UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2023
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.0% | ||||||||
| Brazil | 3.9% | ||||||||
| Dexco SA | 497,708 | $ | 577,400 | |||||
| Pagseguro Digital Ltd., Class A (*) | 72,608 | 622,250 | ||||||
| Petro Rio SA (*) | 160,300 | 986,447 | ||||||
| Rumo SA | 319,044 | 1,186,552 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 306,900 | 808,357 | ||||||
| 4,181,006 | ||||||||
| China | 35.8% | ||||||||
| Airtac International Group | 28,765 | 1,129,068 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 39,696 | 4,056,137 | ||||||
| Autohome, Inc. ADR | 38,881 | 1,301,347 | ||||||
| Baidu, Inc., Class A (*) | 57,200 | 1,084,508 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 98,100 | 2,634,264 | ||||||
| Chow Tai Seng Jewellery Co. Ltd., Class A | 552,850 | 1,278,827 | ||||||
| JD.com, Inc., Class A | 76,309 | 1,672,439 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | 84,800 | 798,995 | ||||||
| Minth Group Ltd. | 684,000 | 2,058,868 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 275,500 | 1,785,614 | ||||||
| Shanghai Liangxin Electrical Co. Ltd., Class A | 848,492 | 1,575,861 | ||||||
| Tencent Holdings Ltd. | 112,400 | 5,492,240 | ||||||
| Topsports International Holdings Ltd. | 1,698,000 | 1,540,624 | ||||||
| Trip.com Group Ltd. ADR (*) | 58,815 | 2,215,561 | ||||||
| Weibo Corp. ADR (*) | 39,938 | 801,156 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 86,200 | 2,464,690 | ||||||
| Xiaomi Corp., Class B (*) | 515,000 | 791,677 | ||||||
| Yadea Group Holdings Ltd. | 888,000 | 2,280,761 | ||||||
| Zhongsheng Group Holdings Ltd. | 364,000 | 1,805,272 | ||||||
| ZTO Express Cayman, Inc. ADR | 56,131 | 1,608,715 | ||||||
| 38,376,624 | ||||||||
| Colombia | 0.5% | ||||||||
| Bancolombia SA ADR | 22,058 | 554,318 | ||||||
| Hong Kong | 1.0% | ||||||||
| Techtronic Industries Co. Ltd. | 95,002 | 1,037,190 | ||||||
| Hungary | 1.9% | ||||||||
| Richter Gedeon Nyrt. | 96,972 | 2,027,395 | ||||||
| India | 12.1% | ||||||||
| Bajaj Finance Ltd. | 21,755 | 1,491,014 | ||||||
| HDFC Bank Ltd. ADR | 49,620 | 3,308,165 | ||||||
| ICICI Bank Ltd. ADR | 150,253 | 3,242,460 | ||||||
| Mphasis Ltd. | 43,746 | 961,244 | ||||||
| Description | Shares | Fair Value | ||||||
| Reliance Industries Ltd. | 74,292 | $ | 2,111,860 | |||||
| UPL Ltd. | 214,168 | 1,873,181 | ||||||
| 12,987,924 | ||||||||
| Indonesia | 4.0% | ||||||||
| PT Bank Central Asia Tbk | 3,361,300 | 1,964,008 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 7,387,449 | 2,334,166 | ||||||
| 4,298,174 | ||||||||
| Mexico | 3.0% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 383,057 | 3,228,988 | ||||||
| Peru | 0.6% | ||||||||
| Credicorp Ltd. | 5,180 | 685,780 | ||||||
| Philippines | 3.0% | ||||||||
| BDO Unibank, Inc. | 884,412 | 2,098,924 | ||||||
| International Container Terminal Services, Inc. | 282,849 | 1,111,221 | ||||||
| 3,210,145 | ||||||||
| Poland | 1.1% | ||||||||
| InPost SA (*) | 125,211 | 1,146,850 | ||||||
| South Africa | 2.7% | ||||||||
| Capitec Bank Holdings Ltd. | 6,178 | 586,370 | ||||||
| Foschini Group Ltd. | 121,025 | 619,453 | ||||||
| Standard Bank Group Ltd. | 167,196 | 1,623,093 | ||||||
| 2,828,916 | ||||||||
| South Korea | 9.1% | ||||||||
| CJ Logistics Corp. | 8,294 | 510,340 | ||||||
| Samsung Electronics Co. Ltd. | 130,348 | 6,463,737 | ||||||
| SK Hynix, Inc. | 39,359 | 2,714,624 | ||||||
| 9,688,701 | ||||||||
| Taiwan | 15.8% | ||||||||
| ASE Technology Holding Co. Ltd. | 436,289 | 1,614,494 | ||||||
| Bizlink Holding, Inc. | 173,000 | 1,593,349 | ||||||
| Chroma ATE, Inc. | 262,000 | 1,529,138 | ||||||
| Hiwin Technologies Corp. | 123,714 | 1,019,219 | ||||||
| Lotes Co. Ltd. | 44,687 | 1,348,009 | ||||||
| MediaTek, Inc. | 65,000 | 1,696,731 | ||||||
| RichWave Technology Corp. (*) | 185,000 | 769,782 | ||||||
| Sercomm Corp. | 339,000 | 1,060,179 | ||||||
| Silicon Motion Technology Corp. ADR | 18,503 | 1,212,317 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 289,000 | 5,119,887 | ||||||
| 16,963,105 | ||||||||
| United States | 2.2% | ||||||||
| EPAM Systems, Inc. (*) | 2,763 | 826,137 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| JS Global Lifestyle Co. Ltd. | 802,500 | $ | 828,770 | |||||
| Tenaris SA ADR | 23,868 | 678,329 | ||||||
| 2,333,236 | ||||||||
| Zambia | 1.3% | ||||||||
| First Quantum Minerals Ltd. | 61,787 | 1,420,438 | ||||||
| Total Common Stocks (Cost $88,771,859) | 104,968,790 | |||||||
| Short-Term Investments | 1.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $1,728,194) | 1,728,194 | 1,728,194 | ||||||
| Total Investments | 99.6% (Cost $90,500,053) | $ | 106,696,984 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 433,177 | |||||||
| Net Assets | 100.0% | $ | 107,130,161 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 98.6% | ||||||||
| Brazil | 5.6% | ||||||||
| Banco BTG Pactual SA | 240,296 | $ | 931,610 | |||||
| Banco do Brasil SA | 124,300 | 959,144 | ||||||
| Centrais Eletricas Brasileiras SA | 111,700 | 733,435 | ||||||
| Lojas Renner SA | 127,258 | 416,037 | ||||||
| MercadoLibre, Inc. (*) | 693 | 913,416 | ||||||
| Petroleo Brasileiro SA ADR | 78,568 | 819,464 | ||||||
| Rumo SA | 222,358 | 826,968 | ||||||
| 5,600,074 | ||||||||
| Canada | 1.1% | ||||||||
| Parex Resources, Inc. | 58,044 | 1,079,708 | ||||||
| China | 26.7% | ||||||||
| Alibaba Group Holding Ltd. (*) | 24,500 | 311,584 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 27,403 | 2,800,038 | ||||||
| Budweiser Brewing Co. APAC Ltd. | 324,400 | 985,125 | ||||||
| China Mengniu Dairy Co. Ltd. | 161,000 | 660,250 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 6,333,633 | 3,371,954 | ||||||
| Innovent Biologics, Inc. (*) | 103,000 | 459,950 | ||||||
| JD.com, Inc. ADR | 22,066 | 968,477 | ||||||
| JD.com, Inc., Class A | 16,526 | 362,195 | ||||||
| Meituan, Class B (*) | 66,800 | 1,213,330 | ||||||
| Midea Group Co. Ltd., Class A | 53,700 | 421,676 | ||||||
| NetEase, Inc. | 28,000 | 494,904 | ||||||
| NetEase, Inc. ADR | 8,980 | 794,191 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 887,770 | 906,823 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 237,500 | 1,539,323 | ||||||
| Prosus NV | 12,919 | 1,010,298 | ||||||
| Remegen Co. Ltd., Class H (*) | 57,500 | 305,408 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 71,200 | 729,635 | ||||||
| Shenzhou International Group Holdings Ltd. | 61,091 | 637,983 | ||||||
| Tencent Holdings Ltd. | 117,000 | 5,717,012 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 118,000 | 729,861 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 122,700 | 726,668 | ||||||
| Yum China Holdings, Inc. | 21,671 | 1,373,725 | ||||||
| 26,520,410 | ||||||||
| Ghana | 1.1% | ||||||||
| Kosmos Energy Ltd. (*) | 146,556 | 1,090,377 | ||||||
| Hong Kong | 0.9% | ||||||||
| Techtronic Industries Co. Ltd. | 77,500 | 846,111 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 13.9% | ||||||||
| HDFC Bank Ltd. ADR | 42,108 | $ | 2,807,340 | |||||
| Hindalco Industries Ltd. | 175,899 | 871,749 | ||||||
| ICICI Bank Ltd. ADR | 42,865 | 925,027 | ||||||
| Infosys Ltd. ADR | 96,127 | 1,676,455 | ||||||
| Larsen & Toubro Ltd. | 55,578 | 1,464,580 | ||||||
| Reliance Industries Ltd. | 91,226 | 2,593,235 | ||||||
| Star Health & Allied Insurance Co. Ltd. (*) | 124,210 | 784,202 | ||||||
| UPL Ltd. | 192,496 | 1,683,630 | ||||||
| WNS Holdings Ltd. ADR (*) | 10,288 | 958,533 | ||||||
| 13,764,751 | ||||||||
| Indonesia | 3.1% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 2,204,200 | 1,515,405 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 56,365 | 1,537,074 | ||||||
| 3,052,479 | ||||||||
| Malaysia | 0.8% | ||||||||
| Public Bank Berhad | 918,600 | 833,901 | ||||||
| Mexico | 8.3% | ||||||||
| Arca Continental SAB de CV | 185,545 | 1,684,938 | ||||||
| Cemex SAB de CV ADR (*) | 262,701 | 1,452,737 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV ADR | 11,898 | 1,064,990 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 6,881 | 1,342,552 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 194,300 | 1,637,856 | ||||||
| Wal-Mart de Mexico SAB de CV | 258,700 | 1,034,082 | ||||||
| 8,217,155 | ||||||||
| Philippines | 1.1% | ||||||||
| BDO Unibank, Inc. | 463,769 | 1,100,636 | ||||||
| Poland | 0.8% | ||||||||
| KGHM Polska Miedz SA | 29,194 | 832,263 | ||||||
| Qatar | 0.8% | ||||||||
| Qatar National Bank QPSC | 167,206 | 739,051 | ||||||
| Saudi Arabia | 0.6% | ||||||||
| Saudi National Bank | 51,210 | 627,328 | ||||||
| South Africa | 1.9% | ||||||||
| Anglo American PLC | 33,120 | 1,096,189 | ||||||
| Bidvest Group Ltd. | 57,171 | 815,375 | ||||||
| 1,911,564 | ||||||||
| South Korea | 11.1% | ||||||||
| DB Insurance Co. Ltd. | 12,769 | 735,138 | ||||||
| KB Financial Group, Inc. | 31,436 | 1,154,644 | ||||||
| LG Chem Ltd. | 2,773 | 1,531,299 | ||||||
| LG Electronics, Inc. | 7,460 | 665,975 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| Samsung Electronics Co. Ltd. | 102,499 | $ | 5,082,752 | |||||
| SK Hynix, Inc. | 27,262 | 1,880,284 | ||||||
| 11,050,092 | ||||||||
| Taiwan | 14.3% | ||||||||
| Accton Technology Corp. | 68,000 | 719,664 | ||||||
| ASE Technology Holding Co. Ltd. | 503,000 | 1,861,359 | ||||||
| Eclat Textile Co. Ltd. | 53,789 | 879,105 | ||||||
| Feng TAY Enterprise Co. Ltd. | 98,000 | 625,796 | ||||||
| MediaTek, Inc. | 73,000 | 1,905,560 | ||||||
| Nien Made Enterprise Co. Ltd. | 58,000 | 625,076 | ||||||
| Realtek Semiconductor Corp. | 41,000 | 526,984 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 75,924 | 7,062,451 | ||||||
| 14,205,995 | ||||||||
| Thailand | 2.1% | ||||||||
| Home Product Center Public Co. Ltd. (‡) | 2,639,000 | 1,111,320 | ||||||
| PTT Exploration & Production PCL (‡) | 225,300 | 991,597 | ||||||
| 2,102,917 | ||||||||
| United Arab Emirates | 2.9% | ||||||||
| Abu Dhabi Ports Co. PJSC (*) | 1,214,487 | 2,079,979 | ||||||
| ADNOC Drilling Co. PJSC | 731,665 | 787,554 | ||||||
| 2,867,533 | ||||||||
| United Kingdom | 1.5% | ||||||||
| Unilever PLC ADR | 28,760 | 1,493,507 | ||||||
| Total Common Stocks (Cost $83,535,713) | 97,935,852 | |||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $1,237,458) | 1,237,458 | 1,237,458 | ||||||
| Total Investments | 99.8% (Cost $84,773,171) | $ | 99,173,310 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 234,913 | |||||||
| Net Assets | 100.0% | $ | 99,408,223 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 97.8% | ||||||||
| Brazil | 2.4% | ||||||||
| Banco do Brasil SA | 41,800 | $ | 322,544 | |||||
| BB Seguridade Participacoes SA | 80,300 | 515,059 | ||||||
| Energisa SA | 17,800 | 141,109 | ||||||
| Suzano SA | 27,400 | 224,889 | ||||||
| Vale SA | 74,909 | 1,186,644 | ||||||
| 2,390,245 | ||||||||
| Chile | 0.7% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 8,965 | 726,703 | ||||||
| China | 32.5% | ||||||||
| 360 DigiTech, Inc. ADR | 8,192 | 158,925 | ||||||
| Agricultural Bank of China Ltd., Class H | 365,000 | 135,276 | ||||||
| AIMA Technology Group Co. Ltd., Class A | 33,000 | 344,211 | ||||||
| Alibaba Group Holding Ltd. (*) | 272,400 | 3,464,304 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class A | 3,700 | 159,768 | ||||||
| Baidu, Inc. ADR (*) | 3,485 | 525,956 | ||||||
| Bank of China Ltd., Class H | 2,827,000 | 1,082,097 | ||||||
| Bank of Communications Co. Ltd., Class H | 378,000 | 237,230 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 172,300 | 156,242 | ||||||
| Beijing Enterprises Holdings Ltd. | 74,000 | 266,840 | ||||||
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A | 8,200 | 138,401 | ||||||
| BYD Co. Ltd., Class H | 13,000 | 381,978 | ||||||
| BYD Electronic International Co. Ltd. | 43,000 | 134,309 | ||||||
| Canmax Technologies Co. Ltd. | 16,300 | 122,034 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 786,000 | 395,872 | ||||||
| China Construction Bank Corp., Class H | 1,395,000 | 902,360 | ||||||
| China Datang Corp. Renewable Power Co. Ltd., Class H | 505,000 | 180,103 | ||||||
| China Education Group Holdings Ltd. | 157,000 | 152,004 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 924,000 | 466,865 | ||||||
| China Life Insurance Co. Ltd., Class H | 120,000 | 197,660 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 369,000 | 422,516 | ||||||
| China Merchants Bank Co. Ltd., Class H | 94,500 | 481,493 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H | 132,000 | 352,777 | ||||||
| China Petroleum & Chemical Corp., Class H | 446,000 | 262,836 | ||||||
| China Resources Beer Holdings Co. Ltd. | 30,000 | 241,560 | ||||||
| China Resources Land Ltd. | 48,000 | 219,955 | ||||||
| China Resources Mixc Lifestyle Services Ltd. | 28,600 | 150,566 | ||||||
| China Taiping Insurance Holdings Co. Ltd. | 144,600 | 154,183 | ||||||
| China Tower Corp. Ltd., Class H | 5,396,000 | 652,746 | ||||||
| Chongqing Brewery Co. Ltd., Class A | 12,200 | 222,812 | ||||||
| Description | Shares | Fair Value | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 2,900 | $ | 172,731 | |||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 173,800 | 195,898 | ||||||
| CSPC Pharmaceutical Group Ltd. | 559,840 | 549,970 | ||||||
| DeHua TB New Decoration Materials Co. Ltd., Class A | 83,000 | 145,388 | ||||||
| G-bits Network Technology Xiamen Co. Ltd., Class A | 2,500 | 173,475 | ||||||
| Ganfeng Lithium Group Co. Ltd., Class H | 16,600 | 103,628 | ||||||
| GD Power Development Co. Ltd., Class A (*) | 407,700 | 225,516 | ||||||
| GF Securities Co. Ltd., Class H | 236,000 | 333,069 | ||||||
| Haier Smart Home Co. Ltd. Class H | 106,400 | 333,670 | ||||||
| Hansoh Pharmaceutical Group Co. Ltd. | 84,000 | 146,572 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 551,000 | 293,346 | ||||||
| JD Health International, Inc. (*) | 22,200 | 164,003 | ||||||
| JD.com, Inc., Class A | 28,404 | 622,521 | ||||||
| KE Holdings, Inc. ADR (*) | 14,952 | 281,696 | ||||||
| Kingnet Network Co. Ltd., Class A (*) | 135,300 | 238,611 | ||||||
| Li Auto, Inc. ADR (*) | 7,565 | 188,747 | ||||||
| Li Ning Co. Ltd. | 18,500 | 145,820 | ||||||
| Meihua Holdings Group Co. Ltd., Class A | 269,600 | 384,694 | ||||||
| Meituan, Class B (*) | 52,770 | 958,494 | ||||||
| MINISO Group Holding Ltd. | 9,350 | 165,869 | ||||||
| Nantong Jiangshan Agrochemical & Chemical LLC, Class A | 35,400 | 205,778 | ||||||
| NetEase, Inc. | 45,100 | 797,150 | ||||||
| New China Life Insurance Co. Ltd., Class H | 75,600 | 180,948 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (*) | 4,147 | 160,116 | ||||||
| PDD Holdings, Inc. ADR (*) | 4,291 | 325,687 | ||||||
| People’s Insurance Co. Group of China Ltd., Class H | 1,437,000 | 481,103 | ||||||
| PetroChina Co. Ltd., Class H | 1,794,000 | 1,064,219 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 454,000 | 463,743 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 150,500 | 975,445 | ||||||
| Shandong Weifang Rainbow Chemical Co. Ltd., Class A | 16,300 | 162,614 | ||||||
| Shandong WIT Dyne Health Co. Ltd., Class A | 35,700 | 188,449 | ||||||
| Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A | 84,000 | 267,881 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3,700 | 168,630 | ||||||
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 39,300 | 202,470 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 31,000 | $ | 125,482 | |||||
| Simcere Pharmaceutical Group Ltd. | 107,000 | 113,043 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 13,700 | 166,453 | ||||||
| Tencent Holdings Ltd. | 117,700 | 5,751,216 | ||||||
| Tencent Music Entertainment Group ADR (*) | 18,066 | 149,586 | ||||||
| Tian Di Science & Technology Co. Ltd., Class A | 190,900 | 141,253 | ||||||
| Trip.com Group Ltd. ADR (*) | 4,455 | 167,820 | ||||||
| Vipshop Holdings Ltd. ADR (*) | 11,458 | 173,932 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 20,000 | 123,705 | ||||||
| Yadea Group Holdings Ltd. | 72,000 | 184,927 | ||||||
| YongXing Special Materials Technology Co. Ltd., Class A | 10,900 | 133,529 | ||||||
| Yum China Holdings, Inc. | 13,767 | 872,690 | ||||||
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 25,100 | 121,657 | ||||||
| Zhongsheng Group Holdings Ltd. | 55,000 | 272,775 | ||||||
| ZTO Express Cayman, Inc. ADR | 8,758 | 251,004 | ||||||
| 32,980,902 | ||||||||
| Colombia | 0.4% | ||||||||
| Bancolombia SA ADR | 8,899 | 223,632 | ||||||
| Ecopetrol SA | 14,785 | 156,129 | ||||||
| 379,761 | ||||||||
| Czech Republic | 0.4% | ||||||||
| CEZ AS | 8,843 | 429,602 | ||||||
| Greece | 0.3% | ||||||||
| Danaos Corp. | 1,989 | 108,639 | ||||||
| Hellenic Telecommunications Organization SA | 10,288 | 150,615 | ||||||
| 259,254 | ||||||||
| Hong Kong | 0.3% | ||||||||
| Orient Overseas International Ltd. | 8,500 | 162,585 | ||||||
| Skyworth Group Ltd. | 312,000 | 159,966 | ||||||
| 322,551 | ||||||||
| Hungary | 0.2% | ||||||||
| MOL Hungarian Oil & Gas PLC | 34,564 | 252,956 | ||||||
| India | 12.1% | ||||||||
| Axis Bank Ltd. GDR | 5,975 | 309,561 | ||||||
| Dr Reddy’s Laboratories Ltd. ADR | 17,943 | 1,021,495 | ||||||
| GAIL India Ltd. GDR | 44,459 | 337,913 | ||||||
| HDFC Bank Ltd. ADR | 15,885 | 1,059,053 | ||||||
| ICICI Bank Ltd. ADR | 80,571 | 1,738,722 | ||||||
| Description | Shares | Fair Value | ||||||
| Infosys Ltd. ADR | 159,546 | $ | 2,782,482 | |||||
| Larsen & Toubro Ltd. GDR | 51,877 | 1,374,899 | ||||||
| Mahindra & Mahindra Ltd. GDR | 73,837 | 1,033,718 | ||||||
| Reliance Industries Ltd. GDR (#) | 14,752 | 831,567 | ||||||
| State Bank of India GDR | 11,254 | 712,579 | ||||||
| Tata Steel Ltd. GDR | 6,282 | 81,366 | ||||||
| UPL Ltd. GDR | 9,811 | 169,240 | ||||||
| Wipro Ltd. ADR | 34,205 | 153,580 | ||||||
| WNS Holdings Ltd. ADR (*) | 7,266 | 676,973 | ||||||
| 12,283,148 | ||||||||
| Indonesia | 2.9% | ||||||||
| PT Astra International Tbk | 504,200 | 202,406 | ||||||
| PT Bank Mandiri (Persero) Tbk | 1,364,600 | 938,173 | ||||||
| PT Bank Negara Indonesia (Persero) Tbk | 237,500 | 148,587 | ||||||
| PT Bank Rakyat Indonesia (Persero) Tbk | 2,494,000 | 788,014 | ||||||
| PT Kalbe Farma Tbk | 1,142,100 | 160,043 | ||||||
| PT Sumber Alfaria Trijaya Tbk | 1,328,900 | 255,647 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 5,773 | 157,430 | ||||||
| PT Unilever Indonesia Tbk | 1,069,900 | 310,532 | ||||||
| 2,960,832 | ||||||||
| Malaysia | 0.6% | ||||||||
| CIMB Group Holdings Berhad | 496,300 | 597,797 | ||||||
| Mexico | 3.1% | ||||||||
| Arca Continental SAB de CV | 69,300 | 629,315 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 10,605 | 853,384 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 29,900 | 581,756 | ||||||
| Grupo Bimbo SAB de CV, Series A | 62,500 | 314,512 | ||||||
| Grupo Mexico SAB de CV, Series B | 42,200 | 199,829 | ||||||
| Wal-Mart de Mexico SAB de CV | 130,100 | 520,039 | ||||||
| 3,098,835 | ||||||||
| Philippines | 0.7% | ||||||||
| BDO Unibank, Inc. | 112,198 | 266,273 | ||||||
| International Container Terminal Services, Inc. | 109,270 | 429,286 | ||||||
| 695,559 | ||||||||
| Poland | 0.9% | ||||||||
| KGHM Polska Miedz SA | 15,809 | 450,683 | ||||||
| Orange Polska SA | 60,259 | 95,299 | ||||||
| Polski Koncern Naftowy ORLEN SA | 27,972 | 378,676 | ||||||
| 924,658 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Qatar | 0.4% | ||||||||
| Industries Qatar QSC | 56,978 | $ | 203,673 | |||||
| Ooredoo QPSC | 78,389 | 202,292 | ||||||
| 405,965 | ||||||||
| Russia | 0.0% | ||||||||
| PhosAgro PJSC (*), (¢) | 42 | 0 | ||||||
| Severstal PJSC GDR (*), (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 2.9% | ||||||||
| Arabian Internet & Communications Services Co. | 6,032 | 400,446 | ||||||
| Co. for Cooperative Insurance (*) | 7,485 | 210,014 | ||||||
| Elm Co. | 2,501 | 294,692 | ||||||
| Etihad Etisalat Co. | 32,044 | 353,092 | ||||||
| Nahdi Medical Co. | 5,288 | 260,686 | ||||||
| Saudi Arabian Oil Co. | 34,383 | 296,189 | ||||||
| Saudi Basic Industries Corp. | 17,518 | 422,788 | ||||||
| Saudi Electricity Co. | 44,460 | 277,391 | ||||||
| Saudi Research & Media Group (*) | 4,811 | 253,572 | ||||||
| Saudi Telecom Co. | 18,830 | 201,401 | ||||||
| 2,970,271 | ||||||||
| South Africa | 3.4% | ||||||||
| Absa Group Ltd. | 22,139 | 226,434 | ||||||
| African Rainbow Minerals Ltd. | 11,401 | 148,035 | ||||||
| FirstRand Ltd. | 76,752 | 260,621 | ||||||
| Gold Fields Ltd. ADR | 67,254 | 895,823 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 48,844 | 200,260 | ||||||
| Impala Platinum Holdings Ltd. | 21,866 | 201,119 | ||||||
| Naspers Ltd., N Shares | 1,966 | 362,038 | ||||||
| Sappi Ltd. | 84,253 | 216,773 | ||||||
| Sasol Ltd. | 10,588 | 143,214 | ||||||
| Sibanye Stillwater Ltd. | 139,054 | 286,574 | ||||||
| Standard Bank Group Ltd. | 37,520 | 364,234 | ||||||
| Thungela Resources Ltd. | 13,915 | 158,015 | ||||||
| 3,463,140 | ||||||||
| South Korea | 12.4% | ||||||||
| BGF retail Co. Ltd. | 1,616 | 225,861 | ||||||
| CJ CheilJedang Corp. | 559 | 140,490 | ||||||
| DB HiTek Co. Ltd. | 4,059 | 228,219 | ||||||
| DB Insurance Co. Ltd. | 5,117 | 294,596 | ||||||
| DGB Financial Group, Inc. | 19,328 | 102,876 | ||||||
| Doosan Bobcat, Inc. | 8,650 | 292,051 | ||||||
| Hanwha Aerospace Co. Ltd. | 2,074 | 158,820 | ||||||
| HMM Co. Ltd. | 9,231 | 145,483 | ||||||
| Hyundai Rotem Co. Ltd. (*) | 7,577 | 150,989 | ||||||
| Description | Shares | Fair Value | ||||||
| Industrial Bank of Korea | 88,565 | $ | 690,106 | |||||
| JB Financial Group Co. Ltd. | 25,416 | 170,950 | ||||||
| KB Financial Group, Inc. | 3,567 | 131,016 | ||||||
| Kia Corp. | 21,133 | 1,323,682 | ||||||
| Korean Reinsurance Co. | 36,208 | 202,514 | ||||||
| KT Corp. | 30,505 | 691,599 | ||||||
| KT&G Corp. | 9,045 | 583,611 | ||||||
| LG Chem Ltd. | 556 | 307,033 | ||||||
| LG Electronics, Inc. | 1,603 | 143,104 | ||||||
| LG Innotek Co. Ltd. | 991 | 207,919 | ||||||
| Meritz Financial Group, Inc. | 9,430 | 280,357 | ||||||
| NCSoft Corp. | 828 | 238,126 | ||||||
| Orion Corp. | 1,735 | 182,245 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 2,291 | 270,838 | ||||||
| Samsung Electronics Co. Ltd. GDR | 2,900 | 3,574,870 | ||||||
| Samsung SDI Co. Ltd. | 1,473 | 839,523 | ||||||
| SK Hynix, Inc. | 4,061 | 280,091 | ||||||
| Woori Financial Group, Inc. | 82,080 | 723,409 | ||||||
| 12,580,378 | ||||||||
| Taiwan | 16.4% | ||||||||
| Accton Technology Corp. | 39,000 | 412,748 | ||||||
| Advantech Co. Ltd. | 13,000 | 159,502 | ||||||
| ASPEED Technology, Inc. | 2,100 | 181,931 | ||||||
| Chailease Holding Co. Ltd. | 64,500 | 477,226 | ||||||
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 78,000 | 243,706 | ||||||
| Delta Electronics, Inc. | 165,000 | 1,638,851 | ||||||
| E Ink Holdings, Inc. | 36,000 | 220,494 | ||||||
| Eva Airways Corp. | 158,000 | 139,998 | ||||||
| Feng TAY Enterprise Co. Ltd. | 38,000 | 242,656 | ||||||
| Fitipower Integrated Technology, Inc. | 37,000 | 205,149 | ||||||
| Fulgent Sun International Holding Co. Ltd. | 33,000 | 145,401 | ||||||
| Global Unichip Corp. | 5,000 | 180,591 | ||||||
| Grape King Bio Ltd. | 58,000 | 343,660 | ||||||
| Hiwin Technologies Corp. | 33,000 | 271,871 | ||||||
| International Games System Co. Ltd. | 21,000 | 396,377 | ||||||
| Largan Precision Co. Ltd. | 3,000 | 215,698 | ||||||
| Lotes Co. Ltd. | 13,000 | 392,152 | ||||||
| MediaTek, Inc. | 34,000 | 887,521 | ||||||
| Nan Ya Printed Circuit Board Corp. | 21,000 | 197,699 | ||||||
| Novatek Microelectronics Corp. | 54,000 | 768,369 | ||||||
| Pegavision Corp. | 11,000 | 148,621 | ||||||
| Poya International Co. Ltd. | 13,000 | 244,691 | ||||||
| SinoPac Financial Holdings Co. Ltd. | 817,060 | 447,019 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 369,000 | 6,537,156 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Tong Yang Industry Co. Ltd. | 104,000 | $ | 158,575 | |||||
| Unimicron Technology Corp. | 82,000 | 401,900 | ||||||
| United Microelectronics Corp. | 224,000 | 392,882 | ||||||
| Voltronic Power Technology Corp. | 6,000 | 341,345 | ||||||
| WinWay Technology Co. Ltd. | 11,000 | 261,273 | ||||||
| 16,655,062 | ||||||||
| Thailand | 2.5% | ||||||||
| Bangkok Bank Public Co. Ltd. | 79,500 | 352,222 | ||||||
| Bangkok Dusit Medical Services PCL NVDR | 242,200 | 208,955 | ||||||
| Bumrungrad Hospital Public Co. Ltd. (‡) | 62,300 | 411,750 | ||||||
| Central Retail Corp. Public Co. Ltd (‡) | 292,200 | 382,394 | ||||||
| Chularat Hospital Public Co. Ltd. NVDR | 1,750,800 | 185,371 | ||||||
| Delta Electronics Thailand Public Co. Ltd. (‡) | 13,750 | 459,205 | ||||||
| Krung Thai Bank Public Co. Ltd. NVDR | 612,800 | 296,000 | ||||||
| Land & Houses Public Co. Ltd. (‡) | 737,900 | 212,555 | ||||||
| 2,508,452 | ||||||||
| Turkey | 1.1% | ||||||||
| Akbank TAS | 204,266 | 179,520 | ||||||
| Haci Omer Sabanci Holding AS | 183,847 | 377,845 | ||||||
| Turk Hava Yollari AO (*) | 39,891 | 245,507 | ||||||
| Turk Telekomunikasyon AS | 154,224 | 133,261 | ||||||
| Turkiye Is Bankasi AS, C Shares | 255,696 | 172,008 | ||||||
| 1,108,141 | ||||||||
| United Arab Emirates | 1.2% | ||||||||
| Abu Dhabi Islamic Bank PJSC | 124,147 | 337,477 | ||||||
| Americana Restaurants International PLC (*) | 228,898 | 237,747 | ||||||
| Emaar Properties PJSC | 183,703 | 280,278 | ||||||
| Fertiglobe PLC | 113,753 | 124,008 | ||||||
| National Marine Dredging Co. (*) | 47,420 | 285,845 | ||||||
| 1,265,355 | ||||||||
| Total Common Stocks (Cost $96,129,496) | 99,259,567 | |||||||
| Preferred Stocks | 1.0% | ||||||||
| Brazil | 1.0% | ||||||||
| Cia Energetica de Minas Gerais | 75,100 | 169,508 | ||||||
| Gerdau SA | 27,930 | 139,362 | ||||||
| Petroleo Brasileiro SA | 158,539 | 733,506 | ||||||
| Total Preferred Stocks (Cost $1,152,252) | 1,042,376 | |||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $878,240) | 878,240 | 878,240 | ||||||
| Description | Fair Value | |||
| Total Investments | 99.7% (Cost $98,159,988) | $ | 101,180,183 | ||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 305,184 | |||
| Net Assets | 100.0% | $ | 101,485,367 |
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 96.1% | ||||||||
| Brazil | 10.2% | ||||||||
| Banco do Brasil SA | 6,588,426 | $ | 50,838,686 | |||||
| BB Seguridade Participacoes SA | 9,926,817 | 63,672,488 | ||||||
| CCR SA | 15,578,517 | 39,342,406 | ||||||
| Engie Brasil Energia SA | 2,858,700 | 22,656,627 | ||||||
| Petroleo Brasileiro SA ADR | 4,913,090 | 51,243,529 | ||||||
| Vale SA ADR | 1,460,281 | 23,043,234 | ||||||
| Vibra Energia SA | 7,349,100 | 20,894,066 | ||||||
| 271,691,036 | ||||||||
| Chile | 0.8% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 260,875 | 21,146,528 | ||||||
| China | 24.0% | ||||||||
| A-Living Smart City Services Co. Ltd. | 12,782,750 | 11,169,457 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 9,360,951 | 32,560,460 | ||||||
| China Construction Bank Corp., Class H | 136,226,224 | 88,118,370 | ||||||
| China Medical System Holdings Ltd. | 15,006,000 | 23,775,064 | ||||||
| China Merchants Bank Co. Ltd., Class H | 6,242,994 | 31,809,089 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 6,321,110 | 19,936,425 | ||||||
| China Vanke Co. Ltd., Class H | 17,554,949 | 27,731,059 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 9,167,553 | 27,844,443 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 6,911,085 | 36,904,200 | ||||||
| Hengan International Group Co. Ltd. | 8,683,000 | 40,122,921 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 12,140,748 | 29,644,137 | ||||||
| Lenovo Group Ltd. | 53,642,000 | 58,108,016 | ||||||
| Midea Group Co. Ltd., Class A | 2,945,199 | 23,127,015 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 8,629,000 | 55,927,648 | ||||||
| Sinopharm Group Co. Ltd., Class H | 18,032,414 | 54,497,512 | ||||||
| Tingyi (Cayman Islands) Holding Corp. | 20,988,000 | 35,072,146 | ||||||
| Weichai Power Co. Ltd., Class H | 24,428,288 | 39,399,307 | ||||||
| 635,747,269 | ||||||||
| Czech Republic | 0.5% | ||||||||
| CEZ AS | 276,989 | 13,456,403 | ||||||
| Egypt | 0.8% | ||||||||
| Commercial International Bank Egypt SAE GDR | 16,428,139 | 21,195,240 | ||||||
| Greece | 1.2% | ||||||||
| OPAP SA | 1,989,224 | 31,961,605 | ||||||
| Hong Kong | 1.3% | ||||||||
| ASMPT Ltd. | 3,387,000 | 33,526,730 | ||||||
| Hungary | 2.3% | ||||||||
| MOL Hungarian Oil & Gas PLC | 2,534,274 | 18,547,040 | ||||||
| Description | Shares | Fair Value | ||||||
| OTP Bank Nyrt | 1,498,388 | $ | 42,711,265 | |||||
| 61,258,305 | ||||||||
| India | 5.8% | ||||||||
| Axis Bank Ltd. | 2,176,842 | 22,778,067 | ||||||
| Bajaj Auto Ltd. | 463,606 | 21,946,227 | ||||||
| Bharat Petroleum Corp. Ltd. | 4,858,908 | 20,370,168 | ||||||
| Indus Towers Ltd. | 14,549,340 | 25,339,703 | ||||||
| Petronet LNG Ltd. | 10,156,173 | 28,293,978 | ||||||
| UPL Ltd. | 3,932,691 | 34,396,549 | ||||||
| 153,124,692 | ||||||||
| Indonesia | 4.6% | ||||||||
| PT Astra International Tbk | 57,698,500 | 23,162,462 | ||||||
| PT Bank Mandiri (Persero) Tbk | 63,047,942 | 43,345,976 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 1,081,750 | 29,499,322 | ||||||
| PT United Tractors Tbk | 12,665,400 | 24,602,945 | ||||||
| 120,610,705 | ||||||||
| Mexico | 5.0% | ||||||||
| AMERICA MOVIL S.A.B. de C.V. ADR (*) | 1,259,641 | 26,515,443 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 3,612,537 | 30,451,963 | ||||||
| Grupo Mexico SAB de CV, Series B | 4,477,772 | 21,203,567 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 16,716,475 | 35,214,062 | ||||||
| Ternium SA ADR | 495,501 | 20,444,371 | ||||||
| 133,829,406 | ||||||||
| Portugal | 2.2% | ||||||||
| Galp Energia SGPS SA | 5,078,515 | 57,620,319 | ||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 4,695,624 | 5 | ||||||
| Sberbank of Russia PJSC (*), (¢) | 13,596,421 | 13 | ||||||
| 18 | ||||||||
| South Africa | 7.3% | ||||||||
| Anglo American PLC | 615,227 | 20,362,476 | ||||||
| Bidvest Group Ltd. | 1,774,422 | 25,306,886 | ||||||
| Life Healthcare Group Holdings Ltd. | 20,175,996 | 21,881,281 | ||||||
| Nedbank Group Ltd. | 3,942,377 | 48,026,808 | ||||||
| Sanlam Ltd. | 7,641,820 | 24,188,312 | ||||||
| Standard Bank Group Ltd. | 3,463,712 | 33,624,778 | ||||||
| Vodacom Group Ltd. | 3,054,767 | 20,947,635 | ||||||
| 194,338,176 | ||||||||
| South Korea | 13.3% | ||||||||
| Coway Co. Ltd. | 604,689 | 24,445,223 | ||||||
| Doosan Bobcat, Inc. | 176,829 | 5,970,292 | ||||||
| Hyundai Mobis Co. Ltd. | 170,594 | 28,457,527 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| KB Financial Group, Inc. | 1,188,632 | $ | 43,658,424 | |||||
| Kia Corp. | 318,869 | 19,972,605 | ||||||
| KT Corp. | 833,628 | 18,899,739 | ||||||
| KT&G Corp. | 328,054 | 21,167,046 | ||||||
| Samsung Electronics Co. Ltd. | 1,693,747 | 83,990,055 | ||||||
| Shinhan Financial Group Co. Ltd. | 1,395,708 | 38,003,947 | ||||||
| SK Hynix, Inc. | 999,687 | 68,949,277 | ||||||
| 353,514,135 | ||||||||
| Taiwan | 13.7% | ||||||||
| ASE Technology Holding Co. Ltd. | 17,739,000 | 65,643,447 | ||||||
| Globalwafers Co. Ltd. | 1,387,000 | 23,831,456 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 7,260,425 | 24,906,011 | ||||||
| MediaTek, Inc. | 1,950,000 | 50,901,943 | ||||||
| Novatek Microelectronics Corp. | 2,287,000 | 32,541,833 | ||||||
| Quanta Computer, Inc. | 16,110,000 | 47,357,319 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5,328,913 | 94,406,338 | ||||||
| Wiwynn Corp. | 638,000 | 23,718,741 | ||||||
| 363,307,088 | ||||||||
| Thailand | 1.5% | ||||||||
| Kasikornbank Public Co. Ltd. | 4,990,754 | 19,387,064 | ||||||
| PTT Exploration & Production PCL (‡) | 4,675,400 | 20,577,503 | ||||||
| 39,964,567 | ||||||||
| United Kingdom | 1.6% | ||||||||
| Unilever PLC | 820,191 | 42,419,223 | ||||||
| Total Common Stocks (Cost $2,392,777,761) | 2,548,711,445 | |||||||
| Short-Term Investments | 2.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $63,925,124) | 63,925,124 | 63,925,124 | ||||||
| Total Investments | 98.5% (Cost $2,456,702,885) | $ | 2,612,636,569 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.5% | 40,174,633 | |||||||
| Net Assets | 100.0% | $ | 2,652,811,202 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Brazil | 6.8% | ||||||||
| Banco BTG Pactual SA | 119,588 | $ | 463,634 | |||||
| BB Seguridade Participacoes SA | 81,000 | 519,550 | ||||||
| Odontoprev SA | 208,360 | 452,201 | ||||||
| Petroleo Brasileiro SA ADR | 87,458 | 912,187 | ||||||
| Vale SA ADR | 53,245 | 840,206 | ||||||
| 3,187,778 | ||||||||
| China | 23.2% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 13,419 | 1,371,153 | ||||||
| ANTA Sports Products Ltd. | 50,800 | 738,975 | ||||||
| China Merchants Bank Co. Ltd., Class H | 221,500 | 1,128,579 | ||||||
| China Vanke Co. Ltd., Class H | 243,622 | 384,843 | ||||||
| CSPC Pharmaceutical Group Ltd. | 508,000 | 499,044 | ||||||
| ENN Energy Holdings Ltd. | 40,900 | 558,700 | ||||||
| JD.com, Inc. ADR | 13,016 | 571,272 | ||||||
| JD.com, Inc., Class A | 1,125 | 24,656 | ||||||
| Meituan, Class B (*) | 2,579 | 46,848 | ||||||
| Midea Group Co. Ltd., Class A | 71,600 | 562,235 | ||||||
| NetEase, Inc. ADR | 6,216 | 549,743 | ||||||
| Sinopharm Group Co. Ltd., Class H | 156,800 | 473,880 | ||||||
| Tencent Holdings Ltd. | 28,292 | 1,382,442 | ||||||
| Trip.com Group Ltd. ADR (*) | 19,482 | 733,887 | ||||||
| Weichai Power Co. Ltd., Class H | 481,000 | 775,784 | ||||||
| Yum China Holdings, Inc. | 16,590 | 1,051,640 | ||||||
| 10,853,681 | ||||||||
| France | 1.7% | ||||||||
| Pernod Ricard SA ADR | 17,350 | 785,782 | ||||||
| Greece | 0.9% | ||||||||
| OPAP SA | 25,388 | 407,919 | ||||||
| Hong Kong | 3.5% | ||||||||
| AIA Group Ltd. | 96,400 | 1,012,912 | ||||||
| Techtronic Industries Co. Ltd. | 57,282 | 625,379 | ||||||
| 1,638,291 | ||||||||
| India | 14.8% | ||||||||
| HDFC Bank Ltd. | 92,407 | 1,816,724 | ||||||
| ITC Ltd. | 105,788 | 494,031 | ||||||
| Larsen & Toubro Ltd. | 23,306 | 614,155 | ||||||
| Reliance Industries Ltd. | 47,649 | 1,354,494 | ||||||
| SBI Cards & Payment Services Ltd. | 35,493 | 319,733 | ||||||
| State Bank of India | 99,019 | 632,666 | ||||||
| Tata Consultancy Services Ltd. | 29,549 | 1,157,310 | ||||||
| UPL Ltd. | 59,115 | 517,038 | ||||||
| 6,906,151 | ||||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 5.4% | ||||||||
| PT Astra International Tbk | 1,173,600 | $ | 471,129 | |||||
| PT Bank Central Asia Tbk | 1,539,000 | 899,238 | ||||||
| PT Bank Mandiri (Persero) Tbk | 893,300 | 614,151 | ||||||
| PT Telkom Indonesia (Persero) Tbk ADR | 19,888 | 542,346 | ||||||
| 2,526,864 | ||||||||
| Macau | 1.0% | ||||||||
| Sands China Ltd. (*) | 135,600 | 473,278 | ||||||
| Mexico | 4.8% | ||||||||
| America Movil SAB de CV (*) | 34,275 | 721,489 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 61,177 | 515,693 | ||||||
| Grupo Mexico SAB de CV, Series B | 109,699 | 519,457 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Series A | 234,274 | 493,509 | ||||||
| 2,250,148 | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 45,259 | 0 | ||||||
| Sberbank of Russia PJSC (*), (¢) | 213,889 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 2.2% | ||||||||
| Arabian Internet & Communications Services Co. | 9,848 | 653,778 | ||||||
| Saudi National Bank | 31,582 | 386,883 | ||||||
| 1,040,661 | ||||||||
| South Africa | 2.9% | ||||||||
| Anglo American PLC | 17,889 | 592,081 | ||||||
| Capitec Bank Holdings Ltd. | 4,195 | 398,158 | ||||||
| Vodacom Group Ltd. | 52,903 | 362,775 | ||||||
| 1,353,014 | ||||||||
| South Korea | 13.3% | ||||||||
| Coway Co. Ltd. | 10,885 | 440,038 | ||||||
| Hyundai Mobis Co. Ltd. | 3,198 | 533,472 | ||||||
| Kia Corp. | 7,253 | 454,297 | ||||||
| LG Chem Ltd. | 1,296 | 715,674 | ||||||
| Samsung Electronics Co. Ltd. | 38,068 | 1,887,728 | ||||||
| Shinhan Financial Group Co. Ltd. | 42,045 | 1,144,850 | ||||||
| SK Hynix, Inc. | 15,285 | 1,054,220 | ||||||
| 6,230,279 | ||||||||
| Taiwan | 14.8% | ||||||||
| ASE Technology Holding Co. Ltd. | 188,000 | 695,697 | ||||||
| Chailease Holding Co. Ltd. | 125,000 | 924,856 | ||||||
| CTBC Financial Holding Co. Ltd. | 923,000 | 665,242 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 233,136 | 799,745 | ||||||
| MediaTek, Inc. | 39,000 | 1,018,039 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Strategic Equity Portfolio (concluded) | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 158,387 | $ | 2,805,963 | |||||
| 6,909,542 | ||||||||
| Thailand | 1.2% | ||||||||
| CP ALL Public Co. Ltd. | 308,400 | 561,424 | ||||||
| United Kingdom | 2.0% | ||||||||
| Unilever PLC | 17,553 | 907,819 | ||||||
| Total Common Stocks (Cost $47,359,935) | 46,032,631 | |||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $532,560) | 532,560 | 532,560 | ||||||
| Total Investments | 99.6% (Cost $47,892,495) | $ | 46,565,191 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 165,614 | |||||||
| Net Assets | 100.0% | $ | 46,730,805 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 93.1% | ||||||||
| Belgium | 2.2% | ||||||||
| Anheuser-Busch InBev SA/NV | 59,921 | $ | 3,995,639 | |||||
| France | 2.0% | ||||||||
| Vinci SA | 30,387 | 3,486,894 | ||||||
| Germany | 9.5% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 257,890 | 10,936,713 | ||||||
| Knorr-Bremse AG | 93,325 | 6,203,981 | ||||||
| 17,140,694 | ||||||||
| Japan | 3.9% | ||||||||
| Secom Co. Ltd. | 113,785 | 7,003,517 | ||||||
| Mauritius | 4.1% | ||||||||
| SES SA | 1,116,523 | 7,322,084 | ||||||
| Spain | 4.1% | ||||||||
| Ferrovial SA | 247,284 | 7,274,354 | ||||||
| United Kingdom | 9.8% | ||||||||
| National Grid PLC | 541,468 | 7,349,689 | ||||||
| Smith & Nephew PLC | 290,578 | 4,042,924 | ||||||
| United Utilities Group PLC | 475,694 | 6,220,558 | ||||||
| 17,613,171 | ||||||||
| United States | 57.5% | ||||||||
| Alphabet, Inc., Class C (*) | 53,330 | 5,546,320 | ||||||
| Cognizant Technology Solutions Corp., Class A | 179,526 | 10,938,519 | ||||||
| CVS Health Corp. | 108,653 | 8,074,004 | ||||||
| DaVita, Inc. (*) | 44,633 | 3,620,183 | ||||||
| DENTSPLY SIRONA, Inc. | 95,982 | 3,770,173 | ||||||
| eBay, Inc. | 190,277 | 8,442,590 | ||||||
| Fiserv, Inc. (*) | 30,162 | 3,409,211 | ||||||
| H&R Block, Inc. | 261,894 | 9,231,764 | ||||||
| International Game Technology PLC | 355,600 | 9,530,080 | ||||||
| Medtronic PLC | 87,068 | 7,019,422 | ||||||
| Norfolk Southern Corp. | 25,460 | 5,397,520 | ||||||
| Omnicom Group, Inc. | 79,729 | 7,521,634 | ||||||
| Pediatrix Medical Group, Inc. (*) | 426,897 | 6,365,034 | ||||||
| Tapestry, Inc. | 171,600 | 7,397,676 | ||||||
| Visa, Inc., Class A | 31,736 | 7,155,199 | ||||||
| 103,419,329 | ||||||||
| Total Common Stocks (Cost $158,664,246) | 167,255,682 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 6.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $11,721,420) | 11,721,420 | $ | 11,721,420 | |||||
| Total Investments | 99.6% (Cost $170,385,666) | $ | 178,977,102 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 797,156 | |||||||
| Net Assets | 100.0% | $ | 179,774,258 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 97.8% | ||||||||
| Canada | 5.7% | ||||||||
| Canadian National Railway Co. | 8,987 | $ | 1,060,420 | |||||
| Dollarama, Inc. | 19,449 | 1,162,335 | ||||||
| National Bank of Canada | 27,233 | 1,947,920 | ||||||
| Toromont Industries Ltd. | 16,346 | 1,341,666 | ||||||
| 5,512,341 | ||||||||
| China | 3.3% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 6,905 | 705,553 | ||||||
| Meituan, Class B (*) | 0 | 5 | ||||||
| NXP Semiconductors NV | 7,107 | 1,325,278 | ||||||
| Tencent Holdings Ltd. | 23,423 | 1,144,526 | ||||||
| 3,175,362 | ||||||||
| Denmark | 1.0% | ||||||||
| Carlsberg AS, Class B | 6,119 | 946,121 | ||||||
| France | 5.0% | ||||||||
| Legrand SA | 8,758 | 801,088 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,804 | 1,653,290 | ||||||
| Pernod Ricard SA | 5,276 | 1,195,435 | ||||||
| Thales SA | 8,292 | 1,225,886 | ||||||
| 4,875,699 | ||||||||
| Germany | 1.0% | ||||||||
| Merck KGaA | 5,059 | 940,571 | ||||||
| Hong Kong | 1.2% | ||||||||
| AIA Group Ltd. | 106,983 | 1,124,111 | ||||||
| India | 1.4% | ||||||||
| HDFC Bank Ltd. ADR | 20,762 | 1,384,203 | ||||||
| Japan | 4.2% | ||||||||
| BayCurrent Consulting, Inc. | 19,000 | 788,366 | ||||||
| Kadokawa Corp. | 38,800 | 827,702 | ||||||
| Nintendo Co. Ltd. | 23,300 | 903,235 | ||||||
| Olympus Corp. | 50,200 | 881,615 | ||||||
| Shimano, Inc. | 4,200 | 728,610 | ||||||
| 4,129,528 | ||||||||
| Netherlands | 3.4% | ||||||||
| ASM International NV | 2,243 | 910,865 | ||||||
| Wolters Kluwer NV | 19,261 | 2,430,527 | ||||||
| 3,341,392 | ||||||||
| Spain | 1.0% | ||||||||
