||
Daimler Trucks Retail Trust, (Cost $599,539) | $ | 600 | $ | 599,764 | ||||
| Corporate Bonds | 11.8% | ||||||||
| Banks | 3.7% | ||||||||
| Bank of America Corp., 3.300%, 01/11/23 | 2,650 | 2,679,362 | ||||||
| Biotechnology | 2.5% | ||||||||
| AbbVie, Inc., 2.900%, 11/06/22 | 1,816 | 1,827,685 | ||||||
| Capital Markets | 1.1% | ||||||||
| Morgan Stanley, 2.750%, 05/19/22 | 800 | 801,360 | ||||||
| Consumer Finance | 2.3% | ||||||||
| American Express Co., 2.500%, 07/30/24 | 1,625 | 1,616,891 | ||||||
| Internet & Direct Marketing Retail | 2.2% | ||||||||
| eBay, Inc., 2.750%, 01/30/23 | 1,545 | 1,554,747 | ||||||
| Total Corporate Bonds (Cost $8,553,434) | 8,480,045 | |||||||
| US Treasury Securities | 87.2% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 1.625%, 04/30/23 | 5,985 | 5,974,246 | ||||||
| 0.375%, 10/31/23 | 11,920 | 11,585,681 | ||||||
| 0.875%, 01/31/24 | 38,075 | 37,105,277 | ||||||
| 1.500%, 02/29/24 | 8,070 | 7,952,418 | ||||||
| Total US Treasury Securities (Cost $63,487,335) | 62,617,622 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.4% | ||||||||
State Street Institutional Treasury (Cost $294,192) | 294,192 | $ | 294,192 | |||||
| Total Investments | 100.3% (Cost $72,934,500) | $ | 71,991,623 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (196,874) | |||||||
| Net Assets | 100.0% | $ | 71,794,749 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.4% | ||||||||
| China | 0.2% | ||||||||
| Ping An Insurance (Group) Co. of China, Ltd., Class H (±) | 27,379 | $ | 193,175 | |||||
| Italy | 0.0% | ||||||||
| Kaleyra, Inc. (*), (±) | 3,860 | 23,083 | ||||||
| United States | 0.2% | ||||||||
| Patrick Industries, Inc. (±) | 1,916 | 115,534 | ||||||
| Sirius XM Holdings, Inc. (±) | 7,511 | 49,723 | ||||||
| 165,257 | ||||||||
| Total Common Stocks (Cost $383,159) | 381,515 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value |
|||||||
| Convertible Corporate Bonds | 163.2% | ||||||||||
| Australia | 0.3% | ||||||||||
| Zip Co., Ltd., 0.000%, 04/23/28 (±) | AUD | 800 | $ | 343,492 | ||||||
| Austria | 0.5% | ||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (±) | EUR | 500 | 508,659 | |||||||
| Brazil | 1.1% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±) | USD | 1,329 | 1,091,441 | |||||||
| Canada | 4.8% | ||||||||||
| Canopy Growth Corp., 4.250%, 07/15/23 (#), (±) | CAD | 1,063 | 783,337 | |||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 622 | 576,128 | |||||||
| Dye & Durham, Ltd., 3.750%, 03/01/26 | CAD | 1,391 | 979,146 | |||||||
| Ivanhoe Mines, Ltd., 2.500%, 04/15/26 (±) | USD | 826 | 1,187,788 | |||||||
| Osisko Gold Royalties, Ltd., 4.000%, 12/31/22 | CAD | 385 | 313,260 | |||||||
| New Flyer Industries, Inc., 5.000%, 01/15/27 | CAD | 469 | 345,143 | |||||||
| Lithium Americas Corp., 1.750%, 01/15/27 (±) | USD | 768 | 828,288 | |||||||
| 5,013,090 | ||||||||||
| China | 2.0% | ||||||||||
| NIO Inc., 0.000%, 02/01/26 (±) | USD | 1,418 | 1,202,540 | |||||||
| Li Auto, Inc., 0.250%, 05/01/28 (#), (±) | USD | 781 | 907,522 | |||||||
| 2,110,062 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Denmark | 0.4% | ||||||||||
| Ascendis Pharma A/S, 2.250%, 04/01/28 (±) | USD | 408 | $ | 419,475 | ||||||
| Hong Kong | 1.0% | ||||||||||
| Cathay Pacific Finance III, Ltd., 2.750%, 02/05/26 (±) | HKD | 8,000 | 1,044,770 | |||||||
| Italy | 0.1% | ||||||||||
| Kaleyra, Inc., 6.125%, 06/01/26 (±) | USD | 132 | 127,050 | |||||||
| Netherlands | 0.7% | ||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 700 | 688,565 | |||||||
| Panama | 1.2% | ||||||||||
| Copa Holdings SA, 4.500%, 04/15/25 (±) | USD | 680 | 1,200,200 | |||||||
| Saudi Arabia | 1.7% | ||||||||||
| Delivery Hero SE: | ||||||||||
| 1.000%, 04/30/26 (±) | EUR | 1,100 | 931,893 | |||||||
| 1.500%, 01/15/28 (±) | EUR | 1,100 | 848,189 | |||||||
| 1,780,082 | ||||||||||
| Singapore | 0.9% | ||||||||||
| SGX Treasury I Pte, Ltd., 0.000%, 03/01/24 (±) | EUR | 800 | 901,815 | |||||||
| Taiwan | 1.5% | ||||||||||
| Sea, Ltd., 0.250%, 09/15/26 (±) | USD | 1,953 | 1,568,454 | |||||||
| United Kingdom | 0.5% | ||||||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 500 | 475,574 | |||||||
| United States | 146.5% | ||||||||||
| 1Life Healthcare, Inc., 3.000%, 06/15/25 (±) | USD | 1,023 | 887,964 | |||||||
| Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±) | USD | 976 | 890,237 | |||||||
| Affirm Holdings, Inc., 0.000%, 11/15/26 (±) | USD | 1,300 | 910,000 | |||||||
| Air Transport Services Group, Inc., 1.125%, 10/15/24 (±) | USD | 785 | 934,189 | |||||||
| Airbnb Inc., 0.000%, 03/15/26 (±) | USD | 97 | 94,254 | |||||||
| Alphatec Holdings, Inc., 0.750%, 08/01/26 (±) | USD | 619 | 596,561 | |||||||
| Alteryx, Inc., 0.500%, 08/01/24 (±) | USD | 1,014 | 947,076 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 733 | 1,006,409 | |||||||
| Amyris, Inc., 1.500%, 11/15/26 (±) | USD | 1,906 | 1,374,226 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Apollo Commercial Real Estate Finance, Inc., 4.750%, 08/23/22 (±) | USD | 199 | $ | 199,124 | ||||||
| Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±) | USD | 1,550 | 1,612,000 | |||||||
| Array Technologies, Inc., 1.000%, 12/01/28 (±) | USD | 609 | 464,972 | |||||||
| Avadel Finance Cayman Ltd., 4.500%, 02/10/23 | USD | 610 | 605,488 | |||||||
| Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±) | USD | 891 | 898,039 | |||||||
| Avaya Holdings Corp., 2.250%, 06/15/23 (±) | USD | 1,192 | 1,160,412 | |||||||
| Avid SPV LLC, 1.250%, 03/15/26 (±) | USD | 961 | 1,177,597 | |||||||
| Bandwidth, Inc., 0.500%, 04/01/28 (±) | USD | 975 | 643,988 | |||||||
| Bentley Systems, Inc., 0.375%, 07/01/27 (±) | USD | 977 | 852,921 | |||||||
| BEYOND MEAT, Inc, 0.000%, 03/15/27 (±) | USD | 407 | 243,712 | |||||||
| BioMarin Pharmaceutical, Inc., 1.250%, 05/15/27 (±) | USD | 105 | 105,660 | |||||||
| Blackline Inc., 0.000%, 03/15/26 (±) | USD | 1,258 | 1,069,300 | |||||||
| Blackstone Mortgage, 5.500%, 03/15/27 (±) | USD | 136 | 134,300 | |||||||
| Bloom Energy Corp., 2.500%, 08/15/25 (±) | USD | 98 | 162,317 | |||||||
| Braemar Hotels & Resorts, Inc. REIT, 4.500%, 06/01/26 (±) | USD | 499 | 591,315 | |||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 375 | 600,938 | |||||||
| Chegg, Inc., 0.000%, 09/01/26 (±) | USD | 891 | 732,402 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 851 | 1,256,289 | |||||||
| CNX Resources Corp., 2.250%, 05/01/26 (±) | USD | 98 | 170,177 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 1,303 | 1,296,224 | |||||||
| Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±) | USD | 1,137 | 1,136,431 | |||||||
| Confluent, Inc., 0.000%, 01/15/27 (±) | USD | 879 | 730,889 | |||||||
| Coupa Software, Inc., 0.375%, 06/15/26 (±) | USD | 489 | 412,716 | |||||||
| Cutera Inc., 2.250%, 03/15/26 (±) | USD | 1,033 | 2,245,742 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Danimer Scientific, Inc., 3.250%, 12/15/26 (±) | USD | 642 | $ | 528,045 | ||||||
| DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±) | USD | 1,697 | 1,349,963 | |||||||
| DISH Network Corp.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 296 | 288,630 | |||||||
| 3.375%, 08/15/26 (±) | USD | 998 | 900,196 | |||||||
| DraftKings Inc., 0.000%, 03/15/28 (±) | USD | 127 | 91,885 | |||||||
| Dynavax Technologies Corp., 2.500%, 05/15/26 (±) | USD | 1,272 | 1,716,404 | |||||||
| Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±) | USD | 766 | 1,511,454 | |||||||
| Envestnet, Inc., 0.750%, 08/15/25 (±) | USD | 388 | 378,785 | |||||||
| Everbridge, Inc., 0.125%, 12/15/24 (±) | USD | 909 | 819,413 | |||||||
| Evolent Health Inc., 3.500%, 12/01/24 (±) | USD | 207 | 379,742 | |||||||
| Exact Sciences Corp., 0.375%, 03/01/28 (±) | USD | 146 | 129,064 | |||||||
| EZCORP, Inc., 2.875%, 07/01/24 (±) | USD | 1,108 | 1,080,300 | |||||||
| Fastly Inc., 0.000%, 03/15/26 (±) | USD | 1,336 | 1,004,004 | |||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 1,721 | 1,457,472 | |||||||
| Fiverr International, Ltd., 0.000%, 11/01/25 (±) | USD | 1,255 | 1,071,142 | |||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 1,346 | 913,261 | |||||||
| Global Blood Therapeutics, Inc., 1.875%, 12/15/28 (±) | USD | 82 | 107,707 | |||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 876 | 703,866 | |||||||
| Granite Construction, Inc., 2.750%, 11/01/24 (±) | USD | 562 | 669,202 | |||||||
| Groupon, Inc., 1.125%, 03/15/26 (±) | USD | 1,318 | 1,044,869 | |||||||
| Guess?, Inc., 2.000%, 04/15/24 (±) | USD | 1,467 | 1,621,035 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 1,302 | 1,498,211 | |||||||
| Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±) | USD | 1,475 | 1,386,500 | |||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 2,578 | 2,557,118 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 889 | 881,266 | |||||||
| Innoviva Inc., 2.130%, 03/15/28 (±) | USD | 799 | 801,397 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Innoviva, Inc., 2.125%, 01/15/23 (±) | USD | 600 | $ | 664,875 | ||||||
| Inotiv, Inc., 3.250%, 10/15/27 (±) | USD | 428 | 407,968 | |||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 952 | 922,488 | |||||||
| Intercept Pharmaceuticals, Inc., 3.500%, 02/15/26 (±) | USD | 940 | 1,016,165 | |||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 (±) | USD | 668 | 624,646 | |||||||
| JetBlue Airways Corp., 0.500%, 04/01/26 (±) | USD | 310 | 289,986 | |||||||
| JPMorgan Chase Bank NA, 0.000%, 12/28/23 (±) | USD | 1,300 | 1,253,850 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 1,515 | 1,562,419 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 989 | 837,941 | |||||||
| KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±) | USD | 878 | 912,023 | |||||||
| LendingTree, Inc., 0.500%, 07/15/25 (±) | USD | 1,222 | 1,006,622 | |||||||
| Liberty Broadband Corp.: | ||||||||||
| 1.250%, 09/30/50 (±) | USD | 1,489 | 1,433,162 | |||||||
| 2.750%, 09/30/50 (±) | USD | 1,575 | 1,557,320 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 1,218 | 827,927 | |||||||
| 3.750%, 02/15/30 (±) | USD | 1,849 | 1,275,903 | |||||||
| Liberty Media Corp.: | ||||||||||
| 2.125%, 03/31/48 (±) | USD | 2,111 | 2,134,221 | |||||||
| 2.750%, 12/01/49 (±) | USD | 1,911 | 1,912,412 | |||||||
| LivePerson, Inc., 0.000%, 12/15/26 (±) | USD | 124 | 98,900 | |||||||
| Lucid Group, Inc., 1.250%, 12/15/26 (±) | USD | 1,982 | 1,529,597 | |||||||
| Luminar Technologies, Inc., 1.250%, 12/15/26 (±) | USD | 828 | 838,204 | |||||||
| Magnite Inc., 0.250%, 03/15/26 (±) | USD | 871 | 692,544 | |||||||
| MannKind Corp., 2.500%, 03/01/26 (±) | USD | 1,306 | 1,293,593 | |||||||
| Marathon Digital Holdings, Inc., 1.000%, 12/01/26 (±) | USD | 577 | 409,959 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 658 | 707,679 | |||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 582 | 584,183 | |||||||
| MP Materials Corp., 0.250%, 04/01/26 (±) | USD | 1,029 | 1,500,796 | |||||||
| NanoString Technologies, Inc., 2.625%, 03/01/25 (±) | USD | 883 | 977,923 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| NCL Corp. , Ltd., | ||||||||||
| 1.125%, 02/15/27 (±) | USD | 1,621 | $ | 1,497,804 | ||||||
| 2.500%, 02/15/27 (±) | USD | 563 | 538,791 | |||||||
| Nutanix, Inc., 0.250%, 10/01/27 (±) | USD | 1,302 | 1,091,239 | |||||||
| NuVasive, Inc.: | ||||||||||
| 1.000%, 06/01/23 (±) | USD | 2,417 | 2,401,894 | |||||||
| 0.375%, 03/15/25 (±) | USD | 757 | 731,924 | |||||||
| Omeros Corp., 5.250%, 02/15/26 (±) | USD | 1,003 | 737,832 | |||||||
| Opendoor Technologies, Inc. REIT, 0.250%, 08/15/26 (±) | USD | 1,692 | 1,324,836 | |||||||
| OSI Systems, Inc., 1.250%, 09/01/22 (±) | USD | 1,618 | 1,639,236 | |||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 618 | 768,638 | |||||||
| PAR Technology Corp., 1.500%, 10/15/27 (±) | USD | 954 | 840,951 | |||||||
| Parsons Corp., 0.250%, 08/15/25 (±) | USD | 368 | 389,384 | |||||||
| Patrick Industries, Inc., 1.000%, 02/01/23 (±) | USD | 564 | 565,974 | |||||||
| Peabody Energy Corp., 3.250%, 03/01/28 (±) | USD | 3,062 | 4,507,122 | |||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 1,135 | 1,306,952 | |||||||
| Peloton Interactive Inc., 0.000%, 02/15/26 (±) | USD | 126 | 104,738 | |||||||
| PennyMac Corp., 5.500%, 03/15/26 (±) | USD | 2,057 | 1,973,434 | |||||||
| PennyMac Corp., 5.500%, 11/01/24 (±) | USD | 669 | 665,237 | |||||||
| PetIQ, Inc., 4.000%, 06/01/26 (±) | USD | 694 | 830,631 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (±) | USD | 1,669 | 1,114,057 | |||||||
| PRA Group, Inc., 3.500%, 06/01/23 (±) | USD | 2,281 | 2,534,761 | |||||||
| Pure Storage, Inc., 0.125%, 04/15/23 (±) | USD | 489 | 683,622 | |||||||
| Radius Global Infrastructure, Inc., 2.500%, 09/15/26 (±) | USD | 868 | 822,430 | |||||||
| Rapid7 Inc., 0.250%, 03/15/27 (±) | USD | 538 | 671,693 | |||||||
| Realogy Group LLC, 0.250%, 06/15/26 (±) | USD | 608 | 557,080 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 1,069 | 719,972 | |||||||
| Redwood Trust, Inc., 4.750%, 08/15/23 (±) | USD | 2,114 | 2,094,961 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Repay Holdings Corp., 0.000%, 02/01/26 (±) | USD | 978 | $ | 818,586 | ||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27 (±) | USD | 1,156 | 1,087,362 | |||||||
| RingCentral, Inc., 0.000%, 03/01/25 (±) | USD | 1,705 | 1,491,022 | |||||||
| Royal Caribbean Cruises, Ltd., 2.875%, 11/15/23 (±) | USD | 1,305 | 1,584,270 | |||||||
| Shift Technologies, Inc., 4.750%, 05/15/26 (±) | USD | 850 | 510,000 | |||||||
| SmileDirectClub, Inc., 0.000%, 02/01/26 (±) | USD | 763 | 268,106 | |||||||
| Snap Inc., 0.125%, 03/01/28 (±) | USD | 1,399 | 1,396,901 | |||||||
| SoFi Technologies, Inc., 0.000%, 10/15/26 (±) | USD | 914 | 740,934 | |||||||
| SPOTIFY USA, Inc.,Co., 0.000%, 03/15/26 (±) | USD | 1,220 | 1,045,700 | |||||||
| Starwood Property Trust, Inc., 4.375%, 04/01/23 (±) | USD | 792 | 812,790 | |||||||
| Stride, Inc., 1.125%, 09/01/27 (±) | USD | 651 | 649,047 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 1,250 | 1,313,750 | |||||||
| Sunnova Energy International, Inc., 0.250%, 12/01/26 (±) | USD | 783 | 704,113 | |||||||
| SunPower Corp., 4.000%, 01/15/23 (±) | USD | 861 | 983,693 | |||||||
| Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±) | USD | 702 | 526,189 | |||||||
| Tandem Diabetes Care, Inc., 1.500%, 05/01/25 (±) | USD | 443 | 553,307 | |||||||
| TechTarget, Inc., 0.000%, 12/15/26 (±) | USD | 779 | 706,943 | |||||||
| The Beauty Health Co., 1.250%, 10/01/26 (±) | USD | 1,565 | 1,427,661 | |||||||
| The Chefs’ Warehouse, Inc.: | ||||||||||
| 1.875%, 12/01/24 (±) | USD | 572 | 604,890 | |||||||
| 1.875%, 12/01/24 (#), (±) | USD | 2,158 | 2,282,085 | |||||||
| The Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 1,471 | 1,702,215 | |||||||
| The Marcus Corp., 5.000%, 09/15/25 (±) | USD | 718 | 1,309,452 | |||||||
| Travere Therapeutics Inc., 2.250%, 03/01/29 (±) | USD | 682 | 725,989 | |||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 1,387 | 1,378,331 | |||||||
| United States Steel Corp., 5.000%, 11/01/26 (±) | USD | 1,984 | 5,806,176 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Unity Software, Inc., 0.000%, 11/15/26 (±) | USD | 1,001 | $ | 825,074 | ||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 976 | 832,626 | |||||||
