UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 9/30/2022
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.8% | ||||||||
| Brazil | 6.0% | ||||||||
| Banco Bradesco SA ADR | 305,224 | $ | 1,123,224 | |||||
| Dexco SA | 450,035 | 780,044 | ||||||
| Pagseguro Digital Ltd., Class A (*) | 72,200 | 955,206 | ||||||
| Petro Rio SA (*) | 159,500 | 814,006 | ||||||
| Rumo SA | 317,344 | 1,087,159 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 343,600 | 870,728 | ||||||
| 5,630,367 | ||||||||
| China | 35.4% | ||||||||
| Airtac International Group | 28,765 | 658,055 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 36,288 | 2,902,677 | ||||||
| Autohome, Inc. ADR | 22,911 | 658,920 | ||||||
| Baidu, Inc., Class A (*) | 114,200 | 1,685,188 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 88,300 | 2,451,900 | ||||||
| Chow Tai Seng Jewellery Co. Ltd., Class A | 549,750 | 898,594 | ||||||
| GoerTek, Inc., Class A | 412,600 | 1,544,275 | ||||||
| JD.com, Inc., Class A | 82,959 | 2,094,823 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | 170,400 | 1,101,654 | ||||||
| Minth Group Ltd. | 680,000 | 1,485,353 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 274,000 | 1,362,413 | ||||||
| Shanghai Liangxin Electrical Co. Ltd., Class A | 843,792 | 1,395,706 | ||||||
| Tencent Holdings Ltd. | 118,800 | 4,012,114 | ||||||
| Topsports International Holdings Ltd. | 1,270,000 | 891,652 | ||||||
| Trip.com Group Ltd. ADR (*) | 79,885 | 2,181,659 | ||||||
| Weibo Corp. ADR (*) | 40,381 | 690,515 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 85,800 | 2,037,642 | ||||||
| Xiaomi Corp., Class B (*) | 512,400 | 575,631 | ||||||
| Yadea Group Holdings Ltd. | 882,000 | 1,408,925 | ||||||
| Zhongsheng Group Holdings Ltd. | 362,000 | 1,423,342 | ||||||
| ZTO Express Cayman, Inc. ADR | 71,040 | 1,707,091 | ||||||
| 33,168,129 | ||||||||
| Colombia | 0.6% | ||||||||
| Bancolombia SA ADR | 21,937 | 534,605 | ||||||
| Hong Kong | 1.0% | ||||||||
| Techtronic Industries Co. Ltd. | 97,002 | 916,421 | ||||||
| Hungary | 1.8% | ||||||||
| Richter Gedeon Nyrt. | 96,426 | 1,651,163 | ||||||
| India | 12.9% | ||||||||
| Bajaj Finance Ltd. | 17,712 | 1,580,733 | ||||||
| HDFC Bank Ltd. ADR | 49,342 | 2,882,559 | ||||||
| Description | Shares | Fair Value | ||||||
| ICICI Bank Ltd. ADR | 149,407 | $ | 3,133,065 | |||||
| Mphasis Ltd. | 23,986 | 607,642 | ||||||
| Reliance Industries Ltd. | 73,876 | 2,136,736 | ||||||
| UPL Ltd. | 212,959 | 1,749,508 | ||||||
| 12,090,243 | ||||||||
| Indonesia | 4.3% | ||||||||
| PT Bank Central Asia Tbk | 3,342,500 | 1,865,911 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 7,345,949 | 2,160,961 | ||||||
| 4,026,872 | ||||||||
| Mexico | 2.6% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 380,957 | 2,446,206 | ||||||
| Peru | 1.0% | ||||||||
| Credicorp Ltd. | 7,763 | 953,296 | ||||||
| Philippines | 2.3% | ||||||||
| BDO Unibank, Inc. | 732,885 | 1,396,133 | ||||||
| International Container Terminal Services, Inc. | 281,269 | 752,008 | ||||||
| 2,148,141 | ||||||||
| Poland | 1.3% | ||||||||
| InPost SA (*) | 204,870 | 1,196,405 | ||||||
| South Africa | 3.2% | ||||||||
| Capitec Bank Holdings Ltd. | 6,145 | 526,750 | ||||||
| Foschini Group Ltd. | 188,087 | 1,213,991 | ||||||
| Standard Bank Group Ltd. | 166,255 | 1,311,627 | ||||||
| 3,052,368 | ||||||||
| South Korea | 8.9% | ||||||||
| CJ Logistics Corp. (*) | 8,249 | 517,806 | ||||||
| NAVER Corp. | 5,837 | 777,934 | ||||||
| Samsung Electronics Co. Ltd. | 129,614 | 4,762,450 | ||||||
| SK Hynix, Inc. | 39,138 | 2,245,666 | ||||||
| 8,303,856 | ||||||||
| Taiwan | 14.7% | ||||||||
| ASE Technology Holding Co. Ltd. | 433,289 | 1,080,298 | ||||||
| Bizlink Holding, Inc. | 172,000 | 1,521,721 | ||||||
| Chroma ATE, Inc. | 260,000 | 1,457,363 | ||||||
| Hiwin Technologies Corp. | 123,714 | 683,893 | ||||||
| Lotes Co. Ltd. | 65,000 | 1,562,739 | ||||||
| MediaTek, Inc. | 64,000 | 1,113,865 | ||||||
| RichWave Technology Corp. | 184,000 | 557,749 | ||||||
| Sercomm Corp. | 336,000 | 826,414 | ||||||
| Silicon Motion Technology Corp. ADR | 18,401 | 1,199,561 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 287,000 | $ | 3,772,410 | |||||
| 13,776,013 | ||||||||
| United States | 1.7% | ||||||||
| JS Global Lifestyle Co. Ltd. | 1,646,000 | 1,584,100 | ||||||
| Zambia | 1.1% | ||||||||
| First Quantum Minerals Ltd. | 60,463 | 1,026,429 | ||||||
| Total Common Stocks (Cost $99,921,686) | 92,504,614 | |||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $1,193,057) | 1,193,057 | 1,193,057 | ||||||
| Total Investments | 100.1% (Cost $101,114,743) | $ | 93,697,671 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (135,412) | |||||||
| Net Assets | 100.0% | $ | 93,562,259 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 99.3% | ||||||||
| Austria | 1.4% | ||||||||
| Mondi PLC | 83,747 | $ | 1,293,606 | |||||
| Brazil | 9.3% | ||||||||
| Banco BTG Pactual SA | 277,296 | 1,275,356 | ||||||
| Banco do Brasil SA | 188,400 | 1,345,328 | ||||||
| Centrais Eletricas Brasileiras SA | 130,700 | 1,041,123 | ||||||
| Itau Unibanco Holding SA ADR | 161,396 | 834,417 | ||||||
| Lojas Renner SA | 147,958 | 763,879 | ||||||
| MercadoLibre, Inc. (*) | 807 | 668,018 | ||||||
| Pet Center Comercio e Participacoes SA | 221,866 | 418,285 | ||||||
| Petroleo Brasileiro SA ADR | 122,366 | 1,509,996 | ||||||
| Rumo SA | 257,158 | 880,974 | ||||||
| 8,737,376 | ||||||||
| Canada | 1.0% | ||||||||
| Parex Resources, Inc. | 66,804 | 975,449 | ||||||
| China | 24.1% | ||||||||
| Alibaba Group Holding Ltd. (*) | 26,600 | 266,822 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 28,592 | 2,287,074 | ||||||
| Bilibili, Inc. ADR (*) | 12,380 | 189,662 | ||||||
| Budweiser Brewing Co. APAC Ltd. | 341,400 | 889,850 | ||||||
| China Mengniu Dairy Co. Ltd. | 168,000 | 658,955 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 6,613,633 | 3,085,252 | ||||||
| Innovent Biologics, Inc. (*) | 109,500 | 341,062 | ||||||
| JD.com, Inc. ADR | 23,010 | 1,157,403 | ||||||
| JD.com, Inc., Class A | 17,876 | 451,392 | ||||||
| Meituan, Class B (*) | 21,800 | 456,908 | ||||||
| Midea Group Co. Ltd., Class A | 56,700 | 393,976 | ||||||
| NetEase, Inc. | 29,200 | 443,421 | ||||||
| NetEase, Inc. ADR | 9,418 | 712,001 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 939,770 | 972,046 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 245,000 | 1,218,216 | ||||||
| Prosus NV | 13,537 | 705,466 | ||||||
| Remegen Co. Ltd., Class H (*) | 63,000 | 303,299 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 58,800 | 474,970 | ||||||
| Shenzhou International Group Holdings Ltd. | 64,691 | 496,195 | ||||||
| Tencent Holdings Ltd. | 122,100 | 4,123,561 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 124,000 | 742,939 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 128,400 | 855,319 | ||||||
| XPeng, Inc., Class A (*) | 55,700 | 331,942 | ||||||
| Description | Shares | Fair Value | ||||||
| Yum China Holdings, Inc. | 22,508 | $ | 1,065,304 | |||||
| 22,623,035 | ||||||||
| Ghana | 0.6% | ||||||||
| Kosmos Energy Ltd. (*) | 113,141 | 584,939 | ||||||
| Hong Kong | 0.9% | ||||||||
| Techtronic Industries Co. Ltd. | 93,000 | 878,613 | ||||||
| India | 15.0% | ||||||||
| HDFC Bank Ltd. ADR | 48,705 | 2,845,346 | ||||||
| Hindalco Industries Ltd. | 205,432 | 972,368 | ||||||
| ICICI Bank Ltd. ADR | 49,336 | 1,034,576 | ||||||
| Infosys Ltd. ADR | 110,601 | 1,876,899 | ||||||
| Larsen & Toubro Ltd. | 64,932 | 1,463,160 | ||||||
| Reliance Industries Ltd. | 64,935 | 1,878,133 | ||||||
| Star Health & Allied Insurance Co. Ltd. | 145,912 | 1,261,644 | ||||||
| UPL Ltd. | 222,366 | 1,826,788 | ||||||
| WNS Holdings Ltd. ADR (*) | 11,896 | 973,569 | ||||||
| 14,132,483 | ||||||||
| Indonesia | 4.0% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 3,068,900 | 1,881,683 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 65,162 | 1,879,924 | ||||||
| 3,761,607 | ||||||||
| Malaysia | 1.0% | ||||||||
| Public Bank Berhad | 1,070,300 | 973,154 | ||||||
| Mexico | 4.9% | ||||||||
| Arca Continental SAB de CV | 214,845 | 1,547,050 | ||||||
| Cemex SAB de CV ADR (*) | 302,234 | 1,036,663 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 7,957 | 1,008,788 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 157,300 | 1,010,057 | ||||||
| 4,602,558 | ||||||||
| Philippines | 1.5% | ||||||||
| BDO Unibank, Inc. | 450,951 | 859,054 | ||||||
| PLDT, Inc. | 22,825 | 586,097 | ||||||
| 1,445,151 | ||||||||
| Poland | 0.9% | ||||||||
| KGHM Polska Miedz SA | 48,734 | 851,735 | ||||||
| Qatar | 1.1% | ||||||||
| Qatar National Bank QPSC | 194,498 | 1,061,419 | ||||||
| Saudi Arabia | 1.1% | ||||||||
| Saudi National Bank | 59,466 | 992,763 | ||||||
| South Africa | 2.0% | ||||||||
| Anglo American PLC | 38,632 | 1,167,010 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| Bidvest Group Ltd. | 65,900 | $ | 715,129 | |||||
| 1,882,139 | ||||||||
| South Korea | 10.4% | ||||||||
| DB Insurance Co. Ltd. | 14,751 | 564,991 | ||||||
| KB Financial Group, Inc. | 17,622 | 533,782 | ||||||
| LG Chem Ltd. | 2,592 | 960,530 | ||||||
| LG Electronics, Inc. | 8,554 | 464,481 | ||||||
| NAVER Corp. | 3,296 | 439,279 | ||||||
| Samsung Electronics Co. Ltd. | 117,913 | 4,332,516 | ||||||
| Samsung SDI Co. Ltd. | 2,315 | 873,429 | ||||||
| SK Hynix, Inc. | 17,397 | 998,208 | ||||||
| SM Entertainment Co. Ltd. | 13,240 | 654,461 | ||||||
| 9,821,677 | ||||||||
| Taiwan | 12.5% | ||||||||
| Accton Technology Corp. | 78,000 | 661,403 | ||||||
| ASE Technology Holding Co. Ltd. | 338,000 | 842,718 | ||||||
| Eclat Textile Co. Ltd. | 55,789 | 682,590 | ||||||
| Feng TAY Enterprise Co. Ltd. | 113,000 | 558,012 | ||||||
| Nien Made Enterprise Co. Ltd. | 65,000 | 511,735 | ||||||
| Realtek Semiconductor Corp. | 46,000 | 387,368 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 117,590 | 8,061,970 | ||||||
| 11,705,796 | ||||||||
| Thailand | 2.9% | ||||||||
| Home Product Center Public Co. Ltd. (‡) | 2,800,800 | 1,002,407 | ||||||
| PTT Exploration & Production PCL (‡) | 404,500 | 1,721,163 | ||||||
| 2,723,570 | ||||||||
| United Arab Emirates | 2.9% | ||||||||
| Abu Dhabi Ports Co. PJSC | 1,420,515 | 1,985,403 | ||||||
| ADNOC Drilling Co. PJSC | 843,047 | 776,770 | ||||||
| 2,762,173 | ||||||||
| United Kingdom | 0.9% | ||||||||
| Unilever PLC ADR | 18,468 | 809,637 | ||||||
| United States | 0.9% | ||||||||
| Tenaris SA ADR | 30,856 | 797,319 | ||||||
| Total Common Stocks (Cost $97,316,749) | 93,416,199 | |||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $232,650) | 232,650 | 232,650 | ||||||
| Description | Fair Value | |||
| Total Investments | 99.5% (Cost $97,549,399) | $ | 93,648,849 | ||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 439,254 | |||
| Net Assets | 100.0% | $ | 94,088,103 | ||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Brazil | 2.60% | ||||||||
| Banco do Brasil SA | 37,300 | $ | 266,352 | |||||
| Centrais Eletricas Brasileiras SA | 18,100 | 144,180 | ||||||
| Energisa SA | 17,200 | 133,567 | ||||||
| TIM SA | 90,100 | 201,768 | ||||||
| Vale SA | 92,709 | 1,238,102 | ||||||
| 1,983,969 | ||||||||
| Chile | 0.9% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 7,454 | 676,450 | ||||||
| China | 31.5% | ||||||||
| 360 DigiTech, Inc. ADR | 10,643 | 136,443 | ||||||
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 55,400 | 135,978 | ||||||
| Agricultural Bank of China Ltd., Class H | 475,000 | 141,656 | ||||||
| Alibaba Group Holding Ltd. (*) | 224,200 | 2,248,926 | ||||||
| Baidu, Inc. ADR (*) | 4,401 | 517,073 | ||||||
| Bank of China Ltd., Class H | 3,570,000 | 1,165,295 | ||||||
| Bank of Communications Co. Ltd., Class H | 476,000 | 250,089 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 223,900 | 166,000 | ||||||
| Beijing Enterprises Holdings Ltd. | 92,000 | 257,389 | ||||||
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A | 8,000 | 128,950 | ||||||
| Bosideng International Holdings Ltd. | 278,000 | 137,362 | ||||||
| BYD Co. Ltd., Class H | 17,000 | 418,066 | ||||||
| BYD Electronic International Co. Ltd. | 43,000 | 102,068 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 346,000 | 137,395 | ||||||
| China Construction Bank Corp., Class H | 596,000 | 342,977 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 647,000 | 297,840 | ||||||
| China International Capital Corp. Ltd., Class H | 91,200 | 132,020 | ||||||
| China Life Insurance Co. Ltd., Class H | 103,000 | 132,621 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 183,000 | 228,844 | ||||||
| China Meidong Auto Holdings Ltd. | 66,000 | 104,426 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H | 79,000 | 144,880 | ||||||
| China Petroleum & Chemical Corp., Class H | 1,796,000 | 765,417 | ||||||
| China Resources Beer Holdings Co. Ltd. | 24,000 | 166,245 | ||||||
| China Resources Mixc Lifestyle Services Ltd. | 37,000 | 141,756 | ||||||
| China Taiping Insurance Holdings Co. Ltd. | 188,000 | 157,298 | ||||||
| China Tower Corp. Ltd., Class H | 1,188,000 | 126,913 | ||||||
| China World Trade Center Co. Ltd., Class A | 60,587 | 116,908 | ||||||
| China Yongda Automobiles Services Holdings Ltd. | 186,500 | 99,699 | ||||||
| Description | Shares | Fair Value | ||||||
| Chongqing Brewery Co. Ltd., Class A | 8,600 | $ | 135,912 | |||||
| Contemporary Amperex Technology Co. Ltd., Class A | 2,000 | 112,264 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 225,300 | 263,290 | ||||||
| CSPC Pharmaceutical Group Ltd. | 707,840 | 695,064 | ||||||
| Daqo New Energy Corp. ADR (*) | 2,255 | 119,695 | ||||||
| East Money Information Co. Ltd. Class A | 78,594 | 193,988 | ||||||
| G-bits Network Technology Xiamen Co. Ltd., Class A | 2,800 | 98,059 | ||||||
| GD Power Development Co. Ltd., Class A (*) | 514,900 | 295,353 | ||||||
| GF Securities Co. Ltd., Class H | 159,600 | 173,486 | ||||||
| Greattown Holdings Ltd. Class A (*) | 303,697 | 135,688 | ||||||
| Haier Smart Home Co. Ltd. Class H | 134,200 | 408,846 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 697,000 | 325,150 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 46,300 | 214,984 | ||||||
| JD Health International, Inc. (*) | 13,200 | 75,244 | ||||||
| JD.com, Inc., Class A | 33,904 | 856,120 | ||||||
| Kuaishou Technology (*) | 16,500 | 106,320 | ||||||
| Lenovo Group Ltd. | 538,000 | 369,596 | ||||||
| Li Auto, Inc. ADR (*) | 6,697 | 154,098 | ||||||
| Li Ning Co. Ltd. | 33,000 | 250,774 | ||||||
| Meituan, Class B (*) | 47,300 | 991,364 | ||||||
| Midea Group Co. Ltd., Class A | 26,500 | 184,133 | ||||||
| NetEase, Inc. | 57,000 | 865,583 | ||||||
| New China Life Insurance Co. Ltd., Class H | 52,100 | 99,182 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (*) | 7,166 | 171,769 | ||||||
| NIO, Inc. ADR (*) | 8,572 | 135,180 | ||||||
| Nongfu Spring Co. Ltd. Class H | 17,400 | 100,069 | ||||||
| Oppein Home Group, Inc., Class A | 7,000 | 111,984 | ||||||
| People’s Insurance Co. Group of China Ltd., Class H | 1,222,000 | 353,633 | ||||||
| PetroChina Co. Ltd., Class H | 1,758,000 | 722,920 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 566,000 | 585,439 | ||||||
| Pinduoduo, Inc. ADR (*) | 6,755 | 422,728 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 27,500 | 136,739 | ||||||
| Power Construction Corp. of China Ltd. Class A | 176,400 | 173,222 | ||||||
| Shandong WIT Dyne Health Co. Ltd., Class A | 32,300 | 188,137 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 4,600 | 194,238 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 11,700 | 109,970 | ||||||
| TBEA Co. Ltd., Class A | 42,200 | 128,807 | ||||||
| Tencent Holdings Ltd. | 78,000 | 2,634,216 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Tongwei Co. Ltd. Class A | 31,393 | $ | 207,673 | |||||
| Trip.com Group Ltd. ADR (*) | 5,786 | 158,016 | ||||||
| Vipshop Holdings Ltd. ADR (*) | 13,259 | 111,508 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 23,000 | 137,803 | ||||||
| Xuji Electric Co. Ltd., Class A | 74,290 | 173,035 | ||||||
| Yadea Group Holdings Ltd. | 144,000 | 230,029 | ||||||
| YongXing Special Materials Technology Co. Ltd. | 5,800 | 100,871 | ||||||
| Yum China Holdings, Inc. | 5,772 | 273,189 | ||||||
| Zhongsheng Group Holdings Ltd. | 70,000 | 275,232 | ||||||
| ZTO Express Cayman, Inc. ADR | 8,680 | 208,580 | ||||||
| 24,069,714 | ||||||||
| Colombia | 0.4% | ||||||||
| Bancolombia SA ADR | 11,244 | 274,016 | ||||||
| Czech Republic | 0.6% | ||||||||
| CEZ AS | 13,007 | 445,891 | ||||||
| Greece | 0.5% | ||||||||
| Hellenic Telecommunications Organization SA | 25,010 | 363,278 | ||||||
| Hong Kong | 0.2% | ||||||||
| Orient Overseas International Ltd. | 10,500 | 183,125 | ||||||
| Hungary | 0.3% | ||||||||
| MOL Hungarian Oil & Gas PLC | 44,907 | 250,142 | ||||||
| India | 13.1% | ||||||||
| Axis Bank Ltd. GDR | 2,355 | 105,177 | ||||||
| Dr Reddy’s Laboratories Ltd. ADR | 11,735 | 614,210 | ||||||
| GAIL India Ltd. GDR | 25,576 | 253,045 | ||||||
| HDFC Bank Ltd. ADR | 20,639 | 1,205,730 | ||||||
| ICICI Bank Ltd. ADR | 101,799 | 2,134,725 | ||||||
| Infosys Ltd. ADR | 93,189 | 1,581,417 | ||||||
| Larsen & Toubro Ltd. GDR | 28,278 | 641,502 | ||||||
| Mahindra & Mahindra Ltd. GDR | 32,864 | 512,678 | ||||||
| MakeMyTrip Ltd. (*) | 4,356 | 133,729 | ||||||
| Reliance Industries Ltd. GDR (#) | 19,166 | 1,116,814 | ||||||
| State Bank of India GDR | 7,836 | 507,830 | ||||||
| Tata Motors Ltd. ADR (*) | 9,727 | 235,977 | ||||||
| Tata Steel Ltd. GDR | 8,162 | 100,880 | ||||||
| Wipro Ltd. ADR | 44,442 | 209,322 | ||||||
| WNS Holdings Ltd. ADR (*) | 7,917 | 647,927 | ||||||
| 10,000,963 | ||||||||
| Indonesia | 4.3% | ||||||||
| PT Astra International Tbk | 1,310,400 | 565,332 | ||||||
| PT Bank Mandiri (Persero) Tbk | 1,724,200 | 1,057,186 | ||||||
| PT Bank Negara Indonesia (Persero) Tbk | 308,500 | 180,363 | ||||||
| Description | Shares | Fair Value | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 680,200 | $ | 200,095 | |||||
| PT Kalbe Farma Tbk | 1,869,800 | 223,899 | ||||||
| PT Sumber Alfaria Trijaya Tbk | 1,678,800 | 262,745 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 7,499 | 216,346 | ||||||
| PT Unilever Indonesia Tbk | 1,735,900 | 549,680 | ||||||
| 3,255,646 | ||||||||
| Malaysia | 1.4% | ||||||||
| CIMB Group Holdings Berhad | 227,900 | 251,183 | ||||||
| Hong Leong Financial Group Bhd | 37,500 | 149,109 | ||||||
| Inari Amertron Berhad | 198,600 | 105,810 | ||||||
| Petronas Chemicals Group Bhd | 326,700 | 589,041 | ||||||
| 1,095,143 | ||||||||
| Mexico | 2.4% | ||||||||
| Arca Continental SAB de CV | 68,300 | 491,813 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 8,506 | 496,665 | ||||||
| Gruma SAB de CV, Class B | 12,150 | 116,375 | ||||||
| Grupo Mexico SAB de CV, Series B | 38,100 | 128,870 | ||||||
| Wal-Mart de Mexico SAB de CV | 164,200 | 577,486 | ||||||
| 1,811,209 | ||||||||
| Monaco | 0.1% | ||||||||
| Costamare, Inc. | 11,884 | 106,362 | ||||||
| Philippines | 0.6% | ||||||||
| BDO Unibank, Inc. | 118,130 | 225,036 | ||||||
| International Container Terminal Services, Inc. | 76,690 | 205,040 | ||||||
| 430,076 | ||||||||
| Poland | 0.4% | ||||||||
| KGHM Polska Miedz SA | 3,113 | 54,407 | ||||||
| Orange Polska SA | 118,174 | 122,491 | ||||||
| Polski Koncern Naftowy ORLEN SA | 12,008 | 128,974 | ||||||
| 305,872 | ||||||||
| Russia | 0.0% | ||||||||
| PhosAgro PJSC (*), (¢) | 42 | 0 | ||||||
| Severstal PJSC GDR (*), (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 4.3% | ||||||||
| Al Rajhi Bank (*) | 34,661 | 744,673 | ||||||
| Arabian Internet & Communications Services Co. | 6,619 | 418,002 | ||||||
| Arriyadh Development Co. | 7,147 | 38,882 | ||||||
| Nahdi Medical Co. | 3,046 | 152,850 | ||||||
| SABIC Agri-Nutrients Co. | 11,368 | 476,868 | ||||||
| Saudi Arabian Mining Co. (*) | 8,577 | 158,410 | ||||||
| Saudi Arabian Oil Co. | 20,125 | 191,590 | ||||||
| Saudi Basic Industries Corp. | 25,113 | 592,324 | ||||||
| Saudi Electricity Co. | 43,764 | 283,287 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Saudi Research & Media Group (*) | 4,735 | $ | 238,393 | |||||
| 3,295,279 | ||||||||
| South Africa | 3.5% | ||||||||
| Absa Group Ltd. | 27,974 | 271,228 | ||||||
| African Rainbow Minerals Ltd. | 14,813 | 199,110 | ||||||
| Anglo American Platinum Ltd. | 1,240 | 87,069 | ||||||
| FirstRand Ltd. | 99,724 | 331,822 | ||||||
| Gold Fields Ltd. ADR | 32,357 | 261,768 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 43,154 | 104,864 | ||||||
| Impala Platinum Holdings Ltd. | 11,613 | 107,757 | ||||||
| MTN Group Ltd. | 27,089 | 177,850 | ||||||
| MultiChoice Group | 16,422 | 104,513 | ||||||
| Naspers Ltd., N Shares | 2,553 | 316,397 | ||||||
| Sappi Ltd. (*) | 66,525 | 161,109 | ||||||
| Sasol Ltd. | 8,160 | 128,368 | ||||||
| Sibanye Stillwater Ltd. | 61,460 | 142,248 | ||||||
| Standard Bank Group Ltd. | 16,161 | 127,498 | ||||||
| Vodacom Group Ltd. | 17,326 | 116,167 | ||||||
| 2,637,768 | ||||||||
| South Korea | 11.7% | ||||||||
| AfreecaTV Co. Ltd. | 2,131 | 93,357 | ||||||
| BGF retail Co. Ltd. | 1,403 | 161,810 | ||||||
| CJ CheilJedang Corp. | 863 | 247,710 | ||||||
| DB HiTek Co. Ltd. | 3,343 | 86,065 | ||||||
| DGB Financial Group, Inc. | 25,114 | 122,251 | ||||||
| Hanwha Aerospace Co. Ltd. | 2,694 | 115,686 | ||||||
| HMM Co. Ltd. | 5,980 | 76,440 | ||||||
| Hyundai Rotem Co. Ltd. (*) | 9,845 | 172,431 | ||||||
| KB Financial Group, Inc. | 6,565 | 198,858 | ||||||
| Kia Corp. | 17,137 | 855,262 | ||||||
| Korean Reinsurance Co. | 55,867 | 306,378 | ||||||
| KT Corp. | 38,542 | 971,168 | ||||||
| KT&G Corp. | 11,428 | 691,438 | ||||||
| LG Chem Ltd. | 702 | 260,144 | ||||||
| LG Electronics, Inc. | 2,083 | 113,107 | ||||||
| LG Innotek Co. Ltd. | 1,251 | 235,964 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 4,076 | 314,914 | ||||||
| Samsung Electronics Co. Ltd. GDR | 2,921 | 2,664,463 | ||||||
| Samsung SDI Co. Ltd. | 876 | 330,507 | ||||||
| SIMMTECH Co. Ltd. | 5,277 | 107,113 | ||||||
| SK Hynix, Inc. | 5,131 | 294,407 | ||||||
| Woori Financial Group, Inc. | 72,056 | 535,359 | ||||||
| 8,954,832 | ||||||||
| Taiwan | 14.1% | ||||||||
| Advanced Energy Solution Holding Co. Ltd. | 5,000 | 98,913 | ||||||
| Asia Vital Components Co. Ltd. | 62,000 | 217,594 | ||||||
| Description | Shares | Fair Value | ||||||
| ASPEED Technology, Inc. | 2,100 | $ | 115,427 | |||||
| Chailease Holding Co. Ltd. | 81,500 | 463,683 | ||||||
| China Airlines Ltd. | 153,000 | 93,720 | ||||||
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 106,000 | 188,993 | ||||||
| Delta Electronics, Inc. | 87,000 | 691,381 | ||||||
| E Ink Holdings, Inc. | 24,000 | 158,569 | ||||||
| Eva Airways Corp. | 106,000 | 93,087 | ||||||
| Evergreen Marine Corp. Taiwan Ltd. | 22,800 | 103,948 | ||||||
| Faraday Technology Corp. | 20,000 | 83,083 | ||||||
| Global Unichip Corp. | 14,000 | 255,905 | ||||||
| Hiwin Technologies Corp. | 40,000 | 221,121 | ||||||
| International Games System Co. Ltd. | 25,000 | 281,382 | ||||||
| Kinik Co. | 75,000 | 282,169 | ||||||
| Lotes Co. Ltd. | 15,000 | 360,632 | ||||||
| MediaTek, Inc. | 19,000 | 330,679 | ||||||
| Nan Ya Plastics Corp. | 68,000 | 142,883 | ||||||
| Nan Ya Printed Circuit Board Corp. | 26,000 | 152,447 | ||||||
| Novatek Microelectronics Corp. | 15,000 | 102,333 | ||||||
| Realtek Semiconductor Corp. | 12,000 | 101,053 | ||||||
| Ruentex Development Co. Ltd. | 59,000 | 95,682 | ||||||
| SinoPac Financial Holdings Co. Ltd. | 1,143,060 | 619,802 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 325,000 | 4,271,893 | ||||||
| Tong Yang Industry Co. Ltd. | 183,000 | 278,191 | ||||||
| Unimicron Technology Corp. | 72,000 | 267,358 | ||||||
| United Microelectronics Corp. | 185,000 | 207,755 | ||||||
| Via Technologies, Inc. | 53,000 | 132,289 | ||||||
| Voltronic Power Technology Corp. | 5,000 | 218,908 | ||||||
| Wan Hai Lines Ltd. | 33,460 | 69,507 | ||||||
| Yang Ming Marine Transport Corp. | 43,000 | 82,232 | ||||||
| 10,782,619 | ||||||||
| Thailand | 3.1% | ||||||||
| Bangkok Bank Public Co. Ltd. | 87,100 | 315,195 | ||||||
| Bangkok Dusit Medical Services PCL NVDR | 306,000 | 239,023 | ||||||
| Bumrungrad Hospital Public Co. Ltd. (‡) | 78,700 | 473,619 | ||||||
| Central Retail Corp. Public Co. Ltd (‡) | 152,300 | 159,487 | ||||||
| Chularat Hospital Public Co. Ltd. NVDR | 2,212,000 | 215,234 | ||||||
| Kasikornbank Public Co. Ltd. NVDR | 55,800 | 211,829 | ||||||
| Kiatnakin Phatra Bank Public Co. Ltd NVDR | 76,500 | 138,601 | ||||||
| Krung Thai Bank Public Co. Ltd. NVDR | 774,300 | 340,821 | ||||||
| Land & Houses Public Co. Ltd. (‡) | 714,400 | 168,562 | ||||||
| PTT Exploration & Production PCL (‡) | 26,400 | 112,333 | ||||||
| 2,374,704 | ||||||||
| United Arab Emirates | 0.7% | ||||||||
| Emaar Properties PJSC (*) | 142,422 | 224,503 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Fertiglobe PLC (*) | 88,292 | $ | 137,735 | |||||
| National Marine Dredging Co. (*) | 24,428 | 163,603 | ||||||
| 525,841 | ||||||||
| United States | 0.2% | ||||||||
| JBS SA | 41,300 | 192,323 | ||||||
| Total Common Stocks (Cost $91,190,430) | 74,015,222 | |||||||
| Preferred Stocks | 1.2% | ||||||||
| Brazil | 1.2% | ||||||||
| Cia Energetica de Minas Gerais | 35,000 | 69,814 | ||||||
| Petroleo Brasileiro SA | 154,639 | 854,272 | ||||||
| Total Preferred Stocks (Cost $918,388) | 924,086 | |||||||
| Short-Term Investments | 7.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $5,942,831) | 5,942,831 | 5,942,831 | ||||||
| Total Investments | 105.9%
(Cost $98,051,649) | $ | 80,882,139 | ||||||
| Liabilities in Excess of Cash and Other Assets | (5.9)% | (4,504,321) | |||||||
| Net Assets | 100.0% | $ | 76,377,818 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 97.4% | ||||||||
| Brazil | 12.8% | ||||||||
| Banco do Brasil SA | 7,548,126 | $ | 53,899,694 | |||||
| BB Seguridade Participacoes SA | 14,824,617 | 73,019,006 | ||||||
| CCR SA | 18,395,217 | 42,728,423 | ||||||
| Engie Brasil Energia SA | 3,275,100 | 23,380,778 | ||||||
| Petroleo Brasileiro SA ADR | 5,597,537 | 69,073,607 | ||||||
| Vale SA ADR | 2,497,688 | 33,269,204 | ||||||
| Vibra Energia SA | 6,284,000 | 20,094,914 | ||||||
| 315,465,626 | ||||||||
| China | 23.3% | ||||||||
| A-Living Smart City Services Co. Ltd. | 21,327,000 | 16,761,259 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 10,826,951 | 34,124,677 | ||||||
| China Construction Bank Corp., Class H | 156,068,224 | 89,811,645 | ||||||
| China Medical System Holdings Ltd. | 17,356,000 | 20,717,284 | ||||||
| China Merchants Bank Co. Ltd., Class H | 5,695,494 | 26,350,970 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 7,367,110 | 21,859,773 | ||||||
| China Vanke Co. Ltd., Class H | 20,149,949 | 36,632,146 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 10,502,853 | 27,542,965 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 7,917,685 | 36,185,481 | ||||||
| Hengan International Group Co. Ltd. | 9,948,000 | 44,282,409 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 8,520,980 | 19,835,817 | ||||||
| Lenovo Group Ltd. | 51,404,000 | 35,313,627 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 9,886,000 | 49,156,254 | ||||||
| Sinopharm Group Co. Ltd., Class H | 24,323,614 | 48,559,033 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 24,514,000 | 41,958,996 | ||||||
| Weichai Power Co. Ltd., Class H | 27,367,288 | 25,902,400 | ||||||
| 574,994,736 | ||||||||
| Egypt | 1.1% | ||||||||
| Commercial International Bank Egypt SAE GDR | 23,800,754 | 25,943,679 | ||||||
| Greece | 1.1% | ||||||||
| OPAP SA | 2,229,134 | 26,772,422 | ||||||
| Hong Kong | 1.0% | ||||||||
| ASMPT Ltd. | 4,229,900 | 25,463,558 | ||||||
| Hungary | 1.9% | ||||||||
| MOL Hungarian Oil & Gas PLC | 2,931,248 | 16,327,696 | ||||||
| OTP Bank Nyrt | 1,733,099 | 31,632,347 | ||||||
| 47,960,043 | ||||||||
| India | 7.2% | ||||||||
| Axis Bank Ltd. | 3,134,438 | 27,955,515 | ||||||
| Bajaj Auto Ltd. | 531,132 | 22,948,211 | ||||||
| Description | Shares | Fair Value | ||||||
| Bharat Petroleum Corp. Ltd. | 7,084,558 | $ | 26,389,445 | |||||
| Indus Towers Ltd. | 16,828,382 | 40,776,162 | ||||||
| Petronet LNG Ltd. | 11,635,457 | 28,422,745 | ||||||
| UPL Ltd. | 3,937,866 | 32,350,486 | ||||||
| 178,842,564 | ||||||||
| Indonesia | 5.6% | ||||||||
| PT Astra International Tbk | 66,102,500 | 28,517,918 | ||||||
| PT Bank Mandiri (Persero) Tbk | 85,070,942 | 52,160,894 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 1,239,310 | 35,754,093 | ||||||
| PT United Tractors Tbk | 10,245,600 | 22,005,803 | ||||||
| 138,438,708 | ||||||||
| Mexico | 4.9% | ||||||||
| America Movil SAB de CV, Class L ADR | 1,602,110 | 26,386,752 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 4,138,737 | 26,575,708 | ||||||
| Grupo Mexico SAB de CV, Series B | 6,887,972 | 23,297,929 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 20,747,795 | 27,722,792 | ||||||
| Ternium SA ADR | 573,782 | 15,715,889 | ||||||
| 119,699,070 | ||||||||
| Portugal | 2.2% | ||||||||
| Galp Energia SGPS SA | 5,786,009 | 55,452,844 | ||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 4,695,624 | 5 | ||||||
| Sberbank of Russia PJSC (*), (¢) | 13,596,421 | 13 | ||||||
| 18 | ||||||||
| South Africa | 7.7% | ||||||||
| Anglo American PLC | 670,569 | 20,256,802 | ||||||
| Bidvest Group Ltd. | 2,032,873 | 22,060,174 | ||||||
| Life Healthcare Group Holdings Ltd. | 23,114,705 | 22,045,795 | ||||||
| Nedbank Group Ltd. | 4,516,599 | 49,511,289 | ||||||
| Sanlam Ltd. | 8,838,852 | 25,021,655 | ||||||
| Standard Bank Group Ltd. | 3,483,279 | 27,480,462 | ||||||
| Vodacom Group Ltd. | 3,533,273 | 23,689,873 | ||||||
| 190,066,050 | ||||||||
| South Korea | 13.7% | ||||||||
| Coway Co. Ltd. | 692,764 | 25,971,865 | ||||||
| Hyundai Mobis Co. Ltd. | 195,442 | 26,053,546 | ||||||
| KB Financial Group, Inc. | 1,361,761 | 41,248,645 | ||||||
| Kia Corp. | 455,117 | 22,713,663 | ||||||
| KT Corp. | 964,209 | 24,295,800 | ||||||
| KT&G Corp. | 375,837 | 22,739,583 | ||||||
| Samsung Electronics Co. Ltd. | 1,940,448 | 71,298,520 | ||||||
| Shinhan Financial Group Co. Ltd. | 1,598,998 | 37,194,356 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| SK Hynix, Inc. | 1,145,296 | $ | 65,714,964 | |||||
| 337,230,942 | ||||||||
| Taiwan | 10.9% | ||||||||
| ASE Technology Holding Co. Ltd. | 18,486,000 | 46,090,214 | ||||||
| Globalwafers Co. Ltd. | 1,350,000 | 15,363,536 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 14,239,425 | 45,458,926 | ||||||
| MediaTek, Inc. | 1,068,000 | 18,587,630 | ||||||
| Novatek Microelectronics Corp. | 3,631,000 | 24,771,481 | ||||||
| Quanta Computer, Inc. | 18,456,000 | 44,488,786 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3,539,913 | 46,529,626 | ||||||
| Wiwynn Corp. | 1,145,000 | 28,623,691 | ||||||
| 269,913,890 | ||||||||
| Thailand | 2.3% | ||||||||
| Kasikornbank Public Co. Ltd. | 5,098,054 | 19,662,623 | ||||||
| PTT Exploration & Production PCL (‡) | 4,967,500 | 21,136,897 | ||||||
| Siam Cement Public Co. Ltd. (‡) | 1,949,400 | 16,847,943 | ||||||
| 57,647,463 | ||||||||
| United Kingdom | 1.7% | ||||||||
| Unilever PLC | 931,060 | 41,063,128 | ||||||
| Total Common Stocks (Cost $2,778,149,522) | 2,404,954,741 | |||||||
| Short-Term Investments | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $77,112,746) | 77,112,746 | 77,112,746 | ||||||
| Total Investments | 100.5% (Cost $2,855,262,268) | $ | 2,482,067,487 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (13,126,031) | |||||||
| Net Assets | 100.0% | $ | 2,468,941,456 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.1% | ||||||||
| Brazil | 7.7% | ||||||||
| Banco BTG Pactual SA | 124,288 | $ | 571,632 | |||||
| BB Seguridade Participacoes SA | 84,200 | 414,729 | ||||||
| Odontoprev SA | 216,960 | 353,935 | ||||||
| Petroleo Brasileiro SA ADR | 90,931 | 1,122,089 | ||||||
| Vale SA ADR | 55,360 | 737,395 | ||||||
| 3,199,780 | ||||||||
| China | 23.5% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 11,154 | 892,209 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 114,500 | 360,884 | ||||||
| ANTA Sports Products Ltd. | 52,800 | 556,147 | ||||||
| China Merchants Bank Co. Ltd., Class H | 168,000 | 777,275 | ||||||
| China Vanke Co. Ltd., Class H | 253,422 | 460,715 | ||||||
| CSPC Pharmaceutical Group Ltd. | 528,000 | 518,470 | ||||||
| ENN Energy Holdings Ltd. | 42,600 | 566,853 | ||||||
| JD.com, Inc. ADR | 13,532 | 680,660 | ||||||
| JD.com, Inc., Class A | 1,275 | 32,195 | ||||||
| Midea Group Co. Ltd., Class A | 75,700 | 525,996 | ||||||
| NetEase, Inc. ADR | 6,462 | 488,527 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 117,500 | 584,246 | ||||||
| Sinopharm Group Co. Ltd., Class H | 279,600 | 558,186 | ||||||
| Tencent Holdings Ltd. | 26,592 | 898,065 | ||||||
| Trip.com Group Ltd. ADR (*) | 28,041 | 765,800 | ||||||
| Weichai Power Co. Ltd., Class H | 305,000 | 288,674 | ||||||
| Yum China Holdings, Inc. | 17,248 | 816,348 | ||||||
| 9,771,250 | ||||||||
| France | 1.6% | ||||||||
| Pernod Ricard SA ADR | 18,039 | 660,047 | ||||||
| Greece | 0.8% | ||||||||
| OPAP SA | 26,397 | 317,034 | ||||||
| Hong Kong | 1.4% | ||||||||
| Techtronic Industries Co. Ltd. | 59,782 | 564,787 | ||||||
| India | 15.7% | ||||||||
| HDFC Bank Ltd. | 96,076 | 1,664,797 | ||||||
| ITC Ltd. | 179,813 | 730,323 | ||||||
| Reliance Industries Ltd. | 49,539 | 1,432,831 | ||||||
| SBI Cards & Payment Services Ltd. | 36,903 | 413,590 | ||||||
| State Bank of India | 102,952 | 665,711 | ||||||
| Tata Consultancy Services Ltd. | 30,722 | 1,123,358 | ||||||
| UPL Ltd. | 61,463 | 504,933 | ||||||
| 6,535,543 | ||||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 6.2% | ||||||||
| PT Astra International Tbk | 1,220,400 | $ | 526,505 | |||||
| PT Bank Central Asia Tbk | 1,600,500 | 893,460 | ||||||
| PT Bank Mandiri (Persero) Tbk | 928,900 | 569,551 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 20,680 | 596,618 | ||||||
| 2,586,134 | ||||||||
| Macau | 0.8% | ||||||||
| Sands China Ltd. (*) | 141,200 | 349,594 | ||||||
| Mexico | 5.1% | ||||||||
| America Movil SAB de CV, Class L ADR | 35,637 | 586,942 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 90,777 | 582,898 | ||||||
| Grupo Mexico SAB de CV, Series B | 165,499 | 559,785 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 282,174 | 377,035 | ||||||
| 2,106,660 | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 45,259 | 0 | ||||||
| Sberbank of Russia PJSC (*), (¢) | 213,889 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 3.1% | ||||||||
| Arabian Internet & Communications Services Co. | 10,239 | 646,611 | ||||||
| Saudi National Bank | 37,681 | 629,070 | ||||||
| 1,275,681 | ||||||||
| South Africa | 3.8% | ||||||||
| Anglo American PLC | 27,116 | 819,130 | ||||||
| Capitec Bank Holdings Ltd. | 4,362 | 373,911 | ||||||
| Vodacom Group Ltd. | 55,004 | 368,791 | ||||||
| 1,561,832 | ||||||||
| South Korea | 11.6% | ||||||||
| Coway Co. Ltd. | 11,318 | 424,314 | ||||||
| Hyundai Mobis Co. Ltd. | 3,326 | 443,375 | ||||||
| Kia Corp. | 7,541 | 376,351 | ||||||
| NAVER Corp. | 2,957 | 394,098 | ||||||
| Samsung Electronics Co. Ltd. | 33,991 | 1,248,943 | ||||||
| Shinhan Financial Group Co. Ltd. | 43,715 | 1,016,856 | ||||||
| SK Hynix, Inc. | 15,892 | 911,854 | ||||||
| 4,815,791 | ||||||||
| Taiwan | 13.7% | ||||||||
| ASE Technology Holding Co. Ltd. | 147,000 | 366,508 | ||||||
| Chailease Holding Co. Ltd. | 108,000 | 614,452 | ||||||
| CTBC Financial Holding Co. Ltd. | 961,000 | 597,792 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 321,136 | 1,025,217 | ||||||
| MediaTek, Inc. | 31,000 | 539,528 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio (concluded) | ||||||||
| Quanta Computer, Inc. | 240,000 | $ | 578,528 | |||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 148,387 | 1,950,441 | ||||||
| 5,672,466 | ||||||||
| Thailand | 1.2% | ||||||||
| CP ALL Public Co. Ltd. | 320,800 | 478,394 | ||||||
| United Kingdom | 1.9% | ||||||||
| Unilever PLC | 18,250 | 804,891 | ||||||
| Total Common Stocks (Cost $50,644,319) | 40,699,884 | |||||||
| Preferred Stocks | 1.4% | ||||||||
| Brazil | 1.4% | ||||||||
| Banco Bradesco SA (Cost $636,737) | 158,010 | 581,149 | ||||||
| Short-Term Investments | 0.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $144,994) |
144,994 | 144,994 | ||||||
| Total Investments | 99.8% (Cost $51,426,050) | $ | 41,426,027 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 88,922 | |||||||
| Net Assets | 100.0% | $ | 41,514,949 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 95.0% | ||||||||
| Belgium | 0.9% | ||||||||
| Anheuser-Busch InBev SA/NV | 27,261 | $ | 1,233,233 | |||||
| France | 2.0% | ||||||||
| Vinci SA | 32,555 | 2,614,995 | ||||||
| Germany | 9.7% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 218,882 | 6,221,277 | ||||||
| Knorr-Bremse AG | 122,600 | 5,315,446 | ||||||
| SAP SE | 16,617 | 1,369,819 | ||||||
| 12,906,542 | ||||||||
| Japan | 3.0% | ||||||||
| Secom Co. Ltd. | 69,301 | 3,937,527 | ||||||
| Luxembourg | 3.9% | ||||||||
| SES SA | 948,851 | 5,199,870 | ||||||
| Spain | 4.0% | ||||||||
| Ferrovial SA | 234,959 | 5,332,278 | ||||||
| United Kingdom | 1.6% | ||||||||
| Smith & Nephew PLC | 190,578 | 2,198,668 | ||||||
| United States | 69.9% | ||||||||
| Cisco Systems, Inc. | 131,870 | 5,274,800 | ||||||
| Cognizant Technology Solutions Corp., Class A | 91,183 | 5,237,551 | ||||||
| CVS Health Corp. | 82,793 | 7,895,968 | ||||||
| DaVita, Inc. (*) | 36,232 | 2,998,923 | ||||||
| DENTSPLY SIRONA, Inc. | 86,459 | 2,451,113 | ||||||
| eBay, Inc. | 137,986 | 5,079,265 | ||||||
| Fiserv, Inc. (*) | 58,153 | 5,441,376 | ||||||
| H&R Block, Inc. | 99,696 | 4,241,068 | ||||||
| Intel Corp. | 199,332 | 5,136,786 | ||||||
| International Game Technology PLC | 496,122 | 7,838,728 | ||||||
| Medtronic PLC | 80,727 | 6,518,705 | ||||||
| Norfolk Southern Corp. | 12,995 | 2,724,402 | ||||||
| Omnicom Group, Inc. | 129,328 | 8,159,303 | ||||||
| Pediatrix Medical Group, Inc. (*) | 278,941 | 4,605,316 | ||||||
| Ross Stores, Inc. | 32,831 | 2,766,668 | ||||||
| SS&C Technologies Holdings, Inc. | 81,706 | 3,901,461 | ||||||
| Tapestry, Inc. | 261,148 | 7,424,438 | ||||||
| Visa, Inc., Class A | 28,912 | 5,136,217 | ||||||
| 92,832,088 | ||||||||
| Total Common Stocks (Cost $147,779,081) | 126,255,201 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 4.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $6,469,256) | 6,469,256 | $ | 6,469,256 | |||||