| Industria de Diseno Textil SA | 27,767 | 932,495 | ||||||
| Sweden | 1.9% | ||||||||
| Assa Abloy AB, Class B | 25,931 | 622,599 | ||||||
| Description | Shares | Fair Value | ||||||
| Hexagon AB, B Shares | 109,963 | $ | 1,265,376 | |||||
| 1,887,975 | ||||||||
| Switzerland | 4.2% | ||||||||
| ABB Ltd. | 42,658 | 1,462,831 | ||||||
| Partners Group Holding AG | 1,033 | 973,950 | ||||||
| Swatch Group AG | 4,703 | 1,617,088 | ||||||
| 4,053,869 | ||||||||
| Taiwan | 1.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18,808 | 1,749,520 | ||||||
| United Kingdom | 6.7% | ||||||||
| Coca-Cola Europacific Partners PLC | 20,466 | 1,211,383 | ||||||
| Diageo PLC | 32,619 | 1,455,798 | ||||||
| RELX PLC | 62,103 | 2,011,022 | ||||||
| Unilever PLC | 35,609 | 1,844,825 | ||||||
| 6,523,028 | ||||||||
| United States | 56.0% | ||||||||
| Accenture PLC, Class A | 8,091 | 2,312,489 | ||||||
| Alphabet, Inc., Class A (*) | 30,509 | 3,164,699 | ||||||
| Amazon.com, Inc. (*) | 23,713 | 2,449,316 | ||||||
| Amphenol Corp., Class A | 14,528 | 1,187,228 | ||||||
| Aon PLC, Class A | 6,662 | 2,100,462 | ||||||
| Avery Dennison Corp. | 4,455 | 797,133 | ||||||
| Bank of America Corp. | 34,238 | 979,207 | ||||||
| Booz Allen Hamilton Holding Corp. | 17,786 | 1,648,584 | ||||||
| BRP, Inc. | 10,619 | 830,977 | ||||||
| Charles Schwab Corp. | 21,852 | 1,144,608 | ||||||
| Coca-Cola Co. | 28,772 | 1,784,727 | ||||||
| Computershare Ltd. | 54,020 | 783,011 | ||||||
| Deere & Co. | 2,780 | 1,147,806 | ||||||
| Dollar General Corp. | 6,087 | 1,281,070 | ||||||
| Estee Lauder Cos., Inc., Class A | 6,524 | 1,607,905 | ||||||
| Intercontinental Exchange, Inc. | 16,445 | 1,715,049 | ||||||
| IQVIA Holdings, Inc. (*) | 9,384 | 1,866,384 | ||||||
| Johnson & Johnson | 12,466 | 1,932,230 | ||||||
| McDonald’s Corp. | 4,940 | 1,381,273 | ||||||
| Microsoft Corp. | 13,143 | 3,789,127 | ||||||
| Motorola Solutions, Inc. | 6,671 | 1,908,773 | ||||||
| NIKE, Inc., Class B | 10,054 | 1,233,022 | ||||||
| Procter & Gamble Co. | 10,720 | 1,593,957 | ||||||
| PTC, Inc. (*) | 9,222 | 1,182,537 | ||||||
| Rockwell Automation, Inc. | 4,375 | 1,283,844 | ||||||
| S&P Global, Inc. | 4,340 | 1,496,302 | ||||||
| Sysco Corp. | 10,374 | 801,184 | ||||||
| Texas Instruments, Inc. | 9,262 | 1,722,825 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| Thermo Fisher Scientific, Inc. | 4,203 | $ | 2,422,483 | |||||
| TopBuild Corp. (*) | 3,246 | 675,622 | ||||||
| UnitedHealth Group, Inc. | 2,769 | 1,308,602 | ||||||
| Visa, Inc., Class A | 8,726 | 1,967,364 | ||||||
| Warner Music Group Corp., Class A | 17,107 | 570,861 | ||||||
| Wells Fargo & Co. | 26,930 | 1,006,643 | ||||||
| Zoetis, Inc. | 7,878 | 1,311,214 | ||||||
| 54,388,518 | ||||||||
| Total Common Stocks (Cost $70,438,459) | 94,964,733 | |||||||
| Short-Term Investments | 1.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $1,892,796) | 1,892,796 | 1,892,796 | ||||||
| Total Investments | 99.7% (Cost $72,331,255) | $ | 96,857,529 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 307,774 | |||||||
| Net Assets | 100.0% | $ | 97,165,303 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 92.4% | ||||||||
| Australia | 6.5% | ||||||||
| Atlas Arteria Ltd. (^) | 81,517,229 | $ | 344,730,883 | |||||
| Transurban Group | 22,507,512 | 214,197,116 | ||||||
| 558,927,999 | ||||||||
| Canada | 1.9% | ||||||||
| Canadian National Railway Co. | 1,366,573 | 161,248,536 | ||||||
| France | 5.5% | ||||||||
| Eutelsat Communications SA | 12,325,587 | 82,308,052 | ||||||
| Vinci SA | 3,431,805 | 393,797,986 | ||||||
| 476,106,038 | ||||||||
| Hong Kong | 3.9% | ||||||||
| CK Infrastructure Holdings Ltd. | 24,321,500 | 132,793,311 | ||||||
| Power Assets Holdings Ltd. | 37,833,765 | 202,725,024 | ||||||
| 335,518,335 | ||||||||
| Italy | 14.4% | ||||||||
| Hera SpA | 69,843,401 | 197,650,938 | ||||||
| Italgas SpA (^) | 41,247,045 | 251,957,256 | ||||||
| Snam SpA | 74,309,482 | 394,445,298 | ||||||
| Terna - Rete Elettrica Nazionale | 47,737,996 | 391,801,400 | ||||||
| 1,235,854,892 | ||||||||
| Luxembourg | 1.6% | ||||||||
| SES SA (^) | 20,326,589 | 133,300,429 | ||||||
| Portugal | 1.0% | ||||||||
| Redes Energeticas Nacionais SGPS SA | 28,228,757 | 82,746,532 | ||||||
| Spain | 10.5% | ||||||||
| Aena SME SA (*) | 1,283,700 | 207,851,902 | ||||||
| Ferrovial SA | 23,427,935 | 689,179,589 | ||||||
| 897,031,491 | ||||||||
| Switzerland | 2.1% | ||||||||
| Flughafen Zurich AG (*) | 984,315 | 180,644,289 | ||||||
| United Kingdom | 19.5% | ||||||||
| National Grid PLC | 53,327,279 | 723,845,074 | ||||||
| Pennon Group PLC (^) | 14,334,169 | 154,865,702 | ||||||
| Severn Trent PLC | 11,243,155 | 399,340,226 | ||||||
| United Utilities Group PLC | 29,961,803 | 391,804,696 | ||||||
| 1,669,855,698 | ||||||||
| United States | 25.5% | ||||||||
| Consolidated Edison, Inc. | 2,225,655 | 212,928,414 | ||||||
| CSX Corp. | 13,802,981 | 413,261,251 | ||||||
| Exelon Corp. | 3,887,400 | 162,843,186 | ||||||
| Norfolk Southern Corp. | 3,247,819 | 688,537,628 | ||||||
| Pinnacle West Capital Corp. | 3,914,679 | 310,199,164 | ||||||
| Description | Shares | Fair Value | ||||||
| Union Pacific Corp. | 1,992,500 | $ | 401,010,550 | |||||
| 2,188,780,193 | ||||||||
| Total Common Stocks (Cost $7,384,705,333) | 7,920,014,432 | |||||||
| Short-Term Investments | 7.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $662,967,393) | 662,967,393 | 662,967,393 | ||||||
| Total Investments | 100.1% (Cost $8,047,672,726) (») | $ | 8,582,981,825 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (5,881,325) | |||||||
| Net Assets | 100.0% | $ | 8,577,100,500 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2023:
Currency |
Quantity |
Currency |
Quantity |
Counterparty |
Settlement |
Unrealized |
Unrealized |
|||||||||||
| CAD | 60,442,350 | USD | 44,131,421 | CIT | 06/29/23 | $ | 653,754 | $ | — | |||||||||
| CHF | 10,322,550 | USD | 11,384,601 | SSB | 06/29/23 | 1,979 | — | |||||||||||
| USD | 63,176,066 | AUD | 93,788,696 | BNP | 06/29/23 | 286,004 | — | |||||||||||
| USD | 113,332,597 | AUD | 168,234,120 | CIT | 06/29/23 | 523,115 | — | |||||||||||
| USD | 173,113,224 | AUD | 256,916,971 | HSB | 06/29/23 | 837,407 | — | |||||||||||
| USD | 101,621,969 | AUD | 150,725,237 | MSC | 06/29/23 | 553,078 | — | |||||||||||
| USD | 122,976,887 | AUD | 182,563,928 | SSB | 06/29/23 | 558,544 | — | |||||||||||
| USD | 5,795,104 | CAD | 7,936,858 | BNP | 06/29/23 | — | 85,766 | |||||||||||
| USD | 87,616,865 | CAD | 119,999,971 | CIT | 06/29/23 | — | 1,297,939 | |||||||||||
| USD | 57,169,340 | CAD | 78,290,644 | HSB | 06/29/23 | — | 840,651 | |||||||||||
| USD | 37,760,834 | CAD | 51,721,014 | MSC | 06/29/23 | — | 562,207 | |||||||||||
| USD | 18,468,320 | CAD | 25,288,670 | SCB | 06/29/23 | — | 269,494 | |||||||||||
| USD | 36,789,088 | CHF | 33,628,905 | BNP | 06/29/23 | — | 306,226 | |||||||||||
| USD | 37,235,356 | CHF | 34,019,338 | SCB | 06/29/23 | — | 290,636 | |||||||||||
| USD | 113,915,068 | CHF | 104,150,838 | SSB | 06/29/23 | — | 971,456 | |||||||||||
| USD | 336,877,519 | EUR | 311,045,214 | BNP | 06/29/23 | — | 2,082,452 | |||||||||||
| USD | 436,169,387 | EUR | 402,598,695 | CAN | 06/29/23 | — | 2,560,534 | |||||||||||
| USD | 247,548,197 | EUR | 228,498,294 | CIT | 06/29/23 | — | 1,456,680 | |||||||||||
| USD | 493,653,475 | EUR | 455,383,081 | HSB | 06/29/23 | — | 2,597,967 | |||||||||||
| USD | 371,556,858 | EUR | 343,204,717 | MEL | 06/29/23 | — | 2,448,771 | |||||||||||
| USD | 528,826,312 | EUR | 487,948,432 | RBC | 06/29/23 | — | 2,913,059 | |||||||||||
| USD | 410,912,068 | EUR | 379,251,752 | SSB | 06/29/23 | — | 2,375,638 | |||||||||||
| USD | 173,877,477 | GBP | 141,628,060 | CAN | 06/29/23 | — | 1,126,091 | |||||||||||
| USD | 579,108,079 | GBP | 472,267,094 | HSB | 06/29/23 | — | 4,451,611 | |||||||||||
| USD | 216,904,521 | GBP | 176,771,258 | MSC | 06/29/23 | — | 1,523,953 | |||||||||||
| USD | 353,092,013 | GBP | 287,543,579 | RBC | 06/29/23 | — | 2,212,948 | |||||||||||
| USD | 272,781,161 | GBP | 222,226,789 | SSB | 06/29/23 | — | 1,814,714 | |||||||||||
| USD | 89,515,666 | HKD | 699,287,435 | BNP | 06/29/23 | 86,440 | — | |||||||||||
| USD | 63,999,424 | HKD | 499,931,502 | HSB | 06/29/23 | 65,074 | — | |||||||||||
| USD | 75,000,201 | HKD | 586,050,823 | MSC | 06/29/23 | 52,377 | — | |||||||||||
| USD | 9,670,108 | HKD | 75,539,980 | SCB | 06/29/23 | 9,585 | — | |||||||||||
| USD | 94,527,163 | HKD | 738,578,538 | SSB | 06/29/23 | 73,146 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 3,700,503 | $ | 32,188,793 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Austria | 0.7% | ||||||||
| BAWAG Group AG | 1,682 | $ | 81,787 | |||||
| Canada | 3.9% | ||||||||
| Canadian Pacific Railway Ltd. | 2,062 | 158,781 | ||||||
| Toromont Industries Ltd. | 2,005 | 164,569 | ||||||
| Trisura Group Ltd. (*) | 4,106 | 100,531 | ||||||
| 423,881 | ||||||||
| China | 2.5% | ||||||||
| Tencent Holdings Ltd. | 3,600 | 175,908 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 16,600 | 98,310 | ||||||
| 274,218 | ||||||||
| Denmark | 4.6% | ||||||||
| Genmab AS (*) | 371 | 140,089 | ||||||
| Novo Nordisk AS, Class B | 1,478 | 234,548 | ||||||
| Vestas Wind Systems AS | 4,623 | 133,942 | ||||||
| 508,579 | ||||||||
| France | 2.0% | ||||||||
| Pernod Ricard SA | 957 | 216,837 | ||||||
| Germany | 2.9% | ||||||||
| Continental AG | 1,334 | 99,705 | ||||||
| Hensoldt AG | 2,423 | 87,270 | ||||||
| Infineon Technologies AG | 3,106 | 126,956 | ||||||
| 313,931 | ||||||||
| Hong Kong | 1.9% | ||||||||
| AIA Group Ltd. | 20,400 | 214,351 | ||||||
| India | 1.5% | ||||||||
| HDFC Bank Ltd. ADR | 2,455 | 163,675 | ||||||
| Ireland | 1.2% | ||||||||
| Ryanair Holdings PLC ADR (*) | 1,387 | 130,780 | ||||||
| Israel | 2.6% | ||||||||
| Bank Leumi Le-Israel BM | 25,489 | 192,765 | ||||||
| Tel Aviv Stock Exchange Ltd. | 22,407 | 98,045 | ||||||
| 290,810 | ||||||||
| Japan | 6.5% | ||||||||
| BayCurrent Consulting, Inc. | 3,900 | 161,822 | ||||||
| Kadokawa Corp. | 6,900 | 147,194 | ||||||
| Koito Manufacturing Co., Ltd. | 5,600 | 106,069 | ||||||
| Olympus Corp. | 5,800 | 101,860 | ||||||
| Renesas Electronics Corp. (*) | 9,100 | 132,120 | ||||||
| TechnoPro Holdings, Inc. | 2,500 | 69,289 | ||||||
| 718,354 | ||||||||
| Description | Shares | Fair Value | ||||||
| Mexico | 2.0% | ||||||||
| Arca Continental SAB de CV | 24,600 | $ | 223,393 | |||||
| Netherlands | 3.3% | ||||||||
| Akzo Nobel NV | 1,094 | 85,389 | ||||||
| Universal Music Group NV | 11,164 | 282,215 | ||||||
| 367,604 | ||||||||
| Portugal | 1.7% | ||||||||
| Energias de Portugal SA | 34,028 | 185,421 | ||||||
| South Korea | 1.0% | ||||||||
| SK Hynix, Inc. | 1,526 | 105,250 | ||||||
| Sweden | 0.3% | ||||||||
| Volvo Car AB, Class B (*) | 7,544 | 33,009 | ||||||
| Switzerland | 2.8% | ||||||||
| ABB Ltd. | 4,658 | 159,732 | ||||||
| Idorsia Ltd. (*) | 4,389 | 48,358 | ||||||
| Partners Group Holding AG | 111 | 104,655 | ||||||
| 312,745 | ||||||||
| Taiwan | 2.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14,000 | 248,022 | ||||||
| United Kingdom | 5.0% | ||||||||
| Allfunds Group PLC | 11,991 | 79,539 | ||||||
| Coca-Cola Europacific Partners PLC | 4,043 | 238,547 | ||||||
| RELX PLC | 7,071 | 228,973 | ||||||
| 547,059 | ||||||||
| United States | 49.8% | ||||||||
| Accenture PLC, Class A | 694 | 198,352 | ||||||
| Activision Blizzard, Inc. | 1,363 | 116,659 | ||||||
| Alphabet, Inc., Class A (*) | 3,790 | 393,137 | ||||||
| Amphenol Corp., Class A | 2,458 | 200,868 | ||||||
| Analog Devices, Inc. | 1,061 | 209,250 | ||||||
| Aon PLC, Class A | 830 | 261,691 | ||||||
| Applied Materials, Inc. | 1,777 | 218,269 | ||||||
| Bank of America Corp. | 3,680 | 105,248 | ||||||
| Boston Scientific Corp. (*) | 2,926 | 146,388 | ||||||
| CyberArk Software Ltd. (*) | 648 | 95,891 | ||||||
| Danaher Corp. | 906 | 228,348 | ||||||
| Dollar General Corp. | 661 | 139,114 | ||||||
| Estee Lauder Cos., Inc., Class A | 551 | 135,799 | ||||||
| Helmerich & Payne, Inc. | 4,028 | 144,001 | ||||||
| Huntington Bancshares, Inc. | 6,821 | 76,395 | ||||||
| Intercontinental Exchange, Inc. | 1,971 | 205,555 | ||||||
| International Flavors & Fragrances, Inc. | 977 | 89,845 | ||||||
| Intuit, Inc. | 425 | 189,478 | ||||||
| IQVIA Holdings, Inc. (*) | 1,353 | 269,098 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Johnson & Johnson | 1,301 | $ | 201,655 | |||||
| Marsh & McLennan Cos., Inc. | 603 | 100,430 | ||||||
| Microsoft Corp. | 2,040 | 588,132 | ||||||
| S&P Global, Inc. | 910 | 313,741 | ||||||
| Thermo Fisher Scientific, Inc. | 371 | 213,833 | ||||||
| UnitedHealth Group, Inc. | 644 | 304,348 | ||||||
| Visa, Inc., Class A | 1,015 | 228,842 | ||||||
| Zoetis, Inc. | 693 | 115,343 | ||||||
| 5,489,710 | ||||||||
| Total Common Stocks (Cost $10,928,430) | 10,849,416 | |||||||
| Short-Term Investments | 1.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $209,837) | 209,837 | 209,837 | ||||||
| Total Investments | 100.4% (Cost $11,138,267) | $ | 11,059,253 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.4)% | (45,027) | |||||||
| Net Assets | 100.0% | $ | 11,014,226 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Australia | 6.7% | ||||||||
| Aristocrat Leisure Ltd. | 476 | $ | 11,903 | |||||
| BHP Group Ltd. | 1,235 | 39,172 | ||||||
| Brambles Ltd. | 1,791 | 16,122 | ||||||
| Capricorn Metals Ltd. (*) | 1,167 | 3,694 | ||||||
| Charter Hall Group REIT | 935 | 6,965 | ||||||
| Coles Group Ltd. | 197 | 2,375 | ||||||
| Coronado Global Resources, Inc. | 2,412 | 2,633 | ||||||
| Fortescue Metals Group Ltd. | 209 | 3,143 | ||||||
| JB Hi-Fi Ltd. | 191 | 5,443 | ||||||
| Lovisa Holdings Ltd. | 207 | 3,380 | ||||||
| Mineral Resources Ltd. | 115 | 6,231 | ||||||
| Newcrest Mining Ltd. | 648 | 11,601 | ||||||
| Perseus Mining Ltd. | 7,963 | 12,620 | ||||||
| Pilbara Minerals Ltd. | 4,108 | 10,959 | ||||||
| Pro Medicus Ltd. | 89 | 3,827 | ||||||
| Regis Resources Ltd. (*) | 5,013 | 6,938 | ||||||
| South32 Ltd. | 2,868 | 8,506 | ||||||
| Technology One Ltd. | 605 | 5,923 | ||||||
| Telstra Group Ltd. | 2,034 | 5,746 | ||||||
| West African Resources Ltd. (*) | 5,464 | 3,493 | ||||||
| WiseTech Global Ltd. | 266 | 11,687 | ||||||
| Yancoal Australia Ltd. | 3,136 | 12,193 | ||||||
| 194,554 | ||||||||
| Austria | 0.4% | ||||||||
| Erste Group Bank AG | 92 | 3,043 | ||||||
| Wienerberger AG | 277 | 8,034 | ||||||
| 11,077 | ||||||||
| Belgium | 0.5% | ||||||||
| KBC Group NV | 199 | 13,682 | ||||||
| China | 0.9% | ||||||||
| SITC International Holdings Co. Ltd. | 6,000 | 12,895 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 14,500 | 13,135 | ||||||
| 26,030 | ||||||||
| Denmark | 4.4% | ||||||||
| AP Moller - Maersk AS, Class B | 5 | 9,061 | ||||||
| Novo Nordisk AS, Class B | 694 | 110,133 | ||||||
| Pandora AS | 70 | 6,708 | ||||||
| 125,902 | ||||||||
| Finland | 0.6% | ||||||||
| Nokia oyj ADR | 1,701 | 8,352 | ||||||
| Description | Shares | Fair Value | ||||||
| Nordea Bank Abp | 790 | $ | 8,431 | |||||
| 16,783 | ||||||||
| France | 11.9% | ||||||||
| AXA SA | 985 | 30,118 | ||||||
| BioMerieux | 70 | 7,385 | ||||||
| Capgemini SE | 97 | 18,043 | ||||||
| Cie de Saint-Gobain | 745 | 42,419 | ||||||
| Eiffage SA | 31 | 3,356 | ||||||
| Engie SA | 364 | 5,757 | ||||||
| Hermes International | 19 | 38,487 | ||||||
| Kering SA | 19 | 12,400 | ||||||
| L’Oreal SA | 12 | 5,369 | ||||||
| La Francaise des Jeux SAEM | 321 | 13,383 | ||||||
| Orange SA | 2,138 | 25,404 | ||||||
| Societe Generale SA | 1,743 | 39,344 | ||||||
| TotalEnergies SE | 787 | 46,435 | ||||||
| Verallia SA | 91 | 3,881 | ||||||
| Vinci SA | 449 | 51,522 | ||||||
| 343,303 | ||||||||
| Germany | 5.6% | ||||||||
| Beiersdorf AG | 61 | 7,936 | ||||||
| BioNTech SE ADR | 15 | 1,868 | ||||||
| Carl Zeiss Meditec AG | 54 | 7,500 | ||||||
| Commerzbank AG (*) | 401 | 4,219 | ||||||
| CTS Eventim AG & Co. KGaA (*) | 135 | 8,412 | ||||||
| Deutsche Post AG | 711 | 33,211 | ||||||
| Hapag-Lloyd AG | 21 | 6,878 | ||||||
| HUGO BOSS AG | 528 | 37,863 | ||||||
| Infineon Technologies AG | 162 | 6,622 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 42 | 14,689 | ||||||
| Nemetschek SE | 51 | 3,497 | ||||||
| Rational AG | 25 | 16,732 | ||||||
| Rheinmetall AG | 26 | 7,724 | ||||||
| SAP SE | 25 | 3,145 | ||||||
| 160,296 | ||||||||
| Hong Kong | 1.9% | ||||||||
| CK Asset Holdings Ltd. | 2,000 | 12,117 | ||||||
| Cowell e Holdings, Inc. (*) | 1,000 | 2,409 | ||||||
| Jardine Matheson Holdings Ltd. | 100 | 4,871 | ||||||
| Man Wah Holdings Ltd. | 2,800 | 2,319 | ||||||
| Swire Pacific Ltd., Class A | 2,000 | 15,403 | ||||||
| WH Group Ltd. | 31,500 | 18,723 | ||||||
| 55,842 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Ireland | 0.2% | ||||||||
| AerCap Holdings NV (*) | 26 | $ | 1,462 | |||||
| AIB Group PLC | 1,186 | 4,830 | ||||||
| 6,292 | ||||||||
| Israel | 1.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 4,989 | 6,801 | ||||||
| Check Point Software Technologies Ltd. (*) | 118 | 15,340 | ||||||
| Perion Network Ltd. (*) | 299 | 11,835 | ||||||
| 33,976 | ||||||||
| Italy | 4.0% | ||||||||
| Banco BPM SpA | 905 | 3,546 | ||||||
| Ferrari NV | 13 | 3,521 | ||||||
| Intesa Sanpaolo SpA | 10,067 | 25,909 | ||||||
| Leonardo SpA | 628 | 7,378 | ||||||
| Moncler SpA | 302 | 20,874 | ||||||
| Poste Italiane SpA | 1,167 | 11,945 | ||||||
| Reply SpA | 62 | 7,809 | ||||||
| UniCredit SpA | 1,833 | 34,718 | ||||||
| 115,700 | ||||||||
| Japan | 20.8% | ||||||||
| 77 Bank Ltd. | 700 | 11,441 | ||||||
| Canon, Inc. | 1,000 | 22,432 | ||||||
| Capcom Co. Ltd. | 200 | 7,155 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 1,500 | 37,075 | ||||||
| Electric Power Development Co. Ltd. | 1,000 | 16,083 | ||||||
| FUJIFILM Holdings Corp. | 100 | 5,080 | ||||||
| Honda Motor Co. Ltd. | 1,300 | 34,581 | ||||||
| Hulic Co. Ltd. | 400 | 3,287 | ||||||
| ITOCHU Corp. | 600 | 19,538 | ||||||
| Japan Post Holdings Co. Ltd. | 7,000 | 56,957 | ||||||
| Japan Post Insurance Co. Ltd. | 500 | 7,806 | ||||||
| Japan Tobacco, Inc. | 2,900 | 61,209 | ||||||
| KDDI Corp. | 700 | 21,617 | ||||||
| Kirin Holdings Co. Ltd. | 1,900 | 30,068 | ||||||
| Kyushu Financial Group, Inc. | 900 | 3,246 | ||||||
| Mitsubishi Corp. | 800 | 28,762 | ||||||
| Mitsubishi Estate Co. Ltd. | 1,000 | 11,939 | ||||||
| Mitsubishi Heavy Industries Ltd. | 300 | 11,062 | ||||||
| Mitsui & Co. Ltd. | 1,000 | 31,165 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 300 | 9,316 | ||||||
| Nippon Building Fund, Inc. REIT | 1 | 4,158 | ||||||
| Nippon Telegraph & Telephone Corp. | 200 | 5,973 | ||||||
| Nishi-Nippon Financial Holdings, Inc. | 500 | 4,121 | ||||||
| Nissan Chemical Corp. | 300 | 13,631 | ||||||
| Description | Shares | Fair Value | ||||||
| Olympus Corp. | 700 | $ | 12,293 | |||||
| Shimano, Inc. ADR | 409 | 7,076 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 2,165 | 70,221 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,000 | 3,908 | ||||||
| Softbank Corp. | 900 | 10,382 | ||||||
| Subaru Corp. | 600 | 9,604 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 4,010 | ||||||
| Tokyo Electron Ltd. | 55 | 4,895 | ||||||
| Toshiba Corp. | 200 | 6,702 | ||||||
| Toyota Motor Corp. | 900 | 12,812 | ||||||
| ZOZO, Inc. | 100 | 2,287 | ||||||
| 601,892 | ||||||||
| Netherlands | 8.5% | ||||||||
| Adyen NV (*) | 13 | 20,613 | ||||||
| ASML Holding NV | 114 | 77,896 | ||||||
| BNP Paribas Emissions- und Handelsgesellschaft mbH (*) | 1,985 | 23,616 | ||||||
| Koninklijke Ahold Delhaize NV | 246 | 8,414 | ||||||
| NN Group NV | 61 | 2,213 | ||||||
| Shell PLC | 1,771 | 50,714 | ||||||
| Wolters Kluwer NV | 493 | 62,211 | ||||||
| 245,677 | ||||||||
| Norway | 0.5% | ||||||||
| Equinor ASA | 419 | 11,916 | ||||||
| Norske Skog ASA (*) | 444 | 2,457 | ||||||
| 14,373 | ||||||||
| Portugal | 0.7% | ||||||||
| Jeronimo Martins SGPS SA | 888 | 20,824 | ||||||
| Singapore | 1.5% | ||||||||
| DBS Group Holdings Ltd. | 100 | 2,485 | ||||||
| Lendlease Global Commercial REIT | 13,600 | 6,966 | ||||||
| Sea Ltd. ADR (*) | 85 | 7,357 | ||||||
| STMicroelectronics NV | 400 | 21,398 | ||||||
| UMS Holdings Ltd. | 7,200 | 6,040 | ||||||
| 44,246 | ||||||||
| South Africa | 0.2% | ||||||||
| Anglo American PLC | 193 | 6,388 | ||||||
| Spain | 3.3% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,482 | 10,588 | ||||||
| CaixaBank SA | 643 | 2,503 | ||||||
| Iberdrola SA | 5,519 | 68,746 | ||||||
| Industria de Diseno Textil SA | 405 | 13,601 | ||||||
| 95,438 | ||||||||
| Sweden | 2.5% | ||||||||
| Assa Abloy AB, Class B | 1,044 | 25,066 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Betsson AB, Class B | 680 | $ | 6,465 | |||||
| Boliden AB | 75 | 2,950 | ||||||
| Evolution AB | 26 | 3,489 | ||||||
| Hemnet Group AB | 168 | 2,806 | ||||||
| Hennes & Mauritz AB, B Shares | 205 | 2,927 | ||||||
| Telefonaktiebolaget LM Ericsson, B Shares | 2,553 | 14,997 | ||||||
| Volvo AB, Class B | 74 | 1,526 | ||||||
| Volvo Car AB, Class B (*) | 2,968 | 12,987 | ||||||
| 73,213 | ||||||||
| Switzerland | 4.5% | ||||||||
| Belimo Holding AG | 27 | 13,026 | ||||||
| Dufry AG (*) | 60 | 2,672 | ||||||
| Novartis AG | 512 | 47,004 | ||||||
| Swatch Group AG | 9 | 3,095 | ||||||
| Swiss Life Holding AG | 6 | 3,700 | ||||||
| UBS Group AG | 2,725 | 57,542 | ||||||
| VAT Group AG | 9 | 3,251 | ||||||
| 130,290 | ||||||||
| United Kingdom | 10.8% | ||||||||
| 3i Group PLC | 900 | 18,767 | ||||||
| 4imprint Group PLC | 53 | 3,162 | ||||||
| Associated British Foods PLC | 1,126 | 27,024 | ||||||
| Beazley PLC | 316 | 2,330 | ||||||
| BT Group PLC | 4,315 | 7,764 | ||||||
| Coca-Cola Europacific Partners PLC | 54 | 3,196 | ||||||
| Compass Group PLC | 361 | 9,077 | ||||||
| Drax Group PLC | 310 | 2,322 | ||||||
| HSBC Holdings PLC | 829 | 5,644 | ||||||
| IMI PLC | 142 | 2,689 | ||||||
| International Consolidated Airlines Group SA (*) | 2,422 | 4,515 | ||||||
| Investec PLC | 1,399 | 7,783 | ||||||
| J Sainsbury PLC | 1,849 | 6,367 | ||||||
| JD Sports Fashion PLC | 8,016 | 17,649 | ||||||
| Man Group PLC | 4,028 | 11,725 | ||||||
| Marks & Spencer Group PLC (*) | 6,165 | 12,741 | ||||||
| NatWest Group PLC | 8,245 | 26,940 | ||||||
| Next PLC | 179 | 14,546 | ||||||
| RELX PLC | 52 | 1,683 | ||||||
| Rolls-Royce Holdings PLC (*) | 1,524 | 2,815 | ||||||
| SSE PLC | 384 | 8,553 | ||||||
| Standard Chartered PLC | 2,038 | 15,507 | ||||||
| Tesco PLC | 6,340 | 20,789 | ||||||
| Unilever PLC | 1,377 | 71,217 | ||||||
| Virgin Money UK PLC | 2,406 | 4,350 | ||||||
| Description | Shares | Fair Value | ||||||
| Wise PLC, Class A (*) | 304 | $ | 2,046 | |||||
| 311,201 | ||||||||
| United States | 6.9% | ||||||||
| CSL Ltd. | 94 | 18,137 | ||||||
| GSK PLC | 3,386 | 60,391 | ||||||
| Inmode Ltd. (*) | 74 | 2,365 | ||||||
| International Game Technology PLC | 111 | 2,975 | ||||||
| Nestle SA | 63 | 7,691 | ||||||
| Roche Holding AG | 232 | 66,395 | ||||||
| Schneider Electric SE | 87 | 14,544 | ||||||
| Stellantis NV | 1,472 | 26,783 | ||||||
| 199,281 | ||||||||
| Total Common Stocks (Cost $2,574,960) | 2,846,260 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Germany | 0.9% | ||||||||
| Bayerische Motoren Werke AG | 179 | 18,310 | ||||||
| Sartorius AG | 17 | 7,135 | ||||||
| Total Preferred Stocks (Cost $21,716) | 25,445 | |||||||
| Short-Term Investments | 0.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $20,806) | 20,806 | 20,806 | ||||||
| Total Investments | 100.1% (Cost $2,617,482) | $ | 2,892,511 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (1,556) | |||||||
| Net Assets | 100.0% | $ | 2,890,955 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 94.2% | ||||||||
| Canada | 3.8% | ||||||||
| Gildan Activewear, Inc. | 350,237 | $ | 11,635,694 | |||||
| Suncor Energy, Inc. | 699,053 | 21,703,488 | ||||||
| TMX Group Ltd. | 108,429 | 10,951,209 | ||||||
| 44,290,391 | ||||||||
| China | 5.0% | ||||||||
| Alibaba Group Holding Ltd. (*) | 1,120,600 | 14,251,464 | ||||||
| Autohome, Inc. ADR | 289,018 | 9,673,433 | ||||||
| ENN Energy Holdings Ltd. | 813,400 | 11,111,156 | ||||||
| ESR Group Ltd. | 4,162,600 | 7,438,308 | ||||||
| Li Ning Co. Ltd. | 1,033,000 | 8,142,290 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 1,314,686 | 7,785,984 | ||||||
| 58,402,635 | ||||||||
| Denmark | 3.0% | ||||||||
| AP Moller - Maersk AS, Class B | 3,607 | 6,536,689 | ||||||
| Carlsberg AS, Class B | 129,512 | 20,025,167 | ||||||
| Vestas Wind Systems AS | 293,496 | 8,503,485 | ||||||
| 35,065,341 | ||||||||
| Finland | 1.5% | ||||||||
| Nordea Bank Abp | 1,605,238 | 17,131,871 | ||||||
| France | 11.0% | ||||||||
| Air Liquide SA | 154,910 | 25,951,978 | ||||||
| Airbus SE | 85,458 | 11,448,490 | ||||||
| Capgemini SE | 57,790 | 10,749,293 | ||||||
| Engie SA | 2,130,448 | 33,692,396 | ||||||
| Pernod Ricard SA | 82,737 | 18,746,532 | ||||||
| Teleperformance | 43,859 | 10,593,307 | ||||||
| Thales SA | 113,258 | 16,744,020 | ||||||
| 127,926,016 | ||||||||
| Germany | 10.1% | ||||||||
| Continental AG | 248,908 | 18,603,699 | ||||||
| Covestro AG | 177,752 | 7,351,978 | ||||||
| Infineon Technologies AG | 351,832 | 14,380,985 | ||||||
| Merck KGaA | 114,696 | 21,324,323 | ||||||
| MTU Aero Engines AG | 66,291 | 16,577,534 | ||||||
| Rheinmetall AG | 70,361 | 20,901,842 | ||||||
| Siemens Healthineers AG | 196,249 | 11,287,107 | ||||||
| Vonovia SE | 392,022 | 7,372,144 | ||||||
| 117,799,612 | ||||||||
| Hong Kong | 1.0% | ||||||||
| AIA Group Ltd. | 1,098,200 | 11,539,206 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 1.6% | ||||||||
| Ryanair Holdings PLC ADR (*) | 191,826 | $ | 18,087,274 | |||||
| Israel | 1.6% | ||||||||
| Bank Leumi Le-Israel BM | 2,428,093 | 18,362,891 | ||||||
| Italy | 2.2% | ||||||||
| Enel SpA | 2,716,910 | 16,592,956 | ||||||
| UniCredit SpA | 441,035 | 8,353,417 | ||||||
| 24,946,373 | ||||||||
| Japan | 16.1% | ||||||||
| Asics Corp. | 680,400 | 19,348,758 | ||||||
| Bandai Namco Holdings, Inc. | 622,800 | 13,413,697 | ||||||
| Daikin Industries Ltd. | 102,100 | 18,305,220 | ||||||
| Disco Corp. | 145,800 | 16,963,318 | ||||||
| Hitachi Ltd. | 203,800 | 11,202,278 | ||||||
| MatsukiyoCocokara & Co. | 427,000 | 22,614,513 | ||||||
| Olympus Corp. | 925,200 | 16,248,409 | ||||||
| Renesas Electronics Corp. (*) | 914,100 | 13,271,522 | ||||||
| Shimano, Inc. | 45,800 | 7,945,318 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 433,200 | 17,370,233 | ||||||
| Suzuki Motor Corp. | 407,200 | 14,821,215 | ||||||
| Yamaha Corp. | 416,600 | 16,079,214 | ||||||
| 187,583,695 | ||||||||
| Mexico | 1.6% | ||||||||
| Arca Continental SAB de CV | 2,057,912 | 18,687,942 | ||||||
| Netherlands | 6.1% | ||||||||
| Akzo Nobel NV | 237,733 | 18,555,591 | ||||||
| Koninklijke DSM NV | 105,548 | 12,474,991 | ||||||
| Universal Music Group NV | 758,316 | 19,169,486 | ||||||
| Wolters Kluwer NV | 167,570 | 21,145,492 | ||||||
| 71,345,560 | ||||||||
| Portugal | 0.7% | ||||||||
| Galp Energia SGPS SA | 761,682 | 8,641,967 | ||||||
| Singapore | 1.5% | ||||||||
| DBS Group Holdings Ltd. | 696,120 | 17,300,123 | ||||||
| South Africa | 1.3% | ||||||||
| Anglo American PLC | 469,666 | 15,544,770 | ||||||
| South Korea | 0.8% | ||||||||
| SK Hynix, Inc. | 128,181 | 8,840,755 | ||||||
| Spain | 1.6% | ||||||||
| Industria de Diseno Textil SA | 548,282 | 18,412,878 | ||||||
| Sweden | 1.2% | ||||||||
| Sandvik AB | 645,411 | 13,715,882 | ||||||
| Switzerland | 1.7% | ||||||||
| ABB Ltd. | 586,357 | 20,107,390 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Taiwan | 0.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 113,235 | $ | 10,533,120 | |||||
| United Kingdom | 11.9% | ||||||||
| 3i Group PLC | 903,842 | 18,846,648 | ||||||
| BP PLC | 3,408,096 | 21,576,456 | ||||||
| Coca-Cola Europacific Partners PLC | 343,476 | 20,265,887 | ||||||
| Compass Group PLC | 692,735 | 17,418,079 | ||||||
| RELX PLC | 1,027,959 | 33,277,462 | ||||||
| Unilever PLC | 518,086 | 26,840,911 | ||||||
| 138,225,443 | ||||||||
| United States | 8.0% | ||||||||
| Aon PLC, Class A | 101,615 | 32,038,193 | ||||||
| BRP, Inc. | 115,664 | 9,051,147 | ||||||
| ICON PLC (*) | 111,332 | 23,779,402 | ||||||
| Roche Holding AG | 98,427 | 28,168,565 | ||||||
| 93,037,307 | ||||||||
| Total Common Stocks (Cost $954,884,489) | 1,095,528,442 | |||||||
| Preferred Stocks | 0.9% | ||||||||
| Brazil | 0.9% | ||||||||
| Itau Unibanco Holding SA (Cost $11,012,293) | 2,222,100 | 10,846,463 | ||||||
| Short-Term Investments | 3.8% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 4.53% (7 day yield) (Cost $43,718,306) | 43,718,306 | 43,718,306 | ||||||
| Total Investments | 98.9% (Cost $1,009,615,088) | $ | 1,150,093,211 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.1% | 13,379,387 | |||||||
| Net Assets | 100.0% | $ | 1,163,472,598 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 97.1% | ||||||||
| Canada | 1.9% | ||||||||
| Suncor Energy, Inc. | 33,436 | $ | 1,038,087 | |||||
| China | 11.2% | ||||||||
| Alibaba Group Holding Ltd. (*) | 96,400 | 1,225,987 | ||||||
| Autohome, Inc. ADR | 11,419 | 382,194 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 408,000 | 467,172 | ||||||
| ENN Energy Holdings Ltd. | 61,800 | 844,197 | ||||||
| ESR Group Ltd. | 201,400 | 359,889 | ||||||
| Li Ning Co. Ltd. | 103,500 | 815,805 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 36,900 | 564,306 | ||||||
| Tencent Holdings Ltd. | 21,500 | 1,050,562 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 61,598 | 364,803 | ||||||
| 6,074,915 | ||||||||
| Denmark | 2.5% | ||||||||
| Carlsberg AS, Class B | 5,121 | 791,810 | ||||||
| Vestas Wind Systems AS | 20,222 | 585,894 | ||||||
| 1,377,704 | ||||||||
| Finland | 1.4% | ||||||||
| Sampo Oyj, A Shares | 16,134 | 761,067 | ||||||
| France | 13.6% | ||||||||
| Air Liquide SA | 6,650 | 1,114,070 | ||||||
| Airbus SE | 7,394 | 990,547 | ||||||
| Bureau Veritas SA | 30,425 | 874,245 | ||||||
| Engie SA | 86,358 | 1,365,726 | ||||||
| Legrand SA | 8,649 | 791,118 | ||||||
| Pernod Ricard SA | 4,280 | 969,762 | ||||||
| Teleperformance | 1,626 | 392,729 | ||||||
| Thales SA | 5,830 | 861,905 | ||||||
| 7,360,102 | ||||||||
| Germany | 6.8% | ||||||||
| Continental AG | 8,529 | 637,468 | ||||||
| Covestro AG | 8,551 | 353,677 | ||||||
| Infineon Technologies AG | 14,036 | 573,716 | ||||||
| Merck KGaA | 3,994 | 742,566 | ||||||
| MTU Aero Engines AG | 3,048 | 762,220 | ||||||
| Siemens Healthineers AG | 10,568 | 607,810 | ||||||
| 3,677,457 | ||||||||
| Hong Kong | 2.5% | ||||||||
| AIA Group Ltd. | 126,800 | 1,332,336 | ||||||
| India | 2.0% | ||||||||
| ICICI Bank Ltd. ADR | 49,864 | 1,076,065 | ||||||
| Description | Shares | Fair Value | ||||||
| Indonesia | 2.2% | ||||||||
| PT Bank Mandiri (Persero) Tbk | 1,125,400 | $ | 773,722 | |||||
| PT Telkom Indonesia (Persero) Tbk ADR | 16,092 | 438,829 | ||||||
| 1,212,551 | ||||||||
| Ireland | 1.8% | ||||||||
| Ryanair Holdings PLC ADR (*) | 10,099 | 952,235 | ||||||
| Japan | 10.0% | ||||||||
| Bandai Namco Holdings, Inc. | 18,900 | 407,063 | ||||||
| Daikin Industries Ltd. | 4,400 | 788,864 | ||||||
| Disco Corp. | 8,700 | 1,012,214 | ||||||
| Hoya Corp. | 5,800 | 641,383 | ||||||
| Nomura Research Institute Ltd. | 33,400 | 776,690 | ||||||
| Olympus Corp. | 29,800 | 523,349 | ||||||
| Renesas Electronics Corp. (*) | 34,400 | 499,442 | ||||||
| Shimano, Inc. | 2,300 | 399,001 | ||||||
| Suzuki Motor Corp. | 10,900 | 396,737 | ||||||
| 5,444,743 | ||||||||
| Mexico | 1.8% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 114,600 | 966,023 | ||||||
| Netherlands | 7.7% | ||||||||
| Akzo Nobel NV | 7,697 | 600,768 | ||||||
| ASM International NV | 1,270 | 515,737 | ||||||
| IMCD NV | 2,857 | 467,588 | ||||||
| Koninklijke DSM NV | 6,181 | 730,548 | ||||||
| Universal Music Group NV | 37,454 | 946,801 | ||||||
| Wolters Kluwer NV | 7,491 | 945,282 | ||||||
| 4,206,724 | ||||||||
| Singapore | 1.6% | ||||||||
| DBS Group Holdings Ltd. | 35,200 | 874,798 | ||||||
| South Africa | 1.4% | ||||||||
| Anglo American PLC | 13,883 | 459,492 | ||||||
| Mr Price Group Ltd. | 35,430 | 287,083 | ||||||
| 746,575 | ||||||||
| South Korea | 0.8% | ||||||||
| SK Hynix, Inc. | 6,011 | 414,584 | ||||||
| Switzerland | 2.7% | ||||||||
| ABB Ltd. | 24,369 | 835,663 | ||||||
| Cie Financiere Richemont SA, Class A | 4,105 | 658,035 | ||||||
| 1,493,698 | ||||||||
| Taiwan | 2.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 78,000 | 1,381,838 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| United Kingdom | 14.3% | ||||||||
| BP PLC | 360,784 | $ | 2,284,102 | |||||
| Coca-Cola Europacific Partners PLC | 9,678 | 571,025 | ||||||
| Compass Group PLC | 49,025 | 1,232,681 | ||||||
| HSBC Holdings PLC | 124,959 | 850,730 | ||||||
| RELX PLC | 54,239 | 1,755,845 | ||||||
| Unilever PLC | 21,041 | 1,090,088 | ||||||
| 7,784,471 | ||||||||
| United States | 8.4% | ||||||||
| Accenture PLC, Class A | 2,439 | 697,091 | ||||||
| Aon PLC, Class A | 4,274 | 1,347,549 | ||||||
| ICON PLC (*) | 3,895 | 831,933 | ||||||
| Linde PLC | 2,031 | 713,521 | ||||||
| Roche Holding AG | 3,418 | 978,188 | ||||||
| 4,568,282 | ||||||||
| Total Common Stocks (Cost $46,010,661) | 52,744,255 | |||||||
| Preferred Stocks | 1.5% | ||||||||
| Brazil | 1.0% | ||||||||
| Itau Unibanco Holding SA | 110,600 | 539,858 | ||||||
| Germany | 0.5% | ||||||||
| Henkel AG & Co. KGaA | 3,831 | 299,375 | ||||||
| Total Preferred Stocks (Cost $798,245) | 839,233 | |||||||
| Short-Term Investments | 1.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $525,166) | 525,166 | 525,166 | ||||||
| Total Investments | 99.6% (Cost $47,334,072) | $ | 54,108,654 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 200,244 | |||||||
| Net Assets | 100.0% | $ | 54,308,898 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 95.4% | ||||||||
| Canada | 7.2% | ||||||||
| Dollarama, Inc. | 81,511 | $ | 4,871,360 | |||||
| National Bank of Canada | 56,086 | 4,011,716 | ||||||
| Toromont Industries Ltd. | 46,431 | 3,811,018 | ||||||
| 12,694,094 | ||||||||
| China | 4.4% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 31,745 | 3,243,704 | ||||||
| Tencent Holdings Ltd. | 94,800 | 4,632,245 | ||||||
| 7,875,949 | ||||||||
| Denmark | 6.2% | ||||||||
| Coloplast AS, Class B | 18,502 | 2,435,286 | ||||||
| Demant AS (*) | 91,564 | 3,213,279 | ||||||
| Genmab AS (*) | 14,090 | 5,320,354 | ||||||
| 10,968,919 | ||||||||
| France | 9.4% | ||||||||
| Legrand SA | 38,819 | 3,550,748 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 8,289 | 7,596,518 | ||||||
| Pernod Ricard SA | 24,180 | 5,478,700 | ||||||
| 16,625,966 | ||||||||
| Germany | 4.2% | ||||||||
| SAP SE | 35,958 | 4,523,416 | ||||||
| Scout24 SE | 49,616 | 2,943,569 | ||||||
| 7,466,985 | ||||||||
| Hong Kong | 2.1% | ||||||||
| AIA Group Ltd. | 345,400 | 3,629,249 | ||||||
| India | 3.4% | ||||||||
| HDFC Bank Ltd. ADR | 91,127 | 6,075,437 | ||||||
| Israel | 2.3% | ||||||||
| Check Point Software Technologies Ltd. (*) | 31,225 | 4,059,250 | ||||||
| Japan | 6.7% | ||||||||
| Hoya Corp. | 32,500 | 3,593,954 | ||||||
| Pigeon Corp. | 61,200 | 946,591 | ||||||
| Shimano, Inc. | 11,400 | 1,977,655 | ||||||
| SMS Co. Ltd. | 115,500 | 2,802,645 | ||||||
| Toei Animation Co. Ltd. | 25,900 | 2,577,476 | ||||||
| 11,898,321 | ||||||||
| Netherlands | 9.8% | ||||||||
| ASML Holding NV | 13,258 | 9,059,124 | ||||||
| Universal Music Group NV | 146,668 | 3,707,623 | ||||||
| Wolters Kluwer NV | 37,035 | 4,673,410 | ||||||
| 17,440,157 | ||||||||
| Description | Shares | Fair Value | ||||||
| Norway | 2.1% | ||||||||
| AutoStore Holdings Ltd. (*) | 705,957 | $ | 1,524,430 | |||||
| Gjensidige Forsikring ASA | 130,340 | 2,135,988 | ||||||
| 3,660,418 | ||||||||
| South Africa | 1.8% | ||||||||
| Clicks Group Ltd. | 223,714 | 3,231,061 | ||||||
| Spain | 2.2% | ||||||||
| Industria de Diseno Textil SA | 118,622 | 3,983,666 | ||||||
| Sweden | 4.5% | ||||||||
| Assa Abloy AB, Class B | 173,150 | 4,157,303 | ||||||
| Hexagon AB, B Shares | 330,955 | 3,808,395 | ||||||
| 7,965,698 | ||||||||
| Switzerland | 2.7% | ||||||||
| Partners Group Holding AG | 5,009 | 4,722,665 | ||||||
| Taiwan | 3.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 63,037 | 5,863,702 | ||||||
| United Kingdom | 15.6% | ||||||||
| Allfunds Group PLC | 156,404 | 1,037,462 | ||||||
| Dechra Pharmaceuticals PLC | 61,702 | 2,022,526 | ||||||
| Diageo PLC | 105,371 | 4,702,748 | ||||||
| Diploma PLC | 39,710 | 1,380,063 | ||||||
| Intertek Group PLC | 56,184 | 2,816,005 | ||||||
| London Stock Exchange Group PLC | 38,800 | 3,770,748 | ||||||
| RELX PLC | 218,973 | 7,090,793 | ||||||
| Unilever PLC | 94,527 | 4,888,815 | ||||||
| 27,709,160 | ||||||||
| United States | 7.5% | ||||||||
| Aon PLC, Class A | 23,197 | 7,313,782 | ||||||
| BRP, Inc. | 42,687 | 3,340,420 | ||||||
| Computershare Ltd. | 185,885 | 2,694,372 | ||||||
| 13,348,574 | ||||||||
| Total Common Stocks (Cost $168,991,286) | 169,219,271 | |||||||
| Preferred Stocks | 1.4% | ||||||||
| Germany | 1.4% | ||||||||
| Sartorius AG (Cost $2,531,532) | 6,210 | 2,606,479 | ||||||
| Short-Term Investments | 2.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $5,106,068) | 5,106,068 | 5,106,068 | ||||||
| Description | Fair Value | |||
| Lazard International Quality Growth Portfolio (concluded) | ||||
| Total Investments | 99.7% (Cost $176,628,886) | $ | 176,931,818 | ||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 452,941 | |||
| Net Assets | 100.0% | $ | 177,384,759 | ||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 94.4% | ||||||||
| Australia | 6.0% | ||||||||
| ALS Ltd. | 15,619 | $ | 129,502 | |||||
| AUB Group Ltd. | 12,693 | 216,929 | ||||||
| Domino’s Pizza Enterprises Ltd. | 2,198 | 73,881 | ||||||
| GUD Holdings Ltd. | 23,295 | 153,517 | ||||||
| National Storage REIT | 54,915 | 92,886 | ||||||
| SmartGroup Corp. Ltd. | 28,304 | 121,795 | ||||||
| 788,510 | ||||||||
| Austria | 2.0% | ||||||||
| BAWAG Group AG | 3,771 | 183,365 | ||||||
| Schoeller-Bleckmann Oilfield Equipment AG | 1,267 | 81,686 | ||||||
| 265,051 | ||||||||
| Belgium | 3.5% | ||||||||
| Azelis Group NV | 4,959 | 125,893 | ||||||
| Recticel SA | 7,706 | 143,723 | ||||||
| Shurgard Self Storage Ltd. | 4,024 | 192,501 | ||||||
| 462,117 | ||||||||
| Canada | 4.6% | ||||||||
| Descartes Systems Group, Inc. (*) | 1,234 | 99,596 | ||||||
| Dream Industrial REIT | 20,164 | 219,320 | ||||||
| Stelco Holdings, Inc. | 4,491 | 173,924 | ||||||
| Trisura Group Ltd. (*) | 4,808 | 117,719 | ||||||
| 610,559 | ||||||||
| Denmark | 1.3% | ||||||||
| Royal Unibrew AS | 1,980 | 172,501 | ||||||
| Finland | 1.4% | ||||||||
| Kemira Oyj | 10,539 | 185,348 | ||||||
| France | 0.9% | ||||||||
| Gaztransport Et Technigaz SA | 1,137 | 116,494 | ||||||
| Germany | 7.4% | ||||||||
| Covestro AG | 3,612 | 149,395 | ||||||
| CTS Eventim AG & Co. KGaA (*) | 1,642 | 102,318 | ||||||
| Hensoldt AG | 6,045 | 217,724 | ||||||
| JOST Werke AG | 3,799 | 200,346 | ||||||
| Sirius Real Estate Ltd. | 187,493 | 177,750 | ||||||
| Stabilus SE | 1,937 | 135,254 | ||||||
| 982,787 | ||||||||
| Greece | 1.5% | ||||||||
| JUMBO SA | 9,189 | 194,659 | ||||||
| Ireland | 2.0% | ||||||||
| Dalata Hotel Group PLC (*) | 31,096 | 141,331 | ||||||
| Uniphar PLC (*) | 35,694 | 115,385 | ||||||
| 256,716 | ||||||||
| Description | Shares | Fair Value | ||||||
| Israel | 1.0% | ||||||||
| Israel Discount Bank Ltd. | 26,599 | $ | 130,838 | |||||
| Italy | 7.1% | ||||||||
| Coca-Cola HBC AG | 4,732 | 129,444 | ||||||
| Italgas SpA | 40,353 | 246,496 | ||||||
| Moncler SpA | 2,193 | 151,579 | ||||||
| Sanlorenzo SpA | 2,921 | 126,770 | ||||||
| Sesa SpA | 1,012 | 135,366 | ||||||
| Tinexta SpA | 6,537 | 142,216 | ||||||
| 931,871 | ||||||||
| Japan | 26.0% | ||||||||
| Ariake Japan Co. Ltd. | 3,200 | 117,891 | ||||||
| ARTERIA Networks Corp. | 13,900 | 133,898 | ||||||
| Bell System24 Holdings, Inc. | 15,200 | 165,910 | ||||||
| Daiseki Co. Ltd. | 4,420 | 140,154 | ||||||
| GMO internet group, Inc. | 6,300 | 122,703 | ||||||
| Hulic Co. Ltd. | 23,500 | 193,092 | ||||||
| MatsukiyoCocokara & Co. | 4,400 | 233,030 | ||||||
| MISUMI Group, Inc. | 6,200 | 155,983 | ||||||
| Nihon Kohden Corp. | 7,100 | 192,411 | ||||||
| Nippon Gas Co. Ltd. | 13,500 | 196,199 | ||||||
| Nippon Shinyaku Co. Ltd. | 2,300 | 101,429 | ||||||
| Open House Group Co. Ltd. | 3,600 | 134,999 | ||||||
| Persol Holdings Co. Ltd. | 7,600 | 152,802 | ||||||
| Relo Group, Inc. | 12,200 | 194,404 | ||||||
| Rorze Corp. | 1,400 | 124,125 | ||||||
| Taiyo Yuden Co. Ltd. | 4,200 | 141,680 | ||||||
| TechnoPro Holdings, Inc. | 5,935 | 164,493 | ||||||