| Upwork, Inc., 0.250%, 08/15/26 (±) | USD | 978 | 803,427 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 1,307 | 1,654,989 | |||||||
| Veeco Instruments Inc., 3.750%, 06/01/27 (±) | USD | 484 | 1,018,530 | |||||||
| Veritone, Inc., 1.750%, 11/15/26 (±) | USD | 855 | 734,450 | |||||||
| Virgin Galactic Holdings Inc., 2.500%, 02/01/27 (±) | USD | 511 | 493,371 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 1,098 | 1,096,682 | |||||||
| Vroom, Inc., 0.750%, 07/01/26 (±) | USD | 294 | 137,398 | |||||||
| Wayfair, Inc., 0.625%, 10/01/25 (±) | USD | 1,375 | 1,135,750 | |||||||
| Xometry Inc., 1.000%, 02/01/27 (±) | USD | 798 | 732,165 | |||||||
| Zogenix, Inc., 2.750%, 10/01/27 (±) | USD | 1,630 | 2,064,069 | |||||||
| 151,381,342 | ||||||||||
| Total Convertible Corporate Bonds (Cost $173,794,480) |
168,654,071 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Purchased Options | 0.1% | ||||||||||||||||
| Call | ||||||||||||||||
| Carnival Corp.,Expires 04/14/22 | MSC | 117 | $ | 23 | $ | 11,700 | $ | 2,340 | ||||||||
| iShares iBoxx High Yield Corporate Bond ETF, Expires 04/08/22 | MSC | 157 | 84 | 15,700 | 314 | |||||||||||
| Put | ||||||||||||||||
| American Airlines Group, Inc.,Expires 01/20/23 | MSC | 7 | 10 | 700 | 469 | |||||||||||
| Invesco QQQ Trust, Expires 06/17/22 | MSC | 8 | 345 | 800 | 8,432 | |||||||||||
| Invesco QQQ Trust, Expires 04/29/22 | MSC | 59 | 344 | 5900 | 23,364 | |||||||||||
| Invesco QQQ Trust Expires 04/29/22, | MSC | 87 | 355 | 8700 | 58,116 | |||||||||||
| SPDR S&P 500 ETF Trust, Expires 04/29/22 | MSC | 58 | 442 | 5800 | 27,145 | |||||||||||
| SPDR S&P 500 ETF Trust, Expires 04/29/22 | MSC | 59 | 434 | 5,900 | 23,187 | |||||||||||
| Total Purchased Options (Cost $186,461) | 143,367 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Short-Term Investments | 8.8% | ||||||||
| State Street Institutional Treasury Money
Market Fund, Premier Class, 0.17% (7 day yield) (Cost $9,080,454) | 9,080,454 | $ | 9,080,454 | |||||
| Total Investments excluding Securities Sold Short | 172.5% (Cost $183,444,554) | $ | 178,259,407 | ||||||
| Securities Sold Short | (85.2)% | ||||||||
| Common Stocks | (52.5)% | ||||||||
| Australia | 0.0% | ||||||||
| Zip Co., Ltd. | (22,985) | $ | (24,687) | |||||
| Austria | (0.1)% | ||||||||
| ams-OSRAM AG | (7,685) | (117,485) | ||||||
| Brazil | (0.1)% | ||||||||
| Gol Linhas Aereas Inteligentes SA ADR | (10,461) | (75,319) | ||||||
| Canada | (1.4)% | ||||||||
| Canopy Growth Corp. | (1,324) | (10,040) | ||||||
| Dye & Durham, Ltd. | (4,536) | (93,213) | ||||||
| Ivanhoe Mines, Ltd., Class A | (90,505) | (844,129) | ||||||
| Lithium Americas Corp. | (12,208) | (469,886) | ||||||
| NFI Group, Inc. | (5,291) | (67,463) | ||||||
| Osisko Gold Royalties, Ltd. | (1,812) | (23,901) | ||||||
| (1,508,632) | ||||||||
| China | (0.6)% | ||||||||
| Li Auto, Inc. ADR | (20,103) | (518,858) | ||||||
| NIO, Inc. ADR | (3,310) | (69,676) | ||||||
| (588,534) | ||||||||
| Denmark | (0.2)% | ||||||||
| Ascendis Pharma AS ADR | (1,664) | (195,287) | ||||||
| Hong Kong | (0.6)% | ||||||||
| Cathay Pacific Airways, Ltd. | (602,600) | (591,374) | ||||||
| Netherlands | (0.1)% | ||||||||
| Pharming Group NV | (61,270) | (53,801) | ||||||
| Panama | (0.9)% | ||||||||
| Copa Holdings SA, Class A | (11,823) | (988,876) | ||||||
| Saudi Arabia | (0.2)% | ||||||||
| Delivery Hero SE | (4,511) | (198,702) | ||||||
| Taiwan | (0.1)% | ||||||||
| Sea, Ltd. ADR | (749) | (89,723) | ||||||
| United Kingdom | 0.0% | ||||||||
| Just Eat Takeaway.com NV | (925) | (31,048) | ||||||
| Description | Shares | Fair Value | ||||||
| United States | (48.2)% | ||||||||
| 1Life Healthcare, Inc. | (5,583 | ) | $ | (61,860 | ) | |||
| Aerie Pharmaceuticals, Inc. | (9,674 | ) | (88,033 | ) | ||||
| Affirm Holdings, Inc. | (2,862 | ) | (132,453 | ) | ||||
| Air Transport Services Group, Inc. | (17,142 | ) | (573,400 | ) | ||||
| Airbnb, Inc., Class A | (86 | ) | (14,771 | ) | ||||
| Alphatec Holdings, Inc. | (21,499 | ) | (247,238 | ) | ||||
| Alteryx, Inc., Class A | (1,131 | ) | (80,900 | ) | ||||
| American Airlines Group, Inc. | (37,278 | ) | (680,323 | ) | ||||
| Amyris, Inc. | (92,587 | ) | (403,679 | ) | ||||
| Arbor Realty Trust, Inc. REIT | (527 | ) | (8,991 | ) | ||||
| Array Technologies, Inc. | (20,532 | ) | (231,396 | ) | ||||
| Avadel Pharmaceuticals PLC ADR (^) | (74,791 | ) | (510,823 | ) | ||||
| Avaya Holdings Corp. | (6,019 | ) | (76,261 | ) | ||||
| Avid Bioservices, Inc. | (34,869 | ) | (710,282 | ) | ||||
| Bandwidth, Inc., Class A | (1,927 | ) | (62,416 | ) | ||||
| Bentley Systems, Inc., Class B | (1,208 | ) | (53,369 | ) | ||||
| BioMarin Pharmaceutical, Inc. | (132 | ) | (10,177 | ) | ||||
| Blackline, Inc. | (2,013 | ) | (147,392 | ) | ||||
| Bloom Energy Corp. | (5,224 | ) | (126,160 | ) | ||||
| Braemar Hotels & Resorts, Inc. | (54,379 | ) | (336,062 | ) | ||||
| Century Aluminum Co. | (17,787 | ) | (467,976 | ) | ||||
| Charter Communications, Inc., Class A | (122 | ) | (66,553 | ) | ||||
| Chegg, Inc. | (1,772 | ) | (64,288 | ) | ||||
| Cinemark Holdings, Inc. | (27,756 | ) | (479,624 | ) | ||||
| CNX Resources Corp. | (6,404 | ) | (132,691 | ) | ||||
| Coherus Biosciences, Inc. | (44,412 | ) | (573,359 | ) | ||||
| Collegium Pharmaceutical, Inc. | (26,053 | ) | (530,439 | ) | ||||
| Confluent, Inc. Class A | (3,714 | ) | (152,274 | ) | ||||
| Coupa Software, Inc. | (449 | ) | (45,632 | ) | ||||
| Cutera, Inc. | (28,743 | ) | (1,983,267 | ) | ||||
| Danimer Scientific, Inc. | (46,632 | ) | (273,263 | ) | ||||
| DigitalOcean Holdings, Inc. | (3,443 | ) | (199,178 | ) | ||||
| DISH Network Corp., Class A | (10,202 | ) | (322,893 | ) | ||||
| DraftKings, Inc., Class A | (649 | ) | (12,636 | ) | ||||
| Dynavax Technologies Corp. | (97,365 | ) | (1,055,437 | ) | ||||
| Eagle Bulk Shipping, Inc. | (20,356 | ) | (1,386,447 | ) | ||||
| Envestnet, Inc. | (1,422 | ) | (105,854 | ) | ||||
| Everbridge, Inc. | (2,529 | ) | (110,366 | ) | ||||
| Evolent Health, Inc., Class A | (10,270 | ) | (331,721 | ) | ||||
| Exact Sciences Corp. | (735 | ) | (51,391 | ) | ||||
| EZCORP, Inc. Class A | (44,781 | ) | (270,477 | ) | ||||
| Fastly, Inc., Class A | (3,970 | ) | (68,999 | ) | ||||
| Fisker, Inc. | (45,264 | ) | (583,906 | ) | ||||
| Fiverr International, Ltd. | (1,241 | ) | (94,403 | ) | ||||
| fuboTV, Inc. | (9,601 | ) | (63,079 | ) | ||||
| Global Blood Therapeutics, Inc. | (2,216 | ) | (76,762 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Gossamer Bio, Inc. | (53,970 | ) | $ | (468,460 | ) | |||
| Granite Construction, Inc. | (11,484 | ) | (376,675 | ) | ||||
| Groupon, Inc. | (8,372 | ) | (160,994 | ) | ||||
| Guess?, Inc. | (9,593 | ) | (209,607 | ) | ||||
| Helix Energy Solutions Group, Inc. | (134,226 | ) | (641,600 | ) | ||||
| Herbalife Nutrition, Ltd. | (3,154 | ) | (95,755 | ) | ||||
| Hope Bancorp, Inc. | (10,080 | ) | (162,086 | ) | ||||
| I3 Verticals, Inc., Class A | (12,366 | ) | (344,517 | ) | ||||
| Innoviva, Inc. | (38,358 | ) | (742,227 | ) | ||||
| Inotiv, Inc. | (6,646 | ) | (173,992 | ) | ||||
| Insmed, Inc. | (21,986 | ) | (516,671 | ) | ||||
| Intercept Pharmaceuticals, Inc. | (38,037 | ) | (618,862 | ) | ||||
| Ionis Pharmaceuticals, Inc. | (6,375 | ) | (236,130 | ) | ||||
| JetBlue Airways Corp. | (4,670 | ) | (69,816 | ) | ||||
| Karyopharm Therapeutics, Inc. | (36,176 | ) | (266,617 | ) | ||||
| KKR Real Estate Finance Trust, Inc. REIT | (2,012 | ) | (41,467 | ) | ||||
| LendingTree, Inc. | (730 | ) | (87,359 | ) | ||||
| LivePerson, Inc. | (594 | ) | (14,505 | ) | ||||
| Lucid Group, Inc. | (20,857 | ) | (529,768 | ) | ||||
| Luminar Technologies, Inc. | (33,398 | ) | (522,011 | ) | ||||
| Magnite, Inc. | (3,190 | ) | (42,140 | ) | ||||
| MannKind Corp. | (177,417 | ) | (652,895 | ) | ||||
| Marathon Digital Holdings, Inc. | (5,228 | ) | (146,123 | ) | ||||
| Mesa Laboratories, Inc. | (19 | ) | (4,843 | ) | ||||
| Mitek Systems, Inc. | (18,331 | ) | (268,916 | ) | ||||
| MP Materials Corp. | (10,954 | ) | (628,102 | ) | ||||
| NanoString Technologies, Inc. | (11,657 | ) | (405,081 | ) | ||||
| Norwegian Cruise Line Holdings, Ltd. | (39,312 | ) | (860,147 | ) | ||||
| Nutanix, Inc., Class A | (7,875 | ) | (211,207 | ) | ||||
| NuVasive, Inc. | (9,297 | ) | (527,140 | ) | ||||
| Omeros Corp. | (41,775 | ) | (251,068 | ) | ||||
| Opendoor Technologies, Inc. | (50,425 | ) | (436,176 | ) | ||||
| OSI Systems, Inc. | (841 | ) | (71,586 | ) | ||||
| Pacira BioSciences, Inc. | (5,993 | ) | (457,386 | ) | ||||
| PAR Technology Corp. | (7,871 | ) | (317,516 | ) | ||||
| Parsons Corp. | (3,683 | ) | (142,532 | ) | ||||
| Peabody Energy Corp. | (135,952 | ) | (3,334,903 | ) | ||||
| Peloton Interactive, Inc., Class A | (37 | ) | (978 | ) | ||||
| PennyMac Mortgage Investment Trust REIT | (12,296 | ) | (207,679 | ) | ||||
| PetIQ, Inc. | (15,862 | ) | (387,033 | ) | ||||
| Porch Group, Inc. | (34,250 | ) | (237,866 | ) | ||||
| PRA Group, Inc. | (24,117 | ) | (1,087,194 | ) | ||||
| Pure Storage, Inc., Class A | (14,561 | ) | (514,149 | ) | ||||
| Radius Global Infrastructure, Inc. | (21,749 | ) | (310,576 | ) | ||||
| Rapid7, Inc. | (4,044 | ) | (449,855 | ) | ||||
| Realogy Holdings Corp. | (16,447 | ) | (257,889 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Redfin Corp. | (5,239 | ) | $ | (94,512 | ) | |||
| Repay Holdings Corp. | (13,133 | ) | (193,974 | ) | ||||
| Revance Therapeutics, Inc. | (25,485 | ) | (496,957 | ) | ||||
| RingCentral, Inc., Class A | (398 | ) | (46,650 | ) | ||||
| Royal Caribbean Cruises, Ltd. | (11,238 | ) | (941,520 | ) | ||||
| Shift Technologies, Inc. | (80,552 | ) | (177,214 | ) | ||||
| SmileDirectClub, Inc. | (34,628 | ) | (89,686 | ) | ||||
| Snap, Inc., Class A | (15,294 | ) | (550,431 | ) | ||||
| SoFi Technologies, Inc. | (19,246 | ) | (181,875 | ) | ||||
| Spotify Technology SA | (282 | ) | (42,588 | ) | ||||
| Starwood Property Trust, Inc. REIT | (3,329 | ) | (80,462 | ) | ||||
| Stride, Inc. | (8,769 | ) | (318,578 | ) | ||||
| Summit Hotel Properties, Inc. REIT | (63,212 | ) | (629,591 | ) | ||||
| Sunnova Energy International, Inc. | (19,388 | ) | (447,087 | ) | ||||
| SunPower Corp. | (19,258 | ) | (413,662 | ) | ||||
| Tabula Rasa HealthCare, Inc. | (1,852 | ) | (10,667 | ) | ||||
| Tandem Diabetes Care, Inc. | (2,849 | ) | (331,310 | ) | ||||
| TechTarget, Inc. | (3,425 | ) | (278,384 | ) | ||||
| The Beauty Health Co. | (14,065 | ) | (237,417 | ) | ||||
| The Chefs’ Warehouse, Inc. | (34,944 | ) | (1,139,174 | ) | ||||
| The Greenbrier Cos., Inc. | (4,132 | ) | (212,839 | ) | ||||
| The Marcus Corp. | (59,659 | ) | (1,055,964 | ) | ||||
| Travere Therapeutics, Inc. | (14,941 | ) | (385,030 | ) | ||||
| Two Harbors Investment Corp. REIT | (25,158 | ) | (139,124 | ) | ||||
| United States Steel Corp. | (140,044 | ) | (5,285,261 | ) | ||||
| Unity Software, Inc. | (1,033 | ) | (102,484 | ) | ||||
| Upstart Holdings, Inc. | (1,577 | ) | (172,035 | ) | ||||
| Upwork, Inc. | (5,426 | ) | (126,100 | ) | ||||
| Varex Imaging Corp. | (46,583 | ) | (991,752 | ) | ||||
| Veeco Instruments, Inc. | (31,508 | ) | (856,703 | ) | ||||
| Veritone, Inc. | (16,324 | ) | (298,403 | ) | ||||
| Virgin Galactic Holdings, Inc. | (35,410 | ) | (349,851 | ) | ||||
| Vishay Intertechnology, Inc. | (1,622 | ) | (31,791 | ) | ||||
| Vroom, Inc. | (3,046 | ) | (8,102 | ) | ||||
| Wayfair, Inc., Class A | (1,026 | ) | (113,660 | ) | ||||
| Xometry, Inc. | (10,585 | ) | (388,999 | ) | ||||
| Zogenix Inc. (¢) | (36,914 | ) | (25,101 | ) | ||||
| (49,793,938 | ) | |||||||
| Total Common Stock (Proceeds $52,933,236) | (54,257,406 | ) | ||||||
| Exchange-Traded Funds | (1.3)% | ||||||||
| United States | (1.3)% | ||||||||
| iShares iBoxx High Yield Corporate Bond ETF (Proceeds $1,360,984) | (16,204 | ) | (1,333,427 | ) | ||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| US Treasury Securities | (31.4)% | ||||||||||
| U.S. Treasury Bill 0.000%, 04/19/22 | USD | (32,167 | ) | $ | (32,164,768) | |||||
| U.S. Treasury Note 1.375%, 11/15/31 | USD | (287 | ) | (263,323) | ||||||
| (Proceeds $32,448,635) | (32,428,091) | |||||||||
| Total Securities Sold Short (Proceeds $86,742,855) | (88,018,924) | |||||||||
| Total Investments | 87.3% (Cost and short proceeds $96,701,699) (») | $ | 90,240,483 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 12.7% | 13,113,491 | |||||||||
| Net Assets | 100.0% | $ | 103,353,974 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Forward Currency Contracts open at March 31, 2022: | ||||||||||||||||||
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||
| EUR | 1,068,000 | USD | 1,177,237 | SSB | 06/29/22 | $ | 8,262 | $ | — | |||||||||
| USD | 344,021 | AUD | 462,000 | SSB | 06/29/22 | — | 2,221 | |||||||||||
| USD | 1,727,271 | CAD | 2,173,000 | SSB | 06/29/22 | — | 10,533 | |||||||||||
| USD | 5,151,336 | EUR | 4,653,000 | SSB | 06/29/22 | — | 13,577 | |||||||||||
| USD | 829,476 | HKD | 6,485,000 | SSB | 06/29/22 | 496 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 8,758 | $ | 26,331 | ||||||||||||||
| Written Options open at March 31, 2022: | ||||||||||||||||||||||
| Description | Counterparty | Number of Contracts |
Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value |
|||||||||||||||
| Put | ||||||||||||||||||||||
| Invesco QQQ Trust | MSC | 7 | $ | 305.00 | 06/17/22 | $ | 700 | $ | 3,171 | $ | (2,492 | ) | ||||||||||
| Invesco QQQ Trust | MSC | 87 | 335.00 | 04/29/22 | 8,700 | 20,499 | (24,534 | ) | ||||||||||||||
| SPDR S&P 500 ETF Trust | MSC | 58 | 422.00 | 04/29/22 | 5,800 | 11,338 | (12,470 | ) | ||||||||||||||
| Total Written Options | 152 | $ | 35,008 | $ | (39,496 | ) | ||||||||||||||||
Total Return Swap Agreements open at March 31, 2022:
| Currency | Counterparty | Notional Amount | Expiration Date |
Reference Entity^ | Rate* | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
| USD | BOA | $ | 840,290 | 10/21/22 - 10/27/22 | Arbor Realty Trust, Inc. REIT | 0.08 | % | $ | 120,478 | $ | — | |||||||||
| USD | BOA | 313,869 | 09/30/22 | The Beauty Health Co. | 0.08 | 109,841 | — | |||||||||||||
| USD | BOA | 149,009 | 10/21/22 - 10/27/22 | Bentley Systems, Inc., Class B | 0.08 | 36,129 | — | |||||||||||||
| USD | BOA | 125,046 | 09/30/22 | Beyond Meat, Inc. | 0.08 | 67,654 | — | |||||||||||||
| USD | BOA | 409,192 | 09/26/22 - 09/30/22 | Cinemark Holdings, Inc. | 0.08 | 33,888 | — | |||||||||||||
| USD | BOA | 253,109 | 09/30/22 | Fisker, Inc. | 0.08 | 30,197 | — | |||||||||||||
| USD | BOA | 58,394 | 09/26/22 | Gol Linhas Aereas Inteligentes AS ADR | 0.08 | 7,230 | — | |||||||||||||
| USD | BOA | 703,515 | 09/26/22 - 10/21/22 | The Greenbrier Cos., Inc. | 0.08 | — | 96,641 | |||||||||||||
| USD | BOA | 526,119 | 10/21/22 - 10/27/22 | Guess?, Inc. | 0.08 | — | 37,873 | |||||||||||||
| USD | BOA | 168,677 | 09/30/22 - 10/27/22 | Hope Bancorp, Inc. | 0.08 | — | 18,799 | |||||||||||||
| USD | BOA | 82,501 | 09/30/22 | Kaleyra, Inc. | 0.08 | 37,681 | — | |||||||||||||
| USD | BOA | 260,280 | 09/26/22 - 10/27/22 | KKR Real Estate Finance Trust, Inc. REIT | 0.08 | 21,575 | — | |||||||||||||