| Total Investments | 99.9% (Cost $154,248,337) | $ | 132,724,457 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 165,381 | |||||||
| Net Assets | 100.0% | $ | 132,889,838 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Australia | 1.0% | ||||||||
| Computershare Ltd. | 58,076 | $ | 921,039 | |||||
| Brazil | 1.0% | ||||||||
| Banco Bradesco SA ADR | 240,833 | 886,266 | ||||||
| Canada | 5.8% | ||||||||
| Canadian National Railway Co. | 9,661 | 1,043,348 | ||||||
| Dollarama, Inc. | 24,924 | 1,430,827 | ||||||
| National Bank of Canada | 22,912 | 1,436,074 | ||||||
| Toromont Industries Ltd. | 17,573 | 1,223,310 | ||||||
| 5,133,559 | ||||||||
| China | 2.9% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 7,423 | 593,766 | ||||||
| NXP Semiconductors NV | 7,640 | 1,126,976 | ||||||
| Tencent Holdings Ltd. | 25,123 | 848,454 | ||||||
| 2,569,196 | ||||||||
| Denmark | 0.9% | ||||||||
| Carlsberg AS, Class B | 6,578 | 767,518 | ||||||
| France | 4.3% | ||||||||
| Legrand SA | 9,415 | 608,293 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,938 | 1,139,224 | ||||||
| Pernod Ricard SA | 5,670 | 1,036,379 | ||||||
| Thales SA | 8,915 | 983,324 | ||||||
| 3,767,220 | ||||||||
| Germany | 1.0% | ||||||||
| Merck KGaA | 5,437 | 887,337 | ||||||
| Hong Kong | 1.1% | ||||||||
| AIA Group Ltd. | 115,583 | 959,634 | ||||||
| India | 1.5% | ||||||||
| HDFC Bank Ltd. ADR | 22,319 | 1,303,876 | ||||||
| Japan | 4.8% | ||||||||
| BayCurrent Consulting, Inc. | 2,700 | 693,566 | ||||||
| Kadokawa Corp. | 41,900 | 763,892 | ||||||
| Nintendo Co. Ltd. | 25,000 | 1,012,317 | ||||||
| Olympus Corp. | 54,000 | 1,039,275 | ||||||
| Shimano, Inc. | 4,500 | 709,208 | ||||||
| 4,218,258 | ||||||||
| Netherlands | 2.3% | ||||||||
| Wolters Kluwer NV | 20,707 | 2,016,056 | ||||||
| Spain | 0.7% | ||||||||
| Industria de Diseno Textil SA | 29,852 | 616,605 | ||||||
| Sweden | 1.8% | ||||||||
| Assa Abloy AB, Class B | 27,879 | 520,986 | ||||||
| Description | Shares | Fair | ||||||
| Hexagon AB, B Shares | 118,217 | $ | 1,096,022 | |||||
| 1,617,008 | ||||||||
| Switzerland | 3.6% | ||||||||
| ABB Ltd. | 45,861 | 1,180,965 | ||||||
| Partners Group Holding AG | 1,109 | 890,935 | ||||||
| Swatch Group AG | 5,055 | 1,135,250 | ||||||
| 3,207,150 | ||||||||
| Taiwan | 1.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 20,219 | 1,386,215 | ||||||
| United Kingdom | 6.4% | ||||||||
| Coca-Cola Europacific Partners PLC | 22,001 | 937,683 | ||||||
| Diageo PLC | 35,067 | 1,469,859 | ||||||
| RELX PLC | 66,765 | 1,619,662 | ||||||
| Unilever PLC | 38,282 | 1,684,402 | ||||||
| 5,711,606 | ||||||||
| United States | 58.3% | ||||||||
| Accenture PLC, Class A | 8,696 | 2,237,481 | ||||||
| Alphabet, Inc., Class A (*) | 32,799 | 3,137,224 | ||||||
| Amazon.com, Inc. (*) | 25,492 | 2,880,596 | ||||||
| Amphenol Corp., Class A | 15,618 | 1,045,781 | ||||||
| Aon PLC, Class A | 7,161 | 1,918,217 | ||||||
| Avery Dennison Corp. | 4,789 | 779,170 | ||||||
| Bank of America Corp. | 30,256 | 913,731 | ||||||
| Booz Allen Hamilton Holding Corp. | 19,120 | 1,765,732 | ||||||
| Boston Scientific Corp. (*) | 30,293 | 1,173,248 | ||||||
| BRP, Inc. | 11,415 | 703,155 | ||||||
| Charles Schwab Corp. | 23,492 | 1,688,370 | ||||||
| Coca-Cola Co. | 30,931 | 1,732,755 | ||||||
| Deere & Co. | 2,988 | 997,663 | ||||||
| Dollar General Corp. | 8,398 | 2,014,344 | ||||||
| Intercontinental Exchange, Inc. | 17,680 | 1,597,388 | ||||||
| IQVIA Holdings, Inc. (*) | 10,086 | 1,826,978 | ||||||
| Johnson & Johnson | 13,401 | 2,189,187 | ||||||
| Lowe’s Cos., Inc. | 9,171 | 1,722,406 | ||||||
| McDonald’s Corp. | 7,042 | 1,624,871 | ||||||
| Microsoft Corp. | 14,129 | 3,290,644 | ||||||
| Motorola Solutions, Inc. | 7,170 | 1,605,865 | ||||||
| NIKE, Inc., Class B | 10,809 | 898,444 | ||||||
| Procter & Gamble Co. | 11,525 | 1,455,031 | ||||||
| PTC, Inc. (*) | 11,974 | 1,252,481 | ||||||
| Rockwell Automation, Inc. | 4,702 | 1,011,447 | ||||||
| S&P Global, Inc. | 4,664 | 1,424,153 | ||||||
| Texas Instruments, Inc. | 9,956 | 1,540,990 | ||||||
| Thermo Fisher Scientific, Inc. | 4,517 | 2,290,977 |
| Description | Shares | Fair | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| TopBuild Corp. (*) | 3,488 | $ | 574,753 | |||||
| Visa, Inc., Class A | 9,380 | 1,666,357 | ||||||
| Warner Music Group Corp., Class A | 18,392 | 426,878 | ||||||
| Wells Fargo & Co. | 23,937 | 962,746 | ||||||
| Zoetis, Inc. | 8,470 | 1,256,016 | ||||||
| 51,605,079 | ||||||||
| Total Common Stocks (Cost $76,409,358) | 87,573,622 | |||||||
| Short-Term Investments | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $844,097) | 844,097 | 844,097 | ||||||
| Total Investments | 100.0% (Cost $77,253,455) | $ | 88,417,719 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 35,003 | |||||||
| Net Assets | 100.0% | $ | 88,452,722 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 89.6% | ||||||||
| Australia | 5.6% | ||||||||
| Atlas Arteria Ltd. (^) | 76,272,788 | $ | 301,609,307 | |||||
| Transurban Group | 18,065,512 | 141,696,081 | ||||||
| 443,305,388 | ||||||||
| Canada | 2.5% | ||||||||
| Canadian National Railway Co. | 1,845,073 | 199,260,137 | ||||||
| France | 5.7% | ||||||||
| Eutelsat Communications SA (^) | 12,581,887 | 97,391,803 | ||||||
| Vinci SA | 4,341,805 | 348,757,381 | ||||||
| 446,149,184 | ||||||||
| Hong Kong | 3.8% | ||||||||
| CK Infrastructure Holdings Ltd. | 20,572,000 | 104,960,768 | ||||||
| Power Assets Holdings Ltd. | 38,353,965 | 191,697,345 | ||||||
| 296,658,113 | ||||||||
| Italy | 17.2% | ||||||||
| Atlantia SpA | 16,372,900 | 362,442,093 | ||||||
| Hera SpA | 57,343,401 | 121,324,345 | ||||||
| Italgas SpA | 39,948,207 | 185,692,942 | ||||||
| Snam SpA | 84,836,021 | 342,700,007 | ||||||
| Terna - Rete Elettrica Nazionale | 56,637,996 | 345,030,193 | ||||||
| 1,357,189,580 | ||||||||
| Luxembourg | 1.5% | ||||||||
| SES SA (^) | 21,526,589 | 117,969,487 | ||||||
| Portugal | 0.7% | ||||||||
| Redes Energeticas Nacionais SGPS SA | 24,828,757 | 58,562,234 | ||||||
| Spain | 9.9% | ||||||||
| Aena SME SA (*) | 1,423,200 | 147,262,559 | ||||||
| Ferrovial SA | 27,811,270 | 631,162,997 | ||||||
| 778,425,556 | ||||||||
| Switzerland | 2.0% | ||||||||
| Flughafen Zurich AG (*) | 1,045,646 | 154,771,410 | ||||||
| United Kingdom | 16.3% | ||||||||
| National Grid PLC | 57,407,479 | 592,436,009 | ||||||
| Pennon Group PLC (^) | 14,279,212 | 125,180,360 | ||||||
| Severn Trent PLC | 8,708,555 | 227,653,585 | ||||||
| United Utilities Group PLC | 33,738,853 | 334,101,989 | ||||||
| 1,279,371,943 | ||||||||
| United States | 24.4% | ||||||||
| Consolidated Edison, Inc. | 3,430,655 | 294,212,973 | ||||||
| CSX Corp. | 13,002,981 | 346,399,414 | ||||||
| Norfolk Southern Corp. | 2,946,819 | 617,800,603 | ||||||
| Pinnacle West Capital Corp. | 4,919,561 | 317,360,880 | ||||||
| Description | Shares | Fair | ||||||
| Union Pacific Corp. | 1,777,400 | $ | 346,273,068 | |||||
| 1,922,046,938 | ||||||||
| Total Common Stocks (Cost $8,046,349,233) | 7,053,709,970 | |||||||
| Short-Term Investments | 9.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $774,672,398) | 774,672,398 | 774,672,398 | ||||||
| Total Investments | 99.4% (Cost $8,821,021,631) (») | $ | 7,828,382,368 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 45,907,899 | |||||||
| Net Assets | 100.0% | $ | 7,874,290,267 |
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at September 30, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CHF | 8,870,316 | USD | 9,151,600 | SCB | 12/28/22 | $ | — | $ | 80,660 | |||||||||
| EUR | 117,059,261 | USD | 115,112,565 | CIT | 12/28/22 | 403,065 | — | |||||||||||
| GBP | 98,988,751 | USD | 109,964,624 | CAN | 12/28/22 | 710,284 | — | |||||||||||
| USD | 8,184,181 | AUD | 12,261,497 | BNP | 12/28/22 | 328,937 | — | |||||||||||
| USD | 53,677,182 | AUD | 81,527,199 | BNP | 12/28/22 | 1,447,336 | — | |||||||||||
| USD | 112,226,962 | AUD | 168,234,120 | CIT | 12/28/22 | 4,448,917 | — | |||||||||||
| USD | 17,475,693 | AUD | 26,186,306 | HSB | 12/28/22 | 699,614 | — | |||||||||||
| USD | 100,597,038 | AUD | 150,725,237 | MSC | 12/28/22 | 4,035,939 | — | |||||||||||
| USD | 103,572,428 | AUD | 155,207,703 | SSB | 12/28/22 | 4,139,668 | — | |||||||||||
| USD | 5,974,345 | CAD | 7,936,858 | BNP | 12/28/22 | 225,765 | — | |||||||||||
| USD | 90,320,460 | CAD | 119,999,971 | CIT | 12/28/22 | 3,405,775 | — | |||||||||||
| USD | 58,932,914 | CAD | 78,290,644 | HSB | 12/28/22 | 2,227,845 | — | |||||||||||
| USD | 4,971,300 | CAD | 6,604,134 | MSC | 12/28/22 | 187,997 | — | |||||||||||
| USD | 33,361,755 | CAD | 45,116,880 | MSC | 12/28/22 | 684,086 | — | |||||||||||
| USD | 19,034,360 | CAD | 25,288,670 | SCB | 12/28/22 | 718,049 | — | |||||||||||
| USD | 35,049,094 | CHF | 33,628,905 | BNP | 12/28/22 | 659,590 | — | |||||||||||
| USD | 35,189,161 | CHF | 33,744,646 | SCB | 12/28/22 | 681,298 | — | |||||||||||
| USD | 74,076,891 | CHF | 71,054,554 | SSB | 12/28/22 | 1,415,265 | — | |||||||||||
| USD | 312,914,596 | EUR | 311,045,214 | BNP | 12/28/22 | 5,971,054 | — | |||||||||||
| USD | 404,444,610 | EUR | 402,598,695 | CAN | 12/28/22 | 7,154,880 | — | |||||||||||
| USD | 553,864,981 | EUR | 550,881,955 | CIT | 12/28/22 | 10,247,364 | — | |||||||||||
| USD | 334,285,855 | EUR | 332,374,370 | HSB | 12/28/22 | 6,294,420 | — | |||||||||||
| USD | 344,858,963 | EUR | 343,204,717 | MEL | 12/28/22 | 6,179,998 | — | |||||||||||
| USD | 490,100,285 | EUR | 487,948,432 | RBC | 12/28/22 | 8,586,302 | — | |||||||||||
| USD | 584,534,838 | EUR | 581,739,579 | SSB | 12/28/22 | 10,466,508 | — | |||||||||||
| USD | 273,154,219 | GBP | 240,616,811 | CAN | 12/28/22 | 4,131,293 | — | |||||||||||
| USD | 327,838,068 | GBP | 288,706,754 | HSB | 12/28/22 | 5,047,920 | — | |||||||||||
| USD | 200,782,098 | GBP | 176,771,258 | MSC | 12/28/22 | 3,142,037 | — | |||||||||||
| USD | 394,900,796 | GBP | 347,705,051 | RBC | 12/28/22 | 6,147,284 | — | |||||||||||
| USD | 252,436,298 | GBP | 222,226,789 | SSB | 12/28/22 | 3,974,436 | — | |||||||||||
| USD | 89,242,634 | HKD | 699,287,435 | BNP | 12/28/22 | 31,382 | — | |||||||||||
| USD | 32,331,349 | HKD | 253,400,182 | HSB | 12/28/22 | 3,945 | — | |||||||||||
| USD | 38,060,776 | HKD | 298,311,611 | MSC | 12/28/22 | 3,819 | — | |||||||||||
| USD | 9,639,505 | HKD | 75,539,980 | SCB | 12/28/22 | 2,529 | — | |||||||||||
| USD | 96,357,309 | HKD | 755,234,134 | SSB | 12/28/22 | 8,684 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 103,813,285 | $ | 80,660 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 96.3% | ||||||||
| Canada | 3.7% | ||||||||
| Canadian Pacific Railway Ltd. | 1,717 | $ | 114,616 | |||||
| TMX Group Ltd. | 1,314 | 120,865 | ||||||
| Toromont Industries Ltd. | 2,489 | 173,267 | ||||||
| Trisura Group Ltd. (*) | 151 | 3,652 | ||||||
| 412,400 | ||||||||
| China | 0.8% | ||||||||
| Tencent Holdings Ltd. | 2,800 | 94,562 | ||||||
| Denmark | 1.8% | ||||||||
| Genmab AS (*) | 616 | 198,561 | ||||||
| France | 2.8% | ||||||||
| Legrand SA | 1,999 | 129,153 | ||||||
| Pernod Ricard SA | 1,000 | 182,783 | ||||||
| 311,936 | ||||||||
| Germany | 4.0% | ||||||||
| Continental AG | 1,654 | 74,312 | ||||||
| Hensoldt AG | 3,008 | 60,416 | ||||||
| Infineon Technologies AG | 3,516 | 77,917 | ||||||
| Merck KGaA | 1,452 | 236,971 | ||||||
| 449,616 | ||||||||
| Hong Kong | 1.3% | ||||||||
| AIA Group Ltd. | 18,200 | 151,107 | ||||||
| India | 1.6% | ||||||||
| HDFC Bank Ltd. ADR | 3,049 | 178,123 | ||||||
| Ireland | 0.5% | ||||||||
| Ryanair Holdings PLC ADR (*) | 897 | 52,403 | ||||||
| Japan | 4.3% | ||||||||
| BayCurrent Consulting, Inc. | 700 | 179,813 | ||||||
| Kadokawa Corp. | 5,500 | 100,272 | ||||||
| Olympus Corp. | 7,200 | 138,570 | ||||||
| TechnoPro Holdings, Inc. | 2,900 | 60,964 | ||||||
| 479,619 | ||||||||
| Mexico | 1.1% | ||||||||
| Arca Continental SAB de CV | 16,801 | 120,980 | ||||||
| Netherlands | 3.0% | ||||||||
| Akzo Nobel NV | 1,356 | 76,473 | ||||||
| Universal Music Group NV | 13,882 | 261,677 | ||||||
| 338,150 | ||||||||
| Portugal | 1.6% | ||||||||
| Energias de Portugal SA | 42,326 | 183,235 | ||||||
| Description | Shares | Fair Value | ||||||
| South Africa | 1.1% | ||||||||
| Anglo American PLC | 4,081 | $ | 123,280 | |||||
| South Korea | 1.7% | ||||||||
| Osstem Implant Co. Ltd. | 2,412 | 192,849 | ||||||
| Sweden | 0.4% | ||||||||
| Volvo Car AB, Class B | 9,380 | 40,453 | ||||||
| Switzerland | 2.5% | ||||||||
| ABB Ltd. | 8,179 | 210,617 | ||||||
| Idorsia Ltd. (*) | 5,454 | 70,078 | ||||||
| 280,695 | ||||||||
| Taiwan | 1.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 15,000 | 197,164 | ||||||
| United Kingdom | 5.5% | ||||||||
| Coca-Cola Europacific Partners PLC | 3,374 | 145,948 | ||||||
| Informa PLC | 8,979 | 51,729 | ||||||
| Linde PLC (*) | 751 | 205,374 | ||||||
| RELX PLC | 8,792 | 213,286 | ||||||
| 616,337 | ||||||||
| United States | 56.8% | ||||||||
| Accenture PLC, Class A | 856 | 220,249 | ||||||
| Adobe, Inc. (*) | 712 | 195,942 | ||||||
| Alphabet, Inc., Class A (*) | 5,213 | 498,623 | ||||||
| Amphenol Corp., Class A | 3,052 | 204,362 | ||||||
| Analog Devices, Inc. | 1,706 | 237,714 | ||||||
| Aon PLC, Class A | 1,246 | 333,766 | ||||||
| Applied Materials, Inc. | 2,206 | 180,738 | ||||||
| Bank of America Corp. | 7,077 | 213,725 | ||||||
| Boston Scientific Corp. (*) | 6,680 | 258,716 | ||||||
| Coca-Cola Co. | 4,146 | 232,259 | ||||||
| CyberArk Software Ltd. (*) | 800 | 119,952 | ||||||
| Danaher Corp. | 1,120 | 289,285 | ||||||
| Dollar General Corp. | 1,149 | 275,599 | ||||||
| Estee Lauder Cos., Inc., Class A | 474 | 102,337 | ||||||
| Helmerich & Payne, Inc. | 5,844 | 216,053 | ||||||
| Intercontinental Exchange, Inc. | 3,187 | 287,945 | ||||||
| Intuit, Inc. | 522 | 202,181 | ||||||
| IQVIA Holdings, Inc. (*) | 1,858 | 336,558 | ||||||
| Johnson & Johnson | 2,021 | 330,151 | ||||||
| Microsoft Corp. | 2,530 | 589,237 | ||||||
| S&P Global, Inc. | 939 | 286,724 | ||||||
| UnitedHealth Group, Inc. | 793 | 400,497 | ||||||
| Visa, Inc., Class A | 1,256 | 223,128 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Zoetis, Inc. | 901 | $ | 133,609 | |||||
| 6,369,350 | ||||||||
| Total Common Stocks (Cost $12,916,850) | 10,790,820 | |||||||
| Short-Term Investments | 5.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $598,240) | 598,240 | 598,240 | ||||||
| Total Investments | 101.6% (Cost $13,515,090) | $ | 11,389,060 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.6)% | (176,748) | |||||||
| Net Assets | 100.0% | $ | 11,212,312 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 99.4% | ||||||||
| Australia | 8.0% | ||||||||
| Altium Ltd. | 135 | $ | 2,925 | |||||
| Aristocrat Leisure Ltd. | 1,210 | 25,252 | ||||||
| BHP Group Ltd. | 1,304 | 32,476 | ||||||
| Brambles Ltd. | 2,847 | 20,657 | ||||||
| Charter Hall Group REIT | 1,470 | 10,641 | ||||||
| Coles Group Ltd. | 197 | 2,073 | ||||||
| CSL Ltd. | 139 | 25,204 | ||||||
| Dexus REIT | 3,804 | 18,867 | ||||||
| Lovisa Holdings Ltd. | 207 | 2,790 | ||||||
| Newcrest Mining Ltd. | 141 | 1,534 | ||||||
| Perseus Mining Ltd. | 4,420 | 4,354 | ||||||
| Pro Medicus Ltd. | 89 | 2,826 | ||||||
| West African Resources Ltd. (*) | 5,464 | 3,626 | ||||||
| WiseTech Global Ltd. | 398 | 13,073 | ||||||
| Yancoal Australia Ltd. | 2,071 | 7,499 | ||||||
| 173,797 | ||||||||
| Belgium | 0.1% | ||||||||
| Warehouses De Pauw CVA REIT | 95 | 2,308 | ||||||
| China | 0.7% | ||||||||
| Chow Tai Fook Jewellery Group Ltd. | 800 | 1,498 | ||||||
| Futu Holdings Ltd. ADR (*) | 52 | 1,939 | ||||||
| SITC International Holdings Co. Ltd. | 6,000 | 10,988 | ||||||
| 14,425 | ||||||||
| Denmark | 4.3% | ||||||||
| AP Moller - Maersk AS, Class B | 12 | 21,737 | ||||||
| Novo Nordisk AS, Class B | 684 | 68,177 | ||||||
| Pandora AS | 52 | 2,422 | ||||||
| 92,336 | ||||||||
| Finland | 0.7% | ||||||||
| Nokia oyj ADR | 2,225 | 9,501 | ||||||
| Nordea Bank Abp | 761 | 6,511 | ||||||
| 16,012 | ||||||||
| France | 11.7% | ||||||||
| Airbus SE | 133 | 11,490 | ||||||
| AXA SA | 923 | 20,209 | ||||||
| BioMerieux | 67 | 5,279 | ||||||
| BNP Paribas SA | 423 | 17,858 | ||||||
| Capgemini SE | 116 | 18,538 | ||||||
| Cie de Saint-Gobain | 718 | 25,607 | ||||||
| Eiffage SA | 31 | 2,482 | ||||||
| Gaztransport Et Technigaz SA | 21 | 2,323 | ||||||
| Hermes International | 18 | 21,156 | ||||||
| Description | Shares | Fair Value | ||||||
| Kering SA | 54 | $ | 23,880 | |||||
| L’Oreal SA | 27 | 8,597 | ||||||
| La Francaise des Jeux SAEM | 309 | 9,143 | ||||||
| Orange SA | 1,487 | 13,447 | ||||||
| Sanofi | 59 | 4,503 | ||||||
| Sartorius Stedim Biotech | 10 | 3,057 | ||||||
| Societe Generale SA | 1,679 | 33,313 | ||||||
| Thales SA | 22 | 2,427 | ||||||
| TotalEnergies SE | 413 | 19,440 | ||||||
| Vinci SA | 138 | 11,085 | ||||||
| 253,834 | ||||||||
| Germany | 5.4% | ||||||||
| Beiersdorf AG | 59 | 5,838 | ||||||
| Commerzbank AG (*) | 386 | 2,770 | ||||||
| CTS Eventim AG & Co. KGaA (*) | 46 | 1,917 | ||||||
| Deutsche Bank AG | 1,814 | 13,568 | ||||||
| Deutsche Post AG | 1,080 | 32,863 | ||||||
| Hapag-Lloyd AG | 20 | 3,414 | ||||||
| HUGO BOSS AG | 509 | 23,950 | ||||||
| Mercedes-Benz Group AG | 41 | 2,097 | ||||||
| Merck KGaA | 95 | 15,504 | ||||||
| Nemetschek SE | 253 | 12,183 | ||||||
| Rheinmetall AG | 14 | 2,169 | ||||||
| 116,273 | ||||||||
| Hong Kong | 2.2% | ||||||||
| Jardine Matheson Holdings Ltd. | 300 | 15,188 | ||||||
| Swire Pacific Ltd., Class A | 1,500 | 11,194 | ||||||
| United Energy Group Ltd. | 24,000 | 2,740 | ||||||
| WH Group Ltd. | 30,500 | 19,186 | ||||||
| 48,308 | ||||||||
| Ireland | 0.3% | ||||||||
| AerCap Holdings NV (*) | 106 | 4,487 | ||||||
| AIB Group PLC | 1,143 | 2,753 | ||||||
| 7,240 | ||||||||
| Israel | 0.7% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 2,714 | 4,439 | ||||||
| Check Point Software Technologies Ltd. (*) | 67 | 7,506 | ||||||
| Perion Network Ltd. (*) | 131 | 2,527 | ||||||
| 14,472 | ||||||||
| Italy | 1.3% | ||||||||
| Banco BPM SpA | 905 | 2,353 | ||||||
| Leonardo SpA | 605 | 4,282 | ||||||
| Reply SpA | 60 | 6,259 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| UniCredit SpA | 1,579 | $ | 15,967 | |||||
| 28,861 | ||||||||
| Japan | 23.0% | ||||||||
| 77 Bank Ltd. | 600 | 7,395 | ||||||
| AGC, Inc. | 700 | 21,757 | ||||||
| Canon, Inc. | 1,400 | 30,533 | ||||||
| Capcom Co. Ltd. | 300 | 7,501 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 500 | 12,485 | ||||||
| Dai-ichi Life Holdings, Inc. | 800 | 12,716 | ||||||
| Daikin Industries Ltd. | 100 | 15,452 | ||||||
| Daiwa House Industry Co. Ltd. | 300 | 6,114 | ||||||
| Electric Power Development Co. Ltd. | 1,000 | 14,119 | ||||||
| Hamamatsu Photonics KK | 200 | 8,587 | ||||||
| Honda Motor Co. Ltd. | 800 | 17,427 | ||||||
| Japan Post Holdings Co. Ltd. | 6,900 | 45,689 | ||||||
| Japan Post Insurance Co. Ltd. | 500 | 7,005 | ||||||
| Japan Tobacco, Inc. | 2,800 | 45,958 | ||||||
| Jeol Ltd. | 300 | 9,889 | ||||||
| KDDI Corp. | 200 | 5,866 | ||||||
| Kyushu Financial Group, Inc. | 900 | 2,381 | ||||||
| Mitsubishi Electric Corp. | 1,000 | 9,034 | ||||||
| Mitsui & Co. Ltd. | 2,200 | 47,199 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 500 | 13,232 | ||||||
| Nintendo Co. Ltd. ADR | 319 | 16,259 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,396 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 2,595 | ||||||
| Nissan Chemical Corp. | 200 | 8,938 | ||||||
| Nisshinbo Holdings, Inc. | 1,400 | 10,176 | ||||||
| Olympus Corp. | 100 | 1,925 | ||||||
| ORIX Corp. | 800 | 11,251 | ||||||
| Shimano, Inc. ADR | 409 | 6,413 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 333 | 33,068 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,000 | 3,577 | ||||||
| Softbank Corp. | 2,000 | 20,001 | ||||||
| Sumco Corp. | 800 | 9,296 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 2,783 | ||||||
| Tokyo Electron Ltd. ADR | 184 | 11,384 | ||||||
| Toyota Motor Corp. | 900 | 11,715 | ||||||
| ZOZO, Inc. | 100 | 1,994 | ||||||
| 497,110 | ||||||||
| Netherlands | 8.6% | ||||||||
| Aalberts NV | 83 | 2,712 | ||||||
| Adyen NV (*) | 15 | 18,661 | ||||||
| Aegon NV | 1,132 | 4,499 | ||||||
| ASML Holding NV | 100 | 41,479 | ||||||
| Description | Shares | Fair Value | ||||||
| Heineken NV | 104 | $ | 9,117 | |||||
| Koninklijke Ahold Delhaize NV | 237 | 6,035 | ||||||
| NN Group NV | 143 | 5,566 | ||||||
| Shell PLC | 2,420 | 60,210 | ||||||
| Wolters Kluwer NV | 384 | 37,387 | ||||||
| 185,666 | ||||||||
| Nigeria | 0.2% | ||||||||
| Airtel Africa PLC | 2,157 | 3,113 | ||||||
| Norway | 0.7% | ||||||||
| Equinor ASA | 404 | 13,325 | ||||||
| Grieg Seafood ASA | 173 | 1,167 | ||||||
| 14,492 | ||||||||
| Portugal | 0.7% | ||||||||
| Jeronimo Martins SGPS SA | 856 | 15,948 | ||||||
| Singapore | 1.8% | ||||||||
| DBS Group Holdings Ltd. | 100 | 2,312 | ||||||
| Jardine Cycle & Carriage Ltd. | 700 | 16,376 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 1,400 | 11,468 | ||||||
| STMicroelectronics NV | 312 | 9,626 | ||||||
| 39,782 | ||||||||
| Spain | 4.2% | ||||||||
| Banco de Sabadell SA | 13,639 | 9,096 | ||||||
| Banco Santander SA | 1,515 | 3,521 | ||||||
| Iberdrola SA | 3,601 | 33,476 | ||||||
| Industria de Diseno Textil SA | 1,917 | 39,597 | ||||||
| Laboratorios Farmaceuticos Rovi SA | 93 | 3,988 | ||||||
| 89,678 | ||||||||
| Sweden | 1.7% | ||||||||
| Betsson AB | 655 | 3,816 | ||||||
| Hemnet Group AB | 168 | 2,139 | ||||||
| Hennes & Mauritz AB, B Shares | 205 | 1,895 | ||||||
| Investor AB B Shares | 389 | 5,670 | ||||||
| Securitas AB, B Shares | 790 | 5,500 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 2,460 | 14,327 | ||||||
| Volvo Car AB, Class B | 944 | 4,071 | ||||||
| 37,418 | ||||||||
| Switzerland | 3.9% | ||||||||
| Novartis AG | 398 | 30,341 | ||||||
| UBS Group AG | 3,125 | 45,144 | ||||||
| Zurich Insurance Group AG | 24 | 9,540 | ||||||
| 85,025 | ||||||||
| United Kingdom | 10.9% | ||||||||
| Associated British Foods PLC | 1,085 | 15,127 | ||||||
| Barclays PLC | 5,312 | 8,469 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Coca-Cola Europacific Partners PLC | 54 | $ | 2,301 | |||||
| Compass Group PLC | 361 | 7,216 | ||||||
| Drax Group PLC | 310 | 2,068 | ||||||
| Endava PLC ADR (*) | 95 | 7,660 | ||||||
| IMI PLC | 142 | 1,762 | ||||||
| Imperial Brands PLC | 1,066 | 21,998 | ||||||
| Investec PLC | 792 | 3,189 | ||||||
| NatWest Group PLC | 4,318 | 10,776 | ||||||
| RELX PLC | 52 | 1,269 | ||||||
| Safestore Holdings PLC REIT | 409 | 3,825 | ||||||
| SSE PLC | 1,486 | 25,195 | ||||||
| Standard Chartered PLC | 6,250 | 39,311 | ||||||
| Tesco PLC | 7,909 | 18,109 | ||||||
| Unilever PLC | 1,473 | 64,965 | ||||||
| Virgin Money UK PLC | 1,115 | 1,536 | ||||||
| 234,776 | ||||||||
| United States | 8.3% | ||||||||
| Atlassian Corp. PLC, Class A (*) | 10 | 2,106 | ||||||
| GSK PLC | 2,852 | 41,599 | ||||||
| Inmode Ltd. (*) | 153 | 4,454 | ||||||
| International Game Technology PLC | 111 | 1,754 | ||||||
| Nestle SA | 85 | 9,204 | ||||||
| Roche Holding AG | 243 | 79,232 | ||||||
| Schneider Electric SE | 84 | 9,424 | ||||||
| Stellantis NV | 2,608 | 30,809 | ||||||
| 178,582 | ||||||||
| Total Common Stocks (Cost $2,531,934) | 2,149,456 | |||||||
| Preferred Stocks | 1.0% | ||||||||
| Germany | 1.0% | ||||||||
| Bayerische Motoren Werke AG | 114 | 7,454 | ||||||
| Sartorius AG | 22 | 7,684 | ||||||
| Volkswagen AG | 53 | 6,546 | ||||||
| Total Preferred Stocks (Cost $26,491) | 21,684 | |||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $10,257) | 10,257 | 10,257 | ||||||
| Total Investments | 100.9% (Cost $2,568,682) | $ | 2,181,397 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (19,703) | |||||||
| Net Assets | 100.0% | $ | 2,161,694 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 97.6% | ||||||||
| Canada | 3.7% | ||||||||
| Suncor Energy, Inc. | 747,181 | $ | 21,041,257 | |||||
| TMX Group Ltd. | 157,961 | 14,529,645 | ||||||
| 35,570,902 | ||||||||
| China | 5.2% | ||||||||
| Alibaba Group Holding Ltd. (*) | 1,196,000 | 11,996,950 | ||||||
| Autohome, Inc. ADR | 254,715 | 7,325,603 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 5,722,000 | 7,155,426 | ||||||
| ENN Energy Holdings Ltd. | 870,700 | 11,585,889 | ||||||
| ESR Group Ltd. | 5,164,000 | 13,025,558 | ||||||
| 51,089,426 | ||||||||
| Denmark | 2.3% | ||||||||
| Carlsberg AS, Class B | 138,421 | 16,150,895 | ||||||
| Vestas Wind Systems AS | 315,331 | 5,781,257 | ||||||
| 21,932,152 | ||||||||
| Finland | 2.4% | ||||||||
| Nordea Bank Abp | 1,683,457 | 14,404,417 | ||||||
| Sampo Oyj, A Shares | 209,548 | 8,942,982 | ||||||
| 23,347,399 | ||||||||
| France | 11.5% | ||||||||
| Air Liquide SA | 165,734 | 18,871,599 | ||||||
| Capgemini SE | 105,010 | 16,781,708 | ||||||
| Engie SA | 2,254,931 | 25,872,721 | ||||||
| Pernod Ricard SA | 87,736 | 16,036,649 | ||||||
| Sanofi | 123,056 | 9,391,668 | ||||||
| Teleperformance | 43,503 | 10,990,699 | ||||||
| Thales SA | 121,673 | 13,420,521 | ||||||
| 111,365,565 | ||||||||
| Germany | 7.6% | ||||||||
| Continental AG | 210,493 | 9,457,137 | ||||||
| Infineon Technologies AG | 422,295 | 9,358,286 | ||||||
| Merck KGaA | 123,047 | 20,081,694 | ||||||
| MTU Aero Engines AG | 109,466 | 16,518,801 | ||||||
| Rheinmetall AG | 75,346 | 11,670,527 | ||||||
| Vonovia SE | 312,872 | 6,809,263 | ||||||
| 73,895,708 | ||||||||
| Hong Kong | 0.8% | ||||||||
| Prudential PLC | 809,783 | 7,956,180 | ||||||
| India | 1.3% | ||||||||
| Reliance Industries Ltd. | 425,091 | 12,295,028 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 1.2% | ||||||||
| Ryanair Holdings PLC ADR (*) | 205,865 | $ | 12,026,633 | |||||
| Israel | 1.9% | ||||||||
| Bank Leumi Le-Israel BM | 2,223,840 | 18,935,864 | ||||||
| Italy | 1.2% | ||||||||
| Enel SpA | 2,869,821 | 11,760,594 | ||||||
| Japan | 17.4% | ||||||||
| Asics Corp. | 964,200 | 15,364,034 | ||||||
| Bandai Namco Holdings, Inc. | 222,200 | 14,512,581 | ||||||
| Daikin Industries Ltd. | 92,300 | 14,262,203 | ||||||
| Disco Corp. | 65,500 | 14,273,509 | ||||||
| Hitachi Ltd. | 217,900 | 9,226,381 | ||||||
| Hoya Corp. | 146,400 | 14,075,609 | ||||||
| MatsukiyoCocokara & Co. | 457,400 | 19,562,863 | ||||||
| Nexon Co. Ltd. | 466,382 | 8,156,318 | ||||||
| Olympus Corp. | 989,900 | 19,051,447 | ||||||
| Shimano, Inc. | 70,900 | 11,173,974 | ||||||
| Suzuki Motor Corp. | 435,900 | 13,521,707 | ||||||
| Yamaha Corp. | 441,100 | 15,709,111 | ||||||
| 168,889,737 | ||||||||
| Mexico | 1.6% | ||||||||
| Arca Continental SAB de CV | 2,199,812 | 15,840,350 | ||||||
| Netherlands | 6.1% | ||||||||
| Akzo Nobel NV | 256,991 | 14,493,293 | ||||||
| Koninklijke DSM NV | 112,686 | 12,780,832 | ||||||
| Universal Music Group NV | 813,852 | 15,341,178 | ||||||
| Wolters Kluwer NV | 176,502 | 17,184,425 | ||||||
| 59,799,728 | ||||||||
| Norway | 1.3% | ||||||||
| Equinor ASA | 200,551 | 6,614,890 | ||||||
| Telenor ASA | 622,642 | 5,682,604 | ||||||
| 12,297,494 | ||||||||
| Portugal | 1.3% | ||||||||
| Galp Energia SGPS SA | 1,333,384 | 12,779,091 | ||||||
| Singapore | 1.8% | ||||||||
| DBS Group Holdings Ltd. | 745,620 | 17,238,711 | ||||||
| South Africa | 1.4% | ||||||||
| Anglo American PLC | 463,608 | 14,004,846 | ||||||
| South Korea | 1.6% | ||||||||
| Osstem Implant Co. Ltd. | 82,228 | 6,574,463 | ||||||
| SK Hynix, Inc. | 150,263 | 8,621,813 | ||||||
| 15,196,276 | ||||||||
| Spain | 1.2% | ||||||||
| Industria de Diseno Textil SA | 578,967 | 11,958,794 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Sweden | 1.0% | ||||||||
| Sandvik AB | 684,664 | $ | 9,323,405 | |||||
| Switzerland | 2.0% | ||||||||
| ABB Ltd. | 767,655 | 19,767,863 | ||||||
| United Kingdom | 12.2% | ||||||||
| 3i Group PLC | 950,727 | 11,415,535 | ||||||
| Barclays PLC | 7,695,765 | 12,269,473 | ||||||
| BP PLC | 2,665,438 | 12,675,101 | ||||||
| Coca-Cola Europacific Partners PLC | 367,358 | 15,890,682 | ||||||
| Compass Group PLC | 742,672 | 14,845,427 | ||||||
| Petershill Partners PLC | 1,368,077 | 2,815,318 | ||||||
| RELX PLC | 1,097,469 | 26,792,102 | ||||||
| Unilever PLC | 491,371 | 21,620,251 | ||||||
| 118,323,889 | ||||||||
| United States | 9.6% | ||||||||
| Aon PLC, Class A | 107,093 | 28,687,002 | ||||||
| BRP, Inc. | 121,812 | 7,503,517 | ||||||
| Ferguson PLC | 108,081 | 11,254,226 | ||||||
| ICON PLC (*) | 118,490 | 21,776,092 | ||||||
| Roche Holding AG | 72,734 | 23,715,578 | ||||||
| 92,936,415 | ||||||||
| Total Common Stocks (Cost $1,027,667,874) | 948,532,050 | |||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $17,713,985) | 17,713,985 | 17,713,985 | ||||||
| Total Investments | 99.4% (Cost $1,045,381,859) | $ | 966,246,035 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 5,768,336 | |||||||
| Net Assets | 100.0% | $ | 972,014,371 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 96.1% | ||||||||
| Brazil | 1.6% | ||||||||
| Banco Bradesco SA ADR | 224,442 | $ | 825,947 | |||||
| Canada | 2.1% | ||||||||
| Suncor Energy, Inc. | 39,473 | 1,111,593 | ||||||
| China | 9.2% | ||||||||
| Alibaba Group Holding Ltd. (*) | 81,500 | 817,518 | ||||||
| Autohome, Inc. ADR | 13,480 | 387,685 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 485,000 | 606,498 | ||||||
| ENN Energy Holdings Ltd. | 60,400 | 803,707 | ||||||
| ESR Group Ltd. | 235,200 | 593,263 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 29,000 | 447,855 | ||||||
| Tencent Holdings Ltd. | 25,600 | 864,563 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 55,299 | 368,367 | ||||||
| 4,889,456 | ||||||||
| Denmark | 2.2% | ||||||||
| Carlsberg AS, Class B | 6,105 | 712,328 | ||||||
| Vestas Wind Systems AS | 24,129 | 442,380 | ||||||
| 1,154,708 | ||||||||
| Finland | 1.5% | ||||||||
| Sampo Oyj, A Shares | 19,235 | 820,901 | ||||||
| France | 12.5% | ||||||||
| Air Liquide SA | 7,929 | 902,850 | ||||||
| Airbus SE | 5,893 | 509,110 | ||||||
| Bureau Veritas SA | 36,233 | 809,163 | ||||||
| Engie SA | 102,957 | 1,181,312 | ||||||
| Legrand SA | 10,326 | 667,152 | ||||||
| Pernod Ricard SA | 4,221 | 771,527 | ||||||
| Sanofi | 7,157 | 546,224 | ||||||
| Teleperformance | 1,940 | 490,126 | ||||||
| Thales SA | 6,916 | 762,834 | ||||||
| 6,640,298 | ||||||||
| Germany | 6.0% | ||||||||
| Continental AG | 10,154 | 456,204 | ||||||
| Infineon Technologies AG | 23,395 | 518,446 | ||||||
| Merck KGaA | 6,533 | 1,066,208 | ||||||
| MTU Aero Engines AG | 4,671 | 704,870 | ||||||
| Vonovia SE | 19,757 | 429,986 | ||||||
| 3,175,714 | ||||||||
| Hong Kong | 1.9% | ||||||||
| AIA Group Ltd. | 123,000 | 1,021,214 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 4.8% | ||||||||
| ICICI Bank Ltd. ADR | 73,882 | $ | 1,549,306 | |||||
| Reliance Industries Ltd. | 34,162 | 988,077 | ||||||
| 2,537,383 | ||||||||
| Indonesia | 2.9% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,631,600 | 1,000,409 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 18,997 | 548,063 | ||||||
| 1,548,472 | ||||||||
| Ireland | 1.0% | ||||||||
| Ryanair Holdings PLC ADR (*) | 9,424 | 550,550 | ||||||
| Japan | 11.0% | ||||||||
| Bandai Namco Holdings, Inc. | 12,700 | 829,477 | ||||||
| Daikin Industries Ltd. | 5,300 | 818,956 | ||||||
| Disco Corp. | 3,500 | 762,707 | ||||||
| Hoya Corp. | 6,800 | 653,785 | ||||||
| Nomura Research Institute Ltd. N Ap | 28,200 | 693,089 | ||||||
| Olympus Corp. | 55,200 | 1,062,370 | ||||||
| Shimano, Inc. | 4,000 | 630,407 | ||||||
| Suzuki Motor Corp. | 13,000 | 403,263 | ||||||
| 5,854,054 | ||||||||
| Mexico | 1.6% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 135,300 | 868,790 | ||||||
| Netherlands | 5.8% | ||||||||
| Akzo Nobel NV | 9,177 | 517,547 | ||||||
| IMCD NV | 2,151 | 255,278 | ||||||
| Koninklijke DSM NV | 6,879 | 780,216 | ||||||
| Universal Music Group NV | 35,991 | 678,433 | ||||||
| Wolters Kluwer NV | 8,930 | 869,435 | ||||||
| 3,100,909 | ||||||||
| Norway | 1.3% | ||||||||
| Equinor ASA | 12,450 | 410,646 | ||||||
| Telenor ASA | 30,690 | 280,095 | ||||||
| 690,741 | ||||||||
| Singapore | 1.5% | ||||||||
| DBS Group Holdings Ltd. | 35,000 | 809,199 | ||||||
| South Africa | 1.7% | ||||||||
| Anglo American PLC | 16,551 | 499,979 | ||||||
| Mr Price Group Ltd. | 42,236 | 400,736 | ||||||
| 900,715 | ||||||||
| South Korea | 2.4% | ||||||||
| KB Financial Group, Inc. | 20,541 | 622,201 | ||||||
| SK Hynix, Inc. | 11,017 | 632,135 | ||||||
| 1,254,336 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Switzerland | 2.8% | ||||||||
| ABB Ltd. | 39,707 | $ | 1,022,494 | |||||
| Cie Financiere Richemont SA, Class A | 4,895 | 459,314 | ||||||
| 1,481,808 | ||||||||
| Taiwan | 1.7% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 69,000 | 906,956 | ||||||
| United Kingdom | 11.6% | ||||||||
| Barclays PLC | 280,997 | 447,998 | ||||||
| BP PLC | 393,673 | 1,872,054 | ||||||
| Compass Group PLC | 51,861 | 1,036,661 | ||||||
| Linde PLC (*) | 1,605 | 438,914 | ||||||
| RELX PLC | 64,666 | 1,578,667 | ||||||
| Unilever PLC | 18,219 | 801,633 | ||||||
| 6,175,927 | ||||||||
| United States | 9.0% | ||||||||
| Accenture PLC, Class A | 2,880 | 741,024 | ||||||
| Aon PLC, Class A | 5,045 | 1,351,404 | ||||||
| Ferguson PLC | 5,243 | 545,942 | ||||||
| ICON PLC (*) | 4,598 | 845,020 | ||||||
| Roche Holding AG | 4,052 | 1,321,191 | ||||||
| 4,804,581 | ||||||||
| Total Common Stocks (Cost $56,169,140) | 51,124,252 | |||||||
| Preferred Stocks | 0.8% | ||||||||
| Germany | 0.8% | ||||||||
| Henkel AG & Co. KGaA (Preference Shares) (Cost $509,132) | 7,654 | 457,497 | ||||||
| Short-Term Investments | 2.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $1,259,507) | 1,259,507 | 1,259,507 | ||||||
| Total Investments | 99.3% (Cost $57,937,779) | $ | 52,841,256 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 357,576 | |||||||
| Net Assets | 100.0% | $ | 53,198,832 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 96.6% | ||||||||
| Australia | 2.1% | ||||||||
| Computershare Ltd. | 147,940 | $ | 2,346,211 | |||||
| Brazil | 2.3% | ||||||||
| Banco Bradesco SA ADR | 697,606 | 2,567,190 | ||||||
| Canada | 8.1% | ||||||||
| Dollarama, Inc. | 64,233 | 3,687,463 | ||||||
| National Bank of Canada | 44,197 | 2,770,171 | ||||||
| Toromont Industries Ltd. | 36,784 | 2,560,647 | ||||||
| 9,018,281 | ||||||||
| China | 4.0% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 25,019 | 2,001,270 | ||||||
| Tencent Holdings Ltd. | 74,900 | 2,529,523 | ||||||
| 4,530,793 | ||||||||
| Denmark | 6.1% | ||||||||
| Coloplast AS, Class B | 14,585 | 1,474,538 | ||||||
| Demant AS (*) | 72,152 | 1,778,011 | ||||||
| Genmab AS (*) | 11,108 | 3,580,541 | ||||||
| 6,833,090 | ||||||||
| France | 8.3% | ||||||||
| Legrand SA | 30,594 | 1,976,644 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 6,536 | 3,842,090 | ||||||
| Pernod Ricard SA | 19,055 | 3,482,930 | ||||||
| 9,301,664 | ||||||||
| Germany | 3.9% | ||||||||
| SAP SE | 28,338 | 2,336,038 | ||||||
| Scout24 SE | 38,927 | 1,972,565 | ||||||
| 4,308,603 | ||||||||
| Hong Kong | 2.0% | ||||||||
| AIA Group Ltd. | 273,400 | 2,269,919 | ||||||
| India | 3.8% | ||||||||
| HDFC Bank Ltd. ADR | 71,809 | 4,195,082 | ||||||
| Israel | 2.5% | ||||||||
| Check Point Software Technologies Ltd. (*) | 24,606 | 2,756,364 | ||||||
| Japan | 5.9% | ||||||||
| Pigeon Corp. | 49,400 | 720,245 | ||||||
| Shimano, Inc. | 8,500 | 1,339,616 | ||||||
| SMS Co. Ltd. | 91,200 | 1,822,305 | ||||||
| Toei Animation Co. Ltd. | 20,500 | 1,755,409 | ||||||
| Workman Co. Ltd. | 30,100 | 947,302 | ||||||
| 6,584,877 | ||||||||
| Description | Shares | Fair Value | ||||||
| Netherlands | 8.4% | ||||||||
| ASML Holding NV | 10,451 | $ | 4,334,984 | |||||
| Universal Music Group NV | 115,576 | 2,178,617 | ||||||
| Wolters Kluwer NV | 29,187 | 2,841,678 | ||||||
| 9,355,279 | ||||||||
| Norway | 2.1% | ||||||||
| AutoStore Holdings Ltd. | 554,065 | 602,119 | ||||||
| Gjensidige Forsikring ASA | 102,710 | 1,757,526 | ||||||
| 2,359,645 | ||||||||
| South Africa | 2.5% | ||||||||
| Clicks Group Ltd. | 176,280 | 2,766,242 | ||||||
| Spain | 1.7% | ||||||||
| Industria de Diseno Textil SA | 93,475 | 1,930,763 | ||||||
| Sweden | 4.4% | ||||||||
| Assa Abloy AB, Class B | 136,441 | 2,549,727 | ||||||
| Hexagon AB, B Shares | 260,780 | 2,417,762 | ||||||
| 4,967,489 | ||||||||
| Switzerland | 2.8% | ||||||||
| Partners Group Holding AG | 3,949 | 3,172,500 | ||||||
| Taiwan | 3.0% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 49,673 | 3,405,581 | ||||||
| United Kingdom | 16.5% | ||||||||
| Allfunds Group PLC | 122,708 | 899,518 | ||||||
| Dechra Pharmaceuticals PLC | 48,628 | 1,409,220 | ||||||
| Diageo PLC | 83,030 | 3,480,265 | ||||||
| Diploma PLC | 31,801 | 815,351 | ||||||
| Intertek Group PLC | 44,274 | 1,821,458 | ||||||
| London Stock Exchange Group PLC | 30,576 | 2,578,275 | ||||||
| RELX PLC | 172,540 | 4,185,673 | ||||||
| Unilever PLC | 74,488 | 3,285,191 | ||||||
| 18,474,951 | ||||||||
| United States | 6.2% | ||||||||
| Aon PLC, Class A | 18,282 | 4,897,199 | ||||||
| BRP, Inc. | 33,638 | 2,072,073 | ||||||
| 6,969,272 | ||||||||
| Total Common Stocks (Cost $139,714,521) | 108,113,796 | |||||||
| Preferred Stocks | 1.5% | ||||||||
| Germany | 1.5% | ||||||||
| Sartorius AG (Cost $1,972,456) | 4,938 | 1,724,689 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio (concluded) | ||||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $1,865,620) | 1,865,620 | $ | 1,865,620 | |||||
| Total Investments | 99.8% (Cost $143,552,597) | $ | 111,704,105 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 216,169 | |||||||
| Net Assets | 100.0% | $ | 111,920,274 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 95.0% | ||||||||
| Australia | 4.9% | ||||||||
| ALS Ltd. | 19,428 | $ | 125,080 | |||||
| AUB Group Ltd. | 15,787 | 192,051 | ||||||
| Domino’s Pizza Enterprises Ltd. (*) | 2,733 | 90,066 | ||||||
| GUD Holdings Ltd. | 28,975 | 137,739 | ||||||
| SmartGroup Corp. Ltd. | 35,206 | 112,489 | ||||||
| 657,425 | ||||||||
| Austria | 2.7% | ||||||||
| BAWAG Group AG | 6,662 | 285,875 | ||||||
| Schoeller-Bleckmann Oilfield Equipment AG | 1,875 | 82,229 | ||||||
| 368,104 | ||||||||
| Belgium | 2.9% | ||||||||
| Azelis Group NV | 4,859 | 108,050 | ||||||
| Recticel SA | 9,586 | 125,788 | ||||||
| Shurgard Self Storage SA | 3,911 | 159,349 | ||||||
| 393,187 | ||||||||
| Canada | 4.1% | ||||||||
| The Descartes Systems Group, Inc. (*) | 1,870 | 118,737 | ||||||
| Dream Industrial REIT | 15,741 | 122,272 | ||||||
| Gildan Activewear, Inc. | 4,144 | 117,149 | ||||||
| Stelco Holdings, Inc. | 8,057 | 200,703 | ||||||
| 558,861 | ||||||||