| Trend Micro, Inc. | 2,800 | 137,276 | ||||||
| Trusco Nakayama Corp. | 6,800 | 115,421 | ||||||
| USS Co. Ltd. | 10,300 | 178,534 | ||||||
| Yamaha Corp. | 4,100 | 158,245 | ||||||
| Zenkoku Hosho Co. Ltd. | 4,942 | 186,386 | ||||||
| 3,441,065 | ||||||||
| Jersey | 1.4% | ||||||||
| JTC PLC | 20,778 | 180,773 | ||||||
| Mexico | 1.1% | ||||||||
| Arca Continental SAB de CV | 15,300 | 138,940 | ||||||
| Netherlands | 5.3% | ||||||||
| Aalberts NV | 2,708 | 127,747 | ||||||
| Akzo Nobel NV | 2,299 | 179,442 | ||||||
| Arcadis NV | 5,902 | 241,658 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| ASM International NV | 385 | $ | 156,346 | |||||
| 705,193 | ||||||||
| New Zealand | 0.9% | ||||||||
| Freightways Group Ltd. | 19,422 | 114,894 | ||||||
| Norway | 0.6% | ||||||||
| Crayon Group Holding ASA (*) | 9,631 | 79,386 | ||||||
| Portugal | 0.7% | ||||||||
| Galp Energia SGPS SA | 8,613 | 97,722 | ||||||
| Spain | 1.0% | ||||||||
| Bankinter SA | 23,726 | 134,732 | ||||||
| Sweden | 2.3% | ||||||||
| Lindab International AB | 7,752 | 118,806 | ||||||
| SkiStar AB | 15,312 | 184,164 | ||||||
| 302,970 | ||||||||
| United Kingdom | 15.4% | ||||||||
| Allfunds Group PLC | 15,037 | 99,744 | ||||||
| Auto Trader Group PLC | 17,229 | 131,315 | ||||||
| Britvic PLC | 12,149 | 133,862 | ||||||
| ConvaTec Group PLC | 61,027 | 172,246 | ||||||
| Genuit Group. PLC | 26,750 | 92,414 | ||||||
| Globaldata PLC | 8,357 | 125,752 | ||||||
| IG Group Holdings PLC | 10,569 | 91,279 | ||||||
| JD Sports Fashion PLC | 64,848 | 142,777 | ||||||
| Jet2 PLC | 11,351 | 184,207 | ||||||
| Life Science REIT PLC | 129,574 | 99,094 | ||||||
| Marlowe PLC (*) | 14,616 | 104,572 | ||||||
| RS GROUP PLC | 11,088 | 125,390 | ||||||
| Smart Metering Systems PLC | 12,468 | 114,148 | ||||||
| Tate & Lyle PLC | 12,007 | 116,238 | ||||||
| Volution Group PLC | 29,002 | 154,350 | ||||||
| Weir Group PLC | 6,659 | 152,783 | ||||||
| 2,040,171 | ||||||||
| United States | 1.0% | ||||||||
| ICON PLC (*) | 640 | 136,698 | ||||||
| Total Common Stocks (Cost $12,675,157) | 12,469,995 | |||||||
| Short-Term Investments | 4.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $634,561) | 634,561 | 634,561 | ||||||
| Description | Fair Value | |||
| Total Investments | 99.2% (Cost $13,309,718) | $ | 13,104,556 | ||
| Cash and Other Assets in Excess of Liabilities | 0.8% | 110,801 | |||
| Net Assets | 100.0% | $ | 13,215,357 | ||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 99.2% | ||||||||
| Canada | 8.9% | ||||||||
| CAE, Inc. (*) | 5,251,870 | $ | 118,754,826 | |||||
| Canadian Pacific Railway Ltd. | 845,836 | 65,132,188 | ||||||
| National Bank of Canada | 1,625,903 | 116,297,479 | ||||||
| Suncor Energy, Inc. | 2,919,272 | 90,634,594 | ||||||
| TMX Group Ltd. | 214,515 | 21,665,777 | ||||||
| 412,484,864 | ||||||||
| China | 2.1% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 526,734 | 53,821,680 | ||||||
| ESR Group Ltd. | 25,747,600 | 46,009,363 | ||||||
| 99,831,043 | ||||||||
| Denmark | 8.6% | ||||||||
| Carlsberg AS, Class B | 893,437 | 138,143,377 | ||||||
| Genmab AS (*) | 162,148 | 61,226,736 | ||||||
| Novo Nordisk AS, Class B | 935,020 | 148,380,749 | ||||||
| Vestas Wind Systems AS | 1,838,869 | 53,277,709 | ||||||
| 401,028,571 | ||||||||
| Finland | 1.9% | ||||||||
| Sampo Oyj, A Shares | 1,905,633 | 89,891,841 | ||||||
| France | 9.4% | ||||||||
| Airbus SE | 852,190 | 114,164,723 | ||||||
| Bureau Veritas SA | 2,520,786 | 72,433,307 | ||||||
| Engie SA | 3,813,327 | 60,306,623 | ||||||
| Pernod Ricard SA | 483,943 | 109,651,706 | ||||||
| Thales SA | 559,577 | 82,727,651 | ||||||
| 439,284,010 | ||||||||
| Germany | 5.3% | ||||||||
| Continental AG | 925,439 | 69,168,482 | ||||||
| Infineon Technologies AG | 2,258,461 | 92,313,644 | ||||||
| Merck KGaA | 457,815 | 85,117,137 | ||||||
| 246,599,263 | ||||||||
| Hong Kong | 1.8% | ||||||||
| AIA Group Ltd. | 7,818,600 | 82,153,008 | ||||||
| India | 1.2% | ||||||||
| Housing Development Finance Corp. Ltd. | 1,751,727 | 56,129,134 | ||||||
| Ireland | 1.9% | ||||||||
| Ryanair Holdings PLC ADR (*) | 924,964 | 87,214,856 | ||||||
| Israel | 2.1% | ||||||||
| Bank Leumi Le-Israel BM | 13,191,570 | 99,763,628 | ||||||
| Italy | 0.9% | ||||||||
| UniCredit SpA | 2,319,951 | 43,940,999 | ||||||
| Description | Shares | Fair Value | ||||||
| Japan | 13.8% | ||||||||
| Advantest Corp. | 1,179,800 | $ | 109,309,221 | |||||
| BayCurrent Consulting, Inc. | 1,711,900 | 71,031,765 | ||||||
| Daikin Industries Ltd. | 453,600 | 81,324,662 | ||||||
| Kobe Bussan Co. Ltd. | 1,913,800 | 53,417,663 | ||||||
| Koito Manufacturing Co. Ltd. | 2,636,400 | 49,935,531 | ||||||
| Olympus Corp. | 3,888,700 | 68,293,545 | ||||||
| Shimano, Inc. | 258,100 | 44,774,814 | ||||||
| Suzuki Motor Corp. | 1,288,372 | 46,894,004 | ||||||
| Tokyo Electron Ltd. | 508,800 | 62,211,919 | ||||||
| Yamaha Corp. | 1,399,272 | 54,006,706 | ||||||
| 641,199,830 | ||||||||
| Mexico | 2.0% | ||||||||
| Arca Continental SAB de CV | 10,024,100 | 91,029,063 | ||||||
| Netherlands | 4.2% | ||||||||
| Akzo Nobel NV | 1,147,206 | 89,541,989 | ||||||
| Universal Music Group NV | 4,113,133 | 103,975,976 | ||||||
| 193,517,965 | ||||||||
| Portugal | 1.9% | ||||||||
| Energias de Portugal SA | 15,794,993 | 86,068,052 | ||||||
| Singapore | 1.6% | ||||||||
| DBS Group Holdings Ltd. | 3,021,600 | 75,093,449 | ||||||
| South Korea | 1.0% | ||||||||
| SK Hynix, Inc. | 663,428 | 45,757,203 | ||||||
| Sweden | 1.5% | ||||||||
| Hexagon AB, B Shares | 4,887,591 | 56,242,920 | ||||||
| Volvo Car AB, Class B (*) | 3,230,116 | 14,133,337 | ||||||
| 70,376,257 | ||||||||
| Switzerland | 4.2% | ||||||||
| ABB Ltd. | 2,551,167 | 87,484,774 | ||||||
| Idorsia Ltd. (*) | 1,620,493 | 17,854,418 | ||||||
| Partners Group Holding AG | 48,679 | 45,896,306 | ||||||
| Sonova Holding AG | 143,597 | 42,344,376 | ||||||
| 193,579,874 | ||||||||
| Taiwan | 1.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,218,000 | 74,725,546 | ||||||
| United Kingdom | 13.6% | ||||||||
| Allfunds Group PLC | 6,465,670 | 42,888,225 | ||||||
| Coca-Cola Europacific Partners PLC | 2,533,598 | 149,488,209 | ||||||
| Compass Group PLC | 4,207,660 | 105,797,099 | ||||||
| HSBC Holdings PLC | 13,980,204 | 95,178,214 | ||||||
| Informa PLC | 7,782,940 | 66,509,690 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| RELX PLC | 5,345,157 | $ | 173,035,364 | |||||
| 632,896,801 | ||||||||
| United States | 9.7% | ||||||||
| Accenture PLC, Class A | 328,760 | 93,962,896 | ||||||
| Aon PLC, Class A | 559,507 | 176,406,962 | ||||||
| BRP, Inc. | 592,627 | 46,375,310 | ||||||
| CyberArk Software Ltd. (*) | 319,248 | 47,242,319 | ||||||
| ICON PLC (*) | 419,412 | 89,582,209 | ||||||
| 453,569,696 | ||||||||
| Total Common Stocks (Cost $3,825,494,743) | 4,616,134,953 | |||||||
| Short-Term Investments | 0.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $37,116,346) | 37,116,346 | 37,116,346 | ||||||
| Total Investments | 100.0% (Cost $3,862,611,089) | $ | 4,653,251,299 | ||||||
| Liabilities in Excess of Cash and Other Assets | 0.0% | (10,962) | |||||||
| Net Assets | 100.0% | $ | 4,653,240,337 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Australia | 1.0% | ||||||||
| Brambles Ltd. | 12,935 | $ | 116,440 | |||||
| Telstra Group Ltd. | 28,137 | 79,483 | ||||||
| Yancoal Australia Ltd. | 27,249 | 105,947 | ||||||
| 301,870 | ||||||||
| Belgium | 0.3% | ||||||||
| Warehouses De Pauw CVA REIT | 3,027 | 90,009 | ||||||
| Bermuda | 0.3% | ||||||||
| RenaissanceRe Holdings Ltd. | 506 | 101,372 | ||||||
| Canada | 5.3% | ||||||||
| Atco Ltd., Class I | 2,188 | 70,133 | ||||||
| Barrick Gold Corp. | 3,738 | 69,394 | ||||||
| George Weston Ltd. | 930 | 123,243 | ||||||
| Hydro One Ltd. | 11,630 | 331,130 | ||||||
| Loblaw Cos. Ltd. | 4,222 | 384,775 | ||||||
| Metro, Inc. | 6,776 | 372,718 | ||||||
| Quebecor, Inc., Class B | 6,267 | 154,925 | ||||||
| Rogers Communications, Inc., Class B | 1,430 | 66,278 | ||||||
| 1,572,596 | ||||||||
| Denmark | 0.9% | ||||||||
| Novo Nordisk AS, Class B | 1,686 | 267,556 | ||||||
| France | 1.9% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 1,876 | 57,420 | ||||||
| Hermes International | 27 | 54,692 | ||||||
| Orange SA | 37,029 | 439,985 | ||||||
| 552,097 | ||||||||
| Germany | 0.7% | ||||||||
| Beiersdorf AG | 1,163 | 151,300 | ||||||
| Telefonica Deutschland Holding AG | 19,652 | 60,473 | ||||||
| 211,773 | ||||||||
| Hong Kong | 0.4% | ||||||||
| Jardine Matheson Holdings Ltd. | 1,300 | 63,328 | ||||||
| Swire Pacific Ltd., Class A | 9,000 | 69,311 | ||||||
| 132,639 | ||||||||
| Israel | 0.8% | ||||||||
| Bank Hapoalim BM | 8,892 | 74,047 | ||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 55,398 | 75,522 | ||||||
| Elbit Systems Ltd. | 461 | 78,316 | ||||||
| 227,885 | ||||||||
| Description | Shares | Fair Value | ||||||
| Japan | 14.3% | ||||||||
| ABC-Mart, Inc. | 4,300 | $ | 237,334 | |||||
| Electric Power Development Co. Ltd. | 10,100 | 162,441 | ||||||
| FUJIFILM Holdings Corp. | 1,500 | 76,198 | ||||||
| Hachijuni Bank Ltd. | 30,400 | 132,140 | ||||||
| Hulic Co. Ltd. | 8,500 | 69,842 | ||||||
| Japan Post Bank Co. Ltd. | 9,700 | 79,336 | ||||||
| Japan Post Holdings Co. Ltd. | 52,200 | 424,741 | ||||||
| Japan Real Estate Investment Corp. REIT | 23 | 91,658 | ||||||
| Japan Tobacco, Inc. | 15,900 | 335,596 | ||||||
| Kansai Electric Power Co., Inc. | 7,400 | 72,088 | ||||||
| Kao Corp. | 800 | 31,237 | ||||||
| KDDI Corp. | 8,700 | 268,669 | ||||||
| Lawson, Inc. | 3,800 | 160,774 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 2,300 | 95,643 | ||||||
| Nihon Kohden Corp. | 6,500 | 176,151 | ||||||
| Nippon Building Fund, Inc. REIT | 26 | 108,109 | ||||||
| Nippon Telegraph & Telephone Corp. | 8,300 | 247,900 | ||||||
| Osaka Gas Co. Ltd. | 16,900 | 277,875 | ||||||
| Rengo Co. Ltd. | 10,300 | 66,792 | ||||||
| Sankyo Co. Ltd. | 7,000 | 292,236 | ||||||
| Sega Sammy Holdings, Inc. | 4,400 | 83,541 | ||||||
| Softbank Corp. | 6,100 | 70,366 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 2,200 | 88,214 | ||||||
| Tokyo Gas Co. Ltd. | 22,000 | 414,270 | ||||||
| Yamazaki Baking Co. Ltd. | 10,700 | 129,335 | ||||||
| 4,192,486 | ||||||||
| Netherlands | 1.6% | ||||||||
| Koninklijke Ahold Delhaize NV | 2,584 | 88,387 | ||||||
| Koninklijke KPN NV | 19,486 | 68,822 | ||||||
| Shell PLC | 2,098 | 60,078 | ||||||
| Wolters Kluwer NV | 2,001 | 252,504 | ||||||
| 469,791 | ||||||||
| New Zealand | 0.6% | ||||||||
| Spark New Zealand Ltd. | 54,039 | 171,379 | ||||||
| Norway | 0.5% | ||||||||
| Orkla ASA | 20,469 | 145,400 | ||||||
| Portugal | 0.3% | ||||||||
| Jeronimo Martins SGPS SA | 3,202 | 75,090 | ||||||
| Singapore | 1.0% | ||||||||
| Jardine Cycle & Carriage Ltd. | 6,600 | 155,909 | ||||||
| Sembcorp Industries Ltd. | 19,300 | 63,686 | ||||||
| Singapore Telecommunications Ltd. | 33,300 | 61,706 | ||||||
| 281,301 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Spain | 1.0% | ||||||||
| CaixaBank SA | 16,703 | $ | 65,027 | |||||
| Corporacion Financiera Alba SA | 442 | 22,057 | ||||||
| Iberdrola SA | 10,975 | 136,708 | ||||||
| Industria de Diseno Textil SA | 1,975 | 66,326 | ||||||
| 290,118 | ||||||||
| Switzerland | 1.3% | ||||||||
| Novartis AG | 847 | 77,759 | ||||||
| Swisscom AG | 480 | 306,270 | ||||||
| 384,029 | ||||||||
| United Kingdom | 2.5% | ||||||||
| HSBC Holdings PLC | 17,846 | 121,497 | ||||||
| National Grid PLC | 9,475 | 128,610 | ||||||
| Serco Group PLC | 23,274 | 44,107 | ||||||
| Standard Chartered PLC | 6,804 | 51,770 | ||||||
| Unilever PLC | 7,687 | 398,247 | ||||||
| 744,231 | ||||||||
| United States | 64.3% | ||||||||
| Abbott Laboratories | 3,924 | 397,344 | ||||||
| Activision Blizzard, Inc. | 2,167 | 185,474 | ||||||
| Allison Transmission Holdings, Inc. | 2,357 | 106,631 | ||||||
| Altria Group, Inc. | 2,811 | 125,427 | ||||||
| Amdocs Ltd. | 4,676 | 449,036 | ||||||
| Ameren Corp. | 2,212 | 191,095 | ||||||
| American Electric Power Co., Inc. | 2,228 | 202,726 | ||||||
| AmerisourceBergen Corp. | 1,391 | 222,713 | ||||||
| AMN Healthcare Services, Inc. (*) | 916 | 75,991 | ||||||
| Aon PLC, Class A | 715 | 225,432 | ||||||
| AptarGroup, Inc. | 1,403 | 165,821 | ||||||
| Automatic Data Processing, Inc. | 463 | 103,078 | ||||||
| AutoZone, Inc. (*) | 42 | 103,242 | ||||||
| Becton Dickinson & Co. | 291 | 72,034 | ||||||
| Biogen, Inc. (*) | 235 | 65,337 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 1,014 | 77,135 | ||||||
| Booz Allen Hamilton Holding Corp. | 695 | 64,420 | ||||||
| Bristol-Myers Squibb Co. | 5,167 | 358,125 | ||||||
| Broadcom, Inc. | 132 | 84,683 | ||||||
| Cadence Design Systems, Inc. (*) | 607 | 127,525 | ||||||
| Cal-Maine Foods, Inc. | 3,426 | 208,609 | ||||||
| Campbell Soup Co. | 2,718 | 149,436 | ||||||
| Cardinal Health, Inc. | 1,731 | 130,690 | ||||||
| Charles Schwab Corp. | 1,301 | 68,146 | ||||||
| Charter Communications, Inc., Class A (*) | 304 | 108,713 | ||||||
| Chubb Ltd. | 540 | 104,857 | ||||||
| Cigna Group | 384 | 98,124 | ||||||
| Description | Shares | Fair Value | ||||||
| Cirrus Logic, Inc. (*) | 937 | $ | 102,489 | |||||
| Cisco Systems, Inc. | 4,277 | 223,580 | ||||||
| CME Group, Inc. | 305 | 58,414 | ||||||
| Colgate-Palmolive Co. | 4,965 | 373,120 | ||||||
| Consolidated Edison, Inc. | 1,831 | 175,172 | ||||||
| Copart, Inc. (*) | 1,184 | 89,049 | ||||||
| Coterra Energy, Inc. | 2,757 | 67,657 | ||||||
| CSL Ltd. | 895 | 172,689 | ||||||
| CTS Corp. | 1,495 | 73,943 | ||||||
| CVS Health Corp. | 2,197 | 163,259 | ||||||
| Danaher Corp. | 240 | 60,490 | ||||||
| Deckers Outdoor Corp. (*) | 177 | 79,570 | ||||||
| Deere & Co. | 168 | 69,364 | ||||||
| Electronic Arts, Inc. | 775 | 93,349 | ||||||
| Elevance Health, Inc. | 135 | 62,074 | ||||||
| Eli Lilly & Co. | 672 | 230,778 | ||||||
| Equinix, Inc. REIT | 423 | 305,000 | ||||||
| Everest Re Group Ltd. | 528 | 189,035 | ||||||
| FirstEnergy Corp. | 1,441 | 57,726 | ||||||
| Fiserv, Inc. (*) | 1,081 | 122,185 | ||||||
| Flowers Foods, Inc. | 2,296 | 62,933 | ||||||
| General Mills, Inc. | 2,786 | 238,092 | ||||||
| Gilead Sciences, Inc. | 5,708 | 473,593 | ||||||
| Graco, Inc. | 3,573 | 260,865 | ||||||
| Grand Canyon Education, Inc. (*) | 915 | 104,218 | ||||||
| Graphic Packaging Holding Co. | 2,978 | 75,909 | ||||||
| GSK PLC | 4,901 | 87,411 | ||||||
| H&R Block, Inc. | 2,931 | 103,318 | ||||||
| Haemonetics Corp. (*) | 895 | 74,061 | ||||||
| Haleon PLC | 6,369 | 25,409 | ||||||
| Henry Schein, Inc. (*) | 1,258 | 102,577 | ||||||
| Hershey Co. | 1,837 | 467,351 | ||||||
| Hologic, Inc. (*) | 917 | 74,002 | ||||||
| Huntington Ingalls Industries, Inc. | 335 | 69,352 | ||||||
| Incyte Corp. (*) | 885 | 63,959 | ||||||
| Ingles Markets, Inc., Class A | 749 | 66,436 | ||||||
| Jack Henry & Associates, Inc. | 390 | 58,781 | ||||||
| Johnson & Johnson | 2,543 | 394,165 | ||||||
| Kellogg Co. | 3,432 | 229,807 | ||||||
| Keysight Technologies, Inc. (*) | 391 | 63,139 | ||||||
| Kimberly-Clark Corp. | 3,413 | 458,093 | ||||||
| Kroger Co. | 2,630 | 129,843 | ||||||
| Lockheed Martin Corp. | 157 | 74,219 | ||||||
| MasterCard, Inc., Class A | 305 | 110,840 | ||||||
| McDonald’s Corp. | 992 | 277,373 | ||||||
| McGrath RentCorp | 698 | 65,130 | ||||||
| McKesson Corp. | 300 | 106,815 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Merck & Co., Inc. | 4,143 | $ | 440,774 | |||||
| Molina Healthcare, Inc. (*) | 429 | 114,753 | ||||||
| National Fuel Gas Co. | 3,703 | 213,811 | ||||||
| Neurocrine Biosciences, Inc. (*) | 965 | 97,677 | ||||||
| Northrop Grumman Corp. | 173 | 79,878 | ||||||
| NVR, Inc. (*) | 14 | 78,011 | ||||||
| O’Reilly Automotive, Inc. (*) | 235 | 199,510 | ||||||
| PACCAR, Inc. | 1,138 | 83,302 | ||||||
| Palo Alto Networks, Inc. (*) | 367 | 73,305 | ||||||
| Paychex, Inc. | 1,553 | 177,958 | ||||||
| PepsiCo, Inc. | 2,090 | 381,007 | ||||||
| Pfizer, Inc. | 3,276 | 133,661 | ||||||
| Philip Morris International, Inc. | 966 | 93,944 | ||||||
| Pinnacle West Capital Corp. | 1,123 | 88,987 | ||||||
| PNM Resources, Inc. | 2,403 | 116,978 | ||||||
| Portland General Electric Co. | 1,501 | 73,384 | ||||||
| Premier, Inc., Class A | 2,031 | 65,743 | ||||||
| Procter & Gamble Co. | 3,151 | 468,522 | ||||||
| Public Storage REIT | 974 | 294,284 | ||||||
| Qualys, Inc. (*) | 597 | 77,622 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 209 | 171,729 | ||||||
| Republic Services, Inc. | 2,840 | 384,025 | ||||||
| Roche Holding AG | 571 | 163,413 | ||||||
| SBA Communications Corp. REIT | 1,003 | 261,853 | ||||||
| Stride, Inc. (*) | 1,638 | 64,292 | ||||||
| Synopsys, Inc. (*) | 258 | 99,652 | ||||||
| Tetra Tech, Inc. | 743 | 109,154 | ||||||
| Texas Roadhouse, Inc. | 898 | 97,038 | ||||||
| Thermo Fisher Scientific, Inc. | 236 | 136,023 | ||||||
| TJX Cos., Inc. | 1,921 | 150,530 | ||||||
| Toro Co. | 1,703 | 189,305 | ||||||
| Tractor Supply Co. | 320 | 75,213 | ||||||
| Travelers Cos., Inc. | 329 | 56,394 | ||||||
| U-Haul Holding Co. | 1,413 | 73,264 | ||||||
| United Therapeutics Corp. (*) | 365 | 81,745 | ||||||
| UnitedHealth Group, Inc. | 265 | 125,236 | ||||||
| VeriSign, Inc. (*) | 609 | 128,700 | ||||||
| Verisk Analytics, Inc. | 397 | 76,168 | ||||||
| Verizon Communications, Inc. | 3,657 | 142,221 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 707 | 222,754 | ||||||
| Virtu Financial, Inc., Class A | 4,716 | 89,132 | ||||||
| Visa, Inc., Class A | 924 | 208,325 | ||||||
| Waste Management, Inc. | 2,839 | 463,240 | ||||||
| Westamerica BanCorp | 1,640 | 72,652 | ||||||
| Western Union Co. | 7,373 | 82,209 | ||||||
| White Mountains Insurance Group Ltd. | 119 | 163,921 | ||||||
| Description | Shares | Fair Value | ||||||
| Xcel Energy, Inc. | 3,450 | $ | 232,668 | |||||
| Zoom Video Communications, Inc. Class A (*) | 982 | 72,511 | ||||||
| 18,904,956 | ||||||||
| Total Common Stocks (Cost $27,301,363) | 29,116,578 | |||||||
| Short-Term Investments | 0.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $183,488) | 183,488 | 183,488 | ||||||
| Total Investments | 99.6% (Cost $27,484,851) | $ | 29,300,066 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 108,210 | |||||||
| Net Assets | 100.0% | $ | 29,408,276 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 96.9% | ||||||||
| Capital Markets | 4.9% | ||||||||
| S&P Global, Inc. | 143,942 | $ | 49,626,883 | |||||
| Commercial Services & Supplies | 5.8% | ||||||||
| Waste Management, Inc. | 362,346 | 59,123,997 | ||||||
| Construction Materials | 4.0% | ||||||||
| Vulcan Materials Co. | 237,277 | 40,707,242 | ||||||
| Consumer Staples Distribution & Retail | 8.7% | ||||||||
| Dollar Tree, Inc. (*) | 283,590 | 40,709,345 | ||||||
| Sysco Corp. | 620,801 | 47,944,461 | ||||||
| 88,653,806 | ||||||||
| Distributors | 4.8% | ||||||||
| LKQ Corp. | 857,314 | 48,661,143 | ||||||
| Diversified REITs | 5.6% | ||||||||
| Crown Castle, Inc. | 424,423 | 56,804,774 | ||||||
| Entertainment | 3.0% | ||||||||
| Electronic Arts, Inc. | 251,018 | 30,235,118 | ||||||
| Financial Services | 8.6% | ||||||||
| Fiserv, Inc. (*) | 350,471 | 39,613,737 | ||||||
| Visa, Inc., Class A | 211,860 | 47,765,956 | ||||||
| 87,379,693 | ||||||||
| Health Care Equipment & Supplies | 6.1% | ||||||||
| Envista Holdings Corp. (*) | 1,512,329 | 61,824,010 | ||||||
| Health Care Providers & Services | 6.7% | ||||||||
| Laboratory Corp. of America Holdings | 296,041 | 67,917,726 | ||||||
| Hotels, Restaurants & Leisure | 3.8% | ||||||||
| Vail Resorts, Inc. | 164,178 | 38,365,115 | ||||||
| Interactive Media & Services | 9.0% | ||||||||
| Alphabet, Inc., Class A (*) | 888,269 | 92,140,143 | ||||||
| IT Services | 5.1% | ||||||||
| VeriSign, Inc. (*) | 245,134 | 51,804,168 | ||||||
| Machinery | 4.8% | ||||||||
| Otis Worldwide Corp. | 577,785 | 48,765,054 | ||||||
| Professional Services | 4.7% | ||||||||
| Verisk Analytics, Inc. | 249,160 | 47,803,838 | ||||||
| Semiconductors & Semiconductor Equipment | 11.3% | ||||||||
| Analog Devices, Inc. | 329,210 | 64,926,796 | ||||||
| Skyworks Solutions, Inc. | 420,292 | 49,586,050 | ||||||
| 114,512,846 | ||||||||
| Total Common Stocks (Cost $716,970,285) | 984,325,556 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $28,509,298) | 28,509,298 | $ | 28,509,298 | |||||
| Total Investments | 99.7% (Cost $745,479,583) | $ | 1,012,834,854 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 2,895,734 | |||||||
| Net Assets | 100.0% | $ | 1,015,730,588 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 94.9% | ||||||||
| Automobile Components | 1.0% | ||||||||
| Aptiv PLC (*) | 7,786 | $ | 873,511 | |||||
| Banks | 4.0% | ||||||||
| Bank of America Corp. | 121,734 | 3,481,592 | ||||||
| Broadline Retail | 4.5% | ||||||||
| Amazon.com, Inc. (*) | 37,870 | 3,911,592 | ||||||
| Capital Markets | 6.4% | ||||||||
| Goldman Sachs Group, Inc. | 6,705 | 2,193,273 | ||||||
| Intercontinental Exchange, Inc. | 32,738 | 3,414,246 | ||||||
| 5,607,519 | ||||||||
| Commercial Services & Supplies | 3.0% | ||||||||
| Waste Management, Inc. | 16,104 | 2,627,690 | ||||||
| Communications Equipment | 1.7% | ||||||||
| Cisco Systems, Inc. | 28,137 | 1,470,862 | ||||||
| Consumer Finance | 4.4% | ||||||||
| American Express Co. | 23,359 | 3,853,067 | ||||||
| Consumer Staples Distribution & Retail | 3.0% | ||||||||
| Sysco Corp. | 33,977 | 2,624,044 | ||||||
| Diversified REITs | 2.4% | ||||||||
| Prologis, Inc. | 16,989 | 2,119,717 | ||||||
| Financial Services | 4.5% | ||||||||
| Visa, Inc., Class A | 17,430 | 3,929,768 | ||||||
| Ground Transportation | 3.4% | ||||||||
| Norfolk Southern Corp. | 13,980 | 2,963,760 | ||||||
| Health Care Equipment & Supplies | 2.0% | ||||||||
| Medtronic PLC | 21,943 | 1,769,045 | ||||||
| Health Care Providers & Services | 3.5% | ||||||||
| UnitedHealth Group, Inc. | 6,413 | 3,030,720 | ||||||
| Hotels, Restaurants & Leisure | 4.4% | ||||||||
| McDonald’s Corp. | 13,626 | 3,809,966 | ||||||
| Industrial Conglomerates | 3.6% | ||||||||
| Honeywell International, Inc. | 16,458 | 3,145,453 | ||||||
| Insurance | 4.1% | ||||||||
| Marsh & McLennan Cos., Inc. | 21,413 | 3,566,335 | ||||||
| Interactive Media & Services | 6.6% | ||||||||
| Alphabet, Inc., Class A (*) | 55,213 | 5,727,244 | ||||||
| Life Sciences Tools & Services | 6.7% | ||||||||
| Danaher Corp. | 15,515 | 3,910,400 | ||||||
| IQVIA Holdings, Inc. (*) | 9,556 | 1,900,593 | ||||||
| 5,810,993 | ||||||||
| Description | Shares | Fair Value | ||||||
| Personal Care Products | 1.5% | ||||||||
| Estee Lauder Cos., Inc., Class A | 5,236 | $ | 1,290,465 | |||||
| Pharmaceuticals | 4.7% | ||||||||
| Johnson & Johnson | 26,368 | 4,087,040 | ||||||
| Semiconductors & Semiconductor Equipment | 7.0% | ||||||||
| Analog Devices, Inc. | 21,413 | 4,223,072 | ||||||
| Applied Materials, Inc. | 15,042 | 1,847,609 | ||||||
| 6,070,681 | ||||||||
| Software | 10.2% | ||||||||
| Microsoft Corp. | 23,890 | 6,887,487 | ||||||
| Salesforce, Inc.. (*) | 10,076 | 2,012,983 | ||||||
| 8,900,470 | ||||||||
| Textiles, Apparel & Luxury Goods | 2.3% | ||||||||
| NIKE, Inc., Class B | 16,458 | 2,018,409 | ||||||
| Total Common Stocks (Cost $65,493,699) | 82,689,943 | |||||||
| Short-Term Investments | 4.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $3,584,978) | 3,584,978 | 3,584,978 | ||||||
| Total Investments | 99.0% (Cost $69,078,677) | $ | 86,274,921 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.0% | 869,118 | |||||||
| Net Assets | 100.0% | $ | 87,144,039 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio | ||||||||
| Common Stocks | 96.1% | ||||||||
| Aerospace & Defense | 2.5% | ||||||||
| Curtiss-Wright Corp. | 3,361 | $ | 592,410 | |||||
| HEICO Corp. | 2,783 | 476,004 | ||||||
| 1,068,414 | ||||||||
| Automobile Components | 1.0% | ||||||||
| Gentherm, Inc. (*) | 6,849 | 413,817 | ||||||
| Banks | 5.2% | ||||||||
| Commerce Bancshares, Inc. | 11,902 | 694,482 | ||||||
| Home BancShares, Inc. | 35,603 | 772,941 | ||||||
| Wintrust Financial Corp. | 9,726 | 709,512 | ||||||
| 2,176,935 | ||||||||
| Biotechnology | 2.8% | ||||||||
| Halozyme Therapeutics, Inc. (*) | 14,561 | 556,084 | ||||||
| United Therapeutics Corp. (*) | 2,855 | 639,406 | ||||||
| 1,195,490 | ||||||||
| Building Products | 2.9% | ||||||||
| Armstrong World Industries, Inc. | 9,441 | 672,577 | ||||||
| Carlisle Cos., Inc. | 2,491 | 563,140 | ||||||
| 1,235,717 | ||||||||
| Capital Markets | 1.4% | ||||||||
| Morningstar, Inc. | 2,860 | 580,666 | ||||||
| Chemicals | 3.0% | ||||||||
| Ashland, Inc. | 5,905 | 606,502 | ||||||
| Ingevity Corp. (*) | 9,088 | 649,974 | ||||||
| 1,256,476 | ||||||||
| Communications Equipment | 2.7% | ||||||||
| Ciena Corp. (*) | 11,115 | 583,760 | ||||||
| F5, Inc. (*) | 3,889 | 566,588 | ||||||
| 1,150,348 | ||||||||
| Construction Materials | 0.7% | ||||||||
| Eagle Materials, Inc. | 2,165 | 317,714 | ||||||
| Consumer Staples Distribution & Retail | 1.3% | ||||||||
| US Foods Holding Corp. (*) | 14,330 | 529,350 | ||||||
| Containers & Packaging | 3.1% | ||||||||
| Avery Dennison Corp. | 3,121 | 558,441 | ||||||
| Graphic Packaging Holding Co. | 29,921 | 762,686 | ||||||
| 1,321,127 | ||||||||
| Diversified REITs | 5.9% | ||||||||
| Alexandria Real Estate Equities, Inc. | 5,227 | 656,459 | ||||||
| Brixmor Property Group, Inc. | 23,633 | 508,582 | ||||||
| Camden Property Trust | 5,750 | 602,830 | ||||||
| Description | Shares | Fair Value | ||||||
| Kilroy Realty Corp. REIT | 9,010 | $ | 291,924 | |||||
| Summit Hotel Properties, Inc. | 64,777 | 453,439 | ||||||
| 2,513,234 | ||||||||
| Electrical Equipment | 3.8% | ||||||||
| Array Technologies, Inc. (*) | 17,689 | 387,035 | ||||||
| Atkore, Inc. (*) | 4,408 | 619,236 | ||||||
| EnerSys | 6,979 | 606,336 | ||||||
| 1,612,607 | ||||||||
| Electronic Equipment, Instruments & Components | 2.6% | ||||||||
| Cognex Corp. | 12,239 | 606,442 | ||||||
| Littelfuse, Inc. | 1,861 | 498,916 | ||||||
| 1,105,358 | ||||||||
| Energy Equipment & Services | 2.4% | ||||||||
| Cactus, Inc., Class A | 10,712 | 441,656 | ||||||
| Liberty Energy, Inc. | 45,927 | 588,325 | ||||||
| 1,029,981 | ||||||||
| Entertainment | 1.9% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 6,781 | 808,973 | ||||||
| Financial Services | 1.3% | ||||||||
| Voya Financial, Inc. | 7,696 | 549,956 | ||||||
| Food Products | 2.5% | ||||||||
| Hostess Brands, Inc. (*) | 23,875 | 594,010 | ||||||
| Utz Brands, Inc. | 27,552 | 453,781 | ||||||
| 1,047,791 | ||||||||
| Gas Utilities | 2.2% | ||||||||
| New Jersey Resources Corp. | 17,639 | 938,395 | ||||||
| Health Care Equipment & Supplies | 2.9% | ||||||||
| Envista Holdings Corp. (*) | 14,020 | 573,138 | ||||||
| QuidelOrtho Corp. (*) | 7,450 | 663,720 | ||||||
| 1,236,858 | ||||||||
| Health Care Providers & Services | 1.5% | ||||||||
| Henry Schein, Inc. (*) | 8,011 | 653,217 | ||||||
| Health Care Technology | 0.7% | ||||||||
| Certara, Inc. (*) | 11,965 | 288,476 | ||||||
| Hotels, Restaurants & Leisure | 2.3% | ||||||||
| Brinker International, Inc. (*) | 12,653 | 480,814 | ||||||
| Wyndham Hotels & Resorts, Inc. | 7,134 | 484,042 | ||||||
| 964,856 | ||||||||
| Household Durables | 1.3% | ||||||||
| Helen of Troy Ltd. (*) | 5,722 | 544,563 | ||||||
| Insurance | 4.1% | ||||||||
| Brown & Brown, Inc. | 13,746 | 789,295 | ||||||
| Globe Life, Inc. | 1,898 | 208,818 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
| Reinsurance Group of America, Inc. | 5,591 | $ | 742,261 | |||||
| 1,740,374 | ||||||||
| Interactive Media & Services | 3.0% | ||||||||
| Cars.com, Inc. (*) | 31,338 | 604,824 | ||||||
| Ziff Davis, Inc. (*) | 5,966 | 465,646 | ||||||
| ZoomInfo Technologies, Inc. (*) | 8,783 | 217,028 | ||||||
| 1,287,498 | ||||||||
| IT Services | 1.3% | ||||||||
| Amdocs Ltd. | 5,673 | 544,778 | ||||||
| Leisure Products | 1.0% | ||||||||
| Brunswick Corp. | 4,981 | 408,442 | ||||||
| Life Sciences Tools & Services | 4.7% | ||||||||
| AbCellera Biologics, Inc. (*) | 55,467 | 418,221 | ||||||
| Charles River Laboratories International, Inc. (*) | 1,491 | 300,914 | ||||||
| ICON PLC (*) | 2,414 | 515,606 | ||||||
| Stevanato Group SpA | 28,398 | 735,508 | ||||||
| 1,970,249 | ||||||||
| Machinery | 4.5% | ||||||||
| Columbus McKinnon Corp. | 16,713 | 621,055 | ||||||
| Gates Industrial Corp. PLC (*) | 29,875 | 414,964 | ||||||
| Middleby Corp. (*) | 5,781 | 847,552 | ||||||
| 1,883,571 | ||||||||
| Oil, Gas & Consumable Fuels | 2.4% | ||||||||
| Antero Resources Corp. (*) | 18,973 | 438,086 | ||||||
| Magnolia Oil & Gas Corp., Class A | 25,626 | 560,697 | ||||||
| 998,783 | ||||||||
| Passenger Airlines | 1.1% | ||||||||
| Alaska Air Group, Inc. (*) | 10,870 | 456,105 | ||||||
| Pharmaceuticals | 0.9% | ||||||||
| Catalent, Inc. (*) | 5,710 | 375,204 | ||||||
| Professional Services | 3.6% | ||||||||
| Jacobs Solutions, Inc. | 3,885 | 456,527 | ||||||
| Leidos Holdings, Inc. | 7,688 | 707,757 | ||||||
| Sterling Check Corp. (*) | 30,820 | 343,643 | ||||||
| 1,507,927 | ||||||||
| Semiconductors & Semiconductor Equipment | 0.8% | ||||||||
| MKS Instruments, Inc. | 3,587 | 317,880 | ||||||
| Software | 6.5% | ||||||||
| CyberArk Software Ltd. (*) | 4,119 | 609,530 | ||||||
| Dolby Laboratories, Inc., Class A | 6,718 | 573,851 | ||||||
| Dynatrace, Inc. (*) | 5,172 | 218,776 | ||||||
| N-Able, Inc. (*) | 34,230 | 451,836 | ||||||
| Description | Shares | Fair Value | ||||||
| PTC, Inc. (*) | 3,899 | $ | 499,969 | |||||
| Tyler Technologies, Inc. (*) | 1,138 | 403,580 | ||||||
| 2,757,542 | ||||||||
| Specialty Retail | 2.7% | ||||||||
| Five Below, Inc. (*) | 2,680 | 552,000 | ||||||
| Leslie’s, Inc. (*) | 34,303 | 377,676 | ||||||
| Warby Parker, Inc., Class A (*) | 18,804 | 199,134 | ||||||
| 1,128,810 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.6% | ||||||||
| Tapestry, Inc. | 15,668 | 675,448 | ||||||
| Total Common Stocks (Cost $33,090,741) | 40,592,930 | |||||||
| Total Investments | 96.1% (Cost $33,090,741) | $ | 40,592,930 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.9% | 1,628,651 | |||||||
| Net Assets | 100.0% | $ | 42,221,581 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 95.9% | ||||||||
| Automobile Components | 1.0% | ||||||||
| Aptiv PLC (*) | 1,405 | $ | 157,627 | |||||
| Banks | 5.7% | ||||||||
| Commerce Bancshares, Inc. | 7,552 | 440,659 | ||||||
| PNC Financial Services Group, Inc. | 3,454 | 439,004 | ||||||
| 879,663 | ||||||||
| Building Products | 0.5% | ||||||||
| AZEK Co., Inc. (*) | 3,044 | 71,656 | ||||||
| Capital Markets | 3.8% | ||||||||
| Charles Schwab Corp. | 4,039 | 211,563 | ||||||
| Intercontinental Exchange, Inc. | 3,659 | 381,597 | ||||||
| 593,160 | ||||||||
| Chemicals | 1.0% | ||||||||
| Ecolab, Inc. | 654 | 108,257 | ||||||
| Livent Corp. (*) | 1,738 | 37,749 | ||||||
| 146,006 | ||||||||
| Commercial Services & Supplies | 3.2% | ||||||||
| MSA Safety, Inc. | 849 | 113,342 | ||||||
| Waste Management, Inc. | 2,283 | 372,517 | ||||||
| 485,859 | ||||||||
| Communications Equipment | 2.0% | ||||||||
| Cisco Systems, Inc. | 6,030 | 315,218 | ||||||
| Consumer Finance | 1.1% | ||||||||
| American Express Co. | 995 | 164,125 | ||||||
| Consumer Staples Distribution & Retail | 1.8% | ||||||||
| Sysco Corp. | 3,512 | 271,232 | ||||||
| Containers & Packaging | 2.8% | ||||||||
| Avery Dennison Corp. | 1,112 | 198,970 | ||||||
| Ball Corp. | 4,273 | 235,485 | ||||||
| 434,455 | ||||||||
| Diversified REITs | 2.6% | ||||||||
| Prologis, Inc. | 3,249 | 405,378 | ||||||
| Electrical Equipment | 2.4% | ||||||||
| Rockwell Automation, Inc. | 1,259 | 369,453 | ||||||
| Electronic Equipment, Instruments & Components | 2.0% | ||||||||
| Amphenol Corp., Class A | 1,898 | 155,105 | ||||||
| Cognex Corp. | 3,015 | 149,393 | ||||||
| 304,498 | ||||||||
| Entertainment | 1.1% | ||||||||
| Walt Disney Co. (*) | 1,756 | 175,828 | ||||||
| Description | Shares | Fair Value | ||||||
| Financial Services | 3.7% | ||||||||
| Visa, Inc., Class A | 2,547 | $ | 574,247 | |||||
| Ground Transportation | 2.2% | ||||||||
| Norfolk Southern Corp. | 1,610 | 341,320 | ||||||
| Health Care Equipment & Supplies | 3.8% | ||||||||
| Boston Scientific Corp. (*) | 6,849 | 342,655 | ||||||
| Medtronic PLC | 1,873 | 151,001 | ||||||
| Omnicell, Inc. (*) | 1,434 | 84,133 | ||||||
| 577,789 | ||||||||
| Health Care Providers & Services | 6.5% | ||||||||
| Humana, Inc. | 527 | 255,837 | ||||||
| Laboratory Corp. of America Holdings | 907 | 208,084 | ||||||
| UnitedHealth Group, Inc. | 1,139 | 538,280 | ||||||
| 1,002,201 | ||||||||
| Household Products | 2.7% | ||||||||
| Procter & Gamble Co. | 2,839 | 422,131 | ||||||
| IT Services | 2.4% | ||||||||
| Accenture PLC, Class A | 1,317 | 376,412 | ||||||
| Life Sciences Tools & Services | 8.0% | ||||||||
| Agilent Technologies, Inc. | 1,668 | 230,751 | ||||||
| Danaher Corp. | 1,727 | 435,273 | ||||||
| IQVIA Holdings, Inc. (*) | 1,171 | 232,900 | ||||||
| Thermo Fisher Scientific, Inc. | 585 | 337,177 | ||||||
| 1,236,101 | ||||||||
| Machinery | 3.9% | ||||||||
| Deere & Co. | 732 | 302,228 | ||||||
| Watts Water Technologies, Inc., Class A | 820 | 138,022 | ||||||
| Xylem, Inc. | 1,522 | 159,354 | ||||||
| 599,604 | ||||||||
| Personal Care Products | 1.6% | ||||||||
| Estee Lauder Cos., Inc., Class A | 1,024 | 252,375 | ||||||
| Pharmaceuticals | 5.2% | ||||||||
| Johnson & Johnson | 2,927 | 453,685 | ||||||
| Zoetis, Inc. | 2,049 | 341,036 | ||||||
| 794,721 | ||||||||
| Semiconductors & Semiconductor Equipment | 6.0% | ||||||||
| Analog Devices, Inc. | 2,781 | 548,469 | ||||||
| Applied Materials, Inc. | 1,727 | 212,127 | ||||||
| ON Semiconductor Corp. (*) | 1,990 | 163,817 | ||||||
| 924,413 | ||||||||
| Software | 15.1% | ||||||||
| Adobe, Inc. (*) | 498 | 191,914 | ||||||
| CyberArk Software Ltd. (*) | 820 | 121,344 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Intuit, Inc. | 556 | $ | 247,881 | |||||
| Microsoft Corp. | 4,713 | 1,358,758 | ||||||
| Salesforce, Inc.. (*) | 2,078 | 415,143 | ||||||
| 2,335,040 | ||||||||
| Specialty Retail | 2.4% | ||||||||
| Home Depot, Inc. | 1,229 | 362,702 | ||||||
| Textiles, Apparel & Luxury Goods | 1.4% | ||||||||
| NIKE, Inc., Class B | 1,756 | 215,356 | ||||||
| Total Common Stocks (Cost $12,547,063) | 14,788,570 | |||||||
| Short-Term Investments | 4.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $721,481) | 721,481 | 721,481 | ||||||
| Total Investments | 100.6% (Cost $13,268,544) | $ | 15,510,051 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (85,851) | |||||||
| Net Assets | 100.0% | $ | 15,424,200 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Aerospace & Defense | 0.5% | ||||||||
| AerSale Corp. (*) | 3,728 | $ | 64,196 | |||||
| V2X, Inc. (*) | 1,633 | 64,863 | ||||||
| 129,059 | ||||||||
| Air Freight & Logistics | 0.3% | ||||||||
| Radiant Logistics, Inc. (*) | 12,245 | 80,327 | ||||||
| Automobile Components | 1.5% | ||||||||
| Autoliv, Inc. | 359 | 33,516 | ||||||
| BorgWarner, Inc. | 710 | 34,868 | ||||||
| Dorman Products, Inc. (*) | 668 | 57,622 | ||||||
| Fox Factory Holding Corp. (*) | 473 | 57,408 | ||||||
| LCI Industries | 362 | 39,773 | ||||||
| Modine Manufacturing Co. (*) | 1,201 | 27,683 | ||||||
| Patrick Industries, Inc. | 1,019 | 70,117 | ||||||
| Visteon Corp. (*) | 365 | 57,243 | ||||||
| 378,230 | ||||||||
| Automobiles | 0.0% | ||||||||
| Thor Industries, Inc. | 72 | 5,734 | ||||||
| Banks | 2.4% | ||||||||
| Amalgamated Financial Corp. | 2,345 | 41,483 | ||||||
| Berkshire Hills Bancorp, Inc. | 1,627 | 40,773 | ||||||
| Bridgewater Bancshares, Inc. (*) | 3,223 | 34,937 | ||||||
| Citizens Financial Services, Inc. | 132 | 11,029 | ||||||
| City Holding Co. | 716 | 65,070 | ||||||
| Coastal Financial Corp. (*) | 1,244 | 44,796 | ||||||
| East West Bancorp, Inc. | 729 | 40,459 | ||||||
| First Bancorp, Inc. | 400 | 10,356 | ||||||
| Five Star Bancorp | 1,411 | 30,111 | ||||||
| Hancock Whitney Corp. | 910 | 33,124 | ||||||
| Midland States Bancorp, Inc. | 1,864 | 39,927 | ||||||
| Orange County Bancorp, Inc. | 180 | 7,920 | ||||||
| Peapack-Gladstone Financial Corp. | 1,366 | 40,461 | ||||||
| Red River Bancshares, Inc. | 323 | 15,540 | ||||||
| South Plains Financial, Inc. | 1,051 | 22,502 | ||||||
| Southern States Bancshares, Inc. | 445 | 10,035 | ||||||
| Timberland Bancorp, Inc. | 799 | 21,589 | ||||||
| TrustCo Bank Corp. | 1,402 | 44,780 | ||||||
| Westamerica BanCorp | 878 | 38,895 | ||||||
| Zions Bancorp NA | 1,051 | 31,456 | ||||||
| 625,243 | ||||||||
| Beverages | 0.8% | ||||||||
| Coca-Cola Consolidated, Inc. | 96 | 51,368 | ||||||
| National Beverage Corp. (*) | 971 | 51,191 | ||||||
| Description | Shares | Fair Value | ||||||
| Primo Water Corp. | 6,397 | $ | 98,194 | |||||
| 200,753 | ||||||||
| Biotechnology | 5.1% | ||||||||
| ADMA Biologics, Inc. (*) | 37,858 | 125,310 | ||||||
| Agenus, Inc. (*) | 28,390 | 43,153 | ||||||
| Amicus Therapeutics, Inc. (*) | 4,766 | 52,855 | ||||||
| Arcturus Therapeutics Holdings, Inc. (*) | 3,520 | 84,374 | ||||||
| Avid Bioservices, Inc. (*) | 3,169 | 59,450 | ||||||
| Biohaven Ltd. (*) | 224 | 3,060 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 14,607 | 242,184 | ||||||
| Deciphera Pharmaceuticals, Inc. (*) | 3,791 | 58,571 | ||||||
| Denali Therapeutics, Inc. (*) | 2,544 | 58,614 | ||||||
| Eagle Pharmaceuticals, Inc. (*) | 1,916 | 54,357 | ||||||
| Exelixis, Inc. (*) | 1,808 | 35,093 | ||||||
| Halozyme Therapeutics, Inc. (*) | 1,441 | 55,032 | ||||||
| iTeos Therapeutics, Inc. (*) | 2,835 | 38,584 | ||||||
| Neurocrine Biosciences, Inc. (*) | 444 | 44,942 | ||||||
| REGENXBIO, Inc. (*) | 3,654 | 69,097 | ||||||
| United Therapeutics Corp. (*) | 430 | 96,303 | ||||||
| Vanda Pharmaceuticals, Inc. (*) | 16 | 109 | ||||||
| Veracyte, Inc. (*) | 1,165 | 25,979 | ||||||
| Vericel Corp. (*) | 2,137 | 62,657 | ||||||
| XOMA Corp. (*) | 1,272 | 26,852 | ||||||
| Zymeworks, Inc. (*) | 8,992 | 81,288 | ||||||
| 1,317,864 | ||||||||
| Building Products | 3.2% | ||||||||
| A O Smith Corp. | 680 | 47,022 | ||||||
| American Woodmark Corp. (*) | 270 | 14,059 | ||||||
| Builders FirstSource, Inc. (*) | 1,663 | 147,641 | ||||||
| Gibraltar Industries, Inc. (*) | 1,250 | 60,625 | ||||||
| Insteel Industries, Inc. | 2,930 | 81,513 | ||||||
| Owens Corning | 1,014 | 97,141 | ||||||
| Quanex Building Products Corp. | 157 | 3,380 | ||||||
| Resideo Technologies, Inc. (*) | 3,287 | 60,086 | ||||||
| Simpson Manufacturing Co., Inc. | 548 | 60,083 | ||||||
| Tecnoglass, Inc. | 3,782 | 158,693 | ||||||
| UFP Industries, Inc. | 1,152 | 91,549 | ||||||
| 821,792 | ||||||||
| Capital Markets | 0.9% | ||||||||
| Affiliated Managers Group, Inc. | 340 | 48,423 | ||||||
| Carlyle Secured Lending, Inc. | 4,147 | 56,482 | ||||||
| Donnelley Financial Solutions, Inc. (*) | 2,313 | 94,509 | ||||||
| WhiteHorse Finance, Inc. | 3,499 | 43,808 | ||||||
| 243,222 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Chemicals | 2.4% | ||||||||
| AdvanSix, Inc. | 2,970 | $ | 113,662 | |||||
| CF Industries Holdings, Inc. | 1,280 | 92,787 | ||||||
| Diversey Holdings Ltd. (*) | 7,221 | 58,418 | ||||||
| Ecovyst, Inc. (*) | 5,999 | 66,289 | ||||||
| FutureFuel Corp. | 11,971 | 88,346 | ||||||
| Olin Corp. | 2,525 | 140,137 | ||||||
| Valvoline, Inc. | 1,783 | 62,298 | ||||||
| 621,937 | ||||||||
| Commercial Services & Supplies | 3.5% | ||||||||
| Brady Corp.,Class A | 1,103 | 59,264 | ||||||
| Civeo Corp. (*) | 3,279 | 67,711 | ||||||
| Clean Harbors, Inc. N Ap (*) | 436 | 62,156 | ||||||
| Ennis, Inc. | 5,988 | 126,287 | ||||||
| Healthcare Services Group, Inc. | 4,617 | 64,038 | ||||||
| Heritage-Crystal Clean, Inc. (*) | 4,017 | 143,045 | ||||||
| Kimball International, Inc. Class B | 12,290 | 152,396 | ||||||
| MillerKnoll, Inc. | 1,408 | 28,794 | ||||||
| SP Plus Corp. (*) | 3,151 | 108,048 | ||||||
| Steelcase, Inc.,Class A | 13,073 | 110,075 | ||||||
| 921,814 | ||||||||
| Communications Equipment | 1.9% | ||||||||
| Ciena Corp. (*) | 1,205 | 63,287 | ||||||
| CommScope Holding Co., Inc. (*) | 3,695 | 23,537 | ||||||
| Comtech Telecommunications Corp. N Ap | 2,130 | 26,582 | ||||||
| Digi International, Inc. (*) | 4,215 | 141,961 | ||||||
| Extreme Networks, Inc. (*) | 3,487 | 66,671 | ||||||
| Harmonic, Inc. N Ap (*) | 2,223 | 32,434 | ||||||
| Infinera Corp. (*) | 4,065 | 31,544 | ||||||
| Ituran Location & Control Ltd. | 2,793 | 60,832 | ||||||
| Silicom Ltd. (*) | 1,221 | 45,763 | ||||||
| 492,611 | ||||||||
| Construction & Engineering | 0.7% | ||||||||
| API Group Corp. (*) | 3,127 | 70,295 | ||||||
| Bowman Consulting Group Ltd. (*) | 1,361 | 39,074 | ||||||
| IES Holdings, Inc. (*) | 1,657 | 71,400 | ||||||