| USD | BOA | 471,194 | 09/26/22 - 10/27/22 | Mesa Laboratories, Inc. | 0.08 | 84,286 | — | |||||||||||||
| USD | BOA | 282,571 | 09/30/22 | MP Materials Corp. | 0.08 | — | 220,186 | |||||||||||||
| USD | BOA | 275,782 | 10/25/22 | Patrick Industries, Inc. | 0.08 | 66,360 | — | |||||||||||||
| USD | BOA | 816,302 | 09/26/22 - 10/21/22 | Pebblebrook Hotel Trust | 0.08 | — | 67,205 | |||||||||||||
| USD | BOA | 540,020 | 10/21/22 - 10/27/22 | PennyMac Mortgage Investment Trust REIT | 0.08 | 93,449 | — | |||||||||||||
| USD | BOA | 137,337 | 09/26/22 - 10/21/22 | Redwood Trust, Inc. | 0.08 | 27,351 | — | |||||||||||||
| USD | BOA | 888,954 | 09/26/22 - 10/21/22 | Sirius XM Holdings, Inc. | 0.08 | — | 77,282 | |||||||||||||
| USD | BOA | 141,921 | 10/21/22 - 10/27/22 | Starwood Property Trust, Inc. REIT | 0.08 | 8,865 | — | |||||||||||||
| USD | BOA | 261,412 | 10/21/22 | Two Harbors Investment Corp. REIT | 0.08 | 47,168 | — | |||||||||||||
| USD | BOA | 50,850 | 10/21/22 - 11/1/22 | Vishay Intertechnology, Inc. | 0.08 | 772 | — | |||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 792,924 | $ | 517,986 | ||||||||||||||||
| ^ | The Portfolio receives depreciation of the referenced entity. |
| * | The Portfolio pays appreciation and dividends, as well as financing charges at the referenced rate. |
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 41.4% | ||||||||
| Australia | 0.9% | ||||||||
| AGL Energy, Ltd. | 2,497 | $ | 14,393 | |||||
| BHP Group, Ltd. | 696 | 27,109 | ||||||
| Charter Hall Group REIT | 671 | 8,147 | ||||||
| Charter Hall Long Wale REIT | 929 | 3,680 | ||||||
| CSL, Ltd. | 143 | 28,399 | ||||||
| Dexus REIT | 3,166 | 25,766 | ||||||
| Healius, Ltd. | 2,340 | 7,620 | ||||||
| Northern Star Resources, Ltd. | 510 | 4,042 | ||||||
| Rio Tinto PLC | 277 | 21,973 | ||||||
| Rio Tinto, Ltd. | 181 | 16,034 | ||||||
| Sandfire Resources Ltd. | 1,890 | 7,980 | ||||||
| Shopping Centres Australasia Property Group REIT | 1,622 | 3,516 | ||||||
| WiseTech Global, Ltd. | 182 | 6,857 | ||||||
| 175,516 | ||||||||
| Belgium | 0.1% | ||||||||
| Proximus SADP | 214 | 3,983 | ||||||
| UCB SA (*) | 28 | 3,352 | ||||||
| Warehouses De Pauw CVA REIT | 132 | 5,688 | ||||||
| 13,023 | ||||||||
| Canada | 1.8% | ||||||||
| Alimentation Couche-Tard, Inc. | 149 | 6,712 | ||||||
| Birchcliff Energy, Ltd. | 1,570 | 10,499 | ||||||
| CAE, Inc. (*) | 692 | 18,047 | ||||||
| Canadian National Railway Co. | 236 | 31,657 | ||||||
| Canadian Natural Resources, Ltd. | 245 | 15,170 | ||||||
| Empire Co., Ltd., Class A | 267 | 9,470 | ||||||
| Granite Real Estate Investment Trust | 137 | 10,562 | ||||||
| H&R Real Estate Investment Trust | 912 | 9,520 | ||||||
| Hydro One, Ltd. | 319 | 8,594 | ||||||
| Loblaw Cos., Ltd. | 542 | 48,635 | ||||||
| Metro, Inc. | 354 | 20,377 | ||||||
| NuVista Energy, Ltd. (*) | 1,393 | 11,778 | ||||||
| Quebecor, Inc., Class B | 156 | 3,719 | ||||||
| Shopify, Inc., Class A (*) | 7 | 4,734 | ||||||
| Suncor Energy, Inc. | 1,149 | 37,407 | ||||||
| The Toronto-Dominion Bank | 418 | 33,198 | ||||||
| Thomson Reuters Corp. | 173 | 18,783 | ||||||
| Tourmaline Oil Corp. | 856 | 39,440 | ||||||
| 338,302 | ||||||||
| China | 0.3% | ||||||||
| NXP Semiconductors NV | 155 | 28,687 | ||||||
| SITC International Holdings Co., Ltd. | 6,000 | 21,180 | ||||||
| Description | Shares | Fair Value | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. | 6,200 | $ | 6,975 | |||||
| 56,842 | ||||||||
| Denmark | 0.3% | ||||||||
| AP Moller-Maersk A/S, Class B | 2 | 6,028 | ||||||
| Carlsberg A/S, Class B Sponsored ADR | 869 | 21,169 | ||||||
| Novo Nordisk A/S, Class B | 271 | 30,012 | ||||||
| 57,209 | ||||||||
| France | 1.1% | ||||||||
| Arkema SA | 67 | 7,993 | ||||||
| BNP Paribas SA | 675 | 38,433 | ||||||
| Bureau Veritas SA ADR (*) | 318 | 18,116 | ||||||
| Cie de Saint-Gobain | 347 | 20,650 | ||||||
| Cie Generale des Etablissements Michelin SCA | 28 | 3,783 | ||||||
| Electricite de France SA | 1,052 | 9,911 | ||||||
| Hermes International | 2 | 2,837 | ||||||
| Legrand SA ADR | 926 | 17,557 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 161 | 22,955 | ||||||
| Orange SA | 799 | 9,448 | ||||||
| Pernod Ricard SA Sponsored ADR | 509 | 22,299 | ||||||
| Societe Generale SA | 578 | 15,463 | ||||||
| Thales SA Sponsored ADR | 891 | 22,355 | ||||||
| 211,800 | ||||||||
| Germany | 0.7% | ||||||||
| Allianz SE | 81 | 19,342 | ||||||
| Covestro AG | 227 | 11,470 | ||||||
| Daimler Truck Holding AG (*) | 181 | 5,028 | ||||||
| Deutsche Bank AG (*) | 649 | 8,287 | ||||||
| Deutsche Post AG | 986 | 47,346 | ||||||
| Mercedes-Benz Group AG | 77 | 5,408 | ||||||
| Merck KGaA Sponsored ADR | 555 | 23,205 | ||||||
| Nemetschek SE | 70 | 6,791 | ||||||
| 126,877 | ||||||||
| Hong Kong | 0.2% | ||||||||
| AIA Group, Ltd. Sponsored ADR | 498 | 20,836 | ||||||
| Orient Overseas International, Ltd. | 500 | 13,289 | ||||||
| Swire Pacific, Ltd., Class A | 1,000 | 6,102 | ||||||
| 40,227 | ||||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 6,374 | 10,917 | ||||||
| Perion Network, Ltd. (*) | 402 | 9,041 | ||||||
| ZIM Integrated Shipping Services, Ltd. | 162 | 11,779 | ||||||
| 31,737 | ||||||||
| Italy | 0.1% | ||||||||
| A2A SpA | 3,969 | 6,801 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Enel SpA | 1,015 | $ | 6,778 | |||||
| 13,579 | ||||||||
| Japan | 2.8% | ||||||||
| AGC, Inc. | 100 | 3,997 | ||||||
| Ajinomoto Co., Inc. | 100 | 2,840 | ||||||
| Chubu Electric Power Co., Inc. | 400 | 4,144 | ||||||
| Cosmo Energy Holdings Co., Ltd. | 400 | 8,633 | ||||||
| Dai-ichi Life Holdings, Inc. | 1,300 | 26,447 | ||||||
| Daiwa House Industry Co., Ltd. | 700 | 18,288 | ||||||
| Electric Power Development Co., Ltd. | 2,500 | 35,812 | ||||||
| ENEOS Holdings, Inc. | 5,100 | 19,168 | ||||||
| FUJIFILM Holdings Corp. | 100 | 6,118 | ||||||
| H.U. Group Holdings, Inc. | 300 | 7,127 | ||||||
| Japan Post Bank Co., Ltd. | 3,900 | 31,411 | ||||||
| Japan Post Holdings Co., Ltd. | 9,300 | 68,312 | ||||||
| Japan Post Insurance Co., Ltd. | 600 | 10,496 | ||||||
| Japan Real Estate Investment Corp. REIT | 1 | 5,240 | ||||||
| KDDI Corp. | 300 | 9,854 | ||||||
| Kyushu Electric Power Co., Inc. | 700 | 4,695 | ||||||
| Lawson, Inc. | 100 | 3,822 | ||||||
| McDonald’s Holdings Co. Japan, Ltd. | 300 | 12,495 | ||||||
| Mitsubishi Electric Corp. | 1,800 | 20,718 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 1,700 | 10,552 | ||||||
| Mitsui & Co., Ltd. | 300 | 8,172 | ||||||
| Mitsui Chemicals, Inc. | 500 | 12,595 | ||||||
| NGK Spark Plug Co., Ltd. | 400 | 6,437 | ||||||
| Nihon Kohden Corp. | 100 | 2,403 | ||||||
| Nintendo Co., Ltd. ADR | 438 | 27,555 | ||||||
| Nippon Express Holdings, Inc. | 100 | 6,874 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,811 | ||||||
| Nisshinbo Holdings, Inc. | 1,500 | 13,011 | ||||||
| Olympus Corp. Sponsored ADR (*) | 1,072 | 20,561 | ||||||
| Osaka Gas Co., Ltd. | 800 | 13,734 | ||||||
| Panasonic Corp. | 1,000 | 9,684 | ||||||
| Rengo Co., Ltd. | 500 | 3,197 | ||||||
| Shimano, Inc. ADR | 892 | 20,400 | ||||||
| Sumitomo Chemical Co., Ltd. | 3,200 | 14,669 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 200 | 6,383 | ||||||
| The Hachijuni Bank, Ltd. | 1,000 | 3,319 | ||||||
| Tohoku Electric Power Co., Inc. | 400 | 2,340 | ||||||
| Tokyo Gas Co., Ltd. | 1,000 | 18,318 | ||||||
| Toyota Motor Corp. | 500 | 8,957 | ||||||
| Yamazaki Baking Co., Ltd. | 300 | 3,688 | ||||||
| 518,277 | ||||||||
| Description | Shares | Fair Value | ||||||
| Malta | 0.0% | ||||||||
| Kindred Group PLC | 518 | $ | 5,652 | |||||
| Netherlands | 0.8% | ||||||||
| Adyen NV (*) | 3 | 5,927 | ||||||
| ASML Holding NV | 16 | 10,672 | ||||||
| Eurocommercial Properties NV REIT | 434 | 11,869 | ||||||
| EXOR NV | 129 | 9,839 | ||||||
| Shell PLC | 1,742 | 47,807 | ||||||
| Wolters Kluwer NV | 114 | 12,135 | ||||||
| Wolters Kluwer NV Sponsored ADR | 474 | 50,500 | ||||||
| 148,749 | ||||||||
| New Zealand | 0.1% | ||||||||
| Fisher & Paykel Healthcare Corp., Ltd. | 154 | 2,588 | ||||||
| Mainfreight, Ltd. | 50 | 2,891 | ||||||
| Spark New Zealand, Ltd. | 1,088 | 3,447 | ||||||
| 8,926 | ||||||||
| Norway | 0.1% | ||||||||
| Orkla ASA | 843 | 7,497 | ||||||
| Telenor ASA | 187 | 2,688 | ||||||
| 10,185 | ||||||||
| Portugal | 0.0% | ||||||||
| Jeronimo Martins SGPS SA (*) | 205 | 4,911 | ||||||
| South Africa | 0.0% | ||||||||
| Anglo American PLC | 72 | 3,713 | ||||||
| Spain | 0.2% | ||||||||
| Banco Santander SA | 2,074 | 7,037 | ||||||
| Corporacion Financiera Alba SA | 20 | 1,167 | ||||||
| Iberdrola SA (*) | 1,577 | 17,165 | ||||||
| Industria de Diseno Textil SA ADR | 1,152 | 12,557 | ||||||
| 37,926 | ||||||||
| Sweden | 0.6% | ||||||||
| Assa Abloy AB ADR | 1,345 | 18,077 | ||||||
| Epiroc AB ADR | 1,891 | 40,316 | ||||||
| Hexagon AB ADR | 2,435 | 34,066 | ||||||
| Lundin Energy AB | 413 | 17,509 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 617 | 5,645 | ||||||
| 115,613 | ||||||||
| Switzerland | 1.0% | ||||||||
| ABB, Ltd. Sponsored ADR | 909 | 29,397 | ||||||
| PSP Swiss Property AG | 56 | 7,350 | ||||||
| Roche Holding AG | 241 | 95,310 | ||||||
| Swatch Group AG ADR | 1,878 | 26,517 | ||||||
| Swisscom AG | 24 | 14,409 | ||||||
| Tecan Group AG | 6 | 2,365 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| UBS Group AG | 388 | $ | 7,580 | |||||
| 182,928 | ||||||||
| United Kingdom | 1.5% | ||||||||
| Barclays PLC | 8,695 | 16,891 | ||||||
| BP PLC | 2,179 | 10,649 | ||||||
| Coca-Cola Europacific Partners PLC | 434 | 21,097 | ||||||
| Diageo PLC Sponsored ADR | 285 | 57,895 | ||||||
| Howden Joinery Group PLC | 292 | 2,929 | ||||||
| HSBC Holdings PLC | 675 | 4,625 | ||||||
| J Sainsbury PLC | 1,824 | 6,040 | ||||||
| National Grid PLC | 430 | 6,605 | ||||||
| Natwest Group PLC | 6,087 | 17,128 | ||||||
| RELX PLC Sponsored ADR | 1,343 | 41,767 | ||||||
| SSE PLC | 217 | 4,969 | ||||||
| Standard Chartered PLC | 4,209 | 27,911 | ||||||
| Unilever PLC Sponsored ADR | 736 | 33,539 | ||||||
| Virgin Money UK PLC | 3,545 | 8,036 | ||||||
| Vodafone Group PLC | 8,440 | 13,847 | ||||||
| 273,928 | ||||||||
| United States | 28.6% | ||||||||
| Accenture PLC, Class A | 237 | 79,924 | ||||||
| Activision Blizzard, Inc. | 65 | 5,207 | ||||||
| Adobe, Inc. (*) | 24 | 10,935 | ||||||
| Adtalem Global Education, Inc. (*) | 201 | 5,972 | ||||||
| Advanced Micro Devices, Inc. (*) | 157 | 17,166 | ||||||
| AGCO Corp. | 47 | 6,863 | ||||||
| Agilent Technologies, Inc. | 75 | 9,925 | ||||||
| Akamai Technologies, Inc. (*) | 60 | 7,163 | ||||||
| Alleghany Corp. (*) | 5 | 4,235 | ||||||
| Allison Transmission Holdings, Inc. | 80 | 3,141 | ||||||
| Alphabet, Inc., Class A (*) | 31 | 86,222 | ||||||
| Alphabet, Inc., Class C (*) | 49 | 136,857 | ||||||
| Amazon.com, Inc. (*) | 37 | 120,618 | ||||||
| Amdocs, Ltd. | 79 | 6,495 | ||||||
| AMERCO | 21 | 12,536 | ||||||
| American Electric Power Co., Inc. | 77 | 7,682 | ||||||
| American Express Co. | 102 | 19,074 | ||||||
| American International Group, Inc. | 256 | 16,069 | ||||||
| AmerisourceBergen Corp. | 35 | 5,415 | ||||||
| Amgen, Inc. | 47 | 11,366 | ||||||
| AMN Healthcare Services, Inc. (*) | 52 | 5,425 | ||||||
| Amphenol Corp., Class A | 442 | 33,305 | ||||||
| Anthem, Inc. | 70 | 34,385 | ||||||
| Aon PLC, Class A | 176 | 57,311 | ||||||
| APA Corp. | 188 | 7,770 | ||||||
| Apple, Inc. | 2,008 | 350,617 | ||||||
| Description | Shares | Fair Value | ||||||
| Applied Materials, Inc. | 153 | $ | 20,165 | |||||
| Assurant, Inc. | 26 | 4,728 | ||||||
| Automatic Data Processing, Inc. | 56 | 12,742 | ||||||
| AutoZone, Inc. (*) | 14 | 28,624 | ||||||
| Avery Dennison Corp. | 94 | 16,353 | ||||||
| Bank of America Corp. | 803 | 33,100 | ||||||
| Baxter International, Inc. | 123 | 9,537 | ||||||
| Becton, Dickinson & Co. | 38 | 10,108 | ||||||
| Berkshire Hathaway, Inc., Class B (*) | 28 | 9,881 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 195 | 13,184 | ||||||
| Booz Allen Hamilton Holding Corp. | 379 | 33,291 | ||||||
| Boston Scientific Corp. (*) | 620 | 27,460 | ||||||
| Bristol-Myers Squibb Co. | 392 | 28,628 | ||||||
| Broadcom, Inc. | 65 | 40,929 | ||||||
| BRP, Inc. | 295 | 24,128 | ||||||
| Brunswick Corp. | 85 | 6,876 | ||||||
| Cadence Design Systems, Inc. (*) | 179 | 29,438 | ||||||
| Cboe Global Markets, Inc. | 24 | 2,746 | ||||||
| Cerner Corp. | 46 | 4,304 | ||||||
| CF Industries Holdings, Inc. | 106 | 10,924 | ||||||
| Charter Communications, Inc., Class A (*) | 23 | 12,547 | ||||||
| Chubb, Ltd. | 22 | 4,706 | ||||||
| Cigna Corp. | 52 | 12,460 | ||||||
| Cisco Systems, Inc. | 339 | 18,903 | ||||||
| Citigroup, Inc. | 318 | 16,981 | ||||||
| Citizens Financial Group, Inc. | 308 | 13,962 | ||||||
| CMS Energy Corp. | 53 | 3,707 | ||||||
| Cognizant Technology Solutions Corp., Class A | 582 | 52,188 | ||||||
| Colgate-Palmolive Co. | 261 | 19,792 | ||||||
| Comcast Corp., Class A | 624 | 29,216 | ||||||
| Corteva, Inc. | 65 | 3,736 | ||||||
| CorVel Corp. (*) | 25 | 4,211 | ||||||
| Costco Wholesale Corp. | 47 | 27,065 | ||||||
| Coterra Energy, Inc. | 359 | 9,682 | ||||||
| Crowdstrike Holdings, Inc., Class A (*) | 33 | 7,494 | ||||||
| CSG Systems International, Inc. | 64 | 4,068 | ||||||
| Cushman & Wakefield PLC (*) | 459 | 9,414 | ||||||
| CVS Health Corp. | 338 | 34,209 | ||||||
| D.R. Horton, Inc. | 47 | 3,502 | ||||||
| Danaher Corp. | 26 | 7,627 | ||||||
| Darden Restaurants, Inc. | 57 | 7,578 | ||||||
| Darling Ingredients, Inc. (*) | 85 | 6,832 | ||||||
| DaVita, Inc. (*) | 62 | 7,013 | ||||||
| Deere & Co. | 66 | 27,420 | ||||||
| Diamondback Energy, Inc. | 68 | 9,321 | ||||||
| Dick’s Sporting Goods, Inc. | 57 | 5,701 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Digital Realty Trust, Inc. REIT | 43 | $ | 6,097 | |||||
| DocuSign, Inc. (*) | 41 | 4,392 | ||||||
| Dolby Laboratories, Inc., Class A | 39 | 3,051 | ||||||
| Dollar General Corp. | 211 | 46,975 | ||||||
| Dow, Inc. | 142 | 9,048 | ||||||
| Duke Energy Corp. | 30 | 3,350 | ||||||
| Electronic Arts, Inc. | 24 | 3,036 | ||||||
| Eli Lilly & Co. | 230 | 65,865 | ||||||
| EPAM Systems, Inc. (*) | 26 | 7,712 | ||||||
| Equitable Holdings, Inc. | 187 | 5,780 | ||||||
| Everest Re Group, Ltd. | 13 | 3,918 | ||||||
| Evergy, Inc. | 165 | 11,276 | ||||||
| Exlservice Holdings, Inc. (*) | 35 | 5,014 | ||||||
| Expedia Group, Inc. (*) | 90 | 17,610 | ||||||
| Extra Space Storage, Inc. REIT | 40 | 8,224 | ||||||
| FactSet Research Systems, Inc. | 40 | 17,366 | ||||||
| FedEx Corp. | 30 | 6,942 | ||||||
| Fidelity National Financial, Inc. | 166 | 8,107 | ||||||
| First Citizens BancShares, Inc., Class A | 9 | 5,990 | ||||||
| Flagstar Bancorp, Inc. | 164 | 6,954 | ||||||
| Flowers Foods, Inc. | 466 | 11,981 | ||||||
| FNB Corp. | 706 | 8,790 | ||||||
| Fortinet, Inc. (*) | 52 | 17,770 | ||||||
| FOX Corp., Class B | 485 | 17,596 | ||||||
| FOX Corp., Class A | 308 | 12,151 | ||||||
| General Mills, Inc. | 69 | 4,673 | ||||||
| Gilead Sciences, Inc. | 103 | 6,123 | ||||||
| GlaxoSmithKline PLC | 2,891 | 62,341 | ||||||
| Goldman Sachs Group, Inc. | 18 | 5,942 | ||||||
| Grand Canyon Education, Inc. (*) | 42 | 4,079 | ||||||
| HCA Healthcare, Inc. | 146 | 36,591 | ||||||