| Denmark | 1.2% | ||||||||
| Royal Unibrew AS | 2,461 | 159,269 | ||||||
| Finland | 0.9% | ||||||||
| Kemira Oyj | 11,699 | 128,944 | ||||||
| France | 1.5% | ||||||||
| Gaztransport Et Technigaz SA | 1,824 | 201,799 | ||||||
| Germany | 9.2% | ||||||||
| AIXTRON SE | 4,117 | 99,552 | ||||||
| Covestro AG | 5,191 | 150,081 | ||||||
| CTS Eventim AG & Co. KGaA (*) | 2,521 | 105,071 | ||||||
| Dermapharm Holding SE | 3,319 | 121,457 | ||||||
| flatexDEGIRO AG (*) | 7,304 | 65,982 | ||||||
| Hensoldt AG | 9,299 | 186,773 | ||||||
| JOST Werke AG | 4,722 | 163,994 | ||||||
| LEG Immobilien SE | 1,894 | 113,962 | ||||||
| Sirius Real Estate Ltd. | 164,975 | 130,118 | ||||||
| Stabilus SE | 2,407 | 106,557 | ||||||
| 1,243,547 | ||||||||
| Greece | 1.4% | ||||||||
| JUMBO SA | 14,287 | 190,479 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 1.8% | ||||||||
| Dalata Hotel Group PLC (*) | 46,257 | $ | 126,302 | |||||
| Uniphar PLC | 37,307 | 114,251 | ||||||
| 240,553 | ||||||||
| Italy | 6.0% | ||||||||
| Ariston Holding NV | 10,650 | 89,533 | ||||||
| Coca-Cola HBC AG | 4,049 | 85,210 | ||||||
| Italgas SpA | 43,386 | 201,673 | ||||||
| Moncler SpA | 3,188 | 130,899 | ||||||
| Sesa SpA | 1,437 | 155,330 | ||||||
| Tinexta Spa | 8,131 | 150,223 | ||||||
| 812,868 | ||||||||
| Japan | 29.2% | ||||||||
| Ariake Japan Co. Ltd. | 4,100 | 141,316 | ||||||
| ARTERIA Networks Corp. | 17,600 | 145,028 | ||||||
| Bell System24 Holdings, Inc. | 19,100 | 182,467 | ||||||
| Daiseki Co. Ltd. | 6,920 | 211,126 | ||||||
| Digital Garage, Inc. | 6,100 | 144,463 | ||||||
| GMO internet group, Inc. | 9,200 | 159,779 | ||||||
| Hulic Co. Ltd. | 25,600 | 188,365 | ||||||
| JAFCO Group Co. Ltd. | 16,600 | 244,303 | ||||||
| MatsukiyoCocokara & Co. | 6,200 | 265,172 | ||||||
| MISUMI Group, Inc. | 7,800 | 165,953 | ||||||
| Nihon Kohden Corp. | 8,800 | 185,898 | ||||||
| Nippon Gas Co. Ltd. | 16,900 | 239,056 | ||||||
| Nippon Shinyaku Co. Ltd. | 2,800 | 142,044 | ||||||
| Open House Group Co. Ltd. | 4,500 | 152,510 | ||||||
| Relo Group, Inc. | 13,400 | 203,626 | ||||||
| Roland Corp. | 6,000 | 182,481 | ||||||
| Rorze Corp. | 2,000 | 95,522 | ||||||
| TechnoPro Holdings, Inc. | 9,135 | 192,036 | ||||||
| Trend Micro, Inc. | 3,400 | 184,138 | ||||||
| Trusco Nakayama Corp. | 8,500 | 117,239 | ||||||
| USS Co. Ltd. | 12,800 | 197,005 | ||||||
| Zenkoku Hosho Co. Ltd. | 6,142 | 203,274 | ||||||
| 3,942,801 | ||||||||
| Jersey | 1.5% | ||||||||
| JTC PLC | 25,844 | 197,935 | ||||||
| Netherlands | 5.7% | ||||||||
| Aalberts NV | 5,188 | 169,523 | ||||||
| Akzo Nobel NV | 2,297 | 129,542 | ||||||
| Arcadis NV | 7,340 | 237,586 | ||||||
| ASM International NV | 445 | 99,564 | ||||||
| Van Lanschot Kempen NV | 7,132 | 137,913 | ||||||
| 774,128 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| New Zealand | 1.0% | ||||||||
| Freightways Ltd. | 24,156 | $ | 132,574 | |||||
| Norway | 1.0% | ||||||||
| Crayon Group Holding ASA (*) | 17,142 | 132,320 | ||||||
| Portugal | 0.8% | ||||||||
| Galp Energia SGPS SA | 10,715 | 102,692 | ||||||
| Spain | 2.2% | ||||||||
| Bankinter SA | 52,076 | 291,967 | ||||||
| Sweden | 1.6% | ||||||||
| Cibus Nordic Real Estate AB | 8,286 | 107,699 | ||||||
| Lindab International AB | 9,645 | 106,891 | ||||||
| 214,590 | ||||||||
| Switzerland | 1.1% | ||||||||
| Logitech International SA | 3,420 | 156,169 | ||||||
| United Kingdom | 13.5% | ||||||||
| Auto Trader Group PLC | 21,431 | 121,509 | ||||||
| Britvic PLC | 15,115 | 120,173 | ||||||
| ConvaTec Group PLC | 84,317 | 191,101 | ||||||
| Genuit Group. PLC | 33,272 | 107,635 | ||||||
| IG Group Holdings PLC | 13,149 | 111,543 | ||||||
| JD Sports Fashion PLC | 95,708 | 104,533 | ||||||
| Jet2 PLC (*) | 15,229 | 116,611 | ||||||
| Life Science REIT PLC | 161,147 | 129,462 | ||||||
| Marlowe PLC (*) | 18,181 | 162,969 | ||||||
| Pennon Group PLC | 12,155 | 106,558 | ||||||
| RS GROUP PLC | 15,605 | 166,526 | ||||||
| Smart Metering Systems PLC | 15,510 | 138,322 | ||||||
| Tate & Lyle PLC | 14,937 | 112,612 | ||||||
| Weir Group PLC | 8,282 | 127,570 | ||||||
| 1,817,124 | ||||||||
| United States | 0.8% | ||||||||
| BRP, Inc. | 1,805 | 111,186 | ||||||
| Total Common Stocks (Cost $16,268,685) | 12,828,522 | |||||||
| Short-Term Investments | 3.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $511,355) | 511,355 | 511,355 | ||||||
| Description | Fair Value | |||
| Total Investments | 98.8% (Cost $16,780,040) | $ | 13,339,877 | ||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 160,641 | |||
| Net Assets | 100.0% | $ | 13,500,518 | ||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 95.4% | ||||||||
| Australia | 1.9% | ||||||||
| Rio Tinto PLC | 1,506,827 | $ | 81,615,052 | |||||
| Canada | 10.0% | ||||||||
| CAE, Inc. (*) | 6,086,985 | 93,374,751 | ||||||
| Canadian Pacific Railway Ltd. | 980,336 | 65,440,896 | ||||||
| National Bank of Canada | 1,884,443 | 118,112,770 | ||||||
| Suncor Energy, Inc. | 3,383,474 | 95,281,528 | ||||||
| TMX Group Ltd. | 732,592 | 67,385,630 | ||||||
| 439,595,575 | ||||||||
| China | 4.2% | ||||||||
| China Longyuan Power Group Corp. Ltd., Class H | 37,726,000 | 47,176,789 | ||||||
| ESR Group Ltd. | 28,749,200 | 72,516,340 | ||||||
| Ming Yang Smart Energy Group Ltd., Class A | 11,809,779 | 40,013,742 | ||||||
| Ping An Bank Co. Ltd., Class A | 15,912,682 | 26,455,770 | ||||||
| 186,162,641 | ||||||||
| Denmark | 4.8% | ||||||||
| Carlsberg AS, Class B | 1,035,505 | 120,822,220 | ||||||
| Genmab AS (*) | 187,928 | 60,576,511 | ||||||
| Vestas Wind Systems AS | 1,539,426 | 28,223,733 | ||||||
| 209,622,464 | ||||||||
| Finland | 2.5% | ||||||||
| Sampo Oyj, A Shares | 2,208,654 | 94,259,807 | ||||||
| Valmet Oyj | 655,847 | 13,227,082 | ||||||
| 107,486,889 | ||||||||
| France | 12.6% | ||||||||
| Airbus SE | 987,700 | 85,329,653 | ||||||
| Bureau Veritas SA | 2,921,624 | 65,246,328 | ||||||
| Engie SA | 9,520,510 | 109,236,823 | ||||||
| Pernod Ricard SA | 484,230 | 88,509,010 | ||||||
| Sanofi | 1,722,280 | 131,444,894 | ||||||
| Thales SA | 648,558 | 71,535,889 | ||||||
| 551,302,597 | ||||||||
| Germany | 4.5% | ||||||||
| Continental AG | 1,072,596 | 48,190,139 | ||||||
| Infineon Technologies AG | 1,812,780 | 40,172,188 | ||||||
| Merck KGaA | 430,918 | 70,327,302 | ||||||
| Vonovia SE | 1,710,511 | 37,227,107 | ||||||
| 195,916,736 | ||||||||
| India | 1.3% | ||||||||
| Housing Development Finance Corp. Ltd. | 2,030,275 | 56,536,529 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 1.4% | ||||||||
| Ryanair Holdings PLC ADR (*) | 1,072,044 | $ | 62,628,811 | |||||
| Israel | 3.0% | ||||||||
| Bank Leumi Le-Israel BM | 15,289,198 | 130,186,605 | ||||||
| Japan | 11.1% | ||||||||
| BayCurrent Consulting, Inc. | 249,000 | 63,962,219 | ||||||
| Daikin Industries Ltd. | 525,500 | 81,200,301 | ||||||
| Kobe Bussan Co. Ltd. | 2,218,000 | 53,083,256 | ||||||
| Olympus Corp. | 4,507,200 | 86,744,807 | ||||||
| Shimano, Inc. | 299,300 | 47,170,244 | ||||||
| Suzuki Motor Corp. | 1,493,272 | 46,321,603 | ||||||
| Tokyo Electron Ltd. | 196,600 | 48,676,382 | ||||||
| Yamaha Corp. | 1,621,672 | 57,753,402 | ||||||
| 484,912,214 | ||||||||
| Mexico | 1.9% | ||||||||
| Arca Continental SAB de CV | 11,618,300 | 83,660,760 | ||||||
| Netherlands | 3.8% | ||||||||
| Akzo Nobel NV | 1,329,626 | 74,985,735 | ||||||
| Universal Music Group NV | 4,767,175 | 89,861,643 | ||||||
| 164,847,378 | ||||||||
| Portugal | 1.4% | ||||||||
| Energias de Portugal SA | 14,523,338 | 62,873,478 | ||||||
| Singapore | 1.6% | ||||||||
| DBS Group Holdings Ltd. | 3,078,300 | 71,170,197 | ||||||
| Spain | 1.1% | ||||||||
| Bankinter SA | 8,508,447 | 47,703,143 | ||||||
| Sweden | 1.6% | ||||||||
| Hexagon AB, B Shares | 5,664,783 | 52,519,737 | ||||||
| Volvo Car AB, Class B | 3,743,752 | 16,145,520 | ||||||
| 68,665,257 | ||||||||
| Switzerland | 3.2% | ||||||||
| ABB Ltd. | 4,632,508 | 119,291,588 | ||||||
| Idorsia Ltd. (*) | 1,771,145 | 22,757,280 | ||||||
| 142,048,868 | ||||||||
| Taiwan | 0.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,609,000 | 34,293,440 | ||||||
| United Kingdom | 13.3% | ||||||||
| Coca-Cola Europacific Partners PLC | 2,936,473 | 127,022,027 | ||||||
| Compass Group PLC | 4,876,733 | 97,482,044 | ||||||
| Informa PLC | 7,692,296 | 44,315,937 | ||||||
| Linde PLC (*) | 361,091 | 98,746,438 | ||||||
| Petershill Partners PLC | 4,430,056 | 9,116,458 | ||||||
| RELX PLC | 6,195,105 | 151,238,792 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Smith & Nephew PLC | 4,749,347 | $ | 54,792,470 | |||||
| 582,714,166 | ||||||||
| United States | 9.4% | ||||||||
| Accenture PLC, Class A | 381,035 | 98,040,305 | ||||||
| Aon PLC, Class A | 773,629 | 207,232,000 | ||||||
| BRP, Inc. | 345,456 | 21,279,800 | ||||||
| ICON PLC (*) | 466,950 | 85,816,071 | ||||||
| 412,368,176 | ||||||||
| Total Common Stocks (Cost $4,329,809,481) | 4,176,310,976 | |||||||
| Short-Term Investments | 4.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $189,102,435) | 189,102,435 | 189,102,435 | ||||||
| Total Investments | 99.7% (Cost $4,518,911,916) | $ | 4,365,413,411 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 11,436,834 | |||||||
| Net Assets | 100.0% | $ | 4,376,850,245 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 98.4% | ||||||||
| Australia | 1.2% | ||||||||
| Brambles Ltd. | 7,238 | $ | 52,516 | |||||
| CSL Ltd. | 764 | 138,531 | ||||||
| Shopping Centres Australasia Property Group REIT | 36,389 | 54,659 | ||||||
| Yancoal Australia Ltd. | 18,242 | 66,049 | ||||||
| 311,755 | ||||||||
| Belgium | 0.3% | ||||||||
| Warehouses De Pauw CVA REIT | 3,141 | 76,301 | ||||||
| Canada | 3.4% | ||||||||
| Hydro One Ltd. | 6,983 | 170,764 | ||||||
| Loblaw Cos. Ltd. | 4,351 | 344,527 | ||||||
| Metro, Inc. | 7,787 | 389,928 | ||||||
| 905,219 | ||||||||
| Denmark | 1.4% | ||||||||
| Novo Nordisk AS, Class B | 3,669 | 365,704 | ||||||
| France | 2.1% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 3,490 | 77,753 | ||||||
| Hermes International | 57 | 66,995 | ||||||
| Orange SA | 37,861 | 342,367 | ||||||
| TotalEnergies SE | 1,454 | 68,440 | ||||||
| 555,555 | ||||||||
| Germany | 0.3% | ||||||||
| Telefonica Deutschland Holding AG | 43,163 | 87,417 | ||||||
| Hong Kong | 0.5% | ||||||||
| Jardine Matheson Holdings Ltd. | 1,300 | 65,814 | ||||||
| WH Group Ltd. | 124,500 | 78,316 | ||||||
| 144,130 | ||||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 37,332 | 61,063 | ||||||
| Japan | 15.3% | ||||||||
| ABC-Mart, Inc. | 1,500 | 64,650 | ||||||
| Canon, Inc. | 7,300 | 159,210 | ||||||
| Daicel Corp. | 8,900 | 52,592 | ||||||
| Daiwa House Industry Co. Ltd. | 5,400 | 110,047 | ||||||
| Electric Power Development Co. Ltd. | 10,400 | 146,841 | ||||||
| FUJIFILM Holdings Corp. | 1,600 | 73,217 | ||||||
| Hachijuni Bank Ltd. | 22,100 | 72,898 | ||||||
| Honda Motor Co. Ltd. | 5,900 | 128,526 | ||||||
| Hulic Co. Ltd. | 8,900 | 65,486 | ||||||
| Japan Post Bank Co. Ltd. | 9,700 | 67,630 | ||||||
| Description | Shares | Fair Value | ||||||
| Japan Post Holdings Co. Ltd. | 53,800 | $ | 356,243 | |||||
| Japan Post Insurance Co. Ltd. | 4,900 | 68,647 | ||||||
| Japan Real Estate Investment Corp. REIT | 23 | 94,711 | ||||||
| Japan Tobacco, Inc. | 21,500 | 352,894 | ||||||
| Kansai Electric Power Co., Inc. | 7,400 | 61,668 | ||||||
| KDDI Corp. | 9,000 | 263,970 | ||||||
| Lawson, Inc. | 1,900 | 62,061 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 5,100 | 177,652 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 3,000 | 79,391 | ||||||
| NGK Insulators Ltd. | 5,700 | 71,055 | ||||||
| Nihon Kohden Corp. | 6,700 | 141,536 | ||||||
| Nippon Building Fund, Inc. REIT | 26 | 114,323 | ||||||
| Nippon Telegraph & Telephone Corp. | 8,500 | 229,313 | ||||||
| Osaka Gas Co. Ltd. | 11,800 | 177,669 | ||||||
| Rengo Co. Ltd. | 10,900 | 63,339 | ||||||
| Sankyo Co. Ltd. | 3,800 | 114,602 | ||||||
| Sega Sammy Holdings, Inc. NA | 6,700 | 91,309 | ||||||
| Softbank Corp. | 6,100 | 61,004 | ||||||
| Tokyo Gas Co. Ltd. | 22,400 | 378,311 | ||||||
| Yamazaki Baking Co. Ltd. | 13,500 | 155,162 | ||||||
| 4,055,957 | ||||||||
| Netherlands | 2.3% | ||||||||
| Koninklijke Ahold Delhaize NV | 2,584 | 65,799 | ||||||
| Koninklijke KPN NV | 29,597 | 80,200 | ||||||
| Shell PLC | 5,084 | 126,491 | ||||||
| Wolters Kluwer NV | 3,472 | 338,038 | ||||||
| 610,528 | ||||||||
| New Zealand | 0.6% | ||||||||
| Spark New Zealand Ltd. | 55,148 | 154,488 | ||||||
| Norway | 0.6% | ||||||||
| Orkla ASA | 20,469 | 148,624 | ||||||
| Singapore | 0.8% | ||||||||
| Jardine Cycle & Carriage Ltd. | 3,500 | 81,878 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 7,800 | 63,893 | ||||||
| Singapore Technologies Engineering Ltd. | 26,900 | 66,682 | ||||||
| 212,453 | ||||||||
| Spain | 0.4% | ||||||||
| Corporacion Financiera Alba SA | 442 | 18,765 | ||||||
| Industria de Diseno Textil SA | 4,228 | 87,331 | ||||||
| 106,096 | ||||||||
| Sweden | 0.3% | ||||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 13,844 | 80,624 | ||||||
| Switzerland | 1.1% | ||||||||
| Novartis AG | 847 | 64,570 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| PSP Swiss Property AG | 2,119 | $ | 212,188 | |||||
| 276,758 | ||||||||
| United Kingdom | 3.5% | ||||||||
| Barclays PLC | 33,149 | 52,850 | ||||||
| Haleon PLC (*) | 6,369 | 19,706 | ||||||
| HSBC Holdings PLC | 22,439 | 116,277 | ||||||
| National Grid PLC | 9,475 | 97,780 | ||||||
| Serco Group PLC | 47,402 | 82,144 | ||||||
| SSE PLC | 6,058 | 102,714 | ||||||
| Standard Chartered PLC | 9,704 | 61,036 | ||||||
| Unilever PLC | 8,980 | 395,119 | ||||||
| 927,626 | ||||||||
| United States | 64.1% | ||||||||
| Abbott Laboratories | 1,225 | 118,531 | ||||||
| Activision Blizzard, Inc. | 1,442 | 107,198 | ||||||
| Alleghany Corp. (*) | 106 | 88,973 | ||||||
| Allison Transmission Holdings, Inc. | 1,705 | 57,561 | ||||||
| Alphabet, Inc., Class C (*) | 1,999 | 192,204 | ||||||
| Altria Group, Inc. | 1,582 | 63,881 | ||||||
| Amdocs Ltd. | 2,129 | 169,149 | ||||||
| AMERCO | 157 | 79,948 | ||||||
| Ameren Corp. | 2,021 | 162,792 | ||||||
| American Electric Power Co., Inc. | 2,276 | 196,760 | ||||||
| AmerisourceBergen Corp. | 1,438 | 194,605 | ||||||
| AMN Healthcare Services, Inc. (*) | 1,457 | 154,384 | ||||||
| Aon PLC, Class A | 727 | 194,741 | ||||||
| Arcosa, Inc. | 915 | 52,320 | ||||||
| Automatic Data Processing, Inc. | 476 | 107,666 | ||||||
| AutoZone, Inc. (*) | 54 | 115,664 | ||||||
| Becton, Dickinson & Co. | 565 | 125,899 | ||||||
| Biogen, Inc. (*) | 341 | 91,047 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 1,014 | 73,829 | ||||||
| Bristol-Myers Squibb Co. | 5,284 | 375,640 | ||||||
| Cadence Design Systems, Inc. (*) | 797 | 130,254 | ||||||
| Cal-Maine Foods, Inc. | 1,371 | 76,214 | ||||||
| Campbell Soup Co. | 2,801 | 131,983 | ||||||
| Cardinal Health, Inc. | 1,399 | 93,285 | ||||||
| Cboe Global Markets, Inc. | 492 | 57,746 | ||||||
| Charter Communications, Inc., Class A (*) | 646 | 195,964 | ||||||
| Chubb Ltd. | 733 | 133,318 | ||||||
| Cigna Corp. | 478 | 132,631 | ||||||
| CMS Energy Corp. | 2,566 | 149,444 | ||||||
| Colgate-Palmolive Co. | 5,037 | 353,849 | ||||||
| Comcast Corp., Class A | 4,722 | 138,496 | ||||||
| Copart, Inc. (*) | 592 | 62,989 | ||||||
| Description | Shares | Fair Value | ||||||
| Corteva, Inc. | 1,454 | $ | 83,096 | |||||
| CorVel Corp. (*) | 570 | 78,905 | ||||||
| Costco Wholesale Corp. | 304 | 143,570 | ||||||
| Coterra Energy, Inc. | 2,390 | 62,427 | ||||||
| CSG Systems International, Inc. | 1,445 | 76,412 | ||||||
| CVS Health Corp. | 2,229 | 212,580 | ||||||
| Danaher Corp. | 240 | 61,990 | ||||||
| Digital Realty Trust, Inc. REIT | 725 | 71,905 | ||||||
| Electronic Arts, Inc. | 535 | 61,905 | ||||||
| Eli Lilly & Co. | 695 | 224,728 | ||||||
| Equinix, Inc. REIT | 110 | 62,572 | ||||||
| Everest Re Group Ltd. | 858 | 225,173 | ||||||
| Exelon Corp. | 3,282 | 122,944 | ||||||
| Extra Space Storage, Inc. REIT | 571 | 98,617 | ||||||
| FactSet Research Systems, Inc. | 131 | 52,414 | ||||||
| Fiserv, Inc. (*) | 758 | 70,926 | ||||||
| Flowers Foods, Inc. | 10,233 | 252,653 | ||||||
| General Mills, Inc. | 1,516 | 116,141 | ||||||
| Gilead Sciences, Inc. | 6,560 | 404,686 | ||||||
| Grand Canyon Education, Inc. (*) | 951 | 78,220 | ||||||
| GSK PLC | 5,095 | 74,316 | ||||||
| H&R Block, Inc. | 1,477 | 62,832 | ||||||
| Haemonetics Corp. (*) | 895 | 66,257 | ||||||
| Hartford Financial Services Group, Inc. | 1,058 | 65,532 | ||||||
| Henry Schein, Inc. (*) | 1,258 | 82,739 | ||||||
| Hershey Co. | 1,589 | 350,327 | ||||||
| Home Depot, Inc. | 257 | 70,917 | ||||||
| Houlihan Lokey, Inc. | 745 | 56,158 | ||||||
| Ingles Markets, Inc., Class A | 1,087 | 86,101 | ||||||
| Intercontinental Exchange, Inc. | 1,479 | 133,628 | ||||||
| J.M. Smucker Co. | 516 | 70,904 | ||||||
| JB Hunt Transport Services, Inc. | 592 | 92,601 | ||||||
| Johnson & Johnson | 2,272 | 371,154 | ||||||
| Kellogg Co. | 3,968 | 276,411 | ||||||
| Keysight Technologies, Inc. (*) | 1,312 | 206,456 | ||||||
| Kforce, Inc. | 1,490 | 87,388 | ||||||
| Kimberly-Clark Corp. | 3,136 | 352,925 | ||||||
| Kroger Co. | 2,710 | 118,562 | ||||||
| Life Storage, Inc. | 907 | 100,459 | ||||||
| Lockheed Martin Corp. | 163 | 62,965 | ||||||
| MasterCard, Inc., Class A | 314 | 89,283 | ||||||
| Matson, Inc. | 851 | 52,354 | ||||||
| McDonald’s Corp. | 1,382 | 318,883 | ||||||
| McKesson Corp. | 213 | 72,392 | ||||||
| Merck & Co., Inc. | 4,800 | 413,376 | ||||||
| Molina Healthcare, Inc. (*) | 205 | 67,617 | ||||||
| Monolithic Power Systems, Inc. | 149 | 54,147 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Motorola Solutions, Inc. | 840 | $ | 188,135 | |||||
| National Fuel Gas Co. | 3,831 | 235,798 | ||||||
| NorthWestern Corp. | 1,200 | 59,136 | ||||||
| NVR, Inc. (*) | 14 | 55,819 | ||||||
| Otter Tail Corp. | 1,983 | 121,994 | ||||||
| PACCAR, Inc. N Ap | 790 | 66,115 | ||||||
| Paychex, Inc. | 1,586 | 177,965 | ||||||
| Penske Automotive Group, Inc. | 640 | 62,995 | ||||||
| PepsiCo, Inc. | 1,759 | 287,174 | ||||||
| Philip Morris International, Inc. | 1,002 | 83,176 | ||||||
| Pinnacle West Capital Corp. | 2,260 | 145,793 | ||||||
| PNM Resources, Inc. | 2,476 | 113,227 | ||||||
| Portland General Electric Co. | 3,614 | 157,064 | ||||||
| Premier, Inc., Class A | 2,125 | 72,122 | ||||||
| Procter & Gamble Co. | 2,483 | 313,479 | ||||||
| Public Storage REIT | 991 | 290,175 | ||||||
| QIAGEN NV (*) | 3,007 | 126,540 | ||||||
| QUALCOMM, Inc. | 446 | 50,389 | ||||||
| R1 RCM, Inc. (*) | 3,244 | 60,111 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 217 | 149,485 | ||||||
| Republic Services, Inc. | 2,904 | 395,060 | ||||||
| Roche Holding AG | 913 | 297,692 | ||||||
| Sempra Energy | 418 | 62,675 | ||||||
| Service Corp. International | 2,251 | 129,973 | ||||||
| Sirius XM Holdings, Inc. | 12,147 | 69,359 | ||||||
| SLM Corp. | 4,033 | 56,422 | ||||||
| Synopsys, Inc. (*) | 508 | 155,199 | ||||||
| Tetra Tech, Inc. | 553 | 71,077 | ||||||
| Texas Instruments, Inc. | 525 | 81,259 | ||||||
| Texas Roadhouse, Inc. | 934 | 81,501 | ||||||
| TJX Cos., Inc. | 1,075 | 66,779 | ||||||
| Travelers Cos., Inc. | 952 | 145,846 | ||||||
| UnitedHealth Group, Inc. | 273 | 137,876 | ||||||
| Veeva Systems, Inc.,Class A (*) | 394 | 64,963 | ||||||
| Verizon Communications, Inc. | 9,005 | 341,920 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 571 | 165,327 | ||||||
| Visa, Inc., Class A | 944 | 167,702 | ||||||
| Waste Management, Inc. | 1,557 | 249,447 | ||||||
| WEC Energy Group, Inc. | 1,639 | 146,576 | ||||||
| White Mountains Insurance Group Ltd. | 79 | 102,939 | ||||||
| WP Carey, Inc. REIT | 837 | 58,423 | ||||||
| Xcel Energy, Inc. | 2,567 | 164,288 | ||||||
| Zoetis, Inc. | 1,082 | 160,450 | ||||||
| 16,986,958 | ||||||||
| Total Common Stocks (Cost $27,995,770) | 26,067,256 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $646,308) | 646,308 | $ | 646,308 | |||||
| Total Investments | 100.8% (Cost $28,642,078) | $ | 26,713,564 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.8)% | (210,400) | |||||||
| Net Assets | 100.0% | $ | 26,503,164 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 98.6% | ||||||||
| Building Products | 2.4% | ||||||||
| Armstrong World Industries, Inc. | 391,081 | $ | 30,985,348 | |||||
| Capital Markets | 4.9% | ||||||||
| S&P Global, Inc. | 202,873 | 61,947,270 | ||||||
| Commercial Services & Supplies | 5.5% | ||||||||
| Waste Management, Inc. | 441,592 | 70,747,454 | ||||||
| Construction Materials | 3.1% | ||||||||
| Vulcan Materials Co. | 251,691 | 39,694,188 | ||||||
| Distributors | 5.3% | ||||||||
| LKQ Corp. | 1,431,803 | 67,509,511 | ||||||
| Entertainment | 1.1% | ||||||||
| Electronic Arts, Inc. | 121,223 | 14,026,713 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 6.7% | ||||||||
| Crown Castle, Inc. | 596,081 | 86,163,508 | ||||||
| Food & Staples Retailing | 6.4% | ||||||||
| Sysco Corp. | 1,149,411 | 81,274,852 | ||||||
| Health Care Equipment & Supplies | 9.6% | ||||||||
| Envista Holdings Corp. (*) | 1,385,906 | 45,471,576 | ||||||
| Medtronic PLC | 740,243 | 59,774,622 | ||||||
| Omnicell, Inc. (*) | 196,153 | 17,071,196 | ||||||
| 122,317,394 | ||||||||
| Hotels, Restaurants & Leisure | 3.5% | ||||||||
| Vail Resorts, Inc. | 207,750 | 44,799,210 | ||||||
| Interactive Media & Services | 9.0% | ||||||||
| Alphabet, Inc., Class A (*) | 1,204,140 | 115,175,991 | ||||||
| IT Services | 14.7% | ||||||||
| Fiserv, Inc. (*) | 1,076,076 | 100,688,431 | ||||||
| VeriSign, Inc. (*) | 292,587 | 50,822,362 | ||||||
| Visa, Inc., Class A | 201,161 | 35,736,252 | ||||||
| 187,247,045 | ||||||||
| Machinery | 4.5% | ||||||||
| Otis Worldwide Corp. | 890,735 | 56,828,893 | ||||||
| Multiline Retail | 4.6% | ||||||||
| Dollar Tree, Inc. (*) | 430,868 | 58,641,135 | ||||||
| Professional Services | 2.4% | ||||||||
| Verisk Analytics, Inc., Class A | 177,830 | 30,325,350 | ||||||
| Semiconductors & Semiconductor Equipment | 11.4% | ||||||||
| Analog Devices, Inc. | 679,398 | 94,667,318 | ||||||
| Skyworks Solutions, Inc. | 604,164 | 51,517,064 | ||||||
| 146,184,382 | ||||||||
| Description | Shares | Fair Value | ||||||
| Specialty Retail | 3.5% | ||||||||
| Lowe’s Cos., Inc. | 238,024 | $ | 44,703,287 | |||||
| Total Common Stocks (Cost $1,066,883,888) | 1,258,571,531 | |||||||
| Short-Term Investments | 1.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $24,560,614) | 24,560,614 | 24,560,614 | ||||||
| Total Investments | 100.5% (Cost $1,091,444,502) | $ | 1,283,132,145 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (6,124,877) | |||||||
| Net Assets | 100.0% | $ | 1,277,007,268 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Auto Components | 0.9% | ||||||||
| Aptiv PLC (*) | 8,353 | $ | 653,288 | |||||
| Banks | 6.0% | ||||||||
| Bank of America Corp. | 91,967 | 2,777,404 | ||||||
| Commerce Bancshares, Inc. | 21,264 | 1,406,826 | ||||||
| 4,184,230 | ||||||||
| Capital Markets | 3.9% | ||||||||
| Intercontinental Exchange, Inc. | 29,814 | 2,693,695 | ||||||
| Commercial Services & Supplies | 3.4% | ||||||||
| Waste Management, Inc. | 14,665 | 2,349,480 | ||||||
| Communications Equipment | 2.5% | ||||||||
| Cisco Systems, Inc. | 43,351 | 1,734,040 | ||||||
| Consumer Finance | 4.4% | ||||||||
| American Express Co. | 22,401 | 3,022,119 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.2% | ||||||||
| Prologis, Inc. | 15,314 | 1,555,902 | ||||||
| Food & Staples Retailing | 3.2% | ||||||||
| Sysco Corp. | 30,942 | 2,187,909 | ||||||
| Health Care Equipment & Supplies | 4.7% | ||||||||
| Medtronic PLC | 40,450 | 3,266,338 | ||||||
| Health Care Providers & Services | 2.0% | ||||||||
| Humana, Inc. | 2,901 | 1,407,536 | ||||||
| Hotels, Restaurants & Leisure | 4.1% | ||||||||
| McDonald’s Corp. | 12,432 | 2,868,560 | ||||||
| Industrial Conglomerates | 3.6% | ||||||||
| Honeywell International, Inc. | 14,988 | 2,502,546 | ||||||
| Insurance | 4.2% | ||||||||
| Marsh & McLennan Cos., Inc. | 19,348 | 2,888,463 | ||||||
| Interactive Media & Services | 6.2% | ||||||||
| Alphabet, Inc., Class A (*) | 45,120 | 4,315,728 | ||||||
| Internet & Direct Marketing Retail | 5.1% | ||||||||
| Amazon.com, Inc. (*) | 31,300 | 3,536,900 | ||||||
| IT Services | 4.9% | ||||||||
| Visa, Inc., Class A | 19,042 | 3,382,811 | ||||||
| Life Sciences Tools & Services | 6.9% | ||||||||
| Danaher Corp. | 12,409 | 3,205,121 | ||||||
| IQVIA Holdings, Inc. (*) | 8,702 | 1,576,280 | ||||||
| 4,781,401 | ||||||||
| Multiline Retail | 2.8% | ||||||||
| Dollar General Corp. | 7,992 | 1,916,961 | ||||||
| Description | Shares | Fair Value | ||||||
| Pharmaceuticals | 5.3% | ||||||||
| Johnson & Johnson | 22,723 | $ | 3,712,029 | |||||
| Road & Rail | 3.8% | ||||||||
| Norfolk Southern Corp. | 12,536 | 2,628,173 | ||||||
| Semiconductors & Semiconductor Equipment | 5.4% | ||||||||
| Analog Devices, Inc. | 21,218 | 2,956,516 | ||||||
| Applied Materials, Inc. | 9,939 | 814,302 | ||||||
| 3,770,818 | ||||||||
| Software | 9.2% | ||||||||
| Microsoft Corp. | 21,379 | 4,979,169 | ||||||
| Salesforce, Inc.. (*) | 9,750 | 1,402,440 | ||||||
| 6,381,609 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.8% | ||||||||
| NIKE, Inc., Class B | 14,774 | 1,228,015 | ||||||
| Total Common Stocks (Cost $59,205,633) | 66,968,551 | |||||||
| Short-Term Investments | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $2,571,347) | 2,571,347 | 2,571,347 | ||||||
| Total Investments | 100.2% (Cost $61,776,980) | $ | 69,539,898 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (141,319) | |||||||
| Net Assets | 100.0% | $ | 69,398,579 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 97.7% | ||||||||
| Aerospace & Defense | 2.5% | ||||||||
| Curtiss-Wright Corp. | 4,647 | $ | 646,676 | |||||
| HEICO Corp. | 3,016 | 434,244 | ||||||
| 1,080,920 | ||||||||
| Airlines | 1.1% | ||||||||
| Alaska Air Group, Inc. (*) | 11,808 | 462,283 | ||||||
| Banks | 10.1% | ||||||||
| Commerce Bancshares, Inc. | 13,610 | 900,438 | ||||||
| East West Bancorp, Inc. | 13,216 | 887,322 | ||||||
| Home BancShares, Inc. | 47,666 | 1,072,962 | ||||||
| Pinnacle Financial Partners, Inc. | 12,371 | 1,003,288 | ||||||
| Wintrust Financial Corp. | 6,884 | 561,390 | ||||||
| 4,425,400 | ||||||||
| Biotechnology | 2.7% | ||||||||
| Halozyme Therapeutics, Inc. (*) | 11,145 | 440,673 | ||||||
| United Therapeutics Corp. (*) | 3,517 | 736,390 | ||||||
| 1,177,063 | ||||||||
| Building Products | 4.1% | ||||||||
| Armstrong World Industries, Inc. | 10,147 | 803,947 | ||||||
| Carlisle Cos., Inc. | 2,218 | 621,949 | ||||||
| PGT Innovations, Inc. (*) | 18,005 | 377,385 | ||||||
| 1,803,281 | ||||||||
| Capital Markets | 1.2% | ||||||||
| Morningstar, Inc. | 2,455 | 521,246 | ||||||
| Chemicals | 2.7% | ||||||||
| Ashland, Inc. | 6,411 | 608,853 | ||||||
| Ingevity Corp. (*) | 9,611 | 582,715 | ||||||
| 1,191,568 | ||||||||
| Communications Equipment | 2.5% | ||||||||
| Ciena Corp. (*) | 14,869 | 601,153 | ||||||
| F5, Inc. (*) | 3,453 | 499,753 | ||||||
| 1,100,906 | ||||||||
| Construction Materials | 0.9% | ||||||||
| Eagle Materials, Inc. | 3,804 | 407,713 | ||||||
| Containers & Packaging | 3.0% | ||||||||
| Avery Dennison Corp. | 3,380 | 549,926 | ||||||
| Graphic Packaging Holding Co. | 39,858 | 786,797 | ||||||
| 1,336,723 | ||||||||
| Electrical Equipment | 2.9% | ||||||||
| Array Technologies, Inc. (*) | 12,278 | 203,569 | ||||||
| Atkore, Inc. (*) | 6,365 | 495,261 | ||||||
| Description | Shares | Fair Value | ||||||
| EnerSys | 10,047 | $ | 584,434 | |||||
| 1,283,264 | ||||||||
| Electronic Equipment, Instruments & Components | 2.2% | ||||||||
| Cognex Corp. | 13,362 | 553,855 | ||||||
| Littelfuse, Inc. | 2,012 | 399,764 | ||||||
| 953,619 | ||||||||
| Energy Equipment & Services | 2.5% | ||||||||
| Cactus, Inc., Class A | 9,590 | 368,544 | ||||||
| Liberty Energy, Inc. (*) | 56,173 | 712,273 | ||||||
| 1,080,817 | ||||||||
| Entertainment | 1.6% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 6,490 | 707,410 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 6.5% | ||||||||
| Alexandria Real Estate Equities, Inc. | 5,654 | 792,634 | ||||||
| Brixmor Property Group, Inc. | 31,022 | 572,976 | ||||||
| Camden Property Trust | 6,210 | 741,785 | ||||||
| Hudson Pacific Properties, Inc. | 26,354 | 288,576 | ||||||
| Summit Hotel Properties, Inc. | 70,243 | 472,033 | ||||||
| 2,868,004 | ||||||||
| Food & Staples Retailing | 0.9% | ||||||||
| US Foods Holding Corp. (*) | 15,541 | 410,904 | ||||||
| Food Products | 2.4% | ||||||||
| Hostess Brands, Inc. (*) | 26,171 | 608,214 | ||||||
| Utz Brands, Inc. | 29,561 | 446,371 | ||||||
| 1,054,585 | ||||||||
| Gas Utilities | 2.0% | ||||||||
| New Jersey Resources Corp. | 22,279 | 862,197 | ||||||
| Health Care Equipment & Supplies | 1.9% | ||||||||
| Omnicell, Inc. (*) | 3,983 | 346,640 | ||||||
| QuidelOrtho Corp. (*) | 6,843 | 489,138 | ||||||
| 835,778 | ||||||||
| Health Care Providers & Services | 1.3% | ||||||||
| Henry Schein, Inc. (*) | 8,684 | 571,147 | ||||||
| Health Care Technology | 0.9% | ||||||||
| Certara, Inc. (*) | 29,003 | 385,160 | ||||||
| Hotels, Restaurants & Leisure | 2.1% | ||||||||
| Brinker International, Inc. (*) | 17,338 | 433,103 | ||||||
| Wyndham Hotels & Resorts, Inc. | 7,759 | 476,015 | ||||||
| 909,118 | ||||||||
| Household Durables | 2.1% | ||||||||
| Leggett & Platt, Inc. | 18,142 | 602,677 | ||||||
| Newell Brands, Inc. | 21,795 | 302,733 | ||||||
| 905,410 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Insurance | 4.0% | ||||||||
| Brown & Brown, Inc. | 14,624 | $ | 884,459 | |||||
| Reinsurance Group of America, Inc. | 7,017 | 882,809 | ||||||
| 1,767,268 | ||||||||
| Interactive Media & Services | 2.2% | ||||||||
| Cars.com, Inc. (*) | 47,682 | 548,343 | ||||||
| Ziff Davis, Inc. (*) | 6,341 | 434,232 | ||||||
| 982,575 | ||||||||
| IT Services | 1.2% | ||||||||
| Amdocs Ltd. | 6,905 | 548,602 | ||||||
| Leisure Products | 2.4% | ||||||||
| Brunswick Corp. | 5,396 | 353,168 | ||||||
| Hasbro, Inc. | 10,138 | 683,504 | ||||||
| 1,036,672 | ||||||||
| Life Sciences Tools & Services | 4.0% | ||||||||
| AbCellera Biologics, Inc. (*) | 43,792 | 433,103 | ||||||
| Charles River Laboratories International, Inc. (*) | 1,597 | 314,290 | ||||||
| ICON PLC (*) | 3,235 | 594,528 | ||||||
| Stevanato Group SpA | 25,597 | 433,613 | ||||||
| 1,775,534 | ||||||||
| Machinery | 4.7% | ||||||||
| Altra Industrial Motion Corp. | 14,065 | 472,865 | ||||||
| Columbus McKinnon Corp. | 18,042 | 471,979 | ||||||
| Gates Industrial Corp. PLC (*) | 32,389 | 316,117 | ||||||
| Middleby Corp. (*) | 6,205 | 795,295 | ||||||
| 2,056,256 | ||||||||
| Oil, Gas & Consumable Fuels | 2.5% | ||||||||
| Antero Resources Corp. (*) | 20,398 | 622,751 | ||||||
| Magnolia Oil & Gas Corp., Class A | 22,987 | 455,372 | ||||||
| 1,078,123 | ||||||||
| Pharmaceuticals | 1.6% | ||||||||
| Catalent, Inc. (*) | 9,561 | 691,834 | ||||||
| Professional Services | 2.7% | ||||||||
| Leidos Holdings, Inc. | 8,215 | 718,566 | ||||||
| Sterling Check Corp. (*) | 26,672 | 470,494 | ||||||
| 1,189,060 | ||||||||
| Semiconductors & Semiconductor Equipment | 2.3% | ||||||||
| MKS Instruments, Inc. | 6,699 | 553,605 | ||||||
| ON Semiconductor Corp. (*) | 7,318 | 456,131 | ||||||
| 1,009,736 | ||||||||
| Software | 5.8% | ||||||||
| CyberArk Software Ltd. (*) | 4,984 | 747,301 | ||||||
| Description | Shares | Fair Value | ||||||
| Dolby Laboratories, Inc., Class A | 8,391 | $ | 546,674 | |||||
| N-Able, Inc. (*) | 51,602 | 476,286 | ||||||
| PTC, Inc. (*) | 5,152 | 538,899 | ||||||
| Tyler Technologies, Inc. (*) | 723 | 251,243 | ||||||
| 2,560,403 | ||||||||
| Specialty Retail | 3.1% | ||||||||
| Five Below, Inc. (*) | 3,932 | 541,318 | ||||||
| Leslie’s, Inc. (*) | 37,190 | 547,065 | ||||||
| Warby Parker, Inc., Class A (*) | 20,290 | 270,669 | ||||||
| 1,359,052 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.1% | ||||||||
| Tapestry, Inc. | 16,989 | 482,997 | ||||||
| Total
Common Stocks (Cost $38,941,027) | 42,872,628 | |||||||
| Total
Investments | 97.7% (Cost $38,941,027) | $ | 42,872,628 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.3% | 1,005,747 | |||||||
| Net Assets | 100.0% | $ | 43,878,375 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 95.6% | ||||||||
| Auto Components | 0.8% | ||||||||
| Aptiv PLC (*) | 1,197 | $ | 93,617 | |||||
| Banks | 7.0% | ||||||||
| Commerce Bancshares, Inc. | 5,625 | 372,150 | ||||||
| PNC Financial Services Group, Inc. | 2,937 | 438,847 | ||||||
| 810,997 | ||||||||
| Biotechnology | 0.9% | ||||||||
| Vertex Pharmaceuticals, Inc. (*) | 349 | 101,050 | ||||||
| Building Products | 0.5% | ||||||||
| AZEK Co., Inc. (*) | 3,737 | 62,109 | ||||||
| Capital Markets | 4.5% | ||||||||
| Charles Schwab Corp. | 3,427 | 246,299 | ||||||
| Intercontinental Exchange, Inc. | 3,109 | 280,898 | ||||||
| 527,197 | ||||||||
| Chemicals | 1.8% | ||||||||
| Ecolab, Inc. | 1,434 | 207,098 | ||||||
| Commercial Services & Supplies | 3.4% | ||||||||
| MSA Safety, Inc. | 722 | 78,900 | ||||||
| Waste Management, Inc. | 1,955 | 313,211 | ||||||
| 392,111 | ||||||||
| Communications Equipment | 1.8% | ||||||||
| Cisco Systems, Inc. | 5,119 | 204,760 | ||||||
| Containers & Packaging | 2.6% | ||||||||
| Avery Dennison Corp. | 747 | 121,537 | ||||||
| Ball Corp. | 3,639 | 175,836 | ||||||
| 297,373 | ||||||||
| Electrical Equipment | 2.0% | ||||||||
| Rockwell Automation, Inc. | 1,072 | 230,598 | ||||||
| Electronic Equipment, Instruments & Components | 0.9% | ||||||||
| Cognex Corp. | 2,564 | 106,278 | ||||||
| Entertainment | 1.2% | ||||||||
| Walt Disney Co. (*) | 1,494 | 140,929 | ||||||
| Equity Real Estate Investment Trusts (REITs) | 2.4% | ||||||||
| Prologis, Inc. | 2,777 | 282,143 | ||||||
| Food & Staples Retailing | 1.8% | ||||||||
| Sysco Corp. | 2,982 | 210,857 | ||||||
| Health Care Equipment & Supplies | 4.9% | ||||||||
| Boston Scientific Corp. (*) | 5,840 | 226,183 | ||||||
| Medtronic PLC | 4,237 | 342,138 | ||||||
| 568,321 | ||||||||
| Description | Shares | Fair Value | ||||||
| Health Care Providers & Services | 6.6% | ||||||||
| Humana, Inc. | 447 | $ | 216,880 | |||||
| Laboratory Corp. of America Holdings | 773 | 158,318 | ||||||
| UnitedHealth Group, Inc. | 770 | 388,881 | ||||||
| 764,079 | ||||||||
| Hotels, Restaurants & Leisure | 1.2% | ||||||||
| Starbucks Corp. | 1,610 | 135,659 | ||||||
| Household Products | 2.5% | ||||||||
| Procter & Gamble Co. | 2,266 | 286,083 | ||||||
| IT Services | 6.4% | ||||||||
| Accenture PLC, Class A | 1,419 | 365,109 | ||||||
| Visa, Inc., Class A | 2,164 | 384,434 | ||||||
| 749,543 | ||||||||
| Life Sciences Tools & Services | 8.5% | ||||||||
| Agilent Technologies, Inc. | 1,417 | 172,236 | ||||||
| Danaher Corp. | 1,464 | 378,136 | ||||||
| IQVIA Holdings, Inc. (*) | 998 | 180,778 | ||||||
| Thermo Fisher Scientific, Inc. | 498 | 252,581 | ||||||
| 983,731 | ||||||||
| Machinery | 3.7% | ||||||||
| Deere & Co. | 795 | 265,443 | ||||||
| Watts Water Technologies, Inc., Class A | 696 | 87,508 | ||||||
| Xylem, Inc. | 865 | 75,566 | ||||||
| 428,517 | ||||||||
| Personal Products | 1.1% | ||||||||
| Estee Lauder Cos., Inc., Class A | 616 | 132,995 | ||||||
| Pharmaceuticals | 4.9% | ||||||||
| Johnson & Johnson | 2,142 | 349,917 | ||||||
| Zoetis, Inc. | 1,521 | 225,549 | ||||||
| 575,466 | ||||||||
| Road & Rail | 2.3% | ||||||||
| Norfolk Southern Corp. | 1,288 | 270,029 | ||||||
| Semiconductors & Semiconductor Equipment | 4.6% | ||||||||
| Analog Devices, Inc. | 2,364 | 329,400 | ||||||
| Applied Materials, Inc. | 1,294 | 106,018 | ||||||
| ON Semiconductor Corp. (*) | 1,686 | 105,088 | ||||||
| 540,506 | ||||||||
| Software | 13.2% | ||||||||
| Adobe, Inc. (*) | 420 | 115,584 | ||||||
| CyberArk Software Ltd. (*) | 705 | 105,708 | ||||||
| Intuit, Inc. | 423 | 163,836 | ||||||
| Microsoft Corp. | 4,010 | 933,929 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Salesforce, Inc. (*) | 1,530 | $ | 220,075 | |||||
| 1,539,132 | ||||||||
| Specialty Retail | 3.0% | ||||||||
| Home Depot, Inc. | 1,261 | 347,960 | ||||||
| Textiles, Apparel & Luxury Goods | 1.1% | ||||||||
| NIKE, Inc., Class B | 1,494 | 124,181 | ||||||
| Total Common Stocks (Cost $10,418,590) | 11,113,319 | |||||||
| Short-Term Investments | 4.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $531,363) | 531,363 | 531,363 | ||||||
| Total Investments | 100.2% (Cost $10,949,953) | $ | 11,644,682 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (22,934) | |||||||
| Net Assets | 100.0% | $ | 11,621,748 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Common Stocks | 99.4% | ||||||||
| Aerospace & Defense | 0.8% | ||||||||
| AerSale Corp. (*) | 3,728 | $ | 69,117 | |||||
| Axon Enterprise, Inc. (*) | 496 | 57,412 | ||||||
| V2X, Inc. (*) | 1,633 | 57,808 | ||||||
| 184,337 | ||||||||
| Air Freight & Logistics | 0.8% | ||||||||
| Atlas Air Worldwide Holdings, Inc. (*) | 1,285 | 122,808 | ||||||
| Radiant Logistics, Inc. (*) | 12,245 | 69,674 | ||||||
| 192,482 | ||||||||
| Auto Components | 0.7% | ||||||||
| Fox Factory Holding Corp. (*) | 473 | 37,405 | ||||||
| LCI Industries | 362 | 36,728 | ||||||
| Modine Manufacturing Co. (*) | 252 | 3,261 | ||||||
| Motorcar Parts of America, Inc. (*) | 3,269 | 49,754 | ||||||
| Patrick Industries, Inc. | 1,019 | 44,673 | ||||||
| 171,821 | ||||||||
| Automobiles | 0.4% | ||||||||
| Thor Industries, Inc. | 854 | 59,763 | ||||||
| Winnebago Industries, Inc. | 643 | 34,214 | ||||||
| 93,977 | ||||||||
| Banks | 2.9% | ||||||||
| Bar Harbor Bankshares | 1,031 | 27,342 | ||||||
| Berkshire Hills Bancorp, Inc. | 1,627 | 44,417 | ||||||
| Capital Bancorp, Inc. | 769 | 17,764 | ||||||
| City Holding Co. | 716 | 63,502 | ||||||
| Coastal Financial Corp. (*) | 1,244 | 49,437 | ||||||
| East West Bancorp, Inc. | 729 | 48,945 | ||||||
| First Bancorp, Inc. | 400 | 11,020 | ||||||
| Five Star Bancorp | 1,411 | 40,016 | ||||||
| Hancock Whitney Corp. | 910 | 41,687 | ||||||
| Metrocity Bankshares, Inc. | 977 | 19,188 | ||||||
| Midland States Bancorp, Inc. | 1,864 | 43,934 | ||||||
| Pathward Financial, Inc. | 995 | 32,795 | ||||||
| Peapack-Gladstone Financial Corp. | 1,366 | 45,966 | ||||||
| Popular, Inc. | 522 | 37,615 | ||||||
| RBB Bancorp | 1,129 | 23,461 | ||||||
| Red River Bancshares, Inc. | 323 | 15,966 | ||||||
| South Plains Financial, Inc. | 1,051 | 28,966 | ||||||
| Unity Bancorp, Inc. | 977 | 24,532 | ||||||
| West BanCorp, Inc. | 588 | 12,236 | ||||||