| 180,769 | ||||||||
| Construction Materials | 0.7% | ||||||||
| Eagle Materials, Inc. | 884 | 129,727 | ||||||
| United States Lime & Minerals, Inc. | 333 | 50,846 | ||||||
| 180,573 | ||||||||
| Consumer Finance | 0.3% | ||||||||
| PROG Holdings, Inc. (*) | 3,515 | 83,622 | ||||||
| Description | Shares | Fair Value | ||||||
| Consumer Staples Distribution & Retail | 1.2% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 1,068 | $ | 81,243 | |||||
| Casey’s General Stores, Inc. | 151 | 32,685 | ||||||
| Ingles Markets, Inc., Class A | 1,645 | 145,912 | ||||||
| Sprouts Farmers Market, Inc. (*) | 1,775 | 62,178 | ||||||
| 322,018 | ||||||||
| Containers & Packaging | 1.4% | ||||||||
| Greif, Inc.,Class A | 1,856 | 117,615 | ||||||
| Myers Industries, Inc. | 2,900 | 62,147 | ||||||
| O-I Glass, Inc. (*) | 2,276 | 51,688 | ||||||
| Pactiv Evergreen, Inc. | 6,903 | 55,224 | ||||||
| Silgan Holdings, Inc. | 1,158 | 62,150 | ||||||
| Westrock Co. | 400 | 12,188 | ||||||
| 361,012 | ||||||||
| Diversified Consumer Services | 1.0% | ||||||||
| Grand Canyon Education, Inc. (*) | 529 | 60,253 | ||||||
| Laureate Education, Inc. | 5,088 | 59,835 | ||||||
| Perdoceo Education Corp. (*) | 2,237 | 30,043 | ||||||
| Stride, Inc. (*) | 2,246 | 88,155 | ||||||
| Vitru Ltd. (*) | 1,321 | 30,066 | ||||||
| 268,352 | ||||||||
| Diversified REITs | 4.2% | ||||||||
| American Assets Trust, Inc. | 1,196 | 22,234 | ||||||
| Americold Realty Trust, Inc. | 1,744 | 49,617 | ||||||
| Brixmor Property Group, Inc. | 1,973 | 42,459 | ||||||
| CareTrust REIT, Inc. | 2,698 | 52,827 | ||||||
| Corporate Office Properties Trust | 2,009 | 47,633 | ||||||
| EastGroup Properties, Inc. | 206 | 34,056 | ||||||
| Federal Realty Investment Trust | 504 | 49,810 | ||||||
| First Industrial Realty Trust, Inc. REIT | 1,049 | 55,807 | ||||||
| Global Medical REIT, Inc. | 2,926 | 26,656 | ||||||
| Healthcare Realty Trust, Inc. | 1,141 | 22,056 | ||||||
| Indus Realty Trust, Inc. REIT | 952 | 63,108 | ||||||
| Kimco Realty Corp. | 1,961 | 38,298 | ||||||
| Kite Realty Group Trust | 2,518 | 52,677 | ||||||
| Life Storage, Inc. | 510 | 66,856 | ||||||
| Phillips Edison & Co., Inc. | 1,633 | 53,268 | ||||||
| Physicians Realty Trust | 3,617 | 54,002 | ||||||
| Postal Realty Trust, Inc., Class A | 3,196 | 48,643 | ||||||
| Rayonier, Inc. | 1,552 | 51,619 | ||||||
| Retail Opportunity Investments Corp. REIT | 3,528 | 49,251 | ||||||
| Spirit Realty Capital, Inc. REIT | 1,296 | 51,633 | ||||||
| STAG Industrial, Inc., REIT | 1,573 | 53,199 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 4,981 | 49,212 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Terreno Realty Corp. | 910 | $ | 58,786 | |||||
| 1,093,707 | ||||||||
| Diversified Telecommunication Services | 0.8% | ||||||||
| Bandwidth, Inc., Class A (*) | 1,549 | 23,545 | ||||||
| EchoStar Corp., Class A (*) | 4,574 | 83,658 | ||||||
| IDT Corp.,Class B (*) | 2,158 | 73,545 | ||||||
| Liberty Latin America Ltd. Class C (*) | 3,213 | 26,539 | ||||||
| 207,287 | ||||||||
| Electrical Equipment | 1.9% | ||||||||
| Acuity Brands, Inc. | 523 | 95,568 | ||||||
| Atkore, Inc. (*) | 1,018 | 143,009 | ||||||
| LSI Industries, Inc. | 1,695 | 23,611 | ||||||
| Preformed Line Products Co. | 1,214 | 155,440 | ||||||
| Thermon Group Holdings, Inc. (*) | 2,500 | 62,300 | ||||||
| 479,928 | ||||||||
| Electronic Equipment, Instruments & Components | 4.6% | ||||||||
| Arrow Electronics, Inc. (*) | 683 | 85,286 | ||||||
| Avnet, Inc. | 1,795 | 81,134 | ||||||
| Bel Fuse, Inc. Class B | 867 | 32,582 | ||||||
| Celestica, Inc. (*) | 4,701 | 60,643 | ||||||
| Cognex Corp. | 1,312 | 65,010 | ||||||
| CTS Corp. | 1,848 | 91,402 | ||||||
| Evolv Technologies Holdings, Inc. (*) | 19,105 | 59,608 | ||||||
| Flex Ltd. (*) | 4,425 | 101,819 | ||||||
| Itron, Inc. N Ap (*) | 1,084 | 60,108 | ||||||
| Jabil, Inc. | 1,094 | 96,447 | ||||||
| Kimball Electronics, Inc. (*) | 3,442 | 82,952 | ||||||
| Plexus Corp. 729132100 (*) | 538 | 52,493 | ||||||
| Sanmina Corp. (*) | 1,389 | 84,715 | ||||||
| ScanSource, Inc. (*) | 2,542 | 77,378 | ||||||
| TD SYNNEX Corp. | 298 | 28,843 | ||||||
| Tingo Group, Inc. (*) | 18,521 | 19,447 | ||||||
| TTM Technologies, Inc. (*) | 4,832 | 65,184 | ||||||
| Vishay Intertechnology, Inc. | 2,872 | 64,965 | ||||||
| 1,210,016 | ||||||||
| Energy Equipment & Services | 0.1% | ||||||||
| North American Construction Group Ltd. | 1,651 | 27,572 | ||||||
| Entertainment | 1.1% | ||||||||
| Liberty Media Corp-Liberty Braves ,Class C (*) | 2,330 | 78,498 | ||||||
| Lions Gate Entertainment Corp., Class A (*) | 6,154 | 68,125 | ||||||
| Sciplay Corp.,Class A (*) | 4,407 | 74,743 | ||||||
| World Wrestling Entertainment, Inc., Class A | 702 | 64,064 | ||||||
| 285,430 | ||||||||
| Description | Shares | Fair Value | ||||||
| Financial Services | 2.2% | ||||||||
| AvidXchange Holdings, Inc. (*) | 3,133 | $ | 24,437 | |||||
| Cass Information Systems, Inc. | 1,237 | 53,574 | ||||||
| I3 Verticals, Inc., Class A (*) | 3,607 | 88,480 | ||||||
| International Money Express, Inc. (*) | 3,966 | 102,244 | ||||||
| Jackson Financial, Inc., Class A | 1,734 | 64,869 | ||||||
| NMI Holdings, Inc., Class A (*) | 4,003 | 89,387 | ||||||
| Remitly Global, Inc. (*) | 4,406 | 74,682 | ||||||
| WEX, Inc. (*) | 464 | 85,325 | ||||||
| 582,998 | ||||||||
| Food Products | 1.8% | ||||||||
| Darling Ingredients, Inc. (*) | 971 | 56,706 | ||||||
| Dole PLC | 5,559 | 65,263 | ||||||
| Flowers Foods, Inc. | 2,208 | 60,521 | ||||||
| Ingredion, Inc. | 576 | 58,596 | ||||||
| John B Sanfilippo & Son, Inc. | 728 | 70,558 | ||||||
| Pilgrim’s Pride Corp. (*) | 2,064 | 47,844 | ||||||
| Seaboard Corp. | 5 | 18,850 | ||||||
| Seneca Foods Corp.,Class A (*) | 1,607 | 83,998 | ||||||
| 462,336 | ||||||||
| Ground Transportation | 0.9% | ||||||||
| ArcBest Corp. | 200 | 18,484 | ||||||
| Heartland Express, Inc. | 3,775 | 60,098 | ||||||
| Ryder System, Inc. | 977 | 87,187 | ||||||
| Saia, Inc. (*) | 262 | 71,285 | ||||||
| 237,054 | ||||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| AngioDynamics, Inc. (*) | 1,912 | 19,770 | ||||||
| Artivion, Inc. (*) | 1,100 | 14,410 | ||||||
| Avanos Medical, Inc. (*) | 3,285 | 97,696 | ||||||
| Cerus Corp. (*) | 7,395 | 21,963 | ||||||
| Haemonetics Corp. (*) | 1,265 | 104,679 | ||||||
| Inmode Ltd. (*) | 2,691 | 86,004 | ||||||
| iRadimed Corp. | 2,798 | 110,101 | ||||||
| Lantheus Holdings, Inc. (*) | 1,329 | 109,722 | ||||||
| Masimo Corp. (*) | 388 | 71,601 | ||||||
| Novocure Ltd. (*) | 904 | 54,367 | ||||||
| Penumbra, Inc. (*) | 230 | 64,099 | ||||||
| Shockwave Medical, Inc. (*) | 518 | 112,318 | ||||||
| STAAR Surgical Co. (*) | 1,596 | 102,064 | ||||||
| UFP Technologies, Inc. (*) | 521 | 67,647 | ||||||
| Utah Medical Products, Inc. | 887 | 84,061 | ||||||
| ViewRay, Inc. (*) | 17,797 | 61,578 | ||||||
| 1,182,080 | ||||||||
| Health Care Providers & Services | 1.4% | ||||||||
| Cross Country Healthcare, Inc. (*) | 4,314 | 96,288 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Innovage Holding Corp. (*) | 8,466 | $ | 67,559 | |||||
| ModivCare, Inc. (*) | 601 | 50,532 | ||||||
| Pennant Group, Inc. (*) | 6,911 | 98,689 | ||||||
| Premier, Inc., Class A | 1,867 | 60,435 | ||||||
| 373,503 | ||||||||
| Health Care Technology | 1.0% | ||||||||
| Computer Programs & Systems, Inc. (*) | 1,438 | 43,428 | ||||||
| HealthStream, Inc. (*) | 2,062 | 55,880 | ||||||
| NextGen Healthcare, Inc. (*) | 3,479 | 60,569 | ||||||
| Phreesia, Inc. (*) | 1,623 | 52,407 | ||||||
| Simulations Plus, Inc. | 750 | 32,955 | ||||||
| 245,239 | ||||||||
| Hotels, Restaurants & Leisure | 0.9% | ||||||||
| Dine Brands Global, Inc. | 420 | 28,409 | ||||||
| Hilton Grand Vacations, Inc. (*) | 1,416 | 62,913 | ||||||
| PlayAGS, Inc. (*) | 12,837 | 91,784 | ||||||
| RCI Hospitality Holdings, Inc. | 771 | 60,269 | ||||||
| 243,375 | ||||||||
| Household Durables | 2.4% | ||||||||
| KB Home | 2,920 | 117,325 | ||||||
| M/I Homes, Inc. (*) | 1,541 | 97,222 | ||||||
| Meritage Homes Corp. | 801 | 93,525 | ||||||
| Skyline Champion Corp. (*) | 978 | 73,575 | ||||||
| Sonos, Inc. (*) | 3,826 | 75,066 | ||||||
| Taylor Morrison Home Corp. (*) | 2,368 | 90,600 | ||||||
| Tri Pointe Homes, Inc. (*) | 3,399 | 86,063 | ||||||
| 633,376 | ||||||||
| Household Products | 0.1% | ||||||||
| Oil-Dri Corp. of America | 571 | 23,759 | ||||||
| Independent Power & Renewable Electricity Producers | 0.2% | ||||||||
| Montauk Renewables, Inc. (*) | 6,051 | 47,621 | ||||||
| Insurance | 0.4% | ||||||||
| Primerica, Inc. | 317 | 54,600 | ||||||
| Unum Group | 1,286 | 50,874 | ||||||
| 105,474 | ||||||||
| Interactive Media & Services | 0.6% | ||||||||
| Cargurus, Inc. (*) | 2,294 | 42,852 | ||||||
| MediaAlpha, Inc., Class A (*) | 3,635 | 54,452 | ||||||
| Yelp, Inc. (*) | 2,230 | 68,461 | ||||||
| 165,765 | ||||||||
| IT Services | 1.0% | ||||||||
| DigitalOcean Holdings, Inc. (*) | 1,026 | 40,189 | ||||||
| Description | Shares | Fair Value | ||||||
| Kyndryl Holdings, Inc. (*) | 2,936 | $ | 43,335 | |||||
| Okta, Inc. (*) | 921 | 79,427 | ||||||
| Perficient, Inc. (*) | 425 | 30,681 | ||||||
| Unisys Corp. (*) | 18,639 | 72,319 | ||||||
| 265,951 | ||||||||
| Leisure Products | 1.9% | ||||||||
| BRP, Inc. | 778 | 60,840 | ||||||
| Brunswick Corp. | 1,042 | 85,444 | ||||||
| Malibu Boats, Inc. ,Class A (*) | 1,319 | 74,457 | ||||||
| Marine Products Corp. | 3,272 | 43,158 | ||||||
| MasterCraft Boat Holdings, Inc. (*) | 3,464 | 105,409 | ||||||
| Polaris, Inc. | 519 | 57,417 | ||||||
| Topgolf Callaway Brands Corp. (*) | 3,242 | 70,092 | ||||||
| 496,817 | ||||||||
| Life Sciences Tools & Services | 1.5% | ||||||||
| 10X Genomics, Inc.,Class A (*) | 1,262 | 70,407 | ||||||
| Charles River Laboratories International, Inc. (*) | 297 | 59,941 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 3,994 | 55,956 | ||||||
| Medpace Holdings, Inc. (*) | 784 | 147,431 | ||||||
| Syneos Health, Inc. (*) | 1,594 | 56,778 | ||||||
| 390,513 | ||||||||
| Machinery | 3.5% | ||||||||
| AGCO Corp. | 565 | 76,388 | ||||||
| Allison Transmission Holdings, Inc. | 2,701 | 122,193 | ||||||
| CIRCOR International, Inc. (*) | 3,187 | 99,180 | ||||||
| Franklin Electric Co., Inc. | 632 | 59,471 | ||||||
| Gates Industrial Corp. PLC (*) | 3,284 | 45,615 | ||||||
| Mueller Industries, Inc. | 1,590 | 116,833 | ||||||
| Pentair PLC | 1,815 | 100,315 | ||||||
| REV Group, Inc. | 4,499 | 53,943 | ||||||
| Shyft Group, Inc. | 2,391 | 54,395 | ||||||
| Tennant Co. | 846 | 57,976 | ||||||
| Titan International, Inc. (*) | 5,385 | 56,435 | ||||||
| Toro Co. | 659 | 73,255 | ||||||
| 915,999 | ||||||||
| Marine Transportation | 1.0% | ||||||||
| Danaos Corp. | 1,792 | 97,879 | ||||||
| Eagle Bulk Shipping, Inc. | 14 | 637 | ||||||
| Eneti, Inc. | 6,349 | 59,363 | ||||||
| Grindrod Shipping Holdings Ltd. | 4,268 | 44,899 | ||||||
| Matson, Inc. | 1,125 | 67,129 | ||||||
| 269,907 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Media | 2.2% | ||||||||
| Boston Omaha Corp.,Class A (*) | 4,304 | $ | 101,876 | |||||
| Emerald Holding, Inc. (*) | 3,855 | 14,341 | ||||||
| Gambling.com Group Ltd. (*) | 4,337 | 42,980 | ||||||
| Gannett Co., Inc. (*) | 11,428 | 21,370 | ||||||
| Gray Television, Inc. | 5,611 | 48,928 | ||||||
| Integral Ad Science Holding Corp. (*) | 6,772 | 96,636 | ||||||
| John Wiley & Sons, Inc. Class A | 796 | 30,861 | ||||||
| Nexstar Media Group, Inc. | 319 | 55,079 | ||||||
| Perion Network Ltd. (*) | 1,402 | 55,491 | ||||||
| Stagwell, Inc. (*) | 3,771 | 27,981 | ||||||
| TEGNA, Inc. | 4,784 | 80,897 | ||||||
| 576,440 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.8% | ||||||||
| Annaly Capital Management, Inc. | 2,736 | 52,285 | ||||||
| Ladder Capital Corp. | 5,288 | 49,972 | ||||||
| Rithm Capital Corp. | 6,559 | 52,472 | ||||||
| Two Harbors Investment Corp. | 3,245 | 47,734 | ||||||
| 202,463 | ||||||||
| Oil, Gas & Consumable Fuels | 1.3% | ||||||||
| Enerplus Corp. | 5,665 | 81,633 | ||||||
| Permian Basin Royalty Trust | 3,283 | 80,105 | ||||||
| Sabine Royalty Trust | 582 | 41,794 | ||||||
| San Juan Basin Royalty Trust | 9,569 | 100,666 | ||||||
| World Fuel Services Corp. | 886 | 22,637 | ||||||
| 326,835 | ||||||||
| Paper & Forest Products | 0.1% | ||||||||
| Mercer International, Inc. | 2,808 | 27,448 | ||||||
| Resolute Forest Products, Inc. (*),(¢) | 10,077 | 0 | ||||||
| 27,448 | ||||||||
| Personal Care Products | 0.1% | ||||||||
| Herbalife Nutrition Ltd. (*) | 347 | 5,587 | ||||||
| Medifast, Inc. | 266 | 27,576 | ||||||
| 33,163 | ||||||||
| Pharmaceuticals | 0.4% | ||||||||
| Amphastar Pharmaceuticals, Inc. (*) | 1,518 | 56,925 | ||||||
| Assertio Holdings, Inc. (*) | 5,003 | 31,869 | ||||||
| 88,794 | ||||||||
| Professional Services | 5.8% | ||||||||
| ASGN, Inc. (*) | 1,024 | 84,654 | ||||||
| Barrett Business Services, Inc. | 1,183 | 104,861 | ||||||
| Clarivate PLC (*) | 2,685 | 25,212 | ||||||
| CRA International, Inc. | 1,473 | 158,819 | ||||||
| CSG Systems International, Inc. | 1,523 | 81,785 | ||||||
| Description | Shares | Fair Value | ||||||
| Exlservice Holdings, Inc. (*) | 825 | $ | 133,510 | |||||
| Forrester Research, Inc. (*) | 669 | 21,642 | ||||||
| Franklin Covey Co. (*) | 2,406 | 92,559 | ||||||
| Genpact Ltd. | 643 | 29,720 | ||||||
| Heidrick & Struggles International, Inc. | 2,786 | 84,583 | ||||||
| HireQuest, Inc. | 1,531 | 33,024 | ||||||
| Huron Consulting Group, Inc. (*) | 685 | 55,053 | ||||||
| IBEX Holdings Ltd. (*) | 1,412 | 34,453 | ||||||
| Kforce, Inc. | 1,965 | 124,267 | ||||||
| Korn Ferry | 1,488 | 76,989 | ||||||
| Resources Connection, Inc. | 5,787 | 98,726 | ||||||
| Robert Half International, Inc. | 1,123 | 90,480 | ||||||
| TriNet Group, Inc. (*) | 979 | 78,917 | ||||||
| TrueBlue, Inc. (*) | 3,819 | 67,978 | ||||||
| Verra Mobility Corp. (*) | 1,835 | 31,048 | ||||||
| 1,508,280 | ||||||||
| Real Estate Management & Development | 1.0% | ||||||||
| FirstService Corp. | 384 | 54,140 | ||||||
| FRP Holdings, Inc. (*) | 595 | 34,439 | ||||||
| Jones Lang LaSalle, Inc. (*) | 145 | 21,096 | ||||||
| RMR Group, Inc., Class A | 1,463 | 38,389 | ||||||
| Stratus Properties, Inc. | 1,771 | 35,420 | ||||||
| Zillow Group, Inc., Class A (*) | 1,469 | 64,195 | ||||||
| 247,679 | ||||||||
| Semiconductors & Semiconductor Equipment | 3.0% | ||||||||
| Axcelis Technologies, Inc. (*) | 1,911 | 254,641 | ||||||
| Cirrus Logic, Inc. (*) | 1,268 | 138,694 | ||||||
| Diodes, Inc. (*) | 582 | 53,986 | ||||||
| Lattice Semiconductor Corp. (*) | 910 | 86,905 | ||||||
| MKS Instruments, Inc. | 812 | 71,959 | ||||||
| PDF Solutions, Inc. (*) | 2,483 | 105,279 | ||||||
| Photronics, Inc. (*) | 3,372 | 55,908 | ||||||
| Semtech Corp. (*) | 590 | 14,243 | ||||||
| 781,615 | ||||||||
| Software | 9.6% | ||||||||
| A10 Networks, Inc. | 3,261 | 50,513 | ||||||
| Agilysys, Inc. (*) | 759 | 62,625 | ||||||
| Alarm.com Holdings, Inc. (*) | 491 | 24,687 | ||||||
| Alkami Technology, Inc. (*) | 4,146 | 52,488 | ||||||
| Altair Engineering, Inc., Class A Inc.(*) | 941 | 67,855 | ||||||
| American Software, Inc.,Class A | 4,490 | 56,619 | ||||||
| Blackline, Inc. (*) | 858 | 57,615 | ||||||
| Cellebrite DI Ltd. (*) | 6,543 | 39,847 | ||||||
| CommVault Systems, Inc. (*) | 973 | 55,208 | ||||||
| Descartes Systems Group, Inc. (*) | 1,157 | 93,266 | ||||||
| DocuSign, Inc. (*) | 1,130 | 65,879 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| E2open Parent Holdings, Inc. (*) | 4,437 | $ | 25,823 | |||||
| Elastic NV (*) | 1,253 | 72,549 | ||||||
| EngageSmart, Inc. (*) | 2,932 | 56,441 | ||||||
| EverCommerce, Inc. (*) | 5,398 | 57,111 | ||||||
| Five9, Inc. (*) | 558 | 40,338 | ||||||
| Gitlab, Inc.,Class A (*) | 916 | 31,410 | ||||||
| HashiCorp, Inc. Class A (*) | 2,026 | 59,342 | ||||||
| InterDigital, Inc. | 851 | 62,038 | ||||||
| Jamf Holding Corp. (*) | 1,791 | 34,781 | ||||||
| JFrog Ltd. (*) | 1,347 | 26,536 | ||||||
| Kaltura, Inc. (*) | 4,429 | 8,504 | ||||||
| Karooooo Ltd. | 1,829 | 42,927 | ||||||
| Magic Software Enterprises Ltd. | 959 | 13,071 | ||||||
| Monday.com Ltd. (*) | 548 | 78,227 | ||||||
| N-Able, Inc. (*) | 5,912 | 78,038 | ||||||
| nCino, Inc. (*) | 1,129 | 27,977 | ||||||
| New Relic, Inc. (*) | 394 | 29,664 | ||||||
| Open Text Corp. | 1,043 | 40,208 | ||||||
| PagerDuty, Inc. (*) | 2,846 | 99,553 | ||||||
| Procore Technologies, Inc. (*) | 978 | 61,252 | ||||||
| Progress Software Corp. | 1,881 | 108,063 | ||||||
| Qualtrics International, Inc. Class A (*) | 3,780 | 67,397 | ||||||
| Qualys, Inc. (*) | 579 | 75,282 | ||||||
| Samsara, Inc. Class A (*) | 5,030 | 99,192 | ||||||
| SEMrush Holdings, Inc.,Class A (*) | 2,835 | 28,492 | ||||||
| SentinelOne, Inc. Class A (*) | 3,965 | 64,867 | ||||||
| ShotSpotter, Inc. (*) | 1,641 | 64,524 | ||||||
| Sprinklr Inc., Class A (*) | 4,866 | 63,063 | ||||||
| Sprout Social, Inc.,Class A (*) | 771 | 46,938 | ||||||
| SPS Commerce, Inc. (*) | 777 | 118,337 | ||||||
| Tenable Holdings, Inc. (*) | 1,748 | 83,047 | ||||||
| Teradata Corp. (*) | 1,567 | 63,119 | ||||||
| WalkMe Ltd. (*) | 4,676 | 49,753 | ||||||
| 2,504,466 | ||||||||
| Specialty Retail | 3.2% | ||||||||
| 1-800-Flowers.com, Inc. Class A (*) | 5,577 | 64,135 | ||||||
| Asbury Automotive Group, Inc. (*) | 258 | 54,180 | ||||||
| AutoNation, Inc. (*) | 552 | 74,167 | ||||||
| Boot Barn Holdings, Inc. (*) | 981 | 75,184 | ||||||
| Buckle, Inc. | 1,804 | 64,385 | ||||||
| Caleres, Inc. | 2,549 | 55,135 | ||||||
| CarParts.com, Inc. (*) | 5,315 | 28,382 | ||||||
| Chico’s FAS, Inc. (*) | 15,955 | 87,752 | ||||||
| Floor & Decor Holdings, Inc., Class A (*) | 200 | 19,644 | ||||||
| Description | Shares | Fair Value | ||||||
| Group 1 Automotive, Inc. | 297 | $ | 67,247 | |||||
| Murphy USA, Inc. | 352 | 90,834 | ||||||
| ODP Corp. (*) | 602 | 27,078 | ||||||
| Signet Jewelers Ltd. | 795 | 61,835 | ||||||
| Vroom, Inc. (*) | 17,815 | 16,010 | ||||||
| Williams-Sonoma, Inc. | 474 | 57,667 | ||||||
| 843,635 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.0% | ||||||||
| Super Micro Computer, Inc. (*) | 2,098 | 223,542 | ||||||
| Xerox Holdings Corp. | 2,708 | 41,703 | ||||||
| 265,245 | ||||||||
| Textiles, Apparel & Luxury Goods | 0.5% | ||||||||
| Deckers Outdoor Corp. (*) | 54 | 24,276 | ||||||
| Oxford Industries, Inc. | 1,061 | 112,031 | ||||||
| 136,307 | ||||||||
| Trading Companies & Distributors | 3.9% | ||||||||
| Applied Industrial Technologies, Inc. | 537 | 76,324 | ||||||
| BlueLinx Holdings, Inc. (*) | 886 | 60,213 | ||||||
| Boise Cascade Co. | 1,266 | 80,074 | ||||||
| GMS, Inc. (*) | 1,744 | 100,960 | ||||||
| Hudson Technologies, Inc. (*) | 10,857 | 94,782 | ||||||
| McGrath RentCorp | 573 | 53,467 | ||||||
| MRC Global, Inc. (*) | 7,098 | 68,993 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 771 | 64,764 | ||||||
| NOW, Inc. (*) | 6,333 | 70,613 | ||||||
| SiteOne Landscape Supply, Inc. (*) | 709 | 97,041 | ||||||
| Titan Machinery, Inc. (*) | 2,930 | 89,218 | ||||||
| Univar Solutions, Inc. (*) | 2,944 | 103,128 | ||||||
| Veritiv Corp. | 503 | 67,975 | ||||||
| 1,027,552 | ||||||||
| Transportation Infrastructure | 0.3% | ||||||||
| Corp. America Airports SA (*) | 7,002 | 71,280 | ||||||
| Total Common Stocks (Cost $24,395,113) | 25,821,841 | |||||||
| Rights | 0.0% | ||||||||
| Biotechnology | 0.0% | ||||||||
| Adamas Pharmaceuticals, Inc. CVR | ||||||||
| Expires 2024 (¢) | 1,139 | 0 | ||||||
| Expires 2025 (¢) | 1,139 | 0 | ||||||
| Epizyme, Inc. CVR | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Expires 2499 (¢) | 41,136 | $ | 823 | |||||
| Radius Health, Inc. CVR | ||||||||
| Expires 2499 (¢) | 7,231 | 578 | ||||||
| 1,401 | ||||||||
| Total Rights (Cost $1,538) | $ | 1,401 | ||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $311,194) | 311,194 | 311,194 | ||||||
| Total Investments | 100.2% (Cost $24,707,845) | $ | 26,134,436 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (47,386) | |||||||
| Net Assets | 100.0% | $ | 26,087,050 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio | ||||||||||
| Corporate Bonds | 0.4% | ||||||||||
| Chile | 0.2% | ||||||||||
| Corp. Nacional del Cobre de Chile, 5.125%, 02/02/33 (#) | USD | 15 | $ | 15,069 | ||||||
| South Africa | 0.2% | ||||||||||
| Transnet SOC Ltd., 8.250%, 02/06/28 (#) | USD | 20 | 19,850 | |||||||
| Total Corporate Bonds (Cost $34,991) | 34,919 | |||||||||
| Foreign Government Obligations | 79.7% | ||||||||||
| Angola | 2.5% | ||||||||||
| Angolan Government International Bonds, 9.500%, 11/12/25 | USD | 200 | 197,750 | |||||||
| Argentina | 0.8% | ||||||||||
| Argentina Government International Bonds: | ||||||||||
| 1.500%, 07/09/35 (Ø) | USD | 91 | 23,433 | |||||||
| 3.875%, 01/09/38 (Ø) | USD | 63 | 19,532 | |||||||
| 3.500%, 07/09/41 (Ø) | USD | 82 | 22,837 | |||||||
| 65,802 | ||||||||||
| Brazil | 6.2% | ||||||||||
| Brazil Government International Bonds: | ||||||||||
| 3.875%, 06/12/30 | USD | 55 | 49,115 | |||||||
| 5.000%, 01/27/45 | USD | 25 | 19,622 | |||||||
| 4.750%, 01/14/50 | USD | 40 | 29,532 | |||||||
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/26 | BRL | 1,480 | 213,675 | |||||||
| Brazil Notas do Tesouro Nacional: | ||||||||||
| 10.000%, 01/01/25 | BRL | 290 | 55,596 | |||||||
| 10.000%, 01/01/29 | BRL | 380 | 67,607 | |||||||
| 6.000%, 05/15/35 | BRL | 60 | 48,653 | |||||||
| 483,800 | ||||||||||
| Chile | 1.6% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 4.500%, 03/01/26 | CLP | 35,000 | 41,999 | |||||||
| 2.300%, 10/01/28 | CLP | 25,000 | 26,671 | |||||||
| 5.000%, 03/01/35 | CLP | 15,000 | 18,789 | |||||||
| 6.000%, 01/01/43 | CLP | 5,000 | 6,982 | |||||||
| Chile Government International Bonds, 3.100%, 05/07/41 | USD | 45 | 33,674 | |||||||
| 128,115 | ||||||||||
| China | 1.4% | ||||||||||
| China Government Bonds: | ||||||||||
| 3.120%, 12/05/26 | CNY | 340 | 50,389 | |||||||
| 2.680%, 05/21/30 | CNY | 230 | 33,055 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 3.810%, 09/14/50 | CNY | 140 | $ | 22,343 | ||||||
| 105,787 | ||||||||||
| Colombia | 4.0% | ||||||||||
| Colombia Government International Bonds: | ||||||||||
| 4.500%, 03/15/29 | USD | 30 | 26,471 | |||||||
| 8.000%, 04/20/33 | USD | 25 | 25,638 | |||||||
| 7.500%, 02/02/34 | USD | 30 | 29,445 | |||||||
| 5.000%, 06/15/45 | USD | 45 | 31,508 | |||||||
| Colombia TES: | ||||||||||
| 6.250%, 11/26/25 | COP | 300 | 58 | |||||||
| 5.750%, 11/03/27 | COP | 121,000 | 20,979 | |||||||
| 6.000%, 04/28/28 | COP | 52,800 | 9,077 | |||||||
| 7.000%, 03/26/31 | COP | 935,000 | 154,464 | |||||||
| 7.000%, 06/30/32 | COP | 83,000 | 13,217 | |||||||
| 310,857 | ||||||||||
| Costa Rica | 1.3% | ||||||||||
| Costa Rica Government International Bonds: | ||||||||||
| 4.375%, 04/30/25 | USD | 15 | 14,628 | |||||||
| 6.125%, 02/19/31 | USD | 50 | 49,556 | |||||||
| 5.625%, 04/30/43 | USD | 35 | 30,325 | |||||||
| 7.000%, 04/04/44 | USD | 10 | 9,755 | |||||||
| 104,264 | ||||||||||
| Czech Republic | 1.9% | ||||||||||
| Czech Republic Government Bonds: | ||||||||||
| 2.500%, 08/25/28 | CZK | 1,170 | 48,149 | |||||||
| 0.950%, 05/15/30 | CZK | 1,150 | 40,942 | |||||||
| 2.000%, 10/13/33 | CZK | 480 | 17,399 | |||||||
| 4.200%, 12/04/36 | CZK | 510 | 22,420 | |||||||
| 1.500%, 04/24/40 | CZK | 550 | 15,950 | |||||||
| 144,860 | ||||||||||
| Dominican Republic | 1.7% | ||||||||||
| Dominican Republic International Bonds: | ||||||||||
| 7.050%, 02/03/31 (#) | USD | 30 | 30,169 | |||||||
| 4.875%, 09/23/32 | USD | 30 | 25,440 | |||||||
| 6.000%, 02/22/33 (#) | USD | 35 | 32,009 | |||||||
| 7.450%, 04/30/44 | USD | 15 | 14,389 | |||||||
| 6.850%, 01/27/45 | USD | 20 | 17,785 | |||||||
| 6.500%, 02/15/48 | USD | 10 | 8,452 | |||||||
| 5.875%, 01/30/60 | USD | 10 | 7,589 | |||||||
| 135,833 | ||||||||||
| Ecuador | 0.5% | ||||||||||
| Ecuador Government International Bonds: | ||||||||||
| 0.000%, 07/31/30 | USD | 86 | 25,494 | |||||||
| 2.500%, 07/31/35 (Ø) | USD | 20 | 6,616 | |||||||
| 1.500%, 07/31/40 (Ø) | USD | 15 | 4,484 | |||||||
| 36,594 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Egypt | 0.2% | ||||||||||
| Egypt Government Bonds, 14.060%, 01/12/26 | EGP | 475 | $ | 12,620 | ||||||
| Egypt Government International Bond MTN, 5.875%, 02/16/31 | USD | 0 | 0 | |||||||
| 12,620 | ||||||||||
| El Salvador | 0.3% | ||||||||||
| El Salvador Government International Bonds: | ||||||||||
| 8.625%, 02/28/29 | USD | 14 | 7,385 | |||||||
| 7.650%, 06/15/35 | USD | 10 | 4,650 | |||||||
| 7.625%, 02/01/41 | USD | 8 | 3,680 | |||||||
| 7.125%, 01/20/50 | USD | 10 | 4,500 | |||||||
| 9.500%, 07/15/52 | USD | 13 | 6,630 | |||||||
| 26,845 | ||||||||||
| Guatemala | 0.6% | ||||||||||
| Guatemala Government Bonds: | ||||||||||
| 5.250%, 08/10/29 (#) | USD | 10 | 9,718 | |||||||
| 5.375%, 04/24/32 | USD | 20 | 19,347 | |||||||
| 6.125%, 06/01/50 | USD | 15 | 14,150 | |||||||
| 43,215 | ||||||||||
| Hungary | 2.6% | ||||||||||
| Hungary Government Bonds: | ||||||||||
| 3.000%, 10/27/27 | HUF | 8,120 | 17,631 | |||||||
| 6.750%, 10/22/28 | HUF | 11,020 | 27,937 | |||||||
| 3.250%, 10/22/31 | HUF | 11,650 | 22,904 | |||||||
| 2.250%, 04/20/33 | HUF | 7,880 | 13,441 | |||||||
| 3.000%, 04/25/41 | HUF | 3,940 | 5,996 | |||||||
| Hungary Government International Bonds: | ||||||||||
| 5.375%, 03/25/24 | USD | 44 | 43,967 | |||||||
| 5.500%, 06/16/34 (#) | USD | 40 | 38,600 | |||||||
| 6.750%, 09/25/52 | USD | 30 | 30,975 | |||||||
| 201,451 | ||||||||||
| Indonesia | 6.5% | ||||||||||
| Indonesia Government International Bonds: | ||||||||||
| 2.150%, 07/28/31 | USD | 85 | 70,453 | |||||||
| 3.550%, 03/31/32 | USD | 25 | 22,972 | |||||||
| 3.050%, 03/12/51 | USD | 50 | 36,755 | |||||||
| 3.350%, 03/12/71 | USD | 60 | 41,407 | |||||||
| Indonesia Treasury Bonds: | ||||||||||
| 8.375%, 09/15/26 | IDR | 680,000 | 48,081 | |||||||
| 6.375%, 08/15/28 | IDR | 113,000 | 7,531 | |||||||
| 8.250%, 05/15/29 | IDR | 1,044,000 | 75,592 | |||||||
| 7.000%, 09/15/30 | IDR | 456,000 | 31,094 | |||||||
| 8.750%, 05/15/31 | IDR | 324,000 | 24,288 | |||||||
| 7.000%, 02/15/33 | IDR | 896,000 | 60,620 | |||||||
| 8.250%, 05/15/36 | IDR | 648,000 | 47,754 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 8.375%, 04/15/39 | IDR | 509,000 | $ | 38,152 | ||||||
| 504,699 | ||||||||||
| Ivory Coast | 0.7% | ||||||||||
| Ivory Coast Government International Bonds, 5.750%, 12/31/32 (Ø) | USD | 63 | 58,205 | |||||||
| Jamaica | 0.5% | ||||||||||
| Jamaica Government International Bonds, 6.750%, 04/28/28 | USD | 35 | 36,538 | |||||||
| Kenya | 2.1% | ||||||||||
| Kenya Government International Bonds, 8.000%, 05/22/32 | USD | 200 | 163,000 | |||||||
| Malaysia | 5.3% | ||||||||||
| Malaysia Government Bonds: | ||||||||||
| 3.906%, 07/15/26 | MYR | 120 | 27,616 | |||||||
| 3.899%, 11/16/27 | MYR | 707 | 162,457 | |||||||
| 3.733%, 06/15/28 | MYR | 290 | 65,911 | |||||||
| 4.498%, 04/15/30 | MYR | 170 | 40,056 | |||||||
| 3.844%, 04/15/33 | MYR | 330 | 73,700 | |||||||
| 3.828%, 07/05/34 | MYR | 20 | 4,417 | |||||||
| 3.757%, 05/22/40 | MYR | 80 | 17,005 | |||||||
| 4.696%, 10/15/42 | MYR | 100 | 24,081 | |||||||
| 415,243 | ||||||||||
| Mexico | 8.2% | ||||||||||
| Mexico Bonos: | ||||||||||
| 5.750%, 03/05/26 | MXN | 1,380 | 69,132 | |||||||
| 7.500%, 06/03/27 | MXN | 1,990 | 104,718 | |||||||
| 8.500%, 05/31/29 | MXN | 1,898 | 103,688 | |||||||
| 7.750%, 05/29/31 | MXN | 2,200 | 114,416 | |||||||
| 10.000%, 11/20/36 | MXN | 590 | 35,789 | |||||||
| 8.500%, 11/18/38 | MXN | 280 | 14,858 | |||||||
| 7.750%, 11/13/42 | MXN | 1,590 | 77,156 | |||||||
| Mexico Government International Bonds: | ||||||||||
| 5.400%, 02/09/28 | USD | 20 | 20,670 | |||||||
| 6.350%, 02/09/35 | USD | 20 | 21,280 | |||||||
| 3.771%, 05/24/61 | USD | 55 | 37,049 | |||||||
| 5.750%, 10/12/10 | USD | 44 | 39,306 | |||||||
| 638,062 | ||||||||||
| Mongolia | 0.4% | ||||||||||
| Mongolia Government International Bond, 4.450%, 07/07/31 | USD | 40 | 29,704 | |||||||
| Oman | 2.6% | ||||||||||
| Oman Government International Bonds, 5.625%, 01/17/28 | USD | 200 | 199,350 | |||||||
| Panama | 1.5% | ||||||||||
| Panama Government International Bonds: | ||||||||||
| 3.160%, 01/23/30 | USD | 50 | 43,806 | |||||||
| 3.298%, 01/19/33 | USD | 5 | 4,170 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| 6.400%, 02/14/35 | USD | 25 | $ | 26,012 | ||||||
| 4.500%, 05/15/47 | USD | 10 | 7,821 | |||||||
| 4.500%, 04/16/50 | USD | 30 | 22,777 | |||||||
| 4.500%, 04/01/56 | USD | 15 | 11,131 | |||||||
| 115,717 | ||||||||||
| Paraguay | 0.7% | ||||||||||
| Paraguay Government International Bonds: | ||||||||||
| 3.849%, 06/28/33 (#) | USD | 28 | 24,462 | |||||||
| 6.100%, 08/11/44 | USD | 30 | 29,021 | |||||||
| 53,483 | ||||||||||
| Peru | 4.3% | ||||||||||
| Peruvian Government International Bonds: | ||||||||||
| 6.350%, 08/12/28 | PEN | 480 | 124,323 | |||||||
| 5.940%, 02/12/29 | PEN | 140 | 35,157 | |||||||
| 6.950%, 08/12/31 | PEN | 255 | 65,993 | |||||||
| 1.862%, 12/01/32 | USD | 30 | 22,646 | |||||||
| 8.750%, 11/21/33 | USD | 10 | 12,571 | |||||||
| 6.900%, 08/12/37 | PEN | 170 | 42,327 | |||||||
| 5.625%, 11/18/50 | USD | 10 | 10,071 | |||||||
| 3.230%, 07/28/21 | USD | 30 | 17,855 | |||||||
| 330,943 | ||||||||||
| Poland | 3.0% | ||||||||||
| Poland Government Bonds: | ||||||||||
| 2.500%, 07/25/26 | PLN | 190 | 39,669 | |||||||
| 3.750%, 05/25/27 | PLN | 92 | 19,697 | |||||||
| 2.500%, 07/25/27 | PLN | 120 | 24,318 | |||||||
| 2.750%, 04/25/28 | PLN | 300 | 60,077 | |||||||
| 1.250%, 10/25/30 | PLN | 210 | 35,020 | |||||||
| Poland Government International Bond, 5.750%, 11/16/32 | USD | 55 | 58,715 | |||||||
| 237,496 | ||||||||||
| Qatar | 2.8% | ||||||||||
| Qatar Government International Bonds, 5.750%, 01/20/42 | USD | 200 | 220,787 | |||||||
| Romania | 3.1% | ||||||||||
| Romanian Government Bonds: | ||||||||||
| 5.800%, 07/26/27 | RON | 170 | 35,402 | |||||||
| 4.150%, 01/26/28 | RON | 400 | 76,916 | |||||||
| 4.250%, 04/28/36 | RON | 60 | 9,609 | |||||||
| Romanian Government International Bonds: | ||||||||||
| 3.000%, 02/27/27 | USD | 20 | 18,125 | |||||||
| 3.625%, 03/27/32 | USD | 42 | 35,332 | |||||||
| 7.125%, 01/17/33 (#) | USD | 18 | 19,074 | |||||||
| 5.125%, 06/15/48 | USD | 12 | 9,990 | |||||||
| 7.625%, 01/17/53 (#) | USD | 32 | 34,310 | |||||||
| 238,758 | ||||||||||
| South Africa | 8.0% | ||||||||||
| South Africa Government Bonds: 10.500%, 12/21/26 | ZAR | 1,310 | 78,337 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 8.000%, 01/31/30 | ZAR | 1,710 | $ | 87,454 | ||||||
| 7.000%, 02/28/31 | ZAR | 2,270 | 105,398 | |||||||
| 8.250%, 03/31/32 | ZAR | 1,380 | 67,569 | |||||||
| 8.875%, 02/28/35 | ZAR | 1,090 | 52,435 | |||||||
| 8.500%, 01/31/37 | ZAR | 2,680 | 121,034 | |||||||
| 8.750%, 02/28/48 | ZAR | 355 | 15,295 | |||||||
| South Africa Government International Bonds: | ||||||||||
| 4.850%, 09/30/29 | USD | 10 | 8,950 | |||||||
| 5.875%, 06/22/30 | USD | 20 | 18,700 | |||||||
| 5.875%, 04/20/32 | USD | 10 | 9,063 | |||||||
| 5.375%, 07/24/44 | USD | 45 | 33,187 | |||||||
| 5.650%, 09/27/47 | USD | 30 | 22,050 | |||||||
| 619,472 | ||||||||||
| Sri Lanka | 0.3% | ||||||||||
| Sri Lanka Government International Bonds: | ||||||||||
| 5.750%, 04/18/23 | USD | 15 | 5,272 | |||||||
| 6.125%, 06/03/25 | USD | 10 | 3,639 | |||||||
| 6.825%, 07/18/26 | USD | 5 | 1,801 | |||||||
| 6.750%, 04/18/28 | USD | 25 | 8,721 | |||||||
| 7.850%, 03/14/29 | USD | 15 | 5,233 | |||||||
| 24,666 | ||||||||||
| Suriname | 0.1% | ||||||||||
| Suriname Government International Bonds, 9.250%, 10/26/26 | USD | 10 | 6,514 | |||||||
| Thailand | 0.5% | ||||||||||
| Thailand Government Bonds: | ||||||||||
| 3.400%, 06/17/36 | THB | 830 | 26,116 | |||||||
| 3.300%, 06/17/38 | THB | 490 | 15,203 | |||||||
| 41,319 | ||||||||||
| Turkey | 1.9% | ||||||||||
| Hazine Mustesarligi Varlik Kiralama AS, 7.250%, 02/24/27 (#) | USD | 55 | 52,639 | |||||||
| Turkey Government International Bonds: | ||||||||||
| 5.950%, 01/15/31 | USD | 65 | 55,006 | |||||||
| 6.000%, 01/14/41 | USD | 55 | 41,250 | |||||||
| 148,895 | ||||||||||
| Ukraine | 0.5% | ||||||||||
| Ukraine Government International Bonds, 9.750%, 11/01/30 | USD | 200 | 37,100 | |||||||
| Uruguay | 1.1% | ||||||||||
| Uruguay Government International Bonds: | ||||||||||
| 4.375%, 12/15/28 | UYU | 915 | 24,800 | |||||||
| 5.100%, 06/18/50 | USD | 15 | 15,045 | |||||||
| 4.975%, 04/20/55 | USD | 50 | 49,125 | |||||||
| 88,970 | ||||||||||
| Total Foreign Government Obligations (Cost $6,687,653) | 6,206,714 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Emerging Markets Debt Portfolio (continued) | ||||||||||
| Quasi Government Bonds | 0.3% | ||||||||||
| Indonesia | 0.3% | ||||||||||
| Pertamina Persero PT, 6.450%, 05/30/44 (Cost $22,148) | USD | 25 | $ | 25,692 | ||||||
| Sovereign Bonds | 4.7% | ||||||||||
| Guatemala | 0.4% | ||||||||||
| Guatemala Government Bond, 5.250%, 08/10/29 | USD | 35 | 34,011 | |||||||
| Jordan | 2.3% | ||||||||||
| Jordan Government International Bonds, 5.850%, 07/07/30 | USD | 200 | 177,100 | |||||||
| Serbia | 2.0% | ||||||||||
| Serbia International Bonds, 2.125%, 12/01/30 | USD | 200 | 151,350 | |||||||
| Total Sovereign Bonds (Cost $356,057) | 362,461 | |||||||||
| Supranational Bonds | 0.2% | ||||||||||
| International Finance Corp., 8.000%, 10/09/23 (Cost $14,061) | IDR | 200,000 | 13,468 | |||||||
| U.S. Treasury Securities | 1.0% | ||||||||||
| U.S. Treasury Note, 2.750%, 08/15/32 (Cost $73,574) | USD | 79 | 74,346 | |||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 11.1% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $863,902) | 863,902 | $ | 863,902 | |||||||
| Total Investments | 97.4% (Cost $8,052,386) (») | $ | 7,581,502 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 2.6% | 201,121 | |||||||||
| Net Assets | 100.0% | $ | 7,782,623 | ||||||||
Lazard Emerging Markets Debt Portfolio (continued)
Forward Currency Contracts open at March 31, 2023:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| BRL | 51,950 | USD | 10,226 | BOA | 04/04/23 | $ | 24 | $ | — | |||||||||
| BRL | 52,540 | USD | 10,342 | BOA | 04/04/23 | 24 | — | |||||||||||
| BRL | 240,310 | USD | 47,301 | BOA | 04/04/23 | 111 | — | |||||||||||
| BRL | 952,920 | USD | 181,509 | BOA | 04/04/23 | 6,502 | — | |||||||||||
| BRL | 1,465,421 | USD | 288,446 | BOA | 04/04/23 | 680 | — | |||||||||||
| BRL | 51,475 | USD | 10,000 | BRC | 04/04/23 | 156 | — | |||||||||||
| BRL | 231,738 | USD | 45,614 | JPM | 04/04/23 | 108 | — | |||||||||||
| BRL | 103,350 | USD | 20,343 | SCB | 04/04/23 | 48 | — | |||||||||||
| BRL | 305,400 | USD | 60,000 | SSB | 04/04/23 | 255 | — | |||||||||||
| BRL | 1,155,266 | USD | 220,479 | SSB | 04/04/23 | 7,454 | — | |||||||||||
| BRL | 126,390 | USD | 23,917 | SSB | 06/02/23 | 758 | — | |||||||||||
| BRL | 1,026,930 | USD | 192,598 | SSB | 06/02/23 | 7,886 | — | |||||||||||
| BRL | 157,005 | USD | 30,000 | UBS | 04/04/23 | 977 | — | |||||||||||
| BRL | 202,600 | USD | 39,879 | UBS | 04/04/23 | 94 | — | |||||||||||
| CLP | 16,683,009 | USD | 20,320 | BRC | 04/13/23 | 642 | — | |||||||||||
| CLP | 9,770,529 | USD | 11,981 | SSB | 07/13/23 | 177 | — | |||||||||||
| CNY | 1,201,301 | USD | 173,380 | BOA | 05/19/23 | 2,102 | — | |||||||||||
| CNY | 1,201,301 | USD | 173,368 | BRC | 05/19/23 | 2,114 | — | |||||||||||
| CNY | 1,201,301 | USD | 173,404 | SCB | 05/19/23 | 2,078 | — | |||||||||||
| COP | 98,757,684 | USD | 20,908 | SSB | 06/16/23 | — | 11 | |||||||||||
| COP | 354,648,525 | USD | 74,631 | SSB | 06/16/23 | 411 | — | |||||||||||
| COP | 402,627,748 | USD | 83,515 | SSB | 06/16/23 | 1,680 | — | |||||||||||
| CZK | 1,483,649 | USD | 66,096 | BRC | 05/19/23 | 2,306 | — | |||||||||||
| CZK | 2,214,100 | USD | 100,000 | JPM | 05/19/23 | 2,078 | — | |||||||||||
| CZK | 222,699 | USD | 10,000 | SCB | 05/19/23 | 267 | — | |||||||||||
| CZK | 1,483,649 | USD | 66,221 | SCB | 05/19/23 | 2,181 | — | |||||||||||
| EGP | 604,000 | USD | 20,000 | CIT | 04/18/23 | — | 898 | |||||||||||
| EUR | 18,651 | USD | 20,000 | BRC | 05/19/23 | 278 | — | |||||||||||
| HUF | 15,219,563 | USD | 41,651 | BOA | 05/19/23 | 1,163 | — | |||||||||||
| HUF | 15,219,563 | USD | 41,621 | UBS | 05/19/23 | 1,193 | — | |||||||||||
| IDR | 733,562,703 | USD | 48,090 | HSB | 05/17/23 | 774 | — | |||||||||||
| IDR | 733,562,703 | USD | 47,958 | SCB | 05/17/23 | 906 | — | |||||||||||
| IDR | 1,156,470,763 | USD | 74,925 | SCB | 05/17/23 | 2,109 | — | |||||||||||
| MXN | 471,640 | USD | 25,139 | BOA | 05/19/23 | 807 | — | |||||||||||
| MXN | 1,431,405 | USD | 77,098 | JPM | 05/19/23 | 1,646 | — | |||||||||||
| MYR | 308,146 | USD | 70,854 | JPM | 04/25/23 | — | 929 | |||||||||||
| PEN | 28,671 | USD | 7,567 | BOA | 06/16/23 | 16 | — | |||||||||||
| PEN | 619,379 | USD | 163,597 | SSB | 06/16/23 | 222 | — | |||||||||||
| PEN | 46,688 | USD | 12,179 | UBS | 06/16/23 | 170 | — | |||||||||||
| PLN | 214,319 | USD | 47,908 | BRC | 05/19/23 | 1,606 | — | |||||||||||
| PLN | 44,596 | USD | 10,000 | SCB | 05/19/23 | 303 | — | |||||||||||
| PLN | 214,319 | USD | 47,909 | SCB | 05/19/23 | 1,605 | — | |||||||||||
| PLN | 214,319 | USD | 47,882 | UBS | 05/19/23 | 1,632 | — | |||||||||||
| RON | 124,584 | USD | 26,700 | BOA | 05/19/23 | 564 | — | |||||||||||
| RSD | 1,078,400 | USD | 10,000 | BRC | 05/19/23 | — | 33 | |||||||||||
| THB | 5,007,127 | USD | 144,579 | BRC | 06/13/23 | 2,882 | — | |||||||||||
Lazard Emerging Markets Debt Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| THB | 4,967,070 | USD | 143,102 | CIT | 06/13/23 | $ | 3,179 | $ | — | |||||||||
| THB | 698,650 | USD | 20,000 | SCB | 06/13/23 | 575 | — | |||||||||||
| THB | 11,055,736 | USD | 317,923 | UBS | 06/13/23 | 7,670 | — | |||||||||||
| TRY | 766,220 | USD | 39,514 | BRC | 04/13/23 | 4 | — | |||||||||||
| TRY | 385,980 | USD | 20,000 | SCB | 04/13/23 | — | 93 | |||||||||||
| USD | 10,000 | BRL | 52,540 | BOA | 04/04/23 | — | 366 | |||||||||||
| USD | 10,000 | BRL | 51,950 | BOA | 04/04/23 | — | 250 | |||||||||||
| USD | 45,830 | BRL | 240,310 | BOA | 04/04/23 | — | 1,583 | |||||||||||
| USD | 187,568 | BRL | 952,920 | BOA | 04/04/23 | — | 442 | |||||||||||
| USD | 280,080 | BRL | 1,465,421 | BOA | 04/04/23 | — | 9,046 | |||||||||||
| USD | 179,610 | BRL | 952,920 | BOA | 06/02/23 | — | 6,425 | |||||||||||
| USD | 10,132 | BRL | 51,475 | BRC | 04/04/23 | — | 24 | |||||||||||
| USD | 44,170 | BRL | 231,738 | JPM | 04/04/23 | — | 1,552 | |||||||||||
| USD | 20,000 | BRL | 103,350 | SCB | 04/04/23 | — | 391 | |||||||||||
| USD | 50,000 | BRL | 264,925 | SCB | 06/02/23 | — | 1,720 | |||||||||||
| USD | 53,707 | BRL | 274,158 | SSB | 04/04/23 | — | 384 | |||||||||||
| USD | 30,904 | BRL | 157,005 | UBS | 04/04/23 | — | 73 | |||||||||||
| USD | 40,000 | BRL | 202,600 | UBS | 04/04/23 | 27 | — | |||||||||||
| USD | 10,492 | CLP | 8,617,009 | BRC | 04/13/23 | — | 335 | |||||||||||
| USD | 20,101 | CLP | 16,683,009 | BRC | 07/13/23 | — | 659 | |||||||||||
| USD | 10,000 | CLP | 8,066,000 | UBS | 04/13/23 | — | 135 | |||||||||||
| USD | 250,000 | CNY | 1,714,146 | CIT | 05/19/23 | — | 397 | |||||||||||
| USD | 10,000 | CNY | 69,164 | SCB | 05/19/23 | — | 103 | |||||||||||
| USD | 20,000 | COP | 96,380,000 | BOA | 06/16/23 | — | 394 | |||||||||||
| USD | 99,866 | COP | 491,338,270 | BOA | 06/16/23 | — | 4,100 | |||||||||||
| USD | 100,089 | COP | 491,338,270 | BRC | 06/16/23 | — | 3,876 | |||||||||||
| USD | 10,000 | COP | 49,555,000 | UBS | 06/16/23 | — | 486 | |||||||||||
| USD | 29,950 | CZK | 648,283 | BRC | 05/19/23 | 62 | — | |||||||||||
| USD | 120,000 | CZK | 2,652,132 | SCB | 05/19/23 | — | 2,273 | |||||||||||
| USD | 17,940 | EUR | 16,842 | SCB | 05/19/23 | — | 372 | |||||||||||
| USD | 20,000 | HUF | 7,276,446 | SCB | 05/19/23 | — | 469 | |||||||||||
| USD | 30,000 | IDR | 466,740,000 | BRC | 05/17/23 | — | 1,090 | |||||||||||
| USD | 90,000 | IDR | 1,361,430,000 | JPM | 05/17/23 | — | 687 | |||||||||||
| USD | 40,000 | MXN | 728,869 | BRC | 05/19/23 | — | 96 | |||||||||||
| USD | 201,573 | MXN | 3,764,932 | BRC | 05/19/23 | — | 5,542 | |||||||||||
| USD | 10,000 | MXN | 185,966 | SCB | 05/19/23 | — | 230 | |||||||||||
| USD | 10,000 | MYR | 42,350 | SCB | 04/25/23 | 390 | — | |||||||||||
| USD | 20,000 | MYR | 88,490 | SCB | 04/25/23 | — | 80 | |||||||||||
| USD | 90,000 | MYR | 397,665 | SCB | 04/25/23 | — | 240 | |||||||||||
| USD | 20,000 | PEN | 75,840 | BOA | 06/16/23 | — | 59 | |||||||||||
| USD | 110,591 | PEN | 424,439 | BRC | 06/16/23 | — | 1,668 | |||||||||||
| USD | 110,617 | PEN | 424,439 | HSB | 06/16/23 | — | 1,642 | |||||||||||
| USD | 110,574 | PEN | 424,439 | SCB | 06/16/23 | — | 1,686 | |||||||||||
| USD | 10,000 | PEN | 38,405 | UBS | 06/16/23 | — | 158 | |||||||||||