| Henry Schein, Inc. (*) | 40 | 3,488 | ||||||
| Home Depot, Inc. | 171 | 51,185 | ||||||
| Honeywell International, Inc. | 121 | 23,544 | ||||||
| Hormel Foods Corp. | 66 | 3,402 | ||||||
| Houlihan Lokey, Inc. | 33 | 2,897 | ||||||
| ICU Medical, Inc. (*) | 23 | 5,121 | ||||||
| Incyte Corp. (*) | 48 | 3,812 | ||||||
| Ingles Markets, Inc., Class A | 48 | 4,274 | ||||||
| Intel Corp. | 684 | 33,899 | ||||||
| Inter Parfums, Inc. | 34 | 2,994 | ||||||
| Intercontinental Exchange, Inc. | 459 | 60,643 | ||||||
| International Game Technology PLC | 260 | 6,417 | ||||||
| IQVIA Holdings, Inc. (*) | 240 | 55,490 | ||||||
| Jack Henry & Associates, Inc. | 40 | 7,882 | ||||||
| JB Hunt Transport Services, Inc. | 102 | 20,481 | ||||||
| Description | Shares | Fair Value | ||||||
| Johnson & Johnson | 519 | $ | 91,982 | |||||
| JPMorgan Chase & Co. | 64 | 8,724 | ||||||
| Kellogg Co. | 181 | 11,673 | ||||||
| Keysight Technologies, Inc. (*) | 134 | 21,168 | ||||||
| Kforce, Inc. | 46 | 3,403 | ||||||
| KLA Corp. | 19 | 6,955 | ||||||
| Laboratory Corp. of America Holdings (*) | 94 | 24,784 | ||||||
| Life Storage, Inc. REIT | 105 | 14,745 | ||||||
| Lockheed Martin Corp. | 182 | 80,335 | ||||||
| Lowe’s Cos., Inc. | 227 | 45,897 | ||||||
| Magnolia Oil & Gas Corp., Class A | 400 | 9,460 | ||||||
| Markel Corp. (*) | 3 | 4,426 | ||||||
| Matson, Inc. | 47 | 5,669 | ||||||
| MaxLinear, Inc. (*) | 122 | 7,119 | ||||||
| McDonald’s Corp. | 229 | 56,627 | ||||||
| Medtronic PLC | 99 | 10,984 | ||||||
| Merck & Co., Inc. | 318 | 26,092 | ||||||
| Meta Platforms, Inc., Class A (*) | 66 | 14,676 | ||||||
| MetLife, Inc. | 332 | 23,333 | ||||||
| Mettler-Toledo International, Inc. (*) | 9 | 12,359 | ||||||
| Micron Technology, Inc. | 82 | 6,387 | ||||||
| Microsoft Corp. | 1,021 | 314,785 | ||||||
| Molina Healthcare, Inc. (*) | 22 | 7,339 | ||||||
| Monolithic Power Systems, Inc. | 32 | 15,542 | ||||||
| Moody’s Corp. | 40 | 13,496 | ||||||
| Motorola Solutions, Inc. | 261 | 63,214 | ||||||
| National Fuel Gas Co. | 51 | 3,504 | ||||||
| Netflix, Inc. (*) | 50 | 18,730 | ||||||
| News Corp. Class A | 773 | 17,122 | ||||||
| NIKE, Inc., Class B | 242 | 32,564 | ||||||
| Northrop Grumman Corp. | 11 | 4,919 | ||||||
| NRG Energy, Inc. | 329 | 12,620 | ||||||
| Nucor Corp. | 102 | 15,162 | ||||||
| NVIDIA Corp. | 289 | 78,857 | ||||||
| NVR, Inc. (*) | 1 | 4,467 | ||||||
| O’Reilly Automotive, Inc. (*) | 32 | 21,919 | ||||||
| Old Dominion Freight Line, Inc. | 102 | 30,465 | ||||||
| Omnicom Group, Inc. | 74 | 6,281 | ||||||
| Otter Tail Corp. | 70 | 4,375 | ||||||
| Ovintiv, Inc. | 255 | 13,788 | ||||||
| Owens Corning | 80 | 7,320 | ||||||
| Paychex, Inc. | 277 | 37,802 | ||||||
| Paycom Software, Inc. (*) | 17 | 5,888 | ||||||
| PepsiCo, Inc. | 88 | 14,729 | ||||||
| Pfizer, Inc. | 834 | 43,176 | ||||||
| Philip Morris International, Inc. | 261 | 24,518 | ||||||
| Description | Shares | Fair Value |
||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Piedmont Office Realty Trust, Inc. REIT Class A | 442 | $ | 7,611 | |||||
| Pinnacle West Capital Corp. | 97 | 7,576 | ||||||
| PNM Resources, Inc. | 71 | 3,385 | ||||||
| Portland General Electric Co. | 112 | 6,177 | ||||||
| Power Integrations, Inc. | 37 | 3,429 | ||||||
| PPL Corp. N Ap | 235 | 6,712 | ||||||
| Premier, Inc., Class A | 95 | 3,381 | ||||||
| PTC, Inc. (*) | 236 | 25,422 | ||||||
| Public Storage REIT | 31 | 12,099 | ||||||
| QUALCOMM, Inc. | 349 | 53,334 | ||||||
| Quidel Corp. (*) | 29 | 3,261 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 5 | 3,492 | ||||||
| Regions Financial Corp. | 421 | 9,371 | ||||||
| Republic Services, Inc. | 399 | 52,867 | ||||||
| ResMed, Inc. | 23 | 5,578 | ||||||
| Rockwell Automation, Inc. | 95 | 26,603 | ||||||
| Roku, Inc. (*) | 19 | 2,380 | ||||||
| S&P Global, Inc. | 141 | 57,835 | ||||||
| SBA Communications Corp. REIT | 23 | 7,914 | ||||||
| Service Corp. International | 107 | 7,043 | ||||||
| ServiceNow, Inc. (*) | 28 | 15,593 | ||||||
| Sirius XM Holdings, Inc. | 542 | 3,588 | ||||||
| SLM Corp. | 180 | 3,305 | ||||||
| Southwest Gas Holdings, Inc. (*) | 77 | 6,028 | ||||||
| Starbucks Corp. | 36 | 3,275 | ||||||
| State Street Corp. | 253 | 22,041 | ||||||
| Steel Dynamics, Inc. | 121 | 10,095 | ||||||
| Stellantis NV | 909 | 14,741 | ||||||
| Sturm Ruger & Co., Inc. | 62 | 4,316 | ||||||
| Synopsys, Inc. (*) | 268 | 89,316 | ||||||
| Target Corp. | 218 | 46,264 | ||||||
| Tecnoglass, Inc. | 325 | 8,203 | ||||||
| Teradyne, Inc. | 64 | 7,567 | ||||||
| Tesla, Inc. (*) | 86 | 92,674 | ||||||
| Tetra Tech, Inc. | 20 | 3,299 | ||||||
| Texas Instruments, Inc. | 225 | 41,283 | ||||||
| Texas Pacific Land Corp. | 5 | 6,761 | ||||||
| The Bank of New York Mellon Corp. | 417 | 20,696 | ||||||
| The Charles Schwab Corp. | 412 | 34,736 | ||||||
| The Coca-Cola Co. | 981 | 60,822 | ||||||
| The Hartford Financial Services Group, Inc. | 59 | 4,237 | ||||||
| The Hershey Co. | 134 | 29,028 | ||||||
| The Interpublic Group of Cos., Inc. | 306 | 10,848 | ||||||
| The Kroger Co. | 59 | 3,385 | ||||||
| The Mosaic Co. | 263 | 17,490 | ||||||
| Description | Shares | Fair Value | ||||||
| The Procter & Gamble Co. | 440 | $ | 67,232 | |||||
| The Progressive Corp. | 31 | 3,534 | ||||||
| The TJX Cos., Inc. | 48 | 2,908 | ||||||
| The Toro Co. | 33 | 2,821 | ||||||
| The Travelers Cos., Inc. | 18 | 3,289 | ||||||
| Thermo Fisher Scientific, Inc. | 101 | 59,656 | ||||||
| TopBuild Corp. (*) | 65 | 11,790 | ||||||
| Tractor Supply Co. | 47 | 10,968 | ||||||
| Tyson Foods, Inc., Class A | 289 | 25,903 | ||||||
| UMH Properties, Inc. REIT | 272 | 6,688 | ||||||
| United Parcel Service, Inc., Class B | 102 | 21,875 | ||||||
| UnitedHealth Group, Inc. | 150 | 76,495 | ||||||
| Verizon Communications, Inc. | 2,062 | 105,038 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 37 | 9,656 | ||||||
| Virtu Financial, Inc., Class A | 195 | 7,258 | ||||||
| Visa, Inc., Class A | 220 | 48,789 | ||||||
| VMware, Inc., Class A | 113 | 12,867 | ||||||
| Walmart, Inc. | 129 | 19,211 | ||||||
| Warner Music Group Corp., Class A | 369 | 13,967 | ||||||
| Washington Federal, Inc. | 448 | 14,703 | ||||||
| WD-40 Co. | 13 | 2,382 | ||||||
| Wells Fargo & Co. | 445 | 21,565 | ||||||
| WW Grainger, Inc. | 78 | 40,232 | ||||||
| Zoetis, Inc. | 268 | 50,542 | ||||||
| 5,312,242 | ||||||||
| Total Common Stocks (Cost $5,992,259) | 7,688,162 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 20.1% | ||||||||||
| Australia | 0.8% | ||||||||||
| Telstra Corp., Ltd. MTN, 4.000%, 04/19/27 | AUD | 200 | $ | 151,209 | ||||||
| Canada | 0.8% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 165 | 151,791 | |||||||
| Germany | 0.6% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 110 | 114,073 | |||||||
| Netherlands | 0.6% | ||||||||||
| ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§) |
GBP | 100 | 117,656 | |||||||
| Switzerland | 0.3% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 52 | 55,398 | |||||||
| Description | Security Currency | Principal Amount (000) |
Fair Value |
|||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| United States | 17.0% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 115 | $ | 108,805 | ||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 115 | 100,499 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 115 | 116,475 | |||||||
| American Express Co., 3.300%, 05/03/27 | USD | 110 | 110,526 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 110 | 107,984 | |||||||
| Apple, Inc., 3.000%, 06/20/27 | USD | 115 | 116,324 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 65 | 67,310 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 65 | 64,051 | |||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 140 | 102,971 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) |
USD | 110 | 104,677 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 65 | 64,838 | |||||||
| DaVita, Inc., 4.625%, 06/01/30 | USD | 55 | 51,359 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 90 | 98,032 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 170 | 132,845 | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 115 | 102,669 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 145 | 145,379 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 108 | 109,260 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 105 | 83,607 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 50 | 51,154 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 115 | 115,989 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 75 | 71,042 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 60 | 55,582 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 110 | 106,796 | |||||||
| Prologis LP REIT, 1.250%, 10/15/30 | USD | 180 | 153,253 | |||||||
| Description | Security Currency | Principal Amount (000) |
Fair Value |
|||||||
| Schneider Electric SE, 2.950%, 09/27/22 | USD | 60 | $ | 60,438 | ||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 70 | 70,612 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 50 | 53,437 | |||||||
| The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) |
USD | 135 | 116,948 | |||||||
| The Home Depot, Inc., 5.875%, 12/16/36 | USD | 50 | 63,331 | |||||||
| The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 65 | 56,609 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 115 | 106,659 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 65 | 66,027 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 129 | 134,204 | |||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 90 | 81,517 | |||||||
| 3,151,209 | ||||||||||
| Total Corporate Bonds (Cost $3,874,429) | 3,741,336 | |||||||||
| Foreign Government Obligations | 20.7% | ||||||||||
| Australia | 1.1% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 165 | 105,978 | |||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 165 | 105,608 | |||||||
| 211,586 | ||||||||||
| Bahamas | 0.4% | ||||||||||
| Commonwealth of Bahamas, 6.950%, 11/20/29 | USD | 95 | 77,473 | |||||||
| Canada | 3.1% | ||||||||||
| City of Vancouver, 2.900%, 11/20/25 | CAD | 110 | 88,329 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 170 | 133,386 | |||||||
| Province of British Columbia Canada, 3.200%, 06/18/44 | CAD | 125 | 98,474 | |||||||
| Province of Quebec: | ||||||||||
| 2.500%, 04/20/26 | USD | 110 | 108,912 | |||||||
| 1.850%, 02/13/27 | CAD | 200 | 153,275 | |||||||
| 582,376 | ||||||||||
| Chile | 1.6% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 75,000 | 93,550 | |||||||
| Description | Security Currency | Principal Amount (000) |
Fair Value |
|||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| 2.300%, 10/01/28 | CLP | 100,000 | $ | 100,278 | ||||||
| Republic of Chile, 0.830%, 07/02/31 | EUR | 100 | 101,222 | |||||||
| 295,050 | ||||||||||
| Colombia | 0.5% | ||||||||||
| Republic of Colombia, 9.850%, 06/28/27 | COP | 307,000 | 83,494 | |||||||
| Czech Republic | 0.7% | ||||||||||
| Czech Republic, 1.000%, 06/26/26 | CZK | 3,420 | 135,373 | |||||||
| Hungary | 0.7% | ||||||||||
| Hungary Government Bonds, 2.750%, 12/22/26 | HUF | 31,740 | 81,404 | |||||||
| Hungary Government International Bond, 1.750%, 06/05/35 | EUR | 50 | 51,659 | |||||||
| 133,063 | ||||||||||
| Italy | 0.8% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 140 | 142,116 | |||||||
| Japan | 1.0% | ||||||||||
| Japan International Cooperation Agency, 1.750%, 04/28/31 | USD | 200 | 183,323 | |||||||
| Mexico | 1.1% | ||||||||||
| Mexican Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 2,000 | 99,689 | |||||||
| 7.500%, 06/03/27 | MXN | 2,140 | 103,608 | |||||||
| United Mexican States, 6.750%, 02/06/24 | GBP | 5 | 6,986 | |||||||
| 210,283 | ||||||||||
| New Zealand | 3.6% | ||||||||||
| Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28 | NZD | 130 | 87,802 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 405 | 274,425 | |||||||
| 1.500%, 04/20/29 | NZD | 340 | 201,884 | |||||||
| 2.000%, 04/15/37 | NZD | 190 | 100,665 | |||||||
| 664,776 | ||||||||||
| Norway | 0.6% | ||||||||||
| Oslo Kommune, 2.350%, 09/04/24 | NOK | 1,000 | 112,299 | |||||||
| Panama | 0.9% | ||||||||||
| Republic of Panama, 8.875%, 09/30/27 | USD | 135 | 172,192 | |||||||
| Peru | 0.8% | ||||||||||
| Peru Government Bonds: | ||||||||||
| 6.150%, 08/12/32 | PEN | 394 | 103,199 | |||||||
| Description | Security Currency | Principal Amount (000) |
Fair Value |
|||||||
| 3.000%, 01/15/34 | USD | 50 | $ | 46,850 | ||||||
| 150,049 | ||||||||||
| Poland | 0.5% | ||||||||||
| Poland Government Bonds, 2.020% (WIBOR 6 Month), 05/25/28 (§) |
PLN | 435 | 99,212 | |||||||
| Singapore | 0.6% | ||||||||||
| Singapore Government Bond, 3.375%, 09/01/33 | SGD | 125 | 100,758 | |||||||
| Spain | 0.7% | ||||||||||
| Spain Government Bond, 1.000%, 07/30/42 | EUR | 140 | 133,913 | |||||||
| Thailand | 0.6% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 4,035 | 103,118 | |||||||
| United Kingdom | 1.4% | ||||||||||
| United Kingdom Gilt: | ||||||||||
| 0.875%, 07/31/33 | GBP | 85 | 102,392 | |||||||
| 1.750%, 09/07/37 | GBP | 80 | 104,104 | |||||||
| 1.500%, 07/22/47 | GBP | 35 | 43,139 | |||||||
| 249,635 | ||||||||||
| Total Foreign Government Obligations (Cost $4,057,583) | 3,840,089 | |||||||||
| Quasi Government Bonds | 0.8% | ||||||||||
| Germany | 0.8% | ||||||||||
| Kreditanstalt fuer Wiederaufbau, 1.750%, 09/14/29 (Cost $165,136) | USD | 165 | 156,777 | |||||||
| Supranational Bonds | 5.5% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 103 | 101,948 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 160 | 115,306 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 2,820,000 | 203,099 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 1.900%, 01/16/25 | CAD | 205 | 160,801 | |||||||
| 2.900%, 11/26/25 | AUD | 135 | 100,592 | |||||||
| 1.125%, 09/13/28 | USD | 57 | 52,224 | |||||||
| International Bank for Reconstruction & Development MTN, 1.250%, 03/16/26 | NOK | 930 | 99,862 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 85 | 83,702 | |||||||
| 1.500%, 04/15/35 | AUD | 172 | 100,330 | |||||||
| Total Supranational Bonds (Cost $1,043,023) | 1,017,864 | |||||||||
| Description | Security Currency | Principal Amount (000) |
Fair Value |
|||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| US Municipal Bonds | 1.1% | ||||||||||
| California | 0.9% | ||||||||||
| State of California, 7.550%, 04/01/39 | USD | 105 | $ | 155,699 | ||||||
| New York | 0.2% | ||||||||||
| New York State Urban Development Corp., Series B, 3.900%, 03/15/33 | USD | 40 | 41,182 | |||||||
| Total US Municipal Bonds (Cost $215,232) | 196,881 | |||||||||
| US Treasury Securities | 1.5% | ||||||||||
| U.S. Treasury Bond, 1.750%, 08/15/41 (Cost $291,018) | USD | 320 | 277,350 | |||||||
| Description | Shares | Fair Value |
||||||
| Exchange-Traded Funds | 4.3% | ||||||||
| iShares MSCI World ETF (Cost $521,286) | 6,186 | $ | 792,798 | |||||
| Short-Term Investments | 6.1% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 0.17% (7 day yield) (Cost $1,139,695) | 1,139,695 | 1,139,695 | ||||||
| Total Investments | 101.5% (Cost $17,299,661) (») | $ | 18,850,952 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.5)% | (282,323) | |||||||