| Westamerica BanCorp | 878 | 45,911 | ||||||
| 674,700 | ||||||||
| Description | Shares | Fair | ||||||
| Beverages | 1.0% | ||||||||
| Boston Beer Co. Inc., Class A (*) | 85 | $ | 27,510 | |||||
| Coca-Cola Consolidated, Inc. | 96 | 39,526 | ||||||
| Duckhorn Portfolio, Inc. (*) | 2,852 | 41,155 | ||||||
| National Beverage Corp. | 971 | 37,422 | ||||||
| Primo Water Corp. | 6,397 | 80,282 | ||||||
| 225,895 | ||||||||
| Biotechnology | 8.0% | ||||||||
| 2seventy bio, Inc. (*) | 3,520 | 51,216 | ||||||
| ADMA Biologics, Inc. (*) | 37,858 | 91,995 | ||||||
| Affimed NV (*) | 13,413 | 27,631 | ||||||
| Agenus, Inc. (*) | 28,390 | 58,200 | ||||||
| Alector, Inc. (*) | 2,222 | 21,020 | ||||||
| Amicus Therapeutics, Inc. (*) | 4,766 | 49,757 | ||||||
| Arcturus Therapeutics Holdings, Inc. (*) | 3,520 | 52,166 | ||||||
| Arcus Biosciences, Inc. (*) | 3,466 | 90,671 | ||||||
| Avid Bioservices, Inc. (*) | 4,028 | 77,015 | ||||||
| Biohaven Pharmaceutical Holding Co. Ltd. (*) | 449 | 67,875 | ||||||
| CareDx, Inc. (*) | 2,538 | 43,197 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 14,607 | 187,408 | ||||||
| Denali Therapeutics, Inc. (*) | 2,544 | 78,075 | ||||||
| Dynavax Technologies Corp. (*) | 4,717 | 49,246 | ||||||
| Eagle Pharmaceuticals, Inc. (*) | 2,014 | 53,210 | ||||||
| Editas Medicine, Inc. (*) | 3,442 | 42,130 | ||||||
| Epizyme, Inc. CVR (*), (¢) | 41,136 | 823 | ||||||
| Exelixis, Inc. (*) | 1,808 | 28,349 | ||||||
| Fate Therapeutics, Inc. (*) | 1,773 | 39,733 | ||||||
| Global Blood Therapeutics, Inc. (*) | 908 | 61,835 | ||||||
| Halozyme Therapeutics, Inc. (*) | 1,441 | 56,977 | ||||||
| iTeos Therapeutics, Inc. (*) | 2,835 | 54,007 | ||||||
| Lineage Cell Therapeutics, Inc. (*) | 39,978 | 45,175 | ||||||
| MeiraGTx Holdings PLC (*) | 4,529 | 38,089 | ||||||
| Organogenesis Holdings, Inc. (*) | 13,473 | 43,653 | ||||||
| Radius Health, Inc. CVR (*), (¢) | 7,231 | 578 | ||||||
| REGENXBIO, Inc. (*) | 3,654 | 96,575 | ||||||
| Sutro Biopharma, Inc. (*) | 9,014 | 50,028 | ||||||
| Twist Bioscience Corp. (*) | 1,680 | 59,203 | ||||||
| United Therapeutics Corp. (*) | 430 | 90,033 | ||||||
| Vanda Pharmaceuticals, Inc. (*) | 16 | 158 | ||||||
| Veracyte, Inc. (*) | 1,165 | 19,339 | ||||||
| Vericel Corp. (*) | 2,137 | 49,578 | ||||||
| XOMA Corp. (*) | 1,272 | 22,782 | ||||||
| Zymeworks, Inc. (*) | 8,992 | 55,301 | ||||||
| 1,853,028 | ||||||||
| Building Products | 2.7% | ||||||||
| A O Smith Corp. | 680 | 33,034 | ||||||
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Advanced Drainage Systems, Inc. | 461 | $ | 57,335 | |||||
| AZEK Co., Inc. (*) | 1,663 | 27,639 | ||||||
| Builders FirstSource, Inc. (*) | 1,663 | 97,984 | ||||||
| Gibraltar Industries, Inc. (*) | 1,250 | 51,162 | ||||||
| Insteel Industries, Inc. | 2,820 | 74,815 | ||||||
| Owens Corning | 794 | 62,416 | ||||||
| Quanex Building Products Corp. | 3,372 | 61,236 | ||||||
| Tecnoglass, Inc. | 3,782 | 79,384 | ||||||
| UFP Industries, Inc. | 1,152 | 83,128 | ||||||
| 628,133 | ||||||||
| Capital Markets | 1.5% | ||||||||
| Affiliated Managers Group, Inc. | 340 | 38,029 | ||||||
| Artisan Partners Asset Management, Inc., Class A | 418 | 11,257 | ||||||
| Carlyle Secured Lending, Inc. | 3,901 | 44,627 | ||||||
| Cboe Global Markets, Inc. | 315 | 36,971 | ||||||
| CI Financial Corp. | 358 | 3,426 | ||||||
| Donnelley Financial Solutions, Inc. (*) | 2,313 | 85,512 | ||||||
| Janus Henderson Group PLC | 1,080 | 21,935 | ||||||
| Open Lending Corp.,Class A (*) | 1,718 | 13,813 | ||||||
| TriplePoint Venture Growth BDC Corp. | 3,269 | 35,501 | ||||||
| Virtu Financial, Inc., Class A | 2,306 | 47,896 | ||||||
| 338,967 | ||||||||
| Chemicals | 2.9% | ||||||||
| AdvanSix, Inc. | 2,970 | 95,337 | ||||||
| CF Industries Holdings, Inc. | 1,280 | 123,200 | ||||||
| Chemours Co. | 1,706 | 42,053 | ||||||
| Ecovyst, Inc. (*) | 5,999 | 50,632 | ||||||
| FutureFuel Corp. | 10,249 | 61,904 | ||||||
| Huntsman Corp. | 1,669 | 40,957 | ||||||
| Olin Corp. | 2,525 | 108,272 | ||||||
| Tredegar Corp. | 2,817 | 26,592 | ||||||
| Valhi, Inc. | 2,372 | 59,680 | ||||||
| Westlake Corp. | 734 | 63,770 | ||||||
| 672,397 | ||||||||
| Commercial Services & Supplies | 2.7% | ||||||||
| ABM Industries, Inc. | 1,293 | 49,431 | ||||||
| Brady Corp.,Class A | 1,772 | 73,946 | ||||||
| Civeo Corp. (*) | 2,998 | 75,340 | ||||||
| Ennis, Inc. | 5,336 | 107,414 | ||||||
| Heritage-Crystal Clean, Inc. (*) | 3,919 | 115,885 | ||||||
| Li-Cycle Holdings Corp. (*) | 7,114 | 37,846 | ||||||
| Montrose Environmental Group, Inc. (*) | 1,446 | 48,658 | ||||||
| NL Industries, Inc. | 789 | 6,099 | ||||||
| Description | Shares | Fair | ||||||
| SP Plus Corp. (*) | 3,151 | $ | 98,689 | |||||
| 613,308 | ||||||||
| Communications Equipment | 1.7% | ||||||||
| Clearfield, Inc. (*) | 2,106 | 220,372 | ||||||
| Digi International, Inc. (*) | 3,691 | 127,598 | ||||||
| Ituran Location and Control Ltd. | 2,061 | 48,103 | ||||||
| 396,073 | ||||||||
| Construction & Engineering | 0.5% | ||||||||
| API Group Corp. (*) | 3,127 | 41,495 | ||||||
| Concrete Pumping Holdings, Inc. (*) | 4,048 | 26,110 | ||||||
| IES Holdings, Inc. (*) | 1,692 | 46,733 | ||||||
| 114,338 | ||||||||
| Construction Materials | 0.6% | ||||||||
| Eagle Materials, Inc. | 884 | 94,747 | ||||||
| United States Lime & Minerals, Inc. | 333 | 34,033 | ||||||
| 128,780 | ||||||||
| Consumer Finance | 0.2% | ||||||||
| OneMain Holdings, Inc. | 1,316 | 38,848 | ||||||
| Containers & Packaging | 0.6% | ||||||||
| Greif, Inc.,Class A | 1,771 | 105,499 | ||||||
| O-I Glass, Inc. (*) | 2,276 | 29,474 | ||||||
| 134,973 | ||||||||
| Distributors | 0.3% | ||||||||
| Funko, Inc.,Class A (*) | 2,811 | 56,838 | ||||||
| Weyco Group, Inc. | 1,188 | 24,164 | ||||||
| 81,002 | ||||||||
| Diversified Consumer Services | 0.3% | ||||||||
| American Public Education, Inc. (*) | 5,384 | 49,210 | ||||||
| Vitru Ltd. (*) | 1,321 | 27,701 | ||||||
| 76,911 | ||||||||
| Diversified Financial Services | 0.2% | ||||||||
| Jackson Financial, Inc., Class A | 1,734 | 48,119 | ||||||
| Diversified Telecommunication Services | 0.7% | ||||||||
| Anterix, Inc. (*) | 1,602 | 57,223 | ||||||
| Bandwidth, Inc., Class A (*) | 1,549 | 18,433 | ||||||
| IDT Corp.,Class B (*) | 2,158 | 53,583 | ||||||
| Ooma, Inc. (*) | 2,362 | 29,053 | ||||||
| 158,292 | ||||||||
| Electrical Equipment | 1.7% | ||||||||
| Acuity Brands, Inc. | 523 | 82,357 | ||||||
| Allied Motion Technologies, Inc. | 1,086 | 31,081 | ||||||
| Atkore, Inc. (*) | 1,018 | 79,211 | ||||||
| GrafTech International Ltd. | 9,112 | 39,273 | ||||||
| nVent Electric PLC | 2,094 | 66,191 | ||||||
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Preformed Line Products Co. | 1,133 | $ | 80,613 | |||||
| Thermon Group Holdings, Inc. (*) | 939 | 14,470 | ||||||
| 393,196 | ||||||||
| Electronic Equipment, Instruments & Components | 1.8% | ||||||||
| Arrow Electronics, Inc. (*) | 406 | 37,429 | ||||||
| Avnet, Inc. | 1,433 | 51,760 | ||||||
| Belden, Inc. | 1,201 | 72,084 | ||||||
| Kimball Electronics, Inc. (*) | 3,216 | 55,154 | ||||||
| Novanta, Inc. (*) | 613 | 70,893 | ||||||
| ScanSource, Inc. (*) | 1,875 | 49,519 | ||||||
| TD SYNNEX Corp. | 298 | 24,195 | ||||||
| Vishay Intertechnology, Inc. | 2,872 | 51,093 | ||||||
| 412,127 | ||||||||
| Energy Equipment & Services | 0.3% | ||||||||
| Cactus, Inc., Class A | 1,548 | 59,490 | ||||||
| North American Construction Group Ltd. | 1,651 | 15,800 | ||||||
| 75,290 | ||||||||
| Entertainment | 1.2% | ||||||||
| Liberty Media Corp-Liberty Braves ,Class C (*) | 3,982 | 109,505 | ||||||
| Reservoir Media, Inc. (*) | 6,416 | 31,310 | ||||||
| Sciplay Corp.,Class A (*) | 3,961 | 46,581 | ||||||
| Skillz, Inc. (*) | 24,943 | 25,442 | ||||||
| World Wrestling Entertainment, Inc., Class A | 873 | 61,259 | ||||||
| 274,097 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.6% | ||||||||
| American Assets Trust, Inc. | 1,196 | 30,761 | ||||||
| Brixmor Property Group, Inc. | 1,973 | 36,441 | ||||||
| Broadstone Net Lease, Inc. | 2,726 | 42,335 | ||||||
| CTO Realty Growth, Inc. | 2,761 | 51,741 | ||||||
| Douglas Emmett, Inc. | 1,463 | 26,232 | ||||||
| EastGroup Properties, Inc. | 206 | 29,734 | ||||||
| Farmland Partners, Inc. | 3,652 | 46,271 | ||||||
| Federal Realty Investment Trust | 364 | 32,804 | ||||||
| Global Medical REIT, Inc. | 2,926 | 24,929 | ||||||
| Healthcare Realty Trust, Inc., Class A | 1,141 | 23,790 | ||||||
| Innovative Industrial Properties, Inc. | 564 | 49,914 | ||||||
| JBG SMITH Properties | 1,718 | 31,920 | ||||||
| Kimco Realty Corp. | 1,961 | 36,102 | ||||||
| Kite Realty Group Trust | 1,754 | 30,204 | ||||||
| Life Storage, Inc. | 510 | 56,488 | ||||||
| One Liberty Properties, Inc. | 1,876 | 39,433 | ||||||
| Phillips Edison & Co., Inc. | 1,633 | 45,806 | ||||||
| Postal Realty Trust, Inc., Class A | 3,196 | 46,885 | ||||||
| RLJ Lodging Trust | 4,293 | 43,445 | ||||||
| Description | Shares | Fair | ||||||
| STORE Capital Corp. | 1,924 | $ | 60,279 | |||||
| Xenia Hotels & Resorts, Inc. | 3,310 | 45,645 | ||||||
| 831,159 | ||||||||
| Food & Staples Retailing | 1.3% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 1,068 | 77,761 | ||||||
| Casey’s General Stores, Inc. | 151 | 30,581 | ||||||
| Ingles Markets, Inc., Class A | 1,645 | 130,300 | ||||||
| Sprouts Farmers Market, Inc. (*) | 2,241 | 62,188 | ||||||
| 300,830 | ||||||||
| Food Products | 2.9% | ||||||||
| Adecoagro SA | 10,992 | 91,124 | ||||||
| Flowers Foods, Inc. | 2,208 | 54,515 | ||||||
| Ingredion, Inc. | 576 | 46,379 | ||||||
| John B Sanfilippo & Son, Inc. | 728 | 55,131 | ||||||
| Lancaster Colony Corp. | 356 | 53,500 | ||||||
| Mission Produce, Inc. (*) | 5,858 | 84,707 | ||||||
| Pilgrim’s Pride Corp. (*) | 2,064 | 47,513 | ||||||
| Seaboard Corp. | 12 | 40,832 | ||||||
| Seneca Foods Corp.,Class A (*) | 1,607 | 81,057 | ||||||
| Simply Good Foods Co. (*) | 1,542 | 49,329 | ||||||
| Village Farms International, Inc. (*) | 10,330 | 19,730 | ||||||
| Whole Earth Brands, Inc. (*) | 8,840 | 33,946 | ||||||
| 657,763 | ||||||||
| Gas Utilities | 0.3% | ||||||||
| UGI Corp. | 1,863 | 60,231 | ||||||
| Health Care Equipment & Supplies | 5.1% | ||||||||
| AngioDynamics, Inc. (*) | 1,912 | 39,120 | ||||||
| Apollo Endosurgery, Inc. (*) | 5,701 | 31,412 | ||||||
| Avanos Medical, Inc. (*) | 3,285 | 71,547 | ||||||
| Axogen, Inc. (*) | 2,234 | 26,629 | ||||||
| Cerus Corp. (*) | 7,395 | 26,622 | ||||||
| CONMED Corp. | 425 | 34,072 | ||||||
| Cutera, Inc. (*) | 1,414 | 64,478 | ||||||
| Globus Medical, Inc., Class A (*) | 594 | 35,385 | ||||||
| Inmode Ltd. (*) | 2,691 | 78,335 | ||||||
| Inspire Medical Systems, Inc. (*) | 279 | 49,486 | ||||||
| iRadimed Corp. | 2,798 | 84,108 | ||||||
| Lantheus Holdings, Inc. (*) | 1,218 | 85,662 | ||||||
| LeMaitre Vascular, Inc. | 1,026 | 51,998 | ||||||
| Masimo Corp. (*) | 388 | 54,770 | ||||||
| Novocure Ltd. (*) | 904 | 68,686 | ||||||
| Omnicell, Inc. (*) | 285 | 24,804 | ||||||
| OrthoPediatrics Corp. (*) | 1,099 | 50,708 | ||||||
| Sanara Medtech, Inc. (*) | 748 | 22,208 | ||||||
| Shockwave Medical, Inc. (*) | 460 | 127,912 | ||||||
| Tandem Diabetes Care, Inc. (*) | 394 | 18,853 | ||||||
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Utah Medical Products, Inc. | 680 | $ | 58,011 | |||||
| ViewRay, Inc. (*) | 17,797 | 64,781 | ||||||
| 1,169,587 | ||||||||
| Health Care Providers & Services | 2.4% | ||||||||
| 1Life Healthcare, Inc. (*) | 3,561 | 61,071 | ||||||
| Apollo Medical Holdings, Inc. (*) | 1,797 | 70,083 | ||||||
| Cano Health, Inc. (*) | 12,759 | 110,621 | ||||||
| Castle Biosciences, Inc. (*) | 906 | 23,628 | ||||||
| Cross Country Healthcare, Inc. (*) | 5,551 | 157,482 | ||||||
| Innovage Holding Corp. (*) | 8,466 | 49,780 | ||||||
| ModivCare, Inc. (*) | 601 | 59,908 | ||||||
| Select Medical Holdings Corp. | 1,402 | 30,984 | ||||||
| 563,557 | ||||||||
| Health Care Technology | 1.0% | ||||||||
| Computer Programs and Systems, Inc. (*) | 1,438 | 40,091 | ||||||
| HealthStream, Inc. (*) | 837 | 17,795 | ||||||
| NextGen Healthcare, Inc. (*) | 3,479 | 61,578 | ||||||
| Phreesia, Inc. (*) | 1,623 | 41,354 | ||||||
| Schrodinger, Inc. (*) | 2,507 | 62,625 | ||||||
| 223,443 | ||||||||
| Hotels, Restaurants & Leisure | 1.2% | ||||||||
| Century Casinos, Inc. (*) | 4,850 | 31,816 | ||||||
| Despegar.com Corp. (*) | 7,711 | 43,953 | ||||||
| Dine Brands Global, Inc. | 420 | 26,695 | ||||||
| Hilton Grand Vacations, Inc. (*) | 1,416 | 46,572 | ||||||
| RCI Hospitality Holdings, Inc. | 771 | 50,377 | ||||||
| Ruth’s Hospitality Group, Inc. | 2,447 | 41,257 | ||||||
| Wendy’s Co. | 2,106 | 39,361 | ||||||
| 280,031 | ||||||||
| Household Durables | 2.5% | ||||||||
| Century Communities, Inc. | 783 | 33,497 | ||||||
| Ethan Allen Interiors, Inc. | 1,821 | 38,496 | ||||||
| iRobot Corp. (*) | 1,037 | 58,414 | ||||||
| KB Home | 1,949 | 50,518 | ||||||
| Legacy Housing Corp. (*) | 4,960 | 85,064 | ||||||
| Lovesac Co. (*) | 1,872 | 38,151 | ||||||
| M/I Homes, Inc. (*) | 1,541 | 55,831 | ||||||
| Meritage Homes Corp. (*) | 762 | 53,546 | ||||||
| Skyline Champion Corp. (*) | 978 | 51,707 | ||||||
| Sonos, Inc. (*) | 3,826 | 53,181 | ||||||
| Tri Pointe Homes, Inc. (*) | 3,399 | 51,359 | ||||||
| 569,764 | ||||||||
| Household Products | 0.2% | ||||||||
| Oil-Dri Corp. of America | 425 | 10,285 | ||||||
| Description | Shares | Fair | ||||||
| Spectrum Brands Holdings, Inc. | 911 | $ | 35,556 | |||||
| 45,841 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.5% | ||||||||
| Montauk Renewables, Inc. (*) | 6,051 | 105,529 | ||||||
| Industrial Conglomerates | 0.1% | ||||||||
| Brookfield Business Corp.,Class A | 813 | 17,967 | ||||||
| Insurance | 0.7% | ||||||||
| Brookfield Asset Management Reinsurance Partners Ltd. | 1,256 | 51,371 | ||||||
| Hanover Insurance Group, Inc. | 352 | 45,105 | ||||||
| Palomar Holdings, Inc. (*) | 922 | 77,190 | ||||||
| 173,666 | ||||||||
| Interactive Media & Services | 0.8% | ||||||||
| Bumble, Inc., Class A (*) | 2,249 | 48,331 | ||||||
| Cargurus, Inc. (*) | 2,294 | 32,506 | ||||||
| QuinStreet, Inc. (*) | 2,653 | 27,856 | ||||||
| Yelp, Inc. (*) | 1,934 | 65,582 | ||||||
| 174,275 | ||||||||
| Internet & Direct Marketing Retail | 0.7% | ||||||||
| Farfetch Ltd., Class A Class A (*) | 5,362 | 39,947 | ||||||
| Liquidity Services, Inc. (*) | 5,033 | 81,836 | ||||||
| Stitch Fix, Inc.,Class A (*) | 8,628 | 34,081 | ||||||
| 155,864 | ||||||||
| IT Services | 3.1% | ||||||||
| AvidXchange Holdings, Inc. | 3,133 | 26,380 | ||||||
| CSG Systems International, Inc. | 1,523 | 80,536 | ||||||
| DigitalOcean Holdings, Inc. (*) | 1,026 | 37,110 | ||||||
| Exlservice Holdings, Inc. (*) | 552 | 81,343 | ||||||
| Grid Dynamics Holdings, Inc. (*) | 9,083 | 170,125 | ||||||
| I3 Verticals, Inc., Class A (*) | 3,023 | 60,551 | ||||||
| IBEX Holdings Ltd. (*) | 852 | 15,822 | ||||||
| International Money Express, Inc. (*) | 3,862 | 88,015 | ||||||
| Kyndryl Holdings, Inc. (*) | 2,936 | 24,281 | ||||||
| Pagseguro Digital Ltd., Class A (*) | 4,966 | 65,700 | ||||||
| Perficient, Inc. (*) | 425 | 27,633 | ||||||
| Verra Mobility Corp. (*) | 1,835 | 28,204 | ||||||
| 705,700 | ||||||||
| Leisure Products | 1.1% | ||||||||
| BRP, Inc. | 778 | 47,894 | ||||||
| Johnson Outdoors, Inc., Class A | 461 | 23,654 | ||||||
| Malibu Boats, Inc. ,Class A (*) | 1,160 | 55,668 | ||||||
| Marine Products Corp. | 1,074 | 9,086 | ||||||
| MasterCraft Boat Holdings, Inc. (*) | 3,227 | 60,829 | ||||||
| Smith & Wesson Brands, Inc. | 819 | 8,493 | ||||||
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Solo Brands, Inc.,Class A | 9,563 | $ | 36,339 | |||||
| Vista Outdoor, Inc. (*) | 1,000 | 24,320 | ||||||
| 266,283 | ||||||||
| Life Sciences Tools & Services | 0.8% | ||||||||
| 10X Genomics, Inc.,Class A (*) | 1,262 | 35,942 | ||||||
| Medpace Holdings, Inc. (*) | 745 | 117,091 | ||||||
| Syneos Health, Inc. (*) | 752 | 35,457 | ||||||
| 188,490 | ||||||||
| Machinery | 3.2% | ||||||||
| Allison Transmission Holdings, Inc. | 2,701 | 91,186 | ||||||
| CIRCOR International, Inc. (*) | 3,187 | 52,554 | ||||||
| Desktop Metal, Inc., Class A (*) | 22,763 | 58,956 | ||||||
| Donaldson Co., Inc. | 1,107 | 54,254 | ||||||
| Gates Industrial Corp. PLC (*) | 3,284 | 32,052 | ||||||
| Kornit Digital Ltd. (*) | 2,013 | 53,566 | ||||||
| Mueller Industries, Inc. | 1,590 | 94,510 | ||||||
| Pentair PLC | 1,815 | 73,743 | ||||||
| Proto Labs, Inc. (*) | 1,366 | 49,763 | ||||||
| REV Group, Inc. | 4,499 | 49,624 | ||||||
| Titan International, Inc. (*) | 5,385 | 65,374 | ||||||
| Toro Co. | 659 | 56,990 | ||||||
| 732,572 | ||||||||
| Marine | 2.0% | ||||||||
| Diana Shipping, Inc. | 13,734 | 49,580 | ||||||
| Eagle Bulk Shipping, Inc. | 2,410 | 104,064 | ||||||
| Genco Shipping & Trading Ltd. | 5,840 | 73,175 | ||||||
| Grindrod Shipping Holdings Ltd. | 6,229 | 149,060 | ||||||
| Matson, Inc. | 1,043 | 64,165 | ||||||
| ZIM Integrated Shipping Services Ltd. | 449 | 10,552 | ||||||
| 450,596 | ||||||||
| Media | 1.7% | ||||||||
| Boston Omaha Corp.,Class A (*) | 4,304 | 99,164 | ||||||
| Entravision Communications Corp., Class A | 20,223 | 80,285 | ||||||
| Gray Television, Inc. | 3,200 | 45,824 | ||||||
| iHeartMedia, Inc.,Class A (*) | 4,930 | 36,137 | ||||||
| Integral Ad Science Holding Corp. (*) | 6,772 | 49,029 | ||||||
| Perion Network Ltd. (*) | 1,402 | 27,045 | ||||||
| Thryv Holdings, Inc. (*) | 2,339 | 53,400 | ||||||
| 390,884 | ||||||||
| Oil, Gas & Consumable Fuels | 2.2% | ||||||||
| Crescent Point Energy Corp. | 8,093 | 49,853 | ||||||
| DT Midstream, Inc. (*) | 1,177 | 61,074 | ||||||
| Enerplus Corp. | 5,665 | 80,273 | ||||||
| Flex LNG Ltd. (*) | 1,341 | 42,469 | ||||||
| Magnolia Oil & Gas Corp., Class A | 2,896 | 57,370 | ||||||
| Description | Shares | Fair | ||||||
| Permian Basin Royalty Trust | 3,283 | $ | 53,611 | |||||
| Sabine Royalty Trust | 582 | 41,369 | ||||||
| San Juan Basin Royalty Trust | 9,569 | 89,949 | ||||||
| World Fuel Services Corp. | 886 | 20,768 | ||||||
| 496,736 | ||||||||
| Paper & Forest Products | 1.3% | ||||||||
| Louisiana-Pacific Corp. | 1,831 | 93,729 | ||||||
| Resolute Forest Products, Inc. (*) | 10,077 | 201,540 | ||||||
| 295,269 | ||||||||
| Personal Products | 0.2% | ||||||||
| Herbalife Nutrition Ltd. (*) | 494 | 9,825 | ||||||
| Medifast, Inc. | 266 | 28,824 | ||||||
| 38,649 | ||||||||
| Pharmaceuticals | 0.9% | ||||||||
| Amphastar Pharmaceuticals, Inc. (*) | 1,518 | 42,656 | ||||||
| Arvinas, Inc. (*) | 1,518 | 67,536 | ||||||
| Phibro Animal Health Corp., Class A | 3,376 | 44,867 | ||||||
| Supernus Pharmaceuticals, Inc. (*) | 1,748 | 59,169 | ||||||
| 214,228 | ||||||||
| Professional Services | 3.0% | ||||||||
| CRA International, Inc. | 1,473 | 130,714 | ||||||
| Franklin Covey Co. (*) | 1,948 | 88,420 | ||||||
| Heidrick & Struggles International, Inc. | 2,786 | 72,408 | ||||||
| HireQuest, Inc. | 1,099 | 14,177 | ||||||
| Huron Consulting Group, Inc. (*) | 434 | 28,753 | ||||||
| Kelly Services, Inc.,Class A | 3,454 | 46,940 | ||||||
| Korn Ferry | 1,460 | 68,547 | ||||||
| ManpowerGroup, Inc. | 497 | 32,151 | ||||||
| Resources Connection, Inc. | 5,787 | 104,571 | ||||||
| Science Applications International Corp. | 522 | 46,160 | ||||||
| TriNet Group, Inc. (*) | 831 | 59,184 | ||||||
| 692,025 | ||||||||
| Real Estate Management & Development | 1.0% | ||||||||
| Forestar Group, Inc. (*) | 1,712 | 19,157 | ||||||
| FRP Holdings, Inc. (*) | 595 | 32,344 | ||||||
| Jones Lang LaSalle, Inc. (*) | 145 | 21,905 | ||||||
| Marcus & Millichap, Inc. | 1,385 | 45,400 | ||||||
| RMR Group, Inc., Class A | 1,463 | 34,659 | ||||||
| Stratus Properties, Inc. | 1,771 | 41,264 | ||||||
| Zillow Group, Inc., Class A (*) | 1,469 | 42,058 | ||||||
| 236,787 | ||||||||
| Road & Rail | 1.2% | ||||||||
| AMERCO | 121 | 61,616 | ||||||
| ArcBest Corp. | 788 | 57,311 | ||||||
| Hertz Global Holdings, Inc. | 4,248 | 69,157 |
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Knight-Swift Transportation Holdings, Inc. | 1,020 | $ | 49,909 | |||||
| Saia, Inc. (*) | 262 | 49,780 | ||||||
| 287,773 | ||||||||
| Semiconductors & Semiconductor Equipment | 2.0% | ||||||||
| Axcelis Technologies, Inc. (*) | 2,354 | 142,558 | ||||||
| Diodes, Inc. (*) | 582 | 37,778 | ||||||
| Lattice Semiconductor Corp. (*) | 910 | 44,781 | ||||||
| PDF Solutions, Inc. (*) | 2,483 | 60,908 | ||||||
| Semtech Corp. (*) | 1,685 | 49,556 | ||||||
| SkyWater Technology, Inc. (*) | 3,541 | 27,089 | ||||||
| Tower Semiconductor Ltd. (*) | 631 | 27,726 | ||||||
| Ultra Clean Holdings, Inc. (*) | 2,671 | 68,778 | ||||||
| 459,174 | ||||||||
| Software | 7.3% | ||||||||
| Absolute Software Corp. | 3,272 | 37,988 | ||||||
| Alarm.com Holdings, Inc. (*) | 491 | 31,846 | ||||||
| American Software, Inc.,Class A | 4,381 | 67,117 | ||||||
| AppLovin Corp., Class A Class A (*) | 2,328 | 45,373 | ||||||
| Arteris, Inc. | 5,359 | 35,691 | ||||||
| Asana, Inc. Class A (*) | 2,447 | 54,397 | ||||||
| Blackline, Inc. (*) | 418 | 25,038 | ||||||
| ChannelAdvisor Corp. (*) | 2,753 | 62,383 | ||||||
| Cognyte Software Ltd. (*) | 8,950 | 36,158 | ||||||
| Descartes Systems Group, Inc. (*) | 1,157 | 73,504 | ||||||
| Docebo, Inc. (*) | 1,014 | 27,388 | ||||||
| Dolby Laboratories, Inc., Class A | 854 | 55,638 | ||||||
| Elastic NV (*) | 759 | 54,451 | ||||||
| EngageSmart, Inc. (*) | 2,932 | 60,663 | ||||||
| EverCommerce, Inc. (*) | 5,398 | 59,000 | ||||||
| Five9, Inc. (*) | 558 | 41,839 | ||||||
| Gitlab, Inc.,Class A | 916 | 46,917 | ||||||
| I3 Verticals, Inc., Class A (*) | 4,866 | 44,865 | ||||||
| InterDigital, Inc. | 763 | 30,840 | ||||||
| Jamf Holding Corp. (*) | 1,791 | 39,689 | ||||||
| JFrog Ltd. (*) | 1,347 | 29,782 | ||||||
| KnowBe4, Inc., Class A (*) | 3,072 | 63,928 | ||||||
| N-Able, Inc. (*) | 5,912 | 54,568 | ||||||
| nCino, Inc. (*) | 1,129 | 38,510 | ||||||
| PagerDuty, Inc. (*) | 1,584 | 36,543 | ||||||
| Progress Software Corp. | 1,881 | 80,037 | ||||||
| Q2 Holdings, Inc. (*) | 655 | 21,091 | ||||||
| Qualys, Inc. (*) | 394 | 54,920 | ||||||
| Rapid7, Inc. (*) | 953 | 40,884 | ||||||
| SEMrush Holdings, Inc.,Class A (*) | 2,835 | 31,780 | ||||||
| Smartsheet, Inc.,Class A (*) | 777 | 26,698 | ||||||
| Description | Shares | Fair | ||||||
| Sprout Social, Inc.,Class A (*) | 771 | $ | 46,784 | |||||
| SPS Commerce, Inc. (*) | 757 | 94,042 | ||||||
| Tenable Holdings, Inc. (*) | 1,748 | 60,830 | ||||||
| UserTesting, Inc. | 10,541 | 41,321 | ||||||
| WalkMe Ltd. (*) | 4,676 | 39,746 | ||||||
| 1,692,249 | ||||||||
| Specialty Retail | 3.1% | ||||||||
| Arhaus, Inc. | 4,985 | 35,144 | ||||||
| AutoNation, Inc. (*) | 552 | 56,232 | ||||||
| Boot Barn Holdings, Inc. (*) | 485 | 28,353 | ||||||
| Buckle, Inc. | 1,804 | 57,115 | ||||||
| Cato Corp., Class A | 5,082 | 48,482 | ||||||
| Five Below, Inc. (*) | 436 | 60,024 | ||||||
| Floor & Decor Holdings, Inc., Class A (*) | 649 | 45,599 | ||||||
| GameStop Corp.,Class A (*) | 1,760 | 44,229 | ||||||
| Group 1 Automotive, Inc. | 297 | 42,433 | ||||||
| MarineMax, Inc. (*) | 1,632 | 48,617 | ||||||
| Murphy USA, Inc. | 352 | 96,768 | ||||||
| RH (*) | 133 | 32,727 | ||||||
| Signet Jewelers Ltd. | 795 | 45,466 | ||||||
| Sleep Number Corp. (*) | 935 | 31,612 | ||||||
| Vroom, Inc. (*) | 17,815 | 20,666 | ||||||
| Zumiez, Inc. (*) | 1,111 | 23,920 | ||||||
| 717,387 | ||||||||
| Technology Hardware, Storage & Peripherals | 0.7% | ||||||||
| Super Micro Computer, Inc. (*) | 2,288 | 126,000 | ||||||
| Xerox Holdings Corp. | 3,511 | 45,924 | ||||||
| 171,924 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.6% | ||||||||
| Crocs, Inc. (*) | 806 | 55,340 | ||||||
| Deckers Outdoor Corp. (*) | 175 | 54,707 | ||||||
| G-III Apparel Group Ltd. (*) | 2,222 | 33,219 | ||||||
| Movado Group, Inc. | 2,933 | 82,652 | ||||||
| Oxford Industries, Inc. | 1,061 | 95,257 | ||||||
| Steven Madden Ltd. | 1,420 | 37,871 | ||||||
| 359,046 | ||||||||
| Thrifts & Mortgage Finance | 1.3% | ||||||||
| Bridgewater Bancshares, Inc. (*) | 3,223 | 53,083 | ||||||
| Essent Group Ltd. | 1,815 | 63,289 | ||||||
| Luther Burbank Corp. | 2,392 | 27,795 | ||||||
| Mr Cooper Group, Inc. (*) | 1,165 | 47,182 | ||||||
| NMI Holdings, Inc., Class A Class A (*) | 2,726 | 55,529 | ||||||
| TrustCo Bank Corp. | 1,402 | 44,051 | ||||||
| 290,929 | ||||||||
| Description | Shares | Fair | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Trading Companies & Distributors | 3.4% | ||||||||
| Applied Industrial Technologies, Inc. | 537 | $ | 55,193 | |||||
| BlueLinx Holdings, Inc. (*) | 886 | 55,021 | ||||||
| Boise Cascade Co. | 1,266 | 75,276 | ||||||
| GMS, Inc. (*) | 1,692 | 67,697 | ||||||
| MRC Global, Inc. (*) | 7,098 | 51,035 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 771 | 56,136 | ||||||
| NOW, Inc. (*) | 6,333 | 63,647 | ||||||
| SiteOne Landscape Supply, Inc. (*) | 709 | 73,835 | ||||||
| Titan Machinery, Inc. (*) | 2,857 | 80,739 | ||||||
| Triton International Ltd. | 1,414 | 77,388 | ||||||
| Univar Solutions, Inc. (*) | 2,944 | 66,947 | ||||||
| Veritiv Corp. (*) | 556 | 54,360 | ||||||
| 777,274 | ||||||||
| Transportation Infrastructure | 0.5% | ||||||||
| Atlas Corp. | 4,492 | 62,439 | ||||||
| Corp. America Airports SA (*) | 7,002 | 46,493 | ||||||
| 108,932 | ||||||||
| Total Common Stocks (Cost $25,668,858) | 22,883,505 | |||||||
| Mortgage Real Estate Investment Trusts | 0.1% | ||||||||
| Rithm Capital Corp. (Cost $54,493) | 4,869 | 35,641 | ||||||
| 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 | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $224,476) | 224,476 | 224,476 | ||||||
| Total Investments | 100.5% (Cost $25,947,964) | $ | 23,143,622 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (117,718) | |||||||
| Net Assets | 100.0% | $ | 23,025,904 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||
| Corporate Bonds | 6.8% | ||||||||||
| Brazil | 1.1% | ||||||||||
| MV24 Capital BV, 6.748%, 06/01/34 | USD | $ | 178 | $ | 150,224 | |||||
| China | 0.5% | ||||||||||
| Country Garden Holdings Co. Ltd., 3.125%, 10/22/25 | USD | 200 | 66,000 | |||||||
| Kuwait | 1.3% | ||||||||||
| NBK Tier 1 Financing 2 Ltd., (CMT 6 Year + 2.832%) 4.500%, 08/27/25 (§), (¶) | USD | 200 | 179,100 | |||||||
| Malaysia | 1.4% | ||||||||||
| Petronas Capital Ltd., 2.480%, 01/28/32 | USD | 250 | 203,050 | |||||||
| Mexico | 2.5% | ||||||||||
| Banco Mercantil del Norte SA, (CMT 5 Year + 4.967%) 6.750%, 09/27/24 (§), (¶) | USD | 200 | 185,537 | |||||||
| Petroleos Mexicanos: | ||||||||||
| 6.500%, 01/23/29 | USD | 35 | 26,779 | |||||||
| 8.750%, 06/02/29 (#) | USD | 80 | 67,847 | |||||||
| 6.840%, 01/23/30 | USD | 70 | 52,010 | |||||||
| 6.700%, 02/16/32 | USD | 22 | 15,365 | |||||||
| 6.950%, 01/28/60 | USD | 20 | 10,998 | |||||||
| 358,536 | ||||||||||
| Total Corporate Bonds (Cost $1,199,420) | 956,910 | |||||||||
| Foreign Government Obligations | 80.2% | ||||||||||
| Angola | 1.3% | ||||||||||
| Angolan Government International Bonds, 9.500%, 11/12/25 | USD | 200 | 185,000 | |||||||
| Argentina | 0.4% | ||||||||||
| Argentina Government International Bonds: | ||||||||||
| 1.500%, 07/09/35 (Ø) | USD | 100 | 18,150 | |||||||
| 3.875%, 01/09/38 (Ø) | USD | 63 | 14,751 | |||||||
| 3.500%, 07/09/41 (Ø) | USD | 137 | 29,181 | |||||||
| 62,082 | ||||||||||
| Azerbaijan | 1.0% | ||||||||||
| Azerbaijan International Bonds, 3.500%, 09/01/32 | USD | 175 | 140,252 | |||||||
| Bahamas | 0.1% | ||||||||||
| Bahamas Government International Bonds, 8.950%, 10/15/32 | USD | 15 | 8,661 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| Bahrain | 1.5% | ||||||||||
| Bahrain Government International Bonds, 6.750%, 09/20/29 | USD | $ | 230 | $ | 213,009 | |||||
| Brazil | 9.4% | ||||||||||
| Brazil Government International Bonds: | ||||||||||
| 4.500%, 05/30/29 | USD | 25 | 22,161 | |||||||
| 3.875%, 06/12/30 | USD | 205 | 168,907 | |||||||
| 5.625%, 01/07/41 | USD | 25 | 20,176 | |||||||
| 4.750%, 01/14/50 | USD | 40 | 27,395 | |||||||
| Brazil Letras do Tesouro Nacional: | ||||||||||
| 0.000%, 07/01/23 | BRL | 1,920 | 324,136 | |||||||
| 0.000%, 04/01/24 | BRL | 2,020 | 314,677 | |||||||
| Brazil Notas do Tesouro Nacional: | ||||||||||
| 10.000%, 01/01/25 | BRL | 420 | 75,302 | |||||||
| 10.000%, 01/01/27 | BRL | 590 | 103,292 | |||||||
| 10.000%, 01/01/29 | BRL | 1,000 | 170,482 | |||||||
| 10.000%, 01/01/31 | BRL | 590 | 98,596 | |||||||
| 1,325,124 | ||||||||||
| Chile | 1.2% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 2.300%, 10/01/28 | CLP | 25,000 | 19,683 | |||||||
| 5.000%, 10/01/28 | CLP | 50,000 | 46,160 | |||||||
| 6.000%, 01/01/43 | CLP | 10,000 | 9,416 | |||||||
| Chile Government International Bonds: | ||||||||||
| 2.750%, 01/31/27 | USD | 50 | 45,050 | |||||||
| 2.550%, 07/27/33 | USD | 75 | 56,213 | |||||||
| 176,522 | ||||||||||
| China | 3.7% | ||||||||||
| China Development Bank, 3.500%, 08/13/26 | CNY | 360 | 52,461 | |||||||
| China Government Bonds: | ||||||||||
| 3.120%, 12/05/26 | CNY | 610 | 88,181 | |||||||
| 2.680%, 05/21/30 | CNY | 620 | 86,589 | |||||||
| 3.810%, 09/14/50 | CNY | 460 | 71,662 | |||||||
| China Government International Bonds, 1.750%, 10/26/31 | USD | 270 | 226,479 | |||||||
| 525,372 | ||||||||||
| Colombia | 4.5% | ||||||||||
| Colombia Government International Bonds: | ||||||||||
| 3.875%, 04/25/27 | USD | 75 | 63,553 | |||||||
| 4.500%, 03/15/29 | USD | 65 | 53,231 | |||||||
| Colombia TES: | ||||||||||
| 6.250%, 11/26/25 | COP | 301,300 | 55,525 | |||||||
| 7.500%, 08/26/26 | COP | 824,000 | 152,146 | |||||||
| 5.750%, 11/03/27 | COP | 798,000 | 129,977 | |||||||
| 6.000%, 04/28/28 | COP | 217,800 | 35,034 | |||||||
| 7.000%, 03/26/31 | COP | 772,000 | 118,434 | |||||||
| 7.000%, 06/30/32 | COP | 240,000 | 35,517 | |||||||
| 643,417 | ||||||||||
| Description | Security Currency | Principal | Fair | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Costa Rica | 0.4% | ||||||||||
| Costa Rica Government International Bonds: | ||||||||||
| 4.250%, 01/26/23 | USD | $ | 25 | $ | 24,895 | |||||
| 4.375%, 04/30/25 | USD | 15 | 14,394 | |||||||
| 6.125%, 02/19/31 | USD | 5 | 4,568 | |||||||
| 7.000%, 04/04/44 | USD | 10 | 8,255 | |||||||
| 52,112 | ||||||||||
| Czech Republic | 1.4% | ||||||||||
| Czech Republic Government Bonds: | ||||||||||
| 2.500%, 08/25/28 | CZK | 2,280 | 77,774 | |||||||
| 0.950%, 05/15/30 | CZK | 1,710 | 49,535 | |||||||
| 2.000%, 10/13/33 | CZK | 480 | 13,929 | |||||||
| 4.200%, 12/04/36 | CZK | 1,120 | 39,887 | |||||||
| 1.500%, 04/24/40 | CZK | 550 | 12,320 | |||||||
| 193,445 | ||||||||||
| Dominican Republic | 1.4% | ||||||||||
| Dominican Republic International Bonds: | ||||||||||
| 5.500%, 01/27/25 | USD | 25 | 24,200 | |||||||
| 5.950%, 01/25/27 | USD | 10 | 9,274 | |||||||
| 5.500%, 02/22/29 (#) | USD | 10 | 8,564 | |||||||
| 4.500%, 01/30/30 (#) | USD | 75 | 58,819 | |||||||
| 6.000%, 02/22/33 (#) | USD | 35 | 28,258 | |||||||
| 7.450%, 04/30/44 | USD | 15 | 12,533 | |||||||
| 6.850%, 01/27/45 | USD | 20 | 15,454 | |||||||
| 6.400%, 06/05/49 | USD | 50 | 35,759 | |||||||
| 192,861 | ||||||||||
| Ecuador | 0.6% | ||||||||||
| Ecuador Government International Bonds, 0.000%, 07/31/30 | USD | 301 | 86,876 | |||||||
| Egypt | 1.1% | ||||||||||
| Egypt Government International Bonds, 7.600%, 03/01/29 | USD | 220 | 153,450 | |||||||
| Guatemala | 0.6% | ||||||||||
| Guatemala Government Bonds: | ||||||||||
| 4.875%, 02/13/28 | USD | 25 | 22,426 | |||||||
| 5.250%, 08/10/29 (#) | USD | 40 | 35,920 | |||||||
| 5.375%, 04/24/32 (#) | USD | 10 | 8,721 | |||||||
| 5.375%, 04/24/32 | USD | 10 | 8,721 | |||||||
| 6.125%, 06/01/50 (#) | USD | 15 | 12,204 | |||||||
| 87,992 | ||||||||||
| Hungary | 1.6% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 3.000%, 10/27/27 | HUF | 34,330 | 57,494 | |||||||
| 3.250%, 10/22/31 | HUF | 22,860 | 32,953 | |||||||
| 2.250%, 04/20/33 | HUF | 18,510 | 22,464 | |||||||
| 3.000%, 04/25/41 | HUF | 3,940 | 4,032 | |||||||
| Hungary Government International Bonds: | ||||||||||
| 5.375%, 03/25/24 | USD | 50 | 49,087 | |||||||
| 5.500%, 06/16/34 (#) | USD | 40 | 33,758 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| 7.625%, 03/29/41 | USD | $ | 32 | $ | 31,666 | |||||
| 231,454 | ||||||||||
| Indonesia | 5.4% | ||||||||||
| Indonesia Government International Bonds: | ||||||||||
| 2.150%, 07/28/31 | USD | 215 | 168,799 | |||||||
| 3.550%, 03/31/32 | USD | 55 | 47,719 | |||||||
| 3.050%, 03/12/51 | USD | 50 | 33,130 | |||||||
| 3.350%, 03/12/71 | USD | 60 | 37,057 | |||||||
| Indonesia Treasury Bonds: | ||||||||||
| 8.375%, 09/15/26 | IDR | 386,000 | 26,528 | |||||||
| 9.000%, 03/15/29 | IDR | 818,000 | 58,177 | |||||||
| 8.250%, 05/15/29 | IDR | 1,545,000 | 106,027 | |||||||
| 7.000%, 09/15/30 | IDR | 1,032,000 | 66,349 | |||||||
| 8.750%, 05/15/31 | IDR | 324,000 | 22,979 | |||||||
| 8.375%, 03/15/34 | IDR | 912,000 | 63,275 | |||||||
| 8.250%, 05/15/36 | IDR | 648,000 | 44,618 | |||||||
| 8.375%, 04/15/39 | IDR | 920,000 | 64,193 | |||||||
| Perusahaan Penerbit SBSN Indonesia III, 4.400%, 06/06/27 (#) | USD | 35 | 33,600 | |||||||
| 772,451 | ||||||||||
| Jamaica | 0.6% | ||||||||||
| Jamaica Government International Bonds, 6.750%, 04/28/28 | USD | 90 | 93,279 | |||||||
| Lebanon | 0.3% | ||||||||||
| Lebanon Government International Bonds: | ||||||||||
| 6.375%, 03/09/20 («) | USD | 97 | 5,656 | |||||||
| 8.250%, 04/12/21 («) | USD | 106 | 6,115 | |||||||
| 6.000%, 01/27/23 («) | USD | 67 | 3,907 | |||||||
| 6.650%, 04/22/24 («) | USD | 47 | 2,741 | |||||||
| 6.250%, 11/04/24 («) | USD | 49 | 2,857 | |||||||
| 6.200%, 02/26/25 («) | USD | 37 | 2,100 | |||||||
| 6.600%, 11/27/26 («) | USD | 22 | 1,249 | |||||||
| 6.850%, 03/23/27 («) | USD | 21 | 1,185 | |||||||
| 6.750%, 11/29/27 («) | USD | 41 | 2,327 | |||||||
| 6.650%, 02/26/30 («) | USD | 55 | 3,104 | |||||||
| 7.000%, 03/23/32 («) | USD | 49 | 2,781 | |||||||
| 7.050%, 11/02/35 («) | USD | 60 | 3,386 | |||||||
| 7.250%, 03/23/37 («) | USD | 44 | 2,469 | |||||||
| 39,877 | ||||||||||
| Malaysia | 3.7% | ||||||||||
| Malaysia Government Bonds: | ||||||||||
| 3.480%, 03/15/23 | MYR | 168 | 36,314 | |||||||
| 3.906%, 07/15/26 | MYR | 120 | 25,773 | |||||||
| 3.899%, 11/16/27 | MYR | 937 | 200,306 | |||||||
| 3.733%, 06/15/28 | MYR | 170 | 35,499 | |||||||
| 4.498%, 04/15/30 | MYR | 230 | 49,746 | |||||||
| 3.844%, 04/15/33 | MYR | 330 | 66,453 | |||||||
| 3.828%, 07/05/34 | MYR | 20 | 3,975 | |||||||
| 4.893%, 06/08/38 | MYR | 330 | 71,118 | |||||||
| 3.757%, 05/22/40 | MYR | 80 | 14,901 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 4.696%, 10/15/42 | MYR | $ | 100 | $ | 20,973 | |||||
| 525,058 | ||||||||||
| Mexico | 6.0% | ||||||||||
| Mexico Bonos: | ||||||||||
| 5.750%, 03/05/26 | MXN | 5,380 | 234,416 | |||||||
| 7.500%, 06/03/27 | MXN | 1,990 | 90,555 | |||||||
| 8.500%, 05/31/29 | MXN | 4,208 | 197,061 | |||||||
| 10.000%, 11/20/36 | MXN | 1,250 | 63,771 | |||||||
| 8.500%, 11/18/38 | MXN | 280 | 12,569 | |||||||
| 7.750%, 11/13/42 | MXN | 3,100 | 128,124 | |||||||
| Mexico Government International Bonds: | ||||||||||
| 2.659%, 05/24/31 | USD | 25 | 19,175 | |||||||
| 4.875%, 05/19/33 | USD | 27 | 23,733 | |||||||
| 3.500%, 02/12/34 | USD | 65 | 49,303 | |||||||
| 5.750%, 10/12/10 | USD | 48 | 36,984 | |||||||
| 855,691 | ||||||||||
| Oman | 1.6% | ||||||||||
| Oman Government International Bonds, 4.750%, 06/15/26 | USD | 245 | 227,237 | |||||||
| Panama | 1.2% | ||||||||||
| Panama Government International Bonds: | ||||||||||
| 3.160%, 01/23/30 | USD | 105 | 85,234 | |||||||
| 3.298%, 01/19/33 | USD | 5 | 3,858 | |||||||
| 4.500%, 05/15/47 | USD | 10 | 7,061 | |||||||
| 4.500%, 04/16/50 | USD | 30 | 20,743 | |||||||
| 4.500%, 04/01/56 | USD | 75 | 50,264 | |||||||
| 167,160 | ||||||||||
| Paraguay | 0.7% | ||||||||||
| Paraguay Government International Bonds: | ||||||||||
| 5.000%, 04/15/26 | USD | 25 | 24,020 | |||||||
| 3.849%, 06/28/33 (#) | USD | 53 | 41,416 | |||||||
| 6.100%, 08/11/44 | USD | 40 | 33,070 | |||||||
| 98,506 | ||||||||||
| Peru | 4.5% | ||||||||||
| Peruvian Government International Bonds: | ||||||||||
| 6.350%, 08/12/28 | PEN | 650 | 148,969 | |||||||
| 5.940%, 02/12/29 | PEN | 140 | 30,834 | |||||||
| 2.844%, 06/20/30 | USD | 55 | 44,956 | |||||||
| 2.783%, 01/23/31 | USD | 50 | 39,587 | |||||||
| 6.950%, 08/12/31 | PEN | 585 | 130,996 | |||||||
| 1.862%, 12/01/32 | USD | 30 | 21,006 | |||||||
| 6.900%, 08/12/37 | PEN | 730 | 152,708 | |||||||
| 5.350%, 08/12/40 | PEN | 55 | 9,435 | |||||||
| 3.300%, 03/11/41 | USD | 40 | 27,500 | |||||||
| 3.230%, 07/28/21 | USD | 60 | 32,224 | |||||||
| 638,215 | ||||||||||
| Philippines | 1.7% | ||||||||||
| Philippines Government International Bonds: | ||||||||||
| 3.750%, 01/14/29 | USD | 105 | 97,924 | |||||||
| 3.556%, 09/29/32 | USD | 40 | 34,904 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| 3.950%, 01/20/40 | USD | $ | 35 | $ | 27,829 | |||||
| 3.700%, 03/01/41 | USD | 35 | 26,779 | |||||||
| 3.700%, 02/02/42 | USD | 35 | 26,779 | |||||||
| 2.950%, 05/05/45 | USD | 15 | 9,864 | |||||||
| 2.650%, 12/10/45 | USD | 25 | 15,440 | |||||||
| 239,519 | ||||||||||
| Poland | 2.0% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/26 | PLN | 190 | 32,166 | |||||||
| 3.750%, 05/25/27 | PLN | 92 | 15,930 | |||||||
| 2.500%, 07/25/27 | PLN | 790 | 128,777 | |||||||
| 2.750%, 04/25/28 | PLN | 460 | 74,172 | |||||||
| 1.250%, 10/25/30 | PLN | 220 | 28,670 | |||||||
| 279,715 | ||||||||||
| Qatar | 2.7% | ||||||||||
| Qatar Government International Bonds, 6.400%, 01/20/40 | USD | 340 | 381,650 | |||||||
| Romania | 2.1% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 3.250%, 06/24/26 | RON | 560 | 92,803 | |||||||
| 5.800%, 07/26/27 | RON | 170 | 30,130 | |||||||
| 4.150%, 01/26/28 | RON | 400 | 64,738 | |||||||
| Romanian Government International Bonds: | ||||||||||
| 3.000%, 02/27/27 | USD | 56 | 47,173 | |||||||
| 3.625%, 03/27/32 | USD | 38 | 27,367 | |||||||
| 5.125%, 06/15/48 | USD | 50 | 34,619 | |||||||
| 296,830 | ||||||||||
| Saudi Arabia | 2.3% | ||||||||||
| Saudi Government International Bonds, 2.250%, 02/02/33 | USD | 415 | 325,775 | |||||||
| South Africa | 7.0% | ||||||||||
| South Africa Government Bonds: | ||||||||||
| 8.000%, 01/31/30 | ZAR | 3,490 | 165,191 | |||||||
| 7.000%, 02/28/31 | ZAR | 1,860 | 79,514 | |||||||
| 8.250%, 03/31/32 | ZAR | 3,470 | 157,748 | |||||||
| 8.875%, 02/28/35 | ZAR | 1,750 | 79,069 | |||||||
| 8.500%, 01/31/37 | ZAR | 6,840 | 291,737 | |||||||
| 8.750%, 02/28/48 | ZAR | 1,445 | 60,300 | |||||||
| South Africa Government International Bonds: | ||||||||||