| USD | 20,000 | PLN | 86,413 | BRC | 05/19/23 | 36 | — | |||||||||||
| USD | 60,000 | PLN | 261,526 | HSB | 05/19/23 | — | 420 | |||||||||||
Lazard Emerging Markets Debt Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 10,000 | RON | 45,613 | SCB | 05/19/23 | $ | 18 | $ | — | |||||||||
| USD | 10,000 | RON | 45,922 | UBS | 05/19/23 | — | 50 | |||||||||||
| USD | 250,000 | THB | 8,540,350 | BRC | 06/13/23 | — | 1,514 | |||||||||||
| USD | 60,000 | THB | 2,032,650 | SCB | 06/13/23 | 138 | — | |||||||||||
| USD | 20,000 | TRY | 388,002 | HSB | 04/13/23 | — | 12 | |||||||||||
| USD | 8,963 | UYU | 353,959 | HSB | 06/06/23 | — | 83 | |||||||||||
| USD | 93,459 | ZAR | 1,732,881 | BOA | 05/19/23 | — | 3,483 | |||||||||||
| USD | 93,560 | ZAR | 1,732,881 | BRC | 05/19/23 | — | 3,382 | |||||||||||
| USD | 10,000 | ZAR | 184,751 | SCB | 05/19/23 | — | 335 | |||||||||||
| USD | 93,398 | ZAR | 1,732,881 | SCB | 05/19/23 | — | 3,544 | |||||||||||
| USD | 93,383 | ZAR | 1,732,881 | UBS | 05/19/23 | — | 3,559 | |||||||||||
| UYU | 353,959 | USD | 8,949 | HSB | 06/06/23 | 98 | — | |||||||||||
| ZAR | 2,317,067 | USD | 125,149 | BRC | 05/19/23 | 4,474 | — | |||||||||||
| ZAR | 1,918,118 | USD | 104,203 | SSB | 05/19/23 | 3,101 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 78,761 | $ | 67,379 | ||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio | ||||||||||
| Corporate Bonds | 31.6% | ||||||||||
| Canada | 1.1% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 40 | $ | 36,212 | ||||||
| Germany | 1.5% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 55 | 49,556 | |||||||
| Switzerland | 0.4% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 17 | 15,588 | |||||||
| United States | 28.6% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 20 | 17,763 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 40 | 32,745 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 40 | 38,987 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 35 | 32,189 | |||||||
| Apple, Inc., 1.125%, 05/11/25 | USD | 55 | 51,620 | |||||||
| AT&T, Inc., 3.500%, 06/01/41 | USD | 35 | 27,622 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 20 | 19,850 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 23 | 22,872 | |||||||
| 1.978% (CDOR 03 Month + 0.600%), 09/15/27 (§) | CAD | 25 | 16,768 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 30 | 28,022 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 20 | 19,290 | |||||||
| Comcast Corp., 4.650%, 02/15/33 | USD | 25 | 25,127 | |||||||
| Dell International LLC / EMC Corp., 5.300%, 10/01/29 | USD | 40 | 40,302 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 25 | 19,971 | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 15 | 16,724 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 50 | 35,559 | |||||||
| Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 50 | 41,183 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 35 | $ | 33,090 | ||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 10 | 9,439 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 25 | 25,007 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 50 | 35,996 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 45 | 39,932 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 35 | 33,685 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 15 | 13,399 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 30 | 22,805 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 15 | 12,256 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 65 | 51,108 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 25 | 24,087 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 20 | 18,029 | |||||||
| Sysco Corp., 2.400%, 02/15/30 | USD | 30 | 26,205 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 50 | 43,869 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 25 | 23,906 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 45 | 43,478 | |||||||
| Waste Management, Inc., 4.625%, 02/15/30 | USD | 20 | 20,011 | |||||||
| 962,896 | ||||||||||
| Total Corporate Bonds (Cost $1,168,849) | 1,064,252 | |||||||||
| Foreign Government Obligations | 47.0% | ||||||||||
| Australia | 2.6% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 90 | 49,911 | |||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 70 | 38,577 | |||||||
| 88,488 | ||||||||||
| Bahamas | 1.4% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 63 | 46,651 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| Canada | 5.2% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 90 | $ | 58,071 | ||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 35 | 25,037 | |||||||
| Quebec, 1.850%, 02/13/27 | CAD | 50 | 34,871 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 80 | 57,809 | |||||||
| 175,788 | ||||||||||
| Chile | 2.4% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 30,000 | 37,150 | |||||||
| 2.300%, 10/01/28 | CLP | 40,000 | 42,673 | |||||||
| 79,823 | ||||||||||
| Colombia | 0.7% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 126,000 | 25,001 | |||||||
| Czech Republic | 2.1% | ||||||||||
| Czech Republic Government Bonds, 7.210% (PRIBOR 6 Month), 11/19/27 (§) | CZK | 1,500 | 68,961 | |||||||
| Denmark | 1.1% | ||||||||||
| Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 305 | 35,967 | |||||||
| France | 1.2% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 44 | 39,676 | |||||||
| Hungary | 0.8% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 35 | 25,842 | |||||||
| Ireland | 2.0% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 70 | 68,761 | |||||||
| Italy | 1.1% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35 | EUR | 35 | 37,071 | |||||||
| Mexico | 2.9% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 580 | 31,041 | |||||||
| 7.500%, 06/03/27 | MXN | 690 | 36,310 | |||||||
| Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | 25 | 31,102 | |||||||
| 98,453 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| New Zealand | 7.1% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 120 | $ | 69,842 | ||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 135 | 81,787 | |||||||
| 1.500%, 04/20/29 | NZD | 75 | 38,572 | |||||||
| 2.000%, 04/15/37 | NZD | 115 | 48,995 | |||||||
| 239,196 | ||||||||||
| Norway | 2.8% | ||||||||||
| Oslo, 2.350%, 09/04/24 | NOK | 1,000 | 93,298 | |||||||
| Panama | 1.0% | ||||||||||
| Panama Government International Bonds, 8.875%, 09/30/27 | USD | 30 | 34,815 | |||||||
| Peru | 2.8% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 250 | 60,754 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 40 | 32,533 | |||||||
| 93,287 | ||||||||||
| Poland | 1.5% | ||||||||||
| Poland Government Bonds, 7.560% (WIBOR 6 Month), 05/25/28 (§) | PLN | 220 | 48,986 | |||||||
| Portugal | 1.8% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 65 | 62,050 | |||||||
| Singapore | 1.3% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 55 | 42,858 | |||||||
| Spain | 1.7% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 85 | 58,182 | |||||||
| Switzerland | 0.6% | ||||||||||
| Swiss Confederation Government Bonds, 0.500%, 06/27/32 | CHF | 20 | 20,565 | |||||||
| Thailand | 1.8% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 2,285 | 59,597 | |||||||
| United Kingdom | 1.1% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 40 | 38,032 | |||||||
| Total Foreign Government Obligations (Cost $1,833,379) | 1,581,348 | |||||||||
| Quasi Government Bonds | 2.9% | ||||||||||
| Germany | 2.9% | ||||||||||
| Kreditanstalt fuer Wiederaufbau: | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Fixed Income Portfolio (continued) | ||||||||||
| 0.000%, 09/15/28 | EUR | 25 | $ | 23,253 | ||||||
| 1.750%, 09/14/29 | USD | 58 | 51,566 | |||||||
| 0.000%, 04/18/36 | USD | 35 | 21,355 | |||||||
| (Cost $103,649) | 96,174 | |||||||||
| Supranational Bonds | 9.8% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 35 | 33,720 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 70 | 46,307 | |||||||
| Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 330,000 | 21,274 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 41 | 24,897 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.900%, 11/26/25 | AUD | 50 | 32,775 | |||||||
| 1.250%, 03/16/26 | NOK | 600 | 54,087 | |||||||
| 1.125%, 09/13/28 | USD | 30 | 26,168 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 35 | 33,238 | |||||||
| 1.500%, 04/15/35 | AUD | 117 | 55,733 | |||||||
| Total Supranational Bonds (Cost $399,567) | 328,199 | |||||||||
| U.S. Municipal Bonds | 2.5% | ||||||||||
| California | 2.5% | ||||||||||
| California: | ||||||||||
| 4.500%, 04/01/33 | USD | 45 | 44,797 | |||||||
| 7.550%, 04/01/39 | USD | 30 | 38,838 | |||||||
| (Cost $94,789) | 83,635 | |||||||||
| U.S. Treasury Securities | 4.0% | ||||||||||
| U.S. Treasury Bonds: | ||||||||||
| 4.125%, 11/15/32 | USD | 35 | 36,777 | |||||||
| 1.750%, 08/15/41 | USD | 136 | 98,473 | |||||||
| (Cost $139,182) | 135,250 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Short-Term Investments | 0.4% | ||||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $11,942) | 11,942 | $ | 11,942 | |||||||
| Total Investments (») | 98.2% (Cost $3,751,357) | $ | 3,300,800 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 1.8% | 61,168 | |||||||||
| Net Assets | 100.0% | $ | 3,361,968 | ||||||||
Lazard Global Fixed Income Portfolio (continued)
Forward Currency Contracts open at March 31, 2023:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 12,573 | USD | 9,000 | CIT | 05/10/23 | $ | — | $ | 584 | |||||||||
| AUD | 36,050 | USD | 24,241 | HSB | 05/10/23 | — | 113 | |||||||||||
| CAD | 18,207 | USD | 13,369 | HSB | 05/10/23 | 110 | — | |||||||||||
| CAD | 32,385 | USD | 23,779 | HSB | 05/10/23 | 197 | — | |||||||||||
| CAD | 36,188 | USD | 26,382 | HSB | 05/10/23 | 409 | — | |||||||||||
| CAD | 71,233 | USD | 51,826 | HSB | 05/10/23 | 910 | — | |||||||||||
| CNH | 2,643,605 | USD | 384,050 | HSB | 05/10/23 | 1,680 | — | |||||||||||
| COP | 23,168,244 | USD | 4,400 | HSB | 04/25/23 | 554 | — | |||||||||||
| CZK | 152,689 | USD | 6,862 | JPM | 04/25/23 | 186 | — | |||||||||||
| CZK | 346,546 | USD | 16,000 | JPM | 04/25/23 | — | 4 | |||||||||||
| EUR | 83,110 | USD | 89,545 | CIT | 04/18/23 | 657 | — | |||||||||||
| EUR | 23,603 | USD | 25,108 | HSB | 04/18/23 | 510 | — | |||||||||||
| EUR | 295,425 | USD | 318,252 | HSB | 04/18/23 | 2,386 | — | |||||||||||
| EUR | 73,601 | USD | 78,101 | JPM | 04/18/23 | 1,780 | — | |||||||||||
| EUR | 39,688 | USD | 44,000 | JPM | 05/10/23 | — | 871 | |||||||||||
| EUR | 8,439 | USD | 9,092 | MSC | 04/18/23 | 67 | — | |||||||||||
| GBP | 3,749 | USD | 4,478 | HSB | 05/10/23 | 151 | — | |||||||||||
| GBP | 87,975 | USD | 106,118 | HSB | 05/10/23 | 2,489 | — | |||||||||||
| GBP | 80,915 | USD | 98,299 | JPM | 05/10/23 | 1,592 | — | |||||||||||
| HUF | 5,685,778 | USD | 15,708 | HSB | 05/10/23 | 330 | — | |||||||||||
| INR | 1,805,650 | USD | 22,000 | HSB | 04/28/23 | — | 59 | |||||||||||
| JPY | 1,852,987 | USD | 14,085 | CIT | 04/18/23 | — | 101 | |||||||||||
| JPY | 66,670,978 | USD | 506,741 | HSB | 04/18/23 | — | 3,597 | |||||||||||
| KRW | 74,813,620 | USD | 52,466 | JPM | 04/18/23 | 5,050 | — | |||||||||||
| MXN | 58,172 | USD | 3,000 | JPM | 05/10/23 | 206 | — | |||||||||||
| MXN | 530,380 | USD | 29,094 | JPM | 05/10/23 | 133 | — | |||||||||||
| NOK | 56,517 | USD | 5,412 | HSB | 05/10/23 | — | 5 | |||||||||||
| NZD | 32,659 | USD | 20,251 | HSB | 05/10/23 | 171 | — | |||||||||||
| PEN | 16,110 | USD | 4,000 | JPM | 04/25/23 | 275 | — | |||||||||||
| PLN | 34,267 | USD | 7,703 | HSB | 05/10/23 | 218 | — | |||||||||||
| PLN | 98,954 | USD | 23,003 | HSB | 05/10/23 | — | 130 | |||||||||||
| RON | 364,832 | USD | 80,565 | HSB | 05/10/23 | — | 695 | |||||||||||
| SEK | 432,887 | USD | 41,540 | JPM | 05/10/23 | 251 | — | |||||||||||
| SGD | 4,983 | USD | 3,707 | HSB | 05/10/23 | 42 | — | |||||||||||
| USD | 10,000 | AUD | 14,887 | CIT | 05/10/23 | 36 | — | |||||||||||
| USD | 73,277 | AUD | 105,428 | CIT | 05/10/23 | 2,713 | — | |||||||||||
| USD | 1,971 | AUD | 2,837 | HSB | 05/10/23 | 73 | — | |||||||||||
| USD | 4,500 | AUD | 6,814 | HSB | 05/10/23 | — | 61 | |||||||||||
| USD | 39,331 | AUD | 56,596 | HSB | 05/10/23 | 1,450 | — | |||||||||||
| USD | 6,000 | AUD | 8,857 | JPM | 05/10/23 | 72 | — | |||||||||||
| USD | 14,000 | AUD | 20,735 | JPM | 05/10/23 | 122 | — | |||||||||||
| USD | 69,141 | AUD | 99,493 | MSC | 05/10/23 | 2,549 | — | |||||||||||
| USD | 151,035 | CAD | 203,101 | CIT | 05/10/23 | 674 | — | |||||||||||
| USD | 8,700 | CAD | 11,955 | HSB | 05/10/23 | — | 151 | |||||||||||
| USD | 12,000 | CAD | 16,301 | HSB | 05/10/23 | — | 68 | |||||||||||
Lazard Global Fixed Income Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 17,000 | CAD | 23,319 | HSB | 05/10/23 | $ | — | $ | 263 | |||||||||
| USD | 36,707 | CAD | 49,353 | HSB | 05/10/23 | 170 | — | |||||||||||
| USD | 109,662 | CAD | 147,463 | JPM | 05/10/23 | 491 | — | |||||||||||
| USD | 31,215 | CLP | 25,007,753 | CIT | 04/28/23 | — | 163 | |||||||||||
| USD | 43,625 | CLP | 34,834,270 | HSB | 04/28/23 | — | 83 | |||||||||||
| USD | 12,000 | CNH | 82,363 | HSB | 05/10/23 | — | 18 | |||||||||||
| USD | 26,700 | CNH | 185,938 | HSB | 05/10/23 | — | 430 | |||||||||||
| USD | 35,600 | CNH | 243,857 | HSB | 05/10/23 | 19 | — | |||||||||||
| USD | 24,474 | COP | 124,270,000 | HSB | 04/25/23 | — | 2,099 | |||||||||||
| USD | 22,000 | CZK | 503,024 | CIT | 04/25/23 | — | 1,219 | |||||||||||
| USD | 1,800 | CZK | 40,347 | JPM | 04/25/23 | — | 62 | |||||||||||
| USD | 2,800 | CZK | 61,490 | JPM | 04/25/23 | — | 38 | |||||||||||
| USD | 42,834 | CZK | 962,396 | JPM | 04/25/23 | — | 1,589 | |||||||||||
| USD | 16,365 | DKK | 113,651 | JPM | 05/10/23 | — | 219 | |||||||||||
| USD | 21,491 | EUR | 19,950 | HSB | 04/18/23 | — | 161 | |||||||||||
| USD | 60,000 | EUR | 56,742 | HSB | 04/18/23 | — | 1,584 | |||||||||||
| USD | 23,000 | EUR | 21,177 | JPM | 04/18/23 | 16 | — | |||||||||||
| USD | 29,869 | EUR | 27,670 | JPM | 04/18/23 | — | 161 | |||||||||||
| USD | 79,600 | EUR | 74,412 | JPM | 04/18/23 | — | 1,163 | |||||||||||
| USD | 10,000 | GBP | 8,200 | HSB | 05/10/23 | — | 123 | |||||||||||
| USD | 11,700 | GBP | 9,881 | HSB | 05/10/23 | — | 498 | |||||||||||
| USD | 31,746 | GBP | 26,256 | HSB | 05/10/23 | — | 667 | |||||||||||
| USD | 16,000 | GBP | 13,287 | JPM | 05/10/23 | — | 403 | |||||||||||
| USD | 72,696 | GBP | 60,128 | JPM | 05/10/23 | — | 1,534 | |||||||||||
| USD | 3,135 | IDR | 47,651,848 | JPM | 04/18/23 | — | 42 | |||||||||||
| USD | 35,400 | JPY | 4,826,891 | CIT | 04/18/23 | — | 1,027 | |||||||||||
| USD | 10,000 | JPY | 1,326,895 | HSB | 04/18/23 | — | 14 | |||||||||||
| USD | 14,000 | JPY | 1,839,627 | HSB | 04/18/23 | 117 | — | |||||||||||
| USD | 46,800 | JPY | 6,332,866 | HSB | 04/18/23 | — | 992 | |||||||||||
| USD | 14,000 | KRW | 18,195,800 | JPM | 04/18/23 | 11 | — | |||||||||||
| USD | 33,057 | MXN | 637,136 | HSB | 05/10/23 | — | 2,054 | |||||||||||
| USD | 2,400 | MXN | 44,016 | JPM | 05/10/23 | — | 26 | |||||||||||
| USD | 3,200 | MXN | 58,723 | JPM | 05/10/23 | — | 36 | |||||||||||
| USD | 30,490 | MXN | 587,793 | JPM | 05/10/23 | — | 1,901 | |||||||||||
| USD | 308 | NOK | 3,150 | HSB | 05/10/23 | 7 | — | |||||||||||
| USD | 153,641 | NOK | 1,571,518 | JPM | 05/10/23 | 3,291 | — | |||||||||||
| USD | 73,640 | NZD | 116,322 | CIT | 05/10/23 | 901 | — | |||||||||||
| USD | 80,096 | NZD | 126,508 | HSB | 05/10/23 | 986 | — | |||||||||||
| USD | 97,930 | NZD | 154,727 | JPM | 05/10/23 | 1,175 | — | |||||||||||
| USD | 56,669 | PEN | 230,134 | JPM | 04/25/23 | — | 4,400 | |||||||||||
| USD | 3,600 | PLN | 15,846 | HSB | 05/10/23 | — | 63 | |||||||||||
| USD | 29,000 | PLN | 129,643 | HSB | 05/10/23 | — | 968 | |||||||||||
| USD | 40,614 | PLN | 177,538 | HSB | 05/10/23 | — | 425 | |||||||||||
| USD | 1,800 | RON | 8,421 | HSB | 05/10/23 | — | 44 | |||||||||||
| USD | 2,400 | RON | 11,109 | HSB | 05/10/23 | — | 32 | |||||||||||
| USD | 53,000 | RON | 248,550 | HSB | 05/10/23 | — | 1,413 | |||||||||||
| USD | 25,000 | SEK | 257,321 | JPM | 05/10/23 | 158 | — | |||||||||||
| Lazard Global Fixed Income Portfolio (concluded) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 8,908 | SGD | 11,641 | HSB | 05/10/23 | $ | 150 | $ | — | |||||||||
| USD | 27,391 | SGD | 35,803 | JPM | 05/10/23 | 457 | — | |||||||||||
| USD | 44,361 | THB | 1,546,415 | HSB | 05/10/23 | — | 1,036 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 35,992 | $ | 33,389 | ||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio | ||||||||
| Convertible Corporate Bonds | 85.6% | ||||||||
| Automobile Components | 1.1% | ||||||||
| Luminar Technologies, Inc., 1.250%, 12/15/26 | $ | 146 | $ | 95,910 | ||||
| Automobiles | 2.5% | ||||||||
| Ford Motor Co., 0.000%, 03/15/26 | 178 | 178,712 | ||||||
| Lucid Group, Inc., 1.250%, 12/15/26 | 72 | 40,932 | ||||||
| 219,644 | ||||||||
| Biotechnology | 4.7% | ||||||||
| BioMarin Pharmaceutical, Inc., 0.599%, 08/01/24 | 137 | 140,902 | ||||||
| Exact Sciences Corp., 0.375%, 03/01/28 | 207 | 182,799 | ||||||
| Sarepta Therapeutics, Inc., 1.250%, 09/15/27 | 76 | 91,358 | ||||||
| 415,059 | ||||||||
| Broadline Retail | 2.4% | ||||||||
| Etsy, Inc., 0.125%, 09/01/27 | 172 | 155,576 | ||||||
| Wayfair, Inc., 3.250%, 09/15/27 | 68 | 58,072 | ||||||
| 213,648 | ||||||||
| Commercial Services & Supplies | 0.7% | ||||||||
| Sabre GLBL, Inc., 4.000%, 04/15/25 | 70 | 63,362 | ||||||
| Communications Equipment | 1.1% | ||||||||
| Lumentum Holdings, Inc., 0.500%, 06/15/28 | 123 | 94,265 | ||||||
| Diversified REITs | 0.9% | ||||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 | 90 | 76,633 | ||||||
| Electric Utilities | 2.5% | ||||||||
| Alliant Energy Corp., 3.875%, 03/15/26 | 84 | 87,227 | ||||||
| Southern Co., 3.875%, 12/15/25 | 128 | 130,078 | ||||||
| 217,305 | ||||||||
| Entertainment | 3.1% | ||||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 | 51 | 64,921 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Live Nation Entertainment, Inc., 2.000%, 02/15/25 | $ | 212 | $ | 207,336 | ||||
| 272,257 | ||||||||
| Ground Transportation | 1.9% | ||||||||
| Uber Technologies, Inc., 0.000%, 12/15/25 | 192 | 169,878 | ||||||
| Health Care Equipment & Supplies | 5.2% | ||||||||
| Dexcom, Inc., 0.250%, 11/15/25 | 260 | 279,801 | ||||||
| Insulet Corp., 0.375%, 09/01/26 | 53 | 79,421 | ||||||
| Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 | 91 | 88,960 | ||||||
| Novocure Ltd., 0.000%, 11/01/25 | 12 | 10,434 | ||||||
| 458,616 | ||||||||
| Health Care Providers & Services | 1.1% | ||||||||
| Guardant Health, Inc., 0.000%, 11/15/27 | 143 | 96,572 | ||||||
| Health Care Technology | 1.7% | ||||||||
| Teladoc Health, Inc., 1.250%, 06/01/27 | 188 | 145,943 | ||||||
| Hotels, Restaurants & Leisure | 6.6% | ||||||||
| Airbnb, Inc., 0.000%, 03/15/26 | 59 | 51,743 | ||||||
| Booking Holdings, Inc., 0.750%, 05/01/25 | 62 | 93,149 | ||||||
| Carnival Corp., 5.750%, 10/01/24 | 45 | 56,340 | ||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 | 103 | 100,219 | ||||||
| NCL Corp. Ltd., 5.375%, 08/01/25 | 72 | 77,868 | ||||||
| Royal Caribbean Cruises Ltd., 6.000%, 08/15/25 | 71 | 108,594 | ||||||
| Vail Resorts, Inc., 0.000%, 01/01/26 | 103 | 92,507 | ||||||
| 580,420 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.8% | ||||||||
| NextEra Energy Partners LP, 0.000%, 11/15/25 | 74 | 69,412 | ||||||
| Interactive Media & Services | 3.9% | ||||||||
| Match Group Financeco 3, Inc., 2.000%, 01/15/30 | 250 | 214,505 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| Snap, Inc., 0.750%, 08/01/26 | $ | 136 | $ | 125,086 | ||||
| 339,591 | ||||||||
| IT Services | 7.4% | ||||||||
| Akamai Technologies, Inc., 0.375%, 09/01/27 | 151 | 139,435 | ||||||
| Block, Inc., 0.125%, 03/01/25 | 171 | 164,245 | ||||||
| Cloudflare, Inc., 0.000%, 08/15/26 | 169 | 143,566 | ||||||
| MongoDB, Inc., 0.250%, 01/15/26 | 99 | 128,279 | ||||||
| Okta, Inc., 0.125%, 09/01/25 | 84 | 76,146 | ||||||
| 651,671 | ||||||||
| Machinery | 1.0% | ||||||||
| Middleby Corp., 1.000%, 09/01/25 | 66 | 82,187 | ||||||
| Media | 3.5% | ||||||||
| Cable One, Inc., 1.125%, 03/15/28 | 117 | 86,112 | ||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 | 135 | 132,638 | ||||||
| Liberty Media Corp., 3.750%, 03/15/28 | 88 | 88,528 | ||||||
| 307,278 | ||||||||
| Metals & Mining | 1.0% | ||||||||
| MP Materials Corp., 0.250%, 04/01/26 | 94 | 88,798 | ||||||
| Oil, Gas & Consumable Fuels | 2.4% | ||||||||
| EQT Corp., 1.750%, 05/01/26 | 21 | 46,355 | ||||||
| Pioneer Natural Resources Co., 0.250%, 05/15/25 | 77 | 164,780 | ||||||
| 211,135 | ||||||||
| Passenger Airlines | 4.5% | ||||||||
| JetBlue Airways Corp., 0.500%, 04/01/26 | 191 | 147,452 | ||||||
| Southwest Airlines Co., 1.250%, 05/01/25 | 164 | 186,919 | ||||||
| Spirit Airlines, Inc., 1.000%, 05/15/26 | 77 | 62,408 | ||||||
| 396,779 | ||||||||
| Pharmaceuticals | 2.5% | ||||||||
| Jazz Investments I Ltd., 2.000%, 06/15/26 | 200 | 222,500 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Real Estate Management & Development | 1.5% | ||||||||
| Zillow Group, Inc., 1.375%, 09/01/26 | $ | 112 | $ | 132,888 | ||||
| Semiconductors & Semiconductor Equipment | 8.4% | ||||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 | 151 | 155,907 | ||||||
| Microchip Technology, Inc., 0.125%, 11/15/24 | 132 | 148,014 | ||||||
| ON Semiconductor Corp., 0.500%, 03/01/29 | 172 | 179,673 | ||||||
| Wolfspeed, Inc., 0.250%, 02/15/28 | 305 | 255,590 | ||||||
| 739,184 | ||||||||
| Software | 12.2% | ||||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 | 98 | 90,111 | ||||||
| Five9, Inc., 0.500%, 06/01/25 | 109 | 100,613 | ||||||
| HubSpot, Inc., 0.375%, 06/01/25 | 73 | 115,960 | ||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 174 | 351,741 | ||||||
| Splunk, Inc., 1.125%, 09/15/25 | 147 | 142,609 | ||||||
| Tyler Technologies, Inc., 0.250%, 03/15/26 | 80 | 76,800 | ||||||
| Ziff Davis, Inc., 1.750%, 11/01/26 | 120 | 117,900 | ||||||
| Zscaler, Inc., 0.125%, 07/01/25 | 71 | 75,225 | ||||||
| 1,070,959 | ||||||||
| Specialty Retail | 1.0% | ||||||||
| Burlington Stores, Inc., 2.250%, 04/15/25 | 72 | 83,385 | ||||||
| Total Convertible Corporate Bonds (Cost $7,310,849) | 7,515,279 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 12.8% | ||||||||
| Automobile Components | 1.0% | ||||||||
| Aptiv PLC Series A | 694 | $ | 85,182 | |||||
| Banks | 1.1% | ||||||||
| Wells Fargo & Co. Series L | 83 | 97,629 | ||||||
| Electric Utilities | 2.9% | ||||||||
| NextEra Energy, Inc. | 3,496 | 162,040 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Convertibles Portfolio (concluded) | ||||||||
| PG&E Corp. | 653 | $ | 92,941 | |||||
| 254,981 | ||||||||
| Financial Services | 3.4% | ||||||||
| AMG Capital Trust II | 1,426 | 70,230 | ||||||
| Bank of America Corp. Series L | 193 | 225,378 | ||||||
| 295,608 | ||||||||
| Health Care Equipment & Supplies | 2.2% | ||||||||
| Becton Dickinson & Co. Series B | 2,302 | 114,455 | ||||||
| Boston Scientific Corp. Series A | 648 | 78,434 | ||||||
| 192,889 | ||||||||
| Independent Power & Renewable Electricity Producers | 1.2% | ||||||||
| AES Corp. | 1,211 | 108,397 | ||||||
| Life Sciences Tools & Services | 1.0% | ||||||||
| Danaher Corp. Series B | 73 | 93,027 | ||||||
| Total Preferred Stocks (Cost $1,137,074) | 1,127,713 | |||||||
| Short-Term Investments | 1.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $148,882) | 148,882 | 148,882 | ||||||
| Total Investments | 100.1% (Cost $8,596,805) | $ | 8,791,874 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (12,000) | |||||||
| Net Assets | 100.0% | $ | 8,779,874 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 87.0% | ||||||||
| Aerospace & Defense | 0.6% | ||||||||
| Howmet Aerospace, Inc., 3.000%, 01/15/29 | $ | 1,500 | $ | 1,329,900 | ||||
| Automobile Components | 0.7% | ||||||||
| Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 241,752 | ||||||
| 5.250%, 07/15/31 | 1,500 | 1,295,595 | ||||||
| 1,537,347 | ||||||||
| Automobiles | 0.3% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 819,837 | ||||||
| Building Products | 1.4% | ||||||||
| Builders FirstSource, Inc., 4.250%, 02/01/32 (#) | 2,000 | 1,742,778 | ||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,622,600 | ||||||
| 3,365,378 | ||||||||
| Capital Markets | 1.4% | ||||||||
| Icahn Enterprises LP, 6.250%, 05/15/26 | 1,500 | 1,476,113 | ||||||
| MPT Operating Partnership LP, 3.500%, 03/15/31 | 500 | 336,600 | ||||||
| MSCI, Inc., 3.250%, 08/15/33 (#) | 1,750 | 1,433,161 | ||||||
| 3,245,874 | ||||||||
| Chemicals | 3.1% | ||||||||
| Ashland LLC, 3.375%, 09/01/31 (#) | 1,500 | 1,226,146 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,750 | 1,649,293 | ||||||
| Mosaic Global Holdings, Inc., 7.300%, 01/15/28 | 775 | 847,776 | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,430,625 | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | 1,500 | 1,272,840 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 963,910 | ||||||
| 7,390,590 | ||||||||
| Commercial Services & Supplies | 5.3% | ||||||||
| ACCO Brands Corp., 4.250%, 03/15/29 (#) | 2,000 | 1,726,520 | ||||||
| ADT Security Corp.: | ||||||||
| 4.125%, 06/15/23 | 72 | 71,651 | ||||||
| 4.125%, 08/01/29 (#) | 250 | 222,948 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 1,968,189 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Ashtead Capital, Inc., 4.375%, 08/15/27 (#) | $ | 1,900 | $ | 1,820,316 | ||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 1,929,016 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,583,750 | ||||||
| KAR Auction Services, Inc., 5.125%, 06/01/25 (#) | 1,800 | 1,777,500 | ||||||
| Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#) | 1,500 | 1,344,375 | ||||||
| 12,444,265 | ||||||||
| Construction Materials | 0.7% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,649,787 | ||||||
| Consumer Finance | 0.8% | ||||||||
| Ford Motor Credit Co. LLC: | ||||||||
| 2.700%, 08/10/26 | 1,000 | 889,990 | ||||||
| 4.125%, 08/17/27 | 1,000 | 916,240 | ||||||
| 1,806,230 | ||||||||
| Consumer Staples Distribution & Retail | 2.8% | ||||||||
| Albertsons Cos, Inc., 3.500%, 03/15/29 (#) | 1,500 | 1,305,141 | ||||||
| Kraft Heinz Foods Co., 4.250%, 03/01/31 | 2,350 | 2,274,010 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,616,350 | ||||||
| US Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,353,078 | ||||||
| 6,548,579 | ||||||||
| Containers & Packaging | 3.6% | ||||||||
| Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#) | 1,200 | 939,000 | ||||||
| Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#) | 1,200 | 1,119,000 | ||||||
| Ball Corp., 2.875%, 08/15/30 | 1,000 | 832,955 | ||||||
| Crown Americas LLC, 4.250%, 09/30/26 | 500 | 479,334 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,464,320 | ||||||
| Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 02/01/28 (#) | 1,000 | 1,011,155 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 1,996 | 1,878,625 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | $ | 750 | $ | 790,341 | ||||
| 8,514,730 | ||||||||
| Diversified Consumer Services | 0.8% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 1,926,920 | ||||||
| Diversified REITs | 4.3% | ||||||||
| HAT Holdings I LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,301,250 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 449,358 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,074,162 | ||||||
| Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#) | 1,500 | 1,290,450 | ||||||
| RHP Hotel Properties LP, 4.500%, 02/15/29 (#) | 1,750 | 1,580,740 | ||||||
| SBA Communications Corp., 3.125%, 02/01/29 | 1,500 | 1,304,910 | ||||||
| VICI Properties LP / VICI Note Co. Inc. | ||||||||
| 4.500%, 09/01/26 (#) | 1,800 | 1,693,182 | ||||||
| 4.250%, 12/01/26 (#) | 1,500 | 1,399,524 | ||||||
| 10,093,576 | ||||||||
| Diversified Telecommunication Services | 1.8% | ||||||||
| Connect Finco SARL, 6.750%, 10/01/26 (#) | 1,500 | 1,408,125 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 1,983,523 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 1,250 | 950,000 | ||||||
| 4,341,648 | ||||||||
| Electric Utilities | 0.5% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,202,654 | ||||||
| Electrical Equipment | 1.1% | ||||||||
| Rackspace Technology Global, Inc., 3.500%, 02/15/28 | 0 | 0 | ||||||
| Sensata Technologies, Inc.: | ||||||||
| 4.375%, 02/15/30 (#) | 1,100 | 1,002,275 | ||||||
| 3.750%, 02/15/31 (#) | 250 | 218,750 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,328,123 | ||||||
| 2,549,148 | ||||||||
| Energy Equipment & Services | 0.4% | ||||||||
| DCP Midstream Operating LP, 3.250%, 02/15/32 | 1,050 | 885,392 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Entertainment | 2.2% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | $ | 1,500 | $ | 1,297,500 | ||||
| Live Nation Entertainment, Inc.: | ||||||||
| 4.875%, 11/01/24 (#) | 1,550 | 1,519,000 | ||||||
| 3.750%, 01/15/28 (#) | 500 | 447,500 | ||||||
| Netflix, Inc., 4.375%, 11/15/26 | 500 | 494,375 | ||||||
| WMG Acquisition Corp., 3.000%, 02/15/31 (#) | 1,800 | 1,504,836 | ||||||
| 5,263,211 | ||||||||
| Financial Services | 1.1% | ||||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 564,200 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 552,920 | ||||||
| Suburban Propane Partners LP, 5.000%, 06/01/31 (#) | 1,750 | 1,529,062 | ||||||
| 2,646,182 | ||||||||
| Food Products | 3.6% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,396,875 | ||||||
| Darling Ingredients, Inc., 6.000%, 06/15/30 (#) | 2,000 | 1,993,200 | ||||||
| Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#) | 2,000 | 1,830,000 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,760,200 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,546,828 | ||||||
| 8,527,103 | ||||||||
| Gas Utilities | 0.6% | ||||||||
| AmeriGas Partners LP, 5.625%, 05/20/24 | 1,550 | 1,519,000 | ||||||
| Health Care Equipment & Supplies | 1.9% | ||||||||
| Avantor Funding, Inc., 3.875%, 11/01/29 (#) | 1,500 | 1,342,500 | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | 2,000 | 1,941,440 | ||||||
| Medline Borrower LP, 3.875%, 04/01/29 (#) | 1,500 | 1,301,250 | ||||||
| 4,585,190 | ||||||||
| Health Care Providers & Services | 4.2% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,308,666 | ||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,615,185 | ||||||
| HCA, Inc., 3.500%, 09/01/30 | 2,000 | 1,781,380 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | $ | 1,250 | $ | 1,022,330 | ||||
| Molina Healthcare, Inc., 3.875%, 05/15/32 (#) | 1,750 | 1,470,702 | ||||||
| PRA Health Sciences, Inc., 2.875%, 07/15/26 (#) | 200 | 184,482 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.625%, 07/15/24 | 309 | 304,804 | ||||||
| 4.875%, 01/01/26 | 1,000 | 980,360 | ||||||
| 4.375%, 01/15/30 | 1,500 | 1,346,250 | ||||||
| 10,014,159 | ||||||||
| Hotels, Restaurants & Leisure | 8.1% | ||||||||
| 1011778 BC ULC / New Red Finance Inc. 3.875%, 01/15/28 (#) | 2,100 | 1,953,000 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 815,235 | ||||||
| 4.750%, 06/15/31 (#) | 1,250 | 1,135,250 | ||||||
| Brinker International, Inc., 5.000%, 10/01/24 (#) | 2,000 | 1,961,630 | ||||||
| Cedar Fair LP, 5.375%, 04/15/27 | 1,550 | 1,481,278 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,687,500 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,447,875 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 756,604 | ||||||
| Six Flags Entertainment Corp., 4.875%, 07/31/24 (#) | 1,850 | 1,822,254 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,477,875 | ||||||
| Travel + Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,300,791 | ||||||
| Wynn Las Vegas LLC, 5.500%, 03/01/25 (#) | 2,000 | 1,962,500 | ||||||
| Yum! Brands, Inc., 4.625%, 01/31/32 | 1,500 | 1,395,000 | ||||||
| 19,196,792 | ||||||||
| Household Durables | 0.7% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,750 | 1,539,615 | ||||||
| Household Products | 1.2% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,079,951 | ||||||
| Spectrum Brands, Inc., 5.750%, 07/15/25 | 1,800 | 1,776,928 | ||||||
| 2,856,879 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Independent Power & Renewable Electricity Producers | 1.3% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | $ | 1,500 | $ | 1,391,428 | ||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,670,725 | ||||||
| 3,062,153 | ||||||||
| Interactive Media & Services | 0.5% | ||||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,294,139 | ||||||
| IT Services | 0.5% | ||||||||
| Block, Inc., 3.500%, 06/01/31 | 1,450 | 1,190,812 | ||||||
| Machinery | 3.2% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,695,694 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 729,375 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 898,475 | ||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | 2,000 | 1,786,545 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 1,000 | 930,510 | ||||||
| Vertiv Group Corp., 4.125%, 11/15/28 (#) | 1,750 | 1,544,121 | ||||||
| 7,584,720 | ||||||||
| Media | 9.4% | ||||||||
| CCO Holdings LLC: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 472,500 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,299,592 | ||||||
| Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 1,795,000 | ||||||
| DISH DBS Corp.: | ||||||||
| 5.250%, 12/01/26 (#) | 1,000 | 797,895 | ||||||
| 5.750%, 12/01/28 (#) | 750 | 559,687 | ||||||
| GCI LLC, 4.750%, 10/15/28 (#) | 250 | 215,683 | ||||||
| Gray Escrow II, Inc., 5.375%, 11/15/31 (#) | 1,000 | 664,000 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,290,000 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,386,046 | ||||||
| Outfront Media Capital LLC, 5.000%, 08/15/27 (#) | 2,300 | 2,071,909 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,176,994 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| 5.125%, 02/15/27 (#) | 1,750 | 1,531,250 | ||||||
| 4.125%, 12/01/30 (#) | 1,000 | 806,250 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| 5.000%, 08/01/27 (#) | $ | 1,750 | $ | 1,638,367 | ||||
| 3.875%, 09/01/31 (#) | 1,000 | 777,500 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,512,534 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 2,000 | 1,964,360 | ||||||
| Videotron Ltd., 5.125%, 04/15/27 (#) | 500 | 482,610 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,719,620 | ||||||
| 22,161,797 | ||||||||
| Metals & Mining | 1.3% | ||||||||
| FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,680,525 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,378,192 | ||||||
| 3,058,717 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | 1,743 | 1,448,398 | ||||||
| Oil, Gas & Consumable Fuels | 7.6% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,354,095 | ||||||
| Cheniere Energy Partners LP, 3.250%, 01/31/32 | 1,750 | 1,445,710 | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | 1,350 | 1,176,107 | ||||||
| EQT Corp., 3.625%, 05/15/31 (#) | 1,750 | 1,516,923 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,652,235 | ||||||
| Holly Energy Partners LP, 5.000%, 02/01/28 (#) | 1,000 | 933,576 | ||||||
| Murphy Oil Corp., 5.875%, 12/01/27 | 500 | 486,967 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,645,035 | ||||||
| Range Resources Corp., 4.750%, 02/15/30 (#) | 1,750 | 1,595,178 | ||||||
| Southwestern Energy Co.: | ||||||||
| 5.700%, 01/23/25 | 1,800 | 1,800,882 | ||||||
| 4.750%, 02/01/32 | 250 | 220,747 | ||||||
| Sunoco LP / Sunoco Finance Corp., 4.500%, 04/30/30 | 2,000 | 1,808,740 | ||||||
| Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#) | 1,250 | 1,142,954 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Targa Resources Partners LP, 4.000%, 01/15/32 | $ | 1,500 | $ | 1,307,310 | ||||
| 18,086,459 | ||||||||
| Passenger Airlines | 0.4% | ||||||||
| United Airlines Pass-Through Trust , Series A, 4.150%, 10/11/25 | 1,065 | 1,043,057 | ||||||
| Software | 1.7% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 1,070,963 | ||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 1,500 | 1,309,089 | ||||||
| NCR Corp.: | ||||||||
| 5.750%, 09/01/27 (#) | 1,000 | 982,730 | ||||||
| 5.125%, 04/15/29 (#) | 750 | 648,941 | ||||||
| 4,011,723 | ||||||||
| Specialty Retail | 1.7% | ||||||||
| Asbury Automotive Group, Inc.: | ||||||||
| 4.500%, 03/01/28 | 987 | 898,170 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 657,004 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 880,300 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,510,827 | ||||||
| 3,946,301 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.6% | ||||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | 2,083 | 1,840,851 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 1,918,909 | ||||||
| 3,759,760 | ||||||||
| Trading Companies & Distributors | 3.0% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 1,001,550 | ||||||
| Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#) | 1,500 | 1,450,275 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 1,500 | 1,447,500 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,607,369 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 500 | 495,255 | ||||||
| 3.875%, 11/15/27 | 1,100 | 1,031,525 | ||||||
| 7,033,474 | ||||||||
| Wireless Telecommunication Services | 1.0% | ||||||||
| Sprint Corp., 7.125%, 06/15/24 | 500 | 508,286 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| T-Mobile USA, Inc., 3.500%, 04/15/31 | $ | 2,000 | $ | 1,798,337 | ||||
| 2,306,623 | ||||||||
| Total Corporate Bonds (Cost $227,707,761) | 205,788,119 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 4.2% | ||||||||
| Invesco Fundamental High Yield Corporate Bond ETF (Cost $10,016,803) | 568,181 | $ | 9,948,849 | |||||
| Short-Term Investments | 7.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $17,951,100) | 17,951,100 | 17,951,100 | ||||||
| Total Investments | 98.8% (Cost $255,675,664) | $ | 233,688,068 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 2,801,482 | |||||||
| Net Assets | 100.0% | $ | 236,489,550 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Corporate Bonds | 13.5% | ||||||||
| Banks | 6.6% | ||||||||
| Citigroup, Inc., 2.014% (SOFR + 0.694%), 01/25/26 (§) | $ | 1,800 | $ | 1,694,724 | ||||
| JPMorgan Chase & Co., 2.301% (SOFR + 1.160%), 10/15/25 (§) | 1,725 | 1,649,501 | ||||||
| 3,344,225 | ||||||||
| Capital Markets | 3.2% | ||||||||
| Goldman Sachs Group, Inc., 4.000%, 03/03/24 | 1,650 | 1,626,656 | ||||||
| Consumer Finance | 3.7% | ||||||||
| American Express Co., 2.500%, 07/30/24 | 1,975 | 1,907,178 | ||||||
| Total Corporate Bonds (Cost $6,990,142) | 6,878,059 | |||||||
| U.S. Treasury Securities | 86.2% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 0.000%, 07/18/23 | 14,720 | 14,518,134 | ||||||
| 0.000%, 09/14/23 | 14,950 | 14,629,376 | ||||||
| 0.375%, 10/31/23 | 1,875 | 1,829,150 | ||||||
| 0.875%, 01/31/24 | 9,005 | 8,720,428 | ||||||
| 1.500%, 02/29/24 | 4,480 | 4,354,525 | ||||||
| Total U.S. Treasury Securities (Cost $44,390,471) | 44,051,613 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $127,541) | 127,541 | $ | 127,541 | |||||
| Total Investments | 99.9% (Cost $51,508,154) | $ | 51,057,213 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 50,093 | |||||||
| Net Assets | 100.0% | $ | 51,107,306 | ||||||
| Description | Shares |
Fair | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.6% | ||||||||
| United States | 0.6% | ||||||||
| Burlington Stores, Inc. (*), (±) | 3 | $ | 606 | |||||
| Fisker, Inc. (*), (±) | 5,487 | 33,690 | ||||||
| Fiverr International Ltd. (*) | 9 | 314 | ||||||
| Health Catalyst, Inc. (*), (±) | 403 | 4,703 | ||||||
| Lucid Group, Inc. (*), (±) | 4,257 | 34,226 | ||||||
| MannKind Corp. (*), (±) | 32,330 | 132,553 | ||||||
| NuVasive, Inc. (*), (±) | 157 | 6,486 | ||||||
| Upwork, Inc. (*), (±) | 87 | 985 | ||||||
| 213,563 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $237,664) | 213,563 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 156.7% | ||||||||||
| Australia | 0.1% | ||||||||||
| Zip Co. Ltd., 0.000%, 04/23/28 (±) | AUD | 300 | $ | 46,123 | ||||||
| Austria | 1.4% | ||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (±) | EUR | 700 | 529,128 | |||||||
| Brazil | 1.7% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±) | USD | 999 | 564,565 | |||||||
| MercadoLibre, Inc., 2.000%, 08/15/28 (±) | USD | 28 | 84,588 | |||||||
| 649,153 | ||||||||||
| Canada | 4.0% | ||||||||||