| Net Assets | 100.0% | $ | 18,568,629 | ||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 13,969 | USD | 10,000 | HSB | 04/13/22 | $ | 454 | $ | — | |||||||||
| AUD | 25,407 | USD | 18,300 | HSB | 04/13/22 | 714 | — | |||||||||||
| AUD | 33,050 | USD | 24,400 | HSB | 04/13/22 | 333 | — | |||||||||||
| AUD | 34,872 | USD | 24,900 | HSB | 04/13/22 | 1,197 | — | |||||||||||
| AUD | 56,076 | USD | 39,900 | HSB | 04/13/22 | 2,066 | — | |||||||||||
| AUD | 75,850 | USD | 55,674 | HSB | 04/13/22 | 1,089 | — | |||||||||||
| AUD | 7,281 | USD | 5,300 | JPM | 04/13/22 | 149 | — | |||||||||||
| CAD | 29,038 | USD | 23,000 | CIT | 04/13/22 | 227 | — | |||||||||||
| CAD | 46,640 | USD | 36,800 | HSB | 04/13/22 | 506 | — | |||||||||||
| CAD | 74,777 | USD | 59,163 | HSB | 04/13/22 | 649 | — | |||||||||||
| CAD | 819,194 | USD | 653,106 | HSB | 04/13/22 | 2,143 | — | |||||||||||
| CAD | 12,235 | USD | 9,500 | JPM | 04/13/22 | 286 | — | |||||||||||
| CAD | 22,460 | USD | 17,600 | JPM | 04/13/22 | 365 | — | |||||||||||
| CAD | 34,889 | USD | 27,500 | JPM | 04/13/22 | 407 | — | |||||||||||
| CAD | 61,571 | USD | 48,800 | JPM | 04/13/22 | 449 | — | |||||||||||
| CHF | 10,305 | USD | 11,200 | HSB | 04/13/22 | — | 45 | |||||||||||
| CHF | 13,206 | USD | 14,400 | HSB | 04/13/22 | — | 105 | |||||||||||
| CHF | 17,886 | USD | 19,100 | HSB | 04/13/22 | 261 | — | |||||||||||
| CHF | 58,577 | USD | 64,251 | HSB | 04/13/22 | — | 842 | |||||||||||
| CHF | 3,522 | USD | 3,800 | JPM | 04/13/22 | 12 | — | |||||||||||
| CHF | 7,328 | USD | 8,000 | MSC | 04/13/22 | — | 67 | |||||||||||
| CLP | 8,090,000 | USD | 10,000 | CIT | 04/13/22 | 267 | — | |||||||||||
| CNH | 419,925 | USD | 66,000 | HSB | 04/13/22 | 49 | — | |||||||||||
| CNH | 430,770 | USD | 67,429 | HSB | 04/13/22 | 326 | — | |||||||||||
| CNH | 544,051 | USD | 85,600 | HSB | 04/13/22 | — | 27 | |||||||||||
| CNH | 696,567 | USD | 109,100 | HSB | 04/13/22 | 462 | — | |||||||||||
| CNH | 162,021 | USD | 25,200 | HSB | 06/02/22 | 207 | — | |||||||||||
| CNH | 2,412,973 | USD | 373,275 | HSB | 06/02/22 | 5,109 | — | |||||||||||
| CNH | 188,318 | USD | 29,700 | JPM | 04/13/22 | — | 80 | |||||||||||
| CNH | 955,335 | USD | 149,900 | JPM | 04/13/22 | 363 | — | |||||||||||
| CZK | 65,445 | USD | 3,000 | HSB | 04/13/22 | — | 37 | |||||||||||
| CZK | 86,059 | USD | 4,000 | HSB | 04/13/22 | — | 104 | |||||||||||
| CZK | 111,961 | USD | 5,200 | HSB | 04/13/22 | — | 131 | |||||||||||
| CZK | 301,989 | USD | 12,980 | HSB | 04/13/22 | 692 | — | |||||||||||
| CZK | 1,436,066 | USD | 62,609 | HSB | 04/13/22 | 2,405 | — | |||||||||||
| CZK | 23,286 | USD | 1,000 | JPM | 04/13/22 | 54 | — | |||||||||||
| CZK | 116,047 | USD | 5,200 | JPM | 04/13/22 | 54 | — | |||||||||||
| CZK | 654,612 | USD | 29,900 | JPM | 04/13/22 | — | 264 | |||||||||||
| EUR | 149,201 | USD | 169,000 | CIT | 04/13/22 | — | 3,905 | |||||||||||
| EUR | 474,332 | USD | 538,257 | CIT | 04/13/22 | — | 13,396 | |||||||||||
| EUR | 20,858 | USD | 23,603 | HSB | 04/13/22 | — | 523 | |||||||||||
| EUR | 23,539 | USD | 26,116 | HSB | 04/13/22 | — | 69 | |||||||||||
| EUR | 188,834 | USD | 215,200 | HSB | 04/13/22 | — | 6,250 | |||||||||||
| EUR | 242,672 | USD | 274,800 | HSB | 04/13/22 | — | 6,278 | |||||||||||
| EUR | 263,786 | USD | 299,331 | HSB | 04/13/22 | — | 7,445 | |||||||||||
| EUR | 288,833 | USD | 320,800 | HSB | 04/13/22 | — | 1,198 | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| EUR | 58,338 | USD | 63,700 | JPM | 04/13/22 | $ | 853 | $ | — | |||||||||
| EUR | 97,358 | USD | 108,700 | JPM | 04/13/22 | — | 970 | |||||||||||
| EUR | 57,335 | USD | 63,508 | JPM | 06/29/22 | 134 | — | |||||||||||
| GBP | 20,286 | USD | 27,108 | HSB | 04/13/22 | — | 462 | |||||||||||
| GBP | 46,502 | USD | 63,100 | HSB | 04/13/22 | — | 2,017 | |||||||||||
| GBP | 69,362 | USD | 94,265 | HSB | 04/13/22 | — | 3,155 | |||||||||||
| GBP | 12,670 | USD | 16,600 | JPM | 04/13/22 | 43 | — | |||||||||||
| GBP | 29,616 | USD | 40,000 | JPM | 04/13/22 | — | 1,098 | |||||||||||
| GBP | 35,988 | USD | 48,900 | JPM | 04/13/22 | — | 1,627 | |||||||||||
| GBP | 62,265 | USD | 81,900 | JPM | 04/13/22 | — | 112 | |||||||||||
| HUF | 1,532,819 | USD | 4,457 | HSB | 04/13/22 | 153 | — | |||||||||||
| HUF | 638,669 | USD | 2,000 | JPM | 04/13/22 | — | 79 | |||||||||||
| HUF | 1,228,419 | USD | 3,900 | JPM | 04/13/22 | — | 205 | |||||||||||
| HUF | 3,458,488 | USD | 11,088 | JPM | 04/13/22 | — | 686 | |||||||||||
| HUF | 11,285,620 | USD | 34,000 | JPM | 04/13/22 | — | 58 | |||||||||||
| HUF | 24,902,118 | USD | 76,067 | JPM | 04/13/22 | — | 1,172 | |||||||||||
| IDR | 167,701,200 | USD | 11,600 | JPM | 04/28/22 | 83 | — | |||||||||||
| INR | 385,662 | USD | 5,100 | JPM | 04/28/22 | — | 39 | |||||||||||
| INR | 1,230,813 | USD | 16,300 | JPM | 04/28/22 | — | 149 | |||||||||||
| INR | 1,717,927 | USD | 22,819 | JPM | 04/28/22 | — | 276 | |||||||||||
| JPY | 12,057,530 | USD | 106,000 | CIT | 04/13/22 | — | 6,942 | |||||||||||
| JPY | 17,878,240 | USD | 156,648 | CIT | 04/13/22 | — | 9,770 | |||||||||||
| JPY | 16,342,558 | USD | 141,700 | HSB | 04/13/22 | — | 7,438 | |||||||||||
| JPY | 19,834,363 | USD | 173,500 | HSB | 04/13/22 | — | 10,552 | |||||||||||
| JPY | 68,130,504 | USD | 597,002 | HSB | 04/13/22 | — | 37,279 | |||||||||||
| JPY | 5,314,864 | USD | 46,100 | JPM | 04/13/22 | — | 2,436 | |||||||||||
| JPY | 5,682,620 | USD | 49,200 | JPM | 04/13/22 | — | 2,515 | |||||||||||
| JPY | 28,739,033 | USD | 242,300 | JPM | 04/13/22 | — | 6,196 | |||||||||||
| KRW | 9,590,960 | USD | 8,000 | JPM | 04/28/22 | — | 109 | |||||||||||
| KRW | 14,609,500 | USD | 12,200 | JPM | 04/28/22 | — | 181 | |||||||||||
| KRW | 24,302,620 | USD | 20,200 | JPM | 04/28/22 | — | 206 | |||||||||||
| KRW | 77,877,737 | USD | 65,272 | JPM | 04/28/22 | — | 1,202 | |||||||||||
| MXN | 20,916 | USD | 1,000 | HSB | 04/13/22 | 50 | — | |||||||||||
| MXN | 25,323 | USD | 1,229 | HSB | 04/13/22 | 42 | — | |||||||||||
| MXN | 251,042 | USD | 12,200 | JPM | 04/13/22 | 402 | — | |||||||||||
| MXN | 1,137,696 | USD | 54,000 | JPM | 04/13/22 | 3,111 | — | |||||||||||
| NOK | 850,772 | USD | 97,946 | HSB | 04/13/22 | — | 1,319 | |||||||||||
| NOK | 8,943 | USD | 1,000 | JPM | 04/13/22 | 16 | — | |||||||||||
| NOK | 167,862 | USD | 19,100 | JPM | 04/13/22 | — | 35 | |||||||||||
| NOK | 827,459 | USD | 92,900 | JPM | 04/13/22 | 1,079 | — | |||||||||||
| NZD | 5,987 | USD | 4,000 | HSB | 04/13/22 | 149 | — | |||||||||||
| NZD | 13,882 | USD | 9,200 | HSB | 04/13/22 | 420 | — | |||||||||||
| NZD | 9,137 | USD | 6,100 | HSB | 05/10/22 | 229 | — | |||||||||||
| NZD | 3,085 | USD | 2,100 | JPM | 04/13/22 | 38 | — | |||||||||||
| NZD | 12,632 | USD | 8,700 | JPM | 04/13/22 | 54 | — | |||||||||||
| NZD | 13,606 | USD | 9,000 | JPM | 05/10/22 | 424 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| PLN | 7,931 | USD | 2,000 | HSB | 04/13/22 | $ | — | $ | 114 | |||||||||
| PLN | 12,213 | USD | 3,000 | HSB | 04/13/22 | — | 96 | |||||||||||
| PLN | 20,975 | USD | 5,200 | HSB | 04/13/22 | — | 212 | |||||||||||
| PLN | 24,446 | USD | 5,654 | HSB | 04/13/22 | 159 | — | |||||||||||
| PLN | 27,587 | USD | 6,913 | HSB | 04/13/22 | — | 352 | |||||||||||
| PLN | 104,906 | USD | 25,000 | HSB | 04/13/22 | — | 52 | |||||||||||
| PLN | 1,340 | USD | 300 | JPM | 04/13/22 | 19 | — | |||||||||||
| RON | 22,231 | USD | 5,100 | HSB | 04/13/22 | — | 129 | |||||||||||
| RON | 28,559 | USD | 6,500 | HSB | 04/13/22 | — | 114 | |||||||||||
| RON | 52,784 | USD | 12,000 | HSB | 04/13/22 | — | 198 | |||||||||||
| RON | 458,917 | USD | 99,955 | HSB | 04/13/22 | 2,657 | — | |||||||||||
| RON | 226,043 | USD | 50,100 | HSB | 07/13/22 | — | 177 | |||||||||||
| RON | 55,009 | USD | 12,012 | JPM | 04/13/22 | 288 | — | |||||||||||
| RON | 197,376 | USD | 45,407 | JPM | 04/13/22 | — | 1,275 | |||||||||||
| RUB | 735,806 | USD | 9,407 | JPM | 04/13/22 | — | 496 | |||||||||||
| SEK | 36,981 | USD | 4,000 | HSB | 04/13/22 | — | 66 | |||||||||||
| SEK | 47,250 | USD | 5,100 | HSB | 04/13/22 | — | 74 | |||||||||||
| SEK | 59,731 | USD | 6,500 | HSB | 04/13/22 | — | 146 | |||||||||||
| SEK | 264,953 | USD | 29,430 | HSB | 04/13/22 | — | 1,246 | |||||||||||
| SEK | 16,868 | USD | 1,700 | JPM | 04/13/22 | 94 | — | |||||||||||
| SEK | 81,755 | USD | 8,700 | JPM | 04/13/22 | — | 4 | |||||||||||
| SGD | 9,533 | USD | 7,100 | HSB | 04/13/22 | — | 67 | |||||||||||
| SGD | 12,395 | USD | 9,200 | HSB | 04/13/22 | — | 55 | |||||||||||
| SGD | 956 | USD | 700 | JPM | 04/13/22 | 5 | — | |||||||||||
| SGD | 4,602 | USD | 3,400 | JPM | 04/13/22 | — | 5 | |||||||||||
| SGD | 6,720 | USD | 5,000 | JPM | 04/13/22 | — | 42 | |||||||||||
| THB | 128,830 | USD | 4,000 | HSB | 04/12/22 | — | 125 | |||||||||||
| THB | 187,438 | USD | 5,746 | HSB | 04/12/22 | — | 109 | |||||||||||
| THB | 46,523 | USD | 1,400 | JPM | 04/12/22 | — | 1 | |||||||||||
| USD | 13,458 | AUD | 18,372 | HSB | 04/13/22 | — | 292 | |||||||||||
| USD | 15,724 | AUD | 22,269 | HSB | 04/13/22 | — | 941 | |||||||||||
| USD | 36,974 | AUD | 51,525 | HSB | 04/13/22 | — | 1,585 | |||||||||||
| USD | 48,070 | AUD | 67,353 | HSB | 04/13/22 | — | 2,336 | |||||||||||
| USD | 188,866 | AUD | 260,560 | HSB | 04/13/22 | — | 6,130 | |||||||||||
| USD | 7,900 | AUD | 10,902 | JPM | 04/13/22 | — | 259 | |||||||||||
| USD | 12,494 | AUD | 17,324 | JPM | 04/13/22 | — | 471 | |||||||||||
| USD | 26,001 | AUD | 36,109 | JPM | 04/13/22 | — | 1,023 | |||||||||||
| USD | 32,000 | AUD | 45,064 | JPM | 04/13/22 | — | 1,725 | |||||||||||
| USD | 76,292 | AUD | 102,647 | JPM | 04/13/22 | — | 526 | |||||||||||
| USD | 155,258 | AUD | 206,320 | JPM | 04/13/22 | 853 | — | |||||||||||
| USD | 491,690 | CAD | 616,684 | CIT | 04/13/22 | — | 1,577 | |||||||||||
| USD | 39,824 | CAD | 50,161 | CIT | 06/29/22 | — | 291 | |||||||||||
| USD | 42,807 | CAD | 54,855 | HSB | 04/13/22 | — | 1,070 | |||||||||||
| USD | 83,655 | CAD | 105,243 | HSB | 04/13/22 | — | 526 | |||||||||||
| USD | 138,667 | CAD | 176,006 | HSB | 04/13/22 | — | 2,115 | |||||||||||
| USD | 14,300 | CAD | 18,232 | JPM | 04/13/22 | — | 283 | |||||||||||
| USD | 33,562 | CAD | 42,445 | JPM | 04/13/22 | — | 388 | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 85,713 | CAD | 107,954 | JPM | 04/13/22 | $ | — | $ | 636 | |||||||||
| USD | 104,111 | CAD | 131,547 | JPM | 04/13/22 | — | 1,109 | |||||||||||
| USD | 113,428 | CAD | 143,923 | JPM | 04/13/22 | — | 1,692 | |||||||||||
| USD | 559,233 | CAD | 701,433 | JPM | 04/13/22 | — | 1,823 | |||||||||||
| USD | 5,800 | CHF | 5,323 | JPM | 04/13/22 | 38 | — | |||||||||||
| USD | 6,942 | CHF | 6,443 | SSB | 06/29/22 | — | 57 | |||||||||||
| USD | 10,000 | CLP | 8,092,700 | CIT | 04/13/22 | — | 270 | |||||||||||
| USD | 14,994 | CLP | 11,969,359 | CIT | 04/13/22 | — | 196 | |||||||||||
| USD | 20,414 | CLP | 16,429,936 | CIT | 04/13/22 | — | 436 | |||||||||||
| USD | 38,500 | CLP | 31,113,775 | CIT | 04/13/22 | — | 985 | |||||||||||
| USD | 50,000 | CLP | 41,950,000 | CIT | 04/13/22 | — | 3,237 | |||||||||||
| USD | 53,039 | CLP | 44,529,821 | CIT | 04/13/22 | — | 3,471 | |||||||||||
| USD | 45,000 | CNH | 285,226 | HSB | 04/13/22 | 137 | — | |||||||||||
| USD | 12,528 | COP | 49,685,413 | HSB | 05/02/22 | — | 592 | |||||||||||
| USD | 24,000 | COP | 95,832,000 | HSB | 05/02/22 | — | 1,305 | |||||||||||
| USD | 38,504 | COP | 146,911,407 | HSB | 05/02/22 | — | 290 | |||||||||||
| USD | 19,930 | CZK | 436,507 | HSB | 04/13/22 | 168 | — | |||||||||||
| USD | 33,774 | CZK | 724,824 | HSB | 04/13/22 | 960 | — | |||||||||||
| USD | 97,924 | CZK | 2,129,069 | HSB | 04/13/22 | 1,537 | — | |||||||||||
| USD | 2,100 | CZK | 48,187 | JPM | 04/13/22 | — | 82 | |||||||||||
| USD | 24,297 | CZK | 528,517 | JPM | 04/13/22 | 370 | — | |||||||||||
| USD | 26,763 | CZK | 577,882 | JPM | 04/13/22 | 601 | — | |||||||||||
| USD | 11,763 | DKK | 79,017 | SSB | 06/29/22 | — | 27 | |||||||||||
| USD | 15,519 | EUR | 14,004 | HSB | 04/13/22 | 23 | — | |||||||||||
| USD | 28,079 | EUR | 24,846 | HSB | 04/13/22 | 586 | — | |||||||||||
| USD | 48,905 | EUR | 43,098 | HSB | 04/13/22 | 1,216 | — | |||||||||||
| USD | 66,948 | EUR | 58,855 | HSB | 04/13/22 | 1,823 | — | |||||||||||
| USD | 10,535 | EUR | 9,567 | JPM | 04/13/22 | — | 51 | |||||||||||
| USD | 41,600 | EUR | 37,141 | JPM | 04/13/22 | 503 | — | |||||||||||
| USD | 47,651 | EUR | 41,883 | JPM | 04/13/22 | 1,306 | — | |||||||||||
| USD | 70,969 | EUR | 64,300 | JPM | 04/13/22 | — | 181 | |||||||||||
| USD | 98,000 | EUR | 87,976 | JPM | 04/13/22 | 652 | — | |||||||||||
| USD | 155,100 | EUR | 137,348 | JPM | 04/13/22 | 3,121 | — | |||||||||||
| USD | 12,900 | GBP | 9,797 | HSB | 04/13/22 | 31 | — | |||||||||||
| USD | 20,703 | GBP | 15,328 | HSB | 04/13/22 | 569 | — | |||||||||||
| USD | 34,008 | GBP | 25,065 | HSB | 04/13/22 | 1,085 | — | |||||||||||
| USD | 102,796 | GBP | 75,639 | HSB | 04/13/22 | 3,441 | — | |||||||||||
| USD | 25,400 | GBP | 19,078 | JPM | 04/13/22 | 339 | — | |||||||||||
| USD | 33,065 | GBP | 24,290 | JPM | 04/13/22 | 1,159 | — | |||||||||||
| USD | 44,361 | GBP | 33,681 | JPM | 04/13/22 | 120 | — | |||||||||||
| USD | 1,933 | GBP | 1,459 | SSB | 06/29/22 | 17 | — | |||||||||||
| USD | 24,201 | HUF | 7,599,649 | HSB | 04/13/22 | 1,345 | — | |||||||||||
| USD | 14,097 | HUF | 4,791,810 | JPM | 04/13/22 | — | 314 | |||||||||||
| USD | 14,334 | HUF | 4,606,044 | JPM | 04/13/22 | 481 | — | |||||||||||
| USD | 18,949 | HUF | 5,992,521 | JPM | 04/13/22 | 926 | — | |||||||||||
| USD | 20,000 | HUF | 6,366,144 | JPM | 04/13/22 | 853 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 97,518 | HUF | 30,417,866 | JPM | 04/13/22 | $ | 6,034 | $ | — | |||||||||
| USD | 17,695 | IDR | 256,025,212 | JPM | 04/28/22 | — | 141 | |||||||||||
| USD | 43,685 | IDR | 628,978,070 | JPM | 04/28/22 | — | 132 | |||||||||||
| USD | 43,513 | INR | 3,334,402 | JPM | 04/28/22 | — | 241 | |||||||||||
| USD | 73,600 | JPY | 8,446,836 | JPM | 04/13/22 | 4,205 | — | |||||||||||
| USD | 90,500 | JPY | 10,917,929 | JPM | 04/13/22 | 804 | — | |||||||||||
| USD | 80,920 | JPY | 9,740,434 | JPM | 06/29/22 | 717 | — | |||||||||||
| USD | 1,483 | JPY | 178,525 | SSB | 06/29/22 | 13 | — | |||||||||||
| USD | 3,251 | MXN | 68,645 | HSB | 04/13/22 | — | 195 | |||||||||||
| USD | 9,797 | MXN | 200,738 | HSB | 04/13/22 | — | 280 | |||||||||||
| USD | 12,118 | MXN | 252,986 | HSB | 04/13/22 | — | 582 | |||||||||||
| USD | 54,780 | MXN | 1,128,477 | HSB | 04/13/22 | — | 1,868 | |||||||||||
| USD | 17,793 | MXN | 363,540 | JPM | 04/13/22 | — | 456 | |||||||||||
| USD | 99,458 | MXN | 1,986,463 | JPM | 04/13/22 | — | 259 | |||||||||||
| USD | 12,289 | NOK | 108,127 | HSB | 04/13/22 | 8 | — | |||||||||||
| USD | 9,801 | NOK | 88,080 | JPM | 04/13/22 | — | 203 | |||||||||||
| USD | 17,461 | NOK | 152,744 | JPM | 04/13/22 | 113 | — | |||||||||||
| USD | 278,231 | NOK | 2,417,460 | JPM | 04/13/22 | 3,669 | — | |||||||||||
| USD | 37,460 | NZD | 56,079 | HSB | 04/13/22 | — | 1,402 | |||||||||||
| USD | 59,217 | NZD | 89,127 | HSB | 04/13/22 | — | 2,547 | |||||||||||
| USD | 197,749 | NZD | 292,558 | HSB | 04/13/22 | — | 4,989 | |||||||||||
| USD | 12,036 | NZD | 17,620 | HSB | 05/10/22 | — | 168 | |||||||||||