| 4.850%, 09/27/27 | USD | 60 | 53,430 | |||||||
| 4.850%, 09/30/29 | USD | 10 | 8,224 | |||||||
| 5.875%, 06/22/30 | USD | 55 | 47,224 | |||||||
| 5.375%, 07/24/44 | USD | 45 | 29,048 | |||||||
| 5.650%, 09/27/47 | USD | 30 | 19,050 | |||||||
| 990,535 | ||||||||||
| Sri Lanka | 0.2% | ||||||||||
| Sri Lanka Government International Bonds: | ||||||||||
| 5.750%, 04/18/23 | USD | 15 | 3,739 | |||||||
| 6.125%, 06/03/25 | USD | 10 | 2,661 | |||||||
| 6.825%, 07/18/26 | USD | 5 | 1,251 | |||||||
| 6.200%, 05/11/27 | USD | 50 | 12,197 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 6.750%, 04/18/28 | USD | $ | 35 | $ | 8,494 | |||||
| 7.850%, 03/14/29 | USD | 15 | 3,640 | |||||||
| 31,982 | ||||||||||
| Suriname | 0.1% | ||||||||||
| Suriname Government International Bonds, 9.250%, 10/26/26 |
USD | 10 | 8,000 | |||||||
| Thailand | 0.7% | ||||||||||
| Thailand Government Bonds: | ||||||||||
| 3.400%, 06/17/36 | THB | 1,330 | 33,940 | |||||||
| 3.300%, 06/17/38 | THB | 2,690 | 66,321 | |||||||
| 100,261 | ||||||||||
| Turkey | 2.0% | ||||||||||
| Hazine Mustesarligi Varlik Kiralama AS, 7.250%, 02/24/27 (#) | USD | 125 | 119,906 | |||||||
| Turkey Government International Bonds: | ||||||||||
| 7.375%, 02/05/25 | USD | 95 | 90,725 | |||||||
| 6.000%, 01/14/41 | USD | 115 | 70,725 | |||||||
| 281,356 | ||||||||||
| Ukraine | 0.4% | ||||||||||
| Ukraine Government International Bonds: | ||||||||||
| 9.750%, 11/01/30 | USD | 200 | 43,700 | |||||||
| 0.000%, 08/01/41 (§) | USD | 36 | 9,630 | |||||||
| 53,330 | ||||||||||
| United Arab Emirates | 2.3% | ||||||||||
| UAE International Government Bonds, 4.050%, 07/07/32 (#) | USD | 345 | 323,179 | |||||||
| Uruguay | 1.8% | ||||||||||
| Uruguay Government International Bonds: | ||||||||||
| 4.375%, 10/27/27 | USD | 30 | 29,527 | |||||||
| 4.375%, 01/23/31 | USD | 55 | 52,587 | |||||||
| 4.125%, 11/20/45 | USD | 65 | 55,872 | |||||||
| 5.100%, 06/18/50 | USD | 85 | 77,419 | |||||||
| 4.975%, 04/20/55 | USD | 50 | 44,494 | |||||||
| 259,899 | ||||||||||
| Zambia | 0.7% | ||||||||||
| Zambia Government International Bonds, 8.500%, 04/14/24 | USD | 200 | 95,250 | |||||||
| Total Foreign Government Obligations (Cost $14,230,008) | 11,362,384 | |||||||||
| Quasi Government Bonds | 0.1% | ||||||||||
| Mexico | 0.1% | ||||||||||
| Petroleos Mexicanos, 6.750%, 09/21/47 (Cost $13,599) | USD | 16 | 8,880 | |||||||
| Description | Security Currency | Principal | Fair | |||||||
| Sovereign Bonds | 0.2% | ||||||||||
| Indonesia | 0.2% | ||||||||||
| Indonesia Government International Bonds 3.850%, 10/15/30 (Cost $34,610) | USD | $ | 35,000 | $ | 31,605 | |||||
| Supranational Bonds | 0.1% | ||||||||||
| International Finance Corp., 8.000%, 10/09/23 (Cost $14,122) | IDR | 200,000 | 13,348 | |||||||
| U.S. Treasury Securities | 1.0% | ||||||||||
| U.S. Treasury Note, 2.750%, 08/15/32 (Cost $144,824) | USD | 160 | 146,300 | |||||||
| Description | Shares | Fair | ||||||||
| Short-Term Investments | 11.5% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $1,625,853) | 1,625,853 | $ | 1,625,853 | |||||||
| Total Investments | 99.9% (Cost $17,262,436) (») | $ | 14,145,280 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 12,902 | |||||||||
| Net Assets | 100.0% | $ | 14,158,182 | ||||||||
| Lazard Emerging Markets Debt Portfolio (continued) | |||||||||||||||||||||||||||||||||||||
|
Forward Currency Contracts open at September 30, 2022: |
|||||||||||||||||||||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 1,287,557 | USD | 245,717 | BOA | 10/04/22 | $ | — | $ | 7,031 | |||||||||
| CLP | 35,427,662 | USD | 39,449 | BOA | 10/11/22 | — | 2,873 | |||||||||||
| CLP | 16,525,562 | USD | 16,709 | BRC | 12/12/22 | 151 | — | |||||||||||
| CLP | 26,595,900 | USD | 30,000 | CIT | 10/11/22 | — | 2,542 | |||||||||||
| CNY | 292,253 | USD | 41,222 | BRC | 11/21/22 | 59 | — | |||||||||||
| CNY | 755,303 | USD | 109,102 | BRC | 11/21/22 | — | 2,415 | |||||||||||
| CNY | 451,397 | USD | 63,344 | SCB | 11/21/22 | 416 | — | |||||||||||
| CNY | 755,303 | USD | 109,019 | SCB | 11/21/22 | — | 2,332 | |||||||||||
| CNY | 755,303 | USD | 109,041 | UBS | 11/21/22 | — | 2,354 | |||||||||||
| CZK | 3,863,806 | USD | 156,931 | BRC | 11/21/22 | — | 3,717 | |||||||||||
| CZK | 251,951 | USD | 10,000 | SCB | 11/21/22 | — | 9 | |||||||||||
| EUR | 69,513 | USD | 70,000 | BRC | 11/21/22 | — | 1,647 | |||||||||||
| HUF | 59,468,424 | USD | 148,422 | BOA | 11/21/22 | — | 12,565 | |||||||||||
| HUF | 27,695,500 | USD | 70,000 | BRC | 11/21/22 | — | 6,729 | |||||||||||
| IDR | 1,040,060,000 | USD | 70,000 | JPM | 10/13/22 | — | 1,716 | |||||||||||
| IDR | 3,592,645,810 | USD | 241,231 | JPM | 10/13/22 | — | 5,360 | |||||||||||
| IDR | 1,860,278,755 | USD | 122,234 | JPM | 11/14/22 | — | 228 | |||||||||||
| IDR | 72,150,000 | USD | 4,883 | SCB | 10/13/22 | — | 146 | |||||||||||
| IDR | 72,150,000 | USD | 4,884 | UBS | 10/13/22 | — | 147 | |||||||||||
| IDR | 1,860,278,755 | USD | 122,171 | UBS | 11/14/22 | — | 166 | |||||||||||
| MXN | 874,507 | USD | 41,407 | BOA | 11/18/22 | 1,658 | — | |||||||||||
| MXN | 874,507 | USD | 43,447 | BRC | 11/18/22 | — | 382 | |||||||||||
| MXN | 874,507 | USD | 43,464 | UBS | 11/18/22 | — | 399 | |||||||||||
| MYR | 541,187 | USD | 118,209 | BOA | 10/25/22 | — | 1,444 | |||||||||||
| MYR | 10,279 | USD | 2,310 | SCB | 10/25/22 | — | 93 | |||||||||||
| MYR | 123,605 | USD | 27,057 | SCB | 10/25/22 | — | 389 | |||||||||||
| MYR | 125,608 | USD | 28,023 | SCB | 10/25/22 | — | 922 | |||||||||||
| PEN | 39,985 | USD | 10,000 | BOA | 11/15/22 | — | 17 | |||||||||||
| PLN | 948,639 | USD | 199,987 | UBS | 11/21/22 | — | 10,053 | |||||||||||
| RON | 211,676 | USD | 42,993 | BOA | 11/21/22 | — | 1,361 | |||||||||||
| THB | 22,479,698 | USD | 592,858 | CIT | 12/13/22 | 5,843 | — | |||||||||||
| THB | 348,950 | USD | 10,000 | SCB | 10/11/22 | — | 746 | |||||||||||
| THB | 22,843,476 | USD | 645,788 | SCB | 10/28/22 | — | 39,477 | |||||||||||
| THB | 348,950 | USD | 9,213 | SCB | 12/13/22 | 80 | — | |||||||||||
| USD | 125,721 | BRL | 643,779 | BOA | 10/04/22 | 6,378 | — | |||||||||||
| USD | 244,047 | BRL | 1,287,557 | BOA | 11/03/22 | 7,085 | — | |||||||||||
| USD | 125,220 | BRL | 643,779 | SCB | 10/04/22 | 5,876 | — | |||||||||||
| USD | 10,000 | BRL | 54,455 | SCB | 11/03/22 | — | 22 | |||||||||||
| USD | 16,906 | CLP | 16,525,562 | BRC | 10/11/22 | — | 155 | |||||||||||
| USD | 20,000 | CLP | 18,108,000 | BRC | 10/11/22 | 1,305 | — | |||||||||||
| USD | 30,000 | CLP | 27,390,000 | CIT | 10/11/22 | 1,722 | — | |||||||||||
| USD | 20,000 | CNY | 142,523 | SCB | 11/21/22 | — | 131 | |||||||||||
| USD | 10,000 | COP | 46,290,000 | BOA | 11/15/22 | 40 | — | |||||||||||
| USD | 115,908 | COP | 522,327,695 | BRC | 11/15/22 | 3,519 | — | |||||||||||
| USD | 115,763 | COP | 522,327,695 | SCB | 11/15/22 | 3,373 | — | |||||||||||
| Lazard Emerging Markets Debt Portfolio (concluded) | |||||||||||||||||||||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 26,410 | COP | 119,044,520 | SSB | 11/15/22 | $ | 795 | $ | — | |||||||||
| USD | 269,480 | EUR | 266,948 | BOA | 11/21/22 | 6,989 | — | |||||||||||
| USD | 140,000 | EUR | 139,486 | BRC | 11/21/22 | 2,843 | — | |||||||||||
| USD | 78,840 | HUF | 32,700,467 | BOA | 11/21/22 | 4,134 | — | |||||||||||
| USD | 61,160 | HUF | 25,360,606 | BRC | 11/21/22 | 3,223 | — | |||||||||||
| USD | 20,000 | IDR | 305,340,000 | BRC | 11/14/22 | — | 26 | |||||||||||
| USD | 43,900 | IDR | 662,494,900 | JPM | 10/13/22 | 405 | — | |||||||||||
| USD | 122,467 | IDR | 1,860,278,755 | JPM | 10/13/22 | 333 | — | |||||||||||
| USD | 26,100 | IDR | 393,953,400 | SCB | 10/13/22 | 236 | — | |||||||||||
| USD | 122,404 | IDR | 1,860,278,755 | UBS | 10/13/22 | 270 | — | |||||||||||
| USD | 80,000 | MXN | 1,620,224 | BRC | 11/18/22 | 212 | — | |||||||||||
| USD | 20,000 | MXN | 405,493 | SCB | 11/18/22 | 31 | — | |||||||||||
| USD | 10,000 | MYR | 46,235 | SCB | 10/25/22 | 24 | — | |||||||||||
| USD | 67,314 | PEN | 260,808 | BOA | 11/15/22 | 2,201 | — | |||||||||||
| USD | 67,127 | PEN | 260,808 | BRC | 11/15/22 | 2,014 | — | |||||||||||
| USD | 134,195 | PEN | 521,616 | CIT | 11/15/22 | 3,969 | — | |||||||||||
| USD | 67,134 | PEN | 260,808 | JPM | 11/15/22 | 2,021 | — | |||||||||||
| USD | 20,000 | RON | 101,862 | SCB | 11/21/22 | — | 34 | |||||||||||
| USD | 591,104 | THB | 22,479,698 | CIT | 10/28/22 | — | 5,552 | |||||||||||
| USD | 9,179 | THB | 348,950 | SCB | 10/11/22 | — | 74 | |||||||||||
| USD | 10,000 | THB | 363,778 | SCB | 10/28/22 | 345 | — | |||||||||||
| USD | 10,000 | THB | 376,274 | SCB | 12/13/22 | — | 21 | |||||||||||
| USD | 84,995 | ZAR | 1,479,142 | BOA | 11/21/22 | 3,619 | — | |||||||||||
| USD | 84,913 | ZAR | 1,479,142 | BRC | 11/21/22 | 3,537 | — | |||||||||||
| UYU | 353,959 | USD | 8,537 | HSB | 12/06/22 | — | 161 | |||||||||||
| ZAR | 704,600 | USD | 40,000 | BRC | 11/21/22 | — | 1,236 | |||||||||||
| ZAR | 177,550 | USD | 10,015 | SCB | 11/21/22 | — | 247 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 74,706 | $ | 114,919 | ||||||||||||||
| Credit Default Swap Agreements open at September 30, 2022: |
| Referenced Obligation | Counterparty | Notional Amount | Expiration Date | Buy/Sell | Receive (Pay) Rate | Payment Frequency Paid/ Received | S&P Credit Rating | Fair Value | Upfront Premiums Paid (Received) | Unrealized Depreciation | ||||||||||
| CDX.EM.S38 | MSC | 280,000 | 12/20/2027 | Sell | 1.000 | Quarterly | B – A+ | $(27,868) | $(27,291) | $ (577) |
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 34.6% | ||||||||||
| Canada | 1.5% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | $ | 75 | $ | 66,111 | |||||
| Germany | 1.0% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 55 | 43,347 | |||||||
| Netherlands | 1.8% | ||||||||||
| ING Groep NV, 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | 100 | 81,885 | |||||||
| Switzerland | 0.4% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 22 | 18,792 | |||||||
| United Kingdom | 1.9% | ||||||||||
| Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 |
GBP | 100 | 83,849 | |||||||
| United States | 28.0% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 65 | 54,000 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 35 | 27,060 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 25 | 23,297 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 45 | 41,416 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 45 | 39,353 | |||||||
| Apple, Inc., 2.375%, 02/08/41 | USD | 35 | 24,225 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 25 | 23,718 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR +1.460%), 05/19/24 (§) | USD | 28 | 27,311 | |||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 85 | 54,205 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) |
USD | 70 | 63,944 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 25 | 22,789 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 45 | 41,928 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) |
USD | 55 | 40,662 | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 45 | 46,695 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 95 | 65,139 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | $ | 65 | $ | 50,276 | |||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 80 | 72,433 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 30 | 27,031 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 70 | 48,789 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 25 | 20,462 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 70 | 65,116 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 15 | 12,765 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 35 | 24,520 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 30 | 25,773 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 15 | 11,576 | |||||||
| Prologis LP REIT, 1.250%, 10/15/30 | USD | 100 | 74,510 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 30 | 27,150 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 25 | 20,426 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 65 | 53,374 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 30 | 27,505 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 75 | 68,466 | |||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 35 | 29,379 | |||||||
| 1,255,293 | ||||||||||
| Total Corporate Bonds (Cost $1,932,392) |
1,549,277 | |||||||||
| Foreign Government Obligations | 47.9% | ||||||||||
| Australia | 2.9% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 100 | 50,327 | |||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 160 | 79,801 | |||||||
| 130,128 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Bahamas | 0.9% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | $ | 73 | $ | 40,620 | |||||
| Bermuda | 4.2% | ||||||||||
| Bermuda Government International Bonds, 3.717%, 01/25/27 | USD | 200 | 185,913 | |||||||
| Canada | 4.8% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 55 | 34,242 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 70 | 48,598 | |||||||
| Quebec, 1.850%, 02/13/27 | CAD | 115 | 76,912 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 80 | 56,099 | |||||||
| 215,851 | ||||||||||
| Chile | 2.3% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 50,000 | 49,364 | |||||||
| 2.300%, 10/01/28 | CLP | 65,000 | 51,176 | |||||||
| 100,540 | ||||||||||
| Colombia | 0.5% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 126,000 | 24,009 | |||||||
| Czech Republic | 2.0% | ||||||||||
| Czech Republic Government Bonds, 1.000%, 06/26/26 | CZK | 2,670 | 90,509 | |||||||
| France | 0.6% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 30 | 24,744 | |||||||
| Hungary | 0.5% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 35 | 21,306 | |||||||
| Ireland | 0.6% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 30 | 26,957 | |||||||
| Japan | 4.2% | ||||||||||
| Japan International Cooperation Agency, 3.250%, 05/25/27 | USD | 200 | 189,438 | |||||||
| Mexico | 2.5% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 860 | 40,967 | |||||||
| 7.500%, 06/03/27 | MXN | 970 | 44,140 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | $ | 25 | $ | 27,910 | |||||
| 113,017 | ||||||||||
| Morocco | 1.4% | ||||||||||
| Morocco Government International Bonds, 1.500%, 11/27/31 | EUR | 100 | 64,242 | |||||||
| New Zealand | 6.8% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 120 | 61,528 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 190 | 102,107 | |||||||
| 1.500%, 04/20/29 | NZD | 210 | 94,472 | |||||||
| 2.000%, 04/15/37 | NZD | 130 | 47,481 | |||||||
| 305,588 | ||||||||||
| Norway | 2.0% | ||||||||||
| Oslo, 2.350%, 09/04/24 | NOK | 1,000 | 88,941 | |||||||
| Panama | 2.0% | ||||||||||
| Panama Government International Bonds, 8.875%, 09/30/27 | USD | 80 | 90,940 | |||||||
| Peru | 2.3% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 (#) | PEN | 250 | 51,860 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 65 | 48,913 | |||||||
| 100,773 | ||||||||||
| Poland | 1.7% | ||||||||||
| Poland Government Bonds, 6.680% (WIBOR 6 Month), 05/25/28 (§) |
PLN | 395 | 75,045 | |||||||
| Portugal | 1.1% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 60 | 51,262 | |||||||
| Singapore | 0.9% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 60 | 41,420 | |||||||
| Spain | 1.1% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 75 | 47,241 | |||||||
| Thailand | 1.6% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 3,440 | 72,026 | |||||||
| United Kingdom | 1.0% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 55 | 43,650 | |||||||
| Total Foreign Government
Obligations (Cost $2,827,409) |
2,144,160 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Quasi Government Bonds | 1.2% | ||||||||||
| Germany | 1.2% | ||||||||||
Kreditanstalt fuer Wiederaufbau, | USD | $ | 63 | $ | 54,191 | |||||
| Supranational Bonds | 10.0% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 40 | 37,932 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 80 | 50,367 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 1,140,000 | 75,239 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 41 | 22,976 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 1.900%, 01/16/25 | CAD | 30 | 20,733 | |||||||
| 2.900%, 11/26/25 | AUD | 100 | 61,302 | |||||||
| 1.250%, 03/16/26 | NOK | 660 | 56,288 | |||||||
| 1.125%, 09/13/28 | USD | 35 | 29,325 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 40 | 37,094 | |||||||
| 1.500%, 04/15/35 | AUD | 132 | 56,469 | |||||||
| Total
Supranational Bonds (Cost $559,461) | 447,725 | |||||||||
| U.S. Municipal Bonds | 1.8% | ||||||||||
| California | 1.8% | ||||||||||
| California: | ||||||||||
| 4.500%, 04/01/33 | USD | 45 | 43,328 | |||||||
| 7.550%, 04/01/39 | USD | 30 | 37,359 | |||||||
| Total U.S.
Municipal Bonds (Cost $95,307) | 80,687 | |||||||||
| U.S. Treasury Securities | 3.3% | ||||||||||
| U.S. Treasury Bonds, 1.750%, 08/15/41 | USD | 183 | 125,119 | |||||||
| U.S. Treasury Note, 4.250%, 09/30/24 | USD | 22 | 22,010 | |||||||
| Total
U.S. Treasury Securities (Cost $166,089) | 147,129 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 0.9% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $41,221) | 41,221 | $ | 41,221 | |||||||
| Description | Fair Value | |||||||||
| Total Investments | 99.7% (Cost $5,686,218) (») | $ | 4,464,390 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 11,847 | |||||||||
| Net Assets | 100.0% | $ | 4,476,237 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at September 30, 2022:
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| CAD | 19,277 | USD | 14,785 | HSB | 10/12/22 | $ | — | $ | 831 | ||||||||
| CAD | 47,899 | USD | 36,365 | HSB | 10/12/22 | — | 1,689 | ||||||||||
| CAD | 33,576 | USD | 24,484 | JPM | 10/12/22 | — | 178 | ||||||||||
| CHF | 56,032 | USD | 58,050 | JPM | 10/12/22 | — | 1,223 | ||||||||||
| CNH | 1,932,759 | USD | 288,040 | HSB | 10/12/22 | — | 17,327 | ||||||||||
| CNH | 1,154,651 | USD | 168,805 | HSB | 11/29/22 | — | 6,946 | ||||||||||
| CZK | 294,759 | USD | 11,732 | JPM | 01/11/23 | — | 67 | ||||||||||
| CZK | 614,690 | USD | 25,800 | JPM | 01/11/23 | — | 1,473 | ||||||||||
| EUR | 105,834 | USD | 108,422 | CIT | 10/12/22 | — | 4,644 | ||||||||||
| EUR | 91,636 | USD | 91,932 | HSB | 10/12/22 | — | 2,075 | ||||||||||
| EUR | 482,222 | USD | 493,972 | HSB | 10/12/22 | — | 21,113 | ||||||||||
| EUR | 16,142 | USD | 16,536 | JPM | 10/12/22 | — | 708 | ||||||||||
| EUR | 8,439 | USD | 8,645 | MSC | 10/12/22 | — | 369 | ||||||||||
| GBP | 16,899 | USD | 19,307 | HSB | 10/12/22 | — | 436 | ||||||||||
| HUF | 2,351,239 | USD | 5,983 | HSB | 10/12/22 | — | 548 | ||||||||||
| HUF | 8,196,118 | USD | 20,851 | JPM | 10/12/22 | — | 1,906 | ||||||||||
| JPY | 30,983,116 | USD | 226,848 | CIT | 10/12/22 | — | 12,616 | ||||||||||
| JPY | 69,828,290 | USD | 511,203 | HSB | 10/12/22 | — | 28,378 | ||||||||||
| KRW | 72,280,380 | USD | 55,400 | JPM | 10/20/22 | — | 4,867 | ||||||||||
| KRW | 88,987,900 | USD | 67,813 | JPM | 10/20/22 | — | 5,599 | ||||||||||
| MXN | 226,212 | USD | 11,200 | HSB | 10/12/22 | 16 | — | ||||||||||
| MXN | 479,491 | USD | 23,895 | HSB | 10/12/22 | — | 121 | ||||||||||
| NZD | 47,328 | USD | 30,789 | HSB | 11/10/22 | — | 4,298 | ||||||||||
| NZD | 68,353 | USD | 43,917 | HSB | 11/10/22 | — | 5,658 | ||||||||||
| PEN | 32,052 | USD | 8,552 | JPM | 10/28/22 | — | 532 | ||||||||||
| PLN | 49,616 | USD | 10,900 | HSB | 10/12/22 | — | 902 | ||||||||||
| PLN | 67,776 | USD | 14,204 | HSB | 10/12/22 | — | 547 | ||||||||||
| RON | 401,924 | USD | 81,567 | HSB | 10/12/22 | — | 2,045 | ||||||||||
| SEK | 103,956 | USD | 10,400 | HSB | 10/12/22 | — | 1,029 | ||||||||||
| SEK | 390,439 | USD | 37,273 | JPM | 10/12/22 | — | 2,079 | ||||||||||
| SGD | 5,272 | USD | 3,835 | JPM | 10/12/22 | — | 164 | ||||||||||
| SGD | 15,232 | USD | 10,765 | JPM | 10/12/22 | — | 159 | ||||||||||
| SGD | 21,184 | USD | 15,085 | JPM | 10/12/22 | — | 334 | ||||||||||
| USD | 86,741 | AUD | 126,128 | CIT | 10/12/22 | 6,059 | — | ||||||||||
| USD | 17,800 | AUD | 26,450 | HSB | 10/12/22 | 880 | — | ||||||||||
| USD | 65,209 | AUD | 94,853 | HSB | 10/12/22 | 4,533 | — | ||||||||||
| USD | 9,987 | AUD | 14,523 | JPM | 10/12/22 | 696 | — | ||||||||||
| USD | 61,341 | AUD | 89,222 | MSC | 10/12/22 | 4,266 | — | ||||||||||
| USD | 185,046 | CAD | 239,796 | CIT | 10/12/22 | 11,454 | — | ||||||||||
| USD | 5,400 | CAD | 7,090 | HSB | 10/12/22 | 268 | — | ||||||||||
| USD | 11,073 | CAD | 14,391 | HSB | 10/12/22 | 655 | — | ||||||||||
| USD | 105,696 | CAD | 136,961 | HSB | 10/12/22 | 6,547 | — | ||||||||||
| USD | 111,244 | CAD | 144,156 | JPM | 10/12/22 | 6,886 | — | ||||||||||
| USD | 10,700 | CHF | 10,319 | JPM | 10/12/22 | 235 | — | ||||||||||
| USD | 23,478 | CHF | 22,662 | JPM | 10/12/22 | 495 | — | ||||||||||
Lazard Global Fixed Income Portfolio (continued)
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| USD | 69,464 | CLP | 65,691,753 | CIT | 03/15/23 | $ | 3,643 | $ | — | ||||||||
| USD | 22,090 | CLP | 20,877,270 | HSB | 03/15/23 | 1,172 | — | ||||||||||
| USD | 9,700 | CNH | 68,680 | HSB | 10/12/22 | 80 | — | ||||||||||
| USD | 25,800 | CNH | 180,776 | HSB | 10/12/22 | 479 | — | ||||||||||
| USD | 27,924 | COP | 124,270,000 | HSB | 10/28/22 | 1,094 | — | ||||||||||
| USD | 8,240 | CZK | 201,814 | JPM | 01/11/23 | 253 | — | ||||||||||
| USD | 30,300 | CZK | 746,919 | JPM | 01/11/23 | 740 | — | ||||||||||
| USD | 60,370 | CZK | 1,503,170 | JPM | 01/11/23 | 881 | — | ||||||||||
| USD | 35,800 | EUR | 36,365 | HSB | 10/12/22 | 141 | — | ||||||||||
| USD | 36,100 | EUR | 36,948 | HSB | 10/12/22 | — | 131 | ||||||||||
| USD | 49,500 | EUR | 49,867 | HSB | 10/12/22 | 601 | — | ||||||||||
| USD | 108,000 | EUR | 107,929 | HSB | 10/12/22 | 2,166 | — | ||||||||||
| USD | 13,200 | EUR | 13,642 | JPM | 10/12/22 | — | 177 | ||||||||||
| USD | 45,800 | EUR | 45,712 | JPM | 10/12/22 | 975 | — | ||||||||||
| USD | 8,300 | GBP | 7,579 | HSB | 10/12/22 | — | 163 | ||||||||||
| USD | 19,330 | GBP | 16,042 | HSB | 10/12/22 | 1,415 | — | ||||||||||
| USD | 29,600 | GBP | 27,112 | HSB | 10/12/22 | — | 677 | ||||||||||
| USD | 11,400 | GBP | 10,516 | JPM | 10/12/22 | — | 344 | ||||||||||
| USD | 16,100 | GBP | 14,108 | JPM | 10/12/22 | 345 | — | ||||||||||
| USD | 42,124 | GBP | 34,953 | JPM | 10/12/22 | 3,090 | — | ||||||||||
| USD | 5,766 | HUF | 2,351,239 | HSB | 10/12/22 | 332 | — | ||||||||||
| USD | 20,091 | HUF | 8,196,118 | JPM | 10/12/22 | 1,146 | — | ||||||||||
| USD | 12,600 | IDR | 189,239,400 | JPM | 10/20/22 | 179 | — | ||||||||||
| USD | 20,315 | IDR | 306,552,448 | JPM | 10/20/22 | 193 | — | ||||||||||
| USD | 27,751 | JPY | 3,790,322 | CIT | 10/12/22 | 1,543 | — | ||||||||||
| USD | 22,300 | JPY | 3,168,957 | HSB | 10/12/22 | 388 | — | ||||||||||
| USD | 32,200 | JPY | 4,604,368 | JPM | 10/12/22 | 363 | — | ||||||||||
| USD | 40,600 | JPY | 5,564,128 | JPM | 10/12/22 | 2,127 | — | ||||||||||
| USD | 52,600 | JPY | 7,483,617 | JPM | 10/12/22 | 855 | — | ||||||||||
| USD | 63,600 | KRW | 86,454,660 | JPM | 10/20/22 | 3,157 | — | ||||||||||
| USD | 64,581 | MXN | 1,342,839 | HSB | 10/12/22 | — | 1,998 | ||||||||||
| USD | 28,258 | MXN | 587,793 | JPM | 10/12/22 | — | 886 | ||||||||||
| USD | 26,782 | NOK | 269,807 | HSB | 10/12/22 | 2,003 | — | ||||||||||
| USD | 129,366 | NOK | 1,304,005 | JPM | 10/12/22 | 9,609 | — | ||||||||||
| USD | 74,749 | NZD | 116,322 | CIT | 11/10/22 | 9,641 | — | ||||||||||
| USD | 185,018 | NZD | 287,965 | HSB | 11/10/22 | 23,838 | — | ||||||||||
| USD | 5,800 | NZD | 9,764 | JPM | 11/10/22 | 335 | — | ||||||||||
| USD | 135,247 | NZD | 210,497 | JPM | 11/10/22 | 17,427 | — | ||||||||||
| USD | 67,409 | PEN | 262,186 | JPM | 10/28/22 | 1,809 | — | ||||||||||
| USD | 28,881 | PLN | 135,111 | HSB | 10/12/22 | 1,656 | — | ||||||||||
| USD | 41,483 | PLN | 197,946 | HSB | 10/12/22 | 1,597 | — | ||||||||||
| USD | 26,800 | SEK | 301,679 | HSB | 10/12/22 | — | 393 | ||||||||||
| USD | 8,552 | SGD | 11,641 | HSB | 10/12/22 | 446 | — | ||||||||||
| USD | 58,856 | SGD | 80,127 | JPM | 10/12/22 | 3,063 | — | ||||||||||
| USD | 45,477 | THB | 1,515,972 | HSB | 10/12/22 | 5,273 | — | ||||||||||
Lazard Global Fixed Income Portfolio (concluded)
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| USD | 21,494 | THB | 772,718 | HSB | 03/13/23 | $ | 714 | $ | — | ||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 147,759 | $ | 135,630 | |||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 96.3% | ||||||||
| Aerospace & Defense | 0.8% | ||||||||
| Howmet Aerospace, Inc., 3.000%, 01/15/29 | $ | 1,500 | $ | 1,225,440 | ||||
| Triumph Group, Inc., 6.250%, 09/15/24 (#) | 500 | 455,805 | ||||||
| 1,681,245 | ||||||||
| Airlines | 0.5% | ||||||||
| United Airlines Pass-Through Trust, Series A, 4.150%, 10/11/25 | 1,114 | 1,054,188 | ||||||
| Auto Components | 1.6% | ||||||||
| Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 231,735 | ||||||
| 5.250%, 07/15/31 | 1,500 | 1,200,000 | ||||||
| Tenneco, Inc., 5.000%, 07/15/26 | 2,100 | 2,042,250 | ||||||
| 3,473,985 | ||||||||
| Automobiles | 0.3% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 680,070 | ||||||
| Building Products | 1.4% | ||||||||
| Builders FirstSource, Inc., 4.250%, 02/01/32 (#) | 2,000 | 1,534,270 | ||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,505,000 | ||||||
| 3,039,270 | ||||||||
| Capital Markets | 1.4% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,401,810 | ||||||
| MPT Operating Partnership LP, 3.500%, 03/15/31 | 500 | 348,125 | ||||||
| MSCI, Inc., 3.250%, 08/15/33 (#) | 1,750 | 1,351,402 | ||||||
| 3,101,337 | ||||||||
| Chemicals | 3.1% | ||||||||
| Ashland LLC, 3.375%, 09/01/31 (#) | 1,500 | 1,159,372 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,750 | 1,470,000 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 823,379 | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,366,785 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | $ | 1,500 | $ | 1,104,734 | ||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 859,630 | ||||||
| 6,783,900 | ||||||||
| Commercial Services & Supplies | 6.1% | ||||||||
| ACCO Brands Corp., 4.250%, 03/15/29 (#) | 2,000 | 1,504,570 | ||||||
| ADT Security Corp.: | ||||||||
| 4.125%, 06/15/23 | 500 | 495,375 | ||||||
| 4.125%, 08/01/29 (#) | 250 | 207,500 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 1,910,112 | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | 1,900 | 1,743,003 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 1,823,100 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,475,793 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,737,702 | ||||||
| Pitney Bowes, Inc., 6.875%, 03/15/27 (#) | 2,000 | 1,225,491 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,260,255 | ||||||
| 13,382,901 | ||||||||
| Construction Materials | 0.7% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) |
1,760 | 1,589,474 | ||||||
| Consumer Finance | 0.8% | ||||||||
| Ford Motor Credit Co. LLC: | ||||||||
| 2.700%, 08/10/26 | 1,000 | 829,390 | ||||||
| 4.125%, 08/17/27 | 1,000 | 860,500 | ||||||
| 1,689,890 | ||||||||
| Containers & Packaging | 2.9% | ||||||||
| Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#) | 1,200 | 878,824 | ||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 999,156 | ||||||
| Crown Americas LLC, 4.250%, 09/30/26 | 500 | 452,940 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,360,513 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 1,996 | 1,770,452 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | $ | 750 | $ | 785,002 | ||||
| 6,246,887 | ||||||||
| Diversified Consumer Services | 0.8% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 1,810,000 | ||||||
| Diversified Financial Services | 1.4% | ||||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 780,010 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 740,390 | ||||||
| Suburban Propane Partners LP, 5.000%, 06/01/31 (#) | 1,750 | 1,436,400 | ||||||
| 2,956,800 | ||||||||
| Diversified Telecommunication Services | 2.6% | ||||||||
| Connect Finco SARL, 6.750%, 10/01/26 (#) | 1,500 | 1,297,500 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 1,910,605 | ||||||
| Lumen Technologies, Inc., 4.000%, 02/15/27 (#) | 1,100 | 923,757 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 2,000 | 1,604,900 | ||||||
| 5,736,762 | ||||||||
| Electric Utilities | 0.5% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,170,000 | ||||||
| Electrical Equipment | 1.5% | ||||||||
| Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#) | 1,400 | 925,750 | ||||||
| Sensata Technologies, Inc.: | ||||||||
| 4.375%, 02/15/30 (#) | 1,100 | 919,061 | ||||||
| 3.750%, 02/15/31 (#) | 250 | 196,926 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,247,595 | ||||||
| 3,289,332 | ||||||||
| Energy Equipment & Services | 0.4% | ||||||||
| DCP Midstream Operating LP, 3.250%, 02/15/32 | 1,050 | 830,044 | ||||||
| Entertainment | 2.2% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | 1,500 | 1,153,635 | ||||||
| Live Nation Entertainment, Inc.: | ||||||||
| 4.875%, 11/01/24 (#) | 1,550 | 1,499,392 | ||||||
| 3.750%, 01/15/28 (#) | 500 | 423,750 | ||||||
| Netflix, Inc., 4.375%, 11/15/26 | 500 | 472,018 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| WMG Acquisition Corp., 3.000%, 02/15/31 (#) | $ | 1,800 | $ | 1,366,487 | ||||
| 4,915,282 | ||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.8% | ||||||||
| HAT Holdings I LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,203,750 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 410,745 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 966,475 | ||||||
| Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#) | 1,500 | 1,215,000 | ||||||
| RHP Hotel Properties LP, 4.500%, 02/15/29 (#) | 1,750 | 1,452,012 | ||||||
| VICI Properties LPVICI Properties LP, 4.500%, 09/01/26 (#) | 1,800 | 1,643,805 | ||||||
| VICI Properties LP, 4.250%, 12/01/26 (#) | 1,500 | 1,353,891 | ||||||
| 8,245,678 | ||||||||
| Food & Staples Retailing | 2.8% | ||||||||
| Albertsons Cos, Inc., 3.500%, 03/15/29 (#) | 1,500 | 1,209,000 | ||||||
| Kraft Heinz Foods Co., 4.250%, 03/01/31 | 2,350 | 2,115,087 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,498,680 | ||||||
| US Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,241,257 | ||||||
| 6,064,024 | ||||||||
| Food Products | 3.6% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,305,000 | ||||||
| Darling Ingredients, Inc., 6.000%, 06/15/30 (#) | 2,000 | 1,903,380 | ||||||
| Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#) | 2,000 | 1,692,480 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,610,000 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,395,432 | ||||||
| 7,906,292 | ||||||||
| Gas Utilities | 0.7% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,480,335 | ||||||
| Health Care Equipment & Supplies | 1.9% | ||||||||
| Avantor Funding, Inc., 3.875%, 11/01/29 (#) | 1,500 | 1,218,300 | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | 2,000 | 1,845,000 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Medline Borrower LP, 3.875%, 04/01/29 (#) | $ | 1,500 | $ | 1,202,535 | ||||
| 4,265,835 | ||||||||
| Health Care Providers & Services | 5.9% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,226,250 | ||||||
| DaVita, Inc., 4.625%, 06/01/30 (#) | 2,000 | 1,547,500 | ||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,461,187 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 1,651,440 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,032,915 | ||||||
| Molina Healthcare, Inc., 3.875%, 05/15/32 (#) | 1,750 | 1,433,471 | ||||||
| PRA Health Sciences, Inc., 2.875%, 07/15/26 (#) | 200 | 175,969 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 309 | 298,797 | ||||||
| 4.875%, 01/01/26 (#) | 1,000 | 929,270 | ||||||
| 4.375%, 01/15/30 (#) | 1,500 | 1,252,050 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25 |
1,900 | 1,849,469 | ||||||
| 12,858,318 | ||||||||
| Hotels, Restaurants & Leisure | 8.2% | ||||||||
| 1011778 BC ULC, 3.875%, 01/15/28 (#) | 2,100 | 1,827,441 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 752,259 | ||||||
| 4.750%, 06/15/31 (#) | 1,250 | 1,012,125 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 1,921,575 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,439,787 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,531,797 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,370,940 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 707,536 | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | 1,850 | 1,762,236 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,321,749 | ||||||
| Travel + Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,163,093 | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,000 | 1,872,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Yum! Brands, Inc., 4.625%, 01/31/32 | $ | 1,500 | $ | 1,257,270 | ||||
| 17,940,308 | ||||||||
| Household Durables | 0.6% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,750 | 1,379,042 | ||||||
| Household Products | 1.2% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 950,748 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,701,051 | ||||||
| 2,651,799 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.3% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,321,485 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) |
1,750 | 1,592,500 | ||||||
| 2,913,985 | ||||||||
| Interactive Media & Services | 1.5% | ||||||||
| Twitter Inc, | ||||||||
| 3.875%, 12/15/27 (#) | 1,250 | 1,172,157 | ||||||
| 5.000%, 03/01/30 (#) | 1,000 | 958,310 | ||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,230,000 | ||||||
| 3,360,467 | ||||||||
| IT Services | 0.5% | ||||||||
| Block, Inc., 3.500%, 06/01/31 | 1,450 | 1,124,207 | ||||||
| Machinery | 3.2% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,580,808 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 690,000 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 827,700 | ||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | 2,000 | 1,702,020 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 1,000 | 858,236 | ||||||
| Vertiv Group Corp., 4.125%, 11/15/28 (#) | 1,750 | 1,408,750 | ||||||
| 7,067,514 | ||||||||
| Media | 11.2% | ||||||||
| AMC Networks, Inc., 4.250%, 02/15/29 | 1,000 | 739,360 | ||||||
| CCO Holdings LLC: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 451,250 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,216,875 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | $ | 2,000 | $ | 1,689,474 | ||||
| CSC Holdings LLC: | ||||||||
| 7.500%, 04/01/28 (#) | 1,690 | 1,378,989 | ||||||
| 4.500%, 11/15/31 (#) | 1,000 | 751,180 | ||||||
| DISH DBS Corp.: | ||||||||
| 5.250%, 12/01/26 (#) | 1,000 | 819,247 | ||||||
| 5.750%, 12/01/28 (#) | 750 | 566,805 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 207,564 | ||||||
| Gray Escrow II, Inc., 5.375%, 11/15/31 (#) | 1,000 | 784,425 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,179,765 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,378,961 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,009,165 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,195,800 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| 5.125%, 02/15/27 (#) | 1,750 | 1,447,439 | ||||||
| 4.125%, 12/01/30 (#) | 1,000 | 752,500 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,605,625 | ||||||
| 3.875%, 09/01/31 (#) | 1,000 | 775,440 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,610,945 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 1,898,740 | ||||||
| Videotron Ltd., 5.125%, 04/15/27 (#) | 500 | 458,923 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,560,901 | ||||||
| 24,479,373 | ||||||||
| Metals & Mining | 1.3% | ||||||||
| FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#) |
1,750 | 1,540,000 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,230,000 | ||||||
| 2,770,000 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | 1,743 | 1,481,550 | ||||||
| Oil, Gas & Consumable Fuels | 7.8% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,275,000 | ||||||
| Cheniere Energy Partners LP, 3.250%, 01/31/32 | 1,750 | 1,343,746 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | $ | 1,350 | $ | 1,113,372 | ||||
| EQT Corp., 3.625%, 05/15/31 (#) | 1,750 | 1,458,915 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,493,875 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 1,000 | 880,990 | ||||||
| Murphy Oil Corp., 5.875%, 12/01/27 | 500 | 467,370 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,658,125 | ||||||
| Range Resources Corp., 4.750%, 02/15/30 (#) | 1,750 | 1,517,652 | ||||||
| Southwestern Energy Co.: | ||||||||
| 5.700%, 01/23/25 | 1,800 | 1,762,380 | ||||||
| 4.750%, 02/01/32 | 250 | 209,525 | ||||||
| Sunoco LP / Sunoco Finance Corp., 4.500%, 04/30/30 | 2,000 | 1,635,000 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,066,944 | ||||||
| Targa Resources Partners LP, 4.000%, 01/15/32 | 1,500 | 1,237,058 | ||||||
| 17,119,952 | ||||||||
| Professional Services | 0.9% | ||||||||
| Nielsen Finance LLC: | ||||||||
| 5.625%, 10/01/28 (#) | 1,000 | 992,528 | ||||||
| 5.875%, 10/01/30 (#) | 1,000 | 995,865 | ||||||
| 1,988,393 | ||||||||
| Software | 1.7% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 989,760 | ||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 1,500 | 1,260,000 | ||||||
| NCR Corp.: | ||||||||
| 5.750%, 09/01/27 (#) | 1,000 | 905,992 | ||||||
| 5.125%, 04/15/29 (#) | 750 | 562,515 | ||||||
| 3,718,267 | ||||||||
| Specialty Retail | 2.1% | ||||||||
| Asbury Automotive Group, Inc.: | ||||||||
| 4.500%, 03/01/28 | 987 | 834,015 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 577,545 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 805,210 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,390,906 | ||||||
| QVC, Inc., 4.750%, 02/15/27 | 1,250 | 937,224 | ||||||
| 4,544,900 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Technology Hardware, Storage & Peripherals | 1.6% | ||||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | $ | 2,083 | $ | 1,658,526 | ||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 1,851,960 | ||||||
| 3,510,486 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.8% | ||||||||
| Hanesbrands, Inc., 4.625%, 05/15/24 (#) | 1,750 | 1,668,625 | ||||||