| Aurora Cannabis, Inc., 5.500%, 02/28/24 (±) | USD | 315 | 308,700 | |||||||
| Dye & Durham Ltd., 3.750%, 03/01/26 | CAD | 783 | 453,201 | |||||||
| Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±) | USD | 350 | 480,129 | |||||||
| Lithium Americas Corp., 1.750%, 01/15/27 (±) | USD | 199 | 163,180 | |||||||
| Shopify, Inc., 0.125%, 11/01/25 (±) | USD | 63 | 55,692 | |||||||
| StorageVault Canada, Inc., 5.000%, 03/31/28 | CAD | 121 | 90,507 | |||||||
| 1,551,409 | ||||||||||
| China | 1.8% | ||||||||||
| Li Auto, Inc., 0.250%, 05/01/28 (±) | USD | 614 | 683,996 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Hong Kong | 2.0% | ||||||||||
| Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±) | HKD | 6,000 | $ | 775,233 | ||||||
| Macau | 0.6% | ||||||||||
| Wynn Macau Ltd., 4.500%, 03/07/29 (±) | USD | 200 | 217,800 | |||||||
| Netherlands | 0.8% | ||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 300 | 309,082 | |||||||
| Panama | 6.1% | ||||||||||
| Copa Holdings SA, 4.500%, 04/15/25 (±) | USD | 1,272 | 2,356,873 | |||||||
| Singapore | 2.7% | ||||||||||
| Sea Ltd.: | ||||||||||
| 0.250%, 09/15/26 (±) | USD | 495 | 390,307 | |||||||
| 2.375%, 12/01/25 (±) | USD | 542 | 663,624 | |||||||
| 1,053,931 | ||||||||||
| South Korea | 1.0% | ||||||||||
| Delivery Hero SE Series A 1.000%, 04/30/26 (±) | EUR | 500 | 407,997 | |||||||
| United Kingdom | 0.5% | ||||||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 200 | 181,388 | |||||||
| United States | 134.0% | ||||||||||
| 8x8, Inc., 4.000%, 02/01/28 (±) | USD | 403 | 357,159 | |||||||
| Alliant Energy Corp., 3.875%, 03/15/26 (±) | USD | 45 | 46,729 | |||||||
| Altair Engineering, Inc., 1.750%, 06/15/27 (±) | USD | 218 | 254,951 | |||||||
| Alteryx, Inc., 1.000%, 08/01/26 (±) | USD | 110 | 93,775 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 582 | 675,411 | |||||||
| Amyris, Inc., 1.500%, 11/15/26 (±) | USD | 655 | 181,763 | |||||||
| Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±) | USD | 437 | 816,371 | |||||||
| Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±) | USD | 446 | 419,240 | |||||||
| Array Technologies, Inc., 1.000%, 12/01/28 (±) | USD | 539 | 595,201 | |||||||
| Avadel Finance Cayman Ltd.: | ||||||||||
| 6.000%, 04/01/27 | USD | 674 | 653,402 | |||||||
| Bentley Systems, Inc., 0.375%, 07/01/27 (±) | USD | 262 | 222,438 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 (±) | USD | 785 | $ | 721,807 | ||||||
| Blackline, Inc.: | ||||||||||
| 0.125%, 08/01/24 (±) | USD | 285 | 313,704 | |||||||
| 0.000%, 03/15/26 (±) | USD | 107 | 91,218 | |||||||
| Block, Inc., 0.125%, 03/01/25 (±) | USD | 152 | 145,996 | |||||||
| Bloom Energy Corp., 2.500%, 08/15/25 (±) | USD | 766 | 1,066,119 | |||||||
| Braemar Hotels & Resorts, Inc., 4.500%, 06/01/26 (±) | USD | 499 | 456,963 | |||||||
| Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±) | USD | 50 | 37,050 | |||||||
| Carnival Corp., 5.750%, 10/01/24 (±) | USD | 260 | 325,520 | |||||||
| 5.750%, 12/01/27 (±) | USD | 137 | 148,577 | |||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 293 | 239,322 | |||||||
| Cerence, Inc., 3.000%, 06/01/25 (±) | USD | 491 | 516,548 | |||||||
| Cheesecake Factory, Inc., 0.375%, 06/15/26 (±) | USD | 175 | 145,688 | |||||||
| Chefs’ Warehouse, Inc., 2.375%, 12/15/28 (±) | USD | 505 | 517,493 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 855 | 1,088,381 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 873 | 616,338 | |||||||
| Collegium Pharmaceutical, Inc., 2.875%, 02/15/29 (±) | USD | 535 | 479,894 | |||||||
| CONMED Corp., 2.250%, 06/15/27 (±) | USD | 299 | 297,655 | |||||||
| Cutera, Inc.: | ||||||||||
| 2.250%, 03/15/26 (±) | USD | 175 | 175,998 | |||||||
| 2.250%, 06/01/28 (±) | USD | 597 | 444,077 | |||||||
| Danimer Scientific, Inc., 3.250%, 12/15/26 (±) | USD | 264 | 119,561 | |||||||
| Desktop Metal, Inc., 6.000%, 05/15/27 (±) | USD | 358 | 519,100 | |||||||
| DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±) | USD | 78 | 61,640 | |||||||
| DISH Network Corp.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 246 | 131,118 | |||||||
| 3.375%, 08/15/26 (±) | USD | 103 | 53,560 | |||||||
| Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±) | USD | 799 | 1,232,484 | |||||||
| Encore Capital Group, Inc., 4.000%, 03/15/29 (±) | USD | 504 | 506,016 | |||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 (±) | USD | 310 | 320,075 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Envestnet, Inc., 0.750%, 08/15/25 (±) | USD | 388 | $ | 351,867 | ||||||
| Etsy, Inc., 0.250%, 06/15/28 (±) | USD | 243 | 202,376 | |||||||
| Everbridge, Inc.: | ||||||||||
| 0.125%, 12/15/24 (±) | USD | 163 | 148,534 | |||||||
| 0.000%, 03/15/26 (±) | USD | 215 | 178,853 | |||||||
| Evolent Health, Inc., 1.500%, 10/15/25 (±) | USD | 509 | 608,255 | |||||||
| Exact Sciences Corp., 0.375%, 03/15/27 (±) | USD | 89 | 83,258 | |||||||
| EZCORP, Inc.: | ||||||||||
| 2.875%, 07/01/24 (±) | USD | 637 | 680,033 | |||||||
| 3.750%, 12/15/29 (±) | USD | 437 | 431,389 | |||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 646 | 315,575 | |||||||
| Five9, Inc., 0.500%, 06/01/25 (±) | USD | 80 | 73,845 | |||||||
| Fiverr International Ltd., 0.000%, 11/01/25 (±) | USD | 149 | 124,421 | |||||||
| Ford Motor Co., 0.000%, 03/15/26 (±) | USD | 602 | 604,408 | |||||||
| Freshpet, Inc., 3.000%, 04/01/28 (±) | USD | 153 | 178,207 | |||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 88 | 37,453 | |||||||
| Gossamer Bio, Inc., 5.000%, 06/01/27 (±) | USD | 283 | 78,083 | |||||||
| Granite Construction, Inc., 2.750%, 11/01/24 (±) | USD | 360 | 489,258 | |||||||
| Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 306 | 261,171 | |||||||
| Groupon, Inc., 1.125%, 03/15/26 (±) | USD | 35 | 13,825 | |||||||
| Guess?, Inc., 2.000%, 04/15/24 (±) | USD | 922 | 959,341 | |||||||
| Guidewire Software, Inc., 1.250%, 03/15/25 (±) | USD | 357 | 349,681 | |||||||
| HAT Holdings I LLC / HAT Holdings II LLC, 0.000%, 05/01/25 (±) | USD | 439 | 413,179 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 703 | 964,834 | |||||||
| Herbalife Nutrition Ltd., 4.250%, 06/15/28 (±) | USD | 219 | 261,705 | |||||||
| Hope Bancorp, Inc., 2.000%, 05/15/38 (±) | USD | 1,143 | 1,111,567 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 485 | 449,837 | |||||||
| Innoviva, Inc., 2.125%, 03/15/28 (±) | USD | 725 | 571,150 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| INOTIV, Inc., 3.250%, 10/15/27 (±) | USD | 376 | $ | 165,834 | ||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 677 | 526,335 | |||||||
| Integer Holdings Corp., 2.125%, 02/15/28 (±) | USD | 9 | 9,842 | |||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 (±) | USD | 81 | 73,913 | |||||||
| Ionis Pharmaceuticals, Inc., 0.125%, 12/15/24 (±) | USD | 122 | 112,875 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 1,396 | 1,323,408 | |||||||
| KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±) | USD | 165 | 164,175 | |||||||
| LendingTree, Inc., 0.500%, 07/15/25 (±) | USD | 531 | 398,675 | |||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 (±) | USD | 437 | 429,352 | |||||||
| Liberty Media Corp.: | ||||||||||
| 3.750%, 03/15/28 (±) | USD | 181 | 182,086 | |||||||
| 2.750%, 12/01/49 (±) | USD | 645 | 576,307 | |||||||
| Live Nation Entertainment, Inc., 3.125%, 01/15/29 (±) | USD | 261 | 256,563 | |||||||
| Livent Corp., 4.125%, 07/15/25 (±) | USD | 387 | 990,333 | |||||||
| Luminar Technologies, Inc., 1.250%, 12/15/26 (±) | USD | 153 | 100,508 | |||||||
| Magnite, Inc., 0.250%, 03/15/26 (±) | USD | 162 | 131,046 | |||||||
| Marathon Digital Holdings, Inc., 1.000%, 12/01/26 (±) | USD | 170 | 65,985 | |||||||
| Marcus Corp., 5.000%, 09/15/25 (±) | USD | 398 | 632,820 | |||||||
| Marriott Vacations Worldwide Corp., 3.250%, 12/15/27 (±) | USD | 495 | 483,862 | |||||||
| Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±) | USD | 724 | 648,696 | |||||||
| Microchip Technology, Inc., 1.625%, 02/15/27 (±) | USD | 243 | 576,798 | |||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 582 | 480,377 | |||||||
| Model N, Inc., 2.625%, 06/01/25 (±) | USD | 51 | 62,124 | |||||||
| MP Materials Corp., 0.250%, 04/01/26 (±) | USD | 200 | 188,932 | |||||||
| NCL Corp. Ltd.: | ||||||||||
| 6.000%, 05/15/24 (±) | USD | 221 | 270,085 | |||||||
| 5.375%, 08/01/25 (±) | USD | 299 | 323,368 | |||||||
| 1.125%, 02/15/27 (±) | USD | 505 | 361,659 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 2.500%, 02/15/27 (±) | USD | 505 | $ | 381,527 | ||||||
| NextGen Healthcare, Inc., 3.750%, 11/15/27 (±) | USD | 437 | 433,157 | |||||||
| ON Semiconductor Corp., 0.500%, 03/01/29 (±) | USD | 18 | 18,803 | |||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 388 | 356,717 | |||||||
| PagerDuty, Inc., 1.250%, 07/01/25 (±) | USD | 194 | 218,535 | |||||||
| Palo Alto Networks, Inc., 0.750%, 07/01/23 (±) | USD | 395 | 885,985 | |||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 831 | 707,578 | |||||||
| PennyMac Corp. , 5.500%, 03/15/26 (±) | USD | 902 | 787,160 | |||||||
| PennyMac Corp., 5.500%, 11/01/24 (±) | USD | 426 | 399,907 | |||||||
| PetIQ, Inc., 4.000%, 06/01/26 (±) | USD | 9 | 7,889 | |||||||
| Plug Power, Inc., 3.750%, 06/01/25 (±) | USD | 318 | 753,342 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (±) | USD | 292 | 159,140 | |||||||
| Post Holdings, Inc., 2.500%, 08/15/27 (±) | USD | 88 | 92,418 | |||||||
| PPL Capital Funding, Inc., 2.875%, 03/15/28 (±) | USD | 88 | 88,764 | |||||||
| Q2 Holdings, Inc., 0.125%, 11/15/25 | USD | 62 | 51,373 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 24 | 14,844 | |||||||
| Redfin Corp., 0.000%, 10/15/25 (±) | USD | 163 | 117,259 | |||||||
| Redwood Trust, Inc., 7.750%, 06/15/27 (±) | USD | 393 | 342,156 | |||||||
| Revance Therapeutics, Inc., 1.750%, 02/15/27 (±) | USD | 591 | 727,816 | |||||||
| RingCentral, Inc., 0.000%, 03/15/26 (±) | USD | 389 | 316,568 | |||||||
| Royal Caribbean Cruises Ltd.: | ||||||||||
| 2.875%, 11/15/23 (±) | USD | 350 | 360,325 | |||||||
| 6.000%, 08/15/25 (±) | USD | 502 | 767,809 | |||||||
| Sabre GLBL, Inc., 4.000%, 04/15/25 (±) | USD | 243 | 219,956 | |||||||
| Semtech Corp., 1.625%, 11/01/27 (±) | USD | 486 | 446,148 | |||||||
| Shift4 Payments, Inc.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 652 | 765,188 | |||||||
| 0.500%, 08/01/27 (±) | USD | 44 | 41,734 | |||||||
| SMART Global Holdings, Inc., 2.000%, 02/01/29 (±) | USD | 111 | 114,275 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| SolarEdge Technologies, Inc., 0.000%, 09/15/25 (±) | USD | 122 | $ | 158,722 | ||||||
| Southern Co., 3.875%, 12/15/25 (±) | USD | 63 | 64,023 | |||||||
| Splunk, Inc., 1.125%, 09/15/25 (±) | USD | 495 | 480,213 | |||||||
| Spotify USA, Inc., 0.000%, 03/15/26 (±) | USD | 136 | 114,512 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 250 | 215,175 | |||||||
| Sunnova Energy International, Inc., 2.625%, 02/15/28 (±) | USD | 364 | 264,089 | |||||||
| TPI Composites, Inc., 5.250%, 03/15/28 (±) | USD | 62 | 68,851 | |||||||
| Transocean, Inc., 4.625%, 09/30/29 (±) | USD | 112 | 232,353 | |||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 553 | 480,591 | |||||||
| United States Steel Corp., 5.000%, 11/01/26 (±) | USD | 531 | 1,082,178 | |||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 616 | 360,052 | |||||||
| Upwork, Inc., 0.250%, 08/15/26 (±) | USD | 386 | 304,321 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 768 | 850,694 | |||||||
| Veeco Instruments, Inc.: | ||||||||||
| 3.500%, 01/15/25 (±) | USD | 317 | 346,846 | |||||||
| 3.750%, 06/01/27 (±) | USD | 805 | 1,337,670 | |||||||
| Virgin Galactic Holdings, Inc., 2.500%, 02/01/27 (±) | USD | 127 | 60,960 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 299 | 297,530 | |||||||
| Winnebago Industries, Inc., 1.500%, 04/01/25 (±) | USD | 485 | 535,682 | |||||||
| WisdomTree, Inc., 5.750%, 08/15/28 (±) | USD | 79 | 78,566 | |||||||
| Wolfspeed, Inc., 0.250%, 02/15/28 (±) | USD | 73 | 61,174 | |||||||
| Workiva, Inc., 1.125%, 08/15/26 (±) | USD | 199 | 281,123 | |||||||
| Xometry, Inc., 1.000%, 02/01/27 (±) | USD | 395 | 264,729 | |||||||
| 52,082,832 | ||||||||||
| Total Convertible Corporate Bonds (Cost $63,622,185) | 60,844,945 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||||||
| Purchased Options | 0.0% | ||||||||||||||||||||
| Call | ||||||||||||||||||||
| American Airlines Group, Inc., Expires 04/14/23 | MSC | 27 | $ | 15 | $ | 2,700 | $ | 1,026 | ||||||||||||
| Gol Linhas Aereas Inteligentes, Expires 04/21/23 | MSC | 18 | 4 | 1,800 | 54 | |||||||||||||||
| Opendoor Technologies, Inc. Expires 05/19/23 | MSC | 53 | 2 | 5,300 | 1,272 | |||||||||||||||
| Porch Group, Inc. Expires 06/16/23 | MSC | 34 | 5 | 3,400 | 170 | |||||||||||||||
| Qurate Retail, Inc. Expires 04/21/23 | MSC | 81 | 3 | 8,100 | 81 | |||||||||||||||
| Ring Central, Inc. Expires 06/16/23 | MSC | 3 | 50 | 300 | 45 | |||||||||||||||
| Put | ||||||||||||||||||||
| Groupon, Inc., Expires 09/15/23 | MSC | 12 | 4 | 1,200 | 1,080 | |||||||||||||||
| Groupon, Inc. Expires 10/20/23 | MSC | 6 | 4 | 600 | 570 | |||||||||||||||
| Royal Caribbean Cruises, Ltd., Expires 04/14/23 | MSC | 9 | 61 | 900 | 765 | |||||||||||||||
| Total Purchased Options (Cost $7,546) | ||||||||||||||||||||
| 5,063 | ||||||||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | 7.1% | ||||||||||
U.S. Treasury Note, | USD | 2,720 | $ | 2,772,169 | ||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 6.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $2,664,227) | 2,664,227 | $ | 2,664,227 | |||||
| Total Investments excluding Securities
Sold Short | 171.3% (Cost $69,257,945) | $ | 66,499,967 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Securities Sold Short | (96.9)% | ||||||||
| Common Stocks | (68.6)% | ||||||||
| Austria | (0.2)% | ||||||||
| ams-OSRAM AG | (7,799 | ) | $ | (60,933 | ) | |||
| Brazil | (0.2)% | ||||||||
| MercadoLibre, Inc. | (68 | ) | (89,628 | ) | ||||
| Canada | (1.2)% | ||||||||
| Dye & Durham Ltd. | (2,254 | ) | (29,987 | ) | ||||
| Ivanhoe Mines Ltd., Class A | (39,121 | ) | (353,435 | ) | ||||
| Lithium Americas Corp. | (2,419 | ) | (52,637 | ) | ||||
| StorageVault Canada, Inc. | (8,172 | ) | (37,126 | ) | ||||
| (473,185 | ) | |||||||
| China | (1.0)% | ||||||||
| Li Auto, Inc. ADR | (15,160 | ) | (378,242 | ) | ||||
| Hong Kong | (1.1)% | ||||||||
| Cathay Pacific Airways Ltd. | (445,000 | ) | (429,062 | ) | ||||
| Netherlands | (0.2)% | ||||||||
| Pharming Group NV | (57,516 | ) | (76,585 | ) | ||||
| Panama | (5.5)% | ||||||||
| Copa Holdings SA, Class A | (22,949 | ) | (2,119,340 | ) | ||||
| Singapore | (1.0)% | ||||||||
| Sea Ltd. ADR | (4,289 | ) | (371,213 | ) | ||||
| South Korea | 0.0% | ||||||||
| Delivery Hero SE | (353 | ) | (12,010 | ) | ||||
| United Kingdom | 0.0% | ||||||||
| Just Eat Takeaway.com NV | (266 | ) | (5,085 | ) | ||||
| United States | (58.2)% | ||||||||
| 8x8, Inc. | (43,728 | ) | (182,346 | ) | ||||
| Alliant Energy Corp. | (269 | ) | (14,365 | ) | ||||
| Altair Engineering, Inc., Class A | (2,447 | ) | (176,453 | ) | ||||
| Alteryx, Inc. | (70 | ) | (4,119 | ) | ||||
| American Airlines Group, Inc. | (23,778 | ) | (350,725 | ) | ||||
| Amyris, Inc. | (13,227 | ) | (17,989 | ) | ||||
| Anywhere Real Estate, Inc. | (790 | ) | (4,171 | ) | ||||
| Apellis Pharmaceuticals, Inc. | (9,691 | ) | (639,218 | ) | ||||
| Arbor Realty Trust, Inc. REIT | (6,367 | ) | (73,157 | ) | ||||
| Array Technologies, Inc. | (19,604 | ) | (428,936 | ) | ||||
| ATI, Inc. | (78 | ) | (3,078 | ) | ||||
| Avadel Pharmaceuticals PLC ADR | (46,322 | ) | (424,310 | ) | ||||
| Axon Enterprise, Inc. | (2 | ) | (450 | ) | ||||
| Bandwidth, Inc., Class A | (222 | ) | (3,374 | ) | ||||
| Beauty Health Co. | (335 | ) | (4,231 | ) | ||||
| Bentley Systems, Inc., Class B | (441 | ) | (18,959 | ) | ||||
| Bill Holdings, Inc. | (2,457 | ) | (199,361 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Blackline, Inc. | (2,145 | ) | $ | (144,037 | ) | |||
| Block, Inc. | (303 | ) | (20,801 | ) | ||||
| Bloom Energy Corp. | (36,497 | ) | (727,385 | ) | ||||
| Braemar Hotels & Resorts, Inc. REIT | (47,044 | ) | (181,590 | ) | ||||
| Bridgebio Pharma, Inc. | (840 | ) | (13,927 | ) | ||||
| Carnival Corp. | (28,952 | ) | (293,863 | ) | ||||
| Century Aluminum Co. | (12,090 | ) | (120,900 | ) | ||||
| Cerence, Inc. | (6,512 | ) | (182,922 | ) | ||||
| Charter Communications, Inc., Class A | (320 | ) | (114,435 | ) | ||||
| Cheesecake Factory, Inc. | (321 | ) | (11,251 | ) | ||||
| Chefs’ Warehouse, Inc. | (8,608 | ) | (293,102 | ) | ||||
| Cinemark Holdings, Inc. | (26,182 | ) | (387,232 | ) | ||||
| Cloudflare, Inc. | (70 | ) | (4,316 | ) | ||||
| Coherus Biosciences, Inc. | (23,517 | ) | (160,856 | ) | ||||
| Collegium Pharmaceutical, Inc. | (10,142 | ) | (243,307 | ) | ||||
| CONMED Corp. | (1,290 | ) | (133,979 | ) | ||||
| Cutera, Inc. | (10,626 | ) | (250,986 | ) | ||||
| Danimer Scientific, Inc. | (13,639 | ) | (47,055 | ) | ||||
| Datadog, Inc. Class A | (61 | ) | (4,432 | ) | ||||
| Desktop Metal, Inc. | (197,928 | ) | (455,234 | ) | ||||
| DigitalOcean Holdings, Inc. | (244 | ) | (9,557 | ) | ||||
| DISH Network Corp., Class A | (305 | ) | (2,846 | ) | ||||
| Dynavax Technologies Corp. | (639 | ) | (6,269 | ) | ||||
| Eagle Bulk Shipping, Inc. | (23,164 | ) | (1,053,962 | ) | ||||
| Encore Capital Group, Inc. | (5,655 | ) | (285,295 | ) | ||||
| Enphase Energy, Inc. | (614 | ) | (129,112 | ) | ||||
| Envestnet, Inc. | (618 | ) | (36,258 | ) | ||||
| Envista Holdings Corp. | (90 | ) | (3,679 | ) | ||||
| Etsy, Inc. | (503 | ) | (55,999 | ) | ||||
| Everbridge, Inc. | (127 | ) | (4,403 | ) | ||||
| Evolent Health, Inc. | (10,253 | ) | (332,710 | ) | ||||
| Exact Sciences Corp. | (515 | ) | (34,922 | ) | ||||
| EZCORP, Inc. Class A | (64,767 | ) | (556,996 | ) | ||||
| Five9, Inc. | (549 | ) | (39,687 | ) | ||||
| Ford Motor Co. | (21,121 | ) | (266,125 | ) | ||||
| Freshpet, Inc. | (1,810 | ) | (119,804 | ) | ||||
| Gossamer Bio, Inc. | (17,436 | ) | (21,969 | ) | ||||
| Granite Construction, Inc. | (8,958 | ) | (367,995 | ) | ||||
| Greenbrier Cos., Inc. | (2,591 | ) | (83,352 | ) | ||||
| Groupon, Inc. | (56 | ) | (236 | ) | ||||
| Guess?, Inc. | (5,567 | ) | (108,334 | ) | ||||
| Guidewire Software, Inc. | (1,187 | ) | (97,393 | ) | ||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (1,684 | ) | (48,162 | ) | ||||
| Helix Energy Solutions Group, Inc. | (79,324 | ) | (613,968 | ) | ||||
| Herbalife Nutrition Ltd. | (10,666 | ) | (171,723 | ) | ||||
| HubSpot, Inc. | (24 | ) | (10,290 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| I3 Verticals, Inc., Class A | (5,330 | ) | $ | (130,745 | ) | |||
| Innoviva, Inc. | (6,911 | ) | (77,749 | ) | ||||
| Inotiv, Inc. | (3,203 | ) | (13,869 | ) | ||||
| Insmed, Inc. | (14,083 | ) | (240,115 | ) | ||||
| Integer Holdings Corp. | (47 | ) | (3,642 | ) | ||||
| Ionis Pharmaceuticals, Inc. | (631 | ) | (22,552 | ) | ||||
| LCI Industries | (29 | ) | (3,186 | ) | ||||
| LendingTree, Inc. | (44 | ) | (1,173 | ) | ||||
| Liberty Media Corp.-Liberty SiriusXM | (1,713 | ) | (48,118 | ) | ||||
| Live Nation Entertainment, Inc. | (1,348 | ) | (94,360 | ) | ||||
| Livent Corp. | (42,699 | ) | (927,422 | ) | ||||
| Luminar Technologies, Inc. | (5,621 | ) | (36,480 | ) | ||||
| Magnite, Inc. | (427 | ) | (3,954 | ) | ||||
| Marathon Digital Holdings, Inc. | (1,007 | ) | (8,781 | ) | ||||
| Marcus Corp. | (33,630 | ) | (538,080 | ) | ||||
| Marriott Vacations Worldwide Corp. | (1,496 | ) | (201,751 | ) | ||||
| Match Group, Inc. | (2,263 | ) | (86,877 | ) | ||||
| Mesa Laboratories, Inc. | (2 | ) | (349 | ) | ||||
| Microchip Technology, Inc. | (6,749 | ) | (565,431 | ) | ||||
| Mitek Systems, Inc. | (10,960 | ) | (105,106 | ) | ||||
| Model N, Inc. | (1,056 | ) | (35,344 | ) | ||||
| MongoDB, Inc. | (25 | ) | (5,828 | ) | ||||
| MP Materials Corp. | (2,660 | ) | (74,985 | ) | ||||
| National Vision Holdings, Inc. | (744 | ) | (14,017 | ) | ||||
| NeoGenomics, Inc. | (990 | ) | (17,236 | ) | ||||
| NextGen Healthcare, Inc. | (10,455 | ) | (182,022 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (36,691 | ) | (493,494 | ) | ||||
| Okta, Inc. | (274 | ) | (23,630 | ) | ||||
| ON Semiconductor Corp. | (125 | ) | (10,290 | ) | ||||
| Pacira BioSciences, Inc. | (1,855 | ) | (75,703 | ) | ||||
| PagerDuty, Inc. | (3,069 | ) | (107,354 | ) | ||||
| Palo Alto Networks, Inc. | (4,445 | ) | (887,844 | ) | ||||
| PAR Technology Corp. | (68 | ) | (2,309 | ) | ||||
| Pebblebrook Hotel Trust REIT | (4,917 | ) | (69,035 | ) | ||||
| PennyMac Mortgage Investment Trust | (793 | ) | (9,778 | ) | ||||
| PetIQ, Inc. | (2,431 | ) | (27,811 | ) | ||||
| Plug Power, Inc. | (60,896 | ) | (713,701 | ) | ||||
| Post Holdings, Inc. | (561 | ) | (50,417 | ) | ||||
| PPL Corp. | (971 | ) | (26,984 | ) | ||||
| Q2 Holdings, Inc. | (176 | ) | (4,333 | ) | ||||
| Rapid7, Inc. | (133 | ) | (6,106 | ) | ||||
| Redfin Corp. | (1,925 | ) | (17,440 | ) | ||||
| Redwood Trust, Inc. REIT | (12,540 | ) | (84,520 | ) | ||||
| Repay Holdings Corp. | (1,247 | ) | (8,193 | ) | ||||
| Revance Therapeutics, Inc. | (14,261 | ) | (459,347 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Royal Caribbean Cruises Ltd. | (8,522 | ) | $ | (556,487 | ) | |||
| Sabre Corp. | (15,556 | ) | (66,735 | ) | ||||
| Semtech Corp. | (8,608 | ) | (207,797 | ) | ||||
| Shift4 Payments, Inc., Class A | (6,026 | ) | (456,771 | ) | ||||
| SMART Global Holdings, Inc. | (3,878 | ) | (66,857 | ) | ||||
| Snap, Inc. | (1,422 | ) | (15,941 | ) | ||||
| SolarEdge Technologies, Inc. | (334 | ) | (101,519 | ) | ||||
| Southern Co. | (231 | ) | (16,073 | ) | ||||
| Splunk, Inc. | (722 | ) | (69,225 | ) | ||||
| Spotify Technology SA | (171 | ) | (22,849 | ) | ||||
| Summit Hotel Properties, Inc. REIT | (10,517 | ) | (73,619 | ) | ||||
| Sunnova Energy International, Inc. | (8,000 | ) | (124,960 | ) | ||||
| Topgolf Callaway Brands Corp. | (340 | ) | (7,351 | ) | ||||
| TPI Composites, Inc. | (3,375 | ) | (44,044 | ) | ||||
| Transocean Ltd. | (30,689 | ) | (195,182 | ) | ||||
| Two Harbors Investment Corp. | (472 | ) | (6,943 | ) | ||||
| United States Steel Corp. | (36,225 | ) | (945,472 | ) | ||||
| Unity Software, Inc. | (67 | ) | (2,173 | ) | ||||
| Varex Imaging Corp. | (22,654 | ) | (412,076 | ) | ||||
| Veeco Instruments, Inc. | (51,559 | ) | (1,089,442 | ) | ||||
| Virgin Galactic Holdings, Inc. | (8,958 | ) | (36,280 | ) | ||||
| Vishay Intertechnology, Inc. | (1,399 | ) | (31,645 | ) | ||||
| Wayfair, Inc., Class A | (1,444 | ) | (49,587 | ) | ||||
| Winnebago Industries, Inc. | (4,930 | ) | (284,461 | ) | ||||
| WisdomTree, Inc. | (4,597 | ) | (26,938 | ) | ||||
| Wolfspeed, Inc. | (387 | ) | (25,136 | ) | ||||
| Workiva, Inc. | (2,004 | ) | (205,230 | ) | ||||
| Xometry, Inc. | (3,257 | ) | (48,757 | ) | ||||
| Zillow Group, Inc. Class C | (2,345 | ) | (104,282 | ) | ||||
| Zscaler, Inc. | (70 | ) | (8,178 | ) | ||||
| (22,617,369 | ) | |||||||
| Total Common Stocks | ||||||||
| (Proceeds $27,173,140) | (26,632,652 | ) | ||||||
| Exchange-Traded Funds | (8.8)% | ||||||||
| Invesco QQQ Trust Series 1 | (1,962 | ) | (629,665 | ) | ||||
| iShares iBoxx High Yield Corporate Bond ETF | (36,756 | ) | (2,776,916 | ) | ||||
| Total Exchange-Traded Funds | ||||||||
| (Proceeds $3,313,942) | (3,406,581 | ) | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | (28.3)% | ||||||||||
U.S. Treasury Bill, | USD | 11,000 | $ | (10,998,596 | ) | |||||
| Description | Fair Value | |||
| Total Securities Sold Short | (105.7)% (Proceeds $41,482,875) | $ | (41,037,829 | ) | |
| Total Investments | 65.6% (Cost and short proceeds $27,775,070) (») | $ | 25,462,138 | ||
| Cash and Other Assets in Excess of Liabilities | 34.4% | 13,359,948 | |||
| Net Assets | 100.0% | $ | 38,822,086 | ||
Lazard Enhanced Opportunities Portfolio (continued)
| Forward Currency Contracts open at March 31, 2023: | ||||||||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | 55,968 | AUD | 84,000 | SSB | 06/29/23 | $ | — | $ | 358 | |||||||||||||||
| USD | 498,234 | CAD | 684,000 | SSB | 06/29/23 | — | 8,581 | |||||||||||||||||
| USD | 1,420,957 | EUR | 1,314,000 | SSB | 06/29/23 | — | 10,968 | |||||||||||||||||
| USD | 324,499 | HKD | 2,537,000 | SSB | 06/29/23 | 52 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 52 | $ | 19,907 | ||||||||||||||||||||
Total Return Swap Agreements open at March 31, 2023:
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Long Position Contract | ||||||||||||||||||||||||
| USD | NIP | $ | 97,783 | 11/30/27 | 3D Systems Corp. 0.000%, 11/15/26 | 4.82 | % | $ | 2,382 | $ | — | |||||||||||||
| USD | BNP | 388,339 | 09/22/23 | Airbnb, Inc. 0.000%, 03/15/26 | 4.82 | 8,065 | — | |||||||||||||||||
| USD | NIP | 121,444 | 11/30/27 | Alphatec Holdings, Inc. 0.750%, 08/01/26 | 4.82 | 7,874 | — | |||||||||||||||||
| USD | BNP | 132,625 | 09/22/23 | Alteryx, Inc. 1.000%, 08/01/26 | 4.82 | — | 488 | |||||||||||||||||
| USD | NIP | 934,544 | 11/30/27 | ATI, Inc. 3.500%, 06/15/25 | 4.82 | 20,968 | — | |||||||||||||||||
| USD | NIP | 480,444 | 11/30/27 | Avid SPV LLC 1.250%, 03/15/26 | 4.82 | 6,277 | — | |||||||||||||||||
| USD | BNP | 47,082 | 09/22/23 | Axon Enterprise, Inc. 0.500%, 12/15/27 | 4.82 | 5,860 | — | |||||||||||||||||
| USD | BNP | 464 | 09/22/23 | Bandwidth, Inc. | 4.82 | 23 | — | |||||||||||||||||
| USD | NIP | 212,524 | 11/30/27 | Bandwidth, Inc. 0.500%, 04/01/28 | 4.82 | 23,426 | — | |||||||||||||||||
| USD | BNP | 496,223 | 09/22/23 | Beauty Health Co 1.250%, 10/01/26 | 4.82 | 11,715 | — | |||||||||||||||||
| USD | BNP | 449,229 | 09/22/23 | Blackline, Inc. 0.000%, 03/15/26 | 4.82 | — | 2,519 | |||||||||||||||||
| USD | BNP | 283,128 | 09/22/23 | Burlington Stores, Inc. 2.250%, 04/15/25 | 4.82 | 5,245 | — | |||||||||||||||||
| USD | NIP | 190,178 | 11/30/27 | Chegg, Inc. 0.000%, 09/01/26 | 4.82 | 3,005 | — | |||||||||||||||||
| USD | NIP | 422,691 | 11/30/27 | Chegg, Inc. 0.125%, 03/15/25 | 4.82 | 4,989 | — | |||||||||||||||||
| USD | NIP | 399,737 | 11/30/27 | Cloudflare, Inc. 0.000%, 08/15/26 | 4.82 | 13,969 | — | |||||||||||||||||
| USD | BNP | 387,751 | 09/22/23 | Confluent, Inc. 0.000%, 01/15/27 | 4.82 | 34,330 | — | |||||||||||||||||
| USD | NIP | 304,490 | 11/30/27 | Datadog, Inc. 0.125%, 06/15/25 | 4.82 | 10,015 | — | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | BNP | $ | 539,072 | 09/22/23 | DigitalOcean Holdings, Inc. 0.000%, 12/01/26 | 4.82 | % | $ | 41,769 | $ | — | |||||||||||||
| USD | NIP | 251,053 | 11/30/27 | DISH Network Corp. 3.375%, 08/15/26 | 4.82 | — | 74,253 | |||||||||||||||||
| USD | NIP | 1,177,115 | 11/30/27 | Dynavax Technologies Corp. 2.500%, 05/15/26 | 4.82 | — | 175,115 | |||||||||||||||||
| USD | BNP | 470,113 | 09/22/23 | Encore Capital Group, Inc. 3.250%, 10/01/25 | 4.82 | — | 43,531 | |||||||||||||||||
| USD | BNP | 130,541 | 09/22/23 | Enphase Energy, Inc. 0.000%, 03/01/28 | 4.82 | — | 4,484 | |||||||||||||||||
| USD | NIP | 499,932 | 11/30/27 | Envista Holdings Corp. 2.375%, 06/01/25 | 4.82 | 17,456 | — | |||||||||||||||||
| USD | BNP | 237,503 | 09/22/23 | Etsy, Inc. 0.125%, 10/01/26 | 4.82 | — | 46,525 | |||||||||||||||||
| USD | BNP | 198,334 | 09/22/23 | Five9, Inc. 0.500%, 06/01/25 | 4.82 | — | 3,569 | |||||||||||||||||
| USD | BNP | 535,825 | 09/22/23 | Fiverr International, Ltd. 0.000%, 11/01/25 | 4.82 | 18,640 | — | |||||||||||||||||
| USD | BNP | 141,366 | 09/22/23 | Groupon, Inc. 1.125%, 03/15/26 | 4.82 | — | 55,253 | |||||||||||||||||
| USD | BNP | 246,706 | 09/22/23 | Harmonic, Inc. 2.000%, 09/01/24 | 4.82 | 11,644 | — | |||||||||||||||||
| USD | NIP | 511,320 | 11/30/27 | Health Catalyst, Inc. | 4.82 | 18,991 | — | |||||||||||||||||
| USD | NIP | 100,718 | 11/30/27 | HubSpot, Inc. 0.375%, 06/01/25 | 4.82 | 12,066 | — | |||||||||||||||||
| USD | NIP | 339,206 | 11/30/27 | JetBlue Airways Corp. 0.500%, 04/01/26 | 4.82 | 6,650 | — | |||||||||||||||||
| USD | BNP | 294,091 | 09/22/23 | Karyopharm Therapeutics, Inc. 3.000%, 10/15/25 | 4.82 | — | 8,021 | |||||||||||||||||
| USD | NIP | 224,198 | 11/30/27 | LCI Industries 1.125%, 02/15/30 | 4.82 | — | 4,044 | |||||||||||||||||
| USD | BNP | 452,703 | 09/22/23 | Liberty Interactive LLC 4.000%, 11/15/29 | 4.82 | — | 317,103 | |||||||||||||||||
| USD | BNP | 944,024 | 09/22/23 | Liberty Interactive LLC 3.750%, 02/15/30 | 4.82 | — | 657,794 | |||||||||||||||||
| USD | NIP | 101,198 | 11/30/27 | Live Nation Entertainment, Inc. 2.000%, 02/15/25 | 4.82 | — | 6,332 | |||||||||||||||||
| USD | NIP | 389,553 | 11/30/27 | Lucid Group, Inc. 1.250%, 12/15/26 | 4.82 | — | 44,473 | |||||||||||||||||
| USD | BNP | 51,457 | 09/22/23 | Magnite, Inc. 0.250%, 03/15/26 | 4.82 | 5,168 | — | |||||||||||||||||
| USD | NIP | 1,602,997 | 11/30/27 | MannKind Corp. 2.500%, 03/01/26 | 4.82 | — | 239,664 | |||||||||||||||||
| USD | BNP | 130,662 | 09/22/23 | Marriott Vacations Worldwide Corp. 0.000%, 01/15/26 | 4.82 | — | 12,929 | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | NIP | $ | 362,244 | 11/30/27 | MercadoLibre, Inc. 2.000%, 08/15/28 | 4.82 | % | $ | 39,549 | $ | — | |||||||||||||
| USD | BNP | 203,866 | 09/22/23 | Mesa Laboratories, Inc. 1.375%, 08/15/25 | 4.82 | — | 5,896 | |||||||||||||||||
| USD | NIP | 344,422 | 11/30/27 | MongoDB, Inc. 0.250%, 01/15/26 | 4.82 | 13,205 | — | |||||||||||||||||
| USD | NIP | 942,819 | 11/30/27 | National Vision Holdings, Inc. 2.500%, 05/15/25 | 4.82 | — | 265,571 | |||||||||||||||||
| USD | BNP | 237,969 | 09/22/23 | NeoGenomics, Inc. 1.250%, 05/01/25 | 4.82 | 315 | — | |||||||||||||||||
| USD | NIP | 192,385 | 11/30/27 | NIO, Inc. 0.000%, 02/01/26 | 4.82 | 10,379 | — | |||||||||||||||||
| USD | NIP | 154,161 | 11/30/27 | Nutanix, Inc. 0.250%, 10/01/27 | 4.82 | — | 7,448 | |||||||||||||||||
| USD | NIP | 501,241 | 11/30/27 | NuVasive, Inc. 1.000%, 06/01/23 | 4.82 | 9,254 | — | |||||||||||||||||
| USD | NIP | 271,285 | 11/30/27 | NuVasive, Inc. 0.375%, 03/15/25 | 4.82 | — | 1,207 | |||||||||||||||||
| USD | NIP | 622,918 | 11/30/27 | Okta, Inc. 0.125%, 09/01/25 | 4.82 | 13,445 | — | |||||||||||||||||
| USD | NIP | 272,259 | 11/30/27 | PAR Technology Corp. 1.500%,10/15/27 | 4.82 | 3,009 | — | |||||||||||||||||
| USD | BNP | 406,018 | 09/22/23 | PetIQ, Inc. 4.000%, 06/01/26 | 4.82 | 8,566 | — | |||||||||||||||||
| USD | BNP | 386,856 | 09/22/23 | Porch Group, Inc. 0.750%, 09/15/26 | 4.82 | — | 20,071 | |||||||||||||||||
| USD | BNP | 832,063 | 09/22/23 | PRA Group, Inc. 3.500%, 06/01/23 | 4.82 | — | 2,233 | |||||||||||||||||
| USD | NIP | 175,643 | 11/30/27 | Q2 Holdings, Inc. 0.125%, 11/15/25 | 4.82 | 19 | — | |||||||||||||||||
| USD | NIP | 460,938 | 11/30/27 | Q2 Holdings, Inc. 0.750%, 06/01/26 | 4.82 | — | 16,522 | |||||||||||||||||
| USD | BNP | 248,357 | 09/22/23 | Rapid7, Inc. 0.250%, 03/15/27 | 4.82 | 18,944 | — | |||||||||||||||||
| USD | NIP | 528,491 | 11/30/27 | Realogy Group LLC / Realogy Co-Issuer Corp. 0.250%, 06/15/26 | 4.82 | — | 24,351 | |||||||||||||||||
| USD | BNP | 226,170 | 09/22/23 | Redfin Corp. 0.500%, 04/01/27 | 4.82 | 53,898 | — | |||||||||||||||||
| USD | BNP | 1,271,984 | 09/22/23 | Redwood Trust, Inc. 4.750%, 08/15/23 | 4.82 | — | 24,209 | |||||||||||||||||
| USD | BNP | 361,979 | 09/22/23 | Repay Holdings Corp. 0.000%, 02/01/26 | 4.82 | 2,540 | — | |||||||||||||||||
| USD | NIP | 399,892 | 11/30/27 | RingCentral, Inc. 0.000%, 03/01/25 | 4.82 | 17,178 | — | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | BNP | $ | 215,175 | 09/22/23 | Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23 | 4.82 | % | $ | — | $ | 17,685 | |||||||||||||
| USD | BNP | 236,566 | 09/22/23 | Shift Technologies Inc. 4.750%, 06/15/23 | 4.82 | — | 145,701 | |||||||||||||||||
| USD | BNP | 401,767 | 09/22/23 | Shopify, Inc. 0.125%, 11/01/25 | 4.82 | 11,945 | — | |||||||||||||||||
| USD | NIP | 250,746 | 11/30/27 | Snap, Inc. 0.750%, 08/01/26 | 4.82 | — | 6,093 | |||||||||||||||||
| USD | NIP | 187,240 | 11/30/27 | Snap, Inc. 0.250%, 05/01/25 | 4.82 | — | 3,134 | |||||||||||||||||
| USD | NIP | 610,082 | 11/30/27 | Snap, Inc. 0.125%, 03/01/28 | 4.82 | — | 15,209 | |||||||||||||||||
| USD | BNP | 42,207 | 09/22/23 | Splunk, Inc. 1.125%, 06/15/27 | 4.82 | — | 951 | |||||||||||||||||
| USD | BNP | 333,456 | 09/22/23 | Spotify USA, Inc. 0.000%, 03/15/26 | 4.82 | 7,554 | — | |||||||||||||||||
| USD | BNP | 287,386 | 09/22/23 | TechTarget, Inc. 0.000%, 12/15/26 | 4.82 | 104 | — | |||||||||||||||||
| USD | NIP | 596,290 | 11/30/27 | Topgolf Callaway Brands Corp. 2.750%, 05/01/26 | 4.82 | 11,063 | — | |||||||||||||||||
| USD | NIP | 422,264 | 11/30/27 | Travere Therapeutics, Inc. 2.250%, 03/01/29 | 4.82 | 4,358 | — | |||||||||||||||||
| USD | NIP | 126,663 | 11/30/27 | Uber Technologies, Inc. 0.000%, 12/15/25 | 4.82 | 746 | — | |||||||||||||||||
| USD | NIP | 400,744 | 11/30/27 | Unity Software, Inc. 0.000%, 11/15/26 | 4.82 | 22,525 | — | |||||||||||||||||
| USD | NIP | 52,177 | 11/30/27 | Wayfair, Inc. 0.625%, 10/01/25 | 4.82 | 6,844 | — | |||||||||||||||||
| USD | NIP | 143,389 | 11/30/27 | Wayfair, Inc. 1.000%, 08/15/26 | 4.82 | 22,160 | — | |||||||||||||||||
| USD | NIP | 467,545 | 11/30/27 | Wayfair, Inc. 3.250%, 09/15/27 | 4.82 | 18,381 | — | |||||||||||||||||
| USD | NIP | 177,107 | 11/30/27 | Wayfair, Inc. 1.125%, 11/01/24 | 4.82 | — | 9,293 | |||||||||||||||||
| USD | BNP | 586,941 | 09/22/23 | Zillow Group, Inc. 0.750%, 09/01/24 | 4.82 | — | 20,419 | |||||||||||||||||
| USD | NIP | 730,110 | 11/30/27 | Zscaler, Inc. 0.125%, 07/01/25 | 4.82 | — | 35,078 | |||||||||||||||||
| Short Position Contract | ||||||||||||||||||||||||
| USD | NIP | 13,485 | 11/30/27 | 3D Systems Corp. | 4.82 | — | 1,405 | |||||||||||||||||
| USD | BNP | 36,880 | 09/19/23 | Airbnb, Inc., Class A | 4.82 | — | 2,181 | |||||||||||||||||
| USD | NIP | 65,651 | 11/30/27 | Alphatec Holdings, Inc. | 4.82 | — | 8,745 | |||||||||||||||||
| USD | BNP | 8,399 | 09/19/23 | Alteryx, Inc. , Class A | 4.82 | 161 | — | |||||||||||||||||
| USD | NIP | 21,561 | 11/30/27 | Anywhere Real Estate, Inc. | 4.82 | 5,769 | — | |||||||||||||||||
| USD | BOA | 4,440 | 05/31/23 | Arbor Realty Trust, Inc. | 4.82 | 1,866 | — | |||||||||||||||||
| USD | NIA | 874,164 | 11/30/27 | ATI, Inc. | 4.82 | — | 31,679 | |||||||||||||||||
| USD | NIA | 269,596 | 11/30/27 | Avid Bioservices, Inc. | 4.82 | — | 6,777 | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | BNP | $ | 28,187 | 09/19/23 | Axon Enterprise, Inc. | 4.82 | % | $ | — | $ | 5,541 | |||||||||||||
| USD | NIP | 6,614 | 11/30/27 | Bandwidth, Inc., Class A | 4.82 | 124 | — | |||||||||||||||||
| USD | BNP | 83,554 | 09/19/23 | Beauty Health Co. | 4.82 | — | 15,112 | |||||||||||||||||
| USD | BOA | 54,078 | 05/31/23 | Bentley Systems, Inc., Class B | 4.82 | 14,183 | — | |||||||||||||||||
| USD | BNP | 43,405 | 09/19/23 | Blackline, Inc. | 4.82 | 563 | — | |||||||||||||||||
| USD | BNP | 139,795 | 09/19/23 | Burlington Stores, Inc. | 4.82 | — | 6,728 | |||||||||||||||||
| USD | NIP | 3,063 | 11/30/27 | Chegg, Inc. | 4.82 | — | 148 | |||||||||||||||||
| USD | BOA | 368,258 | 05/31/23 | Cinemark Holdings, Inc. | 4.82 | 79,173 | — | |||||||||||||||||
| USD | NIP | 32,090 | 11/30/27 | Cloudflare, Inc. , Class A | 4.82 | — | 5,523 | |||||||||||||||||
| USD | BNP | 35,109 | 09/19/23 | Confluent, Inc. | 4.82 | — | 322 | |||||||||||||||||
| USD | NIP | 108,910 | 11/30/27 | Datadog, Inc. | 4.82 | — | 7,927 | |||||||||||||||||
| USD | BNP | 16,820 | 09/19/23 | DigitalOcean Holdings, Inc. | 4.82 | — | 3,862 | |||||||||||||||||
| USD | NIP | 49,255 | 11/30/27 | DISH Network Corp. | 4.82 | 23,877 | — | |||||||||||||||||
| USD | NIP | 694,128 | 11/30/27 | Dynavax Technologies Corp. | 4.82 | 134,605 | — | |||||||||||||||||
| USD | BNP | 384,750 | 09/19/23 | Encore Capital Group Inc. | 4.82 | 44,213 | — | |||||||||||||||||
| USD | BNP | 70,978 | 09/19/23 | Enphase Energy, Inc. | 4.82 | 3,898 | — | |||||||||||||||||
| USD | NIP | 453,819 | 11/30/27 | Envista Holdings Corp. | 4.82 | — | 19,694 | |||||||||||||||||
| USD | BNP | 193,539 | 09/19/23 | ETSY Inc. | 4.82 | 44,468 | — | |||||||||||||||||
| USD | BOA | 253,109 | 05/31/23 | Fisker, Inc., Class A | 4.82 | 147,010 | — | |||||||||||||||||
| USD | BNP | 4,374 | 09/19/23 | Fiverr International, Ltd. | 4.82 | 847 | — | |||||||||||||||||
| USD | BOA | 14,553 | 05/31/23 | Greenbrier Cos. Inc. | 4.82 | 4,097 | — | |||||||||||||||||
| USD | BNP | 17,533 | 09/19/23 | Groupon, Inc. | 4.82 | 8,182 | — | |||||||||||||||||
| USD | BNP | 141,975 | 09/19/23 | Guess?, Inc. | 4.82 | — | 45,584 | |||||||||||||||||
| USD | BNP | 213,672 | 09/19/23 | Harmonic, Inc. | 4.82 | — | 9,803 | |||||||||||||||||
| USD | NIP | 57,165 | 11/30/27 | Health Catalyst, Inc. | 4.82 | 3,331 | — | |||||||||||||||||
| USD | NIP | 69,107 | 11/30/27 | HubSpot, Inc. | 4.82 | — | 13,213 | |||||||||||||||||
| USD | BOA | 378,090 | 05/31/23 | iShares iBoxx High Yield Corporate Bond ETF | 4.82 | 24,818 | — | |||||||||||||||||
| USD | NIP | 20,376 | 11/30/27 | JetBlue Airways Corp. | 4.82 | 1,987 | — | |||||||||||||||||
| USD | BNP | 51,160 | 09/19/23 | Karyopharm Therapeutics, Inc. | 4.82 | 10,424 | — | |||||||||||||||||
| USD | NIP | 61,787 | 11/30/27 | LCI Industries | 4.82 | 3,117 | — | |||||||||||||||||
| USD | NIP | 33,149 | 11/30/27 | Live Nation Entertainment, Inc. | 4.82 | 4,519 | — | |||||||||||||||||
| USD | NIP | 120,988 | 11/30/27 | Lucid Group, Inc. | 4.82 | 61,613 | — | |||||||||||||||||
| USD | BNP | 329 | 09/19/23 | Magnite, Inc. | 4.82 | — | 88 | |||||||||||||||||
| USD | NIP | 1,053,941 | 11/30/27 | MannKind Corp. | 4.82 | 235,540 | — | |||||||||||||||||
| USD | BNP | 68,109 | 09/19/23 | Marriott Vacations Worldwide Corp. | 4.82 | 10,928 | — | |||||||||||||||||
| USD | NIP | 333,362 | 11/30/27 | MercadoLibre, Inc. | 4.82 | — | 40,967 | |||||||||||||||||
| USD | BNP | 60,215 | 09/19/23 | Mesa Laboratories, Inc. BOA | 4.82 | 3,428 | — | |||||||||||||||||
| USD | NIP | 206,597 | 11/30/27 | MongoDB, Inc. | 4.82 | — | 12,769 | |||||||||||||||||
| USD | NIP | 313,301 | 11/30/27 | National Vision Holdings, Inc. | 4.82 | 155,309 | — | |||||||||||||||||
| USD | BNP | 36,764 | 09/19/23 | NeoGenomics, Inc. | 4.82 | 1,596 | — | |||||||||||||||||
| USD | NIP | 38,978 | 11/30/27 | Nutanix, Inc. | 4.82 | 3,528 | — | |||||||||||||||||
| USD | NIP | 6,730 | 11/30/27 | NuVasive, Inc. | 4.82 | 244 | — | |||||||||||||||||
| USD | NIP | 48,538 | 11/30/27 | Okta, Inc. | 4.82 | — | 10,968 | |||||||||||||||||
| USD | NIP | 75,681 | 11/30/27 | PAR Technology Corp. | 4.82 | — | 6,774 | |||||||||||||||||
| USD | BOA | 249,979 | 05/31/23 | Pebblebrook Hotel Trust | 4.82 | 92,928 | — | |||||||||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| USD | BOA | $ | 101,777 | 05/31/23 | PennyMac Mortgage Investment Trust | 4.82 | % | $ | 23,087 | $ | — | |||||||||||||
| USD | BNP | 3,973 | 09/19/23 | PennyMac Mortgage Investment Trust | 4.82 | — | 269 | |||||||||||||||||
| USD | BNP | 41,894 | 09/19/23 | PetIQ, Inc. | 4.82 | — | 15,032 | |||||||||||||||||
| USD | BNP | 4,356 | 09/19/23 | Porch Group, Inc. | 4.82 | 1,659 | — | |||||||||||||||||
| USD | NIP | 31,453 | 11/30/27 | Q2 Holdings, Inc. | 4.82 | 4,691 | — | |||||||||||||||||
| USD | BNP | 40,952 | 09/19/23 | Rapid7, Inc. | 4.82 | — | 11,477 | |||||||||||||||||
| USD | BNP | 1,739 | 09/19/23 | Redfin Corp. | 4.82 | — | 1,414 | |||||||||||||||||
| USD | BOA | 36,832 | 05/31/23 | Redwood Trust, Inc. | 4.82 | 19,032 | — | |||||||||||||||||
| USD | BNP | 13,526 | 09/19/23 | Repay Holdings Corp. | 4.82 | 4,439 | — | |||||||||||||||||
| USD | BNP | 106,372 | 09/19/23 | Royal Caribbean Cruises, Ltd. | 4.82 | 11,948 | — | |||||||||||||||||
| USD | BNP | 3,141 | 09/19/23 | Sea, Ltd. | 4.82 | — | 1,966 | |||||||||||||||||
| USD | BNP | 22,025 | 09/19/23 | Shopify, Inc. | 4.82 | — | 315 | |||||||||||||||||
| USD | BNP | 8,077 | 09/19/23 | Splunk, Inc. | 4.82 | 886 | — | |||||||||||||||||
| USD | NIP | 159,692 | 11/30/27 | Snap, Inc. | 4.82 | 2,202 | — | |||||||||||||||||
| USD | BNP | 20,335 | 09/19/23 | TechTarget, Inc. | 4.82 | 1,047 | — | |||||||||||||||||
| USD | NIP | 422,264 | 11/30/27 | Topgolf Callaway Brands Corp. | 4.82 | — | 14,547 | |||||||||||||||||
| USD | NIP | 226,504 | 11/30/27 | Travere Therapeutics, Inc. | 4.82 | — | 8,494 | |||||||||||||||||
| USD | BOA | 25,111 | 05/31/23 | Two Harbors Investment Corp. | 4.82 | 11,431 | — | |||||||||||||||||
| USD | NIP | 16,233 | 11/30/27 | Uber Technologies, Inc. | 4.82 | 1,366 | — | |||||||||||||||||
| USD | NIP | 6,617 | 11/30/27 | Unity Software, Inc. | 4.82 | 551 | — | |||||||||||||||||
| USD | BNP | 6,912 | 09/19/23 | Upwork, Inc. | 4.82 | 1,037 | — | |||||||||||||||||