| USD | 20,959 | NZD | 29,939 | HSB | 05/10/22 | 222 | — | |||||||||||
| USD | 43,064 | NZD | 62,059 | HSB | 05/10/22 | 78 | — | |||||||||||
| USD | 70,801 | NZD | 106,483 | HSB | 05/10/22 | — | 2,955 | |||||||||||
| USD | 3,100 | NZD | 4,597 | JPM | 04/13/22 | — | 85 | |||||||||||
| USD | 40,132 | NZD | 59,360 | JPM | 04/13/22 | — | 1,004 | |||||||||||
| USD | 50,548 | NZD | 75,170 | JPM | 04/13/22 | — | 1,544 | |||||||||||
| USD | 17,856 | NZD | 24,991 | JPM | 05/10/22 | 546 | — | |||||||||||
| USD | 95,277 | NZD | 137,383 | JPM | 05/10/22 | 117 | — | |||||||||||
| USD | 40,987 | PEN | 158,498 | CIT | 05/02/22 | — | 1,997 | |||||||||||
| USD | 10,668 | PEN | 40,049 | HSB | 05/02/22 | — | 193 | |||||||||||
| USD | 15,000 | PEN | 58,470 | HSB | 05/02/22 | — | 857 | |||||||||||
| USD | 17,320 | PEN | 67,002 | HSB | 05/02/22 | — | 851 | |||||||||||
| USD | 1,000 | PLN | 4,284 | HSB | 04/13/22 | — | 19 | |||||||||||
| USD | 8,426 | PLN | 34,457 | HSB | 04/13/22 | 232 | — | |||||||||||
| USD | 11,179 | PLN | 44,628 | HSB | 04/13/22 | 566 | — | |||||||||||
| USD | 13,559 | PLN | 54,365 | HSB | 04/13/22 | 630 | — | |||||||||||
| USD | 20,700 | PLN | 83,698 | HSB | 04/13/22 | 795 | — | |||||||||||
| USD | 40,089 | PLN | 159,985 | HSB | 04/13/22 | 2,043 | — | |||||||||||
| USD | 20,171 | PLN | 87,228 | JPM | 04/13/22 | — | 573 | |||||||||||
| USD | 1,124 | RON | 4,888 | HSB | 04/13/22 | 31 | — | |||||||||||
| USD | 2,600 | RON | 11,629 | HSB | 04/13/22 | — | — | |||||||||||
| USD | 14,189 | RON | 62,576 | HSB | 04/13/22 | 197 | — | |||||||||||
| USD | 19,142 | RON | 83,604 | HSB | 04/13/22 | 449 | — | |||||||||||
| USD | 23,830 | RON | 104,373 | HSB | 04/13/22 | 493 | — | |||||||||||
| USD | 66,100 | RON | 295,421 | HSB | 04/13/22 | 46 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 58,015 | RON | 252,384 | JPM | 04/13/22 | $ | 1,583 | $ | — | |||||||||
| USD | 9,008 | RUB | 735,806 | JPM | 04/13/22 | 97 | — | |||||||||||
| USD | 2,600 | SEK | 25,094 | JPM | 04/13/22 | — | 69 | |||||||||||
| USD | 4,232 | SGD | 5,743 | HSB | 04/13/22 | — | 5 | |||||||||||
| USD | 5,910 | SGD | 7,986 | HSB | 04/13/22 | 18 | — | |||||||||||
| USD | 12,993 | SGD | 17,500 | HSB | 04/13/22 | 82 | — | |||||||||||
| USD | 1,000 | SGD | 1,359 | JPM | 04/13/22 | — | 2 | |||||||||||
| USD | 8,578 | SGD | 11,526 | JPM | 04/13/22 | 74 | — | |||||||||||
| USD | 16,603 | SGD | 22,510 | JPM | 04/13/22 | — | 4 | |||||||||||
| USD | 18,058 | SGD | 24,406 | JPM | 04/13/22 | 52 | — | |||||||||||
| USD | 43,300 | SGD | 58,823 | JPM | 04/13/22 | — | 98 | |||||||||||
| USD | 8,000 | THB | 264,000 | HSB | 04/12/22 | 60 | — | |||||||||||
| USD | 8,023 | THB | 266,474 | HSB | 04/12/22 | 9 | — | |||||||||||
| USD | 11,000 | THB | 355,055 | HSB | 04/12/22 | 321 | — | |||||||||||
| USD | 18,378 | THB | 616,771 | HSB | 04/12/22 | — | 171 | |||||||||||
| USD | 34,800 | THB | 1,146,817 | HSB | 04/12/22 | 309 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 80,670 | $ | 206,388 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 83.9% | ||||||||
| Commodity | 11.6% | ||||||||
| Invesco DB Agriculture Fund | 201,855 | $ | 4,416,588 | |||||
| iShares Gold Trust | 59,307 | 2,184,277 | ||||||
| United States Oil Fund L.P. | 23,245 | 1,722,919 | ||||||
| 8,323,784 | ||||||||
| Equity Funds | 59.2% | ||||||||
| First Trust NASDAQ Cybersecurity ETF | 59,975 | 3,185,272 | ||||||
| Franklin FTSE Japan ETF | 80,286 | 2,175,751 | ||||||
| Health Care Select Sector SPDR Fund | 40,638 | 5,567,000 | ||||||
| iShares Core Dividend Growth ETF | 53,455 | 2,855,031 | ||||||
| iShares Expanded Tech Sector ETF | 4,597 | 1,786,532 | ||||||
| iShares Expanded Tech-Software Sector ETF | 4,791 | 1,652,607 | ||||||
| iShares Russell 2000 ETF | 11,273 | 2,314,009 | ||||||
| John Hancock Multi-Factor Mid Cap ETF | 42,558 | 2,236,423 | ||||||
| Vanguard Consumer Staples ETF | 31,731 | 6,216,420 | ||||||
| Vanguard Industrials ETF | 21,208 | 4,124,320 | ||||||
| Vanguard MSCI Pacific ETF | 25,497 | 1,888,053 | ||||||
| Vanguard S&P 500 ETF | 5,322 | 2,209,535 | ||||||
| Vanguard S&P 500 Growth ETF | 7,231 | 1,993,225 | ||||||
| Vanguard S&P 500 Value ETF | 28,425 | 4,283,647 | ||||||
| 42,487,825 | ||||||||
| Fixed-Income Funds | 10.1% | ||||||||
| iShares 1-3 Year Treasury Bond ETF | 34,473 | 2,873,325 | ||||||
| iShares 20+ Year Treasury Bond ETF | 33,116 | 4,373,961 | ||||||
| 7,247,286 | ||||||||
| Specialty | 3.0% | ||||||||
| Invesco DB US Dollar Index Bullish Fund | 83,474 | 2,195,366 | ||||||
| Total Exchange-Traded Funds (Cost $51,442,779) | 60,254,261 | |||||||
| Short-Term Investments | 16.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Cost $11,950,275) | 11,950,275 | 11,950,275 | ||||||
| Total Investments | 100.6% (Cost $63,393,054) | $ | 72,204,536 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (435,914) | |||||||
| Net Assets | 100.0% | $ | 71,768,622 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 60.2% | ||||||||
| Australia | 2.3% | ||||||||
| Abacus Property Group REIT | 10,742 | $ | 26,387 | |||||
| Atlas Arteria, Ltd. | 39,565 | 192,451 | ||||||
| Charter Hall Group REIT | 8,778 | 106,577 | ||||||
| Dexus REIT | 17,040 | 138,675 | ||||||
| Goodman Group REIT | 9,201 | 156,277 | ||||||
| Growthpoint Properties Australia, Ltd. REIT | 23,094 | 74,937 | ||||||
| Ingenia Communities Group REIT | 11,936 | 44,717 | ||||||
| Mirvac Group REIT | 22,986 | 42,552 | ||||||
| Stockland REIT | 24,074 | 75,993 | ||||||
| Transurban Group | 3,809 | 38,374 | ||||||
| 896,940 | ||||||||
| Belgium | 0.2% | ||||||||
| Warehouses De Pauw CVA REIT | 1,783 | 76,832 | ||||||
| Canada | 3.6% | ||||||||
| Agnico Eagle Mines, Ltd. | 2,818 | 172,574 | ||||||
| Allied Properties REIT | 893 | 33,309 | ||||||
| Artis REIT | 4,437 | 46,388 | ||||||
| Atco, Ltd., Class I | 3,117 | 107,037 | ||||||
| Boardwalk Real Estate Investment Trust | 1,451 | 68,235 | ||||||
| Canadian National Railway Co. | 512 | 68,682 | ||||||
| Choice Properties REIT | 5,697 | 70,589 | ||||||
| Enbridge, Inc. | 9,642 | 443,864 | ||||||
| FirstService Corp. | 223 | 32,256 | ||||||
| Granite Real Estate Investment Trust | 1,098 | 84,650 | ||||||
| Killam Apartment Real Estate Investment Trust | 3,836 | 65,726 | ||||||
| RioCan Real Estate Investment Trust REIT | 3,247 | 65,530 | ||||||
| SmartCentres REIT | 2,445 | 64,208 | ||||||
| Summit Industrial Income REIT | 4,221 | 74,348 | ||||||
| True North Commercial REIT | 5,247 | 30,051 | ||||||
| 1,427,447 | ||||||||
| France | 2.0% | ||||||||
| Eutelsat Communications SA | 1,344 | 14,590 | ||||||
| Gecina SA REIT | 242 | 30,450 | ||||||
| ICADE REIT | 1,055 | 67,789 | ||||||
| Vinci SA | 6,581 | 672,826 | ||||||
| 785,655 | ||||||||
| Germany | 0.1% | ||||||||
| Sirius Real Estate, Ltd. | 24,037 | 39,417 | ||||||
| Hong Kong | 1.3% | ||||||||
| CK Infrastructure Holdings, Ltd. | 27,000 | 180,668 | ||||||
| Henderson Land Development Co., Ltd. | 28,000 | 116,243 | ||||||
| Kerry Properties, Ltd. | 31,500 | 88,766 | ||||||
| Description | Shares | Fair Value | ||||||
| Link REIT | 4,900 | $ | 41,765 | |||||
| New World Development Co., Ltd. | 12,000 | 48,726 | ||||||
| Power Assets Holdings, Ltd. | 4,500 | 29,312 | ||||||
| 505,480 | ||||||||
| Israel | 0.7% | ||||||||
| Azrieli Group, Ltd. | 858 | 75,278 | ||||||
| Gav-Yam Lands Corp., Ltd. | 2,655 | 31,152 | ||||||
| Israel Canada T.R, Ltd. | 6,656 | 36,371 | ||||||
| Israel Land Development - Urban Renewal, Ltd. | 1,713 | 27,589 | ||||||
| Mivne Real Estate KD, Ltd. | 18,649 | 72,853 | ||||||
| YH Dimri Construction & Development, Ltd. | 300 | 27,754 | ||||||
| 270,997 | ||||||||
| Italy | 4.2% | ||||||||
| Atlantia SpA (*) | 6,118 | 127,228 | ||||||
| Enel SpA | 12,875 | 85,980 | ||||||
| Hera SpA | 59,888 | 220,964 | ||||||
| Italgas SpA | 44,911 | 288,360 | ||||||
| Snam SpA | 16,991 | 98,123 | ||||||
| Terna - Rete Elettrica Nazionale | 97,717 | 840,427 | ||||||
| 1,661,082 | ||||||||
| Japan | 2.4% | ||||||||
| Daito Trust Construction Co., Ltd. | 900 | 95,490 | ||||||
| Daiwa House Industry Co., Ltd. | 4,500 | 117,566 | ||||||
| Frontier Real Estate Investment Corp. REIT | 27 | 112,207 | ||||||
| GLP J-REIT | 33 | 50,229 | ||||||
| Goldcrest Co., Ltd. | 1,700 | 23,392 | ||||||
| Hoshino Resorts REIT, Inc. REIT | 6 | 33,602 | ||||||
| Japan Real Estate Investment Corp. REIT | 11 | 57,640 | ||||||
| Katitas Co., Ltd. | 2,500 | 68,777 | ||||||
| Mitsubishi Estate Co., Ltd. | 5,300 | 78,824 | ||||||
| Nippon Building Fund, Inc. REIT | 14 | 79,502 | ||||||
| NIPPON REIT Investment Corp. | 13 | 40,758 | ||||||
| Nomura Real Estate Holdings, Inc. | 3,000 | 71,844 | ||||||
| Open House Co., Ltd. | 900 | 39,826 | ||||||
| Orix JREIT, Inc. | 55 | 74,563 | ||||||
| 944,220 | ||||||||
| Luxembourg | 0.1% | ||||||||
| SES SA | 2,283 | 20,782 | ||||||
| Netherlands | 0.1% | ||||||||
| Eurocommercial Properties NV REIT | 1,998 | 54,641 | ||||||
| Singapore | 0.9% | ||||||||
| Ascendas India Trust | 28,600 | 25,028 | ||||||
| Keppel Pacific Oak US REIT | 32,800 | 24,062 | ||||||
| Mapletree Commercial Trust REIT | 53,900 | 74,964 | ||||||
| Mapletree Industrial Trust REIT | 34,800 | 68,896 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Parkway Life REIT | 24,400 | $ | 84,420 | |||||
| Propnex, Ltd. | 20,200 | 27,972 | ||||||
| Sasseur REIT | 80,100 | 49,894 | ||||||
| 355,236 | ||||||||
| Spain | 2.5% | ||||||||
| Ferrovial SA | 19,998 | 529,424 | ||||||
| Iberdrola SA | 41,368 | 450,264 | ||||||
| 979,688 | ||||||||
| Sweden | 1.1% | ||||||||
| Atrium Ljungberg AB, B Shares | 2,197 | 44,709 | ||||||
| Catena AB | 1,288 | 77,903 | ||||||
| Cibus Nordic Real Estate AB | 1,598 | 42,461 | ||||||
| Dios Fastigheter AB | 2,763 | 29,883 | ||||||
| Fastighets AB Balder, B Shares (*) | 1,187 | 77,674 | ||||||
| NP3 Fastigheter AB | 1,489 | 49,009 | ||||||
| Sagax AB, Class D (*) | 7,729 | 26,509 | ||||||
| Samhallsbyggnadsbolaget i Norden AB | 16,294 | 72,566 | ||||||
| 420,714 | ||||||||
| Switzerland | 0.1% | ||||||||
| Flughafen Zuerich AG (*) | 125 | 22,433 | ||||||
| United Kingdom | 4.8% | ||||||||
| Big Yellow Group PLC REIT | 3,837 | 77,218 | ||||||
| National Grid PLC | 51,594 | 792,468 | ||||||
| Pennon Group PLC | 828 | 11,672 | ||||||
| Safestore Holdings PLC REIT | 3,434 | 60,271 | ||||||
| Savills PLC | 2,390 | 34,740 | ||||||
| Segro PLC REIT | 12,366 | 217,840 | ||||||
| Severn Trent PLC | 1,209 | 48,800 | ||||||
| SSE PLC | 25,824 | 591,302 | ||||||
| United Utilities Group PLC | 4,077 | 60,092 | ||||||
| 1,894,403 | ||||||||
| United States | 33.8% | ||||||||
| Alexandria Real Estate Equities, Inc. REIT | 1,689 | 339,911 | ||||||
| Ameren Corp. | 2,449 | 229,618 | ||||||
| American Electric Power Co., Inc. | 2,465 | 245,933 | ||||||
| American Tower Corp. REIT | 1,357 | 340,906 | ||||||
| AvalonBay Communities, Inc. REIT | 1,772 | 440,112 | ||||||
| Brixmor Property Group, Inc. REIT | 3,110 | 80,269 | ||||||
| Camden Property Trust REIT | 797 | 132,461 | ||||||
| CBRE Group, Inc., Class A (*) | 1,962 | 179,562 | ||||||
| CF Industries Holdings, Inc. | 1,750 | 180,355 | ||||||
| Consolidated Edison, Inc. | 2,154 | 203,941 | ||||||
| Crown Castle International Corp. REIT | 2,063 | 380,830 | ||||||
| CSX Corp. | 12,825 | 480,296 | ||||||
| Description | Shares | Fair Value | ||||||
| Digital Realty Trust, Inc. REIT | 2,382 | $ | 337,768 | |||||
| Dominion Energy, Inc. | 5,261 | 447,027 | ||||||
| Duke Realty Corp. REIT | 5,764 | 334,658 | ||||||
| EastGroup Properties, Inc. REIT | 366 | 74,400 | ||||||
| EPR Properties REIT | 526 | 28,777 | ||||||
| Equinix, Inc. REIT | 456 | 338,179 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 1,202 | 91,929 | ||||||
| Equity Residential REIT | 1,975 | 177,592 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 1,198 | 30,309 | ||||||
| Essex Property Trust, Inc. REIT | 186 | 64,259 | ||||||
| Evergy, Inc. | 2,365 | 161,624 | ||||||
| Extra Space Storage, Inc. REIT | 796 | 163,658 | ||||||
| Federal Realty Investment Trust REIT | 699 | 85,327 | ||||||
| First Industrial Realty Trust, Inc. REIT | 1,396 | 86,426 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 1,283 | 60,211 | ||||||
| Healthcare Trust of America, Inc., Class A REIT | 1,500 | 47,010 | ||||||
| Healthpeak Properties, Inc. REIT | 1,756 | 60,283 | ||||||
| Highwoods Properties, Inc. REIT | 1,099 | 50,268 | ||||||
| Hilton Worldwide Holdings, Inc. (*) | 2,406 | 365,086 | ||||||
| Hudson Pacific Properties, Inc. REIT | 1,636 | 45,399 | ||||||
| Innovative Industrial Properties, Inc. REIT | 396 | 81,338 | ||||||
| Invitation Homes, Inc., REIT | 4,212 | 169,238 | ||||||
| Iron Mountain, Inc. REIT | 2,150 | 119,132 | ||||||
| Jones Lang LaSalle, Inc. (*) | 335 | 80,219 | ||||||
| Kimco Realty Corp. REIT | 9,112 | 225,066 | ||||||
| Lamar Advertising Co., Class A REIT | 565 | 65,642 | ||||||
| Life Storage, Inc. REIT | 1,279 | 179,610 | ||||||
| MGM Growth Properties LLC, Class A REIT | 1,453 | 56,231 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 1,606 | 336,377 | ||||||
| National Retail Properties, Inc. REIT | 1,262 | 56,714 | ||||||
| Newmark Group, Inc., Class A | 1,447 | 23,036 | ||||||
| Norfolk Southern Corp. | 752 | 214,485 | ||||||
| NorthWestern Corp. | 3,509 | 212,259 | ||||||
| Omega Healthcare Investors, Inc. REIT | 2,619 | 81,608 | ||||||
| Outfront Media, Inc. REIT | 1,010 | 28,714 | ||||||
| Pinnacle West Capital Corp. | 7,929 | 619,255 | ||||||
| Preferred Apartment Communities, Inc. REIT | 1,387 | 34,592 | ||||||
| Prologis, Inc. REIT | 4,155 | 670,949 | ||||||
| PS Business Parks, Inc. REIT | 494 | 83,032 | ||||||
| Public Storage REIT | 921 | 359,448 | ||||||
| Rayonier, Inc., REIT | 1,065 | 43,793 | ||||||
| Realty Income Corp. REIT | 2,669 | 184,962 | ||||||
| Regency Centers Corp. REIT | 699 | 49,867 | ||||||
| SBA Communications Corp. REIT | 2,036 | 700,588 | ||||||
| Simon Property Group, Inc. REIT | 2,810 | 369,684 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| SITE Centers Corp. REIT | 4,560 | $ | 76,198 | |||||
| SL Green Realty Corp. REIT | 3,234 | 262,536 | ||||||
| Spirit Realty Capital, Inc. REIT | 1,947 | 89,601 | ||||||
| STAG Industrial, Inc., REIT | 1,814 | 75,009 | ||||||
| STORE Capital Corp. REIT | 2,679 | 78,307 | ||||||
| Sun Communities, Inc. REIT | 395 | 69,240 | ||||||
| Targa Resources Corp. | 5,930 | 447,537 | ||||||
| The St. Joe Co. | 751 | 44,489 | ||||||
| UDR, Inc. REIT | 1,564 | 89,727 | ||||||
| Union Pacific Corp. | 950 | 259,550 | ||||||
| Urstadt Biddle Properties, Inc. Class A REIT | 1,731 | 32,560 | ||||||
| Ventas, Inc. REIT | 1,872 | 115,615 | ||||||
| VICI Properties, Inc. REIT | 1,330 | 37,852 | ||||||
| Welltower, Inc. REIT | 1,904 | 183,051 | ||||||
| Weyerhaeuser Co. REIT | 2,159 | 81,826 | ||||||
| 13,273,321 | ||||||||
| Total Common Stocks (Cost $20,626,675) | 23,629,288 | |||||||
| Exchange-Traded Funds | 4.9% | ||||||||
| Aberdeen Standard Physical Silver Shares ETF (Δ) | 15,700 | 374,445 | ||||||
| SPDR Gold Shares (Δ) | 8,664 | 1,565,152 | ||||||
| Total Exchange-Traded Funds (Cost $1,888,903) | 1,939,597 | |||||||
| Short-Term Investments | 33.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 0.17% (7 day yield) (Δ) (Cost $13,195,729) | 13,195,729 | 13,195,729 | ||||||