| Trading Companies & Distributors | 3.0% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 962,258 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,315,672 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,350,000 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,406,600 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 500 | 483,178 | ||||||
| 3.875%, 11/15/27 | 1,100 | 984,329 | ||||||
| 6,502,037 | ||||||||
| Wireless Telecommunication Services | 1.0% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 507,480 | ||||||
| T-Mobile USA, Inc., 3.500%, 04/15/31 | 2,000 | 1,680,620 | ||||||
| 2,188,100 | ||||||||
| Total Corporate Bonds (Cost $247,989,958) | 210,660,854 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $5,536,866) | 5,536,866 | $ | 5,536,866 | |||||
| Total Investments | 98.8% (Cost $253,526,824) | $ | 216,197,720 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 2,530,548 | |||||||
| Net Assets | 100.0% | $ | 218,728,268 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Corporate Bonds | 15.2% | ||||||||
| Banks | 4.1% | ||||||||
| Bank of America Corp., 3.300%, 01/11/23 | $ | 2,650 | $ | 2,643,413 | ||||
| Biotechnology | 3.2% | ||||||||
| AbbVie, Inc., 2.900%, 11/06/22 | 2,041 | 2,037,408 | ||||||
| Capital Markets | 2.5% | ||||||||
| Goldman Sachs Group, Inc., 4.000%, 03/03/24 | 1,650 | 1,625,725 | ||||||
| Consumer Finance | 3.0% | ||||||||
| American Express Co., 2.500%, 07/30/24 | 1,975 | 1,891,580 | ||||||
| Internet & Direct Marketing Retail | 2.4% | ||||||||
| eBay, Inc., 2.750%, 01/30/23 | 1,545 | 1,535,618 | ||||||
| Total Corporate Bonds (Cost $9,910,611) | 9,733,744 | |||||||
| U.S. Treasury Securities | 84.1% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 0.875%, 01/31/24 | 29,570 | 28,249,745 | ||||||
| 1.500%, 02/29/24 | 8,070 | 7,760,440 | ||||||
| 2.250%, 03/31/24 | 13,965 | 13,546,050 | ||||||
| 2.500%, 04/30/24 | 795 | 772,827 | ||||||
| 3.000%, 06/30/24 | 3,420 | 3,345,455 | ||||||
| Total U.S. Treasury Securities (Cost $55,428,242) | 53,674,517 | |||||||
| Description | Shares | Fair | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 2.47% (7 day yield) (Cost $317,167) | 317,167 | $ | 317,167 | |||||
| Total Investments l 99.8% (Cost $65,656,020) | $ | 63,725,428 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 109,652 | |||||||
| Net Assets | 100.0% | $ | 63,835,080 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.3% | ||||||||
| Brazil | 0.0% | ||||||||
| Gol Linhas Aereas Inteligentes SA ADR (±) | 3,074 | $ | 10,114 | |||||
| China | 0.0% | ||||||||
| NIO, Inc. ADR (*) | 242 | 3,816 | ||||||
| United States | 0.3% | ||||||||
| Alteryx, Inc., Class A (*) | 18 | 1,005 | ||||||
| Groupon, Inc. (*) | 242 | 1,926 | ||||||
| Omeros Corp. (*) | 76 | 240 | ||||||
| PennyMac Mortgage Investment Trust REIT(±) | 1,338 | 15,762 | ||||||
| Porch Group, Inc. (*),(±) | 4,734 | 10,652 | ||||||
| PRA Group, Inc. (*),(±) | 284 | 9,332 | ||||||
| Shift Technologies, Inc. (*) | 12,544 | 8,782 | ||||||
| Starwood Property Trust, Inc. REIT (±) | 1,615 | 29,425 | ||||||
| Zogenix, Inc. CVR (¢) | 40,674 | 27,658 | ||||||
| 104,782 | ||||||||
| Total Common Stocks (Cost $126,685) | 118,712 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Convertible Corporate Bonds | 130.0% | ||||||||||||
| Australia | 0.1% | ||||||||||||
| Zip Co. Ltd., 0.000%, 04/23/28 (±) | AUD | 300 | $ | 57,557 | ||||||||
| Austria | 0.7% | ||||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (±) | EUR | 500 | 326,597 | |||||||||
| Canada | 3.7% | ||||||||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 395 | 363,400 | |||||||||
| Dye & Durham Ltd., 3.750%, 03/01/26 | CAD | 897 | 514,621 | |||||||||
| Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±) | USD | 293 | 330,738 | |||||||||
| Lithium Americas Corp., 1.750%, 01/15/27 (±) | USD | 236 | 208,034 | |||||||||
| Osisko Gold Royalties Ltd., 4.000%, 12/31/22 | CAD | 385 | 277,389 | |||||||||
| 1,694,182 | ||||||||||||
| China | 3.7% | ||||||||||||
| NIO Inc., 0.000%, 02/01/26 | USD | 453 | 402,860 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Li Auto, Inc., 0.250%, 05/01/28 (±) | USD | 1,076 | $ | 1,109,720 | ||||||||
| ZTO Express Cayman, Inc., 1.500%, 09/01/27 (±) | USD | 185 | 176,398 | |||||||||
| 1,688,978 | ||||||||||||
| Hong Kong | 0.6% | ||||||||||||
| Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±) | HKD | 2,000 | 268,165 | |||||||||
| Netherlands | 0.6% | ||||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 300 | 259,321 | |||||||||
| Panama | 3.6% | ||||||||||||
| Copa Holdings SA, 4.500%, 04/15/25 (±) | USD | 1,133 | 1,636,052 | |||||||||
| South Korea | 0.7% | ||||||||||||
| Delivery Hero SE: | ||||||||||||
| 1.500%, 01/15/28 (±) | EUR | 300 | 188,268 | |||||||||
| 1.000%, 04/30/26 (±) | EUR | 200 | 140,086 | |||||||||
| 328,354 | ||||||||||||
| United Kingdom | 0.3% | ||||||||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 200 | 148,944 | |||||||||
| United States | 116.0% | ||||||||||||
| 8x8, Inc., 4.000%, 02/01/28 (±) | USD | 415 | 303,988 | |||||||||
| Airbnb, Inc., 0.000%, 03/15/26 (±) | USD | 501 | 417,333 | |||||||||
| Altair Engineering, Inc., 1.750%, 06/15/27 (±) | USD | 236 | 211,574 | |||||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 443 | 448,980 | |||||||||
| Amyris, Inc., 1.500%, 11/15/26 (±) | USD | 765 | 387,090 | |||||||||
| Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 | USD | 197 | 384,942 | |||||||||
| Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±) | USD | 415 | 378,065 | |||||||||
| Array Technologies, Inc., 1.000%, 12/01/28 (±) | USD | 484 | 431,737 | |||||||||
| Avadel Finance Cayman Ltd., | ||||||||||||
| 4.500%, 02/01/23 (±) | USD | 426 | 416,667 | |||||||||
| 4.500%, 10/02/23 | USD | 610 | 526,774 | |||||||||
| Avid SPV LLC, 1.250%, 03/15/26 (±) | USD | 478 | 539,184 | |||||||||
| Bentley Systems, Inc., 0.375%, 07/01/27 (±) | USD | 335 | 254,098 | |||||||||
| Blackline, Inc., 0.000%, 03/15/26 (±) | USD | 193 | 157,102 | |||||||||
| Bloom Energy Corp., 2.500%, 08/15/25 (±) | USD | 787 | 1,098,258 | |||||||||
Lazard Enhanced Opportunities Portfolio
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Braemar Hotels & Resorts, Inc., 4.500%, 06/01/26 (±) | USD | 499 | $ | 478,663 | ||||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 293 | 181,074 | |||||||||
| Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±) | USD | 880 | 866,800 | |||||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 693 | 780,664 | |||||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 745 | 589,481 | |||||||||
| Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±) | USD | 456 | 392,961 | |||||||||
| Coupa Software, Inc., 0.125%, 06/15/25 (±) | USD | 301 | 255,399 | |||||||||
| Cutera, Inc.: | ||||||||||||
| 2.250%, 03/15/26 (±) | USD | 175 | 269,928 | |||||||||
| 2.250%, 06/01/28 (±) | USD | 397 | 433,524 | |||||||||
| Danimer Scientific, Inc., 3.250%, 12/15/26 (±) | USD | 264 | 139,920 | |||||||||
| Desktop Metal, Inc., 6.000%, 05/15/27 (±) | USD | 307 | 500,717 | |||||||||
| DISH Network Corp., 0.000%, 12/15/25 (±) | USD | 184 | 121,624 | |||||||||
| Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±) | USD | 604 | 866,859 | |||||||||
| Envestnet, Inc., 0.750%, 08/15/25 (±) | USD | 655 | 551,019 | |||||||||
| Envista Holdings Corp., 2.375%, 06/01/25 (±) | USD | 459 | 756,661 | |||||||||
| Etsy, Inc., 0.250%, 06/15/28 (±) | USD | 114 | 88,749 | |||||||||
| Everbridge, Inc., 0.125%, 12/15/24 (±) | USD | 253 | 223,589 | |||||||||
| EZCORP, Inc., 2.875%, 07/01/24 (±) | USD | 1,108 | 1,150,658 | |||||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 738 | 384,371 | |||||||||
| Ford Motor Co., 0.000%, 03/15/26 (±) | USD | 394 | 362,283 | |||||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 411 | 199,541 | |||||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 390 | 402,674 | |||||||||
| Granite Construction, Inc., 2.750%, 11/01/24 (±) | USD | 338 | 345,521 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 368 | $ | 290,536 | ||||||||
| Guess?, Inc., 2.000%, 04/15/24 (±) | USD | 1,179 | 1,116,366 | |||||||||
| Guidewire Software, Inc., 1.250%, 03/15/25 (±) | USD | 510 | 460,020 | |||||||||
| Halozyme Therapeutics, Inc., 1.000%, 08/15/28 (±) | USD | 356 | 334,195 | |||||||||
| Hat Holdings I LLC, 0.000%, 05/01/25 (±) | USD | 456 | 409,853 | |||||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 425 | 362,844 | |||||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 869 | 884,207 | |||||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 1,259 | 1,206,248 | |||||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 542 | 467,136 | |||||||||
| Infinera Corp., 3.750%, 08/01/28 (±) | USD | 62 | 61,597 | |||||||||
| Innoviva, Inc., 2.125%, 03/15/28 (±) | USD | 705 | 549,547 | |||||||||
| Inotiv, Inc., 3.250%, 10/15/27 (±) | USD | 337 | 269,605 | |||||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 748 | 685,542 | |||||||||
| Intercept Pharmaceuticals, Inc., 3.500%, 02/15/26 (±) | USD | 176 | 177,760 | |||||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 (±) | USD | 127 | 126,127 | |||||||||
| KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±) | USD | 276 | 273,930 | |||||||||
| Liberty Broadband Corp.: | ||||||||||||
| 1.250%, 09/30/50 (±) | USD | 664 | 630,800 | |||||||||
| 2.750%, 09/30/50 (±) | USD | 520 | 499,836 | |||||||||
| Liberty Media Corp-Liberty Formula One, 2.250%, 08/15/27 (±) | USD | 90 | 83,745 | |||||||||
| Liberty Media Corp.: | ||||||||||||
| 2.125%, 03/31/48 (±) | USD | 930 | 876,525 | |||||||||
| 2.750%, 12/01/49 (±) | USD | 534 | 484,071 | |||||||||
| Livent Corp., 4.125%, 07/15/25 (±) | USD | 459 | 1,655,383 | |||||||||
| Luminar Technologies, Inc., 1.250%, 12/15/26 (±) | USD | 153 | 97,691 | |||||||||
| MannKind Corp., 2.500%, 03/01/26 (±) | USD | 948 | 858,888 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||
| Marcus Corp., 5.000%, 09/15/25 (±) | USD | 718 | $ | 1,091,104 | ||||||||
| Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±) | USD | 605 | 537,845 | |||||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 67 | 55,945 | |||||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 582 | 472,195 | |||||||||
| MP Materials Corp., 0.250%, 04/01/26 (±) | USD | 367 | 335,071 | |||||||||
| National Vision Holdings, Inc., 2.500%, 05/15/25 (±) | USD | 808 | 1,002,970 | |||||||||
| NCL Corp. Ltd.: | ||||||||||||
| 1.125%, 02/15/27 (±) | USD | 752 | 474,717 | |||||||||
| 2.500%, 02/15/27 (±) | USD | 200 | 131,500 | |||||||||
| Nutanix, Inc., 0.250%, 10/01/27 (±) | USD | 814 | 616,198 | |||||||||
| Okta, Inc.: | ||||||||||||
| 0.125%, 09/01/25 (±) | USD | 37 | 31,080 | |||||||||
| 0.375%, 06/15/26 (±) | USD | 108 | 84,402 | |||||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 118 | 116,378 | |||||||||
| Palo Alto Networks, Inc., 0.750%, 07/01/23 (±) | USD | 944 | 1,752,536 | |||||||||
| PAR Technology Corp., 1.500%, 10/15/27 (±) | USD | 395 | 290,841 | |||||||||
| Parsons Corp., 0.250%, 08/15/25 (±) | USD | 86 | 88,924 | |||||||||
| Peabody Energy Corp., 3.250%, 03/01/28 (±) | USD | 525 | 772,800 | |||||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 1,004 | 861,432 | |||||||||
| PennyMac Corp. , | ||||||||||||
| 5.500%, 11/01/24 (±) | USD | 403 | 378,568 | |||||||||
| 5.500%, 03/15/26 (±) | USD | 692 | 569,170 | |||||||||
| Plug Power, Inc., 3.750%, 06/01/25 (±) | USD | 318 | 1,337,508 | |||||||||
| Post Holdings, Inc., 2.500%, 08/15/27 (±) | USD | 267 | 264,998 | |||||||||
| Radius Global Infrastructure, Inc., 2.500%, 09/15/26 (±) | USD | 559 | 454,131 | |||||||||
| Redwood Trust, Inc.: | ||||||||||||
| 4.750%, 08/15/23 (±) | USD | 1,270 | 1,254,123 | |||||||||
| 7.750%, 06/15/27 (±) | USD | 315 | 254,271 | |||||||||
| Realogy Group LLC 0.250%, 06/15/25 (±) | USD | 582 | 409,146 | |||||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27(±) | USD | 582 | 634,380 | |||||||||
| Royal Caribbean Cruises Ltd., 2.875%, 11/15/23 (±) | USD | 342 | 321,309 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||
| 6.000%, 08/15/25 | USD | 1048 | $ | 1,109,308 | ||||||||
| Shift4 Payments, Inc., 0.000%, 12/15/25 (±) | USD | 760 | 674,500 | |||||||||
| Splunk, Inc., 1.125%, 09/15/25 (±) | USD | 96 | 84,712 | |||||||||
| SPOTIFY USA, Inc.,Co., 0.000%, 03/15/26 (±) | USD | 210 | 165,900 | |||||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 157 | 130,938 | |||||||||
| Sunnova Energy International, Inc., 2.625%, 02/15/28 (±) | USD | 468 | 418,392 | |||||||||
| SunPower Corp., 4.000%, 01/15/23 (±) | USD | 132 | 144,144 | |||||||||
| Tandem Diabetes Care, Inc., 1.500%, 05/01/25 (±) | USD | 255 | 230,648 | |||||||||
| TechTarget, Inc., 0.000%, 12/15/26 (±) | USD | 535 | 415,959 | |||||||||
| Travere Therapeutics Inc., 2.250%, 03/01/29 (±) | USD | 506 | 517,385 | |||||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 354 | 296,263 | |||||||||
| United States Steel Corp., 5.000%, 11/01/26 (±) | USD | 838 | 1,287,587 | |||||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 433 | 241,127 | |||||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 574 | 690,452 | |||||||||
| Veeco Instruments Inc., 3.750%, 06/01/27 (±) | USD | 545 | 834,122 | |||||||||
| Virgin Galactic Holdings Inc., 2.500%, 02/01/27 (±) | USD | 190 | 106,020 | |||||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 387 | 360,645 | |||||||||
| Wayfair, Inc.: | ||||||||||||
| 0.625%, 10/01/25 (±) | USD | 334 | 225,451 | |||||||||
| 1.000%, 08/15/26 (±) | USD | 321 | 201,423 | |||||||||
| 3.250%, 09/15/27 (±) | USD | 202 | 160,287 | |||||||||
| Xometry Inc., 1.000%, 02/01/27 (±) | USD | 498 | 592,570 | |||||||||
| 52,642,299 | ||||||||||||
| Total Convertible Corporate Bonds (Cost $65,634,945) | 59,050,449 | |||||||||||
| Description |
| Shares | Fair Value | |||||||||
| Exchange-Traded Funds | 4.6% | ||||||||||||
| Invesco QQQ Trust Series 1 (Cost $2,244,207) | 7,901 | $ | 2,111,621 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||
| Purchased Options | 0.1% | ||||||||||||||||
| Call | ||||||||||||||||
| Affirm Holdings, Inc., Expires 10/21/22 | MSC | 2 | $ | 50 | $ | 200 | $ | 4 | ||||||||
| Airbnb, Inc., Expires 10/21/22 | MSC | 4 | 125 | 400 | 264 | |||||||||||
| Alteryx, Inc., Expires 11/18/22 | MSC | 2 | 70 | 200 | 260 | |||||||||||
| Alteryx, Inc., Expires 10/21/22 | MSC | 2 | 75 | 200 | 22 | |||||||||||
| Array Technologies, Inc., Expires 11/18/22 | MSC | 35 | 20 | 3,500 | 3,500 | |||||||||||
| Arrival Sa, Expires 12/16/22 | MSC | 37 | 2 | 3,700 | 370 | |||||||||||
| Confluent, Inc., Expires 10/21/22 | MSC | 12 | 40 | 1,200 | 120 | |||||||||||
| Coupa Software, Inc., Expires 12/16/22 | MSC | 2 | 75 | 200 | 620 | |||||||||||
| Fiverr International, Ltd. Expires 10/21/22 | MSC | 3 | 50 | 300 | 27 | |||||||||||
| Gol Linhas Aereas Inteligentes, Expires 01/20/23 | MSC | 36 | 5 | 3,600 | 360 | |||||||||||
| Gossamer Bio, Inc., Expires 11/18/22 | MSC | 8 | 15 | 800 | 880 | |||||||||||
| Gossamer Bio, Inc., Expires 11/18/22 | MSC | 8 | 18 | 800 | 776 | |||||||||||
| Greenbrier Cos., Inc., Expires 12/16/22 | MSC | 7 | 40 | 700 | 105 | |||||||||||
| Groupon, Inc., Expires 10/21/22 | MSC | 5 | 15 | 500 | 25 | |||||||||||
| Helix Energy Solutions Group I, Expires 12/16/22 | MSC | 71 | 5 | 7,100 | 355 | |||||||||||
| Helix Energy Solutions Group I, Expires 10/21/22 | MSC | 11 | 5 | 1,100 | 11 | |||||||||||
| Invesco Qqq Trust Series 1,Expires 10/21/22 | MSC | 51 | 289 | 5,100 | 9,027 | |||||||||||
| Invesco Qqq Trust Series 1,Expires 10/21/22 | MSC | 33 | 298 | 3,300 | 2,244 | |||||||||||
| Invesco Qqq Trust Series 1,Expires 10/21/22 | MSC | 22 | 305 | 2,200 | 726 | |||||||||||
| Lucid Group, Inc., Expires 10/21/22 | MSC | 11 | 20 | 1,100 | 66 | |||||||||||
| Norwegian Cruise Line Holdings, Expires 10/21/22 | MSC | 31 | 18 | 3,100 | 124 | |||||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Opendoor Technologies, Inc., Expires 10/21/22 | MSC | 94 | $ | 6 | $ | 9,400 | $ | 94 | ||||||||
| Repay Holdings Corp., Expires 12/16/22 | MSC | 18 | 13 | 1,800 | 90 | |||||||||||
| Sirius Xm Holdings, Inc., Expires 12/16/22 | MSC | 66 | 7 | 6,600 | 330 | |||||||||||
| Sirius Xm Holdings, Inc., Expires 01/20/23 | MSC | 12 | 7 | 1,200 | 120 | |||||||||||
| Put | ||||||||||||||||
| 8X8, Inc., Expires 01/20/23 | MSC | 40 | 3 | 4,000 | 800 | |||||||||||
| Amyris, Inc., Expires 12/16/22 | MSC | 1 | 2 | 100 | 5 | |||||||||||
| Amyris, Inc., Expires 01/20/23 | MSC | 93 | 2 | 9,300 | 2,325 | |||||||||||
| Amyris, Inc, Expires 10/21/22 | MSC | 44 | 4 | 4,400 | 2,860 | |||||||||||
| American Airlines Group, Inc., Expires 01/20/23 | MSC | 7 | 10 | 700 | 602 | |||||||||||
| Danimer Scientific, Inc., Expires 01/20/23 | MSC | 31 | 3 | 3,100 | 1,240 | |||||||||||
| Danimer Scientific, Inc., Expires 11/18/22 | MSC | 8 | 5 | 800 | 1,680 | |||||||||||
| Danimer Scientific, Inc., Expires 11/18/22 | MSC | 15 | 3 | 1,500 | 300 | |||||||||||
| Gol Linhas Aereas Inteligentes, Expires 01/20/23 | MSC | 154 | 3 | 15,400 | 6,930 | |||||||||||
| Gossamer Bio, Inc., Expires 12/16/22 | MSC | 8 | 8 | 800 | 200 | |||||||||||
| Groupon, Inc., Expires 10/21/22 | MSC | 10 | 15 | 1,000 | 6,400 | |||||||||||
| Redfin Corp. , Expires 11/18/22 | MSC | 22 | 5 | 2,200 | 1,210 | |||||||||||
| Shift Technologies, Inc., Expires 02/17/23 | MSC | 39 | 3 | 3,900 | 6,630 | |||||||||||
| Shift Technologies, Inc., Expires 01/20/23 | MSC | 8 | 3 | 800 | 1,400 | |||||||||||
| Total Purchased Options (Cost $123,919) | 53,102 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 27.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $12,436,831) | 12,436,831 | $ | 12,436,831 | |||||
| Description | Shares | Fair Value | ||||||
| Total Investments excluding Securities Sold Short | 162.4% (Cost $80,566,587) | $ | 73,770,715 | ||||||
| Securities Sold Short | (78.0)% | ||||||||
| Common Stocks | (54.9)% | ||||||||
| Austria | (0.1)% | ||||||||
| ams-OSRAM AG | (4,842 | ) | $ | (30,135 | ) | |||
| Canada | (0.7)% | ||||||||
| Dye & Durham Ltd. | (1,959 | ) | (24,137 | ) | ||||
| Ivanhoe Mines Ltd., Class A | (29,229 | ) | (188,110 | ) | ||||
| Lithium Americas Corp. | (3,741 | ) | (98,127 | ) | ||||
| (310,374 | ) | |||||||
| China | (1.6)% | ||||||||
| Li Auto, Inc. ADR | (26,902 | ) | (619,015 | ) | ||||
| ZTO Express Cayman, Inc. ADR | (3,896 | ) | (93,621 | ) | ||||
| (712,636 | ) | |||||||
| Hong Kong | (0.4)% | ||||||||
| Cathay Pacific Airways Ltd. | (173,800 | ) | (182,156 | ) | ||||
| Netherlands | (0.1)% | ||||||||
| Pharming Group NV | (49,557 | ) | (51,262 | ) | ||||
| Panama | (2.7)% | ||||||||
| Copa Holdings SA, Class A | (18,498 | ) | (1,239,551 | ) | ||||
| South Korea | (0.1)% | ||||||||
| Delivery Hero SE | (1,948 | ) | (72,140 | ) | ||||
| United Kingdom | 0.0% | ||||||||
| Just Eat Takeaway.com NV | (821 | ) | (12,517 | ) | ||||
| United States | (49.2)% | ||||||||
| 8x8, Inc. | (44,517 | ) | (153,584 | ) | ||||
| Airbnb, Inc., Class A | (568 | ) | (59,663 | ) | ||||
| Altair Engineering, Inc., Class A | (2,055 | ) | (90,872 | ) | ||||
| American Airlines Group, Inc. | (19,141 | ) | (230,458 | ) | ||||
| Amyris, Inc. | (53,351 | ) | (155,785 | ) | ||||
| Anywhere Real Estate, Inc. | (9,747 | ) | (79,048 | ) | ||||
| Apellis Pharmaceuticals, Inc. | (4,376 | ) | (298,881 | ) | ||||
| Arbor Realty Trust, Inc. REIT | (7,198 | ) | (82,777 | ) | ||||
| Array Technologies, Inc. | (18,344 | ) | (304,143 | ) | ||||
| Avadel Pharmaceuticals PLC ADR | (41,760 | ) | (209,218 | ) | ||||
| Avid Bioservices, Inc. | (17,190 | ) | (328,673 | ) | ||||
| Beauty Health Co. | (592 | ) | (6,980 | ) | ||||
| Bentley Systems, Inc., Class B | (715 | ) | (21,872 | ) | ||||
| Blackline, Inc. | (370 | ) | (22,163 | ) | ||||
| Bloom Energy Corp. | (40,485 | ) | (809,295 | ) | ||||
| Braemar Hotels & Resorts, Inc. REIT | (49,831 | ) | (214,273 | ) | ||||
| Century Aluminum Co. | (10,281 | ) | (54,284 | ) | ||||
| Chefs’ Warehouse, Inc. | (10,874 | ) | (315,020 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Cinemark Holdings, Inc. | (15,789 | ) | $ | (191,205 | ) | |||
| Cloudflare, Inc., Class A | (18 | ) | (996 | ) | ||||
| Coherus Biosciences, Inc. | (26,367 | ) | (253,387 | ) | ||||
| Collegium Pharmaceutical, Inc. | (8,881 | ) | (142,274 | ) | ||||
| Coupa Software, Inc. | (71 | ) | (4,175 | ) | ||||
| Cutera, Inc. | (10,691 | ) | (487,510 | ) | ||||
| Danimer Scientific, Inc. | (10,911 | ) | (32,187 | ) | ||||
| Desktop Metal, Inc., Class A | (170,359 | ) | (441,230 | ) | ||||
| DISH Network Corp., Class A | (1,817 | ) | (25,129 | ) | ||||
| Dynavax Technologies Corp. | (576 | ) | (6,013 | ) | ||||
| Eagle Bulk Shipping, Inc. | (15,930 | ) | (687,857 | ) | ||||
| Envestnet, Inc. | (548 | ) | (24,331 | ) | ||||
| Envista Holdings Corp. | (19,809 | ) | (649,933 | ) | ||||
| Etsy, Inc. | (264 | ) | (26,434 | ) | ||||
| EZCORP, Inc. Class A | (59,128 | ) | (455,877 | ) | ||||
| Fisker, Inc. | (3,202 | ) | (24,175 | ) | ||||
| Ford Motor Co. | (12,719 | ) | (142,453 | ) | ||||
| fuboTV, Inc. | (1,669 | ) | (5,925 | ) | ||||
| Gossamer Bio, Inc. | (24,015 | ) | (287,700 | ) | ||||
| Granite Construction, Inc. | (6,010 | ) | (152,594 | ) | ||||
| Greenbrier Cos., Inc. | (2,748 | ) | (66,694 | ) | ||||
| Guidewire Software, Inc. | (713 | ) | (43,906 | ) | ||||
| Halozyme Therapeutics, Inc. | (4,008 | ) | (158,476 | ) | ||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (2,791 | ) | (83,535 | ) | ||||
| Health Catalyst, Inc. | (4,602 | ) | (44,639 | ) | ||||
| Helix Energy Solutions Group, Inc. | (83,837 | ) | (323,611 | ) | ||||
| I3 Verticals, Inc., Class A | (6,361 | ) | (127,411 | ) | ||||
| Infinera Corp. | (7,609 | ) | (36,828 | ) | ||||
| Innoviva, Inc. | (14,605 | ) | (169,564 | ) | ||||
| Inotiv, Inc. | (5,076 | ) | (85,531 | ) | ||||
| Insmed, Inc. | (18,742 | ) | (403,703 | ) | ||||
| Intercept Pharmaceuticals, Inc. | (6,166 | ) | (86,016 | ) | ||||
| Ionis Pharmaceuticals, Inc. | (1,506 | ) | (66,610 | ) | ||||
| Karyopharm Therapeutics, Inc. | (822 | ) | (4,488 | ) | ||||
| Liberty Media Corp-Liberty Formula One, Class C | (679 | ) | (39,721 | ) | ||||
| Livent Corp. | (51,296 | ) | (1,572,222 | ) | ||||
| Lucid Group, Inc. | (462 | ) | (6,454 | ) | ||||
| Luminar Technologies, Inc. | (5,093 | ) | (37,102 | ) | ||||
| MannKind Corp. | (119,546 | ) | (369,397 | ) | ||||
| Marcus Corp. | (56,848 | ) | (789,619 | ) | ||||
| Match Group, Inc. | (3,306 | ) | (157,861 | ) | ||||
| Mitek Systems, Inc. | (13,192 | ) | (120,839 | ) | ||||
| MP Materials Corp. | (153 | ) | (4,177 | ) | ||||
| National Vision Holdings, Inc. | (19,999 | ) | (652,967 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (17,773 | ) | (201,901 | ) | ||||
| Nutanix, Inc., Class A | (7,094 | ) | (147,768 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Okta, Inc. | (218 | ) | $ | (12,398 | ) | |||
| Pacira BioSciences, Inc. | (1,001 | ) | (53,243 | ) | ||||
| Palo Alto Networks, Inc. | (10,413 | ) | (1,705,545 | ) | ||||
| PAR Technology Corp. | (3,074 | ) | (90,775 | ) | ||||
| Parsons Corp. | (1,425 | ) | (55,860 | ) | ||||
| Peabody Energy Corp. | (23,568 | ) | (584,958 | ) | ||||
| Pebblebrook Hotel Trust REIT | (13,023 | ) | (188,964 | ) | ||||
| Plug Power, Inc. | (62,287 | ) | (1,308,650 | ) | ||||
| Post Holdings, Inc. | (1,602 | ) | (131,220 | ) | ||||
| Radius Global Infrastructure, Inc. | (12,116 | ) | (114,133 | ) | ||||
| Redwood Trust, Inc. REIT | (8,138 | ) | (46,712 | ) | ||||
| Revance Therapeutics, Inc. | (13,755 | ) | (371,385 | ) | ||||
| Royal Caribbean Cruises Ltd. | (16,884 | ) | (639,904 | ) | ||||
| Shift4 Payments, Inc., Class A | (5,886 | ) | (262,574 | ) | ||||
| Splunk, Inc. | (265 | ) | (19,928 | ) | ||||
| Summit Hotel Properties, Inc. REIT | (7,383 | ) | (49,614 | ) | ||||
| Sunnova Energy International, Inc. | (11,275 | ) | (248,952 | ) | ||||
| SunPower Corp. | (2,768 | ) | (63,775 | ) | ||||
| Tandem Diabetes Care, Inc. | (833 | ) | (39,859 | ) | ||||
| TechTarget, Inc. | (2,194 | ) | (129,885 | ) | ||||
| Travere Therapeutics, Inc. | (12,949 | ) | (319,063 | ) | ||||
| United States Steel Corp. | (52,570 | ) | (952,568 | ) | ||||
| Varex Imaging Corp. | (21,530 | ) | (455,144 | ) | ||||
| Veeco Instruments, Inc. | (34,422 | ) | (630,611 | ) | ||||
| Virgin Galactic Holdings, Inc. | (12,189 | ) | (57,410 | ) | ||||
| Vishay Intertechnology, Inc. | (685 | ) | (12,186 | ) | ||||
| Wayfair, Inc., Class A | (3,611 | ) | (117,538 | ) | ||||
| Xometry, Inc. | (6,965 | ) | (395,542 | ) | ||||
| (22,337,810 | ) | |||||||
| Total Common Stock (Proceeds $27,025,478) | (24,948,581 | ) | ||||||
| Description | Security Currency |
Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | (23.1)% | ||||||||||
| U.S. Treasury Bills 0.010%, 10/20/22 | USD | (2,000 | ) | $ | (1,997,588 | ) | ||||
| Description | Security Currency |
Principal Amount (000) | Fair Value | |||||||
| 0.010%, 10/04/22 | USD | (8,500 | ) | $ | (8,499,429 | ) | ||||
| (Proceeds $10,495,869) | (10,497,017 | ) | ||||||||
| Total Securities Sold Short (Proceeds $37,521,347) | (35,445,598 | ) | ||||||||
| Total Investments | 84.4% (Cost and short proceeds $43,045,240) (») | $ | 38,325,117 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 15.6% | 7,103,506 | |||||||||
| Net Assets | 100.0% | $ | 45,428,623 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at September 30, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 54,261 | AUD | 84,000 | SSB | 12/28/22 | $ | 447 | $ | — | |||||||||
| USD | 184,325 | CAD | 253,000 | SSB | 12/28/22 | 1,080 | — | |||||||||||
| USD | 605,417 | CAD | 832,000 | SSB | 12/28/22 | 2,808 | — | |||||||||||
| USD | 1,018,735 | EUR | 1,053,000 | SSB | 12/28/22 | — | 20,379 | |||||||||||
| USD | 118,021 | HKD | 925,000 | SSB | 12/28/22 | 14 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 4,349 | $ | 20,379 | ||||||||||||||
Written Options open at September 30, 2022:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||
| Put | ||||||||||||||||||||||
| Alteryx, Inc. | MSC | 2 | $ | 60.00 | 10/21/22 | $ | 2 | $ | 321 | $ | (980 | ) | ||||||||||
| Alteryx, Inc. | MSC | 2 | 60.00 | 11/18/22 | 2 | 941 | (1,560 | ) | ||||||||||||||
| Array Technologies, Inc. | MSC | 35 | 15.00 | 11/18/22 | 35 | 4,337 | (4,410 | ) | ||||||||||||||
| Confluent, Inc. | MSC | 12 | 25.00 | 10/21/22 | 12 | 1,774 | (2,580 | ) | ||||||||||||||
| Coupa Software, Inc. | MSC | 2 | 60.00 | 12/16/22 | 2 | 1,127 | (1,600 | ) | ||||||||||||||
| Fiverr International, Ltd. | MSC | 3 | 35.00 | 10/21/22 | 3 | 741 | (1,590 | ) | ||||||||||||||
| Gossamer Bio, Inc. | MSC | 8 | 12.50 | 12/16/22 | 8 | 2,598 | (3,120 | ) | ||||||||||||||
| Greenbrier Cos. Inc | MSC | 7 | 25.00 | 12/16/22 | 7 | 457 | (2,100 | ) | ||||||||||||||
| Helix Energy Solutions, Group I | MSC | 71 | 4.00 | 12/16/22 | 71 | 2,019 | (4,260 | ) | ||||||||||||||
| Helix Energy Solutions, Group I | MSC | 11 | 4.00 | 10/21/22 | 11 | 165 | (495 | ) | ||||||||||||||
| Invesco Qqq Trust, Series 1 | MSC | 22 | 275.00 | 10/21/22 | 22 | 11,936 | (26,950 | ) | ||||||||||||||
| Invesco Qqq Trust, Series 1 | MSC | 12 | 285.00 | 10/21/22 | 12 | 9,834 | (22,764 | ) | ||||||||||||||
| Norwegian Cruise Line Holdings | MSC | 31 | 12.50 | 10/21/22 | 31 | 1,334 | (5,208 | ) | ||||||||||||||
| Opendoor Technologies, Inc. | MSC | 35 | 5.00 | 10/21/22 | 35 | 1,864 | (6,895 | ) | ||||||||||||||
| Pra Group, Inc. | MSC | 14 | 30.00 | 11/18/22 | 14 | 819 | (1,330 | ) | ||||||||||||||
| Sirius Xm Holdings, Inc. | MSC | 154 | 6.75 | 01/20/23 | 154 | 11,595 | (22,330 | ) | ||||||||||||||
| Total Written Options | 421 | $ | 51,862 | $ | (108,172 | ) | ||||||||||||||||
Total Return Swap Agreements open at September 30, 2022:
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Long Position Contract | ||||||||||||||||||||||
| USD | BNP | $ | 305,805 | 09/22/23 | Affirm Holdings, Inc., 0.000%, 11/15/26 | 3.07 | % | $ | — | $ | 20,886 | |||||||||||
| USD | NIP | 372,341 | 06/27/23 | Alteryx, Inc., 0.500%, 08/01/24 | 3.07 | — | 9,641 | |||||||||||||||
| USD | NIP | 212,524 | 06/27/23 | Bandwidth, Inc., 0.500%, 04/01/28 | 3.07 | 2,190 | — | |||||||||||||||
| USD | BNP | 476,056 | 09/22/23 | Beauty Health Co. 1.250%, 10/01/26 | 3.07 | — | 9,161 | |||||||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||||||||
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 3,771 | 09/19/23 | Blackline, Inc. | 3.07 | % | $ | — | $ | 177 | |||||||||||
| USD | NIP | 156,677 | 06/27/23 | Cloudflare, Inc., 0.000%, 08/15/26 | 3.07 | — | 5,751 | |||||||||||||||
| USD | BNP | 437,955 | 09/22/23 | Confluent, Inc., 0.000%, 01/15/27 | 3.07 | — | 4,515 | |||||||||||||||
| USD | BNP | 357,979 | 09/22/23 | Coupa Software, Inc., 0.125%, 06/15/25 | 3.07 | — | 2,457 | |||||||||||||||
| USD | BNP | 455,941 | 09/22/23 | Coupa Software, Inc., 0.375%, 06/15/26 | 3.07 | — | 350 | |||||||||||||||
| USD | BNP | 745,568 | 09/22/23 | DigitalOcean Holdings, Inc., 0.000%, 12/01/26 | 3.07 | — | 6,078 | |||||||||||||||
| USD | NIP | 318,556 | 06/27/23 | DISH Network Corp. 3.375%, 08/15/26 | 3.07 | — | 20,950 | |||||||||||||||
| USD | NIP | 38,489 | 06/27/23 | DocuSign, Inc., 0.000%, 01/15/24 | 3.07 | — | 31 | |||||||||||||||
| USD | NIP | 1,793,163 | 06/27/23 | Dynavax Technologies Corp. 2.500%, 05/15/26 | 3.07 | — | 183,447 | |||||||||||||||
| USD | BNP | 330,844 | 09/22/23 | Everbridge, Inc., 0.125%, 05/12/24 | 3.07 | — | 2,089 | |||||||||||||||
| USD | BNP | 702,867 | 09/22/23 | Fiverr International, Ltd. 0.000%, 11/01/25 | 3.07 | — | 18,000 | |||||||||||||||
| USD | BNP | 455,285 | 09/22/23 | GOL Equity Finance SA 3.750%, 07/15/24 | 3.07 | — | 117,943 | |||||||||||||||
| USD | BNP | 366,385 | 09/22/23 | Groupon, Inc., 1.125%, 03/15/26 | 3.07 | — | 8,481 | |||||||||||||||
| USD | BNP | 1,072,746 | 09/22/23 | Herbalife Nutrition, Ltd. 2.625%, 03/15/24 | 3.07 | — | 10,649 | |||||||||||||||
| USD | BNP | 7,202 | 09/19/23 | Ionis Pharmaceuticals, Inc. | 3.07 | — | 81 | |||||||||||||||
| USD | NIP | 358,653 | 06/27/23 | JetBlue Airways Corp. 0.500%, 04/01/26 | 3.07 | — | 19,743 | |||||||||||||||
| USD | BNP | 1,143,548 | 09/19/23 | Kaman Corp. 3.250%, 05/01/24 | 3.07 | — | 35,879 | |||||||||||||||
| USD | BNP | 407,797 | 09/22/23 | Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 | 3.07 | 2,731 | — | |||||||||||||||
| USD | BNP | 486,676 | 09/22/23 | LendingTree, Inc., 0.500%, 07/15/25 | 3.07 | — | 30,809 | |||||||||||||||
| USD | BNP | 944,024 | 09/22/23 | Liberty Interactive LLC 3.750%, 02/15/30 | 3.07 | 3,496 | — | |||||||||||||||
| USD | BNP | 452,703 | 09/22/23 | Liberty Interactive LLC 4.000%, 11/15/29 | 3.07 | — | 43,643 | |||||||||||||||
| USD | NIP | 770,505 | 06/27/23 | Lucid Group, Inc., 1.250%, 12/15/26 | 3.07 | — | 34,235 | |||||||||||||||
| USD | BNP | 107,325 | 09/22/23 | Magnite, Inc., 0.250%, 03/15/26 | 3.07 | 2,905 | — | |||||||||||||||
| USD | NIP | 579,644 | 06/27/23 | NIO, Inc., 0.000%, 02/01/26 | 3.07 | 23,311 | — | |||||||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||||||||
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 6,780 | 09/19/23 | Nutanix, Inc. | 3.07 | % | $ | — | $ | 219 | |||||||||||
| USD | NIP | 292,988 | 06/27/23 | NuVasive, Inc., 0.375%, 03/15/25 | 3.07 | — | 7,942 | |||||||||||||||
| USD | NIP | 712,813 | 06/27/23 | NuVasive, Inc., 1.000%, 06/01/23 | 3.07 | — | 3,743 | |||||||||||||||
| USD | NIP | 122,462 | 06/27/23 | Omeros Corp. 5.250%, 02/15/26 | 3.07 | — | 8,962 | |||||||||||||||
| USD | BNP | 547,141 | 09/22/23 | Opendoor Technologies, Inc., 0.250%, 08/15/26 | 3.07 | — | 251 | |||||||||||||||
| USD | BNP | 2,096 | 09/19/23 | Parsons Corp. | 3.07 | — | 19 | |||||||||||||||
| USD | BNP | 335,877 | 09/22/23 | PetIQ, Inc., 4.000%, 06/01/26 | 3.07 | — | 15,687 | |||||||||||||||
| USD | BNP | 386,856 | 09/22/23 | Porch Group, Inc., 0.750%, 09/15/26 | 3.07 | — | 217 | |||||||||||||||
| USD | BNP | 1,008,493 | 09/22/23 | PRA Group, Inc., 3.500%, 06/01/23 | 3.07 | — | 10,717 | |||||||||||||||
| USD | BNP | 283,340 | 09/22/23 | Redfin Corp. 0.500%, 04/01/27 | 3.07 | — | 3,905 | |||||||||||||||
| USD | BNP | 399,818 | 09/22/23 | Repay Holdings Corp. 0.000%, 02/01/26 | 3.07 | — | 26,358 | |||||||||||||||
| USD | NIP | 568,849 | 06/27/23 | RingCentral, Inc., 0.000%, 03/01/25 | 3.07 | — | 1,861 | |||||||||||||||
| USD | BNP | 629,214 | 09/22/23 | Sea, Ltd. 0.250%, 09/15/26 | 3.07 | — | 43,314 | |||||||||||||||
| USD | BNP | 236,566 | 09/22/23 | Shift Technologies, Inc., 4.750%, 05/15/26 | 3.07 | — | 56,656 | |||||||||||||||
| USD | BNP | 420,158 | 09/22/23 | Shopify, Inc., 0.125%, 11/01/25 | 3.07 | — | 24,535 | |||||||||||||||
| USD | NIP | 944,575 | 06/27/23 | Snap, Inc., 0.125%, 03/01/28 | 3.07 | — | 66,400 | |||||||||||||||
| USD | BNP | 594,532 | 09/22/23 | Spotify USA, Inc., 0.000%, 03/15/26 | 3.07 | — | 24,152 | |||||||||||||||
| USD | BNP | 5,971 | 09/19/23 | TechTarget, Inc. | 3.07 | 67 | — | |||||||||||||||
| USD | NIP | 144,827 | 06/27/23 | Unity Software, Inc., 0.000%, 11/15/26 | 3.07 | — | 4,178 | |||||||||||||||
| USD | BNP | 281,699 | 09/22/23 | Upwork, Inc., 0.250%, 08/15/26 | 3.07 | — | 2,380 | |||||||||||||||
| USD | BNP | 578,477 | 09/22/23 | Veritone, Inc., 1.750%, 11/15/26 | 3.07 | — | 62,912 | |||||||||||||||
| Short Position Contract | ||||||||||||||||||||||
| USD | BNP | 13,856 | 09/19/23 | Affirm Holdings, Inc., Class A | 3.07 | 5,376 | — | |||||||||||||||
| USD | NIP | 24,727 | 06/27/23 | Alteryx, Inc. | 3.07 | 4,011 | — | |||||||||||||||
| USD | BOA | 4,440 | 05/31/23 | Arbor Realty Trust, Inc. | 3.07 | 1,864 | — | |||||||||||||||
| USD | NIP | 7,575 | 06/27/23 | Bandwidth, Inc. | 3.07 | 1,756 | — | |||||||||||||||
| USD | BOA | 177,280 | 05/31/23 | Beauty Health Co. | 3.07 | 96,790 | — | |||||||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||||||||
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 41,856 | 09/19/23 | Beauty Health Co. | 3.07 | % | $ | 391 | $ | — | |||||||||||
| USD | BOA | 54,078 | 05/31/23 | Bentley Systems, Inc., Class B | 3.07 | 25,690 | — | |||||||||||||||
| USD | BOA | 368,258 | 05/31/23 | Cinemark Holdings, Inc. | 3.07 | 131,556 | — | |||||||||||||||
| USD | NIP | 24,708 | 06/27/23 | Cloudflare, Inc. | 3.07 | 1,367 | — | |||||||||||||||
| USD | BNP | 79,158 | 09/19/23 | Confluent, Inc., Class A | 3.07 | — | 3,585 | |||||||||||||||
| USD | BNP | 109,117 | 09/19/23 | Coupa Software, Inc. | 3.07 | 4,689 | — | |||||||||||||||
| USD | BNP | 84,437 | 09/19/23 | DigitalOcean Holdings, Inc. | 3.07 | 3,705 | — | |||||||||||||||
| USD | NIP | 65,861 | 06/27/23 | DISH Network Corp. | 3.07 | 15,755 | — | |||||||||||||||
| USD | NIP | 1,124,885 | 06/27/23 | Dynavax Technologies Corp. | 3.07 | 159,906 | — | |||||||||||||||
| USD | BNP | 42,313 | 09/19/23 | Everbridge, Inc. | 3.07 | 286 | — | |||||||||||||||
| USD | BOA | 253,109 | 05/31/23 | Fisker, Inc. | 3.07 | 122,645 | — | |||||||||||||||
| USD | BNP | 15,978 | 09/19/23 | Fiverr International, Ltd. | 3.07 | 3,436 | — | |||||||||||||||
| USD | BOA | 58,394 | 05/31/23 | Gol Linhas Aereas Inteligentes SA ADR | 3.07 | 35,015 | — | |||||||||||||||
| USD | BNP | 32,850 | 09/19/23 | Gol Linhas Aereas Inteligentes SA ADR | 3.07 | 8,563 | — | |||||||||||||||
| USD | BOA | 14,553 | 05/31/23 | Greenbrier Cos. Inc | 3.07 | 6,665 | — | |||||||||||||||
| USD | BNP | 26,770 | 09/19/23 | Groupon, Inc. | 3.07 | 3,583 | — | |||||||||||||||
| USD | BOA | 310,481 | 05/31/23 | Guess?, Inc. | 3.07 | 86,983 | — | |||||||||||||||
| USD | BNP | 37,439 | 09/19/23 | Herbalife Nutrition, Ltd. | 3.07 | 3,467 | — | |||||||||||||||
| USD | BOA | 43,946 | 05/31/23 | Hope Bancorp, Inc. | 3.07 | 5,533 | — | |||||||||||||||
| USD | BOA | 378,090 | 05/31/23 | iShares iBoxx High Yield Corporate Bond ETF | 3.07 | 44,270 | — | |||||||||||||||
| USD | NIP | 40,042 | 06/27/23 | JetBlue Airways Corp. | 3.07 | 5,248 | — | |||||||||||||||
| USD | BNP | 76,180 | 09/19/23 | Karyopharm Therapeutics, Inc. | 3.07 | — | 13,463 | |||||||||||||||
| USD | BOA | 24,427 | 05/31/23 | KKR Real Estate Finance Trust, Inc. | 3.07 | 6,596 | — | |||||||||||||||
| USD | NIP | 200,933 | 06/27/23 | Lucid Group, Inc. | 3.07 | 33,349 | — | |||||||||||||||
| USD | BNP | 1,516 | 09/19/23 | Magnite, Inc. | 3.07 | — | 21 | |||||||||||||||
| USD | BOA | 25,026 | 05/31/23 | Mesa Laboratories, Inc. | 3.07 | 13,478 | — | |||||||||||||||
| USD | BOA | 167,938 | 05/31/23 | MP Materials Corp. | 3.07 | 25,677 | — | |||||||||||||||
| USD | NIP | 18,970 | 06/27/23 | NIO, Inc. | 3.07 | 4,147 | — | |||||||||||||||
| USD | NIP | 80,823 | 06/27/23 | NuVasive, Inc. | 3.07 | 7,704 | — | |||||||||||||||
| USD | NIP | 35,771 | 06/27/23 | Omeros Corp. | 3.07 | 11,746 | — | |||||||||||||||
| USD | BNP | 74,936 | 09/19/23 | Opendoor Technologies, Inc. | 3.07 | 1,186 | — | |||||||||||||||
| USD | NIP | 14,350 | 06/27/23 | Opendoor Technologies, Inc. | 3.07 | 3,465 | — | |||||||||||||||
| USD | BNP | 5,853 | 09/19/23 | Peabody Energy Corp. | 3.07 | — | 129 | |||||||||||||||
| USD | BOA | 249,979 | 05/31/23 | Pebblebrook Hotel Trust | 3.07 | 87,558 | — | |||||||||||||||
| USD | BOA | 154,547 | 05/31/23 | PennyMac Mortgage Investment Trust | 3.07 | 40,387 | — | |||||||||||||||
| USD | BNP | 33,562 | 09/19/23 | PetIQ, Inc. | 3.07 | 4,396 | — | |||||||||||||||
| USD | BNP | 23,085 | 09/19/23 | Porch Group, Inc. | 3.07 | 1,971 | — | |||||||||||||||
| USD | BNP | 104,796 | 09/19/23 | PRA Group, Inc. | 3.07 | — | 192 | |||||||||||||||
| USD | BNP | 2,854 | 09/19/23 | Redfin Corp. | 3.07 | 62 | — | |||||||||||||||
| USD | BOA | 36,832 | 05/31/23 | Redwood Trust, Inc. | 3.07 | 21,673 | — | |||||||||||||||
| USD | BNP | 40,127 | 09/19/23 | Repay Holdings Corp. | 3.07 | 11,160 | — | |||||||||||||||
| USD | BNP | 15,564 | 09/19/23 | Sea, Ltd., Class A | 3.07 | 2,673 | — | |||||||||||||||
| USD | BNP | 9,564 | 09/19/23 | Shift Technologies, Inc. | 3.07 | — | 283 | |||||||||||||||
| USD | BNP | 9,027 | 09/19/23 | Shopify, Inc. | 3.07 | 2,507 | — | |||||||||||||||
| USD | BOA | 127,549 | 05/31/23 | Sirius XM Holdings, Inc. | 3.07 | 8,301 | — | |||||||||||||||
| USD | NIP | 65,419 | 06/27/23 | Snap, Inc. | 3.07 | 12,283 | — | |||||||||||||||
| Lazard Enhanced Opportunities Portfolio (concluded) | ||||||||||||||||||||||
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BOA | $ | 41,296 | 05/31/23 | Starwood Property Trust, Inc. | 3.07 | % | $ | 11,096 | $ | — | |||||||||||
| USD | BOA | 46,929 | 05/31/23 | Two Harbors Investment Corp. | 3.07 | 22,656 | — | |||||||||||||||
| USD | NIP | 2,359 | 06/27/23 | Unity Software, Inc. | 3.07 | 415 | — | |||||||||||||||
| USD | BNP | 26,114 | 09/19/23 | Upwork, Inc. | 3.07 | 209 | — | |||||||||||||||
| USD | BNP | 111,407 | 09/19/23 | Veritone, Inc. | 3.07 | 31,506 | — | |||||||||||||||