| USD | NIP | 136,703 | 11/30/27 | Veeco Instruments, Inc. | 4.82 | — | 2,840 | |||||||||||||||||
| USD | NIP | 246,081 | 11/30/27 | Wayfair, Inc. | 4.82 | 6971 | — | |||||||||||||||||
| USD | BNP | 95,540 | 09/19/23 | Wynn Macau, Ltd. | 4.82 | — | 2,666 | |||||||||||||||||
| USD | BNP | 191,479 | 09/19/23 | Zillow Group, Inc. | 4.82 | 1,326 | — | |||||||||||||||||
| USD | NIP | 299,940 | 11/30/27 | Zscaler, Inc. | 4.82 | 32,750 | — | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 1,837,277 | $ | 2,631,998 | ||||||||||||||||||||
| ^ | 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 | 44.5% | ||||||||
| Australia | 0.6% | ||||||||
| AGL Energy Ltd. | 603 | $ | 3,255 | |||||
| Brambles Ltd. | 786 | 7,076 | ||||||
| Coronado Global Resources, Inc. | 2,594 | 2,831 | ||||||
| GrainCorp Ltd., Class A | 681 | 3,159 | ||||||
| Incitec Pivot Ltd. | 1,270 | 2,664 | ||||||
| Newcrest Mining Ltd. | 226 | 4,046 | ||||||
| Northern Star Resources Ltd. | 437 | 3,577 | ||||||
| Perseus Mining Ltd. | 1,995 | 3,162 | ||||||
| Pilbara Minerals Ltd. | 2,163 | 5,771 | ||||||
| Sandfire Resources Ltd. (*) | 792 | 3,384 | ||||||
| Telstra Group Ltd. | 5,000 | 14,124 | ||||||
| WiseTech Global Ltd. | 118 | 5,184 | ||||||
| Yancoal Australia Ltd. | 3,473 | 13,503 | ||||||
| 71,736 | ||||||||
| Belgium | 0.0% | ||||||||
| Warehouses De Pauw CVA REIT | 179 | 5,323 | ||||||
| Bermuda | 0.1% | ||||||||
| RenaissanceRe Holdings Ltd. | 31 | 6,210 | ||||||
| Canada | 2.0% | ||||||||
| Agnico Eagle Mines Ltd. | 133 | 6,781 | ||||||
| Alamos Gold, Inc., Class A | 342 | 4,175 | ||||||
| ARC Resources Ltd. | 285 | 3,233 | ||||||
| Atco Ltd., Class I | 133 | 4,263 | ||||||
| Barrick Gold Corp. | 232 | 4,307 | ||||||
| Birchcliff Energy Ltd. | 445 | 2,522 | ||||||
| Canadian National Railway Co. | 171 | 20,173 | ||||||
| Canadian Natural Resources Ltd. | 63 | 3,486 | ||||||
| Constellation Software, Inc. | 14 | 26,321 | ||||||
| Fairfax Financial Holdings Ltd. | 5 | 3,325 | ||||||
| George Weston Ltd. | 55 | 7,289 | ||||||
| H&R Real Estate Investment Trust | 594 | 5,538 | ||||||
| Hydro One Ltd. | 824 | 23,461 | ||||||
| Imperial Oil Ltd. | 66 | 3,357 | ||||||
| International Petroleum Corp. (*) | 527 | 5,032 | ||||||
| Loblaw Cos. Ltd. | 429 | 39,097 | ||||||
| Manulife Financial Corp. | 558 | 10,239 | ||||||
| Metro, Inc. | 400 | 22,002 | ||||||
| Parex Resources, Inc. | 210 | 3,906 | ||||||
| Quebecor, Inc., Class B | 381 | 9,419 | ||||||
| Rogers Communications, Inc., Class B | 89 | 4,125 | ||||||
| Shopify, Inc. Class A Class A (*) | 75 | 3,596 | ||||||
| Teck Resources, Ltd., Class B | 100 | 3,652 | ||||||
| Description | Shares | Fair Value | ||||||
| Toronto-Dominion Bank | 387 | $ | 23,181 | |||||
| 242,480 | ||||||||
| China | 0.2% | ||||||||
| NXP Semiconductors NV | 112 | 20,885 | ||||||
| SITC International Holdings Co. Ltd. | 2,000 | 4,299 | ||||||
| 25,184 | ||||||||
| Denmark | 0.6% | ||||||||
| AP Moller - Maersk AS, Class B | 1 | 1,812 | ||||||
| Carlsberg AS, Class B ADR | 618 | 19,096 | ||||||
| Novo Nordisk AS, Class B | 335 | 53,162 | ||||||
| 74,070 | ||||||||
| Finland | 0.1% | ||||||||
| Nordea Bank Abp | 708 | 7,565 | ||||||
| France | 1.5% | ||||||||
| BNP Paribas SA | 200 | 11,962 | ||||||
| Bureau Veritas SA ADR | 227 | 13,019 | ||||||
| Cie de Saint-Gobain | 226 | 12,868 | ||||||
| Cie Generale des Etablissements Michelin SCA | 114 | 3,489 | ||||||
| Hermes International | 2 | 4,051 | ||||||
| Legrand SA ADR | 660 | 12,025 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 115 | 21,129 | ||||||
| Orange SA | 2,172 | 25,808 | ||||||
| Pernod Ricard SA ADR | 365 | 16,531 | ||||||
| Societe Generale SA | 376 | 8,487 | ||||||
| Thales SA ADR | 635 | 18,739 | ||||||
| TotalEnergies SE | 373 | 22,008 | ||||||
| Vinci SA | 89 | 10,213 | ||||||
| 180,329 | ||||||||
| Germany | 0.5% | ||||||||
| Bayerische Motoren Werke AG | 116 | 12,701 | ||||||
| Beiersdorf AG | 69 | 8,976 | ||||||
| Commerzbank AG (*) | 326 | 3,430 | ||||||
| Deutsche Bank AG | 800 | 8,112 | ||||||
| Merck KGaA ADR | 398 | 14,806 | ||||||
| Rheinmetall AG | 12 | 3,565 | ||||||
| Telefonica Deutschland Holding AG | 1,219 | 3,751 | ||||||
| 55,341 | ||||||||
| Hong Kong | 0.2% | ||||||||
| AIA Group Ltd. ADR | 358 | 15,036 | ||||||
| Jardine Matheson Holdings Ltd. | 100 | 4,872 | ||||||
| Swire Pacific Ltd., Class A | 1,000 | 7,701 | ||||||
| 27,609 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Ireland | 0.0% | ||||||||
| AerCap Holdings NV (*) | 84 | $ | 4,723 | |||||
| Israel | 0.2% | ||||||||
| Bank Hapoalim BM | 552 | 4,597 | ||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 5,973 | 8,143 | ||||||
| Elbit Systems Ltd. | 27 | 4,587 | ||||||
| Perion Network Ltd. (*) | 101 | 3,997 | ||||||
| 21,324 | ||||||||
| Italy | 0.2% | ||||||||
| Intesa Sanpaolo SpA | 4,022 | 10,351 | ||||||
| Poste Italiane SpA | 652 | 6,674 | ||||||
| Terna - Rete Elettrica Nazionale | 438 | 3,595 | ||||||
| UniCredit SpA | 93 | 1,761 | ||||||
| 22,381 | ||||||||
| Japan | 3.4% | ||||||||
| ABC-Mart, Inc. | 300 | 16,558 | ||||||
| Electric Power Development Co. Ltd. | 1,700 | 27,342 | ||||||
| FUJIFILM Holdings Corp. | 100 | 5,080 | ||||||
| Hachijuni Bank Ltd. | 1,800 | 7,824 | ||||||
| Honda Motor Co. Ltd. | 100 | 2,660 | ||||||
| Hulic Co. Ltd. | 500 | 4,108 | ||||||
| Japan Post Bank Co. Ltd. | 600 | 4,907 | ||||||
| Japan Post Holdings Co. Ltd. | 6,700 | 54,517 | ||||||
| Japan Post Insurance Co. Ltd. | 400 | 6,245 | ||||||
| Japan Real Estate Investment Corp. REIT | 1 | 3,985 | ||||||
| Japan Tobacco, Inc. | 1,100 | 23,217 | ||||||
| Kansai Electric Power Co., Inc. | 800 | 7,793 | ||||||
| KDDI Corp. | 500 | 15,441 | ||||||
| Lawson, Inc. | 200 | 8,462 | ||||||
| Mazda Motor Corp. | 400 | 3,724 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 100 | 4,158 | ||||||
| Mitsubishi Motors Corp. (*) | 900 | 3,558 | ||||||
| Mizuho Financial Group, Inc. | 500 | 7,091 | ||||||
| Nihon Kohden Corp. | 400 | 10,840 | ||||||
| Nintendo Co. Ltd. ADR | 1,373 | 13,304 | ||||||
| Nippon Building Fund, Inc. REIT | 1 | 4,158 | ||||||
| Nippon Telegraph & Telephone Corp. | 500 | 14,934 | ||||||
| Nisshinbo Holdings, Inc. | 1,000 | 7,651 | ||||||
| Nomura Real Estate Holdings, Inc. | 100 | 2,214 | ||||||
| Olympus Corp. | 796 | 13,938 | ||||||
| Osaka Gas Co. Ltd. | 1,000 | 16,442 | ||||||
| Rengo Co. Ltd. | 600 | 3,891 | ||||||
| Sankyo Co. Ltd. | 400 | 16,699 | ||||||
| Sega Sammy Holdings, Inc. | 300 | 5,696 | ||||||
| Description | Shares | Fair Value | ||||||
| Shimano, Inc. ADR | 635 | $ | 10,986 | |||||
| Shin-Etsu Chemical Co. Ltd. | 500 | 16,217 | ||||||
| Shizuoka Financial Group, Inc. | 600 | 4,313 | ||||||
| Softbank Corp. | 300 | 3,461 | ||||||
| Sumco Corp. | 200 | 3,008 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 4,010 | ||||||
| Tokyo Gas Co. Ltd. | 1,300 | 24,480 | ||||||
| Tokyo Ohka Kogyo Co. Ltd. | 100 | 5,825 | ||||||
| Tokyu Fudosan Holdings Corp. | 700 | 3,361 | ||||||
| Toshiba Corp. | 100 | 3,351 | ||||||
| Toyota Motor Corp. | 200 | 2,847 | ||||||
| Yamazaki Baking Co. Ltd. | 600 | 7,252 | ||||||
| 405,548 | ||||||||
| Netherlands | 1.0% | ||||||||
| ASM International NV | 34 | 13,705 | ||||||
| ASML Holding NV | 3 | 2,050 | ||||||
| BNP Paribas Emissions- und Handelsgesellschaft mbH (*) | 739 | 8,792 | ||||||
| Eurocommercial Properties NV REIT | 287 | 6,539 | ||||||
| Koninklijke Ahold Delhaize NV | 436 | 14,914 | ||||||
| Koninklijke KPN NV | 1,188 | 4,196 | ||||||
| NN Group NV | 82 | 2,975 | ||||||
| Shell PLC | 702 | 20,102 | ||||||
| Wolters Kluwer NV | 118 | 14,890 | ||||||
| Wolters Kluwer NV ADR | 249 | 31,397 | ||||||
| 119,560 | ||||||||
| New Zealand | 0.1% | ||||||||
| Spark New Zealand Ltd. | 3,170 | 10,053 | ||||||
| Norway | 0.1% | ||||||||
| Orkla ASA | 1,184 | 8,410 | ||||||
| Portugal | 0.0% | ||||||||
| Jeronimo Martins SGPS SA | 199 | 4,667 | ||||||
| Singapore | 0.3% | ||||||||
| Jardine Cycle & Carriage Ltd. | 600 | 14,174 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 300 | 2,797 | ||||||
| Sembcorp Industries Ltd. | 2,600 | 8,580 | ||||||
| Singapore Telecommunications Ltd. | 2,000 | 3,706 | ||||||
| STMicroelectronics NV | 134 | 7,168 | ||||||
| 36,425 | ||||||||
| Spain | 0.5% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,071 | 7,651 | ||||||
| Banco Santander SA | 750 | 2,794 | ||||||
| CaixaBank SA | 1,036 | 4,033 | ||||||
| Iberdrola SA | 1,709 | 21,288 | ||||||
| Industria de Diseno Textil SA | 123 | 4,131 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Industria de Diseno Textil SA ADR | 823 | $ | 13,777 | |||||
| 53,674 | ||||||||
| Sweden | 0.5% | ||||||||
| Assa Abloy AB ADR | 959 | 11,422 | ||||||
| Autoliv, Inc. | 62 | 5,788 | ||||||
| Epiroc AB ADR | 1,350 | 26,716 | ||||||
| Hexagon AB ADR | 1,740 | 19,871 | ||||||
| 63,797 | ||||||||
| Switzerland | 0.6% | ||||||||
| ABB Ltd. ADR | 649 | 22,261 | ||||||
| Novartis AG | 51 | 4,682 | ||||||
| Swatch Group AG ADR | 1,340 | 22,967 | ||||||
| Swisscom AG | 28 | 17,866 | ||||||
| 67,776 | ||||||||
| United Kingdom | 1.5% | ||||||||
| Coca-Cola Europacific Partners PLC | 310 | 18,349 | ||||||
| Diageo PLC ADR | 150 | 27,177 | ||||||
| HSBC Holdings PLC | 1,054 | 7,176 | ||||||
| Investec PLC | 888 | 4,940 | ||||||
| Man Group PLC | 1,177 | 3,426 | ||||||
| National Grid PLC | 545 | 7,398 | ||||||
| NatWest Group PLC | 3,682 | 12,030 | ||||||
| RELX PLC ADR | 960 | 31,142 | ||||||
| Serco Group PLC | 1,443 | 2,735 | ||||||
| SSE PLC | 155 | 3,453 | ||||||
| Standard Chartered PLC | 1,393 | 10,599 | ||||||
| Unilever PLC | 453 | 23,469 | ||||||
| Unilever PLC ADR | 528 | 27,419 | ||||||
| 179,313 | ||||||||
| United States | 30.3% | ||||||||
| Abbott Laboratories | 278 | 28,150 | ||||||
| Academy Sports & Outdoors, Inc. | 105 | 6,851 | ||||||
| Accenture PLC, Class A | 130 | 37,155 | ||||||
| Activision Blizzard, Inc. | 128 | 10,956 | ||||||
| Adobe, Inc. (*) | 50 | 19,269 | ||||||
| Affiliated Managers Group, Inc. | 48 | 6,836 | ||||||
| Alaska Air Group, Inc. (*) | 72 | 3,021 | ||||||
| Albemarle Corp. | 58 | 12,820 | ||||||
| Align Technology, Inc. (*) | 21 | 7,017 | ||||||
| Allison Transmission Holdings, Inc. | 137 | 6,198 | ||||||
| Alphabet, Inc., Class A (*) | 425 | 44,085 | ||||||
| Alphabet, Inc., Class C (*) | 384 | 39,936 | ||||||
| Altria Group, Inc. | 212 | 9,459 | ||||||
| Amazon.com, Inc. (*) | 352 | 36,358 | ||||||
| Amdocs Ltd. | 274 | 26,312 | ||||||
| Description | Shares | Fair Value | ||||||
| Ameren Corp. | 131 | $ | 11,317 | |||||
| American Electric Power Co., Inc. | 279 | 25,386 | ||||||
| American Express Co. | 34 | 5,608 | ||||||
| American International Group, Inc. | 36 | 1,813 | ||||||
| AmerisourceBergen Corp. | 82 | 13,129 | ||||||
| AMN Healthcare Services, Inc. (*) | 57 | 4,729 | ||||||
| Amphenol Corp., Class A | 314 | 25,660 | ||||||
| Aon PLC, Class A | 146 | 46,032 | ||||||
| Apple, Inc. | 885 | 145,936 | ||||||
| Applied Materials, Inc. | 35 | 4,299 | ||||||
| AptarGroup, Inc. | 85 | 10,046 | ||||||
| AT&T, Inc. | 1,102 | 21,213 | ||||||
| Autodesk, Inc. (*) | 18 | 3,747 | ||||||
| Automatic Data Processing, Inc. | 49 | 10,909 | ||||||
| AutoZone, Inc. (*) | 4 | 9,833 | ||||||
| Avery Dennison Corp. | 68 | 12,167 | ||||||
| Bank of America Corp. | 548 | 15,673 | ||||||
| Becton Dickinson & Co. | 18 | 4,456 | ||||||
| Biogen, Inc. (*) | 14 | 3,892 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 61 | 4,640 | ||||||
| BlueLinx Holdings, Inc. (*) | 55 | 3,738 | ||||||
| Booking Holdings, Inc. (*) | 5 | 13,262 | ||||||
| Booz Allen Hamilton Holding Corp. | 312 | 28,919 | ||||||
| Brighthouse Financial, Inc. (*) | 64 | 2,823 | ||||||
| Bristol-Myers Squibb Co. | 480 | 33,269 | ||||||
| Broadcom, Inc. | 32 | 20,529 | ||||||
| BRP, Inc. | 182 | 14,232 | ||||||
| Cadence Design Systems, Inc. (*) | 37 | 7,773 | ||||||
| Cal-Maine Foods, Inc. | 202 | 12,300 | ||||||
| California Resources Corp. | 77 | 2,965 | ||||||
| Campbell Soup Co. | 199 | 10,941 | ||||||
| Cardinal Health, Inc. | 198 | 14,949 | ||||||
| Caterpillar, Inc. | 34 | 7,781 | ||||||
| Cboe Global Markets, Inc. | 16 | 2,148 | ||||||
| Charles Schwab Corp. | 375 | 19,643 | ||||||
| Charter Communications, Inc., Class A (*) | 83 | 29,682 | ||||||
| Cheniere Energy, Inc. | 20 | 3,152 | ||||||
| Chesapeake Energy Corp. | 42 | 3,194 | ||||||
| Chevron Corp. | 44 | 7,179 | ||||||
| Chipotle Mexican Grill, Inc. (*) | 3 | 5,125 | ||||||
| Chord Energy Corp. | 27 | 3,634 | ||||||
| Chubb Ltd. | 31 | 6,020 | ||||||
| Cigna Group | 23 | 5,877 | ||||||
| Cirrus Logic, Inc. (*) | 55 | 6,016 | ||||||
| Cisco Systems, Inc. | 1,103 | 57,659 | ||||||
| Citigroup, Inc. | 137 | 6,424 | ||||||
| CME Group, Inc. | 19 | 3,639 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Coca-Cola Co. | 553 | 34,303 | ||||||
| Cognizant Technology Solutions Corp., Class A | 208 | 12,673 | ||||||
| Colgate-Palmolive Co. | 291 | 21,869 | ||||||
| Commercial Metals Co. | 152 | 7,433 | ||||||
| Computershare Ltd. ADR | 810 | 11,810 | ||||||
| Comstock Resources, Inc. | 457 | 4,931 | ||||||
| Consolidated Edison, Inc. | 108 | 10,332 | ||||||
| Copart, Inc. (*) | 71 | 5,340 | ||||||
| Corebridge Financial, Inc. | 184 | 2,948 | ||||||
| Coterra Energy, Inc. | 171 | 4,196 | ||||||
| Crowdstrike Holdings, Inc., Class A (*) | 22 | 3,020 | ||||||
| CSL Ltd. | 79 | 15,243 | ||||||
| CTS Corp. | 91 | 4,501 | ||||||
| CVS Health Corp. | 129 | 9,586 | ||||||
| D.R. Horton, Inc. | 32 | 3,126 | ||||||
| Danaher Corp. | 41 | 10,334 | ||||||
| Darden Restaurants, Inc. | 25 | 3,879 | ||||||
| Dave & Buster’s Entertainment, Inc. (*) | 95 | 3,495 | ||||||
| Deckers Outdoor Corp. (*) | 20 | 8,991 | ||||||
| Deere & Co. | 80 | 33,030 | ||||||
| Diamondback Energy, Inc. | 36 | 4,866 | ||||||
| Dick’s Sporting Goods, Inc. | 37 | 5,250 | ||||||
| DocuSign, Inc. (*) | 89 | 5,189 | ||||||
| Dollar General Corp. | 92 | 19,362 | ||||||
| Donnelley Financial Solutions, Inc. (*) | 95 | 3,882 | ||||||
| Dow, Inc. | 86 | 4,715 | ||||||
| Electronic Arts, Inc. | 48 | 5,782 | ||||||
| Elevance Health, Inc. | 19 | 8,736 | ||||||
| Eli Lilly & Co. | 134 | 46,018 | ||||||
| Equinix, Inc. REIT | 48 | 34,610 | ||||||
| Equitable Holdings, Inc. | 127 | 3,225 | ||||||
| Estee Lauder Cos., Inc., Class A | 98 | 24,153 | ||||||
| Everest Re Group Ltd. | 56 | 20,049 | ||||||
| Expedia Group, Inc. (*) | 97 | 9,412 | ||||||
| Exxon Mobil Corp. | 170 | 18,642 | ||||||
| Fair Isaac Corp. (*) | 5 | 3,513 | ||||||
| FirstEnergy Corp. | 88 | 3,525 | ||||||
| Fiserv, Inc. (*) | 94 | 10,625 | ||||||
| Flowers Foods, Inc. | 142 | 3,892 | ||||||
| Freeport-McMoRan, Inc. | 80 | 3,273 | ||||||
| General Mills, Inc. | 163 | 13,930 | ||||||
| Gilead Sciences, Inc. | 664 | 55,092 | ||||||
| GMS, Inc. (*) | 77 | 4,458 | ||||||
| Goldman Sachs Group, Inc. | 16 | 5,234 | ||||||
| Graco, Inc. | 211 | 15,405 | ||||||
| Description | Shares | Fair Value | ||||||
| Grand Canyon Education, Inc. (*) | 54 | 6,151 | ||||||
| Graphic Packaging Holding Co. | 185 | 4,716 | ||||||
| GSK PLC | 302 | 5,386 | ||||||
| H&R Block, Inc. | 173 | 6,098 | ||||||
| Haemonetics Corp. (*) | 54 | 4,469 | ||||||
| Haleon PLC | 402 | 1,604 | ||||||
| Hartford Financial Services Group, Inc. | 56 | 3,903 | ||||||
| HCA Healthcare, Inc. | 91 | 23,995 | ||||||
| Henry Schein, Inc. (*) | 73 | 5,952 | ||||||
| Hershey Co. | 108 | 27,476 | ||||||
| Hess Corp. | 24 | 3,176 | ||||||
| Hess Midstream LP Class A | 102 | 2,952 | ||||||
| Hilton Grand Vacations, Inc. (*) | 81 | 3,599 | ||||||
| Hologic, Inc. (*) | 56 | 4,519 | ||||||
| Huntington Ingalls Industries, Inc. | 21 | 4,347 | ||||||
| Incyte Corp. (*) | 55 | 3,975 | ||||||
| Ingles Markets, Inc., Class A | 86 | 7,628 | ||||||
| Intercontinental Exchange, Inc. | 312 | 32,538 | ||||||
| International Game Technology PLC | 176 | 4,717 | ||||||
| IQVIA Holdings, Inc. (*) | 129 | 25,657 | ||||||
| Iron Mountain, Inc. REIT | 111 | 5,873 | ||||||
| Jack Henry & Associates, Inc. | 24 | 3,617 | ||||||
| Jackson Financial, Inc., Class A | 49 | 1,833 | ||||||
| Johnson & Johnson | 384 | 59,520 | ||||||
| JPMorgan Chase & Co. | 14 | 1,824 | ||||||
| Kellogg Co. | 203 | 13,593 | ||||||
| Keysight Technologies, Inc. (*) | 24 | 3,876 | ||||||
| Kimberly-Clark Corp. | 201 | 26,978 | ||||||
| Kroger Co. | 237 | 11,701 | ||||||
| Lamb Weston Holdings, Inc. | 18 | 1,881 | ||||||
| Lantheus Holdings, Inc. (*) | 49 | 4,045 | ||||||
| Lattice Semiconductor Corp. (*) | 72 | 6,876 | ||||||
| Linde PLC | 11 | 3,910 | ||||||
| Lockheed Martin Corp. | 13 | 6,145 | ||||||
| Magnolia Oil & Gas Corp., Class A | 179 | 3,917 | ||||||
| Marathon Oil Corp. | 206 | 4,936 | ||||||
| Marathon Petroleum Corp. | 37 | 4,989 | ||||||
| MarketAxess Holdings, Inc. | 5 | 1,956 | ||||||
| MasterCard, Inc., Class A | 99 | 35,978 | ||||||
| McDonald’s Corp. | 144 | 40,264 | ||||||
| McGrath RentCorp | 43 | 4,012 | ||||||
| McKesson Corp. | 28 | 9,969 | ||||||
| Medpace Holdings, Inc. (*) | 15 | 2,821 | ||||||
| Merck & Co., Inc. | 679 | 72,239 | ||||||
| Meta Platforms, Inc., Class A (*) | 273 | 57,860 | ||||||
| Microchip Technology, Inc. | 125 | 10,473 | ||||||
| Microsoft Corp. | 208 | 59,966 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Molina Healthcare, Inc. (*) | 26 | 6,955 | ||||||
| Morgan Stanley | 47 | 4,127 | ||||||
| Mosaic Co. | 38 | 1,743 | ||||||
| Motorola Solutions, Inc. | 53 | 15,165 | ||||||
| MSCI, Inc. | 22 | 12,313 | ||||||
| National Fuel Gas Co. | 479 | 27,657 | ||||||
| Netflix, Inc. (*) | 69 | 23,838 | ||||||
| Neurocrine Biosciences, Inc. (*) | 57 | 5,770 | ||||||
| NexTier Oilfield Solutions, Inc. (*) | 527 | 4,190 | ||||||
| NIKE, Inc., Class B | 173 | 21,217 | ||||||
| Northrop Grumman Corp. | 10 | 4,617 | ||||||
| Nucor Corp. | 93 | 14,366 | ||||||
| NVIDIA Corp. | 134 | 37,221 | ||||||
| NVR, Inc. (*) | 1 | 5,572 | ||||||
| O’Reilly Automotive, Inc. (*) | 48 | 40,751 | ||||||
| O-I Glass, Inc. (*) | 205 | 4,656 | ||||||
| ON Semiconductor Corp. (*) | 100 | 8,232 | ||||||
| Oracle Corp. | 193 | 17,934 | ||||||
| Ovintiv, Inc. | 92 | 3,319 | ||||||
| Owens Corning | 58 | 5,556 | ||||||
| PACCAR, Inc. | 67 | 4,904 | ||||||
| Palo Alto Networks, Inc. (*) | 52 | 10,386 | ||||||
| Paychex, Inc. | 254 | 29,106 | ||||||
| PepsiCo, Inc. | 258 | 47,033 | ||||||
| Pfizer, Inc. | 668 | 27,254 | ||||||
| Philip Morris International, Inc. | 241 | 23,437 | ||||||
| Piedmont Lithium, Inc. (*) | 62 | 3,723 | ||||||
| Piedmont Office Realty Trust, Inc. REIT Class A Class A | 300 | 2,190 | ||||||
| Pinnacle West Capital Corp. | 66 | 5,230 | ||||||
| Pioneer Natural Resources Co. | 14 | 2,859 | ||||||
| PNM Resources, Inc. | 141 | 6,864 | ||||||
| Portland General Electric Co. | 93 | 4,547 | ||||||
| Premier, Inc., Class A | 126 | 4,079 | ||||||
| Procter & Gamble Co. | 399 | 59,327 | ||||||
| PTC, Inc. (*) | 137 | 17,568 | ||||||
| Public Storage REIT | 57 | 17,222 | ||||||
| QUALCOMM, Inc. | 100 | 12,758 | ||||||
| Qualys, Inc. (*) | 37 | 4,811 | ||||||
| Regency Centers Corp. | 50 | 3,059 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 12 | 9,860 | ||||||
| Republic Services, Inc. | 167 | 22,582 | ||||||
| Roche Holding AG | 67 | 19,175 | ||||||
| Rockwell Automation, Inc. | 68 | 19,955 | ||||||
| S&P Global, Inc. | 76 | 26,203 | ||||||
| SandRidge Energy, Inc. (*) | 210 | 3,026 | ||||||
| Description | Shares | Fair Value | ||||||
| SBA Communications Corp. REIT | 126 | 32,895 | ||||||
| Schlumberger NV | 70 | 3,437 | ||||||
| ServiceNow, Inc. (*) | 15 | 6,971 | ||||||
| Simon Property Group, Inc. REIT | 92 | 10,301 | ||||||
| Southwestern Energy Co. (*) | 426 | 2,130 | ||||||
| Starbucks Corp. | 160 | 16,661 | ||||||
| State Street Corp. | 101 | 7,645 | ||||||
| Steel Dynamics, Inc. | 65 | 7,349 | ||||||
| Stellantis NV | 620 | 11,281 | ||||||
| Stride, Inc. (*) | 102 | 4,004 | ||||||
| Stryker Corp. | 45 | 12,846 | ||||||
| Synchrony Financial | 83 | 2,414 | ||||||
| Synopsys, Inc. (*) | 179 | 69,139 | ||||||
| Sysco Corp. | 160 | 12,357 | ||||||
| Talos Energy, Inc. (*) | 262 | 3,888 | ||||||
| Target Corp. | 13 | 2,153 | ||||||
| Tecnoglass, Inc. | 92 | 3,860 | ||||||
| Tesla, Inc. (*) | 172 | 35,683 | ||||||
| Tetra Tech, Inc. | 43 | 6,317 | ||||||
| Texas Instruments, Inc. | 144 | 26,785 | ||||||
| Texas Pacific Land Corp. | 2 | 3,402 | ||||||
| Texas Roadhouse, Inc. | 55 | 5,943 | ||||||
| Thermo Fisher Scientific, Inc. | 69 | 39,770 | ||||||
| TJX Cos., Inc. | 176 | 13,791 | ||||||
| TopBuild Corp. (*) | 46 | 9,574 | ||||||
| Toro Co. | 103 | 11,449 | ||||||
| Tractor Supply Co. | 47 | 11,047 | ||||||
| Trane Technologies PLC | 19 | 3,496 | ||||||
| Travelers Cos., Inc. | 20 | 3,428 | ||||||
| U-Haul Holding Co. | 133 | 7,270 | ||||||
| UFP Industries, Inc. | 23 | 1,828 | ||||||
| Ulta Beauty, Inc. (*) | 24 | 13,096 | ||||||
| UMH Properties, Inc. REIT | 185 | 2,736 | ||||||
| United Parcel Service, Inc., Class B | 20 | 3,880 | ||||||
| United Therapeutics Corp. (*) | 22 | 4,927 | ||||||
| UnitedHealth Group, Inc. | 148 | 69,943 | ||||||
| Unum Group | 95 | 3,758 | ||||||
| Valero Energy Corp. | 79 | 11,028 | ||||||
| VeriSign, Inc. (*) | 36 | 7,608 | ||||||
| Verisk Analytics, Inc. | 23 | 4,413 | ||||||
| Verizon Communications, Inc. | 216 | 8,400 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 65 | 20,480 | ||||||
| Virtu Financial, Inc., Class A | 286 | 5,405 | ||||||
| Visa, Inc., Class A | 230 | 51,856 | ||||||
| Warner Music Group Corp., Class A | 265 | 8,843 | ||||||
| Waste Management, Inc. | 168 | 27,413 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Wells Fargo & Co. | 499 | $ | 18,653 | |||||
| Westamerica BanCorp | 100 | 4,430 | ||||||
| Western Union Co. | 457 | 5,096 | ||||||
| Westlake Corp. | 59 | 6,843 | ||||||
| White Mountains Insurance Group Ltd. | 7 | 9,642 | ||||||
| Williams-Sonoma, Inc. | 24 | 2,920 | ||||||
| WW Grainger, Inc. | 51 | 35,129 | ||||||
| Xcel Energy, Inc. | 345 | 23,267 | ||||||
| Zillow Group, Inc. Class C (*) | 130 | 5,781 | ||||||
| Zillow Group, Inc., Class A (*) | 88 | 3,846 | ||||||
| Zoetis, Inc. | 121 | 20,139 | ||||||
| Zoom Video Communications, Inc. Class A (*) | 60 | 4,430 | ||||||
| 3,621,002 | ||||||||
| Total Common Stocks (Cost $4,548,725) | 5,314,500 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 18.9% | ||||||||||
| Canada | 0.6% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 75 | $ | 67,898 | ||||||
| Germany | 0.6% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 85 | 76,586 | |||||||
| Switzerland | 0.5% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 62 | 56,850 | |||||||
| United States | 17.2% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 45 | 39,966 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 80 | 65,491 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 35 | 34,113 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 70 | 64,378 | |||||||
| Apple, Inc., 1.125%, 05/11/25 | USD | 105 | 98,548 | |||||||
| AT&T, Inc., 3.500%, 06/01/41 | USD | 70 | 55,243 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 65 | 64,513 | |||||||
| Bank of America Corp.: | ||||||||||
| 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 50 | 49,722 | |||||||
| 1.978% (CDOR 03 Month + 0.600%), 09/15/27 (§) | CAD | 50 | 33,537 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 90 | $ | 84,067 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 35 | 33,758 | |||||||
| Comcast Corp., 4.650%, 02/15/33 | USD | 50 | 50,255 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 90 | 71,894 | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 30 | 33,449 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 185 | 131,567 | |||||||
| Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 90 | 74,128 | |||||||
| JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 90 | 85,089 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 23 | 21,710 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 50 | 50,014 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 120 | 86,389 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 80 | 70,991 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 70 | 67,371 | |||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 70 | 62,529 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 70 | 53,211 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 30 | 24,512 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 120 | 94,353 | |||||||
| Schneider Electric SE, 0.875%, 12/13/26 | EUR | 100 | 99,550 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 35 | 33,721 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 55 | 49,578 | |||||||
| Sysco Corp., 2.400%, 02/15/30 | USD | 55 | 48,043 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 80 | 70,191 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 35 | 33,469 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 94 | 90,821 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Waste Management, Inc., 4.625%, 02/15/30 | USD | 35 | $ | 35,019 | ||||||
| 2,061,190 | ||||||||||
| Total Corporate Bonds (Cost $2,384,217) | 2,262,524 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 1.0% | ||||||||
| iShares MSCI World ETF (Cost $88,145) | 1,046 | $ | 123,083 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Foreign Government Obligations | 24.4% | ||||||||||
| Australia | 1.4% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 175 | $ | 97,048 | ||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 135 | 74,399 | |||||||
| 171,447 | ||||||||||
| Bahamas | 0.6% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 100 | 74,050 | |||||||
| Canada | 3.3% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 215 | 138,726 | |||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 125 | 89,418 | |||||||
| Quebec, 1.850%, 02/13/27 | CAD | 95 | 66,255 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 130 | 93,940 | |||||||
| 388,339 | ||||||||||
| Chile | 1.2% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
| 5.800%, 06/01/24 | CLP | 55,000 | 68,108 | |||||||
| 2.300%, 10/01/28 | CLP | 65,000 | 69,344 | |||||||
| 137,452 | ||||||||||
| Colombia | 0.3% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 205,000 | 40,677 | |||||||
| Croatia | 0.6% | ||||||||||
| Croatia Government International Bonds, 1.750%, 03/04/41 | EUR | 100 | 74,953 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Czech Republic | 1.1% | ||||||||||
| Czech Republic Government Bonds, 7.210% (PRIBOR 6 Month), 11/19/27 (§) | CZK | 2,740 | $ | 125,969 | ||||||
| Denmark | 0.6% | ||||||||||
| Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 585 | 68,986 | |||||||
| France | 0.6% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 80 | 72,139 | |||||||
| Hungary | 0.3% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 55 | 40,609 | |||||||
| Ireland | 1.1% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 135 | 132,610 | |||||||
| Italy | 0.6% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35 | EUR | 70 | 74,142 | |||||||
| Japan | 1.6% | ||||||||||
| Japan International Cooperation Agency, 3.250%, 05/25/27 | USD | 200 | 191,552 | |||||||
| Mexico | 1.1% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 1,230 | 65,829 | |||||||
| 7.500%, 06/03/27 | MXN | 1,240 | 65,252 | |||||||
| Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | 5 | 6,220 | |||||||
| 137,301 | ||||||||||
| New Zealand | 2.7% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 180 | 104,762 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 215 | 130,254 | |||||||
| 2.000%, 04/15/37 | NZD | 195 | 83,079 | |||||||
| 318,095 | ||||||||||
| Norway | 0.8% | ||||||||||
| Oslo, 2.350%, 09/04/24 | NOK | 1,000 | 93,298 | |||||||
| Peru | 1.2% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 344 | 83,598 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 75 | 60,998 | |||||||
| 144,596 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Poland | 0.8% | ||||||||||
| Poland Government Bonds, 7.560% (WIBOR 6 Month), 05/25/28 (§) | PLN | 420 | $ | 93,519 | ||||||
| Portugal | 1.0% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 120 | 114,553 | |||||||
| Singapore | 0.7% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 100 | 77,923 | |||||||
| Spain | 0.9% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 165 | 112,941 | |||||||
| Switzerland | 0.4% | ||||||||||
| Swiss Confederation Government Bonds, 0.500%, 06/27/32 | CHF | 45 | 46,270 | |||||||
| Thailand | 0.9% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 4,260 | 111,110 | |||||||
| United Kingdom | 0.6% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 75 | 71,310 | |||||||
| Total Foreign Government Obligations (Cost $3,101,400) | 2,913,841 | |||||||||
| Quasi Government Bonds | 1.5% | ||||||||||
| Germany | 1.5% | ||||||||||
| Kreditanstalt fuer Wiederaufbau: | ||||||||||
| 0.000%, 09/15/28 | EUR | 50 | 46,505 | |||||||
| 1.750%, 09/14/29 | USD | 100 | 88,907 | |||||||
| 0.000%, 04/18/36 | USD | 65 | 39,660 | |||||||
| (Cost $176,869) | 175,072 | |||||||||
| Supranational Bonds | 6.0% | ||||||||||
| Asian Development Bank, 2.125%, 03/19/25 | USD | 63 | 60,696 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 180 | 119,076 | |||||||
| Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 540,000 | 34,812 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 62 | 37,649 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 1.900%, 01/16/25 | CAD | 180 | 128,135 | |||||||
| 2.900%, 11/26/25 | AUD | 95 | 62,272 | |||||||
| 1.250%, 03/16/26 | NOK | 910 | 82,032 | |||||||
| 1.125%, 09/13/28 | USD | 52 | 45,359 | |||||||
| International Finance Corp.: 2.125%, 04/07/26 | USD | 70 | 66,476 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 1.500%, 04/15/35 | AUD | 162 | $ | 77,169 | ||||||
| Total Supranational Bonds (Cost $808,701) | 713,676 | |||||||||
| U.S. Treasury Securities | 2.1% | ||||||||||
| U.S. Treasury Bonds: | ||||||||||
| 4.125%, 11/15/32 | USD | 60 | 63,047 | |||||||
| 2.250%, 05/15/41 | USD | 230 | 182,661 | |||||||
| (Cost $228,385) | 245,708 | |||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $17,765) | 17,765 | $ | 17,765 | |||||
| Total Investments | 98.5% (Cost $11,354,207) (») | $ | 11,766,169 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.5% | 178,789 | |||||||
| Net Assets | 100.0% | $ | 11,944,958 | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||||||||||
| Forward Currency Contracts open at March 31, 2023: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 16,767 | USD | 12,000 | JPM | 05/10/23 | $ | — | $ | 778 | |||||||||
| AUD | 32,665 | USD | 22,656 | JPM | 05/10/23 | — | 793 | |||||||||||
| AUD | 23,605 | USD | 15,728 | SSB | 06/29/23 | 100 | — | |||||||||||
| CAD | 69,427 | USD | 51,651 | HSB | 05/10/23 | — | 252 | |||||||||||
| CAD | 72,376 | USD | 52,774 | HSB | 05/10/23 | 808 | — | |||||||||||
| CAD | 120,987 | USD | 87,848 | HSB | 05/10/23 | 1,723 | — | |||||||||||
| CHF | 4,628 | USD | 5,052 | HSB | 05/10/23 | 25 | — | |||||||||||
| CHF | 22,255 | USD | 24,492 | SSB | 06/29/23 | 57 | — | |||||||||||
| CNH | 3,229,382 | USD | 469,148 | HSB | 05/10/23 | 2,052 | — | |||||||||||
| CNH | 1,143,653 | USD | 166,126 | JPM | 05/10/23 | 744 | — | |||||||||||
| COP | 36,332,019 | USD | 6,900 | HSB | 04/25/23 | 869 | — | |||||||||||
| CZK | 152,329 | USD | 6,840 | HSB | 04/25/23 | 192 | — | |||||||||||
| CZK | 692,997 | USD | 32,000 | HSB | 04/25/23 | — | 12 | |||||||||||
| CZK | 703,580 | USD | 31,308 | HSB | 04/25/23 | 1,168 | — | |||||||||||
| EUR | 277,660 | USD | 299,160 | CIT | 04/18/23 | 2,195 | — | |||||||||||
| EUR | 32,828 | USD | 35,197 | HSB | 04/18/23 | 432 | — | |||||||||||
| EUR | 73,407 | USD | 78,086 | HSB | 04/18/23 | 1,585 | — | |||||||||||
| EUR | 622,851 | USD | 670,976 | HSB | 04/18/23 | 5,030 | — | |||||||||||
| EUR | 71,258 | USD | 79,000 | JPM | 05/10/23 | — | 1,564 | |||||||||||
| EUR | 54,979 | USD | 59,479 | JPM | 06/29/23 | 434 | — | |||||||||||
| EUR | 20,194 | USD | 21,841 | SSB | 06/29/23 | 165 | — | |||||||||||
| GBP | 7,057 | USD | 8,534 | CIT | 05/10/23 | 178 | — | |||||||||||
| GBP | 3,800 | USD | 4,582 | JPM | 05/10/23 | 110 | — | |||||||||||
| GBP | 191,630 | USD | 231,682 | JPM | 05/10/23 | 4,888 | — | |||||||||||
| GBP | 16,923 | USD | 20,724 | SSB | 06/29/23 | 187 | — | |||||||||||
| HUF | 12,293,574 | USD | 33,964 | HSB | 05/10/23 | 715 | — | |||||||||||
| INR | 3,200,925 | USD | 39,000 | HSB | 04/28/23 | — | 83 | |||||||||||
| JPY | 24,663,905 | USD | 187,471 | CIT | 04/18/23 | — | 1,340 | |||||||||||
| JPY | 99,264,677 | USD | 754,474 | HSB | 04/18/23 | — | 5,356 | |||||||||||
| JPY | 609,917 | USD | 4,729 | SSB | 06/29/23 | — | 78 | |||||||||||
| KRW | 26,220,000 | USD | 20,000 | JPM | 04/18/23 | 85 | — | |||||||||||
| KRW | 130,296,332 | USD | 91,375 | JPM | 04/18/23 | 8,434 | — | |||||||||||
| MXN | 242,331 | USD | 12,965 | HSB | 05/10/23 | 389 | — | |||||||||||
| MXN | 2,291,258 | USD | 119,155 | HSB | 05/10/23 | 7,109 | — | |||||||||||
| NOK | 77,947 | USD | 7,626 | HSB | 05/10/23 | — | 168 | |||||||||||
| NZD | 21,363 | USD | 13,374 | JPM | 05/10/23 | — | 15 | |||||||||||
| NZD | 29,204 | USD | 18,109 | JPM | 05/10/23 | 153 | — | |||||||||||
| PEN | 45,000 | USD | 11,749 | HSB | 04/25/23 | 192 | — | |||||||||||
| PLN | 29,133 | USD | 6,529 | HSB | 05/10/23 | 205 | — | |||||||||||
| PLN | 153,379 | USD | 35,646 | HSB | 05/10/23 | — | 191 | |||||||||||
| RON | 568,343 | USD | 125,505 | HSB | 05/10/23 | — | 1,082 | |||||||||||
| SEK | 310,601 | USD | 29,806 | HSB | 05/10/23 | 179 | — | |||||||||||
| SEK | 562,374 | USD | 53,966 | JPM | 05/10/23 | 326 | — | |||||||||||
| SGD | 5,134 | USD | 3,853 | HSB | 05/10/23 | 9 | — | |||||||||||
| THB | 46,523 | USD | 1,337 | JPM | 05/10/23 | 28 | — | |||||||||||
| USD | 11,400 | AUD | 16,527 | HSB | 05/10/23 | 338 | — | |||||||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 75,458 | AUD | 108,582 | HSB | 05/10/23 | $ | 2,783 | $ | — | |||||||||
| USD | 9,000 | AUD | 13,288 | JPM | 05/10/23 | 107 | — | |||||||||||
| USD | 26,000 | AUD | 38,508 | JPM | 05/10/23 | 226 | — | |||||||||||
| USD | 189,283 | AUD | 272,360 | JPM | 05/10/23 | 6,989 | — | |||||||||||
| USD | 359,651 | CAD | 483,631 | CIT | 05/10/23 | 1,604 | — | |||||||||||
| USD | 32,549 | CAD | 44,717 | CIT | 06/29/23 | — | 584 | |||||||||||
| USD | 18,600 | CAD | 25,039 | HSB | 05/10/23 | 63 | — | |||||||||||
| USD | 31,000 | CAD | 42,480 | HSB | 05/10/23 | — | 449 | |||||||||||
| USD | 83,939 | CAD | 112,856 | HSB | 05/10/23 | 388 | — | |||||||||||
| USD | 404,391 | CAD | 543,786 | JPM | 05/10/23 | 1,810 | — | |||||||||||
| USD | 3,600 | CHF | 3,302 | HSB | 05/10/23 | — | 23 | |||||||||||
| USD | 51,996 | CLP | 41,656,345 | CIT | 04/28/23 | — | 272 | |||||||||||
| USD | 76,683 | CLP | 61,231,164 | HSB | 04/28/23 | — | 146 | |||||||||||
| USD | 39,000 | CNH | 268,106 | HSB | 05/10/23 | — | 119 | |||||||||||
| USD | 38,149 | COP | 193,704,616 | HSB | 04/25/23 | — | 3,272 | |||||||||||
| USD | 44,000 | CZK | 1,006,049 | CIT | 04/25/23 | — | 2,438 | |||||||||||
| USD | 4,200 | CZK | 93,526 | HSB | 04/25/23 | — | 117 | |||||||||||
| USD | 104,234 | CZK | 2,340,471 | HSB | 04/25/23 | — | 3,800 | |||||||||||
| USD | 22,573 | DKK | 156,760 | JPM | 05/10/23 | — | 301 | |||||||||||
| USD | 11,477 | DKK | 79,017 | SSB | 06/29/23 | — | 91 | |||||||||||
| USD | 73,151 | EUR | 68,403 | HSB | 04/18/23 | — | 1,089 | |||||||||||
| USD | 82,000 | EUR | 77,066 | HSB | 04/18/23 | — | 1,643 | |||||||||||
| USD | 125,200 | EUR | 116,686 | HSB | 04/18/23 | — | 1,445 | |||||||||||
| USD | 59,780 | EUR | 55,339 | JPM | 04/18/23 | — | 282 | |||||||||||
| USD | 290,500 | EUR | 269,613 | JPM | 04/18/23 | — | 2,123 | |||||||||||
| USD | 16,441 | GBP | 13,599 | JPM | 05/10/23 | — | 347 | |||||||||||
| USD | 22,000 | GBP | 18,320 | JPM | 05/10/23 | — | 616 | |||||||||||
| USD | 23,400 | GBP | 19,399 | JPM | 05/10/23 | — | 548 | |||||||||||
| USD | 15,586 | IDR | 236,894,520 | JPM | 04/18/23 | — | 258 | |||||||||||
| USD | 45,000 | JPY | 6,090,976 | CIT | 04/18/23 | — | 967 | |||||||||||
| USD | 27,000 | JPY | 3,582,616 | HSB | 04/18/23 | — | 37 | |||||||||||
| USD | 74,000 | JPY | 9,851,322 | HSB | 04/18/23 | — | 345 | |||||||||||
| USD | 146,120 | JPY | 18,846,043 | JPM | 06/29/23 | 2,384 | — | |||||||||||
| USD | 39,000 | KRW | 50,806,080 | JPM | 04/28/23 | 57 | — | |||||||||||
| USD | 4,800 | MXN | 89,481 | HSB | 05/10/23 | — | 131 | |||||||||||
| USD | 74,017 | MXN | 1,426,605 | HSB | 05/10/23 | — | 4,599 | |||||||||||
| USD | 128,423 | MXN | 2,475,747 | JPM | 05/10/23 | — | 8,008 | |||||||||||
| USD | 181,606 | NOK | 1,857,551 | JPM | 05/10/23 | 3,890 | — | |||||||||||
| USD | 303,586 | NZD | 479,504 | HSB | 05/10/23 | 3,739 | — | |||||||||||
| USD | 31,782 | NZD | 50,214 | JPM | 05/10/23 | 381 | — | |||||||||||
| USD | 38,989 | PEN | 158,498 | CIT | 04/25/23 | — | 3,071 | |||||||||||
| USD | 40,738 | PEN | 165,520 | HSB | 04/25/23 | — | 3,185 | |||||||||||
| USD | 4,800 | PLN | 21,502 | HSB | 05/10/23 | — | 170 | |||||||||||
| USD | 54,000 | PLN | 241,404 | HSB | 05/10/23 | — | 1,802 | |||||||||||
| USD | 56,398 | PLN | 246,533 | HSB | 05/10/23 | — | 590 | |||||||||||
| USD | 7,453 | PLN | 32,600 | JPM | 05/10/23 | — | 83 | |||||||||||
| Lazard Global Dynamic Multi-Asset Portfolio (concluded) | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 9,600 | RON | 44,357 | HSB | 05/10/23 | $ | — | $ | 111 | |||||||||
| USD | 71,000 | RON | 332,963 | HSB | 05/10/23 | — | 1,893 | |||||||||||
| USD | 54,000 | SEK | 555,814 | JPM | 05/10/23 | 341 | — | |||||||||||
| USD | 26,577 | SGD | 34,733 | HSB | 05/10/23 | 449 | — | |||||||||||
| USD | 33,850 | SGD | 44,245 | JPM | 05/10/23 | 565 | — | |||||||||||
| USD | 84,952 | THB | 2,961,423 | HSB | 05/10/23 | — | 1,985 | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 66,880 | $ | 58,652 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 94.4% | ||||||||
| Commodity | 9.9% | ||||||||
| Invesco DB Agriculture Fund | 177,859 | $ | 3,633,659 | |||||
| United States Oil Fund L.P. | 22,813 | 1,515,696 | ||||||
| 5,149,355 | ||||||||
| Equity Funds | 63.3% | ||||||||
| Consumer Staples Select Sector SPDR Fund | 36,145 | 2,700,393 | ||||||
| Franklin FTSE Japan ETF | 119,267 | 3,083,207 | ||||||
| Health Care Select Sector SPDR Fund | 34,991 | 4,529,935 | ||||||
| Invesco Russell 1000 Dynamic Multifactor ETF | 22,824 | 1,061,088 | ||||||
| iShares Core Dividend Growth ETF | 53,455 | 2,672,215 | ||||||
| iShares Expanded Tech-Software Sector ETF | 4,791 | 1,459,818 | ||||||
| iShares MSCI China ETF | 29,717 | 1,482,581 | ||||||
| iShares MSCI Eurozone ETF | 96,354 | 4,343,638 | ||||||
| iShares MSCI Pacific ex Japan ETF | 45,274 | 1,982,548 | ||||||
| SPDR S&P Global Infrastructure ETF | 29,065 | 1,583,171 | ||||||
| Vanguard Mid-Cap ETF | 9,466 | 1,996,569 | ||||||
| Vanguard S&P 500 Value ETF | 23,393 | 3,431,753 | ||||||
| Vanguard Small-Cap ETF | 13,509 | 2,560,766 | ||||||
| 32,887,682 | ||||||||
| Fixed-Income Funds | 18.3% | ||||||||
| iShares 20+ Year Treasury Bond ETF | 14,263 | 1,517,155 | ||||||
| iShares iBoxx Investment Grade Corporate Bond ETF | 18,832 | 2,064,175 | ||||||
| iShares U.S. Treasury Bond ETF | 89,342 | 2,088,816 | ||||||
| Vanguard Short-Term Treasury ETF | 65,157 | 3,814,291 | ||||||
| 9,484,437 | ||||||||
| Specialty | 2.9% | ||||||||
| Invesco DB US Dollar Index Bullish Fund | 53,818 | 1,500,446 | ||||||
| Total Exchange-Traded Funds (Cost $44,364,200) | 49,021,920 | |||||||
| Short-Term Investments | 5.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Cost $2,953,058) | 2,953,058 | 2,953,058 | ||||||
| Total Investments | 100.1% (Cost $47,317,258) | $ | 51,974,978 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (76,532) | |||||||
| Net Assets | 100.0% | $ | 51,898,446 | ||||||
Lazard Opportunistic Strategies Portfolio (continued)
Total Return Swap Agreements open at March 31, 2023:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Rate | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation |
||||||||||||
| USD | GSC | $525,658 | 10/23/23 | Net appreciation and dividends paid, on securities custom momentum basket | Net depreciation, + and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR +0.34bps | Upon Maturity(a) | $ | 4,791 | $ | — | ||||||||||
| USD | GSC | 425,679 | 10/23/23 | Net appreciation and dividends paid, on securities custom momentum basket | Net depreciation, + and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR +0.29bps | Upon Maturity(a) | — | 23,284 | ||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 4,791 | * | $ | 23,284* | ||||||||||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
* Includes accrued dividends and financing charges of $21,611.