| Total Investments | 98.7% (Cost $35,711,307) (») | $ | 38,764,614 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.3% | 518,015 | |||||||
| Net Assets | 100.0% | $ | 39,282,629 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at March 31, 2022:
|
Currency |
Quantity |
Currency |
Quantity |
Counterparty |
Settlement |
Unrealized |
Unrealized |
||||||||||
| AUD | 245,578 | USD | 184,612 | CIT | 06/29/22 | $ | — | $ | 566 | ||||||||
| AUD | 177,551 | USD | 133,488 | HSB | 06/29/22 | — | 424 | ||||||||||
| AUD | 337,660 | USD | 253,892 | JPM | 06/29/22 | — | 836 | ||||||||||
| AUD | 113,562 | USD | 85,392 | SSB | 06/29/22 | — | 284 | ||||||||||
| CAD | 46,168 | USD | 36,952 | CIT | 06/29/22 | — | 30 | ||||||||||
| CAD | 17,212 | USD | 13,776 | HSB | 06/29/22 | — | 11 | ||||||||||
| CAD | 3,709 | USD | 2,969 | JPM | 06/29/22 | — | 3 | ||||||||||
| CHF | 9,133 | USD | 9,959 | CIT | 06/29/22 | — | 38 | ||||||||||
| CHF | 81,330 | USD | 88,671 | HSB | 06/29/22 | — | 325 | ||||||||||
| CHF | 20,005 | USD | 21,818 | JPM | 06/29/22 | — | 88 | ||||||||||
| CHF | 80,437 | USD | 87,716 | SSB | 06/29/22 | — | 340 | ||||||||||
| EUR | 1,393,672 | USD | 1,554,136 | CIT | 06/29/22 | — | 7,135 | ||||||||||
| EUR | 1,331,539 | USD | 1,484,594 | HSB | 06/29/22 | — | 6,562 | ||||||||||
| EUR | 653,746 | USD | 728,965 | JPM | 06/29/22 | — | 3,295 | ||||||||||
| EUR | 657,454 | USD | 733,162 | SSB | 06/29/22 | — | 3,377 | ||||||||||
| GBP | 256,119 | USD | 336,909 | CIT | 06/29/22 | — | 552 | ||||||||||
| GBP | 702,192 | USD | 923,653 | HSB | 06/29/22 | — | 1,476 | ||||||||||
| GBP | 377,415 | USD | 496,503 | JPM | 06/29/22 | — | 850 | ||||||||||
| GBP | 77,777 | USD | 102,324 | SSB | 06/29/22 | — | 181 | ||||||||||
| HKD | 2,042,616 | USD | 261,258 | CIT | 06/29/22 | — | 149 | ||||||||||
| HKD | 363,484 | USD | 46,475 | HSB | 06/29/22 | — | 10 | ||||||||||
| HKD | 846,292 | USD | 108,214 | SSB | 06/29/22 | — | 32 | ||||||||||
| USD | 180,682 | AUD | 245,578 | CIT | 06/29/22 | — | 3,364 | ||||||||||
| USD | 44,350 | AUD | 59,827 | HSB | 06/29/22 | — | 487 | ||||||||||
| USD | 86,613 | AUD | 117,724 | HSB | 06/29/22 | — | 1,614 | ||||||||||
| USD | 248,415 | AUD | 337,660 | JPM | 06/29/22 | — | 4,641 | ||||||||||
| USD | 150,477 | AUD | 204,562 | SSB | 06/29/22 | — | 2,830 | ||||||||||
| USD | 36,091 | CAD | 46,168 | CIT | 06/29/22 | — | 831 | ||||||||||
| USD | 13,456 | CAD | 17,212 | HSB | 06/29/22 | — | 309 | ||||||||||
| USD | 9,153 | CAD | 11,709 | JPM | 06/29/22 | — | 211 | ||||||||||
| USD | 9,733 | CHF | 9,133 | CIT | 06/29/22 | — | 188 | ||||||||||
| USD | 29,413 | CHF | 27,278 | HSB | 06/29/22 | — | 218 | ||||||||||
| USD | 57,625 | CHF | 54,052 | HSB | 06/29/22 | — | 1,089 | ||||||||||
| USD | 21,326 | CHF | 20,005 | JPM | 06/29/22 | — | 405 | ||||||||||
| USD | 108,125 | CHF | 101,437 | SSB | 06/29/22 | — | 2,062 | ||||||||||
| USD | 1,532,837 | EUR | 1,393,672 | CIT | 06/29/22 | — | 14,164 | ||||||||||
| USD | 259,097 | EUR | 233,884 | HSB | 06/29/22 | — | 519 | ||||||||||
| USD | 1,207,811 | EUR | 1,097,655 | HSB | 06/29/22 | — | 10,606 | ||||||||||
| USD | 719,263 | EUR | 653,746 | JPM | 06/29/22 | — | 6,407 | ||||||||||
| USD | 1,232,382 | EUR | 1,120,454 | SSB | 06/29/22 | — | 11,342 | ||||||||||
| USD | 335,582 | GBP | 256,119 | CIT | 06/29/22 | — | 775 | ||||||||||
| USD | 919,907 | GBP | 702,192 | HSB | 06/29/22 | — | 2,270 | ||||||||||
| USD | 494,482 | GBP | 377,415 | JPM | 06/29/22 | — | 1,171 | ||||||||||
| USD | 324,610 | GBP | 247,777 | SSB | 06/29/22 | — | 791 | ||||||||||
| USD | 261,560 | HKD | 2,042,616 | CIT | 06/29/22 | 452 | — |
Lazard Real Assets Portfolio (•) (continued)
|
Currency |
Quantity |
Currency |
Quantity |
Counterparty |
Settlement |
Unrealized |
Unrealized |
||||||||||
| USD | 46,546 | HKD | 363,484 | HSB | 06/29/22 | $ | 82 | $ | — | ||||||||
| USD | 155,098 | HKD | 1,211,292 | SSB | 06/29/22 | 258 | — | ||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 792 | $ | 92,858 | |||||||||||||
Futures Contracts open at March 31, 2022 (Δ):
|
Type |
Number
of |
Notional |
Expiration |
Notional |
Fair |
Unrealized | |||||||
| Natural Gas | 24 | $ | 240,000 | 04/27/2022 | 1,070,044 | $ | 1,354,080 | $ | 284,036 | ||||
| Sugar 11 (World) | 2 | 224,000 | 04/29/2022 | 39,829 | 43,657 | 3,828 | |||||||
| Cotton No. 2 | 1 | 50,000 | 05/06/2022 | 59,666 | 67,845 | 8,179 | |||||||
| Low Sulphur Gasoil | 6 | 600 | 05/12/2022 | 466,506 | 604,800 | 138,294 | |||||||
| Soybean Oil | 1 | 60,000 | 05/13/2022 | 40,231 | 41,964 | 1,733 | |||||||
| Total gross unrealized appreciation on Futures Contracts | $ | 436,070 | |||||||||||
Total Return Swap Agreements open at March 31, 2022 (Δ):
|
Currency |
Counterparty |
Notional |
Expiration |
Receive |
Pay |
Payable |
Payment |
Unrealized | |||||||||
| USD | GSC | $ | 9,337,590 | 10/22/22 | 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) | $ | 2,110,560 |
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
| Lazard Real Assets Portfolio (•) (concluded) | ||||
| The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of March 31, 2022: | ||||
| Commodity | Commodity Index Ticker Symbol |
Commodity Exposure Expressed as a Percentage of Notional Amount | ||
| Aluminum | BCOMAL | 5.11 | % | |
| Bean Oil | BCOMBO | 4.54 | ||
| Brent Crude | BCOMCO | 11.77 | ||
| Coffee | BCOMKC | 3.06 | ||
| Copper | BCOMHG | 7.23 | ||
| Corn | BCOMCN | 9.01 | ||
| Cotton | BCOMCT | 0.56 | ||
| Crude Oil | BCOMCL | 13.08 | ||
| Gasoline (RBOB) | BCOMRB | 2.56 | ||
| Gold | BCOMGC | 0.21 | ||
| Heating Oil | BCOMHO | 4.79 | ||
| Kansas Wheat | BCOMKW | 3.14 | ||
| Lean Hogs | BCOMLH | 0.19 | ||
| Live Cattle | BCOMLC | 3.91 | ||
| Natural Gas | BCOMNG | 2.17 | ||
| Nickel | BCOMNI | 2.73 | ||
| Silver | BCOMSI | 1.47 | ||
| Soy Meal | BCOMSM | 4.65 | ||
| Soybeans | BCOMSY | 7.82 | ||
| Sugar | BCOMSB | 3.54 | ||
| Wheat | BCOMWH | 5.01 | ||
| Zinc | BCOMZS | 3.45 | ||
| Total | 100.00 | % | ||
The Lazard Funds, Inc. Notes to Portfolios of Investments
March 31, 2022 (unaudited)
| (*) | Non-income producing security. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2022, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets |
| Emerging Markets Equity Advantage | 1.5% |
| Emerging Markets Debt | 6.7% |
| Global Fixed Income | 2.5% |
| U.S. Corporate Income | 58.9% |
| Enhanced Opportunities | 4.9% |
| Global Dynamic Multi Asset | 0.4% |
| (^) | 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 and Enhanced Opportunities for the period ended March 31, 2022 were as follows: |
| Issue | Value at December 31, 2021 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at March 31, 2022 | Values at March 31, 2022 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Atlas Arteria, Ltd. | $ | 249,880,072 | $ | - | $ | - | $ | - | $ | (8,561,944 | ) | $ | 7,565,209 | 49,611,421 | $ | 241,318,128 | ||||||||||||||||
| Eutelsat Communications SA | 142,933,220 | - | - | - | (16,115,798 | ) | - | 11,681,887 | 126,817,422 | |||||||||||||||||||||||
| SES SA | 163,718,030 | - | - | - | 23,978,145 | - | 20,619,089 | 187,696,175 | ||||||||||||||||||||||||
| Total Securities | $ | 556,531,322 | $ | - | $ | - | $ | - | $ | (699,597 | ) | $ | 7,565,209 | $ | 81,912,397 | $ | 555,831,725 | |||||||||||||||
| Issue | Value at December 31, 2021 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at March 31, 2022 | Values at March 31, 2022 | ||||||||||||||||||||||||
| Enhanced Opportunities | ||||||||||||||||||||||||||||||||
| Avadel Pharmaceuticals PLC ADR | $ | (553,997 | ) | $ | - | $ | (46,118 | ) | $ | - | $ | 89,292 | $ | - | $ | (74,791 | ) | $ | (510,823 | ) | ||||||||||||
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2022. |
| (¶) | Date shown is the next perpetual call date. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2022 which may step up at a future date. |
| («) | Issue in default. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (•) | 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 | |
| CVR | - Contingent Value Rights | REIT | - Real Estate Investment Trust | |
| ETF | - Exchange-Traded Fund | SOFR | - Secured Overnight Financing Rate | |
| GDR | - Global Depositary Receipt | SONIA | - Sterling Overnight Index Average | |
| JSC | - Joint Stock Company | WIBOR | - Warsaw Interbank Offered Rate | |
| LIBOR | - London Interbank Offered Rate |
Currency Abbreviations:
| AUD | - Australian Dollar | JPY | - Japanese Yen | |
| BRL | - Brazilian Real | KRW | - South Korean Won | |
| CAD | - Canadian Dollar | MXN | - Mexican New Peso | |
| CHF | - Swiss Franc | MYR | - Malaysian Ringgit | |
| CLP | - Chilean Peso | NOK | - Norwegian Krone | |
| CNH | - Chinese Yuan Renminbi | NZD | - New Zealand Dollar |
| CNY | - Chinese Renminbi | PEN | - Peruvian Nuevo Sol | |
| 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 | UAH | - Ukrainian Hryvnia | |
| HUF | - Hungarian Forint | USD | - United States Dollar | |
| IDR | - Indonesian Rupiah | UYU | - Uruguayan Peso | |
| INR | - Indian Rupee | ZAR | - South African Rand | |
| Counterparty Abbreviations: | ||||
| BNP | - BNP Paribas SA | JPM | - JPMorgan Chase Bank NA | |
| BOA | - Bank of America | MEL | - The Bank of New York Mellon Corp. | |
| BRC | - Barclays Bank PLC | MSC | - Morgan Stanley & Co. | |
| CAN | - Canadian Imperial Bank of Commerce | RBC | - Royal Bank of Canada | |
| CIT | - Citibank NA | SCB | - Standard Chartered Bank | |
| GSC | - Goldman Sachs International | SSB | - State Street Bank and Trust Co. | |
| HSB | - HSBC Bank USA NA | UBS | - UBS AG | |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Developing Markets Equity Portfolio | Lazard Emerging Markets Core Equity Portfolio | Lazard Emerging Markets Equity Advantage Portfolio | Lazard Emerging Markets Equity Portfolio | Lazard Emerging Markets Strategic Equity Portfolio | |||||||||||||||
| Common & Preferred Stocks | ||||||||||||||||||||
| Air Freight & Logistics | 1.5 | % | — | % | — | % | — | % | — | % | ||||||||||
| Airlines | — | — | 0.1 | — | — | |||||||||||||||
| Auto Components | 1.1 | 0.7 | 0.2 | 1.8 | 1.0 | |||||||||||||||
| Automobiles | 0.7 | 1.5 | 2.6 | 2.7 | 0.8 | |||||||||||||||
| Banks | 22.9 | 13.2 | 16.1 | 23.6 | 20.4 | |||||||||||||||
| Beverages | 2.2 | 2.0 | 1.6 | — | 1.1 | |||||||||||||||
| Biotechnology | — | 0.6 | 0.1 | — | — | |||||||||||||||
| Building Products | — | — | 0.1 | — | — | |||||||||||||||
| Capital Markets | — | 1.3 | 1.3 | — | 1.2 | |||||||||||||||
| Chemicals | 1.7 | 2.6 | 3.6 | 1.3 | 1.1 | |||||||||||||||
| Commercial Services & Suppliers | — | — | 0.1 | — | — | |||||||||||||||
| Communications Equipment | — | 0.5 | — | — | — | |||||||||||||||
| Construction & Engineering | — | 1.1 | 1.6 | — | — | |||||||||||||||
| Construction Materials | — | 1.4 | — | 2.2 | 1.1 | |||||||||||||||
| Consumer Finance | 1.4 | — | 0.2 | — | 0.7 | |||||||||||||||
| Diversified Financial Services | — | — | 0.8 | — | — | |||||||||||||||
| Diversified Telecommunication Services | — | 1.4 | 2.0 | 3.0 | 1.2 | |||||||||||||||
| Electric Utilities | — | — | 0.8 | — | — | |||||||||||||||
| Electrical Equipment | 2.6 | — | 0.8 | — | — | |||||||||||||||
| Electronic Equipment, Instruments & Components | 4.6 | 1.0 | 2.8 | 2.0 | 2.1 | |||||||||||||||
| Entertainment | — | 2.5 | 1.5 | — | 1.5 | |||||||||||||||
| Food & Staples Retailing | — | — | 1.3 | — | 1.1 | |||||||||||||||
| Food Products | — | 0.8 | 1.6 | 0.9 | — | |||||||||||||||
| Gas Utilities | — | — | 0.7 | 0.8 | 1.1 | |||||||||||||||
| Health Care Equipment & Supplies | — | — | 0.4 | — | — | |||||||||||||||
| Health Care Providers & Services | — | — | 0.3 | 3.1 | 2.1 | |||||||||||||||
| Hotels, Restaurants & Leisure | 1.5 | 0.8 | 0.3 | 1.0 | 3.7 | |||||||||||||||
| Household Durables | 1.1 | 1.9 | 1.0 | 2.3 | 2.6 | |||||||||||||||
| Household Products | — | — | — | 0.8 | 0.7 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.8 | 0.9 | — | |||||||||||||||
| Industrial Conglomerates | — | — | 0.2 | 1.4 | — | |||||||||||||||
| Insurance | 1.2 | 4.2 | 2.7 | 5.3 | 2.6 | |||||||||||||||
| Interactive Media & Services | 8.7 | 5.7 | 4.2 | — | 3.8 | |||||||||||||||
| Internet & Direct Marketing Retail | 4.7 | 6.1 | 4.7 | — | 3.7 | |||||||||||||||
| IT Services | 1.7 | 3.2 | 3.6 | — | 3.8 | |||||||||||||||
| Life Sciences Tools & Services | — | 0.7 | 0.6 | — | — | |||||||||||||||
| Machinery | 2.9 | 2.3 | 0.1 | 0.9 | 2.6 | |||||||||||||||
| Marine | — | — | 1.4 | — | — | |||||||||||||||
| Media | — | — | 0.8 | — | — | |||||||||||||||
| Metals & Mining | 2.7 | 5.2 | 5.2 | 4.0 | 6.7 | |||||||||||||||
| Multiline Retail | — | 1.1 | — | — | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | 2.1 | 6.7 | 5.4 | 8.6 | 4.9 | |||||||||||||||
| Paper & Forest Products | 1.1 | 1.3 | 0.1 | 0.6 | — | |||||||||||||||
| Personal Products | — | 0.7 | — | 2.8 | 1.5 | |||||||||||||||
| Pharmaceuticals | 1.3 | — | 2.1 | 0.7 | 1.1 | |||||||||||||||
| Real Estate Management & Development | — | — | 1.2 | 2.0 | 1.0 | |||||||||||||||
| Road & Rail | 2.1 | 0.9 | — | — | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 14.8 | 13.2 | 10.5 | 11.2 | 11.7 | |||||||||||||||
| Specialty Retail | 5.4 | 2.4 | 1.2 | 1.0 | — | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
| Technology Hardware, Storage & Peripherals | 6.8 | 6.5 | 5.2 | 8.2 | 4.9 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 0.6 | 2.5 | 0.8 | — | 1.2 | |||||||||||||||
| Tobacco | — | — | 0.1 | 0.8 | 1.3 | |||||||||||||||
| Transportation Infrastructure | 1.0 | 1.5 | 0.4 | 1.9 | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | 1.7 | 1.9 | 2.5 | |||||||||||||||
| Subtotal | 98.4 | 97.5 | 94.9 | 97.7 | 96.8 | |||||||||||||||
| Short-Term Investments | 1.7 | 2.5 | 1.4 | 2.2 | 3.0 | |||||||||||||||
| Total Investments | 100.1 | % | 100.0 | % | 96.3 | % | 99.9 | % | 99.8 | % | ||||||||||
| † | 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 | — | % | 1.9 | % | — | % | 0.6 | % | 0.9 | % | ||||||||||
| Air Freight & Logistics | — | — | — | — | 1.9 | |||||||||||||||
| Airlines | — | — | — | 0.5 | — | |||||||||||||||
| Auto Components | — | — | — | 0.6 | — | |||||||||||||||
| Automobiles | — | — | — | — | 3.3 | |||||||||||||||
| Banks | — | 3.8 | — | 3.4 | 7.6 | |||||||||||||||
| Beverages | 1.7 | 7.2 | — | 4.4 | 0.1 | |||||||||||||||
| Biotechnology | — | — | — | 2.3 | 0.9 | |||||||||||||||
| Building Products | — | 0.7 | — | — | 2.8 | |||||||||||||||
| Capital Markets | — | 7.0 | — | 6.7 | 3.5 | |||||||||||||||
| Chemicals | — | — | — | 2.6 | 2.1 | |||||||||||||||
| Commercial Services & Suppliers | 4.0 | — | — | — | 0.4 | |||||||||||||||
| Communications Equipment | 0.9 | 2.1 | — | — | 1.1 | |||||||||||||||
| Construction & Engineering | 5.9 | — | 11.0 | — | 0.5 | |||||||||||||||
| Construction Materials | — | — | — | — | 0.3 | |||||||||||||||
| Containers & Packaging | — | 0.8 | — | — | — | |||||||||||||||
| Diversified Consumer Services | 6.0 | — | — | — | — | |||||||||||||||
| Diversified Financial Services | — | — | — | — | 1.0 | |||||||||||||||
| Diversified Telecommunication Services | — | — | — | — | 0.4 | |||||||||||||||
| Electric Utilities | — | — | 13.3 | 1.4 | 3.3 | |||||||||||||||