| USD | BOA | 24,440 | 05/31/23 | Vishay Intertechnology, Inc. | 3.07 | 2,701 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 1,182,152 | $ | 967,077 | ||||||||||||||||||
| ^ | For long position contracts the Portfolio pays depreciation of the referenced entity and for short position contracts the Portfolio receives depreciation of the referenced entity. |
| * | For long position contracts the Portfolio receives appreciation and dividends/interest, as well as financing charges at the referenced rate and for short position contracts the Portfolio pays appreciation and dividends/interest, as well as financing charges at the referenced rate. |
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 39.4% | ||||||||
| Australia | 0.6% | ||||||||
| Aristocrat Leisure Ltd. | 608 | $ | 12,689 | |||||
| BHP Group Ltd. | 209 | 5,205 | ||||||
| Brambles Ltd. | 578 | 4,194 | ||||||
| Charter Hall Group REIT | 1,219 | 8,824 | ||||||
| Computershare Ltd. ADR (*) | 838 | 13,483 | ||||||
| CSL Ltd. | 130 | 23,572 | ||||||
| Goodman Group REIT | 324 | 3,237 | ||||||
| GrainCorp Ltd., Class A | 777 | 3,853 | ||||||
| Shopping Centres Australasia Property Group REIT | 2,888 | 4,338 | ||||||
| WiseTech Global Ltd. | 140 | 4,598 | ||||||
| Yancoal Australia Ltd. | 1,456 | 5,272 | ||||||
| 89,265 | ||||||||
| Austria | 0.0% | ||||||||
| Erste Group Bank AG | 149 | 3,263 | ||||||
| Belgium | 0.1% | ||||||||
| Warehouses De Pauw CVA REIT | 251 | 6,097 | ||||||
| Canada | 1.4% | ||||||||
| Alimentation Couche-Tard, Inc. | 196 | 7,891 | ||||||
| ARC Resources Ltd. | 323 | 3,879 | ||||||
| Birchcliff Energy Ltd. | 1,187 | 8,430 | ||||||
| Canadian National Railway Co. | 176 | 19,006 | ||||||
| Canadian Natural Resources Ltd. | 96 | 4,469 | ||||||
| Element Fleet Management Corp. | 528 | 6,230 | ||||||
| Fairfax Financial Holdings Ltd. | 8 | 3,654 | ||||||
| H&R Real Estate Investment Trust | 704 | 5,300 | ||||||
| Hydro One Ltd. | 568 | 13,890 | ||||||
| International Petroleum Corp. (*) | 411 | 3,287 | ||||||
| Loblaw Cos. Ltd. | 557 | 44,105 | ||||||
| Metro, Inc. | 631 | 31,597 | ||||||
| Suncor Energy, Inc. | 720 | 20,276 | ||||||
| Toronto-Dominion Bank | 309 | 18,951 | ||||||
| Tourmaline Oil Corp. | 203 | 10,550 | ||||||
| 201,515 | ||||||||
| China | 0.1% | ||||||||
| NXP Semiconductors NV | 115 | 16,964 | ||||||
| SITC International Holdings Co. Ltd. | 2,000 | 3,663 | ||||||
| 20,627 | ||||||||
| Denmark | 0.5% | ||||||||
| AP Moller - Maersk AS, Class B | 3 | 5,434 | ||||||
| Carlsberg AS, Class B ADR | 640 | 14,906 | ||||||
| Description | Shares | Fair Value | ||||||
| Novo Nordisk AS, Class B | 572 | $ | 57,013 | |||||
| 77,353 | ||||||||
| France | 1.0% | ||||||||
| BNP Paribas SA | 232 | 9,794 | ||||||
| Bureau Veritas SA ADR | 234 | 10,392 | ||||||
| Cie de Saint-Gobain | 262 | 9,344 | ||||||
| Cie Generale des Etablissements Michelin SCA | 282 | 6,283 | ||||||
| Hermes International | 5 | 5,877 | ||||||
| Legrand SA ADR | 682 | 8,777 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 120 | 14,100 | ||||||
| Orange SA | 3,055 | 27,626 | ||||||
| Pernod Ricard SA ADR | 375 | 13,721 | ||||||
| Societe Generale SA | 437 | 8,671 | ||||||
| Thales SA ADR | 656 | 14,373 | ||||||
| TotalEnergies SE | 408 | 19,204 | ||||||
| 148,162 | ||||||||
| Germany | 0.4% | ||||||||
| Daimler Truck Holding AG (*) | 140 | 3,204 | ||||||
| Deutsche Bank AG | 503 | 3,762 | ||||||
| Deutsche Post AG | 746 | 22,700 | ||||||
| Mercedes-Benz Group AG | 59 | 3,017 | ||||||
| Merck KGaA ADR | 408 | 13,199 | ||||||
| Nemetschek SE | 54 | 2,600 | ||||||
| Telefonica Deutschland Holding AG | 3,483 | 7,054 | ||||||
| 55,536 | ||||||||
| Hong Kong | 0.2% | ||||||||
| AIA Group Ltd. ADR | 368 | 12,173 | ||||||
| Jardine Matheson Holdings Ltd. | 100 | 5,063 | ||||||
| Swire Pacific Ltd., Class A | 500 | 3,731 | ||||||
| WH Group Ltd. | 16,000 | 10,065 | ||||||
| 31,032 | ||||||||
| Ireland | 0.0% | ||||||||
| AerCap Holdings NV (*) | 91 | 3,852 | ||||||
| Israel | 0.1% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 5,862 | 9,588 | ||||||
| Perion Network Ltd. (*) | 310 | 5,980 | ||||||
| 15,568 | ||||||||
| Italy | 0.1% | ||||||||
| UniCredit SpA | 826 | 8,353 | ||||||
| Japan | 3.7% | ||||||||
| ABC-Mart, Inc. | 100 | 4,310 | ||||||
| Advantest Corp. | 100 | 4,647 | ||||||
| AGC, Inc. | 300 | 9,325 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Canon, Inc. | 600 | $ | 13,086 | |||||
| Chugai Pharmaceutical Co. Ltd. | 200 | 4,994 | ||||||
| Cosmo Energy Holdings Co. Ltd. | 100 | 2,565 | ||||||
| Dai-ichi Life Holdings, Inc. | 500 | 7,948 | ||||||
| Daicel Corp. | 700 | 4,136 | ||||||
| Daiwa House Industry Co. Ltd. | 400 | 8,152 | ||||||
| Electric Power Development Co. Ltd. | 2,100 | 29,651 | ||||||
| FUJIFILM Holdings Corp. | 100 | 4,576 | ||||||
| Hachijuni Bank Ltd. | 1,700 | 5,607 | ||||||
| Honda Motor Co. Ltd. | 1,300 | 28,319 | ||||||
| Hulic Co. Ltd. | 700 | 5,151 | ||||||
| Japan Post Bank Co. Ltd. | 1,600 | 11,155 | ||||||
| Japan Post Holdings Co. Ltd. | 8,600 | 56,946 | ||||||
| Japan Post Insurance Co. Ltd. | 1,100 | 15,410 | ||||||
| Japan Real Estate Investment Corp. REIT | 2 | 8,236 | ||||||
| Japan Tobacco, Inc. | 1,900 | 31,186 | ||||||
| Kansai Electric Power Co., Inc. | 600 | 5,000 | ||||||
| KDDI Corp. | 700 | 20,531 | ||||||
| Lawson, Inc. | 200 | 6,533 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 400 | 13,933 | ||||||
| Mitsui & Co. Ltd. | 200 | 4,291 | ||||||
| Mitsui Chemicals, Inc. | 200 | 3,905 | ||||||
| Mizuho Financial Group, Inc. | 1,900 | 20,527 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 200 | 5,293 | ||||||
| NGK Insulators Ltd. | 500 | 6,233 | ||||||
| NGK Spark Plug Co. Ltd. | 100 | 1,774 | ||||||
| Nihon Kohden Corp. | 500 | 10,562 | ||||||
| Nintendo Co. Ltd. ADR | 284 | 14,475 | ||||||
| Nippon Building Fund, Inc. REIT | 2 | 8,794 | ||||||
| Nippon Telegraph & Telephone Corp. | 700 | 18,885 | ||||||
| Nisshinbo Holdings, Inc. | 1,100 | 7,995 | ||||||
| Nomura Real Estate Holdings, Inc. | 200 | 4,534 | ||||||
| Olympus Corp. ADR | 790 | 15,642 | ||||||
| Osaka Gas Co. Ltd. | 1,000 | 15,057 | ||||||
| Rengo Co. Ltd. | 900 | 5,230 | ||||||
| Sankyo Co. Ltd. | 300 | 9,048 | ||||||
| Sega Sammy Holdings, Inc. NA | 500 | 6,814 | ||||||
| Shimano, Inc. ADR | 656 | 10,286 | ||||||
| Shizuoka Bank Ltd. (*) | 700 | 4,300 | ||||||
| Softbank Corp. | 500 | 5,000 | ||||||
| Sumco Corp. | 300 | 3,486 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 200 | 5,566 | ||||||
| Tokyo Gas Co. Ltd. | 1,800 | 30,400 | ||||||
| Tokyu Fudosan Holdings Corp. | 800 | 4,172 | ||||||
| Toshiba Corp. | 100 | 3,562 | ||||||
| Description | Shares | Fair Value | ||||||
| Yamazaki Baking Co. Ltd. | 1,100 | $ | 12,643 | |||||
| 539,871 | ||||||||
| Netherlands | 1.0% | ||||||||
| Adyen NV (*) | 5 | 6,220 | ||||||
| ASML Holding NV | 15 | 6,222 | ||||||
| Eurocommercial Properties NV REIT | 333 | 6,572 | ||||||
| ING Groep NV | 857 | 7,348 | ||||||
| Koninklijke Ahold Delhaize NV | 545 | 13,878 | ||||||
| Koninklijke KPN NV | 2,362 | 6,400 | ||||||
| NN Group NV | 93 | 3,620 | ||||||
| Shell PLC | 1,562 | 38,863 | ||||||
| Wolters Kluwer NV | 282 | 27,456 | ||||||
| Wolters Kluwer NV ADR | 259 | 25,354 | ||||||
| 141,933 | ||||||||
| New Zealand | 0.1% | ||||||||
| Spark New Zealand Ltd. | 4,458 | 12,488 | ||||||
| Norway | 0.1% | ||||||||
| Aker BP ASA | 60 | 1,721 | ||||||
| Orkla ASA | 1,665 | 12,089 | ||||||
| 13,810 | ||||||||
| Puerto Rico | 0.0% | ||||||||
| OFG Bancorp | 164 | 4,121 | ||||||
| Singapore | 0.2% | ||||||||
| Jardine Cycle & Carriage Ltd. | 500 | 11,697 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 600 | 4,915 | ||||||
| Sembcorp Industries Ltd. | 2,600 | 5,580 | ||||||
| Singapore Technologies Engineering Ltd. | 2,100 | 5,206 | ||||||
| STMicroelectronics NV | 116 | 3,579 | ||||||
| 30,977 | ||||||||
| Spain | 0.2% | ||||||||
| Banco Santander SA | 842 | 1,957 | ||||||
| Corporacion Financiera Alba SA | 35 | 1,486 | ||||||
| Iberdrola SA | 1,192 | 11,081 | ||||||
| Industria de Diseno Textil SA | 341 | 7,044 | ||||||
| Industria de Diseno Textil SA ADR | 848 | 8,641 | ||||||
| 30,209 | ||||||||
| Sweden | 0.4% | ||||||||
| Assa Abloy AB ADR | 990 | 9,187 | ||||||
| Epiroc AB ADR | 1,396 | 19,823 | ||||||
| Hexagon AB ADR | 1,798 | 16,668 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 1,099 | 6,400 | ||||||
| 52,078 | ||||||||
| Switzerland | 0.4% | ||||||||
| ABB Ltd. ADR | 669 | 17,167 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Novartis AG | 68 | $ | 5,184 | |||||
| PSP Swiss Property AG | 170 | 17,023 | ||||||
| Swatch Group AG | 1,385 | 15,498 | ||||||
| 54,872 | ||||||||
| United Kingdom | 1.4% | ||||||||
| Barclays PLC | 9,217 | 14,695 | ||||||
| Coca-Cola Europacific Partners PLC | 320 | 13,638 | ||||||
| Diageo PLC ADR | 157 | 26,660 | ||||||
| Haleon PLC (*) | 505 | 1,563 | ||||||
| HSBC Holdings PLC | 1,811 | 9,384 | ||||||
| National Grid PLC | 766 | 7,905 | ||||||
| NatWest Group PLC | 4,273 | 10,664 | ||||||
| RELX PLC ADR | 990 | 24,067 | ||||||
| Serco Group PLC | 3,783 | 6,556 | ||||||
| SSE PLC | 816 | 13,835 | ||||||
| Standard Chartered PLC | 3,961 | 24,914 | ||||||
| Unilever PLC | 730 | 32,120 | ||||||
| Unilever PLC ADR | 543 | 23,805 | ||||||
| 209,806 | ||||||||
| United States | 27.4% | ||||||||
| Abbott Laboratories | 99 | 9,579 | ||||||
| Academy Sports & Outdoors, Inc. | 121 | 5,104 | ||||||
| Accenture PLC, Class A | 138 | 35,507 | ||||||
| Activision Blizzard, Inc. | 117 | 8,698 | ||||||
| Adobe, Inc. (*) | 9 | 2,477 | ||||||
| AGCO Corp. | 35 | 3,366 | ||||||
| Akamai Technologies, Inc. (*) | 38 | 3,052 | ||||||
| Albertsons Cos., Inc., Class A | 177 | 4,400 | ||||||
| Alleghany Corp. (*) | 9 | 7,554 | ||||||
| Allison Transmission Holdings, Inc. | 139 | 4,693 | ||||||
| Alpha & Omega Semiconductor Ltd. (*) | 105 | 3,230 | ||||||
| Alphabet, Inc., Class A (*) | 442 | 42,277 | ||||||
| Alphabet, Inc., Class C (*) | 718 | 69,036 | ||||||
| Altria Group, Inc. | 208 | 8,399 | ||||||
| Amazon.com, Inc. (*) | 364 | 41,132 | ||||||
| Amdocs Ltd. | 173 | 13,745 | ||||||
| AMERCO | 13 | 6,620 | ||||||
| Ameren Corp. | 164 | 13,210 | ||||||
| American Electric Power Co., Inc. | 355 | 30,690 | ||||||
| American Express Co. | 104 | 14,031 | ||||||
| American International Group, Inc. | 123 | 5,840 | ||||||
| AmerisourceBergen Corp. | 143 | 19,352 | ||||||
| AMN Healthcare Services, Inc. (*) | 165 | 17,483 | ||||||
| Amphenol Corp., Class A | 327 | 21,896 | ||||||
| Antero Resources Corp. (*) | 132 | 4,030 | ||||||
| Aon PLC, Class A | 165 | 44,199 | ||||||
| Description | Shares | Fair Value | ||||||
| Apple, Inc. | 1,247 | $ | 172,335 | |||||
| Arcosa, Inc. | 94 | 5,375 | ||||||
| Autodesk, Inc. (*) | 20 | 3,736 | ||||||
| Automatic Data Processing, Inc. | 63 | 14,250 | ||||||
| AutoZone, Inc. (*) | 13 | 27,845 | ||||||
| Avery Dennison Corp. | 69 | 11,226 | ||||||
| Bank of America Corp. | 417 | 12,593 | ||||||
| Becton, Dickinson & Co. | 46 | 10,250 | ||||||
| Berkshire Hathaway, Inc., Class B (*) | 20 | 5,340 | ||||||
| Biogen, Inc. (*) | 27 | 7,209 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 188 | 13,688 | ||||||
| BlueLinx Holdings, Inc. (*) | 64 | 3,974 | ||||||
| Booking Holdings, Inc. (*) | 4 | 6,573 | ||||||
| Booz Allen Hamilton Holding Corp. | 280 | 25,858 | ||||||
| Boston Scientific Corp. (*) | 458 | 17,738 | ||||||
| Bristol-Myers Squibb Co. | 631 | 44,858 | ||||||
| Broadcom, Inc. | 78 | 34,633 | ||||||
| BRP, Inc. | 189 | 11,635 | ||||||
| Cadence Design Systems, Inc. (*) | 334 | 54,586 | ||||||
| Cal-Maine Foods, Inc. | 109 | 6,059 | ||||||
| Caleres, Inc. | 162 | 3,924 | ||||||
| Campbell Soup Co. | 401 | 18,895 | ||||||
| Cardinal Health, Inc. | 170 | 11,336 | ||||||
| Cboe Global Markets, Inc. | 57 | 6,690 | ||||||
| CF Industries Holdings, Inc. | 144 | 13,860 | ||||||
| Charles Schwab Corp. | 304 | 21,848 | ||||||
| Charter Communications, Inc., Class A (*) | 82 | 24,875 | ||||||
| Chesapeake Energy Corp. | 47 | 4,428 | ||||||
| Chipotle Mexican Grill, Inc. (*) | 3 | 4,508 | ||||||
| Chord Energy Corp. | 33 | 4,513 | ||||||
| Chubb Ltd. | 80 | 14,550 | ||||||
| Cigna Corp. | 110 | 30,522 | ||||||
| Cisco Systems, Inc. | 183 | 7,320 | ||||||
| Citigroup, Inc. | 240 | 10,001 | ||||||
| Citizens Financial Group, Inc. | 59 | 2,027 | ||||||
| CMS Energy Corp. | 206 | 11,997 | ||||||
| Coca-Cola Co. | 570 | 31,931 | ||||||
| Coca-Cola Consolidated, Inc. | 16 | 6,588 | ||||||
| Cognizant Technology Solutions Corp., Class A | 407 | 23,378 | ||||||
| Colgate-Palmolive Co. | 492 | 34,563 | ||||||
| Comcast Corp., Class A | 1,051 | 30,826 | ||||||
| Copart, Inc. (*) | 47 | 5,001 | ||||||
| Corteva, Inc. | 215 | 12,287 | ||||||
| CorVel Corp. (*) | 45 | 6,229 | ||||||
| Costco Wholesale Corp. | 54 | 25,503 | ||||||
| Coterra Energy, Inc. | 191 | 4,989 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Crowdstrike Holdings, Inc., Class A (*) | 25 | $ | 4,120 | |||||
| CSG Systems International, Inc. | 115 | 6,081 | ||||||
| Cushman & Wakefield PLC (*) | 355 | 4,065 | ||||||
| CVS Health Corp. | 613 | 58,462 | ||||||
| D.R. Horton, Inc. | 36 | 2,425 | ||||||
| Danaher Corp. | 20 | 5,166 | ||||||
| Darling Ingredients, Inc. (*) | 65 | 4,300 | ||||||
| Dave & Buster’s Entertainment, Inc. (*) | 108 | 3,351 | ||||||
| Deere & Co. | 44 | 14,691 | ||||||
| Diamondback Energy, Inc. | 88 | 10,600 | ||||||
| Dick’s Sporting Goods, Inc. | 44 | 4,604 | ||||||
| Digital Realty Trust, Inc. REIT | 58 | 5,752 | ||||||
| Dollar General Corp. | 123 | 29,503 | ||||||
| Donnelley Financial Solutions, Inc. (*) | 108 | 3,993 | ||||||
| Electronic Arts, Inc. | 42 | 4,860 | ||||||
| Elevance Health, Inc. | 25 | 11,356 | ||||||
| Eli Lilly & Co. | 203 | 65,640 | ||||||
| EMCOR Group, Inc. | 34 | 3,926 | ||||||
| EPAM Systems, Inc. (*) | 26 | 9,417 | ||||||
| Equinix, Inc. REIT | 9 | 5,120 | ||||||
| Equitable Holdings, Inc. | 144 | 3,794 | ||||||
| Everest Re Group Ltd. | 124 | 32,543 | ||||||
| Exelon Corp. | 615 | 23,038 | ||||||
| Extra Space Storage, Inc. REIT | 46 | 7,945 | ||||||
| Exxon Mobil Corp. | 128 | 11,176 | ||||||
| FactSet Research Systems, Inc. | 11 | 4,401 | ||||||
| Fidelity National Financial, Inc. | 255 | 9,231 | ||||||
| Fiserv, Inc. (*) | 60 | 5,614 | ||||||
| Flowers Foods, Inc. | 829 | 20,468 | ||||||
| FNB Corp. | 534 | 6,194 | ||||||
| Fortinet, Inc. (*) | 257 | 12,626 | ||||||
| Gartner, Inc. (*) | 16 | 4,427 | ||||||
| General Mills, Inc. | 123 | 9,423 | ||||||
| Gilead Sciences, Inc. | 529 | 32,634 | ||||||
| Goldman Sachs Group, Inc. | 29 | 8,498 | ||||||
| Grand Canyon Education, Inc. (*) | 75 | 6,169 | ||||||
| GSK PLC | 1,981 | 28,895 | ||||||
| Gulfport Energy Corp. (*) | 51 | 4,503 | ||||||
| H&R Block, Inc. | 118 | 5,020 | ||||||
| Haemonetics Corp. (*) | 71 | 5,256 | ||||||
| Hartford Financial Services Group, Inc. | 148 | 9,167 | ||||||
| HCA Healthcare, Inc. | 90 | 16,541 | ||||||
| Henry Schein, Inc. (*) | 185 | 12,167 | ||||||
| Hershey Co. | 154 | 33,952 | ||||||
| Home Depot, Inc. | 20 | 5,519 | ||||||
| Houlihan Lokey, Inc. | 59 | 4,447 | ||||||
| Description | Shares | Fair Value | ||||||
| Huntsman Corp. | 138 | $ | 3,387 | |||||
| IDEX Corp. | 20 | 3,997 | ||||||
| Ingles Markets, Inc., Class A | 132 | 10,456 | ||||||
| Intercontinental Exchange, Inc. | 410 | 37,044 | ||||||
| International Game Technology PLC | 201 | 3,176 | ||||||
| IQVIA Holdings, Inc. (*) | 133 | 24,092 | ||||||
| J.M. Smucker Co. | 41 | 5,634 | ||||||
| JB Hunt Transport Services, Inc. | 161 | 25,184 | ||||||
| Johnson & Johnson | 447 | 73,022 | ||||||
| Kellogg Co. | 322 | 22,431 | ||||||
| Keysight Technologies, Inc. (*) | 269 | 42,330 | ||||||
| Kforce, Inc. | 120 | 7,038 | ||||||
| Kimberly-Clark Corp. | 254 | 28,585 | ||||||
| Kroger Co. | 311 | 13,606 | ||||||
| Lattice Semiconductor Corp. (*) | 167 | 8,218 | ||||||
| Life Storage, Inc. REIT | 108 | 11,962 | ||||||
| Lockheed Martin Corp. | 18 | 6,953 | ||||||
| Lowe’s Cos., Inc. | 167 | 31,364 | ||||||
| LyondellBasell Industries NV, Class A | 40 | 3,011 | ||||||
| Magnolia Oil & Gas Corp., Class A | 303 | 6,002 | ||||||
| Marathon Oil Corp. | 77 | 1,739 | ||||||
| Marathon Petroleum Corp. | 42 | 4,172 | ||||||
| MasterCard, Inc., Class A | 67 | 19,051 | ||||||
| Matson, Inc. | 68 | 4,183 | ||||||
| MaxLinear, Inc. (*) | 94 | 3,066 | ||||||
| McDonald’s Corp. | 235 | 54,224 | ||||||
| McKesson Corp. | 17 | 5,778 | ||||||
| Medtronic PLC | 74 | 5,976 | ||||||
| Merck & Co., Inc. | 952 | 81,986 | ||||||
| Meta Platforms, Inc., Class A (*) | 202 | 27,407 | ||||||
| Microsoft Corp. | 459 | 106,901 | ||||||
| Moderna, Inc. (*) | 24 | 2,838 | ||||||
| Molina Healthcare, Inc. (*) | 47 | 15,502 | ||||||
| Monolithic Power Systems, Inc. | 22 | 7,995 | ||||||
| Mosaic Co. | 86 | 4,156 | ||||||
| Motorola Solutions, Inc. | 185 | 41,434 | ||||||
| Nasdaq, Inc. | 269 | 15,247 | ||||||
| National Fuel Gas Co. | 609 | 37,484 | ||||||
| NetApp, Inc. | 87 | 5,381 | ||||||
| NIKE, Inc., Class B | 180 | 14,962 | ||||||
| NorthWestern Corp. | 95 | 4,682 | ||||||
| NRG Energy, Inc. | 168 | 6,429 | ||||||
| Nucor Corp. | 77 | 8,238 | ||||||
| NVIDIA Corp. | 176 | 21,365 | ||||||
| NVR, Inc. (*) | 1 | 3,987 | ||||||
| O’Reilly Automotive, Inc. (*) | 33 | 23,211 | ||||||
| Occidental Petroleum Corp. | 113 | 6,944 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Olaplex Holdings, Inc. (*) | 278 | $ | 2,655 | |||||
| ON Semiconductor Corp. (*) | 66 | 4,114 | ||||||
| Otter Tail Corp. | 159 | 9,782 | ||||||
| Ovintiv, Inc. | 193 | 8,878 | ||||||
| Owens Corning | 62 | 4,874 | ||||||
| PACCAR, Inc. N Ap | 63 | 5,272 | ||||||
| Paychex, Inc. | 284 | 31,868 | ||||||
| Paycom Software, Inc. (*) | 13 | 4,290 | ||||||
| Penske Automotive Group, Inc. | 51 | 5,020 | ||||||
| PepsiCo, Inc. | 264 | 43,101 | ||||||
| Pfizer, Inc. | 631 | 27,613 | ||||||
| Philip Morris International, Inc. | 80 | 6,641 | ||||||
| Piedmont Office Realty Trust, Inc. REIT Class A | 343 | 3,622 | ||||||
| Pinnacle West Capital Corp. | 211 | 13,612 | ||||||
| PNM Resources, Inc. | 198 | 9,055 | ||||||
| Portland General Electric Co. | 374 | 16,254 | ||||||
| Premier, Inc., Class A | 169 | 5,736 | ||||||
| Procter & Gamble Co. | 423 | 53,404 | ||||||
| PTC, Inc. (*) | 175 | 18,305 | ||||||
| Public Storage REIT | 80 | 23,425 | ||||||
| QIAGEN NV (*) | 240 | 10,100 | ||||||
| QUALCOMM, Inc. | 190 | 21,466 | ||||||
| R1 RCM, Inc. (*) | 262 | 4,855 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 17 | 11,711 | ||||||
| Republic Services, Inc. | 390 | 53,056 | ||||||
| Roche Holding AG | 216 | 70,429 | ||||||
| Rockwell Automation, Inc. | 69 | 14,843 | ||||||
| S&P Global, Inc. | 78 | 23,817 | ||||||
| Saia, Inc. (*) | 20 | 3,800 | ||||||
| SBA Communications Corp. REIT | 26 | 7,401 | ||||||
| Sempra Energy | 107 | 16,044 | ||||||
| Service Corp. International | 181 | 10,451 | ||||||
| SilverBow Resources, Inc. (*) | 97 | 2,607 | ||||||
| Sirius XM Holdings, Inc. | 964 | 5,504 | ||||||
| SL Green Realty Corp. REIT | 102 | 4,096 | ||||||
| SLM Corp. | 320 | 4,477 | ||||||
| Southwestern Energy Co. (*) | 487 | 2,980 | ||||||
| SpartanNash Co. | 136 | 3,947 | ||||||
| Steel Dynamics, Inc. | 91 | 6,456 | ||||||
| Stellantis NV | 1,284 | 15,162 | ||||||
| Stewart Information Services Corp. | 87 | 3,797 | ||||||
| Synopsys, Inc. (*) | 245 | 74,850 | ||||||
| Target Corp. | 14 | 2,077 | ||||||
| Tesla, Inc. (*) | 210 | 55,702 | ||||||
| Tetra Tech, Inc. | 44 | 5,655 | ||||||
| Description | Shares | Fair Value | ||||||
| Texas Instruments, Inc. | 189 | $ | 29,253 | |||||
| Texas Roadhouse, Inc. | 96 | 8,377 | ||||||
| Thermo Fisher Scientific, Inc. | 56 | 28,403 | ||||||
| TJX Cos., Inc. | 160 | 9,939 | ||||||
| TopBuild Corp. (*) | 48 | 7,909 | ||||||
| Tractor Supply Co. | 62 | 11,525 | ||||||
| Travelers Cos., Inc. | 77 | 11,796 | ||||||
| UFP Industries, Inc. | 51 | 3,680 | ||||||
| Ulta Beauty, Inc. (*) | 39 | 15,646 | ||||||
| UMH Properties, Inc. REIT | 211 | 3,408 | ||||||
| United Parcel Service, Inc., Class B | 23 | 3,715 | ||||||
| UnitedHealth Group, Inc. | 141 | 71,211 | ||||||
| Unum Group | 107 | 4,152 | ||||||
| Valero Energy Corp. | 93 | 9,937 | ||||||
| Veeva Systems, Inc.,Class A (*) | 31 | 5,111 | ||||||
| Verizon Communications, Inc. | 1,336 | 50,728 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 74 | 21,426 | ||||||
| Visa, Inc., Class A | 220 | 39,083 | ||||||
| Vistra Corp. | 91 | 1,911 | ||||||
| Warner Music Group Corp., Class A | 271 | 6,290 | ||||||
| Waste Management, Inc. | 126 | 20,186 | ||||||
| WEC Energy Group, Inc. | 131 | 11,715 | ||||||
| Wells Fargo & Co. | 556 | 22,362 | ||||||
| Westlake Corp. | 36 | 3,128 | ||||||
| Weyerhaeuser Co. REIT | 233 | 6,654 | ||||||
| White Mountains Insurance Group Ltd. | 6 | 7,818 | ||||||
| Williams-Sonoma, Inc. | 29 | 3,418 | ||||||
| WP Carey, Inc. REIT | 67 | 4,677 | ||||||
| WW Grainger, Inc. | 32 | 15,654 | ||||||
| Xcel Energy, Inc. | 205 | 13,120 | ||||||
| Zoetis, Inc. | 213 | 31,586 | ||||||
| 4,001,482 | ||||||||
| Total Common Stocks (Cost $5,391,426) | 5,752,270 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 22.0% | ||||||||||
| Australia | 0.8% | ||||||||||
| Telstra Corp. Ltd., 4.000%, 04/19/27 | AUD | $ | 200 | $ | 121,998 | |||||
| Canada | 0.9% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 |
USD | 155 | 136,630 | |||||||
| Germany | 0.6% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 |
EUR | 110 | 86,694 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Netherlands | 0.6% | ||||||||||
| ING Groep NV, 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | $ | 100 | $ | 81,886 | |||||
| Switzerland | 0.3% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 57 | 48,687 | |||||||
| United States | 18.8% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 125 | 103,846 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 60 | 46,389 | |||||||
| Amazon.com, Inc., 3.150%, 08/22/27 | USD | 50 | 46,594 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 100 | 92,036 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 115 | 100,568 | |||||||
| Apple, Inc., 2.375%, 02/08/41 | USD | 60 | 41,529 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 70 | 66,410 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 50 | 48,769 | |||||||
| 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 150 | 95,656 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 150 | 137,023 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 70 | 63,809 | |||||||
| Dell International LLC, 5.300%, 10/01/29 | USD | 95 | 88,515 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 145 | 107,200 | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 80 | 83,014 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 180 | 123,421 | |||||||
| Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 125 | 96,684 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 155 | 140,338 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 113 | 101,815 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 110 | 76,668 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | $ | 55 | $ | 45,017 | |||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 145 | 134,882 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 80 | 68,081 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 65 | 45,537 | |||||||
| Pfizer, Inc., 2.625%, 04/01/30 | USD | 50 | 42,955 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 30 | 23,152 | |||||||
| Prologis LP REIT, 1.250%, 10/15/30 | USD | 190 | 141,570 | |||||||
| Schneider Electric SE, 0.875%, 12/13/26 | EUR | 100 | 89,071 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 75 | 67,875 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 55 | 44,937 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 125 | 102,643 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 70 | 64,179 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 149 | 136,019 | |||||||
| Visa, Inc., 0.750%, 08/15/27 | USD | 95 | 79,743 | |||||||
| 2,745,945 | ||||||||||
| Total Corporate Bonds (Cost $3,776,524) | 3,221,840 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 1.0% | ||||||||
| iShares MSCI World ETF (Cost $122,948) | 1,459 | $ | 145,827 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Foreign Government Obligations | 23.2% | ||||||||||
| Australia | 1.5% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | $ | 165 | $ | 83,039 | |||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 260 | 129,678 | |||||||
| 212,717 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Bahamas | 0.4% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | $ | 95 | $ | 52,862 | |||||
| Canada | 3.4% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 135 | 84,048 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 125 | 86,783 | |||||||
| Quebec: | ||||||||||
| 2.500%, 04/20/26 | USD | 115 | 107,188 | |||||||
| 1.850%, 02/13/27 | CAD | 210 | 140,447 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 115 | 80,643 | |||||||
| 499,109 | ||||||||||
| Chile | 1.5% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 75,000 | 74,046 | |||||||
| 2.300%, 10/01/28 | CLP | 100,000 | 78,733 | |||||||
| Chile Government International Bonds, 0.830%, 07/02/31 | EUR | 100 | 72,113 | |||||||
| 224,892 | ||||||||||
| Colombia | 0.3% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 205,000 | 39,063 | |||||||
| Czech Republic | 1.2% | ||||||||||
| Czech Republic Government Bonds, 1.000%, 06/26/26 | CZK | 5,240 | 177,628 | |||||||
| France | 0.2% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 45 | 37,116 | |||||||
| Hungary | 0.2% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 50 | 30,437 | |||||||
| Ireland | 0.3% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 45 | 40,436 | |||||||
| Japan | 1.3% | ||||||||||
| Japan International Cooperation Agency, 3.250%, 05/25/27 | USD | 200 | 189,438 | |||||||
| Mexico | 1.4% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 2,110 | 100,513 | |||||||
| 7.500%, 06/03/27 | MXN | 2,260 | 102,841 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | $ | 5 | $ | 5,582 | |||||
| 208,936 | ||||||||||
| Morocco | 0.4% | ||||||||||
| Morocco Government International Bonds, 1.500%, 11/27/31 | EUR | 100 | 64,242 | |||||||
| New Zealand | 3.6% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 130 | 66,655 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 430 | 231,085 | |||||||
| 1.500%, 04/20/29 | NZD | 340 | 152,955 | |||||||
| 2.000%, 04/15/37 | NZD | 190 | 69,394 | |||||||
| 520,089 | ||||||||||
| Norway | 1.2% | ||||||||||
| Oslo: | ||||||||||
| 2.300%, 03/14/24 | NOK | 1,000 | 89,662 | |||||||
| 2.350%, 09/04/24 | NOK | 1,000 | 88,941 | |||||||
| 178,603 | ||||||||||
| Panama | 1.1% | ||||||||||
| Panama Government International Bonds, 8.875%, 09/30/27 | USD | 145 | 164,829 | |||||||
| Peru | 1.1% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 394 | 81,732 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 115 | 86,538 | |||||||
| 168,270 | ||||||||||
| Poland | 0.9% | ||||||||||
| Poland Government Bonds, 6.680% (WIBOR 6 Month), 05/25/28 (§) | PLN | 690 | 131,091 | |||||||
| Portugal | 0.6% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 100 | 85,436 | |||||||
| Singapore | 0.6% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 125 | 86,292 | |||||||
| Spain | 0.6% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 140 | 88,183 | |||||||
| Thailand | 0.9% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 6,055 | 126,777 | |||||||
| United Kingdom | 0.5% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 90 | 71,428 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Total Foreign Government Obligations (Cost $4,288,378) | $ | 3,397,874 | ||||||||
| Quasi Government Bonds | 1.4% | ||||||||||
| Germany | 1.4% | ||||||||||
Kreditanstalt fuer Wiederaufbau, | USD | 235 | 202,141 | |||||||
| Supranational Bonds | 6.0% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 73 | 69,225 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 170 | 107,031 | |||||||
| Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 2,370,000 | 156,418 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 62 | 34,744 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 1.900%, 01/16/25 | CAD | 205 | 141,674 | |||||||
| 2.900%, 11/26/25 | AUD | 135 | 82,758 | |||||||
| 1.250%, 03/16/26 | NOK | 990 | 84,431 | |||||||
| 1.125%, 09/13/28 | USD | 62 | 51,947 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 75 | 69,552 | |||||||
| 1.500%, 04/15/35 | AUD | 172 | 73,581 | |||||||
| Total Supranational Bonds (Cost $1,025,704) | 871,361 | |||||||||
| U.S. Municipal Bonds | 0.9% | ||||||||||
| California | 0.9% | ||||||||||
California, | USD | 105 | 130,756 | |||||||
| U.S. Treasury Securities | 2.3% | ||||||||||
| U.S. Treasury Bonds, 1.750%, 08/15/41 | USD | 425 | 290,577 | |||||||
| U.S. Treasury Note, 4.250%, 09/30/24 | USD | 45 | 45,021 | |||||||
| Total U.S. Treasury Securities (Cost $418,816) | 335,598 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 3.7% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $533,124) |
533,124 | $ | 533,124 | |||||||
| Description | Fair Value | |||||||||
| Total Investments | 99.9% (Cost $15,957,349) (») |
$ | 14,590,791 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 13,653 | |||||||||
| Net Assets | 100.0% | $ | 14,604,444 | ||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Forward Currency Contracts open at September 30, 2022: | |||||||||||||||||
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| AUD | 23,605 | USD | 15,705 | SSB | 12/28/22 | $ | — | $ | 583 | ||||||||
| CAD | 54,580 | USD | 42,118 | CIT | 10/12/22 | — | 2,607 | ||||||||||
| CAD | 53,011 | USD | 40,660 | HSB | 10/12/22 | — | 2,284 | ||||||||||
| CHF | 43,400 | USD | 44,966 | HSB | 10/12/22 | — | 950 | ||||||||||
| CHF | 7,328 | USD | 7,593 | MSC | 10/12/22 | — | 161 | ||||||||||
| CHF | 6,443 | USD | 6,623 | SSB | 12/28/22 | — | 34 | ||||||||||
| CNH | 2,750,893 | USD | 409,968 | HSB | 10/12/22 | — | 24,662 | ||||||||||
| CNH | 1,428,430 | USD | 208,830 | HSB | 11/29/22 | — | 8,593 | ||||||||||
| CNH | 1,143,653 | USD | 170,424 | JPM | 10/12/22 | — | 10,237 | ||||||||||
| CZK | 1,048,309 | USD | 44,000 | JPM | 01/11/23 | — | 2,513 | ||||||||||
| EUR | 401,015 | USD | 410,824 | CIT | 10/12/22 | — | 17,595 | ||||||||||
| EUR | 697,232 | USD | 714,221 | HSB | 10/12/22 | — | 30,527 | ||||||||||
| EUR | 86,023 | USD | 85,152 | JPM | 12/28/22 | — | 264 | ||||||||||
| GBP | 33,797 | USD | 38,615 | HSB | 10/12/22 | — | 872 | ||||||||||
| GBP | 39,192 | USD | 47,225 | HSB | 10/12/22 | — | 3,457 | ||||||||||
| GBP | 140,490 | USD | 169,312 | JPM | 10/12/22 | — | 12,421 | ||||||||||
| HUF | 6,066,830 | USD | 15,437 | HSB | 10/12/22 | — | 1,414 | ||||||||||
| HUF | 10,661,070 | USD | 27,122 | JPM | 10/12/22 | — | 2,480 | ||||||||||
| JPY | 29,935,769 | USD | 219,179 | CIT | 10/12/22 | — | 12,190 | ||||||||||
| JPY | 118,886,807 | USD | 870,353 | HSB | 10/12/22 | — | 48,315 | ||||||||||
| JPY | 18,809,389 | USD | 137,709 | JPM | 10/12/22 | — | 7,653 | ||||||||||
| KRW | 125,903,550 | USD | 96,500 | JPM | 10/20/22 | — | 8,969 | ||||||||||
| KRW | 130,540,462 | USD | 99,478 | JPM | 10/20/22 | — | 8,723 | ||||||||||
| MXN | 434,246 | USD | 21,500 | HSB | 10/12/22 | 30 | — | ||||||||||
| NZD | 4,441 | USD | 2,800 | HSB | 11/10/22 | — | 315 | ||||||||||
| NZD | 109,986 | USD | 70,666 | HSB | 11/10/22 | — | 9,105 | ||||||||||
| PLN | 126,089 | USD | 27,700 | HSB | 10/12/22 | — | 2,293 | ||||||||||
| RON | 692,870 | USD | 140,613 | HSB | 10/12/22 | — | 3,525 | ||||||||||
| SEK | 353,850 | USD | 35,400 | HSB | 10/12/22 | — | 3,504 | ||||||||||
| SEK | 433,212 | USD | 41,375 | HSB | 10/12/22 | — | 2,325 | ||||||||||
| SEK | 73,529 | USD | 7,019 | JPM | 10/12/22 | — | 391 | ||||||||||
| THB | 46,523 | USD | 1,395 | JPM | 10/12/22 | — | 161 | ||||||||||
| USD | 30,000 | AUD | 44,579 | HSB | 10/12/22 | 1,483 | — | ||||||||||
| USD | 126,757 | AUD | 184,380 | HSB | 10/12/22 | 8,811 | — | ||||||||||
| USD | 302,082 | AUD | 439,309 | JPM | 10/12/22 | 21,060 | — | ||||||||||
| USD | 453,476 | CAD | 587,646 | CIT | 10/12/22 | 28,068 | — | ||||||||||
| USD | 15,125 | CAD | 20,397 | CIT | 12/28/22 | 352 | — | ||||||||||
| USD | 15,900 | CAD | 20,875 | HSB | 10/12/22 | 788 | — | ||||||||||
| USD | 362,469 | CAD | 469,709 | JPM | 10/12/22 | 22,438 | — | ||||||||||
| USD | 6,650 | CHF | 6,443 | SSB | 12/28/22 | 62 | — | ||||||||||
| USD | 95,039 | CLP | 89,878,345 | CIT | 03/15/23 | 4,984 | — | ||||||||||
| USD | 41,154 | CLP | 38,894,640 | HSB | 03/15/23 | 2,183 | — | ||||||||||
| USD | 43,526 | COP | 193,704,616 | HSB | 10/28/22 | 1,705 | — | ||||||||||
| USD | 89,343 | CZK | 2,223,395 | HSB | 01/11/23 | 1,351 | — | ||||||||||
| USD | 14,484 | CZK | 360,641 | JPM | 01/11/23 | 211 | — | ||||||||||
| USD | 22,211 | CZK | 544,020 | JPM | 01/11/23 | 681 | — | ||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| USD | 45,900 | CZK | 1,131,471 | JPM | 01/11/23 | $ | 1,122 | $ | — | ||||||||
| USD | 10,517 | DKK | 79,017 | SSB | 12/28/22 | 29 | — | ||||||||||
| USD | 64,700 | EUR | 65,180 | HSB | 10/12/22 | 786 | — | ||||||||||
| USD | 82,500 | EUR | 84,439 | HSB | 10/12/22 | — | 299 | ||||||||||
| USD | 188,000 | EUR | 187,877 | HSB | 10/12/22 | 3,771 | — | ||||||||||
| USD | 26,300 | EUR | 27,180 | JPM | 10/12/22 | — | 353 | ||||||||||
| USD | 30,567 | EUR | 31,044 | JPM | 12/28/22 | — | 68 | ||||||||||
| USD | 28,900 | GBP | 26,388 | HSB | 10/12/22 | — | 569 | ||||||||||
| USD | 79,800 | GBP | 73,092 | HSB | 10/12/22 | — | 1,825 | ||||||||||
| USD | 21,900 | GBP | 20,202 | JPM | 10/12/22 | — | 661 | ||||||||||
| USD | 21,783 | GBP | 19,314 | SSB | 12/28/22 | 189 | — | ||||||||||
| USD | 14,878 | HUF | 6,066,830 | HSB | 10/12/22 | 855 | — | ||||||||||
| USD | 26,133 | HUF | 10,661,070 | JPM | 10/12/22 | 1,491 | — | ||||||||||
| USD | 62,302 | IDR | 940,134,520 | JPM | 10/20/22 | 918 | — | ||||||||||
| USD | 69,300 | JPY | 9,497,391 | JPM | 10/12/22 | 3,631 | — | ||||||||||
| USD | 79,300 | JPY | 11,282,336 | JPM | 10/12/22 | 1,289 | — | ||||||||||
| USD | 159,706 | JPY | 22,522,486 | JPM | 12/28/22 | 2,532 | — | ||||||||||
| USD | 34,075 | JPY | 4,804,691 | SSB | 12/28/22 | 545 | — | ||||||||||
| USD | 92,800 | KRW | 126,147,680 | JPM | 10/20/22 | 5,099 | — | ||||||||||
| USD | 74,008 | MXN | 1,538,836 | HSB | 10/12/22 | — | 2,290 | ||||||||||
| USD | 102,771 | MXN | 2,137,763 | JPM | 10/12/22 | — | 3,222 | ||||||||||
| USD | 44,094 | NOK | 444,215 | HSB | 10/12/22 | 3,299 | — | ||||||||||
| USD | 104,076 | NOK | 992,404 | JPM | 10/12/22 | 12,935 | — | ||||||||||
| USD | 139,704 | NOK | 1,408,209 | JPM | 10/12/22 | 10,377 | — | ||||||||||
| USD | 401,472 | NZD | 624,858 | HSB | 11/10/22 | 51,727 | — | ||||||||||
| USD | 15,166 | NZD | 24,348 | JPM | 11/10/22 | 1,537 | — | ||||||||||
| USD | 207,800 | NZD | 323,419 | JPM | 11/10/22 | 26,776 | — | ||||||||||
| USD | 40,738 | PEN | 158,498 | CIT | 10/28/22 | 1,081 | — | ||||||||||
| USD | 42,610 | PEN | 165,520 | HSB | 10/28/22 | 1,197 | — | ||||||||||
| USD | 39,632 | PLN | 189,112 | HSB | 10/12/22 | 1,526 | — | ||||||||||
| USD | 49,510 | PLN | 231,619 | HSB | 10/12/22 | 2,839 | — | ||||||||||
| USD | 17,988 | PLN | 85,888 | JPM | 10/12/22 | 682 | — | ||||||||||
| USD | 44,300 | SEK | 498,671 | HSB | 10/12/22 | — | 650 | ||||||||||
| USD | 6,832 | SGD | 9,300 | HSB | 10/12/22 | 356 | — | ||||||||||
| USD | 78,115 | SGD | 106,346 | JPM | 10/12/22 | 4,065 | — | ||||||||||
| USD | 69,982 | THB | 2,332,848 | HSB | 10/12/22 | 8,115 | — | ||||||||||
| USD | 40,835 | THB | 1,468,025 | HSB | 03/13/23 | 1,356 | — | ||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 244,332 | $ | 239,060 | |||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 83.2% | ||||||||
| Commodity | 8.0% | ||||||||
| Invesco DB Agriculture Fund | 201,855 | $ | 4,041,137 | |||||
| United States Oil Fund L.P. | 8,534 | 557,100 | ||||||
| 4,598,237 | ||||||||
| Equity Funds | 56.6% | ||||||||
| First Trust NASDAQ Cybersecurity ETF | 59,975 | 2,309,637 | ||||||
| Franklin FTSE Japan ETF | 80,286 | 1,740,600 | ||||||
| Health Care Select Sector SPDR Fund | 51,072 | 6,185,330 | ||||||
| iShares Core Dividend Growth ETF | 53,455 | 2,377,144 | ||||||
| iShares Currency Hedged MSCI Eurozone ETF | 63,259 | 1,825,338 | ||||||
| iShares Expanded Tech Sector ETF | 4,597 | 1,270,657 | ||||||
| iShares Expanded Tech-Software Sector ETF | 4,791 | 1,198,373 | ||||||
| iShares Global Infrastructure ETF | 40,355 | 1,688,050 | ||||||
| iShares MSCI USA Minimum Volatility ETF | 25,962 | 1,716,088 | ||||||
| iShares Russell 2000 ETF | 11,273 | 1,859,143 | ||||||
| John Hancock Multi-Factor Mid Cap ETF | 42,558 | 1,812,971 | ||||||
| Vanguard Consumer Staples ETF | 31,731 | 5,451,068 | ||||||
| Vanguard MSCI Pacific ETF | 25,497 | 1,464,548 | ||||||
| Vanguard S&P 500 Value ETF | 13,820 | 1,715,615 | ||||||
| 32,614,562 | ||||||||
| Fixed-Income Funds | 10.2% | ||||||||
| iShares 1-3 Year Treasury Bond ETF | 52,141 | 4,234,370 | ||||||
| iShares 20+ Year Treasury Bond ETF | 16,304 | 1,670,345 | ||||||
| 5,904,715 | ||||||||
| Specialty | 8.4% | ||||||||
| Invesco DB US Dollar Index Bullish Fund | 160,612 | 4,842,452 | ||||||
| Total Exchange-Traded Funds (Cost $48,211,033) | 47,959,966 | |||||||
| Short-Term Investments | 16.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Cost $9,697,427) | 9,697,427 | 9,697,427 | ||||||
| Total Investments | 100.0% (Cost $57,908,460) | $ | 57,657,393 | ||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (4,623) | |||||||
| Net Assets | 100.0% | $ | 57,652,770 | ||||||
Lazard Opportunistic Strategies Portfolio (concluded)
Total Return Swap Agreements open at September 30, 2022:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Depreciation | |||||||||
| USD | GSC | 525,658 | 10/19/23 | Appreciation, and dividends paid, on Securities in a custom Momentum basket | SOFR+0.34bps | Depreciation, and dividend expense (if applicable), on securities in a custom momentum Basket | Upon Maturity(a) | $ | 434 | ||||||||
| USD | GSC | 425,679 | 10/19/23 | Appreciation, and dividends paid, on Securities in a custom Momentum basket | SOFR+0.29bps | Depreciation, and dividend expense (if applicable), on securities in a custom momentum Basket | Upon Maturity(a) | 345 | |||||||||
| Total gross unrealized depreciation on Total Return Swap Agreements | $ | 779 | |||||||||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
* Include accrued dividends and financing charges of $779.