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 March 31, 2023:
| Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair Value | ||||||
| Affirm Holdings, Inc. | 525 | $ | 5,471 | |||||
| Alkami Technology, Inc. | 823 | 9,942 | ||||||
| Bentley Systems Inc., Class B | 357 | 15,090 | ||||||
| Bigcommerce Holdings., Series 1 | 726 | 6,186 | ||||||
| Chewy Inc., Class A | 333 | 12,281 | ||||||
| Ci&T Inc., Class A | 1,290 | 6,914 | ||||||
| Cloudflare Inc., Class A | 194 | 11,429 | ||||||
| Coinbase Global Inc., Class A | 171 | 10,971 | ||||||
| Confluent Inc., Class A | 472 | 10,724 | ||||||
| Doordash Inc., Class A | 201 | 12,418 | ||||||
| Doximity Inc., Class A | 379 | 11,813 | ||||||
| Enfusion Inc., Class A | 946 | 9,574 | ||||||
| Expensify Inc., Class A | 744 | 5,669 | ||||||
| Fiverr International Ltd. | 370 | 12,543 | ||||||
| Forgerock Inc., Class A | 725 | 14,819 | ||||||
| Freshworks Inc., Class A | 794 | 11,704 | ||||||
| Hireright Holdings Corp. | 737 | 7,746 | ||||||
| Jfrog Ltd. | 591 | 11,270 | ||||||
| Lyft Inc., Class A | 723 | 6,579 | ||||||
| Marqeta Inc., Class A | 1,629 | 6,777 | ||||||
| Meridianlink Inc. | 703 | 11,853 | ||||||
| Monday.Com Ltd. | 88 | 12,029 | ||||||
Lazard Opportunistic Strategies Portfolio (concluded)
| Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair Value | ||||||
| Ncino Inc. | 339 | $ | 7,885 | |||||
| Nuvei Corp-Subordinate Vtg. | 373 | 15,946 | ||||||
| Payoneer Global Inc. | 1,940 | 11,970 | ||||||
| Pinterest Inc., Class A | 464 | 12,222 | ||||||
| Powerschool Holdings Inc., Class A | 643 | 12,506 | ||||||
| Procore Technologies Inc. | 222 | 13,515 | ||||||
| Qualtrics International, Class A | 1,053 | 18,775 | ||||||
| Remitly Global Inc. | 1,119 | 18,721 | ||||||
| Riskified Ltd., Class A | 2,731 | 14,829 | ||||||
| Robinhood Markets Inc.,Class A | 1,151 | 10,888 | ||||||
| Rocket Cos Inc., Class A | 1,554 | 13,660 | ||||||
| Sentinelone Inc., Class A | 432 | 6,592 | ||||||
| Shift4 Payments Inc., Class A | 246 | 17,936 | ||||||
| Sofi Technologies Inc. | 1,951 | 11,160 | ||||||
| Squarespace Inc., Class A | 538 | 16,775 | ||||||
| Thoughtworks Holding Inc. | 937 | 6,447 | ||||||
| Toast Inc., Class A | 624 | 10,620 | ||||||
| Uber Technologies Inc. | 374 | 11,665 | ||||||
| Uipath Inc., Class A | 845 | 14,095 | ||||||
| Unity Software Inc. | 322 | 9,447 | ||||||
| Upstart Holdings Inc | 505 | 7,166 | ||||||
| Vertex Inc., Class A | 858 | 17,958 | ||||||
| Vimeo Inc. | 2,394 | 8,714 | ||||||
| Zoom Video Communications., Class A | 151 | 10,878 | ||||||
| Total Fair Value | $ | 524,172 | ||||||
| Securities within GSCBLZCL (SOFR+0.29bps) | Shares | Fair Value | ||||||
| Bill Holdings Inc. | 208 | $ | 15,931 | |||||
| Cloudflare Inc., Class A | 496 | 29,219 | ||||||
| Crowdstrike Holdings Inc., Class A | 173 | 22,788 | ||||||
| Datadog Inc., Class A | 325 | 22,071 | ||||||
| Docusign Inc. | 535 | 30,249 | ||||||
| Elastic Nv | 370 | 20,753 | ||||||
| Hubspot Inc. | 104 | 43,365 | ||||||
| Mongodb Inc. | 138 | 30,214 | ||||||
| Okta Inc. | 515 | 43,435 | ||||||
| Shopify Inc., Class A | 925 | 43,022 | ||||||
| Snowflake Inc., Class A | 162 | 23,022 | ||||||
| Twilio Inc., Class A | 400 | 25,348 | ||||||
| Unity Software Inc. | 826 | 24,235 | ||||||
| Zscaler Inc. | 175 | 19,639 | ||||||
| Total Fair Value | $ | 393,291 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 54.7% | ||||||||
| Australia | 2.0% | ||||||||
| Atlas Arteria Ltd. | 9,242 | $ | 39,084 | |||||
| Aurizon Holdings Ltd. | 136,087 | 306,372 | ||||||
| Dexus REIT | 15,198 | 77,005 | ||||||
| Goodman Group REIT | 17,314 | 220,201 | ||||||
| Transurban Group | 2,161 | 20,566 | ||||||
| 663,228 | ||||||||
| Brazil | 0.5% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo | 9,500 | 94,861 | ||||||
| Energisa SA | 10,600 | 84,031 | ||||||
| 178,892 | ||||||||
| Canada | 4.5% | ||||||||
| Agnico Eagle Mines Ltd. | 2,237 | 114,020 | ||||||
| Atco Ltd., Class I | 4,287 | 137,412 | ||||||
| Canadian National Railway Co. | 2,928 | 345,489 | ||||||
| Canadian Utilities Ltd., Class A | 7,919 | 220,666 | ||||||
| Enbridge, Inc. | 8,691 | 331,371 | ||||||
| Hydro One Ltd. | 9,080 | 258,526 | ||||||
| RioCan Real Estate Investment Trust | 4,187 | 63,169 | ||||||
| SmartCentres REIT | 2,089 | 41,069 | ||||||
| 1,511,722 | ||||||||
| China | 1.1% | ||||||||
| C&D International Investment Group Ltd. | 44,000 | 143,999 | ||||||
| China Resources Land Ltd. | 18,000 | 82,483 | ||||||
| Hopson Development Holdings Ltd. | 52,800 | 48,003 | ||||||
| Midea Real Estate Holding Ltd. | 40,000 | 49,046 | ||||||
| Seazen Group Ltd. (*) | 144,000 | 37,534 | ||||||
| 361,065 | ||||||||
| France | 3.1% | ||||||||
| Aeroports de Paris (*) | 848 | 121,182 | ||||||
| Engie SA | 23,192 | 366,775 | ||||||
| Eutelsat Communications SA | 2,087 | 13,937 | ||||||
| Unibail-Rodamco-Westfield REIT (*) | 1,391 | 74,499 | ||||||
| Vinci SA | 4,061 | 465,998 | ||||||
| 1,042,391 | ||||||||
| Hong Kong | 0.1% | ||||||||
| CK Infrastructure Holdings Ltd. | 2,700 | 14,742 | ||||||
| Power Assets Holdings Ltd. | 4,500 | 24,112 | ||||||
| 38,854 | ||||||||
| Italy | 1.8% | ||||||||
| Hera SpA | 5,536 | 15,666 | ||||||
| Description | Shares | Fair Value | ||||||
| Italgas SpA | 4,451 | $ | 27,189 | |||||
| Snam SpA | 10,540 | 55,948 | ||||||
| Terna - Rete Elettrica Nazionale | 62,565 | 513,492 | ||||||
| 612,295 | ||||||||
| Japan | 2.6% | ||||||||
| Hankyu Hanshin Holdings, Inc. | 5,500 | 163,202 | ||||||
| Hoshino Resorts REIT, Inc. | 8 | 41,662 | ||||||
| Hulic Co. Ltd. | 16,300 | 133,932 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 98 | 106,699 | ||||||
| Japan Prime Realty Investment Corp. REIT | 33 | 86,934 | ||||||
| Japan Real Estate Investment Corp. REIT | 15 | 59,777 | ||||||
| Katitas Co. Ltd. | 2,500 | 48,985 | ||||||
| Nippon Building Fund, Inc. REIT | 25 | 103,951 | ||||||
| Tokyo Gas Co. Ltd. | 6,400 | 120,515 | ||||||
| 865,657 | ||||||||
| Luxembourg | 0.1% | ||||||||
| SES SA | 2,284 | 14,978 | ||||||
| Mexico | 0.2% | ||||||||
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 3,700 | 71,990 | ||||||
| Portugal | 0.5% | ||||||||
| Energias de Portugal SA | 30,455 | 165,951 | ||||||
| Singapore | 0.2% | ||||||||
| Parkway Life REIT | 24,400 | 73,259 | ||||||
| South Africa | 0.6% | ||||||||
| Growthpoint Properties Ltd. | 275,270 | 201,522 | ||||||
| Spain | 1.7% | ||||||||
| Aena SME SA (*) | 1,006 | 162,888 | ||||||
| Ferrovial SA | 2,726 | 80,191 | ||||||
| Iberdrola SA | 24,798 | 308,890 | ||||||
| 551,969 | ||||||||
| Switzerland | 0.1% | ||||||||
| Flughafen Zurich AG (*) | 109 | 20,004 | ||||||
| Taiwan | 0.2% | ||||||||
| Ruentex Development Co. Ltd. | 57,000 | 66,545 | ||||||
| United Kingdom | 4.2% | ||||||||
| Drax Group PLC | 8,203 | 61,442 | ||||||
| LondonMetric Property PLC REIT | 29,670 | 64,488 | ||||||
| National Grid PLC | 39,465 | 535,683 | ||||||
| Pennon Group PLC | 1,873 | 20,236 | ||||||
| Segro PLC REIT | 19,688 | 187,393 | ||||||
| Severn Trent PLC | 1,350 | 47,950 | ||||||
| SSE PLC | 16,452 | 366,461 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Tritax Big Box REIT PLC | 43,893 | $ | 75,900 | |||||
| United Utilities Group PLC | 3,536 | 46,240 | ||||||
| 1,405,793 | ||||||||
| United States | 31.2% | ||||||||
| Alexandria Real Estate Equities, Inc. | 1,557 | 195,544 | ||||||
| Ameren Corp. | 1,956 | 168,979 | ||||||
| American Electric Power Co., Inc. | 2,783 | 253,225 | ||||||
| American Homes 4 Rent, Class A REIT | 1,867 | 58,717 | ||||||
| American Tower Corp. REIT | 1,612 | 329,396 | ||||||
| American Water Works Co., Inc. | 419 | 61,379 | ||||||
| Apartment Income REIT Corp. REIT | 5,032 | 180,196 | ||||||
| Apple Hospitality REIT, Inc. | 9,340 | 144,957 | ||||||
| AvalonBay Communities, Inc. REIT | 1,895 | 318,474 | ||||||
| Brixmor Property Group, Inc. | 3,110 | 66,927 | ||||||
| Camden Property Trust | 564 | 59,130 | ||||||
| CF Industries Holdings, Inc. | 1,389 | 100,689 | ||||||
| Cheniere Energy, Inc. | 2,376 | 374,458 | ||||||
| Consolidated Edison, Inc. | 2,404 | 229,991 | ||||||
| Crown Castle, Inc. | 3,368 | 450,773 | ||||||
| CSX Corp. | 2,378 | 71,197 | ||||||
| Digital Realty Trust, Inc. REIT | 1,616 | 158,869 | ||||||
| Duke Energy Corp. | 1,608 | 155,124 | ||||||
| EastGroup Properties, Inc. | 369 | 61,003 | ||||||
| Edison International | 1,882 | 132,850 | ||||||
| Energy Transfer Equity LP | 28,837 | 359,597 | ||||||
| Enterprise Products Partners LP | 12,024 | 311,422 | ||||||
| Equinix, Inc. REIT | 974 | 702,293 | ||||||
| Equity Residential | 1,795 | 107,700 | ||||||
| Essex Property Trust, Inc. REIT | 1,031 | 215,623 | ||||||
| Evergy, Inc. | 1,139 | 69,616 | ||||||
| Exelon Corp. | 500 | 20,945 | ||||||
| Extra Space Storage, Inc. REIT | 553 | 90,100 | ||||||
| First Industrial Realty Trust, Inc. REIT | 3,042 | 161,834 | ||||||
| Healthpeak Properties, Inc. | 2,458 | 54,002 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,685 | 237,366 | ||||||
| Host Hotels & Resorts, Inc. REIT | 8,521 | 140,511 | ||||||
| Iron Mountain, Inc. REIT | 2,634 | 139,365 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 2,015 | 304,346 | ||||||
| National Storage Affiliates Trust | 1,029 | 42,992 | ||||||
| NextEra Energy, Inc. | 1,379 | 106,293 | ||||||
| NiSource, Inc. | 3,969 | 110,973 | ||||||
| Norfolk Southern Corp. | 392 | 83,104 | ||||||
| Pinnacle West Capital Corp. | 501 | 39,699 | ||||||
| Prologis, Inc. | 5,744 | 716,679 | ||||||
| Description | Shares | Fair Value | ||||||
| Public Storage REIT | 900 | $ | 271,926 | |||||
| Realty Income Corp. | 1,788 | 113,216 | ||||||
| Regency Centers Corp. | 1,676 | 102,538 | ||||||
| Ryman Hospitality Properties, Inc. | 776 | 69,630 | ||||||
| SBA Communications Corp. REIT | 2,641 | 689,486 | ||||||
| Simon Property Group, Inc. REIT | 2,734 | 306,126 | ||||||
| SL Green Realty Corp. REIT | 6,412 | 150,810 | ||||||
| STAG Industrial, Inc., REIT | 1,230 | 41,599 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 12,868 | 127,136 | ||||||
| Targa Resources Corp. | 4,737 | 345,564 | ||||||
| Union Pacific Corp. | 819 | 164,832 | ||||||
| Welltower, Inc. | 1,520 | 108,969 | ||||||
| Xcel Energy, Inc. | 4,742 | 319,800 | ||||||
| 10,397,970 | ||||||||
| Total Common Stocks (Cost $17,557,016) | 18,244,085 | |||||||
| Exchange-Traded Funds | 5.4% | ||||||||
| iShares Gold Trust (Δ) | 38,600 | 1,442,482 | ||||||
| iShares Silver Trust (Δ) | 16,804 | 371,704 | ||||||
| Total Exchange-Traded Funds (Cost $1,576,708) | 1,814,186 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | 14.3% | ||||||||||
| U.S. Treasury Bill: | ||||||||||
| 0.000%, 04/04/23 | USD | 3,200 | $ | 3,199,591 | ||||||
| 0.000%, 05/09/23 | USD | 1,580 | 1,572,918 | |||||||
| Total U.S. Treasury Securities (Cost $4,771,927) | 4,772,509 | |||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 21.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 4.53% (7 day yield) (Δ) (Cost $7,303,876) | 7,303,876 | 7,303,876 | ||||||
| Total Investments | 96.3% (Cost $31,209,527) (») | $ | 32,134,656 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.7% | 1,247,331 | |||||||
| Net Assets | 100.0% | $ | 33,381,987 | ||||||
Lazard Real Assets Portfolio (•) (continued)
| Forward Currency Contracts open at March 31, 2023: | ||||||||||||||||||
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||
| CHF | 1,169 | USD | 1,289 | SSB | 06/29/23 | $ | 1 | $ | — | |||||||||
| EUR | 34,341 | USD | 37,574 | SSB | 06/29/23 | — | 151 | |||||||||||
| EUR | 50,480 | USD | 54,694 | SSB | 06/29/23 | 316 | — | |||||||||||
| USD | 55,426 | AUD | 82,257 | HSB | 06/29/23 | 268 | — | |||||||||||
| USD | 4,835 | AUD | 7,178 | SSB | 06/29/23 | 22 | — | |||||||||||
| USD | 1,056 | CAD | 1,446 | HSB | 06/29/23 | — | 15 | |||||||||||
| USD | 17,005 | CAD | 23,293 | JPM | 06/29/23 | — | 254 | |||||||||||
| USD | 2,490 | CAD | 3,410 | SSB | 06/29/23 | — | 37 | |||||||||||
| USD | 311 | CHF | 284 | SSB | 06/29/23 | — | 3 | |||||||||||
| USD | 3,150 | CHF | 2,880 | SSB | 06/29/23 | — | 27 | |||||||||||
| USD | 17,376 | CHF | 15,887 | SSB | 06/29/23 | — | 148 | |||||||||||
| USD | 48,720 | EUR | 44,979 | JPM | 06/29/23 | — | 295 | |||||||||||
| USD | 399,782 | EUR | 368,979 | SSB | 06/29/23 | — | 2,311 | |||||||||||
| USD | 14,224 | GBP | 11,586 | JPM | 06/29/23 | — | 92 | |||||||||||
| USD | 186,653 | GBP | 152,061 | SSB | 06/29/23 | — | 1,242 | |||||||||||
| USD | 4,267 | HKD | 33,335 | HSB | 06/29/23 | 4 | — | |||||||||||
| USD | 4,753 | HKD | 37,125 | HSB | 06/29/23 | 5 | — | |||||||||||
| USD | 31,248 | HKD | 244,152 | SSB | 06/29/23 | 24 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 640 | $ | 4,575 | ||||||||||||||
Futures Contracts open at March 31, 2023 (Δ):
|
Type |
Number
of |
Notional |
Expiration |
Notional |
Fair |
Unrealized |
Unrealized |
|||||||||||||||
| Natural Gas | 26 | $ | 260,000 | 04/26/2023 | 663,914 | $ | 576,160 | $ | — | $ | 87,754 | |||||||||||
| Sugar 11 | 4 | 448,000 | 06/30/2023 | 92,345 | 97,799 | 5,453 | — | |||||||||||||||
| Cotton No. 2 | 3 | 150,000 | 07/07/2023 | 121,785 | 124,650 | 2,866 | — | |||||||||||||||
| Low Sulphur Gasoil | 4 | 400 | 07/12/2023 | 296,604 | 293,800 | — | 2,804 | |||||||||||||||
| Soybean Oil | 8 | 480,000 | 07/14/2023 | 262,566 | 266,976 | 4,410 | — | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 12,729 | $ | 90,558 | ||||||||||||||||||
Total Return Swap Agreements open at March 31, 2023 (Δ):
| Currency | Counterparty | Notional Amount |
Expiration Date | Receivable | Pay | Payable | Payment Frequency | Unrealized Depreciation |
|||||||||
| USD | GSC | $6,918,273 | 10/20/23 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation and dividend expense (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) | $ | 130,644 | ||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
Lazard Real Assets Portfolio (•) (concluded)
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of March 31, 2023:
| Commodity | Commodity Index Ticker Symbol |
Commodity Exposure Expressed as a Percentage of Notional Amount |
|
| Aluminum | BCOMAL | 7.04 | % |
| Bean Oil | BCOMBO | 0.98 | |
| Brent Crude | BCOMCO | 11.95 | |
| Coffee | BCOMKC | 3.09 | |
| Copper | BCOMHG | 9.19 | |
| Corn | BCOMCN | 9.01 | |
| Cotton | BCOMCT | 0.17 | |
| Crude Oil | BCOMCL | 12.79 | |
| Gasoline (RBOB) | BCOMRB | 2.89 | |
| Gold | BCOMGC | 0.05 | |
| Heating Oil | BCOMHO | 3.30 | |
| Kansas Wheat | BCOMKW | 3.23 | |
| Lean Hogs | BCOMLH | 0.15 | |
| Live Cattle | BCOMLC | 5.69 | |
| Natural Gas | BCOMNG | 0.12 | |
| Nickel | BCOMNI | 1.87 | |
| Silver | BCOMSI | 2.36 | |
| Soy Meal | BCOMSM | 5.46 | |
| Soybeans | BCOMSY | 9.10 | |
| Sugar | BCOMSB | 2.62 | |
| Wheat | BCOMWH | 4.10 | |
| Zinc | BCOMZS | 4.84 | |
| Total | 100.00 | % |
The Lazard Funds, Inc. Notes to Portfolios of Investments
March 31, 2023 (unaudited)
| (*) | Non-income producing security. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2023, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets |
|
| Emerging Markets Equity Advantage Portfolio | 0.8% | |
| Emerging Markets Debt | 3.5% | |
| Global Fixed Income | 0.4% | |
| U.S. Corporate Income | 58.8% | |
| Enhanced Opportunities Portfolio | 1.5% | |
| 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 March 31, 2023 were as follows: |
| Issue | Value at December 31, 2022 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at March 31, 2023 | Values at March 31, 2023 | |||||||||
| Global Listed Infrastructure | |||||||||||||||||
| Atlas Arteria, Ltd. | $355,284,219 | $10,674,070 | $- | $- | $(21,227,406) | $10,760,550 | $81,517,229 | $344,730,883 | |||||||||
| Italgas Spa | 246,294,741 | - | (17,784,716) | (1,886,546) | 25,333,777 | - | 41,247,045 | 251,957,256 | |||||||||
| SES SA | 132,690,782 | - | - | - | 609,647 | - | 20,326,589 | 133,300,429 | |||||||||
| Pennon Group Plc | 154,093,807 | - | - | - | 771,895 | 229,7426 | 14,334,169 | 154,865,702 | |||||||||
| Total Securities | $888,363,549 | $10,674,070 | $(17,784,716) | $(1,886,546) | $5,487,913 | $13,057,976 | $157,425,032 | $884,854,270 | |||||||||
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2023 which may step up at a future date. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2023. |
| (±) | 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 and Pricing Opportunities 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 | PRIBOR | - Prague Interbank Offered Rate |
| CVA | - Certificaten Van Aandelen | 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: | |||
| AUD | - Australian Dollar | KRW | - South Korean Won |
| BRL | - Brazilian Real | MXN | - Mexican New Peso |
| CAD | - Canadian Dollar | MYR | - Malaysian Ringgit |
| CHF | - Swiss Franc | NOK | - Norwegian Krone |
| CLP | - Chilean Peso | NZD | - New Zealand Dollar |
| CNH | - Chinese Yuan Renminbi | PEN | - Peruvian Nuevo Sol |
| CNY | - Chinese Renminbi | PLN | - Polish Zloty |
| COP | - Colombian Peso | RON | - New Romanian Leu |
| CZK | - Czech Koruna | RSD | - Serbian Dinar |
| DKK | - Danish Krone | SEK | - Swedish Krona |
| EGP | - Egyptian Pound | SGD | - Singapore Dollar |
| EUR | - Euro | THB | - Thai Baht |
| GBP | - British Pound Sterling | TRY | - Turkish Lira |
| HKD | - Hong-Kong Dollar | USD | - United States Dollar |
| HUF | - Hungarian Forint | UYU | - Uruguayan Peso |
| IDR | - Indonesian rupiah | ZAR | - South African Rand |
| INR | - Indian rupee | ||
| JPY | - Japanese Yen | ||
| Counterparty Abbreviations: | |||
| BNP | - BNP Paribas SA | MEL | - Bank of New York Mellon Corp. |
| BOA | - Bank of America | MSC | - Morgan Stanley & Co. |
| BRC | - Barclays Bank PLC | NIP | - Nomura International Plc |
| CAN | - Canadian Imperial Bank of Commerce | RBC | - Royal Bank of Canada |
| CIT | - Citibank N.A. | SCB | - Standard Chartered Bank |
| GSC | - Goldman sachs International | SSB | - State Street Bank & Trust Co. |
| HSB | - HSBC Bank USA N.A. | UBS | - UBS AG |
| JPM | - JPMorgan Chase Bank N.A. | ||
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 & Defense | — | % | — | % | 0.2 | % | — | % | — | % | |||||
| Air Freight & Logistics | 2.6 | — | 0.2 | — | — | ||||||||||
| Automobile Components | 1.9 | — | 0.2 | 2.2 | 1.1 | ||||||||||
| Automobiles | 2.1 | — | 3.6 | 2.5 | 1.9 | ||||||||||
| Banks | 18.3 | 15.8 | 14.6 | 19.4 | 17.5 | ||||||||||
| Beverages | 3.0 | 2.8 | 2.1 | — | 1.7 | ||||||||||
| Biotechnology | — | 0.8 | 0.1 | — | — | ||||||||||
| Broadline Retail | 5.3 | 7.6 | 6.8 | — | 4.3 | ||||||||||
| Capital Markets | — | 0.9 | 0.8 | — | 1.0 | ||||||||||
| Chemicals | 1.7 | 3.2 | 2.3 | 2.1 | 2.6 | ||||||||||
| Communications Equipment | 1.0 | 0.7 | 0.5 | — | — | ||||||||||
| Construction & Engineering | — | 1.5 | 1.4 | — | 1.3 | ||||||||||
| Construction Materials | — | 1.5 | — | 1.2 | — | ||||||||||
| Consumer Finance | 1.5 | — | 0.2 | — | 0.7 | ||||||||||
| Consumer Staples Distribution & Retail | — | 1.0 | 1.2 | — | 1.2 | ||||||||||
| Containers & Packaging | — | — | 0.1 | — | — | ||||||||||
| Diversified Consumer Services | — | — | 0.3 | — | — | ||||||||||
| Diversified Telecommunication Services | — | 1.5 | 2.3 | 2.8 | 1.2 | ||||||||||
| Electric Utilities | — | 0.7 | 1.0 | 0.5 | — | ||||||||||
| Electrical Equipment | 3.0 | — | 0.7 | — | — | ||||||||||
| Electronic Equipment, Instruments & Components | 2.7 | — | 4.9 | 0.9 | 1.7 | ||||||||||
| Energy Equipment & Services | 0.6 | 0.8 | — | — | — | ||||||||||
| Entertainment | — | 1.4 | 2.0 | — | 1.2 | ||||||||||
| Financial Services | — | — | 1.4 | — | 2.0 | ||||||||||
| Food Products | — | 0.7 | 1.0 | 1.3 | — | ||||||||||
| Gas Utilities | — | — | 0.6 | 1.0 | 1.2 | ||||||||||
| Ground Transportation | 2.3 | 0.8 | — | — | — | ||||||||||
| Health Care Equipment & Supplies | — | — | 0.3 | — | — | ||||||||||
| Health Care Providers & Services | — | — | 0.8 | 2.9 | 2.0 | ||||||||||
| Hotels, Restaurants & Leisure | 2.1 | 1.4 | 1.3 | 1.2 | 5.7 | ||||||||||
| Household Durables | 0.8 | 1.7 | 0.6 | 3.2 | 2.1 | ||||||||||
| Household Products | — | — | 0.3 | 1.3 | 1.1 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.8 | 0.9 | — | ||||||||||
| Industrial Conglomerates | — | 0.8 | 0.2 | 1.0 | — | ||||||||||
| Insurance | 1.7 | 4.0 | 4.0 | 5.4 | 3.3 | ||||||||||
| Interactive Media & Services | 8.1 | 5.8 | 6.2 | — | 3.0 | ||||||||||
| IT Services | 2.2 | 2.7 | 4.2 | — | 3.9 | ||||||||||
| Life Sciences Tools & Services | — | 0.7 | 0.1 | — | — | ||||||||||
| Machinery | 3.0 | 2.3 | 0.8 | 1.7 | 3.0 | ||||||||||
| Marine Transportation | — | — | 0.9 | — | — | ||||||||||
| Media | — | — | 0.2 | — | — | ||||||||||
| Metals & Mining | 1.3 | 2.8 | 4.1 | 3.2 | 4.2 | ||||||||||
| Oil, Gas & Consumable Fuels | 2.9 | 6.6 | 4.3 | 9.1 | 4.9 | ||||||||||
| Paper & Forest Products | 0.5 | — | 0.7 | — | — | ||||||||||
| Passenger Airlines | — | — | 0.4 | — | — | ||||||||||
| Personal Care Products | — | 1.5 | 0.3 | 3.1 | 1.9 | ||||||||||
| Pharmaceuticals | 1.9 | — | 2.5 | 0.9 | 1.1 | ||||||||||
| Real Estate Management & Development | — | — | 1.1 | 1.5 | 0.8 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Semiconductors & Semiconductor Equipment | 12.3 | 13.3 | 9.8 | 13.9 | 11.9 | ||||||||||
| Specialty Retail | 6.2 | 1.5 | 0.3 | 0.8 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | 6.8 | 5.1 | 3.7 | 8.0 | 4.0 | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.2 | 2.2 | 0.5 | — | 1.6 | ||||||||||
| Tobacco | — | — | 0.6 | 0.8 | 1.1 | ||||||||||
| Transportation Infrastructure | 1.0 | 4.5 | 1.0 | 1.5 | — | ||||||||||
| Wireless Telecommunication Services | — | — | 0.3 | 1.8 | 2.3 | ||||||||||
| Subtotal | 98.0 | 98.6 | 98.8 | 96.1 | 98.5 | ||||||||||
| Short-Term Investments | 1.6 | 1.2 | 0.9 | 2.4 | 1.1 | ||||||||||
| Total Investments | 99.6 | % | 99.8 | % | 99.7 | % | 98.5 | % | 99.6 | % |
| † | 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:
| 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 | — | % | 1.3 | % | — | % | 0.7 | % | 0.6 | % | |||||
| Air Freight & Logistics | — | — | — | — | 1.1 | ||||||||||
| Automobile Components | — | — | — | 1.9 | — | ||||||||||
| Automobiles | — | — | — | 0.3 | 4.1 | ||||||||||
| Banks | — | 5.5 | — | 5.6 | 8.7 | ||||||||||
| Beverages | 2.2 | 6.8 | — | 6.2 | 1.2 | ||||||||||
| Biotechnology | — | — | — | 1.7 | 0.7 | ||||||||||
| Broadline Retail | 4.7 | 5.8 | — | 1.3 | 0.6 | ||||||||||
| Building Products | — | 0.6 | — | — | 2.8 | ||||||||||
| Capital Markets | — | 5.5 | — | 7.3 | 3.3 | ||||||||||
| Chemicals | — | — | — | 1.6 | 2.9 | ||||||||||
| Commercial Services & Suppliers | 3.9 | — | — | — | 0.6 | ||||||||||
| Communications Equipment | — | 2.0 | — | — | 0.8 | ||||||||||
| Construction & Engineering | 6.0 | — | 12.7 | — | 1.9 | ||||||||||
| Construction Materials | — | — | — | — | 0.3 | ||||||||||
| Consumer Staples Distribution & Retail | — | 0.8 | — | — | 2.5 | ||||||||||
| Containers & Packaging | — | 0.8 | — | — | 0.1 | ||||||||||
| Diversified Consumer Services | 5.0 | — | — | — | — | ||||||||||
| Diversified REITs | — | — | — | — | 0.4 | ||||||||||
| Diversified Telecommunication Services | — | — | — | — | 1.8 | ||||||||||
| Electric Utilities | — | — | 14.0 | 1.7 | 2.7 | ||||||||||
| Electrical Equipment | — | 3.7 | — | 2.7 | 0.5 | ||||||||||
| Electronic Equipment, Instruments & Components | — | 2.5 | — | 1.8 | 0.1 | ||||||||||
| Energy Equipment & Services | — | — | — | 1.3 | — | ||||||||||
| Entertainment | — | 1.5 | — | 3.6 | 0.8 | ||||||||||
| Financial Services | — | 2.0 | — | 2.1 | — | ||||||||||
| Food Products | — | — | — | — | 1.8 | ||||||||||
| Gas Utilities | — | — | 7.5 | — | — | ||||||||||
| Ground Transportation | 3.0 | 1.1 | 19.4 | 1.4 | |||||||||||
| Health Care Equipment & Supplies | 8.3 | 0.9 | — | 2.3 | 1.3 | ||||||||||
| Health Care Providers & Services | 16.1 | 1.3 | — | 2.8 | — | ||||||||||
| Health Care Technology | — | — | — | — | 0.1 | ||||||||||
| Hotels, Restaurants & Leisure | 5.3 | 1.4 | — | — | 1.6 | ||||||||||
| Household Durables | — | 0.7 | — | — | 0.1 | ||||||||||
| Household Products | — | 1.6 | — | — | — | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.6 | ||||||||||
| Industrial Conglomerates | — | — | — | — | 0.4 | ||||||||||
| Insurance | — | 3.3 | — | 6.1 | 4.8 | ||||||||||
| Interactive Media & Services | 3.1 | 4.4 | — | 5.2 | 0.1 | ||||||||||
| IT Services | 12.0 | 3.2 | — | 1.8 | 1.7 | ||||||||||
| Leisure Products | — | 1.6 | — | — | 0.2 | ||||||||||
| Life Sciences Tools & Services | — | 4.4 | — | 6.5 | — | ||||||||||
| Machinery | 3.5 | 1.2 | — | 0.9 | 1.7 | ||||||||||
| Marine Transportation | — | — | — | — | 1.0 | ||||||||||
| Media | 8.3 | 0.9 | 2.5 | 1.3 | 0.7 | ||||||||||
| Metals & Mining | — | — | — | — | 4.1 | ||||||||||
| Multi-Utilities | 4.1 | — | 14.2 | — | 0.2 | ||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | — | 4.2 | ||||||||||
| Paper & Forest Products | — | — | — | — | 0.1 | ||||||||||
| Passenger Airlines | — | — | — | 1.2 | 0.2 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Personal Care Products | — | 3.6 | — | 1.2 | 2.9 | ||||||||||
| Pharmaceuticals | — | 4.3 | — | 5.0 | 11.1 | ||||||||||
| Professional Services | — | 7.1 | — | 4.2 | 2.2 | ||||||||||
| Real Estate Management & Development | — | — | — | — | 1.5 | ||||||||||
| Retail REITs | — | — | — | — | 0.2 | ||||||||||
| Semiconductors & Semiconductor Equipment | — | 5.9 | — | 9.4 | 4.0 | ||||||||||
| Software | — | 5.1 | — | 7.9 | 1.4 | ||||||||||
| Specialty Retail | — | 1.0 | — | — | 1.6 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 1.0 | ||||||||||
| Textiles, Apparel & Luxury Goods | 4.1 | 4.6 | — | — | 4.1 | ||||||||||
| Tobacco | — | — | — | — | 2.1 | ||||||||||
| Trading Companies & Distributors | — | 1.4 | — | 1.5 | 2.8 | ||||||||||
| Transportation Infrastructure | — | — | 11.1 | — | — | ||||||||||
| Water Utilities | 3.5 | — | 11.0 | — | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | — | 1.1 | ||||||||||
| Subtotal | 93.1 | 97.8 | 92.4 | 98.5 | 99.4 | ||||||||||
| Short-Term Investments | 6.5 | 1.9 | 7.7 | 1.9 | 0.7 | ||||||||||
| Total Investments | 99.6 | % | 99.7 | % | 100.1 | % | 100.4 | % | 100.1 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for 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 | 5.6 | % | 4.8 | % | — | % | 1.7 | % | 6.8 | % | |||||
| Air Freight & Logistics | — | — | — | 0.9 | — | ||||||||||
| Automobile Components | 1.6 | 1.1 | — | 1.2 | 2.6 | ||||||||||
| Automobiles | 1.3 | 0.7 | — | — | 1.3 | ||||||||||
| Banks | 7.7 | 9.3 | 5.7 | 3.4 | 9.3 | ||||||||||
| Beverages | 6.7 | 4.3 | 5.8 | 4.3 | 10.5 | ||||||||||
| Biotechnology | — | — | 3.0 | — | 1.7 | ||||||||||
| Broadline Retail | 1.2 | 2.2 | 4.6 | — | 1.2 | ||||||||||
| Building Products | 1.6 | 1.5 | 2.3 | 2.8 | 1.8 | ||||||||||
| Capital Markets | 2.6 | — | 5.4 | 2.8 | 2.4 | ||||||||||
| Chemicals | 5.5 | 6.5 | — | 5.0 | 1.9 | ||||||||||
| Commercial Services & Suppliers | — | — | — | 2.7 | — | ||||||||||
| Construction & Engineering | — | — | — | 1.9 | — | ||||||||||
| Consumer Staples Distribution & Retail | 1.9 | — | 1.8 | 1.8 | 1.1 | ||||||||||
| Diversified REITs | — | — | — | 3.1 | — | ||||||||||
| Diversified Telecommunication Services | — | 0.8 | — | 1.0 | — | ||||||||||
| Electric Utilities | 1.4 | — | — | — | 1.8 | ||||||||||
| Electrical Equipment | 2.5 | 5.1 | 2.0 | — | 3.0 | ||||||||||
| Electronic Equipment, Instruments & Components | — | — | 2.1 | 2.1 | 1.2 | ||||||||||
| Energy Equipment & Services | — | — | — | 0.6 | — | ||||||||||
| Entertainment | 1.6 | 1.7 | 3.5 | 0.8 | 2.2 | ||||||||||
| Financial Services | — | — | — | 1.4 | 1.2 | ||||||||||
| Food Products | — | — | — | 1.8 | — | ||||||||||
| Gas Utilities | 1.0 | 1.6 | — | 3.3 | — | ||||||||||
| Ground Transportation | — | — | — | — | 1.4 | ||||||||||
| Health Care Equipment & Supplies | 2.4 | 3.3 | 6.7 | 2.8 | 2.4 | ||||||||||
| Health Care Providers & Services | — | — | — | 0.9 | — | ||||||||||
| Hotels, Restaurants & Leisure | 1.5 | 2.3 | — | 3.0 | 2.3 | ||||||||||
| Household Durables | — | — | — | 1.0 | — | ||||||||||
| Household Products | — | 0.6 | 0.5 | — | — | ||||||||||
| Independent Power & Renewable Electricity Producers | — | 0.9 | — | — | — | ||||||||||
| Industrial Conglomerates | 1.0 | — | — | — | — | ||||||||||
| Insurance | 3.7 | 6.3 | 7.4 | 2.5 | 7.5 | ||||||||||
| Interactive Media & Services | 0.8 | 2.6 | 4.3 | 1.0 | — | ||||||||||
| IT Services | 0.9 | 2.7 | 1.5 | 2.2 | 2.0 | ||||||||||
| Leisure Products | 4.0 | 1.5 | 3.0 | 2.2 | 3.1 | ||||||||||
| Life Sciences Tools & Services | 2.0 | 1.5 | — | 1.0 | 1.9 | ||||||||||
| Machinery | 1.8 | 0.7 | 0.9 | 5.8 | — | ||||||||||
| Marine Transportation | 0.6 | — | — | — | — | ||||||||||
| Metals & Mining | 1.3 | 0.8 | — | 1.3 | 1.4 | ||||||||||
| Multi-Utilities | 2.9 | 2.5 | — | — | 1.3 | ||||||||||
| Oil, Gas & Consumable Fuels | 4.5 | 6.1 | — | 1.6 | 1.9 | ||||||||||
| Passenger Airlines | 1.6 | 1.8 | — | 1.4 | 1.9 | ||||||||||
| Personal Care Products | 2.3 | 2.0 | 2.8 | — | — | ||||||||||
| Pharmaceuticals | 4.2 | 3.2 | 1.1 | 0.8 | 5.0 | ||||||||||
| Professional Services | 5.6 | 7.3 | 9.8 | 6.3 | 6.8 | ||||||||||
| Real Estate Management & Development | 1.3 | 0.7 | — | 5.7 | 1.0 | ||||||||||
| Semiconductors & Semiconductor Equipment | 5.5 | 8.1 | 8.4 | 2.1 | 8.3 | ||||||||||
| Software | — | — | 4.8 | 2.4 | 1.0 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Specialty Retail | 1.6 | 0.5 | 2.2 | 3.9 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 3.4 | 2.7 | 4.3 | 1.1 | — | ||||||||||
| Trading Companies & Distributors | — | 0.9 | 2.9 | 2.8 | — | ||||||||||
| Subtotal | 95.1 | 98.6 | 96.8 | 94.4 | 99.2 | ||||||||||
| Short-Term Investments | 3.8 | 1.0 | 2.9 | 4.8 | 0.8 | ||||||||||
| Total Investments | 98.9 | % | 99.6 | % | 99.7 | % | 99.2 | % | 100.0 | % |
| † | 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 | 1.0 | % | — | % | — | % | 0.4 | — | % | ||||||
| Automobile Components | 0.2 | — | — | 0.1 | — | ||||||||||
| Automobiles | — | — | 2.8 | 1.8 | — | ||||||||||
| Banks | 2.3 | — | 6.9 | 5.8 | — | ||||||||||
| Beverages | 1.3 | — | 0.7 | 1.8 | — | ||||||||||
| Biotechnology | 4.6 | — | 1.0 | 1.5 | — | ||||||||||
| Broadline Retail | — | — | — | 0.4 | — | ||||||||||
| Building Products | — | — | 1.2 | 0.9 | — | ||||||||||
| Capital Markets | 0.7 | — | 1.6 | 2.4 | — | ||||||||||
| Chemicals | — | — | — | 0.5 | 0.3 | ||||||||||
| Commercial Services & Suppliers | 4.3 | — | 1.2 | 1.2 | — | ||||||||||
| Communications Equipment | 0.8 | — | — | 0.6 | — | ||||||||||
| Construction & Engineering | — | — | — | 0.1 | 1.7 | ||||||||||
| Consumer Finance | — | — | 1.2 | 0.4 | — | ||||||||||
| Consumer Staples Distribution & Retail | 5.0 | — | 0.8 | 1.5 | — | ||||||||||
| Containers & Packaging | 1.0 | — | 0.6 | 0.8 | — | ||||||||||
| Diversified Consumer Services | 0.9 | — | 0.7 | 0.4 | — | ||||||||||
| Diversified REITs | 3.9 | — | 1.5 | 1.9 | 24.4 | ||||||||||
| Diversified Telecommunication Services | 5.6 | — | 2.1 | 2.3 | — | ||||||||||
| Electric Utilities | 4.5 | — | — | 1.1 | 8.5 | ||||||||||
| Electrical Equipment | — | — | — | 1.3 | — | ||||||||||
| Electronic Equipment, Instruments & Components | 0.5 | — | 0.5 | 0.9 | — | ||||||||||
| Energy Equipment & Services | — | — | — | 0.1 | — | ||||||||||
| Entertainment | 0.9 | — | — | 0.5 | — | ||||||||||
| Financial Services | 1.2 | — | — | 0.6 | — | ||||||||||
| Food Products | 5.5 | — | — | 0.8 | — | ||||||||||
| Gas Utilities | 3.1 | — | — | 0.6 | 0.6 | ||||||||||
| Ground Transportation | 0.2 | 0.2 | — | 0.2 | 3.4 | ||||||||||
| Health Care Equipment & Supplies | 2.7 | — | — | 0.8 | — | ||||||||||
| Health Care Providers & Services | 4.3 | — | — | 1.5 | — | ||||||||||
| Hotels, Restaurants & Leisure | 1.6 | — | 1.6 | 2.1 | 0.7 | ||||||||||
| Household Durables | 0.3 | — | — | 0.2 | — | ||||||||||
| Household Products | 4.4 | — | 0.6 | 1.3 | — | ||||||||||
| Independent Power & Renewable Electricity Producers | 0.6 | — | — | 0.2 | 0.2 | ||||||||||
| Industrial Conglomerates | 0.7 | — | — | 0.3 | — | ||||||||||
| Insurance | 4.3 | — | — | 1.7 | — | ||||||||||
| Interactive Media & Services | — | — | 1.0 | 1.7 | — | ||||||||||
| IT Services | 3.8 | — | — | 1.5 | — | ||||||||||
| Leisure Products | 1.3 | — | — | 0.4 | — | ||||||||||
| Life Sciences Tools & Services | 0.7 | — | — | 0.7 | — | ||||||||||
| Machinery | 2.4 | — | 1.5 | 2.5 | — | ||||||||||
| Marine Transportation | — | — | — | 0.1 | — | ||||||||||
| Media | 0.9 | — | 0.7 | 0.8 | 0.1 | ||||||||||
| Metals & Mining | 0.2 | 0.2 | — | 0.7 | 0.3 | ||||||||||
| Multi-Utilities | 2.2 | — | — | 0.4 | 5.4 | ||||||||||
| Oil, Gas & Consumable Fuels | 0.8 | 0.3 | — | 1.5 | 5.2 | ||||||||||
| Personal Care Products | 2.1 | — | — | 0.7 | — | ||||||||||
| Pharmaceuticals | 7.3 | — | — | 3.0 | — | ||||||||||
| Professional Services | 1.3 | — | — | 1.0 | — | ||||||||||
| Real Estate Management & Development | 0.5 | — | — | 0.2 | 1.8 | ||||||||||
The accompanying notes are an integral part of these financial statements.
| Semiconductors & Semiconductor Equipment | 0.6 | — | — | 1.5 | — | ||||||||||
| Software | 1.5 | — | 1.7 | 3.1 | — | ||||||||||
| Specialty Retail | 2.9 | — | 1.2 | 1.9 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | 0.3 | — | 2.7 | 2.1 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 0.5 | — | — | 0.7 | — | ||||||||||
| Tobacco | 1.9 | — | — | 0.5 | — | ||||||||||
| Trading Companies & Distributors | — | — | 0.7 | 0.7 | — | ||||||||||
| Transportation Infrastructure | — | — | — | — | 1.3 | ||||||||||
| Water Utilities | — | — | — | — | 0.8 | ||||||||||
| Wireless Telecommunication Services | 1.4 | — | — | 0.2 | — | ||||||||||
| Subtotal | 99.0 | 0.7 | 34.5 | 64.9 | 54.7 | ||||||||||
| Exchange-Traded Funds | — | — | — | 1.0 | 5.4 | ||||||||||
| Foreign Government Obligations | — | 79.7 | 47.0 | 24.4 | — | ||||||||||
| Supranationals | — | 0.2 | 9.8 | 6.0 | — | ||||||||||
| Sovereign Bonds | — | 4.7 | — | — | — | ||||||||||
| Municipal Bonds | — | — | 2.5 | — | — | ||||||||||
| U.S. Treasury Securities | — | 1.0 | 4.0 | 2.1 | 14.3 | ||||||||||
| Short-Term Investments | 0.6 | 11.1 | 0.4 | 0.1 | 21.9 | ||||||||||
| Total Investments | 99.6 | % | 97.4 | % | 98.2 | % | 98.5 | 96.3 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
Lazard
Enhanced | |||||||
| Industry† | Long | Short | |||||
| Common Stocks and Convertible Corporate Bonds | |||||||
| Aerospace & Defense | 3.6 | % | -0.1 | % | |||
| Automobile Components | 0.3 | -0.1 | |||||
| Automobiles | 5.7 | -2.4 | |||||
| Banks | 5.9 | — | |||||
| Biotechnology | 7.2 | -3.1 | |||||
| Broadline Retail | 3.7 | -0.7 | |||||
| Capital Markets | 0.2 | -0.1 | |||||
| Chemicals | 3.3 | -2.6 | |||||
| Commercial Services & Supplies | 0.6 | — | |||||
| Construction & Engineering | 1.3 | -0.9 | |||||
| Consumer Finance | 6.2 | -2.2 | |||||
| Consumer Staples Distribution & Retail | 1.3 | -0.8 | |||||
| Diversified REITs | 3.6 | -0.8 | |||||
| Electric Utilities | 0.5 | -0.1 | |||||
| Electrical Equipment | 6.3 | -4.9 | |||||
| Electronic Equipment, Instruments & Components | 0.8 | -0.1 | |||||
| Energy Equipment & Services | 2.5 | -2.1 | |||||
| Entertainment | 8.1 | -3.6 | |||||
| Food Products | 0.7 | -0.4 | |||||
| Health Care Equipment & Supplies | 4.6 | -2.1 | |||||
| Health Care Providers & Services | — | -0.1 | |||||
| Health Care Technology | 2.7 | -1.3 | |||||
| Hotels, Restaurants & Leisure | 5.3 | -4.0 | |||||
| Independent Power Producers & Energy Traders | 0.7 | -0.3 | |||||
| Interactive Media & Services | 1.7 | -0.5 | |||||
| IT Services | 3.9 | -1.9 | |||||
| Leisure Products | 4.5 | — | |||||
| Life Sciences Tools & Services | 0.4 | -0.1 | |||||
| Machinery | 2.0 | -1.4 | |||||
| Marine Transportation | 3.2 | -2.7 | |||||
| Media | 3.9 | -0.4 | |||||
| Metals & Mining | 5.5 | -4.0 | |||||
| Mortgage Real Estate Investment Trusts (REITs) | 6.6 | -0.6 | |||||
| Oil, Gas & Consumable Fuels | 0.6 | — | |||||
| Passenger Airlines | 9.3 | -7.5 | |||||
| Personal Care Products | — | -0.5 | |||||
| Pharmaceuticals | 8.7 | -3.3 | |||||
| Professional Services | 0.7 | — | |||||
| Real Estate Management & Development | 0.6 | -0.2 | |||||
| Semiconductors & Semiconductor Equipment | 10.1 | -5.8 | |||||
| Software | 18.0 | -6.6 | |||||
| Specialty Retail | 2.5 | -0.3 | |||||
| Subtotal | 157.3 | -68.6 | |||||
| Exchange-Traded Funds | — | -8.8 | |||||
| Purchased Options | — | — | |||||
| U.S. Treasury Securities | 7.1 | -28.3 | |||||
| Short-Term Investments | 6.9 | — | |||||
| Total Investments | 171.3 | % | -105.7 | % | |||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 24, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 24, 2023
| By: | /s/ Christopher Snively |
| Christopher Snively | |
| Chief Financial Officer |
Date: May 24, 2023