| Electrical Equipment | — | 3.4 | — | 3.3 | 1.4 | |||||||||||||||
| Electronic Equipment, Instruments & Components | — | 2.6 | — | 1.7 | 0.3 | |||||||||||||||
| Energy Equipment & Services | — | — | — | 1.1 | — | |||||||||||||||
| Entertainment | — | 1.8 | — | 2.7 | 1.3 | |||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.9 | |||||||||||||||
| Food & Staples Retailing | — | — | — | — | 2.1 | |||||||||||||||
| Food Products | — | — | — | — | 1.0 | |||||||||||||||
| Gas Utilities | 3.1 | — | 10.4 | — | — | |||||||||||||||
| Health Care Equipment & Supplies | 5.0 | 2.2 | — | 4.8 | 1.3 | |||||||||||||||
| Health Care Providers & Services | 17.9 | — | — | 2.9 | 0.3 | |||||||||||||||
| Hotels, Restaurants & Leisure | 5.8 | 1.6 | — | — | 1.7 | |||||||||||||||
| Household Durables | — | 0.6 | — | — | 2.0 | |||||||||||||||
| Household Products | — | 1.6 | — | — | — | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.5 | |||||||||||||||
| Industrial Conglomerates | — | 0.8 | — | — | 1.0 | |||||||||||||||
| Insurance | — | 3.3 | — | 4.2 | 5.1 | |||||||||||||||
| Interactive Media & Services | — | 5.3 | — | 6.1 | — | |||||||||||||||
| Internet & Direct Marketing Retail | — | 0.8 | — | — | 0.1 | |||||||||||||||
| IT Services | 8.1 | 4.6 | — | 4.8 | 1.4 | |||||||||||||||
| Leisure Products | — | 1.9 | — | — | 1.1 | |||||||||||||||
| Life Sciences Tools & Services | — | 5.5 | — | 7.2 | 0.4 | |||||||||||||||
| Machinery | — | 1.1 | — | — | 1.1 | |||||||||||||||
| Marine | — | — | — | — | 1.8 | |||||||||||||||
| Media | 10.3 | — | 4.0 | 1.1 | 0.2 | |||||||||||||||
| Metals & Mining | — | — | — | — | 5.0 | |||||||||||||||
| Multiline Retail | — | 3.2 | — | 2.7 | 0.4 | |||||||||||||||
| Multi-Utilities | 4.1 | — | 19.8 | — | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 4.5 | |||||||||||||||
| Personal Products | — | 2.2 | — | — | 1.9 | |||||||||||||||
| Pharmaceuticals | — | 5.2 | — | 3.3 | 10.9 | |||||||||||||||
| Professional Services | 6.8 | 6.9 | — | 5.0 | 1.9 | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
| Real Estate Management & Development | — | — | — | — | 0.9 | |||||||||||||||
| Road & Rail | — | 1.2 | 5.7 | 1.0 | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 3.0 | 4.9 | — | 8.5 | 4.5 | |||||||||||||||
| Software | — | 5.2 | — | 12.9 | 2.3 | |||||||||||||||
| Specialty Retail | 2.9 | 2.3 | — | — | 1.0 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 0.8 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 4.0 | 3.9 | — | — | 1.4 | |||||||||||||||
| Tobacco | — | — | — | — | 3.0 | |||||||||||||||
| Trading Companies & Distributors | — | 1.5 | — | 1.7 | 2.2 | |||||||||||||||
| Transportation Infrastructure | 3.3 | — | 12.5 | — | — | |||||||||||||||
| Water Utilities | — | — | 9.2 | — | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | — | — | 2.7 | |||||||||||||||
| Subtotal | 92.8 | 97.1 | 85.9 | 97.5 | 99.5 | |||||||||||||||
| Short-Term Investments | 7.1 | 2.8 | 13.8 | 2.8 | 1.0 | |||||||||||||||
| Total Investments | 99.9 | % | 99.9 | % | 99.7 | % | 100.3 | % | 100.5 | % | ||||||||||
| † | 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 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 | 4.3 | % | 3.5 | % | 7.5 | % | — | % | 0.7 | % | ||||||||||
| Air Freight & Logistics | — | — | — | — | 1.1 | |||||||||||||||
| Airlines | 1.4 | 0.9 | — | — | 1.1 | |||||||||||||||
| Auto Components | 0.7 | 0.6 | 2.8 | — | 1.3 | |||||||||||||||
| Automobiles | 2.5 | 1.8 | 3.1 | — | — | |||||||||||||||
| Banks | 5.6 | 10.1 | 9.8 | 7.4 | 4.2 | |||||||||||||||
| Beverages | 3.7 | 2.3 | 7.2 | 5.8 | 2.8 | |||||||||||||||
| Biotechnology | — | — | — | 2.8 | — | |||||||||||||||
| Building Products | 1.1 | 0.7 | 2.3 | 2.6 | 2.1 | |||||||||||||||
| Capital Markets | 3.3 | — | 8.9 | 5.6 | 6.9 | |||||||||||||||
| Chemicals | 4.8 | 5.8 | 3.1 | — | 4.8 | |||||||||||||||
| Commercial Services & Suppliers | — | — | — | — | 3.2 | |||||||||||||||
| Construction & Engineering | — | — | — | — | 1.8 | |||||||||||||||
| Diversified Financial Services | — | — | — | — | 1.2 | |||||||||||||||
| Diversified Telecommunication Services | 1.1 | 1.9 | — | — | 0.8 | |||||||||||||||
| Electric Utilities | 1.5 | 1.3 | — | — | — | |||||||||||||||
| Electrical Equipment | 2.8 | 3.9 | — | 2.0 | — | |||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | — | 2.5 | 0.3 | |||||||||||||||
| Entertainment | 3.0 | 1.4 | 4.8 | 3.4 | 1.0 | |||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 3.2 | |||||||||||||||
| Food & Staples Retailing | 2.2 | 0.7 | 3.3 | 2.6 | 1.0 | |||||||||||||||
| Food Products | — | — | — | — | 1.7 | |||||||||||||||
| Gas Utilities | 1.0 | 1.3 | — | — | 2.6 | |||||||||||||||
| Health Care Equipment & Supplies | 6.0 | 3.5 | — | 3.8 | 2.2 | |||||||||||||||
| Health Care Providers & Services | — | — | — | — | 0.7 | |||||||||||||||
| Health Care Technology | — | — | — | — | 0.8 | |||||||||||||||
| Hotels, Restaurants & Leisure | 1.3 | 1.4 | 6.6 | — | 1.1 | |||||||||||||||
| Household Durables | — | — | 2.9 | — | 1.8 | |||||||||||||||
| Household Products | — | — | — | 0.6 | 1.0 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | 1.0 | 1.6 | — | — | — | |||||||||||||||
| Industrial Conglomerates | 1.3 | — | 3.0 | — | — | |||||||||||||||
| Insurance | 4.6 | 6.4 | 7.1 | 9.3 | 2.2 | |||||||||||||||
| Interactive Media & Services | 0.6 | 2.4 | — | 4.3 | 1.0 | |||||||||||||||
| Internet & Direct Marketing Retail | 0.7 | 1.0 | 1.9 | 1.9 | — | |||||||||||||||
| IT Services | 1.9 | 2.4 | — | — | 2.9 | |||||||||||||||
| Leisure Products | 4.5 | 3.1 | 4.8 | 3.3 | 1.9 | |||||||||||||||
| Life Sciences Tools & Services | — | — | — | — | 0.9 | |||||||||||||||
| Machinery | 2.2 | 1.3 | — | — | 4.2 | |||||||||||||||
| Media | — | — | — | — | 0.6 | |||||||||||||||
| Metals & Mining | 1.9 | 1.3 | 3.9 | — | 2.0 | |||||||||||||||
| Multiline Retail | — | 1.0 | — | 2.5 | 1.8 | |||||||||||||||
| Multi-Utilities | 2.4 | 2.0 | 4.2 | — | — | |||||||||||||||
| Oil, Gas & Consumable Fuels | 6.2 | 7.6 | 5.9 | — | 1.6 | |||||||||||||||
| Personal Products | 1.4 | 1.8 | — | 3.4 | — | |||||||||||||||
| Pharmaceuticals | 6.9 | 6.3 | 5.0 | 1.8 | 2.2 | |||||||||||||||
| Professional Services | 5.0 | 6.2 | — | 9.7 | 4.8 | |||||||||||||||
| Real Estate Management & Development | 3.8 | 1.8 | — | — | 8.2 | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 3.4 | 5.6 | — | 8.4 | 2.2 | |||||||||||||||
| Software | — | — | — | 4.5 | 4.5 | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
| Specialty Retail | 1.0 | 0.9 | 1.6 | 2.2 | 4.4 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 1.0 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 1.0 | 0.9 | — | 3.2 | 0.8 | |||||||||||||||
| Trading Companies & Distributors | 1.2 | 1.1 | — | 3.9 | 2.1 | |||||||||||||||
| Water Utilities | — | 0.8 | — | — | 0.3 | |||||||||||||||
| Subtotal | 97.3 | 96.6 | 99.7 | 97.5 | 99.0 | |||||||||||||||
| Short-Term Investments | 1.9 | 3.4 | 0.4 | 2.7 | 0.5 | |||||||||||||||
| Total Investments | 99.2 | % | 100.0 | % | 100.1 | % | 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 | 5.6 | % | 1.3 | % | — | % | — | % | 0.7 | % | ||||||||||
| Air Freight & Logistics | — | 0.2 | — | — | 0.4 | |||||||||||||||
| Airlines | 1.6 | — | — | — | — | |||||||||||||||
| Auto Components | 1.2 | — | — | — | 0.1 | |||||||||||||||
| Automobiles | 2.7 | — | — | 2.2 | 1.8 | |||||||||||||||
| Banks | 7.2 | 1.6 | 2.2 | 9.4 | 6.4 | |||||||||||||||
| Beverages | 7.9 | 1.3 | — | 0.5 | 1.4 | |||||||||||||||
| Biotechnology | 1.7 | 2.9 | — | 1.1 | 0.9 | |||||||||||||||
| Building Products | 1.7 | — | — | 1.0 | 0.9 | |||||||||||||||
| Capital Markets | 1.9 | 2.6 | — | 2.1 | 2.7 | |||||||||||||||
| Chemicals | 3.8 | 0.5 | — | — | 0.5 | |||||||||||||||
| Commercial Services & Suppliers | — | 1.6 | — | 0.6 | 0.6 | |||||||||||||||
| Communications Equipment | — | 1.0 | — | — | 0.5 | |||||||||||||||
| Consumer Finance | — | 0.2 | — | 0.8 | 0.7 | |||||||||||||||
| Containers & Packaging | — | 0.2 | — | 0.7 | 0.5 | |||||||||||||||
| Diversified Consumer Services | — | 0.8 | — | 0.8 | 0.5 | |||||||||||||||
| Diversified Financial Services | — | 0.1 | — | — | 0.1 | |||||||||||||||
| Diversified Telecommunication Services | — | 4.7 | — | 1.4 | 2.4 | |||||||||||||||
| Electric Utilities | 1.3 | 4.1 | — | — | 0.6 | |||||||||||||||
| Electrical Equipment | 4.2 | — | — | 1.4 | 0.8 | |||||||||||||||
| Electronic Equipment, Instruments & Components | 1.4 | 0.6 | — | 0.4 | 0.8 | |||||||||||||||
| Entertainment | 2.0 | 0.7 | — | — | 0.4 | |||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | 5.0 | — | 1.5 | 1.6 | |||||||||||||||
| Food & Staples Retailing | 0.9 | 7.6 | — | 1.8 | 0.9 | |||||||||||||||
| Food Products | — | 5.0 | — | — | 0.6 | |||||||||||||||
| Gas Utilities | — | 2.7 | — | — | 0.2 | |||||||||||||||
| Health Care Equipment & Supplies | 4.3 | 2.8 | — | — | 0.5 | |||||||||||||||
| Health Care Providers & Services | — | 2.7 | — | 0.5 | 1.7 | |||||||||||||||
| Health Care Technology | — | 0.3 | — | — | — | |||||||||||||||
| Hotels, Restaurants & Leisure | 1.5 | 2.1 | — | 1.6 | 1.3 | |||||||||||||||
| Household Durables | — | 0.2 | — | — | 0.2 | |||||||||||||||
| Household Products | — | 3.1 | — | 1.2 | 1.4 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | 1.5 | 0.8 | — | — | 0.2 | |||||||||||||||
| Industrial Conglomerates | — | — | — | — | 0.2 | |||||||||||||||
| Insurance | 6.2 | 4.4 | — | — | 1.5 | |||||||||||||||
| Interactive Media & Services | — | 1.2 | — | 1.1 | 1.8 | |||||||||||||||
| Internet & Direct Marketing Retail | 0.3 | — | — | 0.6 | 1.3 | |||||||||||||||
| IT Services | 2.8 | 4.3 | — | 0.5 | 1.9 | |||||||||||||||
| Leisure Products | 4.0 | 0.3 | — | — | 0.3 | |||||||||||||||
| Life Sciences Tools & Services | — | 1.5 | — | — | 0.8 | |||||||||||||||
| Machinery | 1.9 | 0.7 | — | 1.9 | 1.6 | |||||||||||||||
| Marine | — | 0.4 | — | — | 0.3 | |||||||||||||||
| Media | 1.5 | 2.3 | — | — | 0.7 | |||||||||||||||
| Metals & Mining | 2.3 | 1.7 | — | — | 0.6 | |||||||||||||||
| Multiline Retail | 0.7 | 1.2 | — | — | 0.5 | |||||||||||||||
| Multi-Utilities | 2.2 | 0.7 | — | — | 0.2 | |||||||||||||||
| Oil, Gas & Consumable Fuels | 1.9 | 1.8 | 2.1 | — | 1.5 | |||||||||||||||
| Personal Products | — | 0.2 | — | — | 0.2 | |||||||||||||||
| Pharmaceuticals | 3.0 | 7.5 | — | 1.2 | 3.4 | |||||||||||||||
| Professional Services | 5.6 | 2.4 | — | — | 1.0 | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
| Real Estate Management & Development | 2.9 | 0.9 | 0.8 | — | 0.2 | |||||||||||||||
| Road & Rail | 1.0 | 0.9 | — | — | 0.5 | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 4.4 | 2.4 | — | — | 2.0 | |||||||||||||||
| Software | — | 2.8 | — | 1.5 | 3.8 | |||||||||||||||
| Specialty Retail | 1.6 | 1.2 | — | 0.7 | 1.3 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | 0.3 | — | 2.2 | 3.1 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | — | 0.2 | — | — | 0.4 | |||||||||||||||
| Thrifts & Mortgage Finance | 1.1 | 0.2 | — | — | 0.1 | |||||||||||||||
| Tobacco | — | 0.3 | — | — | 0.1 | |||||||||||||||
| Trading Companies & Distributors | — | 0.7 | — | 0.8 | 0.6 | |||||||||||||||
| Transportation Infrastructure | — | — | 1.0 | — | — | |||||||||||||||
| Wireless Telecommunication Services | — | 1.1 | — | — | 0.1 | |||||||||||||||
| Subtotal | 95.8 | 98.3 | 6.1 | 39.5 | 62.3 | |||||||||||||||
| Exchange Traded Funds | — | — | — | — | 4.3 | |||||||||||||||
| Foreign Government Obligations | — | — | 87.9 | 46.7 | 20.7 | |||||||||||||||
| Supranational Bonds | — | — | 0.1 | 11.0 | 5.5 | |||||||||||||||
| US Municipal Bonds | — | — | — | 1.3 | 1.1 | |||||||||||||||
| US Treasury Securities | — | — | — | 2.2 | 1.5 | |||||||||||||||
| Short-Term Investments | 3.8 | 1.3 | 4.9 | — | 6.1 | |||||||||||||||
| Total Investments | 99.6 | % | 99.6 | % | 99.0 | % | 100.7 | % | 101.5 | % |
| † | 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 Real Assets Portfolio | |||
| Common Stocks | ||||
| Chemicals | 0.5 | % | ||
| Construction & Engineering | 3.1 | |||
| Electric Utilities | 8.2 | |||
| Equity Real Estate Investment Trusts (REITs) | 29.3 | |||
| Gas Utilities | 1.0 | |||
| Hotels, Restaurants & Leisure | 0.9 | |||
| Household Durables | 0.1 | |||
| Media | 0.1 | |||
| Metals & Mining | 0.4 | |||
| Multi-Utilities | 5.6 | |||
| Oil, Gas & Consumable Fuels | 2.3 | |||
| Real Estate Management & Development | 4.8 | |||
| Road & Rail | 2.6 | |||
| Transportation Infrastructure | 1.0 | |||
| Water Utilities | 0.3 | |||
| Subtotal | 60.2 | |||
| Exchange Traded Funds | 4.9 | |||
| Short-Term Investments | 33.6 | |||
| Total Investments | 98.7 | % | ||
| † | 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 | 2.4 | % | -0.5 | % | ||||
| Air Freight & Logistics | 0.9 | -0.6 | ||||||
| Airlines | 3.5 | -2.3 | ||||||
| Auto Components | 1.5 | -0.5 | ||||||
| Automobiles | 4.9 | -1.6 | ||||||
| Banks | 4.7 | -0.2 | ||||||
| Biotechnology | 11.4 | -5.7 | ||||||
| Chemicals | 1.8 | -0.7 | ||||||
| Construction & Engineering | 0.6 | -0.4 | ||||||
| Consumer Finance | 6.3 | -1.8 | ||||||
| Diversified Consumer Services | 1.3 | -0.4 | ||||||
| Diversified Financial Services | 0.9 | — | ||||||
| Diversified Telecommunication Services | 1.4 | -0.4 | ||||||
| Electrical Equipments | 0.6 | -0.3 | ||||||
| Electronic Equipment, Instruments & Components | 3.5 | -0.4 | ||||||
| Energy Equipment & Services | 1.4 | -0.6 | ||||||
| Entertainment | 5.0 | -1.6 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 3.1 | -0.9 | ||||||
| Food & Staples Retailing | 2.8 | -1.1 | ||||||
| Food Products | 0.2 | — | ||||||
| Health Care Equipment & Supplies | 8.9 | -4.0 | ||||||
| Health Care Providers & Services | 1.7 | -0.4 | ||||||
| Health Care Technology | 0.9 | -0.3 | ||||||
| Hotels, Restaurants & Leisure | 1.7 | -1.8 | ||||||
| Independent Power & Renewable Electricity Producers | 0.7 | -0.4 | ||||||
| Insurance | 0.2 | — | ||||||
| Interactive Media & Services | 2.2 | -0.6 | ||||||
| Internet & Direct Marketing Retail | 7.1 | -1.2 | ||||||
| IT Services | 4.8 | -0.9 | ||||||
| Leisure Products | 2.1 | |||||||
| Life Sciences Tools & Services | 1.3 | -0.6 | ||||||
| Machinery | 2.0 | -0.3 | ||||||
| Marine | 1.5 | -1.3 | ||||||
| Media | 11.4 | -0.7 | ||||||
| Metals & Mining | 9.9 | -7.5 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 9.5 | -0.5 | ||||||
| Oil, Gas & Consumable Fuels | 4.5 | -3.4 | ||||||
| Personal Products | 2.7 | -0.3 | ||||||
| Pharmaceuticals | 10.7 | -3.0 | ||||||
| Professional Services | 0.8 | -0.1 | ||||||
| Real Estate Management & Development | 2.5 | -0.8 | ||||||
| Semiconductors & Semiconductor Equipment | 2.4 | -1.3 | ||||||
| Software | 13.0 | -2.2 | ||||||
| Specialty Retail | 2.2 | -0.4 | ||||||
| Technology Hardware, Storage & Peripherals | 0.7 | -0.5 | ||||||
| Subtotal | 163.6 | -52.5 | ||||||
| Exchange Traded Funds | — | -1.3 | ||||||
| Options Purchased | 0.1 | — | ||||||
| US Treasury Securities | — | -31.4 | ||||||
| Short-Term Investments | 8.8 | — | ||||||
| Total Investments | 172.5 | % | -85.2 | % | ||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 23, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 23, 2022
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: May 23, 2022