The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of September 30, 2022:
| Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair Value | ||||||
| Affirm Holdings, Inc. | 6,607 | 8,930 | ||||||
| Alkami Technology, Inc. | 10,356 | 11,227 | ||||||
| Bentley Systems, Inc.,Class B | 4,498 | 9,911 | ||||||
| Bigcommerce Holdings, Series 1 | 9,135 | 9,738 | ||||||
| Chewy, Inc.,Class A | 4,191 | 9,277 | ||||||
| CI&T Inc, Class A | 16,236 | 10,977 | ||||||
| Cloudflare, Inc.,Class A | 2,437 | 9,679 | ||||||
| Coinbase Global, Inc.,Class A | 2,158 | 9,996 | ||||||
| Confluent, Inc., Class A | 5,936 | 10,150 | ||||||
| Doordash, Inc.,Class A | 2,531 | 9,000 | ||||||
| Doximity, Inc., Class A | 4,767 | 10,365 | ||||||
| Duck Creek Technologies, Inc. | 12,476 | 10,641 | ||||||
| Enfusion, Inc.,Class A | 11,907 | 10,575 | ||||||
| Expensify, Inc.,Class A | 9,365 | 10,029 | ||||||
| Fiverr International, Ltd. | 4,655 | 10,248 | ||||||
| Forgerock, Inc.,Class A | 9,129 | 9,546 | ||||||
| Freshworks, Inc.,Class A | 9,994 | 9,338 | ||||||
| Hireright Holdings Corp. | 9,277 | 10,194 | ||||||
| Jfrog, Ltd. | 7,443 | 11,851 | ||||||
| Lyft, Inc.,Class A | 9,107 | 8,640 | ||||||
| Marqeta, Inc.,Class A | 20,513 | 10,516 | ||||||
| Meridianlink, Inc. | 8,847 | 10,370 | ||||||
| Monday.Com Ltd. | 1,113 | 9,067 | ||||||
| Ncino, Inc. | 4,263 | 10,472 | ||||||
| Nuvei Corp-Subordinate Vtg | 4,701 | 9,170 | ||||||
| Paya Holdings, Inc. | 24,704 | 10,870 | ||||||
| Payoneer Global, Inc. | 24,419 | 10,636 | ||||||
| Pinterest, Inc.,Class A | 5,839 | 9,786 | ||||||
| Poshmark, Inc.,Class A | 10,328 | 11,658 | ||||||
| Powerschool Holdings, Inc.,Class A | 8,094 | 9,730 | ||||||
| Procore Technologies, Inc. | 2,795 | 9,946 | ||||||
| Qualtrics International,Class A | 13,255 | 9,712 | ||||||
| Remitly Global, Inc. | 14,083 | 11,276 | ||||||
| Riskified Ltd.Class A | 34,385 | 9,755 | ||||||
| Robinhood Markets, Inc.,Class A | 14,487 | 10,534 | ||||||
| Rocket Cos, Inc.,Class A | 19,568 | 8,905 | ||||||
| Sentinelone, Inc.,Class A | 5,436 | 9,994 | ||||||
| Shift4 Payments, Inc.,Class A | 3,091 | 9,948 | ||||||
| Sofi Technologies, Inc. | 24,561 | 8,628 | ||||||
| Squarespace, Inc.,Class A | 6,775 | 10,424 | ||||||
| Thoughtworks Holding, Inc. | 11,803 | 8,917 | ||||||
| Toast, Inc.,Class A | 7,856 | 9,464 | ||||||
| Uber Technologies, Inc. | 4,711 | 8,984 | ||||||
| Uipath, Inc.,Class A | 10,638 | 9,659 | ||||||
| Unity Software, Inc. | 4,049 | 9,271 | ||||||
| Upstart Holdings, Inc. | 6,364 | 9,522 | ||||||
| Vertex, Inc.,Class A | 10,804 | 10,635 | ||||||
| Vimeo, Inc. | 30,136 | 8,680 | ||||||
| Zoom Video Communications, Class A | 1,905 | 10,082 | ||||||
| Total Fair Value | $ | 486,923 | ||||||
| Securities within GSCBLZCL (SOFR+0.29bps) | Shares | Fair Value | ||||||
| Bill.Com Holdings, Inc. | 2,923 | 27,533 | ||||||
| Cloudflare, Inc.,Class A | 6,965 | 27,434 | ||||||
| Crowdstrike Holdings, Inc.,Class A | 2,429 | 28,512 | ||||||
| Datadog, Inc.,Class A | 4,566 | 28,854 | ||||||
| Docusign, Inc. | 7,514 | 28,606 | ||||||
| Elastic Nv. | 5,196 | 26,544 | ||||||
| Hubspot, Inc. | 1,462 | 28,092 | ||||||
| Mongodb, Inc. | 1,940 | 27,401 | ||||||
| Okta, Inc. | 7,228 | 29,288 | ||||||
| Shopify, Inc.,Class A | 12,995 | 24,920 | ||||||
| Snowflake, Inc.,Class A | 2,279 | 27,534 | ||||||
| Twilio, Inc.,Class A | 5,624 | 27,656 | ||||||
| Unity Software, Inc. | 11,600 | 26,316 | ||||||
| Zscaler, Inc. | 2,454 | 28,765 | ||||||
| Total Fair Value | $ | 387,455 |
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 62.6% | ||||||||
| Australia | 0.9% | ||||||||
| Atlas Arteria Ltd. | 12,827 | $ | 50,722 | |||||
| Aurizon Holdings Ltd. | 43,120 | 94,741 | ||||||
| Growthpoint Properties Australia Ltd. REIT | 23,094 | 45,331 | ||||||
| Mirvac Group REIT | 51,143 | 63,166 | ||||||
| Stockland REIT | 24,074 | 50,130 | ||||||
| Transurban Group | 3,609 | 28,307 | ||||||
| 332,397 | ||||||||
| Belgium | 0.3% | ||||||||
| Warehouses De Pauw CVA REIT | 4,089 | 99,329 | ||||||
| Brazil | 0.5% | ||||||||
| Multiplan Empreendimentos Imobiliarios SA | 38,700 | 173,400 | ||||||
| Canada | 8.1% | ||||||||
| Agnico Eagle Mines Ltd. | 2,818 | 119,004 | ||||||
| Allied Properties REIT | 2,365 | 46,843 | ||||||
| Atco Ltd., Class I | 2,937 | 90,256 | ||||||
| Boardwalk Real Estate Investment Trust | 1,451 | 48,593 | ||||||
| Canadian Apartment Properties REIT | 10,674 | 325,316 | ||||||
| Canadian National Railway Co. | 4,779 | 516,112 | ||||||
| Canadian Utilities Ltd., Class A | 3,936 | 102,378 | ||||||
| Dream Industrial REIT | 16,425 | 127,586 | ||||||
| Enbridge, Inc. | 13,298 | 493,085 | ||||||
| Granite Real Estate Investment Trust | 3,415 | 164,823 | ||||||
| Hydro One Ltd. | 19,970 | 488,353 | ||||||
| Killam Apartment Real Estate Investment Trust | 3,836 | 42,349 | ||||||
| RioCan Real Estate Investment Trust REIT | 5,965 | 80,406 | ||||||
| SmartCentres REIT | 2,445 | 45,932 | ||||||
| Summit Industrial Income REIT | 12,101 | 149,888 | ||||||
| 2,840,924 | ||||||||
| France | 1.7% | ||||||||
| Eutelsat Communications SA | 2,744 | 21,240 | ||||||
| Vinci SA | 7,181 | 576,817 | ||||||
| 598,057 | ||||||||
| Hong Kong | 0.3% | ||||||||
| CK Infrastructure Holdings Ltd. | 2,700 | 13,776 | ||||||
| Kerry Properties Ltd. | 31,500 | 59,504 | ||||||
| Power Assets Holdings Ltd. | 6,000 | 29,989 | ||||||
| 103,269 | ||||||||
| Italy | 2.5% | ||||||||
| Atlantia SpA | 5,833 | 129,123 | ||||||
| Enel SpA | 12,875 | 52,762 | ||||||
| Hera SpA | 36,760 | 77,775 | ||||||
| Description | Shares | Fair Value |
||||||
| Italgas SpA | 7,891 | $ | 36,680 | |||||
| Snam SpA | 20,771 | 83,906 | ||||||
| Terna - Rete Elettrica Nazionale | 81,411 | 495,944 | ||||||
| 876,190 | ||||||||
| Japan | 2.1% | ||||||||
| Daiwa House Industry Co. Ltd. | 4,500 | 91,706 | ||||||
| Frontier Real Estate Investment Corp. REIT | 27 | 99,287 | ||||||
| GLP J-REIT | 63 | 69,545 | ||||||
| Japan Real Estate Investment Corp. REIT | 21 | 86,476 | ||||||
| Katitas Co. Ltd. | 2,500 | 55,693 | ||||||
| Nippon Building Fund, Inc. REIT | 26 | 114,323 | ||||||
| Osaka Gas Co. Ltd. | 11,800 | 177,669 | ||||||
| Tokyo Gas Co. Ltd. | 3,300 | 55,733 | ||||||
| 750,432 | ||||||||
| Luxembourg | 0.1% | ||||||||
| SES SA | 3,785 | 20,743 | ||||||
| Singapore | 0.2% | ||||||||
| Parkway Life REIT | 24,400 | 71,926 | ||||||
| Spain | 2.6% | ||||||||
| Aena SME SA (*) | 300 | 31,042 | ||||||
| Ferrovial SA | 19,536 | 443,360 | ||||||
| Iberdrola SA | 45,788 | 425,662 | ||||||
| 900,064 | ||||||||
| Sweden | 0.1% | ||||||||
| Catena AB | 1,288 | 38,002 | ||||||
| Switzerland | 0.1% | ||||||||
| Flughafen Zurich AG (*) | 225 | 33,303 | ||||||
| Taiwan | 0.2% | ||||||||
| Ruentex Development Co. Ltd. | 38,000 | 61,626 | ||||||
| United Kingdom | 3.9% | ||||||||
| Big Yellow Group PLC REIT | 3,837 | 45,183 | ||||||
| National Grid PLC | 47,404 | 489,202 | ||||||
| Pennon Group PLC | 3,222 | 28,246 | ||||||
| Safestore Holdings PLC REIT | 7,884 | 73,727 | ||||||
| Segro PLC REIT | 12,366 | 103,618 | ||||||
| Severn Trent PLC | 1,578 | 41,251 | ||||||
| SSE PLC | 25,824 | 437,847 | ||||||
| Tritax Big Box REIT PLC | 54,748 | 82,367 | ||||||
| United Utilities Group PLC | 6,323 | 62,614 | ||||||
| 1,364,055 | ||||||||
| United States | 39.0% | ||||||||
| Alexandria Real Estate Equities, Inc. | 2,363 | 331,269 | ||||||
| Ameren Corp. | 1,313 | 105,762 | ||||||
| American Electric Power Co., Inc. | 2,897 | 250,446 |
| Description | Shares | Fair Value |
||||||
| Lazard Real Assets Portfolio (continued) (•) | ||||||||
| American Homes 4 Rent, Class A REIT | 1,768 | $ | 58,008 | |||||
| American Tower Corp. REIT | 1,357 | 291,348 | ||||||
| Apartment Income REIT Corp. REIT | 6,003 | 231,836 | ||||||
| Apple Hospitality REIT, Inc. | 11,084 | 155,841 | ||||||
| AvalonBay Communities, Inc. REIT | 3,452 | 635,824 | ||||||
| Brixmor Property Group, Inc. REIT | 3,110 | 57,442 | ||||||
| Camden Property Trust REIT | 1,416 | 169,141 | ||||||
| CF Industries Holdings, Inc. | 1,750 | 168,437 | ||||||
| Cheniere Energy, Inc. | 729 | 120,948 | ||||||
| Consolidated Edison, Inc. | 282 | 24,184 | ||||||
| Cousins Properties, Inc. REIT | 3,686 | 86,068 | ||||||
| Crown Castle, Inc. REIT | 2,063 | 298,207 | ||||||
| CSX Corp. | 16,556 | 441,052 | ||||||
| Digital Realty Trust, Inc. REIT | 2,705 | 268,282 | ||||||
| Dominion Energy, Inc. | 5,082 | 351,217 | ||||||
| Duke Realty Corp. REIT | 5,578 | 268,860 | ||||||
| EastGroup Properties, Inc. REIT | 1,011 | 145,928 | ||||||
| Energy Transfer Equity LP | 28,837 | 318,072 | ||||||
| Enterprise Products Partners LP | 15,965 | 379,648 | ||||||
| Equinix, Inc. REIT | 1,176 | 668,956 | ||||||
| Equity Residential REIT | 1,975 | 132,759 | ||||||
| Essex Property Trust, Inc. REIT | 343 | 83,085 | ||||||
| Exelon Corp. | 1,437 | 53,830 | ||||||
| Extra Space Storage, Inc. REIT | 2,950 | 509,494 | ||||||
| First Industrial Realty Trust, Inc. REIT | 1,396 | 62,555 | ||||||
| Healthcare Realty Trust, Inc., Class A REIT | 3,323 | 69,285 | ||||||
| Highwoods Properties, Inc. REIT | 2,240 | 60,390 | ||||||
| Hilton Worldwide Holdings, Inc. | 3,117 | 375,973 | ||||||
| Innovative Industrial Properties, Inc. REIT | 752 | 66,552 | ||||||
| Invitation Homes, Inc., REIT | 5,211 | 175,975 | ||||||
| Iron Mountain, Inc. REIT | 2,150 | 94,535 | ||||||
| Kimco Realty Corp. REIT | 12,175 | 224,142 | ||||||
| Life Storage, Inc. REIT | 3,072 | 340,255 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 3,589 | 556,546 | ||||||
| Description | Shares | Fair Value |
||||||
| NiSource, Inc. | 3,669 | $ | 92,422 | |||||
| Norfolk Southern Corp. | 1,228 | 257,450 | ||||||
| NRG Energy, Inc. | 5,188 | 198,545 | ||||||
| Pinnacle West Capital Corp. | 8,152 | 525,885 | ||||||
| Prologis, Inc. REIT | 5,522 | 561,035 | ||||||
| Public Storage REIT | 1,810 | 529,986 | ||||||
| Rexford Industrial Realty, Inc. REIT | 5,145 | 267,540 | ||||||
| SBA Communications Corp. REIT | 2,766 | 787,342 | ||||||
| Simon Property Group, Inc. REIT | 5,541 | 497,305 | ||||||
| SITE Centers Corp. REIT | 4,560 | 48,838 | ||||||
| SL Green Realty Corp. REIT | 8,421 | 338,187 | ||||||
| Targa Resources Corp. | 9,846 | 594,108 | ||||||
| UDR, Inc. REIT | 1,564 | 65,234 | ||||||
| Union Pacific Corp. | 1,207 | 235,148 | ||||||
| 13,631,177 | ||||||||
| Total Common Stocks (Cost $25,352,378) |
21,894,894 | |||||||
| Exchange-Traded Funds | 4.7% | ||||||||
| Aberdeen Standard Physical Silver Shares ETF (Δ) | 15,700 | 286,839 | ||||||
| SPDR Gold Shares (Δ) | 8,809 | 1,362,488 | ||||||
| Total Exchange-Traded Funds (Cost $1,903,157) |
1,649,327 | |||||||
| Short-Term Investments | 28.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 2.47% (7 day yield) (Δ) (Cost $9,896,857) |
9,896,857 | 9,896,857 | ||||||
| Total Investments | 95.6% (Cost $37,152,392) (») |
$ | 33,441,078 | ||||||
| Cash and Other Assets in Excess of Liabilities | 4.4% | 1,553,571 | |||||||
| Net Assets | 100.0% | $ | 34,994,649 |
Lazard Real Assets Portfolio (concluded) (•)
Forward Currency Contracts open at September 30, 2022:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CHF | 2,340 | USD | 2,418 | SSB | 12/28/22 | $ | — | $ | 25 | |||||||||
| EUR | 21,235 | USD | 20,880 | SSB | 12/28/22 | 75 | — | |||||||||||
| USD | 75,568 | AUD | 113,234 | HSB | 12/28/22 | 3,025 | — | |||||||||||
| USD | 6,616 | AUD | 10,032 | SSB | 12/28/22 | 189 | — | |||||||||||
| USD | 11,588 | CAD | 15,394 | HSB | 12/28/22 | 438 | — | |||||||||||
| USD | 20,542 | CAD | 27,291 | JPM | 12/28/22 | 775 | — | |||||||||||
| USD | 3,002 | CHF | 2,880 | JPM | 12/28/22 | 57 | — | |||||||||||
| USD | 35,069 | CHF | 33,638 | SSB | 12/28/22 | 670 | — | |||||||||||
| USD | 45,205 | EUR | 44,979 | JPM | 12/28/22 | 819 | — | |||||||||||
| USD | 639,157 | EUR | 636,101 | SSB | 12/28/22 | 11,444 | — | |||||||||||
| USD | 13,160 | GBP | 11,586 | JPM | 12/28/22 | 206 | — | |||||||||||
| USD | 267,348 | GBP | 235,354 | SSB | 12/28/22 | 4,209 | — | |||||||||||
| USD | 4,737 | HKD | 37,125 | JPM | 12/28/22 | 1 | — | |||||||||||
| USD | 54,112 | HKD | 424,125 | SSB | 12/28/22 | 5 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 21,913 | $ | 25 | ||||||||||||||
Futures Contracts open at September 30, 2022 (Δ):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Depreciation | ||||||||||||||||
| Natural Gas | 25 | $ | 250,000 | 10/27/2022 | $ | 2,074,660 | $ | 1,691,500 | $ | 383,160 | ||||||||||||
| Low Sulphur Gasoil | 6 | 600 | 11/10/2022 | 624,906 | 565,050 | 59,856 | ||||||||||||||||
| Cotton No. 2 | 3 | 150,000 | 12/07/2022 | 184,199 | 128,010 | 56,189 | ||||||||||||||||
| Soyabean Oil | 1 | 60,000 | 12/14/2022 | 44,787 | 36,936 | 7,851 | ||||||||||||||||
| Sugar 11 | 4 | 448,000 | 02/28/2023 | 80,160 | 79,206 | 954 | ||||||||||||||||
| Total gross unrealized depreciation on Futures Contracts | $ | 508,010 | ||||||||||||||||||||
Total Return Swap Agreements open at September 30, 2022 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Appreciation | ||||||||
| USD | GSC | $8,714,850 | 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) | $702,045 |
(a) For swap agreements, the net settlement will occur on the expiration date.
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2022
| Commodity | Commodity Index Ticker Symbol | Commodity Exposure Expressed as a Percentage of Notional Amount | ||||
| Aluminum | BCOMAL | 4.84 | ||||
| Bean Oil | BCOMBO | 4.89 | ||||
| Brent Crude | BCOMCO | 11.80 | ||||
| Coffee | BCOMKC | 3.64 | ||||
| Copper | BCOMHG | 5.31 | ||||
| Corn | BCOMCN | 9.66 | ||||
| Cotton | BCOMCT | 0.02 | ||||
| Crude Oil | BCOMCL | 12.52 | ||||
| Gasoline (RBOB) | BCOMRB | 2.54 | ||||
| Gold | BCOMGC | 0.20 | ||||
| Heating Oil | BCOMHO | 3.98 | ||||
| Kansas Wheat | BCOMKW | 3.77 | ||||
| Lean Hogs | BCOMLH | 1.42 | ||||
| Live Cattle | BCOMLC | 4.16 | ||||
| Natural Gas | BCOMNG | 2.01 | ||||
| Nickel | BCOMNI | 3.23 | ||||
| Silver | BCOMSI | 1.32 | ||||
| Soy Meal | BCOMSM | 3.98 | ||||
| Soybeans | BCOMSY | 8.10 | ||||
| Sugar | BCOMSB | 3.80 | ||||
| Wheat | BCOMWH | 6.01 | ||||
| Zinc | BCOMZS | 2.80 | ||||
| Total | 100.00 | % |
The Lazard Funds, Inc. Notes to Portfolios of Investments
September 30, 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 September 30, 2022, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage
of Net Assets |
| Emerging Markets Equity Advantage Portfolio | 1.5% |
| Emerging Markets Debt | 5.5% |
| Global Fixed Income | 1.4% |
| U.S. Corporate Income | 66.7% |
| Global Dynamic Multi-Asset Portfolio | 0.5% |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (^) | The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Global Listed Infrastructure Portfolio for the period ended September 30, 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 September 30, 2022 |
Values
at September 30, 2022 |
|||||||||
| Global Listed Infrastructure | |||||||||||||||||
| Atlas Arteria, Ltd. | $249,880,072 | $112,589,514 | $ - | $- | $(60,860,279) | $14,172,955 | $76,272,788 | $301,609,307 | |||||||||
| Eutelsat Communications SA | 142,933,220 | 8,705,809 | - | - | (54,247,226) | - | 12,581,887 | 97,391,803 | |||||||||
| SES SA | 163,718,030 | 6,567,811 | - | - | (52,316,354) | 9,454,961 | 21,526,589 | 117,969,487 | |||||||||
| Pennon Group PLC | 59,347,419 | 133,997,732 | - | - | (68,164,791) | 4,950,159 | 14,279,212 | 125,180,360 | |||||||||
| Total Securities | $615,878,741 | $261,860,866 | $- | $- | $(235,588,650) | $28,578,075 | $124,660,476 | $642,150,957 | |||||||||
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 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 September 30, 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 Portfolio. |
| Security Abbreviations: | |||
| ADR | - American Depositary Receipt | NVDR | - Non-Voting Depository Receipt |
| CDOR | - Canadian Dollar Offered Rate | PJSC | - Public Joint Stock Company |
| CMT | - Constant Maturity Treasury | REIT | - Real Estate Investment Trust |
| CVR | - Contingent Value Rights | SOFR | - Secured Overnight Financing Rate |
| ETF | - Exchange-Traded Fund | SONIA | - Sterling Overnight Index Average |
| GDR | - Global Depositary Receipt | WIBOR | - Warsaw Interbank Offered Rate |
| LIBOR | - London Interbank Offered Rate | ||
| Currency Abbreviations: | KRW | - South Korean Won | |
| AUD | - Australian Dollar | MXN | - Mexican New Peso |
| BRL | - Brazilian Real | MYR | - Malaysian Ringgit |
| CAD | - Canadian Dollar | NOK | - Norwegian Krone |
| CHF | - Swiss Franc | NZD | - New Zealand Dollar |
| CLP | - Chilean Peso | PEN | - Peruvian Nuevo Sol |
| CNH | - Chinese Yuan Renminbi | PLN | - Polish Zloty |
| CNY | - Chinese Renminbi | RON | - New Romanian Leu |
| COP | - Colombian Peso | SEK | - Swedish Krona |
| CZK | - Czech Koruna | SGD | - Singapore Dollar |
| DKK | - Danish Krone | THB | - Thai Baht |
| EUR | - Euro | USD | - United States Dollar |
| GBP | - British Pound Sterling | UYU | - Uruguayan Peso |
| HKD | - Hong-Kong Dollar | ZAR | - South African Rand |
| HUF | - Hungarian Forint | ||
| IDR | - Indonesian Rupiah | ||
| JPY | - Japanese Yen | ||
| Counterparty Abbreviations: | |||
| BNP | - BNP Paribas SA | MSC | - Morgan Stanley & Co. |
| BOA | - Bank Of America | NIP | - Nomura International Plc |
| BRC | - Barclays Bank PLC | RBC | - Royal Bank of Canada |
| CAN | - Canadian Imperial Bank of Commerce | SCB | - Standard Chartered Bank |
| CIT | - Citibank N.A. | SSB | - State Street Bank & Trust Co. |
| GSC | - Goldman Sachs International | UBS | - UBS AG |
| HSB | - HSBC Bank USA N.A. | ||
| JPM | - JPMorgan Chase Bank N.A. | ||
| MEL | - Bank of New York Mellon Corp. | ||
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 | |||||||||||||||
| Aerospace & Defence | — | % | — | % | 0.2 | % | — | % | — | % | |||||
| Air Freight & Logistics | 3.7 | — | 0.3 | — | — | ||||||||||
| Airlines | — | — | 0.2 | — | — | ||||||||||
| Auto Components | 1.6 | — | 0.4 | 1.9 | 1.1 | ||||||||||
| Automobiles | 1.5 | 0.4 | 4.0 | 3.0 | 2.2 | ||||||||||
| Banks | 19.6 | 17.6 | 16.6 | 20.7 | 20.1 | ||||||||||
| Beverages | 3.4 | 2.5 | 1.8 | — | 1.6 | ||||||||||
| Biotechnology | — | 0.7 | 0.3 | — | — | ||||||||||
| Capital Markets | — | 1.4 | 1.1 | — | 1.4 | ||||||||||
| Chemicals | 1.9 | 2.9 | 4.0 | 1.3 | 1.2 | ||||||||||
| Communications Equipment | 0.9 | 0.7 | 0.1 | — | — | ||||||||||
| Construction & Engineering | — | 1.6 | 1.0 | — | — | ||||||||||
| Construction Materials | — | 1.1 | — | 2.1 | 0.9 | ||||||||||
| Consumer Finance | 1.7 | — | 0.2 | — | 1.0 | ||||||||||
| Diversified Consumer Services | — | — | 0.2 | — | — | ||||||||||
| Diversified Financial Services | — | — | 1.0 | — | 1.5 | ||||||||||
| Diversified Telecommunication Services | — | 2.0 | 2.5 | 4.0 | 1.4 | ||||||||||
| Electric Utilities | — | 1.1 | 1.5 | — | — | ||||||||||
| Electrical Equipment | 3.1 | — | 1.1 | — | — | ||||||||||
| Electronic Equipment, Instruments & Components | 5.0 | 0.9 | 3.4 | 1.8 | 2.5 | ||||||||||
| Energy Equipment & Services | — | 1.6 | — | — | — | ||||||||||
| Entertainment | — | 2.2 | 1.8 | — | 1.2 | ||||||||||
| Food & Staples Retailing | — | — | 1.5 | — | 1.2 | ||||||||||
| Food Products | — | 0.7 | 1.4 | 1.7 | — | ||||||||||
| Gas Utilities | — | — | 0.7 | 1.1 | 1.4 | ||||||||||
| Health Care Equipment & Supplies | — | — | 0.3 | — | — | ||||||||||
| Health Care Providers & Services | — | — | 1.2 | 2.9 | 2.1 | ||||||||||
| Hotels, Restaurants & Leisure | 2.3 | 1.1 | 0.8 | 1.1 | 5.4 | ||||||||||
| Household Durables | 1.7 | 1.4 | 0.9 | 2.6 | 2.3 | ||||||||||
| Household Products | — | — | 0.7 | 1.1 | 0.9 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.7 | 0.9 | — | ||||||||||
| Industrial Conglomerates | — | 0.8 | — | 0.9 | — | ||||||||||
| Insurance | 1.5 | 4.2 | 2.6 | 5.9 | 2.4 | ||||||||||
| Interactive Media & Services | 8.3 | 4.9 | 4.3 | — | 3.1 | ||||||||||
| Internet & Direct Marketing Retail | 5.3 | 6.4 | 6.5 | — | 3.8 | ||||||||||
| IT Services | 1.5 | 3.0 | 3.7 | — | 4.3 | ||||||||||
| Life Sciences Tools & Services | — | 0.8 | 0.2 | — | — | ||||||||||
| Machinery | 2.4 | 2.3 | 0.9 | 1.0 | 2.1 | ||||||||||
| Marine | — | — | 1.0 | — | — | ||||||||||
| Media | — | — | 0.4 | — | — | ||||||||||
| Metals & Mining | 1.1 | 3.1 | 3.7 | 3.6 | 5.1 | ||||||||||
| Multiline Retail | — | — | 0.2 | — | — | ||||||||||
| Oil, Gas & Consumable Fuels | 3.2 | 7.1 | 5.3 | 10.7 | 6.2 | ||||||||||
| Paper & Forest Products | 0.7 | 1.4 | 0.2 | — | — | ||||||||||
| Personal Products | — | 0.9 | — | 3.5 | 1.9 | ||||||||||
| Pharmaceuticals | 1.8 | — | 2.2 | 0.8 | 1.2 | ||||||||||
| Real Estate Management & Development | — | — | 1.3 | 2.2 | 1.1 | ||||||||||
| Road & Rail | 2.0 | 0.9 | — | — | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 10.7 | 11.0 | 8.2 | 9.9 | 9.1 | ||||||||||
| Specialty Retail | 6.4 | 2.4 | 0.6 | 0.7 | — | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Technology Hardware, Storage & Peripherals | 5.7 | 4.6 | 4.3 | 7.3 | 4.4 | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.0 | 1.8 | 0.5 | — | 1.3 | ||||||||||
| Tobacco | — | — | 0.9 | 0.9 | 1.8 | ||||||||||
| Transportation Infrastructure | 0.8 | 3.2 | 0.5 | 1.7 | — | ||||||||||
| Wireless Telecommunication Services | — | 0.6 | 0.7 | 2.1 | 2.3 | ||||||||||
| Subtotal | 98.8 | 99.3 | 98.1 | 97.4 | 99.5 | ||||||||||
| Short-Term Investments | 1.3 | 0.2 | 7.8 | 3.1 | 0.3 | ||||||||||
| Total Investments | 100.1 | % | 99.5 | % | 105.9 | % | 100.5 | % | 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 | — | % | 1.1 | % | — | % | 0.5 | % | 0.9 | % | |||||
| Air Freight & Logistics | — | — | — | — | 1.5 | ||||||||||
| Airlines | — | — | — | 0.5 | — | ||||||||||
| Auto Components | — | — | — | 0.7 | — | ||||||||||
| Automobiles | — | — | — | 0.4 | 3.6 | ||||||||||
| Banks | — | 6.2 | — | 3.5 | 8.2 | ||||||||||
| Beverages | 0.9 | 7.9 | — | 6.1 | 0.5 | ||||||||||
| Biotechnology | — | — | — | 2.4 | 1.2 | ||||||||||
| Building Products | — | — | — | — | 2.9 | ||||||||||
| Capital Markets | — | 5.9 | — | 6.4 | 3.0 | ||||||||||
| Chemicals | — | — | — | 2.5 | 1.9 | ||||||||||
| Commercial Services & Suppliers | 3.0 | — | — | — | 1.3 | ||||||||||
| Communications Equipment | 4.0 | 1.8 | — | — | 1.2 | ||||||||||
| Construction & Engineering | 6.0 | — | 12.4 | — | 0.6 | ||||||||||
| Containers & Packaging | — | 0.9 | — | — | — | ||||||||||
| Diversified Consumer Services | 3.2 | — | — | — | — | ||||||||||
| Diversified Financial Services | — | — | — | — | 0.8 | ||||||||||
| Diversified Telecommunication Services | — | — | — | — | 1.0 | ||||||||||
| Electric Utilities | — | — | 12.2 | 1.6 | 2.7 | ||||||||||
| Electrical Equipment | — | 4.2 | — | 3.1 | 0.8 | ||||||||||
| Electronic Equipment, Instruments & Components | — | 1.9 | — | 1.8 | 0.4 | ||||||||||
| Energy Equipment & Services | — | — | — | 1.9 | — | ||||||||||
| Entertainment | — | 1.6 | — | 2.3 | 1.2 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | — | 1.7 | ||||||||||
| Food & Staples Retailing | — | — | — | — | 1.9 | ||||||||||
| Food Products | — | — | — | — | 2.1 | ||||||||||
| Gas Utilities | — | — | 6.8 | — | — | ||||||||||
| Health Care Equipment & Supplies | 8.3 | 2.5 | — | 5.2 | 1.0 | ||||||||||
| Health Care Providers & Services | 16.4 | — | — | 3.6 | — | ||||||||||
| Health Care Technology | — | — | — | — | 0.2 | ||||||||||
| Hotels, Restaurants & Leisure | 5.9 | 1.8 | — | — | 2.2 | ||||||||||
| Household Durables | — | 0.6 | — | — | — | ||||||||||
| Household Products | — | 1.6 | — | — | — | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.8 | ||||||||||
| Industrial Conglomerates | — | — | — | — | 2.0 | ||||||||||
| Insurance | — | 4.1 | — | 4.3 | 5.4 | ||||||||||
| Interactive Media & Services | — | 5.4 | — | 5.2 | 0.1 | ||||||||||
| Internet & Direct Marketing Retail | 3.8 | 4.0 | — | — | 0.1 | ||||||||||
| IT Services | 14.8 | 6.5 | — | 4.0 | 2.5 | ||||||||||
| Leisure Products | — | 1.6 | — | — | 0.3 | ||||||||||
| Life Sciences Tools & Services | — | 4.7 | — | 5.6 | 0.5 | ||||||||||
| Machinery | 4.0 | 1.1 | — | — | 0.2 | ||||||||||
| Marine | — | — | — | — | 1.8 | ||||||||||
| Media | 10.0 | — | 2.8 | 1.4 | 0.3 | ||||||||||
| Metals & Mining | — | — | — | 1.1 | 2.0 | ||||||||||
| Multiline Retail | — | 3.9 | — | 2.5 | — | ||||||||||
| Multi-Utilities | — | — | 13.4 | — | — | ||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 4.8 | ||||||||||
| Personal Products | — | 0.9 | — | 0.9 | 3.7 | ||||||||||
| Pharmaceuticals | — | 4.9 | — | 6.2 | 11.9 | ||||||||||
| Professional Services | — | 5.3 | — | 4.0 | 1.8 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Real Estate Management & Development | — | — | — | — | 0.8 | ||||||||||
| Road & Rail | 2.1 | 1.2 | 19.1 | 1.0 | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 3.9 | 5.4 | — | 6.2 | 3.2 | ||||||||||
| Software | 1.0 | 5.1 | — | 9.9 | 1.7 | ||||||||||
| Specialty Retail | 2.1 | 1.9 | — | — | 2.1 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 1.4 | ||||||||||
| Textiles, Apparel & Luxury Goods | 5.6 | 3.6 | — | — | 3.3 | ||||||||||
| Tobacco | — | — | — | — | 3.2 | ||||||||||
| Trading Companies & Distributors | — | 1.4 | — | 1.5 | 2.4 | ||||||||||
| Transportation Infrastructure | — | — | 14.2 | — | — | ||||||||||
| Water Utilities | — | — | 8.7 | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | — | 1.3 | ||||||||||
| Subtotal | 95.0 | 99.0 | 89.6 | 96.3 | 100.4 | ||||||||||
| Short-Term Investments | 4.9 | 1.0 | 9.8 | 5.3 | 0.5 | ||||||||||
| Total Investments | 99.9 | % | 100.0 | % | 99.4 | % | 101.6 | % | 100.9 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Equity Portfolio |
Lazard International Equity Select Portfolio |
Lazard International Quality Growth Portfolio |
Lazard International Small Cap Equity Portfolio |
Lazard International Strategic Equity Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | 4.3 | % | 3.7 | % | — | % | 1.4 | % | 5.6% | ||||||
| Air Freight & Logistics | — | — | — | 1.0 | — | ||||||||||
| Airlines | 1.2 | 1.0 | — | 0.9 | 1.4 | ||||||||||
| Auto Components | 1.0 | 0.9 | — | 0.9 | 1.1 | ||||||||||
| Automobiles | 1.4 | 0.8 | — | — | 1.5 | ||||||||||
| Banks | 6.5 | 11.5 | 8.5 | 4.3 | 9.0 | ||||||||||
| Beverages | 6.5 | 2.8 | 6.2 | 2.7 | 9.6 | ||||||||||
| Biotechnology | — | — | 3.2 | — | 1.9 | ||||||||||
| Building Products | 1.5 | 1.5 | 2.3 | 1.6 | 1.9 | ||||||||||
| Capital Markets | 3.0 | — | 5.9 | 5.6 | 1.7 | ||||||||||
| Chemicals | 4.7 | 5.0 | — | 4.0 | 4.0 | ||||||||||
| Commercial Services & Suppliers | — | — | — | 3.8 | — | ||||||||||
| Construction & Engineering | — | — | — | 1.8 | — | ||||||||||
| Diversified Financial Services | — | — | — | 1.5 | 1.3 | ||||||||||
| Diversified Telecommunication Services | 0.6 | 1.5 | — | 1.1 | — | ||||||||||
| Electric Utilities | 1.2 | — | — | — | 1.4 | ||||||||||
| Electrical Equipment | 2.6 | 4.8 | 1.8 | — | 4.1 | ||||||||||
| Electronic Equipment, Instruments & Components | — | — | 2.2 | 1.2 | 1.2 | ||||||||||
| Energy Equipment & Services | — | — | — | 0.5 | — | ||||||||||
| Entertainment | 2.4 | 1.3 | 3.5 | 0.8 | 2.1 | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | — | — | — | 1.9 | — | ||||||||||
| Food & Staples Retailing | 2.0 | — | 2.5 | 2.0 | 1.2 | ||||||||||
| Food Products | — | — | — | 1.8 | — | ||||||||||
| Gas Utilities | 1.2 | 1.6 | — | 3.3 | — | ||||||||||
| Health Care Equipment & Supplies | 4.1 | 3.2 | 2.9 | 2.8 | 3.3 | ||||||||||
| Health Care Providers & Services | — | — | — | 0.8 | — | ||||||||||
| Hotels, Restaurants & Leisure | 1.5 | 1.9 | — | 1.6 | 2.2 | ||||||||||
| Household Durables | — | — | — | 1.8 | — | ||||||||||
| Household Products | — | 0.9 | 0.6 | — | — | ||||||||||
| Independent Power & Renewable Electricity Producers | 0.7 | 1.1 | — | — | 1.1 | ||||||||||
| Industrial Conglomerates | 0.9 | — | — | — | — | ||||||||||
| Insurance | 4.7 | 5.9 | 8.0 | 1.3 | 6.9 | ||||||||||
| Interactive Media & Services | 0.8 | 2.3 | 4.1 | 0.9 | — | ||||||||||
| Internet & Direct Marketing Retail | 1.2 | 1.5 | 1.8 | — | — | ||||||||||
| IT Services | 1.7 | 2.7 | 2.1 | 3.7 | 2.2 | ||||||||||
| Leisure Products | 5.0 | 2.8 | 3.1 | 2.2 | 2.9 | ||||||||||
| Life Sciences Tools & Services | 2.2 | 1.6 | 1.5 | — | 2.0 | ||||||||||
| Machinery | 1.0 | 0.7 | 0.5 | 5.4 | 0.3 | ||||||||||
| Media | — | — | — | — | 1.0 | ||||||||||
| Metals & Mining | 1.4 | 0.9 | — | 1.5 | 1.8 | ||||||||||
| Multiline Retail | — | — | 3.3 | — | — | ||||||||||
| Multi-Utilities | 2.7 | 2.2 | — | — | 2.5 | ||||||||||
| Oil, Gas & Consumable Fuels | 6.8 | 8.3 | — | 2.3 | 2.2 | ||||||||||
| Personal Products | 2.2 | 1.5 | 2.9 | — | — | ||||||||||
| Pharmaceuticals | 5.5 | 5.5 | 1.3 | 2.0 | 4.6 | ||||||||||
| Professional Services | 5.7 | 7.0 | 9.4 | 4.0 | 6.5 | ||||||||||
| Real Estate Management & Development | 2.0 | 2.0 | — | 6.7 | 2.6 | ||||||||||
| Road & Rail | — | — | — | — | 1.5 | ||||||||||
| Semiconductors & Semiconductor Equipment | 3.4 | 5.3 | 6.9 | 2.1 | 2.8 | ||||||||||
| Software | — | — | 4.6 | 3.3 | — | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Specialty Retail | 1.2 | 0.8 | 2.5 | 3.7 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | 1.2 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.6 | 0.9 | 3.4 | 1.9 | — | ||||||||||
| Trading Companies & Distributors | 1.2 | 1.5 | 3.1 | 2.9 | — | ||||||||||
| Water Utilities | — | — | — | 0.8 | — | ||||||||||
| Subtotal | 97.6 | 96.9 | 98.1 | 95.0 | 95.4 | ||||||||||
| Short-Term Investments | 1.8 | 2.4 | 1.7 | 3.8 | 4.3 | ||||||||||
| Total Investments | 99.4 | % | 99.3 | % | 99.8 | % | 98.8 | % | 99.7 | % |
| † | 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 those Portfolios previously presented by country:
| Industry† | Lazard Managed Equity Volatility Portfolio |
Lazard Emerging Markets Debt Portfolio |
Lazard Global Fixed Income Portfolio |
Lazard Global Dynamic Multi-Asset Portfolio |
Lazard Real Assets Portfolio | ||||||||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | |||||||||||||||
| Aerospace & Defense | 0.5 | % | — | % | — | % | 0.1 | % | — | % | |||||
| Air Freight & Logistics | — | — | — | 0.2 | — | ||||||||||
| Airlines | — | — | — | — | — | ||||||||||
| Auto Components | 0.3 | — | — | 0.1 | — | ||||||||||
| Automobiles | 0.5 | — | 2.2 | 2.1 | — | ||||||||||
| Banks | 1.6 | 2.6 | 9.3 | 7.5 | — | ||||||||||
| Beverages | 1.1 | — | 0.5 | 1.3 | — | ||||||||||
| Biotechnology | 3.5 | — | 0.9 | 1.3 | — | ||||||||||
| Building Products | — | — | 1.1 | 1.1 | — | ||||||||||
| Capital Markets | 1.1 | — | 2.4 | 2.4 | — | ||||||||||
| Chemicals | 0.5 | — | — | 0.2 | 0.5 | ||||||||||
| Commercial Services & Suppliers | 3.4 | — | 0.5 | 0.9 | — | ||||||||||
| Communications Equipment | 1.0 | — | — | 0.4 | — | ||||||||||
| Construction & Engineering | 0.2 | — | — | 1.1 | 2.9 | ||||||||||
| Consumer Finance | 0.2 | — | 0.9 | 0.7 | — | ||||||||||
| Containers & Packaging | 0.2 | — | 0.5 | 0.6 | — | ||||||||||
| Diversified Consumer Services | 1.0 | — | 0.6 | 0.6 | — | ||||||||||
| Diversified Financial Services | 0.1 | — | — | — | — | ||||||||||
| Diversified Telecommunication Services | 4.9 | — | 1.5 | 2.5 | — | ||||||||||
| Electric Utilities | 5.1 | — | — | 1.2 | 8.6 | ||||||||||
| Electrical Equipment | — | — | — | 0.9 | — | ||||||||||
| Electronic Equipment, Instruments & Components | 0.8 | — | 0.4 | 0.8 | — | ||||||||||
| Entertainment | 0.6 | — | — | 0.2 | — | ||||||||||
| Equity Real Estate Investment Trusts (REITs) | 3.9 | — | 1.7 | 1.8 | 31.6 | ||||||||||
| Food & Staples Retailing | 4.8 | — | 1.9 | 1.2 | — | ||||||||||
| Food Products | 6.3 | — | — | 1.0 | — | ||||||||||
| Gas Utilities | 3.0 | — | — | 0.6 | 1.0 | ||||||||||
| Health Care Equipment & Supplies | 1.7 | — | — | 0.5 | — | ||||||||||
| Health Care Providers & Services | 5.2 | — | — | 1.8 | — | ||||||||||
| Health Care Technology | 0.3 | — | — | 0.1 | — | ||||||||||
| Hotels, Restaurants & Leisure | 2.2 | — | 1.6 | 1.5 | 1.1 | ||||||||||
| Household Durables | 0.2 | — | — | 0.1 | — | ||||||||||
| Household Products | 3.8 | — | 0.9 | 1.7 | — | ||||||||||
| Independent Power & Renewable Electricity Producers | 0.6 | — | — | 0.2 | — | ||||||||||
| Industrial Conglomerates | 0.6 | — | — | 0.3 | — | ||||||||||
| Insurance | 5.6 | — | — | 1.8 | — | ||||||||||
| Interactive Media & Services | 0.7 | — | 0.6 | 1.3 | — | ||||||||||
| Internet & Direct Marketing Retail | — | — | 0.5 | 0.6 | — | ||||||||||
| IT Services | 3.2 | — | 0.7 | 2.0 | — | ||||||||||
| Leisure Products | 0.7 | — | — | 0.4 | — | ||||||||||
| Life Sciences Tools & Services | 0.7 | — | — | 0.6 | — | ||||||||||
| Machinery | 0.8 | — | 1.8 | 1.5 | — | ||||||||||
| Marine | 0.2 | — | — | 0.1 | — | ||||||||||
| Media | 1.5 | — | — | 0.4 | 0.2 | ||||||||||
| Metals & Mining | — | — | — | 0.1 | 0.3 | ||||||||||
| Multiline Retail | — | — | — | 0.3 | — | ||||||||||
| Multi-Utilities | 2.6 | — | — | 0.6 | 3.9 | ||||||||||
| Oil, Gas & Consumable Fuels | 1.2 | 3.8 | — | 1.1 | 5.4 | ||||||||||
| Personal Products | 1.6 | — | — | 0.4 | — | ||||||||||
| Pharmaceuticals | 8.9 | — | 0.6 | 3.7 | — | ||||||||||
| Professional Services | 1.6 | — | — | 1.0 | — | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Real Estate Management & Development | 1.5 | 0.5 | — | 0.3 | 1.5 | ||||||||||
| Road & Rail | 0.7 | — | — | 0.4 | 4.4 | ||||||||||
| Semiconductors & Semiconductor Equipment | 0.7 | — | — | 1.1 | — | ||||||||||
| Software | 1.1 | — | 1.7 | 2.8 | — | ||||||||||
| Specialty Retail | 1.7 | — | 1.0 | 1.6 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | 0.9 | — | 1.4 | 2.2 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 0.3 | — | — | 0.4 | — | ||||||||||
| Tobacco | 1.8 | — | — | 0.4 | — | ||||||||||
| Trading Companies & Distributors | — | — | 0.6 | 0.6 | — | ||||||||||
| Transportation Infrastructure | — | — | — | — | 0.8 | ||||||||||
| Water Utilities | — | — | — | — | 0.4 | ||||||||||
| Wireless Telecommunication Services | 1.2 | — | — | 0.1 | — | ||||||||||
| Subtotal | 98.4 | 6.9 | 35.8 | 62.8 | 62.6 | ||||||||||
| Exchange Traded Funds | — | — | — | 1.0 | 4.7 | ||||||||||
| Foreign Government Obligations | — | 80.2 | 47.9 | 23.2 | — | ||||||||||
| Supranational Bonds | — | 0.1 | 10.0 | 6.0 | — | ||||||||||
| Sovereign Bonds | — | 0.2 | — | — | — | ||||||||||
| U.S. Municipal Bonds | — | — | 1.8 | 0.9 | — | ||||||||||
| U.S. Treasury Securities | — | 1.0 | 3.3 | 2.3 | — | ||||||||||
| Short-Term Investments | 2.4 | 11.5 | 0.9 | 3.7 | 28.3 | ||||||||||
| Total Investments | 100.8 | % | 99.9 | % | 99.7 | % | 99.9 | % | 95.6 | % |
| † | 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:
| Lazard Enhanced Opportunities Portfolio | ||||||
| Industry† | Long | Short | ||||
| Common Stocks and Convertible Corporate Bonds | ||||||
| Aerospace & Defense | 0.4 | % | -0.2 | % | ||
| Air Freight & Logistics | 0.4 | -0.2 | ||||
| Airlines | 4.7 | -3.6 | ||||
| Auto Components | 0.2 | -0.1 | ||||
| Automobiles | 4.9 | -1.8 | ||||
| Banks | 4.2 | — | ||||
| Biotechnology | 10.7 | -5.8 | ||||
| Chemicals | 4.8 | -3.9 | ||||
| Communications Equipment | 0.1 | -0.1 | ||||
| Construction & Engineering | 0.8 | -0.3 | ||||
| Consumer Finance | 3.1 | -1.0 | ||||
| Diversified Telecommunication Services | 1.0 | -0.3 | ||||
| Electrical Equipment | 6.6 | -5.5 | ||||
| Electronic Equipment, Instruments & Components | 1.4 | -0.2 | ||||
| Energy Equipment & Services | 1.9 | -0.7 | ||||
| Entertainment | 4.5 | -2.2 | ||||
| Equity Real Estate Investment Trusts (REITs) | 3.3 | -1.0 | ||||
| Food & Staples Retailing | 1.9 | -0.7 | ||||
| Food Products | 0.6 | -0.3 | ||||
| Health Care Equipment & Supplies | 5.4 | -3.6 | ||||
| Health Care Technology | 0.8 | -0.1 | ||||
| Hotels, Restaurants & Leisure | 4.0 | -1.9 | ||||
| Independent Power Producers & Energy Traders | 0.9 | -0.5 | ||||
| Interactive Media & Services | 1.6 | -0.3 | ||||
| Internet & Direct Marketing Retail | 3.8 | -1.5 | ||||
| IT Services | 2.8 | -0.9 | ||||
| Leisure Products | 1.3 | — | ||||
| Life Sciences Tools & Services | 0.6 | -0.2 | ||||
| Machinery | 1.7 | -1.1 | ||||
| Marine | 1.9 | -1.5 | ||||
| Media | 6.9 | -0.4 | ||||
| Metals & Mining | 5.7 | -2.8 | ||||
| Mortgage Real Estate Investment Trusts (REITs) | 7.7 | -0.5 | ||||
| Oil, Gas & Consumable Fuels | 1.7 | -1.3 | ||||
| Pharmaceuticals | 6.8 | -2.1 | ||||
| Real Estate Management & Development | 0.9 | -0.2 | ||||
| Semiconductors & Semiconductor Equipment | 2.6 | -1.5 | ||||
| Software | 13.0 | -5.2 | ||||
| Specialty Retail | 4.7 | -1.4 | ||||
| Subtotal | 130.3 | -54.9 | ||||
| Exchange-Traded Funds | 4.6 | — | ||||
| Purchased Options | 0.1 | — | ||||
| U.S. Treasury Securities | — | -23.1 | ||||
| Short-Term Investments | 27.4 | — | ||||
| Total Investments | 162.4 | % | -78.0 | % | ||
| † | 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: November 25, 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: November 25, 2022
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: November 25, 2022